Today’s roundup of human economic actions and their consequences continues our exploration of events on the cusp begins with a wonderful summation of a process that’s been transpiring in industrial economies in the wake of crash-and-bail in the form of a graphic from the Wall Street Journal via Real World Economics Review Blog. Ponder, then weep:
From Newswise, grim evidence that food stamps aren’t enough, though they’re certainly much worse since the GOP forced their reduction;
Enrollment in SNAP Does Not Substantially Improve Food Security or Dietary Quality
According to a New Study in the Journal of Nutrition Education and Behavior
From The Guardian, the door revolves:
Former Treasury secretary Timothy Geithner to join private equity firm
Key member of first-term Obama administration will join Warburg Pincus as president and managing director in March
Xinhuanet reports on an investor, with a growing foreign direct investment [FDI] in America:
Nation’s FDI in US getting more diverse
Although the scope of Chinese investment in the United States is broadening and diversifying, the amounts involved are still a drop in the bucket when it comes to foreign direct investment in the world’s largest economy, officials said.
“As of the end of September, Chinese businesses’ cumulative direct investment in non-financial sectors in the US accounted for 2.9 percent of China’s total outward direct investment, which wasn’t in line with the huge markets in both countries,” said Wang Chao, vice-minister of commerce, during the High-Level Forum (Beijing) on Sino-US Investment Promotion on Friday.
The Guardian covers business as usual:
JP Morgan to pay £2.8bn to settle claims by investors
The bank has reached agreement with 21 institutional investors in 330 residential mortgage-backed securities trusts
From Businessweek, a curious uptick:
U.S. Car Buyers Lever Up to Record Levels
Auto-loan debt held by U.S. consumers has swelled to $845 million, the highest level on record since the Federal Reserve started tallying car loans in 1999.
The Guardian with the latest on ObamaErr:
Health insurers bemoan Obamacare ‘fix’ as adding confusion to rollout
President meets top insurers a day after announcing they could continue offering policies that fall short of new standards
Another consequence, the massive paring of insuror doctor roles, reported by the Wall Street Journal:
UnitedHealth Culls Doctors From Medicare Advantage Plans
Physicians in 10 States Notified; Insurer Cites ‘Funding Pressure’ From Federal Government
From Bloomberg Businessweek, the biggest welfare queen of them all:
Why Wal-Mart Really Needs Food Stamps
Walmart, it turns out, is a big beneficiary of the food-stamp program. Almost half of all redemptions are in big-box super-centers such as Walmart and Target (TGT), according to Bloomberg Industries; in total, Americans spent about $73 billion worth of food stamps last year. If Walmart received one-quarter of that, the amount would come to about $18 billion. Walmart didn’t respond to a request for comment.
From In These Times, pace-breaking:
Trans-Pacific Partnership Opponents Score Major Victory
This week, 174 House members declared their opposition to fast-tracking the free-trade agreement.
Canada next, with CBC News:
Jobless Canadian teachers look abroad for employment
Newly qualified Canadian teachers frustrated with the over-saturated teaching market in many major Canadian cities are setting their sights on international schools abroad, where they say professional and personal benefits far outweigh those back home.
And a trans-Atlantic transition from BBC News, evidence that the NSA outrage was largely ornamental:
EU and US edge toward trade deal
A week of trade talks in Brussels have taken the European Union and the United States a little closer to a deal to liberalise bilateral trade.
Deutsche Welle was more muted in their coverage:
Mood good, but no results in EU and US trade talks
The European Union and the United States still have a long way to go: After a second round of talks on the free trade agreement, TTIP, many questions remain unanswered. And, data protection was not even addressed.
From the New York Times, a glum assessment:
Young and Educated in Europe, but Desperate for Jobs
Dozens of interviews with young people around the Continent reveal a creeping realization that the European dream their parents enjoyed is out of reach. It is not that Europe will never recover, but that the era of recession and austerity has persisted for so long that new growth, when it comes, will be enjoyed by the next generation, leaving this one out.
