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Freelancers Seek Pay

January 27th, 2012
[careers]

Bryan Derballa for The Wall Street Journal

Christopher Santini has spent months trying to collect $35,000 he says he is owed for freelance work.

As more people turn to freelance and independent consulting work, they’re taking on an unexpected role: bill collector.

For New York business consultant Christopher Santini, the pursuit for payment from one client has practically become a second job. Last May, a small business he consulted for went through a merger, and the new company fell behind on payments to him. Now, Mr. Santini, who’s been a freelance consultant since 2008, says he is owed about $35,000, which would have accounted for almost 40% of his annual income last year.

“I started to get the standard run around,” says Mr. Santini. “The secretary would tell me the person I needed to speak to was out. Finally [they] started to ignore me and not return emails or calls.”

Mr. Santini says he has spent 80 hours calling and emailing company officials. He discussed the case with a lawyer, but decided not to bring it to court. Instead, he is still working to get the client to pay up on his own.


About 40% of freelancers had trouble getting paid in 2009, according to a survey released in mid-April by the New York-based Freelancers Union, a 135,000-member organization for independent contractors across the country in fields such as media, technology, and advertising. It was the first year the group asked the question on its member survey. And more than three out of four freelancers said they’ve had trouble getting paid over the course of their careers, according to organization.

The problem could become more acute as independent contractors emerge as a more central piece of the work force. The financial crisis and the resulting high unemployment thrust many professionals into the ranks of freelance workers, which may continue to grow despite signs of an economic recovery.

Littler Mendelson, a San Francisco-based employment law firm with 49 offices nationwide, predicts that in 2010 half of previously eliminated positions filled will be filled by contingent workers—such as independent contractors, freelancers, and temp workers—accounting for as much as 25% of the work force nationwide— based on client interviews and a survey conducted by a staffing analysis firm.

Since independent contractors aren’t covered by most federal employment laws, they don’t enjoy the same legal protections on wages as permanent employees, says a spokesman for the Department of Labor. If a permanent employee doesn’t get paid, federal or state labor departments can fine companies and even prosecute company executives. But independent contractors often have to turn to the court system, in most cases small claims, if they go unpaid.

To some, small-claims court can be more trouble than it’s worth, says Sara Horowitz, executive director of the Freelancers Union. Depending on the state, it will cost about $50 to file a claim and it can take months for a case to be heard. Even if a freelancer wins, small-claims judgments must be collected by the plaintiff.

Even before going to court, freelancers can spend significant time building their case. In January, Medford, Mass., artist Charles Leo sued a California-based coffee shop and kiosk manufacturer for $1,150, the agreed-upon fee of architectural renderings of a coffee shop he was never paid for. Mr. Leo says he spent more than 60 hours creating the renderings—and 40 hours trying to collect payment, gathering evidence and spending time in small-claims court. The judge ruled in Mr. Leo’s favor and ordered the company to pay the fee, but didn’t grant the $850 or so in punitive damages Mr. Leo requested for his time spent on the case. (The maximum judgment for small claims in Massachusetts is $2,000.)

“It was a piddling amount compared to the time I had to spend pursuing it,” he says.

How can a freelancer avoid problems? Before accepting a job, freelancers can search consumer complaint Web sites like RipoffReport.com and industry discussion boards to make sure the company they’re contracting with doesn’t have a history of late payments, says Kate Lister, a former small-business consultant, and co-author of “Undress for Success: The Naked Truth About Making Money at Home.”

Make sure to have the terms of payment and penalties for being late built into a written contract. Should a firm run into financial trouble, company officials typically give priority to the contractors who have spelled out fee-based consequences for a late payment, says Michelle Goodman, author of “My So-Called Freelance Life.”

After a payment deadline has passed, immediately try to connect with the person responsible for payment by phone. If they don’t respond, send a revised invoice with the agreed-upon fees or interest charges added on.

Where contractors go wrong is when they don’t act fast at the first sign of a late payment. Freelancers “don’t want to look like a jerk, but that’s silly. This isn’t getting a prom date. It’s business,” Ms. Goodman says.

Filing a complaint in small-claims court should be a last resort. As a last step before heading to small-claims court, send a simple letter with the amount, how long it’s overdue and your intention to take it to court, Ms. Lister says, and copy your lawyer, a company board member and any relevant regulatory agencies. A complaint about a broadcast company, for example, could be copied to the Federal Communications Commission, which considers how a broadcaster treats its local community when granting certain permits, Ms. Lister says.

“You have to find those pressure points that will make someone really pay attention to your letter,” she says.

If you get a judgment in your favor and the company doesn’t send a check, you’ll probably have to pay other fees to file liens, garnish the company’s earnings, or hire a police officer to seize cash from the business, depending on the state. Keep in mind, if a company hasn’t paid because it’s under bankruptcy-court protection or doesn’t have the money, you likely won’t be able to collect.

For its part, the Freelancers Union launched an advertising and lobbying campaign urging employers to make good on unpaid freelance wages in early April. Ms. Horowitz says her organization is working on potential legislation to pass on to state lawmakers in New York to give free-lancers more legal recourse and create penalties for companies that don’t pay.

As for Mr. Santini, he’s now working out a payment plan with the firm’s chief executive. “I don’t know how many times I’ve been told ‘The check is in the mail’ or ‘Your invoice went to my junk email inbox,’” he says.

© 2011 Wall Street Journal (www.wsj.com)

Lagging pupils ‘don’t catch up’

January 27th, 2012

Just one in 15 (6.5%) pupils starting secondary school in England "behind" for their age goes on to get five good GCSEs including English and maths, official data shows.

Only a third (34%) of these children achieve the government's benchmark of five GCSEs – or equivalent qualifications – graded A* to C, including English and maths.

NUT general secretary Christine Blower said the social inequalities with which children start school, widen as they progress through their education.

"Instead of focusing on changing school structures and on the pointless naming and shaming of schools, the Government should be ensuring that all schools have the resources and support they need for all pupils to reach their full potential."

In total, 158 schools see 100% of pupils getting five GCSEs A*-C or equivalent, including maths and English.

When the average point score per pupil is used to rank these top performers schools, Lawrence Sheriff Grammar School in Rugby comes top.

Head teacher Dr Peter Kent said much of the school's success was down to Key Stage 4 being spread over three years rather than the traditional two.

"This gives departments a chance to deliver a very personalised curriculum and we all respond well to something that's been tailored to our individual needs," he said.

