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Beware of dietary supplements that claim to prevent, treat, or cure concussions and other traumatic brain injuries (TBIs) such as concussions, the Food and Drug Administration is warning.
In a recent statement, the agency notes that some supplement manufacturers are "exploiting the public's rising concern about concussions" by "offering untested, unproven, and possibly dangerous products" regarding concussions and other TBIs.
The FDA is issuing warning letters to supplement manufacturers for them to stop making claims that their products can help prevent or treat TBIs, "because the claims are not backed with scientific evidence that the products are safe or effective for such purposes," according to the agency's statement.
One manufacturer actually claimed it could create faster healing after a TBI. If that were even true, the claim could be unsafe.
"We're very concerned that false assurances of faster recovery will convince athletes of all ages, coaches and even parents that someone suffering from a concussion is ready to resume activities before they are really ready," says Gary Coody, FDA's National Health Fraud Coodinator. "Also, watch for claims that these products can prevent or lessen the severity of concussions or TBIs."
A TBI can be caused by a blow to the head, or by violent shaking of the head and upper body, and it requires treatment by a heath care professional. Resuming activities that caused a TBI in the first place too quickly can lead to a second concussion with can cause morebrain damage or even death, according to the FDA statement.
"There is simply no scientific evidence to support the use of any dietary supplement for the prevention of concussions or the reduction of post-concussion symptoms that would allow athletes to return to play sooner," says Charlotte Christin, acting director of FDA's Division of Dietary Supplement Programs.
The FDA acknowledges that some supplements making false claims can fall through the cracks. Unlike prescription drugs, there is no registration process for them to market their products, and there are 85,000 supplements on the market.
Dietary supplements making the false claim for TBI contain ingredients such as turmeric (an Indian spice), and high levels of omega-3 fatty acids from fish oil, neither of which have been tested to treat TBI. The FDA notes that one manufacturer made the claim that it was "the world's first supplement formulated specifically to assist concussion recovery," with "the dynamic ability to minimize long-term effects and decrease recovery time."
That company and another which was cited by the FDA have changed their websites and product labeling.


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The general rifle deer hunt Utah's most frequented hunt is set to start this Saturday, with more than 60,000 hunters expected to participate, according to Mark Hadley of the Utah Division of Wildlife Resources.
Hadley urged residents to be aware that if they plan on being in a forested area of the state that there is "a chance there will be deer hunting going on." He said it is a good idea for hikers and bicyclists, especially those who will be out in the Uinta Mountains, to wear hunter orange colors.
"If you're up hunting, you have to wear that kind of clothing while you're up there," Hadley said. "If you're hiking or mountain biking, it might be a good idea even if you're not hunting. There's always the potential [for an accident], but it's really rare."
Hadley added the reason there have not been many incidents surrounding hunting is because of those recreating wearing hunter orange.
Charlie Sturgis of the Mountain Trails Foundation recommends that those wishing to recreate during deer hunting season research what the hunting options in an area are. He also said hikers and bikers should "leave their dogs at home" if they think they may be out in an area where hunting could be taking place.
Phil Douglass, the northern Utah conservation outreach manager for DWR, said hunters should take the same approach to hunting as they do with driving.
"Act defensively and be prepared," Douglass said. "We ask hunters especially to be concerned and aware and be certain of their targets not only to protect people but other wildlife as well.
Douglass added that the DWR urges hunters to respect private property. Written permission from the landowner is required to hunt on private land, which is often indicated by "No Trespassing" signs.
All Forest Service and Bureau of Land Management land, however, is open to hunting, Douglass said. He recommends hunters look up maps online, stop by an outdoor recreation store or the County Recorder's Office to see which lands are public and which are private.
Deer hunting numbers have declined dramatically since the 1980s, Douglass said, by almost 50 percent. That decline was due to the Utah Wildlife Board's requirement that the DWR manage the deer population to have between 18 and 25 bucks per 100 does.
"Our mule deer populations throughout the West have been kind of stagnant or in declining mode," Douglass said. "We're not particularly concerned as in years past about growing populations and the problems that come from growing populations."
Douglass said that hunting is a wildlife management tool in states like Wisconsin, which have higher population numbers of deer. In Western states like Utah, however, the deer population has slowed and permits are not as prevalent.
Hunting is a relatively safe activity, Douglass said, as those born after 1965 are required to take a hunter education course. He again urged that hunters be aware of their targets. Utah state law states that it is illegal to shoot a firearm from a vehicle or upon or across a public highway.
"Every year we see a number of mistaken identities for moose and elk that are accidentally shot by hunters thinking they were a deer," Douglass said.
For more information and maps regarding this year's general rifle deer hunt, visit wildlife.utah.gov

subset: commoncrawl


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I'm not normally one to delve too deeply into the world of financial charts, math and indices – oh I can read all variety of charts just fine and make arbitrary speculative guesses with the best of them, but I've seldom considered myself clever enough to make any attempt at inventing my own. The standard investment data has been around for ages, after all, and many were thought up by Nobel laureates so what kind of hubris would I need to even make an attempt? I recently had a realization that changes that viewpoint: None of those Nobel laureates had the kind of perfect and transparent view of a market that Bitcoin provides so maybe my observations, no matter how obvious they seem, weren't implemented because the data wasn't available, rather than because they're silly or wrong…
In a recent post, I mused that the primary driver of Bitcoin's value is the network effect – the more people and businesses we have participating in this thing, the more utility it represents and therefore the higher its inherent value. There's another thing that can raise Bitcoin's value, though, and it's not a good thing: speculation. Now speculation in small doses is fine, we all do a bit of it here and there, it can be fun and profitable and indeed active exchanges and folks to arbitrage between them are important parts of any market – too much speculation, however, and you get what we had last summer.
For those of you who weren't around or somehow missed the memo, in June of 2011 Bitcoin experienced a massive economic bubble. Rampant speculation combined with reckless optimism ratcheted up the price of a bitcoin to just over $30 USD before the bubble finally popped and the price drifted back down and remained stable around $5 for quite some time. Today, one bitcoin will cost you around $11 USD, more than double that stable post-bubble price point. The run up to $11 has been much slower and stabler than the run to $31 but that's no guarantee at all since most economic bubbles happen much slower than the one we saw last summer. How can we even attempt to measure whether a change in value is genuine or not?
Well, Bitcoin is trying to be a currency, right? So let's look at what a healthy currency market looks like. If I look at how the average U.S. Dollar gets spent, I can see that some fraction of them are flying around exchanges being traded for other currencies but I can also see that the vast majority of the dollars that move in a given day are being spent by people, moving around the everyday economy that we all participate in. In other words, the ratio of transaction dollars to trade dollars is quite high.
It's also important to note that looking at one piece of data without the other would be a bad idea. Speculators have to move bitcoins around too, between exchanges for arbitrage or across wallets or services to get into or out of the market – all mundane-looking transactions that we've got no way of filtering out. So let's stick to that first idea and look at the ratio. Bitcoin, unlike any other currency that's ever existed, is uniquely able to provide every last snippet of data we need at whatever resolution we'd like. One Python script and a Blockchain.info API later I had comma-separated data ready for Excel-powered analysis.
Above is a chart showing Bitcoin price in U.S. Dollars (blue) and transaction volume divided by trade volume (red). Sadly, the span of time I'm most interested in – the very beginning of the speculative bubble – is a pit of useless data. With daily transaction and trade volumes often under $1,000 USD the ratios were little more than random data. One person spending $100 on an exchange could completely destroy the ratios. I also noted there were a couple of large spikes in transaction volume that, to my knowledge, have never been explained fully but are mostly due to the movements of a single large balance across multiple accounts. Ignoring the early noise and obvious outliers, some useful data finally emerges.
Little more than a glance shows that the tx/trade ratio sat stagnant through the entire bubble – the Bitcoin economy, at least the non-speculative bits of it, didn't appear to grow at all. Equally interesting, the long slow run-up to $11 we've seen in recent days has in fact been accompanied by a slow and steady increase of that same ratio, suggesting that the non-speculative economy has actually grown at a commensurate pace with price and that the current price may well be perfectly reasonable.
So is this simple piece of math, which I've decided to call the "Speculation Index" the magical predictor we've all been waiting for? Hardly. I think it provides some useful data that we were not only missing before, but which may not even be possible to calculate in any traditional currency market – and that data is certainly worth a glance. Thus far there seems to be a clear pattern emerging from the data, but it could just as easily be that I've stumbled upon an arbitrary calculation that fits historical data nicely and is meaningless moving forward. Only time will tell.
Update: Ben over at blockchain.info was kind enough to add a chart that shows the above data, updates automatically and has all the options that blockchain.info's other charts have. Thanks, Ben!
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-- Download Measuring Bitcoin Speculation as PDF --


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Recap: Euro Crisis Live Blog
European stocks opened higher on Tuesday, after Alcoa began the U.S. earnings season with in line results and a bullish view of the global aluminum market and after Monday's meeting between the French President Nicolas Sarkozy and German Chancellor Angela Merkel revealed no nasty surprises.
Ms. Merkel will meet International Monetary Fund managing director Christine Lagarde later in the day to discuss the Greek bailout plan.
