Could All Of Europe Declare Bankruptcy?

November 22nd, 2011

That’s the option being openly talked about:

Europe may need to pull a Chapter 11 – a US-style bankruptcy, which would permit a market shutdown and Euro Zone reorganization before reopening for business.

The EU desperately needs a break from market pressures in order to allow the political apparatus to really gather its forces and finally move Europe and its debt crisis ahead of the curve. Here we are just a couple of weeks after the feeble attempt to apply an EFSF plaster on the problem and we’re already back to Square One: the EU debt crisis has reached the point at which none of the readily available tools or institutions are sufficient to match the magnitude of the crisis. This dictates the need for an out-of-the-box solution.

EU policy makers played the extend and pretend game for as long as they could – but now the writing is on the wall: popular outrage is on the rise and putting increasing pressure on the political process – as we are seeing increased demonstrations and grass-root activity taking over both the political agenda and the media. And markets are now balking as empty promises and now a real lack of funds are seeing bond yields beginning to spike out of control. The self-reinforcing cycle of downgrades and austerity and recession are taking us to the very brink of a full scale Crisis 2.0.

Or, alternately, the EU could just jetison all that inconvenient democracy to keep the Ponzi scheme going just a little bit longer, trying to hide the fact that Europe has run out of money.

Says Walter Russell Mead: “Right now the world’s largest economic bloc is running around like a chicken with its head cut off.”

So how could Europe possibly display the terminal bankruptcy of the high tax, high spending, highly unionized, cradle-to-grave welfare state, European/Blue State social model? How about if EU staffers went on strike?

Dear Greek Citizens: I hope you weren’t so foolish as to believe that the Swiss bank accounts containing the money you earned actually belong to you, do you? You’re going to have to return them to Greek banks so we can steal them. Love, the EU.

The Euro may have been great for Greek elites, but not necessarily great for average Greeks.

How are things in the rest of Europe? In Spain, unemployment is 22.6%.

The EU may crack before the Euro.

China is not coming to the rescue, as China is suffering from the same demographic maladies afflicting Europe: “A population that is no longer growing very fast and is quickly aging. The proportion of the population that depends on the state for pensions and medical care is overwhelming the proportion that works and pays taxes to the state.”

Plus, Chinese rating agencies just downgraded Greek debt.

The IMF has quitely changed its rules to make it easier to bail out Europe. With your tax dollars.

(Hat tips: Ace, Insta, and the usual suspects.)

Gulbuddin Hekmatyar Takes Credit for Occupy Wall Street

November 20th, 2011

Sometimes different stories you’re following twine together in weird and unexpected ways. Today it’s news from MEMRI that former mujahideen commander, Islamic radical, and all-around-asshole Gulbuddin Hekmatyar is taking credit for inspiring Occupy Wall Street.

If you don’t remember Gulbuddin Hekmatyar, he first rose to prominence as commander of the Hezb-i islami faction of the mujahideen fighting the Soviet invasion of Afghanistan in the 1980s. Fighting the Soviets was pretty much the last decent thing Hekmatyar ever did, and he wasn’t very good at it, especially compared to his chief rival, Ahmed Shah Massoud, commander of Jamiat-i Islami, who was one of the greatest guerrilla warfare commanders of the 20th century. If “Hezb-i islami” sounds an awful lot like “Hezbollah,” that’s because they’re both different branches of the same transnational affiliation of radical Shia Islamic fundamentalism. Hekmatyar the sort of guy who thought the Ayatollah Khomeini was too much of liberal softie. Hekmatyar spent almost as much time fighting Massoud as he did fighting the Soviets, and after the Soviets left he changed sides so many times in the various Afghan civil wars that followed (in the government, out of the government, with the Taliban, against the Taliban, etc.) that it’s hard to keep track. He was also one of Osama Bin Laden’s drinking buddies in the 1990s. Pretty much anytime he showed up was bad news for Afghanistan, and now he’s one of the head jerks fighting the Afghan government.

Now he’s taking credit for “inspiring” Occupy Wall Street. Yeah, right. I think you would be hard-pressed to find anyone at Occupy Wall Street that had even heard of Gulbuddin Hekmatyar (or even any foreign political figure before Bush43 that isn’t featured on a t-shirt).

