I have to feel for Iceland. They build themselves a banking system economy using, as near as anyone can figure out, chewing gum, twigs and moxy, and boom! it all explodes. Refusing defeat, they roll up their sleeves, re-tool, and using their newly flushed currency as a positive, go on a massive tourism blitz. You've seen the advertisements everywhere.
Boom. Volcano explodes.
(and a much bigger one still might!)
"Although Goldman Sachs held various positions in residential mortgage-related products in 2007, our short positions were not a 'bet against our clients.' " Instead, the trades were used to hedge other trading positions, the bank said."
Could someone please explain to me how hedging your bet and betting against are at all different. I have to confess to being a trifle confused...
http://www.nytimes.com/2010/04/17/business/17goldman.html?src=tptw
This is a re-post written by someone else. Worth circulating:
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HAITI EARTHQUAKE
As most of you know by now, there was a 7.0 magnitude earthquake that struck Haiti on Tuesday. Last time I checked last night the death toll was at 100,000 with many more people trapped under the rumble. Haiti is one of the most poorest countries in the world and have no way to cope with all this. Parliament, hospitals and even a prison are all crumpled.
I know we have a huge Haitian population in Montreal and many of us most know at least one person affected.
If anyone calls you by phone to solicit monies DO NOT DONATE TO THEM. These people are not legit. Here are some ways to donate which are LEGIT via text messaging that will appear on your phone bill.
"Haiti" to 45678 to donate $5 to the Salvation Army in Canada
"Yele" to 501501 to donate $5 to Wyclef Jean's Yéle Foundation
"Haiti" to 85944 to donate $5 to Rescue Union Mission and MedCorp International
"Haiti" to 25383 to donate $5 to the International Rescue Committee
Remember that you cannot donate via text message to the Red Cross, that number is for AMERICANS so it won't work for us. If you want to donate to the Red Cross it must be done by internet or phone. If you want to donate via internet follow the link below to see a multitude of legit places which are accepting donations.
http://www.cbc.ca/canada/story/2010/01/13/f-emergency-contacts-haiti-relief-aid.html
This is the first time that a Nobel Prize win has been a disservice to - or at least a headache for - the recipient. It'll take some time to see the final effect of Obama's win on his popularity and stature. It may ultimately elevate him. But since the initial reactions are "this is premature" and is actually amplifying the Saturday Night Live criticism of "What has he accomplished" they've given him a surprise communications headache to deal with.
I also have some trepidation as to its effect on the very multilateralism he's trying to foment. This is hard to articulate, because it deals with the instinctive way that humans react to things, but I feel that the feeling of envy/jealousy or whatever else you want to call this general emotion that he didn't deserve this, will result in a desire to burst his bubble, take him down a peg and generally may create a danger of impatient shortness of temper/patience in diplomatic relations that will heighten the very temperatures that he's trying hard to lower. This is of course, anticapatable and manageable through proper, appropriate displays of humility, and likely won't amount to much - but the point is that it is indeed something he has to manage.
