Thursday, December 30, 2010

Making Money Through


By Dian L. Chu, EconForecast



China has been ranked as the top growing country among the G20 since 2001 and is expected to retain that title for at least another five years (See Growth Chart). However, the news coming out of China for the past three months has not been good. It is looking more and more that it is not a question of if China is a bubble and going to burst, but when.



The country has major infrastructure issues, troubling population dynamics, poorly aligned employment outcomes, inflation problems, a real estate bubble, an opaque and potentially insolvent banking system (had mark-to-market accounting been applied), geo-political problems with North Korea and Taiwan, and an underperforming stock market in 2010 (see stock comparison chart).



Smart Money Rushing Out



While the hot money is flooding into China, the smart local money is doing everything they can to get their money outside of China, which partly explains why Shanghai SE Composite has underperformed other markets for the past year or so (see Comparison Chart).



The many issues of China could conspire to become the biggest train wreck waiting to happen, and potentially dwarf any little budget problems in Europe by a factor of ten.



Big Trouble In Big China



China has a population related societal structural problem. The nation has tried to utilize the vast manpower to its advantage over the last two decades building a powerhouse manufacturing economy through the availability of low cost workers, which supplied the world with lower cost goods.



Nevertheless, the harsh reality is that the nation's infrastructure, quality jobs, food, and overall resources are too scarce to support such mass population, while achieving the government`s goal of a smooth transition to a developed middle class to sustain an internal demand model going forward.



If you think you have riots in Greece over the pension retirement age being raised is bad, just wait till riots breaking out in Beijing and other cities over the fact that a 90 cent bowl of noodle soup now costs four dollars due to food shortages, and a runaway inflation problem.



Loose Lending = Non-performing Projects



This is only reinforced by some of the news events taking place over the last three months. Let`s start with the raising of banks reserve requirements by the central bank, which is the sixth such increase in 2010.



These measures are meant to curb the excess lending which has fueled much of the overbuilding and real estate speculation occurred over the past two years as China`s central bank initially wanted to avert a recession by artificially creating demand for workers and construction projects to replace lagging demand from the developed economies.



The problem is that too much lending has occurred, and bad lending at that. Because of the cheap available credit, now you have cement companies and manufacturing firms getting bank loans to invest in endeavors such as real estate, which is outside of their core expertise and competency.



Real Estate Misery Loves Company – China & Spain



The result is a bunch of excess inventory and poorly thought-out construction projects which have no means of recouping the initial investment needed to repay the bank loans.



This practice is similar to Spain`s situation now where they have entire uninhabited building complexes that have yet to be marked to market, and will probably ultimately be demolished. But at least in Spain, even though it was a construction boom, it was engineered by developers in Spain, and not by some manufacturing outfits like those in China.



So, multiply the bad business project factor by ten and you get an understanding of the magnitude of bad loans on the books of Chinese banks. The problem is being further exacerbated by the practice similar to Spain`s of banks making additional loans to the businesses just so that they can then turnaround and pay back the interest owed on the original loans.



The only way this would work out is if these projects magically develop revenue streams. Unfortunately, in the case of Spain, a 20% unemployment rate, coupled with a still overvalued housing market in which prices still need to come down significantly, would suggest that by the time the Spanish economy recovers enough to support the excess inventory, the abandoned projects are run down and uninhabitable.



A similar scenario could play out in China as well.



True Smart Money Wary of the Write-off Domino 



Furthermore, China`s practice of overbuilding at the height of real estate valuations makes even haircuts on loan write-offs an untenable practice for banks, and by further throwing good money after bad, the ultimate mark- to-market effect could be catastrophic for Chinese Banks.



This is the main reason all the major Chinese banks have gone to the market in 2010 to raise more capital before investors wise up to the underlying deficits these banks face, as these bad loans eventually would need to be written off the books.





Victor Shih, a Northwestern University professor estimates that Chinese local governments borrowed some 11.4 trillion renminbi at the end of 2009, and that local government financing loans to be roughly one-third of China's 2009 GDP.  The most likely scenario over the next few years is that there would be increases of non-performing loans ratio from local governments. This would require a large scale of recapitalization of the Chinese banking system, which would eat up a large share of China's foreign exchange reserves and possibly slow down growth.





Although Beijing is quite capable of  a few bailouts and surviving a widespread banking crisis, it most definitely will not bode well for the financial markets.  So, insiders are removing capital from direct exposure to the inevitable re-pricing that will happen throughout Chinese markets from real estate to the stock market, and can be seen at this early stage by the underperformance of the Chinese stock market compared to other global markets. Remember, foreigners cannot invest directly in these markets, so these capital outflows are truly the smart money.



Logistic Gridlock Crimping the Middle Class



Next let`s look at the recent news regarding a severe cutback in automobile registrations in Beijing to 240,000 in 2011 from 700,000 registered in 2010 by the municipal government. Other large cities in China are bound to follow. This is most likely related to the reported 9-day traffic jam on the Beijing-Tibet expressway in August, and other extended traffic jams throughout China in 2010.



China is trying to build infrastructure projects after the fact; whereas with proper central planning these should have been established far ahead of the massive transition from a rural, agricultural based populous to that of a modern, large city based business and manufacturing concentration.



Simply put, it is impossible for all the Chinese citizens who want and can afford automobiles to be able to own and utilize this form of transport without a total breakdown in the transportation system. We are seeing the early stages of complete and counterproductive gridlock in the transportation system of China, and it is only going to get worse over the next decade.

No Jobs for College Grads



For all the talk about how China graduates more engineers each year, and other college educated young people who have strong backgrounds in the hard sciences than most developed nations combined, this is actually another sign of problems to come over the next decade in China.



