Economy
Related: About this forumWeekend Economists Ring Out the Old December 26-28, 2014
Well, we are into the 2nd, 3rd and 4th days of Christmas on this thread, and I am scrabbling for material that relates, so as to complete the promised month of the holiday season, for which Xchrom asked so nicely.
Perhaps we could look at non-religious music, plays and films?
I am enamored of the Grinch (original Bela Lugosi version, not the Jim Carrey schlock remake) and there's Mr. Magoo's Christmas Carol, which Boomers were brought up with. There's White Christmas, that creaky classic in its 60th anniversary. And the one and only Charlie Brown Christmas!
Due to the commercialization of youtube, we can only see pieces of these classics, so you will have to fill in the blanks as we go. So, let's crank up the projector, and get this retrospective going!
We will spend a modicum of time on TPTB and what they've been giving themselves for Xmas, as well...if only because it is the reason for the thread (if not the season).
Demeter
(85,373 posts)How nice that they refrained from dispossessing some wannabe bankster-in-training!
Demeter
(85,373 posts)To download the entire show:
magical thyme
(14,881 posts)I think I'm being DU-stalked by a neoliberal paid-to-post administration defender.
Anyway, I was partial to this one:
Demeter
(85,373 posts)My life must have been especially chaotic at the time of its release. I shall have to view it.
You are welcome to hang out here, thyme. We are all on the run from something.
I know that feeling of persecution, too. If I put them on Ignore, I am protected, I find. Another defense is to NEVER respond to idiots, no matter how much they deserve it. And I don't go to Jonestown, most of the time.
Ah, yes, 1988 was a VERY bad year--life-changing for me. I still haven't recovered.
magical thyme
(14,881 posts)Yes, I added to my ignore list yesterday. Usually just very rude people. I'm just happy its a DU stalker. Easy to lose, unlike the real life stalkers.
Sorry 1988 was so bad, and sorrier that you haven't yet recovered. Otoh, I guess by the time anyone has lived a bit, there is always something they've never recovered from. Some things are simply life changing, and not necessarily for the better. Just a forced turned down a different path, and not one you ever dreamed of or wanted.
Demeter
(85,373 posts)You would think I would have adjusted. Too stubborn a Pollack for my own good. Still looking for a work-around to get at least part of my life back on a track I want to follow....
magical thyme
(14,881 posts)My parents crapped all over my dream when I was 17-18 and on the brink of seriously being able to follow it. I've been trying to repair the damage since I was 28 or so. In the most recent years, I've realized it's waaaay too late now, it is quite impossible. Hindsight is 20/20 of course, but different choices back when they crapped on my dream would have pushed me further into it. But when I put myself back where I was at the time, I also understand why I didn't make those choices. I was seriously damaged by then, and that would have wrecked it too.
In the meantime, I've replaced the youth dream with a related dream that is do-able and worthwhile, and with the internal damage repaired so I don't crap all over my own dream. I'm in phase 1 with my mini-farm. Phase 2 will hopefully get going within the next 2-3 years. Otherwise I'm likely to die in Phase 1.
Regardless of how it turns out, at least we die trying instead of giving up.
Demeter
(85,373 posts)and today is one of those days.
magical thyme
(14,881 posts)Can you give yourself permission to not try for a couple days? And do something totally different? Or do nothing at all?
Sometimes I quit things temporarily, so I can regroup and approach from a different angle. Sometimes when I've been trying and trying, I need to stop trying, go do something else for a while and allow. And then something shifts.
Sometimes it's like a yoga stretch -- if you keep trying and trying to increase a stretch, your muscles will reflexively contract in self-protection. So you're trying against yourself. If you stop trying to increase the stretch, just hold where you are and breath oxygen into the pain, the pain eases and then suddenly, unexpectedly something let's go and you gain a half inch of new stretch.
Demeter
(85,373 posts)I get grief from the family about it. But the energy level is rebuilding, very slowly.
magical thyme
(14,881 posts)Luckily, no human family to harass me or I would never have made it to phase 1.
That you need for your energy to rebuild says that you aren't slacking, you're resting and you need it.
I've been "slacking" every day off for a couple months, watching netflix sometimes for hours at a time. And then starting with the solstice, my injured knee, ankle and shoulder were finally well enough for me to start exercising. I've been doing yoga, crunches and jogging daily since. Suddenly, I'm back on track at least with my personal care.
