Fresh Mars Impact Craters Blast Ice Onto Surface | Universe Today
If you look at mars on Google, most of the planet looks like a huge mud flow. I wouldn't be surprised if there was a lot of water under the surface. Fresh Mars Impact Craters Blast Ice Onto Surface | Universe Today: "Fresh impact craters on Mars have revealed more evidence of stable ice that's been hiding just beneath the surface all along, say scientists working on images sent back by the HiRISE camera aboard NASA's Mars Reconnaissance Orbiter."
Jonathan Freedland: Where is the new JFK we expected? He's stuck in a rut with Gordon Brown | Comment is free | The Guardian
Jonathan Freedland: Where is the new JFK we expected? He's stuck in a rut with Gordon Brown | Comment is free | The Guardian: "Someone tore up the script. Here's how it was meant to go. Barack Obama was supposed to sweep into Europe on his first major trip abroad as the new JFK, greeted by adoring fans moistly waving little American flags. His progress would be part celebrity world tour, part celebration of the end of the Bush era. A needy Gordon Brown would bask in the Obama glow, hoping its rays would improve his own deathly pallor. Meanwhile, the rest of Europe's leaders would fall to their knees, humbly agreeing to any request made by the visiting emperor, mindful that in a choice between them and Obama, their own electorates would choose Obama every time. That was the way it was supposed to be. Instead, Obama arrived last night on the eve of what organisers promise will be a raucous day of anti-globalisation protest on London's streets, the demonstrators' previous loathing of George Bush rapidly transferred to the commanders of the ailing world economy. Brown will still crave the Obama magic dust, but he may find his American visitor has less of it to sprinkle around, beleaguered as he is by rising opposition from both left and right at home, even the first muttered grumbles that the 44th president might turn out to be neither a new FDR nor a JFK, but a JEC - Jimmy Carter. To cap it all, the Europeans are refusing to bow down before him"
BBC NEWS | Science & Environment | Earth population 'exceeds limits'
BBC NEWS | Science & Environment | Earth population 'exceeds limits': "There are already too many people living on Planet Earth, according to one of most influential science advisors in the US government. Nina Fedoroff told the BBC One Planet programme that humans had exceeded the Earth's 'limits of sustainability'."
Ahead of G20 summit, council told to switch off illegal £15m CCTV network | UK news | The Guardian
mmmmmm.... Ahead of G20 summit, council told to switch off illegal £15m CCTV network | UK news | The Guardian: "The security operation at this week's G20 summit was thrown into chaos last night when it emerged that the entire network of central London's wireless CCTV cameras will have to be turned off because of a legal ruling. The Department for Transport (DfT) has ruled that Westminster council's mobile road cameras - a third of the authority's CCTV network - 'do not fully meet the resolution standards required' and must be switched off by midnight tomorrow. The blackout begins on the eve of the summit, when world leaders arrive in the capital and protesters take to the streets."
The Tipping Point of the Dollar
The Tipping Point of the Dollar: "A defining move by the Fed last week to buy billions in treasuries and Freddie and Fannie mortgage backed securities will change the world as we know it. In my article entitled ‘Deflation Dragon Disaster’ written November 25 2008, I asked; “Will the unprecedented inflow of cash that is being injected into the system be enough to still the Deflation Dragon? At what point will the unyielding upward trend in the dollar be stopped in its tracks by the avalanche of FIAT sisters and brothers joining daily?” With the Fed buying 300 billion in treasuries I believe that day of reckoning has come! Martin Weiss of Money and Markets adds up the tally of government funds committed so far as close to 13 trillion. He also reports a total of 57.3 trillion in credit default swaps. This inevitably will push the dollar down."
Spy satellites spot nose of NKorea rocket: report
Spy satellites spot nose of NKorea rocket: report: "Spy satellites have photographed the nose cone of a long-range North Korean rocket on its launch pad but its remains unclear whether it is carrying a satellite or a warhead, a report said Sunday."
