marți, 3 februarie 2015

Damn Cool Pics

Damn Cool Pics


What It Really Means To Be Broke

Posted: 03 Feb 2015 11:45 AM PST

If you've ever been broke then you will be able to relate to each and every one of these pictures.






















Things You Probably Didn’t Know About The Matrix Trilogy

Posted: 03 Feb 2015 10:35 AM PST

The Matrix was one of those film franchises that changed the course of movie history forever. But how much do you really know about the series?



















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Google's Sitelinks Search Box: What You Need to Know - Moz Blog

Google's Sitelinks Search Box: What You Need to Know - Moz Blog
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Google's Sitelinks Search Box: What You Need to Know

Posted on: Tuesday 03 February 2015 — 00:51

Posted by Cyrus-Shepard

Several months ago, Google announced a new sitelinks search box. Almost immediately, the sitelinks search box markup became one of the fastest growing Schema implementations on the web.

According to the folks at SimilarTech (part of the SimilarWeb family) the SearchAction markup now dominates all other Schema types on the top 1 million sites that they monitor.

Moving beyond the top million sites to the entire Internet, the SearchAction Schema is the 12th most popular Schema out of the 49 types that SimilarTech measures.

Despite such strong adoption, until now we have had very little evidence to understand the effects of the sitelinks search box. After Google dropped support for authorship photos in search results, many webmasters are weary of investing in each new initiative Google announces.

Sitelinks search box basics

The box appears in Google's search results for certain branded and navigation queries such as:

  • adobe
  • apple website
  • nytimes dot com

The box all allows users to refine searches to within a particular site, as in this example below when a user searches for "Moz" and refines their search to "keyword research".

By default, searches performed in the sitelinks box sends users to a second set of Google results, refined to include to results from the target website (using Google's site: operator.) The second page also typically includes additional Google ads, giving the searcher a chance to click on an ad instead of visiting your website.

At the same time, Google also gives webmasters a chance to bypass this second page of results and send searchers directly to their own internal search results if they implemented special Schema code on their homepage. 

Not every site qualifies. Typically, Google reserves sitelinks search box for those sites with a high volume of branded queries. To see if your site is eligible, check Google Webmaster Tools. Google typically sends messages to eligible site owners.

If you qualify, and Google finds the correct code on your homepage, Google directs visitors to your website's internal search results.

The advantage is obvious: by directing visitors to your own search results instead of another Google page filled with ads from third party websites, you potentially gain more clicks and visits and better control the visitor experience.

How to implement the sitelinks markup

Compared to other types of markup, implementing the sitelinks code is easy and straightforward.

1. Leverage your own internal search engine

Most internal search engines work perfectly fine, including the default WordPress search function. If your website doesn't have internal search, it's easy to get started with a free Google Custom Search engine.

For websites that use Google's default Custom Search engine, Google also has the chance to make money on ad clicks, because the free version of the Customer Search engine includes Google ads. Google offers a paid version known as Site Search that allows an ad-free experience.

2. Add SearchAction Schema to your homepage

Place the following snippet in the source code of your homepage, editing the "url" and "target" fields to match your website information.

 

Source: Google Developers.

3. Opting out

Google doesn't advertise it well, but there is a way for you to prevent Google from displaying the sitelinks search box altogether if you'd like to opt out. Menashe Avramov first noticed an additional Google meta tag that prevents the search box from displaying.

Can you guess which major publisher opts out of Google's Sitelinks Search Box? Amazon.

Interestingly, Google displays no sitelinks search box for the most popular website on the planet, Facebook, even though no such meta tag is apparent on Facebook's site.

Results: How the sitelinks search box impacts traffic

Below are landing page visits to Moz's search results page before and after adding the sitelinks markup.

While it looks like a significant jump, the increase only equaled 150 visits per week. This represents just 0.05% of all organic search sessions Moz sees on a weekly basis (around 300,000 sessions).

Several SEOs who manage large sites reported similar results when we spoke with them. Although the search results page sees a small rise in sessions, it's always nearly impossible to identify a statistically significant increase in overall search traffic.

