Thursday, February 13, 2014

Queensland Politicians Circle the Wagons

PHOTO Mr Newman says the changes provide more certainty for public
sector workers.  AAP: DAN PELED - FILE PHOTO
Circle the wagons time! -AK

Queensland Parliament passes law to protect public servants from private legal action

BY ERIC TLOZEK
UPDATED THU 13 FEB 2014, 8:39 AM AEDT
Campbell Newman
http://mobile.abc.net.au/news/2014-02-13/law-passed-to-protect-public-servants-from-legal-action/5256674

PHOTO Mr Newman says the changes provide more certainty for public sector workers.
AAP: DAN PELED - FILE PHOTO

The Queensland Government has passed a law protecting individual public servants and police from being privately sued.

It means complainants will have to take action against the State of Queensland, instead of the person responsible.

But the legislation also allows the Government to recover the money if the staff fail to act in good faith or commit acts of gross negligence.

Premier Campbell Newman says the changes provide more certainty.

"It is about letting Queensland's public servants know, letting our police, our doctors and nurses, our staff on the front desks of client service centres know, that they will be supported in performing their roles," he said.

POSTED THU 13 FEB 2014, 8:09 AM AEDT

ZEROHEDDGE.COM: Europe Considers Wholesale Savings Confiscation, Enforced Redistribution






http://www.zerohedge.com/news/2014-02-12/europe-considers-wholesale-savings-confiscation-enforced-redistribution


Europe Considers Wholesale Savings Confiscation, Enforced Redistribution

Tyler Durden's picture





At first we thought Reuters had been punk'd in its article titled "EU executive sees personal savings used to plug long-term financing gap" which disclosed the latest leaked proposal by the European Commission, but after several hours without a retraction, we realized that the story is sadly true. Sadly, because everything that we warned about in "There May Be Only Painful Ways Out Of The Crisis" back in September of 2011, and everything that the depositors and citizens of Cyprus had to live through, seems on the verge of going continental. In a nutshell, and in Reuters' own words, "the savings of the European Union's 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says." What is left unsaid is that the "usage" will be on a purely involuntary basis, at the discretion of the "union", and can thus best be described as confiscation.
The source of this stunner is a document seen be Reuters, which describes how the EU is looking for ways to "wean" the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment. So as Europe finally admits that the ECB has failed to unclog its broken monetary pipelines for the past five years - something we highlight every month (most recently in No Waking From Draghi's Monetary Nightmare: Eurozone Credit Creation Tumbles To New All Time Low), the commissions report finally admits that "the economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment."
The solution? "The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said."
Mobilize, once again, is a more palatable word than, say, confiscate.
And yet this is precisely what Europe is contemplating:
Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.

The document said the "appropriateness" of the EU capital and liquidity rules for long-term financing will be reviewed over the next two years, a process likely to be scrutinized in the United States and elsewhere to head off any risk of EU banks gaining an unfair advantage.
But wait: there's more!
Inspired by the recently introduced "no risk, guaranteed return" collectivized savings instrument in the US better known as MyRA, Europe will also complete a study by the end of this year on the feasibility of introducing an EU savings account, open to individuals whose funds could be pooled and invested in small companies.
Because when corporations refuse to invest money in Capex, who will invest? Why you, dear Europeans. Whether you like it or not.
But wait, there is still more!
Additionally, Europe is seeking to restore the primary reason why Europe's banks are as insolvent as they are: securitizations, which the persuasive salesmen and sexy saleswomen of Goldman et al sold to idiot European bankers, who in turn invested the money or widows and orphans only to see all of it disappear.
It is also seeking to revive the securitization market, which pools loans like mortgages into bonds that banks can sell to raise funding for themselves or companies. The market was tarnished by the financial crisis when bonds linked to U.S. home loans began defaulting in 2007, sparking the broader global markets meltdown over the ensuing two years.

The document says the Commission will "take into account possible future increases in the liquidity of a number of securitization products" when it comes to finalizing a new rule on what assets banks can place in their new liquidity buffers. This signals a possible loosening of the definition of eligible assets from the bloc's banking watchdog.
Because there is nothing quite like securitizing feta cheese-backed securities and selling it to a whole new batch of widows and orphans.
And topping it all off is a proposal to address a global change in accounting principles that will make sure that an accurate representation of any bank's balance sheet becomes a distant memory:
More controversially, the Commission will consider whether the use of fair value or pricing assets at the going rate in a new globally agreed accounting rule "is appropriate, in particular regarding long-term investing business models".
To summarize: forced savings "mobilization", the introduction of a collective and involuntary CapEx funding "savings" account, the return and expansion of securitization, and finally, tying it all together, is a change to accounting rules that will make the entire inevitable catastrophe smells like roses until it all comes crashing down.
So, aside from all this, Europe is "fixed."
The only remaining question is: why leak this now? Perhaps it's simply because the reallocation of "cash on the savings account sidelines" in the aftermath of the Cyprus deposit confiscation, into risk assets was not foreceful enough? What better way to give it a much needed boost than to leak that everyone's cash savings are suddenly fair game in Europe's next great wealth redistribution strategy.

Love Quest : Day 6 - Perfect





You’re not supposed to be anyone else.  You’re supposed to be you.  You may have spent your time thus far thinking you were supposed to respond to and create life like your mother, father, sister, brother or favorite somebody.  If so, it’s been an exercise in futility and frustration.  Try hard as you might, you can’t be anyone but you.  And that’s okay.

As a child I belonged to a 4-H club.  We competed at the county level.  Once, in a baking contest, my friend made the most beautiful cake.  As we watched it rising in the oven, she realized she’d forgotten to add the eggs.  She opened the oven door and shoved them in.  It was a disaster from that point on.  No ribbons went home with her that year. 

You see, she had made a perfect eggless cake without ever being aware of her unique accomplishment.  Determined to follow the recipe, the one everyone else followed, she had destroyed her one-of-a-kind creation.

You are a perfect you.  There is no other.  None have come before you and none will follow.  The way you look at and contribute to every moment is necessary and unique.  We would not, could not, be “us” if not for you.

Trust.  Pat yourself on the back.  Give yourself a hug.  We need you strong and sure so we can feel good about being the same. 

Start a new dialogue.  When someone asks you how you are, refrain from the broke, tired and sick conversation.  Words are real and creative.  Say “I’m great!” until you believe it.  Pretty soon you will. 

This is not rehearsal.  It’s show time.  And you are the one you’ve been waiting for.

See you tomorrow.

                                                       Perfect


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