Poreč Bike Share, the most modern system for automatic bicycle rental that provides citizens and guests of Poreč with a simple, fast and affordable form of transport in the city, in just seven days attracted over 300 users who made more than 500 rentals and pedaled more than 1000 kilometers.Poreč Bike Share consists of 70 bicycles arranged at 5 stations that can be rented at any station and also returned at any other station, which significantly facilitates uninterrupted cycling for all users. This Valamar investment is worth more than one million kuna, and was realized in cooperation with Sistema javnih bicikla doo, a licensed nextbike partner known throughout Europe.But, most importantly, Poreč received additional content, and it is precisely the quality, variety and most importantly authentic content that makes a tourist destination successful.
Sweetheart, played by Inge Beckmann, sets out on the journey to find her family.The film is 100% homegrown. A promo shot for the forthcoming FiveFingers for Marseilles. (Images: Be Phat Motel) MEDIA CONTACTS • Michael MatthewsProducer, Be Phat Motel+27 74 101 2347 RELATED ARTICLES • Hollywood studio for Cape Town • All eyes on Spud: The Movie • SA-set sci-fi satire huge hit in US • Cape Town: Africa’s Hollywood• Cape Town’s creature creatorsJanine ErasmusFar from being a District 9 copy, the new black-and-white sci-fi film from Cape Town-based production company Be Phat Motel has its own dark ambience and unique character that is set to breathe new life into the genre.The self-funded thriller, titled Sweetheart, is not a full-length feature film but still manages to entertain throughout its 26 minutes. It previewed to a receptive audience on 2 December 2010 at the Labia Theatre in Cape Town.The film stars Inge Beckmann – former vocalist of local electronic group Lark – as Sweetheart, with theatre actor Andre Weidemann as Ogilvy and Survivor Africa host Anthony Oseyemi as Honest John. The supporting cast includes Norman Murray, model Pope Jerrod, and Aidan Whytock, a finalist in the 2010 Top Billing presenter search.Sweetheart is Be Phat’s first short film and is directed by Michael Matthews and written by Sean Drummond, with a score composed by James Matthes. The film was made purely for creative purposes, claim the Be Phat team, and not to deliver any specific message or lesson.Like District 9, Sweetheart was shot with Red One cameras. Its monochrome style, which the team says is based on the Coen Brothers’ 2001 The Man Who Wasn’t There, is a tribute to the noir films of the 1950s and 1960s. Many of the visuals were filmed in the old suburb of Woodstock, which lies about a kilometre from Cape Town’s city centre.In mid-2010 Be Phat released a teaser on the internet, and the full trailer may now also be viewed online.Mysterious eventsThe story, which was written in under a week and filmed in eight days at the beginning of 2010, plays out in the 1950s against the backdrop of one of the tense periods of the Cold War.“We shot the film two weeks after coming up with the idea,” said Matthews in a recent interview with Cape Town Magazine, “and without funding. I got the last part of the script on the morning we started shooting.”“We worked with a bunch of great actors on the film,” added Drummond. “Tireless, they all gave way more of themselves than they needed to – there was a great energy.”Sweetheart is a young wife and mother living on a farm with her family. Her husband and stepsons travel into town one day, and don’t come back. While she waits for them to return she catches glimpses of mysterious events in the distance.Eventually Sweetheart realises that her family is not coming back, and she’s forced to leave the farm and make the trip to the city – a strange, post-apocalyptic 1950s version of Cape Town – to look for them. When she gets there she finds the place deserted, except for random groups of survivors. This makes her task all the more dangerous, but if she wants to find the answers, she must press on.Bigger and better thingsBe Phat Motel was established in 2007 and from the early days of commercials and music videos, they are now set on a new course of producing feature films.The Be Phat core team comprises award-winning director Matthews, editor Daniel Mitchell, producer/screenwriter Drummond, and cinematographer Shaun Lee.The team originally planned Sweetheart as a five-minute experimental film, but found that it was better suited to its final length. Even without the considerable muscle of District 9 producer Peter Jackson, Be Phat has high hopes for Sweetheart and with the interest already seen online and at the preview screening, their hopes have every chance of being realised.Their first feature film is currently in development – Five Fingers for Marseilles, which starts off in 1980s rural South Africa and aims to merge the country’s history with the classic western theme. It follows the struggle for freedom from police oppression of the small community of Railway, which sits on the fringes of a fictional South African town called Marseilles.At first only five young men – the Five Fingers – are brave enough to stand up to the authorities, until one of them commits a crime that sends him to prison for 20 years. When he returns to his home town he finds it under threat from a new source, and must once again fight to save the day.Five Fingers will play mainly in Sesotho and isiXhosa, with some English.
