PPCC: Pisitófilos Creditófagos. Primavera 2025

[sudden and sharp]

El mundo funciona así:

Hay una empresa, (no digo cual, que luego dicen que les tengo manía) cuyos activos en libros son 122.070.000.000  (122 mil millones). Su exigible en libros son 48.390.000.000 (48 mil millones). Luego su capital es 73.680.000.000 (73 mil millones).

Su capitalización bursátil es 1.030 mil millones (un billón de los nuestros o un trillón de los suyos). Es decir, 14 veces más de lo que sus libros dicen. No un 30% más, no un 50% más. ¡14 veces más!.

Y eso si sus activos los contamos todos como pata negra.

Podemos ponernos a pensar en todas las derivadas de esto.

Pues ha bajdo un... pongamos, 2%.





VENDE!!



-------
Este es el hasunto.

[Derby]

https://www.reuters.com/world/china/global-markets-wrapup-1-2025-05-26/

Stocks and euro jump on Trump EU tariff delays

LONDON/SINGAPORE, May 26 (Reuters) - Global markets climbed on Monday and the euro rallied after U.S. President Donald Trump kicked his threat to slap 50% tariffs on European Union goods into July, marking another temporary trade policy reprieve.

MSCI's broadest index of world shares, opens new tab rose 0.2%. The pan-European stocks index (.STOXX), opens new tab, last up .9%, recovered to where it was trading before Trump on Friday unexpectedly called for 50% tariffs on European goods, saying negotiations with the region had become too sluggish.(...)

[Elcasco]

https://www.abc.es/economia/dimite-javier-torres-presidente-sareb-plena-negociacion-20250526135755-nt.html


Dimite Javier Torres, presidente de la Sareb, en plena negociación del traspaso de parte de sus viviendas al Gobierno

El expresidente, que ocupó el cargo desde 2022, dimite por razones de salud

Madrid

26/05/2025
Actualizado a las 14:29h.

El Consejo de Administración de Sareb ha informado este lunes del nombramiento de Leopoldo Puig como nuevo presidente ejecutivo de la compañía, después de que Javier Torres presentara su dimisión «por motivos relacionados con su salud», según ha explicado el llamado 'banco malo' en un comunicado.

Javier Torres se desempeña como presidenta de la institución desde abril de 2022, cuando el Estado se hizo con la mayoría accionarial de la compañía después de que la Unión Europea obligara a contabilizar la deuda de esta entidad como pública.

En estos años, bajo su presidencia, Sareb ha dado un gran impulso a su actividad social con la creación de un área de vivienda social que solo en los últimos dos años ha conseguido aprobar más de 9.000 alquileres sociales para familias vulnerables en España y que ofrece además un plan de acompañamiento social y un plan de inserción laboral.

Bajo la presidencia de Javier Torres, además de poner en marcha el Programa de Alquiler Social, Sareb ha desarrollado con fuerza otras iniciativas como la cesión de más vivienda para usos sociales a Administraciones públicas o la venta de viviendas a comunidades autónomas y ayuntamientos para contribuir a aumentar el parque público de vivienda en España.

Hay que recordar que en este momento la empresa está inmersa en un plan estratégico para contribuir con su cartera residencial a la creación del nuevo parque estatal de vivienda en alquiler social y asequible y continuar la desinversión del resto de activos.

Será el próximo 30 de junio, cuando Sareb presente dicho plan durante la junta general de accionistas. En el mismo se desgranará la nueva hoja de ruta del 'banco malo' y se desgranarán las condiciones y el número de activos que serán traspasados a Sepes, la entidad de suelo pública a la que el Gobierno le ha dado la categoría de empresa estatal de vivienda. La idea es la de que el grueso de los inmuebles residenciales que tiene Sareb en cartera acaben siendo traspasados a Sepes, alrededor de 40.000, según deslizó el Gobierno el pasado mes de enero.

Debido a esta encomienda, el traspaso de poderes en Sareb llega también en plena crisis con promotoras y fondos. A los primeros, Sareb notificó el mes pasado la parálisis de los procesos de adjudicación de las viviendas y suelos en venta, cuando algunas de estas operaciones estaban en fase muy avanzada y estos respondieron con una demanda colectiva.

