We could prevent catastrophic climate change, but it would cost too much.
How Did We Get Here? They say 'Get a job.' But they also say we have to work more for less in order to compete globally. But what if you cannot make a living at a full-job? There's lots of money around, but the race is fixed – not by the principles, but by the ruling ideology. The current version of capitalism is broken. Fixing it will be the next great adventure.
Teaching Point: Contrary to popular belief, the IAEA has reported that Iran has reduced the amount of 20% enriched uranium it is making because because they have completed fueling their research reactor. Research, not bombs.
Paint/Corner: The ECB will have to give up its demand for seniority in its bond buying in order to coax private investors back into the pool. But the German taxpayer will not like the idea that they might have to take a loss on their investments. So if they don't settle for equality with private money, they'll end up having to eat the whole cake - which they cannot do. But if they do accept equality and probable losses, Germany won't give them the money to make the deals with. Lose/lose is not an attractive financial offer.
Driving The Economy: Data from Wards Autos suggests US auto production has declined by 8% in August. This would be the largest drop since a 9.5% in April 2011.
Another One Bites The Dust: A federal judge has ruled that Ohio's attempt to deny voters a chance to vote early was
laughable insufficient. Ohio's Republican AG plans to appeal in hopes of preventing those who work for a living from getting to the polls on Election Day.
Say 'Goodnight' Gracie: Spain has “delayed” making the decision to seek a bailout until the water reaches their communal chin. Think it's going to rain?
Left Field: As the MSM, Israel, APIC and their Congressional lackeys wrung their hands in fear of Iran's peaceful nuclear goals, the Washington Post's ombudsman took a look at the Junior Empire and asked 'What about Israel's nuclear weapons?'
Down Is Down: Of the 33 countries that in 2005 had net petroleum exports in excess of 100,000 barrels a day, by 2011 there were but 27. Of the six that dropped off the list, half went from net exporters to being net importers of petroleum. And 2005's net exports of 46 mbd had shrunk to 44 mbd by 2011. And it's what they ship that we can bid for. And the net exports left for the rest of us after China and India get theirs, that dropped from 40 mbd to 35 mbd. Checked the price at a Grab&Run lately?
Rich Old Farts: Nearly 15% of American seniors do not know if they'll have access to food tomorrow. File under Greatest Nation.
My Way/Highway: In Virginia, lawyers (and politicians) employed by Big Coal have figured out a way to strip mine without worrying about environmental permits and such - get the government to build an expressway that runs right where the coal is and call for the government to pay for the strip mining under the guise of leveling the ground for the highway.
Progress: The number of self-described 'religious' Americans has fallen to 60% while 5% of the population admit to being atheists. Hope floats.
More Isn't Always Better: China keeps importing large amounts of iron ore and cotton and then piling it up around the ports because the internal demand is dwindling as the economy cools. Cotton consumption may fall 11% this year, and steel makers are cutting way back on their output in the face of dying demand. Do the math.
Wish I'd Said That: "Energy models are the most expensive, most cumbersome random number generators ever invented.”
The Parting Shot: