Router Company Begs Obama to Stop NSA Tampering as Feds Focus on Chinese Hackers

Cisco Systems, probably the best-known provider of network and
router technology, saw its
sales plunge
in 2013 in the wake of Edward Snowden’s release of
documents detailing the National Security Agency’s (NSA)
surveillance techniques, which indicated that our online encryption
methods were not secure from the feds. Furthermore, the documents
indicated the NSA was physically tampering with computer equipment
sent through the mail to install methods of intercepting data.

Glenn Greenwald’s
new book
, No Place to Hide, takes the accusations a
step further, including photos from a 2010 NSA document that
appears to show the agency resealing an intercepted package that is
clearly labeled with Cisco’s logo.

"Saturday Night Live" really missing out on chance to bring back that IT Guy sketch.

Cisco leaders claim they didn’t know the NSA was engaging in
this behavior and did not cooperate. Now the chief executive
officer of Cisco, John Chambers, has sent a letter directly to
President Barack Obama, asking for him to get the NSA to knock it
off already.

Tech site Re/Code got a copy of the letter and
took note

Addressing the allegations of NSA interference with the delivery
of his company’s products, Chambers wrote: “We ship our products
globally from inside as well as outside the United States, and if
these allegations are true, these actions will undermine confidence
in our industry and in the ability of technology companies to
deliver products globally.”

“We simply cannot operate this way; our customers trust us to be
able to deliver to their doorsteps products that meet the highest
standards of integrity and security,” Chambers wrote. “We
understand the real and significant threats that exist in this
world, but we must also respect the industry’s relationship of
trust with our customers.”

Failure to restore and repair that trust, Chambers said, could
threaten the evolution of the Internet itself and lead to its

Something to keep in mind today as the Department of Justice
announces  it is filing charges against
five hackers in the Chinese military
for stealing trade secrets
from American industries.

from Hit & Run

Wealth Of UK’s 1000 Richest People Increased 15% In Past Year; Equal To 3.5x GDP Of Greece

Confirming yet again that the global “recovery” benefits some (very few) more than others (the non-very few), is the latest news out of the UK where the Sunday Times reports that the 1000 richest Britons now hold a cumulative £519 billion in wealth: a number which increased by 15% in the past year as the real disposable incomes of the non-richest declined. Putting this number in context, the “most well-off Britons now own the equivalent of a third of the country’s gross domestic product (GDP).” Another way of looking at it: the wealth of 1000 Britons is 3.5x greater than the GDP of Greece.

More from SkyNews on a phenomenon which Marxist scholars everywhere are scratching their heads over, when the wrinkled answer is staring them all in the face from the Marriner Eccles building.

As well as the familiar names of Sir Richard Branson, Roman Abramovich and Sir Philip Green, the 2014 list features a number of new entrants.


They include Riccardo Zacconi, chief executive of King Digital Entertainment, and three other staff at the company behind the hugely popular Candy Crush Saga game.


Former Tesco boss Sir Terry Leahy and the brothers who masterminded the Grand Theft Auto franchise, Dan and Sam Houser, also join the top 1,000.


Philip Beresford, who has compiled the Rich List since 1989, said: “I’ve never seen such a phenomenal rise in personal wealth as the growth in the fortunes of Britain’s 1,000 richest people over the past year.


“The richest people in Britain have had an astonishing year.


“While some may criticise them, many of these people are at the heart of the economy and their success brings more jobs and more wealth for the country.”


This year’s Rich List features 114 women – down four from 2013 but up 36 on a decade ago.


They include Tamara Mellon, who co-founded the Jimmy Choo shoes brand, and Harry Potter author JK Rowling.


The majority of those on the list live in London, with 438 of the
richest 1,000 – collectively worth £331bn – calling the capital their

Hardly a surprise, considering the UK housing bubble is now officially on par with that of China (more shortly), and “suddenly” even the BOE’s Mark Carney is waking up to this particular reality.

via Zero Hedge Tyler Durden

DOJ Accuses Chinese Hackers Of “Penetrating” US Companies

In the first case of its kind, US Attorney General Eric Holder has broght charges against five Chinese military officals on charges of economic espionage and other offenses related to computer hacking of US nuclear power, metals, and power industries:


Holder added that the “range of trade secrets and other senstivive business information stolen in this case is significant and demands an aggressive response.”


As BBC reports:

The US has charged Chinese officials with hacking private-sector companies, in a first of its kind cyber-espionage case.


