Saturday, December 24, 2011
Sungha Jung - The Winner Takes It All (ABBA)
"The Winner Takes It All" is a song recorded by Swedish pop group ABBA. Released as the first single from the group's Super Trouper album on July 21, 1980, it is a ballad in the key of F-sharp major, reflecting the end of a romance. The single's B-side was the non-album track "Elaine".
"The Winner Takes It All", originally "The Story of My Life", was written by both Björn Ulvaeus & Benny Andersson, with Agnetha Fältskog singing the lead vocal. The lyrics to the song were thought to mirror the divorce between Ulvaeus and Fältskog in 1979, similar to the song "When All Is Said and Done", which details the divorce between Anni-Frid Lyngstad and Benny Andersson.
Ulvaeus denies this, saying the basis of the song "is the experience of a divorce, but it's fiction. There wasn't a winner or a loser in our case. A lot of people think it's straight out of reality, but it's not". American critic Chuck Klosterman, who says "The Winner Takes It All" is the only pop song that examines the self-aware guilt one feels when talking to a person who has humanely obliterated your heart" finds Ulvaeus' denial hard to believe in light of the original title.
In a 1999 poll for Channel Five, "The Winner Takes It All" was voted Britain's favourite ABBA song. This feat was replicated in a 2010 poll for ITV. In a 2006 poll for a Channel Five programme, "The Winner Takes It All" was voted "Britain's Favourite Break-Up Song."
A music video to promote the song was filmed in July 1980.
"The Winner Takes It All" was yet another major success for ABBA. It hit #1 in Belgium (where it stayed on top for 2 months), United Kingdom, Ireland, the Netherlands, and South Africa, while reaching the Top 10 elsewhere throughout the world, including the United States. In the US, it peaked at #8 on the Billboard Hot 100 chart, ABBA's fourth and last American Top 10 hit, and was also the group's second Billboard AC #1 (after "Fernando"). "The Winner Takes It All" was also a hit in Brazil: it was included on the soundtrack of a very famous soap opera in 1980 called "Coração Alado" ("Winged Heart") as the main theme.
"The Winner Takes It All" was also featured in the ABBA-based musical & film, Mamma Mia!.
http://en.wikipedia.org/wiki/The_Winner_Takes_It_All
* Tabbed by *
* Chris Williscroft *
The Winner Takes It All - ABBA
=======================
Capo: 4
Intro:|D |Bm7 |Em |A |D |Bm7 |Em |A |
(Main theme at bottom)
D A
I don't wanna talk about the things we've gone through
Em A
Though it's hurting me, now it's history
D A
I've played all my cards, and that's what you've done too
Em A
Nothing more to say, no more ace to play
D Bm7
The winner takes it all, the loser standing small
Em A
Beside the victory - that's her destiny
D A
I was in your arms, thinking I belonged there
Em A
I figured it made sense, building me a fence
D A
Building me a home, thinking I'd be strong there
Em A
But I was a fool, playing by the rules
D Bm7
The gods may throw a dice, their minds as cold as ice
Em A
And someone way down here loses someone dear
D Bm7
The winner takes it all, the loser has to fall
Em A
It's simple and it's plain - why should I complain?
D A
But tell me does she kiss like I used to kiss you?
Em A
Does it feel the same, when she calls your name?
D A
Somewhere deep in-side, you must know I miss you
Em A
But what can I say? Rules must be obeyed.
D Bm7
The judges will decide, the likes of me abide
Em A
Spectators of the show, always staying low
D Bm7
The game is on again - a lover or a friend
Em A
A big thing or a small - the winner takes it all
D A
I don't wanna talk, if it makes you feel sad
Em A
And I understand - you've come to shake my hand
D A
I apologize if it makes you feel bad
Em A
Seeing me so tense - no self-confidence
D Bm7 |
But you see, the winner takes it all |(Repeat to fade-out)
Em A |
The winner takes it all... |
============================================
Main theme:
D Bm7 Em A
e:|-7-6-4--|-4------|-9-7-6-4|--------|
B:|-------7|---7-6-4|--------|-7-6-4--|- repeat as necessary, and
G:|--------|--------|--------|-------6| try to to strum chords at
D:|4-------|--------|6-------|--------| same time
A:|--------|6-------|--------|4-------|
E:|--------|--------| -------|--------|
http://tabs.ultimate-guitar.com/a/abba/the_winner_takes_it_all_tab.htm
I don't wanna talk about things we've gone through,
Though it's hurting me, now it's history.