A former Reserve Bank governor, Tito Mboweni, has been named an honorary professor in the School of Economics and Business Sciences at the University of the Witwatersrand (Wits).“I am delighted to be associated in such a meaningful way with Wits, its students and faculty,” Mboweni said in a university statement yesterday.“As one of the leading institutions located in the heart of the financial markets in South Africa and on the continent, Wits has an important contribution to make through its academic endeavours in these relevant areas.”Wits vice-chancellor Adam Habib said the university was privileged to welcome Mboweni to the institution.“His knowledge, expertise and political and economic savvy will add value to our teaching and research programmes and will be hugely beneficial to our staff, students and members of the Wits community. We look forward to many debates and robust interactions going forward,” he said.“Given our current economic circumstances and Africa’s role in the global economy, we require many more intellectuals of the calibre of Mr Mboweni to influence young minds and to develop our future leaders.”About MboweniMboweni was appointed to the board of the New Development Bank, the newly established Brics bank, as a non-executive director.He served as the minister of labour from 1994 to 1998, and as the governor of the Reserve Bank from 1999 to 2009. He was the eighth governor of the central bank and the first black South African to hold the post.According to Wits, Mboweni holds a Batchelor of Arts degree in economics and political science from the University of Lesotho and a Master of Arts degree in development economics from the University of East Anglia in the United Kingdom.He also served as the chancellor of North-West University from 2002 to 2005 and has been awarded several honorary doctorates locally and abroad.At present, he serves as an adviser to Goldman Sachs International, and is the non-executive chairman of the boards of Nampak Limited, SacOil Holdings, Accelerate Property Fund and the African Centre for Economic Transformation.Source: News24Wire
Congress leaders led by former Haryana Chief Minister Bhupinder Singh Hooda on Friday approached the Haryana Governor, demanding revocation of the suspension of party MLA Karan Dalal from the Assembly. The Speaker had suspended Mr. Dalal from the House for one year during the recently concluded monsoon session, after the ruling BJP and the INLD both supported the motion for his suspension, allegedly for a derogatory remark. Terming the decision of suspending Mr. Dalal unjust and arbitrary, the Congress leaders, in a memorandum to Governor Satyadev Narayan Arya, said the decision was taken without giving Mr. Dalal an opportunity to explain the position.
