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December 31, 2013
Sir, if banks could measure and price risks perfectly, then there would be no need for bank capital, as all expected losses and capital cost would be covered. But, since the measuring and pricing of risk is by nature imperfect, there will always be "unexpected losses", and so regulators need to impose capital requirements for banks.
Unfortunately, the regulators decided that the "unexpected losses" would occur mainly in assets perceived as "risky", probably because they confuse "unexpected" with ex-ante perceived risk, or because they only concerned themselves with individual banks; while I contend instead that the kind of "unexpected" which could threaten the stability of our whole banking system, is most likely to be found in the "absolutely safe" category.
And, requiring banks to reserve more for "unexpected losses" on "risky" than on "infallible" assets, allows banks to earn much higher risk-adjusted return on equity on the latter.
And, by allowing so, the regulators introduced a distortion that makes it impossible for banks to allocate credit efficiently in the real economy.
Tom Braithwaite ends his December 31 New Year's "Reasons [for the banks] to be cheerful, despite the threat in the shadows" with "Even as regulators tighten the screws on the banks they seem unsure as to how much they want to police their shadow risks".
If I could have a New Year's wish about something that FT could do in 2014, then that would be to notice more how these regulations which discriminate based on ex ante perceived risks, really "tighten the screws" on the access to bank credit for all those ex ante perceived as riskier.
And, consequentially, to notice how that increases inequality, and hinders the banks from taking those risks that could help our young to have a future… those risks that generations before us took through the banks, so that we would all have a future.
And all for nothing, because at the end of the day, what those regulations guarantees, is that our banks are going to end up gasping for oxygen, in some dangerously overpopulated "safe-havens".
PS. Reducing the risk of bank failures increases, exponentially, the risk of banking system failure.
December 30, 2013
Since risk-weighted capital requirements are still in place, nothing is really new on the dangerous bank regulatory front
Sir, Wolfgang Münchau quite remarkably writes "Don't fret about asset prices – this time is different" December 29. For that he refers to "all the changes in global bank regulations". What changes? The capital requirements for banks are still risk-weighted and so these still give banks huge incentives to dress up as absolutely safe what might not be.
And given that the banks have less capital after the crisis, and must therefore go to where capital is required the least, banks are most probably building up huge dangerous exposures to what is officially ex ante considered as "absolute safe", like in Europe to the "infallible sovereigns".
The Basel Committee has ordered the banks to report in January 2015 the leverage ratio, that which is based on not risk-weighted assets… and that could become a really scary report.
And frankly are we not to fret what could happen to asset prizes if a retreat of the quantitative easing is declared?
December 29, 2013
No more broken hearts in every port
Sir, at age sixteen and a week, I signed up for three months on a Swedish merchant ship, where I would wash dishes and scrape rust for the next four months (delayed by strikes and storms).
Luckily that happened just "before the containerization, when it took days to unload and days to load, and you were young". That kind of seafaring was indeed quite different from that described by Horatio Clare in "A freight adventure" Life & Arts December 28… So different I must admit I would never have even thought about the idea of signing up on a container ship.
So different that one of Sweden's most famous poets and troubadours, Ever Taube, who among other sang about "The girl in Havana", might never have become inspired.
I feel sad for today's sailors, and for current sixteen years old who lack the opportunity to really sail the seas and explore ports... perhaps leaving some broken hearts, or breaking one's own heart a bit while doing so.
My Ms Bolivia
December 28, 2013
The future of current and future pensioners is being pickpocketed by distortive bank regulations.
Sir you discuss capping pension fees in "Plug the deficit on pension regulations" December 27.
In it you hold that "workers need to save more… but they also need to invest wisely", that "Vigilant regulation is needed to make sure that unsuspecting savers do not end up being pickpocketed", and that "Savers should be grateful if business ideas that depend on charging unreasonable high fees never see the light of day".
And solomonically you end holding that "Regulators cannot ensure that every provider charges a fair price. But they should give consumers the means of looking after themselves."
How good of you! But why do you not dare to care more about how the future of current and future pensioners, like that of so many young without job, is pickpocketed by distortive bank regulations? These certainly cause much more damage than some unreasonable high fees.
"Invest wisely?" In an economy in which the capital requirements for banks are based on perceived risks already previously cleared for? In an economy where banks are therefore investing on preferential leverage terms in what is perceived as "absolutely safe"? Where are then pension funds to go? To finance railroads in Argentina perhaps?
December 27, 2013
The Basel Committee, with its Basel II, was at least 90% responsible for AAA rated AIG´s collapse.
Sir, of course "Insurers may be at the centre of the next big crisis" as Patrick Jenkins writes, December 27.
But when Jenkins describes AIG´s collapse in terms of it becoming "diversified so fast that it became impossible to manage and regulate", he does not explain with sufficient clarity what really happened.
AIG, by having an AAA rating, was granted by bank regulators the gift of by lending its name, being able to reduce immensely the capital requirements for the banks. And that was worth so much in the market, that the banks went crazy borrowing AIG´s name and AIG lending it out… and no credit rating agency was fast enough to pick that up.
Had not Basel II been approved, something else bad could have happened to AIG, but not what happened. And I just wonder why this insistence on shielding the regulators from the truth that they were (and are) the party most responsible for the crisis, because of how they distorted all bank resource allocation, with their stupid capital requirements based on some perceived risks which are already cleared for by other means.
The members of the Basel Committee should be made to parade down our avenues wearing dunce caps. If there is one single spot where total accountability must be absolutely required, that should be in those committees that take upon them to design global rules for all.
The thought of having the same failed bank regulators given some powers to also regulate the insurers, "now a crucial part of the so called shadow banking sector" is as scary as can be.
Ms Tett. Not having a clue, "conventional blissful ignorance", should not be confused with having an idea, "conventional wisdom".
Sir, Gillian Tett writes "Ideas must adjust to new 'facts' of finance", December 27. But as I see it therein she refers to what mostly had nothing to do with ideas, and all to do with simply not knowing. What Tett calls "conventional wisdom" is nothing but "conventional blissful ignorance".
For instance "Before 2008 [leverage] seemed irrelevant". Well go to all the initial reports on the 2007-08 crisis, and you will only be able to read about reasonable leverages… and that is because markets, and reporters, had no idea, most still do not have, of how much leverage could hide behind the risk-weighting of assets. Most of those compliant with "stricter Basel III capital rules" are still today, in not risk-weighted terms, leveraged over 30 to 1.
Tett also writes "Before 2008, it was almost outlandish to suggest policy makers might deliberately shape the direction of finance with policy interventions". Really? What if not an extreme policy intervention is capital requirements based on perceived risks? That, which allows banks to earn much risk adjusted returns on their equity on assets deemed ex ante as "absolutely safe" than on assets deemed as "risky", is for instance what drove the banks into the arms of those AAA rated securities which detonated the crisis.
And surprisingly Tett also states "Before 2008, policy makers liked to think they could mop up after excesses, if necessary, rather than intervene in advance. No longer." What? Is not all Quantitative Easing going on based on the basic assumption that they will be able to mop it up before it all overflows into inflation?
Happy pondering Ms Tett!
December 24, 2013
There are productive and there are destructive inequalities, and we must know which are which.
Sir I refer to John Gapper's "In search of balance: Capitalism", December 24.
I have no problems with most of the "productive" inequalities which result from courageously moving forward – when financing the "risky" future, when increasing the cake. But I do have problems with many of the "destructive" inequalities, which occur when just trampling in the water, when extracting the last ounce of juice from any past risk taking – when refinancing the "safer" past, when only wanting to distribute the cake.
In this respect, when Pope Francis says "I exhort you to a generous solidarity and a return of economics and finance to an ethical approach that favors human beings", I most emphatically have to state that the current capital requirements for banks based on perceived risks, risks already cleared for elsewhere, is definitely not an ethical approach to economic and finance.
And since Gapper makes a reference to Branko Milanovic of the World Bank, the author of "The Haves and the Have-Nots", I must also comment that it is truly surprising to see how few realize how these regulations, which favor the Haves and discriminate against the Have-Nots, constitute one of the foremost drivers of "destructive" inequalities.
And that the World Bank, the world's premier development bank, and who should be the first to know that risk-taking is the oxygen of development, keeps quiet on this whole issue, just makes me very sad for the future generations.
FT, please try to reflect on where we in the Western World would have been, had those risk-weighted capital requirements introduced over the last three decades by the Basel Accord, always applied.
December 21, 2013
QE is a drug that has been applied by the Fed in an emergency without going through any FDA type testing procedures
Sir, Barry Eichengreen considers that "The Fed's monetary tweak is a tempest in a teapot" December 20.
But, considering the fact that the monthly reduction of $10bn in QE gets so much more attention than the $75bn that the Fed will keep on injecting in the economy, in a quite distortive way, all on the long side of the market, all for the treasury and the housing sector, then perhaps a teapot being in a tempest, could be a more adequate simile.
Eichengreen also holds that "the central bank has signaled that it is not prepared to return to normal times until a normal economy has returned". Sorry, then we might never get there.
A normal economy will not return until regulators stop using risk weighted capital requirements for banks. Because these allow banks to earn much higher risk-adjusted returns on equity financing the infallible sovereigns and the AAAristocracy than when financing the "risky" medium and small businesses, entrepreneurs and start-up, they do the facto guarantee the market to be abnormal.
And Eichengreen ends by referring to Hippocrates… "It has at least done no harm" What? Is that not something yet to be seen?
December 20, 2013
Europe, you have been placed in a death spiral by dangerously mistaken risk-adverse bank regulations. Get out! Fast!
Sir, Mario Monti writes that in order for monetary discipline and structural reforms in the south of Europe to pay off Europe's policy framework [should become] more growth friendly, "Europe's north and south must reform together" December 20.
He is more right than he knows. Europe has been place in a death spiral by risk-weighted capital requirements for banks, and which is about as unfriendly to sturdy and sustainable economic growth there is.
Allowing banks to earn much higher risk-adjusted returns on equity when financing what is "safe" than when financing what is risky, only guarantees you will milk all there is to be milked out of your past economic development, and without replacing it with the future which can only be derived by abundant and hopefully astute risk-taking.
FT, Martin Wolf, be brave, dare pickup the lessons of the crisis's keys lying there under the lamppost.
Martin Wolf in "We still need to learn the real lessons of the crisis" December 20, refers to the search for the keys under the lamppost, only because that is "where the light falls".
I would hold that with respect to what is currently happening, or not happening, with the economy and the banking sector, the keys have been there under the lamppost, for quite some time. The fact though is that very few seem to be willing to pick these up… and that could be because it would shine light on the sad fact that our magnificent global bank regulators, the Basel Committee and the Financial Stability Board, are just clueless.
Those keys are the risk-weighted capital requirements for banks based on perceived risks; those which allow banks to earn much more risk adjusted return on equity, when lending to the "infallible sovereign" and the AAAristocracy, than when lending to the "risky" like medium and small businesses, entrepreneurs and start-ups.
Those capital requirements being much lower for what was perceived as "absolutely safe" also guaranteed, when shit hit the fan, as always happens, and something ex ante very safe ex post turns out to be very risky, that banks would stand their naked with no capital.
In January 2003, while an Executive Director at the World Bank, FT published a letter in which I wrote: "Everyone knows that, sooner or later, the ratings issued by the credit agencies are just a new breed of systemic errors to be propagated at modern speeds".
Of course if credit ratings are already being used to determine interest rates, size of exposures, duration and other terms, to re-clear for the same ratings in the capital, condemned banks to overdose on these.
And in November 2004 FT also published another one of my letters which stated "We wonder how many Basel propositions it will take before they start realizing the damage they are doing by favoring so much lending to the public sector"
And it is still happening, banks are searching for refuge in the arms of sovereigns all the while out the in the real economy those credit needs that could hold the jobs for our youth remain unsatisfied.
No, a world where banks are told not to finance the "risky" future but only refinance the "safer" pasts is in a death spiral. And on imprudent risk aversion I wrote on the FT's Economists' Forum blog in October 2009.
And so Martin Wolf, be brave, and pick the keys up! Let's get rid of those dumb innovative bank regulations the Basel Accord brought us.
PS. Sir, I leave it to you to copy or not Martin Wolf with this. He has asked me not to send him any more comments related to the capital requirements for banks, as he understands it all… at least so he thinks.
December 19, 2013
"Little people", do not listen to Chris Giles, if they finance you at a too high rate, try to keep your consumption low
