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Social media has amplified two basic human needs so much that they have been transformed into entirely new behaviors.
Sites have encouraged and rewarded us to spout, to talk about what we're up to and what we care about.
And they've mirrored that by making it easy to scout, to see what others are spouting about.
Please understand that just a decade ago, both were private, non-commercial activities. Now, they represent the future of media, and thus the future of what we do all day.
You're probably doing one, the other or both. Are you making it easy for your peers and customers to do it about and for you?
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Mish's Global Economic Trend Analysis |
Athens Burning: Tens of Banks in Flames After Athens Passes Austerity Bill Posted: 12 Feb 2012 05:30 PM PST The Financial Times reports Athens passes demanded austerity bill. Greek lawmakers on Thursday approved a tough austerity package aimed at averting a default, but the vote was overshadowed by violent street protests in central Athens and dozens of arson attacks against shops and banks.Athens Burning: Tens of Banks in Flames From the Greek Streets reports Athens, the long night of February 12: "burning and looting tonight" Tens of banks and other buildings are burning across Athens after today's demonstrations. There are huge riots in Thessaloniki and Patra as well. The situation seems to be spiralling out of control. We will try to summarise key developments through the night, below: .....Promises No Longer Suffice Earlier today Schaeuble warns Greek promises no longer suffice Greek promises on austerity measures are no longer good enough because so many vows have been broken and the country that has been a "bottomless pit" has to dramatically change its ways, German Finance Minister Wolfgang Schaeuble said.Greece a "Special Case"? Give it time and Portugal and Spain will follow. Greece is in an economic depression (as are Spain and Portugal), and things are about to get much worse. Greece's technocrat Prime Minister Lucas Papademos does not have the support of the people. His support has dwindled to nothing. Moreover, the political parties that passed this bill will not be in power after the next elections (assuming of course there is a next election). Recall that Papademos is a puppet not voted into office by Greek citizens, but rather an unelected politician forced onto Greeks because he would do what the EMU and IMF want. Greece is burning in every sense of the word. It is both politically and economically bankrupt yet Europe attempts to extract blood from a dried up turnip. 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. |
China Instructs Banks to Roll Over $1.7 Trillion in Debt to Avoid Mass Default Posted: 12 Feb 2012 09:59 AM PST A few years ago local Chinese municipalities had little debt. Today they have a $1.7 trillion mountain of it, nearly all of it financing economically non-viable projects in the name of "stimulus". The proposed "solution" of course is to roll the debt over, while adding still more to the debt mountain, hoping things will get better. Please consider China tells banks to roll over loans China's stimulus response to the global financial crisis saddled its provinces and cities with Rmb10.7tn ($1.7tn) in debts – about a quarter of the country's GDP – and more than half those loans are scheduled to come due over the next three years.Extending Maturities to Avoid Default A few more details emerge in China extends loans to avoid mass default A mountain of debt is coming due and the principal is unpayable, so governments have agreed to extend maturities. This could be a description of a bail-out package for Greece. Instead, it is what China is doing to prevent scores of provinces and cities from defaulting on bank loans.Eventually China Will Print to Cover the Losses Most of these loans will never be paid back. Eventually China will just print money to make the banks solvent. For more on the folly of loans to State Owned Enterprises (SOEs) from a Michael Pettis email, please see China Financial Markets: When Will China Emerge From the Global Crisis? Pettis is working on getting his site back up at another service provider. The outage may be provider related rather than state related as I first suspected. 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. |
Obama Seeks to Prove He is More Like Romney; Obama vs. Romney - What's the Difference? Posted: 12 Feb 2012 12:54 AM PST Inquiring minds are reading Obama budget seeks to boost trade enforcement, ratchet pressure on China President Barack Obama's new budget proposal will ask Congress to devote millions of dollars for a new trade enforcement center and more U.S. inspectors in China as the administration takes aim at unfair trade practices abroad, a senior administration official said Saturday.Romney talks tough on China CNN reports Romney talks tough on China Calling the country a "cheater," Romney promised to impose a variety of trade restrictions if China doesn't comply with intellectual property laws and allow its currency to float freely in foreign exchange markets.Obama vs. Romney - What's the Difference? If you like Obamacare, then vote for Romney or vote for Obama. It really does not matter. If you support war-mongering then vote for Obama or vote for Romney, it really does not matter. On Mideast policies, it does not matter. On trade, it does not matter. Other than a small number of social issues like abortion, it simply does not matter. If you want a change, then vote for Ron Paul. Otherwise, let birth control and abortion be your guide because otherwise (as I have said repeatedly) President Obama and Mitt Romney are Nearly One and the Same! 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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More often than not, the selfish person is insecure, fearful and filled with doubt. The selfishness springs from his belief that this is his only good idea, his last dollar, his one and only chance to avoid failure. "I need this, not you," he says, because he truly believes he's got nothing else going on, no other chance, no hope.