Syrian Revolt Gathering Steam

November 20th, 2011

The rebels in Syria seem newly emboldened, as they just attacked the ruling Baath Party building in Damascus.

One estimate of the death toll since mid-March of 4,500 Syrains killed, which strikes me as much too low.

Barry Rubin says that Syria is no longer a revolution, it’s a civil war. He also says that the newly formed Syrian National Council is dominated by Islamists. Lovely. Guess who the U.S. is backing?

It is hard to overestimate how disastrous Obama Administration policy has been. Not only has it promoted an Islamist-dominated leadership (which might be pushed into power by monopolizing Western aid) but this mistake has fractured the opposition, ensuring there would be several anti-SNC groups. This strategy has also angered the Kurds and Turkmen minorities who view the SNC as antagonistic to their hopes for some autonomy. As a result, these two groups have reduced their revolutionary activities.

Rubin also recommends Syrian Revolution Digest as a source to keep up with the latest developments. And here’s a news scroll for events in Syria, courtesy of Lebanon’s NOW.

How bad has it gotten for Assad? A pro-Syrian demonstration in Beruit only drew dozens of supporters, where previously Assad count count on his (and Iran’s) puppets in Hezbollah to throng the streets with tens of thousands. Of course, Hezbollah and Amal are still in Assad’s corner. I do wonder if Assad could start importing Hezbollah fighters wholesale, since his own army seems unable to contain the rebellion. I also wouldn’t put it past Iran to send combat troops on to prop him up, though that seems less likely.

In the Weekly Standard, Lee Smith goes so far as to state: “Bashar al-Assad is finished.”

Some Occupiers Are More Equal Than Others

November 20th, 2011

I haven’t been covering Occupy [Place Name Here] because other people have been doing such a bang-up job of it, and because, objectively, it simply isn’t important. But the latest development is too tasty not to mention.

A few weeks ago, when it turns out there was $500,000 just sitting in a bank to support OWS, the “leaderless movement” suddenly found out that they had leaders, who appeared without all that pesky “democracy” and “consensus” they kept talking about:

On Sunday, October 23, a meeting was held at 60 Wall Street. Six leaders discussed what to do with the half-million dollars that had been donated to their organization, since, in their estimation, the organization was incapable of making sound financial decisions. The proposed solution was not to spend the money educating their co-workers or stimulating more active participation by improving the organization’s structures and tactics. Instead, those present discussed how they could commandeer the $500,000 for their new, more exclusive organization. No, this was not the meeting of any traditional influence on Wall Street. These were six of the leaders of Occupy Wall Street (OWS).

Occupy Wall Street’s Structure Working Group (WG) has created a new organization called the Spokes Council. “Teach-ins” were held to workshop and promote the Spokes Council…

According to Marisa Holmes, one of the most outspoken and influential leaders of OWS, the NYC-GA started receiving donations from around the world when OWS began on September 17. Because the NYC-GA was not an official organization, and therefore could not legally receive thousands of dollars in donations, the nonprofit Alliance for Global Justice helped OWS create Friends of Liberty Plaza, which receives tax-free donations for OWS. Since then, Friends of Liberty Plaza has received over $500,000. Until October 28, anybody who wanted to receive more than $100 from Friends of Liberty Plaza had to go through the often arduous modified consensus process (90% majority) of the NYC-GA—which, despite its well-documented inefficiencies, granted $25,740 to the Media WG for live-stream equipment on October 12, and $1,400 to the Food and Medical WGs for herbal tonics on October 18.

At the teach-in, Ms. Holmes maintained that while the NYC-GA is the “de facto” mechanism for distributing funds, it has no right to do so, even though she acknowledged that most donors were likely under the impression that the NYC-GA was the only organization with access to these funds. Two other leaders of the teach-in, Daniel and Adash, concurred with Holmes.

Ms. Holmes also stated at the teach-in that five people in the Finance WG have access to the $500,000 raised by Friends of Liberty Plaza. When Suresh Fernando, the man taking notes, asked who these people are, the leaders of the Structure WG nervously laughed and said that it was hard to keep track of the “constantly fluctuating” heads of the Finance WG. Mr. Fernando made at least four increasingly explicit requests for the names. Each request was turned down by the giggling, equivocating leaders.

