You Jizz Lilly Carati

risk-free rate, the deceased

back today, after N months on the run, on my book economic disclosure complicit nice chat yesterday with some dear friends in the University: the 's argument that I "tickle" and now that I think could be of great interest (for "insiders" or not) is the so-called "risk-free rate " (or risk-free rate ).

Why devote a blog intervention on a concept apparently abstract / academic as the risk-free rate?

Why this particular interest rate is the pivot on which the wheel all the modern corporate finance (and others), and in particular is the foundation on which to build corporate valuation: translated in a nutshell, and if when you happen to have to sell / buy any activity (industrial or financial) still might not matter now da questo fantomatico risk free rate , al fine di dare un valore a ciò che state vendendo/acquistando . Ho detto "ancora adesso" per un motivo che cercherò di spiegare più avanti...

Per capire i problemi odierni di questo importantissimo attore della finanza moderna, è necessario capire c osa esso rappresenta (o cosa esso dovrebbe rappresentare, visto che siamo sempre al confine tra realtà ed accademia).

Per parlare di tasso d'interesse privo di rischio è necessario prima introdurre i concetti di rischio sistematico (e non diversificabile) e rischio specifico (e diversificabile) :

• systematic risk is, to simplify, the risk inherent in the financial system , seen as one body globally. Still in its basic form is the risk that an operator (as can be any individual who invests in the stock exchange) must accept if it wants to participate in economic and financial transactions: Such risk factors include macro- by non-governmental rationality human, such as wars, natural disasters, political unrest, etc. . For these reasons, the systematic risk is also called "non-diversifiable " as not is no way to mitigate ex ante, by operators, the risk that an investment goes bad due to a tornado or a coup ;
• specific risk is somewhat complementary to systematic risk (in the sense that always adds to it, increasing the size of the overall risk) er epresentation critical that every single financial asset (stocks, bonds, etc. .) or real (land, buildings, businesses, etc. .) has , beyond the risk factors "environmental", which correspond to systematic risk. An example will help you understand: Fiat stock will go down because is a catastrophic flood destroyed his factory in Poland ( systematic risk unweighted ex ante), is why the company has so much debt, and then investors fear may fail ( firm specific risk FIAT, which therefore can be avoided or "dilute" each other with the task of diversifying their investments, for example, buying licenses also of Volkswagen).

happens the difference between the two types of risk, understanding what the risk-free rate is (almost) a breeze.

Let us go back for a moment the concept of systematic risk (and non-diversifiable), because it is de facto the realization of the ineffable of Doom and / or the Holy Spirit, the systematic risk is not a factor that allows discriminate between an investment or another . Fatalistic one can say that every business is vulnerable to the unpredictable: once again simplifying if any investment is subject to systematic risk, then it is not worth considering systematic risk as an important variable to make their own choices on Economic and Financial .

Translated in a nutshell, "if it happens, it happens!"

Abbiamo pertanto capito che chi investe è come se non tenesse conto dell'esistenza del rischio sistematico , perché altrimenti l'economia si paralizzerebbe oggi stesso, per l'incapacità evidente di prevedere l'imprevedibile (un po' come se un imprenditore pretendesse di aprire la propria attività, sapendo però già ora se avrà successo o meno). Il rischio sistematico è come se non esistesse...

La rischiosità "vera e propria" per gli operatori economici diventa così quella espressa dal rischio specifico , che è in qualche misura prevedibile e per questo contrast, with appropriate investment policies (ie the so-called diversification of risk [specific]).

We arrived at the "core" of the problem: What then the interest rate risk-free?

It 's the return offered to an investor from a theoretical economic and financial activities (be it a stock, land or a house), which not present any risk involved, if not systematic : if we imagine that this imaginary - dare I say "legendary" - these activities without a specific risk rate of return of 2% (but it could be 1% or 5%) Well the 2% is also the coveted risk free interest rate !

The importance of the risk free rate is the fact that it ideally represents a "floor" (under which you can not go) to investors, so they know what they can not / have to accept investments that make less than risk-free rate, the performance penalty of a bad deal!

corollary of this is the definition of "risk premium (specific) " means an investment in a risk-free rate equivalent to the desire not to bear any risk, other than that systematically shared by all (or you want a specific risk equal to zero attitude often referred to as "low / no appetite for risk), and if a trader is willing to assume a greater share of risk (or to accept the specific risk), he will be rewarded with a higher yield risk free rate and this difference is precisely this "risk premium (specific)" .

