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Wednesday, December 31, 2008

Petanque in days gone by

To celebrate the end of another successful pétanque year, here's a slideshow of over 50 boules and pétanque scenes from a wide variety of towns in France over the past century.

Very interesting to see the change in dress and, in the later ones, some of France's most classic cars.

The song is by Henry Roman, aka Ricoune, one of Provence's most popular apéro concert singers. Enjoy!

Pétanque in days gone by - 3:30 min

Happy New Year to all our friends!

PS: the substantial backlog of pictures and reports received for the blog will be uploaded shortly.

Petanque in days gone by

To celebrate the end of another successful pétanque year, here's a slideshow of over 50 boules and pétanque scenes from a wide variety of towns in France over the past century.

Very interesting to see the change in dress and, in the later ones, some of France's most classic cars.

The song is by Henry Roman, aka Ricoune, one of Provence's most popular apéro concert singers. Enjoy!

Pétanque in days gone by - 3:30 min

Happy New Year to all our friends!

PS: the substantial backlog of pictures and reports received for the blog will be uploaded shortly.

Wishing everyone a happy new year

I will be signing off for a few days. I should be back online on January 3rd.

This will be the last post for 2008. So, let me take this opportunity of wishing everyone a prosperous and debt free new year.

£130bn deficit in UK private pensions

This is just another scary FT story about pensions. Nevertheless, as the year closes, it is a timely reminder that the vast majority of UK workers over 40 are heading for a retirement marked by grinding poverty.

The UK private pension system is busted and broke. It is time to wake up and smell the financial catastrophe before us. It is time to break the habits of the last twenty years; we need to cut back on consumption and seriously start saving.

A new year's resolution perhaps?

Auditors are pressing companies to reconsider how they calculate their pension liabilities and urging them to use formulas that could give rise to much larger reported deficits than would be the case if they stayed with the current approach.

Market volatility has raised questions over the so-called “discount rate” used to calculate the present-day value of a fund’s future liabilities.

The lower the rate used, the higher the present liabilities will be. The rates currently used by companies to calculate those liabilities are roughly equivalent to those on less risky high-grade corporate bonds.

However, these have soared amid the market turmoil, sharply shrinking reported fund deficits. Some schemes have actually reported a surplus even as the values of the stocks they hold have plunged.

Two recent reports illustrate the effect that changing the discount rate can have on scheme finances. Aon, an actuarial consultant, calculated this week that the 200 largest private employers’ schemes had actually seen funding improve over 2008, ending the year with an aggregate surplus of £3bn due to rising bond yields.

But Deloitte, using discount rates about one-half to one full percentage point above gilt yields, calculates FTSE 100 companies ended the year with a £130bn deficit.

Credit crunch will help social cohesion

"One potential upside of [the economic downturn] is that in times of difficulty British people have traditionally rallied round. Maybe I am being a bit sentimental, but I hope that is something that will come out of this."

Vince Cable

Yes, Vince, I think you are being a bit sentimental. It is payback time Vince. After years of explosive credit growth, the UK economy is about to be crushed under the weight of its own indebtedness. This isn't a time for rallying around; it is time to jump ship.

Equity prices - the year in review

Here is a quick review of world equity markets in 2008:

  • FTSE All Share index fell 32 percent, the worst annual decline in 24 years.

  • Germany’s Xetra Dax fell 40.3 per cent, its worst annual performance in its 20-year history.

  • The CAC 40 in Paris was down 42.1 per cent.

  • FTSE Eurofirst 300 suffered an annual decline of 44.7 per cent, its worst year since the index was constituted in 1986.

  • The Nikkei 225 index fell 42.1 per cent.

  • Korea's Kospi index ended the year with a loss of 40.7 per cent.

  • The S&P 500 has fallen 41 per cent this year; the worst decline since the 47.1 per cent ifall recorded in 1931 during the Great Depression.

    It all make the 16 percent fall in house prices (from their peak in October 2007) seem rather tame.
  • HAPPY ANNIVERSARY EVE

    5, 4, 3, 2, 1… Along with the new year, this evening we ring in the beginning of another momentous occasion. Yuengling will be celebrating its 180th Anniversary in 2009! That’s a significant achievement for our brewery. One that we’re very proud of. Everyone at Yuengling is appreciative of the continued support from our loyal consumers, retailers and wholesaler partners. You have all become a important part of our success and for that we thank each and every one of you.

    Yuengling has been a family owned and operated business since 1829. Dick Yuengling, Jr. is the current President and Owner and is the great-great-grandson of our founder, David G. Yuengling. Under Dick’s leadership, we have become a prominent regional brewer, popular in the marketplace and widely recognized for the unique character in each of our seven beers.

    Look for year-long programming efforts centered around our 180th Anniversary celebration! These will be showing up in stores and bars near you throughout 2009. We will be promoting the quality, heritage and traditions that have earned Yuengling the distinction of being America’s Oldest Brewery.

    Tonight we have tremendous reason to celebrate – on the eve of a milestone anniversary year. So when you’re toasting to 2009, please take a moment to reflect on 180 years of Yuengling brewing excellence. Our wishes go out to everyone for a Happy New Year and much continued success! Please enjoy the night responsibly.

    Tuesday, December 30, 2008

    Hollywood's Holocaust: It's never 'Never Again'

    A writer in NJ Jewish News rambles (albeit intelligently) on the new crop of Holocaust-related films. I've gotten into this business myself with a review of "Defiance," to be released commercially on Dec. 31. "Defiance" is based on a great story, which is somewhat demeaned by its conventional Hollywood treatment.

    A writer in the UK Times worries that most of these films offer a sympathetic portrayal of Nazis, but I think he's being at least a little unfair. "The Reader" is a very absorbing film. There's nothing in it that absolves the Hanna Schmitz character, memorably portrayed by Kate Winslet. In fact, I think it contains a subtle indictment of German culture, particularly the characteristic that is commonly observed of many Germans to this day of a rigid obedience to rules and a narrow-minded devotion to one's "job." (I know that this is a stereotype, but my experience tells me there's some validity to it.)

    By the way, any temptation in this time of renewed carnage to compare Israelis with Germans, would get it wrong; Israelis tend to suffer from the opposite of this "German trait." Israelis are generally anarchists in spirit who hate to follow rules.

    "Valkyrie" depicts the nearly successful assassination plot against Hitler in July 1944, about a month after D-Day. I've never heard that the would-be assassin, Claus von Stauffenberg (played by Tom Cruise), was antisemitic (a point made by the UK Times reviewer), but this would hardly surprise me. Still, the History Channel claims that von Stauffenberg was moved to resist Hitler at least in part by his revulsion at the Holocaust. And if he had succeeded, ending the Holocaust would have been high on the plotters to-do list. Von Stauffenberg was a tragic hero who almost killed Hitler; other than the fact that he didn't succeed (and that the film's probably not so great), where's the problem?

    Hanna Schmitz became a concentration camp guard because it was a job she could retreat to, rather than to take the promotion she was offered at a Siemens plant because an office position would have revealed her great shame in life – that she was illiterate. She even takes the rap as the leading criminal at her trial – more than the other guards – rather than to admit that she was illiterate and therefore not the author of the guards' report of the incident in which 300 prisoners burned to death in an Allied air raid (that the others accused her of writing). She is clearly both a criminal and a tragic figure.

