openDemocracy

Mixed Reviews for U.S. from Erdogan's Old Home

According to the accounts, the strategy for Telegraph Media Group is to make "news and comment under the Telegraph brand available to readers, listeners and viewers in the format most convenient to them". Those plans are "underpinned by the values of honesty, integrity and accuracy that are inherent in the Telegraph brand".

I had come to think that our new culture of accountability, which is promoted as the way to reduce untrustworthiness and to secure ever more perfect control of institutional and professional performance, was taking us in the wrong direction.

It is now clear that the delusional hope that the severe credit and liquidity crunch that hit US and global financial markets would ease has been shattered by the events of the last few weeks. This credit crunch is getting much worse and its financial and real fallout will be severe. The amount of losses that financial institutions have already recognized - $20 billion – is just the very tip of the iceberg of much larger losses that will end up in the hundreds of billions of dollars. At stake – in subprime alone – is about a trillion of sub-prime related RMBS and hundreds of billions of mortgage related CDOs. But calling this crisis a sub-prime meltdown is ludicrous as by now the contagion has seriously spread to near prime and prime mortgages. And it is spreading to subprime and near prime credit cards and auto loans where deliquencies are rising and will sharply rise further in the year ahead. And it is spreading to every corner of the securitized financial system that is either frozen or on the way to freeze: CDOs issuance is near dead; the LBO market – and the related leveraged loans market – is piling deals that have been postponed, restructured or cancelled; the liquidity squeeze in the interbank market – especially at the one month to three months maturities - is continuing; the losses that banks and investment banks will experience in the next few quarters will erode their Tier 1 capital ratio; the ABCP and related SIV sectors are near dead and unraveling; and since the Super-conduit will flop the only options are those of bringing those SIV assets on balance sheet (with significant capital and liquidity effects) or sell them at a large loss; similar problems and crunches are emerging in the CLO, CMO and CMBS markets; junk bonds spreads are widening and corporate default rates will soon start to rise. Every corner of the securitization world is now under severe stress, including so called highly rated and “safe” (AAA and AA) securities.

This is indeed the message that comes from true market prices – that are not indirectly available via the ABX indices. Those prices tell you not only that the mezzanine and equity tranches of subprime CDOs are now worth close to zero; they also tell you that prices for the AAA and AA tranches – that until recently were hovering near par of 100 – are now down to 79 and 50 respectively. Hundreds of billions of subprime RMBS and senior tranches of CDOs are still being evaluated as if they are worth 100 cents on the dollar. What the ABX is telling you is that they are worth much less; thus the losses from subprime alone are an order of magnitude larger than recognized by most firms.  But most firms are not using such market prices – or their proxies – to value their illiquid assets.

Martin Stabe must be on performance enhancing drugs - his posting levels are through the roof. It’s all good stuff, especially on the Richard Sambrook vs. Andrew Keen showdown at the Frontline. Keen’s new media vs. old media gamble is that infamy as the blogosphere’s contrarian punchbag will help sell his book. (Jeff Jarvis memorably called Keen’s bluff in this post.)

As the cultural historian Markman Ellis writes, in Eighteenth-Century Coffee-House Culture, the British coffee house, a “heady combination of news, literature, debate and writing”, was “the central locus of newly egalitarian practices of discussion and conversation, including forms of structured discourse, such as lectures and debates, as well as unregulated discourse, such as gossip and chatter”.

The freedom of speech led to time-wasting and “gabbling” (“Here men carried by instinct sipp muddy water, and like Frogs confusedly murmur Insignificant Notes, which tickle their own ears, and, to their inharmonious sense, make Music of jarring strings”). The education on offer was “a school . . . without a master”.

The eighteenth-century coffee house was undoubtedly a great vehicle for the reading of newspapers. A Continental observer in the late eighteenth century noted that, whereas the French coffee house was a place where games were played, in Britain “you neither see billiards nor backgammon tables” because people frequent coffee houses principally to read “the PAPERS”. There was a close and sometimes volatile relationship between the coffee-men and the newspaper-men, which came to a head in 1728, when the coffee-men launched an abortive scheme for setting up their own newspapers. Coffee shops had long been used as places for reading papers without having to pay for them. The coffee-men resented the high price of newspapers and the fact that there were so many of them. The newspaper-men objected that coffee houses relied on newspapers to attract custom. There is a comparable symbiosis now between cafés and information, whether in the form of newspapers (Starbucks has an exclusive deal with The Times, Costa with the Daily Telegraph) or internet connection. It is hard to see which party owes most to whom. As a pamphleteer of 1729 wrote, “Papers mutually beget company, and Company papers”.

L’ancien communiste Alexandre Adler, toujours dans ce formidable numéro du Nouvel Observateur, en profite même pour lancer un appel vibrant à son ami : « Alain Minc, André Glucksmann et moi-même, nous soutenons vigoureusement Sarkozy, et tous nous venons des profondeurs du Komintern. Allez Bernard, rejoins ta vraie famille. Car il faut combattre beaucoup d’ennemis qui nous ont pris la gauche et s’en servent avec ténacité. »

Danto has argued that what all works of art have in common is that they all relate in some way to an `artworld', to an accepted artistic theory, or to the history of art as a whole. So if someone puts a toilet in the middle of an art gallery and calls it art, then it is art if (and only if) it makes sense in the history of the development of art over the centuries. Maybe the history of art was just ready for a toilet in an art gallery then, and what distinguishes it from ordinary toilets are the interpretations which those educated in art history put upon it. Danto has a view of the development of the history of art inspired by Hegel. He claims that eventually, through its growing consciousness of itself, art becomes philosophy and thus comes to an end.

Content Producer since: October 28, 2006 I am a student at Clemson University in Clemson, SC. I love sports and I love to write. I am a junior and I study management. Football is my favorite sport and I love Erin Andrews. Coffee in the morning and a donut at night.

Should We Have Gone to War in Iraq?

Creating a wider conversation really means expanding our love. Thinking harder really means building trust. It is an economy of exchange and a performance whose purpose is to reveal something transforming. Unlike Rousseau at openDemocracy, I am not interested in generating agreement and discovering the "General Will." Rather, it is discovering the fact that we are all sharing a room together and we have to learn how to get along.

I believe (as I argue in my book The Soulful Science) that economics offers a uniquely powerful way of thinking about society, and how individuals make choices in their social context. Other approaches, those of the other social sciences, or history or literature and music, are valid too - I feel no need to dismiss them. But only economics with its choice-based models emphasises the opportunity costs and trade-offs that inevitably arise from the social and physical realities of our existence.

The victims of "post-colonial sequestration", by contrast, failed to make it past the barrier of independence and international recognition. Instead they fell into a state of half-recognised, but contested, existence. After the war of 1948-49 the "Palestine question" disappeared almost entirely from the international scene, only to re-emerge with the defeat of the Arab armies in the six-day war of 1967. Tibet too has undergone long years of neglect in the international arena, punctuated by periodic (and notably near-half-century) reincarnations of interest: the bloody British occupation of Lhasa in 1904-05, the insurrection against Chinese rule and flight of the Dalai Lama in 1959, and now the uprising of March 2008 (see Gabriel Lafitte, "Tibet: revolt with memories", 18 March 2008).

it should be apparent to all of us that sometimes senior executives, including the chairman, do not fully understand the businesses in which the company is involved. The financial instruments now causing such turmoil were not properly priced for their inherent risk and managers were unaware of the integral problems with these instruments. Much of this was made possible by the advanced technology used to devise and distribute these instruments.