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Archive for the ‘Uncategorized’ Category

David Rosenberg: "The Travesty Is We Have 23.5 Million Americans Aged 25-To-54 Outside The Labor Force"

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By Tyler Durden

Some observations on recent negative trends in productivity, employment mismatch, and labor training and education from the increasingly more bearish David Rosenberg, who notes that the Trump’s proposed policies may end up helping growth on the margins, but fail to focus on what is really important, making tens of millions of US workers competitive and qualified for today’s jobs market.

From Breakast with Rosie, via Gluskin Sheff

I don’t think we have a productivity problem — in fact, the demise of productivity is vastly overstated and that is because the Bureau of Labor Statistics (BLS) is likely vastly overstating labor input, and I’m talking here about how hours worked are estimated.

But the real travesty, and what I think deserves top priority (but I don’t see it), is that we have, in addition to 7.5 million officially unemployed (a number that is closer to 15 million when all the hidden unemployment is accounted for), 23.5 million Americans aged 25-to-54 who reside outside the confines of the labor force. And at a time when job openings are at record highs.

The problem is that unqualified applicants for these openings also are at a record high. The number of jobs available that are not being filled because the skill set is absent is at an unprecedented level — and this was an overriding theme in the latest edition of the Fed’s Beige Book.

The question is what is in the policy playbook to redress this situation?

What we need is a policy playbook that makes education, apprenticeship and training a major priority — the one plank that I had hoped would be yanked out of Bernie Sanders’ platform.

While deregulation and simplifying the tax code obviously are constructive segments of the Trump plan, they are not the most important obstacles in the way of growth. Neither is globalization.

Even the most ardent ”supply-sider” would admit that labor input is key to the outlook and this should really be at the top of the agenda — closing the widening and unprecedented gap between job openings and new hiring. There simply is no replacement for excellent education achievement with respect to maximizing labor productivity.

I see scant attention being paid to this file — surely this is more important than U.S. involvement in Brexit or trying to play a role in breaking up the European Union, don’t you think?

…read more

Source: David Rosenberg: "The Travesty Is We Have 23.5 Million Americans Aged 25-To-54 Outside The Labor Force"

    

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Posted January 21st, 2017 in Uncategorized.

Asian Media Warns Of Conflict, Economic Turmoil Under "Trump World Order"

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By Tyler Durden

Following German media's outcry that “the demons have been unchained”, Asian media decried President Trump's isolationist policies, fearing they will chill the global economy and sow widespread international discord, as “the reality show has become reality,” warning the world was now in “unpredictable territory… spreading unease, division, and conflict throughout the world.”

While perhaps not as entirely hysterical as German media's 'opinion'…

That was no presidential speech; that was a veritable declaration of war. Threatening in tone. Cold and calculating in logic. Change minus the hope. Donald Trump used the traditional Inauguration Day address to settle a score with the U.S. political establishment going back decades. With four ex-presidents sitting a few feet behind him, the 45th president delivered a populist manifesto.

The negativity was ubiquitous across AsiaPac nations' media outlets… (as Reuters reports)

In Japan, one of Washington's oldest and staunchest Asian allies, newspapers across the political spectrum criticised the new administration, with more than one saying the world was now in “unpredictable territory.”

“Has there ever been a new U.S. administration that began by spreading unease, not expectations, throughout the world?” said the conservative Yomiuri Shimbun, adding that Trump appeared ready to take both alliances and global norms lightly if they didn't benefit the United States.

The liberal Asahi Shimbun went further and said Trump, who called on allies like Japan and South Korea to shoulder a greater share of defense costs or face the possible withdrawal of U.S. troops, posed a risk to the freer global order born after World War Two and the Cold War.

“Will the unpredictable Trump whirlwind cross the U.S. borders to spread division and conflict? The new master of the White House must realise the heavy responsibility that accompanies his words and actions”, it said.

State media in China, accused of stealing U.S. jobs during Trump's campaign, said they hoped his government understood the importance of relations with China but that Beijing should also brace for the worst.

“What's crucial is to control and manage disputes and find a way to resolve them,” said the overseas edition of the ruling Communist Party's official People's Daily.

A less-engaged Washington could also lead to shifting alliances and more reliance on regional networks.

“India must not only prepare for a more protectionist America, but also prepare of a United States that does not plan to mess around with other people's affairs or squander blood and treasure in the name of promoting democratic values,” wrote policy analyst C. Raja Mohan, head of Carnegie India, in the Indian Express.

Worry about friction between the two superpowers loomed over many in the region.

“As an exporting nation reliant on both China and the U.S., we would suffer from greater U.S. protectionism and any trade war,” said the Sydney Morning Herald.

“We may have to negotiate our way through a new world order not just regarding trade and China but also climate, Russia and regional security given Trump's lack of interest in the U.S. playing the role of sheriff.”

