Tuesday, May 31, 2011

Irish banks burning junior bond holders

In a move long overdue three Irish banks have announced
plans to burn junior bond holders, settling those debts
at 10% or 20% of the original value of those bonds.

It is a move that can really be welcomed for many reasons.
One of them being that those bigger fools who would never
even think of what they were doing and who part and parcel
of that mass madness learn it the hard way. Indulging in mass
madness, going along with popular delusions was never any
good and that's the least of punishments those in the financial
markets deserve to get.

Sunday, May 8, 2011

When governments lie: the history of propaganda and spin. Book review

The lies of governments have a long history. They are going back
to ancient times when propaganda and spin were invented, came
into fashion. The old Greeks for instance had a rather full blown and
very effective propaganda, followed by the Roman Empire.

What is possibly surprising when looking closer at that bit of
history, is that those ancient liers are not to be underestimated.
The spin masters of those long perished regimes would have
no problems becoming spin masters again in modern times
and with all the modern means available.

Philip M. Taylor wrote a very interesting, easy to read and very
knowledgable history of it all. Published in 2003, this book
deserves all kudos and recommendations.

A very generous insight is made possible via Google books.
A good bit of the first part of the book can be read here. And
that is probably the best way for the reader to get to know it.