EU-DIGEST

Washington Post: Credit Card Issuers ( Gangsters) Raising Rates, Fees Ahead of New Law - by Nancy Trejos

2009-07-05T11:15:00.000-04:00

For the complete report from the washingtonpost.com click on this link

Credit Card Issuers ( Gangsters) Raising Rates, Fees Ahead of New Law - by Nancy Trejos

After being bailed out by tax payers money credit card companies are raising interest rates and fees seven months before new rules go into effect that will limit their ability to do so, much to the irritation of Congress and consumer advocates. Chase, for instance, will raise the minimum payment required of some of its customers from 2 percent to 5 percent of the statement balance starting in August. Chase and Discover have increased the maximum fee charged for transferring a balance to the card to 5 percent of the amount, up from 3 and 4 percent, respectively. Bank of America last month raised the transaction fee for balance transfers and cash advances from 3 to 4 percent. Card issuers including Bank of America and Citi also continue to cut limits and hike up rates, which they have been doing with more frequency since January.

Charles Chichester Jr., a 65-year-old retired U.S. Postal Service employee who lives in Fairfax County, was trying to pay off his credit card soon but now fears he will be unable to do so at all. He received a letter from Chase, he said, notifying him that his $373 minimum monthly payment would increase to more than $900. When he called to say he could not afford that, a Chase representative told him to consult with a credit counselor, he said. That's exactly what he plans to do. Note EU-Digest: This is scandalous behavior by the Banks and credit card companies.

Health care reform needed in the US - Why change? The US has the 37th best health care system in the world

2009-07-04T19:56:00.000-04:00

For the complete report from the Examiner click on this link

Health care needed in the US - Why change? The US has the 37th best health care system in the world

Yes, it is true that the US has the 37th best health care system in the world, according to data from the World Health Organization (WHO). Fortunately for the ego of the United States, the WHO stopped doing the ranking in 2000 due to the difficulty of compiling the data. The top ten are France, Italy, San Marino, Andorra, Malta, SIngapore, Spain, Oman, Austria, and Japan. 11-20 are Norway, Portugal, Monaco, Greece, Iceland, Luxembourg, Netherlands, United Kingdom, Ireland, and Switzerland. 21-30 are Belgium, Columbia, Sweden, Cyprus, Germany, Saudi Arabia, United Arab Emirates, Israel, Morocco, and Canada. 31-40 are Finland, Austalia, Chile, Denmark, Dominica, Costa Rica, United States of America, Slovenia, Cuba and Brunei

The health care industry is going to spend billions of dollars to defeat health care reform. Thousands of “Health Scare” stories will be published in our newspapers and magazines. Millionaire lobbyists in high priced suits will be paying lots of visits to your elected officials. Advertisements will be all over the television, radio, and the internet. All of the effort will be made to convince the American public and their elected representatives that reforming health care would be too costly. And it would be too costly… to the health care industry.

The reason the folks in the health care industry are going to spend billions to defeat health care reform is because it works. Time and time again, the best interests of 300 million Americans have been pushed aside for the welfare of the very few. One of the leaders of the fight against reform is Rick Scott. He founded a group called "Conservatives for Patient's Rights," whose motto is "Tell Congress to listen, too."

INDEPENDENCE DAY USA: Europe wishes America a very happy and fun filled 4th of July

2009-07-04T08:31:00.006-04:00

EU-Digest

Independence Day USA - Europe wishes America a very happy and fun filled 4th of July

Europe does not celebrate the 4th., but anyone here who knows something about history and is able to put their own nationalistic feelings aside will certainly be able to admire the principles on which the US Constitution is based. Europe can also be proud about the influence they (France) have had on the American revolutionary process and in achieving its independence.

When the French entered the revolutionary war in 1778 they basically saved the American Revolution from disaster. As long as the British seemed to be pushing the "rebels" around at will, intervention was unwise but victory at the Battle of Saratoga showed that the United States had a chance and that French money, troops, navy, and supplies might make the difference. With the French entry after the Franco-American Treaty of February, 1778, the Spanish and the Netherlands also entered the battle against the British. The War for American Independence quickly became a world war as anti-British forces took the opportunity to attack. Without the French, however, the revolting colonies would certainly have been forced back into the British empire.