A few said they expected U.S. political …read more

Source: Asian Media Warns Of Conflict, Economic Turmoil Under "Trump World Order"

    

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Posted January 21st, 2017 in Uncategorized.

Inequality Doesn’t Create Poverty

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By Tyler Durden

Submitted by Ryan McMaken via The Mises Institute,

Oxfam, the leftwing NGO devoted to poverty relief has released a new report blaming poverty in wealth inequality. In other words, its central claim is that the existence of very wealthy people creates poverty.

The report is largely just an extended op-ed that asserts that the existence of some very wealthy people is the cause of poverty in the world. Notable buzzwords and phrases include “trickle down,” “obscene levels of inequality,” and “neoliberalism.”

The “solution” to the alleged problem, which should surprise no one, is a list of taxes that should be either introduced or raised significantly, including higher income taxes, “a tax on financial transactions,” a “global wealth tax,” and a so-called “anonymous wealth tax.”

These taxes, we are told, will put an end to the poverty-causing inequality that now is a global crisis.

But there's a problem for Oxfam in this data. The report never actually demonstrates that inequality causes poverty, or how it does it. It does claim that many wealthy people are getting richer faster than poor people. As Marketwatch sums up:

Oxfam said new data from its report “An Economy for the 99%,” shows that between 1988 and 2011, the incomes of the poorest 10% rose by just $3 a year, while incomes of the richest 1% increased 182 times that much. In 2015, the world’s richest 1% held on to their share of global wealth, owning vastly more than the other 99%, said the charity.

Even this statement is questionable, as Felix Salmon points out at Fusion. The way the report calculates wealth has a tenuous relationship with reality:

The result is that if you use Oxfam’s methodology, my niece, with 50 cents in pocket money, has more wealth than the bottom 40% of the world’s population combined. As do I, and as do you, most likely, assuming your net worth is positive. You don’t need to find eight super-wealthy billionaires to arrive at a shocking wealth statistic; you can take just about anybody.

Economist Mateusz Machaj adds at mises.org:

[I]f you put 30 dollars into your bank account, does it mean that you caused extreme poverty for 10% of the world population? This is what Oxfam is implying in its biased pseudo-economic analysis.

But, let's just a for minute accept Oxfam's central claim that the rich are getting rich faster than the poor. This in itself tells us something. It used to be that we were told “the rich get richer while the poor get poorer.”

Note, however that Oxfam does not claim this. They can't claim this because the poor are not getting poorer.

In fact, the the global poor have more access to basic necessities and wealth than ever before.

Global Poverty Is In Decline

But, as this data shows, global poverty has been declining for decades:

Moreover, given that “extreme poverty” as defined by the World Bank no longer even exists in the wealthy “global north,” this …read more

Source: Inequality Doesn’t Create Poverty

    

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Posted January 21st, 2017 in Uncategorized.

Trump team closing in on White House photographer

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Shealah Craighead is in the running to become Donald Trump’s chief White House photographer. She previously worked in the White House during the George W. Bush years. …read more

Source: Trump team closing in on White House photographer

    

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Posted January 21st, 2017 in Uncategorized.

Putin To Call Trump, May Schedule Meeting

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By Tyler Durden

While the rest of the developed world woke up in a cold sweat on the first official morning of the Trump presidency, the Kremlin said that Russia’s Vladimir Putin was ready to meet President Trump but preparations for the possible meeting may take months, not weeks, according to Putin spokesman Dmitry Peskov.

“This will not be in coming weeks, let’s hope for the best – that the meeting will happen in the coming months,” Peskov told BBC, according to TASS. It was unclear if the previously reported plans on behalf of the Trump administration to meet with Putin in Iceland have been scrapped.

Peskov added that no negotiations between Moscow and Washington on the matter were underway, but this may change once Trump and Putin have a phone conversation in the near future.“President Putin will call President Trump after the inauguration to congratulate him. It’s a protocol thing that has to be done,” he said. “We expect that they may discuss their positions on a possible meeting.”

Peskov said that it would be “a big mistake” to think that Russia-U.S. relations will be “free of contradictions and disputes,” during a Trump presidency. “We indeed are the two biggest countries in the world. And we can’t live without frictions, conflict of interests,” Peskov was quoted by Interfax was saying on Saturday. Critics of Trump worry about a possible departure from former President Barack Obama’s guarded policy towards Russia, with some even accusing him of being in cahoots with the Kremlin.

Meanwhile, in a scathing farewell letter by Russia’s PM to Barack Obama, former president Dmitry Medvedev accused the US of warmongering, and steamrolling US-Russian relations in a blind attempt to promote its own interests while ignore the rest of the world:

“Everyone is aware that the United States has always tried to” steer” almost all global processes, brazenly interfering in the internal affairs of various countries and waging multiple wars on foreign soil. Iraq, the Arab Spring, Ukraine, and Syria are just a few examples of such reckless policies in recent years. We can still see their consequences, which range from the complete collapse of the political systems in these countries to wars which claimed tens of thousands of lives.”

