Euro Next Quotes

Let's stop kidding ourselves that Greek debt is the Euro's key problem. With Greece gone, who's next ?

For the next several nights in isolation, I got a funny guard who was trying to convert me to Christianity. I enjoyed the conversations, though my English was very basic. My dialogue partner was young, religious, and energetic. He liked Bush (“the true religious leader,” according to him); he hated Bill Clinton (“the Infidel”). He loved the dollar and hated the Euro.

Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do with it was buy Ireland. From each other. An Irish economist named Morgan Kelly, whose estimates of Irish bank losses have been the most prescient, has made a back-of-the-envelope calculation that puts the property-related losses of all Irish banks at roughly 106 billion euros. (Think $10.6 trillion.) At the rate money flows into the Irish treasury, Irish bank losses alone would absorb every penny of Irish taxes for the next four years.

(BDO) October 22: The Dollar Squeeze A debt is a short cash position—i.e., a commitment to deliver cash that one doesn’t have. Because the dollar is the world’s reserve currency, and because of the dollar surplus recycling that has taken place over the past few years…lots of dollar denominated debt has been built up around the world. So, as dollar liquidity has become tight, there has been a dollar squeeze. This squeeze…is hitting dollar-indebted emerging markets (particularly those of commodity exporters) and is supporting the dollar. When this short squeeze ends, which will happen when either the debtors default or get the liquidity to prevent their default, the US dollar will decline. Until then, we expect to remain long the USD against the euro and emerging market currencies. The actual price of anything is always equal to the amount of spending on the item being exchanged divided by the quantity of the item being sold (i.e., P = $/Q), so a) knowing who is spending and who is selling what quantity (and ideally why) is the ideal way to get at the price at any time, and b) prices don’t always react to changes in fundamentals as they happen in the ways characterized by those who seek to explain price movements in connection with unfolding news. During this period, volatility remained extremely high for reasons that had nothing to do with fundamentals and everything to do with who was getting in and out of positions for various reasons—like being squeezed, no longer being squeezed, rebalancing portfolios, etc. For example, on Tuesday, October 28, the S&P gained more than 10 percent and the next day it fell by 1.1 percent when the Fed cut interest rates by another 50 basis points. Closing the month, the S&P was down 17 percent—the largest single-month drop since October 1987.

Why can't we sit together? What's the point of seat reservations,anyway? The bored woman calls my section next,and I think terrible thoughts about her as she slides my ticket through her machine. At least I have a window seat. The middle and aisle are occupied with more businessmen. I'm reaching for my book again-it's going to be a long flight-when a polite English accent speaks to the man beside me. "Pardon me,but I wonder if you wouldn't mind switching seats.You see,that's my girlfriend there,and she's pregnant. And since she gets a bit ill on airplanes,I thought she might need someone to hold back her hair when...well..." St. Clair holds up the courtesy barf bag and shakes it around. The paper crinkles dramatically. The man sprints off the seat as my face flames. His pregnant girlfriend? "Thank you.I was in forty-five G." He slides into the vacated chair and waits for the man to disappear before speaking again. The guy onhis other side stares at us in horror,but St. Clair doesn't care. "They had me next to some horrible couple in matching Hawaiian shirts. There's no reason to suffer this flight alone when we can suffer it together." "That's flattering,thanks." But I laugh,and he looks pleased-until takeoff, when he claws the armrest and turns a color disturbingy similar to key lime pie. I distract him with a story about the time I broke my arm playing Peter Pan. It turned out there was more to flying than thinking happy thoughts and jumping out a window. St. Clair relaxes once we're above the clouds. Time passes quickly for an eight-hour flight. We don't talk about what waits on the other side of the ocean. Not his mother. Not Toph.Instead,we browse Skymall. We play the if-you-had-to-buy-one-thing-off-each-page game. He laughs when I choose the hot-dog toaster, and I tease him about the fogless shower mirror and the world's largest crossword puzzle. "At least they're practical," he says. "What are you gonna do with a giant crossword poster? 'Oh,I'm sorry Anna. I can't go to the movies tonight. I'm working on two thousand across, Norwegian Birdcall." "At least I'm not buying a Large Plastic Rock for hiding "unsightly utility posts.' You realize you have no lawn?" "I could hide other stuff.Like...failed French tests.Or illegal moonshining equipment." He doubles over with that wonderful boyish laughter, and I grin. "But what will you do with a motorized swimming-pool snack float?" "Use it in the bathtub." He wipes a tear from his cheek. "Ooo,look! A Mount Rushmore garden statue. Just what you need,Anna.And only forty dollars! A bargain!" We get stumped on the page of golfing accessories, so we switch to drawing rude pictures of the other people on the plane,followed by rude pictures of Euro Disney Guy. St. Clair's eyes glint as he sketches the man falling down the Pantheon's spiral staircase. There's a lot of blood. And Mickey Mouse ears. After a few hours,he grows sleepy.His head sinks against my shoulder. I don't dare move.The sun is coming up,and the sky is pink and orange and makes me think of sherbet.I siff his hair. Not out of weirdness.It's just...there. He must have woken earlier than I thought,because it smells shower-fresh. Clean. Healthy.Mmm.I doze in and out of a peaceful dream,and the next thing I know,the captain's voice is crackling over the airplane.We're here. I'm home.

