Source: http://feedproxy.google.com/~r/youtube-trends/~3/-gSo36sKS18/4-in-morning-paper-time.html
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Mittwoch, 30. November 2011
Mapping | Very realistic 3D models of cities
C3 Technologies’ 3D Mapping Looks Freaking Amazing "What could be better than Google Maps? C3 Technologies’ stunning 3D city displays, which let you rotate, zoom and pan through the city as if you’d modeled it all on your computer. The technology, which uses footage captured from airplanes and processed through a formerly proprietary military missile-guidance [...]
Source: http://www.richardbanks.com/trends/?p=17478
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Metropolis Necklace-Etsy Beadweavers Challenge
This month's Etsy Beadweavers challenge theme, Fashion Through the Ages , struck a chord with me because I had a pattern developed that fit perfectly with the Art Deco style of design. I created the triangular portion of my Metropolis Necklace using the pattern I made with my BeadTool design program and stitched it in herringbone using 4 beads at a time. Then I worked upward in brick stitch to a decent choker width of 1/2" and finished out the rest of the choker in peyote. I had fun looking through my vintage button collection and found the perfect button to complement the Art Deco design. Of course, I finished it all last minute and could only get some basic photos done. Next time, no procrastinating (yeah right) ! You can check out all the amazing entries from our beadweaving team now and vote on March 8th.
Source: http://ambrosianbeads.blogspot.com/2011/03/metropolis-necklace-etsy-beadweavers.html
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Water Falls Treasury
Another lovely treasury entitled "Water Falls" by Trinity Designer Jewellery features my "World on a String" necklace. I appreciate her efforts and artistic eye and wish I could reciprocate with a treasury of my own, but I have never been able to snag one...and I know how much fun it would be to make one !
Source: http://ambrosianbeads.blogspot.com/2010/05/water-falls-treasury.html
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UK Banks Brace for Eurozone Break-Up; Eurogeddon and the Death of a Currency
There are several good articles in The Telegraph today. Let's take a close look at two of them.
The Death of a Currency
Jeremy Warner writes Death of a currency as eurogeddon approaches
Garry White quotes Andrew Bailey, a top UK regulator who says "UK banks must brace themselves for euro break-up"
Read that last paragraph above closely. The death of the Euro could be very disorderly.
It would be far better for Germany and other states against ECB printing to leave rather than suffer the consequences of a breakup fueled by Greece, Spain, and Portugal leaving.
If France wants to print (Sarkozy is committed to the Euro and to printing), then France can stay in. Will Sarkozy survive the next French election?
The next election may be moot. Things are unraveling far faster than I expected. The market is going to force some major action in days, not months.
"Plan C" Germany Exits the Euro
Several times recently I have linked to a discussion by Michael Pettis and Hans-Olaf Henkel (the former head of the Federation of German Industries), regarding "Plan C" a Eurozone breakup with Germany leaving instead of Greece, Spain, and Portugal leaving.
It is well worth another look. Please see Eurozone Breakup Logistics (Never Believe Anything Until It's Officially Denied) for a lengthy discussion.
Interestingly, Hans-Olaf Henkel was an early supporter of the euro but now says "I now consider my engagement to be the biggest professional mistake I ever made."
Steen Jakobsen is still sticking with his European "bank holiday" idea detailed in Perfect Storm the Most Likely Scenario; Is Europe Set to Declare a Chapter 11 in Early 2012?
If by some miracle the can is to be kicked farther down the road, it better happen soon. Promises to agree to agree will not work. Time is up.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
The Death of a Currency
Jeremy Warner writes Death of a currency as eurogeddon approaches
The market is starting to bet on what was previously a minority view - a complete collapse, or break-up, of the euro. Up until the past few days, it has remained just about possible to go along with the idea that ultimately Germany would bow to pressure and do whatever might be required to save the single currency.UK Banks Brace for Eurozone Break-Up
The prevailing view was that the German Chancellor didn't really mean what she was saying, or was only saying it to placate German voters. When finally she came to peer over the precipice, she would retreat from her hard line position and compromise. Self interest alone would force Germany to act.
But there comes a point in every crisis where the consensus suddenly shatters. That's what has just occurred, and with good reason. In recent days, it has become plain as a pike staff that the lady's not for turning.
All of a sudden, the pound is the European default asset of choice.