There is only one explanation for such actions: the interests of the United States. An explanation which is entirely defensible in America itself, though much less so in other countries.

But the real issue lies elsewhere– the failure to understand one’s own true interests.

Medvedev conclude that “we do not know yet how the new US administration will approach relations with our country. But we are hoping that reason will prevail. And we are ready to do our share of the work in order to improve the relationship. America’s neoconservatives are hopeful that behind his pro-Russian bluster, Trump will settle in the same mold as his predecessor, keeping Europe on edge courtesy of constant NATO encroachment, and the revenue for US military and defense companies rolling.

Putin To Call Trump, May Schedule Meeting

Find The Lowest Price HERE


By Tyler Durden

While the rest of the developed world woke up in a cold sweat on the first official morning of the Trump presidency, the Kremlin said that Russia’s Vladimir Putin was ready to meet President Trump but preparations for the possible meeting may take months, not weeks, according to Putin spokesman Dmitry Peskov.

“This will not be in coming weeks, let’s hope for the best – that the meeting will happen in the coming months,” Peskov told BBC, according to TASS. It was unclear if the previously reported plans on behalf of the Trump administration to meet with Putin in Iceland have been scrapped.

Peskov added that no negotiations between Moscow and Washington on the matter were underway, but this may change once Trump and Putin have a phone conversation in the near future.“President Putin will call President Trump after the inauguration to congratulate him. It’s a protocol thing that has to be done,” he said. “We expect that they may discuss their positions on a possible meeting.”

Peskov said that it would be “a big mistake” to think that Russia-U.S. relations will be “free of contradictions and disputes,” during a Trump presidency. “We indeed are the two biggest countries in the world. And we can’t live without frictions, conflict of interests,” Peskov was quoted by Interfax was saying on Saturday. Critics of Trump worry about a possible departure from former President Barack Obama’s guarded policy towards Russia, with some even accusing him of being in cahoots with the Kremlin.

Meanwhile, in a scathing farewell letter by Russia’s PM to Barack Obama, former president Dmitry Medvedev accused the US of warmongering, and steamrolling US-Russian relations in a blind attempt to promote its own interests while ignore the rest of the world:

“Everyone is aware that the United States has always tried to” steer” almost all global processes, brazenly interfering in the internal affairs of various countries and waging multiple wars on foreign soil. Iraq, the Arab Spring, Ukraine, and Syria are just a few examples of such reckless policies in recent years. We can still see their consequences, which range from the complete collapse of the political systems in these countries to wars which claimed tens of thousands of lives.”

There is only one explanation for such actions: the interests of the United States. An explanation which is entirely defensible in America itself, though much less so in other countries.

But the real issue lies elsewhere– the failure to understand one’s own true interests.

Medvedev conclude that “we do not know yet how the new US administration will approach relations with our country. But we are hoping that reason will prevail. And we are ready to do our share of the work in order to improve the relationship. America’s neoconservatives are hopeful that behind his pro-Russian bluster, Trump will settle in the same mold as his predecessor, keeping Europe on edge courtesy of constant NATO encroachment, and the revenue for US military and defense companies rolling.

500,000 Women Swamp Washington For Anti-Trump Protest March – Live Feed

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By Tyler Durden

Hundreds of thousands crowds of women, many wearing bright pink knit hats and carrying Starbucks lattes, swamped into downtown Washington, arriving by bus, train and car on Saturday for a march in opposition to U.S. President Donald Trump one day after the Republican took office.

Cited by AP, a city official in Washington said the turnout estimate for the Women’s March on the National Mall now stands at 500,000 people, more than double the initial predictions. Kevin Donahue is Washington’s deputy mayor for public safety and justice. He says on Twitter that organizers of the march are increasing the turnout estimate to half a million.

Per @womensmarch organizers, they’re increasing today’s turnout estimates to 500,000 participants. Be patient & kind! #WomensMarch

— Deputy Mayor Donahue (@SafeDC) January 21, 2017

The Washington event is expected to be the largest of a series of marches planned across the world in cities including Sydney, London, Tokyo and New York to criticize Trump’s “often angry, populist rhetoric.”

