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As a percentage of GDP, it would be like a $2 trillion stimulus in America, nearly triple the size of the one Congress passed last year.
It gets even more interesting. Unlike Western democracies, whose central banks can pump a lot of money into the financial system but can’t force banks to lend or consumers and corporations to spend, China can achieve both at lightning speed.
The government controls the banks, so it can make them lend, and it can force state-owned enterprises (one-third of the economy) to borrow and to spend. Also, because the rule of law and human and property rights are still underdeveloped, China can spend infrastructure project money very fast – if a school is in the wa...
Government is horrible at allocating large amounts of capital, especially at the speed it is done in China. Political decisions (driven by the goal of full employment) are often uneconomical, and corruption and cronyism result in projects that destroy value.
To maintain high employment, China has poured money into infrastructure and real estate projects. This explains why, in 2009, new floor space doubled and residential real estate prices surged 25 percent. This also explains why the Chinese keep building new skyscrapers even though existing ones are still vacant.
The enormous stimulus has exacerbated problems that already existed, threatening to turn China into a less shiny but more drastic version of debt-riddled Dubai, United Arab Emirates.What happens in China doesn’t stay in China. A meltdown there – or even a slowdown – would have severe consequences for the rest of the wo...
It will tank the commodity markets. Demand for industrial goods will fall off the cliff. Finally, Chinese appetite for our fine currency will diminish, driving the dollar lower against the renminbi and boosting our interest rates higher. No more 5 percent mortgages and 6 percent car loans.
We look at China and are mesmerized by its 1.3 billion people, its achievements of the past decade, its recent economic resiliency, and its ability to achieve spectacular results on the fly. But we have to remember that economic bubbles are usually just a good thing taken too far. The Chinese economy is no exception. I...
Everyone wants a shortcut to greatness, but there isn’t one. China has been trying to bend the laws of economics for a while, and with the control it exerts over its economy it may seem that it’s succeeded.
But this is only a temporary mirage, which must be followed by a painful reality. No, there is no shortcut to greatness – not in personal life, not in politics, and not in economics.
Vitaliy N. Katsenelson, CFA, is a portfolio manager/director of research at Investment Management Associates in Denver, Colo. He is the author of “Active Value Investing: Making Money in Range-Bound Markets” (Wiley 2007). To receive Vitaliy’s future articles my email, click here.
Each Mayvenn stylist gets their own ecommerce store.
Hair is a $5 billion market in the United States. Market research from Mintel estimates six out of 10 black women wear a weave or a wig.
But when Diishan Imira looked at the supply chain of how hair gets into a stylist's hands, he realized it was a complete mess.
"Basically, women in India sell their hair to buyers from China, who treat and package it, then sell it to primarily Korean distributors.
Those distributors sell to Korean-owned beauty supply shops in the U.S., who then sell it to primarily African American women," explained Ben Horowitz in a blog post. His VC firm, Andreessen Horowitz, is leading a $10 million investment round in Imira's company, Mayvenn.
Imira grew up around hairstylists, so he had heard their frustrations with the complicated process. Women who want hair extensions can't typically walk into a salon and pick out the the hair they want, having to go to a beauty supply store instead.
Imira said 95 percent of African-American hair stylists can't afford to keep the inventory on hand because of how expensive the natural hair is and the low amount of cash they have on hand to spend on it.
This is where Mayvenn steps in.
Mayvenn, which is Yiddish for trusted expert, lets hair stylists set up their own ecommerce sites and sell hair directly instead of referring customers to other beauty supply stores or distributors. The stylist doesn't have to keep any of the hair on hand because Mayvenn ships it to them in two to three days, then offe...
"They can wear the product, and they get better prices from us," Imira explained.
What has attracted Horowitz and other investors to the company is not the fact that it sells hair, but how it helps the stylists it works with.
The company is already working with more than 30,000 hair stylists and has done eight-figure revenue in the year-and-a-half since it's launched, Imira said.
"The most successful of these have more than doubled their income via Mayvenn while dramatically improving life for their customers," Horowitz said in a blog post announcing the investment. "Even more exciting, Mayvenn's methods and platform can easily be extended to trusted experts in many fields, enabling gifted craf...
The company has raised $13 million in funding, including Friday's $10 million Series A round of funding led by Andreessen Horowitz. Also participating in the round are Trinity Ventures, Core Innovation Capital, Cross Culture Ventures, Impact America, Jimmy Iovine, Serena Williams and Steve Stoute.
Four recent DVD releases range from engaging summaries of dance history to performance tapes of ballet companies that American audiences seldom see.
"Swan Lake" is not exactly a novelty on home video, but TDK gives us a 2004 performance by the ballet of La Scala, Milan, featuring Svetlana Zakharova, a star dancer who appeared with the Bolshoi Ballet (currently her home company) on a 2005 U.S. tour -- but not, alas, in Southern California.
