New data shows that men have nabbed two out of every three new jobs during this recovery. Could this give an additional boost to men's retailers? Joel Naroff, Naroff Economic Advisors president, and Richard Jaffe, Stifel Nicolaus, weigh in.
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SINGAPORE (Reuters) ? The first of Vale's (VALE5.SA) giant dry bulk vessels to arrive in China has completed delivery of its iron ore cargo, shipping data showed on Tuesday, a key step forward in the Brazilian miner's plan to cut shipping costs to its biggest market.
Reuters Freightviews and independent shipping data confirmed the 388,000-tonne vessel, Berge Everest, had departed China's Port of Dalian over the weekend for Singapore, where it will likely refuel for its journey back to Brazil.
Draught measurements indicated the ship had unloaded all or nearly all of its iron ore cargo in Dalian.
Vale has ordered 35 of the world's largest dry bulk carriers, of which six are already on the water, at an estimated cost of $4.2 billion from Chinese and Korean shipyards.
The world's second largest miner had been trying since June 2011 to get Chinese authorities to allow the megaships to enter the country's ports.
Chinese port officials have declined to comment on the arrival of Berge Everest, leaving it unclear as to whether other giant Vale ships will be allowed to dock in the country's ports.
Five other giant ships operated by Vale, the world's top iron ore producer, were not expected to follow Berge Everest into China at least in the near term.
Shipping data showed two heading back to Brazil, two in Europe and one -- the Vale Beijing -- anchored off Brazil's Ponta da Madeira Port.
The Vale Beijing, the newest member of the "Valemax" fleet, developed cracks in its hull on its maiden voyage, sparking concerns from Chinese shipowners about the safety of these ships.
Chinese shipowners and steelmakers are strongly opposed to Vale's vessels, fearing the ships are a "Trojan Horse" that the miner will use to monopolize both the shipping and iron ore markets at China's expense.
Vale, which sells about 40 percent of its ore to China, is counting on Valemaxes to slash shipping costs and better compete with Australian rivals BHP Billiton (BHP.AX) and Rio Tinto (RIO.AX). While Vale's ore is generally of higher quality, that advantage is cancelled by Australia's proximity to China, the world's top steelmaker and biggest ore importer.
(Reporting by Randy Fabi; Editing by Himani Sarkar)
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The other day I was asked what one single thing could do the most to save our economy. What one idea or tool might help us create a more just society? My answer was "Shame."
Shame isn't always a wasted or negative emotion. On the contrary, it can perform an important and socially useful function. Shame enforces our moral values even when legal and political institutions are too broken or corrupt to do so. Our society must learn to develop a "Moral Economics," and morality is often enforced through shame.
We live in a society where it's no longer consider shameful to oppose spending $6 billion to save nearly eight million lives, even though that's less than $800 apiece. This kind of cynicism is so accepted, in fact, that even the more liberal political party doesn't dare suggest it. We live in a society where it's not shameful to let crooked bankers go unpunished while asking everyone else to pay the cost of their illegal enrichment. Nowadays even the lawbreakers aren't ashamed of themselves!
Incredible.
Perhaps no single change to our culture could do more to improve our lives than the rediscovery of the shame we used to attach to vile, greedy, selfish, and corrupt behavior. Consider how far we've fallen:
Not long ago a person would have beenashamed to appear in public if they had shattered the global economy by cheating millions of innocent people, accepted the outstretched hands of the same people they'd cheated by accepting an unconditional bailout ... and then cheated them again.
Not long ago a politician who accepted the corrupting dollars of of known criminal bankers immediately paid a steep price. (See the Keating Five, for example.)
Not long ago political figures and pundits were ashamed to openly advocate the deaths of millions of people just to provide tax advantages for the wealthy or ensure more favorable market conditions for predatory corporations.
In 2012, it's time for shame to make a comeback.
Where would it be useful? Here are just four examples out of thousands to choose from:
1. We should be ashamed we don't give more to fight global AIDS.
A new medical study showed that developed nations could save nearly eight million lives in the next eight years (7,900,000) by increasing AIDS funding for Third World countries by $6 billion. That comes out to $789 for each human being whose life would be spared. As an added benefit, an estimated 2.5 million people would never be infected with AIDS at all.