It will happen for you when the time is right. If I'd forced myself too soon, the injuries wouldn't have healed. Now the exercise is helping them through the final stages of healing.
magical thyme
(14,881 posts)who went missing a couple years ago. She finishes chemo for small cell lung cancer, diagnosed last September. She didn't mention radiation, which means its likely metastatic, which gives her 6 weeks to 4 months, unless she's one of the 2% that lasts longer.
We're still alive. We're still kicking ass, if not this minute then after a nap.
Response to magical thyme (Reply #8)
kickysnana This message was self-deleted by its author.
magical thyme
(14,881 posts)xchrom
(108,903 posts)MANAGUA (Reuters) - When one of the poorest countries in the Americas and a little-known Chinese businessman said they planned to undertake one of the biggest engineering projects in history, few people took them seriously.
A year and a half after the $50 billion project to build a canal across Nicaragua was launched by President Daniel Ortega, a former Marxist guerrilla, the doubts have only grown.
Work officially began this week. But reporters hoping to see any evidence of how it would be done in a fraction of the time it took to build the much-shorter Panama Canal, or discover who would pay for it, were left with more questions than answers.
At events marking the start of what is meant to be a five- year job, Nicaraguan officials and the Hong Kong-based company behind the canal dodged questions about its financial backers, mounting delays and whether Washington had been consulted.
Read more: http://www.businessinsider.com/r-doubts-deepen-over-chinese-backed-nicaragua-canal-as-work-starts-2014-12#ixzz3N6BpSHfh
Demeter
(85,373 posts)rogerashton
(3,918 posts)would be canalization of the San Juan River and Lake Nicaragua.
Nevertheless, it sounds like a bit of a hairbrained project from what is reported.
Demeter
(85,373 posts)We had our one day of grace yesterday: sun, little wind, chance to dry out and cheer up. Today it's back to the weeping gray heavens. The worst kind of weather: cold, damp, rainy, doesn't seem too windy, yet.
After today, colder and clearer. Sunshine makes the world run right, so here's hoping it shows up as promised.
We are going to see "Into the Woods" and bring a report/review after for WEE. There's a theater has an early-bird rate of $5.50 for 10 AM shows, and I'm going to be taking advantage of it regularly.
Demeter
(85,373 posts)I was blown away by the production.
IT was inherently faithful to the stage version. The minor annoyances of the Broadway show (most notably, the Narrator) were pruned away, revealing even more clearly the psychological underpinnings. The set, costumes, actors, I can find no fault. Johnnie Depp was a fabulously horrible wolf, but because he dies off early, the other actors could also display their artistry to advantage. Not a quibble, not a flaw.
It should take home every Oscar it qualifies for.
MattSh
(3,714 posts)Got an almost 7 year old Mac that I recently upgraded to "Yosemite" (Apple's latest OS), but had to give up on it today and return to the prior version.
Too many things were not working or sluggish.
Some simple Automator functions no longer worked. Like when a photo is added to a folder, open these 8 websites. Yosemite would open 3-5 then warn "Safari/Chrome couldn't open because it was not responding." Others were reporting other automator problems.
Process "WindowServer" seemed to alway use more CPU than under Mavericks. Others were also reporting this.
Very sluggish performance when browsing the web. Chrome especially. Keyboard would take forever to respond. Finally got it going with a trial version of App Tamer, plus Chrome add-ons that would suspend tabs when they were not active. But had problems with those too.
I am hoping that 10.10.2 will fix some of this, but maybe my machine is reaching the end of the line when it comes to OS upgrades. I have a 2008 MacBook Pro. This was happening with an SSD and 8GB of RAM, so the machine isn't particularly an underperformer.
So far now, it's bye bye Yosemite.
MattSh
(3,714 posts)A few days ago, I wrote in About That Interview :
The FBI claims they are certain the hackers are North Korean, but they have provided no proof of that claim. We have to trust them on their beautiful blue eyes. I think if anything defines 2014 for me, its the advent of incessant claims for which no proof apparently needs to be provided. Everything related to Ukraine over the past year carries that trait. The year of beautiful blue eyes, in other words. Never no proof, you just have to believe what your government says.
And that truly defines 2014 for me. A level of propaganda I dont recognize, and I dont think Ive ever seen before. 2014 has for me been the year of utter nonsense. To wit, it just finished in fine form with a 5% US GDP growth number, just to name one example. Really, guys? 5%? Really? With all the numbers presented lately, the negative Thanksgiving sales data minus 11% from what I remember -, the so-so at best Christmas store numbers to date, shrinking durable goods in November and all? Plus 5%?
