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Friday 09.30.2011
Gold, Silver Prices Advance
on Haven Demand Amid Global Economic Concerns
By Debarati Roy - Bloomberg.com
Spot gold and silver prices rose for the second time in three days on demand for a haven amid concern that the European debt crisis will choke the worldwide economy.
International investors expect the economy to relapse into a recession, with more than one in three forecasting a global meltdown within the next year, a Bloomberg poll showed. The head of Europe’s markets regulator warned banks to be consistent in valuations of sovereign debt amid concern that some lenders failed to record sufficient losses on Greek bonds.
Chinese gold analysts say gold could rise to $2,000/oz in Q4
ChinaMining.org
The gold price has a chance of climbing to $2,000/oz in the fourth quarter, gold industry analysts in mainland China and Hong Kong said Thursday, citing the poor outlook for the global economy and the eurozone debt crisis.
Although Chinese gold industry experts see some near-term risks in gold due to investors' wait-and-see attitude because of the upcoming National Day holidays in October in China, a precious metals analyst with Galaxy Futures, a subsidiary of Galaxy Securities based in Beijing said: "We see the gold price having an opportunity of climbing to $2,000/oz within Q4." She cited the eurozone debt problems, as well as possible introduction of quantitative easing by the US Federal Reserve.
Markets to Get Crushed, Gold to Soar
By James West - Kitco.com
Markets got crushed last week as the main catalysts of economic collapse continued to converge and interact to eradicate risk capital appetite. Both the Fed and European Central Banks are exuding a “deer in the headlights” kind of paralysis. Their only strategy appears to be finding new ways to load up the countries wallowing in debt with more debt at lower rates but for longer durations. Meanwhile, the assets they demand as collateral are the only ones worth anything. Thus, the Greeks are getting raped, and nothing worth anyting in Greece will be owned by Greeks.
That same fate will soon start crawling up the Euro ladder.
'Silver prices to shoot up from $31 to $50/oz before year-end'
CommodityOnline.com
The Gold Report: Gold juniors fared worse than most equities in the economic collapse of 2008. Now economic fears are gripping the market once again. The S&P 500 has been trending down since mid-June. Many fear a double-dip recession—if not worse. Why do you still believe in junior precious metal equities given the current market conditions?
Mike Kachanovsky: We are in a double-dip recession. A lot of market commentators still feel that we can avoid that, but I think we're right in the middle of it. I am still bullish on the junior mining stocks for the reason that, unlike most other business models, mining companies have stronger fundamentals down the road.
Silver rebounds from $26.50 support,
may target $33.50 near term
By Deepak Rangan - CommodityOnline
Silver crashed from $44 to around $26 recently, a 40% decline. As such, the metal looks attractive as investment given that the economic outlook does not look promising.
The fundamentals
- The US economy is slowing. Even the US Federal Reserve had to accept that the US was facing a serious downside risk.
- the Euro zone debt crisis is yet to be resolved. And it does not look as if the debt issues are going to be solved within a week or month.
- China may be slowing according to first indications like the PMI data. Bloomberg analyst estimate that the Chinese GDP growth may decline to 5% growth within 5 years.
Greek Default, Eurozone/Bank Crisis
and the Effect on the Gold, Silver prices
BY JULIAN PHILLIPS - FinancialSense.com
We agree with Professor Rogoff that Greece should have defaulted some time ago. Despite all the current efforts, Greece will default and that contagion will result in a global, banking crisis. Even if we’re wrong, the mountains of money that will be created and poured into the debt hole will benefit the gold and silver prices. The Greek debt crisis is about stemming the spread of bank runs, the breakdown of the other PIIGS countries debt situation, and potentially the fragmentation of the Eurozone. We're on the brink.
In the last week, we have seen global market confidence buckle in the face of slowing growth and what may already be a recession. This is not the time that poorer nations can use falling cash flow to repay mountains of debt. Talk of a 50% haircut on Greek debt should be lifted to as high as 60% to 70% for the Greeks to be able to manage its remaining debt in light of future, Greek cash flows.
Sound Money: Fight for It!
