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Monthly Archives: April 2012

Japan Goes From a Current Account Deficit to a Surplus

Japan swung to a current-account surplus in February after a record deficit in January, lending support to a currency that officials have sought to weaken to aid exporters and economic growth.

The excess in the widest measure of trade was 1.18 trillion yen ($14.5 billion) the Ministry of Finance said in Tokyo today. The median estimate of 25 economists surveyed by Bloomberg News was for a surplus of 1.12 trillion yen.

The yen is rebounding even after interventions by the finance ministry and monetary easing by the Bank of Japan helped to bring the currency down from October’s post World War II high against the dollar. Governor Masaaki Shirakawa’s policy makers are meeting today and tomorrow to decide whether the world’s third-biggest economy needs more support as it recovers from last year’s earthquake and tsunami.

“There is no doubt that the yen is still too strong for companies to become optimistic, which leads to less investment and weak growth,” said Yoshimasa Maruyama, chief economist at Itochu Corp. in Tokyo. “The BOJ will have to be mindful about the recent yen appreciation.”

The yen traded at 81.48 per dollar, up 0.2 percent as of 10:40 a.m. in Tokyo, strengthening for a fourth day. The Japanese currency hit a postwar high of 75.35 per dollar in October before expanded monetary stimulus by the central bank on Feb. 14 aided weakening….”

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Sony to Pink Slip 10k or 6% of the Work Force

Sony Corp. (6758), the Japanese electronics maker that has forecast a fourth straight annual loss, will slash about 10,000 jobs, or 6 percent of its workforce, the Nikkei newspaper reported on its website.

As many as 5,000 job cuts will come from reorganizing businesses making chemicals and small-and medium-sized panels, the Nikkei reported. George Boyd, a spokesman for the Tokyo- based company, declined to comment when contacted by phone….”

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Earmarks to Return if GOP Porkers Get Their Way

Proving they’ve learned nothing from lessons of the past, some House Republicans are pushing to bring back the wide-scale use of earmarks to Congress. These pigs in elephants’ clothing want to end a three-year moratorium on earmarks and start trading pork projects for votes in order to pass legislation, even though their big spending, earmarking ways during the George W. Bush era cost them dozens of elections.

Read the rest here.

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Google Earns $2 Per Handset; Apple, $575

via Slashdot

Hugh Pickens writes “While Apple generates more than $575 in profit for every iOS device, and according to estimates in 2007 Apple earned more than $800 on every iPhone sold through ATT, Horace Dediu reports that Android generated less than $550m in revenues for Google between 2008 and the end of 2011, earning only $1.70 per year, per Android device — explaining how Apple is sucking up two thirds of the profit in the mobile phone business.

Read the rest here.

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Climate Change Wonks: New U.S. Population-Adjusted Temperature Dataset (PDAT), 1973-2012

April 5th, 2012 by Roy W. Spencer, Ph. D.

This is the first of what I hope will be monthly surface temperature updates for the contiguous U.S., based upon 280 International Surface Hourly (ISH) stations which have reasonably complete temperature records since 1973.

Following up on my previous post showing that ISH station warming trends during 1973-2011 were a function of population density, I have quantified the average temperature trend increase with population density (2000 population data) over the U.S, then applied a linear trend correction to each of the stations based upon that relationship.

A few of the findings:

1) Essentially all of the +0.20 deg. C/decade average warming trend over the U.S. in the last 40 years computed from the CRUTem3 dataset (which the IPCC relies upon for its official global warming pronouncements) evaporates after population adjustment (no claim is made for countries other than the U.S.)

2) Even without any adjustments, the ISH data have a 20% lower warming trend than the CRUTem3 data, a curious result since the CRUTem3 dataset is supposedly adjusted for urban heat island effects.

3) The only calendar month with obvious long-term warming is January, due to unusually cold U.S. winters during the 1970s.

4) Last month (March, 2012) is the second warmest monthly temperature anomaly in the 40 year record, and easily the warmest March, even after population adjustment.

For the time being, I’ve decided to post the results for comment rather than attempt to get the work published, which would be a much bigger effort. My hope is that the new dataset will stimulate debate in the climate research community over the existence of residual urban heat island (UHI) effects causing a spurious warming component in commonly used temperature datasets.

Read the rest here.

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Gold Crash on Fed Tightening and Euro Salvation Looks Premature

Until the rising reserve powers of Asia, Russia and the Gulf regain trust in the shattered credibility of the world’s two great fiat currencies – if they ever do – gold is unlikely to crash far or remain in the doldrums for long. `Peak gold’ cements the price floor in any case.

It has been an unsettling experience for late-comers who joined the gold rush near all-time highs of $1923 an ounce last September. The slide has become deeply threatening since the US Federal Reserve took quantitative easing (QE3) off the table six weeks ago – or appeared to do so – and signalled the start of a new tightening cycle. Spot gold ended the pre-Easter week at $1636.