I've played all my cards and that's what you've done too,
Nothing more to say, no more ace to play.
The winner takes it all,
The loser standing small beside the victory, that's her destiny.
I was in your arms thinking I belonged there,
I figured it made sense, building me a fence,
Building me a home, thinking I'd be strong there,
But I was a fool, playing by the rules.
The gods may throw a dice, their minds as cold as ice,
And someone way down here loses someone dear.
The winner takes it all, the loser has to fall,
It's simple and it's plain, why should I complain.
But tell me, does she kiss like I used to kiss you,
Does it feel the same when she calls your name.
Somewhere deep inside you must know I miss you,
But what can I say, rules must be obeyed.
The judges will decide the likes of me abide,
Spectators of the show always staying low.
The game is on again, a lover or a friend,
A big thing or a small, the winner takes it all.
I don't wanna talk if it makes you feel sad,
And I understand you've come to shake my hand.
I apologize if it makes you feel bad seeing me so tense, no self confidence.
Honda Civic – Unveil Film
If we never venture into the unknown, how do we get anywhere new? That’s the lesson the Honda engineers learnt when developing the New Civic. This film showcases the unveiling of the Honda Civic at the 2011 Frankfurt Motorshow.
Cineworld Giftcards for Christmas
Christmas is coming and it’s often difficult to know what gift to buy for friends and loved ones. The Cineworld Christmas gift card offers the opportunity to let them choose from a whole world of action, adventure and drama on the Silver Screen from as little as £10! With 79 sites Nationwide, a Cineworld Christmas gift card really is the perfect stocking filler.
Tuesday, December 20, 2011
hTmL COloUr CoDeSs.
| Color | Hexa Decimal Code | Preview |
| Black | #000000 | Black |
| Gray0 | #150517 | Gray0 |
| Gray18 | #250517 | Gray18 |
| Gray21 | #2B1B17 | Gray21 |
| Gray23 | #302217 | Gray23 |
| Gray24 | #302226 | Gray24 |
| Gray25 | #342826 | Gray25 |
| Gray26 | #34282C | Gray26 |
| Gray27 | #382D2C | Gray27 |
| Gray28 | #3B3131 | Gray28 |
| Gray29 | #3E3535 | Gray29 |
| Gray30 | #413839 | Gray30 |
| Gray31 | #41383C | Gray31 |
| Gray32 | #463E3F | Gray32 |
| Gray34 | #4A4344 | Gray34 |
| Gray35 | #4C4646 | Gray35 |
| Gray36 | #4E4848 | Gray36 |
| Gray37 | #504A4B | Gray37 |
| Gray38 | #544E4F | Gray38 |
| Gray39 | #565051 | Gray39 |
| Gray40 | #595454 | Gray40 |
| Gray41 | #5C5858 | Gray41 |
| Gray42 | #5F5A59 | Gray42 |
| Gray43 | #625D5D | Gray43 |
| Gray44 | #646060 | Gray44 |
| Gray45 | #666362 | Gray45 |
| Gray46 | #696565 | Gray46 |
| Gray47 | #6D6968 | Gray47 |
| Gray48 | #6E6A6B | Gray48 |
| Gray49 | #726E6D | Gray49 |
