Caution, train wreck in progress

The Unraveling of MF Global was a foretelling of the Inevitable Collapse of Greece

In September, MF Global Holdings Ltd.'s management sent a memo to the securities firm's 2,800 employees: Start printing on both sides of paper.

Now my opinion: Greece is screwed. The new debt accord won’t hold, austerity measures won’t be fully implemented, and the Greek government will formally default within six months. And stocks are rising as powerful people and organizations prop up share prices just long enough to unload their own positions, leaving the little guys to drown.

-Robert X. Cringely

I, Cringely » Blog Archive » Caution, train wreck in progress - Cringely on technology

More news later today on my new/old book project, but for a moment let’s look at what’s happening in Greece, because I’ve become quite convinced that markets have gone completely mad and the world economy is about to suffer for that madness. In fact I am sure of it. That’s because stocks are up today on word of a second debt bailout for Greece — a bailout that has no more hope of standing than the one before it. Greece is bound to default, beginning a likely fall of economic dominoes across Europe. And while that news is not explicitly about technology, it will certainly affect all of us interested in technology, because Greece is screwed along with much of southern Europe....

The Greek budget deficit is stuck near 8-9 percent of Gross Domestic Product (GDP) because the country’s economic base is shrinking so fast.

Yet shares are rising on markets across Europe supposedly on the idea that Greece will this time fulfill its obligations under the new debt accord — obligations that will continue until 2020 when the country will still be prostrate with public debt at 120 percent of GDP — if everything goes perfectly?

-read on at link-

There is a big irony here. N.Korea warns against Christmas lights near border

This sound very familiar. Many local governments in the USA, government run public schools, big retail chains and even the Governor of Rhode Island, Lincoln Chafee, Jr., warn not only against Christmas lights, but also Christmas trees, Christmas salutations and valedictions, cards and carols and anything that may be construed as Christmassy. Who is getting the totalitarian spirit of the season? ♘

N.Korea warns against Christmas lights near border

Dec 11 2011

North Korea warned South Korea on Sunday of "unexpected consequences" if Seoul displays Christmas lights near the tense border, and vowed to retaliate for what it called propaganda attempts.

The South's defence ministry said earlier it was considering a request by a Seoul church group to put up Christmas lights on a steel tower atop a military-controlled hill near the border.

The North's official website-- Uriminzokkiri-- called the plan "a mean attempt for psychological warfare" against the communist state and threatened to retaliate immediately when the lights are switched on.

The 155-metre (511 feet) hill in the South, about three kilometres (two miles) from the border, is within range of North Korean gunfire.

"The enemy warmongers... should be aware that they should be held responsible entirely for any unexpected consequences that may be caused by their scheme," it said.

"This issue... is not something to be ignored quietly," it said.-

-more at link-

Just What Is a “Green” Job? Answer: Anything that will pad Obama's phony figures.

The real answer is any position that remotely has any meager connection to loosely defined as 'green' related. That would include the now famous Bus Driver who's bus runs on natural gas, to a blogger who writes about 'greenie' issues (like this).

BS is green too.

Just What Is a “Green” Job? | FrontPage Magazine

By Tait Trussell On October 20, 2011

President Obama promised three years ago that by the end of the decade America would have 5 million green jobs. We have come up a bit short. Instead, at least 14 million potential workers are jobless.

But what is a “green” job any way? To find out, start with an exchange between Sen. Chuck Grassley (R-Iowa), ranking member of the Budget and Finance Committee, and the Department of Labor.

In a letter to Labor Secretary Hilda Solis, Sept. 23, 2010, Grassley wrote:

“Since February 2009, the Department has awarded approximately $490 million in Stimulus funding designed for ‘green job’ training. Yet the Department, according to its own documents, is still only ‘working to develop a definition for green sectors and jobs.’”

Earlier—in June 2010–Grassley had written Secretary Solis noting that he had opposed the American Recovery Act (the stimulus) because it was

“loaded with spending to satisfy special interests…However, it has come to my attention that the DOL (Department of Labor) is just now attempting to define what a ‘green job’ is….more than a year after the Recovery Act was signed into law and after millions of dollars in funding have already been distributed for green jobs….I would like to understand what criteria the DOL used to give out millions of taxpayer dollars prior to the definition being established.”