Over 1000 buses at RFK Stadium -1.5 mile from #WomensMarch DC
NYers hitting the streets @WomensMarchNYC #NYWIFT pic.twitter.com/9jaiZN7LZX

— Maura Kelly (@MauraKellyMedia) January 21, 2017

Streets are packed! Metro subway jammed!!! Amazing. #WomensMarch

— Michael Moore (@MMFlint) January 21, 2017

A hundred thousand people marching for equality – amazing to speak at @womensmarchlon in Trafalgar Square this afternoon #WomensMarch pic.twitter.com/EQclgnsnXO

— Yvette Cooper (@YvetteCooperMP) January 21, 2017

Taking over DC Metro #WomensMarch! pic.twitter.com/6lUhSpGZyu

— Maya Wiley (@mayawiley) January 21, 2017

It's not normal to see a massive protest outside the Capitol the day after somebody takes office. pic.twitter.com/na491qB3Xy

— Matt Pearce (@mattdpearce) January 21, 2017

Today’s Women’s March on Washington, which will feature speakers, celebrity appearances and a protest walk along the National Mall, is the brainchild of Hawaiian grandmother Teresa Shook and is intended as an outlet for women and their male supporters to vent their frustration and anxiety over Trump’s victory. According to organizers, several hundred thousand people are expected to attend.

Let’s March Nasty Women. Shady Grove metro stop. We are not even near the city yet! #WomensMarch #nastywomen pic.twitter.com/3yJjWGEJNO

— Frankie (@livetowonder) January 21, 2017

It’s finally here! Check out our March Map and remember to print it out and save it to your phone. #WomensMarch pic.twitter.com/LwMNx674ss

— Women’s March (@womensmarch) January 20, 2017

Many participants wore knitted pink cat-eared “pussy” hats, a reference to Trump’s claim in the 2005 video that was made public weeks before the election that he grabbed women by the genitals. The march spotlights the fierce opposition Trump faces as he takes office, a period that is typically more of a honeymoon for a new president. The women said they hoped to send a unity message to Trump.

Among the prominent democrats praising the rally were Bernie Sanders and Hillary Clinton. The former secretary of state thanked attendees on Twitter for “standing, …read more

Source: 500,000 Women Swamp Washington For Anti-Trump Protest March – Live Feed

    

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Posted January 21st, 2017 in Uncategorized.

German Press: "That Was No Presidential Speech; That Was A Declaration Of War"

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By Tyler Durden

Following yesterday’s openly confrontational, deliberately protectionist presidential address, which in various circles has been dubbed the “American carnage” speech, some of Obama’s closest foreign friends are scrambling to find a role in a world that has drastically changed in less than 24 hours. One of them is the foreign leader whom Obama spoke to last before vacating the White House, German Chancellor Angela Merkel, who vowed on Saturday to seek compromises on issues like trade and military spending with U.S. President Donald Trump, adding she would work on preserving the important relationship between Europe and the United States.

“He made his convictions clear in his inauguration speech,” Merkel said in remarks broadcast live, a day after Trump vowed to put ‘America first’.

Speaking at a news conference in the south-western town of Schoental, Merkel – finding herself in a world where many of her legacy friends have been swept away by the tide of “populist anger” – suddenly struck a more conciliatory tone toward Trump than Vice Chancellor Sigmar Gabriel, who on Friday said Germany should prepare for a rough ride under the new U.S. president.

“I say two things with regards to this (speech): first, I believe firmly that it is best for all of us if we work together based on rules, common values and joint action in the international economic system, in the international trade system, and make our contributions to the military alliances,” Merkel said. The conservative German leader, who is seeking a fourth term and enjoyed a close relationship with former president Barack Obama, is seen by liberals across the Atlantic as a voice of reason that counterbalances rising populist parties in Europe.

“And second, the trans-Atlantic relationship will not be less important in the coming years than it was in past years. And I will work on that. Even when there are different opinions, compromises and solutions can be best found when we exchange ideas with respect,” added Merkel.

As Reuters notes, relations with the United States, Germany’s biggest trading partner, are likely to be a hot topic in electioneering in coming months leading to a general election in September. And in the aftermath of the Trump speech, which defined Trump’s “negotiating baseline”, Merkel will have no choice but admit weakness in accepting compromises with a man who has criticized her decision in 2015 to throw open Germany’s borders to asylum seekers fleeing wars and conflicts, and has said he believes other countries will leave the EU after Britain and that the NATO military alliance was obsolete.

* * *

Yet while Merkel hopes for a fresh start with the new US president, her domestic institutions and media will be far less forgiving to any indication of weakness from the chancellor. For the best example so far, an article penned this morning by Gabor Steingart, chief in chief of Handelsblatt, Germany’s leading economic newspaper, burned all compromise bridges when he said that “that was no presidential speech; that was a veritable declaration of war.”

The savage …read more

Source: German Press: "That Was No Presidential Speech; That Was A Declaration Of War"

    

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Posted January 21st, 2017 in Uncategorized.

You can sail around the world … for $55,000

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for latest details. …read more

Source: You can sail around the world … for $55,000

    

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Posted January 21st, 2017 in Uncategorized.

Stackable pods could help house the homeless

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for latest details. …read more

Source: Stackable pods could help house the homeless

    

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Posted January 21st, 2017 in Uncategorized.

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