Mises Daily: by George F. Smith
As a thought experiment, suppose you knew you were going to die three months from now. Further, suppose some multibillionaire hears of your impending death and decides to make you an offer: He will produce a 30-second TV commercial of your final message to the world and air it during the 2012 Super Bowl and the Summer Olympics in London. It will also be aired at appropriate times during the presidential debates next year. In addition, he will run a highly creative ad campaign encouraging people to watch your parting message.
So, here's the deal: You've got thirty seconds. You'll have a big audience. What would you say?
I knew immediately what my message would be, though not exactly how I would say it. I thought about what my message implied about my life and the world, and came away satisfied with my decision.
Doug Casey:
Gold, US Dollar And The Greater Depression - Aug 6 (2011)
Volatility Does Not Equal Risk
By Jeff Nielson - SilverBearCafe.com
The mainstream media does a terrible job with analysis. No secrets there. However, some aspects of this incompetence are so fundamental to their basic duties as to be completely unforgivable. So it is with the abysmal failure by the media to distinguish between the totally separate concepts of "volatility" and "risk". Indeed, so terrible is the performance by the media here that these two, separate concepts are often treated as virtual synonyms.
As always, the place to start with such analysis is definition of terms, with which the intellectually lazy mainstream media is usually too lazy to bother. Let's start with "risk", since it is the simpler of the two concepts. In the context of investing, "risk" represents the probability that an asset which we bought and hold will (at some point) be sold for less than what it cost us.
US Economic Outlook Dismal
247WallSt.com
The outlook for the US economy has taken a turn for the worse among business leaders who see a drop in sales, capital spending, and new hiring. The gloomy outlook should be no surprise given the growing weakness in consumer confidence and spending.
The business survey covered the third calendar quarter of 2011 and was conducted by the Business Roundtable. Compared with the survey taken during the second quarter, businesses are expecting a significantly weaker third quarter.
Only 65% of those surveyed expected to increase sales in the next six months, compared with 87% last quarter. Only 32% expected capital spending to rise, compared with 61% three months ago. And only 36% expect to hire new employees, compared with 51% last quarter.
CEOs view of economy worsens in Q3: Roundtable
By Scott Malone - Reuters.com
(Reuters) - Spooked by the United States' recent budget standoff in Washington and the European debt crisis, U.S. chief executives' view of theeconomy deteriorated sharply in the third quarter, a survey released on Thursday found.
Corporate chieftains told the Business Roundtable that they had become more likely to cut jobs over the next six months, and fewer expected to boost their companies' sales and capital spending over that time.
The group's CEO Economic Outlook index dropped for a second consecutive quarter to 77.6, its lowest reading since the fourth quarter of 2009. It remained above 50 -- which separates forecasts of growth from decline -- and a bit below the index's average of 79.2 over its near-decade history.
Plosser Says Easing Moves May Hurt Fed’s Credibility,
Fail to Boost Growth
By Joshua Zumbrun - Bloomberg.com
Federal Reserve Bank of Philadelphia President Charles Plosser said the central bank may be undermining its own credibility by pushing forward with monetary easing that will do little to boost growth.
"The actions taken in August and September tend to undermine the Fed’s credibility by giving the impression that we think such policies can have a major impact on the speed of the recovery," Plosser said today in a speech in Radnor, Pennsylvania. "It is my assessment that they will not."
Is it time to say goodbye to big banks?
Upstart banks want your checking account
By Linda Stern - Reuters.com
(Reuters) - The big boys like Bank of America and Citibank are having problems with share prices and profitability, and the upstarts are hitting them while they're down.
New banks and bank-like companies including BankSimple and PerkStreet are creating cheaper online accounts. Traditional niche players like credit unions and community banks are banding together in networks to grab your business. Online-only banks like ING Direct and Ally Bank are pushing their higher interest rates on savings.
Bernanke Declares 'National Crisis'
BY ASHA BANGALORE - FinancialSense.com
Chairman Bernanke highlighted the gravity of the unemployment problem in the Q&A session in his speech after markets closed yesterday.
"This unemployment situation we have, the jobs situation, is really a national crisis...We’ve had close to 10 percent unemployment now for a number of years and, of the people who are unemployed, about 45 percent have been unemployed for six months or more. This is unheard of."
