joi, 30 mai 2013

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Simmering Feud Between France and Germany Erupts Into Verbal Warfare; France Tells Brussels to Shove It

Posted: 30 May 2013 11:03 AM PDT

The simmering feud between France and Germany erupted into a heated political exchange following Pressure on Hollande to take bold action to revive the French economy, calling for new pension and labour market reforms.

"The commission's list of recommendations for Paris, which it expects to be delivered in return for allowing France two extra years to meet its budget deficit targets, covered all the hard issues the socialist government faces: cutting public spending; restoring badly diminished competitiveness, opening up restricted markets, reforming the tax regime and loosening tight labour market regulations."

France Tells Brussels to Shove It

The exchange got quite interesting when Merkel Allies Bashed Hollande Over Needed Reforms
Leading members of Angela Merkel's ruling Christian Democratic Union in Germany have fiercely criticised François Hollande, accusing the French president of "shaking the foundations of the European Union", only hours before the two leaders met in Paris in a bid to repair their troubled relations.

Deep German concern about the French government's resistance to economic reform and hostility to EU pressure emerged after Mr Hollande said it was not for the European Commission "to dictate" reforms to Paris.

"There is no need for European recommendations; what's needed is obvious. It's not for the commission to dictate what we have to do," Mr Hollande said in response to the commission, whose call was part of its annual assessment of budget plans for all 27 EU members.

The French president's "vehement criticism of the European Commission's reform proposals . . . contradicts the spirit and letter of European agreements and treaties", said Andreas Schockenhoff, a deputy chairman and foreign policy spokesman of the CDU in the German parliament. "Someone who talks like that is shaking the foundations of the EU."

Norbert Barthle, budget spokesman of the CDU in the Bundestag, said the two-year extension granted to Paris in meeting the 3 per cent deficit target was more than Germany had expected.

"France won't be able to bank on such indulgence again," he added, saying that Mr Hollande had misunderstood the nature of European co-operation if he thought he could accept the benefit proposed by the commission but reject the conditions attached.
Reflections on the Obvious

Somehow it is OK for France to stipulate conditions on Greece, on Ireland, on Cyprus, on Portugal, and on Spain but not be told what to do itself.

Yes it is "obvious" what to do.

  • Slash pension benefits
  • Make it easier for companies to fire workers
  • Lower taxes
  • End agricultural subsidies
  • Raise the retirement age

Jobless Claims at New Record High

The problem is Hollande cannot see the obvious. Meanwhile, inquiring minds note French jobless claims hit new record in April.
The number of people out of work in France hit a record high in April, the daily Les Echos said on Thursday, casting more doubt on President Francois Hollande's pledge to reverse a long-running rise in unemployment.

The number of registered jobseekers rose by about 40,000 in April from March's previous high, the financial daily reported ahead of the official publication of the figures later on Thursday. It did not quote its sources.

The government is holding to its pledge to turn around the trend by year-end despite multiple forecasts to the contrary, hoping that the economy will start to pick up in the second half of 2013 and that subsidised jobs will help keep a lid on unemployment.

The European Commission, the OECD and France's own jobless benefit fund all see unemployment continuing to rise through 2014. The EU executive said on Wednesday it expects French unemployment to reach 10.6 percent this year after 10.2 percent last year and keep increasing to 10.9 percent in 2014.
"Obviously Obvious"

The odds of a major economic recovery in France in 2013 with socialists in control are essentially zero, and subsidizing jobs is the wrong approach in the first place. Both of those statements are "obviously obvious", except to socialist fools and Keynesian clowns.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

EU Requires Spain to Raise Vat

Posted: 30 May 2013 02:27 AM PDT

The last thing a country in recession should do is raise taxes. Well, Spain is in a depression, not a recession yet the EU requires Spain to raise the VAT and lower pension benefits within a year.
One year. That is the time that the government has to undertake major reforms. The European Commission has published today the document with recommendations to the European Council on the National Reform Plan. Includes advice on pensions, taxes, government spending, administrative reform, etc.. There is virtually nothing that Brussels (and the governments of EU members) does not create the need to change, accelerate or deepen.

On Wednesday Brussels gave Spain more time to reach a budget deficit of 3%, but warns that to achieve this, it is still necessary to continue with the fiscal effort.

Brussels calls for "a systematic review of the tax system by March 2014." Normally, these words have meant raising taxes on consumption (VAT or special) to relax the pressure on other that penalize wealth creation, such as income tax or social contributions. But in the current document there are only requests to raise taxes.
The above snip did not do full justice to the idiocy of the latest Brussels demands. The only thing I support is pension reform.

