First, since all the members of the Obama administration need a teency-weency bit of encouragement to read that little ten-page-long piece of legislation, Governor Brewer has provided a sing-a-long to help them out:
Second, Gov. Brewer has posted both the law, and her remarks delivered at its signing, at securetheborder.org.
OS thinks everyone should read both the law and remarks--you'll be miles ahead of the Harvard Law Review Editor Who Won The Nobel Peace Prize. You know, Himself.
And his Attorney General. And his Secretary of Homeland Security. And (one suspects) the Vice President, Speaker of the House, Senate Majority leader, White House Chief of Staff...
Governor Brewer said this:
We must acknowledge the truth – people across America are watching Arizona,seeing how we implement this law, ready to jump on even the slightest misstep.
Some of those people from outside our state have an interest in seeing us fail.
They will wait for a single slip-up, one mistake, and then they will work day and night to create headlines and get the face time they so desperately covet.
We cannot give them that chance.
We must use this new tool wisely, and fight for our safety with the honor Arizona deserves.
We must react calmly.
We must enforce the law evenly, and without regard to skin color, accent, or
social status.
We must prove the alarmists and the cynics wrong.
I know in my heart that this great state, my home for more than 40 years, is up to the task.
I believe every one of us wants to be safe, and none of us wants to compromise on the subject of civil rights.
I believe we must love and honor those who fight beside us – just as we must love and honor those who look and believe nothing like we do.
I believe Arizona,like America, is governed by laws.
Good laws... well-intentioned laws...laws that confer respect and that demand respect in return.
In his third State of the Union address, President Theodore Roosevelt said, ―No man is above the law and no man is below it; nor do we ask any man's permission when we require him to obey it. Obedience to the law is demanded as a right; not asked as a favor.
So, let us move forward -- ever mindful of our rights ...
-- ever faithful to the law ... and ever conscious of our bond as Arizonans, and the blessing we share together.
Thank you.
Please, someone, somewhere explain to this old boy how this woman is a racist, and that the law is racist...
The culture shapes the economy long before the economy shapes the culture. Where should we devote our energies?
Saturday, May 22, 2010
Christopher Hitchens on North Korea
The transcript of today's interview with Christopher Hitchens, who has been to North Korea and written of the experience in his new book Hitch 22.
A snippet of his comments:
CHRISTOPHER HITCHENS: I say in my book that my attempt to describe... I'm one of the few people who's been to North Korea as a reporter - in fact all of the Axis of Evil countries.
My attempt to describe how terrible life is there is one of my greatest failures as a writer because I don't think it's possible to explain to a person living in free society the utter misery and pointlessness and horror and starvation and hell of just one day in the life of a North Korean.
And the reason I'm starting like this is that, for the same reason I don't think it's possible to explain the atmosphere of intense military chauvinism.
There's only one thing that the Kim Jong-il regime has left to offer to its people, who it's now starved to a stunted condition where they're six inches smaller than their South Korean counterparts. Picture how much starvation that takes.
There's only one thing they've got left which is what they call the Army First Policy, a constant drumbeat of aggressive talk and the promise that one day they'll have all the spoils of South Korea too and all the sacrifice will have been worth it.
We haven't been paying attention to North Korea in general, since it's on the other side of the world. Out of sight, out of mind.
Here's hoping there are wise heads who can contain and resolve this quandry. If it comes to a shooting war, Heaven only knows how many would be killed or hurt.
A snippet of his comments:
CHRISTOPHER HITCHENS: I say in my book that my attempt to describe... I'm one of the few people who's been to North Korea as a reporter - in fact all of the Axis of Evil countries.
My attempt to describe how terrible life is there is one of my greatest failures as a writer because I don't think it's possible to explain to a person living in free society the utter misery and pointlessness and horror and starvation and hell of just one day in the life of a North Korean.
And the reason I'm starting like this is that, for the same reason I don't think it's possible to explain the atmosphere of intense military chauvinism.