China`s wealth and emergence into the second largest business economy hasn`t been built around the need for these types of mind and skill set. So literally you have a large mismatch between the types of available jobs in China, that are supported by the heavy manufacturing and construction intensive focus of the past twenty years, to that of the recently educated pool of graduates who have grown in sizable numbers over the past five years.



The Mind Is A Terrible Thing To Waste



This results in a large human asset class that China is currently wasting, as most of the newly educated workforce is working in jobs which require little or no advanced education at the university level. So you have highly educated university graduates in areas like engineering and accounting working low level service and sales jobs that pay less than many manufacturing jobs.



In short, there are too many highly educated Chinese citizens graduating each year for the number of jobs available needing their skill set because China`s economic model isn`t built around these type of jobs. This type of misaligned employment outcomes never ends well; it usually manifests itself in increased civil and social unrest.



8% Inflation in 2011



The next major challenge for China is a skyrocketing inflation, which at its root is the fact that there are too many people chasing too few resources. This fundamental flaw in population dynamics underpins many of the problems that China faces going forward.



Recent CPI data for November illustrates the inflation problem in China with a reading of 5.1% from a year ago comparison, this is up from a 4.4% reading for the previous month. Couple this with the latest 4% hike in fuel prices in China because of rising oil prices, you could expect future CPI and PPI reports to reflect even higher rates of inflation.



For now, most of the year over year spike has revolved around higher food prices as energy has mainly been flat for 2010 thanks mostly to government subsidies. Now that energy prices have entered the picture, China will start to experience even more inflation pressures in 2011. 



Furthermore, with the undervalued yuan pegged to the dollar, it is only getting worse for China in 2011 due to Fed's QE2 pressures on the dollar.  The real inflation rate for Chinese citizens for 2011 will probably approach 8% next year.



An Asian Contagion by China?



This escalating inflation concern is further compounded by Beijing's lack of decisive action to combat the problem by delaying a much needed currency appreciation, and hiking interest rates in a timely fashion. There is no getting around the fact that these two things need to occur as soon as possible.



By the time the Chinese government is forced to implement these tightening tools, the damage to the economy is most likely already done. The longer China delays the inevitable serious tightening measures, the harder the economic crash that will occur in the aftermath of these policy changes. And it is unlikely to end well. The resultant impact will probably take the rest of the Asian economies down with it – an Asian Contagion scenario.



History Repeats Itself



Eventually central planners and finance ministers around the world might start to understand that policies which lead to bubbles being formed in the first place are counterproductive in the long run. But until that lesson is learned, it seems like we are doomed to repeat the same mistakes over and over again.



Right now, there are more and more signs coming out of China that all is not well with its economy, and the likelihood of a more severe downturn in the future is a distinct possibility, unless its policy makers take decisive and prudent actions to minimize the damage of a hard landing.    





Dian L. Chu, | Mobile Reader, Website | | Facebook | Twitter



Watch, Learn, Market Trend TVShare





This week’s National Enquirer has a story about the pitfalls of living large. Eddie Murphy’s ex wife Nicole is deep in debt after blowing the $15 million settlement she received from Eddie when they divorced in 2006. This sounds like those lottery winners that waste all their money and end up destitute. Here’s the Enquirer’s story, which includes details about Nicole’s bad investments and tax debts.


Eddie Murphy’s ex wife Nicole has blown her massive $15 million divorce settlement in just four years - and now she’s millions of dollars in debt.


What’s more, the IRS has slapped her with five tax liens totally $846,630, and she has put her opulent mansion up for sale.


When Nicole divorced Eddie in 2006 after 13 years of marriage, she chose to take a one-time payout from the comedian of $15 million, instead of monthly alimony. But in a shockingly short span of time, she’s managed to lose all of it.


“Nicole made some bad investments with the fortune she got from Eddie, and now she is in serious financial straits,” said a friend of the 42-year-old stunner.


Court records show that the IRS slapped Nicole with two liens for back taxes in November totaling $214,688.


That huge bill was on top of outstanding judgments against her for nearly $600,000 by a legal firm and another $60,000 demand for payment by a landscaping company. She also owes $5 million on her Los Angeles-area home.


“Nicole is overwhelmed by the mountain of debt she has piled up,” added the source. Nicole, who has five children with Eddie, invested in an Internet jewelry business, but the venture quickly failed and Nicole lost most of her money.”


[From The National Enquirer, print edition, January 3, 2011]


It seems like Eddie Murphy is the Enquirer’s gleeful source, as the article goes on about what a generous person he is and how he “lavishes the kids with gifts and gives them anything they want or need.” Nicole also gets child support payments which are surely enough for most of us to live very comfortably on. (Eddie pays $51,000 a month for just one child with Melanie B., Angel Iris, 3.) It’s not surprising to hear that a woman naive enough to marry Eddie Murphy would end up wasting her money and making bad investments. From the looks of her, Nicole’s plastic surgeon is getting

a good chunk of that money. This story reminds me of Heather Mills and how she frittered away her $50 million divorce settlement in less than two years.


In related debt news, Pamela Anderson owed an additional $180,000 to the state of California on top of the nearly $500,000 tax lien they filed against her last year. Her people told TMZ that it was a misunderstanding and that the taxes have been paid. Entitled rich people and their ridiculous problems.








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Tuesday, December 28, 2010

foreclosure report


A press release from LPS' Mortgage Monitor Report shows Foreclosure Inventory Rising for 5th Straight Month

The November Mortgage Monitor report released by Lender Processing Services, Inc. (LPS) shows that the volume of loans moving to REO continued to drop as moratoria further delayed foreclosure sales. While the 90+ delinquency category has steadily declined, the number of loans moving to seriously delinquent status beyond 90 days far outpaced the number of foreclosure starts. Nearly 2.2 million loans are 90 days or more delinquent but not yet in foreclosure.

