– Many in middle class say they are doing worse financially (Life Inc., Aug 23, 2012)
Economy
Billionaire William Koch Builds Frontier Town All His Own Near Aspen
– Billionaire Koch Builds Frontier Town All His Own Near Aspen (Bloomberg, Aug 23, 2012):
Energy billionaire William Koch is developing a private Wild West town, with a saloon, jail and train station, high in the Rocky Mountains in a region pockmarked with ghost towns that died when the mines that supported them played out.
Koch, 72, who made his fortune partly by developing underground coal deposits in Somerset, Colorado, is building the frontier community — part reproduction, part transplanted 19th- century structures — at his Bear Ranch, a working cattle operation southwest of Aspen. The 50-building compound will also include a 21,762-square-foot mansion with an elevator, a wine room and his-and-hers mud rooms. A third of the house will be underground.
Read moreBillionaire William Koch Builds Frontier Town All His Own Near Aspen
Greece Ready To Start Selling Its Islands
– Greece Ready To Start Selling Its Islands (ZeroHedge, Aug 23, 2012):
A year ago the mere mention of Greece selling its real estate, let along its prized islands, was enough to fill Syntagma square with tear gas, laser light pointers and the occasional riot dog. Now – nobody cares, which is why the statement by Greek PM Samaras that he is ready to start selling Greek islands was largely met with a yawn across the investing world.From AP:
Afraid of investing in Greek bonds? Invest in a Greek island instead.
Greece’s prime minister is quoted Thursday in an interview in France’s Le Monde as saying the government could cash in on uninhabited islands.
Marc Faber On Keynesian Folly, The ‘Missing’ Inflation, And Bubble-Blowing (Video)
– Marc Faber On Keynesian Folly, The ‘Missing’ Inflation, And Bubble-Blowing (ZeroHedge, Aug 22, 2012):
In as-comprehensive-an-explanation-as-we-have-seen of the monetary malfeasance and misunderstanding of the standard Keynesian central-banker, Gloom-Boom-Doom’s Marc Faber addressed an instutional audience in the Middle East earlier this year. Faber begins by explaining his (correct) view that ‘Keynesian’ intervention into the free-market or capitalistic society (with fiscal and monetary measures), in order to ‘smooth’ the business cycle, has in fact created a more violent business cycle – as they attempt to address long-term structural problems with short-term fixes (or bubbles). His lecture expands from his insight that in 1970 not a single investment bank was public – they were all private partnerships (implicitly playing with their own money as opposed to other-people’s – dramatically impacting the risk profile in the world) to the notion that central bank money printing (pushing dollars out the door) does have inflationary symptoms – but they do not necessarily have to show up in wages or CPI in the US (think Chinese wage inflation, or commodity price rises, or Aussie housing bubbles). Central bankers can determine the quantity of money but they cannot determine what we do with those USD bills. Must watch.Faber covers it all – from macro-economics to energy supply-and-demand and from the consequences of incessant money printing and how to hedge for the long-term.
With volumes still muted, and a general malaise of hand-sitters, it seems now is a great time to spend 45 minutes clarifying your perspective on just what the experimental efforts of our global elite is doing to the world – and whether that is a good thing economically or not… we suspect the conclusion will not surprise you…
The Most Important Chart In TheWorld
– The Most Important Chart In TheWorld (ZeroHedge, Aug 23, 2012)
Study: Americans Waste Up To 40% Of Their Food
– Americans toss out as much as 40% of their food, study says (Los Angeles Times, Aug 21, 2012):
Americans are throwing out nearly every other bite of food, wasting up to 40% of the country’s supply each year – a mass of uneaten provisions worth $165 billion, according to a new report from the Natural Resources Defense Council.
An average family of four squanders $2,275 in food each year, or 20 pounds per person per month, according to the nonprofit and nonpartisan environmental advocacy group.
Food waste is the largest single portion of solid waste cramming American landfills. Since the 1970s, the amount of uneaten fare that is dumped has jumped 50%. The average American trashes 10 times as much food as a consumer in Southeast Asia, according to the Natural Resources Defense Council.
Republicans Consider Returning To Gold Standard: Real Or Red Herring?
