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2N
nuggets of financial self-defence
Financial blog on news and global macroeconomic themes regarding the world economy. The blog's primary focus pertains to inflation, deflation, and hyperinflation, especially currencies, gold, silver, crude, oil, energy and precious metals. Other macro discussion topics include interest rates, China, commodities, the US dollar, Euro, Yuan, Yen, stagflation, emerging markets, politics, Congressional and statewide policy decisions that affect the US and global markets.
Zaktualizowano: 3 godziny 32 min. temu

Putin Threatens Military Intervention in Ukraine; Obama's Hypocritical Response

5 godzin 48 min. temu
In his strongest message yet to Ukraine, the EU, and US, Putin says Russia ready to act in Ukraine
Russian President Vladimir Putin has warned of his readiness to deploy troops in eastern Ukraine if diplomatic efforts fail to resolve the escalating crisis there.

The threat came as foreign ministers from Russia, Ukraine, the US and EU were meeting in Geneva to find ways to ease the tension.

Speaking in a live television phone-in hours after the first deadly clash between pro-Russia protesters in the eastern region and Kiev’s security forces, Mr Putin said he hoped for a political resolution to the crisis but warned that the campaign for Ukraine’s May 25 presidential election was “being run in an absolutely unacceptable way”.

“The Federation Council granted the president the right to use military force in Ukraine,” he said in response to one of 2m questions submitted to him. “I really hope that I do not have to exercise this right and that we are able to solve all of today’s pressing issues with political and diplomatic means.”

But he added: “If everything continues like this, then of course we cannot recognise as legitimate what is happening and what will happen after May 25.”

Mr Putin called on Kiev to withdraw its forces from southeastern Ukraine and engage in dialogue on the country’s future with pro-Russia protesters in the region.

Mr Putin signalled that he might be ready for a pragmatic solution. Despite repeating Moscow’s scathing rejection of Ukraine’s interim government as illegitimate, he said: “We need to come to agreement with those who view themselves as the authorities in Ukraine. But they need to behave reasonably.”

US President Barack Obama said in an interview on Wednesday that Mr Putin was supporting “at minimum, non-state militias” in Ukraine.Obama's Hypocricy  

Two wrongs don't make a right but it's certainly fair to point out the "US is supporting, at minimum, non-state militia in Syria". How many other places?

We only like intervention when we do it.

Assuming one believes that Russia is indeed directly supporting militia's in Ukraine (something that is arguably debatable), at least Russia has a vested interest given that it borders Ukraine.

Russia fears US missiles and military buildups in Eastern Europe, as well it should. After all, the US did renege on promises not to expand NATO into Eastern Europe.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com 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.
Kategorie: Najnowsze feedy

Talk of Bloodless Coup in Donetsk; European Countries Resent US Tone; Low Hopes for Peace Talks; War, What Is It Good For?

15 godzin 36 min. temu
Another bloodless coup in Ukraine is underway. This time, it's in the Donetsk region.

Should it come to that ending, it would be the third Ukrainian coup in a matter of months (counting the ouster of former president Viktor Yanukovych followed by the coup in Crimea).

Talk of Bloodless, Passive Coup in Donetsk

Please consider Kiev’s Weak Grip on East Falters.
Moscow is only an hour ahead of Donetsk but the inflammatory descriptions emanating from Russia over events in eastern Ukraine on Wednesday were much further distanced from reality.

As President Vladimir Putin was talking of his neighbouring country as being “on the brink of a civil war”, in Slavyansk the conflict was far more psychological than physical. Apart from the occasional fly-past by a single fighter jet and two helicopters, Kiev’s forces kept a low profile throughout the day in the area northeast of Donetsk, where militias and locals have seized or set up vigils at government buildings in several towns and cities.

Rather than civil war, the scene resembled a sort of bloodless, passive coup. “I am a citizen of the Soviet Union,” said one of the mysterious and heavily armed “green men” wearing military camouflage without insignia.

The man refused to give his name but admitted that, like others around him, he had travelled up from Semfiropol in Crimea – the autonomous republic annexed by Russia in March and now already switched to Moscow’s time zone. Many of his comrades sported the black and orange striped ribbon adopted by pro-Russian forces.

All along the main route from Donetsk, and in several adjacent town centres, local people have created and manned an increasing number of makeshift barricades of tyres, often topped by the flags of Russia and the “Donetsk Republic”.

But despite the government’s angry denunciations of the seizures of police offices, administrative buildings and other property, there have been few attempts by local authorities to prevent them and Kiev’s hold on the east appears to be weaker than ever. Despite orders several weeks ago to stop broadcasting Russian television, local people said the channels had been back on air in the Donetsk region since earlier this week.

Easterners who reject calls for a referendum on creating an autonomous republic in Donetsk, a federation or union with Russia – views which opinion polls until recently suggested remained in the a minority – are for the time being keeping their heads down.Polls Show Majority in Donetsk Prefer Alliance with Russia

In spite of all the talk, the government in Kiev seems unable or unwilling to take Donetsk by force. Why should it?

Polls suggest a majority in Donetsk would vote for a federation or union with Russia. You cannot win over hearts and minds with force.

European Countries Resent US Hectoring Tone

The Financial Times reports EU Sanctions Push on Russia Falters Amid Big Business Lobbying.
Europe’s resolve to impose tough sanctions on Moscow is cracking under corporate lobbying, as companies warn governments that any retaliation from the Kremlin could cost them dearly.

Diplomats fear that talks in Geneva on Thursday between the US, Russia, Ukraine and the EU will prove fruitless in tackling the crisis over the occupation of local government buildings in eastern Ukraine by pro-Russian militants. If the talks fail, EU leaders are expected to meet next week to discuss broad economic sanctions against Moscow.

But even before such a meeting, the fissures between countries are evident. “Are the member states united on this? No. Are they willing to die for Ukraine? I don’t think so,” a senior European official said, noting that sanctions would demand a consensus from the 28-member bloc.  

European countries have resented the US’s hectoring tone on the need for sterner measures against Russia, when the EU’s trade relationship is almost a dozen times bigger than America’s.

On one side of the European debate, the Baltic nations and Poland favour strong action against Moscow, while accepting that Russian retaliation could be painful. On the other, Italy and Germany are more reticent about sanctions, partly because of lobbying from their leading companies. Sanction Scorecard

  • Germany: BASF lobbying against sanctions
  • Italy: Energy company Eni lobbying against sanctions
  • UK: BP lobbying against sanctions. BP has a 20 per cent stake in Rosneft, the state-controlled oil company.
  • Cyprus and UK: Both concerned abut financial sector risks
  • US Business Groups: lobbying against sanctions
  • Obama: Wants sterner sanctions
  • Poland, Baltic Nations: Want sterner sanctions

Low Hopes for Peace Talks

Given the reaction from Ukraine and the huge disunity regarding sanctions, it should not be any surprise that Expectations Low as Ministers Hold Ukraine Peace Talks.
As the tense stand-off in eastern Ukraine continues, the main protagonists will meet on Thursday to try to find a diplomatic solution.

Despite fears the new round of unrest might scupper the quest, the foreign ministers of Russia and Ukraine will hold their long-awaited encounter in Geneva, along with their US and EU counterparts.

Expectations for the meeting remain low, given the different agendas of the two sides, with the US seeing a chance to boost the legitimacy of the government in Kiev, while Russia is calling for radical constitutional reform in Ukraine.

Russia is sticking to its demands of “federalisation” and military neutrality for Ukraine – first laid out in a proposal a month ago.

The paper demands that Ukraine undergoes a foreign-mediated process of constitutional reform that must happen before the next presidential election. This must result in a federal structure and military neutrality for the country, give Russian the status as second official language and recognise Crimea’s departure from Ukraine.Best Deal Ukraine Can Get

The best chance for Ukraine to hold on to Donetsk may very well be acceptance of the Russian proposal.

While pondering the above thought, here is a song that expresses my point of view rather well.

War, What Is It Good For?



Absolutely nothing!

This is not our fight, so let's not make it one.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Austerity In Spain? Where? Public Debt Threatens to Exceed 100% of GDP in 2014

20 godzin 20 min. temu
EL Pais reports Spanish Public Debt Threatens to Exceed 100% of GDP in 2014

Via translation
General government debt accumulated through February was 987.945 billion euros, an amount that represents 96.5% of gross domestic product (GDP). This represents a new record in the amount of money the state, communities, and the municipalities have to return to financial institutions and investment funds. In February alone, the government liabilities increased by 8.130 billion, up 8% from the previous month.