What we are witnessing is awesome stuff ? the death throes of a currency. And not just any old currency either, but what when it was launched was confidently expected to take its place alongside the dollar as one of the world's major reserve currencies. That promise today looks to be in ruins.
Contingency planning is in progress throughout Europe. From the UK Treasury on Whitehall to the architectural monstrosity of the Bundesbank in Frankfurt, everyone is desperately trying to figure out precisely how bad the consequences might be.
What they are preparing for is the biggest mass default in history. There's no orderly way of doing this. European finance and trade is too far integrated to allow for an easy unwinding of contracts. It's going to be anarchy.
Garry White quotes Andrew Bailey, a top UK regulator who says "UK banks must brace themselves for euro break-up"
Andrew Bailey, deputy head of the Prudential Business Unit at the Financial Services Authority (FSA), noted that British banks are not heavily exposed to the eurozone, but said they must prepare for some countries to exit the single currency ? or a complete break up.Disorderly Death
"We cannot be, and are not, complacent on this front," Mr Bailey said. "As you would expect, as supervisors we are very keen to see the banks plan for any disorderly consequence of the euro area crisis.
"Good risk management means planning for unlikely but severe scenarios and this means that we must not ignore the prospect of a disorderly departure of some countries from the eurozone.
"I offer no view on whether it will happen, but it must be within the realm of contingency planning," he added. Failure to plan for the exit of a country from the euro would be "unsound risk management", Mr Bailey said.
Last week, Japanese bank Nomura said a euro break-up is a "very real risk" and advised bond holders to check whether they are likely to be repaid in other, reinstated European currencies if the euro crumbles.
Read that last paragraph above closely. The death of the Euro could be very disorderly.
It would be far better for Germany and other states against ECB printing to leave rather than suffer the consequences of a breakup fueled by Greece, Spain, and Portugal leaving.
If France wants to print (Sarkozy is committed to the Euro and to printing), then France can stay in. Will Sarkozy survive the next French election?
The next election may be moot. Things are unraveling far faster than I expected. The market is going to force some major action in days, not months.
"Plan C" Germany Exits the Euro
Several times recently I have linked to a discussion by Michael Pettis and Hans-Olaf Henkel (the former head of the Federation of German Industries), regarding "Plan C" a Eurozone breakup with Germany leaving instead of Greece, Spain, and Portugal leaving.
It is well worth another look. Please see Eurozone Breakup Logistics (Never Believe Anything Until It's Officially Denied) for a lengthy discussion.
Interestingly, Hans-Olaf Henkel was an early supporter of the euro but now says "I now consider my engagement to be the biggest professional mistake I ever made."
Steen Jakobsen is still sticking with his European "bank holiday" idea detailed in Perfect Storm the Most Likely Scenario; Is Europe Set to Declare a Chapter 11 in Early 2012?
If by some miracle the can is to be kicked farther down the road, it better happen soon. Promises to agree to agree will not work. Time is up.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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Harmony
For the land where it's a great travesty
To harm a stork's nest in a pear tree,
For storks serve us all...
I am homesick, Lord!...
Cyprian Kamil Norwid
Source: http://microcosmic.blogspot.com/2008/01/harmony.html
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Dienstag, 29. November 2011
242 Weekly Lost Podcast ? Ab Aeterno Initial Reaction
Weekly Lost Podcast Ab Aeterno Initial Reaction Be sure to RSVP for the LOST Series Finale Party! Click Here To Download In this episode, Stephanie and I give our Initial Reaction to Season 6 Episode 9, “Ab Aeterno.” Don’t forget to give us a call on our listener line. It’s open and ready for your [...]
Source: http://feedproxy.google.com/~r/generallyspeaking/~3/zmPvevTTpIc/
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246 Weekly Lost Podcast ? Happily Ever After Initial Reaction
Weekly Lost Podcast Happily Ever After Be sure to RSVP for the LOST Series Finale Party! Click Here To Download In this episode, Stephanie and I give our initial reaction to Season 6 Episode 11, “Happily Ever After” Don’t forget to give us a call on our listener line. It’s open and ready for your [...]
Source: http://feedproxy.google.com/~r/generallyspeaking/~3/KDuuF16DpJ8/
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The fungus among us
Autumn microcosm in a northern French woodLearning to identify edible mushrooms has been one of those things that has floated about on my personal to-do list for many years.
