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Thaumantica

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Southeast United Bondage Discipline-Dominance Submission-Sadism & Masochism Coalition of Bi-curious Adults in Senior Years

As a long and hard advocate of sex dungeons, SUBDDSSMCBASY kneels in suckling solidarity beneath Andreas Ortendale, who is due to pay his yearly membership dues in the form of a firm spanking. We promise to monitor this situation oh so intently, as justice erects itself to plow down societies most willing and submissive patrons.
 
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TIMES of DANZIG
Established 1862. Dedicated to freedom of press since.


Survivalist movement battens down the hatches, runs for the hills: an inside look at the outer fringes of conspiracy theorists in Danzig (Part I)

Danzig, 05.18.2011 - "It's gonna come! You gotta prepare, man!" That's what Frank Bowsley said when we first met him outside his small but wealthy apartment building. A software engineer who quit his job at a company building and programming bond trading platforms, he's now running for the hills in anticipation of `the big one', as he says it. Mr Bowsley believes the world is coming to an end, and quite sone to be precise. He cannot give a specific date, but he believes `we're all in this together. I don't want to spend time in a city that's going to fall into panic, chaos, looting and murder. Danzig is a crowded place to be and I'm taking my family and friends to the Eiffelland countryside. There we have bought a farm and surrounding land to wait out the catastrophe." Others interviewed by Times of Danzig told they converted their life savings, even their pensions into old gold and silver thaler pieces, seed and fertilizer and are moving out of the city. Others city overpopulation, illegal immigration as a `major contributor' to their decision to leave the city behind.

"I have left my job behind, but I am not burning bridges. I won't put up my apartment for sale, I am taking necessary precautions. All signals are there: it's gonna come down and it'll come down hard." Many other citizens are saying the same, although they aren't thinking of leaving the city. The police has been acting with extreme toughness on illegal immigration, resulting in 3 deaths last Friday during a raid in Knight's Court Bridge, the centre of illegal housing, offering shelter to Hajris, Jurzanis and Vangalans. Frank Bowsley: "It's as if the city isn't even ours any longer! How often do people see a bunch of unwanted foreigners begging for money on The Baron's Way, Taft Avenue or St Tenor's-on-the-Strand? The police is doing the right thing and president Unacodego's the right man in charge, but I feel progressive elements in society want to give shelter to everybody from anywhere! We're on a small piece of this world and there are 26 million people here already! How many more do you think a city like Danzig can support? That's why I am leaving until the situation has improved. Illegal immigrants need to leave. Danzig bleibt Unser!", Bowsley exclaimed in German, the native (but rarely spoken) language of the Hanseatic City.
 
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Attack on Central Mosque `racially motivated': DA office

Danzig, 05.23.2011 - A severed head of a pig left at the entrance of the Central Mosque of Danzig was `racially motivated' according to the DA office. Attacks on muslims are getting more frequent, the Multicultural Monitor said at a press conference covering this incident and several others. The Multicultural Monitor is a NGO specialized in analysing and spreading awareness of racial issues in Danzig. Its researchers are getting more worried over the increasingly violent nature of citizens against (illegal) immigrants from Hajr, Vangala and Jurzan.

Many citizens are calling for the government, and president Unacodego in particular, to step up its actions against illegal mosques and businesses set up by illegal immigrants. Discriminatory and often racist publications aimed at immigrants are also on the increase, the report says. The government has banned the most outright racist books and newspapers, but falls short of enforcing a more rigid ban, citing freedom of speech and the constitution of Danzig. President Unacodego has vowed illegal immigrants, who make up `at least 5%' of Danzig population will be expelled from Danzig, along with their families and, if applicable, business associates.

``Those who actively aid illegal immigration are guilty by association - by default. It is clearly written in Basic Law of Danzig, we are very serious about this issue. Naturalized citizens have nothing to fear, but we can no longer stand idle and watch how illegal immigation is eroding what Danzig has been known for throughout history: a tolerant haven for political refugees, not fortune seekers from abroad.
 

Polesia

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The People's Republic of Vangala calls for greater action by the Danziger authorities to protect not only Vangalans residing in the city, but all ethnic minorities. Racism in this modern age is intolerable and needs eradicating.
 
