Who gets fleeced next?
Resolution: On behalf of climate scientists and the reporters that follow their work, be it resolved that the word "unexpected" will no longer be used to describe Mother Nature's tendency to do things her way. For example, "The glaciers in Peru's Cordillera Blanca mountains are unexpectedly melting faster than conservative IPCC models predict." will henceforth be reported for what they are - mounting indications that we are headed for an environmental disaster will within the lifetimes of at least half the people now alive. It ain't unexpected if respected scientists have been predicting it for decades.
True Faith: This happens to be about oil and gas, but it is the classic American solution to all of problems, big and small. “A lot of the technical problems that exist today will be solved in the not-too-distant future.” - per corporate evangelist Jim Letourneau. Just click your heels.
Penny For Your Thoughts: The euro dropped nearly $0.01 against the dollar in an hour of trading today - with no appreciable cause other than the revival of the very reasonable fear that the eurozone debt crisis is still with us. The euro also hit a 10-year low against the yen. Gold was down 2.25% on the day.
Word/Wise: DHS says it will (continue to?) monitor the public postings of Twitter and Facebook users, and it will create fictitious user accounts and scan posts of users for key terms in an effort to
entrap gather data on users. Your file will be kept for five years and passed around to various government agencies.
Caution Steep Grade Ahead: If our various debt death-traps cannot be cured by issuing more debt, a "sharp and sustained drop" in market averages may well result in 50 - 60% declines by next Christmas. Use lower gears.
Laundry Cycle: Krugman sees "debt-eroding inflation as something helpful in dealing with debt overhang." Maybe so, but it is simply a slow and sneaky way for the government to renege on its debt. Why is impoverishing savers at the expense of spenders a Good Idea? Krugman also claims "we’re awash in savings with no place to go." It that's true, I'm willing to take in the wash.
Precautions: A six-year study showed that those who took multi-vitamins had nothing to show for it but less money.
Swan Song: It would be interesting to see the term "monetary easing" retired and good old fashioned "printing scads of money" resurrected for use in sentences such as " The only thing that will save the Shanghai Composite index from a precipitous fall (if down 30% in a year isn't precipitous) would be for the government to massively inflate the money supply. Like Bernanke does and the ECB is trying to do.
If, Then, Why: Petroleum - WTIC - is back at the $100/barrel mark, but I paid $2.96 at the pump for gasoline today. How's that possible? Petroleum has risen steadily of late, while gasoline prices keep falling. This is counterintuitive at best.
Simple Truths: The deficit is being rattled, like a chain in a dark cellar. Let's turn on some lights: If we digressively reduce the federal budget deficit we will drive up unemployment. The deficit was and is large because the economy collapsed, not because of 'out of control spending'. Social Security will not break the budget. Social Security is fully paid for through 2038, as is. Outrageous profits in the health system will break the budget. Let's shine a little light over in that corner for a while.
Porn O'Graph: Where the
Wild Dark Things Hide.