Community Service Letters Proof

Movement (IV) Mafalda

Alejandro del Prado (CALEA) was a cartoonist and illustrator who portrayed Rosario and Buenos Aires one of the features through its "Buenos Aires in T" published Type in Rico from 50 to 1963 (the death of the author only 38 years).

In his work there is much to say and show. That will be a little later. In this case, I scanned a few pages of his work for the Paper no. 2 of Buenos Aires in T (Spot Productions, undated, but presumably the decade of 60) where you will see that things have now changed considerably, although some less so, to accompany the text that follows and the film itself ( ViendoaPepeBiondi uploaded to YouTube, who know his real name but you have to really thank you have shared this valuable material. It was recorded at the same time the television show Ink and although the quality is not the best, worth watching).

For now, simply add that it was one of the films shown at the recent show of OSDE "We got to laugh" with Upa in Need.

first thing you should say is that this short film of 1963 is not - strictly speaking - a film with moving characters. It is the still image capture, with those who have made pan, zoom, etc. I am not an expert in these techniques, so I invite those who wish to do so give a more accurate and precise explanation. Transcribe
Here, then, the story that made Ana Bianco (Página/12, September 9, 2009) the film director Martin Schor and Mary Ester Perez de Prado, widow of the artist:

Talking to page / 12, Schor and Mary Ester Perez de Prado, executor of her husband's work, pass on their vision of the film-that the comic could not see over, "and shared in this documentary, currently in the editing process, which give new meaning to Cale.

- Did you have a personal relationship with Cale before filming?

Martin Schor: -No. But I read your story in Buenos Aires in T-type Rico and wondered: "How does this guy goes on in my neighborhood and my house?". In the magazine told me that Cale was not working for some time and gave me their address with a request: when she found he had to tell him to give a return. I went home, I attended Mary Esther, his wife, and I learned that her husband was hiding, that she did not want anyone, was tired of drawing and Argentina's political situation affected him. It was three months after the coup of '62. By looking at the pictures I realized the relationship he had with the reality of the country. In its underdrawings spoke of the poor and lower middle class who never received nothing, he could not go on holiday or buying presents for their kids. He represented the common man.

Maria Ester Perez de Prado, "Cale was becoming more demanding, was surrounded by people in the cultural field, writers and musicians, and it was heavy. Made sketches and more sketches and then trace their own drawings to not touch them up. Sought perfection in the drawing, he spent sleepless nights and smoking cheap cigarettes. When in 1994 came to film the Ministry of Culture of the Nation, I showed the sketches and were impressed with the process until a drawing. The paper made clear he did not want to retouch.

- Calé How did the filming of the film?

MS: "We started working with the originals, which were great, and besides, he consolidated about eight styles over ten years. The last style was extraordinary, he could not make a short 20 minutes with all styles. The film is not didactic, tells the life of the people through Calé drawings. I had to push because he did not want to draw, but it ended and I could shoot. I spent six months looking at about 5 thousand pictures and I could choose a beginning, end, and decide how I would use. I gave an order to the drawings which were all scattered, I removed the text and balloons, which in the short one could see, and I used the voice of an announcer, Jorge Raul Baltallé, who in turn did the voices of all characters.

MEP: "The film was just another job. He was getting out of drawing, but I said: "We are waiting for Martin. The (Schor) began to come more often and eat some good seedlings waiting at the front door that Cale began to get going, because he was half "bob" to walk and everything. The short was made by Martin's patience.

-Schor How he managed to give movement to the drawings?

MS: "In January '63 I shot two weeks. The problem is that in this kind of drawings with black and white lines the camera can not perception and there is a fillage, a shivering. I consulted a Birri, who had filmed the first foundation of Buenos Aires in color with pictures of Oski, and he sent me to see Leon Ferrari Castelar, to ask the desk he had used for filming. Ferrari had assembled in his workshop in a huge two-meter board to put the drawings. The camera was mounted on two rails with skates and came and went forward and backward. For no problem making vertical, for horizontal movements made them the board. Ferrari I assembled the table and took her to one study, there were two kids who ran the ball bearings to move the wooden panel is supported and moved. Adelqui Camusso, which was light and handled the camera, saying: "Ya!", Stopped all and the image was perfect. Cale came to see the silent movie.

-figures in the credits as Horacio Salgán tango, Astor Piazzolla and Anibal Troilo, among others. How did you with them?

MS, "by Cale. Choose the topics to the soundman and the short musicalizador, San Salvador Viale. Calé sent me to see him Troilo, Piazzolla and Eduardo Rovira to ask permission to use their music. "A Salgán or go to see him because he is a friend and there will be problems," he said. I wondered how he knew those figures of tango, because I never talked about music ...

MEP: "My brother, Roberto Perez Prechi, bandoneon player Osvaldo was Fresedo and a well-known arranger. With Cale attended the Lower and cabarets. Cale and was a friend of Piazzolla, of Salgado, Leopoldo Federico. Horacio Salgán so admired was his representative, but did not serve to represent Calé anyone.

-Schor, how what stage his documentary Calé: Buenos Aires T-shirt?

MS: "I try to show it at the time and prove that it was a visionary. I started the project in 2003, got the credit of the Inca and I'm editing in full since 2006. Comic movies that were filmed, including the U.S., have 10 percent of cartoon and 90 percent of people talking. Drawings film presents technical complications. And I got up with Cale, instead of having two or three characters that characterize deployed a number of drawings that represent a myriad of characters.

Staying Healthy Slogans

We note only

By Sudeep Reddy and Jon Hilsenrath

Thursday The dollar hit its lowest level since August 2008, but U.S. authorities have not intervene to stop the fall.