Moreover, the DVD (available from www.naxosusa.com) offers a better version of "Swan Lake" than Zakharova dances at the Bolshoi: an inventive, exciting edition created a half-century ago by Vladimir Bourmeister for the Moscow Stanislavsky Ballet.
Thanks to Bourmeister, Act 3 is no longer merely a parade of national dances but a hallucinatory cavalcade in which Prince Siegfried keeps seeing the black swan, Odile, materializing and vanishing. Bourmeister's revision also preserves the original sequencing of Tchaikovsky's score more than most "Swan Lake" stagings.
Act 2 here is credited to Lev Ivanov but lacks the hunters, the character of Benno and the storytelling pantomime from the Ivanov original. It does, however, boast the finest dancing, with Zakharova demonstrating extraordinary purity, partnered with great suavity by La Scala's noble Roberto Bolle. Directed by Tina Prot...
"Sacred Stage: The Mariinsky Theater" provides an hour of interviews and performance excerpts tracing the turbulent history of the multidisciplinary St. Petersburg institution best known as the Kirov.
Many of the greatest Russian artists began here (including Zakharova), though director-editor Joshua Waletzky chooses to reflect Kirov primacy through footage of two masterpieces: the Mussorgsky opera "Boris Godunov" and the Petipa/Tchaikovsky ballet "The Sleeping Beauty."
Local balletomanes should note that the DVD shows not the problematic Kirov "Sleeping Beauty" seen last year at the Music Center but the company's historic reconstruction of the authentic, complete 1890 original, using the set and costume designs for that version. The accomplished Zhanna Ayupova dances Aurora.
Bonus features on the DVD (available from www.firstrunfeatures.com) include a nearly complete performance of the ballet's lyrical Vision Scene.
Enlisting massive choral and orchestral forces, along with vocal soloists and more than 40 dancers from the Leipzig Ballet, "The Great Mass" is a two-hour tribute to German choreographer Uwe Scholz, taped in June, seven months after his death.
Director Hans Hulscher sometimes breaks the flow of the dancing with shots of the singers and chorus members, but otherwise this EuroArts DVD (again available from www.naxosusa.com) represents an admirably fluid and effective transcription of a complex live performance.
The ballet begins as a large-scale reflection of Mozart's mighty Mass in C Minor, with Scholz especially gifted in his use of corps geometry as well as expressive movement for the arms and upper torso. Soon music by contemporary composers and spoken poetry turn the work into a meditation on faith in the modern world.
Evocations of random terrorism and questions about our lives amounting to nothing -- the "bloom" of nothing -- end with the dancers in street clothes sitting on a bare stage listening to Mozart's "Agnus Dei," searching for affirmation.
The same search fuels "Countdown: Reflections on a Life in Dance," an impressive hourlong documentary about postmodern pioneer Rudy Perez, a Los Angeles-based choreographer since 1978.
In 2004, Perez taught his 40-year-old solo, "Countdown," to Victor Quijada, a professional dancer and former student of his. Through footage taken of the rehearsals, we learn of the detailed emotional values that Perez prizes, how his aesthetic evolved and the innovations that "Countdown" reflected.
Writer-director-editor Severo Perez (no relation) uses archival clips of varying image quality to supplement the newer material, though everything except "Countdown" has been so abbreviated that we gain little sense of how Rudy Perez's choreography develops over time -- a key element in his artistry.
Available from spfilms @aol.com, the film will be shown on a number of PBS stations in the spring. Truth-in-reporting disclosure: This writer makes three brief appearances as one of about 20 unpaid interviewees.
HOPKINTON, NH—After viewing several topographical maps, an old wagon wheel, and a few rusting farm implements, visitors to Hopkinton’s local history museum confirmed Monday that the curators had clearly dug deep to fill the two 15-by-20-foot rooms at their disposal. “The first room had photos of the town’s past and a h...
Tiger Woods is back. His triumph at The Masters on Sunday was lauded around the world as among "the greatest comebacks in the world".
The 43-year-old's remarkable fifth Masters title saw him resume his pursuit of the all-time majors record.
Here's how the world reacted to his remarkable turnaround in fortunes.
Oyster users can access the e-book services by using an application for smartphones, computers, and tablets, but not Amazon’s popular Kindle e-reader.
Oyster, an e-book subscription service that was launched with much fanfare two years ago, is calling quits. On Monday, the company wrote in a blog post that it is going to shut down its ebook business in the coming months. The company will offer refunds requested by subscribers. In the blog post, the company didn’t men...
