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CNBC's Andrew Ross-Sorkin (February 7, 2013): "Are you worried about Europe, still?"
Former Secretary of the Treasury and Goldman Sachs co-chairman Robert Rubin: "I think that Europe is very different than most people think it is. I think there's a complacency about Europe that is probably a product largely of… the announcements Mario Draghi made. And I think he's an outstanding leader and, in fairness, he's a very good friend. But that has nothing to do with my evaluation. He made an announcement on a Thursday that he was going to do what was needed. And the markets reacted very positively. He subsequently, very wisely, said that the ECB was only going to act if conditionality was met, so that the politicians would do what they need to do. I think there's been a very substantial complacency in Europe and I think the risks are probably considerably higher than people think. And I'll just add one more point: a lot of the Europeans will say a lot's been accomplished over the past year. What I think is that European leaders have been behind the curve from the very beginning. And if you look at the facts now, in the troubled countries, the banking systems, nobody knows what the numbers are. Growth is still negative and therefore the output gaps are greater and the debt-to-GDP ratios are greater. So I think Europe is probably far more troubled."
Ross-Sorkin: "More tail risk? I was just in Davos. They said tail risk is off the table. Mario Draghi came out and said 'it's over; don't worry about it.'"
Rubin: "There is a complacency -- I think Mario Draghi, who I think is outstanding, has a role to play. But I was not at Davos. But people tell me that there was this sort of attitude you just described, and I've heard people who were there describe it as complacency. I would certainly describe it as complacency. And I think it's a function of a misreading – a misreading of what the ECB's action could actually mean."
This past July the euro was under major selling pressure and about to break through the key 1.20 level versus the dollar. Spanish 10-yr yields surged above 7.5% as Italian yields surpassed 6.5%. The marketplace was questioning the creditworthiness of literally Trillions of European debt. Accelerating capital flight out of Europe's troubled "periphery" – and continental Europe more generally – had become a major market worry. The stability of the entire European banking system hung in the balance. The dollar was rallying strongly, with a "hot money" run from susceptible "developing" economies also a mounting concern. And with the European economy faltering rapidly, the Chinese Bubble Economy under pressure and the U.S. economic recovery downshifting, global markets and economies were in a poor state to manage through a severe European crisis.
Dr. Draghi responded with his Outright-Monetary Transactions (OMT), a strategy to backstop faltering debt markets with potentially unlimited European Central Bank (ECB) purchases. This was followed quickly by Bernanke's dollar-weakening plan for open-ended quantitative easing – which was generally supported by myriad easing measures from central bankers around the world.
It will be interesting to see how history judges Draghi, Bernanke and global monetary management during this recent period. Increasingly desperate measures have thus far held a return to global crisis conditions at bay. Does this ensure the eruption of a greater crisis later? We do know that Draghi's OMT market backstop dramatically altered market perceptions. He almost singlehandedly transformed Trillions of some of the most appealing securities for shorting into the most enticing for leveraging on the long side. Draghi, Bernanke and friends certainly incited a major global unwind of bearish positions and risk hedges. And with the help of $85bn monthly QE from the Fed and talk of open-ended QE from the Bank of Japan, this "short squeeze" morphed into a major – perhaps historic - period of "risk on" speculation.
Mr. Rubin's comments resonate, especially this week. The degree of complacency with respect to Europe is, on the one hand, astounding. On the other, it is perfectly understandable. News, analysis and "investor" perceptions always follow market direction. And as George Soros explained years ago, market perceptions can create their own reality. It all boils down to a major consequence of these heavy-handed global government risk market intrusions/interventions: short squeezes and "risk on" speculative dynamics take on lives of their own – leading to market prices and ebullience detaching from troubling fundamental underpinnings.
Again from Rubin: "I think it's a function of a misreading – a misreading of what the ECB's action could actually mean."
Well, Dr. Draghi's market backstop pronouncement profoundly altered global markets. And while the Draghi Plan has had a powerful impact on perceptions, from day one this market backstop has rested on rather flimsy foundations. First of all, the Bundesbank – by far the most powerful central bank in Europe - remains adamantly opposed to open-ended bond purchases. So, how big could one expect the OMT bazooka to become without the Germans – not to mention other euro-zone central banks and Parliaments – on board? Draghi had to really bend/break the rules to claim that potentially open-ended debt purchases were within the ECB's mandate – as opposed to state financing and bailouts which are specifically forbidden.
In order to garner the necessary support from other ECB members, Draghi made debt support conditional upon a country's politicians agreeing to a specific structural reform program (through the ESM bailout mechanism). In the midst of intense crisis conditions, this conditionality seemed acceptable to (most) ECB governors and euro-zone politicians alike. Now, with markets exuberant and financial conditions much loosened, politicians have returned to being politicians and central bankers have been left to pray that reform programs don't completely collapse.
The hope, of course, is that the OMT never sees the light of day. The hope is that liquid debt markets (and lower market yields) work their magic on real economies. And so long as the hedge funds and others stay enamored with European debt (and the euro), the ECB market backstop can indeed remain mothballed. But along the way - if "risk on" somehow again succumbs to "risk off" - and the leveraged speculators turn nervous, this whole issue of "conditionality" becomes a market concern. If hopes are dashed and easier Credit and inflated securities prices fail to jolt economic recovery – then the region will be facing only more acute problems. These would include larger quantities of suspect debt, additional financial leverage, greater fragilities and, presumably, more intense public frustration and political instability.
The past six months have not been all that kind to the reform process. The markets have shined, though real economies throughout Europe have continued to dull. Seemingly unbeknownst to market participants, European recessions and public angst have only deepened. Weak political leaders have weakened.
The notion of ECB "conditionality" rests upon political stability. Yet, two of the region's bigger potential problem-children – Spain and Italy – appear to be facing acute political uncertainties. Italian elections are now less than three weeks away. A savvy old campaigner and a resonating populist (anti-reform) message have propelled a surprising rise in the polls for Silvio Berlusconi's People of Liberty party. Meanwhile, the former professor, now Caretaker Prime Minister, Mario Monti really struggles on the campaign trail. There is increasing talk of "inconclusive" results, a "hung parliament," and potentially the need for a second election, as the leading Democratic Party (and its leader Pier Luigi Bersani) sees its lead in the polls almost disappear. The likely outcome will be a fragile coalition government and limited power (not to mention desire) to move forward with difficult reform programs.
The political backdrop in Spain appears even more tenuous.
February 6 – Financial Times (David Gardner): "The avalanche of slush fund allegations threatening to engulf the ruling Popular party of Mariano Rajoy is only the latest in a long line of illegal party financing cases in Spain, after the restoration of democracy in 1977 brought with it the expensive inconvenience of regular elections. In the mid-1990s, there was the Filesa scam whereby the then-ruling Socialists collected large corporate donations for fictitious consultancy work not carried out by dummy firms. The scandal helped bring down the government of Felipe González… The current, so-called Bárcenas case, which centres on the purported secret accounts kept by former PP treasurer Luis Bárcenas that detail covert donations and cash payments allegedly made to senior party figures including Mr Rajoy, is in the same league."
Prime Minister Rajoy has denied receiving illicit funds, although in some cases payments on the purported handwritten ledger (published by El Pais) have been confirmed by other recipients. The opposition party has called for Rajoy's resignation. This scandal doesn't look good, although some have suggested it might remain in the courts for awhile. Yet it further weakens public trust, while emboldening separatist movements.
The Financial Times' David Gardner notes a key risk: "…A [Popular party] back in power for barely a year risks implosion, but the Socialists, demoralised and divided regionally as well as ideologically, are in retreat. If elections were to take place now, Spain could face Greek-style political fragmentation, with the two main parties reduced to something like the diminished size of Greece's conservative New Democracy and former prime minister George Papandreou's Pasok (which, like the PP, also had a recently won absolute majority). Two decades ago Spaniards were enamoured of Europe. Now, amid the compound devastation wrought by the fiscal, banking and euro crises, the EU is 'like a wicked stepmother', one Spanish analyst says."