Once the "teaching", we come to because the title of this posting, which seems to be dead to the interest rate risk-free.

will become clear to everyone that the definition given above risk free rate has plunged to the neck of the academy and theory and in practice it is impossible to find an activity that respects the economic and financial characteristics of absence specific risk and therefore offer a risk-free yield (specific).

This is not even escape the economic operators, which, however, had (and have) a need to identify the "floor" represented by risk free, otherwise the inability to understand whether an investment is or is not preferable to another: how? Even in this case is ricorsi ad una "finzione" , che però oggi mostra tutto il suo "lato oscuro"...

Date le definizioni di tasso privo di rischio, qualcuno ha pensato che l'entità capace più di tutte di offrire un rendimento che assomigliasse da vicino al risk free fosse niente meno che lo Stato : o meglio i titoli di debito pubblico (in Italia BOT, CCT, CTZ e BTP) emessi dai Paesi sovrani, per finanziare il proprio deficit di bilancio. L'idea di fondo era che uno Stato non possa fallire , malgrado in realtà esempi in contrasto ce ne fossero molti già diversi anni fà, e per questo i rendimenti offerti dai suoi titoli fossero esenti dal rischio specifico (o quasi).

Ovviamente furono presi in considerazione solo i titoli di debito di Paesi altamente industrializzati, sviluppati e "stabili" (come sostanzialmente tutti quelli dell'ormai ex G7), il cui rendimento divenne il famoso "pavimento" per gli investitori: se si doveva valutare un investimento in un'attività economico-finanziaria, si metteva sempre in relazione il suo rendimento con quello dei sopracitati titoli di Stato (o con un rendimento degli stessi aggiustato con il premio al rischio); chiaramente se l'attività in questione rendeva meno che un T-Bill americano, l'investitore sapeva già di dover lasciar perdere. Tutto molto (relativamente) comodo, tutto molto (Relatively) simple ...

Except that today we woke up in the knowledge that even a sovereign state can fail, like any business - see the default ( de facto if not de jure ) Greece and the increasingly difficult conditions leading countries such as Spain, Italy, Great Britain and - listen, listen! - United States.

How then can define risk-free return on government securities entities - states - which can fail or go into serious crisis in the payments? And if there's a risk-free rate (albeit approximate) to which to refer, as it is possible to make prudent evaluations of investments and asset values?

these are also the challenges and the rubble that the Great Depression left on the carpet in the world of tomorrow ...

Lord Tojo

http://tojothelord.blogspot.com

You Jizz Lilly Carati

risk-free rate, the deceased

back today, after N months on the run, on my book economic disclosure complicit nice chat yesterday with some dear friends in the University: the 's argument that I "tickle" and now that I think could be of great interest (for "insiders" or not) is the so-called "risk-free rate " (or risk-free rate ).

Why devote a blog intervention on a concept apparently abstract / academic as the risk-free rate?

Why this particular interest rate is the pivot on which the wheel all the modern corporate finance (and others), and in particular is the foundation on which to build corporate valuation: translated in a nutshell, and if when you happen to have to sell / buy any activity (industrial or financial) still might not matter now da questo fantomatico risk free rate , al fine di dare un valore a ciò che state vendendo/acquistando . Ho detto "ancora adesso" per un motivo che cercherò di spiegare più avanti...

Per capire i problemi odierni di questo importantissimo attore della finanza moderna, è necessario capire c osa esso rappresenta (o cosa esso dovrebbe rappresentare, visto che siamo sempre al confine tra realtà ed accademia).

Per parlare di tasso d'interesse privo di rischio è necessario prima introdurre i concetti di rischio sistematico (e non diversificabile) e rischio specifico (e diversificabile) :

• systematic risk is, to simplify, the risk inherent in the financial system , seen as one body globally. Still in its basic form is the risk that an operator (as can be any individual who invests in the stock exchange) must accept if it wants to participate in economic and financial transactions: Such risk factors include macro- by non-governmental rationality human, such as wars, natural disasters, political unrest, etc. . For these reasons, the systematic risk is also called "non-diversifiable " as not is no way to mitigate ex ante, by operators, the risk that an investment goes bad due to a tornado or a coup ;
• specific risk is somewhat complementary to systematic risk (in the sense that always adds to it, increasing the size of the overall risk) er epresentation critical that every single financial asset (stocks, bonds, etc. .) or real (land, buildings, businesses, etc. .) has , beyond the risk factors "environmental", which correspond to systematic risk. An example will help you understand: Fiat stock will go down because is a catastrophic flood destroyed his factory in Poland ( systematic risk unweighted ex ante), is why the company has so much debt, and then investors fear may fail ( firm specific risk FIAT, which therefore can be avoided or "dilute" each other with the task of diversifying their investments, for example, buying licenses also of Volkswagen).

happens the difference between the two types of risk, understanding what the risk-free rate is (almost) a breeze.

Let us go back for a moment the concept of systematic risk (and non-diversifiable), because it is de facto the realization of the ineffable of Doom and / or the Holy Spirit, the systematic risk is not a factor that allows discriminate between an investment or another . Fatalistic one can say that every business is vulnerable to the unpredictable: once again simplifying if any investment is subject to systematic risk, then it is not worth considering systematic risk as an important variable to make their own choices on Economic and Financial .

Translated in a nutshell, "if it happens, it happens!"

Abbiamo pertanto capito che chi investe è come se non tenesse conto dell'esistenza del rischio sistematico , perché altrimenti l'economia si paralizzerebbe oggi stesso, per l'incapacità evidente di prevedere l'imprevedibile (un po' come se un imprenditore pretendesse di aprire la propria attività, sapendo però già ora se avrà successo o meno). Il rischio sistematico è come se non esistesse...

La rischiosità "vera e propria" per gli operatori economici diventa così quella espressa dal rischio specifico , che è in qualche misura prevedibile e per questo contrast, with appropriate investment policies (ie the so-called diversification of risk [specific]).

We arrived at the "core" of the problem: What then the interest rate risk-free?

It 's the return offered to an investor from a theoretical economic and financial activities (be it a stock, land or a house), which not present any risk involved, if not systematic : if we imagine that this imaginary - dare I say "legendary" - these activities without a specific risk rate of return of 2% (but it could be 1% or 5%) Well the 2% is also the coveted risk free interest rate !

The importance of the risk free rate is the fact that it ideally represents a "floor" (under which you can not go) to investors, so they know what they can not / have to accept investments that make less than risk-free rate, the performance penalty of a bad deal!

corollary of this is the definition of "risk premium (specific) " means an investment in a risk-free rate equivalent to the desire not to bear any risk, other than that systematically shared by all (or you want a specific risk equal to zero attitude often referred to as "low / no appetite for risk), and if a trader is willing to assume a greater share of risk (or to accept the specific risk), he will be rewarded with a higher yield risk free rate and this difference is precisely this "risk premium (specific)" .

Once the "teaching", we come to because the title of this posting, which seems to be dead to the interest rate risk-free.

will become clear to everyone that the definition given above risk free rate has plunged to the neck of the academy and theory and in practice it is impossible to find an activity that respects the economic and financial characteristics of absence specific risk and therefore offer a risk-free yield (specific).

This is not even escape the economic operators, which, however, had (and have) a need to identify the "floor" represented by risk free, otherwise the inability to understand whether an investment is or is not preferable to another: how? Even in this case is ricorsi ad una "finzione" , che però oggi mostra tutto il suo "lato oscuro"...

Date le definizioni di tasso privo di rischio, qualcuno ha pensato che l'entità capace più di tutte di offrire un rendimento che assomigliasse da vicino al risk free fosse niente meno che lo Stato : o meglio i titoli di debito pubblico (in Italia BOT, CCT, CTZ e BTP) emessi dai Paesi sovrani, per finanziare il proprio deficit di bilancio. L'idea di fondo era che uno Stato non possa fallire , malgrado in realtà esempi in contrasto ce ne fossero molti già diversi anni fà, e per questo i rendimenti offerti dai suoi titoli fossero esenti dal rischio specifico (o quasi).

Ovviamente furono presi in considerazione solo i titoli di debito di Paesi altamente industrializzati, sviluppati e "stabili" (come sostanzialmente tutti quelli dell'ormai ex G7), il cui rendimento divenne il famoso "pavimento" per gli investitori: se si doveva valutare un investimento in un'attività economico-finanziaria, si metteva sempre in relazione il suo rendimento con quello dei sopracitati titoli di Stato (o con un rendimento degli stessi aggiustato con il premio al rischio); chiaramente se l'attività in questione rendeva meno che un T-Bill americano, l'investitore sapeva già di dover lasciar perdere. Tutto molto (relativamente) comodo, tutto molto (Relatively) simple ...

Except that today we woke up in the knowledge that even a sovereign state can fail, like any business - see the default ( de facto if not de jure ) Greece and the increasingly difficult conditions leading countries such as Spain, Italy, Great Britain and - listen, listen! - United States.

How then can define risk-free return on government securities entities - states - which can fail or go into serious crisis in the payments? And if there's a risk-free rate (albeit approximate) to which to refer, as it is possible to make prudent evaluations of investments and asset values?

these are also the challenges and the rubble that the Great Depression left on the carpet in the world of tomorrow ...

Lord Tojo

http://tojothelord.blogspot.com

Pinnacle 150e 55e With Windows Media Center

A corner of Switzerland, a stone's throw from Piacenza

Ave at all, you shoot the same shot-goers these pages!

Most regulars will notice that perhaps today inaugurates a new layout for this blog , in line con le aumentate opzioni di personalizzazione che gentilmente e professionalmente la piattaforma Blogger ci mette a disposizione: ho scelto come sfondo un paesaggio di collina immerso nell'umidità e nella nebbia, perché fondamentalmente è il clima che più mi piace e che più mi fa sentire "a casa", anche se questo apparirà a molti come una cosa quantomeno bizzarra (tenendo conto che siamo in estate)...

 

Ma veniamo a noi.

Volevo scrivere due righe per far conoscere a quanti saranno interessati una splendida esperienza "di Citizenship I did a few days ago, precisely Saturday, May 12: the place I'll tell you in the end, because I think I will leave you surprised. ;-)

Imagine a large group of citizens gathered in small public gardens, adjacent to the square of a village in the countryside and between steep mountains, and imagine a mayor and a council that speak to this crowd, attentive, curious and age diversity, explaining at what point is the realization of the Program (with which the current administration has won the elections and took office), showing also the chapters of public expenditure, investments and genere come sono stati spesi i soldi raccolti con le tasse; immaginate una Politica che sia veramente cura della res publica , senza inutili e dannose intermediazioni partitiche a tutti i costi; immaginate un sano pragmatismo , capace di far fronte ai tempi di ferro odierni (e quindi ai minori introiti per il Fisco) risparmiando sugli sprechi e le spese inutili, dirottando tutte le risorse sui servizi essenziali , la formazione e l'istruzione.

Immaginate un Comune di alta montagna di meno di 1.000 abitanti , in perenne calo demografico , con un territorio accidentato e franoso, circa 30 frazioni (alcune delle quali more than 1,000 meters above sea level and with few inhabitants, all elderly), 70 km away from the two main cities, railways and highways more neighbors joined in this scenario from the border, "the result of have closed the 'year of operation of the City with a surplus (which is what in business is the profit) of over € 100,000 !

think I'm talking about a village efficient Sued Tirol, or a valley internal Austrian Vorarlberg, rather than a high-City of tourists for winter sports .. .

And But no: it is simply City of Brass (my place of baptism, among other things), exactly one year from administered by the young mayor John Piazza, who (to make a very bad pun) letterlamente has "crowded out" our politicians, commentators, winning the Administrative surprise of 2009, beating the old mayor of the town and its challenger, doctor of the area and as such well-known.

I wanted to pay tribute to the Mayor Square, its advisors and councilors what I think is the minimum recognition to do for a council that, despite one thousand ancient adversity (such as depopulation) and new (the economic crisis and the cutting of transfers), has managed to bring home the extraordinary result of a "cash full, despite having greatly improved the life of the country . For example:

• Mayor and Aldermen not receive any salary or "token" presence (first case in the province of Piacenza) and with the money saved (thousands of euro) Each year the City can buy for half the ordinary / extraordinary maintenance of roads and paths;
• were made spontaneous donations important - there is no law that requires or suggests - hospital and high school Bobbio, important safeguards on the mountain area of \u200b\u200bUpper Trebbia that everyone defending words, but then in a few help with the facts;
• were computerized archives and procedures of the City, saving time and money;
• was improved elementary school / middle , providing it with equipment of 'avant-garde, even in order to attract children from other municipalities and provinces (for example Brallo of Pregola in Pavia);
• was completely new and resurfaced mass and the local road towards Suzzi, recently destroyed by a terrible landslide at a cost of just € 30,000, all included!
• is under construction a storage facility for large household waste (such as washing machines and stoves), where citizens can deliver free their garbage, they can even ask to take her as is, in this case without cost!

Much more could be said, but I think that is enough to make us understand something very important: not have the money there, but the ability (and especially the desire and honesty) to administer well as the famous "good father" of the Italian Civil Code! If a municipality
high mountain without special attractions (other than the fresh air and nature) can have substantial surpluses as well, compared to not cut services, but even better, imagine the margins Public maneuver may have far more "rich" as provincial capitals, provinces, regions, and of course State !