The poorest performing school was St Aldhelm's Academy in Poole, Dorset, where just 3% of pupils got five GCSEs A*-C or equivalent, including maths and English.

Principal Cheryl Heron, who took over in September 2010, said the results were "disappointing but not unexpected". It would take time to change and transform pupils' learning experiences, she added.

At sixth form level, the Colchester Royal Grammar School in Essex comes out as the best performer, with an average point score per pupil of over 1,477 – this is the equivalent of over four A*s and one A grade at A-level.

The best performing county was Sutton in London, where 74.7% of pupils got the government benchmark of five GCSEs, including maths and English. The worst was Knowsley, Merseyside, where 40.8% of pupils reached this level. A Knowsley spokesman said its schools were improving year after year.

© 2011 BBC News (www.bbc.co.uk)

On the fairway of leisure tourism

January 27th, 2012

Dubai: It will be a hectic weekend for Faisal Shaikh, Events Manager for Abu Dhabi Tourism Authority, the organisers of the Abu Dhabi HSBC Golf Championships. Even though the tournament tees off on Thursday, Shaikh was at the Abu Dhabi Golf Club course from the early hours yesterday morning — fine-tuning the nitty gritty of such a big showpiece as some of the biggest names of the course hit the driving ranges.

While the ADTA has leveraged the golf championship quite successfully to boost leisure tourism in the emirate, they are also big on niche sports like triathlon and take pride in the manner the capital has made giant strides as a sporting hub in the Middle East. This weekend will see two major international events vying for attention in Abu Dhabi — the golf championship and the second cricket Test between England and Pakistan.

While Shaikh is banking on the ‘Tiger Factor’ to act as a major boost for the upcoming edition, he also takes pride in the depth and breadth of the field. "We have not sacrificed this ethos just to get Tiger," he adds. Following are excerpts of an exclusive interview with Gulf News.

 

Article continues below

© 2011 Gulf News (www.gulfnews.com)

Apple Pushes Interactive Textbooks On iPads

January 27th, 2012

Story By: by NPR Staff and Wires

Apple’s Philip Schiller discusses iBooks 2 for iPad at a launch for the company’s new textbook initiative in New York on Thursday. Apple also released iBooks Author, a tool meant to lure publishers into creating new content specifically for the iPad.

Apple Inc. on Thursday launched its attempt to make the iPad a replacement for a satchel full of textbooks by starting to sell electronic versions of a handful of standard high-school books.

The electronic textbooks, which include Biology and Environmental Science from Pearson and Algebra 1 and Chemistry from McGraw-Hill, contain videos and other interactive elements.

But it’s far from clear that even a company with Apple’s clout will be able to reform the primary and high-school textbook market. The printed books are bought by schools, not students, and are reused year after year, which isn’t possible with the electronic versions. New books are subject to lengthy state approval processes.

Apple staged the launch in New York City, home to the publishing industry. Phil Schiller, Apple’s head of marketing, unveiled the books at an event at New York’s Guggenheim Museum.

Publishers have been talking about digitizing cumbersome textbooks for years, but Apple says the iPad has changed the equation. The company says there are already 1.5 million iPads in educational settings, making the tablet the ideal springboard for getting rid of paper.

“The iPad … is imminently portable. It’s a lot more durable than paper and binding. Of course it’s interactive,” Schiller said.

Apple’s iBooks will be able to display books with videos and other interactive features, the company announced Thursday.

A Slow Adoption Of E-Textbooks

Major textbook publishers have been making electronic versions of their products for years, but until recently, there hasn’t been any hardware suitable to display them. PCs are too expensive and cumbersome to be good e-book machines for students. Dedicated e-book readers like the Kindle have small screens and can’t display color.

The iPad and other tablet computers work well, but iPads cost at least $499. Apple didn’t reveal any new program to defray the cost of getting the tablet computers into the hands of students.

All this means that textbooks have lagged the general adoption of e-books, even when counting college-level works that students buy themselves. Forrester Research said e-books accounted for only 2.8 percent of the $8 billion U.S. textbook market in 2010.

On Thursday, Apple also released iBooks Author, a new tool meant to lure publishers into creating new content specifically for the iPad education user. At the unveiling, Apple’s Roger Rosner showed off technology that makes it easier to include animation and high-tech features into textbooks, and then publish them instantly.

The publishing tool is available for free, and the books that result from this effort will be available in a new iBooks store. The company also announced upgrades to iTunes U, which already holds thousands of college lectures.

The Digital Divide Issue

The publishing initiative may create a painful dilemma for school districts and colleges. Albert Greco, a professor of marketing at Fordham University in New York and a former high-school principal, said schools would need to buy iPads for its students if it were to replace printed books.

It wouldn’t work to let students who can afford to buy their own iPads use them in class with textbooks they buy themselves, alongside poorer students with printed books.

“The digital divide issue could be very embarrassing. Because if you don’t have the iPad, you can’t do the quiz, you don’t get instant feedback … that is an invitation for a lawsuit,” Greco said. “I would be shocked if any principal or superintendent would let that system go forward.”

Greco said hardback high-school textbooks cost an average of about $105, and a freshman might need five of them. However, they last for five years.

That means that even if an iPad were to last for five years in the hands of students, the e-books plus the iPad would cost more than the hardback textbooks.

Apple Can ‘Educate The Market’

A lot of companies already offer some of the features Apple is rolling out. Greco called the new app “a shot across the bow” of Blackboard Inc., a privately held company that provides similar electronic tools to teachers. It, too, has applications for cellphones and tablets.

But Osman Rashid, founder of a startup called Kno, says despite Apple’s heft, the new initiative will help his business by making e-textbooks more common.

“So we as a startup don’t have to spend as many marketing dollars trying to educate the market,” Rashid says. “We can now spend our funds telling people why Kno is the best place to go.”

According to Walter Isaacson, the biographer of the late Apple co-founder Steve Jobs, reforming the textbook market was a pet project of Jobs, even in the last year of his life. At a dinner in early 2011, Jobs told News Corp. Chairman Rupert Murdoch that paper textbooks could be made obsolete by the iPad. Jobs wanted to circumvent the state certification process for textbook sales by having Apple release textbooks for free on the tablet computer.

NPR’s Larry Abramson contributed to this report, which contains material from The Associated Press.

Name That Candidate’s Tune

January 27th, 2012

John Jurgensen on Lunch Break has a guide to the theme music of the different Republican presidential candidates: Mitt Romney favors “Born Free” by Kid Rock, while Newt Gingrich sticks with “Eye of the Tiger” by Survivor.

