ムーディーズが、フランスの銀行を格下げ 1:21a Moody's cuts Credit Agricole long term ratings 1:20a Moody's cuts Credit Agricole BSFR to C from C+ 1:10a Moody's cuts SocGen rating to Aa3 from Aa2 1:10a Moody's cuts Societe Generale long-term ratings ttp://www.marketwatch.com/story/newsviewer
Democrats suffered a stunning blow Tuesday as voters in New York’s 9th Congressional District handed the seat to Republican Bob Turner, reversing a nearly 90-year tradition of electing Democrats to represent the district. With about 80% of precincts reporting, GOP political novice Bob Turner held 53% of the votes, compared to Democrat David Weprin's 47%, election officials said. The district, where registered Democrats outnumber Republicans 3 to 1, had not been represented by a Republican since 1923. But Turner, a retired television executive best known for producing "The Jerry Springer Show," mounted a late surge in the polls as the race appeared to become a referendum on Obama.
ttp://www.nytimes.com/2011/09/14/nyregion/ny-democrats-try-to-avoid-upset-in-special-election.html?_r=1&pagewanted=2 The upset in New York came the same day that, in a special election in Nevada’s Second District, an open seat was won by Mark Amodei, a Republican, over Kate Marshall, a Democrat. While Mr. Amodei’s victory was hardly a surprise, as the district has been held by a Republican since it was created in the 1980s, his defeat in the more Democratic leaning parts of the district demonstrated the challenge Democrats face in a country frustrated with high levels of joblessness and no near end in sight to economic woes.
The conversation with Lieberman revealed voters in the very blue district seem interested on two issues: jobs and Israel. Turner's message to constituents has been that if they're not happy with the Obama economy or with the administration's stance on Israel, Turner is their man. Turner also picked up major Jewish Democrat endorsements along the way -- local Assemblyman Dov Hikind (who has been campaigning with Turner) and former New York Mayor Ed Koch. Lieberman emphasized that these two Democrat politicians are telling voters to cross over and that this isn't about party, but a referendum on Obama and jobs and Israel.
"The idea is telling Obama, we're not just in your pocket because we're Democrats and we're ticking off Democrat all the way down the list," Lieberman said, speaking generally from her perspective of working on the campaign and witnessing Hikind's impact. "We are holding you responsible for your policies, and we're telling you we don't want them."
ttp://swampland.time.com/2011/09/14/republicans-score-upset-win-in-new-york-special-election/ In a recent Public Policy Polling survey, 29% of respondents said gay marriage was a very important issue. Another factor was the perception that Turner was the stauncher ally of Israel. Turner, who was endorsed by Democratic former New York City mayor Ed Koch and Democratic Assemblyman Dov Hikind, capitalized on the issue, calling the race a referendum on Obama’s Israel policy and running inflammatory ads that misconstrued Weprin’s support for an Islamic community center and prayer space near Ground Zero. In a statement congratulating Turner, Speaker Boehner called the win a “strong warning” that it was time to end Democrats’ “misguided policies on Israel.”
ttp://theweek.com/bullpen/column/219187/is-there-electoral-gold-in-solyndra Is there electoral gold in Solyndra? The feds' probe into the collapse of a green-tech firm favored by the White House could spell trouble for Team Obama in 2012 POSTED ON SEPTEMBER 13, 2011, AT 12:33 PM 破産した太陽光パネルメーカー、ソリンドラへのFBIの捜査が始まったが、この企業への優遇事件はオバマ再選チーム にとってトラブル(スキャンダル)になる可能性も Ed Morrissey
There have been other controversies in the Obama administration, such as Operation Fast and Furious in the ATF office in Phoenix and the Department of Justice. But Solyndra is the first controversy that has the potential to directly stain Barack Obama himself. Indeed, Obama might find that his well of personal favorability could run dry if investigations discover quid pro quos in Solyndra's collapse and the vaporization of over a half-billion dollars in taxpayer funds. オバマ政権のスキャンダルのネタは他にもあるけれど、ソリンドラ事件はオバマ大統領個人に直接及び得る最初の事件である
I was going to do a post about the White House’s stupid new AttackWatch website, where you ? yes, you ? can report someone saying something mean about Barack Obama. But instead of mocking it, let’s try to get on it. Here’s an attack for them: Why was it so desperately important that Joe Biden announce the Solyndra loan at the groundbreaking ceremony for the company’s new plant that federal analysts had to be rushed through their review of a $500 million deal? ・・・ Andrew Stiles makes a good catch: Until now, the White House has insisted that it didn’t intervene in the deal, but what else would you call it if, due to time constraints, OMB was forced to use a possibly sub-standard model that led to approval of a loan that everyone else knew shouldn’t have been made?
Mr. Obama has made some meaningful exceptions, particularly having to do with security partnership, but overall he has built the most consistently one-sided diplomatic record against Israel of any American president in generations. His problem with Jewish voters is one of substance, not messaging.
The size of Japan’s economy and its scarcity of domestic energy sources mean that changes in Japan’s energy consumption will have to be realized on world markets and will have implications for the availability and price of these energy sources for other countries. 日本は其の経済規模の大きさと、国内にエネルギー資源を持たないという条件から、世界のエネルギー市場に影響を与え、 そのために、それらエネルギー資源の市場における他国への影響(利用可能性と価格への影響)についてのインプリケー ションをもつものである。
The Fukushima nuclear incident has also already affected the energy policy of other countries. For example, it has heightened concerns in the U.S. about the government’sefforts to re-start its nuclear power industry and the German government has closed downits older nuclear power plants. However, at the same time China is forecasted to launch nuclear power projects with a combined generation capacity of 40 million kw.
The challenges presented by nuclear power, its safety and potential contribution to addressing climate change should be part of a broader discussion of the role of energy and energy markets in helping countries achieve energy security and reduce their GHG emissions. This could include discussions under the U.S.-Japan Joint Nuclear Energy Action Plan on how to increase the safety of nuclear power, including the role for nuclear power in reducing GHG emissions. On a multilateral level, the G20 could usefully explore ways of increasing the transparency and predictability of energy markets and their implications for climate change policy.
