text:
Is The ECB Implementing ZIRP or ZEURP: Zero European Union Return on Potential
The primary business of banks is lending.
- In a recession, not many people and businesses borrow, hence lending tends to be a poor business.
- In order to make money off of lending assets you need a reasonable return.
- When ZIRP (Zero Interest Rate Policy) is applied, said reasonable return does not exist unless banks dramatically mark up the cost of the loan which brings up back to point one.
In the states I made this point when most analysts insisted that ZIRP was good for the banks, to wit...
Now remember, I've been very bearish on the EU and thier banks and sovereign debt in particular, since Q! 2010 - way before most - reference Pan-European sovereign debt crisis. Yesterday morning if you were to Google the term EU recovery, you would see something like this in return...
- Autumn forecast 2013 - EU economy: Gradual recovery, external risks 2 days ago - Autumn forecast 2013 - EU economy: Gradual recovery, external risks.
- Europe Is Heading Toward Recovery, but Slowly - WSJ.com
- BBC News - CBI says staying in EU 'overwhelmingly' best for business
- European Economy Recovering Slowly - YouTube
- IB Times: Europe's Economy Recovering: Three Positive Signs, Including ...
- McKinsey - European growth and renewal: The path from crisis to recovery ... Europe has very significant, and sometimes underappreciated, strengths on which to build a sustained recovery. As the world's largest integrated economy,
- LA Times - Europe shows signs of economic recovery amid growth in Eurozone ...
Well, somebody better tell Draghi, as per Bloomberg: ECB Cuts Key Rate to Record Low to Fight Deflation Threat
The European Central Bank cut its benchmark interest rate to a record low after a drop in inflation to the slowest pace in four years threatened its mission to keep prices stable.
Policy makers meeting in Frankfurt today reduced the main refinancing rate by a quarter point to 0.25 percent. The decision was predicted by three of 70 economists in a Bloomberg News survey. The ECB kept its deposit rate at zero and trimmed the marginal lending rate to 0.75 percent. ECB President Mario Draghi will hold a press conference at 2:30 p.m.
The ECB now has just one more quarter-point cut left before reaching zero, increasing the likelihood of unconventional tools such as quantitative easing or a negative deposit rate if prices slow further or the economic recovery stalls. Euro-area inflation is less than half the ECB's target and unemployment is at the highest level since the currency bloc was formed in 1999.
"There comes a point where inflation is so weak, and coming in weaker than anticipated, that the case for loosening policy becomes too hard to resist," said Richard Barwell, senior European economist at Royal Bank of Scotland Group Plc in London, who predicted the cut. "Bad unemployment numbers only make the case stronger."
Does it seem like I've predicted the future hear once again as that Financial Nostradamus Dude???
Quantitative Easing
A Fed-style quantitative easing program has repeatedly been ruled out by ECB policy makers. The central bank is barred by European Union treaties from financing state debt, making large-scale purchases of government bonds open to a legal challenge.
While Draghi has floated the prospect of a negative deposit rate, the rate for commercial lenders who park excess cash at the central bank, policy makers have said that its effects can't be adequately predicted. A negative deposit rate could hurt banks' profitability by lowering money-market rates, potentially hampering credit supply to companies and households and reducing banks' incentive to lend to other financial institutions.
"If inflation stays low, as seems likely, and the threat of inflation expectations becoming unanchored to the downside increases significantly, then all the tools in the box can come into play," said Ken Wattret, chief euro-area economist at BNP Paribas SA in London. "But knowing the way the ECB operates and how long it has taken to try and get support for a refi rate cut, doing the big stuff could take some time."
Well, I believe QE has already been implemented by the ECB accepting trash sovereign debt as marketable collateral, but that's a discussion for another day. Just listen to the Financial Nostradamus dude when he warns what happens when a larger, admitted QE program is instituted. For one, you'd probably eliminate that inflation problem... replacing it with...
Lies, Damn Lies and the EU Confiscation Of Greek Sovereignty Masked As The Bailout That Never Happened
As per Bloomberg: IMF says Greece will miss bailout target
The International Monetary Fund published a report predicting that Greece's 2014 budget surplus will fall 0.4 percentage points short of the 1.5 percent gross domestic product mark required by the terms of the country's international bailout. Greece was previously thought to be on track to meet the surplus target, but the forecasts were overoptimistic.
Get the hell outta here! Optimistic! Really? From the IMF???!!! As I channel my post from 2010, aptly titled "Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!"
Notice how dramatically off the market the IMF has been, skewered HEAVILY to the optimistic side. Now, notice how aggressively the IMF has downwardly revsied their forecasts to still end up widlly optimistic. image018.pngimage018.png
Ever since the beginning of this crisis, IMF estimates of government balance have been just as bad...
... The EU/EC has proven to be no better, and if anything is arguably worse!... If the IMF was wrong, what in the world does that make the EC/EU?
The EC forecasts have been just as bad, if not much, much worse in nearly all of the forecasting scenarios we presented. Hey, if you think tha's bad, try taking a look at what the govenment of Greece has done with these fairy tale forecasts, as excerpted from the blog post "Greek Crisis Is Over, Region Safe", Prodi Says - I say Liar, Liar, Pants on Fire!...
Alas, I digress. Back to the Bloomberg/IMF snippet...
Tax collection is sagging; Greece is still in recession; and privatization is proceeding much slower than planned.
But this was quite evident last year as Greece failed to achieve Primary Balance and was slipping ever so farther away from that rather lofty (at least to most of continental Euope on a real, applied basis) goal. Don't say you didn't know, because I told you so, and on a European broadcaster as well...
And back to our snippet of the day...
The Greek finance ministry immediately responded to the new IMF projection, saying the government would do whatever was necessary to achieve a surplus of 1.5 percent GDP: cut spending, step up tax collection or both.
Oh yeah, that will work just fine. Cut off your legs to reduce your weight and drag so you can run faster. Does anyone in these financial ministries know anything about FiNANCE???!!!
Further cuts, however, may be politically untenable: The country is already in turmoil over the government's austerity measures. Meanwhile, failure to reach fiscal targets may delay further aid from both the IMF and the euro area. A new Greek crisis is a distinct possibility for next year.
Uhhh. PSSST!!! But, we haven't finsighed the "OLD Greek crisis" yet, you know the one I warned you about in 2010! From my 2010 article for subscribers, Greek Debt Restructuring Analysis - Professional, I excerpt as follows:
In 2012, Der Speigel ran an article stating what I told my subscribers for the two years previous - Greece was in a hole that it simply couldn't crawl out of. From the piece aptly titled "Greece Fulfills Its BoomBustBlog Derived Destiny - Shows This Time Really Isn't All That Different After All!!!":
I believe I was one of the very few to declare Greece a foregone default in February 2010 (I Think It's Confirmed, Greece Will Be the First Domino to Fall and then with with more specificity a month later As I Explicitly Forewarned, Greece Is Well On Its Way To Default, and Previously Published Numbers Were Waaaayyy Too Optimistic!).
By the 2nd quarter of 2010 I was one of the very few to clearly and articulately detail exactly how Greece would default with specific structures in play- What is the Most Likely Scenario in the Greek Debt Fiasco? Restructuring Via Extension of Maturity Dates. Due to a few institutions who were skeptical, I attempted to make it a bit more real - A Comparison of Our Greek Bond Restructuring Analysis to that of Argentina.
Well, Greece defaulted according to plan, despite all of the "people in the know" saying otherwise -Greek Crisis Is Over, Region Safe", Prodi Says – I say Liar, Liar, Pants on Fire! - from government officials tothe EC and IMF - Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse! Even after the default, I made clear that this wasn't over for Greece, for the default actually left Greece worse off fundamentally, not better. Go wonder... I know I did, reference the warning from 5 months ago:
This will be exacerbated by a re-default of the Greek debt that was designed to bail out the defaulted Greek debt. Why will this happen? Greece has severe, rigid structural
problems that simply cannot (and will not) be solved by throwing indebted liquidity at it. As a matter of fact, the additional debt simply exacerbates the problem - significantly! This was detailed in the post Beware The Overly Optimistic Greek Speculators As Icarus Comes Crashing Down To Earth!
... Subscribers can download my full thoughts on Greece's sustainability post bailout here - debt restructuring_maturity extension blog - March 2012. Professional and institutional subscribers should feel free to email me in order to receive a copy of the Greek restructuring model used to create these charts and come to these conclusions.
Despite extensive, self-defeating, harsh and punitive austerity measures that have combined with a lack of true economic stimulus, Greece has (to date) failed to achieve Primary Balance. For the non-economists in the audience, primary balance is the elimination of a primary deficit, yet the absence of a primary surplus, ex. the midpoint between deficit and surplus before taking into consideration interest payments.
Alas, I digress. Back to the der Spegiel article...
According to a preliminary troika report, the additional shortfalls are the result of lower than expected tax revenues due to the country's ongoing recession as well as a
privatization program which has not lived up to expectations. The troika plans to calculate the exact size of the shortfall when it returns to Athens at the beginning of next month.
I'm sorry, but I simply cannot resist. This article was posted on BoomBustBlog in July of 2011 - Greek Asset Sales Fall Short, As We Virtually Guaranteed They Would In Spring 2010.
In it I reviewed how the BoomBustBlog team detailed EXACTLY how bullshit the privatization plan was, in explicit detail - in the spring of 2010. THAT WAS MORE THAN TWO AND A HALF YEARS AGO, PEOPLE!!!
If a blog can have this much foresight, with this much specificity, than what does one make of this so-called troika??? As excerpted:
This is a tragic Greek comedy. Professional/institutional subscribers should reference the Greece Public Finances Projections 2010-03-15 11:33:27 694.35 Kb in its entirety.
For those who chose not to subscribe, I am posting excerpts from pages 5 and 6 from said document, don't read this while eating or drinking for fear of spitting up your lunch!