Both Ms. Merkel and Mr. Sarkozy turned up the pressure on Greece and its international creditors, warning a loan backed by the European Union and the International Monetary Fund is on hold until Greece enacts budget reforms and concludes talks over reducing its debt load
The meeting came ahead of a gathering of European finance ministers scheduled for Jan. 23 and 24 and an EU summit Jan. 30 to iron out details of the plan and steps to reinforce a financial firewall around economies with debt troubles like Italy and Spain.
This blog has now closed.
New year, same old crisis.
German Chancellor Angela Merkel and French President Nicolas Sarkozy kick off the next round of European efforts to stem the euro zone debt crisis with a lunch meeting in the austere chancellery in Berlin.
It's now a quite familiar jaunt for Mr. Sarkozy as he and Chancellor Merkel work to drive the European crisis response. So far, they have failed to produce a robust solution to stop what began as an isolated Greek budget crisis two years ago from spreading into a full-blown European debt crisis that now threatens the global economy.
At the top of the agenda today are preparations for the Fiscal Pact agreed by European leaders in December, and preparations for a Jan. 30 European Union summit.
Now, their efforts are complicated by politics. Mr. Sarkozy has a tough election in May.
And Chancellor Merkel is facing a number of domestic political troubles from the self-destruction of her coalition partner, the Free Democrats, to a simmering scandal over the German president's efforts to quash critical media reports about his personal finances.
It would be fair to wonder if the two leaders are a bit distracted as they try today to refocus attention on Europe's debt problem.
Their meeting begun at around 1000 GMT (05.00 ET), and the two leaders will talk to the press at about 1230 GMT (07.30 ET).
(Photo: Associated Press).
Merkozy on the Verge of Losing Sarkozy
The Sarkozy half of the Merkel-Sarkozy alliance, a pairing that's jokingly referred to as "Merkozy," is on the verge of fading into history.
And that spells risks for the sanctity of the euro.
French President Nicolas Sarkozy is trailing socialist Francois Hollande (pictured) in his bid for re-election, a danger for the euro zone that markets appear to have overlooked.
Mr. Hollande "will be more hesitant to toe the hard line and may even have a hard time passing a constitutional budget amendment," says Sassan Ghahramani, president and chief executive of SGH Macro Advisors, a think tank based in New York.
Read this full post at MarketBeat.
(Photo: Reuters)
Topics for Discussion Part 1
In addition to discussions about the draft of the fiscal pact, Nicolas Sarkozy is expected to push Angela Merkel to agree on a broader statement committing the euro zone to promote economic growth and jobs, rather than just commit to austerity measures and strict budget discipline.
Concern about high debt levels in the European Union and doubts about Europe's ability to solve its debt woes picked up again over the weekend. Traders pushed the euro to $1.27 in overnight trading, the lowest level for the euro currency since September 2010.
The two leaders will discuss the latest draft to the bloc's fiscal pact.
It says countries breaching the 3% budget deficit threshold will face automatic sanctions and also countries' whose overall debt exceeds the 60% debt limit set in the European treaty on monetary union.
In the new draft, signing countries would agree to limit structural deficits to no more than 1% of nominal gross domestic product, a rule that the previous draft didn't have.
Germany had been keen to include strict budget rules and sanctions into the fiscal pact that is aimed to be brought into force as early as March 2012 in most European Union countries.
(Photo: Getty Images)
Topics for Discussion Part 2
The latest draft outlines that governments would more closely align their economies by discussing "all major economic policy reforms" before they are implemented and these reforms should be coordinated within Europe whenever possible and appropriate.
Among the most pressing issues the two leaders are expected to discuss is the growing likelihood of a Greek default.
In December, the International Monetary Fund expressed doubts that current plans to reduce Greece's debt by having private sector investors accept losses of up to 50% on Greek bonds would be sufficient to allow Greece to achieve sustainable debt levels.
Topics for Discussion Part 3
Angela Merkel could help Nicolas Sarkozy take something home from today's meeting, say analysts, by agreeing to support the concept of promoting growth and jobs in Europe — as long as it doesn't mean new big deficit spending programs or political meddling with ECB monetary policy.
Ms. Merkel may also reiterate German support for a European-wide financial transaction tax, which has appeared dead in the water since the United Kingdom rejected the idea. Now, Germany and France may advocate imposing such a tax on the euro zone.
Largely seen as a populist move to appease voter anger over the huge bank bailouts of the past three years, France and Germany have failed to convince their international peers that a tax on trading is a good thing.
It failed first at the level of the Group of 20 developing and industrial countries. With the U.K.'s rejection, the idea has no hope of passing at the EU level. Now, Mr. Sarkozy and ms. Merkel seem to disagree on whether to pursue a tax on their own if even the 17-nation euro zone rejects it.
"France will not wait for all the others to agree to implement it. We will implement it because we believe in it," Mr. Sarkozy said on Friday.
Ms. Merkel's support for Mr. Sarkozy's re-election bid may only go so far, though. Germany is unlikely to support any unilateral French-German financial transaction tax.
Hungary Passes Treasury Bill Auction
Hungary sold the planned 40 billion Hungarian forints ($160.6 million) of liquidity treasury bills at an auction Monday, its Government Debt Management Agency said.
German Six-Month Treasury Bill Auction
The German Federal Government sold €3.9 billion of six-month treasury bills, or bubills Monday, the Deutsche Bundesbank said.
Jim O'Neill: Euro Will Stay Together in 2012
Jim O'Neill, best known for his invention of the acronym "BRICs" 10 years ago, not only remains positive on the prospects of the Brazilian, Russian, Indian and Chinese economies but also those of other "growth" markets such as Turkey and Mexico; he even has some, relatively, kind words to say about the outlook for Europe.
Watch the video and read the full post here at The Euro Crisis blog.
(Photo: Bloomberg)
European Debt Insurance Costs Rise
The cost of insuring European sovereign debt was mostly higher in early trading Monday.
The ongoing euro-zone debt crisis is keeping investors nervous and the Merkel/Sarkozy meeting will be closely watched because it is expected to follow-up on the December European summit on the debt crisis and to prepare for the next summit on January 30.
In recent trading, the five-year CDS on Spain was two basis points wider at 453 basis points, which means it now costs an average of $453,000 a year to insure $10 million of debt issued by the country.
CDS are derivatives that function like a default insurance contract for debt. If a borrower defaults, sellers compensate buyers.
Italy's CDS was seven basis points wider at 542 basis points. France saw widening of one basis point to 242 basis points.
Germany remain flat at 112 basis points and Belgium's five-year CDS levels widened by two basis points to 338 basis points.
Market participants however, expect Monday's discussions to be inconclusive and lacking in any further guidance on the resolution of Europe's sovereign debt crisis.
Danske Bank: Prolonged Euro Crisis Sends Finland Into Recession
Finland's export-driven economy is inevitably heading for a recession due to the prolonged euro crisis, Danske Bank said in a note on Monday.
Danske Bank expects Finland's GDP to decrease by 1% this year, compared to an estimated 2.6% GDP growth last year.
Finland's exports has been lagging growth in international trade, something which could emanate from its large share of metal engineering, paper and other cyclical industries, Danske Bank noted.
Finland, which has some 60% of exports sold within the European Union, saw its volume of exports fall by 2.7% in the third quarter last year.
In December, Finland's finance ministry estimated exports to decline 1.5% this year, while forecasting 0.6% growth in 2013. The ministry also slashed its 2012 GDP growth forecast to 0.4% from a previous forecast of 1.8% given in October.
Greek Industrial Production Slumps in November
Greece's industrial production in November fell 7.8% compared with the year-earlier period, after declining 12.3% in October, the Hellenic Statistical Authority, or Elstat, said Thursday.
The November decline was marked by an 11.7% slump in manufacturing production, and a 3.2% fall in mining and quarrying output.
Those declines more than offset a slight 2.3% increase in electricity production and a 0.4% rise in water supply production.
The continuing slump in industrial production further confirms an ongoing contraction in Greece's economy, which is now in its fifth year of recession. The government expects the economy to shrink by around 6% this year and close to 3% next year, but many private sector economists expect the downturn to be even deeper.
Austerity measures introduced last year as part of a €110 billion bailout plan have taken a heavy toll on Greek economic activity, weighing on consumption and investments.
Germany Eyes EU Financial Deal Tax, but Won't Act Unilaterally
Germany still wants to introduce a Financial Transaction Tax at least within the European Union and isn't planning any unilateral moves, a government spokesman said Monday, potentially putting it at odds with Paris.
The comments come as Chancellor Angela Merkel meets President Nicolas Sarkozy, who said Friday that France would go ahead in implementing such a tax on its own and wouldn't wait for others.
"France will not wait for all the others to agree to implement it. We will implement it because we believe in it," he said.
So far, France and Germany have failed to convince their international peers that a tax on trading is a good thing.
The proposal failed first at the level of the Group of 20 industrial and developing countries and with a rejection from the U.K., the idea has no hope of passing on an EU level.
Now, Mr. Sarkozy and Ms. Merkel appear to be disagreeing on whether to pursue a tax on their own even if it is rejected by the 17-nation euro zone.
"It is the clear aim of the [German] government to introduce a financial transaction tax on the level of the 27 EU member states," government spokesman Steffen Seibert said, adding that Berlin originally had aimed for it to be introduced globally. This is Germany's "priority" during the first part of 2012, he added.
German Industrial Output Worse Than Expected in November
German industrial output was slightly worse than expected in November, data from the country's economics ministry revealed Monday.
