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(Global Banking) Alice-in-Wonderland Accounting - By Mike "Mish" Shedlock - 16 years ago
<blockquote>“The proposals are extraordinary. This is Alice-in-Wonderland accounting.” -- A Goldman official</blockquote> Alice-in-Wonderland Accounting By Mike "Mish" Shedlock May 26, 2008 Source Banks and brokers have been scrambling like mad to raise capital in the wake of declining asset prices. In response, some top banks would prefer to pretend that problby ProjectC - Project C
The Economist Has No Clothes - By Robert Nadeau - 16 years ago
<blockquote>"For a long time men failed to realize that the transition from the classical theory of value to the subjective theory of value was much more than the substitution of a more satisfactory theory of market exchange for a less satisfactory one. The general theory of choice and preference goes far beyond the horizon which encompassed the scope of economic problems as circumscriby ProjectC - Project C
Buffett Sees "Long, Deep" U.S. Recession - By Erik Kirschbaum - 16 years ago
By Erik Kirschbaum; editing by James Jukwey May 24, 2008 By REUTERS Source BERLIN (Reuters) - The United States is already in a recession and it will be longer as well as deeper than many people expect, U.S. investor Warren Buffett said in an interview published in German magazine Der Spiegel on Saturday. He said the United States was "already in recession" and added: "Perby ProjectC - Project C
Rising Oil Price Brings Out Nut Case Solutions - By Mike "Mish" Shedlock - 16 years ago
By Mike "Mish" Shedlock May 24, 2008 Source The price of oil has been soaring and nut case solutions are coming out of the woodwork in response. I have talked about this twice recently in Congress Threatens Oil Producers and Congressional Insanity: Sue OPEC over Oil Prices. But as silly as those actions are, it is nothing compared to the stark raving lunacy proposed by Martin Huby ProjectC - Project C
Design revamp for '$100 laptop' - 16 years ago
The XO2 looks and acts like an electronic book BBC News 21 May 2008 Source The wraps have been taken off the new version of the XO laptop designed for schoolchildren in developing countries. The revamped machine created by the One Laptop Per Child (OLPC) project looks like an e-book and has had its price slashed to $75 per device. OLPC founder Nicholas Negroponte gave a glimpse oby ProjectC - Project C
Hedge Funds in Swaps Face Peril With Rising Junk Bond Defaults - By David Evans - 16 years ago
"Backshall and his clients aren't the only ones spooked by the prospect of a CDS catastrophe. Billionaire investor George Soros says a chain reaction of failures in the swaps market could trigger the next global financial crisis. ... The Fed was worried about the biggest players in the CDS market, Mason says. ``It was a JPMorgan bailout, not a bailout of Bear,'' he says.by ProjectC - Project C
Government failed, not the market - By Martin Hutchinson - 16 years ago
"In the US after 2000, the solution was to expand the money supply still further, overriding the market’s natural deflationary corrective mechanisms by forcing real interest rates down to well below zero. That, allied to the “creativity” of the housing finance sector produced a boom in housing that was unprecedented in the United States. When that in turn led to disaster, the Fed over-expandby ProjectC - Project C
Laser heats up the fusion future - By Jonathan Fildes - 16 years ago
By Jonathan Fildes Science and technology reporter, BBC News 19 May 2008 Source The world's most powerful laser has heated matter to 10 million Celsius, hotter than the surface of the Sun. The Vulcan laser concentrated energy equivalent to 100 times the world's electricity production into a spot just a few millionths of a metre across. Writing in the New Journal of Physics,by ProjectC - Project C
A Red Herring - By Doug Noland - 16 years ago
"I’ll posit this evening that the entire issue of “central bankers vs. asset Bubbles” has become little more than A Red Herring. While it is as of yet too early in the unfolding financial and economic crisis for “consensus opinion” to have reached a similar conclusion, in reality contemporary monetary management can already be proclaimed an unmitigated failure. Cloaked in ideology and a flby ProjectC - Project C
Soros: Global investing's godfather - By Eric Schurenberg - 16 years ago
George Soros retired as a multibillionaire. But now he's back, hedging his wealth against what he calls the worst economic crisis in 75 years. Interview by Eric Schurenberg, Money Magazine managing editor May 14, 2008 Source (Money Magazine) -- Broke and friendless in postwar London, having just spent his last penny on food, 22-year-old George Soros made the first of a lifetime of prby ProjectC - Project C
