November 2010 archive

Monday Business Edition

The World is running out of money to insure the fictional assets of ‘senior creditors’ and banksters.

The problem is fundamentally leverage, the intellectual market laziness that makes financial institutions think they are entitled to make unlimited bets on 36:1 payouts every time.

When things get even a little difficult they whine and whine about how badly they are mistreated, but the fact of the matter is that there’s going to be a haircut taken and the obvious target is the biggest one.  Spain is the next to go and Italy after that.  Euros were such a good bet.

And if you were smart and doubled down every chance you could get, you’d build up quite a pile of chips.

Not the kind you can eat.

So what are they worth?  Whatever Rick will pay for them in some medium of exchange that’s good outside the casino.  Unless you want to barter, I have two passes out of Casablanca.

We’ve talked about Ireland and Iceland, but I wonder how many people are familiar with Dubai?

Today, Dubai has emerged as a global city and a business hub. Although Dubai’s economy was built on the oil industry, currently the emirate’s model of business, similar to that of Western countries, drives its economy, with the effect that its main revenues are now from tourism, real estate, and financial services.

I like this one because it has lots of numbers-

Dubai mulls sale of corporate champions

By Simeon Kerr in Dubai, Financial Times

Published: November 28 2010 18:42

Dubai is mulling the privatisation of home-grown corporate champions as a means to start paying down its estimated $110bn in debts, senior officials said.

Let’s just stop right there and recognize that we’re talking about an Ireland.  The proposal is to sell minority stakes in State Owned and Sovereign Wealth Fund Owned industries like their National Airline.

Mr Shaibani was speaking at an open forum held on Sunday, a rare moment of media engagement in an emirate that has faced a deluge of negative press since shocking markets with its standstill request a year ago, which ended with the restructuring of $25bn in debts at troubled conglomerate Dubai World.

Yup, that Dubai World, the one we were going to sell our ports to.  Now Dubai has already had a bailout from the UAE to the tune of $10 Billion in February of 2009 and assures us with the utmost gravity and reliability, just like Spain and Portugal, that they don’t need any bailouts thank you very much.

We are rapidly reaching the point where negative outcomes for the bankster class are inevitable due to the sheer volume of their theft.

Business News below.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

November 29 is the 333rd day of the year (334th in leap years) in the Gregorian calendar. There are 32 days remaining until the end of the year.

On this day in 1963, one week after President John F. Kennedy was fatally shot while riding in a motorcade in Dallas, Texas, President Lyndon Johnson establishes a special commission, headed by Supreme Court Chief Justice Earl Warren, to investigate the assassination.

After 10 months of gathering evidence and questioning witnesses in public hearings, the Warren Commission report was released, concluding that there was no conspiracy, either domestic or international, in the assassination and that Lee Harvey Oswald, the alleged assassin, acted alone. The presidential commission also found that Jack Ruby, the nightclub owner who murdered Oswald on live national television, had no prior contact with Oswald.

According to the report, the bullets that killed President Kennedy and injured Texas Governor John Connally were fired by Oswald in three shots from a rifle pointed out of a sixth-floor window in the Texas School Book Depository. Oswald’s life, including his visit to the Soviet Union, was described in detail, but the report made no attempt to analyze his motives.

Cables shine light into secret diplomatic channels

The confidential material was obtained by WikiLeaks and released despite requests by the U.S. government not to do so

By Scott Shane and Andrew W. Lehren

WASHINGTON  – A cache of a quarter-million confidential American diplomatic cables, most of them from the past three years, provides an unprecedented look at backroom bargaining by embassies around the world, brutally candid views of foreign leaders and frank assessments of nuclear and terrorist threats.

Some of the cables, made available to The New York Times and several other news organizations, were written as recently as late February, revealing the Obama administration’s exchanges over crises and conflicts. The material was originally obtained by WikiLeaks, an organization devoted to revealing secret documents. WikiLeaks intends to make the archive public on its Web site in batches, beginning Sunday.

