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Author: Subject: Exploitation of the global economy, the coming collapse
anotheronebitesthedust
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[Edited on 14-6-2012 by anotheronebitesthedust]
AndersHoveland
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Just remember that immigration, and rising fertility rates amongst the poor, can drastically alter the economic structure. An excess supply of labor drives down wages and increases inequality.

Peter Brimelow explains it best:

What are the effects of a shortage of labor on the economy? Would this drive up wages more than prices? Would the standard of living within the country increase?

Why is a shortage of labor never allowed to happen? Why is it that as soon as there is the slightest indication of a shortage of skilled or unskilled labor, workers are quickly imported in from another country? Why is a real shortage of labor never allowed to happen? Do business interests influence immigration and economic policy?

It is supply and demand. An excess of demand for labor and a shortage of workers will mean higher wages, as businesses compete for scarce labor. Karl Marx wrote about "the army of the unemployed" driving down wages to subsistence levels. http://en.wikipedia.org/wiki/Reserve_army_of_labour#Marx.27s...

[Edited on 14-6-2012 by AndersHoveland]
franklyn
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Current events

Click on the country icon for detailed explaination.

_________________

The devil is in the fine print.

No C.D.S. for you !

http://www.newstatesman.com/blogs/economics-blog/2012/06/mos...

P.S.
My prediction is the Greek elections will once again achieve impasse
with no government possible the country will be ungovernable.

.
497
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 Quote: Just remember that immigration, and rising fertility rates amongst the poor, can drastically alter the economic structure. An excess supply of labor drives down wages and increases inequality.

I wonder how much less immigration pressure would be present if the US wasn't waging the "war on drugs" in Mexico/Central America, forcing many to flee north? Haven't noticed that connection till now... Very interesting.

Really good article: http://www.aljazeera.com/indepth/opinion/2012/05/20125309437...

[Edited on 14-6-2012 by 497]

A word to the wise: NEUROFEEDBACK

http://citizenworks.org/corp/dg/s2r1.pdf
http://www.newscientist.com/mobile/article/mg21228354.500-re...

"To expose a 15 Trillion dollar ripoff of the American people by the stockholders of the 1000 largest corporations over the last 100 years will be a tall order of business."
Buckminster Fuller

"No problem can be solved from the same level of consciousness that created it."
Albert Einstein
edgeofacliff
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Even without the war on drugs these people would still be coming. Third world countries can be very hard places to live and being able to walk away and go to the richest country in the world, well, wouldnt you?
DerAlte
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As far as Europe goes, SOS (an acronym with several meanings, all of them valid here!).

Today’s topic is the stupidity of the (US) market and the complete lack of any semblance that it is other than a gambler’s pit run by idiots with MBAs from the Dumbass School of Business, who think they have the perfect algorithm or that any such algorithm will net them a buck. Investing, in the old style, by individuals is way a thing of the past. Institutions, hedge funds (think JPMorgan Chase), high frequency and day traders, rule the roost with their economic nonsense. And the approach of quadruple witching hour did not help any, either.

I was watching the DOW index at around 3.15 this afternoon and suddenly a cliff appeared as it rose 100 points in a matter of minutes. Some rumor was heard of some new breakthrough in Europe (have we heard that one before??? - haven’t they?) and a sudden cliff appeared as the computer driven idiot’s algorithms drove it up, even stocks like those of Shit Inc., without any reference to reality. Yet nothing had changed.

The same algorithms, untouched by human brain, halted the rise at the predetermined point and a 20 minute period of flatness happened before the other idiots’ algorithms kicked in (those of the HFT men) and the screen roared, sell, sell take profits now! The DOW went thud, back to its prior level before this crap started. Then those slower on the uptake got in, pulling the index back up again more slowly about 50 points for a daily gain of 155 points.

As the Aussies put it, watch out below (chunder!). Investment has been replaced by outright gambling. None of it made the slightest sense. Meanwhile, back at the ranch, The Treasury managed to sell long term bonds with trifling interest rates at at a good bid to cover (print, print!); while Italy’s bond interest rates on soared while Moodys et al reduced the status of Spain’s debt to junk.

