SAR #10174

There are no short-term solutions.  Nor any long-term ones, either.

Preview:  In the name of the banksters, Great Britain is increasing taxes on a million low paid workers, withdrawing child-related benefits from millions of middle-income families, lowering the wages of public sector workers, all under the rubric of protecting jobs by restraining pay.  Nothing was mentioned about capping bankers' bonuses.

Behind the Curtain:  Some say we are approaching 'peak oil' and that our petroleum-based economy is in danger of collapsing.  Nonsense.  We are far past peak oil and the petroleum-based economy is collapsing.  Why do you think BP was out in a mile a water drilling two miles into the seabed?

Wording:  US states are not permitted to run deficits, so the $200 billion the states don't have – 30% of all state budgets – is just a 'shortfall.'  As in, watch that first step, it's a doozey.

Cart / Horse:  The Roberts Supreme Court has ruled that Monsanto can continue to sell its genetically modified seeds while it conducts safety tests. If the GM products turn out to ruin agriculture around the world, cause birth defects and contaminate the bio-sphere, then further testing could be undertaken by the survivors.

As Ever:  Polls show that Americans overwhelmingly are in favor of a major overhaul of US energy policies and a switch to alternative energy to replace petroleum.  As long as it doesn't cost them anything.

Excuse Me? A federal judge (and investor in drilling companies) has ruled that the administration's moratorium on deep water drilling was “arbitrary” and that the government had not provided evidence that there was any danger from continued drilling.  He also cited the economic damage that not ruining the environment might bring.  If other drilling project start spewing oil, then they can be shut down, and not a penny sooner.

Me-Tooism:  Reports claim General Stanley 'Loose Lips' McChrystal will tender his resignation.  A lot of his soldiers would like to show their support of the general by getting out of Afghanistan, too.

Orienteering:  If ET had had an iPhone he could have asked Steve Jobs where he was – why are we afraid the government might be tracking us, when we know Apple is?

On the Home Front:  Prices for May's new house sales were down 10% to 15%, y/y. Sales of existing houses were down 2.2% m/m and missed expectations by nearly 10%.

Pre-ordained:  Massey Energy (of Upper Big Branch fame) claims that its constitutional rights were violated because it could not delay making Mine Safety and Health Administration mandated ventilation changes by taking MSHA to court for a a few years. The Roberts Court will uphold Massey's right to kill miners when it rules on this issue next year. Show me again that part in the Constitution where it says companies have Constitutional rights.