Mambo Kings

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Mambo Kings last won the day on December 16

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About Mambo Kings

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    Super Anarchist
  • Birthday 09/16/1912

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    Marblehead, MA and Greenwich, CT

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  1. Mambo Kings

    Brexit, WTF

    Unfortunately that is not how it works. There are two hurdles. 1. Regulatory approval and Registration 2. Meeting regulatory capital requirements. Both are reasonable and standard requirements around the world for Banks and Insurance companies. The Regulatory Authority needs you to have sufficient capital to meet your liabilities. They do not want insurance companies who pocket the premiums but do not have sufficient capital to pay out claims when a catastrophe occurs. UK insurance companies have substantial operations in continental Europe backed by capital at HQ in the UK. When the UK leaves Europe, suddenly all that capital is inaccessible to the insurance regulators and European courts . So in the eyes of the policyholder and the insurance regulator, that parent company capital is worthless. The company will not meet minimum reserve requirements and faces three choices......(1) raise a massive amount of new capital to send to Europe - destroying ROI and in practical terms impossible (2) Sell their European businesses. As forced sellers they will be scalped by the European buyers (3) Pray for a transition period long enough for new insurance treaties to be drafted and agreed such that UK capital will qualify for European MRR , which will mean that the UK companies will be subject to the european laws that the exiters wanted to avoid. The brutal hard reality is that these treaties are not close to ready and UK insurance companies are in talks to sell their insuranec subs at bargain basement prices....and or wind down their books of business.
  2. Mambo Kings

    Brexit, WTF

    OMG
  3. Mambo Kings

    Brexit, WTF

    After her on again off again marriage to Richard Burton, her last husband was a construction worker that she met at an alcohol rehab center. Is that's what in store for the UK? A free trade zone treaty with Mozambique having met at an IMF debt rehabilitation conference???
  4. Mambo Kings

    Brexit, WTF

    Personally I think that leaving the EU is absolutely daft. The UK did a brilliant deal by negotiating to keep their own currency which gives them a high degree of independance for economic policy. The UK has the freedom to set its own taxes, income tax, corporate tax and sales tax (aka VAT) thus complete control of fiscal policy. They have their own central bank (The Bank of England instead of the ECB) so can set their own monetary policy. The primary issues of the voters seems to be immigration. So? Demand to sit down with the council of ministers and agree on a treaty revision to provide some additional immigratioon standards. To ditch the EU free trade zone and paddle vainly out to sea hoping to be rescued by a cheese submarine because you dont like some of the effects of immigration seems really stupid to this observer (who happens to be British).
  5. Mambo Kings

    Brexit, WTF

    Health and Safety in Sweden is a good example of how European standards are turned into regulation. Each country has its own regulatory authority responsible for passing and implementing Health and Safety regulations in their own nation. Each national regulatory authority liaises closely with the European Agency for Safety and Health and Work (ASHW)which reports on the the Health and Safety standards in each country but does not implement any regulations in any EU member country. Each country also has a representative on (1) The Advisory Committee on Safety and Health at Work (ACSH). This is a tripartite committee which assists the European Commission by preparing, implementing and evaluating all occupational health and safety activities. (2) Senior Labour Inspectors’ Committee (SLIC), which advises the European Commission and comprises senior officials from the Member States’ occupational health and safety authorities or their equivalent. Based on the input from these 2 committees, and reports from ASHW the Commission can recommend new Health and Safety regulations. The recommendations then go the (1) The European Parliament (democratically elected - kinda like house of representatives) and (2) The European Council (1 member per nation - kinda like the senate) . If both representative bodies approve the recommended regulation by a majority then the recommended regulations do not become law but the terms of the treaty require that the nation states pass the necessary laws in their own countries to make them law unless their is a valid exception (and there are various loopholes for exceptions where a nation feels they are being unfairly treated...which might involve going to the council of ministers ) If they both reject the recommendation, it is declined. If one body approves and the other declines then the regulation is passed on to a "Conciliation Committee" . The Concilliation Committee is composed of the Council members plus an equal number of MEPs who seek to agree a common position. Once a position is agreed, it has to be approved by Parliament again by an absolute majority. If this all sounds incredible bureaucratic and cumbersome; it is......and that is because the member states insist on all of these checks and balances ...in order to prevent regulations being imposed without both European and National review. So back to Scandanavia:. The Swedish Work Environment Authority is the regulatory body in Sweden responsible for passing and implementing Health and safety Regulations in Sweden to comply with The Swedish Work Environment Act. They are the contact point with European Agency for Safety and Health and Work and represent the Swedish government on the Advisory Committee on Safety and Health at Work (ACSH). and the Senior Labour Inspectors’ Committee (SLIC), What actually happens in practice is that where possible, the lagging nations are brought up to the standard of the leading nations. If it is impractical for the lagging nation to immediately reach the same standard, then they will be given some form of exemption, or the European standard may be set slightly lower than the std in , say Sweden , BUT Sweden will not be required to amend its laws to a lower standard. I am not aware of a single health and safety std in Sweden that has been lowered but perhaps someone can point to an example...there may be an example, but the Swedees themselves may have wanted to reduce some of their formerly overburdensome regulations. Sweden in the 1980s was infamously difficult place to do business due to over regulation and have deliberately tried to be more business friendly in the last 20+ years. However Safety at work is something they still take incredibly seriously. Good thing too. Hope this helps UK voters decide what to do with the cheese submarine!
  6. Mambo Kings