-more at link-

Wonder if there would ever be another "DARK AGES"? Mad Debt

Mad Debt - National Review Online

August 6, 2011 Mark Steyn

On Thursday, in honor of Barack Obama’s 50th birthday, the Dow dropped ten points for every year he has walked among us. It was the ninth largest drop in history. We should be relieved he wasn’t turning eighty.

The markets are apparently concerned that the entire global economy may be “stalling.” You don’t say? Observant fellows, these market chappies. ...

As part of this historic “cut,” we’ve now raised the “debt ceiling” — or, more accurately, lowered the debt abyss. Do you ever discuss the debt with your neighbor? Do you think he has any serious intention to repay the 15 trillion racked up in his and your name? Does your congressman? Does your senator? Look into their eyes. You can see the answer. And, if none of these parties seem inclined to pay down the debt now, what are the chances they’ll feel like doing so by 2020 when, under these historic “cuts,” it’s up to 23-25 trillion?

Like America’s political class, I have also been thinking about America circa 2020. Indeed, I’ve written a book on the subject. My prognosis is not as rosy as the Boehner-Obama deal, as attentive readers might just be able to deduce from the subtle clues in the title: After America: Get Ready For Armageddon. Oh, don’t worry, I’m not one of these “declinists.” I’m way beyond that, and in the express lane to total societal collapse. The fecklessness of Washington is an existential threat not only to the solvency of the republic but to the entire global order. If Ireland goes under, it’s lights out on Galway Bay. When America goes under, it drags the rest of the developed world down with it. When I go around the country saying stuff like this, a lot of folks agree. Somewhere or other, they’ve a vague memory of having seen a newspaper story accompanied by a Congressional Budget Office graph with the line disappearing off the top of the page and running up the wall and into the rafters circa mid-century. So they usually say, “Well, fortunately I won’t live to see it.” And I always reply that, unless you’re a centenarian with priority boarding for the ObamaCare death panel, you will live to see it. Forget about mid-century. We’ve got until mid-decade to turn this thing around.

Otherwise, by 2020 ... Read on at above link-

go to -

HOW EXCESSIVE GOVERNMENT KILLED ANCIENT ROME

by Bruce Bartlett

Just Like a Lead Balloon! U.S. Army's $150m 'super-blimp' high-altitude airship in crash landing just hours after launch

What is the definition of crazy?

U.S. Army's $150m 'super-blimp' high-altitude airship in crash landing just hours after launch | Mail Online

• U.S. Army's $150m 'super-blimp' high-altitude airship in crash landing just hours after launch

• Airship launched in [Akron] Ohio comes down in Pennsylvania
• But Lockheed Martin says it was a 'controlled descent'
• Aircraft could only get up to 32,000ft - not 60,000ft

By DAILY MAIL REPORTER

A $150million U.S. Army airship crash landed in woods today after it could only reach half of its expected altitude on a test flight.

Last updated at 8:50 PM on 27th July 2011

The unmanned solar-powered airship was only in the air for less than three hours after it launched in Akron, Ohio, on Wednesday morning.

It ascended as planned up to 32,000ft but the Lockheed Martin airship then encountered problems and was not able to get up to 60,000ft.

Read more: http://www.dailymail.co.uk/news/article-2019454/U-S-Armys-150m-super-blimp-high-altitude-airship-crash-landing-just-hours-launch.html#ixzz1TLCu25mp

Crash of USS Akron "Blimp," actually a rigid airship - Sounds familiar:

THE NEW YORK TIMES, New York, April 5, 1933

"73 LOST IN AKRON CRASH, 3 SURVIVORS HERE; SHIP DRIVEN DOWN IN STORM, CAUSE IS UNKNOWN,; RESCUE BLIMP FALLS, 2 DROWN, 5 ARE SAVE" with many subheads that include: "Wind Wrecks The J-3" "Hunt For Survivors Vain" "Craft Plunged Into Sea"

In April of 1933, Akron cast off from her moorings to operate along the coast of New England, assisting in the calibration of radio direction finder stations, with Rear Admiral Moffett embarked. Also on board were: Commander Harry B. Cecil, the admiral's aide; Commander Fred T. Berry, the commanding officer of Lakehurst's Naval Air Station; and Lieutenant Colonel Alfred F. Masury, USAR, a guest of the admiral, a vice-president of the Mack Truck Co., and a strong proponent of the potential civilian uses of rigid airships.