In recent days, the president of the Federal Reserve (Fed), Ben Bernanke and Treasury Secretary Timothy Geithner, have publicly expressed their desire for a strong dollar. However, there is almost no evidence of a change in Fed policy or the Treasury, or the underlying economic conditions, which could alter the downward trend of the dollar.

The currency has fallen almost 9% so far this year against a basket of currencies of major U.S. trading partners While Bernanke reiterated in his first news conference on Wednesday he wanted a strong dollar, the Fed has left clear that it will keep interest rates very low for now. The central bank's decision not to alter the rates announced at the very time when other central banks begin a tightening cycle, led many investors to sell dollar-denominated assets.

U.S. authorities may be more concerned if the dollar's decline showed signs of disruption to other financial markets as a fall in stock markets or a rise in the prices of Treasury bonds, which would raise rates. Although there is a risk of this happening so far has not materialized.

"I see no great reason to be concerned at this time from the standpoint of the United States, "said Edwin Truman, a researcher at the Peterson Institute for International Economics. Referring to the fears of some traders who fear a collapse of the dollar was that" the market may have begun to believe in something that has no much sense. "

Still, some analysts are bracing for a more precipitous fall." loose monetary policy in the United States has been positive for post-crisis recovery and bought us a long time, "said Kit Jucker, strategist main foreign exchange at Societe Generale in London. "But if this gets out of control, then it is very dangerous and are very close to that point, "he said.

The dollar extended its decline on Thursday after the Commerce Department reported that economic growth reached just 1.8% in the first quarter and that new applications for unemployment benefits were increased last week. The euro stood at $ 1.48, a slight increase over the previous day, while the dollar fell to 81.57 yen. The demand for U.S. government debt increased, making the yield fell to 3.316% ten years. Pouches ignored the weak economic data and the Dow Jones Industrial Average rose 72 points, or 0.6%, to reach 12,763.31 points.

Several factors conspire against a good performance of the U.S. currency. One is that the U.S. is growing much more slowly than other economies and capital tends to go where returns are higher. Since the recovery began in mid-2009, United States has grown at an average annual rate of 2.8%, well below the developing economies and a slow pace even with respect to previous U.S. recoveries.

easy credit policy of the Fed, by which the central bank has injected U.S. dollars into the financial system to maintain low interest rates has caused many investors to move their money to economies that offer better returns.

Investors also are worried about high U.S. fiscal deficit. Although Democrats and Republicans agree on the need to address the problem, their proposed solutions are very different.

Even if the U.S. authorities want to prop up the dollar, have limited tools and their chances of success are slim right now. One way to raise money is to raise interest rates to attract greater investment flows. However, a rate hike could slow the economy and Bernanke made it clear he does not follow that path.

Direct intervention in currency markets would please many countries as Europeans and Latin Americans, concerned about the rise of their currencies. However, the conditions that warrant an intervention, as a free fall of the dollar and drastic fluctuations in other markets have not yet said Truman.

Source: WSJ

Courthouse On Queens Boulevard

falling dollar gold and silver

By Matt Whittaker
Dow Jones Newswires

NEW YORK-The future of gold and silver on Thursday extended their progress to close at record highs following the release of data showing that U.S. economic growth slowed, while prices of petrol and food increased.

metals have risen in 10 of the last 11 meetings, and the increases were due Thursday as investors sought a haven from inflation pressures and a safe place to keep your money after other data showed that applications benefit for unemployment insurance in the United States unexpectedly rose.

Gold and silver also rose due to the weakening of the dollar after Wednesday's statements President of the U.S. Federal Reserve, Ben Bernanke, on the low interest rates will remain a feature of American politics for an "extended period."

The gold contract for June delivery, the most active, rose U.S. $ 14.10, or 0.9%, to close at $ 1,531,20 per troy ounce on the Comex division of the New York Mercantile Exchange. The gold contract through May totaled U.S. $ 14.20, or 0.9% to a record level for a contract next month from U.S. $ 1530.80.

Silver posted another huge jump in price. The gold contract for May delivery, the most active, rose U.S. $ 1.562, or 3.4%, to close at a record U.S. $ 47.520 per troy ounce.

Investors continued to buy gold and silver on Thursday after the U.S. government reported that gross domestic product increased at an annual rate seasonally adjusted 1.8% in the first quarter, a sharp slowdown from the fourth quarter.

Meanwhile, precious metals shone as a haven investment after the government reported that the number of workers who filed applications for unemployment benefits rose unexpectedly last week, which is the latest sign that the labor market remains weak.

Male Tattoo For Genitalia

Universal

All Mafalda is - as indicated in its title - the most comprehensive book dedicated to the great creation of Quino. However, there are other jobs where we can find some interesting gems. One is World Mafalda, which in a previous post we saw that according to the author, are the top ten girl strips. In the same book we now see the clear universal this story: the same episode in different languages \u200b\u200b(only part of the many who was translated).

On another page of this publication the journalist's comment Svante Scandinavian Setterblad, surely a reflection that can be extended to any country where they come Mafalda, his parents, his brother and his friends

"The Scandinavian public was accustomed to American comics. Mafalda represented something new, something different. But most readers saw it as something controversial or political meanings, just loved that girl early and argumentative, they liked the way they think, talk, act. were identified with simple and fresh philosophy.

What happened was that Mafalda said the same things readers would have meant. For all that Mafalda still a success in the Scandinavian world, where more than thirty papers published.

In German-speaking countries, Mafalda in the early days was rarely published in newspapers. Originally appeared in the Frankfurter Rundschau, a newspaper in those years was identified with the left politically. But in the 80's many newspapers and magazines began to publish, and Switzerland became a particularly popular character.

addition, books and albums have been published in German, Danish, Swedish, Norwegian and Finnish. "

As bonus, and just talking about international affairs as an imminent royal wedding, that I've ever read (year 1981) Clemente said in cover of Clarín (republished, this time in All Mafalda).