Still, for starters I do know which one of these was the shamen's 'shroom of choice...
Source: http://microcosmic.blogspot.com/2007/10/fungus-among-us.html
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Carefree
According to a new government census India's tiger population has fallen drastically during the past five years, with poaching and urbanisation cited as the probable reasons for the decline.
Tigers are poached for their body parts - skins are prized for fashion and tiger bones are used for oriental medicines. India is home to 40% of the world's tigers, with 23 tiger reserves in 17 states.
Source: http://microcosmic.blogspot.com/2007/08/carefree.html
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Irish Prime Minister Begs EU for Debt Relief in Disgraceful Performance
Ambrose Evans-Pritchard is back on track with Ireland demands debt relief, warns on EU treaties
Pritchard summed up the entire situation quite nicely in his opening lead "Europe's plans for treaty changes to enforce fiscal discipline in the eurozone may fall foul of popular anger in Ireland unless the EU creditor states agree to share more of the pain."
My one quibble is with the word "may". The correct word is will.
I am quite disappointed that it took Ireland this long. Voters smashed the Fianna Fail (FF) party to smithereens in February (see Massive Rout in Irish Elections; Collision Course with the EU; Default the Best Option for Ireland), to teary-eyed outgoing politicians, only to see incoming party Fine Gael, led by incoming prime minister Enda Kenny, do the exact same thing FF would have done: bail out German and French banks at the expense of Irish taxpayers.
Quite frankly this is maddening. What the hell good are elections if the only choice by either party is to bail out the banks? Worse yet, in Ireland's situation, it is foreign banks that are bailed out.
Enda Kenny "Pleads" for Help
Actually, Kenny did not "demand" debt relief, he begged for it. Moreover he is willing to kiss ass to get it.
The Wall Street Journal reports Irish PM Kenny: Must Meet Targets To Win Back Economic Sovereignty
Public Mood Turns Sour
Mr Noonan, Ireland's finance minister said "Ireland's public mood has turned very sour".
Of course it has. Wimps like Kenny and Noonan have caved into every EU and IMF demand, at the expense of Irish taxpayers, in spite of an overwhelming election to do something different!
I repeat what I said earlier today in Eventually, Will Come a Time When ....
Eventually, there will come a time when a populist office-seeker will stand before the voters, hold up a copy of the EU treaty and (correctly) declare all the "bail out" debt foisted on their country to be null and void. That person will be elected.
Kenny did not do what he was elected to do. He should be kicked out of office on his ass and replaced by someone who will.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
The Irish government has suddenly complicated the picture by requesting debt relief from as a reward for upholding the integrity of the EU financial system after the Lehman crisis, though there is no explicit linkage between the two issues.Will, Not May
"We carried an undue burden for protecting the European banking system from contagion," said finance minister Michael Noonan.
"We are looking at ways to reduce the debt. We would like to see our European colleagues address this in a positive manner. Wherever there is a reckless borrower, there is also a reckless lender," he said, alluding to German, French, British and Dutch banks.
Mr Noonan hinted that Dublin is asking for some of interested relief on a ?31bn EU promissory noted linked to the Anglo Irish fiasco, among other matters.
Mr Noonan said Ireland's public mood has turned very sour.
"We have indicated to Europe's authorities that it will be difficult to get the Irish public to pass a referendum on treaty change," he said.
Mr Noonan said the country will stay the course with unbending austerity, even though nominal gross national product (GNP) has already contracted by 22pc. Public wages have fallen 12pc on average under Ireland's "internal devaluation" policy to regain competitiveness within EMU. There are likely to be further wage cuts in the December budget.
"We have to face reality. There is no painless way, no soft option: we're going to cut spending drastically, but with social cohesion. We don't want situation we see in Greece with people on streets and the foundations of state under threat. We're not going that route."
Pritchard summed up the entire situation quite nicely in his opening lead "Europe's plans for treaty changes to enforce fiscal discipline in the eurozone may fall foul of popular anger in Ireland unless the EU creditor states agree to share more of the pain."
My one quibble is with the word "may". The correct word is will.