The debt problem is not just that you have to pay, but the difficulty to stop the frenzied pace to growing-has risen from 37% of GDP in 2007 to 96.5% seven years later.

If this pace continues, the liabilities of the government would scale up to 110% of GDP, an unknown dimension in the last century. Since the early twentieth century, when Spain had to attend entrained war debts of Cuba, the barrier was not exceeded 100%, according to the historical series of the IMF. The debt ended 2013 at 94% of GDP.

The threat that public debt exceeds the red line of 100% of GDP grows as government is unable to decisively reduce the public deficit. The 2014 budget is expected to be in the red by 60.7 billion, 5.8% of GDP.

In addition, the Executive will launch a new section of the Autonomous Liquidity Fund (FLA), liquidity to support to the regions, totaling 23 billion, representing about two-points of GDP. In total, the public debt will grow by about 80 billion, eight points of GDP during 2014. The level of liability of public institutions would reach 104% compared to 98.9% government projection earlier this year.Treasury Raises Less Than Expected Despite tax Increases

Compounding the spending problem, Treasury Raises Less Than Expected Despite tax Increases

Via translation from Libre Mercado
The Ministry of Finance announced 17 of every 100 workers are employed directly in government up 20% from levels 2007, when the ratio was 14%.

Speaking in net terms, the crisis has wiped out 3.6 million jobs in the private sector but has just reduced the workforce of 136,000 public employees. What does this mean? In essence, that 97% of the labor destruction has taken the private sector, while the government has just 3% of the course setting.

The situation is even more poignant when we realize the increase in spending on handpicked advisers. In 2013, the Ministries have triggered the eventual disbursement of staff salaries by 7.5%. Also the salaries of senior management have risen in 2013. Adding up all the costs of the central administration staff, we see that in 2013 an increase of 0.8% was recorded.

Although tax revenue was 37.8% of GDP and was in line with the historical average, the total outlay of the government in 2013 exceeded 44.4% of GDP. Grants have remained almost intact compared to 2012, while the total personnel costs assumed 900 billion euros.

To keep afloat these structures spending taxpayers in crisis have taken numerous tax increases. However, the resulting fiscal balance has not kept pace than projected by the Treasury:

  • The tax on winnings from lottery has raised less than half of schedule in 2013.
  • The 10% surcharge on excise duty on alcohol has not generated the expected returns, 70% lower than expected.
  • Income tax collection has a gap of 6% vs expectations.
  • The indirect quintessential tax generated 5% less than estimated by Treasury.

In sum, the income tax office have been 4.21% lower than projected. However, it is important to note that the number of taxpayers who pays this revenue has declined significantly as a result of mass unemployment and the destruction of businesses.Austerity In Spain? Where?

The biggest things Spain needs to do are cut public spending and public employment, and lower taxes. Instead, it raised taxes on those with real jobs.

It should be no surprise that revenues don't meet expectations and public spending has not declined.

In spite of all the howls from misguided Keynesians and Monetarists over alleged austerity, the approach Spain took is not "austerity", rather it is economic insanity.

By the way, debt does not "threaten" to exceed 100% of GDP, it is a near-certainty.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com 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.
Kategorie: Najnowsze feedy

Ukraine Separatists Seize Six Armored Personnel Carriers, Parade Them in Two Towns

śr., 16/04/2014 - 20:17
Pro-Russia forces in eastern Ukraine intensified their defiance against Kiev on Wednesday, seizing half a dozen armored vehicles and parading them through towns of Kramatorsk and Slavyansk.

The Financial Times reports Pro-Russia forces intensify defiance in eastern Ukraine
The escalating tension, a day after Kiev launched special operations against the separatists, prompted Nato to bolster its military presence on its eastern border, Anders Fogh Rasmussen, the alliance’s secretary-general announced on Wednesday.

Hundreds of local people in the centre of Kramatorsk cheered the vehicles and the roughly 100 militia men on them as they drove on to nearby Slavyansk. The defence ministry said the troops were guarded by “people in uniforms who have no relation to Ukraine’s armed forces”.

The crowd cheering the pro-Russia forces cried “Donbas, Donbas”, referring to the region of Donetsk, as they chatted excitedly and took photos on their phones. Some locals said the forces were troops from Kiev that had switched sides. More likely, they were more of the “green men” militants who took control of a series of government buildings in the region in recent days. There was no sign of struggle.

Unidentified armed militants had seized the mayor’s office in Donetsk, a large regional capital where pro-Russia separatists nearly two weeks ago seized the regional government building, news agencies reported on Wednesday. It was not immediately clear whether the group was allied with separatists that have in past days seized about 10 regional government buildings in eastern Ukrainian cities.

Meanwhile, Prime Minister Arseniy Yatseniuk told the cabinet that a newly formed “constitutional commission” would swiftly draft constitutional changes delegating more governing power from Kiev’s central government to regional legislatures and administrations.

Konstantin Dolgov, the Russian foreign ministry’s human rights representative, was quoted as saying: “To all appearances, events [in Ukraine] are beginning to develop under the worst-case scenario.” Earlier, Russian prime minister Dmitry Medvedev claimed Ukraine was close to “civil war”.

The comments from Moscow heightened concerns that any bloodshed resulting from attempts by the Kiev authorities to retake control of eastern Ukrainian cities could prompt direct military intervention by Russia. Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Europe Without €: Former EU Commissioner Says "Monetary Union has Failed"

śr., 16/04/2014 - 16:20
Via Translation from the Italian website L'Anti Diplomatico, former EU Commissioner and and signatory of the Manifesto of European solidarity, Frits Bolkestein proclaims the "Monetary Union has Failed".
In his conference "Europe Without €" held in Rome on Saturday 12 April, Fred Bolkestein, a former commissioner of the European Union and signatory of the Manifesto of European solidarity quotes former German Chancellor Helmut Kohl in his address to the European Parliament in 1991:

"EU policy is the essential counterpart to monetary union." The political union had to precede the formation of the single currency and a real central bank.

The opposite happened. Maastricht policies to create a monetary union have not had an effect integral politics, but the opposite effect as we see today.

Economic cultures are different and there is no solidarity. The French view is that imbalances of payments and budgets should be adjusted and jointly funded by the surplus countries to finance the deficit countries. It is a vision not sustainable in the long run.

According to Bolkestein, Eurobonds will only dilute the responsibility and "veil" problems. The Germans, moreover, do not want transfers and Eurobonds. Moreover, as history teaches, transfers from rich regions to poor regions do not work.

Monetary union has failed, concludes Bolkestein, and the countries in deficit situation can not solve their problems by themselves. Indeed, this is an additional cause of suffering. Alternatives do not exist and "we have to think about a second step: the exit from the euro."That the monetary union has failed is certainly not news to Mish readers. But it is both new and news for a former commissioner of the European Union to recognize that simple statement of fact and give a "Europe Without €"conference on it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Gold Doomed or Resting? Gold vs. Major Currencies; Goldman Sachs and Morgan Stanley Reiterate Sell Signal

śr., 16/04/2014 - 08:17
Here are some interesting charts from my friend Nick at Sharelynx Gold. (Login Required)

Gold vs. US Dollars



Gold vs. Euros



Gold vs. Ukraine Hyyvnia



It took about 4,000 Hyyvnia to buy an ounce of gold at the end of 2008. It takes 17,444 now.

Gold vs. Russia Rubles



Gold vs. India Rupees



Gold vs. Argentina Pesos



Gold vs. Venezuelan Bolivars



Gold vs. Yen



By the way: Those in Argentina and Venezuela cannot buy gold at the quoted rates. The charts reflect "official" exchange rates. Black market rates are much much higher.

Goldman Sachs and Morgan Stanley Reiterate Sell Signal

Bloomberg reports Goldman Stands by $1,050 Gold Target on Outlook for Recovery
Bullion’s rally this year was spurred by poor U.S. data probably linked to the weather and rising tension in Ukraine, analysts led by Jeffrey Currie wrote in a report, describing the reasons as transient. With the tapering of the Federal Reserve’s bond-buying program, U.S. economic releases will return as the driving force behind lower prices, he wrote.

Gold’s 12-year bull run ended in 2013 as the Fed prepared to reduce monthly bond-buying that fueled gains in asset prices while failing to stoke inflation. Prices rose 10 percent this year even as the Fed cut purchases, with Russia’s annexation of Crimea and mixed U.S. economic data boosting haven demand. Last year, Currie described gold as a “slam-dunk sell” for 2014.

