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17 августа, 12:34

Australian Senator Wears Burqa in Parliament to Push for Ban

The move by Pauline Hanson, the leader of the anti-immigrant One Nation party, drew strong criticism, with one lawmaker denouncing it as “appalling.”

17 августа, 02:00

Why Elites Are Winning The War On Cash

Authored by James Rickards via The Daily Reckoning, Visa recently unveiled its own offensive in the war on cash. Visa is offering certain merchants a $10,000 reward if they refuse to accept cash in the future. Not surprisingly, Visa’s competitor is also part of the war on cash. Mastercard is increasing its efforts to encourage merchants to refuse cash. Here’s Bloomberg, quoting the CEO of Mastercard: “Mastercard Chief Executive Officer Ajay Banga has been one of the most ardent supporters of ditching paper currency in the U.S. The 57-year-old first declared his war on cash in 2010.” These private efforts by Visa and MasterCard exist side by side with official efforts to eliminate or discourage the use of cash coming from governments in India, Australia, Sweden as well as the United States. These efforts are always portrayed in the most favorable light. Private parties talk about convenience and lower costs. Governments talk about putting pressure on tax cheats, terrorists and criminals. Governments always use money laundering, drug dealing and terrorism as an excuse to keep tabs on honest citizens and deprive them of the ability to use money alternatives such as physical cash and gold. But the so-called “cashless society” is just a Trojan horse for a system in which all financial wealth is electronic and represented digitally in the records of a small number of megabanks and asset managers. Once that is achieved, it will be easy for state power to seize and freeze the wealth, or subject it to constant surveillance, taxation and other forms of digital confiscation. The war on cash has two main thrusts. The first is to make it difficult to obtain cash in the first place. U.S. banks will report anyone taking more than $3,000 in cash as engaging in a “suspicious activity” using Treasury Form SAR (Suspicious Activity Report).   The second thrust is to eliminate large-denomination banknotes. The U.S. got rid of its $500 note in 1969, and the $100 note has lost 85% of its purchasing power since then. With a little more inflation, the $100 bill will be reduced to chump change. Last year the European Central Bank announced that they were discontinuing the production of new 500 euro notes. Existing 500 euro notes will still be legal tender, but new ones will not be produced. This means that over time, the notes will be in short supply and individuals in need of large denominations may actually bid up the price above face value paying, say, 502 euros in smaller bills for a 500 euro note. The 2 euro premium in this example is like a negative interest rate on cash. The real burden of the war on cash falls on honest citizens who are made vulnerable to wealth confiscation through negative interest rates, loss of privacy, account freezes and limits on cash withdrawals or transfers. The whole idea of the war on cash is to force savers into digital bank accounts so their money can be taken from them in the form of negative interest rates. An easy solution to this is to go to physical cash. The war on cash is a global effort being waged on many fronts. My view is that the war on cash is dangerous in terms of lost privacy and the risk of government confiscation of wealth. India provides the most dramatic example. How would you like to go to bed one night and then wake up the next morning to discover that all bills larger than $5.00 were no longer legal tender? That’s essentially what happened in India not long ago. The good news is that cash is still a dominant form of payment in many countries including the U.S. The problem is that as digital payments grow and the use of cash diminishes, a “tipping point” is reached where suddenly it makes no sense to continue using cash because of the expense and logistics involved. Once cash usage shrinks to a certain point, economies of scale are lost and usage can go to zero almost overnight. Remember how music CDs disappeared suddenly once MP3 and streaming formats became popular? That’s how fast cash can disappear. Once the war on cash gains that kind of momentum, it will be practically impossible to stop. That’s why I’m always saying that savers and those with a long-term view should get physical gold now while prices are still attractive and while they still can. Given these potential outcomes, one might expect that citizens would push back against the war on cash. But in some places, the opposite seems to be happening. A recent survey revealed that more than a third of Americans and Europeans would have no problem at all giving up cash and going completely digital. Specifically, the study showed 34% of Europeans and 38% of Americans surveyed would prefer going cashless. Notably, Germans are the most resistant to going cashless. Almost 80% of transactions in Germany are done in cash, and many Germans never use credit cards. The German experience with hyperinflation after WWI and additional monetary chaos after WWII certainly plays a part in this resistance to the cashless society. Incidentally, the German word for debt, schuld, also means guilt. Other countries, such as Romania and Bulgaria, which have recent experiences with currency and financial crises, also tend to use cash extensively. Of course, there’s no denying that digital payments are certainly convenient. I use them myself in the form of credit and debit cards, wire transfers, automatic deposits and bill payments. The surest way to lull someone into complacency is to offer a “convenience” that quickly becomes habit and impossible to do without. The convenience factor is becoming more prevalent, and consumers are moving from cash to digital payments just as they moved from gold and silver coins to paper money a hundred years ago. But when the next financial panic comes, those without tangible wealth will be totally at the mercy of banks and governments who will decide exactly how much of your own money you’re allowed to have each day. Just ask the citizens of Cyprus, Greece and India who have gone through this experience in recent years. It will come to the U.S. soon enough. Other dangers arise from the fact that digital money, transferred by credit or debit cards or other electronic payments systems, are completely dependent on the power grid. If the power grid goes out due to storms, accidents, sabotage or cyberattacks, our digital economy will grind to a complete halt. That’s why it’s a good idea to keep some of your liquidity in paper cash (while you can) and gold or silver coins. The gold and silver coins in particular will be money good in every state of the world. I hold significant portion of my wealth in nondigital form, including real estate, fine art and precious metals in safe, nonbank storage. I strongly suggest you do the same.

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11 августа, 17:04

ComfortWay выходит на рынок Австралии

Компания Актив Текнолоджи (проект ComfortWay), резидент ИТ-кластера Фонда «Сколково», заключила стратегическое партнерство с австралийским оператором связи Ezyroam о продвижении и распространении своего флагманского продукта CwSim в Австралии. читать далее

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11 августа, 10:11

The Breakdown: Australians Turn In 12,500 Guns in National Amnesty’s First Weeks

Many of the surrendered weapons were thought to be unwanted long guns, like rifles, rather than the concealable handguns that most appeal to criminals.

11 августа, 07:22

Австралия придет на помощь США при нападении КНДР

Премьер Австралии Малколм Тернбулл заявил, что у Соединенных штатов нет более надежного союзника, и они...

10 августа, 22:20

More Really Bad Ideas: "Government Debt Isn't Actually Debt"

Authored by John Rubino via DollarCollapse.com, The failure of fiat currency and fractional reserve banking to produce a government-managed utopia is generating very few mea culpas, but lots of rationalizations. Strangest of all these rationalizations might be the notion that government debt is not really a liability, but an asset. Where personal and business loans are bad if taken to excess, government borrowing is not just good on any scale, but necessary to a healthy economy. Here’s an excerpt from a particularly assertive version of this argument: What if every government paid off its national debt? (Medium.com) – It might make you feel better but tomorrow if the US Federal Government, or Australia or the UK repaid the entirety of its national debt, it would make not one dollar’s difference to your bank account.   In fact the economy would tank.   “If America repaid all its national debt tomorrow, we very likely would crash into the mother of all great depressions long before the debt is ‘paid off’”, says economist, Professor Randall Wray.   There were six times in US history in which budget surpluses were achieved for long enough to retire a significant amount of debt. Five of those were followed by depressions, the last of which culminated in the Great Depression of the 1930s.   The last time America ran a significant budget surplus (about 2.5 years) was under President Clinton. The 2002 recession is a direct result of Clinton’s 1999 surplus which forced the domestic private sector into deficit. Consumer spending fell, unemployment rose and a recession occurred.   The economy crashed first in 2000 and then onwards into the Great Recession that began in 2007.   Economist Ellis Winningham concurs with Professor Wray that the economy would ‘crash’ long before the outstanding debt would be retired.   “The surplus would then become a deficit again,” he said.   “But reducing or retiring the debt isn’t what caused the economic downturns. It was the surpluses that caused it. Simply put, you cannot operate an economy with no money in it.”   So why have we convinced ourselves that government debt is the mother of all evil? That somehow, if the government is in surplus, our bank accounts will automatically improve?   In fact, as we shall see, the precise opposite is what would probably happen.   What is debt?   Anyone who has ever been chased by a debt collector has come to associate the word ‘debt’ as necessarily scary, bad and to be avoided. If you are a household, this is likely to be true.   But debt has an entirely different meaning for governments.   To whom is the national debt owed? That would be us: the people.   But this truth has been avoided in favour of eliciting a pavlovian response based entirely on the principle that a government budget is the same as that of a household.   “People think that public debt is like a household debt, hence, they buy into the neoliberal nonsense about the government going ‘bankrupt’ and then it’s financial armageddon and we will all die,” says Winningham. “It’s total nonsense. The public debt is just a bunch of savings accounts that pay interest.   “People think it will improve their lives because they believe that the government’s debt is their debt. In reality, the government’s debt is the private sector’s asset.”   In truth, there is no such thing as the national debt beyond a rhetorical device used to scare the public into submission.   In the US, the National Debt is the sum-total of all US dollars ever issued by the Federal Government, from the nation’s founding up until this very moment, that have never been taxed away by the Federal Government.   The national debt is actually the government’s savings account   “From around the 1790’s until today, 2017, the US government has issued, after taxes, $18 trillion dollars for everyone in the non-government sector to use,” says Winningham. “In fact, the national debt has been around for over 170 years now, so at some point, you’re going to have to start understanding that it is not an actual problem.   “Further, you need to start understanding that when you accuse Obama, or Bush, or Trump of adding to the national debt, you’re actually accusing them of adding US dollars to the US economy. Or, more precisely, you’re accusing them of adding US dollars to our national savings.” Let’s start with the idea that the 2000 tech stock crash was caused by the tiny (and in any event fictitious) surpluses run by the Clinton administration in the 1990s. What actually happened in that decade was a massive increase in societal debt via the private sector – encouraged by the Federal Reserve’s decision to bail out every entity anywhere in the world that ran into financial problems. Long Term Capital Management, Russia’s default, Mexico’s peso crisis, and the Asian Contagion were all met with lower rates, loan guarantees and aggressive money printing. The result was a torrent of hot money, much of which flowed into US tech stocks, sending their valuations to stratospheric, completely unsustainable levels (while filling government coffers with capital gains tax revenues). The inevitable crash had nothing whatsoever to do with those temporary surpluses and everything to do with equity valuations that had exceeded anything seen during even the Roaring 20s. As the following chart illustrates, US total debt rose from 235% of GDP in 1995 to 250% in 2000, producing the tech bubble. And then it really got going as the government responded to the subsequent bust with even easier money, producing a housing bubble that in its own way was as historically extreme as the tech bubble. When this burst we got the Great Recession – which was then countered with massive increases in government debt worldwide. Through these booms and busts, the entity doing the actual borrowing didn’t matter. What did matter was the amount of new debt being created. The government could be the main borrower as it was post-2008 or it could use lower interest rates and loan guarantees to encourage the private sector to borrow as in the 1990s. Either way the result was a destabilizing credit bubble. As for the assertion that governments paying off debt would lead to depression, a quick stroll through US financial history paints a different picture, with long periods of more-or-less balanced budgets during which debt/GDP fell steadily. Especially interesting is the half century between the Civil War and WW I, in which government debt plunged in relation to GDP – to pretty close to zero — but the global economy grew steadily with minimal inflation. This was the age of the Classical Gold Standard in which the supply of money – and by implication the borrowing power of governments – was limited by the dominance of sound as opposed to make-believe fiat money. It was ended not by a financial crisis related to government budgets but by war and ideology — an ending that could have been avoided by a few personnel changes atop several European countries. So here’s an alternative explanation for the relationship between government debt and financial crisis: Excessive debt in any sector – government, corporate, household, whatever – produces asset bubbles that inevitably burst, yielding recessions, depressions, and – in response – massive increases in new government borrowing. Avoid debt binges and you avoid asset bubbles and speculative manias. Avoid manias and the government has little need for crisis borrowing. Instead of lurching to another level of New Age financial experimentation when the current bubble bursts, a historically-literate society would return to the classical gold standard and perhaps even ban government debt entirely. But of course if we were historically literate we wouldn’t be in the current fix. So expect the “government debt not only doesn’t matter, it’s actually a form of wealth!” argument to win out during the next crisis, ushering in the final, fiery act of the fiat currency experiment. The previous articles in this series are here and here.