There's only one thing that the Kim Jong-il regime has left to offer to its people, who it's now starved to a stunted condition where they're six inches smaller than their South Korean counterparts. Picture how much starvation that takes.
There's only one thing they've got left which is what they call the Army First Policy, a constant drumbeat of aggressive talk and the promise that one day they'll have all the spoils of South Korea too and all the sacrifice will have been worth it.
We haven't been paying attention to North Korea in general, since it's on the other side of the world. Out of sight, out of mind.
Here's hoping there are wise heads who can contain and resolve this quandry. If it comes to a shooting war, Heaven only knows how many would be killed or hurt.
Black Humor, Australian Style: Clark And Dawe Explain European Sovereign Debt
In a routine in the tradition of 'Who's On First', the European economic situation is explained:
Video, which must be seen for full effect, can be found here.
The transcript was graciously provided:
Australian Broadcasting Corporation
Broadcast: 20/05/2010
Reporter: John Clarke and Brian Dawe
John Clarke and Bryan Dawe calculate the cost of the European debt crisis.
Transcript
KERRY O'BRIEN, PRESENTER: Time for John Clarke and Bryan Dawe with a few reflections on Europe's financial woes.
BRYAN DAWE: Your name is Roger yes?
JOHN CLARKE: Roger.
BRYAN DAWE: Ah, that's your name?
JOHN CLARKE: Roger.
BRYAN DAWE: Good. And what do you do Roger?
JOHN CLARKE: I'm a financial consultant.
BRYAN DAWE: Ah, financial consultant, eh?
JOHN CLARKE: Roger, yes.
BRYAN DAWE: Terrific and Roger how is business at the moment?
JOHN CLARKE: Not bad thank you. Been a bit quiet lately.
BRYAN DAWE: How do you mean lately?
JOHN CLARKE: Since the war. Been a bit quiet.
BRYAN DAWE: Fair enough. Okay, Roger your special subject tonight is the economies of the European community. Your time starts now. Best of luck.
JOHN CLARKE: Thank you.
BRYAN DAWE: How much does Greece owe, Roger?
JOHN CLARKE: $367 billion.
BRYAN DAWE: Correct. And who do they owe it to?
JOHN CLARKE: Mostly to the other European economies.
BRYAN DAWE: Correct. How much does Ireland owe?
JOHN CLARKE: $865 billion.
BRYAN DAWE: Correct. Who do they owe it to?
JOHN CLARKE: Other European economies mostly.
BRYAN DAWE: Correct. How much does Spain and Italy owe?
JOHN CLARKE: $1 trillion each.
BRYAN DAWE: Correct. Who to?
JOHN CLARKE: Mainly France, Britain and Germany.
BRYAN DAWE: Correct. And how are Germany, France, Britain going Roger?
JOHN CLARKE: Well they're struggling a bit, aren't they?
BRYAN DAWE: Correct. Why?
JOHN CLARKE: Well ‘cause they've lent all the vast amounts of money to other European economies that can't possibly pay them back.
BRYAN DAWE: Correct so what are they go to go have to do?
JOHN CLARKE: They're going to have to bail them out.
BRYAN DAWE: Correct. Where are they getting the money to do that Roger?
JOHN CLARKE: That is a good question. I don't know the answer to that one. (laughs)
BRYAN DAWE: How much does Portugal owe?
JOHN CLARKE: Hang on a minute, what was the answer to that earlier question?
BRYAN DAWE: Just keep answering the questions Roger.
Where is Portugal going to get the money it owes to Germany if Germany can't get back the money that it lent to Italy?
JOHN CLARKE: Just a minute. What was the answer to the previous que-
The question was: How can broke economies lend money to other broke economies who haven't got any money because they can't pay back the money the broke economy lent to the other broke economy and shouldn't have lent it to them in the first place because the broke economy can't pay back?