Although the signing of the Declaration of Independence was not completed until August, the Fourth of July holiday has been accepted as the official anniversary of U.S. independence and is celebrated in all states and territories of the U.S. It was not declared a legal holiday, however, until 1941.

So on this very special day for America, Europe honors and congratulates you.

examiner.com: Creeping Islamism in Turkey - by Richard Shulman

2009-07-03T17:04:00.001-04:00

For the complete report from the examiner click on this link

Creeping Islamism in Turkey-by Richard Shulman

The Islamist ruling party in Turkey [AKP] has “a strategy for a creeping Islamization that culminates in a Shari’a (Islamic law) state not compatible with a secular, democratic order. The AKP does not advertise this agenda and often denies it.” Turkish courts confirmed the secret agenda. However, in the name of democracy, the U.S. and the EU demand that countervailing Turkish circles accept the AKP positions subverting the military, judiciary, and educational system. This Western pressure is naïve, for it betrays the democratic elements in Turkey to the Islamists, who, as they consolidate power, crimp democracy. Democracy is not just rule by the majority but allows civil rights, minority opinion and cultural freedom consistent with constitutional order. In Turkey, democracy is a cover for creeping Islamism and the ending democracy.

EU ready to enforce travel bans on Iran officials among rumors from Iran that Ahmadinejad is on the way out

2009-07-03T10:54:00.001-04:00

EU-Digest

EU ready to enforce travel bans on Iran officials among rumors from Iran that Ahmadinejad is on the way out

The Financial Times Deutschland reported today that the European Union is considering banning some Iranian officials from traveling to Europe in response to the recent political unrest in Iran following the rigged election. The Swedish EU presidency which has just taken over from the Czech Republic has warned that the EU is ready to take serious action if Iran does not free British embassy staff still detained in Tehran. Another plan being circulated around the 27 member EU is to recall ambassadors for a few days as a sign of protest.

Out of Iran come persistent rumors that Iran's supreme leader, Ayatollah Ali Khamenei is discussing the possibility within the Iran leadership to declare the election null and void and agree to new elections supervised by some international body like the UN. It is said that he understands the cards are presently stacked against Iran, if President Mahmoud Ahmadinejad remains in power, and that distancing himself from Ahmadinejad would reestablish him as a a credible political broker.

Spiegel OnLine: Anti-Terror Action Plan: Germany Heightens Security Ahead of September Election

2009-07-03T10:35:00.000-04:00

For the complete report from the SPIEGEL ONLINE click on this link

Anti-Terror Action Plan: Germany Heightens Security Ahead of September Election

Germany is planning to implement a massive anti-terrorism action plan ahead of September's general election to thwart any possible attacks.Intelligence agencies believe that al-Qaida is planning to hit German targets abroad and possibly at home in the run up to the Sept. 27 vote that will pave the way for the next chancellor in revenge for the Germany's military mission in Afghanistan and to put pressure on Berlin to withdraw its forces.

The German Federal Criminal Police Office (BKA) and the Office for the Protection of the Constitution, the domestic intelligence agency, have devised an anti-terror plan similar to the one used during the World Cup in 2006. It envisages intensifying the country's anti-terrorism measures aimed at detecting any possible attacks as early as possible.

TheTweetScience: Boxing: Will Heavyweight Bombs Be Bursting In Germany? - by Frank Lotierzo

2009-07-03T10:28:00.000-04:00

For the complete report from the TheSweetScience.com click on this link

Boxing: Will Heavyweight Bombs Be Bursting In Germany? - by Frank Lotierzo

With the heavyweight division taking a public beating more fiercely than any fighter in it is capable of administering to another, what's the best scenario that can result from this weekend's Eddie Chambers versus Alexander Dimitrenko WBO title elimination bout? It's hard not to hear and get caught up in the chatter eliciting how boxing is on it's last breath and will soon be eclipsed by MMA. Statements like that make for good copy, but that's about it. The fact is both sports are thriving, as evidenced by the interest surrounding who Manny Pacquiao will next fight and the upcoming UFC 100 clash between heavyweights Brock Lesner and Frank Mir.

