The chief imports are colonial produce, Moncler Giacche raw materials, fish, butter, cheese, and cattle. r no coast, and, except the Wescr. no navigable streams, Moncler abbigliamentoMoncler presa with the German Ocean by means of the Elbe and the Weser ; and the transit trad between the Hanse Towns and the interior of Germany is a considerable source of emoluinent. Moncler cappotti Two fairs are held annually at the town of Brunswick ; they begin on the Thursdays that fell nearest to Candlemas and St Lawrence's day, and each lasts about ten days.J&ararer and Weiahte.
We thought we had kept it long " enough, and by use of the flood water relieved ourselves from a considerable The North Face Sale quantity of stink by that means."Bishop Stortford has hitherto escaped litigation, but the same witness informed us,—" We have been threatened by several parties. Our neighbours at Sawbridgeworth have told us that we " have been poisoning them. We have said that we are sorry for it, but we think that they contribute to the " nuisance to some extent themselves, and we have Skechers Shoes therefore not heeded what they had to say."Millers on the same stream are almost obliged to resort to similar practices by way of self-defence. Mr. Garratt, of Hunsdon Mill, who has been much troubled with accumulation of mud, says,—" I find that other people send the mud to me ; and I had a Discount G Star Sale large hoe constructed, and I put four horses to " it, and I sent the mud down again into the navigation. It is cheaper than throwing it out."The condition of the lower end of the valley, where the population is much denser, and adoption of the watercloset system is more general, is of course much worse. Various towns on the Lee, and local authorities on the outskirts of London, have been or are at litigation one with another. To preserve the purity of Edmonton Brook, Edmonton has obtained an injunction against Enfield, and is applying for an injunction against North Face Outlet the Trustees of Colney Hatch Lunatic Asylum. Tottenham last year instituted proceedings against Hornsey for fouling Moselle Stream, but although both the fact of the nuisance and the right of Tottenham to relief were equally undoubted, no relief could be given by the law, because there was no public body at Hornsey to be made amenable. The Lee Trustees a few years ago obtained an injunction against the Metropolitan Board of Works, and 820/. damages in respect of injury done to the Shape Ups Shoes navigation by discharge of sewage from storm-water outlets belonging to the Board. The Lee. Trustees alsorecently filed a bill against the authorities of Tottenham, to put an end to the nuisance from their sewage works, and especially to prevent the sewage of WoodGreen and West-Green, which are Shape Ups Boots districts within Tottenham parish, being added to the sewage of the rest of the parish, which is now discharged into the Lee.
China's New J-20 Stealth Fighter Jet - First "Flight" Video?
http://www.youtube.com/watch?v=rTzlhAH7aeY
8:03 PM
I have an article up at Asia Times about the Fed's "quantitative easing" a.k.a. QE2 (QE1 was the TARP-era liquidity jolt to the financial system) entitledUS allies take hit from QE2.
Overseas, QE2 is not seen as a Hail Mary attempt to goose the U.S. economy by using a gush of liquidity to induce inflationary expectations.
Instead everybody sees it as a surefire method to devalue the U.S. currency by driving interest rates down and, more importantly, sending a few hundred billion dollars galloping overseas to drive up the value of other peoples' currencies and boost US exports while cutting imports.
It doesn't seem that President Obama was prepared for the global firestorm of criticism this move ignited.
Bear in mind that the currencies of most countries have strengthened over 10% against the dollar in 2010. Brazil, 34%.
That's a lot. And, with QE2, there will probably be more.
Paul Krugman leads the chorus of US econo-wonks defending QE2 as a) an unavoidable domestic measure and b) justified in any case by the inability of the nations of the world to sort out the "global imbalances" mess.
Not so.
The United States, as issuer of the world's de facto reserve currency, has certain responsibilities.
We're pretty much allowed to print as much currency as we want to cover our deficit. In return, pretty much everybody else gets to have a trade surplus with us (not just China and OPEC; the EU, Japan, South Korea, etc.).
You could say that Treasury's real job is matching money creation to global GDP conditions, not just America's.
Our position as the world's demand engine elicited the loyalty of the world's democracies, and the respectful attention of China.
It's the most effective and efficient way of projecting American power, using the energy, creativity, and omnipresence of the marketplace.
Also not terribly expensive if you look at the alternative: trying to project power militarily in money pits like Afghanistan and Iraq.
Per B.B. King, call it Paying the Cost to be the Boss.
The flip side is we're not supposed to dump liquidity in the global market and put appreciative pressure on everybody's currency just because Congress can't pass a stimulus package.
And, most importantly, we don't do it unilaterally.
Clearly, the United States wants to get out of the "engine of the world economy" business.
It could be reasonably argued--and I think President Obama is obliquely making the case-- that our trade partners should suck it up and let our exporters make a few billion dollars of hay overseas as partial repayment for the fifty years we've put in as the world's last-resort purchaser of underwear, cars, and crappy toys.