    The UK Times writer apparently hasn't absorbed the lesson Hannah Arendt provided in "Eichmann in Jerusalem," her world-famous book about the Eichmann trial. She got into trouble for the sub-title, "A Report on the Banality of Evil," because she drew a picture of a careerist bureaucrat with blinders on; he was a monster because of the work he did, not because he was inherently evil. On the other side of the coin, von Stauffenberg was a flawed human being who almost succeeded in doing something immeasurably good.

    I can't comment on the other films mentioned: "Good" and "The Boy in Striped Pajamas."

    AAEA Supports Roland Burris Senate Appointment

    AAEA supports beleaguered Illinois Governor Blagojevich's appointment of Roland Burris, left, to fill President-Elect Barack Obama's senate seat. Our main reason for supporting Mr. Burris is his environmental background. Burris was an attorney with the Peters law firm in Chicago, where he specialized in environmental, consumer affairs and estate law. As Attorney General, Burris ruled on many energy and environmental issues [e.g. zoning ordinance ruling] Burris is currently serving as CEO of Burris & Lebed Consulting, LLC, a consulting firm that lobbies the Illinois state government on behalf of corporate clients and trade associations. He has served as comptroller and attorney general of Illinois.

    Here is what Jesse Jackson, Jr. said about Roland Burris when he endorsed him during his run to be governor of Illinois:

    "As Attorney General, Burris...won a record number of environmental cases."
    Roland Burris, 71, was born in Centralia, Illinois, received his bachelor's degree in political science from Southern Illinois University in 1959 and received his law degree at Howard University. On November 6, 1990, he was elected attorney general for the state of Illinois. He is married with two adult children. (AP Photo/Paul Beaty)

    Why is Israel Singled Out?

    The recent offensive in Gaza has, once again, put Israel in the spotlight. And once again, if you take a look at the progressive press, you will see it right there: Israel equals Western Imperialism, South African Apartheid, even Nazi Germany. There is no denying that the situation in Gaza in particular, and the occupied Palestinian territories in general, is a tragic one. And as an occupying force, Israel does bear responsibility for human rights abuses that occur among Palestinians. However, it is also clear that what happens in Israel does not even begin to approach some of the most infamous human rights crisis of this decade, such as what happens in Sudan, Somalia or Congo.

    Even human rights groups acknowledge the Israeli-Palestinian conflict is not the worst contemporary humanitarian tragedy. For example, the Amnesty International 2007 annual report "offenders’ list" included places like Sudan, Congo, Iraq; these conflicts literally account for millions of deaths and many millions more of displaced refugees, yet Israel’s worst offenses are cited as the construction of the separation barrier and the war in Lebanon, which was actually initiated by Hezbollah.

    A recent article in Front Page Magazine online ranked the Arab-Israeli conflict only as 49th in terms of fatalities since 1950. Even the “The Observer” Human Rights Index in 2000 (the last year it was published), listed Israel only in 31st place in terms of the severity of human rights abuses, and even on their weighted table, which has been greatly criticized because of its methodology that is heavily biased against more developed countries, placed Israel only in 8th place.

    Nevertheless, you wouldn’t know that judging by some of the recent trends: the inclusion of Israel as the only a permanent item on the UN Human Rights Council agenda, boycott calls by unions in places like Britain, Canada and South Africa, constant condemnation by human rights groups such as Human Rights Watch and Amnesty International, etc.

    So, why is Israel singled out? Many Jewish organizations blame it simplistically on anti-Semitism. Granted, anti-Semitism and anti-Zionist sentiment might be part of the problem, but given the fact that this criticism is so widespread and in some cases coming from former friends of Israel (e.g., former U.S. President Jimmy Carter) I am reluctant to believe that it is the major factor affecting the emphasis on Israel.

    The fact is that when you carefully examine the criticism, the Israeli-Palestinian conflict is many times viewed and analyzed at an affective level rather than a rational one. I believe part of it has to do with the fact that it is one of the only two major conflicts between a "Western" developed nation and a Third World, non-Western people left in modern times. Indeed, of the other 48 conflicts analyzed in the Front Page Magazine report, only 11 are still continuing, and of these, the only other international one is the Iraq conflict, in which a developed country is responsible for the deaths of people in a developing nation.

    Look at other of the major human rights crises is the world: in places like Sudan, Congo, Indonesia or Myanmar the crisis is the result internal infighting. Even Iraq, which is viewed as caused and exacerbated by the U.S., its mostly a conflict between Iraqis of different ethnic and faith groups. Israel is the only Western nation that occupies the territories of what should be a sovereign people. That allows for easy, simplistic black and white cognitive categorizations. Rationally, it is not nearly the worst human rights tragedy of the contemporary world, but it is the only one easily categorized as clear cut: West-East, Rich-Poor, Colonizer-Colonized, Good and Evil. For example, look at what Tom Hickey, chair of the University and Colleges Union in England and author of an anti-Israel boycott resolution, wrote to justify his proposal while ignoring the worst humanitarian crises:

    “In the case of Israel, we are speaking about a society whose dominant self image is one of a bastion of civilization in a sea of medieval reaction. And we are speaking of a culture, both in Israel and in the long history of the Jewish Diaspora, in which education and scholarship are held in high regard. That is why an academic boycott might have a desirable political effect in Israel, an effect that might not be expected elsewhere.” (British Medical Journal, July 2007).

    Israel is singled out because it is easy to feel good about a conflict in which we can simplistically recognize the butcher and the victim, to support the weak, the abused, against the tyrant. Just browse some of the blogs, and you will see Israel and Zionism repeatedly depicted as Satan, as monsters, as worst than Nazis. When demonization of a nation is legitimized, it is easy to hate.

    More moderate and reasoned calls for boycotts just feed this frenzy. And then, there is no need to think. No need to understand that the conflict is complex, multifaceted and two sided, even if the conflict is asymmetrical because of the overwhelming superiority of the Israeli forces. And when there is no need to think, all that is left is the emotion, the feelings of hatred, of disgust, of revenge. A solution, however, cannot be achieved by giving-in to this tendency of name-calling and boycotting that oversimplifies the issue and legitimizes the hate. It has to come through the rational analysis and understanding of a complex reality. And that is what our challenge really is.

    Casey Eats Her First Burger In 17 Years


    I made her wait.

    When my wife started to experiment with meat about 2 months ago she tried chicken, steak, pork tenderloin, some sliced ham, and even chorizo in Mexico. There are many burger options in NYC but I asked her to wait until we were in Santa Fe for Christmas to eat her first burger in 17 years. I wanted her first to be a Bobcat Bite green chile cheeseburger.

    It's not that the Bobcat makes my favorite burger (I don't play favorites) but it is such a perfect specimen that I wanted her to start near the top. The Bobcat burger is made from naturally raised beef that John Eckre grinds and patties himself every morning. The green chile is perfect and the bun white 'n squishy. I was looking for a home run.

    John and I discussed, hands on chins at the grill, how to prepare a burger for this monumental moment. We both agreed that medium-rare would scare her off (with all that juice and pink) so we settled on just north of medium.

    After her first bite (pictured above) she announced to the entire restaurant, "Oh my god...what's not to love?" Someone in the restaurant asked, "Did you think your husband was just making this stuff up??"

    Think of the burger experiences that await her...


    Casey Eats Her First Burger In 17 Years


    I made her wait.

    When my wife started to experiment with meat about 2 months ago she tried chicken, steak, pork tenderloin, some sliced ham, and even chorizo in Mexico. There are many burger options in NYC but I asked her to wait until we were in Santa Fe for Christmas to eat her first burger in 17 years. I wanted her first to be a Bobcat Bite green chile cheeseburger.

