Sarah Palin - was well prepared for Joe Biden

Sent by one of Lord Patel's many female admirers who retains the entertaining and juvenile belief that Mr Obama will, come November ,(f he is still alive) be beaten by Mr McCain (if he is still alive).

Kaupthing - The Bank that liked to say YES and Mr Putin stirs up the mix with NATO and Japan

Iceland's government has seized control of Kaupthing Bank hf, the nation's biggest bank, which makes a royal flush for them of septic banks as the Icelandic banking industry has finally ( and predictably) collapsed under the massive weight of foreign debt.

Iceland is guaranteeing Kaupthing's domestic deposits and taking control of banks in an attempt to provide a ``functioning domestic banking system,'' the country's Financial Supervisory Authority said in a statement on its Web site this aftrenoon....

"Kaupthing Bank has now requested that the Icelandic Financial Supervisory
Authority, in accordance with the provisions of the new Act no. 125/2008, which
was passed into law because of the unusual circumstances in the financial
market, assume the power of Kaupthing Bank shareholders' meeting. Furthermore,
the entire board of directors of the bank has resigned. "

The banks are unable to finance about US $61 billion of debt, 12 times the size of the economy, - Pop approx 300K. The collapses have affected 420,000 British and Dutch customers, and frozen assets held by universities, hospitals, councils and even London's police force. The government is seeking a loan from Russia and may ask for aid from the International Monetary Fund to help guarantee deposits.

Trading in the krona ground to a halt today after the central bank yesterday ditched an attempt to fix the exchange rate at 131 krona to the euro. Nordea Bank AB, the biggest Scandinavian lender, said the krona hadn't been traded on the spot market today, while the last quoted price was 340 per euro, compared with 122 a month ago.

Banking Boom

Assets at Iceland's three biggest banks, Glitnir Bank hf, Landsbanki Island hf and Kaupthing, had grown five-fold since 2004 as the companies expanded massively . Most of that expansion was debt financed.

The cost of borrowing in dollars for three months in London soared to the highest level this year today as coordinated interest-rate reductions worldwide failed to revive lending among banks for any longer than a day, partly on concern over who holds Icelandic debt.

U.K. taxpayers will probably face a bill of at least £2.4 Bn. (US$4.1 billion) to compensate about 300,000 U.K. holders of accounts at Icesave, a unit of Landsbanki says the Financial Times .

All Iceand equity markets remain closed until (at least) Oct. 13.

Kaupthing's entire board of directors has resigned and the FSA has appointed a committee to wind up the lender's business, the bank said in a statement today.

The debts of the Icelandic banking system are too big for the government to repay.

The Icelandic population cannot assume responsibility for the private debt that the banks have built up yet it appears that Debt Rating Agencie were providing AA ratings for the banks

Kaupthing has 5 billion euros of debt obligations maturing, Glitnir's debt obligations over the same period are about 4 billion euros and Landsbanki has about 2 billion euros to finance.

Russia move to save NATO member state

Iceland has commenced talks with Russia on Tuesday to secure a loan of as much as 4 billion euros (U$5.48 billion), Prime Minister Geir Haarde said late yesterday. He added that loans from the IMF and Russia ``are not mutually exclusive,'' though the government hadn't, ``at this point at least,'' asked the IMF for a standby loan or an economic program.

See Sunday, October 08, 2006 Iceland - Russians pay a visit - unannounced - two Russian bombers flew through Icelandic airspace last Friday 30th September 2006(the day the last US forces left).

US pulls Defence Forces out of IcelandIn - a little noticed move, Geir Haarde the Icelandic Foreign Minister told the Althingi (the Icelandic Parliament), on March 16th 2006 that president Bush had made the final decision to end the permanent deployment of US forces in Iceland based on the recommendation of the US secretary of defense, Donald Rumsfeld. (See Wednesday, April 05, 2006 Arctic warms ? Iceland market cools down ?

It is expected that all forces will be withdrawn from the Keflavik base by September 2006.Icelandic employees (approx 600) have been informed that they would all be dismissed by October 1st.

In a related news story yesterday ...

Japan scrambled fighter planes on Wednesday intercepting Russian bombers on a "training exercise" over the Sea of Japan.

"Four Japanese air force F-15 fighters escorted the strategic aviation crews as they flew over the Sea of Japan," Lieutenant-Colonel Vladimir Drik was quoted as saying by the Interfax and RIA Novosti news agencies.

Two Russian Su-27 fighter jets were also sent up to join the bombers after the Japanese intercept to ensure that the Russian Tu-22 bombers, known in NATO parlance as "Backfire" bombers, completed their mission as planned, he said.

The Russian bombers were sent on the patrol as part of Russia's "Stability 2008" military manoeuvres in the region, the reports quoted Drik as saying.

Mr Robert Tchenguiz

It is with very deep regret that Lord Patel notes that Mr Tchenguiz sold his 10% stake (168 Mn) in Sainsbury's, at 250p a share (bought at 520-590p per share)through Kaupthing, the troubled Icelandic bank. This follows the forced sale of the Tgenguiz 25 % stake in Mitchells & Butlers, the pub group, for £137m to the British billionaire Joe Lewis (Who lost US$800 Mn on Bear Stearns) on Tuesday. Aaron Brown and Tim Smalley who are mouthpieces for Mr T have left the board.

Mr Tchenguiz seems is ready to sell his 22 % stake in SCi Entertainment, the listed holding company of Eidos, the publisher of the Lara Croft Tomb Raider computer games. Aaron Brown, the mouth piece for Mr Tchenguiz at his investment vehicle R20, stepped down from SCi Entertainment's board yesterday.

Shares in SCi Entertainment fell by 15.6%.

Michael Todd's murder refuses to be cleared up.

There was no mention of foul play or murder at the very brief inquest into the unexpected death of Michael Todd (ACPO head of terrorism) who was found dead on Snowdon on March 10th 2008.

The coroner Dewi Pritchard Jones , recorded a narrative verdict, suggesting that Mr Todd had died of exposure in conditions where the wind chill factor was -18C (0F) “when his state of mind was affected by alcohol, a drug and confusion in his personal life”.

