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From Zero Hedge: [Thursday], the rumor turned out to be a joke. Today, there was no rumor, but as we warned, it was only a matter of time. Less than four hours later, the time has come, and Jon Hilsenrath’s “Fed Maps Exit from Stimulus,” conveniently appearing after the close, has just been released. From Hilsy… pointing out what everyone already knew: Federal Reserve officials have mapped out a strategy for winding down an [...] The Bloomberg administration announced on Friday that it would double to six the number of evacuation zones along New York City’s coast and expand them to include an additional 640,000 residents, saying that the new map would provide more flexibility when major storms hit. The changes to the city’s coastal storm plan were the most visible initiative to emerge from a report on the response to Hurricane Sandy prepared at Mayor Michael R. Bloomberg’s [...] The Obama administration denied an appeal for flexibility in lessening the sequester’s effects, with an email this week appearing to show officials in Washington that because they already had promised the cuts would be devastating, they now have to follow through on that. In the email sent Monday by Charles Brown, an official with the Animal and Plant Health Inspection Service office in Raleigh, N.C., Mr. Brown asked “if there was any latitude” in how to spread the sequester cuts [...] by 72Point Millions of British workers haven’t had a thank you from their boss in over a year, it has emerged. A study of 2,000 workers found more than half feel they don’t receive the proper credit for their hard work. And, remarkably, one in four people have NEVER had a thank you from their boss. The research, commissioned by Avery Rewards, found 47% felt they were actually paid a fair wage for [...] Amazing how a reelection can reshape an incumbent’s thinking about many things. Now safely ensconced in the White House for 49 more months, the Obamas have decorated the place with 54 Christmas trees this year. Even allowing for the usual Washington excesses with taxpayer money, that’s a whole grove of Christmas trees. “We have 54 trees in the White House,” an excited Michelle Obama proudly told visitors the other day. “54! That’s [...] from Sovereign Man: Over the past month, there’s been a surge of interest in second passports: Google trends indicates that the keyword search has grown like a weed since the beginning of the month, no doubt due to the re-election of President Obama. Here’s the thing, though… obtaining a second passport is no panacea. And it ain’t easy either. Acquiring one takes a combination of time, money, and flexibility… or very lucky ancestry. I’ll explain– Read [...] The German Chancellor Angela Merkel and French President Francois Hollande put forward a united front when they met in Berlin on Thursday to fine-tune their message to Prime Minister Samaris. “It is important for me that we all stick to our commitments… but I will encourage Greece to continue along its path of reforms,” Merkel said in a brief statement ahead of a working dinner with Hollande. … http://m.dw.de/english/mobile.A-16190275-1433.html?maca=en-twitter_en_europe-4005-xml-mrss From Forbes: China Is Running Out Of Money. Why has the economy so far failed to respond? There are various reasons, but perhaps the most important is that the country is running out of money for stimulus. At first glance, that proposition seems preposterous. After all, the People’s Bank of China, the central bank, held $3.24 trillion of foreign currency reserves at the end of the first half of this year. Yet [...] by Michael How in the world is someone supposed to actually prepare for an economic collapse? What should you do with your money? How can you make sure that your family is going to be okay? How can you prepare if your resources are extremely limited? These are the kinds of questions people ask me all the time. Once people understand that the economy has been collapsing and will continue to collapse, then [...] Jim O’Neill, Chairman of Goldman Sachs Asset Management, eloquently lays out what may be the only solution to save the euro in a new op-ed on The Telegraph’s website.
