Odds and ends. Or. Non-weekly commentary.
Several items of corporate/government/fascist/authoritarian free enterprise management of perspective/propaganda/media have stuck in my craw this week. I suppose primarily because they are so thoroughly hypocritical, so entirely self-interested (self being the U.S.), and so glibly passed off as truth but in actuality are steaming hot piles of bullshit.
Item 1:
The ridiculous notion (of course, the intent is to divert attention and manage perspective, nothing new) that the EU is somehow in a uniquely problematic financial situation with the faltering economies of the PIIGS (Portugal, Italy, Ireland, Greece, and Spain). I assure you the U.S. is in a far worse position with innumerable states, including but not limited to California, New York, Illinois, Pennsylvania, Arizona, and New Jersey on the precipice of insolvency. So, the dollar rallies. And will go somewhat higher. Total false premise. Sell it. It’s a race to the bottom and all fiat is trash.
Item 2:
The notion that China is somehow to be demonized for currency manipulation. Please. Have I woken up in a fantasy world? Are you telling me the U.S. has clean hands here? We preach a strong dollar when we want the exact opposite and have for years. You people disgust me.
Item 3:
The idea that Toyota’s present recalls over defects are of great consequence. They aren’t. The exaggeration of and alarmism over the situation is a none too obvious gift to Detroit, which now largely is an arm of the government. A veiled protectionism. But idiotic and misguided like most anything government attempts as Toyota employs tens of thousands of Americans. Toyota stock is a long-term buy after some further correction.
Item 4:
Back to China. The ridiculous notion that the Chinese are somehow stuck with our debt or backed into a corner. Total crap. How boxed in are they every time they buy another mining company or energy company or agree to do business in a currency other than dollars? China is going to cut off our johnson. And as it’s happening, like Baghdad Bob, you can expect our media to be denying it is even possible.
Item 5:
The mistaken notion, incessantly promoted by the media, that this is an “ongoing economic recovery.” There is no recovery. This is bottom bouncing. A stone skipping across a pond. And then. Hello, gravity.
February 9th, 2010 at 11:45 am
Re item 1:
“[C]oncerns over the so-called PIGS — Portugal, Ireland, Greece and Spain — or those on the geographic and economic periphery of the European Union are really a sideshow. The real danger to markets lies with the DOLTS, or Dangerously Over-Leveraged Triple-A Superpowers”
February 9th, 2010 at 11:49 am
Also, I’m removing an “I” for now. I’m not sure this is fair to Italy. So. PIGS it is.
February 9th, 2010 at 11:52 am
Re item 4:
China builds stakes in Canadian mining companies
February 9th, 2010 at 11:53 am
Re item 4:
Cornered, you said?
Senior Chinese military officers have proposed that their country boost defense spending, adjust PLA deployments, and possibly sell some U.S. bonds to punish Washington for its latest round of arms sales to Taiwan.
February 10th, 2010 at 7:59 am
Re item 1:
Think the PIGS Are in Trouble? These 7 U.S. States Could Be Heading for Something Worse
February 11th, 2010 at 9:22 am
Re item 1:
A Greek crisis is coming to America
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America Has Its Own PIGS
February 17th, 2010 at 11:52 am
Re item 3:
Japan Reclaims Title of Top Treasury Holder
Great time to piss off Japan, huh?
February 28th, 2010 at 9:15 am
Re item 1:
Jamie Dimon, chairman of JP Morgan Chase, has warned American investors should be more worried about the risk of default of the state of California than of Greece’s current debt woes.
March 2nd, 2010 at 4:47 pm
Re item 2:
Chinese exporters should be hit with stiffer U.S. tariffs to compensate for the unfair advantage they get from an undervalued currency, U.S. Senator Charles Schumer and 14 colleagues said yesterday
Morons is as morons does.
March 4th, 2010 at 10:04 am
Re item 4:
Beijing is using its accumulation of billions of American dollars to step up its investments around the globe.
March 12th, 2010 at 11:25 am
Re item 2:
Leave yuan to us, China tells Obama
March 16th, 2010 at 5:29 pm
Re item 2:
Lawmakers Move to Slap Stiff Penalties on China Over Currency
How so very proud. We all are of. You.
March 17th, 2010 at 10:06 am
Re item 2:
The latest push by U.S. lawmakers to target China’s currency policy may force President Barack Obama to step up pressure for an increase in the yuan’s valuation, senators and analysts said.
March 31st, 2010 at 9:29 am
Re item 1:
Some states face Greek-style debt woes
March 31st, 2010 at 9:32 am
Re item 2:
Blaming China will not solve America’s problem:
“Washington’s scapegoating of China could take the world to the brink of a very slippery slope. It would not be the first time that political denial was premised on bad economics. But the consequences of such a blunder – trade frictions and protectionism – would make the crisis of 2008-09 look like child’s play.”