The leaders of the Structure WG eventually regained control of the teach-in. They said that they too were unhappy with the Finance WG’s monopoly over OWS’s funds, which is why they wanted to create the Spokes Council. What upset them more, however, was the inefficient and fickle General Assembly. A major point of the discussion was whether the Spokes Council and the NYC-GA should have access to the funds, or just the Spokes Council….

When my turn came to speak, I brought up the plans of “the leaders of the allegedly leaderless movement” to commandeer the half-million dollars sent to the General Assembly for their new, exclusive, undemocratic, representational organization. Before I could finish, the facilitators and other members of the OWS inner circle started shouting over me. Amidst the confusion, the human mic stopped projecting what I, or anybody was saying. Because silence was what they were after, the leaders won.

Eventually one of the facilitators regained control of the crowd and explained that I was speaking “opinions, not facts,” which is why I would not be allowed to continue. He also asserted untruthfully that I had gone over my allotted minute. Notably, the facilitators and members of the OWS inner circle regularly ignore time restrictions.

This reaction shouldn’t surprise anyone. It is reasonable to expect any undemocratic organization to be co-opted eventually by a vocal minority or charismatic individual. On Friday, October 29, the proposal to create the Spokes Council was put to the NYC-GA for a fifth time, and finally received a 90% majority. The facilitators assisted the process by denying two vocal critics of the Spokes Council their allotted time to speak against it.

So who is party of the shadowy “Finance Working Group”? Well, one of them is “Pete Dutro, 34, a tattoo artist and former software project manager who dropped out of an NYU finance degree program to join the occupation.”

It must be a real hardship for Dutro to give up his education to handle all that money while sleeping in a park. Or it would be, if he weren’t using that money to stay in a $700 a night hotel.

Fritz Tucker, the Occupy participant quoted so extensively above, said of the funding takeover that “I felt like I was watching a local production of Animal Farm.” Having already deployed that metaphor, one wonder what he would have left to say about Mr. Dutro’s swanky hotel. If you put that in a novel, your editor would make you take it out because the symbolism was too heavy-handed.

From the very first Occupy Wall Street has struck me as a movement ginned-up by Obama’s left-wing allies, using a mixture of the usual circus who attend any left-wing rally plus some paid stooges and naive joiners, designed to distract attention from Obama scandals like Fast and Furious and Solyandra, and created out of a sense of “Tea Party Envy” on the left. But while Tea Party and Occupy Wall Street tentatively agree on one big economic problem (namely, crony capitalism), their approaches to solving it are radically different. The Tea Party wants to get rid of the cronyism, but the Occupy Wall Street crowd wants to keep the cronyism, but get rid of the capitalism.

In some ways you have to admire the efficiency of the operation. After all it took more than 200 years of the Republic before people like Nancy Pelosi and John Kerry were able to pervert democratic institutions the system enough to reap the full benefits of crony capitalism, but Pete Dutro has managed to go from misplaced idealism to outright looting in under two months!

Despite the risible “99%” posturing, Occupy Wall Street is being run by, and for, the Democratic Party and their left-wing fellow travelers: ACORN, unions, the MSM. (Has any Occupy [Place Name Here] protester ever called for smaller government and less spending?) Which is why its ironic that the only people it’s actually inconveniencing are those who live and work in the hearts of very large metropolitan areas, i.e. largely the same Obama-voting urban liberal elite who already seemed to believe in the risible class war tripe peddled by the Occupy Wall Street crowd. All it’s doing now is eating up municipal budgets and alienating independent potential Obama voters.