Attorney General Eric Holder will announce charges against five Chinese hackers, saying they broke into US companies to gain trade secrets.


The US and China have previously sparred over cyber attacks, with the US accusing China of being behind attacks on companies and US military targets.


In detail:

“This is a case alleging economic espionage by members of the Chinese military and represents the first ever charges against a state actor for this type of hacking,” U.S. Attorney General Eric Holder said in a statement.


“The range of trade secrets and other sensitive business information stolen in this case is significant and demands an aggressive response. Success in the global marketplace should be based solely on a company’s ability to innovate and compete, not on a sponsor government’s ability to spy and steal business secrets.”


The Justice Department said the U.S. victims included:


  • Westinghouse Electric Co.;
  • U.S. subsidiaries of SolarWorld AG;
  • United States Steel Corp.;
  • Allegheny Technologies Inc.;
  • the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial Services Workers International Union; and
  • Alcoa Inc.

Additionally, Preet Bharara noted an additional push to be discussed later


via Zero Hedge Tyler Durden

CHINA: Countdown to Crisis? Yes or No?

TedBits – Newsletter


TedBits Newsletter: Edge of a Knife May 15, 2014 


CHINA: Countdown to Crisis?


Every major corner of the world’s economies is sitting on a knife’s edge of one type or another; the question becomes who falls first triggering the next leg down in the Global Economies and ongoing depression.  All are in debt spirals as deficits and debt compound at a high rate, while the growth to service them is but an illusion of official account measures, public sector growth and understated inflation.

Waves of insolvency are just waiting to strike as elites, academics, government servants and banksters worldwide cling to the dying Consumption, asset-backed economic model created at Bretton Woods II.  Before that time, the developed world created wealth the old fashioned way: they produced more than they consumed creating savings for allocation to productive enterprises, also known as capitalism.  Now growth is measured in how much you can consume creating a top line while ignoring the amount you borrowed from future income to do so.

“Men, it has been well said, think in herds. It will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”  

– Charles Mackay, Scottish journalist, circa 1841

VERY FEW realized at that time that CLOSET socialists in developed world capitals, elites, and the banksters that owned them had fully captured the printing presses and fractional banking systems which had just been UNCHAINED from any form of REAL reserves.  And, that going forward, the economic model would be the consumption of wealth rather than the production of it.

People had semi-sound money and the ability to save money, which held its purchasing power in a far superior manner than the IOUs called money today.  Capitalism created the greatest piles of wealth and broad, rising middle classes in recorded history.  Money now is nothing more than a confiscation device used by the powers that be to rob their constituents of the fruits of their stored labor.

Henceforth, consumption reported as growth fueled by borrowing from the future became the model.  A borrowing spree began which has now morphed in a government policy to borrow money with NO INTENTION of ever paying it back while telling the world it is RISK-FREE when, in reality, mathematically, it is ALREADY worthless and the world is just waiting for people to WAKE UP.

This model of debt/leverage masquerading as growth, welfare states using the printing press to feed the people as economies collapse under socialists policies, and continuous currency debasement (theft of the stored capital in the savings of the private sector) are to fool the people and useful idiots everywhere.
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”  

– Ludwig von Mises

Every developed economy and many emerging economies sit directly in the crosshairs of this simple statement. The debt orgy continues and shows no sign of abatement as the BIS recently published a paper outlining that over $30 Trillion dollars of debt has been issued since the Global financial lows in 2008.  What is $30 trillion in terms you and I can possibly understand?  30 million million.  

Look at how much of the borrowing is CROSS BORDER holdings.  The world’s financial systems are inextricably entangled.  People think the Ukraine conflict is a conventional war; in my mind it is a financial conflict as Russia holds Hundreds of BILLIONS of loans from Western Banks as does the Ukraine – one misstep by the US and it’s kerblooey for Euro area banks who are in way too deep.  The IMF loan to Ukraine was rushed into place to prevent this explosion from happening.

Trapped in debt orgies of their own, China and Japan must import inflation and export deflation to the world.  It is “INFLATE or DIE” to keep their debt piles from imploding.  This is the order of the day throughout the world.  Europe particularly is affected by the deflation as capital flows from China and Japan and lands on the continent.  The fun will really start when the flows REVERSE (back to China and Japan), as they ultimately WILL…. 

