Central Perk

joi, 8 martie 2012

What is Ethics.gov?

Your Daily Snapshot for
Thursday, March 8, 2012

What is Ethics.gov?

President Obama promised he would “create a centralized Internet database of lobbying reports, ethics records, and campaign finance filings in a searchable, sortable, and downloadable format.” Today, with the launch of www.Ethics.gov, he’s delivering on that promise.

Ethics.gov takes an important step to increase transparency and accountability by making this information available and accessible in one central location. This is good for government and good for the American people.

Visit Ethics.gov and give it a try.

Seth's Blog : Sovereignty and the new world--the end of nations?

Sovereignty and the new world--the end of nations?

Geography mattered a great deal when resources were in the ground, people had trouble moving long distances and trade was primarily local.

Now, of course, ideas spread fast, and so does money.

Which means that national sovereignty over geography isn't nearly as important as it was. Governments are going to fight a long (and ultimately) losing battle for control.

Multi-national corporations have the upper hand. They have long horizons and better lawyers.

And ideas? Ideas are even more difficult to control than people are.

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miercuri, 7 martie 2012

Mish's Global Economic Trend Analysis

Concerns in Germany About Its Gold at the NY Fed, London, and Paris; German Gold Off Limits, Greek Gold Subject to Confiscation
Mish Video on Capital Account, March 6: Netherlands, Greek Exit, Stock Valuations, War in Iran, Where to Put Your Money, Faber's Formula for Safety
LPS Home Price Index Shows U.S. Home Prices Accelerated Decline; Psychology Change and Demographics Suggests Bubble Mentality Shattered for Decades to Come

Concerns in Germany About Its Gold at the NY Fed, London, and Paris; German Gold Off Limits, Greek Gold Subject to Confiscation

Posted: 07 Mar 2012 01:02 PM PST

GoldCore has a pair of interesting articles on German concerns about its gold reserves. The most recent article regards gold held outside Germany.

Please consider Germany to Review Bundesbank Gold Reserves in Frankfurt, Paris, London and Federal Reserve Bank of New York

German lawmakers are to review Bundesbank controls of and management of Germany's gold reserves. Parliament's Budget Committee will assess how the central bank manages its inventory of Germany's gold bullion bars that are believed to be stored in Frankfurt, Paris, London and the Federal Reserve Bank of New York, according to German newspaper Bild.

The German Federal Audit Office has criticised the Bundesbank's lax auditing and inventory controls regarding Germany's sizeable gold reserves – 3,396.3 tonnes of gold or some 73.7% of Germany's national foreign exchange reserves.

There is increasing nervousness amongst the German public, German politicians and indeed the Bundesbank itself regarding the gigantic risk on the balance sheet of Germany's central bank and this is leading some in Germany to voice concerns about the location and exact amount of Germany's gold reserves.

The eurozone's central bank system is massively imbalanced after the ECB's balance sheet surged to a record 3.02 trillion euros ($3.96 trillion) last week, 31% bigger than the German economy, after a second tranche of three-year loans.

The concern is that were the eurozone to collapse, Bundesbank's losses could be half a trillion euros - more than one-and-a-half times the size of the Germany's annual budget.

In that scenario, Germany's national patrimony of gold bullion reserves would be needed to support the currency – whether that be a new euro or a return to the Deutsche mark.

Jim Rickards has outlined possible plans by the Federal Reserve to commandeer Germany's and all foreign depositors of sovereign gold at the New York Federal Reserve in the event of a dollar and monetary crisis leading to intensified "currency wars" and the 'nuclear option' of a drastic upward revision of the price of gold and a return to a quasi gold standard is contemplated by embattled central banks to prevent debt deflation.

Currency Wars

It is difficult to separate fact from fantasy, and speculation from reality in such stories, but those wishing to learn more about Jim Rickards' ideas, might be interested in his book, "Currency Wars: The Making of the Next Global Crisis"

In January, Eric King had an Interview with Jim Rickard on King World News.