LATimes/EU-Digest: Iran-Ayatollah Ali Khamenei ready to dump Ahmadinejad facing diplomatic isolation- by Jeffrey Fleishman and Borzou Daragahi

2009-07-03T09:13:00.001-04:00

For the complete report from the Los Angeles Times click on this link

Iran-Ayatollah Ali Khamenei ready to dump Ahmadinejad who is facing diplomatic isolation- by Jeffrey Fleishman and Borzou Daragahi

Iranian President Mahmoud Ahmadinejad can in one instant appear the diplomatic equivalent of damaged goods and in the next a confident leader whose bellicose speeches leave the West wondering how to deal with him and his perplexing nation now that he's won a much-disputed reelection. Russian President Dmitry Medvedev publicly greeted Ahmadinejad at a recent meeting of the Shanghai Cooperation Organization, but did not grant him a private meeting as he had the leaders of Pakistan and Afghanistan. In Belarus, the Iranian leader was met not by President Alexander Lukashenko, but by the speaker of the upper house of parliament.A similar pattern has emerged in the Middle East, where Arab regimes have long been wary of Iran's ambitions. Authorities in Jordan withdrew licenses for two Iranian news organizations this week and the sultan of Oman reportedly canceled a trip to Tehran following the unrest after Iran's June 12 election.

Note EU-Digest:Iran's supreme leader, Ayatollah Ali Khamenei could, if he wanted to, change the perception of the Iran leadership immediately, and even qualify himself as an honest broker, by declaring the election null and void and agreeing to new elections supervised by some international body like the UN. It would certainly take the pressure off him. Will he do so? Nobody really knows, but he certainly is clever enough to see how the cards are stacked against Iran if President Mahmoud Ahmadinejad remains in power, and this charade continues.

NYT: The Party Has Started Again: Are Big Payouts Set for Revival on Wall Street?

2009-07-03T08:11:00.000-04:00

For the complete report from the NYTimes.com click on this link

The Party Has Started Again: Are Big Payouts Set for Revival on Wall Street?

After the government handed out billions of dollars in bailouts, Congress passed legislation banning all companies that received support from the Troubled Asset Relief Program, or TARP, from paying their top 25 executives bonuses greater than a third of their salary, though they were not subject to specific salary cap. Some firms, like Goldman Sachs and Morgan Stanley, have thrown off the yoke of bonus restrictions by repaying the government bailout funds. While others, like Citigroup and Bank of America, have been focused on raising employees’ base salaries to try to shift attention away from bonuses. Whether through bonuses, base salary or a combination of both, the goal for all of them is the same: To retain their top talent.Goldman is set to pay as much as $20 billion this year, or about $700,000 per employee, The Journal said, citing analysts’ estimates. That would be almost twice the $363,000 it paid on average last year, and slightly higher than the $661,000 average in 2007, according to analyst estimates reviewed by The Wall Street Journal. Morgan Stanley, meanwhile, is expected to pay $11 billion to $14 billion in compensation and benefits this year, also according to The Wall Street Journal.

Note EU-Digest: Unfortunately the taxpayer who has helped bail out the banks could once again be in for a big surprise when the disaster we are in today repeats itself. Where are the promised controls, where are promised checks and balances?

Bloomberg.com: ECB Sets Cruise Control, Pushes Banks to Drive Growth - by Simon Kennedy and Simone Meier

2009-07-03T07:53:00.000-04:00

For the complete report from Bloomberg.com click on this link

ECB Sets Cruise Control, Pushes Banks to Drive Growth - by Simon Kennedy and Simone Meier

European Central Bank President Jean- Claude Trichet is urging the region’s banks to play their part in generating an economic recovery. Trichet yesterday said financial institutions should pass onto the “real economy” the 442 billion euros ($619 billion) it granted them June 24 and said the ECB has no immediate plans to ramp up its response to the crisis. He spoke to reporters after keeping the ECB’s main rate at a record low of 1 percent.

“The ball was played back to the banking system,” said Carsten Brzeski, an economist at ING Groep NV in Brussels. “The ECB has now released the accelerator and switched to cruise control.”

FT.com : Afghanistan - South Afghanistan key to Nato mission - by James Blitz

2009-07-02T16:46:00.000-04:00

For the complete report from the FT.com click on this link

Afghanistan - South Afghanistan key to Nato mission - by James Blitz

Thursday’s operation by US marines in the Helmand valley marks the start of the biggest military action by western powers in Afghanistan since the fall of the Taliban in 2001. The decision to move into parts of Helmand province where the British have been unable to venture – clearing out the Taliban from their sanctuaries – is one fraught with risk. But it marks a recognition by the Obama administration, and by Nato commanders, that establishing security in south Afghanistan is critical to the success of international efforts across the country.

