You are not logged in. Please register or login.

#17791 The Garden » Dollar's Demise Can Be Seen Even in the Maldives » 933 weeks ago

James
Replies: 10

Oct. 29 (Bloomberg) -- Bargaining while buying some trinkets in the Maldivian capital, Male, recently, I heard most unexpected words: ``You can keep your dollars.''

This tiny nation of 1,200 islands has long accepted U.S. currency out of convenience for visitors and financial sobriety. The dollar tended to do better in global markets than the local monetary unit, the rufiyaa. That may be changing and it's a bad omen for the world's reserve currency.

``My dollars aren't as popular here as they've been in the past,'' says Moyez Mahfouz, 51, who has visited the Maldives from Bahrain with his family once or twice a year for a decade. ``More and more on this trip, I'm being asked for rufiyaa.''

Why does it matter what happens in the Maldives? Its $1 billion economy is worth 1/59th of Microsoft Corp. co-founder Bill Gates's wealth and 1/27th of Sri Lanka's output. While it's an amazingly beautiful place, the Maldives is a rounding error on the global economic pie chart. Yet it may be a microcosm of a tectonic shift in finance: the demise of the dollar.

These things start out slowly, and in recent months I have had similar experiences from Mexico to Vietnam. In markets, restaurants, taxis and tourist shops that long accepted dollars, many are opting for local currency. The reason: concerns the dollar plunge that analysts have predicted for years is afoot and that the U.S. is uninterested in halting it.

Transformational Event

There's also a nascent realization that something transformational may be happening in global markets. Some states that long pegged their currencies to the dollar are scrapping the policy -- like Kuwait -- while others are quietly considering it. A survey by HSBC Holdings Plc found that twice as many Gulf businesses see benefits from dropping currency pegs to the dollar as those that see negative consequences.

Following Kuwait's May 20 move to drop its dollar peg, Gulf states are under pressure to do the same. The catalyst isn't so much anger over the Bush administration's policies, but how the dollar's slump is raising the price of imported goods. Inflation has reached record levels in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait and Oman in the last 12 months.

President George W. Bush's handiwork doesn't help, of course. In December 2004, former Malaysian Prime Minister Mahathir Mohamad suggested Muslim countries should refuse to trade in dollars and use their economic influence to force a change in U.S. policies. The U.S. ``owes huge sums of money to the rest of the world,'' Mahathir said. ``If people do not keep giving money to the U.S., it will go bankrupt.''

`Rogue Nation'

For years now, Joseph Quinlan, chief market strategist at Bank of America Corp. in New York, has been warning that the U.S.'s image as a ``rogue nation'' is a key force behind the dollar's decline.

The subprime crisis doesn't help, and neither does the perception that U.S. officials -- who recently helped negotiate a bailout fund to calm credit markets -- are protecting reckless investors from losses.

``Bubbles are easier to inflate than to sustain,'' says Richard Duncan, a partner at Blackhorse Asset Management in Singapore, and author of the 2005 book ``The Dollar Crisis: Causes, Consequences, Cures.''

It also hasn't escaped Asians that Treasury Secretary Henry Paulson is talking out of both sides of his mouth. He supports a strong dollar while the U.S. stands to gain from its decline through more-competitive exports and repayment of international debts with cheaper dollars. That's the problem with beggar-thy- neighbor policies -- the neighbors realize what's going on.

Debased Dollar

Investors such as Jim Rogers, too. ``It's the official policy of the central bank and the U.S. to debase the currency,'' Rogers, a former partner of George Soros and chairman of Beeland Interests Inc., said in Amsterdam last week.

Not that the U.S. has enough currency reserves, $44 billion, to halt a dollar crash. The real stockpiles are in Asia. China has $1.4 trillion of reserves, followed by Japan with $923 billion, Taiwan with $263 billion, South Korea with $257 billion and India with $249 billion. Were Asians to dump dollars, the U.S.'s reserve-currency status would be in jeopardy.

The rise of sovereign wealth funds adds another wrinkle. There's much chatter in markets about whether these massive, politically connected funds will shift assets from dollars to euros or other currencies. Islamic finance also gives Gulf states an alternative to dollar-denominated markets.

View From Maldives

There are many arguments against dumping the dollar. The result of diversifying revenue for oil exporters and reserves held by central banks might be a dollar rout, says Larry Hatheway, a London-based analyst at UBS AG. The ensuing jump in U.S. risk premiums and the deflationary impact on the world economy could boomerang on OPEC and central banks via a collapse in oil prices and weaker exports.