BRYAN DAWE: You are wasting valuable time Roger. How much money does Spain owe to Italy?
JOHN CLARKE: $41 billion. But where are they going to get it?
BRYAN DAWE: Correct. What does Italy owe to Spain?
JOHN CLARKE: $27 billion but they haven't got it - they're broke.
BRYAN DAWE: Correct. How can they pay each other if neither of them has any money?
JOHN CLARKE: They're going to get a bailout, aren't they?
BRYAN DAWE: Correct. And where is the money coming from for the bailout?
JOHN CLARKE: That is what I'm asking you!
BRYAN DAWE: Correct. Why are people selling the European currency and buying the US dollar?
JOHN CLARKE: Because the US economy is so much stronger than the European economy.
BRYAN DAWE: Correct. Why is that Roger?
JOHN CLARKE: Because it's owned by China.
BRYAN DAWE: Correct and very well done! And after that round you've lost $1 million.
JOHN CLARKE: I've lost $1 million? I thought you said well done!
BRYAN DAWE: Yes well done - you've only lost $1 million. That's an extraordinary performance Roger.
JOHN CLARKE: I've only lost $1 million.
BRYAN DAWE: Very well done.
JOHN CLARKE: That's quite good is it?
BRYAN DAWE: Oh it's excellent.
JOHN CLARKE: Sell everything immediately. Quickly!
Video, which must be seen for full effect, can be found here.
The transcript was graciously provided:
Australian Broadcasting Corporation
Broadcast: 20/05/2010
Reporter: John Clarke and Brian Dawe
John Clarke and Bryan Dawe calculate the cost of the European debt crisis.
Transcript
KERRY O'BRIEN, PRESENTER: Time for John Clarke and Bryan Dawe with a few reflections on Europe's financial woes.
BRYAN DAWE: Your name is Roger yes?
JOHN CLARKE: Roger.
BRYAN DAWE: Ah, that's your name?
JOHN CLARKE: Roger.
BRYAN DAWE: Good. And what do you do Roger?
JOHN CLARKE: I'm a financial consultant.
BRYAN DAWE: Ah, financial consultant, eh?
JOHN CLARKE: Roger, yes.
BRYAN DAWE: Terrific and Roger how is business at the moment?
JOHN CLARKE: Not bad thank you. Been a bit quiet lately.
BRYAN DAWE: How do you mean lately?
JOHN CLARKE: Since the war. Been a bit quiet.
BRYAN DAWE: Fair enough. Okay, Roger your special subject tonight is the economies of the European community. Your time starts now. Best of luck.
JOHN CLARKE: Thank you.
BRYAN DAWE: How much does Greece owe, Roger?
JOHN CLARKE: $367 billion.
BRYAN DAWE: Correct. And who do they owe it to?
JOHN CLARKE: Mostly to the other European economies.
BRYAN DAWE: Correct. How much does Ireland owe?
JOHN CLARKE: $865 billion.
BRYAN DAWE: Correct. Who do they owe it to?
JOHN CLARKE: Other European economies mostly.
BRYAN DAWE: Correct. How much does Spain and Italy owe?
JOHN CLARKE: $1 trillion each.
BRYAN DAWE: Correct. Who to?
JOHN CLARKE: Mainly France, Britain and Germany.
BRYAN DAWE: Correct. And how are Germany, France, Britain going Roger?
JOHN CLARKE: Well they're struggling a bit, aren't they?
BRYAN DAWE: Correct. Why?
JOHN CLARKE: Well ‘cause they've lent all the vast amounts of money to other European economies that can't possibly pay them back.
BRYAN DAWE: Correct so what are they go to go have to do?
JOHN CLARKE: They're going to have to bail them out.
BRYAN DAWE: Correct. Where are they getting the money to do that Roger?
JOHN CLARKE: That is a good question. I don't know the answer to that one. (laughs)
BRYAN DAWE: How much does Portugal owe?
JOHN CLARKE: Hang on a minute, what was the answer to that earlier question?