India are facing an uphill task as they have been set a target of 338 in 50 overs by hosts England in their ICC Cricket World Cup 2019 meeting at Edgbaston in Birmingham on Sunday.All eyes are on this crunch encounter as the result of Match 38 of the World Cup 2019 will have an effect on the semi-final chances of quite a few teams, including India’s Asian neighbours Pakistan.India had been unbeaten in World Cup 2019 and headed into the match in Birmingham as firm favouites against England who are in danger of facing an early exit from the tournament after back-to-back defeats to Sri Lanka and Australia.India vs England, World Cup 2019: Live Cricket ScoreHowever, England came out with a lot of positive intent, boosted by the return of their big-hitting opener Jason Roy. Roy and Jonny Bairstow gave England a flying start after Eoin Morgan won the toss and opted to bat on a flat surface at Edgaston.Roy and Bairstow took the Indian attack, especially their spinners to the cleaners and added 160 runs for the opening stand. Roy missed out on a hundred but Bairstow got to the 3-figure mark — his first in World Cups. India though pulled things back with a fine 2nd spell from Mohammed Shami wherein he removed Bairstow and Eoin Morgan in quick succession.Shami finished with figures of 5 for 69 and Jasprit Bumrah 1 for 44 after a top-class spell of death bowling to make sure England didn’t post a total in excess of 350.What happens if India lose to England in Birmingham on Sundayadvertisement World Cup 2019 points table as of June 30 (Before India vs England)India’s chancesMatches to play: Bangladesh on July 2, Sri Lanka on July 6India’s chances of making the semi-finals will still remain bright. India are likely to stay at the 2nd spot with 11 points from 7 matches if they don’t lose by a big margin. Virat Kohli’s men just need to win one more from their next 2 matches to qualify. However, if India lose all 3 matches, then they have to depend on net run rate to seal their progress.England’s chancesMatches to play: New Zealand on July 3England will receive a huge boost as they will be only 1 win away from making the last-four stage of World Cup 2019. England would return into the top-four with 10 points from 8 matches and push Pakistan to the 5th spot. And if England beat New Zealand in their final match, they will seal their progress.New Zealand’s chancesMatches to play: England on July 3New Zealand will qualify for the semi-finals if India beat England on Sunday. However, if they lose, the Black Caps face a must-win situation in their final group-stage against England match on July 3.New Zealand, who are sitting 3rd with 11 points from 8 matches, can get knocked out if they lose to England by a big margin on Wednesday.Pakistan’s chancesMatches to play: Bangladesh on June 5Pakistan fans were backing India to beat England as their chances get a massive boost if their arch-rivlas collect 2 points on Sunday.However, if England beat India then Pakistan will not only have to beat Bangladesh in their final group-stage match on July 5 but also hope England lose to New Zealand on July 3. Pakistan can get knocked out if England beat New Zealand.However, if Pakistan can beat Bangladesh by a big margin and England beat New Zealand by a huge margin, then Pakistan can pip the Black Caps into the semi-final.Sri Lanka’s chancesMatches to play: West Indies on July 1, India on July 6Sri Lanka will be the worst affected by an Indian loss on Sunday. The Islanders are on 6 points with as many matches and they need nothing less than a win in their last 2 matches to stay alive. However, England’s win on Sunday will make their qualification chances slimmer.England will go up to 10 points with a win on Sunday and the maximum Sri Lanka, who have the worst net run rate among the teams in the semi-final race, can get to is 10 points.Bangladesh’s chancesMatches to play: India on July 2, Pakistan on July 5Bangladesh need to beat Pakistan and India to keep their semi-final chances alive. England’s win on Sunday makes their chances difficult as England can get to a maximum of 12 points. Even if Bangladesh win their next 2 matches, it might not be enough for them with England having a point more than them.Also Read | Sure Pakistan fans will be supporting us, says Virat KohliAlso Read | Yuzvendra Chahal bowls most expensive spell by an Indian in World Cup historyAlso See:advertisement
Twitter Johnson has quite the packed resumé. Besides Smallville, Flash Gordon, Rookie Blue and The Knick — the series referenced above — he has also been seen in Orphan Black and The Girlfriend Experience, and made his movie debut at 14 in the Oscar-winning Legends of the Fall, which starred Brad Pitt and Anthony Hopkins. He also gets close to top billing in a couple of the Fifty Shades of Grey movies, including Fifty Shades Freed, which is out Friday.Closer to home, Johnson will pop up on Canadian TV screens soon in Caught, the CBC miniseries that debuts Feb. 26, playing a drug mogul opposite star Allan Hawco.Vikings, a Canada/Ireland co-production, is currently shooting in Ireland, with broadcast details to be announced at a later date.Viewers can catch up on Season 5, including the recently aired midseason finale, at history.ca and on the History GO app.by DEBRA YEO Advertisement Advertisement Facebook Login/Register With: LEAVE A REPLY Cancel replyLog in to leave a comment Advertisement He’s played a high school rival to Superman, a comic-book hero, a police detective and a turn-of-the-century doctor, and now Alberta native Eric Johnson is adding Viking warrior to his resumé.Edmonton-born Johnson, 38, has joined Season 6 of the History drama Vikings.In a news release, History said the new character is Erik, “a formidable warrior who is an outlaw living on his wits and martial skills.” Alberta-born movie and TV star Eric Johnson is adding Viking warrior to his resume.