Speculative markets love "bi-polar" backdrops – that is, as long as the bad pole ("risk off") ensures an aggressive policy response, short-squeeze and abrupt lurch toward the good pole ("risk on"). And, over the years, everything has just gotten a lot bigger – and, accordingly, only more bi-polar. Remember the "asymmetrical" policy response issue from the Greenspan years? Well, these days of systemic structurally maladjusted economies and financial systems, global "risk off" provokes just the most incredible policy measures. In contrast, what kind of provoking do we see with a major bout of global "risk on" market speculation? Well, essentially no response whatsoever. To be sure, the Fed's $85bn monthly "money printing" operation is exempt. Extreme global monetary looseness? Right. Exempt.
The inevitable upshot to this unwieldy "risk on, risk off" and attendant New Age Policy Asymmetry is unanchored global liquidity and general currency market instability. The Draghi and Bernanke Plans incited re-risking, re-leveraging and an absolute global market liquidity bonanza. Many now talk openly of "currency wars" – recalling the destabilizing "beggar thy neighbor" Credit/currency devaluations from the Depression era. Watching their moribund economies, European leaders are getting antsy. And the elevated euro (weak dollar and yen) was the target of strong words this past week from French President Hollande: "We can't let the euro fluctuate according to the mood of the market. We have to act at the international level to assert our interests… We have to determine for the medium term an exchange-rate level that appears most realistic, that is most in line with the state of our real economies."
The euro weakened 2.0% this week. Even Draghi seemed to imply that the ECB would now closely monitor the consequences of a strong euro. Recent euro sentiment had turned quite bullish, in the face of major economic and political uncertainties. If this week's reversal points to a shift in sentiment against the euro, then we'll have to closely monitor how this translates throughout European securities markets. European equities have rather quickly given up most of what were strong January gains. In particular, European financial stocks were under heavy selling pressure this week. Debt markets are also indicating heightened vulnerability. And, while we're on the subject, "developing" markets didn't trade all that impressively this week either.
As noted by Robert Rubin, "There's been a very substantial complacency in Europe and I think the risks are probably considerably higher than people think." I'll suggest complacency and unappreciated risks are a global product of worldwide monetary disorder. And with all the talk of new secular bull markets, I'll suggest that the backdrop might actually be more conducive to just A Bigger "Ro,Ro" (risk on, risk off) Dynamic. If so, it will be key to monitor for potential subtle shifts away from risk-taking and leveraged speculation. A weak euro, recovering yen and stronger dollar might be expected to engender a somewhat more cautious approach to risk-taking. Yields in Spain and Italy should be monitored closely, along with Credit spreads/risk premiums more generally. Almost across the board, these indicators this week pointed to a somewhat less robust "risk on" market backdrop.
I'll conclude with a Thursday exchange from CNBC, which brought back memories of the first time I heard that Dr. Bernanke was being considered to replace Alan Greenspan (when I said to myself, "You've got to be kidding.").
NBC's Steve Liesman: "I want to bring you some exclusive parts of the interview which we taped after the live portion ended really from the man who has done more than anybody else to promote this idea of the Federal Reserve using economic targets, a real revolution in central banking. Evans sees evidence already that QE, this unlimited QE, this QE linked to economic targets is working. He sees it is in auto loans. He sees it in a revival in the housing sector. But, most importantly, he sees it happening in the minds of investors."
Federal Reserve Bank of Chicago President Charles Evans: "The investment climate seems to be one where people are increasingly understanding that very low interest rates on super safe assets are going to be around for a while. And if they're worried by that they need to take on more risk - and taking on that more risk will help get the economy growing."
Liesman: "Guys, this idea of economic targets going global, you talked about Mark Carney heading over to the Bank of England. There're some discussions as to whether or not he adopts a nominal GDP target. Japan's focusing more on economic targets. So if this works, guys, I have to start thinking a crazy idea: why aren't we thinking about Charlie Evans as a possible replacement for Ben Bernanke in 2014?"
For the Week:
For the week, the S&P500 added 0.3% (up 6.4% y-t-d), while the Dow slipped 0.1% (up 6.8% y-t-d). The Banks gained 0.5% (up 7.3%), and the Broker/Dealers rose 0.9% (up 13.4%). The Morgan Stanley Cyclicals were unchanged (up 7.3%), and Transports gained 0.9% (up 11.4%). The Morgan Stanley Consumer index increased 0.4% (up 8.2%), while the Utilities slipped 0.1% (up 4.4%). The S&P 400 Mid-Caps increased 0.7% (up 8.7%), and the small cap Russell 2000 added 0.3% (up 7.6%). The Nasdaq100 advanced 0.4% (up 4.3%), and the Morgan Stanley High Tech index added 0.2% (up 6.4%). The Semiconductors gained 1.0% (up 10.6%). The InteractiveWeek Internet index increased 0.4% (up 9.6%). The Biotechs gained 0.5% (up 9.3%). Although bullion was little changed, the HUI gold index rallied 0.8% (down 9.2%).
One-month Treasury bill rates ended the week at 3 bps and 3-month rates closed at 7 bps. Two-year government yields were down a basis point to 0.25%. Five-year T-note yields ended the week down 5 bps to 0.83%. Ten-year yields declined 7 bps to 1.95%. Long bond yields fell 5 bps to 3.16%. Benchmark Fannie MBS yields slipped 2 bps to 2.58%. The spread between benchmark MBS and 10-year Treasury yields widened 5 to 63 bps. The implied yield on December 2014 eurodollar futures fell 4.5 bps to 0.605%. The two-year dollar swap spread declined one to 15 bps, while the 10-year swap spread was little changed at 8 bps. Corporate bond spreads widened. An index of investment grade bond risk increased 3 to 89 bps. An index of junk bond risk jumped 14 to 448 bps.
Domestic debt issuance slowed. Investment grade issuers included AT&T $2.25bn, Wells Fargo $2.0bn, IBM $2.0bn, Citigroup $900 million, New York Life $400 million, and George Washington University $170 million.
Junk bond funds saw outflows jump to $1.4bn (from Lipper). Junk issuers included Lynx $1.5bn, Caesars Entertainment $1.5bn, Revlon $500 million, Vector Group $450 million, Speedy Cash $440 million, Nationstar Mortgage $400 million, Genesis Energy $350 million, SMU $300 million, CCRE $250 million, MRT $250 million, Universal Hospital Services $220 million, and Starz $175 million.
Convertible debt issuers included Accuray $100 million.
Another long list of international issuers included International Bank of Reconstruction & Development $5.0bn, Ukraine $2.25bn, Nordic Investment Bank $2.0bn, Vimpelcom $1.6bn, Development Bank of Kazakhstan $1.4bn, Australia & New Zealand Bank $1.25bn, Quebec $1.25bn, ING $1.0bn, Ontario $1.0bn, Imperial Tobacco $1.0bn, Guatemala $700 million, Tervita $650 million, Phosagro $500 million, Banco de Cred $500 million, Geopark $300 million, Millenium Offshore $225 million, VRG Linhas Aereas $200 million and Lulwa $150 million.
Spain's 10-year yields this week rose 16 bps to 5.34% (up 14bps y-t-d). Italian 10-yr yields jumped 23 bps to 4.54% (up 6bps). German bund yields declined 6 bps to 1.61% (up 30bps), and French yields dipped one basis point to 2.23% (up 25bps). The French to German 10-year bond spread widened 5 to 62 bps. Ten-year Portuguese yields jumped 34 bps to 6.39% (down 36bps). The new Greek 10-year note yield rose 23 bps to 10.70% (down 75bps). U.K. 10-year gilt yields were unchanged at 2.09% (up 27bps).