    It's not that the Bobcat makes my favorite burger (I don't play favorites) but it is such a perfect specimen that I wanted her to start near the top. The Bobcat burger is made from naturally raised beef that John Eckre grinds and patties himself every morning. The green chile is perfect and the bun white 'n squishy. I was looking for a home run.

    John and I discussed, hands on chins at the grill, how to prepare a burger for this monumental moment. We both agreed that medium-rare would scare her off (with all that juice and pink) so we settled on just north of medium.

    After her first bite (pictured above) she announced to the entire restaurant, "Oh my god...what's not to love?" Someone in the restaurant asked, "Did you think your husband was just making this stuff up??"

    Think of the burger experiences that await her...


    Money in my pocket



    Thanks Kevin for the link.

    Euro parity

    It is so close you can almost smell it. Yesterday the sterling-euro rate hit €102.8. Parity by next week perhaps?

    Soon, Iceland will be the only place we can afford to visit on holiday.

    UK property prices - how far, how much?

    The end of the year is almost upon us. Would anyone like to take a crack at forecasting next year's UK average house price change?

    I'll start the ball rolling by predicting that the Halifax index will fall 10 percent year on year.

    Lehman Brothers creditors lose $75 billion

    There was I thinking that investment bankers were geniuses:

    "Dick Fuld, the ousted chairman and chief executive of Lehman Brothers, and his deputies cost creditors as much as $75 billion (£51.5 billion) by rushing the stricken investment bank into a bankruptcy filing, an analysis by liquidators has found.

    Bryan Marsal, co-chief executive of Alvarez & Marsal (A&M), which is restructuring Lehman, described the bank's unexpected collapse on September 15 as “unconscionable waste of value”. Mr Marsal's report estimates that between $50 billion and $75 billion of assets that could have been used to repay unsecured creditors were wasted because Lehman did not have a clear plan to wind down the bank."

    Monday, December 29, 2008

    Initial thoughts on Gaza conflict

    Some initial thoughts on "Operation Cast Lead" (maybe the name works in Hebrew, but in English, not so much):

    In my view, Israel has been involved in two or three totally just wars: the Yom Kippur War, the War of Independence and, with some reservations, the Six Day War.

    In October 1973, we were attacked by the Egyptians and the Syrians, and the natural and necessary response was to fight back. True, if Golda Meir had responded to Nasser and Sadat's initiatives, we probably could have avoided the war - but she didn't, and when the Egyptians attacked (we now know to break the impasse and force political movement), we had to respond.

    In 1948, the UN backed the partition plan, and when the internal (Palestinian) Arabs and the external Arab countries didn't accept the decision and fought it militarily, the result was a just war.

    In 1967, Nasser was bluffing, but we couldn't know that. He called on the UN to withdraw its forces from Sinai, blockaded the Straits of Tiran, and the result was the Six Day War, with its mixed bag of consequences.

    When the Egyptians and Syrians attacked, my personal response on October 5th 1973 was to call my unit, and ask what we were doing. The response: "Don't worry, you'll know soon enough", and the call-up came a few hours later. If I were of military age now, I would not be calling my unit to find out how we were going to respond.

    In July 2006, I was opposed from day one to the invasion of southern Lebanon, believing that the response was totally out of proportion to the actions of Hezbollah, and that the stated goal of bringing the kidnapped soldiers back was totally unobtainable (we now know that it was known at the time that they were already probably dead), and that it was also impossible to "destroy" Hezbollah, which is an integral part of Lebanese society. I think that the outcome of that war justifies my initial response.

    This time around is more complex.
    In my view, it's totally unacceptable for the government to claim, as it did for a long time, that "there is no way of solving the problem of the Kassam rockets." A solution had/has to be found, and there are solutions.

    In many respects, Hamas brought this military operation (war?) on itself by its declarations that the cease-fire (tahadiya) was not being renewed on December 19th, and the renewed firing of Kassam rockets, while it was maneuvering for a "better cease-fire" from its point of view - i.e. the lifting of the international blockade, etc.

    It is understandable that the government felt that it was necessary to act, militarily, due to pressure from public opinion, the media and the right. After-all, we are in the middle of an election campaign. Those are also part of the rules of Middle Eastern life - you can't show weakness when being attacked - you have to show that you are strong.

    Of course, there are a number of original sins that led to this moment. One was the fact that the Sharon government insisted on carrying out a unilateral disengagement from Gaza, instead of negotiating and handing over the keys to Mahmoud Abbas and the Palestinian Authority. The second was the fact that the Israeli government gave in to the Bush Administration's insistence that the Palestinian elections be held in 2006, despite Israeli and Palestinian reservations about the timing and outcome, and the result was the Hamas victory. The third original sin was the fact that Hamas carried out a coup against the PA in Gaza and played a game of chicken with Israel with the Kassams. The sooner this action ends the better.

    It should be clear that that it is impossible to "overthrow" Hamas in Gaza. The way to defeat Hamas is to offer the large majority of Palestinians a better way of life. It is also impossible to bring back Gilad Shalit via a military action. In my view, this action endangers his life. In addition, a large-scale ground action would cost many lives on both sides, and create the possibility of getting drawn into another Lebanon-like swamp.

    There is also the question of proportionality. How many Israelis have been killed by all of the Kassams, and how many Palestinians were killed in one day by the Israeli air force? As commentator Shlomi Eldar said on TV tonight, one of the primary outcomes of this action (war?) will be to increase hatred of Israel and Israelis among the Palestinian people, whose cousins, brothers and children are being killed.

    The Israeli government is using the twilight time between the end of the discredited Bush administration and the entrance of the Obama administration onto to the scene to act, under the assumption that the international community will find it difficult to intervene coherently.

    And yet, Israel needs an exit strategy, and once again, the sooner the better. That exit strategy will require international involvement, if not intervention. There are ideas being circulated about the possibility of an international mandate over Gaza, and possibly the West Bank as well (replacing the IDF) with regional Arab and international forces. That might be the desirable outcome, but it's not at all clear whether the international community has the will to do this.

    The bottom line is that peace is the key to security, and peace is obtainable.

    P.S. These things fluctuate tremendously, but according to a Channel l0 poll tonight, for the first time in a long time, the center-left - Kadima, Labor and Meretz - with the backing of the Arab parties - has a 61 vote majority in the next Knesset, which would make Tzippy Livni, and not Netanyahu, the next PM. That's true for today, and could change tomorrow.

    2009 Standing Team Announced

    The Standing Team Committee (Don Davis, Kristin Hall and Vladimir Gusiatnikov) has selected the following orienteers for the 2009 Standing Team (Foot-O). It is from this list -- which is sub-divided into A, B, and C -- that orienteers are eligible to represent USOF in IOF sanctioned elite events.

    The criteria for placement on the A, B, and C lists has not changed. They are: "A" list -- Those who, if we were naming a squad now for a major international competition, would almost certainly be included. "B" list -- Those from whom you could reasonably expect the rest of the major international squad to come from. "C" list -- Those who either lack the experience, consistency or fitness because of a lack of time or training program to regularly challenge those on the "A" or "B" lists -- although they can and do on any given day.

    Male: (alphabetically)
    A -- Eric Bone
    B -- Leif Anderson, Eddie Bergeron, Boris Granovskiy, Matt Scott, Ross Smith
    C -- Mark Everett, Nikolay Nachev, Wyatt Riley, Sergey Velichko, Ken Walker Jr., Sergei Zhyk

    Female: (alphabetically)
    A -- Hillary Saeger, Samantha Saeger, Sandra Zürcher
    B -- Pavlina Brautigam, Ekaterina Oerkhova
    C -- Viktoria Brautigam, Alison Crocker, Cristina Luis, Erin Nielsen, Corinne Porter, Angelica Riley

    Congratulations to everyone on the list!