“It would require a significant sustained slowdown in U.S. growth for us to revisit our expectation for lower gold prices over the next two years,” Currie wrote in the report, dated yesterday. “While further escalation in tensions could support gold prices, we expect a sequential acceleration in both U.S. and Chinese activity, and hence for gold prices to decline.”

Gold for immediate delivery traded 0.3 percent higher at $1,322.01 an ounce at 7:43 p.m. in Singapore, according to Bloomberg generic pricing, after the United Nations Security Council met to address the Ukraine crisis. Bullion last traded below $1,050 an ounce in February 2010.

Morgan Stanley

Bullion is the least preferred commodity among metals as prices resume a decline this year on the outlook for rising U.S. interest rates and low inflation expectations, Morgan Stanley said in a report on April 8. Average prices are expected to drop for the next four quarters, it said.

Stronger U.S. growth this year and next will help the world economy withstand weaker recoveries in emerging markets, according to the International Monetary Fund. The world’s largest economy will expand 2.8 percent this year and 3 percent in 2015, unchanged from forecasts in January, the IMF said in its World Economic Outlook report last week. Least Preferred Commodity?

Is gold really the least preferred commodity? Actually, I hope so, because if it is, sentiment will reverse.

Please consider Gold Prices 2014: Do What Goldman Does, Not What It Says
Jeffrey Currie, the investment bank's head of commodities research, has repeated his $1,050 target several times since last October, when he declared gold a "slam-dunk sell" along with other precious metals.

But investors need to be very skeptical when looking at Goldman's forecasts for gold prices. Not only are they often wrong, but the bank frequently does the opposite of what it recommends.

Goldman and Gold Prices: A Shady History

Let's first look at some of Goldman's gold price forecasts over the past few years and how they panned out.

For example, back in 2007, Goldman was bearish on gold, telling its clients to sell. In fact, Goldman declared selling gold in 2008 one of its Top 10 tips of the year.

Of course, gold prices rose 12.2% in 2008 and another 23.4% in 2009.

By November 2011, Goldman was actually bullish on gold prices - it raised its target to $1,930 an ounce about one month after gold prices had peaked.

By May 2012, with gold prices below $1,600, Goldman adjusted its bullish target to $1,840 an ounce. Gold prices did rise slightly after that, but never made it to $1,800, and thereafter started a precipitous decline.

By December 2012 - when gold prices were trading in the neighborhood of $1,700, Goldman revised its forecast to $1,800. Six months later gold prices were slipping toward $1,200.

Goldman finally reversed course in February 2013, beginning its string of bearish forecasts that have continued to the present.

That's actually good news for gold prices, as Goldman always seems to be late figuring out where gold is headed.Gold Doomed or Resting?

Seldom is sentiment so bad for something that still appears to be a long-term bull market.

When in doubt, it pays to take the opposite side of what Goldman Sachs publicly says. Goldman has a history of not only being wrong, but betting against its own recommendations.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

French Email Ban Update: "Duty to Disconnect"

śr., 16/04/2014 - 01:23
In response to France Prohibits Sending Work Emails, Answering Cell Phones, Outside Working Hours one reader strenuously objected.

After exchanging numerous emails, his main objection was the accuracy of the title itself "France Prohibits Sending Work Emails, Answering Cell Phones, Outside Working Hours."

Here is the exact headline of the La Vanguardia article that I translated "France prohibits sending mails from work outside working hours".

The reader's big objection? Claiming "France" did this.

Similarly, the Guardian received a lot of flak for its report When the French clock off at 6pm, they really mean it.

The Guardian originally had the number of people affected at 1,000,000. They corrected it to 250,000 and posted this correction.

This article was amended on 11 April 2014. An earlier version stated that the labour deal would affect "a million employees" and require staff "to switch off their phones after 6pm". The deal obliges staff to "disconnect" from work calls and emails after working hours to ensure they receive the full minimum rest periods already mandated in French employment regulations but there is no particular time at which they are required to do so. While the deal was signed by unions representing 1 million employees, it will affect only 250,000 workers directly.

The article I quoted did not mention a time of day or the number of people affected. Thus, I did not have several errors that were present in the Guardian report.

Moreover, I know how these things start. In my opinion, this will quickly cascade, to numerous other unions.

Duty to Disconnect

A Translation on Les Echos speaks of the "duty to disconnect communication tools at a distance" to ensure that the minimum rest periods imposed by the French and European regulations on workload and minimum rest time.

Correcting the Guardian, Slate France complains France does not prohibit employees from sending mails after 18h

Here is an amusing snip (translation not modified)...
A response to a court order

It is far from a victory for labor unions on employers as required by the snapshot on France.

The agreement is negotiated since September by representatives of employers and employees, and responds to a decision of the Supreme Court, which in April 2013 had invalidated the previous device, holding the amplitude control and workload days packages insufficient. And therefore the health of employees not protected enough. Supposedly ....

  1. France did not issue the ruling (instead, a French court mandated it) 
  2. It's not even a victory for the labor unions
  3. Only 250,000 are affected 
  4. It won't spread

Lost in the nitpicking over titles, the entire point of my original post was the ridiculousness of it all. And it is ridiculous.

No one forces anyone to answer emails or cell phones. No agreements or legislation was needed. But here it is, and it will spread.

Getting the idea correct ... Business Insider reports France didn’t actually ban work email after 6 pm — but what did happen is still really funny "France's administrative court recently ruled that tech workers' right to health and rest was not sufficiently protected by existing laws. Yes, a judge actually said that."

My sin? I said "France" not "French Court Rules".

Apologies offered.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Specter of Civil War; Putin's Army Hiding – Not Even CNN Can Find It; Easy Solution

wt., 15/04/2014 - 19:56
Today the government of Ukraine moved with force against the separatists, evoking a Specter of Civil War.
Ukraine unleashed an offensive to dislodge militants from towns in its eastern Donetsk region as the authorities in Kiev said elements of Russian special forces were identified among the anti-government forces.

Four militants were killed and two wounded when Ukrainian troops stormed an airport in Kramatorsk, taking it under control, Russia’s state-run RIA Novosti news service reported. Ukrainian units backed by armored personnel carriers blocked all approaches to the town of Slovyansk, RIA said, citing an a pro-Russian activist, Sergey Tsyplakov. Part of Russia’s 45th Airborne Regiment was spotted in both of the towns, Ukrainian First Deputy Prime Minister Vitali Yarema said on Channel 5.

The U.S. and EU states say Russia is behind the turmoil that has fueled their worst standoff since the Cold War. Russia, which NATO says has 40,000 troops massed on Ukraine’s border, denies involvement and says the government in Kiev isn’t protecting Russian-speaking citizens. In warnings similar to those that preceded its annexation of Crimea last month, it insists it has the right to protect them with force if needed.40,000 Troops - Where Are They?

Countless times over the past few weeks the US, NATO, and EU spoke of mass buildup of Russian forces on the Ukraine border. OK so where are the troops?

Pater Tenebrarum at Acting Man notes Putin's Army Still Hiding – Not Even CNN Can Find It
While it certainly appears possible that Russian special forces are lending a helping hand to the separatist movements in the Eastern Ukraine, we can continue to be quite sure that NATO is telling tall tales about the alleged 'massing of Russian troops' at the border with the Ukraine. Shortly after we noted that a UK journalist was unable to find Putin's army anywhere near the border, NATO published satellite pictures that seemed to prove the opposite.

The Russians averred that while these pictures were quite real, they were also outdated, showing the situation at the time drills were taking place last August. It seems they were telling the truth. CNN has sent a team of reporters to the areas where NATO asserted the troops are stationed, and couldn't find them either. If you repeat lies often enough, do people believe them, or do the liars lose credibility (or both)?

All the major news outlets repeat lies that are easily disproved, and they keep on doing it.

Who is the Bully?

In terms of reneging on promises, the US has treated Russia like dirt. There is a very nice article in the Washington Post on that very subject.

If you want to see who is really behind the provocation in Ukraine, please read The U.S. has treated Russia like a loser since the end of the Cold War by Jack F. Matlock Jr., ambassador to the U.S.S.R. from 1987 to 1991.

Matlock is the author of “Reagan and Gorbachev: How the Cold War Ended.”

Hypocritical Cry For Democracy

Yesterday, at a UN Meeting on Ukraine Russia reiterated their narrative that the conflict has been pushed all along by terrorists waging a war against their own country.
“The international committee must require that henchmen of Maidan stop war with their own people,” the Russian Federation’s Ambassador Vitaly Churkin said, according to NBC. “Western sponsors of Maidan including USA should stop this.”