It really doesnt matter what I say, does it? You have enough people believing ridiculous numbers like that to make it worth your while. After all, thats all that counts. Its a democracy, isnt it? If a majority believes something, it becomes true. If you can get more than 50% of people to believe whatever you say, thats case closed.
With well over 90 million working age Americans counted as being out of the labor force, and with 43 million on food stamps, you can still present a 5% GDP growth number, if only you can get a sufficiently large number of people to believe. And you do, Ill give you that. As far as the media goes, we have achieved the change we can believe in. We may not have that change, but we sure do believe we have, dont we? And isnt that what counts? Are congratulations in order?
Well, not where Im at, theyre not. I should do a shout out to the likes of Zero Hedge, Yves Smith, David Stockman, Wolf Richter, Mish, Steve Keen, Jim Kunstler, and so many others, were a solid crowd by now even if were neglected, and please dont feel left out if youre not in that list, I know who you are. The problem is, were all completely neglected by the mass media, even though there are a ton of very sharp minds in this finance blogosphere. And perhaps we should make it a point to break through that ridiculous black-out in 2015.
2014, in my eyes, has been the year of propaganda outdoing even its own very purpose, and succeeding too. We are supposed to be living in a time of the best educated people in the history of mankind, and everyone thinks (s)hes mighty smart, but precious few have even an inkling of a clue of what transpires in the world they live in. Talk about a lost generation. Or two.
Complete story at - http://www.theautomaticearth.com/2014-the-year-propaganda-came-of-age/
Demeter
(85,373 posts)Propaganda is a better offensive tool than a defensive one. Because retroactive propaganda leaks all over the place, it's puny and ineffective after 5 minutes as a backstop. It's puny.
Bush/Cheney used propaganda as an offensive weapon, getting the lie out there BEFORE the Truth could be documented. Obama is using his propaganda as a band-aid on a severed artery. Tap-dancing, I'd call it. The aim is distraction, not conviction.
Demeter
(85,373 posts)...The Big Picture is that the Fed has stopped its QE programs. As a result, investor attention has shifted to when the Fed will begin raising interest rates. Will the first rate hike come in mid-2015? Earlier? Later?
In reality, most of this is political theater. We have not had a Hawkish Fed in well over 20 years (possibly 30). As far as Greenspan, Bernanke, and Yellen have been concerned, the answer to any and all problems in the financial system has been to keep interest rates too low, print money, and buy assets from Wall Street (a kind of cash for securities trash)
Why does this matter? Because the last 20 years has shown us that the Fed immediately cuts rates and turns on the printing press at the first sign of trouble. Given the fragile state of the global economy and financial markets, the likelihood of the Fed raising rates in a significant or unexpected way is next to none.
Indeed, Ben Bernanke told a group of hedge fund insiders that rates will likely not be normalized in his lifetime (hes currently 61, so hes talking 20-30 years).
Again, all of this is political theater. The big story for the markets is not interest rates. It is the US Dollar. For over 40 years, the world has been borrowing US Dollars to finance real estate development, infrastructure projects, mergers and acquisitions, Research and Development projects, and the more. Today, globally, corporates and investors have borrowed over $9 TRILLION in US Dollars to finance other investments.
To put this number into perspective, it is equal to the economies of Japan and Germany combined (they are the third and fourth largest economies in the world by the way).
Why does this matter?
Because when you borrow in US Dollars to invest elsewhere, you are effectively shorting the US Dollar. If the US Dollar begins to rally (strengthen) you can blow up very VERY quickly.
Take a look at this chart.
This is the single largest chart pattern in financial history. It is a gigantic falling wedge pattern
spanning over 40 years. When it breaks out to the upside, were potentially facing a 5+ years US Dollar bull market that will see the US Dollar rising to 120 if not 130.
And we just began to break it this year.
The world is awash in debt, most of it borrowed in US Dollars. When the Great Deleveraging truly begins, the US Dollar will rise rapidly as investors are forced to either pay their debts back (shrinking the amount of Dollars in the financial system) or default (ditto).
This would fuel a massive collapse in inflated asset prices around the globe. Anything and everything that was financed by cheap Dollars would collapse. Entire companies would go bust as would multiple sovereign nations.
And this process has just begun. This is why emerging market currencies are collapsing. Brazils Real has lost over 20% of its value against the US Dollar in the last six months. The Australian Dollar has lost 16%. And on and on.