Any subscribers who would have went heavily bearish into these banks when I first commented on the would have done quite well:
Okay, I digress - yet again... With such excessive bullshit, one does tend to get thrown off track. Back to the der Spiegel excerpts...
The news of the potentially greater financing needs comes at a sensitive time for the country. Many in Europe, particularly in Germany, are losing their patience and there has been increased talk of the country leaving the common currency zone. Over the weekend, German Finance Minister Wolfgang Schäuble reiterated his skepticism of additional aid to Greece. "We can't put together yet another program," he said on Saturday, adding that it was irresponsible to "throw money into a bottomless pit."
Well, my friend, if you had that BoomBustBlog subscription, you would have known before you spent that first euro that Greece was a bottomless pit. Let me reiterated what I pasted up top... This situation will simply get worse, considerably worse. I demonstrated in the post The Ugly Truth About The Greek Situation That's Too Difficult Broadcast Through Mainstream Media that anyone who purchased the last set of bailout bonds from Greece will simply lose their money as well (that's right, just like those who purchased the previous set) since Greece is still running deep in structural problems and can't afford the interest nor the principal on its borrowing. It's really that simple. And guess what? Anyone who dips new money into Greece now will suffer the EXACT same fate!
As excerpted from Greece Sneezes, The Euro Dies of Pneumonia! Yeah, Sounds Bombastic, Yet True!
Wait until a 2nd Greek default (virtually guaranteed as we supplied user downloadable models to see for yourself, the same model used to forecast the 1st default) mirrors history. Of the 181 yrs as a sovereign nation after gaining independence, Greece been in default 58 of them. Don't believe me! Check your history, or just read more BoomBustBlog - Sophisticated Ignorance Or Just A Very, Very Short Term Memory? Foolish Talk of German Bailouts Once Again...
Greece's default will hit an already bank NPA laden Spain quite hard: The Spain Pain Will Not Wane: Continuing the Contagion Saga and ditto with Italy "As We Assured Clients Two Years Ago, Italy's Riding The Broken Promise Express To Restructuring". Once Italy gets hit, the true bank runs will start as socialist France (the so-called half of the EU anchor) loses control of its banking system. Reference "As The French Bank Runs....":
Saturday, 23 July 2011 The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run Occurs!: I detail how I see modern bank runs unfolding
Will Greece Set Off the Pan-European Sovereign Debt Crisis?
Iceland Stars In New Movie "The Anatomy Of A European Bank Run!"
About 6 months ago I said "Economic Depression Is The New Success". In said article, I forcast serial European bank runs, to wit:
From the BBC: Iceland's 'tenacity' lifts economy out of crisis
Whisper it - Iceland's economy is on its way back. The frozen island on the edge of the Arctic, which had 10 straight quarters of shrinking GDP, is suddenly on a steady run of seven quarters of growth averaging at 2.5% per annum - something that few European countries can boast. Unemployment has fallen to just below 5% and confidence is returning...
Ready! Set! Bank Run!!!
Subscriber downloads below (click here to subscribe):
Well, today Bloomberg reports "Icelanders Run Out of Cash to Repay Foreign Debts: Nordic Credit". Basically, as percieved to be cut off from foreign markets, Icelanders are running out of non-Krona denominated cash to pay off foreign debts. Here's more on the dilemma:
Non-krona debt owed by entities besides the Treasury and the central bank due through 2018 totals about 700 billion kronur ($5.8 billion), the bank said yesterday. The projected current account surpluses over the next five years aren't estimated to reach even half of that and will equal a shortfall of about 20 percent of gross domestic product.
The nation faces a "repayment risk of foreign debt by private entities in the economy, who don't have access to foreign financial markets," Sigridur Benediktsdottir, head of financial stability at the Reykjavik-based central bank, said yesterday in an interview. "We view this as being exacerbated or made worse by the fact that our current account is actually declining."
Prime Minister Sigmundur David Gunnlaugsson has said Iceland's foreign exchange shortfall is "a matter of huge concern" as he tries to scale back currency controls in place since 2008. The government's biggest challenge is to allow capital to flow freely without triggering a krona sell-off that would cause Iceland's foreign debt to spike and undermine the nation's economic recovery.
Wait a minute, if the Icelandic debt spikes, what happens to the Icelandic banks banks whose primary government bond (aka "risk free", ahem...) holdings happen to be Icelandic. Here's a hint: The Anatomy of a Europan Bank Run!
Exactly As I Warned, "Cyprusization" Goes Mainstream! Ireland On Tap, Next Up For Citizen Fund Confiscation (Again)
Last year I wrote "The "Believe In Germany Bailing The EU" Trade: Go Long Magic Wand Raw Materials & Harry Potter Paraphernalia" wherein I warned of both the risk in Germany as a save all, and the risks posed to European FIRE sector companies (and insurers in particular) as a result of this believe in magic over math.
Well, now Bloomberg reports that Poland has literally confiscated private pension manager's bonds with essentially no compensation, ex., they stole them, as per Bloomgerg - Poland to Cancel Bonds From Pension Funds in System Revamp:
Poland will take over and cancel government bonds held by its privately managed pension funds, stopping short of fully "nationalizing" the system as it seeks to curb public debt, Prime Minister Donald Tusk said.
Whaaaat!!!??? Cancel bonds? Outright theft! Listem carefully here. It's not as if I didn't tell you so. Now, what happens to those insurers whose pension funds under management were robbed? Again, revisit "The "Believe In Germany Bailing The EU" Trade: Go Long Magic Wand Raw Materials & Harry Potter Paraphernalia". This plain as day and easy to see coming, and there's a lot more coming!
Remember my many warnings this year on the Irish and EU banking system:
Transparency In The European Banking? Madness, I say! Sheer, Utter Madness!!!
If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It...), the chances of there being any recovery is somewhere between zilch and nil, give or take a euro or two - reference LGD 100+: What's the Possibility of Certain European Banks Having a Loss Given Default Approaching 100%? and The Anatomy of a Serial European Banking Collapse to realize that once a counter party driven bank run starts, there may be less than nothing to divy up in the end. Lehman Brothers' US creditors received roughly 10 to 40 cents on the dollar, but after 5 years of wrangling, the European International arm was full repaid. Hey, do you feel lucky with your life savings? Even if you do feel lucky, you'll still need 5 years to spare and a ton of cash for legal fees.
However, some member states have not ruled out the possibility that insured deposits, i.e. deposits under €100,000, would be forced to bear losses in the event of a bank collapse even though these deposits would be likely to be protected by the deposit guarantee scheme.
As stated earlier, this ain't AAA coverage!
This year Jeroen Dijsselbloem, head of the group of 17 euro zone finance ministers, said that losses on bondholders and depositors could form part of future bank bailouts as euro zone officials seek to move the burden of bailouts away from taxpayers – as was the case in the Irish bailout – and on to private investors.
The European Commission argues that this switch from so-called "bailouts" to "bail-ins" would result in an allocation of losses that would not be worse than the losses that shareholders and creditors would have suffered in regular insolvency proceedings that apply to other private companies.
Ahem, that non-sense only works on the uneducated and/or the unassuming. The major difference is that creditors that would be subject to regular dissolution proceedings AND that are unsecured, would demand considerably higher rates of return. A borderline solvent bank whose officers AND regulators admit publicly is in need of additional capital infusions after receiving three thus far, and 96% losses in its publicly traded equity, would have to borrow money at 18%, not 2% - and that's being generous. See the bank deposit rate calculator below.
While the inclusion of large savers in future bank bailouts is now widely accepted, significant differences still remain between member states.
While the new rules governing bank resolution were first intended to come into place in 2018, since the Cypriot bailout there have been calls from senior EU figures such as European Central Bank president Mario Draghi and EU economics affairs commissioner Olli Rehn to introduce the new regime as early as 2015.
The Irish presidency of the European Council is hoping to reach a common position by the end of next month.
The little app below calculates what return you should expect to receive to take on the risk of a potential 40% haircut. The second tab offers what recent Cyprus bank rates were. Do you see a disparity???
Side note:
The video below was the result of a collaborative effort to bring Mr.Middleton to Ireland through a crowdfunded campaign. While the effort fell through, we have recycled some of the material to ascertain interest in his visiting Ireland on an independent basis. If you're Irish, from Ireland or simply find this financial/ethical malarkey disagreeable and would be interested in seeing Reggie Middleton visit Ireland to disseminate his research, create new resarch, hold town hall style discussions on how to "occupy the banks" or simply have a good, old-fashioned breaking of the bread, let us know of your willingness to contribute to a crowdfunded project on Indiegogo. If there is enough interest to make this happen, we will create a project to fund Reggie's trip and create saleable research. Let Reggie know directly by contacting him via email: reggie at boombustblog dot com
Other hard hitting pieces on the resurgent EU banking crisis
- Is The Cypriot Government Crazy Or Do They Really Fear Bankers That Much?
- Mainstream Media Says Cyprus Salvaged By…
- Economic Depression Is The New Success
- The Canadian Government Offers "Bail-In"…
- EU Bank Depositors: Your Mattress Is Starting To Look Awfully Attractive - Bank Risk, Reward & Compensation
- Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" As This Bank Scrambled For Capital!!!
- As If On Cue, BoomBustBlog Shenanigan Research Gets Real In Ireland, Why Aren't These Guys Knocking On My Door?
- Are You About To Get Cyprus'd in Ireland? When A Single Word's Worth Billions Of Euros...
- Dear Ireland (& AIB), Haven't We All Learned The Problem Is Insolvency, Not Liquidity?
- Oh No! Is It Possible? A 3rd Irish Bank With Hidden Charges Not Revealed In Its Annual Reports?
- Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You
- The Next Leg Of That Counterparty Led European Bank Run Has Put On It's Running Shoe
- I Illustrate How The Irish Banking Cancer Spreads to UK Taxpayer & Metastizes Through US Markets
- Allegations Of Big Irish Banks Operating…
- Readers Respond With Evidence That AIB (…
"Till default do us part, A half-hearted banking union raises more risks than it solves". To wit:
Almost a year ago, as the euro crisis raged, Europe's leaders boldly pledged a union to break the dangerous link between indebted governments and ailing banking systems, where the troubles of one threatened to pull down the other. Yet the agreement that seems likely to emerge from a summit later this month will be one that does little to weaken this vicious link. If anything it may increase risks to stability instead of reducing them.