Quino: Mafalda
World (Editorial Lumen, Spain, 1992)
All Mafalda (De La Flor, Argentina, 1993)

Sue Longhurst Sutton Ontario

extend their rally Funds investment redefined

By Tom Lauricella

investment funds traded (ETF, for its acronym in English) were once an obscure niche in the mutual fund industry. Not anymore.

To find evidence of this, just look what has happened since the markets began to recover from the global financial crisis. Since March 2009, when the U.S. stock market touched its bottom, investors have pumped $ 57,000 million in such funds holding U.S. stocks. During the same period, funds that invest directly in U.S. equities suffered withdrawals of U.S. $ 66,000 million according to Morningstar Inc.

In total, investors around the world today have $ 1.4 trillion (million million) invested in about 3,500 publicly traded portfolios, according to investment firm BlackRock Inc.

But these funds, which are basically mutual funds that operate according to indexes and traded like stocks, have done more to earn money.

For investors, large and small, have redefined the basic elements of the investment. Have proved easy to use to build diversified portfolios. With relative transparency, low costs and efficiency from the point tax perspective, provide access and exit, easy to markets and strategies. For professional traders, these funds offer a good margin, allowing them to change positions or jumping great opportunities relatively quickly.

In the process, the ETF has changed the way stocks and bonds are traded. The purchase and sale of shares of such funds has repercussions throughout the market. Wall Street firms have reconfigured their trading and retailing operations to focus more on ETF and less on individual stocks. On any given day, these funds are among the values \u200b\u200boperated in the U.S. markets

Al

same time, however, have also generated potential pitfalls for investors, especially individuals. For example, with its ability to be traded several times during a day-in place at one time with mutual funds, ETFs raise the question of whether they provided too much trading of securities. And some experts argue that the rush of ETF providers to capture market share has resulted in fund offerings that are either not needed or are directly dangerous to small investors,

ETFs began not as exotic instruments. The first was launched in 1993 by State Street Global Advisors, State Street Corp., with clear mandate to continue the performance of Standard & Poor's 500. Today, SPDR S & P 500 is the largest ETF, with about U.S. $ 90,000 million in assets.

But as the number of suppliers and products grows, so does the complexity of their strategies. Many promise not only to track those indexes, but also leverage the profits, and provide secure returns reverse currency hedging, all to win over investors who are looking for sophisticated tools to meet specific needs of some portfolios. Attractive retail

Thanks to its variety, not just for runners professional or sophisticated. ETFs are having an increasing presence in the portfolios of people who make their own decisions, said Peter Crawford, marketing director of external funds at Charles Schwab, a brokerage firm U.S. retail Among the Schwab clients classified as individuals, ETF assets grew in December 2010 to 37% of their portfolio compared to 30% in late 2009.

In Northern Oak Capital Management, a Milwaukee firm, most clients' portfolios has been redesigned so as to turn around the ETF. Ten years ago, portfolios focused on individual stocks, said the chief investment officer David Becker. Now, 50% investment in shares of their clients are in these funds.

The company follows a strategy "of central and satellite" that appeared common since more sophisticated funds. The consultants maintain a diversified portfolio of ETF Central and then added or subtracted such funds are concentrated in a specific market segment, as emerging countries, depending on your perspective.

But some say the downside of the growing popularity of these funds is the "gold rush" has caused among the promoters of the funds, an attitude that involves risk and complexity levels that far exceed those to which the investor Common is used.

critical Perhaps the most arduous of the ETF has been the founder of investment firm Vanguard, John C. Bogle. The executive is opposed to all that encourage individual investors to engage in high-frequency trading. In 1999, Bogle ETF compared to a gun: very good for hunting, "but also excellent for suicide."

Other issues were also raised. Due to the complexity of commodity futures, ETF's performance has varied widely some of the movements in prices of commodities underlying them. For example, in late March, the fund's shares fell U.S. Natural Gas 17% the previous year, but natural gas prices were 7.4% higher.

Don Phillips, director of fund research at Morningstar, says that in the ETF is still a gun dealer mentality: "We only manufacture the weapons and what people do with them is not our responsibility."

Primary Games Dune Buggy2

Confessions of a financial trader

By Michael Rothfeld, Susan Pulliam and Vanessa O'Connell

LONG BEACH, New York-Kenneth T. Robinson knew he had to stop. But in an interview with The Wall Street Journal, said he simply could not fail to trade stocks based on inside information, what which is illegal.

was September 2009, 15 years after first participating in an alleged multimillion-dollar fraud case considered one of the trading stock insider longest in U.S. history. The plot showed serious cracks, one of Robinson's two partners in the alleged crime, his close friend Garrett Bauer, had begun to spend big, paying cash-dollar homes.

For a decade and a half, researchers say, the plan worked to perfection. Robinson, a mortgage banker, was the intermediary. Corporate mergers clues received from a friend (the Attorney Matthew Kluger) and passed them to another friend (Bauer, a stockbroker) who bought shares on behalf of the three.

This scheme frustrated researchers for years because they could not determine where he got his tracks Bauer. The three men raised at least $ 37 million over the years, according to Judith Germano, a federal prosecutor in New Jersey.

But in late 2009, Robinson made a fatal error: negotiated on their own behalf rather than through Bauer. That transaction, and another in 2010 (he and Kluger won the relatively modest sum of U.S. $ 693,000, according to the researchers) helped authorities to connect the dots.

Robinson's interview, conducted on April 13 at his home in Long Island, a coastal suburb of New York provides an unusual look to the mentality and motivation that encouraged the alleged fraud.

Robinson, a 45-year-old father of two children, said he never thought his direct stock purchase would end its activities. "It seemed that he would not arouse suspicion if it was millions of dollars."

involved in the alleged fraud was total nonsense, "said Robinson. Not need the money, he said, but could not resist.