Beaches puts former Premier on blast about controversial pier Related Items:beaches resort and spa, enid capron primary school, sesame street. grover Sandals drops major bomb, makes Misick brothers look terribly suspect Facebook Twitter Google+LinkedInPinterestWhatsApp Recommended for you PNP Party says it led wooden pier removal by Beaches Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 03 Mar 2015 – Education Week continues today and Sesame Street’s Grover will leave the Beaches Resort property to read to students of three area schools. The ‘Reading with Grover campaign will include Enid Capron Primary – 9:45am; Oseta Jolly Primary – 10:15am and then Ianthe Pratt Primary— 10:45am. Yesterday, the Turks and Caicos International School transformed its institution to depict the culture and history of the country with students being the main presenters. Today the Fortis TCI Science Fair opens at the Gus Lightbourne Gym.
Categories: Good Morning San Diego, Local San Diego News FacebookTwitter 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave Settings Elizabeth Alvarez Elizabeth Alvarez, Eastlake Middle School sets up outdoor grill to solve long lunch line problem Posted: February 28, 2018 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave Settings February 28, 2018
Technology companies should be pressured to support the integration of ATSC 3.0 next-generation broadcasting technology in mobile devices, according to Gordon Smith, president and CEO, NAB.NAB president and CEO, Gordon SmithSpeaking at the opening of the NAB Show in Las Vegas, Smith said that next-generation TV, enabled by ATSC 3.0, would bring benefits including 4K UHD video, interactive applications and mobility. He showed a next-gen TV attachment to a mobile device that enabled a phone to receive over the air TV signals.“While this attachment is great what we’d really like to see is a chip built into the phone to enable consumers to use this technology,” he said.He said the industry should be on the cusp of a revolution that sees such technology integrated inside mobile phones, but that this was being resisted by big technology companies.He castigated technology companies including Apple from declining to include broadcast chips in their devices.Smith, a former Republican senator from Oregon, cited Democratic Senator Elizabeth Warren’s comment that big technology companies “tilted the playing field against everyone else”.He said that, “given the threat to local broadcasting and the threat to local journalism”, broadcasters, and the NAB, should work to press for the modernisation of outdated broadcast regulations, and by calling for more regulation of the tech companies “to ensure that they can’t stifle competition” from those that produce local news.Smith said that the NAB would continue to work to win legislative and regulatory battles to help broadcasters “give a distinct voice to the communities that we serve”.Smith said that opposition to reauthorisatoin to “narrow satellite legislation” that prevents communities receiving their local stations and attempts to “dismantle” retransmission consent rules.
In This Issue. * Bias to buy dollars weakens a bit. * Chinese PMI at strongest level in 2 years! * UK PMI slips and pound gets whacked! * Canadian GDP prints at expectations. And Now. Today’s A Pfennig For Your Thoughts. It’s A Jobs Jamboree Friday! Good Day! . And a Happy Friday to one and all! WOW! Did you see all those trades that were made in Baseball yesterday? I find it to be amusing that these teams know for over a year when the trade deadline is, and they wait until the final hour to pull off trades. Sure, I know that many of them need to wait-n-see if their team is in the running for a playoff spot, but they all knew that two weeks ago! My Beloved Cardinals made another trade, for another pitcher. ??? We traded a guy that is an everyday player for a pitcher that will only play every 5th day. Hmmm. I remember my dad telling me that when the Cardinals made the historic trade for Lou Brock back in 1964, that they had taken advantage of the Cubs, trading a pitcher for an everyday player. Lou Brock went on to become a Hall of Famer, and my dad was proven to be correct! Oh well, you came to the letter today, to see what’s going on in currencies, economies and dolts, not about historic baseball trades, so let’s get going! Well, the risk sentiment that had a bias to buy dollars that was firmly placed in the markets after the 2nd QTR GDP report on Wednesday morning, is still in place, but. Seems to be weakening. I see that in the euro this morning, as the single unit inches toward 1.34 again. Yes, the high yielders are still