Almost everyone involved agrees that in theory a banking union ought to have three legs. The first is a single supervisor to write common rules and to enforce them uniformly. Next are the powers to "resolve" failed banks, which is a polite term for deciding who takes a hit; these powers also require a pot of money (or at least a promise to pay) to clean up the mess left by bust lenders and to inject capital into those that can get back on their feet. The third leg is a credible euro-wide guarantee on deposits to reassure savers that a euro in an Italian or Spanish bank is just as safe as one in a German or Dutch bank. National insurance schemes offer scant reassurance to savers when sovereigns are wobbly and insured deposits make up a big chunk of annual GDP (see chart).
It's Not Just Reggie Warning Irishmen Anymore As Irish Presidency of the European Council Says Capital At Risk
Allegations of Fraud, 20% Drop In Stock Price, Market Manipulations, Internal Investigations: Nothing To See Here, Move On...
What Angela Merkel Could Learn From Me and Using Glass To Spy On The Spies
My latest appearance on the Max Keiser show at 11:52 in the video.
As for Android, Google, Glass, security and privacy, I took the liberty of posting the discussion from the my last article on this topic. It should be of interest to both the paranoid and the techy types....
Everything you do is being monitored at carrier level. The NSA taps the cables.
Anyone who thinks DuckDuckGo and StartPage are safe are delusional. Entry and exit points to these services are again tapped at the wire level. The NSA would have no problems in illiciting the certificates supporting https.
You can see why American telecom companies want the contracts to rebuild communication infrastructures in countries their Wmpire has just dismantled.
Yet through disinformation borne ignorance, we already have the masses clamoring for a "safe' closed proprietary OS like iOS as compared to an open tool chest exposed to oh so many eyes.
That's not true. No-one is choosing iOS or Windows OS in order to be "safe". Similarly, next to no-one is choosing Android in order to be safer either.
OS's are chosen because of the hardware people think they want after seeing the promotion. If not the hardware, people choose the OS because of the apps they've seen their friends use, or promoted 'cool' apps.
As you say Reggie about the banks, no-one cares until some large section of society really suffers a loss. When it comes to surveillance and police states, waiting for that loss means you've already left it too late (unless you're watching from another country..).
As an aside, I really don't see people warming to being so constantly connected to hardware/communication etc. You will get a lot of people adicted to it like they are the internet, 24 hour news etc but I think it will wear a lot of people down and they'll reject the idea in the longer term - even you took off the headset in the Keiser Report interview the other day as I presume it was a distraction?
>changes to even be considered for
Your precious Google bozos made a mess of their Open Source modules. They scooped up open source, made copies of it in such as way changes can't be freely propagate back and forth to the original Open Source they took.
They just scooped up Open Source, copied it and moved it into their brand new projects. Really just a copy and paste type hack.
Google are using Open Source, but have done so it such as way as not to contribute back to the ecosystem they are using. Yes, they have their own brand new Open Source project with a brand new name, but the original modules they scooped up won' have changes easily propagating back and forth.
This is what happens when Google hires people straight out of college with no real world experience. Like hires like.
Google Chrome is hardly a beacon of engineering brilliance on Google's part. The hard part was done by Apple - WebKit.
Apple produced the first fast JavaScript compiler.
>problems, except for the facts that
Isn't the core of iOS based on the Open Source operating system FreeBSD? FreeBSD rocks.
WebKit is a HTML5 and CSS renderer and supports multimedia and much more.
Google based their Chrome web browser on Apple's WebKit. If it wasn't for Apple, Google Chrome would exist in its current form.
By the way when I've developed websites, I've noticed the exact same JavaScript bugs in Apple's Safari and Google's Chrome. I wonder how that could have happened. It could just be a coincidence.
As I said before even if you have the entire source of Android read by people around the world, it still isn't secure. There are so many other lines of attack outside the handset.
But really there are so many lines of attack.
By default Android does not have good security - who you communicate with can still be tracked. You need to get 3rd party software to be really secure on Android.
Building an operating system from source code is a difficult operation. There will be so many dependencies. Not many people will be able to do this.
I may make mistakes in some of my points, but you are meant to read all of what I say and take it as a whole.
> Your multiple posts here
Isn't that an ad hominem attack?
I am not a fool. Nor am I something that has crawled out of the woodwork.
I run a small business that sells a relatively inexpensive product to a very large number of people. I've sold my product to Microsoft, Intel, Apple and a vast number of other companies. I am not a fool. I've even sold my product to at least two companies that Google has taken over.
You are incidentally one of my favourite guest speakers to appear on the Keiser Report. You concisely summarize Google's business model as cost-shifting. I can see the smartness is saying things concisely.
I do advertise on bing.com and on other websites as well. They charge $0.05 to $0.15 per click. As a lot of companies only get 1 sale per 100 website visitors, this is a fair charge.
Google charging $0.80 to $5 per click is excessive. I don't know why Google does this. Surely the number of potential advertising customers they have is vast. They should aim to have low costs and make it up on the volume. To extent this is what I do.
Look I am really trying to make a valid point here and what I say is echoed across the Internet.
Google charges advertisers too much. All their money for acquisitions and their internal army of people that can't write software anymore without getting a check book out and buying it has a cost. That cost is borne by advertisers.
All I am saying is that Google is a hard man over money.
I have studied all the other companies in my niche. I see competition selling products at a very low cost if they don't use Google advertising. I see competitors charge 50% more than me when they turn on Google Adwords.
I just want to get a word out that having everybody use Google has a cost. That cost is the increased cost of products sold by everybody that is not Google.
Google spanks you if you use the display network as they say your click-rate is lower and so your cost per click on the search network has to go up.
If you use an exact phrase match with the words x, y and z and another company with nothing to do with you occasionally advertisers with the words a, b and z, then Google will spank you again as they say the competition is paying more, when they aren't really your competition at all.
I see the cost of products sold on the Internet go up 50% and all the cash rolls into Google.
Monopolies are bad. People need to use other search engines such as ixquick.com and duckduckgo.com
The network effect creates an unfair advantage, yes.... but to obtain the network effect advantage you likley had a superior product to begin with. Ask users of Microsoft Office...
> Who has the time to read through a mountain of computer source code? Computer source is difficult to read and understand. Reading source code written by other people and understanding it, will take longer than writing it yourself.
Nah! We are not protected.
Just listen to the objections you are raising and you can see how and why Android is safer to the populace than all of the popular competition. Windows and iOS all have the same problems, except for the facts that
- You dont have access to the code
- You don't have the ability to submit changes to even be considered for acceptance
- With Android, you don't need for Google to accept your personal changes, you can simply roll your own personal version and use it for yourself which should be the preference for the paranoid types. You can't do this with any other popular OS.
- The amound of independent eyes on Android trumps that of any other OS, by far. If something has a chance of getting caught (ex. spy code) it will likely get caught on Android code base. This has already happened, read XDA developers code posts for the HTC Evo
There is nothing to stop someone taking Open Source software and just before building it into runnable code, adding a crack to make intercepting or decrypting communication easier.
How can one little change be spotted in reams of incomprehensibl y machine code assuming you even know what version of all the different source code modules to compare against? Even if you read through all the code it would take you a lifetime.
> modify the code base and if those
> modifications (improvements) are
> accepted into the official code base
Yes, but there is still Google sitting as a referee deciding what gets into the official code base.
Suppose I want to triple the bit length they use for SSL / https, will Google let me submit the changes?
If all communication is being snooped then you have no protection. Even if you use encryption, the NSA will still have a record of who you are communicating with and how much traffic goes between you and where they are located.
Even if you use encryption, if the bitlength isn't high enough President ODumber will crack it. I don't know enough about cryptography, but if the algorithm has a flaw then you are vulnerable as well.
They can still tell what search terms you are using.
Do you use an encrypted email client? Encrypted voice over a phone line? How do you know for sure the software you download doesn't have a flaw in it. Very few people are smart enough to understand the level of mathematics to determine this, plus have knowledge of software as well. Who has the time to read through a mountain of computer source code? Computer source is difficult to read and understand. Reading source code written by other people and understanding it, will take longer than writing it yourself.
Nah! We are not protected.
The Internet freed people to produce innovative goods without high start-up costs of having to have bricks-n-mortar shops. I myself started up a company producing a product head-and-shoulders above all of the competition. My website used to be at the top of Google's search results. Whether it is intentional or not, Google have jacked up my advertising costs and bang! in one search algorithm update knocked me off the front page. On bing.com and other alternative search engines, I'm near the top.
When I started out, my website didn't have good natural search results. But I could reach a large number of customers cheaply via cheap click rates. That time has passed now. Google's greed is blocking off the Internet for small companies wishing to start up with limited advertising budgets.
Reggie get a balanced view of what is going on and look at the links below.
But there is a flip-side to Google and Reggie should think about this as well.
Reggie waxes lyrical about Google's cost shifting and cheaper-than-free goodies. There is a real cost to this.
I have advertised on Google Adwords for years. That experience has made me dislike Google as a company. I got stung with obvious click fraud. I emailed Google at least twice. They denied click fraud ever takes place. I have paid Google vast sums of money over the years and as a long-standing customer they should have taken the time to examine the evidence I gave them. My whole daily budget was used up immediately at the start of each day on an Indian screensaver website. Yes, immediately. When I turned off the display network, my daily budget wasn't used up in a whole day when my adverts displayed direct on google.com. Plus I looked in my webserver logs and I had no real visitors from this 3rd party publisher.
Google Adwords contains a mass of code trying to extract as much money as possible for Google from advertisers, even at the expense of making it uneconomic to advertise with them.