Foreclosure inventories also continued to rise for the fifth straight month as delinquent accounts are referred for foreclosure, but the sale of foreclosure properties continued to decline. When compared to January 2008 levels, the foreclosure inventory of Jumbo Prime loans is nearly seven times higher; the inventory of Agency Prime loans is nearly six times higher; and the foreclosure inventory of Option ARM loans is approaching five times the inventory in January 2008.

The report also shows that one-third of loans that are 90 days or more delinquent have not made a payment in a year; however, the number of new problem loans declined nearly 5.4 percent from October, which is opposite of the seasonality trend that typically impacts new delinquencies this time of year. Self-cures for loans one to two months delinquent increased in November to a six-month high.

In the month of November, 261,153 loans were referred to foreclosure, which represents a 0.7% month-over-month decline. The total number of delinquent loans is nearly 2.1 times historical averages - and foreclosure inventory is currently at 7.7 times historical averages.

As reported in LPS' First Look release, other key results from LPS' latest Mortgage Monitor report include:

  • Total U.S. loan delinquency rate: 9.02 percent
  • Total U.S. foreclosure inventory rate: 4.08 percent
  • Total U.S. non-current* loan rate: 13.10 percent
  • States with most non-current* loans: Florida, Nevada, Mississippi, Georgia, New Jersey
  • States with fewest non-current* loans: North Dakota, South Dakota, Alaska, Wyoming, Montana
Charts From The Report

The report is 34 pages long. Inquiring minds may wish to give it a closer look. Here are a few select charts.

click on any chart for sharper image

Delinquent and Foreclosure Rates by Month



Total Delinquency Percent Excluding Foreclosures



Total Foreclosure Percent By Product



Foreclosure Increase Compared to January 2008



Loan Cures



Serious Delinquencies



Foreclosure Starts vs. Serious Delinquencies




While there are some welcome trends in direction, actual foreclosures are lagging. The pent-up need to foreclose is huge.

Moreover, mortgage rates have rising nearly a full percentage point in the last 45 days. This will put a damper on already depressed home sales, making it harder to unload inventory.

Look for months of inventory to soar in the upcoming months with continued declines in home prices. Contrary to what most think, falling prices are a good thing. Home prices need to fall to a point low enough where genuine demand kicks in.

Foreclosure moratoriums are counterproductive and exacerbate existing problems.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


I generally agree with yoru statement, all the tricks the FED did to print hosuing dollars are done now, now people have to bring real money, and that means wages. However I disagree with statement "businesses competing with foreign wages CANNOT pay higher wages to American workers". Businesses overpay their CEOs and upper management all the time (boards are made up of cronies, not directors working in best interest of stockowners) and big US businesses are generally making high profits and have record cash reserves. So businesses CAN afford to pay workers high wages, but rather, they simply WON'T because they do not have to (no laws, unions etc to force them) and the WON'T because unlike the waste of over-priced salaries at high-end of coroporate ladders, business are not so stupid and wasteful and low-end and they keep low and middle workers wages as low as they can or they outsource.


But just so you know in real world there is an alternative ( not one you will ever see in US due to our politics and people assumptions like yours) look at Germany. They are an exporting machine. Their companies are very competitive in world market AND their worker wages and benefits are much higher than US. They have higher horuly salaries, their workers get 6 weeks vacation from get go, etc.. Also, they are fairly heavily regulated, their companies are held to high safety standards, high worker fairness standards, and tough environmental standards and also their companies do a lot with expensive alternative energy.


So in my mind there are at least two ways to for a countries companies to be competitve on world market, China or Germany, the only option is NOT China and depressed wages and weak currency.


Again and again, I see smart people assuming we must just do a China to compete, low wages, weak currency, trash the environment, peel back regulations that keep workers safe and keep work place fair. Its like Germany's example does not enter our consciousness. No way we can have a strong social safety net, treat enviroment well, have a strong currency, pay workers well, regulate businesses to ensure fairness and still compete, pay not attention to Germany.


It may not be easy for US to replicate what is working for Germany, primarily simply because most in US media and culture has it so we don't even know it that at least one coutnry is already proven it is possible, but it is crazy not to at least look at what they are doing and see if maybe we could strive for something closer to them. Germany competes and grows and German workers benefit. Germans model is very good for the common wealth, and yet, all we can fixate on is China.


We see same phenomen in business. There are some companies that are very successful and treat their workers much better than average, while other companies see their only way to success is to treat low end workers as badly as possible and to overcompensate upper management. See simply Costco vs. Sam's club.


Stop self-limiting, we can be a globally competitive country and have a solid middle class and have clean air and water, safe workplaces. But we won't if we let crony upper management of US companies decide everything in their interest, because clearly, sh%^ting on workers and over-compensating themselves and their friends, corrupting our government for their purposes is what they will keep doing unless we fight for something better.



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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


bench craft company scam

Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


bench craft company scam

Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


bench craft company scam

Fox <b>News</b> - Ratings - 2010 | MSNBC - CNN | Mediaite

Fox News will mark 2010 as one of the best years since the network's launch in 1996. The network posted powerful ratings, beating the combined ratings of CNN and MSNBC and marking the ninth straight year as cable's top news network.

NJ Gov. - AOL <b>News</b>

There's no word on whether New Jersey Gov. Chris Christie and his family visited Disney World's Blizzard Beach water park this week as his state was buried in a real blizzard, but the rising Republican rock star may have seen his ...

Fox <b>News</b> Channel marks nine full years as top-rated <b>news</b> channel <b>...</b>

Hal Boedeker of Orlando Sentinel is The TV Guy. Dishing on TV, the news and what everybody is talking about.