April 1st, 2010 at 1:07 pm
Re item 3:
Toyota on Thursday reported a 35.3 percent jump in US sales in March, rebounding from a series of mass safety recalls which have undermined the embattled Japanese automaker’s reputation.
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“At Toyota (TM 80.45, -0.04, -0.05%), customers looked past the recall crisis to take advantage of the deals at the typically thrifty Japanese automaker. [March U.S. s]ales jumped 40.7% to 186,863 vehicles, thanks to strong demand for light trucks and sedans like the Camry and hybrid Prius.”
April 2nd, 2010 at 4:49 pm
Re item 5:
Don’t Let the Facts Get in the Way of a Recovery
April 6th, 2010 at 7:49 pm
Re item 4:
China Considers Yuan Trading Against Ruble, Won, Official Says
April 13th, 2010 at 10:04 am
Re item 5:
Alcoa’s Sales Miss Shows U.S. Recovery Isn’t ‘Robust’
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Confidence among U.S. small businesses fell in March to the lowest level since July 2009 as executives grew more concerned about earnings and sales, a private survey found.
April 13th, 2010 at 10:10 am
Re item 4:
China is about to ramp up its exposure to the oil sands, with Bloomberg reporting Monday that China Petroleum & Chemical Corp., Asia’s biggest refiner, will drop $4-billion for a 9 per cent stake in Syncrude Canada Ltd.
April 13th, 2010 at 5:17 pm
Re item 5:
This is beautiful. Adding to the “fodder for ridicule” file.
April 20th, 2010 at 5:11 pm
Re item 1:
America’s disastrous debt is Obama’s biggest test
April 29th, 2010 at 12:37 am
Re item 4:
China is undermining the dollar by the back-door
April 29th, 2010 at 10:12 pm
Re item 5:
Number of the [last] Week: 103 Months to Clear Housing Inventory
May 7th, 2010 at 10:52 am
Re item 1:
US Faces Same Economic Woes As Greece: Marc Faber
May 7th, 2010 at 10:54 am
Re item 5:
“The U.S. jobless rate rose to 9.9% in April, the first increase in three months, but the government’s broader measure of unemployment ticked up for the third month in a row, rising 0.2 percentage point to 17.1%.”
May 11th, 2010 at 1:04 am
Re item 3:
Toyota Motor Corp. Tuesday said it swung to a net profit of 209.46 billion yen ($2.26 billion) in the fiscal year which ended in March, reversing a year-ago loss, and predicted the current year would also be more profitable despite its recent plague of recall woes.
May 12th, 2010 at 11:20 am
Re item 1:
In Greek Debt Crisis, Some See Parallels to U.S.
May 12th, 2010 at 2:38 pm
Re items 1 & 5:
The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday.
May 14th, 2010 at 10:14 pm
Re item 1:
Martin Armstrong, persecuted genius, still imprisoned, weighs in.
May 14th, 2010 at 10:22 pm
Re item 5:
U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing market squeezed consumers.
May 15th, 2010 at 12:45 pm
Re item 1:
US faces one of biggest budget crunches in world – IMF
May 16th, 2010 at 9:19 pm
Re item 1:
May 17th, 2010 at 8:31 am
Re item 1:
Californian economy like euro zone nations: Schwarzenegger
May 19th, 2010 at 11:29 am
Re item 5:
Mortgage delinquencies and foreclosures break records
May 20th, 2010 at 10:27 am
Re item 5:
More Americans Unexpectedly File Claims for Jobless Benefits
Unexpected? No.
May 20th, 2010 at 10:28 am
Re item 5:
Commercial Property Values Drop as Rebound Stalls
May 20th, 2010 at 10:42 am
U.S. Economy: Leading Indicators Drop in Sign Recovery to Cool:
“The index of U.S. leading economic indicators unexpectedly declined in April, a sign the economic expansion may cool in the second half of the year.”
Again. I submit. Not unexpected
May 20th, 2010 at 3:51 pm
Re item 5:
Europe’s sovereign-debt problems carry the seeds of a “potentially serious setback” for economic recovery in the U.S. as well as globally, Federal Reserve Board Gov. Daniel Tarullo said Thursday.
A convenient explanation.
May 20th, 2010 at 7:22 pm
Re item 3:
Tiny Tesla Motors and mighty Toyota Motor Corp. are teaming up to produce the next generation of electric cars at a recently shuttered auto-assembly line in Northern California, the companies said Thursday.
May 21st, 2010 at 1:34 pm
Re item 5:
One in 7 U.S. home
ownersdebtors paying late or in foreclosureMay 21st, 2010 at 3:31 pm
Re item 5:
Leading City experts have started raising the prospect of “Great Depression II” amid worries that the European economic crisis could trigger a deeper bout of chaos.
May 25th, 2010 at 11:11 am
Re item 5:
Falling home prices raise fears of new bottom
May 26th, 2010 at 10:27 am
Re item 5:
Price of single-family homes drops for sixth straight month
May 26th, 2010 at 10:29 am
Re item 5:
Banks Trim Debt, Obscuring Risks
This isn’t wrestling, where you purge to make weight. This is fraud and deception.
