miercuri, 19 iunie 2013

"Best Of Just For Laughs Gags - Fathers" from Just For Laughs Gags and more

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marți, 18 iunie 2013

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis

Brazilian Currency Touches Four-Year Low Prompting Intervention; Currency Intervention Madness Displayed in Chart Form

Posted: 18 Jun 2013 01:08 PM PDT

Bloomberg reports Brazilian Currency Touches Four-Year Low, Prompting Intervention
Brazil's real touched a four-year low, prompting the central bank to intervene for a second straight day as a report showed higher-than-forecast inflation.

"If there's more currency devaluation, there will be more inflation," Jankiel Santos, the chief economist at Banco Espirito Santo de Investimento in Sao Paulo, said in a telephone interview. "On top of that, the IGP-M shows that wholesale prices are under pressure again."

Brazil may use all available instruments to contain the real's volatility including selling dollars in the spot market, central bank president Alexandre Tombini said in an interview with Valor Economico published yesterday.
The currency has fallen more than 5 percent since Fed Chairman Ben S. Bernanke said on May 22 that the central bank may taper its stimulus program if the outlook for employment shows "sustainable improvement."
Real Monthly Chart Shows Intervention Madness



click on chart for sharper image

Flashback March 3, 2012: Brazil Declares New Currency War on US and Europe.
The Financial Times reports Brazil declares new 'currency war'

Brazil has declared a fresh "currency war" on the US and Europe, extending a tax on foreign borrowings and threatening further capital controls in an effort to protect the country's struggling manufacturers.

Guido Mantega, the finance minister who was the first to use the controversial term in 2010, said the government would not "sit by passively" as developed nations continue to pursue expansionary monetary policies at the expense of Brazil.

"When the real appreciates, it reduces our competitiveness. Exports are more expensive, imports are cheaper and it creates unfair competition for businesses in Brazil," he said on Thursday after announcing changes to the so-called IOF tax.
Check out all these recent reports of Brazilian Real Intervention.

Is this madness or what?

By the way, with the huge slowdown in China (and Chinese demand for commodities plunging), Brazil is going to have a damn tough time stopping the slide in the Real and an equally hard time controlling inflation.

What happened to the alleged nirvana "When the real appreciates, it reduces our competitiveness"?

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

Epic Glut of Graduates Depresses Wages; Fake Job Offers Taint Hiring Statistics

Posted: 18 Jun 2013 10:06 AM PDT

In response to Pettis on China, Europe, Japan: Bad News for Those Looking for Growth reader "BC" passed on a series of articles about jobs and wages, and matching up graduates with the skills companies seek.

The articles are all in regards to China. Change the names and faces, and the stories sound to me like things you could easily read here.

The problems are universal: too many graduates, trained in fields where there are no jobs or few openings.

Job Prospects for China's Grads Bleak

Business Times says Job Prospects for China's Grads Bleak.
A record seven million students will graduate from universities and colleges across China in the coming weeks, but their job prospects appear bleak - the latest sign of a troubled Chinese economy.

Businesses say they are swamped with job applications but have few positions to offer as economic growth has begun to falter.

The Chinese government is worried, saying the problem could affect social stability, and it has ordered schools, government agencies and state-owned enterprises to hire more graduates at least temporarily to help relieve joblessness.

"The only thing that worries them more than an unemployed, low-skilled person is an unemployed, educated person," said Wei Shang-Jin, a Columbia Business School economist.

Lu Mai, secretary- general of the elite, government- backed China Development Research Foundation, acknowledged in a speech this month that fewer than half of this year's graduates had found jobs so far.

China quadrupled the number of students enrolled in universities and colleges over the last decade. But its economy is still driven by manufacturing, with a preponderance of blue-collar jobs.

Premier Li Keqiang himself led the Cabinet meeting on May 16 that produced the directive for schools, government agencies and state-owned enterprises to hire more graduates, a strategy that has been used with increasing frequency in recent years to absorb jobless but educated youths.

