Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/273648384?client_source=feed&format=rss
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Saturday, December 29, 2012
Video: Stocks For Sale
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Source: http://video.msnbc.msn.com/cnbc/50308019/
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Friday, December 28, 2012
New home sales hit highest rate since April 2010
15 hrs.
New single-family home sales accelerated in November to the fastest pace in 2 1/2 years and median sales price jumped from the same month in 2011, signs that the U.S. housing recovery is gaining some steam.
The Commerce Department said on Thursday sales climbed 4.4 percent last month to a seasonally adjusted 377,000-unit annual rate. That was in line with analysts' forecasts of a 378,000-unit annual pace.
Government data for new home sales are subject to substantial revisions. Indeed, the Commerce Department cut its estimate for sales in October by 7,000 to a 361,000-unit rate.
The annual sales pace for November was the quickest since April 2010.
This year, the housing sector has been point of strength in an economy beset by flagging business confidence and cooling demand abroad. The median home price of a new home rose to $246,200, up 14.9 percent from the same month in 2011.
New home building is expected to add to economic growth this year for the first time since 2005. The housing sector, however, remains a shadow of its former self.
The pace of new home sales is roughly a quarter of the all-time high clocked in July 2005 when a housing bubble was still inflating. Shortly thereafter, the bubble began to deflate, helping trigger the 2007-09 recession, which was the deepest downturn since the Great Depression.?
Source: http://www.nbcnews.com/business/economywatch/new-home-sales-hit-highest-rate-april-2010-1C7660252
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Thursday, December 27, 2012
maijikoi: victorrusso23: Shopping And Product Reviews: Toys Article
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Source: http://matkopliza9.typepad.com/blog/2012/12/shopping-and-product-reviews-toys-article-category-by-elleeatist.html
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Source: http://victorrusso23.blogspot.com/2012/12/shopping-and-product-reviews-toys.html
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Source: http://thermophile-kenny.blogspot.com/2012/12/victorrusso23-shopping-and-product.html
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From a Manila slum emerges an unlikely ballerina
MANILA, Philippines (AP) ? The ghetto called Aroma reeks of putrefying trash collected by its residents for recycling. Half-naked children with grimy faces play on muddy dirt roads lined by crumbling shanties of tarpaulin walls, cracked tin roofs and communal toilets.?
From this Manila slum of garbage collectors emerged an unlikely Cinderella: ballerina Jessa Balote who at the age of 10 was plucked out of her grubby life by a ballet school to prepare her for a life on stage.?
In four years since her audition in 2008, Jessa has performed in various productions, including Swan Lake, Pinocchio, Don Quixote and a local version of Cinderella. She rode a plane for the first time in August to compete in the 2012 Asian Grand Prix ballet competition for students and young dancers in Hong Kong, where she was a finalist.?
The 14-year-old Jessa's unlikely success is as much a celebration of a unique effort by the Philippines' most famous prima ballerina, Lisa Macuja, to help slum kids of Manila by providing them a scholarship and classical ballet training for six to seven years. ?????
More than a quarter of the Southeast Asian nation's 94 million people live in abject poverty, many in sprawling and unsanitary shanty towns like Aroma in the capital city. Despite a reecent economic upturn, there are not enough full-time jobs. Education skills are lacking and incomes are low. At least 3,000 Filipinos leave their families behind every day to seek employment abroad.?
Jessa, who would have likely followed her family to a life of garbage picking, had not much of a future to look forward to.?
"I used to tag along with my father and mother when they collected garbage in the evening," Jessa said in her home about the size of a shipping container with a small attic.?
Her family would gather trash from houses in the nearby Quiapo district or rummage for scrap metal in the huge garbage dump not far from home.?
That was until her successful audition for the Project Ballet Futures dance scholarship established by Macuja, founder and artistic director of Ballet Manila who is married to business tycoon Fred Elizalde.?
The outreach program of Ballet Manila ? which runs a dance company and a school by the same name ? initially accepted 40 students from Jessa's charity-run school in Manila's Tondo district dump site. Some dropped out, but new batches have been accepted.?????
Today, the program has 55 scholars, aged 9 to 18, from five partner public schools such as Jessa's. They train daily after school along with 60 paying students.?????
"I can help my parents more with what I do now. I earn money from ballet," said Jessa, sitting on a plastic bench in her shorts and t-shirt, her long hair loose. The slim teenager, perhaps so used to dancing on her toes, would often have her toes pointed at the wooden floor even while sitting during the interview.????
Behind her, the plywood wall of the family shack was adorned with pictures of her in gossamer tutu on stage. Sharing the space were frames of ballet certificates and a newspaper clipping about the garbage picker-turned-ballerina. A pair of satin pointe shoes lay on top of a gym bag, a few meters (yards) from sacks of used plastic bottles and other garbage piled up outside the door of her cramped home.? Jessa and other kids are trained in the rigorous Russian Vaganova ballet and are required to keep up with their academics in school. They are provided a monthly stipend of 1,200 pesos to 3,000 pesos ($30 to $73) depending on their ballet level, as well as meals, milk and ballet outfits. They also receive fees of 400 pesos to 1,500 pesos ($10 to $37) for each performance.????
Pointe shoes alone cost $50 to $80 a pair ? a fortune for someone eking a living on $2 a day ? and wear out within weeks or days, said Macuja.
The daughter of a former senior trade official, Macuja was 18 years old when she received a two-year scholarship at the Vaganova Choreographic Institute (now the Academy of Russian Ballet) in Saint Petersburg in 1982, where she graduated with honors.
She was the first foreign principal ballerina for the Kirov Ballet in St. Petersburg before returning to the Philippines, where she worked as artist-in-residence at the Cultural Center of the Philippines and a principal dancer at the Philippine Ballet Theatre.
Macuja, 48, founded Ballet Manila in 1994 with the aim of making the high art of classical ballet more accessible to common people. The dance company has held performances in malls, schools, town halls and remote villages of the archipelago. She set up the scholarship program in 2008 as a way of paying back for her good fortunes.
For Jessa and the other slum children, it opened a whole new world. Literally so, when she flew to Hong Kong for the ballet competition.
Her glee while on a roller coaster in Disneyland was captured in a photo in her humble home.
During the competition in Hong Kong, she said she often felt nervous and shy to be dancing among well-off peers. But she overcame her fear, remembering Macuja's advice "to persist despite the odds and to not let poverty hinder me."
As a company apprentice she makes around 7,000 pesos ($170) a month, sometimes more, from stipend and performance fees. The money is not enough to lift her family from poverty, but ballet has given her a choice in life.
Her father, Gorgonio, works part-time as a construction worker besides collecting garbage. His meager pay is insufficient to feed his large family of six children and two grandchildren. One son works in a factory while another daughter collects garbage.