Sir, Chris Giles writes "It is also deeply patronizing for those with reasonable comfortable incomes to fret that the little people are consuming too much for their good and for that of the wider economy", "In economics consumption is for life not just for Christmas" December 19.
That might be easy for him to say, he who probably either pays off in cash his credit cards or has the benefit of a reasonable financing rate. If Mr. Giles simply looked at what the "little people" paid in finance costs for their financed consumption, he might think differently.
One of the problems is that much of what the "little people" could spend in consumption, for their good and for that of the wider economy", goes to pay bonuses to bankers… would Chris Giles by any chance be a banker or a shareholder of a credit company?
December 18, 2013
You, not so old journalist of @FT, say something! Help take the economy out of the respirator and to send it to rehabilitation
Sir, Mr John Riding in "Negative rates will not help investment spending" December 18, comments on Larry Summers' "thesis of secular stagnation".
Riding writes: "It seems to me that the impediments to stronger investment spending in the US are not monetary in origin and forcing negative real or nominal interest rates would distort asset markets further without providing meaningful stimulus to the economy".
And he is absolutely right. What is needed to promote stronger investment spending is to get rid of those senseless risk-weighted capital requirements which allow banks to earn much higher expected risk-adjusted returns on equity on "absolutely safe" exposures, than on "risky" exposures.
That stops banks from financing the "risky" future and to concentrate instead on refinancing the "safer" past… as if what is safe today was not quite often very risky yesterday.
Sir, again, though you have clearly shown you prefer to turn a blind eye to it, you must know for sure that, in order to become and remain strong, an economy requires a lot of risk-taking, as dumb risk aversion will only make it a weakling.
And while that risk-adverse bank regulation is in place, any type of outside assistance, be it fiscal stimulus or quantitative easing, will just put the economy in a respirator, instead of having it go to rehabilitation.
Any sign of growth you might see in the interim, is pure froth… or let´s say pure fat no muscles… in other words the economy turning dangerously obese.
How curious FT does not want that to be discussed. Might it be that most of its journalists are soon to be retirees and who all fit an ultraconservative investment profile?
I sure hope that at least some of FT's younger members find it in themselves to further the cause of astute risk-taking. For that they should just perhaps reflect on the fact that any investment adviser who provided them, at their ages, with the kind of advice the Basel Committee provide the banks, would soon be prohibited to give any financial advice… and would have any professional certification revoked.
December 17, 2013
France, risk weighted capital requirements for banks, guarantees you a weak and obese economy. Any growth... just froth
Sir, Lindsay Whipp and Claire Jones report "France business activity weakens" December 17.
This is to be expected. Risk weighted capital requirements for banks which allow these to earn much higher risk-adjusted returns on equity when lending to "infallible sovereigns" and the AAAristocracy, than when lending to the "risky" medium and small businesses, entrepreneurs and start-ups can only guarantee turning our western economies into weaklings.
Distorting the banks into refinancing the safe past and not financing the more risky future is no way to create a strong and healthy economy. Any sigh of growth you might see in the interim, is pure froth… or let´s say pure fat no muscles… in other words the economy turning dangerously obese.
Even though I am aware that FT does not want to report on this, for reasons of its own, I will be remembering you about it every time I see the need for it.
December 16, 2013
If banks do well but the real economy falls, we will all fall… at the end including the banks. It is as easy as that!
Sir, it is hard for me to get a grip on what John Authers really means with heavily regulated when writing "Banking is complex, and must be heavily regulated", "Volcker rule is doing its job despite Kafkaesque turns" December 16.
I say this because one single line of regulations, "capital requirements must be 10% of all assets", would in my opinion be a more comprehensive regulation than the ten thousands of lines that will be derived from Basel III, Dodd-Frank Act and the Volcker rules.
Also, again, there is not a word about the purpose of the banks.
If the real economy does well, we will survive any bank crisis. If banks do well but the real economy goes down the drain, we will all fall… at the end, including the banks. It is as easy as that!
And in that respect I can also guarantee that my single regulatory line will distort the allocation of bank credit to the real economy, a thousand times less than the other referenced regulatory concoctions.
More than a new normal, stagnation has been decreed, by risk adverse regulators, as the new structural standard.
Sir, Lawrence Summers writes "The risk of financial instability provides yet another reason why pre-empting structural stagnation is so profoundly important", "Why stagnation might prove to be the new normal" December 16.
And I do not know what to say to that. It was precisely well intended but horribly executed efforts to avoid financial instability which basically has decreed stagnation as the new standard.
When regulators risk-weighted capital requirements for banks, they allowed banks to earn much higher expected risk adjusted returns on assets perceived as "absolutely safe", than on assets perceived as "risky".
And that translates into bank credit, one of the most important drivers of growth, not going any longer go to finance the "risky" future, but only to refinance the "safer" past.
And how you can avoid stagnation with that kind of misplaced risk-aversion beats me.
Does Professor Summers really believe that the economies of West would have become what they are with that kind of bank regulations?
Any economy growth based solely on "easy money", and not based on astute risk-taking, is doomed to solely become froth on the surface.
And all for nothing as the current financial instability has, as usual, been created by excessive bank exposures to what was officially perceived as "absolutely safe", like AAA-rated bonds, real estate in Spain, loans to Greece etc.
December 14, 2013
More than market forces government intervention forces need to be tempered
Sir, Ian Buruma writes "If the new elites in the global economy want to stave off the storm of destructive hatred, they had better to come up with some ideas of their own on how to temper the market forces", "Global forces are uniting populists against the elites", December 14.
I do not presume forming part of any elite but yet I need to question that our current problems are derived from allowing too much market forces to reign. I suggest there is plenty of evidence which points in the opposite direction.
For instance, our banks are now subject to risk weighted capital requirements, which translates directly into allowing these to earn much higher risk adjusted returns on equity on assets deemed as "safe", than on assets deemed as risky. It beats me to know what this has to do with markets.
And then we have the whole TARP and Quantitative Easing affairs, and which in all truth might point to an urgent need to temper the intervention by governments in the markets.
Listen graduates, "plastics" is long passé… now it is "bank regulations"
Sir reading Christopher Caldwell's "The Volcker rule is a gift to banks and excludes the rest" December 14, it is easy to see whey instead of recommending "plastics" as a future to a graduate, any person with good intentions would now easily tell him "bank regulations".
And if we already gasp at the 828 pages of the Dodd-Frank Act, we should not forget that this is without making one single reference to the Basel Committee for Banking Supervision, and to the Basel Accord to which the US is a signatory.
If this regulatory frenzy is not digging us deeper in the hole we're in, I do not know what is.
December 13, 2013
When banks earn more on what is "safe", than on what is "risky", the real economy suffers.
Sir Philip Stephens correctly writes "Europe faces a bigger threat than German caution", December 13, and he correctly identifies that threat as "risk aversion".
But there is an enormous difference between the consequences of natural risk aversion, like that which "comes with relatively higher standards and ageing population" and the consequences of an institutionalized pathological risk aversion… like that reflected in the risk-weighted capital requirements for banks.
If a society structures it in such a way that banks are allowed to earn much much higher risk-adjusted returns on equity when lending to what is perceived as "absolutely safe", than when lending to "the risky", banks will not allocated credit efficiently, and the real economy will wither away.
And the saddest part of that stupid risk-aversion is that it will anyhow bring down the banks (and perhaps the sovereigns with it) as banks will as a result, dangerously overpopulate all "safe havens".
And what about the "pension mugging" produced by low interest rates produced by monetary policy?
Sir you write that Britain must make sure that the conversion of lifetime saving into decent retirement incomes is performed with total honesty, "Act now to prevent pension mugging" December 13.
But the number one factor which determines the amount of the annuity, at the moment of conversion, is the interest rate that insurance companies can earn long term on the "lifetime savings" received. And so now, when monetary policy is officially manipulated, so as for interest rates to be artificially low, especially the long side, the question is who is going to be responsible to the retired for the low annuities they receive?
How would you to explain to a retiree who converts into an annuity today if his neighbor, converting the same amount at a future time, receives a much higher annuity?
December 12, 2013
ECB, hard-cheese, first you need to test the credibility of the bank regulators
Sir, I refer to Sam Fleming´s and Alex Barker´s "ECB: Credibility test" December 12.
You must be perfectly aware that absolutely all bank crises in history, including the current one, have resulted from excessive lending to something that was ex ante perceived as absolutely safe, but that ex post turned out to be very risky. And no major crisis ever, has resulted from excessive bank exposures to assets that which ex ante considered risky.
And so therefore, allowing the banks to have extraordinarily little capital when exposed to something "absolutely safe", can only guarantee that when shit hits the fan, all banks will stand there naked, with no capital to cover themselves up with.
And, to top up that mistake, that also allows banks to earn much higher risk adjusted returns on their equity when exposed to "The Infallible" than when exposed to "The Risky", and which of course creates the distortion that makes it impossible for banks to fulfill their societal role, of allocating bank credit as efficiently as possible.
And so if there is a real credibility test that needs to be carried out first, that is the one of the bank regulators themselves since, honestly, I do not think they know what they are doing, and I consider them being about the largest producers of systemic risks in the financial system.
And with respect to the test of the banks… even more important than what´s on their books, would be to understand all the loans to medium and small businesses, entrepreneurs and start-ups that are NOT on their books, as a direct result of the capital requirements, because that is what can lead to the failure of the whole real economy… and when that failure happens, not even the safest bank stands a chance to survive.
ECB, I know it is hard for you to test your boss, Mario Draghi, the former chairman of the Financial Stability Board, but, what can I say, other than hard-cheese.
Paul Volcker and John Reed, our jobless young, more than a safer, need a more functional financial system
I cannot fully agree with Paul Volcker and John Reed about having a 6% cross the board capital requirement "standard alongside a robust system of risk weights" unless there is more clarity about what risk are to be weighted, "A safer financial system is now within our grasp", December 12.
I say this because the problem with the current risk weighting used is that it weighs that risk of the assets which is already weighted, by means of interest rates, size of exposure, duration and other terms. And so, re-clearing for the same risk in the capital, causes banks to earn much higher risk adjusted returns on equity for assets perceived as "absolutely safe" than for assets perceived as "risky"; and this makes it therefore impossible for banks to allocate bank credit efficiently in the real economy.
At this moment, when a generation of young people without jobs risk becoming a lost generation, the limited objective of a safer financial system needs urgently to be superseded by the much more comprehensive objective of banks becoming more functional.
December 11, 2013
Sir FT Bank regulations were not lax at all. They were, and still are, extremely dangerous.
Sir in your "A weak hand on casino banking", December 11, you write "Lax regulation did little to discourage rash behavior"
No! You are wrong Sir. Allowing banks to leverage 60 times or more their equity with assets only because these are perceived as absolutely safe, has nothing to do with lax regulations, and all to do with dangerous regulations that encouraged rash behavior.
With the laxest regulation of them all, meaning no regulation at all, some other crisis might have happened but not the current one, a really free market would never ever have permitted such leverages.
And since you make a reference to casino banking, let me remind you that it was the regulators who, with their risk-weighted capital requirements, altered all the pay-out ratios on the different casino bets, and thereby created the distortions in the allocation of bank credit to the real economy that led to the current chaos.
And where do you get to know that "the financial system is now safer that it was four years ago"? Do you mean you think so because it is holding more infallible sovereign assets against less capital?
Mr. Kay. It is necessary to place bets that risk bankruptcy so as to have a chance to avoid bankruptcy.
Sir I refer to John Kay's "Is it better to play it safe or to place bets that risk bankruptcy?" December 11.
In it Kay asks "Did mothers warn their daughters that marriage to brave hunters might end in widowhood, or urge them to seek husbands who would enable them to breed well-fed grandchildren?" That would in any case all be a matter of individual decisions. But, if there was a council of mothers which decided they had all to be extraordinarily nice to the sons in laws who stayed safely home and pester badly those who dared go hunting that society would definitely not prosper.
As cannot prosper an economy or a society where banks are given the incentive by their regulators to obtain much much higher risk adjusted returns on equity on assets perceived as "absolutely safe" than on assets perceived as "risky".
And so the answer to Kay's title question is that it is necessary to place bets that risk bankruptcy so as to have a chance to avoid bankruptcy.
December 10, 2013
How can the west have faith in its own future when its banks are hindered to finance it?
