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Gravity is a constraint. If you're a designing an airplane, it would be a lot easier without gravity as a concern, but hey, it's not going away.
A problem is solvable. A constraint must be lived with.
For years, Apple viewed retail distribution as a constraint. They had to live with cranky independent computer stores, or big box mass merchants that didn't display or sell their products well.
Using the internet and then their own stores, they eventually realized that this was actually a problem that could be solved, and it changed everything for them.
On the other hand, there are countless entrepreneurs who believe they can solve problems relating to funding or technology that are out of reach given their scale or background. They'd be better off if they accepted them as constraints and designed around them.
The art is in telling them apart.
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World Bank President says Gold has Role in next Monetary System Posted: 07 Nov 2010 09:00 PM PST The current dollar-based global monetary system known as "Bretton Woods II" is on its last legs. We all know it, but what none of us know is what will replace it. Inquiring minds should be interested to discover that World Bank President Robert Zoellick mentioned a role for gold in the development of a new monetary system to succeed "Bretton Woods II". Please consider, The G20 must look beyond Bretton Woods by Robert Zoellick. ... Fifth, the G20 should complement this growth recovery programme with a plan to build a co-operative monetary system that reflects emerging economic conditions. This new system is likely to need to involve the dollar, the euro, the yen, the pound and a renminbi that moves towards internationalisation and then an open capital account.Don't expect any serious movement along the lines of Zoellick's suggestion until there is a major currency crisis involving the US, Japan, or Europe. In the meantime, it is nice to see a role for gold floated in high places. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Correct Translation of "Clueless" from German Reader; Geithner Backs Off His Own Plan Posted: 07 Nov 2010 04:45 PM PST In German Finance Minister calls Fed "Clueless"; G20 Showdown with China; Why Geithner's "Non-Plan" is Nothing but Hot Air I quoted a Reuters article that called the Fed "clueless". It seems there is a bit of a translation error to "clueless" Michael from Germany writes ... Hi Mish,Thanks Michael. Always happy to make a correction as appropriate. Geithner Backs Off His Own Plan As long as we are doing corrections, it seems Geithner, perhaps under pressure from China and emerging markets, has abandoned his plan to save the world via current-account targets. Bloomberg reports G-20 Conflict Risk Eases as U.S. Says Surplus Goal Unrealistic U.S. Treasury Secretary Timothy F. Geithner refrained from pushing for current-account targets while China softened its stance on the Federal Reserve's quantitative easing days before a summit of the Group of 20.Since we have had problems since 1940 and since the problems dramatically worsened after Nixon took the US off the gold window, it is safe to point out that the process has already taken one hell of a long time. Now that Geithner has backed down off a plan that cannot possibly work, there is less chance of fireworks. This is what I wrote earlier about Geithner's plan ... Geithner's Non-Plan is Just Hot AirFireworks may be on hold. It's too bad. We needed some. Now all we are likely to see is a bunch of lies regarding agreements to agree at later date. Fireworks would be more entertaining and with some massive fireworks there would be a better chance (although still slim) of accomplishing something. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Posted: 07 Nov 2010 10:36 AM PST Outside the blogosphere and into realm of high ranking government officials, it is rare to hear words like "clueless" to describe the Fed. That such talk is now occurring shows just how upset the rest of the world is at Bernanke's policies. Reuters reports US Policy 'Clueless': German Finance Minister. Europe needs to strengthen economic governance and agree on a permanent crisis resolution mechanism, all the more so given current U.S. economic weakness, German Finance Minister Wolfgang Schaeuble said on Friday.G20 Showdown The Financial Times reports China tees up G20 showdown with US China has curtly dismissed a US proposal to address global economic imbalances, setting the stage for a potential showdown at next week's G20 meeting in Seoul.Complaints about QEII Continue to Pile Up The list of complaints about QEII is long and growing: South Korea, Hong Kong, Brazil, China, Volcker Complain about Bernanke's QE Policy. Add Germany to the list. Geithner's Non-Plan is Just Hot Air Geithner's plan to limit current account surpluses and deficits to 4 per cent of gross domestic product is flat out silly. Actually there is no "plan", just hot air. For starters, why would the surplus countries who want to increase exports agree to it? Even if they did agree to it, pray tell what is the enforcement mechanism? Unless Geithner proposes an enforcement mechanism that can actually stick, there is no plan. The key point here is there is no enforcement mechanism, nor any discussion of one. There has been no enforcement mechanism since Nixon closed the gold window. That is all you need to know. Thus, G20 will fail to accomplish anything. However, the show might produce some exciting fireworks for a change, given that currency wars have escalated. Addendum: A German reader suggests that Reuters improperly translated the German adjective "ratlos" which literally, that means "helpless", "at a loss what to do", "baffled", "perplexed", as opposed to "clueless". Also, Geithner is now backing off his plan to use current-account surplus mandates to save the world's economy. Please see Correct Translation of "Clueless" from German Reader; Geithner Backs Off His Own Plan for details. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Sunday Funnies 2010-11-07 Reflections on Quantity vs. Quality Posted: 07 Nov 2010 01:55 AM PDT Reflections on Quantity vs. Quality Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Police may boycott NHL's Winter Classic; Winchester Union Shoots Self in the Head Posted: 06 Nov 2010 11:18 PM PDT Pittsburgh Post-Gazette reports Police may boycott NHL's Winter Classic City police officers are threatening to boycott the Winter Classic in dispute with the Pittsburgh Steelers over holiday pay, raising questions about whether there will be adequate security at the nationally televised outdoor hockey game, which is due to draw tens of thousands of fans to Heinz Field on New Year's Day.What's unwise and foolish is for Pittsburgh to have an agreement with the police mandating double-time-and-a-half for holidays. It's no wonder Pittsburgh is having financial difficulties. The Steelers ought to bid out security to the lowest bidder. I bet many private security guards would take the offer at time-and-a-half or perhaps even straight time. Moreover, and not just for this event, Pittsburgh should outsource ALL traffic direction jobs to an outside firm. It does not take a police office to do this duty in the first place. Public Unions vs. Private Unions The problem with pandering to public unions is ordinary taxpayers suffer the consequences when politicians get in bed with unions. In private industry, when unions wreck the company it goes under. Alternatively, unions stupidly vote themselves into oblivion. In a case of the latter, the Firearm blog reports Union negotiations fail. Olin (Winchester) moves 1000 jobs. Olin Corp. is moving its Winchester Centerfire plant to Mississippi after the Association of Machinists and Aerospace Workers District 9. Union rejected their proposed contract for the second time. BND.Com Reports Olin to move 1,000 jobs to Mississippi after union says no to new contractWinchester Union Shoots Self in the Head Bang. Just like that, 593 out of 1063 voted that it was better to have no job than take a pay and benefit cut. Heaven forbid union members have to give up a 5th week of paid vacation. Lordy! Admittedly the 7-year wage freeze Olin demanded sounds bad, but not when the alternative is working at Walmart or wherever for minimum wages (assuming jobs can be found at all). The smart thing to do would have been to accept the contract, keep the job, and if the opportunity arose, take a better job elsewhere. Instead it's goodbye Alton, Illinois; Hello Mississippi. Olin was the sixth-largest employer in the metro-east. It will be impossible to replace those jobs. In general, Illinoisans don't seem very bright. This is proof: 33% Tax Hike Will Hit Illinois; Another Stiffed Illinois Vendor Stops Servicing State Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
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The easiest form of management is to encourage or demand that people do more. The other translation of this phrase is to go faster.
The most important and difficult form of management (verging on leadership) is to encourage people to do better.
Better is trickier than more because people have trouble visualizing themselves doing better. It requires education and coaching and patience to create a team of people who are better.
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Bold-Faced Lies of the Day from Geithner, Bernanke Posted: 06 Nov 2010 05:41 PM PDT How can anyone take blatant liars seriously? How can anyone not know Bernanke and Geithner are blatant liars? I have not figured out the answer to those questions but I can point out another round of lies from both Geithner and Bernanke. Bernanke's Lie of the Day MarketWatch reports Fed chairman: Increasing inflation not a goal Some Fed critics have accused the bank of pursuing an inflationary strategy by adding trillions of dollars of credit into the nation's financial system. The Fed itself seemed to suggest inflation was too low in a policy statement two months ago.Of course the Fed is in the business of producing inflation. It is their first and foremost goal, just as it is in Japan. Consequences, such as asset bubbles be damned. Bernanke belongs on the cover of Mad Magazine with his "What me Worry?" attitude about asset bubbles. He could not spot a housing bubble even though it was obvious to practically everyone on the planet except the other members of the Fed, real estate agents, and home builders. Geithner's Lie of the Day Bloomberg reports Geithner Says U.S. Won't Use Dollar to Gain Economic Advantage Treasury Secretary Timothy F. Geithner said the U.S. won't use the dollar as a trade weapon and he repeated his support for a "strong dollar" that plays a central role in the global economy.If a strong dollar was in the best interest of the country, then Geithners would not be pressuring China to weaken it. Bernanke would not be out to destroy it. I am delighted that Rand Paul won a senate seat. He will have a chance to stick it to Bernanke during the Fed Chairman's semi-annual Is Obama a Keynesian? Let's try one more time. The last Youtube I posted was restricted. This is one of the funniest things I have seen in a while. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Posted: 06 Nov 2010 09:38 AM PDT This is one of the funniest things I have seen in a while. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
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