SILVER CITY IS NO PLACE FOR AMATEURS I left Colorado Springs the next morning and got back in the fucking car for another day of driving for the Tour of the Gila. I’d never driven in snow before, but I made it to Santa Fe and then Albuquerque in the afternoon, careful to dodge all the tumbleweeds on the highway in New Mexico. I hadn’t known that those existed outside of cartoons. Already exhausted when I got off the interstate, I was surprised when my GPS said “48 miles remaining, 1.5 hours’ drive time”—I was sure that couldn’t be right. Then I saw the steep climbs, bumpy cattle guards, and dangerous descents on the road into Silver City. I drove as fast as I could, sliding my poor car around hairpins in the dark. I made it to the host house, fell asleep, and found two flat tires when I went outside to unpack the car in the morning. They probably weren’t meant for drifting. My luck didn’t improve when the race started. I got a flat tire when I went off the road to dodge a crash, and I chased for over an hour to get back to the field. Between the dry air and altitude, I got a major nosebleed. My car was parked at the base of the finishing climb, and I got there several minutes behind the field, my new white Cannondale and all my clothes covered in blood. The course turned right to go up the climb, and I turned left, climbed into my car, and got the hell out of there. I might have made the time cut, but for the second time in two weeks, I opted to climb in the car instead. I got out of that town like I was about to turn into a pumpkin, and made it back to San Diego nine hours later. If there wasn’t a Pacific Ocean to stop me, I’d have driven another day, just to get farther from Gila.

Which is actually good because we’re doing an AP Euro study group this week at the library—I mean good that it got canceled, not good that someone died—so I was wondering too if maybe I can use the car, so you won’t have to come pick me up super late every night?” Alma had been a wildly clingy kid, but now she is a mostly autonomous and wholly inscrutable seventeen-year-old; she is mean and gorgeous and breathtakingly good at math; she has inside jokes with her friends about inexplicable things like Gary Shandling and avocado toast, paints microscopic cherries on her fingernails and endeavors highly involved baking ventures, filling their fridge with oblong bagels and six-layer cakes. “I’m asking now because last time you told me I didn’t give you enough notice,” she says. She has recently begun speaking conversationally to Julia and Mark again after nearly two years of brooding silence, and now it’s near impossible to get her to stop. She regales them with breathless incomprehensible stories at the dinner table; she delivers lengthy recaps of midseason episodes of television shows they have never seen; she mounts elaborate and convincing defenses of things she wants them to give her, or give her permission to do. Conversing with her is a mechanical act requiring the constant ability to shift gears, to backpedal or follow inane segues or catapult from the real world to a fictional one without stopping to refuel. There’s not a snowball’s chance in hell that she won’t be accepted next month to several of the seventeen exalted and appallingly expensive colleges to which she has applied, and because Julia would like the remainder of her tenure at home to elapse free of trauma, she responds to her daughter as she did when she was a napping baby, tiptoeing around her to avoid awakening unrest. The power dynamic in their household is not unlike that of a years-long hostage crisis.

The Five Tribes not only physically displaced other Indian nations in Indian Territory; they erased the history of southern Plains people and drafted a new history of Indian Territory. For example, in 1955, the Chickasaws built their council house, a sixteen-by-twenty-five-foot log house. Here, the Chickasaws rewrote their constitution and took their first actions as a sovereign legislature, under the first Chickasaw governor, Cyrus Harris. Although the log house was quickly replaced (within the next year or so) by a brick iteration, the log house serves a particular purpose in the pantheon of Chickasaw public history. In 1911, the Wapanucka Press, an Oklahoma-based newspaper, interviewed someone (presumably a representative of the Chickasaw Nation) about the story of the log house’s origins. The paper reported, ‘Slaves of the Chickasaws toiled in the dense oak forests cutting down the finest trees and hewing them into shape…Thick undergrowth was cleared from a knoll…paths were cut from bottom meadows.’ Rough-hewn and surrounded by overgrown foliage, the log house is meant to evoke the idea that the Chickasaws encountered a ‘wilderness’ in early Indian Territory. The reader is meant to believe that, as civilizers, the Chickasaws shaped this wilderness into the modern space that it became. This idea of ‘civilization’ is based on Euro-American colonizer’ ideas of advanced societies. The Cherokee Nation alleges on its website that ‘upon earliest contact with European explorers in the 1500s, Cherokee Nation was identified as one of the most advanced among Native American tribes.’ Although the Cherokees were asserting their longevity as a people and their pride in their culture, here they use a European measurement of their merit. In the nineteenth century, the Five Tribes succeeded at crafting a perception of difference. The western Indians certainly saw them as settlers. The special agent to the Comanches reported that they were angry that tribes such as the Creeks and Choctaws ‘have extended their occupation and improvements to the country heretofore used by themselves as a hunting ground,’ expressing that they saw the Five tribes as unlawful settlers, just like whites, and themselves as the dispossessed indigenous peoples of the region.

