Montag, 31. Januar 2011

Yanomama in motion


The Ocelot (Felis pardalis) is a small cat from Central and South America.
The name "ocelot" comes from the Mexican Aztec word "tlalocelot" meaning field tiger.

Source: http://microcosmic.blogspot.com/2007/08/yanomama-in-motion.html

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My book is OUT!!

I got excited and found some free time today to finish up the book! The issues with the cover that I had before are all fixed, yay! You can take a look at the order page and preview on lulu.com here.

My digital camera is being cranky (I'm kinda worried...), so I don't have photos of the book, but I did take this snazzy new video of it:

Source: http://howtomakeart.blogspot.com/2010/05/my-book-is-out.html

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What is a good gift for an artist?

Here is my first attempt at answering some of your art questions! More to come soon. Thanks for the comments and questions; please keep them coming! :)

I guess it would depend on what mediums your friend worked with, but if they do any kind of painting, an artist can never have too many paintbrushes, especially ones for detailed work. Don't get the cheapest paintbrushes at the store, and stay far away from the most expensive ones, lol... I would say $3-5 per brush would be your best bet - not too cheap and not too pricey.

(Above is a photo of a painting in progress with some of my favorite brushes. Ooh, I need to work on that ear!)

Resource books are always great too... or gift cards to online art supply stores for sure! What other ideas does everyone have?

Source: http://howtomakeart.blogspot.com/2010/05/what-is-good-gift-for-artist.html

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A Sunday afternoon


Ebenezer Covered Bridge at Mingo Creek County Park, Nottingham Township, Pa. (Scott Beveridge photo)


By Lorys Crisafulli

Mingo Indians? Mingo Creek? Mingo Park?

Each of these terms brings back different memories to me, but Mingo Creek means the most.

As a child in the 1930s Mingo Creek was the destination my dad chose to unload a 1933 Chevy full of kids so they could play in the "crick." One wide spot in the creek was near Ebenezer Covered Bridge in Nottingham Township, Pa.

It was deeper and more interesting than it is now, and that was our goal.


We could sit on a stone ledge and the water would flow over us. It was probably only one foot high, but sitting on that ledge and feeling the water was so great that we had to take turns.


The pool of water was large enough to float a couple of kids in an inner tube. Of course in those days tires on cars had inner tubes. We took the tubes out of tires, pumped them up with a hand pump and voila! - a child or grownup could fit in the middle with head, shoulder and arms above water with feet and legs dangling below. What heaven! 


Sometimes other families would come along - and yes - with food. A picnic. Myrtle Caldwell, my best friend's mother, always brought the best homemade pies, cakes and even cupcakes. My mother always had fresh baked buns. (We never had Town Talk Bread or store-bought rolls. Her ham that she had baked the day before was to die for.

Dad always sharpened the butcher knife with a long stone called a "honer." He would slice the ham so thin you could almost see through it. Mom piled each bun high with ham, wrapped it in waxed paper and put it in a basket lined with a fresh tea towel. We also had water in half gallon milk jugs. That was our picnic.

We were never allowed to go in the water after eating because "WE WOULD DROWN TO DEATH." Instead, we explored.


In those days Mingo Creek County Park was just several farms.


Mr. Barr had told my dad we could use that part of the creek anytime - just avoid the animals.


Of course there was no parking lot, only a huge swamp with cattails and frogs.


We loved it. We also collected "minnies" (minnows) in jars and the crayfish that snapped at our toes.


The best sport was skipping stones across the water.

We spent a lot of time looking for the perfect flat skipping stones. We also hunted round, white stones, which were considered to be lucky stones.  We would carry them in our pockets for days. They were small, maybe a half inch wide at most, and probably took centuries to get that way. Lucky us. 


If we had a big picnic it included relatives from Hazelwood and Bridgeville. We would have ball games in the big sheep pasture, using "roundies" or dried sheep droppings for bases. Aunt Molly always made sure she took home Uncle Ray's handkerchiefs full of that sheep manure to fertilize her house plants.


This was the era of the Great Depression.

Even into the 1960s and 1970s it was still a rustic area that was ideal place for a child to spend an afternoon with grandma and pap. We - my parents and son Dan - would excitedly put together a picnic basket and head for Mingo.