| Gray50 | #747170 | Gray50 |
| Gray | #736F6E | Gray |
| Slate Gray4 | #616D7E | Slate Gray4 |
| Slate Gray | #657383 | Slate Gray |
| Light Steel Blue4 | #646D7E | Light Steel Blue4 |
| Light Slate Gray | #6D7B8D | Light Slate Gray |
| Cadet Blue4 | #4C787E | Cadet Blue4 |
| Dark Slate Gray4 | #4C7D7E | Dark Slate Gray4 |
| Thistle4 | #806D7E | Thistle4 |
| Medium Slate Blue | #5E5A80 | Medium Slate Blue |
| Medium Purple4 | #4E387E | Medium Purple4 |
| Midnight Blue | #151B54 | Midnight Blue |
| Dark Slate Blue | #2B3856 | Dark Slate Blue |
| Dark Slate Gray | #25383C | Dark Slate Gray |
| Dim Gray | #463E41 | Dim Gray |
| Cornflower Blue | #151B8D | Cornflower Blue |
| Royal Blue4 | #15317E | Royal Blue4 |
| Slate Blue4 | #342D7E | Slate Blue4 |
| Royal Blue | #2B60DE | Royal Blue |
| Royal Blue1 | #306EFF | Royal Blue1 |
| Royal Blue2 | #2B65EC | Royal Blue2 |
| Royal Blue3 | #2554C7 | Royal Blue3 |
| Deep Sky Blue | #3BB9FF | Deep Sky Blue |
| Deep Sky Blue2 | #38ACEC | Deep Sky Blue2 |
| Slate Blue | #357EC7 | Slate Blue |
| Deep Sky Blue3 | #3090C7 | Deep Sky Blue3 |
| Deep Sky Blue4 | #25587E | Deep Sky Blue4 |
| Dodger Blue | #1589FF | Dodger Blue |
| Dodger Blue2 | #157DEC | Dodger Blue2 |
| Dodger Blue3 | #1569C7 | Dodger Blue3 |
| Dodger Blue4 | #153E7E | Dodger Blue4 |
| Steel Blue4 | #2B547E | Steel Blue4 |
| Steel Blue | #4863A0 | Steel Blue |
| Slate Blue2 | #6960EC | Slate Blue2 |
| Violet | #8D38C9 | Violet |
| Medium Purple3 | #7A5DC7 | Medium Purple3 |
| Medium Purple | #8467D7 | Medium Purple |
| Medium Purple2 | #9172EC | Medium Purple2 |
| Medium Purple1 | #9E7BFF | Medium Purple1 |
| Light Steel Blue | #728FCE | Light Steel Blue |
| Steel Blue3 | #488AC7 | Steel Blue3 |
| Steel Blue2 | #56A5EC | Steel Blue2 |
| Steel Blue1 | #5CB3FF | Steel Blue1 |
| Sky Blue3 | #659EC7 | Sky Blue3 |
| Sky Blue4 | #41627E | Sky Blue4 |
| Slate Blue | #737CA1 | Slate Blue |
| Slate Blue | #737CA1 | Slate Blue |
| Slate Gray3 | #98AFC7 | Slate Gray3 |
| Violet Red | #F6358A | Violet Red |
| Violet Red1 | #F6358A | Violet Red1 |
| Violet Red2 | #E4317F | Violet Red2 |
| Deep Pink | #F52887 | Deep Pink |
| Deep Pink2 | #E4287C | Deep Pink2 |
| Deep Pink3 | #C12267 | Deep Pink3 |
| Deep Pink4 | #7D053F | Deep Pink4 |
| Medium Violet Red | #CA226B | Medium Violet Red |
| Violet Red3 | #C12869 | Violet Red3 |
| Firebrick | #800517 | Firebrick |
| Violet Red4 | #7D0541 | Violet Red4 |
| Maroon4 | #7D0552 | Maroon4 |
| Maroon | #810541 | Maroon |
| Maroon3 | #C12283 | Maroon3 |
| Maroon2 | #E3319D | Maroon2 |
| Maroon1 | #F535AA | Maroon1 |
| Magenta | #FF00FF | Magenta |
| Magenta1 | #F433FF | Magenta1 |
| Magenta2 | #E238EC | Magenta2 |
| Magenta3 | #C031C7 | Magenta3 |
| Medium Orchid | #B048B5 | Medium Orchid |