You should know you’re more than just a billion-dollar set of surgical hands.” “If that’s true,” he whispers, glancing over my shoulder briefly and then back to me, his gaze probing. The intimacy of the moment is not lost on me as he crowds in closer with his next question, “Who am I then, Jane?” “I don’t know, but I plan on finding out in the next couple of weeks.

we were all itching for dick jokes and male bonding. The team took photos for the web site on an abandoned construction site (camp was in central Florida at the beginning of the mortgage crisis, so the area was filled with ruins, not unlike ancient Rome). The next day, we rode back to the same spot and took our own pictures, this time with our genitals out, and slipped it into the photographer’s slideshow. Someday, I’ll frame that photo and put it on the wall.

The euro crisis showed that the euro zone needs a banking union, which centralises a lot of power. And the best hope of growth lies in expanding the single market. The next commission needs to remove blockages to trade in services, energy and the digital economy. More free-trade deals, starting with America, are another priority. Opening up Europe’s economy will annoy some voters (and scare some politicians); but the alternative—years of economic stagnation—will doom the project anyway.

The truth is, the biggest factor in who made it to the next level wasn’t talent or work ethic. It was a willingness to keep plugging away through all the hard times.

I do think we’re at a turning point. The question is how strong and permanent this recovery will be,” he noted. But while these external factors are helping Italy emerge from economic decline, others — mainly events in Greece and Ukraine — could spoil any momentum and plunge the eurozone’s third-largest economy back into the doldrums. “We are definitely concerned, I see all the elements for a moderate recovery [but] there are risks coming from a number of open issues in the world,” Mr Rossi said. Mr Rossi credited the European Central Bank’s recent decision to buy government debt — known as quantitative easing — with driving the likely Italian recovery, through a weaker euro, lower borrowing costs, higher confidence and portfolio shifts. He estimated it would add about 1 percentage point to Italian gross domestic product over the next two years, but this would be in line with the rest of the eurozone — offering “no special advantage to Italy”.

It was from him that I learnt of the modern-day Fagins of Italy, and how the more innocent Gypsies fell into their nets. (…) Instead of Germany, after a long journey in a van, they found themselves in the city of Salerno in southern Italy. There they were brought by their 'Boss' to the empty shell of an unfinished apartment block. Inside there were hundreds of Romanian beggars sleeping on rags and mattresses which had been salvaged from rubbish dumps. There were rats everywhere. (…) The next morning they were pushed out on to the streets to beg. Romi was in tears. But in his tearful state he earned good money, especially outside the churches. He pocketed over a hundred euros on the first day and in the evening he tried to conceal some of it from the 'Boss'.He was told to strip. They found the money and beat him. They beat Dumitru as well because he had earned only ten euros. (p. 286)

As we have seen, there is nothing like a good experiment to settle the question, and researchers in the Netherlands obliged by experimentally manipulating the existence of public signs of lawlessness and observing whether this influenced people’s criminal behavior. In one study, for example, they put a five-euro bill in an envelope that had a cellophane window and placed the envelope halfway out of a mailbox, so that the bill was clearly visible to passersby. Then, from a hidden location, they observed how many passersby stole the envelope. When there were no visible signs of lawlessness, only 13 percent of the passersby gave into temptation and pocketed the envelope. But when the researchers added signs of lawlessness—graffiti painted on the mailbox or litter scattered on the ground below—this percentage doubled. This study shows that signs of disorder, such as graffiti and litter, can cause people to reinterpret a situation as one in which other kinds of disorder are permissible, such as stealing money. People are highly sensitive to social norms (information about what other people are doing and what they approve of), and subtle indicators of these norms can have dramatic effects on people’s behavior (we will encounter this lesson again in the next chapter). When there are signs that lawlessness is the norm, people are more likely to act lawlessly.

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