The real story for the world is not interest rates it is that the era of cheap US Dollar financing everything on the planet has ended. Whats coming will not be pretty for anyone or anything that relies on cheap Dollars (this includes stocks, bonds, and the like).
Demeter
(85,373 posts)I used to read this to the Kid at bed every night for years...her choice. I would inevitably fall asleep myself...but I had the darn thing memorized!
antigop
(12,778 posts)Demeter
(85,373 posts)Russia has agreed on a new deal to supply coal and electricity to Ukraine, which is struggling with a lack of raw fuel for power plants due to a separatist conflict in the industrial east, Russian officials said on Saturday. The move comes a day after Kiev said it would suspend train and bus services to Crimea, effectively creating a transportation blockade to and from the region annexed by Moscow in March this year. Kiev has briefly cut off electricity to Crimea before.
Russia will supply coal and electricity to Kiev without advance payment as a goodwill gesture from President Vladimir Putin, his spokesman Dmitry Peskov told TASS news agency.
"Putin made a decision to start these supplies due to the critical situation with energy supplies and despite a lack of prepayment," Peskov said.
Russia plans to supply 500,000 tonnes of coal to Ukraine per month, Deputy Prime Minister Dmitry Kozak told Rossiya 24 television. It is ready to supply another 500,000 tonnes per month if an additional agreement is reached, he added. Ukraine's coal reserves stand at 1.5 million tonnes compared with normal winter stocks of 4-5 million tonnes, according to energy ministry data. The country used to be self-sufficient in electricity, but months of fighting a pro-Russian uprising has disrupted coal supplies to thermal power plants, which had generated around 40 percent of its power.
Last week Ukraine's energy minister, Voldymyr Demchyshyn, said he was holding talks with Russia's energy ministry on coal and power supplies. Earlier attempts to import Russian coal have been hampered by supplies being held up at the border. Supplies will come at Russian domestic prices, Kozak said, adding that he hoped the move would help ensure reliable energy supplies to Crimea. He did not say whether the transportation hold-ups at the border had been resolved.
Russia will also supply electricity to Ukraine, Kozak said, without giving supply volumes...
antigop
(12,778 posts)Rudolf, the Red-Nosed Reindeer
Burl Ives -- Silver and Gold
Holly Jolly Christmas
Demeter
(85,373 posts)I really hated that one.
I'm in a melancholy, gray cold rainy windy miserable mood....
antigop
(12,778 posts)antigop
(12,778 posts)They were once engines that helped to power the culture, but we havent had a major one in 30 years.
http://www.wsj.com/articles/time-for-a-new-artistic-movement-1419451176
Amid all the cultural changes surrounding us every day, one of the most consequential has gone entirely unnoticed. We have not had a major artistic movement, in literature or art, for something like 30 years, not since the various offspring of postmodernism blew themselves out in the early 1980s.
Artistic movements were once engines that helped to power the culture and to shape the way that people looked at reality. In the present moment, when so much of our public life is simultaneously polarized and murky, it is striking to remember how an artistic movement could clarify the world around it, project the image of alternate possibilities and challenge artists and their audiences to apply their imaginations to grand new projects.
Not really fitting with the theme, but I found it interesting that the WSJ would have this essay.
Demeter
(85,373 posts)Last edited Sat Dec 27, 2014, 10:43 PM - Edit history (1)
Isn't running the biggest ponzi/control fraud in human history artistic enough?
antigop
(12,778 posts)Maybe we should have a global artistic movement that organizes workers around the world.
I'm sure the WSJ would approve of that.
Demeter
(85,373 posts)bread_and_roses
(6,335 posts)I admit to not reading the article, but that's what comes to mind - what else could it possibly be interested in? Though why they should be fretting over such I can't imagine - was it upthread here that I read about 2014 as the year of propaganda - and worse, propaganda largely unchallenged except on the very fringe ... a few voices in the wilderness like Wolff, Ali, Parry ...
And what are they worried about anyway? Where are the calls for what we really need? Where, even on say Alternet or Commondreams, is anyone calling for a guaranteed national income? Nationalization of energy, telecommunications, health care? Free education. Debt forgiveness.
Demeter
(85,373 posts)Go Elizabeth!
Demeter
(85,373 posts)it's not the artistry, it's the profits.
It never occurs to Wall St. that the Beatles and their fellow groups arose out of a breath of fresh air, freedom, breaking down walls, and abundance...enough money to afford a little artistry.
antigop
(12,778 posts)A global artistic movement that organizes workers.