A few more random Occupy Wall Street tidbits:

  • Here’s a handy chart for which crimes have been committed at which occupy sites.
  • Dark Knight creator Frank Miller weighs in in a nice juicy that has the panties of various leftist comics fans in a knot. “’Occupy’ is nothing but a pack of louts, thieves, and rapists, an unruly mob, fed by Woodstock-era nostalgia and putrid false righteousness. These clowns can do nothing but harm America.” However, I wonder if it’s he jabs at Occupy that has really steamed them as much as his jab at that most sacred of victim groups, radical Islam. Given Wiscon’s disinviting of Elizabeth Moon over the very mildest of criticisms of Islam, I’m guessing the latter.
  • Being creatures of the left, the Occupy [Place Name Here] crowd have never complained about Obama’s extensive ties with Goldman Sachs.
  • Here’s a hedge fund manager offering up talking points for Occupy Wall Street. However, since he’s discussing the various government distortions of the market that lead to the current situation (he even mentions Solyndra!), I feel confident in predicting that none of the current Occupy crowd will take him up on it.
  • Mark Steyn’s essay on Occupy.
  • Ground Zero Mosque May Not Get Built Because Owner is a Deadbeat Slumlord

    November 19th, 2011

    Well, this is some interesting news:

    Con Edison wants a judge to green-light the eviction of the would-be developer of the controversial mosque near Ground Zero — because, the utility claims, he doesn’t have a prayer of paying the $1.7 million that he owes in back rent.

    At a hearing in Manhattan Supreme Court, Con Ed lawyer Scott Mollen yesterday portrayed Sharif el-Gamal as a deadbeat slumlord and far too cash-strapped to pay back what he owes.

    “They’re $1.7 million in arrears, and they have not come close to demonstrating they have the ability” to pay up on the rent at 51 Park Place, Mollen told Justice Richard Braun.

    It would be deeply ironic that after all the sturm-und-drang if the ground zero mosque were killed by the one thing almost all New Yorkers hold in contempt: landlords.

    Maybe Sharif el-Gamal should wander down to wherever Occupy Wall Street is hanging out and pass the hat…

    Ricardo Sanchez’s House Burns Down

    November 18th, 2011

    Democratic Senate frontrunner Ricardo Sanchez had pretty horrible Veteran’s Day, as a fire destroyed his San Antonio home.

    The article linked above states that arson investigators (pace the video) have ruled out foul play.

    I would like to formally extend my condolences to Sanchez and his family for the tragic loss, and relief that everyone got out of the house safely.

    I actually had an inkling of this early in the week, since I had some Google search hits on “Ricardo Sanchez fire,” but was unable to find anything in the news when I searched then, just a tweet linking to a dead Facebook page. In fact, there doesn’t seem to have been anything findable by Google News until yesterday. Either major San Antonio news sources were unbelievably slow in covering an important story about a major public figure, or Google isn’t picking them up for some reason.

    LinkSwarm for November 17, 2011

    November 17th, 2011

    A random collection of links presented instead of actual content:

  • It turns out that Jabba the Hutt didn’t bang Princess Leia, but he did try to get her to bang Chris Dodd. Being a Democrat means getting away with things that would force a Republican to resign. If bloggers hadn’t forced the MSM to cover the story, they would have covered up for Anthony Weiner, too. The Washington press knew for decades that Ted Kennedy and Chris Dodd were utter sleazebags, and yet they still carried water for them. The question is: What Democratic scandals do MSM reporters know about right now that they’re refusing to cover?
  • The United State Air Force would like you to say hello to their little friend: “Aerospace giant Boeing Co. has delivered the first batch of 30,000-pound [Massive Ordnance Penetrator] bombs, each nearly five tons heavier than anything else in the military’s arsenal…The weapon’s explosive power is 10 times greater than its bunker-buster predecessor, the BLU-109. And it is nearly five tons heavier than the 22,600-pound GBU-43 MOAB surface bomb, sometimes called the ‘mother of all bombs.'”
  • Rich liberals want other taxpayers to subsidize their decision to live in New York. “[It] might as well be called the Bicoastal Elite Tax Relief Act.”
  • Trouble at Gulf Coast Planned Parenthood.
  • Fannie Mae and Freddie Mac were at the very heart of the housing bubble collapse. And yet, I’m not aware of a single office holder from the Democratic Party who has even suggested closing or privatizing Fannie Mae or Freddie Mac. This isn’t closing the barn door after the cow escaped, this is getting a whole new barn, a new cow, and a new oil lantern, and putting the oil lantern in the exact same place the previous cow knocked it over when it burned down the previous barn.
  • Cheap solar? Ain’t happening.
  • You know how Formula 1 racing was coming to Austin with the help of taxpayer subsidies? Yeah, not so much. According to Comptroller Susan Combs: “We have not paid out any money for the Formula 1 event. The only dollars that can be spent on the United States Grand Prix are tax revenues attributable to the successful running of a race. The state of Texas will not be paying any funds in advance of the event.” I’m still not a fan of the Major Events Trust Fund, as tax kickbacks for sporting events are not a proper function of government, but at least they’re not providing blank checks the way some taxpayer subsidies of professional sports do.
  • Iowahawk occupies Alan Sherman.
  • Texas Senate Race Roundup for November 16, 2011