Sir, Gideon Rachman writes "The west is losing faith in its own future" December 10.
Absolutely, but how could the west not? Capital requirements for banks that are much much lower for assets perceived as absolutely safe, than on assets perceived as risky, allow banks to earn much higher risk-adjusted returns on what is "safe" than on what is "risky" and that stops banks from financing the future and makes these concentrate on refinancing, while its worth something, the safer past.
Rest assured, with its current castrated banking system, the west would never ever have become what it became.
December 09, 2013
Does FT´s capital markets editor really believe that in free markets banks could leverage equity 50 times or more?
Sir, I refer to Ralph Atkins´ review of Costas Lapavitsas´ "Profiting without producing", "A Marxist take on economic meltdown" December 9.
In it Atkins writes "The resulting financial turmoil and global economic slump cast doubt on the ability of free markets to provide sustainable growth and employment in advanced economies". I truly marvel at how one can call the current financial turmoil a result of "free markets" when for instance there can be no doubt that in really free markets banks could never ever have leveraged their equity 50 times or more. That was only made possible by extremely intrusive bank regulations that were based on such nonsense as risk-weighted capital requirements for banks.
It also argues that "financialisation", which can indeed be corrosive, "has forced the retreat of labor and exacerbated income equality". But again that is not the consequence of free markets but of regulations that so much favor the access to bank credit of "The Infallible" over that of "The Risky".
Atkins correctly holds that "when it works, finance discipline governments and companies" but then he blithely ignores the fact that for instance, with Basel II, banks were authorized to lend to "infallible governments holding no capital at all. What a disciplining!
And as to "a Marxists take on economic meltdown", that is precisely what I would first ask the author… what is not Marxist about requiring the banks to hold substantial capital when lending to the private citizen and zero capital when lending to a central government?
"Lazy banking" is not just an Indian phenomenon. The Basel Committee has decreed it to rule everywhere.
Sir, James Crabtree in his interview of Arundhati Bhattacharya "Toughest job in Indian banking for head of state-backed behemoth", December 9, refers to the challenge "to shake off India´s reputation for what is known as 'lazy banking', a system in which stolid lenders, led by cautious bureaucrats, park deposit in ultra-safe government securities".
I am sorry, described that way "lazy banking" does not solely happen in India. In fact the Basel Committee, with their risk weighted bank capital requirements, which allow banks to earn much higher risk-adjusted returns on assets perceived as "absolutely safe", than on assets perceived as "risky", have in fact decreed lazy banking to rule everywhere.
The Basel Committee and the Financial Stability Board have also some questions of ethics they should grapple with.
Sir, if a boy listens to the weatherman, and dresses up accordingly, but then comes his mommy and, having listened to the same weatherman, and ignoring what clothing the boy already has on, orders him to put on or take off additional layers of clothes, you can bet that boy will end up having too much or too little on, even if the weatherman turns out to be absolutely right about his forecast. And of course, and especially if the weatherman was wrong, as happens sometime, real tragedy could ensue with the boy dying from either excessive cold or heat.
That is precisely what happens when regulators, ignoring how banks have adjusted to the perceived risk of the asset through interest rates, size of exposure, duration and other terms, order banks to also adjust for the same perceived risk in the capital they are required to hold.
Even if the risks have been perfectly perceived, the bank will as a consequence lend too much in too generous terms to those perceived as "absolutely safe" and too little in too harsh terms, to those perceived as "risky". The introduction of this regulatory distortion puts both the banks and the real economy at serious risk.
And artificially favoring the borrowings of some bank clients over others, just to satisfy I do not what, is a highly unethical to do. And so Sir, in reference to Andrew Hill´s "Bankers grapple with question of ethics" December 9, I wonder if Dan Ostergaard, the managing partner of Integrity By Design and who is mentioned as advising on ethical training, might have a program for the Basel Committee for Banking Supervision and the Financial Stability Board. If not it seems urgently needed.
By the way it might also have to do with ethics when financial journalists refuse to make any reference to this regulatory distortion, for reasons of their own. Think of it, "Five years on, Lehman still haunts us" and the fact that it was the extremely low capital requirements allowed by the SEC to the investment banks under their supervision, when holding AAA rated securities, that most tempted Lehman into perdition, is not even discussed.
December 07, 2013
It is not voluntarily that European banks are abandoning the private sector in order to take refuge in the government.
Sir, I refer to John Dizard's "Risk of a European break-up has not marginally disappeared", December 7.
In it Dizard writes about "the collapse of private sector lending, which in the euro area as a whole has declined for more than a year and a half. That money had to go somewhere… 'risk-free' government paper has been a perfect place for the banking system to stuff the cash they are not lending to companies". Dizzard makes it sound like this was a voluntary normal market based rational decision by the banks. It was not!
It is only the result of extremely distorting bank regulations which require banks to have a lot more of that capital they are currently so lacking of, when lending to the "risky" private sector, than when lending to the "infallible sovereign".
Dizzard argues the European banking system is being "renationalized" but the sad reality is that banks are de facto being turned into statist government agents… and unfortunately we all know what happens to economies when their financing goes down that line.
December 06, 2013
Any self-respecting serious buyer on the web will surely like to have her own pick-up drone.
Sir Tim Harford writes about "How delivery drones could transform the world" December 6, and I just have to wonder whether it might not as well be "pick-up drones" which could transform the world.
And I say this because, looking only at some of my family´s members, I have an inkling that any serious purchaser on the web who respects herself, would want to have her own drone… at least for the last mile… just in order to be free to buy from anyone… yes even from Walmart.
I can see all those big houses, next to their cars, having a stand for the latest shiny pick-up drone model… and which, as a complementary service, has a built in camera so as to be able to better see what the neighbor is buying… and send that data to the local data-purchasing agent.
December 04, 2013
When are they going to fine the bankers and not, suicidally, fine the banks?
Sir, right now, when the European banks are leveraged to the tilt and unable, because of faulty capital requirements and lack of capital, to finance those in the real economy most in need of bank credit, we read, reported by Alex Barker and Daniel Schäfer that "Brussels poised to announce hefty rate-fixing fines on global banks" December 4.
When are they going to fine the bankers and not the banks? Don´t they know that in these days of so little bank capital, derived from regulators requiring so little bank capital with Basel II, that every fine a bank pays, translates into less bank credit… primarily to those medium and small businesses entrepreneurs and start-ups we most need to have access to bank credit in competitive terms?
Bank of England´s and Financial Stability Board´s Mark Carney, is nothing but a housing dove
Sir, John Plender writes that "UK must be more alert to housing bubbles risks" December 4, and comments that "to his credit, Mark Carney, the governor of the Bank of England, has been making suitable hawkish noises about housing.
But let me remind Plender that Mark Carney is also the Chairman of the Financial Stability Board. And as such Carney approves of risk-weights which allow banks to earn much higher risk-adjusted returns on equity when financing houses than when financing, for instance the entrepreneurs and start-ups, those that could get the house owners the job incomes with which pay their utility bills.
So please do not tell us that Mark Carney is nothing but a housing dove.
For a starter Carney does not even understand this
We need personal drones more than Amazon or Google, to get spare keys, and to buy anywhere we please, like in Walmart :-)
Sir, everywhere we read reports on Amazon using drones in the future to deliver us goods, like in Tim Bradshaw´s "Amazon delivers boost to drone pioneers", December 4.
As I see it the real question is whether we citizens should all have our personal drone instead, so that for instance we could send it home for a spare if we lost our car key… or buy anywhere we please… like in Walmart :-)
December 03, 2013
The monstrous distortion in the allocation of bank credit to the real economy that regulators do not know they cause
Sir, Tom Braithwaite reports on "Counting the cost to customers of banking regulations" December 3. And he refers to facts such as regulators tightening the standards of capital requirements for banks, for instance against commitments such as those of letters of credit.
But nowhere does he discuss the cost to some customers, some borrowers, of bank regulations that discriminate among the customers. Might it be that he, like the regulators, has not yet understood it?
Let me explain it all to him again.
If there was no risk weighing of Basel II's 8 percent capital requirements for banks, then the banks would allocate their credit in the real economy, based on who produces the highest risk-adjusted return on eight units of bank capital for each 100 units of loans.
But there is risk weighing in Basel II, and so banks allocate their credit, for instance to the private sector, in terms of:
For those rated AAA to AA, risk weight of 20%, based on who produces the highest risk-adjusted return on 1.6 units of bank capital for each 100 units of loans.
For those rated A+ to A, risk weight of 50%, based on who produces the highest risk-adjusted return on 4 units of bank capital for each 100 units of loans.
For those rated BBB+ to BB-, and those unrated, risk weight of 100%, based on who produces the highest risk-adjusted return on 8 units of bank capital for each 100 units of loans.
For those rated AAA to AA, risk weight 20%, based on who produces the highest risk-adjusted return on 1.6 units of bank capital, for each 100 units of loans.
And so of course those perceived as safer produce the banks a much higher risk-adjusted return on equity than those perceived as riskier.
And that causes banks to lend more than what they should to those perceived as safe and much less, sometimes nothing, to those perceived as risky… like to medium and small businesses, entrepreneurs and start-ups.
And amazingly… the regulators… xxx… do not even understand they are distorting the economically effective allocation of bank credit in the real economy.
What are we to do with them?
December 02, 2013
When the autopsy on Europe's economy is performed, the cause of death will be sissy and dumb bank regulatory risk aversion.
Sir, Wolfgang Münchau writes "Lending by banks to the private sector is contracting at accelerated rates… Unsurprisingly the banks are trying to minimize the amount of capital they need to raise by scaling back their risky exposures to private creditors." "Germany's coalition will have to break promises", December 2. And then he writes that "It is rational to expect the credit crunch to continue for as long the adjustment in the banking sector takes place – all the way through to 2014.
Yes, "unsurprisingly" and "rational" are the correct terms, but they are related to the completely irrational capital requirements for banks based on perceived risks.
Before these regulations came into being a bank looked at how to maximize the return of each euro by lending all over the spectrum of perceived risks… and that is what can lead to an efficient allocation of bank credit in the real economy.
Not now. Now a banks looks at the risks of an AAA rated, and since its regulatory risk weight is 20 percent, it uses only 20 percent of a euro when comparing its return to the return of a loan to a "risky" small business, and for which it has to use the full 100 percent of a euro. And, if lending to an "infallible sovereign", then it can basically measure its returns on equity use 0 percent of a euro as equity.
No! When the autopsy on Europe's economy will be performed some years from now, these loony and sissy risk adverse regulation virus is going to be identified as the prime cause of its death, and FT and its journalist, by having kept mum on it, will be among its contagion agents.
Brother you who do not have a dime, or a job, can you spare me a dime or a job, so that we can grow together?
Sir, I am not taking a position for or against a minimum wage but, when Edward Luce writes that increasing "it would inject a much-needed stimulus into the anemic recovery without involving a dollar of taxpayer money", something definitely does not sound right, "Avoiding poverty pay is the tonic America needs", December 2.
If the company ends up paying for it, then we might have less employment and that of course nobody wants. And so, if the taxpayer is not paying for it…who is going to pay for it? Could it perhaps be mostly those who are not taxpayers because they earn too little? And so, if a stimulus, is it not in fact a quite regressive one?
And then Luce mentions that these minimum wage increases will affect "sectors where the bulk of new jobs are being created" and which in fact would point to the plan as being somewhat suicidal.
Honestly I do not think America needs a recovery stimulated by an increase in the minimum wage and Luce would do himself a favor looking at how economies where there is no minimum wage are doing.
Do I have an alternative plan? No, but I would of course start by eliminating immediately the odious regulatory discrimination which makes it so much more difficult for those perceived as "risky" to access bank credit in competitive terms. The growth in America and in Europe has, as in their past, to be based upon risk-taking and not risk-avoidance.
PS. Sincerely it is also a bit surrealistic reading that Luce feels that the unions "have reasons to hate" Walmart, the largest employer in the USA, and all this operating on a 3 percent margin, in the poorer sectors of the real economy. Don't we wish we had such banks!
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Gratitude Note
Gratitude is the process by which we feel or express thanks for someone or something in our lives. Gratitude is, perhaps, one of the most frequently used activities in happiness workshops and interventions. Expressing gratitude, both for experiences and towards people, reliably increases happiness.
Activity: Gratitude note
In this activity, you are going to write gratitude notes. Please write 3 notes to specific people in your life (for example, your family and friends). As you write, really think hard about why you are grateful to have these people in your life.
Popular Activities:
Positive reappraisal
Growth Mindset