Week of April 6, federal authorities filed charges of securities fraud, conspiracy and obstruction of justice against Bauer and Kluger, who have also been accused in a civil lawsuit filed by the Securities and Exchange Commission's (SEC).

Robinson has pleaded guilty to securities fraud and conspiracy. Helped authorities build their case by secretly recording his alleged partner, whom he considered his friends.

His saga is part of an unprecedented offensive against negotiations with confidential information on Wall Street and Corporate America

Robinson's case has captivated Wall Street for allegedly lasted a long time and involved a lot of money. The three men are accused of trading on inside information since 1994 with agreements to which Kluger learned through his job at a prestigious law firm. The agreements included corporate heavyweights such as the purchase of Sun Microsystems Inc. by Oracle Corp. and McAfee Inc. acquisition by Intel Corp. Neither

Kluger and Bauer have pleaded not guilty or innocent. Kluger was released after paying $ 500,000 bail of $ 1 million and will remain under house arrest. Bauer also was released after she was given a bail of $ 4 million. His lawyer said Bauer "is waiting to review the evidence the case and then make decisions about his defense. "

In the early 90's, Robinson and Kluger worked together in a real estate firm and became friends. The traffic of confidential information took shape in 1994 when Kluger, then a student at the Faculty of Law at the University of New York, did internships at the law firm of Cravath, Swaine & Moore LLP, prosecutors say. There he learned about an upcoming merger and passed the information to Robinson, according to the demand.

Kluger suggested that Robinson could find an operator who trade stocks on their behalf, according to claim and Robinson looked to Bauer, who had been his colleague when he worked at a securities firm, prosecutors say.

As their business progressed, Robinson and Bauer became very good friends, while Robinson and Kluger spoke only when necessary and through cell phones and discarded immediately.

In 2009, the trio made its greatest gain, say researchers. Obtained $ 11 million with the purchase of shares of Sun when it was acquired by Oracle. They also won $ 8.3 million to buy securities of the software maker Omniture Inc., acquired by Adobe Systems Inc., according to demand.

That same year, the Bauer lifestyle change. In August 2009, paid $ 6.65 million cash for a five-bedroom duplex in Manhattan overlooking Central Park, according to property records. Months later paid $ 875,000 cash for a house in Boca Raton, Florida.

was then, Robinson said in the interview, they became concerned and told Bauer "he should stop."

If Robinson had followed his own advice, you may never have discovered. The researchers already suspected about the legality of Bauer talks, but had nothing specific against him.

was in October 2009 that Robinson received the information confidential information that led to his downfall: Hewlett-Packard Co. would buy 3Com Corp. said Robinson, who had traded stock of 3Com on its own, decided to buy more. Kluger

He and won nearly $ 200,000 with the transaction, according to the complaint. Robinson hoped that the operations, not being of millions, to pass unnoticed. But someone noticed something.

Researchers already had a list of friends of Bauer, which included Robinson, according to a source familiar with the matter. When Robinson began to negotiate prior agreements related to the law firm Wilson Sonsini Goodrich & Rosati PC (where he worked from Kluger 2005), regulators began to suspect he was involved with Bauer in the plot, said the person.

SEC officials were part of the FBI and waited more than six months the next step of the suspects.

The moment came in January. Bauer bought 1.4 million shares of the video technology company with Zoran Corp. data will soon be merged with CSR PLC, a manufacturer of wireless products. The trio won nearly $ 2 million operation.

few days later, FBI agents came to Robinson's house. At present the evidence against him, also said that Bauer had won much more in the alleged crime that he and Kluger.

Robinson agreed to help collect evidence against their friends and on March 17 began recording his phone calls, getting both incriminating.

Prosecutors have recommended a sentence of up to 87 months in prison for Robinson.

Messagesfor A Newborn

One of the favorite topics of Mordillo is the sport (as seen in the entry devoted to football last year). He also expressed his affection for animals with plenty of illustrations to show up - especially - giraffes and dogs. But the dominant theme in his work tends to be love. In its various forms (spouses, lovers, dating frustrated, impossible love, love for money and many others) Guillermo Mordillo talks about this world sometimes from a more romantic and idealized, sometimes from a passion or playfulness. And always with a great power of observation, with pictures that capture by his masterful use of color and those little men and women that even in the most adults retain their sweetheart child, his "not knowing exactly where they are and what is happening ', their fragility, their awareness of the need for each other, their quest against the odds of love and pleasure.

Mordillo Lovestory (Glénat, Spain, 1999, drawings from the 80s). Mordillo

Amore-Amore (Glénat, Spain, 1994).

Luana Lani Free Zip Sets

accelerates falling dollar

By Tom Lauricella

The dollar's downward trend is accelerating at a time when interest rates, inflation concerns and the huge federal deficits undermine the currency.

No relief in sight for the dollar in any of these fronts, is expected to continue the downward pressure on the dollar.

The dollar fell nearly 1% against a broad basket of currencies last week after a similar fall the week before that. The ICE's Dollar Index U.S. closed at its lowest level since August 2008, before the financial crisis intensified.

"It just has not been anything positive for the dollar," said Alessio of Longis, who oversees the Currency Opportunities Fund Oppenheimer.

The main driver of the dollar's decline is the low U.S. interest rates compared with higher rates and rising overseas. The lower rates mean a lower return on cash, and the pressure of that factor could intensify this week when it is expected that the commission of the U.S. Federal Reserve setting short-term rates of signal that will remain near zero for many months. Next Wednesday, the Fed chairman, Ben Bernanke, is scheduled to give the first news conference of the central bank to date after a strategy meeting.