I'm glad we implemented this because I think it provides a better user experience, but I would not say that it has sent much traffic our way. 

- Rob Leslie, Website Usability & SEO Administrator at George Fox University

In other words, implementing the SearchAction Schema is "optimized" and may result in a small boost in traffic and an improved experience for users. Based on the evidence, most publishers shouldn't expect big traffic gains.

Our best advice is to add the SearchAction Schema if it is easy to implement, but keep your expectations in check.

As for opting out, like Amazon, it's likely best to experiment on your own site before committing to a course of action. Keep in mind that many SERP features such as review stars and breadcrumbs have been associated with higher click-through rates, and having a giant search box next to your result may help you stand out.

Have you implemented the code for Google's sitelinks search box? Share your experience in the comments below.


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Seth's Blog : Curiosity plus an audio book --> smarter

Curiosity plus an audio book --> smarter

My new audiobook from SoundsTrue ships today (see below) and it got me thinking about the magical power of repeated, semi-passive audiobook listening.

You sit (in a car, even) doing something else and at the end of the first, second or tenth listen, you are transformed, seeing the world in new ways. I marvel at this every time it happens to me--a good audiobook is a game changer. A good non-fiction audiobook gets you in sync with the author, slowing down your consumption and making the ideas more real. And for many people, it's a lot less forbidding than cracking open a book.

Steven Johnson's new book, How We Got to Now, is a perfect example. Beautifully written and professionally read, it will make you smarter, more curious and demands that you listen to it again.

Jared Diamond's book, Guns, Germs, and Steel is a classic in the same vein. It's a magical book, worthy of its Pulitzer Prize.

If you're curious as to why a few parents are endangering their children and their community by failing to vaccinate their kids, Eula Bliss' even-handed On Immunity will gently and clearly help you understand the deep cultural and psychological stakes. [... an update on polio.]

All three books are about the collision of technology and culture over time, and they're all fascinating. My new project isn't in their league, but in response to requests to do an unscripted audio...

My new audiobook isn't an audiobook at all, it's an audio-only live recording, available as of today via download and on CD in a few months. I recorded it during a weeklong seminar in my office, and it's organized into short essays. 100% of my royalties go straight to Acumen, and it's produced by my favorite audiobook publisher, SoundsTrue. After listening to hundreds of hours of their inspiring work, it's a privilege to be part of what they've built.

       

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luni, 2 februarie 2015

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Fed Study Shows "Persistent Fed Overoptimism about Economic Growth"; What Will They Do About It?

Posted: 02 Feb 2015 06:06 PM PST

Since 2007 nearly every Fed economic forecast has been on the optimistic side.

In an attempt to explain, a new Federal Reserve Bank of San Francisco dives into the Persistent Overoptimism about Economic Growth.

My friend "BC" commented "It has taken 7-8 years for Fed economists to get around to this brilliant insight."

I provide the real reasons following this excerpt from the report ...
Since 2007, Federal Open Market Committee participants have been persistently too optimistic about future U.S. economic growth. Real GDP growth forecasts have typically started high, but then are revised down over time as the incoming data continue to disappoint. Possible explanations for this pattern include missed warning signals about the buildup of imbalances before the crisis, overestimation of the efficacy of monetary policy following a balance-sheet recession, and the natural tendency of forecasters to extrapolate from recent data.




Explaining the persistent overoptimism

Economic forecasting can be a humbling endeavor. In a cross-country study of private-sector forecasts from 1989 to 1998, Loungani (2001) finds that "the record of failure to predict recessions is virtually unblemished." He also finds that forecast revisions in one direction tend to be followed by further revisions in the same direction and that one-year-ahead growth forecasts are typically too optimistic.

