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The following error occurred Failed to leverage segment. unknown Wordfast escapereviewsmusicalsEurobond marketAlll the Devils are Herealigment toolsfractalsalgorithmMorozovinglésBig Datastorage for translatorsJim O'NeillSmall ChangeLower Quality Translationsealed bid auctiontranslation industrydata storagebook reviewvoice recognitionqualityArmy of the Potomac trilogyautomationMoneyballTranspate API deprecationThe Oatmealpricingrulesvirtual conferencelogotipoGoogle TranslateNiall Fergusoncrisis griegaRead It LaterDavid RakoffThe Big ShortLead GenerationRay KurzweilRosetta TranslationHenry Hitchingsjargonfinance and economics blogstighten interest ratestraductor-financiero.comcommmentsRetarded Emailstranslation qualityDylanmigration to BloggerAlan MooreDidier Hélinmemeuser-generated contentSDL Trados Studio 2009mortgagesProZ-TAUS Great Translation DebateresearchIsaac NewtontranslationYeeyantwo-speed InternetRentbusiness cardsWeb 2.0interpretationtelevisionlicensing issuestechnical textsSEOTranslation WorkspacereligionKilgrayThe Great StagnationIrrational ExuberanceinvestingRobert ShillerTahrir SquareA dose of skepticism to guard against localization hype, <br> courtesy of Miguel Llorens, an English-Spanish financial translatorhttp://traductor-financiero.blogspot.com/noreply@blogger.com (Miguel Llorens M.)Blogger133125blogspot/VliaAhttp://feedburner.google.comtag:blogger.com,1999:blog-2477329189905907968.post-7983910571616824167Mon, 13 Feb 2012 09:00:00 +00002012-02-14T03:33:56.745+01:00central bank statementsThe Shiningrepetitivenessmachine traslation<blockquote class="tr_bq"> <div class="MsoNormal" style="text-align: right;"> <br /></div> </blockquote> <div class="MsoNormal"> <br /> <div class="MsoNormal" style="text-align: right;"> <span lang="EN-US"><i><b>Homer:</b> So what do you think, Marge?&nbsp; All I need is a title. I was<o:p></o:p></i></span></div> <div class="MsoNormal" style="text-align: right;"> <span lang="EN-US"><i>&nbsp;thinking along the lines of "No TV and No Beer <o:p></o:p></i></span></div> <div class="MsoNormal" style="text-align: right;"> <span lang="EN-US"><i>Make Homer" something something. <b>Marge:</b> [timid] "Go Crazy"?<o:p></o:p></i></span></div> <div class="MsoNormal" style="text-align: right;"> <span lang="EN-US"><i><b>Homer:</b> Don't mind if I do!</i><o:p></o:p></span></div> <div class="MsoNormal" style="text-align: right;"> <span lang="EN-US"><b>--The Simpsons, "Treehouse of Horror V"</b><o:p></o:p></span></div> <br /> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span><br /> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Let me begin with an impossibly obscure instance of centralbankese. A policy statement is the kind of text that “Low Quality Translation” theorists say is ripe for computerization because it is repetitive. Check out this little quatrain, taken from a recent statement put out by the Bank of Canada:</span><br /> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span><br /> <br /> <blockquote class="tr_bq"> <i><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in place will be eventually withdrawn, consistent with achieving the 2 per cent inflation target.</span></span></i></blockquote> <div class="MsoNormal"> <br class="Apple-interchange-newline" /></div> </div> <div class="MsoNormal"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">After puzzling over this monstrosity for several minutes, I realized that most of the cognitive dissonance for me came from “current material excess supply” (it just rolls off the tongue, doesn’t it?). </span>Let us run it through Google Translate:<o:p></o:p></span></div> <br /> <blockquote class="tr_bq"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="hps"><i>"</i></span><i>En la medida en <span class="hps">que la expansión</span> <span class="hps">continúa y el</span> <span class="hps"><b>suministro de</b></span><b> <span class="hps">material excedente</span> <span class="hps">actual</span> </b><span class="hps">en la economía</span> <span class="hps">se absorbe</span> <span class="hps">poco a poco,</span> <span class="hps">algunas de</span> <span class="hps">las medidas de estímulo</span> <span class="hps">monetario</span> <span class="hps">considerable</span> <span class="hps">actualmente en vigor</span> <span class="hps">con el tiempo se</span> <span class="hps">retiró</span>, en consonancia con <span class="hps">el logro de</span> <span class="hps">la</span> <span class="hps">meta de inflación</span> <span class="hps">del 2 por</span> <span class="hps">ciento</span>."<o:p></o:p></i></span></blockquote> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></span></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">GoogleT is correct in providing “en la medida en que” (I would have used “en la medida que,” but you have to give some points for Google Translate); the verb tense in "continúa" needs changing to the subjunctive "cointinúe"). All in all, the first snippet of the MT version is OK. But the GoogleT sentence gets more and more garbled after “current excess material supply.” What the phrase means, of course, is “current <i>and significant</i> excess supply.” “Material” here is an adjective (GoogleT guesses incorrectly that here it is a noun). But even if GoogleT had guessed right, it would still have a mountain to climb. The question here is: “excess supply” of what? Is it <b>monetary supply</b> or <b>unused capacity utilization </b>or<b> unsold inventory</b>? Or all of them? My hunch is that it refers to the supply of money, but that is a decision I would have to consult further.</span></span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The “Crap Quality” ideologue believes that this messy human element (the undecidability of this hyeroglyph) can be elided in the case of “non-literary” texts. And the solution goes something like what I am about to describe. Imagine, for example, that we take all of the central bank policy statements written since the dawn of time (yes, back even to the times of the Roman Imperial Central Bank) and take all of the translations of those statements and upload them into the Universal Central Bank Policy Statement Translation Engine (the UCBPSTE©). Chop it all up and run it through the algorithm. </span></span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Is the translation still deficient? “No problemo,” as Americans say. Just take <i>every single text that has ever been translated since the time of Cain with its original</i> and cram both into the engine. What? Still garbage? Nothing doing. Let’s get large crowds of hamsters to translate all manner of texts to enrich the database. Eventually, given enough data (pant, pant), we will have an answer for our troublesome “current material excess supply.”&nbsp; </span></span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">I am here to tell you that this is unlikely. That forgets two problems. The first (and lesser one) is that central bank policy statements are willfully obscure. The Canadian bureaucrat who wrote the unfortunate “current material excess supply” is not just a bad writer. He <i>practices</i> to be a bad writer. He will be cranking out impenetrable hieroglyphs until the universe stops expanding and collapses back upon itself and we are all crushed as matter expands further and further to create an infinitely cold, infinitely empty void.</span></span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The second (and more important) obstacle is the lack of repetitiveness in something as complex as language and history (two areas not bound by strict rules). The “Crap Quality” people talk about the Content Tsunami, right? That means there should be a large enough (and ever increasing) corpus to solve most translation conundrums. To gauge the scale of the challenge, let us ask ourselves how many times in the history of humanity have the words “current material excess supply” been strung together by a hominid with opposable thumbs. Let’s do a Boolean search on the Internet using quotation marks to get exact hits for the phrase.</span></span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Aha! We get 21,000 hits. This bodes pretty well for computer-capturable repetitiveness, since it increases the likelihood that this tough nut of a phrase was translated.</span></span></div> <div class="MsoNormal"> <br /></div> <div class="separator" style="clear: both; text-align: center;"> <a href="http://4.bp.blogspot.com/-jCKqMs5rBEA/TzhXJV_dILI/AAAAAAAAAJ0/VO9PjYeApAE/s1600/the-shining.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="http://4.bp.blogspot.com/-jCKqMs5rBEA/TzhXJV_dILI/AAAAAAAAAJ0/VO9PjYeApAE/s320/the-shining.jpg" width="252" /></a></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Alas! Our “Crap Quality” theorist will feel a distinct pang of disappointment. And perhaps an extreme terror, not unlike Jack Nicholson’s wife in <i>The Shining</i> as she inspects her hubby’s literary handiwork. Yes, it is as if the Internet has been maniacally scribbling “All work and no play makes Jack a dull boy” over and over again. (Oh, faceless Canadian bureaucrat, I love you!) <b>The 21,000 instances of “current material excess supply” come from the same sentence quoted 21,000 times.</b> The point is (if it needs explanation) that “current material excess supply” is made up of non-problematic components (taken singly); the problem is that when you string them together, they create a unit that is not susceptible to statistical deciphering. The further point (and the objection to “Lower Quality Translation”) is that there are potentially infinite strings like “current material excess supply” out there, unspoken. And they are far more frequent than engineers who have never translated a word in their life think. So a rose is a rose is <i>not</i> a rose.</span></span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <br /> <a name='more'></a><br /></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">1.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.forex-tribe.com/fx/material-excess-supply">Material - Excess - Supply - Forex-Tribe.com</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; border-bottom-style: none; border-bottom-width: 1pt; border-image: initial; border-left-color: windowtext; border-left-style: none; border-left-width: 1pt; border-right-color: windowtext; border-right-style: none; border-right-width: 1pt; border-top-color: windowtext; border-top-style: none; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 0cm; padding-right: 0cm; padding-top: 0cm; text-decoration: none;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f"> <v:stroke joinstyle="miter"> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"> <v:f eqn="sum @0 1 0"> <v:f eqn="sum 0 0 @1"> <v:f eqn="prod @2 1 2"> <v:f eqn="prod @3 21600 pixelWidth"> <v:f eqn="prod @3 21600 pixelHeight"> <v:f eqn="sum @0 0 1"> <v:f eqn="prod @6 1 2"> <v:f eqn="prod @7 21600 pixelWidth"> <v:f eqn="sum @8 21600 0"> <v:f eqn="prod @7 21600 pixelHeight"> <v:f eqn="sum @10 21600 0"> </v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:formulas> <v:path gradientshapeok="t" o:connecttype="rect" o:extrusionok="f"> <o:lock aspectratio="t" v:ext="edit"> </o:lock></v:path></v:stroke></v:shapetype><v:shape alt="" href="" id="XPLSS_1022840606U1" o:button="t" o:spid="_x0000_i1025" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></a></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.forex-tribe.com/.../material-...</cite> - <cite>Estados Unidos</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.forex-tribe.com/fx/material-excess-supply&amp;ei=RLOUTpj3KYLq0gGy99WjBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=1&amp;ved=0CCQQ7gEwAA&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26hl%3Des%26client%3Dfirefox-a%26hs%3DzQ5%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Aug 2011 – </span></span><span class="st"><b><span lang="EN-US">...</span></b><span lang="EN-US"> the statement: To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, <b>...</b></span></span></span></div> <ol start="2" type="1"> <li class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="b"><span lang="EN-US">[PDF]</span></span><span lang="EN-US">&nbsp; </span></span></li> </ol> <h3 style="margin-left: 36.0pt;"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><a href="http://www.pavaomortgages.com/documents/thebankofcanadamaintainsthetargetovernightrateat1percent.pdf">The Bank of Canada today announced that it is maintaining its ...</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; border-bottom-style: none; border-bottom-width: 1pt; border-image: initial; border-left-color: windowtext; border-left-style: none; border-left-width: 1pt; border-right-color: windowtext; border-right-style: none; border-right-width: 1pt; border-top-color: windowtext; border-top-style: none; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 0cm; padding-right: 0cm; padding-top: 0cm; text-decoration: none;"><v:shape alt="" href="" id="XPLSS_1065375761U1" o:button="t" o:spid="_x0000_i1026" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></a></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.pavaomortgages.com/.../...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.pavaomortgages.com/documents/thebankofcanadamaintainsthetargetovernightrateat1percent.pdf&amp;ei=RLOUTpj3KYLq0gGy99WjBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=2&amp;ved=0CC0Q7gEwAQ&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26hl%3Des%26client%3Dfirefox-a%26hs%3DzQ5%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">Formato de archivo:</span></span><span lang="EN-US"> PDF/Adobe Acrobat - <a href="http://docs.google.com/viewer?a=v&amp;q=cache:1Hz338BTccwJ:www.pavaomortgages.com/documents/thebankofcanadamaintainsthetargetovernightrateat1percent.pdf+%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;gl=ve&amp;pid=bl&amp;srcid=ADGEESgZm1lVIoumcWto_6CIaJCAp1w3UBMh6ijfbFkqGtoqDT49baTHtv0SXSbWOZF4XjvK3FYjQXt2ZrrjWWhdmA6Nw2OvrEDfNVIFLubyIWPFg-p6cr9qe_ISbmGyUYUtwD_vMtrM&amp;sig=AHIEtbQ1FjMPWWKYjWIQlxsP2BTr2qCdHQ">Vista rápida</a><br /> <span class="st">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the considerable monetary <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">3.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://creanews.ca/2011/07/19/bank-of-canada-holds-key-rate-at-1-2/">Bank of Canada holds key rate at 1% « CREA News</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; border-bottom-style: none; border-bottom-width: 1pt; border-image: initial; border-left-color: windowtext; border-left-style: none; border-left-width: 1pt; border-right-color: windowtext; border-right-style: none; border-right-width: 1pt; border-top-color: windowtext; border-top-style: none; border-top-width: 1pt; padding-bottom: 0cm; padding-left: 0cm; padding-right: 0cm; padding-top: 0cm; text-decoration: none;"><v:shape alt="" href="" id="XPLSS_689110478U1" o:button="t" o:spid="_x0000_i1027" style="height: 24.6pt; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">The Bank said, “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">4.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.bankofcanada.ca/2011/07/speeches/opening-statement-81/">Release of the Monetary Policy Report - Bank of Canada</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">20 Jul 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">5.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://mortgage-cents.com/knowledge/news/index5009.html?&amp;content_id=139">Mortgage Cents</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="st"><span lang="EN-US">"To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the considerable monetary <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">6.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.centralbanknews.info/2011/07/monetary-policy-week-in-review-23-july.html">Monetary Policy Week in Review - 23 July 2011 - Central Bank News</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">23 Jul 2011 – </span></span><span class="st"><span lang="EN-US">Bank of Canada (held interest rate at 1.00%): "To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">7.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.dailymarkets.com/forex/2011/07/19/boc-removes-%E2%80%9Ceventually%E2%80%9D-from-when-to-withdraw-monetary-stimulus-cad-gains/">BOC Removes “Eventually” From When To Withdraw Monetary ...</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">8.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.uniackenewsletter.ca/?p=2523">SEPTEMBER 2011 MARKET UPDATE | The Uniacke Newsletter</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">1 Oct 2011 – </span></span><span class="st"><span lang="EN-US">According to the Bank of Canada, “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">9.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://theinvestmentblog.net/2011/05/31/bank-of-canada-maintains-overnight-interest-rate-at-1-percent-may-2011/">Bank of Canada Holds Overnight Rate At 1%, May 31 2011 | The ...</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><b><span lang="EN-US">...</span></b><span lang="EN-US"> stated that maintaining the overnight rate but warns “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l15 level1 lfo12; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">10.</span><span lang="EN-US"><a href="http://www.econmatters.com/2011/07/global-monetary-policy-week-in-review.html">Global Monetary Policy Week in Review - 23 July 2011 (Guest Post ...</a><a href="file:///I:/Documents%20and%20Settings/Owner/Desktop/Blog%20drafts/On-Deck.docx"><span style="border-bottom-color: windowtext; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">23 Jul 2011 – </span></span><span class="st"><span lang="EN-US">Bank of Canada (held interest rate at 1.00%): "To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the <b>...</b></span></span></span></div> <table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-yfti-tbllook: 1184;"> <tbody> <tr> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"></td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">1</span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=zQ5&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RLOUTpj3KYLq0gGy99WjBw&amp;start=10&amp;sa=N">2</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=zQ5&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RLOUTpj3KYLq0gGy99WjBw&amp;start=20&amp;sa=N">3</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=zQ5&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RLOUTpj3KYLq0gGy99WjBw&amp;start=30&amp;sa=N">4</a></span><span lang="EN-US" style="font-size: 12pt; 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</span></span><span lang="EN-US"><a href="http://www.mises.ca/posts/blog/still-at-1/">Still At 1%</a><v:shape alt="" id="XPLSS_320920539" o:spid="_x0000_i1039" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.mises.ca/posts/blog/still-at-1/</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.mises.ca/posts/blog/still-at-1/&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=1&amp;ved=0CCMQ7gEwADgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">2.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://divestor.com/category/canada/">Canada | Divestor</a><v:shape alt="" id="XPLSS_333934558" o:spid="_x0000_i1040" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>divestor.com/category/canada/</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://divestor.com/category/canada/&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=2&amp;ved=0CCsQ7gEwATgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the considerable monetary <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">3.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://chris-sperber.com/blog.html">Chris Sperber : Re/Max Ocean Pacific Realty, Comox : Blog</a><v:shape alt="" id="XPLSS_1843203006" o:spid="_x0000_i1041" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>chris-sperber.com/blog.html</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://chris-sperber.com/blog.html&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=3&amp;ved=0CDMQ7gEwAjgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">20 Jul 2011 – </span></span><span class="st"><span lang="EN-US">The Bank said, “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">4.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.advisor.ca/news/economic/no-hints-when-boc-will-start-tightening-49389">No hints when BoC will start tightening | Advisor.ca</a><v:shape alt="" id="XPLSS_1816595918" o:spid="_x0000_i1042" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.advisor.ca/.../no-hints-when-boc-will-start-t...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.advisor.ca/news/economic/no-hints-when-boc-will-start-tightening-49389&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=4&amp;ved=0CDsQ7gEwAzgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">5.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.citytv.com/toronto/citynews/life/money/article/143740--bank-of-canada-leaves-interest-rate-unchanged">Bank of Canada leaves interest rate unchanged - CityNews</a><v:shape alt="" id="XPLSS_1516918307" o:spid="_x0000_i1043" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="bc"><i>www.citytv.com › </i></span><span lang="EN-US"><a href="http://www.google.co.ve/url?url=http://www.citytv.com/toronto/citynews/life&amp;rct=j&amp;sa=X&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;ved=0CEUQ6QUoADAEOAo&amp;q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;usg=AFQjCNHSeidV4qJqNusRVa_eS7Xa09Awuw"><i><span lang="ES">Life</span></i></a></span><span class="bc"><i> › </i></span><span lang="EN-US"><a href="http://www.google.co.ve/url?url=http://www.citytv.com/toronto/citynews/life/money&amp;rct=j&amp;sa=X&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;ved=0CEYQ6QUoATAEOAo&amp;q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;usg=AFQjCNE3BNRMZKMOmWwdEtLrOQjIpGPyjA"><i><span lang="ES">Money</span></i></a></span><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.citytv.com/toronto/citynews/life/money/article/143740--bank-of-canada-leaves-interest-rate-unchanged&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=5&amp;ved=0CEMQ7gEwBDgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">"To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">6.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://m.theglobeandmail.com/report-on-business/economy/interest-rates/carney-signals-higher-rates-on-the-way/article2041027/">Interest Rates - The Globe and Mail</a><v:shape alt="" id="XPLSS_1416756443" o:spid="_x0000_i1044" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>m.theglobeandmail.com/.../article204102...</cite> - <cite>Canadá</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://m.theglobeandmail.com/report-on-business/economy/interest-rates/carney-signals-higher-rates-on-the-way/article2041027/&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=6&amp;ved=0CE4Q7gEwBTgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">7.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://m.ottawasun.com/2011/07/19/bank-of-canada-holds-rate-sees-hike-on-the-horizon">Bank of Canada holds rate, sees hike on - Ottawa SUN</a><v:shape alt="" id="XPLSS_534328391" o:spid="_x0000_i1045" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">m.ottawasun.com/.../bank-of-canada-hold...</span></cite><span lang="EN-US"> - <cite>Canadá</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://m.ottawasun.com/2011/07/19/bank-of-canada-holds-rate-sees-hike-on-the-horizon&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=7&amp;ved=0CFcQ7gEwBjgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">8.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.topforexnews.com/2011/07/19/boc-rate-statement-invigorates-loonie/">BOC Rate Statement Invigorates Loonie — Forex News</a><v:shape alt="" id="XPLSS_1836284368" o:spid="_x0000_i1046" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.topforexnews.com/.../boc-rate-statement-in...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.topforexnews.com/2011/07/19/boc-rate-statement-invigorates-loonie/&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=8&amp;ved=0CGAQ7gEwBzgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">9.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://currencythoughts.com/2011/07/19/canadian-monetary-policy-and-outlook-not-changed/">Canadian Monetary Policy and Outlook Not Changed – Currency ...</a><v:shape alt="" id="XPLSS_1686917045" o:spid="_x0000_i1047" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>currencythoughts.com/.../canadian-monetary-pol...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://currencythoughts.com/2011/07/19/canadian-monetary-policy-and-outlook-not-changed/&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=9&amp;ved=0CGgQ7gEwCDgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><b><span lang="EN-US">...</span></b><span lang="EN-US"> and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l5 level1 lfo13; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">10.</span><span lang="EN-US"><a href="http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/07/boc-leaves-key-rate-untouched-at-100.html">BoC Leaves Key Rate Untouched at 1.00%</a><v:shape alt="" id="XPLSS_510079214" o:spid="_x0000_i1048" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.canadianmortgagetrends.com/.../boc-leaves...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/07/boc-leaves-key-rate-untouched-at-100.html&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=10&amp;ved=0CHAQ7gEwCTgK&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D10%26hl%3Des%26client%3Dfirefox-a%26hs%3DP6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><b><span lang="EN-US">...</span></b><span lang="EN-US"> Pending continued economic expansion and absorption in "the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy...some of the considerable <b>...