getting whacked by the dollar, on the rate hike assumptions in the U.S. but seriously, what they heck are these guys thinking? It’s all about the here and now, right? And here and now, the rate differentials are way in the favor of the high yielding currencies, like: Aussie, kiwi, reals, rubles, rands, and a couple others. As I called it earlier this week, it’s nothing more than counting your eggs before they’re hatched. The British pound sterling (pound) is finally getting what I thought it would get a couple of months ago. And that is. drum roll please. treated like a currency that has too many skeletons in its closet. But those skeletons were pushed way to the back of the closet as the pound kept rising, which was all based on rate hike expectations. You know, counting their eggs before they’re hatched! I told you months ago that I couldn’t get my arms around the pound rally, for they still had debt up to their eyeballs, and a Bank of England (BOE) Gov. (Carney) that was not going to hike rates as the markets expected him to do. Well, this morning, the pound is getting whacked as their latest report on manufacturing printed at the slowest pace in a year in July. OUCH! June’s manufacturing index number was 57.2, and July’s number slipped to 55.4. The rate hike campers have all scattered and run to cover, for this report points to no chance of a rate hike now. I would like to say “see I told you so”, but I’m not that kind of guy! HA! I do believe that we’ll be going through the same motions here in the U.S. soon enough. For the pattern has been what happens in the U.K. usually is seen here within 6 months. I tried yesterday to point out the problem with the GDP report and questioned the ability of today’s economists and traders to see the problem with a huge buildup of inventories. And eventually something will happen, a data print will go sour or something like that, and someone will say, “I wonder how that happened?” Dolts. all of them! Oh well, I had my good friend, Dennis Miller, send me a note from John Williams yesterday, where John Williams put the seal of approval of my pointing out the problem with the buildup of inventories, and saying that we’ll see downward revisions in the future. I think John Williams won’t be too mad if I steal a quote from him here, “Each of those areas likely will see revisions in the next two months that will move the headline second quarter 2014 GDP much closer to flat-to-minus activity, and eventually into a headline contraction.” I sent a note to Dennis and said, “Isn’t it amazing how people like myself, and John Williams can see the blowup in inventories in the data, but no one else does? Actually, what is probably going on here is that these guys see the inventories accumulating but have no idea what that means! They probably didn’t learn that in their prestigious school! Or if they did, and didn’t retain the info, they weren’t marked down for their lack of retain-ability, for that would hurt their feelings!” OK. Man, when I go off on a tangent on something, I can really go off on it! I have other things to talk about here, so I need to get off this discussion about GDP! Well, in China overnight, the Chinese Gov’t printed a stronger than expected PMI (manufacturing index) of 51.7, which is the highest level since April 2012! It beat the expectations of 51.4 and Junes’ PMI of 51. We previously saw the HSBC/ Markit PMI print stronger too, so, both of these confirm that China is coming out of their slowdown. (recall I told you some time ago that I thought China’s economy troughed in the 2nd QTR.) But the reaction in the Asian and Emerging Market currencies was muted, which surprised me, given that as China goes, so goes Asia and the Emerging Markets! Speaking of the Emerging Markets. I was having a good discussion with a friend of mine last night, and he asked me about the BRICS Development Bank, and wanted to know if this was going to be a good thing. Boy, he wasn’t ready for the answer he got from me, for you know me, I was loaded for bear for that question! To make a long story short here, I told him that the BRICS Development Bank was HUGE, for not only the BRICS countries (Brazil, Russia, India, China and S. Africa) but also the Emerging Markets, for they will get to go to the new bank for loans and not subject themselves to the IMF’s rules, etc. So, yes, it’s a good thing. The Eurozone PMI’s all printed overnight, and while some member countries like Italy and Spain saw a little slippage in their index numbers, as a whole the Eurozone remained basically stable on manufacturing in July. And that has given the euro a chance to book some small gains VS the dollar this