Jessa's childhood dream is to become a school teacher. But she also wants to dance as a professional ballerina. She says she is challenged by the feisty acting and difficult dance turns of the Black Swan character in Swan Lake and aspires for that role.
For Jamil Montebon, another Project Ballet's beneficiary, the scholarship was a life saver.?
The troubled 18-year-old has left his broken family in a violent slum community not far from Aroma.?
He became a ballet scholar at 13 but then dropped out of high school and ballet last year after a fight with his mother. During his time off from ballet and school, he collected garbage and worked in a junk shop. At night he would go drinking with other kids who often clashed with rival gangs, then sleep in a church where he got one free meal a week.?
He was later accepted back into the program, which demands that children keep good grades and stay out of trouble. After shaping up, he moved into Ballet Manila's dormitory.
"I think that the key really is that these kids have been given hope, and that hope will transform their lives," Macuja said.
??
Source: http://news.yahoo.com/manila-slum-emerges-unlikely-ballerina-054810130.html
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Books: Football-Casino-Sports
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History, American football, Football MoreSource: http://www.ranker.com/list/books-football-casino-sports-v1/mikemiller1
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Monday, December 24, 2012
Egyptians vote on Islamist-backed constitution
CAIRO (AP) ? Egyptians voted on Saturday in the second and final phase of a referendum on an Islamist-backed constitution that has polarized the nation, with little indication that the result of the vote will end the political crisis in which the country is mired.
For some supporters, a 'yes' vote was a chance to restore some normalcy after nearly two years of tumultuous transitional politics following Egypt's 2011 revolution, or to make society and laws more Islamic. Opponents saw their 'no' vote as a way to preserve the country's secular traditions and prevent President Mohammed Morsi and his Muslim Brotherhood group from getting a lock on power.
Hours before polls closed, Morsi's vice president, Mahmoud Mekki, announced his resignation. The move was in part expected since the new charter would eliminate the vice presidency post. But Mekki hinted that the hurried departure could be linked to Morsi's policies.
"I have realized a while ago that the nature of politics don't suit my professional background as a judge," his resignation letter, read on state TV, said. He said he had first submitted his resignation last month but events forced him to stay on.
The resignation underlines the costs Morsi is paying in the bruising constitutional fight, the country's worst turmoil since the fall of autocrat Hosni Mubarak nearly two years ago. Morsi will likely win the victory of the charter's passage. But he has been abandoned by many of the figures he brought into his administration to give it a more broad-based image, leaving him even more reliant on the Brotherhood and ultraconservative Salafis.
Over the past month, seven of Morsi's 17 top advisers and the one Christian among his top four aides resigned. Like Mekki, they said they had never been consulted in advance on any of the president's moves, including Nov. 22 decrees placing him above any oversight and granting himself near absolute powers.
Saturday's vote is taking place in 17 of Egypt's 27 provinces with about 25 million eligible voters. The first phase on Dec. 15 produced a "yes" majority of about 56 percent with a turnout of some 32 percent, according to preliminary results.
Preliminary results for the second round are expected late Saturday or early Sunday. The charter is expected to pass, but a low turnout or relatively low "yes" vote could undermine perceptions of its legitimacy.
For some, the vote was effectively a referendum on Morsi himself, who opponents accuse of turning the government into a monopoly for the Muslim Brotherhood.
In the village of Ikhsas in the Giza countryside south of Cairo, buses ferried women voters to the polling centers in an effort villagers said was by the Muslim Brotherhood.
An elderly man who voted "no" screamed in the polling station that the charter is "a Brotherhood constitution."
"We want a constitution in the interest of Egypt. We want a constitution that serves everyone, not just the Brotherhood. They can't keep fooling the people," 68-year-old Ali Hassan, wearing traditional robes, said.
But the draw of stability that many hope will come from having a constitution was strong. Though few fault-lines in Egypt are black and white, there appeared to be an economic split in voting, with many of the middle and upper classes rejecting the charter and the poor voting "yes."
In Ikhsas, Hassan Kamel, a 49-year-old day worker, said "We the poor will pay the price" of a no vote.
He dismissed the opposition leadership as elite and out of touch. "Show me an office for any of those parties that say no here in Ikhsas or south of Cairo. They are not connecting with people."
As was the case in last week's vote, opposition and rights activists reported numerous irregularities: polling stations opening later than scheduled, Islamists outside stations trying to influence voters to say "yes," and independent monitors denied access.
For the past four weeks, both the opposition and the Islamists have brought giant crowds out into the streets in rallies ? first over Morsi's grab of new powers, though they were since revoked, and then over the charter itself, which was finalized by a Constituent Assembly made up almost entirely of Islamists amid a boycott by liberal and Christian members.
The rallies and protests repeatedly turned in to clashes, killing at least 10 people and wounding more than 1,000. The most recent came on the eve of Saturday's voting, when Islamists and Morsi opponents battled each other for hours with stones in the Mediterranean city of Alexandria.
The promise of stability even drew one Christian woman in Fayoum, south of Cairo, to vote "yes" ? a break with most Christians nationwide who oppose the draft. Hanaa Zaki said she wanted an end to Egypt's deepening economic woes.
"I have a son who didn't get paid for the past six months. We have been in this crisis for so long and we are fed up," said Zaki, waiting in line along with bearded Muslim men and Muslim women wearing headscarves in Fayoum, a province that is home to both a large Christian community and a strong Islamist movement.
In the neighboring village of Sheikh Fadl, a car fitted with loudspeakers toured the area with a man shouting, "Yes, yes to the constitution!" In the city of Fayoum, a man could be seen painting over posters urging people to vote "no."
In Giza's upscale Mohandiseen neighborhood, a group of 12 women speaking to each other in a mix of French, Arabic and English said they all intended to vote "no."
"My friends are Muslim and are voting 'no.' It's not about Christian versus Muslim, but it is Muslim Brotherhood versus everyone else," said one of them, Shahira Sadeq, a Christian physician.
Kamla el-Tantawi, 65, voted with her daughter and grand-daughter. "I voted 'no' against what I'm seeing," she said, gesturing to a woman standing close by wearing the full-face veil known as niqab, a hallmark of ultraconservative Muslim women.
"I lose sleep thinking about my grandchildren and their future. They never saw the beautiful Egypt we did," she said, harkening back to a time decades ago when few women even wore headscarves covering their hair, much less the black niqab that blankets the entire body and leaves only the eyes visible.
In the neighboring, poorer district of Imbaba, Zeinab Khalil ? a mother of three who wears the niqab ? was backing the charter.
"Morsi, God willing, will be better than those who came before him," she said. "A 'yes' vote moves the country forward. We want things to calm down, more jobs and better education."