But concerns over the U.S. budget deficit which is intensifying the sell-off. On April 18, investors were frightened by a warning from Standard & Poor's that it could take the coveted AAA rating to the U.S. government, amid concerns that the government of President U.S., Barack Obama, and Republicans in Congress might not be able to agree on significant reductions in the deficit.

addition, Chinese government officials have stepped up the rhetoric indicates that they could diversify their currency reserves of U.S. $ 3 trillion (million million) to reduce their holdings of U.S. dollars. Such a turn would undermine what has been a substantial source of dollar buying in recent years.

In recent weeks, China has allowed its currency, the yuan, to appreciate steadily. This presents two challenges for the dollar. First, the more Beijing allows its currency appreciate, the less need buy dollars to counter the strength of the yuan. Second, other Asian countries competing with China for export could also allow their currencies to strengthen against the dollar.

Washington has been pressing Beijing to let the yuan rise against the dollar and other currencies to help reduce the U.S. trade deficit, in other objectives. But a continued fall in the value of the dollar is a double-edged sword for U.S. economy

A weaker dollar is a boon for U.S. exporters giving them more competitive prices for their goods. This has led technology companies and manufacturing, and a positive example in an economic recovery has been slow.

Since the recovery began in the third quarter of 2009, exports contributed about 1.4 percentage points to the annualized growth rate of 3.0% in the U.S., representing the largest share of growth trade to date in a period of 18 months.

But a weaker dollar hits consumers affected by the rising cost of imported oil, as exporters seek higher prices for crude oil in dollars as a way to offset the dwindling value of its currency.

some extent, some civil servants U.S. see the decline of the dollar as the inevitable result of differing growth rates between the U.S. and the developing world's rapid growth. Bernanke and Treasury Secretary Timothy Geithner, have not shown signs of wanting to alter their stance.

A cause of peace for the U.S. government is that the dollar's decline has been orderly. Against a broad basket of currencies, the dollar has fallen 9.1% from a year earlier. In 2003 and 2004-a period of very low interest rates engineered by Bernanke's predecessor, Alan Greenspan-registered annual declines of about 10%.

While the weaker currency is helping to promote recovery, has also contributed to public anxiety about inflation palpable and reduced U.S. posture on the global stage. The weak currency helps boost the price of oil in dollar terms, and therefore gasoline at the pump, fueling another political problem for Obama at this time. According to a Gallup poll in April, 42% of Americans surveyed had little or no faith that the Fed would do better for the economy, and 43% had little or no faith in Geithner.

Last week, the dollar, as measured by the index that follows against a basket of currencies, hit its lowest point from the 2008 financial crisis. Before the crisis began, the dollar had lost more than 40% of its value against the basket during a steady decline in six years, driven by many of the same factors that affect the currency today. The dollar is 5% of its historical low, which fell in March 2008 as the dollar index, which dates back to 1971.

-Jon Hilsenrath and Jonathan Cheng contributed to this report.

Source: WSJ

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Fear of emerging economies: easy credit

By David Wessel

housing prices are rising rapidly in Australia, Canada, China, Hong Kong, Israel, Singapore, South Africa and Sweden.

housing prices are stable, or falling-in the United Kingdom, Germany, France, Ireland, Italy and the United States.

Welcome to the global economy with two speeds.

When most observers speak of a "two-speed economy" are contrasting the mature, slow-growing or advanced (U.S., Europe, Japan, etc.) with developing economies and emerging rapidly expanding (China, India, Brazil, etc.). Philip Suttle, the Institute of Finance International, an organization that brings together bankers, calls it "a world of two and six."

In mature economies, growth and inflation are about 2%, in emerging markets are both in about 6%. When something deviates from that path, Suttle said, makes something else again.

But there is another way of dividing the world: some economies had a major banking crisis. Some do not. And those who did not have this crisis are those in which it is raising the price of housing. Slow growth in mature economies is leading them to maintain low interest rates and credit terms, easy. Like them (up to now) dominate global financial markets, this means that the global credit is easy, too easy for emerging markets where the inflation in wages, prices and asset prices is a reason for concern.

"In countries where the financial system was seriously damaged during the global crisis, house prices have risen rapidly," says Stanley Fischer, governor of the Bank of Israel. "That's because when interest rates are cut interest rates a lot to deal with the crisis, mortgage rates also fell rapidly, and people responded by taking borrow to buy houses, and thus pushed up its price. "

low rates in the U.S. and other economies hit hard by the financial crisis are having the same effect. Its banks are not yet willing or able to deliver quickly. In the U.S., for example, the latest S & P / Case-Shiller residential prices in 20 cities is 3.1% below the levels of the same period last year, and those in turn, were 29% below the peak of 2006. The most recent Federal Reserve survey showed little evidence that banks are abandoning the most severe conditions of mortgage loans imposed during the worst of the recession.

But elsewhere, particularly in countries that are being flooded with money fleeing the extremely low interest rates in the U.S., Europe and Japan, the banks are lending, people are buying and house prices are climbing. This is not just a phenomenon of emerging markets.

In Canada, for example, only commercial banks were shaken by the crisis but the Bank of Canada has kept its main rate by 1% to boost economic growth. The result: The house prices in February rose almost 9% year on year, says the Association Canadian Real Estate. The concern in Canada and elsewhere is that what goes up, it could fall and amply illustrates the story about the economic damage that occurs when home prices sink.

In Israel, the banks avoided the worst of the crisis: they had invested heavily in poor quality U.S. mortgages. But Israel was not immune to external shocks, so its central bank cut interest rates to 0.5% in 2009. That made mortgages were cheap. During the past year, house prices rose 16.3%.

"The continued price increases could threaten the stability and in this regard could lead to the creation of a bubble, "says the Bank of Israel. Top rates will make mortgages more expensive and that is what has been seeking Fischer, who recently raised the benchmark rate to 3% central bank.