Rickards' Biography

James G. Rickards is a writer, lawyer and economist with over 30 years experience in global capital markets. He is Senior Managing Director at Omnis, Inc., a consulting firm in McLean, VA and is the leading practitioner at the intersection of global capital markets and national security. His advice to clients from 2002 to 2006 included early warning of impending financial collapse, the rise of sovereign wealth funds, the decline of the dollar and the sharp rise in gold prices years in advance of these events. He has held senior executive positions at Citibank, Long-Term Capital Management and Caxton Associates. In 1998, he was the principal negotiator of the rescue of LTCM sponsored by the Federal Reserve Bank of New York.

German Gold Off Limits, Greek Gold Subject to Confiscation

The other article of note on GoldCore regarding German gold reserves was back in November when various proposals for Germany to backstop Greece and the EFSF with its gold surfaced.

Please see Germany to G20: German Gold "Must Remain Off Limits"; Italian Gold Sale Again Proposed in Germany for details.

Those proposals were shot down quickly. However, Germany did make Greek gold subject to confiscation in the latest bailout proposal by the Troika.

Greece is foolish to accept this parasitic offer of "help". Greek gold reserves may be the only thing that prevents all-out hyperinflation and complete destruction of currency when Greece returns to the drachma.

Please see Pact With the Devil Over Gold for further discussion as to sad state of affairs that may befall Greece.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Mish Video on Capital Account, March 6: Netherlands, Greek Exit, Stock Valuations, War in Iran, Where to Put Your Money, Faber's Formula for Safety

Posted: 07 Mar 2012 11:46 AM PST

Once again it was a pleasure to be on Capital Account with Lauren Lyster yesterday afternoon. We discussed Europe, a Eurozone breakup, and general investment ideas proposed by Marc Faber, and my own thoughts on the same subject.

Link if video does not play: Netherlands looking for Euro Exit as Supercomputer prepares for Financial Judgment Day.

Normally I can see the same thing you see in the video above while the live TV show is recorded. This time, the video feed went down, so I could not see the charts they asked me to comment or, Lauren Lyster, or anything else. This was recorded (from my perspective) on audio cue only.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

LPS Home Price Index Shows U.S. Home Prices Accelerated Decline; Psychology Change and Demographics Suggests Bubble Mentality Shattered for Decades to Come

Posted: 07 Mar 2012 09:47 AM PST

U.S. home prices declines to a new low for the move and are back to a level last seen in September-October 2002 according to a LPS News Release.

The LPS HPI national average home price for transactions during December 2011 reached a price level not seen since September 2002. This is the sixth consecutive month of price decreases.

Price changes were largely consistent across the country during December, increasing in only 8.0 percent of the ZIP codes in the LPS HPI. Price changes were also consistent across price tiers with a uniform decline of 1.0 percent.

"Despite the broad picture of home price declines following the bubble, prices have not been consistently declining for all MSAs in the country. About one-fifth (89) of all the MSAs that LPS covers has seen average home prices increase since December 2008," commented Dosaj. "For 90 percent of these MSAs, prices rose only if the lowest-priced homes in their markets rose. This correlation did not necessarily hold for higher-priced homes in those areas. Unfortunately, the MSAs that have seen price increases since December 2008 are generally relatively small; Boston and Pittsburgh are exceptions."

About the LPS Home Price Index

The LPS HPI is one of the most complete and accurate home price sources available. It summarizes sales concluded during each month using a repeat sales analysis of home prices as of the transaction dates. Each month, the LPS HPI reports five price levels in each of more than 14,500 U.S. ZIP codes. Five price levels are also reported at the national and state levels and for 436 of the statistical areas defined by the White House Office of Management and Budget; including all 29 of the Metropolitan Divisions and their 11 MSA "parents." The five historical paths of price levels can be easily used to find price paths of intermediate prices. The LPS HPI also supplies REO discount rates for each ZIP code, which are used in the HPI calculations to correct for the impact on estimates of open-market prices that REO sale prices would have.