前スレの最後の部分で紹介した、FTのMartin Wolfの評論の日本語訳 -------------------------------------------------------------------------------------------------- ttp://jbpress.ismedia.jp/articles/-/22503 ユーロ圏を救う唯一の道ドイツが運命を決する選択をする時が来た 2011.09.15(木) Financial Times By Martin Wolf(2011年9月13日付 英フィナンシャル・タイムズ紙)
ttp://www.marketwatch.com/story/end-game-approaches-for-greek-crisis-2011-09-14?pagenumber=2 Wednesday’s conference call, due to take place around 5 p.m. London time, or noon Eastern, is expected to see Papandreou outline the government’s timetable for its privatization program and efforts to cut public spending, Ekathimerini reported. (メルケル+サルコジ+パパンデレウ)の電話会談は5.00PM・GMT(12.00 EST)に開催予定
アテネとパリで配布された声明によると、パパンドレウ首相は、国際救済策で条件の一つである財政赤字削減目標 を達成する決意を表明した。サルコジ大統領とメルケル首相は、「ギリシャが今後もユーロ圏内にとどまることを 確信」しているという。 ------------------------------------------------------------------------------------------------------- ttp://www.marketwatch.com/story/us-stocks-struggle-for-third-day-of-gains-2011-09-14?dist=afterbell U.S. stocks rally on Greek reassurances By Kate Gibson, MarketWatch Sept. 14, 2011, 4:49 p.m. EDT アメリカ株式は独仏首脳のギリシャ関連の声明の後、ラリーに マーケットウオッチ
NEW YORK (MarketWatch) ? U.S. stocks extended gains into a third session Wednesday after German Chancellor Angela Merkel and French President Nicolas Sarkozy reaffirmed their support for Greece, giving temporary relief to concerns about an impending euro-zone default. メルケル首相とサルコジ大統領が電話会談の後にギリシャへのサポートを再確認する声明を出し、ギリシャのデフ ォルトの危機が当面避けられたと見て、株式市場はラリーになった ------------------------------------------------------------------------------------------------------- NYSE 引け値 Dow 11,247 +141 +1.27% Nasdaq 2,573 +40 +1.60% S&P500 1,189 +16 +1.35% CME225 8,585
独仏希の電話会談後の声明をどのくらい意味あるものと解釈すべきなのか良くワカランけど、株式市場は、とりあえず は歓迎と言うことのように見える。しかしFTは、この市場の動きについて --------------------------------------------------------------------------------------------------------- ttp://www.ft.com/intl/cms/s/0/fa4a9090-dcfd-11e0-b4f2-00144feabdc0.html#axzz1Xy3m78n0 But US Treasury yields are only slightly higher at a tad over 1.99 per cent, still just shy of multi-decade lows. The euro is up 0.6 per cent to $1.3758, still weighed by a sense that its valuation is not quite low enough given the rising risk of a Greek default. しかしながら、アメリカ国債のイールドは、わずかに上昇、1.99%となり依然として数十年来の低さの領域にある。 ユーロは0.6%上昇し対ドルで$1.3758となった。依然としてギリシャのデフォルト・リスクの上昇する中で充分低い とはみなせない
Credit markets are all but predicting Athens will be forced to default and it is arguably likely that the outcome has been discounted by the majority of investors. It is thus the form of any such action and its contagious properties that is most exercising traders, with pessimists saying it could trigger another banking crisis, just three years after the turmoil delivered by Lehman Brothers’ demise. クレジット市場は依然としてギリシャのデフォルト不可避を予想する動きを見せており、デフォルト発生に向けた動き や、その他の国への感染があれば、リーマン危機から3年を経て、新たな銀行危機が発生し得るとトレーダーは見ている。 (Equities surge after Greek reform meeting By FT Reporters)
ttp://online.wsj.com/article/SB10001424053111903927204576570190272737776.html?mod=WSJ_Markets_LeadStory "What the market was praying for was not-negative news, and they got what they hoped for, other than that burp from Austria," said Dan Alpert, managing partner at Westwood Capital. "There's no fundamental reality to the trade." 「市場が願っているのは『悪いニュースが無い』ことで、今日はそのように希望をつなぐことができた。オーストリアのちょっ としたニュース以外に、今の取引には何のファンダメンタルなリアリティもない」とWestwood Capitalのマネージング・パー トナーであるDan Alpertが述べている
But China does not hand out free lunches, and Europe has no right to expect any. Beijing is already linking support for the eurozone to official European recognition of China as a market economy. China is also making the point that the Europeans need urgently to get their act together by mastering the debt crisis and reforming their economies. It is a message that is hard to disagree with.
ソリンドラについて、バイデン副大統領は「政府の景気回復促進法の目的に叶う」といい、エネルギー省長官の Steven Chu は「アメリカの雇用に新たな改革のスパークをおこすもの」と述べて最大級の支援をしてきた。オバマ大統領は2010年に ソリンドラの工場を訪問し「ソリンドラのような企業が、より明るい、より繁栄した未来を導く」と述べている。
<韓国の大規模停電、APの報道> ttp://www.google.com/hostednews/ap/article/ALeqM5gTEdQxxJOBZvZPT9jf0MgEiwcjtQ?docId=ddfed9d006c049d3aa5a5f2dd99922f6 The Economy Ministry said the outages occurred after the state-run power company failed to meet demand that was 3.2 million kilowatts higher than expected. Thursday's temperature of 88 degrees Fahrenheit (31 degrees Celsius) in Seoul was the highest in nearly two weeks. The ministry said it was still assessing damage from the outages. Lee In-sun, an official at the National Emergency Management Agency, said nearly 1,000 cases of people being trapped in elevators were reported. No injuries or deaths were reported from the outages, he said.
The state-run Korea Power Exchange, which coordinates power supplies, said in a statement that officials were working to restore electricity. It said some power facilities were being repaired when the demand for power peaked. 国営韓国送電は電力供給の配分を行っているが、声明文の中で給電再開に努力中としている。この中で電力需要のピーク時 に一部の発電施設が修理中であったとしている。
ttp://blogs.wsj.com/korearealtime/2011/09/15/hot-day-sparks-controlled-blackouts/ The exchange, or KPX, manages power supply and demand conditions in the country. It starts the blackouts when there is less than 4 million kilowatts of power still available. Part of the intention is to make sure that essential facilities, such as hospitals, military bases and some factories (like those making chips for Hynix and Samsung), are always supplied with power.
UBSのトレーダーの20億ドルの損失発生事件(FTアルファビレ) ttp://ftalphaville.ft.com/blog/2011/09/15/678171/ubs-rogue-trade-call-the-cops/ *UBS SAYS ARREST IN LONDON RELATED TO TRADING LOSS *LONDON POLICE SAYS MAN ARRESTED ON SUSPICION OF FRAUD *LONDON POLICE SAY HAVE ARRESTED 31-YEAR OLD MAN IN LONDON ON SUSPICION OF FRAUD * ARREST WAS MADE AT 0230 GMT IN CENTRAL LONDON ? CITY OF LONDON POLICE, REMAINS IN POLICE CUSTODY
Jobless claims jumped to 428,000 from an upwardly revised (as usual) 417,000 the week before. That’s much worse than the 410,000 economists expected and much too high. 週間失業申請は悪化:417000→428000
The Empire State manufacturing index went from -7.72 to -8.82 ? that’s moving in entirely the wrong direction, too. エムパイアステート製造インデックスも悪化:−7.72→−8.82
And CPI was hotter than expected, up 0.4%, compared with the 0.2% economists expected. Excluding food and energy, core CPI came in at 0.2%, matching forecasts. CPIは↑0.4%(予想は↑0.2%)しかしコアPIは予想と同じ↑0.2%
The stock market is nearly bulletproof today, though. Despite this stagflationary data, Dow futures are still up 21 points, compared with about 40 points before the data. S&P futures are up 2 points, and Nasdaq futures are up 9 points. でもダウ先物は↑21、S&P先物は↑2、NASDAQ先物は↑9
The world's major central banks have agreed to provide dollar liquidity in a coordinated act. U.S. stock futures and European equities jumped on the news, and the euro rallied against major currencies. 世界の主要国中央銀行は、共同歩調をとってドルの流動性を提供してゆくことで合意した。このニュースで米国の 株式先物と欧州の株式現物がジャンプした。また対主要通貨でユーロがラリーした
マーケット・ウオッチ記事 ttp://www.marketwatch.com/story/us-stock-futures-rally-on-ecb-action-2011-09-15-925140?link=MW_home_latest_news NEW YORK (MarketWatch) -- U.S. stock futures pointed to strong opening gains Thursday after the European Central Bank said it was coordinating with the Federal Reserve and other central banks to ease U.S. dollar funding stress in the European banking system. "This event is an attempt to prevent a run on some European banks in terms of funding, especially dollar based funding. It is a liquidity move for European banks and separate from the fiscal debt issues facing Greece and others," said Peter Boockvar, equity strategist at Miller Tabak. Futures for the Dow Jones Industrial Average DJ1Z +0.89% rose 98 points to 11,272. Futures for the Standard & Poor's 500 SP1Z +1.04% advanced 12.10 points to 1,194.30. Nasdaq 100 futures climbed 25.25 points to 2,271.50.