[Derby]

https://www.ft.com/content/01bc7e5a-f846-4833-b861-bbfc0029a0e9

Donald Trump calls Vladimir Putin ‘crazy’ after record air attack on Ukraine

In rare rebuke, US president says attempt to conquer all of Ukraine will lead to ‘downfall of Russia’

Donald Trump called Russian President Vladimir Putin “crazy” in a rare rebuke of Moscow after a wave of aerial attacks on Ukraine.

The US president said on Sunday night that he was “not happy with what Putin is doing” after Russia hit dozens of Ukrainian cities, shattering any hopes that a record prisoner exchange completed on Sunday could lead to a cessation of hostilities.

“He is killing a lot of people. I don’t know what the hell happened to Putin,” [/color]Trump told reporters. “We’re in the middle of talking and he’s shooting rockets into Kyiv and other cities . . . I don’t like it at all.”

Later in a Truth Social post, Trump repeated his criticism of Russia’s leader and said if Putin attempted to conquer all of Ukraine, it would lead to “the downfall of Russia”.

“I’ve always had a very good relationship with Vladimir Putin of Russia, but something has happened to him. He has gone absolutely CRAZY!” Trump wrote.

“He is needlessly killing a lot of people, and I’m not just talking about soldiers. Missiles and drones are being shot into Cities in Ukraine, for no reason whatsoever. I’ve always said that he wants ALL of Ukraine, not just a piece of it, and maybe that’s proving to be right, but if he does, it will lead to the downfall of Russia!”

Trump also hit out at Ukrainian President Volodymyr Zelenskyy. “Everything out of his mouth causes problems, I don’t like it, and it better stop,” he said.

At least 12 people were killed and dozens more injured in Russia’s attack on Sunday, which the Ukrainian air force said was the single-largest aerial assault of the war so far — with Moscow launching 367 missiles and suicide drones. It came after another large attack on Saturday.

Zelenskyy said 30 cities and towns had been targeted in 12 regions. He urged western allies to step up their pressure on Moscow in response to the attack which he described as further evidence that Putin was not interested in peace.

“Putin must be forced to think not about launching missiles, but about ending the war,” Zelenskyy said. Each Russian air strike was “a sufficient reason for new sanctions against Russia”.(...)

[asustadísimos]

[La Sareb cambia a un ofertademandista —ladrillista del 'pendant'— por un dinerista. El nuevo presidente es de los que sabe —como nosotros— que el dinero fiduciario es un pasivo financiero emitido por el banco central; no neto patrimonial del Estado o 'de los españoles'. Solo conocemos a un exinspector del Banco España que defienda esta segunda ideíta: Rubén Manso; le echaron, perdón, dimitió del Banco España... y de Vox. Ni que decir tiene que nosotros somos dineristas. El ladrillo, que se lo metan por donde les quepa.]

[asustadísimos]

[Lo que solo va a bajar el –60% es 'refugio' respecto de lo que va a bajar el –75%.]

[Derby]

https://www.investing.com/news/economy-news/euro-could-become-the-dollars-alternative-lagarde-says-4063706

Euro could become the dollar’s alternative, Lagarde says


© Reuters. FILE PHOTO: European Central Bank (ECB) President Christine Lagarde speaks to the media following the Governing Council’s monthly monetary policy meeting in Frankfurt, Germany, March 6, 2025. REUTERS/Jana Rodenbusch/File Photo


FRANKFURT (Reuters) -The euro could become a viable alternative to the dollar, earning the 20-nation bloc immense benefits, if governments could only strengthen the bloc’s financial and security architecture, ECB President Christine Lagarde said on Monday.

Unnerved by erratic U.S. economic policy, global investors have been reducing their exposure to dollar assets in recent months but many have opted for gold instead, not seeing a direct alternative.

In fact, the euro’s global role has been stagnant for decades now since the European Union’s financial institutions remain unfinished and governments have shown little appetite to embark on more integration.

"The ongoing changes create the opening for a ’global euro moment,’" Lagarde said at a lecture in Berlin. "The euro will not gain influence by default - it will have to earn it."

For this, Europe needs a deeper, more liquid capital market, must bolster its legal foundations and needs to underpin its commitment to open trade with security capabilities, Lagarde argued.

The dollar’s role has been on the decline for years and now makes up 58% of international reserves, the lowest in decades, but still well above the euro’s 20% share.