Pap and Dan would look for stones and minnows, toss a ball and wade across the creek. After an hour or two we would head home - a 15 minute drive - for an afternoon nap while I thought about the chores I should have done.


Now Mingo Park with its rest rooms, picnic tables and bike trails is as restorative and delightful as it ever was, even though the frogs and cattails are gone. 


It is still the best place to spend a Sunday afternoon.

Lorys CrisafullLorys Crisafulli is an entrepreneur and retired schoolteacher from Monongahela, Pa. She is known around the globe as Miss January, producer of a 2008 calendar featuring older women posing semi-nude for portraits to raise money for charity.

Source: http://scottbeveridge.blogspot.com/2011/01/sunday-afternoon.html

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Network maps

LinkedIn InMaps Reveals your Professional Network “Each color corresponds to a different group within the professional network, which can be labeled by the user. The graph should allow users to recognize connections that share mutual people, or indentify areas that might be underrepresented.” information aesthetics

Source: http://www.richardbanks.com/trends/?p=14745

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Sisters



Ambrotype in half case, two sisters in matching dresses!

Source: http://howtomakeart.blogspot.com/2011/01/sisters.html

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She may look sad, but I am super happy today - ha!



Today was: sleeping in an hour later than normal, getting paid to spray paint things at work, seeing my puppy at lunch, going to art supply stores for my boss, getting out of work early, dinner with a fun friend where we split the BIGGEST DESSERT I?VE EVER SEEN, and now another friend is on their way over to my place, where I have lotsa wine and art supplies?

Source: http://howtomakeart.blogspot.com/2011/01/she-may-look-sad-but-i-am-super-happy.html

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This happened to all of us



Much of the rhetoric from the far left seems every bit as heartless and ridiculous as that from the far right since the tragic events Saturday in Tucson, Ariz.

Hopefully, if nothing else, the shootings there will edge political discussions toward the center and inspire America's leaders to focus on progress rather than discord.



Source: http://scottbeveridge.blogspot.com/2011/01/hoping-for-progress.html

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Sisters



Ambrotype in half case, two sisters in matching dresses!

Source: http://howtomakeart.blogspot.com/2011/01/sisters.html

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EBW Spring Swap-Tale of Procrastination and Regret !





A couple months ago, an idea for a swap of beadwoven creations among members of the Etsy Beadweavers started to be tossed around. 12 members signed on and then the beading began. I received Laura Zeiner's name. I didn't know Laura, but she listed her preferences and said her favorite colors were earth tones...wouldn't you know, most of the bead colors in my stash are bright "jewel" tones like magenta, purple, royal blue...alot of black, gold and silver beads too. I had to search the stash for a few muted colors and thought about trying out a new beadweaving technique. I was curious about the spiral peyote stitch I had recently seen in Bead and Button and thought about creating a bracelet for her. I poured out the beads, got settled and time after time, got lost in the pattern and found myself ripping and restarting. For some reason, I couldn't wrap my brain around the directions, or the pattern just didn't present itself in the beadwork as I went. Oh, well, back to the drawing board.

After having procrastinated long enough on even starting the project, I found myself up against the deadline and feeling guilty. I tried a couple more designs, but they weren't interesting enough or shaping up properly. I had some round agate slices and one of them was in muted brown shades. I started beading around it in peyote stitch, switching bead sizes, but the edges were too wavy...more ripping ensued. Finally, the piece began to shape up, but I needed to finish and get it in the mail. I slipped it on a silver neck cable and packed it up to send, regretting that it was just a mere shadow of the project I had in mind initially. Fortunately, Laura wrote that it was beautiful and she loved it. Whew ! I hope she's not just being nice ! Please visit Laura's blog: Stick Lizard Designs and make sure to follow the link to her Etsy shop.

Today I received the swap item that was made for me by Hadass and was thrilled that she used my favorite color, magenta and that it fit perfectly. She added pearls which I never use, so I'm pleased to have some to wear. Please visit her blog: Spring Colors and make sure to check out her Etsy shop.

Thanks to Christine of Christine's Beadworks for keeping us all in the loop ! Please stop by her blog and see the beautiful mosaic of all the beadwoven creations made for the swap.