BRYAN DAWE: Just keep answering the questions Roger.
Where is Portugal going to get the money it owes to Germany if Germany can't get back the money that it lent to Italy?
JOHN CLARKE: Just a minute. What was the answer to the previous que-
The question was: How can broke economies lend money to other broke economies who haven't got any money because they can't pay back the money the broke economy lent to the other broke economy and shouldn't have lent it to them in the first place because the broke economy can't pay back?
BRYAN DAWE: You are wasting valuable time Roger. How much money does Spain owe to Italy?
JOHN CLARKE: $41 billion. But where are they going to get it?
BRYAN DAWE: Correct. What does Italy owe to Spain?
JOHN CLARKE: $27 billion but they haven't got it - they're broke.
BRYAN DAWE: Correct. How can they pay each other if neither of them has any money?
JOHN CLARKE: They're going to get a bailout, aren't they?
BRYAN DAWE: Correct. And where is the money coming from for the bailout?
JOHN CLARKE: That is what I'm asking you!
BRYAN DAWE: Correct. Why are people selling the European currency and buying the US dollar?
JOHN CLARKE: Because the US economy is so much stronger than the European economy.
BRYAN DAWE: Correct. Why is that Roger?
JOHN CLARKE: Because it's owned by China.
BRYAN DAWE: Correct and very well done! And after that round you've lost $1 million.
JOHN CLARKE: I've lost $1 million? I thought you said well done!
BRYAN DAWE: Yes well done - you've only lost $1 million. That's an extraordinary performance Roger.
JOHN CLARKE: I've only lost $1 million.
BRYAN DAWE: Very well done.
JOHN CLARKE: That's quite good is it?
BRYAN DAWE: Oh it's excellent.
JOHN CLARKE: Sell everything immediately. Quickly!
Analysis Of The Arizona Law Our Intrepid AG and DHS Hate, But Haven't Read
Numbers USA offers a detailed analysis of the Arizona law, along with a link to download a pdf copy.
OS scratches his grey old head after reading both the law and this analysis, and asks:
'Scuze me! What's unconstitutional about this law? How does this sanction harassment of
people of any shade of skin?'
So, if the issue really isn't about the violation of individual rights enumerated in the Constitution, what's driving the Left to engage in the prolonged hysteria? What are they seeking?
And, on a rather more humorous note, a pointed letter from an Arizona official to the Los Angeles city council, letting them know they may well be freed from all those tainted electrons generated in Arizona; the one that keep their lights on. Perhaps they may wish to re-think that AZ boycott....
OS scratches his grey old head after reading both the law and this analysis, and asks:
'Scuze me! What's unconstitutional about this law? How does this sanction harassment of
people of any shade of skin?'
So, if the issue really isn't about the violation of individual rights enumerated in the Constitution, what's driving the Left to engage in the prolonged hysteria? What are they seeking?
And, on a rather more humorous note, a pointed letter from an Arizona official to the Los Angeles city council, letting them know they may well be freed from all those tainted electrons generated in Arizona; the one that keep their lights on. Perhaps they may wish to re-think that AZ boycott....
Friday, May 21, 2010
Welcome To Life Above The Radar: Rand Paul And CNN
From CNN:
Paul said in the CNN interview Thursday that MSNBC, taking cues from his Democratic opponent Jack Conway, had mistakenly reported that he supports a "repeal" of the Civil Rights Act.
"I think what troubles me is that the news cycle has gotten out of control," he told Blitzer. "For several hours on a major news network yesterday, they reported repeatedly that I was for repealing the Civil Rights Act. That is not only not true, never been my position, but is an out and out lie. And they repeated it all day long."
Well, of course. As it became obvious Paul would win the GOP nomination, the Democrat research machine was ramping up, ready for the first 'gotcha' moment the next morning. Of course, the charge was that Dr. Paul is a (gasp!) raaaaacist. Always a good way to begin the smear campaign.