| Medium Orchid1 | #D462FF | Medium Orchid1 |
| Medium Orchid2 | #C45AEC | Medium Orchid2 |
| Medium Orchid3 | #A74AC7 | Medium Orchid3 |
| Medium Orchid4 | #6A287E | Medium Orchid4 |
| Purple | #8E35EF | Purple |
| Purple1 | #893BFF | Purple1 |
| Purple2 | #7F38EC | Purple2 |
| Purple3 | #6C2DC7 | Purple3 |
| Purple4 | #461B7E | Purple4 |
| Dark Orchid4 | #571B7e | Dark Orchid4 |
| Dark Orchid | #7D1B7E | Dark Orchid |
| Dark Violet | #842DCE | Dark Violet |
| Dark Orchid3 | #8B31C7 | Dark Orchid3 |
| Dark Orchid2 | #A23BEC | Dark Orchid2 |
| Dark Orchid1 | #B041FF | Dark Orchid1 |
| Plum4 | #7E587E | Plum4 |
| Pale Violet Red | #D16587 | Pale Violet Red |
| Pale Violet Red1 | #F778A1 | Pale Violet Red1 |
| Pale Violet Red2 | #E56E94 | Pale Violet Red2 |
| Pale Violet Red3 | #C25A7C | Pale Violet Red3 |
| Pale Violet Red4 | #7E354D | Pale Violet Red4 |
| Plum | #B93B8F | Plum |
| Plum1 | #F9B7FF | Plum1 |
| Plum2 | #E6A9EC | Plum2 |
| Plum3 | #C38EC7 | Plum3 |
| Thistle | #D2B9D3 | Thistle |
| Thistle3 | #C6AEC7 | Thistle3 |
| Lavender Blush2 | #EBDDE2 | Lavender Blush2 |
| Lavender Blush3 | #C8BBBE | Lavender Blush3 |
| Thistle2 | #E9CFEC | Thistle2 |
| Thistle1 | #FCDFFF | Thistle1 |
| Lavender | #E3E4FA | Lavender |
| Lavender Blush | #FDEEF4 | Lavender Blush |
| Light Steel Blue1 | #C6DEFF | Light Steel Blue1 |
| Light Blue | #ADDFFF | Light Blue |
| Light Blue1 | #BDEDFF | Light Blue1 |
| Light Cyan | #E0FFFF | Light Cyan |
| Slate Gray1 | #C2DFFF | Slate Gray1 |
| Slate Gray2 | #B4CFEC | Slate Gray2 |
| Light Steel Blue2 | #B7CEEC | Light Steel Blue2 |
| Turquoise1 | #52F3FF | Turquoise1 |
| Cyan | #00FFFF | Cyan |
| Cyan1 | #57FEFF | Cyan1 |
| Cyan2 | #50EBEC | Cyan2 |
| Turquoise2 | #4EE2EC | Turquoise2 |
| Medium Turquoise | #48CCCD | Medium Turquoise |
| Turquoise | #43C6DB | Turquoise |
| Dark Slate Gray1 | #9AFEFF | Dark Slate Gray1 |
| Dark Slate Gray2 | #8EEBEC | Dark slate Gray2 |
| Dark Slate Gray3 | #78c7c7 | Dark Slate Gray3 |
| Cyan3 | #46C7C7 | Cyan3 |
| Turquoise3 | #43BFC7 | Turquoise3 |
| Cadet Blue3 | #77BFC7 | Cadet Blue3 |
| Pale Turquoise3 | #92C7C7 | Pale Turquoise3 |
| Light Blue2 | #AFDCEC | Light Blue2 |
| Dark Turquoise | #3B9C9C | Dark Turquoise |
| Cyan4 | #307D7E | Cyan4 |
| Light Sea Green | #3EA99F | Light Sea Green |
| Light Sky Blue | #82CAFA | Light Sky Blue |
| Light Sky Blue2 | #A0CFEC | Light Sky Blue2 |
| Light Sky Blue3 | #87AFC7 | Light Sky Blue3 |
| Sky Blue | #82CAFF | Sky Blue |
| Sky Blue2 | #79BAEC | Sky Blue2 |
| Light Sky Blue4 | #566D7E | Light Sky Blue4 |
| Sky Blue | #6698FF | Sky Blue |
| Light Slate Blue | #736AFF | Light Slate Blue |
| Light Cyan2 | #CFECEC | Light Cyan2 |
| Light Cyan3 | #AFC7C7 | Light Cyan3 |
| Light Cyan4 | #717D7D | Light Cyan4 |