In adjusted terms, industrial output decreased 0.6% on the month in November, after an unrevised +0.8% in October. Experts polled by Dow Jones Newswires had expected a decline of 0.4% on the month.
German Debt Yields Turn Negative
Germany paid a negative yield to investors at a debt auction for the first time on record Monday, underscoring the haven appeal of the country's debt as the European debt crisis continues.
Germany joins Switzerland and the Netherlands in having negative yields at auctions as the pile of assets deemed to be safe continues to shrink. Negative yields essentially mean that investors are so nervous about the potential loss of capital that they are willing to pay an interest rate just to protect their money.
The Bundesbank, which handles German federal debt auctions, sold €3.9 billion ($4.96 billion) of six-month Treasury bills at an average yield of minus 0.0122%%, down from 0.0005% at the previous auction for similar debt on Dec. 5.
The German Finance Agency's €4 billion offer received €7.08 billion in bids from investors. Heavy bidding, along with investors' readiness to accept a negative yield, indicates that fears that Germany was going to lose its haven status were premature.
(Photo: EPA)
Europe's Political Economy: Pay More, Get Less
There is no shortage of skepticism and frustration at the inability of European political leaders to achieve a definitive solution to the region's debt crisis.
Now there's proof that even the continental impasse may be the product of market forces, albeit perverse ones.
It turns out that the more a member of the European Parliament makes, the more likely they are to shirk attendance of the regional legislative assembly and the less likely they are to have top-shelf educational attainments.
That the EU Parliament operates on a pay-more-and-get-less principle is the upshot of "Labor Supply of Politicians", a new academic paper by Raymond Fisman.
Nikolaj Harmon, Emir Kamenic and Inger Munk, are economists who can't be accused of excess ideological dogma given they work across the spectrum at the University of Chicago, Princeton and Columbia and a Danish renewable energy company.
Read the full post at The Euro Crisis blog.
(Photo: EPA)
Merkel and Sarkozy Meet
German Chancellor Angela Merkel and French President Nicolas Sarkozy on Monday kicked off the next round in the battle to get control of a widening euro-zone debt crisis that in the next few months could put the European common currency to its toughest test yet.
Now, as the two leaders began meeting in the austere chancellery in central Berlin, the spectre of a Greek default, with Athens potentially leaving the euro zone entirely, has suddenly reemerged, casting fresh doubt on the future of Europe's most ambitious project.
Investors drove the euro to a 16-month low in overnight trading and the currency barely recovered in early trade ahead of the Berlin meeting amid growing concerns that the European economy is rushing towards recession and difficulties concluding talks over a Greek bailout that includes a steep haircut for private sector investors in Greek bonds.
"The countries that have overly high deficits must credibly reduce their deficits," German Finance Minister Wolfgang Schaeuble told German radio on Monday. "The European currency needs a fiscal union so that all countries are guaranateed to abide by the agreed rules. And if that happens, then the rescue funds we have agreed will suffice."
Euro Has January Blues
The euro has the January blues.
So far this year, the crisis-stricken currency has already shed some 2% of its value against the dollar, tumbling to a 16-month low early Monday. Against the yen, it's at its lowest point since December 2000.
Opinion on what happens next is divided. Bears insist that 2012 will be the year of the Great Euro Decline, as the debt crisis finally catches up with it.
Others reckon this is all too much, too fast. Remember: the opening weeks of 2011 brought a decent-sized slide in the euro, and just as funds bet the farm on the decline continuing, the currency sprang back, clobbering their performance for the year.
Either way, it's clear at this point that FX traders are keen to accentuate the negative. As we saw last week, it takes only the merest hint of weakness in an auction from France or Germany for euro sellers to emerge. On the flip side, today, Germany gathered such strong demand for its paper that it managed to snag a negative yield on an auction for the first time. And still the euro didn't climb in response.
To be fair, the euro had already had a good run against the buck in earlier European trading, as the recent run of euro selling ran out of some short-term steam. Still, currency traders seem determined to punish the euro for "bad" news, however flimsy, and refuse to buy it on positive developments.
Again, next steps are a matter for debate. It could be that this super-popular bet against the euro is crowded and unsustainable. But as long as the negative mindset lasts, it's hard to seriously expect a bounce any time soon.
Euro Rises, Merkel-Sarkozy Meeting in Focus
The euro bounced off near-16-month lows against the dollar in European trading Monday, but with regional worries lingering and a meeting between the leaders of France and Germany being watched, investor sentiment toward the single currency remained fragile.
The euro rose against the dollar, pound and yen after data showed German exports rose sharply in November, but some market participants played down the rally's significance, citing record negative — or short — speculative bets against the euro, and the potential for a reversal of some of those bets.
"Against a backdrop of the market being extremely short of euro, that tells us it doesn't take a lot to create a little bit of short-covering pressure," said Jane Foley, a currency strategist at Rabobank in London.
"While the euro will probably trend lower over the next quarter or so there will be days of short-covering pressure, purely because of market positioning."
The euro's gains helped to support other risk-sensitive currencies against the dollar, including the pound and commodity-linked currencies of Canada and Australia.
However, a coming European Central Bank interest rate decision Thursday and concerns related to the huge funding requirements of some euro-zone states this year were seen capping these gains.
(Photo: Bloomberg)
Money for Nothing
Another first for the financial crisis. Germany Monday raised €3.9 billion in six-month bills that paid a negative yield at auction for the first time on record – meaning investors paid the government for the privilege of lending to it. That just emphasizes how uncertain the near-term outlook is for many investors.
Unlike the vast majority of longer-dated bonds, bills don't pay coupons but are usually issued at a discount and then redeemed at par. Germany's auction saw investors pay €100.00616 now to receive €100 in six months' time, giving a yield of minus 0.0122%.
That's in line with the secondary market, where Germany government debt up to one year in maturity is trading at negative yields. Demand was 1.8 times the paper sold, less than the 3.8 times seen in December when bills yielded a magnificent 0.0005%.
Italian, Spanish Bond Yields Fall On Domestic Demand
Italian and Spanish bond yields fell Monday as domestic investors dipped their toes following a recent sell-off.
Austrian bond yields, having risen in recent days over concerns over the country's exposure to Hungary, also declined after Hungarian officials said they will try to secure an aid deal from the International Monetary Fund.
However, trading volumes remained light and the 10-year Italian bond yield stayed above the psychologically important 7% mark, a level that portended a freeze in Greek, Irish, and Portuguese bond markets and forced these countries into seeking external assistance.
The 10-year Italian bond yield declined by seven basis points to 7.05% while the corresponding Spanish bond yield declined by 14 basis points to 5.53%, according to Tradeweb.
"We are seeing some buying by domestic accounts in Italy and Spain although flows are quite small," said a London-based senior trader.
Gains were also limited ahead of crucial bond auctions by both Italy and Spain later this week.
Merkel Headlines
- Merkel: Conversation with Sarkozy 'very successful'.
- Merkel: Need to facilitate economic growth.
- Merkel: Fiscal Pact Talks Going Well.
- Merkel: Checking Whether ESM Capital Base Payment Can Be Made Faster.
- Merkel: Good Chance Debt Brake Deal For Fiscal Pact Already In Jan.
- Merkel: Will Talk With Lagarde About Greece.
- Merkel: Fiscal Pact Also Needs To Include Measures To Promote Growth.
Sarkozy Headlines
- Sarkozy: French 2011 Deficit To Be Smaller Than Foreseen.
- Sarkozy: Wish Fiscal Pact Talks To Be Concluded In Coming Days.
- Sarkozy: We Need To Stand By Commitments And Reduce Deficit.
- Sarkozy: Need To Give Good Example And Introduce Financial Transaction Tax.
More Merkel Headlines
- Merkel: Fiscal Pact Talks Going Well.
- Merkel: Checking Whether ESM Capital Base Payment Can Be Made Faster.
- Merkel: Good Chance Debt Brake Deal For Fiscal Pact Already In Jan.
- Merkel: Will Talk With Lagarde About Greece.
- Merkel: Fiscal Pact Also Needs To Include Measures To Promote Growth.
- Merkel: Could Imagine Financial Transaction Tax For Euro Zone Only.
- Merkel: But No Unity Within German Govt About Fin Transaction Tax.
- Merkel, Sarkozy Don't Answer Question On Possible Ratings Downgrade.
- Merkel: Out Intention Is That No Country Needs To Leave Euro.
- Merkel: Greece Is An Exceptional Case.
German Economy Seen Cooling, Might Still Be Spared Recession
Weaker-than-expected industrial output in November indicate Germany is heading toward a cooler period, but experts say the euro-zone's largest economy will avoid a deep recession and might escape a slump altogether if private demand and exports pick up the slack.
Also out Monday were encouraging data showing Germany's trade surplus widened in November and exports increased on the month, suggesting trade might have benefited fourth quarter economic output.
In adjusted terms, industrial output decreased 0.6% on the month in November, after rising 0.8% in October, the German economics ministry said Monday. Experts polled had predicted a decline of 0.4% on the month.
The numbers followed worse-than-expected manufacturing orders for November, driven by steep drops in export demand. Industrial production data tend to lag orders by about a quarter.
The decline in production was broad-based, with all categories of output falling except construction, which posted a robust 4.5% gain. Unseasonably warm winter weather probably also buoyed builders in December, which could help fourth-quarter output.
