The real news is that there is very little real news.
Europe appears to have realized that the Euro is broken.
Their problem is the failure is a design flaw. The repair would require radical reconstruction.
The resulting wealth transfers are not acceptable to the wealthy who are also the powerful. They will not happen.
If the Euro cannot be made to work it must be replaced.
The process will be messy.
Obama looks to be recovering in the polls. Remember to vote.
If our nation can live through the next two years we can fix our financial problems. The taxes will be brutal on the wealthy.
It is a truism that all money is someone elses debt. The printed paper is just an easy way to pass the debt around.
As an individual taking on debt for no profit is a bad idea.
A sovereign government does not exist for monetary gain.
Sovereign debt is money.
A nation without debt is a nation without money.
Taxes pay interest on the debt. No interest, no debt, no money.
This is very strange accounting from the private viewpoint. It works.
Nations with runaway inflation do not effectively tax.
Driving under the influence usually leads rapidly to license suspension or revocation. If there is no requirement for a license there can be no sanction for improper operation through the license that does not exist.
Credit without an income to support it is immaterial. Debt without income is a contract for insolvency.
A structure without liability and other insurance is a loss that has not materialized.
The risk may be small but if an incident, injury, fire, flood, wind or snow, occurs the cost can be devastating.
I have found no reason or need to believe in an immortal soul.
"While I live and remember, you are."
Light emitting diodes are very efficient illuminaters.
There are two objections to them.
They are usually of fixed color balance.
They blink when operated on AC.
Both of these problems can be fixed.
The Brooklyn Lantern probably does not blink.
I can and have done better lamps.
Here is what the Telegraph has:
We last heard this from the Norwegians.
Krugman:
"7 Comments
Times Like This Are Different
Jonathan Portes and Simon Wren-Lewis
have further thoughts on the new IMF report, with its concession that
the adverse effect of austerity has been much worse than expected; both
make points I should have stressed.
As Portes emphasizes, back in 2010, as advanced economies “pivoted” to austerity despite protests from yours truly and others, there were really not two but three positions about the relevant macroeconomics. It wasn’t just a contrast between the wishful thinking of the expansionary austerity types and those who didn’t buy it. There was also a distinction between those who looked at the historical record and concluded that fiscal contraction would have only modest contractionary effects, and those — including Martin Wolf, Wren-Lewis, Brad DeLong, and me — who argued that historical experience from countries that were not up against the zero lower bound, had flexible exchange rates, and were pursuing austerity amidst a strong global economy was likely to greatly understate the effects of austerity in the current environment. Our position was, if you like, that times like this are different.
And as Wren-Lewis points out, this was in a way a case of giving theory priority over evidence. You need to be careful here: the theoretical framework we used to make this dire prediction — basically some form of IS-LM or successor model (which includes New Keynesian approaches) — was consistent with the evidence. I don’t think any of us would have gone with the theory if budget deficits had in fact caused interest rates to soar in 2009-2010, or if expansion of the monetary base had caused an inflationary explosion. But the analytical framework was essential to the conclusion that the experience of countries not in a liquidity trap was a poor guide to what would happen under current conditions.
At some level, then, the vindication of this position is also a vindication for the whole enterprise of Keynes/Hicks macroeconomic theory, which does indeed, done right, turn out to yield crucial insights that naive empiricism would miss.
The sad thing, of course, is that so much even of the economics profession has turned its back on the very stuff that has turned out to be useful in this crisis."
As Portes emphasizes, back in 2010, as advanced economies “pivoted” to austerity despite protests from yours truly and others, there were really not two but three positions about the relevant macroeconomics. It wasn’t just a contrast between the wishful thinking of the expansionary austerity types and those who didn’t buy it. There was also a distinction between those who looked at the historical record and concluded that fiscal contraction would have only modest contractionary effects, and those — including Martin Wolf, Wren-Lewis, Brad DeLong, and me — who argued that historical experience from countries that were not up against the zero lower bound, had flexible exchange rates, and were pursuing austerity amidst a strong global economy was likely to greatly understate the effects of austerity in the current environment. Our position was, if you like, that times like this are different.