    Dennis McDade Featured in Dominion Energy Ads

    Dominion started running print and television ads that feature Fairfax County lineman Dennis McDade, left/right. The "Every Day" campaign reminds customers that the company will use a balanced mix of energy sources and conservation to ensure Virginia has the electricity needed to strengthen our area economy and keep businesses growing. The ads began appearing in December.

    Dominion is one of the nation's largest producers of energy, with an energy portfolio of about 26,500 megawatts of generation and 7,800 miles of natural gas transmission pipeline. Dominion also operates the nation's largest underground natural gas storage system with about 950 billion cubic feet of storage capacity and serves retail energy customers in 11 states.

    Dominion Energy, the company's electric power production and natural gas transportation and storage unit, includes two businesses: Dominion Generation and Dominion Transmission. Dominion Generation, based in Richmond, manages the company's regulated generating stations. Dominion Transmission, formerly CNG Transmission Corp., is based in Clarksburg, W.Va., and operates gas pipelines and North America's largest natural gas storage system. The company's unregulated generation is also part of Dominion Energy.

    Bobcat Bite Book Signing A Success


    It would have been enough to head out to the Bobcat for their revered green chile cheeseburger but the day after Christmas I was there to sign books. We chose to be there the 26th knowing that the crowd would be robust, and it was. By the time Collected Works set up the table of books for sale, the front patio was filled with hungry, waiting patrons. Clearly they were there for the burgers, not really for me. Regardless, I met and spoke to very passionate burger lovers from all over the country and most were happy to see their favorite spots listed in the book. Reporters were there from 3 papers including the Santa Fe New Mexican who wrote this nice piece the following day.

    After talking and signing for over 2 hours I finally placed my order for the GCCB, pictured, my 2nd at the Bobcat in two days. The first was consumed next to my wife on Christmas Eve, her first burger in 17 years...(check back tomorrow for the full story).

    Bobcat Bite Book Signing A Success


    It would have been enough to head out to the Bobcat for their revered green chile cheeseburger but the day after Christmas I was there to sign books. We chose to be there the 26th knowing that the crowd would be robust, and it was. By the time Collected Works set up the table of books for sale, the front patio was filled with hungry, waiting patrons. Clearly they were there for the burgers, not really for me. Regardless, I met and spoke to very passionate burger lovers from all over the country and most were happy to see their favorite spots listed in the book. Reporters were there from 3 papers including the Santa Fe New Mexican who wrote this nice piece the following day.

    After talking and signing for over 2 hours I finally placed my order for the GCCB, pictured, my 2nd at the Bobcat in two days. The first was consumed next to my wife on Christmas Eve, her first burger in 17 years...(check back tomorrow for the full story).

    Sunday, December 28, 2008

    Renewed carnage, ongoing quagmire?

    We of the pro-peace/pro-Israel camp again face anguished days with news of the current wave of IDF attacks on Gaza. We have to wait for the smoke to clear to see if the vast majority of casualties are armed Hamas elements (which seems to be the case). I hope that I’m wrong, but my instincts, plus the history of the conflict, tell me that the severity of these blows will only create more hatred and more violence in the long run.

    The tireless Israeli blogger, Ami Isseroff, has grown so embittered over the years that it’s hard to classify him politically. In this recent post, while totally supporting the justice of Israel's offensive, he then questions its wisdom:

    ... After every other solution failed, one would like to hope that the military solution would succeed. But we should not confuse our wishes with reality. Didn't Israel pound Gaza continuously in 2006 after the abduction of Gilad Shalit? And what good did that do? Didn't Israel pound Lebanese targets in the Second Lebanon War? Did it oust the Hezbollah?

    Short of Israel retaking Gaza in what would no doubt be a blood bath, what can be the outcome of this attack beyond Hamas remaining somehow intact and declaring "victory"? Israeli officials are a bit more cautious with their pronouncements than they were in the disastrous Second Lebanon War. Still, before the attack, Israel GOC Southern Command Yoav Galant said that an IDF attack would try to "send Gaza decades into the past" in terms of weapons capabilities. Since Israel held the Gaza strip until 2005, it is impossible to understand what Galant thought he was talking about.

    Can there be much doubt about the outcome of the Israeli attack? The scripting of a tragedy cannot allow for a happy end. At the end of the exercise there will be an additional 300 or 500 or a thousand dead people, but it is very unlikely that the situation in Gaza will have budged very much. It is even likely that the attack will leave Israel in a worse position than it was before the attack. ...

    Saturday, December 27, 2008

    Petanque in El Paso, TX

    EPPC - El Paso Petanque Club now has its own website.

    John & Linda Kemp have been keen promoters of the game after several trips to France. And whenever they go, they bring their own boules from Texas!

    They play most Saturday & Sunday mornings on Rim Road near upper Tom Lea Park. Join them next weekend!

    El Paso Petanque Club

    Petanque in El Paso, TX

    EPPC - El Paso Petanque Club now has its own website.

    John & Linda Kemp have been keen promoters of the game after several trips to France. And whenever they go, they bring their own boules from Texas!

    They play most Saturday & Sunday mornings on Rim Road near upper Tom Lea Park. Join them next weekend!

    El Paso Petanque Club

    Senegal report

    Here's a little video clip from France24 News about the World Championships in Dakar, Senegal in November.



    World's top boules players gather in Africa

    Senegal report

    Here's a little video clip from France24 News about the World Championships in Dakar, Senegal in November.



    World's top boules players gather in Africa

    Christmas scene

    Valerie Freschet in Aix-en-Provence, who is obviously a big fan of both pétanque and "santons" - literally "little saints", hand made figurines - created this unique nativity scene on a boulodrome. Look at all the details!

    Christmas scene

    Valerie Freschet in Aix-en-Provence, who is obviously a big fan of both pétanque and "santons" - literally "little saints", hand made figurines - created this unique nativity scene on a boulodrome. Look at all the details!

    AAEA Assessment of Select Past EPA Administrators

    AAEA President Norris McDonald has interacted with all of the recent EPA administrators. These interactions have ranged from meetings at the administrator's headquarters office in Washington, D.C. to activities out in the field. The meetings have ranged from the White House to national parks and have covered a wide range of environmental issues. So now that EPA is about to get a new administrator, we decided to take a look back at some of the other admistrator to assess their performance and their interactions with us.

    William Reilly, left, was EPA administrator from 1988 to 1992. He received a standing ovation from environmental justice activists from all over the country at his final meeting with them at EPA headquarters in 1992. He also created the EPA Office of Environmental Justice. Reilly received good reviews from the traditional environmental movement. Bill Reilly is a Harvard Law grad and served in the Army in the 1960's. He was president of the Conservation Foundation and the World Wildlife Fund. Reilly is currently affiliated with the Texas Pacific Group, a private equity firm based in Ft. Worth, Texas and he was a key player in the TXU leveraged buyout. AAEA salutes William K. Reilly for his excellent service as EPA administrator.