subset: commoncrawl


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Guide To Follow When Seeking The Best Local Business Movers In Maryland, DC And Northern Virginia.
Business movers are known to ensure a smooth relocation of one's business. In this century, a large part of the population have opted to indulge in the business industry. Therefore many business enterprises have been set up. Business industry as any other industry is faced with its challenges. In the list of challenges facing the business industry the outstanding one is usually lack of market for what the business is dealing with. When there is no market for your business the downfall of the business is the next thing that ought to happen. Therefore the market is one of the crucial element to look into before setting up a business enterprise. To counter this threat business owners ought to shift their business from place to place. The business will relocate to a place where the market is concentrated. To ensure that that the relocation of your business is successful you need to get the best local business movers to do the job. Below are some of the tips on how to find the most effective business movers in Maryland, DC and Northern Virginia.
Local business movers in Maryland, Northern Virginia and DC who existed earlier in the market and are still in the market ought to the best. Having operated for many years will have enabled that particular company to have acquired the required level of experience. The client's wants when relocating his or her business will be full filled when he or she hires the experienced local business movers whether he or she is in Maryland, DC or either Northern Virginia. It is due to the fact that they will pay attention to anything you want to be done. Therefore it is recommendable for one to source for the best local business movers in Maryland, DC and Northern Virginia.
The best local business movers in Northern Virginia, DC as well as in Maryland have good feedback from clients that have been served by them. In order to know more about the local business movers one can get the reviews concerning the business movers from clients who had visited them. Positive reputation in the market will conclude that the company offers good quality work. On the other hand local business movers in Maryland, DC and Northern Virginia with a negative reputation means the services offered by that particular company are not of the required standards. As a result, it is recommendable for one to hire the most effective local business movers to get quality work.
Only the leading business movers are recommendable.