George W. Bush began the anti-AIDS program known as PEPFAR in 2003, and funding grew steadily every year until President Obama took office. It then flatlined in the first year and dropped in the second year, before increasing slightly in the third Obama budget:
Image source: Kaiser Family Foundation
An ethical society -- not just ours, but of all developed nations -- would find it unacceptable to deny these programs the funding they need. Six billion sounds like a lot, but the top 25 US hedge fund managers made $22 billion last year. Taxing them at the same rate they paid under Ronald Reagan would cover the entire amount, and would save all those lives.
But the Republican Party opposes anything like that, and President Obama hasn't asked for more.
2. Leaders of serial corporate criminal banks should he ashamed of themselves.
Jamie Dimon, CEO of JPMorgan Chase, makes it a habit to publicly express his resentment at the very mild and genteel criticisms that lawbreaking bankers must endure in our society. He does so with a combination of disingenousness and genuine self-deception that is a marvel to watch. In his latest outburst, Dimon complained about Occupy Wall Street by saying that "Acting like everyone who's been successful is bad and because you're rich you're bad, I don't understand it. Sometimes there's a bad apple, yet we denigrate the whole."
Maybe those "bad apples" would provoke a different reaction if executives like Dimon weren't personally supervising such a large barrelful of 'em. Shortly after Dimon expressed his outrage, his bank and a number of its employees went on trial in Italy for allegedly deceiving a municipality into deliberately and deceptively purchasing bad investments. And while this Business Week article carefully points out that this alleged crimes took place before Dimon became CEO in 2006, he was already President and COO at the time of the worst allegations
As President and COO, Dimon also presided over an institution that paid hundreds of millions of dollars after it bribed municipal officials in Alabama and misled investors in a fund called Magnetar. Under Jamie Dimon's leadership, JPMorgan Chase (or rather, its investors and insurers) paid a fine for its breaking the law and promised not to do it again - and then promptly did, at least three more times.
Similarly, GE Capital keeps breaking the law under GE CEO Jeffrey Immelt. In its latest settlement, a division of GE paid (or rather, its investors and insurers) paid $25 million after being charged with what the SEC described as "fraud for participating in a wide-ranging scheme involving the reinvestment of proceeds from the sale of municipal securities."
This is merely the latest in a GE crime spree that includes misleading investors, bribing Iraqi officials in the "oil for food" scandal, and what the SEC described as "fraud, deceit, or deliberate or reckless disregard of regulatory requirements (that) resulted in substantial loss, or significant risk of substantial loss, to other persons."
And yet Immelt, like Dimon, walks in polite society. He evens leads the President's recently re-named "Jobs Commission."
Nobody is saying "because you're rich, you're bad." Nobody's calling Warren Buffett bad, for example. They're not even saying that about megamillionaire Jimmy Buffett -- and after the sixth thousandth hearing of "Fins," that's pretty damned generous if you ask me.
But here's why words like "bad" get attached to executives like Dimon and Immelt: Because they or their subordinates keep breaking the law, and either they don't care about it or they aren't competent enough as managers to stop it. Their arrogance and pronounced lack of remorse suggests it's the former, rather than the latter. But either way they're in no position to lecture others, especially since the lawbreaking keeps fattening their personal bank accounts.
They should be ashamed.
3. Officials and bankers should be ashamed that 'too-big-to-fail' banks still exist.
As Simon Johnson notes, "Big banks represent the ultimate in concentrated economic power in today's economies. They are able to resist all meaningful reform that could really change their compensation schemes. Their executives want to get all the upside while facing none of the true downside. But capitalism without the prospect of failure is not any kind of market economy. We are running a large-scale, nontransparent, and dangerous government subsidy scheme for the benefit primarily of a very few extremely wealthy people."
The top US banks now control more of the economy than they did before the Great Recession. The Fed is secretly bailing out Europe's too-big-to-fail banks as this is being written. And nobody's doing anything to change that.
They should be ashamed.
4. It's shameful to preach welfare for bankers and austerity for everyone else.
Meanwhile, in the great capitals of Europe and North America, the talk is of austerity economics. That means drastic cutbacks in government services that the public has paid for, like Social Security, and which form the backbone of a prosperous, fair, and humane society. Leaders are calling these cuts "unavoidable" even as economists warn that they're already creating a new European recession.
It is, as Paul Krugman observes, something that will appear remarkable to future historians (if any history departments survive the austerity cuts to preserve the profession). They're not prescribing the 'hair of the dog.' They're forcing the entire dead animal down the public's throat.
Why would Europe's leaders propose a set of policies that is already demonstrably making the economy worse? In part, probably because it's the easiest way to prop up the current financial system. Comprehensive economic reform would threaten the institutions they feel sworn to protect. Conventional thinking is also a big part of the problem - and conventional thinking makes no room for a "moral economics."
