The meltdown continues, the rich get richer, and the rest of us are left in the dust.
We begin with a headline from the World Socialist Web Site focusing on the real winners:
Wealth of world’s billionaires doubles since 2009
Even as workers in the US and other countries have seen their incomes plummet, the combined net worth of the world’s billionaires has doubled since 2009, according to a report published Tuesday by UBS and Wealth-X, a consultancy that tracks super-rich individuals.
And starting here in the U.S., a question of priorities via CNBC:
Job seekers: Forget insurance, we need a salary
A majority of job seekers want a paycheck even if that means not getting health insurance at the workplace, according to a new survey from online career placement firm Beyond.com
From CNBC again, the usual suspects playing unusual games:
Billionaires flip their super jets
The age of house flipping may have faded. But the super rich have found a new path to instant profits: flipping their megajets.
Mother Jones brings us a Happy Veterans Day from the Tea Party:
GOP Food Stamp Cuts Would Kick 170,000 Vets Out of the Program
My Budget 360 gives us a somber reminder:
The two-income trap for Americans: How dual income households are a financial necessity in a time when the median per capita wage is $27,000.
Al Jazeera America covers a partnership:
US Postal Service to deliver Amazon packages on Sundays
Starting Nov. 17, shoppers in NYC and LA will be able to receive Amazon packages daily, amid tumbling USPS revenues
And Pew Research Center’s Journalism Project documents to collapse of the Fourth Estate:
At newspapers, photographers feel the brunt of job cuts
The ranks of photographers, artists and videographers have been trimmed by nearly half (43%)—from 6,171 in 2000 to 3,493 in 2012, according to ASNE. By comparison, the number of full-time newspaper reporters and writers dropped by 32%—from 25,593 to 17,422. In the same period, 27% of copy and layout editor and online producer jobs were lost, falling from 10,901 to 7,980.
From CNBC, first Detroit, next the Windy City?:
Citing economy, pension worries, Fitch downgrades Chicago
Fitch Ratings cut Chicago’s bond ratings on Friday, citing the city’s sluggish economy and its inability to find a solution to its union pension obligations.
From USA TODAY, more chops at the commons:
More states consider toll roads to raise infrastructure dollars
Cash-strapped states are scouting for ways to pay for critical road work, and increasingly, the result for motorists is the same: You’re going to have to pay a toll.
The Japan Times covers an influx:
Fewer Japanese, more Chinese, studying in U.S.
The number of Japanese students at U.S. colleges and universities has dwindled while Chinese students have increased for the eighth consecutive year, according to a yearly report by the Institute of International Education (IIE).
More from China Daily USA:
Chinese students in US jump 21%
While enrollment from India and South Korea are both in decline
North of the border with the Toronto Globe and Mail and a bubble warning:
Canada’s housing market ‘teeters precariously,’ Financial Times warns
The Financial Times is warning that Canada’s housing market is “perched precariously at its peak.”
Turning toward Europe, let’s make a deal via Spiegel:
Trans-Atlantic Free Trade: US Pushes for Deal Despite NSA Scandal
The NSA spying scandal has many in Europe calling for the suspension of negotiations on an EU-US free-trade deal. Officials in Washington are undeterred, and continue to push forward with talks despite growing skepticism this side of the Atlantic.
From Spiegel, dancing on the brink:
Easy Money: ECB Embarks on Risky Experiment
Last week’s ECB interest rate cut was aimed at averting deflation and shows that the central bank is following the risky policy of monetary expansion adopted by Japan and the United States. Despite the latest figures, inflation is by no means banished.
More from Bloomberg:
Euro Zone’s Fizzling Growth Seen to Back Draghi Cut Case
Euro-area growth data this week may show the region’s nascent recovery slowing to a crawl, supporting Mario Draghi’s case for an interest-rate cut to help the economy get back to its feet.