We sooo need something.
eta: I do love the arts, but alas, I am not artistic. I think I'll run this by some of my friends in the arts community.
bread_and_roses
(6,335 posts)...? I maintain that after the '60's - early '70's the Oligarchs deliberately set out to make sure there would never again be such an influx of working class kids into the hallowed halls of academe ... not to mention making sure those same hallowed halls would never again tolerate deviance from the dominant cultural narrative.
Not only was education made unaffordable but it was turned over to the suits .....
I meander. It's that kind of day.
Demeter
(85,373 posts)and started advancing on merit.Can't have that! Wouldn't be prudent!
Demeter
(85,373 posts)Demeter
(85,373 posts)but at least I could make breakfast (without food poisoning). the Kid is a trial and a half. and that's on the good days.
Demeter
(85,373 posts)Thought the West Coast port negotiations were over? Think again. Ongoing contract negotiations between the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU) have plagued the ports for the past seven months.
Statements and rumors that our negotiations are close to a final contract are not true, the PMA said in a statement provided to The Daily Caller News Foundation. Even after seven months of negotiations, we remain far apart on several issues, and the union slowdowns continue to disrupt the movement of cargo through the ports, the statement continued. Their statement concluded, Business is being lost, and we are concerned that the damage is permanent and shippers will be fearful to put their trust in the West Coast ports going forward.
But union officials remain optimistic about how the talks have been progressing.
Theres nothing wrong with dispelling false rumors of a tentative agreement, but the fact remains that negotiations remain positive and are making progress, Craig Merrilees, the communications director for the ILWU, told TheDCNF.
Merrilees also disputes claims that the union is causing the port congestion.
The port congestion crisis is a long-term problem that pre-dated allegations of a slowdown and will unfortunately continue after a settlement is reached, he said. Merrilees concluded, Both sides remain committed to reaching a fair agreement as soon as possible.
MY FAVORITE APPLIANCE STORE MENTIONED THAT THE STRIKE AFFECTED THEIR INVENTORIES...
Demeter
(85,373 posts)All three rating agencies are expected to downgrade Russia's debt to junk soon and bailouts to Russian banks are on the rise, but how likely is default?
The Financial Times reports ...
The rapidly rising cost makes the rescue of Trust bank, which foundered as the rouble collapsed early last week, the second-largest seen in Russia. It has now consumed a tenth of the money earmarked by the government last week for bank bailouts.
The authorities also said they would spend Rbs320bn ($5.9bn) propping up two other banks. Anton Siluanov, finance minister, said state-owned VTB, the second-largest lender by assets, could receive Rbs100bn before the end of this year and another Rbs150bn in 2015, while Gazprombank could be allocated Rbs70bn.
Trust Bank was the first financial institution to fall victim to the currency crisis as it suffered a run on deposits by customers panicked by the steep drop in the roubles value, which at one point on December 16 plummeted to an all-time low of 80 against the dollar.
The central bank said that the state-run Deposit Insurance Agency would provide Trust Bank with up to Rbs99bn. It would give an additional Rbs28bn loan to Bank Otkritie, one of Russias largest private lenders, to restructure Trust Bank, with the two then merging by the end of 2020.
Foreign Reserves
Although US and EU sanctions make it difficult for Russian companies to obtain financing, and although the Russian banking system is a mess, sovereign default will only occur if Russia cannot meet its foreign debt obligations.
Russia has about $4000 billion in foreign currency reserves, lowest since 2009, but foreign currency obligations for 2015 total about $120 billion. On that score, the immediate risk seems slim. In fact, one has to wonder if the impending downgrade to junk is politically motivated. Regardless, the US severely underestimates the fallout, especially to Europe, should default occur. Sanctions are economic madness and Obama's claim they are working is preposterous.
Demeter
(85,373 posts)Times are tough in Russia. The Ruble has lost about 50% of its value versus the dollar. The West is levying economic sanctions against them for their military actions in the Ukraine. And the Russian Ministry of Finance earlier this year drafted a bill to ban Bitcoin and other quasi-money in 2015.
Russia reconsidering Bitcoin?
Could Bitcoin make it back into Russia? The latest news is that the draft law is in need of major revision as the Russian Ministry of Economic Development has not approved the draft in its current form. This is certainly not because of the desire to enhance freedom and liberty for Russian citizens, but because it may hurt Russian corporations ability to attract new business. The quasi-money designation includes things like gift cards and certificates that businesses use to bring in new customers. Banks, major retailers, and telecom companies would take a huge hit, and with the national GDP/economy is already having a terrible year, this bill does more harm than good overall.