The anticipated disclosure of the cables is already sending shudders through the diplomatic establishment, and could conceivably strain relations with some countries, influencing international affairs in ways that are impossible to predict.

In the kitchen, oftentimes we desire to thicken a sauce or a broth without significantly changing its flavor.  There are several ways to do this, and the physicochemical principles behind them are quite different in many cases.  One way of thickening things is just to reduce them (i.e., boil them down), but that often involves chemical changes that alter flavor.

Other ways of thickening things including adding small amounts of rather bland ingredients that cause the sauce or other material to become thicker without extreme heating, or to create a complex emulsion that thickens materials due to physical rather than chemical changes.  We shall examine some of both this evening.

Evening Edition is an Open Thread

1 WikiLeaks unleashes flood of confidential US cables

by Joseph Krauss, AFP

1 hr 20 mins ago

244 Stories served.  35 per day.

This is actually the hardest diary to execute, and yet perhaps the most valuable because it lets you track story trends over time.  It should be a Sunday morning feature.

• Sunday 11/21
• Monday 11/22
• Tuesday 11/23
• Wednesday 11/24
• Friday 11/26
• Saturday 11/27

No News on Thanksgiving, but plenty the rest of the week.

It’s all about the money.

The FBI helps fabricate and then thwart a terrorist plot to blow up a van at the Christmas Tree lighting in Portland, OR. You can’t make this stuff up but apparently the FBI can. The suspect, Mohamed Osman Mohamud, 19, a naturalized United States citizen living in Corvallis, Ore., is the only person arrested and other than the FBI agents, the only one involved in this so-called plot. For over a year the FBI prompted a gullible and angry teenager and led him into believing that he was participating in a jihadist plot. The more details that the FBI reveal the more it seems that it was the FBI who targeted Mohamud and radicalized him into believing that he could pull this off. It appears almost impossible that a high school student even with terrorist contacts would have been allowed to be privy to the details of the plans, let alone help formulate it.  

Teddy Partridge who has been following this story at FDL said it best in is first article:

Clearly, the Pacific Northwest has been too complacent about terror brewing in our midst. Thank goodness for the heroic FBI that allowed one silly young man trying to impress older, more senior “terrorists” with an operational plan. And thank goodness they saved us from this attack, moments before it didn’t occur.

How long are we going to let the cowboys shoot up our country with their false terror plots and operations that would go nowhere without their instigation, planning, and coercion? How long will we allow our own federal constabulary to justify its own recklessly inflated budget by permitting actions like this to develop, fester, and grow operational in our midst?

This is terror, pure and simple. State-sponsored terror. Big-splash terror designed to make people compliant and fearful, and grateful to their federal government – in a city which has not yet installed the Rapiscan porno-scanners at our airport.

Someone needs to put an end to it.

Exactly.

Glenn Greenwald expounds on this further:

It may very well be that the FBI successfully and within legal limits arrested a dangerous criminal intent on carrying out a serious Terrorist plot that would have killed many innocent people, in which case they deserve praise.  Court-approved surveillance and use of undercover agents to infiltrate terrorist plots are legitimate tactics when used in accordance with the law.

But it may also just as easily be the case that the FBI — as they’ve done many times in the past — found some very young, impressionable, disaffected, hapless, aimless, inept loner; created a plot it then persuaded/manipulated/entrapped him to join, essentially turning him into a Terrorist; and then patted itself on the back once it arrested him for having thwarted a “Terrorist plot” which, from start to finish, was entirely the FBI’s own concoction.  Having stopped a plot which it itself manufactured, the FBI then publicly touts — and an uncritical media amplifies — its “success” to the world, thus proving both that domestic Terrorism from Muslims is a serious threat and the Government’s vast surveillance powers — current and future new ones — are necessary.

Greenwald goes further, examining the evidence already put out by the FBI and shredding their case against Mohamud with numerous violation of his Constitutional rights that will never hold up in a court of law. The prosecution must also be able to show that this was not entrapment by the FBI by showing that the defendant “was independently predisposed to commit the crime for which he was arrested.”. They must also prove that they did not manipulate the accused by him from traveling domestically for employment.