10 августа, 13:48

World Markets Slide Spooked By Latest N.Korea Statement; Dollar, Gold, Oil Jump

European and Asian market and S&P futures have resumed their slide, as geopolitical tensions between North Korea and the U.S. spiked again overnight after Pyongyang responded to the latest set of warnings by Trump, revealing a plan to fire 4 ballistic missiles at Guam by mid-August. Gold gains for a third day while Brent rose above $53. Following de-escalation attempts by Rex Tillerson, and a NYT report that Trump's "fire and fury" statement had been improvised, markets saw a tentative recovery in risk appetite in overnight U.S. and early Asian trading, but a risk off mood returned again as Asian stocks fell back and London, Frankfurt and Paris dropped 0.5-1.2 percent in Europe, spooked by North Korea’s latest response to Trump, which dismissed as a "load of nonsense" warnings by President Trump that it would face "fire and fury" if it threatened the United States and in which a general outlined a detailed plan on state TV to fire four Hwasong-12 ICBM at Guam by mid-August, sending virtually every Asian market lower. "Sound dialogue is not possible with such a guy bereft of reason and only absolute force can work on him" North Korea said of its diplomacy with Trump. Asia took the brunt of tonight's selloff, with Japan’s Topix index ended less than 0.1 percent lower, while South Korea’s Kospi index slid 0.4 percent, adding to a 1.1 percent drop on Wednesday. The Hang Seng Index in Hong Kong fell 1.1 percent. Australia’s S&P/ASX 200 Index lost 0.1 percent. The MSCI Asia Pacific Index fell 0.5 percent.  The won dropped to a four-week low and was trading 0.6 percent down, while the Japanese yen rose 0.2 percent to 109.80 per dollar, the strongest in eight weeks. "We saw a tentative recovery in risk appetite yesterday from the sell off inspired by North Korea but I think, justifiably that move is fading a little bit today," said Saxo Bank's head of FX strategy John Hardy. With the escalating war of words rumbling on, Europe's German bund yield held near six-week lows. U.S. and British equivalents were also trading a touch above Wednesday's six-week lows. "We would currently be careful with a whiff of risk aversion in the air and, by extension, also stay away from shorts in the rates market," RBC's global macro strategist Peter Schaffrik said. As a result of the ongoing diplomatic fiasco, the Stoxx Europe 600 Index headed for a second day of declines, following declines in markets from Hong Kong to Tokyo to Sydney, which also pressured S&P index futures fell. The greenback was firmer against most of its G-10 peers. Japan’s yen edged higher, extending yesterday’s increase as havens including gold continued to find support. Oil held gains above $49 a barrel as U.S. production eased and crude inventories extended declines. “The North Korea situation is still unstable and investors are controlling risk and taking profit after recent gains,” said Sam Chi Yung, a Hong Kong-based senior strategist at South  China Financial Holdings Ltd. Geopolitical tensions also pushed euro-area volatility sharply higher, with the VStoxx Index surging 27% since Tuesday’s close as European stocks added to their losses. The Stoxx 600 falls 0.6%, set for biggest back-to-back declines in three weeks, as the DAX hits lowest since April 21, down 2% so far this week. All European industry groups declined, with miners and energy shares faring the worst.  Utilities outperform selloff, sector is recommended by HSBC as a defensive refuge should European equities undergo a correction In currencies, as noted above, South Korea’s won led losses in emerging Asian currencies as tensions over the peninsula heightened. “USD/Asia should be somewhat supported today given the rise in geopolitical risk as North Korea and Trump keep up their back and forth,” said Julian Wee, a senior market strategist at National Australia Bank Ltd. in Singapore. “The weakness in equity markets suggests that the incendiary rhetoric has spooked the markets.” Traders added to positions in haven currencies such as the yen and Swiss franc, and pushed up the dollar index by unwinding some of the recent bets on the euro; the yen rose for a third day, outperforming all other Group-of-10 currencies.  Unrelated to Korea, the NZD was the notable underperformer overnight after the RBNZ monetary policy decision. The rate decision itself was met with choppy price action. However, the downside largely stemmed from comments by RBNZ Assistant Governor McDermott who stated that "NZD needs to adjust lower", which saw NZD break through 0.7300, and was trading at 0.726 last. In China, the onshore yuan rises for 10th straight day vs trade-weighted basket to highest in nearly five months as People’s Bank of China strengthens fixing by most since June. As Bloomberg reports, as global investors turn increasingly risk averse amid tense relations between North Korea and the U.S., China’s currency is becoming an unlikely winner. The yuan is the best performer among 31 major peers since Friday, rising 1.1 percent to 6.6605 against the greenback. That compares with a 1.5 percent tumble by the South Korean won or a 0.5 percent drop by the Australian dollar. While China is North Korea’s key ally, the nation’s central bank has been supporting the yuan with a series of strong fixings, and bearish bets against the currency have receded after it rose above 6.7 per dollar. In addition to geopolitics, some of the biggest names in the asset management industry have already been warning that it’s time to take risk off the table. As reported yesterday, Pimco told investors to pare exposure to U.S. equities and junk bonds, but keep exposure to real assets, including commodities and gold. Separately, T. Rowe Price said it cut its stock allocation to the lowest level since 2000. Morgan Stanley strategists said investors should consider betting against U.S. junk-bonds as recent price weakness may be the beginning of a correction. In commodities, safe haven gold rose 0.1 percent to $1,278.04 an ounce, the strongest in two months. West Texas Intermediate crude climbed 0.4 percent to $49.75 a barrel, the highest in more than a week, while Brent traded 0.8%, to $53.20 Today we get July PPI data (for core, 0.2% mom and 2.1% yoy expected), the monthly budget statement (-$54bn) and initial jobless claims and continuing claims figures. Fed’s Dudley will also speak today. Notable companies reporting include Nvidia, Snap, Macy’s and Newscorp. Bulletin headline summary from RanSquawk Lingering geo-political concerns continue to weigh on Asian equities. NZD underperforms as the RBNZ kept a somewhat dovish-to-neutral tone. Looking ahead, highlights include US PPI and comments from Fed's Dudley. Market Snapshot S&P 500 futures down 0.3% to 2,465.50 STOXX Europe 600 down 0.4% to 378.41 MSCI Asia down 0.5% to 159.73 MSCI Asia ex Japan down 0.7% to 525.33 Nikkei down 0.05% to 19,729.74 Topix down 0.04% to 1,617.25 Hang Seng Index down 1.1% to 27,444.00 Shanghai Composite down 0.4% to 3,261.75 Sensex down 0.5% to 31,644.07 Australia S&P/ASX 200 down 0.08% to 5,760.93 Kospi down 0.4% to 2,359.47 German 10Y yield rose 0.5 bps to 0.433% Euro down 0.3% to 1.1729 per US$ Italian 10Y yield rose 0.8 bps to 1.722% Spanish 10Y yield fell 0.6 bps to 1.424% Brent Futures up 0.6% to $53.03/bbl Gold spot up 0.1% to $1,278.98 U.S. Dollar Index up 0.2% to 93.70 Top Overnight News South Korea and Japan warned North Korea that it would face a strong response if it carried through with a threat to launch a missile toward the U.S. territory of Guam North Korea says ‘sound dialogue not possible’ with Trump; considering plan for striking at Guam through simultaneous fire of four missiles U.S. inflation is finally picking up -- or at least that’s the expectation of economists who have been wrong-footed by sub-par readings four months in a row Glencore Plc built a war chest in the first half of the year, continuing to cut debt as the world’s largest commodities trading house prepares to ramp up acquisitions West Virginia Governor Jim Justice said Donald Trump is “really interested” in his plan to prop up Appalachian mining by giving federal money to power plants that burn the region’s coal U.K. June Industrial Production m/m: 0.5% vs 0.1% est; ONS notes North Sea oil fields did not shut down for summer maintenance as normal, supporting production Norway July CPI y/y: 1.5% vs 1.4% est; core CPI 1.2% vs 1.1% est. RBNZ’s Wheeler: Would like to see a lower exchange rate, intervention in FX market is always open to us; Assistant Governor McDermott says RBNZ changed NZD language in a step toward intervention China Securities Journal: Govt. will soon release a package of measures to reduce leverage of state-owned enterprises; especially investments by central SOEs in financial sector Trump Seen Bypassing Acting FTC Chief in Favor of Outsider Disappointing U.K. Manufacturing, Trade Cap Sluggish Quarter Facebook Introduces Watch as New Platform for Shows NY Orders Con Edison to Take Action on Subway Power Reliability Perrigo Full Year Adjusted EPS Forecast Tops Estimates Monsanto Judge Angered by Lawyer’s Release of Roundup Documents Pepper Group Accepts KKR’s A$3.60-a-Share Cash Offer Facebook’s ‘Dazzling’ Stock May Belie Long-Term Risks: Grant’s MUFG Realizes Money Alone Can’t Build a Truly Global Bank Glencore Slashes Debt as It Positions for M&A in Commodities Asian indices tried to pick themselves up from the recent geopolitical-triggered losses, but failed and the upside gradually fizzled out throughout the session which saw the region's bourses negative across the board. ASX 200 (-0.2%) and Nikkei 225 (-0.1%) failed to sustain the early gains as financials dragged Australia lower, while Japanese stocks reversed ahead of tomorrow's Mountain Day holiday. Markets in China lagged with the Shanghai Comp (-0.4%) dampened by a lukewarm liquidity operation and with China considering measures for deleveraging in state-owned enterprises, while Hang Seng (-1.1%) underperformed as investors used the escalation of global tensions as an opportunity to book profits in the index which had already surged by around 25% YTD. Finally, 10yr JGBs traded flat as the risk sentiment in Japan lacked conviction and with the BoJ's Rinban announcement somewhat tepid. On Thursday, the PBoC injected CNY 50bln in 7-day reverse repos and CNY 40bln in 14-day reverse repos. The PBoC set CNY mid-point 6.6770 at (Prey. 6.7075 Top Asian News Toshiba Reports Loss With Auditor’s Qualified Endorsement China Mobile Shares Surge as Carrier Adds Special Dividend SEC Delays Decision on Chinese Buyout of Chicago Exchange It’s Hard to Price an ‘Extinction Event’ Like a North Korea War South Korea, Japan Warn Kim Against Firing Missile at Guam Philippines Keeps Benchmark Rate at 3%, in Line With Forecasts Natco Tumbles to 6- Month Low on Expected Delay in Sclerosis Drug Malaysia Warns Traders Against Ringgit Derivatives in Singapore Billionaire Wang Plans Overhaul of Property Assets, Wanda Unit Another morning of declines in Europe with geo-political tensions at the forefront of investors' minds. Slight underperformance in the FTSE 100 amid a slew of Ex-Divs from a number of large cap names taking off roughly 40ppts. On a stock specific basis, much of the price action has been dictated by earnings with Adecco, Lanxess and Henkel among the worst performers following soft financial reports. Very quiet on this front with yields ticking up slightly across the German curve, peripheral spreads wider, albeit mildly so. Top European News Prudential Interim Dividend Per Share 14.5p Thyssenkrupp Debt Soars on Negative Third-Quarter Cash Flow Zurich Insurance CEO Greco Sees ‘Positive’ Signs for Dividend Dong Sees Early Shareholder Returns as Offshore Costs Tumble Adecco Slides as Sales Miss Estimates Amid Downturn in Hiring Mail.ru’s Russian Food Deliveries Surge as Sales Beat Estimates U.K. Homebuilders Slip as Residential Price Growth Slows Further Russian Gas Link Offshoot Taps Investors as Sanctions Swirl Shopping Cart Shows ECB Buying Italy Over France as Bonds Mature In currencies, the NZD was the notable underperformer overnight post the RBNZ monetary policy decision. The rate decision itself was met with choppy price action. However, the downside largely stemmed from comments by RBNZ Assistant Governor McDermott who stated that "NZD needs to adjust lower", which saw NZD break through 0.7300. USD at better levels against its counterparts today, tensions remain at elevated levels between the US and North Korea, although focus is slightly edging towards key US data with US CPI figures to be released tomorrow. But, before that we get the PPI numbers out at midday. GBP saw a brief uptick to pare some of its losses this morning following firm than expected industrial output figures, however much of the other data had been erring to the softer side with the trade balance showing a wider deficit than analysts had expected. In commodities, oil prices up this morning with Brent breaking through USD 53 for the first time since May, however failed to consolidate above and has since retraced some of its gains. Precious metals also hovering at elevated levels. Gold rose 0.1 percent to $1,278.04 an ounce, the strongest in two months. US Event Calendar 8:30am: Initial Jobless Claims, est. 240,000, prior 240,000; Continuing Claims, est. 1.96m, prior 1.97m 8:30am: PPI Final Demand MoM, est. 0.1%, prior 0.1%; Ex Food and Energy MoM, est. 0.2%, prior 0.1%; Ex Food, Energy, Trade MoM, est. 0.2%, prior 0.2% 8:30am: PPI Final Demand YoY, est. 2.2%, prior 2.0%; Ex Food and Energy YoY, est. 2.1%, prior 1.9%; Ex Food, Energy, Trade YoY, prior 2.0% 9:45am: Bloomberg Consumer Comfort, prior 49.6 2pm: Monthly Budget Statement, est. $52.0b deficit, prior $90.2b deficit Looking at the day ahead, there is the July PPI data (for core, 0.2% mom and 2.1% yoy expected), the monthly budget statement (-$54bn) as well as the initial jobless claims and continuing claims figures. Fed’s Dudley will also speak today. Notable companies reporting include Macy’s and Newscorp. DB's Jim Reid concludes the overnight wrap Over the last few days we've been wondering what it would take to knock the S&P 500 out of its 90 year record low trading range of no moves of bigger than 0.3% in either direction. After yesterday we can possibly rule out the threat of nuclear war as a catalyst as despite a sudden end to the peaceful markets of late, and a fairly notable global risk aversion, the S&P 500 managed to close only -0.04% lower and extend the daily record to 15 days without a closing move of bigger than 0.3%. Before we sound the all clear though as we'll see below, Asia is having a difficult session after markets initially opened up stronger. They have been seemingly tracking North Korea’s response to Mr Trump. According to the FT they have outlined a detailed plan on state TV to fire four Hwasong-12 ICBM at Guam by mid-August. As we type, the Nikkei is slightly lower (-0.2%), and the Kospi (-1%), Hang Seng (-1.6%) and Chinese bourses between -1% and -1.2% lower. The Hang Seng is on course for its worst day of 2017. The Korean Won has dipped a further 0.2% this morning and S&P futures -0.25% lower. This follows a day of relatively large intra-day moves across various market. The VIX surged ~15% higher to an intra-day peak of 12.63, before range trading and then finally sharply falling to close only 1.5% higher for the day (+0.15pts to 11.11). Over at UST 10Y, yields initially fell ~2bp before increasing back to be broadly flat for the day. The calming influence on the markets was likely due to US Secretary of State Tillerson signalling military confrontation was not imminent, saying that “Americans should sleep well tonight, have no concerns about this particular rhetoric of the last few days” while on a plane post a tour of Southeast Asia. Trump was also a bit more tempered later on and said via twitter, that the “…US nuclear arsenal is now far stronger than ever…but hopefully we will never have to use this power”. Nonetheless, the preference for safe haven assets was still apparent yesterday, with gold (+1.3%) and Swiss franc both modestly up (+1.1%). Over in European government bonds, core yields fell ~5bps at the longer end of the curve with bunds (2Y: -3bps; 10Y: -5bps), Gilts (2Y: -1bp; 10Y: -5bps) and French OATs (2Y: -1bp; 10Y: -4bps) rallying hard. Peripheral bond yields were a bit more mixed, with Portugal’s yield modestly down (2Y: -3bps; 10Y: -2bps), but the Italian BTPs actually up slightly (2Y: unch; 10Y: +1bp). Back to the non nuclear war part of the day, overnight two more Fed speakers echoed prior comments made by their colleagues earlier in the week. St. Louis Fed President Bullard cautioned that failure to get inflation to the Fed’s 2% target could undermine its credibility, “the misses add up over time”. Elsewhere, the Chicago Fed Chief Evans noted it would be “reasonable” to announce the start of balance sheet unwind next month. As far as conventional monetary policy is concerned, he noted the possibility that "We might be pretty close to neutral", and that despite the economy doing very well "...inflation might have some trouble getting up to 2%". Turning to market performance overnight, US bourses closed slightly lower despite the intraday actions, with the S&P (-0.1%), the Dow (-0.2%) and the Nasdaq (-0.3%) all lower but recovering into the close as discussed above. Within the S&P, modest gains in the Health care and materials sector were broadly offset by losses in utilities (-0.5%), consumer and telco names. After the bell, Twenty- First century Fox was up ~+1.5% post a result beat. In Europe, markets also weakened, with the Stoxx 600 down -0.7%. Within the index, only the utilities sector was up (+0.1%), while financials saw heavier losses (-1.5%). Across the region, indices all fell, with the DAX (-1.1%), FTSE 100 (-0.6%), CAC (-1.4%) and Italian FTSE MIB (-0.9%). Currency markets ended the day broadly unchanged, the US dollar index dipped 0.1% yesterday, but is slightly up this morning. Elsewhere, the Euro and Sterling both edged 0.1% higher against the USD, while Euro/Sterling softened for the second consecutive day. In commodities, WTI oil was up 0.8% following EIA’s report of a drop in crude inventories, although intraday gains were slightly pared back due to reports of a build-up in US gasoline stockpiles. Precious metals were higher yesterday (Gold: +1.3%; Silver +3%) but have softened a little this morning. Industrial metals were higher with Copper up 0.7% and Aluminium up  3.9%, marking a cumulative gain of ~9% over three days, likely reflecting reports of China increasing efforts to curtail illegal or polluting capacity. Away from the markets, the Washington Post has reported the FBI has searched a home belonging to Paul Manafort, who was Trump’s former campaign chairman. The search took place on 26th of July, but could be another sign that the federal probe into Russian involvement in the 2016 election is expanding. To recap, Manafort was Trump’s election campaign chairman from March to August 2016, but was forced to resign post increased scrutiny of his past work consulting for the Kremlin backed former Ukrainian president. Elsewhere, a $23bn 10-year US note sale drew a yield of 2.25%, with a bid-to-cover ratio of 2.23, the second-weakest in the last eight years, which contrasts the strong demand for the three-year note yesterday where it’s bid-to-cover ratio was the highest since Dec. 15. Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the preliminary 2Q nonfarm productivity stat was a little firmer than expectations at 0.9% (vs. 0.7% expected), leaving throughyear growth at the unrevised 1.2% yoy rate seen in 1Q. However, the growth in unit labour costs were weaker than expected at 0.6% (vs. 1.1%), although this quarter follows a large upward revision in the prior reading. Elsewhere, the final wholesale inventories for June was marginally higher at 0.7% mom (vs. flash estimate of 0.6%) and the MBA’s new purchase mortgage applications index rose 0.8% last week, with the four-week average rising 7.5% yoy. In Italy, industrial production for June was higher than expectations at 1.1% mom (vs. 0.2%), taking annual growth to 5.3% yoy (vs. 3.5% expected) – a bit closer to what the Markit manufacturing PMI has been suggesting. Looking at the day ahead, UK and France’s industrial production and manufacturing production data will be out in the morning, with expectations for UK’s IP at 0.1% mom (-0.1% yoy) and manufacturing production at flat mom (0.6% yoy). Further, June trade balance stats for UK (-£2500 expected) and Italy are also due. Over in the US, there is the July PPI data (for core, 0.2% mom and 2.1% yoy expected), the monthly budget statement (-$54bn) as well as the initial jobless claims and continuing claims figures. Onto other events, the Fed’s Dudley will speak today. Notable companies reporting include Macy’s and Newscorp in the US and ABN Amro closer to home.

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10 августа, 11:59

The Breakdown: Australia’s Gay-Marriage Vote Is Divisive, Even for Gay-Marriage Backers

Supporters say a voluntary, nonbinding vote by mail, rather than a compulsory, binding one at the polls, will be a costly and unscientific gauge of public opinion.

10 августа, 11:30

AGL Accelerates Plan for first Australian LNG Import Terminal

Victoria, near the city of Melbourne, has been named as the preferred location for what would be Australia’s first LNG import terminal, the company behind the project, AGL, said August 10. “This doesn’t signal the end of the feasibility studies for the proposed site but now accelerates...

10 августа, 10:15

Australian Origin Energy Warns of Further A$1.2bn Write-down

Australian Origin Energy has warned that it expects a further impairment charge of about A$1.2bn (post tax) ($945mn) for the second half of the 2016-2017 Australian fiscal year (July-June), the company said Thursday. As a result, when the 1H2017 and 2H2017 impairment charges are aggregated, Origin expects...

10 августа, 04:25

The Secret History Of The Banking Crisis