Currently, the euro crisis is about Spain and Italy, whose sky-high government borrowing costs make managing their struggling economies seem hopeless. “Spain and Italy desperately require lower bond yields,” he wrote. For now, these countries are stuck in the eurozone where forces like Germany have been unwilling [...] Obama: “On all these issues, but particularly missile defense, this, this can be solved, but it’s important for him to give me space.” Medvedev: “Yeah, I understand. I understand your message about space. Space for you …” Obama: “This is my last election. After my election, I have more flexibility.” Medvedev: “I understand. I will transmit this information to Vladimir.” “This is my last election. After my election I have more flexibility.” That statement tells us much about [...] By Tom Miles GENEVA, July 4 (Reuters) – The World Trade Organization has agreed new membership standards for the weakest economies, lowering the bar for countries such as Afghanistan, Ethiopia and Sudan to join the global trading club, according to a document seen by Reuters on Wednesday. In the document, which was agreed on June 29 and will be rubber-stamped by the WTO’s General Council on July 25-26, the WTO’s 155 existing members [...] But as the wildfire in Colorado shows, readiness and flexibility are sometimes needed at home as much as abroad. Cutting more C-130s puts a greater strain on the entire Air Force fleet. It means fewer planes will be available for possible conversion to the MAFFS configuration. And that means that as hundreds of houses burn in Colorado, only eight planes can be called upon to help the thousands of firefighters on the [...] If there is one bank report that Obama wishes is absolutely wrong it is the following note from Deutsche Bank’s Jim Reid (definitely not part of the bank’s laughable Trinity Of Perma Bull consisting of Bianco, Chadha and, of course, La Vorgna) who, looking at the timing of business cycles, makes the following ominous, for both the economy and Obama’s reelection chances, prediction: “If this US cycle is of completely [...] Question: What about the Republicans saying that you’re blaming the Europeans for the failures of your own policies? President Obama: The truth of the matter is that, as I said, we created 4.3 million jobs over the last 27 months, over 800,000 just this year alone. The private sector is doing fine. Where we’re seeing weaknesses in our economy have to do with state and local government. Oftentimes cuts initiated by, you [...] Raquel Rodriguez
Some students in Muscogee County are choosing to get their education virtually rather than at school. The Georgia Connections Academy is a free public virtual charter school now offering classes from kindergarten to the 12th grade. The Oxford family said the online school offered them the flexibility a traditional education could not. “My husband travels quite a bit. Before our girls got too old we wanted them [...] From WSJ: The workplace has become more flexible in recent years, but not always in ways that offer true rest and relaxation. Employers are making it easier for people to control when they work, allowing them to change their hours as long as they still get their jobs done, says a study of 1,126 employers released today by the nonprofitFamilies and Work Institute, New York. More than 3 of 4 employers now [...] Spanish regional debt currently stands at 13% of GDP and has surged from EUR60bn in 2006 to over EUR140bn currently. As Credit Suisse points out, the top four regions account for the majority of GDP, two-thirds of regional debt, and, with the exception of Madrid, substantially missed their deficit targets. What is more worrisome is the heavily front-loaded nature of the maturing debt with substantial refinancing needs in the next 2 years and this [...] President Obama got caught in private conversation with a hot mic today in Seoul, South Korea, telling outgoing Russian president Dmitry Medvedev that Vladimir Putin should give him more “space” and that “[a]fter my election I have more flexibility.”
Jake Tapper has the exchange: President Obama: “On all these issues, but particularly missile defense, this, this can be solved but it’s important for him to give me space.” President Medvedev: “Yeah, I understand. I understand your message [...] Roughly 1,200 companies received waivers from part of the healthcare reform law, the Health and Human Services Department said Friday. Friday marks the last time HHS will have to update the total number of waivers, putting to rest a recurring political firestorm. The department had been updating its waiver totals every month, prompting monthly attacks from the GOP. Republicans say the need for waivers proves that the healthcare law is unworkable. HHS [...] This is opinion only, but I would NOT buy housing unless the property was in a semi-rural or in-town rural community where you could be part of a community (safety in numbers) and grow at least a good-sized kitchen garden. Straight farm acreage is currently in a rising speculative bubble yet home prices are dropping: you might even get a better deal on farmable land if it was a large lot [...] From Maurice Pomery of Strategic Alpha 2012: HOPE AND EXPECTATIONS Introduction Whilst I realise that this year of 2011 has been a difficult one for many, it appears that a lot of strategists are now seeing a lot of what we forecast for the year materialise, albeit belatedly. Thus they write of impending doom for 2012 and this wave of pessimism takes a lot of strength to get through. Regular readers of my daily [...] |
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