Miller Tabak社の株式ストラテジストのPeter Boockvarはこの発表について「これは一部の欧州の銀行の特にドル建てのファ ンディング問題に対処するもので、流動性提供によってギリシャなどの直面するフィシカルな負債問題と欧州の銀行とを分離 しようというものだ」と述べた。株式先物が高騰している
The Governing Council of the European Central Bank (ECB) has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three US dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year. These operations will be conducted in addition to the ongoing weekly seven-day operations announced on 10 May 2010. The schedule for these additional operations is as follows: ttp://av.r.ftdata.co.uk/files/2011/09/Cenbank_dollar.png
There are a lot of questions around this deal. At least one investor in it was a prominent Obama fundraiser. Some Democrats say Solyndra executives may have misled them. If the federal government can't responsibly manage the money it's doling out in the name of economic stimulus, then it has no business doling out the money ? period. ここには多くの疑問がある。少なくとも一人の出資者は顕著なオバマへの献金者だ。一部の民主党員はソリンドラの経営陣が 政府をミスリードしたかも知れないという。連邦政府が経済刺激政策の名のもとに、責任ある資金運用ができないというので あれば、そういう政府はお金を扱うべきではない。ピリオド。
But from the way Reuters explains Geithner’s idea, while the EFSF would similarly offer some credit protection to the ECB, the ECB would obviously just buy the bonds itself from investors on the secondary market (as it recently did so controversially with Italian and Spanish sovereign debt). But it’s not as if the ECB would be lending money to investors. The idea, we’re guessing, is for the increasing ECB purchases both to signal a price rise for these bonds and simultaneously free investor money for more sovereign debt purchases.
In his new book, "Understanding China's Economic Indicators," The Wall Street Journal's Beijing-based columnist Tom Orlik guides readers through data on everything from gross domestic product to bond market yield curves. 著者は北京在住のコラムニストでWSJにも評論を寄稿。この新著、"Understanding China's Economic Indicators,"では、 GDPからイールドカーブまで、中国の発表する数字の意味するもの、其の読みかたについて書いている。公的に発表され るGDPの数字が、何故信用出来ないのか、その理由は何なのかとか(ry
“Delta One” is the name given to producing returns equal to those on a specified asset, but through trading other securities, not the specified one. The supposedly clever idea is that the bank keeps any extra profits above those it needs to replicate the return on the underlying asset. Synthetic exchange traded funds work on a similar principle. Delta One, which takes different forms at different banks, was the type of trading that led Jerome Kerviel to rack up losses of ?4.9bn at Societe Generale in 2008. The explosive growth of synthetic ETFs, which are often traded on the same desks, is increasingly worrying regulators because the assets that support the funds are often opaque. ttp://www.ft.com/intl/cms/s/3/c2e779ca-df95-11e0-845a-00144feabdc0.html#axzz1Xy3m78n0
But it is obvious that banks do not fully understand what they are doing. Regulators need to step in before the latest attempt by banks to chase lucrative but poorly understood growth areas results in a repeat of the structured products crisis from which the investment banks have yet to recover.
ソロス氏はそのうえで、1)弱小国家の銀行破たんを防ぐため、銀行預金を保護する必要がある、2)デフォルトした国の 経済を支えるため、一部の銀行の機能を維持する必要がある、3)欧州の銀行システムの資本再編を実施し、国家でなく 「欧州」の監督下に置く、4)赤字を抱えた他の国の政府債を保護する必要がある──とする4つの大胆な政策措置を提言。 「それらはすべてコストがかかるが、課税権限を持ち、借り入れもできる『欧州財務省』を創設する以外に選択肢はない」 と述べた。 ------------------------------------------------------------------------------------------------------------ *この記事の参照しているソロス氏の評論の原文は ttp://www.nybooks.com/articles/archives/2011/oct/13/does-euro-have-future/ Does the Euro Have a Future? OCTOBER 13, 2011 George Soros
スイスというのは(大国に囲まれている小国なので)必然的に守りの国で・・ What characterizes the Swiss? "The Swiss have a reputation," says Christoph Oschwald, "for protecting valuable things, like money, data and gold. Even the pope."
その結果、防衛能力は定評があって、アインシュタインは Albert Einstein will have been right. He once said that he knew where he would go if the world was ending: "Switzerland. Because everything happens a little later there." (シュピーゲルの記事から ttp://www.spiegel.de/international/europe/0,1518,785972,00.html)
But it’s strange times we are living in. Post-war US is perhaps a little narrow. Looking at a couple of other recoveries that were followed by stalls ? the Great Depression and Japan in the 1990s. The former, though never really a double dip, is widely thought to have its recovery cut short by the Fed doubling reserve requirements between July 1936 and May 1937. The ‘lost decade’, meanwhile, was attributed to fiscal tightening, among other issues. 1930年代の大恐慌にもこの類似が見られ、日本の90年代の失われた10年も同じ
ソリンドラの次の、ホワイトハウスとの政治的関係の疑われる企業、→LightSquared -------------------------------------------------------------------------------------------------------------- (WSJの15日の記事) ttp://online.wsj.com/article/SB10001424053111903927204576573231491375462.html?mod=googlenews_wsj GOP Lawmaker Calls for LightSquared Inquiry By AMY SCHATZ SEPTEMBER 15, 2011, 8:18 P.M. ET 主要な共和党下院議員らが、LightSquaredの通信事業の試験運用認可に関してホワイトハウスとの不適切な関係がないかを調査する ように下院軍事委員会で要求 By AMY SCHATZ
A key House Republican on Thursday called for an investigation into whether White House officials helped LightSquared, a start-up wireless company, with its proposal for a new national wireless network. Rep. Michael Turner (R., Ohio), a top member of the House Armed Services Committee, said he is asking a House investigations committee to look into the issue. "We cannot afford to have federal telecommunications policy, especially where it affects national security, to be made in the same way that the White House parceled out a half billion dollars in loan guarantees to the failed Solyndra Corporation," Mr. Turner said at a hearing on whether the company's proposed service could knock out Global Positioning System, or GPS, devices. 下院軍事委員会の重鎮である共和党の Michael Turner議員は、広域無線LANのベンチャー企業であるLightSquaredの試験的運用のFCC による認可などについてホワイトハウスの関係者が(不適切に)それを優遇している疑いがあり、議会に対してこの事件の調査を求め た。同議員は「LightSquaredの運用がGPSに悪影響を与えて国家安全保障上の問題になりかねない為、FCCがこの会社に優遇措置を与え ていることを見のがせない。ソリンドラに連邦政府の債務保証を与えたのと同じやりかたではないか」と述べた。(後略) -------------------------------------------------------------------------------------------------------------- この新たなオバマ政権のLightSquared疑惑とでも言うべき事項について、比較的上手く全体像を書いていると思える記事があって
ttp://pajamasmedia.com/blog/lightsquared-another-solyndra/ LightSquared: Another Solyndra? A pattern of providing White House support to favored companies ? at taxpayer risk ? is emerging. September 15, 2011 - 12:00 am - by Richard Pollock LightSquaredは、第二のソリンドラなのか? ホワイトハウスが特定企業を優遇するパターンは同じ
●米国空軍の William Shelton将軍(空軍スペースコマンド指揮官)がLightSquaredのGPSに関する影響で議会で証言する予定があった が、ホワイトハウスはWilliam Shelton将軍に事前に圧力をかけ証言内容を当たり障りの無いように変えさせた疑いがある。これについて ディリービーストの記事 ttp://www.thedailybeast.com/articles/2011/09/15/lightsquared-did-white-house-pressure-general-shelton-to-help-donor.html White House Pressure for a Donor? Sep 15, 2011 12:24 AM EDT The Pentagon has worried for months that a project backed by a prominent Democratic donor might interfere with military GPS. Now Congress wants to know if the White House pressured a general to change his testimony. -------------------------------------------------------------------------------------------------------------- *この事件は、いわば進行中なのでいろいろな事実が少しずつ明らかになってきている。今後の展開に期待;
Shelton finally gave his testimony Thursday, and made clear the Pentagon's concern about LightSquared's project.