And as Wren-Lewis points out, this was in a way a case of giving theory priority over evidence. You need to be careful here: the theoretical framework we used to make this dire prediction — basically some form of IS-LM or successor model (which includes New Keynesian approaches) — was consistent with the evidence. I don’t think any of us would have gone with the theory if budget deficits had in fact caused interest rates to soar in 2009-2010, or if expansion of the monetary base had caused an inflationary explosion. But the analytical framework was essential to the conclusion that the experience of countries not in a liquidity trap was a poor guide to what would happen under current conditions.
At some level, then, the vindication of this position is also a vindication for the whole enterprise of Keynes/Hicks macroeconomic theory, which does indeed, done right, turn out to yield crucial insights that naive empiricism would miss.
The sad thing, of course, is that so much even of the economics profession has turned its back on the very stuff that has turned out to be useful in this crisis."
The Guardian:
-
12 Oct 2012: Greek people stunned at awarding of Nobel to institution they blame for austerity measure tearing apart their society
-
12 Oct 2012: After a few months in which policymakers believed they might have turned the corner, the gloom is descending
-
12 Oct 2012: Showdown likely to come to a head next month when report set to confirm Greece's debt could hit 145% of GDP by 2020
-
12 Oct 2012: Chancellor says eurozone, US fiscal timebomb and slowdown in emerging markets pose dangerous mix in medium term
The Guardian does not publish on Saturday.
Bloomberg:
-
Royal Bank of Scotland Group Plc might seek to keep the branches it failed to sell to Banco Santander SA after the Spanish lender abandoned the deal valued at about 1.7 billion pounds ($2.7 billion).
-
Britain’s economy will shrink this year as weakening global demand offsets an improvement in consumer spending, hampering the government’s deficit-reduction plans, the Ernst & Young ITEM Club will say.
-
European stocks dropped for a third week in four as the International Monetary Fund and the World Bank lowered economic-growth forecasts and companies predicted their earnings will miss estimates.
-
Greece and its international inspectors are racing to find agreement on economic policies ahead of the Oct. 18 summit of European Union leaders, where Prime Minister Antonis Samaras will seek more time to implement the budget cuts required to keep funds flowing.
Slash dot:
The Three Pillars of Nokia Strategy Have All Failed
Posted
by
Soulskill
from the time-to-reinvest-in-pillar-technology dept.
from the time-to-reinvest-in-pillar-technology dept.
An anonymous reader writes "'When all 3 legs of your 3-legged
strategy fail, what do you do? You rush — run run run — to change your
total strategy. But what would a madman do?' Ex-Nokia exec Tommi Ahonen's new article has a few suggestions. Is the Nokia board either asleep at the wheel, or incompetent, or in collusion with the incompetent CEO? Ahonen provides an insider's view not just of how Nokia's Windows phone strategy has failed,
but how this has spread to other parts of the company's technology. He
says the 'Elop Effect' has 'single-handedly destroyed [...] Europe's
biggest tech giant.' He raises the question: Why is Nokia's board
failing to act? We've discussed Tommi's articles before,
where he was correctly predicting Windows Phone's market failure at a
point where others were claiming that 'the Lumia line is, in fact,
selling quite nicely.'"
I will buy some Nokia when they tell Microsoft they are out.
Until then I will watch it drop. Now at $2.56.
Saturday, October 13, 2012
Links 10/13/12
Neiman Marcus Selling $100,000 Fantasy Hen House & Farming Lessons in New Christmas Book
Inhabitat (furzy mouse). Someone at Nieman Marcus is engaged in major
subversion. If you’ve ever been near a chicken coop, you’ll know why.
Nearby super-Earth likely a diamond planet EarthSky (furzy mouse)
Unmasking Reddit’s Violentacrez, The Biggest Troll on the Web Gawker (Lambert)
Japan Utility Says Crisis Avoidable Wall Street Journal
Bank of China Warns of Ponzi Schemes; China’s Demographic Peak; Birth Rate Comparison China vs. US; “China Will Grow Old Before Growing Rich” Michael Shedlock
Libertarian Candidate Excluded From Debate For Refusing Corporate Donations Slashdot (Chuck L)
Governing without Consent of the Governed masaccio, Firedoglake (Carol B)
Latinos–too lazy to vote? Greg Palast
Jim Bianco Has A Surprising Theory For How Mitt Romney Is Tanking The Market Clusterstock (furzy mouse). Also, in general, the stock market
does worse under Republican presidents.
