Here's my summary of the key news overnight in 90 seconds at 9 am, including news US employment data surprised on the upside over the weekend.
American employers stepped on the accelerator, adding 236,000 jobs in February, hiring briskly enough to bolster the recovery and possibly overcome the Federal budget cutbacks, but likely not enough to prompt the Fed to turn off its easy-money policies. The US dollar rose against most other currencies on the news.
In Europe, Fitch cut Italy's credit rating one notch to BBB+ from A- as the country stumbles in its political gridlock.
In Spain things are going a bit better; Spanish government bond prices rose for a fourth week as borrowing costs dropped at Spain’s debt sale and ECB President Draghi said the region’s economy will improve this year.
Chinese exports rose more than expected in February, adding to optimism over a recovery in its economy. Shipments jumped 21.8% from a year earlier, boosted by strong demand from the US and South East Asia. Most analysts had expected a 15% rise.
Still, it has been the weakest start to a year for China since 2009, and there are suggestions that inflation may become a problem.
According to a report in the Australian Financial Review, the Reserve Bank of Australia’s computer networks have been repeatedly and successfully hacked in a series of cyber-attacks to infiltrate sensitive internal information.
RBA officials disclosed that the central bank had been infiltrated by a Chinese-developed malware spy program.
The kiwi dollar starts the week slightly lower against most currencies at 82.1 USc mainly due to those good US jobs numbers, at 80.3 AUc, and the TWI is at 75.9.
No chart with that title exists.
33 Comments
wow... Thats a great link Andrewj...
I don't know what to make of it....
Good that he is talking about the monetary system.... but it's kind of disturbing ..the way he is mesmerizing the crowd ...like an evangalist...
But then again.... our form of populist politics aint any better..
This guy has certainly got an actors approach to politics... and he is certainly raising some pretty important issues..
BUT... villanizing Bankers and implying that they are the cause of all of Italys problems...is a worry...
Isn't that how fascists get to power and Wars start...???? ( not saying this guy is... just that it can be a tricky road )
This guys show is pretty slick.... and he is using all the tools to sway people... I can see why he is doing well..
Maybe we will see david Shearer adopt this guys approach.... :)
At The moment Italian politics is history in the making... really interesting.
We invite his type into power by our own actions - wasn't it ever thus?
Indeed, it seems every so often some need an extreme reminder they are on the same planet as everyone else. It has to be extreme as otherwise its simply ignored until it can no longer be.
regards
Nice Stevo..! well put.
Meanwhile back in Aotearoa this little group of (mainly academic) notables have started a petition appeal emerging out of pdk's Otago community;
So what do you think - what good is this really going to do?
Sir Alan urged all people concerned about New Zealand to attend.
”Politicians are only persuaded by a large group of concerned people. We feel the issues of today are more pressing than perhaps they have been in the past, and more wide ranging,” he said.
And the smacking referendum achieved what?
Judging by the comments post Feb 21 ...Kate....I'd say they need to sensationalise a little, or find some image freindly campaigners to promote the concept.
Boobs on Bicycles...uh ...or something .....needs seasoning.
What they are advocating is not a risk assessment; it is the implementation of policies to address what they assume will be the results of such a risk assessment. I'd find their case more convincing if they left out the prejudice
Good watch A.J. short listing the ways to get yourself murdered, they had better pray he doesn't get any more traction in the polls,
Hate to say it Christov, he will or someone similar - just as others before him have -and you don't have to look too far back in history for examples.
True enough Stephen H, but go as far back as you can on this site in my posts and you will find the politics of the smug has never escaped me nor the contempt with which they respond to reasonable inquiry.
Do you ever recall Smug vs Desperate rounds 1 2 3.....Smug is still the beltholder, and I have serious reservations as to whether the Invisible Man will have the substance required at the next title defence.
Unfortunately, like the boxing (now), it is a sad reflection of the mob, cheering the charade while they are being mocked to their faces, and paying for the privilidge.
Did you see Paul Krugman's comment on that thread:
"The jesters for office - brilliant".
Yes I did Kate, but of Beppe Grillo there is no need for the phrase "surely you jest " to be inquired of.