Implications for economic models

Research has identified numerous instances of persistent bias in the track records of professional forecasters. These findings apply not only to forecasts of growth, but also of inflation and unemployment (Coibion and Gorodnichencko 2012). Overall, the evidence raises doubts about the theory of "rational expectations." This theory, which is the dominant paradigm in macroeconomics, assumes that peoples' forecasts exhibit no systematic bias towards optimism or pessimism. Allowing for departures from rational expectations in economic models would be a way to more accurately capture features of real-world behavior

An updated study by Ahir and Loungani (2014) finds that the private-sector's record of failure to predict recessions remained intact through 2008 and 2009. A study by Alessi, et al. (2014) finds that one-year-ahead growth forecasts from the Federal Reserve Bank of New York and the European Central Bank from 2008 to 2012 exhibited substantial overoptimism, averaging 1.6 to 2.4 percentage points above actual growth. The SEP growth forecasts fit the pattern of these various studies.
What Will They Do About It?

That question is easy to answer: absolutely nothing. There is a systemic bias towards optimism from economists in general, not just central banks.

I have mentioned that numerous times in recent years, even after it was long understood the recession of 2007-2009 was a balance-sheet recession.

For example, on January 6, I noted Economists Upbeat Despite 4th Consecutive Decline in Factory Orders; Auto Orders vs. Expectations.
Economists are among the most optimistic groups on the planet. Year in, year out they project improvements in growth.

So today, despite 4th Consecutive Decline in Factory Orders, it's no surprise that economists remain optimistic.
Private Pep Rally

On January 29, Fed Chair Janet Yellen met with Senate Democrats at a private luncheon. She told the Democrats that the U.S. Economy is Strong.

"She went through the issues of unemployment and inflation. Very positive. And economic growth numbers were good, have been good. There's work to be done," Sen. Richard Durbin (D-Ill.) said after the luncheon.

Could the Fed be rear-view mirror forecasting once again? I think so. Third quarter GDP rebounded strongly, so Yellen did what economists do, project strength into the future. Somehow this tendency is one-sided. Economists seldom project weakness the same way.

Diving Into the Details

On January 31, I went Diving Into the 4th Quarter GDP Report and noticed some ominous trends.

On February 1, I made a pretty bold statement Canada in Recession, US Will Follow in 2015.

Today, I noted Total Construction Spending Weaker Than Expected; Residential Construction Spending in Contraction.

Also today, but something I did not comment on, U.S. Consumer Spending in December Weakest Since 2009.
U.S. consumer spending recorded its biggest decline since late 2009 in December with households saving the extra cash from cheaper gasoline.

Other data on Monday showed factory activity cooled in January, suggesting the economy may have entered the new year on a slightly softer footing than had been expected.

Nevertheless, upbeat and cash-flush consumers are expected to step-up spending and buoy the economy this year.

"The consumer is poised to do well in early 2015. Lower gasoline prices are going to provide a big lift to consumption," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.
Reasons for Optimism

  1. Missed warning signals about the buildup of imbalances before the crisis
  2. Overestimation of the efficacy of monetary policy following a balance-sheet recession
  3. Natural tendency of forecasters to extrapolate from recent data. 

Comment on Reason #1

Bernanke like Greenspan could not see the obvious. This is a general statement. Buildup of imbalances has nothing to do with it. Neither Greenspan nor Bernanke could spot bubbles.

Janet Yellen right now is virtually blind as a bat. She cannot see the bubbles in bonds and equities the Fed created. When those bubbles burst, the slowdown should smack some sense into the Fed, but it won't. Moreover, the bigger this equity bubble gets, the bigger the crash. The Fed cannot see that either.

Comment on Reason #2

These arrogant fools actually believe they are economic wizards who can steer the economy like a truck on a highway. The idea that central banks can set interest rates is as faulty as Russian central planners can correctly set the price of oranges. But that's what they believe.

Comment on Reason #3

They are extrapolating 3rd quarter GDP into the future again right now. They miss the bond and equity bubbles, factory orders, and countless other things. All strong reports are thought to be representative. All weak reports are deemed to be a "soft patch".

Judging from the "strong economy" statement of Yellen, the Fed seems to believe the US will "decouple" from the clearly slowing global economy. It has for a while, but it cannot last.