As Chart 1 indicates, the combination of high unemployment and a large percentage of them unemployed for an extended is a new occurrence in the post-war period. Around 43% were unemployed for over 27 weeks in August 2011 vs. about 25% during the 1981-82 recession (the jobless rate peaked at 10.8%).
Treasury 30-Year Bonds Rise
Before Central Bank’s Debt-Buying Announcement
By Susanne Walker and Cordell Eddings - Bloomberg.com
Treasury 30-year bonds advanced for the first time in five days as theFederal Reserve prepared to announce its schedule of purchases of longer-maturing debt under Operation Twist.
U.S. seven-year securities dropped after the government’s $29 billion auction drew a record low yield. Treasuries were headed for their biggest quarterly rally since the depths of the financial crisis in 2008 on concern Europe’s sovereign-debt crisis and a sluggish U.S. economy will undermine the global recovery.
Jim Rogers on Goldseek Radio - 27 September 2011
Soros:
Europe is in a More Dangerous Situation
than the U.S. in 2008
Written by Top Stock Portfolios - OilPrice.com
Although stocks around the globe appear to be expecting the Eurozone to produce a game changing plan involving a leveraged, TARP-like approach, not all investors are convinced that Europe is out of the woods. In a number of recent interviews, noted financial expert, legendary hedge fund manager and philanthropist, George Soros, expressed his professional conviction and provided advice regarding Europe’s current financial crisis.
Soros believes Europe is worse off than the U.S. back in 2008 given mass uncertainty.
"It is a more dangerous situation…to the global financial system than the collapse of Lehman Brothers…" the 81-year old investor said. "Even if a catastrophe can be avoided, one thing is certain: the pressure to reduce deficits will push the euro zone into prolonged recession. This will have incalculable political consequences."
Stupidity May Have Limits, But It Has No Boundary
BY PATER TENEBRARUM - FinancialSense.com
Stupidity is a bit like the universe. There is simply too much of it for us to fully comprehend it.
The most recent example of what we may call 'applied stupidity' emanating from the eurocracy brings us more proof that H.L. Mencken was perfectly right when he said: "Democracy is the theory that the common people know what they want, and deserve to get it good and hard.“
While the euro-land economy is on the verge of imploding as a result of the sovereign debt crisis and the associated crisis of the fractionally reserved banking system, what do the eurocrats have time to debate?
Can China Rescue Europe?
By Minxin Pei - Project-Syndicate.org
CLAREMONT, CALIFORNIA – The debt crisis in Europe is no longer a European affair. Coupled with fears of a double-dip recession in the United States, the European debt crisis is dragging the global economy into another cycle of financial panic and economic recession.
Sitting on the sidelines, emerging-market economies in general, and the so-called BRIC countries (Brazil, Russia, India, and China) in particular, may feel fortunate to be spared this financial maelstrom. But they should think again. With closely integrated global financial markets and trading networks, financial crises and economic contractions in the developed economies, which still account for nearly 60% of the world’s GDP, will inevitably undermine emerging-market countries’ prosperity.
MARC FABER INTERVIEW 27 SEP 2011
Greek public-sector workers
lock out international financial inspectors
Surprise sit-ins start with civil servants declaring that they had taken over six ministries early this morning
By Helena Smith in Athen - Guardian.co.uk
International experts with the task of compiling a crucial review of Greece's fiscal progress ran into trouble before they could even start the job as public-sector workers protesting against wage cuts, layoffs and higher taxes locked them out of office buildings.
Inspectors from the European Union, International Monetary Fund and European Central Bank were greeted on Thursday with banners deploring the "barbaric measures" the so-called "troika" has meted out in exchange for propping up the moribund Greek economy. At the finance ministry – the hub of talks between the debt-stricken country and creditors – protesters shouted "take your bailout and leave" and prevented auditors from entering the building.
German bailout vote is 'too little, too late'
Germany's Bundestag has voted overwhelmingly to boost the scope of the EU's rescue fund but implicitly capped its firepower at €440bn, leaving it no clearer whether Europe has the means to halt debt contagion to Italy and Spain.
By Ambrose Evans-Pritchard - Telegraph.co.uk
Chancellor Angela Merkel won her "own majority" for the bill, narrowly averting the collapse of her government, but only after pledging that there was no grand plan committing Germany to vast and unlimited liabilities.