Source: http://ambrosianbeads.blogspot.com/2010/04/ebw-spring-swap-tale-of-procrastination.html

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Jumping in with Both Feet



Remember that big dream that I was hoping would come true in the last post? Well, it looks like it IS going to come true after all - hooray!!

I am very excited to tell you that I will be taking a workshop with my #1 favorite artist/author, Sabrina Ward Harrison, this May in Prince Edward Island! I can't wait!! Just a few days ago, I was making my Mondo Beyondo list, and one of the items was, "Take a Class with/Meet Sabrina Ward Harrison." Two days later, I was browsing through my Google Reader, and I saw a post from Papaya's blog that talked about an upcoming workshop Sabrina is teaching! I thought, "This was meant to be," and I decided to jump in with both feet and sign up right away.

I think I first found Sabrina's books when I was a senior in high school. At that time, Spilling Open was the only one out, and I don't remember how I stumbled upon it, but once I saw it, I knew it would be an instant favorite. Sabrina's art and honest deep-down-digging writing was unlike anything I'd ever seen in print form, and it was super inspiring. It also made my own art journals feel a little more validated, making them more of a priority in my life. I eagerly awaited the publications of her next three books, loving each one of them very much. I am so excited to be taking a class with her and can't wait to share photos and stories with you about the trip... May can't come soon enough!!

I feel like I have been doing a lot of this "jumping in with two feet" thing lately. At the beginning of the new year, one of my goals was to focus more on my art and my Etsy shop, so I decided to take two days off of work a week to work on those goals. To be honest, right now it is not paying off financially, but I hope that with time and with persistence, I will find that I made the right choice. If not, I can always go back to full time at work, but I hope it doesn't come to that. The good thing is, I am SO much more happy now that I am working at my day job less, and that has to be worth something even if the Etsy sales aren't quite there yet.

Speaking of Etsy, I will be posting new goodies throughout the day today, so be sure to take a peek at the shop... lots of new clothes, including the buffalo t-shirt below:

Source: http://howtomakeart.blogspot.com/2011/01/jumping-in-with-both-feet.html

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Elizabeth Olsen Steals Sundance

elizabeth olsen sundanceElizabeth Olsen, sister of twins Mary-Kate and Ashley, emerged as the 'it' girl of this year's Sundance Film Festival. After debuting two films at the festival, the 21-year-old showed that she's more than just the younger sister of celebrities.

Olsen is, however, close with her sisters, who named their clothing line Elizabeth and James after their siblings.

Sundance films 'Silent House' and 'Martha Marcy May Marlene' are just Olsen's second and third films, respectively, but she's already earned rave reviews and slated to co-star with Robert De Niro next.

The NYU student answered questions about her famous sisters at Sundance but emerged as an actress compared to Maggie Gyllenhaal and Vera Farmiga.

Top Searched Elizabeth Olsen Questions:
1. What films did Elizabeth Olsen promote at Sundance?
2. Is Elizabeth Olsen younger than Mary-Kate and Ashley?
3. What nickname does Elizabeth Olsen go by?
4. Is a fashion line named for Elizabeth Olsen?
5. Which actress has Elizabeth Olsen been compared to?
6. What movie is Elizabeth Olsen doing with Robert De Niro?
7. How many Olsen siblings are there?
8. What music video featured Elizabeth Olsen?
9. What acting school did Elizabeth Olsen attend?
10. What is the Elizabeth Olsen movie 'Silent House' about?
11. Which videos guest-starred Elizabeth Olsen?
12. What movie was Elizabeth Olsen's first?
13. How does Elizabeth Olsen avoid the celebrity spotlight?
14. What did Mary-Kate and Ashley teach sister Elizabeth Olsen?
15. What is the Elizabeth Olsen film 'Martha Marcy May Marlene' about?

Will Elizabeth Olsen escape her sisters' shadows?

For more on today's hottest stories, check out our top searched list. Also check out AOL News Search for breaking news around the world. What other big stories happened today? Let us know! Come back for tomorrow's Hot Searches and follow us on Twitter and Facebook for daily updates.

Related Questions: What is the Olsen twins' combined net worth? | Who is older: Ashley or Mary-Kate Olsen? | Why was Mary-Kate Olsen in rehab?

 

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Source: http://hot.aol.com/2011/01/24/elizabeth-olsen-steals-sundance/

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Sonntag, 30. Januar 2011

Crochet time: a "shoulderette" to make


shoulderette, originally uploaded by drewzel.