morning. I was talking to the Big Boss, Frank Trotter, the other day about the dollar rally, and he said, “The euro is down, which for us is big, but in the overall scheme of things, it’s not really down by much.” I walked out of his office, and sat down, and thought long and hard about that, and then came to the agreement, that while we have seen the euro much stronger, we’ve also seen it much weaker. So, I lowered the white flag on my desk. Canadian May GDP printed at expectations yesterday at .4% and annualized at 2.3%, so at first the Canadian dollar / loonie rallied a bit in the face of the U.S. dollar strength, but eventually it succumbed to the pressure from the green/peachback. I was expected some better things from the Canadian economy, but then May was 3 months ago, I guess I need to be patient and wait for the reports from June and July! U.S. stocks got whacked yesterday. No I’m not going to turn into a stock commentator. Just pointing out that the rate hike talk as taken its toll on stocks too. And Treasury yields have risen too. I was talking to a trader friend of mine yesterday, and she told me that her research team said that if the 10-year held above 2.57% that it was a big deal. Well, the 10-year at that time of the discussion was 2.59%, and as I look at the screen this morning, it’s 2.57%, so it DID hold 2.57%… What’s next? A return to 3%? That would certainly take more of the stuffing out of the housing recovery. So, I’ve gone this far this morning, and haven’t even mentioned that today is the Jobs Jamboree Day! That’s because I’ve grown tired of this babble about jobs, we dance now! Yes, that was my attempt at humor using Dieter’s line from Sprockets. HAHAHAHAHA! Now that’s funny! Do you remember that SNL skit with Mike Meyers? FUNNY! OK, stop having fun Chuck, it’s time to get back to talking about the Jobs Jamboree. Ahhh, yes, job creation in the U.S. the fine art of adding jobs that don’t really exist to the number to make them look better. Makes sense to me as to why we put so much emphasis on this report. NOT! But the markets do, so that means I have to do so also. Right now, the experts are expecting 230,000 jobs to have been created in July. with the Unemployment Rate remaining at 6.1%… I won’t even venture a guess as to what I think the number will be. I would, IF, I knew what the BLS added number of jobs was going to be! HA! I’ve told you for years now that I really don’t get into the number of jobs, for that total doesn’t really tell you what kind of jobs were created. Could be minimum wage jobs, which is fine, but doesn’t really give you a warm and fuzzy about future disposable income does it? Instead, I’ve always focused on the Avg. Hourly Earnings and Avg. Weekly Work Hours, and the Work Force Participation Rate. The U.S. Data Cupboard will also have two of my fave reports this morning, Personal Income and Spending, but this data will be for June, which basically makes it a non-market moving event. The risk in the markets today is that the Jobs report doesn’t meet the expectations of 230,000 new jobs. But as I explained yesterday, it is an election year, do you really think that the Gov’t is going to show slow job growth? Not that they cook the books or anything like that, it’s just a way of saying that things seem to go that way in election years. I’m just saying. OK, back to our regularly scheduled programming. The New Zealand dollar/kiwi is getting whacked again this morning. Makes no sense to me given the rate increase last week, and rate differential that kiwi now enjoys. But I did tell you earlier this week that there were rumors that the Reserve Bank of New Zealand (RBNZ), who never misses an opportunity to diss kiwi, was going to sell (intervene) kiwi to weaken it, as they were not happy with kiwi’s strength. So, maybe the RBNZ is “piling on” here. I say, batten down the hatches, and if anything look to buy on dips! I also told my trader friend I was talking to yesterday, that I thought we were going to see dollar strength for a couple of months here, as we work through this rate hike talk. same thing I told you dear Pfennig readers earlier this week, but wanted to repeat if for those that missed class that day. When we see these periods of dollar strength, and Lord knows we’ve seen plenty of them the past 12 years, we need to batten down the hatches and look to buy on dips. For eventually the dollar will return to its underling weak trend. Gold got whacked again yesterday, but is up a couple of bucks this morning. I will remind everyone that $1,285 is a far, far, far way from $750. And while the price of Oil has slipped below $100, $97 is still a far, far, far