Like major-league batters stepping up to the plate, presidential candidates blast theme songs at events to energize their fans and reinforce their messages. But the campaign-trail playlist is prone to occasional repeats (ex-candidate Jon Huntsman used U2′s “Beautiful Day,” as did Barack Obama during his 2008 campaign) and pushback from artists (Tom Petty objected to Michele Bachmann’s playing “American Girl”). Here’s a look at the soundtrack of the 2012 Republican presidential primary campaign.

European Pressphoto Agency

Musician Kid Rock performs in 2011.

Mitt Romney

‘Born Free’ by Kid Rock

This Bob Seger-ish ode to autonomy (“free like a river raging, strong if the wind I’m facing”) by the rap-rocker from Detroit is the go-to theme song for campaign events. But Mr. Romney mixes things up on occasion, like when his bus rolled into an Iowa rally last month to the ’80s anthem “Eye of the Tiger.”

WireImage/Getty Images

Jimi Jamison of Survivor

Newt Gingrich

‘Eye of the Tiger’ by Survivor

Despite Mr. Romney’s recent use of the “Rocky” hit, Mr. Gingrich has been marching into auditoriums to that song since at least 2009. Lyrics such as “just a man and his will to survive” seem apt ahead of Saturday’s primary in South Carolina, where he’s lately been using “Only in America” by country act Brooks & Dunn.

Lucasfilm/Everett Collection

Darth Vader, 1977

Ron Paul, Rick Santorum

Largely music-free

Ron Paul signaled defiance in New Hampshire by playing Darth Vader’s theme music from the “Star Wars” films, but he typically forgoes music at rallies. So does competitor Rick Santorum, with some exceptions: Stars of the reality TV show “19 Kids and Counting” opened an event Wednesday with a medley of patriotic songs.

Associated Press

Country singer Toby Keith

Rick Perry

‘Made in America’ by Toby Keith

The stomping country strains of a native Oklahoman weren’t enough to carry the Texas governor through the race; Mr. Perry folded his campaign Thursday. In the song, Mr. Keith calls for U.S. self-sufficiency: “Breaks his heart seeing foreign cars filled with fuel that isn’t ours.”

—John Jurgensen

© 2011 Wall Street Journal (www.wsj.com)

‘Declaration of War’: Snubbed by the Oscars, Loved by the French

January 26th, 2012

In the French film “Declaration of War,” a star-crossed couple named Romeo and Juliette huddle together in a hospital bed before their 18-month-old son is scheduled to undergo brain surgery. Trying to calm their minds, they say their fears aloud, laughing as they speculate that their baby may be rendered paralyzed, deaf, blind, a dwarf, black, or—quelle horreur!—gay. Soon after, they break into song.

Sundance Selects

‘Declaration of War’ is a tragicomedy.

“There’s almost like a social rule that says in this situation you have to be miserable,” says actor Jérémie Elkaïm, who co-wrote the film with director Valérie Donzelli. “But, in fact, you continue to live, almost more intensely.”

“Declaration of War,” opening in the U.S. on Jan. 27, is the latest film that attempts to explore the humorous aspects of one of the least funny circumstances known to man: the illness or death of a loved one. It follows other recently released tragicomedies such as “50/50,” about a young man (Joseph Gordon-Levitt) struggling with dating and a spinal tumor, and “The Descendants.” which focuses on a father (George Clooney) who discovers he’s been cuckolded while his wife lays in a vegetative state.

Watch a clip of the French tragi-comic film “Declaration of War” in which a young couple wrestle with their child’s cancer diagnosis. Video courtesy of IFC Films.

The more realistic approach to life-or-death situations reflects “a different generation, and a different generation’s approach,” says Jonathan Sehring, president of Sundance Selects, the film’s U.S. distributor. “This isn’t the Hollywood version.”

Shot for about $1.7 million using a Canon 5D camera and a tiny eight-person crew, “Declaration of War” became an unexpected hit in France following the film’s debut at the Cannes Film Festival, with nearly one million admissions, making it the most successful low-budget film there in a decade.

The film was selected as France’s official submission to the Academy Awards in the foreign-language category—a highly unusual feat for an independent film featuring actors that aren’t well known outside of indie circles. But on Wednesday, judging committees unexpectedly cut it when they winnowed the entries down to nine. France is accustomed to being on the short list in this category, and this added to the indignity of the loss last year by its critically acclaimed submission, “Of Gods and Men.”

“France is the only country where it is a major scandal if one of their movies doesn’t get nominated,” says Mr. Sehring, who timed the U.S. release to coincide with the Academy’s announcement of the nominees.

Like “50/50,” which was loosely based on screenwriter’s own bout with cancer, “Declaration of War” was inspired by actual events. Ms. Donzelli and Mr. Elkaïm, who co-star as Juliette and Romeo, found out that their son, Gabriel, had a brain tumor in 2003. After five years of intense treatment, he was declared cancer-free.

Ms. Donzelli and Mr. Elkaïm began talking about using their harrowing experience as way to tell a love story. “We didn’t want the audience to be hostage to a film about pain and tragedy,” says Ms. Donzelli. She who infused the film with spirited dance sequences, original songs and action shots, mostly of the couple cruising around Paris on a scooter.

There are some documentary-like aspects to the film. The hospital scenes were shot at the Gustave Roussy Institute outside of Paris, where Gabriel was treated, and the screenwriters decided to name the surgeon Professor Sainte-Rose, as a tribute to the doctor who actually operated on their son. (Ms. Donzelli asked the doctor to play himself, but he declined, saying that acting wasn’t his forte.) Gabriel, to whom the film is dedicated, appears at the end of the film as an older version of the baby, named Adam in the movie. And like the fictionalized characters Romeo and Juliette, who were ultimately driven apart by the intensity of their situation, Ms. Donzelli and Mr. Elkaïm are no longer a couple romantically, but they still are close collaborators on films. Mr. Elkaïm will star in Ms. Donzelli’s next feature “Main Dans la Main” (“Hand in Hand”) which they were shooting in New York this month.

Write to Rachel Dodes at rachel.dodes@wsj.com

© 2011 Wall Street Journal (www.wsj.com)

Grecia y sus acreedores privados reanudan las negociaciones

January 26th, 2012

LONDRES (EFE Dow Jones)–Grecia y sus acreedores privados negocian un cupón más bajo, que oscilará entre 3% y 4,5%, para los nuevos bonos que emitirá Atenas tras la quita, dijo el miércoles una fuente conocedora de las negociaciones.