</b></span></span></span></div> <table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-yfti-tbllook: 1184;"> <tbody> <tr> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=0&amp;sa=N"><b>Anterior</b></a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=0&amp;sa=N">1</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">2</span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=20&amp;sa=N">3</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=30&amp;sa=N">4</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=40&amp;sa=N">5</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=50&amp;sa=N">6</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=60&amp;sa=N">7</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=70&amp;sa=N">8</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=80&amp;sa=N">9</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=90&amp;sa=N">10</a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=P6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=RrOUToe1HMHg0QH4oLCpBw&amp;start=100&amp;sa=N">11</a></span><span lang="EN-US" style="font-size: 12pt; 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</span></span><span lang="EN-US"><a href="http://www.prefblog.com/?p=15745">July 19, 2011 « PrefBlog</a><v:shape alt="" id="XPLSS_1492425418" o:spid="_x0000_i1053" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.prefblog.com/?p=15745</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.prefblog.com/%3Fp%3D15745&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=1&amp;ved=0CCMQ7gEwADgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">2.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.therecord.com/news/business/article/540367--bank-says-it-will-raise-rates-if-economy-continues-to-expand-as-expected">TheRecord - Bank says it will raise rates if economy continues to...</a><v:shape alt="" id="XPLSS_1335548474" o:spid="_x0000_i1054" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="bc"><i>www.therecord.com › </i></span><span lang="EN-US"><a href="http://www.google.co.ve/url?url=http://www.therecord.com/news&amp;rct=j&amp;sa=X&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;ved=0CC0Q6QUoADABOBQ&amp;q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;usg=AFQjCNF-XBVhFmqkWaLedd4txYLsiIh9Og"><i><span lang="ES">News</span></i></a></span><span class="bc"><i> › </i></span><span lang="EN-US"><a href="http://www.google.co.ve/url?url=http://www.therecord.com/news/business&amp;rct=j&amp;sa=X&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;ved=0CC4Q6QUoATABOBQ&amp;q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;usg=AFQjCNF-cKQOxpp1CuILpQFrfQ75TW5rvA"><i><span lang="ES">Business</span></i></a></span><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.therecord.com/news/business/article/540367--bank-says-it-will-raise-rates-if-economy-continues-to-expand-as-expected&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=2&amp;ved=0CCsQ7gEwATgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">3.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://money.canoe.ca/money/business/canada/archives/2011/07/20110719-093156.html">Bank of Canada warns of rate hikes to come</a><v:shape alt="" id="XPLSS_2141049072" o:spid="_x0000_i1055" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>money.canoe.ca/.../07/20110719-093156.html</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://money.canoe.ca/money/business/canada/archives/2011/07/20110719-093156.html&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=3&amp;ved=0CDYQ7gEwAjgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">``To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">4.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.cbc.ca/fp/story/2011/07/19/5124658.html">Bank of Canada sees hikes on the horizon - Business - CBC News</a><v:shape alt="" id="XPLSS_940913579" o:spid="_x0000_i1056" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.cbc.ca/fp/story/2011/07/19/5124658.html</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.cbc.ca/fp/story/2011/07/19/5124658.html&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=4&amp;ved=0CD4Q7gEwAzgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <ol start="5" type="1"> <li class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="b"><span lang="EN-US">[PDF]</span></span><span lang="EN-US">&nbsp; </span></span></li> </ol> <h3 style="margin-left: 36.0pt;"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><a href="http://images.kw.com/kw/user_uploads/09_TMIRE_Sep_CA_2011.pdf">Released: September 2011</a><v:shape alt="" id="XPLSS_2069118126" o:spid="_x0000_i1057" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">images.kw.com/.../09_TMIRE_Sep_CA_2011.p...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://images.kw.com/kw/user_uploads/09_TMIRE_Sep_CA_2011.pdf&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=5&amp;ved=0CEUQ7gEwBDgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">Formato de archivo:</span></span><span lang="EN-US"> PDF/Adobe Acrobat - <a href="http://docs.google.com/viewer?a=v&amp;q=cache:klPmxycVUEgJ:images.kw.com/kw/user_uploads/09_TMIRE_Sep_CA_2011.pdf+%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;gl=ve&amp;pid=bl&amp;srcid=ADGEEShLlLgAQvB2evl_PZFGbGMP8h2tFfE0AbSGmxMzJHwm-ns2tekSYEZ4uZKT-Tc2rt7H_c4dQEl-88hPlh4M-gctLM5HnkwXcgZTjIrytXm-sh5GVjIhD596v99zwJ2JqbxdDYOz&amp;sig=AHIEtbSH5PBP78T8kZzWdpckDip1_m0GDQ">Vista rápida</a><br /> <span class="f">15 Jul 2011 – </span><span class="st">the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in place <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">6.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.forexnews.com/2011/05/cad-extends-gains-after-bank-of-canada-statement-2/">CAD Extends Gains After Bank Of Canada Statement » ForexNews.com</a><v:shape alt="" id="XPLSS_1494445423" o:spid="_x0000_i1058" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.forexnews.com/.../cad-extends-gains-after-...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.forexnews.com/2011/05/cad-extends-gains-after-bank-of-canada-statement-2/&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=6&amp;ved=0CE0Q7gEwBTgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">7.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.istockanalyst.com/finance/story/5310586/monetary-policy-week-in-review-23-july-2011">Monetary Policy Week In Review - 23 July 2011 | iStockAnalyst.com</a><v:shape alt="" id="XPLSS_616144348" o:spid="_x0000_i1059" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.istockanalyst.com/.../monetary-policy-wee...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.istockanalyst.com/finance/story/5310586/monetary-policy-week-in-review-23-july-2011&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=7&amp;ved=0CFUQ7gEwBjgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">23 Jul 2011 – </span></span><span class="st"><span lang="EN-US">Bank of Canada (held interest rate at 1.00%): "To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">8.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.chriskeleher.ca/Royal_LePage/Blog/Entries/2011/6/8_Mortgage_Rates_Remain_the_Same%21.html">Mortgage Rates Remain the Same!</a><v:shape alt="" id="XPLSS_616113259" o:spid="_x0000_i1060" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.chriskeleher.ca/.../8_Mortgage_Rates_Rem...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.chriskeleher.ca/Royal_LePage/Blog/Entries/2011/6/8_Mortgage_Rates_Remain_the_Same%21.html&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=8&amp;ved=0CF0Q7gEwBzgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">8 Jun 2011 – </span></span><span class="st"><span lang="EN-US">"To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">9.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://seekingalpha.com/instablog/566953-centralbanknews/196703-bank-of-canada-holds-interest-rate-at-1-00">Bank of Canada Holds Interest Rate at 1.00% - centralbanknews ...</a><v:shape alt="" id="XPLSS_569156622" o:spid="_x0000_i1061" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">seekingalpha.com/.../196703-bank-of-canada-ho...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://seekingalpha.com/instablog/566953-centralbanknews/196703-bank-of-canada-holds-interest-rate-at-1-00&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=9&amp;ved=0CGUQ7gEwCDgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">The Bank commented in its statement: "To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l10 level1 lfo14; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">10.</span><span lang="EN-US"><a href="http://www.pier16.ca/category/canada-economy/">Canada economy - Pier 16</a><v:shape alt="" id="XPLSS_414075454" o:spid="_x0000_i1062" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.pier16.ca/category/canada-economy/</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.pier16.ca/category/canada-economy/&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=10&amp;ved=0CG0Q7gEwCTgU&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D20%26hl%3Des%26client%3Dfirefox-a%26hs%3DX6P%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-yfti-tbllook: 1184;"> <tbody> <tr> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=X6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;start=10&amp;sa=N"><b>Anterior</b></a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=X6P&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=TrOUTpu8NsjY0QHM19HSBw&amp;start=0&amp;sa=N">1</a></span><span lang="EN-US" style="font-size: 12pt; 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</span></span><span lang="EN-US"><a href="http://creanews.ca/2011/07/">2011 July « CREA News</a><v:shape alt="" id="XPLSS_1145079378" o:spid="_x0000_i1067" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">creanews.ca/2011/07/</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://creanews.ca/2011/07/&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=1&amp;ved=0CCMQ7gEwADge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">The Bank said, “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">2.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.verybestmortgage.ca/artman/publish/Rates_Stay_the_Same.php">Rates Stay the Same - The Very Best Mortgage Company</a><v:shape alt="" id="XPLSS_2074328256" o:spid="_x0000_i1068" style="height: 24.6pt; 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mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">3.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.ontariomortgagesuperstore.com/market-news/july-19-2011-boc-holds-key-interest-rate-1-0">July 19 2011 – BoC: Holds Key Interest Rate 1.0%</a><v:shape alt="" id="XPLSS_1273551173" o:spid="_x0000_i1069" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.ontariomortgagesuperstore.com/.../j...</cite> - <cite>Canadá</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.ontariomortgagesuperstore.com/market-news/july-19-2011-boc-holds-key-interest-rate-1-0&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=3&amp;ved=0CDMQ7gEwAjge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the (Canadian) expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">4.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://banknerd.ca/2011/07/19/bank-of-canada-key-overnight-interest-rate-left-unchanged/">Bank of Canada: Key Overnight Interest Rate Left Unchanged ...</a><v:shape alt="" id="XPLSS_806305469" o:spid="_x0000_i1070" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="bc"><i>banknerd.ca › </i></span><span lang="EN-US"><a href="http://www.google.co.ve/url?url=http://banknerd.ca/category/news/&amp;rct=j&amp;sa=X&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;ved=0CD4Q6QUoADADOB4&amp;q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;usg=AFQjCNGr3INtZbANTYLefPcMc9GF4QZ3CA"><i><span lang="ES">News</span></i></a></span><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://banknerd.ca/2011/07/19/bank-of-canada-key-overnight-interest-rate-left-unchanged/&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=4&amp;ved=0CDwQ7gEwAzge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><b><span lang="EN-US">...</span></b><span lang="EN-US"> of Canada explained that we are seeing the Canadian economy expansion continue to the point where the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">5.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.wynsumhomes.com/news-events-details.php?id=63">Bank of Canada maintains overnight rate target at 1 per cent</a><v:shape alt="" id="XPLSS_166491590" o:spid="_x0000_i1071" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">www.wynsumhomes.com/news-events-details.ph...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.wynsumhomes.com/news-events-details.php%3Fid%3D63&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=5&amp;ved=0CEYQ7gEwBDge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <ol start="6" type="1"> <li class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="b"><span lang="EN-US">[PDF]</span></span><span lang="EN-US">&nbsp; </span></span></li> </ol> <h3 style="margin-left: 36.0pt;"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><a href="http://www.desjardins.com/en/a_propos/etudes_economiques/actualites/ess_politique_monetaire/ep110531.pdf">BANK OF CANADA</a><v:shape alt="" id="XPLSS_1204508654" o:spid="_x0000_i1072" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.desjardins.com/.../ep110531.pdf</cite> - <cite>Canadá</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.desjardins.com/en/a_propos/etudes_economiques/actualites/ess_politique_monetaire/ep110531.pdf&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=6&amp;ved=0CE4Q7gEwBTge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">Formato de archivo:</span></span><span lang="EN-US"> PDF/Adobe Acrobat - <a href="http://docs.google.com/viewer?a=v&amp;q=cache:8RwoZpbChzwJ:www.desjardins.com/en/a_propos/etudes_economiques/actualites/ess_politique_monetaire/ep110531.pdf+%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;gl=ve&amp;pid=bl&amp;srcid=ADGEEShbjkmfa4BdFWA1RKPSgvEQd1v8YkDm2bN2RSbp7ldo0AAFSc4UVBm_Y7Ph1g7RWmiC1M7YdOpyvZDcFvPiaVJ5OlG-kwLtmHSCC8B6DiTaVpyHGd77zEVgzIxOvX2iuknrh7Va&amp;sig=AHIEtbQ1ce5wUnPodGV3eBjgJEIGsfYCSg">Vista rápida</a><br /> <span class="f">31 May 2011 – </span><span class="st">the overnight rate at 1 per cent. To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">7.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://blogs.vancouversun.com/2011/07/19/bank-of-canada-holds-rate-steady/">Bank of Canada holds rate steady | Vancouver Sun Blogs</a><v:shape alt="" id="XPLSS_2083659811" o:spid="_x0000_i1073" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>blogs.vancouversun.com/.../bank-of-canada-hol...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://blogs.vancouversun.com/2011/07/19/bank-of-canada-holds-rate-steady/&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=7&amp;ved=0CFcQ7gEwBjge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">8.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://m.ctv.ca/topstories/20110719/bank-of-canada-interest-rate-announcement-110719.html">Read More... - Top Stories</a><v:shape alt="" id="XPLSS_144475748" o:spid="_x0000_i1074" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">m.ctv.ca/.../bank-of-canada-interest-rate-announ...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://m.ctv.ca/topstories/20110719/bank-of-canada-interest-rate-announcement-110719.html&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=8&amp;ved=0CF8Q7gEwBzge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">"To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">9.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://ca.reuters.com/article/businessNews/idCATRE76I2YT20110719">Bank of Canada sets stage for next rate hike | Business | Reuters</a><v:shape alt="" id="XPLSS_1032856915" o:spid="_x0000_i1075" style="height: 24.6pt; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">"To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l4 level1 lfo15; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">10.</span><span lang="EN-US"><a href="http://www.fxstreet.com/fundamental/analysis-reports/fundamental-updates/2011/07/19/03/">BOC Removes "Eventually" from When to Withdraw Monetary Stimulus ...</a><v:shape alt="" id="XPLSS_1138397446" o:spid="_x0000_i1076" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.fxstreet.com/fundamental/analysis.../03/</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.fxstreet.com/fundamental/analysis-reports/fundamental-updates/2011/07/19/03/&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=10&amp;ved=0CHMQ7gEwCTge&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D30%26hl%3Des%26client%3Dfirefox-a%26hs%3Dzlk%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-yfti-tbllook: 1184;"> <tbody> <tr> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=zlk&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;start=20&amp;sa=N"><b>Anterior</b></a></span><span lang="EN-US" style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></span></div> </td> <td style="padding: .75pt .75pt .75pt .75pt;" valign="top"><div class="MsoNormal" style="margin-top: 5.4pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US"><a href="http://www.google.co.ve/search?q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;client=firefox-a&amp;hs=zlk&amp;rls=org.mozilla:es-ES:official&amp;prmd=imvns&amp;ei=V7OUTqnvOKPv0gGkv5DHBw&amp;start=0&amp;sa=N">1</a></span><span lang="EN-US" style="font-size: 12pt; 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</span></span><span lang="EN-US"><a href="http://blog.markherman.ca/2011/07/19/consumer-prime-stays-the-same-at-3-but-for-how-long/">Consumer Prime stays the same at 3% – but for how long ...</a><v:shape alt="" id="XPLSS_678148874" o:spid="_x0000_i1081" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">blog.markherman.ca/.../consumer-prime-stays-th...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://blog.markherman.ca/2011/07/19/consumer-prime-stays-the-same-at-3-but-for-how-long/&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=1&amp;ved=0CCMQ7gEwADgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">2.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.newswire.ca/en/releases/archive/July2011/19/c6193.html">BANK OF CANADA | Bank of Canada maintains overnight rate target ...</a><v:shape alt="" id="XPLSS_1818377021" o:spid="_x0000_i1082" style="height: 24.6pt; 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mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">3.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://equityfinancialtrust.com/foreign-exchange-services/foreign-exchange-rate-watch/page/11">Foreign Exchange Rate Watch | Equity Financial Trust - Part 11</a><v:shape alt="" id="XPLSS_439896214" o:spid="_x0000_i1083" style="height: 24.6pt; 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mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="st"><span lang="EN-US">Mr. Carney said the BOC and I quote, “ To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">4.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://forex.fxdd.com/category/forex-news/page/13">Forex News : Forex News and Commentary by FXDD</a><v:shape alt="" id="XPLSS_1969144448" o:spid="_x0000_i1084" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">forex.fxdd.com/category/forex-news/page/13</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://forex.fxdd.com/category/forex-news/page/13&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=4&amp;ved=0CDsQ7gEwAzgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the considerable monetary <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">5.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://calgaryrealestatereview.com/2011/08/13/">13 | August | 2011 | Calgary Real Estate Review</a><v:shape alt="" id="XPLSS_585430740" o:spid="_x0000_i1085" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>calgaryrealestatereview.com/2011/08/13/</cite> - <cite>Canadá</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://calgaryrealestatereview.com/2011/08/13/&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=5&amp;ved=0CEMQ7gEwBDgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">13 Aug 2011 – </span></span><span class="st"><b><span lang="EN-US">...</span></b><span lang="EN-US"> and will only occur “to the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed.” <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">6.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.valueland.ca/english/news/Bank-of-Canada---No-Change-on-Rates336.html">Valueland Mortgages - Valueland news</a><v:shape alt="" id="XPLSS_1866548366" o:spid="_x0000_i1086" style="height: 24.6pt; 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mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">7.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.forextraders.com/forex-news/weekly-forex-market-followup-july-18th-july-22nd-2011.html">Weekly Forex Market Followup (July 18th - July 22nd 2011)</a><v:shape alt="" id="XPLSS_403775874" o:spid="_x0000_i1087" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="bc"><i>www.forextraders.com › </i></span><span lang="EN-US"><a href="http://www.google.co.ve/url?url=http://www.forextraders.com/forex-news&amp;rct=j&amp;sa=X&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;ved=0CFYQ6QUoADAGOCg&amp;q=%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;usg=AFQjCNHVp5YzFBhfprP8iPyS-qanOGGIYA"><i><span lang="ES">News</span></i></a></span><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.forextraders.com/forex-news/weekly-forex-market-followup-july-18th-july-22nd-2011.html&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=7&amp;ved=0CFQQ7gEwBjgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">22 Jul 2011 – </span></span><span class="st"><span lang="EN-US">CAD - BOC Rate Statement said, "To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">8.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.bloomberg.com/news/2011-05-31/canada-keeps-benchmark-lending-rate-at-1-says-it-will-rise-eventually-.html">Bank of Canada Keeps 1% Policy Rate Saying Increases to Come ...</a><v:shape alt="" id="XPLSS_288693374" o:spid="_x0000_i1088" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.bloomberg.com/.../canada-keeps-benchmar...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.bloomberg.com/news/2011-05-31/canada-keeps-benchmark-lending-rate-at-1-says-it-will-rise-eventually-.html&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=8&amp;ved=0CF4Q7gEwBzgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">Tomohiro Ohsumi/Bloomberg. “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">9.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.reedconstructiondata.com/construction-forecast/news/2011/07/some-relief-from-gloomy-u.s.-housing-news-in-june-and-knock-on-effects-in-c/">Some relief from gloomy U.S. housing news in June and “knock on ...</a><v:shape alt="" id="XPLSS_1643902151" o:spid="_x0000_i1089" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.reedconstructiondata.com/.../some-relief-fr...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.reedconstructiondata.com/construction-forecast/news/2011/07/some-relief-from-gloomy-u.s.-housing-news-in-june-and-knock-on-effects-in-c/&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=9&amp;ved=0CGYQ7gEwCDgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">Those comments were as follows: “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l8 level1 lfo16; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">10.</span><span lang="EN-US"><a href="http://www.bankofcanada.ca/2011/07/press-releases/fad-press-release-2011-07-19/">Bank of Canada maintains overnight rate target at 1 per cent - Bank ...</a><v:shape alt="" id="XPLSS_1302566129" o:spid="_x0000_i1090" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.bankofcanada.ca/.../fad-press-release-2011...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.bankofcanada.ca/2011/07/press-releases/fad-press-release-2011-07-19/&amp;ei=k7eUTrrVF-bv0gH-yay1Bw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=10&amp;ved=0CG4Q7gEwCTgo&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D40%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; 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font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.verisite.ca/rayparsi/mortgage_news/798">Bank of Canada maintains overnight rate target at 1 per ... - Verisite</a><v:shape alt="" id="XPLSS_1682609318" o:spid="_x0000_i1095" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.verisite.ca/rayparsi/mortgage_news/798</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.verisite.ca/rayparsi/mortgage_news/798&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=1&amp;ved=0CCMQ7gEwADgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">2.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.actionforex.com/index.php?option=com_customproperties&amp;view=show&amp;task=show&amp;Itemid=142&amp;bind_to_section=21,26,27&amp;cp_central_bank_analysis=cb6&amp;cp_economic_data=&amp;cp_technical_analysis_reports=">Search - Forex Analysis, Currency Forecast, FX Trading Signal ...</a><v:shape alt="" id="XPLSS_587853345" o:spid="_x0000_i1096" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.actionforex.com/index.php?...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.actionforex.com/index.php%3Foption%3Dcom_customproperties%26view%3Dshow%26task%3Dshow%26Itemid%3D142%26bind_to_section%3D21,26,27%26cp_central_bank_analysis%3Dcb6%26cp_economic_data%3D%26cp_technical_analysis_reports%3D&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=2&amp;ved=0CCsQ7gEwATgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">80 results – </span></span><span class="st"><span lang="EN-US">That's a far cry from the July statement that had said, "To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">3.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://seaandski.on.ca/2011%20Newsletter/August/Bank_of_Canada_holds_key_rate.htm">Bank_of_Canada_holds_key_rate</a><v:shape alt="" id="XPLSS_1536104712" o:spid="_x0000_i1097" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">seaandski.on.ca/.../Bank_of_Canada_holds_key_...