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Thursday, December 23, 2010

Im Making Money

All those who believe there is sentiment of complacency within the precious metals camp may be forgiven. After all if one likes gold, one should like silver, and/or vice versa. Today FOFOA presents a counterargument. "I don't write about silver very much. Just like I don't write about copper or pork bellies. But, in fact, I have addressed many of the standard arguments for silver over gold in various comments on this blog and others. I'm sure someone will dig them out again and post links as people pose these arguments once again in the comments. But here's a new one. One of the argument for silver that we hear often is that it is "the poor man's gold." So I guess gold is "the rich man's gold." Well, what is the main difference between rich men and poor men? Is it that the rich have an excess of wealth beyond their daily expenses? In fact, the really rich have "inter-generational wealth," that is, wealth that lies very still through generations. The poor do not have this. So what do you think is going to come of all that "poor man's gold" that the silverbugs have hoarded up? Is it going to lie very still for generations? Or will it circulate, to meet daily needs? Note that circulation velocity is the market's way of controlling the value of any currency. Faster circulation = lower value. Lying still for generations = very slow circulation." Thus, today's question - is silver money too?

Via FOFOA

Focal Point: Gold

In game theory, a focal point (also called Schelling point) is a
solution that people will tend to use in the absence of communication,
because it seems natural, special or relevant to them. The concept was
introduced by the Nobel Prize winning American economist Thomas
Schelling in his book The Strategy of Conflict (1960). In this book (at
p. 57), Schelling describes "focal point for each person’s
expectation of what the other expects him to expect to be expected to
do." This type of focal point later was named after Schelling.

Consider
a simple example: two people unable to communicate with each other are
each shown a panel of four squares and asked to select one; if and only
if they both select the same one, they will each receive a prize. Three
of the squares are blue and one is red. Assuming they each know nothing
about the other player, but that they each do want to win the prize,
then they will, reasonably, both choose the red square. Of course, the
red square is not in a sense a better square; they could win by both
choosing any square. And it is the "right" square to select only if a
player can be sure that the other player has selected it; but by
hypothesis neither can. It is the most salient, the most notable square,
though, and lacking any other one most people will choose it, and this
will in fact (often) work.

Schelling himself illustrated this
concept with the following problem: Tomorrow you have to meet a stranger
in NYC. Where and when do you meet them? This is a Coordination game,
where any place in time in the city could be an equilibrium solution.
Schelling asked a group of students this question, and found the most
common answer was "noon at (the information booth at) Grand Central
Station." There is nothing that makes "Grand Central Station" a location
with a higher payoff (you could just as easily meet someone at a bar,
or the public library reading room), but its tradition as a meeting
place raises its salience, and therefore makes it a natural "focal
point."

Salience: the state or quality of an item that stands out relative to neighboring items.

There are two simple, but seemingly, apparently impossible-to-comprehend concepts. The first concept is why money not only can
be split into separate units for separate roles, one as the store of
value and the other to be used as a medium of exchange and unit of
account, but why it absolutely must and WILL split at this point
in the long evolution of the money concept. This means no fixed gold
standard, or any system that attempts to combine these units/roles into
one, making easy money "less easy" and hard money "less hard." And by
"must" I do not mean that we must do this, I mean that it is happening
today whether we recognize it or not.

And the second concept,
once the first is understood, is how and why gold and only gold will
fill the monetary store of value role. Not gold and silver. Not precious
metals. Just gold. People often ask why I don't mention silver. They
assume that when I say gold I really must mean gold and silver, or
precious metals. So let me be clear. When I say gold, I mean gold and
only gold.

Money's most vital function in our modern world is
lubricating commerce, or more specifically, keeping the essential supply
lines flowing – supply lines that bring goods and services to where
they are needed. Without it we would be reduced to a barter economy,
eternally facing the intractable "double coincidence of wants." This is
the problem whereby you must coincidentally find someone that not only
wants what you have to trade, but also, coincidentally, has what you
want in return. And in the modern world of near-infinite division of
labor, this would be a disaster.

So we need money, and lots
of it. In fact, we need money in unrestricted amounts! (I'll bet you are
surprised to see me write this!) Yes, I said it, we need unrestricted
money in order to fulfill this most vital function in our modern society
– lubrication! But here's the catch: we need the right money in order to perform this seemingly impossible task. Let me try to explain.

Money
is debt, by its very nature, whether it is gold, paper, sea shells,
tally sticks or lines drawn in the sand. (Another shocking statement?)
Yes, even gold used as money represents debt. More on this in a moment.

For
this reason, the money used as a store of value must be something
completely separate and different from the medium of exchange. It must
be so, so that the store of value unit can expand in value while
the medium of exchange unit expands in quantity and/or velocity. You may
be starting to encounter my thrust. Expand… and expand. Unrestricted by
artificial constraints.

Compare this concept to a gold standard
in which you fix the value of gold to the dollar at, say, $5,000 per
ounce. The assumption is that this is where the price of gold will stay
for a long time, if you manage the system properly. So what is the
result? You artificially constrain the expansion of the medium of
exchange fiat currency while also restricting the value expansion of the
store of value. You are locking the two together. Do you think this
works and makes sense?

I said we need unrestricted money in order
to ensure the lubrication of the vital supply lines in our modern
world. This is it. This is what really matters. If we have a major
monetary and financial breakdown, what do you think will be the worst
consequence? Do you grow all of your own food? Do you make – or know
someone who does – all of your own stuff? How long could you survive
without any stores? Do you trust your government to be sufficiently
prepared to take care of you with no supply lines flowing?

Have
you ever stretched a rubber band until it breaks? You can feel the
resistance grow gradually and observe the smooth thinning of the band
until finally it loses its continuity and the two parts snap back
stinging your fingers. A tiny observer of this exercise, perhaps a flea
resting on your thumb (or an economist), one who doesn't really
understand rubber bands, might swear that it could be stretched forever.
The smooth change in the stretching rubber gives little warning of the
abrupt (sometimes painful) deformation that is coming.