Tomorrow should be an interesting day…
Der Alte
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The uncertainty of the outcome from the Greek election which is sure to produce
some large market move up or down , is employed in a strategy called a long
straddle. You buy with equal amounts of money both PUT and CALL options , the
first strike price just out of the money. A small move or even practically no move
will mean you lose all , but a move of more than $2 either way as in this example will make you a profit. Click on July options here _ http://www.marketwatch.com/investing/fund/xlf/options * Note the huge volume and open interest clustered just around the current price of this financial company fund ( XLF ) [file]19117[/file] other plays => http://www.cnbc.com/id/47476159 After QE1 on March 31, 2010 , the market continued in afterglow for 16 trading days. Following QE2 on June 30, 2011 , stocks still floated for another 15 trading days. Over this period of 31 trading days , stocks rose in 21 sessions while falling in only 10 , 2 to 1. Reaction is not immediate , stocks seem to enjoy a 3 week grace period before the sobering reality sets in. After reaching record highs , bond prices kept falling from mid December 2008 to March 2009 ; returning to levels seen before the flight to safety sent bond prices soaring. This decline in TLT prices by itself gave a buy signal , money was moving from bonds back to risk assets such as SPY and GLD, which started a multi year rally for these 2 ETF´s. You buy stocks just before a Fed QE action, ride the equities up to two or three months before the QE buying stops and treasury rates are at their highest , ( back in March and April ) sell the stocks , take the gain and buy treasuries TLT. Wait for the end of QE3 and the market to fall ( this June and into July ) bringing treasury yields back down , then sell your treasuries , take the capital gain and start over again at some point you expect another Fed QE action. Hold until TLT goes over 132 - 135 , then sell. Short Treasuries by buying TLT - Put or TBT - Call ( inverse TLT ). When TLT returns to around 110 - 115 exit this short trade and go long SPY ( S & P 500 ) which may then be 110 -120 or less. Contingent on the Federal Open Market Committee ( FOMC ) Meeting next Wednesday June 20 does not yet announce resuming QE . It appears however that primary dealers in treasuries are holding , which naturally means they expect to sell off at a profit soon. http://www.zerohedge.com/news/primary-dealer-treasury-holdin... . [Edited on 15-6-2012 by franklyn] AndersHoveland Hazard to Other Members, due to repeated speculation and posting of untested highly dangerous procedures! Posts: 1986 Registered: 2-3-2011 Member Is Offline Mood: No Mood  Quote: Originally posted by DerAlte Meanwhile, back at the ranch, The Treasury managed to sell long term bonds with trifling interest rates at at a good bid to cover (print, print!); Yes, but what is going to happen if interest rates go much higher up when those bonds eventually come due? There seems to be the potential for disaster looming in the future. The USA is counting on continued low interest rates to continue to service its debt. Accumulated debt is the fuel for financial troubles later on, whether it is personal debt or government debt. bbartlog International Hazard Posts: 1139 Registered: 27-8-2009 Location: Unmoored in time Member Is Offline Mood: No Mood  Quote: Originally posted by AndersHoveland Yes, but what is going to happen if interest rates go much higher up when those bonds eventually come due? I assume you're aware that the Fed (and maybe other central banks) are buying bonds to keep interest rates low? Or do you think that there are actually$5 trillion in real savings to be invested every year in government bonds? For what it's worth the actual amount of investable savings worldwide is only about $1 trillion annually, so it's utterly impossible for this amount of deficit spending to be financed other than by printing money. In short, interest rates will stay low so long as the central banks want them to stay low. Of course this will result in currency devaluations, but so long as every major currency is being devalued at the same time, you would only see the effects when looking at gold or commodity prices... As an aside, this also implies that the occasional rise(s) we see in interest rates for Greece, Spain and so on can probably be viewed as artificial signals or warnings being sent by the central bank. Absent their interventions, almost everyone would be paying such high interest rates; when some country actually ends up with high rates it's because the central bank has withdrawn its favor, i.e. stopped propping up their bonds. The less you bet, the more you lose when you win. franklyn International Hazard Posts: 3027 Registered: 30-5-2006 Location: Da Big Apple Member Is Offline Mood: No Mood 497 sent me the following :  Quote: Hey, so what do you think about the current trends in bitcoin prices? How much potential/risk does bitcoin carry? Based on my (sadly insufficient) research it seems like the value is very low now and could rise rapidly as other currencies falter and bitcoin becomes more widely understood. Potential for insanely high yields! Thanks for all your valuable insight! That it can serve as a currency itself , I don't see this becoming the next Swiss franc anytime soon even if it were more widely used. This is a means of payment for transfer of value and exchange , as a remittance. Does holding onto an uncashed money order make it more valuable ? This is exactly what currency is intended to be not an article of commerce in itself as bitcoins are currently exchanged , subject to price speculation. Hoarding bitcoins may appreciate but compared to what ? See how the exchange rate is rising http://www.bitcoincharts.com/markets www.wired.com//magazine/wp-content/images/19-12/mf_bitcoin6b_f.jpg This is just how stock prices are bid up by inside traders. See _ http://www.marketwatch.com/investing/stock/rays/charts A possible solution would be to peg value to something actual at parity. For example where I live in New York , the price of public transportation , such as the Subway has remained over the years essentially equal with a slice of pizza. I kid you not. In 1963 both were 15 cents each. Today both are$ 2.25 each. The only thing that changed has been the
devaluation of the dollar. The value at parity of bitcoins would constantly
be reset. Bitcoins like stock splits would continually be merged as for
example Citibank stock , in which 10 of the old shares were exchanged
for one new share of the stock. This eliminates the incentive to create
value from nothing as nothing is all you get back for your trouble if
the price gets bid up beyond the pegged value.