Tax hikes will do nothing but cause another plunge in revenues and another rise in unemployment.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Damn Cool Pics

Damn Cool Pics


Epic Internet Powered Birthday Invite [Video]

Posted: 30 May 2013 04:41 PM PDT


Tomorrow is Ryan Kennedy's 30th birthday and to get the deserved attention for the special occasion, he had the creative idea to crowd-source his birthday invitation, asking people all over the world to contribute via Youtube. Here's the result:

Cassette Tape from the 80's and 90's

Posted: 30 May 2013 02:36 PM PDT

Cassette tapes of the '80s and '90s. Good old days.



































































Hot Girls of Indy 500's Snake Pit

Posted: 30 May 2013 02:10 PM PDT

The massive infield of the Indianapolis Motor Speedway includes an area called the "Snake Pit," best described as a party zone where the grass is littered with thousands of smashed beer cans, while people of all ages though the demo skews college-aged & white generally go nuts.


































































































Via: villagevoice

30 Rare and Unusual Animals

Posted: 30 May 2013 12:32 PM PDT

Animals that you didn't know existed.

Lamprey

Lampreys are a type of jawless fish that live mostly in coastal and fresh waters whose adults are characterized by a toothed, funnel-like sucking mouth. They attach themselves to fish and suck their blood. Lampreys have been around for nearly 300 millions years and their body structure has remained relatively unchanged. 





The Dhole

The Dhole is a species of canid native to South and Southeast Asia. The dhole is a highly social animal, living in large clans which occasionally split up into small packs to hunt. It primarily preys on medium-sized ungulates, which it hunts by tiring them out in long chases, and kills by disemboweling them. Though fearful of humans, dhole packs are bold enough to attack large and dangerous animals such as wild boar, water buffalo, and even tigers.



The Babirusa

Babirusa, meaning "Hog-deer", are members of the pig family found in Wallacea, or specifically the Indonesian islands of Sulawesi, Togian, Sula and Buru. If a babirusa does not grind its tusks (achievable through regular activity), they will eventually keep growing so as to penetrate the animal's own skull.



Pink Fairy Armadillo

The pink fairy armadillo is approximately 3.5-4.5 inches long, excluding the tail, and is pale rose or pink in color. It has the ability to bury itself completely in a matter of seconds if frightened. It is a nocturnal animal and it burrows small holes near ant colonies in dry soil, and feeds mainly on ants and ant larvae near its burrow. It uses large front claws to agitate the sand, allowing it to almost swim through the ground like it is water. It is torpedo-shaped, and has a shielded head and back.



The Fossa

The fossa is a cat-like, carnivorous mammal that is endemic to Madagascar. The fossa is the largest mammalian carnivore on the island of Madagascar and has been compared to a small cougar. It has semi-retractable claws and flexible ankles that allow it to climb up and down trees head-first, and also support jumping from tree to tree.





The Gerenuk

The gerenuk, also known as the Waller's gazelle, is a long-necked species of antelope found in dry thorn bush scrub and desert in Eastern Africa. The word gerenuk comes from the Somali language, meaning "giraffe-necked". Gerenuks have a relatively small head for their body, but their eyes and ears are proportionately large. Gerenuks seldom graze but browse on prickly bushes and trees, such as acacias. They can reach higher branches and twigs than other gazelles and antelope by standing erect on their rear legs and stretching their elongated necks.





Naked Mole Rat

This creature has a lot of characteristics that make it very important to human beings. For one it is resistant to cancer. They also live up to 28 years, which is unheard of in mammals of its size. It seemingly does not age much in those 28 years either. It remains "young, healthy and fully fertile for almost all its days, which for an elderly animal is equivalent to an 80-year-old woman having the biological make-up of someone 50 years younger." The naked mole rat is used in both cancer research and the study of aging. Not only making it a bizarre creature, but an incredibly important creature as well.



Irrawaddy Dolphin

The Irrawaddy dolphin is a species of oceanic dolphin found near sea coasts and in estuaries and rivers in parts of the Bay of Bengal and Southeast Asia. Genetically, the Irrawaddy dolphin is closely related to the killer whale.