The general told Turner's committee that preliminary tests of a new LightSquared proposal to use only a portion of the band that it was licensed originally in 2004 would cause significant disruptions to GPS.
He said the GPS spectrum was supposed to originally be a “quiet neighborhood,” meaning that lower strength signals could exist near the GPS spectrum. Speaking of the LightSquared plan, he said, “If you put a rock band in the middle of that quiet neighborhood, that’s a different circumstance.”
ttp://techblog.dallasnews.com/archives/2011/09/controversy-over-lightsquareds.html But there's been growing concern that the slice of wireless spectrum LightSquared intends to use to provide its service lies too close to the spectrum used for GPS navigation. The broadcast power of LightSquared's thousands of towers will overwhelm and drown out GPS, critics say.
So LightSquared said it will move its service to a section of spectrum a bit farther away from where GPS is transmitted, saying such a move would eliminate interference for all but the most sensitive GPS devices. For those devices, hardware retrofits or other workarounds could be used.
If LightSquared does get approval to launch its network, it could be a windfall for several telecom equipment companies with major operations in the Dallas area. But critics, including the U.S. military and aerospace and agriculture companies, are still worried about the GPS issue.
Fixed broadband subscriptions Leading countries in fibre are Japan (58%), Korea (55%), Slovak Republic (29%) and Sweden (26%).
Korea is the leading country for wireless broadband subscriptions with 89.8 per 100 inhabitants, followed by Finland (84.8), Sweden (82.9) and Norway (79.9).
しかしムーディーズはイタリアの格付け検討を更に1ヶ月延長して行うと発表。とりあえずは、イタリア(と債権を持つ銀行) にとって良い週末(ry Good news for Italy, Italians, European banks and people who enjoy having weekends: Moody’s just said it will spend another month reviewing Italy’s credit rating. Markets were on edge today waiting for Moody’s to drop a rating downgrade on Italy, at the end of the traditional three -month review period dictated by the Torah. Instead, Moody’s cut us all some slack and said: Moody’s Investors Service is continuing its review for possible downgrade of Italy’s Aa2 local and foreign currency government bond ratings.
Speculative investors held an $828.9 million long position in the dollar against a basket of other major currencies as of Sept. 13, the Commodity Futures Trading Commission’s weekly commitments of traders report. The first long position in the dollar since July 6, 2010, was driven by another sharp increase in bearish bets on the euro. 9月13日のCFTCの週刊データに依れば、通貨への投機的な動向を示すネットポジション残高で、通貨バスケットに対するドルは2010年7月 以降初めて$828.9 million のロングになった。
The big bet in favor of the dollar and against the euro came during a week where the euro tumbled to $1.3495, its lowest level since February. ユーロのショートに賭ける向きが増大しユーロは今週対ドルで$1.3495をつけ、2月以降の最低を記録した
The $9.3 billion euro short position was the largest since June 29, 2010, when investors held an $11.23 billion short position and the euro was trading below $1.22 due to major worries about the region’s debt crisis, particularly in Greece. ユーロのショートポジションは $9.3 billionで、昨年6月29日以降の最大。昨年のユーロの最低値はギリシャ危機の深化の時期に $1.22 となっていた。(後略)
All year, the credit markets have sounded warnings that the stock markets only belatedly recognized. As long as those credit indicators are still flashing red, it’s hard to get comfortable with equities just yet. Mr. Darda writes:
(MKM Partnersの現状評価は) We continue to believe forward earnings estimates are about 30% too high (they tend to be 25%-30% too high at business cycle peaks). Moreover, the weakness in U.S. credit markets supports the idea that year-ahead earnings expectations need to come down by 25%-30% and that equity markets are ahead of themselves at current levels.
温首相は公の場で初めて、中国の支援を、同国政府が長らく求めてきた政治的な譲歩と直接結びつけてみせた。具体的には、 欧州が中国に完全な「市場経済国」の地位を与えることだ。 ------------------------------------------------------------------------------------------------------------------------- ttp://www.ft.com/intl/cms/s/0/7111c148-dec6-11e0-a228-00144feabdc0.html#axzz1YAslPCRg No free Chinese lunch for Europe September 14, 2011 11:07 pm (FT社説、14日)
But China does not hand out free lunches, and Europe has no right to expect any. Beijing is already linking support for the eurozone to official European recognition of China as a market economy. China is also making the point that the Europeans need urgently to get their act together by mastering the debt crisis and reforming their economies. It is a message that is hard to disagree with.
If one country were to leave the euro, the fear would rise that others would follow, creating exchange rate risk across the zone ? smart euros would fly out of, say, Tuscany and into Bavaria in case Italy also left the euro. Even so, the ECB could act as a circuit breaker, offering to buy unlimited sovereign bonds of countries under pressure ? but that would require agreement across the zone that such purchases were acceptable.
In Nevada, the Republican crushed a top-flight female Democratic candidate by 22 points. In both races, the Democrats used their trump card: scaring seniors by telling them the GOP wants to take away their Medicare and Social Security. It didn’t work.
This came against a backdrop of abysmal poll numbers showing Obama’s approval falling with every constituency, including Democrats, Independents, Hispanics and African-Americans. That might be why congressional Democrats are openly balking at his must-pass stimulus do-over. ttp://www.nypost.com/p/news/opinion/opedcolumnists/obama_in_winter_xGE1fA0MUHOUdfHaABQCAP
ttp://www.spiegel.de/international/business/0,1518,786048,00.html Greenwashing after the Phase-Out German 'Energy Revolution' Depends on Nuclear Imports By Laura Gitschier and Alexander Neubacher 09/15/2011 ドイツの脱原発の結末 ドイツの「エネルギー革命」はフランスとチェコからの原発電力の輸入への依存を意味する(部分抜粋) By Laura Gitschier and Alexander Neubacher シュピーゲル 9月15日
Germany's decision to phase out its nuclear power plants by 2022 has rapidly transformed it from power exporter to importer. Despite Berlin's pledge to move away from nuclear, the country is now merely buying atomic energy from neighbors like the Czech Republic and France. ドイツは2022年までに脱原発を果たすと決めたが、この結果ドイツは急速に電力輸出国から輸入国に転じている。ドイツ政府の原子力 からのの離脱というお題目にもかかわらず、その実態は隣国のフランスやチェコからの原発の電力を買うことになるだけである。
An Unpleasant Surprise on the Horizon ●(電力料金値上げなどの)好ましくないサプライズが行先に見えてきた
ドイツ連邦統計局は経済成長と電力需要の増加に見合うためには、脱原発により、電力輸入が不可避という。ライプツィヒにある European Energy Exchangeはドイツの電力料金の変化をモニターしているが、最近10%近くの大幅な料金高騰が起こっているという。 "Prices are already at an alarmingly high level," warns European Energy Commissioner Gunther Oettinger of Germany.