By combining property and loan data in its repeat sales analysis, the LPS HPI covers about 75 percent of single-family residential properties in the U.S. The innovative approach used to maximize geographical resolution enables the LPS HPI to meaningfully cover about 98 percent of these properties at the ZIP-code level.

The LPS HPI provides the financial industry with the most accurately timed home-price information available – detecting market changes sooner than other HPIs – with valuation accuracies competitive with AVMs in out-of-sample tests.

Bubble Mentality Shattered for Decades to Come

The key take-away is home prices still have not bottomed in most areas. Moreover, nothing stops a renewed decline in those 8% of areas that did not decline.

Also bear in mind that first chart shows nominal prices. Inflation adjusted prices have likely taken back the entire rise in prices, except of course for property taxes.

Once there is a bottom, and we are certainly closer to a bottom than a top, expect home prices to generally languish due to immense shadow inventory, anemic wage growth, anemic job growth, boomer downsize demographics, and most importantly psychology.

Housing prices were a once-in-a-multi-generational bubble, now gone bust. The mentality that "your home is your retirement" is dead for decades to come. A similar bust will happen in Canada, Australia, and China.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Spiders Invade Australian Town

Posted: 07 Mar 2012 03:59 PM PST

Thousands of spiders have escaped the floodwaters inundating the town of Wagga Wagga in New South Wales, Australia, by moving to higher ground and building massive networks of interconnected webs over raised sticks and bushes. They have covered entire fields with snow-like coverings. Meanwhile, the floodwaters show no sign of subsiding from the town, declared a disaster area: 9000 people have been evacuated.

Farm Covered With Spider Webs

Trees Covered With Spider Webs

Dog Walking under the Spider Webs

Via: NYpost

Apple Unveils New iPad with 4G LTE

Posted: 07 Mar 2012 12:41 PM PST

Apple rolled out the latest version of the iPad Wednesday with a Retina Display, quad-core processor, 4G LTE, and an improved camera. . The gadget was not called the iPad 3 or iPad HD. Instead, Apple kept it simple with "new iPad." The lack of a new name could cause confusion for buyers, particularly since the older model, the "iPad 2," will still be sold.

So what does this new iPad bring to the tablet scene? Check it out:

* 4G LTE
* 9.7 inch retina display with 2048 x 1536 pixels
* 5-megapixel iSight camera
* 1080p video recording
* 1.4 pounds and 9.4mm thick
* A5x quad-core graphics
* 44% greater saturation
* 10 hour battery life (9 hours on 4G)

Pricing:

* Wi-Fi only models: $499 for 16 GB, $599 for 32 GB and $699 for 64 GB
* 4G models: $629 for 16 GB, $729 for 32 GB and $829 for 64 GB

On sale March 16.
Via: mashable

The Death of Manners [Infographic]

Posted: 07 Mar 2012 12:33 PM PST

Please. Thank you. No, sir. Yes, ma'am. If these words sound foreign to you, it's because we are in the middle of a rude awakening: manners, it seems, are dead in today's society—and it's not going unnoticed. In fact, 76% of adults believe Americans are ruder and less civilized than they were 20 or 30 years ago.

From the road to the sky, people are seeing more rudeness, hearing more rudeness, and speaking more rudeness. The question is: why? In the below infographic by Schools.com, we share shocking stats about just how rude today's society is—and why old-fashioned manners have become extinct.

Click on Image to Enlarge.

More Infographics.

Energy Update: An All-of-the-Above Energy Strategy

Wednesday, March 7, 2012

Energy Update: An All-of-the-Above Energy Strategy

President Barack Obama tours the University of Miami Industrial Assessment Center in Miami, Florida, Feb. 23, 2012. The IAC is where students learn how to become industrial energy-efficiency experts as they help small to mid-sized manufacturers reduce their energy costs. (Official White House Photo by Chuck Kennedy).

In his February 23rd speech at the University of Miami, President Obama addressed the energy issue on everyone's minds – gas prices. He detailed his all-of-the-above energy strategy that expands production of America's energy resources, like oil and natural gas; promotes energy efficiency to save consumers and businesses money; and supports a wide variety of clean energy technologies.