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://seaandski.on.ca/2011%2520Newsletter/August/Bank_of_Canada_holds_key_rate.htm&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=3&amp;ved=0CDMQ7gEwAjgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">19 Jul 2011 – </span></span><span class="st"><span lang="EN-US">The Bank said, “To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some <b>...</b></span></span></span></div> <ol start="4" type="1"> <li class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="b"><span lang="EN-US">[PDF]</span></span><span lang="EN-US">&nbsp; </span></span></li> </ol> <h3 style="margin-left: 36.0pt;"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><a href="http://archive.canequity.com/mortgage-news/archive/2011/pdf/2011-05-31_BOC-bank_canada_maintains_overnight.pdf">Canadian Mortgage News - Bank of Canada maintains overnight rate ...</a><v:shape alt="" id="XPLSS_1598907119" o:spid="_x0000_i1098" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>archive.canequity.com/.../2011-05-31_B...</cite> - <cite>Canadá</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://archive.canequity.com/mortgage-news/archive/2011/pdf/2011-05-31_BOC-bank_canada_maintains_overnight.pdf&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=4&amp;ved=0CDsQ7gEwAzgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">Formato de archivo:</span></span><span lang="EN-US"> PDF/Adobe Acrobat - <a href="http://docs.google.com/viewer?a=v&amp;q=cache:ZOWYWt_YSlcJ:archive.canequity.com/mortgage-news/archive/2011/pdf/2011-05-31_BOC-bank_canada_maintains_overnight.pdf+%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;gl=ve&amp;pid=bl&amp;srcid=ADGEEShNWnD6oH8oZPDLOOZORxr8-e79P4qn1PTEE9a1LKhfTk67U4nqpYywUsiefEZVG3rljq87jlM5iNjmFFGE2wmCXDzJda-u4b4vKXgTeDjlXK6-8rn0LUdsHhADl8gpdOKi8DG6&amp;sig=AHIEtbSMonEzRO9BWvdeJLWYMelgOzUSWQ">Vista rápida</a><br /> <span class="f">31 May 2011 – </span><span class="st">extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">5.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://www.debraowen.com/artman/publish/Rates_Stay_the_Same.php">Rates Stay the Same - VERICO Integra Mortgage Corp.</a><v:shape alt="" id="XPLSS_525787100" o:spid="_x0000_i1099" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">www.debraowen.com/.../Rates_Stay_the_Same.p...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.debraowen.com/artman/publish/Rates_Stay_the_Same.php&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=5&amp;ved=0CEQQ7gEwBDgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">6.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://housing-analysis.blogspot.com/2011/05/putting-and-together.html">Housing Analysis: Putting 贰 and 贰 together</a><v:shape alt="" id="XPLSS_67481154" o:spid="_x0000_i1100" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">housing-analysis.blogspot.com/.../putting-and-to...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://housing-analysis.blogspot.com/2011/05/putting-and-together.html&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=6&amp;ved=0CEwQ7gEwBTgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">1 Jun 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">7.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://localism.com/blog/ab/posts/2326173/Lethbridge-Real-Estate-Bank">Lethbridge Real Estate - Bank of Canada ... - Welcome to Localism</a><v:shape alt="" id="XPLSS_400910557" o:spid="_x0000_i1101" style="height: 24.6pt; 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mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, some of the <b>...</b></span></span></span></div> <ol start="8" type="1"> <li class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="b"><span lang="EN-US">[PDF]</span></span><span lang="EN-US">&nbsp; </span></span></li> </ol> <h3 style="margin-left: 36.0pt;"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><a href="http://www.central1.com/publications/economics/pdf/interestRateForecast/may%2011.pdf">may 11.indd</a><v:shape alt="" id="XPLSS_1903812567" o:spid="_x0000_i1102" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite><span lang="EN-US">www.central1.com/publications/.../may%2011.p...</span></cite><span class="std"><span lang="EN-US">&nbsp;</span></span><span class="gl"><span lang="EN-US">-</span></span><span class="std"><span lang="EN-US"> </span></span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.central1.com/publications/economics/pdf/interestRateForecast/may%252011.pdf&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=8&amp;ved=0CFwQ7gEwBzgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns">Traducir esta página</a></span></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">Formato de archivo:</span></span><span lang="EN-US"> PDF/Adobe Acrobat - <a href="http://docs.google.com/viewer?a=v&amp;q=cache:agbLJra272YJ:www.central1.com/publications/economics/pdf/interestRateForecast/may%252011.pdf+%E2%80%9Ccurrent+material+excess+supply%E2%80%9D&amp;hl=es&amp;gl=ve&amp;pid=bl&amp;srcid=ADGEEShKNHnHCuu4gzn570UIWvRQQ3aK7tXuOlNUZmEK10NSnkR15UowvS8GRfJYxyD8LQJEpBHX-FCN5JA-Ygvc4qN-KhTgKCTHNlD15itrnwYJntv2I2Bq_LrxrnyOfCQbbSRe9mon&amp;sig=AHIEtbTkfg0ok5s_lapzcCr-77dcAsvrhQ">Vista rápida</a><br /> <span class="st">the words “</span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy”, “considerable monetary policy stimulus”, and “reduction would need to be carefully consid- ered”. <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">9.<span style="font-size: 7pt; font-weight: normal;">&nbsp;&nbsp;&nbsp; </span></span><span lang="EN-US"><a href="http://invadecanada.us/news/2011/05/31/canada-keeps-benchmark-lending-rate-at-1-says-it-will-rise-%E2%80%98eventually%E2%80%99/">Invade Canada » Blog Archive » Canada Keeps Benchmark Lending Rate ...</a><v:shape alt="" id="XPLSS_276147084" o:spid="_x0000_i1103" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>invadecanada.us/.../canada-keeps-benchmark-len...</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://invadecanada.us/news/2011/05/31/canada-keeps-benchmark-lending-rate-at-1-says-it-will-rise-%25E2%2580%2598eventually%25E2%2580%2599/&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=9&amp;ved=0CGQQ7gEwCDgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">31 May 2011 – </span></span><span class="st"><span lang="EN-US">“To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed, <b>...</b></span></span></span></div> <h3 style="margin-left: 36.0pt; mso-list: l11 level1 lfo17; tab-stops: list 36.0pt; text-indent: -18.0pt;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span lang="EN-US">10.</span><span lang="EN-US"><a href="http://www.firsthomepros.com/blog/">Edmonton Real Estate Blog</a><v:shape alt="" id="XPLSS_1682899273" o:spid="_x0000_i1104" style="height: 24.6pt; width: 24.6pt;" type="#_x0000_t75"></v:shape></span></span></h3> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><cite>www.firsthomepros.com/blog/</cite><span class="std">&nbsp;</span><span class="gl">-</span><span class="std"> </span><span lang="EN-US"><a href="http://translate.google.co.ve/translate?hl=es&amp;sl=en&amp;u=http://www.firsthomepros.com/blog/&amp;ei=lbeUToTeC4LN0AGfrdjhBw&amp;sa=X&amp;oi=translate&amp;ct=result&amp;resnum=10&amp;ved=0CGwQ7gEwCTgy&amp;prev=/search%3Fq%3D%25E2%2580%259Ccurrent%2Bmaterial%2Bexcess%2Bsupply%25E2%2580%259D%26start%3D50%26hl%3Des%26client%3Dfirefox-a%26sa%3DN%26rls%3Dorg.mozilla:es-ES:official%26prmd%3Dimvns"><span lang="ES">Traducir esta página</span></a></span><o:p></o:p></span></div> <div class="MsoNormal" style="margin-left: 36.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span class="f"><span lang="EN-US">8 Jul 2011 – </span></span><span class="st"><span lang="EN-US">"To the extent that the expansion continues and the </span></span><em><span lang="EN-US">current material excess supply</span></em><span class="st"><span lang="EN-US"> in the economy is gradually absorbed,” the Bank of Canada <b>...</b></span></span></span></div> <div class="MsoNormal"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-7983910571616824167?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/oLniKf-zZ6o" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/oLniKf-zZ6o/machine-translation-shining-and-my.htmlnoreply@blogger.com (Miguel Llorens M.)2http://traductor-financiero.blogspot.com/2012/02/machine-translation-shining-and-my.htmltag:blogger.com,1999:blog-2477329189905907968.post-3498906325359298604Wed, 08 Feb 2012 19:44:00 +00002012-02-08T23:08:37.954+01:00perogrulladalocalizationAppletranslationl10n consulting<br /> <div align="right" class="MsoNormal" style="text-align: right;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><b><span lang="EN-US">perogrullada:</span></b><span lang="EN-US">&nbsp; <b>f</b> <i>platitude, truism, obvious thing to say.</i></span></span></div> <div class="MsoNormal"> <div style="text-align: right;"> <b><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">--Oxford Spanish Dictionary</span></b>&nbsp;</div> <div style="text-align: right;"> <br /></div> </div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><b><span lang="EN-US">Prophet III:</span></b><span lang="EN-US"> <i>There shall<o:p></o:p></i></span></span></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">in that time be rumours of things going astray. Ehm...and<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">there shall be a great confusion as to where things really are.<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">And nobody will really know where lieth those little things<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">wi...with a sort of raffia work base, that has an attachment. At this<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">time, a friend shall lose his friend's hammer, and the young<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">shall not know where lieth the things possessed by their fathers, that<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">their fathers put there only just the night before, 'bout eight<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;"> <i><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">o'clock.<o:p></o:p></span></span></i></div> <div align="right" class="MsoNormal" style="text-align: right;"> <b><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">—Monty Python’s Life of Brian (1979)<o:p></o:p></span></span></b></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The localization visionary awoke suddenly. In a trance, he began to discuss Apple’s latest quarterly results. It came to him as if in a vision that Apple sells a lot of iPads in non-English speaking countries. His brow furrowed. “There has to be some sort of profound insight here,” he muttered to himself. The disciples huddled around him in tense anticipation as the prophet mulled the vision inside his febrile, God-inspired mind. Until, finally, it came to him:</span></span></div> <div class="MsoNormal"> <br /></div> <blockquote class="tr_bq"> <span lang="EN-US" style="font-size: 11pt; line-height: 115%;"><a href="http://info.moraviaworldwide.com/blog/bid/95343/Apple-Record-Revenues-Rely-on-Localization"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">“Successful companies, like Apple, need a sound localization strategy to succeed in the global economy.”</span></a></span></blockquote> <br /> <div class="separator" style="clear: both; text-align: center;"> <object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://3.gvt0.com/vi/QqaQ_Bhgmrc/0.jpg" height="266" width="320"><param name="movie" value="http://www.youtube.com/v/QqaQ_Bhgmrc&fs=1&source=uds" /> <param name="bgcolor" value="#FFFFFF" /> <embed width="320" height="266" src="http://www.youtube.com/v/QqaQ_Bhgmrc&fs=1&source=uds" type="application/x-shockwave-flash"></embed></object></div> <br /><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-3498906325359298604?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/Wade3EEFVQk" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/Wade3EEFVQk/visionary-has-vision.htmlnoreply@blogger.com (Miguel Llorens M.)0http://traductor-financiero.blogspot.com/2012/02/visionary-has-vision.htmltag:blogger.com,1999:blog-2477329189905907968.post-3680543515079459039Thu, 02 Feb 2012 18:21:00 +00002012-02-02T19:41:59.662+01:00Low Quality Translation Movement#gratisnotrabajoContent TsunamiSpain<div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The amount of content is exploding like the Big Bang, we are told by the intellectual midgets who speak at localization conferences. Really? If the amount of content is expanding exponentially, why are so many people paying peanuts to other people to create <i>more</i>&nbsp;low quality content? Wake up, people. There is no Content Tsunami! There is a Data Deluge, but <b>content is not data</b>. Content is text, which is human-made and meaningful <i>in itself</i>. There is a deluge of economic, astronomical and demographic data, but all of that is meaningless outside of a context. A text, in contrast, is meaningful outside of any context as long as there is another human being left alive to read it. Data. Content. The two things are radically different. The localization guru’s willful ignorance of this distinction is just a dramatic illustration of his lack of intellectual honesty (and his hunger to make a quick buck and get his hands on that trophy third wife).<o:p></o:p></span></span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The need to create mountains of cheap content is real, but it has very little to do with any mythical Content Tsunami. It is more to do with some of the weird and quirky ways in which the Internet is organized. For whatever reason, the Lords of the Cloud (read: “the Googlevi Twins”) have decided that certain arbitrary aspects of a website</span></span><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">&nbsp;are indicative of its importance and should therefore be used to determine its position in a Web search. Those features are basically two: amount of textual content and frequency of updating.</span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">And presto, with that simple formula, you have the recipe for a lot of crap content. Moreover, you have an <i>incentive</i> (Milton Friedman, hello!) for creating a lot of crud that—like the aborted demon-spawn of Ragnarok and Sauron—should never have seen the light of day. The Low Quality Translation Movement is simply the localization industry's arm of the Content Tsunami. Its main get-rich-quick scheme is to sell cheap translation as the answer for cheap content and (crucially) trying to suck the entire translation industry into this model of second-quality garbage under the cloak of technological progress. But I preach in vain. I can see Kirti Vashee rolling his eyes and raising his hands in exasperation: "There are even people who deny the existence of a Data Deluge!" Translation: "See!? See!? You see the kind of crap I have to deal with!?"<o:p></o:p></span></span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">That is why I am so relentless in going after the l10n hype-meisters who endlessly lecture us about the Content Tsunami. The latest example of this drive to create rivers of meaningless content comes from Spain. A journalist answered an advertisement for creating online content and received an offer you just can’t refuse. <a href="http://www.eleconomista.es/comunicacion/noticias/3581616/12/11/Me-ofrecieron-075-euros-por-noticia-escrita-asi-nacio-gratisnotrabajo.html">It was 0.75 euro cents for writing 800-word pieces</a>. Yes, you read right. Not 0.75 euros per <i>word</i>. No. Less than one euro for <b>800 words</b>. That is 0.0009375 euro cents per word. Well, in the year that <i>indignados</i> became a worldwide buzzword, the journalist decided to go online to complain about this. Needless to say, the hashtag #gratisnotrabajo (“I don’t work for free”) became a trending topic for a couple of days on Twitter.<o:p></o:p></span></span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Here is my <a href="http://www.techpuntocero.com/2011/12/19/la-empresa-que-pagaba-el-post-a-075-euros-se-defiende-de-las-criticas/">translation of the job ad</a>: “Journalist wanted. Compensation is €0.75 per article, which must contain a minimum of 800 words.” <o:p></o:p></span></span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">But wait… there’s more (and this is my favorite part): “Texts will be subject to certain <b>conditions of quality control—spelling, punctuation, semantics and expression</b>.”<o:p></o:p></span></span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span lang="EN-US"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">I just love that. We are paying less than a ride on the Madrid Metro for 800 words, but your texts will be subject to quality constraints. Seriously, if the objective is to write large amounts of crap content, why don’t we just get computers to do it? Lackuna, maybe there is a fortune in it for you.</span><o:p></o:p></span></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-3680543515079459039?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/qWaFJamAxsA" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/qWaFJamAxsA/content-tsunami-hits-shores-of-iberian.htmlnoreply@blogger.com (Miguel Llorens M.)5http://traductor-financiero.blogspot.com/2012/02/content-tsunami-hits-shores-of-iberian.htmltag:blogger.com,1999:blog-2477329189905907968.post-1671996276309340991Fri, 20 Jan 2012 16:56:00 +00002012-02-02T08:46:09.368+01:00The Undercover EconomistMore or Less podcastHugo ChávezTim Harfordcancer<div class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">As you know, my religion is skepticism. I flatter myself that even in front of the pearly gates, I would be withholding judgment up until the moment I am really, really ushered into the eternal hereafter of bliss, seventy-two virgins and all the pepperoni pizza you can eat. I was not educated as a scientist, but I have a healthy admiration for science as a type of controlled skepticism. Now, for the practicing skeptic, there is no better brain fodder than Tim Harford’s <a href="http://www.bbc.co.uk/podcasts/series/moreorless"><i>More or Less</i></a> podcast on the BBC. Harford is perhaps best known as the author of the highly recommendable <a href="http://www.amazon.com/gp/product/0345494016/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0345494016"><i>Undercover Economist</i></a>, one of the pop economy books for general audiences that have become so popular in the past decade and which spawned the column on the <i>Financial Times</i> of the same name. The <i>More or Less</i> program is not directly concerned with economics; rather, it mainly consists of minute analyses of statistical data that generally conclude that most of the figures bandied about in the media and by pundits are pretty much rubbish. (If you are into finding out what drives skeptics to be so caustic about the media in general, I can’t resist plugging Guardian columnist Ben Goldacre’s <a href="http://www.amazon.com/gp/product/0865479186/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0865479186"><i>Bad Science: Quacks, Hacks, and Big Pharma Flacks</i></a>).</span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Now, some weeks ago, President Hugo Chávez of Venezuela stated that the fact that he, President Lugo of Paraguay, former president Luiz Inácio “Lula” Da Silva of Brazil, current President Dilma Roussef of Brazil, and President Cristina Fernández de Kirchner of Argentina all got cancer <a href="http://www.guardian.co.uk/world/2011/dec/29/hugo-chavez-us-cancer-plot">was evidence of (wait for it) a secret CIA plot</a>. Although Chávez has accustomed world media to batshit claims, this was outrageous enough to warrant some passing coverage. (A friend of mine joked that maybe Chávez will make his next few appearances covered in aluminum foil to ward off the CIA’s top secret cancer ray). Anyhoo, the incident is indicative of the distortion of reality and reason that is a feature of daily life under the Bolivarian Revolution. A statement that would have previously led people to question the mental health of the head of state is just a weird little footnote to fill up some air time. Another feature of the statement is that it is typical of the extreme paranoia that characterizes the Latin American left: the CIA as an all-powerful, hidden demiurge that controls everything. This creates the same problems that the concept of evil creates for the idea of an omnipotent God. If the U.S. spy agency is all-powerful, how did it allow episodes such as the Mexican Revolution, the Cuban Revolution, Chávez, Morales, Lugo, Juan Domingo Perón, etc., etc., etc.? It reminds me of a line in De Niro’s <i>Good Shepherd</i>, where one character asks why you never place a definite article before CIA, and another one responds: "Do you put the word 'the' before God?" (Back in the fifties, the acronym CIA was not preceded by a definite article, contrary to the case now.)</span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Therefore, a bunch of aging leftist Latin Americans get cancer and the best hypothesis is that the CIA has a cancer ray. William of Ockham must be rolling in his grave. Not being a statistician, I am unable to work out the probability. So I wrote to Harford and suggested that this claim was right up the alley of the <i>More or Less</i> team. He agreed and devoted the first part of this week’s podcast to the issue. And here it is:</span></div><div class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /> </span></div><div class="MsoNormal"><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><a href="http://www.bbc.co.uk/podcasts/series/moreorless">http://www.bbc.co.uk/podcasts/series/moreorless</a></span></div><div class="MsoNormal"><br /> </div><div class="MsoNormal"><br /> </div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-1671996276309340991?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/KkPNhzZYx4E" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/KkPNhzZYx4E/undercover-economist-follows-up-my.htmlnoreply@blogger.com (Miguel Llorens M.)3http://traductor-financiero.blogspot.com/2012/01/undercover-economist-follows-up-my.htmltag:blogger.com,1999:blog-2477329189905907968.post-2127218610469545267Wed, 11 Jan 2012 20:01:00 +00002012-01-14T01:14:58.479+01:00crowd translationDo words mean whatever you want them to? That’s what Humpty Dumpty claims in <i>Through the Looking Glass</i> and it seems that the localization pundits who pop up in every single <strike>translation</strike>l10n conference also believe this. And when called on it, they fall back on half-digested relativistic mumbo-jumbo about sociolinguistics. Who knows? Perhaps they’re right. Perhaps their words can mean anything they want them to. So, instead of listening to a localization pundit, maybe it is more useful (and, BTW, cheaper) to stay home and read the instructions on the back of an aspirin bottle to learn about internationalization of business processes in a multilingual context. Because if words mean anything, the aspirin bottle can tell you how to manage large-scale multilingual projects.<br /> <br /> To illustrate this little piece of wisdom, let me tell you a little story (identities have been concealed to protect the guilty):<br /> <br /> A l10n guru tweets this: <br /> <blockquote class="tr_bq"> <i>"Crowd" xl8 of a medieval mss (link)</i></blockquote> <br /> Like the fair-minded skeptic I am, I click on to the article in question. It is from the <i>Chronicle of Higher Education</i>. A 12th century manuscript was discovered by chance in an American university library. The professor decided to involve her graduate students and a few undergrads in the process of transcribing, describing and translating the text. Here is the description on the project’s homepage:<br /> <br /> <blockquote class="tr_bq"> <i>In January 2011, Professor Marie-Claire Beaulieu and her Medieval Latin students, in collaboration with Alexander May and Christopher Barbour, set out to learn more about the Tisch Miscellany. Each student chose to work on a leaf according to his/her personal interests. As each student progressed in learning to decipher the hand or print of their leaf, interesting and surprising discoveries were made… These discoveries required patience and hard work. Since each leaf is unique in the collection, each student had to get used to a different set of idiosyncrasies such as inconsistent abbreviations, non-standard letter-forms, and scribal errors. Furthermore, working with unedited or unknown texts implies complete self-reliance on the part of the editor. Students had to make educated guesses to resolve abbreviations, decipher difficult hands, or fill lacunae in their leaves without referring to other scholars’ work.</i></blockquote> <br /> So far, so good. But note this: nary a mention of a “crowd” so far. Incidentally, a lot of academic research is actually done by graduate students. Do you think an academic showman like historian Niall Ferguson actually <i>writes</i> the mega-bricks he publishes under his own name? Translator, please. Ferguson is the Stephen King of academic history. He should really be called “the committee called Niall Ferguson.” Just in the past three years he has regurgitated three 500-plus-page behemoths on Sigmund Warburg and far broader topics, such as why the West dominated the world, not to mention a little tome on the history of world finance (an adulatory biography of Henry Kissinger is due to come out this year). He also flits around the globe teaching everyone why the budget deficit will sink the American Empire, pops up on Bloomberg with alarming frequency to flash his perfect coiffure, AND, in his spare time, hosts documentary miniseries for British television. Again: please. Look in his acknowledgements to see the underpaid Harvard grad students who never see the light of day while they scribble the professor’s latest magnum opus by candlelight. Niall Ferguson himself <i>is</i> an instance of “crowd” scholarship.