But like many of his colleagues elsewhere, Fischer knows that one effect of rising interest rates is a more expensive currency. And that strikes at Israel's vibrant export sector. So you're looking for alternatives more concentrated in the prices of houses: the Bank of Israel has imposed rules intended to increase the cost of mortgages. So far, mortgages have been hit by over 800,000 shekels (about U.S. $ 235,000) in payments Initial below 40%, but there are signs that the Bank of Israel is going to stop there.

Major countries had a housing bubble that burst, causing the biggest financial crisis in half a century. To avoid a depression, flooded the world with credit. And that credit threatens to create new housing bubbles in other countries. Nobody ever said that globalization was easy.

Source: WSJ

How Much Is The Magenta Patti Platypus Worth

Love Stories From paper to motion (III)

Before proceeding with the animations of the 70s, I think it's worth stepping back in time and re Upa in Need, featuring, as discussed in the Book Gold 1943 - The whole argument of the film. Mixture of comic and storyboard, a magical moment in the history of Patoruzú .

Radio Fence Rf 1002 Input

China: open to an appreciation of the yuan?

By Jason Dean and Tom Orlik

BEIJING-Based on official comments that have fueled speculation of a faster appreciation of yuan, influential Chinese leaders seem to be admitting the validity of an argument that Washington has long maintained, suggesting that a stronger yuan may help control rising inflation in China.

Many economists have argued that China's currency artificially cheap, but boosts exports, it ends up being counterproductive because it aggravates inflation, partly because the economy is flooded with the earnings from exports.

The Chinese premier, Wen Jiabao, during a meeting last week at the State Council, the Chinese equivalent to a cabinet, cited "Strengthening the flexibility" of yuan's exchange rate as one of several tools the government should make better use of price control. Lower-level officials had raised this argument before, but Wen's comments were unusual for a leading position.

Still, economists say that the change in the language of Beijing, although significant, hardly lead to a marked increase in the value of the yuan.

"China seems to be about to allow a faster appreciation of the currency in response to inflation," he wrote on Tuesday, Mark Williams, China economist at Capital Economics, based in London. But Williams, citing official comments, predicts the yuan will close this year at around 6.20 per dollar, up about 5.25% from current levels, which means only a slight increase in the rate of assessment.

The yuan ended trading day in Shanghai on Wednesday, beating a record high against the U.S. currency. But at 6.5255 per dollar, the yuan has risen only 4.6% since June. This represents a rate of about 0.5% per month, much more slowly than some economists and foreign critics have asked.

In general, experts agree that an appreciation faster could help cool prices at least to some extent. A stronger yuan would reduce the local currency costs of oil, iron ore, soybeans and other commodities that China imported in large quantities, are prices that rose sharply and were passed on to consumers in the form of food and transportation more expensive.

Wen indicated that fighting inflation is the main economic priority for China this year, and the government raised interest rates four times since October, ordered the companies to stop raising prices and put the brakes on bank lending . But in March, consumer prices continued to climb anyway its fastest pace in 32 months.

On Monday, the governor of the People's Bank of China, Zhou Xiaochuan, said the government is trying to reduce the accumulation of foreign reserves. Have soared to over U.S. $ 3 trillion (million million) largely as a result of China's monetary policy, forcing the central bank to buy dollars from exporters and foreign investors. Zhou said that the reserves are injecting too much cash into the economy. "To exceed our reasonable requirements," he added.

China's monetary policy has long been a source of friction with its trading partners especially the U.S., arguing that an undervalued yuan is unfairly benefiting from Chinese exporters.

But the Barack Obama Beijing has also stressed the importance to have a stronger yuan to fight inflation, China's leaders recognize that give greater weight to national considerations to foreign pressure.

most important political leaders such as Wen-those ending deciding on key issues such as monetary policy-not used to see the currency as a tool of monetary policy, analysts say. But that could be changing.

Yet estimate the impact of a stronger yuan on inflation accurately is difficult. Moreover, the relationship between the two has its limits. Higher costs for imported fertilizers and diesel fuel affect the agricultural sector, but most of the food consumed in China is grown locally, not imported.

Even for imported goods, the other tools of government such as price controls, help mitigate the impact of inflation: prices fixed by the government for fuel have risen just 10% this year, while global prices have risen more than 20%.

Source: WSJ

Vote Of Thanks Wedding Cards

The debate of two experts: are inflated stocks?

By ES Browning

is a question that is always on the minds of investors, but gains more relevance today: Is the market overvalued?

Two heavyweights of the financial analysis believe they have the answer. Robert Shiller, an economist at Yale University who correctly predicted the stock bubble burst in 2000 and the housing market collapse that began in the United States in 2006, says its data shows that stocks are expensive by historical standards.

David Bianco, a strategist for the U.S. market Bank of America Merrill Lynch, is on a campaign to review the numbers of the teacher. When you adjust the calculations, he says, the shares are cheap.

is much more than just an academic debate. The U.S. stock market has recovered strongly after the March lows of 2009, doubling its value to the fastest pace since the 1930s. But the last leg of the hike, which began last summer, has been driven largely by the Federal Reserve, whose strategy of buying Treasuries to inflate asset values \u200b\u200bin the economy will end in June. Investors want to know whether stock prices are too inflated now, or if there are reasonable estimates of earning power underlying companies. Which team

stick-Shiller or the Bianco-depends in part on whether you're more comfortable with the analysis of an academic who works away from Wall Street and whose job is to create theories, a strategist at the financial sector which is paid to follow the market closely and attract business. Shiller

bases its analysis on a historical comparison of the value of stock index Standard & Poor's 500 with the earnings results of companies that comprise it. The data of this kind do not predict when stocks begin to fall. Shown only when actions are becoming expensive compared with earnings of companies, a sign that could be heading for trouble sooner or later. Shiller maintains data back to the late nineteenth century in its website: www.econ.yale.edu/ ~ Shiller / data.htm.

innovation system is that Shiller is designed to prevent distortion of changes in short-term gains. Most Wall Street analysts compare stock prices to the prior year's earnings or analysts' forecasts of future earnings. Shiller takes an average of corporate earnings in the previous 10 years. Favored by sophisticated investors calibrated model the business cycle, producing a measure of sustainable corporate earnings that investors sometimes called normalized earnings.