I am quite disappointed that it took Ireland this long. Voters smashed the Fianna Fail (FF) party to smithereens in February (see Massive Rout in Irish Elections; Collision Course with the EU; Default the Best Option for Ireland), to teary-eyed outgoing politicians, only to see incoming party Fine Gael, led by incoming prime minister Enda Kenny, do the exact same thing FF would have done: bail out German and French banks at the expense of Irish taxpayers.
Quite frankly this is maddening. What the hell good are elections if the only choice by either party is to bail out the banks? Worse yet, in Ireland's situation, it is foreign banks that are bailed out.
Enda Kenny "Pleads" for Help
Actually, Kenny did not "demand" debt relief, he begged for it. Moreover he is willing to kiss ass to get it.
The Wall Street Journal reports Irish PM Kenny: Must Meet Targets To Win Back Economic Sovereignty
Ireland will have to meet the austerity budget targets set by its bailout lenders if the country is to get its economic sovereignty back, Irish Prime Minister Enda Kenny said Tuesday.If Kenny had any backbone at all he would have told the IMF and EU to "go to hell" just as Icelandic voters did and more importantly, just as Irish voters expected. Instead, Kenny wimped-out to the exact same demands from the IMF and EU that Fianna Fail would have done.
He told the Irish parliament that looming budget measures will be as fair as possible to balance the requirements of its European Union and International Monetary Fund lenders while protecting the most vulnerable in Irish society.
"Clearly, if we are to have our economic sovereignty back we can't go on as we were," Kenny said.
Public Mood Turns Sour
Mr Noonan, Ireland's finance minister said "Ireland's public mood has turned very sour".
Of course it has. Wimps like Kenny and Noonan have caved into every EU and IMF demand, at the expense of Irish taxpayers, in spite of an overwhelming election to do something different!
I repeat what I said earlier today in Eventually, Will Come a Time When ....
Eventually, there will come a time when a populist office-seeker will stand before the voters, hold up a copy of the EU treaty and (correctly) declare all the "bail out" debt foisted on their country to be null and void. That person will be elected.
Kenny did not do what he was elected to do. He should be kicked out of office on his ass and replaced by someone who will.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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UK Banks Brace for Eurozone Break-Up; Eurogeddon and the Death of a Currency
There are several good articles in The Telegraph today. Let's take a close look at two of them.
The Death of a Currency
Jeremy Warner writes Death of a currency as eurogeddon approaches
Garry White quotes Andrew Bailey, a top UK regulator who says "UK banks must brace themselves for euro break-up"
Read that last paragraph above closely. The death of the Euro could be very disorderly.
It would be far better for Germany and other states against ECB printing to leave rather than suffer the consequences of a breakup fueled by Greece, Spain, and Portugal leaving.
If France wants to print (Sarkozy is committed to the Euro and to printing), then France can stay in. Will Sarkozy survive the next French election?
The next election may be moot. Things are unraveling far faster than I expected. The market is going to force some major action in days, not months.
"Plan C" Germany Exits the Euro
Several times recently I have linked to a discussion by Michael Pettis and Hans-Olaf Henkel (the former head of the Federation of German Industries), regarding "Plan C" a Eurozone breakup with Germany leaving instead of Greece, Spain, and Portugal leaving.
It is well worth another look. Please see Eurozone Breakup Logistics (Never Believe Anything Until It's Officially Denied) for a lengthy discussion.
Interestingly, Hans-Olaf Henkel was an early supporter of the euro but now says "I now consider my engagement to be the biggest professional mistake I ever made."
Steen Jakobsen is still sticking with his European "bank holiday" idea detailed in Perfect Storm the Most Likely Scenario; Is Europe Set to Declare a Chapter 11 in Early 2012?
If by some miracle the can is to be kicked farther down the road, it better happen soon. Promises to agree to agree will not work. Time is up.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
The Death of a Currency
Jeremy Warner writes Death of a currency as eurogeddon approaches
The market is starting to bet on what was previously a minority view - a complete collapse, or break-up, of the euro. Up until the past few days, it has remained just about possible to go along with the idea that ultimately Germany would bow to pressure and do whatever might be required to save the single currency.UK Banks Brace for Eurozone Break-Up
The prevailing view was that the German Chancellor didn't really mean what she was saying, or was only saying it to placate German voters. When finally she came to peer over the precipice, she would retreat from her hard line position and compromise. Self interest alone would force Germany to act.
