http://www.theguardian.com/healthcare-network/views-from-the-nhs-frontline/2016/jan/05/doctor-suicide-hospital-nhs?

With that in mind, remember that the Bank of England can start Overt Monetary Financing (aka print money) at the stroke of a pen and thereby allow the Department of Health to increase staff levels to whatever it takes to provide the desired quality of service. There are plenty of underutilised or even unused resources, human most of all -- meaning unemployed people.

The current situation is the result of political decisions, not an economic neccessity. No excuses. For the damage they inflict on the people and the environment, they should have to spent the next decade digging peat with a spade, 18 hours a day.

Yes, I purposely only picked statistics that supported my side. I knew it would be obvious to anyone who took a look at the link. For example, the rape statistic I cited counted women only(why??). You have to read the fine print for all of these. A lot of those numbers seemed to contradict each other too, as you discovered. I have read many times over the years how smaller crimes that may have been deterred by personal firearm ownership has risen in Australia, and these specific statistics bear that out. I'm pretty sure the same goes for England, less gun murder, more thugs on the street.

Historically Islam didn't really engage in forced conversions, partly because under both the Caliphate and the Ottoman empire the tax break given to Muslims would've been problematic if given to the entire population (this tax break is the flip side of the "extort money" that you refer to).

Also speaking historically, Jews were much safer in Muslim lands than Christian since Christians tended to massacre them on a fairly regular basis until 1945 and despite what you've heard most Muslims are fairly tolerant. The same applies to minority Christian sects, the Nestorians for instance had to flee to Persia in 489 AD, and I seem to recall another minority group who fled England to Holland and then to the Americas (perhaps you've heard of them?).

I used to think that Buddhists and Hindus were more tolerant than the Abrahamic religions, but unfortunately I've since learned that I only thought so due to ignorance.

I was hoping for a good old fashioned English sword fight and a display of a disarming technique. Instead there are a bunch of fat old men waddling around waiting for the invincibility shields. I'm disappointed in you, England. You used to be so badass.

Oh wow, this sermon was so Church of England that I was trying to work out where in the UK the Trinity Cathedral was...

Just to play devil's advocate, how is that ritual of welcoming an official significantly different to kids preparing for a visit from the queen of England, or the potus?

I get that they're welcoming the representative of a state/person many of their parents fought against, but that's hardly unusual, and to me didn't seem the focus of the piece.

(full disclosure: I have Russian relatives very near there, and have visited the area seveal times)

Pure quality by John, as usual.

There are a few points I'd like to add, in order of appearance.

5:10 – Greek default or Grexit could be manageable by the rest of the EZ, economically. Italy looks a bit shaky and Spain still looks like shit, so things could spiral out of control, but chances would be better now than they were in, say, 2010.

However, Grexit would be a political nightmare. EZ membership is supposed to be irreversible, so Grexit would reduce the Euro from a common currency to a peg when viewed from the outside. That's open season on the rest of the PIIGS. If Greek then rebounds, other people might very well decide to give Germany the finger and leave as well. If Greece fails, you have a NATO member turn into a failed state, which not only gives NATO the shivers, but also buries any notion of solidarity within the EU. This union survives because of the promises it makes, which include increasing standards of living and solidarity among different peoples. Without it, we're left with... what exactly?

And nevermind the humanitarian catastrophe taking part in Greece. We've conditioned ourselves to block out the pain and suffering of people in Africa. We even manage to shrug at the cesspool of corruption that is Kosovo. But if we do that to Greece as well, what little moral authority Europe might still have left would be gone then.

5:32 – The last payment Greece received was in August, long before Syriza took over. The previous government was in disagreement with the Troika and therefore transfers were frozen.

5:57 – Troika payments are required to service previous debt obligations. They are separate from what the Greek banks require to maintain their liquidity. That would be Emergency Liquidiy Assistance (ELA) from the ECB, which is a different thing entirely, even though it comes from a member of the Troika.