This is
where we are today. The dollar standard is like a stretched rubber band.
It has been stretched and stretched, but it cannot provide the
unrestricted money that we need today. They think it can. And that's why
they are spewing it out in quantitative easy money boatloads. But it's
not the right money. As I said above, we need the right money in order to perform this seemingly impossible task.

That
resistance you feel is the artificial restraint built into the dollar
system. It appears to be infinitely expandable, but it is not. It is
just like the rubber band. Oh sure, you can print all the dollars you
can imagine, to infinity and beyond! But it won't work. It won't do the
most vital job, beyond a certain point. And yes, we are beyond that
point.

I want you to imagine a tiny micro economy. Just two guys
stranded on a tiny island. Let's call the guys Ben and Chen. They have
divided the island in half and each owns his half. They each have a tree
which bears fruit and three tools for fishing, a spear, a net and a
fishing pole. For a while they both fished often. Fish were the main
trade item between Ben and Chen. Sometimes Ben would take a vacation
from fishing and Chen would provide him with fish to eat. Other times
Chen would take a break.

But after a while Ben got lazy, and Chen
got tired of giving Ben free fish to eat. At first they used sea shells
as money to keep track of how many fish Ben owed Chen. Then they
switched to leaves from the tree. Finally they just broke a stick off
the tree and drew little lines in the sand. If Chen gave Ben a fish, Ben
drew (issued) a line in the sand on Chen's side of the island. There
were only two of them, so it was easy to avoid cheating.

These
lines sort of became Chen's bank account. Each one represented the debt
of one fish that Ben owed to Chen. But after a while they started adding
up, and Chen worried that he would never get that many fish back from
Lazy Ben. So Chen cut a deal with Ben. Chen said he would keep accepting
lines drawn in the sand for fish, but he wanted to be able to use them
to purchase some of Ben's other stuff (since Ben didn't like to fish).

At
first he used them to purchase fruit from Ben's tree. But after a while
the pile of fruit just rotted on Chen's beach. Next he started
purchasing Ben's tools. First the spear, then the net and lastly the
fishing pole. But at this point Chen realized that Ben would NEVER be
able to repay those fish without his fishing tools. So Chen rented them
back to Lazy Ben.

Of course Ben was still lazy, and now he owed
rent on top of the fish he already owed. The lines in the sand grew even
more rapidly as lines were added to pay for rent even when Chen hadn't
given Ben a fish. Then Ben had a great idea. Why even go through the
charade of selling the fishing pole and then renting it? Ben could just
sell Chen some "special lines" which had a "yield." For ten one-fish
lines, Chen could buy a special "bond" that would mature into 11 lines
in a year's time. They tried this for a while, but all that happened
were more lines in the sand. So many lines! Nowhere to walk. Chen's
"bank account" was taking up all of his real estate!

Finally Chen
had had enough. He called Ben over and said, "Okay, since you refuse to
fish for yourself, let alone to pay me back, I want to use these lines
to buy some of your gold coins." Oh, did I mention that Ben had a
treasure chest of gold coins that had washed ashore? Of course these
gold coins were the last thing that Chen wanted, because what good are
gold coins on a tiny island with only two inhabitants?

But
actually, they turned out to be an excellent record of the debt Lazy Ben
owed to Chen the fisherman. You see, at first, Chen bought half of
Ben's gold with the lines he had already accumulated, transferring his
"bank account" over to Ben's side of the island and consolidating his
"wealth" into gold. It worked out to 100 lines for one gold coin, or 100
fish per ounce.

But after a while, Ben realized that he was
running out of gold. He knew it would only be a short matter of time
until he ran out, so he closed the gold window. And once again, Chen
started accumulating lines and special yielding "bond" lines. Finally,
they agreed that the value of the gold coins had to be raised higher
than 100 fish per ounce. Ben suggested 500/oz., but Chen saw the
short-sighted flaw in his thinking. So Chen said that the value of
ounces should float against the number of lines issued by Ben. This way,
Ben would never run out of gold, and his lines would always and forever
be exchangeable for gold coins. Finally, a sustainable accounting
system!

Now I do realize the glaring flaws in this analogy I
cobbled together. So spare me the critique. It is far, FAR from perfect.
But it does help with a few good observations.

First, the lines
in the sand and the gold coins are both money on this island. One is the
medium of exchange/unit of account and the other is the store of value.
The store of value is quoted at any given time in units of lines, but
its value floats, it is not fixed, so it never runs out. This
method of accounting forces Lazy Ben to part with something more
substantial than simply issuing more lines via line-yielding "special
bond lines."

In this case it was the accounting of transactions
between a consumer and a producer. But it works just as well between any
two actors with unequal levels of production and consumption. Some
people just produce more while others can't stop consuming. I'm sure you
know a few of each type.

Also, notice that gold coins and lines
in the sand both represent the debt owed from Ben to Chen. And with
gold, Chen can wait forever to be paid back (which, on this island, is
quite likely). The gold doesn't spoil, and Chen's possession of it
doesn't interfere with Ben's ability to fish or eat fruit. But notice
also that the more lines in the sand that Ben issues, the more the value
of the gold (representing a debt of fish) rises. So the longer Ben runs
his trade deficit, the more debt he owes for each ounce of gold that
Chen holds.

This is not so dissimilar to the special bond lines,
with a few notable differences. The bond values are not only quoted in
lines, they are also denominated in lines. So the principle amount paid
for the bonds drops in value as more lines are issued to lubricate the
vital trade. To counteract this "inflation," interest is paid by drawing
more lines without the reciprocal delivery of fresh fish. But these
additional "free" lines also dilute the value of lines, which leads
ultimately to infinity (or zero value) in a loop that feeds back on
itself.