I might have to re-scan the picture as it hasn't come out very well, it's a rather lovely crocheted shrug. If you click on "original" on the Flickr page, the instructions are clear and easy to read.

Source: http://stitchybritches.blogspot.com/2008/08/crochet-time-to-make.html

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Best movie picks

Jeff Bridges and Hailee Steinfield in "True Grit."  (Lorey Sebastian/Paramount Pictures)

It would appear that my selections for the five best 2010 movies involved directors who put an incredible new spin on tried and true storylines.

1. "True Grit"

Call me a sucker for a good Western adventure film. Consider me an even bigger fan of the Coen brothers. Ethan and Joel Coen have veered away from producing cutting-edge movies to give their audience a look at how they can deliver a traditional story as good or better than what has been typical of Hollywood. The brilliant camera angles in this adaption of the 1968 novel of the same name by Charles Portis, combined with a quirky and tender script, were so spellbinding that it's easy to forget in the dark this movie has been done before starring John Wayne. Fresh off of his starring role in 2009's praised "Crazy Heart" Jeff Bridges has once again proven he could embody the character of a washed up drunk in his role as Rooster Cogburn, the federal marshal a young girl hired to avenge the murder of her father. Matt Damon delivered a great performance, too, and was nearly unrecognizable as a bumbling Texas bounty hunter. Actress Hailee Steinfield should get an Oscar nomination for having pulled off so convincingly the 14-year-old character of Mattie Ross, who accompanied Cogburn on the quest to capture or slay her father's killer. This movie became a classic out of the gate.

2.  "Winter's Bone"


Director Debra Granik delivered this story about hillbillies so convincingly that I walked away from this bizarre movie thinking she must have grown up poor and in the same Appalachian hills that encircle my hometown in southwestern Pennsylvania. It wasn't until several minutes into the movie that I realized lead actress Jennifer Lawrence in her role as Ree Dolly was playing the older sister of two young children searching for their father rather than the child bride of a much-old redneck who had walked out of their lives. This movie delivered a startling new twist on the traditional story of a damsel in distress faced with losing her homestead to a local sheriff armed a foreclosure notice. Dolly came up in a culture of violent people in the Ozarks, bullies and killers who operated crystal meth labs, and her hero didn't wear white clothes and ride into her life on a white horse. No. Those folks solved their problems with whispers and retaliation.


3. "Black Swan"


This movie has been showing up on every best movie list leading into the Jan. 25 Oscar nominations. It showed up here because of its raw creativity. Director Darren Aronofsky certainly put a wicked, new spin on a star being born, or better yet, having gone through one of the strangest metamorphosis every recorded on film. Natalie Portman starred as Nina Sayers, a crazy good-girl ballerina with what appeared to have been a Morgellons itch while out to prove to her director she could become the blackest swan ever on stage. This movie left me spinning as if somehow I had been on same stage with her as she developed those tragic dark feathers.


4. "The Girl with the Dragon Tattoo"


Actress Noomi Rapace delivered an incredible performance as a young, bisexual Goth computer hacker with just the right talents to help an older disgraced male journalist solve the 40-year disappearance or murder of the beloved niece of a filthy rich dude. This thriller involving a serial killer who might even creep out Hannibal Lecter was based on the best-selling novel by Stieg Larsson. It spawned a movie with a seemingly never ending number of twists and turns that somehow were stitched together cohesively by director Niels Arden Opley.

5. "Alice in Wonderland"


Actress Helena Bonham Carter, if you could imagine, upstaged the outrageous Johnny Depp in this story of a grown up Alice who returned to Wonderland to save it from the evil grips of the Red Queen. Bonham - as that royal highness without a heart and an over-sized forehead - rested her feet on a pig and stole Tweedledee and Tweedledum in a story for all audiences. Hey. I am not one who made a habit of going to see children's movies, but this one by Director Tim Burton really was truly magical.


Honorable mentions:


Everyone has been raving about "The Social Network," which exposed the story that made Facebook founder Mark Zuckerberg a billionaire. I, too, loved the movie, and have enjoyed an off-and-on love affair with Zuckerberg's social networking website. "I Love You Phillip Morris" - the late-bloomer starring Jim Carrey - also stood out in the pack of movies released last year. Carrey portrayed Steven Russell in a unbelievably true story about a guy who decided to tell the truth to his wife that he was gay after surviving a terrible car crash. It seemed that was the only time the guy ever told the truth in his life.