– Republicans Consider Returning To Gold Standard: Real Or Red Herring? (ZeroHedge, Aug 24, 2012):
Stranger than fiction perhaps but the FT is reporting that the gold standard has returned to mainstream US politics for the first time in 30 years with a ‘gold commission’ set to become part of official Republican party policy. While this could simply be a reach for as many Ron Paul marginal voters as possible (with the view that the GOP would never really go for it); it appears drafts of the party platform from the forthcoming rain-soaked convention call for an audit of the Fed and a commission to look at restoring the link between the dollar and gold. The FT, citing a spokesperson, adds that “There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” but “We’re not going to go from a standing start to the gold standard,” although it would provide a chance to educate politicians and the public about the merits of a return to gold. Interestingly, the Republican platform in 1980 referred to “restoration of a dependable monetary standard”, while the 1984 platform said that “the gold standard may be a useful mechanism.”
The FT does its best to placate the hysteria and walk it back with:Read moreRepublicans Consider Returning To Gold Standard: Real Or Red Herring?
Obama Requests Europe Bail Out His Reelection
– Obama Requests Europe Bail Out His Reelection (ZeroHedge, Aug 24, 2012):
Color us unsurprised; but the UK’s Independent is reporting that American officials are worried that if the Troika decides Greece has not done enough to meet its deficit targets, it will withhold the money – triggering Greece’s exit from the eurozone weeks before the presidential election. British government sources have suggested the Obama administration is urging eurozone Governments to hold off from taking any drastic action before then – fearing the resulting market destabilization could damage President Obama’s re-election prospects. The Troika are expected to report in time for an 8 October meeting of eurozone finance ministers which will decide on whether to disburse Greece’s next EUR31bn aid tranche, promised under the terms of the bailout for the country. European leaders are thought to be sympathetic to the Obama lobbying, fearing that, under pressure from his party in Congress, Mitt Romney would be a more isolationist president than Mr Obama. So once again GRExit is assured economically; but it is an entirely political decision.
China Is Now Nothing More Than One Big ‘Stuffed Channel’
– China Has Become One Big “Stuffed Channel” (ZeroHedge, Aug 23, 2012):
Zero Hedge covered the topic of automotive channel stuffing long before it became a conversation piece, particularly as it pertains to Government Motors, a story which has recently taken precedence after being uncovered at such stalwarts of industry as German BMW and Mercedes, implying the German economic miracle may, too, have been largely fabricated. Another core topic over the years has been the artificial and inventory-stockpiling driven (in other words hollow) “growth” of China’s economy, whose masking has been increasingly more difficult courtesy of such telltale signs of a slowdown as declining electricity consumption and off the charts concrete use. It was only logical that the themes would eventually collide and so they have: the New York Times published “China Besieged by Glut of Unsold Goods” in which, as the title implies, it is revealed that China is now nothing more than one big “stuffed channel.”First, we find, what has been painfully obvious to anyone holding an even modestly skeptical view on the Chinese centrally planned economy.
The glut of everything from steel and household appliances to cars and apartments is hampering China’s efforts to emerge from a sharp economic slowdown. It has also produced a series of price wars and has led manufacturers to redouble efforts to export what they cannot sell at home.
Just like in the US, and Europe, the Chinese government is, gasp, lying about everything:
Read moreChina Is Now Nothing More Than One Big ‘Stuffed Channel’
Jim Rogers On Gold & Silver: ‘Who Am I To Argue With Thousands Of Years Of Human Stupidity’ (CNBC)
– Jim Rogers On Gold & Silver: ‘Who Am I To Argue With Thousands Of Years Of Human Stupidity’ (CNBC) (Daily Bail):
“Who am I to argue with thousands of years of human stupidity…”
Precious Metals ‘Perfect Storm’ As Macroeconomic, Systemic, Geopolitical And Monetary Risks Align
– Precious Metals ‘Perfect Storm’ As MSGM Risks Align (ZeroHedge, Aug 24, 2012):
Today’s AM fix was USD 1,666.50, EUR 1,329.16, and GBP 1,051.88 per ounce.
Yesterday’s AM fix was USD 1,662.50, EUR 1,324.07and GBP 1,047.57 per ounce.Silver is trading at $30.37/oz, €24.36/oz and £19.25/oz. Platinum is trading at $1,541.00/oz, palladium at $642.50/oz and rhodium at $1,025/oz.
Gold climbed $14.60 or 0.88% in New York yesterday and closed at $1,669.40. Silver surged to a high at $30.81 and finished with a gain of 2.28%. The precious metals have broken out this week with sharp gains being seen in all four precious metals.
Silver as expected led the gains and surged 8.55% in the week, palladium is up 6%, platinum 5% and gold up 3%.
Currency Ranked Returns – (Bloomberg)
Gold gave back some gains on Friday but it’s still set for its biggest weekly rise in more than 2 months due to the very strong fundamentals.
AAPL Weight In NASDAQ Index Now 19.8% … Is Another Rebalancing Imminent?