The Guardian looks at hard times intolerance:
The rise of the far right is overplayed – but austerity increases the threat
If the Wilders-Le Pen alliance succeeds in the European elections, it will partly be thanks to the harsh economic policies of political elites
From Deutsche Welle, stellar achievements?:
Spain and Ireland become Europe’s star debtors
Spain and Ireland are leaving Europe’s bailout program. Economists are not convinced that this represents a turning point, but it could be proof that the EU’s bailout mechanism actually works.
Britain next, with a Tory move at a time when the National Health Service is stressed and fraying. From BBC News:
Doctors and nurses may face jail for neglect
Doctors and nurses found guilty of “wilful neglect” of patients could face jail, the government is proposing.
The Guardian captures yet another instance of compassionate conservatism in action:
Home Office issues ‘end of life plan’ to hunger-striking asylum seeker
Decision to keep mentally ill Nigerian man in immigration detention centre seen as part of hardline approach by ministers
The London Telegraph notes a visual problem in the looting of the commons:
Clearer privatisations demanded after ‘opaque’ Royal Mail sell-off
Chairman of the Business Select Committee calls for more transparent processes for Lloyds and RBS sales
Ahead of a series of high-profile hearings at which Vince Cable, the Business Secretary, will be questioned on his role in the Royal Mail’s £3.3bn sale, the chairman of the Business Select Committee said that the present system was “opaque”.
The Irish Independent invokes an oddly apt term to describe the Emerald Isle’s peculiar status:
Europe ramps up surveillance as cracks begin to show in master plan
WELCOME to the era of “relative independence”. It was a phrase used by Dutch Finance Minister and Eurogroup chair Jeroen Dijsselbloem (pictured) on Thursday, as he described the path that Ireland and Spain would take to recovery.
Germany next, and more of the latter day intolerance from Spiegel:
Football Violence: Neo-Nazis and Hooligans Find Common Ground
Football is increasingly becoming a platform for right-wing extremist violence across Germany. Alarmed sociologists and security experts warn of a new danger: a network of neo-Nazis and hooligans.
France next, with a resurgence of those anti-road-use taxes that brought out violence last weekend. From RFI:
French motorways blocked by ecotax protests
Traffic slowed to a snail’s pace on several French motorways on Saturday as road-freight companies joined protests against the ecotax on lorries transporting goods on the country’s roads.
France 24 brings us more Hard Times Intolerance:
UN slams ‘racist attacks’ on French black politician
The UN human rights body condemned France on Friday for the “racist attacks” on Justice Minister Christiane Taubira, including a far-right magazine cover likening her to a monkey, warning that “xenophobia and intolerance” are on the rise in Europe.
More from RFI:
French left calls anti-racist protest after minister monkey insults
Trade unions and anti-racist groups have called for a day of demonstrations across France after a series of insults to Guyanese-born Justice Minister Christiane Taubira. The minister’s security has been stepped up after she has received a number of insulting and threatening letters.
Spain next, and raising a stink with El País:
Madrid calls in public firm to clear up mounting garbage
Ultimatum given to striking companies by Mayor Ana Botella expired on Friday evening
One of the reason for the mayoral action from thinkSPAIN:
Madrid cleaning strike: Tourists cancel hotels and Christmas breaks in the capital at the last minute
DOZENS of international tourists have cancelled their planned trips to Madrid at the last minute now that the cleaning strike has hit the world’s headlines.
On to Italy with BBC News and more woes for the Baron of Bunga Bunga:
Italy split spells setback for Berlusconi
The centre-right faction of Silvio Berlusconi has split, dealing another political setback to the former Italian prime minister.
Angelino Alfano, the deputy prime minister, said he and colleagues were forming a new centre-right party.
But Berlusconi rebounds, with BBC News:
Former PM Silvio Berlusconi resurrects Forza Italia
Former Italian Prime Minister Silvio Berlusconi has relaunched his old party Forza Italia following a split in the centre-right movement.
And still more from Deutsche Welle:
Berlusconi’s new party breaks away from Italy’s ruling coalition
Embattled Italian politician Silvio Berlusconi has said his center-right party has split from Italian Prime Minister Enrico Letta’s ruling coalition. However, the withdrawal is not enough to bring the government down.