The ECB is bound by law to maintain and ensure the stability of the banking system(s) within the EZ. If a bank runs into liquidity problems, support is provided by the national bank of the respective country, which funnels funds from the ECB to the troubled bank. That's ELA, and a limit on ELA is a limit on the amount of funds that banks can draw from through this process. If an illiquid bank is cut off from ELA, it goes belly up. Bad idea.

Some argue that the ECB should not provide ELA to those Greek banks anymore, since they are insolvent, and ECB rules forbid ELA to insolvent banks. But as Varoufakis said, even the ECB's own Single Supervisory Mechanism (SSM) department, which is the new banking oversight, declares the four large Greek banks to be solvent. So there is no reason for the ECB to cut ELA to Greek banks. It's all political, and the ECB is designed to be outside of politics. That's also a reason why its membership in the Troika is so controversial.

The political argument for cutting off ELA is that Germany et al. are on the hook for the total amount should Greece itself go belly up. Somewhere along the line, someone made the glorious decision to install the ECB as a currency issuer without providing it with the attributes of a regular currency issuer. If the Bank of Japan or the Bank of England racks up losses, noone cares. They issue their own currency, they cannot go bankrupt, whatever debt they have in their books is irrelevant, for this discussion anyways. But the ECB has to balance its books, it has to receive funds from its members to balance losses, and in proportion to their economic size.

They made sure that politicians can scare the demos by pointing out how they have to foot the bill for this shit, even though it's the one entity where debt truly doesn't matter at all.

By the way, the funds that Greece is hoping to acquire are meant, primarily, for two purposes: making debt payments and to provide financial room to convert ECB(?) debt into EFSF debt (4% interest down to 1%). That's all. No spending.

6:54 – "Printing" money is generating demand out of thin air. There is a shortage of demand throughout the entire continent. So yeah, if the folks at the ECB could type in a few numbers, that would be swell.

Even Germany has a shortage of demand. We are merely hiding it behind the €200b+ of demand that we steal from other countries, i.e. our current account surplus. But the infrastructure and investment spending over here is at all time lows. We'd need an additional €200b+ just to get the infrastructure back to the state it was in a decade ago.

There is no productivity growth in Europe. The UK actually lost a lot of productivity by its introduction of zero hour jobs and other forms of slavery. Without sufficient demand, there is no need to improve production capacities – they can't even sell what they could produce right now.

Brought up in the States, educated in England I think. Or maybe it's the other way around. I'm pretty sure he's milking it though, because as I recall he spent most of his actual time in Texas, and I hear no Texan at all.

Who cares, just give him another $5 million.

Many people seem confused about our government's origins.
Wiki- Treaty Of Tripoli-unanimously ratified by congress and President John Adams 1797
Art. 11. As the Government of the United States of America is not, in any sense, founded on the Christian religion;

as it has in itself no character of enmity against the laws, religion, or tranquility, of Mussulmen [Muslims]; and as the said States never entered into any war or act of hostility against any Mahometan [Muslim] nation, it is declared by the parties that no pretext arising from religious opinions shall ever produce an interruption of the harmony existing between the two countries.

"By their actions, the Founding Fathers made clear that their primary concern was religious freedom, not the advancement of a state religion. Individuals, not the government, would define religious faith and practice in the United States. Thus the Founders ensured that in no official sense would America be a Christian Republic. Ten years after the Constitutional Convention ended its work, the country assured the world that the United States was a secular state, and that its negotiations would adhere to the rule of law, not the dictates of the Christian faith. The assurances were contained in the Treaty of Tripoli of 1797 and were intended to allay the fears of the Muslim state by insisting that religion would not govern how the treaty was interpreted and enforced. John Adams and the Senate made clear that the pact was between two sovereign states, not between two religious powers.[15]

The constitution and bill of rights were based on English Common Law, which existed long before the Romans brought the idea of Christianity to England....so if people insist our laws are based on religion, remind them the religion in power where/when they came from was Pagan religion, and they should be worshiping Odin.

