The NLRB wants to tell Boeing how to run its business

12 Jun

How can we grow and create new jobs while the NLRB crushes business competitiveness and increases hiring costs. More madness ensues.

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Greek default options

12 Jun

Via The Economist:

Can You Trust Your Bank? UK High Street Banks Still Misleading Pensioners

12 Jun

From the BBC:

“The Panorama team goes undercover to test whether staff in Britain’s high street banks have learnt the lessons from the massive penalties imposed for mis-selling insurance and investment products. Financial journalist Penny Haslam meets savers who have lost out because they were persuaded to put their money into risky investments, and talks to former staff about the pressure they faced to sell.”

The full documentary will air on 13 June 2011, BBC One, 20:30.

Here is a preview:

WATER: Investments of EUR 500 bn required – every year! DB Research

12 Jun

From DB Research:

“Over the next few years, large-scale investment must be made in the water sector throughout the world. Last year, we put global investment requirements at roughly EUR 400 to 500 bn per annum. In the final analysis, the huge need for investment is a result of the 3% increase per year in the demand for freshwater.”

The report highlights four major reasons for the growth in water-related investments:

  • Industry and energy sector need more water
  • Rising incomes drive up household water consumption
  • Insufficient investment in water sector as a result of too low water prices
  • Governments to rely increasingly on support from private-sector companies in future

Deutsche Bank Research capture the key dilemma in that there is a high investment requirement in all areas of the water sector.

Continue reading

Foreclosing a Bank of America branch

12 Jun


Quoting The New York Times:

“… a couple in Naples, Fla., have “foreclosed” on a Bank of America branch after the bank managed to foreclose on their home — even though they never had a mortgage on it. According to reports in The Naples News, Time and elsewhere, Warren Nyerges and his wife paid $165,000 in cash to buy the house from the bank, and never borrowed against it. But last February, in an apparent case of mistaken home identity, the bank began foreclosure proceedings against them.

The couple hired a lawyer and the bank action was eventually abandoned, but the couple then went to court and got a judgment for about $2,500 in attorney’s fees. When the bank didn’t pay, their lawyer, Todd Allen, showed up at a local bank branch last week with sheriff’s deputies and a moving truck to begin cleaning out the building. Not long after, the bank paid them more than $5,700, to cover the fees and additional costs. In a statement to The Naples News, the bank apologized and said the letters had gone to a local lawyer whose office had gone out of business.” 

Dear New York City, Ticket the People Blocking the Bike Lanes, not Bikers

12 Jun

From the BBC:

“In May, a policeman gave Casey Neistat a $50 (£31) fine for riding in a traffic lane, dismissing his plea that the bike lane was dangerously blocked.

To prove his point, Mr Neistat created a video in which he is shown crashing into a series of bike lane obstacles.”

U.S. Wars Casualty Status (Table)

12 Jun

US military bases are littered across the globe. Total defence spending for fiscal year 2010 were approximately $700 billion. The US has a spending problem not a revenue problem. The Iraq war has lasted more than 3,005 days and has caused bloodshed, death and hatred on an unprecedented scale. The overwhelming failure of US defence policy should hasten military withdrawals sooner rather than later.


Colombia Foreign Reserves for Week Ending May 31 (Table)

12 Jun

There is normally a lot of focus on central bank gold holdings in China and India. They have the world’s attention. However, even large purchases of gold by China and India have little impact on their total gold weighting due to their large holdings of fiat currencies.  Sometimes I find it more helpful to assess gold holdings of periphery countries as their parabolic demand for gold is more visible. Columbia’s gold reserves have increased almost 27% year-to-date through to 31 May 2011.


SEC delays Dodd-Frank Act derivatives measures

12 Jun

Bloomberg reported:

“The U.S. Securities and Exchange Commission will delay some Dodd-Frank Act derivatives measures scheduled to take effect in July, giving regulators more time to finish rules for the $601 trillion market.

Dodd-Frank, the financial-regulation overhaul enacted last year, set a mid-July deadline for measures designed to improve transparency and reduce risk in the over-the-counter swaps market. The SEC and the Commodity Futures Trading Commission are continuing to seek comment on rules, and have said they would miss the scheduled completion date for some measures.

Registration of derivatives such as credit-default swaps could “unnecessarily impede” use of clearinghouses meant to reduce risk, the SEC said in the proposal, which was released for public comment.”

Clearing houses are aggregating risks at a dangerous level. I would prefer to take the other side of the SEC. The clearing houses are going to increase risks. There is absolutely no way they can regulate an overwhelmingly speculative $601 trillion casino. 

Top 10 Year-to-Date U.S. Export Markets for Major Crops (Table)

11 Jun

Volume in metric tons of major commodities exported year-to-date through to April and prior year-to-date.


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