“Apparently Maidan was a cry for democracy but apparently in Crimea or East Ukraine it’s an act of defiance, what is the difference? U.S. is going to encourage the criminal use of force? It makes no sense!”Maidan Nezalezhnosti is the central square of Kiev, the capital city of Ukraine where the former president was ousted.

Self Determination

Note the blatant US hypocrisy. The US is all for "self determination" provided it is the "self-determination" that we want.

Without a doubt the US fomented the Maidan uprising, but now is unhappy with the result.

Easy Solution

There is an easy way to end the crisis. Let the regions vote on what they want to do.

I proposed just that in US Treasury Signs $1 Billion Ukraine Loan Guarantee.
Mr Turchynov on Monday said in a meeting with MPs that the authorities were “not against holding a referendum” to determine the country’s fate.

That would be excellent news, if it were true. Unfortunately, both statements are a lie.  Turchynov is only in favor of a rigged vote. Why should Kiev get to vote on what is best for Donetsk?

I propose letting each Ukrainian area vote for itself.

Eastern Ukrainian areas would likely vote to leave. By the way, why shouldn't the people decide?Reader Krzysztof Kajetanowicz sarcastically responded ...

"Eastern Ukrainian areas would likely vote to leave." And what is that assertion based on, exactly? Might as well say that "Northern Belgian [Dutch-speaking, or Flemish] areas would likely vote to leave and join the Netherlands".

I can easily explain my basis via a map of areas in Ukraine that speak Russian.

Russian Speaking Areas of Ukraine

Wikipedia notes Russophones make a majority of the population in Eastern and Southern regions of Ukraine

  • Crimea — 97%
  • Dnipropetrovsk Oblast — 72%
  • Donetsk Oblast — 93%
  • Zaporizhia Oblast — 81%
  • Luhansk Oblast — 89%
  • Mykolaiv Oblast — 66%
  • Odessa Oblast — 85%
  • Kharkiv Oblast — 74%

In the absence of polling data on a vote for affiliation with Russia, I will stick with my assertion "Eastern Ukrainian areas would likely vote to leave."

While it may be impractical to allow each city to decide independently, it is not impractical to allow each region its say. And I propose just that.

None of Our Business

Quite frankly it's none of our business what they decide.

Of what importance is Ukraine to a farmer in Iowa or an auto worker in Ohio?Anyone but the warmongers?


The answer is none.

Spain
 
And by the way, the same setup exists in Spain. In December Spain's Catalonia Region Announced "Independence Referendum" for November 2014

Of course Madrid promptly vowed to block vote on "Independencia!"

Like Ukraine, Spain would be willing to have a "national vote". And also like Spain, Catalonia would fail to win majority approval in a national vote given Catalonia is one of the richest regions, and the other regions want Catalonia tax revenues.

But why should anyone but those in Catalonia have a say?

The answer is they shouldn't. Either way, it's simply none of our business.

Mish Pro-Russia?

Finally, I have been accused of being pro-Russia. I'm not.

Rather, I am against blatant US interference where we do not belong. I am against US hypocrisy on self determination only when it suits us. I am against all the lies by the Ukraine, NATO, US, and all the media outlets on easily disproved troop movements (and God only knows what else).

If the media outlets all trump up easily disproved lies, what else are they lying about?
Everything?

This crisis would be over in a flash if Ukraine would put it to a vote. The warmongers don't want that. The hypocrites don't want that. They do want an escalation of tension, US missiles in Eastern Europe, and a host of other things that cannot possibly lead to anything good.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Ukraine Hikes Discount Rate from 6.5% to 9.5%, Overnight Rate to 14.5% to Halt Crash of Hryvnia

wt., 15/04/2014 - 08:10
The Ukrainian Hryvnia has plunged six consecutive weeks to new record lows.



Since the beginning of the year, the Hryvnia has fallen from 8.26 to the US dollar, to 13.16 to the US dollar, a decline of 37.2%

On Monday, the Ukraine central bank pulled out the bazooka with a massive set of rate hikes.
Kiev’s central bank raised the benchmark discount rate from 6.5 per cent to 9.5 per cent and the overnight loan rate from 7.5 per cent to 14.5 per cent on Monday night.

“The central bank considers it necessary to take the step to increase the value of the national currency, to restrain inflation and to stabilise the situation on the money market,” the central bank said in a statement.

Foreign exchange reserves have fallen to barely two months’ import cover, and the finance ministry warned in March that it expected the economy to contract by at least 3 per cent this year.

The International Monetary Fund offered an $18bn package in late March to help Kiev face its economic crisis while it faces mounting external pressure from Russia, which has warned that it will halt gas exports to Ukraine unless it covers its unpaid bills.

David Cameron on Monday agreed to accelerate work on further possible sanctions against Russia after discussing the crisis with Angela Merkel, German chancellor, and François Hollande, French president.

But Britain remains cautious about imposing sanctions that could have an impact on the City of London’s reputation as an open global financial centre and on companies, notably BP, which have big investments in Russia.

British officials confirmed BP has warned ministers of possible repercussions if relations with Moscow deteriorate: the company has a 20 per cent stake in Rosneft, the Kremlin-controlled oil company. Ukraine has 2 months of reserves left. Escalating sanctions will make the situation worse. IMF looting is sure to follow.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

52% Say Taxes Too High, 54% Say Taxes Fair; Too High But Fair?

wt., 15/04/2014 - 04:24
A curious result from a Gallup survey on taxes shows 52% Say Taxes Too High, 54% Say Taxes Fair

click on either chart for sharper image

Question #1: Do you consider the amount of Federal Income Tax you have to pay is too high, about right, or too low?



Question #2: Do you regard the income tax which you have to pay as fair?



Very curious "too high but fair" results.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

GMO 7-Year Real Return Forecast: US Equities Negative For 7 Years

pon., 14/04/2014 - 23:28
A 7-Year Global Real Return Equity Forecasts chart from GMO Asset Forecasts expresses how I feel. Click on link to see it.

Value and growth within large and small stocks, and REITs, as of March 31, 2014

Estimated returns are negative for US large caps, US small caps, and REITs for every period shorter than seven years.

If accurate (and I believe it is), what will that do to pension plans? For further discussion, please see LA Commission Studies Pension Crisis, Recommends New Commission; Bankruptcy Inevitable.

For a followup, also see Reader Question on the Inevitable Los Angeles Bankruptcy; What About Chicago?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Pro-Russia Separatists Defy Ukraine Deadline; Russia Promises to Protect Protesters From Violence; US Treasury Signs $1 Billion Ukraine Loan Guarantee

pon., 14/04/2014 - 19:40
There is no sign of tension easing in the Ukraine today. Russia promises to protect the protesters from violence as the Separatists Defy Ukraine Deadline.
Pro-Russia separatists occupying government buildings in up to 10 cities and towns in eastern Ukraine on Monday defied a deadline from Kiev to surrender as Moscow promised to “protect” people in the region from violence.

Oleksandr Turchynov, Ukraine’s acting president, responded by appealing to Ban Ki-moon, UN secretary-general, to deploy peacekeepers to the region as the government implements its “antiterrorist operation” against separatist protesters.

There was no immediate response from the UN to Mr Turchynov’s request.

The development came as pro-Russian demonstrators seized more government buildings in eastern Ukraine and refused to leave those they had taken earlier despite the government threatening to deploy the military against them.

Dozens of pro-Russian separatists seized the regional police building in the eastern town of Horlivka, increasing their grip over the coal mining and steel producing regions of Donetsk and Lugansk where at least seven government buildings have been seized over the past week.

Video aired on television showed leaders of the grouping, some dressed in camouflage, standing on the stairway entrance to Horlivka’s local police headquarters addressing crowds who cheered them on.

In Slavyansk, armed men in military fatigues who described themselves as Cossacks stood guard at the local administration building and a few others patrolled the town’s streets.

In an attempt to placate anti-Kiev sentiment, Mr Turchynov on Monday said in a meeting with MPs that the authorities were “not against holding a referendum” to determine the country’s fate.

“I am convinced that a majority of Ukrainians in this referendum, which could take place on the same day as the [snap] presidential elections if [parliament] adopts such a decision, will vote for an undivided, united and Unitarian Ukraine,” he added.US Treasury Signs $1 Billion Ukraine Loan Guarantee

Earlier today the EU approved another €1bn of assistance for Ukraine and cut import restrictions on Ukrainian goods coming into the EU. Meanwhile the US Treasury Signs $1 Billion Ukraine Loan Guarantee.
Today, the U.S. Treasury Secretary Jacob J. Lew announced the signing of a $1 billion loan guarantee agreement for Ukraine.  This guarantee, when completed, will complement the Government of Ukraine's International Monetary Fund (IMF) reform program and underscores the United States' commitment to Ukraine.

