vineri, 28 noiembrie 2014

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Conflicting Shopping Headlines: NY Times "Brisk Sales", Yahoo "Black Friday Shopping Crowds Thin"

Posted: 28 Nov 2014 10:43 AM PST

Here's a pair of conflicting stories regarding Black Friday shopping.

Crowds Thin

Yahoo!Finance reports Black Friday Shopping Crowds Thin After Thanksgiving Rush.
Mall crowds were relatively thin early on Black Friday in a sign of what has become the new normal in U.S. holiday shopping: the mad rush is happening the night of Thanksgiving and more consumers are picking up deals online.

"It just looks like any other weekend," said Angela Olivera, a 32-year old housewife shopping for children's clothing at the Westfarms Mall near Hartford, Connecticut. "The kind of crowds we usually see are missing and this is one of the biggest malls here. I think people are just not spending a lot."
Brisk Sales

The New York Times reports Black Friday Sales Are Brisk, Retailers Say, Bolstered by Online Deals.
Parking lots at some shopping malls filled up around the country on Friday, as shoppers kept up the tradition of scouring stores for holiday deals even though some retailers had been open on Thanksgiving and even overnight.

Big retailers, many of whom kicked off sales Thursday evening, reported brisk traffic overnight. Walmart said that 22 million shoppers streamed through stores across the country on Thanksgiving Day, more than the number of people who visit Disney's Magic Kingdom in an entire year, the retail giant pointed out.

Still, as retailers jump-start their deals earlier and more sales move online, Black Friday itself is starting to fade in importance.

Target said its best-selling goods in store were the Element 40" TV, the Xbox One, iPads and Nikon's L330 camera. In the first hour of stores opening, Target sold 1,800 TVs per minute and 2,000 video games per minute, the retailer said in a release. Keurig's K40 brewer and Dyson's DC50 vacuum were other top sellers, Target said.

Economists are closely watching whether retailers can entice shoppers to spend during what retailers consider the biggest shopping weekend of the year, especially after a year of lackluster sales so far. A brightening economic outlook, and ever-cheaper gas prices, are starting to lift consumer confidence. But there are also signs of lingering wariness among consumers, after what has been an uneven economic recovery marked by anemic wage growth, especially for low-income households.

And online, which makes up a bigger share of holiday sales each year, retailers have been offering Black Friday deals for many days now, stretching what was once a one-day shopping frenzy into a week or more of sales.

Online retailers have also driven the heavier-than-ever discounting this year. Amazon has priced out many of the country's biggest retailers in the big-ticket holiday items, offering a Samsung 55-inch 4K flat-screen television for $899. Dealnews.com, which closely tracks Black Friday deals, declared Amazon's deal "without a doubt" the cheapest name-brand 4K television it had ever seen.

IBM Digital Analytics, which tracks online shopping transactions in the United States, said sales rose 12 percent between midnight and 6 p.m. Eastern time Thanksgiving Day.
Is traffic up or down? Perhaps it varies by region. Two safe bets: Online shopping is up, and Black Friday is losing importance as shopping is spread out over more days.

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

Japan Household Spending Down 4%, CPI Drops to 0.9%; Bankruptcies Soar in Yen Collapse

Posted: 28 Nov 2014 09:09 AM PST

In spite of the Yen falling 35% since 2011, Japan once again borders on deflation. Please consider Japan's CPI falls to 0.9%.
Japanese core inflation last month fell below 1 per cent to a 13 month low, just weeks before prime minister Shinzo Abe heads to the polls to garner fresh support to push back a scheduled rise in sales tax.

Core consumer prices, all prices excluding fresh food, slowed to an annual pace of 2.9 per cent growth year-on-year in October, in line with forecasts. Stripped of any impact of the sales tax rise in April, core prices are up 0.9 per cent.

Highlighting the scale of the challenges facing the Abe administration, data released on Friday also showed households further tightening their purse-strings.

Household spending fell 4 per cent year-on-year, the seventh consecutive decline since the national sales tax was raised from 5 to 8 per cent in April. Retail sales dropped 1.4 per cent, reversing two months of gains.

