…or, Why The NT News Won A Walkley Award:
I STUCK A CRACKER UP MY CLACKER – that’s reporting.
WHY I STUCK A CRACKER UP MY CLACKER - that’s journalism.
I think there’s something in that for all of us.
…or, Why The NT News Won A Walkley Award:
I STUCK A CRACKER UP MY CLACKER – that’s reporting.
WHY I STUCK A CRACKER UP MY CLACKER - that’s journalism.
I think there’s something in that for all of us.
Darwin’s NT News (“all the news that’s fit to print - and all the news that’s not!”) has kicked up a minor diplomatic incident by calling Singapore “a place where people think shopping is a sport and are so materialistic that they’ve stopped having children” and “zzzzzzzzzzz”.
Fortunately for the NT News: in Australia, truth is an absolute defence to libel.
That was nine months ago. This week, Bloomberg Businessweek joined the pileon:
Singapore ranks as the most emotionless society in the world, beating out Georgia, Lithuania, and Russia.
Singaporeans are unlikely to report feelings of anger, physical pain, or other negative emotions. They’re not laughing a lot, either. “If you measure Singapore by the traditional indicators, they look like one of the best-run countries in the world,” says Jon Clifton, a Gallup partner in Washington. “But if you look at everything that makes life worth living, they’re not doing so well.”
To be fair, Singapore has realised that raising a nation of robots might not be a great idea, so after forty years of robotitude they’re trying to do something about it. Lee Kuan Yew would turn in his grave (wait, he’s not? Never mind) if he heard his son saying this:
The country’s leaders want to promote a more free-wheeling society. In a speech last August, Prime Minister Lee Hsien Loong told Singapore’s Tiger Moms and Dads, “Please let your children have their childhood! No homework is not a bad thing.”
I was more than a little disappointed to hear that Singapore Airlines (one of the good things about living in Disneyland-with-the-death-penalty) is pulling the plug on SQ21-SQ22, its 18-hour nonstop over-the-top flight between Singapore and Newark (the best airport in the world and the worst? Quite possibly!).
I’ve flown that route a couple of times, and sometimes – if you’re lucky – it will take you further north than any other regularly scheduled flight in the world. The universe has to cooperate for this to happen: you can’t go too far north in the northern winter because nobody wants to ditch on the icecap in minus-40-degree twilight; you can’t go too far north if there are storms over the North Pole; and you can’t go too far north if the sun is too active (as it’s been for the last year or so), because your passengers will get fried by solar radiation.
But if you’re flying in summer, on a clear day, with no storms (terrestrial or extraterrestrial) to get in your way, your track can go as far as 89 degrees north, less than 200 miles from the North Pole, and if you have a window seat you can look down on Severnaya Zemlya from above:
And, three hours later, you look down on Greenland’s unearthly northern coast, utterly devoid of anything but rock and ice – a part of the world that only a handful of people will ever see:
So I get that jet fuel prices are making the route uneconomical, and I get that Singapore Airlines would rather focus on its lower-cost routes and its one-stop intercontinentals instead of its marquee nonstop flights. But I’ll still miss SQ21/22 – the most impractical and most spectacular airline route in the world.
(The new winner for “longest regularly-scheduled nonstop”, incidentally, is Qantas’s daft Sydney-to-Dallas nonstop. It’s a comparatively quick 15-hour flight, but the route only works one way: the return flight from Dallas to Sydney fights headwinds the whole way, and has to stop in Brisbane for fuel before the final one-hour hop to Sydney. Sometimes, if they cock up the headwind calculations, it even has to stop in Noumea as well as Brisbane - which really stretches the definition of a “non-stop” flight.)
Aussie non-bank lender Banksia Securities (S&P: unrated; Moodys: unrated; Fitch: unrated; Dagong: AAA+++++ WOULD BUY DEBENTURES AGAIN) has abruptly shut down and called in the receivers as of late last week.
it looks like the rural finance company’s mortgage book started turning sour and ate through the company’s wildly optimistic bad-loan provisions, which would make it an early casualty of the slow melt in Aussie housing over the last two years. The Age speculates:
a sudden realisation by a new management team about a long-term decline in the quality of loans, rather than a single large event, triggered the decision to freeze assets.
Banksia has more than 1000 loans, mostly to farmers, families and small companies in regional Victoria. It does not make loans over $10 million.
It does report high levels of overdue mortgage repayments. More than 10 per cent of $500 million worth of mortgages were more than 90 days overdue at June 30, 2012.
>10% of your loan book being more than 90 days overdue smacks of some – ahem – subprime underwriting decisions: compare it to this chart from the Richmond Fed, showing delinquency rates through the peak of the US housing meltdown.
Banksia’s turf was the working-class farming towns of Victoria’s Goulburn Valley, which has been hit relatively hard by the end of Australia’s 20-year uninterrupted run of housing price growth. They were lending to the subprime end of a subprime market, so it’s not entirely surprising that they sank beneath the waves without much provocation (though it was a bit surprising that they sank just four weeks after the auditors had given them a clean bill of health, and took $660 million of investors’ money with them).
But if this little company was able to run up 10% delinquencies in a bad corner of the market, it’s not unreasonable to expect the big four banks’ mortgage books to start degrading soon as well – especially since the first shakeout of nonbank mortgage lenders in 2008 left the big four banks (ANZ, NAB, Commonwealth and Westpac) as the 80-90% majority providers of mortgages, right as the market peaked.
(Disclosure: I don’t own a house in Australia, and I’d rather like to move back there one day but housing is SO BLOODY EXPENSIVE, so you could probably say I’m net short Aussie housing and seriously talking my book.)
The Blue Angels make a low pass over Alcatraz as part of their San Francisco Fleet Week show.
(Bonus: here they are, flying in over the Golden Gate Bridge.)
More Blue Angels photos to come, but here’s the first of a few cracking photos.
The country that gave us bubbles in real estate, equities, jade, paintings, shares in paintings, table salt, fermented tea, fake French wine, 19th-century stamps, silver, dead-caterpillar fungus and walnuts has just seen the collapse of a bubble in chrysanthemum tea.
The excellent Sinocism blog has the story, mostly untranslated; non-Chinese-readers can hit this Google Translate link for the sad but entirely unsurprising story of “Xinjiang snow daisy 20,000 per kg fell 30 yuan enterprises teeth to be the turning point”.
The country that gave us bubbles in real estate, equities, jade, paintings, shares in paintings, table salt, fermented tea, fake French wine, 19th-century stamps, silver, and dead-caterpillar fungus is now inflating a bubble in… walnuts? Reuters Insider has the 24fps scoop:
And, of course, “walnuts go up [in price] every year”. What could possibly go wrong, etc etc etc.
I disagree with Bruce Schneier’s take on the new field of “implicit passwords” - passwords that you remember subconsciously rather than consciously and that you type in by, essentially, playing Guitar Hero.
He writes:
The system isn’t very realistic — people aren’t going to spend 45 minutes learning their passwords and a few minutes authenticating themselves…
Are you kidding? I would totally use this just so I could log in to my PC with the hook from Back in Black.
On a more practical note, it’d make June-2009-oil-futures drunk-trading incidents a thing of the past.
And you’d quickly learn never to get on the wrong side of the IT department, after the second or third incidence of them resetting your password to Never Gonna Give You Up.
An epic placeholder-text balls-up on the front page of today’s FT Asia edition. Have a look at the pull quotes on top of the photos of Helicopter Ben and Merv the Swerve… I’m fairly sure neither of them said “King quote gets these in here and quote here”.
If you can’t see it, click through here for the full-size version.