Remember, if a lie is repeated often enough, and loudly enough, it takes on a life of its own. It worked like a charm for this guy. Thus the day-long MSNBC rant that Dr. Paul cited.
So much for a new kind of politics. Dr. Paul, let us introduce you to the Chicago Way.
Obama and crew are just getting warmed up. Hang in there.
And remember, if the guy you're talking to is from CNN, he's working for the other side.
Paul said in the CNN interview Thursday that MSNBC, taking cues from his Democratic opponent Jack Conway, had mistakenly reported that he supports a "repeal" of the Civil Rights Act.
"I think what troubles me is that the news cycle has gotten out of control," he told Blitzer. "For several hours on a major news network yesterday, they reported repeatedly that I was for repealing the Civil Rights Act. That is not only not true, never been my position, but is an out and out lie. And they repeated it all day long."
Well, of course. As it became obvious Paul would win the GOP nomination, the Democrat research machine was ramping up, ready for the first 'gotcha' moment the next morning. Of course, the charge was that Dr. Paul is a (gasp!) raaaaacist. Always a good way to begin the smear campaign.
Remember, if a lie is repeated often enough, and loudly enough, it takes on a life of its own. It worked like a charm for this guy. Thus the day-long MSNBC rant that Dr. Paul cited.
So much for a new kind of politics. Dr. Paul, let us introduce you to the Chicago Way.
Obama and crew are just getting warmed up. Hang in there.
And remember, if the guy you're talking to is from CNN, he's working for the other side.
Thursday, May 20, 2010
The New York Philharmonic Celebrates 15,000 Performances
A big round of applause for an organization that has done so much for so many for so many years.
They demand excellence of themselves, and serve the world.
That's why they survive and thrive!
They demand excellence of themselves, and serve the world.
That's why they survive and thrive!
Well, Yes As A Matter Of Fact, OS Is Drawn To Mohammed...
It's May 20, Everybody Draw Mohammed Day.
Pakistan, that noble place of freedom, has shut down Facebook and YouTube, lest the jihadists get their panties in even more of a knot.
(How come it's ok for jihadists to plant car bombs in marketplaces, and send homicide bombers into pizza parlors, but it's not ok to publish cartoons of a religious figure?
Maybe because they are totalitarian religious nutters, and we're not?)
It appeared that Facebook itself, that paragon of free speech, got cold feet after the EDM Day passed 80,000 subscribers. They pulled it down, only to restore it an hour later.
Sure makes this ole' boy want to spend more minutes surfing around their swamp...
OldSouth surfed a bit for some images, many of which can't possibly be shared--check out the Everybody Draw Mohammed Day Facebook page to see for yourself.
But this video clip captures the spirit--humorous and to the point. OS especially giggled at Mohammed sugar cookie, and Jabba the Hut in the turban bit.
Enjoy, and thank Heaven we still have the right of free speech, at least this week.
Pakistan, that noble place of freedom, has shut down Facebook and YouTube, lest the jihadists get their panties in even more of a knot.
(How come it's ok for jihadists to plant car bombs in marketplaces, and send homicide bombers into pizza parlors, but it's not ok to publish cartoons of a religious figure?
Maybe because they are totalitarian religious nutters, and we're not?)
It appeared that Facebook itself, that paragon of free speech, got cold feet after the EDM Day passed 80,000 subscribers. They pulled it down, only to restore it an hour later.
Sure makes this ole' boy want to spend more minutes surfing around their swamp...
OldSouth surfed a bit for some images, many of which can't possibly be shared--check out the Everybody Draw Mohammed Day Facebook page to see for yourself.
But this video clip captures the spirit--humorous and to the point. OS especially giggled at Mohammed sugar cookie, and Jabba the Hut in the turban bit.
Enjoy, and thank Heaven we still have the right of free speech, at least this week.