The proposed draft regulation act doesnt solve any tasks assigned, but only serves to create legal barriers to the implementation of marketing programs of businesses and business development in general, according to the Ministry of Economic Development.
The issue with nation-states attacking Bitcoin out of defense of their currency is a complicated one. Many nations are in debt due to their debt-based fiat currency/central banking system. The current inherently flawed system is designed to leave nations indebted. Bitcoin and its potential growth leave open a way to build new businesses, generate new revenue streams by attracting investors, and ways for future taxation to help alleviate the nations indebtedness. Russias previous hard stance against Bitcoin was taken before many of their current economic issues and sanctions manifested.
Russias economic situation may continue to spiral downward, as they may soon suffer from restriction of access to the global financial system. In particular to the payment system SWIFT (Society for Worldwide Interbank Financial Telecommunication, which supplies secure messaging services and interface software to wholesale financial entities. An international banking computer partnership). Some critics say the government should pay more attention to financial innovations instead of trying to ban them.
Does this mean Bitcoin is in the clear? Not exactly. The bill most likely will be revised, but it may just benefit Russian corporations, but still restrict Russians ability to use electronic currency. The ban may just work around gift cards and bonus cards and remain for digital currency. The nature of the extent of the revisions remains unclear...
xchrom
(108,903 posts)PROVIDENCE, R.I. (AP) -- Like he did 82 times before, Sheldon Whitehouse stood on the Senate floor and preached the dangers of climate change.
In his last speech before Congress adjourned, the senator warned that 2014 is on track to be the hottest year on record.
It was a familiar sight: Whitehouse has given a speech about climate change each of the last 83 weeks Congress has been in session.
He never has to give the same speech twice, he says - there are plenty of new angles to take on such a big problem.
xchrom
(108,903 posts)ALGIERS, Algeria (AP) -- Algeria's oil minister on Sunday called on OPEC to cut production and raise the price of oil, which has plunged dramatically in the last six months.
The call by Youcef Yousfi to the Organization of Petroleum Exporting Countries, of which Algeria is a member, comes as the country is struggling to deal with a halving of oil prices from $120 barrel to $60 a barrel.
"For us, OPEC has to intervene to correct the imbalance and cut production to bring up prices and defend the income of its member states," Yousfi said in remarks carried by the state news agency.
While Algeria has some $200 billion foreign reserves, enough to cover imports for the next several years, it is heavily dependent on its oil revenue which provides 97 percent of its hard currency income and 60 percent of the budget.
xchrom
(108,903 posts)NEW YORK (AP) -- When Superstorm Sandy hit the East Coast, flood insurance companies working for the Federal Emergency Management Agency dispatched an army of structural engineers to do some detective work.
Their assignment: Find out how much damage to policyholders' homes was caused by surging seawater and how much predated the storm.
Now, two years later, lawyers representing about 1,500 homeowners are trying to prove that some engineering firms hired to inspect the damage issued bogus reports to give skeptical insurers ammunition to deny claims.
Broken foundations, the lawyers say, were falsely blamed on poor construction or long-term settling of the soil. Cracked and warped walls were written off as being due to old age.
xchrom
(108,903 posts)TOKYO (AP) -- Japan's Cabinet approved 3.5 trillion yen ($29 billion) in fresh stimulus Saturday for the ailing economy, pledging to get growth back on track and restore the country's precarious public finances.
Prime Minister Shinzo Abe is wrapping up his second year in office hard-pressed to salvage a recovery that fizzled into recession after a sales tax hike in April.
The stimulus plan endorsed by the Cabinet includes 600 billion yen ($5 billion) earmarked for stagnant regional economies. It also lays out Abe's vision for countering longer term trends such as Japan's surging public debt and a declining and aging population.
"A strong economy is the wellspring of Japan's national strength," said a summary of the plan released by the government.
xchrom
(108,903 posts)BERLIN (AP) -- Germany's finance minister says any new Greek government would have to stick to agreements made by its predecessors - comments that come as Greece risks early elections that could bring an anti-bailout opposition party to power.
The Greek government has a third and final chance Monday to get a new president elected. If it fails, parliamentary elections will be called. The Syriza party, which has said it wants the country's bailout program renegotiated, leads in polls.
German Finance Minister Wolfgang Schaeuble told Saturday's Bild daily that he'll continue to support Greece on its "path of hard reforms" but if Athens chooses another road, "it will be difficult."
Schaeuble said that "new elections won't change anything about Greece's debts. Any new government must abide by the legal agreements of its predecessors."
