|
|
[You're getting this note because you subscribed to Seth Godin's blog.]
To launch my first book with Amazon and the Domino Project, we're trying a neat experiment that rewards our biggest fans.
We're going to set the launch price of the Kindle edition (which is also readable on any computer or iPad) based on the number of people who subscribe to our free newsletter. It started at $9.99 and we've already lowered it two dollars.
For every 5,000 people who sign up for the newsletter this week, we're going to lower the price of the ebook a dollar, until (we hope) we reach a dollar. On the 21st of February, all our subscribers will get a link to the URL that lets them pre-order the Kindle edition at a reduced price until the official publication date.
You get it first and you get it for less.
Details are here... Thanks for being a best customer.
[It's sort of a twist on Kickstarter. In the case of that site, the creator says, "if enough people put in some money, I'll be able to make something." In this case, I'm saying, "If enough people put in some attention, I'll be able to bring you something on a regular basis." Once again, attention is truly valuable.]
Don't want to get this email anymore? Click the link below to unsubscribe.
Your requested content delivery powered by FeedBlitz, LLC, 9 Thoreau Way, Sudbury, MA 01776, USA. +1.978.776.9498 |
Mish's Global Economic Trend Analysis |
Irish Bailout Falls Short; Irish Debt Rating Cut to Junk by Moody’s; Power of the "Trump Card" Posted: 13 Feb 2011 04:09 PM PST In the wake of the collapse of the Irish government, finance minister Brian Lenihan suspended capital injections for Allied Irish Bank, the Bank of Ireland, and EBS Building society until elections are held on February 25. Fine Gael leader Enda Kenny said Anglo Irish Bank will not get another cent if his party is elected. However, the Chairman of Anglo Irish Bank said Anglo needs another €15bn. In response, Irish Debt Rating Cut to Junk by Moody's Moody's cut the ratings of Irish banks to junk status on Friday following Dublin's decision to defer previously agreed capital increases until after this month's general election.Fine Gael stretches lead in Irish election campaign The Financial Times reports Fine Gael stretches lead in Irish election campaign Ireland's opposition centre right Fine Gael party has stretched its lead ahead of the February 25 general election with an opinion poll giving it an outside chance of an overall majority.Ireland Should tell IMF and ECB "Go to Hell" It seems like voters are fed up with taxes everywhere. From this side of the Atlantic I certainly understand a low-tax, renegotiate-the-bailout approach. I also approve the talk "Anglo Irish Bank will not get another cent". That is exactly the correct starting point. Thus, Ireland should tell the IMF and EU and especially Jean-Claude Trichet at the ECB where to go, and bondholders can eat 100% of the loss. Whether or not Fine Gael can pull that off remains to be seen. Irish parties pledge to re-negotiate EU-IMF bailout The Montreal Gazette reports Irish parties pledge to re-negotiate EU-IMF bailout As Ireland's election campaign heats up, the prospects of success in a battle to ease the terms of a massive EU-IMF bailout have become a key issue, even as Brussels insists it is non-negotiable.Preposterous IMF Statements The statement by the IMF that "public response to the bailout has remained favorable" is one of the most preposterous lies I have ever seen. What's with this nonsense by Bloxham Stockbrokers? To be sure there is little to be gained by a reduction in interest rates. That's why Ireland should default if the ECB and IMF will not restructure. Please note who is in control here. It certainly is not the IMF or ECB. All Ireland needs to do is tell Jean-Claude Trichet to "Go to Hell". That would set the appropriate tone for "negotiation". If Bloxham thinks that will cost votes to any party, they are sadly mistaken. Irish Bailout Falls Short The New York Times reports Irish Bailout Hits Snags Bank Losses Could Outstrip Rescue Funds; Political ThreatsPower of the Trump Card When you have a trump card, you do not threaten to play it, you simply play it. Ireland need not pay a "pound of flesh" as the Times suggests. There is no need for Ireland to bargain away its corporate tax structure. After all, if France does not like Ireland's advantage, France is free to change its corporate tax structure. Agreeing to reduced interest rates in exchange for corporate tax changes would be a horrible deal for Ireland. Its tax rate advantage is its only way to grow out of this hole. Magic Words When you have a trump card, the magic word is not "Please". The magic words are "Go to Hell". Unfortunately most politicians are far too polite to say those words. Yet, Jean-Claude Trichet and the IMF need to be put in their place, and those three words will do it nicely. After that, negotiations would go much more smoothly, with the ECB, the IMF, and Ireland negotiating an appropriate haircut. The alternative for the ECB is a 100% haircut - a simple default. That is the power of a trump card, and Ireland has it, not the ECB, and not the IMF. 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. |