China has decided to try and walk back from the edge of a Minsky moment and engineer a soft landing while Japan careens headlong into it.  The task for China is enormous as HALF ($15 Trillion, or $15 million million) of the world’s credit creation mentioned previously emanates from the Chinese economy.

Much of the credit creation went into real estate development and lending:

Floor space per capital is now 30 square meters, surpassing the level that preceded the level in japan just before the property collapse in 1988.  Much of the lending is also threatened by rehypothication as developers have borrowed from many using the same collateral.  So titles are BLURRED!

Looked at more broadly, corporate debt has been the principle destination for the credit creation and profits have barely budged or declined due to Yuan appreciation. 

Now the property markets are beginning their tumble:

The Chinese have fully anticipated this and have instructed the major banks to pick up mortgage lending to individuals to cushion the fall.  Other measures to follow in my opinion.  They are trying to execute a controlled crash.  They have made a decision to pop the bubble DELIBERATELY, allow defaults to instill market discipline and remove the moral hazard currently in place.  Let’s pray for their success, no other central bank or government dares to walk this path.  They are doing what Von Mises said in an attempt to avoid an extinctions event.


This is a face of the debt spirals we see throughout the world as developed world economies’ debt compounds ferociously and growth is a distant memory.   The Chinese just did it in the private sector while the developed world have done it in the public sectors since 2008. 

The corporate buildup of Infrastructure – industrial, energy, and state owned enterprises – is excess capacity that lays idle or underutilized.  It is why the Yuan has suddenly weakened as China must become more globally competitive; what was a one way train in Yuan appreciation is now probably going to become a one way train lower to regain export competitiveness and profitability regardless of US POLITICAL CATERWAULING.  The Chinese just need to say, “Do you want us to buy the treasuries or not?”…  and they will privately…

Huge carry trades are in place to capture the appreciation of the YUAN and have enjoyed a one way bet for years.  This is most likely OVER!  The fireworks as these unwind should be full of excitement and BIG LOSSES as the GLOBAL specs get burned to a crisp.  Some of those trades are operating at 50 or 100 to 1 leverage.

Fortunately, most of these loans DID NOT go for consumption so a good amount of value is recoverable.  Very little of the credit creation is denominated in foreign currency and what is subject to capital controls, thus China’s mostly closed economy is not threatened by the tide of liquidity and hot money going out as many other emerging economies are. 

Notice how much DEBT is Yuan denominated!  Mostly ALL OF IT.  The Chinese are painfully aware of the problem and DETERMINED to address it, trying as hard as they can to reduce the credit growth rate without triggering an implosion.  A high wire act of historic proportions.  They have forcefully dealt with bank runs by trucking in loads of cash and have used state run media support, while a financial firefighting team is clearly visible when questions or fears arise.  

Author’s Note:  In my opinion the greatest manmade disaster and OPPORTUNITY in history is unfolding in every corner of the world.  Are you diversified or operating with EYES WIDE SHUT?  Are you prepared to turn it into opportunity by properly diversifying your portfolio?  Adding absolute return investments, which have the potential to thrive (up and down markets) regardless of what unfolds economically?  Hedging the printing presses impact on your paper money?  This is what I do for investors; help them diversify into investments, which are created to potentially thrive in the storm.  For a personal consultation with me CLICK HERE!

Private sector wealth management trust products present the biggest challenges this year as many of their offerings mature this year presenting big challenges to avoid a LEHMAN moment to the Chinese banking system.  Non-performing loans are skyrocketing as we can see fromthis chart from 

Looks formidable, but in doing the math 593 billion Yuan is just $95 billion dollars, a drop in the bucket for a central government holding $4 trillion dollars ($4 million million or 4,000 billion) of foreign reserves.  They can take hits 5 times this amount and not blink, and most of it will come from CTRL PRINT so virtually none is at risk.  Although the rolls will be ferocious, the debt from sectors suffering from overcapacity is manageable.  Check out this graph from GaveKal and ‘Over My Shoulder’ by John Mauldin: 

Will some eggs be broken?  Yes, as intended.  Fortunately, for depositors, most of the banks are state-owned and the solution is just as close as the printing press, which they have no problem deploying.  Can you say a bad bank for the second time in the last 18 years?  They will not be allowed to fail…

Contrary to popular belief the cost of money is not as badly priced as most people believe in China, and contrary to the developed world there is a cost for money and it is mostly paid in full (another graph from Gavekal and Mauldin): 

In conclusion: the Chinese BOOM is over but the bust talk is FAR overdone in my opinion.  Chinese leaders acknowledge the mistake they have made with the credit bubbles and are determined to walk back from the precipice.  