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If you use the Simple Fields plugin in WordPress, you can connect your Kapost custom fields with a field in Simple Fields.
To do so, you first need to figure out the "name" of your field in Simple Fields that you want to send information to. To find out this name, go to the Post page in your WordPress. On the right side, there should be a Simple Fields module that has a link that reads "Show custom field keys".
If you click on this, the Simple Fields module will display the correct name. For the image below, the name of the field is "_simple_fields_fieldGroupID_1_fieldID_1_sumInSet_0". Copy down the name that is used. You'll need this for the next step.
Step 2 of this process is to create a custom field in Kapost. To do so, go to your newsroom settings. Under the "workflow" tab there is an area to create custom fields. These are fields that will appear on a Kapost post and can connect to a Simple Field's field. When creating a new custom field that you want to connect to Simple Field, you need to ensure that the "Field Name" of this field (not "Display Name") is the same as the name of the field in WordPress (discussed above).
If these two fields - one in Kapost and one in WordPress - are the same, when a post is published the content in the custom field in Kapost will be sent to the custom field in WordPress.
Using SimpleFields Plugin
Have more questions? Submit a request


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Asia's largest mixed martial arts organization with a 90% market share, ONE Championship™ (ONE), has announced the complete fight card for ONE: DYNASTY OF CHAMPIONS which takes place 20 June, 2015 at the Guangzhou Tianhe Gymnasium in Guangzhou, China. ONE will feature an epic clash of featherweights in the main event, as Timofey Nastyukhin and Yusuke Kawanago go head-to-head.
Marcos Santana and Ruel "The Wushu" Catalan of the Philippines will face off in a flyweight contest. Zorobabel Moreira returns to the ONE cage against Christian Holley.
In the ONE Championship Chinese Flyweight Tournament, Wang Shuo battles Ba Ya La Ga while Wu Ze takes on Wu Hui Qiang. In addition, the Guangzhou Flyweight Tournament Alternate Bout will see Hu Ri Ge battle Zhao Xiao Tong.
In the ONE Championship Chinese Featherweight Tournament, Ma Jia Wen faces Biekemulati Nulijiao and Huang Di Yuan meets Tian Jian She. The Guangzhou Featherweight Tournament Alternate Bout will see the clash between Chinese fighters Wang Ya Yong and Li Yun Long.
Tickets for ONE: DYNASTY OF CHAMPIONS are available NOW at http://damai.cn.
CEO of ONE Championship™, Victor Cui, stated, "We are ecstatic that we have put together a fantastic fight card for Chinese fight fans. In the main event, we have two international stars squaring off as the hard-hitting Timofey Nastyukhin of Russia takes on Yusuke Kawanago of Japan. We also have a flyweight and a featherweight tournament in place to determine the best prospects to come out of the mainland. Get ready for an evening of world-class mixed martial arts!"
Timofey Nastyukhin announced his arrival on the global stage with a devastating knockout of Eduard Folayang at ONE: WARRIOR'S WAY last December. After a series of ferocious striking exchanges, Nastyukhin landed a perfectly timed flying knee on Folayang, effectively ending the bout in just one round. The knockout is considered by most as one of the best knockouts of 2014. He now returns to action against a fellow striker. Nastyukhin will take on the tough Yusuke Kawanago.
Yusuke Kawanago is a featherweight contender with a record of 13 wins and 4 losses. His well-rounded skills have brought him success in the sport, racking up wins in other promotions before making his ONE Championship debut against Rob Lisita last May 2014. Kawanago's vast experience makes him a formidable opponent for any fighter. He'll try to derail the fast rise of Nastyukhin in his next bout.
Zorobabel Moreira is a Brazilian Jiu-Jitsu world champion and a 3rd degree black belt under Carlos Gracie Junior. He has only been to a decision once in 10 professional bouts and has defeated some of the best lightweights in the world. Moreira returns to the ONE cage after being seen in an epic battle with Koji Ando at ONE: BATTLE OF LIONS last November. This time Moreira faces Christian Holley in a matchup of top lightweights.
Originally from England, Christian Holley spent most of his life in Spain having moved there when he was five years old. He has finished 8 of the 11 opponents he has faced thus far, all in impressive fashion. Having reached the pinnacle of the sport in Europe, Holley has set his sights on conquering the lightweight division in ONE. Looking to stake his claim among the top fighters in the division, Holley will be back in the ONE arena to face Brazillian Zorobabel Moreira.
Ruel Catalan of the Philippines is a Wushu practitioner and possesses a solid stand-up game to compliment his great matt skills. Catalan made a successful ONE Championship debut in a 2013 knockout win over Khim Dima and has since then gone 1-1 for the promotion. Known for his lightning quick flurries and his ability to draw opponents into intense striking battles, Catalan will look to take the fight directly to Marcos Santana.
Marcos Santana is originally from Brazil, but now resides in Singapore and is a member of the Evolve Fight Team. He is a Brazilian Jiu-Jitsu world champion, winning numerous tournaments in his native Brazil. A holder of a black belt in Brazilian Jiu-Jitsu, Santana will be making his ONE Championship debut against one of the best flyweights to emerge from the Philippines in Ruel Catalan.
For more updates on ONE Championship™, please visit www.onefc.com and follow Twitter and Instagram @ONEFCMMA and Facebook at www.facebook.com/ONEFCMMA


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The background has been stamped with some new PaperArtsy stamps fresh from the mail. I painted over the stamping in orange and used a stencil to help cut out the leaves from green underpaper. I've been trying to use weird colour combinations for this calendar, so the pumpkin ended up blue. I guess I should have cut the leaves from purple paper, they would have stood out more, but this is the way it ended up. Some sewing and doodling... and I'm calling it done!
The calendar grid has been drawn by hand in Finnish style with weeks running from Monday to Sunday and specific names noted for each day.


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Oxford Water Walks, Oxford Towpath Talks, and Oxford Towpath Press are brought to you by Mark Davies.
Mark Davies is an Oxford local historian, author, public speaker, guide, and publisher specialising in the history of non-University Oxford, with a particular focus on the city's waterways. Most of Mark's early life was spent by the sea – in Hampshire, Sussex, Kent, and South Wales – but his interest in inland rather than coastal waters grew as a result of a chance decision to live on a canalboat in central Oxford in 1992, after living in Abingdon for a couple of years.
Since then Mark has written and published six Oxford local interest books, four of which are currently in print: A Towpath Walk in Oxford (2001/2012), Alice in Waterland (2010/2012), Alice's Oxford on Foot (2014/18), and Stories of Oxford Castle (2005/18). In 2015 his biography of the Oxford pastry cook James Sadler (who became the unlikely first Englishman to build and ascend in an air balloon in 1784 – see 'King of all Balloons' page) was published by Amberley Books.
Mark was a regular contributor of articles on various aspects of Oxford's local history to the Oxford Times' Limited Edition magazine, and also writes occasionally for national publications. He composed the text for the three-mile Oxford Canal Heritage Trail, from central Oxford to beyond Wolvercote – see Recommended Sites – and for the Royal Geographical Society's 'City of Streams and Spires' waterside walk to Sandford-on-Thames.
Mark speaks to organisations all over Oxfordshire (and beyond – Ireland in 2017, for instance, and Assam in Indian in 2018) on a variety of historical and literary themes, and leads walks through little-visited parts of Oxford for a range of local and international organisations (including many Oxford colleges and the American educational ROAD scholars' programmes), and at annual events such as Oxford Preservation Trust's "Open Doors", The Story Museum's "Alice's Day", and Literature Wales's International Dylan Thomas Day. He also provides commentaries on Thames' cruises operated by Oxford River Cruises and has hosted Mad Hatter's Tea Parties at Christ Church.
Mark still resides on his boat, 'Bill the Lizard', in central Oxford, and continues to be active in the much-publicised ongoing campaign to retain a boatyard in the Oxford suburb of Jericho.