The voices reflected the multiple concerns that have been shaking Egypt for weeks. For some, the dispute has been about Shariah and greater religion in public life ? whether to bring it about or block it. In many areas, clerics have been preaching in favor of the charter in their sermon.
But the dispute has also been about political power.
An opposition made up of liberals, leftists, secular Egyptians and a swath of the public angered over Morsi's 5-month-old rule fear that Islamists are creating a new Mubarak-style autocracy.
Morsi's allies say the opposition is trying to use the streets to overturn their victories at the ballot box over the past two years. They also accuse the opposition of carrying out a conspiracy by former members of Mubarak's regime to regain power.
Many voters were under no illusions the turmoil would end.
"I don't trust the Brotherhood anymore and I don't trust the opposition either. We are forgotten, the most miserable and the first to suffer," said Azouz Ayesh, sitting with his neighbors as their cattle grazed in a nearby field in the Fayoum countryside.
He said a yes would bring stability and a no would mean no stability. But, he added, "I will vote against this constitution."
In Ikhsas village, Marianna Abdel-Messieh, a Christian, was the only woman not wearing a head scarf in the women's line outside a polling center. She was voting "no," but expected that whatever the result, Egypt would see more rule by Shariah.
"So, whether this constitution passes or not, there will be trouble," she said. "God have mercy on us."
___
Michael reported from Fayoum. Associated Press writer Sarah El Deeb contributed to this report from Giza.
Source: http://news.yahoo.com/egyptians-vote-islamist-backed-constitution-061522606.html
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Sunday, December 23, 2012
Saturday, December 22, 2012
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Thursday, December 20, 2012
Oracle 2Q earnings rise 18 pct to top Street view
SAN FRANCISCO (AP) ? Oracle's latest quarterly earnings rose 18 percent as companies splurged on more software and other technology toward the end of the year.
The results announced Tuesday are an improvement from Oracle's previous quarter, when the business software maker's revenue dipped slightly from a year earlier.
The latest quarter spanned September through November. That makes Oracle the first technology bellwether to provide insights into corporate spending since the Nov. 6 re-election of President Barack Obama and negotiations to avoid the so-called fiscal cliff began to heat up in Washington.
Oracle Corp. said it earned $2.6 billion, or 53 cents per share, in its fiscal second quarter. That compares with net income of $2.2 billion, or 43 cents per share, a year ago.
If not for charges for past acquisitions and certain other costs, Oracle said it would have earned 64 cents per share. On that basis, Oracle topped the average earnings estimate of 61 cents per share among analysts surveyed by FactSet.
Revenue increased 3 percent from last year to $9.1 billion ? about $900 million more than analysts had projected.
In a particularly heartening sign, Oracle said sales of new software licenses and subscriptions to its online services climbed 17 percent from last year to outstrip the most optimistic predictions issued by management three months ago.
The flow of new licenses and subscriptions, which represent about a quarter of Oracle's revenue, is closely tracked by investors because they spawn more revenue in the future from upgrades.
Oracle's stock price added 31 cents to $33.19 in extended trading after the numbers came out.
The solid performance by the Redwood Shores, Calif., company suggest corporate decision makers aren't yet fretting too much about the economy falling off a fiscal cliff and plunging into a recession. The fiscal cliff refers to the combination of wide-ranging increases in taxes and wrenching cuts in government spending that will be automatically triggered Jan. 1 unless the Obama administration and Congress can reach an agreement on how to soften the impact.
The specter of higher taxes prompted Oracle to make the unusual decision to bunch the next three quarters of stock dividends into a single payment that will be made before the end of the year. The move, announced earlier this month, is designed to ensure that Oracle CEO Larry Ellison, who owns a 23.5 percent stake in the company, and his fellow shareholders don't get hit with a higher tax bill on dividend income next year.
Oracle would have fared even better if it could find a way to sell more computer servers and other hardware, something it has been unsuccessfully trying to do since completing its $7.3 billion acquisition of Sun Microsystems Inc. in 2010. The company's hardware revenue plunged 16 percent from last year.
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Wednesday, December 19, 2012
Some states and U.S. tobacco companies settle over payments
(Reuters) - U.S. cigarette makers including Philip Morris USA and R.J. Reynolds Tobacco Co on Tuesday said they reached a settlement with 17 states to resolve a long-running dispute over the amount of payments they are required to make under the 1998 landmark anti-smoking agreement.
Under the agreement, the states will receive their portion of $4 billion in disputed payments and the manufacturers will receive credits against future payments.
The payments resulted from the 1998 national accord that obliges companies to help cover the health bills of ailing smokers.
Tobacco companies, including Marlboro cigarette maker Philip Morris, a unit of Altria Group Inc, and Camel cigarette maker R.J. Reynolds, a unit of Reynolds American Inc, have for years disputed the amount of payments they owe after losing market share to companies that did not agree to the 1998 settlement.
In addition to the 17 states, the settlement includes Puerto Rico and the District of Columbia.
(Reporting By Brad Dorfman and Steve Orlofsky)
Source: http://news.yahoo.com/states-u-tobacco-companies-settle-over-payments-225152700--sector.html
Corporate Whistle Blower Center Now Urges Employees of Private Contractors in Afghanistan to Step Forward for Rewards if They Possess Proof of Defrauding the US Taxpayer
The Corporate Whistle Blower Center is urging employees of federal contractors, or their subcontractors, that were, or are providing any type of service in Afghanistan to step forward, if they possess significant proof of over billing, or defrauding the U.S. federal government out of millions of dollars. For more information please contact the Corporate Whistle Blower Center anytime at 866-714-6466. http://CorporateWhistleBlowerCenter.Com
(PRWEB) December 19, 2012
The Corporate Whistle Blower Center is urging current, or former employees of major U.S. federal contractors, or subcontractors, that have defrauded the US taxpayer in Afghanistan to step forward if they possess significant proof of the fraud. To be worthwhile the fraud needs to be in the millions, or tens of millions of dollars. An independent panel investigating wartime spending estimates that as much as $60 billion has been lost to waste and fraud over the past decade in Iraq and Afghanistan. In its final report to Congress, the Commission on Wartime Contracting said the figure could grow larger as U.S. support for reconstruction projects and programs wanes in Afghanistan are unable to sustain the schools, medical clinics, roads and power plants already built with American tax dollars. The Corporate Whistle Blower Center says, "From our sources we hear in many cases the schools, power plants, or medical clinics were never completed, and in other instances we know federal subcontractors gouged the U.S. government, and the taxpayers on everything from over inflated fuel, security detail costs, or food. As long as you can prove it, and the amount exceeds five million dollars, there can be huge rewards for this type of information, as long as its substantial proof, and very credible." For more information please call the Corporate Whistle Blower Center at 866-714-6466. http://CorporateWhistleBlowerCenter.ComOn December 6th 2012, Afghanistan's President Karzai told NBC News, "The bigger corruption is the corruption in contracts," he added. "The contracts are not issued by the Afghan government. The contracts are issued by the international community, mainly by the United States." http://CorporateWhistleBlowerCenter.Com
Simple rules for a whistleblower from the Corporate Whistle Blower Center:
- Do not go to the government first, if you are a major whistleblower. The Corporate Whistle Blower Center says, "Major whistleblowers frequently go to the federal government thinking they will help. It's a huge mistake. Frequently government officials could care less, or they are incompetent."