Horst Seehofer, leader of Bavaria's Social Christians CSU, said his party would go "this far, and no further", insisting any expansion of the rescue machinery was out of the question. "The financial markets are beginning to ask whether Germans can afford all this help. We must not risk the creditworthiness of the German state," he said.
'Why should Germany be the guardians of the rest of Europe?'
Angela Merkel no doubt breathed a huge sigh of relief after garnering enough support to pass the expansion of the euro backstop fund.
By Fiona Govan, in Berlin - Telegraph.co.uk
However, outside the walls of the emblematic Reichstag building on Thursday morning few were optimistic that the right decision had been made.
"It’s a grave mistake and it is certainly not in the interests of the people," insisted Michael Nickel, a 32-year-old civil servant.
On an unseasonably warm September day and as the sun glinted off the vast glass dome topping the edifice that once was the seat of Hitler’s Third Reich, he shielded his eyes from the glare.
Keiser Report: The Greek Depression (E190)
Stop asking Germany to pay, and you might save the euro
Germany, Europe's richest country, should not accept responsibility for debts built up by Italy, Spain and Greece from long before the euro was established.
By Andrew Lilico - Telegraph.co.uk
Yesterday, the German parliament backed the expansion of the eurozone bailout fund – the European Financial Stability Facility (EFSF) – voting to raise the lending capacity of the fund to 440 billion euros, up from 250 billion euros. If German parliamentarians had rejected the expansion, it would have thrown the eurozone authorities’ attempts to preserve the euro into disarray.
Families face £5,000 bill to bail out debt-stricken Euro nations
Sources in Washington say IMF’s pot of cash could be expanded from £250billion to £2.6trillion
By HUGO DUNCAN - MailOnline - DailyMail.co.uk
Britain could be asked to find £115billion to rescue debt-stricken countries – nearly £5,000 per household.
Fears were growing last night that the International Monetary Fund might not have enough cash for a global bailout of struggling economies.
Its crisis fund may need to grow ten-fold – meaning a huge increase in contributions from the UK.
Christine Lagarde, the managing director of the IMF, said the current war chest of around £250billion 'pales in comparison with the potential financing needs of vulnerable countries’ and needs to be expanded to deal with 'worst-case scenarios'.
America’s Free-Trade Abdication
Jagdish Bhagwati - Project-Syndicate.org
NEW YORK – The indifference and apathy that one finds in Washington from both the Congress and President Barack Obama on the Doha Round of world trade talks, and the alarm and concern expressed by statesmen elsewhere over the languishing negotiations, mark the end of the post-1945 era of American leadership on multilateral free trade.
Evidence of anxiety outside the US has been clear to everyone for almost a year. German Chancellor Angela Merkel and British Prime Minister David Cameron were concerned enough to join with Turkey's President Abdullah Gül and Indonesia’s President Susilo Bambang Yudhoyono in appointing Peter Sutherland and me as Co-Chairs of a High-Level Trade Experts Group in November 2010. We held a prestigious Panel at Davos with these leaders in January 2011, where, on the occasion of our Interim Report, we gave full-throated support to concluding Doha. But there was no response from the US government.
Crony Capitalism:
$737 Million Green Jobs Loan
Given to Nancy Pelosi's Brother-In-Law
BY MARK HEMINGWAY - The WeeklyStandard.com
Despite the growing Solyndra scandal, yesterday the Department of Energy approved $1 billion in new loans to green energy companies -- including a $737 million loan guarantee to a company known as SolarReserve:
SolarReserve LLC, a closely held renewable energy developer, received a $737 million U.S. Energy Department loan guarantee to build a solar-thermal project in Nevada.
The 110-megawatt Crescent Dunes project, near Tonopah, Nevada, will use the sun's heat to create steam that drives a turbine, the agency said today in a e-mailed statement. SolarReserve is based in Santa Monica, California.
DOUG CASEY INTERVIEW - PART 1 of 3 -
Cambridge House Speculator Series with Tommy Humphreys
DOUG CASEY INTERVIEW - PART 2 of 3 -
Cambridge House Speculator Series with Tommy Humphreys
DOUG CASEY INTERVIEW - PART 3 of 3 -
Cambridge House Speculator Series with Tommy Humphreys
A Look at the Long-Term Trends in Government Spending
By Joel Bowman - DailyReckoning.com
09/29/11 Mendoza, Argentina – Stocks are up a tad as of this writing. They were up quite a bit more than a tad earlier today but, as happened in yesterday’s session, confidence waned around lunch, sending them lower in the afternoon. All in, the major US indexes are off by about 3% and change for the month… and down a little over 4% on the year.