If Silvio Berlusconi is not a perfect example of what I posted above , I dont know what is.
Nice wee link that came to mind on the jester.
I suppose the Q is, is he right or wrong. I think there is a genuine issue, un-fortunately it looks to me that there is no way to address it moderatley and peacefully.
is he wrong .?..no, i don't think so Steven, at least not in intent, it is his intention to provoke an awakening of thought into the consciousness of the people he adresses, to arouse some kind of independent thought that may disturb them from their self indulgent and self interested slumber.
The .......QUESTION...Stevo' is , is it enough to spur an action in the awakening..? or is it a leave to others to act while the nobility of the intention becomes obfuscated by those who do take part for ....other reasons.
Well said...
regards
Andrewj nice link.......that brought this to mind.
Prisons are built with stones of law, brothels with bricks of religion......
Great about the US jobs, nice to get some good news.
As usual the devil is in the detail, take it away Mish:
Economists were surprised by the massive "beat" in today's reported job numbers. The unemployment rate dropped .2 to 7.7% and the economy allegedly added 236,000 jobs.
Is that what really happened? No not really.
According to the household survey (on which the unemployment rate is based) the economy added a healthy 170,000 jobs. However, a whopping 446,000 of those jobs were part-time jobs. Simply put, the economy shed 276,000 full-time jobs.
The BLS labeled those 446,000 part-time jobs as "voluntary". I am not so sure.
A Gallup Survey yesterday on Jobs show the percentage of workers working part time but wanting full-time work was 10.1% in February, an increase from 9.6% in January, and the highest rate measured since January 2012.
Read more at http://globaleconomicanalysis.blogspot.com/2013/03/spoiling-great-employment-news.html#kTazHDkLb6Aw2qZ0.99
I was going to post the same link. DC keeps on parroting the MSM propoganda, whereas the actual reality is somewhat different. 276,000 full time jobs disappear in February and this BLS report is reported as great news by the MSM.
A nephew of mine (an American) recently posted this link to his FB page;
Wealth Inequality in America
http://www.youtube.com/watch?v=QPKKQnijnsM&feature=youtu.be
His story is all too common. Having spent 4 years training to become a medical imaging (i.e. xray in the old terms) technician - spent his first 2-3 years post grad in a part time position. No benefits and no guarantee of hours. Top student in his graduating class - and he was the only one to find work (albeit part time) immediately after graduating. Once in the system he observed that hospital franchises are moving toward this type of casual employment as the standard contract type - when full timers left/retired - they were replaced by multiple part-time positions. He grew more and more dispondent of the 'system'.
Is a talented musician and was a member of a band of guys of roughly same age (i.e. 20-30 years). Most similarly employed on part time/casual basis. They decided to make the band their "full time" employment. Basically a bunch of well educated talented youth - saying get stuffed to the establishment.
Not really sure where this all leads to. Alienating youth has to be one of the most insidious of all the characteristics of globalisation.
Interesting link Kate have seen quite a few similar.
Would be good to see charts from other countries.
Ineqality can only occur from dishonesty.
The 1% hop into bed with Politicians and get what they want.....so they can make their money.
The poverty stricken also hop into bed with Politicians to get what they want....they just settle for a lot less.
The middle class on the other hand tend to work to get their earned rewards, but generally lack the necessary political understandings of what is happening....the cause and effect.
I think what I posted above in response to AJ's link also applies to your link.
"Prisons are built with stones of law. brothels with bricks of religion"
A wealthy middle class provides a healthy economy. If a healthy middle class is to be achieved all people must have the same freedoms and be treated equally. Tax and business structures, political concepts that are like a religion need to be abolished.
PPP's are a classic example of dishonesty and laziness. The concept that wealth will filter down is flawed and goes unchallenged.
AJ - another great link. Stephane Hessel and his team left the most amazing legacy to the people of the world. it really gives me the s&^ts that Governments and People around the globe are not taught about the Universal Declaration of Human Rights.
All the people who fought and died during WW2 is wasted. They fought for freedom and people really don't know what the hell freedom means.
