Considering events in Nicosia it is startling the announcement this week that Canada's six largest banks have now been deemed too big to fail. hmmm, I mean why would the government make such an announcement at this time? Especially in the unmistakable backdrop of the situation in Cyprus. Is there concern that one or more of the majors is in trouble? Is there a quiet, electronic bank run going on? The domestic money is stuck, we can't pull out or go anywhere (nor are we inclined to). How much foreign capital is deposited in Canada's banks, and are they quietly pulling out or threatening to pull out.
By announcing this while Cyprus is going on could be interpreted as a signal that all deposits will be protected, there will be no "haircut" on depositors in any scenario. This renders deposit insurance (capped at $100k) now effectively infinite. Again, why would the government make such an assurance. Although everyone implicitly understands and accepts that the federal government would intervene for a major bank in Canada to prevent a disorderly failure; in the past the implicit understanding was strong enough. So by coming out now with an explicit announcement it is actually a sign of weakness, not strength. After all before now there was never a need to make such an announcement, the combination of the strength of the institutions, and the implicit social federal guarantee were sufficient.
It's a concern. After all it was just a couple of years ago that the federal government created $70 billion out of thin air and swapped this raw clean cash for a portfolio of dodgy mortgages off the banks books. I just realized now that the government by doing that very quietly created a "bad bank" to be presumably eventually wound down. Speaking of Canada's bad bank, what is the status of the people's $70 billion investment? Who is managing this portfolio, how many of the mortgages have gone into foreclosure, what are the losses at this point on the $70 billion portfolio now that inventory of listings is rising fast and housing prices are set to stall and then decline? Why does the media and opposition never speak of this or ask any tough questions, or even any questions at all for that matter?
Saturday, March 30, 2013
Tuesday, March 05, 2013
Fight Club by Chuck Palahniuk
A little while back I read Fight Club. It was a good book. It was a bit hard to read despite being only 200 pages. The first time I got to page 80 then left it. It was a bit strange and painful experiences. Later I got it again at the library on my son's recommendation and finished it.
It's a book about men. A book for men. There are hardly any female characters and they are generally viewed as objects. It's a book about identity and the modern man. The book is told from the perspective of a nameless narrator. That's a running theme, the contemporary man is nobody with no identity. Later in project mayhem again the men are parts who have to do something special to get a name, an identity.
In the book the nameless narrator is a corporate wonk living alone in a condo with Ikea furniture and an Audi. He meets up with Tyler Durden. Tyler has a name, Tyler gets the girl Marla, Tyler is dynamic, a doer, a winner, a somebody, Tyler leads the Fight Club.
This book was in some ways ahead of its time. Reading the book I sometimes thought of occupy wall street. Tyler is subversive, despising and attacking corporate greed, shallow individual materialism and the wealthy. Tyler dreams of stalking elk from the ruins of the Rockefeller center and drying out fish on the abandoned 8 lane loop highway around Chicago. Alas OWS hadn't a shadow of Tyler's character.
It was a good book. A book that makes you think. I believe Fight Club would be a good book to use in high school or undergrad university English as there is a fair bit in there to think and write about.
It's a book about men. A book for men. There are hardly any female characters and they are generally viewed as objects. It's a book about identity and the modern man. The book is told from the perspective of a nameless narrator. That's a running theme, the contemporary man is nobody with no identity. Later in project mayhem again the men are parts who have to do something special to get a name, an identity.
In the book the nameless narrator is a corporate wonk living alone in a condo with Ikea furniture and an Audi. He meets up with Tyler Durden. Tyler has a name, Tyler gets the girl Marla, Tyler is dynamic, a doer, a winner, a somebody, Tyler leads the Fight Club.
This book was in some ways ahead of its time. Reading the book I sometimes thought of occupy wall street. Tyler is subversive, despising and attacking corporate greed, shallow individual materialism and the wealthy. Tyler dreams of stalking elk from the ruins of the Rockefeller center and drying out fish on the abandoned 8 lane loop highway around Chicago. Alas OWS hadn't a shadow of Tyler's character.
