Daily Digest

Daily Digest 12/26 - End Of Boom And Bust May Lead To Fairer Future, Delayed Gratification, Japan Quake Public Health Fallout

Monday, December 26, 2011, 10:52 AM
  • China, Japan to Back Direct Trade of Currencies
  • End Of Boom And Bust May Lead To A Fairer Future
  • Hackers Breach the Web Site of Stratfor Global Intelligence
  • Delayed Gratification
  • American Firms See Europe Woes as Opportunities
  • As Reports of Deaths Mount, Syria Observers Urged Toward Homs
  • Report Condemns Japan’s Response to Nuclear Accident
  • Public Health Fallout From Japanese Quake

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Economy

China, Japan to Back Direct Trade of Currencies (pinecarr)

Japan and China will promote direct trading of yen and yuan without using dollars and will encourage the development of a market for the exchange, to cut costs for companies, the Japanese government said.

Japan will also apply to buy Chinese bonds next year, the Japanese government said in a statement after a meeting between Prime Minister Yoshihiko Noda and Chinese Premier Wen Jiabao in Beijing yesterday.

End Of Boom And Bust May Lead To A Fairer Future (ScubaRoo)

Viewed in this light it can be argued that zero growth advocates are apologists for poverty rather than progressives. And as for the political elite, it's all too easy to reframe our current problem from one of stalled growth to the opportunities provided by no growth. Indeed, some of the most active proponents of zero growth are those with a locked-in advantage, such as heir Zac Goldsmith.

Hackers Breach the Web Site of Stratfor Global Intelligence (jdargis)

The group also posted five receipts online that it said were of donations made with pilfered credit card details. One receipt showed a $180 donation from a United States Homeland Security employee, Edmund H. Tupay, to the American Red Cross. Another showed a $200 donation to the Red Cross from Allen Barr, a recently retired employee from the Texas Department of Banking. Neither responded to requests for comment.

Delayed Gratification (jdargis)

The key to understanding the appeal of layaway is that most layaway programs require shoppers to make regular payments. Typically, you pick out the product you want, make a down payment, pay a service fee (typically five dollars), and then make regularly scheduled payments over a period of time until you’ve paid off the full price. There are no interest payments, and if you don’t make all the payments you get your money back, minus a cancellation fee. It’s the exact opposite of installment credit, where you get the product, and then pay for it.

American Firms See Europe Woes as Opportunities (jdargis)

This month a team of three bankers from the London office of the buyout giant Kohlberg Kravis Roberts headed to Greece to examine a promising private company that cannot get Greek banks to provide credit for future growth. The Blackstone Group agreed to buy from the German financial giant Commerzbank $300 million in real estate loans that are backed by properties, including the Mondrian South Beach hotel in Florida and four Sofitel hotels in Chicago, Miami, Minneapolis and San Francisco. Commerzbank is under pressure from regulators to raise 5.3 billion euros ($6.9 billion) in new capital by mid-2012.

As Reports of Deaths Mount, Syria Observers Urged Toward Homs (jdargis)

The fighting was concentrated in the Bab Amr neighborhood. A resident there, Abu Omar, said hundreds of families had fled, and the neighborhood had long ago run out of food: they were surviving on potatoes. Several days ago, dozens of army soldiers took over part of his house, firing heavy machine guns from his third floor for days.

Environment

Report Condemns Japan’s Response to Nuclear Accident (jdargis)

The panel attacked the use of the term “soteigai,” which translates to “unforeseen,” by plant and government officials to describe the unprecedented scale of the disaster and to explain why they were unable to stop it. Running a nuclear power plant required officials to foresee the unforeseen, said the panel’s chairman, Yotaro Hatamura, a professor emeritus in engineering at the University of Tokyo.

Public Health Fallout From Japanese Quake (guardia)

In comparison, the Japanese government has implemented a campaign to encourage the public to buy produce from the Fukushima area, Ruff added. “That response [in Chernobyl] 25 years ago in that much less technically sophisticated, much less open or democratic context, was, from a public health point of view, much more responsible than what’s being done in modern Japan this year.”

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6 Comments

littlefeatfan's picture
littlefeatfan
Status: Silver Member (Offline)
Joined: Jul 20 2009
Posts: 141
3E links, cartoons, resources weekly Summary

Posted at  http://3es.weebly.com/

Resources this week

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1429
Stratfor Hacked

Apparently it was a SQL Injection attack coupled with the fact that user information including credit cards was unencrypted.   Never allow unqualified text in a web form; parameterize all input data (if you don't know what this means google it).  Get "Green" for your SSL Cert too!

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1429
China and Japan - Good News

This will put more pressure on the US Congress to fix the spending on credit issue.  Good news!

guardia's picture
guardia
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Re: China and Japan - Good News
KugsCheese wrote:

This will put more pressure on the US Congress to fix the spending on credit issue.  Good news!

No shit, looks like both Japan and Germany are conquering what they could not conquer in war! Soon people are going to start talking again about the Empire of Japan and the Weimar Republic before we know it!

Samuel

guardia's picture
guardia
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Re: Stratfor Hacked
KugsCheese wrote:

Apparently it was a SQL Injection attack coupled with the fact that user information including credit cards was unencrypted.   Never allow unqualified text in a web form; parameterize all input data (if you don't know what this means google it).  Get "Green" for your SSL Cert too!

Coding everything in PHP probably didn't help either...

Samuel

Concobb2's picture
Concobb2
Status: Member (Offline)
Joined: Dec 21 2010
Posts: 13
China-Japan and reserve currency status

All, 

Yesterday's news that China (#2 global GDP) and Japan (#3 global GDP) will now trade in their native currencies is a huge erosion in the reserve currency status of the US dollar. 

The BRICS (41% of global GDP) and OPEC have been publicly unhappy with dollar policy for nearly 2 years. and may not be far behind.

A large portion of the dollars currently in circulation are held internationally to support the dollar-based global trade network.  If we lose reserve currency status not only will imports be much more expensive (and fewer), all those under utilized dollars will flood back to the domestic economy.   

So does this equation hold:

             fewer goods+massive inflow $ == higher (or hyper)-inflation

 

I agree there may be positive aspects. Namely encouragement of domestic production and strong discouragements on deficit spending (higher bond costs).  But even though I am personally decoupled I remain deeply apprehensive of the time when all these horribly destructive dragons run wild. 

With this agreement, the loss of reserve currency status is no longer ideal speculation, nor is it something that may happen in the distant future.

Respectfully submitted

 

 

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