– With AAPL 19.8% Of The NASDAQ, Is Another Rebalancing Imminent? (ZeroHedge, Aug 24, 2012):
Just over 16 months ago, the NASDAQ did an unusual thing. As the WSJ noted at the time, AAPL, which had reached a 20% weighting in the NASDAQ-100, was rebalanced to 12.3%. This weighting was apparently too much for the index-provider who feared “the tech company’s big weighting means that a change in fortune for the maker of iPhones, iPods and iPads has a huge impact on one of the most heavily traded indexes in the market.”Since 04/05/11, when that rebalance occurred, AAPL’s market cap has doubled, while the NASDAQ-100 is up just under 20% ($627bn versus $3.15tn). With the current weighting of AAPL in the NASDAQ-100 at 19.8%, we wonder what is next – as the WSJ noted at the time, any “rebalancing is likely to kick off waves of trading… as money managers scramble to adjust holdings to reflect the new composition of the index.” Interestingly, AAPL has reached 20% of the index twice this year already – which just happened to coincide with significant selling pressure on the stock – will third time be the charm?
Read moreAAPL Weight In NASDAQ Index Now 19.8% … Is Another Rebalancing Imminent?
Total Economic Collapse: In Thessaloniki (The Second Largest Greek City) An Unprecedented 1250 Companies Have Shut Down In 2012
– The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 (ZeroHedge, Aug 22, 2012):
European viceroy of various neo-colonial territories Jean-Claude Juncker, best known for being a self-professed pathological liar, just concluded a press conference in which he did what he does best: lie. Here is a sampling of the soundbites along with our commentary:
- EU’S JUNCKER SAYS TRUTH IS GREECE SUFFERS CREDIBILITY CRISIS – coming from a pathological liar, this one is our favorite
- EU’S JUNCKER SAYS CONVINCED GOVERNMENT WILL TAKE ALL MEASURES. “all measures” = “all gold”
- EU’S JUNCKER: FULLY CONFIDENT GOVERNMENT TO TAKE ALL EFFORTS “all efforts” = “all gold”
- EU’S JUNCKER SAYS GREECE MUST OPEN UP CLOSED PROFESSIONS. Chimneysweep? Bootblack? Telegraph Operator? Tax Collector? Prosecutor? Uncorrupted muppet?
- EU’S JUNCKER SAYS BALL IS IN GREEK COURT; IS LAST CHANCE. The ball will be repoed to the ECB shortly
- EU’S JUNCKER SAYS NOT SAYING THERE WON’T EVER BE A 3RD PROGRAM or 33rd program
- EU’S JUNCKER SAYS GREEK EURO EXIT WOULD BE RISK TO EURO AREA and Obama’s reelection
- EU’S JUNCKER SAYS BALL IS IN GREEK COURT; not for long: ball will soon be repoed to the ECB
And much more propaganda. Here is the truth. According to Greek Thema, in Thessaloniki, the second-largest city in Greece, so far in 2012, an unprecedented 1,250 companies have shut down. This means no jobs, no tax revenues, no money in circulation. A complete and total economic collapse.
So let us explain: while Greece and Europe may engage in endless check kiting Ponzi schemes: such as the most recent one, whereby Greece promises to pay Germany by issuing bills, bought by its banks, which in turn are repoed to the ECB via the ELA, with the cash used by the country to pay Germany and the ECB, even as Germany’s contingent liabilities get more massive by funding the ECB’s capital, the reality is that unless someone does some work, and creates real wealth, real money, instead of merely shuffling electronic cash from Point A to Point B, while the only thing increasing are German contingent liabilities, aka systemic debt, absolutely nothing will change.
Citi Sees Greek Exit As Soon As September
– Citi Sees Greek Exit As Soon As September (ZeroHedge, Aug 22, 2012)
More Than Half Of All Americans Are At Least Partially Dependent On The Government
– More Than Half Of All Americans Are At Least Partially Dependent On The Government (Economic Collapse, Aug 21, 2012):
A very large segment of the population has figured out that it can use voting as a tool to get more money and benefits from the government, and that is a very dangerous thing. Once upon a time, the free market was the one that distributed nearly all the wealth in our system. But now the federal government has become a giant deluded “Santa Claus” that distributes goodies to the American people far beyond its actual capacity to do so. In fact, we are borrowing trillions of dollars that we do not have so that our politicians can continue to buy votes with handouts. Look, we will always need a safety net. We don’t want anyone in America starving to death or sleeping in the street. However, our current system has gotten completely and totally out of control. Today, there are nearly 80 different “means-tested welfare programs” operated by the federal government. As I have written about previously, more than 100 million Americans are enrolled in those programs. Sadly, that does not even count Social Security and Medicare. Tens of millions of Americans are enrolled in each of those programs as well. And when you add in more than 22 million government workers, you get one giant pile of people that are getting money or benefits from the government. In fact, at this point more than half of all Americans are at least partially dependent on the government.
