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"Give Me Compromise Or Give Me Something (within reason)".
Compromise of 1850, (Page 1of 6)
Image by The U.S. National Archives Original Caption: Resolution introduced by Senator Henry Clay in relation to the adjustment of all existing questions of controversy between the states arising out of the institution of slavery (the resolution later became known as the Compromise of 1850), 01/29/1850
From: Senate Simple Resolutions, Motions, and Orders of the 31st Congress, ca. 03/1849-ca. 03/1851; Record Group 46; Records of the United States Senate, 1789-1990; National Archives.
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Compromise of 1850, (Page 2 of 6)
Image by The U.S. National Archives Original Caption: Resolution introduced by Senator Henry Clay in relation to the adjustment of all existing questions of controversy between the states arising out of the institution of slavery (the resolution later became known as the Compromise of 1850), 01/29/1850
From: Senate Simple Resolutions, Motions, and Orders of the 31st Congress, ca. 03/1849-ca. 03/1851; Record Group 46; Records of the United States Senate, 1789-1990; National Archives.
Access Restrictions: Unrestricted
Use Restrictions: Unrestricted
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Bernanke is trying every way he can to get banks to lend (printing coupled with a multitude of lending facilities and Fed programs).
It’s easy enough to prove the printing: Base money supply is up about $1.8 trillion since the start of the recession.
Base Money Supply
Money Multiplier Theory
The Money Multiplier Theory (an incorrect theory) suggests this money would be lent out 10 times over causing rampant price-inflation and GDP growth.
Alternate (Correct) Bank Lending Theory
Banks do not lend simply because they have the money
Banks lend as long as they have credit-worthy customers provided the banks are not capital impaired
Reserves are not an issue. Lending comes first, reserves follow if needed.
With some charts below created by my friend “BC” let’s take a look at Bernanke’s efforts to stimulate lending.
Bank Loans Divided by Base Money Supply
Annualized Percent Change in Bank Loans Divided by Base Money Supply
Loans to GDP
Loans to GDP Annualized Percent Change
Loans to Private GDP
Loans to Private GDP Annualized Percent Change
M2 Multiplier: M2 Money Supply Divided by Base Money
M2 Velocity: GDP Divided by M2
The above charts show that it is taking more and more money just to keep the economy afloat.
US deficit spending is $1.4 trillion dollars, Bernanke is flooding banks with cash, interest rates are at record lows, mortgage rates are at record lows, and velocity of money is falling like a rock.
Excess Reserves
Of the $1.8 trillion Bernanke has added to base money supply since the start of the recession, nearly all of it is sitting parked at the Fed as excess reserves.
Interest Paid on Excess Reserves
As you can see, banks have parked close to $1.6 trillion with the Fed earning .25 percent annually. This is free money to the banks to the tune of $4,000,000,000 per year for doing nothing.
In short, banks would rather have $4 billion in free money at a measly .25 percent than make much more money by lending it out. This indicates two things:
Money Multiplier Theory is nonsense
Banks are still capital impaired and/or banks have no credit-worthy borrowers who wish to borrow money
If and when banks do start lending, it will not be because all those excess reserves have tempted them. Rather it will be because banks feel they have credit-worthy borrowers.
In the meantime, debt deflation rolls on, distorted of course by global central bank stimulus everywhere one looks, notably (the Fed, ECB, China, Bank of England) and coming up shortly, the Bank of Japan.
As I have stated before, competitive global currency debasement is a good environment for gold.
Let’s wrap this up with one final chart.
Total Credit Market
As you can see the total credit market is well over $50 trillion. Yet a large number of misguided souls believe printing $1.8 trillion of which $1.6 trillion is parked as excess reserves will cause hyperinflation.
It won’t. Hyperinflation is a political event, not a monetary one. Besides, the US has more gold than any other nation. For further discussion, please see Hyperinflation Nonsense in Multiple Places.
Yes, the US is going to have a “debt moment”, just as Europe is having one now and Japan will have soon enough. However, that moment may be quiet a long ways away (or not), but hyperinflation will not be the result when it happens.
Mike “Mish” Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List
This epoch also saw Japan alter from being a feudal bund to having a retail monety Kraków thriftiness and left the Japanese with a lingering Western influence.
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If you want to mingle with top venture capitalists and angels, who are funding the next wave of innovative powerhouses, join in for Splash SF at Cafe du Nord on the evening of February 2, 2012. Ten early-stage startups, who’ve been selected by their peers, will share the stage with rockstar CEOs as they give their secrets to success to a crowd of 400 startup CEOs, investors, service providers and bloggers.