Production of intermediate goods, or some items used in the production process, fell 1.4% in November, following a 0.2% drop in October.
European Stocks Flat
Euro Stoxx 50 up 0.3% at 2304.46, rising a touch and then pausing after German Chancellor Angela Merkel and French President Nicolas Sarkozy hold a press conference after their meeting.
Nothing earth-shattering is announced — they both commit to supporting the euro and its membership.
Regarding a financial transaction tax, Ms. Merkel says it could just apply to the euro zone though she says there is no unity within the German government about such a levy.
Meanwhile, there are no major moves among the gainers and decliners in Europe. UniCredit is still the biggest decliner, down 9.3% as its capital increase gets under way.
BMW is up 2.7% after being added to Credit Suisse's focus list. U.S. stock futures are currently flat.
European Stocks Flat
Euro Stoxx 50 up 0.3% at 2304.46, rising a touch and then pausing after German Chancellor Angela Merkel and French President Nicolas Sarkozy hold a press conference after their meeting.
Nothing earth-shattering is announced — they both commit to supporting the euro and its membership.
Regarding a financial transaction tax, Ms. Merkel says it could just apply to the euro zone though she says there is no unity within the German government about such a levy.
Meanwhile, there are no major moves among the gainers and decliners in Europe. UniCredit is still the biggest decliner, down 9.3% as its capital increase gets under way.
BMW is up 2.7% after being added to Credit Suisse's focus list. U.S. stock futures are currently flat.
The Minefield
The French President Nicolas Sarkozy and German Chancellor Angela Merkel on Monday again emphasized the need for on a fiscal compact that will compensate for the lack of coordination and fiscal governance behind today's euro-zone debt crisis. After nearly 20 years, Maastricht's shortcomings are being addressed.
The drumbeat to the Jan 30 EU summit continues. But is it longer-term repairwork for a flawed system? The real threats are very real short-term, and most of them outside Merkozy's control.
- The first is that Mr. Sarkozy is trailing in the polls ahead of this year's elections, with his socialist opponent pledging to reopen negotiations on the agreement for new fiscal disclipline.
- Gathering evidence of at least a mild recession in the euro zone in early 2012 will redouble strains on government finances, with investors watching for any signs of slippage from deficit reduction targets.
- Germany and France still differ widely on the role of the European Central Bank, with Berlin declining to budge on ringfencing the ECB from underwriting government debt.
- Ratings agencies appear poised to downgrade France — and maybe even Germany — from its valued triple-A credit status at any moment, a step that would shake investor confidence and possibly undermine credit-rating for the euro-zone's government bailout fund, whose own credit rating depends on its constituent backers.
- The most imposing short-term obstacle remains Greece's debt crisis and the desperate need for a second bailout package.
A new compact for a fiscal union could take years to finalize. The threats above all loom inside just a few months.
Breaking News: Hildebrand Resigns from SNB
- SNB: Hildebrand Resigns.
- SNB: Chairman Hildebrand Resigns With Immediate Effect.
- SNB: Hildebrand To Make Statement at 3.15pm.
Hildebrand Resigns
Swiss National Bank President Philipp Hildebrand resigns in the wake of a controversy involving currency trades he and his wife carried out last year, depriving the bank of a leader who has generated both controversy and plaudits during his two-year tenure.
Merkel: Good Progress Being Made
German Chancellor Angela Merkel said Monday she was optimistic that Europe can already sign off its fiscal pact by the end of January.
"We are making good progress on the fiscal pact," Ms. Merkel said after a meeting with French President Nicolas Sarkozy in a news conference. "There is a good chance that we will be able to sign agreements on the debt brake in January, at the latest in February."
SNB Statement on Resignation
Click here to read the SNB statement on Philipp Hildebrand's resignation.
Swiss Franc Climbs Sharply After Hildebrand Resigns
The Swiss franc initially rose sharply against both the euro and the dollar Monday after Swiss National Bank Chairman Philipp Hildebrand said he resigned with immediate effect.
The euro fell to as low as 1.2106 Swiss franc against the franc, its lowest since Sept. 20, before retracing some of its losses. The dollar sank to 0.9490 franc on the news but then regained some of the lost ground.
Hildebrand Resignation
Swiss National Bank President Philipp Hildebrand resigned Monday in the wake of a controversy involving currency trades he and his wife carried out last year, removing a bank chief who has generated both criticism and plaudits during his two-year tenure.
The SNB announced his resignation just days after Mr. Hildebrand declared that he wouldn't step down in the wake of disclosures that both he and his wife made currency trades last year, around the time when the central bank was intervening heavily in the foreign exchange markets to control the rise of the Swiss franc.
The announcement comes as a surprise, given that, after initial calls for his resignation, Mr. Hildebrand had garnered support from a number of Switzerland's largest political parties in recent days, as well as from the Swiss president herself. Mr. Hildebrand has denied any wrongdoing.
Mr. Hildebrand had been scheduled to speak before a closed-door parliamentary hearing in Bern this afternoon. He instead will hold a press conference in the afternoon, at which time he will make a number of documents available, according to an SNB press release.
Mr. Hildebrand's resignation sent the Swiss franc slightly higher against the euro, but the currency then fell back.
(Photo: AFP/Getty Images)
Greek Gov to Introduce CACs to Existing Bonds
The Greek government will retroactively introduce collective-action clauses (CACs) to its existing bonds, a source from the troika of Greece's creditors — the International Monetary Fund, the European Central Bank and the European Union – said Monday.
According to the troika official, Greece will retrofit the bonds with CACs to gain leverage but will not necessarily use them to bind in bondholders resisting the ongoing restructuring negotiations.
"Yes, they [Greece] will be retroactively introducing collective-action clauses, but not necessarily using them," the source said, adding that the clauses could be used as leverage in the ongoing negotiations to restructure the country's debt held in private-sector hands.
"They will take the legislative steps needed to introduce CACs… and have their officials creditors' support in this," the source added.
Collective-action clauses are written in bond contracts and stipulate that in the case of a restructuring, a deal reached between the sovereign and a majority of its creditors (normally a super-majority of 75%) is binding for all creditors. This helps in stopping creditors from holding out.
The troika official did not indicate when the legislative act would reach Greece's parliament for a vote, but he said the country had its official-sector creditors' support in taking this initiative.
"Creditors want private-sector involvement and they want to facilitate the negotiations with the private sector. In the negotiations you need to have some leverage and in this the CACs are necessary," the source said.
Some 90% of Greece's privately-held debt is governed by Greek law, enabling the country to change the terms of its outstanding bonds with a simple legislative act in its parliament.
More on Hildebrand
In recent days, foreign exchange strategists have not regarded Philipp Hildebrand's troubles as an important factor in Swiss franc trading, arguing that the SNB is strongly committed to reining in the strength of the currency.
Mr. Hildebrand is the senior member of a three-person governing council at the SNB. The SNB made no announcement regarding his successor.
Mr. Hildebrand's resignation removes from the SNB a leader who has faced fierce criticisms at home, even as he garnered plaudits abroad. The SNB is a small central bank that enjoys outsized prestige among international policymakers.
Mr. Hildebrand — the SNB's youngest-ever chief — battled criticisms over the failure of the SNB's massive currency interventions in 2009 and 2010 to rein in the franc, a policy that sparked calls for Mr. Hildebrand's resignation.
Between March 2009 and June 2010 the euro fell to 1.32 francs from 1.48 francs. In 2010, the SNB posted its largest loss yet, of 19.2 billion francs ($23.5 billion).
Mr. Hildebrand also fought criticism of his push to pass Swiss banking regulations that are among the toughest in the world.
That push came as a result of the near-collapse of Switzerland's largest bank, UBS AG, in 2008.
While his campaign to force the banks to hold capital cushions that were far higher than international standards was blasted early on, it has since won plaudits for bolstering UBS and Credit Suisse Group amidst the current financial turmoil.
(Photo: Bloomberg)
Germany Joins the Safe Haven Club
Despite a sharp fall in German industrial production data, investors were prepared to pay to hold T-bills as yields turned negative at auction. Terence Roth and Martin Essex analyze what this means for the euro-zone crisis.
Sarkozy: Situation in Europe Is Very Tense
The situation in Europe is "very tense," and problems regarding the euro-zone debt crisis aren't resolved yet, French President Nicolas Sarkozy said in a stark warning after meeting German Chancellor Angela Merkel Monday.
"Never have government leaders and heads of states in Europe been faced with such a situation," Mr. Sarkozy said in a joint press conference. "I won't tell you that we have resolved the problems."
He added that he and Ms. Merkel will do everything to find a solution to the crisis and convince financial markets to lend to euro-zone countries again.
"We know about our responsibility, and we are trying to find the most efficient response possible," Mr. Sarkozy said.
The two leaders, in preparation for a European Union summit of government heads of state, talked about plans for a new European fiscal pact to tighten fiscal discipline, which Mr. Sarkozy said he hopes will be signed March 1.
(Photo: AFP/Getty Images)
Merkel, Sarkozy Turn Up Pressure On Greece
The leaders of Germany and France on Monday turned up the pressure on Greece and its international creditors, warning a loan backed by the European Union and the International Monetary Fund is on hold until Greece enacts budget reforms and concludes talks over reducing its debt load.
German Chancellor Angela Merkel and French President Nicolas Sarkozy met to discuss progress on nailing down the details of a fiscal pact on closer economic policy alignment.