On that basis, the method of Shiller shows that the S & P 500 is trading at 23 times earnings, well above the historical average of 16. Does not necessarily mean that stocks are about to fall, the S & P 500 rose to a record 44 times earnings during the dotcom bubble before it burst in 2000. But today's level is not far from the peak of 27 before the shares fell during the financial crisis of 2007-09. During the minimum level in 2009, fell to 13 before rebounding quickly.

Bianco, who is optimistic about the stock, says Prof. Shiller measurement inaccurate and strategist on Wall Street has made public his criticism. In the last year, has written two reports offering alternative calculations. Bianco said he began studying ways to revise Shiller numbers last year after an article in The Wall Street Journal on the subject.

Bianco adjustments show that the S & P 500 currently trades at about 14.5 times its earnings estimate of 10 years, a much more attractive than Shiller estimate of 23 times earnings.

Professor Shiller says he likes his mathematical calculations in the way that made them. "The basic analysis is correct I have been performing well," he said in an email. Bianco

not dispute the usefulness of the average 10-year-Shiller, an idea consistent with the thinking of the founders of modern securities analysis, Benjamin Graham and David Dodd. However, proposes to change the numbers of teachers in three ways, to eliminate what it believes are distortions.

First, Bianco adjust the way corporate profits are calculated. Instead of using earnings reports, Bianco employ what analysts call operating profit they do not have some of the depreciation of the dot-com downturn and financial crisis. This change significantly boosts the average gains of 10 years, which makes the price / earnings ratio is less frightening.

Secondly, I would like to change the historical data with which to compare today's numbers. Prefer to compare the current numbers only data from 1960 or 1980, a period during which relations of price / earnings have been higher than in the past, making the current less extreme levels. If used long-term data, would not count the decade after 1914, and that corporate profits were distorted by World War more than any other modern event, even the Great Depression. Discard the decade also brings up higher proportions of price / earnings past, so today's is better.

Finally, adjusted earnings numbers up even higher, based on the fact that companies have been holding a greater percentage of profits and paying lower dividends for decades. When companies retain and invest more profits, earnings growth is faster and reported earnings do not reflect fully retained the capacity to fuel growth. Bianco calls this Equity Value Adjustment Time (Seasonal adjustment of the value of capital), or ETVA.

Pokemon Roms On Cydia Sources

Emerging reject the IMF plan

For
Sudeep Reddy The Wall Street Journal WASHINGTON

emerging Representatives rejected a plan by the International Monetary Fund that would guide them in their efforts to control huge inflows of capital entering their economies by considering it a way to restrict their actions rather than a help.

During its spring meeting held over the weekend, the Committee Coordination of policies of the IMF responded by delaying the plan, which seeks to influence the use of capital control tools to restrict capital inflows as taxes and restrictions on foreign investment. The committee agreed to study the issue in the coming months.

The IMF proposal formalized controls support a change in the long-standing opposition of the fund to limit the free flow of capital around the world. IMF officials had to recognize the need to restrict the emerging markets of rising capital inflows, which can lead to asset bubbles and inflation and hurt exporters locales al aumentar el valor de sus monedas.

El plan del FMI habría alentado a las naciones a tratar los controles de capital como un último recurso, después que hubieran primero intentado el uso de otras herramientas, como políticas de tasas de interés, el valor de la moneda y los presupuestos gubernamentales.

Pero los ministros de las economías en desarrollo resistieron vehementemente el plan al considerar la propuesta como un intento de las economías avanzadas restringir sus políticas. Brasil, Turquía, Corea del Sur y varios otros países en desarrollo han adoptado controles sobre los capitales en el último año para limitar los crecientes ingresos de dinero.

"We oppose any policy, regulatory framework or 'code of conduct' who attempts to restrict, directly or indirectly, the policy responses of countries facing growing increases in volatile capital flows," said Brazilian Finance Minister Guido Mantega, the meeting of the Coordination Committee of the IMF.

The fight over capital controls comes amid an ongoing battle to find a culprit in the flood of capital flows from developed economies with slow growth to developing countries for further growth.

blame developing countries, in particular the Federal Reserve States as a source of excess capital because it is keeping interest rates near zero and pumping money into the economy through the purchase of government bonds. Developed countries to China mainly responsible for the problem, due to its policy of strict control of the value of its currency, and also the tendency of investment capital flowing into the economies with the fastest growth.

The IMF board ordered the fund to study the subject with a greater focus on the sources of capital flows.

Mantega described the capital controls as measures of "self defense." "Ironically, some of the countries who are responsible for the deepest crisis since the Great Depression, and still have to solve their own problems, are eager to prescribe codes of conduct to the world, including countries that are overloaded due to the unintended consequences of policies adopted by them, "he said in a statement to the policy committee.

Treasury Secretary U.S., Tim Geithner, the IMF called the proposal" a good start. "blamed the exchange rate policy in countries such as China, indicating that drive capital into economies with free exchange rates.

"A few emerging markets have schemes strictly managed exchange rate, makes extensive use of capital controls and accumulate excess reserves well above precautionary levels, "he said." This asymmetry magnificent capital flows to emerging markets with open capital accounts, raising the pressure upward pressure on exchange rates that are flexible and encourage inflation in economies with fixed exchange rates and undervalued. "

IMF for decades opposed to capital controls. The nations that use it risked being criticized by the fund, sparking a backlash from some members who feared being stigmatized by investors or other nations.