From Energy Exporter to Importer ●電力輸出国から電力輸入国に
ブラッセルに本拠を置くEuropean Network of Transmission System Operators for Electricity (ENTSO-E)は欧州諸国の(国境を超 える)電力のフローをモニターしているが、コンピュータのモニター上では電力の輸出はブルーで、輸入は黄色の矢印で示される。 最近数カ月間、ドイツについてブルーよりも黄色の矢印が増えてきている。ドイツがどの国から電力を輸入しているのかを、このモニ ター画面はリアルタイムで示すが、それはフランス及びチェコなどである。
Replacing Nuclear with Nuclear ●ドイツ国内で脱原発して、隣国の原発電力で、その穴を埋める
Indeed, the phase-out has turned out to be more of a switch-over, with nuclear replacing nuclear. "The only difference is that other countries now bear the risk," says Konrad Kleinknecht, former climate representative at the German Physical Society (DPG), the world's largest organization of physicists. He calls this policy nothing but "German hypocrisy." ドイツ物理学会の前の気候変動部会の代表であるKonrad Kleinknechtは、こういう政策は「ドイツの偽善」であるという
Austria Sees Opportunity ●オーストリーなどの隣国や東欧がドイツへの輸出の機会を伺う
Power Laundering ●揚水発電の為に夜間に電力を使い水を蓄えて、国際電力料金の高い、風の少ないピーク時に水力発電電力を売るというロンダリングも
Resistance to Change at Home ●ドイツ国内の電力業界には不満や抵抗も
ドイツ国内の電力会社は、自己の原発を廃止し、リストラして、それよりも技術的に上にあるとは限らない隣国の原発の電力を買うこと に抵抗があって、政府の計画に従うことに抵抗がないとは言えない The current mood at Germany's utility companies is sober. While their competitors in other countries are making a profit, German energy giants like E.on and RWE have announced cost-cutting measures and job cuts. In fact, they planned to air their grievances at the Chancellery, the offices of Chancellor Merkel, this week.
A cynic would argue that the Chinese solar industry rose to market dominance on the back of European subsidies. Europe provided the market for Chinese solars to drive production scale and economies of learning, helped by cheap labor and credit, and the rest is history. 中国の太陽光パネル産業というのは、ヨーロッパ諸国の政府援助による太陽光パネルの需要拡大に伴って成長。ヨーロッパが中国 に太陽光パネルの市場を与え、中国国内で生産スケールの拡大とスケールメリットの享受を許した。安価な人件費や融資がそれを 助けた。 ttp://seekingalpha.com/article/294005-when-will-china-get-serious-about-domestic-solar
NEW YORK (TheStreet) -- American Superconductor(AMSC_) said it had no choice but to sue Chinese wind giant Sinovel for intellectual property theft, but that doesn't leave investors with much of a choice when it comes to shares of the technology company and former supplier to China's largest wind turbine maker. アメリカン・スーパーコンダクターは中国の風力発電タービンの大手であるSinovelに対して知的所有権侵害の訴訟を起こす他 なくなったと発表した
American Superconductor announced late on Wednesday that it was suing Sinovel for stealing its intellectual property -- related to the software and electric components it makes that allow Sinovel's wind turbines to connect to the electricity grid. The turbine produces electricity that must be converted for the grid and the software card inside the electrical components facilitates this process. A former employee of an American Superconductor affiliate in Europe was arrested by Austrian law enforcement in July for corporate espionage, essentially for providing a way for Sinovel to hack through the encryption that protects AMSC's source code. 特許訴訟の対象となる事項は電気部品とソフトウエアで、風力発電の電力を送配電グリッドに接続するための関連技術であるという。 アメリカン・スーパーコンダクターの欧州の関連会社の従業員が6月に、オーストリーの司法機関に、ソフトウエアのソースコード の機密解除方法を(中国側に)提供したとの疑いで逮捕されている(後略)
飴の経済論壇に、破綻した太陽光パネルメーカーのソリンドラについての評論が多数現れているけれど、その中で優れたもの と思われるものの一つ。ロイター・ブログに書いているJames Pethokoukisの評論 ----------------------------------------------------------------------------------------------------------------- ttp://blogs.reuters.com/james-pethokoukis/2011/09/16/solyndra-the-logical-endpoint-of-obamanomics/ Solyndra, the logical endpoint of Obamanomics James Pethokoukis SEP 16, 2011 11:38 EDT ソリンドラはオバマノミクスの論理的帰結である By James Pethokoukis ロイター・ブログ 9月16日
The bankruptcy of solar-panel maker Solyndra neatly encapsulates the economic, political and intellectual bankruptcy of Barack Obama’s Big Idea. It was the president’s intention back in 2009 to begin centrally reorganizing the U.S. economy around the supposed climate-change crisis. ソリンドラの破産はオバマの「ビッグ・アイデア」の政治的・経済的・知的破産を鮮やかに要約するものである。オバマ大統領は 2009年以降に気候変動への対応を中心としてアメリカ経済の再編成を目論んだ。
To what end? Well, Obama claimed his election would mark “the moment when the rise of the oceans began to slow and our planet began to heal.” But that was just the cover story. At its core, Obamanomics is about the top-down redistribution of wealth and income. Government spending on various “green” subsidies and programs, along with a cap-and-trade system to limit carbon emissions, would enrich key Democrat constituencies: lawyers, public sector unions, academia and non-profits. オバマは大統領選勝利によって「大洋海面の上昇が収まり始め、我吾の地球が癒し始めるモーメント」ができたとした。そういうカバー ストーリー(見かけの売りのキャッチ)の下のコア経済政策というのは、つまりオバマノミクスというのは、富と収入のトップダウン での再配分である。政府は様々の「グリーン(環境にやさしい)」政策に支出して政府支援金や政府主導のプログラムを展開し、キャッ プ&トレード(Co2の総量規制と排出権取引)法を制定し、民主党の主要な支持団体に金をばらまく。つまり弁護士、公共労組、学者、 NPOなどである。
Oh, and Wall Street, too. Who was the exclusive financial adviser to Solyndra when it was trying to secure the $535 million loan from Washington? Goldman Sachs. And had the cap-and-trade scheme been enacted, big banks stood ready to reap billions from the trading of carbon emission credits. ああ、それにウォールストリートの金融企業も追加。ソリンドラが$535Mの政府債務保証を得るときにファイナンシャル・アドバイザー にしていたのは誰か? ゴールドマン・サックスである。キャップ&トレード法が定められていたならば大手銀行は排出権クレジットの 取引によって何十億ドルもの利益を得たことであろう。
>>678 (続き) No wonder many Democratic strategists predicted their party’s 2008 landslide win would usher in a generation of political dominance. Obamanomics, essentially, would divert taxpayer dollars to the Green Lobby ? and then into the campaign coffers of the Democratic Party. This is what crony capitalism is really all about: politicians enriching favored businesses, who then return the favor. Or maybe it’s the other way around, Who cares, really. It’s an endless, profitable loop for both. 2008年のオバマの地滑り的勝利によって民主党系のストラテジストはこの先何十年間もの民主党の政治独占が続くと考えた。オバマノミ クスというのは言ってみれば納税者のお金をグリーンロビーにばら蒔くことである。それは民主党の選挙キャンペーンの財源を潤すこと にもなる。これは縁故優先資本主義(クローニー・キャピタリズム)というもので、政治家が支援企業に報いを与え、ビジネスがその返 礼(政治献金)をおこなう。これはエンドレスのお金の贈答ごっこである。
And Obama almost pulled it off. The Great Recession conveniently allowed the president to start the spendathon under the guise of economic stimulus. (“You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before.” ? White House Chief of Staff Rahm Emanuel, 2009). As it turns out, the $38.6 billion loan program for clean energy firms that Solyndra benefited from has created just 3,545 permanent new jobs after parceling out half its dough. That works out to around $5 million a job. しかもオバマはそれを上手くやった。恐慌のために政府は経済刺激政策の名のもとに$38.6Bという巨額のクリーンエネルギー関連企業 への融資を決めた。ソリンドラはこの融資枠を受け3545人の雇用をおこなったが、これは一人分の雇用創出が$5Mに相当することになる。
Unfortunately for the Obamacrats, the financial meltdown also undercut political support for cap-and-trade on Capitol Hill. Voters worried the scheme would slow growth and cost jobs. But without permanently and continually raising the price of carbon-based fuels, many green businesses can’t make the numbers work. オバマにとって不幸であったことは金融のメルトダウンによってキャップ&トレードへの有権者の支持もメルトダウンしたことである。 有権者はこの仕組が経済成長を妨げ雇用創出を妨げるのではと心配した。しかしながらカーボンベースの燃料価格が継続的にまた永続的 に上昇しない限り、多くのグリーン企業は利益を生み出せない。
