Brexit and the waning days of the United Kingdom

[Sheilbh]

And her CV...

[garbon]

I heard she had a great march to Parliament though.

[Sheilbh]

I heard her supporters clearly weren't the marching type so it was more like an afternoon drink.

[Richard Hakluyt]

I'd never heard of this person till a week or so ago. But she has been on the planet for several decades and, if the semi-crazed geriatrics that compose most of the Tory party's membership vote for her, no doubt she will engineer misfortunes for me, my family and my country 

I reckon Gove might get the #2 spot as evil Tory MPs game the system to get the winner (May) that they want 

[Berkut]

I just hate snobbishness and think populism is a symptom not a cause. It's easier and more comforting to blame stupid voters and hood-winking politicians. I think there's normally material and cultural factors that drive it and should be addressed, the earlier the better - I think I see Huck references above, I don't think we'd have Trump if the GOP nominated him in 2008. Instead they've got a white, working class base and they've nominated two millionaires with Reaganite economic policies preserved in aspic from 1986 and it's a shock they've now nominated a nihilistic populist?

Some economic data not looking so bad, manufacturing output fell but far less than predicted and house prices still increased, but more slowly, also not entirely expected.

I hate anti-elitism and think snobbishness is a symptom not a cause. It's easier and more comforting to blame elitist snobs in their ivory towers and their lawyer politicians.

etc
etc
etc

[OttoVonBismarck]

I side with the elite over the proles, always. Unsure as to why people would want to glorify the stupid.

[Sheilbh]

I'd never heard of this person till a week or so ago. But she has been on the planet for several decades and, if the semi-crazed geriatrics that compose most of the Tory party's membership vote for her, no doubt she will engineer misfortunes for me, my family and my country 

I reckon Gove might get the #2 spot as evil Tory MPs game the system to get the winner (May) that they want 

I think that was Gove's pitch.

But now it is Leadsom. If, God help us, she wins I think the idea of a centrist breakaway party might happen...

[Richard Hakluyt]

Leadsom vs Corbyn 

FFS 

[Sheilbh]

Labour have actually just issued a press release condemning the Tories for 'bitter infighting' at a time of important national issues being in flux.

I increasingly suspect British politics is just an elaborate troll...

[Sheilbh]

Leadsom vs Corbyn 

FFS 

We all need to get behind the stolid, authoritarian, in any other context terrifying candidacy of Theresa May

[OttoVonBismarck]

Eh, given their behavior of late the British people need an authoritarian PM.

[Valmy]

Everybody rally behind the Liberal Democrats!

[Sheilbh]

[The Minsky Moment]

If the German national debt or tax bill (to which the bailout loans are directly tied) are meaningless numbers then obviously so is Greek indebtedness, and you have no reason to complain about it.

A big chunk is held by the ECB and the member state central banks, and there would be no effect from a write down.  ECB is trying to generate more inflation anyway.

Another chunk is from the IMF which also has the ability in theory to self-monetize.

Some is held by the euro governments, but the reality is that if it is marked to market, it would already reflect reduced value.  A write down of an asset doesn't increase debt - again any imbalance in the balance sheet is potentially monetizable anyway (even if the ordoliberal Krauts would never consider such heresy).  As you point out current payments are in suspense so in terms of flows a write down that allows a return to normality might actually be beneficial.  In any event it shouldn't have any impact on the structural fiscal balance and hence the tax burden.  It's a pure one off.

[Admiral Yi]

A big chunk is held by the ECB and the member state central banks, and there would be no effect from a write down.  ECB is trying to generate more inflation anyway.

Another chunk is from the IMF which also has the ability in theory to self-monetize.

Some is held by the euro governments, but the reality is that if it is marked to market, it would already reflect reduced value.  A write down of an asset doesn't increase debt - again any imbalance in the balance sheet is potentially monetizable anyway (even if the ordoliberal Krauts would never consider such heresy).  As you point out current payments are in suspense so in terms of flows a write down that allows a return to normality might actually be beneficial.  In any event it shouldn't have any impact on the structural fiscal balance and hence the tax burden.  It's a pure one off.

You've mentioned the monetization idea before.  Would you stop at Greece, and if so, why?

The IMF has only as much capacity to create liquidity as is delegated by its members.

Of course a write down increases German debt.  Their contribution to the bailout was financed through bonds issued by a special purpose institution, guaranteed by Germany.