"There is no money in Ukraine's Treasury account," exclaimed 'Interim President' Oleksandr Turchynov to the Ukrainian parliament; adding that the Ukraine economy is in a "catastrophic state."
*THERE ARE PROBLEMS WITH BANKING SYSTEM AND HRYVNIA: TURCHYNOV
*PROBLEMS WITH PENSION FUND ARE "COLOSSAL": TURCHYNOV
*UKRAINE'S ECONOMY IS IN A 'PRE-DEFAULT' SITUATION: TURCHYNOV
Hardly surprising given the months of protest; but with Russia 'conditionally' postponing its EUR2bn 'loan', the Europeans are riding to the nation's aid with promises of EUR20bn (if Ukrainian authorities meet certain conditions). But, as the map below shows, a great deal of the nation's wealth lies in the eastern (pro-Russia) region.
With iron-ore stockpiles at record highs in China amid the escalating cash-for-steel financing debacles, one can only imagine the squeeze that is about to occur on the banks of a nation that is almost entirely economically dependent on said iron-ore mining production... which made us think when we saw this sign "justifying" holding low cash amounts in an Aussie bank ATM...
There go the margins... For months, Netflix and Comcast have been 'negotiating' over whether the video streaming service should pay for the apparently excessive load it places on Comcast's network, but now, as the WSJ reports, Netflix has agreed to pay to stop the network provider slowing its stream and impacting customers. According to Netflix data published in January, the average speeds of Netflix's prime-time streams to Comcast subscribers had dropped 27% since October. With Netflix accounting for almost 30% of web traffic at peak times, it is no surprise that Comcast's squeeze finally paid off. There are no details yet on the multi-year "mutually beneficial" deal but it is clear that broadband providers are gaining leverage over content providers.
If you’re still wondering if the US Constitution of 1787 failed to protect liberty, then just look around you. That scrap of parchment is an obvious failure. The US government is the hugest government in the world and meddles in the lives of its citizens (and people worldwide) in every way imaginable. The government accepts no limits on its power whatsoever. The president rules by decree. This isn’t done under some new constitution. This is all done under the 1787 one.
The bad feelings concerning Russia run deep in the Western parts of Ukraine (as they topple statues of Lenin in growing numbers) while in the East they see themselves much more as Russians. These feelings run very deep in the region and memories do not fade so easily as the mayor and police chief of Kerch vigorously defend the Ukrainian flag in the clip below - deep in the eastern Crimea region (that Russia has already suggested it is willing to go to war over). Russian President Vladimir Putin has now been placed in a very difficult position, as Martin Armstrong notes, the entire set of circumstances creates the image of events in Ukraine that have diminished the power of Russia, which is a matter of pride and the only stable resolution remains a split along the language faultline. The critical question then is - will Putin let it go?
Apparently all it takes to kick the world out of a secular recession and back into growth mode, is for several dozen finance ministers and central bankers to sit down and sign on the dotted line, agreeing it has to be done. That is the take home message from the just concluded latest G-20 meeting in Syndey, where said leaders agreed that it is time to finally grow the world economy by 2% over the next 5 years. "We are putting a number to it for the first time -- putting a real number to what we are trying to achieve," Hockey told a news conference. "We want to add over $2 trillion more in economic activity and tens of millions of new jobs." There is only one problem: the G-20 has absolutely no idea how to actually achieve its goal of boosting global output by more than the world's eighth largest economy Russia produces in a year. Nor does it have any measures to prod and punish any laggards from this most grand of central planning schemes.
Current events are frequently viewed through the prism of analogies. Words become shorthand for a particular type of situation. “Munich” equals the danger of appeasing bloodthirsty dictators, “Vietnam,” and now “Iraq/Afghanistan” means the folly of getting involved in (or, in the case of Iraq, starting) civil wars in countries whose societies the outsiders neither understand nor can effectively influence. In some cases, acting on these parallels turns out to be wise. The analogy that is currently in vogue in Asia is “1914.”
While social unrest has been a thing that occurs "over there", the increasing visualization of people taking to the streets in the face of desperate economic situations amid an elite class of politicians, dictators, and tyrants is becoming clearer by the day. As the following chart shows, across 500 billion words in over 5.2 million books, the words "unemployment, "taxes", and "inequality" tend to correlate highly with "war". The 18th century saw these terms the most correlated and as the following chronology suggests, that is not a time to reflect gladly upon...
Listening to the media gleefully hype the numerous construction flaws and rumors of corruption at the Sochi Olympics, we couldn't help thinking that Americans in general have no clue about Russia. Here are some of the similarities and differences... "Russia is rising. Maybe we can give her a high five on our way down. Instead of criticizing others, look in the mirror America."
It is hardly surprising, given the drastically divided nation, that when Vitali Klitschko's pro-European political party ventured to Kerch - a city of the eastern edge of Ukraine in the Crimea region - things did not go entirely according to plan... This is the region that Russia has stated it is willing to go to war over and is deep in the pro-Russia territory... headlines galore are coming out of Ukraine but all that matters now is the Russian response... Especially after Tymoshenko's earlier comments:
TYMOSHENKO: UKRAINE MAY BRING CHANGES IN OTHER EX-SOVIET STATES; WILL HELP OTHER COUNTRIES UNDER `DICTATORS'
Though it seems pretty clear who they blame...
As Facebook's $19 Billion Whatsapp Purchase Crashes (And May Be Hacked), Its Competitor Is ExplodingSubmitted by Tyler Durden on 02/22/2014 - 17:43
sorry we currently experiencing server issues. we hope to be back up and recovered shortly.
— WhatsApp Status (@wa_status) February 22, 2014
We've seen first hand the tremendous opportunity that exists in the world, and the incredible way that human beings innovate to overcome challenges. But the reality is that the world is on fire right now. In some places, like Ukraine or Thailand, quite literally. In many others (like Japan, China, and much of southern Europe), there are heaps of smoldering embers beneath a continent-wide funeral pyre. And in the Land of the Free, it’s as if politicians and central bankers are smoking their back-room cigars at the foot of a mountain of napalm and thermite that grows ever-higher by the day. If you step back and look at the big picture, there is cause for concern.
The world’s most notorious and powerful drug lord, Joaquin “El Chapo” Guzman Loera, has reportedly been captured in Mexico. The head of the Sinoloa Cartel - nicknamed Chapo or "shorty" - was caught last night, according to the AP, at a hotel resort in Mazatlan in a joint US-Mexico operation. Forbes ranked Guzman 67 out of 72 on their list of the World’s Most Powerful People. With revenues believed to exceed $3bn, his Sinaloa cartel is easily the most powerful in Mexico, responsible for an estimated 25% of all illegal drugs that enter the U.S. via Mexico. While this may appear good news (catching a big bad guy), Stratfor warns "this could spark a wave of violence throughout northwestern Mexico if internal shifts evolve into intra-cartel conflict."
Having already fled Kiev and his compound for the more hospitable eastern are of Ukraine, perhaps it was Tymoshenko's comment that...
- *UKRAINIANS OBLIGED TO BRING YANUKOVYCH BACK TO KIEV: TYMOSHENKO
...that was the final straw. Interfax is reporting that, for now, Customs have lost rack of the deposed leader...
- *UKRAINE CUSTOMS SVC STOPPED DEPARTURE OF PRESIDENT'S PLANE: IFX
- *UKRAINE CUSTOMS SVC SAYS YANUKOVYCH LEFT AIRPORT IN CAR: IFX
- *YANUKOVYCH HASN'T SHOWN UP AT OTHER CHECKPOINT: CUSTOMS TO IFX
Cue - webcams at Moscow International...