With the euro coming into its own, the dollar looking wobbly and some nations miffed by U.S. policies, a slow and steady shift may nonetheless be under way.

Not that the Maldives can tip the balance. Yet the more nations, no matter how small, that begin eschewing the dollar, the bigger the challenges facing the U.S.

#17792 Re: Guns N' Roses » Baz now claims 4 GNR albums exist » 933 weeks ago

Jimmy Zig Zag Bobiadis wrote:

He shouldn't really have to justify the wait either.  Its his band, his album, he can put it out when he's ready and able.  the amount of time is irrelevant.

I agree about not needing to justify Slash no longer being present, but the time issue is most certainly relevant. Lets take a look at the song Chinese Democracy. One of my all time favorite songs, and this song has its beginnings in the 99-00 time frame, and was recorded in the 2001-04 time frame. Does anything justify that three year void? The song cant really be improved, and adding some new guy's fretless sure as hell doesn't justify the wait. The song is worthy of release in its past format, and tweeking it more helps nothing. One other thing that time creates is comparison. We already have demos to compare to whatever the final product is, and the more time goes by, the greater chance of getting more demos to compare. We're already sitting on more than half an album.

What happens if the final product is deemed inferior to the older demos? When this album is leaked/released, most people wont compare it to AFD. They will compare it to the older demos/boots.

Another reason that time is relevant is the band continues to lose members as the wait goes on. Are you telling me BH and Brain leaving was irrelevant? Would Finck and Stinson leaving next be irrelevant? I am in the group who believes that this project cannot survive another key departure.

#17793 Re: The Garden » The NFL 2007-08 Season thread » 933 weeks ago

Anyone look at the rest of the Pats schedule? If they beat the Colts, its practically a cakewalk. They get a bye after the Indy game, then they play in Buffalo, home against the Eagles, then a trip to Baltimore. Then three straight home games against the Steelers, Jets, and Dolphins. They finish the season against the Giants.

The worst record they can possibly get is 14-2, and I think 16-0 is most definitely not out of reach.

#17794 Re: Guns N' Roses » Will Axl be in any Videos with Baz » 933 weeks ago

Jimmy Zig Zag Bobiadis wrote:
Jameslofton wrote:
Jimmy Zig Zag Bobiadis wrote:

Honestly I doubt they make any music videos for the album.    Baz funded the whole thing out of his pocket.

I agree. No videos are happening with this project. Even if one was recorded, MTV would avoid it like the plague, Axl or no Axl. It might get in a few rotations on Fuse, but thats it.

MTV seems to like Bach actually.   He went on TRL a few weeks ago to perform his rap song November 20.

I wasn't insinuating MTV was anti Bach or Axl. They are anti rock, and pretty damn close to being anti music. GNR could record a video for CD tomorrow, the song hit the radio and go to number one, and there still be a chance MTV ignores it.

MTV is not the way to promote things anymore unless you are a rap or pop star.

#17795 Re: Guns N' Roses » Baz now claims 4 GNR albums exist » 933 weeks ago

I thought he mentioned three the last time. My mistake.

In my opinion, that many albums do not exist. He probably heard cds that had different versions of the same songs on them.

Like you said though, they could have ten albums recorded and it wouldn't matter because they cant release one. Its almost futile to even speculate on anything further than CD until something is in stores.

#17796 Re: Guns N' Roses » Will Axl be in any Videos with Baz » 933 weeks ago

Jimmy Zig Zag Bobiadis wrote:

Honestly I doubt they make any music videos for the album.    Baz funded the whole thing out of his pocket.

I agree. No videos are happening with this project. Even if one was recorded, MTV would avoid it like the plague, Axl or no Axl. It might get in a few rotations on Fuse, but thats it.

#17797 Guns N' Roses » Baz now claims 4 GNR albums exist » 933 weeks ago

James
Replies: 145

Baz has said in his latest radio interview that there are 4 GNR albums. He said 3 the last time. Apparently an extra album was recorded while nobody was doing anything.

Anyone think there is a hint of truth to this, or is Baz just blowing smoke? Whether you love him or hate him, he is really approaching backlash territory here. You can only hype GNR and talk about Axl for so long before the fanbase gets tired of it, and with him releasing an album next month and depending on GNR fans to buy this record, he needs to cool it. Start talking about what HE did on the record. Last time I checked, Angel Down wasn't a 3 song EP.

#17798 Re: The Garden » weird things you are addicted to » 933 weeks ago

jac185 wrote:

Writing.

I've started so many books, projects etc.

I'll be sitting there then suddenly think i've had the best idea ever then a few weeks later i'll be onto something else. I end up finishing so few things.