Gordon Brown left red-faced at G20 summit as UK's debts soar | Mail Online
Seems like there is a lot of discussion on this at the moment in the UK. GB is not popular and seems to be taking this as the person who will be seen as accountable for this. Gordon Brown left red-faced at G20 summit as UK's debts soar | Mail Online: "Gordon Brown faced huge embarrassment on the eve of the G20 summit as it was revealed that Britain is heading for the top of Europe’s borrowing league. The figures – which came as the first world leaders began arriving in London – mean Britain’s chairmanship of the meeting is likely to be overshadowed by the dire position of its public finances. The Prime Minister’s hope of getting leaders to agree a ‘global new deal’ is already looking increasingly unlikely."
Vast Spy System Loots Computers in 103 Countries - NYTimes.com
Vast Spy System Loots Computers in 103 Countries - NYTimes.comA vast electronic spying operation has infiltrated computers and has stolen documents from hundreds of government and private offices around the world, including those of the Dalai Lama, Canadian researchers have concluded.
Revealed: How the government probed Britain's greatest UFO mystery - Telegraph
Of course the increased files maybe related to the increased visibilty from the release of the UK UFO X-files..... Revealed: How the government probed Britain's greatest UFO mystery - Telegraph: "The Ministry of Defence are thought to have taken the unexplained sighting very seriously Photo: THE NATIONAL ARCHIVES/ PA WIRE Officials were so alarmed by the object, which was captured on camera, that they broke with established procedures and referred the sighting to ministers. They also overrode rules prohibiting investigations into UFO sightings not considered an immediate threat to national security, and spent more than a year trying to crack the still unexplained mystery."
Financier sees oil shock from credit crunch | Reuters
Financier sees oil shock from credit crunch | Reuters: "The global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices, an energy consultant and financier says."
Space storm alert: 90 seconds from catastrophe - space - 23 March 2009 - New Scientist
Space storm alert: 90 seconds from catastrophe - space - 23 March 2009 - New Scientist: "IT IS midnight on 22 September 2012 and the skies above Manhattan are filled with a flickering curtain of colourful light. Few New Yorkers have seen the aurora this far south but their fascination is short-lived. Within a few seconds, electric bulbs dim and flicker, then become unusually bright for a fleeting moment. Then all the lights in the state go out. Within 90 seconds, the entire eastern half of the US is without power. A year later and millions of Americans are dead and the nation's infrastructure lies in tatters. The World Bank declares America a developing nation. Europe, Scandinavia, China and Japan are also struggling to recover from the same fateful event - a violent storm, 150 million kilometres away on the surface of the sun. It sounds ridiculous. Surely the sun couldn't create so profound a disaster on Earth. Yet an extraordinary report funded by NASA and issued by the US National Academy of Sciences (NAS) in January this year claims it could do just that."
HiRISE Sees Signs Of An Unearthly Spring
I just love google earth and the Mars photos HiRISE Sees Signs Of An Unearthly Spring: "The High Resolution Imaging Experiment, or HiRISE, run from The University of Arizona, is seeing signs of spring on Mars. The signs are absolutely martian and unearthly."
Mervyn King warns Gordon Brown: Britain cannot afford more economic stimulus -- Signs of the Times News
This is a massive politically battle in the UK at No 10 I think Mervyn King warns Gordon Brown: Britain cannot afford more economic stimulus -- Signs of the Times News: "The Governor of the Bank of England laid bare tensions between Gordon Brown and the Treasury yesterday by warning that Britain could not afford a second economic stimulus in the Budget. Mervyn King threw caution to the wind as he sided with Alistair Darling and the CBI against Downing Street in raising strong doubts over any prospect of another round of 'significant fiscal expansion' next month."
