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  • May 2011
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links for 2011-05-05

  • Quote:"Voters capped property taxes in California at 1% of market value with Proposition 13 in 1978. That forced San Francisco to cut its rate by 57% overnight and brought forth a tidal wave of investment, even amidst a recession. By 1982, inflation-adjusted city revenues were two-thirds higher than they had been before Prop. 13.

    // Extremism in action.

  • Quote:"Unemployment applications jump by 43,000 to 474,000, third rise in 4 weeks

    // The economy is just not growing. The number of jobs added last month (179,000) are barely enough to keep up with the increases in population.

  • Quote:" The popular St. Paul bar and eatery Casper’s & Runyon’s Nook is reportedly aiming to reopen next week, after a fire forced the bar’s temporary closure.

    Minneapolis Public Radio reports the owners are hoping to reopen on May 5.

    // Yes.

  • Quote:"The decline in unemployment since late March was not enough to offset the increase in those working part time but wanting full-time work. As a result, the combined underemployment measure was 19.3% at the end of April — essentially the same as the 19.2% in mid-April and slightly higher than the 19.0% at the end of March. Underemployment is now higher than the 18.9% at the end of April a year ago.

    // Gallup's underemployment numbers are the most important metric, imho. It shows people are getting part-time work, not the FT work they need, and that this economic "progress" we're seeing is barely a recovery. It's more like a bottom.

  • Quote:"Mexico has quietly purchased nearly 100 tons of gold bullion, as central banks embark on their biggest bullion buying spree in 40 years.

    The purchase, reported in monthly data published by Mexico’s central bank, is the latest in a series of large gold buys by emerging market economies intent on diversifying reserves away from the faltering US dollar.

    China, Russia and India have acquired large amounts of gold [GCCV1 1478.70 -36.60 (-2.42%) ] in recent years, while Thailand, Sri Lanka and Bolivia have made smaller purchases.

    // Paper currency has fundamental flaws, I wouldn't want to have any currency reserves, especially the US dollar.