Archive for the 'finance' Category

Zimbabwean 100 trillion dollar bill

January 17, 2009

Can it get any more absurd, other than 2200 people dying of (the alleged) epidemic of cholera, a perfectly preventable and treatable disease? Unfortunately, I can’t locate a photo of it. The Z$100,000,000,000,000 bill is worth maybe US$33 on the street, as of when the referred posting was made. This currency converter says as of right now that US$1 is worth Z$16,574,420., surely an underestimate. BTW The libertarian Cato Institute estimates Zimbabwe’s inflation rate to be 89.7 sextillion percent. How many zeros is that? How long before the 10 sextillion dollar bill comes out?

Lessons in not being able to parody real life sometimes. I don’t think this image is of actual legal Zimbabwean tender, but it is from a parody posted in late 2007. Quaint nowadays. Now, this is really quaint. 

Meanwhile, dig this statement by the head of Zimbabwe’s Central Bank currently posted on the homepage of his website:

this Statement comes at a

time when the ugly heads of indiscipline,

corruption, fraudulent activities and underhand

manipulation of our money and capital markets

have reached epic proportions that are

threatening to wipe the face of our economy.

Is he talking about Zimbabwe or the US? Have to think for second. 

Further down the document dig this dollar amount:

Between the 10th and the 20th of November,

2008, total fraudulent cheques we intercepted in

the clearing system had risen to $60 hexillion

($60,000,000,000,000,000,000,000)…

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The shames of Palm Beach

December 16, 2008

First, Jews (and Gentiles) in Palm Beach accidentally voted for Pat Buchanan in sufficient numbers do deny Gore the state of Florida, and thus the Presidency in 2000, giving us 8 years of Bush and Cheney. The butterfly ballot will live in infamy. Now, there’s this new shame, the man of the party did this to his own.

GM CEO Wagoner sees the U.S.A. in his Chevrolet

December 3, 2008

I just thought about this post’s title, YouTube has a performance of the song. Mr. Wagoner is driving to Washington from Detroit in a Chevy Malibu hybrid. He would no doubt agree, you can’t see much of the country from a private jet.

Iceland adopting the Euro?

December 2, 2008

Looks like Iceland is now desperate enough to adopt the Euro. Catch is, without actually joining the EU. FIshing limits, whaling bans, that sort of thing. Now, Iceland could just adopt the Euro unilaterally I guess, the way Panama or Ecuador decided to adopt the US Dollar as their currency, and the US Congress did not need to approve.

If Iceland does this, the krona I have from last trip there will be worthless, and I’m betting the exchange rate from the government to convert them into Euros won’t be very good. Maybe they’ll just be souvenirs.

Sucks right now in Iceland, I have to say:

The economy is expected to contract 10 percent next year, unemployment is set to soar, and consumer confidence has plummetted.


I used to work for these guys

November 12, 2008

Hmm.. $3.4 billion loss in 3rd qtr. Didn’t know Nortel made cars.

At least one analyst quoted in the article is positively gloomy on NT’s future:

The cost cuts notwithstanding, Nortel’s balance sheet and its business setbacks make the company attractive only to investors who betting that it will be broken up or sold, said Duncan Stewart, president of Duncan Stewart Asset Management in Toronto.

“It only exists as a possible speculative break-up value play,” he said. “As Nortel exists today, it cannot become a successful global leader in the telecom equipment industry.”

The good news so far is, analysts had been expecting 4 – 5,000 jobs to be cut. So far, about 1,300 will be let go.

Bulls on Monday got gored

October 15, 2008

What was that about the advice to buy now? Seemed golden on Monday, what about today.. we are just about even for the week.

Dow 0?

October 10, 2008

Where is the bottom? Dow is at around 9700 and the futures are down close to 200 before today’s open. Where is the proverbial bottom? If we were to extend a simple projection of the Dow’s decline and fall over the past month on a moving linear regression line, we could reach Dow 0 by Christmas. If we have twelve more straight days like Oct 9, we would hit 0 in 12 trading days. If we have eighteen more trading days like Oct 7, we’ll hit 0.

The moment the Dow hits 0, 144,000 people will suddenly disappear. Sorry, I couldn’t help myself.

Now none of these scenarios will happen right? If not, this is a good time to buy then. Or is this like 1930, when some people were saying it was a good time to buy. Joke was you had to wait nearly 30 years, go through a world war, etc. to recoup your investment. Now think if you had bought $1,000 of General Motors stock in 1951 or 1952.. today you’d have.. less money than in 1951 or 1952! I digress.

Side note, can’t get away from the other main event. Coincidence? These two stories appeared like so in Yahoo! this morning. McCain may need to ask, ‘Is our campaign working?’

This is reassuring..  but the people who are showing up for the rallies are persons of concern.

The angry nation

October 4, 2008

The United States of anger and resentment, one commentator agrees. And the commenters on what the commentator said lays it out: Middle America is against Wall Street and Washington. Washington is now against Wall Street and for Main Street. Republicans are against the Democrats. Democrats are against the Republicans. The banks are against the people with bad loans. The people with the bad loans are against the banks who gave them the loans. The free marketers are against the regulators. The investors were against the regulators before they weren’t anymore. A few are against the notion of keeping the country in one piece. And nearly everybody is against the Congress. As Hank Williams Jr said:

Mothers against drunk drivers
The Pope is against the pill
The Union's against the workers
Working against their will
The President's against the Congress
The Senate is against the House
People are against Politicians
...
The City's against the County
The County's against the State
The State is against the Gover'ment
And the highway still ain't paved
The Banker's against the Farmer
The Farmer's against the wall
...


But I'm for love ... and I'm for happiness
And I'm for ... if you don't like it
Can't you just let it pass
And I'm for turning off the tube
And turnin' down the light
'Cause I'm for nothin else
But me and you tonight.

Now if we could shut off the boob tube and get a little snog, everything will be just OK.

Banks’ House rep voted no on the bailout

September 30, 2008

Wonder if anybody around here as noticed that Sue Myrick (R) of the North Carolina 9th District, despite the pleadings of the likes of Warren Buffett and Microsoft, voted no on HR 3997, the $700 billion bailout plan. Her district includes the corporate headquaters of Bank of America and (soon to be decimated) Wachovia. I figured (could look it up) the two banks have probably given Myrick, you know, money over the years and she is a former mayor of Charlotte. Interesting.

WaMu went belly up because of homosexuals?

September 26, 2008

Is the National Review really implying that Washington Mutual went belly up because it was too accommodating to gays and lesbians and HIspanics? I don’t the piece was intended as serious analysis, but clearly it is a source of humor for the writer. If you find that kind of thing funny. 

Fact is, a lot of US corporations accommodate the GLBT community as well as women and minorities. A total of 138 corporations got a perfect score from the Human Rights Campaign for their policies toward GLBT employees and their partners.

The list of companies include a number of financial institutions, including Bank of America, Deutsche Bank, Citigroup, Morgan Stanley, Wachovia and Wells Fargo . These firms are in varying states of healthiness right now, but clearly this list tends to show that giving benefits to GLBT employees doesn’t correlate to business failure.