A recent Forbes article by Bill Wilson estimates that over 165 million Americans are government dependents to at least some degree….
Read moreMore Than Half Of All Americans Are At Least Partially Dependent On The Government
The New Jersey Jobs Neutron Bomb
– The New Jersey Jobs Neutron Bomb (ZeroHedge, Aug 22, 2012):
And the payroll propaganda was going so well until… New Jersey happened. As the chart below shows, in the month of July the state, arguably the Tristate area’s most employer friendly, saw a sequential drop of 12,000 jobs, which was the largest one month drop since June 2009. Outlier? Or the harbinger of things to come at the national level? We will likely not now for sure until after the presidential election at which point the endless data fudging and manipulation finally ends.
Monsanto Shells Out $4.2 Million To Sabotage California GMO Labeling Initiative
– Monsanto shells out $4.2 million to sabotage California GMO labeling initiative (Natural News, Aug 22, 2012):
California has the unique opportunity to be the first state in the union to require that genetically-modified organisms (GMOs) be properly identified and labeled on most food items. But the Monsanto Company, one of the biggest purveyors of GMOs, and several other factory food and agriculture corporations are trying to sabotage this effort by contributing millions of dollars to defeat a ballot proposition that would require mandatory GMO labeling.
Read moreMonsanto Shells Out $4.2 Million To Sabotage California GMO Labeling Initiative
LaHood: ‘I’m Very Proud’ Of DOT Stimulus Spending At … $738,000 PER JOB !!! (VIDEO)
– ??LaHood: ‘I’m very proud’ of DOT stimulus spending at $738,000 per job [VIDEO] ???(Daily Caller, Aug 20, 2012):
Secretary of Transportation Ray LaHood told The Daily Caller that he is “very proud” of the Economic Recovery Act of 2009 that put 65,000 people to work with $48 billion in federal funds for the Department of Transportation, amounting to $738,461 per job.
The Recovery Act of 2009, which in total cost taxpayers $825 billion, has been criticized because it did not prevent the unemployment rate from rising above 8 percent, contrary to what the Obama administration predicted.
“Yeah, we spent $48 billion and we put 65,000 people to work in 15,000 projects in two years with no problems,” LaHood told The Daily Caller in a video interview in Alexandria, Va., on Friday. “I’m very proud of that. I know that the governors can spend this money because over two years we gave them $48 billion, they created 65,000 jobs in 15,000 projects. This is doable. We’re going to get the money out and get people to work.”
TheDC also asked LaHood about the Obama administration’s decision to send an additional $473 million in unspent earmarks to states.
Read moreLaHood: ‘I’m Very Proud’ Of DOT Stimulus Spending At … $738,000 PER JOB !!! (VIDEO)
Obamanomics: Almost 500,000 Federal Workers Make Over $100,000
– Obamanomics: Almost 500,000 Federal Workers Make Over $100,000 (Breitbart Aug 20, 2012):
According to a brand new book already striking fear in the hearts of public sector union bosses, America’s government workers may be the only men and women in the country still blessing their lucky stars for President Obama. Mallory Factor’s Shadowbosses: Government Unions Control America and Rob Taxpayers Blind claims that government employees make more money, work less, retire earlier, have greater job security, and ave more retirement security than their private sector counterparts. No wonder Washington D.C. is getting rich while the rest of America suffers.
Here’s the bottom line, according to Shadowbosses: government service is now more lucrative than the private sector. Federal government workers reportedly averaged more than twice the salary and benefits of an average private sector worker. Even more unbelievably, there are fully 459,016 federal workers who make over $100,000 in salary – one in five federal workers.
Read moreObamanomics: Almost 500,000 Federal Workers Make Over $100,000
Feds Close California Slaughterhouse After Abuse Video
– Feds close Calif. slaughterhouse after abuse video (AP, Aug 21, 2012):
FRESNO, Calif. (AP) — Federal regulators shut down a Central California slaughterhouse Monday after receiving undercover video showing dairy cows — some unable to walk — being repeatedly shocked and shot before being slaughtered.
Officials with the U.S. Department of Agriculture, which inspects meat facilities, suspended operations at Central Valley Meat Co. in Hanford, Calif., which slaughters cows when they lose their value as milk producers.