<br /> <br /> But I digress. The author of the <i>Chronicle</i> piece interviews Professor Beaulieu and breathlessly inserts the buzzword: "Do you think such "crowd" translation, in which the participants aren't experts but just students interested in the subject, is the future in your field?" The professor being interviewed pushes back a little, resisting the imposition of the buzzword:<br /> <br /> <blockquote class="tr_bq"> <i>Someone doesn't need to be an absolute expert on a manuscript to translate it. If you give an undergraduate the proper tools, they can do a fantastic job. This is something my colleagues in the sciences have realized for a very long time. Undergraduates frequently work in labs on major projects. </i></blockquote> <br /> Now notice that the professor says that the future is that undergraduates can work on graduate projects. But that is a far cry from saying that we are going to learn oodles about the Middle Ages once we mobilize a mob of slacked-jawed yokels to pore over books of hours and Carolingian chronicles. No, perhaps those kids aren’t absolute experts, but they do need a smattering of slightly arcane knowledge (uhm, ecclesiastical Latin and paleography) to carry the process through successfully. Let me stress this point: Getting undergraduates who have studied ancient languages and codicology isn’t exactly the same thing as posting digital images of a manuscript on the library’s website and asking every unemployed Joe Schmoe with two semesters of community college to provide his two cents on an 800-year-old text. This is hardly the crowdsourcing Nirvana where you make a cattle call and thousands of amateurs comb over British parliamentarian’s expenses, Wikileaks’s document dumps or Sarah Palin’s emails.<br /> <br /> No, this was fifteen handpicked undergrads and grad students who were chosen by the professor to work in a closely supervised environment on a highly technical project. This use of “crowd” is a clear instance of how buzzwords become so omnipresent that they cease to have any meaning at all. They become ethereal fluff. Like oxygen, we never notice it because it is so abundant. If a word means anything, it means nothing. File it under “synergy,” “proactivity” and a thousand other business memes collected by Unsuck It. Perhaps that will teach your mind to drift off in the middle of an l10n conference when you hear this buzzword, because it has the same function as the “ohm” in transcendental meditation: a meaningless incantation designed to set your conscious mind at rest and dull your critical faculties.<br /> <br /> Being the skeptical gadfly that I am, I called out the pundit on her acritical retweeting of pablum: <br /> <br /> <blockquote class="tr_bq"> <i>Me: The headline has nothing to do with the text. They are often chosen so they will be RTd by people who don't read the article.<br />Pundit: I'm happy to let them define "crowd" as they wish for their context -- it's an interesting exercise<br />Me: Interesting, perhaps, but not very valid from an intellectual standpoint. Meaningless terms beget meaningless thoughts.<br />Pundit: Most sociolinguists would beg to differ. People get to choose how they use language. That's how it evolves.<br />Me: Lazy relativism. Only the insane give any meaning they want to words. Or poets. Meaning is defined by rule-based convention.<br />Pundit: We owe a lot of words to linguistic creativity. Thanks, Shakespeare! The people trump language purism every time.</i></blockquote> <br /> (A language purist? Me? By the way, if you're reading this and wondering when exactly I decided to kick your ass, it was at "language purist".) In summary, a classic case of terminological sloppiness being concealed behind a tornado of relativistic mumbo-jumbo. I leave you with another, more illustrious, case:<br /> <br /> <div class="separator" style="clear: both; text-align: center;"> <a href="http://2.bp.blogspot.com/-A1N2GrsWt30/Tw3p-xr4VdI/AAAAAAAAAJY/ZZX7HqD5Gaw/s1600/alice_humpty_dumpty_wonderland_conversation_quote_card-p137400533584842290z85cd_400.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="http://2.bp.blogspot.com/-A1N2GrsWt30/Tw3p-xr4VdI/AAAAAAAAAJY/ZZX7HqD5Gaw/s320/alice_humpty_dumpty_wonderland_conversation_quote_card-p137400533584842290z85cd_400.jpg" width="320" /></a></div> <blockquote class="tr_bq"> <i>'There's glory for you!'<br /><br />'I don't know what you mean by "glory",' Alice said.<br /><br />Humpty Dumpty smiled contemptuously. 'Of course you don't — till I tell you. I meant "there's a nice knock-down argument for you!"'<br /><br />'But "glory" doesn't mean "a nice knock-down argument",' Alice objected.<br /><br />'When I use a word,' Humpty Dumpty said, in rather a scornful tone, 'it means just what I choose it to mean — neither more nor less.'<br /><br />'The question is,' said Alice, 'whether you can make words mean so many different things.'<br /><br />'The question is,' said Humpty Dumpty, 'which is to be master — that's all.'<br /><br />Alice was too much puzzled to say anything; so after a minute Humpty Dumpty began again. 'They've a temper, some of them — particularly verbs: they're the proudest — adjectives you can do anything with, but not verbs — however, I can manage the whole lot of them! Impenetrability! That's what I say!'<br /><br />'Would you tell me please,' said Alice, 'what that means?'<br /><br />'Now you talk like a reasonable child,' said Humpty Dumpty, looking very much pleased. 'I meant by "impenetrability" that we've had enough of that subject, and it would be just as well if you'd mention what you mean to do next, as I suppose you don't mean to stop here all the rest of your life.'<br /><br />'That's a great deal to make one word mean,' Alice said in a thoughtful tone. <br />(Through the Looking Glass, Chapter 6)</i></blockquote> <br /><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-2127218610469545267?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/LluISr6OQMA" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/LluISr6OQMA/my-localization-guru-says-crowd.htmlnoreply@blogger.com (Miguel Llorens M.)3http://traductor-financiero.blogspot.com/2012/01/my-localization-guru-says-crowd.htmltag:blogger.com,1999:blog-2477329189905907968.post-2177694138447482846Mon, 02 Jan 2012 15:40:00 +00002012-01-03T16:40:17.038+01:00wisdom of corwdsObamaInTradeHillary Clintonprediction markets2008 New Hampshire primaries<span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">One of the “pop economy” ideas now in vogue is the wisdom of crowds. It is often invoked as the theoretical foundation of crowdsourcing. The idea in its current incarnation is not all that new and has some very respectable origins in economic theory. It can go as far back as Adam Smith’s invisible hand. Much of modern economics is fascinated with complex (social, economic, online) systems that function without centralized organization. Capitalism is one such system… up to a point (leaderless movements such as Occupy Wall Street or the Spanish <i>indignados</i> ironically imitate markets in their attempts to create non-hierarchical modes of organization). Milton Friedman’s classic example of the pencil is one point in case: thousands of people spread all over the world collaborate to obtain the wood, graphite and rubber to make the humble pencil, but none of these people know each other and no unified, central authority coordinates their work. There are no über-project managers coordinating all this movement to and fro of goods and services. No, the massive organizations that work together to build a simple pencil do so in the absence of a central planner.</span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">One recent application of this idea is the fad for prediction markets. You can go to InTrade and make a bet on a mesmerizing variety of world events. Do you think Ahmadinejad will be ousted as Iranian president by December 31? You can make that bet there. Do you think Sarah Palin will jump into the Republican race? Ditto. It is a corollary of the efficient markets theory. According to this very influential current of thinking, one single individual cannot know what will happen in the future. But if a market is large enough and liquid enough and fair enough, those markets (which, remember, are the aggregation of choices made by thousands or millions of investors) are powerful indicators of the future. The same principle underlies our interpretation of bond markets: the variation of U.S. Treasury yields can be taken as a proxy for what investors think about the medium-term future of the economy.</span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">I became a punter at InTrade during the 2008 U.S. presidential elections. And I had a really bizarre experience that taught me a lot about the value of the wisdom of crowds. </span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">I was determined just to make small bets (and InTrade does allow you to make tiny, tiny bets because trading commissions are very low). I can’t have wagered more than $30 or $40 in tiny bets of a dollar or so. I don’t remember exactly what my strategy was: whether betting against conventional wisdom or making small bets on unlikely outcomes. But it was something along those lines. Anyway, in January 2008, as primary season (four years ago exactly) was revving up, I probably had ten or so bets on the first few Democratic and Republican primary races. Then I just lost interest. In InTrade. Not the election itself. </span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">First of all, if you recall, Obama won the first primary in Iowa. Against all odds, a black man won in Iowa! I distinctly remember his victory speech. I had heard all the buzz about Obama, but I had never actually seen him speak. Then he got up on that podium. His posture was strange. He didn’t look straight at the audience. He just sort of looked askance at some point in front of him. He wasn’t at all euphoric. He was incredibly calm. He lifted up his hand and said, with that intonation: “They said this day would never come…” I literally felt chills. I had never seen anything like that. I had read about similar speeches. I had seen the tape of Bobby Kennedy speaking on the night Martin Luther King was shot. I have read Lincoln’s speeches. I read a book on Miguel de Unamuno’s “venceréis, pero no convenceréis”. But to actually see a performance like that live was totally different. </span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">Anyway, Obama’s victory in Iowa probably blew all my bets to hell. I just lost interest in the InTrade game and got swept up in the media-driven soap opera of the campaign. The conventional wisdom that the race was Hillary’s to lose immediately shifted after Obama’s upset. Whereas, before Iowa, Hillary only needed to tap dance her way to the nomination, she was now written off. Completely. Obama was crowned as the certain Democratic candidate. Hillary was yesterday’s news. Maybe you don’t remember the events of that amazing week. I remember checking my InTrade markets. Effectively, the market was now giving Obama an above 90% chance of winning in New Hampshire, the second primary, usually held one week after Iowa. </span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">The thing is I got bored with my bets and did not change them. And here is the key detail: I had a bet on Hillary winning in New Hampshire. Not that I actually thought she would win. It was just that I was so uninterested in the game, I left an old bet on. And then something amazing happened. You must remember it. Hillary Clinton made a campaign stop in which she sat down to speak to a group of women in New Hampshire. It was the usual political rhetoric, but the strain was visible. Clinton made remarks about what a mistake the electorate was making by choosing the wrong person (many pundits honestly thought Obama was unelectable). And then someone asked her how she was holding up. And then the most amazing thing happened. Her voice cracked. “It’s hard,” she managed to say and then her eyes welled up. The world watched in wonderment: “Oh my God, she was showing some real emotion! <i>Hillary Clinton is a human being!</i>” I can’t say I ever liked her, but it was a real moment. You felt all that she was feeling. All that work, all those years of being the perfect student, the Stepford wife, the good daughter, all the humiliations that led her to that moment and it was slipping away, right when it was in the palm of her hands. How could you not feel some empathy? </span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">So it was a strange, touching TV moment. Even memorable, perhaps, but Mrs. Clinton was still heading for a crushing defeat. All the polls put her well behind Obama. And then something even more amazing happened. I remember following the CNN coverage via the Internet and simultaneously watching my InTrade positions. The first returns, oddly, had Clinton winning by a small margin. Not a strange thing with small percentages and early returns, as any political junkie can tell you. But the InTrade market moved. It trembled the tiniest little bit. Obama’s odds of winning went down from about 90% to about 85%. Hillary was still cruising for a bruising. And, since my bet on Hillary was still on, I started to make a little money on my one-dollar bet.</span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">I won’t drag it out. As return after return rolled in, Hillary Clinton achieved a lead and maintained it against her younger and flashier opponent. Although I liked Obama, it was delicious watching the position on the InTrade screens. With every new percentage announced by the networks, the Obama and Clinton lines got closer and closer and closer, until it was 50-50, and after 60% of the returns were in, the roles were completely inverted. Hillary Clinton was being given a 95% chance to win New Hampshire and Obama only 5%: <b>with 92% of the votes already counted.</b></span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">My one-dollar bet was now worth about $14. A one time 1300% gain is nothing to sneeze at. And if you’ve ever had one, it feels a little like winning the World Cup. I know now why some people get hooked on gambling. And why traders can get hooked on what they do. Fortunately or unfortunately, I don’t have those genes. I’m not dumb. I recognized what had happened. My indolence in maintaining my old bets had left me exposed to a positive black swan, a nearly impossible chance occurrence which, oddly, happens more often than our misguided theories about statistical probability and the wisdom of crowds would suggest. I simply pocketed my ill-gotten gains and exited the market. Never to return again, nursing an (overall) ten-dollar loss (more or less) and a little bit more (individual) wisdom.</span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">So you ask me if markets are rational? If they can predict the future? If crowds are better at telling the future than an individual?</span><br /> <br /> <span style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;">Well, the InTrade market <i>did</i> predict that Hillary Clinton would win New Hampshire… about two hours<i> after</i> she actually won the state. So there you go.</span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-2177694138447482846?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/Gvb6-Zmv7ZY" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/Gvb6-Zmv7ZY/wisdommadness-of-crowds-obama-hillary.htmlnoreply@blogger.com (Miguel Llorens M.)2http://traductor-financiero.blogspot.com/2012/01/wisdommadness-of-crowds-obama-hillary.htmltag:blogger.com,1999:blog-2477329189905907968.post-6847957807971026815Sun, 18 Dec 2011 20:04:00 +00002011-12-19T15:40:53.340+01:00technological determinismBordersindependent bookstoresBarnes and Noblebook industry<br /> <div class="MsoNormal"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> One very superficial way of looking at the present is to think that everything is changing very quickly and that the pace of change is only set to increase. The problem is we view progress as a straight arrow. This is because—after God and Joe DiMaggio died—our religion is technological progress. I am wary of all religions, but I'm particularly suspicious about secular ones.</div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> Take the closure of Borders, for instance. Aha, the naïve technologist tells us: The book is dying. The sale of books is a moribund business. No one will read within 30 or 40 years, right about the time we are uploading our brains into Kurzweil machines. And if any reading occurs, it will be done from a screen. Although by then advances in speech software and optical character recognition will mean that most of our “e-reading” will probably be auditory. We will be listening to a computer program simulating the voice of Al Pacino as it reads to us <i style="mso-bidi-font-style: normal;">A Tale of Two Cities</i> (“It was the best of times, it was the worst of times… HOOAAAAH!”). Unless, of course, we get our reading material uploaded immediately into our brains, a la <i style="mso-bidi-font-style: normal;">The Matrix</i> (“I know Dostoyevsky!”). </div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> But that is not how technological change works. People who don’t know anything about literature or history extrapolate from their present time. And usually they get it wrong. Dead wrong.</div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> Let’s return to the closure of Borders. For readers not familiarized with the United States, it was a mega-chain of bookstores similar to Barnes and Noble. (For a cultural reference, Borders and B and N were the real-life equivalent of Tom Hanks’s Fox Books chain in <i style="mso-bidi-font-style: normal;">You’ve Got Mail</i>, which ended up mercilessly crushing Meg Ryan’s little children’s book shop.) Now, of course, the Borders bankruptcy is driven by changes in the book industry (although massively bad management also played a part). The thing is “change” is such a pedestrian category for looking at society that it is almost tantamount to saying nothing. Open any history book at random about any period and you will find that “the thirteenth century was a time of upheaval” or “the Iron Age brought about a revolution in the way human beings lived.” Whenever I read a sentence like that in a history book, I wish I could throw the damn thing at the lazy bastard who wrote it. It is such a tired trope. “You will not bathe twice in the same river” (because both the river and you are not the same). It was probably already a commonplace thought by the time Heraclitus wrote it in Ancient Greece. Yes, change is the substance of humanity and society. Tell me something I don’t know, Einstein.</div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> As a bibliophile, believe me, I will not mourn the passing of Borders. Chains like that seemed intent on hiring the most ignorant sonsabitches they could find. The disappearance of seven-foot piles of books by the latest spazzmo or in-the-closet-but-fooling-no-one celeb who placed third or fourth on “American Idol” are nothing to lament. The passing of Borders means that another example of vulgar, mass commercialism has gone on to meet its forefathers. That is nothing to cry over.</div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> Instead, the really interesting development is that independent bookstores still exist. In the naïve vision of the technological determinist, e-books and Amazon should have blown away first small bookstores and later Borders. But it was Borders, with its mega-balance sheet, its bloated ranks of middle managers, its relentless commoditization of the book, its ruthless exploitation of razor-thin profit margins to squeeze competitors… yes, this monstrosity was the company that bit the dust <i style="mso-bidi-font-style: normal;">first</i>. In the mean time, better-managed competitors and smaller bookstores are thriving in the midst of this soft version of the Great Depression we are currently living through. The <i style="mso-bidi-font-style: normal;"><a href="http://www.nytimes.com/2011/12/13/books/steve-jobs-biography-and-other-hot-titles-bookstore-lures.html?_r=1&amp;scp=3&amp;sq=barnes%20&amp;%20noble&amp;st=cse">New York Times</a></i> reports the following:</div> <blockquote class="tr_bq"> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <i style="mso-bidi-font-style: normal;">Barnes and Noble, the nation’s largest bookstore chain, said that comparable store sales this Thanksgiving weekend increased 10.9 percent from that period last year. The American Booksellers Association, a trade group for independents, said last week that members saw a sales jump of 16 percent in the week including Thanksgiving, compared with the same period a year ago.</i></div> </blockquote> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <i style="mso-bidi-font-style: normal;">That</i> is the really fascinating development. The likeliest thing is that the retail book industry will be a barbell. Amazon will be one of the dumbbells, sucking up revenue like a vacuum cleaner and driving down the prices for everything. Behind Amazon will be a bloated Barnes and Noble, huffing and puffing under the weight of expensive rental contracts as it tries to reinvent itself as a tech company. And, on the other end of the barbell, a smaller dumbbell will consist of thousands of tiny, niche bookstores, providing a service to local communities. So, please, go out and celebrate. Buy yourself a book from your local bookstore staffed by one of those impossibly arrogant people who inexplicably still work at a bookstore. Luxuriate in the rudeness of their snooty contempt. Reality is always more interesting than ideology. </div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;"> (For an <a href="http://www.themachinestarts.com/read/71">essay making a similar point to mine, visit this blog</a>. Our naïve ideas of the past and the way technology changes things are at the heart of the misperceptions described there as well.)</div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-6847957807971026815?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/ce9P33jvMuE" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/ce9P33jvMuE/death-of-borders-and-naive.htmlnoreply@blogger.com (Miguel Llorens M.)2http://traductor-financiero.blogspot.com/2011/12/death-of-borders-and-naive.htmltag:blogger.com,1999:blog-2477329189905907968.post-8291029506487469728Mon, 12 Dec 2011 14:41:00 +00002011-12-13T00:32:43.387+01:003D printingmachine translationinterpretationvoice recognition<br /> <div class="MsoNormal"> Well, one more WTF moment, courtesy of the l10n industry. Check this out:</div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <b><span style="font-family: &quot;Calibri,Bold&quot;,&quot;sans-serif&quot;; font-size: 12pt;">PRESS RELEASE</span></b></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <span style="font-size: 24pt;">InterPrint to revolutionise language industry</span></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <span style="font-size: 16pt;">At LangCon, the language industry’s annual trade fair held in Los Angeles last week, Mattel, 3D PrintSystems and TripleDutch Translations announced that they have joined forces to develop the greatest innovation the language industry has seen in more than a decade: the 3D printable interpreter.</span></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> Interpreting is said to be one of the oldest professions in the world: from prehistoric tribes, to the conquistadores, to the Nazi trials in Nurnberg, interpreters have played a crucial role in many of humanity’s defining moments. Nowadays, you are likely to find interpreters in blue-chip boardrooms or the innards of the European institutions. However, their exclusive status comes at a cost: hiring a team of interpreters will easily set you back $1,000 a day.</div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> InterPrint is now set to revolutionise this industry: by combining cutting-edge 3D printing technology and the latest speech recognition and machine translation software, clients and agencies alike are able to churn out interpreters fit for any meeting, and a shoe box! Modelled after the classical Ken and Barbie dolls, the ‘his and hers’ pint-sized linguists only measure about 23 cm in length, yet offer the same services an ordinary team of interpreters, and more!</div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <br /></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <b><span style="font-family: &quot;Calibri,Bold&quot;,&quot;sans-serif&quot;;">Cutting interpreters down to size</span></b></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> “Using our printed interpreters provides real benefits to our customers”, says Kees Dooms, CEO of Amsterdam-based TripleDutch. “Their smaller size means that you can fit them into smaller meeting rooms. You can also save on transport costs: the secretary of the meeting can carry the interpreters to the venue in her bag.” Another advantage is that you can store the interpreters in the meeting room overnight, instead of having to put them up in the fancy 5 star hotels many of their human-sized counterparts demand. “The catering costs are also eliminated, as our dolls have no digestive system”, confirms Kees. “And the fact that other parts of their anatomy are also missing might help to improve the philandering image of the profession”, he adds jokingly.</div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <br /></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <b><span style="font-family: &quot;Calibri,Bold&quot;,&quot;sans-serif&quot;;">Unique opportunity</span></b></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> “At Mattel, we have been wondering for years how to tap into the high-margin corporate market”, explains Paul Lewis, Business Development Manager at the US doll manufacturer. “We believe this product will be a real winner: one-off clients can order the language pair they want after which the dolls are shipped from InterPrint’s headquarters in Amsterdam”, adds Lewis, “at a fraction of the costs of an ordinary team of interpreters”. Customers regularly requiring interpretation can buy a special printer and cartridges from InterPrint to manufacture their own teams. Says Lewis: “No more scrambling for interpreters for a last-minute job: you can print your own set in under 3 hours.” True to form, Mattel offers various accessories to make your interpreters look as life-like as possible: for the male dolls we have smart, pin-striped suits with clashing woollen socks and for the female dolls pink pumps and leopard-skin mini-skirts and see-through tops.