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Quote du Jour | Refusing my cost-cutting exercise

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I discovered at some point that the law that constituted the EFSF allowed me one power, and that was to determine the salary of these people. I realised that the salaries of these functionaries were monstrous by Greek standards. In a country with so much hunger and where the minimum wage has fallen to €520 a month, these people were making something like €18,000 a month.

So I decided, since I had the power, I would exercise that power. I used a really simple rule. Pensions and salaries have fallen by an average of 40% since the beginning of the crisis. I issued a ministerial decree by which I reduced the salaries of these functionaries by 40%. Still a huge salary, still a huge salary. You know what happened? I got a letter from the Troika, saying that my decision has been overruled as it was insufficiently explained. So in a country in which the Troika is insisting that people on a €300-a-month pension now live on €100, they were refusing my cost-cutting exercise, my ability as a minister of finance to curtail the salaries of these people.

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Quote du Jour | No anti-Muslim climate of oppression

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The Charlie Hebdo massacre did not “change” France, but somewhat boosted support (which was already growing) for Marine Le Pen’s far-right party, the National Front. The National Front performed worse, though, not better, than expected in regional elections in March, winning not a single département. The soldiers the film shows on patrol in Parisian streets have been a feature of life in the capital for years. The French “Patriot Act” the National Assembly passed in May continues to spark debate about possible abuse, but has not resulted in mass incarcerations. And all the public conversation about Islam has actually led to higher, not lower, approval ratings for Muslims in France. There is no new, post-Charlie-Hebdo anti-Muslim climate of oppression, even if after the massacre there was an increase in attacks on mosques.

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Quote du Jour | De consequenties van aangifte

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Als ik later de politie bel, zeggen ze dat ik een informatiegesprek krijg: ,,Om de consequenties voor jou in kaart te brengen als je echt aangifte doet.” Daarna moet ik verplicht twee weken bedenktijd uitzitten voordat ik aangifte mag doen.

Journaliste Rosa Timmer werd een tijdje terug in een bar van achterlangs eens even stevig in het kruis gegrepen. De dader zag in haar zomerjurkje kennelijk een uitnodiging om handtastelijk te worden.

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Quote du Jour | Lords of Finance

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In his Pulitzer-Prize-winning book, Lords of Finance, the economist Liaquat Ahamad tells the story of how four central bankers, driven by staunch adherence to the gold standard, “broke the world” and triggered the Great Depression. Today’s central bankers largely share a new conventional wisdom – about the benefits of loose monetary policy. Are monetary policymakers poised to break the world again?

Alexander Friedman schetst hoe financiële markten wereldwijd haarscheuren vertonen: levensverzekeraars en pensioenfondsen hebben grote moeite om aan de benodigde revenuen te komen, en gaan daardoor noodgedwongen steeds risicovollere beleggingen aan.

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Quote du Jour | Your ‘opinion’ is worthless

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I spend far more time arguing on the Internet than can possibly be healthy, and the word I’ve come to loath more than any other is “opinion”. Opinion, or worse “belief”, has become the shield of every poorly-conceived notion that worms its way onto social media.

There’s a common conception that an opinion cannot be wrong. My dad said it. Hell, everyone’s dad probably said it and in the strictest terms it is true. However, before you crouch behind your Shield of Opinion you need to ask yourself two questions.

1. Is this actually an opinion?

2. If it is an opinion how informed is it and why do I hold it?

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Quote du Jour | Geen wezenlijke doorbraken

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‘Er is heel veel bereikt,’ zegt Steels. ‘Maar de laatste dertig jaar zijn er geen wezenlijke doorbraken meer geweest. Natuurlijk, de nieuwe toepassingen zijn indrukwekkend. Dat komt doordat computers veel krachtiger zijn geworden, verbonden zijn met elkaar, en veel meer data tot hun beschikking hebben. Daardoor is nu van alles mogelijk. Maar als je kijkt naar de onderliggende intelligentie: die is hetzelfde gebleven. Die is gebaseerd op algoritmen (instructies, programma’s, red.) die er dertig jaar geleden ook al waren.’

