Tag Archives: European Union

Greek out?

Just saw this little snippet begin to spread across the Forex world;

Due to the possible exit of Greece from the European Union, we would like to inform you that from 29th June, 2015, instruments may be temporarily set to Close Only mode.

While I’m not exactly sure what ‘Close only’ mode entails, this does not bode well. Such measures are only put in place when there’s a sign saying “Crisis – this way up – do not bend” above the Foreign Exchange markets.

My own currency brokers are closed over the weekend, but I have a feeling there’s going to be a lot of fallout over the next 72 hours. Looks like it’s one of those financial ‘Hang tough’ moments. So that’s what I’ll do. Take a step back and let the markets oscillate a bit.

Greek ruins Parthenon and EuroFor most people, shifting money across borders is the province of those so-called ‘rich’ buggers. For me (I’m ‘modestly well off’ not ‘rich’) it’s a case of necessity. I have assets to buy, money to shift, taxes to pay, but if the landfill has hit the wind turbine, while the Greek tragedy plays itself out I shall put my Fedora on and go soak up some sunshine, stick me rod in my hand and go stand on some rocks to see if the fish are biting. We’ll see what doom and gloom, if any, that Monday brings.

Will the powers that be let Greece fail? We shall see who blinks first.

P.S. Watch this Twitter feed
Update: Also this breaking news feed on the Eurozone.
And just to throw more fuel on the fire, we hear the State Governor say that Puerto Rico can’t pay its debts.

While the rest of North America seems to be going to see Gay Pride parades, What’s that creaking noise?

A thought experiment on referenda

Ballot boxThis mornings cerebral peregrinations hit a big ‘what if’ as I was giving my usual cursory scan to Zero Hedge. Specifically this story about the pending referendum in the Donetsk region of Ukraine.

First thought was “Who are the organisers?” Is it really a free vote?
Second thought was “1.7 million ballots?” That’s a lot of counting.
Third thought was “What would give the result legitimacy?” Would it be binding? Certainly by the winners, but how about anyone else?
Fourth thought was “DIY Referendums. What an intriguing concept.” Instead of waiting for the vested interest owned politicians to ‘call’ one, why not have a privately sponsored vote on something like ohh, lemme see now, membership of the European Union for example. Which begs the question; how would you get such a privately sponsored referendum recognised by the Electoral Commission?
Fifth thought was “If a bunch of broke Ukrainians can do it, why can’t others?” I mean, what do you need? Voters list? Available publicly. Hell, if every telemarketing company can access the voter rolls, why not? For voting purposes hire village / community halls on a specific day. Cheap enough. Recruit volunteers, assigned randomly for each locale to act as voting officers. Download each voting ward onto a simple spreadsheet, crossing off each name as they vote (Insist on voter photo or signature ID). Each vote goes into a sealed steel box which has a unique serial number, just like regular voting. Hire local couriers to pick up the ballot boxes at close of voting and transport to volunteer vote counters. Count vote. Announce result. Yay. Power to the people and all that stuff, yeah? That’s without sorting out any type of Electronic voting via the jolly old Interweb.
Sixth thought was “But who’d help pay for what is effectively a private referendum?” You could probably do one on a local scale with volunteers, but on a national? I believe there are departments of the United Nations who would just love to help. It could even be crowd sourced.

Of course there are a million things that could go wrong. Like Icelands attempt at crowd sourcing a new constitution. The powers that be could just decide to ignore the result, get their media poodles to militate against it, or organise a Police swoop on the crowd sourced, volunteer manned polling stations and effectively steal the results and ballot boxes. Politically motivated ‘Hacktivists’ could crack electronic voter results and play les bougres idiot with them. But that sort of thing only happens in third world countries doesn’t it?

Yeah……