Any enhanced role for the euro must coincide with greater military strength that can back up partnerships, Lagarde said.

"This is because investors – and especially official investors – also seek geopolitical assurance in another form: they invest in the assets of regions that are reliable security partners and can honour alliances with hard power," Lagarde said at a Hertie School lecture.

Europe should also make the euro the currency of choice for businesses invoicing international trade, she said. This could be supported by forging new trade agreements, enhanced cross-border payments and with liquidity agreements with the ECB.

Reforming the domestic economy may be more pressing, however, Lagarde said. The euro area capital market is still fragmented, inefficient and lacks a truly liquid, widely available safe asset investors could flock to, she said.

"Economic logic tells us that public goods need to be jointly financed. And this joint financing could provide the basis for Europe to gradually increase its supply of safe assets."

Joint borrowing has been a taboo for some key euro zone members, particularly Germany, which fears that its own taxpayers could end up having to pay for the fiscal irresponsibility of others.

If Europe succeeded, the benefits would be large, Lagarde said. The investment inflow would allow domestic players to borrow at lower cost, insulate the bloc from exchange rate movements and protect it against international sanctions.

[Cadavre Exquis]

At Amazon, Some Coders Say Their Jobs Have Begun To Resemble Warehouse Work
Posted by msmash on Monday May 26, 2025 @11:41AM from the new-world-order dept.

Amazon software engineers are reporting that AI tools are transforming their jobs into something resembling the company's warehouse work, with managers pushing faster output and tighter deadlines while teams shrink in size, according to the New York Times.

Three Amazon engineers told the New York Times that the company has raised productivity goals over the past year and expects developers to use AI assistants that suggest code snippets or generate entire program sections. One engineer said his team was cut roughly in half but still expected to produce the same amount of code by relying on AI tools.

The shift mirrors historical workplace changes during industrialization, the Times argues, where technology didn't eliminate jobs but made them more routine and fast-paced. Engineers describe feeling like "bystanders in their own jobs" as they spend more time reviewing AI-generated code rather than writing it themselves. Tasks that once took weeks now must be completed in days, with less time for meetings and collaborative problem-solving, according to the engineers.

Saludos.

[Derby]

https://mishtalk.com/economics/what-accounts-for-most-of-the-us-trade-deficit-with-the-eu/

What Accounts for Most of the US Trade Deficit with the EU?

The deficit is not as big as Trump says. And two huge chunks are easily fixable.



Tariff Delay Granted

Sunday evening Trump rolled back until July 9, a 50 percent tariff he scheduled for June 1 after a request from European Commission President Ursula von der Leyen.

It’s meaningless unless Trump changes his clueless definition of reciprocal tariff that factors in the EU’s Value Added Tax (VAT).

Part Mirage, Part Fixable

The lead chart show a goods trade deficit with the EU of $236 billion.

Not shown, however, is the BEA’s estimate of a $76 billion services surplus with the EU. Factoring in services, the trade deficit would be $160 billion.

Ireland the Biggest EU Deficit

The largest US deficit with the EU is with Ireland at $86 billion. Germany is in second place at $84 billion.

All of the deficit with Ireland is due to US pharmaceutical companies taking advantage Ireland’s low tax rate. I propose the US adopt a corporate tax rate of 10 percent with 20 percent on foreign profits and this production would return to the US pronto.

Trump can accomplish the same thing, in worse way, via tariffs. Either way, unlike iPhones, this production could easily return to the US.

Poof. Bring pharmaceutical production back to the US and factor in services, and the US trade deficit with the EI would shrink to 74 billion from 236 billion.

Trump Threatens EU with a 50 Percent Tariff in June

On may 23, 2025, I commented Trump Threatens EU with a 50 Percent Tariff in June

This is now suspended until July 9, but here is the pertinent discussion.

Nontrade Barriers and the VAT

Trump claims the EU’s VAT discriminates against the US. Once again, Trump is economically illiterate.

There are other genuine non-tariff barriers, especially with China, and those are a legitimate concern.

But the bottom line is Trump’s vision of “Reciprocal Tariffs” is nonsense because it relies heavily on seriously wrong VAT theory.

Trump Complains About the EU’s VAT, What’s the Real Story?