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Northern Dollar takes nosedive in electronic trading, problems mount for single currency area

Danzig, 05.24.2011 - Bantyr's seizure of all Northern Council assets in the country has sent markets downward, raising pressure on the Northern Council to take action against the renegade country. Currency traders in Danzig anticipate the situation will worsen considerably in the short term and are selling Northern Dollars and buying into safe haven assets such as Danzig and Eiffelland treasuries and strong currencies not aligned to the Northern Council memberstates.

Cyril Trompetier, hedgefund manager of Speed to Market LLC who oversees $4.5 billion in assets, comments: ``the Northern Dollar is a political project with ineffective government. If a nation such as Bantyr, while relatively insignificant on the world stage, can throw an entire currency bloc into disarray, one must wonder about the overall stability of this political adventure.'' In a poll sent to all major hedgefunds, fundmanagers and investment banks in Danzig, 89% of respondents said that the Northern Dollar has no direction but down due to the increasingly tense nature of the trade conflict. Martin Darana, chief foreign exchange of Wass Molitor & Co., believes the Northern Dollar, at this point, is `about 25% overvalued' if one takes all threats to stability into account. ``We have tensions between Batavia and Warre over Windhoek Island, Bantyr nationalizations and political lacklustre to solve the situation.''

Markets are expected to open lower on the back of this news.
 
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The Financial Courier
''... All that matters in the world of finance ...'' Since 1792


Danzig, May 24th, 2011 - Sensitive 100 Index down 1.3% at end of trading over mounting concerns over dorthern dollar instability, ineffective political solutions to Bantyr confiscations, Bantyr's Banc continues to lose ground versus major currencies in Europe, as many fear their assets are no longer safe over there after the rash government decision to confiscate Northern Council assets. So far Bantyr markets have been closed down amid selling pressures. Bantyr government debt yields exploded and spreads widened to over 450 bps to Danzig 10 YR debt. 10 year Bantyr government notes now yield 10.98%, a dramatic rise of 560 bps in two trading days. Warning signs are starting to flash investors are fleeing Bantyr en masse, draining the country of much needed foreign exchange. Several traders commented that `Batavia, still clawing out of decades of communist dictatorship', is going to be the first domino to fall if Bantyr contagion spreads as banks are required to write down their Bantyr assets. Bantyr bonds are now changing hands at a 56% discount.

Investors have been selling stocks during Monday's and today's trading session and it appears the selling will continue tomorrow according to futures. A move into safe assets such as gold takes place at the same time, which saw a fantastic run-up during the trading session. Many investors are extremely concerned over potential several billion thaler writedowns in the Northern Council's financial world. Ambrosio d'Anticosti, FX chief at Mendelsohn's finds the northern dollar to be `extremely exposed' to what he calls `an increasing risk of a partial or full sovereign default of Bantyr. We expect the Bantyr banc to lose ground even further against virtually all major currencies out there. However, we must stress that the underlying fundamentals of Bantyr's economy won't disappear overnight. A period of rapidly rising inflation is sure to follow, but we believe that period may be shortlived. First we must get through this difficult period.'

Danzig financials also edged lower, taken in by the wave of selling across the board. Overall, financials have a fairly low exposure to Northern Council assets due to the presence of Batavia, `obviously the weakest link in the chain', according to a trader.
 
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The Financial Courier
''... All that matters in the world of finance ...'' Since 1792


Danzig, May 25th, 2011 - Debt worries rattle global markets with Danzig, Nokonawa and Lunden edging lower in another volatile trading session. While Bantyr has been front and center in terms of international attention in regards of its debt and currency woes, traders and economists are now shifting their attention towards what's being described as `the weakest link' in the Northern Council, Batavia. Batavian CDS spreads have been steadily rising when the `Bantyr Bomb' blew up, now approaching the unsustainable level of 700 bps, up 3.5% since yesterday, which translated to $700,000 to insure against $10 million of Batavian 10 year debt. Spreads continue to widen on broader concerns over the longterm viability of the northern dollar coupled with increasing rumors of a Bantyr default, which will have devastating effects on the financial health of Northern Council financial institutions and their balance sheets.

Banque Nationale de Danzig has opened its emergency liquidity facility for Danzig chartered financials in the event of a systemic collapse, which may happen if non-Danzig financial companies, with a heavy exposure to Batavian emerging markets, face a sudden withdrawal of capital or writedowns of bad debts. So far no Danzig bank or financial has tapped into the emergency window and it is expected by economists many other central banks will follow suit. Charles de Mesaverde, chief economist at Mendelsohn's comments in a telephone interview that ``news that the emergency facility has been opened up by our central bank is not the kind of news we want to hear, but it's understandable considering the extremely serious situation Batavia, and the entire Northern Council, is in.'' Other analysts say to the Financial Courier that `systemic risk has not been contained and only a concerted effort by the world's major central banks is able to turn the tide... However, it may be too late.'' Franz Declerq, BND president, declined to comment.