Too Much Fail in Models

Here is the first of two bonus reasons to help explain overoptimism:

The Fed (economists in general) have far too much faith in economic models and far too little common sense. The economy cannot be driven like a truck. Fat tails appear far more than theory suggests. Why? Because many widely-held theories are complete nonsense.

Anyone recall the widespread belief people would not walk away from their homes? And what about the idiotic Keynesian theory that recessions and inflation could not happen at the same time.

Economists widely believed that bit of nonsense. Yet, instead of abandoning Keynesian theories, they went further down the rabbit hole to explain things.

System Runs on Lies

Here's a final bonus explanation the San Francisco Fed failed to mention: Good news sells. People do not like the truth. They would rather hear lies. And the Fed is willing to provide lies, especially in difficult times.

The entire system runs on lies such as

  • Pro-forma data
  • Beat-the-street nonsense where corporations provide analysts with numbers the corporations know they can beat by a penny
  • Analysts are more than willing to downgrade expectations to help corporations beat-the-street

When it Becomes Serious

The Fed does not want an audit? What pray tell does it have to hide?

European politician Jean Claude Juncker summed it up nicely: "When it becomes serious, you have to lie".

And so the Fed does. Sometimes, as a matter of arrogant belief in their own wizardry, they even start to believe the lies they tell.

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

Diving Into the ISM: What's It All Mean?

Posted: 02 Feb 2015 02:09 PM PST

This morning the Institute for Supply Management released its much followed Manufacturing ISM® Report On Business®.

IndexJanDecPP ChangeDirectionRate of ChangeTrend in Months
PMI®53.555.5-1.6GrowingSlower20
New Orders52.957.8-4.9GrowingSlower20
Production56.557.7-1.2growingSlower11
Employment54.156.0-1.9GrowingSlower19
Supplier Deliveries52.958.6-5.7SlowingSlower20
Inventories51.045.55.5GrowingFrom Contracting1
Customers' Inventories42.544.5-2.0Too LowFaster2
Prices35.038.5-3.5DecreasingFaster3
Backlog of Orders46.052.5-6.5ContractingFrom Growing1
Exports49.552.0-2.5ContractingFrom Growing1
Imports55.555.00.5GrowingFaster24


What's It Mean?

The PMI is a diffusion index. Numbers above 50 indicate expansion, numbers below 50 indicate contraction.

A key problem with diffusion indices is the size of the company does not matter.  For example, a chemical company with 300 employees carries the same weight as an auto manufacturer with 200,000 employees.

Moreover, there are some peculiarities with the break-even number of 50.

The ISM says A PMI® in excess of 43.1 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the January PMI® indicates growth for the 68th consecutive month in the overall economy, and indicates expansion in the manufacturing sector for the 20th consecutive month. Holcomb stated, "The past relationship between the PMI® and the overall economy indicates that the PMI® for January (53.5 percent) corresponds to a 3.3 percent increase in real gross domestic product (GDP) on an annualized basis."

Thus, a manufacturing PMI above or below 50, does not imply similar overall economic activity as one might expect. Also, month-to-month changes show a lot a variances so it's important to look at trends over a longer period of time.

Manufacturing ISM Historical



The NBER (the historical arbiter of when recessions start and end) says a US recession began in November of 1973. The Manufacturing ISM was 68.1 at the time.

The above chart also shows some recessions began with the manufacturing PMI in negative territory. In isolation, the PMI itself does not say a lot. One needs to incorporate other data.

Manufacturing ISM Percent Change From Year Ago




Upturns from deeply negative tend to end recessions (purple circles), but spikes below the zero-growth tend line don't necessarily mean anything.

There were 10 occasions since 1950 in which the year-over-year growth of manufacturing PMI sunk to -20% that were not associated with a recession.

On the other hand, the chart shows that recessions generally start with the PMI near the zero-growth line. In those occasions where recessions started with PMIs well above 50, the PMI quickly crashed into negative territory.

Manufacturing ISM Percent Change From Year Ago Detail



Far too much reliance is given to these indicators, even though flirting around the zero-line is generally not associated with high growth.