Geithner's Toxic Debt Plan So Good Citi and BofA Can't Wait to Get Started: Tech Ticker, Yahoo! Finance
Geithner's Toxic Debt Plan So Good Citi and BofA Can't Wait to Get Started: Tech Ticker, Yahoo! Finance: "A 'funny' thing is happening just as Treasury Secretary Tim Geithner seems to have finally found a scheme to deal with banks' toxic debt: Some big banks are aggressively bidding for toxic debt in the open market. Specifically 'Citigroup and Bank of America have been aggressively scooping up those same securities in the secondary market,' Mark DeCambre of The NY Post reported earlier this week."
New inflation figures illustrate the widening rich-poor divide in this recession | Comment is free | guardian.co.uk
Madeleine Bunting: New inflation figures illustrate the widening rich-poor divide in this recession | Comment is free | guardian.co.uk: "It's one set of inflation figures for the rich and another for the poor. Behind the headline figures on inflation that came out yesterday is a much more complex and disturbing picture of how the richest and poorest households are affected completely differently. The Institute of Fiscal Studies show in a careful analysis that the richest households are experiencing falling prices while the poorest face inflation of nearly 5%. The disparity between the two is explained by the fact that those with big mortgages are enjoying a bonanza as interest rates have fallen to an historic low. Meanwhile the poor and elderly are the ones disproportionately affected by sharp rises in basics such as fuel, food and clothing."
EU presidency: US and UK economic recovery plans are 'a way to hell'
EU presidency: US and UK economic recovery plans are 'a way to hell': "Barack Obama and Gordon Brown's plans to increase spending on economic recovery have been described as 'a road to hell' by the European Union presidency Internal European divisions are growing over the Prime Minister and US President's strategies to fight the economic crisis just one week before a critical G20 summit in London."
BBC NEWS | Technology | Streaming games service launched
BBC NEWS | Technology | Streaming games service launched: "After seven years in stealth mode, a Silicon Valley start-up has launched a 'revolutionary' video game service that offers new competition to consoles. OnLive, which launched at the Game Developer Conference, promises to deliver on demand video games via the cloud to the PC, Mac or TV."
BBC NEWS | Technology | PC 'rules supreme' in games world
BBC NEWS | Technology | PC 'rules supreme' in games world: "The personal computer is king in the world of games, according to a new report by the PC Gaming Alliance. On the opening day of the Game Developers Conference in San Francisco, the Alliance said the industry made about $11 billion world wide last year."
Scientists Cable Seafloor Seismometer Into California's Earthquake Network
Scientists Cable Seafloor Seismometer Into California's Earthquake Network: "A newly laid, 32-mile underwater cable finally links the state's only seafloor seismic station with the University of California, Berkeley's seismic network, merging real-time data from west of the San Andreas fault with data from 31 other land stations sprinkled around Northern and Central California."
Paper gold: nice idea, shame about the politics - Telegraph
Paper gold: nice idea, shame about the politics - Telegraph: "The world outgrew the gold standard decades ago. But a “paper gold” standard might be one way out of the global financial crisis. Zhou Xiaochuan, governor of China’s central bank, has proposed shifting the world from its dependence on the US dollar to a new reserve currency managed by the International Monetary Fund. The idea is good – if only China meant it."
US: Los Angeles Quake Swarm: A Precursor to the Big One? -- Signs of the Times News
US: Los Angeles Quake Swarm: A Precursor to the Big One? -- Signs of the Times News: "There has been a swarm of earthquakes in one area of Southern California that scientists in Pasadena are watching closely, with more than 20 temblors hitting this morning. The biggest of the 24 quakes recorded this morning was a magnitude-4.8 which struck at 4:55 a.m. near the Salton Sea in Imperial County, according to the U.S. Geological Survey. The quake was centered three miles south of the small town of Bombay Beach and 90 miles east of San Diego."
FT.com / Asia-Pacific - China calls for new reserve currency
FT.com / Asia-Pacific - China calls for new reserve currency: "China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund."