</div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;"> <br /></div> <div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; tab-stops: 422.8pt; text-autospace: none;"> <b><span style="font-family: &quot;Calibri,Bold&quot;,&quot;sans-serif&quot;;">3D printing: cutting-edge technology</span></b></div> <div class="MsoNormal"> 3D PrintSystems, which provides the printing technology behind InterPrint is very excited about the opportunities: “3D printing has been around for a few years, but the industry is struggling to find a use outside of niche markets. Printing interpreters is just the creative solution this industry needs to gain momentum”, explains CEO Bob Winkler. “We are improving the design on a continuous basis, meaning that you will be able to use your dolls longer. The current models have a lifespan of about 2 days, which is sufficient for most clients’ needs. If you water your interpreters sufficiently frequently, you may extend their useful life to four days, although by the end, most of what they produce is just gibberish.” Winkler provides yet another advantage: “if your meeting is not going well, or if you’re not happy with the quality of the translation, you can now really go to town on your interpreters. For instance, you can throw them out of a speeding van, something you are not yet allowed to do to their human counterparts in most European countries.”</div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <b style="mso-bidi-font-weight: normal;">Note: This, of course, is just a light-hearted satirical piece that was sent to me by Belgian intepreter Toon Gevaert. He asked me to share it as a guest post and I agreed that it might give the readers of this blog a chuckle. Three-dimensional printing is already a reality, but, alas, the Ken and Barbie mini-terps are not. However, maybe this is the little spark that some entrepreneurial mind at a revolutionary company such as Lackuna needs to get the creative juices flowing.</b></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-8291029506487469728?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/9DzGkYrD9YU" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/9DzGkYrD9YU/there-is-no-great-stagnation-3d.htmlnoreply@blogger.com (Miguel Llorens M.)0http://traductor-financiero.blogspot.com/2011/12/there-is-no-great-stagnation-3d.htmltag:blogger.com,1999:blog-2477329189905907968.post-4819010178818427727Thu, 08 Dec 2011 14:59:00 +00002011-12-23T23:20:55.436+01:00translation as a commodityHenry HitchingsDecember 2011globishnewsletterMcCrumI just sent out this month's blog newsletter via MailChimp, with a round-up of highlights from this venue from the past month and links to two notable pieces on translation from, respectively, Robert McCrum, the author of <a href="http://www.amazon.com/gp/product/0393339777/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0393339777" target="_blank"><i>Globish</i></a>, and Henry Hitchings, the author of <a href="http://www.amazon.com/gp/product/0374183295/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0374183295" target="_blank">an upcoming book on the English language</a>.<br /> <br /> Here is the link to the newsletter: <a href="http://us2.campaign-archive1.com/?u=2cb3ecb1b8c0c133ad0ff361c&amp;id=06e6268189" target="_blank">http://us2.campaign-archive1.com/?u=2cb3ecb1b8c0c133ad0ff361c&amp;id=06e6268189 </a><br /> <br /> To sign up for the monthly newsletter, use the sign-up app at the top of this page's right-hand column or go here: <a href="http://traductor-financiero.us2.list-manage.com/subscribe?u=2cb3ecb1b8c0c133ad0ff361c&amp;id=2fd94c7285">http://traductor-financiero.us2.list-manage.com/subscribe?u=2cb3ecb1b8c0c133ad0ff361c&amp;id=2fd94c7285</a><br /> <br /> (No need to point out that the sign-up forms are a glorious, befuddling mish-mash of Spanish and English, but blame the engineers and linguists at MailChimp, please. Even linguistic martinets like me are at the mercy of the crude stage of development of our multilingual Internet technology. Perhaps I'll write about it in some future post.)<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-4819010178818427727?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/eseS5sk94_I" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/eseS5sk94_I/december-blog-newsletter-translation-as.htmlnoreply@blogger.com (Miguel Llorens M.)0http://traductor-financiero.blogspot.com/2011/12/december-blog-newsletter-translation-as.htmltag:blogger.com,1999:blog-2477329189905907968.post-1346781693042984191Thu, 01 Dec 2011 11:27:00 +00002011-12-01T12:33:35.196+01:00two-speed InternetChinglish<br /> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Whenever I have the disgrace of having to slog through Microsoft’s machine-translated support documents in search of some distant glimmer of insight into why its mediocre products are keeping me from shortening my work day, I come to realize that intensified use of post-editing and huge language corpora by more and more companies will create a two-speed Internet. Well-curated English copywriting for English speakers, on one hand. And Globish, Spanglish, Chinglish and Engrish for the unwashed masses. In other words, a Spanish-speaker will get garbled messages that <i style="mso-bidi-font-style: normal;">sort of</i> sound like your native language but are just not quite there. We are building a garbage-strewn desert and calling it the future.The poor man's universalism of l10n gurus is just that: a second-rate Utopia for a two-speed Internet.</div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-1346781693042984191?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/1u2VTsNvw5E" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/1u2VTsNvw5E/let-them-eat-chinglish-cheap.htmlnoreply@blogger.com (Miguel Llorens M.)3Calle de Cervantes, 28014 Madrid, Spain40.4143271 -3.696668840.4128161 -3.6991362999999997 40.4158381 -3.6942013http://traductor-financiero.blogspot.com/2011/12/let-them-eat-chinglish-cheap.htmltag:blogger.com,1999:blog-2477329189905907968.post-8558771124060447755Mon, 28 Nov 2011 07:30:00 +00002011-11-28T08:30:01.007+01:00Common Sense AdvisoryDon dePalmaGeoffrey NunbergJames GleickContent 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5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <br /> <div class="MsoNormal"> The Common <s>Place</s>Sense Advisory—which functions as a sort of propaganda arm for the Lower Quality Translation movement—has jumped on the bandwagon of the Content Tsunami lock, stock and two smoking barrels. In a breathtakingly unoriginal shill for cheap, low-quality translation, <a href="http://www.pr.com/press-release/371195"><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;">a press release from the think tank bleats</span></a> that: </div> <blockquote class="tr_bq"> <div class="MsoNormal"> <i style="mso-bidi-font-style: normal;">There is far too much content being created and far too few translators or money to translate it all – or even a tiny fraction of it. Independent market research firm Common Sense Advisory contends that translation automation tools such as MT promise to increase the volume and accelerate the pace of words rendered into other languages. “Translation strategies that rely on human output alone have already been overwhelmed by the explosion in content and the imperative to rapidly enter new markets,” says Don DePalma, Chief Strategy Officer at Common Sense Advisory.</i></div> </blockquote> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> About as subtle as a stomp in the face, isn’t it? Well, so much for independent analysis of the translation industry. Every time DePalma opens his mouth, a sales rep at Lionbridge gets sexually aroused. But, hey, peddling this sort of drivel as independent research gives the ideology behind cheap translation a thin coating of respectability. </div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> At the risk of also beating a dead, decomposing horse, let me reiterate as briefly as I can the argument against the Content Tsunami: The amount of <b style="mso-bidi-font-weight: normal;">text</b> that requires translation has not grown substantially. When we talk about a data deluge transmitted through the Internet, it involves mostly graphics and video, so the total giga and mega and googol figures breathlessly bandied about by L10N gurus are deceptive (often consciously so).</div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> But let me rely on someone else’s words to drive home this point. In a <i style="mso-bidi-font-style: normal;"><a href="http://www.nytimes.com/2011/03/20/books/review/book-review-the-information-by-james-gleick.html?pagewanted=1&amp;_r=1"><span style="mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">New York Times</span><span style="font-style: normal; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;"> review of James Gleick’s </span><span style="mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-hansi-font-family: Calibri;">The Information</span></a></i>, Geoffrey Nunberg comments on the conceptual mushiness of the term “information.” It can mean both “data,” which is meaningless, and “text,” which is meaningful (yes, even if it was written by Gertrude Stein). The slippage in and out of these two (radically different) conceptual realms is what allows charlatans to bang on about the dreaded Content Tsunami. To quote Nunberg:</div> <div class="MsoNormal"> <br /></div> <blockquote class="tr_bq"> <div class="MsoNormal"> <i style="mso-bidi-font-style: normal;">When he </i>[Gleick]<i style="mso-bidi-font-style: normal;"> describes the information explosion, he reckons the increase in bytes, citing the relentless procession of prefixes (kilo-, mega-, giga-, tera-, peta-, exa-, and now zetta-, with yotta- in the wings) that’s mirrored in the proliferation of smartphones, tablets, game consoles and windowless server farms.</i></div> <div class="MsoNormal"> <i style="mso-bidi-font-style: normal;"><span style="mso-spacerun: yes;">&nbsp;</span>But there’s no road back from bits to meaning. For one thing, the units don’t correspond: the text of “War and Peace” takes up less disk space than a Madonna music video. Even more to the point, is “information” just whatever can be stored on silicon, paper or tape? It is if you’re Cisco or Seagate, who couldn’t care less whether the bytes they’re making provision for are encoding World of Warcraft or home videos of dancing toddlers. (Americans consume more bytes of electronic games in a year than of all other media put together, including movies, TV, print and the Internet.)</i></div> <div class="MsoNormal"> <i style="mso-bidi-font-style: normal;">But those aren’t the sorts of things we have in mind when we worry about the growing gap between information haves and have-nots or insist that the free exchange of information is essential to a healthy democracy. Information, in the socially important sense — stuff that is storable, transferable and meaningful independent of context — is neither eternal nor ubiquitous. It was a creation of the modern media and the modern state (Walter Benjamin dated its appearance to the mid-19th century). And it accounts for just a small portion of the flood of bits in circulation.</i></div> </blockquote> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> Please allow me to reiterate the point, because it is crucial and reveals the flimsiness of the thinking by l10n gurus devoted to selling redundant MT systems: <b style="mso-bidi-font-weight: normal;">“Information, in the socially important sense — stuff that is storable, transferable and meaningful independent of context — is neither eternal nor ubiquitous… And it accounts for just a small portion of the flood of bits in circulation.” </b>That means that truly valuable information, the type that cures cancer<b style="mso-bidi-font-weight: normal;"> </b>or leads to innovative inventions, has not grown significantly. </div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> But don’t expect something like the truth to deter a dead-horse-pummeler as consummate as Mr. DePalma. Remember that you can’t convince someone of something if his salary depends on his not being convinced of it. This sort of implores one to ask the question as to how the Common Sense Advisory funds itself. I find it hard to believe that real companies actually pay this think tank for its “expertise” when they can get the same “World According to the Commonplace Advisory” Weltanschauung for free from the other McLocalization gurus. </div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-8558771124060447755?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/nxt-4VxOneI" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/nxt-4VxOneI/common-sense-advisory-pummels-defunct.htmlnoreply@blogger.com (Miguel Llorens M.)428014 Madrid, Spain40.4156747 -3.695289640.403585199999995 -3.7150306 40.4277642 -3.6755486000000004http://traductor-financiero.blogspot.com/2011/11/common-sense-advisory-pummels-defunct.htmltag:blogger.com,1999:blog-2477329189905907968.post-1897123762816828328Fri, 25 Nov 2011 11:35:00 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mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <b style="mso-bidi-font-weight: normal;">Bialystock (reading adaptation of Kafka’s <i style="mso-bidi-font-style: normal;">&nbsp;</i></b></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <b><i>Metamorphosis</i> while looking for worst play ever written):</b> </div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">"Gregor Samsa awoke one morning </i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">to discover that he had been transformed </i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">into a giant cockroach..." (Pauses.) Nah, it's too good.</i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <b style="mso-bidi-font-weight: normal;">—The Producers (1968)</b></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> Do you want a measure of The Great Stagnation in Localization Land? The mosquito-infested backwater of language technology now has its very own patent troll! Yes! Transperfect’s purchase of WorldLingo has nothing to do with the acquiree’s technology (which is probably commoditized anyway). <a href="http://blog.gts-translation.com/2011/11/21/will-transperfect-merge-with-motionpoint/">According to David Grunwald</a>, the bold merger is a tactic by Transperfect to seize WorldLingo’s patents and then use them in ongoing litigation against a competitor in the field of localizing websites for large corporates. In other words, Transperfect is becoming a patent troll.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> What is a patent troll, you ask? To phrase it in the style of <i style="mso-bidi-font-style: normal;">Rolling Stone’s</i> Matt Taibbi, it is the bloodcurling sound of the technology industry eating its young. The issue was brought to mainstream attention by a recent podcast from the teams of <i style="mso-bidi-font-style: normal;">This American Life</i> and <i style="mso-bidi-font-style: normal;">Planet Money</i> (<a href="http://www.thisamericanlife.org/radio-archives/episode/441/when-patents-attack"><i style="mso-bidi-font-style: normal;">When Patents Attack</i></a>). (By the way, have I recommended <i style="mso-bidi-font-style: normal;">This American Life</i>? Did I mention it’s free?) To put it succinctly, a patent troll is a company that buys up reams of patents from other companies and then uses them to sue innovative start-ups. The objective is simply to extort money. There are entire companies in Silicon Valley that do not create anything but simply snap up legacy patents and use them as part of a tech version of racketeering (“that’s a really nice technology company you have there; it’d be a shame if anything were to happen to it…”). And guess who is the largest patent troll in the Valley? None other than Nathan Myhrvold. And who is Nathan Myhrvold? None other than one of the co-founders of Microsoft. Great Stagnation, Exhibit A: “Thy name is Myhrvold.”</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> What is wrong with that, you ask? Patents, after all, were invented to protect the work of the inventors who make our lives better. Well, the problem is that in the IT sphere the idea of a patent is problematic. One example is the idea of using the Internet to distribute a piece of software via downloading. The software itself, of course, <i style="mso-bidi-font-style: normal;">should</i> have a copyright. That is not the issue. The <i style="mso-bidi-font-style: normal;">idea</i> of downloading software via the Web <i style="mso-bidi-font-style: normal;">in general</i>, well… not so much. And American judges and the U.S. Patent Office until twenty years ago were inclined to this common-sense view of technology: The hurdles to get an IT patent were many and difficult to leap over. That is, until the tide started shifting in the 1990s. And now you basically can’t move a single inch in Silicon Valley without stepping on a the tails of companies holding reams of useless patents, whether for offensive or preemptive purposes. Indeed, one of the causes for Tyler Cowen’s innovation slowdown may well be the peculiarities of patent-trolling and the U.S. legal system.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> What does that mean for the translation industry? This means that Transperfect is probably planning to use a patent that describes in vague terms a system that employs, say, machine translation, translation memory and terminology management over the Web. None of these ideas by themselves is original. You didn’t need a genius to come along and “invent” the idea of using computers to translate text. Or of recycling previous translations. Or of using the Web to harness the power of the hamster mob. But (wham!) Transperfect is going to leverage those dead patents to hit a competitor.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> Just more proof of the <a href="http://traductor-financiero.blogspot.com/2011/10/translation-and-slowdown-in.html">vibrancy of the translation technology niche</a>.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt;"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-1897123762816828328?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/pz7Yw7QJPiQ" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/pz7Yw7QJPiQ/transperfect-morphs-into-giant-patent.htmlnoreply@blogger.com (Miguel Llorens M.)3Plaza de Cánovas del Castillo, 28014 Madrid, Spain40.4153456 -3.693709940.4138346 -3.6961774 40.4168566 -3.6912424http://traductor-financiero.blogspot.com/2011/11/transperfect-morphs-into-giant-patent.htmltag:blogger.com,1999:blog-2477329189905907968.post-3521502232651355874Fri, 18 Nov 2011 13:02:00 +00002011-11-18T16:47:36.953+01:00Kumail NanjianiUrduCall of DutytranslationMcLocalizationArabic<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br /> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">I first heard this comedian on the <i>This American Life</i> podcast. It was a short two-minute bit that closes his show called “Cheese.” It is one of the funniest things around, mainly because of the stress he places on certain words. Go ahead and watch it <a href="http://www.youtube.com/watch?v=WVIC2gJTD9s">here</a>.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Another clip taken from his act has Nanjiani discussing a video game called <i>Call of Duty </i>(full disclosure, I also play it). He remarks that previous installments of the game were based on real wars, but subsequent versions of the game have been set in current conflicts such as Afghanistan and Iraq. He expresses surprise that one level is even based in Karachi, the city in which he grew up. The joke is that he thinks this might give him an edge in playing: “Hey, guys we can hide out there. I used to rent videos there. Mr. Sadiqqi will let us hide out.”</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">But then he goes on to make a further observation that is symptomatic of the current state of McLocalization and how it combines a very unconscious Anglocentrism with a naïve but clumsy universalism. The game makes a huge investment in creating realistic settings. Except for one small detail, as Nanjiani points out:&nbsp; </span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <blockquote class="tr_bq"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><i>The name of the language you speak in Pakistan is Urdu. That’s the name: Urdu. But all the street signs in Karachi in </i>Call of Duty <i>are in Arabic. Yeah. Totally different language. And I know that doesn’t sound like a big deal, but this game took three years to make. If you look at it, they get every detail perfect, like the graphics. You can see individual hairs on people’s heads. When they run, they sweat. When they run, their shoelaces bounce. All they had to do was google “Pakistan language.” They were literally like: “What language do they speak in Pakistan?” “Uh… I don’t care. I can’t get this guy’s sideburns right.” </i></span></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Watch the whole video here:</span></div> <div class="MsoNormal"> <span style="font-family: 'Times New Roman', serif;"><br /></span></div> <div class="separator" style="clear: both; text-align: center;"> <object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://1.gvt0.com/vi/OQBOC1OPWyU/0.jpg" height="266" width="320"><param name="movie" value="http://www.youtube.com/v/OQBOC1OPWyU&fs=1&source=uds" /> <param name="bgcolor" value="#FFFFFF" /> <embed width="320" height="266" src="http://www.youtube.com/v/OQBOC1OPWyU&fs=1&source=uds" type="application/x-shockwave-flash"></embed></object></div> <div class="MsoNormal"> <span style="font-family: 'Times New Roman', serif;"><br /></span></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-3521502232651355874?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/Z-XrFEUvlOA" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/Z-XrFEUvlOA/kumail-nanjiani-on-age-of.htmlnoreply@blogger.com (Miguel Llorens M.)2Madrid, Spain40.4143271 -3.696668840.4022366 -3.7164097999999997 40.4264176 -3.6769278http://traductor-financiero.blogspot.com/2011/11/kumail-nanjiani-on-age-of.htmltag:blogger.com,1999:blog-2477329189905907968.post-6370130270830237952Mon, 14 Nov 2011 08:00:00 +00002011-11-14T20:06:14.426+01:00<br /> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">I keep hearing agency owners whining about how difficult it is to recruit over the Internet. “People found through ProZ still have to be vetted!” “Linguists with excellent qualifications on paper turn out to be a disappointment!” My reaction usually is: "What? The guy whose mailing address is the same as a provincial prison in Kuala Lumpur turned out to be unreliable? What is the world coming to?" "You can’t rely on people found through the same medium used by Nigerian scammers?" "Cancel that Russian mail-order bride!"</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Recently, one of the “innovators” in the field of crowdsourced translation launched a “bad translators” list where you can denounce unreliable linguists (only humans need apply). (I will not link to him because: 1.- I think the dude is more than just a little insane and 2.- I suspect he is provocative on purpose to stir up a hornet’s nest and drive linkjuice.) But the question stands: Are things really that bad out there? (One observation: It is highly indicative that the people who think translation is a commodity are usually the same people who gripe about the unreliability of these translators found on the Internet.)</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">I think sometimes we over-adapt to new technology. We think it is better than it actually is. And then we get frustrated because it develops slowly or because it doesn’t deliver the perfect world that only exists in our heads. I think that is the problem here. Nobody stops to think that access to thousands of freelancer profiles might be a double-edged sword.</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">As a rule of thumb, <b>the quality and value of a professional relationship is probably inversely proportional to the degree to which it is formed and nurtured online</b>. For both sides of the equation. If the relation was hatched via the Internet, both the agency and the freelancer probably view each other as much more repleaceable than they would otherwise. That is just the economics of the Internet.</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Secondly, the best client relationships I have had were achieved through references from colleagues and word of mouth. That is how good companies recruit. Blogging, tweeting, online networking and all the rest of that is fine and dandy. But who you know in person counts much more. The world is still very, very local. The constant propaganda about how we are instantly linked to the entire world is deceptive on many levels. We may be separated by six degrees from everyone, but those from whom we are separated by one degree still matter <b>much more</b> than Kevin Bacon. Ignore that at your peril.</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Furthermore, I don’t know if agencies realize that the very inefficiency of the market is partly what keeps them in business. In a completely disintermediated world, the hassle of vetting translators would disappear. But in that frictionless world, agencies would be as extinct as the Tyrannosaurus. Providers and direct clients would silently drift toward each other without the messy middle man.