Waar veel nieuwe toepassingen op neerkomen: patronen herkennen in grote hoeveelheden data. Dankzij het zogeheten machine learning kunnen computers die patronen zelf ontdekken, zonder dat programmeurs aangeven hoe een patroon eruit ziet.

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Quote du Jour | Uitzondering en uitsluiting

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In een tijd waarin westerse politici steeds harder op zoek moeten naar een verhaal, en waarin de Europese grensbewaking lijkt op die van een kat in het nauw, is Agamben een van de meest prikkelende commentatoren die je kunt treffen. Eind jaren negentig breekt de Italiaan met Homo sacer internationaal door. Hierin presenteert hij een volledig originele analyse van de westerse politiek – vergezeld van het nodige schokeffect: moderne politiek is een aaneenschakeling van uitzonderingstoestanden en uitsluitingsmechanismen en kent dezelfde juridische structuur als het concentratiekamp. Zijn analyse is niets ontziend: een construct, dat zorgvuldig is weggestopt op de zwartste bladzijden van de geschiedenis, staat ineens model voor moderne democratieën.

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Quote du Jour | Vindictive Privatization Plan

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The plan is politically toxic, because the fund, though domiciled in Greece, will effectively be managed by the troika. It is also financially noxious, because the proceeds will go toward servicing what even the IMF now admits is an unpayable debt. And it fails economically, because it wastes a wonderful opportunity to create homegrown investments to help counter the recessionary impact of the punitive fiscal consolidation that is also part of the July 12 summit’s “terms.”

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Quote du Jour | Prepare for a two-speed Europe

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Europeans should draw the consequences: prepare for a two-speed Europe, because this will inevitably be the result of further integration. They should create a constitutional arrangement for the EU that can accommodate one highly integrated core, the eurozone, and one less integrated group without the euro, ideally led by the UK. And they should expect that not all eurozone members will want to take that step, so some will leave the group even before the new setup emerges.

Within the eurozone, consequences will again follow. If the EU establishes a political union—the core of which will be a fiscal union, a unified budgetary process, a transfer union, and partly harmonized tax regimes—this entity will require new ways of legitimizing itself. Indirect mandates (such as those that national governments bring to the European Council when they legislate there) or half-baked ones (such as the European Parliament claims for itself) will no longer suffice to root legislative and executive action in the will of the people.

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Quote du Jour | Try talking economics in the Eurogroup

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It is well known that Varoufakis was taken off Greece’s negotiating team shortly after Syriza took office; he was still in charge of the country’s finances but no longer in the room. It’s long been unclear why. In April, he said vaguely that it was because “I try and talk economics in the Eurogroup” – the club of 19 finance ministers whose countries use the Euro – “which nobody does.” I asked him what happened when he did.

“It’s not that it didn’t go down well – there was point blank refusal to engage in economic arguments. Point blank. You put forward an argument that you’ve really worked on, to make sure it’s logically coherent, and you’re just faced with blank stares. It is as if you haven’t spoken. What you say is independent of what they say. You might as well have sung the Swedish national anthem – you’d have got the same reply.”

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Quote du Jour | Original sins of the Eurozone

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The two people most responsible for the eurozone crisis, of which Greece is just the most extreme manifestation, are the former French president François Mitterrand and long-time Italian prime minister Giulio Andreotti. Those two old foxes were the key players who, immediately after the fall of the Berlin Wall, pinned down Helmut Kohl, the West German chancellor, to a timetable for European monetary union in return for their own grudging support for German unification – but would not accept the fiscal union needed to make it work. “Recent history, not only in Germany,” said the historically informed statesman Kohl, “teaches us that it is absurd to expect in the long run that you can maintain economic and monetary union without political union.” How right he was.

This was only one of several original sins of the eurozone.

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Quote du Jour | Vlag

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“When you’re putting a flag on someone’s grave, to me it’s a little different from being racist. It’s more of a memorial.”

Lynn Westmoreland, Republikeins afgevaardigde uit Georgia, probeerde er gisteren een amendement door te krijgen om de confederatievlag te laten wapperen op nationale begraafplaatsen. Het voorstel haalde het niet, maar het debat over de vlag woedt in alle hevigheid door.

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