The more fish Chen supplies to Ben, the more lines he
receives, the more bonds he buys, and the more lines he receives in
service to interest. Eventually Chen will be receiving two lines for
each fish, one for the fish and one for the interest. And then three,
and then four. And so on. Wouldn't you rather just have one gold coin
that floats in value? I know Chen would.

Another observation is
that the medium of exchange on our island devolved into the most
insignificant and easy to produce item. A simple notation in Chen's
"account." Is that so different from what we have today? And Ben could
issue them with ease as long as Chen let him. Once Chen had so many
lines, he wasn't about to just abandon the system, was he? Wipe the
(beach) slate clean? No, Chen wanted to get something for his lines.
Something compact that didn't interfere with Ben's ability to work off
his debt should he ever decide to do so. Something durable. Something
physical from Ben's side of the island. Something… anything other than those damn-stupid lines!

I
hope that this little analogy helps you visualize the separation of
monetary roles, because those talking about a new gold standard are not
talking about this. I understand that sometimes you have to speak in
terms familiar to your audience in order to not be tuned out, but I also
hope that my readers come to understand how and why a new gold standard
with a fixed price of gold, no matter how high, will simply not work
anymore.

The full explanation of why it will not work is quite
involved, and I'm not going to do it here. But the short answer is that
the very act of defending a fixed price of gold in your currency ensures
the failure of your currency. And it won't take 30 or 40 years this
time. It'll happen fast. It wouldn't matter if Ben decided to defend a
price of $5,000 per ounce, $50,000 per ounce or $5 million per ounce. It
is the act of defending your currency against gold that kills your currency.

You can defend your currency against other currencies… using
gold! Yes! This is the very essence of Freegold. But you cannot defend
it against gold. You will fail. Your currency will fail. Slowly in the
past, quickly today. If you set the price too high you will first
hyperinflate your currency buying gold, but you won't get much real gold
in exchange for collapsing the global confidence in your currency, and
then you will have to empty your gold vaults selling gold (to defend
your price) as your currency heads to zero. And do you think the world
trusts the US to ever empty its vaults? Nope. Fool me once…

If
you set the price too low, like, say, $5,000/ounce, you will first
expose your own currency folly with such an act and have little
opportunity to buy any of the real stuff as the world quickly
understands what has gone wrong and empties your gold vaults with all
those easy dollars floating around. You will sell, sell, sell trying to
defend your price, but in the end, the price will be higher and you'll
be out of gold. Either that, or you'll close the gold window (once
again), sigh, and finally admit that Freegold it is.

Yes, the
gold price must… WILL go much higher. The world needs MONEY! And by
that, I mean recapitalization. Unfortunately the dollar is not the right
money. And printing boatloads of it will no longer recapitalize
anything. Today we are getting a negative real return on every dollar
printed. That means, the more you print, the more you DEcapitalize the
very system you are trying to save. Less printing, decapitalized. More
printing, decapitalized. Freegold… RECAPITALIZED. Yes, it's a Catch-22,
until you understand Freegold.

There Can Only Be One

A
"focal point" is the obvious, salient champion. But for many reasons,
some things are not as obvious as we would think they should be. Mish
ended his recent post, Still More Hype Regarding Silver; Just the Math Maam, with the following disclosure:


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Assange counters 'high-tech terrorist' label by accusing his critics of terrorism.

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Assange counters 'high-tech terrorist' label by accusing his critics of terrorism.

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Assange counters 'high-tech terrorist' label by accusing his critics of terrorism.

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Assange counters 'high-tech terrorist' label by accusing his critics of terrorism.

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British mag NGamer put together a clever 2010 "year in review" of mainstream news using WarioWare DIY. Some of the referenced incidents may be obvious internationally, while others are quite UK specific, so we made a list of the ...


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Assange counters 'high-tech terrorist' label by accusing his critics of terrorism.

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Wednesday, December 22, 2010

web internet marketing



Editor’s note: Brand dollars are still the biggest unclaimed prize on the interent. Guest author Steven Carpenter handicaps the players who are most likely to get them.


One of the biggest business opportunities in the consumer Internet space is to create products and services that attract a share of the billions of dollars in held-up brand marketing that has yet to find its way onto the web. With the explosion of various kinds of content and the innovative ways advertisers can segment and track users, why are marketers so reluctant to open up the floodgates? Quite simply, because the current online solutions—search, lead generation, display, video—do not provide a high enough return for these kinds of categories and are not consistent with the image these brands have invested so heavily to achieve.


Commensurate with the potential riches, there is an enormous amount of startup energy and experimentation going on in this area. In this installment of the TechCrunch Teardown, I will look at the four leaders—Facebook, Twitter, Foursquare, and Groupon—and how their new interactions—“like”, “follow”, “friend/check-in”, “group coupon”—are fairing with brand advertisers.


The $20 Billion Opportunity



According to Ad Age, the Top 100 Global Advertisers spent over $100 billion in 2009 across the various print, television, radio, outdoor, and Internet channels; based on data from the previous year, 39 of the 100 had budgets of $1 billion or more (see table 1, click to enlarge). Procter & Gamble, manufacturer of 50 leading brands (such as Tide, Dawn, Pampers, Gillette, and Crest), of which 23 generate $1 billion or more in sales, is the world’s largest advertiser, spending close to $9 billion annually. It should follow, then, that the Internet economy as a whole is effected by how the brand managers at these companies decide to allocate their funds online.


As you can see from the last column in the table at right, the leading marketers are only spending $1.8 billion, or 2.6% of their total budgets, online, despite the fact that consumers are spending close to 30% of their time on the Internet. Of the top marketers, only General Motors, Disney, Bank of America, and News Corp. allocated more than $100 million to the web.