But there comes a point in every crisis where the consensus suddenly shatters. That's what has just occurred, and with good reason. In recent days, it has become plain as a pike staff that the lady's not for turning.
All of a sudden, the pound is the European default asset of choice.
What we are witnessing is awesome stuff ? the death throes of a currency. And not just any old currency either, but what when it was launched was confidently expected to take its place alongside the dollar as one of the world's major reserve currencies. That promise today looks to be in ruins.
Contingency planning is in progress throughout Europe. From the UK Treasury on Whitehall to the architectural monstrosity of the Bundesbank in Frankfurt, everyone is desperately trying to figure out precisely how bad the consequences might be.
What they are preparing for is the biggest mass default in history. There's no orderly way of doing this. European finance and trade is too far integrated to allow for an easy unwinding of contracts. It's going to be anarchy.
Garry White quotes Andrew Bailey, a top UK regulator who says "UK banks must brace themselves for euro break-up"
Andrew Bailey, deputy head of the Prudential Business Unit at the Financial Services Authority (FSA), noted that British banks are not heavily exposed to the eurozone, but said they must prepare for some countries to exit the single currency ? or a complete break up.Disorderly Death
"We cannot be, and are not, complacent on this front," Mr Bailey said. "As you would expect, as supervisors we are very keen to see the banks plan for any disorderly consequence of the euro area crisis.
"Good risk management means planning for unlikely but severe scenarios and this means that we must not ignore the prospect of a disorderly departure of some countries from the eurozone.
"I offer no view on whether it will happen, but it must be within the realm of contingency planning," he added. Failure to plan for the exit of a country from the euro would be "unsound risk management", Mr Bailey said.
Last week, Japanese bank Nomura said a euro break-up is a "very real risk" and advised bond holders to check whether they are likely to be repaid in other, reinstated European currencies if the euro crumbles.
Read that last paragraph above closely. The death of the Euro could be very disorderly.
It would be far better for Germany and other states against ECB printing to leave rather than suffer the consequences of a breakup fueled by Greece, Spain, and Portugal leaving.
If France wants to print (Sarkozy is committed to the Euro and to printing), then France can stay in. Will Sarkozy survive the next French election?
The next election may be moot. Things are unraveling far faster than I expected. The market is going to force some major action in days, not months.
"Plan C" Germany Exits the Euro
Several times recently I have linked to a discussion by Michael Pettis and Hans-Olaf Henkel (the former head of the Federation of German Industries), regarding "Plan C" a Eurozone breakup with Germany leaving instead of Greece, Spain, and Portugal leaving.
It is well worth another look. Please see Eurozone Breakup Logistics (Never Believe Anything Until It's Officially Denied) for a lengthy discussion.
Interestingly, Hans-Olaf Henkel was an early supporter of the euro but now says "I now consider my engagement to be the biggest professional mistake I ever made."
Steen Jakobsen is still sticking with his European "bank holiday" idea detailed in Perfect Storm the Most Likely Scenario; Is Europe Set to Declare a Chapter 11 in Early 2012?
If by some miracle the can is to be kicked farther down the road, it better happen soon. Promises to agree to agree will not work. Time is up.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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Montag, 28. November 2011
Dark alley, Pittsburgh
So tonight I wandered around Pittsburgh and noticed these mod places:
Source: http://scottbeveridge.blogspot.com/2011/10/dark-alley-pittsburgh.html
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The ghost of Dolley Madison ranks No. 1 in D.C.
WASHINGTON, D.C. ? Former U.S. First Lady Dolley Madison is spotted more around the nation's capital than many of Washington, D.C.'s, elites, even though her body has been interred in Congressional Cemetery since her 1849 death.
"The city of Washington is just in love with Dolley," said a tour guide named Binnie, who leads paying visitors around supposed haunted sites near the White House. "She's one of the most prolific ghosts in D.C."
The nation first became enamored with Dolley when she served as First Lady under Thomas Jefferson. Her first husband had died three years into their marriage, leaving her alone to raise a son until she became the famous bride of James Madison, the nation's fourth president who authored the Constitution.
Binnie wears a long red period dress as she discusses Dolley in Layfette Square, where Mrs. Madison spent her remaining years after that son squandered their money and left her to charity. But, Binnie has an unconventional style, chattering away sometimes in ghetto lingo, while sporting a tattoo on her right forearm and a modern blue paisley cotton tote bag off a shoulder.