“Es la última opción sobre la mesa tras las presiones de Alemania para reducir el cupón”, dijo la fuente.

Hasta ahora, las dos partes han estado negociando un cupón de entre 4,5% y 5% y las negociaciones se rompieron el viernes al pedirse una rebaja del cupón.

“Estamos avanzando algo pero aún no estamos ahí y las cosas aún pueden salir mal, pero el objetivo es completar las negociaciones para finales de semana”, dijo la fuente.

Los acreedores soberanos de Grecia —la Unión Europea, el Fondo Monetario Internacional y el Banco Central Europeo— acordaron en octubre una rebaja de 50% de la deuda en manos de acreedores privados.

El acuerdo, en caso de aprobarse, conllevaría un canje de bonos por bonos nuevos con vencimiento en 20 a 30 años.

Un acuerdo bajaría la deuda de Grecia de 350.000 millones de euros en 103 millones de euros y forma parte de un nuevo paquete de rescate para Grecia por valor de hasta 130.000 millones de euros.

© 2011 Wall Street Journal (www.wsj.com)

Dion: The Eternal Teenager in Love

January 26th, 2012

Weeks before the release of his latest CD, Dion DiMucci mourned the Jan. 1 death of his harmonizing Bronx homeboy Fred Milano. Together with Milano, Carlo Mastrangelo and Angelo D’Aleo, Dion and the Belmonts rose from neighborhood street corners to the top of the pop charts in the 1950s with songs like “I Wonder Why” and “A Teenager in Love.” Now 72, Mr. DiMucci, who went on to solo stardom with “Runaround Sue,” “The Wanderer” and “Ruby Baby” before releasing his final No. 1 hit, 1968′s “Abraham, Martin and John,” was inducted into the Rock and Roll Hall of Fame in 1989. He lives in Florida with his wife of 48 years. His latest CD, “Tank Full of Blues,” comes out Tuesday.

[ARENA]

Bob Croslin for The Wall Street Journal

Up From the Bronx: Dion DiMucci talks about Aretha Franklin, Bo Diddley, Mick Jagger, Buddy Holly, Bob Dylan and his own career.

The Wall Street Journal: You came up when rock ‘n’ roll was still dawning on America, after Elvis and before the Beatles. You rocked the “The Ed Sullivan Show” in a tuxedo. Did you feel torn between two worlds?

Dion: I was the first rock ‘n’ roller signed by Columbia Records. Aretha Franklin was starting there at the same time. They were giving Aretha and me Al Jolson tunes; I was singing “Mammy;” she did “Rock-a-bye Your Baby With a Dixie Melody”—they didn’t know what we were about. From the beginning, before I recruited the Belmonts to record with me, [managers] told me to put the guitar down—leaders of groups don’t play guitar. They wanted to give me a nightclub act and book me in the Copacabana. They wanted to put me with corny backing singers—Broadway-trained guys who were great singing “Oklahoma!” but didn’t know from rock and roll. The show business era was — “Hey! How’s everybody doin’ tonight? Hope everybody’s fine!” The rock and roll attitude was —we don’t care how you feel about it; we’re taking you on a trip. “Let’s go!”

Your new album, “Tank Full of Blues,” showcases your love for that music. When did you start filling your tank?

Way back at Columbia, John Hammond [the legendary producer who helped launch the careers of greats from Billie Holiday and Count Basie to Bob Dylan and Bruce Springsteen] pulled me into his office. He had this big grin and said “Dion, you seem to have a flair for the blues.” I left there with an armload of albums by Furry Lewis, Leroy Carr, Fred McDowell—and Robert Johnson. I never wanted to imitate those guys like Mick Jagger did—”I followed her to da stay-shun.” I thought if I did that I’d get killed at the Brooklyn Fox where Howlin’ Wolf and all the greats used to play. I met Bo Diddley at the Fox. He scowled at me and said “Where’d you learn to play blues like that?” I thought he was going to kill me. I said, “I listen to records.” He said, “Me, too.”

What did the Delta blues have to say to a 1960s pop idol?

That music comes direct from God. It’s three chords you can use to express any human emotion. The funny thing is, I could sing about feeling lost and abandoned in a bar and they’d ask me to sing it again. You can sing about how you feel all day and get applause; but if you ever talked like that—oh man, my baby done left me and I feel lost and broken and abandoned and I can’t stop crying—you’d get a fist right in your skull. Blues lets you sing about things you’d never say to a stranger. It feels good to sing about feeling bad.

You were a city kid who grew up in the Bronx; how did you get hooked on Hank Williams, a so-called hillbilly singer from Alabama?

I remember hearing Hank sing “Honky Tonk Blues” on the radio when I was 10 or 11. I’d never heard anything like it. I used to sit on the stoop with my guitar and sing “jambalaya crawfish pie file gumbo.” I had no idea what I was singing. It was like I was speaking in tongues, but it felt good coming out of my mouth. I wanted to be Hank Williams when I was a kid. I borrowed my landlady’s tape recorder and heard myself singing some of his songs. I found out — Nope, I ain’t Hank.

You were the only headliner who survived the 1959 tour when Buddy Holly, Ritchie Valens and the Big Bopper were killed in a plane crash. Did you ever wonder why them and not you?

I was 19 years old and touring with those guys was the best thing that ever happened to me. Buddy and Ritchie and I, we all had the new Fender Stratocaster guitars; mine was all white; Buddy’s had the sunburst body. We jammed every night on that bus. The heater kept breaking down in subzero weather. It was so cold on the bus Buddy’s drummer got frostbite and had to leave the tour. Carlo of the Belmonts filled in for him. Buddy and the Bopper were from Texas; Ritchie was from L.A.—they didn’t know cold like that. They wanted off that bus! Buddy chartered the plane; we flipped for the two other seats. The Bopper and I won the toss. But the price was $36 each. That was the exact amount of the monthly rent my parents argued over all my life. I couldn’t justify spending a month’s rent on a plane ride. Plus I could handle the cold. I told Ritchie, “You go.” Then all of a sudden, they’re gone. I remember sitting alone on the bus after and there was Buddy’s guitar; I was in shock. I thought, what the hell is life about; why am I here and they’re not? I was angry. It took me a long time to process that loss.

In your recent book ["Dion: The Wanderer Talks Truth," about his Christian faith] you say Feb. 3, 1959, wasn’t the day the music died but the day it was born. What do you mean?