German ex-Finance-Minister Bows Out of ECB President Race; Still More Goldman Sachs Tentacles Posted: 13 Feb 2011 11:15 AM PST Another German contender for ECB President has bowed out of the race. First it was Axel Weber, long thought to be the frontrunner. Now German ex-minister Steinbrueck rules out taking ECB job. Ex-finance minister Peer Steinbrueck said he was not interested in the role as he shared the same views as outgoing Bundesbank President Axel Weber.We don't want no transfer union Please consider The Economist article We don't want no transfer union German behaviour is guided by more than petty politics. In adopting the euro the Germans thought they were joining a condominium, in which every member would keep order on their own property, and not a messy commune. Now the crisis threatens that understanding. The Greek bail-out and the €750 billion ($980 billion) war chest created in May to defend the euro look to many Germans like a violation of the "no-bail-out clause" in the Maastricht treaty that created the euro. The government insists it is not, because the aid is voluntary and temporary. The constitutional court is evaluating this claim. The proposed successor, a permanent facility plus procedures to impose losses on creditors of insolvent countries, needs a treaty revision to pass constitutional muster.Clearly Weber and Steinbrueck have sent a strong message they expect the Maastricht Treaty to be honored. Current ECB President Jean-Claude Trichet trashed the treaty with support of the rest of the board. With Weber and Steinbrueck bowing out of the race, Mario Draghi Ex-Goldman Sachs Managing Director is Leading Candidate to Replace Trichet as ECB President. Goldman Sachs Tentacles Everywhere Inquiring minds are investigating the career details of Mark Carney governor of the Bank of Canada. Before joining the Canadian public service, Carney spent thirteen years with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively more senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking.Please consider the Canadian Association of Income Trust Investors article Mark Carney exempted Goldman Sachs from Flaherty's income trust tax I cannot discuss the merits of that Canadian case because I do not know them. However, it is clear that Goldman Sachs has tentacles slowly infiltrating every nook and cranny, including various Central Banks and the SEC. SEC Names ex-Goldman Sachs Employee to Oversee Asset Managers and Hedged Funds While on the subject of ex-Goldman Sachs employees turning up in high-power jobs, please consider SEC Taps Goldman Sachs Executive as Division Head The Securities and Exchange Commission has named Goldman Sachs Asset Management Chief Investment Officer Eileen Rominger to head its division overseeing asset managers and hedge funds.As I said a couple days ago, all we need now to complete the picture is for an ex-Goldman employee to run for president of the United States and for another ex-Goldman employee to replace Bernanke at the Fed. 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: 13 Feb 2011 12:54 AM PST Scott McNealy, ex-CEO of Sun Microsystems, is concerned about job prospects in Silicon Valley. However, what he has to say applies to jobs in general, not just high technology, and not just in California. Please consider Former Sun CEO Worries About Region's Prospects Even as Silicon Valley's unemployment rate eases and many local technology companies post positive financial results, Scott McNealy is pessimistic.The journal pointed out social networking and green jobs. However, McNealy dismissed both, and rightfully so. Social networking may make a few venture capitalists rich but it certainly will not be a big source of jobs. McNealy didn't say it, but even most "green jobs" have moved to Asia. Besides, if it takes government subsidies (and most green jobs do), it isn't worth doing. It's time for smaller government, not more of it. It was interesting to see McNealy say "the biggest issues with the Valley are local, state and federal governmental overreach and overregulation. It's over-pensioned, over-unionized and over the top." That is undoubtedly true but it was somewhat surprising to see given that Silicon Valley itself is not heavily unionized. The union effects, however, are both far-reaching and very damaging. I am happy to see McNealy point that out. 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. |
You are subscribed to email updates from Mish's Global Economic Trend Analysis To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
Google Inc., 20 West Kinzie, Chicago IL USA 60610 |
[You're getting this note because you subscribed to Seth Godin's blog.]