As Peter Lynch, a New York-based solar energy analyst, told ABC News: It’s very difficult to perceive a company with a model that says, well, I can build something for six dollars and sell it for three dollars. Those numbers don’t generally work. You don’t want to lose three dollars for every unit you make. ニューヨーク在住の太陽エネルギー業界のアナリストであるPeter LynchはABCニュースのインタビューに答えて言っている。 「多くの(グリーン)企業にとって、何かを原価6ドルでつくて3ドルで売るというようなビジネスモデルによって利益を得ることは難し い。製品を一個売るたびに3ドル損をするのだから」
>>679 (続き) Unless, of course, American taxpayers make up the difference ? though in the case of Solyndra, even government’s thumb on the scale wasn’t enough to save it. And it often isn’t enough when an investment’s goals are a fat political reward rather than a financial one. Indeed, studies of similar government investment efforts around the world show they’re usually a bad deal for taxpayers. An analysis of Canada’s government-backed venture capital fund, for instance, found the recipient firms “underperform on a variety of criteria, including value-creation, as measured by the likelihood and size of IPOs and M&As, and innovation, as measured by patents.” このビジネスモデルというのは、其の損失部分を納税者が埋め合わせるというもので、ソリンドラのケースがそれであったのだが、この ケースでは政府でさえも破綻を防ぐことが出来なかった。投資の目的が投資に対する金銭的リターンではなく政治的な支援であるような 場合にはありがちのことであるが。世界各国の政府の投資を見ると多くの場合はうまくいっていない。カナダのベンチャーキャピタルフ ァンドのアナリストに依れば政府支援金を受けた企業は「価値創造の各種のクライテリアでアンダーパーフォーム」であるという。それ は「IPOやM&Aの成功可能性や規模、パテントで測定したイノベーションの程度などで評価」
Even after getting the loan, Solyndra spent $187,000 on lobbying efforts, according to Bloomberg, including trying to get the White House to push government agencies to install its panels on the rooftops of federal buildings and extend “buy American” rules that favor U.S. companies. Instead of revenue seeking, Solyndra was “rent seeking,” which means trying to make money by manipulating government . 政府融資を受けた後でさえソリンドラは$187,000をロビー活動に費やしている。其の政治活動というのはホワイトハウスが政府機関に 連邦政府のすべての建物の屋根に太陽光パネルを導入するようにプッシュすること、また太陽光パネルに「バイアメリカン(米国製製品 優先規則)」を政府調達について延長することなどを含む。ソリンドラは利益を求めたのではなくrent seeking(使用料追求型)であり 政府の政策を曲げることでお金を得ようとしたのだ。(後略) ------------------------------------------------------------------------------------------------------------------------- *ソリンドラはもともと安いパネルを作ることを全く考えていなかったのだけれど、何故それでビジネスが継続できると考えたかが解る。 政治的な操作によって、自社の製品を政府やその他に買わせようと計画したように見えるけれど、欧州政府の太陽光パネルからの電力買 い取り料金の引き下げと中国メーカーのダンピングで市場が崩壊して、ソリンドラのビジネスモデルも遂行不可能になった・・・・
A pivotal week lies ahead, as US and European central banks decide whether to push more cash into the economy. But money printing is part of the problem. 今週はアメリカと欧州の主要銀行が、経済に新たなマネーを注ぎ込むか否かの重要な決断を行うわけだが、それらがマネーを増刷して も、問題の解決にはならないと私は思う
●Time for QE3 to set sail QE3がやってくる First off, I think it is a virtual certainty that the FOMC will unveil QE3, a, a third round of quantitative easing. And there is a reasonably high probability that, whatever form this latest round takes, it will be fairly dramatic and involve a real commitment to more money printing -- not just the more-limited appRetirement homes under $100,000roach known as Operation Twist. 私は今週のFOMCでQE3が出てくることはほぼ確かと思う。そしてそれは、いわば劇的にマネーを増刷する政策であって、オペレーション ツイストというレベルではないと思う。
●How does quantitative easing work? QE3は機能するのか?
If Federal Reserve Chairman Ben Bernanke believes anything he has written about his life's study of economics, he must think now is the time for bold action. The fact that next year is an election year will make the Fed disposed to act sooner rather than later in order to avoid being perceived as political. バーナンキのこれまでの著作や言辞から見て、いまこそ大胆な行動に出るべきと彼は考えていると思う。More importantly, I believe Bernanke thinks he is the solution to the problem. (He clearly doesn't realize that the Fed is the problem, but that is a different issue.) バーナンキは彼が問題の解決策であると考えている(FRBが問題であるとは彼は考えないのだが、それは別のイシューである) Now, I'm not advocating for more QE. But as investors or speculators we must deal with what the Fed is likely to do, not what it should do. 私はQEによる緩和策の賛成者ではないのだが、投資家や投機家はFRBがどう動くかを考えるべきで、どう動く「べき」かではない。
>>722 (続き) ●Joining in the stimulus fun 主要国中央銀行も参加? I also expect we may see more coordinated moves by the Bank of England, the European Central Bank and perhaps others. Both of those institutions were rather quiet during the recent escalation of the European debt turmoil, at least until recently. This may be because, behind the scenes, their central bankers are working in concert. That may also explain the unusually worthless rhetoric that came out of the most recent Group of Seven meeting. 私の予想では、FRBのみならず、BoE、ECB、それにたぶん他の主要国銀行が参加すると思う。欧州債務危機に対して中央銀行は比較的に 沈黙を守ってきているが、其の背後で中央銀行間で打ち合わせが進んでいると思う。最新のG7では殆ど意味のない声明が出ているが、 その理由は中央銀行間の協議の進行中のためであると思う。
●Will the banks, or won't they? 国際協調のQEになるか? So, to sum up my expectations, I believe that not only will we get a bold new round of QE from the Fed this week, but other central banks will join the party. (The Bank of Japan and Swiss National Bank are already printing money in an attempt to weaken their currencies.) If that happens, I believe that assets (stocks, bonds and commodities) will rally rather dramatically, at least for a while, with the length and size of the rally depending on the individual idea/asset. 私は今回、主要国中央銀行の協調的なQEになると思う。もしそれが起こるなら金融資産(株式、債券、コモデティ)はラリーになるだろ う。少なくとも当面は。其の強さや長さの程度は個々の金融商品の事情によるだろうけれど。
●They don't deserve their printing press マネー増刷は問題の解決にならないであろう To some degree, I must admit, the whole exercise of discussing the central banks takes us into the theater of the absurd. After all, their irresponsible policies over the last couple of decades created the mess they are trying to fix by following the very same policies. Meanwhile, the markets keep revolting because the central banks aren't irresponsible enough. The irony is that the endgame will be when the bond/currency markets finally force these bureaucrats to behave like adults by taking away the printing press. Hopefully, that will be a feature of the landscape in 2012, because QE3 as an economic policy is destined for failure and won't change the underlying fundamentals any more than QE1 or QE2 did. 市場は中央銀行がより無責任に振る舞う(マネーを増刷する)ことを歓迎し、その政策からの逆転には怒るのであろうが、2012年を予想 したとき、QE3は経済政策として失敗し経済のファンダメンタルに関わる問題を何も解決しないだろう。それはQE1やQE2も同じである。
ソリンドラ・スキャンダルに加えて、新たな通信ベンチャーのスキャンダルが浮上し、しかも、ホワイトハウスが空軍スペース・ コマンドのWilliam Shelton将軍が議会でこの事件の証言をするに際して証言内容を変えるように圧力をかけたと議会で証言した。 コメディアンのジョン・スチワードがソリンドラを時事ネタに採用、スキャンダルの話題は絶賛拡大中・・・ --------------------------------------------------------------------------------------------------------------------- ttp://www.commentarymagazine.com/2011/09/16/obama-polls-droppin/ Other Than That, Mrs. Lincoln, How Was the Play? Peter Wehner 09.16.2011 - 5:48 PM
James Carville, who earlier wrote that it was time for the White House to “panic,” now says that President Obama is not going to win re-election based on the course he’s on. And William Galston, a top aide to President Clinton, told USA Today, “I’ve now gotten old enough so every new movie strikes me as a sequel, and this is beginning to feel a little like 1979 and 1980 to me.” At that time, “the American people were coming to the conclusion that they would like to replace Jimmy Carter, if the Republicans presented a reasonable alternative to him, and then that was what the general election was about.” Of Obama, Galston says, “His presidency is in peril.”