I'm sort of the exact opposite. I have been working on the same project on and off for years. If I get a good idea, I'll scribble the basic idea down and throw it in a box. Even if I have writers block, I cant move on to the next thing. I have tried writing other things a couple years ago, but I dropped it.

I am hoping to finish it sometime in the coming year. I may have to take a break from the internet to get it done. I keep threatening to do that and I never do, but it may have to happen for real progress to be made. I'm getting sick of always being on the same project. Even if it never gets published I would just like it to be finished. I had the chance to submit a story for an anthology earlier this year, but of course I missed the deadline. I'm aiming for another one with a deadline in early 08. If it makes the cut, I'll post the story here.


As far as "weird" addictions go, I am addicted to a certain kind of food. Its a Portuguese dish called sopas de carne. They serve it at these pentecostal celebrations every year. The celebrations happen every sunday from the months of may until late august. I'm not even pentecostal, and I don't go to their churches. I was introduced to these events by my dad and grandpa when I was a kid.  Been going ever since, at least when I am living in California. Its a dish that consists of beef, cabbage, and a bunch of spices cooked in a broth and poured over french bread.

I have cooked this dish at home, but it never turns out as good as they make it.

#17799 Re: The Garden » Teen/Preteen Halloween Costumes Push Sex & Flesh » 933 weeks ago

"Some of these are just incredibly sleazy. Nothing in here except Tinkerbell is innocent," Rafferty said. "Last year, Grace was a snow princess. Now, this is what she likes. I don't know what's happened."

I'll tell you what happened: The media shoves sex down your kid's throat, and you're letting it happen. Get used to it. Its going to get worse. When she's in 6th grade, she'll be giving free blowjobs behind the bleachers and taking birth control without your consent.

Maybe you should set your latest cell phone down, turn off the reality show, and drop the tabloid mag long enough to put some morals into your child.

I'm never having kids. Society is just too far gone.

#17800 The Garden » Teen/Preteen Halloween Costumes Push Sex & Flesh » 933 weeks ago

James
Replies: 10

Gabby Cirenza wanted to be a referee for Halloween. The outfit she liked had a micro-mini black skirt and a form-fitting black and white-striped spandex top held together with black laces running up the flesh-exposing sides. She looked admiringly at the thigh-high black go-go boots that could be bought as an accessory. And she thought the little bunny on the chest was cute.

"Absolutely not," said her mother, Cheryl. "That is so not happening."

Gabby is 11.

And the Playboy Racy Referee costume was only the latest that her mother had vetoed one pre-Halloween-crazed afternoon at Party City in Baileys Crossroads as too skimpy, too revealing, too suggestive .

Bawdy Halloween costumes, however, have become the season's hottest sellers in recent years. Not just for women, but for girls, too. And parents such as Cirenza don't like it.

Gabby eyed the Sexy Super Girl but decided against it. A friend at her Catholic school had worn that costume for a Halloween parade and pulled the already short miniskirt way up to cover her tummy. "That didn't look very good." But Gabby did like the Aqua Fairy, a vampy get-up with a black ripped-up skirt, black fishnet tights and blue bustier that comes in medium, large and preteen. A medium fits a child of 8.

No.

How about the Funky Punk Pirate Pre-Teen, with an off-the-shoulder blouse and bare midriff?

No.

Gabby pointed to the Fairy-Licious Purrrfect Kitty Pre-Teen, which, according to the package, includes a "pink and black dress with lace front bodice and sassy jagged skirt with tail. . . . Wings require some assembly."

Cheryl Cirenza shook her head in exasperated disbelief. "This is all so inappropriate. It's really disturbing," she said, eyeing a wall of such girl and preteen costumes as Major Flirt in army green, the bellybutton-baring Devilicious and a sassy, miniskirted French Maid, pink feather duster included. She'd just turned down her 13-year-old daughter's request for a Sexy Cop outfit. "When I was their age, I was a bunch of grapes."

But that was back in the days when Halloween was still a homemade kind of holiday, when an old sheet with eyeholes was a perfectly acceptable ghost and clumsily carved pumpkins on the front porch were about as elaborate as the decorations got. Now, Halloween is big business. Americans are expected to spend upwards of $5 billion this year on candy, ghoulish decorations and costumes. And the hottest trend in costumes, retailers say, is sexy. And young.

Fishnet tights, once associated with smoky cabarets or strip joints, now come in girls' sizes and cost $3.99.