And still more from the Associated Press:
Berlusconi invites former allies into alliance
Former Italian Premier Silvio Berlusconi is inviting defectors from his party to at least back his shrunken center-right power base to oppose his enemies on the left.
Abandoning his characteristic defiance after setbacks, the media mogul reached out Saturday to Interior Minister Angelino Alfano, who broke ranks a day earlier to form his own `’New Center-Right” party.
And the perfect accompaniment from BBC News, in a Rome where tree-trimmers and avian dispelling technology have been lost to austerity:
Italy: Rome drowns in bird droppings as austerity bites
Rome is facing a “guano alarm” as millions of starlings leave the city covered in a thick layer of droppings, Italian media report.
Reuters takes us to an impoverished and divided Bulgaria:
Tens of thousands rally for and against Bulgarian government
Tens of thousands of opponents and supporters of Socialist-led government rallied on Saturday, underscoring the widening political divide and uncertainty in the European Union’s poorest country.
After the jump, the ongoing Greek meltdown, Latin American troubles, the latest Chinese neoliberal moves, Japanese economic woes, an environmental potpourri, and the latest Fukushimapocalypse Now!. . .
From Greek Reporter, calling a timeout:
Troubled Troika Talks Pushed Back
Greek Finance Minister Yannis Stournaras’ planned resumption of negotiations with the country’s international lenders, set for Sunday morning, Nov. 17 – the anniversary commemorating the beginning of the end for the ruling military junta in 1974 – have been rescheduled for a day later although no reason was given.
Frmo EnetEnglish.gr, a likely reason why:
Remembering the Polytechnic
Sunday marks 40th anniversary of junta’s bloody suppression of 1973 student uprising
‘Bread, education, freedom!’ they chanted 40 years this Sunday, as the junta sent in the tanks to crush the Athens Polytechnic uprising
The annual commemoration marking the junta’s bloody suppresion of the 1973 Athens Polytechnic uprising got underway on Friday, as schools across the country marked the anniversary by remembering those who died and the ideals behind the protests.
Later developments from Keep Talking Greece:
Athens: several metro stations closed due to Polytechnic protest, Nov 17/2013
Several metro stations in downtown Athens will be closed to public on Sunday, November 17th 2013 due to protest march on the anniversary of Polytechnic school uprising.
Capital.gr covers wishful thinking:
Stournaras: No more austerity, it’s dangerous
Greece will not yield to pressure to impose further austerity measures, said Finance Minister Yannis Stournaras in an interview with CNBC, responding to the Eurogroup’s call for the indebted country to step up reform efforts in order to secure its next tranche of aid.
Greek Reporter covers a demand, one likely to those German arms companies with a history of bribing bureaucrats around the world:
Troika Wants Greek Defense Industry Sliced
Faced with a looming budget gap that could be five times more than what Greece has estimated, international lenders are pressing the government to close two defense industries or significantly reduce their workforce and costs.
Real estate woes from Macropolis:
Apartment prices down 9.2 pct in Q3 as lifting of foreclosure ban mulled
Apartment prices in the Greek market fell by 9.2 percent in Q3 at a slightly decelerating pace compared to Q2 performance (-11.8 percent), according to the Bank of Greece (BoG). At the same time the nosedive in the respective transactions remains unabated with their number retreating by 27.8 percent, while the value of appraisals shrunk by 32.5 percent.
Kathimerini English covers a tragedy:
Two arrested, three sought over migrant drownings
Two people were arrested on Saturday in connection to the drowning of 12 Syrian irregular migrants off the coast of Lefkada as the immigrants’ movements in the lead-up to one of the worst such disasters in Greek seas became clearer.
And Greek Reporter cites credit claimed:
Greek Far-Left Group Claims Golden Dawn Killings
A previously unknown Greek far-left group claimed responsibility Nov. 16 for the killings of two neo-Nazi Golden Dawn members, saying it was in retaliation for an anti-fascist rapper’s murder.
“We, the People’s Struggling Revolutionary Powers, claim responsibility for the political executions of the fascist members of neo-Nazi party Golden Dawn,” the group said in a statement posted on the Greek news portal Zougla.