And another spin from the London Telegraph:
Reports of the survival of the eurozone may have been greatly exaggerated
Last week’s surprise interest rate cut by the European Central Bank (ECB) was largely a response to the looming danger of deflation in the eurozone
Reuters brings us consequence of European bellicosity:
Italy and Malta say EU must press Libya to stop boat migration
Italy on Monday called on the European Union to press Libya to stem the gangs smuggling migrants from Africa on overcrowded boats and prevent shipwrecks like the one that killed hundreds last month.
On to Old Blighty and feigned shock from BBC News:
Private school influence in public life ‘shocking’ says Major
The influence that a privately educated, middle-class elite have on public life is “shocking”, former prime minister Sir John Major has said.
Ireland next, with an austerity consequence from Independent.ie:
One in four couples fear they are too poor to start a family
FALLING household incomes and pressure on family finances have forced one in four couples in their 30s to consider putting off having a baby.
Off to Scandinavia with The Guardian:
Sweden closes four prisons as number of inmates plummets
Decline partly put down to strong focus on rehabilitation and introduction of more lenient sentences for some offences
France next, with blowback to a 20 percent tax on riding schools reported by the Associated Press:
Horses, riders say ‘nay’ to French tax hike
Thousands of riding enthusiasts — and hundreds of horses — took over Paris’ Bastille square Monday to say “nay” to a proposed tax hike on riding schools.
More tax blowback from EUbusiness:
France’s tax policy has ‘reached limits of acceptability’: EU chief
France’s fiscal policy has “reached the limits of acceptability”, with high company taxes weighing on growth, the head of the European Commission told French television late Monday.
While RFI brings us populist rage:
François Hollande booed during First World War Memorial ceremony on Champs Elysées
Shouts of “Hollande Resign!” and “Socialist Dictatorship” were heard as Hollande’s cortège passed.
Germany next, with an automotive record-in-the-making from Deutsche Welle:
BMW in record race gets boost from October sales
German auto maker BMW remains the world’s top-selling manufacturer of luxury cars, ahead of Audi and Mercedes. Boosted by record October sales, the Munich-based car group appears set to extend its lead in 2013.
The London Telegraph salutes Berlin:
Don’t blame Germany for the eurozone’s travails, blame the euro itself
Germany didn’t set out to design an economic model that impoverishes much of the rest of Europe
On to Spain with bad news for the bubbly from ANSAmed:
Spain: separatism, boycott of Catalan bubbly wine feared
Sales of Cava fall by 5.5 million bottles in 2012
El País covers the woes of a favorite Troika target:
How politics has blighted Spain’s regional broadcasters
The Valencia government’s decision to close down Canal 9 has highlighted the weaknesses of a publicly funded media model that has systematically failed to meet its remit
The Portugal News reports an austerian reward:
IMF delivers latest bailout tranche
The International Monetary Fund (IMF) has finished its eighth and ninth assessments of Portugal’s adjustment programme and approved the release of €1.9 billion for the country, the IMF announced in a statement.
Bloomberg covers a beneficiary:
Chinese Get 80% of Portugal Property-Investor Visas
Chinese accounted for almost 80 percent of the investors who have obtained visas to live in Portugal through a program that encourages foreign investment in the country’s battered real estate market.
From the Portugal News, austerian blowback:
Former finance minister criticises ‘socially unacceptable’ cuts
Portugal’s former finance minister, Manuela Ferreira Leite, has criticised the “socially unacceptable” measures imposed on pensioners and public sector workers on Monday, in exchange for “things that will not be reached”, meaning the deficit objectives for 2014.
Italy next, with Europe Online and Bunga Bunga bravado:
Berlusconi pledges to fight on, even if expelled from Parliament
Former Italian premier Silvio Berlusconi vowed in an interview published Monday not to bow out of politics even if he is kicked out of Parliament because of a tax fraud conviction.
After the jump, the Troika’s assault on Greece, Russian woes, radical action in Venezuela, the Chinese neoliberal rush, Japanese economic worries, and the latest chapter of Fukushimapocalypse Now!. . .