If that’s not enough, the four-star Air Force general who oversees Air Force Space Command, General William Shelton, reportedly told Congress that the White House tried to pressure him to change his testimony to make it more favorable to a company tied to a large Democratic donor. And Jon Steward is going after the Obama administration on the Solyndra scandal, which seems to be growing by the day.
Other than that, it was another fine week for the president.
ttp://www.reuters.com/article/2011/09/18/us-germany-eurosceptic-idUSTRE78H0V320110918 A fresh poll on Sunday however saw the FDP still stuck with just 4 percent of the vote, falling below the 5 percent threshold required to enter parliament. According to the poll, also by Emnid, Merkel's Christian Democrats were seen down one percentage point to 32 percent. Opposition parties all saw their support unchanged with the Social Democrats (SPD) at 30 percent, the Greens at 19 percent, and the Left Party at 8 percent. Support for additional parties gained by one percentage point to 7 percent. ------------------------ CDU(与党)32% FDP(連立与党)4% SPD 30% LP 8% Green 19% ←←←
A United State Air Force general is blowing the whistle on another alleged White House scandal, but few in the news media seem to be listening. According to General William Shelton, the commanding officer of U.S. Air Force's space command, he was told to alter his testimony before the House of Representatives' Subcommittee on Strategic Forces regarding an Obama White House attempt to award a defense contract to the Lightsquared firm. 空軍のスペースコマンド指揮官のWilliam Shelton大将はホワイトハウスのスキャンダルについて警鐘を鳴らしているがニュース メディアはほとんどがそれを無視している。大将は下院の委員会での証言を行う前に、その内容を変えるようにと告げられたとい う。これはLightsquaredに軍の契約を与えようとホワイトハウスが試みたことという。
The hearing came after a report by a blogger on a news and commentary web site alleged that the Obama White House pressed General Shelton to downplay his concerns about the proposed Lightsquared system. William Shelton大将の下院の委員会での証言は、ホワイトハウスが彼に圧力をかけたとWebベースのニュースサイトが伝えた後に 実現した、
General Shelton told the committee members: Tests with Defense Department experts, civilian agencies and others "indicate the LightSquared terrestrial network operating in the originally proposed manner poses significant challenges for almost all GPS users." 空軍のShelton大将は下院の委員会で証言し、国防省の専門家と民間の機関その他によるテストの結果「LightSquaredの地域ネット ワークの運用が当初の提案通り行われた場合は、ほとんど全てのGPSユーザーに大きなチャレンジになる」と述べた。
The general insisted through his spokesperson on Friday that he had not "watered down his testimony due to alleged White House pressure." またShelton大将は彼の広報官を通じて金曜日に「ホワイトハウスの圧力によって証言の中身を変更したことはない」と述べた。
According to a source familiar with the Lightsquared probe, many officers at the Pentagon are highly suspicious of the President, the White House staff and even Obama's appointees at the Defense Department. Lightsquared問題に詳しいソースに依れば、ペンタゴンの多くの高官が大統領(からの圧力)にたいへん疑問を感じている。ホワイ トハウスのスタッフや大統領の指名した国防省の政治アポインティに疑問を感じているという。
Another occurrence being probed is that the allegation that Lightsquared at first offered to sell satellite phones on its network, however the Federal Communications Commission allegedly issued a special waiver to the firm thus allowing sell terrestrial-based wireless service to other companies. Department of Defense officials. such as General Shelton, in the past have raised concerns about interference with GPS users, and the FCC would then promise to disallow a firm to begin operating their network until after intense testing is carried out to ensure there is no disruption to satellite navigation. 国防省は以前からLightsquaredの地域ネットのGPSへの干渉に関心を寄せていて、その時点ではFCCは充分なテストが完了するまで Lightsquaredの試験運用は許可しないと述べていた(実際には早期に試験運用が許可された)
The head of the FCC declined to appear before the committee on Thursday, which the chairman, Turner, called an "affront" to the panel. 木曜日の下院の委員会にはFCC長官は出席を拒み、その件でターナー委員長はこれを委員会に対する「侮辱」と呼んだ(後略)
Super Girl, China’s version of Pop Idol, is to be axed following government pressure, and will be replaced by programmes on public security, ethics and housekeeping, in a sobering reminder of the country’s arbitrary censorship regime.(ry
(1)Make the world safe for stimulus again. 金融緩和政策を(再び)採用し、これまでのIMFの主張してきた財政緊縮政策を改め、長期的な財政再建を目指す事は変わらないにせよ 成長を刺激する政策に向う That would entail an about-face for the IMF, which has spent the last year or two arguing that nations needed to make deficit-reduction goal No. 1. Its exhortations gave a strong boost to the austerity crowd. Then worries about credit ratings led some nations, such as the U.K., to slash budgets quickly. "The problem is the Europeans are very split and there's a big split in the U.S." on stimulus, said Massachusetts Institute of Technology economist Simon Johnson, a former IMF chief economist. "Both those things make the IMF uncomfortable."
(2)Press Europe to stop dithering. ヨーロッパ諸国の意見対立を収めて危機対応(救済)計画への協調行動を求める。EFSF拡大強化などが最初のターゲット Markets are starting to bet that European lawmakers won't be able to muster the will to take decisive action by boosting the scope of their bailout fund or at least demonstrating that governments have the firepower to keep their banks from failing.
(3)Convince the BRICs to take a bigger role. BRICSがより大きな役割を担うようにと説得する The big emerging-market nations?Brazil, Russia, India, China?have a treasure chest of money and growing political clout. Naturally, some European governments look to them for financial support when others are hesitant. It's unrealistic to think these countries will bail out Europe and take risks with their citizens' money that others in the market won't. But it's hardly naive to think they could become part of a European solution. That could involve buying some bonds?thus making concrete their support?and, in the case of China, picking up the pace of its currency revaluation. With its $3.2 trillion in reserves, China "has much deeper pockets than the IMF," said Harvard economist Kenneth Rogoff, also a former IMF chief economist. "But it's very tricky politically [for it] to get intertwined" in Europe's affairs.
?光吸収 現在の太陽電池は、太陽光の波長分布のうち、特に強度の大きい1.5eV付近以上の可視光を駆動源としています。 わたしたちのグリーンフェライトは可視光から赤外線までを取り込む強い吸収領域を持ちます。 このため、赤外線領域からの光吸収過程を応用した新しい太陽電池を開発しています。 -------------------------------------------------------- Any sufficiently advanced technology is indistinguishable from magic.