Splash is an event that brings together blue-chip high-tech startup investors, who give you insights into how they think when it comes to investments. They’ll also talk about their investment philosophies in light of the new and abundant sources of early-stage capital. If you want to be recognized as one of the 10 up-and-coming startups to present before these investors and an audience of some 400 attendees, be sure to join the competition. Applications are open now!
Get your 15% discount on tickets by using the promo code “VB15” here.
So far, the judge list includes:
Frank Artale (Ignition Partners), Mike Brown (Twitter), Duncan Davidson (Bullpen Capital), Darcy Frisch (Hearst Interactive Media), Robert Goldberg, Mike Hirshland (Resolute VC), David Hornik (August Capital), Raj Kapoor (Mayfield Fund), Jed Katz (Javelin Venture Partners), Saad Khan (CMEA), Howard Lindzon (prolific angel investor and founder of StockTwits), Xander Mahoney (DFJ), Shayna Modarrasi (Venture Pipeline Group), Charles Moldow (Foundation Capital), Freeman Murray (Angel investor), Craig Sherman (Meritech Capital), Josh Stein (Draper Fisher Jurvetson), Craig Stern (Nextag), Sharon Wienbar (Scale Venture Partners) and Tim Chang (Mayfield Fund). David Hornik (August Capital) will be back for another segment of “Late Night with David Hornik.” One of our keynote speakers will be Aaron Levie, founder and CEO of Box.net. And, as usual, there will be an afterparty with the band – Coverflow, with Raj Kapoor (Mayfiled), Tim Chang (Mayfield), Phil Kaplan (ADHD Labs), Prashant Fulorioa (Facebook), Ethan Beard (Facebook), and our musician timekeeper - The Mule from Smule
Banks pile into ECB’s new super-long-term liquidity facility
The first-ever 3-year liquidity operation by the ECB was an unqualified success. Banks bid for a greater-than-expected €489.2bn, making this the largest-ever single refinancing operation in the ECB’s history.
However, this is not the net amount by which outstanding ECB open market operations have increased. Because banks reduced their use of the Main Refinancing Operation (MRO) by €123bn yesterday, and also the use of 3-month long-term refinancing operations (LTROs) by €111bn allotted today, the net increase is smaller.
Moreover, several banks made use of the possibility to swap out of the recent 12m LTRO that was allotted in October into the new 32-month facility (123 out of 181), to the tune of €46bn.
So the net increase in outstanding open market operations is about €210bn, which is a considerable amount compared with the €514bn in total MOs that were outstanding at the beginning of the week. But arguably more important than the raw amount by which liquidity has increased is that the maturity of those funds has lengthened drastically, which will give banks more planning certainty and will hopefully support lending to households and enterprises as well as creating additional demand for bonds issued by the hard-pressed southern European member states.
Another sign of the success of the auction was the large number of banks that participated. 523 banks entered bids, which compares with 130-200 at the weekly MROs, and 181 at the most recent 12-month LTRO. So, clearly there is no sign of stigma here. Another 32-month LTRO is planned for 29 February.
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This Thursday, December 8th, we will release the latest update to the PlayStation Home client. PlayStation Home version 1.60 delivers a wealth of improvements and updates to the core client, not the least of which is a doubling of the item placement limit in personal spaces! Here’s a look at what’s coming to you as part of PlayStation Home v1.60:
How to Apply the v1.60 Patch
If you are upgrading from an old version of Home (v1.40 or earlier) then when you attempt to apply the v1.60 patch please wait for the orange “hard drive activity” light to stop flashing on your PS3 before commencing the patching process.
NEW FEATURES
Furniture Placement Limit
We have doubled the furniture placement limit in personal spaces and clubhouses from 50 to 100 items.
Standard and active furniture limits have been merged into the same system. Currently all actives take up 22 furniture slots in the new system. Thus you can now place a variety of different combinations:
100 standard furniture items or…
78 standard furniture items and 1 active or…
56 standard furniture items and 2 actives or…
34 standard furniture items and 3 actives or…
12 standard furniture items and 4 actives.
GENERAL IMPROVEMENTS
Targeting in Personal Spaces
Targeting in personal spaces has been improved.
This means you shouldn’t accidentally target furniture items through floors or ceilings any more.
Although we have made exceptions for wall hangings and lights as these tend to be placed quite high up.
If you find any items of furniture in places you can’t reach then you can always remove them through the furniture browser and place them somewhere else.
Portable Items and Companions
We have changed the way that companion portables work so they will now automatically re-activate after you enter and leave a game or relocate between spaces. No more having to put your companion away and take them out again when you do this!
Help System
There is a new help system to aid new users as they explore PlayStation Home for the first time.