Pomp And Circumstance/Compare And Contrast: Obama Gives Calederon The Full White House Monty, Gives The UK The Back Of His Hand
It was quite a morning in Obama-land, with a Full-Monty welcoming ceremony on the White House Lawn, complete with the fife-and-drum corp in full Revolutionary War uniform livery, followed by a joint denunciation of all those bad bad bad racist racist racist people in Arizona who decided to stop waiting for the Federal Government to protect the southern border.
Let's compare and contrast this with the shabby treatment afforded the British Prime Minister when he visited Washington in March 2009.
From the Telegraph, 7 March 2009:
British officials....admit that the White House and US State Department staff were utterly bemused by complaints that the Prime Minister should have been granted full-blown press conference and a formal dinner, as has been customary. They concede that Obama aides seemed unfamiliar with the expectations that surround a major visit by a British prime minister.
But they concede that the mood music of the event was at times strained. Mr Brown handed over carefully selected gifts, including a pen holder made from the wood of a warship that helped stamp out the slave trade - a sister ship of the vessel from which timbers were taken to build Mr Obama's Oval Office desk. Mr Obama's gift in return, a collection of Hollywood film DVDs that could have been bought from any high street store, looked like the kind of thing the White House might hand out to the visiting head of a minor African state.
It isn't like the President has to rehearse the fife-and-drum corps himself. A career member of State Department Protocol Office makes the arrangements, and everyone shows up at the appointed places and times for the official welcome. The Marine Band is named 'The President's Own' for a reason, as they supply the staff musicians for the White House.
Himself certainly found His Obama-mojo to welcome the Mexican president, who oversees one of the most corrupt and violent countries of the Western Hemisphere. He mounted the Full Monty welcoming ceremony on the White House lawn for a man who doesn't recognize the legitimacy of our border with his country, who thinks his citizens have the inalienable right to enter our country with impunity and without penalty, and who views our country as a dumping-ground for his country's failures to create anything resembling a free society.
OldSouth has a problem with this, namely:
- Our prisons are not overrun with British citizens who make their careers trafficking in drugs and people.
- Our schools are not bearing the burden of educating millions of British citizens who show up at the door and demand schooling in their native languages, complete with a history curriculum that portrays them as victims of unjust American oppression.
- The British government concedes that it has no claim on its former colonies.
- Our citizens are not in danger of being killed or kidnapped by British criminals illegally residing in our country.
- Britain is not the national discount drug warehouse for North America (or Northern Europe, for that matter).
- Great Britain has a free press, free elections, more than one effective political party, and power passes from one hand to another without bloodshed.
- The UK has its problems, but it is a civil and free country, which means those problems can be addressed. Mexico lacks the civility and freedom to even begin to address its crushing problems. Mexico lacks the collective will to develop the qualities necessary to function. Why worry? Just blame the Yanquis and ship them the unemployed, illiterate and criminal. Collect the drug money as it flows south.
The British Prime Minister deserves a lot more than a DVD collection from Wal-Mart. (The Revolutionary fife-and-drum bit might rub him the wrong way, but the Marine Band in dress blues playing Sousa would do nicely, thank-you).
The Mexican President deserves a polite-but-firm welcome, a tour of the wall being constructed along the Arizona border, and should be sent home with a very special gift: Two planeloads of his fellow citizens serving time in our prisons for violent felonies.
And just for good measure, a send-off rendition of the Marine Hymn, performed by The President's Own, sung by the choir for good measure. The first line tells the story:
From the halls of Montezuma, to the shores of Tripoli...
Wednesday, May 19, 2010
'There's No Money Left': The UK Public Sector Faces Its Shortfalls In Its Own Droll Way
JDA always tells the tale best:
Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job.
“Dear Chief Secretary, I’m afraid to tell you there’s no money left,” Laws cited it as saying.
Had OS received the note, he would have had it framed.
It will be useful later.
Pass the sherry, please.
Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job.
