Yesterday, a 33-year old Indian man got hit by the proverbial bus in Singapore’s Little India neighborhood. That was the catalyst. What transpired for the next several hours was a full blown riot... the first of its kind since 1969. Singapore has had years of tensions building. These issues are commonplace. Ideological differences. The wealth gap and economic uncertainty. Immigration challenges. They’re the same issues, for example, that have plunged much of Europe into turmoil, including the rise of a blatantly fascist political party in Greece. And these same issues exist, in abundance, in the Land of the Free… where a number of serious ideological divides are becoming obvious social chasms. And if it can happen in Singapore - one of the safest, most stable countries on the planet, it can happen anywhere. Even in a sterile American suburb.
Now that Athens' Syntagma square has been put on indefinite hiatus since everyone has finally figured out the game between Greece and Athens (Greece grudgingly promises to reform but doesn't, at the same time Troika grudgingly threatens to cut off funding for Greece unless reforms are implemented but doesn't... even as the fate of the people gets worse), a new square has emerged as the focal point in the fight for (and against) Europe - Kiev's Independence Square.
Don`t fall in love with market exposure as even Wall Street Sharks get eaten alive in financial markets.
The world has changed immensely and there were once things that were sacrilegiously respected. But, that’s no longer the case.
- Apple, China Mobile Sign Deal to Offer iPhone (WSJ)
- Japan approves $182 billion economic package, doubts remain (Reuters)
- Volcker Rule Won't Allow Banks to Use 'Portfolio Hedging' (WSJ)
- He went, he saw, he achieved nothing: Biden's Trip to Beijing Leaves China Air-Zone Rift Open (WSJ)
- Britain announces sharp upward revision to growth forecasts (Reuters)
- U.S. Airlines to Mortgage-Backed Debt Top List of Best ’14 Bets (BBG)
- Thaksin's homecoming hopes dashed as Thai crisis reignites (Reuters)
- Age of Austerity Nearing End May Boost Global Economy (BBG) - or it may expose that it was just corruption and incompetence at fault all along
- China aims to establish network of high-level FTAs (China Daily)
You know that game involving word association at the psychotherapists? The one where you have to say the first word that springs to mind.
Most people’s opinions about major political events are based upon the news that they access through mass news distribution channels. Unfortunately mass news distribution channels can rarely, if ever, be counted on to distribute the truth.
Only one-third of Americans say their fellow countrymen can be trusted according to a recent AP-GfK poll, down from over half 40 years ago. Americans are suspicious of each other in everyday encounters and who can blame them with the government appearing to bless any and all surveillance and intervention in the interests of the status quo. "I'm leery of everybody," warns one respondent, and as AP reports, this is a potential problem for economic growth as "social trust" brings good things. A society where it's easier to compromise or make a deal; where people are willing to work with those who are different from them for the common good, appears to promote economic growth. Distrust, on the other hand, seems to encourage corruption and there's no easy fix.
- So much for the euphoria: Stores open early on Thanksgiving but shoppers in no rush (Reuters)
- Get to work Mr. Chairwoman: Do-Nothing Congress Dithers on Budget as Deadline Nears (BBG)
- FX to Libor Probes Leave U.K. Traders Looking for Lawyers (BBG)
- Protesters Briefly Storm Thai Army Headquarters (WSJ)
- Berlusconi accused of bribing witnesses in prostitution trial (Reuters)
- Japan Price Gauge Rises Most Since ’98 in Boost to Abe (BBG)
- S&P downgrades Netherlands’ AAA credit rating (FT)
- GrainCorp Verdict Clouds Australia Open-For-Business Pledge (BBG)
- Hertz Fix in Dollar Thrifty Deal Fails as Insider Warned (BBG)
- Narrow Budget Agreement Comes Into View (WSJ)
Predictions for 2014 from a cold war spy
In the US and Europe, 95% of the buyers are male. Average age is 55. What's different in China?
The Economist found, rather sadly, despite all the glad-handing and happy-talk, that 53% of financial services executives believed that strict adherence to ethical conduct would make career progression difficult. As this former Wall Street trader told The Guardian, "a precedent needs to be set, to slow down Wall Street's wild behavior. A reminder that rules are there to be followed, not exploited." The reason, among others, is summed up by the following, "if a customer wants a red suit, you sell them a red suit. If that customer is Japanese, you charge him twice what it costs."
The first thing to understand about China is there is always a front door and a back door to everything. The front door is what's presented to the outside world; the back door is for everything that doesn't fit the PR image created by the front door. The front door presents positive "face," the back door is for everything that would "lose face," so it's hidden and never discussed, except in private, and only with trusted family or friends. The front door is covered with official pronouncements of "the China Dream" and blustery demands of hegemony, but the back door is choked with members of the financial/political Elite fleeing China and taking their wealth with them.
BREAKING: Thai protesters burst into Foreign Ministry compound after taking over Finance Ministry.
— The Associated Press (@AP) November 25, 2013
More than 100,000 protesters congregated at Democracy Monument in Bangkok yesterday to protest Thai PM Yingluck Shiniwatra’s consideration of an amnesty bill to pardon her banned brother Thaksin Shiniwatra, the former Thai PM ousted from the country in a 2006 coup.