For that they should be deeply, deeply ashamed. The Hall of Shame includes Angela Merkel of Germany, Nicolas Sarkozy of France, David Cameron of Great Britain, and -- at times -- Barack Obama of the United States. And if they're not capable of shame, the society around them must express that shame for them. It's already moved Obama's rhetoric, and we need more of the same in the coming year.
For those who preach the radical dismantling of the government that made our society great -- especially the Republicans of the United States -- no amount of shame can be enough. And for someone like Mitt Romney, who knows how to read financial reports and clearly knows better, it's worth noting that the eighth circle of hell is reserved for those who knew better and yet did wicked things anyway.
Let's make 2012 the Year That Shame Returned to the Economic Debate.
?
?
?
Follow Richard (RJ) Eskow on Twitter: www.twitter.com/rjeskow
Source: http://www.huffingtonpost.com/rj-eskow/for-a-sane-economy-in-201_b_1180027.html
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DES MOINES, Iowa ? One of Mitt Romney's sons has an answer for those who say his father should release his tax returns. He jokes that President Barack Obama should go first and release his birth certificate and other records.
Matt Romney's wisecrack came before an audience in New Hampshire on Friday. In response on Twitter, the Obama campaign tweeted, in part, "Guess he doesn't have one of our mugs?"
The Obama campaign sells mugs with a picture of Obama's birth certificate.
Matt Romney was appearing with three of his brothers when he said in regard to the tax return question: "I heard that someone suggested that as soon as President Obama releases his grades, and birth certificate, and a sort of a long list of things, then maybe he will."
Brother Tagg Romney jumped in and said, "That was not my dad who said that."
Matt Romney later tweeted regret that he'd repeated what he called "a dumb joke."
Mitt Romney has refused to release his tax returns but says he'd reconsider if he were the GOP nominee for president. Obama released his tax returns during the 2008 Democratic primary and in each year of his presidency.
The Romney campaign took a different kind of swipe at Obama, calling via a new website for $18 donations as a response to Obama playing golf while on vacation in Hawaii ? a dollar a hole.
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BERLIN (AP) ? Germany's finance minister says he is confident that Europe's politicians will manage to stabilize the eurozone in 2012 and keep the continent's common currency together.
Wolfgang Schaeuble acknowledged in an interview with business daily Handelsblatt published Friday that major problems that have built up over a long time remain to be tackled in some countries.
However, he added, "I think we will be far enough along in the next 12 months that we will have banished the dangers of contagion and stabilized the eurozone."
Asked whether he could rule out the 17-nation eurozone breaking up, Schaeuble was quoted as saying: "According to everything that I know at the moment, yes." He insisted that Europe's politicians "are doing everything to prevent the common currency falling apart."
"Of course, the European Union cannot force anyone to stay in if they don't want to belong any more," he added. "But no such development can be seen at the moment."
Germany, Europe's biggest economy, is a key player in the long-running battle to stem the eurozone debt crisis. It has backed the strategy of getting governments to embark on often-savage austerity measures to reduce deficits.
But it has opposed measures such as issuing jointly backed eurobonds and argued that there is no quick fix to the crisis, expressing great skepticism about the wisdom of a major government bond-buying drive by the European Central Bank that is advocated by many as a way of forcing down struggling countries' borrowing costs.
"The talk of bazookas and the like only leads to us not tackling sustainably the causes of the crisis," Schaeuble was quoted as saying.
The eurozone will quickly face new challenges in 2012, with both Italy and Spain needing to borrow large amounts of money early in the new year. Both countries face high borrowing costs.
Schaeuble acknowledged that Europe's refinancing needs in early 2012 are "not trivial."
"But the more we win back confidence on the markets, the more investors ... will invest in the eurozone, and not just in German bonds," he said. "There is no shortage of money worldwide."
"In case of doubt, a somewhat higher interest rate has to be paid for some government bonds," Schaeuble said. "That is not damaging per se and also can encourage the understanding that we have to tackle the actual causes of the crisis: overly high debts and a lack of competitiveness."
Schaeuble said he sees no sign of a credit crunch in Germany. Asked about other countries, he pointed to the ECB's moves to provide massive long-term loans to banks.
"Given the measures the ECB has taken to provide banks with liquidity, it is hard to imagine that banks would not be in a position to provide sufficient loans to business," he said.
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