The German DAX equities index fell 2.3% for the week (up 0.5% y-t-d). Spain's IBEX 35 equities index slipped 0.7% (up 0.1%). Italy's FTSE MIB sank 4.0% (up 2.2%). Japanese 10-year "JGB" yields were little changed at 0.76% (down 3bps). Japan's volatile Nikkei slipped 0.3% (up 7.3%). Emerging markets were mostly lower. Brazil's Bovespa equities index fell 3.1% (down 4.0%), and Mexico's Bolsa dropped 1.6% (up 3.0%). South Korea's Kospi index declined 0.4% (down 2.3%). India's Sensex equities index fell 1.5% (up 0.3%). China's Shanghai Exchange added 0.6% (up 7.2%).
Freddie Mac 30-year fixed mortgage rates were unchanged at 3.53% (down 34bps y-o-y). Fifteen-year fixed rates declined 4 bps to 2.77% (down 39bps). One-year ARM rates were down 6 bps to 2.53% (down 25bps). Bankrate's survey of jumbo mortgage borrowing costs had 30-yr fixed rates unchanged at 4.15% (down 49bps).
Federal Reserve Credit increased $2.6bn to a record $2.992 TN. Fed Credit has increased $206bn in 18 weeks. Over the past year, Fed Credit expanded $78bn, or 2.7%.
Global central bank "international reserve assets" (excluding gold) - as tallied by Bloomberg – were up $712bn y-o-y, or 6.9%, to a record $10.960 TN. Over two years, reserves were $1.670 TN higher, for 18% growth.
M2 (narrow) "money" supply rose $9.8bn to $10.413 TN. "Narrow money" has expanded 6.7% ($653bn) over the past year. For the week, Currency increased $0.5bn. Demand and Checkable Deposits rose $9.6bn, and Savings Deposits gained $7.6bn. Small Denominated Deposits slipped $3.3bn. Retail Money Funds fell $4.8bn.
Money market fund assets dipped $3.7bn to $2.691 TN. Money Fund assets have expanded $35bn y-o-y, or 1.3%.
Total Commercial Paper outstanding declined $13.1bn to $1.112 TN CP was up a notable $148bn in 13 weeks and $139bn, or 14.3%, over the past year.
Currency and 'Currency War' Watch:
February 5 – Bloomberg (Shamim Adam): "A 'perfect storm' may be forming in the world economy as signs of a recovery spur capital flows to emerging markets and some advanced nations that may lead to asset bubbles, Banco de Mexico Governor Agustin Carstens said. 'Risk appetite among investors has returned and the search for yield is in full force,' Carstens said… 'Concerns of asset-price bubbles fed by credit booms are starting to appear.' The risk of a 'currency war' has surfaced as monetary easing from Japan to the U.S. spurs demand for higher-yielding assets and boosts inflows into emerging markets."
February 5 – Bloomberg (Jonathan Stearns and James G. Neuger): "French President Francois Hollande called for government leaders to steer the euro's exchange rate, becoming the most powerful European official to warn that the rising currency may deepen the recession. Hollande broke with Germany's hands-off policy on exchange rates and set up a potential clash with the European Central Bank by saying the euro area has to use the currency as an export-promoting tool just like the U.S. and China. 'We can't let the euro fluctuate according to the mood of the market,' Hollande told reporters… 'We have to act at the international level to assert our interests… We have to determine for the medium term an exchange-rate level that appears most realistic, that is most in line with the state of our real economies,' Hollande said."
February 8 – Bloomberg (Andrew Joyce and Mayumi Otsuma): "Japanese Finance Minister Taro Aso said the pace of the yen's weakening has been too fast, speaking a week before a meeting of global finance chiefs where Japan's currency stance is forecast to be an issue."
The U.S. dollar index rallied 1.4% to 80.25 (up 0.6% y-t-d). For the week on the upside, the Brazilian real increased 0.8%, the British pound 0.7%, the Singapore dollar 0.2%, the South Korean won 0.1% and the Japanese yen 0.1%. For the week on the downside, the Swedish krona declined 2.2%, the Danish krone 2.0%, the euro 2.0%, the Norwegian krone 1.5%, the New Zealand dollar 1.1%, the Swiss franc 1.0%, the Mexican peso 0.9%, the Australian dollar 0.9%, the Canadian dollar 0.6%, the South African rand 0.5% and the Taiwanese dollar 0.4%.
Commodities Watch:
The CRB index declined 1.3% this week (up 2.1% y-t-d). The Goldman Sachs Commodities Index slipped 0.1% (up 4.9%). Spot Gold was unchanged at $1,667 (down 0.5%). Silver declined 1.6% to $31.44 (up 4.0%). March Crude fell $2.05 to $95.72 (up 4%). March Gasoline added 0.2% (up 11%), while February Natural Gas declined 0.9% (down 2%). March Copper declined 0.7% (up 3%). March Wheat fell 1.1% (down 3%), and March Corn sank 3.7% (up 2%).
U.S. Bubble Economy Watch:
February 5 – Bloomberg (Prashant Gopal): "The U.S. housing market, entering its busiest season, is tipped so far in favor of sellers that almost a third of listings in areas from Washington, D.C., to Denver and Seattle are under contract in two weeks or less. One home in Washington attracted 168 offers in December and sold for almost twice the asking price. About 70 people lined up last month for a lottery to select buyers for four available houses in a San Ramon, California, subdivision where, in August, bidders camped for weeks to secure purchases. A plunge in U.S. home listings to a 12-year low is driving up prices and preventing transactions from returning to historically normal levels."
February 4 – Bloomberg (Margaret Collins, John Gittelsohn and Heather Perlberg): "JPMorgan… is giving its wealthiest clients the chance to invest in the single-family rental market after other investments linked to the U.S. housing recovery jumped in value. The firm's unit that caters to individuals and families with more than $5 million, put client money in a partnership that bought more than 5,000 single family homes to rent in Florida, Arizona, Nevada and California, said David Lyon… at J.P. Morgan Private Bank. Investors can expect returns of as much as 8% annually from rental income as well as part of the profits when the homes are sold, he said. The bank's wealthy clients are joining a growing number of private-equity firms and individuals buying rental homes in the regions hardest hit by the U.S. housing crash."
February 8 – Bloomberg (Lorraine Woellert): "Consumer borrowing in the U.S. rose in December for a fifth straight month as non-revolving credit surged by the most in 11 years. The $14.6 billion gain followed a revised $15.9 billion advance in November… Rising home values and job creation are boosting the ability and willingness of households to borrow…"
February 5 – Bloomberg (Janet Lorin): "Needy U.S. borrowers are defaulting on almost $1 billion in federal student loans earmarked for the poor, leaving schools such as Yale University and the University of Pennsylvania, with little choice except to sue their graduates. The record defaults on federal Perkins loans may jeopardize the prospects of current students since they are part of a revolving fund that colleges give to students who show extraordinary financial hardship."
Fiscal Watch:
February 6 – Bloomberg (Angela Greiling Keane): "The U.S. Postal Service plans to end Saturday mail delivery as soon as August to cut financial losses, a change Postmaster General Patrick Donahoe said it can make without Congress's approval if necessary. The service, which lost $15.9 billion last year, said it would continue six-day deliveries of packages, deliver mail to post-office boxes and keep open retail locations that now operate on Saturdays. The change would lead to the elimination of 22,500 jobs and cost reductions of as much as $2 billion a year, Donahoe said."
February 6 – Bloomberg (James Rowley and Roxana Tiron): "House Speaker John Boehner said he will oppose any delay of $1.2 trillion in automatic U.S. spending reductions set to begin March 1 unless Congress replaces them with other 'cuts and reforms…' 'At some point, Washington has to deal with its spending problem,' Boehner… told reporters… 'I've watched them kick this can down the road for 22 years that I've been here. I've had enough of it. It's time to act.'"
