Equation
Lieutenant General
Pig on a spit too!
Never heard of a "Pig on a spit" before, what's that?
Pig on a spit too!
Its like a pit, just imagine the whole animal slowly cooking impaled upon homade heavy duty rotisserie which slowly revolves around a simmering fire beneath it.
Do you know what a copper is?. Its a round copper bowl about 20" in diameter and fits inside a stone oven which is lit from below. to heat water for washing.
Ive seen old timer Chinese adapt this for pig roasting.Marinated with spices and herbs and a bottle of whiskey,after a few hours it would come out finger lickin good. Im glad Col Sanders never got hold of the recipe. Mind you the cooks got pretty tipsy too, while minding the roast.
Never heard of a "Pig on a spit" before, what's that?
WASHINGTON (AP) -- U.S. hiring roared back in October after two weak months, with employers adding a robust 271,000 jobs and likely setting the stage for the Federal Reserve to raise interest rates next month.
The unemployment rate dipped to a fresh seven-year low of 5 percent from 5.1 percent.
The burst of hiring, the most since December, filled jobs across a range of industries as companies shrugged off slow overseas growth and a struggling manufacturing sector. Significant job gains occurred in construction, health care and retail.
Friday's report from the government suggested that the U.S. economy is rebounding after a worrisome summer and is continuing to outshine other major economies. During August and September, U.S. hiring had flagged amid financial turmoil in China and faltering growth in Europe and emerging markets.
Even so, American consumers have kept spending at a healthy pace, supporting strong job growth even as factory payrolls were flat last month and oil and gas drillers cut jobs.
Soon after Friday's report was released, the prospect of higher interest rates drove down financial markets. By late morning, stocks had fallen modestly. And the yield on the benchmark 10-year Treasury note had surged to 2.33 percent from 2.23 percent Thursday, suggesting that investors see a greater likelihood of a Fed rate hike.
After a prolonged period of relatively stagnant pay raises for many Americans, last month's robust hiring also raised wages 9 cents to $25.20. That is 2.5 percent higher than 12 months ago, the sharpest year-over-year gain since July 2009. That is comfortably above inflation, which was been flat in the past year.
The solid pay gains should fuel more consumer spending in coming months, which, in turn, could support further hiring.
"These are very strong numbers and likely to continue," said Carl Tannenbaum, chief economist at Northern Trust.
Retailers added nearly 44,000 jobs in October, the most since November and a sign that they anticipate healthy sales for the holiday shopping season. Hotels and restaurants added 41,000.
Matt Friedman, chief executive of the Wing Zone restaurant chain, said he thinks lower gas prices are encouraging more people to eat out and boosting sales at his company's 93 U.S. sites. Company sales have grown 6 percent this year from 2014. Wing Zone is adding three jobs to its 18-employee headquarters staff and expects to open 15 stores this year and 19 next year.
"People are spending more money," Friedman said. "Fuel prices have a big impact."
FILE - In this Tuesday, Oct. 6, 2015, file photo, people attend a job fair at Dolphin Mall in Miami …
During October, many higher-paying sectors enjoyed healthy gains, notably professional and business services, which includes lawyers, architects and engineers. That sector added 78,000 positions, the most in nearly a year.
Some economists cautioned that the explosiveness of October's job growth was likely in part a bounce back from the tepid gains in August and September, when fears about the global economy had led some employers to hold back.
"We see some makeup from hiring that was put off when the economy was hesitant in the late summer and early autumn," said Patrick O'Keefe, director of economic research at CohnReznick.
Any job gain above roughly 150,000 was expected to keep Fed policymakers on track to raise rates from record lows at their Dec. 15-16 meeting, though the Fed will have one more jobs report to digest before then.
Chair Janet Yellen and other leading Fed officials have said that the economy is generally healthy and that the December meeting is a "live possibility" for a rate hike.
"This data tips the scales toward a rate hike in December but more importantly is a sign that our economy may have more punch than we thought," said Tara Sinclair, chief economist for job site Indeed.com.
Consistently strong hiring would continue to reduce the unemployment rate. The economy typically needs only about 100,000 jobs a month to keep unemployment from rising. That figure has fallen in recent years as an aging population and increasing retirements by baby boomers have slowed the growth of the U.S. workforce.
Other data show that consumers have kept spending in part because of lower gas prices and a recovery in the stock market. The economy grew at just a 1.5 percent annual rate in the July-September quarter. The slowdown occurred mostly because businesses cut back on their stockpiles and exports weakened.
Still, Americans boosted their spending at a healthy 3.2 percent annual pace. That spending has encouraged many services firms, which make up roughly 80 percent of the economy, to step up hiring.