Authored by Adam Tooze via ProspectMagazine.co.uk, Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for? It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our politics. Indeed, it has thrown into question who “we” are. It has triggered both a remarkable wave of nationalism and a deep questioning of social and economic inequalities. Politicians promise their voters that they will “take back control.” But the basic framework of globalisation remains intact, so far at least. And to keep the show on the road, networks of financial and monetary co-operation have been pulled tighter than ever before. In Britain the beginning of the crisis was straight out of economic history’s cabinet of horrors. Early in the morning of Monday 14th September 2007, queues of panicked savers gathered outside branches of the mortgage lender Northern Rock on high streets across Britain. It was—or at least so it seemed—a classic bank run. Within the year the crisis had circled the world. Wall Street was shaking, as was the City of London. The banks of South Korea, Russia, Germany, France, Belgium, the Netherlands, Ireland and Iceland were all in trouble. We had seen nothing like it since 1929. Soon enough Ben Bernanke, then chairman of the US Federal Reserve and an expert on the Great Depression, said that this time it was worse. But the fact that the tumult assumed such spectacular, globe-straddling dimensions had initially taken Bernanke by surprise. In May 2007 he reassured the public that he didn’t think American subprime mortgages could bring down the house. Clearly he underestimated the crisis. But was he actually wrong? For it certainly wasn’t subprime that brought down Northern Rock. The British bank didn’t have any exposure in the United States. So what was going on? The familiar associations evoked by the Northern Rock crisis were deceptive. It wasn’t panicking pensioners all scrambling to withdraw their savings at once that killed the bank. It wasn’t even the Rock’s giant portfolio of mortgages. The narrative of Michael Lewis’s The Big Short, of securitisation, pooling and tranching, the lugubrious details of trashy mortgage dealing, the alphabet soup of securitised loans and associated derivatives (MBS, CDO, CDS, CDO-squared) tell only one part of the story. What really did for banks like Northern Rock and for all the others that would follow—Bear Stearns, Merrill Lynch, Lehman, Hypo Real State, Dexia and many more—and what made this downturn different— so sharp, so sudden and so systemic, not just a recession but the Great Recession—was the implosion of a new system not just of bank lending, but of bank funding. It is only when we examine both sides of the balance sheet—the liabilities as well as the assets—that we can appreciate how the crisis was propagated, and then how it was ultimately contained at a global level. It is a story that the crisis-fighters have chosen not to celebrate or publicise. Ten years on, the story is worth revisiting, not only to get the history right, but because the global fix that began to be put in place in the autumn of 2007 is in many ways the most significant legacy of the crisis. It is still with us today and remains largely out of sight. The hidden rewiring of the global monetary system provides reassurance to those in the know, but it has no public or political standing, no resources with which to fight back if attacked. And this matters because it is increasingly out of kilter with the nationalist turn of politics. In the wake of the crash and its austere aftermath, voters in many countries have pointed the finger at globalisation. The monetary authorities, however, have quietly entwined themselves more closely than ever before—and they have done so in order to provide life support to that bank funding model which caused such trouble a decade ago. Ten years on, the question of whether this fix is sustainable, or indeed wise, is a question of more than historical interest. “To keep the show on the road, networks of financial and monetary co-operation have been pulled tighter than ever before” In 2007 economists were expecting a crisis. Not, however, the crisis they got. The standard crisis scenario through to autumn that year involved a sudden loss of confidence in American government debt and the dollar. In the Bush era, the Republicans had cut taxes and spent heavily on the War on Terror, borrowing from China. So what would happen, it was asked anxiously, if the Chinese pulled the plug? The great fear was that the dollar would plunge, interest rates would soar and both the US economy and the Chinese export sector would crash land. It was what Larry Summers termed a balance of financial terror. America’s currency seemed so doomed that in autumn 2007, the US-based supermodel Gisele Bündchen asked to be paid in euros for a Pantene campaign, and Jay-Z dissed the dollar on MTV. But somewhat surprisingly, like the nuclear stand-off in the Cold War, the financial balance of terror has become the basis for a precarious stability. Crucially, both Beijing and Washington understand the risks involved, or at least they seemed to until the advent of President Donald Trump. Certainly during the most worrying moments in 2008 Hank Paulson, Bush’s last Treasury Secretary, made sure that Beijing understood that its interests would be protected. Beijing reciprocated by increasing its commitment to dollar assets. In 2007, it was not the American state that lost credibility: it was the American housing market. What unfolded was a fiasco of the American dream: 8.7m homes were lost to foreclosure. But the real estate bust wasn’t limited to the US. Ireland, Spain, the UK and the Netherlands all had huge credit booms and suffered shattering busts. As homeowners defaulted some lenders went under. This is what happened early on to predatory lenders such as New Century and Countrywide. Bankruptcy also came to the Anglo Irish Bank and Spain’s notorious regional mortgage lenders, the cajas. In the fullness of time, it was—perhaps, though not necessarily—the fate that might well have befallen Northern Rock too. But before it could suffer death by a thousand foreclosures, Northern Rock was felled by a more fast-acting kind of crisis, a crisis of “maturity mismatch.” Banks borrow money short-term at low interest and lend long at marginally higher rates. It may sound precarious, but it is how they earn their living. In the conventional model, however, the short-term funding comes from deposits, from ordinary savers. Ordinarily, in a well-run bank, their withdrawals and deposits tend to cancel each other out. Fits of uncertainty and mass withdrawals are always possible, and perhaps even inevitable once in a while. So to prevent them turning into bank runs, governments offer guarantees up to a reasonable amount. Most of the Northern Rock depositors had little to fear. Their deposits were, like all other ordinary savers, guaranteed by then Chancellor Alistair Darling. The investors who weren’t covered by government backing were those who had provided Northern Rock with funding through a new and different channel—the wholesale money market. They had tens of billions at stake, and every reason to panic. It was the sudden withdrawal of this funding that actually killed Northern Rock. As well as taking in money from savers, banks can also borrow from other banks and other institutional investors. The money markets offer funds overnight, or for a matter of weeks or months. It is a fiercely competitive market with financial professionals on both sides of every trade. Margins are slim, but if the volumes are large there are profits to be made. For generations this was the preserve of investment bankers—the ultimate insiders of the financial community. They didn’t bother with savers’ deposits. They borrowed in the money markets. From the 1990s commercial banks and mortgage lenders began to operate on a similar model. It was this new form of “market-based” banking combined with the famous securitisation of mortgages that enabled the huge expansion of European and US banking that began to crash in 2007. Run for the hills: Northern Rock depositors rush to start taking out their money.  By the summer of 2007 only 23 per cent of Northern Rock’s funding came from regular deposits. More than three quarters of its operation was sustained by borrowing in capital and money markets. For these funds there were no guarantees. For a run to develop in the money market, the mortgages did not need to default. All that needed to happen was for the probability of some of them defaulting to increase. That was enough for interbank lending and money market funding to come abruptly to a halt. The European money markets seized up on 9th August. Within a matter of days Northern Rock was in trouble, struggling to repay short-term loans with no new source of funding in prospect. And it was through the same funding channel that the crisis went global. The attraction of money market funding was that it freed you from the cumbersome bricks-and-mortar branch network traditionally used to attract deposits. Using the markets, banks could source funding all over the world. South Korean banks borrowed dollars on the cheap to lend in Won. American banks operating out of London borrowed Yen in depressed Japan, flipped them into dollars and then lent them to booming Brazil. The biggest business of all was the “round tripping” of dollars between America and Europe. Funds were raised in America, which for reasons of history and the nation’s sheer scale, is the richest money market in the world. Those dollars were exported to institutions and banks in Europe, who then reinvested them in the US, very often in American mortgages. The largest inflow of funds to the US came not from the reinvestment of China’s trade surplus, but through this recycling of dollars by way of Europe’s banks. Barclays didn’t need a branch in Kansas any more than Lehman did. Both simply borrowed money in the New York money markets. From the 1990s onwards, Europe’s banks, both great and small, British, Dutch, Belgian, French, Swiss and German, made themselves into a gigantic trans-Atlantic annex of the American banking system. All was well so long as the economy was buoyant, house and other asset prices continued to go up, money markets remained confident and the dollar moved predictably in the direction that everyone expected, that is gently downwards. If you were borrowing dollars to fund a lending business the three things that you did not want to have happen were: for your own loans to go bad; money markets to lose confidence; or for dollars to suddenly become scarce, or, what amounts to the same thing, unexpectedly expensive. While the headlines were about sub-prime, the true catastrophe of the late summer of 2007 was that all three of these assumptions were collapsing, all at once, all around the world. “The Fed effectively established itself as a lender of last resort to the entire global financial system” The real estate market turned down. Large losses were in the pipeline, over years to come. But as soon as Bear Stearns and Banque Nationale de Paris (BNP) shut their first real estate funds, the money markets shut down too. Given the global nature of bank funding this produced an acute shortage of dollar funding across the European and Asian banking system. It was the opposite of what the best and brightest in macroeconomics had expected: strong currencies are, after all, meant to be built on thrift and industry, not shopping splurges and speculative debts. But rather than the world being glutted with dollars, quite suddenly banks both in Europe and Asia began to suffer periodic and panic-inducing dollar shortages. The paradigmatic case of this counterintuitive crisis would eventually be South Korea. How could South Korea, a champion exporter with huge exchange reserves be short of dollars? The answer is that in the years of the recovery from the 1997 East Asian crisis, while Korean companies Hyundai and Samsung had conquered the world, Korea’s banks had been borrowing dollars at relatively low interest rates to lend out back home in Won to the booming home economy. Not only was there an attractive interest rate margin, but thanks to South Korea’s bouyant exports, the Won was steadily appreciating. Loans taken out in dollars were easier to repay in Won. As such these loans cushioned the losses suffered by South Korean firms on their dollar export-earnings. By the late summer of 2008 the South Korean banks operating this system owed $130bn in short-term loans. Normally this was no problem, you rolled over the loan, taking out a new short-term dollar credit to pay off the last one. But when the inter-bank market ground to a halt the South Koreans were painfully exposed. Barring emergency help, all they could do was to throw Won at the exchange markets to buy the dollars they needed, which had the effect of spectacularly devaluing their own currency and making their dollar obligations even more unpayable. South Korea, a country with a huge trade surplus and a large official dollar reserve, faced a plunging currency and a collapsing banking system. In Europe the likes of RBS, Barclays, UBS and Deutsche had even larger dollar liabilities than their South Korean counterparts. The BIS, the central bankers’ bank, estimated that Europe’s mega-banks needed to roll over $1-1.2 trillion dollars in short-term funding. The margin that desperate European banks were willing to pay to borrow in sterling and euro and to swap into dollars surged. Huge losses threatened—and both the Bank of England and the European Central Bank (ECB) could not do much to help. Unlike their East Asian counterparts, they had totally inadequate reserves. The one advantage that the Europeans did have over the Koreans, was that the dollars they had borrowed had largely been invested in the US, the so-called “round-tripping” again. The huge portfolios of American assets they had accumulated were of uncertain value, but they amounted to trillions of dollars and somewhere between 20 and 25 per cent of the total volume of asset- and mortgage-backed securities. In extremis the Europeans could have auctioned them off. This would have closed the dollar-funding gap, but in the resulting fire sales the European banks would have been forced to take huge write downs. And most significantly, the efforts by the Fed and the US Treasury to stabilise the American mortgage market would have been fatally undercut. “In the 60s, swaps were about stabilising exchange rates. Now they’re all about stabilising oversized banks” This was the catastrophic causal chain that began to emerge in August 2007. How could the central banks address it? The answer they found was three-pronged. The most public face of crisis-fighting was the effort to boost the faltering value of the mortgage bonds on the banks’ books (typically securitised versions of other banks’ mortgage loans, which were becoming less reliable in the downturn), and to provide the banks with enough capital to absorb those losses that they would inevitably suffer. This was the saga of America’s Troubled Asset Relief Programme, which played out on Capitol Hill. In the case of Northern Rock this prong involved outright nationalisation. Others took government stakes of varying sizes. Warren Buffett made a lucrative investment in Goldman Sachs. Barclays has now been charged by the Serious Fraud Office with fraudulently organising its own bailout, by—allegedly—lending money to Qatar, which that state is then said to have reinvested in Barclays. Without the bailout, you ended up with Lehman: bewildered bankers standing on the pavements of the City and Wall Street carrying boxes of their belongings. The masters of the universe plunged to earth. It half-satisfied the public’s desire for revenge. But it did nothing for business confidence. With enough capital a bank could absorb losses and stay afloat. But to actually operate, to make loans and thus to sustain demand and avert a downward spiral of prices and more bankruptcies, the banks needed liquidity. So, secondly, the central banks stepped in, taking over the function, which the money market had only relatively recently assumed but was now suddenly stepping back from, of being the short-term lenders. The ECB started as early as August 2007. The Bank of England came in late, but on a large scale. The Fed became the greatest liquidity pump, with all of Europe’s banks benefiting from its largesse. The New York branches of Barclays, Deutsche, BNP, UBS and Credit Suisse were all provided with short-term dollar funding on the same basis as Citi, Bank of America, JP Morgan and the rest. But it was not enough. The Europeans needed even more dollars. So the Fed’s third, final and most radical innovation of the crisis was to devise a system to allow a select group of central banks to funnel dollars to their banks. To do so the Fed reanimated an almost-forgotten tool called the “swap lines,” agreements between central banks to trade their currencies in a given quantity for a given period of time. They had been used regularly in the 1960s, but had since gone out of use. Back then, the aim was stabilising exchange rates. This time, the aim was different: to stabilise a swollen banking system that was faltering, and yet abjectly too big to fail. At a moment when dollars were hard to come by, the new swap lines enabled the ECB to deposit euros with the Fed in exchange for the dollars that the eurozone banks were craving. The Bank of England benefited from the same privilege. Not that they were welcome at first. When the Fed first mooted the idea in the autumn of 2007, the ECB resisted. It did not want to be associated with a crisis that was still seen largely as American. If Gisele didn’t want to be paid her modelling fees in US dollars, why on earth should the ECB be interested? But as the European bank balance sheets unravelled, it would soon become obvious that Frankfurt needed all the dollars it could get. Initiated in December 2007, the swap lines would rapidly expand. By September all the major European central banks were included. In October 2008 the network was expanded to include Brazil, Australia, South Korea, Mexico, New Zealand and Singapore. For the inner European core, plus Japan, they were made unrestricted in volume. The sums of liquidity were huge. All told, the Fed would make swap line loans of a total of $10 trillion to the ECB, the Bank of England the National Bank of Switzerland and other major banking centres. The maximum balance outstanding was $583bn in December 2008, when they accounted for one quarter of the Fed’s balance sheet. It was a remarkable moment: the Fed had effectively established itself as a lender of last resort to the entire global financial system. But it had done so in a decentralised fashion, issuing dollars on demand both in New York and by means of a global network of central banks. Not everyone was included. Russia wasn’t, which was hardly surprising given that it had come to blows with the west over Georgia’s Nato membership application only weeks earlier. Nor did the Fed help China or India. And though it helped the ECB, it did not provide support to the “new Europe” in the east. The Fed probably imagined that the ECB itself would wish to help Poland, the Baltics and Hungary. But the ECB’s president Jean-Claude Trichet was not so generous. Instead, eastern Europe ended up having to rely on the International Monetary Fund (IMF). Swapsies? As a scholar of the Great Depression, the Fed’s Ben Bernanke knew the importance of swap lines. Photo: MARK WILSON/GETTY IMAGES The swap lines were central bank to central bank. But who did they really help? The reality, as all those involved understood, was that the Fed was providing preferential access to liquidity not to the “euro area” or “the Swiss economy” as a whole, but to Deutsche Bank and Credit Suisse. Of course, the justification was “systemic risk.” The mantra in Washington was: you have to help Wall Street to help Main Street. But the immediate beneficiaries were the banks, their staff, especially their highly-remunerated senior staff and their shareholders. Though what the Fed was doing was stabilising the global banking system, it never acknowledged as much in so many words, certainly not on the record, where it said as little as it decently could about the swap line operation. The Fed’s actions have global effects. But it remains an American institution, answerable to Congress. Its mandate is to maintain employment and price stability in the US economy. The justification for the swap lines, therefore, was not global stability, but the need to prevent blowback from Europe’s de facto Americanised banks—to avoid a ruinous, multi-trillion dollar fire sale of American assets. Once the worst of the crisis had passed, Bernanke would assist the European banks in liquidating their American assets by way of the Fed’s three rounds of asset purchases, known as Quantitative Easing (QE). The swaps were meticulously accounted for. Every cent was repaid. No losses were incurred—the Fed even earned a modest profit. They were not exactly covert. But given the extraordinary extension of its global influence that the swaps implied, they were never given publicity, nor even properly discussed. Bernanke’s name will be forever associated with QE, not swap lines. In his lengthy memoirs, The Courage to Act, the swaps merit no more than a few cursory pages, though Bernanke as a scholar of the 1930s knows very well just how crucial these instruments were. Is this an accident? Surely not. In the case of the swap lines, the courage to act was supplemented by an ample measure of discretion. The Fed did everything it could to avoid disclosing the full extent and range of beneficiaries of its liquidity support operations. They did not want to name and shame the most vulnerable banks, for fear of worsening the panic. But there are politics involved too. Given the rise of the Bernanke-hating Tea Party in 2009, the likely response in Congress to news headlining the scale of the Fed’s global activity was unpredictable to say the least. When asked why no one on Capitol Hill had chosen to make an issue of the swap lines, one central banker remarked to me that it felt as though “the Fed had an angel watching over it.” One other reason for the tight lips is that the story of the swap lines is not yet over. The network was rolled out in 2007 and 2008 as an emergency measure, but since then it has become the under-girding of a new system of global financial crisis management. In October 2013, as the Fed prepared finally to begin the process of normalisation by “tapering” its QE bond purchases, it made another decision which made plain that the new normal would not be like the old. It turned the global dollar swap line system into a standing facility: that is to say, it made its emergency treatment for the crisis into a permanent feature of the global monetary system. On demand, any of the core group of central banks can now activate a swap line with any other member of the group. Most recently the swap line system was readied for activation in the summer of 2016 in case of fallout from the Brexit referendum. As the original crisis unfolded in 2008, radical voices like Joseph Stiglitz in the west, and central bankers in the big emerging economies called for a new Bretton Woods Conference—the meeting in 1944, which had decided on the post-war currency system and the creation of the IMF and the World Bank. The Great Financial Crisis had demonstrated that the dollar’s exorbitant privilege was a recipe for macroeconomic imbalances. The centre of gravity in the world economy was inexorably shifting. It was time for a new grand bargain. “Central banks has staged Bretton Woods 2.0. But they had not invited the public or explained their reasons” What these visionary suggestions failed to register was that foundation of the world’s de facto currency system were not public institutions like the IMF, but the private, dollar-based global banking system. The introduction of the swap lines gave that system unprecedented state support. The Fed had ensured that the crisis in global banking did not become a crisis of the dollar. It had signalled that global banks could rely on access to dollar liquidity in virtually unlimited amounts, even in the most extreme circumstances. The central banks had, in other words, staged their Bretton Woods 2.0. But they had omitted to invite the cameras or the public, or indeed to explain what they were doing. The new central bank network created since 2008 is of a piece with the new networks for stress testing and regulating the world’s systemically important banks. The international economy they regulate is not one made up of a jigsaw puzzle of national economies, each with its gross national product and national trade flows. Instead they oversee, regulate and act on the interlocking, transnational matrix of bank balance sheets. This system was put in place without fanfare. It was essential to containing the crisis, and so far it has operated effectively. But to make this technical financial network into the foundation for a new global order is a gamble. It worked on the well-established trans-Atlantic axis. But will it work as effectively if it is asked to contain the fallout from an East Asian financial crisis? Can it continue to operate below the political radar, and is it acceptable for it to do so? With the Fed in the lead it places the resources, expertise and authority of the world’s central banks behind a market-based system of banking that has shown its capacity for over-expansion and catastrophic collapse. For all the talk of “macroprudential” regulation, Basel III and Basel IV, rather than disarming, down-sizing and constraining the global banking system, we have—through the swap lines—embarked on, if you like, a regulatory race to the top, where the authorities intervene heavily to allow the big banks in some countries to continue what they were doing before the unsustainable ceased to be sustained. And without even the political legitimacy conferred by G20 approval. Not everyone in the G20 is part of the swap line system. The Fed’s safety net for global banking was born at the fag-end of the “great moderation,” the era when economies behaved nicely and predictably, and when a “permissive consensus” enabled globalisation. Though a child of crisis, it bore the technocratic, “evidence-based” hall marks of that earlier era. It bears them still. Can it survive in an age when the United States is being convulsed by a new wave of economic nationalism? Is there still a guardian angel watching over the Fed on Capitol Hill? And with Trump in the White House, how loudly should we even ask the question?  