"Any country with an expanding middle class and a rising number of unemployed graduates is in for trouble," said Gerard Postiglione, director of the Wah Ching Center of Research on Education in China at Hong Kong University.
Mish Comment: Well, at least China's middle class is expanding, for now. That's not something we can say here in the US.

Fake Job Offers Taint Statistics

Forbes writes College Grads Are Jobless In China's "High-Growth" Economy
The semi-official Global Times reports that one of China's hottest businesses at the moment is the forging of employment contracts for students.  Some universities, concerned about the withdrawal of funding due to high unemployment of their grads, will not hand out diplomas before students supply evidence of imminent employment.  The fake contracts, of course, inflate the statistics reported to—and eventually the figures issued by—central educational authorities.

"I just can't figure out why it's so hard to get a job this year," wonders Miranda Zhang, who will graduate from a university in Beijing this spring.

The misery is spread over many fields.  English majors are having a hard time finding work, but so are those receiving degrees in law, computer science and technology, accounting, international trade, and industrial and commercial administration.  In short, Ms. Zhang and her classmates face a tight employment situation partly because the Chinese economy is in fact not moving fast in the much-discussed up-the-value-chain transformation.
Mish Comments: Are fake job offers in China that much different than the University of Phoenix placing someone with a culinary art degree in a job at McDonalds, while padding statistics as a graduate with a job in their field of study?

As for growth in China, forget about it. See the top link if you need convincing.

Chinese College Graduates Play It Safe and Lose Out

The Wall Street Journal reports Chinese College Graduates Play It Safe and Lose Out.
Xie Chaobo figures he has the credentials to land a job at one of China's big state-owned firms. He is a graduate student at Tsinghua University, one of China's best. His field of study is environmental engineering, one of China's priorities. And he is experimenting with new techniques for identifying water pollutants, which should make him a valuable catch.

But he has applied to 30 companies so far and scored just four interviews, none of which has led to a job.

Over the past decade, the number of new graduates from Chinese universities has increased sixfold to more than six million a year, creating an epic glut that is depressing wages, leaving many recent college graduates without jobs and making students fearful about their future. Two-thirds of Chinese graduates say they want to work either in the government or big state-owned firms, which are seen as recession-proof, rather than at the private companies that have powered China's remarkable economic climb, surveys indicate.

Mish Comment: Graduates want to work for State-Owned-Enterprises (SOEs), but SOEs in China are totally out of control, racking up debts that cannot and will not be paid back. SOE need to be dismantled, and they will be (with much pain).

The US equivalent would be hoping to get in on the public union pension-for-life gravy train just as the US public pension system is about to crash.

Employers and Graduates Mismatched

Marketplace.Org has Tales from a Shanghai job fair: Why China's college grads, employers mismatched.
Hundreds of HR managers carefully eye prospective employees who, resumes in hand, crowd the floor at a Shanghai job fair.

Here's the problem: neither group is interested in each other.

Nicole Li is looking to hire college graduates for her property management company. "We need technicians to fix software problems, but college grads don't have these skills," says Li, frowning. "We need people for exhibitions who can do presentations in English, but they can't do that, either."

Li needs to hire people for 60 high-skilled jobs. She says among the thousands of candidates here today, she'll be lucky if she finds one.

Tong Huiqin comes to this job fair every Friday. He graduated from the Shanghai Finance University six years ago. Since then, he's jumped from one job to the next. "It isn't hard to find a job," says Tong.  "It's hard to find the right job."

Tong blames Chinese universities. He says they need to do a better job at preparing people for the country's rapidly changing labor market.

I turn around and ask 22-year-old Wang Qianmin, who's about to graduate from Shanghai Normal University with a teaching degree, what she's looking for at the job fair. "I don't know," she says with a pout. "Most of the jobs here aren't really interesting. I'm looking for a company that'll give me a high salary, money for meals and that'll pay my rent -- a place where the working hours aren't too long."

