03 June, 2015

Da Banks Needz More Billions Or Else

Former Barclays chairman: Bank ring-fence is redundant and should be scrapped
Sir David Walker says ring-fencing is a 'uniquely British policy' which will penalise the UK economy
Sir David Walker has called on the Chancellor to review the legislation surrounding bank ring-fencing, claiming it will simply burden customers with extra costs and harm competition.
Oh, no...competition.  Wait, we still have that ?
The former chairman of Barclays, writing in a personal capacity for The Telegraph, brands ring-fencing "uniquely British" which could lead to some banks moving operations overseas.
I'm thinking of a word...begins with 'N'...
...
It has been estimated ring-fencing will cost UK banks some £2.5bn, with annual operating costs of approximately £4bn.
...
he argues that developments since Sir John Vickers' Independent Commission on Banking - which first suggested UK retail banks be ring-fenced from the commercial and investment banking operations of their parents - first suggested the move, due to come into force from 2019, the landscape has changed.
...
"Ring-fencing’s role in effective resolution – crucial to protect the taxpayer – is also now redundant as banks adopt comprehensive standalone mechanisms as part of the EU Recovery and Resolution Directive."
Yes, the banks that had to be bailed out by government after nearly crashing the global economy should be trusted to gamble with ordinary people's money.  Says a banker.  Former chairman of Barclays.  Yes, that Barclays.  Assholes.

02 June, 2015

Kirsty MacColl: A New England

Charles Kennedy

Photo: Gugliemo Galvin (http://guglielmogalvin.com/)

Latest Idiotic Top Gear Rumour



Ugh.  'Cause that worked out so well for other shows didn't it ?  Rotating-host roulette.

If true, basically this is an admission by the BBC that they haven't a hope of replicating the chemistry that worked for so long under Clarkson & co., but are going to continue to milk the cash-cow for all they can till its teats drop off and it just flat-out falls over on its side.

01 June, 2015

Metallica: Hit the Lights



Joy Division: She's Lost Control

An Odd Sentence

From 'The Guardian view on Turkey':
Turkey is a crucial country. In spite of its recent drift toward authoritarianism, in spite of the increasing intemperance of its leader, Recep Tayyip Erdogan, and in spite of the loss of the sure touch in foreign policy its government once possessed, it is still a rock amid the sea of troubles that is the Middle East today. Although growth is slowing and unemployment and inflation rising, Turkey is still among the world’s stronger economies, and aspires to join the top 10 within the next decade. And, while there must be serious concern about the government’s rough treatment of the media, its bullying of lawyers, and its general readiness to bend rules for political advantage, it is still a relatively free and democratic polity, one of only a handful such in the Muslim world.
So it is hard for outsiders to know what to wish for in the Turkish general election next Sunday.
Uh, no.  No, it really isn't.  And nothing in the remainder of your piece suggests any doubt, so why say that ?  (Concerns about NATO ?)  Not that the West has any say here, but, if it did, the choice of further autocracy and further Islamisation of what was once a staunchly secular state under Erdoğan would be the choice of a lunatic, certainly if we were still seriously considering membership for Turkey in the EU.  And are we ?

Will we still be if Erdoğan continues to take the country in its current direction ?  Can we make a rational case for Erdoğan's Turkey in the European club ?  Or will we at some point admit the EU to be/have become an economic playground for our elites with little basis in shared values, other than those of the worst form of vulture-capitalism ?  Cheap resources, cheaper labour, open markets, and do with the local populations as you will.

Maybe at some point we could even resurrect the dream of Russia joining.  But, that being, not as once we might have not altogether unreasonably have hoped via a newly democratised and liberal Russia rising to the standards of Western Europe as was, but rather via a Europe whose standards had eventually fallen to meet those of Russia under Putin.