Oyster Chief Executive Eric Stromberg, however, appeared to suggest that the business model could later re-invent in some form, writing, and added that they believe that smartphones will be primary reading device globally over the next decade. It would be easy to access knowledge and stories for billions of people worl...
“We will be taking steps to sunset the existing Oyster service over the next several months,” wrote Eric Stromberg.
Representatives for the New York-based company declined to comment.
In April, Oyster opened an e-bookstore in a bid to boost earnings. It took its novel approach to the e-book market by directly competing with such established retailers like Amazon.com Inc.
Lorraine Shanley, the President of consulting firm Market Partners International, said that Oyster didn’t have the budget to make the ebook subscription business ubiquitous. Moreover, the company didn’t have publishers and agents convinced, which was an advantage for their authors. It was relatively expensive for an in...
Earlier, Publishers Weekly reported the news of Oyster's decision. While other that remain in the e-book subscription business incorporates Scribd Inc., a privately held company in San Francisco, and Amazon that operates the Kindle Unlimited program.
Oyster’s e-book service provides access to more than 1 million e-books, which costs for $9.95 per month. Its users can access the e-book services by using an application for smartphones, computers, and tablets, but not Amazon’s popular Kindle e-reader.
That is ok, let us give 2 vices president Nuer from Upper Nile. Let’s give 2 remaining vices president for Equatoria. This is just to make peace work.
At Agnona, Stefano Pilati referenced the gold patinas, mythical lotus blossoms and bandaging of ancient Egypt.
Recent fashion decades are as popular as cappuccinos this Milan season. Not at Agnona, where Stefano Pilati referenced the gold patinas, mythical lotus blossoms and bandaging of ancient Egypt. “There’s no need to go retro if you refer to that,” he mused.
No need to put these luxurious clothes on a runway, either, because you wouldn’t be able to caress the lightweight double-face morning coats in Agnona’s Century Cashmere and appreciate the buttery softness.
While grounded in the classics, the collection was inventive, reflecting Pilati’s design-intensive approach. He incorporated spiral cuts into sleeves, and slashed short capes and skirts in bonded gabardine, yielding unusual volumes and portholes. These were among the more “editorial” looks styled on mannequins in Agnon...
What was on the racks was quieter: Suede dusters laser-cut with intricate patterns; featherweight knitwear with similarly minute perforations, and silk dresses and tops printed with stylized flowers.
Is Chipotle Mexican Grill's 'Sofritas' tofu burrito worth ordering? Heavens, yes!
Chipotle Mexican Grill has just expanded its testing of "Sofritas," a filling for burritos, tacos, salads and bowls made out of shredded tofu that's been braised with spicy peppers.
to all of its 33 restaurants in Oregon, Washington and Vancouver, B.C. And just like that, it's now on the menu.
is a filling option for burritos, tacos, bowls and salads, and is made out of shredded tofu that's been braised with chipotle chilies, roasted poblano peppers and a blend of aromatic spices.
But is Sofritas worth ordering?
Absolutely! We tried it in a lunchtime burrito today, and while tofu has a reputation for being bland, no one is going to accuse Sofritas of being flat on the palate. Those peppers make it one of the spicier items on the Chipotle menu, and diners who are cautious when it comes to hot and spicy food may want to order th...
. If Sofritas is successful in the Pacific Northwest, the fast-food chain may expand it to its restaurants nationwide. Here's hoping that happens. It's great to see a prominent chain take its vegan menu items so seriously, and seeing Sofritas at restaurants in the Heartland would be a big step forward for mainstream pl...
State environmental officials said yesterday that they have begun removing nearly 1,000 cubic yards of contaminated soil from the grounds now owned by a rail car repair and cleaning facility in the Trinco Industrial Park near Elkton.
A previous tenant, the now-defunct Galaxy Chemical Co., dumped solvent residue on the site, contaminating soil with hazardous heavy metals and volatile organic compounds, according to the Maryland Department of the Environment.
Most of the contamination is in the top 6 inches of the soil and will be removed from three separate areas of the site now owned by General Electric Railcar Repair Services Corp., said John Goheen, a spokesman for the department.
Removal of the contaminated dirt should be completed next month, and the soil taken to a commercial hazardous waste incinerator in Rock Hill, S.C., Mr. Goheen said.
State environmental inspectors discovered the contamination in 1988 during an inspection required by the federal government because the rail car company was shutting down its plant.
There’s no disputing that President Donald Trump is the master of the alternative facts — that is, an ability not merely to get vital information dead wrong but to do so with a certain gusto and forcefulness, with made-up corroboration and prevarications, the sum total of which, if replicated by the average American bu...
Last month, a first-ever comprehensive audit of the Pentagon concluded the U.S. Department of Defense’s books are a mess that could take years to resolve. This is no small matter given that defense spending is the largest single line item in the federal budget, and it did not escape the attention of Alexandria Ocasio-C...