"The Ukrainian people have demonstrated tremendous courage as they have charted an independent course for their country and demanded a government that truly reflects the will of the people.  The United States has been at the forefront of building international support for Ukraine, and holding Russia accountable for its violation of Ukrainian sovereignty and destabilizing action," said Secretary Lew in his remarks at the U.S. Treasury Department today.  "I would like to congratulate Minister Shlapak on the progress he and his team have made in putting in place a comprehensive economic reform program together with the IMF.  The United States very much wants to see Ukraine prosper, and we will continue to stand with the Ukrainian people as they move forward to realize their long-held aspirations."Jacob Lew or Clark Kent?



Will of the People?

Jack Lew stated "The Ukrainian people have demonstrated tremendous courage as they have charted an independent course for their country and demanded a government that truly reflects the will of the people. "

Mr Turchynov on Monday said in a meeting with MPs that the authorities were “not against holding a referendum” to determine the country’s fate.

That would be excellent news, if it were true. Unfortunately, both statements are a lie.  Turchynov is only in favor of a rigged vote. Why should Kiev get to vote on what is best for Donetsk?

I propose letting each Ukrainian area vote for itself.

Eastern Ukrainian areas would likely vote to leave. By the way, why shouldn't the people decide?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Steve Keen Hired as Chief Economist for IDEA Economics; Best Wishes to Keen and IDEA

pon., 14/04/2014 - 18:01
On March 30, the newly formed Institute for Dynamic Economic Analysis (IDEA) announced it hired Steve Keen to serve as its chief economist.

Via email IDEA stated "Steve will guide the organization’s research and educational programs. IDEAeconomics was inspired in large part by his work, and we are honored to launch (coming early May) under his guidance. IDEA is dedicated to building the economics Steve has worked on for years. Our collaborations will be informed by his networks among the media and within the profession. Steve is the person best equipped to lead us in our mission to reform economics."

From the above link ...
Economics is broken. Conventional economics has missed badly in its forecasts, provided an incoherent explanation of economic events and failed to produce effective policy. There is another way. An economics that incorporates debt and money. An economics that is proven by history and practice, statistics and theoretical consistency.

IDEA is dedicated to an economics that works for investors, business leaders, policy makers and, most importantly, everyday people who have been denied proper insight into the forces shaping their real lives. Our approach builds on a long tradition of classical, Keynesian and Post-Keynesian thought. We will develop, support and promote the economics that makes sense, partnering with others to establish a definitive and functional alternative to the orthodoxy that has failed.Message From Steve Keen

On Sunday Steve Keen sent this email out to Friends, Supporters, Collaborators:
The economic crisis that began in 2007 took mainstream economics by surprise, but it was anticipated by non-orthodox scholars whose approach to economics was inspired by Hyman Minsky. One might have thought his would display the desperate need for an alternative to the Neoclassical orthodoxy and strengthen the position of Minsky scholars in academic institutions. But after the crisis and now five long years of slump, this alternative is even less likely to be developed at universities than it was before the crisis.

Having been right, Minskian economists are no longer invisible and can no longer be ignored, but we can be attacked and marginalized. Since Neoclassical economists are entrenched as the gatekeepers who vet grant proposals, Neoclassical economists will receive the vast majority of research funds. The alternative economics the real world desperately needs will not be funded and developed by the existing research bodies. The concerned public has to take up the baton. Hence the formation of IDEAeconomics. The aim at IDEA is to harness the energy and intelligence of private citizens to develop a realistic, dynamic, monetary approach, so guidance from economists can allow us to avoid financial crises — rather than blindly leading us into them.

When IDEA approached me to be its Chief Economist, I accepted. I was free to do so because the non-mainstream University economics program where I taught was shut down in 2013. My main tasks here at IDEA will be to write Finance and Economic Breakdown, a formal, dynamic, complex systems development of Hyman Minsky’s Financial Instability Hypothesis, and (2) to develop the open source system dynamics program Minsky, which makes easy what mainstream economics has found to be near impossible: to construct and test strictly monetary, dynamic models of the economy.

We are also working on the shorter-term projects Alan detailed in our last message to you. And beyond these, but perhaps more important, there is the need to educate and enliven the broader discussion. We can do this, inject a coherent voice through media, speaking directly to audiences and collaborating with the like-minded.

All of that can be supported by your contribution to IDEAeconomics. We are engaged in a project that needs to be done and done well, before it is too late. The evidence is in. Economists, policy-makers and the broader public need to change their thinking and develop an economics that works rather than one of beautiful myths built on dangerous fallacies. You can help make that happen, and it won’t happen without you.
Best,

Steve KeenBest Wishes to Keen and IDEA

Best wishes to Steve Keen in his new job. He taught me much about debt deflation and ideas.

We do not agree on everything (notably some, but not all aspects related to fractional reserve lending, which I consider fraudulent). Regardless, the idea behind IDEA is certainly worth supporting.

Once again, good luck and best wishes to Steve.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

California Drought Updates: Reader Anecdotes, Well Drilling Boom, Images; Drought Spawns Gold Panning Rush

pon., 14/04/2014 - 09:04
An email from reader "Bombillo" got me looking at the drought situation in California once again. Bombillo writes ...
Hi Mish,

Hope all is well with you. I see you have your wine conference coming up with a great speaker roster!

The California drought is now going to grind into the brutal summer season with the full effects to be seen shortly. I have read that since the San Joaquin Valley is not going to be receiving any irrigation water from Federal canal projects (first time ever) a half million acres of land will go fallow this year there.

Since ag is going to be shut down, the workers that man those operations are moving elsewhere. This in turn is causing a collapse in student enrollment at the public schools where school district funds are allocated on per pupil attendance. There is talk about giving the districts money even though there will not be anyone in these schools.

I am not certain how all this will play out but the price of beef, produce of all type, fruits and nut prices will go up nationwide, if not worldwide. We have members of the Franzia and the Mondavi families at the resort right now, and even though they have a high value added product their water costs and access have them worried.

Life has a way of playing these tricks but after wailing about these things it looks very much as though a huge El Nino is building up (unusually high ocean water temps in the eastern Pacific) something we haven't seen since 1998.  This means a torrential rainy season is likely coming up for the winter of 2014/15.

One has to wonder though, with ever more people and ever more stretched/stressed supply chains, how close to some sort of disaster we are.

I read your interesting article about the Inevitable Bankruptcy of Los Angeles, a response to a question really, posed by a home owner in LA wanting to know what affect he may see from a pension system collapse. Your comment was to expect tax increases and invention of new taxes.

I have first-hand experience with two outrageous tax grabs that prompted me to write state congressmen, not that it will do any good whatsoever.

BombilloCalifornia Drought Spawns Well Drilling Boom

ABC News reports California Drought Spawns Well Drilling Boom.
The scarcity of irrigation water in drought-stricken California has created such a demand for well drilling services that Central Valley farmer Bob Smittcamp is taking matters into his own hands.

He's buying a drilling rig for $1 million to make certain he has enough water this summer for thousands of acres of fruit and vegetable crops.

"It's like an insurance policy," said Smittcamp, who knows two other farmers doing the same thing. "You have to do something to protect your investment."

With California in a third dry year, well drilling is booming across the nation's most productive agricultural region, and some drilling companies are booked for months or a year. In some counties, requests for permits to dig new wells have soared, more than doubling over this time last year.

Farmers expect to get only a fraction — if any — of the water they need from vast government-controlled systems of canals and reservoirs interlacing the state. In an effort to make up the difference, they are drilling hundreds of feet deep to tap underground water supplies.

Smittcamp estimates that he spends $4,000 an acre tending his peach and grape crops before the harvest. If a well were to run dry mid-season with nobody to call, Smittcamp said he could lose that investment — and perhaps entire orchards or vineyards.

 The price to dig a well depends on the depth and ground composition, drillers say, costing a farmer anywhere from $50,000 to $500,000 before installing the pumps.

Tapping groundwater has other costs. The water that was deposited underground naturally over thousands of years isn't being replaced as rapidly as it's being drawn, causing the ground in the Central Valley to sink in a process called subsidence. In California, there is little if any regulation of groundwater pumping by the state.

 In most years, Central Valley farmers draw one-third of their water from wells, while the remaining two-thirds comes from California's State Water Project and the federal Central Valley Project. Most farmers expect to receive no water from either this summer, and that ratio is dramatically shifting to underground water supplies, which could eventually run dry.