&nbsp;</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">So vetting translators is a hassle? I’m sorry, but if you don’t do that, what is the service that you provide, exactly?</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">To know where you fall in the necessary/unnecessary spectrum, ask yourself the following questions:</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">1.- Do you know the marital status of your freelancers?</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">2.- Do you know if they have kids?</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">3.- Can you name something about them that isn’t on their CV?</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">If the answer to any of these three questions is “no,” then you should probably rethink the way you have structured your business.</span></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-6370130270830237952?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/Ty4QubBc91k" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/Ty4QubBc91k/whenever-i-hear-agency-owners-griping.htmlnoreply@blogger.com (Miguel Llorens M.)20http://traductor-financiero.blogspot.com/2011/11/whenever-i-hear-agency-owners-griping.htmltag:blogger.com,1999:blog-2477329189905907968.post-6553714032821583822Thu, 10 Nov 2011 15:31:00 +00002011-11-10T16:40:12.211+01:00Walter IsaacsoncommoditySteve JobsMalcolm Gladwelltranslation<br /> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">David Grunwald acknowledges my hat tip to his <a href="http://traductor-financiero.blogspot.com/2011/11/ortsbo-and-sleaze-factor.html">Ortsbo coverage</a> but <a href="http://blog.gts-translation.com/2011/11/04/maps-commodities-creativity-and-assorted-thoughts/">reiterates that translation is a commodity</a>.&nbsp;His basic argument is that translation does not involve creativity. I half agree with the premise that translation does not imply creativity in the same sense that artistic creation does, but I also reject the corollary. You can’t conclude from this starting point that translation is a commodity. Please allow me to highlight the fact I remain astonished by the sight of the owner of a translation agency publicly stating that he believes translation is a commodity. First of all, translation is a <i>service</i>. If you provide service as a commodity, how do you distinguish yourself from the competition? There are only two ways: fiercer marketing or lower rates. That is the eternal race to the bottom that leads us to the clowns from Lackuna.&nbsp; </span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The problem with the “is translation a commodity?” debate is that no easy argument exists to prove that it <i>isn’t</i> a commodity. As in the case of many cultural objects —such as humor or art— you either see its value or you don’t. A joke that needs to be explained and dissected ceases to be a joke. Perhaps you can fall back on easy stereotypes about engineers. "They just don’t get why a Gauguin might be interesting despite the lack of realism." But that is a lazy straw man. The tech industry is not universally blind to the quality of outward presentation or design. The “Low Quality Translation” people are not totally tone deaf. They simply (and willfully) shut out evidence that falsifies their industry-centric world view.</span></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">If translation is a commodity, so is copywriting. But listen to Steve Jobs obsessing over the 1990s slogan that led his company to charge back to the top of the worldwide tech industry. This is an excerpt from <a href="http://www.newyorker.com/reporting/2011/11/14/111114fa_fact_gladwell?currentPage=all">Malcolm Gladwell’s recent review</a> of <a href="http://www.amazon.com/gp/product/1451648537/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1451648537">Walter Isaacson’s biography</a>:</span></div> <div class="MsoNormal"> <br /></div> <blockquote class="tr_bq"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif; font-size: x-small;"><i>The famous Apple “Think Different” campaign came from Jobs’s advertising team at TBWA\Chiat\Day. But it was Jobs who agonized over the slogan until it was right:<br /> </i><br /><i>They debated the grammatical issue: If “different” was supposed to modify the verb “think,” it should be an adverb, as in “think differently.” But Jobs insisted that he wanted “different” to be used as a noun, as in “think victory” or “think beauty.” Also, it echoed colloquial use, as in “think big.” Jobs later explained, “We discussed whether it was correct before we ran it. It’s grammatical, if you think about what we’re trying to say. It’s not think the same, it’s think different. Think a little different, think a lot different, think different. ‘Think differently’ wouldn’t hit the meaning for me.”</i></span></blockquote> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">This type of process is not much different from the daily process of translation. It is the laborious wordcraft that goes into writing and its sister métier of translating. So then, is translation a commodity? That is an interesting debate that is difficult to resolve. But what is certain is that there is a golden rule: Your degree of conviction that translation is a commodity is inversely correlated with your profit margins.</span></div> <div class="MsoNormal"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-6553714032821583822?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/XBLpfovuN9M" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/XBLpfovuN9M/think-differentdifferently-is.htmlnoreply@blogger.com (Miguel Llorens M.)5http://traductor-financiero.blogspot.com/2011/11/think-differentdifferently-is.htmltag:blogger.com,1999:blog-2477329189905907968.post-1454049900782359703Mon, 07 Nov 2011 15:59:00 +00002011-11-08T15:20:22.257+01:00videoPidgin EnglishLower Quality TranslationFrancoSpanishEnglish<div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <b style="mso-bidi-font-weight: normal;">Kathleen:</b> <i style="mso-bidi-font-style: normal;">It happened in Spain. People do </i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">really stupid things in foreign countries.</i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <b style="mso-bidi-font-weight: normal;">Frank:</b> <i style="mso-bidi-font-style: normal;">Absolutely. They buy leather jackets for much </i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">more than they're worth. But they don't fall in love with fascist dictators!</i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0.0001pt; text-align: right;"> <b style="mso-bidi-font-weight: normal;">—You’ve Got Mail</b></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> There is an asymmetrical relationship between the passage of a text from English to Spanish compared to the translation from Spanish into English. And this asymmetry is frequently unacknowledged, especially by people whose background is more technical than linguistic. For example, Silicon Valley is a very diverse, multicultural, multiethnic environment, but only superficially so. In reality, it is very homogenous: It is inhabited by engineers from all parts of the world. And it is also fiercely <b style="mso-bidi-font-weight: normal;">monolingual</b>: English is really the only language used. <b style="mso-bidi-font-weight: normal;">It is almost inevitable that the sort of translation philosophy that would come out of this inbred environment is the “Lower Quality Translation” movement.</b> And that this philosophy would be deaf to the asymmetry I mentioned above.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> The asymmetry is this: An American or a British company <i style="mso-bidi-font-style: normal;">might</i> opt for a bad Spanish translation as a decent stand-in for a better text (Americans and Brits rarely have a clue about what it is like to live in a world where a <i style="mso-bidi-font-style: normal;">lot</i> of the text consumed on a daily basis is badly translated). In stark contrast, a (self-respecting) Spanish company would <i style="mso-bidi-font-style: normal;">never</i> choose that option when translating its material into English because, in Spain and many other parts of the world, Pidgin English is routinely an object of ridicule. It marks you out as a rube, as unsophisticated. (And I am guessing that stigma is far more “universal” than the urge to communicate at the cheapest possible cost.)&nbsp; &nbsp;&nbsp;</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> For empirical proof, look no further than these YouTube <a href="http://www.youtube.com/results?search_query=franco+hablando+ingl%C3%A9s&amp;aq=f">clips of Francisco Franco reading out a proclamation in English</a>.&nbsp;</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="separator" style="clear: both; text-align: center;"> <object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://3.gvt0.com/vi/PTagfsisvGM/0.jpg" height="266" width="320"><param name="movie" value="http://www.youtube.com/v/PTagfsisvGM&fs=1&source=uds" /> <param name="bgcolor" value="#FFFFFF" /> <embed width="320" height="266" src="http://www.youtube.com/v/PTagfsisvGM&fs=1&source=uds" type="application/x-shockwave-flash"></embed></object></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> I think the video comes from the early days of the 1936 military insurrection that triggered the Spanish Civil War. Someone on Franco’s staff must have decided that an English-language speech was just the trick to get the British Government and public to side with the right-wing coup. One of the YouTube clips is entitled “Learn English with the Generalissimo.” Franco read the text phonetically and none of his aides took the trouble of smoothing out the rougher passages. (The subtitled Pidgin English video is even a mini-genre in Spain; <a href="http://www.youtube.com/watch?v=Y4uqIntoeVw">this</a> is from a taped message by the head of a major bank communicating with his British employees).</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Like Wittgenstein’s duck-rabbit, the literal meaning is sharply different according to the audience: perplexity for native English speakers, extreme hilarity for native Spanish speakers. Lower quality translation has a reputational cost that is hard to quantify in a monolingual English-speaking milieu, but which is nonetheless very, very real.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-1454049900782359703?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/9LrCgYAtEyM" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/9LrCgYAtEyM/learn-english-with-totalitarian.htmlnoreply@blogger.com (Miguel Llorens M.)1http://traductor-financiero.blogspot.com/2011/11/learn-english-with-totalitarian.htmltag:blogger.com,1999:blog-2477329189905907968.post-4472254778717741488Thu, 03 Nov 2011 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5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <br /> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <i style="mso-bidi-font-style: normal;">Sorry it had to go down like this, baby, 'cause yo ass is cute. But you got got.</i></div> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <b style="mso-bidi-font-weight: normal;">—The Wire</b></div> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <br /></div> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <b>you got got:</b> you've been had; you've been tricked.</div> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <i style="mso-bidi-font-style: normal;">Hey man, what about our deal?</i></div> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <i style="mso-bidi-font-style: normal;">Heh! You got got!</i></div> <div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"> <b style="mso-bidi-font-weight: normal;">—Urban Dictionary</b></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> I have been following David Grunwald’s series of posts about a language technology company called Ortsbo with interest for some time now (read the entries <a href="http://blog.gts-translation.com/2011/05/25/rock-and-roll-translation-tool-the-real-thing-or-a-stock-scam/"><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;">here</span></a>, <a href="http://blog.gts-translation.com/2011/10/17/the-scam-keeps-going-ortsbo-announces-wordpress-translation-plugin/"><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;">here</span></a>, <a href="http://blog.gts-translation.com/2011/06/08/with-investor-trust-in-ortsbo-gone-int-v-stock-tanks/"><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;">here</span></a> and <a href="http://blog.gts-translation.com/2011/05/29/kiss-goodbye-with-the-free-ride-over-ortsbos-future-is-unclear/"><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;">here</span></a>). He has been blogging about it for months. In a nutshell, Ortsbo is a public company that trades on the Canadian stock market and purports to have created a program that allows you to translate instant messages automatically. The company periodically rolls out announcements that it has launched an application of its proprietary technology for some use or other. The problem is, as Grunwald has demonstrated, that it is a total scam. The company does not have its own automatic translation software. It is hooked up to the Google Translate API. It is pretty straightforwardly a rip-off. Just look at the following YouTube presentation by an anonymous user:</div> <div class="MsoNormal"> <br /></div> <div class="separator" style="clear: both; text-align: center;"> <object width="320" height="266" class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://0.gvt0.com/vi/BgqDW-kjSqw/0.jpg"><param name="movie" value="http://www.youtube.com/v/BgqDW-kjSqw&fs=1&source=uds" /> <param name="bgcolor" value="#FFFFFF" /> <embed width="320" height="266" src="http://www.youtube.com/v/BgqDW-kjSqw&fs=1&source=uds" type="application/x-shockwave-flash"></embed></object></div> <div class="MsoNormal"> <a href="http://www.youtube.com/watch?v=BgqDW-kjSqw"><span style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;"><br /></span></a></div> <div class="MsoNormal"> In brief, it is a massive scam of the old “pump and dump” type familiar to anyone who has watched <i style="mso-bidi-font-style: normal;">Wall Street</i>.</div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> The thing I find baffling (aside from the passivity of Canadian market regulators, especially in the wake of the Sino-Forest scandal) is that, although Grunwald’s blog is widely read, on Twitter you regularly see gurus and pundits retweeting Ortsbo’s press releases or circulating its bogus operational reports. Why is this happening? There are only two possible explanations: ignorance or connivance. </div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> Ignorance? Well, there is plenty of that around in the world (and a healthy percentage of it in Translation Consultancy Land). </div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> But what do I mean by connivance (please note: "connivance" is different from "complicity")? I am guessing that many of the consultants and analysts who fling Ortsbo’s criminal dung at each other like frenzied chimpanzees are probably aware of Grunwald’s exposé. But they don’t care. That’s it. They simply <b>do not care</b>. Which is cold, cold, cold, because real people who invested in that company will lose money. And other people will go to jail. But a lot of the people who contribute to spreading Ortsbo’s garbage are self-righteous, pious souls who think bankers’ bonuses are obscene and feel warm and fuzzy about Occupy Wall Street. Now, of course, no amount of malfeasance in an industry as tiny as translation will ever require a bailout like TARP, but my point is that financial plutocrats do not have a monopoly on the stupidity and compromised morals that led to the multi-tranche synthetic subprime CDO cubed. </div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> The problem is that the people doling out the language tech feelgoods on the streetcorners of the World Wide Web are in the business of hype. As Web 2.0 ideologues like to say, the quality of information doesn’t matter. No, the amount of information is what matters. So they just circulate these press releases to keep the buzz going about the “vibrant” and “innovative” (cough, cough) translation tech sector. Because, without the buzz and the hype, the reality of a stagnant Florida swamp is harder to pass off as prime real estate. So they just keep on bringin’ in da funk and da noise. (Now, does anyone need further proof that there is an MT Bubble?)</div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> Now, I disagree with Mr. Grunwald about most things. His ideas about translation as a commodity are depressing and I wouldn’t work for him unless something with a bit more dignity—such as “circus freak”—weren’t a viable career option (for whatever reason). However, he must be commended for his honesty in denouncing the Ortsbo mess. And if l10n consultants wish to wash off some of the sleaze that is beginning to spatter them, they should help him clean out this Augean stable.&nbsp;</div> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> &nbsp;</div> <div class="MsoNormal"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-4472254778717741488?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/4X_F8JS31UU" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/4X_F8JS31UU/ortsbo-and-sleaze-factor.htmlnoreply@blogger.com (Miguel Llorens M.)0http://traductor-financiero.blogspot.com/2011/11/ortsbo-and-sleaze-factor.htmltag:blogger.com,1999:blog-2477329189905907968.post-3353672669198086991Mon, 31 Oct 2011 19:07:00 +00002011-11-29T13:55:37.417+01:00translationMcLocalization<div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> </div> <div align="right" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin: 0cm 0cm 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">In all of these discussions about information technology,</i></div> <div align="right" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin: 0cm 0cm 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">you come back to the fact that they are </i></div> <div align="right" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin: 0cm 0cm 0.0001pt; text-align: right;"> <i style="mso-bidi-font-style: normal;">solving problems that are not really problems.</i></div> <div align="right" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin: 0cm 0cm 0.0001pt; text-align: right;"> <b style="mso-bidi-font-weight: normal;">- Malcolm Gladwell</b></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Even in our age of globalization, if you take a poll of all Fortune 500 CEOs, cheap translation would not rank among the top 10 or even 20 items on their wish list. <b style="mso-bidi-font-weight: normal;">The problem with McLocalization is it’s designed to do things companies would kinda, sorta want done without actually investing any real money in it.</b> It is a technology for doing things companies want done <i style="mso-bidi-font-style: normal;">at the margin</i>. Guess what? Great fortunes have come from making things cheaper that are important priorities. Not the stuff you leave as your last priority and assign to the absolute lowest bidder. To quote an economist: “Markets have a strong incentive to find and develop alternatives to relatively expensive inputs (like pricey labour).” Did you hear that? <i style="mso-bidi-font-style: normal;">Relatively</i> expensive inputs. For translation, that boat has long since sailed in the Era of the Internet. But even aside from the Internet, the highest earning translator in the world earns less than the average assistant of a chief executive officer (translation is&nbsp; not <i>scalable</i>, in the sense discussed by Nassim Nicholas Taleb; the heirs of Roberto Bolaño can become millionaires another time over with zero input of labor, while Bolaño's translator gets exactly the same fee whether a translated novel sells ten copies or one hundred thousand copies). Translation-tech companies struggle mightily to climb the Kilimanjaro of cheap translation only to reach the summit and find Lionbridge already there, having a picnic with ProZ.com.</div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Is it any wonder that the giants of McLocalization are burdened with anorexic profit margins and, defying belief, fail to turn in attractive earnings despite paying dirt-poor rates and having huge corporate clients? Put it another way: How many McLSP billionaires are there out there? When was the last you saw one of those CEOs dining out with Zuck and Steve and Larry and Sergey?</div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> And, remember, every penny sunk into research and development (if any is actually being done outside of Google) is a penny added to the cost of translating a bunch of stuff no one really needed to read in the first place.</div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> This suggests that any business model based <i style="mso-bidi-font-style: normal;">exclusively</i> around cheap translation is dubious in the long term.</div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Moreover, this suggests that, from the point of view of the post-editor, translation automation and low wages are inextricably linked. You ask: Why won’t I be able to charge a premium rate for post-editing these manuals no one ever reads anyway? Why? The answer is kind of in the question, don’t you think?<b style="mso-bidi-font-weight: normal;"> Your boss is struggling to turn a dime for himself and only needs you to apply a little lipstick to the crowdsourced, post-edited pig.</b></div> <div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-3353672669198086991?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/KPRtnsHIsLw" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/KPRtnsHIsLw/mclocalization-answer-to-question.htmlnoreply@blogger.com (Miguel Llorens M.)1http://traductor-financiero.blogspot.com/2011/10/mclocalization-answer-to-question.htmltag:blogger.com,1999:blog-2477329189905907968.post-8313811450581807621Mon, 24 Oct 2011 18:08:00 +00002011-10-25T20:35:19.763+02:00Army of the Potomac trilogyBruce Cattontechnical textsIntralingo blogoutputfinancial translationSpanishtranslationstyleEnglish<div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <a href="http://intralingo.com/blog/translation-tips-from-the-catskills-chris-durban">Over at the Intralingo blog</a>, Lisa Carter is very diplomatically sparring with one reader who relentlessly insists that he cranks out 10,000 publication-ready words a day on a regular basis. (“I’ve often translated well in excess of 10,000 words a day, and <b style="mso-bidi-font-weight: normal;">working overtime</b> (<i style="mso-bidi-font-style: normal;">sic</i>) I’ve translated up to 18,000 words (<i style="mso-bidi-font-style: normal;">sic!</i>) over a 15 hour period (<i style="mso-bidi-font-style: normal;">sick, yo!</i>), and I would rate my quality as high, if not higher, than my contemporaries (<i style="mso-bidi-font-style: normal;">contemporaries?</i>).”) Lisa is very tactfully brandishing argument after argument that this is not possible, but our man, undeterred, blithely charges back after every rebuff. Bless her heart, she is soooooo polite. I, on the other hand, (for good or ill) was not bequeathed the gift of suffering fools lightly. Ms. Carter is wasting her time, though. Let’s face it, there simply isn’t a polite way to, you know, tell someone to his face that he is a hack.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Appreciation for language is hard to teach if your student simply doesn’t have it. It is a sense. Just like you cannot explain to a blind person what makes one of Monet’s water lilies special, Lisa cannot raise her voice sufficiently and explain to our 18,000-word-per-day Wunderkind that his output is most assuredly a stomach-churning bucket of bat guano. Even tone-deaf people who talk about translation but have never translated a single word in their lives are smart enough to sidestep the “literary” argument quickly. So they just, Sheldon-Cooper-like, bracket literature in a special mental category (“stuff that other people care a lot about—for some unfathomable reason—but I don’t”) and blissfully go about their business because literature isn’t applicable to commercial translation. “Ah, but that is literature,” the McLocalization theorist ruminates with a knowing smile, “I have heard of it, hmmm, yes… Wikipedia tells me it is something from back in the Age of the Codex. But I am here to discuss repetitive technical texts…” </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> The literary/non-literary dichotomy is not that ancient. As is the case of a lot of stupid stuff (nationalism, Mesmerism, Gothic novels), it only dates back to the Romantics. It is slowly being placed into question by the genre-disrupting culture of the present. Think about Ali G and reality TV, and then try to retain the old comforting distinctions of fact and fiction snugly in your head. The idea that we bring a set of conventions (the phrase “suspension of disbelief” was coined by Wordsworth) to one set of texts and another—completely different—set of decoding tools to non-fiction simply does not resist serious critical scrutiny. Does that mean that Ben Bernanke’s press conferences should be rendered by the financial translator with the same appreciation for the <i style="mso-bidi-font-style: normal;">mot juste</i> that Lisa Carter lavishes on her novels? Well, yes and no. “Yes” in the sense that you should weigh every word carefully (because every central banker does and their words can cause a lot of devastation) and “no” in the sense that you shouldn’t waste too much time waiting for the right adverb to strike you like the Pacific struck Keats’s “stout Cortez.” Because, aside from being slightly foolish, it will get you fired in the end.