I displayed for a while on the display network, where typically the click-through rates are lower. I emailed Google about my eye-wateringly high click costs on the search network. I was told the display network was making my search network costs higher! This is wrong. There should be no linkage between the two as everybody knows the click through rates on the display network as lower than it someone was doing a specific search direct on google.com. If you get low click through rates, Google bumps up your cost per click.
For long stretches of time, I have had no competition in my niche advertising on Google. I sell low cost products and quite frankly none of my competition can afford Google's high costs in a low product cost market. Yet my click-rates are uneconomically high in the absence of direct competition. This is so wrong. Google's auction model is opaque at best.
Google explains this via broad matching and synonyms. It seems if a big company – with a totally unrelated product to yours – uses broad matching for their keywords, then even only a 1 keyword overlap in a phrase of 3 -4 keywords, will bump up your click costs. This is wrong.
If bing.com can charge $0.05 for a click, then why doe greedy Google need to charge at least a whole order of magnitude more and often much more than that?
I should also mention that I set a daily budget. Google regularly went over that increasing my monthly costs to well over what I can reasonably pay. I searched the Internet and I found out Google has been sued over exceeding peoples' set budgets.
My response was to set my daily budget 20% below that wish I wish to pay. Everything is geared up by default to sting people – perhaps unintentionally .
So, let's revisit Glass. Glass is a cool device, but from a hardware perspective, it's not expensive to build once engineered. If the Moto X can be sold for $200, that will likely be the ceiling for Glass, which would probably be sold for less if subsidized by Google. Throw in a half billion dollar ad budget (Glass is already extremely popular and is not advertised or even for sale yet) and you have a definite game changer in the mix.
Imagine if these computer glasses that changes the way we do everything sold for $150, with the full marketing awareness powers of Google behind them. Uh Oh, it's a whole new world.
Subscribers, click the following links for my updated price targets on Google (click here to subscribe) and read Google Q2 2013 Update: Valuing Possibly The Most Powerful Co. In The World?:
- Google Q1 2013 Valuation Note - Retail
- Google Q1 2013 Valuation Note - Professional & Institutional
The biggest risks to these price points are:
- A market that's being levitated by central bank magicians running short on magic spells...
- Regulatory pressure, which I feel is quite material and inevitable, but will not be a major factor in the near term.
Irish Fraud, Google, Glass, NSA and a False Sense of Security
From my appearance on RT's Prime Interest last Tuesday.
From one of my reader's comments on the topic of NSA, privacy and Android..
"most people see Google Glass as real-time snooping tool for the NSA."
That's because most people are (if your statement is in any way true) are ignorant to how things truly work. Glass is powered by Android, which is open sourced. This means that anyone and everyone can modify the code base and if those modifications (improvements) are accepted into the official code base then the whole world has the ability to examine those changes as well as the entire code base.
This makes Android and the hardware running Android the safest popular mobile OS available because it is near impossible to hide things from driven eyes that want to find things.
Contrast this to a closed commercial system like Windows Phone or iOS where the government simply has to compromise one codebase or one company and it has an in to all users, none of which can see or modify what they have purchased.
NSA to Android is like having to lock a million doors, with tens of millions of keys floating around in the hands of hundreds of thousands of locksmiths. NSA to Apple iOS, et. al. is like having one door with one lock, and nobody has the key - locksmith or not!
If you were the NSA, which would oyu rather have as the world's primary OS? Mass adoption of a single commercial, closed system such as Windows of iOS is the NSA's wet dream in comparison to the veritable nightmare that Android and all of its eyes and tinkerer's must be. Yet through disinformation borne ignorance, we already have the masses clamoring for a "safe' closed proprietary OS like iOS as compared to an open tool chest exposed to oh so many eyes.
Allegations of Fraud, 20% Drop In Stock Price, Market Manipulations, Internal Investigations: Nothing To See Here, Move On...
On Wednesday, 17 April 2013 I queried "What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors?" In such query, I levied some heavy accusations at the Bank of Ireland. Its worth a read if you haven't done so already. Well, two months later, I read in the Irish Independent the following: Internal probe at Bank of Ireland
AN inquiry is under way within Bank of Ireland's private banking division, as the bank's internal auditors investigate what have been described as "possible irregularities".
The Sunday Independent has learned that Bank of Ireland's auditors have been inside the division, which counts many of Ireland's most wealthy and powerful individuals among its clients, at various stages over the past six weeks, conducting what one source described as a "thorough examination" of its activities.
Hmmmm. Now, that's interesting. Six weeks ago would have been about two weeks after I dropped my bomb of a scorching missive on sheeple who are to this day, much too trusting of the banking system. That two weeks is just about the amount of time it would have taken a big corporation to act on the information that I levied (if it was in a rush). Wholly a coincidence, I'm sure!
The bank's audit team is seeking to establish if any of its private banking clients' affairs have been handled in any way improperly.
The bank's management is understood to be treating the matter "very seriously". Commenting on this, one well-placed source said: "The investigation isn't complete yet. It's difficult to say when it will be complete. We are obliged to follow due process before we come to any conclusions."
Asked if Bank of Ireland had brought in any third parties to assist with the investigation or if it had made contact with gardai even on a preliminary basis, the source said: "No, the matter is being dealt with internally and all appropriate procedures are being followed.
... The source stressed that clients of the division that is under investigation would be notified immediately in the event that the bank uncovered any evidence to show that their affairs had been inappropriately managed.
I have to be honest, I hate it when people ask me for free advice. After all, if my advice/opinion/knowledge was thought to be worth something, then people ought to act like it, no? Well, methinks one should make an exception to the rule this one time and offer some free advice to the "internal audit team" at the Bank of Ireland. I know, I know... Nobody asked me, but since they haven't bothered to bring in any third parties yet, why not invite myself and crash the party?
Let's, once again, reference my post from two months ago - What Should The US Do If One Of The Biggest Banks In Ireland Blatantly Defrauded US Investors? wherein I will update the ADR performance chart for the bank if Ireland.
As you can see, there was a significant and material loss taken by ADR holders during the time in question at BoI. But, following the auspices of this story in the Independent, yet using our BoomBustBlog investigative resources, there's much more here than meets the eye. A document that I made available to professional/institutional subscribers details how the Bank of Ireland sought and received an exemption from SEC rule 102 of Regulation M (click here to brush up on your US securities law). In short, this exemption allowed the bank to literally trade in its own securities, provided it wouldn't abuse the privilege. See an excerpt below...
This letter worked literal wonders for the Bank of Ireland stock within days of being issued. Even more miraculous is the fact that it wasn't public information at the time yet the public somehow knew to bid the shares up by nearly 100%. Hmmmm! Coincidence, eh?
Even more damning is the fact that the alleged historical trading volume in the shares in question (a pertinent fact used as an argument to get the Reg M exemption in the first place) spiked by nearly 5X!!!
...Bank of Ireland Private Banking is, according to its website, "Ireland's largest and oldest private bank. The country's leading entrepreneurs, business leaders, professionals and families trust us to manage their wealth with discretion and integrity."
If the private banking client's capital was used to churn these shares, then.... Oh Boy~~~
Per Wikipedia: Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for a security, commodity or currency. Market manipulation is prohibited in the United States under Section 9(a)(2)[1] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradable security.
- Churning: "When a trader places both buy and sell orders at about the same price. The increase in activity is intended to attract additional investors, and increase the price."
If the stock was churned, the price would have increased temporarily until the performance numbers of the loss making bank would have came to fore. But then again, what would management have to gain by manipulating the stock in such fashion. After all, bankers aren't incentivized or measured by share prices, bonuses, year and reviews, etc., right???
I have released information that has apparently caused quite a bit of high level C-suite types to head for the hills, reference BoomBustBlog Hard Hitting, Bleeding Edge Research Results In 2nd High Level Ouster/Resignation In The UK & Euroland.
If you believe that the information above actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convey my message.
Those of you in Ireland who may not want to get "Cyprus'd", ie. have your bank accounts fund another bailout, should contact the Office of the Director of Corporate Enforcement. Click this link, and tell them Reggie from NYC sent 'ya. Seriously! The reason why Irish banks haven't been reformed was because not enough light has been shown on the activities. See a valid attempt at such here. This is the time, for the tea leaves foretell the next bank collapse & bailout will be funded directly out of your bank accounts, reference Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You for those who don't believe me. See Global Banking Crisis - How & Why YOU Will Get "Cyprus'd" for an example of a bank statement of a Cypriot who didn't take the regulation of his bank seriously!!!
Euromoney Jumps On The BoomBustBandwagon: French banks most systemically risky in Europe
Yesterday I opined extensively on transparency (actually, the lack thereof) in the European banking system - Transparency In The European Banking? Madness, I say! Sheet, Utter Madness!!! I tore into the Irish banks as well as reminding all of the 2011 research that found the French banks to be the weakest link in pan-European banking contagion. Of course, you'd never here that from the sell side. Well, as luck would have it, look what I found on Euromoney.com today (Hat tip @StaceyHerbert)...
French banks most systemically risky in Europe – HEC Lausanne study:
According to systemic risk measures for European financial institutions, developed by the Centre for Risk Management at Lausanne (CRML), French regulators would need to provide €300 billion, as of mid-May, to fulfil regulatory requirements in the event of a global financial crisis, defined as a 40% semi-annualized fall in global stock markets.
Using methodology developed in collaboration with the well-known and influential New York University Stern's Volatility Institute, run by NYU professor Leonard Stern and Nobel laureate Robert Engle, the index gauges large European banks' systemic risk by measuring size, leverage and exposure to global equity market shocks. The dynamic index, updated on a monthly basis, reveals that, as of mid-May, Crédit Agricole has the greatest risk exposure of any bank in Europe, followed by Deutsche Bank and BNP Paribas.
Hmmm... Now, where have we heard this before?
French Banks Can Set Off Contagion That Will Make Central Bankers Long For The Good 'Ole Lehman Collapse Days!