| Light Blue3 | #95B9C7 | Light Blue3 |
| Light Blue4 | #5E767E | Light Blue4 |
| Pale Turquoise4 | #5E7D7E | Pale Turquoise4 |
| Dark Sea Green4 | #617C58 | Dark Sea Green4 |
| Medium Aquamarine | #348781 | Medium Aquamarine |
| Medium Sea Green | #306754 | Medium Sea Green |
| Sea Green | #4E8975 | Sea Green |
| Dark Green | #254117 | Dark Green |
| Sea Green4 | #387C44 | Sea Green4 |
| Forest Green | #4E9258 | Forest Green |
| Medium Forest Green | #347235 | Medium Forest Green |
| Spring Green4 | #347C2C | Spring Green4 |
| Dark Olive Green4 | #667C26 | Dark Olive Green4 |
| Chartreuse4 | #437C17 | Chartreuse4 |
| Green4 | #347C17 | Green4 |
| Medium Spring Green | #348017 | Medium Spring Green |
| Spring Green | #4AA02C | Spring Green |
| Lime Green | #41A317 | Lime Green |
| Spring Green | #4AA02C | Spring Green |
| Dark Sea Green | #8BB381 | Dark Sea Green |
| Dark Sea Green3 | #99C68E | Dark Sea Green3 |
| Green3 | #4CC417 | Green3 |
| Chartreuse3 | #6CC417 | Chartreuse3 |
| Yellow Green | #52D017 | Yellow Green |
| Spring Green3 | #4CC552 | Spring Green3 |
| Sea Green3 | #54C571 | Sea Green3 |
| Spring Green2 | #57E964 | Spring Green2 |
| Spring Green1 | #5EFB6E | Spring Green1 |
| Sea Green2 | #64E986 | Sea Green2 |
| Sea Green1 | #6AFB92 | Sea Green1 |
| Dark Sea Green2 | #B5EAAA | Dark Sea Green2 |
| Dark Sea Green1 | #C3FDB8 | Dark Sea Green1 |
| Green | #00FF00 | Green |
| Lawn Green | #87F717 | Lawn Green |
| Green1 | #5FFB17 | Green1 |
| Green2 | #59E817 | Green2 |
| Chartreuse2 | #7FE817 | Chartreuse2 |
| Chartreuse | #8AFB17 | Chartreuse |
| Green Yellow | #B1FB17 | Green Yellow |
| Dark Olive Green1 | #CCFB5D | Dark Olive Green1 |
| Dark Olive Green2 | #BCE954 | Dark Olive Green2 |
| Dark Olive Green3 | #A0C544 | Dark Olive Green3 |
| Yellow | #FFFF00 | Yellow |
| Yellow1 | #FFFC17 | Yellow1 |
| Khaki1 | #FFF380 | Khaki1 |
| Khaki2 | #EDE275 | Khaki2 |
| Goldenrod | #EDDA74 | Goldenrod |
| Gold2 | #EAC117 | Gold2 |
| Gold1 | #FDD017 | Gold1 |
| Goldenrod1 | #FBB917 | Goldenrod1 |
| Goldenrod2 | #E9AB17 | Goldenrod2 |
| Gold | #D4A017 | Gold |
| Gold3 | #C7A317 | Gold3 |
| Goldenrod3 | #C68E17 | Goldenrod3 |
| Dark Goldenrod | #AF7817 | Dark Goldenrod |
| Khaki | #ADA96E | Khaki |
| Khaki3 | #C9BE62 | Khaki3 |
| Khaki4 | #827839 | Khaki4 |
| Dark Goldenrod1 | #FBB117 | Dark Goldenrod1 |
| Dark Goldenrod2 | #E8A317 | Dark Goldenrod2 |
| Dark Goldenrod3 | #C58917 | Dark Goldenrod3 |
| Sienna1 | #F87431 | Sienna1 |
| Sienna2 | #E66C2C | Sienna2 |
| Dark Orange | #F88017 | Dark Orange |
| Dark Orange1 | #F87217 | Dark Orange1 |
| Dark Orange2 | #E56717 | Dark Orange2 |
| Dark Orange3 | #C35617 | Dark Orange3 |
| Sienna3 | #C35817 | Sienna3 |
| Sienna | #8A4117 | Sienna |
| Sienna4 | #7E3517 | Sienna4 |
