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Jeremy Grantham thinks we are living Ground Hog Day

7/31/2012

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From Zero Hedge.
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Hussman on the Central Bank as a Saviour

7/30/2012

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"So what do I worry about? I worry that investors forget how devastating a deep  investment loss can be on a portfolio. I worry that the constant hope for  central bank action has given investors a false sense of security that recessions and deep market downturns can be made obsolete. I worry that the depth of the recessions and downturns – when they occur – will be much deeper precisely because of the speculation, moral hazard, and misallocation of resources that monetary authorities have encouraged. I worry that both a global recession and severe market downturn are closer at hand than investors assume,   partly despite, and partly because, they have so fully embraced the illusory salvation of monetary intervention."

This is a theme I have discusssed on these pages. Specifically here, seven months ago, where I said:

"I see the incessant focus on the power of the central bank to manage an economy as being misguided and  inappropriate. The world reached a financial crisis principally because of a lack of proper regulation and enforcement of the financial services
industry. In addtion to this, the Eurozone reached their crisis because they gave up their currencies, and the global trade system shifted production to Germany for high valued manufacturing  and China for low valued manufacturing.  Regardless of the price level, these economies are not going to generate jobs  for their unemployed. Many academics and market participants who view religion  as nothing more than superstition, seem to have elevated the central banks to Christ-like status. "

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Modern Music is Tedious and Boring

7/28/2012

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Take that dub step. Atrticle plays to my bias.
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The self is an illusion

7/26/2012

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Lehrer interviews Hood for Wired.
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There but for the grace of God go I.....

7/26/2012

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The death penalty narrative. Early interdiction can prevent huge costs to society.TED Talk. Could it work? Apparently some states are already doing it (Texas is not).
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Hardship in Italy Pushes Country to Brink of a Civil War

7/21/2012

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And according to the mayor of regional capital Palermo, the misery caused by financial crisis could spark a "civil war" in the southern island of Sicily.

 "Because of an explosive mix of despair felt by many families and the stranglehold of organised crime, a civil war could even break out," mayor  Leoluca Orlando said.

"Sicily is the Greece of Italy," Mr Orlando, a member of the anti-corruption  Italy of Values party and a staunch anti-Mafia champion, said. "Many businesses are shutting, families on low incomes can no longer pay  their electricity bills," he said.

On Tuesday, Prime Minister Mario Monti expressed concern that the region ran  the risk of bankruptcy.

In only my third post I identified this as a major risk to the global eonomy. Nearly a year ago, I wrote:"If you don’t start designing polices,  like a fiscal stimulus, that will get the poor working again your system will become destabilized and may implode."

And we aren't even close to a bottom for Europe yet. The US will not be immune.


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Senior Economist at IMF Quits Because He is "Ashamed"

7/21/2012

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"Doyle said it was not just a matter of the fund's incompetence  amid the global crisis and in surveillance ahead of the eurozone  crisis, but because the institution deliberately shirked its responsibilities.

 'The substantive difficulties in these crises, as with others,  were identified well in advance but were suppressed here,' he  wrote.
'Timely sustained warnings were of the essence. So the failure  of Fund to issue them is a failing of the first order,' Doyle said.That inaction has caused suffering for many, including Greece,  and 'the  second global reserve currency (euro) is on the brink'.
The IMF has been 'playing catch-up' in reactive responses in  last-ditch efforts to save it, the economist charged."

From your lips to God's ears.

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Too Much Sitting is Bad for You and Exercise Doesn't Help As Much As One Might Think

7/21/2012

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Research from the Lancet as discussed in the National Post. (Thanks Dan)

"A growing body of evidence shows the cumulative effects of all that sitting are not easily remediable by exercise. For example, a 2010 study of more than 100,000 adults in the American Journal of Epidemiology [[external] PDF] found those who sat  for more than six hours a day were more likely to die than those who sat for  less than three, even if the former exercised regularly and the latter did no exercise at all. An earlier study of 17,000 Canadians (“Sitting time and mortality from all causes, cardiovascular disease, and cancer”) found much the same."
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There's a storm coming....

7/20/2012

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...to quote Catwoman in The Dark Knight Rises (just saw it-very good).
"There's a storm coming, Mr. Wayne," whispers Ann Hathaway's cat burglar. "You and your friends better batten down the hatches, 'cause when it hits,  you're all gonna wonder how you ever thought you could live so large, and leave so little for the rest of us."

Fitch downgrades three Japanese banks. Will they be able to payoff their CDS?
Spain now sees the recession continuing through 2013 (prevoiusly forecasting growth of 2%).



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LIBOR Scandal

7/17/2012

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Bank of England and Geithner (then chair of the NY Fed) knew about the LIBOR rigging as early as 2008. They allowed the rigging to continue for at least another year. Geithner said so in his own emails.
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