Madison has been blessed with a glorious fall.
Germany Criticizes Fed Move Finance Minister Says Policy ‘Doesn’t Add Up,’ Sees U.S. Model in ‘Deep Crisis’
German officials, concerned that Washington could be pushing the global economy into a downward spiral, have launched an unusually open critique of U.S. economic policy and vowed to make their frustration known at this week’s Group of 20 summit.
Leading the attack is Finance Minister Wolfgang Schäuble, who said the U.S. Federal Reserve’s decision last week to pump an additional $600 billion into government securities won’t help the U.S. economy or its global partners.
The Fed’s decisions are “undermining the credibility of U.S. financial policy,” Mr. Schäuble said in an interview with Der Spiegel magazine published over the weekend, referring to the Fed’s move, known as “quantitative easing” and designed to spur demand and keep interest rates low. “It doesn’t add up when the Americans accuse the Chinese of currency manipulation and then, with the help of their central bank’s printing presses, artificially lower the value of the dollar.”
At an economics conference in Berlin Friday, Mr. Schäuble said the Fed’s action shows U.S. policy makers are “at a loss about what to do.”
Mr. Schäuble hit back at critics in the Der Spiegel interview. “Germany’s exporting success is based on the increased competitiveness of our companies, not on some sort of currency sleight-of-hand. The American growth model, by comparison, is stuck in a deep crisis,” he said. “The USA lived off credit for too long, inflated its financial sector massively and neglected its industrial base. There are many reasons for America’s problems–German export surpluses aren’t one of them.”
Wisconsin Evokes Democrats’ Dilemma
Douglas Belkin & Neil King, Jr.
Last week’s election rout did more than put Republicans in charge of the U.S. House of Representatives. It upended the electoral map that propelled President Barack Obama to the White House.
Mr. Obama bagged traditionally liberal Wisconsin and its ten electoral votes two years ago, part of a sweep that also included states that hadn’t tilted Democratic for decades. That went into reverse Tuesday. The party suffered heavy losses in Ohio and Pennsylvania, two big states that had backed Mr. Obama in 2008, as independent voters swung to the right. Other presidential territory–Virginia, Indiana and North Carolina–swung back to the GOP.
The depth of the party’s losses outside Washington, in state-level-contests, can be seen in this working-class city. The president won handily here in 2008 along with surrounding Brown County. Last week, Republicans carried all 18 races on the county’s ballots, right down to the clerk of the court. The GOP took control of the governor’s office, the state assembly and the state senate–the first time the state has reverted so abruptly to one side since 1938.
The Interesting Marketing Phenomena of Pabst Blue Ribbon Beer Manifested by a Billboard on Regent Street
The resurgence of interest in Pabst Blue Ribbon beer is somewhat astonishing. Left for dead in the 1980’s, Pabst has been resurrected with clever marketing, as illustrated by this billboard on Madison’s Regent Street. It appears to be an “impressionistic” approach to their identity. Much more on Pabst here (Blekko). Note that I have no idea if the beer is actually any good……
Finally, while attending a few recent events, I noticed that “tall 16oz” cans of beer are making a comeback. As always everything old is new again.
A Beautiful Saturday Morning @ The Farmer’s Market
A few photos taken at Ela Orchard’s space. Their apples are, of course fabulous.
Brazil ready to retaliate for US move in ‘currency war’
John Paul Rathbone & Jonathan Wheatley
Brazil, the country that fired the gun on the so-called “currency wars”, is girding itself for further battle.
Brazilian officials from the president down have slammed the Federal Reserve’s decision to depress US interest rates by buying billions of dollars of government bonds, warning that it could lead to retaliatory measures.
“It’s no use throwing dollars out of a helicopter,” Guido Mantega, the finance minister, said on Thursday. “The only result is to devalue the dollar to achieve greater competitiveness on international markets.”
At a joint press conference with president-elect Dilma Rousseff, outgoing president Luiz Inácio Lula da Silva said on Wednesday he would travel to the G20 summit in Seoul with Ms Rousseff, ready to take “all the necessary measures to not allow our currency to become overvalued” and to “fight for Brazil’s interests”. “They’ll have to face two of us this time!” he said.
Reality Check……
I don’t think any of us ran for Congress with the idea that we could finally provide a subsidy to this industry or that, or to this community or that. Or that we would vote to continue the same federal programs and agencies that are failing our citizens and bankrupting our children and grandchildren. And I know none of us ran with the idea that we should go to Washington to congratulate a collegiate basketball team for having a good season – or feel obligated that we needed to do so – even if we happened to be a fan.
Yet that is what we have been doing under the recent Democrat majority and even all too often under the previous Republican majority. Our problems have grown too immense to waste any more time. America stands at a crossroads, and the decisions we make at this very moment will determine the type of country that our children will live in.
That is why we will drain the swamp rather than learning to swim with the alligators.
How?
We start by rethinking how time is spent and about the types of legislation that will be considered on the House floor. We start by identifying our top policy goals and committing to take concrete steps every single week to advance those goals. And we hold each other accountable with this simple question: are the actions of the House, our committees, and our Conference consistent with our principles and do they advance the nation’s priorities?
It will be fascinating to see how this actually plays out…. particularly with respect to earmarks. Retiring Wisconsin Congressman David Obey ranked 5th in 2010 earmarks at $55,435,000. Local Representative Tammy Baldwin garned $8,968,000 in solo (16) 2010 earmarks and $21,636,800 in earmarks with other members.
Scientists unveil moving 3D holograms
More than 30 years after the famous Star Wars movie scene in which a hologram of Princess Leia appealed for help from Obi-Wan Kenobi, US researchers have unveiled holographic technology to transmit and view moving three-dimensional images.
The scientists at the University of Arizona say their prototype “holographic three-dimensional telepresence” is the world’s first practical 3D transmission system that works without requiring viewers to wear special glasses or other devices. The research is published in the journal Nature.
Potential applications range from telemedicine and teleconferencing to mass entertainment.
“Holographic telepresence means we can record a three-dimensional image in one location and show it in another location, in real-time, anywhere in the world,” said Nasser Peyghambarian, project leader.
Existing 3D projection systems produce either static holograms with excellent depth and resolution but no movement – or stereoscopic films, such as Avatar, which give the perspective from one viewpoint only and do not allow the viewer to walk around the image. The new technology combines motion with an impression of genuine solidity.
Lands’ End President discusses going the extra mile for the customer
From its beginning as a sailboat equipment company to its success in capturing the admiration and loyalty of legions of landlubbers, Lands’ End has stayed true to its famous mantra, “Guaranteed.Period.®” In addition to the company’s focus on quality, they have kept their eyes on their customer. In 2008 they were named to the NRFF-AMEX Top Ten for consistent excellence in customer service and retained that standing in 2009. To find out how this predominately catalog and Internet retailer continues to win accolades from consumers the world over, we caught up with Nick Coe, President of Lands’ End. You’ll find “quality” resonates through the answers of this top exec, who fell in love with retailing when he was intrigued by quality in “great tailoring or a perfect pair of jeans” – products he couldn’t afford.
In the five years NRF Foundation and American Express have conducted the Customers’ Choice survey, Lands’ End has consistently been ranked in the top ten. How do you continue to delight your customers year after year?
Theodore Roosevelt Island Photos
More here. Clusty search: Theodore Roosevelt Island.