Hoard of 271 Picasso works found in garage Financial Times
Food Banks Bracing For End Of Extended Unemployment Benefits Huffington Post
WikiLeaks shows out-of-control US secrecy David Rothkopf, Financial Times
Wikileaks: It Could Take Down a Bank Or Two 4ClosureFraud
Afghan UN Ambassador’s $4.2 million Manhattan apartment Kabul Press versus Afghan government’s neglect of notorious mountain pass kills hundreds Kabul Press (hat tip reader May S)
The Political Economy of CFPB Funding Adam Levitin, Credit Slips
Economists’ Grail: A Post-Crash Model Wall Street Journal. This is quite a good piece, given WSJ constraints.
Obama Turns On The Base — Freezes Federal Pay Michael Scherer, Time
Did New Rules Worsen Pay Situation? Wall Street Journal
The Merkel crash FT Alphaville
Spain braces itself for a crisis made in Germany José-Ignacio Torreblanca Financial Times. Richard Smith notes, “Spain sound peed off.”
If Ireland Doesn’t Take The Bailout . . . Gonzalo Lira. As I indicated, the Irish wanted a bailout of the banks ONLY, the IMF and EU cohort apparently nixed that pronto. If the vote goes the wrong way, this will prove to have been a fatal error.
Can the eurozone afford its banks? Robert Peston
This suggestion on the Irish mess from an irreverent Commonwealth reader:
The UK conquest of Ireland began in 1169.
It’s time to finish the job.
All they have to do is offer the following:
Ireland converts all its public debt to sterling.
The UK Treasury takes over the responsibility for all of Ireland’s existing public debt.
(Ireland gets a clean start with no Irish govt. debt and not interest payments)
Ireland taxes and spends in sterling only and has a balanced budget requirement.
Ireland can borrow only for capital expenditures.
The UK Treasury guarantees all existing insured euro bank deposits in Irish banks.
Only sterling deposits are insured for new deposits.
Ireland runs a mirror tax code to the UK and keeps all of its tax revenues.
The UK agrees to fund Ireland’s with a pro rata/per capita share of any UK deficit spending.
St. Patrick’s Day is declared a UK national holiday and everyone over 21 gets a beer voucher.
Antidote du jour. OK, this is not as soft and fuzzy as usual, but it struck me as fitting: