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Fernando Miguel
Lives in London
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Fernando Miguel

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would love to fill my NAS with these babies 
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Brit boffins' test of 14 prominent privacy tunnels finds leaks galore thanks to IPv6 mess
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oops
Hacking Team, a company that helps police hack citizens, has been hacked itself. In a series of tweets from the company’s compromised Twitter account, the unknown hackers appear to have revealed...
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Enjoying a Sunday morning at Saint Catherine's docks, London Bridge 
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It was going to happen sooner or later! I wish the site completely shuts down unless they stop licking Apple's boots and learn how to do objective and unbiased journalism. +Artem Russakovskii​
From the very start, community has been at the heart of The Verge — we are unique among almost every major media brand of our size in having a vocal, engaged audience that cares deeply about what...
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If you are the paranoid type (and no reason not to be), having 2fa on your disk decryption can be a good thing 
The Evil Maid attack has been discussed for some time - in short, it's the idea that most security mechanisms on your laptop can be subverted if an attacker is able to gain physical access to your system (for instance, by pretending to be the maid in a hotel). Most disk encryption systems will ...
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Huh, TPM +TOTP. Nice. Still, I'd like to use the Yubikey I've already got around my neck.
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You have my attention #lifeblogging
 
So small. So stoked. Say hello to HERO4 Session.

Learn more: http://g.gopro.com/hero4-session
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Irresponsible or unavoidable borrowing?

Growing up in Europe, I didn't pay much attention to the construction of the Euro, and whatever little I remember has nothing to do with the economics of it. Now, older, having lived in the US for a while, with a Greek wife, I'm looking at the way the Euro is unraveling and I've been using the opportunity to try to figure out how it works (or, rather, why it doesn't).

The core mechanism that allows multiple states to share the same currency is pretty simple: since the weaker states can't devalue their currency to compensate for their trade deficit with the stronger ones, money has to flow from the stronger economies to the weaker ones in order to maintain the balance.

We see that in the US: as measured in GDP per capita, there's about a 2:1 ratio between the strongest states and the weakest ones. To compensate for that, a lot of money flows between states, through the federal government. Most taxes in the US are federal taxes, i.e. about 75%, and the federal government doesn't necessarily spend the money it collects in the exact states where it collects them. As an example, every year about 130 billion dollars paid by California in federal taxes don't make it back into California. Texas and New York are the two other states that have a negative balance of more than 100 billion each. For those 3 states, that outflow on money represents 5.7%, 7.2% and 7.4% of their respective GDPs. California is literally sending money to other states so that those states can buy California stuff. The same is true for Texas, New York, and about 20 of the 50 states that are sending money to the other 30.

Looking back in history, the Marshall Plan followed a somewhat similar logic: the US sent aid to Europe, to allow Europeans to buy US goods, which was both a stabilizing mechanism for European currencies that otherwise were in a devaluation spiral, and an outlet for the huge US industrial production. For reference, the Marshall Plan amounted to 120 billion dollars (in today's dollars) over 4 years, which is tiny compared to the amount of money that the federal government now redistributes across state lines.

We can compare that to the situation in the Eurozone/EU, where the GDP per capita varies by a factor of about 2.3:1. Germany's balance in the EU budget is negative by less than 9 billion Euros. France's and Italy's follow at approximately 6.5 billion and 6 billion. Germany's 9 billion Euros is tiny compared to California's 130 billion dollars, especially since Germany's GDP is 60% larger than that of California. Since the US and EU economies have approximately the same size, that's a reasonably apples-to-apples comparison. The biggest negative balance that a Eurozone country has with the EU is about 0.41% of its GDP. The biggest positive balance is 1.3%. Within the US, only 4 states out of 50 fall within that range.

That's the problem right there: Germany is not flowing enough money out to other Eurozone countries to compensate for its own very strong economy. That's true of other rich European countries as well, e.g. Netherlands, Austria, France.

From the Greek point of view, the only way to get that money to flow in order to maintain balance had been for the government to borrow. That wasn't irresponsible borrowing. That was mechanical, predictable. Greece's poor historical discipline around government finances only accelerated an unavoidable process, but it's not a root cause.

In fact, predictably, pushing Greece into austerity made things worse, much worse: with the root cause being Greece's relatively weak economy compared to the rest of the Eurozone, an austerity approach can only put Greece in a position where it needs even more money to flow in in order to maintain balance.

Even if we assume that all of Greece's debts get somehow forgiven with no further constraints and that Greece manages to run a balanced government budget, it would still be in an unsustainable position in the current Eurozone as its weaker economy would force additional money to flow in. Unless the Eurozone very significantly increases the amount of money that it redistributes across borders, Greece should get out of the Euro at the first opportunity, i.e. literally Monday morning, July 6.

Worse, with Greece out, it's only a matter of time for another weak country to find itself in the same position: that might be Portugal, Spain, Italy, or if Bulgaria, Romania or even Hungary join quickly enough that might go through that same death spiral quickly enough to see the Eurozone as a revolving door, with barely enough time to come in before being back out.

Once that first batch of weak countries is out, there'll always be more that'll be at the bottom of the scale and will find themselves in the same position. France is comfortably in the middle of the pack within Europe today, but attrition will eventually push it toward the bottom, and France having to leave the Euro is a true nightmare scenario for everyone.

In order for the Eurozone to survive, its rich members will need to send a lot more money to the poorer ones: the rich ones literally can't continue reaping benefits from a currency based on the European average without sharing those benefits with the poorer ones that bring that European average down. Otherwise, the Euro will consume country after country until it hits a country that is literally too big to fail.
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+Jorge Teixeira​ porra :-$ 
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Um luxo, esse gajo e o Peter Sagan dominam as artes em bicicletas de estrada. 
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What I didn't mention in the review: you need to make sure this camera sees your face in time to say "oh, Chris doesn't want to be recorded" when you sneak into the kitchen naked to get a snack in the middle of the night.

#notpleasantviewing #smarthome 
If a smart home is truly smart, it should know who’s inside it. That’s the argument Netatmo makes with its new Welcome camera, promising Dropcam-style streaming
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Fernando's Collections
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Tagline
Taking food sharing on Google+ to a whole different level.
Introduction
Blond Geek smiling at life, always Carpe Diem, followed closely by Murphy

I'm an appassionato for technology and knowledge sharing.
I'm part of several Open Source projects and Open Data communities.
I have a passion for Nature and the Human Body and Mind. I also do photography.
Bragging rights
I've jumped 8000 meters from a perfectly working plane
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Map of the places this user has livedMap of the places this user has livedMap of the places this user has lived
Currently
London
Previously
Porto