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Charlotte, N.C., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Unity FI Solutions, a leading provider of payment and software processing solutions, has reached a partnership agreement with Money Transfer Systems, Inc., instantly helping to raise Unity FI's profile among nearly 150 financial institutions, including three of the 50 largest banks in the United States, the largest with approximately $140 billion in assets.
Under the terms of the agreement, Money Transfer Systems will sell Unity FI's non-competing payment and processing solutions to its corporate and financial institution customers.
"We are excited to partner with Money Transfer Systems in what we see as a mutually beneficial arrangement," said Dan Miller, co-founder of Unity FI. "This partnership will increase our exposure among some of the nation's largest banks, and offers us the opportunity to further position ourselves in the marketplace."
Based in Clearwater, Florida, Money Transfer Systems provides check recovery solutions for banks, schools and merchants utilizing the brands ACHxchange and CheckXchange. However, the company does not offer the breadth of processing solutions that Unity FI has available.
"I am excited to have the opportunity to offer even more products and services to my clients through this arrangement with Unity FI," said Mel Ora, president and CEO of Money Transfer Systems and an industry veteran with more than 45 years of experience. "This partnership allows both of our companies to build on our existing platforms and grow our networks to maximize our business potential."
About Unity FI Solutions:
Unity FI Solutions is a Charlotte, North Carolina,-based technology firm that delivers customized, secure and cost-effective electronic payment and collections solutions to clients in a wide range of industries. For more than a decade, Unity FI Solutions has brought innovative payment solutions to its clients with the goal of helping them improve their bottom lines and increase operational efficiencies.
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Opening Statement Essay
For the entire duration of this hearing you, the women and men of the jury, heard the defenses case and the prosecutions case. The evidence has been layed on the table. Angel Sterling was victimized. He was tormented in almost everyway possible. Bullying is not only physical but emotional. This innocent 13 year old boy was physically and cyber bullied. He was attacked in possibly the hardest way. He has emotionally been scared. A statement could be made if Jesse Woodson is found guilty in this courtroom today.
The folk tale saying "sticks and stones may break my bones but words can never hurt me" has been taken to another level and ejected from its meaning. Today if you convict Mr. Woodson you show with example that this mistreatment of others is not accepted and bullying is not only physical The defenses bid has been fed to you. Mr. Woodson is not an inocent man. They would like to make you believe he is the wrong guy. Should Mr. Sterling have to look over his shoulder every time he hears a voice in comparison to Mr. Woodsons? He shouldn't have to hide or isolate himself for the fear of his well being.
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Evidence doesn't lie. Look Angel sterling in the eyes and tell me that those eyes don't expose pain, fear, and emotional hurt. Can you tell me you'll continue to let this boy live with constant fear. For months Angle Sterling was bullied and harrased by the Pirates, a gang led by the accused, Jesse Woodson. Bullying has much bigger effects than we all realize. Boys and Girls all over the nation have been bullied and when it has gone too far those one or two times that boy or girl jumps to their death. Yes, I am talking suicide. That's why I ask you, the jury, today to find Mr. Woodson guilty.


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A neutral tasting powdered source of medium‐chain triglyceride (MCT) fat for the dietary management of disorders of long‐chain fatty acid oxidation, fat malabsorption and other disorders requiring a high MCT, low long‐chain triglyceride (LCT) diet. MCTprocal is suitable from 3 years of age.
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Rep.-elect Krisi Noem (R-SD) selected Jordon Stoick as her chief of staff. Stoick is a vice president at the lobbying firm Direct Impact. Direct Impact also specializes in building public support for corporate causes, boasting on its website that it once generated hundreds of letters to the FCC on behalf of the telecom industry [Lee Fang, "At Least 13 New Republican Members Of Congress Hire Corporate Lobbyists To Manage Their Office," Think Progress, 2010.12.09].
Mr. Ehrisman, I am so glad you saved this picture.
During the campaign, Noem said that we couldn't trust a Congresswoman who was married to one of those dirty-bird lobbyists. ""Legislating and lobbying simply should not mix in the same household," Noem said. "It is a recipe for conflicts of interest and possibly even corruption." But mixing legislating and lobbying in the office we pay for is apparently fine. And Noem is already meeting with lobbyists to help her set her corporate agenda.
I knew Kristi would be great for blogging. The headlines almost write themselves.


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Website Design & Development + SEO
Trailor Made needed a professional online presence for their fast growing business. Together with our very talented graphic designer we created a customised website that meets all of this clients requirements. We worked closely with the owners of Trailor Made providing keyword research and expert advice so that they were able to provide all of their own content and keep costs down.


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The waiting period is over and the cat is finally out of the bag. In a live press conference held yesterday, Nintendo—the pioneer in gaming industry finally revealed plenty of information regarding their brand new Nintendo Switch. The good news is the new game console is expected to arrive on March 3. Thus, we've about a month or so to prep ourselves for the next-gen Nintendo games. Isn't it cool?
Here's all you need to know about the upcoming Nintendo game console.
Ninetendo Switch: 5 Facts we Bet you want to Know
- Cost and Package
The brand new Nintendo Switch comes in a single bundle including two controllers— Jay-Con and the red and blue controllers. The entire set is known as 'neon' and it comes with 32 GB memory on board that costs just $299.
- Connectivity
The best thing about the new Nintendo device is that you can use it as a standard portable, handheld gaming system. For a larger-than-life gaming experience, just connect it to your laptops or TV sets. Thus, you can engage in a thrilling solo or multiplayer action.
- Nintendo Games
With the new switch finally hitting the markets this March, you can experience cool games like Shovel Knight, The Elder Scrolls 5: Skyrim, Mario Kart 8, Fifa NBA 2K18 and I am Setsuna. What's more? The Super Mario Odyssey will be finally out this winter. It'll feature our favorite Mario characters running in a human populated metropolis in a sandbox style.
Nintendo Switch games come with a price tag of just $60.
- No StreetPass or Miiverse this Time
Neither Miiverse nor 3D StreetPass will appear in the new Gaming Console. However, the company plans to compensate for it by introducing new games in its place.
- Sensitive touch screen and Better Battery life.
If you don't plug in the device, you can still play your favorite games for three hours or so. Nintendo's new, multi-captive touchscreen is better than Wii U.
In short, the new Nintendo switch is not just cool, but also reasonably priced and more entertaining than before. It has certainly raised the bars for other gaming consoles in the market.


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Whoops, I didn't mean for a fortnight to pass between entries. And after promising to write more often as well… I'm such an arse.
I guess I have been taking advantage of the fact I don't have to write so regularly, though there have definitely been moments of late when I've thought (and even said out loud) "if I still had a blog I'd write about this". Except that I do still have a blog. Must remember that.
Leroy is staying with us now, and he hasn't been too much trouble. In a week and a half he has pee'd twice and pooped once inside, but only on the lino so no biggie really. That's a vast improvement on when he was permanently living with us and would pee and poop inside on a daily basis. He's been getting on fine with Stella, and they only seem to go for each other's throats occasionally.
I write to you from my bed in the lounge. It's been nearly four weeks since our life went all topsy turvy because we moved all our bedroom furniture into the lounge, and half the lounge furniture into the dining room, and all the spare room furniture into the study. The bedrooms will be painted tomorrow, and the carpet goes down next Monday. Then we can move back into our bedroom and I will bow down to the God of Home Renovation and thank him for finally showing us mercy. That is to say, I am over being displaced.
Sleeping in the lounge has made everything about life all a bit weird. For some reason it's harder to keep my normal routine and it's also difficult to keep the house clean and tidy. Joel thinks it might be because our bed is facing the opposite direction to what it normally does and it's messing with my head.
Hey, here's something, the builders threw away our blinds from the bedrooms. Seriously, what the heck, right? We were planning on replacing them with curtains eventually but they didn't know that, and we certainly weren't planning on having to replace them quite so soon. They had taken down the blinds to do their building-y stuff, and then just hiffed them out with all the other renovation rubbish – presumably by accident. So yesterday we looked into some new options for window furnishing, and HOLY HECK window dressings have increased a lot since my days working at Levene's. Suffice to say, all the reno work we're doing is costing more than we anticipated. This is not new information to anyone who has ever undertaken any home improvement activity of course.
Doing up the bedrooms has done my head in. I can't imagine what fun will be in store when we get around to tackling the bathrooms and kitchen. My eyes glaze over and throat closes up a little at the thought.
Okay, it's 11.42am and Joel is busy sanding in the bedrooms while I am still in my PJs, so I'd best get up and give him a hand. Gah – what a shit way to spend a beautiful sunny Sunday. The novelty of DIY-ing has definitely worn off.
Please tell me your renovation stories so I don't feel so alone, okay? I shall leave you with a shot of the spare room at the height of the destruction:


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Choose from Taekwondo for the whole family or
Hapkido Self-defense program for teens & adults.
Offer ends 7/31/18
Taekwondo classes for children ages 4-6 are Tuesdays and Thursdays at 5:30pm. For 7-12 years old on Mondays & Fridays at 6pm. Adult and teen classes are Mondays & Fridays at 7pm.
Hapkido self-defense classes are Mondays & Wednesdays at 8pm, and Thursdays at 6:45pm.
Learn first hand the many benefits of martial arts training.
Children Taekwondo:
Teen & Adult Taekwondo:
Teen & Adult Hapkido Self-defense:
For over 25 years, 9th degree black belt and Hall of Fame inductee Grand Master Daniel Baez, has been training and empowering men, women and children at the same location in Cooper City, FL.
What do you learn in Hapkido?
Hapkido was created as a self-defense system. Teens and adults will learn to:
What is Taekwondo?
Taekwondo is an olimpic sport and probably the most popular martial art in the world. It is great for people of all ages. Practitioners learn to:
Master Baez © 2018 All Rights Reserved.