“The game has changed,” says Dennis Gartman, apostle of the long rally who now scornfully tells gold bugs that he is just a “mercenary”, not a member of their cult. “They genuflect in gold’s direction; we merely acknowledge that it exists as a trading vehicle and nothing more. There are times to be bullish, and times to be bearish … to every season, as Ecclesiastes tells us.”

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Where Do People Go When They Drop Out of the Labor Force?

Brad Plumer

In March, the unemployment rate dropped from 8.3 percent from 8.2 percent. But that wasn’t because the economy added an enormous number of jobs.

Rather, as Sarah Kliff pointed out, it was largely due to the fact that 164,000 fewer people were actively looking for work — and they don’t count in the unemployment tallies. That raises the perennial question: Where did all these people go?

The Atlantic’s Matthew O’Brien passes along some handy survey data from Barclays that sheds a little light on this mystery. About 35 percent of the people who have dropped out of the labor force since the recession began in 2007 do want a job, but they’ve become too discouraged to fire off resumes. That’s not good. The other 65 percent are people who have left the labor force and don’t want a job. Some of them are young and perhaps decided to go back to school. But the biggest chunk, by far, seems to be composed of Baby Boomers who have decided to retire early.

Read the rest here.

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SHOCK: Government Clowns Blow Your Money!

VIDIOT: The General Services Administration’s obnoxious “Office Clown” video.

WASHINGTON — Cheers, taxpayers!

Stunning new videos from a lavish, $820,000 conference for the General Services Administration reveal boozy federal employees barely clinging to their margaritas and joking about bad office behavior at the government-funded bash.

The head of the agency and two other employees resigned last week after a scathing inspector general’s report on the conference, which soaked taxpayers for $7,000 on sushi, $30,000 on a cocktail reception and awards dinner and $5,600 on parties at the regional conference for the GSA.

In an Oscars-style interview show set outside the event, an interviewer puts his arm around one tipsy-looking female employee, asking: “You’re kind of stumbling, what’s going on here?”

“I have a talent for drinking margaritas,” the GSA worker responds on the video, to roars of laughter among guests at the M resort in Henderson, Nev.

Jeff Neely, a GSA administrator, brags on camera: “I am wearing all Armani”

The videos were obtained by the Huffington Post.

In another video, a cigarette-smoking man called the “Angry Office Clown” jokes: “I think my role is to make it as challenging an environment for the others as I possibly can.”

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The Passion of the Christ

[youtube://http://www.youtube.com/watch?v=5V6l2-AHAqA&feature=related 450 300]

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How to Control What Facebook Apps See

By Jennifer Valentino-DeVries

Apps on Facebook can gather many types of personal information if you allow them to. But there are steps you can take to limit their access.

Controlling what gets shared with apps starts on Facebook’s “privacy settings” page. To get there, click the little arrow to the right of the top blue bar on Facebook and select “privacy settings.”

Read the rest here.

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Sanford (FL) Police Deny any Indication of Neo-Nazis Patrolling

Posted by    Saturday, April 7, 2012 at 1:29pm

The latest wildfire spreading through the media and blogosphere is that armed neo-Nazis are patrolling Sanford, FL, in anticipation of trouble if George Zimmerman is not charged in the killing of Trayvon Martin.  In what has become a prime example of media malpractice, none of the major publications spreading the rumors bothered to check with local law enforcement.  I did, and the Sanford Police deny any indication of neo-Nazi patrols.

It all started with this blog post in The Miami New Times, Armed Neo-Nazis Now Patrolling Sanford, Say They Are “Prepared” For Post-Trayvon Martin Violence:

Neo-Nazis are currently conducting heavily armed patrols in and around Sanford, Florida and are “prepared” for violence in the case of a race riot. The patrols are to protect “white citizens in the area who are concerned for their safety” in the wake of the Trayvon Martin shooting last month, says Commander Jeff Schoep of the National Socialist Movement. “We are not advocating any type of violence or attacks on anybody, but we are prepared for it,” he says. “We are not the type of white people who are going to be walked all over.”

Because nothing diffuses racial tension like gun-toting racial separatists patrolling an already on-edge community….

The patrols are comprised of between 10 and 20 locals and “volunteers” from across the state, including some from Miami, he added. He couldn’t go into specifics on what kind of firepower, exactly, the patrols had with them.

The blog post quotes someone from a supposed neo-Nazi group in Detroit, and contains photos of armed patrols not in Sanford, but in Arizona.  The author of the blog post provides no confirmation that such patrols actually are taking place.