Financial Post.com: U.S. unemployment rate highest since 1983

2009-07-02T11:43:00.000-04:00

For the complete report from the Financial Post click on this link

U.S. unemployment rate highest since 1983<

U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5%, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession. The June job losses were more than 100,000 greater than the 363,000 consensus of Wall Street economists polled by Reuters and broke a four-month trend of moderation in job losses. The Labor Department data showed that in April and May, 8,000 fewer jobs were lost than previously reported. The May job losses were revised downward to 322,000, while the April losses were revised upward to 519,000.

EUobserver: Iran says Europe no longer qualified to conduct nuclear talks - by Lucia Kubosova

2009-07-02T07:50:00.001-04:00

For the complete report from the EUobserver click on this link

Iran says Europe no longer qualified to conduct nuclear talks- by Lucia Kubosova

Iran says Europe is no longer qualified to hold nuclear talks due to its meddling with the post-election protests in the country, with Sweden, as the new EU presidency, calling up officials from the 27-member bloc to discuss the next diplomatic move. The EU has played a significant part in international efforts to make Tehran comply with the world's rules on nuclear power. Three EU states - Germany, France, and the UK - have been leading the negotiations along with the US, Russia and China. Speaking to journalists at the official opening of the presidency, Swedish prime minister Fredrik Reinfeld made clear that Europe wants to support the democratic forces in Iran but also avoid isolating the country from the rest of the world. "That's the balance we need to strike," he said.

EU-Digest: Mr. Fredrik Reinfeld is certainly capable in coming up with a stronger comment than this "wishy-washy" statement he made on Iran?

Washington Post - Time for an Israeli Strike? - by John R.Bolton

2009-07-02T07:20:00.000-04:00

For the complete report from the washingtonpost.com click on this link

Time for an Israeli Strike? - by John R.Bolton

With Iran's hard-line mullahs and the Islamic Revolutionary Guard Corps unmistakably back in control, Israel's decision of whether to use military force against Tehran's nuclear weapons program is more urgent than ever. In short, the stolen election and its tumultuous aftermath have dramatically highlighted the strategic and tactical flaws in Obama's game plan. With regime change off the table for the coming critical period in Iran's nuclear program, Israel's decision on using force is both easier and more urgent. Since there is no likelihood that diplomacy will start or finish in time, or even progress far enough to make any real difference, there is no point waiting for negotiations to play out. In fact, given the near certainty of Obama changing his definition of "success," negotiations represent an even more dangerous trap for Israel.

Note EU-Digest: Mr. Bolton still believes that power comes from the barrel of a gun. This is not only dangerous but also shows no sense of reality. Most people will agree that the present Iran regime is untrustworthy and potentially dangerous to the region but there are better ways to topple them than Mr. Bolton suggests. One of them is to support democratic forces in that country with every possible method of assistance except direct intervention and to tighten economic sanctions.

RTÉ Business: 15 million out of work in euro zone

2009-07-02T06:46:00.000-04:00

For the complete report RTÉ Business click on this link

15 million out of work in euro zone

Official EU figures show that the unemployment rate in the euro zone climbed to a 10-year high of 9.5% in May. 273,000 jobs were lost across the euro zone in May, the EU's Eurostat data agency estimated. Although activity in the recession-hit European economy is beginning to pick up, many companies are continuing to cut jobs in order to survive the worst post-war downturn.Eurostat estimated that in total 21.5 million people were unemployed across the EU in May, of which 15 million were in the euro area.

About.com: Poetry: 'Summer' by Amy Lowell (1912)

2009-07-02T06:23:00.001-04:00

For the complete report from About.com click on this link

Poetry: 'Summer' by Amy Lowell (1912)

As Europe experiences a hot summer this poem by Amy Lowell (1912) certainly will bring relief to the mind

"Some men there are who find in nature all
Their inspiration, hers the sympathy
Which spurs them on to any great endeavor,
To them the fields and woods are closest friends,
And they hold dear communion with the hills;
The voice of waters soothes them with its fall,
And the great winds bring healing in their sound."