In Miami, President Obama announced new programs that will provide $30 million for natural gas vehicle fuel research and $14 million for algal transportation fuel research, funding that has the potential to decrease our dependency on foreign oil and increase energy security. His remarks followed a tour of the University's Industrial Assessment Center (IAC), which trains students to become energy-efficiency experts who can identify areas to improve productivity, reduce waste, and save energy at small- and medium-sized manufacturers. The IAC program was started by the DOE in 1976, and there are now 24 across the country.

The following week, President Obama travelled to Nashua, New Hampshire, to tour Nashua Community College's automotive technology lab, where students learn how to work with alternative fuels and emerging automotive technologies. His remarks following the tour reiterated the all-of-the-above energy strategy being implemented by the Obama Administration.

To further emphasize the Administration's energy agenda and fact-check the current gas price discussion, Dan Pfeiffer posted this blog, noting that:

The truth is that there is no silver bullet to address rising gas prices in the short term, but there are steps we can take to ensure the American people don't fall victim to skyrocketing gas prices over the long term. That's why since taking office the President has been focused on a sustained, "all-of-the-above" approach to developing new domestic energy sources, expanding oil and gas production, and reducing our reliance on foreign oil, most notably through the historic fuel economy standards the President has established, which will nearly double the efficiency of the vehicles we drive and save families $1.7 trillion at the pump.

These actions represent just a snapshot of the Administration's efforts to promote American-made energy. For more information, check out the highlights below, read President Obama's speech at the University of Miami, take a look at the blog entry on the Clean Energy Standard, and learn about how our dependence on foreign oil is declining.

Events

President Obama highlights Blueprint for American Energy at University of Miami
During his visit to Florida, President Obama highlighted the University of Miami's Industrial Assessment Center (IAC) as a smart and important piece of the administration's "all-of-the-above" approach to domestic energy sources. The President spoke about his blueprint for a new era of American Energy and discussed concerns about rising fuel costs. Learn more about the President's visit to the IAC in this blog post and listen to his full remarks here.

President Obama tours Advanced Vehicle Lab Facility at Nashua Community College
On March 1st, the President toured the Nashua Community College automotive lab, which is part of a consortium of community colleges across the country that have received funding from the Department of Energy (DOE) to develop specialized training related to alternative fuels and advanced vehicle technologies. During the tour, the President viewed a Compressed Natural Gas (CNG) truckfrom the City of Nashua, which partners with the automotive program for the service and repair of their expanding CNG fleet. Check out the President's remarks for the event.

Secretary Chu visits site of America's First New Nuclear Reactor in Three Decades
On Feb. 15th, Secretary Chu visited the Vogtle nuclear power plant in Waynesboro, Georgia, highlighting the steps the Obama Administration is taking to encourage America's nuclear power industry, including $10 million in new funding for research and development in advanced nuclear reactor and fuel cycle technologies. Read Secretary Chu's comments.

ARPA-E Energy Innovation Summit held from Feb. 27th to Feb. 29th
ARPA-E held the third annual Energy Innovation Summit from Feb. 27th to Feb. 29th, bringing together energy leaders from academia, business, and government. The event allowed the leaders to explore and discuss emerging technology innovation in areas of zero carbon power, power management, electrical storage, bioenergy, and more. Take a look at the presentations.

Secretary Clinton and Administrator Jackson launch Short-Lived Climate Forcers Initiative
On Feb. 16th, Secretary Clinton, with EPA Administrator Lisa Jackson, launched the Climate and Clean Air Coalition, a global effort to combat climate change by reducing short-lived pollutants such as methane, soot, and hydroflourocarbons. The United States has committed $12 million in new funding for the effort, contributing to the $15 million provided to the foundation from the other members, including Bangladesh, Canada, Mexico, Sweden, Ghana, and the United Nations Environment Programme (UNEP). Watch the event.