The Times reports that Todd had drunk most of a bottle of gin, laced with the non-prescription sleeping drug Nytol, and then, in a confused, possibly hallucinatory and hypothermic state, stumbled or slid 300ft on to the snow-covered slope below, where he lay dying with his head resting on his forearms.

An unopened bottle of champagne had been discarded or dropped and was found in the snow.

Detective Sergeant Kevin Evans told the inquest at the Gywynedd Council offices in Caernarfon that Mr Todd sent 319 texts to friends, colleagues and his lover between Thursday, March 6 and the following Monday night, when he was found dead. (sending texts in the dark with a wind chill of -18) - why not use the voice ?.

The Daily Telegraph report that a (un-named senior police officer contacted around 10 women to tell them that they may take leave during the inquest if they wish.

One source said: "All the women in the GMP suspected of having an affair with Mr Todd or named as being linked with him will be offered paid leave. They (were) advised to keep a low profile during the inquest.

The inquest contained many curious features ;

1. Recipients of the text messages sent by Todd were not identified other than by a coded alphabetical letter.

2. The time and location of the sending of those texts - especially on the fatal Monday have not been made public. This is important as pres rports state that the initital searches were a wild goose chase based on wrong (?) information about the location of Todd's phone.

3. The finders of the body off the well worn track in atrocious weather (the worst storm in 10 years) were not identified nor it appears gave evidence.

4. The route (and crucially the timing) of Todd's police vehicle which will have had a tracker device - which could be confirmed by the NW Wales network of Number Plate Recognition cameras remins unpublished.The inquest was aklso told that Todd had visited suicide websites and drove to Cumbria on March 9 but had “bottled out” and gone home.

5. The role / activities / liason with the Police , of the Llanberis Mountain rescue team, and the various helicopters - "men in dark suits" remains still a mystery.

GMP Condolence site

Of Stilton Cheese and Conkering Kings......

Lord Patel has played a small part in the history of Stilton Cheese manufacture.

Cheese is a plastic substance (in the engineering not chemical sense) amd requires (like many cheese) when in store to be daily rotated to even out movement of the chese fromit's true cylindrical form.

A freshly made Stilton cheese exudes both fats and salt. Until about 1965 a single cloth was used as a mat under each cheese to absorb this material. These cloths were re-cycled and became increasingly unpleasant to use.

A simple (and it proved to be a highly profitable change) substitution of a lightweight non woven fabric reduced costs and improved the way cheese were handled - the supply continues to this day. (At the same time he was also involved in manufacturing disposable ladies panties from such (then) novel materials)

Long Clawson Dairy (Long Clawson) , leading (and very log standing manufacturers have now made a bid to buy out of the Millway business of Dairy Crest Group (Millway) - which - says the Office of Fair Trading will" result in a substantial lessening of competition in any market in the UK, including that for the supply of Blue Stilton cheese (Stilton)".

The OFT claims that the merger combines two of the only three mainstream suppliers responsible for the vast majority of Stilton sold, and would gives Long Clawson over 50 % of total UK sales of Stilton - the UK market at retail value is said to be around £65 million per year in Stilton, which is a protected name under EC regulations, and can only be produced, with a proper licence, in three East Midlands counties. There is also a very healthy export market worldwide.

In another of those stupid and time wasting moves this bid had been referred to the Competition Commission under the Entreprise Sct 2002 - the CC expect to report by 24 March 2009.

The CC would like to hear from all interested parties, in writing, by Friday 24 October 2008. To submit evidence, please email james.waugh@cc.gsi.gov.uk or write to: James Waugh Inquiry Manager Competition Commission Victoria House Southampton Row LONDON WC1B 4AD

NB the Village of Long Clawson will be full of festive fun this month - Don't miss..

The Famous Vale Of Belvoir 25th Annual Conker Championships

October 19th 2008 Long Clawson Village Hall Event registration 11.30am Commencement of Conkering 12.30pm

Come and show your conkering skills and have a great day at the family event of the autumn!

For advance registration Phone Mike Dickson on O7808 098021 Adults £4,Juniors £1

Health and Safety allowing .....

World Post Day - How Mr Lukashenko controls distribution of the press in Byelorussia

Not a great one for formal celebrations but it is worth noting that the Universal Postal Union was formed on October 9th, 1874 in Berne , Switzerland, and philatelists celebrate today as World Post Day.

Today the UPU, with 189 member countries, oversees the co-ordination of the global postal service, the world's largest physical distribution network.

Despite the web and satellite based telephony Postal services in all countries provide a primary means of communication for people, organisations and business. The goal is to ensure a universal postal service that is easily accessible, efficient and affordable.... and one would like to think doesn't involve the state snooping on it's content.

The pic shows blonde and beautiful Byelorussian lady dancers performing at World Post Day celebrations organized by Belpochta, the Belarus Postal Service.

On the 28th November 2006 , Reporters Without Borders expressed their condemnation of the removal of many independent newspapers from the list of publications to be distributed next year by the Belarusian state postal service, Belpochta, which has a monopoly of subscription press delivery and believes it can pick and choose what it delivers.

The delivery ban will hit four national newspapers - Narodnaya Volya, Nasha Niva, Tovarich, Svobodnie Novosti Plus - and many regional ones, including Brestski Kurier, Vitebski Kurier, Borisovskie Novosti, Gazeta Slonimskaya, Intex-press, Lyahavitski Chas, Volnaye Hlybokaue, Hantsavitski Chas & Miastsovi Chas.

“This is yet another bid by the Belarusian government to silence the independent press by depriving it of its means of existence,” Reporters Without Borders said. “As shown by the case of the newspaper Solidarnost, which stopped publishing at the end of 2005, severance of the postal delivery contract is often the prelude to closure.”

The distribution system dates back to the Soviet era. Two state companies have monopolies. Belsouzpechat delivers newspapers to news stands, while Belpochta delivers them to subscribers. The state’s control of these companies means the pro-government press gets preferential treatment while distribution of critical media can be blocked altogether



...........



An independent Byelorussian state was pronounced in March 1918 by an administration in Minsk known as Rada, but it existed only for nine months until the establishment of the Byelorussian Soviet Republic.

The military administration of Rada, known as BNR (Byelorussian National Republic) lasted for several decades.

The short-lived Rada government in Minsk issued three stamps in 1918 - this ( 2 Kopeks) is one of them.