In a research note released by Moffat & Co., analyst Gregoire Shapiro recommended their clients to `get out of the NC economic area as fast as possible'.
 
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Ekonomiavdelningen

The Government of the States Union is also most concerned about the contagion of the Northern Debt Crisis and has instructed the Financial Stabilisation Fund to release 100Bn Kr (21Bn$) into the financial markets through Scanian banks to ensure clear liquidity to to ensure jams in capital markets do not incur in the short term. Additionally, we wish to work with other stakeholders in the region to ensure sound and prudent fiscal and monetary policies are achieved through whatever means necessary.
 
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TIMES of DANZIG
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BND president Franz Declerq asks for emergency central banker meeting in Danzig to stem `Bantyr contagion' spreading to Northern Council

Danzig, 05.28.2011 - Shortly after the announcement from Bantyr the country was defaulting entirely on ots national debt, save for several unspecified entities and all nationals, Banque Nationale de Danzig president Franz Declerq said in a short televised press statement he implores all important central bankers of the world to meet up and discuss how to stem the tide that roils markets. Mr Declerq, undiplomatically for a central banker, said that `contagion is happening. We must prevent the situation from growing entirely out of control, we must hold an emergency meeting to open up all liquidity windows for banks, pension funds and other financials, to tap into government funds to recapitalize.' What Mr Declerq didn't mention was the fact spreads on Batavian debt, the most vulnarable member of the Northern Council, continue to rise despite efforts by the Northern Council to downplay the situation. Immediately after the short press conference, Mr Declerq said he will meet with all CEOs of the ten largest banks in Danzig to discuss the situation. He called for direct loans to support Bantyr at `a most favorable rate', in order to alleviate their dire financial condition. An anonymous source familiar with the matter said: ``If we support Bantyr, the Northern Council will be supported. We must work this out before markets open Monday morning. If we cannot, then we must think even more drastic measures. Failure is not an option.''
 
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Despite war, gloom &t recession, fine art dealers report record profits

Danzig, 12.15.2011 - Fine art dealership J. P. Sohnnenschein & Co owner Robért Parrish said he expects this year to end with a bang, a record bang he thinks. ``Although there's a major war going on, investors and collectors of paintings, sculptures and other objets d'art continue to be appreciated.'' Amongst the best performers in today's market are Danzig Golden Age paintings, by the 'Grand Masters' of the Painter's Guild of the early 17th century. Other items include ancient sculptures, figurines and statuettes. Alternative collections often include fine and rare wines, an undisputed favorite of the Chateau Pieter D'Or 1962, a most rare vintage from Eiffelland. And the global rich are still prepared to pay top thaler for what they perceive as `alternative investments' outside the stock and bondmarkets.

So far, the Collective Art Dealerships Danzig (CADD), an association of ten dealers within the city neighborhood of Arc de la Culture has reported sales of up to $23 million, up 15% from last year in the third quarter. Larger firms have reported even higher profits, but the trend remains the same; roughly 20% higher profits compared to 2010.

Mr Parrish explains: ``The stockmarket doesn't perform that well right now. We're in a bearmarket and the situation won't look up for the forseeable future. That is why the rich are moving their money to classes that don't easily lose value, such as art. A company can sell a new batch of shares, dilluting the value of already existing shares. You cannot re-creature a 400 year old painting. Uptown auction houses are booming right now, despite the recession. We are reaching a global audience.'' Mr Parrish remains optimistic for 2012, but he also remains realistic. ``We cannot sit back and wait for business to generate itself. Staying ahead of the curve is the most important thing you can do. If the economy deteriorates any further, I suspect we will see our business decline.'' About market satuation? ``Not by a long shot! There's too much wealth out there, seeking a good return on investment. I am worried about too much hot money chasing after too few goods. That might be the source of a bubble, but we'll live through it.''
 