May 29th, 2010 at 2:43 am
Re item 5:
New Home Sales Set to Plunge in Former Bubble Markets
June 7th, 2010 at 11:04 am
Re item 5:
America’s jobless picture is alarmingly bleak
June 12th, 2010 at 4:31 pm
Re item 5:
U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state
June 14th, 2010 at 11:26 am
Re item 5:
Recovery Hype and Fed Audit
June 15th, 2010 at 9:08 am
Re item 5:
Kicking out the supports.
Home-Builder Confidence Tumbles:
“Shorn of government subsidy for home buyers, builder confidence plunged in June, raising concerns about the housing sector recovery.”
June 17th, 2010 at 10:10 am
Re item 5:
New Jobless Claims Up Sharply As Layoffs Persist, raising concerns about recovery’s strength
June 17th, 2010 at 10:13 am
Re item 5:
OBAMA, BIDEN DECLARE “RECOVERY SUMMER”
Pure Orwellian idiocy.
June 17th, 2010 at 10:22 am
Re item 5:
Housing Market Slows as Buyers Get Picky
June 25th, 2010 at 9:40 am
Re item 1:
States of Crisis for 46 Governments Facing Greek-Style Deficits
July 1st, 2010 at 10:34 am
Re item 5:
Weak economic data suggest recovery is fizzling:
“Fears that the economic recovery is fizzling grew Thursday after the government and private sector issued weak reports on a number of fronts.
Unemployment claims are up, home sales are plunging without government incentives and manufacturing growth is slowing.”
July 5th, 2010 at 9:29 pm
Re item 1:
Investors are worried that the risk of default for US local governments is growing, amid signs that some regions are facing the same type of difficulty in curbing pension and budget deficits as some eurozone countries.
Well now.
July 14th, 2010 at 10:58 pm
Re item 1:
Illinois: Our very own Greece?
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States Dodge Defaults as California May Cut Worker Pay
July 15th, 2010 at 2:11 pm
Re item 1 (“So, the dollar rallies. And will go somewhat higher. Total false premise. Sell it.”):
Dollar Drops to Two-Month Low Versus Euro
July 16th, 2010 at 9:21 am
Re item 1:
“‘The worm is turning,’ said David Bloom, currency chief at HSBC. ‘We’re in a world of rotating sovereign crises. The market seems to become obsessed with one idea at a time, then violently swings towards another. People thought the euro would break-up. Now we’re moving into a new phase because we’re hearing alarm bells of a US double dip.’
Mr. Bloom said a deep change is under way in investor psychology as funds and central banks respond to the blizzard of shocking US data and again focus on the fragility of an economy where public debt is surging towards 100pc of GDP, not helped by the malaise enveloping the Obama White House. ‘The Europeans have aired their dirty debt in public and taken some measures to address it, whilst the US has not,’ he said.”
July 19th, 2010 at 9:58 pm
Re item 5:
Double-dip looks doubly certain
Commentary: The economic recovery is just an illusion
July 21st, 2010 at 8:44 am
Re item 4:
Chinese Firms Snap Up Mining Assets
July 26th, 2010 at 8:36 am
Re item 1:
Europe’s prospects brighten as U.S. fades
July 27th, 2010 at 10:40 am
Re item 1:
Uncle Sam has worse woes than Greece
July 27th, 2010 at 10:41 am
Re item 4:
China invests heavily in Brazil, elsewhere in pursuit of political heft
August 3rd, 2010 at 8:46 am
Re item 1:
The Next Sovereign Debt Crisis:
Europe’s PIIGs are in a poke, but U.S. states and municipalities risk their own sovereign debt crisis, with a huge liquidity risk from short-term debt.
August 3rd, 2010 at 4:55 pm
Re item 1:
Faltering US recovery trips dollar:
“The dollar has fallen to multi-month lows against the world’s major currencies as investors bet that evidence of a faltering US recovery will lead to further monetary easing by the Federal Reserve.”
August 6th, 2010 at 9:54 am
Re item 5:
The U.S. economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%, a further sign the economic recovery may be losing momentum.
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Friday’s employment report provided an odd mix of unpleasant surprises that add another question mark to the pace of economic recovery.
My. How odd.
August 11th, 2010 at 8:51 am
Re item 1:
U.S. Is Bankrupt and We Don’t Even Know It: Laurence Kotlikoff
Certainly anyone with a fraction of a brain knows it.
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America is a “Mickey Mouse economy” that is technically bankrupt, according to Jochen Wermuth, the Chief Investment Officer (CIO) and managing partner at Wermuth Asset Management.
August 11th, 2010 at 1:17 pm
Re item 5:
Q2 GDP Growth Could Be Revised To Just 1% After Trade Data
August 27th, 2010 at 11:01 am
Re item 5:
The government is about to confirm what many people have felt for some time: The economy barely has a pulse.