Hi, I'm Jev! This is a place, where I record my thoughts in a short, often incoherent, unsystematic and eclectic way.
For a more accountant-friendly version of my life, please go jump in the river.
Have fun!
Hi, I'm Jev! This is a place, where I record my thoughts in a short, often incoherent, unsystematic and eclectic way.
For a more accountant-friendly version of my life, please go jump in the river.
Have fun!
Google’s releasing a new BASIC based language. The comments at the link above are OBLIGATORY!
“Hi, I see you’ve created a complex query there…
Yeah, you know, I think I can improve it. I will do this without asking you for any premission and a possibility of UNDO.
Alright! Here we go! Running your query.
BLAAAARGH!!!! It seems your carefully written query doesn’t work now. Yeah, I don’t care, that it worked just fine before. Shut up.
Contact your system administrator.
”
Microsoft Access
Last week (17. VII 2009) the Governing Council of the European Central Bank had its semi-monthly meeting and published its decisions on the ECB website. One particulary interesting GC opinion (dating back to 24. VI 2009) was regarding the use of Latvijas Banka’s income (CON/2009/53).
Apparently, the latvians are willing to increase the amount of Latvijas Banka’s income, that can be used by the government from 15% to 50% in another hara-kiri type legislation, all in the name of addopting the Euro, the holy cow of any political discussion of the Latvian economy.
Apparently, the ECB isn’t really impressed by the idea. To quote:
“The ECB further notes that in principle it is not optimal for the central bank to create reserves only after transferring a large portion of its profits to the Treasury. Should Latvijas Banka run into a situation of negative equity in the future (i.e. losses exceeding currently accumulated reserves), it would be hard to rebuild it out of the stream of future ‘net’ earnings under such an arrangement. Although Latvijas Banka still had positive capital and reserves at the end of 2008, prudence is equired to ensure stable and sufficient financial resources in the long term.” (Section 3.2)
Latvia’s budget deficit for the first 5 months of 2009 totaled 395.21 million Lats (bbn) and I can only guess its development dynamic. Assuming, that Latvijas Banka has aproximately the same profit in 2009 as it did in 2008, the government could squeeze another 13,25 mil. Lats out of it until the end of this year.
A critical reader will at this point shout out in disgust: “Surely, you must be daft! Such assumptions are frivolous at best!” I wholeheartedly agree and apologize for picturing my dear critical reader in a top hat and with a south-english accent. However, the point is true: thinking that the latvian bank’s last year income is sustainable in these conditions isn’t thinking at all.
So the cost of the Euro dream is proving to be unmanageable and rather substantial, whereas I seldomly hear about the benefits of such a rapid transition to the Euro, that the Baltic States may reap (excluding the “It will magically save our economy and make us rich beyound our wildest dreams!” argument).
If there are any significant marginal benefits from the Euro, I welcome you to post a comment.
“ The crowd listening to Rafsanjani inside the mosque was filled with Ahmadinejad supporters who chanted, among other things, “Death to America” and “Death to China.” Outside the university common grounds, anti-Ahmadinejad elements — many of whom were blocked by Basij militiamen and police from entering the mosque — persistently chanted “Death to Russia. ”
STRATFOR Geopolitical Weekly, 07/21/2009
Is it the translation, or is the whole “World Peace”-thing not hip anymore?
Bonaparte - Too Much (via schnickschnack1980): I THINK THERE WAS A SEVERE LACK OF INFECTIOUS TUNES, PEOPLE:
According to this model, a bubble deflation or a crash in China is possible around 17/07/2009 - 27/07/2009.
False assumptions or kick-ass science? Let’s watch!
“ This is an election season. Many are practising black magic. Indeed, my family and I can sense its effects. ”
Indonesian presidential candidate Susilo Bambang Yudhoyono (Source)
“ There is a powerful role both for the market and for philanthropy…Philanthropy alone lacks the feedback mechanism of markets, which are the best listening devices we have; and yet markets alone too easily leave the most vulnerable behind. ”
“ ‘If the cuts (in the budget) won’t be made, there would not be financing available, but that in no way would influence or affect the currency peg,’ Rimsevics added. ”
BIS-LATVIAN C.BANK GOVERNOR SEES ECONOMY GROWING AT LATEST IN Q2, 2010 - Forbes.com
Dear Lord, Mr. Rimsevics is on fire!