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The Financial Courier
''... All that matters in the world of finance ...'' Since 1792


Danzig, December 24th, 2011 - Hedgefund Martin Darana LLC sees `value' in Suonian bonds, but concludes `the situation remains absolutely unpredictable' as long as the war hasn't drawn to a close. Martin Darana, founder of the $48 billion hedgefund says he won't buy into Suonian bonds yet, but at current valuations the price may be `untendable' low. At this point he prefers to buy stocks on the cheap in NC economies, going against the current of doom and gloom in the northern part of Europe. `Interestingly, if you buy a currency before a war and sovereign loses, you end up with nothing. If Suonia defaults partly or entirely on its debt, it would also wipe out creditors. If this occurs, I am confident we see a rise in Suonian bond prices, yields coming down, because what's been expected is already priced in. I believe most of the Northern Council is oversold. Some NC markets are a very tempting buy right now but we must wait and see. Stocks on the other hand remain a good buy during conflicts. We are buying across the board right now in AAA rated markets. So far this strategy is paying off, but we're closing several positions before the end of the year. We're taking profits and see what the start of 2012 brings.'
 
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Banque de Danzig president Franz DeClerq: `won't return seized assets to victors in Solaren conflict'

Danzig, 12.28.2011 - Danzig banks are sitting on a lot of cash and assets from Solaren's ancien regime and shortly after the war broke out, Danzig banking oversight placed the assets in custodian accounts, meaning no withdrawls could be made on behalf of the client - the Solaren government. The total amounts to around $9.5 billion thaler, excluding art and other items stored in safety deposit boxes and vaults by wealthy Solarens. The government did not decide to seize these assets after the war started, stating `morally we are hesitant to allow the use of funds held in Danzig to finance war effort. But if Solaren citizens wish to retrieve their assets, we cannot stop them from doing so.'

In reality however, wealthy Solaren citizens requested Immigration Visas to stay in Danzig as expatriates for the duration of one year. Our investigative journalists have discovered these individuals and their families are also part of the Solaren political elite and may be wanted for warcrimes. In the Danzig Constitution of 1815, Danzig does not extradite any person currently residing within Danzig. Many wealthy persons (for the sake of their safety won't be named) are using the money they held here to build a new life. According to a source speaking on condition of anonimity, some accounts hold funds of up to `5 million thaler', and in their name are several brokerage accounts with investment portfolios worth `well into the millions'. It is inclear where this money comes from, but knowing that Solaren was first and foremost a kleptocracy and then a theocracy, human rights agencies believe these assets were stolen shortly before the war.

BnD president Franz DeClerq who appointed the custodian for Solaren government assets repeated his stance that whomever is victorious in the Solaren/Coalition war, the funds `will not be repatriated'. While he understands the difficulty of not returning Solaren government funds to occupying forces and their respective leadership, his hands are tied by the Code of Banking Secrecy. `Several contacts within the Solaren government apparatus were our regular contacts. Only they had access to their respective accounts and nobody else. If they appear in Danzig and sign a release document, then we can remove account limitations and transfer it to the new leaders of Solaren.' President of Danzig Alphonse Unacodego said he won't mediate between the warring factions and won't intervene in a `war of words' between banks and the coalition against Solaren.

In history, Danzig has played a significant role in aiding unstable regimes by managing their finances and tax money. Bantyr, a nation under attack by Frescania and Suonia, has brokered a major agreement with several Danzig banks shortly before war broke out to exchange local Bantyr currency for thalers at a favorable exchange rate for the banks involved (Mendelsohn's, Wass Molitor, Danzig Vereinsbank) and placed these funds into so called `black pools'; closed accounts for bank-to-bank stock trading. Black pools are outside BnD oversight and it is unclear how much Bantyr money is managed there. Freedom of Information Acts from Times of Danzig and The Financial Courier have yieled zero results so far and it is likely these cases will go to court if banks continue their refusal to cooperate to release the information on Bantyr's financial holdings in Danzig.
 
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President Unacodego delivers the traditional New Year's Speech, full transcript below

Citizens of Danzig, I greet you on this first day of a new year. This year marks 200 years of independent Danzig, a most joyous event that will be the reason for several grand celebrations in the city. However, a very turbulent year lies behind us, but a promising future ahead of us. I start on a sad note, war continues to the west of us but only affects our economy; not our society.