This Is Why BoomBustBlog Is THE Place To Go For Hard Hitting Research: BoomBust BNP Paribas?
The WSJ article excerpted above quotes BNP management as saying: "The bank has €135 billion in "unencumbered assets after haircuts" that are eligible to central banks."
OK, I'll bite. Excactly how did BNP get to this €135 billion figure? Was it by using Lehman math? Methinks so, as clearly delineated in my resarch report on the very first page:
The Beginning Of The Great French Unwind?!?!?!...
Another BIG Reason Why BNP Paribas Is Still Ripe For Implosion!
As excerpted from our professional series Bank Run Liquidity Candidate Forensic Opinion:
... Now, if you were to employ the free BNP bank run models that I made available in the post "The BoomBustBlog BNP Paribas "Run On The Bank" Model Available for Download"" (click the link to download your own copy of the bank run model, whether your a simple BoomBustBlog follower or a paid subscriber) you would know that the odds are that BNP's bond portfolio would probably take a much bigger hit than that conservatively quoted above. Here I demonstrated what more realistic numbers would look like in said model...
Transparency In The European Banking? Madness, I say! Sheet, Utter Madness!!!
Last month I posted updates of my search and studies of distressed European assets stemming from the banking crisis to be had at prime risk adjusted returns, see Preparing Resources To Shop For Distressed Assets As Banks Refuse To Come Clean On Near Fraudulent Reporting and Which Banks Are We Looking At To Shop For Assets?. Well, a month later, the Economist economist jumps into the fray with the article "Till default do us part, A half-hearted banking union raises more risks than it solves". To wit:
Almost a year ago, as the euro crisis raged, Europe's leaders boldly pledged a union to break the dangerous link between indebted governments and ailing banking systems, where the troubles of one threatened to pull down the other. Yet the agreement that seems likely to emerge from a summit later this month will be one that does little to weaken this vicious link. If anything it may increase risks to stability instead of reducing them.
Almost everyone involved agrees that in theory a banking union ought to have three legs. The first is a single supervisor to write common rules and to enforce them uniformly. Next are the powers to "resolve" failed banks, which is a polite term for deciding who takes a hit; these powers also require a pot of money (or at least a promise to pay) to clean up the mess left by bust lenders and to inject capital into those that can get back on their feet. The third leg is a credible euro-wide guarantee on deposits to reassure savers that a euro in an Italian or Spanish bank is just as safe as one in a German or Dutch bank. National insurance schemes offer scant reassurance to savers when sovereigns are wobbly and insured deposits make up a big chunk of annual GDP (see chart).
The logic behind this chart has been the engine behind out contagion model, the core thesis behind the short on continental Europe in general (see Overbanked, Underfunded, and Overly Optimistic: The New Face of Sovereign Europe) and our hypothesis against the French banks - reference "On Your Mark, Get Set, Bank Run".
There's much more to this bank run, capital flight thingy in Europe. I explained it in detail over two years ago:
- The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run Occurs!
- "The Fuel Behind Institutional "Runs on the Bank" Burns Through Europe, Lehman-Style"
- The Next Leg Of That Counterparty Led European Bank Run Has Put On It's Running Shoe
First, the European banks are just too big in relation to Europe, herself!
Sovereign Risk Alpha: The Banks Are Bigger Than Many of the Sovereigns
Second, as stated in the Economist, we have a liquidity time bomb!
As excerpted from our professional series Bank Run Liquidity Candidate Forensic Opinion:
This is how that document started off. Even if we were to disregard BNP's most serious liquidity and ALM mismatch issues, we still need to address the topic above. Now, if you were to employ the free BNP bank run models that I made available in the post "The BoomBustBlog BNP Paribas "Run On The Bank" Model Available for Download"" (click the link to download your own copy of the bank run model, whether your a simple BoomBustBlog follower or a paid subscriber) you would know that the odds are that BNP's bond portfolio would probably take a much bigger hit than that conservatively quoted above. Here I demonstrated what more realistic numbers would look like in said model... image008image008
To note page 9 of that very same document addresses how this train of thought can not only be accelerated, but taken much further...
So, how bad could this faux accounting thing be? You know, there were two American banks that abused this FAS 157 cum Topic 820 loophole as well. There names were Bear Stearns and Lehman Brothers. I warned my readers well ahead of time with them as well - well before anybody else apparently had a clue (Is this the Breaking of the Bear? and Is Lehman really a lemming in disguise?). Well, at least in the case of BNP, it's a potential tangible equity wipe out, or is it? On to page 10 of said subscription document...
Yo, watch those level 2s! Of course there is more to BNP besides overpriced, over leveraged sovereign debt, liquidity issues and ALM mismatch, and lying about stretching Topic 820 rules, but I think that's enough for right now. Is all of this already priced into the free falling stock? Are these the ingredients for a European bank run? I'll let you decide, but BoomBustBloggers Saw this coming midsummer when this stock was at $50. Those who wish to subscribe to my research and services should click here. Those who don't subscribe can still benefit from the chronology that led up to the BIG BNP short (at least those who have come across my research for the first time)...
Thursday, 28 July 2011 The Mechanics Behind Setting Up A Potential European Bank Run Trade and European Bank Run Trading Supplement
Lastly... When everybody's lying, no one is trusted with telling the truth! There's the sovereigns themselves lying through their collective teeth, reference Smoking Swap Guns Are Beginning to Litter EuroLand, Sovereign Debt Buyer Beware! There's the so-called "Troika", reference Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!. Then there's these banks and those damn stressless stress tests... Again, as excerpted from French Banks Can Set Off Contagion That Will Make Central Bankers Long For The Good 'Ole Lehman Collapse Days!:
On that note, ZeroHedge has come out with a blockbuster explanatory article: Credit Suisse Buries European Banks, Sees Deutsche Bank And 65 Other Bank Failing Latest Stress Test, €400 Billion Capital Shortfall
A day after Credit Suisse killed the Chinese bank sector saying that the equity of virtually the entire space may be worthless if NPLs double, as they expect they will to about 10%, the Swiss bank proceeds to kill European banks next. Based on the latest farce out of Europe in the form of the third stress test, which is supposed to restore some confidence, it appears that what it will do is simply accelerate the flight out of everything bank related, but certainly out of anything RBS, Deutsche Bank, BNP, SocGen and Barclays related.
I'd like to add that I've ridiculed all of these stress tests, US and European, although the European stress tests were by far the biggest joke. Dexia passed with a grade of A (or so), and will be nationalized momentarily. 'Nuff said!
To wit: "In our estimation of what could be the "new EBA stress test" there would be 66 failures, with RBS, Deutsche Bank, and BNP needing the most capital – at €19bn, €14bn and €14bn respectively. Among the banks with the highest capital shortfalls,SocGen and Barclays would need roughly €13bn with Unicredit and Commerzbank respectively at €12bn and €11bn. In the figure below we present the stated results. We note RBS appears to be the most vulnerable although the company has said that the methodology, especially the calculation of trading income, is especially harsh for them, negatively impacting the results by c.80bps." Oops. Perhaps it is not too late for the EBA to back out of this latest process and say they were only kidding. And it gets even worse: "We present in this section an overview of the analysis which we published in our report 'The lost decade' – 15-Sep 2011. One of our conclusions was that the overall European banking sector is facing a €400bn capital shortfall which compares to a current market cap of €541bn." Said otherwise, we can now see why the FT reported yesterday that banks will be forced to go ahead and proceed with asset firesales: the mere thought of European banks raising new cash amounting to 75% of the entire industry's market cap, is beyond ridiculous. So good luck with those sales: just remember - he who sells first, sells best.
And the scary charts:
1. Capital Shortfalls under Stress Test part Trois (9% min. CET1 ratio)
Judged against these three requirements, Europe's new plan is a miserly one. Its outlines emerged in a joint paper released on May 30th by France and Germany. The minimalism of the paper suggests the summit will offer little more than the establishment of single supervisor and a promise to set up a vaguely defined "resolution mechanism".
Those who follow me know that I'm medium term bearish on both any sovereign nations and their out-sized, profligate, insolvent banking systems which they support. Ireland makes a good example -
If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It... and The Beginning Of The Great Irish Unwind?!?!?!.
Back to that Economist article:
If a pot of money is pledged it will probably be a small fund raised through a tax on banks and without the backing of governments. If Europe's bail-out fund, the European Stability Mechanism (ESM), is referred to it is likely to be only as a last resort to recapitalise lenders after ailing countries have already bankrupted themselves standing behind their banks. A euro-wide deposit insurance fund is so controversial it isn't polite to mention it.
...The legal challenges are also enormous. Each country in the euro has its own bankruptcy code. A change in the treaties governing the European Union would probably be needed to give a new resolution authority the power to seize bank assets and impose losses on creditors.
Events outside the negotiating room have also reshaped the scope of a banking union. The "bail-in" of Cypriot banks earlier this year dipped into the savings of uninsured depositors in order to recapitalise lenders. Repeating that tactic would risk deposit flight from peripheral banks and a sharp increase in banks' funding costs. But rather than committing public funds to shore up banks elsewhere, some politicians would doubtless prefer to hit uninsured depositors again.
But,,,, but,,,, without a definitive source of "rescue" capital, a bail-in is all but guaranteed, right Ireland???!!! I hate to pick on them, but the Irish make a good example -
If I Provide Proof That The Entire Irish Banking System Is A Sham, Does It Set Up A Much Needed System Reboot? Let's Go For It... and The Beginning Of The Great Irish Unwind?!?!?!
A strategy of incrementally moving towards a full banking union might have worked in normal times. Doing so in the middle of a crisis is risky. Over the coming year the ECB will have the unenviable task of assessing the health of the banks it is about to supervise. Its root-and-branch examination may well reveal gaping holes at a number of big banks. Yet without ready access to a pot of money to fill these holes, the ECB could be reluctant to force banks to come clean. "It is madness to expose capital shortfalls if you don't know where new capital is going to come from," says one bank supervisor.
