Tag Archives: economics

An Aspect of Europe We Might Want to Emulate

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Or at least one nation of Europe….

Germany has preliminarily approved an immigrant assimilation law.

Under the draft integration law, which now goes to parliament for approval, migrants would have to fulfill certain requirements, such as taking special classes, and authorities would be entitled to decide where in the country they should live. Those who don’t comply could face sanctions.

At the same time, the integration law aims to facilitate access to the job market and to apprenticeship programs for refugees, allowing them to more quickly earn a living.

Among the requirements:

  • language training
  • education in German laws
  • education in cultural basics
  • states will be able to decide where refugees should live in their state…avoid the creation of ethnic ghetto

We already do—or used to do—a pretty good job of assimilating our immigrants.  One thing we could benefit from, though, is a mechanism to better control initial living locations, so as to mitigate our own Little [China/Italy/Syria/etc) problem and to improve assimilation.

And so to better preserve our American culture.

Maybe It’s Time

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…to start locking banks out of SWIFT (no, I don’t mean as a matter of National Policy).

A little-noticed lawsuit details a hacking attack similar to one that stole $81 million from Bangladesh’s central bank, saying cybercriminals stole about $9 million last year from a bank in Ecuador.  The case suggests global bankers haven’t been sharing critical information to prevent such heists.

And

A third attack, from December 2015 at a commercial bank in Vietnam, was detailed last week….

The banks aren’t telling SWIFT about these attacks, either.

A spokeswoman for Swift said Thursday that the network was never told of the earlier hack.  “We need to be informed by customers of such frauds if they relate to our products and services, so that we can inform and support the wider community,” said spokeswoman Natasha de Teran.

Bad security and victim banks didn’t tell SWIFT, despite SWIFT warnings:

We specifically remind all users to respect their obligations to immediately inform Swift of any suspected fraudulent use of their institution’s Swift connectivity or related to Swift products and services….  The security of our global financial community can only be ensured through a collaborative approach.  To this end, it is essential that you share critical security information related to Swift with us.

More Fallout

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…from President Barack Obama’s (D) timidity in the South China Sea.

Beijing has responded to the January election of Tsai and her pro-independence Democratic Progressive Party by intensifying pressure on Taiwan with military exercises, diplomatic moves and cross-border deportations and prosecutions.

It’s quite explicit.  Here’s Zhu Weidong, Deputy Director Institute of Taiwan Studies of the Chinese Academy of Social Sciences in Beijing:

It is impossible for the mainland to get along with a party or a leader that doesn’t recognize the one-China policy or seeks to split the country.

There will be no so-called cold peace, but will definitely be a fresh confrontation.  In that case, the domestic and international situation for Taiwan will only get more and more difficult.

And Li Fei, Xiamen University’s Taiwan Research Institute Deputy Director:

If Tsai fails to recognize the ’92 consensus and one-China principle, there will be no room left for Taiwan’s diplomacy.

And this, too:

In April, a meeting of the Organization for Economic Cooperation and Development’s steel committee ejected a [RoC] delegation after China complained.

We could help Tsai and the Republic of China by expanding trade with the RoC to reduce its dependency on the PRC and by selling the RoC arms with which to upgrade and strengthen its military.  And we could tell the PRC to stop whining; the RoC, as a vibrant, prosperous nation, is entirely welcome in organizations like the OECD.

A personal, State Dinner-type meeting between our President and President Tsai would go a long way, too.

Because One Size Fits All

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This time it’s the trivium of expiration dates on the food we buy in our grocery stores.

That can of soup in your pantry says “Best by June 2018.” The cereal box on the shelf above it says “Use by October 2016.” The salsa in your fridge says “Sell by June 6, 2016.”  And the quart of milk next to it simply says “May 22, 2016.”

Among the dates found on labels across the US are “production” or “pack” dates of manufacture, “sell by” dates, “best if used by” dates, “use by” dates, “freeze by” dates and even “enjoy by” dates.

And

Two Democrats in Congress—Senator Richard Blumenthal (D, CT) and Congressman Chellie Pingree (D, ME)—are just as confused as you are, and they hope to do something about it before their terms expire.

Wait—what?  Is any rational adult human being really confused about those dates?  Does anyone really not understand these expiration dates?

The States of our Republic set their own rules, but those two Progressive-Democrats don’t want variation across States; they don’t want the citizens of individual States to set their own rules: these worthies of the Federal government Know Better.  And they don’t like our choices.

After all, too many choices, too much variation makes Progressives uncomfortable.

Blumenthal and Pingree are expected to introduce bills in the Senate and House this week to establish a national standard for date labeling that would provide consumers throughout the US with consistent information on when a product begins to lose quality and when it is no longer safe to eat.

Because these two are easily confused, everyone else must be, too.  They’re projecting, again.

Elections have consequences.

Greece and Loans

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There is a kerfuffle going on just now among Greece, the IMF, Germany—mostly between Germany and the IMF.  The IMF wants to freeze interest rates on Greece’s loans for the next 30-40 years—so that Greece can pay up.  Germany is demurring from this, saying that’s not paying, that’s just delaying things.  Of course, the IMF is saying this about other nations’ loans; the IMF isn’t a current participant in them.

But there’s a misunderstanding at the center of the kerfuffle, and it has nothing to do with fixed interest rates or their duration.

[German Chancellor Angela Merkel] and many of her lawmakers believe that, without the IMF, the eurozone wouldn’t be able to enforce rigorous fiscal and economic overhauls in Greece in return for loans.

That might be difficult with the present round.  However, Germany, nor any of its fellow eurozone participants are obligated to loan to Greece, especially if the latter defaults on the current round.  The example of not lending further would be a valuable object lesson.

Of course, that also would take less timidity than Merkel, et al., are showing presently with their demand for IMF cover: on a default, Greece might leave the eurozone, and Europe is very much afraid of that.