Boeing shares slide as deliveries fall

Boeing are trading US$49.76 down US$4.07 (7.56%)
During the third quarter, Boeing delivered only 84 planes, down from 109 in the year-ago quarter. The strike is affecting assembly of Boeing's new 787 Dreamliner — already a year behind schedule — along with 737s, 777s, 767s, and 747s.

Delta Air Lines (DAL), the USA's No. 3 carrier, was expecting this fall to receive four long-range Boeing 777s and 737-700s, for a total of 10 new jets this year. "All I can tell you is we are expecting some delay in our deliveries," Delta spokeswoman Betsy Talton said.

Last week, Ryanair canceled flights on 21 routes to and from Birmingham,UK, scheduled for this month because deliveries of Boeing 737s have been delayed.

Palin uncovers Obama's ghosts in Chicago - this could get dirty.

Which is all pretty old news - except to the MSM - who have been quietly and conveniently hiding it for a long, long time.

Meanwhile here is a picture of Michelle Obama with her friend Ex Weatherwoman and Sidley Austin Partner Bernardine Dohrn at a political rally.see Monday, April 28, 2008 Obama. Ayers Rocks. Bernardine (on the right) is the wife of Weatherman ("You don't need a weatherman to know which way the wind blows," from the Bob Dylan song Subterranean Homesick Blues. ) Bill Ayers and mother of his 2 children.

Meanwhile here is a picture of Michelle Obama with her friend Ex Weatherwoman and Sidley Austin Partner Bernardine Dohrn at a political rally.see Monday, April 28, 2008 Obama. Ayers Rocks. Bernardine (on the right) is the wife of Weatherman ("You don't need a weatherman to know which way the wind blows," from the Bob Dylan song Subterranean Homesick Blues. ) Bill Ayers and mother of his 2 children.

She went to prison on various charges - Dohrn and Ayers became legal guardians of the son of former members of the Weather Underground, Kathy Boudin and David Gilbert, after they were convicted of murder of a security guard and 2 police officers during a 1981 Brinks armoured car robbery.The Weathermen bombed the Pentagon, the US Capitol, the New York Police Benevolent Association, the New York Board of Corrections, as well as the offices of multinational companies. Boudin, along with Cathy Wilkerson, was a survivor of the 1970 Greenwich Village townhouse explosion, the premature detonation of a bomb that had been intended for a soldiers' dance at Fort Dix, New Jersey.

Boudin was 27 at the time. Both women were awaiting trial, out on bond for their alleged actions in Days of Rage in Chicago several months earlier. Wilkerson had been released on a $20,000 bond and Boudin was out on a $40,000 bond.

Kathy Boudin’s father had connections directly to Fidel Castro: Leonard Boudin was Castro’s lawyer.

For more see Monday, April 28, 2008 Obama. Ayers Rocks. For more about the NYT story see Steve Diamond who they interviwed for the stroy but quoted selectively ...Obama/Ayers Update: New York Times Ignores Evidence of Ayers’ Role in Annenberg Board Selection see also Why is Obama Hiding the Truth About William Ayers? Follow the Money Larry Johnson April 6th 2008

Hanks Dilemma - How to get a Goodeal for both Uncle Sam and the cousins on Wall Street

Franklin Delano Roosevelt quipped, “If something happens in politics, you can be rest assured it was no accident”.

Therefore the lengthy , tangled Byzantine passage of Hank the Bank's stark 3 page proposal to shell out US$700Bn of the US taxpayers funds to shore up the bankers of Wall Street and beyond may look like a slo-mo car crash.

All the winking lights on this Christmas tree each carry the hopes and dreams of soon to be elected pols in both Houses and the last gasp of a despairing Administration.Now is not the time or place to untangle the skeins of Pork and plunder. Let's look at Hank's Dilemma.

OK - it is now US$800Bn Bill with the FDIC need for extra funds etc., but the original blackmail note from Hank and Ben stands.

So let's see how that US$700 BN will ;

1 : shelve the so called "toxic" debts
2 : Impact on the sellering banks as they re - jiggle their shaky balance sheets

ASSUME :US Treasury buys $1 trillion of mortgages at face value for 80 cents on the Dollar (which is probably what they are carrying them at) from the 8 key domestic players (The Group of 8) who we limit for this exercise to Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Merrill Lynch (MER), Morgan Stanley (MS), (PNC) and US Bancorp (USB) (The aggregate shareholders’ equity of these 8 Banks is US$590 billion(ish)) at say 80 cents on the Dollar;

The Banks have to write off nothing.

But .... but .... for every one cent of new write downs on the $1 trillion portfolio these eight firms will be writing off 1.7% of their share capital.

If Hank has to pay “pay market price” for these assets, which is well below the current carrying values - which he has to, to build in a pay back for Uncle Sam and the taxpayer - the Banks will see thei capital flow away along with their capacity to lend.

Say Hank holds out for 60 cents on the Dollar - that means that the Group of 8 would wipe out 34%, or US$200 billion, of their collective share capital in the next few days/weeks/months.

So that means they have to raise more capital, dilute their shares and further upset the market.

Even if this is an overestimate the Group of 8 alone needs to line up another $50 billion of new equity after being "bailed out" - ten times what warren Buffet handed over on the basis of a 10% fixed coupon with 100% warranty.

Hank and Ben (don't expect to hear much more from Ben the bit player in this farrago from now on ) have a Dilemma. Hank's Dillemma - like squaring the circle...

The lower price for this ordure that he pays on behalf of taxpayers the worse the pain will be for banks offloading it.

The lying bankers, who so carefully prepared their gossamer thin balance sheets can hear the beating of the wings of their chickens coming home to roost.

Eli Lilly swallows anti- colon cancer drug Erbitux and ImClone

ImClone's mystery suitor and now owner is Eli Lilly (LLY) . Their US$6.1Bn bid should have put the lid on Bristol Myer's (BMY) repeated attempts at a hostile takeover.

This deal values ImClone at US$70/share, a 51% premium over ImClone's closing price before Bristol made its first $60/share bid, and a 7% premium over Friday's closing price of $64.96.

Imclone have had a rocky ride , investors have seen shares fall as low as $6 and rise as high as $87 - and deals in them led to the jailing of founder Samuel Waksal and style guru / part time cook Martha Stewart tasting poridge in unfamiliar circumstances.