Oh, I see. This must explain the blatantly fraudulent-esque goings on I uncovered in the Irish banking system. In case you haven't heard, I issued a Direct Challenge To Federal Reserve & Irish Central Bank Bubble Blowers. When I did Provide Proof That The Entire Irish Banking System Is A Sham, the ECB did absolutely nothing! No phone calls! No meetings! No emails! Makes you wonder why, eh?
"Over the coming year the ECB will have the unenviable task of assessing the health of the banks it is about to supervise. Its root-and-branch examination may well reveal gaping holes at a number of big banks. Yet without ready access to a pot of money to fill these holes, the ECB could be reluctant to force banks to come clean."
Madness, I tell you! Madness!!!
Taxation Without Representation: UK Taxpayers Learn From The Irish What US School Kids Get Taught In 3rd Grade
First up, a quick history lesson courtesy of Wikipedia:
"No taxation without representation" is a slogan originating during the 1750s and 1760s that summarized a primary grievance of the British colonists in the Thirteen Colonies, which was one of the major causes of the American Revolution. In short, many in those colonies believed that, as they were not directly represented in the distant British Parliament, any laws it passed taxing the colonists (such as the Sugar Act and the Stamp Act) were illegal under the Bill of Rights 1689, and were a denial of their rights as Englishmen.
The phrase captures a sentiment central to the cause of the English Civil War, as articulated by John Hampden who said "what an English King has no right to demand, an English subject has a right to refuse" in the Ship money case.
... The British Parliament had controlled colonial trade and taxed imports and exports since 1660.[1] By the 1760s, the Americans were being deprived of a historic right.[2] The English Bill of Rights 1689 had forbidden the imposition of taxes without the consent of Parliament. Since the colonists had no representation in Parliament, the taxes violated the guaranteed Rights of Englishmen.
...The phrase had been used for more than a generation in Ireland.[7][8] By 1765, the term was in use in Boston, and local politician James Otis was most famously associated with the phrase, "taxation without representation is tyranny."[9] In the course of the Revolutionary era (1750-1783), many arguments seeking to resolve the dispute surrounding Parliamentary sovereignty, self-governance, taxation, and the constitutional rights of 'commoners' to representation were pursued.[10]
Why go through this US grade school history lesson? Well, UK taxpayers have been paying substantial taxes to essentially bail out an Irish bank with no say so in how said bank is operated. As a matter of fact, they don't even know the extent of said bank's indebtedness despite paying a ton of money to bail it out. RBS investors have taken material losses due to this very same bank. Both of these parties went without adequate disclosure or... "representation". A couple of months ago I penned a piece titled "I Illustrate How The Irish Banking Cancer Spreads To The UK Taxpayer And Metastasizes Through US Markets!" wherein the Royal Bank of Scotland's failure to adequately report the full (and quite excessive, in my opinion) liabilities of its ill-fated acquisition, Ulster Bank of Ireland. Ulster Bank pumped massive losses into RBS, who in turn neared collapsed and required a massive bailout by the UK taxpayer (billions of pounds massive), who still owns 81% of this sick creature as I type this missive. Those losses were generated by an Irish bank in Ireland, but paid by UK citizens, and the losses were materially understated in my opinion for Ulster Bank was/is much less solvent than RBS is letting on through its US SEC reporting, having encumbered all of its ECB eligible assets available for lending... ALL OF ITS ASSETS! See "I Illustrate How The Irish Banking Cancer Spreads To The UK Taxpayer And Metastasizes Through US Markets!" for complete details, it's a doozy!
I know more than a couple of UK taxpayers who'd much not rather pay Irish bad debts. I decided to rub a little salt in the UK wound by throwing some arithmetic illumination on the situation via an embedded Irish bad bank tax calculator...
The app below allows the UK Taxpayer to calculate for themselves exactly what their individual contribution (pro rata) is to the government bailout of RBS.
I've taken the liberty of pre-populating the input fields for you, but if you don't agree with the numbers then by all means insert your own!
Lo and behold, about a monthafter my reports the BBC published an article titled "Will the bad be taken out of RBS?" wherein they reported on plans to split the farce formerly known as a bank - RBS - into a good bank/bad bank scheme (ahem!). Shortly thereafter, the Irish Times ran the following article "UK Treasury considers Irish takeover of Ulster Bank - Reports suggest UK authorities want the Irish government to take control of bank". I really, really wonder why? As excerpted:
A "radical" restructuring of Royal Bank of Scotland, which is largely owned by the UK taxpayer, could see it transfer control of its Irish operation, Ulster Bank, to the Irish government.
The future of RBS is currently being considered by the Parliamentary Commission on Banking Standards, and a draft report from the commission called for the split of RBS into a good bank and a bad bank.
However, a speculative report from BBC business editor Robert Peston has suggested that "another, more radical option is also being assessed by the Treasury".
This would involve somehow removing Ulster Bank from RBS. The bank has been one of the worst performing parts of the group, with losses of £1 billion in 2012.
Mr Peston said that one idea raised is to "transfer Ulster Bank into the arms and ownership of the Irish government", by swapping all or part of the bank for the British loans and investments currently owned by Ireland's "bad bank", the National Asset Management Agency (Nama).
Hmmm... That's interesting, trading trash for garbage!


text:
What you need to know about the evolving standard for high-definition audio/video connections.
HDMI cables connect todays TVs with A/V receivers, cable boxes, media players, and Blu-ray players. They send audio and video over the same cable, simplifying your hookups.
Choosing the right HDMI cables can be tricky. Older cables don't support the latest features. The latest HDMI 2.0 cables support 4K TV and HDR (High Dynamic Range).
You'll learn what kind of HDMI cables you need for a 4K TV. And finally, we'll look at some real-world HDMI hookup issues along with solutions and workarounds.In this article, we'll explain what the differences are among the different versions of HDMI, including the most recent one: HDMI 2.0a.
HDMI's pure-digital interface is the best way to connect high-resolution components — Blu-ray players, the PlayStation® 3 and Xbox 360™ game consoles, and HD-capable satellite and cable TV set-top boxes — to HDMI-equipped high-definition TVs and home theater receivers.
Equipment manufacturers have been required to limit the resolution of component video outputs on HD players and boxes to standard-definition (480i). And for a few years now disc makers have have the option of inserting a "digital flag" into a Blu-ray disc that will limit component video resolution to 480i.
These days, HDMI is often the only way to make an HD-capable connection. Although most TVs still have a component input, it has virtually disappeared on Blu-ray players.
So if you like high-definition pictures — and who doesn't? — you'll definitely want HDMI connections on your gear.
Single-cable convenience, plus so much more
The ability to send high-definition video and multichannel audio over a single cable is unique to HDMI, but this interface offers other big advantages.
HDMI supports video resolutions up to 1080p, which is key for 1080p-capable HDTVs and Blu-ray players. (A few TVs will accept 1080p signals via component video, which is useful for gamers since both the PS3 and Xbox 360 can output 1080p over component video.) And HDMI's sound capability now supports up to 8 channels of super-high-quality 24-bit 192kHz audio.
Ability to carry 3D video: HDMI is the only connection that can carry 3D video signals from components like a 3D Blu-ray player to your 3D TV.Superb picture and sound quality: HDMI connections keep audio and video signals in the digital language of 1s and 0s, eliminating the compromised picture and sound quality caused by digital-to-analog conversions and re-conversions.
More than just audio and video: A standard HDMI connector has 19 pins, which carry not only audio and video data, but also 2-way control and identification information, and even low-voltage power. HDMI cables labeled "1.4" or newer can also provide an Internet connection between compatible devices.
Industrial-strength copy protection: This probably seems like more of a benefit for content owners like movie studios than for consumers, but it directly affects the quantity and quality of what we can watch — now, and in the coming years. HDMI's wide adoption is due in large part to Hollywood's demands for ever-stronger copy protection measures to prevent piracy. HDCP (High-bandwidth Digital Content Protection) is present on virtually all HDMI-equipped devices even though it's not officially part of the HDMI spec. Without HDCP, both the quantity and quality of high-def content available to consumers would almost certainly be more limited than it is.
However, HDCP also has a downside. One of its main jobs is to "authenticate" the connection between two components via a "digital handshake," and problems with this handshake process can result in the loss or degradation of picture and sound.
Quick tips for choosing HDMI cables
Some components include an HDMI cable in the box, but most don't, so plan on buying one to connect your gear for the best picture and sound. You won't see dramatic differences in picture quality among HDMI cables. Unlike analog video transmission, which can display varying degrees of picture quality, digital video transmission typically delivers a clean, clear picture or no picture at all, although we've occasionally seen picture "sparkles" due to a less-than-flawless HDMI connection.
You'll still want to choose a high-quality HDMI cable, especially for longer lengths or in-wall installations. Different cables use different materials and construction techniques, and some are rated by the manufacturer to maintain maximum signal quality over longer cable lengths. Some users have encountered interoperability issues when making HDMI connections, but these are almost never the fault of the cable itself.
An evolving standard
HDMI is the accepted universal connector for digital home entertainment. The standard continues to evolve to meet the needs of high-performance home theater equipment. All versions of HDMI are backward compatible with previous versions, as well as with DVI with the use of an adapter (however, a DVI connection passes video only, not audio). Part of the built-in intelligence of HDMI enables it to automatically send the highest quality video and audio formats that are mutually supported. In other words, if you connect two devices, one with HDMI version 1.3 and the other with 1.4, the system will be limited to the 1.3 feature set.
Although you'll often see the HDMI version listed as part of a component's specifications, it's probably best not to pay much attention to it. For specific details about a particular component's audio and video capabilities, you're better off focusing on the component's feature list. A product's HDMI version by itself doesn't mean that all the latest features have been implemented; it does not guarantee a particular feature set. The reason is that the capabilities listed for each version of HDMI are optional, not mandatory. It's up to each manufacturer to decide which HDMI features to build into its gear.
Do I need to worry about compatibility between HDMI versions?