Overall, services companies expanded in October at the fastest pace in three months, according to a private survey by the Institute for Supply Management. That was in sharp contrast to the ISM's survey of manufacturing firms, which barely grew in October.
For the first time in centuries, China now affects the global economy as much as it is affected by the global economy. In the years ahead, China is likely to account for between a third and half of growth in global incomes, trade and commodity demand, and its significance will only increase as its share of the world economy rises.
I returned last week from a trip to China with the dispiriting conclusion that the world lacks shared understandings regarding goals for the evolution of the Chinese economy, the objectives of China policy in the short and medium term, and the institutional structures needed to manage both co-operation and inevitable tensions. President Xi Jinping has rightly called for a “new form of great-power relationship”. But it must be embedded in, if not a new international economic architecture, then a substantially revised and updated one.
The first issue on which clarity is required is whether it is the objective of the US and the global community to see China succeed economically as a support for global prosperity and a driver of positive social and political change, or whether it is to contain and weaken the country economically, so it has less capacity to mount global threats. This is seen in Beijing as a live question, and is a matter of debate beyond the shrill rhetoric of protectionists and politicians.
The Council on Foreign Relations, hardly a source of xenophobic or radical ideas, recently issued a report drafted by leading US diplomats condemning American efforts to build up China within the international economic order and calling for a “balancing strategy” that includes “new preferential trading arrangements . . . that consciously exclude China”. No small part of the case being made by the Obama administration for the Trans-Pacific Partnership trade deal involves the idea that it will promote competitiveness vis-à-vis China and reduce China’s influence in determining global trade rules.
The world cannot expect economic co-operation from Beijing if its objective is to inhibit Chinese economic performance. As Mr Xi’s rapturous recent reception in London illustrates, the US may isolate itself from traditional allies if it does not co-operate economically with Beijing. If Chinese economic performance deteriorates substantially, there is a risk that a balancing strategy invites a hostile nationalist reaction. None of this is to say Washington does not have valid concerns about China’s behaviour in the economic arena or to deny that these should be pursued vigorously. It is to say that our objective must continue to be mutual growth and prosperity.
"The necessary reforms if China is to grow sustainably and strongly over the next decade will surely take a toll on growth in the short run"
Second, China faces fundamental economic policy choices in which the whole world has a great stake. At a time when its economy is slowing and its wealth-holders desire to diversify their assets abroad, it is incoherent to favour both financial market liberalisation and exchange rate appreciation, as some in the US do. The necessary reforms if China is to grow sustainably and strongly over the next decade — such as closing unprofitable state enterprises and limiting the ability of local governments to borrow and build on a vast scale — will surely take a toll on growth in the short run. This will reduce demand for imports from the rest of the world and raise China’s trade surplus.
Reasonable policy dialogue requires a recognition of the tensions between short and long term, and national and global interests. The world is likely to benefit from recognising that its deepest interests lie in China pursuing more not less reform, even at the expense of modest reductions in its contribution to global demand over the next couple of years, and possibly more exchange-rate depreciation than we would prefer.
Finally, there is the question of institutional architecture. The emergence over the past year of a major Asian trade integration effort (the TPP) in which China does not participate, and a major financial institution (the Asian Infrastructure Investment Bank) in which the US does not participate, is hardly auspicious. Worse, the US failure to provide congressional approval for China’s voting power in the IMF to rise above that of Belgium’s suggests a troubling indifference to global reality. Institutions in which both powers have appropriate roles are urgently necessary if the global economy is to get back on track.
In The Economic Consequences of the Peace, John Maynard Keynes asserted the primacy of economics, observing: “the perils of the future lie not in frontiers and sovereignties but in food, coal and transport”. His call for strong polices directed at promoting mutual prosperity and co-operation went unheeded, with catastrophic consequences. Today, the perils of the future have much to do with China’s rise and with the worlds of commerce and economics. Let us hope that we find the wisdom to manage them well.
The Countries With The Most Millionaires
The United States has the world’s biggest millionaire club by a huge distance. No other country comes even close to matching it. According to the , the U.S. was home to 41 percent of the world’s millionaires in 2014, and its share grew to 46 percent in 2015.
Wealth has risen in the U.S. for the seventh year in succession and the U.S. millionaire population now stands at 15.7 million, according to the report. The United Kingdom comes a distant second with 2.4 million, while Japan rounds off the top three countries with a millionaire population of 2.1 million.
*Click below to enlarge (charted by)
I just read in the Chinese economics thread that China just surpassed America in Billionaires. I don't know how that makes sense with just a huge difference of millionaires between U.S and China, with China being sixth on the list.