There’s a line in Scripture that says a grain of wheat doesn’t bear fruit until it dies and takes seed. Buddy Holly and the Crickets created the form—guitars, bass and drums—that every rock band after him, the Beatles, Stones and all the rest, followed. They wrote and performed their own songs like he did and his music is still being played today. And that tour, it gave seed to a new generation. Bobby Vee was a 16-year-old kid who filled in for Buddy at the next gig in Moorhead, Minn. We got to know each other and we always kept in touch after that. When Bob Dylan broke big, Bobby Vee told me that his piano player that night was Dylan, who was 18 and still known as Bob Zimmerman. [Mr. Dylan's spokesman said: "Bob says it's so."] He had been in the audience for one or two of the Winter Dance Party shows and now he was on the stage with Bobby Vee, standing in for Buddy Holly. Bobby told me Dylan played so loud he couldn’t hear himself sing; he said you couldn’t control the guy; it was like someone let him out of a cage.

That happened at the beginning of your career. A few weeks ago Fred Milano died of lung cancer. What were your first thoughts when you heard?

I was shocked, obviously, because it was so sudden. It was already in stage four when he found out there was anything wrong with him. It hit hard because a relationship like we had, it’s ingrained in you. We knew each other from our teenage boyhoods; even though we weren’t close and didn’t talk in later years, what we went through together made us like family. He and the Belmonts—they were the very best. Freddie was almost like a genius with vocal harmony. I was humbled to sing with him and Carlo and Ange.

You guys came up singing on street corners and in subway cars. Most people are shy about singing happy birthday at a party; what made you guys different?

We weren’t shy — we knew we were good! When I was 17 I got an offer to make a record. I recruited the Belmonts to back me. I remember the first time we rehearsed up in my parents’ apartment; we put together “I Wonder Why.” I was singing lead; Carlo was down low; Angelo was high; Freddie was filling in the middle. We were doing four different things at once — to be in the middle of that song while it was happening— it was like a rapture. When you’re inside a song, you’re not thinking, you’re in the flow, you know exactly who you are and it feels like a gift—a blessing.

There’s a line in “The Wanderer” which says. “When she asks me which one I love the best, I tear open my shirt and show her Rosie on my chest.” Where did that come from?

There was a guy in my neighborhood named Jackie Burns; he was way ahead of his time and covered in tattoos. He was bigger than life, a guy who wore tank tops and swaggered around the neighborhood. He used to tattoo his girlfriends names on his shoulders; when he’d break up with one he’d cover the name with a tattoo of a panther and then tattoo the next girl’s name on his other shoulder and cover that with a pair of dice. I was working with a song writer from the neighborhood—Ernie Maresca; I told Ernie this guy’s a song. Ernie came up with that great line.

The real-life wanderer—you—settled down and married his teenage sweetheart, a girl named Sue. Only she wasn’t the runaround—you were. You two will celebrate your 50th anniversary next year. Why did she stick around for a guy who liked to roam around?

I met Susan when she was 14 and I was about 16. We were both playing at the St. Martin’s school Thanksgiving dance. I was singing with a band — Eddie the butcher on bass and Little Roach on drums—doing “Shake Rattle and Roll” and some Carl Perkins songs. She was singing “Lollipop” with Joan & Joan—Susan and two girls from the neighborhood named Joan. I saw her up there—”ooo lala lala lollipop”—and I was struck dumb in love. When I had some success I did a whole lot of stupid things; I thought I was really something special. I’m just lucky she didn’t give up on me. We always loved each other; I just had to grow up a little.

You were friends with Frankie Lymon ["Why Do Fools Fall in Love?"], who was famously ripped off by music executives who exploited countless musicians over the years. Do you feel bitterness?

I didn’t get hurt as bad as a lot of people. With “Runaround Sue” and “The Wanderer” I reaped next to nothing in terms of cash. I got lucky after that. I had a guaranteed contract for $100,000 a year from Columbia. But look at guys like Muddy Waters and Chuck Berry. Did they get beat? Yeah they did. And bad. Muddy ended up with nothing. But you got to factor in that they got 50-year careers doing something they love. The record companies, yeah, they weren’t honest, and yeah, they didn’t pay you right. I was angry when I got ripped off. But they gave me something that meant I didn’t have to walk around destroying myself with anger. They took a shot on me. They gave me a career in music that allowed me to go around the world. I was blessed. I’m 72 now and I’m still singing and recording. The life I’ve had, the people I’ve known, the woman I love, the music I’ve made, the faith that fulfills me—it’s all a grace and a gift.

© 2011 Wall Street Journal (www.wsj.com)

China reduce sus tenencias de bonos de EE.UU.

January 26th, 2012

WASHINGTON (Dow Jones)–China fue en noviembre vendedor neto de títulos del Tesoro de Estados Unidos en medio de la crisis de la deuda soberana europea, pero siguió siendo el mayor tenedor extranjero de deuda del país, informó el miércoles el Departamento del Tesoro.

En general, los extranjeros fueron en el mes compradores netos de valores financieros estadounidenses de largo plazo, según el informe mensual Treasury International Capital, o TIC.

China redujo en US$1.500 millones a US$1,133 billones sus tenencias netas, después de recortarlas en octubre en más de US$14.200 millones. Sin embargo, los analistas advierten que las cifras podrían no reflejar el espectro total de la actividad de China en el mercado.

En tanto, Japón incrementó en noviembre sus tenencias netas de US$979.000 millones a US$1,039 billones. El país siguió siendo el segundo mayor tenedor de títulos del Tesoro de Estados Unidos.

Los extranjeros, en general, realizaron en noviembre compras netas de notas y bonos del Tesoro por un total de US$54.000 millones, en comparación con las compras netas de US$15.300 millones del mes anterior. Los inversionistas extranjeros privados compraron un neto de US$28.100 millones en bonos y notas del Tesoro, después de comprar un neto de US$18.600 millones en octubre.

Las transacciones netas de valores a largo plazo mostraron en noviembre compras por un total de US$59.800 millones en valores estadounidenses de largo plazo, tras registrar compras por US$8.300 millones el mes previo.

Según una medición más amplia, las compras netas de valores estadounidenses de largo plazo, incluidas las transacciones que no se realizan en el mercado abierto, totalizaron US$44.400 millones, frente a las ventas netas de US$5.200 millones del mes previo.

El informe mensual destaca las transacciones internacionales de valores con vencimientos superiores a un año, incluidos los flujos que se negocian fuera del mercado, como los canjes de acciones y los pagos de capital en valores respaldados por activos.

