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by ceebs Fri Aug 13th, 2010 at 11:53:03 AM EST
Surfaces from the Briny depths...
keep to the Fen Causeway
The economy of the 16 countries that use the euro grew by a better-than-expected 1 percent during the second quarter as growth engine Germany expanded at its fastest pace since reunification two decades ago. Thursday's quarter-on-quarter figures show the eurozone grew at its fastest rate in nearly four years -- and faster than the U.S. during the same quarter. That defied expectations from just a couple of months ago, when Europe was threatened by a severe government debt crisis. The U.S. grew by 0.6 percent during the April to June period compared to the previous quarter. The eurozone beat market forecasts for a 0.7 percent rise and topped the muted 0.2 percent growth from the first quarter. Germany, Europe's biggest economy, led the way as its economy grew by a very strong 2.2 percent in the second quarter compared to the quarter before as exporters reaped the benefits of a recovery in global demand.
Thursday's quarter-on-quarter figures show the eurozone grew at its fastest rate in nearly four years -- and faster than the U.S. during the same quarter.
That defied expectations from just a couple of months ago, when Europe was threatened by a severe government debt crisis. The U.S. grew by 0.6 percent during the April to June period compared to the previous quarter.
The eurozone beat market forecasts for a 0.7 percent rise and topped the muted 0.2 percent growth from the first quarter.
Germany, Europe's biggest economy, led the way as its economy grew by a very strong 2.2 percent in the second quarter compared to the quarter before as exporters reaped the benefits of a recovery in global demand.
But, wait for it...
Still, many economists think the second quarter will be as good as it gets for the eurozone this year.
Europe is still doomed.™
The force of gravity is 9.8 meters/second^2.
[Europe.Is.Doomed™ Alert]
My Concern Troll Concern of the Day are all the European ET members who have been reduced to eating gravel. I think those of us outside Yurup should consider establishing a formal system of relief to provide proper nourishment and, perhaps, insulted tents for the up-coming winter. She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
insulted tents
To add insult to injury? "Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
Or I misspelled "insulated."
One or the other.
Or not. She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
the secret's in the sauce. 'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
It seems a bit strange to me that the media carefully warn about and label any content that involves sex, violence or strong language -- but there's no similar labelling system for, say, sloppy journalism and other questionable content. I figured it was time to fix that, so I made some stickers. I've been putting them on copies of the free papers that I find on the London Underground. You might want to as well.
It seems a bit strange to me that the media carefully warn about and label any content that involves sex, violence or strong language -- but there's no similar labelling system for, say, sloppy journalism and other questionable content.
I figured it was time to fix that, so I made some stickers. I've been putting them on copies of the free papers that I find on the London Underground. You might want to as well.
Debate over the Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, has focused on the creation of the Consumer Financial Protection Bureau that will bring notable improvements for U.S. consumers. But the more obscure derivatives section of the law contains reforms that will help stabilize global food and energy prices-changes that will especially benefit the poorest communities around the world.
Too many people still clinging to the convenient notion that commodity prices are going up because of speculation.
True,but that doesn't mean that, in some cases, speculation can't play a significant role.
Citizen Coalition Scores Victory Against Food Speculation - By Dave Kane - CIP Americas
According to hedge fund manager Michael Masters, institutional investors (pension funds, university endowments, etc.) increased their investments in commodities futures from $13 billion in 2003 to $260 billion in March 2008... Testifying before Congress, Masters said, "In 1998, the average commodity derivatives market was about 25% speculative... By 2008, speculators comprised about 65% of [commodity markets]. Bona fide physical hedgers [farmers and businesses who actually work with physical commodities] once outnumbered speculators [people in the commodity markets just to make money off money with no interest in actually receiving the physical goods] by 3 to 1; now speculators outnumber hedgers 2 to 1. The positions of bona fide physical hedgers doubled during this ten-year period, while the positions of speculators rose by 1200%."
Testifying before Congress, Masters said, "In 1998, the average commodity derivatives market was about 25% speculative... By 2008, speculators comprised about 65% of [commodity markets]. Bona fide physical hedgers [farmers and businesses who actually work with physical commodities] once outnumbered speculators [people in the commodity markets just to make money off money with no interest in actually receiving the physical goods] by 3 to 1; now speculators outnumber hedgers 2 to 1. The positions of bona fide physical hedgers doubled during this ten-year period, while the positions of speculators rose by 1200%."