Matt Rottman, president of Rottman Drilling Co. based in Lancaster, said his mid-sized firm of three rigs is backlogged 15 months. For a recent job near Bakersfield, his crew dug a 1,840-foot well. Three wells coming up later this year in the Central Valley will hit depths of 2,000 feet.

 This summer, Smittcamp said he has to come up with two-thirds of his water that would normally come from the state and federal water deliveries.

"This year, we get none out of the projects," he said. "So we've got to pump the whole enchilada."California Drought Monitor



Here's a link to California Drought Monitor updates. The above map is from April 8 (released April 10).

Images

The Atlantic has a series of 25 interesting California drought images in its report California's Historic Drought.



Houseboats are docked at Bridge Bay in Shasta Lake, which is 100 feet (30 meters) below its normal levels, in Shasta, California, on January 23, 2014. Now in its third straight year of drought conditions, California is experiencing its driest year on record, dating back 119 years, and reservoirs throughout the state have very low water levels. (Reuters/Robert Galbraith)



A car sits in dried and cracked earth of what was the bottom of the Almaden Reservoir on January 28, 2014 in San Jose, California. (Justin Sullivan/Getty Images)



An empty boat marina at Folsom Lake, at 17 percent of capacity, in Folsom, California, on January 22, 2014. (Reuters/Robert Galbraith)

Drought Spawns Gold Panning Rush Three consecutive years of below-normal rainfall have left reservoirs at a fraction of their normal depth, seriously threatening farms in the state that grows half the nation's fruits and vegetables. California Governor Jerry Brown has declared a drought emergency and signed a $687 million drought-relief package into law, and 125 additional firefighters have been hired already in anticipation of a dangerous upcoming fire season. One bright spot: gold prospecting. Amateur prospectors are flocking to the Sierra Nevada foothills, taking advantage of lower water levels to search for gold in riverbeds that have been unreachable for decades. The above images and gold rush text courtesy of the Atlantic.

Personal Anecdote

Our home is on well water. We hit an underground river at 30 feet. That is too shallow to be usable for drinking, so they kept drilling. We hit water again at 80 feet.

I do not remember the cost precisely, but I believe it was something like $500 (good for up to 100 feet) in 2001, not the $50,000 to $500,000 mentioned in the above drilling boom article.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

French Protest Against Austerity and Prime Minister Valls

pon., 14/04/2014 - 05:32
The French have taken their crusade against austerity to the streets. Organizers say 100,000 hit the streets, government officials say 25,000.

The truth is likely to be somewhere in the middle, but as noted numerous times recently, prime minister Manuel Valls is in the spotlight, and not in a good way.

Via translation from Les Echos: Left Take Protest in the Streets Against Austerity.
Several thousand people demonstrated on Saturday against austerity and the economic plan of the government in the first step of the "Left Opposition" held since the defeat of PS in municipal elections and the arrival of prime minister Manuel Valls.

Holding placards "Let's send Vallser austerity" or "Holland's enough," the protesters marched between Republique and Nation to the call of the Left Front, the New Anti-Capitalist Party (NPA), several union federations and associations .

They were 25,000 to manifest according to the prefecture of police, 100,000 according to organizers.

The leaders of the Left Front, Pierre Laurent and Jean-Luc Mélenchon, were present at the head of the procession alongside the Greek leader of the leftist SYRIZA and candidate of the European left to the President of the European Commission, Alexis Tsipras.

"This is a message sent to the government," said Jean-Luc Mélenchon, co-chairman of the Left Party, press. "There is a left in this country and it is not acceptable for Hollande  to apply a right wing economic policy. "

"The message is clear, Manuel Valls begins with a first event, and this is important because it means that there is a new political sequence that opens," said his side Olivier Besancenot, the NPA, to the press.

"This is the first manifestation of the left opposition to the government," he said.

Manuel Valls has faced a sling of opposition from the left who claim Hollande's shift in its policy as too rightist.

The left requests Hollande abandon the Covenant of responsibility that provides relief loads of companies in exchange for hiring. This iconic economic measure of François Hollande is seen by its critics as a blank check to the employers.

According to a BVA poll published Saturday by Le Parisien-Aujourd'hui en France, 60% of French people doubt the ability of Manuel Valls to reduce unemployment and 56% think he will not be effective to "allow social justice. "

The European elections are on May 25. This march against austerity is an opportunity for the left to the left to make its voice heard.

After participating in a disorganized municipal elections in late March, the PCF and PG jointly launched the campaign Friday evening for polling.

"The European elections will confirm the political verdict is that people are fed up with the right wing policies of François Hollande," said Jean-Luc Mélenchon.What amazing irony. The French are fed up with the "right wing" policies of one of the biggest socialists on the planet.

The French have a right to be upset, at themselves of course. They elected Hollande, and the socialists are on the verge of running France into the ground.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Ukraine Announces Full-Scale Army Operation on Pro-Russian Militants in Seized Buildings; Verge of Civil War; Russia Calls for Emergency UN Meeting

nie., 13/04/2014 - 22:15
In what some call "crunch time" others a worst case scenario, Ukraine Announces Full-Scale Army Operation on Pro-Russian Militants in Seized Buildings.
Ukraine's president says a full-scale operation involving the army will be launched in the east after pro-Russian militants seized government buildings.

Acting President Oleksandr Turchynov said he would not allow a repetition of what happened in Crimea which was annexed by Russia last month.

His live televised address from parliament came after pro-Russian forces targeted half a dozen cities.

An urgent meeting of the UN Security Council will be held in New York.

The meeting, at 20:00 New York time (midnight GMT), was called for by Moscow, which has strongly criticised Kiev's plan to use its armed forces in eastern Ukraine.

Responding to Mr Turchynov's address, a Russian foreign ministry spokesman said the plan to use the armed forces was "criminal" and caused "particular indignation".

Ukraine was, the spokesman said, "waging war against its own people".

Nato chief Anders Fogh Rasmussen's statement on Sunday drew parallels with some aspects of last month's seizure of Crimea.

He said the "reappearance of men with specialised Russian weapons and identical uniforms without insignia, as previously worn by Russian troops during Russia's illegal and illegitimate seizure of Crimea, is a grave development".

On Saturday, armed men took over police stations and official buildings in Sloviansk, Kramatorsk and Druzhkivka.

Similar accounts emerged of armed men dressed in camouflage arriving in buses in Sloviansk and Kramatorsk and storming the police stations.

BBC reporters in Sloviansk said the gunmen were well-organised and quickly established control throughout the town. Checkpoints had been set up on the main roads into the town.Troubled Areas



Crunch Time

Bloomberg reports ‘Crunch Time’ for U.S., EU as Pro-Russians Battle Ukraine Forces
U.S. and European leaders trying to stop the further destabilization of Ukraine have reached “crunch time” as pro-Russian separatists and security forces shoot at each other in the town of Slovyansk, analysts said.

Envoys from Ukraine, Russia, the U.S. and European Union are due to sit down in Geneva on April 17 to look for ways to end the crisis touched off by Russia’s takeover of Ukraine’s Crimean region last month. Agreement may have become a more distant prospect today as camouflaged gunmen fired on government forces near Slovyansk, about 240 kilometers (150 miles) from the Russian frontier in eastern Ukraine. Polish Prime Minister Donald Tusk described the situation as a “worst-case scenario.”

“This is crunch time for the West’s response to Russia’s attempts to assert its influence over eastern Ukraine,” said Nicholas Spiro, founder of Spiro Sovereign Strategy. “This is supposed to be the trigger for more meaningful economic and trade sanctions against Russia. We’re now going to see the extent to which the West is unified in its willingness to face down Russia.” Russia Calls for Emergency UN Meeting

In response to the violence and threats of further violence Russia Seeks UN Meeting.
Russia called for an emergency meeting of the United Nations Security Council tonight after Ukrainian security forces battled pro-Russian gunmen in the eastern town of Slovyansk.

The Security Council session was scheduled for 8 p.m. in New York as the U.S. and Russia’s allies traded accusations over who was behind the violence.

Camouflaged gunmen fired on units deployed by the government in Kiev in an anti-terror operation near Slovyansk, about 240 kilometers (150 miles) from the Russian frontier, Interior Minister Arsen Avakov said today on Facebook. One serviceman was killed and five were wounded, with an unknown number of dead on the separatist side, he said.  

‘Worst-Case Scenario’

“Over the past few hours we’ve witnessed the worst-case scenario playing out in Ukraine,” Polish Prime Minister Donald Tusk, who has advocated a strong response to Russia, said in an interview with Radio Zet in Warsaw.