BBC NEWS | Middle East | No frills tourism - in Iraq
BBC NEWS Middle East No frills tourism - in Iraq: "Five British tourists, two Americans and a Canadian spent two nights there at the end of a tour of Iraq which has included historic sites as well as cities where extreme violence is still a possibility. They could be the cast of an Agatha Christie thriller - Adventure in Mesopotamia, perhaps: a civil servant, a businessman, a retired sub-postmaster, a former US probation officer and an archaeologist from London"
Bloggers of the Economic Apocalypse - Portfolio.com
Bloggers of the Economic Apocalypse - Portfolio.com: "You wouldn't listen to them when they said the economy was headed off a cliff. Should you listen now that they're predicting the end of civilization?"
When It Comes To Shampoo, Less Is More : NPR
When It Comes To Shampoo, Less Is More : NPR: "She recommends that patients wash their hair no more than two or three times a week."
UPDATE 3-Citigroup CFO to run troubled bank unit | Markets | Markets News | Reuters
UPDATE 3-Citigroup CFO to run troubled bank unit | Markets | Markets News | Reuters: "Citigroup Inc (C.N), in a significant management shake-up, on Friday named Gary Crittenden to run a unit housing underperforming and toxic assets the bank wants to get rid of, and tapped Edward Kelly to replace him as chief financial officer. Crittenden was named chairman of Citi Holdings and will work with its interim chief executive, Michael Corbat, to sell or wind down $850 billion of assets. The unit is separate from Citicorp, whose $1.1 trillion of assets include businesses Citigroup wants to keep, such as retail and investment banking, transaction services, and Citi Private Bank. The appointments are 'the first good news we've had in a long time from Citigroup,' said Michael Holland, a money manager at Holland & Co in New York. 'Crittenden has earned the confidence of the financial community, and Kelly is considered a very solid, competent citizen. It is a welcome relief.'"
Chip and PIN was meant to beat credit card fraud. Guess what? It's up 50% | Mail Online
Chip and PIN was meant to beat credit card fraud. Guess what? It's up 50% | Mail Online: "Card fraud has leapt almost 50 per cent since the introduction of the chip and PIN system that was supposed to cut the problem. The total hit a record high of £609.9million in 2008, which was 14 per cent up on the previous year. More disturbingly, the figure has jumped by £182.8million - 43 per cent - since the chip and PIN system became universal on Valentine's Day in 2006."
Sun Sets on Satellite, But Premium Radio Plays On
Sun Sets on Satellite, But Premium Radio Plays On: "Martine Rothblatt, founder of the company that became Sirius XM Radio, earlier this week expressed doubts about Sirius in its current incarnation, saying that the “better time for satellite radio was 10 years ago.” While I’ve long argued that Internet radio would surpass satellite radio with the adoption of broadband wireless, and while that is indeed becoming the case, it’s besides the point. Sirius need not be confined to delivering content via satellite."
U.N. panel says world should ditch dollar | U.S. | Reuters
U.N. panel says world should ditch dollar | U.S. | Reuters: "A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar" This could crash the dollar next week, if there is enough momentum and there is a run on the currency.
Fed to pump another $1 trillion into U.S. economy - International Herald Tribune
Fed to pump another $1 trillion into U.S. economy - International Herald Tribune: "But there were also clear indications that the Fed was taking risks that could dilute the value of the dollar and set the stage for future inflation. Gold prices rose $26.60 an ounce, hitting $942, a sign of declining confidence in the dollar. The dollar, which had been losing value in recent weeks to the euro and the yen, dropped sharply again on Wednesday."
Fed injection lifts sentiment, Europe resists moves | Markets | Bonds News | Reuters
TOPWRAP 4-Fed injection lifts sentiment, Europe resists moves | Markets | Bonds News | Reuters: "A surprise injection of an extra $1 trillion into the U.S. economy by the Federal Reserve lifted global economic sentiment on Thursday but European leaders looked set to resist pressure to spend more." This stuff worries me, this is real future inflationary pressure I fear.