Muni Watch:
February 5 – Bloomberg (James Nash): "California's rebounding finances are drawing investors to the riskiest debt of the world's ninth-largest economy, buoying prospects for a revival in bond sales by its blight-fighting organizations. The successor to the San Francisco Redevelopment Agency sold $123 million of debt last week, a year after lawmakers abolished the issuers. The offer marked the first new bonds to back a redevelopment project since all of the more than 400 authorities were eliminated as part of steps to balance the state budget. The securities are unrated, placing them among the most default-prone local obligations."
Global Bubble Watch:
February 8 – Bloomberg (Sarika Gangar and John Glover): "Sales of company bonds from the U.S. to Europe and Asia stumbled this week, following the busiest ever start to a year, as a surge in yields prompted investors to pull money out of funds that buy the debt. Companies… sold about $48 billion of notes, the least since the first week of 2013 and less than half the $97.7 billion issued in the same period a year ago… In January, companies borrowed $424.3 billion."
February 5 – Bloomberg (Rachel Evans): "Asia is leading the worldwide retreat in newly issued corporate bonds after surging issuance and a strengthening global economy spurred some investors to favor equities. Almost 79% of the dollar bonds sold in January by companies from Asia outside Japan lost money by the end of the month, from 1.3% a year earlier… That compares with 52% of new European deals and 46% in the U.S. Bond buyers' appetite for debt is stretched after companies sold $419.8 billion of debentures in all currencies, a record for the month… About $2.6 trillion was added to the value of equities worldwide last month as confidence mounted that global economic growth is accelerating. Investors put almost three times more money into stock funds than debt in the period, according to EPFR Global."
February 6 – Bloomberg (Jacqueline Simmons and Aaron Kirchfeld): "Three banks climbed to the top of the merger rankings within 24 hours after landing roles on this year's two largest deals valued together at almost $50 billion, as a mergers and acquisition recovery gathers strength. Goldman Sachs Group Inc., Credit Suisse Group AG and JPMorgan Chase & Co. have taken the lead… The three large lenders won advisory roles on the Liberty Global deal and the bid to take Dell Inc. private in a transaction valued at $24.4 billion. The transactions account for about one-eighth of the $205 billion so far this year in an M&A recovery that may be gathering speed."
February 6 – Bloomberg (Krista Giovacco and Sridhar Natarajan ): "The busiest start in six years in loans made to the neediest U.S. companies is poised to accelerate as Silver Lake Management LLC moves to acquire Dell Inc. in the biggest leveraged buyout since the financial crisis. Private-equity firms from Carlyle Group LP to Bain Capital Partners LLC obtained $26.7 billion of the debt last month from non-bank lenders to support takeovers and refinance borrowings… That's the most for any January since 2007, when $32 billion of the loans were made."
February 7 – Financial Times (Michael Stothard): "Strong hybrid bond issuance since the start of the year is being heralded as a turning point for the asset class after years of little interest in the wake of severe losses in the financial crisis. The $14bn worth of corporate hybrid debt issued globally last month was the highest monthly total ever by nearly four times amid a slew of record-breaking. Just one month into the year, it is already the best quarter of all time, according to Dealogic. Corporate hybrid bonds are attractive to companies coming under increasing ratings pressure as the rating agencies rank the debt as half equity… They are also being seen as increasingly attractive to fixed income investors in this 'risk on environment' because they carry a higher coupon due to their heavy subordination in the capital structure and some risky equity-like characteristics."
Global Credit Watch:
February 4 – Bloomberg (Patrick Donahue): "Europe's political tremors risk spoiling the region's market calm, with corruption allegations buffeting Spanish Premier Mariano Rajoy and Italy's Silvio Berlusconi narrowing the front-runner's lead as elections loom. Rajoy, facing opposition calls to resign amid contested reports about illegal payments, travels to Berlin today as euro- area leaders schedule a flurry of meetings this week ahead of a Feb. 7-8 European Union summit. Last week's nationalization of the Netherlands' fourth-largest bank and a 2.17 billion-euro ($3bn) loss at Deutsche Bank AG underscore the fragile economic health in the region. 'The euro crisis is not over,' German Finance Minister Wolfgang Schaeuble said… Still, 'we're in a much better position than we were a year ago,' the minister said."
February 6 – Bloomberg (Corina Ruhe and Maud van Gaal): "The Netherlands had the outlook on its top credit rating cut to negative by Fitch Ratings as the Dutch economy suffers from a deepening housing slump and persistent bank system woes. The ratings company maintained the country's grade at AAA while removing its designation as stable… As reasons for the move, it cited the level of public debt, problems at some Dutch banks and a property-market slump which may shave a total of 25% off values from their peak."
February 7 – Bloomberg (Natalie Weeks): "More than 90% of Greek households say their incomes have fallen since the start of the crisis, the average drop being 38%, according to a survey by Marc SA… Sixty-six percent of respondents say total income doesn't exceed 18,000 euros, and only 2.5% say they make more than 40,000 euros…"
China Bubble Watch:
February 8 – Financial Times (Simon Rabinovitch): "Chinese credit issuance surged to a record high in January on the back of a boom in shadow banking, stoking concerns that the economy could overheat. Total new financing in January reached Rmb2.5tn ($400bn) – up more than 50% from December and more than double the figure a year ago – eclipsing even the start of 2009 when China unleashed stimulus spending to battle the global financial crisis. Analysts warned that the credit jump could lead to a sharp rise in Chinese inflation and debt levels if left unchecked and said that regulators would be forced to intervene to contain the excesses… The explosion in financing was only partly driven by banks, which made Rmb1.07tn in loans. The rest of the new credit – 60% of the total – came from corporate bonds, loans by investment companies, direct lending from companies to other companies and bankers' acceptances… These non-bank sources of lending, which are collectively referred to as shadow banking in China, are controversial. Regulators say they have good oversight of the situation, but ratings agencies have cautioned that the risks are mounting."
February 5 – Bloomberg: "China's ruling State Council approved an income-distribution plan intended to tackle the nation's wealth gap, with the government describing the task as huge, complicated and unable to be completed in a single step. The 35-point blueprint targets boosting minimum wages to at least 40% of average salaries, loosening controls on lending and deposit rates and increasing spending on education and affordable housing."
February 8 – Bloomberg: "China's trade expanded more than estimated and a broad measure of credit rose to a record in a January that had five more working days than last year, helping sustain a rebound in the world's second-biggest economy. Exports gained 25% from a year earlier and imports rose 28.8%..."
February 4 – Bloomberg: "China signaled it's preparing for its first new central bank chief since 2002 as an official newspaper said Zhou Xiaochuan will step down from his position next month… The successor to Zhou, 65, whose decade of service makes him the longest-tenured PBOC chief, will help decide the pace of loosening controls on interest rates and capital flows."
February 7 – Bloomberg: "Japan is exploiting an incident in which a Chinese ship used weapons-targeting radar on a Japanese naval vessel and helicopter to prepare the people of both countries for war, China's state-run Global Times said. 'We believe, in doing this, Japan is at the same time also sounding a combat alarm among the Chinese and Japanese public,' the Chinese-language editorial said…"
February 8 – Bloomberg: "China plans to conduct daily fishery patrols in the South China Sea in 2014, the official Xinhua News Agency reported. The frequency of the patrols is based on the growing law enforcement capacity of the Ministry of Agriculture's South China Sea Fishery Bureau, Xinhua reported…"
February 4 – Bloomberg (Simon Lee and Stephanie Tong): "Hong Kong monetary chief Norman Chan said more measures are possible to cool the city's housing market as elevated household debt adds to risks from property- price gains over the past four years. Debt is 'near historic high levels,' Chan, the chief executive of the Hong Kong Monetary Authority, told lawmakers… citing ratios of 58% to 59% of gross domestic product in the third and fourth quarters."