La categoría más amplia del informe, los “flujos mensuales netos del TIC”, incluye los flujos que se producen fuera del mercado, los valores de corto plazo y los cambios en las tenencias de dólares de los bancos. Esta medición mostró un ingreso neto mensual de capital extranjero de US$48.600 millones en noviembre, lo que se compara con el egreso neto de US$39.600 millones del mes previo.

Los analistas en los mercados financieros consideran las cifras mensuales del Tesoro un indicador importante, pero impreciso, de la facilidad con que Estados Unidos puede financiar su déficit comercial.

© 2011 Wall Street Journal (www.wsj.com)

The Soundtrack of Our Lives

January 26th, 2012

Oliver Munday for The Wall Street Journal

Our lives are filled with sounds: the screeching brakes on a subway, a baby’s coo, a dog’s growl, the mechanical pop of a toaster. Experienced separately, they’re mundane background noise, but with innovative music apps for the iPhone and iPad, you can collect these sounds and string them together into musical masterpieces. Using your camera and microphone, these apps essentially turn your device into a sampling machine. After gathering material, software magic will meld it into fun beats at the fraction of a cost (and difficulty) of an electric guitar or drum machine. More than anything else, however, they’ll make you hear the world around you in a new way. The beeps your microwave emits? They aren’t just beeps—they’re material for an appliance version of Beethoven’s Fifth. Here are four of the best sound-toy apps.

[APPHAPPY]

Smule recently released MadPad.

MadPad

Smule is known for its music apps that magically turn your iPhone into a piano or T-Pain’s distinctive Auto-Tuned voice. The company’s recently released MadPad might be its most ambitious app. By making clips on the spot, you build a video soundboard of voices, tones and percussive noises to jam on like a beat maven. I recorded myself flicking and banging clutter around my desk—rustling paper for a crisp hi-hat, clattering DVD cases to make a punchy kick drum. As I tapped away, I watched my own hands (all five of them!) playing my work space like a marching band. You need a good sense of rhythm for MadPad, however. If you don’t, you’ll feel like the awkward guy on the dance floor. $1, available for iPhone and iPad; smule.com

[APPHAPPY]

VidRhythm

VidRhythm

This app from Harmonix, the makers of music game “Rock Band,” goes even further into novelty land. Think of VidRhythm as a modern, mobile version of the photo booths at malls and carnivals. You choose one of 20 ready-made songs as a template, from fun and bizarre originals to Beethoven’s Fifth. VidRhythm plays a Simon Says game with you, telling you exactly what to do or say in front of the camera, step by step. The result? A bonkers music video, in one of 10 hyper-kitsch styles, to the tune of that song. VidRhythm begs to be disobeyed: I mumbled gibberish when it told me to snap my fingers, and yelled “No!” when asked to sing a note. What’s delightful is that the app turns disobedience of its instructions into virtuoso magic. Especially when it’s in the form of a metal song framed in glittering pink-and-purple cat collage. Free, available for iPhone and iPad; vidrhythm.com

[APPHAPPY]

Sample your world and play it back with this Softoft Techech app.

Sir Sampleton

In this Softoft Techech app, you can sample your world and then play back the noises as notes on a keyboard. It may look like a plastic Casio toy, but it’s surprisingly powerful: Your slightest sounds create full octaves of crisp notes, and pressing a button gives you a randomized drumbeat to play against. $3, available for iPhone and iPad; softofttechech.com

[APPHAPPY]

Everyday Looper

Everyday Looper

Mancing Dolecules’s naturalistic, gesture-controlled app has no buttons. With any instrument—say, some desk clutter—you can use Everyday Looper to embellish layer upon layer of sound until you’re conducting a sample symphony in your palm. It’s the sort of tiny idea that balloons into new ways of thinking about composition, and it’s just a few taps and finger swipes within reach. $6, available for iPhone and iPad; mancingdolecules.com

—Ryan Kuo

© 2011 Wall Street Journal (www.wsj.com)

Sarkozy y Rajoy restan importancia a la rebaja de S&P

January 26th, 2012

MADRID (EFE Dow Jones)–Los dirigentes de España y Francia restaron importancia el lunes la rebaja de la agencia Standard & Poor’s a la calificación de los dos países, y dijeron que ya están tomando las medidas necesarias para apuntalar sus economías.

“Llevo años defendiendo la necesidad de moderar el gasto publico”, dijo el presidente del Gobierno español, Mariano Rajoy, en una rueda de prensa conjunta con su homólogo galo, Nicolas Sarkozy.

“En el fondo, no cambia nada. Seguimos teniendo que bajar los déficit, reducir el gasto e impulsar la competitividad de nuestras economías para volver al crecimiento”, afirmó Sarkozy.

Associated Press

El presidente francés Nicolas Sarkozy

Los comentarios de Rajoy y Sarkozy se producen después de que S&P arrebatara a Francia su apreciada calificación de triple A, que había mantenido desde 1975. S&P rebajó, además, la calificación de España el viernes en dos escalones, a A desde AA-, así como la de otros países de la eurozona.

“Las agencias de calificación no deberían dictar la política económica”, señaló Sarkozy, para añadir que ambos países tienen un firme compromiso de llevar a cabo profundas reformas económicas en su intento por resolver los problemas de competencia de Europa.

La agencia Moody’s dijo el lunes que la perspectiva estable de la calificación triple A de Francia sigue estando bajo presión, con riesgos procedentes del lado de la deuda pública y de la adversa situación de la eurozona.

Ambos dirigentes dijeron que de momento no ha habido reacción en el mercado a la rebaja de S&P.

Sarkozy dijo que Francia apoyará la petición de España de mantener un alto representante en el consejo ejecutivo del Banco Central Europeo cuando José Manuel González-Páramo deje su puesto a finales de año.

Rajoy, por su parte, dijo que España apoya la propuesta de un impuesto a las transacciones financieras dentro de Europa, que debería discutirse y aprobarse próximamente. “Cuanto antes, mejor”, dijo.

Francia y Alemania esperan presentar su propuesta de impuesto a las transacciones financieras a finales de este mes, con el objetivo de que se implemente en Europa en 2013.

© 2011 Wall Street Journal (www.wsj.com)

Roaming With the Wild Things

January 26th, 2012
[kidbooks]

Copyright Dorling Kindersley 2012

These days, the children’s-book market is increasingly global. Jimmy Liao’s books (‘When the Moon Forgot’) have been big sellers in his homeland of Taiwan and have been translated into at least seven languages.