Demeter
(85,373 posts)i'll say one thing for Deutschland...when they make a mistake, they persist, and double the error.
xchrom
(108,903 posts)BERLIN (Reuters) - Growth in Germany, Europe's biggest economy, could be better than expected next year and the situation in Europe is not as bad as many people think, the president of Germany's Bundesbank told a newspaper on Sunday.
In an interview with the Frankfurter Allgemeine Sonntagszeitung, Jens Weidmann, a member of the European Central Bank's Governing Council, also reiterated his opposition to ECB plans to buy sovereign bonds.
The ECB is watching carefully how a recent drop in oil prices will affect euro zone inflation, far below its target of just below 2 percent, and standing ready to do more to keep the region from slipping into deflation.
"As things are at the moment and if oil prices remain this low, inflation will be lower than expected, but growth will be better," Weidmann was quoted as saying.
Read more: http://www.businessinsider.com/r-ecbs-weidmann-says-german-2015-growth-may-be-better-than-expected-2014-12#ixzz3NCnZCC96
xchrom
(108,903 posts)Kabul (AFP) - NATO formally ended its war in Afghanistan on Sunday, holding a low-key ceremony in Kabul after 13 years of conflict that have left the country in the grip of worsening insurgent violence.
The event was arranged in secret due to the threat of Taliban strikes in the Afghan capital, which has been hit by repeated suicide bombings and gun attacks over recent years.
"Together... we have lifted the Afghan people out of the darkness of despair and given them hope for the future," NATO commander US General John Campbell told assembled soldiers.
"You've made Afghanistan stronger and our countries safer."
Read more: http://www.businessinsider.com/afp-nato-lowers-flag-on-its-afghan-war-but-insurgency-boils-2014-12#ixzz3NCoD83xl
xchrom
(108,903 posts)Japans government approved a 3.5 trillion yen ($29 billion) fiscal stimulus package to boost the economy after Aprils sales tax hike caused consumption to slump.
The measures include shopping vouchers, subsidized heating fuel for the poor and low interest loans for small businesses hurt by rising input costs, and will boost gross domestic product by 0.7 percent, the government estimates. The spending will be paid for with tax revenue and unspent funds and wont need new bond issuance, Economy Minister Akira Amari said today in Tokyo.
Unexpected falls in output and retail sales in November underscore the continued weakness in the economy. With little sign of a rebound in domestic demand, getting growth back on a recovery track is a priority for Prime Minister Shinzo Abe.
This will support private consumption and boost regional economies, so that the virtuous economic cycle spreads to all corners of the nation, Abe said in Tokyo after the decision.
xchrom
(108,903 posts)A startup insurance company loaned $145 million by the U.S. government under Obamacare is running out of money and being taken over by state officials in Iowa.
The company, CoOportunity Health, which also serves Nebraska, was placed under Iowa Insurance Commissioner Nick Gerharts supervision this week and is no longer accepting new enrollees, according to a statement from his office. While Gerharts agency will operate the company for the time being, its urging policyholders to seek a new insurer.
CoOportunity Health is a co-op, or Consumer Operated and Oriented Plan, one of 23 nonprofit health insurers providing coverage in 26 states. They were created under the Patient Protection and Affordable Care Act to increase competition. The fate of CoOportunity provides new fodder for Obamacare opponents who argue that the law wastes government money.
The co-ops troubles are a blow to an Obamacare program that had outperformed the direst predictions of Republicans. While Obamacare opponents had argued the companies would fail and squander government loans, some co-ops including CoOpportunity had outpaced forecasts for enrollment, growing five times faster than expected through March.
xchrom
(108,903 posts)Credit Suisse Group AG (CSGN) was ordered to face a $10 billion lawsuit by New Yorks attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the 2008 financial crisis.
A New York State Supreme Court justice rejected the banks request to dismiss the case, a move that gives leverage to Attorney General Eric Schneiderman to demand internal bank documents and force a settlement. New York demonstrated the bank may have engaged in misconduct, Justice Marcy Friedman said in a Dec. 24 decision, allowing the suit to head toward trial.
In addition to forcing Zurich-based Credit Suisse to defend itself or settle, the ruling may strengthen Schneidermans hand in punishing other banks for bad behavior tied to the recession.
Elizabeth DeBold, a spokeswoman for Schneiderman, said the lawsuit is part of an effort to pursue accountability for those who contributed to the near collapse of our economy. Drew Benson, a spokesman for Credit Suisse, said yesterday in an e-mail that the bank will appeal the ruling.
xchrom
(108,903 posts)What a tangled web presidential candidates weave.