Japan Watch:
February 4 – Bloomberg (Anna Kitanaka, Toshiro Hasegawa and Yumi Ikeda): "Japan's public pension fund, the world's biggest manager of retirement savings, is considering the first change to its asset balance as a new government's policies could erode the value of $747 billion in local bonds. Managers of the Government Pension Investment Fund, which oversees about 108 trillion yen ($1.16 trillion) in assets, will begin talks in April about reducing its 67% target allocation to domestic bonds, President Takahiro Mitani said… 'If we think about the future and if interest rates go up, then 67% in bonds does look harsh,' said Mitani…"
February 6 – Bloomberg (John Brinsley and Isabel Reynolds): "Japanese Prime Minister Shinzo Abe denounced China's use of weapons-targeting radar on one of Japan's naval vessels as provocative, saying the move will undermine efforts to ease tensions over a territorial dispute. 'This was a dangerous action that could lead to unforeseen circumstances,' Abe said… 'At a time when there were signs that there could be talks between China and Japan, it is extremely regrettable that China should carry out such a one-sided provocation."
February 8 – Bloomberg (John Brinsley and Isabel Reynolds): "Japanese Prime Minister Shinzo Abe signaled he will implement a more robust foreign policy in the midst of disputes with Russia and China that underscore his push to boost defense spending. Japan… said two Russian fighter jets intruded on its airspace, which Russia's Defense Ministry denied. The alleged incursion followed accusations that Chinese ships used weapons-targeting radar on a Japanese destroyer and helicopter last month near islands claimed by both countries… 'When our sovereignty and national interests are threatened we must change our foreign policy to firmly express our point of view,' Abe told parliament…"
India Watch:
February 5 – Bloomberg (Anto Antony): "Bad loans at Indian banks are headed for a decade high as the slowest economic growth since 2003 and Asia's highest interest rates strain corporate finances, according to the nation's largest debt reconstruction company. 'This is the time to act as we are progressively heading toward a dire situation,' P. Rudran, chief executive officer at Asset Reconstruction Company (India) Ltd., set up by the nation's biggest lenders to reorganize non-performing credit, said… Bad debt plus restructured assets, a combined measure of delinquencies that the central bank plans to put into effect in 2015, has exceeded 10% of total advances, the most since 2002…"
February 5 – Bloomberg (Tushar Dhara): "India's service industries expanded at the fastest pace in a year in January… The purchasing managers' index rose to 57.5 from 55.6 in December…"
Latin America Watch:
February 8 – Bloomberg (Charlie Devereux and Jose Orozco): "Venezuela devalued its currency for the fifth time in nine years as ailing President Hugo Chavez seeks to narrow a widening fiscal gap and reduce a shortage of dollars in the economy. The government will weaken the exchange rate by 32% to 6.3 bolivars per dollar, Finance Minister Jorge Giordani told reporters… A spending spree that almost tripled the fiscal deficit last year helped Chavez... win a third six-term term."
February 7 – Bloomberg (Andre Soliani): "Brazilian inflation is at a high level that requires attention, the central bank said in response to a report showing that consumer prices rose in January at the fastest pace in almost eight years. The 12-month inflation rate will hover around 6% until June before slowing, Banco Central do Brasil said."
February 7 – Bloomberg (Blake Schmidt and Francisco Marcelino): "Saddled with record debt and rising default rates, Brazilian consumers are threatening to undermine the nation's attempt to reignite an economy that's relied on a decade-long spending spree by its middle class. Household debt jumped to 44.6% of annual earnings as of November, double the level in November 2005… In the U.S., the ratio fell to a nine-year low of 96% in September from 109% at the end of 2005… Brazilians borrowing to buy cars, electronics and plastic surgery helped Latin America's biggest economy expand an annual 3.6% over the past decade, helping the middle class grow by 40%. With default rates now matching a 30-month high, analysts are chopping 2013 growth forecasts to just 3.1%..."
February 5 – Bloomberg (Gabrielle Coppola and Juan Pablo Spinetto): "The Brazilian steelmaker known as Usiminas is reaping the benefits of the steepest interest-rate cuts among the world's biggest economies by raising a record amount of financing at home instead of abroad. Usinas Siderurgicas de Minas Gerais SA took advantage of record low benchmark rates to sell 1 billion reais ($501 million) of six-year local bonds last week paying 1 percentage point more than the overnight rate, or about 7.95%."
Global Economy Watch:
February 5 – Bloomberg (Olga Tanas): "Russian consumer prices rose more than economists estimated in January, advancing at the fastest rate in 15 months and bolstering the central bank's case to resist government calls for lower borrowing costs. The inflation rate was 7.1%, jumping from 6.6% the previous month…"
Central Bank Watch:
February 5 – Bloomberg (Jana Randow): "The European Central Bank's balance sheet shrank to the smallest in almost a year after euro-area banks started to repay emergency ECB loans. The balance sheet dropped 159.1 billion ($215.1bn) to 2.77 trillion euros in the week ended Feb. 1… That's the lowest level since Feb. 24 last year. ECB lending to banks declined 140.8 billion to 1.02 trillion."
Federal Reserve Watch:
February 8 – New York Times (Binyamin Appelbaum): "Some financial markets are showing signs of overheated speculation as investors take larger risks in response to the persistence of low interest rates, a senior Federal Reserve official said… The official, Jeremy C. Stein, a Fed governor, highlighted a surge in junk bond issues, the popularity of certain kinds of real estate investment trusts and shifts in bank balance sheets as areas the Fed is watching closely, although he played down any immediate threat to the financial system or the broader economy. 'We are seeing a fairly significant pattern of reaching-for-yield behavior emerging in corporate credit,' Mr. Stein said… He added, however, 'It need not follow that this risk-taking has ominous systemic implications.'"
Europe Watch:
February 8 – Bloomberg (Mark Deen and Anchalee Worrachate): "President Francois Hollande's call for a weaker euro masks France's real issue: a loss of competitiveness against countries that share the currency. Eight months into his presidency, Hollande picked up a traditional French grievance when he said this week… that the euro's rise to a 14-month high may deepen a regional recession… For economists, France's export woes are less about weaker currencies in the U.S., China, and Japan and more about the nation's diminished ability to compete with partners in Europe's 17-nation currency union. Trade figures for 2012 showed a deficit of 67.2 billion euros ($90bn), the second largest on record after 74 billion euros in 2011, with about two-thirds of the shortfall coming from the euro area."
February 5 – Bloomberg (Sanat Vallikappen): "Goldman Sachs Group Inc. President Gary Cohn said that Europe still faces 'fundamental problems' and that policy makers don't appear to have a plan for generating economic growth in the region's southern nations. 'No one has solved the European economic issue for me yet,' Cohn, 52, said… 'No one's given me an explanation of how we're really going to create growth in Greece, or in Spain, or in other peripheral countries.'"
Germany Watch:
February 5 – Bloomberg (Joseph de Weck): "The German state governments of Bavaria and Hesse announced plans to challenge the federal system of tax transfers to the country's poorer regions, saying they're being unfairly penalized for their relative wealth. Bavaria, whose capital of Munich is home to Bayerische Motoren Werke and Siemens AG, and Hesse, where Deutsche Bank AG and the European Central Bank are based, are the two biggest per-capita contributors under Germany's post-World War II system of financial redistribution among the country's 16 states. 'We finance close to half of the transfers, that is nearly 10% of our state budget,' Horst Seehofer, Bavarian prime minister, told reporters… 'This lawsuit is an act of self-defense as no balance in the system could be achieved through negotiations.'"
