Ireland: Top Insurer Tells 1,000 Doctors Not to Give Swine Flu Vaccine
October 16th, 2009Via: Independent:
An insurance company has warned 1,000 GPs not to administer the swine flu vaccine.
The HSE plans to enlist family doctors to give the swine flu vaccine to patients with pre-existing medical conditions.
But an insurance company which covers around 1,000 of the 2,200 to 2,500 GPs in the country advised them not to sign up for the work because of legal indemnity issues.
The HSE has given GPs until today to sign up to give the vaccine to 400,000 of their patients with certain medical conditions from next week.
Medisec Ireland, which covers around 1,000 GPs, told their members yesterday not to sign up until all indemnity issues were resolved.
GP sources said last night this may lead some doctors who have signed up to withdraw their participation in the programme.
In a letter to the doctors Medisec said it was unclear where a GP would legally stand if they exercised their discretion not to give the vaccine to their patients.
There are also unresolved legal issues around the doctors identifying and offering the vaccine to at-risk patients.
The company said the Irish Medical Organisation had been trying to negotiate an acceptable resolution to the serious medico/legal issues with the HSE, but had not been successful.
Other concerns relate to the cost of legal representation for doctors who may find themselves before their disciplinary body the Medical Council if they fail to give the vaccine to a patient.
They could also have to go before the same body for exercising their clinical judgment not to administer the vaccine to a patient of another doctor who had been referred to them.
Concern
The letter to GPs said that while the administration of the vaccine would be deemed normal work and covered by a doctor’s policy, the outstanding issues of concern might not fall into this category due to the amount of work involved and could lead to “adverse indemnity consequences”.
It added: “Accordingly, in the circumstances, we do not recommend our members to sign up for the programme until all issues have been resolved.”
The other company indemnifying doctors, the Medical Protection Society, is believed to have indicated GPs could go ahead with the vaccinations.
The HSE may have to extend today’s deadline for more clarification. It plans to publicise the rollout of the vaccine to at-risk patients tomorrow.
Sumitomo: Dollar May Drop to 50 Yen Next Year
October 16th, 2009Via: Bloomberg:
The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.’s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy.
“The U.S. economy will deteriorate into 2011 as the effects of excess consumption and the financial bubble linger,” said Daisuke Uno at Sumitomo Mitsui, a unit of Japan’s third- biggest bank. “The dollar’s fall won’t stop until there’s a change to the global currency system.”
The dollar last week dropped to the lowest in almost a year against the yen as record U.S. government borrowings and interest rates near zero sapped demand for the U.S. currency. The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, has fallen 15 percent from its peak this year to as low as 75.211 today, the lowest since August 2008.
The gauge is about five points away from its record low in March 2008, and the dollar is 2.5 percent away from a 14-year low against the yen.
“We can no longer stop the big wave of dollar weakness,” said Uno, who correctly predicted the dollar would fall under 100 yen and the Dow Jones Industrial Average would sink below 7,000 after the bankruptcy of Lehman Brothers Holdings Inc. last year. If the U.S. currency breaks through record levels, “there will be no downside limit, and even coordinated intervention won’t work,” he said.
China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency. Hossein Ghazavi, Iran’s deputy central bank chief, said on Sept. 13 the euro has overtaken the dollar as the main currency of Iran’s foreign reserves.
Elliott Wave
The greenback is heading for the trough of a super-cycle that started in August 1971, Uno said, referring to the Elliot Wave theory, which holds that market swings follow a predictable five-stage pattern of three steps forward, two steps back.
The dollar is now at wave five of the 40-year cycle, Uno said. It dropped to 92 yen during wave one that ended in March 1973. The dollar will target 50 yen during the current wave, based on multiplying 92 with 0.764, a number in the Fibonacci sequence, and subtracting from the 123.17 yen level seen in the second quarter of 2007, according to Uno.
The Elliot Wave was developed by accountant Ralph Nelson Elliott during the Great Depression. Wave sizes are often related by a series of numbers known as the Fibonacci sequence, pioneered by 13th century mathematician Leonardo Pisano, who discerned them from proportions found in nature.
Uno said after the dollar loses its reserve currency status, the U.S., Europe and Asia will form separate economic blocs. The International Monetary Fund’s special drawing rights may be used as a temporary measure, and global currency trading will shrink in the long run, he said.
Woman’s Life Ruined by Seasonal Flu Shot
October 16th, 2009Update: Hoax?
—End Update—
Via: WUSA9:
Many of you have been lining up to get the seasonal flu shot. But there is one Ashburn woman who wants you to hear her story before you do.
Desiree Jennings is trapped in her body. Intellectually she’s all there, but her muscles are fighting each other. She’s been diagnosed with dystonia, an extremely rare and debilitating neurological disease.
…
She says 10 days after getting a seasonal flu shot at a Reston grocery store in August, and on her second wedding anniversary, she got sick. First, she came down with flu like symptoms, then convulsions and blacking out.