Europe Online takes us to Greece and a coalition vow:
Greek government to stick to austerity after confidence vote
Greece’s coalition government vowed on Monday to stick to its austerity policies after winning a confidence vote submitted by the left-wing opposition.
More from Macropolis:
Scars for coalition, questions for SYRIZA after confidence vote
Greece’s two-party coalition survived a no-confidence vote early Monday, leaving opposition party SYRIZA, which submitted the censure motion, looking unprepared and testy. The government, meanwhile, suffered the embarrassment of one of its MPs voting for the motion.
Keep Talking Greece covers emerging tensions:
Troika postpones meeting with Minister of Administrative Reform over lay-offs in public sector
The meeting between the Troika and the Minister of Administrative Reform was postponed in what it looks as ‘disagreement on the lay-offs issues’. The meeting was scheduled for Monday morning, but it was cancelled by the Troika as the representatives of Greece’s lenders asked for “time credit” without giving further explanations, Greek media report. Media claim that the Troikans from EU, IMf and ECB wanted more time to make their own calculations.
From To Vima, Troika gets aggressive at grabbing the commons:
Olli Rehn hints towards upcoming TAIPED operation reforms
European Commission for Economic and Monetary Affairs did not comment on possible TAIPED relocation
European Commissioner for Economic and Monetary Affairs Olli Rehn was asked by SYRIZA MEP Nikos Hountis to comment on rumors suggesting that TAIPED was going to be converted into a “special purpose vehicle” with foreign managers.
From ANA-MPA, wishful thinking, part 1:
Greek recovery to be based on investment surge, PM advisor says
The Greek economy is at the gates of total rebound, Ioannis Mourmouras, a professor in Macedonia University and a financial advisor to Prime Minister Antonis Samaras said on Monday.
And Greek Reporter brings us wishful thinking, part 2:
Kefalogianni: “Tourism Can Lead Greece Out of the Crisis”
Greek Tourism Minister Olga Kefalogianni stated: “leave behind the bankrupt past, say no to misery and give a vote of confidence to the road that leads out of the crisis.”
To Vima brings us to grips with reality:
ELSTAT: Exports down 2.3%, imports up 7.7% in September
Greek Statistics Authority data indicates that value of exports has increased on an annual basis
The total worth of exports – dispatches during the same months was estimated at about 2.39 billion euros, compared to 2.44 billion in September 2012. The value of exports – dispatches between October 2012 and September 2013 was about 9.5% greater compared to the October 2011 to September 2012 period.
As does Macropolis:
Greece’s building activity remained in deep red for August
Greek building activity (measured by the number of building permits) dropped by 10.5 percent in August with the respective surface figure easing 21.1 percent, while volume retreated 31.0 percent, according to the Hellenic Statistical Authority (ELSTAT).
To Vima covers a strike unabandoned:
Teaching yet to begin at universities, semester still at risk
University administrative employees on strike hold general assembly at noon to determine future action
And Keep Talking Greece offers another take on a bitter reality:
Taxes and more taxes swallow Greek employees’ wages
I am so glad that somebody sat down and summarized what KTG has been reporting about for the last three years. ?hat is all the reporting about taxes and more taxes, and regular and emergency taxes that become permanent taxes. Not to forget the social security contributions and the income taxation based on fictitious income the finance ministry calculates but the taxpayer does not have.
From To Vima, another action with another cause:
Judges and prosecutors announce walkout between 10am and 3pm
Walkout was organized in protest of the inadequate security measures and recent attacks in court rooms
Kathimerini English covers the latest twist emerging from the SWAT team ending of the occupation of a leading Greek public broadcaster:
SYRIZA MP to file suit over treatment at hands of police outside ERT
SYRIZA MP Zoe Constantopoulou is set to file a suit against authorities in connection to an incident outside the headquarters of former public broadcaster ERT on Saturday.