It's nice to sign a letter, "sincerely yours," but far more powerful, I think, to sign it, "with respect." It says something compelling about the recipient, something earned.
I realized the other day that I'd been working with the trio of Megan, Corey and Gil at Squidoo for five years, since we founded the company. And that I've been with Anne, my trusted bookkeeper, for more than ten years, David at GTN for almost as long, and Lisa, my agent, for more than seventeen. In an amazing bit of time travel, I've been doing projects with my friend Red for more than thirty.
Over time, you don't just come to trust valued colleagues like these, they also earn respect. Once you understand someone's sensibilities and goals, it's natural to see the world through their eyes and to embrace their motives and tactics. Once you've seen their work under pressure and in quieter moments, you get a sense for what they believe in. In a world of quick projects and short engagements, this sort of relationship is priceless.
It's easier than ever to start relationships that can turn into ones like these. Just as hard as its ever been to make them last.
Don't want to get this email anymore? Click the link below to unsubscribe.
Your requested content delivery powered by FeedBlitz, LLC, 9 Thoreau Way, Sudbury, MA 01776, USA. +1.978.776.9498 |
Mish's Global Economic Trend Analysis |
Ex-Goldman Sachs Managing Director is Leading Candidate to Replace Trichet as ECB President Posted: 12 Feb 2011 01:54 PM PST ECB President Jean-Claude Trichet's term expires in October. Alex Weber president of Bundesbank (Germany's Central Bank), an inflation hawk was widely recognized to be the leading candidate to replace Trichet. However, that idea came to a crashing end last week when Alex Weber resigned from Bundesbank. Supposedly Trichet's replacement is a wide-open race. However, Mario Draghi, an Ex-Goldman Sachs Managing Director has the clear inside track. Please consider Axel Weber Resigns Bundesbank, Throws ECB Race Open Bundesbank President Axel Weber resigned, ending three days of confusion and opening the field for candidates from Finland to Italy to become the next chief of the European Central Bank.Philosophical Reasons For Weber Leaving Weber is not leaving for "personal personal" per se. He is leaving because of huge feuds with current President Jean-Claude Trichet, and the likelihood he would be in disagreement with the the rest of the ECB as well. For example, please consider ECB's Trichet Rejects Weber's Call to End Bond Purchase Program European Central Bank President Jean-Claude Trichet rejected Bundesbank President Axel Weber's call to end the bond purchase program that has provided a lifeline for European governments and banks trying to shore up their finances.Weber was never in favor of the ECB's bond program to begin with, and that caused a feud at the outset. Weber felt the ECB was not only violating the Maastricht Treaty, but making unsound decisions on monetary policy as well. Given Weber was in a distinct minority on many decisions he decided to say to hell with it. Mario Draghi is now recognized as the leading candidate to replace Jean-Claude Trichet. Mario Draghi's Background Inquiring minds are interested in Mario Dragh's Background Mario Draghi is a member of the Governing and General Councils of the European Central Bank and a member of the Board of Directors of the Bank for International Settlements. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank. In April 2006 he was elected Chairman of the Financial Stability Forum, which became Financial Stability Board in spring 2009.Mario Draghi's Role In Greek Debt Swaps Under Review Please consider Mario Draghi and Goldman Sachs, Again March 17, 2010SEC Names ex-Goldman Sachs Employee to Oversee Asset Managers and Hedged Funds While on the subject of ex-Goldman Sachs employees turning up in high-power jobs, please consider SEC Taps Goldman Sachs Executive as Division Head The Securities and Exchange Commission has named Goldman Sachs Asset Management Chief Investment Officer Eileen Rominger to head its division overseeing asset managers and hedge funds.All we need now to complete the picture is for an ex-Goldman employee to run for president of the United States and for another ex-Goldman employee to replace Bernanke at the Fed. 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. |