Sarkozy under pressure as 'millions' take to streets - Europe, World - The Independent
Sarkozy under pressure as 'millions' take to streets - Europe, World - The Independent: "As many as three million people took to the streets across France today to protest against President Nicolas Sarkozy's handling of the economic crisis and demand more help for struggling workers. The protests, which polls show are backed by three quarters of the French public, reflect growing disillusion with Sarkozy's pledges of reform as the crisis has thrown tens of thousands out of work and left millions more worried about their jobs."
Better, faster train service coming to Ottawa, Toronto and Montreal
This needs to happen quickly. Better, faster train service coming to Ottawa, Toronto and Montreal: "And the idea of bringing a high-speed train to the corridor between Windsor and Quebec City is still on the table. The idea's been studied many times over the past 30 years, and another study is underway."
Britain showing signs of heading towards 1930s-style depression, says Bank - Telegraph
This is not good news Britain showing signs of heading towards 1930s-style depression, says Bank - Telegraph: "The country is displaying early symptoms of being trapped in a so-called “debt deflation trap” where families find themselves pushed further and further into the red every month, according to a Bank report published today. The stark warning will cause serious concerns, since it was this combination of falling prices and soaring debt burdens that plagued the US in the 1930s."
RPT-US engineers find way to build a better battery | Reuters
RPT-US engineers find way to build a better battery | Reuters: "U.S. engineers have found a way to make lithium batteries that are smaller, lighter, longer lasting and capable of recharging in seconds."
New Discoveries Throw Doubt on Planet's Greatest Mass Extinction
New Discoveries Throw Doubt on Planet's Greatest Mass Extinction: "A quarter billion years ago the Earth's greatest extinction event, ever, exterminated most of the life on the surface. No, this isn't the one that wiped out the dinosaurs - this is the one that cleared the way for them. Anything capable of creating Tyrannosaurus Rex (however indirectly) is worth further study, but now it seems that a major source of data about the Permian Mass Extinction might actually be in error."
China’s Leader Says He Is ‘Worried’ Over U.S. Treasuries - NYTimes.com
China’s Leader Says He Is ‘Worried’ Over U.S. Treasuries - NYTimes.com: "The Chinese premier Wen Jiabao expressed concern on Friday about the safety of China’s $1 trillion investment in American government debt, the world’s largest such holding, and urged the Obama administration to provide assurances that its investment would keep its value in the face of a global financial crisis."
G20 rift deepens ahead of crisis response talks | Top News | Reuters
This is true and why we still have further to fall. G20 rift deepens ahead of crisis response talks | Top News | Reuters: "More government spending will give the world economy no more than a 'sugar high' if banks are not stabilised, the World Bank said on Friday as financial policymakers at their G20 meeting bickered over ways to battle the crisis."
House prices 'could fall by further 55 per cent' - Telegraph
House prices 'could fall by further 55 per cent' - Telegraph: "House prices may fall by a further 55 percent and there is a 'very real probability' that Britain will be bankrupted, a leading investment bank has warned in a private note to clients."