The drop in core inflation comes not even 10 days after Haruhiko Kuroda, Bank of Japan governor, warned that a fall below 1 per cent was "possible", in a reversal of comments made just four months ago.
Bankruptcies Soar in Yen Collapse

Here's an interesting note regarding bankruptcies that I picked up from ZeroHedge: As Japanese Bankruptcies Soar, Goldman Warns "Further Yen Depreciation Could Be A Net Burden"
According to a recent bankruptcy survey by Tokyo Shoko Research, there were 214 bankruptcies due to the weak yen in January-September 2014, which is 2.4 times the 89 seen in January-September 2013. Far more of the bankruptcies were in the nonmanufacturing sector—81 in transport, 41 in wholesale trade, 19 in services, and 11 in retail—than in the manufacturing sector (44), which is consistent with our analysis based on the input/output tables.

Surprisingly, the number of bankruptcies since 2013 due to yen depreciation far surpasses the number of bankruptcies in 2009-2011 due to yen appreciation.
Bankruptcies Caused by Falling Yen



The Japanese consumer is faced with a falling yen, much higher taxes, and counting taxes prices much higher. The only saving grace for Japan has been falling energy prices.

Yet, prime minister Shinzo Abe Wants inflation and more of it. It's madness.

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

WHITE EXCHANGE 2014 WELCOMES DELEGATES TO THE ASHMOLEAN MUSEUM OXFORD

WHITE EXCHANGE 2014 WELCOMES DELEGATES TO THE ASHMOLEAN MUSEUM OXFORD

Link to White.net » Blog

WHITE EXCHANGE 2014 WELCOMES DELEGATES TO THE ASHMOLEAN MUSEUM OXFORD

Posted: 27 Nov 2014 08:22 AM PST

On Monday 24th November, White welcomed over 100 delegates with exclusive access to the prestigious Ashmolean Museum for its annual White Exchange conference.

'Turning Data into Strategy' was the focus of the day and attracted representatives from both client and agency side from a wealth of London and Oxfordshire-based businesses.

DSC_0976

The day kicked off with Jon Myers, VP and MD EMEA of Marin Software, outlining 5 key trends on the use of data in online advertising.

"Are you advertising on RSLA with Google? If not then go and take a look, it targets your demographic"- Jon Myers.

This was followed by one of White's own PPC Consultant, Jason Denny, with a very engaging presentation on 'Identifying data to fuel your PPC Strategy', in which he explained why Keyword Eye, SEMrush and Keyword Planner are his tools of choice.

Head of Insight at Linkdex, Jonathan Alderson, captivated the audience with his talk on 'Digital Marketing by Numbers'. Alderson says, 'pull all your key stakeholders into one room and articulate what good likes like, then translate to a measurable goal'.

Director of Services at White, Daniel Bianchini, then shared his 4 steps to building a data-driven strategy, highlighting that marketers do not always utilise data to drive decisions.

"All goals must lead back to your overall business objective" – Daniel Bianchini

In the surroundings of marble sculptures and historical artefacts, lunch was served and delegates networked and had the opportunity to converse with the speakers of the morning.

Keynote speaker and CEO of Democrata, Geoffrey Roberts, took the audience on a journey of his career path, starting in the music industry to Nokia working on some leading edge projects. His talk, 'How music, data and technology help us get closer to the consumer', received a lot of positive feedback from delegates.

DSC_1104

The day was rounded off with an invitation to all the speakers to take part in a panel discussion about the future of data. Big Data Advisor for CPM, John Morton, accompanied the speakers on the panel as a specialist in delivering complex insight to decision makers in solutions such as loyalty, rogue trading, and grey market assessment.

The panel was interactive and engaging, with several questions deriving from the delegates in the room.

DSC_1129 (2)

"The range and quality of the presentations was excellent. A very effective way of gaining a lot of insight in such an inspiring location"- Chris Jones, White Exchange 2014 delegate.

Drinks were then served in the Money Gallery, which hosts one of Britain's largest collections of money, coins and medals. A sense of excitement for discovery and fascination amongst the delegates was evoked being surrounded by these historical pieces.

With the museum being closed to the public for the event, delegates of White Exchange had the opportunity to browse and admire all that the Ashmolean has to offer.

367338

"A museum may seem staid and stuffy, however a White light was shone on how marketing practitioners can drive deeper customer engagements, inhibit competitors and grow their business at the White Exchange 'Turning Data into Strategy' event. The speakers were insightful, the audience engaged, with many pragmatic topics raised in the Q&A sessions. Look forward to the next White event!" – John Morton

The success of this White Exchange firmly establishes White as an successful and expanding agency. With growing interest and attendance to the annual conference, the next White Exchange looks to be even bigger and better. For information about the next White Exchange, get in touch with one of the team at White.