Is this more like 2007 or 1998? Posted: 12 Feb 2011 09:21 AM PST In Thursday's Breakfast with Dave, Dave Rosenberg asks the question Is this the time to be going long? My question is a bit different, but this is what Rosenberg had to say. Sorry, but that time has passed. But we will probably get another kick at the can because we are sure that the "event risk", which caused so much turbulence and buying opportunities in 2010 will come around again in 2011. But this is one overextended U.S. stock market, that is for sure.When Will Global Imbalances Matter? Everyone is partying, upping forecasts, jumping on the bandwagon, etc. Bernanke is openly bragging about his successes. Rosenberg asked and answered his question, but I have a slightly different one: Is this more like 2007 or more like 1998 with 2 more years of partying before another crash? No one knows for sure. Heck, most are not even aware of the question, oblivious to how overvalued this market is. If you are in the that group, please see Negative Annualized Stock Market Returns for the Next 10 Years or Longer? It's Far More Likely Than You Think. As in 2007, everyone thinks they can or will get out in time. Mathematically it's impossible. Moreover, dip buying is now so firmly entrenched (again), that few will recognize the turn when it happens. 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. |
Gas Pump Prices Hit Highest Level Ever for Mid-February; Gas Price Seasonality, Where to from Here? Posted: 12 Feb 2011 12:24 AM PST Yahoo!Finance reports Gas pump prices highest ever for this time of year U.S. gasoline prices have jumped to the highest levels ever for the middle of February. The national average hit $3.127 per gallon on Friday, about 50 cents above a year ago.Crude Futures - Monthly Chart ![]() click on chart for sharper image Crude futures for now have stalled right at 50% retrace level of the 2008 plunge in spite of the recent turbulence in Egypt. Unleaded Gasoline Futures - Monthly Chart ![]() click on chart for sharper image Unleaded gasoline futures and gas pump prices follow the price of crude as one might expect. Note the seasonal nature of the moves. Gasoline prices (and crude futures) tend to rise from January until June or July in most years. In 2007, there was a ramp from the beginning of the year that ended in April, followed by a pullback until July. From then it was straight up for a full year. 2009 was back to the familiar pattern of continued strength from the beginning of the year until July. 2010 had a July low instead of a high, similar to 2007. Crude Futures - Daily Chart ![]() click on chart for sharper image Prices at the pump may be up, but crude prices are down since the start of the year as noted by the dashed line. Prices at the pump will head lower eventually if crude prices keep sliding. Inability for crude prices to continue higher with events in Egypt and the Mideast might be meaningful. Moreover, interest rate hikes in China could start weighing on commodity prices in general, especially if those hikes come at a pace faster than expected. There are a lot of variables in play, including seasonality, rate hikes in China, the extremely overbought reflation trade, Quantitative Easing, and price action weakness (except for a 2-day pop now taken back) in the face of events in Egypt. 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. |
You are subscribed to email updates from Mish's Global Economic Trend Analysis To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
Google Inc., 20 West Kinzie, Chicago IL USA 60610 |
[You're getting this note because you subscribed to Seth Godin's blog.]
Worth considering, three to pre-order:
Hugh MacLeod's new book is out this week. Once again, it will shatter your status quo. Possibly beyond repair.
Guy Kawaski's beautifully titled book Enchantment, which comes out in March, will help you think differently about persuasion.
And I'll be the guest of Linked Orange County on March 2 for a speech in the evening. Get early bird (half price) pricing for a few more days.
Don't want to get this email anymore? Click the link below to unsubscribe.
Your requested content delivery powered by FeedBlitz, LLC, 9 Thoreau Way, Sudbury, MA 01776, USA. +1.978.776.9498 |