    November 16th, 2011

    Another Senate race roundup

  • Ted Cruz appeared on The Great American Panel:

  • Cruz also appeared on KSKY radio in Dallas-Fort Worth.
  • He also appeared on the Janine Turner Show on 570 KLIF in Dallas.
  • If it seems like I put up a lot of Cruz media appearances, that’s because Cruz makes a lot of media appearances. I try to put up or link to any major state or national media appearance by any of the Texas senate race candidates. It just so happens that the Cruz campaign is very proactive in sending me links to them and making sure they appear on their blog. If the David Dewhurst and Tom Leppert campaigns were to do more appearances and send me the links, I would be putting those up as well.
  • I’d even put up more media appearances by Ricardo Sanchez…if he did more than one a month. And if his campaign bothered to put them up on his empty YouTube page.
  • Dewhurst makes an appearance in an NBC Nightly News Veteran’s Day piece that’s mainly about his father’s service in World War II:

  • And Tom Leppert appeared on Lubbock’s KFYO.
  • Speaking of Leppert, Matt Dowling remains unimpressed with Leppert’s conservative credentials.
  • Cruz named one of the 92 most influential lawyers in the country by Law360.
  • Not a bad roundup of the race from Kate Alexander of the Austin American-Statesman. And the Sanchez campaign must be cringing over this cruelly accurate line “Democrats are barely mounting a fight for the U.S. Senate seat, so the Republican nominee is pretty much a shoo-in.” (One quibble with one of the quoted sources: I don’t think Leppert can drop $20 million on advertising. His fundraising has been solid but not mind-boggling, and he’s rich, but not Dewhurst rich.)
  • Hotline on Call is similarly dismissive of Sanchez: “Ricardo Sanchez has proven to be a non-factor in Texas.”
  • Syrian Rebel Defectors Hit Assad Intelligence Center

    November 15th, 2011

    “Syrian army defectors attacked an intelligence complex on the edge of Damascus early on Wednesday, in the first reported assault on a major security facility in the eight-month uprising against President Bashar Assad, activists said.”

    The start of something bigger? Who knows? But the security apparatus is at the heart of Assad’s regime, and if rebels can destroy that, there’s nothing to save Assad from the long-suppressed fury of the Sunni majority…

    Dewhurst, Cruz Trade Social Conservative Endorsements

    November 14th, 2011

    Big senate race news on the endorsement front:

    First, Texas Right to Life PAC endorses David Dewhurst. That’s a very good pickup for him, as he has not exactly been overwhelmed with conservative endorsements. I’m sure the Ted Cruz campaign is not happy that Dewhurst snagged this one. (Also not happy: ex-senate candidate Elizabeth Ames Jones, now running for the state senate from District 25…where they endorsed rival Donna Campbell for the same seat the same week Jones (who has repeatedly stressed her pro-life credentials) got into the race…)

    Then, in short order, the Cruz campaigned fired back with an endorsement from Focus on the Family founder Dr. James Dobson.

    Of the two, I have to rank the Dewhurst endorsement as the better pickup, mainly because his conservative endorsements for this race have been thin on the ground.

    Can Dewhurst snag more conservative endorsements? Maybe. He’s been endorsed by groups like the NRA and Texans for Lawsuit Reform in the past…but that was when he was running against Democrats as Lt. Governor. Such groups may decide that Cruz is the better alternative, or pass on endorsing anyone before the primary.