Every great story typically has involved main characters who were still likable despite their shortcomings. That's why these two movies didn't make the list, above. It's nearly impossible to walk away from a theater liking Zuckerberg in a movie that depicted him screwing over his friends to make money. Meanwhile, Russell ended up serving life in prison for being a liar, scam-artist and thief who simply hurt too many people who loved him. That character was just too incorrigible to like even a little bit.

Source: http://scottbeveridge.blogspot.com/2011/01/best-movie-picks.html

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Stitch-a-long #3


summer SAL, originally uploaded by stitchinwitch3.

So much stitching goodness! Click on the photo for a closer look. And I shamefully admit I haven't even started yet.

Source: http://stitchybritches.blogspot.com/2008/07/stitch-long-3.html

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Merle Hazard on the European Sovereign Debt Crisis, Lyrics on Spain

I just received an email from songwriter "Merle Hazard" on the European Sovereign Debt Crisis. Merle writes ...
Hi Mish

My alter-ego, Merle Hazard, is doing a song series this week on the Euro zone crisis. This is for Paul Solman's Making Sen$e page at the PBS NewsHour web site.

The first song, on Spain, is out today. It's the shortest, by a wide margin, in this week's series. It's really just an appetizer to get people started. More songs to follow daily, four new ones in all.

Note that we're having a contest for viewer lyrics, which he talks about. We're very interested in seeing what the blogosphere can send back to us. Maybe you'd like to write a lyric yourself?

Anyway, Merle will record the winning entry.

All best,
Merle
Click on the above link to submit lyrics.

Here is a YouTube version of the same Spanish Song, as an alternate way to play it in case the PBS site is too slow.



YouTube URL: http://www.youtube.com/watch?v=XoQKDgyAbtk

This is a very short song. I expect the rest to be longer and better.

I submitted lyrics from my post "Imagine There's No T-Bonds - It's Easy If You Try"

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


Source: http://feedproxy.google.com/~r/MishsGlobalEconomicTrendAnalysis/~3/ECOWlwjsM4s/merle-hazard-on-european-sovereign-debt.html

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Not technically vintage


...but I've been enjoying this site for more stitch inspiration and patterns. Very cute!

Source: http://stitchybritches.blogspot.com/2008/06/not-technically-vintage.html

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Cold Roses


cold roses, originally uploaded by howtouseart.

acrylic, gesso, charcoal, and pastel
10" x 13"

I wanna make paintings like this all day instead of going to a job...one day I hope that will be my life. What do you hope for?

Source: http://howtomakeart.blogspot.com/2010/05/cold-roses.html

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The village of Webster before steel killed its dreams


WEBSTER, Pa. ? Few people in my hometown of Webster, Pa., could relate to stories told by local old timers about their memories of the village when it was beautiful before America's Industrial Revolution turned it into an environmental disaster zone.

Well the photograph, above, recently discovered at the nearby Donora Historical Society has finally vindicated those folks who remembered the small southwestern Pennsylvania village along the Monongahela River in its heyday. Their memories were drawn from an era predating the strength of US Steel, which, in 1901, expanded a sprawling steel mill and later built zinc smelters across the Mon in Donora, creating pollution that killed most of the vegetation in Webster and contributed to the infamous smog of 1948.

The photo was taken when residents of the village had planted lush gardens behind clean picket fences, as well as a new Presbyterian church next to a Victorian apartment building. They had big dreams and houses by the river where their children could walk to its shores for a swim. Tree shade was abundant.

Click here to view a larger version of the photo. Click here to read a story written in 1908 by a Webster woman about the history of the town.

(Allow me a day or two to take a photo from a similar vantage point of how things look here today)

Source: http://scottbeveridge.blogspot.com/2010/11/village-of-webster-before-steel-killed.html

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Mid-year stitch along 2008

I'm a bit behind the 8-ball at the moment, but I just found this in the Flickr embroidery group. I'm very flattered that they're using a design from my Stitchybritches Vogart stash, so of course I'm playing along. And you should too! I can't can't can't wait to see what everyone makes! Yay!