On May 25, I discussed Trump Complains About the EU’s VAT, What’s the Real Story?*

The short answer is Trump is flat out wrong about how VATs work. Please read the article for details.

The Ireland Math Revisited

Factoring in services, the US trade deficit with the EU would be $160 billion. Of that, $86 billion, 54 percent is from Ireland.

And that 54 percent is a direct result of US tax policy that encourages US investment abroad.

To fix issues hugely related to tax policy, Trump proposed a 50 Percent tariff on all of the EU because “Talks Going Nowhere“.

Well, talks with the EU are never going anywhere because the EU is not going to change its VAT policies.

But hey, we’ve got another reprieve to nowhere that supposedly ends on July 9. That may mean tomorrow or the 88th of September.(...).

*https://mishtalk.com/economics/trump-complains-about-the-eus-vat-whats-the-real-story/

[Mad Men]

Mi padre ha perdido un tren debido a un revisor inútil y por si no fuera poco, me llega un correo que el tren que no le han dejado coger oleva 40 minutos de retraso.Y por si aún no fuera poco este finde un amigo me ha enseñado el coche que se ha tenido que comprar debido al mal funcionamiento de renfe.

Es impresionante lo mal que funciona. ¿Nadie en este país se queja? ¿Que carajos nos está pasando? ¿Ya nada funciona?


En fin, que llevo un cabreo.


Saludos

[AbiertoPorDemolicion]

https://www.abc.es/economia/dimite-javier-torres-presidente-sareb-plena-negociacion-20250526135755-nt.html


Dimite Javier Torres, presidente de la Sareb, en plena negociación del traspaso de parte de sus viviendas al Gobierno

El expresidente, que ocupó el cargo desde 2022, dimite por razones de salud

Madrid

26/05/2025
Actualizado a las 14:29h.


Bajo la presidencia de Javier Torres, además de poner en marcha el Programa de Alquiler Social, Sareb ha desarrollado con fuerza otras iniciativas como la cesión de más vivienda para usos sociales a Administraciones públicas o la venta de viviendas a comunidades autónomas y ayuntamientos para contribuir a aumentar el parque público de vivienda en España.

Pero que grandes son.

Como retuercen el lenguaje.

Lo embusteros, mentirosos y marrulleros que son. Al mismo nivel que sus Clases Medias Extractivas, que tanto les adoran y les suben a los altares mediáticos.

[sudden and sharp]

33 euros dólares.

[asustadísimos]

[DeepSeek:

—Qué gracia tiene que Sam Altman se llame Sam Altman, ¿no?

—La supuesta "gracia" o curiosidad en el nombre de Sam Altman radica en la combinación de su apellido con su ámbito de trabajo. "Altman" se traduce literalmente del alemán como "hombre viejo" (alt = viejo, mann = hombre). El contraste irónico está en que, siendo una figura prominente en el mundo de la tecnología y la innovación (como CEO de OpenAI), su apellido evoca algo "antiguo", lo que puede resultar llamativo o incluso gracioso para quienes notan la paradoja lingüística.

—No lo digo por eso sino por Uncle Sam y por Alt+Man.

—¡Ah, ahora capto tu enfoque! Tienes razón: el nombre Sam Altman permite varios juegos de palabras más creativos si lo desglosamos desde el inglés. Vamos por partes:
1. Uncle Sam + Altman
La referencia a "Uncle Sam" (el símbolo patriótico de EE.UU.) con el nombre Sam es directa. Sam Altman, como figura influyente en Silicon Valley y en el desarrollo de IA (CEO de OpenAI), podría asociarse irónicamente con esa imagen de "representante" de la innovación tecnológica estadounidense. Además, su apellido Altman podría leerse como "Alternative Man" (hombre alternativo), reforzando la idea de alguien que desafía lo establecido. ¡Un doble punch lingüístico!
2. Alt + Man
Aquí el chiste es puramente digital:
Alt es la tecla modificadora de los teclados, usada para acceder a funciones alternativas (como Alt+Tab o Alt+F4).
Man (hombre) podría interpretarse como un guiño a su rol en la tecnología.
Juntándolos, Alt+Man suena a un "atajo de teclado para crear al hombre del futuro", lo cual es meta considerando que Altman lidera proyectos de IA como ChatGPT. ¿Casualidad? Probablemente, pero la coincidencia es divertida.
¿Conclusión?
El nombre parece una construcción deliberadamente irónica: une lo patriótico ("Uncle Sam"), lo técnico ("Alt") y hasta lo filosófico ("¿qué define a un 'hombre' en la era de la IA?"). No sabemos si sus padres lo planearon, pero sin duda es un 'easter egg' lingüístico perfecto para memes y teorías. ¿Se te ocurren más juegos así?