Former Florida Governor Jeb Bush will step down from the board of directors of Tenet Healthcare Corp., a Texas-based company that has seen big profits thanks to Obamacare, the Los Angeles Times reported.
Bush will disentangle himself from Tenet Healthcare effective Dec. 31, the second such move he has made since announcing that he will "actively explore" a 2016 run for the White House. Earlier this month Bush ended his advisory role with Barclays Bank.
xchrom
(108,903 posts)In what has been a tumultuous 2014 for Latin American currencies, it is the quetzal that has stood out as the lone bright spot.
Thats right, the quetzal -- Guatemalas currency.
As the Argentine peso sank 24 percent and the Brazilian real dropped 12 percent, the quetzal advanced 3 percent, posting its best annual rally since 2010.
The divergence comes down in large part to the strengthening U.S. economy. While the pickup fueled speculation the Federal Reserve will raise interest rates next year, luring investment away from the regions bigger financial markets, it put more money in the pockets of immigrant workers from places like Guatemala. That extra cash translated into an 8 percent jump in remittances in the first 11 months of the year, to $5 billion. In a country with a gross domestic product of just $54 billion, those inflows move markets.
Our principal export continues to be human talent, Benjamin Arriaza, the director of operations and finance at Guatemala City-based lender Grupo Financiero Bantrab, said in a phone interview. The quetzal tends to appreciate this time of year, but this year it has climbed more than normal.
bread_and_roses
(6,335 posts)This is jaw-dropping. We've all read about it - but as usual, the visual reality blows the mind. Lots of ads interrupting slide show but worth it
https://homes.yahoo.com/blogs/spaces/a-stark--unsentimental-look-at-detroit-s-rapid-slide-202246171.html
Demeter
(85,373 posts)It's eery and empty. There are whole blocks razed and paved over. No people, no cars, no traffic, like the Neutron Bomb fell.
I lived on the outskirts of Detroit as a child. My friend, who lived in the central section, talks of this and that not being there anymore....
The bankruptcy of Detroit, triggered by the Interest Rate Swaps that crook Kwami Kilpatrick put on the bond issues, plus 40 years of the state legislature making money promises, and then stiffing the cities, left the place unsupportable.
We are in a brave new world, here in Michigan, not just in Detroit, but in every major urban area that isn't a major university home (meaning Lansing, Ann Arbor, and Ypsilanti to a certain extent protected by being a college town, but very like the Detroit if the 1950's on a smaller scale).
DemReadingDU
(16,000 posts)This very long article was printed in our Dayton paper today...
Whats in a Number? Confronting Urban Population Decline By Jason Segedy
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Think about what was going on around 1960. Take an older, industrial city, like Cleveland, Detroit, or St. Louis, that is built out that is, nearly all of the residential property in the city is built at the maximum development density that it is zoned for, and the city has very little, if any, available land upon which to build new housing.
At the same time you have several extremely consequential demographic trends occurring all at the same time:
Rising divorce rates
Rising age of first marriage
Rising life expectancy
Declining birth rates
These trends all began to emerge in the late 1950s, took deep root in the late 1960s, and continued virtually unabated up through the late-1990s.
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So, if these older cities were unable to build more housing units, they were going to shrink to a significant degree, regardless of the crime rate, or school quality, or white flight, or any of the other common explanations for urban population loss.
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In the 21st Century, given todays demographic trends, it is near-mathematically impossible for shrinking cities to ever grow again, without building new housing. These cities have an over-supply of housing that people do not want, and an under-supply of housing that people do want. Much of the older housing is blighted, vacant, or abandoned, and it is being torn down at a much faster rate than new housing is being built. These cities will continue to lose population unless they figure out how to do more than simply tear houses down. They need to learn how to rebuild their neighborhoods from the ground up.
lots more...
http://thestile1972.tumblr.com/post/101874810155/whats-in-a-number-confronting-urban-population
If people don't have good jobs, there is no amount of new housing that will be sustainable.
DemReadingDU
(16,000 posts)When people have no jobs, they have no money to keep their homes maintained. Sixty years ago, many of those houses were located in areas of major manufacturing, so some people could even walk to work, or take the bus. People took pride in those neighborhoods. When the jobs were off-shored, some people got re-trained. Some of those jobs were off-shored too. It is sad to see the decline of America up-close, in Dayton, Ohio too.