Arcade Games
Arcade games are no longer subject to the 3 minute inactivity timeout when placed as furniture in Personal Spaces or Clubhouses.
CHANGES
Menu Pad
We have removed the “Community” section of the Menu Pad. The information that used to be contained in here is now communicated via the Message of the Day pop-up at login and the new loading screens.
Of course, there are plenty more bug fixes and enhancements that are part of v1.60 as well which will help improve your day-to-day experience in the wide world of PlayStation Home. There are also additional tools for developers that will enable them to make better games than ever before possible on the platform are coming as part of this massive update. We’re excited to bring you a bigger, better PlayStation Home just in time for the holidays. Log in this Thursday to check out this upgrade and, as always, please give us your feedback at the official PlayStation Home forums.
In other news, it appears that ol’ Granny Lockwood’s been hard at work again, and this time she’s taken her inspiration from the chilly extremes of the planet the North and South Poles! Pumpkin Pie the Polar Bear and Popsicle the Penguin can’t wait to play with you. They both love to do tricks – be patient and they’re sure to show you what they can do (Granny Lockwood also knitted them some cousins just for the Gift Machine – look out for them – they’re only available for a limited time!)
Midwinter Angel or Burning Desire? This Winter Medusa line brings you the latest hairstyles, perfect for relaxing on a frosty afternoon or heading out to a glitzy evening party. Men have the choice of a new short, mid-length, or long look. The Troy is a side-parted, clean-cut look with just enough tousling to ensure it won’t look out of place with smart or casual attire. For those with angelic tendencies, there’s the wavy mid-length Gabriel, and for those who want a more casual look, The Tropical Dreamer is a long dreadlocked style.
Ladies can opt for up, down, or somewhere in-between. Up is The Burning Desire, an exquisitely complex do incorporating pinned waves and plaits, while down is The Eve, with gloriously long waves. The Midwinter Angel offers the best of both worlds, with pinned back sides and long loose locks. If you’re not sure which look to go for, the Medusa’s Winter Hairstyles Packs are available for both Male and Female – mix it up for each party!
Those of you that visit the new PlayStation Home Mall this week will also find awesome new items like VEEMEE’s “Devilrobots” companions and “Smug” furniture line alongside Mass Media’s latest additions to their Weird Wear series and various other items including new animated emoticons, companions (who doesn’t want a peacock?), new items in Threads (such as the Hollywood Celebrity line) and furniture (like the Star Projector)! Log in this Thursday to add these items to your collections! I hear there are going to be some freebies scattered throughout many of the shelves in the Mall this week as well…
The PlayStation Home Community Theater is updated this week with new content from Gamer Indepth—ShoutOuts, episode 20 and Luge Control, episode 3. In ShoutOuts, the team covers recent holiday community events, and showcases some of the spooky content releases, and Luge returns covering her first experiences in Home’s newest game RC Rally.
Lastly, our friends over at nDreams are excited to give you a sneak peek of their new War Room Clubhouse, coming soon to PlayStation Home. Check out this early screen shot from nDreams:
For those who may not know, PlayStation Home Clubhouses are unique private spaces where users can invite dozens of their friends to be members of the club, and anyone on the members list can come and go from the space, even when the owner is not present. These are excellent for building and sustaining gaming groups, clans, brotherhoods, sisterhoods, etc. because of this very flexibility and access as an invite-only space.
In addition to all the standard features you’ve come to expect from PlayStation Home Clubhouses, the War Room has a very unique social feature that helps club owners or team leaders get their message across during club meetings or discussions. It also includes a special access point allowing users to teleport from the War Room to other set locations. We’ll have more info regarding this awesome new Clubhouse soon – keep your eyes on this Blog to stay in the loop!
See you in Home!
If there was ever a reason to be worried about being technologically one-upped by China, this iSeat is it. While our craftsman have only concerned themselves with comfort, their engineers have integrated speakers and an iPhone dock into this recliner.
But that’s not all. Not only have they cracked the armrest matrix—somehow finding a way for both a drink holder and a music dock to co-exist in the same piece of furniture—they’ve also managed to find a place to squeeze Bluetooth hardware in there too, without compromising comfort. Don’t have an iPhone? The chair probably isn’t for you, but the inclusion of an SD slot and USB port allow music to be loaded from other sources as well.
Now I’d fully expect that a recliner as pimped out as this one to come with a price tag in the thousands of dollars. But somehow they’re asking just $400 for it. I have to assume they’re taking a hit on every chair and are making their money back in leather polish sales. That, or it’s just not as awesome as this product shot makes it out to be. [Easy Link Furniture]
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