10703766_10154715322280461_8769448418435875798_n"I was so pleased to see so much interest in the event this year. We worked really hard to bring speakers from a variety of industries and professional backgrounds to give a wealth of information on the topic for this year's event. I'd like to thank the speakers for agreeing to take part in this event. I'd also like to thank the staff from the Ashmolean, who not only proved an amazing venue but were very helpful in enabling us to put the event on. Finally, I'd like to thank the team at White who worked tirelessly to make the event happen."
Stuart Tofts, Founder and MD, White.

Below you can find all the presentations of the speakers from White Exchange 2014.

Jon Myers


Jason Denny


Jonathan Alderson


Daniel Bianchini


Geoffrey Roebrts


The post WHITE EXCHANGE 2014 WELCOMES DELEGATES TO THE ASHMOLEAN MUSEUM OXFORD appeared first on White.net.

Seth's Blog : The fear of freedom

 

The fear of freedom

What will you do next?

What can you learn tomorrow?

Where will you live, who will you connect with, who will you trust?

Are questions better than answers? Maybe it's easier to get a dummies book, a tweet or a checklist than it is to think hard about what's next...

It's certainly easier to go shopping. And easier still to buy what everyone else is buying.

We live in an extraordinary moment, with countless degrees of freedom. The instant and effortless connection to a billion people changes everything, but instead, we're paralyzed with fear, a fear so widespread that you might not even notice it.

We have more choices, more options and more resources than any generation, ever. 

[Reminder: Black Friday is a media trap, an orchestrated mass hallucination based on herd dynamics and the media cycle.] 

       

 

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joi, 27 noiembrie 2014

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Crude Plunges Following OPEC Decision to Not Cut Production

Posted: 27 Nov 2014 07:09 PM PST

For five consecutive months OPEC produced over its alleged quota. Nonetheless, and in spite of falling prices and pleas from Venezuela to restrict production, OPEC decided to take no action.

In the wake of the news, West Texas Intermediate plunged nearly 7% and Brent fell over 8%.

WTI Crude Futures



Brent Crude Futures



Please consider OPEC Fails to Take Action to Ease Glut as Crude Plunges.
OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years.

The group maintained its collective production ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia's oil minister, said yesterday after the 12 nations met in Vienna. Brent crude dropped as much as 8.4 percent in London, extending this year's decline to 34 percent.

Canada's producers big and small will have to tighten their belts to prepare for declining profits.

"This is a pretty big shock," said Justin Bouchard, an analyst at Desjardins Securities Inc. in Calgary. "There's no question there's going to be a slowdown. Even the big guys will have to look at their capital spending plans."

Western Canada Select, the Canadian benchmark, has lost more than a third of its value since June, in step with declines for West Texas Intermediate and the international gauge Brent. WCS traded yesterday at $55.94 a barrel, the lowest in the world.
Venezuela Burns Through Currency Reserves

Bloomberg reports Venezuela Burns Through Third of New Chinese Money in a Week
Venezuela's international reserves declined $1.3 billion in the week after President Nicolas Maduro transfered $4 billion of Chinese loans to the central bank.

The country's reserves dropped to $22.2 billion today, according to central bank data. A collapse in global oil prices pushed Venezuela's foreign currency holdings to an 11-year low earlier this month.

Maduro on Nov. 18 ordered the Chinese loan proceeds to be moved from an off-budget fund, so that they would show up in reserves and help boost investor confidence in an economy beset by the world's highest inflation and widest budget deficit. The following day, Venezuelan bonds rose the most in six years in intraday trading.

"If the plan was to calm the bondholders, then burning through a third of that money in five working days doesn't do it in any way," Henkel Garcia, director of Caracas-based consultancy Econometrica, said in a telephone interview.
Hyperinflation in Venezuela

Foreign reserves are the only reason why Venezuela's currency (the Bolívar) is not completely worthless. Nonetheless, inflation already exceeds 60% annually.

In September, Venezuela's Bolívar Hit Record Low on Black Market.
The plummeting Venezuelan currency breached a new, symbolic low of 100 bolívares per dollar on the black market Friday, according to market-tracking websites, in a sign of the worsening greenback shortage faced by President Nicolás Maduro's government.

Economists say the bolívar is collapsing as Venezuelans clamor for dollars to protect themselves from an inflation rate topping 60%. But the government, which tightly restricts access to dollars, has cut the supply this year, prompting the value of the bolívar to plunge in unofficial street transactions.

The lack of dollars—evidenced by mounting debts with private companies such as airlines and importers that service the country—has sparked fears of a potential default, since the country has more than $6 billion in bond payments due over the next three months.
I suspect it will not be long before Venezuela is forced to halt bond payments. Should that happen, the Bolívar would likely collapse to zero in short order.