She admits her style is her own. She insists the history behind her stories actually happened.
While destitute, men delivered free baskets of food to Dolley, probably the same guys she helped to educate when they were children under her platform of improving the schools in poor, local neighborhoods. Her educational charity work defined the roll of the First Lady, Binnie explains while working for Washington, D.C. Ghost Tours.
People have reported witnessing so many ghosts in this part of town that it has become known as "Tragedy Square."
Source: http://scottbeveridge.blogspot.com/2011/10/ghost-of-dolley-madison-ranks-no-1-in.html
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Enjoy England?
Margate, not the best seaside town England has to offer.
Being an Aussie gal, I'm probably particularly fussy about beaches
Source: http://microcosmic.blogspot.com/2007/08/enjoy-england.html
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Vintage summer
In honour of the most gorgeous summer weather we've been having in the UK for the last week, here's a collection of images that give me good summer vibes. They're all examples of a vintage/ethereal type post-processing treatment that I really like, has a very nostalgic and soft summery feel about it. I've experimented a little to try and replicate the look of this with some of my own pictures, but haven't really been satisfied with many of the results so far - can't quite get the same soft pastel feel happening. Shooting in RAW on a 50mm with slight overexposure seems to be a good start
Added to my 'Vintage summer' gallery on flickr - check here for photo credits :)
Source: http://microcosmic.blogspot.com/2010/07/vintage-summer.html
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247 Weekly Lost Podcast ? Happily Ever After Community Review
Weekly Lost Podcast Happily Ever After Community Review Be sure to RSVP for the LOST Series Finale Party! Click Here To Download In this episode, Stephanie and I share the gspn.tv community reaction to Season 6 Episode 11, “Happily Ever After” Don’t forget to give us a call on our listener line. It’s open and [...]
Source: http://feedproxy.google.com/~r/generallyspeaking/~3/Ntv4aq6zvcA/
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Blame Canada for this awful shot of booze
PITTSBURGH ? This drinking game came to Pittsburgh via Canada at one of the city's prior conferences for techies and social media geeks known as podcamp Pittsburgh.
And it has caught on, judging from the #pcpgh6 post-camp party Saturday after attendees left the conference at Point Park University and headed for a bar.
This way to a "good" drunk imported a few years ago by a camp attendee from beyond the northern border would be the 6-4-9 game, and it goes like this:
The host walks up to a bartender and orders everyone a shot made of equal parts of the sixth bottle from the left of the back bar, the fourth from the right and then the ninth from the left.
This year's offbeat mix at Bar Louie, Station Square, came in the form of a gross concoction of Southern Comfort, black cherry rum and raspberry vodka.
"It tastes like cough syrup," a few people exclaimed after downing that stuff.
"Dimetapp," others replied, referring to an elixir used to fight the common cold.
Pittsburgh, indeed, isn't a shot-and-beer town anymore.
However, I'm glad I passed on that free drink.
Source: http://scottbeveridge.blogspot.com/2011/09/blame-canada-for-this-awful-shot-of.html
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Equity Futures Ripping, Bond Market Still on Deathbed; Germany Allegedly Mulls Five-Nation "Elite Bonds"
Equity futures are ripping tonight primarily on a pair of rumors regarding Italy. The first rumor is the IMF would buy Italian debt, now denied but the equity markets could care less.
No sooner than one ridiculous rumor goes up in flames than does another ridiculous rumor spring up in its place.
Germany Allegedly Mulls Five-Nation "Elite Bonds"
Reuters reports Germany mulls "elite bonds" with 5 nations
I have no doubt some low or mid-level German bureaucrat might concoct such an idea but it makes no sense that Angela Merkel would go along with it.
Notice the report cited "high European Union diplomats", not Merkel and not even German officials.
Even if Merkel was willing to go along with this nonsense, the German Supreme Court wouldn't.
Dead on Arrival
This idea is dead on arrival no matter what the equity market thinks.
Check out the action in bonds.
Italy 10-Year Government Bonds
Italy 2-Year Government Bonds
Spain 10-Year Government Bonds
Spain 2-Year Government Bonds
Italian debt yields are modestly lower but only after the two-year bond yield soared to a new high of 8.12%. Spain yields are essentially flat.