As she proceeded on her way, Akron encountered severe weather which did not improve as she passed over Barnegat Light, New Jersey at 2200 (10:00 PM) on 3 April. Wind gusts of terrific force struck the airship unmercifully around 0030 (12:30 AM) on 4 April, and pushed her down toward the sea. She crashed tail first and then sank in the stormy Atlantic. The German motorship Phoebus in the vicinity saw lights descending toward the ocean at about 0023 (12:23 AM) and altered course to starboard to investigate, thinking she was witnessing a plane crash. At 0055 (12:55 AM) on 4 April, Phoebus picked up Lieutenant Commander Herbert V. Wiley, Akron's executive officer, unconscious, while a ship's boat picked up three more men: Chief Radioman Robert W. Copeland, Boatswain's Mate Second Class Richard E. Deal, and Aviation Metalsmith Second Class Moody E. Ervin. Despite desperate artificial respiration, Copeland never regained consciousness and died on board Phoebus.

Insight into the false arrogance of President Obama

It is now obvious that he is using his pretentiousness to cover how far he is out of his depth. This started to become obvious not long after he took office and was caught without teleprompters. It grew worse as any new crisis loomed.

The interview here shows how much Obama is at a loss. Listen carefully to last 30 seconds of this interview. Very sad. ♘

News 8 goes one-on-one with President Obama | Dallas - Fort Worth News | wfaa.com | Texas News

The last part of the Transcript from the reporter, Brad Watson:

"Texas has always been a pretty Republican state, for historic reasons," Obama said.

However, the president inferred that his election meant Texas politics was changing.

"We lost by a few percentage points in Texas," Obama said. That was followed by a gentle reminder that the figure was closer to 10 percent.

"If what you're telling me is Texas is a conservative state, you're absolutely right," he said.

Republican Gov. Rick Perry harshly and frequently criticizes the president over the health care law, EPA regulation on oil and gas industries in Texas and the budget. But the president hinted at hypocrisy by the Texas governor.

"Gov. Perry helped balance his budget with about $6 billion worth of federal help — which he happily took — and then started blaming the members of Congress who had offered that help," Obama said.

Houston Republicans and Democrats suspect the Obama administration skipped Houston to award retired space shuttle orbiters to states that would help in the president's reelection.

"That's wrong," the president stated. "That had nothing to do with it; the White House had nothing to do with it. There was a whole commission, a whole process; that's how the decision was made."

President Obama also said that an immigration reform bill still is not dead.

"The question is going to be, are we going to be able to find some Republicans who can partner with me and others to get this done once and for all instead of using it as a political football," he said.

And the president said he's not giving up on Texas. "I never write off any states," he said. "I love Texas."

After the interview, Obama pointed out that he doesn't like an interviewer challenging his comments.

"Let me finish my answers the next time we do an interview, all right?" he said.

Of course, there's never enough time to ask all the questions, but on one that Texas Republicans keep bringing up — that the president is somehow targeting Texas — he said clearly, he is not.

E-mail bwatson@wfaa.com

Obama has apparently grown accustomed to the local fawning press corp from the major media outlets in Washington D. C., New York, Los Angeles and Chicago.

Obama/Boehner’s Phony Spending Cuts

Obama/Boehner’s Phony Spending Cuts

Posted by Caleb O. Brown

President Obama and Congress have agreed to cut $38 billion in federal spending, right? If you go by so-called “budget authority,” that may be true. But real spending cuts come when you actually cut real spending, not “budget authority.” Outlays in fiscal year 2011 will likely be considerably higher than last year’s outlays. That means the spending cuts advertised by President Obama and House Speaker John Boehner are laughably fraudulent. Learn more at downsizinggovernment.org.

Video produced by Caleb O. Brown and Austin Bragg.