- Do not go to the news media with your whistleblower information. Public revelation of a whistleblower's information could destroy any prospect for a reward.
- Do not try to force a government contractor, or corporation to come clean to the government about their wrong doing. The Corporate Whistle Blower Center says, "Fraud is so rampant among federal contractors, that any suggestion of exposure might result in an instant job termination, or harassment of the whistleblower. We say, come to us first, tell us what type of information you have, and if we think its sufficient, we will help find the right law firms, to assist in advancing your information."
Any type of insider, or employee, who possesses significant proof of their employer, or a government contractor fleecing the federal government is encouraged to contact to Corporate Whistle Blower Center anytime at 866-714-6466, or they can contact the group via their web site at http://CorporateWhistleBlowerCenter.Com
M Thomas Martin
America's Watchdog 6
866-714-6466
Email Information
Source: http://news.yahoo.com/corporate-whistle-blower-center-now-urges-employees-private-151230013.html
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Benefits of web development services | Web Design Bangalore Blog
Benefits of web development services
Why websites are having so much popularity? Well, they help a lot in supporting brand image of businesses and explore the services in a great extend. Having an informative, good and precise website could indicate the difference between winning the client. A good looking website offers 24 X 7 accesses so that clients and potential customers can reach the site outside of normal business hours. Hence, this practice is perfect for supporting promotions, improving customer services and enhancing?eCommerce?business. Compared to desktop applications, web application is more popular due to its global approach. Websites play a big role in representing a business over the internet.
There are lots of distinctive technologies supporting client-server scripting for Web applications development. Certain common languages such as Asp.Net, PHP, Java, etc are used in website development. Security is the major issue in web projects and so, a web application development company follows the different testing modules to examine its security issues. Web applications experience processes where clients can check the performance, stress and load on the website as well as the CSS and HTML validation criteria. Moreover, the website?s compatibility with all browsers is also checked. Web apps development process comprises of many steps. First, you have to realize the requirements of your business and then the company will analyze the software and hardware needs and cost on the project.
Later on, the company will jump on the coding portion of the project. Then, comes testing and deployment procedures. The maintenance of the website is also made under the web development process. If you still find that your website is not effectively promoted, then you have to occupy space on web for PPC optimization. This will make your website visible in the search engines to a great extent. You have to contemplate the benefits of building website using CMS (Content Management System) for decreasing the elevated prices as well as to retain management of your website. A good CMS allows you to simply manage all content yourself instead of playing your internet development to make it done.
Lots of software companies design and develop websites for multipurpose but to check the company with is previous projects and working is the work of a smart client. A good Web development services provider is that which offers a flexible, reliable, stable, user friendly, search engine friendly and interfaced application in a cheap cost rates. Effective optimization is an important need of every website because it increases the traffic on the website. Daily users of web world are constantly using Google whenever a search comes in their mind. If the website content is handled and has optimized, then Mega Tags will help in making good status of your website by search engines.
Effectively developed and popular website is a very good point to make a good online presence. Well organized and professional websites have the features like it can be easily loaded. Website accessibility indicates that the site should not be prone to normal outages. So, find out best website development services.
Source: http://www.vistasadindia.com/blog/web-development/benefits-of-web-development-services/
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Opinion: How Demography Became the Narrative for Obama's 2012 Victory
Since 2008, commentary about presidential campaigns has been saturated in the rhetoric of narrative. However, President Obama?s 2012 presidential victory wasn?t, strictly speaking, based on narrative.
So what happened? The Obama campaign focused strategically on offering specific policies or programs that targeted the new demographics. This meant ensuring a government mandate to address immigration, the issues of single women, the concerns of Hispanic, African-Americans, Asian-Americans, the rights of lesbian, gay, bisexual, and transgendered Americans, the supporters of trade unions, and ordinary folks struggling to find jobs or keep the ones they had.
Exit polls suggested the importance of demographics. Obama captured 71 percent of the Latino vote, in contrast with only 23 percent for former Gov. Mitt Romney. The president garnered 93 percent of African-American men and 96 percent of African-American women. He won 73 percent of the Asian-American vote.
Indeed, electoral demographics have become the driving force of the past two presidential elections, a fulfillment of Peter Brimelow and Ed Rubenstein?s 1997 prophecy,??Demography is destiny in American politics.? They forecast 2008 as the year when a shift in ethnic demographics would ensure the Republican Party?s inexorable slide to ?minority status.?
What, then, do the demographics of the 2012 presidential election indicate? As Nancy Benac and Connie Cass illustrated, nonwhites represented 28 percent of the 2012 electorate in contrast to just 20 percent in 2000. Obama received 80 percent of the nonwhite vote in both 2008 and 2012. White, male voters represented only 34 percent of the votes cast in the 2012 election as compared with 46 percent in 1972.
According to John Cassidy, white men chose Romney over Obama by 27 percent (62 percent to 35 percent). Caucasian women voted for Romney over Obama by 56 percent to 42 percent, a higher percentage than those who voted for either McCain in 2008 or Bush in 2004.
Today, according to Benac and Cass, 54 percent of single women vote Democratic, in contrast to 36 percent of married women. The single women?s vote was strategically significant since it accounted for nearly a quarter of all voters (23 percent) in the election.
White voters favored less government (60 percent), Hispanics wanted more (58 percent), and, by comparison, blacks were the most interventionist of these ethnic groups (73 percent). Hispanics represented a significant and growing share of prospective voters in the Western battleground states.
In 2000, for instance, white voters constituted 80 percent of voters in Nevada. But by 2012 their percentage of the total vote had declined to 64 percent while the Hispanic vote had increased by 19 percent. Not surprisingly, 70 percent of Hispanics voted for Obama in Nevada.
The youth vote sided decisively with Obama, as Benac and Cass demonstrated. In the case of North Carolina, a battleground state that narrowly supported Romney, two-thirds of these voters supported Obama. Younger voters are also more ethnically diverse. Of all Americans under 30 who voted in the election, 58 percent are white as compared with 87 percent of seniors who voted.
Just how significant are these numbers? As Ryan Lizza noted, three-fifths of white voters selected Romney, equaling or exceeding the support that former Presidents Reagan and George H.W. Bush had received from white voters in 1980 and 1988, respectively. But if the white electorate was 87 percent of voters in 1992, by 2016 they will represent fewer than 70 percent of American voters.
