Archive for the ‘Uncategorized’ Category
This is the new dream job for Chinese business students
China’s huge state-owned banks are losing their appeal as the most desirable places to work for Chinese business students, according to a new survey. …read more
Source: This is the new dream job for Chinese business students
Higher Wages For The Workers Help EVERYONE
By Sprott Money
Higher Wages For The Workers Help EVERYONE
Written by Jeff Nielson (CLICK FOR ORIGINAL)
Much of what is known as “economic theory” is gibberish. It is propaganda, implanted into the minds of academics for one reason: to preserve the status quo of always favoring the (very) wealthy over all other members of the population. The facets of economic doctrine which are valid, are valid because they do little more than express principles of simple arithmetic and common sense.
“Supply and demand” is just simple arithmetic and common sense. If supply exceeds demand (i.e. there is a surplus), the price falls. This depresses supply and stimulates demand, until equilibrium is restored. If demand exceeds supply (i.e. there is a deficit), the price rises. This stimulates supply and depresses demand, until equilibrium is restored.
Similarly, the principle of economics known as the Marginal Propensity to Consume, is nothing more than an expression of simple arithmetic and common sense. Put a dollar into the hands of a poor person, and that person will spend the entire dollar, providing maximum stimulus to the economy. That’s not a “theory.” It is an elementary fact.
Put a dollar into the hands of a middle class person (the few who remain), and that person will spend most of the dollar, and save a small portion of it. Again, this is not a “theory.” It is an elementary fact. Put a dollar into the hands of a wealthy person, and that person will hoard the vast majority of that dollar. The wealthier the person, the greater the percentage that is hoarded.
Thus economic theory tells us that the more-equitably that wealth is distributed in any economy (and society) the stronger and more prosperous that economy will become. The last century of empirical evidence shows us precisely the same thing. In the 1960’s; wealth was distributed in our societies more equitably than at any other time in our history. In the 1960’s, our economies were more prosperous than at any other time in our history.
Today, wealth is distributed less equitably than at any time in our history, i.e. the oligarchs at the very top, are hoarding a greater percentage of wealth than at any time in our history. Our economies are bankrupt. (Real) unemployment is at record levels. The middle class has almost been wiped out, and individually, we are drowning in more debt than at any other time. And this is how things look as the Next Crash looms before us.
When was the only other time in history when our economies were in almost this horrific a condition? During the Great Depression. The Great Depression is the only other time in our history when wealth was concentrated almost as extremely and inequitably as it is today.
<br …read more
Source: Higher Wages For The Workers Help EVERYONE
Couric regrets ‘misleading’ part of gun violence doc
Katie Couric says she regrets a “misleading” portion of “Under the Gun,” a new documentary that she produced and narrated. …read more
Source: Couric regrets ‘misleading’ part of gun violence doc
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Only In France…"The Right To Disconnect"
By Tyler Durden
Vowing to intensify their action to overturn an unpopular labor law, striking French union workers have already left hundreds of thousands of tourists stranded, gas stations empty, and nuclear power plants stretched. However, as low-skilled American workers fall foul of minimum wage blowback, the French parliament – despite Prime Minister Valls insistence that “France must show that it’s capable of reforming” – just passed new legislation making it illegal for your employer to send you an email outside of work hours.
As Valuewalk's Brendan Byrne reports, we’ve all been there, you’re heading to bed and see an email from your boss asking you for something, and have you noticed how it’s always urgent. You either do it, or pretend you didn’t see the email (not guilty), but either way your night has been ruined. You lie there thinking about it and how to deal with the situation. People are finding it more and more difficult to get away from digital connectivity, and we are seeing the rapid rise of mindfulness'.
Well this late night email situation can no longer happen with our French friends. Known for imposing the 37 hour week, truck drivers going on strike over literally anything, and general hard work, the French certainly are leading the charge for the much vaunted work life balance.
It has been termed ‘the right to disconnect‘, and was first tabled back in 2014. Benoit Hamon of the French National Assembly told the BBC earlier in May, “All the studies show there is far more work-related stress today than there used to be, and that the stress is constant. Employees physically leave the office, but they do not leave their work. They remain attached by a kind of electronic leash— like a dog. The texts, the messages, the emails — they colonize the life of the individual to the point where he or she eventually breaks down.”
Unfortunately for some, it is not a catchall law. There is a caveat, if the company has less than 50 employees, the new law does not apply.