Gold, too, is having a tough time of it of late. An ounce of the precious metal "languishes" just above $1,616 per ounce after having traded up over $1,900 just a month ago.
What gives?
Will The Dreaded "Double Bottom Within A Triangle"
Push The S&P Down To Triple Digits?
Submitted by Tyler Durden - ZeroHedge.com
The VIX is an ephemeral beast beloved by talking-heads and options-market-makers alike (and now FX strategists). In a rather alarming note from CitiFX today, they are concerned over the chance of an explosive breakout as one of their favorite technical setups comes to pass - a double bottom within a triangle. If these levels break then the team expects a test of S&P 1000-1015.
In a note titled "Oh Dear...", CitiFX points out:
The set up on the VIX is now looking increasingly like a double bottom within a triangle. This often results in an explosive breakout.
The levels detailed below need to be watched carefully as if they go then there is a danger we get to out 1,000-1,015 target on the S&P a lot faster than we thought.
The Fed Wants You To Beg For QE3
By Brandon Smith - SilverBearCafe.com
The psychological effects of the Dow are undeniable. When the average investor or even consumer sees green, life is good, even if every other indicator in the economy clearly says otherwise. For the common Dow lemming, "green" supplants reason, mathematics, instinct, and blatant logic. If mushroom clouds came in that particular shade of bull market green, nuclear holocaust would be welcomed with beers, barbeque, and jubilee. Green in the Dollar Index is no different. Many market joyriders and MSM parrots decree victory for Team Dollar without even a remedial understanding of the implications of dollar strength being measured against multiple faltering currencies across the globe. Just because the Euro, for instance, is nearly as superfluous as the greenback, this does not mean the dollar is a stable or healthy currency by default. They are BOTH screwed. But hey, as long as that little ticker points up, all is right with the world...... right?
Our Many Layers of Entitlement
The entitlement mindset includes much more than government benefits programs.
BY CHARLES HUGH SMITH - FinancialSense.com
The word entitlement commonly refers to government benefits to which we are entitled as taxpayers and/or citizens/residents. But there are layers of entitlement in the American psyche far beyond government benefits programs.
Let's start with the government benefits entitlements. The programs most people refer to as entitlements are Social Security and Medicare, which taxpayers pay for with payroll taxes (even if the money just goes into one giant Federal pot).
Beyond these "I paid into them" entitlements are the "welfare" entitlements of Medicaid, Section 8 Housing, SNAP/food stamps, etc., which are paid out of general tax revenues and which are available to anyone who qualifies, regardless of their status as taxpayers.
The Best Among Us
By Chris Hedges - Truthdig.com
There are no excuses left. Either you join the revolt taking place on Wall Street and in the financial districts of other cities across the country or you stand on the wrong side of history. Either you obstruct, in the only form left to us, which is civil disobedience, the plundering by the criminal class on Wall Street and accelerated destruction of the ecosystem that sustains the human species, or become the passive enabler of a monstrous evil. Either you taste, feel and smell the intoxication of freedom and revolt or sink into the miasma of despair and apathy. Either you are a rebel or a slave.
Divided, We Stand
Mises Daily: by Wendy McElroy
One of the most destructive ideas in American history may be collapsing under its own unsupportable weight. Andrew Jackson stated the idea succinctly: "The people are the government …" In the Gettysburg Address, Abraham Lincoln expanded, "government of the people, by the people, for the people."
Of the people means government consists of members drawn from the people, not from an elite or an invader. By the people means they are the ones in authority. For the peoplemeans those who govern are acting to benefit the people at large rather than vested interests or themselves. Today, the ruling elite are clearly just that — an elite. The average person knows he has no power over political decisions that are devastating his life and wealth. He knows those in power care nothing about his well-being.
view from the left...
The Road from Depression
By George Soros - Project-Syndicate.org
NEW YORK – Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation. They need to regain control, and they need to do so now.