The Water-Industrial Complex - By William Pentland - 16 years ago
William Pentland 05.14.08 Source In 2001, a water shortage in America's Pacific Northwest wiped out nearly a third of the U.S. aluminum industry. Low precipitation levels in the Cascade Mountains during the preceding winter robbed local reservoirs of the water needed to turn the massive turbines inside the region's main hydroelectric power plant, the Bonneville Power Administratioby ProjectC - Project C
Europe could get manned spaceship - By Jonathan Amos - 16 years ago
By Jonathan Amos Science reporter, BBC News 13 May 2008 Source A plan for a manned spacecraft has been announced by the European firm EADS. Its Astrium division has designed a variant of its space station freighter that could also transport astronauts. Limited details were released in Bremen, Germany, on Tuesday; further information and a mock-up are expected at the Berlin Air Show thby ProjectC - Project C
The Financial Crisis: An Interview with George Soros - 16 years ago
"Woodruff: You write, "We are at the end of an era." When this current credit crisis ends, will the US still be, no doubt about it, the world superpower when it comes to the economy? Soros: Not at all. This is now in question. And you now have entered a period of really considerable uncertainty and turmoil because of the general flight from currencies, which manifests itself inby ProjectC - Project C
The Oil Nonbubble - By Paul Krugman - 16 years ago
By PAUL KRUGMAN Published: May 12, 2008 Source “The Oil Bubble: Set to Burst?” That was the headline of an October 2004 article in National Review, which argued that oil prices, then $50 a barrel, would soon collapse. Ten months later, oil was selling for $70 a barrel. “It’s a huge bubble,” declared Steve Forbes, the publisher, who warned that the coming crash in oil prices would make theby ProjectC - Project C
G7 loses grip on global policy to O5 - By Barry Herman - 16 years ago
"Galvez proposed creation of "an integrated multi-stakeholder forum, council, or a committee on financing for development." It would include national government representatives who sit on the policy organs of the UN, IMF, World Bank, and WTO, plus representatives of UN agencies, members of civil society, and private sector organizations. Its objective would be to undertake an integby ProjectC - Project C
A New Inflationary Epoch - By Doug Noland - 16 years ago
"And it is not only government policymakers grappling with today’s new reality: the extreme uncertainty with regard to future pricing and availability of critical resources. Industries throughout the U.S. and global economies now confront a fundamentally altered environment, where the pricing and availability of key inputs can no longer be taken for granted. For many, the whole idea of “jby ProjectC - Project C
Wall Street fears the light - By Loren Steffy - 16 years ago
By LOREN STEFFY May 8, 2008 Copyright 2008 Houston Chronicle Source The fear in Wednesday's stock decline was palpable. Wall Street was responding to the specter of transparency the way it always does — with alarm. Big brokerage firms, led by Merrill Lynch and Lehman Bros., plunged after the nation's top securities cop called for more disclosure of Wall Street's financby ProjectC - Project C
Third admit to hangover at desk - BBC News - 16 years ago
"Cary Cooper, Professor of Organisational Psychology and Health at Lancaster University, said excessive drinking was a manifestation of stress, and it was endemic in certain industries." Third admit to hangover at desk BBC News 6 May 2008 Source One in three employees admits they have been to work with a hangover and more than one in 10 has been drunk at their desk, a studyby ProjectC - Project C
How Stay-at-Home Moms Are Filling an Executive Niche - By Sue Shellenbarger - 16 years ago
By Sue Shellenbarger 2008 Source Lots of employers would like to be able to hire cheap, temporary teams of seasoned pros with experience managing $2 billion investment portfolios, running ad campaigns or earning Ph.D.s in neuroscience. But few know the secret to finding temps of that caliber: Look on playgrounds and at PTA meetings. The decision among some highly educated women to stayby ProjectC - Project C
Australian state in drink purge - By Phil Mercer - 16 years ago
Many Western countries have a binge drinking problem Australian state in drink purge By Phil Mercer BBC News, Sydney 5 May 2008 Source Undercover teenagers could soon be the police's latest weapon in one of the biggest alcohol abuse clampdowns led by the Australian state of Victoria. The authorities have begun covert surveillance to catch bars illegally serving drunk andby ProjectC - Project C
Revisting Financial Arbitrage Capitalism - By Doug Noland - 16 years ago