Carl Icahn, the billionaire investor and chairman of ImClone's board, who got control in 2006 will no doubt be pleased with the result and returns on his investment (14%) and has approved Lilly's offer for his shares.

Lilly is seeing big competition to their biggest drugs, including schizophrenia blockbuster Zyprexa and some observers see this is a move from weakness. As a cash deal it is going to drain the company's cash position.

Lilly say they will take a one-time charge (how big no one is saying or maybe knows) to its earnings. The company expects the transaction to be accretive to earnings on a cash basis in 2012 and on a net basis in 2013.

Lilly's ,aim anti-cancer drug, Gemzar®, loses patent protection in 2012 , it is commonly used to treat non-small cell lung cancer, pancreatic, bladder and breast cancer. .

Erbitux®, which is approved to treat colon cancer and head and neck cancer and whose cancer has spread to other parts of the body and whose tumor expresses a protein called an Epidermal Growth Factor Receptor (EGFR). , is ImClone's only marketed product, and generated $1.3 billion in sales last year.

The fate of ERBITUX® remains unclear as both Bristol and ImClone claim the rights - it is assumed the position must have been clarified.

Britannia will rule the waves - the follies of Empire Pt. 3,456

The Stock Market may tumble, the currency may crumble, but it looks like we are starting to spend serious moolah on the 2 seriusly useless aircraft carriers the Navy wants.

Orders / contracts placed worth £235 million,are announced today for gas turbines, generators, motors, power distribution equipment, platform management systems, propellers, shafts, steering gear, rudders and stabilisers.

1. Thales UK, together with BVT, Babcock Marine, BAE Systems and MOD, have formed the catchy titled Aircraft Carrier Alliance (ACA) to manufacture and assemble the new carriers. Thales UK has responsibility for leading the power and propulsion element of CVF. The company is responsible for procurement, systems design, overall systems integration, ship integration (with shipyards), programme management and safety analysis. Thales has reached a sub-alliance agreement with Rolls-Royce, Converteam and L-3 Communications

2. Rolls Royce (Bristol, Dalgety Bay and Portsmouth):
* MT30 36 MegaWatt Gas Turbine Alternator sets
* Total package integration of the propulsion plant
* Shaft lines and propellers
* Steering gear including rudders
* Stabilisers to keep the ship level and enhance operation of weapons systems
* Low voltage electrical distribution system.

Converteam (Rugby and Glasgow):
* High voltage equipment
* Electric power control and monitoring system
* Propulsion equipment
* High voltage system and electric propulsion system analysis.

L3 Communications (Bristol and Barrow):
* Integrated Platform Management System (provides automation needed to control and monitor the power and propulsion systems)
* Condition Monitoring System.

3. A contract for emergency Diesel Generators has previously been awarded to Wartsila Lips Defence, which will provide a dedicated power supply to retain a fire fighting capability, even in the unlikely event of a total loss of electrical power.

Ina novel arrangement ,each carrier will have two propellers powered by two electric motors which will make them the largest warships in the world to use electric rather than mechanical drive technology.

This physical arrangment allows the primary power untis - gas turbine driven generators that power them to be located high in the ship which provides greater space in the hull and providws greater resilience to battle damage.

The pic shows some aircraft using the decks - what they will be and where they will come from is a decision not yet finalised. More pics here

PS: Dear Worried of Wolverhampton : Just think of the 2 CVF's and the aircraft they may eventually field ,as say, 20% of the cost of nationalising the Bradford and Bungle.

Manufacturing mired in recession in UK and US ... Boeing hurting after one month of strike

Britain's manufacturing sector shrank in September at the fastest rate since records began.levels of output, new orders and employment registered unprecedented declines.

The figures come a day after the Office of National Statistics confirmed that the UK economy failed to grow in the second quarter.

They reinforce expectations that Britain has entered its first recession since the early 1990s and boost expectations that interest rates could be cut as soon as next week.

Meanwhile in the US,t he ISM's index of factory activity fell to 43.5 in September, compared with 49.9 in August and 50.0 in July. A reading below 50 indicates contracting economic activity; September's is the lowest since Oct. 2001.

The index "indicates a significantly faster rate of decline in manufacturing during September, marking a departure from the 2008 trend toward negligible growth or contraction each month," ISM said. Price inflation also slowed, to just 53.5 vs. 77 in August and 88.5 in July.

Machinists at Boeings's Everett, Washington factory have been on strike for nearly a month, extending seemingly endless delays on the 787--and on the three 777s Virgin Australia ordered for its first flights.

The new carrier, an offshoot of Virgin Blue, will now move its launch date back from December 15 to February 28, 2009 and hope that its planes are ready by then.

October 3rd 1940 - How the French Vichy Government started the work that ened with the Endlosung

Raphael Alibert, the Minister of Justice prepared the First Statut des Juif which President Marshal Petain signd on October 3rd 1940.

Alibert was a staunch Catholic, a long time supporter of Action Francaise . He chose this moment to define a Jew by race not religious belief - 3 Jewish grandparents or just 2 if the spouse was Jewish was sufficient to brand you.

The Statute declared a numerus clausus or quota of Jews who could work in some professions and they were banned from teaching, journalism, film,theatre,radio, the officer corps and the civil service.

On that day a census of Paris was undertaken and the following day a decree was issued by the Vichy Government for the prefets of provincial France to round up all "foreign Jews" and put them into internment camps and use them for forced labour.

Later in the month General Huntziger removed all Jews, whether officers or men from the French Army.

Pastor Marc Boegner was the only voice raised in opposition to these actions. The silence of the Catholic Bishops was unbroken.

Internment Camps and Escape

After the fall of the Popular Front, Daladier's Government had set up internment camps to detain political refugees, foreigners in general and especially communists of whom some 3,500 had been interned by March 1940.

Some 350,000 Spanish Republican refugees were already interned, especially in the South and near the Pyrenees. These camps of quaintly titled "centres d'hebergemont" , (lodging centres) also received suspicious aliens, criminals and what President Sarkozy would today call "racaille" or 'scum'.

Republican France had prepared the ground well - the French population was not ignorant of these camps or they way their inmates were used as forced labour.