Выбор редакции
09 августа, 16:58

Австралия: Победа в конфликте с фирмой BFA

Анархо-синдикалистская федерация Австралии (ASF, секция Международной ассоциации трудящихся) сообщает о победе в трудовом конфликте с фирмой Bulk Fuel Australia (BFA). Конфликт разгорелся из-за дискриминации и увольнения работника, который добивался осуществления своих прав. читать далее

09 августа, 14:25

Aussie Firm Bags Kuwait LNG Subcontract

Australian SRG, a complex services company, has secured a A$26.5mn (US$20.9mn) contract with South Korea's Hyundai Engineering and Construction (Hyundai E&C) for the provision of specialist contracting services in installing eight new LNG tanks in Kuwait, SRG said August 7. “Our strong track...

09 августа, 13:59

Risk Off: Global Stocks Slide As "Fire And Fury" Results In "Selling And Fear"

US futures are set for a sharply lower open (at least in recent market terms) following a steep decline in European stocks and a selloff in Asian shares, following yesterday's sharp escalation in the war of words between the U.S. and North Korea. In a broad risk-off move U.S. Treasuries rose, the VIX surged above 12 overnight, while German bund futures climbed to the highest level in six weeks. The Swiss franc gained 1.2 percent to 1.1320 per euro its biggest daily advance since February 2015, while the yen surged as much as 0.8% against per euro, its strongest level in three weeks while gold rose. "Trump's comments about North Korea have created nervousness and the fear is if the President really means what he said: "fire and fury"," said Naeem Aslam, chief market analyst at Think Markets in London. "The typical text book trade is that investors rush for safe havens." Gold was headed for it’s largest gain this month while the yen and Swiss franc were the biggest advancers among G-10 currencies after President Donald Trump ratcheted up his rhetoric against North Korea. Treasuries and most European government bonds climbed amid the shift to safer assets, while almost every sector of the Stoxx Europe 600 Index fell and emerging markets equities were poised for the biggest drop since June 15. The rand extended losses after South Africa’s president survived a no-confidence vote. Earlier on Tuesday, volatility from the U.S. to Japan rose after Trump said in response to a Washington Post report on North Korea’s nuclear capabilities that further threats from the country would be met with “fire and fury.” North Korea said it’s examining an operational plan for firing a ballistic missile toward Guam. The VIX jumped above the 200-DMA as equity markets continuously push lower. The financial sector lagged, while defensive healthcare sector outperforms; gold and crude were supported in tandem. The heightened geopolitical tensions between the US and North Korea dampened global risk sentiment, which snapped the DJIA's streak of record closes and saw nearly all Asia-Pac bourses in negative territory. This was after US President Trump warned North Korea the US would respond to any threats with an unprecedented level of "fire and fury", which spurred a response from North Korea that it was considering striking Guam with mid-to long-range missiles. “Trump in his reactions is something new for all of us,” Geraldine Sundstrom, portfolio manager at Pimco Europe, said in an interview on Bloomberg TV. “Given the nature of the threats, given the players are new, it makes the situation a little bit unusual,” said Sundstrom, who recommended safe haven trades and minimizing risks through duration.  As a result, global assets have slumped in a "classic, risk-off reaction" as Bloomberg puts it. The MSCI EM Asia Index of shares slid the most in a month. “We’re seeing a bit of risk aversion due to concerns over North Korea,” said Dushyant Padmanabhan, a currency strategist at Nomura in Singapore. “Besides the geopolitics, the market will also be focused on the Friday’s U.S. CPI print and what clues that might give us on the path for inflation.” The Nikkei 225 (-1.3%) underperformed as exporters suffered from the flows into JPY. The Nikkei Stock Average Volatility Index soared as much as 38%, most since August 2015, with the VNKY Index closing +24% at 16.00. The Korean KOSPI (-1.1%) was also, so to say, "weighed down" by the increased threat of nuclear war. In retrospect, that the South Korean market dipped just over 1% on the prospect of a mushroom cloud, is rather impressive. Hang Seng (-0.4%) and Shanghai Comp (-0.2%) were subdued following a miss on Chinese CPI and PPI data, while ASX 200 (+0.4%) bucked the trend amid gains in the metals-related stocks and with the largest-weighted financials sector buoyed after big-4 bank CBA reported an 8th consecutive year of record profits. Demand for 10yr JGBs was spurred by a flight to quality and with the BoJ in the market for JPY 770b1n of JGBs. The curve also slightly flattened amid outperformance in the long-end. Elsewhere, the Stoxx Europe 600 Index declined 0.6 percent as of 9:54 a.m. in London, the largest drop in more than a week on a closing basis. The U.K.’s FTSE 100 Index declined 0.6 percent, the first retreat in a week. Germany’s DAX Index sank 1.2 percent in the biggest tumble in almost three weeks. Futures on the S&P 500 Index sank 0.4 percent, the largest decrease in almost five weeks. The MSCI Emerging Market Index sank 0.9 percent, the biggest dip in almost eight weeks. "Heightened geopolitical risks overnight have seen the markets flip from risk-on to risk-off and we have to wait and see how long this move runs before adding some positions," said Viraj Patel, an FX strategist at ING in London. In overnight FX trading, risk aversion dominated trading as the Swiss franc and the yen led gains among Group-of-10 currencies, while the dollar index steadied as EM currencies halted a three-day rally. The yen appreciated as much as 0.8 percent to 128.61 per euro, its strongest level in three weeks. During previous occasions of political turmoil between the U.S. and North Korea, the Japanese currency over performed, yet the Swiss franc’s sharp decline in the past two weeks made for stretched positioning versus the euro, resulting in a bigger gain. The Australian dollar and New Zealand dollar both weakened.  South Korea’s won fell to a three-week low amid heightened geopolitical tensions over North Korea. CNH and CNY both rally through 6.70/USD, highest since October 2016 after another stronger PBOC fixing. Core fixed income gains sharply, curves bull flatten with heavy volume noted in USTs. VIX jumps above 200-DMA as equity markets continuously push lower. Financial sector lags, while defensive healthcare sector outperforms; gold and crude supported in tandem. Some remain skeptically optimistic: at the moment the tensions increasing around North Korea’s nuclear weapons program does remain an “exchange of rhetoric,” and under normal expectations it’s difficult to think that any “real action” will be taken from here, says Takuya Yamada, a senior money manager in Tokyo. •If something actually happens, it won’t be surprising to see the market fall 5%, 10% in no time at all. However investors are aware of the fact that if North Korea takes action it will mean self- destruction, so their premise is that this is merely “trash talking.” "We've had some competing forces play out over the past 12 hours - the U.S. dollar was stronger off economic data, but that was quickly reversed with President Trump's comments about North Korea earlier today (Wednesday)," said ANZ analyst Daniel Hynes. In rates, the yield on 10-year Treasuries decreased two basis points to 2.24 percent. Germany’s 10-year yield declined four basis points to 0.44 percent, the lowest in six weeks. Britain’s 10-year yield fell four basis points to 1.117 percent, the lowest in six weeks. France’s 10-year yield dipped three basis points to 0.73 percent. In commodities, gold gained 0.6 percent to $1,267.99 an ounce, heading for the biggest one-day increase since July 28. West Texas Intermediate crude climbed 0.4 percent to $49.36 a barrel. Looking at the day ahead, there is the preliminary 2Q nonfarm productivity (0.7% expected) and unit labour costs (1% expected) data, final June wholesale inventories (0.6% expected) as well as the MBA mortgage applications. In Asia, Japan’s PPI for July will also be out on early Thursday morning. Notable US companies reporting today include Twenty First century Fox. Market Snapshot S&P 500 futures down 0.4% to 2,463 MSCI Asia down 0.4% to 160.58 MSCI Asia ex-Japan down 0.6% to 528.93 STOXX Europe 600 down 0.8% to 379.60 Nikkei down 1.3% to 19,738.71 Topix down 1.1% to 1,617.90 Hang Seng Index down 0.4% to 27,757.09 Shanghai Composite down 0.2% to 3,275.57 Sensex down 0.5% to 31,859.44 Australia S&P/ASX 200 up 0.4% to 5,765.66 Kospi down 1.1% to 2,368.39 German 10Y yield fell 3.7 bps to 0.437% Euro down 0.2% to 1.1730 per US$ Brent Futures up 0.02% to $52.15/bbl US 10Y yield fell 2 bps to 2.24% Italian 10Y yield rose 1.1 bps to 1.714% Spanish 10Y yield fell 4.3 bps to 1.411% Brent Futures up 0.02% to $52.15/bbl Gold spot up 0.6% to $1,268.77 U.S. Dollar Index down 0.03% to 93.62 Top Overnight News President Donald Trump’s threat to hit North Korea with “fire and fury” jolted markets from New York to Seoul even as U.S. lawmakers questioned the president’s willingness to back up the heated rhetoric N. Korea can strike before any U.S. pre-emptive attack; considering firing ballistic missiles “at areas around Guam” where U.S. strategic bombers are stationed: KCNA Trump’s presidential campaign, his son Donald Trump Jr. and former campaign manager Paul Manafort have started turning over documents to the Senate Judiciary Committee as part of the panel’s expanded investigation of Russian election- meddling South African President Jacob Zuma narrowly overcame a bid by opposition parties to topple him through a no-confidence motion in parliament. The real loser may be his own party, the African National Congress Morgan Stanley beat Goldman Sachs Group Inc. to become the most profitable foreign securities firm in Japan last fiscal year after it boosted structured-product sales and managed the two biggest initial public offerings BOE Agents’ Summary of Business Conditions: some manufacturers reported that initial pass-through of weaker sterling near completion Italian June Industrial Production m/m: +1.1% vs +0.2% est. China July CPI y/y: 1.4% vs 1.5% est; PPI 5.5% vs 5.6% est. API inventories according to people familiar w/ data: Crude -7.8m; Cushing +0.3m; Gasoline +1.5m; Distillates -0.2m Disney’s Iger Sees a Future Without Netflix, Comcast or DirecTV Goldman Sells U.K. Insurer Stake to GIC, Blackstone, MassMutual Canada Mulls Nicotine Cut as New Front Opens Against Smoking British American Tobacco Is Said to Extend Debt Binge in Europe New iPhone Models Are Said to Enter Mass Production: DigiTimes U.S. FDA Is Said to Issue Form 483 to Baxter Ahmedabad Site: CNBC Fox Is Said to Have Declined to Settle Suits for $60M: NYT Novo Sees Price of Insulin in U.S Dropping Again Next Year Ford Repairs Over 50 Police Units on Carbon Monoxide Concerns In Asia, increased geopolitical tensions after a war of words between US and North Korea dampened global risk sentiment, which ensured the DJIA snapped a 9-day streak of record closes and saw nearly all Asia-Pac bourses in negative territory. This was after US President Trump warned North Korea the US would respond to any threats with an unprecedented level of fire and fury, which spurred a response from North Korea that it was considering striking Guam with mid-to long-range missiles. Nikkei 225 (-1.3%) underperformed as exporters suffered from the flows into JPY, while KOSPI (-1.1%) was also weighed on by the increased threat of nuclear war. Hang Seng (-0.4%) and Shanghai Comp (-0.2%) were subdued following a miss on Chinese CPI and PPI data, while ASX 200 (+0.4%) bucked the trend amid gains in the metals-related stocks and with the largest-weighted financials sector buoyed after big-4 bank CBA reported an 8th consecutive year of record profits. Demand for 10yr JGBs was spurred by a flight to quality and with the BoJ in the market for JPY 770b1n of JGBs. The curve also slightly flattened amid outperformance in the long-end. RBA Assistant Governor Kent states that fixed-income funding is available at favourable rates and that banks' use of wholesale debt is much lower than a few years ago. Further stating that AUD appreciation is more of a story regarding USD depreciation, adds further strength in AUD would result to slightly weaker domestic growth. South Korea Finance Minister sees limited risk impact on markets from North Korea. Chinese CPI (Jul) M/M 0.1% vs. Exp. 0.2% (Prey. - 0.2%) Chinese PPI (Jul) Y/Y 5.5% vs. Exp. 5.6% (Prey. 5.5%) Chinese CPI (Jul) Y/Y 1.4% vs. Exp. 1.5% (Prey. 1.5%) Top Asian News Morgan Stanley Tops Goldman Sachs With Biggest Profit in Japan S. Korea Official Says Tension High, But Not A Crisis: Yonhap Markets on Edge in Seoul as Trump Escalates North Korea Warnings China Remains Inflation Backstop as Mills and Smelters Close India Is Said to Tweak HPCL Share Sale Terms to Skip Open Offer Gold Imports by India Are Said to Have More Than Doubled in July Wharf Soars to Highest Since ’86 on $29 Billion Spinoff Plan Abu Dhabi’s FAB Is Said to Appoint Pant International FIG Head In European bourses, the selling persisted across virtually all markets with Trump's comments in North American trade has been the catalyst for the selling pressure seen in Global equities. US President Trump warned North Korea that a US response to any threats would be 'fire and fury the likes of which the world has never seen'. Comments followed from North Korea, with the state media stating that the US war hysteria will bring a miserable end, and also warns of operation on signs of US provocation, further saying that they are seriously mulling striking Guam. Adding to the downbeat was rather subdued inflation figures out of China. EGB yields falling to the lows amid the aforementioned escalating tensions between the US and North Korea. Peripheral bonds wider by around lbps against the German benchmark. Elsewhere, BATs have begun marketing form their multi-currency (GBP, EUR) 5 tranche after yesterday's chunky USD-denominated 8 part. Technically uncovered German Bobl auction. Top European News Brexit Will Strain BOE’s Supervisory Resources, PRA’s Woods Says Italy Industrial Production Jumps, Pointing to Faster Recovery ABN Amro Bolsters Capital as Dutch Growth Drives Profit Rise Carl Zeiss Meditec Slides as Valeant Shuts Door on Target Assets Ahold Delhaize Boosts Synergy Goal as Competition Concerns Grow Russia Readies $4 Billion Eurobond Swap in Face of Sanctions EON Plots Growth Strategy as Profit Rebounds, Debt Falls Santander Sells Control of Popular Real Estate to Blackstone In currencies, the initial mover following the exchange from the USA and North Korea was USD/JPY, breaking through August's low, however finding some bids just below this 109.80 level. USD/CHF saw similar price action, attempting to test August's low around 0.9650. Traffic was clear at these levels, becoming key support in the pair, with bids clearly stacked around 0.9650. Sterling saw some early bullish pressure this morning, as cable broke 1.30 to the upside, with GBP/USD struggling to find any real direction as Brexit concerns continue. EUR/GBP saw some selling, however, failed to attempt to test 0.90 as bids are evident ahead of this key psychological level. The geopolitical uncertainties between Australia and China did cause some suffering of AUD, as AUD/NZD fell from 1.08, further weight was put on the currency with Central bank commentary from the RBA, as Kent said AUD appreciation is more of a story regarding USD depreciation, adds further strength in AUD would result to slightly weaker domestic growth. In commodities, safe haven flow supporting precious metals with Gold prices up a modest 0.6%, while crude prices have recoup from yesterday's lows following last night's large drawdown in the API report. Saudi and Iraqi oil ministers are to hold a joint press conference on Thursday in an attempt to stabilise oil markets. US Event Calendar 7am: MBA Mortgage Applications, prior -2.8% 8:30am: Nonfarm Productivity, est. 0.7%, prior 0.0%; Unit Labor Costs, est. 1.1%, prior 2.2% 10am: Wholesale Trade Sales MoM, est. 0.0%, prior -0.5%;  Wholesale Inventories MoM, est. 0.6%, prior 0.6% DB's Jim Reid concludes the overnight wrap A bit more going on in the last 12 hours with Trump inflaming already elevated tensions between the US and North Korea late in yesterday's session and this morning we have seen Chinese inflation numbers. If that’s not enough today is a special financial crisis anniversary. More on that later but first to China. China’s July PPI was up 5.5% yoy, but a tad softer than expectations of 5.6% (5.5% previous), the National Bureau of statistics noted mom producer price growth turned positive on the back of steel and non-ferrous metal price rebounds, with ~50% of the industrial sectors seeing price gains in July. CPI was up 1.4% yoy in July (vs. 1.5% expected; 1.5% previous) with food costs decline partly offsetting gains in other consumer goods. Focus remains on the extent of economic growth in 2H, as China’s policy makers had previously indicated a preference for slower growth This morning in Asia, markets are sharply lower on the back of the North Korea story rather than the above inflation numbers. The Nikkei is -1.2%, the Kospi down -0.8%, the Hang Seng -0.8% with Chinese bourses ranging from -0.2% to +0.1%. The Korean won has also dipped 0.5% against the USD. This follows another soporific session yesterday, albeit one that awoke from its slumber in the last hour of trading following defiant comments from Mr Trump concerning North Korea. As per Bloomberg, he said the country would be "met with fire and fury and, frankly, power the likes of which the world has never seen before" if it continues to threaten the US. The VIX spiked from 9.54 just after Europe went home and around 10 when the comments were reported to a peak of 11.29 with 30mins left in the session before closing at 10.96. However even with the late shake-up the S&P 500 only lost around 0.4% after the news and (closed -0.24%) extending the record closing run of sub 0.3% moves in either direction to 14 days. Remember this record covers 90 years of daily data with the previous record being 10 days without a bigger move. Trading volumes in the S&P were again very thin, with the daily value traded at 0.15% of the index market cap, which is ~45% of the historical average. Elsewhere, the Dow dipped 0.2%, with Trump’s comments helping to break a run of 8 consecutive days of fresh all-time highs. Staying with Trump, an earlier article by the Washington post suggested North Korea’s nuclear capabilities may be more advanced than prior expectations. According to US intelligence reports the state: i) can now produce small nuclear warheads that fit inside its missiles, ii) is outpacing expectations in building missiles that are capable of striking the US mainland, and that iii) the state may have up to 60 nuke warheads, this compares to ~7,000 each in US / Russia, 260 in China and 215 in the UK. These reports coupled with increased rhetoric from Pyongyang and a flat refusal to negotiate on their nuclear program may have added to Trump’s fury. Senator McCain said Trump needs to be more cautious in his statements because he may not be able to make good on the implied threats. For now, we watch and wait. Before we review the rest of the last 24 hours, from the prospective of a research analyst that has to write something about financial markets every day, 2017 and 2018 are a great source of ongoing material given the regular 10 year financial crisis anniversaries that we'll see. Today is one of those such days as we mark a decade to the day that money markets started to seize up thus requiring heavily coordinated central bank action that marked an extraordinary period of central bank activity that is still in full flow today. The announcement by BNP Paribas that they were closing three funds linked to US mortgages was the catalyst for a complete lack of trust in money markets over the coming days and weeks. Just over a month later we had the bank run on Northern Rock. As an example of the impact BNP's announcement had, 3 month dollar Libor hadn't moved all year but over the course of two days spiked 20bps. Not a great deal but on this day 10 years ago all the major central banks were forced to inject liquidity with the ECB doing so for the first time since 9/11. One of the great ironies of the period since is that returns in major global assets have been very healthy albeit with some major exceptions. Of the 38 major global assets we usually track for this purpose 27 are higher and 11 lower in dollar adjusted terms. Top of the pack is the S&P 500 (+106%) followed by US HY (+95%) and Gold (87%). Other DM fixed income markets are generally in the 35%-80% range. The Dax (+38%) leads the way in an underperforming European equity story. The Stoxx 600 is up 22% and the FTSE 100 only 12% higher in Dollar terms largely due to a 36% fall in Sterling over the period. Of the 11 assets  that has seen negative dollar returns over the last 10 years the highlights are Greek equities (-82%), Stoxx Euro Banks (-54%), Portuguese equities (-42%), the CRB commodity index (-42%), Italian equities (-33%), and Oil (-32%). EM equities were up 29% but Chinese (-2%), Brazilian (-26%) and Russian (-32%) bourses were selective under-performers. So the huge intervention and general asset price inflation over the last decade hasn't been universally seen across the board. There have been clear winners and losers. Were you the one who during late afternoon on August 8th 2007 decided to switch out of their portfolio of Greek equities to buy the S&P 500 and then go on a 10 year sabbatical? If you were then I have nothing but respect, admiration and jealousy towards you. If you did the reverse trade then I suspect you might not be reading this now but you have my sympathies!! Back to the market’s performance, US bourses all softened ~0.2% overnight. Within the S&P, only the utilities sector was up (+0.3%), while the materials (-0.9%) and Telco sector dipped the most. After the bell, Disney traded ~4% down post its result on softer revenue trends and has said it will stop selling movies to Netflix. Back in Europe, markets broadly strengthened. The Stoxx 600 gained 0.2%, aided by the softer Euro and advances in the utilities sector (+0.6%). Regional indices were also slightly up, with the DAX (+0.3%), FTSE 100 (+0.1%), CAC (+0.2%) and FTSE MIB (+0.1%). Over in government bonds, yields were modestly higher across maturities, with the bunds (2Y: +2bp; 10Y: +2bps), Gilts (2Y: +2bp; 10Y: +2bps) and OATs (2Y: +2bps; 10Y: +2bps) all up ~2bp at the long end of the curve, while Italian BTPs (2Y: unch; 10Y: +1bp) ticked up a bit less. The UST 10Y has dipped overnight (2Y: -1bp; 10Y: -1bp) after yields rose 2-3bps yesterday. PPI/CPI data tomorrow and Friday will be key though for global yields. Currencies were little changed, the US dollar index gained 0.2%, while the Euro/ USD fell 0.4% and the sterling dipped 0.3%. Elsewhere, the Euro/Sterling was broadly flat. In commodities, WTI oil retreated 0.4%, with the EIA increasing its US output forecasts and OPEC noting they had fruitful talks and agreement on compliance (but likely shy of tangible takeaways the market may be hoping for). Elsewhere, precious metals were slightly up (Gold +0.5%; Silver 0.7%) and aluminium increased 5% following reports of China increasing efforts to curtail illegal or polluting capacity. Agricultural commodities were fairly mixed but little changed, with cotton (+0.8%), coffee (+0.5%), soybeans (flat), corn (-0.1%), wheat (-0.2%), and sugar (-0.6%). Away from the markets, Republicans are discussing some kind of compromise to get the tax reforms through, potentially involving a hybrid approach that include permanent tax revisions with temporary cuts for individuals and business. House Speaker Ryan is said to be more resistant to the idea, preferring for corporate tax rate cuts to be permanent. Back in April, the plan was for corporate tax rate to be cut from 35% to 15% and individual tax rates to be reduced from 7 bands to 3, with the top rate down from 39.6% to 35%. Elsewhere, the US treasury's $24bn three-year note sale drew a yield of 1.52%, with a bid-to-cover ratio of 3.13, the highest since December 2015. Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, the JOLTS survey reported a record 6.163m job openings in June (vs. 5.75m expected), which should partly support the state of US labour demand. Elsewhere, the July NFIB small business optimism index was higher than expectations at 105.2 (vs. 103.5 expected), the best reading since February. In Europe, June trade reports in both German and France were a bit weaker than market expectations. Germany’s June export posted a -2.8% mom (vs. 0.2% expected) and imports at -4.5% (vs. 0.2% expected). However, despite these declines, exports were still solid on an annual basis, up 5.7% yoy and imports up 6.9% yoy. French’s trade deficit also widened in June, as a 2.8% mom decline in exports dominated a 2.0% mom decline in imports.  Elsewhere, Spain’s home sales rose 19.0% yoy in June. Looking at the day ahead, Bank of France’s July business sentiment indicator (103 expected) will be out early in the morning, followed by Italy’s June industrial production data (0.2% mom and 3.4% yoy expected). Over in the US, there is the preliminary 2Q nonfarm productivity (0.7% expected) and unit labour costs (1% expected) data, final June wholesale inventories (0.6% expected) as well as the MBA mortgage applications. In Asia, Japan’s PPI for July will also be out on early Thursday morning. Notable US companies reporting today include Twenty First century Fox.

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09 августа, 13:22

The Breakdown: Is That Food to Go? It May Not Be in Plastic Much Longer

The Australian city of Hobart is planning to phase out plastic containers and cutlery by 2020.

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09 августа, 09:00

Australian City Council Halts Construction Of Synagogue Over Fears That ISIS Could Target It

Authored by Daniel Lang via SHTFplan.com, People living in the West have given up a lot to satisfy their government’s concerns over terrorism. Here in the US for instance, our right to privacy in our homes, on our persons, and especially in our communications, has essentially died since 9/11. Everything we say on our phones or search on the internet is catalogued by the NSA without a warrant, we can’t fly on an airplane without being groped and prodded by TSA agents, it’s now fairly common to be forced through police checkpoints many miles away from any border. The US isn’t alone in this regard. Across the board, every Western nation has sacrificed essential freedoms in the name of combating terrorism. The only difference is that unlike in the US, most Western nations have sacrificed more speech related freedoms rather than privacy (though all Westerners have lost both rights to some degree). This is especially true in Europe and Canada, where expressing right wing opinions or criticizing Islam is now considered a hate crime, and is believed to be an invitation for more terrorist attacks. Australians however, seems to be close to losing their right to practice any religion they want. That’s what the Jewish community in Sydney learned recently when they tried to build a synagogue. Residents and city council members decided to not let the structure come to fruition because they feared it would invite terrorist attacks. The temple was to be built in Bondi, a short walk from Australia’s famous Bondi Beach. But locals worried that the space would pose a security risk to nearby residents, motorists and pedestrians. As evidence of that threat, the council pointed to the synagogue’s own design, which included setback buildings and blast walls. They also said the design would have an “unacceptable impact” on the street and neighbourhood.   “A number of residents agreed with the contentions … and provided additional evidence against the development of the site,” the council said in a statement. And on top of that, the courts complained that the building’s design would only protect the worshipers inside. But the court sided with the council. In its decision, the court explained that western countries are under threat from Daesh, also known as ISIS or ISIL, and that the potential of an attack in Australia is considered “probable” by government officials. The court also noted that the designs would serve only to protect those inside the building, not those outside. You know the West is slipping into collectivist madness, when you can’t construct a building that is only designed to protect the people inside of it from an external threat. That would be like saying that you’re not allowed to own body armor because it doesn’t protect bystanders from gunfire. (Oh wait, body armor is highly regulated in Australia and most people who aren’t cops, soldiers, or security guards can’t own it? Color me shocked.) But worst of all, the refusal to let this synagogue be built is nothing more than an admission that the terrorists have won. “The decision is unprecedented,” Rabbi Yehoram Ulman told news.com.au. “Its implications are enormous. It basically implies that no Jewish organization should be allowed to exist in residential areas. It stands to stifle Jewish existence and activity in Sydney and indeed, by creating a precedent, the whole of Australia, and by extension rewarding terrorism.” It’s such a big win for terrorism that I doubt any terrorist organization ever expected to have these results. Here’s a country of 24 million people that has lost less than 10 people to terrorism over the past 20 years. They all died at the hands of Islamic radicals, who are known to despise Judaism. Sydney’s response is to prevent a Synagogue from being built in a vain effort to prevent more terrorist attacks. The city is doing exactly what Islamic terrorists want them to do, and these terrorists barely had to lift a finger. If this kind of moral weakness isn’t overcome in the West, then our freedoms will not survive the next generation.

09 августа, 06:05

"On The Beach" 2017 - The Beckoning Of Nuclear War

Paul Craig Roberts writes that the admirable and honorable truth-teller John Pilger warns us that nuclear war is closer than we think. The 1957 book, On The Beach, introduced awareness that war in the nuclear age is terminable for life on earth. This realization explains President John F. Kennedy’s rejection of the US Joint Chiefs of Staff’s recommendation to launch a nuclear strike on the Soviet Union. Today as evidenced by the behavior of the US government, its European vassal states, and neoconservative pundits, this realization no longer informs US policy.   Pilger speaks of the lobotomy performed on each generation that removes facts from history. Pilger himself is a victim when he chooses to stress that Ronald Reagan defended the Vietnam war instead of emphasizing that Reagan worked with Gorbachev to reduce the threat of nuclear war. The lobotomy that has been performed on the Western world has destroyed knowledge that the US and Russia were on peaceful terms prior to the Soviet collapse.   These peaceful terms lasted a short time, only through the administration of President George H.W. Bush. With the advent of the Clinton regime, all peaceful agreements that were made have been consistently broken by Washington for 24 years throughout the two-term presidencies of three regimes, and now Congress is set on destroying what remains of the work of 20th century US administrations to remove the specter of nuclear armageddon. The defense authorization bill currently before Congress overturns the Intermediate Range Nuclear Forces Treaty signed by Ronald Reagan and Mikhail Gorbachev. This treaty eliminated an entire class of nuclear weapons and signaled the end of the Cold War. John Pilger tells us of the certain consequences of the renewed nuclear arms race:   The US submarine captain says, "We've all got to die one day, some sooner and some later. The trouble always has been that you're never ready, because you don't know when it's coming. Well, now we do know and there's nothing to be done about it."   He says he will be dead by September. It will take about a week to die, though no one can be sure. Animals live the longest.   The war was over in a month. The United States, Russia and China were the protagonists. It is not clear if it was started by accident or mistake. There was no victor. The northern hemisphere is contaminated and lifeless now.   A curtain of radioactivity is moving south towards Australia and New Zealand, southern Africa and South America. By September, the last cities, towns and villages will succumb. As in the north, most buildings will remain untouched, some illuminated by the last flickers of electric light.   This is the way the world ends   Not with a bang but a whimper These lines from T.S. Eliot's poem The Hollow Men appear at the beginning of Nevil Shute's novel On the Beach, which left me close to tears. The endorsements on the cover said the same. Published in 1957 at the height of the Cold War when too many writers were silent or cowed, it is a masterpiece. At first the language suggests a genteel relic; yet nothing I have read on nuclear war is as unyielding in its warning. No book is more urgent. Some readers will remember the black and white Hollywood film starring Gregory Peck as the US Navy commander who takes his submarine to Australia to await the silent, formless spectre descending on the last of the living world. I read On the Beach for the first time the other day, finishing it as the US Congress passed a law to wage economic war on Russia, the world's second most lethal nuclear power.  There was no justification for this insane vote, except the promise of plunder. The "sanctions" are aimed at Europe, too, mainly Germany, which depends on Russian natural gas and on European companies that do legitimate business with Russia. In what passed for debate on Capitol Hill, the more garrulous senators left no doubt that the embargo was designed to force Europe to import expensive American gas. Their main aim seems to be war - real war. No provocation as extreme can suggest anything else. They seem to crave it, even though Americans have little idea what war is. The Civil War of 1861-5 was the last on their mainland. War is what the United States does to others. The only nation to have used nuclear weapons against human beings, they have since destroyed scores of governments, many of them democracies, and laid to waste whole societies - the million deaths in Iraq were a fraction of the carnage in Indo-China, which President Reagan called "a noble cause" and President Obama revised as the tragedy of an "exceptional people"He was not referring to the Vietnamese. Filming last year at the Lincoln Memorial in Washington, I overheard a National Parks Service guide lecturing a school party of young teenagers. "Listen up," he said. "We lost 58,000 young soldiers in Vietnam, and they died defending your freedom." At a stroke, the truth was inverted. No freedom was defended. Freedom was destroyed. A peasant country was invaded and millions of its people were killed, maimed, dispossessed, poisoned; 60,000 of the invaders took their own lives. Listen up, indeed. A lobotomy is performed on each generation. Facts are removed. History is excised and replaced by what Time magazine calls "an eternal present". Harold Pinter described this as "manipulation of power worldwide, while masquerading as a force for universal good, a brilliant, even witty, highly successful act of hypnosis [which meant] that it never happened. Nothing ever happened. Even while it was happening it wasn't happening. It didn't matter. It was of no interest." Those who call themselves liberals or tendentiously "the left" are eager participants in this manipulation, and its brainwashing, which today revert to one name: Trump. Trump is mad, a fascist, a dupe of Russia. He is also a gift for "liberal brains pickled in the formaldehyde of identity politics", wrote Luciana Bohne memorably. The obsession with Trump the man - not Trump as a symptom and caricature of an enduring system - beckons great danger for all of us. While they pursue their fossilised anti-Russia agendas, narcissistic media such as the Washington Post, the BBC and the Guardian suppress the essence of the most important political story of our time as they warmonger on a scale I cannot remember in my lifetime. On 3 August, in contrast to the acreage the Guardian has given to drivel that the Russians conspired with Trump (reminiscent of the far-right smearing of John Kennedy as a "Soviet agent"), the paper buried, on page 16, news that the President of the United States was forced to sign a Congressional bill declaring economic war on Russia. Unlike every other Trump signing, this was conducted in virtual secrecy and attached with a caveat from Trump himself that it was "clearly unconstitutional". A coup against the man in the White House is under way. This is not because he is an odious human being, but because he has consistently made clear he does not want war with Russia. This glimpse of sanity, or simple pragmatism, is anathema to the "national security" managers who guard a system based on war, surveillance, armaments, threats and extreme capitalism. Martin Luther King called them "the greatest purveyors of violence in the world today". They have encircled Russia and China with missiles and a nuclear arsenal. They have used neo-Nazis to instal an unstable, aggressive regime on Russia's "borderland" - the way through which Hitler invaded, causing the deaths of 27 million people.  Their goal is to dismember the modern Russian Federation. In response, "partnership" is a word used incessantly by Vladimir Putin - anything, it seems, that might halt an evangelical drive to war in the United States. Incredulity in Russia may have now turned to fear and perhaps a certain resolution. The Russians almost certainly have war-gamed nuclear counter strikes. Air-raid drills are not uncommon. Their history tells them to get ready. The threat is simultaneous. Russia is first, China is next. The US has just completed a huge military exercise with Australia known as Talisman Sabre. They rehearsed a blockade of the Malacca Straits and the South China Sea, through which pass China's economic lifelines. The admiral commanding the US Pacific fleet said that, "if required", he would nuke China. That he would say such a thing publicly in the current perfidious atmosphere begins to make fact of Nevil Shute's fiction. None of this is considered news. No connection is made as the bloodfest of Passchendaele a century ago is remembered. Honest reporting is no longer welcome in much of the media. Windbags, known as pundits, dominate: editors are infotainment or party line managers. Where there was once sub-editing, there is the liberation of axe-grinding clichés. Those journalists who do not comply are defenestrated. The urgency has plenty of precedents. In my film, The Coming War on China, John Bordne, a member of a US Air Force missile combat crew based in Okinawa, Japan, describes how in 1962 - during the Cuban missile crisis - he and his colleagues were "told to launch all the missiles" from their silos. Nuclear armed, the missiles were aimed at both China and Russia. A junior officer questioned this, and the order was eventually rescinded - but only after they were issued with service revolvers and ordered to shoot at others in a missile crew if they did not "stand down". At the height of the Cold War, the anti-communist hysteria in the United States was such that US officials who were on official business in China were accused of treason and sacked. In 1957 - the year Shute wrote On the Beach - no official in the State Department could speak the language of the world's most populous nation. Mandarin speakers were purged under strictures now echoed in the Congressional bill that has just passed, aimed at Russia. The bill was bipartisan. There is no fundamental difference between Democrats and Republicans. The terms "left" and "right" are meaningless. Most of America's modern wars were started not by conservatives, but by liberal Democrats. When Obama left office, he presided over a record seven wars, including America's longest war and an unprecedented campaign of extrajudicial killings - murder - by drones. In his last year, according to a Council on Foreign Relations study, Obama, the "reluctant liberal warrior", dropped 26,171 bombs - three bombs every hour, 24 hours a day.  Having pledged to help "rid the world" of nuclear weapons, the Nobel Peace Laureate built more nuclear warheads than any president since the Cold War. Trump is a wimp by comparison. It was Obama - with his secretary of state Hillary Clinton at his side - who destroyed Libya as a modern state and launched the human stampede to Europe. At home, immigration groups knew him as the "deporter-in-chief". One of Obama's last acts as president was to sign a bill that handed a record $618billion to the Pentagon, reflecting the soaring ascendancy of fascist militarism in the governance of the United States. Trump has endorsed this. Buried in the detail was the establishment of a "Center for Information Analysis and Response". This is a ministry of truth. It is tasked with providing an "official narrative of facts" that will prepare us for the real possibility of nuclear war - if we allow it.