Ah, I forgot one small detail: the aforementioned municipal administration money not found them in a chest underground, but they have recovered from a tough and merciless war against waste costs and redundant ...

Oops! ... ;-)

Lord Tojo
http://tojothelord.blogspot.com

Pinnacle 150e 55e With Windows Media Center

A corner of Switzerland, a stone's throw from Piacenza

Ave at all, you shoot the same shot-goers these pages!

Most regulars will notice that perhaps today inaugurates a new layout for this blog , in line con le aumentate opzioni di personalizzazione che gentilmente e professionalmente la piattaforma Blogger ci mette a disposizione: ho scelto come sfondo un paesaggio di collina immerso nell'umidità e nella nebbia, perché fondamentalmente è il clima che più mi piace e che più mi fa sentire "a casa", anche se questo apparirà a molti come una cosa quantomeno bizzarra (tenendo conto che siamo in estate)...

 

Ma veniamo a noi.

Volevo scrivere due righe per far conoscere a quanti saranno interessati una splendida esperienza "di Citizenship I did a few days ago, precisely Saturday, May 12: the place I'll tell you in the end, because I think I will leave you surprised. ;-)

Imagine a large group of citizens gathered in small public gardens, adjacent to the square of a village in the countryside and between steep mountains, and imagine a mayor and a council that speak to this crowd, attentive, curious and age diversity, explaining at what point is the realization of the Program (with which the current administration has won the elections and took office), showing also the chapters of public expenditure, investments and genere come sono stati spesi i soldi raccolti con le tasse; immaginate una Politica che sia veramente cura della res publica , senza inutili e dannose intermediazioni partitiche a tutti i costi; immaginate un sano pragmatismo , capace di far fronte ai tempi di ferro odierni (e quindi ai minori introiti per il Fisco) risparmiando sugli sprechi e le spese inutili, dirottando tutte le risorse sui servizi essenziali , la formazione e l'istruzione.

Immaginate un Comune di alta montagna di meno di 1.000 abitanti , in perenne calo demografico , con un territorio accidentato e franoso, circa 30 frazioni (alcune delle quali more than 1,000 meters above sea level and with few inhabitants, all elderly), 70 km away from the two main cities, railways and highways more neighbors joined in this scenario from the border, "the result of have closed the 'year of operation of the City with a surplus (which is what in business is the profit) of over € 100,000 !

think I'm talking about a village efficient Sued Tirol, or a valley internal Austrian Vorarlberg, rather than a high-City of tourists for winter sports .. .

And But no: it is simply City of Brass (my place of baptism, among other things), exactly one year from administered by the young mayor John Piazza, who (to make a very bad pun) letterlamente has "crowded out" our politicians, commentators, winning the Administrative surprise of 2009, beating the old mayor of the town and its challenger, doctor of the area and as such well-known.

I wanted to pay tribute to the Mayor Square, its advisors and councilors what I think is the minimum recognition to do for a council that, despite one thousand ancient adversity (such as depopulation) and new (the economic crisis and the cutting of transfers), has managed to bring home the extraordinary result of a "cash full, despite having greatly improved the life of the country . For example:

• Mayor and Aldermen not receive any salary or "token" presence (first case in the province of Piacenza) and with the money saved (thousands of euro) Each year the City can buy for half the ordinary / extraordinary maintenance of roads and paths;
• were made spontaneous donations important - there is no law that requires or suggests - hospital and high school Bobbio, important safeguards on the mountain area of \u200b\u200bUpper Trebbia that everyone defending words, but then in a few help with the facts;
• were computerized archives and procedures of the City, saving time and money;
• was improved elementary school / middle , providing it with equipment of 'avant-garde, even in order to attract children from other municipalities and provinces (for example Brallo of Pregola in Pavia);
• was completely new and resurfaced mass and the local road towards Suzzi, recently destroyed by a terrible landslide at a cost of just € 30,000, all included!
• is under construction a storage facility for large household waste (such as washing machines and stoves), where citizens can deliver free their garbage, they can even ask to take her as is, in this case without cost!

Much more could be said, but I think that is enough to make us understand something very important: not have the money there, but the ability (and especially the desire and honesty) to administer well as the famous "good father" of the Italian Civil Code! If a municipality
high mountain without special attractions (other than the fresh air and nature) can have substantial surpluses as well, compared to not cut services, but even better, imagine the margins Public maneuver may have far more "rich" as provincial capitals, provinces, regions, and of course State !