I would think that there are bigger fish to fry out there that don’t need the help of the FBI to plan and carry out their attacks. A little less time and money spent on manipulating a lone teenager and a little more effort into catching real bad guys would go a long way into protecting the US, and the world, from criminals.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future

Find the past “On This Day in History” here.

November 28 is the 332nd day of the year (333rd in leap years) in the Gregorian calendar. There are 33 days remaining until the end of the year.

On this day in 1970, George Harrison’s “My Sweet Lord” is released.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

The Sunday Talking Heads:

This Week with Christiane Amanpour: Berkshire-Hathaway Chairman and CEO Warren Buffett, Microsoft founder and Chairman Bill Gates and his wife, Melinda Gates, of the Bill and Melinda Gates Foundation, CNN founder Ted Turner and hedge fund manager Tom Steyer sit down with Christiane Amanpour in a “This Week” exclusive and explain their reasons for making the Giving Pledge – a commitment by some of America’s wealthiest individuals to give the majority of their wealth to philanthropy. Joined by 40 billionaires, boosting diverse causes such as education, the environment, AIDS, human rights and nuclear arms reduction these visionaries offer their insights on changing the world.

Face the Nation with Bob Schieffer:] Roundtable: Edmund Morris, Ron Chernow, Arianna Huffington and Bob Woodward.

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The Chris Matthews Show: This Week’s Guests John Heilemann, New York Magazine, National Political Correspondent, Norah O’Donnell MSNBC Chief Washington Correspondent, Anne Kornblut, The Washington Post White House Correspondent and Reihan Salam, National Review.

They will discuss along with Mr. Matthews these questions:

Can Sarah Palin Remake Herself Into a Serious Presidential Candidate?

Will the U.S. Turn the Airport Security Focus to the Bomber Instead of The Bomb?

Meet the Press with David Gregory: This Sunday Mr. Gregory will be joined by Sen. Dick Durbin (D-IL), Assistant Majority Leader and Sen. Jon Kyl (R-AZ), Assistant Minority Leader.

The Round Table pudits, Washington Post’s E.J. Dionne, Republican Strategist Ed Gillespie, The Wall Street Journal’s Peggy Noonan, and Philadelphia Mayor Michael Nutter.

State of the Union with Candy Crowley: Arizona Sen. John McCain, who just won his fifth term in the Senate, will join Candy to discuss the lame duck Congress and the conflicting priorities of a Democratic White House and a more powerful Republican Party in Congress.

Then, Sen. Byron Dorgan and Rep. David Obey will tell us why they’re thankful to be leaving Washington. Both of them announced their retirements earlier this year and have just over one month left in the nation’s capital.

We’ll also share the final segment from our interview with former President George W. Bush and his brother, former Florida Gov. Jeb Bush. Jeb will tell us how many copies of his brother’s book he purchased and whether or not he’s actually read it.

And finally, a fascinating interview with White House photographer Pete Souza who captures history 1/500th of a second at a time.

Fareed Zakaris: GPS: This week on GPS: It’s that time of year when American’s gather together with their loved ones to give thanks for all that they have. But Fareed says the puritanical roots of that tradition are hard to find in America these days…and you’ll be surprised where you need to look to find them today.

Then, the nation’s top military man, Admiral Mike Mullen the Chairman of the Joint Chiefs of Staff sits down with Fareed. On the agenda with the President’s top military adviser: the world’s trouble hot spots from Afghanistan to North Korea and beyond.

Next up, has somebody in China know what web sites your visited? Have they read your email? Maybe.

After that we have a fascinating discussion with the man who helped engineer the largest tax cuts in American history. Fareed sits down with President Reagan’s budget director, David Stockman, to talk about how to fix the economy. Stockman says his own party – the GOP – has all the wrong ideas…and has abandoned its core economic principles.

Finally, a last look at Afghanistan’s brutal national sport and what the US military just might learn from it.