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Train Bern → Lausanne
Duration 1h06 - From NZ$46
- Departure station : Bern (Bahnhofplatz 10a CH-3011 Bern)
- Arrival station : Lausanne (Lausanne station 1003 Lausanne)
Switzerland's capital is hot again
Bern, the capital of Switzerland Bern is the capital city of the Swiss Confederation and the fourth most populous city in Switzerland. Bern is surrounded on three sides by the river Aare, and is located just west of the centre of Switzerland and north of the Bernese Alps. The magnificent countryside around Bern was formed by glaciers during the Ice Age. The historic old town of Bern, is a UNESCO World Heritage site. Learn more about Bern
Lausanne, the Olympic capital
Lausanne, the Olympic capital Lausanne, the Olympic capital and the second largest city in Switzerland, is located on the shore of Lake Geneva in the French-speaking part of Switzerland. Sport and culture are an integral part of this Olympic capital making it a preferred tourist destination. A visit to the Lausanne will allow you to discover the exceptional setting of Lake Geneva and the surrounding Alps. Lausanne is also a centre for studies and research, and home to a large number of international companies. Discover its magnificent gothic cathedral dating from the 13th century and its city hall. Have a shopping splurge in the pedestrian city centre before relaxing on the lakeshore promenades at Ouchy. Learn more about Lausanne
Book your journey from Bern to Lausanne From NZ$46 NZ$62


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João Carlos Pereira Martins
I was just wondering if there were many cases of anorexia (nervosa) and bulimia in the beginning of the century... I know that Empress Elizabeth (Sissi) of Austria was 47 kg at the time of her death in 1898, by assassination, and she was 60!! Apparently she used strange methods to achieve her weight goals, like having bath in freezing water to then get exposed to hot steam. She believed that the thermal shock would help her to lose the "extra pounds".
Regards, João
Regards, João


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Welcome to our Zelda Breath of the Wild Food Recipe Record, right here you possibly can view quite a lot of Cooking Recipes in Zelda Breath of the Wild together with the Crafting Components to Make these dishes. The richest of the richest have these events where the chefs create delicacies out of endangered species; recipes for milk-fed white tiger cub, panda paw, and Komodo dragon amongst others are sprinkled all through the textual content. Specifically, take care with meat products – it's essential that uncooked meats don't come into contact with cooked meats.
Eat processed foods: Processing destroys nutrients, vitamins & minerals so frozen or dried is actually a better option. To cook dinner in hot fats. At the check-out, hold cold and warm foods in separate bags. Ensuring meals attain this protected minimal inner temperature with a food thermometer is the only dependable method to ensure security and to determine the doneness of cooked meats, poultry, egg dishes and leftovers.
After each use, all the time wash the stem part of the meat thermometer completely in scorching, soapy water. Some gadgets, similar to roasted vegetables, fish, and baked grains, truly cook better at higher temperatures. Meals alternative, cooking, and health are described, significantly in relation to financial elements that will result in well being inequalities within the inhabitants.
Industrial Cooker with the required substances and light the hearth to start the cooking course of. Spinach: When cooking fresh spinach, wash it completely and then place it in a skillet on medium warmth and stir gently till wilted. Brown: To cook over excessive heat, usually on high of the range, to brown food.
This does not mean that it's essential prepare dinner meals before you take it to the occasion but, for example, you need to slice the raw meat prepared for cooking. According to a controversial hypothesis put ahead by primatologist Richard Wrangham, these modifications were driven by cooked food.


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Ancestry.com has added a new database to their site over the weekend - Passenger and Crew Lists for U.S. Bound Vessels Arriving in Canada 1912-1939 and 1953-1962.
These are people who disembarked at Montreal, Quebec; Saint John, New Brunswick; Halifax, Nova Scotia; Vancouver, British Columbia; Victoria, British Columbia; Toronto, Ontario either by boat or by plane.
They say that 'This collection contains forms, or passenger lists, submitted to the Immigration and Naturalization Service (INS) by airline captains and shipmasters. These passenger lists and crew manifests provide information regarding vessels and passengers arriving in various Canadian ports from 1912-1939 and 1953-1962'.
You can expect to find some or all of the information, such as -
- Full name of passenger
- Age
- Gender
- Marital status
- Occupation
- Citizenship (nationality)
- Place of residence
- Final destination
- Birth date
- Birth place
- Port of arrival
- Date of arrival
- Port of embarkation
- Ship name
- Shipping line
The database is at http://search.ancestry.com/search/db.aspx?dbid=60501
Need help in finding your Canadian ancestors?
As a nod of the hat to the Ontario Genealogical Conference being held in Barrie, Ontario from May 29 to May 31, may we take this opportunity to offer a month-long discount on our research and consultation services of 15% (ends 11 June at midnight).
Just go to Elizabeth Lapointe Research Services at www.elrs.biz, or send an email with the subject "special" to firstname.lastname@example.com to see how I can help you find that elusive Canadian ancestor!
Research Tip! Canada is known as an immigrant nation. To research the immigrants who cane here, a good book on the subject is Destination Canada: A Genealogical Guide to Immigration Records by Dave Obee.
Check the Canadian Week in Review every Monday morning for the latest in Genealogy, Heritage, and History news in Canada.
If you missed this week's edition, it is at http://genealogycanada.blogspot.com/2015/05/canadian-week-in-review-18-may-2014.html
It's the ONLY news blog of its kind in Canada.


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Proud braggy moment… I made my first ever top for myself on Saturday! Since I got my sewing machine almost 2 years ago now (and it's been in storage or travelling for about 9 months of that time!!) I have only made items for my bub or gifts for other friends' babies… with the exception of a long dress for a black tie wedding in October last year! (Simplicity 6223 with modifications!!).
I am getting ahead of myself though – the whole reason I'm able to make tops for myself is because I bought a printer last Thursday! Super exciting people! The (sewing) world is my oyster!!
Anyway, so I was up late reading some blogs Friday night and saw the various Colette Sorbetto tops made by Navybluethreads and thought it was a super cute and simple top – what a great one to start with. Even more ahhhh-mazing was discovering the pattern was a FREE – yes – FREE download on Colette Patterns website! Thank you Colette Patterns!
So while my husband worked on Saturday, I plopped the toddler in front of the Baby TV channel (great parenting there…), made myself a coffee and spent the next couple of hours creating the first ever top for myself! He also had a super long nap that day. Awesome.
The pattern was so simple to put together. After reading comments from others that had already made this top (yeh I'm a little late to the game..), I lengthened it about an inch, and after sewing front & back together, I also took the seams in at the bottom of the top as they flicked out a little too much for my taste.
I used a Valori Wells Cotton Voile that I ordered through Hawthorne Threads – the weight of this fabric is perfect & light for the hot weather here in Tbilisi at the moment.
This was a really easy top to construct, the part that took the longest for me was making the bias binding to use for the arm and neck holes. As I don't have a bias tape maker, I got a few steam burns on my thumb while ironing the strip of bias into binding. Ow. It would definately save a massive amount of time to use pre- bought bias binding (but I haven't found any here…).
For my next one if I can't find a bias tape maker (which I haven't got a lot of hope for here..) I think I would just fold over the bias strip once and use it as a facing instead of bias binding.
I will have to make a couple of modifications to my next Sorbetto as the neck hole gapes out a little bit, it may also be because I didn't do a stay stitch along the neckline ….
Such a cute top with so many possibilities though!
Apologies for the awful pictures (yes I'm sure I'll say this everytime) as my husband has taken our camera to work so trying to take photos of myself in our walk in robe on an iphone. eek. You can tell I don't do it much.
Last night I purchased, downloaded and printed out the Colette Moneta dress pattern, so this morning I have assembled the pattern and cut out all of my pieces – Stay tuned for a super duper exciting blog post about it – please wish me luck that my teether cranky toddler will go to sleep at his actual bedtime tonight, not like last night.. and I really want to sew something more exciting than mending a hole in my hubbys work coveralls. (yep. Thats how I spent my morning. Fun.)


text: So I found out there is a glitch of sorts that causes the screen to be unplayable. While grouped up I was going to look at a badge really quick. However, instead of looking at Nexi, I clicked on Ninjette by accident, no big deal. They the group leader queued for a match, also no big deal. While selecting my character the "Buy, locker room, and test" screen was still up. Luckily I was able to select my character by blind chance. Thinking it might go away when the game starts. Nope. It was still there, and I tried to continue to play while only being able to see the out sides and the map. But since it wasn't transparent enough I couldn't play and have to quit, which was also hard to to without being able to see the options.


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Region. $12m to support small businesses
NSW Minister for Regional Development, Phil Costa, said the NSW Government would provide $12 million over four years from the Western Sydney Employment Fund to support businesses. "This fund will help small and medium sized businesses in Western Sydney to create much-needed jobs …funding will offset costs incurred by businesses during initial establishment or expansion. The fund would be available from the 2009/10 financial year up to 2013/14, and be administered by the Department of State and Regional Development.
Labels: Employment fund


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Stassi Schroeder from Bravo's reality hit Vanderpump Rules is a definitive basic bitch when it comes to living her best life. She's experienced her fair share of bad breakups, Jax and Patrick immediately come to mind, and has learned a thing or two along the way. She doesn't take herself too seriously and regularly doles out raw advice on her popular podcast, Straight Up with Stassi. In her new release, Next Level Basic: The Definitive Bitch Handbook, she shares her insight as to what it takes to be basic while remaining true to oneself in a social media driven world.
As a self-proclaimed connoisseur of ranch dressing, she devotes an entire section of the book detailing the best places to enjoy her favorite condiment. Whether its Taco Bell, cocktails, or even hot dogs she keeps it real as she parlays from one chapter to the next offering up her own spin on topics. Whether it's drinking, losing her virginity, or style confessions, she reveals the good, the bad, and the ugly. "Stop feeling guilty" is her mantra for according to Stassi, there's no shame in being basic. When it comes to her relationships, it hasn't been all lollipops and unicorns, but with each new experience, she has continued to grow. Being labeled the villain is a thing of the past. The new and improved version of Stassi is feeling comfortable in the skin she is in.
The takeaway from Next Level Basic is simple. Stop trying to be someone you are not and embrace your own idiosyncrasies. Celebrate what makes you happy and have the confidence to speak your truth. From someone who claims to be just basic, Stassi has evolved into someone quite extraordinary.