| Indian Red4 | #7E2217 | Indian Red4 |
| Dark Orange3 | #7E3117 | Dark Orange3 |
| Salmon4 | #7E3817 | Salmon4 |
| Dark Goldenrod4 | #7F5217 | Dark Goldenrod4 |
| Gold4 | #806517 | Gold4 |
| Goldenrod4 | #805817 | Goldenrod4 |
| Light Salmon4 | #7F462C | Light Salmon4 |
| Chocolate | #C85A17 | Chocolate |
| Coral3 | #C34A2C | Coral3 |
| Coral2 | #E55B3C | Coral2 |
| Coral | #F76541 | Coral |
| Dark Salmon | #E18B6B | Dark Salmon |
| Salmon1 | #F88158 | Pale Turquoise4 |
| Salmon2 | #E67451 | Salmon2 |
| Salmon3 | #C36241 | Salmon3 |
| Light Salmon3 | #C47451 | Light Salmon3 |
| Light Salmon2 | #E78A61 | Light Salmon2 |
| Light Salmon | #F9966B | Light Salmon |
| Sandy Brown | #EE9A4D | Sandy Brown |
| Hot Pink | #F660AB | Hot Pink |
| Hot Pink1 | #F665AB | Hot Pink1 |
| Hot Pink2 | #E45E9D | Hot Pink2 |
| Hot Pink3 | #C25283 | Hot Pink3 |
| Hot Pink4 | #7D2252 | Hot Pink4 |
| Light Coral | #E77471 | Light Coral |
| Indian Red1 | #F75D59 | Indian Red1 |
| Indian Red2 | #E55451 | Indian Red2 |
| Indian Red3 | #C24641 | Indian Red3 |
| Red | #FF0000 | Red |
| Red1 | #F62217 | Red1 |
| Red2 | #E41B17 | Red2 |
| Firebrick1 | #F62817 | Firebrick1 |
| Firebrick2 | #E42217 | Firebrick2 |
| Firebrick3 | #C11B17 | Firebrick3 |
| Pink | #FAAFBE | Pink |
| Rosy Brown1 | #FBBBB9 | Rosy Brown1 |
| Rosy Brown2 | #E8ADAA | Rosy Brown2 |
| Pink2 | #E7A1B0 | Pink2 |
| Light Pink | #FAAFBA | Light Pink |
| Light Pink1 | #F9A7B0 | Light Pink1 |
| Light Pink2 | #E799A3 | Light Pink2 |
| Pink3 | #C48793 | Pink3 |
| Rosy Brown3 | #C5908E | Rosy Brown3 |
| Rosy Brown | #B38481 | Rosy Brown |
| Light Pink3 | #C48189 | Light Pink3 |
| Rosy Brown4 | #7F5A58 | Rosy Brown4 |
| Light Pink4 | #7F4E52 | Light Pink4 |
| Pink4 | #7F525D | Pink4 |
| Lavender Blush4 | #817679 | Lavender Blush4 |
| Light Goldenrod4 | #817339 | Light Goldenrod4 |
| Lemon Chiffon4 | #827B60 | Lemon Chiffon4 |
| Lemon Chiffon3 | #C9C299 | Lemon Chiffon3 |
| Light Goldenrod3 | #C8B560 | Light Goldenrod3 |
| Light Golden2 | #ECD672 | Light Golden2 |
| Light Goldenrod | #ECD872 | Light Goldenrod |
| Light Goldenrod1 | #FFE87C | Light Goldenrod1 |
| Lemon Chiffon2 | #ECE5B6 | Lemon Chiffon2 |
| Lemon Chiffon | #FFF8C6 | Lemon Chiffon |
| Light Goldenrod Yellow | #FAF8CC | Light Goldenrod Yellow |
Monday, December 19, 2011
PHP OOP Simple Factory
The Simple Factory isn't an actual pattern, but a way of doing things. This will help you see how we can apply a real Factory pattern in the upcoming tutorials. All factories have to do with object creation by delegating the responsibilities to the appropriate classes.. In OOP terms hopefully without scaring you away, we are "Encapsulating what varies", and "Leaving the object open for extension and closed for modification".