ChicagoTribune: Israel says French president Sarkozy advised firing foreign minister with hardline views -- by Amy Teibel

2009-07-01T18:34:00.000-04:00

For the complete report from the chicagotribune.com click on this link

Israel says French president Sarkozy advised firing foreign minister with hardline views -- by Amy Teibel

French president Nicolas Sarkozy urged the Israeli prime minister to fire his foreign minister — a hard-liner whose party tried to force Israelis to take a loyalty oath, two senior Israeli officials said Tuesday. Foreign Minister Avigdor Lieberman's appointment has been ill-received internationally because of his hard-line positions on peace and Israel's Arab population, among other issues. But Prime Minister Benjamin Netanyahu, addressing EU ambassadors on Tuesday, expressed "full confidence" in the country's chief diplomat. "He is a man who is fully committed to peace and security for our country," Netanyahu said. "He is part of the democratically elected government of Israel which was elected with a clear mandate from the voters to achieve peace and security."

In May, Lieberman's party unsuccessfully tried to advance a proposal to strip the citizenship of Israelis who do not pledge loyalty to the state — a proposal viewed as aimed at Israel's Arab minority.

WSJ: EU Regulator Sets Sights on U.K. Banks - by Peppi Kiviniemi, Laurence Norman and Adam Brandbery

2009-07-01T12:48:00.000-04:00

For the complete report from the WSJ.com click on this link

EU Regulator Sets Sights on U.K. Banks - by Peppi Kiviniemi, Laurence Norman and Adam Brandbery

Europe's top competition regulator is ready to turn its attention to the U.K. banking sector, with divestments likely required from Lloyds Banking Group PLC and Royal Bank of Scotland Group PLC, said Competition Commissioner Neelie Kroes. Having agreed to "changes to several German banks, our attention must turn to U.K. banks," Ms. Kroes said, speaking to a group of banking and finance professionals in London on Tuesday. The British financial sector includes two of the worst-performing banks in Europe, Lloyds and RBS, and the government has been forced to support the industry with £1.26 trillion ($2.087 trillion) in various commitments that could last until 2014, the commissioner said.

Guardian.co.uk: Worst likely over for euro zone - says EU Commission

2009-07-01T12:42:00.000-04:00

For the complete report from the guardian.co.uk click on this link

Worst likely over for euro zone - says EU Commission

The worst is probably over for the euro zone, but growing unemployment and falling inventories will weigh on any recovery, the European Commission said on Monday. In a quarterly report on the 16-nation euro zone, the European Union executive said the currency area's economic stimulus programme was yielding fruit, but governments must return to fiscal prudence once recovery takes root. "Some very early signs of improvement have been visible in the past few weeks ... The worst seems to be behind us in terms of GDP contraction and our spring forecast predicts a subdued recovery for 2010," the Commission said.

Reuters: Sweden to tackle debt, unemployment at EU helm - by Timothy Heritage

2009-07-01T12:37:00.000-04:00

For the complete report from Reuters click on this link

Sweden to tackle debt, unemployment at EU helm - by Timothy Heritage

The European Union must do more to fight rising public debt and unemployment to ensure any recovery from economic crisis is sustainable, Sweden said on Tuesday before taking over the EU presidency.Setting out the priorities for its six-month presidency starting at midnight, the Swedish government said EU leaders must also tighten supervision of the financial system and convince voters they are up to the task of ending the crisis. "The time for pushing for more stimulus packages is exhausted. It's exit strategies we will ask for," Prime Minister Fredrik Reinfeldt told reporters.Sweden's other priorities during the presidency, which it takes over from the Czech Republic, include agreeing an EU position for climate talks in Copenhagen in December at which a new United Nations treaty on emissions is sought.

China View: China, Suriname agree to advance military ties

2009-07-01T12:30:00.000-04:00

For the complete report from the China View click on this link

China, Suriname agree to advance military ties

Former Dutch Colony Suriname is to deepen bilateral military communication and cooperation, said a senior Chinese military official in Beijing yesterday. Chen Bingde, Chief of the General Staff of the People's Liberation Army, met with Ernst Mercuur, Commander of the Suriname Armed Forces, in Beijing Wednesday. Chen said Suriname is one of the first Caribbean countries that the Chinese armed forces carried out exchanges with. "China-Suriname military ties are an important part of bilateral ties," said Chen, adding that enhanced communications and cooperation between the two armed forces are beneficial to increasing mutual trust. Chen also expressed appreciation for Suriname's adherence to the one-China policy and its support for China's peaceful reunification. At Chen's invitation, Mercuur was on a week-long visit to China which began Monday. Surinamese Defense Minister Ivan Fernald paid a visit to China in April 2008. China and Suriname established diplomatic ties 33 years ago.