OMFG... really bob... really... It's people like you that made me ashamed of being a Christian when I was a Christian. Completely believing anything they are told or read from someone with supposed authority without actual critical thought of the original source themselves.

I've hear that Jefferson never meant to exclude religion from politics and believed and repeated it myself for years. Then you know what I did? I actually read the letter that Jefferson wrote. I could have my son, who's going into 6th grade read it and he'd tell you the same thing I'm about to tell you. It's about keeping religion from unduly influencing politics. Especially when you read it in context with the letter that the church sent him that he was responding to, and it becomes more apparent if you read his drafts which were much more to the point.

Yes the phrase "wall of separation" does come from the letter and not the Constitution, but the 1st Amendment includes an establishment clause that prevents the government from favoring one religion over the others. Remember the pilgrims came here to escape a Christian nation that favored one form of Christianity over all others. Admittedly they were more about the fact they couldn't persecute others the way they thought they God wanted them to, but it was the government's church that prevented them from doing so. You can't even be King or Queen of England unless you belong to the Church of England, and if you were Catholic at some point in your past, you are disqualified, even to this day. Yeah, the Church of England no longer has as much influence over the laws as it did when the pilgrims and other early settlers escaped England to come here,

And if the only reason Christians are good is because of fear of punishment or hope for reward, then they are horrible people. Millions of people are good because they are good people without their faith dictating to them to be so. Most people of other faiths are good without the racist brutal Abramic God of the Bible. Most atheists are good without any god. Most pagans are good with their various gods. This insane all morality comes from God alone didn't make sense even when I was at my most evangelical, Fox News watching/defending mode. There were too many people in the world who's good without God and even in those days the concept that somebody would be good only because the Bible tells them so, or they are afraid of God's wrath if they don't is backwards. And as I read the Bible more and more, it became apparent that the far rights obsession with people's sin over love was misplaced (though the far right's sickening defense of Dugger shows a great deal of hypocrisy since if Dugger was on the Left, they'd be all about his sin rather than showing any sort of love, it's when others sin differently than they do they get upset, like at the gays). It was reading the Bible that moved me to the left as the clear Christian way, since the right defends and loves the people Jesus condemned and shames the people that Jesus defended and told us to love and help. It eventually got to the point I couldn't hold onto faith when over half the Christians of this Nation just blindly follow what they are told in church and on Fox News over the truth that Jesus and the Bible was teaching and thinking they were doing the Christian thing at the same time. I then began to do a critical analysts further and eventually became an atheist, because they are all equally bad/good. There is nothing new or original in the Abramic faiths that wasn't there before or since either in the same region or elsewhere... all those other elsewhere's where Jehovah somehow couldn't make himself known, as if he was just a figment of one small regional tribe or worse a racist jerk not worthy of following.

Anyhow, the best way to maintain Christianity is to keep it out of politics. Because what happens if you set things up to let religion influence politics and the Muslims gain power? Then you'll be crying how religion shouldn't influence politics. Or perhaps not that extreme, perhaps some form of Christianity that other Christian's don't agree with gains power and influence? Perhaps the Morman's or the Catholics or the Jehovah Witness? At what point does religious influence stop? When laws are passed that any church that doesn't practice or allow the speaking in tongues is outlawed? The 1st Amendment is designed to keep religion out of politics in order to protect religion.

Let's break that last sentience out again. The 1st Amendment's establishment clause is designed to keep religion out of politics in order to protect religion. The whole point is to keep one form of one faith from dominating all other forms of the same or other faiths. It protects those other forms Christianity and other faiths.

