BUSINESS: While you were looking the other way….

Bin Laden dead, long live global madness

The degree to which BBCNews is behind the music (a direct result of an employment policy based on pc toadying rather than meritocracy) was shown up today as a young reporter sent a report back exclusively live and direct as it happened in real time from the former Bin Laden compound.

Patting the thirty-foot walls as if they might be a heifer, the young lady opined, “What seems inexplicably odd is that this complex had neither internet nor telephone access”. Oh dear.

How can you be a foreign correspondent employed by what is alleged to be the world’s best news source, and not know that Bin Laden forsook all phones years ago after discovering his calls were being monitored by the CIA, and used to pinpoint his locations? Her observation should’ve been, “What seems inexplicably odd is that Pakistani intelligence didn’t investigate the tallest, biggest house in the whole region – especially as it had no record of telephonic connection”.

Sigh. Still, it is nice after three days of Binladenoia to post about something else. And the news is……nothing has changed.

The US Federal Reserve is to sue Deutsche Bank for fiddling the books during the Obama Mortgage relief plan. Next year, DB plans to diversify into pensioner-mugging, armed robbery, badger baiting and donkey thrashing.

Growth in the British manufacturing sector declined to its weakest level since September 2010 last month, confirming fears that the recovery in the sector is running out of steam. Economists said that the changes had to be examined under a microscope.
Factory-gate prices in the euro zone posted their sharpest annual gain for two-and-a-half years in March, putting more pressure on the European Central Bank to tighten monetary policy further. Spanish bond yields are edging up again, but it’s ok because Spain is going to be the exception to the other dominoes, allegedly. That didn’t stop unemployment there rising still further to 5 million – a national rate of 21.3%. Being more sane than the EU’s leaders, markets are betting on a Greek debt restructuring sooner rather than later, with yields on bonds maturing in 2012-2014 at sky-high levels as a €27 billion funding gap looms in 2012. Ollie Rehn thinks that would be a very bad thing – but that’s not the same as thinking it won’t happen.
Because there is nothing to be made on bank deposits, huge amounts of equity investment are still pouring into equities. The more bond yields rise, the more this will flow more quickly into that sector too. So when the banks wobble and the bond yields rise a little more, the stock markets will plunge, and then when the Treasuries are emptied by an eventual banking collapse, everyone will be ruined.
So like I said, no change at all really