Tag Archives: Meet The New Boss

Ukraine protests increase risks of currency crisis

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“Massive protests against Viktor Yanukovich hammered Ukraine’s financial markets on Monday, increasing the risk of a currency crisis as the president tries to hold on until an election in early 2015.  Ukraine’s debt insurance costs jumped and currency traders increased bets on a devaluation after 350,000 people protested on Sunday against Yanukovich’s decision to ditch a trade pact with the European Union.  Central bank Governor Ihor Sorkin backed up foreign exchange intervention by vowing to do everything needed to uphold financial stability. In an online video message, he urged savers ‘to be confident in the banking system’ and not to withdraw their deposits.”

http://www.cnbc.com/id/101239135

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Detroit Billionaires Get Arena Help as Bankrupt City Suffers

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“It’s Republican Governor Rick Snyder’s turn to tout a comeback spurred by a stadium for a suburban fan base financed with help from city taxpayers. Snyder approved a plan to put public money toward a $450 million downtown arena on behalf of the the National Hockey League’s Red Wings and their billionaire owners. The 18,000-seat complex and a planned $200 million private development nearby would transform a blighted area into one with apartments, offices, restaurants and shops, says Snyder, who controls the city through an appointed manager. Critics call the plan a giveaway to Mike Ilitch, owner of the Red Wings, the Tigers and the Little Caesar’s pizza chain.”

http://www.bloomberg.com/news/2013-09-03/detroit-billionaires-get-hockey-arena-as-bankrupt-city-suffers.html

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Thousands protest in Japan against new state secrets bill

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“Thousands of people protested in Tokyo against a bill that would see whistleblowing civil servants jailed for up to 10 years. Activists claim the law would help the government to cover up scandals, and damage the country’s constitution and democracy.  About 10,000 people crowded shoulder-to-shoulder, holding banners that read: ‘Don’t take away our freedom.’ Currently, long prison terms only apply to those Japanese who leak classified data from the US military.  PM Shinzo Abe says that the new legislature is extremely important to secure cooperation with Japan’s major ally, the US, as well as other countries.  The data security bill resembles laws targeting whistleblowers in the US.”

http://rt.com/news/japan-secrets-bill-protests-133/

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Japan Fukushima panel proposals include Tepco breakup

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“The task force of Prime Minister Shinzo Abe‘s Liberal Democratic Party favors reorganizing Tokyo Electric, known as Tepco, by creating a unit within the company to handle the key functions of decommissioning the reactors and cleaning up massive amounts of toxic water, the source said.  The panel will also list the options of breaking that unit off from the listed utility giant or hiving it off as a government-affiliated independent administrative agency, the source said. The amount of taxpayer money to be spent on Fukushima is a matter of fierce debate. An existing special tax for reconstruction from the 2011 earthquake and tsunami that wrecked the Fukushima facility will not be enough.”

http://www.independent.ie/world-news/asia-pacific/japan-fukushima-panel-proposals-include-tepco-breakup-source-29711221.html

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Bill Bonner: A Barbarous Fed…

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Bill-Bonner2

“Barbaric people used force and violence to get what they wanted; civilized transactions are based on mutual consent and cooperation.  We know that the economy of the Soviet Union, driven by brute force, was a disaster. How do you think the economy of the US – heavily persuaded by the padded force of the Yellen-led Fed – will fare?  Is today’s Fed a modern, civilized institution? Or an archaic throw-back to the past?  And what about the dollar itself? Is it a form of modern money… or a barbarous relic, depending on the police power of the state to give it value?”

http://www.bonnerandpartners.com/a-barbarous-fed/

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Czech artist gives president 33-foot-high one-finger salute

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“A Prague artist has given Czech President Milos Zeman the finger — a huge purple one floating on the river — to protest against his soft spot for old-school Communists just days before a snap election.  ‘It’s a middle-fingered salute at the fucking Communist shits in (Prague) Castle,’ outspoken artist David Cerny told local media on Tuesday.  Cerny is known for his hatred of the Communists, who ruled the former Czechoslovakia in 1948-1989 and are poised to regain some of their power in the two-day election ending on Saturday.  While the Social Democrats (CSSD) are likely to win, they will almost certainly have to rely on Communists — some with Stalinist sympathies — to govern.”

http://www.rawstory.com/rs/2013/10/22/czech-artist-gives-president-massive-one-finger-salute/

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Bill de Blasio’s housing pipe dreams

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“De Blasio touts a ‘temporary’ freeze on regulated rents.  It’s madness on its face: Price controls have never increased the supply of a scarce commodity, not in the history of human commerce. And most potential developers already distrust the city, with good reason; a rent freeze would give them just one more reason to stay out of the market.  De Blasio also wants to force developers seeking to build in certain parts of the city to provide — at their own expense — at least one low-income unit in a new building for every five market-rate apartments they build.”

http://nypost.com/2013/10/21/bill-de-blasios-housing-pipe-dreams/

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Barack Obama’s Nixonian Fed Pick

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“As a result of the Fed’s Quantitative Easing programs, banks are now sitting on more than $2.2 trillion in excess reserves. How the Fed eliminates these excess reserves before they produce an explosive growth in the money supply and surging inflation should be more of a concern to the next Fed Chair than an unemployment rate that is more the product of uncertainties associated with deficit spending and business fears about Obamacare than any lack of liquidity caused by the Fed. Yellen’s defenders say there’s nothing to worry about. As Georgetown University professor Henry Holzer put it, Yellen is fully aware of inflation and not a ‘mindless stimulator.’ Others aren’t so sure.”

http://www.independent.org/newsroom/article.asp?id=4757

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Down and out: the French flee a nation in despair

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“The failing economy and harsh taxes of François Hollande’s beleaguered nation are sending thousands packing – to Britain’s friendlier shores.  More than 70% of the French feel taxes are ‘excessive’, and 80% believe the president’s economic policy is ‘misguided’ and ‘inefficient’. This goes far beyond the tax exiles such as Gérard Depardieu, members of the Peugeot family or Chanel’s owners. Worse, after decades of living in one of the most redistributive systems in western Europe, 54% of the French believe that taxes – of which there have been 84 new ones in the past two years, rising from 42% of GDP in 2009 to 46.3% this year – now widen social inequalities instead of reducing them.”

http://www.telegraph.co.uk/finance/10390571/france-hollande-taxes-socialist-farrage.html

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Google’s iron grip on Android

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“It’s easy to give something away when you’re in last place with zero marketshare, precisely where Android started. When you’re in first place though, it’s a little harder to be so open and welcoming. Android has gone from being the thing that protects Google to being something worth protecting in its own right. Mobile is the future of the Internet, and controlling the world’s largest mobile platform has tons of benefits. At this point, it’s too difficult to stuff the open source genie back into the bottle, which [raises] the question: how do you control an open source project?”

http://arstechnica.com/gadgets/2013/10/googles-iron-grip-on-android-controlling-open-source-by-any-means-necessary/

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