Markhor

The markhor is a large species of wild goat that is found in northeastern Afghanistan and Pakistan. The species is classed by the IUCN as Endangered, as there are fewer than 2,500 mature individuals. The markhor is the national animal of Pakistan. While chewing the cud, a foam-like substance comes out of its mouth which drops on the ground and dries. This foam-like substance is sought after by the local people, who believe it is useful in extracting snake poison from snake bitten wounds.





Yeti Crab

Also known as the Kiwaidae, this crab is a type of marine decapod living at deep-sea hydrothermal vents and cold seeps. The animals are commonly referred to as "yeti crabs" because of their claws and legs, which are white and appear to be furry like the mythical yeti



Snub-Nosed Monkey

Snub-nosed monkeys live in various parts of Asia and get their name from the short stump of a nose on their round face. Snub-nosed monkeys inhabit mountain forests, in the winter moving into deeply secluded regions. They spend the majority of their life in the trees and live together in very large groups of up to 600 members. They have a large vocal repertoire, calling sometimes solo while at other times together in choir-like fashion.



The Maned Wolf

The Maned Wolf is the largest canid in South America, resembling a large fox with reddish fur. This mammal is found in open and semi-open habitats, especially grasslands with scattered bushes and trees throughout South America. The maned wolf is the tallest of the wild canids and it's long legs are most likely an adaptation to the tall grasslands of its native habitat.





Southern Red Muntjac

Found in south Asia, it has soft, short, brownish or greyish hair and is omnivorous, feeding on grass, fruits, shoots, seeds, birds' eggs as well as small animals. It sometimes even displays scavenging behavior, feeding on carrion. It gives calls similar to barking, usually upon sensing a predator. Males are extremely territorial and—despite their diminutive size—can be quite fierce. They will fight each other for territory using their antlers or their tusk-like upper canine teeth, and can even defend themselves against certain predators such as dogs.





Cyphonia Clavata

It is a species of treehopper called Cyphonia Clavata that literally has an ant growing out of its head. Well not literally, the ant-like thing on its head is an appendage that hides the treehopper's actual body from predators.



Sunda Colugo

Also known as The Sunda flying lemur, it is not actually a lemur and does not fly. Instead, it glides as it leaps among trees. It is strictly arboreal, is active at night, and feeds on soft plant parts such as young leaves, shoots, flowers, and fruits. The Sunda Coluga can be found throughout Southeast Asia in Indonesia, Thailand, Malaysia, and Singapore



Tufted Deer

The Tufted Deer is a small species of deer characterized by the prominent tuft of black hair on its forehead. It is a close relative of the muntjac, living somewhat further north over a wide area of central China. It is a timid animal, mainly solitary or found in pairs and prefers places with good cover, where it is well camouflaged.



Raccoon Dog

The Raccoon Dog, or Tanuki, is a canid indigenous to East Asia. The raccoon dog is named for its resemblance to the raccoon, to which it is not closely related. They are very good climbers and regularly climb trees.





Patagonian Mara

The Patagonian Mara is a relatively large rodent found in parts of Argentina. This herbivorous, somewhat rabbit-like animal has distinctive long ears and long limbs and its hind limbs are longer and more muscular than its forelimbs.



The Amazonian Royal Flycatcher

The Amazonian Royal Flycatcher is found in forests and woodlands throughout most of the Amazon basin. They are about 6 1/2 inches in length and like to dart out from branches to catch flying insects or pluck them from leaves. They build very large nests (sometimes up to 6 feet long) on a branches near water. The nest hangs over the water which makes it hard for predators to reach.





Zebra Duiker

The zebra duiker is a small antelope found in Ivory Coast and other parts of Africa. They have gold or red-brown coats with distinctive zebra-like stripes (hence the name) Their prong-like horns are about 4.5 cm long in males, and half that in females. They live in lowland rainforests and mostly eat leaves and fruit.



Star-Nosed Mole

The star-nosed mole is a small mole found in wet low areas of eastern Canada and the northeastern United States. It is easily identified by the 11 pairs of pink fleshy appendages ringing its snout, which is used as a touch organ with more than 25,000 minute sensory receptors, known as Eimer's organs, with which this hamster-sized mole feels its way around.



The World’s Dirtiest Jobs [Infographic]

Posted: 30 May 2013 09:52 AM PDT

Whether it's cleaning a smelly animal cage or a bloody crime scene, there are many dirty jobs in the world and somebody has to perform them. This infographic from Master Cleaners illustrates some of the world's dirtiest jobs.

Click on Image to Enlarge.
Worlds Dirtiest Jobs
Via Master Cleaners