And Neos Kosmos brings word of attempted metastasis:
Golden Dawn’s global aspirations
US claims that GD is trying to gain support in diaspora
A report by the US based geopolitical private intelligence firm Stratfor, that specialises in strategy and forecasting to individuals and organisations around the world, states the politically extreme Golden Dawn party in Greece is attempting to shore up support in rich western countries like as Australia, which have large Greek communities.
Russia next, with woes from CNNMoney:
Russia’s woes confirm BRIC slowdown
Russia slashed its long-term growth forecasts this week, providing further evidence of a slowdown in emerging markets. Economy Minister Alexei Ulyukayev said that annual GDP growth would average 2.5% through to 2030, compared with a previous forecast of 4.3%.
On to Latin America with the first of two stories from the Buenos Aires Herald:
IMF’s Lagarde: Argentina has made ‘positive progress’ on data reform
Argentina has made “positive progress” in reforming the quality of its economic data, the head of the International Monetary Fund said last night, adding that the IMF’s board is set to review the country’s moves in a few days.
The Buenos Aires Herald again, with more stroking from the wizards of finance:
‘Argentina presents incredible long-term growth opportunities,’ Fintech chief tells WSJ
“Hedge fund invests in Argentina” is the headline of an article published yesterday on The Wall Street Journal which referred to Fintech Advisory investment group, headed by David Martinez, which plans to buy Telecom Argentina and related assets for $960 million from Telecom Italia, which is selling its Argentine unit to pay down debt.
BBC News takes us to Caracas and growing tensions:
Venezuelan President Maduro ‘to expand price controls’
Venezuelan President Nicolas Maduro says he plans to extend price controls to all consumer goods, if he is given powers to govern by decree.
More from International Business Times:
Venezuela’s Nicolas Maduro Fights “Economic War” By Occupying Electronics Stores, Censoring Websites
President Nicolás Maduro has decided it is time to stop waiting around for the Venezuelan economic crisis to end on its own and has resorted to extreme measures to fight what he has identified as an “economic war” waged by his opposition. In the latest show of force, the Venezuelan government ordered a well-known electronics chain to change prices to government-approved rates.
India next, with Firstpost and a nuclear declaration:
India Need nuclear projects to tackle energy challenges: Kakodkar
Ahmedabad: Former Chairman of Atomic Energy Commission Dr Anil Kakodkar today said though Japan’s March 2011 Fukushima Daiichi nuclear disaster has dampened the sentiments for nuclear energy in India, the country needs more of these projects.
From the Financial Express, a mixed message:
Rising inflation, falling Indian rupee hit fortunes of richest, but still beat stock markets
Though the total wealth of India’s 100 richest people grew by a modest 3 per cent from the year ago period to USD 259 billion, the elite group of entrepreneurs have beaten the BSE market cap’s growth over the last five years, as per the latest Forbes India Rich List.
China next, with SINA English and hints of neoliberalism to come:
To survive, to win, China needs reform
The current meeting of senior Chinese policy makers will define the shape of China in the 21st century, and possibly that of the world.
South China Morning Post adds a qualification:
Does the secrecy over the Communist Party’s Third Plenum mean fierce disagreement in top ranks about reforms?
And Want China Times notes a conundrum:
The renminbi: outward strength masks domestic frailty
China’s domestic consumers are puzzled by a counter-intuitive trend: their currency has grown muscle against foreign currencies, but grows brittle at home.
From Channel NewsAsia Singapore, yet more neoliberalism:
China to allow more private investment in state firms
China will open its state-owned firms to greater investment by private companies, a state-run newspaper reported on Monday, as media raise expectations over a top Communist Party meeting on economic reforms.
And from CNNMoney, China’s version of Black Friday rakes in the cash:
China ‘Cyber Monday’ sales smash record
Chinese bargain-hunters spent a record amount with Internet retailers Monday, smashing last year’s tally for the country’s busiest online shopping day by early afternoon.
More from the Global Times:
Singles’ Day sales hit 35 bln
The Alibaba Group, which owns China’s largest online shopping platforms tmall.com and taobao.com, announced on Tuesday that it had achieved record sales of 35 billion yuan ($5.75 billion) on Monday’s Singles’ Day, initially created by young people to celebrate their loneliness.