THE INTERGENERATIONAL BURDEN OF THE DEBT: NICK ROWE TEMPTS FATE WEBLOGGING… Brad DeLong
Paul Ryan Told 24 Myths In 40 Minutes Alternet. What was Biden’s score?
PROGRESSIVE TURNCOATS: PRO-LABOR POLITICIAN FROM EAST LOS ANGELES FRONTING FOR KOCH BROTHERS, WALL STREET FRAUDSTERS AND WAL-MART OLIGARCHS… Matthew Fleischer, eXiled
A Farewell to Arms, and the United States American Prospect
Why Taxes Should Pay for Health Care James Kwak
Housing Has “Turned the Corner” – For Banks Dave Dayen, Firedoglake (Carol B)
Turning Point for Suits Over Chinese Drywall New York Times
Ex-Morgan Stanley Executive’s Stabbing Charges Dropped Bloomberg
Robustness of IMF data scrutinised Financial Times. In case you missed it, the FT has been talking the neoliberal line for some time.
A Vignette of the US Political Scene Jesse
ROSENBERG: The New Job Opening And Labor Turnover Data Isn’t Consistent With Last Week’s Employment Report Clusterstock
An Embarrassing Piece of Video Barry Ritholtz
What’s the average adult worth? FT Alphaville
There Is No Nobel Prize in Economics Yasha Levine, Alternet. Some history I bet you don’t know! And explains why Chicago School types are strongly preferred.
Nearby super-Earth likely a diamond planet EarthSky (furzy mouse)
Unmasking Reddit’s Violentacrez, The Biggest Troll on the Web Gawker (Lambert)
Japan Utility Says Crisis Avoidable Wall Street Journal
Bank of China Warns of Ponzi Schemes; China’s Demographic Peak; Birth Rate Comparison China vs. US; “China Will Grow Old Before Growing Rich” Michael Shedlock
Libertarian Candidate Excluded From Debate For Refusing Corporate Donations Slashdot (Chuck L)
Governing without Consent of the Governed masaccio, Firedoglake (Carol B)
Latinos–too lazy to vote? Greg Palast
Jim Bianco Has A Surprising Theory For How Mitt Romney Is Tanking The Market Clusterstock (furzy mouse). Also, in general, the stock market
does worse under Republican presidents.THE INTERGENERATIONAL BURDEN OF THE DEBT: NICK ROWE TEMPTS FATE WEBLOGGING… Brad DeLong
Paul Ryan Told 24 Myths In 40 Minutes Alternet. What was Biden’s score?
PROGRESSIVE TURNCOATS: PRO-LABOR POLITICIAN FROM EAST LOS ANGELES FRONTING FOR KOCH BROTHERS, WALL STREET FRAUDSTERS AND WAL-MART OLIGARCHS… Matthew Fleischer, eXiled
A Farewell to Arms, and the United States American Prospect
Why Taxes Should Pay for Health Care James Kwak
Housing Has “Turned the Corner” – For Banks Dave Dayen, Firedoglake (Carol B)
Turning Point for Suits Over Chinese Drywall New York Times
Ex-Morgan Stanley Executive’s Stabbing Charges Dropped Bloomberg
Robustness of IMF data scrutinised Financial Times. In case you missed it, the FT has been talking
the neoliberal line for some time.A Vignette of the US Political Scene Jesse
ROSENBERG: The New Job Opening And Labor Turnover Data Isn’t Consistent With Last Week’s Employment Report Clusterstock
An Embarrassing Piece of Video Barry Ritholtz
What’s the average adult worth? FT Alphaville
There Is No Nobel Prize in Economics Yasha Levine, Alternet. Some history I bet you don’t know! And explains why Chicago School types are strongly preferred.
.
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