Tokyo, June 1996. Ji is the word for “hemorrhoid.” I looked it up. The sound is identical to chi, “blood,” and only the Japanese can distinguish them. My problem is I’ve run out of hemorrhoid ointment. A wiry lady in a lab coat, the only person in the small pharmacy, greets me apprehensively. I greet her in my best Japanese. “I’m sorry to trouble you,” I add, a fixed expression used in front of a question. It comes out smoothly, and I feel more confident. Her apprehension grows.
Monthly Archives: May 2012
Ron Paul Slugs At The Fed One More Time
by Wolf Richter • • Comments Off on Ron Paul Slugs At The Fed One More Time
Before retiring from Congress, Rep. Ron Paul, Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology, slugs at the Fed one more time: Tuesday, his committee weighs six bills to reform or abolish the Fed which “continues to reward Wall Street banks while destroying the dollar’s purchasing power and driving up the cost of living for average Americans,” he said.
Greece: “We Are Their Greatest Fear”
by Wolf Richter • • Comments Off on Greece: “We Are Their Greatest Fear”
“There are certain misconceptions that worry me: for instance, the misconception that whatever happens, we are not going to leave the euro,” said Evangelos Venizelos, former Finance Minister and president of the socialist Pasok party. But outraged Greeks are searching for alternatives, and on Sunday, they’ll get to vent their anger at the political elite.
Havoc and Opportunity in Natural Gas
by Wolf Richter • • Comments Off on Havoc and Opportunity in Natural Gas
The fourth warmest winter on record, which curtailed the use of natural gas for heating, coincided with record production of natural gas. Storage facilities, filled to record levels for this time of the year, may soon reach capacity, forcing the industry to flare excess gas. This, doom-and-gloom theorists go, will force the price of gas to zero in the US. The point of maximum pain. But there’s a monumental shift, and demand is spiking.
“The Great Train Robbery,” California Version
by Wolf Richter • • Comments Off on “The Great Train Robbery,” California Version
The hoped-for April spike in personal income tax revenues for the State of California fell again below the assumptions used to get the budget to “balance.” Instead of $9.4 billion, the state collected only $7.4 billion. A 21% shortfall! Corporate taxes were also below forecast. Red in ink for fiscal 2012 is nearly $12 billion. And yet, California has a mega-project.
Calamity Economy Rearing its Ugly Head Again?
by Wolf Richter • • Comments Off on Calamity Economy Rearing its Ugly Head Again?
“Despite all of the rhetoric to the contrary, it looks like the air got let out of the balloon,” commented the members of the Survey Panel of the ISM-Chicago Business Survey; the closely watched numbers had suddenly taken a turn for the worse. But the phenomenon wasn’t limited to the Chicago area. And now there are real reasons for concern.