If there was any reason to believe "elite bonds" would help Italy, or the IMF would help Italy, then 2- and 10-year yields would not be above 7%, and the 2-year yield certainly would not have soared to a new high above 8%.
Anything can happen in the next few hours I suppose, but equity markets are responding to something the bond market does not see, most likely pure nonsense.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
No sooner than one ridiculous rumor goes up in flames than does another ridiculous rumor spring up in its place.
Germany Allegedly Mulls Five-Nation "Elite Bonds"
Reuters reports Germany mulls "elite bonds" with 5 nations
The German government is considering the possibility of issuing joint bonds with five fellow triple A euro zone countries that are being referred to as "elite bonds" or "AAA bonds," newspaper Die Welt reported on Monday.
Chancellor Angela Merkel and her center-right government have repeated ruled out collectivizing debt and the introduction of common euro zone bonds.Far be it from me to rule out complete stupidity from any politician at any level, but this story does not remotely smack of the truth.
The conservative daily cited "high European Union diplomats" involved in fighting the sovereign debt crisis saying the Berlin government was nevertheless considering issuing bonds jointly with France, Finland, Netherlands, Luxembourg and Austria.
The joint bonds could be used not only to finance borrowing for those six countries but also could be used to raise funds under strict conditions for countries such as Italy and Spain, the newspaper reported.
The goal would be to stabilize the situation in the AAA countries as well as "building a credible firewall to calm the financial markets," Die Welt said. The interest rate for the bonds should be somewhere between 2 and 2.5 percent -- or only slightly above the level for German government bonds.
The newspaper said the euro zone countries without AAA ratings should not be included initially.
I have no doubt some low or mid-level German bureaucrat might concoct such an idea but it makes no sense that Angela Merkel would go along with it.
Notice the report cited "high European Union diplomats", not Merkel and not even German officials.
Even if Merkel was willing to go along with this nonsense, the German Supreme Court wouldn't.
Dead on Arrival
This idea is dead on arrival no matter what the equity market thinks.
Check out the action in bonds.
Italy 10-Year Government Bonds
Italy 2-Year Government Bonds
Spain 10-Year Government Bonds
Spain 2-Year Government Bonds
Italian debt yields are modestly lower but only after the two-year bond yield soared to a new high of 8.12%. Spain yields are essentially flat.
If there was any reason to believe "elite bonds" would help Italy, or the IMF would help Italy, then 2- and 10-year yields would not be above 7%, and the 2-year yield certainly would not have soared to a new high above 8%.
Anything can happen in the next few hours I suppose, but equity markets are responding to something the bond market does not see, most likely pure nonsense.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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Data | Bloomberg homepage shows data as brand
Bloomberg And Frog Turn Raw Data Into Branding "Tasked with creating a corporate page for Bloomberg, frog had to figure out the central theme of all its myriad businesses: Data, which they then used as a clever bit of branding." via Co. Design
Sonntag, 27. November 2011
Sailor girl and Sailor boy
Given the fact that I've been neglecting my scanning lately, when I find something cute and stitchy in my Interweb travels I have to share with you. Two cuties to stitch, from a vintage colouring book, courtesy of Playing with Brushes' Flickr.
Source: http://stitchybritches.blogspot.com/2008/10/sailor-girl-and-sailor-boy.html
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Home Prices Crash 62.5% Since September in Erdos, a Chinese "Ghost Town"
Erdos is an inner-Mongolia city with rich natural resources. However, it's a ghost town with many buildings but few people. Home prices just crashed 62% in a few months.
Let's take this story starting from the beginning.
2011-07-11
China Times reports Housing bubble in Inner Mongolian city bursts
China Loan Shark Market Crashes; Scores of Chinese Business Owners Unable to Pay Black Market Loans Commit Suicide or Disappear
China Financial Daily reports Erdos "Ghost Town" property market crash, ten thousand yuan housing price drop by 70%
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Let's take this story starting from the beginning.
2011-07-11
China Times reports Housing bubble in Inner Mongolian city bursts
A property boom in the Chinese city of Ordos started in 2006, but became stagnant this year after banks tightened credit and coal enterprises in the region have consolidated.2011-09-29
Ordos, a city in central-west Inner Mongolia, has deposits of coal and oil. A recent report by China's Ministry of Housing and Urban-Rural Development showed that the GDP per capita of Ordos surpassed that of Hong Kong.