The irony, of course, is that selflessness (not selfishness, its opposite) is precisely the posture that leads to more success. The person with the confidence to support others and to share is repaid by getting more in return than his selfish counterpart.
The connection economy multiplies the value of what is contributed to it. It's based on abundance, not scarcity, and those that opt out, fall behind.
Sharing your money, your ideas, your insights, your confidence... all of these things return to you. Perhaps not in the way you expected, and certainly not with a guarantee, but again and again the miser falls behind.
(This is part of what Sasha's generosity day experiment is about.)
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“Student Loan ‘Debt Bomb"; Obama's Misguided Proposal and Mish's Two-Point Alternative Proposal Posted: 11 Feb 2012 11:11 AM PST It's interesting to watch some of the terms bandied about in headline news. For example, the LA Times headline reads S&P says student loan debt could be next financial bubble. Next? Could Be? What with the word "next"? Also what's with the words "could be"? Without a doubt student loans are in a bubble and have been for many years. The source of the problem, as it always is with financial bubbles, is cheap money, loans to nearly anyone, and in the case of student loans, no way to discharge the debt, even in bankruptcy. From the article ... "Student-loan debt has ballooned and may turn into a bubble," S&P said. "There are more defaults and downgrades for some student loan asset-backed securities."The Next "Debt Bomb" The Huffington Post says Student Loans Could Be America's Next "Debt Bomb" Growing numbers of Americans are finding themselves bankrupt, with their college diplomas partially to blame.4 of 5 Bankruptcy Attorneys Report Major Jump in Student Loan Debtors Seeking Help Inquiring minds may be interested in a link to Student Loan Survey taken by the National Association of Consumer Bankruptcy Attorneys (NACBA). The NACBA survey of 860 bankruptcy attorneys nationwide found that:
Titled "Student Loan 'Debt Bomb': America's Next Mortgage-Style Economic Crisis," the companion NACBA paper published today points out:
Obama's Misguided Plan to Fix the Problem President Obama proposes to "fix" the problem by throwing more money at it. Instead, I propose the problem and solution is two-fold. Two-Point Problem
Two-Point Solution
My proposal would get government out of the student loan business where it does not belong, while increasing free-market competition to dramatically drive down prices. Obama's solution is to throw more money at the problem. Recent Rise in Non-Revolving Loans By the way, the recent reported rise in non-revolving loans was entirely due to a huge rise in student loans, further increasing the size of the problem. Please take a look at Consumer Credit "Demolishes Expectations" Really? No Not Really! The "Non-Bounce" in Non-Revolving Credit for some very interesting graphs and comments on the rise in student loans. 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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Sneak Peak at the Greatest Toy in the Universe Posted: 10 Feb 2012 09:13 PM PST Jaimie Mantzel is heralding this prototype robot as the "greatest toy in the universe." After watching the video below, you may actually agree with him. Not only is this 6-legged robot remote control, it's central area can be fitted with several different projectile-shooting modules. The two shown are capable of firing discs great distances, or ping pong balls at varying angles. There also seems to be a dart module that isn't demonstrated. The only problem is the six legged robot does not have a name, Jamie has reached out to the internet and is asking for suggestions. If he picks your name for the toy he will send you a free one. |
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