Grade on results, not effort.
Fiat, It's Not Just For Money Anymore... The Federal Reserve Bank of the United States wants to hear from you... every time you mention the Fed or fiat money or Bernanke or inflation or anything else even remotely connected to them, their actions or their product. He wants “to continuously monitor conversations”, a la NSA – doesn't matter if it's public media or private messages, in the news or on Facebook, or even in a blog. I, for one, think it is a Really Good Idea, Mr. Bernanke, sir.
Not A New New Record: Sales of new houses declined to a seasonally adjusted annual rate of 295,000 - just above the record low for August set last year. Median prices fell 8.7% from a month earlier. The recovery is now in its third year.
Don't Trust Anyone
Over 30: A key demand of the Tahrir Square protesters was repeal of the decades-old emergency law that curtailed Egyptian's civil rights. The military rulers who are now running Egypt (as opposed to the military rulers who ran Egypt for Mubarak) have announced that the repression of civil right will continue for at least another year. Protesters are once more gathering to protest the law. They should have read the fine print.
Hiroshima, Mon Amour: As suspected, the Stuxnet cyber attack was designed and implemented by the US to target a specific piece of equipment in a specific nuclear facility in Iran. Nothing like a little inside knowledge...
Phase Two: The loose alliance of rebels that overthrew Gaddafi are now hoarding weapons and hardening positions as attempts to form a new government bump up against long-standing regional rivalries and generations of distrust.
Now It Can Be Told: The collapse is coming... and Goldman Sachs rules the world.
Charity Begins At
Home IMF: The IMF announced that if it is to continue bailing out the world, it needs a bail-out itself. The $400 billion it has "pales in comparison with the "potential financing needs of vulnerable countries and crisis bystanders." European leaders told the IMF they had given at the office that they were trying to boost their own bail-out fund. The open secret is that all the money has been spent, a lot more has been borrowed and the only thing any of the financial nabobs can think to do is to conjure up some more money out of thin air. To build confidence, they say, as they happily march off to the same idiocy that brought on the Great Depression.
Accounting Note: The Bush-Cheney-Obama "war of choice" in Iraq has cost the US $1 trillion so far. None of this expenditure was matched by increases in taxation or reductions in other spending over the last ten years.
Clan of the Cave Bears: Morgan Stanley analysts say that current earnings estimates suggest a 28% decline in the S&P 500. The International Labor Organization says that the world's major economies lost 20 million jobs in the last 3 years and expects that figure to reach 40 million by the end of 2012. Maybe a group hug will help.
Today in Paranoia: GOP Wannabe Michele Bachmann says that Hezbollah wants to establish training camps and missile sites in Cuba.