Contrarian Investing
America's Second Great Depression and Great Stocks Bear Market Have Arrived :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website: "The 11 Laws Law #1. Protect your capital . It's easy to look back at the mistakes that big managers like Fisher made and big brokers like Merrill made and say, “Look! They bought the wrong investments. They screwed up.” True. That was a big mistake. But the bigger mistake they made was not their investment choices or timing. It was in their failure to protect your capital. Act promptly to get rid of losers. Keep a ready store of cash. Remember: Just by keeping what you have you'll be far ahead of virtually everyone else. Law #2. Use common sense — follow your own instinct! If you can see with your own eyes that a company is going down the tubes, get out. Don't let a broker or a financial planner talk you out of selling investments that are obviously burning a hole in your portfolio. Law #3. Don't count on the government to turn the economy around or save sinking investments. The government has already loaned, spent or guaranteed trillions of dollars, and the economy is still sinking. Trillions more are not going to change that trend. Yes, the government can stimulate temporary rallies in the stock market. But when and if it does, use them as opportunities to unload the bad investments you've been stuck with. Law #4. Invest exclusively in liquid, heavily traded investments. Beware of mutual funds, annuities, insurance policies or even bank CDs that lock you in with sales fees or penalties. Stay away from thinly-traded small cap stocks, municipal bonds or exoteric plans that can entrap you. It doesn't matter how good the investment may appear. If you can't jump out at a moment's notice, it's no good for these uncertain times. Law #5. Stay flexible. One of the big mistakes Wall Street managers make is to limit their choices to stocks and be stuck in that mold. So when all stocks fall, there's no way they can avoid losing money. Instead, expand your horizons beyond traditional investing approaches. As long as it's based on common sense and as long as you can buy and sell it easily in an ordinary brokerage account, don't scratch it off your list just because it's new to you. Law #6. Use investments that move independently of stocks and bonds. For example, currencies, which you can buy through simple instruments such as currency exchange traded funds — Law #7. Find special situations that go up DESPITE a falling market — companies that are virtually depression-proof. Law #8. Use investments that go up BECAUSE of a falling market , such as inverseETFs that soar when stocks sink. Law #9. Balance your portfolio. You saw how it was obviously a mistake to place all bets on a bull market without any counterbalancing investments or hedges. Similarly, it could be a mistake to place all your bets on a bear market. In addition to inverse investments, at the right time, make sure you have some counter-balancing positions … in special situation companies, plus currencies, gold and even some commodities. Law #10. Don't fall in love with your investments. Take your profits along the way. Then roll those profits into new opportunities. Law #11: Above all, be a contrarian and buck the crowd. Looking back, whenever a broker, an adviser, even a friend or relative told you to “buy, buy, buy,” it was the worst possible time to invest. Likewise, looking ahead, when everyone finally throws in the towel and tells you to “sell, sell, sell,” it could be the best time to invest."
'Run on UK' sees foreign investors pull $1 trillion out of the City - Business News, Business - The Independent
A run on Britain, yet the pound has strengthen... what is going on. I worry that it is being propped up (same worry with the USD), and eventually gravity will have to kick in. It will be more ugly then. 'Run on UK' sees foreign investors pull $1 trillion out of the City - Business News, Business - The Independent: "A silent $1 trillion 'Run on Britain' by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK – that is monies held in the UK on behalf of foreign investors – fell by $1 trillion (£700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London."
If Google Bought Twitter…. | Mark Evans
This is a good blog and well worth reading. I think this is pretty much bang on. I could see this happening. Seems like they are both waiting for the right price before the match is made. Makes the most sense in ages. If Google Bought Twitter…. | Mark Evans: "Google CEO Eric Schmidt may have told Charlie Rose that a deal for Twitter is unlikely because “prices are still high” but if Google did buy Twitter, here’s what it would mean:"
World's biggest banks to meet in London | UK | Reuters
This is a potentially important meeting and development. Let's see what happens next week following this. World's biggest banks to meet in London | UK | Reuters: "Chief executives of leading Japanese, European and U.S. banks will meet in London to discuss the future of the financial system, the Nikkei newspaper reported, as the global financial crisis prompts a barrage of new regulatory proposals for the sector. The Japanese business daily said the British government would host the meeting on March 24, after a Group of 20 (G20) finance ministers meeting in London next weekend and ahead of a summit of G20 leaders there on April 2. The G20 summit of big developed and developing countries in London aims to put the world economy on a path to recovery with banks facing strong calls for new regulations ranging from increased supervision of the financial sector to limits on executive bonuses. Invitations to the meeting of bankers had been sent to leading institutions including JPMorgan Chase and HSBC, the newspaper said, without naming any sources."