“If everyone in society is trying to get into the financing business, we may have entered a phase where a fever has started to affect our ability to think,” … “We must make up our minds to rectify interbank operations and all kinds of wealth management products.”

– President Xi Jinping

They have done a good job in my opinion by cutting credit growth from 35% year over year at the peak of credit expansion to 12-14 % you today, a monster reduction already.  The clean ups will be messy as financial mishaps occur and malinvestments fall to their demise, but moral hazard will recede which is the GOAL.  Chinese leaders have repeatedly talked about slower economic growth and are tightening their grips on credit growth.  They are prepared to fight the fires as they emerge.  

The Chinese leaders are also opening capital accounts, beginning interest and exchange rate liberalization, attacking pollution, reforming state owned enterprises, banking reform and job creation to name a few.  If only the developed world would tackle their problems which have been unaddressed since the 2008 crisis.

People underestimate the level of BRAINS in the communist party upper echelons; most were identified at an early age, have been GROOMED since an early age and have attended the finest schools in the world.  They are not the political ignoramuses you see in the developed world.  Do not underestimate their bona fides or the powers they wield in a one party state to address systemic weaknesses.  Those five and ten year plenums are serious long-term planning as well as political slugfests, but when they are over everybody has a GAME PLAN.

The anti-corruption campaign and war on political patronage is upsetting a great deal of apple carts as bribery in the form of red letters is a common part of doing business in China today.  It’s all who you know and how much you pay for success to modern day POLITICAL Mandarins.  Now the corporate sector doesn’t know who to pay as they are connected and who not to pay so they don’t get caught in the dragnet.  Some are above the law and some are not becoming subject to it.

Yes, the residential real estate markets have commenced their slides from bubblicious levels, but the fact remains the buildings are there as is the recoverable value.  Anyone who has been to China (I have and my wife is mainland Chinese) KNOWS there are plenty of people looking for better places to live and to move.  The Chinese government is not BLIND, they see the ghost cities and have prepared for it.  You can count on it.

Now affordability will loom making the inventory attractive, we are just waiting for Mother Nature to do her stuff and strong hands to surface, and they will.  I believe they will soon they start broadening the Foreign direct investment rules to allow more strong hands to enter the country and buy the malinvestments that were not taken down by domestic vultures.  Capital flows will become much more TWO WAY: IN AND OUT as they increasingly join the international financial community as they should being the world’s second largest economy.  Expect them to exercise their military and financial clout with regularity.

Globally, the slowing China will no longer PULL economies forward as they have done for almost 5 years.  This will put the Fed, BOE and Bank of Japan back into the HOT SEAT to provide the next round of money printing to FILL THE GAP.  Much of whole world is operating in the function equivalent of insolvency; the kabuki dance to the destination Von Mises outlines at the beginning of this letter is unfolding as predicted.  I am in no hurry to get there…  Are you?

Everybody UNDERESTIMATES the Chinese (which they love), but in the end the Chinese will deal with the banking and lending crisis as they have done numerous times in the last 20 years: THEY WILL PRINT THE MONEY to DEFUSE the crisis and let the Chinese people take the INFLATIONARY HIT.  For the People’s Bank of China and the communist party, money is free. They will print whatever is necessary and use the media and force to control confidence and fear to the chagrin of the china bears.  They are moving into the modern world as fast as possible based on the enormous tasks they have embraced.  So, no more booms but probably not a bust.

Don’t miss the next edition of TedBits subscriptions are free at CLICK HERE.  We will be covering the deflation in Europe and the insanity gripping sovereign bond markets.  

Author’s Note:  In my opinion the greatest manmade disaster and OPPORTUNITY in history is unfolding in every corner of the world.  Are you diversified or operating with EYES WIDE SHUT?  Are you prepared to turn it into opportunity by properly diversifying your portfolio?  Adding absolute return investments, which have the potential to thrive (up and down markets) regardless of what unfolds economically?  Hedging the printing presses impact on your paper money?  This is what I do for investors; help them diversify into investments, which are created to potentially thrive in the storm.  For a personal consultation with me CLICK HERE!

DISCLAIMER AND TERMS OF USE: While TedBits strives to present accurate and useful information, we make no guarantee of accuracy or completeness. All information and opinion expressed herein is subject to change without notice. Opinions and recommendations contained herein should not be construed as investment advice. Under no circumstances does the information in this column represent a recommendation to buy or sell any securities or commodities. Do not assume that any recommendations, insights, charts, theories or philosophies will ensure profitable investment. The information contained herein is for personal use only. Any redistribution of this information is strictly prohibited.