One question the new law raises, is what about international firms with French employees. Can a US firm send an afternoon email to employees that will arrive after work hours for Jean-Louis, who is enjoying some cheese and fine wine in his local Parisian cafe?
The question remains how some of the world’s largest tech companies with offices in Paris but headquarters in California, such as Google and Facebook, will react to the news. The time difference between France and California is nine hours, which means all email from California will have to occur no later than 9am PST.
There is an increased awareness that our addiction to smartphones is affecting lives. South Korea, were the average person spends over four hours looking at phones and tablets per day, has introduced a ‘space-out’ competition were people sit in silence without looking for any digital stimulation.
The producitvity-sapping farce is completed as this legislation is ironically passed as …read more
Source: Only In France…"The Right To Disconnect"
Will We Never Learn? The Economic Lessons From Venezuela’s Current Collapse
By Tyler Durden
Shops are being looted as Venezuela's citizens, who live on top of the world’s largest oil reserves, are literally starving and dying for lack of food and medicine; all while the country’s gold reserves are being sold to finance its debt. With 1.8 million signatures on a petition for a referendum on Nicolas Maduro’s presidency, the country is threatening to become a failed state.
Venezuela is in crisis…
So, Ricardo Hausmann, former minister of planning for Venezuela, explains (via Project Syndicate) how too much heteredoxy (read – monetary policy experimentation and central planning and control) can kill you…
Ever since the 2008 financial crisis, it has been common to chastise economists for not having predicted the disaster, for having offered the wrong prescriptions to prevent it, or for having failed to fix it after it happened. The call for new economic thinking has been persistent – and justified. But all that is new may not be good, and that all that is good may not be new.
The 50th anniversary of China’s Cultural Revolution is a reminder of what can happen when all orthodoxy is tossed out the window. Venezuela’s current catastrophe is another: A country that should be rich is suffering the world’s deepest recession, highest inflation, and worst deterioration of social indicators. Its citizens, who live on top of the world’s largest oil reserves, are literally starving and dying for lack of food and medicine.
While this disaster was brewing, Venezuela won accolades from the United Nations Food and Agricultural Organization, the Economic Commission for Latin America, British Labour Party leader Jeremy Corbyn, former Brazilian President Luiz Inácio Lula da Silva and the US Center for Economic Policy Research, among others.
So what should the world learn from the country’s descent into misery? In short, Venezuela is the poster child of the perils of rejecting economic fundamentals.
One of those fundamentals is the idea that, to achieve social goals, it is better to use – rather than repress – the market. After all, the market is essentially just a form of self-organization whereby everyone tries to earn a living by doing things that others find valuable. In most countries, people buy food, soap, and toilet paper without incurring a national policy nightmare, as has happened in Venezuela.
But suppose you do not like the outcome the market generates. Standard economic theory suggests that you can affect it by taxing some transactions – such as, say, greenhouse-gas emissions – or giving money to certain groups of people, while letting the market do its thing.
An alternative tradition, going back to Saint Thomas Aquinas, held that prices should be “just.” Economics has shown that this is a really bad idea, because prices are the information system that creates incentives for suppliers and customers to decide what and how much to make or buy. Making prices “just” nullifies this function, leaving …read more
Source: Will We Never Learn? The Economic Lessons From Venezuela’s Current Collapse
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As Short Interest Soars To Record Highs, Chinese Stock Futures Flash-Crash 12.5%
By Tyler Durden
Shortly after 1042am local, Chinese stock futures (CSI-300) flash-crashed over 12.5% on extreme heavy volume (while the cash CSI-300 remained unch). This move erased 3 months of gains but within 1 minute was back in the green with stocks up over 2.5%. The shocking collapse, exaggerated by a major lack of liquidity, was made more surprising by the fact that the last week has seen a record short position in the major Chinese stock ETF. Simply put, the heavy hand of market-central-planning has erased any and all depth in futures markets and positioning has become so tilted that price vacuums are likely to continue to occur.
As Bloomberg notes, the swing follows a similarly unexplained tumble in Hang Seng China Enterprises Index futures in Hong Kong on May 16, a move that added to nervousness over the prospects for Chinese stocks amid slowing economic growth and a weakening yuan. The CSI 300 has dropped 16 percent this year, versus a 2.2 percent gain in the MSCI Emerging Markets Index.
“It looks like a fat finger,” Fang Shisheng, Shanghai-based vice general manager at Orient Securities Futures Co., said by phone. “Liquidity in the market is really thin at the moment. So the market will very likely see big swings if a big order comes in. The order looks like it’s from a hedger.”