The Manufacturing ISM is now at a spot where recessions frequently begin. Yet, far more often than not, recessions do not begin at this spot.

Nonetheless, please note the weakening trends in the table at the top.

  • Exports are slowing
  • Imports are up
  • Prices falling rapidly
  • Backlog of orders in contraction
  • Growth slowing nearly everywhere
  • Customer inventories rising

None of those imply strong growth.

The ISM says today's report "corresponds to a 3.3 percent increase in real gross domestic product (GDP) on an annualized basis". I will take the under for numerous reasons stated previously.

For more GDP look-ahead analysis, please see ...


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

Total Construction Spending Weaker Than Expected; Residential Construction Spending in Contraction

Posted: 02 Feb 2015 11:22 AM PST

Construction spending for December was weaker than expected. Lots of reports recently have been "weaker than expected". From Bloomberg.
Highlights

Construction outlays rebounded 0.4 percent in December after dipping 0.2 percent the month before. December was below market expectations which were for a 0.6 percent gain.

December's increase was led by public outlays which rebounded 1.1 percent after dropping 1.8 percent jump in November. Private residential spending rose 0.3 percent after edging up 0.1 percent in November. Private nonresidential construction spending eased 0.2 percent in December after a 0.8 percent rise the month before.

On a year-ago basis, total outlays were up 2.2 percent in December compared to 2.7 percent in November.

Recent History Of This Indicator

Construction spending slipped 0.3 percent in November after a sharp 1.2 percent rebound in October. Market expectations were for a 0.5 percent gain. November's decrease was led by public outlays which fell 1.7 percent after a 2.8 percent jump in October. Private residential spending rose 0.9 percent, matching the pace the month before. Private nonresidential construction spending dipped 0.3 percent in November after edging up 0.1 percent in October.
Total Construction Spending Percent Change From Year Ago



click on any chart for sharper image

This is another trend that looks ominous. Year-over-year growth in total construction spending has fallen from 8% in February of 2014 to 2% in December.

Commercial Construction Spending Percent Change From Year Ago



Residential Construction Spending Percent Change From Year Ago



Residential construction spending will be a net contraction from 1st quarter GDP unless the trend reverses soon. But why should it? And if residential drops deep enough, total construction spending will subtract from 1st quarter GDP.

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

Debt of Six Eurozone Countries Exceeds 100% of GDP, Two More Coming in 2015 (France and Spain)

Posted: 02 Feb 2015 10:48 AM PST

In 2014 there were six eurozone countries whose debt-to-GDP ratio went over the 100% threshold. Two additional countries will pass that barrier in 2015.

The Maastricht Treaty on which the euro was founded was designed to keep "sound fiscal policies", with debt limited to 60% of GDP (not 100%), and annual deficits no greater than 3% of GDP."

Every country in the eurozone, including Germany, has been in violation of those rules. Let's take a look at the biggest violators as reported by El Economista. Data is from second quarter of 2014 (undoubtedly worse now).

100% Debt-to-GDP List

  1. Italy 133%
  2. Portugal 129.4%
  3. Ireland 116.7%
  4. Cyprus 112.2%
  5. Belgium 105.1%
  6. Greece 174.9%
  7. Spain 100.3% (2015 estimate)
  8. France 100% (2015 estimate)

In regards to France, Laurent Bigorgne, director of the Institut Montaigne, predict that French liabilities will not stabilize, but will continue to progress."

That certainly seems like a very safe prediction.

Wild Blue Yonder

And as debts soar off into the wild blue yonder, the need to keep interest rates at 0% to perpetually mask the problem increases.

I offer this musical tribute to celebrate the Keynesian policies that perpetuate wild blue yonder government spending and absurd central bank policies.



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

Four Trade War Questions; PMI Reports; Currency Manipulation Charges

Posted: 01 Feb 2015 11:47 PM PST

With the declining yen, Japan's manufacturing PMI has risen eight months. In contrast, China has been wavering near the stagnation line since early 2011.

Trade war questions relate to the just-released PMI reports and also the 4th quarter US GDP report. Let's start with today's PMI releases on China and Japan.