08 августа, 18:50

After The Coup, What Then?

Authored by Patrick Buchanan via Buchanan.org, That the Trump presidency is bedeviled is undeniable. As President Donald Trump flew off for August at his Jersey club, there came word that Special Counsel Robert Mueller III had impaneled a grand jury and subpoenas were going out to Trump family and campaign associates. The jurors will be drawn from a pool of citizens in a city Hillary Clinton swept with 91 percent of the vote. Trump got 4 percent. Whatever indictments Mueller wants, Mueller gets. Thanks to a media that savages him ceaselessly, Trump is down to 33 percent approval in a Quinnipiac University poll and below 40 percent in most of the rest. Before Trump departed D.C., The Washington Post ran transcripts of his phone conversations with the leaders of Mexico and Australia. Even Obama administration veterans were stunned. So, it is time to ask: If this city brings Trump down, will the rest of America rejoice? What will be the reaction out there in fly-over country, that land where the “deplorables” dwell who produce the soldiers to fight our wars? Will they toast the “free press” that brought down the president they elected, and in whom they had placed so much hope? My guess: The reaction will be one of bitterness, cynicism, despair, a sense that the fix is in, that no matter what we do, they will not let us win. If Trump is brought down, American democracy will take a pasting. It will be seen as a fraud. And the backlash will poison our politics to where only an attack from abroad, like 9/11, will reunite us. Our media preen and posture as the defenders of democracy, devoted to truth, who provide us round-the-clock protection from tyranny. But half the nation already sees the media as a propaganda arm of a liberal establishment that the people have rejected time and again. Consider the Post’s publication of the transcripts of Trump’s calls with Mexico’s president and Australia’s prime minister. When reporter Greg Miller got these transcripts, his editors, knowing they would damage Trump, plastered them on Page 1. The Post was letting itself be used by a leaker engaged in disloyal and possibly criminal misconduct. Yet the Post agreed to provide confidentiality and to hide the Trump-hater’s identity. This is what we do, says the Post. People have a right to know if President Trump says one thing at rallies about Mexico paying for the wall and another to the president of Mexico. This is a story. But there is a far larger story here, of which this Post piece is but an exhibit. It is the story of a concerted campaign, in which the anti-Trump media publish leaks, even criminal leaks, out of the FBI, CIA, NSA and NSC, to bring down a president whom the Beltway media and their deep-state collaborators both despise and wish to destroy. Did Trump collude with Putin to defeat Clinton, the Beltway media demand to know, even as they daily collude with deep-state criminals to bring down the president of the United States. And if there is an unfolding silent coup by the regime Americans repudiated in 2016 — to use security leaks and the lethal weapon of a special counsel to overturn the election results — is that not a story worth covering as much as what Trump said to Pena Nieto? Do the people not have a right know who are the snakes collaborating with the Never-Trump press to bring down their head of state? Is not discovering the identities of deep-state felons a story that investigative reporters should be all over? If Greg Miller is obligated to protect his source, fine. But why are other journalists not exposing his identity? The answer suggests itself. This is a collaborative enterprise, where everyone protects everyone else’s sources, because all have the same goal: the dumping of Trump. If that requires collusion with criminals, so be it. The Justice Department is now running down the leaks, and the ACLU’s Ben Wizner is apoplectic: “Every American should be concerned about the Trump administration’s threat to step up its efforts against whistleblowers and journalists. A crackdown on leaks is a crackdown on the free press and on democracy.” That’s one way to put it. Another is that some of these “whistleblowers” are political criminals who reject the verdict of the American electorate in 2016 and are out to overturn it. And the aforementioned “journalists” are their enablers and collaborators. And if, as Wizner’s asserts, protecting secrets is tantamount to a “crackdown on the free press and democracy,” no wonder the free press and democracy are falling into disrepute all over the world. By colluding, the mainstream media, deep state, and the special prosecutor’s button men, with a license to roam, may bring down yet another president. So doing, they will validate John Adams’s insight: “Democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.”

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08 августа, 14:26

Australian Leaders Plan Vote on Same-Sex Marriage, One Way or Another

Liberal Party officials say that if the Senate doesn’t open the polls for a nationwide vote on same-sex marriage, Australians will cast advisory ballots by mail.

08 августа, 13:47

Global Stocks Hit Another Record High, Ignore Slowing Chinese Trade

Following a sleepy overnight session, US futures are flat as are markets in Europe, while Asian stocks rose despite overnight trade data from China which unexpectedly missed across the board. As reported last night, Chinese export growth was the slowest since February while Import growth the weakest since Dec 2016, as both missed consensus estimtes. Paradoxically, the bad report sent the MSCI EM Asia stock index higher for a third day to its highest since November 2007, with the poor Chinese trade data promptly spun as positive: "It looks like China’s trade data is taken as a half-full omen with the softer (than expected) exports mitigating risks of U.S. protectionism,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore." Continuing an unprecedented run of record highs, global stocks inched up to a new all-time high on Tuesday, shrugging off China's data. The MSCI's all-country world index ticked up to set a new record high at 480.76 points. It was last up less than 0.1 percent at 480.54 points. The index, which tracks shares in 46 countries, is on track for longest monthly winning streak since 2003. According to Reuters, "shares across the globe have been hitting record highs in record low volatility supported by a benign environment for global growth." "Data continue to suggest a synchronized global expansion across both advanced and emerging market economies. Spill-overs from the rebound in emerging market demand are reflected in the fastest growth in world trade since 2010," said Fitch chief economist Brian Coulton. The Chinese trade data was so poor, pardon great, the Chinese yuan (and South Korean won) led gains as emerging Asian currencies advance on a broadly weaker U.S. dollar.  The onshore yuan strengthened as much as 0.4% to 6.6970 vs USD for biggest intraday rally since July 27, rising above 6.7 for the first time since October. In currency markets, the dollar dipped for a second consecutive day after rising on Friday following stronger-than-expected U.S. jobs numbers, which some analysts said bolstered the case for the Federal Reserve to raise interest rates further. However, many in markets remain unpersuaded the Fed will increase the cost of borrowing again this year. St Louis Fed President James Bullard said on Monday the central bank could leave rates where they are for now because inflation was not likely to rise much. "(They) seemed to oppose further rate hikes. That means they exactly reflect the current market expectations, which are limiting the dollar’s appreciation," wrote analysts at Commerzbank in Frankfurt in a morning note to clients. "It is still inflation that poses the problem," they added Overnight the Aussie dollar advanced on rising business confidence but - unlike the Yuan - was weighed down by disappointing China trade data. The Euro rose for second day as upside momentum remains strong, and last Friday's strong payrolls beat is largely forgotten. West Texas Intermediate crude started on the back foot but reversed during European hours; WTI crude continued its rise, and is rapidly approaching $50 again: the question is whether it can take out the resistance level and hold above it.  This morning, all eyes will be on the South Africa’s rand as lawmakers prepare to decide the fate of President Jacob Zuma in a secret ballot at 2:00pm local time (8:00am ET). The currency steadied after yesterday’s jump even as 1-week implied vol surged to a 4 month high. Markets remain in a holding pattern, with investors seeking catalysts amid the summer slowdown and the S&P hasn't moved more than 0.3% intraday for 13 consecutive days: the longest stretch on record. The focal point of this week looks set to be Friday’s U.S. inflation data, which will be key to the interest-rate outlook of the world’s biggest economy, Bloomberg writes. Two Federal Reserve officials said on Monday that soft inflation was a problem, but played down the risk of market disruption when the central bank starts shrinking its balance sheet. “Markets are in sleep mode,” Hussein Sayed, a strategist at Forextime Ltd., a retail currency broker, wrote in an emailed note. “Limited news flow is what can be blamed for the narrow trading ranges, but expect this to change as we get closer to Friday’s U.S. CPI release.” MSCI's broadest index of Asia-Pacific shares outside Japan proved relatively resilient, inching up 0.2 percent and back toward decade highs. Hong Kong's Hang Seng closed up 0.6 percent. South Korea dipped 0.2 percent, while Japan's Nikkei eased 0.3 percent and China's main markets edged up 0.1 percent.  Japan’s Topix index fell 0.2 percent at the close with SoftBank Group Co. declining even after profit topped estimates. Sony Corp. gained after it was added to the JPX-Nikkei Index 400. Australia’s S&P/ASX 200 Index lost 0.5 percent and South Korea’s Kospi index dropped 0.2 percent. The Stoxx Europe 600 Index was slightly weaker, headed for a second day of declines as most benchmark gauges in the region fell, though moves were not large. Germany’s DAX Index declined less than 0.05 percent while the U.K.’s FTSE 100 Index sank 0.1 percent. The MSCI All-Country World Index rose less than 0.05 percent to the highest on record. Energy company shares rose as oil prices steadied from recent falls as sources told Reuters Saudi Arabia would cut crude supplies next month. Futures on the S&P 500 Index dipped 0.1 percent to 2,475.25. Treasuries were little changed before a $24 billion three-year note auction, the first of three debt sales this week. In currencies, the euro climbed 0.1 percent to $1.1814. The Bloomberg Dollar Spot Index fell 0.1 percent, the largest fall in more than a week on a closing basis. The British pound declined less than 0.05 percent to $1.3044. South Africa’s rand rose less than 0.05 percent to 13.2396 per dollar. In rates, the yield on 10-year Treasuries rose one basis point to 2.26%. Britain’s 10-year yield climbed one basis point to 1.14%. In commodities, gold gained 0.2 percent to $1,260.24 an ounce, the biggest rise in more than a week. West Texas Intermediate crude rose 0.6% to $49.48 a barrel, the highest in more than a week. Bulletin Headline Summary from RanSquawk European equities trade with little in the way of firm direction. Miners underperform post-Chinese trade data FX markets also trade in a tentative manner with newsflow light throughout the EU session thus far Looking ahead, highlights include JOLTS, APIs and a US 3yr note auction Market Snapshot S&P 500 futures down 0.06% to 2,476.00 STOXX Europe 600 down 0.05% to 381.83 MSCI up 0.1% to 161.47 MSCI ex Asia up 0.2% to 532.62 Nikkei down 0.3% to 19,996.01 Topix down 0.2% to 1,635.32 Hang Seng Index up 0.6% to 27,854.91 Shanghai Composite up 0.07% to 3,281.87 Sensex down 0.8% to 32,028.33 Australia S&P/ASX 200 down 0.5% to 5,743.75 Kospi down 0.2% to 2,394.73 Gold spot up 0.3% to $1,260.97 U.S. Dollar Index down 0.2% to 93.30 German 10Y yield fell 0.4 bps to 0.455% Euro up 0.2% to 1.1813 per US$ Brent Futures up 0.3% to $52.54/bbl Italian 10Y yield fell 2.7 bps to 1.703% Spanish 10Y yield fell 2.1 bps to 1.438% Top Overnight News Republicans struggling to pass a major tax overhaul that doesn’t add to the federal deficit are discussing a kind of compromise: mixing permanent revisions with temporary rate cuts for individuals and businesses St. Louis Fed President James Bullard and Minneapolis’s Neel Kashkari said soft U.S. inflation was a problem, broadly in line with expectations that officials will keep interest rates on hold when they meet next month and announce the start of a gradual process to trim their holdings of Treasuries and mortgage-backed securities. South Africa’s rand could surge if President Jacob Zuma is ousted by a motion of no confidence in the nation’s parliament, though gains would reverse if Zuma survives the vote, analysts say China’s trade surplus widened for a fifth month in July as export growth remained solid and imports moderated, keeping the spotlight on a trade gap U.S. President Donald Trump aims to narrow Google Fires Author of Divisive Memo on Gender Differences Citigroup Agrees to $130 Million Settlement of Libor Claims China’s Trade Surplus Widens for Fifth Month as Imports Moderate Pfizer Is Said to Weigh Sale of Erectile Dysfunction Treatment Liberty Global 2Q Operating Cash Flow Beats Highest Estimate Rental Car Stocks May Move After Avis Cuts Profit Forecast InterContinental First Half Revenue Misses Estimates Pandora CEO Warns of Challenging U.S. Market Ahead; Shares Sink McDonald’s to Increase Restaurants in China to 4,500 from 2,500 Disney, Fox May Move After Positive Ad Market Comments From CBS AMD to Shift Some Orders to TSMC: Commercial Times China Keeps More Steel at Home as Exports Tumble to 2013 Low Wells Fargo Is Said to Face SF Fed Inquiry on Car Insurance: NYT Asian equity markets failed to sustain the momentum from the record closes seen in DJIA and S&P 500, as sentiment in the region soured amid relatively quiet news flow and as participants digested the latest Chinese trade data. ASX 200 (-0.6%) and Nikkei 225 (-0.3%) saw early selling pressure, with the Australian market the underperformer on broad based declines, aside from the mining sector which remained resilient after continued gains in iron ore prices. Hang Seng (+0.6%) and Shanghai Comp (+0.1%) were initially subdued after Chinese Imports and Exports both missed estimates, while regulatory concerns also persisted with the PBoC seeking to tighten fintech rules to prevent risks. However, both indices then recovered heading into the close. 10yr JGBs were flat as demand failed to garner support from the deterioration of risk tone in the region, while the 30yr auction was also uneventful with the results relatively in-line with the previous month. Chinese Trade Balance (CNY) (Jul) 321.2bln vs. Exp. 293.55b1n (Prey. 294.30bn). Chinese Exports (CNY) (Jul) Y/Y 11.2% vs. Exp. 14.8% (Prey. 17.3%) Chinese Imports (CNY) (Jul) Y/Y 14.7% vs. Exp. 22.6% (Prey. 23.1%) Chinese Balance of Trade (USD) (Jul) 46.70bln vs. Exp. 45.00bln (Prey. 42.75bn). Chinese Exports (USD) (Jul) Y/Y 7.2% vs. Exp. 11.0% (Prey. 11.3%) Chinese Imports (USD) (Jul) Y/Y 11.0% vs. Exp. 18.0% (Prey. 17.2%) Top Asian News HNA’s Singapore Partner Is Said to Explore Scaling Back Ties China Developers Sink as World’s Biggest Stock Rally Loses Steam Sony Bonds Lose Allure as Spread Too Tight, Says BNP Paribas Goldman Sachs TP Upgrade Pushes China Harmony to 11-Month High Hong Kong Stocks Advance on Earnings Optimism and Auto Sales Malaysia Weighs Dual-Class Shares as Exchanges Battle for IPOs Reliance Is Said to Plan Refinancing as $12 Billion Debt Matures Profit-Taking? SoftBank Drags Topix Down Despite Strong Earnings Directionless trade in another quiet summer trading session (Eurostoxx 50 flat), material names falling after mixed Chinese trade data as exports and imports missed expectations. Pandora among the worst performers in Europe following soft financial results. BTPs outperforming largely as yields fall to 6-week lows. As a reminder, yesterday's monthly bond purchases from the ECB showed the ECB bought more Italian bonds in July than the capital key would imply, as it bought EUR 9.623b1n Italian bonds, almost EUR 1.5bln more than the capital key would dictate. In turn, this has the GER-ITA 10Y spread tighten as much as 13bps. Top European News Rising U.K. Energy Imports Need Brexit Care, Centrica Says ECB Redemptions Boost Average Maturity of French Bond Purchases AA Hits Record Low; Credit Suisse Downgrades on Roadside Outlook Standard Life Has $4.8 Billion Outflows Before Aberdeen Deal Siltronic Drops After Sumco Wafer Capacity Expansion Plan Power Maker CEZ Boosts 2017 Earnings Forecast on Higher Margins Brexit Bill Somewhere Between Zero and EU100B, Jones Says U.K. Must Provide Clarity on Post-Brexit Laws, Top Judge Says In currencies,  the Aussie saw some selling pressure following the Chinese Imports and Export misses on expectations. AUD/USD came off best levels overnight and is could look to retest 0.79. The greenback struggled throughout the US and Asian sessions, as the gains seen on Friday were retraced. Fed speech was the them in the US yesterday, however, comments from Bullard and Kashkari were largely rebuffed by markets. A marginal flight to safety further weighed on the US dollar, as twitter reports stated US satellites detected North Korea moving 2 anti-ship cruise missiles to patrol boat on the east coast over the past few days, according to officials. Both EUR & GBP gained ground against the dollar, with cable looking for a break of 1.3050, however, ran into some offers around 1.3055. EUR/USD saw similar price action, breaking through 1.18, however finding some resistance above these levels. In the Yen, a spike through Friday's post NFP range caused some escalated selling pressure in USD/JPY, as the pair broke through 110.70 overnight, bears will look to target the 110.00 handle to spark any continued downside pressure In commodities, relatively quiet in the commodity complex with oil prices slightly firmer. Of note, industry sources noted that Saudi Arabia noted that Saudi Arabia is to cut crude allocations in September by at least 520k bpd. Australia July Port Hedland iron ore exports fell to 37.9mln tonnes vs. Prey. 43.lmln tonnes. China Commodities Trade Data showed July YTD copper and product imports fell 15.2% Y/Y to 2.62m1n tonnes. Looking at the day ahead, there is the NFIB small business optimism index for July (103.5 expected) and the JOLTS job openings data. In China, the July CPI (1.5% yoy expected) and PPI (5.6% yoy expected) data will be out in early Wednesday morning. Notable US companies due to report include: Walt Disney, CVS Health, Gartner and Priceline. US Event Calendar 6am: NFIB Small Business Optimism, est. 103.5, prior 103.6 10am: JOLTS Job Openings, est. 5,700, prior 5,666 DB's Jim Reid concludes the overnight wrap If it wasn't for the fact that my exponentially increasing domestic financial responsibilities force me to act as professional as I can be, I'd be tempted to make today's EMR last no longer than a couple of sentences as all you really need to know about markets at the moment is that yesterday's move in the S&P 500 (+0.16%) added to the record daily run of less than 0.3% moves in either direction. It’s now 13 days since we had a larger move using daily data back to 1927. The second longest streak of this length was of 10 days which has happened twice in history. The most recent time was in England's solitary football World Cup winning year (06 Jan 1966 - 19 Jan 1966), and the other between 15 Nov 1961 and 29 Nov 1961. So these continue to be remarkable financial times we are living through. To put the steady but relentless rally in the S&P in context, it is now 73 trading days since the S&P increased by more than 1% in any one day. Give it another 7 days and we will beat the prior record set back in November 06 and March 07. Although, given the current lull in the activity (VIX now back to below 10), we might even get close to the 100 day record set back in mid-July 1995 to early Dec 1995. To punctuate the quiet, this week we will get to hear the latest thinking from a few Fed speakers. Overnight, both the St. Louis Fed president Bullard and Minneapolis Fed Chief Kashkari sounded a bit dovish. On rates, Bullard noted that the Fed funds rate target is “likely to remain appropriate over the near term”, considering recent inflation data has “surprised to the downside”. On balance sheet unwind, Bullard is ready to start the Fed’s balance sheet unwind in September and Kashkari noted that shrinking the bank’s large portfolio will be very orderly and won’t be disruptive to financial markets. On inflation, Kashkari said “inflation has been coming up short, relative to our 2% target” and cautioned “that actually matters…because in future crisis, we really need people to believe in us". This morning in Asia, China’s July exports were lower than expectations at 7.2% yoy (vs. 11% expected; 11.3% prior), although imports were also lower at 11% yoy (vs. 18% expected), leading to a stronger trade surplus of $46.7bn (vs. $45bn expected). Asian markets sold off a little post the Chinese data, but recovered to be slightly down as we type. Across the region, the Nikkei (-0.3%), Kospi (-0.1%), and Shanghai Comp (-0.2%) are lower with the Hang Seng (+0.1%) slightly higher. Back to last night's session and US bourses strengthened further, with the S&P 500 and the Dow up slightly (+0.1% to +0.2%) and remaining at record levels. That said, trading volume was thin in the S&P, with the daily value traded at 0.14% of the index market cap, which is only ~40% of the historical average. Within the S&P, modest gains in consumer staples and IT were largely offset by losses in energy (-0.9%) and financials (-0.2%). In Europe, the Stoxx 600 dipped 0.1%, with a rise in the materials sector (+0.7%) largely shrugging off the softer German industrial data. Across the region, the DAX slipped -0.3%, while other markets were slight up, with the FTSE 100 (+0.3%), CAC (+0.1%) and the Italian FTSE MIB (+0.4%) higher. As a stock take for European reporting season thus far, DB’s Wolf von Rotberg notes that of the 74% of Stoxx 600 companies that have reported, 54% have beaten EPS expectations (in line to historical average, but lower than 1Q at 61%). EPS growth is running at 19%, ahead of the 8% consensus expectation for the companies that have reported so far. EPS beats have been strongest for tech (69%), energy (67%) and financials (66%, particularly banks). Excluding energy and financials, EPS growth does drop to ~3% for companies that have reported thus far. Over in government bonds, yields were broadly lower, with the German bunds (2Y: +1bp; 10Y: -1bps), Italian BTPs (2Y: unch; 10Y: -2bps) and OATs (2Y: +1bp; 10Y: -1bp) all slightly lower at the long end of the curve. Gilts were down 4bps at both the 2Y and 10Y after weaker consumer data (see below). Over in the US, the 10Y fell marginally (-1bp) yesterday, but has recovered a little this morning. Turning to currency markets and the Euro continues to edge higher, with the Euro/USD up 0.2% and Euro/Sterling up 0.3% to 0.905, which represent a ~7.5% gain since May and now getting close to its one year high of 0.9118. Elsewhere, the US dollar index dipped 0.1% overnight. In commodities, WTI oil slipped 0.4%, following reports of rebounding Libyan supply and compliance issues with promised OPEC production cuts only 86% in July. Currently, producers have gathered in Abu Dhabi for a two day meeting to discuss oversupply issues. So watch for any headlines. Elsewhere, precious metals were broadly unchanged (Gold +0.1%; Silver flat), while industrial metals were up modestly (Copper +0.7%; Aluminium +2.5%), Iron ore has continued to increase, up 2.8% overnight to be ~43% higher than its June low. Away from the markets, as part of its annual stress tests designed by the Fed and FHFA,Fannie Mae and Freddie Mac would need to draw between $34.8bn to $99.6bn in Treasury aid under a "severely adverse" scenario, with key assumptions including: i) a 6.5% decline in GDP, ii) a rise in the unemployment rate to 10% and iii) a 25% fall in home prices. Elsewhere, the rhetoric from North Korea has heated up, with its Foreign Minister declining to negotiate over its nuclear program until the US ceases hostile policies and noted that its nuclear weapons will only be used against US and its allies, and that the state will make the US pay dearly. Before we take a look at today’s calendar, we wrap up with other data releases from yesterday. In the US, consumer credit was lower than expectations, up US $12.4bn in June (vs. $15.8bn expected; $18.3bn previous), leading the throughyear growth rate to slow a tenth to 5.7% yoy. Monthly growth in non-revolving credit fell to a 12-month low and was mainly responsible for the slowdown in overall growth. In Germany, the June industrial production stats were lower than expectations at -1.1% mom (vs. 0.2% expected) and 2.4% yoy (3.7% expected). However, despite the decline in June, annualized growth in output through Q2 stood at a sturdy 7.1% saar. In UK, the BRC retail sales monitor for like for like sales in July was in line at 0.9% yoy, which contrast the Visa-Markit survey earlier which pointed to a 0.8% yoy decline in consumer spending in July (vs. -0.2% previous, longest streak of declines since 2013). Elsewhere, the Halifax house price index rose 0.4% mom in July (vs. 0.3% expected), with the throughyear growth in the three-month average in line at 2.1% yoy. Looking at the day ahead, Germany’s June trade balance (23bn expected), current account balance (24.5bn expected), export and import stats (both 0.2% mom expected) are due in early morning. France will also report its June trade balance and current account figures. Over in the US, there is the NFIB small business optimism index for July (103.5 expected) and the JOLTS job openings data. In China, the July CPI (1.5% yoy expected) and PPI (5.6% yoy expected) data will be out in early Wednesday morning. Notable US companies due to report include: Walt Disney, CVS Health, Gartner and Priceline. Closer to home, we have Deutsche Post due to report in Europe.