News

DOE announces funding for the newest Energy Innovation Hub
On Feb. 7th, Secretary Chu announced plans to launch a new Energy Innovation Hub for advanced research on batteries and energy storage with an investment of up to $120 million over five years. The hub, which will be funded at up to $20 million in fiscal year 2012, will focus on accelerating research and development of electrochemical energy storage for transportation and the electric grid.

DOE announces the winning companies of the America's Next Top Energy Innovator Challenge
On Feb. 10th, Secretary Chu announced the three winning startup companies – based on a public vote and an expert review – out of the 14 participating in the "America's Next Top Energy Innovator" challenge.

US and Mexico sign agreement easing the way for resource development in the Gulf of Mexico
On Feb. 20th, representatives for the US and Mexico signed an agreement on the exploration and development of oil and natural gas reservoirs along the United States' and Mexico's maritime boundary in the Gulf of Mexico. This Transboundary Agreement removes uncertainties regarding development of transboundary resources in the resource-rich Gulf of Mexico. As a result of this Agreement, nearly 1.5 million acres of the U.S. Outer Continental Shelf will now be made more accessible for exploration and production activities.

President Obama signs Presidential Memo to increase bio-based product purchases
On Feb. 21st, President Obama issued a Presidential Memorandum directing the Federal Government to take decisive steps to dramatically increase the purchase of biobased products over the next two years, which will create jobs and drive innovation where biobased products are grown and manufactured. The Memorandum will also result in a 50 percent increase in the number of new products that are designated as biobased. Biobased products include items like paints, soaps and detergents and are developed from farm grown plants, rather than chemicals or petroleum bases. The biobased products sector marries the two most important economic engines for rural America: agriculture and manufacturing. Read more about the BioPreferred program.

Energy Star leaders achieve President Obama's energy efficiency goals for buildings
On Feb. 22nd, the EPA announced that nearly half of the organizations recognized as Energy Star Leaders have improved the energy efficiency of their building portfolios by 20 percent or more. Last year, President Obama announced a nationwide call to action to improve the energy performance in buildings across the nation by 20 percent by 2020. EPA's Energy Star program has helped these 90 leading organizations achieve the President's goal by providing them with a proven energy management strategy, which includes a focus on ongoing performance measurement and whole-building improvement. Energy Star Leaders have cumulatively saved more than $150 million on utility bills and prevented greenhouse gas emissions equal to the electricity use of nearly 95,000 homes.

Army unveils world's first military fleet of fuel cell vehicles
On Feb. 22nd, U.S. Army, Pacific, unveiled a fleet of 16 hydrogen fuel cell vehicles that the military services in Hawaii are testing in an effort to research efficient, clean and renewable energy sources, and reduce the U.S. military's dependence on petroleum.

EPA announces recipients of inaugural Climate Leadership Awards
On Feb. 29th, the EPA, the Association of Climate Change Officers (ACCO), the Center for Climate and Energy Solutions (C2ES) (formerly the Pew Center on Global Climate Change), and The Climate Registry (TCR) named the winners of the inaugural Climate Leadership Awards. The awards recognize corporate, organizational, and individual leadership in addressing climate change and reducing carbon pollution. From setting and exceeding aggressive emissions reduction goals to reducing the emissions associated with shipping goods, these organizations are improving efficiency, identifying energy and cost saving opportunities, and reducing pollution.

ARPA-E announces $150 million in funding for breakthrough energy technologies
On Feb. 29th, Dr. Arun Majumdar, Director of ARPA-E, closed the Summit by announcing that on Friday, March 2, ARPA-E will release a $150 million funding opportunity open to all breakthrough energy technologies. The Open Funding Opportunity Announcement (FOA) will support transformational and disruptive high-impact energy R&D projects related to renewable power, bioenergy, transportation, the electrical grid, and building efficiency, among other technology areas.

DOE announces ambitious new initiative to deploy US offshore wind projects
On March 1st, Secretary Chu announced the start of an ambitious initiative to capture the potential of wind energy off American coasts. As part of a planned six-year $180 million initiative, an initial $20 million will be available this year as the first step in supporting up to four innovative offshore wind energy installations across the United States.

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