Kathimerini English covers the party in contention:
Golden Dawn threatens anti-mosque rallies following construction contract
Golden Dawn has pledged to organize mass protests against the construction of a mosque in central Athens after the tender for the project was awarded earlier this week.
And Neos Kosmos covers a development likely to further inflame Golden Dawn:
ECHR: Same rights for same-sex couples
In a landmark ruling, the European Court of Human Rights found that the Greek state should accord homosexual couples the same rights as heterosexual ones
Latin America next, starting with a regional story from the Miami Herald:
‘Tepid’ growth for Brazil, as Mexico mulls oil reform
Latin America, a major source of international trade and tourism for Miami, is expected to show a mix of economic results in 2014, according to a panel of international economists and experts meeting in Miami Friday. Panama, Peru, Colombia and Chile are registering the strongest GDP growth, while Brazil, Latin America’s largest economy, is stuck in an economic malaise.
Chile next, and oddly familiar politics from MercoPress:
The anonymous millions of dollars spent in Chilean campaign donations
How much will Sunday’s presidential campaign have cost?
It will come as no surprise to Chileans that some of the country’s biggest companies — and richest families — have donated millions of dollars to presidential and parliamentary campaigns this election season. However, until an investigative report was published last week, people were only able to speculate on the matter, as a law passed in 2003 allows donors and donations to remain completely anonymous.
USA TODAY on potential consequences:
Chile election could signal ‘radical changes’
Chile has seen rapid economic growth and rising incomes under the pro-business policies of a conservative president who spurned the class warfare ideologies that have wracked many of its neighbors.
More form the Associated Press:
Bachelet softens reform promises before Chile vote
Michelle Bachelet is expected to overwhelmingly win Sunday’s presidential election and possibly avoid a runoff, riding a wave of hope that brought millions of Chileans to the streets demanding social change. The 62-year-old former political prisoner has taken up the cause of protesters demanding education reform, greater environmental protection and a reduction of Chile’s sharp income inequality.
The Christian Science Monitor takes us to Caracas and anxieties:
Venezuela’s regional energy program Petrocaribe wobbles
Guatemala announced in early November that it was pulling out of Venezuela’s Petrocaribe alliance. The Chavez-era oil-for-regional-influence program could be on its last legs.
From the Associated Press, reassurance:
Venez pres: No need for currency devaluation
Venezuelan President Nicolas Maduro says there’s no need to devalue the bolivar even as the country’s currency plunges in illegal black market trading. Maduro said in a news conference Friday that South America’s biggest oil producer has more than enough dollars to meet its economic needs.
And MercoPress covers a shift ahead:
Next Tuesday Venezuelan president Maduro will begin governing by decree
Venezuela’s legislature gave initial backing this week to a measure granting extraordinary powers over the economy to President Nicolas Maduro, which means next Tuesday, when the second vote, he will be able to govern by decree without having to seek parliamentary approval.
The Buenos Aires Herald covers agroindustrial umbrage:
Gov’t criticises Spain for ending biodiesel exports
The government of Argentina has filed a formal complaint against Spain over its decision to close the market for the nation’s biodiesel, while defining the measure as “discriminatory” and arguing “an illegitimate and protectionist policy”.
Off to Asia, starting in India with the latest in electrotechnical electioneering from RT:
‘Vote for us or be electro-shocked!’ Indian politician accused of scaring people over voting machines
A politician in India’s largest party has been accused by rivals of scaring people into voting for his Congress Party candidates, by telling them that electronic voting machines (EVMs) will give them electric shocks if they press other buttons.
Press Trust of India covers an effort:
Industrial townships to be set up countrywide: Minister
Union Commerce and Industry minister Anand Sharma today said the government proposes to set up industrial townships across the country to generate more employment.
And from Press Trust of India again, greater expectations:
Indian biotech aiming to be USD 100-bn sector :Shaw
Indian biotechnology sector is looking to be a USD 100 billion sector by 2025, Biocon Chief Kiran Mazumdar-Shaw said here today.
On to China, starting with a Sino-African story from Xinhua:
China Eximbank lends Mozambique 416.5 mln USD for road rehabilitation
China Export-Import Bank on Friday agreed to lend 416.5 million U.S. dollars to finance a major road rehabilitation project in central Mozambique.