"The second Greece program has to be implemented soon otherwise it won't be possible to disburse the next tranche," Ms. Merkel said during a joint news conference with Mr. Sarkozy after their meeting.
"The situation is very strained, maybe more than ever before in the euro area," said Mr. Sarkozy.
(Photo: Reuters)
Hildebrand Speaks
In a press conference in Bern, Philipp Hildebrand said he was resigning in part because it was impossible for him to prove that his wife, Kashya, acted alone in making a currency transaction last Aug. 15, just before the SNB's September move to weaken the Swiss currency.
He said he decided to resign to protect the bank's integrity.
Mr. Hildebrand said Monday that he would make public personal bank records soon.
"I have never lied in this story," said Mr. Hildebrand. "You need to take my word for it."
The SNB announced that Thomas Jordan, who has been vice chairman since 2010, will replace Mr. Hildebrand on an interim basis.
The Swiss government will elect a new SNB president.
Merkel and Lagarde to Meet Tuesday
Angela Merkel said she will also discuss Greece with IMF President Christine Lagarde (pictured), who arrives in Berlin for talks with Ms. Merkel and Finance Minister Wolfgang Schaeuble on Tuesday.
Both are likely to discuss the planned €200 billion boost to IMF resources agreed at the European Union summit last month.
So far, Europe has failed to obtain specific commitments for about €50 billion from countries outside the euro zone.
The United Kingdom, which is the only EU country to have rejected the planned European fiscal pact, has also rejected providing cash for the IMF to bail out the euro zone. The Bundesbank, Germany's powerful central bank, has made the UK contribution a condition for German involvement.
The meeting between Merkel and Sarkozy is the first of several meetings this month aimed at concluding by the end of March the details of a fiscal pact on closer economic policy alignment.
"We are making good progress on the fiscal pact," Ms. Merkel said. "There is a good chance that we will be able to sign agreements on the debt brake in January, or February at the latest."
(Photo: Reuters)
Private Sector Reacts to Greek CACs News
It was reported earlier that Greece is going to retroactively introduce collective-action clauses to its outstanding bonds, according to a troika source.
That has prompted some unhappy reaction by market participants.
Mr Richard Segal, a credit strategist at Jefferies, believes that this move is on a par with the former Greek prime minister's November call for a referendum — in that it harms confidence in the country.
He wrote in an email to the WSJ: "I think it is as sensible as announcing the referendum out of nowhere.
"It makes the rescheduling non-voluntary, and if the clauses' threshold is not met, not only would potential holdouts not be bound in, but the entire restructuring could fail, producing a messier default than if the government declared a moratorium out of the blue.
"Most of the debt is under Greek law of course, and the government can change those laws at will, but the approximate 10% under foreign law is still a large number.
"In addition, if one of the concerns the international private sector has is the poor business climate, demonstrating one can't count on a fair legal playing field is not the best way to improve perceptions! There is not much to gain from such a legal intervention and plenty to lose, so I'd call it very risky."
Echoing concerns about the signals a legislative ex post change of bonds has on market emotions about Greece, Mark Grant of Southwest Securities said that the retroactive CACs are also a further reason to mistrust European sovereign debt as a whole.
He wrote that retrofitting bonds with CACs constitutes "a subversion of bond holders' rights and very explicitly one more reason to avoid Greece and to avoid European bonds of any type or class, if Greece can change the indenture at will, then make no mistake; so can any other country in Europe on the basis of need. This is a very damaging turn for debt owners."
European Stocks Close Down
European stock markets finished lower Monday, as German Chancellor Angela Merkel and French President Nicolas Sarkozy failed to inspire market participants with their latest meeting, while downbeat German data added to the weaker tone.
The benchmark Stoxx Europe 600 index fell 0.5% to finish at 246.42 late in Europe. Nationally, the U.K.'s FTSE 100 index lost 0.7% at 5612.26, France's CAC-40 index slipped 0.3% to 3127.69 and Germany's DAX shed 0.7% to 6017.23.
European bank shares suffered again, reinforcing worries over the state of the financial sector.
Late in Europe, the Stoxx Europe 600 banks index lost 2.2% to 126.17. Among banks, UniCredit shares fell 11%, after investors start to trade options of the bank's capital increase and Italian market regulator Consob is monitoring trading of shares and options for the entire period of the capital increase.
Late in Europe, the Dow Jones Industrial Average and the Standard & Poor's 500-stock index both traded flat late in Europe.
In foreign exchange markets, the euro bounced off lows against the dollar, having fallen to a 16-month low of $1.2666 against the dollar Friday amid growing concerns over the ability of European leaders to contain Europe's sovereign debt crisis.
Late in Europe, the common currency was at $1.2739 against the dollar, from $1.2716 late Friday in New York. The dollar was at ¥76.84, from ¥76.96.
Meanwhile, the Swiss franc rose to its highest level since September against the euro after Swiss National Bank Chairman Philipp Hildebrand resigned.
The franc rose as high as 1.2106 franc against the euro, its highest since Sept. 20. Late in Europe, it was quoted at 1.2136 franc.
Meanwhile, sweet crude for February delivery was $1.34 down at $100.22 on the New York Mercantile Exchange late in Europe. At the same time, gold for February delivery was $4.60 lower at $1,612.20 per troy ounce late in Europe on the Comex division of Nymex.
Italy's 10-year government bond yield pushed back above 7% in European afternoon trade, a figure seen as unsustainable over the long run.
The yield was seen at 7.09% in recent action, up 11 basis points from Friday. Meanwhile, Spain's 10-year yield also saw upward pressure last week but fell 12 basis points Monday to 5.52%.
Belgian Royals Join Austerity Drive
Belgium's King Albert II on Monday said he'll use part of his salary to help pay for the upkeep on his properties, making him the latest European royal whose pocketbook is being squeezed by the economic woes afflicting the continent.
The financial crisis has hit several European countries that still have royal families, including Spain, Britain and Belgium. With their palaces, estates and often ostentatious tastes, monarchs and their kin have faced criticism as governments pass austerity measures, and some have seen their public funding cut.
In a rare public statement on his finances, King Albert said he wants to freeze the €10.8 million ($13.8 million) he gets from the state. He intends to use an automatic 2012 salary inflation adjustment of some 3 percent to help pay for some property maintenance costs normally borne by the government.
France, Germany Pursue Plans for Financial Transaction Tax
French Finance Minister François Baroin intends to discuss European plans to tax financial transactions with his German counterpart Wolfgang Schauble on Thursday.
Mr. Baroin made the comment in an interview on the i-tele news channel Tuesday, adding that a bill to set up the tax in France could go to parliament next month.
European Stocks Expected to Start Positively
European stocks are expected to start up Tuesday, after Alcoa raises the curtain on the U.S. earnings season with in line results and a bullish view of the global aluminum market, while Monday's meeting between the French President Nicolas Sarkozy and German Chancellor Angela Merkel revealed no nasty surprises.
"Overall, the two leaders presented a picture of united Franco-German euro-zone leadership, noting they would like the bloc to remain in its current form," said BNP Paribas Corporate & Investment Banking analyst Evelyn Hermann, commenting on yesterday's meeting of European leaders. However, the press conference hosted by the two leaders was light on details.
Jonathan Sudaria, night dealer at Capital Spreads, called London's FTSE 100 to start up 49 points, or 0.9%, at 5661, Frankfurt's DAX to start up 69 points, or 1.1%, at 6086 and Paris's CAC-40 28 points higher, or 0.9%, at 3156. However, Sudaria was cautious, despite making the positive call.
French Economy Stable
A survey of business managers conducted by the French central bank indicates the euro-zone's second-largest economy did not shrink in the last three months of 2011.
The French statistics office Insee said last month that France fell into recession in the fourth quarter of last year.
But the Bank of France said a gauge of business confidence based on its survey indicates the country's gross domestic product was stable.
The survey found industrial activity improved very slightly in December, while activity in the services sector increased more significantly than in previous months, thanks to the rebound in IT services and temporary work, the bank said.
The business sentiment indicator in industry stood at 96, a small rise from 95 in November, while it stood at 95, as in the previous month, in services, the central bank said.
Live Blog Closes
This live blog has now closed. Please click here to go to Tuesday's live blog.


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|18 December 1942: Distinguished guests at the launching of HMS Essington (BDE-21) are from left to right: Capt Nelson H. Goss, USN (Ret), Mrs Hugo W. Osterhaus, Radm Hugo W. Osterhaus, USN (Ret), Speaker, Mrs. Nelson H. Goss, Sponsor, Radm W. L. Friedell, USN (Shipyard Commandant), Mrs. W. L. Friedell (Matron of Honor), Mr. Luther E. Gibson, and Mrs. Luther E. Gibson. (U.S. Navy photo #DE-21-7944-42)
|Darryl Baker
|18 December 1942: Mrs. Nelson H. Goss, Sponsor is pictured in front of the bow of the HMS Essington (BDE-21) at Mare Island. (U.S. Navy photo #DE-21-7939-42)
|18 December 1942: Radm Hugo W. Osterhaus, USN (Ret) was the guest speaker at the launching of the HMS Essington (BDE-21) at Mare Island. Radm W. L. Friedell, USN (Shipyard Commandant) is to the left of Radm Osterhaus. (U.S. Navy photo #DE-21-7940-42)
|18 December 1942: Mrs. Nelson H. Goss the Ship's Sponsor is pictured christening the HMS Essington (BDE-21) at Mare Island. From left to right: Radm W. L. Friedell, USN (Shipyard Commandant), Mrs Goss, unidentified Navy officer, and Mrs. W. L. Friedell (Matron of Honor). (U.S. Navy photo #DE-21-7941-42)
|port bow, undated
|Donald T. Livsey via his son Bryan
|the gunnery division
|Harold C. Thomas' Commanding Officers
Thanks to Wolfgang Hechler & Ron Reeves
|Dates of Command
|Commanding Officers
|1.) 31 May 1943 - 07 Sep. 1943
|Cdr. Herman Reich (Comm.)
|2.) 16 Sep. 1943 - 23 Jan. 1944
|Lcdr. Volney Hamilton Craig, Jr., USNR
|3.) 23 Jan. 1944 - 05 Jan. 1945
|Lcdr. Edward Joseph Haddon, USNR
|4.) 05 Jan. 1945 - 06 Oct. 1945
|Lcdr. Godfrey Cheshire, Jr., USNR (Decomm.)