The Pyrenees were the worst camps, at Gurs, 30 people a day died in the winter of 1940/41 - it's cemetery is full of Spanish but also some Jews ... Hannah Arendt was in Gurs - but she escaped after 2 weeks, Arthur Koestler was sent to La Vernet - which he was later to describe as worse than Nazi concentration camps.

By the time of Petains First (others followed) Statut Des Juif there were many camps - Recebedou, Noe, St-Cyprien, Rivesaltes, Rivel, Argeles, Bram. Agde, Saliers, Langlade, Aubagne, Les Milles - by the end of 1940 mthere were up to 50,000 prisoners interendd in the Vichy Zone.

Hannah Arendt eventually escaped with her husband and her mother to the United States with the assistance of the American diplomat Hiram Bingham IV who was US Consulate in Marseille, who illegally issued visas to her and around 2500 other Jewish refugees.

Others he helped with the assistance of Varian Fry who hid people at the Villa Air-Bel until they could be smuggled out. More than 2,200 people were taken across the border to the safety of neutral Portugal from where they could sail to the United States.

Others escaped on ships leaving Marseille for the French colony of Martinique and then onwards to the US. Among Fry's closest associates were Americans Miriam Davenport, a former art student at the Sorbonne, and the heiress Mary Jayne Gold, art freak who liked the "good life" who had set up in Paris in the early 1930s - she wrote a memoir of the time "Crossroads Marseilles 1940," published by Doubleday in 1980.

Those helped by this network included sculptor Jacques Lipchitz, artist Marc Chagall, Nobel Prize winner, Otto Meyerhof who with Hill had determined the process glycolysis in muscle cell metabolism. The sculptor Jean Arp was able to flee to Switzerland where he stayed, Marcel Duchamp chose the US.

The writer Lion Fuchtwanger had chosen to live in Sanary sur Mer with his wife , and did not return to germany when Hitler was made Chancellor. His books were proscribed and [publicly burned in the 1933 book burning . On 25th August 1933, an official Nazi paper, Reichsanzeiger , included Feuchtwanger's name in the first list of those whose German citizenship was revoked because of "disloyalty to the German Reich and the German people."

Because Feuchtwanger had addressed and predicted many of their crimes even before they came to power, Hitler considered him a personal enemy and the Nazis designated Feuchtwanger as the "Enemy of the state number one".

At the fall of France he and his wife were captured and imprisoned in Le Milles internment camp and after his escape to the US via Portugal , he published in 1941, a memoir of his internment, The Devil in France (Der Teufel in Frankreich)

Success (Erfolg)

This novel by Feuchtwanger was started on in 1927, and published in 1930 when the Nazis received 18.3 % of the votes. In the eyes of Goebbels, Feuchtwanger became an un-German Jewish evildoer.

Success bears the subtitle "History of a Providence," i.e. Bavaria. The action is set in Munich seemingly cosmopolitan, but essentially a provincial town spawning National Socialism.

Years before Hitler assumed power Feuchtwanger created the fictional person Rupert Kutzner, who founded the party of "The True Germans."Kutzner "orated in a high and sometimes hysterical voice; the words flowed effortlessly from his broad, pale lips... .

The system of capital and interest, the Jews, and the Pope were to blame for the wretchedness of the Germans. The international ring of the Jewish financiers was trying to destroy the German people, as a tubercle bacillus tries to destroy a healthy lung. Once the parasites were eliminated, a healthy society would be created.

When Kutzner stopped speaking, his thin lips with the faint dark mustache and the sleek hair plastered over his head make his face look like a mask, but as soon as he opened his mouth, his face became curiously mobile with a hysterical vivacity...".

Which is why they burned his books....but he loved cats ...see pic

A good day to bury bad news

India built its bombs outside The Nuclear Non-Proliferation Treaty, which allows civil nuclear trade in exchange for a pledge from nations not to pursue nuclear weapons has not been signed by many nations - notably Israel and India. India admits building nuclear bombs which were first tested in 1974. For details of Israeli nuclear bomb testing see - Monday, June 19, 2006 When Israel exploded an atomic weapon - the Vela story

Iran has signed the The Nuclear Non-Proliferation Treaty and accepts visits by UN staff to examine their utilities and resources.

The US Senate today voted by 86 -13 to end a 30 year ban on trdae in nuclear materials and technology between the US and India. This adds legislative action to the deal agreed by Bush when he visited india in 2005. The decision is based purely on the desire for US trade with India.

This vote now allows India access to US civilian nuclear technology and fuel in return for inspections of its civilian, but not military, nuclear facilities.

The US House of Representatives passed the agreement on Saturday, and the Senate's vote now means President Bush can (and will) sign it into law.

India's 14 nuclear reactors supply some 3% of current elctricity supplies which they plan to boost to 25% by 2050.

India has limited coal and uranium reserves but has massive supplies of throium which they plan to use to fuel their systems in future.


India maintains the right to conduct nuclear tests, but that will negate the deal just signed into law.

Earlier this month, the Nuclear Suppliers Group (NSG) lifted a ban that had denied India access to the international nuclear market (NSG waiver enables member states to provide India full civil nuclear cooperation) . The NSG first met in November 1975 (as a direct result of the Indian bomb tests) in London, and is popularly referred to as the “London Club” (“Club de Londres”).

The NSG Guidelines which the 45 member nations must observe are consistent with, and complement, the various international, legally binding instruments in the field of nuclear non-proliferation. These include the NPT, and the Treaty for the Prohibition of Nuclear Weapons in Latin America (Treaty of Tlatelolco), the South Pacific Nuclear Weapons-Free Zone Treaty (Treaty of Rarotonga), the African Nuclear-Weapons-Free Zone Treaty (Treaty of Pelindaba) and the Treaty on the Southeast Asia Nuclear-Weapons-Free Zone (Treaty of Bangkok).

On Tuesday, India and France signed a major co-operation pact which paves the way for the sale of French (Areava) nuclear reactors to Delhi.