HSBC China Manufacturing PMI

The HSBC China Manufacturing PMI shows Chinese Operating Conditions Deteriorate Fractionally in January.
Chinese manufacturers saw a fractional deterioration in operating conditions at the start of 2015. Although output rose slightly and new orders broadly stabilised, staffing levels were cut for the fifteenth successive month. Meanwhile, relatively subdued client demand led companies to reduce their stock holdings of both post and pre-production goods in January. On the costs front, lower raw material prices led to the steepest reduction in average input costs since March 2009, which contributed to a sharp decline in prices charged.

After adjusting for seasonal factors, the HSBC Purchasing Managers' Index™ (PMI™) posted at 49.7 in January, down slightly from the earlier flash reading (49.8), but up fractionally from 49.6 in December. This signalled a second successive monthly deterioration in the health of the sector, albeit only slight.

Latest data indicated a renewed expansion of Chinese manufacturing output in January, though the rate of increase was only fractional. This was the first time that production has risen in three months.

Manufacturing companies reduced their headcounts again in January. That said, the rate of job shedding was the weakest recorded in 15 months and only slight.
China Manufacturing PMI Index



China's manufacturing PMI has been flirting just above and just below the stagnation line since early 2011. More time has been spent in contraction than expansion in that period.

Japan Posts "Solid" Growth

In contrast to China, the Markit/JMMA Japan Manufacturing PMI shows solid production growth at start of 2015.
Key Points

  • Headline PMI posts above 50.0 for eighth month running
  • Further increases in output and new orders
  • Inflationary pressures remain amid reports of yen depreciation

Summary

Data at the start of 2015 signalled a solid improvement in operating conditions in the Japanese manufacturing sector. Production growth continued for the sixth month running, supported by a further rise in new orders. Subsequently, payroll numbers remained in growth territory, with the latest expansion broadly in-line with the previous month. Meanwhile, upward pressures on both input and output prices remained.

The headline PMI posted at 52.2 in January, little changed from 52.0 in December and above the 50.0 no-change mark for the eight month running, thereby signalling sustained growth in the Japanese manufacturing sector at the start of 2015.

Panellists attributed the latest increase to a combination of improved advertising, stronger demand conditions and the launching of new products. Similarly, new orders from abroad rose in January.
Japan Manufacturing PMI



Four Trade War Questions

  1. How long will China let Japan debase the Yen without a response?
  2. How long before US manufacturers whine about loss of exports?
  3. Will exports add to or subtract from US GDP next quarter?
  4. Will the US economy decouple from the global economy?

1A. China will not let Japan (and increasingly Europe) get the upper hand forever. China will soon take strong action to reduce the value of the yuan.

2A.  Manufacturers will start whining loudly if they are not already. Expect to see currency manipulation charges in the news again soon. Those charges will escalate as soon as China responds to Bank of Japan and ECB moves to reduce the value of the yen and euro.

3A. Subtract. Not only are US exports getting more expensive relative to Europe and Japan, the entire rest of the global economy is slowing rapidly.

Our biggest trading partner is Canada, and Canada is in recession, with a rapidly sinking Canadian dollar on top of it. (See Canada in Recession, US Will Follow in 2015)

4A. No. The US will not decouple as economists assume.

Diving Into the GDP Report - Some Ominous Trends

I addressed questions three and four in more detail in my Saturday, January 31 post: Diving Into the GDP Report - Some Ominous Trends - Yellen Yap - Decoupling or Not?

There's much more analysis of autos, imports, inventories, and other US GDP factors in the above link, including a discussion of US recession possibilities. Please give it a look if you missed it.

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

Damn Cool Pics

Damn Cool Pics


All These Snaps And You Still Won't Chat

Posted: 02 Feb 2015 10:00 AM PST






































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This Pitbull-Dachshund Crossbreed Rami

Posted: 02 Feb 2015 09:30 AM PST

Rami the dog is a cross between a pitbull and a dachshund. Hw is being offered for adoption by the Moultrie Colquitt County Humane Society in the state of Georgia in the U.S.





















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