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

"Neutrality" Gone Mad: Should GM Have to Promote Toyota?

Posted: 27 Nov 2014 09:50 AM PST

The EU's attempt to breakup Google gets more absurd by the day. I wrote about this just yesterday in Google vs. Sun vs. France: Too Big, Too Powerful, Too Free.

I have a few more EU proposals regarding Google worth discussing, but first I have a few questions:

In the name of neutrality...

  • Should GM have to promote Toyota?
  • Should Target have to promote WalMart?
  • Should Pepsi have to promote Coke?

The idea sounds blatantly absurd, because it is.

Yet EU nannycrats Demand Neutrality From Google.
Google was under fire on two fronts in Europe on Wednesday as privacy watchdogs told it to apply the "right to be forgotten" globally and German ministers pushed for laws to make its search engine a "neutral platform".

The developments crown a difficult week for the US technology group, which has already seen Capitol Hill hit out at a European parliament resolution advocating Google's possible break-up. The non-binding motion is expected to be passed on Thursday

The 11-page paper, whose lead signatory is the German economics minister Sigmar Gabriel, argues it may be necessary to introduce "platform neutrality" to tackle abuses of dominance, either through tough antitrust enforcement or new legislation.

There is mounting unease in Washington that Google is being targeted for political reasons, in part to protect Germany's corporate champions in media and telecoms. A host of senior politicians – including the chairs of two House and one Senate committee – spoke out on Tuesday against the European parliament resolution and warned of negative consequences for trade and investment.

The broad-ranging German position paper – dated November 13 and co-signed by interior minister Thomas de Maizière, justice minister Heiko Maas and the minister for digital infrastructure, Alexander Dobrindt – underlines the extent to which Germany is driving Europe's efforts to constrain Google's power.

The German ministers urge Brussels to use the lure of Europe's domestic market and its political power to "stand up to global actors". The ministers write that a joint Franco-German working group has developed proposals aimed at regulating digital platforms that dominate the market.

These measures include a requirement to display commercial offers from competitors without charge, and a guarantee of access to content without discrimination.
Rotation Mechanism

Also consider this nonsensical Google Breakup Proposal from Spanish and German MPs.

German MEP Andreas Schwab and Spanish MEP Ramon Tremosa called for "a rotation mechanism, which displays Google's commercial services and their competitors in the same location and with the same prominence on the search results page. This move, its proponents say, would be close to the choice of browsers offered to consumers following the Microsoft investigation."

This is the kind of nonsense we expect from France and Spain. But Germany?

Why Stop There?

Why stop with internet services?

In the name of "neutrality", why shouldn't Mercedes be forced to offer free advertising to Fiat and GM. On a "rotation mechanism", why shouldn't Tiger Woods have to change his hat from Nike to Callaway?

By the way, I have already been impacted by such nonsense. I wrote about it in 2012, in Country Specific Blog Censorship by Google; Twitter Employs Censorship as Well; Echo Comments Not Working on Redirects

I do not have just one blog. I have many mirror copies. In the US my blog is globaleconomicanalysis.blogspot.com. In New Zealand it's http://globaleconomicanalysis.blogspot.co.nz. Occasionally I get asked why comments do not always display in other countries. It has to do with weird suffixes. Readers in other countries can try surfing my original blog URL by appending /ncr (No Country Redirect) as follows: http://globaleconomicanalysis.blogspot.com/ncr

That Google has to do this is of course silly, but it has to do with country specific censorship. Hmm... are all my criticisms of France filtered out?

Neutrality Solution

The EU nannycrats have gone mad and I have just the solution.

The EU is too big, too powerful, and too unwieldy. Instead of breaking up Google, let's unbundle the EU.

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

Seth's Blog : The problem with problems

 

The problem with problems

We have limits. There are challenges, limited resources, people or organizations working against you. Your knee hurts, the boss is a jerk, the systems are down.

We have opportunities. There are opportunities, new sources of leverage and ideas just waiting to be embraced. You can share something, give something, make something better.

There are always limits, and there are always opportunities. The ones we rehearse and focus on are the ones that shape our attitude and our actions. How many times a day do you think about or announce the limits you face, the people who cannot be trusted, the problems that are weighing you down?

The problem with problems is that they always keep us from focusing on opportunities, on a chance to contribute and to make something better. Focus on our opportunities doesn't mean the problems don't exist, it merely means that we are far more likely to do something that matters.