    Brexit, WTF

    Some may have already seen this somewhere else but I thought it worth sharing again: Reply:
  7. Mambo Kings

    Brexit, WTF

    The second one was in 2016......you had to be hiding under a rock to miss it. The UK joined the EU on January 1st 1973. Then had its first wobble two years later, and the first referendum was held on June 5 1975 to decide whether to stay or leave. It was incidentally the first referendum in the history of the UK. 17 million voted Yes to stay 8 million voted No to leave. 67% win for remain The second referendum was on June 23 2016 . 51.9% voted to leave. So after two referendums, it is one all and going into extra time .
  8. Mambo Kings

    Brexit, WTF

    There have already been two, so this would be the tie breaker
  9. Mambo Kings

    Brexit, WTF

    The idea that the UK can replace the economic benefits of a massive single home market with a few trade agreements is so absurd , it is laughable. Will the US suddenly waive FDA requirements for medical devices made in the UK? No!. Will the UK make itself subject to the FDA? No! Will Australia allow British insurance companies to sell life insurance in New South Wales without being subject to APRA? No! of course not. Will the UK subject its insurance companies to the regulation of APRA? No and so on and on. The single market of Europe, where a UK company can sell its good and services to a common standard across 500 million people will disappear if there is a hard Brexit. The turkeys voted for Thanksgiving!
  10. Mambo Kings

    Brexit, WTF

    The #1 reason to remain in the EU is that it is a massive free trade zone. If you set up a small factory in UK or launch your own online store, you have a market of 512 million people vs a market of 60 million. The economic benefits are staggeringly obvious, There is a reason why USA businesses are so successful- they start with a massive home market.. The reasons to leave the EU are: #1 Bureaucracy. A truly common market, the so-called single European market, requires common standards so that businesses can compete on a level playing field. Just as the FDA in the US sets federal standards for the manufacture of medical drugs.....it would be unfair if a Turkish bucket shop could sell cheaply manufactured sub-standard drugs in the UK while the British company incurs the costs of clean rooms and high standards etc. European free trade required establishing European wide common standards, required a European bureaucracy in Brussels ....and Brits hate bureaucrats! To be fair to the Brits, the bureaucrats are not subject to the same level of democratic control in the EU as they are elsewhere #2 Immigration. In addition to the free movement of goods, the EU adopted the free movement of labour. The UK was a HUGE beneficiary of this policy to the detriment of their neighbors because the brightest and best wanted to live in London. The EU led to a renaissance of London as a financial and commercial capital in the world. The refugee issues then diminished the UK's enthusiasm for the free movement of labor. Its a bloody silly reason to quit the free trade zone (other ways to fix the issue) but the "leavers" played on people's fears.
  11. Mambo Kings

    Brexit, WTF

    Its a bit worrying if those are the reasons that people voted in favor of Brexit (because they are all inaccurate): The UK has had its own currency- sterling- within the EU for 45 years and there is no proposal suggesting that the UK adopt the Euro. You can thank Maggie for that. Each country within the EU remains a sovereign nation The UK does not have a constitution. See #2 above. The Brits will always talk in English, the French language will remain French , and the Germans will speak German. There are 24 official major languages in Europe and that is not including the Basques, the Catalans and the Mennonites in Cyprus. The is ABSOLUTELY zero chance of a common language and common cultural identity.
  12. Mambo Kings

    Are we(racing sailors) a culture of cheaters?

    You haven't won the race, if in winning the race you have lost the respect of your competitors ....and you have not won the race if you lose your own self respect. It has never been a grey area for me. I have never been interested in cheating...and if I cheat accidentally, I retire. Many many years ago, in a previous century, my team was competing in the J24 DownEast regatta. We had prepped our boat to perfection abiding by class rules. We sailed a very good regatta and at the end of the last day, we had clawed our way up to third place, our first time on the podium at a decent sized regatta. I think Terry H had won but I may be wrong about that. We came ashore and walked up to my truck so that I could unlock the tailgate to start bringing gear from the boat. I opened the tailgate and we stopped dead in our tracks, with jaws dropped. There, staring at us, was the water container required to be carried on board when racing by J24 rules. I looked at my crew and it was clear to all of us what we were going to do. I gave them all a hug or a handshake, then I walked over to the Protest Committee and informed them that we were retiring after finishing. What we had as a team gave us more pride than any trophy ever will, before or since. That group of guys and one girl set a standard for me that I have tried to live by ever since then.
  13. Mambo Kings

    Coach boat cut up ceremony

    K.I.S.S. One minute silence "Rest in Pieces" Start sawzall.
  14. Mambo Kings

    Brexit, WTF

    True , and the world has gotten better at blowing stuff up since then.
  15. Mambo Kings

    Brexit, WTF

    Fat lot of good he was. We need Maggie.