Spain Watch:
February 5 – Bloomberg (Emma Charlton): "Spain's 10-year bond yields at 5.4% are too high for the nation to curtail its debts as a deepening recession thwarts attempts to rein in the euro area's second-largest budget deficit… Yields are above their five-year average of about 4.8% as the nation's economic slump enters its fifth year, hampering Prime Minister Mariano Rajoy's efforts to impose austerity and restore confidence. 'There will be a snowball effect of the debt because the rate isn't low enough to avoid deterioration' in the debt-to-gross domestic product ratio, said Axel Botte… strategist at Natixis Asset Management, which oversees $734 billion. 'Spain is probably going to miss its deficit targets. Yields are still a bit high.'"
February 6 – Bloomberg (Josiane Kremer): "Spain's ability to navigate its way through the crisis is crucial to the future of the euro area as the currency bloc's fourth-largest economy has the potential to weaken the whole region, Fitch Ratings said. 'Spain is a pivotal country with the potential to drag the euro zone down again,' Fitch Managing Director Ed Parker said… 'There is still a large budget deficit that will take several more years of austerity to close, to stabilize and then reduce government debt from high levels…'"
Italy Watch:
February 8 – Bloomberg (Lorenzo Totaro): "Italy's election in three weeks may yield a hung parliament, requiring a follow-up vote to establish a governing majority, a member of poll leader Pier Luigi Bersani's campaign said for the first time. 'Returning to polls is the answer in a situation of ungovernability,' Stefano Fassina, Bersani's head of economic policy, wrote…"


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Oh what a day! It's the Inauguration of our 44th President, and I've been nominated for a Blog LUV award! Oh what a day! Thanks for the LUV, Chris of Celebrations @ Home!!
I'm returning and sharing the LUV....
Honorees please follow these instructions and share the LUV!
1. Put the logo on your blog or post. (You can highlight the photo and text of this post and copy/paste wherever you need to...start your highlight from the bottom up to get the photo)
2. Nominate at least 10 blogs which show GREAT ATTITUDE and/or GRATITUDE
3. Be sure to link to your nominees within your post.
4. Let them know that they have received this award by commenting on their blog.
5. Share the love and link to this post and to the person from whom you received the award.
Here are my 10 picks:
1. Chris- right back at ya! Celebrations A Home
2. Swanky Tables
3. By Your Side Events
4. Glitz & Glamour Events
5. Setting the Mood
6. Opulent Creations Events
7. Little Shindigs
8. Le'Penn Designs
9. My Insanity
10.Elite Affairs
Tuesday, January 20, 2009
I'm feeling the LUV! Blog LUV Award!!
2 comments:
- Natalia said...
Thanks Natasha...I too luv Fete Fantastic!
- January 21, 2009 at 1:13 AM
- Anonymous said...
Thanks for the LUV! G&G luvs you too!
- January 23, 2009 at 7:09 AM
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subset: commoncrawl


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St. Lambert's market is a veritable Christmas village with more than 125 festive stalls in the beautiful old quarter of Oldenburg.This magical scene is overlooked by St.Lambert's Church – the brick-built church that gives the market its name – the Old Town Hall and the ducal residence. Enjoy this dazzling and delightful Christmas market. Be enchanted by the music from the trumpeters on the town hall, the choirs and groups on the Schlosswache and Rathausmarkt. The castle calendar is also worth a look, with its 24 little doors and the big nativity scene at the Lamberti Church. Children can decorate their own gingerbread men in the gingerbread house and take them home to eat whilst their parents go on a shopping spree until midnight.
Christmas market - opening times:
26 Nov - 22 Dec 2019
Sun - Thu 11am - 8.30pm
Fri - Sat 11am - 9.30pm
Opening day: at 5pm
Tālummaiņa jūsu pārlūkā ar divām ērtām taustiņu kombinācijām:
Tuvināt: +
Tālināt: +
Lai saņemtu atbalstu no pārlūka izstrādātāja, noklikšķiniet uz ikonas:


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Cotton Supreme is a smooth and sumptuous worsted weight cotton yarn. A dream to work with, the soft cotton shimmers with vivid color and works up wonderfully into summer tops and sweaters. Machine washable and dryable, Cotton Supreme softens as it washes – making it a great choice for adult and children's garments alike!
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I need some help coding a "BREAKING NEWS" image that when activated on a specific post, will show an image in the post. I have no idea where to start, but here is what I'm thinking:
When on the New Post page, the author can check a checkbox that will "activate" the Breaking News feature. I need help making the code for both the New Post page and actually placing the image into the code (I can position it later).
Does anyone have any ideas? Thanks.
I'm using WordPress and the Mystique theme.


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Good news, if you're terrified of change: One of the few things on the 2011 Ford Super Duty that hasn't significantly changed is the chassis. The frame, suspension, brakes, and most of the steering components are largely carried over. That's not to say they haven't been tweaked to make them better than the last generation.
It might seem counterintuitive in the heavy market to leave a frame alone, but the thing was already a unit able to tow and haul more than most humans have a need for. There are some very noteworthy additions, though. Probably the most important for buyers in the segment is the option of a factory installed goose-neck hitch substructure mounted under the bed and a towing plug mounted to the bed wall.
Other tweaks include changes to leaf springs and front spring rate, new valving in the shock absorbers, a slightly adjusted steering gear and steering geometry.
All told, this body-on-frame beast, when optioned to F-450 level, has a combined max gross weight rating of 33,000 lbs. So, go tow a house or something.


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Every person on our staff is committed to providing excellent customer service and producing high-quality products and services. As you work with us in the future, we're confident that you'll find this to be true.
Thank you for visiting our website, and I hope you enjoy your time with us online and found something that sparked interest on our business. We would be very happy to answer any questions. Please check back for future updates. Send your comments to:
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Copyright © 2012. SylviaFloral.


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Jonathan Benson
Natural News
April 20, 2012
(NaturalNews) The Fresno Police Department (FPD) in California is the subject of a new lawsuit alleging extreme abuse by some of its officers that ended in a man dying. According to Courthouse News Service (CNS), unnamed officers repeatedly tasered Raul Rosas, a father of several small children, pepper-sprayed him, threw him to the ground, and ultimately drowned him with a garden hose after responding to a domestic disturbance call back in the summer of 2011.
Filed by the Claypool Law Firm in Pasadena, the suit claims that an unnamed officer tasered Rosas for at least ten minutes before "hog[tying] (him) with his ankles tied to his handcuffs behind his back." The officer proceeded to slam Rosas down onto the ground, pressing his knee into Rosas' back. When Rosas asked for water, the officer brought over the garden hose and essentially tortured Rosas with it, spraying it in his face until he could no longer breathe.
Ignoring pleas from nearby neighbors to cease, as Rosas was obviously no longer breathing, the officer continued to run hose water over the man's face. Not long after, at least 15 additional deputies and officers reportedly arrived on the scene, upon which they finally decided to try to help Rosas. But by this time it was too late, as Rosas' pulse had stopped, and efforts to resuscitate him were ultimately unsuccessful.
"After turning the water off, the Doe Officer(s) continued to press his knee against decedent's back and continued to put pressure on it. Witnesses repeatedly asked officers to let decedent get up because he couldn't breathe, but their cries for help were ignored," says the suit. "Witnesses yelled at officers that decedent was not breathing and pointed to the clear spit bubbles (coming out of Rosas' mouth) but again were ignored. Doe officer claimed decedent was 'faking it.'"
Rosas' children "I.R." and "H.R.," the plaintiffs in the case, are seeking damages for unreasonable search and seizure, violations of due process, supervisory liability, negligence, battery, violation of the Bane Act, and wrongful death. The defendants in the case include FPD, as well as the County of Fresno and "Does 1-10," which represents the unidentified officers who were on the scene, as well as the officer that perpetrated the alleged actions.