These difficult times require all citizens to do their best to bring about a better living for all of us, we must never shed our capitalist roots for the snake oil and political fakery of `spend now, tax later'. Recently we have seen the disconcerting resurgence of radicalism. Several people, students being the most vocal in their pleas, demanding "change". For them change may be a good thing, for the rest of us, it will be nothing more than `one man's utopia is another man's nightmare'. I am not afraid to call this beast by its name: socialism, and its wretched offspring. We are a proud, conservative nation that honors its heritage by being a bastion against the waves of progressiveness. Ever since independence from the Holy German Empire in 1812 Danzig has never let go of its original aims and goals, its success stands tall over all other financial centers around the world. As long as Danzig remains independent, the venom of socialism will never fly its blood soaked banner over our fair city.

We are a nation where the majority, a democratic majority, makes the decisions. Protests and rampant civil disobedience only damage our free society. I readily admit that we are living through times that are only comparable to the darkest days of the Years of Tragedy in the 1920s but nothing lasts forever. We are currently in a serious recession but we are seeing green pastures coming spring. I am fairly pleased to announce that the situation is looking up and I commend all citizens of this fine citystate who do their best to lift us out of this difficult economic situation. My heartfelt thanks for your efforts. I wish every citizen the best in commerce, love and friendship.
 
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The Financial Courier
''... All that matters in the world of finance ...'' Since 1792

Danzig, January 5th, 2012 - HEADLINES

» PMI numbers show growth for Western Europe, Danzig Statistical Office survey finds. December 2011 numbers confirm the positive trend starting in September. Numbers came in higher than expected at 54.2, indicating growth - albeit sluggish. Economists at Banque AXIS comment that `while PMI is clearly in an upward trend, we musn't forget that we're still in an economic storm. There's plenty of uncertainty left in the market.' Economic outlook on the while remains neutral but may change given the volatile geopolitical landscape, analysts say.

» Credit rating agency Springer Investor Services LLC reaffirms its positive credit outlook FY 2012 for Franken, Breotonia, Engellex and Danmark while Wiese `faces downgrade' on grounds of `excessive government spending, reluctance to liberalize its key industries' as well as `structural hidden deficits' to fund its `outlandish large armed forces'. Other countries that will be placed on Credit Watch: Negative are Europaland (citing `an inefficient government social safety network'), Talemantine Empire (devastating effects of the war scars government ability to raise capital) and finally Suonia (basically defaulted on its debt by inflation).

» Danzig banks are expected to post higher than expected earnings for Q4 2011 and will beat expectations FY 2011 despite the difficult environment for banking. Although Danzig banks remain of the most profitable in the world, analysts say these profits are probably one-off, citing improved M&A activity and increased brokerage fees for hedgefunds and pensionfunds. `We're moving into 2012 with a lot of bad news. The PMI numbers are upbeat, but we cannot hang onto a single set of numbers. The while macro picture must improve significantly if we want to raise our outlook', an analyst at Mendelsohn's Asset Management said.
 
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We condemn Springer Investor Services for this fraudulent rating which is nothing other than a malicious capitalist attempt to discredit our successful libertarian socialist economy. No welfare system (Europaland's included) can be completely free of certain inefficiencies and we take pride of the extent to which we, unlike certain other European states, put the well-being of our citizens first. However any economic burden posed as a result of our welfare system is relatively small when the resulting benefits are also taken into account. There is no reason to believe that Europaland shall, at any time in the immediate future, be unable to honour its obligations financially.

Ida Jakobsen,
Finance Minister of Europaland
 
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Reichsministerium des Auswärtigen
Imperial Ministry for Foreign Affairs

"On behalf of His Majesty's Council of Ministers I am obliged to express the disappointment and reluctance of the Wieser Empire on the continued trends Danzig displays amidst the international chaos around the globe. Springer Investor Services and other such Danzig-hosted groups continue to demonstrate the political alignment finance has taken since the outbreak of this new Great War, during which even neutral powers are obliged to retain a strategic or conventional deterrent to ensure that their interests are respected and they are as unharmed as possible from this crisis.

"The political leanings of many financial groups in Danzig being more and more apparent, the Wieser Empire is hereby obliged to place the Springer Investor Services and potentially the Free City of Danzig under review and pending consideration before the Germanian League. The continued propaganda, spurred forth with the assistance of unverified claims presented by the Danziger firm as 'facts' are seriously damaging for the Free City's neutral reputation. We hereby recommend that Danzig's government seriously considers the position its foreign-dependent Danzig-based firms take in public.