Gratitude and opportunity create more of the same.

       

 

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miercuri, 26 noiembrie 2014

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Thanksgiving Travel Nightmare: Over 700 Flights Canceled, Major Storms; Black Friday Ice; Please Drive Safely

Posted: 26 Nov 2014 03:39 PM PST

If you are traveling tonight or tomorrow, please take extra time.

If you are traveling by plane, please check your flight schedule. Hundreds of flights have been cancelled, thousands of other flights delayed.

Thanksgiving Travel Nightmare

Accuweather reports Snowstorm Creates Thanksgiving Travel Nightmare in East
A snowstorm pummeling the East has produced lengthy flight delays and treacherous travel on roadways Wednesday. As snow rapidly exits the Northeast into Thanksgiving Day, there will still be some travel trouble spots in the wake of the storm.

Aircraft displaced and delayed by the storm in the East may lead to additional flight delays and cancellations on Thanksgiving Day across the nation. Passengers may have to schedule a different flight on an alternate route to get to their destination.

In anticipation of delays or cancellations, several airlines, including US Airways, American and Delta, have announced they will waive change fees for passengers scheduled to fly into airports in the line of the storm.
Snowfall Wednesday-Thursday



Accuweather's Live Blog reports Accidents in Eastern Snowstorm Create a Maze for Thanksgiving Travelers

Over 700 Flights Cancelled

Flight Aware shows over 700 flights cancelled into or within the United States. There have been over 7,000 delays.

Flight Aware Misery Map



For an interactive map, click on Misery Map then click on a city to see the accompanying misery.

Black Ice on Black Friday

Finally Accweather predicts Patchy Ice, Snow May Slow Early-Morning Surge of Shoppers.

Please drive safely!
Have a safe and happy Thanksgiving.

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

Google vs. Sun vs. France: Too Big, Too Powerful, Too Free

Posted: 26 Nov 2014 10:34 AM PST

I happen to like the sun. By definition, the earth would not even be a planet without the sun. No one on earth would be alive without free sunshine.

I happen to like Google. I could survive without Google, but like the sun, much of what Google provides is free.

Free Google Things

  • Free internet services including the best search engine in the world
  • Free Gmail
  • Free research on self-driving cars
  • Free research on other robotics
  • Free blog software
  • Free hosting and storage for blogs
  • Free ads on my blog (and those ads make me money)

For a discussion of the implications of a self-driving car, please see Google Unveils Self-Driving Car, No Steering Wheel, No Accelerator, No Brake Pedal; Self-Driving Taxi Has Arrived. Who, other than city bureaucrats with their taxi licensing scheme will not want lower taxi fares?

For a discussion of other Google robotic research, please see More Robots: Google's "Atlas" Robot Mimics "Karate Kid"; Flying Defibrillator "Ambulance Drone" Unveiled; Fed Has No Answer.

Green Energy Handouts vs. Google

Unlike "green energy" parasites that could not exist without government subsidies (taxpayer dollars), Google, like the sun does what it does for free. Google does not ask for money from the government to promote autonomous cars, robots, or anything else.

Instead, Google research has created thousands of very high-paying jobs. Those job-holders pay taxes.

What's not to like?

Enter the French

France does not like Google. Yesterday, Yahoo! reported on France's Desperate Battle to Erase Google, Netflix and Uber from Existence.
Ever since Minitel bit dust, the continental power has been hopping mad about American domination of Internet services. And over the past weeks, attacks on U.S. giants have escalated from Paris to Lille.

Netflix is right now in the middle of an ambitious European expansion drive that started in Scandinavia and is fanning out south. Sure enough, France's Association for the Protection of Consumers and Users has now sued Netflix for "malicious and illegal clauses."

Uber's French launch has been, if anything, more controversial than the Netflix debut. Infuriated taxi drivers in Lille have attacked a student for trying to enter an Uber car, first attempting to block her from opening the car door, then allegedly throwing a bottle at her head. The UberPOP service is about 20% cheaper than French taxis.

The French legal attacks on Google are too numerous to list here but the latest one actually has an entirely novel twist. France is now threatening Google with a hefty, €1,000 penalty for every defamatory link the company fails to remove from its global network of Google subsidiaries.
Google's Tax Setup Faces French Challenge

Yahoo! noted numerous French attacks on Google.

Here is a key one as described by the Wall Street Journal: Google's Tax Setup Faces French Challenge.

I have a simple remedy for this tax avoidance madness. Abolish corporate income taxes.