“$21 TRILLION of Pentagon financial transactions ‘could not be traced, documented, or explained.’ $21T in Pentagon accounting errors. Medicare for All costs ~$32T. That means 66% of Medicare for All could have been funded already by the Pentagon. And that’s before our premiums,” Rep.-elect Ocasio-Cortez wrote last Sund...
Here’s a rough translation of the tweet: Hey, the Pentagon must have $21 trillion lying around that could be funneled instead to paying down the cost of providing Medicare not just for senior citizens but for all Americans.
And here’s the most honest response possible: No, it doesn’t, and no, it can’t.
The math here is fairly simple, and that’s one reason why Ms. Ocasio-Cortez deserves Alternative Fact of the Week honors. The audit of the Pentagon alleges “accounting errors,” and that specific $21 trillion figure appears to come from a calculation recently made in The Nation magazine looking at 17 years of accounting...
But that doesn’t mean the money wasn’t spent. It doesn’t even mean that the money wasn’t spent on something worthwhile, whether it’s a fighter jet or back pay to soldiers. It means that the Pentagon did a lousy job of explaining where the money went exactly. That’s a problem and a serious one at that. But at the end of...
How does that circumstance pay for an enormous Medicare expansion? It doesn’t. Thus, for the incoming congresswoman to peddle her tale of how the Pentagon can two-thirds finance a 10-year, $32 trillion health care insurance bill is beyond misleading. That’s a point she seems to now recognize. Maybe. A follow-up tweet n...
This wasn’t the first time that Ms. Ocasio-Cortez has said or written something that raised eyebrows. Last summer, she completely misrepresented how unemployment rates are calculated when she suggested that the nation’s low unemployment figures are the result of people working two or more jobs (which can’t be true beca...
Still, it’s fair to ask: Are alternative facts the basic tools of populism whether practiced by the political left or right? Sounds like a good political science paper for some college senior. The rest of us will just have to be wary of claims by “outsiders” that sound too good to be true. Mr. Trump doesn’t have a lock...
Another beautiful, quality-built home by Bentley Construction. Oldham County Schools on this 2 story walk-out (with 9' ceilings in the basement. 1st floor Master br, 1st floor laundry on this open floor plan with vaulted great room w/ fireplace. Master suite w/ tray ceiling, dual vanities in large bath. Huge walk-in cl...
A mini-episode of hit TV show Sherlock has been revealed ahead of the programme’s third series premiere next week (January 1).
The seven-minute episode, which you can watch below via Digital Spy, sees Benedict Cumberbatch reprise his role as the famous detective whilst Martin Freeman returns as his sidekick John Watson. ‘Many Happy Returns’ picks up the story from the end of series two, after Sherlock Holmes has apparently been dead for two ye...
Earlier this year, Cumberbatch caused a “state of shock” when he supposedly confirmed that Sherlock would be returning for a fourth series – because nobody else at BBC drama knew what he was talking about.
Series three of Sherlock will premiere on BBC One on January 1 at 9pm with the episode ‘The Empty Hearse’, written by Mark Gatiss.
The majority of us will think nothing of listening to loud music via headphones, or standing in the front row, next to the speakers, at a rock concert. But these habits may lead to subtle hearing loss, which, research now shows, may affect the brain in undesirable ways.
Beware of minor hearing problems early in life; they may lead to cognitive impairment as you grow older.
Every day of our lives, we face being exposed to loud noises — particularly those of us who live in busy cities.
These are not normally loud enough to harm our hearing. But if we are consistently exposed to sounds that break a certain noise threshold, it may, in time, cause some amount of hearing loss.
The unit used to measured sound intensity is decibels, and the Centers for Disease Control and Prevention (CDC) offer examples of which types of sounds are harmless and which may endanger hearing, based on decibel level.
Normal conversation or soft background noises — such as the humming of an air conditioning unit — amount to about 60 decibels. Louder noises that you may find annoying — such as the sound of the washing machine running — amount to 70 decibels. The noise of city traffic could rise to about 80–85 decibels.
Exposure to noises above 85 decibels (but under 120 decibels) over a long period of time can harm the hearing. Such noises could be music listened to at maximum volume using headphones, sitting close to the speakers at a music concert or at the movies, and working with power tools.
Extremely loud noises over 120 decibels can cause immediate hearing loss.
Recently, researchers from Ohio State University in Columbus have found that young adults with minor hearing loss display changes in brain activity that are normally only seen in old age.
"Hearing loss, even minor deficits, can take a toll in young people — they're using cognitive resources that could be preserved until much later in life," notes lead researcher Yune Lee.
"Most concerning, this early hearing loss could pave the way for dementia."
The team's findings were recently published in the journal eNeuro.

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