Three bold steps are needed. First, the governments of the eurozone must agree in principle on a new treaty creating a common treasury for the eurozone. In the meantime, the major banks must be put under the direction of the European Central Bank in exchange for a temporary guarantee and permanent recapitalization. Third, the ECB would enable countries such as Italy and Spain temporarily to refinance their debt at a very low cost.
Economists Assess Nation's Financial Fitness, Job Picture
By Barbara Thau - DailyFinance.com
Economists discussing the sluggish state of the economy at a media breakfast held by theNew York State Society of Certified Public Accountantsthis week, offered up a variety of explanations for the lasting economic malaise, ranging from the housing crisis fallout to structural unemployment.
It's the Economy, Stupid
The Great Recession hasn't led to the "V-shaped" recovery -- marked by a deep recession then a sharp recovery -- that's characterized prior recessions, said Joseph Tracy, executive vice president and special adviser to the president for theFederal Reserve Bank of New York, during his presentation.
Cash-Strapped Cities Struggle to Maintain Mass Transit
By MATTHEW YGLESIAS - TheAtlanticCities.com
Budget conditions for America's cities continue to be bleak, as reported in a new survey from the National League of Cities. Sales tax revenues remain well below the pre-recession trend, financial assistance from state governments has been slashed, and property tax revenues that normally exhibit little sensitivity to the business cycle have been hammered by the current housing-driven downturn. Mayors hoping for the federal government to step into the breach can find a lot to like in President Obama’s proposed American Jobs Act, which would offer billions to help sustain public sector employment and activity. But the plan contains one unfortunate oversight — ongoing transportation costs where the labor market impact of cutbacks could be particularly severe.
Another Federal Foreclosure Prevention Effort Fails
A program meant to help 30,000 underemployed Americans keep their homes will end without achieving half its goal
By Daniel Indiviglio - TheAtlantic.com
For some reason, the government just can't seem to figure out how to aid struggling homeowners. First, its Making Homes Affordable program -- meant to prevent several million foreclosures -- continues to struggle to reach even one million. Then, its long-awaited principal reduction effort was completely shunned by Fannie Mae and Freddie Mac, which significantly limited its potential effectiveness. Another mortgage-aid effort ends Friday, which intended to help 30,000 underemployed Americans avoid foreclosure. Instead, it may not reach even 15,000. What went wrong this time?
The "Emergency Homeowners' Loan Program" was a little different from some of the efforts that preceded it. It wasn't designed to prevent foreclosures for any homeowner facing foreclosure. It was specifically aimed at underemployed Americans -- those who are struggling to keep their homes because they lost their jobs or are forced to work part time. It provides interest-free loans of up to $50,000 to pay mortgage debt for up to two years. The program was provided $1 billion in funding from last July's financial regulation bill. It will probably leave about half unspent.
Pending U.S. Home Sales Decline 1.2%
as Lower Prices Fail to Stoke Demand
By Timothy R. Homan - Blomberg.com
The number of contracts to purchase previously owned U.S. homes fell in August, a sign that lower prices and borrowing costs are doing little to stoke demand.
The 1.2 percent decrease in the index of pending home sales followed a 1.3 percent drop the previous month, the National Association of Realtors said today in Washington. Economists forecast a 2 percent drop, according to the median of 43 estimates in a Bloomberg News survey.
Economic Woes Are Jeopardizing Americans' Health
By Sheryl Nance-Nash - DailyFinance.com
In this economy, people aren't just cutting out luxuries, nearly half of Americans are skimping on necessities like medication and doctor visits -- drastic actions that could be dangerous to their health.
According to the latest monthlyConsumer ReportsIndex survey, the lack of money to pay for medical bills and medications is consistently the top financial concern of Americans.
For the last three years, theConsumer ReportsNational Research Center has asked people about their medication and health care use, and about ways they've been cutting costs. This year, the percentage of people who reported skimping on medication and other forms of health care rose 9 percentage points from 39% to 48%, the largest increase so far, according toConsumer Reports.
Health Care Taxing America's Workers
By Debra Saunders - PatriotPost.us
On Tuesday, House Budget Committee Chairman Paul Ryan gave a talk at Stanford's Hoover Institution on what should become the Republican Party's template behind its bid to "repeal and replace" Obamacare. Ryan cited the unintended consequences that employer-paid health care plans have delivered: "The system that shields us from the cost of services has actually left us paying much, much more."