"Last, but not least, I would like to reassure the international community of our continued commitment to peace, and the stability offered by our armed forces. Foreign powers may deem them 'outlandishly excessive' but it has been displayed that this is clearly not the case, especially after last September's unprovoked military attacks on Imperial territory, and the continued engagement of several of our neighbours and near-neighbours in conflicts in the near and distant vicinity of the Empire. While unfortunate, our mobilisation is a necessary measure to provide a conventional deterrent against all action possibly taken against Wiese or its domestic and foreign assets within its territory.

"With these in mind we stand by our decision to put Springer Investor Services under review and recommend that independent investors double-check their facts before making investments. With all the potentially fake claims of several governments as of late, including those in the close vicinity of the Solaren conflict, it is uncertain which advice holds true and which is maliciously intended to further assist the destruction of what order remains in our world amidst this second Great War."

Regards,
Heinrich Maximilian
Graf von und zu Babelfisch
Imperial Minister for Foreign Affairs
 

Jydsken-Østveg

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"The Krona is strong and Suionia remains the strongest economy in the North. Suionian debts have been slim for over 20 years, and one year of increased bonds with a moderately healthy currency surely does not institute a status of panic nor a negative outlook. Clearly, the absence of a year has placed Springer Investor Services in a state of irrelevance. It would help if they actually knew the economic conditions of a nation I'd expect." - Random Minister in Suionian Cabinet
 
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Danzig Board of Commerce

``While we understand the difficulties Wiese is having with a potential ratings downgrade by an independent agency (Springer Investor Services LLC is not listed on any stock exchange), we would like to point out the following:

i) the Governor and Company of the Free and Hanseatic City of Danzig cannot be held responsible for reports and analysis by companies which are not an integral part of our government or belong to the Government Sponsored Enterprise category. Neither is the case here, complaints must be addressed directly to Springer Investor Sevices LLC. In short, Springer Investor Services LLC is solely responsible for the truthfulness of their credit ratings.

ii) The independence and neutrality of our financial sector goes as far as their Terms of Service permit. We have no say in, nor are we prepared to have, any influence on a contract between a financial firm and their clients and third parties. Unless a contract or a ToS is in direct violation of Danzig Common Law then we shall investigate the case. No report on Wiese exists as of yetthis is a projection of what may happen in the future unless certain issues are addressed, in Springer's opinion.

iii) If Wiese feels the report - which has not even been published yet - is so far off base and is possibly slandarous in nature, we advise Wiese to take this case to a Danzig court. However, we must add that the credit rating agency in question has said, quote: "(...) Wiese `faces downgrade' on grounds of `excessive government spending, reluctance to liberalize its key industries' as well as `structural hidden deficits' to fund its `outlandish large armed forces'." (...) Wiese faces (emphasis) downgrade, nothing has happened yet.

Basically, the reaction by Wiese is premature and unless Springer actually issues a report in the course of 2012 on the public finances of Wiese, and if the report is blatantly false (or heavily influenced by politics - not likely), if it contains egregious errors on the public finances of Wiese, if the ToS and/or contract(s) between Springer and clients/third parties contain clauses that are in direct violation of Danzig Common Law, then we shall investigate. Until then, there is nothing for us to do.''
 

Touzen

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Ministry of Revolutionary Defense and Foreign Affairs
_________________________________________________________
"Servants to Citizens!"
Nokanawa 5 January, 63


On behalf of the Touzen government, I recommend the Danzig Board of Commerce for its staunch rejection of state interference in the private affairs of its citizens. Freedom of enterprise is the foundation of all free societies created by free men, toiling everyday in the pursuit of happiness and personal advance. It is not the role of the government to enforce business policies or influence private enterprise in the consideration of diplomatic pursuits. I encourage the Danzig Board of Commerce to continue defending the freedom of Danzig citizens without regarding the concerns of anyone but the people.

Forever Free,
Arakaki Kenji
Minister of Revolutionary Defense and Foreign Affairs
 
D

Danmark

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Dansk Finansministeriet

We welcome the announcement of the validation of Springer, alongside other international ratings agencies, for the confidence in Danish economic policy. As is well known to investors and economic analysts, Danmark is actively pursuing a plan that is intended to boost the economy after several years of stagnation and low consumer confidence. Our own analysis indicates that the Danish economy is emerging into a territory of increasing growth, albeit on a steady pace, increased demand for Danish goods and services, and a bolstering of consumer confidence. We are actively working on pursuing this strategy and building on the positive results that our plan is generating.
 
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