Monthly Archives: April 2013

Harvard Economist: ‘No Doubt, Pensions Are Screwed’

"Der Spiegel interviews Harvard economist Carmen Reinhart who has the novel idea that central banks are acting like the 'adults' in the room by cleaning up after spendthrift governments. 'Governments are incapable of reducing their debts and now central banks are stepping in.' Perhaps this argument sounds reasonable to a Martian that has not been following exactly what central banks have been doing and continue to do, but last time we looked we weren't Martian. The idea that monopoly central bankers are 'responsible' and politicians are not seems a spurious question, in our humble view. A pox on both their houses." Continue reading →

Continue ReadingHarvard Economist: ‘No Doubt, Pensions Are Screwed’

As Gold Declines Will Stocks Fly?

"We often write of directed history, the idea that powerful forces create conditions for the policies that they want to implement. When it comes to money metals, the idea would be to drive down metals prices while simultaneously affirming that these same metals are simply not a good investment. They are barbarous and whatnot. At the same time as precious metals prices are falling, stock indexes are rising – presumably at least in part because of the pump priming by central banks that are printing great gouts of money. Some of this money gets stuck in bank coffers but a fair amount is obviously finding its way into various stock markets." Continue reading →

Continue ReadingAs Gold Declines Will Stocks Fly?

Number of Chinese becoming US citizens declines

"The number of Chinese who became US citizens has declined annually over the last five years to 31,868 in 2012 from 40,017 in 2008, according to the US Department of Homeland Security. Tao Lin, a New York-based immigration law expert, said naturalization for Chinese appears to be changing. 'It's not like the old-fashioned way when Chinese immigrants would come to the US, gain their citizenship, stay and assimilate to US culture,' said Lin, managing attorney of T. Lin & Associates. 'You're seeing more Chinese people returning to China.'" Continue reading →

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US banker proud to become Chinese national

"The rise of China has not only transformed the global landscape of the financial industry, but it has also changed an American banker’s nationality. Some in Hong Kong’s financial community were surprised by an e-mail from one of the most veteran investment bankers in the city on Tuesday night. Marshall Nicholson, a managing director in charge of investment banking in Hong Kong for China International Capital Corporation (CICC) told his colleagues and friends that he had officially renounced his United States citizenship and would soon receive a HKSAR passport. Nicholson, whose wife is a Hongkonger, first came to the city about 11 years ago." Continue reading →

Continue ReadingUS banker proud to become Chinese national

China Builds Great Central Bankers?

"Around the world, Western-style monetary recipes are failing. But this article attempts to convince us that the Chinese have somehow managed to implement miraculous growth using ingredients that are notably dysfunctional elsewhere. How is that possible? We would submit it is not. What is going on is a kind of campaign to convince people that as capital and power flow east, such a reality is reasonable and inevitable. Seen from this standpoint, the profile of this Chinese central banking genius – and it drones on and on – is part and parcel of a larger attempt at explaining the inexplicable." Continue reading →

Continue ReadingChina Builds Great Central Bankers?

Supreme Court rules foreign citizens can’t sue in U.S. for rights violations

"The Supreme Court unanimously upheld a federal appeals court’s decision on Wednesday barring foreign citizens from suing corporations in American courts for human rights violations committed abroad. The Los Angeles Times reported that the 9-0 decision limits the scope of the Alien Tort Statute (ATS) of 1789 in rejecting a lawsuit brought against Royal Dutch Petroleum by a group of Nigerian citizens accusing the company of helping their country’s government in a series of human rights violations — including, murder, rape and torture — during the 1990s." Continue reading →

Continue ReadingSupreme Court rules foreign citizens can’t sue in U.S. for rights violations

How to Be a YouTube Star and Beat Justin Timberlake in the Charts

"I released my first musical thing (called YouTube Tour) in 2007 I think it was, and it made a couple hundred bucks. Then in 2008 they introduced the YouTube partnership program and I was one of the first partners. Back then I made maybe $300 a month. Then it slowly rose, and at the same time my first album came out in October 2009, so with the money from that plus YouTube I moved out in March 2010 to a place with my best friend and we paid £600 each on rent so it wasn’t too bad. Typically I make around £3500 a month from YouTube (I’m on a network so they can sell the ad space higher) and at least £10,000 a month from music and merch sales." Continue reading →

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Marijuana Stocks Are Extremely Dangerous Investments

"At this stage I do not believe there is a single reputable marijuana stock on the market. Having previously investigated several marijuana stocks, and having observed the price action and news of the major marijuana stocks over the past few months, I believe that the only people set to make a lot of money from these stocks are the company insiders and smart day-traders. Why Do Investors In Marijuana Stocks Face Enormous Risk? Because the fundamentals of the primary marijuana stocks being traded are horrible, they have extremely limited histories, and there are numerous skeletons in the closet." Continue reading →

Continue ReadingMarijuana Stocks Are Extremely Dangerous Investments

Huge landslide shuts down largest mine in the world in Utah

"The world's largest man-made excavation - a US copper mine - has been shut down by an enormous landslide that smashed roads and buildings and left two-thirds of the pit base buried. Nobody was hurt in the collapse at the massive open-cast Bingham Canyon Mine, run by Rio Tinto-owned Kennecott Utah Copper - largely because workers had been evacuated amid several weeks of warning signs the ground was going to shift. Kennecott is the second largest copper producer in the US, supplying about a quarter of the country's copper, the company's website states." Continue reading →

Continue ReadingHuge landslide shuts down largest mine in the world in Utah