Only if you're working with components that use the latest HDMI version — currently 2.0a — and want to take advantage of certain features that are new to the latest spec. However, each new HDMI version is backwards compatible with older versions, so your older and newer HDMI-equipped components can generally still work together. So even if you use a 1.2 cable on 1.4 gear, or a 1.4 cable on 1.1 gear, you'll still get a great high-def picture and sound.
HDMI versions
So what are the differences between different HDMI versions? Take a look at our summary of HDMI's evolution below:
HDMI 1.0: The original spec called for a single-cable digital audio/video connection with 165MHz bandwidth and a maximum bitrate of 4.9Gbps (enough for 1080p video). Two-channel audio only. Released December, 2002.
HDMI 1.1: Added multichannnel audio support for DVD-Audio (up to 5.1 channels). Released May, 2004.
HDMI 1.2: Added support for multichannel one-bit audio formats like SACD (Super Audio CD). Included support for HDMI connectors on personal computers. Required displays with HDMI 1.2 or later to support future low-voltage devices. Released August, 2005.
HDMI 1.2a: Fully specified the Consumer Electronic Control (CEC) features and command sets for remote control functions. Required cable manufacturers to submit longer cable lengths for additional testing for spec compliance. For a device to pass 1.2a testing, all of its HDMI connectors required inspection and approval by HDMI Licensing, LLC. Released December, 2005.
HDMI 1.3: Increased bandwidth to 340MHz and the maximum bitrate to 10.2 Gbps (plenty for 3D video). Adopted the "Deep Color" standard, which supports 10-bit, 12-bit, and 16-bit color for over one billion possible colors — previous versions were limited to 8-bit. (Note: Because color information is based on three primary colors — red, green and blue — you'll sometimes see 1.3's enhanced color depth described as 30-bit, 36-bit, and 48-bit.) Added support for the "xvYCC" extended-gamut color space standard (also known as x.v.Color), which supports 1.8 times as many colors as existing HDTV signals. (No commercially available video content currently uses Deep Color or x.v.Color.) Added ability to output new lossless compressed digital audio formats (Dolby® TrueHD and DTS-HD Master Audio™) for decoding by a compatible A/V receiver. Incorporated automatic "lip sync" control for perfect audio/video timing (sometimes an issue when audio is sent to a surround receiver or processor and video is delivered directly to the display). Also made available a new mini-connector for use with smaller devices such as digital cameras and camcorders. Released June, 2006.
The 1.3 spec was updated to 1.3a, followed by 1.3b. However, for consumers, there is no difference between versions 1.3, 1.3a or 1.3b. These are minor revisions that relate to manufacturing and testing issues and do not affect features or functionality.
HDMI 1.4: Added Ethernet capability. If one HDMI 1.4 device is connected to your home network, it can share that connection with other Internet-ready HDMI 1.4 devices via a 1.4 HDMI cable. Note: As of 9/16 we are unaware of any components that support Ethernet over HDMI. Also included the capability to send audio from your TV's tuner back to your home theater receiver. HDMI inputs with this ARC (Audio Return Channel) capability are ideal for folks who get their high-def programs over the air using an antenna and want to be able to enjoy surround sound with those TV shows. Released May, 2009.
HDMI 2.0: Increased maximum bitrate to 18 Gbps to support new formats such as Ultra High Definition 4K video (3840 x 2160 pixels) at up to 60 frames per second. (The 1.4 spec also supports 4K video but only up to 30 frames per second.) HDMI 2.0 also supports up to 32 audio channels, as well as dynamic auto lip-sync, plus new extensions to the CEC control set. Released September, 2013.
HDMI 2.0a: Added support for HDR (High Dynamic Range) video display. HDR provides enhanced picture quality by enabling greater detail for both the dark and bright parts of an image. The HDR information is encoded as additional metadata in HDR content such as streamed 4K video from Netflix®, or Ultra HD Blu-ray discs. HDMI 2.0a enables devices to transmit/receive this metadata. Released April, 2015.
Will I need a special "4K-compatible" HDMI cable?
Depending on how good — and how old — your current HDMI cables are, you may not need to upgrade to "4K-compatible" cables. HDMI cables often list their maximum data capacity, and in order to handle 4K/60Hz video signals, the HDMI 2.0 spec raised the maximum capacity from 10.2 Gbps to 18 Gbps. Current HDMI cables that are labeled "high speed" should be able to handle the increased bandwidth of 4K signals at lengths up to five meters. For longer lengths, we recommend some type of "active" HDMI cable such as the Celerity Technology fiber optic cables described below.
Shop 4K and HDR-compatible HDMI cables.
HDMI connection issues, solutions and workarounds
Different HDMI versions may cause some interoperability issues — for example, you generally won't be able to get HDMI 1.4 features with non-1.4 gear and cables. See our HDMI 1.4 questions below for more details.
Some problems are also caused by a manufacturer's improper or incomplete implementation of the technology. Some incompatibilities in the digital "handshake" of the HDCP copy-protection code still exist between HDMI-connected components, especially when routed through an HDMI-equipped home theater receiver. Whenever problems like these are discovered, the HDMI standards group contacts the manufacturer and requires that the issue be resolved. In some cases, products have been recalled.
Beyond the initial handshake, there are other possibilities for miscommunication between components. At the beginning of the article, I mentioned that HDMI supports two-way communication between a video source and a TV. Part of that digital conversation is known as "EDID" (Extended Display Identification Data), which describes the TV's capabilities to the source component. EDID info typically includes the manufacturer name, product type, screen resolution, and color depth. Thanks to EDID, two devices can not only talk to each other, they'll actually know whom they're talking to. And that makes auto-configuration possible, which simplifies your setup process.
Keeping all that in mind, here are some of the most common HDMI connectivity issues we've heard about from customers, along with possible solutions or workarounds:
Running HDMI over long distances
We get quite a few calls about long HDMI runs for homes or commercial A/V systems. One of the newest and best-performing solutions is Celerity Technologies' fiber optic HDMI cables. These high-tech cables deliver outstanding picture and sound quality, including full 4K and 3D content, at distances up to 1,000 feet — far beyond the reach of conventional copper-based cables. Celerity cables work by converting electrical HDMI data into optical signals inside the fiber optic HDMI connectors. The signals are converted back to an electrical HDMI data stream at the connection to your TV or projector. Since the cable is fiber optic, there's no signal loss, even over long runs, and it's immune to interference from appliances, wireless devices, and computers.
Getting HDMI 1.4 features
Can't get Audio Return Channel from TV to receiver
Make sure your TV and home theater receiver are both HDMI 1.4 components, and that they both support the Audio Return Channel. This may surprise you, but most TVs with 1.4-rated HDMI inputs only support Audio Return Channel on one of those inputs. Next, be sure you're using a 1.3 or 1.4 HDMI cable. (It's confusing, but equipment that's 1.3 and below won't support new HDMI 1.4 features; however, HDMI 1.3 cables can support some of them, namely the audio return channel.)
HDMI and 3D TV
When I try to play my 3D Blu-ray movie, my TV's screen goes blank
The problem is likely that one of the components in your system doesn't support 3D video. For example, if you try to play a 3D Blu-ray movie on a TV that can't display 3D, the TV won't know what to do with the signal and the screen will be blank.
The same thing can happen if you're routing your 3D Blu-ray player's video signal through a non-3D home theater receiver. The receiver won't be able to pass 3D video on to your TV, resulting in an empty screen.
Many 3D Blu-ray players require you to choose between 3D and 2D viewing when you load a Blu-ray disc. If you choose 3D, the player switches to 3D mode, and you have a short amount of time to confirm your selection. If you don't confirm, the player assumes you might not be able to see the image, and reverts back to 2D.
When I try to watch a regular 2D movie, my 3D TV's screen goes blank
If your TV is set to display video in 3D only, it may not be able to accept a regular 2D signal. Go into your TV's display menus and select "Auto" (or something similar) &mdash that tells the TV to display any incoming signals, 2D or 3D, rather than only 3D.
Common HDMI "handshake" issues
No picture or sound using HDMI from DVD player to TV
Some video components come from the factory with the HDMI output set to "off." You can switch it to "on" via the player's setup menu, or sometimes by pressing the "HDMI" button on the component's front panel or remote.
No sound when using the HDTV's HDMI input
Most TVs lack built-in decoding for Dolby Digital and DTS surround sound, and can only play 2-channel audio. But many HDMI-equipped video components come from the factory set up to send multichannel audio. Usually, just changing the component's audio setting to "2-channel (PCM)" solves the problem.
No picture when connecting a cable box to an HDTV
This is usually the fault of the cable box, since some local cable providers may not have upgraded their customers' equipment with new firmware or new boxes to make them fully compliant and compatible with HDMI-equipped TVs and A/V receivers. Customers should report problems to their local cable providers. As with most HDMI-related connectivity issues, one effective workaround is to use component video connections and optical or coaxial digital audio connections.
No closed captions displayed when using HDMI connections
Unfortunately, the HDMI spec doesn't include any requirement for carrying closed captioning data. So, if you connect a video component like an HD cable or satellite receiver or DVD/Blu-ray player to your HDTV using HDMI, you won't see conventional closed captions. If you need to view closed captions from your cable or satellite box, use a component video connection — the closed captions will pass through and you'll still enjoy a high-def picture.
A related issue is that many DVDs and Blu-ray discs simply aren't encoded with closed captioning data. However, most discs are encoded with subtitles, which are similar to closed captions, and subtitles are compatible with HDMI. In fact, a growing number of content providers are using a particular type of subtitling called "Subtitling for Deaf and Hard of Hearing," which is optimized for people with hearing disabilities. While not all discs include subtitles, virtually all DVD and Blu-ray players are capable of decoding subtitles if they're present.