So who has found the best marketing value online? Companies that market and sell financial services, insurance, automotive, communications and media, and consumer technology. It makes sense: these are companies with products that can be found easily using search, and whose customers are most likely to be acquired online because they can transact online. To date, Google and vertical content sites such as Yahoo! Finance and Bankrate have been the largest benefactors of these re-allocated dollars.



New Kleiner Perkins partner, and former Morgan Stanley analyst, Mary Meeker, estimates that closing the gap between consumer attention and ad dollars spent on the Internet to be a $50 billion global opportunity. If the Top 100 marketers bring their marketing budgets in alignment with 30% of time spent, I estimate online brand marketing to be a $30 billion global opportunity and $20 billion in the U.S. As evidenced by Google’s recent pursuit of Groupon, its traditional CPC and display advertising may not be sufficient enough to meet these marketers’ needs.


The Four Horsemen


There are four Internet companies currently best positioned to work with brands to create innovative marketing solutions that will appeal to millions of consumers—Facebook, Twitter, Foursquare, and Groupon. I acknowledge it is not exactly a fair comparison for two main reasons: 1) Facebook has enjoyed a 3-4 year head start on the field and 2) each product has a different use case and thus attracts a different audience with distinct revenue opportunities. Each company, though, has found its way into the mainstream and now finds itself with an attractive platform for brand experimentation.



I see the four product experiences these companies offer on a continuum of online-to-offline interaction on one axis, and requiring passive-to-active behavior on the other. The Facebook experience, for example, is largely an online one where a user can say something about herself by associating with a particular brand by “liking” it. This is an incredibly passive expression that requires a split-second action with little to no long-term repercussions. She can choose to visit the brand page and see the news feed at her convenience.


Twitter, on the other hand, is a personal tool for gathering realtime information—no one knows which feeds the consumer decides to consume or to ignore. While Twitter is similar to Facebook in its largely online-focused consumption, it is a much more “active” medium. Users are constantly reminded when they are following a brands’ information stream. As soon as the information becomes unimportant, too frequent, or spammy, she will simply cut off the connection.


Groupon (which I wrote about in an earlier teardown) is the lightest application, ironically, even though it is the only one of the four that requires a user to make a purchasing decision. Transactions occur easily online and the offline experience of presenting a coupon is consistent with decades of proven user behavior.


As of now, Foursquare asks the most of its users in relation to branded campaigns, but it is also the closest of the four to placing customers in the physical proximity of brands and retailers.


How They Are Doing



You can see how the four different interactions 1) naturally lend themselves to different brands and 2) exhibit a large disparity in terms of the sheer number of participants. And this is not necessarily a bad thing: 44,000 passionate luxury fashionistas at NY Fashion Week may be more valuable to Yves Saint Laurent than 5 million fans on Facebook.


It should come as no surprise that the biggest brand in the entire social ecosystem is Coca-Cola with 20 million Facebook Fans. Whole Foods is the biggest brand on Twitter with 1.8 million followers and the Gap, having sold 440,000 half-off coupons using Groupon, is that startup’s largest brand experiment.



Of the top 50 pages on Facebook, 8 of them are leading advertisers and brands, compared to Twitter which doesn’t have a single brand in its top 50 users. Of Facebook’s top 50 brand pages, 31 of them are food and beverage companies, while 11 are consumer products such as Converse All-Stars and Victoria’s Secret. The most important takeaway is that brands have a far greater following on Facebook than they do on their own sites. Facebook’s best move has been to convince brands to market their Facebook pages rather than driving traffic to their own websites.


The most interesting finding is that what seems to be popular on Facebook is not so on Twitter. If you click on the table at right an dlook at the top 50 brands on Facebook, the “Follower/Fan Ratio” (the result of dividing the number of Twitter followers to Facebook fans) does not get higher than 8% (Disney). This indicates that Twitter might have a more difficult time than Facebook in attracting overall brand dollars with its current product feature set.



This is evident when you look in detail at one CPG company and its portfolio of brands. I did a comparison of the differing success of P&G’s top brands using the two platforms (click on table at right to enlarge). In every case except one (Dawn), the branded experience on Facebook is more popular in terms of numbers than on Twitter. In a few cases, there does not appear to be a reason for even having a Twitter presence. It is interesting to note that the most followed P&G Twitter account is the company’s own corporate PR team.


Facebook still has a lot of work to do and it is far from a foregone conclusion that it has won. While the lightness of its interaction makes getting to scale easier, maintaining enough valuable interactions on the branded pages and engaging long-term customer interest is a huge challenge. For example, according to eMarketer, nearly 1/3 of Facebook users who unsubscribed from a branded page simply were no longer interested in it. And, more to the point, simply because Coke has 20 million Fans does not necessarily mean Coke will pay for the privilege to advertise on Facebook if it cannot see a return.



So what brands seem to be working well on Twitter and far better than on Facebook? Daily deals, such as Dell Outlet, Amazon, and Woot, and companies that place customer service and community at the heart of the brand experience, like Zappos and Etsy, exhibit the most lopsided Follower/Friend ratio. It is important to note that two companies that had horrific customer service challenges over the past few years—JetBlue and Toyota—have fully embraced Twitter as a direct communications channel. The biggest driver of Twitter success as compared to Facebook is the timeliness of the information.


Twitter, then, is well positioned to capture marketing dollars from companies optimizing for deals, retailers that have frequent specials, ticketing and events, movie studios, television shows, last minute deals, airlines, and hotels.



It is still early days for both Foursquare and Groupon in terms of working with big brands. Foursquare has seen traction with high-end luxury and media brands, likely as a result of its headquarters being located in New York and early media partnerships. Of course, Foursquare’s long-term viability as a stand-alone “check-in” company is still an open question with Facebook Places breathing down its neck. This is a strategic move on Facebook’s part to get closer to offline actions, transactions, and local commerce.