“Dear Chief Secretary, I’m afraid to tell you there’s no money left,” Laws cited it as saying.
Had OS received the note, he would have had it framed.
It will be useful later.
Pass the sherry, please.
Naked Shorts: Germany Attempting To Stem The Tide
Our droll friend from London, Robert Peston, succeeds at explaining the sorts of trading practices the Germans wish to curtail.
The German ban is three-pronged: on short sales of eurozone government debt unless the investor has first borrowed the stock; on the use of credit derivatives to bet on a fall in the value of the debt of a eurozone government, unless the investor owns some of the relevant debt; and on short sales of the shares of German banks and insurers, unless the investor has first borrowed the shares.
Lots of talk and opinion out there about the wisdom/efficacy of this approach.
OS is dubious of guv'mints intervening in markets, but in this case, he may wish to rethink. After all, he prefers to drive in cities where the traffic signals work, go to hospitals and restaurants that adhere to sanitation standards, appreciates knowing how long that package of chicken breasts has been on the shelf, etc.
It seems the relevant question is, Does the person engaging in the transaction have any skin in the game? If so, he should be able to participate at a level appropriate with his resources. If not, he should leave the room. Otherwise, we're all mired in a deep pile of moral hazard, and the IBG/YBG (I Be Gone/You Be Gone) types can mop up and leave before anyone knows what happened. And poor schlub taxpayers and citizens end up, one way or another, bearing the cost of the moral hazard cleanup operation.
Here's an OS translation of the attempt at imposing some rules:
If ya'll don't own it, ya'll can't sell it. That's what we call fraud 'round heah'.
If'n you want to bet on a horse, use your own cash.
If'n you want to bet on a horse-race, you can't hobble the other horses. That's called cheating. It's also cheating to bribe jockeys.
If ya'll play by the rules and win, good on yah'. If'n you lose, well you lose, and we ain't gonna make yer house payments for yah'. Don't gamble with the mortgage money, bubbah.
You can't buy fire insurance on your neighbor's house, 'cuz it provides incentive to burn it down.
If you decide to cheat anyway, remember the classic Tennessee Defense, used successfully in murder trials to this day: He needed killin'.
The German ban is three-pronged: on short sales of eurozone government debt unless the investor has first borrowed the stock; on the use of credit derivatives to bet on a fall in the value of the debt of a eurozone government, unless the investor owns some of the relevant debt; and on short sales of the shares of German banks and insurers, unless the investor has first borrowed the shares.
Lots of talk and opinion out there about the wisdom/efficacy of this approach.
OS is dubious of guv'mints intervening in markets, but in this case, he may wish to rethink. After all, he prefers to drive in cities where the traffic signals work, go to hospitals and restaurants that adhere to sanitation standards, appreciates knowing how long that package of chicken breasts has been on the shelf, etc.
It seems the relevant question is, Does the person engaging in the transaction have any skin in the game? If so, he should be able to participate at a level appropriate with his resources. If not, he should leave the room. Otherwise, we're all mired in a deep pile of moral hazard, and the IBG/YBG (I Be Gone/You Be Gone) types can mop up and leave before anyone knows what happened. And poor schlub taxpayers and citizens end up, one way or another, bearing the cost of the moral hazard cleanup operation.
Here's an OS translation of the attempt at imposing some rules:
If ya'll don't own it, ya'll can't sell it. That's what we call fraud 'round heah'.
If'n you want to bet on a horse, use your own cash.
If'n you want to bet on a horse-race, you can't hobble the other horses. That's called cheating. It's also cheating to bribe jockeys.
If ya'll play by the rules and win, good on yah'. If'n you lose, well you lose, and we ain't gonna make yer house payments for yah'. Don't gamble with the mortgage money, bubbah.
You can't buy fire insurance on your neighbor's house, 'cuz it provides incentive to burn it down.
If you decide to cheat anyway, remember the classic Tennessee Defense, used successfully in murder trials to this day: He needed killin'.
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