In other words, if your wheat is now selling for $3/bushel and the Future and Option pricing is saying it's worth $5/bushel in six months you either hold for the $5 spot price or forward-sell for the 5 bucks. Or, may be, hang on and hope/think the price will go to $6.
Reality will, eventually, led to some sort of "rational" prices but a clever operator can make a ton of money, just like in the recent Greek/Euro foo-foo, by betting the trend and getting out before it crashes back.
The potential for massive Third World starvation is one of those 'externalities' everybody ignores. She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
Speculators are both the cause and beneficiaries of volatility.
But I think that a very large part of what has been occurring, and is continuing to occur, in the commodity markets is the complete opposite of speculation.
The tens of billions of dollars which have flooded into commodity markets via funds such as the GSCI index fund, and the plethora of Exchange Traded Funds (ETFs) consists of money which is not in search of a transaction profit, but rather is seeking to avoid loss.
This is what happens when dollar interest rates are at the zero bound: dollars flood into anything other than dollars, and the fact that the asset class is not interest or dividend bearing is of course irrelevant.
So on one side of the market we have producers hedging, by off loading commodity risk, in favour of dollars: on the other side of the market we have 'inflation hedgers' - NOT speculators - who are offloading dollar risk in favour of commodity risk.
Note that unlike true speculators, these market participants are 'long only' and do not benefit from volatility. The liquidity they provide to markets is in fact beneficial.
The problem is that producers are able to borrow - via financial intermediaries - at zero interest rates by leasing commodities to ETFs in return for a dollar loan. They are also able to support the market price at an artificially high level, which is what producers have always done if they could, typically by stockpiling production with borrowed money.
The 1985 tin crisis is one example; also the cocoa and coffee cartels.
The most important example was the massive market manipulation of copper by Yasuo Hamanaka. On behalf of Sumitomo, he manipulated the copper market for 5 years before David Threlkeld blew the whistle and THEN for another five years until the regulators finally caught on.
The oil market price - being completely financialised - has mainly been held at or near the upper bound where 'demand destruction' sets in, after an initial lapse from $147 to $30. In my view the Saudis are now able to keep the oil price pegged against the dollar - for all the world like a Central Oil Bank - using 'financial oil leasing' techniques.
Only serious oversupply or higher interest rates can disturb this current unstable equilibrium, I think.
The natural gas market, which is not financialised in the same way as crude oil, is bouncing around the lower bound where 'production destruction' sets in, and this is why the gas price has diverged from its historic relationship with crude oil prices.
That's my thesis anyway, which I have now exposed fairly widely, and no-one has yet come up with a convincing counter-argument. "The future is already here -- it's just not very evenly distributed" William Gibson
Fight Malaria, want to Must Weaponize, tech company says Must Watch The Enemy Must Film In Action with laser lit water vapor to study flows Must show off being able to laser-zap, nay, smoke de bastads
Animal lovers, don't watch. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
Staff at Audit Commission made redundant by email without warning.....its getting brutal out there
England's public spending watchdog the Audit Commission, which employs 2,000 people, is to be scrapped. The body, which looks for savings and efficiencies in local government, has offices across the country. Staff received an email from management on Friday. A source told the BBC it came "completely out of the blue".
England's public spending watchdog the Audit Commission, which employs 2,000 people, is to be scrapped.
The body, which looks for savings and efficiencies in local government, has offices across the country.
Staff received an email from management on Friday. A source told the BBC it came "completely out of the blue".
Does anyone in the Conservative or Lib/Dem party have the average intelligence of, say, the average Chinchilla? She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
A little known fact is pere Bonk first experimented with importing Peruvian Chinchillas to Finland to replace the Baltic anchovy. Unfortunately, instead of synchronized swimming the little buggers kept trying to climb on top of each other to get out of the water, creating a hierarchy of Survival.
All was not lost, however. This was the first widely recognized example of Bottom/Up Emergent Behavior as those on top climbed those on the bottom, emerging from the briny depths of the Baltic. She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
So during a time when the government is looking to cut spending and waste they sack the government body designed to identify wasteful spending.
Obviously, this means audits are a luxury.
commissions, well they're out of style. 'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
@krishgm I assume you'll be asking if Shirley Porter's own choice of auditor would have uncovered the gerrymandering scandal AC found?