“In the present stage of development the financiers are not acting as the ephors of the economy, editing the financing that takes place so that the capital development of the economy is promoted. Today’s managers of money are but little concerned with the development of the capital asset of an economy. Today’s narrowly-focused financiers do not conform to Schumpeter’s vision of bankers as the eby ProjectC - Project C
Nikola Tesla, Pigeon-Loving Inventor of Death Ray - Interview by Manuela Hoelterhoff - 16 years ago
"He had plans to build a ring around the equator so that just by staying stationary, you would be able to travel around the world in 24 hours. And plans that almost seem like dreams. He was thinking about wind power, thinking about solar power, thinking about batteries that are far, far more efficient than the batteries that we even have here 110 years later. He had plans to photograph thougby ProjectC - Project C
The Fed’s Dilemma: Rescue the Housing Market, or Feed the Poor? - By Martin Hutchinson - 16 years ago
By Martin Hutchinson Contributing Editor Tuesday, April 29th, 2008 Source At their two-day meeting that starts today (Tuesday), U.S. Federal Reserve policymakers will have to grapple with a moral choice that is well beyond the pay grade of central bankers - choosing between the financial stability of U.S. homeowners and world hunger. That’s not an exaggeration. Interest-rate policy normaby ProjectC - Project C
Global adjustment will be long and painful - By Wolfgang Münchau - 16 years ago
By Wolfgang Münchau April 27 2008 Source So this crisis is about to end, right? There are two failsafe ways to justify a solid dose of optimism: define the crisis in a sufficiently narrow way; and, even better, look at the wrong crisis. In that spirit I am happy to state my optimism about the prospective end of the subprime crisis. But this would be disingenuous. It is no accident that ouby ProjectC - Project C
Buffett: Economy in a recession, will be worse than feared - 16 years ago
Reuters April 28, 2008 Source NEW YORK (Reuters) — Warren Buffett, the world's richest person, said Monday that the U.S. economy is in a recession that will be more severe than most people expect. Buffett made his comments on CNBC television after his Berkshire Hathaway (BRKA, BRKB) agreed to invest $6.5 billion in the takeover of chewing gum maker Wm Wrigley Jr (WWY) by Mars in a $2by ProjectC - Project C
Looking at Greenspan's Long-Lost Thesis - By Jim McTague - 16 years ago
By JIM MCTAGUE MONDAY, APRIL 28, 2008 Source WE'VE FOUND IT -- A COPY OF ALAN Greenspan's long-lost Ph.D. thesis! Or, more accurately, a rare copy of the elusive document, in Lassie-Come-Home-fashion, found us. The dissertation, written in 1977 when Greenspan received his coveted degree from New York University, had been tucked away on a professor's sagging bookshelf for 31by ProjectC - Project C
One Guy Who Has Seen It All Doesn't Like What He Sees Now - By E. S. Browning - 16 years ago
One of Peter Bernstein's worries: 'If China goes into a recession, God knows.' One Guy Who Has Seen It All Doesn't Like What He Sees Now By E.S. BROWNING April 26, 2008; Page B1 Source Peter Bernstein has witnessed just about every financial crisis of the past century. As a boy, he watched his father, a money manager, navigate the Depression. As a financialby ProjectC - Project C
The man who wants to turn China green - By Juliana Liu - 16 years ago
By Juliana Liu BBC correspondent, China's Hunan province 19 March 2008 Source On the outskirts of Changsha, capital of China's Hunan province, stand a 130-foot tall gold Egyptian pyramid and a full-size replica of the Versailles palace. They are the icons of Broad Town, a huge factory campus owned by middle-aged businessman Zhang Yue. The pyramid and the palace, rather incoby ProjectC - Project C
The Meaning of Stage II - By Doug Noland - 16 years ago
"Otherwise intelligent financial commentators argue that today’s rising energy and food prices are not a “monetary phenomenon.” Instead, these price pressures are said to be due to strong demand from China and India – wealthier consumers choosing to upgrade their diets. But both the Chinese and Indian economies (and many others) are now operating with virtually unlimited Credit – a uniqueby ProjectC - Project C
Nobel Winner Stiglitz: U.S. Facing Long Recession - 16 years ago
By CNBC.com 25 Apr 2008 Source The U.S. economy is already in recession -- and may echo the 1930s, Nobel Laureate Joseph Stiglitz said Friday. "The big question is: how will the government respond?" said Stiglitz, in an interview with CNBC. Stiglitz, a Columbia University professor and 2001 winner of the Nobel prize, detailed his bleak outlook for the American economy. "by ProjectC - Project C