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Gold's Fresh Low Almost Fulfills Pattern -- Almost
Rod David
Multiple sessions of "ineffectual optimism" should have greater consequences than a momentary dip.
The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.
Today's Highlight:
Could gold's fresh low Wednesday be the product of distribution into and out of the weekend? Could it be the reward for having absorbed Monday's surge? Probably not, but sellers must prove that quickly to avoid an even higher interim surge.
Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Wednesday's retest of 82.37 would now be bearish if reversed back under 82.25. It extended higher to attack Friday's 82.60 high, so a reversal should be obvious soon if valid.
Mar Contract EC; (NYSEARCA:FXE)
Price drifted lower during Wednesday's "inside day," again not threatening the 1.3105-1.3113 buy signal targeting 1.3185 and 1.3300.
Apr Contract GC; (NYSEARCA:GLD)
Wednesday's dip to fresh lows at 1566.40 was too shallow and too brief to fulfill what the pattern has been projecting. Nevertheless, it reacted up quickly to retest 1584.00 resistance that held Monday's opening surge. And 1575.00 was being tested through the close yet again. If a more serious probe of fresh lows isn't underway soon after Thursday's open, then a much bigger detour up could be underway targeting at least 1595.50-1601.00.
Mar Contract SI; (NYSEARCA:SLV)
Wednesday's late-morning surge held a test of Tuesday's 29.10 high, reacting down almost to 28.65. Closing above 29.10 would likely avoid fresh lows.
30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Not recovering above 143-22 kept the pattern vulnerable to lower lows gaining traction. Still, Wednesday's gap down may have been premature. Extending down further Thursday ahead of Friday's NFP could setup a bullish reaction to the report.
Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Crude oil's recent price dip is obviously the result of fewer buyers. Could that reduction have been insiders with early knowledge of Chavez being on death's door (if not already dead)? Price firmed Tuesday up to 91.00, and Wednesday's 89.55 low attacked Tuesday's low to within $.20. That might have bought time for a recovery, but not rallying soon after Thursday's open would make a much deeper drop likely.
Natural Gas
Mar Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday's reaction down from Monday's attack 3.60 extended lower Wednesday, targeting 3.30-3.33.
Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at
RodDavid .com
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TALLAHASSEE, Fla. (AP) -- There's a lack of gun-friendly bills in gun-friendly Florida.
Neither Republicans nor the National Rifle Association are seeking to advance gun rights in a year when Democrats want to repeal or rewrite laws Republicans have passed in recent years. That includes the "stand your ground" law that allows people to use deadly force if they feel threatened.
While Democrats are raising the debate, there's little chance the bills they're filing will pass in a Legislature where they're outnumbered nearly 2-to-1 by Republicans.
While Republicans may not be seeking new gun laws, a House measure would ask representatives to send a message to President Barack Obama and Congress to protect gun rights.


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Patent and Trade Secret Law
Summer 1998
Final Examination
This examination is an open book examination. You will have two hours to finish the examination. Please answer the precise question asked. and do not demonstrate your broad knowledge of the law beyond the scope and content of the question asked.
Question 1
Adrian Reynard, owner of Reynard Mfg. International. developed and improved a method for manufacturing electro-chromic devices in his Wolfshead. Surrey manufacturing plant during January of 1997. The plant started manufacture of the devices at or about that same time under the direction of Adrian's plant manager. Walter Hauser. The electro-chromic devices were sold to customers starting in June 1997. At the same time Adrian opened a second manufacturing facility in Huntsville. Alabama. Devices made in the Alabama plant were offered for sale. and, sales were made to several European and Asian customers.
The electro-chromic devices do not inform anyone of the method used to make them. All employees of the Huntsville plant are under duties of confidentiality In June of 1997 Walter Hauser moved I to the United States. but upon refusing to enter into the confidentiality agreement required by the Huntsville operation was terminated and has no duty of confidence to Reynard's company.
If Reynard applies for a United States patent not having filed anywhere else previously. can he obtain a valid United States patent for the method of making the electro-chromic devices? Assume the invention is unobvious over the prior art of others.
Question 2
Allison Aronson and Barley Bert each independently have invented global positioning systems that operate not from the use of satellite references. but from di itized magnetic atlas data. Allison and Bartley's 91
respective inventions are the same. Allison filed for her United States patent April 30. 1998 based upon a claim to priority based upon her filing in the Swiss patent office on March 30. 1998. Allison never made an actually reduced to practice embodiment of her invention. but has a signed and witnessed laboratory notebook dated September6. 1996. that shows each element of the claimed invention and shows the relationship of each element to the other. Allison decided that it was wisest to wait for the World Magnetic survey to a completed rather than gather all of this evidence herself. She did test the overall workability of the concept by testing the device in a small area that had been surveyed. Nebraska. in the 1930's
Barley conceived of the invention in May of 1997 and had a working prototype in January of 1998 and then filed in the United States Patent and Trademark office June 1. 1998. Barley prototype was completed within two weeks of his finishing work on the global magnetic survey.
Who has the superior claim to priority of invention? Please discuss the pertinent facts and law.
Henry Marchand manufactures and sells water purifiers in France and throughout Europe. Laurence Evian invented and owns U.S. Patent No. 6,123.000. which covers the product Marchand sells in Europe. Marchand sells to Willie Webber who distributes the product throughout Europe. Marchand knows that on occasion Webber has sold product into the United States and has voiced his dismay at such practices. Webber has recently opened a sales page on his Internet site.
Under what conditions might Marchand is liable for infringement of the 6.123.000 patent?
Question 4
Lorne Tompkins created a software code writing business. "Code-in", in Brattelboro. Vermont in 1988 and worked with various larger software firms. Code-in specialized in writing software components for user interfaces, Typically. code-in would supply the software component to each client under a testing contract that included a confidentiality requirement. Their customers included Macrosoft. ManualDesk. Ibexes. and others. Each customer was one of long standing and each had entered into these agreements and had know ledge that such was the practice of Code-in.
In 1995 ManualDesk was gearing up for introduction of their product to the Doors 95 operating system which was to be introduced in late 1996 after having been scheduled to ship in early 1993. Since. the 95 introduction was far earlier than anyone in the industry could have expected ManualDesk had been caught flat-footed and needed to integrate into the 95 operating system to maintain the high growth profile it had enjo yed previously.
In 1995 ManualDesk was not happy with the rate of progress that Code-in had displayed. but lacking source code they were stuck. In desperation they hired one of Codein's programmers to start an independent product development. Cody Ranger left code-in to join ManualDesk in 1995. and took with him source code. most of which lie had written himself Based upon this code. ManualDesk launched its Doors 95 program successfully and rocketed to the top of the Engineering utilities software market.
Code-in has all of its employees sign an invention assignment agreement. However. it is agreed that the software that Code-in wrote for ManualDesk is not patentable. There is no non-compete agreement nor any confidentiality agreement. Code-in operates in a large brick Victorian house in Brattelboro with no locked doors and no security on its computer system.


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USA Cycling's response to ACA Relationship
Submitted by Kris Thompson on
From Steve Johnson
President and Chief Executive Officer
August 22, 2011
To my fellow cyclists in the great state of Colorado!
As many of you know, I have been actively involved in competitive cycling for more than 30 years. During this time, I
have met many wonderful people, made many friends and accumulated countless memories that will endure for the
remainder of my life. Like most of you, I spent much of this time in the sport just worrying about my own racing
experiences, never giving the process of managing the sport a second thought. My how times have changed!
Today we find ourselves embroiled in a discussion of the relative merits of USA Cycling versusthe ACA as
a preamble to some sort of "vote" by the clubs to determine whether or not Colorado racing should join USA
Cycling and the national family of 33 other local bike racing associations, or remain an autonomous organization
without any affiliation to the national or international sport structure. Based on discussions I have had with
many of you, I suspect a large number of Colorado racers really don't care much one way or the other, while
an even larger number can't figure out what all the brouhaha is about. However, for those of you who find
yourselves wondering how we got to this point and are actually concerned about the future of Colorado bike
racing, I would like to take a few minutes of your time to discuss this important and timely issue.