Daily Kos: Daylight saving time
Daily Kos: Daylight saving time: "The clock shift was originally designed to create more leisure time. William Willett, the British architect and golfer who came up with the idea in 1907, wanted to stuff more light into the day so people could play games after work. But it took a war for his proposal to become reality: Germany adopted daylight time during World War I to save fuel; the U.S. and Britain quickly matched the enemy's move. Ever since, changes in time laws have been driven primarily by war and energy crises. FDR called daylight time 'war time.' (Woodrow Wilson caved to farmers and reverted to what the farmers called 'God's time.') During the 1970s energy crisis, and again in 1986, the prospect of fuel savings won expansions of daylight time. This time, Markey, a Massachusetts Democrat, teamed up with Republican Fred Upton of Michigan to get daylight time started yet another few weeks earlier, again with the expectation that the move would save oil. Of course, if we were really serious about conserving energy, dozens of other moves would do so far more efficiently, but if that's the excuse politicians need to improve life in a single stroke, so be it. In Britain, Parliament is considering a move to adopt daylight time in the winter and double daylight time in summer. In Washington, that would mean a 9:40 p.m. sunset in late June. Ahhhhh."
Stock Market is Now Fairly Valued But Watch Out Below :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website
Stock Market is Now Fairly Valued But Watch Out Below :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website: "The stock market (the DJIA) is now very close to fair value based on my forecasts made in 2006. But fair value doesn't mean the market won't go any lower. It's likely to fall considerably lower. I'll explain below. I decided to do a Q&A format so I can cover more material in less time."
Citigroup shares tumble below $1 - Yahoo! Finance
Citigroup shares tumble below $1 - Yahoo! Finance: "Citigroup, a Dow component, fell more than 13 percent to an intraday low of $0.98, hammered by continued fears over the bank's health and ability to avert nationalization. About two years ago, Citi's market value was above $270 billion. Today its market cap is a little over $5.4 billion."
The state of the market is no over-reaction but the odds are with investors - Telegraph
The state of the market is no over-reaction but the odds are with investors - Telegraph: "If you've dropped by my column before, you won't be too surprised to hear that I think long-term investors will not regret getting into the market at today's levels. Having fallen 48pc since the June 2007 peak and 42pc over the past 10 years, the FTSE 100 index is on the wrong end of one of the worst bear markets ever. Having tumbled 45pc since last May and 10pc between Thursday of last week and this Tuesday, it has been one of the most rapid declines too. I believe the odds are stacked in favour of anyone prepared to see out the storm. But what if the market, far from over-reacting to the credit crunch turned global slump, is actually responding rationally to a dramatically changed world? Anyone bracing themselves for a new investment today or gritting their teeth and hanging in there"
Pakistan declares: 'We are at war' - Asia, World - The Independent
Pakistan declares: 'We are at war' - Asia, World - The Independent: "Pakistan declared that it was in a 'state of war' after masked gunmen ambushed the Sri Lankan cricket team as they were on their way to play a Test match, injuring six players and their English assistant coach as well as killing seven Pakistanis."
Mysterious rattling reported in county; earthquake ruled out as the cause - Santa Cruz Sentinel
Mysterious rattling reported in county; earthquake ruled out as the cause - Santa Cruz Sentinel: "Bob Dollar of the USGS told the Register Caltech scientists reviewed seismograms from Tuesday night's event in Orange County. 'These data are consistent with a sonic event coming onshore near Dana Point and traveling northward inland,' Dollar said. 'The energy travelled across our seismic sensor network at the velocity of a compressional wave in air rather than the velocity of a similar wave through the ground, which is much faster,' Dollar said. The F/A 18 Super Hornet fighter jets used by the Navy and Marines in Southern California are capable of breaking the sound barrier and producing a sonic boom felt on the ground, the Register reported. When the space shuttle lands at Edwards Air Force Base it too produces a sonic boom. There are currently no shuttles in flight."