It was a good book. A book that makes you think. I believe Fight Club would be a good book to use in high school or undergrad university English as there is a fair bit in there to think and write about.
Wednesday, February 27, 2013
The 4,000 mile African front
A recent piece on John Kerry about al Qaeda in Africa was interesting. Pull up a map of Africa and list countries where there is a north-south civil war along religious lines with Islam in the north. Mali, Nigeria, Sudan.
String them together and the broader picture becomes clearer. These "separate" conflicts are part of a larger pan African campaign as Islam expands from the middle east across north Africa and pushes south by force. Never mind about some imaginary al Qaeda bogeyman. That's a convenient distraction to avoid thinking about what's really happening.
There's also a northward campaign into Europe but for now the demographics and situation requires a different approach in Europe.
String them together and the broader picture becomes clearer. These "separate" conflicts are part of a larger pan African campaign as Islam expands from the middle east across north Africa and pushes south by force. Never mind about some imaginary al Qaeda bogeyman. That's a convenient distraction to avoid thinking about what's really happening.
There's also a northward campaign into Europe but for now the demographics and situation requires a different approach in Europe.
Tuesday, February 26, 2013
President for life Obama
There is a remarkable, incredible story in the news this week. Obama orders judges to overturn law Congress passed. Think about it for a moment. As president, Obama's role is to work with Congress to create new laws, and repeal bad or obsolete laws.
Yet here Obama is openly bypassing Congress and attempting to issue executive orders to the "independent" judiciary to get a law he disapproves of repealed. If Obama wants the Defense of Marriage Act gone then why doesn't he ask Congress to repeal it? After all the law originated in Congress and it would be to Congress to repeal it. That's how law is supposed to work in a checks and balances system.
Is contempt of Congress a crime? Because that's what Obama's actions amount to. Refusing to acknowledge Congress' powers under the constitution, openly defying and undermining Congress. Because that's what it is. This act is nearly 20 years old. If it was unconstitutional then it is preposterous to believe that activist lawyers and the courts would just "realize" that today.
So what's next? If Obama can blow off working with elected Congress and by fiat order unelected judges (who he appointed) to just wipe off the books laws Obama finds inconvenient, then what's next? Perhaps the president can continue to push the envelope and order his judges to create new laws that he wants. Maybe the judiciary could be "urged" to agree that law can originate with executive order from the president, and Congress role is just to consult in some undefined manner.
Yet here Obama is openly bypassing Congress and attempting to issue executive orders to the "independent" judiciary to get a law he disapproves of repealed. If Obama wants the Defense of Marriage Act gone then why doesn't he ask Congress to repeal it? After all the law originated in Congress and it would be to Congress to repeal it. That's how law is supposed to work in a checks and balances system.
Is contempt of Congress a crime? Because that's what Obama's actions amount to. Refusing to acknowledge Congress' powers under the constitution, openly defying and undermining Congress. Because that's what it is. This act is nearly 20 years old. If it was unconstitutional then it is preposterous to believe that activist lawyers and the courts would just "realize" that today.
So what's next? If Obama can blow off working with elected Congress and by fiat order unelected judges (who he appointed) to just wipe off the books laws Obama finds inconvenient, then what's next? Perhaps the president can continue to push the envelope and order his judges to create new laws that he wants. Maybe the judiciary could be "urged" to agree that law can originate with executive order from the president, and Congress role is just to consult in some undefined manner.
Saturday, February 23, 2013
Nova Scotia fishing tragedy
The top news here this week has been the Miss Ally sinking. A week ago the fishing vessel was lost and 5 young fisherman on board perished.
Since then I can say I'm shocked but not surprised by the case from the government and the media. Luckily at the time of this writing, by some miracle, the overturned ship has again been found. Incredibly it was found 5 days ago by the coast guard, then they somehow managed to lose track of it, leaving it to sink!