I don't think people realise that what Hitler did was legal.
We don't have a physical war we have an economic war that is raging across most of the globe. And in crazy little NZ people fool themselves that they are doing well because the price of their house has increased.
We have the farmers needing financial assistance because of very dry season and they are carrying too much debt. We learnt nothing from the 1980's.
We have Fletcher's given the EQC contract when the RBNZ is the main shareholder. How this practice cannot be called corruption is beyond me. So obviously it is legal to do this.
We have bloated Council extravagance across the country. And then many Councils can't even provide the adequate basic services and then annually require another bailout by ratepayers in the form of rate increases. And this is legal.
Then there are the banks who are operating legally. Who in their customers name press a button and wa...la bring forth money into existence. And no one challenges the money that was brought into existence and who the rightful owner of that creation was.
And the banks sell off that little security instrument and bank the sale for themselves. Who really owns this security document? And all this is legal.
NZ could be so damn prosperous and the people could have a very high standard of living. I think the middle class and the poor deserve what they are getting.
It is like Stephane Hessel said "to create is to resist, to resist is to create".
Kiwidave,
Interesting. Roughly 300,000 baby boomers are now hitting retirement age every month in the US, and I wonder if that skews the part time full time mix. Roughly 300k young people also enter the work force age each month, but possibly the boomers had full time jobs and are not always being replaced with full timers; or themselves are willing to ease back to part time. In any case, hopefully some of the part timers will expand to full time as the economy also hopefully gathers pace.
In any case, hopefully some of the part timers will expand to full time as the economy also hopefully gathers pace.
That is a big ask while the scale of food stamp recipients remains as it is. Read article
These charts show the number of Americans receiving food stamps as reported by the United States Department of Agriculture. As of the latest data released on March 8, 2013, the total is a record 47.8 million, which is more than the entire populations of many large nations.
From that article;
A program with this many participants incurs huge administrative costs: $3.8 billion in 2012 – and that is only the federal government’s share. In addition, each state spends money to administer their end of the operation. The chart shows only federal expenses.
And joining the dots..
JP Morgan and it's banking cohorts are ever deserving of Federal sponsorship no matter the type and number of financial indescretions they commit.
It would seem Chaston's readers are of the same opinion in respect Forsyth Barr's actions and it's need of unqualified redemption by way of government tribute.
I missed that one Stephen but my single vote doesn't skew the results much. It really hightlights why I don't think there will be peaceful change, simply too many stupid people getting in the way.
On the cyber infiltration of the RBA by malicious malware of Chinese origin.
Courtesy of iconoclast only recently....this..
Zong Qing Hou, chairman of the privately owned Hangzhou Wahaha Group, said he found Australia’s foreign investment laws difficult to navigate and was worried about the negative perception of Chinese companies. "I am not confident in Australia’s regulatory approval procedures,” he said on the sidelines of the National People’s Congress in Beijing, where he is a delegate. ( a man worth 11billion) Well then, no need for him to have worried himself over regulatory procedure really, it would appear the PRC have the matter well in hand. Of course Key will order a test of our RBNZ's cyber defence systems to see if the're up to the ol Naval standards.
This actually happened over a year ago, at the end of 2011. It's only been released publically now. I'm sure there would have been at least a private dicussion beween key people in Aust and NZ at the time.
So only incompetence would explain things if no tests or improvements had been done to computer security over here. Still, the way this government runs things, I wouldn't be surprised.....
JetLiner
Or, the silicon itself has software trap-doors burnt in at manufacture by - the Chicoms!
Cheap as chips....
But don't worry. Software or hardware hacks, unilke laws or taxes, aren't just for the little folks.
The US jobs data 'good news'......just for all us gullible interest.co readers out there perhaps?!
It's all about managing perception of course via the MSM cabal; don't think of the Titanic as half empty.....think of it as half full! Aka don't panic the proletriat while the 1% loot the ship.
Mish is always excellent along with people like Prof Keen, Dr Michael Hudson and John Williams from Govt Shadow Stats etc. There's still some independent thinkers out there.
BTW...where's Alex got to.... taking a little 'vacation'?!
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