    Carol Browner served as EPA administrator during Bill Clinton's entire eight year term. She is highly regarded by the mainstream environmental movement but was severely limited because environmental issues were not a priority of the Clinton adminstration. Although former Vice President Al Gore is applauded for his work since leaving the vice presidency, that adminstration is not remembered for its environmental initiatives. She has been selected by President-Elect Obama to be his Energy Czar, which is a hybrid that will somehow incorporate some of the functions of DOE, EPA and CEQ without needing confirmation from the U.S. Senate. Unfortunately, the Browner administration is stained by the Marsha Coleman-Adebayo v Browner episode whereby EPA was convicted of discrimination and fined $600,000 by a court. Congress, through the work of Dr. Adebayo passed a national law, the No FEAR Act of 2002, to address the situation throughout the federal government. AAEA is just disappointed that Browner completely ignors this episode. McDonald is pictured above right with former Department of the Interior Secretary Bruce Babbitt and Carol Browner in Kenilworth Park recognizing him for his work on the Anacostia River.

    Stephen Johnson, left, was a career EPA scientist who became EPA administrator under George W. Bush. Administrator Johnson gave us the courtesy of a meeting in his headquarters office in Washington, D.C. with just himself, an assistant and our president when he became administrator. The meeting covered a range of international, national, regional and local environmental and energy issues. Johnson is not highly regarded by the mainstream environmental movement. Under his watch, EPA sought to genearalize environmental justice by excluding race as a principle factor in its consideration at the agency. Sadly, Johnson allowed Dr. Coleman-Adebayo to be fired at the end of his term. Hopefully this will be corrected by the next administrator.

    Friday, December 26, 2008

    The real Meretz position on Gaza

    A brief report in Haaretz this week created the erroneous impression that the Meretz party had gone over to a war footing, and was supporting a full-scale invasion of the Gaza Strip.

    Here's a clarification received from the World Union of Meretz, based in Israel:
    • Chaim Oron, Meretz chair, calls for talks with Hamas and says that politicians must stop talking about a wide-scale operation in Gaza, which will only cause Israel 'to sink into mud much deeper than the one in Lebanon'. Oron also thinks that, "Concrete negotiations for a ceasefire, as fragile as it is and as long as it is not a long-term solution, are preferable over an exchange of mutual accusations which will only worsen." As a response to the heavy missile-shooting on Wednesday, December 24 on the northern Negev population in the vicinity of Gaza and Sderot, Meretz backs a limited operation against Hamas and says: “There's no other choice but to hit Hamas in a focused operation and work for a renewed ceasefire”.
    The Meretz party's website reports similarly (in Hebrew): In response to the Kassem rocket attacks on Israeli settlements near Gaza, party chair Chaim Oron stated that Israel is obliged to protect the security of its residents by any means, military or diplomatic. "That being said," Oron qualifies, "hallucinatory ideas like occupying Gaza should be thrown into the dustbin of history. A cease-fire is an Israeli interest, and it is preferable to an exchange of blows that will only escalate."

    A publication in Abu Dhabi puts it as follows:
    • The growing calls for aggression drowned out the lone voices calling for dialogue. Chaim Oron, head of Meretz, the most left-wing of Israel’s Jewish parties, said the government should conduct talks with Hamas – an unlikely scenario since Israel refuses to deal with the group directly.

    Thursday, December 25, 2008

    Repeat reflections of the season

    'Tis the season for reruns. Consider this reflection on paganism and Judaism of two years ago. Happy/Merry to everyone!

    Wednesday, December 24, 2008

    Will The Brothers Buy The Cadillac Escalade Hybrid?

    Most blacks are not going to buy a Prius. Many blacks will buy a Cadillac Escalade if they can afford it. What to do if one is concerned about oil independence, global warming and auto jobs. Build a car that has the gas/electric hybrid qualities of a Prius while providing the status boosting size, power and style of an Escalade. Yet, Does it work? Will it work? Let's see.

    The 2009 Cadillac Escalade Hybrid gets a 20-miles per gallon combined fuel economy rating. That is about 5 mpg better than the regular Escalade. It has a 6.2 liter V8 engine, weighs 5,88 pounds and has a lithium-ion battery pack. It costs $73,000 compared to about $61,000 for the regular model. It appears there is more Escalade in the hybrid than Prius.

    Other models:

    2009 Chrysler Aspen Hybrid - $46,000 - 20/22/21 mpg

    2009 Mercury Mariner Hybrid - $30,000 - 34/31/32 mpg

    Jobs and companies are on the line. President Bush authorized $13.4 billion from the $700 billion Troubled Asset Relief Program (TARP) as a bridge loan to GM and Chrysler to survive.

    Happy Holidays

    To all our friends around the world, our very best wishes!

    (click on the tree and turn up your speakers)

    Blogging here has been kind of slow, very slow, nonexisting recently due to a lot of traveling and getting ready for the Christmas season, but it's good to see others have taken up the slack!
    Petanque Marinière for example is very much "on the ball" with US and international news, thanks to tireless Ken who deserves kudos for scouring the net every day.

    PS: Many thanks to all the people who mailed or called to check if I'm all right. It's just been extremely busy. We've been working hard on improving logistics from France, and preparing for some important surprises for 2009. About which more later!

    Happy Holidays

    To all our friends around the world, our very best wishes!

    (click on the tree and turn up your speakers)

    Blogging here has been kind of slow, very slow, nonexisting recently due to a lot of traveling and getting ready for the Christmas season, but it's good to see others have taken up the slack!
    Petanque Marinière for example is very much "on the ball" with US and international news, thanks to tireless Ken who deserves kudos for scouring the net every day.

    PS: Many thanks to all the people who mailed or called to check if I'm all right. It's just been extremely busy. We've been working hard on improving logistics from France, and preparing for some important surprises for 2009. About which more later!

    Tuesday, December 23, 2008

    H. Schenker: Elections report from Tel Aviv

    The following report on elections in Meretz and Democrats Abroad-Israel is by Hillel Schenker, co-editor of the Palestine-Israel Journal and a contributing editor of Israel Horizons:

    It's been a busy political week for me, and rather bi-cultural, since it was both American and Israeli politics.

    1 ) The Democrats Abroad-Israel elections were held on Tuesday, and Joanne Yaron was re-elected Chair, and I was re-elected Vice Chair. There is now an 8 member executive, including a young 23 year old international relations student of Galia Golan's at the Inter-Disciplinary Center (IDC) in Herzliya, who is the new treasurer/fundraiser.

    All positions on the executive are for a two year term, and you can only hold a specific position for two terms. There's also a Democrats Abroad gender balance rule, which states that the chair and the vice chair have to be of different genders. Due to excitement generated by the primary and election campaigns, membership in DA – Israel more than tripled, and we hope to build on that success.

    For those who don’t know her, Joanne is a very energetic grandmother of two little girls, with an MA in Middle East studies from Columbia, who has been in Israel since 1962, one of the founders of the Israeli feminist movement and the driving force behind the Rape Crisis Center in Tel Aviv, who was also a member of the Ramat Gan City Council (Meretz). She deserves a lot of credit for reviving the dormant DA Abroad organization in Israel.

    2) As one of the thousand elected members of Viedat Meretz (the Meretz Convention) which elects the party chair, Knesset candidates and votes for policy, I participated in last week’s election for the party list. I've known Ilan Gilon, who came in first after party chairperson MK Chaim Oron (known as Jumas by all), for many years. A former head of the younger generation of Mapam (and a member of Hashomer Hatzair from the age of l0), he was a very good parliamentarian last time around (he was in the Knesset from 1999-2003), and one of his plusses is that his primary agenda is socio-economic. He's quite a character, and really speaks for the people, the down and out, etc. He walks with a cane due to a childhood case of polio, and is renowned for helping everyone with special needs.