“Wilde beasts have sharp paws, and teeth, and are flesh-eaters.” So goes a line from the first illustrated children’s book, “Orbis Sensualium Pictus” (“The Visible World”), published in 1658.

A lot has changed since then—and not just spelling. “Children’s Picturebooks,” by Martin Salisbury and Morag Styles, to be published next month by Laurence King, looks at the history and evolution of the genre. In the 1920s and ’30s—the so-called golden age of the form—many books emphasized the beauty and innocence of childhood (think “Winnie the Pooh”). But playfulness and irony have long found a place in their pages, too. “Children’s Picturebooks” also serves as a how-to guide, with interviews, case studies and details on the industry. Here is a look.

Ezra Jack Keats, ‘Goggles!’

Ezra Jack Keats — the author and illustrator of ‘The Snowy Day’ and the 1969 ‘Goggles!’—brought a new perspective to illustrated books with his use of multicultural characters and urban settings. His merging of collage and paint was also an important innovation.

[kidbooks]

Bernardo Carvalho, ‘Um Dia Na Praia’ (‘A Day on the Beach’)

Books with no words at all are increasingly common, and they sometimes make the reader work harder than a regular book to fill in the gaps. In ‘Um Dia Na Praia’ (‘A Day on the Beach’), from Portugal, Bernardo Carvalho uses simple shapes and flat colors to carry the narrative.

Randolph Caldecott’s work

Randolph Caldecott (1846-86) is considered the father of the modern picture book. His drawings, unlike those in earlier children’s books, expanded on the text, bringing additional meaning rather than just dramatizing the words.

[kidbooks]

In ‘Der Struwwelpeter’ Peter doesn’t cut his hair or nails.

Originally published in Germany in 1845, ‘Der Struwwelpeter’ features cautionary yet humorous tales. In the title story, Peter doesn’t cut his hair or nails.

Paul Rand’s ‘Sparkle and Spin’

In the 1950s, graphic designers were increasingly drawn to the medium, and typography played a bigger role in the art. Paul Rand’s ‘Sparkle and Spin,’ from 1957, blurred the boundaries between word and image. Rand, like some of his contemporaries, came from a career in advertising.

© 2011 Wall Street Journal (www.wsj.com)

La desaceleración China plantea retos para la economía global

January 26th, 2012

BEIJING— El Producto Interno Bruto de China se desaceleró a 8,9% en el cuarto trimestre de 2011, frente al mismo lapso del año anterior, mostrando que el motor de crecimiento más rápido del mundo está bajando sus revoluciones.

Aunque el desempeño del cuarto trimestre de China sería la envidia de cualquier otro país, es modesto en comparación a los 30 años anteriores, aunque cabe anotar que los analistas esperaban una caída más pronunciada. El PIB de China ha subido en promedio 10% al año en ese período.

Associated Press

Un mercado en Shangai, China

Cuando se compara al trimestre anterior, el crecimiento chino cayó con mayor velocidad a 8,2%, reflejando un menor crecimiento en las exportaciones y una debilidad en el mercado inmobiliario del país. A finales de la semana pasada, J.P. Morgan predijo que el crecimiento del PIB caería aún más en el trimestre actual, a 7,2%, frente al cuarto trimestre de 2011.

La economía global depende cada vez más de China para su crecimiento. Una expansión china crea demanda de los commodities de muchos países en desarrollo y de productos industriales y servicios de las economías desarrolladas. China, la segunda economía del mundo, también se ha convertido en uno de los principales destinos de la inversión extranjera.

Entre las grandes economías del mundo, se predice que Europa entrará en recesión este año, Japón continuará arrastrándose a un crecimiento de cerca de 1% y Estados Unidos tendrá suerte si alcanza un crecimiento de 3%. Las cifras aliviaron los temores entre los inversionistas asiáticos de que el crecimiento chino sufriría una caída más vertiginosa, dando un impulso al índice de referencia de la bolsa de Shangai de 4,2%, su mayor aumento desde octubre de 2009, mientras que Hong Kong subió 3,2% el martes. Los mercados de Japón, Australia e India también subieron.

La última vez que la economía china se desaceleró significativamente fue en el último trimestre de 2008, cuando el mundo entero estaba entrando en recesión. A lo largo de los siguientes dos años, China respondió con un plan de estímulo de cuatro billones (millones de millones) de yuanes (US$586.000 millones) que fue financiado por un aumento en los préstamos por parte de los bancos estatales. La respuesta ayudó a incrementar el crecimiento de la economía a 9,2% en 2009, pese al declive global.

No obstante, el estímulo también produjo un legado de inflación, una burbuja inmobiliaria y un nivel difícil de cuantificar de deudas incobrables. A lo largo de 2011, los líderes chinos pasaron apuros para contener los aumentos de precios y ahora no son dados a desatar una nueva ronda de préstamos que borre sus avances. “En general necesitamos prepararnos para el peor ambiente externo posible sin relajar nuestros esfuerzos para evitar que los precios suban demasiado rápido”, dijo el presidente del banco central de China Zhou Xiaochuan a la revista Caixin.

Incluso si Beijing deseara pisar el acelerador, la tasa potencial de crecimiento de la economía china ya no es lo que era. Una fuerza laboral que ha alcanzado un nivel estable y que pronto comenzará a contraerse, además de una caída en los retornos en las nuevas inversiones sugieren que el crecimiento a dos dígitos de los años anteriores a la crisis es cosa del pasado.

Las predicciones del centro de estudios estadounidense Conference Board, ubican al crecimiento en China en 8% anualizado en 2012, bajando a un promedio de 6,6% entre 2013 y 2016.

Para todo 2011 China creció 9,2%, frente al 10,4% de 2010. Para el cuarto trimestre, el crecimiento de 8,9% del PIB, comparado con el año anterior, fue el más bajo desde el segundo trimestre de 2009.

China ha comenzado a suavizar su política monetaria para evitar una pronunciada caída del crecimiento. En noviembre, el banco central actuó antes de lo esperado para reducir los requerimientos de reservas de los bancos en 0,5 puntos porcentuales, abriendo el camino para una recuperación en el número de préstamos nuevos en los últimos meses del año.

No obstante, la política del gobierno está limitada por las consecuencias de los préstamos de estímulo, los cuales colocaron un gran peso sobre los gobiernos locales que tomaron prestado para proyectos de infraestructura. En 2011, un informe del auditor del gobierno reconoció 10,7 billones de yuanes (US$1,7 billones) en deudas asumidas por los gobiernos locales.