Can't get multichannel audio with an A/V receiver connected between the video source and an HDTV
We've mentioned HDMI's intelligent two-way communication between components, but sometimes it actually contributes to hookup problems. Normally, the display tells the source device about its video and audio capabilities. Virtually all TVs are limited to 2-channel audio playback. Since many A/V receivers employ a "repeater" type of HDMI switch, the receiver simply passes the 2-channel information to the source, despite the receiver's multichannel capabilities. So, the player sends only 2-channel audio to the receiver, rather than high-quality surround sound.
One handy workaround would be to simply run a separate optical or coaxial cable for audio. Unfortunately, many HDMI-equipped components are designed to turn off digital audio outputs when the HDMI output is in use. We have found that some models do this and some don't (even from the same brand), and going forward, we expect to see more models switching off their digital audio outputs.
Another receiver-related HDMI sound issue: some older HDMI-equipped receivers aren't designed to pass audio through their HDMI connections — they perform video switching only. To get multichannel audio from these receivers, you need to connect an optical or coaxial digital cable from your video source to the receiver. Only a few entry-level receivers still have this limitation, but it's something to be aware of.

subset: commoncrawl


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According to a report by Calcalist, Amazon may be in the process of buying the smartphone and tablet chip business of Texas Instruments. TI recently announced that it will be shutting down its operations in the smartphone and tablet space, and focus on its core strengths – embedded device platforms.
Amazon is one of the perfect buyers for that business. By having its own chip manufacturing operation, it can have greater control over the chips running its Kindle devices. Given the rumors that it may enter the smartphone space and the fact that its Kindle device sales are growing significantly, this seems like a logical move.
Amazon's competitors like Barnes & Noble use TI's chips, so such an acquisition could also help Amazon gain a competitive advantage and make things tough for its rivals.
TI's chip business could be worth billions of dollars, and Amazon could also be willing to pay a huge premium, given the high strategic value to it. Google, Apple and Samsung are all moving towards an operational model wherein they are trying to increase their control over the components that make their devices.
via TNW


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Members Query GAO on Revisions to Proprietary Colleges Report
Revisions raise questions about GAO investigative unit's conclusions and objectivity
WASHINGTON, DC – A bipartisan group of six lawmakers today released a letter sent to Acting U.S. Comptroller General Gene Dodaro seeking answers about controversial revisions to an August 2010 U.S. Government Accountability Office (GAO) report critical of recruiting practices at proprietary colleges and universities. The revisions to the GAO report were released on November 30, 2010, and included major changes to 16 of the 28 key investigative "scenarios" in the report. The factual changes to the report have raised new questions about conclusions reached by GAO regarding the recruiting practices of proprietary schools.
"As the 'congressional watchdog,' GAO's mission is to 'provide Congress with timely information that is objective, fact-based, nonpartisan, nonideological, fair, and balanced,'" Rep. Darrell Issa (R-CA), Rep. John Kline (R-MN), Rep. Alcee Hastings (D-FL), Rep. Carolyn McCarthy (D-NY), Rep. Brett Guthrie (R-KY) and Rep. Glenn Thompson (R-PA) said in the letter. "In the same manner that GAO investigates how the federal government spends taxpayer dollars, Congress is entitled to hold GAO to the highest standards of 'accountability, integrity, and reliability.' Accordingly, we expect GAO to adhere to 'strict professional standards of review and referencing,' and to conduct thorough analysis and fact-checking."
The letter to Dodaro asks that he respond to questions about the revisions no later than January 3, 2011 and that GAO brief relevant Congressional staff about the circumstances surrounding the revisions.
Click here to read the letter from the six Members of Congress to GAO.
Related Documents
|Letter to GAO


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Parent Directory | Revision Log
|Links to HEAD:
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|Sticky Revision:
Add a hint on checking out the sources with command line.
Haiku has newer package available for subversion, so tell the command to use.
Added barnsey123 to the depot
Added Retromaster and Cumulus to the depot.
Added the Impossible Mission source code in Twilighte's user folder.
Added Stormlord
Added 'coco' to the list of users, created a folder and updated the tree.
Did a minor change to the file to test if the svn server is working fine.
Updated the folder summary
Updated welcome page
Added the source code of "Save The Earth", the Atari STe demo presented at Kindergarden 2009
Added some shared libraries (UnitTest++, and FreeImage) to avoid having every single project brings its own libraries. Ideally people should add them in a way we can upgrade versions without breaking things: -> public/pc/shared_libraries/library_name/library_version/actuall_content
Added Miri and Waskol to the list of users, each with a own folder
Added the complete source code of the OSDK. Projects files are available for Visual Studio 6 and .net, plus a Code::Blocks setup (everything works except PictConv that relies on FreeImage - which does not build correctly on mingw)
Added Rembrandt and Forgotten Bits
Added the Dungeon Master menu of the Phaleon Gigademo
Added the intro of the second charts
Added the Intro screen of Euphoria
Added the Mine Sweeper screen of the Phaleon Demo (by Lonewolf)
Added the lamer test of the Phaleon Gigademo
Added the menu selection menu (Phaleon Gigademo)
Added the Shadow of the Beast menu of the Phaleon Gigademo
Added the reset screen of the phaleon demo
Added Phaleon's fast menu
Added the source code for the Caledonia PDL intro
Add links to svn packages.
Added the source code for the bitmap tunnel effect.
Added the 'double buffered sinus' demo
Add BeOS client url.
Testing forcing mime type to text/html.
html test
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Joan Rivers Claims Kristen Stewart Is Threatening to Sue Her Over Cruel Jokeby Michelle McGahan | PopCrush
Joan Rivers is no stranger to insulting celebrities with her brash brand of humor, but this time it could land her in some legal hot water.
The 81-year-old outspoken comedienne recently revealed that she is being threatened to be sued by Kristen Stewart over a reference to the actress' affair with married director Rupert Sanders, which Rivers makes mention of in her upcoming book, 'Diary of a Mad Diva.'
"I'm now being sued by Kristen Stewart," Rivers tells a paparazzo in a new video (which you can watch on TMZ). "She obviously did not read our disclaimer, which is that it is a comedy book. And I can't wait to get her to corporate, 'cause I want to get a puppet, and I want her to show me on the puppet where she thinks I claim she touched her director."
According to TMZ, the passage in question reads as follows: "Many stars only do one thing well. Of course, the best one-trick pony is Kristen Stewart, who got a whole career by being able to juggle a director's balls." Stewart's lawyer is reportedly suing for defamation — though the site also reports that she may have possibly backed down.
"Her lawyer contacted my lawyer," Rivers continued in the video. "Which shows the sense of humor she has. Zero. My answer her to her was: Be glad you're not a Kardashian. Because they're featured a lot more in the book."
When the paparazzo revealed that he had never seen Stewart smile, Rivers was quick with another joke.
"Well, she has no teeth. Which made her much better in bed when she was doing what I said she was doing," Rivers remarked crudely. "Allegedly," she added.


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Graphics Chip Designer Bolts Apple to Rejoin AMD
Another chip designer has left Apple for chipmaker Advanced Micro Devices.
According to a report by Anand Lal Shimpi on AnandTech.com, Raja Koduri, who spent the last four years at Apple overseeing its graphics chip work, has rejoined AMD.
The move follows a similar one last year by Jim Keller, who had been Apple's chip design guru working on its mobile A4, A5 and A6 chips that go inside the iPad and iPhone.
In his last stint at AMD, Koduri (pictured) was CTO for graphics and worked extensively on some of its best graphics products. His new job will be corporate vice president of visual computing, and he'll be responsible for both the hardware and software sides of AMD's graphics efforts.
"This is a great hire for AMD," analyst and former AMD executive Patrick Moorhead told AllThingsD. "Raja did great things when he was at AMD and then played a huge role in making Apple's mobile graphics the fastest in the industry. It's also a huge loss for Apple, and it seems to be losing some very good talent these days."
Koduri has also taken a role with an India-based graphics chips outfit called Makuta VFX as a technical adviser to its board of directors.
Before AMD, Koduri worked at ATI, the Canadian graphics chip company that AMD acquired in 2006, and before that he worked at S3, another graphics chip company.


text:
- 1. Introduction and overview
- 2. Institutions I: political and analytical organizations
- 3. Review of the mathematics of climate analysis
- 4. Climate I: past climate, and gases, aerosols and radiation
- 5. Economics primer
- 6. Climate II: dynamics of the atmosphere and oceans
- 7. Economics of the global commons
- 8. Economics I: economic growth, technology and greenhouse gas emissions
- 9. Institutions II: the international climate negotiations
- 10. Economics II: the economics of greenhouse gas emissions control
- 12. Climate III: interaction of atmosphere, oceans and biosphere
- 13. Analysis of the benefits of greenhouse gas mitigation
- 14. Economics III: climate policy analysis
- 15. Emissions trading and tax systems
- 16. Climate machine IV: regional impacts of climate change
- 17. Review of methods of uncertainty analysis
- 18. Integrated assessment I: sensitivity and uncertainty analysis
- 19. Sea level rise and adaptation
- 20. Methods for decision under uncertainty
- 23. Climate V: unresolved problems in climate analysis
Global Climate Change - Lecture 18
Lecture 18 - Integrated assessment I: sensitivity and uncertainty analysis
Integrated assessment I: sensitivity and uncertainty analysis (781 KB pdf)
Prof. Henry Jacoby, Prof. Ronald Prinn, Prof. Mort Webster
Global Climate Change: Economics, Science, and Policy, Spring 2008
(Massachusetts Institute of Technology: MIT OpenCourseWare)
Date accessed: 2009-04-30
License: Creative Commons BY-NC-SA
Lecture Material
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Our Mission Statement: Noah's Place will deliver to children of all ages clean & safe memory making experiences with our mobile petting zoo, pony rides, rides, concessions, and much more. We will "Deliver Smiles" because Noah's Place brings all the excitement to where the party is! Click here to learn more about us.
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- Fire Truck Ride at Events & Festivals
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Noah's Place can accommodate most requests
- contact us today so we can help you.
Noah's Place's animals are Federally licensed and certified by the United States Department of Agriculture.
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