On September 5th the External Affairs Minister of India Shri Pranab Mukherjee made Statement on the Civil Nuclear Initiative To reiterate India’s stand on disarmament and nonproliferation (text) ...."We remain committed to a voluntary, unilateral moratorium on nuclear testing. We do not subscribe to any arms race, including a nuclear arms race. We have always tempered the exercise of our strategic autonomy with a sense of global responsibility. We affirm our policy of no-first-use of nuclear weapons. "

The US Government, and both Houses have acknowledged India’s no-first-use pledge and, by default, the reality if not the legitimacy of its possession of nuclear weapons.

It would be nice if someone - Condi Rice maybe, could ask Israel to make such a statement.

Sheila C. Bair buys and sells Wa-Mu and wachovia in a weekend ... busy and very clever lady

Sheila C. Bair is the very savvy, smart lady who has run the Federal Deposit Insurance Corporation (FDIC) since June 26, 2006.

She took the time to call us overnight to tell us that Citigroup will acquire the banking operations of the Wachovia Corporation, and it wold be announced by the FDIC today. Citigroup will pay $1 a share, or about $2.2 billion.

Sheila said the agency would absorb losses from Wachovia above $42 billion and that it would receive $12 billion in preferred stock and warrants from Citigroup in return for assuming that risk.

“Wachovia did not fail,” Sheila explained, “rather it is to be acquired by Citigroup Inc. on an open-bank basis with assistance from the F.D.I.C.”

Citigroup will acquire most of Wachovia’s assets and liabilities, including $400 billion in deposits and will assume senior and subordinated debt of Wachovia.

Wachovia Corporation will continue to own the retail brokerage firm AG Edwards and the money management arm Evergreen.

The move was necessary, Sheila said simply to avoid serious fallout on economic conditions and financial stability.

“This morning’s decision was made under extraordinary circumstances with significant consultation among the regulators and Treasury,” Sheila told us on a crackly lione from Washington. “This action was necessary to maintain confidence in the banking industry given current financial market conditions.”

This leaves us now with three big (VERY BIG) Americans’ bank's taking in deposits :

Bank of America,
JPMorgan Chase
Citigroup

Cui bono indeed.

Together, those three will dominate the industry, with unrivaled power to set prices for their loans and services. Given their size and reach, the institutions should probably come under greater scrutiny from federal regulators.

History shows that Wachovia was badly hurt by its unwise take over in 2006 of Golden West Financial, a California lender specializing in so-called pay-option mortgages.

The bank also faced mounting losses on loans made to home builders and commercial real estate developers, and its acquisition of A. G. Edwards, a retail brokerage firm, turned out to be problematic.

In June, G. Kennedy Thompson, the bank’s longtime chief executive joined the list of unemployed.

Sheila was fresh from explaining on TV the details of how the FDIC also came to help in the "rescue" of the nation’s largest savings and loan, Washington Mutual, which they "seized" the bank and sold on to J P Morgan Chase.

Robert K. Steel, a former top lieutenant of Henry M. Paulson Jr. at both Goldman Sachs and then the Treasury Department, who took over as Wachovia’s chief executive in July, arrived in New York to handle the negotiations in person, along with David M. Carroll, the bank’s chief deal maker. At 8:15 am. on Saturday, Citigroup and Wells got to look at Wachovia’s books.

Regulators pressed the parties to move quickly. Senior officials at the Federal Reserve in Washington, and its branches in New York, Richmond and San Francisco held weekend discussions with all the banks involved. Top officials at the Federal Deposit Insurance Corporation and the Treasury were also in the loop.

Timothy F. Geithner, the president of the Federal Reserve Bank of New York, personally reached out to executives involved in the process to assess the situation and spur it along. Citigroup and Wells pressed regulators to seize Wachovia and let them buy its assets and deposits, as JPMorgan did with WaMu.

A wider world would beneit from learning more about Sheila and her critical role in the re-shaping if the NY financial universe.

It will soon become evident that her fast, direct action - lubricated by the bro ha ha in Washington has had a wider and successful impact than the Hank and Ben End of the World Show now playing to packed houses on the Hill.

Asto the 104 pages of what has now landed on lawmakers desk snd known as a National Stability Bill ,hich has mushroomed from Hank's original 3 page demands we will leave until alter date . If and when it passes into law.

Iceland freeze not over

See - Thursday, March 27, 2008Iceland - funds freezing up.

The Iceland Government in Reykjavik has bought a 75% stake in the Glitnir bank for €600m (£478m) to prevent it from going bust."The government does not plan to hold its share in the bank for an extended period. The purpose of this action is to enhance stability within the financial system," it said in a statement.

Glitnir is the third largest bank in Iceland, behind Kaupthing and Landsbanki.

After the de-regulation of financial markets in 2003, Icelandic companies that previously had only meagre access to funds were able to expand rapidly.

They did...with some alarming conequences.

The banks have moved into foreign markets with their clients, investing alongside them and building investment bank capabilities.

Landsbanki bought stockbrokers Teather & Greenwood and Bridgewell in London .

Kaupthing bought Singer & Friedlander.

At the time of the post we note above the Daily Telegraph was telling us ..."As Iceland goes, so go the Baltics, the Balkans, Hungary, Turkey, and perhaps South Africa.

All are living far beyond their means, plugging the gaping holes in their accounts with fickle flows of foreign finance. All have let credit grow far above the safe "speed limit", some exceeding 50pc a year."

Icelandic Investment groups in the Uk to watch (very carefully) are

Baugur (investment company) - see Wednesday, April 05, 2006 Arctic warms ? Iceland market cools down ? Baugur CEO faces further charges - they own Mosaic Fashions, Coast, Karen Millen, Oasis, Odille, Principles, Shoe Studio Group, Warehouse, Whistles, Jane Norman, MK One, All Saints, House of Fraser, Booker, Iceland, Woodward Foodservice, Julian Graves and Whittard of Chelsea, Hamleys, Aurum, Goldsmiths, Mappin & Webb, Wyevale Garden Centres, Watches of Switzerland, Debenhams, Woolworths, French Connection, Moss Bros

Arev (investment company)Aspinal of London, Blooming Marvellous, Cruise, Duchamp, Hardy Amies, *** GHOST, Jones Bootmaker, Limeys, Linens 'n Things, Mountain Warehouse, Unisport

Hard Amies .... TODAY "The company recently requested further funding from major shareholder (49%) Arev Brands, which has provided significant financial support for the business. " Andrew Manders, the chairman, is also listed as a director of the privately owned Arev Brands

However, a statement from Hardy Amies this morning said that Arev informed the company late yesterday afternoon that it was unable to provide the required finance.