Joe Thaler, head of TransWorld Exhibits Inc., runs the annual Halloween Expo for big-box retailers. He said suggestive costumes for girls burst onto the scene about three years ago and the phenomenon is so big that he's had to create a separate fashion show. The costumes have since moved to the plus-size market for adult women and now come in teen and preteen versions. Even little girl costumes show more leg and tummy than they used to. "They're just good sellers," Thaler said.

When it comes to Halloween costumes, boys can still be ninjas, doctors and mad scientists. A box of popcorn, even. Men can still be bananas or beer cans. About the most risque it got for men at Party City was the Big Daddy self-adhesive hairy chest kit for $6.99.

Kathy Grannis of the National Retail Federation blames Halloween's loss of innocence on baby boomers who can't let the holiday go, with their adult parties and costume contests at bars. "Halloween is no longer a child's holiday," she said. "It's no longer about handing out candy and putting on a witch's hat and walking down the street hand in hand with your kid."

For Cheryl Cirenza, that's what Halloween is still all about. But for her daughter, she's not so sure. "I really don't know why these kinds of costumes appeal so much to her," she said. Cirenza knows that prepubescent sex appeal is rampant. But the family doesn't have cable, and she limits Gabby's TV time. There are no trashy teen or celebrity magazines in her home. And they keep an eye on her Web surfing. "I don't know if it's just in the air."

The Halloween costume trend is not only leading to tense mother-daughter standoffs, but it is also part of a far larger worry that young girls are becoming sexualized. Task forces of psychologists study the trend. Books and academic articles are being produced with such titles as the upcoming "So Sexy So Soon" and "From Barbie to Britney: The Sexualization of Childhood." And yet the costumes sell.

"Youth isn't being lived through anymore. It's being rushed through," Stephanie Terrazas, 20, said as she watched her 11-year-old sister pick out a "deluxe" sequined Dorothy dress that, unlike the chaste, high-necked one in the little girl size, was lower cut and had two strategically placed poofs of fabric.

Megan Smith, 16, perused the costumes at Party City with her father, Dan. She first tried on the Prisoner, a slinky spandex number with a little button at the throat and open chest like a '70s disco halter dress. She settled on Raggedy Ann, a blue mini dress so mini that the lacy underskirt barely dusts the bottom of the fanny.

No one does scary costumes anymore, Megan said. Blame that on the teen movie "Mean Girls," she said, quoting a line verbatim: "Halloween is the one night a year when girls can dress like a total slut and no other girls can say anything about it."

Her father laughed nervously. "They're all a little risque, and I don't like that," he said. "She'll be wearing shorts underneath."

Megan rolled her eyes.

On another aisle, a frazzled Kathy Rafferty was doing her best to fend off her 6-year-old daughter Grace's choices. Grace liked the Mega Star costume, with a tiny bandeau top, bare midriff and low-slung sparkle pants. And she thought the Runway Diva in leopard skin, big sunglasses and knee-high boots was cool.

"Some of these are just incredibly sleazy. Nothing in here except Tinkerbell is innocent," Rafferty said. "Last year, Grace was a snow princess. Now, this is what she likes. I don't know what's happened."

Grace finally wore her mother down and ended up with a '70s Flower Power outfit that shows the bellybutton. "I told her I'd buy this only if she wore a leotard underneath," Rafferty said. "As a mother, I hate Halloween."

Meanwhile, Shawn Bailey was trying not to lose it as her 11-year-old daughter Da'Nesha Holmes picked out a costume. Her son had found his Darth Vader costume, and her baby had her Baby Bratz pink kitty outfit. But Da'Nesha was too tall for most of the girl costumes, and her mother was having none of the rest. Bar Wench. Cocktail Hunny. The half-angel, half-devil Naughty & Nice.

Da'Nesha pointed to Costume 529, Hot Flash, a nurse with thigh-high garters.

"No. You need something for you," Bailey said, sighing. "You're a little girl."

That afternoon, Gabby Cirenza left Party City empty-handed. Her mother later took her to Target, where she refused anything to do with princesses, pilgrims or nuns. At Party Depot, she begged for the preteen French Maid costume and promised she wouldn't wear it off the shoulders, like in the photo. Cheryl Cirenza, with six other children's costumes to find or make, finally made an executive decision. Gabby would be Lady Juliette, in a long dress and long sleeves. With a few tucks here and there, the neckline wouldn't plunge too low.

And when Gabby insisted they buy a corset to "lift everything up" and make the dress look better, Cirenza drew the line again. No corsets. Not now. Whether Gabby knows it or not, her mother thought, a corset is the last thing an 11-year-old needs.

Washington Post

Board footer

Powered by FluxBB