03 октября 2016, 23:56

Немцы как дикие гунны в англосаксонской пропаганде.

Оригинал взят у serg_slavorum в Немцы как дикие гунны в англосаксонской пропаганде.Навеяно вот этим постом.Отождествление континентальных германцев с гуннами у англосаксов прослеживается аж с времён св. Беды Достопочтенного:в Германии обитают многие народы, от которых ведут свой род англы и саксы, ныне живущие в Британии; по этой причине их соседи-бритты до сих пор искаженно зовут их “гарманами”. Среди этих народов-фризы, ругины, даны, гунны, древние саксы и боруктуарыНо особую актуальность идея про германцев как наследников гуннской дикости и варварства приобрела в англосаксонской милитаристской пропаганде времён Первой мировой войны.Ниже представляю вашему вниманию подборку плакатов англосаксонских стран - Британии и её доминионов, а также США, на которых немцы названы гуннами.1. Американский плакат, призывающий покупать т.н. облигации Свободы.2. Другой плакат про те же облигации. Символом гуннов-немцев показана окровавленная рука.3. То же. Надпись "Гунн или дом".4. То же. Надпись "Останови гунна".5. Надпись на американском плакате про американского солдата "Ты держался достойно и разбил гуннов", далее "Сейчас задан высокий стандарт - чистая Америка. Искоренить венерические болезни". Плакат посвящён борьбе с так сказать побочными последствиями войны.6. Пропагандистское фото "американского Кузьмы Крючкова" - хорошего чернокожего парня сержанта Генри Джонсона из Олбани. Пишут, что он побивахом 36 гуннов, убив 4-х и ранив остальных. За что удостоился Французского военного креста.7. Канадский плакат. Тоже про военные облигации. Канадский полицейский ведёт пленного гунна-немца. Подпись "помоги поймать гунна".8. Английский плакат, посвящённый расстрелянной немцами медсестре Эдит Кэвелл. Подпись "Убита гуннами".9. Английский плакат "Как гунн ненавидит". Гунны издеваются над пленными британскими моряками.10. Немец - гунн в виде паука.11. Дочь британского солдата молится вместе с матерью: "Боже, благослови нашего папу, сражающегося с гуннами и пошли ему помощь".12. Первая полоса английской газеты, посвящённая борьбе с гуннами:13. Австралийский плакат. Древний гунн и его наследник кайзеровский солдат. Призыв защитить от гуннов "женщин и детей"14. Английская пропаганда для ирландцев - католиков, дабы те не думали про союз с немцами против Британии. Создатели плаката рассказывают ирландцам, что "варвары -гунны" оскверняют и уничтожают католические соборы Бельгии и Франции.Ну и про зверства, приписываемые "новым гуннам"15. Насаженные на штыки дети:16. Издевательства немецких медсестёр над пленными.17. Расправы над женщинами и детьми18. Распятый мальчик (тм) образца начала 20 века.19. Расправы над мирными жителями.20. Кровожадный гунн-огр (великан-людоед) хочет захватить весь мир.21. Австарлийский плакат призывает не допустить превращения Австралии в Новую Германию22. Ну и последствия германофобской шовинистической истерии англосаксов. Немецкая семья в лагере для интернированных в Новом Южном Уэльсе. Фольксдойче, жившие в Австралии на момент начала Первой мировой были подвергнуты самому настоящему этноциду: их бросали в лагеря, заставляли менять немецкие фамилии, запрещали говорить на родном языке, закрывали немецкие школы.

23 июля 2016, 15:01

Великое переселение народов II

          В связи с очевидным кризисом миграционной политики США и Европейского Союза небезынтересно будет ознакомиться со статистикой ООН, касающейся миграционных потоков (источник). Вся нижеприведенная статистика включает как легальных, так и нелегальных иммигрантов.          Первая диаграмма показывает процент некоренного населения, т.е. населения, рожденного за пределами страны проживания.                  На первом месте Саудовская Аравия, 32,3 процента населения которой родилось за пределами Саудовской Аравии. На втором - Австралия, на третьем Канада. Россия на 13 месте. Страны Западной Европы и США входят в первую десятку.        В следующией таблице мы видим рейтинг стран по темпам роста доли некоренного населения в период с 90-го по 2015 год                  На первом месте Испания, где процент некорренного населения вырос за последние 25 лет с 2,1% до 12,7%. На втором месте Германия, далее Италия. Россия на 20 месте.          В следующей таблице мы видим откуда в основном приехали мигранты.                   Как мы видим в Саудовскую Аравию мигранты едут в основном из Индии, Индонезии и Пакистана, что вообще-то странно, потому что в богатую арабскую СА по логике должны ехать мигранты тоже из арабских стран (Египта, Сирии, Палестины). Видимо, саудиты не пускают к себе родственников, но ввозят миллионами нужных им специалистов, например, строителей.          В Австралии живут мигранты из Великобритании, Новой Зеландии, Китая. В Канаде - из Великобритании, Индии, Китая. В Германии - Из Польши, Турции и России. Процент, указанный в скобках это процент иммигрантов, живущих в стране от общего количества иммигрантов. Например, в Германии всего живет 12 млн. мигрантов, из них иммигрантов из России - 9%, т..е 1,08 миллиона человек.          Россия на 13 месте и основной процент мигрантов у нас из Украины и Казахстана, то бишь это русские.          Обращает на себя тот факт, что британцы бегут из Британии в Канаду и Австралию. В Австралию ежегодно уезжает из Великобритании 60-70 тыс. человек. В Канаду британцы сейчас не бегут, но активно бежали в 80-90-х. Тогда в Канаду уезжало ежегодно 30-40 тыс. британцев. Видимо британцы давно поняли что дело пахнет керосином и пора линять. Единственной здоровой страной из англо-саксонского мира сегодня остается Австралия, которая не пускает к себе ни арабов, ни пакистанцев. И вообще мусульман к себе не пускает. Сейчас в Австралии живет 1,135 млн мигрантов из Великобритании. Также в Австралию охотно бегут немцы и итальянцы, которых там сейчас живет 114 и 220 тысяч соответственно.          В связи с очевидным кризисом Западной Европы мы могли бы побороться за немцев, которым сейчас бежать некуда. Но для того чтобы бороться за немцев нужно конечно иметь совсем другой уровень развития инфраструктуры.          В США ежегодно мигрирует 1 млн. человек, из них 135 тысяч мексиканцев, 68 тысяч индусов, 54 тысячи филлипинцев, 40 тысяч доминиканцев. Сейчас, наконец, ситуация дошла до точки кипения и появился Трамп, который консолидировал всех недовольных понаехавшими. В США сейчас 14,5% населения рождены не в США.          В Западной Европе и США эти процессы начались в 80-х и связано это было с резким падением рождаемости и соответственно дефицитом рабочих рук. Сейчас, конечно, причины миграции совсем другие. Зачем ЕС ввозит в страну миллионы мусульман понять очень сложно. Экономической логикой это точно не продиктовано.          На последней диаграмме нарисована динамика доли некоренного населения в развитых (зеленая кривая) и неразвитых (фиолетовая кривая) странах.         

10 июля 2016, 14:31

Глобальная база данных человеческих культур появилась в открытом доступе

Международный научный коллектив собрал глобальную базу данных мест, языков, культур и окружающей среды D-PLACE (Database of Places, Language, Culture and Environment). Она графически оформлена и выложена в открытый доступ на соответствующем ресурсе, а отчет о работе опубликован в журнале PLOS ONE. В базу данных, собранную учеными из Канады, США, Германии, Швейцарии, Великобритании, Австралии и Новой Зеландии, вошла всесторонняя информация о более чем 1400 человеческих сообществах. Она призвана дать ученым и всем интересующимся возможность оценить, насколько влияют на культурное разнообразие населения Земли различные факторы, такие как общая история, демография, миграция и ассимиляция, культурные инновации и природные условия.D-PLACE дает возможность визуализировать информацию в форме таблиц, карт или лингвистического дерева, что облегчает сравнение разных культур и оценку их взаимовлияния. Большинство описаний культур в базе данных основаны на этнографических работах, проведенных в XIX и первой половине XX века (для каждого описания указана дата и источник).Поиск можно проводить по культурным практикам (например, традиционной структуре семьи), факторам окружающей среды (например, среднегодовой температуре), языковой семье (например, индоевропейской или австроазиатской) или региону мира (например, Субарктической Америке или Индокитаю). D-PLACE создана при поддержке Национального центра эволюционного синтеза США и Института наук о человеческой истории Общества имени Макса Планка. Ее авторы, которые характеризуют себя как «ученых с широким кругом интересов, которые разделяют страсть к междисциплинарным изысканиям», пишут, что база будет постоянно пополняться и расширяться.Олег Лищукhttps://nplus1.ru/news/2016/07/09/d-placeВы также можете подписаться на мои страницы:- в фейсбуке: https://www.facebook.com/podosokorskiy- в твиттере: https://twitter.com/podosokorsky- в контакте: http://vk.com/podosokorskiy

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07 июля 2016, 01:06

Самый большой золотой рудник в мире

Я как то вам показывал наш старооскольский рудник, оказывается он не сильно то отличается от самого большого золотого рудника. Ну по сравнению например с Кимберлитовой трубкой "МИР"Расположенный в западной части Австралии рудник Супер Пит (Super Pit) тоже является одним из самых крупных и известных. Своим владельцам, компаниям Ньюмонт Майнинг и Баррик Голд он ежегодно приносит более 780 000 унций золота. Супер Пит является самым крупным открытым рудником Австралии, длина его карьера составляет порядка 3 500 метров, а ширина порядка 1 500 метров. Глубина карьера тоже впечатляет, она составляет около 570 метров.Давайте посмотрим на него подробнее ...Фото 2. Непосредственно на территории рудника работает около 550 сотрудников, не считая специалистов, которые обслуживают транспортную систему промышленного района. Золотой прииск Супер Пит был открыт еще в конце 19 века, первоначально добыча драгоценного металла велась в небольших шахтах, без использования какой-либо специальной техники. В 2001 году шахты были объединены в единый промышленный комплекс, а к 2009 году строительство огромного рудника было полностью завершено.Фото 3. Добыча золота на руднике Супер Пит является не только самой масштабной, но и одной из самых сложных в Австралии. Все дело в том, что драгоценный металл в перерабатываемой породе содержится в форме теллурида. Этот минерал нельзя обрабатывать привычным способом очистки – цианированием, поэтому на его многоэтапную переработку и очистку золота от примесей тратится немало средств и сил.Фото 4. Добыча на Super Pit ведется карьерным методом, погрузчиками и грузовиками. За историю существования одного из самых больших в мире рудников отсюда было поднято наверх более 295 млн. кубометров породы.Днем работают под палящим солнцем, ночью – в свете прожекторов. В темное время суток рудник похож на съемочную площадку фантастического боевика об очередном захвате Земли пришельцами. Большинство гигантских машин принадлежит золотодобывающей компании Kalgoorlie Consolidated Gold Mines (KCGM). И если на многих рудниках мира водители грузовиков работают в три смены, то здесь, в Калгурли, они проводят за рулем по 12 часов.Фото 5. Между тем за напряженной жизнью рудника со специальной смотровой площадки наблюдают сотни туристов, которые съезжаются сюда со всего света. Картина и в самом деле захватывающая: перемещающиеся по огромному карьеру гигантские грузовики с диаметром колес в два человеческих роста и кабиной водителя, расположенной на высоте четырехэтажного дома, отсюда, с площадки, кажутся маленькими игрушечными машинками.Фото 6. Caterpillar 797B, полная масса которого составляет 623 690 кг - этот гигант за один раз способен перевезти до 345 тонн груза. Если брать в расчет полную массу, то это самый тяжелый автомобиль в мире. Но CAT 797B примечателен не только массой и размерами. Он единственный из гигантских самосвалов использует традиционную трансмиссию с коробкой передач и подводом крутящего момента к колесам через главную передачу. У остальных гигантов – Liebherr, Terex, БелАЗ – для привода колес служит дизель-электрическая трансмиссия.Фото 7. Конструктивно 797-й – самый обычный автомобиль, разве что слегка гипертрофированный. Дизельный мотор объемом 117,1 литра (опечатки здесь нет) направляет убийственный крутящий момент к семиступенчатой гидромеханической планетарной коробке передач – самой большой в автомобильном мире! А оттуда ньютон-метры отправляются к другому грандиозному инженерному сооружению – главной передаче, где они возрастают в 21 раз, принимая по-настоящему астрономические значения. Конечное звено в этой цепочке – массивные сдвоенные задние колеса. Самые большие шины в мире, установленные на 63-дюймовых дисках, были разработаны компанией Michelin специально для этой модели. Поворачивает мастодонт, вращая передние колеса, как обычный автомобиль. Только не силой мышц, слегка усиленной гидроприводом, а гидравлическими моторами, приводящимися от основного ДВС. На случай, если дизель заглохнет, предусмотрены аварийные гидроаккумуляторы. С их помощью можно совершить до трех поворотов на 90 градусов при неработающем двигателе. Замедление осуществляется торможением двигателем, а также многодисковыми тормозными механизмами с принудительным масляным охлаждением.Фото 8. За пальму первенства с CAT 797B может поспорить лишь Liebherr T282B, самый большой в мире грузовик с электрической трансмиссией. Этот гигант может перевезти в своем ковше 363 тонны груза – на 18 тонн больше, чем Caterpillar. Когда самосвал длиной 14,5 м и шириной 8,8 м впервые показали широкой публике на Мюнхенской строительной выставке 2004 года, его сразу окрестили «восьмым чудом света». Главным образом не за внушительные размеры и грозный вид, а за то, что он способен перевозить груз в полтора раза больше собственного веса. По этому показателю, характеризующему уровень инженерного совершенства конструкции, Liebherr T 282 B обставляет все другие гигантские экземпляры. 20-цилиндровый 3650-сильный дизель грузовика объемом 90 литров раскручивает генератор переменного тока, который «питает» электромоторы задних сдвоенных колес. За счет особенностей электрической трансмиссии машина быстрее ускоряется, хотя и обладает чуть меньшей максимальной скоростью, чем CAT 797B. При торможении мотор-колеса работают здесь как генераторы, экономя ресурс рабочих тормозных механизмов. В качестве стояночного тормоза используют дисковые тормозные механизмы всех колес. Рулевое управление гидравлическое, примерно такое же, как у Caterpillar.Компания «БелАЗ» создала самый большой в мире самосвал БелАЗ-75710 грузоподъёмностью 450 тонн, что эквивалентно трёмстам Ford Focus, 37 двухэтажным автобусам или двум с половиной голубым китам. Кстати, Airbus A380 — крупнейший пассажирский самолёт в мире — весит значительно меньше, всего 277 тонн. Вот тут мы обсуждали этот самосвал подробнее - Самый большой самосвал в миреФото 9. Если в чем-то карьерные гиганты и уступают обычному автомобилю, так это в скорости. Однако лихачество им ни к чему. По территории карьера, где и проходит, собственно, вся их жизнь, они передвигаются с разрешенной скоростью 40 км/ч. При этом 797B имеет максимальную скорость около 68 км/ч, скорость Liebherr T 282 B примерно на 3 км/ч меньше. Успевая обернуться за 35–40 минут и вновь встать под ковш не менее гигантского карьерного гидравлического экскаватора (например, Komatsu PC8000 или PC8000-6), две трети этого времени тяжело нагруженный самосвал тратит на то, чтобы выбраться из карьера на поверхность. Всю свою трудовую жизнь эти гиганты проводят на рудниках. Ни при каких условиях такой грузовик не может добраться туда сам по обычной дороге, ведь от нее просто ничего не останется. Их доставляют на рудники по частям, в контейнерах, и собирают уже на месте. Разумеется, любой автомобиль – будь то крошечный Peel P50, самый маленький автомобиль в мире выпуска 1962 года, или гигантский Liebherr T 282 B – требует постоянного обслуживания. Его надо заправлять, проводить техобслуживание, ремонтировать. Каждый экземпляр, работающий в карьерах, обслуживают десятки грузовиков, поездов или вертолетов (как, например, на некоторых рудниках Южной Америки, где нет железнодорожного сообщения или соответствующих дорожных трасс). Это и доставка горючего, которое заливается в гигантские цистерны, расположенные стационарно на руднике, и техническое обслуживание, и огромные мастерские – все это вместе составляет чрезвычайно развитую, дорогостоящую инфраструктуру.Фото 10. Каждый из гигантских механизмов и сам стоит целое состояние. Средняя цена CAT 797, например, чуть меньше четырех миллионов американских долларов. Соответственно стоит и его обслуживание, а также запчасти к нему. Цена шины 59/80R63 XDR – около $200 000, ну а если, например, сгорает мотор, то на его замену потребуется около $1 миллиона. Единственный способ, которым эти массивные машины могут окупить свою стоимость, – это бесперебойная и безаварийная работа 7 дней в неделю, 24 часа в сутки. Как только самосвал попадает на рудник, с первой же минуты все направлено только на одно – скорее окупить миллионные затраты; каждый раз, когда кузов гиганта наполняется рудой, он отрабатывает свою стоимость. Сразу же замечу: при стоимости самого самосвала в несколько миллионов долларов, расходах на доставку оборудования к месту работы, на развитие и поддержку инфраструктуры эти гиганты обычно окупают себя быстрее другой техники – менее чем за 12 месяцев! И немалую роль в этом играют именно их размеры. Ведь чем меньше поездок совершает грузовик, чем больше руды способен погрузить, тем быстрее он себя окупит. Перевозя по 300–360 тонн породы за один раз, гигант прекрасно справляется со своей задачей.Фото 11. Казалось бы, на этом можно поставить точку, ведь все мыслимые и немыслимо огромные механизмы уже изобретены, существуют, работают. Есть ли смысл продолжать работать в этом направлении? Где тот потолок, после достижения которого теряется смысл в разработке новых сверхгигантов и надо искать принципиально новые решения? Насколько громадным может быть чудище и не пора ли остановиться? Однако авторитетные эксперты утверждают: «Потолок еще не достигнут и в ближайшее время достигнут не будет. Дело в том, что при сегодняшних темпах развития механизации, новых перспективных технологиях, дальнейшем совершенствовании моторов, при постоянном развитии и повышении уровня современной электроники создание новых сверхгигантов вполне реально, а главное – экономически оправдано».Фото 12. Фото 13. Фото 14. Фото 15. Фото 16. Фото 17. Фото 18. Фото 19. Фото 20. Фото 21. Фото 22. Фото 23. Фото 24. Фото 25. Фото 26. Фото 27. Фото 28. Фото 29. Фото 30. Фото 31. Фото 32. Фото 33. источникиhttp://venividi.ru/node/15397http://maxi-exkavator.ru/articles/trucks/604_samie_bolshie_karernie_gruzoviki.htmlhttp://www.ozdigest.com/go/super-pit-58/http://www.orangesmile.com/extreme/ru/famous-goldmines/super-pit-mine.htmА вот Что такое кимберлитовые трубки и откуда получили такое название и еще вот Глубоководный карьер по добыче алмазов

06 июля 2016, 05:56

Биржевое цунами пронеслось по мировым рынкам

Синдром Brexitа: на финансовых рынках, похоже, начинается паника. Инвесторы бегут из рисковых активов, скупая для сохранения своих денег наиболее надежные инструменты.