She’s seen more than 60 doctors. She says all of them were stumped until Johns Hopkins diagnosed her with dystonia. She believes her seasonal flu shot triggered it.
Desiree says, “Nothing else explains such a fast moving neurological damage. The medical hospitals ruled out everything, CAT scans normal, blood normal, MRI normal. The only thing that explains it is the shot caused the neurologic damage.”
She says it is a strange disorder where muscles work against each other. She can’t walk forward, only backwards. She can run, but she can’t stop without help. She can whisper but has difficulty speaking. Noises can cause convulsions. Her resting heart rate is 90. When she runs her blood pressure dips to 58. She gets exhausted walking a few steps but she could run for hours.
Drugs such as valium and klonopin that make other people sleepy give her energy for hours.
Simple exercises become nearly impossible.
Desiree’s husband, Brendan, says, “It gets worse everyday. It’s heartbreaking to see.”
Desiree says the disease is irreversible. Once she loses an ability it doesn’t come back. She says there are only three ways you can get dystonia as an adult and they include head trauma, drug use, and poisoning. She says she has not experienced any of that.
There is no cure. One in a million are diagnosed with the disease. She says she just wants healthy people to talk to their doctors and weigh the risk.
While the Centers for Disease Control cannot comment directly on this case, they say they have no knowledge of a link between the seasonal flu shot and dystonia.
Foreclosures: ‘Worst Three Months of All Time’
October 16th, 2009This is the best Green Shoots article in weeks.
Via: CNN:
Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
“They were the worst three months of all time,” said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.
During that time, 937,840 homes received a foreclosure letter — whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.
Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008. Still, that resulted in just one filing for every 5,023 households in the state — the best record in the country.
The RealtyTrac report also unveiled the results for September, and it found that there was slight relief from foreclosure filings. Last month, notices totaled 343,638, down 4% compared with August. Unfortunately, that total accounts for 87,821 homes that were repossessed by lenders.
That deluge contributed significantly to the quarter’s record 237,052 repossessions, a 21% jump from the previous three months. So far this year lenders have taken back 623,852 homes.
“REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan-modification efforts and high volumes of distressed properties,” James Saccacio, RealtyTrac’s CEO, said in a statement.
Most disturbing is that all foreclosures — not just repossessions — are rampant despite efforts to corral them. Not only has the Obama administration’s Making Home Affordable foreclosure prevention program taken a bite out of REOs but lenders themselves have scaled back repossessions over the past few months to give the program time to work.
And in some low-price markets, lenders simply aren’t following through on foreclosures, according to Jim Rokakis, treasurer for Cuyahoga County, Ohio, which includes Cleveland.
“They’ll even set the date for the sheriff’s sale, but they don’t file the final papers,” he said. “They hold it in abeyance and let the residents stay in the house.”
In ever more frequent cases, delinquent borrowers want out of the mortgage worse than the lenders. There are no firm statistics for it, but many industry watchers claim the percentage of REOs caused by borrowers voluntarily walking away from their homes is skyrocketing.
A study of the trend by the Chicago Booth School of Business and the Kellogg School of Management determined that when home price declines drop home values 10% below the mortgage balances, people start to give up their homes. When “negative equity” approaches 50%, 17% of households default, even when they can still afford their mortgage payments.
No end in sight
The foreclosure crisis may not diminish anytime soon. “The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers,” Sharga said. “It’s going to be a lingering problem.”
Plus, the RealtyTrac statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly.
And because there are so many delinquent borrowers, Sharga predicts the banks will be slow to take back their properties and put the repossessed homes back on the market.
“It’s hard to envision [the banks] putting millions on properties up for sale and cratering prices,” he said. “Recovery will be slow and gradual. I don’t see home prices getting much better until 2013.”
False Memories ‘Written’ on Flies’ Brains
October 16th, 2009Via: CBC:
Scientists have given fruit flies memories of traumatic experiences that never actually happened by directly manipulating nerve cells in their brains.
Researchers in the U.K. and U.S. were able to create an association in the flies’ brains between an odour and an unpleasant experience, akin to an electric shock. The treated flies avoided the smell as if the bad memory had actually happened.
“Flies have the ability to learn, but the circuits that instruct memory formation were unknown,” Gero Miesenboeck of the University of Oxford said in a release.
Miesenboeck and his colleagues were able to isolate a circuit of just 12 neurons in the flies’ brains that was responsible for the memory.
To “write” the memories on the flies’ brains, the researchers injected them with molecules responsible for nerve impulses. The molecules were wrapped in a chemical “cage” that released the molecules when exposed to light.
The caged molecules were genetically targeted to activate only certain neurons.
So, instead of exposing the flies to an electric shock when a particular odour was present, they shone laser light on the flies, releasing the caged molecules and activating the targeted neurons.
Initially, the researchers made guesses as to which areas of the brain would be responsible for the memory, but through repeated experiments, they were able to pinpoint the 12 neurons responsible.