You can view a copy of the lawsuit here:
Meanwhile, Fresno Police Chief Jerry Dyer is the subject of his own lawsuit that alleges he made multiple racist and sexist comments. Filed in Fresno Superior Court by Cynthia Sterling, an African-American woman, Chief Dyer is accused of using "stereotypical slave dialect," as well as making other derogatory comments about the black community (http://www.indybay.org/newsitems/2011/02/25/18673016.php).
Sources for this article include:
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Walking Audio Tours
Let us guide you to fascinating new places in cities around the world, and tell you captivating stories along the way.
Walk through London in the times of Jack the Ripper. Stroll the streets of Rome with Emperors and Gladiators. Enjoy a day in New York City with the Gossip Girls.
Plug in your earphones, and dive in! Walk. Listen. Feel.
New York Haunted
New York is not all shops and huge skyscrapers. New York has many hidden secrets and great legends from the past that even nowadays can send shivers down anyone's spine. The spirits of the past remain with us in the present and we all know of some such presence. They and only they have spread their myths across many locations around the world capital. We invite you to follow us in this trip defined by fear, terrifying stories and ghosts. I hope you are ready to discover the dark side of the Big Apple. Ladies and gentleman, Haunted New York!
New York Gossip Girl
Do you dream about Chuck Bass? Do you want Blair Waldorf's wardrobe? Would you die for endless blonde hair like Serena ? If the answer to any of these questions is yes, there is no doubt that Gossip Girl is one of your favourite programmes. Fashion, good taste, money and love scandals, has left everyone talking about the Upper East Side crew of NYC. We know all the series' secrets, and we have prepared the best walk for you to discover each and every one of the haunts where these stars record the episodes.
Rome Emperors and Gladiators
Ancient Rome is highly regarded as the ultimate fighting force that built an Empire and introduced civilization to the western world - but in reality its rulers were often depraved, deceitful and self-obsessed. In this tour, you will hear about the myths, assassinations, treachery and ironies of the men who ruled and conquered Europe. So join us and learn about the intriguing lives of the Emperors that built Rome and discover the history of the men whose lives were put to the sword.
Munich The Third Reich
After the First World War, Bavaria was in the grips of hyperinflation and was tainted with assassinations and ideas of a revolution. From the debris of political and economical collapse, a new leader was to emerge with a captivating presence and an unfaltering promise of reviving Germany´s failing fortunes. His name was Adolf Hitler, an honorary German from Austria residing right here in Munich. Hitler made a lasting impression on the Munich public and in 1933, the Bavarian capital became the birthplace of the Nazi Party. Throughout the regime of the Third Reich the city remained the spiritual capital of the movement and subsequently left a big legacy. Join us for a walking audio tour as we delve into the dark past of the Third Reich in Munich and learn of a past this modern city is trying to sweep under the carpet of history.
Paris Montmartre
The word 'bohemian' and the Montmartre neighbourhood have always gone hand in hand. That's why we have prepared a walk that will show you the best of this Parisian neighbourhood and we think you'll fall in love with its little world. Montmartre was the artistic centre for singers, writers and painters such as Picasso, Renoir or Toulouse-Lautrec for many decades. There is no doubt about it, its bohemian air can still be felt nowadays. The pavement cafes are full of artists looking for a lucky break. The Basilica of the Sacred Heart of Jesus has the best views of Paris and the Moulin Rouge gets ready to reveal a new story every night. We promise to show you everything. The Montmartre residents are used to going up and down all the hills in this neighbourhood, are you ready?
Paris Cinema
Are you cinema lovers? Well, this is the tour for you! We wanted to show you Paris from a different point of view that only a camera lens can offer! Films such as French Kiss, Ocean's 12, Munich, the Da Vinci Code, the Pink Panther or Sabrina were shot here and Paris does not disappoint as a film setting. We'll feature films like and I'm sure you'll love it!
Amsterdam Rembrandt
Best known for his evocative masterpieces, Rembrandt Harmenszoon van Rijn is recognised as one of the Dutch Masters to have emerged in Holland´s Golden Age of the 17th century. But life was not all light and pretty brushstrokes for the painter. Born in Leiden, Rembrandt moved to Amsterdam to continue his art studies in the studio of Pieter Lastman. The impressionable young man was greatly influenced by Lastman and the techniques he learned aided his career; but it wasn´t so much his artwork that Rembrandt had problems with, but his personal life.
Join our walking audio tour of Amsterdam Rembrandt and learn about the life and times of the Dutch Master.
Amsterdam World War II
It took just 44 days for the Nazi´s to steam roller through the Netherlands and take control of the country. Hardly surprising considering the Dutch army only consisted of 250,000 soldiers and one tank. During the war, the Dutch and their Jewish counterparts did their best to defy the occupying Germans and you can learn all about the torment, the retaliations and the misfortunes of Jewish families like the Franks in the walking audio tour of Amsterdam.
Chicago Mafia
During the 1920s, a series of increasingly spectacular acts of violence spread like wildfire throughout Chicago´s gangland. The trouble started after the government had banned the sale and use of alcohol. At first the beer swilling community were grateful to the gangland criminals that risked their freedom and their lives and turned a blind-eye to the bloodshed. But illegal activities is big money and it wasn´t long before the mobsters got out of hand culminating in the Valentine´s Day Massacre and the death of a newspaper reporter. It came to a point when something had to be done.
For all their brutal violence towards each other, the goodfellas of the mafia have a strict code of conduct not to harm police, media or the general public and in return for lenient favours they feed the pockets of judges and politicians. Join us on our walking audio tour of Chicago´s gangland and learn about the amazing stories of the 1920´s cut-throat prohibition, the dazzling and dangerous lifestyle of gangsters or the mystery of the St. Valentine´s Day massacre, to name few.
Chicago Cinema
The towering city of Chicago has been the setting for numerous high-profile films, most notably, Ferris Buellar´s Day Off, The Dark Knight and The Untouchables which gives a fictional account of the real-life story of Prohibition in Chicago and the Treasury Office´s project to put notorious mob leader Al Capone behind bars.
Join us on an walking audio tour round Chicago and discover the venues that have appeared in films and learn how the prohibition became an multi-million dollar business and lead ordinary people to commit crimes and rival gangsters to kill each other.
London Jack the Ripper
If Jack the Ripper doesn't mean anything to you then maybe you don't know the meaning of fear. If that's the case we are going to make it our duty to ensure you don't sleep well over the next few days. Killings, fear, blood and butchery are the ingredients that we have based this walk along London streets on. We don't have any control over who might be hot on your heels though, as you never know if a new Jack is prepared to relive the legend of this serial killer who killed several women from across the British capital in 1888, especially women in Whitechapel. Are you ready to start? Don't wander off and let anyone go off on their own…because maybe they'll never come back.
London The Beatles
Do you like the Beatles? If you do we're sure you will love this walk! London is full of hidden places that tell their story bit by bit. So keep your headphones on as we are going to walk by places like the famous zebra crossing and Ringo's house. Are you up for it? Well that's not all, as I'm sure many of you would like to know on which roof they did one of their most memorable performances, or the location of the shop dedicated exclusively to the Beatles. Ready to get started?
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NYX Professional Makeup
NYX Cosmetics is the fastest growing beauty brand known for high-quality professional makeup at an affordable price. A leader in the global color cosmetics industry, NYX Cosmetics is defined by exceptional quality products with rich pigments and high payoff. Featuring a range of classic, seasonal, and on-trend cosmetics, NYX Cosmetics is a must-have among beauty lovers and professional makeup artists.
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New Government Much Like the Old Government?
Two years and $2 billion. Voters were as unhappy as those who follow the American mood have ever seen. Disillusioned with Congress and disappointed with their president.
Yet, after it all, this long political road has produced a new government that looks a whole lot like the old government. The president will remain Barack Obama. Democrats control the Senate and Republicans, most likely, the House.
