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RSS is dead. Blogs are dead. The web is dead.
Good.
Dead means that they are no longer interesting to the drive-by technorati. Dead means that the curiousity factor has been satisfied, that people have gotten the joke.
These people rarely do anything of much value, though.
Great music wasn't created by the first people to grab an electric guitar or a synthesizer. Great snowboarding moves didn't come from the guy who invented the snowboard... No one thinks Gutenberg was a great author, and some of the best books will be written long after books are truly dead.
Only when an innovation is dead can the real work begin. That's when people who are seeking leverage get to work, when we can focus on what we're saying, not how (or where) we're saying it.
The drive-by technorati are well-informed, curious and always probing. They're also hiding... hiding from the real work of creating work that matters, connections with impact and art that lasts. I love to hear about the next big thing, but I'm far more interested in what you're doing with the old big thing.
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Posted: 13 Mar 2011 11:14 PM PDT I have seen many Tsunami videos over the past few days but the video that follows is the most heart-wrenching by far. Quality is superb. I do not know the origin. A friend passed it to me in a different format and I uploaded it to YouTube. URL if video does not play: http://www.youtube.com/watch?v=TBSiO8T5EcA URL if video does not play: http://www.youtube.com/watch?v=T_N-wNFSGyQ&feature=player_embedded Japan Earthquake Aftermath The Boston Globe has a stunning series of 44 images on the Earthquake Aftermath. Here are a few of them. A resident is rescued from debris in Natori, Miyagi, northern Japan March 12 after one of the country's strongest earthquakes ever recorded hit its eastern coast March 11. (Asahi Shimbun, Noboru Tomura/Associated Press) Rescue workers search for victims from the rubble in Rikuzentakata, northern Japan, March 13 after the magnitude 8.9 earthquake and tsunami struck the area. (Toru Hana/Reuters) People in a floating container are rescued from a building following an earthquake and tsunami in Miyagi Prefecture, northeastern Japan March 12. (Kyodo News/Reuters) An official in protective gear talks to a woman who is from the evacuation area near the Fukushima Daini nuclear plant in Koriyama March 13. Japanese Chief Cabinet Secretary Yukio Edano confirmed on Saturday there has been an explosion and radiation leakage at Tokyo Electric Power Co's (TEPCO) Fukushima Daiichi nuclear power plant. (Kim Kyung-Hoon/Reuters) A man who was trapped by a tsunami is rescued by a Japan Self-Defense Force soldier in Kesennuma City in Miyagi Prefecture in northeastern Japan March 12. Japan confronted devastation along its northeastern coast on Saturday, with fires raging and parts of some cities under water after a massive earthquake and tsunami. (Kyodo/Reuters) 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 Mar 2011 04:55 PM PDT Japanese futures are down about 2.5% this evening while S&P 500 futures are off a modest .6%. The Yen surged at the Forex open but has now retraced most of the move. Crude is down about $1.50 and gold is up around $7. Of these moves the Yen is the most interesting. Yen Daily Chart click on chart for sharper image Yen 15 Minute Chart click on chart for sharper image Explaining the Yen's Rise I received several emails from people wondering why the Yen might rise given the Japanese government pledge to create "massive liquidity" as well as increase the deficit with "stimulus" money to repair the damage. The answer in general terms is events of this type increase the demand for money. In this case, businesses and individuals affected by the earthquake need Yen, not whatever carry trade they may have been in. There will be a repatriation of Yen for sure, although the magnitude is unknown. Fundamentally, there is little reason to like the Yen, although significant short-term forces are in play. If the Yen does not rally in the face of increased demand, it could be a very telling signal. 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 Mar 2011 12:35 PM PDT Scientists upgraded the devastating earthquake that struck Japan from 8.8 or 8.9 to 9.0 on the Richter Scale. That may not sound like much but the scale is logarithmic effectively doubling the estimated size of the quake. Regardless of what the number is, the quake was devastating enough to move the main island of Japan 8 feet while shifting the earth on its axis. Entire villages in Northern Japan are missing, swept away by the resultant tsunamis. Meanwhile Japanese authorities struggling with additional meltdowns have flooded a second reactor with seawater hoping to cool the plant. This is a desperate action that will probably ruin both facilities. Power outages and lack of fresh water add to the misery. Villages, Trains