No country would have any tax advantage over any other country and all of the waste in time and effort and legal costs to maneuver taxes can be spent on research and more productive activities!

Right to Be Forgotten

Now the EU is in on the Google Attack. Please consider the New York Times article 'Right to Be Forgotten' Should Apply Worldwide, E.U. Panel Says.
Privacy watchdogs in the European Union issued guidelines on Wednesday calling on the company to apply the recent ruling on the so-called right to be forgotten to all Google search results.

The new guidelines, issued by a panel composed of privacy regulators from the bloc's 28 member states, would require Google and other search engines in certain cases to take down links at the request of individuals in the companies' search domains in Europe as well as outside the region.

The guidelines also raised questions about whether Europe's data protection rules — which are some of the most stringent in the world — could be enforced beyond the 28-member bloc, and if American tech companies like Google and Microsoft would have to comply with the privacy ruling in their American operations.

"This is a line that U.S. companies will be very reluctant to cross," said Ian Brown, a professor of information security and privacy at the University of Oxford, in discussing the potential global use of Europe's privacy ruling. "It will come down to who blinks first. The companies or the privacy regulators."
Guidelines Optional

Guidelines are not rules. It will be up to European Union member countries to decide how to apply them. Enter France once again.

France insists whatever it decides applies to the entire world.

For example, the Guardian reports Google's French arm faces daily €1,000 fines over links to defamatory article.
Google's French subsidiary has been ordered to pay daily fines of €1,000 unless links to a defamatory article are removed from the parent company's entire global network.

The punitive judgment by the Paris Tribunal de Grande Instance, based on the controversial right to be forgotten online established by the European Court of Justice, breaks new ground in making the subsidiary liable for the activities of its parent company – in this case Google Inc.

The court handed down the ruling in September but it has barely been reported on outside France. At one level, the decision represents a pioneering attempt by a European court to enforce its order of justice on the internet worldwide.

Google has said it is considering its options and that it already removes links to defamatory online articles, fulfiling its legal obligations to French citizens. The French decision follows the May ruling by the European Court of Justice (ECJ) in the case of Mario Costeja González, a Spanish man who succeeded in ordering Google to remove links to an old article saying that his home was being repossessed to pay off debts.

His lawyers argued that it was a matter of his privacy and that Google had to delete "inadequate, irrelevant or no longer relevant" data from its search results – what has become known as the right to be forgotten.
Too Big, Too Powerful, Too Free

This is what it all boils down to. Google is too big, too, powerful, and above all, too free for the French.

France does not like anything cheaper, or better. Thus the attacks not only on Google, but on Amazon (for free shipping of books), on Facebook, on Netflix, on the Uber taxi service, on anything and everything cheaper.

Save the Bookstores

July 10, 2014: Amazon Charges Penny for Shipping Following France Ruling Shipping Cannot Be Free; "No Competition" Laws

October 03, 2013: France Vows to "Save the Bookstores", Fixes Price of Books

What's the Goal?

France's Cultural Minister called Amazon a "destroyer of bookshops". But what's the goal? Is it to save the bookstores or to get people to read?

If the goal is to get people to read books, logic would dictate the cheaper the price the better. Kindle, Nook, and other eBook readers come to mind.

Petition of the Candle Makers

Ironically, French economist Frederic Bastiat lampooned protectionism back in 1845 when he penned 'Petition of the Candle Makers', mocking the sun's "unfair trade advantage" over candle-makers.

We are suffering from the ruinous competition of a rival who apparently works under conditions so far superior to our own for the production of light that he is flooding the domestic market with it at an incredibly low price; for the moment he appears, our sales cease, all the consumers turn to him, and a branch of French industry whose ramifications are innumerable is all at once reduced to complete stagnation. This rival, which is none other than the sun, is waging war on us so mercilessly we suspect he is being stirred up against us by perfidious Albion (excellent diplomacy nowadays!), particularly because he has for that haughty island a respect that he does not show for us."

"No Competition" Laws

"Unfair competition" laws should be called what they really are: "No competition" laws, complete with higher prices, poor service, and higher unemployment.

France Cannot Compete

Government spending is already 56% of GDP. Hollande has threatened to take over steel, auto makers, and other industries to preserve jobs. Every month, France becomes less and less competitive.

People flee France because of excess taxes. French corporations are reluctant to expand because of preposterous work rules.

France forced inane agricultural tariffs on the rest of Europe to save inefficient French farms from "unfair competition".

The economic fools in France would tax the sun if they could. They can't, so they do the next closest thing: attack Google.

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

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