But IMF position has changed in recent years amid the huge volume of "hot money" or short-term flows, which enter in many economies.

"Those who think that capital controls can be useful should be happy," said IMF Managing Director Dominique Strauss-Kahn told reporters before the meeting. "But, you know, human mechanics is sometimes a little difficult to understand."

The IMF's framework for the use of capital controls, if adopted, may have little power outside the countries receiving IMF loans.

However, some nations are concerned that they may be judged negatively in the evaluation of the fund member economies if it follows these guidelines.

supporters say the IMF plan is designed primarily to provide basic matches on the use of capital controls. "Never gonna be a series of strict regulations with sanctions," said Angel Gurria, head of the Organization for Economic Cooperation and Development, which represents the United States and other advanced economies. "This is not to prevent countries that do what they think they need to do. It's about creating a comfort zone."

-Ian Talley, Matthew Cowley and Bob Davis contributed to this report.

How To Polish An Airplane Propeller

Don Goyo y Obes Sarrasqueta

Posted in Faces and Masks in the decades of the '10 and '20 of the last century, Don Goyo Sarrasqueta y Obes - of Manuel Redondo - is considered the first cartoon character (and therefore also humorous) Argentina. Here are some comments on this topic and the story itself:

"In those early years (early twentieth century), and begins to show the influence of American artists, especially in advertising illustrations. And a clear inspiration Frederick Burr Opper and "Happy Hooligan", the first comic to be recurring characters Argentina: Chip and Chicharrón, Manuel Redondo. Redondo had already published numerous illustrations in Faces and Masks and some comic pages without character fixed. Finally, in 1912, after having seen The mechanism of the strips after playing in U.S. and features the poetic Chicharrón bum Opper, started the first "cartoon" national weekly continuity (...).
initiated in the year following Chip and Chicharrón, Manuel Redondo takes a character and the artist Alonso had used during the previous year to devise short political satire, and in developing a series that showcases the small, petty tricks she practices in a English immigrant avid figuration. The comic is named after this character, Sarrasqueta and (...) never used balloons, always developing the story written at the foot of each table. " (Carlos Trillo and Guillermo Saccomanno: Cartoon History of Argentina, Ediciones Record, 1980).

First published (1913), in CyC no. 777

"It is the English artist Manuel Redondo - which had joined Faces and Masks, short time before - create in 1913 the first Argentine cartoon character: Don Goyo Sarrasqueta and Obes. This character takes any profession, to the point of becoming a painter because it takes less work to clean boots, will be a war correspondent in 1914 and an expert on fashion in 1927. But whatever you do, do not lose sight of the issues current, and already in the initial year of the comic "bored with the high cost of living, decided to use for feeding the economic and scientists that advises the modern science ..." (...). Sarrasqueta's popularity will continue for several years, and not because of the sympathy of his physical features, are rightly say that the joy and sadness "at the grim face of Sarrasqueta are quite similar to each other." (Oscar E. Vázquez-Siulnas Lucio: "History Written and Graphic Humor in Argentina, Volume 1 - 1801/1939, Eudeba, 1985).

CyC nro 792 (1913) and a page from 1914 where we see Sarrasqueta immersed in the topic of World War

"Sarrasqueta is considered as the first Argentine cartoon character (.. .). prefigured in "The employee lazy", number 743 (1912), Don Goyo Sarrasqueta y Obes, by name, first appeared on August 23, 1913 (No. 777), in the sequence "Food futurist ", and since then would be present in Faces and Masks for over fifteen years. You need to talk about this character back on the thematic influence, formal and argumentative that the theater served in the first comic Sarrasqueta (...), in the powerful prevailing of theatricality has an unmistakable tone of farce. On the one hand, the protagonist is a simulator, a poor immigrant who tried to appear not simply in search of social prestige but because it was intimately an alienated cultural (...). Sarrasqueta was an actor in search of a character impossible to let him settle. As such, Sarrasqueta had only two terms, reduced to grimaces (...), either contempt or bitterness and miserable submissiveness and satisfaction (...)." (Jose Maria Gutierrez. From the first political cartoon series, National Página/12-Biblioteca, 1999).

The series also had its color plates

(CyC 1014 and 1027, of 1918)

"Drawn by Alonso, the character first appeared in Faces and Masks in 1912 to make satirical comments from reality, and a year later settled in sheet form, from the hand of Manuel Redondo. Sarrasqueta is a English immigrant, opportunists and climber , eager for easy money and figuration. Readers of the newspaper La Prensa, was defined by its author as "a convinced socialist, enthusiastic Democrat, a former radical, conservative thing, defender of human rights and duties of women. "

In the comic, whose atmosphere is full of information, the city is not stage but only a critical part of the historical value that gives the comic. Act founding the genus in Argentina, the anchor character events in a national context, a milestone that had just been developed by their predecessors Chip and Chicharrón.

The effect achieved by Sarrasqueta (...) helped shape the stereotype of Buenos Aires, that gender exploded from its beginning to these days: personal ambitions, mandapartes, womanizing, nostalgic coffee, frustrated office. " (Judith Gociol, Diego Rosemberg: The Cartoon Argentina, a story, De la Flor, 2000).

CyC 1034 and 1040 (1918)

Manuel Redondo died in mid-1928. Within the pages devoted to current and social notes, Faces and Masks in the no. 1548 of 2 June that year says: Artist humble and quiet, helped since the initial time in its pages, through which he yielded to the popular cartoon figure more widespread. Lone incorrigible, quiet temperament, spirit, skeptical by nature, provided, nevertheless, uplifting work to this house where I wanted it, and their contribution was at all times that seal of modesty was characteristic of his life. It was, above all his merits as a draftsman, a man simply good. Faces and Masks saw it from the emotion that inspires the departure of friendly beings. "

CyC 1182 and 1192 (1921)