Note EU-Digest: This seems to be an excellent opportunity for the Republic of Suriname to develop a more varied military alliance network within its overall military structure.

The News Tribune: Safety questions raised about Yemen jet - by Jeffrey Fleishman

2009-07-01T12:10:00.000-04:00

For the complete report from the News Tribune click on this link

Safety questions raised about Yemen jet - by Jeffrey Fleishman

Flight 626 originated in Paris and stopped in Marseille before traveling on to San`a, where passengers switched to the Airbus 310-300. That jet, which was 19 years old and operated by Yemen’s national carrier, Yemenia, had raised suspicions earlier among European safety inspectors.In 2007, French transportation authorities barred the plane from French airports following a safety review that found problems with technical equipment. Inspectors “noticed a certain number of defects. Since then the plane had not returned to France,” Transport Minister Dominique Bussereau was quoted as telling French TV. “The company (Yemenia) was not on the blacklist but was subject to stricter checks on our part and was due to be interviewed shortly by the European Union’s safety committee.” In 2008, the European Union asked Yemenia to take “corrective actions” to improve safety performance. It was unclear what those actions were, but at a news conference Tuesday, EU Transport Commissioner Antonio Tajani said Yemenia had been reviewed by safety authorities and the company was not banned from operating in Europe.

Comorans and French nationals who had flown on Yemenia flights had complained to the French government about what they regarded as questionable safety practices, such as passengers forced to sit among luggage strewn about the aisles and unhygienic conditions. An association known as SOS Voyages to Comoro was formed to push for improved standards on Yemenia, owned by the poorest Arab nation.

M&C: EU condemns Honduras coup, demands detainees freed

2009-06-30T18:54:00.001-04:00

For the complete report from the Monsters and Critics click on this link

EU condemns Honduras coup, demands detainees freed

The statement - issued on behalf of all 27 members of the bloc - follows an earlier statement from the External Affairs Commissioner, Benita Ferrero-Walder, regretting the weekend's military putsch against President Manuel Zelaya.The EU said it 'strongly condemned the military actions which were directed against democratically elected President Zelaya and part of his cabinet and have violated the constitutional order of Honduras.'

SmartCompany: Warren Buffett says US economy is still a “shambles” - by James Thomson

2009-06-30T18:45:00.000-04:00

For the complete report from SmartCompany click on this link

Warren Buffett says US economy is still a “shambles” - by James Thomson

The world's second richest man, veteran investor Warren Buffet, has given a blunt assessment of the state of the United States economy - it's still in a shambles. In an interview with US business television channel CNBC, Buffet said that he doubts whether the economy has made much progress since May, when he declared the economy was at war. "I get figures on 70-odd businesses, a lot of them daily," Buffet said. "Everything that I see about the economy is that we've had no bounce."

Bloomberg.com: Boeing Faces $15 Billion Dilemma as Airbus A350 Gains - by Andrea Rothman and Susanna Ray

2009-06-30T18:16:00.000-04:00

For the complete report from Bloomberg.com click on this link

Boeing Faces $15 Billion Dilemma as Airbus A350 Gains - by Andrea Rothman and Susanna Ray

Boeing Co.’s 787 Dreamliner, absent from the Paris Air Show this week after two years of delays, may not be the jetmaker’s biggest problem. Airbus SAS’s bigger A350 has won almost 500 orders, 10 of them at the show, forcing Boeing to turn its attention to the market for bigger planes with more than 300 seats. The Chicago- based company is considering an upgrade of its 15-year-old 777. Airlines say it should spend billions on a new aircraft instead. “What Boeing makes next is the big question,” said Doug Runte, a New York-based analyst at Piper Jaffray & Co. who estimates the U.S. company would need to spend $15 billion to develop a new model. “Airplanes require a huge investment of money and effort. If you get it wrong, the consequences are enormous and you have to live with it for a very long time.”