Where are all of the immigrants going to come from?

From Demography Matters…..

There have been all kinds of reactions to this news in individual nations. Let’s start with the smaller member-states. Observers in the Czech Republic pointed out that the Eurostat data presuming a decline from 10 to 9 million underestimate immigration and births, with some arguing that the population could instead rise to 13 million by 2060. People in the Republic of Ireland are reacting to the news that, with an estimated 2060 population of 6.7 million, the island of Ireland would have regained its pre-Famine population of eight million. News that the population of Estonia might decline by one-sixth to 1.1 million have been greeted with concern, along with the news that Bulgaria’s population is projected to fall by 29%, as have news that Romania will certainly see rapid and perhaps economically unsustainable population aging as the population falls by 4.5 million.

The changes among the largest European Union states are perhaps especially noteworthy for their influence on the balances of economic and perhaps political power, Britain’s projected growth to 77 million people, giving it the largest national population in Europe, is fitting into national concern over “uncontrolled” immigration, while metropolitan France’s expected growth to nearly 72 million–not, it should be noted, out of line with 2005 projections charting a French population of 75 million by 2050–coexists with a Gemran population projected to fall to less than 71 million and a Spain projected to grow to just short of 52 million people. Italy’s population is projected to remain stable at 59 million, but quite frankly the numbers look cooked–is a natural decrease of 12.0 million really going to be almost entirely balanced out by an immigration of 11.8 million? Who knows, perhaps it is the recent rivalry with Spain at work. Poland, at present the sixth EU member-state by population at 38 million is projected to see a fall to 31 million. Barber is quite right to note that all these changes will of necessity influence the development of Europe.

I think that Randy’s point about Italy could be made for Europe as a whole. It is taken for granted that there will always be this endless supply of immigrants looking to get into Europe. But the nations that are currently supplying Europe with immigrants simply can not keep up the current pace with out destroying their own nations.

As Randy himself notes, Eastern Europe is already being destroyed by the huge amounts of people leaving their country. Since Britain has been a huge beneficiary of Eastern Europe’s loss, it is unlikely that Britain will continue to grow at the current rate. There is not many young people left in Poland as it is.

Moreover, North African and Turkey have sharply falling birth rates. That will cut down on the amount of young people willing to immigrate from those countries.

There will be large numbers of immigrants into Europe for the foreseeable future, but I do doubt it will happen at the rates the Eurostats predict.

You knew this was coming

From the New York Times….

China’s central bank is in a bind.

It has been on a buying binge in the United States over the last seven years, snapping up roughly $1 trillion worth of Treasury bonds and mortgage-backed debt issued by Fannie Mae and Freddie Mac.

Those investments have been declining sharply in value when converted from dollars into the strong yuan, casting a spotlight on the central bank’s tiny capital base. The bank’s capital, just $3.2 billion, has not grown during the buying spree, despite private warnings from the International Monetary Fund

Is a month without sunspots a big deal?

Fabius Maximus writes…

Summary: Sunspot counts and other indicators of solar activity continue at low levels. The last month with zero sunspots was June 1913. August had zero spots, or one (there is some debate about this). How solar cycle 24 develops deserves to be on the list of things to watch for anyone interested in geopolitics. A “small” solar cycle — a period in which the global climate cools — would have substantial effects. Esp. with global grain inventories at such low levels. As always, links to more information are at the end of this post.

He then goes on to offer a round up of people who are discussing the issue on the Internet. (h/t Instapundit)

Welcome to the Future

From Naked Capitalism….

In other words, one of Korea’s last ditch measures to defend its currency would be to sell its remaining Freddie and Fannie debt, but the lack of liquidity argues against that.

Just like many other Asian countries, Korea built up big dollar reserves. But now that they need their dollar denominated assets, they can’t use them for fear of having to sell them at fire sale prices. I think a lot of other countries who are building up huge dollar reserves on the premise that it will safe guard them from future problems are going to find themselves in the same boat.

Its a good time to be in the construction business in China

From AFP…

At least 30 people were killed or reported missing and about 180,000 homes destroyed in a powerful earthquake in southwest China, state media said Sunday.

More than 360 people were injured in Saturday’s 6.1-magnitude earthquake, which rocked Sichuan and Yunnan provinces, the official Xinhua news agency reported, citing the civil affairs ministry.

Granted this is not as big as last time. And 180,000 homes destroyed is not much in a country with over a billion people in it. But a couple of more earthquakes and and China’s construction industry is going to have a hard time keeping up with the rebuilding and the demands of China’s growing economy.

Coming Soon To A County Near You

From Businesses Week (h/t Calculated Risk)….

A decision not to make the interest payment would place the county in default and put it one step closer to filing bankruptcy over a $3.2 billion bill linked to years of court-ordered sewer improvements and risky credit arrangements.

Such a move would nearly double the previous record for a municipal bankruptcy, set in 1994 when Orange County, Calif., sought protection over $1.64 billion in debts.

And why did Jefferson County take on such a large debt?

Jefferson County got into trouble after it was forced by the courts to undertake a huge upgrade of its sewage system to meet federal water standards and stop raw and partially treated waste from being dumped into streams.

Acting at the suggestion of outside advisers, the county borrowed money for the project on the bond market in a complex and risky series of transactions. When the mortgage crisis hit and banks began tightening up on their lending, the interest rates on the debt ballooned.

The nearly completed sewer project has been under construction since 1996.

New Orleans to get hit again?

It looks like New Orleans may get hit by a major hurricane again. On the plus side, the majority of the oil rigs may be missed. Oil Drum has constant up dates.

Edit: More from Calculated Risk…..

We’re already seeing gas prices get hit. Shell Oil said it will pull all workers off platforms, along with nearly every other producer. More importantly, the Louisiana Offshore Oil Port will halt taking crude this weekend; it’s the only deepwater oil port in the nation.

Nuts.

Lies or incompetence?

The official bean counters say that GDP grew by 3.3% in the second quarter. Naked Capitalism argues that this is the result of lies. I say it is the result of incompetence. Unlike Yves, I don’t find it hard to believe that the government can not keep track of its expenditures in very well.

Also, it has been known for a while that the government is not properly accounting for inflation. This is long standing I don’t think you can say that it is being done by one administration for political reasons.Since inflation picked up sharply in the second quarter, it stands to reason that this distorted the statistics by more then usual. I don’t think we need to hint that somebody went out there way to manipulate the statistics.

Generals, Macro Man, and the Need for Courage

The difference between a good general and a bad general is simple. A good general wants to win; a bad general wants to avoid losing. Things like charisma, Intelligence, or training are of only minor importance.
Nothing demonstrates this better then the Civil War. George McClellan and Robert Lee had both graduated second in their class Click Here to continue reading.