    I also have great respect for Zehava Galon as an excellent parliamentarian, advocate for peace, women's rights, human rights, the struggle against corruption, etc. I voted for her for first place and Gilon for second. (She won the #3 spot, with Gilon as #2 and Jumes heading the list as Meretz party chair.)

    Incidentally, Jumas has challenged Netanyahu to a debate on economic policy, so far without a response.

    Yesterday (Monday, December 22nd) the Meretz Convention convened again (by the way, Joanne Yaron is also a voting member) to vote on the merger between the Meretz list and the New Movement left party candidates, Channel 10 commentator Nitzan Horowitz for the #3 slot (he's an environmentalist, human rights and peace activist and gay rights advocate), lawyer Talia Sasson for the #7 slot (as a former government prosecutor she's the renowned author of the Sasson Report on the illegal outposts), Tzali Reshef (Peace Now leader, chair of Keter publishing and former Labor MK) at #9, and Avtisam Marana (a female Arab director) at # 1 2. I regret that the new grouping didn't choose Prof. Avner Ben-Zakan, a Mizrachi from the Be'ersheva slums, as one of their candidates, though I’ve been told that he has a "problematic personality."

    After Reform Rabbi Meir Azari lit the candles for the second night of Chanukah and gave a progressive bracha, Jumas gave a detailed description of how the proposed merger evolved, saying that there is a major opportunity in the coming elections for Meretz to grow significantly. Veteran Meretz leader Shulamit Aloni was received with thunderous applause. Expressing her strong support for the proposal, she emphasized that the future of the state most be based upon the principles carved out in Israel’s Declaration of Independence.


    Writer Amos Oz strongly supported the initiative, and bitterly criticized Ehud Barak for not removing the illegal outposts, stopping the settlements, and expressing his readiness to be a junior coalition partner with the Likud. Outgoing party chairperson Dr. Yossi Beilin also supported the initiative, saying that Meretz is unique on the Israeli political scene because it is the only party which consistently supports "peace, civil rights and social democracy."

    Nitzan Horowitz spoke on behalf of the New Movement candidates, and made a strong impression on the delegates. He said that he had met many of the delegates on the front lines of the struggle for peace, human rights, and a livable, pollution-less urban environment, and was proud to join the struggle at the parliamentary level. He believes that he and his colleagues can appeal to the younger generation and the disaffected voters who have given up on politics. Nitzan said that he was proud to joint forces with a group of people who have such a distinguished record in struggling for causes that he believes in, and then said, "I’m not afraid to use that word, here it comes - S O C I A L I S M," which drew a rousing response from the audience in the oval building at the Exhibition Grounds Park in Ramat Aviv, next to the Luna Park and the Yarkon River, the traditional home for many Israeli party conventions.

    While all of the delegates who spoke in the discussion supported the direction of the initiative, some expressed concern that the joint Jewish-Arab nature of Meretz would be damaged by the arrangement. Israeli-Palestinian Isawi Freij, was originally supposed to be in the 7th slot in the internal Meretz elections reserved for an Arab MK, and because of the new arrangement was moved to the l0th position, and some delegates proposed a rearrangement of the list to overcome this problem, a proposal I supported. In his response, Jumas said that Meretz has always been and will remain a Jewish-Arab partnership, and that all sorts of list combinations were considered and the majority in the leadership felt that this was the best possible balance. And he added "the union between Meretz and the New Movement makes the l0th position in the Knesset a much more realistic one than the 7th position if Meretz ran alone."

    Before the convention, energetic Meretz younger generation head Uri Zaki (32 years old, #13 on the list) arranged a meeting between members of the Meretz list and some of the New Movement candidates as a getting-to-know-you encounter, which left a very good impression on all who participated. In the end, 87% of the delegates voted for the proposed list, with the others abstaining and just a small handful voting against.

    P.S. Tzali Reshef was asked by Nachum Barnea why he's supporting Meretz rather than Ehud Barak. His response as published in the weekend Yediot Ahronot was that "Jumas has just as much chance as Ehud Barak of becoming prime minister this time around, and he's more worthy." And the truth is, there are many Meretz members who think that Jumas should propose his candidacy for prime minister.

    Obama Picks Melody Barnes as Domestic Policy Director

    President-Elect Barack Obama has designated Melody Barnes, right, to be the Director of the Domestic Policy Council (DPC). She received her law degree from the University of Michigan and her bachelor's degree from the University of North Carolina at Chapel Hill. Barnes served as chief counsel for Senator Edward M. Kennedy on the Senate Judiciary Committee from 1995 to 2003.

    The Domestic Policy Council coordinates the domestic policy-making process in the White House and offers policy advice to the President. The DPC also works to ensure that domestic policy initiatives are coordinated and consistent throughout federal agencies. Finally, the DPC monitors the implementation of domestic policy, and represents the President's priorities to other branches of government. The Domestic Policy Council’s formal membership includes the cabinet Secretaries and Administrators of federal agencies that affect the issues addressed by the DPC.

    Mortgage approvals - the decline continues

    Today, the British Bankers Association published their November mortgage approvals data. The data still has the power to shock. In November, banks approved only 17 thousand loans. Before the credit crunch, the banks were approving over three times that number.

    We are now almost 18 months into the credit crunch, and despite bank rescues, negative interest rates, and government guarantees, nothing has revived the lending business. The reason isn't to hard to find; the mortgage securitization business is dead. When it died, it killed the mortgage lending business.

    So, the UK housing crash continues. How far will prices fall next year? I reckon we are looking at another 10 percent decline by end-2009.

    Returning home

    It is like the children of Israel fleeing the pharonic hordes. The expats are heading home; and it is the crashing pound that points the way back to Blighty.

    Should we feel sorry for them? Should we shed a sympathetic tear for those that abandoned the motherland for warmer climates and more amenable house prices?

    Frankly, I am in two minds. Anyone who moves abroad while retaining a sterling based income is asking for trouble. That is what banks call an open position. Since sterling has fallen from about 1.50 euros to almost parity, anyone earning sterling and spending in euros is bound to be in deep trouble. This kind of problem is entirely foreseeable. So, it is hard to feel terribly sympathetic.

    However, something stops me from been too hard on our overseas brethren. The expats are the canaries in the coal mine. They are signaling that something is deeply askew with the UK economy. We have the lowest interest rates in 60 years, the biggest fiscal deficit since the war, and the economy is recession. It would be a strange world if the national currency didn’t reflect these difficulties. The returning expats are warning us that things are about to get really nasty next year.

    So, I say welcome home expats. However, the way things are going here you might wish you stayed where you were.

    Monday, December 22, 2008

    Obama Names LaHood To Be Secretary of Transportation

    President-Elect Barack Obama has nominated Illinois Congressman Ray LaHood (R-IL) to be his Secretary of Transportation. He has a degree in education from Bradley University in Peoria, Illinois.

    The mission of the Department is to serve the United States by ensuring a fast, safe, efficient, accessible and convenient transportation system that meets our vital national interests and enhances the quality of life of the American people, today and into the future. The Department of Transportation was established by an act of Congress on October 15, 1966. The Department’s first official day of operation was April 1, 1967. DOT Agencies.