Source: http://jream.com/lab/open-source
Sunday, December 18, 2011
Japan and the debt faith crisis: James Saft
(Reuters) - Could Japan be the next victim of the crisis of faith in government bonds?
Despite carrying public debt more than twice the size of its economy and suffering from poor growth and an aging population, Japan's government can still borrow money for 10 years at just over 1 percent.
The big story in global markets, perhaps even in global economics, in 2011 has been the transformation of government debt markets, which are now being driven by the realization that sovereigns can and sometimes do default.
So far that has actually been good for borrowing rates for big economies blessed with their own central banks, such as the U.S., Britain and Japan. There is a growing chance that in 2012 the wolves, having picked off Italyand others in the euro zone, move on to target the hindmost of the rest of the pack, which, given its poor medium-term fundamentals, may well be Japan.
"Recent events in other advanced economies have underscored how quickly market sentiment toward sovereigns with unsustainable fiscal imbalances can shift," the International Monetary Fund said in a paper released last week on Japan. here
In the understated bureaucratese of the IMF, that is the equivalent of shouting a warning from the rooftops.
"Higher yields could result in a withdrawal of liquidity from global capital markets, disrupt external positions and, through contagion, put upward pressure on sovereign bond yields elsewhere."
Indeed you could argue this is exactly what is beginning to happen in Europe now, as banks and others stung by losses there move to raise capital by selling assets elsewhere.
It is not just the IMF which is warning. Ratings agency Standard & Poor's last week complained that the new government of Prime Minister Yoshihiko Noda has not made progress in addressing the debt burden, tipping that a downgrade of its credit rating may be in the offing.
A sudden spike in yields could be driven by the delay in reforms, according to the IMF, a drop in private savings, most likely through a decline in corporate profits, a long slump in growth or, most likely, by a rapid change in what Japanese investors themselves consider to be the risks in holding their government's IOUs.
STEADFAST SO FAR
So far, at least, most domestic holders of Japanese debt, who make up 95 percent of the investor base, appear not to have read the memo.
Japan has been able to build up this debt without paying a large price to borrow because its citizens have saved a lot and both they and the institutions they save in have a strong preference for keeping their money in Japan.
That deep, even extreme, preference is perhaps more a cultural phenomenon than it is the result of a rational analysis, and as such may persist a lot longer then the fundamentals would imply.
As well, Japan is hugely different from Italy or Greece because it has its own central bank and its own currency, allowing it far more flexibility in how it might react to a debt crisis, or even to a mild slowdown in demand for its bonds. It is important to note that by and large the yen and JGBs have behaved like safe havens in the face of European dislocation.
That said, six weeks ago Italy looked to be in pretty good shape.
The math gets ugly for Japan pretty quickly if its rates start to rise. Interest payments are modest now, only 2 percent of GDP, but an increase of just a percentage point in JGB yields would double the annual interest bill.
The circle could easily become vicious. As banks hold large amounts of JGBs, a spike in rates will deal them large capital losses, potentially making others unwilling to lend to them and forcing a sell-off of assets to raise funds. If they sell their good assets, i.e. those abroad, this will drive the yen up as they bring the money home, further suppressing economic growth and adding to overall pressure.