On Police Shootings

US police kill more than two people a day, report suggests
Data collected by the Washington Post newspaper suggests that the number of people shot by US police is twice as high as official figures claim.
The paper said that during the first five months of this year, 385 people - more than two a day - were killed.
The number of black people was disproportionately high among the victims, especially unarmed ones.
Well, that's not really surprising.  Probably even more than that.


A national debate is raging about police use of deadly force, especially against minorities. To understand why and how often these shootings occur, The Washington Post is compiling a database of every fatal shooting by police in 2015, as well as of every officer killed by gunfire in the line of duty.

Do we have to pretend there's some mysterious secret here ?  The cops are trained to behave in a certain way, are encouraged to see every civilian on the street as a potential threat, especially since the era of the 'War on Drugs' and then the 'War on Terror.'  They are heavily armed, and have access to military-grade firearms.  They often wear body-armour.  Their departments obtain armoured vehicles scarcely distinguishable from tanks, along with all kinds of ex-military equipment via generous federal programmes.  The cops themselves are sometimes scarcely distinguishable from soldiers, even wearing camouflage uniforms.  And they are trained to value their own safety over that of those they supposedly serve.  And they are human.

Fear is the strongest emotion in the human brain.  And humans are hard-wired to distinguish between in-groups and out-groups, to see out-groups as a potential threat.  Our fears are of course often deeply irrational, and rooted in internal prejudices, often including, partly as a result of our inherent wiring, racism.  But generally, we are given to fear The Other.  (A fear frequently manipulated by the political classes, but that's another subject).  The Other may have a different skin-colour, may be of a different class, may wear different clothing, may suffer from a mental illness, may speak with a different accent, may have a slightly different form of worship.  In a way, it doesn't matter.  They are Other, and we fear them, even when we know our fears are irrational.

Just about everyone knows this experience, and probably from both sides.  That homeless guy mumbling to himself looks a little suspect.  Better step over to the other side of the street.  Every person of colour in America has been on the receiving end, probably for most of their lives.  Everyone who in any way looks or sounds a little different from their peers has experienced it.  Teenagers experience it from their elders.  Every man at some point has probably experienced it, from women understandably wary of physical assault or rape at the hands of men, not knowing who that guy on the subway or walking in the park is, what kind of person he might be.  Ninety-nine percent of the time, the imagined threat is non-existent.  But it could be so very real.

Of course, the majority of cops aren't women.  And the majority aren't from minority racial groups.  They're mostly white men, often policing communities in which they don't themselves live.  On foreign turf.  On what, with their increasingly military-style training they eventually come to see as a battlefield.  And the primary tool with which they are equipped as they do their rounds is a gun.  Not on a rack back at the precinct.  Not a gun securely stowed away in the patrol-car.  A gun strapped to their hip.  Ready at hand for all eventualities.

And then they come into contact with The Other.  Maybe they were called to the scene.  Maybe they were on patrol.  But there he or she is.  The possibly dangerous drug-addict or homeless person.  The woman with the scary tattoos.  The possibly Middle-Eastern-looking (quick, they do wear turbans over there right ?) guy speaking in a foreign language.  The sixteen-year-old black kid who somehow becomes magnified in the cop's imagination into a hulking monster.  Senses on high-alert, pulse racing, hand on hip...  Wait, is he reaching for ?...<BAM>  He was just reaching for his driver's licence ?  Too late.  He's dead.  Shit.  Better get the story straight.  Call it in.  'Shots fired.'  What will you tell the interviewing panel ?

Police are authorized to use deadly force only when they fear for their lives or the lives of others. So far, just three of the 385 fatal shootings have resulted in an officer being charged with a crime — less than 1 percent.

Well, it doesn't really matter.  You're not going to be charged.  Your fellow officers may even help cover up evidence if it keeps you out of trouble.  And why not ?  You were just doing your job.  Following training.  What if he had a knife ?  He could have been on me in an instant.  Twenty-one foot rule, remember.  Got to get home safe at the end of the day.  And you were afraid.