But the Obama administration has spent the last year methodically kicking the ass of the country positioned to turn into the world's best customer--China--in every available diplomatic forum. So Beijing is not in the mood to do Washington any favors.
And, instead of continuing to isolate and attack China for its undervalued RMB, the United States undertook a de facto devaluation that has gored everybody's ox--our allies as well as China.
And, beyond devaluing our currency, the United States has conceded that it is out of the stimulus business. We're not going to grow the pie. We're going to fight with everybody--the EU, Japan, etc. as well as China--to get a bigger slice.
Trade War!
Now a lot of countries--Japan, Thailand, Philippines, South Korea, Brazil to name a few--are trying to limit the rise in the value of their currencies against the dollar and maintain their export competitiveness.
At the G20 summit in Seoul, the other nations tried to deal with the consequence of the US devaluation and put the brakes on the currency war by issuing a statement deploring "competitive devaluations".
I've done a quick scan of the US media and I haven't found anybody yet that recognizes that the "competitive devaluation" statement was a direct repudiation of the train of events set in motion by the US monetary easing.
Also, nobody seems to have picked up on the quixotic nature of the rejected US proposal: a condemnation of "undervaluation".
Everybody's trying to undervalue now. It's not just China. Nobody wants to sacrfice their exports in a noble quest to find out how low the dollar can go.
I sympathize with President Obama and his difficulties.
The Republican agenda seems designed to achieve a failed presidency and forestall President Obama's re-election: no economic recovery, legislative gridlock, no peace in the Middle East, and plenty of grinding, unproductive conflict with Iran and China.
But it looks like QE2 was a self-inflicted wound, born of domestic political and economic calculations that gave inadequate weight to its global impact.
I hope President Obama doesn't go into history as America's Gorbachev, the guy who took the politically devastating step of admitting that the imperial equation no longer computed.
"Dreams Die Hard"
4 Comments -
The chief imports are colonial produce, Moncler Giacche raw materials, fish, butter, cheese, and cattle. r no coast, and, except the Wescr. no navigable streams, Moncler abbigliamentoMoncler presa with the German Ocean by means of the Elbe and the Weser ; and the transit trad between the Hanse Towns and the interior of Germany is a considerable source of emoluinent. Moncler cappotti Two fairs are held annually at the town of Brunswick ; they begin on the Thursdays that fell nearest to Candlemas and St Lawrence's day, and each lasts about ten days.J&ararer and Weiahte.
9:40 PM
We thought we had kept it long " enough, and by use of the flood water relieved ourselves from a considerable The North Face Sale quantity of stink by that means."Bishop Stortford has hitherto escaped litigation, but the same witness informed us,—" We have been threatened by several parties. Our neighbours at Sawbridgeworth have told us that we " have been poisoning them. We have said that we are sorry for it, but we think that they contribute to the " nuisance to some extent themselves, and we have Skechers Shoes therefore not heeded what they had to say."Millers on the same stream are almost obliged to resort to similar practices by way of self-defence. Mr. Garratt, of Hunsdon Mill, who has been much troubled with accumulation of mud, says,—" I find that other people send the mud to me ; and I had a Discount G Star Sale large hoe constructed, and I put four horses to " it, and I sent the mud down again into the navigation. It is cheaper than throwing it out."The condition of the lower end of the valley, where the population is much denser, and adoption of the watercloset system is more general, is of course much worse. Various towns on the Lee, and local authorities on the outskirts of London, have been or are at litigation one with another. To preserve the purity of Edmonton Brook, Edmonton has obtained an injunction against Enfield, and is applying for an injunction against North Face Outlet the Trustees of Colney Hatch Lunatic Asylum. Tottenham last year instituted proceedings against Hornsey for fouling Moselle Stream, but although both the fact of the nuisance and the right of Tottenham to relief were equally undoubted, no relief could be given by the law, because there was no public body at Hornsey to be made amenable. The Lee Trustees a few years ago obtained an injunction against the Metropolitan Board of Works, and 820/. damages in respect of injury done to the Shape Ups Shoes navigation by discharge of sewage from storm-water outlets belonging to the Board. The Lee. Trustees alsorecently filed a bill against the authorities of Tottenham, to put an end to the nuisance from their sewage works, and especially to prevent the sewage of WoodGreen and West-Green, which are Shape Ups Boots districts within Tottenham parish, being added to the sewage of the rest of the parish, which is now discharged into the Lee.
12:04 AM
China's New J-20 Stealth Fighter Jet - First "Flight" Video?
http://www.youtube.com/watch?v=rTzlhAH7aeY
8:03 PM
China's New J-20 Stealth Fighter Jet - First "Flight" Video?
http://www.youtube.com/watch?v=rTzlhAH7aeY
8:03 PM