As the demographic landscape of our country changes, even conservative strongholds such as Texas will be at risk. Ted Cruz, a newly elected senator from Texas, who campaigned from a ?secure-the-borders? perspective, expressed it this way to Lizza.
In not too many years, Texas could switch from being all Republican to all Democrat.... If that happens, no Republican will ever again win the White House.... If Texas turns bright blue, the Electoral College math is simple. We won?t be talking about Ohio, we won?t be talking about Florida or Virginia, because it won?t matter. If Texas is bright blue, you can?t get to 270electoral votes. The Republican Party would cease to exist.
Obama and his team of advisers ran a tactically brilliant campaign. Obama?s victory wasn?t based on a narrative, because that would have exposed the economic failings of his administration.
Instead, the campaign demonized Mitt Romney by appealing to the ?diversity values? of the Democratic rank and file while saturating the battleground states with attack ads. The party appealed to a multicultural mosaic: Hispanics, single women, African-Americans, ethnic minorities, young people, as well as many of the economically disenfranchised who voted, a significant number of affluent progressives, and, of course, the LGBT community.
The Democrats strategically targeted their demographic, and the demographic became the narrative. ?In sports parlance,? as I have noted on The Huffington Post, ?Obama?s ?ground game? was hard-hitting and decisive. The demonization against Romney began early and never stopped. Even before he was the designated Republican candidate, the Obama machine had Romney effectively in their sights. All is fair in political warfare. And this Democratic victory was supremely won.?
Dr. Diana E. Sheets, an iFoundry Fellow and Research Scholar at the University of Illinois, writes literary criticism, political commentary, and fiction. You can view her work at www.LiteraryGulag.com.
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Explosion? A Sony Mavica guide to digital migration
Sony Mavica FD-91 digital camera taken apart
This camera, a Sony Mavica FD-91 is a remarkable display object, as testified by more than a decade on display in our Cyberworlds gallery. Not only was it purchased and purposefully dismantled (or exploded) to display the mechanism and electronic engineering of the camera, but it stands as a crossover piece between things that are built from materials (plastics, metals, electronics) and things that are birthed from objects like it; things that are ?born digital.? It was collected and remains an important teaching tool for a range of age groups.
Recently a UTS undergraduate class studying the History of Digital Photography attended a basement tour of physical objects pertaining to their subject. With many of our phones containing more sophisticated digital photography functions than our actual cameras, objects such as a camera obscura, a stereoscope, the Enimga ciper machine, early television receivers and even early fax machines appear retro, perhaps even quaint, to these digital natives. Before the tour concluded, much of the basement experience embodied in the physical objects will have been captured and shared digitally by students by way of their mobile phones. This will have been done either directly via text or email, or to their wider digital community via social media. This is very different to the way that most curators collect and share information about objects in the collection, but with the advent of an open archive and blogs such as this one, perhaps we digital immigrants aren?t too far behind.
Source: http://feedproxy.google.com/~r/ObjectOfTheWeek/~3/1msE_bGdfgg/
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alaskasmith: Secret star family town house treasure - The more ...
Wang Gang and Zhang Tielin go to Shanghai antique shop, spent 1,500 yuan
to buy a bowl.Another time, Wang Gang go to Z & Antique City, a
door is the piano desk attract a price of 2 million yuan lacquer carving
Lanting Gagaku.Immediately put it down.Gang prefer porcelain
collection, has been in possession of more than 100 various ancient
porcelain.Wang Gang, both holding what purpose involved in the antiques
market, hobbies Hao investment or have played a guardian of the purpose
of the national heritage, to spend their own money on the
objective.Panjiayuan flea market along the stall, Antique City Gang
acting apart from wandering around the treasure, he even privately to
ourselves, then play midsummer and midwinter of three or four months a
year, in order to devote more time to . Secret star family town house
treasure, they believe in feng shui.Evonne town house treasure
Vipers.Evonne Hsu is a singer of Snow White, the ceramic dolls difficult
to commensurate with the appearance of her Vipers hobby.Evonne
professional in the United States to study psychology, she grew up to
live in their own world, insecure character she became a super pet
fans.The Evonne raising a lot of pets, some pet names, a lot of people
have never heard of: the mini-pigs, ferrets, chameleons, snakes,
lizards, turtles, mantis, parrots, and became a star, she raised two
turtles and a only sugar glider.Sugar glider and kangaroo bags, little
girls like to walk around it is kept in a cell phone pocket, or debris
bag hanging on the body in the front of the abdomen.In order to raise
the mini pig, Evonne has also ran the farm saw the mother of that pig,
the length does not determine the mother pig to one meter, Evonne
immediate green light to set the other end pig. Best at home, pig and
parrot relations, they are every day, eat together, sleep together, with
flying around.The parrot will ride on the pig's back, the two of them
often whispering, do not know to say what. Evonne Talia called strange
combination. Dead pig, I'm sad to death three months did not eat pork.
