China Freezes Lending to Curb Investing Frenzy
November 21st, 2007Translation: China wants fewer U.S. Dollars.
These lending restrictions will raise the value of the yuan, raising the prices of the crap at Walmart, lowering demand, stemming the flow of dollars to China.
That’s my best guess, anyway, as to the implications of this.
Via: Wall Street Journal:
Chinese authorities are slamming the brakes on bank lending, in their latest attempt to curb the runaway investment threatening to overheat what is soon to be the world’s third-largest economy.
In recent weeks, regulators have quietly ordered China’s commercial banks to freeze lending through the end of the year, according to bankers in several cities. The bankers say that to comply, they are canceling loans and credit lines with businesses and individuals.
A China Banking Regulatory Commission official here confirmed that local and Chinese subsidiaries of foreign banks have been asked to ensure that loans at the end of the year don’t exceed the total outstanding on Oct. 31. The official described the request as “guidance aimed at supporting the macro-control measures being implemented.”
Over the past few years, Chinese authorities have repeatedly sought to rein in investment in sectors such as property development, where they deemed it was becoming excessive. But even in China a blanket edict to halt lending growth is unusual.
…
By raising rates further China could risk boosting the value of its currency, the yuan, too much for the comfort of its exporters, a critical part of the Chinese economy. A stronger yuan would make Chinese exports less competitive in world markets.
Research Credit: Skyline
Japan to Start Fingerprinting Foreign Travelers
November 21st, 2007Via: Reuters:
Japan began fingerprinting foreigners entering the country on Tuesday in an anti-terrorism policy that has sparked complaints from human right activists, business travelers and long-term residents.
Research Credit: Mark
UK: Catastrophic Loss of Personal Data on Millions of Parents
November 21st, 2007Via: Telegraph:
Every parent in the country has been put at risk of fraud and identity theft after the Government lost 25 million personal records in Britain’s worst ever data protection breach.
Two compact discs containing bank details and addresses of 9.5 million parents and the names, dates of birth and National Insurance numbers of all 15.5 million children in the country went missing after a junior employee of HM Revenue and Customs put them in the post, unrecorded and unregistered.
Alistair Darling, already under pressure over the Northern Rock crisis, revealed the “inexcusable†blunder to incredulous MPs, admitting that there was still no trace of the CDs more than a month after they went missing.
The Chancellor, who first learnt of the “catastrophic†breach eleven days ago but only disclosed the first details, insisted there was no evidence the information “has found its way into the wrong handsâ€.
But experts warned that the data could be hoarded for years by criminal gangs before being used to commit fraud on an unparalleled scale.
It means every family in the country will have to remain vigilant for years to come, keeping a close watch on their finances for any sign of fraud.
The discs – which were not encrypted – also contained all the information a criminal would need to commit identity theft by applying for loans, credit cards and goods in someone else’s name.
‘Fortress Britain’
November 21st, 2007Via: Telegraph:
Train passengers face routine airline-style bag checks and body searches as part of a new counter-terror crackdown announced by Gordon Brown.
He conjured up visions of ”Fortress Britain” as he unveiled a succession of security measures at airports, railway stations, sports venues and other public places.
U.S. Military Demands Return of Signing Bonuses from Wounded Personnel
November 21st, 2007Via: kdka.com:
The U.S. Military is demanding that thousands of wounded service personnel give back signing bonuses because they are unable to serve out their commitments.
To get people to sign up, the military gives enlistment bonuses up to $30,000 in some cases.
Now men and women who have lost arms, legs, eyesight, hearing and can no longer serve are being ordered to pay some of that money back.
Wal-Mart Seizes Accident Settlement from Former Employee
November 21st, 2007Always low prices.
Via: Wall Street Journal:
A collision with a semi-trailer truck seven years ago left 52-year-old Deborah Shank permanently brain-damaged and in a wheelchair. Her husband, Jim, and three sons found a small source of solace: a $700,000 accident settlement from the trucking company involved. After legal fees and other expenses, the remaining $417,000 was put in a special trust. It was to be used for Mrs. Shank’s care.
Instead, all of it is now slated to go to Mrs. Shank’s former employer, Wal-Mart Stores Inc.
Two years ago, the retail giant’s health plan sued the Shanks for the $470,000 it had spent on her medical care. A federal judge ruled last year in Wal-Mart’s favor, backed by an appeals-court decision in August. Now, her family has to rely on Medicaid and Mrs. Shank’s social-security payments to keep up her round-the-clock care.
Related: Wal-Mart: The High Cost of Low Price
Cryptogon Readers Send Contributions
November 21st, 2007Several readers sent contributions during the recent “pause” on Cryptogon:
JA $25
PR $50
JG $25
AP $25
Thank you all very much.
Open Thread
November 16th, 2007Guys, if you feel like posting interesting information about what’s going on out there, please do so on comments to this post.
I have no idea what’s happening in the world. My contact with Cryptogon-relevant information ended a couple of days ago. I’m looking forward to getting back to regular posting soon.
Please note that, as always, I have to approve comments manually because of the insidious spam and troll issues.
Baby: Update
November 16th, 2007Our baby boy was born early this morning (November 16th). He’s beautiful and doing fine. We have named him Owen Thom Flaherty.
Owen gazes at Rebecca
Rebecca had a very hard delivery. Very hard. She is going to be ok. She is recovering in the hospital now.
I won’t be posting to Cryptogon for a while longer. Thanks for understanding.
UPDATE, NOVEMBER 19: Becky, Owen and I could all be home as soon as tomorrow.
UPDATE, NOVEMBER 21: We came home yesterday. Owen is very hungry and demanding and darling, as you might imagine, and Becky is also trying to recover from the physical trauma of the birth. In other words, we’re up to our eyeballs in baby shit as mum is trying to heal. Becky is feeding the baby, recovering and resting. Everything else is up to me. Alison, my mother in law, has been our savior, cooking and bringing us delicious evening meals.
As the world slides into chaos, it’s not economic collapse, war or any of the other usual topics that are on my mind.
It’s laundry.
I miscalculated on the laundry front. Big time. It’s not that it can’t all be done by hand; indeed I’m doing it that way. There’s just not much time for anything else. I’ve been washing, rinsing, wringing and hanging laundry all day today. The garden needs so much attention. The cow needs milking. Cryptogon needs updating. A large tree fell across the fence in one of the goat paddocks. I need to swing the ax on that and repair the fence so we can rotate the goats… And I’m out there doing the laundry by hand. All day.
For nearly two years, my kind mother and father in law have been offering to give us a washing machine. (They have a redundant one.) I’m seriously considering taking them up on the offer. Doing your own wash by hand is one thing, but the baby adds a frightening new dimension to the situation. (Yes, Becky is already trying the no-nappy techniques, and they’re showing great potential.)
It would be nice to say that I was able to do all of his nappies by hand, but that’s about it, really. There would be no gold star for the effort, and my attention is required in so many other places. I don’t like to have to admit it, but I think I’ve hit the wall on that front.
The garden is wilting. I’ve got to get out there while there’s still some light.
I’m going to find a way to dive back in to updates soon. I can do it. It’s a matter of better time management now. Thanks for all of the kind comments and emails. Thanks, again, for your understanding.
Cryptogon Reader Signs Up for Hosting with Blue Host
November 14th, 2007Thanks to the owner of velocipedal.org for signing up for webhosting with Blue Host. Cryptogon receives $65!