Source: http://stitchybritches.blogspot.com/2008/06/mid-year-stitch-along-2008.html

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How You Voted: Is It Snowing?

While the East Coast is getting slammed with yet more snow this weekend, the West is enjoying unseasonably warm weather, with temperatures in Portland hitting 53 degrees today. That may be hard to hear for residents of Washington, Philadelphia, New York and Boston, many of whom are digging out today.

We asked whether it's snowing where you live and many Hot Searches readers see some powder today. Over 43% of voters said it's snowing.

Most voters, though, don't have any white stuff on the ground. Do the 56.5% of voters with no snow want to come East and help us shovel?

Thanks for sharing your thoughts. Be sure to vote in our latest poll.

Snow: love it or leave it?

 

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Source: http://hot.aol.com/2011/01/28/how-you-voted-is-it-snowing/

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Inside YouTube Search

Source: http://feedproxy.google.com/~r/youtube-trends/~3/1SzctWjY_FM/inside-youtube-search_26.html

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My ghosts are shy around people


 By Scott Beveridge

It appears the ghosts that follow me around only come out when I am alone, if one can believe the new app downloaded on my Droid X.
 
Ghost Radar Classic?s green tracker is showing nothing as I write this in a newsroom, where the police scanner is jamming and reporters voices are raised while they conduct telephone interviews.

 
The green radar also came up empty Tuesday at a local pub where a friend, Val, tried to explain to me how this device works. Val is a true believer in ghosts and the radar on her BlackBerry registered them all around her.

 
I felt left out, ignored and thought about calling a s�ance to lure spirits to my smart phone. Now that really would have drawn stares from the otherworld from my bar wife across the room at Beer Belly?s in West Elizabeth, Pa.

 
Given a U.S. copyright in 2009, one Jack Jones of Spud Pickles offers this free app, which supposedly uses a ?proprietary algorithm to analyze quantum flux,? his website indicates.

 
Ghost Radar Classic occasionally blurts out words it interprets from ghosts while using a variety of smart phone sensors, like those on traditional equipment ghosthunters use to detect sound, vibration and electromagnetic fields.

 
It?s been 15 minutes since I activated the radar this afternoon and I?m still sitting in a roomful of somewhat normal reporters void of paranormal activity around us.

 
But, as I earlier turned off Interstate 70 into Washington, Pa., alone in my Ford sedan, a few blips of red and blue appeared on the phone as signs of ghosts along with the words ?find? and ?George.?

 
?Who in the hell is George?? I asked myself. And then it dawned on me that the phone?s global positioning system might have given Ghost Radar a hint that I was entering a city named after President George Washington.

 
Hey, it?s a logical explanation from a nonbeliever in ghosts.

 
They also came out yesterday while I was alone again in my car, offering an assortment of words that made no immediate sense at all. 

 
Another 15 minutes have rolled by here at the Observer-Reporter in Washington, Pa., in a century-old building where any ghosthunter with credentials would surely expect to find paranormal activity. The ghosts still are not talking.

 
While an online poll at Spud Pickles indicates 75 percent of the people who use its radar apps believe they work, the company makes no promises.

 
What the readings mean and how they are interpreted are ?up for debate,? the website states. ?You be the judge.?

 
Now does anyone out there in the real world know where I can find a good app to direct me to the best India Pale Ale in town?

Source: http://scottbeveridge.blogspot.com/2010/12/my-ghosts-are-shy-around-people.html

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OCC Foreclosure Rumors

orange county choppers foreclosureIs Discovery Channel's 'American Chopper' crew facing foreclosure? That's what people are wondering after last night's episode showed founder Paul Teutul, Sr. and his Orange County Choppers team filing for foreclosure.

Surrounded Me says OCC's financial lender alleges Teutul missed two mortgage payments of $96,400 and $14,000 on July 1. The site says OCC didn't pay because they wanted to renegotiate terms of the loans since the value of the buildings has decreased.

'American Chopper' was one of Discovery Channel's most popular programs and followed Teutul and his son as they customized and designed motorcycles. After being canceled, the show returned in 2010 as 'American Chopper: Senior vs. Junior' when Paul Jr. opened his own shop.

