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Generational Dynamics Web Log for 3-Sep-2011
3-Sep-11 World View -- Turkey expels Israel's ambassador

Web Log - September, 2011

3-Sep-11 World View -- Turkey expels Israel's ambassador

U.S. economy has zero jobs growth in August

This morning's key headlines from

* U.S. economy has zero jobs growth in August
* Turkey expels Israel's ambassador
* Arabs applaud Turkey's decision to expel Israel's ambassador
* WikiLeaks publishes 251,000 unredacted previously secret documents
* IMF raises new obstacles to the second bailout of Greece
* U.N. to announce that Somalia famine is spreading and worsening
* The last sunrise between the Twin Towers

U.S. economy has zero jobs growth in August

Zero payrolls creation in U.S. economy in August (MarketWatch)
Zero payrolls creation in U.S. economy in August (MarketWatch)

The U.S. economy did not add any jobs in August, a further sign that the fabled "V-shaped recovery" is not going to occur as expected in the last half of this year. Experts had predicted a gain of 53,000 jobs.

This was another "first Friday of the month" where I watched the CNBC commentators in stunned reaction to the bad jobs report. This is very ominous and continues a trend that's far from over. People will increasingly have to accept lower salaries, which will push the deflation trend enormously. A lot of people won't be able to get jobs at all. The Dow Industrials were down 253 points. Analysts are talking about a recession, which is very bad news for stocks, since it will mean that earnings will be lower than the bloated predictions, which means that even the fraudulent P/E ratios based on operating earnings will be rising, forcing a selloff. It looks like September and October are going to be very bad. Market Watch

Turkey expels Israel's ambassador

The United Nations finally released the leaked Palmer Report on the May 31, 2010, flotilla incident, where 9 Turkish activists were killed in a confrontation with the Israeli Defense Forces (IDF). The report tried to take a middle path: It said that the the Israeli blockade of Gaza was legal and justified, but it said that the IDF had used excessive violence in the flotilla confrontation. Turkey had demanded that Israel apologize, but Israel has refused to do so.

On Friday, Turkey expelled Israel's ambassador and senior Israeli diplomats. Turkey's Foreign Minister Ahmet Davutoglu announced additional measures, including suspending military cooperation, take Israel to the international Court of Justice, and "take measures for freedom of maritime movement in the eastern Mediterranean Sea." Hurriyet (Ankara)

An unnamed senior Israeli government official said that Israel will not apologize for the incident. Israel "again expresses its regret for the loss of life, but will not apologize for actions of self defense taken by its soldiers." Israel applauded the conclusion of the report that Israel's naval blockage of Gaza was legal and necessary. Jerusalem Post

Arabs applaud Turkey's decision to expel Israel's ambassador

Hamas spokesman Sami Abu Zuhri said, "Hamas welcomes the decision [of Turkey] to expel the Israeli ambassador and considers it as a clear answer to Israeli crimes." Two Israeli Arab members of Israel's Parliament (Knesset) indicated support of Turkey's decision. United Arab List-Ta’al chairman Ahmed Tibi saying that "these days, whoever kills pays," adding that "eventually, Israeli arrogance will lead to an apology by the most extreme and arrogant of Israel's governments. In Turkey, the blood of those killed can be heard screaming from the soil and from the sea." Gulf News and Haaretz

U.N. to announce that Somalia famine is spreading and worsening

An African Union armored personnel carrier (VOA)
An African Union armored personnel carrier (VOA)

The United Nations is planning to announce Monday that the famine in Somalia has now spread to new regions of Somalia, and that 4 million people, more than half the population, are in a famine crisis. Because of a long drought, food production in the region has fallen by 82%. VOA

WikiLeaks publishes 251,000 unredacted previously secret documents

WikiLeaks has published its full archive of 251,000 secret US diplomatic cables, without redactions, potentially exposing thousands of individuals named in the documents to detention, harm or putting their lives in danger. WikiLeaks founder Julian Assange had long ago promised that documents would be carefully redacted to remove names and other information that could identify informants. That promise is now out the window, as all names and identifying information are now public, providing a convenient source for al-Qaeda, China and Iran to compile an enemies list of people to torture or kill. News organizations that had previously cooperated to publish the documents -- the Guardian, New York Times, El Pais, Der Spiegel and Le Monde -- are now under fire, and are defending themselves by expressing outrage. Guardian

IMF raises new obstacles to the second bailout of Greece

The second bailout of Greece, which supposedly everyone agreed to in July, but which was never a realistic plan, was dealt new blows on Friday, as the International Monetary Fund (IMF) met with Greek officials for the required auditing. Greece's finance minister Evangelos Venizelos admitted that Greece's budget deficit this year would be larger than previously predicting, requiring new austerity measures. Furthermore, the plan required that large European banks "voluntarily" agree to take a 21% "haircut" on their holdings of Greek bonds, and for some reason the banks are volunteering, with next Friday a looming deadline. Finally, the IMF is opposing Finland's deal with Greece to "collateralize" it's share of the bailout, and the bailout cannot go through without Finland's agreement. Talks between the IMF and Greece have been postponed until September 14, to give everyone time to fantasize a new way to kick the can down the road. Telegraph

The last sunrise between the Twin Towers

Pictures of the Twin Towers taken at 6:45 am, 9:30 am, 9:59 am, and 11 am on September 11, 2001 (Spiegel)
Pictures of the Twin Towers taken at 6:45 am, 9:30 am, 9:59 am, and 11 am on September 11, 2001 (Spiegel)

On 9/11/2001, two Germans were on a sailboat in New York Harbor. They took pictures of the Twin Towers throughout the day. Check out the entire picture gallery in this article. It really brings back memories. Spiegel

(Comments: For reader comments, questions and discussion, see the 3-Sep-11 World View -- Turkey expels Israel's ambassador thread of the Generational Dynamics forum. Comments may be posted anonymously.) (3-Sep-2011) Permanent Link
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