Gold and silver backed means that various commodity options strategies in gold and/or silver may be used. When buying options, you may lose all of the money paid for the option. When selling options, you may lose more than the funds received for selling the option. Strategies using combinations of positions, such as spreads or straddles, may be as risky as taking a simple long or short position. A high degree of leverage is used to buy or sell a sufficient quantity of options and/or underlying futures contracts equal to the value of the entire portfolio. The high degree of leverage can work against you as well as for you and lead to large losses as well as large gains. Absolute-return is not meant to imply that a positive return can or will be achieved. Absolute-return describes investment strategies which are designed to have the potential to succeed in rising, market-neutral and falling market conditions. Gold and silver backed and absolute return investments do not mean the investor will take actual physical possessions of any precious metal. Nor should any promise or guarantee be implied that such investments will perform better than any other investment in any possible future scenario described herein nor that such investments can or will preserve or protect in such possible future scenarios.

TedBits may include information obtained from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made to ensure its accuracy or completeness. Many of the statements and views made are the opinions of the author. Opinions expressed are subject to change without notice. This report is not a request to engage in any transaction involving the purchase or sale of futures contracts or options on futures. There is a substantial risk of loss associated with trading futures, foreign exchange and options on futures. This letter is not intended as investment advice, and its use in any respect is entirely the responsibility of the user. Past performance in never a guarantee of future results.


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via Zero Hedge tedbits

Newark’s New Mayor Wants to Decriminalize All Drugs…Maybe

The mayor is a poet.

Over at Vice, Michael Tracy
a conversation with Ras Baraka, the mayor-elect of
Newark (and Amiri Baraka‘s

Mayor-Elect Ras Baraka claims to have looked out upon
the beleaguered city and, after careful consideration, devised an
ingenious remedy for its many ills.

“I think drugs should be decriminalized, period,” he told me.

Yes, that would include crack, methamphetamine, and heroin. Perhaps
not a policy position one would expect to hear promulgated in the
context of a ferociously contested election marked by persistent
fear of drug-related violence, but maybe there is something brewing
in Newark.

Bold stuff. But…

Legalize it. Don't criticize it.

Puzzlingly, despite endorsing the concept of drug
decriminalization, the victorious Baraka also hedged on the
question of marijuana legalization per se. When asked for
his view on the senate bill [to legalize possession of pot for
adults], he equivocated, remarking obtusely, “If the people decide
they want to go further, that’s when they go further.” It is a
telling sign of the times in Newark that the winning
candidate…would apparently be unwilling to voice a clear position
on marijuana legalization while he claims to support systemic
change to the entire drug-prohibition regime.

Make of that what you will, and keep your eye on New Jersey for
further developments.

from Hit & Run

Obamacare Has Granted 1 Million Incorrect Health Insurance Subsidies

There are still huge technical
problems yet to be resolved with Obamacare.

For example, the vast majority of people who gained private
coverage through Obamacare are being subsidized through the law’s
system of health insurance tax credits. But about a million of
those subsidies are wrong, either too high or too low—it’s unclear
how many fall on which side—according
to The Washington Post.

The law’s subsidies are doled out based annual income, and
people who apply for coverage are responsible for submitting income
data in order to prove eligibility for the subsidies. The problem
is that a million or so people have entered incomes that differ
substantially from what the Internal Revenue Service (IRS) has on

Normally this would be reconciled through a follow-up auditing
process; when the system identifies people whose submitted incomes
don’t match IRS records, those people are asked to send in further
paperwork as proof. But only “a fraction” of those people have
responded, according to the Post. And even when they have
provided additional documentation, it doesn’t matter.

The federal computer system at the heart of the insurance
marketplace cannot match this proof with the application because
that capability has yet to be built, according to the three
individuals,” the report says.

So piles of unprocessed “proof” documents are sitting in a
federal contractor’s Kentucky office, and the government continues
to pay insurance subsidies that may be too generous or too

Fun fact: That contractor happens to be Serco, the data entry
company which has a $1.2 billion deal under the health law, and
which recently generated some negative attention when an anonymous
employee said that there was
almost no work to do
at the company’s processing

Another fun fact: The back end system that processes and
verifies the subsidies was originally supposed to be completed when
the exchanges opened last October. Then, when the exchanges
launched with so many problems, officials pushed back the opening
to early 2014 so they could concentrate on fixing the
consumer-facing end of the system.