Top Searched 'American Chopper' Questions:
1. How did an 'American Chopper' worker die?
2. Why was Paul Teutul, Sr. suing his son?
3. When was 'American Chopper' canceled?
4. When did Paul Jr. open his own motorcycle shop?
5. What is the 'American Chopper' video game?

Are you an 'American Chopper' fan?

For more on today's hottest stories, check out our top searched list. Also check out AOL News Search for breaking news around the world. What other big stories happened today? Let us know! Come back for tomorrow's Hot Searches and follow us on Twitter and Facebook for daily updates.

 

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Source: http://hot.aol.com/2011/01/25/orange-county-choppers-foreclosure/

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Samstag, 29. Januar 2011

Japan's Credit Rating Cut First Time in 9 Years; S&P Cites "Lack of Coherent Strategy to Address Debt"

Japan has the largest debt problem in the G20 by measure of debt-to-GDP ratio near 200%. Moreover, Japan's aging demographics and lack of growth give Japan little ability to pay that debt back.

Citing those debt concerns, Japan?s Credit Rating Cut to AA- by S&P
Japan?s credit rating was cut for the first time in nine years by Standard & Poor?s as persistent deflation and political gridlock undermine efforts to reduce a 943 trillion yen ($11 trillion) debt burden.

The world?s most indebted nation is now ranked at AA-, the fourth-highest level, putting the country on a par with China, which likely passed Japan last year to become the second-largest economy. The government lacks a ?coherent strategy? to address the nation?s debt, the rating company said in a statement. The outlook for the rating is stable, S&P said.

The yen and bond futures fell on concern the downgrade will push up the cost of borrowing for Japan, where public debt is about twice the size of gross domestic product. Vice Finance Minister Fumihiko Igarashi this week said the government must fix its finances to avoid a debt crisis that could trigger a ?global depression.?

?I hope this serves as a warning for the government, they have absolutely no sense of crisis,? said Azusa Kato, an economist at BNP Paribas in Tokyo. ?Once bond yields spike and the fire is lit, the amount needed to finance Japan?s borrowing needs is going to jump and it?s going to be too late.?

It is possible for companies to have higher ratings than the local or foreign currency ratings of their home country, S&P said in a May 2009 report. The best candidates have a robust export base, little reliance on the public sector and sell products with ?relatively inelastic? demand. The S&P report said businesses with sales mainly in local currency, subject to regulation and heavily dependent on imports probably won?t pass stress tests without ?heavy overcollateralization or reserves.?

Finance Minister Yoshihiko Noda said Jan. 24 the debt burden has risen to a point where Japan can?t rely on bond sales to cover revenue shortfalls. Economy Minister Yosano warned the same day that such a reliance on such sales could lead to a jump in borrowing costs.

?If we continue relying on bond sales to make up for spending that exceeds revenue, we could see long-term interest rates increase or a deterioration in our debt ratio, causing Japan to lose credibility globally,? Yosano told parliament.

Japan?s borrowing costs are among the lowest in the industrialized world, helping it fund its debt load. The yield on the benchmark 10-year bond slipped 1 basis point to 1.23 percent as of 10:47 p.m. in Tokyo. It touched 1.26 percent in Jan. 19, the highest since Dec. 16.
Japanese Debt Time Bomb

It's only a matter of time before Japan's debt problem matters in a serious way. However, it's important to note that it's only been a matter of time for the last decade as well.

The key to understanding the urgency now is the warning from Finance Minister Yoshihiko Noda that Japan's debt burden has risen to a point where Japan can?t rely on bond sales to cover revenue shortfalls.

Japan has reached the point where its savers need to draw down their savings in retirement, and thus need to sell Japanese government bonds, not buy them. However, the Japanese government has squandered those savings (and 100% more of GDP as well) building bridges to nowhere fighting deflation.

Nations often default on foreign debt, but this is debt the government owes the Japanese people.

Will Japan embark on a huge austerity program in the midst of deflation? Will Japan simply print the money? If so, what happens to interest rates?

Should those interest rates rise to a mere 3% or so, interest on Japan's national debt will consume most of its revenue.

This mess shows the foolishness of using Keynesian and Monetarist stimulus to defeat deflation. Neither worked. Now Japan is left with an enormous debt problem and no way to solve it.

The Yen is flying high right now, the crucial question is for how long?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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