21 апреля 2016, 10:42

Газ по 15? Нет, газ по 4. TANSTAAFL!

Гостем передачи «Новый День» на этой неделе был Александр Собко, эксперт по энергетике, постоянно пишуший для информационных порталов «Однако» и «На Линии».С Александром мы знакомы уже несколько лет и его комментарии всегда опускали мой романтизм на грешную землю. Или же, что тоже иногда бывало — поднимали к поверхности воды, когда мой пессимизм брал верх в другом вопросе.Из своей «барсучьей норы» в подмосковном Троицке Саша выбирается нечасто и публичность или риторика — не его «конёк», но его спокойные и детальные выкладки всегда интересны и познавательны.О чём суть нашей беседы? О современном состоянии рынка газа.В чём состоит особенность сегодняшнего газового рынка?В 2009-2014-м годах, на фоне достаточно высоких, рекордных в аболютных цифрах и близких к рекорду (относительно инфлирующего доллара) ценах на нефть, в нефтяную и газовую отрасли пришли громадные инвестиции.Эти инвестиции позволили начать производственные проекты, немыслимые ещё даже в конце 1990-х годов. «Золотой дождь» (гусары, молчать!) инвестиционных денег породил и «сланцевую революцию» в США, и массу новых проектов в газовой отрасли.В газодобыче стартовали масштабнейшие проекты шельфовой добычи и добычи метана из метаноугольных пластов, как в Австралии, а в самих США эксплуатация слабопроницаемых коллекторов позволила добиться небольших и бытро падающих, но прогнозируемых дебитов «сланцевого газа». Эти новые возможности в сфере газодобычи были успешно соединены с развивающейся технологией СПГ (сжиженного природного газа), которая позволяла и позволяет доставлять сжиженный метан в любую точку мира, создавая постоянную конкуренцию региональному трубопроводному газу — технологии транспортировки, унаследованной нами с середины прошлого века.Безусловно, новые технологии в газовой сфере были найдены, опробованы и введены в экономику по известному принципу TANSTAAFL (There ain't no such thing as a free lunch, «Бесплатных завтраков не бывает!»). Новый газ оказался гораздо дороже прошлого, причём тут речь идёт как о газе слабопроницаемых коллекторов («сланцевом»), так и о шельфовом газе и газе метаноугольных пластов.«Бесплатным» этот газ мыслился в случае достаточно ёмкого, быстро растущего и алчного к новым объёмам газа рынка Юго-Восточной Азии — Китая, Южной Кореи, Японии, стран Индокитая и, отчасти, Индии.Этот рынок и в самом деле демонстрировал впечатляющие темпы роста в начале и середине 2010-х годов, пробуждая надежды на то, что такой рост продлится бесконечно долго.Однако, как показывала (и показывает нам сейчас) ситуация  — экспоненциальный рост обычно заканчивается стагнацией и застоем, а в крайних случаях — даже и кризисом, а то и катастрофой. В общем, варианты «ужаса без конца» или «ужасного конца» — на ваш исторический выбор.Такая же ситуация произошла сейчас и на рынке природного газа. Инвесторы и газовые компании нашли новый газ.Для рынка по 15 долларов за миллион британских тепловых единиц (mmBTU). Это соответствует более привычной нам цене в 540 долларов за 1000 кубометров газа (у нас с Александром есть в беседе объяснение этих различных систем оценки цены газа).Газ по 540 долларов за 1000 м3 у человечества есть. Именно столько стоила его разведка, подготовка к добычи и транспортировке, на такой уровень цены просчитаны все эксплуатационные издержки для нового газа Австралии и США, для новых арктических проектов «Шелла» и «Газпрома». Но продавать этот газ надо будет по 4 доллара за mmBTU (150 долларов за 1000 м3). Такова сегодня ситуация на рынке.TANSTAAFL. Кто-то в итоге должен будет заплатить за этот бесплатный завтрак.И именно об этом наша беседа с Александром. Про раков по три рубля.«Надо пойти за большими раками, но вчера!». А так у нас есть жаба за рубль.

05 января 2016, 10:01

10 лучших общественных пространств, открытых в 2015 году

Снова итоги 2015 года. Мы уже разобрались с топом ужасных событий, которые стали мемами, с топом событий, спровоцировавших кризис в России и с десяткой главных отличий русско-украинского интерьера в 2015 году. Сегодня свои итоги подведет Институт медиа, архитектуры и дизайна «Стрелка». Яна Козак, аналитик «Стрелка КБ», подготовила для вас список из 10 лучших общественных пространств, открытых в ушедшем году. Передаю ей слово.Девелоперы, занимающиеся развитием общественных пространств, в этом году ставили себе задачи по трем основным направлениям:— Удешевление и облегчение систем эксплуатации пространств. Отсюда устойчивые и экологичные решения: проницаемые покрытия, системы отведения дождевых вод, биодренажные канавы, светлые поверхности мощения, которые отражают свет и препятствуют перегреву.— Повышение климатического комфорта, поэтому почти в каждом выбранном объекте есть навесы, тенты, элементы адиабатического охлаждения, то есть фонтанов, искусственных прудов и озер.— Мультифункциональность. Пешеходные пространства включают не только места отдыха, но и площадки для игр, занятий спортом, пикников, рынков. В них одинаково комфортно как веселой компании, так и одинокому городскому мечтателю.Вот десять самых ярких проектов 2015 года, отвечающих заданным критериям и потенциально полезных для Москвы.1. Площадь Берты КрегерГамбург, ГерманияАвтор проекта: relais LandschaftsarchitektenЦелью архитектурного бюро было создание общественного пространства с уютной атмосферой, которое могло бы стать символом всего квартала. relais Landschaftsarchitekten удалось сделать то, что сейчас пытаются сделать в Москве: придать характер многофункциональности «потерянному» пустырю. Теперь здесь есть место и для торговых лавок, и для прогулок, и для отдыха.Центральная часть площади разделена сидячими островками, называемыми Sitztiden. Скамейки имеют разную высоту и напоминают волны, деревья растут прямо сквозь них.От площади идет проход к находящейся рядом железнодорожной станции. Он так же, как и сама площадь, выложен серой брусчаткой. Его поверхность пересекают светлые плавные линии из бетонных плит, их задача — указывать направление от вокзала к общественному пространству.2. Центральная площадь в Эммене Эммен, НидерландыАвтор проекта: LandschaftsArchitekten StadtplanerПример грандиозной реконструкции всего центра города. 26 тысяч квадратных метров стали новой достопримечательностью и самым большим общественным пространством Эммена. Раньше площадь была заполнена автомобилями, но теперь она предназначена для пешеходов и велосипедистов, на ней большое количество уличной мебели.Площадка, вымощенная натуральным камнем, деревянные навесы, зеленые зоны, необычное использование воды, солнечная терраса и потрясающее освещение — вот главные особенности этой площади.Среди лучших проектов площадь в Эммене оказалась за то, как интересно и функционально на ней использована вода. В северной части площади находится пруд, в котором высажены декоративные водные растения.Длинным каналом он соединен с центральной частью площади. Здесь вода разлита прямо по камням, ее глубина составляет всего 15 см. Здесь же находятся наземные фонтаны. Гладкая поверхность красиво отражает небо, здания и деревья.3. ХафенпаркФранкфурт, ГерманияАвтор проекта: SinaiХафенпарк — пример удачной трансформации индустриальной пустоши в публичный парк. В 2012 году там появилась первая часть парка — «Цементные джунгли» — скейт и BMX-парк.Но начиная с 2013 года вдоль реки там начали появляться возможности для отдыха и более спокойных слоев населения. Компании Sinai удалось переосмыслить территорию набережной: здесь появились раскидистые рощи, тенистые сады, приподнятые озелененные плато.Удивительный пример того, как совместить агрессивный тип спорта, поля с фитнес-оборудованием и спокойные зеленые зоны. Здесь все та же приверженность основным тенденциям 2015 года: проницаемые поверхности, не требующие установок дренажа, и светлые ненагревающиеся покрытия.4. Торговая линия и набережнаяРайон Ультимо, СиднейАвтор проекта: Aspect StudioОткрытие обновленной набережной в районе Ультимо делает Сидней ещё более инновационным и экологичным городом. The Goods Line — стратегическое связующее звено и важное зеленое пространство для развивающейся части города. Все организовано так, что места под коворкинг, пикник, ритейл или детскую площадку или теннисный стол тщательно продуманы и используются по назначению.Этот уникальный парк раньше представлял собой железнодорожный коридор, который трансформировали в зеленую пешеходную вену одного из самых густонаселенных районов Сиднея. Это пространство стало живой метафорой перехода от индустриального прошлого к инновационному и информационному будущему.На набережной есть возможность проводить разные мероприятия и фестивали, она создает чувство общности в ранее заброшенном пространстве. Намеренно нелинейный дизайн создает большое количество небольших субпространств, которые можно использовать для разных целей.5. Квартал Этьен-э-Фош БаракЛандау, ГерманияАвтор проекта: A24 Landschaft GmbHThe State Horticultural Show Landau 2015 — проект грандиозного преображения 27 гектаров на общий бюджет в 13 миллионов евро. Он обеспечит основу для будущего развития нового жилого квартала, для этой же цели на территории бывших военных объектов готовят площадки для отдыха и занятий спортом.Эта территория примыкает к природному заповеднику Эденберга, поэтому все меры по ее реконструкции направлены на сохранение природного ландшафта и разумное его использование в рекреационных целях.Огромная зеленая зона уже сыграла свою роль в развитии этого района. Ей удалось привести к гармонии свежеотстроенные жилые дома и казармы. В центре нового квартала находится пруд со множеством водных растений. Площадка для спорта и отдыха расположилась на территории бывшего угольного склада.Дизайн парка вдохновлен сдвигами тектонических плит в рифтовой долине Верхнего Рейна: необработанные края, разрывы и расслоившийся камень выглядят здесь очень эстетично. И, конечно же, все утопает в зелени.6. Кампус университета МонашаМельбурн, АвстралияАвтор проекта: Taylor Cullity Lethlean Landscape ArchitectureВ эпоху развития онлайн-обучения университетские кампусы стали еще более значимыми для преподавателей и студентов. Аллеи, газоны, террасы и площадки для разных активностей имеют огромное количество возможностей для обучения, общения и питания. Архитектурное бюро постаралось создать в университете Монаша благодатную почву для обмена идеями и социализации, умственного и физического развития.В центре кампуса теперь пространство для проведения мероприятий и терраса для спокойного отдыха на свежем воздухе. Пол центральной площадки украшен большим графическим рисунком. Тут находятся площадки для игры в баскетбол и настольный теннис.Дороги и парковку превратили в площадку для прогулок с водными объектами, которая создает реальное ощущение пребывания в кампусе.7. Порт ОльборгаОльборг, ДанияАвтор проекта: C.F. Møller LandscapeСредневековый центр города связали с прилегающим к нему фьордом, который раньше был недоступен для пешеходов из-за интенсивного транспортного движения и расположения здесь промышленной гавани. То, что раньше было обратной стороной города, стало новым, привлекательным центром.Пристань превратилась в бульвар для пешеходов и велосипедистов. Средневековый замок Ольборна снова стал центральной гаванью, теперь уже обрамленной зелеными зонами. На набережной появились ступенчатые спуски к воде, оборудованы площадки для торговли, игр с мячом и принятия солнечных ванн. В общем, архитекторы постарались создать привлекательное общественное пространство для разных слоев населения.Центральная площадка для активного времяпрепровождения — это игровое пространство, полезное для людей всех возрастов. Тут можно заниматься чем угодно: от пляжного волейбола летом до катания на коньках зимой. Здесь находится несколько стальных павильонов, в которых хранится спортивный инвентарь и продается мороженое.По соседству с игровой зоной находятся зеленые насаждения, пышные оазисы для спокойного отдыха. Рядом с набережной расположен бывший ледокол Эльбьерн, превращенный в плавучий ресторан.8. Кампус Alumni Green Технологического университета в СиднееСидней, АвстралияАвтор проекта: Aspect StudioUTS Alumni Green – самое значимое открытое пространство Городского кампуса Технологического университета Сиднея. Оно делится на три части. «Зеленая зона» — приподнятая платформа с газоном, которая может быть использована для разных мероприятий и отдыха. Фигурные границы зоны используются как скамейки.«Центральная зона» — пространство для сбора студентов и посетителей.И «садовая зона» — оазис из деревьев, со столами, стульями, розетками, барбекю и площадками для игры в пинг-понг.Пространство специально было разработано так, чтобы удовлетворять самые разные нужды. Здесь можно проводить концерты, показывать кино, устраивать вечеринки и пикники.9. Парк на крыше зданияОсло, НорвегияАвтор проекта: OSLO Ontwerp Stedelijke en Landschappelijke OmgevingНа берегу реки Доммел стоит невысокое строение, а на его крыше — маленький парк. Это место — вал Sint Jan, который был одним из четырех главных входов укрепленный старый город. Здесь были найдены остатки ворот и стены из средневекового булыжника. Фланговые стены бастиона были частично восстановлены и последи них была возведена массивная крыша на стальных колоннах. Она на полтора метра выше уровня улицы и на ней разбито общественное пространство.Площадь парка всего 700 квадратных метров, но в нем достаточно сидячих мест.Он расположен на одном из изгибов Доммела, поэтому с площадки открывается широкий вид на обе стороны реки. Плитка, которой выложена площадка, была изготовлена специально для этого парка: по форме она напоминает льдины.Высаженные по периметру деревья создают тень и укрывают отдыхающих от посторонних глаз. Ковер из гравия позволяет корням деревьев получать воду и воздух. Стволы покрашены коричневым природным пигментом, который сочетается с ржавыми конструкциями.10. Парк Ulls husУппсала, ШвецияАвтор проекта: White ArkitekterБюро White спроектировало ландшафтную зону перед новым зданием Шведского аграрного университета в Уппсале. Закрытый внутренний двор, аллеи и несколько входов стали для него основой. Растительность играет здесь ведущую роль.Большой двор — это коллективное пространство для отдыха, встреч, повседневной жизни и праздничных мероприятий. Площадка покрыта гравием, ее пересекают дорожки из крупных гранитных плит. Гранитные каналы выравнивают гравий и отводят дождевую воду. В центре площадки находится минималистичный фонтан.На южной стороне расположена тисовая изгородь, парковка для велосипедов и площадка со столами.

23 ноября 2015, 16:50

Новые квантово-фотонные чипы - путь для создания технологий безопасных оптических коммуникаций

Исследователи из Королевского мельбурнского технологического университета (RMIT University in Melbourne) уже достаточно давно занимаются разработкой квантовых технологий, призванных обеспечить работу безопасных коммуникационных систем и квантовых вычислительных систем. А недавно группе, работающей на экспериментальной установке RMIT MicroNano Research Facility и возглавляемой профессором Дэвидом Моссом (David Moss) удалось добиться реализации технологии создания запутанных пар фотонов, технологии, которая умещается на поверхность кристалла крошечного чипа.читать далее

08 октября 2015, 12:31

Австралийский GLNG отгрузил первую партию СПГ

На австралийском острове Кертис начала работу в тестовом режиме первая линия проекта GLNG  по производству СПГ из метана угольных пластов ( подробнее об автралийских проектах СПГ из МУП здесь ).По состоянию на 7.10.2015 первый танкер СПГ Seri Bakti емкостью 152.300 куб.метров был загружен и готовился к отправке в Ю.Корею.Запуск второй линии планируется к концу года.ИСТОЧНИКДействующие и строящиеся заводы СПГ в Австралиисверху вниз:1 - 4 - действующие5 - 7 - пусковые8 -10 - строящиеся

05 октября 2015, 22:25

Прорыв: представлен первый модуль квантового процессора

Полноценный вычислительный модуль, созданный австралийскими физиками, включает пару кремниевых кубитов и способен выполнять операции класса ИЛИ. По словам ученых, это серьезный шаг к реализации универсального квантового компьютера, производительность которого будет значительно выше традиционных современных аналогов. Над созданием компонентов для квантового компьютера Эндрю Дзурак и Андреа Морелло из университета Нового Южного Уэльса работают на протяжении нескольких лет. В 2010 году ученые представили первый одноэлектронный квантовый транзистор, спустя два года – кремниевый кубит, в основе которого лежал атом фосфора. В 2013 году технологию создания кремниевого кубита австралийские исследователи  обновили, собрав принципиально новую версию компонента, позволяющую считывать данные с него со 100% точностью и остающуюся стабильной в течение длительного времени. Фактически после этого ученым оставалось лишь придумать способ объединения подобных кубитов, применяя для этого полупроводниковые технологии, на которых построены и сами ячейки памяти квантового компьютера. Первоначально налаживать связь между отдельными кубитами получалось лишь при помощи сверхпроводников или же при сверхнизких температурах. Решение было найдено: в кубите атом фосфора заменили атомом редкого изотопа кремния - кремния-29. Структура кубита была изменена таким образом, что он стал ближе к обычному полевому транзистору, который используется практически во всех компьютерных процессорах. Расположив новые кубиты рядом и соединив друг с другом их затворы, физики смогли объединить ячейки памяти. Новая структура, созданная ими, называется CNOT-вентилем и является аналогом устройства, которое в классических микросхемах выполняет операцию ИЛИ.

05 октября 2015, 16:20

США удалось достичь крупнейшего торгового соглашения за 20 лет

Представители США и 11 государств Тихоокеанского пояса достигли соглашения по договору о Транстихоокеанском партнерстве. Как отмечает Bloomberg, эта договоренность является крупнейшей для США за последние 20 лет

28 мая 2015, 14:04

Как Китай стремительно меняет мир и почему мы этого не замечаем

Уже целый год вся российская популярная аналитика не может выбраться из украинской повестки, начисто игнорируя все другие важные события в мире, сузив мировосприятие читателя до пределов политического противостояния России и США. Всё прочее если и рассматривается, то только через призму этого против...