One person was killed and nine were wounded in Slovyansk, news service Interfax reported, citing Donetsk regional Governor Serhiy Taruta. It didn’t give details on who the casualties were.

Russian state-run Rossiya 24 TV said Ukrainian pro-Russian “self-defense” forces led by an Afghan War veteran had spread across Slovyansk and troops allied to the government in Kiev arrived in armored personnel carriers and by helicopter.Verge of Civil War

Unfortunately, evidence suggests Ukraine is on the verge of a civil war.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com 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.
Kategorie: Najnowsze feedy

State Department Cannot Account for Billions of Contracts; It Can Account for $400,000 for Camel Statue in Pakistan

nie., 13/04/2014 - 20:35
The state department cannot account for $6 billion in paid bills. The contracts are missing. Did the contracts even exit? If not the money was stolen.
The US State Department is unable to explain how it spent billions of dollars worth of contract funds in areas throughout the world, according to a newly unveiled report by the department's internal watchdog.

The Office of Inspector General explained in a March 20 “management alert” to department leaders that approximately $6 billion has gone unaccounted for over the past six years. The note said the number of missing documents “exposes the department to significant financial risk” and is a dangerous lack of oversight.

“It creates conditions conducive to fraud, as corrupt individuals may attempt to conceal evidence of illicit behavior by omitting key documents from the contract file,” the inspector general wrote. “It impairs the ability of the Department to take effective and timely action to protect is interests and, in turn, those of taxpayers.” State Department to spend $400,000 for Camel Statue in Pakistan

Meanwhile some of the things the state department is wasting taxpayer dollars on is simply absurd.

For example, please note that the State Department will Spend $400,000 for Camel Statue in Pakistan.
The State Department plans to spend $400,000 in taxpayer dollars to purchase a camel statue for the new American embassy in Islamabad, Pakistan.

The sculpture by artist John Baldessari depicts a fiberglass camel staring into the eye of an oversized needle in play on a passage from the New Testament about the difficulty the wealthy have in entering heaven, BuzzFeed reported. 

According to a procurement document, the 500-pound, fiberglass, aluminum, stainless-steel, acrylic and painted "Camel Contemplating a Needle" will be displayed at the new embassy compound in Islamabad, which is estimated to be fully completed by 2016.

“This artist’s product is uniquely qualified,” the document says. “Public art which will be presented in the new embassy should reflect the values of a predominantly Islamist country.”

The department came under scrutiny in December after commissioning a $1 million sculpture to be installed at new building at the American embassy in London in 2017. The purchase was defended as a "good use" of the agency's resources.Camel Contemplating Needle



The State Department says $400,000 for that statue is a "bargain". I suggest the statue is clearly a waste of taxpayer money.

Can someone even tell me how a Christian biblical reference reflects values of a predominantly Islamist country? If it doesn't, people in Pakistan will object, and the statue will be taken down.

Even if the statue does reflect Islamist values, should the state department be promoting Islam or any other religion?

Is the statue even religiously accurate?

There are some interesting answers in a discussion on the Camel and the Eye of the Needle on the Guardian.

Some suggest it's possible there is a mistranslation of  similar sounding words, one meaning camel, the other rope. More likely the "needle" refers to a narrow gate in the walls of Jerusalem.

One person commented ...

The "Eye of the Needle" was indeed a narrow gateway into Jerusalem. Since camels were heavily loaded with goods and riders, they would need to be un-loaded in order to pass through. Therefore, the analogy is that a rich man would have to similarly unload his material possessions in order to enter heaven.

Walls of Jerusalem

Here is an image of walking through security at the Needle Gate of the Wall of Old Jerusalem.



Religious debate aside, we waste money on absurd things.

Of course with trillions of dollars sloshing around, perhaps we should be grateful that only $6 billion in contracts is missing.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

France Prohibits Sending Work Emails, Answering Cell Phones, Outside Working Hours

nie., 13/04/2014 - 03:50
Events in France keep getting sillier and sillier. Wasn't the new Prime minister Manuel Valls supposed to be pro business?

So how does nonsense like this happen: France Prohibits Sending Work Emails Outside Working Hours

Via translation from La Vanguardia
Your boss sends you emails when you've already left work? Will you answer? In France, this is prohibited if the workday is finished.

This is stated in an agreement between the two unions, the French Democratic Confederation of Labour (CFDT) and the French Confederation of Managerial Staff Executives (CFE-CGC), and two sector employers technical consulting, engineering, computer services, human resources and consulting for an end to the endless day workers.

The advent of smartphones has been a positive change in many ways, but has also enabled the 'meddling' in our private lives of our working lives, something that the French authorities want to avoid.

Therefore, workers must turn off the phone and computer work for eleven hours and therefore have the right to ignore work emails sent out of hours. Meanwhile, companies are obliged to ensure that this measure is met.
Addendum:

In response to the above, one reader strenuously objected to the accuracy.

After exchanging numerous emails, his main objection was the title itself "France Prohibits Sending Work Emails, Answering Cell Phones, Outside Working Hours."

Here is the exact headline of La Vanguardia that I translated "France prohibits sending mails from work outside working hours".

The big objection? Claiming "France" did this.

Similarly, the Guardian received a lot of flak for its report When the French clock off at 6pm, they really mean it.

The Guardian originally had the number of people affected at 1,000,000. They corrected it to 250,000 and posted this correction.

This article was amended on 11 April 2014. An earlier version stated that the labour deal would affect "a million employees" and require staff "to switch off their phones after 6pm". The deal obliges staff to "disconnect" from work calls and emails after working hours to ensure they receive the full minimum rest periods already mandated in French employment regulations but there is no particular time at which they are required to do so. While the deal was signed by unions representing 1 million employees, it will affect only 250,000 workers directly.

The article I quoted did not mention a time of day or the number of people affected. Thus I did not have several errors present in the Guardian report.

Moreover, I know how these things start. In my opinion, this will quickly cascade, to numerous other unions.

Duty to Disconnect

A Translation on Les Echos speaks of the "duty to disconnect communication tools at a distance" to ensure that the minimum rest periods imposed by the French and European regulations on workload and minimum rest time.

Correcting the Guardian, Slate France complains France does not prohibit employees from sending mails after 18h

Here is an amusing snip (translation not modified)...
A response to a court order

It is far from a victory for labor unions on employers as required by the snapshot on France.

The agreement is negotiated since September by representatives of employers and employees, and responds to a decision of the Supreme Court, which in April 2013 had invalidated the previous device, holding the amplitude control and workload days packages insufficient. And therefore the health of employees not protected enough. Supposedly ....

  1. France did not issue the ruling (instead, a French court mandated it) 
  2. It's not even a victory for the labor unions
  3. Only 250,000 are affected 
  4. It won't spread

Lost in the nitpicking over titles, the entire point of my original post was the ridiculousness of it all. And it is ridiculous.

No one forces anyone to answer emails or cell phones. No agreements or legislation was needed. But here it is, and it will spread.

Getting the idea correct ... Business Insider reports France didn’t actually ban work email after 6 pm — but what did happen is still really funny "France's administrative court recently ruled that tech workers' right to health and rest was not sufficiently protected by existing laws. Yes, a judge actually said that."

My sin? I said "France" not "French Court Rules".

Apologies offered.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Armed Men Seize Police Station in Slavyansk; Ukraine Prepares Armed Response; Ukraine Suspends Gas Payments to Russia

sob., 12/04/2014 - 22:47
The crisis in Ukraine took a turn for the worse this weekend. Many distinct events are in play. Here are a few top headlines

Armed Men Seize Police Station in Slavyansk

The Wall Street Journal reports Pro-Russia Protests Spread, Police Station Seized.
Pro-Russia protests spread Saturday in eastern Ukraine as armed men, some in unmarked, military-style uniforms, moved to commandeer more government buildings—a dramatic escalation that the Ukrainian government and Washington tied to Moscow.

Ukraine's acting president called an emergency meeting of the country's top security officials in the capital, Kiev, as police clashed with attackers in several spots in the largely Russian-speaking, eastern part of the country.

Some 20 men wearing camouflage, some with military-style equipment and weapons, commandeered a police station and security-service office early Saturday in Slavyansk, a small city that previously hadn't seen the kind of pro-Russian fervor that erupted anew in the area last weekend.

Ukraine's Interior Minister Arsen Avakov said Saturday evening that police were fighting with attackers in the nearby town of Kramatorsk and had repelled a similar attack in a third town, Krasny Liman.