... and damn inconvenient when this is under way... Wind power
That's what you get for parboiling Izzy. She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
A special constable was jailed for 16 months today after admitting fraudulently claiming nearly £80,000 in benefits. Gina Conopo started claiming income support and housing and council tax benefit legitimately in 1999 when she and husband Simon separated, Northampton Crown Court heard. But when they got back together, the mother-of-two failed to notify authorities and carried on claiming the amounts. The court heard for a period of just over seven years, Conopo, of Grasscroft, Long Buckby, Northants, fraudulently claimed £46,321.27 in income support and £33,267.48 in council and housing tax benefit.
A special constable was jailed for 16 months today after admitting fraudulently claiming nearly £80,000 in benefits.
Gina Conopo started claiming income support and housing and council tax benefit legitimately in 1999 when she and husband Simon separated, Northampton Crown Court heard.
But when they got back together, the mother-of-two failed to notify authorities and carried on claiming the amounts.
The court heard for a period of just over seven years, Conopo, of Grasscroft, Long Buckby, Northants, fraudulently claimed £46,321.27 in income support and £33,267.48 in council and housing tax benefit.
From early 1940 to 1953, Dr. Lauretta Bender, a highly respected child neuropsychiatrist practicing at Bellevue Hospital in New York City, experimented extensively with electroshock therapy on children who had been diagnosed with "autistic schizophrenia." In all, it has been reported that Bender administered electroconvulsive therapy to at least 100 children ranging in age from three years old to 12 years, with some reports indicating the total may be twice that number. One source reports that, inclusive of Bender's work, electroconvulsive treatment was used on more than 500 children at Bellevue Hospital from 1942 to 1956, and then at Creedmoor State Hospital Children's Service from 1956 to 1969. Bender was a confident and dogmatic woman, who bristled at criticism, oftentimes refused to acknowledge reality even when it stood starkly before her. Read more...
Read more...
In 1963 I interviewed an organization that turned out to represent that lab. Another organization present at that "job fair" was the CIA. I declined both, preferring a leap into the unknown to either of those "careers". "It is not necessary to have hope in order to persevere."
A friend's mother was borderline paranoid schizophrenic, afraid there were people "out there" who were plotting to kidnap her, hold her against her will, and torture her. In order to cure this "delusion" she was forcibly removed from her home by the police under a court order, placed in a psychiatric hospital were she was under lock and key, and given a course, as it was called, of electro-shock therapy.
By the time she was released "cured" ... by that I mean she convinced the torturers doctors she didn't believe there were people "out there" who were plotting to kidnap her, hold her against her will, and torture her ... her borderline paranoia blossomed into a full raging case because her "delusion" had been completely and 100 percent validated.
Psychiatry seems to have attracted sadistic brutes combining socio-pathology, a high degree of cognitive functioning, and a 'gift of the gab.' She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
ECT "works" for any society that wishes to punish the transgressors keep to the Fen Causeway
Last year the British Library introduced a bag search at its main entrance. Readers had to form a queue and file through four searchers, two on each side, who unzipped rucksacks, felt into side pockets, lifted out items and peered beneath them. The search was justified by `ongoing security concerns', but the bag searchers never searched the bag properly, they just rifled, and at the end they zipped it up and said `that's fine, thanks', and you were free to enter the building. I always thought: what's fine? A handgun could have been easily smuggled within the folds of my swimming kit. The search seemed not to be in earnest, but instead was a search for the sake of a search, for the sake of unzipping, handling, intruding. The private individual - just any old person walking in off the street - is deemed risky, and the search an act of purification. Through opening our bags, surrendering our personal space, we are declared `fine'.
Last year the British Library introduced a bag search at its main entrance. Readers had to form a queue and file through four searchers, two on each side, who unzipped rucksacks, felt into side pockets, lifted out items and peered beneath them. The search was justified by `ongoing security concerns', but the bag searchers never searched the bag properly, they just rifled, and at the end they zipped it up and said `that's fine, thanks', and you were free to enter the building.
I always thought: what's fine? A handgun could have been easily smuggled within the folds of my swimming kit. The search seemed not to be in earnest, but instead was a search for the sake of a search, for the sake of unzipping, handling, intruding. The private individual - just any old person walking in off the street - is deemed risky, and the search an act of purification. Through opening our bags, surrendering our personal space, we are declared `fine'.
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