Miesenboeck said this technique could lead to a greater understanding about how the brain functions by directly stimulating circuits of nerve cells. He said study of the fruit fly brain can reveal a lot about how more complex brains work.
“As a general rule, biology tends to be conservative. It’s rare that evolution ‘invents’ the same process several times,” he said.
Gold Pullback; Short Term Fibonacci Retracement Levels
October 15th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Gold is finally pulling back to consolidate the recent move. Here are the short term Fibonacci retracement levels for just the breakout move over the last several days. Keep in mind the previous all time high at $1032 now becomes a support as well.
New Zealand: Proposed Powers ‘Bordering on Police State’
October 15th, 2009Via: Stuff:
On the second anniversary of controversial police raids, political activists today told MPs a new bill allowing police greater powers to search and monitor could stifle freedom of speech.
Privacy Commissioner Marie Shroff also raised concerns and recommended a raft of beefed-up safeguards to better protect people.
Parliament’s justice and electoral select committee is considering the Search and Surveillance Bill which is based on a 2007 Law Commission report and also brings together police powers which are scattered through numerous statutes.
It gives police and other law enforcement agencies increased powers such as the ability to compel people to answer questions, clone computer information and makes changes to searches and surveillance.
Several activists, arrested by police in the past, referred to the October 15, 2007 controversial police “anti-terror raids” at Ruatoki in the Eastern Bay of Plenty and Whakatane, Palmerston North, Auckland and Wellington when appearing before the committee today.
Activist Annemarie Thorby made an impassioned submission to MPs saying the new bill gave police powers to search without warrant any arrested or detained person, or if authorities had concerns about safety or felt their investigation would be compromised.
“They can just go straight in, they don’t need a judge’s permission,” she said.
“It’s a nightmare, it’s bordering on a police state.”
MPs emphasised the bill focused on criminals, but activists were worried it would apply to them.
Harrods to Sell Gold Bullion for First Time
October 15th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Public participation phase?
Via: Telegraph:
It is renowned for its glitzy clientele and upmarket Knightsbridge location, but shoppers at department store Harrods will from today be able to buy the ultimate luxury accessory – gold bars.
From this morning, Harrods will start selling gold bullion and coins over the counter.
In a sign that the credit crisis has left his gilded customer base largely untouched, Harrods owner Mohamed Fayed has teamed up with Produits Artistiques Métaux Précieux (PAMP), the Swiss refiner, to sell gold in the store.
Aimed at private investors, the gold will be sold at the Harrods Bank branch on the lower ground floor of the West London store.
Poor interest rates and falling property prices have left wealthy investors looking for alternative asset classes to put their money into. A weak dollar yesterday pushed the gold price to a record high of $1,072 an ounce.
Chris Hall, head of Harrods Gold Bullion, said: “The financial environment has kindled a new demand for physical gold among private investors in Britain. For many people this is a new and unfamiliar asset class that demands absolute trust. Until now London has had no well-recognised name serving this market.”
“Harrods saw the opportunity to help individuals buy physical gold in a prudent manner.”
Mehdi Bakhordar, managing director of PAMP, said: “Harrods stock our full range and are now the only location in London where investors can purchase a 12.5kg gold bar ‘off the shelf’.”
Harrods, famed for its gold and green livery, has never sold bullion before.
U.S. to Send Up to 45,000 More troops to Afghanistan
October 15th, 2009Via: Telegraph:
President Barack Obama’s administration is understood to have told the British government that it could announce, as early as next week, the substantial increase to its 65,000 troops already serving there.
The decision from Mr Obama comes after he considered a request from General Stanley McChrystal, the US commander in Afghanistan, to send tens of thousands of extra American troops to the country.
Air Chief Marshal Sir Jock Stirrup, the Chief of the Defence Staff, said: “I don’t want to put words in the mouths of the Americans but I am fairly confident of the way it is going to come out.”
An announcement next week could coincide with a meeting of NATO defence ministers in Bratislava, Slovakia, due next Thursday and Friday.
White House press secretary Robert Gibbs dismissed the claims, after President Obama met with his war council for the fifth time to map out a new strategy in Afghanistan.
“I would not put any weight behind the fact that a decision has been made, when the President has yet to make a decision,” he told reporters in Washington.
“I’ve seen the report. It’s not true, either generally or specifically. The president has not made a decision.”
But Ministry of Defence sources indicated that the British Government had been told to expect a substantial increase in the number of of American troops.
Lazard CEO Bruce Wasserstein Dies at 61
October 15th, 2009Via: AP:
Bruce Wasserstein, the CEO of Lazard Ltd. and a prominent Wall Street dealmaker who helped negotiate some of the largest corporate takeovers in history, died Wednesday. He was 61. The death of the driving force behind Lazard raises questions about the future of one of Wall Street’s top mergers and acquisitions advisory firms.
Wasserstein was hospitalized earlier this week for an irregular heartbeat, with the company saying Sunday his condition was serious but he was “stable and recovering.” In a statement Wednesday, Lazard’s board said the cause of death had not yet been determined.