From China Daily, neoliberal BFFs in the making?:
Deepened reform will help tighten Sino-US links, Xi says
China’s deepened reform and opening-up will bring new opportunities for Sino-US economic cooperation, President Xi Jinping said on Friday. The comprehensive reform blueprint will provide a strong driving force for China’s development and will benefit the whole world, Xi said when meeting United States Treasury Secretary Jacob Lew in Beijing.
From Firstpost, an odd reversal, in light of early declarations to the contrary:
China says not looking at broad one-child policy relaxation
China is not considering a broad relaxation of its strict one-child policy despite an easing of existing rules since it would be too disruptive, the health ministry said on Saturday.
Want China Times records another landmark:
China accounts for nearly 50% of global luxury goods consumption
People from China spent US$102 billion on luxury products in 2013, accounting for 47% of the total estimated sales of luxury goods throughout the year around the world, according to a survey released by the Fortune Character Institute, a part of the Fortune Character media group in Shanghai on Thursday.
From SINA English, another declaration:
China to boost housing guarantee, supply: CPC
The Communist Party of China (CPC) has vowed in a key decision to build a more impartial and sustainable social security system, encompassing an improved housing guarantee and supply mechanism that is in line with the country’s conditions.
A Philippine story from Xinhuanet:
News Analysis: Slower growth, more poverty feared in Philippines after super-typhoon
Due to the vast devastation and huge loss of lives wrought by super-typhoon Haiyan (locally named Yolanda) that slammed the Central Philippines a week ago, the country’ economic growth could slow down and the incidence of poverty could rise.
On to Japan, first with Japan Today on profiteering:
Returning to Japan, hedge funds bet this time is different
Big names from New York to London have made billions betting that “Abenomics” – the monetary stimulus program launched under Prime Minister Shinzo Abe – would send the yen sliding and stocks surging.
From the Japan Daily Press, an uptick:
Japanese exports to increase at fastest rate in 3 years as demand picks up
In October, Japan’s exports rose at the fastest pace seen in three years and is seen to continue its increase as overseas demand for Japanese manufactured products picks up, this shown in the data from a Reuters survey.
Japan Today encounters a delay:
Tax on digital content bought online from abroad likely to be delayed
A proposal by an advisory body to the Finance Ministry to tax online purchases of digital music, movies, games and books from overseas will not be able to be implemented in time for the sales tax hike next April.
And the Japan Times covers blowback from a greenhouse retreat:
New emissions goal derided as ‘bad joke’ at U.N. climate summit
U-turn on cutting COv(2) dismays world
Abe’s 3.8% target derided by activists
Move nets Japan Fossil of Day award
Next, Fukushimapocalypse Now!
Only two items today, starting with bad news for the TEPCO’s workforce from Channel NewsAsia Singapore:
Fukushima operator TEPCO to cut 1,000 more jobs
The operator of Japan’s crippled Fukushima nuclear power plant plans to slash more than 1,000 jobs through voluntary retirement in addition to its ongoing streamlining scheme, a business daily said Saturday.
From the Mainichi, some a name is destiny:
92-year-old journalist motivated to write again by Fukushima crisis
In the 160-centimeter-tall, 36-kilogram frame of 92-year-old Kikujiro Fukushima burns a journalistic passion.
On the environmental front, the Associated Press takes us to Italy:
Thousands march in Naples over toxic waste dumps
Thousands of families have marched in Naples to demand a quick cleanup of toxic waste that has been dumped by the local Camorra crime syndicate for decades. Recent tests have found that waste leakage has contaminated some water supplies, including in farm areas outside Naples and Caserta.
The San Francisco Chronicle drills down:
California releases draft rules for fracking
Oil companies would have to test groundwater and notify landowners before they do fracking or other well stimulation techniques under draft rules released by the state.
And for our final item, the Los Angeles Times offers no consolation:
State fails to keep track of hazardous waste
There are huge holes in the department’s database. Regulators make only limited use of what information is available. And the system does not automatically flag potential problems.