Obama ran a campaign of tactical brilliance, piecing together the support of the young, the poor, the nonwhite, the urban. A coalition more about identity than policy. He painted Romney into a corner with his own wealth (and Romney's help), and portrayed himself as the defender of the middle class (which seemed to include almost everyone).
Republicans had hard times on their side but couldn't ultimately convince voters they would do better than a second-term Obama.
Michael Oreskes, a veteran political journalist since the 1970s and now The Associated Press' senior managing editor for U.S. news.
Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.


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Maxillary sinus pneumatization
Median palatal cyst
Metastatic carcinoma
Multiple myeloma
Nasolabial cyst
Odontogenic kerato cyst (OKC)
Odontogenic myxoma
Paget's disease of bone
Periostitis ossificans
Primordial cyst
Residual cyst
Static bone cavity
Torus mandibularis
Torus palatinus
Traumatic bone cyst
Turner hypoplasia
What is normal?
Alkaline phosphatase
Bleeding time
Neutrophil count
Platelet count
Dental Clinic Help
Nasolabial fold
Line of contrast depicting the line extending from the corner of the nose to the corner of the lip.
The increased radiopacity superior to the nasolabial fold represents the thickened fatty tissue of the cheek.
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TSV WS-858 Rose Gold Mic Handheld Wireless Bluetooth Karaoke Singing Mic Speaker Player Microphone
Product Code: KBUC2578922284
Availability: In Stock
Wireless Karaoke Inbuilt Speaker with Audio recording and Bluetooth Microphone Black Microphone with Function: Recording, FM Radio, Sing Songs, USB DEVICES,TF Memory Card Support, Bluetooth Karaoke Microphone with Mike Speaker Stereo Portable Karaoke Singing Recording is very useful in schools for teachers, outdoor activities, examination hall, meetings, conferences, kirtans, temples or any other religious gathering places, picnics, kitty parties, cocktail parties. THIS IS DEVICE IS AMAZING FOR FOND OF SINGING PEOPLE Professional tuning button high pitch / bass/volume/accompany/reverberation all can be adjusted via this microphone Bluetooth wireless microphone and speaker 2 in 1 can work independently without extra connection 2600Mah battery for up to 8 hours of singing enjoy ktv karaoke effects with the Smartphone app High compatibility fit for IOS and android Smartphone iPad tablet can read USB card Bluetooth connection, you can used also on home theater and normal Speakers by connect AUX cable.
· Portable and durable, lightweight, easy to carry. Bluetooth technology for lower energy consumption but more stable connection and faster transmit speed, effective wireless operating distance is up to 10m.
· Metal shell protective and super bass loss-less sound create a high-quality listening experience. Noise cancellation function wireless capacitive microphone, you can enjoy singing wonderful music by yourself.
· Bluetooth wireless design for connecting to any Bluetooth enabled smart devices. Distortion is less than 0.5 percent, reduce the loss of sound quality effectively.
· Fashion outdoor bag design, it can be hung on the bike or taken by hands, let you enjoy music all the way. It also can recording with mobile phone, connect the recording wire and open the Karaoke software in the mobile phone, then you can record the song and save it.
· Suitable for picnic trips, party, family entertainment, singing karaoke, etc.. Compatible with Most mobile phones and tablets.


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Cross Bathroom Faucet
Bathroom Design Focus: Cross Bathroom Faucet
A Good Bathroom design example, the Cross is a creative Bathroom Faucet design. Cross was designed in 2009, and here is a how it is described by its designer: Cross is an unorthodox faucet for bathrooms and of course could also fit kitchens, designed to make people suffer by the ultimate question of which side to choose, which is hot which is cold! Like evil and good!.
Cross Bathroom Faucet Images:
End of the article, click here to go back to previous page, or alternatively go back to Design Events homepage.


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MapsAlive allows you to turn ordinary images into clickable interactive maps. Our web based interactive map software is useful for a wide range of businesses, including the real estate industry, travel and tourism, retail, universities and other businesses. You can create interactive geographic maps, interactive floor plans, interactive business graphics, travel maps, interactive diagrams and much more.
MapsAlive now supports iPad, iPhone, and iPod Touch so your interactive maps and floor plans will work on both desktop and mobile browsers. Your maps automatically display using HTML5 when running on a mobile device and they use Flash when running on a desktop browser.
MapsAlive is easy to use interactive map software. Even if you have little computer experience, the software guides you through the process. Just upload a map, diagram, drawing or photograph. You can place hotspots anywhere, so when the user mouses over a hotspot, it lights up and displays your photo, text or video. Your interactive map will have its own URL on mapsalive.com and you can easily embed it into your own web page. Web developers and more technical users can use the advanced features in MapsAlive to create interactive maps faster and more affordably than using conventional techniques.
All MapsAlive plans include free world maps, continents, United States maps, US regional maps and county maps for all 50 states. These Ready Maps can be used at any size and you can customize the map appearance and add your own hotspot content.
MapsAlive is a web based application, so there is nothing to install and you can access it from any web browser on any PC or Mac in any location. When you publish your clickable interactive map, it will instantly appear online and you can easily update maps, photos or videos and make changes to your interactive floor plan or clickable map as needed.
Browse our website to learn more about MapsAlive. Be sure to visit our Interactive Map Samples section to see examples of how our software can be used to create interactive floor plans, diagrams and many other map solutions. We have three plan levels, so you can choose the features and number of hotspots you require for clickable maps. You can always change your plan if you find you need more or fewer hotspots.


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Let's say I have a multiset of complex numbers $\lbrace a_1,\cdots,a_n\rbrace$ (so some of the elements may be repeated) and I would like to construct an entire function $p(z)$ with those numbers as zeroes. However, I also have a multiset of complex numbers $B = \lbrace b_1,\cdots,b_n \rbrace$ such that I wish $p(b_i) = 1$ - p is only 1 on the $b_i$'s.
It seems like trying to use Lagrange's polynomial interpolation formula gives you a polynomial with too high a degree (greater than $n$ and less than or equal to $2n$), and then there's the possibility that $p^{-1}(1) \nsubseteq B$.
I've been thinking about doing the following:
Let $g(z) = (x-a_1) \cdots (x - a_n)$, and then via Weierstrass construct an entire function $h(z)$ such that $e^{h(b_i)} = 1/g(b_i)$. Then it seems like the entire function $e^{h(z)}g(z)$ is getting somewhat closer to what I want - but then again I don't know if there are any other $\alpha$'s such that $e^{h(\alpha)}g(\alpha) = 1$ where $\alpha \notin B$.
The problem of polynomial interpolation and fitting seems very well studied; however, I can't seem to find a reference for this particular puzzle.
Thanks in advance!


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Treason From Boston Store?
We don't actually mind, but it is interesting that their commercial calculation is that people in the Milwaukee area do still like Favre, and are willing to overlook his antics in recent years and remember all those great years with the Packers.
Labels: Boston Store, Brett Favre, Green Bay Packers, Minnesota Vikings


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LIQUIDATION of KEMPARTS INVENTORY
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Photo Credit: Cameron Díaz's picture is courtesy of SexyDesktop. Photographic illustrations of Cameron Díaz are copyright © by their respective holders. The images are published with permission or as allowed by the copyright law's fair use or quotation provisions. If any copyright holder objects to an image being included, please notify us and it will be removed immediately.
Disclaimer: This information about Cameron Díaz is derived from astrological interpretation of Cameron Díaz's date, time, and place of birth.


text: Unfortunately your editor really just wants to go and live somewhere else, preferably a different planet. 'PlayMemories Home' was bad enough but now it's linked to another truly naff name, HP's Snapfish. At least they haven't tied up to the website with the worst name in the world, SmugMug (why didn't they call that Slightly . . . → Read More: Sony links up with HP's Snapfish