Vanish Under Wall of Water The New York Times reports Japan Pushes to Rescue Survivors as Quake Toll Rises While nuclear experts were grappling with possible meltdowns at two reactors after the devastating earthquake and ensuing tsunami in northern Japan, the country was mobilizing a nationwide rescue effort to pluck survivors from collapsed buildings and rush food and water to hundreds of thousands of people without water, electricity, heat or telephone service.Crisis Expands to Second Nuclear Plant MarketWatch reports Japanese nuclear-power crisis expands to second plant Citing Japan's Fire and Disaster Management Agency, Kyodo News reported the cooling system failed at the Tokai No. 2 Power station. No additional information was available. Tokai, about 75 miles from Tokyo and the site of nuclear-research facilities as well as the power plant, was the site of a 1999 radiation leak, known as the Tokaimura accident, that killed two technicians.Earthquake Moves Main Island Eight Feet and Shifts Earth on its Axis CNN reports Earthquake Moves Japan Eight Feet, Shifting Earth's Axis The powerful earthquake that unleashed a devastating tsunami Friday appears to have moved the main island of Japan by 8 feet (2.4 meters) and shifted the Earth on its axis.Bank of Japan Readies "Massive Liquidity" Bloomberg reports Japan Readies 'Massive' Liquidity as BOJ Gauges Risk to Post-Quake Economy Governor Masaaki Shirakawa told reporters late yesterday he's ready to unleash "massive" liquidity starting this morning in Tokyo, as the BOJ seeks to assure financial stability.Japan is already struggling with huge fiscal deficits and a debt-to-GDP ratio of 200%, highest in the G-20 group of nations. In response, government officials had been planning a series of tax hikes. You can now safely toss those hikes straight into the ashcan. There is never a good time for a natural disaster, but this one could hardly have come at a worse time. Best wishes to all those affected by this crisis. 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 Mar 2011 03:42 AM PDT Ever since the earthquake and tsunami hit Japan, news has been flowing from the country, nearly all of it bad. Partial Meltdowns Likely Occurred The New York Times reports Japanese Scramble to Avert Meltdowns as Nuclear Crisis Deepens After Quake Japanese officials struggled on Sunday to contain a widening nuclear crisis in the aftermath of a devastating earthquake and tsunami, saying they presumed that partial meltdowns had occurred at two crippled reactors and that they were facing serious cooling problems at three more.Death Toll Likely Exceeds 10,000 Yahoo!Finance reports Japan quake-tsunami death toll likely over 10,000 The death toll in Japan's earthquake and tsunami will likely exceed 10,000 in one state alone, an official said Sunday, as millions of survivors were left without drinking water, electricity and proper food along the pulverized northeastern coast.Auto Industry and Sony Shuts Down The Telegraph reports Japan shuts down as economic fears grow The three largest motor manufacturers – Toyota, Honda and Nissan – said they would stop production at almost all of their domestic assembly plants. The safety of the workforce and deaths were cited as reasons behind the decision. The electronics giant Sony also said it would be shutting down production.Japan Set to Go Deeper in Debt Japan's national debt is 200% of GDP. Of the G20 nations, that is the highest percentage in the world in terms of Debt-to-GDP. Japan cannot afford more debt, but more debt is coming regardless. Bloomberg reports Japan Plans Spending Package as Quake Slams World's Most Indebted Economy Japan aims to compile a package to fund the rebuilding effort after its strongest earthquake on record, a step that may worsen the challenge of reining in the world's biggest public debt.Keynesian Nonsense I had been wondering how long it would take before some Keynesian clown would make a case that there is some economic benefit to be derived from the earthquake. The idea is complete nonsense of course. There is nothing economically stimulating about tsunamis or earthquakes, or the destruction of any useful property. 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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Do you let the facts get in the way of a good story?
What do you do with people who disagree with you... do you call them names in order to shut them down?
Are you open to multiple points of view or you demand compliance and uniformity? [Bonus: Are you willing to walk away from a project or customer or employee who has values that don't match yours?]
Is it okay if someone else gets the credit?
How often are you able to change your position?
Do you have a goal that can be reached in multiple ways?
If someone else can get us there faster, are you willing to let them?
No textbook answers... It's easy to get tripped up by these. In fact, most leaders I know do.