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Of course, the idea that a “translator is a writer” sounds hyper-pretentious if you think capital “W” Writer: a Luther-throwing-the-inkpot-at-the-Devil Writer, or a Flaubert-spending-eighteen-years-working-on-<i style="mso-bidi-font-style: normal;">Madame-Bovary</i> Writer. But small caps “w” writer in the sense that you write. And you should try to do it as well as you can in the service of the original author, who may or may not be a capital “W” Writer, but nonetheless deserves a hearing (or at least is paying for it).</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> I was reminded of that recently while reading Bruce Catton’s trilogy on the Army of the Potomac (<a href="http://www.newyorker.com/online/blogs/books/2011/08/writing-reading-william-giraldi.html#ixzz1VPGPykFH"> translators should be keen readers</a>). While Catton’s books are not really works of academic history, they do provide a lot of technical details on military affairs, from the movement of armies during campaigns to minutiae such as the types of weapons used and just what the heck hardtack actually was. But his works are also quite opaque as texts. The influence of William Faulkner is felt on every page, even though it is a very Northern book—an attempt to write Yankee history. The jumps forward and backward in time are also unimaginable without the precedent of literary Modernism. One small example. When Catton is describing the sequence of the Second Battle of Manassas/Bull Run, the 12^th Massachusetts regiment is left facing a colossal flanking movement from the Confederates. The author abruptly breaks off for one entire page, in the middle of the battle, to tell the story of the regiment. Its members were responsible for writing the marching song <i style="mso-bidi-font-style: normal;">John Brown’s Body</i>, dedicated to the abolitionist guerrilla whose raid on Harper’s Ferry partly triggered the Civil War ( “John Brown’s body lies a-moldering in the grave/ And we go matching on!”). This song was the source for Julia Ward Howe’s <i style="mso-bidi-font-style: normal;">Battle Hymn of the Republic</i>, which is still a staple of American military marching bands (and tactfully suppresses references to rotting corpses). That takes Catton a page and a half. After such as lengthy digression, Catton equally abruptly returns to the two tiny brigades facing a Rebel onslaught:</div> <blockquote> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <i style="mso-bidi-font-style: normal;">But the dandy 12^th was a long way from the ladies of Boston now, and Colonel Webster was killed, and the 12^th was finally forced back, along with the rest of Ricketts’s men and the Germans. (p.40)</i></div> </blockquote> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> You see what the author did there? Try rewriting that sentence according to the rules of “proper” grammar (leaving aside the fact that he started a paragraph with a negative conjunction, a huge no-no according to the provincial school marms who teach “proper” English):</div> <blockquote> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <i style="mso-bidi-font-style: normal;">However, the dandy 12^th was a long way from the ladies of Boston. Colonel Webster was (had been?) killed. The regiment (Note: the reiteration of the name probably wouldn't pass muster with most proofreaders) was finally forced back, along with the rest of Ricketts’s men and the Germans.</i></div> </blockquote> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Blink and you miss it. Try to translate this sentence without trying to recreate the confusion and terror of the Massachusetts soldiers and you might as well translate 18,000 words a day.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> But perhaps that is a rare case of non-fiction that is suffused with literary technique. After all, the Civil War as a historical subject has always been more the preserve of <i style="mso-bidi-font-style: normal;">belles lettres</i> because of Whitman, Sandburg and Faulkner. The lyrical undertone to a lot of writing on the conflict stretches all the way to the present, as anyone who has seen Ken Burns’s documentaries on the conflict will easily perceive. </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> So how about a less high-falutin’ example? This is an example of something I come across very often (the highlight is mine):</div> <blockquote> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <i style="mso-bidi-font-style: normal;">After Papandreou's election win, Mršnik wrote, in a confidential letter to Standard &amp; Poor's customers, that in light of the repeated budgetary lapses of the various Greek governments, it remained to be seen whether the new administration had the will to implement a credible budget strategy. <b style="mso-bidi-font-weight: normal;">This sounded diplomatic, but it was pure sarcasm.</b> <b style="mso-bidi-font-weight: normal;">Investors got the message</b>, namely that the decline of Greek bonds from secure investments to casino chips was accelerating.</i></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <i style="mso-bidi-font-style: normal;">http://www.spiegel.de/international/europe/0,1518,790333-2,00.html</i></div> </blockquote> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> In a lot of financial research, what you put down on paper is purposefully bland, because some day you may have to answer to a wider audience (or an angry politician or, gulp, a judge) for anything that is more controversial than a spiceless platitude. That is why you have to be attuned to the sarcasm. Once again, blink and you miss it. Mršnik was trading a “nudge, nudge, wink, wink” moment with his readers. His real opinion was reserved for the very privileged clients who get him on the telephone or the board room, as any good analyst’s opinion should be. That is why inexperienced translators often chuckle and say: “Wait, is he serious?” Duh! Of course not! The unspoken byword here is “ldl,” which is what investment bankers write for “let’s discuss live” (i.e., where no written or taped evidence is left). </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Every single sentence contains dozens of tiny little decisions. If you translate 18,000 words a day, that means you make over 100,000 tiny decisions in a single day. But that is no problem because you are working on a non-literary, repetitive text, right? We can just hope that none of your tiny decisions is dangerous. Or the subject of future litigation. </div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-8313811450581807621?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/lPAFPsN4eYQ" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/lPAFPsN4eYQ/lisa-and-hamster.htmlnoreply@blogger.com (Miguel Llorens M.)6http://traductor-financiero.blogspot.com/2011/10/lisa-and-hamster.htmltag:blogger.com,1999:blog-2477329189905907968.post-8246435769387868045Mon, 17 Oct 2011 07:30:00 +00002011-10-19T20:57:17.666+02:00crowdsourcingFacebookcrowdsourced translationcrowdsourced post-editingAdobeTwitterYeeyanMicrosoftMcLocalization<div style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0cm; text-align: right;"> Wolowitz:<i> Raj, did you ever tell your sister about the time Sheldon got punched by Bill Gates?<o:p></o:p></i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0cm; text-align: right;"> Priya:<i> Oh, God! You're kidding?<o:p></o:p></i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0cm; text-align: right;"> Raj:<i> Nope. Gates gave a speech at the university. Sheldon went up to him afterward and said, "Maybe if you weren't so distracted by sick children in Africa, you could've put a little more thought into Windows Vista."<o:p></o:p></i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; margin-bottom: 0cm; text-align: right;"> Leonard:<i> Bam! Right in the nose. Made me proud to own a PC.<o:p></o:p></i></div> <div align="right" class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; text-align: right;"> <b>--The Big Bang Theory<o:p></o:p></b></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /> On a blog, one of the theorists of the “Low Quality Translation” movement&nbsp;enumerates several successful crowdsourcing projects that, in his view, point toward the future. They are all touted as good examples of how unpaid crowds of non-professionals can undertake “community” translation (the euphemism <i>du jour </i>for crowdsourcing). One thing immediately jumps to my attention after perusing the list. The projects can be clearly divided into three distinct categories. </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> The first category is made up of non-profit or not-directly-for-profit projects that probably do not have the budget to fund a large translation effort. This category includes Yeeyan, Asia Online’s CPE (crowdsourced post-editing) of Wikipedia and the TED Conference subtitlers. The other characteristic of this first group is the ability to garner sufficient enthusiasm from their community of users to get them to contribute their work for free. Millions watch the TED conferences and probably feel sufficiently identified with the project to invest the time needed to subtitle these videos for free. The Asia Online experiment attempts to leverage the crowd in order to generate more raw material for an underserved language such as Thai and probably appeals to nationalism at some level. Yeeyan appeals to Chinese web surfers who are interested in gaining access to more content that is free from censorship and who also contribute their time in order to let other fellow non-English-speaking Chinese citizens to read this material. You can safely say that this category is more akin to phenomena such as fansubbing.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> The second category is made up of large corporations (Adobe and Microsoft) who are clearly wading into the crowdsourcing waters as a way to cut down on costs and gain greater efficiency while making a half-hearted attempt (in my biased opinion) at expanding their meager customer support to their hapless victims in other languages.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> Facebook and Twitter occupy a third category that is a hybrid in between the first two subsets. They are rich companies that can afford to pay for large-scale translation efforts from one or another outsourcer but choose not to. However, Facebook and Twitter generate sufficient enthusiasm from users so that they can coax them into doing the work of translating the site and still not see it as work (it is, after all, just another way to spend leisure time in a depressed economy). My hunch is these companies do not use crowdsourcing to save money but because that is just the way these companies do things. It is part of the Silicon Valley ideology, that mix of idealistic libertarianism, fanatical devotion to core competencies and trust in the depersonalized hive mind that Jaron Lanier describes as “digital Maoism.” Despite its cultural omnipresence, Facebook famously employs only 2,500 people. The localization of Facebook and Twitter are clear examples of projects which could have gone to engross the revenue of a large translation agency like Lionbridge or SDL (the non-existence of such projects may be a clue to their dismal stock market performance). What happened, on the contrary, was that Twitter and Facebook leveraged their own obsessive users and saved a bucketload of money. As such, their localization projects using CPE are a textbook example of Tyler Cowen’s <a href="http://traductor-financiero.blogspot.com/2011/10/translation-and-slowdown-in.html">Great Stagnation</a>, which posits that the rate of technological progress is slowing down and that the few advances being made create less and less wealth.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> But what I wanted to discuss was the second category, i.e., large companies such as Microsoft and Adobe without fanatical users who could pay for professional translation projects but choose not to do so. Clearly, the incentives are what draw the crowd in to work for free. The problem is that getting users to work for free can be quite a challenge for large corporations whose products simply do not generate that much loyalty or excitement. </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> So what can Adobe and Microsoft do? They are well-known megacorporations with products used by millions, albeit without much enthusiasm or affection (in some cases, the users are openly hostile). [Two side notes: 1.- It is very telling that the set of companies dabbling in CPE does not include Apple. We all know Apple is a cult. You may be a part of it, you may not. But it is highly indicative that Steve Jobs’s company chooses not to go down the path of crowdsourcing despite the ease with which it could mobilize its fanboys and fangirls to do so. Just think about the values we generally associate with Apple and mull that over for a few seconds… My guess is that the company has concluded that crowdsourcing clashes with its walled-garden, high-end image. 2.- If you are not a techie, the proposition that “Microsoft is a leader in innovation” in any field whatsoever may not sound that preposterous. But if you are a techie, the very idea makes you break out in spams of bitter, derisive laughter.] </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> We are told that Adobe is using CPE to provide information for the Chinese users of Adobe products. Microsoft, for its part, is a "trailblazer" (<i>sic</i>) in the field.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> And here is where I start to get skeptical about how bright (or even feasible) a future dominated by CPE will be. The thing is I am one of the hapless victims who are subjected on a regular basis to Microsoft’s crowdsourced “knowledge base.” By virtue of the language settings in my operating system, I routinely have to take a walk on the wild side of &nbsp;translated support documents, frantically clicking with mounting irritation through page after page of low-quality translations trying to get to the English original (which nine times out of ten turns out to be completely useless anyway). Yes, the managers of the hamster crowd in their infinite wisdom and absolute reluctance to provide decent customer support regularly make me sweat blood in order to fix the latest glitch from their products. &nbsp;And it stokes my contempt just that little bit more.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> The future, of course, is unknowable. But I’m just here to tell you the future of CPE is already here. And it pretty much sucks. If tech monopolies are opting for it, to me it sounds like: 1) just another way to squeeze more productivity out of their overworked personnel and external providers, who are worried about hanging onto their jobs in a desperately dark economy, and 2) just one more avenue to screw over their long-suffering users.</div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> So what does the future look like? Remember this little guy? Yes, just imagine Clippy the Paper Clip annoying you in mangled Spanish, Urdu, Mandarin… </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <div class="separator" style="clear: both; text-align: center;"> <a href="http://1.bp.blogspot.com/-pJOEVSJT_sk/Ton2CkyAJ5I/AAAAAAAAAIw/WnfVyD2TuH8/s1600/clippit_1620761c.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="http://1.bp.blogspot.com/-pJOEVSJT_sk/Ton2CkyAJ5I/AAAAAAAAAIw/WnfVyD2TuH8/s320/clippit_1620761c.jpg" width="320" /></a></div> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <a href="http://www.google.com/imgres?q=microsoft+clippy&amp;um=1&amp;hl=en&amp;safe=off&amp;client=firefox-a&amp;sa=N&amp;rls=org.mozilla:es-ES:official&amp;biw=1200&amp;bih=486&amp;tbm=isch&amp;tbnid=BmEZ_tqaE5DXlM:&amp;imgrefurl=http://www.telegraph.co.uk/technology/microsoft/7614408/Microsofts-10-worst-products.html&amp;docid=el2ZWkMqoTEAHM&amp;w=460&amp;h=288&amp;ei=1v-ITtaLAuHs0gHzwc3UDw&amp;zoom=1">http://www.google.com/imgres?q=microsoft+clippy&amp;um=1&amp;hl=en&amp;safe=off&amp;client=firefox-a&amp;sa=N&amp;rls=org.mozilla:es-ES:official&amp;biw=1200&amp;bih=486&amp;tbm=isch&amp;tbnid=BmEZ_tqaE5DXlM:&amp;imgrefurl=http://www.telegraph.co.uk/technology/microsoft/7614408/Microsofts-10-worst-products.html&amp;docid=el2ZWkMqoTEAHM&amp;w=460&amp;h=288&amp;ei=1v-ITtaLAuHs0gHzwc3UDw&amp;zoom=1</a></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <div class="separator" style="clear: both; text-align: center;"> <a href="http://3.bp.blogspot.com/-9cVQgLZ_JaI/Ton0KnWleLI/AAAAAAAAAIU/n70uaR2nsik/s1600/Clippy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://3.bp.blogspot.com/-9cVQgLZ_JaI/Ton0KnWleLI/AAAAAAAAAIU/n70uaR2nsik/s320/Clippy.jpg" width="276" /></a></div> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <a href="http://acadamnit.blogspot.com/2010/07/grammnit.html">http://acadamnit.blogspot.com/2010/07/grammnit.html</a></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /> <br /> <div class="separator" style="clear: both; text-align: center;"> <a href="http://4.bp.blogspot.com/-n46PJ5yLUuY/Ton0hQQXTXI/AAAAAAAAAIY/fpl_gYVrHCA/s1600/Clippy4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="http://4.bp.blogspot.com/-n46PJ5yLUuY/Ton0hQQXTXI/AAAAAAAAAIY/fpl_gYVrHCA/s320/Clippy4.jpg" width="231" /></a></div> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <a href="http://blog.radvision.com/codeofcontact/2010/04/14/if-you-were-a-fly-on-the-wall-at-these-great-companies/">http://blog.radvision.com/codeofcontact/2010/04/14/if-you-were-a-fly-on-the-wall-at-these-great-companies/</a><br /> <br /> <div class="separator" style="clear: both; text-align: center;"> <a href="http://2.bp.blogspot.com/-RomQL0xDP8M/Ton0weolSmI/AAAAAAAAAIc/f8H-A9snlVo/s1600/clippy2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-RomQL0xDP8M/Ton0weolSmI/AAAAAAAAAIc/f8H-A9snlVo/s1600/clippy2.jpg" /></a></div> </div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <a href="http://www.worsttech.com/products/worst-tech-inventions-of-all-time-part-1-1103680.html">http://www.worsttech.com/products/worst-tech-inventions-of-all-time-part-1-1103680.html</a></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /> <div class="separator" style="clear: both; text-align: center;"> <a href="http://1.bp.blogspot.com/-R5ik3m79poc/Ton1rR_0UlI/AAAAAAAAAIo/VvtfPSdATQ8/s1600/clippy3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-R5ik3m79poc/Ton1rR_0UlI/AAAAAAAAAIo/VvtfPSdATQ8/s1600/clippy3.jpg" /></a></div> <br /> <br /> <a href="http://forums.catholic.com/showthread.php?t=46479&amp;page=4">http://forums.catholic.com/showthread.php?t=46479&amp;page=4</a></div> <div class="separator" style="clear: both; font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif; text-align: center;"> <a href="http://2.bp.blogspot.com/-fNtMwuPx_HY/Ton12xhYuCI/AAAAAAAAAIs/Jto8RP4rdp4/s1600/clippy5.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-fNtMwuPx_HY/Ton12xhYuCI/AAAAAAAAAIs/Jto8RP4rdp4/s1600/clippy5.PNG" /></a></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /> <br /> <a href="http://blog.studentexperts.com/photos/student-experts-gallery/evil-microsoft-clippy/4640">http://blog.studentexperts.com/photos/student-experts-gallery/evil-microsoft-clippy/4640</a></div> <div class="MsoNormal" style="font-family: &quot;Helvetica Neue&quot;,Arial,Helvetica,sans-serif;"> <br /></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-8246435769387868045?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/xkiVvbPUG6I" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/xkiVvbPUG6I/future-of-crowdsourced-post-editing-is.htmlnoreply@blogger.com (Miguel Llorens M.)9http://traductor-financiero.blogspot.com/2011/10/future-of-crowdsourced-post-editing-is.htmltag:blogger.com,1999:blog-2477329189905907968.post-7729220004357083024Wed, 12 Oct 2011 15:23:00 +00002011-10-12T17:33:29.719+02:00prospectingGoldman Sachssales tacticsJosh Birnbaumsales leadsbusiness cardsArnold Schwarzenegger<br /> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">As I mentioned in a <a href="http://traductor-financiero.blogspot.com/2011/10/was-big-short-moral.html">previous post</a>, I am reading <a href="http://www.amazon.com/gp/product/038552384X/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=038552384X">William Cohan’s book on Goldman Sachs</a> and I stumbled across the story of Josh Birnbaum, one of the quants on the mortgage desk who set up the “Big Short" and eventually got hauled before Congress for his troubles. Though far from an exemplary figure, keep in mind that even the protagonists of picaresque can teach us something. Birnbaum had traded stocks since childhood and by the time he got into business school he was obviously willing to kill to get an internship in Wall Street. Devoid of contacts, he resorted to creativity:</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"></span></div> <a name='more'></a><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br /></span><br /> <blockquote> <i><span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">After his sophomore year at Wharton, he wanted to get an internship in finance, as did most of his classmates, and dreamed of getting a job on Wall Street but knew that since he was only in his second year, his appeal to Wall Street would be limited because it would be two years before he was able to start working full-time. But Birnbaum was crafty; he had sufficient credits under his belt to claim to be a junior. So he headed to the school’s placement office and started scanning into a computer the piles of business cards Wall Street executives had left during the job interview process. He then sent out hundreds of letters trying to convey the idea each time that he had always wanted to work at that particular firm. (p. 466-7)</span></i></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Crafty, indeed. </span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;">Also, for less ethical sales tactics, check out this anecdote from Michael <a href="http://www.vanityfair.com/business/features/2011/11/michael-lewis-201111.print">Lewis’s profile of California in the midst of the financial crisis</a>. Former Governor "Ahnuld" Schwarzenegger recalls his early days in the United States working as a construction worker with a fellow bodybuilder:</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><br /></span></div> <blockquote> <span class="Apple-style-span" style="font-family: Georgia, 'Times New Roman', serif;"><i>Franco would play the unreliable Italian, Arnold the sober German. Before they cut any deal they’d scream at each other in German in front of the customer until the customer would finally ask what was going on. Arnold would turn to the customer and explain, </i>Oh, he’s Italian, and you know how they are. He wants to charge you more, but I think we can do it cheaply.<i> Schwarzenegger would then name a not so cheap price. “And the customer,” he says now, laughing, “he would always say, ‘Arnold, you’re such a nice guy! So honest!’ It was selling, you know.”</i></span></blockquote><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-7729220004357083024?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/tfzXcoCFd8U" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/tfzXcoCFd8U/tips-on-prospecting-for-leads-from.htmlnoreply@blogger.com (Miguel Llorens M.)0http://traductor-financiero.blogspot.com/2011/10/tips-on-prospecting-for-leads-from.htmltag:blogger.com,1999:blog-2477329189905907968.post-1769086810544749987Mon, 10 Oct 2011 04:30:00 +00002011-10-11T02:18:53.561+02:00Tyler CowenPeter ThieltechnologyNeal Stephensontechnological slowdowntranslationThe Great Stagnation<span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span><br /> <div align="right" class="MsoNormal" style="text-align: right;"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><b><i>Leo:</i></b><i> My generation never got the future it was promised... Thirty-five years later, cars, air travel is exactly the same. We don't even have the Concorde anymore. Technology stopped.<br /> <b>Josh:</b> The personal computer...<br /> <b>Leo:</b> A more efficient delivery system for gossip and pornography? Where's my jet pack, my colonies on the Moon?<o:p></o:p></i></span></div> <div align="right" class="MsoNormal" style="text-align: right;"> <b><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">--The West Wing, “The Warfare of Genghis Khan”<o:p></o:p></span></b></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">We live in a time of crisis. In periods such as this, long-held beliefs begin to be questioned. I am reading the heartbreaking stories from the “We Are the 99%” tumblr and I see over and over how many young people say that the “American Dream” was a lie. That sort of pessimism among Americans was previously unthinkable. That same corrosive questioning is spreading to a lot of other acritical beliefs that seemed to be ingrained into the collective psyche. To cite a few examples, there used to be the belief that owning a home was absolutely a must (and that it was the best investment an individual could make). A previously unimaginable five-year-long (!) slump in home prices has put paid to that idea. Blogger James Altucher and others are campaigning against the idea that going to college is necessary or even advisable to ensure a better economic outcome. The conviction that the stock market always rises in the long run is slowly being relegated to the same back closet occupied by flat Earthism, epicycles and spontaneous generation. It is a shame that a prolonged period of economic crisis was necessary for people to question acritical dogma, but at least that is one positive side effect of the present troubles.