way from $40. I’m just saying. For What It’s Worth. OK. I’ve got a treat for you today. Have you ever heard of Richard Timberlake? I have to say that I hadn’t, and I should have long ago! I don’t know how this gem of an economist slipped by me all these years! Mr. Timberlake is 91 years old and studied under the great economist: Milton Friedman. He’s written books on things like exploring the influences over key policymakers and lawmakers who have shaped U.S. Monetary Policy. Yesterday, a long time dear reader, sent me the link to an interview with Mr. Timberlake that was done in February 2014 (just 6 months ago) and while the interview is quite long, it was very enlightening to me. I especially liked this quote from him. He’s talking about the Financial Crisis of 2007-08. “The Fed was never a lender of last resort, and it wasn’t this time either. The Fed should never point its finger at a particular sector and construct a policy that might help that sector, such as agriculture or employment, and say, “We’re going to act until this particular problem is corrected.” That goes back to the fact that the Fed has no rights, responsibilities, or abilities to do anything at all about the real sector. It has to deal with the monetary sector alone and not try to extend itself into the real sector. But when it’s called upon to counteract “bubbles,” it is being given a role that it cannot fulfill. If it tries, it ruins any price level stabilization policies it might have. ” – Richard Timberlake Chuck again. Basically, Mr. Timberlake contends that “the Fed was created solely to be a lender of last resort under the law of the gold standard. It was supposed to be similar to the Bank of England.” And he doesn’t feel like there is a need for the Fed to be a lender of last resort, preferring to allow “private institutions to furnish lender of last resort services if markets are free to operate and if there are no government policies in place that cause destabilization.” Great stuff, folks. especially for someone like me, that soaks up Fed history, and policy like I do. To recap. The dollar bias has weakened by a small amount this morning, as the euro climbs back to 1.34. The high yielders like Brazil, Aussie, Kiwi, rubles, and rands are still getting whacked on the reduction of yield differential talk. It’s all counting eggs before they’re hatched, but that’s not stopping them now. China’s PMI prints at the strongest level since April 2012 in July, and the Eurozone’s PMI was basically the same as the previous month’s level. Chuck talks about the BRICS Development Bank and how it will help the Emerging Markets, and Gold gets whacked again yesterday. But so did stocks and Treasuries! Currencies today 8/1/14. American Style: A$ .9280, kiwi .8475, C$ .9145, euro 1.3395, sterling 1.6835, Swiss $1.1015, . European Style: rand 10.7390, krone 6.2995, SEK 6.8760, forint 235.05, zloty 3.1275, koruna 20.6250, RUB 35.75, yen 102.95, sing 1.2485, HKD 7.7500, INR 61.10, China 6.1681, pesos 13.25, BRL 2.2625, Dollar Index 81.48, Oil $97.55, 10-year 2.57%, Silver $20.33, Platinum $1,457.50, Palladium $868.90, and Gold. $1,284.00 And since everyone is getting all lathered up about an economic recovery here in the U.S. I thought I would remind them of the debt that hangs over us like the Sword of Damocles, and you can see that debt by clicking here and looking at the Unfunded Liabilities number. http://www.usdebtclock.org/index.html That’s it for today. It was a tough week for me, given I was returning from a shortened vacation, and a week in Vancouver. But all in all, I felt pretty decent most of the week. Tomorrow we will host a birthday party at our house for Delaney Grace, who turns 7 on Monday. WOW! My little granddaughter, is turning 7! Delaney was born right after my two major cancer surgeries in 2007, so every year she grows older, I get further away from that awful time in my life, that was only brightened by the birth of that little girl! Did you hear that they have uncovered 4 lost Dr. Seuss books? That’s great news! My beloved Cardinals finally remembered what those bats in their hands are used for yesterday, and now come home for 6 games. NFL training camps are going, and the sports pages here are full of stories about the Rams. That’s right, get the fans all fired up for another woeful year. I don’t want to sound like a negative Nellie here, but the Rams play in a division with the 49er’s and the Seahawks. I doubt they have much chance to win their division. But then, maybe I’ll be surprised! OK. time to go. Thank you for reading the Pfennig, and I hope you have a Fantastico Friday! Chuck Butler President EverBank World Markets