The number of the rich people with more than 100 million yuan (US$15.468 million) is over 7,000. One out of every 15 people in Ordos has more than 10 million yuan (US$1.546 million). Those who have only one million yuan (US$154,680) are considered poor.
With so much wealth floating around, housing prices have skyrocketed. According to the newspaper Southern Weekend, this third-tier Chinese city once had real estate prices that averaged 7,000 yuan (US$1,082) per square meter.
Several buildings sold recently for as high as 13,000 yuan (US$2,010) per square meter. Home prices in Erdos have climbed to over half the price in Beijing, one of China's most expensive property markets with an average of 22,914 yuan (US$3,544) per square meter.
However since February, home sales have stalled, with only around 10 percent of properties on the market being sold.
In addition, underground financing is rampant in Ordos. Every housing project has to seek funds from the private sector, which has taken a 40-50% share of the lending market.
A developer in Ordos said that some in his industry have invested all their money into real estate. Now, with new homes still being built, developers must pay their bills monthly, but since they cannot sell the properties, they are forced to continue to dump in money. Once banks refuse to offer loans, they have to borrow from the private sector, forming a vicious cycle of dependency.
Kang Bashi, the well-known ghost town in Ordos, represents the epitome of China's housing bubble.
The town, which cost 17 billion yuan (US$2.629 billion) to build, was originally intended to become a city with a population of around one million, but the number of people actually living there is less than 20,000.
Chinese media has described the town as "quite barren, with only a few vehicles passing through the multi-lane highway. Some government offices open in the daytime. Pedestrians that appear every so often look like illusive beings, dragging their heavy feet along, like a lone survivor after a catastrophic event from the movies."
China Loan Shark Market Crashes; Scores of Chinese Business Owners Unable to Pay Black Market Loans Commit Suicide or Disappear
Here is an interesting email from reader "Kevin" regarding the crashing loan-shark market in China.2011-11-24
Hello Mish
I am a long time reader and want to bring to your attention on a new development in China: private business owners are disappearing or jumping off buildings because they can no longer pay off black market shark loans.
According to national new paper Economics Information (part of state media Xinhua), on 9/22, Hu Fulin, owner of the biggest eyeglass manufacture of the city of Wenzhou disappeared, leaving behind 2 billion RMB debt.
On 9/25, 3 more business owners in Wenzhou disappeared (owners of copper, steel and shoe manufacture).
On 9/27, owner of "Zhengdeli", a shoe manufacture jumped off of a 22 story building and killed himself.
....
China Financial Daily reports Erdos "Ghost Town" property market crash, ten thousand yuan housing price drop by 70%
Living in the edge of the Ordos storm , Ordos was beset with a different version of real estate lending Wenzhou panic . For example, local ? Jinxin Han Lin Yuan ? project , its second-hand house prices are around 10,000 yuan , while the market price now only is 3750 yuan.The example given is a 62.5% decline but some properties may have fallen 70%. Either way, that is one hell of a price decline since September.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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Maps | Moulding maps to match your memory of the places
MapMap Vauxhall – remapping one’s perception of Vauxhall "Fascinated by ideas of mental maps and obtaining an insight into the person?s perception of the world by simply asking them to draw a map from memory, in his ongoing Design Interactions master, Benedikt Gro� created a Processing application that allows users to mould OpenStreetMap maps based [...]
Source: http://www.richardbanks.com/trends/?p=17472
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Metropolis Necklace-Etsy Beadweavers Challenge
This month's Etsy Beadweavers challenge theme, Fashion Through the Ages , struck a chord with me because I had a pattern developed that fit perfectly with the Art Deco style of design. I created the triangular portion of my Metropolis Necklace using the pattern I made with my BeadTool design program and stitched it in herringbone using 4 beads at a time. Then I worked upward in brick stitch to a decent choker width of 1/2" and finished out the rest of the choker in peyote. I had fun looking through my vintage button collection and found the perfect button to complement the Art Deco design. Of course, I finished it all last minute and could only get some basic photos done. Next time, no procrastinating (yeah right) ! You can check out all the amazing entries from our beadweaving team now and vote on March 8th.
Source: http://ambrosianbeads.blogspot.com/2011/03/metropolis-necklace-etsy-beadweavers.html
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