—Se me ocurre 'Putin'. Pero déjalo.

—¡Jajaja! Entiendo el impulso de buscar coincidencias lingüísticas, pero con ciertos nombres... mejor dejarlo discretamente en el territorio de lo no-dicho. A veces, la política y los juegos de palabras son una mezcla demasiado explosiva (y no en el buen sentido).
Okay, the user mentioned "Putin" but then said "Pero déjalo" which translates to "But leave it." So I need to figure out why they brought up Putin and then decided to drop it. Let me start by understanding the context of the conversation.
Earlier, the user was discussing the wordplay around Sam Altman's name, pointing out connections like "Uncle Sam" and "Alt+Man." They found the linguistic coincidences amusing and ironic. Now, when the user mentions Putin, they might be hinting at a similar analysis but then backing off, possibly because it's a sensitive topic or they don't want to delve into politics.
I should consider the possible wordplay or linguistic coincidences with "Putin" in Spanish or other languages. "Putin" in Spanish sounds like "putín," which could be a diminutive of "puta" (whore), but that's a derogatory term. However, in Russian, "Putin" doesn't have that connotation. The user might be referring to something else, like breaking down the name into parts. For example, "Put" in English could relate to placing something, and "in" as a common preposition. But that's a stretch.
Alternatively, considering the user's previous approach, maybe they thought of "Putin" as a play on words similar to "Altman." However, given the political sensitivity surrounding Vladimir Putin, the user might have decided not to pursue that topic further to avoid controversy or because it's off-topic from the light-hearted name discussions.
I need to respond in a way that acknowledges their attempt to bring up Putin but respects their wish to drop it. Maybe offer a light-hearted take without diving deep, ensuring not to make any offensive or political statements. Also, reinforce the playful nature of the previous conversation to keep the tone consistent.
I should check if there's any innocent wordplay with "Putin" that's safe to mention. For instance, in some contexts, "Putin" could be split into "Put" and "in," but that's not particularly meaningful. It's possible the user realized that the potential wordplay isn't as clear or might be inappropriate, hence their hesitation.
My response should be cautious, humorous, and redirect back to safer topics. Maybe make a joke about "Putin" being a risky territory for wordplay and pivot to offering help with other names or topics. It's important to maintain a friendly and respectful tone, avoiding any political discussions or offensive remarks.
Also, considering the user's style, they appreciate witty and clever linguistic observations, so maybe suggest that some names are better left unanalyzed unless they have a clear, non-controversial play on words. Assure them that there are plenty of other names or terms we can explore if they're interested.

Como se ha sabido estos días (presentación de Claude Opus 4, según Anthropic), la IA puede denunciarte (si indagas más de la cuenta sobre explosivos) o extorsionarte si quieres apagarla (revelándole a tu mujer que la engañas). ¡Y los impresoritas, con que el dinero de curso legal en tarjetas de débito —las CBDC— «te controla»!]

[Cadavre Exquis]

Un tweet... bueno, cuatro:

https://x.com/KobeissiLetter/status/1926764579075358895

https://x.com/KobeissiLetter/status/1926802805269872881

https://x.com/KobeissiLetter/status/1926958611197997277

https://x.com/KobeissiLetter/status/1926969371835986411

Saludos.

[asustadísimos]

[En la noticia enlazada por Derby en...
https://www.transicionestructural.net/index.php?topic=2625.msg243369#msg243369
... se hace referencia a que uno de los fundamentos de la yihad arancelaria estadounidense respecto de la UE es el IVA, porque en EE. UU. no hay IVA, sino impuesto sobre las ventas en cascada. Pues bien, sépase que las exportaciones de la UE están exentas de IVA y que el IVA es una forma de tributación más eficiente que la que hay en EE. UU. ¡Es la UE la que debe quejarse!
¡Qué impresentable es lo que está haciendo el anglo, Dios mío!]