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Posted: 12 Mar 2011 09:13 AM PST Several seriously misguided socialist fools sent me links to a Michael Moore video clip appearance on the Rachel Maddow Show. They thought the video was some kind of "proof" that public unions were being mistreated. Please consider Michael Moore Reacts To Wisconsin Union Vote: "This Is War" Michael Moore is enraged after the Wisconsin State Senate voted to strip public unions of the ability to collectively bargain. Speaking on MSNBC's "Rachel Maddow Show," Moore said "they think they can get away with this."Self-Serving Claptrap Please click on the above link to see the video. The sad reality is Moore makes hundreds of millions with his self-serving political claptrap and students are all the worse off for it. Student loans and public unions drive up the cost of education. Moreover, public unions drive up taxes and that is why parents of many of these kids are in serious economic trouble. Finally, as noted in Paul Krugman, Stephen Colbert, Bill Maher, others, Ignore Extortion, Bribery, Coercion, and Slavery; No One Should Own You! the issue is one of slavery. No matter what grievances (legitimate or not) that Moore may have, slavery is never the answer. Yet Moore supports slavery as the solution. If this is "War", I say it's about time. The nation needs to abolish slavery, and the action in Wisconsin is a good start. 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. |
European "New Deal" Debt Agreement is Same Useless Peer Pressure Model Posted: 12 Mar 2011 12:52 AM PST Eurozone leaders met in Brussels on Friday hoping to solve the European sovereign debt crisis. At the last minute Europeans Reach New Deal to Fight Debt Crisis. European leaders agreed early Saturday to new measures intended to end the euro zone debt crisis, offering the debt-laden Greece a cut in its interest rate and injecting more flexibility into the way a bolstered bailout fund for the euro can be used.Trichet's Rulebook Two-Step In clear violation of the "no-bail-out clause" in the Maastricht Treaty, the group voted to allow the ECB to directly purchase sovereign bonds. Note that the ECB is is already stuffed with sovereign bonds. It bought them in the secondary market because buying them in the primary market was against the rules. Flashback May 4, 2010: Trichet, a Monetarist Pussycat at Heart, Throws ECB Rulebook Out the Window While the ECB is prohibited from buying assets directly from authorities, it can buy them on the secondary market. Trichet said on May 2 that "at this stage, we have absolutely no decision on the purchase of government bonds."I said at the time "No Decision" means pussycat-hearted Trichet is considering it. And so it was. "No decision" quickly became a decision, in clear violation of the intent of the treaty. With strong objections from German central bank president Axel Weber, Trichet started loading up the ECB's balance sheet with garbage. Now the EU has voted to allow the ECB to buy bonds in the primary market but not the secondary one. As noted above, this bond buying debacle is not part of the Maastricht Treaty. Thus German voters need to ratify this provision. In effect, German Chancellor Angela Merkel just sold Germany down the river to meet her political goals. She will not survive this. Greece Gets Interest Rate Reductions, Ireland Doesn't The EU group also decided to stick it to Ireland, refusing to lower its interest rate although it did agree to modify the terms for Greece. Bloomberg reports Europe Boosts Bailout Fund With Primary-Market Purchases, Eases Greek Pact Euro-area leaders retooled their rescue fund to stamp out the debt crisis, authorizing the facility to spend its 440 billion-euro ($611 billion) capacity and enabling it to buy debt in primary markets, while cutting the cost of bailout loans to Greece.Kenny Holds The Line Will the real Kenny please stand up? The previous article makes it appear Kenny is about to collapse. A second Bloomberg article below makes it appear otherwise. Please consider Ireland Bid for EU Relief Rejected as Kenny Holds Line on Increasing Taxes. Euro-area leaders rebuffed Irish Prime Minister Enda Kenny's bid for easier bailout terms, demanding that Ireland raise tax rates in return, as they rewarded Greece with a cut in its rescue-loan costs.Raising Corporate Taxes a Foolish Tradeoff Kenny is a fool for putting himself in this position. Somehow the discussion is about pissy reductions in interest rates in return for unwise corporate tax hikes. The discussion ought to be on how big the haircuts will be. If Kenny comes to his senses, which is by no means certain, he should put the issue of haircuts to a vote. I think somewhere in the neighborhood of 15 cents on the dollar is about right. If put to a vote, German and French banks would be lucky to see anything at all. Watered Down Proposals In spite of all this talk about agreement to a new deal, no real issues were solved. It makes little difference if the ECB stuffs itself with garbage via the primary or secondary market. Neither way makes any sense. Moreover, Germany wanted strict rules on raising retirement ages, aligning corporate tax rates and on debt limit enforcement mechanisms. Instead, "after objections from a host of smaller countries, the proposals were loosened to allow countries to set their own targets. Sanctions are not envisaged, and the commitments nations enter into will be subject to peer pressure instead." Agreement To Do Nothing One way to get agreement is to agree to do nothing, which is essentially what happened. There is no agreement on tax rates, on retirement age, or on sanctions. As before, everything boils down to "peer pressure". Yet one of the reasons Europe is in a mess is that peer pressure does not work. Also note that we have not yet heard from Irish citizens who will be irate over favoritism to Greece. Perhaps they will force Kenny to get a backbone. The same applies to Merkel's willingness to play loosey-goosey with German voters and the Maastricht Treaty. Thus, for all the brouhaha about a "New Deal", nothing has changed except Greece has a slightly lower interest rate, and a few more years in which to "not" pay back its debts. Odds are still high that Greece and Ireland default. The only question is whether default occurs sooner rather than later. For additional information, please see yesterday's article ECB Stuck in Sovereign Debt Garbage, Seeks German Help to Unload It; Anger in Greece, Ireland; Germany Sets High Price for Bailout Changes 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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