This is getting ridiculous. ちょっと変な具合だが At this rate there won’t be any point logging on to read the FOMC minutes on Wednesday evening. FedWire, the unofficial/official news service of the Federal Reserve, has done such a comprehensive briefing the market on what to expect that there can’t possibly be any surprises… can there? Monday’s FedWire bulletin:
Federal Reserve officials, worried that a wobbly economy and their fractious debates are confusing the public, are examining whether to adopt more explicit economic targets to clarify their strategy for lowering unemployment without fueling inflation. Fed Chairman Ben Bernanke has asked Philadelphia Fed President Charles Plosser and Chicago Fed President Charles Evans, two intellectual adversaries, to work with Vice Chairwoman Janet Yellen on how the Fed can better explain its economic goals to the public. One issue high on the agenda: Detail what changes in unemployment and inflation it would take to make the central bank veer from its low interest-rate policy, according to people familiar with the matter.
And before anyone asks there is no split on the FOMC.
Mr. Bernanke and many other officials dismiss the idea that he’s confronting a rebellion inside the Fed. They argue that internal disagreement is a sign of strength because it shows officials are wrestling earnestly with hard questions and have their eyes wide open to the challenges they face. “My attitude has always been: if two people always agree, one of them is redundant,” Mr. Bernanke said earlier this month in Minneapolis.
Now it’s probably not surprising the Fed is trying to prepare the ground in this way. After all there are a lot of people out there who want more radical stimulus measures, such as QE3 ? in spite of the mounting evidence that it will do nothing to improve banking lending. 市場にはラディカルなQE3を期待する向きもあるので期待値を下げる必要があるのかも? In that respect the recent messages from FedWire could be helpful in lowering expectations. But the level of detail in these briefings is still astounding.
Yet even if Greece were soon to be given real and significant relief on its public debt, it cannot return to growth unless competitiveness is rapidly restored. And without a return to growth, its debts will stay unsustainable. Problematically, however, all of the options that might restore competitiveness require real currency depreciation. ギリシャは産業の国際競争力が回復しない限り成長路線に戻ることができない。経済成長のないギリシャにとって負債は維持不可能 であるから、競争力回復を図らなくてはならない
The first of these options, a sharp weakening of the euro, is unlikely while the US is economically weak and Germany uber -competitive. A rapid reduction in unit labour costs, through structural reforms that increased productivity growth in excess of wages, is just as unlikely. Germany took 10 years to restore its competitiveness this way; Greece cannot wait in depression for a decade. ユーロを急速に切り下げるというオプションはドイツの競争力が強く、米国経済の弱い現状では実現しそうにない。ユニット労働コスト を急速に引き下げるというオプションは、やはり実現しそうにない。ドイツはこの方法で競争力を回復するために10年を費やし10年間 の不況に耐えてきた。
The third option is a rapid deflation in prices and wages, known as an “internal devaluation”. But this would lead to five years of ever-deepening depression, while making public debts more unsustainable. Logically, therefore, if those three options are not possible, the only path left is to leave the eurozone 第三番目のオプションは物価と給与の急速なデフレで「国内的(通貨)切り下げ」と言われるものだがこの手法は5年に及ぶ不況の深刻 化を招き、公的負債が更に維持不可能になる。こうしたことから論理的帰結として、唯一残された可能な手段はユーロを抜け出すことで ある。 Of course, this process will be traumatic. The most significant problem would be capital losses for core eurozone financial institutions. Overnight, the foreign euro liabilities of Greece’s government, banks and companies would surge. Yet these problems can be overcome. Argentina did so in 2001, when it “pesified” its dollar debts. America actually did something similar too, in 1933 when it depreciated the dollar by 69 per cent and repealed the gold clause. A similar unilateral “drachmatisation” of euro debts would be necessary and unavoidable. ギリシャがデフォルオしユーロから抜けるなら、勿論大きな副作用はあって、最大のものはユーロ圏のコア金融機関の資本が失われるこ とであるが、これはやりくり可能な問題である。アメリカは1933年に金本位制を廃棄してドルを69%切り下げた経験がある。
Major eurozone banks and investors would also suffer large losses in this process, but they would be manageable too ? if these institutions are properly and aggressively recapitalised. Avoiding a post-exit implosion of the Greek banking system, however, may unfortunately require the imposition of Argentine-style measures ? such as bank holidays and capital controls ? to prevent a disorderly fallout. 主要なユーロ圏の銀行や投資家は巨額の損失を被るであろうが、これも適正で積極的な再資本化によって管理可能である。ギリシャの 銀行システムのユーロ脱退後の爆縮を防ぐにはアルゼンチンで経験したような銀行の一時閉鎖とか資本管理が必要になろう。
Those who claim contagion will drag others into the crisis are also in denial too. Other peripheral countries have Greek -style debt sustainability and competitiveness problems too; Portugal, for example, may eventually have to restructure its debt and exit the euro too. ギリシャのデフォルトの他国への伝染を言う向きがあるけれどギリシャと類似する負債の維持不可能な構造、競争力喪失の問題を持つ国 は、例えばポルトガルがそうであるが、いずれ負債のリストラとユーロからの離脱が必要になろう。
Make no mistake: an orderly euro exit will be hard. But watching the slow disorderly implosion of the Greek economy and society will be much worse. 間違えてはいけないことは秩序有るものであってもユーロからの離脱が厳しいものになることであるが、しかしギリシャが緩やかに無秩 序な爆縮に向かうなら、それは更に悪いものになるということである。
社会民主党(SPD)は議席を減らしたが、ベルリン特別市で第1党の座を維持し、緑の党と市政での連立交渉に入る見通し。 海賊党の名は違法コピーされたCDなどの海賊版に由来し、2006年にスウェーデンで設立。欧米を中心に60カ国に広がるが、 連携は緩やかだ。私的目的でのコンテンツのコピーやネット空間のプライバシー保護を主張しており、スウェーデンでは2人が欧州 議会議員に選出されている。 ------------------------------------------------------------------------------------------------------------- ttp://arstechnica.com/tech-policy/news/2011/09/german-pirate-party-boards-berlin-state-parliament.ars German Pirate Party boards Berlin state parliament By Mark Brown, wired.co.uk | Published about an hour ago
ttp://online.wsj.com/article/BT-CO-20110919-708687.html WASHINGTON (Dow Jones)--Treasury Secretary Timothy Geithner on Monday said Europe's debt crisis is already affecting business confidence in the U.S. and he also said the euro zone has the capacity to deal with its problems. "Europe is obviously under a lot of pressure, and they've faced a lot of challenges. And it is affecting us," Geithner said while speaking to reporters at the White House. He said later, "It's not a question of the financial resources, the economic resources of that great continent. This is within their capacity to solve."
Geithner last week in Poland warned his European counterparts of the risk of the continent's debt crisis and divisions among the countries. "What's very damaging is not just seeing the divisiveness in the debate over strategy in Europe, but the ongoing conflict between countries and the central bank," he said last week. Geithner on Monday said the U.S. has a large stake in seeing a "credible" solution to the debt crisis. He said he expects European leaders will continue to try to reassure the world that they "have the political will, not just the economic capacity, to manage these challenges. And again, it's in the interest of the United States for them to do that." -By Jared A. Favole, Dow Jones Newswires;
A conference call between Greece and its international lenders on Monday may continue into the early morning hours and could possibly continue on Tuesday or later, the country’s Finance Ministry said. “(The) conference call could last until the early morning hours tonight and be continued tomorrow or later,” the ministry said in a statement Monday evening. “There’s no scheduled cabinet meeting over the call tomorrow.” ギリシャ財務省によれば夕方からの電話会議は翌日にまで及ぶ長時間のものになる可能性