Want China Times notes an even without precedent:
Chinese soldiers to step on US soil for first time
China’s PLA ground forces will for the first time set foot on US soil between Nov. 12 – 14 to participate in a joint military exercise, reports the Guangzhou-based Southern Metropolis Daily.
And BBC News counts the costs of massive industrialization:
Smoggy Beijing sees lung cancer cases soar
The number of lung cancer cases in the Chinese capital Beijing has soared over the last decade.
And for our final Chinese item, hints of rapprochement from People’s Daily:
Ma Ying-jeou pledges against ‘Taiwan independence’
Taiwan leader Ma Ying-jeou on Monday said that he will not promote “Two Chinas,” “one China, one Taiwan” or “Taiwan independence,” inside or outside the island.
Jiji Press takes us to Japan and a prescription:
Wage Increases Crucial for Abe’s Government: Amari
Wage rises are crucial for the survival of Prime Minister Shinzo Abe’s government, Economic and Fiscal Policy Minister Akira Amari said Monday.
From Jiji Press again, another major shift:
Sony Financial Enters Nursing Care Business
Sony Financial Holdings Inc. said Monday it has taken full control of nursing home operator Senior Enterprise Corp. in a bid to start a nursing care business.
On to Fukushimapocalypse Now!
First, from the Mainichi, a very suspicious move:
NRA chairman blocks interviews with Fukushima residents over exposure doses
The Nuclear Regulation Authority (NRA) has rescinded a decision to interview evacuees from areas around the crippled Fukushima No. 1 Nuclear Power Plant to evaluate measures to reduce their exposure doses, after NRA Chairman Shunichi Tanaka intervened to limit such interviews to friendly local government leaders, the Mainichi Shimbun has learned.
Kyodo News brings draining news:
TEPCO plans to change drainage channel outlet heading to ocean
The operator of the crippled Fukushima Daiichi nuclear power plant said Monday it will build a new drainage channel as part of efforts to prevent toxic water from directly flowing into the Pacific Ocean when leaks occur at water storage tanks.
From the Mainichi, the end for some:
New Fukushima recovery plan abandons idea of bringing all evacuees home
Disaster-recovery committees from the ruling Liberal Democratic Party (LDP) and its coalition partner, New Komeito, presented a Fukushima recovery plan to Prime Minister Shinzo Abe on Nov. 11, suggesting that the government alter its plans for all Fukushima evacuees to return home.
The Asahi Shimbun offers a bailout in the making:
State considers loaning TEPCO additional 3 trillion yen
The government is weighing additional loans of 3 trillion yen ($30.2 billion) to the operator of the crippled Fukushima No. 1 nuclear power plant, sources said.
And Jiji Press offers opportunity:
Japan to Ease Double-Loan Relief Rules for Fukushima Firms
Japan will apply easier qualification rules to firms in Fukushima Prefecture for double-loan relief measures because they face bigger difficulties than firms elsewhere affected by the March 2011 earthquake and tsunami, officials said Monday.
Other energy, other riches, from CNBC:
Foreign buyers are getting in on US energy boom
Foreign investors are emerging as the biggest beneficiaries of the unfolding U.S. energy revolution—underscoring how the landscape is being dominated by small, nimble players profiting where oil majors seemingly cannot.
UPI gives us our other energy sources/other problems entry:
Wind turbines blamed in death of estimated 600,000 bats in 2012
Wind turbines killed at least 600,000 — and possibly as many as 900,000 — bats in the United States in 2012, researchers say.
And Karachi’s Express Tribune brings us our final item, a resurrection:
Polio virus strain found in Syria confirmed as originating from Pakistan: WHO
Polio, that has crippled at least 13 children in Syria, has been confirmed as being caused by a strain of the virus that originated in Pakistan and is now spreading across the Middle East, the World Health Organisation said on Monday.
