Chicago Tribune (June 18)
“June 18 marks the 200th anniversary of the beginning of the War of 1812, a conflict that may well be the last time most Americans thought seriously about Canada…. Awareness of Canada in general among Americans fails to register beyond a vague, favorable glow. But given the importance of Canada to the United States, thinking about it once every 200 years would seem to be justified.”
“June 18 marks the 200th anniversary of the beginning of the War of 1812, a conflict that may well be the last time most Americans thought seriously about Canada…. Awareness of Canada in general among Americans fails to register beyond a vague, favorable glow. But given the importance of Canada to the United States, thinking about it once every 200 years would seem to be justified.”
Tags: 1812, Anniversary, Canada, U.S.
The Economist (June 16)
Glaciers are retreating and permafrost is thawing in the Arctic, where June snow cover is just 80% of what it was in the 1960s. As the habitat changes, some species will win and others will lose. “Perhaps not since the 19th-century clearance of America’s forests has the world seen such a spectacular environmental change. It is a stunning illustration of global warming, the cause of the melt. It also contains grave warnings of its dangers. The world would be mad to ignore them.”Glaciers are retreating and permafrost is thawing in the Arctic, where June snow cover is just 80% of what it was in the 1960s. As the habitat changes, some species will win and others will lose. “Perhaps not since the 19th-century clearance of America’s forests has the world seen such a spectacular environmental change. It is a stunning illustration of global warming, the cause of the melt. It also contains grave warnings of its dangers. The world would be mad to ignore them.”
Tags: Arctic, Glaciers, Global warming, Habitat, Species
Washington Post (June 16)
Forty years ago, the Watergate saga unfolded, ultimately toppling President Richard Nixon. The episode left a deep scar on the American psyche. “Nixon and the Watergate episode did great, perhaps irreparable, harm to the American spirit…. The flag our forefathers raised on the moral high ground looked suddenly shabby and soiled.” Distrust of government and “the presumption of corruption” became the new norm. Today, that distrust continues. We are “a country without faith or trust in its institutions—from the presidency to Congress to the judiciary.”
Tags: Corruption, Distrust, Government, Nixon, U.S., Watergate
Barron’s (June 11)
“The second half of the year promises to be an adventure.” The 10 financial wizards of Barron’s Roundtable “expect the Federal Reserve to launch a third round of quantitative easing, or Treasury-bond purchases, in an effort to juice the economy and rouse the somnolent job market. But they don’t expect that to do the trick.” Moreover, they harbor concerns over the world financial system, given the massive debt held by industrialized nations. To weather the storm, “the consensus among our experts is to stick with companies that have good businesses, savvy managers, healthy balance sheets, and low valuations. Preferably, they also pay dividends and buy back shares.”
Wall Street Journal (June 12)
“Rents go down, grocery bills shrink, companies lay off workers and people move away to live in the countryside—and yet somehow Tokyo continues to be among the world’s most expensive cities for expatriates to live in.” Tokyo shot back to the top of Mercer’s annual list of the most expensive cities in the world. The strength of the yen was a major factor. Osaka ranked third and Nagoya tenth.
“Rents go down, grocery bills shrink, companies lay off workers and people move away to live in the countryside—and yet somehow Tokyo continues to be among the world’s most expensive cities for expatriates to live in.” Tokyo shot back to the top of Mercer’s annual list of the most expensive cities in the world. The strength of the yen was a major factor. Osaka ranked third and Nagoya tenth.
New York Times (June 11)
“Bailouts—this one is worth up to $125 billion—are supposed to help restore investor confidence. But investors have clearly figured out what too many European politicians are still denying: serial bailouts, piecemeal plans and one-size-fits-all austerity are not a solution.” The Spanish bailout did not calm anybody’s nerves. The next flashpoint lies just days away with the upcoming Greek election. “With every stopgap solution to the euro-zone debt crisis, the gaps have gotten larger and the stops have gotten shorter.”
“Bailouts—this one is worth up to $125 billion—are supposed to help restore investor confidence. But investors have clearly figured out what too many European politicians are still denying: serial bailouts, piecemeal plans and one-size-fits-all austerity are not a solution.” The Spanish bailout did not calm anybody’s nerves. The next flashpoint lies just days away with the upcoming Greek election. “With every stopgap solution to the euro-zone debt crisis, the gaps have gotten larger and the stops have gotten shorter.”
Institutional Investor (June 8)
Jamie Dimon “may well have signaled the end of an era for big global banks.” The JP Morgan Chase CEO admitted his bank had lost at least $2 billion in derivatives trades. “For three decades the fixed income, commodities and currencies business has been the cash cow of investment banks.” Demand for FICC, as this cash cow is commonly known, products has been slumping and banks have been struggling to comply with stricter capital requirements. “And now, thanks to JPMorgan’s losses, heightened demands for restrictions on virtually any proprietary trading or risky hedging, will impact the FICC business at most banks, hurting their profits and forcing them to rethink their strategies. Some business lines are likely to be closed or sold off.”
Jamie Dimon “may well have signaled the end of an era for big global banks.” The JP Morgan Chase CEO admitted his bank had lost at least $2 billion in derivatives trades. “For three decades the fixed income, commodities and currencies business has been the cash cow of investment banks.” Demand for FICC, as this cash cow is commonly known, products has been slumping and banks have been struggling to comply with stricter capital requirements. “And now, thanks to JPMorgan’s losses, heightened demands for restrictions on virtually any proprietary trading or risky hedging, will impact the FICC business at most banks, hurting their profits and forcing them to rethink their strategies. Some business lines are likely to be closed or sold off.”
Tags: Banks, Derivatives, FICC, Jamie Dimon, JP Morgan
Guardian (June 8)
Japan’s human population may be declining, but the pet population has reached massive proportions. “Startlingly, in a country panicking over its plummeting birthrate, there are now many more pets than children. While the birthrate has been falling dramatically and the average age of Japan’s population has been steadily climbing, Japan has become a pet superpower. Official estimates put the pet population at 22 million or more, but there are only 16.6 million children under 15.”
Japan’s human population may be declining, but the pet population has reached massive proportions. “Startlingly, in a country panicking over its plummeting birthrate, there are now many more pets than children. While the birthrate has been falling dramatically and the average age of Japan’s population has been steadily climbing, Japan has become a pet superpower. Official estimates put the pet population at 22 million or more, but there are only 16.6 million children under 15.”
Tags: Birthrate, Children, Japan, Pets, Population
Bloomberg (June 8)
“The Fed ought to get off the fence…. Bernanke and his colleagues should decide on a new program of monetary easing…. We think the case is stacked pretty strongly in favor of more quantitative easing— the Fed’s unorthodox (and controversial) method for driving long-term interest rates lower by buying government debt.”
Tags: Bernanke, Debt, Fed, Interest rates, Quantitative easing, U.S.
Forbes (June 4)
“Japan’s political leaders are more obtuse and irresponsible than those found in Europe. They have completely forgotten the prescriptions of sound money and ever lower taxes that fueled their nation’s extraordinary postwar economic expansion. As if in the grips of a death wish, Japan has, since the late 1980s, repeatedly raised taxes, with new levies of all kinds imposed…. Unlike Greece, Japan still has immense assets. But the tremors foretelling an economic apocalypse are there: Its once vaunted individual savings rate, for example, has virtually disappeared.”