Directors are considering the options for the company which could involved putting the business into administration.

Cui Bono ?

The concentration of economic / financial power on Wall Street / London /Europe just grows daily. It may look like a financial crisis from down on the pavement but from the some 39th floors it looks real good.

If you seek the author of a crime the Ciceronian rhetoric goes, look to see who benefits.

Well the Titans of the Financial World got just that little bigger and often with funds supplied from Spain - Bank Santander now areprobably the biest private hiolder of mortages in the UK ownong Abbey Life and nowAlliance Leicester and having had the £14 Bn of depositors funds thrown at them along with £4 Bn from the Bank of England to cover deposits unsercured by the FSA scheme.

Mitsubishi UFJ (MTU), Japan's biggest bank by market capitalization, is closing in on a deal to buy a 20% stake in Morgan Stanley (MS) for $8-9B 9( now, remember a regulated retail bank) . An announcement is expected shortly.

Sacks of Gold, ( now, remember a regulated retail bank)has US$% Bn from the Sage of Omaha with maybe another £5 Bn in his saddlebags for shares - plus the proceeds of another US$10 Bn share issue.

Fortis whom we mentioned on Tuesday, July 01, 2008 Fortis Bank makes €8 billion provisions and Chairman talks of US "meltdown" ..Citigroup, GM ... when we suggeste dthey were due to explode, finally have - and spite talks of a BNP Paribas take over have had to be part nationalised with money from the Belgina / Dutch and Luxebougois taxpayers.

Belgium's largest financial-services firm, has taken on board a US $16.3B rescue fundin biggest European bailout since the "credit crisis" began. In exchange for the capital, Belgium will receive a 49% stake in Fortis' Belgian banking unit, the Netherlands will receive a similar stake in the Dutch banking unit, and Luxembourg will receive a 49% stake in convertible-shares in Fortis' Luxembourg banking unit. Fortis will also sell its stake in ABN Amro's consumer banking unit, but no buyer has been identified yet.

In the UK Alastair Darling has unveiled Gordon Browns secret plan to becopme the largest owner of UK Housing stock by now adding the massive portfolio of buy to let properties in the UK.

Whilst the Conservative Party unveils a £1 BN plan to cut the Council Tax by £1.40 a week he has pissed away £4 Bn on shifting the massive depositors base to Bank Santander ( who pay a nugatory £400 MN for the privilege - half the Market Cap at closing of 20pon Friday) (Forbes Santander Strikes Gold--Again ) plus a 197-strong branch network of Bradford & Bingley ...whilst Alastair and Gordon, ever the smart money guys have spent a further further eye watering £41 Bn on behalf of the tax payer for their septic loan book .

This makes Mr Darling the UK's biggest landlord. True to socialist priciples as now presented this is to provide housing, not for the needy, the essential workers ... but for those attracted by the tarted up properties Sarah Beeney style and to secure an income for the newborn wannabe rentier classes of middle England..

If there is a bright spot for the UK taxpayer the Guradian offers one - Under the Banking (Special Provisions) Act 2008 – passed in February as part of Northern Wreck nationalisation the government can claw back any losses from the UK's financial services industry.

The Financial Services Compensation Scheme (FSCS) is borrowing £14bn from the Bank of England to finance the deal - under which the government takes control of £41bn of mortgages while Spain's Santander pays just over £400m for B&B's branch operations and savers - and £4bn from the taxpayer.

The first payments on this loan will fall due September 29th 2009 , when the industry will face a levy of around £450m - a massive increase on this year's £5m levy.

The FSCS has confirmed similar interest payments will be levied again in September 2010 and 2011, which means servicing the BOE loan alone will cost ion exces of £1bn to the uK banking industry - stability ... at a price.

Darling admits his fleet of housing stock may no be thes best ..... "It does have more buy-to-let and self-certification mortgages - where, frankly, people just said what they earned and that figure was taken as fact – than we would like."

Bradford & Bingley RIP

So Farewell then B&B but worry not those out there who have failed to heed our advice to remove your deposits that nice Mr Peston at the BBC says you shouldn't "get the willies" (?)

We quote ..."There's too much at stake (including the stability of our banking system) for the government to allow B&B savers to lose a penny ...."

Should you subsequently disciover it takes you longer to get your hard earned from the ever benevolent state that the rapidly closing depositors windows at B&B don't apply to us but to Mr Peston c/o the BBC. London.

It will be interesting to see how much Mr Pym , ex A & L the briefly appointed CEO, at £2.5 Mn a year manages to take away in his wheelbarrow before the door finally shuts...... Monday, August 18, 2008 Richard Pym ex A&L skips to B&B and increases salary/ benefits x 2.5

FCUKED - an emerging problem

The BBC reports that energy trader Inenco says the UK could face power blackouts "within weeks" if a sudden cold snap or unplanned power outage occurs. (Read "The Generation Gap" pdf)

Here at Forthcoming UK Energy Deficit (FCUKED) we have been pursuing this line persistently and consistently since 1999.

Discussed on the Staurday Today programme these fears have been focussed this week since the National Grid published their latest forecast of power supply and demand for the coming winter. Ideally these are based on a "cushion" of capacity but they reveal that cusion will drop to less than 800MW in November.

BBC Online report that David Hunter, of energy consultants McKinnon and Clarke, said there was "real concern" that there could "a lack of enough power available for short periods".

After the National grid report was published the price of electricity rose above £121/MWh, (British Energy sell at approx £45 MWh to the National Grid on fixed contracts) and prices for November delivery rose 7% in a matter of hours.

Removing his head from ahole in the sand a National Grid spokesman (unnamed) said to the BBC "It is nonsense to suggest that the UK is at high risk of blackouts." ... forgetting that faced with the EU directive to pahse out coal fired plant operators have been running plants at maximum output on totally amortised plant - with resultant likelihood of running problems ... we also have nuclear fleet (whover owns them) with persistent problems of sustainability.

We suggest you have a supply of candles, wood, coal, generator depending upon your needs and circumstances.

We mustn't upset the servants or the children

Allan Asher, chief executive of consumer watchdog Energywatch, told the BBC there were several periods this winter when "it's going to be very tight".