Wang says she wants to be a teacher. Or maybe a wedding planner. She can't decide.

Mish Comments: These kids have no idea what they want to do, and they blame it on the school for not teaching them.

How is this different than the average liberal arts major in the US expecting the world at their doorstep just because they have a useless degree that prepares them to do nothing more than work as a part-time retail clerk, 25 hours a week, dumped into the Obamacare system?

Yet, we are told education is the answer, without ever addressing the questions "for who? at what cost? in what field?"

These articles were purportedly about China. Change the names and faces and the stories are not much different than you can find right here in the US, in Italy, in France, or anywhere else in a slow-grow global economy.

After growing at an astronomical rate for years, the cost of education is going to plunge. Job statistics will force that outcome.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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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Damn Cool Pics

Damn Cool Pics

Romy Beats [Video]

Posted: 18 Jun 2013 04:37 PM PDT



That's why i love the human race. We can make miracles!

Guys Give Roommate Unwanted Room Remodel

Posted: 18 Jun 2013 08:39 AM PDT

Redditor twoverend was out of town for two months. This gave his roommates plenty of time to 'renovate' his room.

Before:











After: 

One-armed beauty Nicole Kelly crowned Miss Iowa 2013

Posted: 18 Jun 2013 08:22 AM PDT

Nicole Kelly, 23, just became this year's Miss Iowa 2013 despite the obstacle of being born without her left forearm. "A year ago, I certainly didn't see 'pageant titleholder' in my future," Kelly writes on her "Meet Miss Iowa" biography page. "Perhaps I didn't originally envision this path, but I now know that being Miss Iowa is the perfect fit for me, and I feel so blessed to be surrounded by people who have encouraged me every step of the way. Giving a voice to my platform, Overcoming Disabilities, is a tremendous honor, and I am thrilled to continue my adventure by speaking out and touching lives as Miss Iowa 2013."

Kelly will now advance to compete for the Miss America title on Sept. 15 in Atlantic City, N. J., where she will be speaking about the importance of overcoming disabilities. She describes growing up with an abnormal arm "As I grew older, I learned to offset the initial stares I received … with an outgoing personality that would not give in to 'No,' she writes. "This meant that I tried everything! From baseball, to dance to diving, there was nothing I would not try. I found my passion within a world where I was giving people permission to stare … the stage." Kelly graduated from the University of Nebraska-Lincoln in 2012 with a degree in directing and theater management. In September 2012, she had an internship on Broadway with the Manhattan Theatre Club. She is the 72nd woman to hold the title of Miss Iowa.














Hot Tub Cinema

Posted: 18 Jun 2013 07:46 AM PDT

The Hot Tub Cinema concept combines relaxing hot tubs with good movies and cool places. You can book a hot tub together with your friends to bathe in while watching a movie! There are also individual tickets available to share a hot tub. The hot tubs are obviously cleaned, refilled and heated for every performance. The "jacuzzi cinema" appears in different places in London and other places in England, but the organizers have plans to tour in the near future internationally. The baths are located on roof terraces in central London giving you a bonus view of the beautiful city skyline.
















Driverless Cars: The Future of Motoring [Infographic]

Posted: 18 Jun 2013 07:17 AM PDT

Driverless cars have often been talked about as the future of motoring, but it seems that they are now far closer to becoming reality than is generally realized. MoneySupermarket has created an infographic giving a bit of background about the market and discussing who is currently leading the race to dominate this industry which promises to revolutionise the motoring landscape.

Despite all the hype around the Google solution, it is Mercedes who are currently leading the race to be first to market with a driverless S-Class which is due to be released later this year. However, it is General Motors who are likely to be the real winner as they are working on a car which is capable of parking itself and pick up its owner from location specified using a smart phone application.

Click on Image to Enlarge.

Image source: MoneySupermarket Car Insurance



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