Monday, June 04, 2012

Egan Jones Downgrades The UK From AA To AA-


Tyler Durden's picture
When one is expected to go down for missing a comma in their NRSRO application, one at least should go down swinging. Sure enough, 
Egan-Jones, the only rating agency with any credibility left, is at it again, this time cutting the big momma itself - the UK - from AA to AA-.
6/4/2012: United Kingdom: EJR lowered AA to AA- (Neg.) Projected A+ (S&P: AAA) (6152Z LN)

Synopsis: On the balance of payment side, imports have exceeded exports by an average of approximately 500B pounds annually over the past several years. The major problems for the UK is that Europe's banking crisis does not appear to be abating as evidenced by the miserable results of most EU banks. On the fiscal side, the deficit to GDP has declined over the past three years from 11.5% to 8.3%, which is a respectable decline, but the bulk of the reduction was the result of increased taxes since GDP growth was weak. The over-riding concern is whether the country will be able to continue to cut its deficit in the face of weaker economic conditions and a possible deterioration in the country's financial sector. Unfortunately, we expect that the UK's debt/GDP will continue to rise and the country will remain pressed.

Tiny satellites will use Kinect to dock with one another

David Szondy:
Little satellites grow up to be big satellites. At least, that’s what will happen if Surrey Satellite Technology Limited (SSTL) gets its way. Working in conjunction with the University of Surrey, the UK-based company plans to launch a pair of nano-satellites into orbit equipped with Kinect motion-control sensors that will allow the minisats to seek each other out and dock to form a new, larger satellite. If this technology proves successful, it has the potential to change the way satellites are built, maintained and even disposed of by changing satellites from individual machines into intelligent building blocks.
The new nano-satellite, called STRaND-2, is the latest in SSTL’s STRaND series. Like STRaND-1, STRaND-2 is a three-unit cubesat measuring 30 cm (1 ft) in length. STRaNd-1 managed to pack a lot of functionality into a very small package by using off-the-shelf smartphone technology. STRaND-2 continues this adapt and adopt strategy by using technology from an Xbox Kinect controller for the docking system.

Either Way: "That whole democracy thing, surely you're kidding?"

Free markets & no regulation, hooray!

Bruce Bueno de Mesquita: How to Reform Wall Street

Bruce Bueno de Mesquita argues that occupying a park will never reform Wall Street. The right approach, instead, he says, is to change the system from within. That means shareholders should not give their votes away to corporate proxies, but coordinate together, because shareholders "do have the votes to control outcomes." Source

Eurozone falling apart - The Real Deal - GG with James Meadway

Andy Coulson; David Cameron's former spin doctor was detained at his London home early on Tuesday. Police has announced that he had been arrested and charged with perjury.
Not so long ago Spain seemed to be the epitome of European cool; from football to food and architecture, but alas not anymore.

Obama's Latest Bailout Plan Summarized In 4 Words: "3000 Bucks For Thingamajigs"


For those who missed Obama's post-NFP sermon on Friday, here is a summary of the Keynesian-in-Chief's latest plan to fix the country: $3000 for everyone to buy "thingamajigs." We wish this was a joke. Source
The farce gets going 25 seconds in.

Queen's Jubilee - A Republic Would Not Change Anything


Morris: I think the issue of the Royalty is not important. I doubt that they truly support Britain's role in all the wars. The people with the power not only hide behind the Politicians, but also the Royal family. Source

Seeds of doubt: Brazilian farmers sue Monsanto - 'Making a deal with Mon-Satan'

Five million Brazilian farmers are locked in a lawsuit with US-based biotech giant Monsanto, suing for as much as 6.2 billion euros. They say that the genetic-engineering company has been collecting royalties on crops it unfairly claims as its own.
The farmers claim that Monsanto unfairly collects exorbitant profits every year worldwide on royalties from “renewal” seed harvests. “Renewal” crops are those that have been planted using seed from the previous year’s harvest. While the practice of renewal farming is an ancient one, Monsanto disagrees, demanding royalties from any crop generation produced from its genetically-engineered seed. Because the engineered seed is patented, Monsanto not only charges an initial royalty on the sale of the crop produced, but a continuing 2 per cent royalty on every subsequent crop, even if the farmer is using a later generation of seed.
"Monsanto gets paid when it sell the seeds. The law gives producers the right to multiply the seeds they buy and nowhere in the world is there a requirement to pay (again). Producers are in effect paying a private tax on production,"

Tarpley, Jones: The Great Debate! + Tarpley debates with Adam Kokesh

Pro-drug war activist and historian Webster Tarpley demonizes Ron Paul, likening his drug & gold policies to an evil leprechaun, after an in-depth interview. The drug war has enabled the police state but for Tarpley, marijuana is a dangerous "narcotic" and users should be jailed. We invite friend Tarpley to return to earth or clarify his statement. Ron Paul does not encourage drug use but knows decriminalization is the only way to diffuse the CIA drug ops. The prison industrial complex ruins many lives of non-violent offenders, particularly minorities, unnecessarily.

Gilad Atzmon: Zionism and Jewish Identity "a small nation set against humanity"

Anti-Zionist activist and Jazz saxophonist Gilad Atzmon spoke at ArgusFest at the Mercury Cafe in Denver on July 1, 2010.

Are Low Interest Rates Good?

'Britons fed up with British monarchy' + Austerity for people, prosperity for Queen

Contrary to British media's propaganda saying that British people love the monarchy and the queen, a referendum would clearly show that the people are against the country's monarchy, says an analyst. The comment comes as anti-monarchy campaign groups in Britain are to stage protests against the British Queen's Diamond Jubilee celebrations during the extended Jubilee weekend. The leading anti-monarchy campaign group in Britain, Republic, has announced plans for two major protests against "the hereditary system" in Britain which they consider as offensive to all "democratic values."