Finally there is no war on Christianity. I admitted that long before my fall from faith. I was there with it all, with how it was targeted, but the reality is there is no war on Christianity here... all that's happening is specific forms of Christianity are loosing their influence on other Christians and society as a whole, and they are very vocal about how it's persecution, because like the pilgrims, they are no longer allowed to persecute others the way they want to. Maybe if the people screaming about how Christianity is being persecuted while they try to deny equal rights to others because they sin differently than us, would actually show the love of Christ and behave the way He actually would have in modern society rather than trying to show how Christian they are, then perhaps Christianity wouldn't be losing the numbers they are. I know I, and many other atheists, likely wouldn't have had at crisis of faith if it wasn't for the far right. I never would have explored the logical and theological problems with Christianity and the Abramic faiths... I'd probably eventually found a more Quaker, left leaning (most the Quaker "Friends" related churches in this area are the far evangelical right Fox News types) type church that seems to be more in line with the Bible and teachings of Jesus, but the far right pushed me into a far more critical mode than I would likely ever have gone to on my own. So keep it up those on the far right, you are the ones destroying and making a war on Christianity. You push more and more people away, and more and more people stop seeing any difference between the far right and radical Islam.

NC's collection of interesting links yesterday brought us this paper by the Bank of England.

The summary upfront is somewhat interesting, the rest gives you cancer.

But here's something, page 3/61, second paragraph:

Furthermore, if the loan is for physical investment purposes, this new lending and money is what triggers investment and therefore, by the national accounts identity of saving and investment (for closed economies), saving. Saving is therefore a consequence, not a cause, of such lending. Saving does not finance investment, financing does. To argue otherwise confuses the respective macroeconomic roles of resources (saving) and debt-based money (financing).

Unless my brain truly did take same damage from reading the first ten pages of the paper, this paragraph is basically saying that the mainstream theory of crowding out is a load of shit. It's probably just a minority position within the BoE, but still...

The last paragraph of the summary also states that reserve positions have little to no effect on a bank's ability and willingness to lend. Any claims that a shortage of savings is responsible for a lack of credit are thrown out of the window right then and there. It's a lack of credit-worthy customers, end of story.

The BoE folks responsible for this paper still don't go all the way, but these two issues alone are devastating enough to mainstream economics and the policies that result from it.

Makes perfect sense.

Spend billions of dollars helping other countries. Socialism. Something America seems violently allergic to within it's own country (just think of the social wrongs 100 bn dollars could right, right?)

Sorry, the "story" that the US is in any other country to protect it is just out and out bullshit. The US sets up bases wherever it goes just like England set up colony's when the famed claim "The sun never sets on the British Empire" was made... Because having a thumb in every pie allows it to flex it's might in subtle (or not so subtle) ways at the drop of a hat.

Remember, this is the same country that threatened multiple foreign economies with the GFC, causing destabilisation and hardship world wide. Sound like world leaders to you?

I love American's, they are awesome people and visiting your country never disappoints me at just how wonderful almost all the people I meet are. But America is a different kettle of fish. Perhaps one day Americans will finally decide to take back their country and make it like the propaganda says it is (greatest country in the world).

Its a matter of chicken vs egg. They don't need huge military expenditures because security is provided by the US. But if they and all their neighbors had to provide sufficient defense, mostly against the people who are most likely to invade them (i.e. their neighbors), you get an arms race like you have with India/Pakistan, North/South Korea, Iran/Saudi Arabia. The indirect savings and the refocusing of capital and human resources away from the military in all of these allies countries makes the world a much safer place, since war no longer becomes the go to solution for states to resolve differences.

US bases do fall into 2 categories. Allies who don't want to get invaded again, and enemies who lost and became allies. As for Kuwait, that didn't work out well for Iraq, and Kuwait is still independent and an ally. Ukraine has no US bases, Russia would go ballistic if there were (surprisingly appropriate use of the word). ISIS is the anomaly, but right now you can put that down to the fact that Obama really, really doesn't want to put US troops on the ground (think he would hesitate if ISIS invaded England or Australia for example?), and that Iraq's military is trying to handle this as much as possible on their own and clearly having trouble.

I don't know if we need all 800 bases currently or if some are just vestigial. I'm not qualified to give an opinion on the necessity of them, though

I'm still convinced that someone in England came up with the "Yard Olympic Games" just so he could people to cut his grass for free. =)