    DOT is responsible for administering Corporate Average Fuel Economy (CAFE-Chapter 329 Automobile Fuel Economy) standards and it is regulated through the National Highway Traffic Safety Administration (NHTSA). First enacted by Congress in 1975, the purpose of CAFE is to reduce energy consumption by increasing the fuel economy of cars and light trucks. Regulating CAFE is the responsibility of NHTSA and the Environmental Protection Agency (EPA). NHTSA sets fuel economy standards for cars and light trucks sold in the U.S.; EPA calculates the average fuel economy for each manufacturer. This site contains an immense amount of information about the CAFE program, including a program overview, related rulemaking activities, research, fleet characteristics and summaries of manufacturers’ fuel economy performance since 1978.

    Obama Nominates Shaun Donovan for HUD Secretary

    President-Elect Barack Obama has nominated Shaun Donovan, right, to be his Secretary of the Department of Housing and Urban Development (HUD). Mr. Donovan was appointed Commissioner of the New York City Department of Housing Preservation and Development (HPD) in March 2004 by Mayor Michael R. Bloomberg. Before joining the Bloomberg administration, Mr. Donovan worked at Prudential Mortgage Capital Company as managing director of its FHA lending and affordable housing investments. He holds Masters degrees in Public Administration and Architecture from Harvard University.

    HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. Organization Chart.

    Google Apps on Campus: Getting Things Done in '08

    2008 was an action-packed year for Google Apps for Education. We grew by 300% since last year, released two new products: Google Sites and Google Video, heard directly from thousands of students on our cross-country road trip across the U.S., celebrated our two-year anniversary, and fostered new relationships with schools across the globe who have decided to make the move to Google Apps.

    We think this is an early sign of change to come.
    In fact, according to a recent study, 71% of universities are currently considering a hosted solution for student email, and 56% of those schools are choosing Google Apps for Education for their students.* We spend a lot of time talking with educators and students, and it's clear that they're as enthusiastic as we are about all the new possibilities and potential that these services provide in and out of the classroom.

    Adding to the thousands of universities already using Apps, many new schools deployed Apps in 2008, including Virginia Community College System, University of California Davis, Gothenburg University, New South Wales and Temple University. The Google Apps family continues to grow, and today we have more than 3 million active users at educational institutions around the world.

    We can't wait to see what's in store for 2009 as we continue to strive for innovation and efficiency.
    If you're interested in joining the Google Apps family -- or know of a school that would benefit from these tools -- please visit www.google.com/a/edu.

    *source: Campus Computing Survey 2008

    The price of freedom is (still) eternal vigilance

    Right-wing activist Baruch Marzel [archive]. Dark forces are rising in Israel. Sinister currents are gaining confidence. For years, they grew strong in the West Bank, shielded by the so-called "moderate settler leadership", that pooh-poohed the chronic extremist violence. (They're only a "few bad seeds", we were reminded, time after time.) Now their influence is seeping over the Green Line into sovereign Israel.

    Here are only the latest warning signs:

    Last week, the Likud party elected a list of candidates for Knesset that is as close to the party's virulently right-wing component, "Jewish Leadership" ("Manhigut Yehudit"), as it is to party leader, Binyamin Netanyahu.

    Here's just a sample of what "Jewish Leadership", led by Moshe Feiglin, a Likud candidate for Knesset, stands for:
    - Stage one: Israel's annexation of the West Bank and the denial of all civil rights to its Palestinian population (while maintaining Palestinian "human rights", we are told!).
    - Stage two: State-sponsored "encouragement" of Palestinian emigration.
    - Stage three: The eventual expulsion of all Palestinians from Israel/Palestine when this becomes "feasible".

    But "Jewish Leadership" is not the only manifestation of Jewish racism in Israel.
    READ MORE...!

    Sunday, December 21, 2008

    Reflections on Hanukkah

    As we embark upon the winter holiday season, we offer two reflections from our archive: "Hanukkah: A cautionary tale" and "Hanukkah’s Zionist Legacy."

    Hag Hanukkah Sameach!

    Next year's government deficit will be the largest in 40 years

    For fiscal year 2009-10, the Treasury wants to borrow up to 8 percent of GDP. Historically, this is an unprecedented deficit. On its website, the Treasury provides deficit data since 1964. Next year's deficit will be larger than for any year in over 44 years. In fact, we probably need to go back to the second world war to find a larger government deficit.

    The previous record was in 1994, when the deficit was 7.7 percent of GDP. However, the Major government managed to cover part of this huge gap by privatization sales. Flogging off government assets helped keep the public sector indebtedness down to a little over 40 percent of GDP.

    Even during the chaotic 1970s, governments managed to keep their deficits to 7 percent or less. Those deficits finally came down after north sea oil revenues started to flow into the treasury coffers.

    Darling is planning several years of bloated deficits. In 2010-11, he is projecting the deficit to be close to 7 percent of GDP. But will he get away with it?

    In previous periods of high government spending and a rapid build up in debt, the UK managed to buy some time with one-off windfalls. However, Darling can not count on any oil or privatization revenues to bail him out.

    Without a magical windfall, there are only two things that will resolve deficits of these magnitudes; lower expenditure or higher taxes. No prizes for what New Labour will choose.

    Sterling goes for a dive


    No need to panic! No need to panic!

    A quick question: at what rate should the Bank of England begin to panic? Do they feel comfortable at parity. Would it be OK to let sterling sink to 0.75 euro cents?

    I did my christmas shopping

    Yes, I hit the shops over the last few days, doing my bit to keep the UK economy from falling into a dark pit of recession.

    I was also looking to see if the credit crunch curtailed had spending. Overall, things looked really bad. Judging by the lack of serious shopping and heavy pre-sales discounts, I anticipate a large number of high street chains to fail after the new year.

    Harrods

    Yes, I did go the grocer shop in Knightsbridge, and the only thing I bought was an overpriced cup of coffee.

    I don't understand Harrods; it seems more of a tourist attraction than a retail enterprise. There were few signs of deep discounts. Nor was there much evidence of serious shopping.

    Westfield Centre - White City

    The newest shopping centre in London is a scary place. I couldn't help thinking about all those poor hapless investors that stumped up the money to finance this white elephant. The place has the feel of a massive financial disaster.

    It was eight quid just to park and I just don't think that people are going to pay that kind of cash every time they go shopping. How will the Marks and Sparks food hall survive?

    As for discounts, there were plenty. Again, few signs of overloaded spend-happy shoppers.

    Brent Cross

    I was there yesterday afternoon. True, there were plenty of people milling around. However, it was the bags, or the lack of bags that gave the game away. At 4pm on the last Saturday before Christmas, a scandalous number of people were walking around empty handed.

    Again, there were lots of discounts, but few people seemed interested.

    Woolworths - Harrow

    Woolies is the future of retail; half empty shelfs, busted boxes containing soiled goods and sullen staff playing out their last days at work before redundancy. The shoppers were a miserable lot and generally seemed disappointed that Woolworths wasn't giving away their stock for free.

    It was a grim sight.

    Still, there is more to Christmas than shopping.

    Buy to let fraud "hits thousands"

    Today's Times reported that "Detectives are investigating one of Britain’s biggest buy-to-let schemes in which large numbers of investors have seen their savings wiped out."

    The article itself is a rehash of that old story that buy-to-let is riddled with fraud. However, I thought it interesting that it was top of the Times "most read" internet articles.

    I wonder what prompted all that interest?

    Saturday, December 20, 2008

    Obama Picks Ron Kirk For U.S. Trade Representative

    President-Elect Barack Obama has nominated former Dallas Mayor Ron Kirk to be his U.S. Trade Representative. He is currently a partner with the Houston-based law firm Vinson and Elkins and was one of the four highest paid lobbyists for Energy Future Holdings Corporation, the group created by Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs to acquire TXU. [Wiki] He is a 1976 graduate of Austin College and received his J.D. from the University of Texas in 1979. Ron Kirk, 54 was mayor of Dallas from 1995 to 2001.