The USDA received hours of videotape Friday from Compassion Over Killing, an animal welfare group, which said its undercover investigator was employed by the slaughterhouse and made the video over a two-week period in June.
“USDA considers inhumane treatment of animals at slaughter facilities to be unacceptable and is conducting a thorough investigation into these allegations,” said Justin DeJong, spokesman for the Food Safety Inspection Service.
Four minutes of excerpts the animal welfare group provided to The Associated Press showed cows being prepared for slaughter. One worker appears to be suffocating a cow by standing on its muzzle after a gun that injects a bolt into the animal’s head had failed to render it unconscious. In another clip, a cow is still conscious and flailing as a conveyor lifts it by one leg for transport to an area where the animals’ throats are slit for blood draining.
“The horror caught on camera is sickening,” said Erica Meier, executive director of Compassion Over Killing, based in Washington, D.C. “It’s alarming that this is not only a USDA-inspected facility but a supplier to the USDA.”
Read moreFeds Close California Slaughterhouse After Abuse Video
Japan’s Katrina Moment
– Japan’s Katrina Moment (FPIF, Aug 21, 2012):
Japan has always had a reputation for organizational prowess and efficiency, which in the past earned it the nickname “Prussia of the East.” That image, along with its post-World War II prosperity, has been seriously shaken by its stinted recovery from last year’s natural and nuclear disasters.
Touring the port and fishing town of Ishinomaki, a central hub of the Tohoku region, one notices eerie similarities to post-Katrina New Orleans. Right next to a plot of new single-family homes, separated by a shallow drainage canal, are rows of prefabricated structures resembling cargo containers, about the size of a one-car garage, which are designed to hold families until something better comes along.
“We are left out here to wait for God knows what,” said Honda, a resident in his 60s. As he invited me inside and offered me a cup of tea, I mused that one man’s life had been crammed into what in North America would be regarded as an individual storage unit. As he squeezed through a space that barely leaves room for a single rolled-up futon, Honda added, “Actually I don’t have it so bad in here. Imagine a family of four living in conditions such as this. We used to watch these documentaries on NHK about how people live in India or Bangladesh and I would never think that we, the Japanese, would have to endure something like this.”
The Capitalist Conspiracy: An Inside View Of International Banking (Full Length Documentary)
MUST-SEE!
Edward Griffin – The Capitalist Conspiracy: An Inside view of International Banking Written and narrated by G. Edward Griffin (1960’s) An old film, made sometime in the 60’s. This is an adaptation of a documentary filmstrip tracing the history of a small group of people who control the money systems of the world. It shows how this group is protected by governments and how its wealth is derived by creating money out of nothing. We see how this group wields power through government, foundations, education, and the mass media. It has aided such regimes as Russia and China, not because it is pro-Communist, but because a visible enemy and the threat of war have been useful in persuading the masses to embrace the group’s ultimate goal: a world government which they expect to control from behind the scenes. They are now working to replace fear of nuclear war with fear of global pollution as the motivation for world government. It is clear that the plan revealed in this program continues to unfold. Monopoly is not an outgrowth of capitalism. Monopolists lobby for laws that give them advantages in the market place. Monopoloy is not based on free-enterprise competition, but the escape from it. It is not the product of capitalism but the bedfellow of socialism
Online Farmers’ Market Etsy Accuses Grandmother Soap Makers Of Selling ‘Illegal Drugs,’ Launches Snitch Program
– Online farmers’ market Etsy accuses grandmother soap makers of selling ‘illegal drugs,’ launches snitch program (Natural News, Aug 22, 2012):
The seemingly coordinated assault on your right to purchase and utilize all-natural products is ongoing, this time involving a pair of grandmothers who have, unbelievably, been accused of being drug dealers.
Here’s the story.
As their business, Shepard’s Heart, grew, Pat Showalter and Celeste Bishop, sellers of pure beauty and health products, needed a larger, more capable Internet service that could handle the volume of sales. They shopped around, examined their options and eventually chose Etsy, a web company specifically established for entrepreneurs just like them.
Calling itself “the world’s handmade marketplace” on its site, Etsy further defined its purpose: “Our mission is to empower people to change the way the global economy works. We see a world in which very-very small businesses have much-much more sway in shaping the economy, local living economies are thriving everywhere, and people value authorship and provenance as much as price and convenience. We are bringing heart to commerce and making the world more fair, more sustainable, and more fun.”
On the surface, this seemed like a perfect match: A pair of grandmothers selling handmade items to customers who want to buy them through a website specifically designed for that purpose.