He blamed an "appalling lack of future planning and cavalier regulation", but said: "I just don't think it's wise to alarm people about this.

"Both at a regulatory and planning level a huge amount needs to be done, but that shouldn't be done with dire threats which overstate the concern now."

"What's definitely true is that margins are tighter than they've been for a long time and not very much has to go wrong to turn that towards brownouts or blackouts."

Fortunately we are facing such a massive downturn in the UK economy that electricity demand will fall substantially - maybe that was the plan all along.

A Modest proposal Redux

It has been pointed out by the eagle eyed readers that the previous reference to "A Modest proposal" may be a reference too far. Jonathan Swift's pamphlet A Modest Proposal for preventing the children of poor people in Ireland, from being a burden on their parents or country, and for making them beneficial to the publick was published in 1729.

The Modest Proposal was response to the wailing and handwringing of the pious about the degrading poverty of the Irish poor . This is, he declares a direct result of too many children and suggests the "surplus" of children is the direct cause of the problem - cut the suprlus, solve the problem.

He object to selling the children into slavery - not because it would be cruel or simply wrong but no-one would take babies as slaves.

An American back from the Colonies had told him that a child ...

“a most delicious, nourishing and wholesome Food, whether Stewed, Roasted, Baked
or Boyled”

This formed the basis of his idea of breeding children for food.

As a consequence, and considerable discussion we can now suggest that Bill Gates and Gordon Brown spend less time worrying about Malaria which kills only 1 Mn a year worldwide and proceed to lay plans for the imports of live babies - a 380 Airpus could handle a fair load.
Whilst this is somewhat wasteful and importing killed flesh would be better the hygeine standards through the Third (or even 4th) world would probably be unsatisfactory.

1. World population problems if not solved - reduced.
2. Grain production can continue to be diverted to ethanol.
3. Mid west Grain farmers to benefit from subsidies for growing corn for ethanol.
4. Tyson and Pilgim's producers meat packing plants can be kept open - even the Postville plant of Agriprocessors could be kept humming - presumably there is such a thing as a Kosher suckling Kid ?

Archbishop Sentanamu should be forging aheaed with this idea rather than muddled one's about short selling.

Ben and Hank End of the Pier World Show - how does it play in Peoria ?

Whatever results from the deliberations of the US lawmakers this weekend, access to Bloomberg TV has given the viewer (with the time) a ringside seaton one of the centuries major economic tectonic events. Whatver the outcome this is 7+ on the Richter and well over 5 on the Saffir Simpson Hurricane scale.

Flawless sports styler coverage from sharp, savvy commentators, with slick real time graphics , have performed a far better job in explaining what is happeneing than the elected representatives of the people.

...Not that they have been silent.

A major problem is that, apart from the original 700 odd words of the draft Bill the public have no way of determining what is on offer. Ben bernanke and Hank the Bank have been remarkably reticient. For two guys who are supposed to combine both academic savvy of the higherst kind and commercial credentials and expertise that acommanded the highest "compensation" on Wall Street they were totally inartulcate when they came to explain.

1. What the current problem(s) were
2. The extent of these problems
3. The origins of these problems
4. How the very brief plan - handing over 700 VERY VERY BIG ones to Hank to spray around Wall Street - even onto foreign banks (who may, as we have pointed out, by way of trade, helped US citizens defraud the US taxpapyer)

The two relevant Chairmen Senator Chris Dodds head of the House Banking Committee ... and Barney Frank D- Mass, House Financial Services Committee , present the worst of all possible worlds. Whilst wishing to appear sage and reasonable, ratyional even- they haven't a clue. Indeed Dodd now (NOW) says the original plans was unworkable - he might have saved a little heartache and time by saying so from the get go.

He looks used to all nite , or at least late nite sessions, howevre the florid face usggests the only financial concern of those nights was which lobbying firm from wall Street to stiff with the evening's bar bill and entertainment.

Barney Frank looks well past understanding of many financial matters and seems to have mistaken his role as that of the husband faced with his wife'sdemands for the yearly dress allowance.

"US$700 Bn bucks honey that's a lot of money... I mean you ' ve got lotsa dresses in those closets"

"Dresses - you call those dresses?" .... "Even the Charity store stopped taking them months ago"... "Why if my mother knew...."

" But honey you know you got dresses you never wore even ..."

" Wore ... wore ... do you know the price of dry cleaning, the charity store can't afford it ... and they have to clean EVERYTHING now on public health grounds"... "There , there4 have whiskey to calm you down"

" Honey dear haven't you heard of ... AIDS?" ...."Honey these dresses I have ... they are ... no..no... they could be toxic !!!!"

"So honey you see I really need ...NEED those dresses... or else what am I to do?"

This is where Barney pours himself another stiff whiskey and takes out his cheque book. Which his wife just happens to have handy.

However the Ben and Hank End of the Pier World Show is getting booeed and hissed as lawmakers have called in at the golf clubs, Rotary dinners, masonic halls across the land. Wall Street saved but Main street ignored... is how it plays in Peoria and down town Palookaville.

Fed by a savvy TV educated audience from Bloomberg across Fox, BBC, NBC ... and ansty well hocked land is already seeing gas stations that won't take their credit cards, they know how hard it is to reset that home loan. Inflation is steadily working away. Foreclosures are rising and there are no buyers.

All the while the Barney Franks and the Dodds want everyone to hold hands and jump off the bridge together ... but nobody wants to be held responsible when it doesn't work.

As it won't.

It wouldn't work as originally conceived... and after it's been picked over by this bunch of myopic goons nothing is more certain.

The grinding of the economic tectonic plates is well in motion, lubricated by the remains of CDO's, SIV's and a whole alphabet soup of illusory types of money (money = store of value) which has dazzled too many people and politicians for too long.

Economic power is shifting - even yesterday Bloomberg was reporting speculators moving into Singapore dollars - Singapore hosts its First ever Formula One Grand Prix.

Singapore Airlines (SIA), the first to fly the A380, has just taken delivery of their 6th aircraft. In the airline’s latest financial year (ending 31 March 2008) it carried just over 19 million passengers and its average load factor for the year surpassed 80% for the first time. More significantly, it reported record profits of 1.64 billion Singapore Dollars.