Is Buffett Right to Invest in Asia? :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website
Is Buffett Right to Invest in Asia? :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website: "Pay Careful Attention to What Buffett Says and What He Does What Buffett says is that the U.S. economy is going to get worse, and what he is doing is investing in Asia. Here are two examples of where Buffett is putting money:"
'People aren't listening' say risk managers - Times Online
'People aren't listening' say risk managers - Times Online: "More than one in eight risk managers believe that they are ignored by their employer, according to data from Whitehead Mann, the City headhunter. The firm spoke to more than 50 professionals involved in compliance and internal audit at companies in the FTSE 100 and found that half of them did not believe that they had sufficient influence to manage risk properly at their organisation. One third said that they were only “quite influential”, while 13 per cent, more than one in eight, said that they were not influential at all. Nearly four fifths believed that the economic climate had led to a reassessment of the importance of risk management, however."
Bruised AmEx Returns to Roots - WSJ.com
Bruised AmEx Returns to Roots - WSJ.com: "American Express Co., after outclassing its rivals for the past 50 years, is looking uncomfortably like just another credit-card company. AmEx is reeling from late payments and defaults by customers it aggressively wooed before the U.S. economy tumbled into recession. Its sterling reputation for customer service is under attack from longtime clients. Even cardholders with plenty of money are putting away their plastic, pushing shares of the New York company to a 12-year low."
Dow finishes below 7,000 for first time since '97 - Yahoo! Finance
Dow finishes below 7,000 for first time since '97 - Yahoo! Finance: "A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon."
The 1.3 trillion pound bank job - Home News, UK - The Independent
The 1.3 trillion pound bank job - Home News, UK - The Independent: "The furore over Sir Fred Goodwin's massive pension worked as an effective smokescreen for far worse financial news that the Government was happy to keep out of the public eye"
Breaking point for the eurozone? - Telegraph
Breaking point for the eurozone? - Telegraph: "They can barely let the words pass their lips, but some of the EU's most important policymakers were forced this week to discuss what was once unthinkable: that at least one of the 16 eurozone countries might be on the brink of ditching the single currency."
Dow 6,000 | Charting Stocks
I think 6,500 is close to true trend. 6,000 could happen though. Dow 6,000 | Charting Stocks: "In our forecast for 2009 we mentioned that the Dow Jones could break below 6,000 this year. The probability of our prediction being correct was elevated last Monday as the Dow Jones closed below the 2002 lows. We took note of the bearish close but also pointed out that it is the Friday close that we are most interested in and mentioned that the Dow would need to stage a significant rally by Friday. News of the Citi takeover rattled the markets and the Dow Jones fell further by weeks end closing at 7,063 which was the lowest closing price since 1996. The odds of the Dow Jones challenging the 6,000 level has increased greatly."
QE is a useful tool for the Bank as it tries to fix the economic plumbing - Telegraph
QE is a useful tool for the Bank as it tries to fix the economic plumbing - Telegraph: "or something with such an obscure name, this policy has already caused an extraordinary amount of controversy. I can imagine that they will soon be arguing about quantitative easing down the Dog and Duck. So what are we to believe? Is it a case of Zimbabwe here we come? Quantitative easing (QE) refers to the monetary policy options available to a central bank when conventional monetary policy has run out of ammunition. Just about everything in economics is about combinations of price and quantity. Conventional monetary policy focuses on changing the interest rate, i.e. the price, at which the central bank will supply money to the system. With certain minor qualifications, official interest rates cannot go negative. Accordingly, once they have reached zero, there is no further that such price-focused easing can go. But the central bank can still vary the quantity of money it supplies to the system – hence the expression 'quantitative easing'. In practice, what this policy involves is the Bank of England buying assets in the markets. Because central bank money is the base of the whole monetary system, it can pay for these assets by simply creating deposits with itself, at the click of a mouse. In this way, it expands the size of its balance sheet. So how can such a policy work to lift us from recession? There are three main channels. First, provided that the assets are bought from non-banks, then private bank deposits rise. If you are a monetarist, then you will believe that this alone will be enough to get the economy's wheels turning. People and institutions want to hold limited amounts of money in relation to their wealth and spending, so if they find themselves with more than they want then they reduce their holdings by increasing their spending or buying assets, either of which will land someone else in the system with excess money holdings, which they will seek to reduce in the same way."
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