New conference to be held in Beijing, Evonne receive a pet snake, so she
was flattered.Speaking of these girls timid extreme pet, Evonne says
with a laugh these animals are very nice ring, and she had a pet store
pythons ran out, scared everyone back, Prada Handbags uk.but I am very easy to put it on hold back to the cage, it is also very obedient. Although these poisons right gentlest, Evonne Hsu also said, If the pet is hungry, or not to approach, in order to avoid danger. Secret star family town house treasure, they believe in feng shui.S Barbie town house treasure 300 pairs of shoes.The Taiwanese actress s Barbie is an absolute luxury admirer her many Chanel dress suit.Big s home nearly 300 pairs of shoes, with a total value of more than 10 million!Of more than 10 million Taiwan dollars, in accordance with the exchange rate of the NT dollar and RMB, the equivalent of more than two million yuan on the mainland.Beijing high prices as a benchmark, which also can buy two sets of more than one hundred square meters of housing.In order to capture the large s in the name of the collection of shoes around the house, brought the studio debut her house nearly 300 pairs of shoes, worth more than 10 million, you can buy a house, Xu mother laugh at her centipede reincarnation, where so much feet shoes, big s were roughly her a pair of shoes money enough to buy a big house, money can buy a suite she bought Fortunately, Xu mother secretly bought two rooms of big s or her to buy down , after the old if not married, may have to take refuge in a small s.S with small s often being used from the debut compared to the small s usually do not buy brand-name, but now it was admitted to the Depo soul mate, big s systemic brand name, but no end result, with Xu mother mother and daughter lived in the Eastern self-deprecating s: my princess appearance servant life, small s servant appearance princess life. Addicted s shoes, such as life, love to buy shoes madness began, from the 6th grade, when she used to save money bought shoes, a few years ago, in Chanel, she saw a pair of beautiful, with the clerk asked, did not she the size, because they can not buy her beloved shoes from her daily nightmares, her nightmare did not stop until you buy a pair of similar shoes. Secret star family town house treasure, they believe in feng shui.Jeff Chang treasure antique town house.Jeff Chang been collecting antiques for 20 years, to embark on such old articles of no return, is originated in the courtyard of a Chinese-style building.Due housing changed to seminary, lighting, stained glass facing the fate of being thrown away, The aci feel Unfortunately, it is the same as from the garbage picked up and moved back home and began collecting antiques career.His love of antiques into addiction, for old products all comers.Familiar with his friends met him happy event, are also sending antiques, match up.For him, the antique does not mean those small objects, also including his obsessed with ancient buildings, because there is no way to get their hands on, so he played a talent of painting, draw down of these antique buildings used to store and have it.The aci biggest wish is to open an antique museum, to share the joy with everyone. Secret star family town house treasure, they believe in feng shui.Nicholas Tse town house treasure guitar.Nicholas Tse, as the guitar, such as life, the family is the most precious countless guitar.Weekdays, he will be heart guitar one a carefully placed in the cabinet, when he unveiled the baby, his face completely to like Xianbao innocent child, sometimes bombs and one bomb, and sometimes touch, threw himself into his and the guitar world.Nicholas Tse acknowledged that because of his family background, he can easily buy the others have saved a lot more money may not be purchased guitar, his first to an expensive guitar together to send the mother and some aunts.Excellent guitar are available in Japan, New York and even Taiwan, Nicholas Tse, especially black blue lightning streaks like guitar purchased in Taiwan, Nicholas Tse love a plus, he hopes to open two years later a guitar, so that more people together to share the guitar world.
Source: http://nikeskonorge.blogspot.com/2012/12/secret-star-family-town-house-treasure.html
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Source: http://alaskasmith76.blogspot.com/2012/12/secret-star-family-town-house-treasure.html
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Natural Cure For Eating Disorders - Ayushveda
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A number of people suffer from eating disorders such as anorexia and bulimia which are becoming a serious cause of concern in recent times. When a person suffers from an eating disorder named anorexia, the individual is very scared of putting on weight and maintains a very strict diet, restricting themselves from eating food. These kinds of disorders are generally found in females. In simple terms, people suffering from this disease have very limited appetite eating almost nothing the whole day.
Another form of eating disorder is known as bulimia. People suffering from this disease are seen to consume a huge amount of food rapidly and then try to take out all the food they have just eaten by vomiting it all out, drinking laxative to activate their bowel movement or exercise vigorously.
This kind of eating disorder is followed by long days of fasting. Though anorexia is considered to be more dangerous which can also prove to be fatal, bulimia too can have serious side-effects on a person and should be treated at the earliest.
Eating disorders are not only a physical disease but a psychological one too and require various types of treatments in addition to changes in the behavior and lifestyle patterns of the individual. A person has to put in his own effort to overcome this disease and with a determined mind he is sure to be able to achieve it soon. It is strongly advised to opt for natural remedies which help treat the person in an effective and fast manner, with no side-effects or artificial things involved.
Ways To Cure Eating Disorder
Herbal Tea
Brewing beneficial herbs and drinking them on a regular basis can prove to be of great help for a person who is suffering from eating disorders. The reason being that herbal tea helps a person to fight with all the emotional stress which forms the basic cause of an eating disorder. Chamomile and Echinacea are the most recommended herbs which relieves tension to a great extent.
Consume Spicy Food
It is a good idea to incorporate such amounts of spices in your diet which are more than normal. It is a known fact that a person cannot consume spicy and hot food in huge quantities. This will help you not to overeat, as seen in the case of people suffering from bulimia. ?Also you will eat slowly, allowing your body to digest what it has just taken in.
Yoga
They say it is all in the mind. Eating disorders as we have discussed, are more of a psychological problem than a physical one. So it advisable to practice yoga or meditation on an everyday basis as this will calm your mind and give you inner peace.
You will start thinking about yourself and what harm you are causing your body because of the eating disorder you are used to. Deep breathing does away with stress and creates a balance between the energies of the mind and the body. Another option is to listen to relaxing music as this will take your mind off food and make you relax.
Massage
It is a good idea to get a body massage or a head massage on a regular basis. You will shift your attention from food to your body. You will be able to understand the needs of your body much better and after a comforting massage, want to eat less and relax more.
Certain essential oils like chamomile and lavender act as appetite stimulants which increase your appetite if massaged well on to the temples. Aromatherapy will also help your body relax and de-stress.
Garlic and Ginger
These two food items are capable of cleaning out your digestive system completely. By doing so, you will automatically begin to feel hungry and wish to eat all your meals on time. A few cloves of either of these items should be boiled in water. After straining it, drink it just like tea in the mornings and evenings. It will work wonders for you.
Exercise
Exercising regularly will boost your metabolism which will in turn make you feel hungry. Depending on how physically active you are, your body will ask for food at regular intervals and hunger pangs will ensure that you eat. Go for a walk or jog early in the morning, swim with your friends or simple enroll yourself for a dance class to sweat it all out.
Stimulate Your Appetite
Anorexia makes you lose interest in food and you find it easier to skip meals and not eat anything at all. Stimulating your appetite with the help of stimulant which make you feel hungry can prove to be of great help for people suffering from this disease.
Caraway seeds, thyme and angelica are some common herbs which can be easily found in grocery stores and can be mixed in salads to be consumed on a daily basis.
Also Read
Dangerous Effects Of Eating Disorders
Are you affected by Eating Disorder ?
Learn To Stay Away From Binge Eating Disorder
Eat Breakfast Everyday
Whether you like it or not, it is very important to have breakfast every single day as it is one of the essential meals of the day. A good and healthy breakfast fulfills most of the body?s daily requirements. It is permissible to skip a meal during the day if you have had a filling breakfast.
Milk?
Milk is the best natural cure for a person suffering from eating disorders. The reason being that milk is very filling in nature and is a liquid which gets easily digested in the system. Bulimia patients are unable to eat and digest solids easily, thus milk being the best alternative for them. it provides nutrition to the person and he is unable to vomit it out.
Fruits
Eating fruits can prove to a good source of minerals and vitamins if eaten regularly. One can choose from a variety of fruits and include them in all meals. Compared to other harmful food items like desserts and fried items, even if ?a lot of fruits are eaten at one go, they will not cause any harm to the body, instead provide strength to the person. One can also opt for fresh fruit juices if they do not wish to eat the whole fruit.