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by Eric Stashin (aka The Rotoprofessor)
The Pirates Austin Meadows has long been a heavily hyped prospect, though he's failed to live up to the billing. That wasn't more apparent than in 2017, when injury/suspensions seemed to clear a path to playing time but he failed to force the issue and take advantage. That's all about to change, as news broke last night that with Starling Marte heading to the DL Meadows will be summoned to make his MLB debut.
Prior to the season we awarded him a "B" grade while ranking him third among Pittsburgh prospects (behind Mitch Keller and Cole Tucker). At the time we said:
There were injuries and suspensions, so the opportunity was there for Meadows to seize the moment. However he failed miserably and finished 2017 hitting .250 with 4 HR and 11 SB. His plate discipline isn't bad (8.1% SwStr%), but will he be able to develop his power? Is there enough speed to make an impact? The skills indicate that there's a potential 20/20 player, but at some point we need to see those skills translate to the field. He's never hit more than 12 HR or stolen more than 21 bases in a season, though he's still just 22-years old (he'll turn 23 in May of '18). Obviously we aren't quite yet ready to lose all hope, but it's impossible to view him in the same light that we once did.
He has rebounded in 2018, hitting .294 with 1 HR and 8 SB over 126 AB at Triple-A. He's added 10 doubles showing that there's a little bit of power to tap into (and while he could eventually develop into a 15-20 HR hitter thinking it's suddenly going to develop in 2018 would be misguided), and he's clearly been utilizing his speed more consistently.
That said, let's not mistake Meadows for the next Billy Hamilton as Prospect 361 described his speed prior to the season:
He also has good speed – it's not game-changing speed by any stretch, but he should be good for 20 stolen bases per season.
There's nothing that stands out as unsustainable in his average, as the metrics behind it are solid:
- Strikeouts – 15.3%
- SwStr% – 9.3%
That's a solid makeup and it's currently viewed as his best tool. However he's a career .292 hitter in the minor leagues and owns a pedestrian .336 OBP in '18 (he's struggled to draw walks, with a 5.3% walk rate). You also have to wonder if he's taking too big of a fly ball approach (40.0% in '18) and if the strikeouts will spike at the highest level (we'd expect them to), meaning the average may not be impressive (.think .260ish).
At the end of the day what are we buying? There's little power along with questions about how his speed will translate (especially if he's hitting towards the bottom of the order and with a history of hamstring issues) and how big of an average he'll deliver initially. That's far too many questions, especially in shallower formats.
Fantasy Waiver Wire Guidelines:
- 10 Team League – Pass
- 12 Team League – Enough upside to stash on your bench
- 14+ Team League – Must Add
- NL-Only League – Must Add
- Keeper/Dynasty – Must Add
Sources – MILB.com, Fangraphs, Prospect 361
Missed our Top 100 prospect rankings? Make sure to check it out by clicking here. Also don't miss all of our 2018 Preseason Positional Prospect Lists:
|First Base
|Second Base
|Third Base


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- A network of more than 1,076 miles of marked and groomed trails in the winter and 956 miles of trails in the summer;
- 7 regional clubs whose passionate members promote trail development in harmony with nature;
- Forests, lakes, mountains, gorgeous landscapes anda vast territory to discover;
- Numerous lodging possibilities, welcoming innkeepers and outfitters.
- Locate them on the map, using the number mentioned in the ad;
- Many must-see attractions, including Montagne du Diable (Devil's Mountain) and the Windigo Falls;
- In addition, over 26 outfitters open their doors in summertime, thus offering visitors a wide variety of game and fish.
The maps are available for free at the Laurentians Information Bureau, located at la Porte-du-Nord.
You can also order it for free.
Can-Am Spyder rentals at Contant - BRP dealer. Not all rides in the Laurentians taste the same...
For an unforgettable adventure in the Laurentians. Since 1961, this internationally known snowmobile rental center has been offering its services and a direct access to trails.
Come experience an unforgettable holiday and discover the beauty of Quebec and the Laurentians!
An alternate way to discover the beauty of nature is to criss-cross the forest on an all-terrain vehicle.
Winter 2019-2020
Looking for action? Beginners or professionals, enjoy our friendly service and get ready for adventure! Ride through magnificent landscapes on your ATV or snowmobile.
Serving the region around Sainte-Agathe-Des-Monts, Thibault Marine Inc. is a leader in its field, offering you a range of new and used vehicles.


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< Back to Theatre
The Crucible
The Crucible tells the story of one man's fight to save his identity in a repressive Puritan community where intolerence collides with lust and superstition, fuelling widespread hysteria with tragic results.
Yael Farber directs a visceral re-imagining of Arthur Miller's modern American masterpiece about the Salem witch trials, which draws parallels with his experience of McCarthy's anti-communist investigations in the 1950s.
Show Information
Wednesday, 10th September 2014
Wednesday, 10th September 2014
Monday-Saturday 7.30pm
Thursday and Saturday 2.30pm
Venue Information
Old Vic Theatre
103 The Cut
Map | Seating Plan
(7mins) Take Mepham Street (100 metres) down to Waterloo Road. Turn right on Waterloo Road, but keep left as the theatre is 100 metres further along on the opposite corner.


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Bandanna-Lined Laundry Basket
Source: Martha Stewart Living, July 2011
Basket with square corners (19 1/2 by 13 by 10 1/2 inches), basketville.com
Fabric cut to the following sizes: 14 by 14 inches (short side; cut 2), 20 1/2 by 14 inches (long side; cut 2), 20 1/2 by 14 inches (bottom), 9 by 2 inches (ties; cut 8)
Tailor's chalk
Sewing machine and sewing supplies
To accommodate basket handles, cut notches in short-side fabric pieces. Use chalk to mark an inverted Y shape 4 1/2 inches from 1 corner. The Y should be 3 1/2 inches long and 1 inch wide at the bottom. Snip along these lines, and fold back flaps; edge-stitch in place. Repeat, making a second notch 4 1/2 inches from the other corner.
Sew sides together: With right sides facing, stitch a long side to a short side. Repeat. Sew those sewn pieces together. Press seams open.
Sew sides to bottom: With right sides facing, carefully pin sides to bottom so all corners align, and stitch. Press top edge down 1/2 inch, and hem.
Sew ties: Fold strip edges in so they meet in the middle. Fold in half lengthwise, and sew closed. Fold 1 end of each over, and hand-stitch onto the basket liner. Fold the other, loose end over 1/4 inch twice, and sew closed.
Position liner in basket, and fold upper edge over. Tie bows around handles.


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Business Administration Schools and Programs in Afghanistan
Study Business Administration in Afghanistan
American University of Afghanistan
Kabul, Afghanistan
The American University of Afghanistan is currently offering 2 degree courses: Business Administration and Information Communication Technology. Students may change their degree program as long as they meet all of the requirements for graduation. Additional degree programs will be added as the university develops. As a liberal arts university, all students will take a wide range of courses for the first two years of the degree program. Courses include literature, science, social sciences, philosophy and the arts.


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Working with Nottingham Trent University and IoP as a Link and Partner School we have designed a course that will develop teachers' subject and pedagogical knowledge to enable them to teach 11-16 physics with confidence to include the teaching of physics A level for suitable participants.
The course aims to develop understanding of issues and complexities which surround the teaching and learning of physics to enable participants to develop scientific skills to complement the knowledge needed to teach students for a deep understanding of physics. This course will include integrated practical elements.
Specific Learning Outcomes
- To develop knowledge, understanding and practical skills within physics;
- To will explore the 11-16 physics curriculum as well as the teaching of physics at A level standard for some candidates.
Knowledge areas taught will include:
Motion & Forces
- Linear motion and rotational motion
- Conservation of energy and momentum – impulse-momentum change theorem, law of conservation of momentum and collisions
- Thermal Physics – Methods of heat transfer and calorimetry
Electricity & Magnetism
- Static (electrostatics)
- Circuits, mains and electrical power including generation of electricity
- Nature, properties and behaviours
- Transverse – light to include reflection, refraction and diffraction
- Longitudinal - sound
- Types, uses and fission and fusion
Participants will be supported throughout by an in-school subject mentor who will facilitate opportunities to observe and try out the ideas from the programme. The course will be delivered through face to face sessions and on-line activities to support and develop learning between sessions.
This programme is ideally suited to:
- Specialist staff intending to teach physics next year who may not currently have the skill set required.
- Non-specialist staff who are currently/will be teaching physics.
- KS2 teachers teaching in a secondary school e.g. nurture groups
- Teachers wishing to return to the profession.
- Teachers wanting to increase their job prospects through being able to offer a second subject specialism.
- TAs wishing to specialise in physics


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Lexus has postponed plans to start building vehicles in China due to a slowdown in the country's automotive market and lower manufacturing costs in Japan — from Reuters:
"Toyota's committed to China, and we will eventually start producing Lexus cars here. There's no doubt," one of the executives told Reuters.
According to research firm LMC Automotive, the mid-size ES sedan, the compact NX crossover and the RX crossover SUV account for some 85 percent of Lexus's sales in China, which are forecast to total 83,700 this year, up 12 percent from last year.
"When Mercedes-Benz could sell some 3,000 S-Class flagship sedans a month in China, we sell five or so LS saloons a month," said the first source. "Even in a dead market like Japan, we sell a lot more."
Based on sales, it was expected that either the ES sedan or RX crossover would be produced in China. The delay is expected to be "at least a few years, probably until 2018 or later".
Source: Reuters