10 мая 2015, 07:00

iv_g: записи о металлах редкоземельных

http://ru.wikipedia.org/wiki/Редкоземельные_металлыhttps://ru.wikipedia.org/wiki/Категория:Редкоземельные_элементыhttps://en.wikipedia.org/wiki/Rare_earth_elementhttps://en.wikipedia.org/wiki/Rare_earth_mineralhttps://en.wikipedia.org/wiki/Category:Rare_earth_mineshttp://www.indexmundi.com/en/commodities/minerals/rare_earths/http://www.indexmundi.com/minerals/?product=rare-earths&graph=productionhttp://www.indexmundi.com/en/commodities/minerals/beryllium/http://minerals.usgs.gov/minerals/pubs/commodity/http://minerals.usgs.gov/minerals/pubs/commodity/rare_earths/http://www.bgs.ac.uk/mineralsuk/statistics/riskList.htmlhttp://www.ga.gov.au/web-search?queries_keywords_query=rare+earthhttp://www.ga.gov.au/scientific-topics/minerals/mineral-resources/aimr/rare-earth-elementshttp://rareearth.ru/Fanya Metal Exchange (FYME) is a minor metals spot trading exchange http://www.fyme.cn/english/FYME Trading Metals http://www.fyme.cn/english/trading%20metals/http://www.theaureport.com/ http://www.metal-pages.com/http://www.metal-pages.com/news/rare-earths/http://www.metal-pages.com/metalprices/rareearths/http://www.argusmedia.com/metals/argus-rare-earthshttp://www.argusmedia.com/Metals/Argus-Rare-Earths-Monthly-Outlookhttp://www.infomine.com/chartsanddata/http://www.infomine.com/chartsanddata/BrowseSearch.aspx?kwd=rare+earthhttp://www.infomine.com/search/?q=rare%20earthhttp://www.mining.com/rare-earth/http://www.economist.com/search/gcs?ss=rare%20earthhttp://gold.1prime.ru/search.asphttp://thewatchers.adorraeli.com/search/?q=rare+earthhttp://www.prysmag.com/Rare-Earth-Metals/mineral.ru-Сырьевой комплекс России-Редкоземельные металлы http://www.mineral.ru/Facts/russia/131/293/index.htmlmineral.ru-Сырьевой комплекс зарубежных стран-Геологоразведочные работы на редкоземельные элементы http://www.mineral.ru/Facts/world/150/458/index.htmlmineral.ru-Мировая статистика-Редкоземельные металлы http://www.mineral.ru/Facts/stat/124/219/index.htmlhttp://www.metaltorg.ru/analytics/color/REMX - это ETF с привязкой к компаниямhttp://finviz.com/quote.ashx?t=REMX&ty=c&ta=0&p=whttp://finviz.com/quote.ashx?t=REMX&ty=c&ta=0&p=m- - - -http://www.smg-indium.com/201420 Август 2014 smart-lab.ru: Редкоземельные металлы http://iv-g.livejournal.com/1079885.html etf фонда Market Vectors Rare Earth/Strategic Metals ETF (REMX)19 Май 2014 Полезные ископаемые Тибета http://iv-g.livejournal.com/1035267.html 02 Май 2014 rareearth.ru: Редкоземельные элементы, Бериллий http://iv-g.livejournal.com/1027677.html19 Март 2014 rareearth.ru: SRE Minerals начнет в апреле буровые работы на новом месторождении РЗМ в КНДР http://iv-g.livejournal.com/1011871.html 201309 Март 2013 ga.gov.au: Australian Operating Mines, June 2012 http://iv-g.livejournal.com/849573.html 02 Март 2013 expert.ru: Природные ресурсы Германии http://iv-g.livejournal.com/845657.html 01 Март 2013 Япония вторгается в ниши, которые Китай уже давно и успешно осваивает в Казахстане http://iv-g.livejournal.com/845448.html 201216 Декабрь 2012 Производство редкоземельных элементов в Казахстане http://iv-g.livejournal.com/800605.html 07 Декабрь 2012 megakhuimyak: Редкоземельные в Казахстане http://iv-g.livejournal.com/795888.html 17 Март 2012 Редкоземельные элементы. Текущие новости http://iv-g.livejournal.com/622726.html 12 Март 2012 Редкоземельные элементы. Текущие новости http://iv-g.livejournal.com/616493.html 201115 Декабрь 2011 Россия: Основные результаты геологоразведочных работ на твердые полезные ископаемые в 2010 году http://iv-g.livejournal.com/585564.html 11 Октябрь 2011 Редкоземельные элементы http://iv-g.livejournal.com/556441.html 07 Октябрь 2011 Казахстан: геология http://iv-g.livejournal.com/553402.html04 Август 2011 Позиция Китая по редкоземельным металлам http://iv-g.livejournal.com/524086.html201005 Декабрь 2010 energyland.ru: Китайцы тормозят альтернативную энергетику http://iv-g.livejournal.com/387024.html Динамика цен на неодим Динамика цен на диспрозий07 Ноябрь 2010 История, наука, техника http://iv-g.livejournal.com/348626.html01 Ноябрь 2010 Вьетнам поможет Японии с редкоземельными металлами http://iv-g.livejournal.com/342823.html 27 Октябрь 2010 Немецкий бизнес бьет тревогу из-за дефицита редкоземельных металлов http://iv-g.livejournal.com/340521.html

17 апреля 2015, 08:16

Нефтегазовая геополитика: поглощения, Китай, Россия и Ротшильды

Нефтегазовая геополитика: поглощения, Китай, Россия и РотшильдыНа прошлой неделе было объявлено о слиянии британско-голландской Shell и британской же BG Group. Точнее, речь идет о поглощении BG со стороны Shell через, как это часто бывает, достаточно сложную схему: акционеры BG получат за свои акции как деньги, так и акции Shell, которых в результате им достанется 19%далее ..

31 января 2015, 23:06

Россия заняла второе место в мире по добыче золота

 Россия в 2014 г. увеличила производство золота на 7% до 272 тонн, оттеснив со второй строчки Австралию (269,7 тонны) в мировом рейтинге крупнейших производителей драгметалла, по оценке Thomson Reuters GFMS. Золотодобыча в РФ растет не первый год. В 2013 г. производство золота в России увеличилось на 12,6% до 254,241 тонны. Но до лидера добраться сложно: Китай добывает не менее 400 тонн ежегодно и в 2014 г. добыл 465,7 тонны. В условиях долгосрочного тренда снижения мировых цен на золото ЦБ РФ скупал драгметалл у российских золотопромышленных компаний в 2014 г. Так, российский Центробанк в декабре купил 600 тыс. тройских унций драгоценного металла. На 1 декабря объем золота в ЦБ составлял 38,2 млн унций, а уже 1 января 2015 г. в резервах было 38,8 млн унций (свыше 1,2 тыс. тонн). Производство золота в мире в 2014 г. выросло на 2% до 3,109 тыс. тонн, предложение на рынке не изменилось - 4,273 тыс. тонн. Спрос на золото в 2014 г. в мире снизился на 18,7% и составил 4,041 тонны. В том числе спрос ювелирной промышленности снизился на 10,5% до 2,133 тыс. тонн. Закупки золота центробанками выросли на 12,7% до 461 тонны, промышленный спрос снизился на 4,7% до 389 тонн. Инвестиционный спрос упал на 40,1% до 1,057 тыс. тонн. via  

04 января 2015, 15:39

Tesla-новости, декабрь 2014 г.

Tesla-новости, декабрь 2014 г.Главными за месяц для самой компании будут, конечно же, результаты продаж и финансовые результаты, точнее производственные результаты, ведь Tesla не удовлетворяет весь спрос на свои автомобили. Отчёт перед инвесторами пройдёт, вероятнее всего, в феврале, но и без результатов продаж за последний квартал интересных событий в декабре было достаточно:  анонс обновления для первой машины марки, Roadster 3.0 Tesla приходит в Австралию заказчики начали получать полноприводную Model S различные оценки запаса хода для полноприводных моделей станция быстрой замены батарей начала фунционировать в режиме бета-теста   Tesla Roadster получит обещанное обновление в 2015 году. Об этих и, конечно, о некоторых других новостях я напишу далее. Начну не как обычно, с суперзарядок, а с самых сливок - апгрейда для Родстера. Несмотря на то, что напрямую новость затрагивает лишь две с половиной тысячи владельцев первой машины Tesla Motors, косвенно эта новость затрагивает гораздо больше людей и, как говорят некоторые журналисты, даже ломает сложившиеся в индустрии стереотипы. Что же в нём такого?  Пока нет ни одной фотографии аэродинамического обвеса Roadster 3.0 и непонятно, как он изменит его внешний облик. Начнём с сухих фактов. Апгрейд, который предложит Tesla Motors своим владельцам состоит из трёх улучшений. Первое и самое вкусное - это батарея, увеличенная с оригинальных 53 кВтч до 70 кВтч. И новая батарея, конечно, умещается в том же объеме, что и старая. Второе - аэродинамический обвес, уменьшающий коэффициент аэродинамического сопротивления Tesla Roadster (использовавшего кузов Lotus Elise, напомню) с 0.36 до 0.31, на 15%. Ну и последний штрих - шины с пониженным на 20% сопротивлением качению.  Вряд ли владелец родстера из Силиконовой Долины заберётся дальше Лас Вегаса. Всё вместе даёт увеличение запаса хода с оригинальных 245 миль (почти 400 км) до 400 миль (640 км). В начале 2015 года компания проведёт безостановочный демонстрационный заезд на родстере от Сан-Франциско до Лос-Анджелеса (чуть больше 600 км), сам же пакет можно будет купить и установить несколько позже. Цена на обновление пока не объявлена, но учитывая то, что новый родстер стоил от $109 000, журналисты прочат цену в $20 000 - $30 000. Более того, Илон упомянул, что это не последний апгрейд для него. Остаётся только непонятным, станет ли Roadster после нынешнего апгрейда поддерживать суперзарядки, но родстер явно не тот автомобиль, на котором захочется проехать через все штаты.  Родстер почти в два раза легче Model S, он весит всего 1235 кг. Что же такого замечательного в этом обновлении? Во-первых, то, что компания поддерживает автомобиль, который уже не выпускается. Родстер начал выпускаться 7 лет назад, в 2008-ом году, и выпускался до 2012 года. Подобного примера в автомобильной индустрии практически не существует, напротив, всё больше слышно об одноразовых автомобилях и о стремлении производителей заставить покупателей как можно чаще менять свой автомобиль. Но этот аспект обновления не так интересен, как улучшение технических характеристик автомобиля.  Батарея Tesla Roadster размещается сразу за пассажирами. Увеличив ёмкость аккумлятора почти на треть Tesla Motors наглядно показала всему миру, что характеристики аккумуляторов улучшаются, и что это даёт каждому следующему поколению электромобилей. Может показаться, что 31% это не такое большое улучшение за 7 лет, когда исторически литиевые элементы удваивали ёмкость за 9 лет. Но здесь есть несколько моментов: во-первых, родстер единственный электромобиль в мире, который использовал LiCo-химию для аккумуляторов, самую ёмкую и наименее ресурсную. Хотя об этом не было сказано специально, обновление скорее всего использует батареи с той же химией, что и в Model S (NCA), с меньшей удельной ёмкостью, но с большим ресурсом.  Аккумуляторный модуль Tesla Roadster весит около 450 кг. Во-вторых, батарея это аккумуляторный модуль, включающий корпус модуля и подмодулей, систему охлаждения, систему контроля батареи и т.д. Все эти части вряд ли заметно похудели за 7 лет, да и новый модуль нужно было вписать в старое крепление и старые габариты. Если учесть эти два фактора, увеличение ёмкости батареи с 53 до 70 кВтч в прежних габаритах выглядит достойным шагом прогресса за эти годы.  Какой будет следующая батарея для Model S? 110 кВтч? Когда тоже самое коснётся Model S? Илон написал, что для Model S тоже будет апгрейд, но не скоро. Правда потом стёр свой твит. Тут надо отметить, что была достаточно большая волна недовольства, когда так внезапно была анонсирована и начала продаваться полноприводная Model S. Многие люди, которые купили обычную Model S за несколько месяцев до анонса, предпочли бы ей полноприводную версию. Об этом говорят и цифры продаж - 70% текущих заказов приходятся на полноприводные версии.  Первые P85D добрались до своих покупателей в декабре. Теперь, что касается полноприводных Model S, 85D и P85D. P85D начинает передаваться заказчикам согласно графику, без всяких задержек. Машину уже замерили на диностенде, где она показала 864 Нм крутящего момента на одной лишь задней оси. Прекрасно, что производство идёт точно по графику, надеюсь, это показатель того, что выпуск Model X не будет в очередной раз перенесён и начнётся со второй половины этого года.  Показаний спидометров нет, но, судя по всему, Tesla начинает проигрывать Ferrari только на скоростях за 200 км/ч. Полноприводная Model S P85D даёт просто ураганный разгон в кузове огромного комфортабельного седана. Вот что пишет о её разгоне ревьюер Green Car Reports: [..] Да, в какой то мере, я был слегка разочарован. Разгон не ощущался сильно отличным от моей S85 (Ох, каким я стал привередливым). Быстрее, да, но это не абсолютно новый уровень ускорения. Он не ощущался как удар поездом в зад, как писал тестировщик Motor Trend. Я не ощущал ни головокружения, ни вжатия кожи на моих щеках от перегрузок. [..] На этот раз выезд на автомагистраль был длинным и прямым, горел зелёный. Убедившись в том, что сзади никого нет, я полностью остановился и вдавил акселлератор снова.   Бескомпромиссный спорткар Lamborghini Aventador уже не так явно "сливает" Tesla Model S P85D, но до 150 км/ч остаётся позади. Как ракета Бам! На этот раз я почуствовал его. Щёки впали, живот припал к спине, кровь прильнула к задней части моей головы. Первый раз в машине я почувствовал, как G-силы напомнили мне те дни, когда я был пилотом. И, конечно, я не мог удерживаться от крика восхищения. Выходит, что у P85D гораздо большее ускорение от 0 до 48 км/ч, чем от 48 до 96 км/ч. Если смотреть на замеры Motor Trend, у P85D занимает 0.83 секунды, чтобы разогнаться до 39 км/ч и 1.2 секунды до 53 км/ч. Разгон до 96 км/ч занял у них 3.1 секунды, на десятую часть быстрее, чем заявляет Tesla. Этот первый рывок до 39 км/ч выливается в ускорение 1.32 G. Это быстрее чем у одной из ракет Илона Маска Falcon 9, которая теоретически дала бы ускорение в 1.15 G будучи запущенной горизонтально. Разгон с 53 до 96 км/ч выходит "лишь" в 0.65 G - вполовину меньшее ускорение, чем вы получаете от 0 до 39 км/ч.   График запаса хода в милях для всех модификаций Tesla Model S при температуре 21°C с отключенным климат-контролем на стандартных 19" дисках. И если ускорение до 40 км/ч доходит почти до уровня машин Formula 1 и заслуживает лишь криков восхищения, то, что произошло с запасом хода полноприводных конфигураций было менее очевидным. Компания опубликовала подробный пост, посвященный запасу хода новых версий Model S, в котором сравнили, что называется, "яблоки с яблоками", и объяснили технику процесса. По посту стало понятно, что единственный автомобиль который лишь выиграл в запасе хода - это 85D, да и выигрыш составит меньше 2% в смешанном цикле при тестировании по методике EPA, и около 3% (плюс 11-16 километров, в зависимости от скорости) на шоссе. P85D потеряет же (по сравнению с P85) при тестировании по методике EPA почти 5% запаса хода, а выбрав 21" колёса вместо стандартных 19" вы потеряете ещё 3% запаса хода на любой из комплектаций.  За два года Tesla планирует покрыть суперзарядками наиболее населённую часть пятого континента. В декабре Tesla Motors открыла свой первый магазин в Австралии и презентовала марку в стране. Австралия оставалась единственной англоговорящей страной, где ещё не продавалась Model S, что немудрено, поскольку продажи электромобилей в стране остают от Старого и Нового Света, а правительство никак не поощряет покупателей таких автомобилей. С передачей первых автомобилей австралийским покупателям, была открыта первая станция суперзарядки и объявлены планы о расширении сети в ближайшие два года.  Станция замены батарей Tesla Motors пока доступна лишь в пилотном режиме. Также в декабре Tesla Motors запустила станцию по замене батарей в пилотном режиме. Станция расположена между Лос-Анджелесом и Сан-Франциско в Калифорнии, в 320 км от Лос-Анджелеса. Серьёзную задержку в вводе станции в строй вызвала титановая защита батареи, которой сейчас комплектуются все Model S, из-за неё же замена батареи занимает пока дольше заявленных изначально полутора минут. Правда, в будущем, за счёт отладки автоматики, этот процесс сможет занимать даже меньше, чем одну минуту. Непонятно только, зачем эта станция сейчас нужна, кроме демонстрации возможностей и показателя того, что компания всегда выполняет свои обещания.  Сеть суперзарядок в Китае росла весь год как на дрожжах. Гораздо интереснее и перспективнее выглядит сеть суперзарядок Tesla Motors. К концу 2014 года число станций по всему миру достигло 335 штук. Они есть везде, где продаётся автомобиль: в Северной Америке, Европе, Азии и Австралии. 145 в США, 7 в Канаде, 125 в Европе, 4 в Японии, 46 в Китае (ого!), 4 в Гонконге, 2 в Австралии. В декабре были открыты 18 зарядок в Китае, 12 в США, 7 в Германии, 4 в Канаде, 2 в Швейцарии, 2 во Франции, 2 в Австралии, по одной в Швеции, Италии, Австрии, Великобритании, Бельгии, Норвегии, Японии. Всего 54 суперзарядки за месяц, что ещё больше чем в прошлом месяце.  За 160 000 км Model S не превращается в тыкву. Если высокие темпы прироста зарядной сети сохранятся и в следующем году, за 2015 год число зарядок вырастёт минимум в два раза. Сеть суперзарядок уже обогнала сеть зарядок по японскому стандарту CHAdeMO, установленных в США. А автомобили марки проехали больше километров, чем самые популярные электромобили в мире Nissan Leaf, несмотря на то, что последних на дорогах в три раза больше. Ведь, в отличие от последнего, Model S - полноценная замена обычного автомобиля и средние пробеги на нём не уступают собратьям с ДВС. И развитие сети суперзарядок - одно из ключевых звеньев в этом противопоставлении.  Tesla смещает Lexus в рейтинге удовлетворённости владельцев автомобилей, собираемом Consumer Reports, уже второй год подряд. Я почти всегда упускаю из обзора различные награды, которые сыпятся на Model S, как из рога изобилия, надо сказать, вполне заслуженно. Так, читатели Consumer Reports назвали Model S лучшим автомобилем, уже второй год подряд. А британское издание Telegraph назвало электромобиль самым важным авто за последние 20 лет. Плюс, по статистике Google, Tesla заняла 10-ое место в списке автомобилей, которые чаще всего ищут в поиске. На этом всё за декабрь. У меня не так часто получается писать в последнее время, но тему электромобилей я в любом случае не оставлю без внимания!  

02 января 2015, 16:03

Пустить слюну...

 Когда-нибудь, когда у меня будет большой дом (надо его построить), дети вырастут, а Путин, наконец, запретит интернет, я куплю себе классическую модель Феррари в масштабе 1:8 и буду целый год ее собирать. 01. Например, Ferrari 250TR в масштабе 1:8! 1299 деталей!  02. Смотрите, какой кайф!  03. Вот это дело для настоящего мужчины! Собрать машину!  04. Ммммм…  05. Божественно. Моделька такая стоит под миллион рублей…  06. Конечно, можно купить и готовую модель. Но это для криворуких лошков, кто сам не может ничего собрать. Средняя цена готовой модели в масштабе 1:8 от 400 до 800 тысяч рублей.  07. А пока у меня нет дома, а Путин еще не запретил интернет, буду мечтать… 

25 декабря 2013, 08:08

Суверенные CDS по ведущим странам

Суверенные CDS по США  ---- Суверенные CDS по Японии  ---- Суверенные CDS по Англии   ---- Суверенные CDS по Германии  ---- Суверенные CDS по Франции  ---- Суверенные CDS по Италии  ---- Суверенные CDS по Испании  ---- Суверенные CDS по Бельгии  ---- Суверенные CDS по Португалии  ---- Суверенные CDS по Ирландии  ---- Суверенные CDS по Китаю  ---- Суверенные CDS по России  ---- Суверенные CDS по Бразилии  ---- Суверенные CDS по Мексике  ---- Суверенные CDS по Австралии 

12 декабря 2013, 16:10

Верховный Суд Австралии Отменил Легализацию Гей Браков

Верховный суд Австралии отменил закон о легализации однополых браков, принятый Австралийской столичной территорией. Все однополые союзы, заключенные с момента вступления закона в силу в начале декабря, будут аннулированы.

11 декабря 2013, 22:10

Карта Мира

Глобальная плотность населения.  Внутри этого круга живет больше человек, чем на всей остальной территории планеты.   Под катом еще несколько десятков местами интересных карт, местами таких, над которыми можно ухмыльнуться, а местами таких над которыми можно поржать. Вот какая карта вам показалась самая бредовая ? Мой вариант я вам покажу в конце поста .  Итак смотрите …  Карта захвата мира соцсетями     Сравнительная плотность населения. Карта мира разделена на 7 частей, в каждой из которых живет 1 млрд. человек   Количество ученых на 1 млн. человек   Карта использования традиционной метрической системы измерения   Потребление алкоголя на душу населения   Карта вида движения на дорогах   Уровень потребления кофе   Средний возраст начала половой жизни   Карта уровня IQ   Популярность видов алкогольных напитков   Карта отношения населения стран к туристам   Карта уровня ожирения   Самый длинный морской путь Самый длинный путь по воде можно совершить, отправившись из Пакистана к полуострову Камчатка. Его протяженность составит 32 187 километров   Карта самых популярных фамилий   Карта растительности на Земле   Карта частоты ударов молний   Плотность населения Австралии. 98% населения Австралии численностью в 22,5 миллиона человек живет на площади, отмеченной белым цветом. И только 2% (500 тыс. человек) живет на территории, отмеченной желтым   Часовые пояса в Антарктике   Зеркальное отражение Северного и Южного полушарий относительно Экватора   Карта счастья   Карта систем письменности   Самые высокооплачиваемые общественные профессии в США   Карта вторжения англичан. Только 22 страны в мире никогда не подвергались вторжению англичан.   Карта угрозы водного кризиса   Карта мира в флагах   Плотность населения в отдельных городах   Карта популярных видов спорта   Карта размеров груди   Карта размеров пенисов   Доступность сервиса просмотра улиц от Google   Распространенность McDonald’s в мире. Самый загруженный McDonald’s в мире находится в Москве на Пушкинской площади. Он же является самым большим McDonalds’s в мире с площадью более 2500 квадратных метров. Ресторан имеет 700 посадочных мест и 20-метровую стойку с 27 кассами и обслужил за свою историю 250 миллионов гостей.   Карта известных брендов по штатам США     Количество рыжеволосых людей на территории Европы   Самые популярные веб-браузеры в мире (2012)   Страны, наиболее и наименее дружелюбные к иностранцам   Количество детей на семью в мире   Карта интенсивности света в мире    Кликабельно 3000 рх Как то нас размазало совсем по карте :-)    Кликабельно 2000 рх 203186 землетрясений, магнитудой 4,0 балла и выше, произошедших с 1898 по 2003 год, отобразил на этой карте John Nelson. Слева Евразия, справа Америка, по центру Тихий океан. Выбирайте места для ПМЖ аккуратнее :-)   А теперь то, что мне показалось совсем бредовым. Вот например смотрите : Карта уровня IQ Может я чего то не знаю, но не уж то у Монголии самый высокий IQ ? Да и с Китаем на самом деле все очень спорно …    А вот например интересная Карта истории, а вот Среднестатистический портрет женщин разных стран, ну и кто то с удовольствием вспомнит Как менялись границы государств в Европе с 1142 по 2012 годы  Оригинал статьи находится на сайте ИнфоГлаз.рф Ссылка на статью, с которой сделана эта копия - http://infoglaz.ru/?p=39210