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Natural Cure For Eating Disorders,Source: http://www.ayushveda.com/mens-magazine/natural-cure-for-eating-disorders/
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Saturday, December 15, 2012
ANALYSIS: Egypt military keeps close eye on politics
Gianluigi Guercia / AFP - Getty Images
Egyptian army tanks are deployed outside the presidential palace in Cairo on Thursday.
By Ayman Mohyeldin, NBC News
News analysis
Editor's note: This story includes a correction.
Updated at 7:25 a.m. ET: CAIRO -- Many hailed the emergence of civilian rule in Egypt when then recently elected Islamist President Mohammed Morsi ordered the country?s armed forces back to their barracks in August, after they had led the county for close to a year and a half.
But within months, the same military was functioning as the country's auxiliary police force, ensuring the safety and integrity of the upcoming constitutional referendum, and protecting the presidency ? both physically by guarding the palace and politically by acting as an intermediary to diffuse political tensions between Islamists and the opposition.
Meanwhile, the newly drafted and disputed constitution that will be up for a vote on Saturday changes little about the military's role in the state. In fact, it preserves the ability of the military to try civilians in military courts. It also maintains the secretive budget of the armed forces, which eats up a sizable chunk of the state?s coffers.
So, as Egypt lurches through a crisis pitting the country's president and his Islamist supporters against opposition forces, observers are working to figure out what exactly the country?s powerful military will do next.
Egyptian leader told: 'Fear God... postpone the referendum'
The dispute over a controversial decree giving Morsi near absolute powers reached a crescendo on Dec. 11, when protesters opposing the president's decision circled the presidential palace. Morsi supporters, mainly from the Muslim Brotherhood and other Islamist parties, took to the streets in counter protests. They, too headed to the palace, only this time to confront the president?s opponents. What ensued were deadly clashes that left at least eight people dead and more than 700 injured.
NBC's Ayman Mohyeldin is outside the presidential palace in Cairo where hundreds of thousands are protesting what they say is an unjust constitution. They want to delay a vote on the current draft of the constitution now scheduled for December 15.?
Amid the turmoil and after standing on the sidelines, the powerful armed forces weighed in and issued their first political statement since Morsi was elected on June 24.
ANALYSIS: Egypt is rapidly approaching its own 'cliff'
?Anything other than [dialogue] will force us into a dark tunnel with disastrous consequences, something which we won't allow to happen,? the statement read. The call for dialogue may have struck some as a surprise because it came from an institution that served as the backbone of the country's authoritarian regimes for six decades.
Then late?Sunday night, Morsi issued a decree granting the country's military law enforcement powers, essentially giving the armed forces the legal authority to act as the country's police force. The military was allowed to arrest and detain civilians in the run up to the key constitutional referendum starting Saturday. It was also tasked with securing the thousands of polling stations around the country, meaning its job was to secure the integrity and safety of the voting process and the voters.
The move has drawn sharp criticism from Human Rights Watch, an international organization, which said the military's emergence as a law enforcement authority raises serious human rights concerns.
Egypt army gets temporary power to arrest civilians ahead of referendum
Islamist forces, however, remain skeptical of the military. After all, for decades it was the country's senior internal security leadership in conjunction with the military that hunted down Islamist leaders, jailing them and torturing them under strongman Hosni Mubarak and his predecessors.
Opponents of Egypt President Morsi say he's betraying the revolution, but his supporters say he wants to guarantee human rights with a controversial referendum on a new constitution. NBC's John Ray went onto the streets of Cairo to hear from both sides of the deepening divide.
What Egypt's military wants
The military, which had recoiled back to its bases after it led the country for nearly 18 months following the revolution that toppled Mubarak, remains skeptical, too.
?They have not been neutral. While appearing to be sympathetic to the protesters' demands, they remain suspicious of popular mobilization's ability to induce change that goes beyond their control,? said Joshua Stacher, a fellow at the Woodrow Wilson Center and author of "Adaptable Autocrats."
Google+ Hangout with NBC News' Ayman Mohyeldin
The military is also not standing on the sidelines and will likely remain the last arbiter of Egypt?s politics. Any appearance to the contrary is a result of the armed forces being ?intentionally opaque,? Stacher said.?
?I don't believe that they have a plan worked out. Rather, they are waiting to see how the situation evolves before deciding what is the best course of action,? he added.
Marco Longari / AFP - Getty Images
Egyptian soldiers stand in line as anti-Morsi protesters stand on top of a barricade erected by the army to protect the Presidential Palace in Cairo on Tuesday.
The best course of action may just be revealing itself. The proposed constitution also stipulates that future defense ministers must be officers.
But the real test of power, Stacher and others argue, will be whether the military retains control over its vast economic empire and secretive budget under a new constitution.
External link: English translation of Egypt's draft constitution
?The military prefers to remain behind the curtain influencing events,? he said. ?They also have the constitution that they want in terms of securing their interests. They would prefer that the constitution pass, they stay formally out of politics, and the protesters go home.?
'Men don't have to worry about being caught': Sex mobs target Egypt's women
More world stories from NBC News:
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Friday, December 14, 2012
'50 Shades Of Grey' Barbie Sex Shop Display Features Dolls In Explicit BDSM Poses
It looks like Barbie's been reading "Fifty Shades of Grey."
A sexually explicit window display featuring Barbie and Ken in BDSM poses is turning heads in a suburb of Ottawa, Canada, this week, the Ottawa Sun reports.
Mel Lockhart, store manager for Wicked Wanda's Adult Emporium, said she and her staff posed the iconic dolls in scenes inspired by E.L. James' best-selling erotic trilogy.
The salacious saga -- with its wealthy bachelor, virginal ingenue and BDSM themes -- has inspired a host of products, including a cookbook, a music album, makeup, jewelry, and, of course, sex toys. The series' overtly sexual content has even caught the attention of Christian conservative Pat Robertson.
In the case of the Wicked Wanda dispay, Ken and Barbie, while never actually displayed in their full, nude plastic glory, are shown engaged in whipping, bondage and oral and anal sex. It as, according to the Ottawa Sun's Denis Armstrong, about as "raunchy and hard core as doll play can get."
Not surprisingly, not everyone is a fan of the dolls' fetish voyeurism.
?I think it?s overstepped the bounds of propriety,? Shannon Lee Manion, who lives near the store, told the Ottawa Citizen. Manion, who said she was "shocked" by the display, also complained to the local business association.
But Portia Young, an employee at the sex shop, said that many people had voiced approval of the display.
?Our general response from the public has been positive,? Young told the outlet. ?Most people are highly amused, and many have stopped in just to say how much they appreciated it.
And manager Lockhart said she sees no reason to take down the dolls.
?If this person had a legitimate complaint about the window, they would come into the store and complain,? she told Metro Ottawa. ?We are a bondage store. And if anybody actually lodged a complaint into the store that has been in the surrounding area, I would talk to the owner and we would think of another way to do the window.?