It’s May, and the back end is still far from complete. Federal
health officials won’t provide reporters with timelines indicating
when they expect it to be complete. And insurers participating in
the law have been told to
be prepared to continue using the current, manual workaround system
until at least September

The Obama administration doesn’t really want to talk about any
of this, because they promised this wouldn’t be a problem. Or, as
the Post puts it, “members of the Obama administration are
sensitive because they promised congressional Republicans during
budget negotiations last year that a thorough income-verification
system would be in place.” So far, that obviously isn’t the

And it won’t be for at least several more months. Work will
proceed by hand, but income discrepancies won’t be up for review
until this summer. That’s because the administration has another
million applications with a different problem: questions
about the applicant’s citizenship. Those issues will be dealt with
first. Even that doesn’t fully capture the extent of the
application glitches. “Of the roughly 8 million Americans who
signed up for coverage this year under the health-care law,” the
Post says, “about 5.5 million are in the federal insurance
exchange. And according to the internal documents, more than half
of them — about 3 million people — have an application containing
at least one kind of inconsistency.” This isn’t a small problem,
and it likely won’t be going away soon. 

from Hit & Run

Debate Over Obamacare Is Still Not Over, Americans Say

ObamaJust over a month ago, in a fit
of assertive smugness of the sort to which politicians fally prey
an awful lot,
President Obama insisted
, “The point is the repeal debate is
and should be over. The Affordable Care Act is working.” Never mind
the horror stories about lost coverage, rising costs, glitchy
exchanges, and limited access to actual lealth care, “it’s well
past time to move on as a country and refocus our energy on the
issues that the American people are most concerned about.”

You can bet President Obama wants to put discussion of his
Frankenstein monster of a health law in the rear-view mirror;
opinions of Obamacare aren’t flattering, and they aren’t helping
his party’s political prospects. But the American people aren’t
going along with the program.

In fact 60 percent of Americans say the debate over Obamacare
should not be over, according to a new
Politico Poll
. And which way do they lean on the law? Among
those polled, 48 percent want the law repealed outright, 35 percent
want it changed, and only 16 percent want the president’s signature
health plan maintained as is. Eighty-nine percent of
respondents said the health care law will be important in
determining their congressional votes in November.

Not surprisingly, the poll picked up a Republican advantage in
voter sentiment going into November’s congressional elections.

The Politico Poll also picked up slight opposition to same-sex
marriage and marijuana legalization, and support for immigration
reform and “stricter background checks for gun purchases,” if
you’re trying to read the ideological tea leaves.

Respondents also favored divided government, with one party
controlling the White House, and the
 Congress. Some economists

say this approach is the best bet for achieving less-expensive
, as the parties squabble without running up the

Those bills can cen be incurred by controversial measures, such
as those jamming a poorly constructed health system down
everybody’s throats.

from Hit & Run

Matthew Feeney on Eve Online’s Real World Lessons

year EVE Online, the massive multi-­player online
game set in the fictional universe of New Eden, welcomed its
500,000th subscriber. (For comparison, Iceland, the country
where EVE Online developer CCP Games is based,
has a population of about 320,000.) A video game with a
nation-sized economy throws off an awful lot of data, but can
economists draw real-world lessons from the buying, selling,
stealing, and destroying of virtual space gear? Matthew Feeney
points to a few ways they are.

View this article.

from Hit & Run

US Equity Markets Open To “Buying Panic” As Bonds Shrug

What are they so excited about? Bonds ain’t buying it? JPY ain’t buying it? It’s not Tuesday… or maybe the machines smelled some stops that needed bleeding avove overnight highs…


The “Buying Panic”



But nothing else is buying it…

via Zero Hedge Tyler Durden

NYT’s Jill Abramson Makes First Public Remarks Since Termination- Live Feed

The New York Times’ ousted top editor Jill Abramson will have a chance on Monday to address the unusually scathing criticisms of her management style leveled by publisher Arthur Sulzberger Jr. when she makes her first public remarks since she was fired. But, as Reuters notes, it is unclear whether Abramson, who was the first woman to lead the Times newsroom, will mention the controversy over her firing when she delivers a commencement speech to students graduating from Wake Forest University in North Carolina.


via Zero Hedge Tyler Durden