Hyperinflation is a political choice.
Whistling Past the Cemetery: There's a growing chorus at the back of the stage, whispering that Bernanke will not let the ECB destroy the US banking system, and that the Fed will act as central banker to the entire world, printing whatever it takes to sop up the fear in the bond markets. The showdown with Congress will be stimulating.
Bellybutton: Linda Katehi, still chancellor of UC Davis, says she will not resign because the university needs her as a constant reminder of the authoritarian regime that has taken over our campuses, cities, the country.
Playbook: The Super committee accomplished nothing, exactly as planned by both sides. The GOP wanted it to fail (and the economy, too) so they can attack Obama and the Democrats as being 'responsible' for the horrible economy and the horrible national debt. The Democrats look forward to tarring the GOP as the party of the 1% and tax cuts for the rich. The automatic cuts do not materialize until 2013, so no matter who wins in 2012, there's lots of time to call 're-do' and avoid the automatic cuts to defense, while advancing tax cuts for the rich and support cuts for the rest. E pluribus unum.
Paging Harry Bridges: #Occupy Oakland's General Assembly is calling for a coordinated effort to shut down West Coast ports. Big task and a fine opportunity for the SWAT teams to refine their democracy-suppression tactics.
Uncle: The world's richest countries have agreed to give up trying to prevent anthropomorphically instigated global climate change from causing catastrophic and irreversible climate change. US climate negotiator Todd Stern says that “It's not self-evident” that negotiators need to talk about post-2020 steps to combat global warming. This comes just as the IPCC is publishing intensifed warnings about the rapidly increasing dangers of putting off action.
Exxon Mobil, in conjunction with Saudi Arabia and the worlds major coal companies, was immensely pleased.
Howdy Doody: Egypt’s cabinet has resigned as clashes between the military/police and the citizenry continue in Tahrir Square. Reports claim the military has rejected the cabinet's resignation - confirming once again that the military intends to retain its role as puppet master.
Cliff Note: “Is It Really Possible To Decouple GDP Growth From Energy Growth?” No.
Guns & Roses: In Egypt, security forces killed at least 22 people during the weekend's massive protests against the continuing military rule. At UC Davis, protesters showed the power of silence as they forced Chancellor Katehi to walk through them to her car in a dead silence laden with their approbation. The sadistic pepper-spraying of peaceful, non-resisting protesters was not an aberration, but simply business as usual in our militarized police state.
Hallelujah: GOP wannabe Herman Cain says that physicians with non-Christian sounding names make him nervous, especially if " his religious persuasion is different than mine."
Fingers Crossed: Rhode Island apparently had its fingers crossed when it agreed to give state workers pensions in their old age. Governor Chafee is planning to slash the pensions of retirees - which ought to be illegal under ordinary contract law and amounts to theft in practical terms.
Change You Can Bet On: In Spain, the Conservatives big win ensures that severe austerity measures will be imposed - with the exception of pensions - with cuts "everywhere". The Indignados expect large numbers of new converts to their protests.
Remembering Our Fallen Shoppers: Rising from the ashes of the World Trade Center is an interconnected complex of three shopping malls totaling 635,000 square feet, designed to honor the spirit of America. A prominent plaque will carry George W.'s famous admonition, "Go shopping!"
Smells Like A Rose... MFGlobal execs have acknowledged commingling customer and firm funds in the same account and Using the account “like a checking account” to meet the firm's obligations. At the end of the day there was at least $600 million of the customers' money missing from the account. Maybe $1.2 billion. Walks like a duck.