Ah, I forgot one small detail: the aforementioned municipal administration money not found them in a chest underground, but they have recovered from a tough and merciless war against waste costs and redundant ...

Oops! ... ;-)

Lord Tojo
http://tojothelord.blogspot.com

Maybelline Colossal Vs Lashblast

The Germans and the hot water


writing always comes with at least one day late with my personal (and perhaps futile) comments on the news, but these days (a little free time) is still something that piutòst gnìnt to the E Mei piutòst we say in Piacenza!

You may have read the "resignation" - Which is equivalent , albeit in less raw, the famous gun bullet reserved for defendants during the mock trial of totalitarian regimes: the series "or you think you, or we will" - the Federal President of Germany, Horst Koehler .

What has never done wrong this man, whose power is limited even more than that of an Italian prime minister?
has "dared" to tentatively suggest that "perhaps" the Germans are with their troops in Afghanistan "and also" to protect their economic interests (which are as diverse as the flow of oil through the pipeline in Afghanistan, the maintenance good political, commercial, and then, with the U.S., etc . etc. ).

As such, this dismissal should not be surprising, since it is very well known that the high-level policy is systematically prohibited tell it like it is. But the fact, however, is another.

The algorithm behind the "early retirement" of the President is as follows: people are opposed to war, "escapes" that in war missions you actually make war, and consents goodbye reelection.
Ok, but this reasoning - let me - is a little 'dated' and no longer present , nella situazione odierna di profonda crisi economica.

Oggi siamo (noi occidentali N.d.Tojo ) messi economicamente così male, che saremmo disposti praticamente a tutto , pur di recuperare il benessere che stiamo perdendo (e che continueremo a perdere, andando avanti così): tradotto in soldoni, tutto ciò che potrebbe rimettere in moto l'economia ci sembra più apprezzabile, perché ne va del nostro posti di lavoro.

Adattato al caso particolare di Koehler, oggi viviamo un'epoca dove anche il pacifismo si è messo in cassa integrazione, soppiantato dal pragmatismo e dalla Realpolitik (parola che i tedeschi hanno inventato, but that seems to have forgotten): then stay in Afghanistan helps our economy to get better, we are much less willing to discourse on matters of principle .

Koehler in this sense has probably said something that now seems far less difficult to digest "of two years ago, except that the pattern of politically correct Germany have not yet updated ...

Lord Tojo

Maybelline Colossal Vs Lashblast

The Germans and the hot water


writing always comes with at least one day late with my personal (and perhaps futile) comments on the news, but these days (a little free time) is still something that piutòst gnìnt to the E Mei piutòst we say in Piacenza!

You may have read the "resignation" - Which is equivalent , albeit in less raw, the famous gun bullet reserved for defendants during the mock trial of totalitarian regimes: the series "or you think you, or we will" - the Federal President of Germany, Horst Koehler .

What has never done wrong this man, whose power is limited even more than that of an Italian prime minister?
has "dared" to tentatively suggest that "perhaps" the Germans are with their troops in Afghanistan "and also" to protect their economic interests (which are as diverse as the flow of oil through the pipeline in Afghanistan, the maintenance good political, commercial, and then, with the U.S., etc . etc. ).

As such, this dismissal should not be surprising, since it is very well known that the high-level policy is systematically prohibited tell it like it is. But the fact, however, is another.

The algorithm behind the "early retirement" of the President is as follows: people are opposed to war, "escapes" that in war missions you actually make war, and consents goodbye reelection.
Ok, but this reasoning - let me - is a little 'dated' and no longer present , nella situazione odierna di profonda crisi economica.

Oggi siamo (noi occidentali N.d.Tojo ) messi economicamente così male, che saremmo disposti praticamente a tutto , pur di recuperare il benessere che stiamo perdendo (e che continueremo a perdere, andando avanti così): tradotto in soldoni, tutto ciò che potrebbe rimettere in moto l'economia ci sembra più apprezzabile, perché ne va del nostro posti di lavoro.

Adattato al caso particolare di Koehler, oggi viviamo un'epoca dove anche il pacifismo si è messo in cassa integrazione, soppiantato dal pragmatismo e dalla Realpolitik (parola che i tedeschi hanno inventato, but that seems to have forgotten): then stay in Afghanistan helps our economy to get better, we are much less willing to discourse on matters of principle .

Koehler in this sense has probably said something that now seems far less difficult to digest "of two years ago, except that the pattern of politically correct Germany have not yet updated ...

Lord Tojo