Read the full statement from USA Cycling
This is in response to the ACA Position Statement on USA Cycling Relationship
News Item:
40 Comments
Submitted by Anonymous (not verified) on
This is exactly correct. And, to be more specific, they'll have an easier time of it because their focus would be strictly on building grassroots racing and development programs, not on all the governance issues of trying to be a sanctioning body as well.
to whoever keeps posting the Sand Creek Sports links, fair enough. Not that 2 wrongs make a right, either, but honestly our memories are pretty short, and ACA didn't have the best track record ever on fiscal transparency prior to the board basically being forced to disclose when Beth W.E. stepped down. The prior ACA government was a happy little exercise in nepotism / protectionism for the Estes, frankly. But no one ever seems to bring that up.
Points: -10
Comparing apples to apples
Submitted by Anonymous (not verified) on
Imagine what ACA could do with the increased revenue if they charged the same as USAC for a license. Then which would be the better organization? I also agree with the comment about the lack of addressing the masters, which seems to be the biggest growing group of racers in Colorado. I also agree about the lame 'benefits' that the USAC guy is crowing about. Keep ACA independent!
Points: -22
Submitted by Anonymous (not verified) on
Well said!
Points: 14
increased revenue?
Submitted by Anonymous (not verified) on
So you think increased revenue would allow ACA to do even more? How much more increased revenue do they need? For crying out loud, they have almost a half a mil in cash reserves... if they can't do more than they're doing now with what they have, adding a little more money to the bank account isn't going to change a thing.
Points: 23
Submitted by Anonymous (not verified) on
Say the ACA decides to fold back into the "new" USAC, and new turns out not to be better. So three years down the road, the ACA splits off like it did in the late '90s. What will have been lost in giving it a shot? Obviously some brain damage and administrative headache, but the rod map's already in place - what else? I ask that seriously, because I don't know, and it seems important. If do it without being screwed, I'd be inclined to give it a shot. If as a practical matter it would be an irreversible decision, leave well enough alone.
Points: 37
Submitted by Anonymous (not verified) on
the risk is burnout from the 5-10 people that actually organize everything, without them, there won't be an ACA to fall back to.
Points: 7
For 80% of the racers,
Submitted by Anonymous (not verified) on
For 80% of the racers, beyond paying a bit more for an annual, there would be little to no change. There would be a different name on your license. I bet you'd see more crossover from collegiate racers, and juniors would have instant access to programs like LAJORS and easier opportunities to race nationally if they're talented. BAR/BAT would continue on as it's shown its value to the local promoters - even if ACA as it currently exist goes away, BAR/BAT or something very similar will take its place. The same races would go on, just with a different set of logos on the flyer.
So there are pros and cons, but to the average bike racer the transition would be seamless. There will be the usual grumbling from some of the old guard who don't ever want things to change, but I've done both and it's no more difficult promoting a race under USAC than ACA. Plus USAC members get pretty good deals on power meters, insurance, and free bike vouchers if you want to fly your bike on United :D
Points: -42
USAC License Prices...
Submitted by Anonymous (not verified) on
$60 is just for the primary license. If you race multiple disciplines add on some extra $...
PRIMARY ADULT racing license (19 years or older on 12/31/11): $60 $ ________________
ADD-ON ADULT racing license (19 years or older on 12/31/11): $30 $ ________________
? Road/Track/Cyclocross ? Mountain Biking/Cyclocross (choose one)
COLLEGIATE racing license (collegiate only races): $30 $ _______________
Add-on collegiate license to an EXISTING Primary license (processing fee): $15
So a Collegiate racer that wants to race some USAC road, USAC Cat. 1 MTB and Collegiate races would have to pay $60 (Primary-road) + $30(Secondary-MTB) + $15(add-on Collegiate) = $105. That can't be right...
How long till Cyclocross is a $30 add-on license?
Licenses expire 12/31, so don't forget to renew before heading to Madison in January.
The USAC license is no good for UCI races like Boulder Cup. So add on some more for that...
Points: 13
you do know that a
Submitted by Anonymous (not verified) on
you do know that a COLLEGIATE racer would have to pay that ANYWAY to do what you're talking about.
There is no collegiate racing program in ACA.
ACA does not put on mountain bike races.
I'm not sure what your point is.
Points: -1
Dude, I think you are a
Submitted by Anonymous (not verified) on
Dude, I think you are a little behind the times. The United bike voucher program was discontinued quite a while ago There really are no useful perks for USAC members. Just look at their "Member Benefits" page. 10% off some things you don't need or want, and could probably find online for cheaper if you did. Show me where USAC members get "good deals" on power meters. I don't see that deal published anywhere on the shiny, new USAC site.
Points: 44


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Softball Announces Five Signings
Courtesy: BCUathletics.com
Release: 12/08/2012
DAYTONA BEACH , Fla. - Bethune-Cookman University Head Softball Coach Chris Cochran announced the signing of five players to National Letters of Intent.
Kaitlin Alamprese (Don Antonio Lugo HS, Chino, Calif.); Bailey Conner (La Costa Canyon HS, Encinitas, Calif.); Courtnee Laughlin (Colton HS,Colton, Calif.); Jess ica Valenzuela (Aquinas HS, San Bernardino, Calif.) and Destinee Williams (Heritage HS, Brentwood, Calif.) will join the three-time defending Mid-Eastern Athletic Conference champion Wildcats for the 2014 season.
"We are really excited about all five of our newly signed players," Cochran said. "They are all very good athletes with good speed who play on solid travel teams. All five players have received great coaching on their teams as well. I can't wait to get them on campus."
Alamprese (OF/INF) helped a high-powered Don Lugo team reach the 2012 California Interscholastic Federation-Southern Section Division 2 title game and was named second-team all-conference. She plays with the Southern Cal Strikkers travel team.
Conner (IF/P) was a second-team all-conference selection while seeing playing time at both first base and pitcher. She is a teammate of Alamprese on the Strikkers travel team.
Laughlin (OF/IF) was listed on the 2012 Cal-Hi Sports All-State Softball Underclass second team. She plays her travel ball with Quakes Gold.
Valenzuela (IF/C) hit .500 in 2012 while playing third for Aquinas. She'll play shortstop her senior season. Her travel team is Case Batbusters.
Williams (OF/UT) hit .462 last season while leading Heritage to a 22-3 record. She is a member of the Cal Bears travel team.
B-CU, coming off its third consecutive NCAA Regional appearance, opens its 2013 schedule the weekend of February 9-10 at the Florida State tournament, facing North Florida and Jacksonville in addition to the Seminoles.


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REPOST: Re: When should I expect my first eggs?
From: Jonathan (digitaltoast_at_gmail.com)
Date: 10/28/05
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Date: Fri, 28 Oct 2005 08:19:07 +0100
<firstname.lastname@example.com> wrote in message
> and
> fairness, was soon quieted by his arguments and representations.
> It was a side of the subject which he never had heard,--never had
> thought on; and he immediately told the Quaker that, if his slave
> would, to his own face, say that it was his desire to be free,
> he would liberate him. An interview was forthwith procured, and
> Nathan was asked by his young master whether he had ever had any
> reason to complain of his treatment, in any respect.
Quite what this has to do with poultry (or indeed cryptology - the newsgroup
replies were set to "follow-up" to) is beyond me, but a quick bit of
googling reveals firstname.lastname@example.com to have posted around 4,000 similar
messages in the last couple of days.
I guess it's probably not that person, but someone with an infected PC. I've
just done 30 abuse reports from google groups abuse reporting tool, perhaps
someone else can run a few reports when they see posts like this too. The
more the better :)
Path: ...news.maxwell.syr.edu!newsfeed00.sul.t-online.de!newsfeed01.sul.t-online.de!t-online.de!newsfeed01.chello.at!newsfeed02.chello.at!news.chello.at.POSTED!not-for-mail
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text:
Large Oak Tree Placed as Icon of Future Menifee Town Center
Contributed content: Menifee officials on Wednesday celebrated the arrival of the Menifee Oak T...
Contributed content:
Menifee officials on Wednesday celebrated the arrival of the Menifee Oak Tree, an 80-year-old California Live Oak that will serve as the landmark of the community's future gathering place, Menifee Town Center.
The Menifee Oak Tree was planted in the vacant lot on the southwest corner of Newport and Haun roads in what will become the Menifee Town Center. The large oak tree is the center's landmark and will be situated in a round-about in the middle of the Menifee Town Center's main road.
"The Menifee Oak Tree will be a distinct landmark for the community as well as the centerpiece of Menifee Town Center," said Regent Properties Representative Richard Lichtenstein. "We are ready to begin construction on the road that goes through the middle of the Town Center and will plant this very large, heavy tree now to avoid damaging the round-about, the road and tree by planting it later."
The oak tree made a grand entrance at its final destination after being transported 45 miles from the Valley Crest nursery to Menifee on an oversized, escorted flatbed truck in the early hours of Wednesday morning. It was lifted off the flatbed by a crane and placed in the large hole.
"This beautiful oak tree will become a special landmark for the Menifee community," said Interim City Manager Rob Johnson. "The Menifee Oak Tree embraces Menifee's agricultural heritage as it becomes the cornerstone of the community's meeting place, Menifee Town Center."
Menifee Town Center is a 172-acre planned mixed-use development being built by Regent Properties. The Town Center will feature retail, dining and entertainment establishments, and possibly a movie theater, as well as housing. It also is the future home of Menifee City Hall, making this a central gathering place for the Menifee community.
