About footnotes
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I ruddy love footnotes, I do, and have been told off by more than one
editor for using too many of them. Apparently their presence disturbs
readers, pres...
1 day ago
While flooding in Australia, a drought in Russia and weak harvests in India and China are the fundamental drivers for this upwards trend, there is little doubt that investors and traders looking to diversify and capitalize on the supply shortages are moving these prices much more significantly and faster. Commodity index investment increased an estimated and whopping $80B dollars last year, bringing total long-only commodity index investment to $350B, according to Barclays. Another $30B of commodity ETF investment is also overwhelmingly long-only, as short commitment in these instruments is normally well under 5% of float.
"We want the G20 forum to pay more attention on food commodity trading activities so as to eliminate the speculators and their business," Indonesian Financial Minister Agus Martowardoyo said in his office here, citing to part of agendas the Indonesian government brings in the upcoming G20 Summit slated to be held in Paris, France from Feb. 18 to 19.
Rising food prices pushed tens of millions of people into extreme poverty last year and are reaching "dangerous levels" in some countries, World Bank President Robert Zoellick said Tuesday as he released new data showing that the cost of grain and other staples is near a historic high.
Many people on the “speculators did it” side like to point to financial data, especially large purchases of futures by various players. But food is a physical commodity, and plays in the financial markets can only move the price to the extent that they affect physical flows and stocks.
In its 2009 Trade and Development Report, the United Nations Conference on Trade and Development (UNCTAD) contends that the massive inflow of fund money has caused commodity futures markets to fail the “efficient market” hypothesis, as the purchase and sale of commodity futures by swap dealers and index funds is entirely unrelated to market supply and demand fundamentals, but depends rather on the funds’ ability to attract subscribers….
The Groups recognize that unexpected price hikes and volatility are amongst major threats to food security and that their root causes need to be addressed, in particular:
a) The lack of reliable and up-to-date information on crop supply and demand and export availability;
b) Insufficient market transparency at all levels including in relation to futures markets;
c) Growing linkage with outside markets, in particular the impact of “financialization” on futures markets;
d) Unexpected changes triggered by national food security situations;
e) Panic buying and hoarding.
[My emphasis]
But what is the cost to Thailand of failing to confront the truth? If those who do not learn from history are doomed to repeat it, then the perpetual political Groundhog Day that Thailand appears trapped in becomes easier to understand. To quote Streckfuss again:The cycle in Thailand has become so familiar it seems normal: a coup is staged, the constitution is abolished, coup makers grant themselves an amnesty, a new constitution is drafted, new elections are held, the newly-elected government is perceived as increasingly corrupt, a crisis ensues; the next coup is staged, and so on. [David Streckfuss, Truth on Trial in Thailand: Defamation, Treason and Lèse Majesté]
Investigation and acknowledgment of the truth is essential if Thailand is to break out of the cycle and move forward. Hopes for genuine reconciliation can never be realised when there is no accounting of past confrontation and trauma. The conflict is never resolved, just ignored, until it flares again.
If Thailand wants to start taking the truth seriously, the events of April and May 2010 would be a good place to start.
"...banks will attempt to inflate the carbon market by recruiting investors from hedge funds and pension funds.
“Wall Street is going to sell it as an investment product to people that have nothing to do with carbon,” he says. “Then suddenly investment managers are dominating the asset class, and nothing is related to actual supply and demand. We have seen this movie before.” {My emphasis}
And the train rolled on.
How could that dumb idiot sit there in his seat hour after hour and just read? I could have read through a crummy little book like that three times in the time he took, and he was utterly shameless, puffed up with his own importance, podgy with learning. Finally his stupidity became utterly intolerable. I leaned forward, looked at him and said:
'I beg your pardon?'
He raised his eyes and and gazed at me in astonishment.
'I'm sorry?' he said.
'I beg your pardon?'
He didn't understand it at all.
'What do you want?' he asked angrily.
"What do I want? What do you want?'
'Me? I don't want anything.'
'No, neither do I.'
'I see. Then why are you speaking to me?'
'Me? Was I speaking to you?'
'I see,' he said, and turned away in anger.
After that we fell silent again.
And the hours pass, until finally the whistle blows for Kalmar.
Knut Hamsun The Queen of Sheba, circa 1895. from Tales Of Love and Loss, trs 1997.
You can't become a good designer [or anything] by staying at home and looking at one book. You've got to be out; a) talk to other people; travel, because there's nothing better than realizing that 200kms from your door things are different. Because you live in wherever you live, whether it's Berlin or New York or the middle of nowhere or the suburbs of Beijing, things are different if you move out and that's the first thing when you're 21, oh my god, you know, it doesn't have to blue, it doesn't have to be square, it can be different.
Read as much as you can, listen to as much as you can, travel as much as you can, meet as many people as you can. Just gather all the shit for years and years and when you think your head is almost full, then you start over 'cause your head is very, very empty.
My other ATm is never out of order
My other shopping trolley has four straight wheels
My other surf beach doesn't have an undertow
My other queue never gets larger as soon as I join it
My other everything happens for a reason
My other religion doesn't kill
My other inanimate object is never called sexy
My other wage covers my cost of living
My other journalist isn't coincidentally hot-looking
My other pharmaceutical company would market a cure for cancer even if it meant a loss of profit
My other culture of continuous improvement brings with it a culture of continuous payrise
My other car manufacturers develop an automated in-car system that activates the moment the driver exhibits road-rage tendencies and administers a massive and instantaneous laxative
My other celebrity-fixated world treats movie writers, not actors, as deity
My other me doesn't want to find the so obviously male "ideas person" responsible for the insurance ad where the girl eyelash-flutteringly manipulates her boyfriend into popping the big question purely because she lusts Gollum-like after an expensive engagement ring, and stab their eyes out Oedipus-like with a ball point pen
My other self-actualisation authors, consultants, seminar presenters and "ideas people" are hooked up to a 12 volt car battery and given a short, relatively harmless but nonetheless nasty shock to the genital region every time they make a cent of profit
My other world is not full of people creating entire careers based around the description, annotation, charting, organization, graphical representation, implementation-framework constructions, Gannt (sic) chart work flow delegation functionality pathway facilitation of work, but not doing the actual work itself, whilst, as result of their actions, simply adding tasks to the people who are supposed to be doing the actual work, without giving them any extra time in their day to do it, but attaching a heavily-implied performance assessment importance to these tasks, thereby causing them to become more stressed, squeeze the actual work-time down to a minimum, and do a worse job, which in turn will bring more distracting and irrelevant performance measurement tasks down on them , thus initiating a vicious cycle of pointlessness which could make them all first up against the wall when the revolution comes…
that is, if the revolution didn't bring in a consultant.