Mish's Global Economic Trend Analysis

---

Argentina "Determined to Default" Second Time Posted: 19 Jul 2014 10:34 AM PDT Background: Argentina defaulted on bonds following a debt crisis in 2001-2002. 92% of the investors agreed to haircuts, but a vulture fund picked up an 8% share at rock bottom prices and refused to negotiate. In June, the US Supreme Court ruled that Argentina Cannot Selectively Default on the small group of hold-outs. The problem with the ruling is that if Argentina pays the vulture fund full value, it will have to pay all the bondholders full value, and that would wreck the country again. In the future, bond agreements will force everyone to go along with a majority decision. Second Default For now, and as a direct consequence of the court ruling, Argentina "Appears Determined to Default", for the second time, on everyone. A lead holdout investor in the Argentine debt dispute said on Friday that Argentina still refused to meet with it and negotiate a settlement before a July 30 deadline, after which the country faces a new default. "The Argentine government appears determined to default. We hope it chooses to avoid this dead-end path," a spokesman for NML Ltd, a division of Elliott Management Corp, said in a statement.  Dead-End Path The Dead-End Path is failure to negotiate.  NML Ltd. put Argentina in a position where it would lose either way. Argentina now attempts (and I hope it finds a way), to pay the 92% while defaulting totally on the 8% so they never get a cent ever. Unfortunately, all Argentina's efforts to circumvent the ruling eventually went through US banks or through other banks that will not accept payments only to the 92%. At this point Argentina is stuck and will default on everyone. Personal Note I am in Glacier National Park, Montana (to be more precise, just outside the park). There is no phone or internet in the park. It can take 1 hour to do an email on the park satellite Wi-Fi. I return to Chicago tomorrow. On this monitor I cannot tell exposures correctly. Hopefully these look OK. Color and exposure-corrected pictures will look much better. Avalanche Lake Avalanche Gorge 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.

You are subscribed to email updates from Mish's Global Economic Trend Analysis To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

Seth's Blog : Two new videos

 

Two new videos

No content online is 'rare', but here are two presentations you might not have seen before:

...from the Maker Faire, and here's a speech I did last year at Nearly Impossible in Brooklyn:

Seth Godin | Nearly Impossible 2013 from Nearly Impossible on Vimeo.

       

• Email to a friend •

 

More Recent Articles

• Weight thrown and the slippery slope
• "I don't have any good ideas"
• The special problem
• When in doubt, re-read rule one
• Project management for work that matters

[You're getting this note because you subscribed to Seth Godin's blog.]

Don't want to get this email anymore? Click the link below to unsubscribe.

---

Click here to safely unsubscribe from "Seth Godin's Blog on marketing, tribes and respect." Click here to view mailing archives, here to change your preferences, or here to subscribe • Privacy

---

---

Email subscriptions powered by FeedBlitz, LLC, 365 Boston Post Rd, Suite 123, Sudbury, MA 01776, USA.

 

Equipping Workers with Skills Employers Need Now and for the Future

Here's what's going on at the White House today.         DAILY SNAPSHOT Saturday, July 19, 2014             Featured Weekly Address: Equipping Workers with Skills Employers Need Now and for the Future In this week's address, the President discussed the importance of ensuring that the economic progress we've made is shared by all hardworking Americans. Through his opportunity agenda, the President is focused on creating more jobs, educating more kids, and working to make sure hard work pays off with higher wages and better benefits. This week, the President will visit a community college in Los Angeles to highlight the need to equip our workers with the skills employers are looking for now and for the good jobs of the future, and he will continue looking for the best way to grow the economy and expand opportunity for more hardworking Americans. Click here to watch this week's Weekly Address.       Top Stories President Obama on the Crash of Flight MH17 Yesterday, President Obama delivered a statement to the press in the wake of the tragic crash of Malaysia Airlines Flight MH17: Malaysia Airlines Flight MH17 took off from Amsterdam and was shot down over Ukraine near the Russian border. Nearly 300 innocent lives were taken -- men, women, children, infants -- who had nothing to do with the crisis in Ukraine. Their deaths are an outrage of unspeakable proportions. President Obama noted that this was "a global tragedy -- an Asian airliner was destroyed in European skies, filled with citizens from many countries." And as a result, there now needs to be a credible, international investigation into exactly what happened. READ MORE "Let's Build Some Bridges. Let's Build Some Roads." Thursday afternoon, President Obama spoke about the importance of long-term investments in our country's infrastructure in front of Delaware's Interstate 495 Bridge. President Barack Obama delivers remarks before he signs an executive action creating the Build America Investment Initiative during an event near the Interstate 495 Bridge at the Port of Wilmington in Wilmington, Del., July 17, 2014. (Official White House Photo by Amanda Lucidon) We know that in the 21st century economy, businesses are going to set up shop wherever they find the best roads, the best bridges, the fastest Internet connection, the fastest rail lines, the smartest airports, the best power grid. First-class infrastructure attracts investment and it creates first-class jobs. READ MORE Barack-oli and Mich-room Obama-lette The First Lady hosted the 2014 Kids' State Dinner today at the White House. Fifty-four winners were selected out of more than 1,500 delicious recipes -- one of those 54 recipes included the Barack-oli and Mich-room Obama-lette. President Obama also made a surprise visit and talked about the First Family's "pig-out indulgence food[s]." "My big thing -- chips and guacamole. Basically, if there is a bowl of good chips and guacamole -- I lose my mind." READ MORE As always, to see even more of this week's events, watch the latest West Wing Week.   Facebook     Twitter    |   More Ways to Engage Did Someone Forward This to You? Sign Up for Email Updates This email was sent to e0nstar1.blog@gmail.com Unsubscribe | Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111

Seth's Blog : Weight thrown and the slippery slope

 

Weight thrown and the slippery slope

Sometimes it's fun or profitable to throw your weight around, to get customers or partners or students or the media or even local government agencies to do what you need them to do.

Inevitably, weight throwers come to a fork in the road:

Are you doing this to get people to do what's good for them or what's good for you?

When a teacher uses her power to get students to study (not in their short-term interest, at least not right now), she's doing them a service.

When a retailer or manufacturer uses purchasing power and scale to bring a product to market that people weren't expecting, it's probably because the customers will end up delighted.

Any time an organization pushes to change the status quo on behalf of its mission, causing the change they exist to make in the world, they're building something that will last.

But often, the opposite happens. Organizations in power change their pricing or their technology or their policies because it's good for the organization, because it raises quarterly earnings, most often because it's easier for them. They change the way they do support, or the promises they keep to long-term customers and vendors. Often, the people who count beans are making the decisions, not those that count positive change on behalf of those they serve.

And it works. For a while. And then it doesn't, because even powerful organizations don't last forever, especially when those that have been pushed discover that they might just have other options.

Throw your weight around, please. But do it for those you serve, not against them.

       

• Email to a friend •

 

More Recent Articles

• "I don't have any good ideas"
• The special problem
• When in doubt, re-read rule one
• Project management for work that matters
• Lessons from the Eiffel Tower

[You're getting this note because you subscribed to Seth Godin's blog.]

Don't want to get this email anymore? Click the link below to unsubscribe.

---

Click here to safely unsubscribe from "Seth Godin's Blog on marketing, tribes and respect." Click here to view mailing archives, here to change your preferences, or here to subscribe • Privacy

---

---

Email subscriptions powered by FeedBlitz, LLC, 365 Boston Post Rd, Suite 123, Sudbury, MA 01776, USA.