And for some context of what that move looks like longer term – it erased 3 months of gains instantly…
Still, positioning in Chinese Stock ETFs (FXI) has soared in the last week as volatility has been utterly suppressed in the major index…
The relative stability of the Chinese stock market in the last few weeks is oddly decoupled from the relative volatility in the Yuan and as Bloomberg notes, While the yuan’s losses have escalated in the past three weeks, the Shanghai Composite has been unmoved. The index has barely strayed from the 2,800 level amid speculation state-backed funds are preventing further losses, helping send 30-day volatility on the gauge to its lowest level since December 2014.
Some investors may be betting China’s domestic equities, known as A shares, will fall further if yuan losses deepen, according to Sam Chi Yung, senior strategist at South China Financial Holdings Ltd. in Hong Kong.
“Investors think there is some risk in A shares,” the strategist said. “If the yuan keeps falling that would affect the value of Chinese shares.”
But, as the following chart shows, this is a record level of relative short interest…
Seemingly creating the perfect opportunity for a plunge protection team to squeeze stocks higher… proving the Chinese economy is fixed once again (or is this time different, like in 2008 and 2015)
Katie Couric regrets "misleading" part of gun violence doc
Katie Couric says she regrets a “misleading” portion of “Under the Gun,” a new documentary that she produced and narrated. …read more
Source: Katie Couric regrets "misleading" part of gun violence doc
The Endless Dodge – Why Washington Doesn’t Come Clean On The Downing Of MH-17
By Tyler Durden
Submitted by Roberty Parry via ConsortiumNews.com (h/t Contra Corner blog),
A newly posted video showing a glimpse of a Buk missile battery rolling down a highway in eastern Ukraine has sparked a flurry of renewed accusations blaming Russia for the July 17, 2014 shoot-down of Malaysia Airlines Flight 17 killing 298 people. But the “dash-cam video” actually adds little to the MH-17 whodunit mystery because it could also support a narrative blaming the Ukrainian military for the disaster.
The fleeting image of the missile battery and its accompanying vehicles, presumably containing an armed escort, seems to have been taken by a car heading west on H-21 highway in the town of Makiivka, as the convoy passed by heading east, according to the private intelligence firm Stratfor and the “citizen journalism” Web site, Bellingcat.
However, even assuming that this Buk battery was the one that fired the missile that destroyed MH-17, its location in the video is to the west of both the site where Almaz-Antey, the Russian Buk manufacturer, calculated the missile was fired, around the village of Zaroshchenskoye (then under Ukrainian government control), and the 320-square-kilometer zone where the Dutch Safety Board speculated the fateful rocket originated (covering an area of mixed government and rebel control).
In other words, the question would be where the battery stopped before firing one of its missiles, assuming that this Buk system was the one that fired the missile. (The map below shows the location of Makiivka in red, Almaz-Antey’s suspected launch site in yellow, and the general vicinity of the Dutch Safety Board’s 320-square-kilometer launch zone in green.)
Another curious aspect of this and the other eight or so Internet images of Buk missiles collected by Bellingcat and supposedly showing a Buk battery rumbling around Ukraine on or about July 17, 2014, is that they are all headed east toward Russia, yet there have been no images of Buks heading west from Russia into Ukraine, a logical necessity if the Russians gave a Buk system to ethnic Russian rebels or dispatched one of their own Buk military units directly into Ukraine, suspicions that Russia and the rebels have denied.
The absence of a westward-traveling Buk battery fits with the assessment from Western intelligence agencies that the several operational Buk systems in eastern Ukraine on July 17, 2014, were under the control of the Ukrainian military, a disclosure contained in a Dutch intelligence report released last October and implicitly confirmed by an earlier U.S. “Government Assessment” that listed weapons systems that Russia had given the rebels but didn’t mention a Buk battery.
The Netherlands’ Military Intelligence and Security Service (MIVD) reported that the only anti-aircraft weapons in eastern Ukraine capable of bringing down MH-17 at 33,000 feet on July 17 belonged to the Ukrainian government. MIVD made that assessment in the context of explaining why commercial aircraft continued to fly over the eastern Ukrainian battle zone in summer 2014.
MIVD said that based on “state secret” information, it was known that Ukraine possessed …read more
Source: The Endless Dodge – Why Washington Doesn’t Come Clean On The Downing Of MH-17
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