Of course, this is far from the first time Mattel's famous couple have been sexualized. In June, a photo series titled "In The Dollhouse" depicted a possible "dark side" of the couple's life together.
Also on HuffPost:
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2011 Virginia Earthquake Traced From Sky
SAN FRANCISCO ? Blobs of solidified magma may have helped control the direction of energy from the 2011 Virginia earthquake, according to early results from an airborne geologic survey conducted in July 2012.
"If you look to the northeast [from the epicenter], you see that the structures are rather continuous," said Anji Shah, a U.S. Geological Survey research geophysicist and lead scientist for the study. "Whereas if you look to the southwest, you quickly run into a pluton (the solidified magma), so you have an interface of different rock types, which might make the energy a lot less efficient in that direction," she told OurAmazingPlanet.
The strongest energy from the Virginia earthquake appeared channeled toward the northeast, in the direction of Washington, D.C., and dissipated to the south, according to the USGS's shake maps. A chunky pluton also sits to the west of the epicenter. A pluton is an underground mass of cooled magma, or igneous rock, that can range in size from a few miles to tens of miles (a couple kilometers to tens of kilometers) in diameter.
The survey also revealed that pre-existing weaknesses in the Earth's crust made certain areas more susceptible to aftershocks, helping explain the patterns of small earthquakes recorded after the original 5.8-magnitude shaker. Many aftershocks hit along Jurassic-age dikes, or linear intrusions of magma, Shah said. Other small quakes seem to follow an ear-shaped bend revealed by magnetic survey data. "If there's a bend, there might be an offset or a zone of weakness in the area where the earthquake was," Shah said.
The instruments, carried on a customized airplane, peered up to 9 miles (14.5 kilometers) underground. The survey measured Earth's gravitational and magnetic fields throughout the region and collected high-resolution topographic data. Subtle changes in the data can indicate where underground faults are located, because different rock types generate slightly different magnetic and gravity fields. The contrast in rock types can indicate a fault or a contact between two rock formations.
The Aug. 23 earthquake occurred along a buried and previously unknown fault ? now called the Quail Fault ? in the Virginia Piedmont. The epicenter was 38 miles (61 km) northwest of Richmond, and the fault ruptured 3 miles (about 5 km) below the surface.?The survey also tracked faults responsible for aftershocks.
"We are trying to understand the geologic structures that led to a large earthquake happening where it did," Shah said. "The data are telling us to some degree how far from the epicenter these faults extend and how long they are."
"One of the questions we're still working on," she added, "is whether we see a contact between different types of rocks for this fault, which might make slip more likely to happen on such a fault. It might."
Reach Becky Oskin at boskin@techmedianetwork.com. Follow her on Twitter @beckyoskin. Follow OurAmazingPlanet on Twitter?@OAPlanet. We're also on?Facebook?and Google+.
Copyright 2012 OurAmazingPlanet, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Source: http://news.yahoo.com/2011-virginia-earthquake-traced-sky-141015484.html
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Europe's Debt-Relief Calculus by Andres Velasco - Project Syndicate
SANTIAGO ? Europe has long been menaced by the threat of two crises. The first would erupt with a successful speculative attack on a large eurozone country?s bonds, immediately jeopardizing the single currency?s survival. European Central Bank President Mario Draghi?s vow to do ?whatever it takes? to prevent a sovereign default in the eurozone seems to have diminished that danger ? at least for now.
The other looming danger is a growth crisis ? a threat that has become increasingly serious. The ECB?s most recent macroeconomic forecast, which cut expected GDP growth for both 2012 and 2013, makes the threat all too clear: The eurozone will certainly contract this year, and grow by just 0.3%, at best, next year.
Europe persistently undershoots its growth targets because European policymakers persistently underestimate fiscal multipliers, pursuing austerity instead. And slower growth means lower revenues, which imply larger deficits and heavier debt burdens ? at which point, as Wolfgang Munchau of the Financial Times and others have stressed, the entire belt-tightening exercise begins to look self-defeating.
This is all pretty worrisome. But things could get worse. The problem is not just that slow growth is driving up debt levels. It is also increasingly plausible that the debt overhang is itself becoming the cause of slow growth.
Few people want to go down that route, because it leads directly to the question of debt forgiveness. But the issue can no longer be ignored ? and not just in the case of Greece.
The concept of a debt overhang has been around forever, but it became prominent during the Latin American debt crisis of the 1980?s. Like many aspects of that crisis, it is applicable to Europe?s situation today.
A debt overhang exists when a country?s debt is large enough that the benefits of adjustment and growth go entirely to the creditors. As the Nobel laureate economist Paul Krugman pointed out a quarter-century ago, a country in this situation will be unwilling to undertake additional painful adjustment, because it gets nothing in return. And, because the proceeds of any new investment will be taxed away to service existing obligations, the debt overhang discourages private investment and growth.
If the disincentive is large enough, then a larger debt burden may cause the country?s repayment capacity to fall. This gives rise to a debt-relief Laffer curve. For low levels of debt, increasing the debt burden increases the flow of payments that creditors get; but this relationship is reversed once the debt volume crosses a certain threshold. Reducing the face value of the debt is good not just for debtor countries on the ?wrong side? of the curve; it is also good for creditors, who stand to get more of their money back.
But, while this neat theoretical construct clarifies the problem, figuring out where a country lies on its debt-relief Laffer curve is no easy matter. Many doctoral dissertations were written on this issue during the Latin American debt crisis of the 1980?s.
In retrospect, two things seem clear. First, Latin American countries did not start growing again until debt had been substantially reduced through a series of initiatives ??the most important being the Brady Plan of 1989, under which Latin American countries enacted reforms in exchange for debt relief. Second, creditors who stayed in ? by swapping old obligations either for new Brady bonds or for local equity ? typically did very well.
Skeptics will reply that Europe is not Latin America, and that the interest rates levied on European governments today are much lower than what Argentina or Mexico had to pay back then. Perhaps. But many European countries are more indebted than their Latin American counterparts were.
France?s public debt is 90% of GDP and rising, and five European countries? debt/GDP ratios are above 100%. Latin American countries had to seek debt reduction when their debt burdens were smaller. And the recent spike in the interest-rate spread on Italian government bonds should remind optimists that, with sovereign debt so high, many things can go wrong at any time.
More and more Europeans are coming around to the view that Greece needs to have its debt cut yet again, and that this time official claims on Greece should be cut as well. But few Europeans today believe that Italy, Spain or Portugal, much less France, will need debt reduction. Give them time. It was not so long ago that few Europeans could imagine a euro crisis.
Reprinting material from this Web site without written consent from Project Syndicate is a violation of international copyright law. To secure permission, please contact us.
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