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"></span><br /> <a name='more'></a><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">It is poignant that in the same week that Steve Jobs died, two essays by very different figures came out analyzing a slowdown in the pace of technological progress, another previously unthinkable state of things. Writing in <i>The National Review</i>, tech <a href="http://www.nationalreview.com/articles/278758/end-future-peter-thiel?page=1">venture capitalist Peter Thiel writes about “The End of the Future”</a>:</span></div> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">When tracked against the admittedly lofty hopes of the 1950s and 1960s, technological progress has fallen short in many domains. Consider the most literal instance of non-acceleration: We are no longer moving faster. The centuries-long acceleration of travel speeds — from ever-faster sailing ships in the 16th through 18th centuries, to the advent of ever-faster railroads in the 19th century, and ever-faster cars and airplanes in the 20th century — reversed with the decommissioning of the Concorde in 2003, to say nothing of the nightmarish delays caused by strikingly low-tech post-9/11 airport-security systems. Today’s advocates of space jets, lunar vacations, and the manned exploration of the solar system appear to hail from another planet. A faded 1964 Popular Science cover story — “Who’ll Fly You at 2,000 m.p.h.?” — barely recalls the dreams of a bygone age.</span></i></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The tone is similar in an essay by cyberpunk (for the record, I don’t actually know what that means) novelist Neal Stephenson. He cites the stagnation in progress and <a href="http://www.worldpolicy.org/journal/fall2011/innovation-starvation">posits that one of the causes is the excessive amount of information available to innovators and companies</a>. This info-indigestion creates the illusion of computer-fueled certainty (while Stephenson does not dwell on the example, this is exactly what happened with the software designed to monitor risk in the run-up to the financial crisis):</span></div> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Today’s belief in ineluctable certainty is the true innovation-killer of our age. In this environment, the best an audacious manager can do is to develop small improvements to existing systems—climbing the hill, as it were, toward a local maximum, trimming fat, eking out the occasional tiny innovation—like city planners painting bicycle lanes on the streets as a gesture toward solving our energy problems. Any strategy that involves crossing a valley—accepting short-term losses to reach a higher hill in the distance—will soon be brought to a halt by the demands of a system that celebrates short-term gains and tolerates stagnation, but condemns anything else as failure. In short, a world where big stuff can never get done.</span></i></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Slowly, more and more voices are considering the heretical notion that the age of constant and rapid technological progress may be behind us. Chief among those voices is the economist Tyler Cowen, who provides the most analytical version of the thesis in a brief tract entitled <i>The </i><a href="http://www.amazon.com/gp/product/B004H0M8QS/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B004H0M8QS"><i>Great Stagnation</i></a>. Mind you, he is not a Luddite. He actually buys into a lot of the fashionable Clay Shirky “cognitive surplus” ideas, but he feels that there has been a structural shift in the American economy that has led to a slowdown in the pace of innovation. </span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">According to Cowen, the Technological Revolution is behind us and it has been that way for some time now (moreover, he has the economic data to prove it):</span></div> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The period from 1880 to 1940 brought numerous major technological advances into our lives. The long list of new developments includes electricity, electric lights, powerful motors, automobiles, airplanes, household appliances, indoor plumbing, pharmaceuticals, mass production, the typewriter, the tape recorder, the phonograph, and radio [and] television…Today, in contrast, apart from the seemingly magical internet, life in broad material terms isn’t so different than what it was in 1953. We still drive cars, use refrigerators, and turn on the light switch…The wonders portrayed in The Jetsons, the space-age television cartoon from the 1960s, have not come to pass.</span></i></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Moreover, what little technological progress there is provides less and less wealth for society at large. &nbsp;Listen to his description of the “Facebook economy”:</span></div> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Most Web activities do not generate jobs and revenue at the rate of past technological breakthroughs. When Ford and General Motors were growing in the early part of the twentieth century, they created millions of jobs and helped build Detroit into a top-tier U.S. city. Today, Facebook creates a lot of voyeuristic pleasure, but the company doesn't employ many people and hasn't done much for Palo Alto; a lot of the 'work' is performed more or less automatically by the software and the servers. <b>You could say that the real work is done by its users, in their spare time and as a form of leisure.</b> Web 2.0 is not filling government coffers or supporting many families, even though it's been great for users, programmers, and some information technology specialists. Everyone on the Web has heard of Twitter, but as of Fall 2010, only about three hundred people work there. [Location 494-495]</span></i></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The shutdown of the Space Shuttle program earlier this year for me was a dramatic illustration of this state of affairs. I was born two years after the Moon landing. For my generation, space travel just didn’t hold the same mystique as for people only five or six years older, who actually remember viewing on live TV the scenes of Armstrong and Aldrin stepping on the lunar surface. But growing up in Houston in the eighties, when the Shuttle program was first developed, I can remember the huge enthusiasm surrounding the project. Of course, a ship that just made routine Earth orbits was not exactly going to set the world on fire. No, it certainly wasn’t as sexy as Sputnik or Apollo 11, but I guess we implicitly believed that those humdrum orbits were only a first step before routine trips farther and farther from the Earth. Thirty years ago, the notion that a human being would have landed on Mars by now would have been pretty credible. But nowadays it is a vague ideal envisioned by the Chinese and not really achievable for a decade or more (and still using old rocket technology designed half a century ago). The closest we are to Mars is six would-be cosmonauts who spent two years cooped up in a motor home in Moscow (<a href="http://www.colbertnation.com/the-colbert-report-videos/312114/june-10-2010/simulated-mars-mission">“The Pretend to go to Mars Race”</a>, as Stephen Colbert called it). If a quarter of a century ago you had told me that our greatest achievement was a medium that allowed you to send 140-character messages to hundreds of people at once, I probably would have felt a pang of sadness. </span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">In the world of translation technology, I think this slowdown in innovation is implicit in the “Lower Quality Translation” movement. Another instance is Luis von Anh’s depressing belief that if you give 100,000 chimpanzees a PC, you will eventually get King Alfonso’s Toledo School of Translators. Since the attempt to build fully automated translation machines has hit a wall, the solution has been to hook up the crowd of hamsters to a computer network, because Moore’s Law is still the only game in town. The objective is to solve every problem through brute processing force. Now, I wouldn’t mind being replaced by an algorithm, but I <i>would</i> mind being drafted in to supplement the deficiencies of a bad algorithm. Yes, greater productivity is achieved and greater volume is created, but there is a point in which larger and larger amounts of translated garbage simply clutter up an increasingly trashy Internet (the underlying thesis of my posts on the Content Tsunami). And, of course, if your objective is to dump garbage all over cyberspace, the hamsters doing the dumping need to be paid as little as possible. Surely, there has to be a better way. And if there isn’t, maybe we should invent one.</span></div> <div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-1769086810544749987?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/p0UFg-Rg0bQ" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/p0UFg-Rg0bQ/translation-and-slowdown-in.htmlnoreply@blogger.com (Miguel Llorens M.)2http://traductor-financiero.blogspot.com/2011/10/translation-and-slowdown-in.htmltag:blogger.com,1999:blog-2477329189905907968.post-128373046759229250Thu, 06 Oct 2011 17:05:00 +00002011-10-11T00:40:35.120+02:00David MitchellMcLocalizationI am a big fan of David Mitchell, a British comedian who, along with Robert Webb, is the brains behind the TV sketch-comedy series <i>That Mitchell and Webb Look</i>. His comedy style is both slightly bookish (bordering on the pedantic) and heavily infused with pop culture. A typical sketch involves <a href="http://www.youtube.com/watch?v=FHnyQXyuTGY">Admiral Karl Dönitz finding out that he has just been named Führer in the wake of Hitler's suicide</a>. After some initial euphoria in which he cries he has "great plans for Germany" and calls his wife to tell her the big news, Dönitz is crushed to discover that his totalitarian reign will be rather short-lived because his only task as Leader is to surrender to the Allies ("you wouldn't mind just giving me a quick 'Heil&nbsp;Dönitz?'").<br /> <br /> <a name='more'></a><br /><br /> In a Guardian video log, the curmudgeonly Mitchell recounts an experience familiar to the bemused consumer living in the Age of McLocalization, as he views a "localized" data stream on his flight:<br /> <br /> <blockquote> I was watching the map display of the distance left to travel and the altitude of the plane. We had cycled through different units and different languages in such a way that it got into a loop displaying the height in feet and French. <i>Pieds</i>. For the French-speaking Anglophile who loves England so much, he has learned about feet, but not the English word for them. He insists on the Imperial system, but lacks the most basic English vocabulary. &nbsp;&nbsp;</blockquote> <a href="http://www.guardian.co.uk/commentisfree/video/2011/oct/06/david-mitchell-soapbox-not-one-video">View the whole rant here.</a><br /> <br /> <br /> <br /> <br /> <br /><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-128373046759229250?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/V4Nr8YHj9Cc" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/V4Nr8YHj9Cc/david-mitchell-on-age-of-mclocalization.htmlnoreply@blogger.com (Miguel Llorens M.)0http://traductor-financiero.blogspot.com/2011/10/david-mitchell-on-age-of-mclocalization.htmltag:blogger.com,1999:blog-2477329189905907968.post-4187787808964416477Tue, 04 Oct 2011 16:28:00 +00002011-10-11T00:40:50.994+02:00William CohanGoldman SachsIrrational ExuberanceMoney and PowerThe Big ShortMichael LewisRobert Shiller<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br /> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">I am reading Bill Cohan’s book on Goldman Sachs (yes, despite the ridiculous title—<a href="http://www.amazon.com/gp/product/038552384X/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=038552384X"><i>Money and Power: How Goldman Sachs Came to Rule the World</i></a>—and the gaudy cover art in which some silly gilded “Moneybags” font sits astride a slightly flattened and cowering satellite image of the Earth). Sorry to report the book is really quite bad, but then I should have known, because <a href="http://www.amazon.com/gp/product/0767930894/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0767930894">Cohan’s previous book about Bear Stearns</a> was really mediocre. It was very obviously rushed out to capitalize on the morbid fascination with the financial crisis (“disaster porn,” perhaps as something to read for “disaster tourists” a la Michael Lewis). Every paragraph of the Bear book was the same: a short introductory sentence followed by six or seven lines of unedited interview transcripts. You can just imagine Cohan and his assistants running around with scissors and glue to make that monstrosity.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"></span><br /> <a name='more'></a><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The Goldman book was put out with slightly more time, but the amateurishness remains patent. The editor, if one was used at all, is conspicuously AWOL. To choose just one example, there is a lengthy paragraph about Hank Paulson getting busted one night in a small town where he was doing his ROTC, because he broke into a closed swimming pool with his girlfriend at night. What insight does this anecdote provide, exactly? Absolutely none.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">In any case, the material on the SEC Goldman lawsuit surrounding the “Big Short” against mortgage-backed instruments—which arguably sank the world economy into the biggest crisis since the Great Depression—is worth reading. Although I was pretty appalled by the clueless performance of Goldman brass and during last year’s Congressional hearings, I am beginning to have some second thoughts about how egregious the whole thing was (Cohan’s book, by the way, is <b>not</b> exculpatory and is dripping with the “secret-cabal-of-people-who-hold-Eyes-Wide-Shut-orgies” obsession typical of a lot of Wall Street people). Yes, the bastards bet with John Paulson, the mastermind of the <i>Greatest Trade Ever</i> (another really bad book), against their own clients. Yes, that is despicable. Yes, they are a bunch of slimeballs. And yes, if you are a Goldman client you should probably keep your cards very close to your chest and a close eye on the nearest fire exit.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">However, one question nobody asks is whether better regulation would have saved the hapless IKB bankers et al. from getting fleeced. Retrospectively, the size of the gains from the Big Short and the amazing prescience with which Goldman’s traders placed the bet makes it seem as though they made a mega-billion sure bet. But that is Monday morning quarterbacking. How did the bet look at the time? My question is, if you had slapped a skull and crossbones and a big seal spelling “C-R-A-P” on these mortgage-backed travesties, would that have deterred what were ostensibly very stupid and greedy clients? I mean, isn’t that what we have done with cigarettes? The packaging for a carton of smokes in Britain nowadays is so revolting people hesitate to touch them. And yet millions still smoke the contents (the cigarette tax alone pays for the whole of the British armed forces).</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Remember the housing bubble? I do. I saw it play out in Europe and read about some of the euphoria in the U.S. People were drunk on paper gains from real estate. We criticize Wall Street for greed, but what do you call people who think their house will rise in price 25% every year without lifting a single finger (in the midst of historically low inflation)? Does that sound like the Protestant work ethic?</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Of course, there is the issue of fraud, of which I am well aware. Normal, hardworking people with good credit scores who got pushed into subprime mortgages. That is shameful and sad. That, however, is another issue. Imagine for a moment that the guys in Michael Lewis’s <a href="http://www.amazon.com/gp/product/0393338827/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0393338827"><i>Big Short</i></a> had climbed on the steps of Saint Patrick’s Cathedral with bullhorns in 2004 and screamed at passersby that the mortgage market was going to blow up like a GE nuclear plant. Would anybody have believed them? No, they would have been indistinguishable from all the other hundreds of pathetic nutjobs who wander the streets of New York warning about the end of the world next to the <a href="http://online.wsj.com/article/SB10001424052970204422404576595183900270512.html">immigrants dressed like Minnie Mouse</a>. </span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The thing is that responsible, moral, decent people who were warning about ridiculous home prices in 2005 and 2006 were also made to sound like crackpots. Robert Shiller, the behavioral economist who teaches at Princeton, correctly called the Internet boom of the late nineties a bubble in his now classic <i>Irrational Exuberance</i>. In 2005, he put out a <a href="http://www.amazon.com/gp/product/B005CQAJ80/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&amp;tag=theun045-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B005CQAJ80">second edition of the book with a chapter on the housing market</a> in which he very soberly demonstrated that homes were overvalued and that this was another huge bubble waiting to go snap, crackle and pop. Do you know what happened to him? He got canned as an adviser to the New York Federal Reserve (which, by the by, was then chaired by Tim Geithner; <a href="http://www.thedailyshow.com/watch/wed-july-29-2009/home-crisis-investigation">Shiller got his revenge</a>, though, but he did not plunge the knife half as deep as I would have). </span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">This quote from his description of the book tour is fairly typical of bubble mentality:</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <blockquote> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">I remember appearing on a radio talk show and hearing a woman tell me that she just <i>knew</i> I was wrong: the stock market has a pronounced uptrend; it <i>has</i> to go up generally. The tremor in her voice made me wonder what accounted for her emotions. I also recall seeing a man who came to <i>two</i> of my book talks, each time sitting in the back and looking agitated. Why did he come back a second time and what was agitating him so? (p. xiv)</span></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">If decent people like Shiller were treated like unpatriotic Cassandras, how far can we condemn the Goldman piranhas? If they had gone on national television to explain the Big Short in 2005, my guess is that not only would they have been able to <i>continue</i> selling crap securities to all and sundry, but the tone of the commentary would probably have been that “the cowboys have lost their touch and their nerve” (wink, wink, nudge, nudge). In fact, although they did not go on television to describe the big bet, word got around the market that the firm was going short the mortgage market and as late as 2006 competitors were still loading toxic assets on their balance sheets:</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <blockquote> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">What made the bet so heroic—and risky—was that the rest of the market… still had not come around to this way of thinking and were only too happy to bet against Goldman. (Cohan, p. 506) &nbsp;</span></blockquote> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Which isn’t to say that Fab Tourre and his posse aren’t a bunch of slimebuckets. What I’m saying is that perhaps we as a society enabled them a little bit more than we like to think.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">So was the “Big Short” moral? To be honest, I don’t know. I think the only flaw in Michael Lewis’s incredible book of the same name is that he&nbsp;doesn't&nbsp;even come close to addressing the issue. And none of his subjects do either. But this week the book version of Lewis’s financial disaster tour of Greece, Iceland, Ireland, Germany and California came out and <a href="http://www.vanityfair.com/business/features/2011/11/michael-lewis-201111">one sentence from the latest piece</a> indicates that he has begun to ponder the issue:</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div> <blockquote> <span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">It's not just a coincidence that the debts of cities and states spun out of control at the same time as the debts of individual Americans. Alone in a dark room with a pile of money, Americans knew exactly what they wanted to do, from the top of the society to the bottom. They'd been conditioned to grab as much as they could, without thinking about the long-term consequences. Afterward, the people on Wall Street would privately bemoan the low morals of the American people who walked away from their subprime loans, and the American people would express outrage at the Wall Street people who paid themselves a fortune to design the bad loans.</span></blockquote> <div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/2477329189905907968-4187787808964416477?l=traductor-financiero.blogspot.com' alt='' /></div><img src="http://feeds.feedburner.com/~r/blogspot/VliaA/~4/Pd4jWq10i6c" height="1" width="1"/>http://feedproxy.google.com/~r/blogspot/VliaA/~3/Pd4jWq10i6c/was-big-short-moral.htmlnoreply@blogger.com (Miguel Llorens M.)5http://traductor-financiero.blogspot.com/2011/10/was-big-short-moral.htmltag:blogger.com,1999:blog-2477329189905907968.post-6193845567598546285Wed, 28 Sep 2011 16:10:00 +00002011-10-04T00:13:21.824+02:00spellingrulesgrammarprescriptiontranslationSpaishlanguageEnglish<br /> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">I am watching my <i>West Wing</i> DVDs again and reliving the wonder of experiencing just how good the show was. Its charm, of course, was its absolute lack of realism. People just don’t talk that way. Nobody can slip a crushing one-liner or witty epigram into every sentence. But it is just pleasant to watch a show that proves even Hollywood never bets absolutely on the lowest common denominator. On the second episode of the first season, Chief of Staff Leo McGarry calls the <i>New York Times</i> to complain that they misspelled the name of former (yes!) Libyan leader Muammar Gaddafi on that morning's crossword puzzle:</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"></span><br /> <a name='more'></a></div> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Leo McGarry: [on the phone with the New York Times] 17 across. Yes, 17 across is wrong... You're spelling his name wrong... What's my name? My name doesn't matter. I am just an ordinary citizen who relies on the Times crossword for stimulation. And I'm telling you that I met the man twice. And I recommended a pre-emptive Exocet missile strike against his air force, so I think I know how...</span></i></blockquote> <br /> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">C.J. Cregg: Leo...</span></i></blockquote> <br /> <blockquote> <i><span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Leo McGarry: They hang up on me every time.</span></i></blockquote> <div class="MsoNormal"> <br /></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Unfortunately, the rude people from the Gray Lady were totally correct to hang up on Leo, because he is being overly anal about an irrelevant detail. <a href="http://voices.washingtonpost.com/blog-post/2011/02/gadhafi_gaddafi_qaddafi_will_t.html">There is no settled way to write the name of the Libyan colonel</a> who is now sitting in a bunker somewhere in the Sahara, smoking weed and listening to “Comfortably Numb” over and over. That is because there is no canonical way of transliterating Arab names into the Latin alphabet. The subject’s preference is normally used, but in Gaddafi’s case that is not an option because he never chose just one way to transcribe his name. Characteristically, he used a bouquet of preferences as varied as his colorful wardrobe. And hence the proliferation of options ricocheting around Western media during the Arab Spring. To use another example, even to this day, some intelligence services (mainly British) refer to bin Laden as “UBL” because of the lack of agreement as to how to transcribe the initial vowel in his first name.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">The thing is most translators usually assume there is one way of doing it. The correct way, the proper way. Most translators belong to the middle class, which according to sociologist Pierre Bourdieu never inherits real capital, thus forcing its members to accrue “cultural capital.” And the way to signal the possession of that cultural wherewithal is to constantly upbraid others for infringing these sacrosanct rules that, apparently, fell from the sky like that weird stone slab in <i>2001</i>.&nbsp; And language contains a treasure trove of silly rules to regulate those Platonic entities: proper English and proper Spanish.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">What most people don’t realize is how arbitrary a lot of grammatical and orthographical rules are. They don’t even date from that far back. Before the Enlightenment, there was no settled way for writing any of the major European languages. <b>It isn’t that the rules of grammar or spelling were <i>different</i>, as many suppose erroneously when encountering a text from centuries past. <i>It is that there were no rules.</i></b> During my graduate studies, I traced a series of manuscripts dealing with an infamous case of suspected poisoning in the Tower of London in the early seventeenth century. One of the witnesses in the case appeared as Alvyss, Yelves, Elwes, Elwiss and a dozen other versions. The fascinating thing is that even when one scribe was obviously copying from another manuscript, he or she never copied the spelling in the source that was being used. The next scribe always used his or her own preferred version. People didn’t even have a preferred spelling for their <i>own</i> last name. That controlled anarchy is part of what makes the past a foreign territory, as historians say, but also gives it part of his appeal. Imagine that: no rules and everybody still understood each other.</span></div> <div class="MsoNormal"> <span class="Apple-style-span" style="font-family: 'Helvetic