Saturday afternoon, police in Poltava Region said they had stopped several buses carrying what they said were pro-Russian activists carrying gasoline bombs and makeshift weapons. They were headed to Kharkiv, where protests were scheduled. Police detained about 70 of the activists.

Protesters remain barricaded Saturday in the regional government headquarters in Donetsk and the security-service offices in Luhansk, which they had occupied last Sunday. Authorities pushed a group out of a government building in Kharkiv earlier in the week.

Western officials say Moscow has tens of thousands of troops on its side of the border that could invade Ukraine in a matter of hours. Moscow denies that.Ukraine Prepares Armed Response

Reuters reports Ukraine Prepares Armed Response as City Seized by Pro-Russia Forces.
Armed separatists took virtual control of a city in eastern Ukraine on Saturday and Kiev prepared troops to deal with what it called an "act of aggression by Russia".

Pro-Russian activists carrying automatic weapons seized government buildings in Slaviansk and set up barricades on the outskirts of the city. Official buildings in several neighboring towns were also attacked.

The developments have increased concerns of a possible "gas war" that could disrupt energy supplies across the continent.

Washington backed Kiev's assessment that Moscow was responsible. "Worrisome violence in ... Ukraine today. Russia again seems to be behind it," State Department spokeswoman Jen Psaki said on Twitter.

ROADBLOCKS AROUND CITY

On a road leading into Slaviansk, other members of the group, armed with automatic rifles, set up a roadblock and checked vehicles entering the city, a Reuters reporter said.

There was no sign of any Ukrainian law enforcement officials in the city.

Ukraine's Western-backed government warned of tough action if the militants did not lay down their weapons, but it was unclear if the local law enforcement agencies were taking orders from Kiev any more after the local police chief quit.

Kostyantyn Pozhydayev came out to speak to pro-Russian protesters at his offices in the regional capital, Donetsk, and told them he was stepping down "in accordance with your demands". Some of his officers left the building.

The occupations are a potential flashpoint because if protesters are killed or hurt by Ukrainian forces, that could prompt the Kremlin to intervene to protect the local Russian-speaking population, a repeat of the scenario in Crimea.

Ukraine's acting foreign minister, Andriy Deshchytsia, said he had spoken by telephone with Russian Foreign Minister Sergei Lavrov and demanded Moscow stop what he called "provocative actions" by its agents in eastern Ukraine.

Lavrov, in a statement issued by his ministry, said there were no Russian agents in the region and that it would be "unacceptable" if Ukrainian authorities were to order the storming of the buildings.Ukraine Suspends Gas Payments to Russia

Reuters reports Ukraine Suspends Gas payments to Russia
Ukraine's state-run energy company Naftogaz has suspended gas payments to Russia until the conclusion of price talks, chief executive Andriy Kobolev was quoted as saying on Saturday.

Russian gas giant Gazprom earlier this month increased gas price for Ukrainian consumers to $485 per 1,000 cubic meters (tcm) from $268 for the first quarter, saying Kiev was no longer eligible for previous discounts.

"The question of repayment of debt is directly linked to the maintenance of gas prices at the level of the first quarter," Kobolev told the Zerkalo Nedely weekly in an interview, referring to the original price of $268 per tcm.

"We see no reason to revise the price. We consider the price at around $500 as non-market, unjustified and unacceptable. Accordingly, we have suspended payments for the period of the price negotiations."

Russian President Vladimir Putin warned on Thursday that Moscow could cut off gas to Ukraine, potentially threatening European supplies, but later played down the threat.

"I want to say again: We do not intend and do not plan to shut off the gas," he said on Friday.Gas Wars

Given that Ukraine has suspended payments, I find Putin's statements puzzling. If Putin will not shut off the gas, then Ukraine has no incentive to pay.

Expect Putin to quickly change his mind about shutting the pipeline if Ukraine does indeed refuse to pay. He will have a legitimate reason.

As for market prices, Russia can charge what it wants in my opinion. Countries can either pay or not pay.

This is the consequence of being dependent on a single supplier.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.comMike "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.
Kategorie: Najnowsze feedy

Reader Question on the Inevitable Los Angeles Bankruptcy; What About Chicago?

sob., 12/04/2014 - 03:05
In response to LA Commission Studies Pension Crisis, Recommends New Commission; Bankruptcy Inevitable reader Daniel writes ...
Hello Mish,

Can you please explain why a home owner in a place like Los Angeles would be concerned with their city's future bankruptcy?

Will whatever happens not be short lived?

I understand that city workers will be affected and that unions and union workers will be affected as well, but how would your typical resident/homeowner be affected in such a situation?

Thanks for your wonderful blog!!

DanielTax Hikes Coming

Hello Daniel

In a futile attempt to prevent the inevitable, the first thing LA politicians are likely to do is raise taxes, all kinds of taxes. They will probably invent new ones too.

Please compare LA's setup to Chicago.

Comparison to Chicago

Via email, Ted Dabrowski at the Illinois Policy Institutes writes ...
Gov. Pat Quinn is in a bind.

He’s being asked to sign a Chicago pension bill that he knows has no real reforms and no way to pay for itself. By signing the bill, Quinn will give Mayor Rahm Emanuel his blessing to raise Chicago property taxes by $750 million over five years.

But that’s just the beginning.

If the Legislature uses the same blueprint to “fix” the city and Cook County’s other pension funds, Quinn will be blessing billions more in tax hikes.

The problem for Quinn is that he promised property tax relief to all Illinoisans in his state budget address just two weeks ago. Here’s what he said:

My comprehensive tax reform plan starts with providing every homeowner in Illinois with a guaranteed $500 property tax refund every year.

In Illinois, more is collected in property taxes every year than in the state income tax and state sales tax combined. In fact, Illinois has one of the highest property tax burdens on homeowners in the nation – more than 20 percent above the national average. The property tax is not based on ability to pay. The property tax is a complicated, unfair tax, hitting middle-class families the hardest.

For too long, Illinois has … overburdened its property taxpayers.


By signing a pension bill that helps Emanuel raise property taxes, Quinn will break yet another promise. The governor has already asked the Legislature to make the 2011 tax hike permanent, even though he originally promised it would be temporary.

But Quinn has a way out of his predicament. Besides the obvious political reasons to oppose the bill, Quinn has three good policy reasons not to sign it:

1. Property tax hikes won’t solve Chicago’s pension problem. Emanuel needs more taxes because his plan doesn’t reform the broken pension system. Instead, it just props up a failed system run by the same politicians who bankrupted it in the first place.

What Emanuel and supporters of his pension bill won’t tell you is that they’ll be back for even more tax hikes. Emanuel’s current plan calls for additional city contributions (above what the city pays today) to the municipal pension fund totaling $4.1 billion through 2025. But his proposed property tax hikes will raise only an additional $2.25 billion during that time period.

That means the mayor’s tax hike will be $1.9 billion short of the extra contributions needed through 2025. Without real reforms, he’ll be back for more.
 
2. People and businesses will flee. Avoiding real reforms and raising taxes is a failed strategy. People and businesses will flee Chicago, just as they’ve been doing for years. Taxpayers will leave because they’ll be paying more money for fewer services.

Each Chicago household is already on the hook for more than $61,000 in future taxes to pay down the massive long-term debt – more than $63 billion in bonds and pension shortfalls – that their city and county governments have racked up.

Tax hikes mean fewer people will stick around to pay a growing bill.

3. There is a plan to fix Chicago without tax hikes. The Illinois Policy Institute offers a reform plan that avoids tax hikes and immediately cuts Chicago’s pension shortfall in half. The core of its solution is a hybrid retirement plan for city workers that gives them a self-managed plan and fixed, monthly Social Security-like benefits at retirement.

The plan makes the tough choices necessary to bring about real retirement security for Chicago’s city workers.

Quinn and Emanuel’s goal must be to end Chicago’s pension crisis and to preserve Chicago’s status as a world-class city.

Massive property tax hikes will do just the opposite and push Chicago further in the direction of Detroit.

Ted Dabrowski
Vice President of PolicyEveryone Affected

No one should assume they are unaffected by the pension crisis, even if they do not live in troubled cities. For starters, more cities are affected than admitted.

For discussion, please see 85% of Pension Funds to Fail in Three Decades.

Secondly, and equally important, Democrat controlled states like California and Illinois are dominated by union sympathizers. Of course that is precisely why those states are in serious trouble.

So even if you live in an unaffected city, states controlled by unions are also highly likely to raise all sorts of taxes to protect union interests.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com  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.
Kategorie: Najnowsze feedy

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