The blog post already has generated over 1100 comments, and was picked up with reckless abandon by the usual suspects, including Charles Johnson at Little Green Footballs:

You know all that rhetoric about “race war” that’s showing up at Breitbart.com and many other right wing sites these days? It’s not just rhetoric. There are some people in Sanford, Florida right now who are taking it very seriously indeed

And Pam Spaulding at Firedoglake:

And the right wing said it wasn’t about race (on their side), didn’t they? Neo-Nazis have never been affiliated with the left; they’ve always been on the fringe anarchist/chaos/gov’t overthrow wing of the GOP, because there’s no way these white supremacists would vote Dem. After all, that party is polluted with black, brown…you know, the Mud People….

I thought the police department was there to protect all of Sanford’s citizens (when it’s not torpedoing its own bad police work/f’ing up cases involving black folks as victims), but as there’s nothing like having this paramilitary crowd with strong views on race stepping in to do the job. You know, like the KKK, it’s not intimidating at all.

A writer at Mediaite joined in [note:  Mediaite has updated its post with a link here, and also has published a separate post on the Sanford denial]:

And just so we’re clear, the Neo-Nazis have no official position on the Martin case, because remember, George Zimmerman isn’t even white. But the Neo-Nazi commander is trying to assure everyone that they are trying to protect everyone, because “if something were to touch off a race riot, we’d already be in the area.”

Well said! Because whenever there’s a race riot, my first question is always, “Where are the armed racists when you need them? They’ll put a stop to all this violence!”

HuffPo and The Daily Beast are helping spread the story.

It even has spread to The NY Daily News [note:  The NYDN story changed tonight. after I contacted the writer, and now acknowledges police denial; the following is from the original story] :

The Trayvon  Martin case is getting even more heated as armed neo-Nazis are reportedly  patrolling the streets of Sanford, Fla.-where the black, unarmed teen was shot  and killed.

A representative for the Detroit-based National Socialist movement told  the Miami New Times that his group of roughly 10 to 20 volunteers aren’t there  to start trouble, but are prepared to protect the “white citizens in the area”  in the event of race riots.

Only Gateway Pundit asked the obvious question:

Is there any evidence that this is actually happening in Sanford?

Did anyone bother to contact the Sanford Police?  I did, and the Sanford Police deny any indication of Neo-Nazi groups patrolling in Sanford.  Here’s the e-mail exchange:

Read the rest here.

 

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Bank of America Files Suit Against Deadbeat Congressman Emanuel Cleaver – Demands Payment of More Than $1.5 Mil

April, 6, 2012 — nicedeb

In what is certain to cause him election year migraines, the Bank of America has filed suit against Missouri Rep. Emanuel *Spittlegate* Cleaver, seeking repayment of $1.5 million from Cleaver, his wife and The Cleaver Company for a 20 year loan that originated in 2002 at a 6.25% interest rate. Cleaver has received three (3) forbearances over the ten year period.

Jacob Turk, Cleaver’s opponent in the District 5 2012 House race, noted on his Facebook page, today, that  Cleaver voted on September 23, 2010 for H.R. 5297 which ‘increases the government guarantees on SBA 7(a) loans from 75 percent to 90 percent’, in essence, putting taxpayers on the hook for his bad debt.

The Kansas City Star reports:

The bank that loaned the Kansas City congressman and his wife $1.3 million in 2002 to buy the Grandview Auto Wash at 12204 Blue Ridge Extension is now demanding payment of more than $1.5 million, after the Cleavers repeatedly fell behind on repaying the loan.

The suit, filed last week in Jackson County Circuit Court, said the demand for repayment came after three attempts to delay foreclosure. Bank of America also is seeking attorney’s fees and a receiver to protect collateral.

“The Cleaver Company failed and refused, and continues to fail and refuse, to pay the outstanding obligations due and owing … under the note and other loan documents,” the lawsuit said.

In an email statement, Cleaver said, “This is a business dispute. The business has been run by an outside manager for years.” He said because it was a legal matter, he would have no further comment.

According to court documents, the outstanding principal totals $1.2 million with interest totaling $240,545 as of March 6. Late fees have reached $54,587. Both Cleavers had personally guaranteed the debts, according to the suit.

The loan was originally part of a Small Business Administration program. It was not clear Thursday how much money, if any, taxpayers will have to provide if the loan defaults.

The Bank of America lawsuit documents are here.

Read the rest here.

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Pope Benedict XVI: Mankind is Groping in Darkness

“VATICAN CITY (AP) — Pope Benedict XVI, carrying a tall, lit candle, ushered in Christianity’s most joyous celebration with an Easter vigil service Saturday night, but voiced fears that mankind is groping in darkness, unable to distinguish good from evil.

Easter for Christians commemorates Christ’s triumph over death with his resurrection following his crucifixion.

“Life is stronger than death. Good is stronger than evil. Love is stronger than hate. Truth is stronger than lies,” Benedict, wearing white robes in a symbol of new life, told the faithful in a packed St. Peter’s Basilica….”

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