That makes no sense. If the idea was to find survivors / bodies then when they found the capsized vessel originally, what would the coast guard think to do?
it fell to the fishermen from the village to launch their own mission to locate and recover the Miss Ally to embarrass the coast guard / navy to act to only now attempt to re-locate and recover the vessel. shame on them both. what are we paying these people all of these millions a dollars a year for?
the media coverage has also been pretty bad. in the first hours it was reported that a US coast guard plane had spotted a life raft and a flare. since then the local media has completely dropped the ball. no follow up with the US coast guard. no follow up as to what happened to the life raft and where it might be now, or if there may have been survivors or bodies on it.
no follow up about the flare. was there a flare? it is possible for flares to be launched automatically without human intervention? also the media failed to put any pressure on the coast guard to stay with the capsized vessel once it was found, and was very passive in the reporting of the decision of the coast guard to just sail away without bringing the Miss Ally back or even bothering to check the vessel for bodies
Since then I can say I'm shocked but not surprised by the case from the government and the media. Luckily at the time of this writing, by some miracle, the overturned ship has again been found. Incredibly it was found 5 days ago by the coast guard, then they somehow managed to lose track of it, leaving it to sink!
That makes no sense. If the idea was to find survivors / bodies then when they found the capsized vessel originally, what would the coast guard think to do?
- how about mosey up to the fishing boat and put a specialist diver in the water to check for bodies? after all, they were looking for bodies so why didn't it cross anyone's mind to check in the vessel for bodies
- how about attach a line to the boat. if they can't turn it upright in place then fine, but if it's sitting in the water then surely it could be towed to port. or at least stay with it and keep track of where it is
it fell to the fishermen from the village to launch their own mission to locate and recover the Miss Ally to embarrass the coast guard / navy to act to only now attempt to re-locate and recover the vessel. shame on them both. what are we paying these people all of these millions a dollars a year for?
the media coverage has also been pretty bad. in the first hours it was reported that a US coast guard plane had spotted a life raft and a flare. since then the local media has completely dropped the ball. no follow up with the US coast guard. no follow up as to what happened to the life raft and where it might be now, or if there may have been survivors or bodies on it.
no follow up about the flare. was there a flare? it is possible for flares to be launched automatically without human intervention? also the media failed to put any pressure on the coast guard to stay with the capsized vessel once it was found, and was very passive in the reporting of the decision of the coast guard to just sail away without bringing the Miss Ally back or even bothering to check the vessel for bodies
Thursday, February 14, 2013
The greatness of Optico wipes
There's a remarkably good screen wipe. It's Optico wipes. I discovered them at work they have them in the office supplies.
This is superior technology. They are awesome for eyewear, electronics, monitor, flat screen tv, game console, keyboard, mouse, joystick, cell phone, tablet, computer desk, printer, speakers. They produce a real dust and grime grabbing clean.
I was looking for them for my own use at home. Alas they are a bit hard to find despite being such a great product. I felt like buying them and trying to retail them locally they are so good. You can find them at Staples under the brand name iCloth in the computer cleaning section if you look. It's $10 for a 40 pack which is ok for a premium product.
The best price on Optico wipes is interestingly at Henry's the photography place. With Henry's it's only $3 for a 16 pack. The catch is $10 shipping on orders under $50. What you could do is post on Facebook asking your friends to go in together on an order. If a few people go in for 2-3 boxes each then together you will get to the free shipping threshold and get the great price.
This is superior technology. They are awesome for eyewear, electronics, monitor, flat screen tv, game console, keyboard, mouse, joystick, cell phone, tablet, computer desk, printer, speakers. They produce a real dust and grime grabbing clean.
I was looking for them for my own use at home. Alas they are a bit hard to find despite being such a great product. I felt like buying them and trying to retail them locally they are so good. You can find them at Staples under the brand name iCloth in the computer cleaning section if you look. It's $10 for a 40 pack which is ok for a premium product.
The best price on Optico wipes is interestingly at Henry's the photography place. With Henry's it's only $3 for a 16 pack. The catch is $10 shipping on orders under $50. What you could do is post on Facebook asking your friends to go in together on an order. If a few people go in for 2-3 boxes each then together you will get to the free shipping threshold and get the great price.
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