    The Office of the United States Trade Representative (USTR) is an agency of over 200 people, a highly committed group of professionals who have decades of specialized experience in trade issues and regions of the world. They negotiate directly with foreign governments to create trade agreements, resolve disputes and participate in global trade policy organizations. They also meet with governments, business groups, legislators and public interest groups to gather input on trade issues and explain the president’s trade policy positions. The agency was founded in 1962 and has offices in Washington, Geneva and Brussels.

    Friday, December 19, 2008

    The top ten credit crunch questions for 2009

    The end of the year is approaching, and 2009 will soon be upon us. Here are my top ten credit crunch questions that should be answered within the next 12 months.

    1. Deflation or inflation?

    Despite the fact that the UK CPI recorded a 4.1 percent increase over the last 12 months, the MPC are more worried about falling prices. Determined to fire up inflation, the MPC are about to reduce the bank rate to something close to zero. On the other hand, negative real interest rates and a tidal wave of liquidity should normally guarantee double digit inflation.

    2. Do UK banks need more capital?

    Charlie Bean, the deputy chairman of the Bank of England, thought so this week when he talked to the financial times.

    3. Have we seen the worst of the banking crisis?

    Will there be more banking failures? Or has the credit crunch been transformed into a fiscal rather than a financial sector problem?

    4. Commercial property – how exposed are the UK banks?

    It is the unmentionable crash - empty shops and offices are now sprouting up like a bad case of the measles. Somebody must have financed those new offices and shopping centres. Was it the hapless UK high street banks?

    5. Sterling – how low can it go?

    The pound is edging towards parity with the euro? Can it go lower?

    6. The UK housing market - where is the bottom?

    Average prices are already down 19 percent from the peak, could we see another double digit decline next year?

    7. Unemployment – will it hit three million by December 2009?

    This week’s unemployment data was a shocker – 137,000 jobs lost in just one month. few more months of that kind of shake out and 3 million definitely looks likely.

    8. Oil - $25 or $80?

    Will the OPEC production cuts push oil prices back upwards? Or will the world economic slowdown deal a crushing blow to Putin, Chavez and their oil-rich fellow travelers?

    9. Will Brown and Darling get away with an 8.5 percent of GDP fiscal deficit?

    Actually, I know the answer to that question.

    10. Will any be going to jail?

    Trillions and gazillions of pounds of wealth disappear, but will anyone be held to account?

    11 pointless downgrades

    Today’s S&P bank downgrades look about two years too late to me. Since the share price of a typical bank is down around 90 percent relative to August 2007, it is not clear what additional information these downgrades offer to potential investors.

    "Eleven of the world’s biggest banks were downgraded Friday by Standard & Poor’s after the ratings agency said the current downturn could be longer and deeper than previously thought. Six major US banks were downgraded, including JPMorgan Chase, Bank of America and Wells Fargo, as well as five banks in Europe.

    The agency cut its ratings on Citigroup, Morgan Stanley and Goldman Sachs by two notches each. In Europe, S&P shaved one notch off the ratings of Barclays, Credit Suisse, Deutsche Bank, Royal Bank of Scotland and UBS.

    While the downgrades were driven in part by the worsening economic climate in the US and abroad, S&P noted specific causes for concern at each institution in spite of recent government intervention to rescue the sector."

    Bank of Japan cuts rates from almost zero to fractionally above zero

    Cutting rates from 0.3 to 0.1 percent looks like an exercise in futility. Perhaps the true benefit of a 0.2 percent cut is more political and economic. The Bank of Japan is seen to be doing something. These days, that is all that matters in the world of central banking.

    From the FT......

    "The Bank of Japan on Friday cut its policy rate to just 0.1 per cent – three days after the US Federal reserve moved its rate almost to zero – and announced it would take the unorthodox step of directly buying commercial paper in order to ease a corporate credit crunch.

    The 20 basis point reduction to the overnight call rate – the BoJ’s second in two months – came amid a slew of economic news and recent rises in the yen to 13-year highs.However, Masaaki Shirakawa, BoJ governor, said no member of the bank’s policy board now seemed to think that expanding base money would stimulate the economy.
    The Bank of Japan reduced its overnight call rate to 0.1 per cent from 0.3 per cent, amid a rapidly deteriorating economy."

    National Black Chamber Challenges Mellon Bank of New York

    December 18, 2008

    Robert P. Kelly
    Chairman & CEO
    Bank of New York Mellon
    1 Wall St.
    New York, NY 10286

    Re: Discrimination with Federal Business

    Dear Chairman Kelly:

    Your corporation has been designated the "master custodian firm" overseeing the US Treasury Department's $700+ billion bailout fund. We are deeply saddened that you will divert much of this business to India by utilizing your India subsidiary. It is a betrayal of America at a very critical and vulnerable time.

    The Civil Rights Act of 1965 (Title VI and VII) forbids any business from discriminating in its business activity while contracting or doing business with the US federal government. We have reason to believe that your history may show a pattern of discrimination under both these titles. Thus, we are considering filing a formal complaint and possibly a lawsuit to have the above contractual arrangement annulled and your corporation banned from doing any other business with the federal government until you remedy the matter.

    If Bank of New York Mellon has not discriminated we need to see documented information. We can go via the Freedom of Information Act (FOIA) or you can quickly provide the information to us. Either way, we will obtain it. If you are willing please provide the following information for the last three years, 2006, 2007 and January - November, 2008:

    Names, addresses and contract amounts for all Black owned American suppliers doing business with your firm.
    Names, addresses and contract amounts for all Black owned American subcontractors doing business with your firm.
    Names of all Black members of your Board of Directors and your Executive Committee.
    Names, titles of all Black senior executives and managers working for your firm.
    Numbers and percentages of the total for all other Black employees working for Bank of New York Mellon within the United States.

    Please have a sense of urgency in supplying this information as the pain and damage afflicted on America through your possession of this contract may be critical to the future of this nation.

    Thank you for your consideration.

    Sincerely,

    Harry C. Alford
    President/CEO

    Thursday, December 18, 2008

    Obama Picks Hilda Solis To Be Secretary of Labor

    President Elect Barack Obama has selected Congresswoman Hilda Solis (D-CA) to be his Labor Secretary (DOL). Congresswoman Solis is a well known proponent of environmental justice and green jobs. Each session she introduces environmental justice legislation [Udall/Solis 1 , Udall Solis 2] to codify President Bill Clinton's Executive Order 12898. She has also championed the clean up of leaking underground storage tanks and partnered with Congressman John Dingell to request a General Accounting Office (GAO) report that showed the public cost of cleaning these tanks would be $12 billion and that these leaks are negatively impacting public health and our water supplies. The environmental justice community and the environmental movement in general are very happy with this pick.

    The Department of Labor fosters and promotes the welfare of the job seekers, wage earners, and retirees of the United States by improving their working conditions, advancing their opportunities for profitable employment, protecting their retirement and health care benefits, helping employers find workers, strengthening free collective bargaining, and tracking changes in employment, prices, and other national economic measurements. In carrying out this mission, the Department administers a variety of Federal labor laws including those that guarantee workers’ rights to safe and healthful working conditions; a minimum hourly wage and overtime pay; freedom from employment discrimination; unemployment insurance; and other income support.

    DOL Organization Chart (Click on Chart To Enlarge)

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