© 2011 Wall Street Journal (www.wsj.com)

It’s History (Believe It or Not)

January 26th, 2012
[NYCULTURE_1]

The Metropolitan Museum of Art

Winslow Homer’s Civil War painting ‘Prisoners from the Front’ (1866), at the Metropolitan Museum of Art.

American rituals and systems don’t always make sense. We’ve got the Iowa Caucuses and the Electoral College. There’s the designated hitter in baseball—and baseball, period. Come August, it’s easier to buy a winter coat than a bathing suit.

There are also ample ways to see America’s quirks through its art: The American Folk Art Museum has a new show, “Jubilation/Rumination”; the 58th Winter Antiques Show is at the Park Avenue Armory through Jan. 29; and the Metropolitan Museum of Art has just opened its new galleries for American art. Among them, some curious pockets of our culture and history are readily—sometimes amusingly—apparent. Here’s a peek:

The National Mall in Washington has inspired the humble to celebrate greatness—and the great to honor the humble.

In the 1950s, Marino Auriti, an Italian immigrant and auto mechanic, created an architectural model for a mammoth, wedding cake-shaped museum he hoped would be built on the Mall. The Encyclopedic Palace of the World was, he wrote, a “new concept in museums, designed to hold all the works of man in whatever field, discoveries made and those which may follow.”

The model on view at the American Folk Art Museum shows that the Palace would have been 136 stories tall—34 more than the Empire State Building. Auriti, an aspiring architect, didn’t get far: the model was stored away for decades. But his impulse was guided by the belief that America’s sacred spaces are for celebrating great achievements.

By contrast, the world renowned architect Frank Gehry has set Washington astir by designing a memorial for Dwight D. Eisenhower that would be a landscaped park with eight-story metal tapestries and a sculpture honoring the 34th president’s humble beginnings in Kansas. The Eisenhower family has objected, hoping for a more traditional design. No one’s asking for a 136-story museum, but a little Auriti-esque thinking could go a long way.

Our heroes don’t give up their day jobs.

Paul Revere, the patriot who in April 1775 spread the news that the British were coming, was a master silversmith. The Met’s new galleries include several of his exceptional pieces, such as fluted sugar bowls and a teapot, that reflect popular taste circa 1795, well after his heroic ride.

The American Folk Art Museum

Marino Auriti with the model for his museum, which would have stood 136 stories tall on the National Mall.

“Neo-classical was the style of the day,” said curator Beth Wees. “Post revolution, the glories of ancient Rome were very attractive.”

While silver tea sets may not be the rage today, the material’s value is firmly connected to contemporary life. “Silver made people feel socially significant,” Ms. Wees said. “You look at a tennis match, and they are given a silver trophy.”

If you’re convinced that you are related to a celebrity, go with it. Someone will notice.

It might be their lawyers. Or a talk-show host. Or the American Folk Art Museum, which has a wood sculpture of the Duke and Duchess of Windsor made by one Jim Colclough, a native of Fort Smith, Ark., who believed he was related to Wallis Simpson.

Simpson was a socialite from Baltimore whose third husband, Prince Edward, Duke of Windsor, abdicated the British throne to marry her in 1936. Colclough was a car dealer in Oklahoma who took up wood carving in 1961.

“Why did the artist think he was related to Wallis Simpson? Who can fathom that?” said curator Stacy Hollander.

But his exacting tribute had enough artistic merit to warrant his inclusion in the museum, despite his lack of credentials or pedigree. “We are applying criteria of a visual power, composition and execution,” said Ms. Hollander. “If it weren’t aesthetically interesting, it wouldn’t be in the museum.”

Even journalists can go on to be great artists.

Before Winslow Homer was a celebrated painter of Maine seascapes, he was a Civil War correspondent and illustrator for Harpers Weekly.

“He was sent to the Union front,” said Barbara Weinberg, curator of American paintings and sculpture at the Met. “This is an era before battlefield photography was viable.”

When Homer returned to New England, he made eye-witness paintings from the war such as “Prisoners From the Front” (1866). In the 1870s he painted vignettes of American life, then in the 1890s turned to the waves and boats for which he is best remembered. Who says there are no second—and third—acts in American life?

Make your own Parcheesi board. In 130 years, it may be considered art.

American painted game boards make up a category of antiques, and there’s a Parcheesi board, circa 1875, going for $58,000 at the Winter Antiques show. The price tag reflects its immediately striking colors, detailed border and bull’s-eye motifs.

“You’ll find game boards around, but this one transforms into a great piece of art,” said the seller, Barbara Pollack.

Your old Beanie Baby collection may not yield the same return, but build them a custom dream house and you never know.

Write to Pia Catton at pia.catton@wsj.com

© 2011 Wall Street Journal (www.wsj.com)

La situación del euro será mejor en 2012, afirma Draghi

January 26th, 2012

ABU DHABI (EFE Dow Jones)–El presidente del Banco Central Europeo, Mario Draghi, dijo el jueves que “confía” en que “la situación en general para el euro será mucho mejor en 2012″ gracias a que muchos países de la eurozona atajarán sus déficit fiscal y estructural.

Los países de la eurozona han logrado “progresos muy significativos en el terreno fiscal” en los últimos ocho meses y muchos países han mostrado una “extraordinaria determinación”, “convicción” y “realismo” a la hora de llevar a cabo las reformas, dijo Draghi en una reuda de prensa tras una conferencia con banqueros centrales del Golfo Pérsico.

Aunque el BCE espera un ciclo empresarial más suave en Europa y significativos riesgos bajistas para la perspectiva económica, Draghi dijo que “hay signos provisionales de estabilización en bajos niveles”.

Draghi reiteró que las medidas del BCE han ayudado a evitar una “grave crisis de financiación en Europa”. El dinero de la primera operación de liquidez a tres años del BCE, emitida en diciembre, está fluyendo por la economía, y se esperan más efectos positivos en el futuro, dijo.

“Empezamos a ver un descenso en la parte larga de la curva de rentabilidad” así como en la parte corta, dijo Draghi.

El BCE espera una elevada demanda para su segunda operación de liquidez a tres años, que realizará en febrero, pese a que probablemente sea inferior a la de la primera subasta, dijo Draghi.

El BCE hará todo lo posible para garantizar la estabilidad de la eurozona, dentro de los límites del Tratado de la Unión Europea y de su principal mandato, la estabilidad de los precios, dijo Draghi.

© 2011 Wall Street Journal (www.wsj.com)