Work on Menifee Town Center is underway. The Santa Rosa Academy opened this past fall at the beginning of the 2013-14 school year, and utilities are in place for the rest of the development. Construction is set to begin on the main road this winter and the Town Center development is expected to be completed in spring 2014.
|From left: Interim City Manager Rob Johnson; Nicholas Biro, Regents Director of Land Development; Daniel T. Gryczman, Regents Executive Vice President of Acquisitions & Development; Richard Lichtenstein, Regents Representative; Councilman Tom Fuhrman; Councilman John Denver; Mayor Scott Mann.


text:
SCA donates over $140,000 in services per year to reach people in need. Your donation helps us reach more.
SCA customizes plans for local churches and other organizations to assist persons of their choice in paying for their therapy. The process involves three simple steps:
A church qualifies a person to receive assistance and refers the recipient to SCA. That person calls SCA's intake coordinator, who conducts a telephone interview to assess needs, insurance availability and other details. The intake coordinator assigns a therapist for the client to call for a first appointment.
Before the first appoinment, the client will sign a release form allowing SCA's administrative office to finalize an assistance agreement with the church's contact person and obtain the necessary signatures on a Church Assisstance Program (CAP) authorization form.
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SCA will mail invoices on a regular basis to the church contact person to cover therapy costs over the amount paid by the client and any applicable managed care program.
Once the client has used all the funds and/or sessions allotted in the agreement, it is considered completed. At that point the client and therapist are free to agree whether to terminate or continue treatment, and to arrange a new means of payment if they decide to continue.


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Feb. 18, 2014
By: Andrew Rich
By: Andrew Rich
FRESNO, Calif. -- Fresno State's women's indoor track and field team got its final tune-up for the Mountain West Championships on Monday evening, competing in the Run for the Dream meet at the Save Mart Center.
Sophomore Shakira Lewis set a new personal-best in the 55-meter heats, running a 7.12 seconds to win her section. She followed that up with a 7.14 in the final to win the event. Her previous best came at last year's Run for the Dream when she posted a 7.25. Tanae Turner finished fourth in the 55-meter with a time of 7.36 and Chasity Fellows ran a 7.38 to finish fifth.
In the long jump, senior Ashley Hatcher set a new personal-best in the long jump with a distance of 5.31 meters (17 feet, 5.25 inches). She finished fifth in a field of 19.
The Bulldogs went 1-2 in the triple jump thanks to new personal-best distances for Fabrina Espinoza and Tiera Simpson. Espinoza, a senior, jumped 11.73 meters (38'6") to win the event. Simpson, a freshman out of Sunnyside High in Fresno, jumped 11.69 meters (38'4.25") to finish in the runner-up position.
Meagan McKee, who had just competed over the weekend in Seattle, won both the weight throw and the shot put. Junior Caitlin Byrd, who also competed in Seattle this weekend, finished second in the weight throw with a throw over 18 meters.
Fresno State is back in action February 27-March 1 when they travel to the Air Force Academy in Colorado Springs, Colo., to compete in the Mountain West Indoor Championships.
"Catch the Wave" -- Stay connected with the Bulldogs on Facebook (fresnostateathletics), Instagram (fresnostateathletics) and Twitter (@FSAthletics)
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text:
· About T.J.
· Quotes & Positions
· Contact
· A Word from TJ
· Video from TJ
· Photo Gallery
· Past Voting Record
· Endorsements
· Volunteer Opportunities
Follow T.J. on:
T.J. Berry Biography
T.J., born to Tom and Theo Berry
on September 11, 1965, has been a life long Clay
County resident,. He graduated from Liberty High
School in 1984 and then went to Central Missouri
State in Warrensburg, MO, where he earned a Bachelors
degree in Graphic Arts Management. He completed
his degree work in 3 years so he could marry his
high school sweetheart, Shelly Ellison. They have
two children, Alex and Sami. Both are college students.
At the beginning of his junior/senior
year of college T.J. contracted the entrepreneurial
bug. He started Oakstone Wood Shavings. The company
sold wood shavings to horse barns to use as their
bedding material. This small business provided T.J.
a great learning experience, along with a nice starter
income, while he finished college and established
himself in the business world.
After completing his college
degree, T.J. joined Ashcraft Printing, where he
had done a college internship. He was an account
executive at Ashcraft Printing, and his duties involved
calling on accounts and establishing relationships
to sell printing on an ongoing basis.
In 1991 three big events happened
in T.J.'s life, the most important being the birth
of his son Alex. The second event was the loss of
his job due to the closing of Ashcraft Printing,
which led to the third event, the starting of his
second business: Business Cards, Ltd.
Since winning his 2010 election
T.J. serves on the following committees: Economic
Development, Small Business, International Trade
and Job Creation, Down Sizing Government and Alternative
Energy. In these committees T.J. has continually
fought to create jobs and balance Missouri's budget.
He also saw a need for organization
where the representatives of Clay, Jackson, Platte
and Cass counties would meet and work on regional
issues. TJ created the Kansas City Caucus to facilitiate
this collaboration, and now 17 republicans and 16
democrats work together to solve regional problems.
TJ is the republican chairman of this caucus,and
shares the leadership with his democratic counterpart
Representative John Rizzo.
Outside his business life T.J.
attends First Baptist Church of Kearney where he
teaches and has been a deacon for many years. He
is an avid golfer and likes to socialize with his
large group of friends. T.J. currently resides in
rural Clay County, just outside of Kearney.


text:
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Puzzle ring
18th century
Gold puzzle ring of four hoops, interlaced at the bezel to form a knot and set with five turquoises
17.12 mm internal ring diameter; 4.34 g weight
Bought in London
Presented by Dr C.D.E. Fortnum in honour of Queen Victoria's Diamond Jubilee, 1897; WA1897.CDEF.F814
Taylor and Scarisbrick, Finger Rings from Ancient Egypt to the present day, 1978, no. 726


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text:
No End to the Demand for Corporate Bonds
Fil Zucchi
DeMark Indicators and the corporate bond market share the same message about equities.
Last week, I looked at
several DeMark indicators
applied to the S&P 500 Futures (SP1) pit contract. My conclusion was that stocks might be in for a bit of a rough patch in the near term, but further out, the trend remains pretty solidly bullish. This jives with the state of the corporate bond market, which I submit to you is
linchpin for higher stock prices, since it is the sale of corporate bonds that funds companies' buybacks, and since on a net basis, corporations are, and have been for years, the only net buyers of equities (you can look at
Table F.213 of Publication Z.1
for data).
So this week, it is worth looking at four key tells concerning the health of the corporate bond market: credit default swaps on major US financials; a generic CDS index on high-yield bonds; high-yield rates; and, most importantly, corporate bond issuance.
After the CDS of major US financials recovered from the June spike, which conveniently coincided with the
(INDEXSP:.INX) 7% correction, the spreads have remained fairly steady. This CDS subset is a favorite of macro bears, so the fact that it's remaining fairly quiet suggests that these players aren't buying into all the omens (Hindenburg and otherwise) surrounding equities.
About the same can be said of the Markit CDX North America High-Yield Index, a widely followed index of CDS on US junk bonds. If anything, it may be worth noting that this indicator has been improving of late despite the drop in stocks.
The third chart shows the Barclays US Corporate High Yield Index. I've shown the weekly chart of this index in
past articles
to suggest that since the end of the financial crisis, it has not managed to establish a single upward trend, which I define as a completed De Mark TD sell setup. The story continues, and the current count has a long way to go before completing. One yellow flag is the proximity of the weekly TDST level up to the current price. However, that's almost inevitable since the relentless completion of buy setups establishes ever lower resistance. I'd be more concerned if spreads were to break the monthly TDST level up at 735bps.
The real story, of course, is what is happening in the corporate bond issuance market. You can slice and dice the numbers however you want, but the only conclusion is that the appetite for new bonds remains insatiable. According to the Bloomberg LEAG tables year-to-date, approximately $1.024 trillion of new bonds have been sold in the US, versus approximately $953 billion last year. Moreover, if you flip through the biweekly
Pensions & Investments
publication, you will read all about the persistent allocations of new money to corporate funds and to real estate funds. (This raises the question of what may happen to equities of REITs down the line, despite the rise in Treasury yields. Keep an eye on the
iShares US Real Estate ETF
(NYSEARCA:IYR), though this is a subject for another story.)
Throw in the increase in well-received covenant-lite offerings (even in Europe), the flood of money into US leveraged loan funds (much driven by the floating rate nature of these securities), and the steady issuance of CLOs and CDOs, and good luck making the argument that the corporate bond market is in dire straits.
Bottom line: Only in hindsight will we know if the current dip in stocks is over, but consistent with longer-term bullish DeMark setups for stocks, corporate bonds suggest that the run for equities is far from being over.
Editor's Note: At Minyanville we often argue that markets and stocks are driven by four primary attributes: the fundamentals, the technicals, the structural, and psychology. In this weekly piece, trader Fil Zucchi will attempt to digest these four measures to come to actionable recommendations, but with a couple of twists: Rather than relying on standard technical analysis, he will examine the technicals through the lenses of "DeMark" indicators. And rather than highlighting straight entry and exit points for stocks, he will use options to gain long / short exposure, control risk, and generate cash flow. Investors should note: This column will be written 1-2 days prior to publication, so by the time it appears the prices of the securities mentioned may have changed.
Position in SPX.
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