While Groupon is the defining company of next-generation e-commerce, it has a tougher road in terms of working with brands and large retailers. These companies tend to be more sensitive to heavy discounting as they don’t want to train their customers to wait for 50%-off coupons. And, they don’t like to be so indiscriminate with their offers.


Overall Assessment


I evaluated the four companies along the six different types of offers and campaigns that I can see consumer brands wanting to engage in:



  • Coupons: Simple discount off purchases

  • Location: Physical check-in or product scan

  • Loyalty: Frequency, “Mayorship

  • Time-based

  • Special Events: VIP’s

  • Inventory Close-Outs


Based on my research, while Facebook, Twitter, Foursquare, and Groupon are the best positioned to capture the estimated $20 billion in pent-up consumer marketing dollars, none of the four are currently optimized to execute along all of the necessary dimensions. There are considerable opportunities for startups to innovate and capture share. I look for this to be one of the most attractive areas for entrepreneurs in the consumer internet for years to come.


Bugatti teardown photo credit: Flickr/David Villarreal Fernández


style="text-align: center;">

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Business Development Manager at The Search Monitor in Orlando, FL.

Vice President of Platform Engineering at Synacor in Buffalo, NY.

Digital Product Manager at New York Media in New York, NY.

Digital Publicist/PR Manager at UrbanDaddy in New York, NY.

Partner Program Engineer at Metaswitch Networks in Alameda, CA.

Internet Business Specialist at Murphy Oil USA, Inc. in El Dorado, AR.

User Experience Architect/Designer at TIG Global in Chevy Chase, MD.

Junior Software Engineer at TIG Global in Chevy Chase, MD.

Rails Developer at LifeKraze in Chattanooga, TN.

Senior Manager, Interactive Development at American Express in New York, NY.

Director of Human Resources at WorldNow in New York, NY.

Social Media Specialist at Apartments.com in Chicago, IL.

Community Manager at Newark in Chicago, IL.

Social Media Manager at Brigade Marketing in New York, NY.

Manager, Technical Architect at Organic, Inc. in New York, NY.

Creative Director at AdGenesis LLC in New York, NY.

Web Producer at Interactive Partners in New York, NY.

Manager, Systems of Engagement Development at AIIM International in London, UK.

Manager, Online Customer Acquisition at Art+Culture Editions in New York, NY.

Senior Product Manager, New Programs, Pogo at Electronic Arts in Redwood City, CA.

Innovations Manager at Initiative in New York, NY.

Project Manager at OMD Ignition Factory in New York, NY.

Software Engineer at S7 Labs in New York.

VP/Dir, Search Marketing at Digitas in Chicago, IL.

Intermediate Social Media Marketing Specialist at Infuse Creative in Santa Monica, CA.

Public Relations Manager at Return Path in New York, NY.

Technology Researcher, Integrated Digital Experiences at Accenture Technology Labs in San Jose, CA.

Digital Art Director at The Integer Group in Des Moines, IA.

Social Media, Online Community, & UnMarketing Czar at Microsoft Corp. in Redmond, WA.

Android Developer at Handmark in Texas.

Director of Social Media Strategy at Likeable Media in Boston, MA.

Manager, Network Operations at ReachLocal in Los Angeles, CA.

Communications/Connections Specialist at It Works Global in Bradenton, FL.

Training Producer at Lynda.com in Carpinteria, CA.

Senior Analyst, Media Operations & Technology at Digitas Health in Philadelphia, PA.

Sr. Content Product Manager – Rich Media at Lynda.com in Carpinteria, CA.

Client Loyalty Team Member at Buddy Media in New York, NY.

CSS Producer at Buddy Media in New York, NY.

Senior Web Designer at Constant Contact in San Francisco, CA.

Director, Marketing Operations at Digitas Health in Philadelphia, PA.

Sr. Software Engineer at BlueCava in Irvine, CA.

Website Designer at Easton-Bell Sports in Van Nuys, CA.

Account Manager at Sharethrough, Inc. in San Francisco, CA.

Social Media Sales Consultant at Meltwater Group, Inc. in Chicago, IL.

Senior Solutions Developer at Organic, Inc. in New York, NY.

Web Architect at Synacor in Buffalo, NY.

New Media Strategist at Masterworks in Poulsbo, WA.

Engineering Manager at Synacor in Los Angeles, CA.

Director of Engineering at Synacor in Buffalo, NY.

Java Developer at Gifts.com in West Hollywood, CA.

E-commerce Merchandiser at World Vision in Federal Way, WA.

Sr. Interactive Producer at 72andSunny in Los Angeles, CA.

Sr. Associate, Regulatory Review at Digitas Health in New York, NY.

Marketing and Business Development Manager/Director at SheFinds Media in New York, NY.

Director of Technical Operations at Synacor in Buffalo, NY.

Front End UI/Graphic Designer at Smarter Social Media in Santa Monica, CA.

Product Manager, Digital Advertising at Demand Media in Santa Monica, CA.

Product Manager, Demand Studios at Demand Media in Santa Monica, CA.

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bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam

Fox <b>News</b> Dubs Elie Wiesel &#39;Holocaust Winner&#39;

shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...

Facebook Makes <b>News</b> Feed Filters Available To All

It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.

<b>News</b> Corp. sells Fox Mobile Group | Ina Fried | Mobilized | AllThingsD

News Corp. said Wednesday it had sold its Fox Mobile Group unit to Jesta Group, an investor firm. The mobile entertainment unit, which had been on the block for a while, includes Jamster, Mobizzo and mobile video service BitBop.


bench craft company scam