And you can only defy the fundamentals for so long. The IMF predicts that the decline in GDP and earthquake reconstruction will push net public debt to 160 percent by 2015. Private savings, an important source of financing for the government, has declined sharply, to only 3 percent in 2009, as Japan's aging population began to eat away at savings built up during their working lives. At the same time social security spending has ballooned, and now stands at about half of all government expenditures.
At some point, Japan must reform or face a crisis. The same of course is true about the U.S., the only disagreement being when those points will actually arise.
The lesson of Europe is how quickly the reckoning can come.
(Editing by James Dalgleish)
Parents Sue Doctors After their 17-Year-Old Daughter Died During Wisdom Teeth Surgery
Back in April of this year, Jenny Olenick went in for the routine outpatient surgery that is performed on at least 5 million
Americans every year.
But unlike millions of others, Jenny died from complications during the procedure … and now her parents are suing the surgeon, Dr. Domenick Coletti, and anesthesiologist Dr. Krista Michelle on allegations that they were negligent and failed to resuscitate their 17-year-old daughter after her heart rate and blood oxygen levels had dropped.
“It’s so hard,” Cathy Garger, Jenny’s mother, told ABC News. “She was the only one we had.”
Jenny Olenick, 17, pictured
here with her mother Cathy Carger, died while having wisdom teeth surgery.
“Something should have been done at the first sign of the emergency happening,” said Nicole Cunha, a family friend and executive director of the Raven Maria Blanco Foundation (a non-profit group dedicated to protecting pediatric dental patients). “If they hadn’t waited so long, Jenny would still be here.”
The news follows the equally sad story of a 14-year-old boy named Ben Ellis of Gilmer County, Georgia, who was found dead in his bed last Thursday (Dec 8) after undergoing surgery to remove his wisdom teeth less than 24 hours ago. The Gilmer County Sheriff’s Office and the Georgia Bureau of Investigation are still investigating his cause of death.
Contrary to popular belief, wisdom tooth extraction carries risks just like any surgery.
The most common complication is permanent nerve damage causing numbness of the tongue, lips and/or cheeks, which affects over 11,000 people every year, according to a 2007 report in the American Journal of Public Health.
Wisdom tooth surgery complications also include jaw and tooth fractures, and in worst-case scenarios, brain tissue infections and life-threatening bleeding and hypoxia.
With all of the risks, some dentists are questioning whether having the surgery is even necessary at all.
The American Association of Oral and Maxillofacial Surgeons strongly recommends that young adults have their wisdom teeth removed to “prevent future problems and to ensure optimal healing.” But the science supporting prophylactic extraction is thin.
“Third-molar surgery is a multibillion-dollar industry that generates significant income for the dental profession,” Jay Friedman, a retired California dentist, wrote in the American Journal of Public Health. “It is driven by misinformation and myths that have been exposed before but that continue to be promulgated by the profession.”
American dentists and oral surgeons pull 10 million wisdom teeth each year — an effort that costs more than $3 billion and leads to 11 million days of post-operative discomfort, according to the report.
“At least two thirds of these extractions, associated costs, and injuries are unnecessary, constituting a silent epidemic of [physician-induced] injury that afflicts tens of thousands of people with lifelong discomfort and disability,” Friedman wrote.
Wisdom teeth are thought to have evolved for catching, killing and eating uncooked prey, which would make them obsolete now. The argument for prophylactic removal is the risk of cysts or damage to adjacent teeth brought on by too many molars in too little space.
“If left in the mouth, impacted wisdom teeth may damage neighboring teeth and nerves, or become infected, possibly inviting systemic infections and disease as the bacteria travel through the bloodstream from your mouth to other organs of your body,” reads the American Association of Oral and Maxillofacial Surgeons website.
But studies suggest no more than 12 percent of impactions lead to infections or damage to adjacent teeth — roughly the same incidence as appendicitis. No medical associations recommend prophylactic appendectomy.
[ABC News]
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