Posted by: Apt Snook | Aug 13, 2008 5:35:35 PM

as a reference to how spot-on that take is:

” …In all, this classic deserves it’s praise as one of Hemingway’s finest works. It is a model in the structure and power of simplicity in language, the depth of characters without extended use of dialogue, and above all, a very enjoyable read. If you haven’t read this novella, pick it up today. If you have read it, it might be time to re-visit the small skiff, the old man, and the grand noble marlin in their journey through the waves and remember simple storytelling at it’s best.”
Title: The Old Man and the Sea
Author: Ernest Hemingway

by Jeremiah Gould
http://www.thewrit.org/reviews/hemingway_oldman.htm

BR can you (who does?) broker prints of this for framing?

A Long Wait at the Gate to Greatness

Did anyone else see “China Prep” on PBS? It ran here last night with Aaron Brown as the narrator. Wondered what had happened to him. Followed some top high school students about to take their university entrance exams which will largely determine their futures. Stood out like a sore thumb that each of the non-rich students mentioned that their parents were spending everything on their education and that they were expected to support their parents once they make the big time since there is no social security and almost no one has a pension. And these were the ones with a bright future, probably a small minority.

Careful not to go off-topic here, but did anyone else catch Ron Insana getting a job as MD at SAC? http://dealbook.blogs.nytimes.com/2008/08/13/from-cnbc-to-sac-with-bumps-along-the-way/

I left a comment criticizing (ridiculing?) Insana’s decoupling / deflation rubbish on CNBC, but I don’t know if the NYT mods will allow it.

Bloomberg hosts need to watch the open mics. Just had Bloomberg Asia running and that sorta crazy younger oriental guy’s voice came through saying something to the effect: “H____ sh_t, this place is a f___ing abortion.” Pretty weird.

Yes. But if global consumption (the US and Europe) implodes. Or even simply withers at the margins, I think your list of countries shrinks to zero.

I lived 6 yrs in Japan (and speak Japanese) – and worked in the finance industry. My wife is Chinese from Malaysia (and I learned some Mandarin).

I don’t see that the E Asia has, as yet, figured out how to transition from export driven economies to standalone. And clearly it’s a difficult issue – no one has every done it before. The Europe and Am economies bootstrapped themselves from tabula rasa (as it were). Oh yes – I’m sorry. They grew as they did by fcking the rest of the world. Except how does something like Newtonian dynamics figure into that equation (heh)? Well they both figure in, except none of that shows a way forward for either the E Asians or any of the other developing nations.

Again, Chinese consumption is 30% of GDP. This is more shocking on the downside than that US consumption is > 70%. Other countries (the usual suspects, such as the UK) are also over 70%. And every advanced, industrialized economy is over 60%. Look it up.

So who’s the outlier? And where’s the demand to come from that keep this list of zero chugging along?

They fake electronics (sony, sanyo, etc.)
They fake dvds, cds
They fake cars
They fake Olympics opening fireworks
They fake singers (1 girl lip-synching for another)
They fake gymnasts (that girl is 16? please!)

It all seems a big shiny wrapping with not much inside.

On the other hand, US has its own problems for sure. Greed, corruption, etc.

The older order of things included only Eurasia. The big new factor that missing is the Americas. Where there are now a billion people and 4 $1+ trillion economies (out of what: 13 all told?).

Not to mention a disproportionately very high endowment of fundamental natural resources. Say, fresh water.

I don’t see that there’s an old order to return to.

There is nothing racist about recognizing that China is a nation of 1.3 billion motivated, disciplined and hungry (for success) individuals while we have bocme a nation of affluent slackers.

The Chinese Govt has worked the undervalued currency/export model to perfection and they were smart enough not to get suckered into the USA toxic-mortgage debt game.

While central control will not benefit their economy once it matures, it is very helpful at the moment. If exports slide and job creation is at risk, we will see aggressive interest rate cutting, reserve ratio declines, and domestic consumption incentives.

The USA cannot pull the global economy out this time because of our indebtedness and need to save.

It will be the healthy global economies that were not badly stung by USA toxic debt that will have to lead the way – whether they are aware of this today or not.