Jim Rogers: “Nobody Gets Out Of This Situation Until There’s A Crisis”; new book Street Smarts is the best book written by Jim Rogers

Jim Rogers: “Nobody Gets Out Of This Situation Until There’s A Crisis”

Tyler Durden on 05/30/2013 22:48 -0400

The following is GoldMoney contributing author Felix Moreno’s interview with famed investor Jim Rogers. We hope you enjoy it.

Félix Moreno: Please tell us about your new book, Street Smarts. What was your motivation for writing it?

Jim Rogers: To my surprise people tell me it’s my best book. I never would have expected this reaction. I’ve written a few books about specific things, but my publisher said, “look, you’ve never sort of pulled it together: how did you get from the backwoods of Alabama to Singapore” – among a few things. I had a few setbacks along the way, and a couple of successes. So I sat down to put it all together in the book, how it all worked and everything seemed to be worth it. Some people seem to enjoy it, to my delight. Read more of this post

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Is This China’s ‘Minsky Moment’?

Is This China’s ‘Minsky Moment’?

Tyler Durden on 05/30/2013 22:18 -0400

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China’s credit growth has been outstripping economic growth for five quarters with the corporate debt bubble looking increasingly precarious (as we explained here and here). This raises one key question: where has the money gone? As SocGen notes, although such divergence is not unprecedented, it potentially suggests a trend that gives greater cause for concern – China is approaching a Minsky moment. At the micro level, SocGen points out that a non-negligible share of the corporate sector and local government financial vehicles are struggling to cover their financial expense. At the macro level, they estimate that China’s debt servicing costs have significantly exceeded underlying economic growth. As a result, the debt snowball is getting bigger and bigger, without contributing to real activity (see CCFDs for a very big example).This is probably where most of China’s missing money went. Read more of this post

Zuckerberg’s Step Into Politics Pushes Tech Friends Away

Zuckerberg’s Step Into Politics Pushes Tech Friends Away

Facebook founder Mark Zuckerberg’s bipartisan political organization is losing friends.

The group backed by technology millionaires and billionaires, called FWD.us, began advocating in April for changes to U.S. immigration law. Within weeks, FWD.us surprised some of its members by setting up partisan offshoots and airing ads promoting Democratic Senator Mark Begich’s support for oil drilling and Republican Senator Lindsey Graham’s backing of the Keystone XL pipeline.

It’s a strategy intended to give political cover to some senators who may support an immigration bill by reminding uneasy voters of the lawmakers’ other policy priorities. Yet the tactic angered some pro-environment donors and sparked a social-media campaign against Zuckerberg. Read more of this post

Halsey Minor, the CNET Networks founder who sold the company for $1.8 billion five years ago, filed for bankruptcy to liquidate his assets and pay his creditors

CNET Founder Minor Files for Bankruptcy After Selling Art

Halsey Minor, the CNET Networks Inc. (3549162Q) founder who sold the company for $1.8 billion five years ago, filed for bankruptcy to liquidate his assets and pay his creditors.

The Chapter 7 petition filed May 24 in U.S. Bankruptcy Court in Los Angeles listed assets of as much as $50 million and debt of as much as $100 million. In Chapter 7, a U.S. Trustee, or sometimes a judge, appoints an impartial trustee to administer the case and sell assets such as automobiles.

Minor, 47, sold CNET to CBS Corp. (CBS) in 2008. His Minor Ventures invested in early-stage technology startups including GrandCentral Communications Inc., which Google Inc. (GOOG) bought in 2007 for about $65 million and renamed Google Voice. Read more of this post

Former Prime Minister Kevin Rudd Puts Canberra House Up for Sale for A2.25m; bought in Sep 2010 at A$2.175m

Former Prime Minister Kevin Rudd Puts House Up for Sale

Former Australian Prime Minister Kevin Rudd has put his five-bedroom house in Canberra up for sale with an asking price of A$2.25 million ($2.18 million) after abandoning any aspirations to again lead the country.

The 465-square-meter (5,005-square-foot) house in the suburb of Yarralumla, a five-minute drive from Australia’s Parliament House, was listed for sale on May 29, said Shane Killalea, an agent at broker Peter Blackshaw Canberra, who is marketing the property. Rudd and his wife Therese bought the house in 2010. They moved out at the end of 2011 after their son Marcus completed his schooling in Canberra, Rudd’s office said in an e-mailed statement.

Rudd, 55, became prime minister when the Labor party won power in the November 2007 election. The former diplomat, who represents the seat of Griffith in Brisbane where he lives, was ousted in a late-night coup that installed current Prime Minister Julia Gillard in June 2010. Read more of this post

Growth Not Missile Threat Tops President Park’s South Korea Agenda; “If there are more people like you, we will be able to create the world we dream of,” Park, 61, told the smiling Gates

Growth Not Missile Threat Tops Park’s South Korea Agenda

With North Korea escalating its threats to test a ballistic missile, South Korean President Park Geun Hye was conferring with Bill Gates on another pressing matter. Seated across from Microsoft Corp.’s billionaire co-founder on April 22 at a formal dining table in the Blue House, her official residence, Park picked the tech mogul’s brain about how to nurture entrepreneurs to keep the world’s 15th-largest economy humming.

“If there are more people like you, we will be able to create the world we dream of,” Park, 61, told the smiling Gates.

By most measures, South Korea has already implanted itself among the globe’s economic success stories, Bloomberg Markets magazine will report in its July issue. The one-time agrarian backwater has emerged as an icon of manufacturing, technology — and cool. Read more of this post

Taiwan Capital Gains Tax Revisions Delayed by Opposition Party; Lawmakers are weighing a tax cut after stock trading volume declined by as much as 30 percent in the first four months of the year

Taiwan Capital Gains Tax Revisions Delayed by Opposition Party

Taiwanese opposition lawmakers today delayed cutting a controversial capital gains tax on share sales of more than NT$1 billion ($33.3 million) and removing an index price threshold that depressed shares.

Tsai Chi-chang, a Democratic Progressive Party lawmaker, said his party doesn’t support the ruling Kuomintang’s proposals and favors its own plan for a flat tax on all capital gains, which “fits the idea of fairness and justice and increasing government revenue.” The benchmark Taiex index rose 0.5 percent to 8,281.42 as of 11:21 a.m. local time.

Lawmakers are weighing a tax cut after stock trading volume declined by as much as 30 percent in the first four months of the year, according to Credit Suisse Group AG. President Ma Ying-jeou’s administration and legislators argued over about 10 versions of the tax last year, prompting then-Finance Minister Christina Liu to step down. The Taiex lost 13 percent during the period. Read more of this post

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