On the same day, the Kaiser Family Foundation released a report that bolstered Ryan's argument. Over the past year, average annual cost for employer-sponsored health care plans rose 9 percent. Premiums have more than doubled since 2001. The average annual premium is now $15,073 per family -- and that doesn't include out-of-pocket payments.
Polls: Americans Want Our Liberties Restored,
Our Troops Brought Home and the Federal Reserve Reined In
Submitted by George Washington - ZeroHedge.com
- Americans Hate the Federal Reserve
- Americans Are Sick and Tired of Never-Ending War
- Americans Want Our Liberties Back
- Hundreds of Millions of Americans Can’t Be Stopped
Of course, criticizing the Fed, wanting to end the wars, liking Ron Paul, or "taking
a cynical stance toward politics, mistrusting authority, endorsing
democratic practices, … and displaying an inquisitive, imaginative
outlook" can bring on heightened scrutiny or displeasure from the powers-that-be.
But given that the overwhelming majority of Americans fall in one or
more of these categories, they can't harass hundreds of million of us.
Liberalism Always Goes Too Far
By R. Emmett Tyrrell - PatriotPost.us
WASHINGTON -- One of the causes that has brought the great and worthy movement of Liberalism to its present state of decrepitude has been remarked upon in this column many times before: Liberalism always goes too far. Even in the case of a noble impulse, it goes too far. Public events in recent days, in that magnificent monument to liberalism called San Francisco, show us once again the example of Liberalism over the edge.
But to review my thesis -- Liberalism goes too far. It started with the workingman trying to organize a union in the 1930s. It ended with the unions barring everyone save a particular type of man from the union shop. In the 1950s, about a decade before the liberal crack-up got going, it barred women from the union; and, of course, it barred Blacks and Latinos. Moreover, no one who was non-union could still work in the union shop. Liberalism always goes too far.
The Brown Revolution:
Increasing Agricultural Productivity Naturally
A team of ranchers in South Dakota are using holistic management techniques to regenerate our ailing grasslands and fight climate change
By Lisa M. Hamilton - TheAtlantic.com
Dusk in Western South Dakota. A half-hour ago, at sunset, the world here made its last pulse for the day: birds hurried between fence posts, mosquitoes emerged from the shadows and feasted furiously, the sweet clover turned iridescent yellow in the late light. Now, the movement has ceased. Even by day it is a quiet landscape, inhabited primarily by meadowlarks and grasses. But as night draws its blue self over this place, the silence is profound.
On this particular 8,000-acre section of the Plains there is a single light in view, coming from inside a trailer. Bustling about camp are three men -- cowboys, you'd probably call them. They certainly look the part, dressed in boots and wide-brimmed hats, one of them splitting old fence posts with an axe to build a campfire, another working on some beef for dinner. They call this pasture Horse Creek for the water running down its center, and on it they have 1,100 yearling cattle.
Abengoa Gets $132.4 Million U.S. Loan Guarantee
for Kansas Biofuel Plant
By Ehren Goossens - Bloomberg.com
Abengoa SA (ABG), Spain’s largest biofuels developer, received a $132.4 million U.S. loan guarantee to build a cellulosic ethanol plant in Kansas.
The plant, in Hugoton, Kansas, will convert 300,000 tons of corn stalks and leaves into 23 million gallons (87 million liters) of ethanol a year, the U.S. Energy Department said in a statement today. The plant will be powered by a 20-megawatt biomass electric generator, fueled by leftover plant material.
It's 1987 Without the Bubble in Japan
By Aki Ito - Bloomberg.com
Japan’s labor force shrank to its smallest size since October 1987, when the nation’s stock-market benchmark was 185 percent higher and land prices were 85 percent greater than today.
Employers cut payrolls by 160,000 and a further 200,000 workers retired or abandoned efforts to find a job, leaving the seasonally adjusted number of employed at 59.4 million, the statistics bureau said today in Tokyo. Separate figures showed industrial production rose 0.8 percent from the previous month, less than all but three of 28 forecasts in a Bloomberg survey.
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