What is the difference between a riot and an insurrection?

France is having trouble with rioters again. But this time it is different……

In one sense, the unrest seems to be more menacing than during the early days of the three weeks of rioting in 2005. Then, the youth seemed disorganized, their destruction largely caused by rock-throwing and arson and aimed at the closest and easiest targets, like cars. This time, hunting shotguns, as well as gasoline bombs and rocks, have been turned on the police.

“From what our colleagues on the scene tell us, this is a situation that is a lot worse than what we saw in 2005,” Patrice Ribeiro, a police officer and senior union official, told RTL radio Tuesday. He added, “A line was crossed last night, that is to say, they used weapons, they used weapons and fired on the police. This is a real guerrilla war.”

Ribeiro warned that the police, who have struggled to avoid excessive force, would not be fired upon indefinitely without responding.

More than 80 police officers already have been wounded the clashes, several of them seriously, Ribeiro said later by telephone. Thirty of them were hit with pellets from shotguns, and one of the wounded was hit with a type of bullet used to kill large game, he added. It is legal to own a shotgun in France – as long as the owner has a license – and police circles were swirling with rumors that the bands of youth were procuring more shotguns.

Here is a news clip from the early days of the rioting…

Here is more footage of the early rioting…

This is from the second day. Anti-France in its view point.

To be fair to the French, this time the riots did not last long. This from CNN…..

French suburbs stayed relatively calm Wednesday night after 1,000 riot police were deployed to quell disturbances that began when two teenagers died in a collision with a police car, French officials said.

Wednesday was the fourth night of unrest that on prior nights resulted in violent clashes between angry youths and police, and the burning of buildings and cars from the Paris suburbs to the southern city of Toulouse.

No injuries to police were reported, Laurente Wittek, a spokeswoman for the Interior Ministry, told CNN. She said Thursday that there had been a “clear reduction” in the rioting.

Meanwhile, French President Nicolas Sarkozy vowed to punish those responsible for shooting at police. Sarkozy met Wednesday with the families of the youths on the motorcycle who were killed.

The worst bouts of violence were Monday and Tuesday nights, when police made arrests in the northern Paris suburb of Villiers-le-Bel, where the collision occurred.

Nonetheless, this riot still seems to have marked a new high point for anti-state rioting in France. If this trend continues, will the French police still be willing to handle the problem? Or will they turn it over to the army?

Ebooks: Kindle

The Amazon Kindle is one thing that I really want to hold in my hand. I don’t necessarily want to own it (I certainly don’t want to pay the price), but I have no idea what I’ll think of the screen without looking at it. And this screen is absolutely critical to this kind of product. I’ve heard that it is really easy on the eyes, that it doesn’t look like a “screen.” I imagine that it looks something like a calculator screen. Less shimmery than a standard screen, very flat, very static–critical for long term reading.

From what I gather (mostly from Robert Scobel’s rant[ht: slashdot]), really the only major issues with this are emerging-technology issues that can and will be addressed. The Kindle–the current incarnation–has some major user interface design issues. But the key concept and delievery–electronic books on “electronic paper”–seems to be perfectly viable.

This is not going to spell the end of books. People like physical, tactile things. Some people like heavy books partly because they are heavy. People like to dog-ear pages, they like it that they can physically flip right to their favorite part of the book. Sure, a search can find anything–but that’s impersonal. Everybody’s search can find anybody’s anything. I can flip to my favorite part of my favorite book. There’s a difference.

I think this generation of e-books will begin to chip away at the printed book market. It will challenge and industry that dearly needs a shakeup. But in the course of years, a decade or so, the “industry” that’s really going to suffer will not be the publishers. They can retool, reinvest, start printing on demand rather than in obscene batches, sell their books through the new medium. But the public library is going to unravel once this technology becomes cheap and common.

It won’t happen right away, because rights-management will fight it all the way. But when this kind of device gets to be about as common as a portable music player, people will get sick of rights-management and insist on the ability to legally read books for a temporary loan period.

When that is hashed out, it still may cost a small amount of money, and there will certainly still be people who would rather go to the library and get a real book. But a majority of people with money will see no point in going to the physical library with its limited selection and limited number of copies when they can get any book instantly on their reader–and then buy a physical copy after that if they like.

So there will still be people who want to go to libraries, but there won’t be enough people who want to pay for libraries. Probably there will be a backlash, and the libraries will get some funding and some protectionist legislation and so on. But a lot of public libraries are struggling already. When people compare the inconveniences of a library with the inconveniences of an electronic book, the e-book is going to win dollars to dimes, and a lot of librarys will close.

Not all of them. Some people will still love books and the best supported libraries will stay open. But, within my generation, if technology continues to advance and to cheapen, small local libraries are going to close in droves.

Sniff.

The end of free money?

Brad Setser calls this a scary graph. I think that fear factor is a little overdone. The graph only tracks long term flows and I think a lot of investors are parking their money in short term accounts until they figure out what’s safe and what’s not. Still, if there was a prize for dramatic drops this graph would take the prize for the year. And considering how this year went, that is saying something.

Plus, there is an implicit threat in this graph. If the fed does not start to value a sound currency then it is going to have to find 200 billion extra dollars a quarter to keep the US afloat.

Sick Links

Calculated Risk and Tanta have been on the war path. They are fed up with people who talk about the current problems as being sub prime problems. This is a pretty sick example of why they don’t think that the current problems should be blamed on poor people.

Is a newspaper doing its job when it presents two sets of statistics as being fact in the same article when the two figures are mutually exclusive? Felix Salmon points out that the reporting on the Black Friday sales just does not add up.

The Fed is taking more steps to bail out the banks. I guess this a sub prime problem because people who are sub prime don’t get the bail out.

Why in the world did Freddie ever guarantee such loans?

I laughed out loud when I read this….

Nina loans?

The abbreviation stands for “No income, no assets.” It does not mean the loans went to people without either assets or income, only that the borrowers were not asked if they had either. I had known about “stated income” loans — also known as “liars’ loans” — in which the bank took a borrower’s word for how much he earned. But I had not realized you could borrow money without even being asked about your income.

Starting this month, Freddie won’t guarantee such loans, which seem to default more often than other loans.

If you don’t check to see if someone has any income or assets, the loan is more likely to default. Who would have thunk?

(h/t Calculated Risk)

Economic Links of Interest

From R-Squared comes an explanation of why oil did not break the 100 mark even though inventory fell. I did not understand the explanation until I read the last comment.

The Bank Of England is going to (has already?) lose a lot of taxpayer money.

From the New York Times comes an article about how insurance companies are shifting costs to homeowners.

Airbus is getting killed by the falling dollar even as its orders soar. It has the misfortune of selling its products in dollars even as it pays for its supplies in euros.