.
franklyn
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No doubt the market will see values rise enthusiastically in giddy response
to the expectation that the reprise of the prior electoral result in Greece
once again will somehow end their ideological stalemate before their banks
run dry this week or the next.. ( Oh yeah , good luck with that )

A market rise will void possiblity of action by the Federal Reserve to
stimulate more. It has no pretext to do so without a crash , which it may
precipitate by denying more easing. ( Are you following this so far )

Please uncle Benny bring me a pink pony pleeease ,
http://live.wsj.com/video/with-rates-this-low-who-needs-qe3/...

Meanwhile somewhere over the rainbow ,
Spain is supposed to be bailed out by an entity that doesn’t even exist yet ,
the E.S.M. ( European Stability Mechanism ) for which Spain itself is meant to
contribute 12% of the funding. Just to top it off , most of the E.U. members ,
including Spain have yet to even ratify the formation of this fund.
Note here under " Contributions "
http://en.wikipedia.org/wiki/European_Stability_Mechanism
The contributors to be , many of which are themselves due to be bailed out ,
will be required to provide funds which they can only obtain at market rates
which are driving them into insolvency.

You couldn't make this up as fiction - who'd believe it.
Makes me wonder if certifiable psychosis is a job description
for becoming a European officiator of finance.

Sanity

http://seekingalpha.com/article/663661-coming-week-7-things-...
http://seekingalpha.com/article/664241-stay-out-of-stocks-th...

___________________________________________

Be afraid , be very afraid

Click " Read More " below the text at the right side

http://www.cnbc.com/id/47770902
http://www.cnbc.com/id/47770902?slide=2
http://www.cnbc.com/id/47770902?slide=3
http://www.cnbc.com/id/47770902?slide=9

_____________________________________________

Plan B from outer space

Germany will leave the Euro and establish the new Deutsche Mark ( DM ).
Without Germany , the Euro will fall against all currencies , acheiving the
needed devaluation to restore competitiveness to the laggard nations ,
whose economies will experience real growth for the first time in years.
The DM will become very strong against the Euro , depressing Germany's
economy for a time.

.

[Edited on 19-6-2012 by franklyn]
DerAlte
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So what happened? Absolutely nothing. US stock market flat. The Greek Election, regardless of idiotic media hype, was a non-event. Far more important is Egypt.

The acronyms continue to be generated, as Franklyn says; generic E*** funds, mechanisms, what have you – full of sound and fury, signifying nothing. I can’t keep up with them, new ones are invented daily. The old can, now spherical and very easy to kick, rolls down the road unabated.

Likelihood of Grexit Still 50-75%: Citi http://www.cnbc.com/id/47830146
Spain Back in Danger Zone as Greece Relief Short-Lived http://www.cnbc.com/id/47855851

Stand back and take a different perspective. Greece is 2,7% of the Eurozone economy (not EU). The Eurozone represents 19% of US trading activity. So Greece should be about 0.5%, if that. In global terms, totally insignificant. If Greece had its own currency, this nonsense would just be a very minor blip on the economic radar. The latest bailout is $1.6E11, the population 1.1E7; per capita, this amounts to$ 14545. Since the GDP is only about 3E11, the bailout is around 50% of GDP. Nice welfare or charity, if you can get it!

The folly of the Euro becomes apparent. PIIGS are locked into an impossible situation – they cannot devalue and the price of exit is probably chaos. The creation of the Euro did nothing to really improve the economic situation in those countries, although short term it may have seemed a miracle come true. Miracles do not happen. It gave Germany, whose economy was in poor shape due to reunion with East Germany and the costs thereof, a chance – for a short term – to stabilize the currencies and increase trade radically with the Eurozone. It may also have helped France too.

There are a few rules in the realm of finance (moral finance, that is, not the variety that seems to prevail today). A contract is binding; debts must be paid; default is dishonor; and only an idiot throws good money after bad. Go figure.

And this one is worth a read:

Have the Greeks Done Us a Favor?
http://www.cnbc.com/id/47858646

Der Alte

[Edited on 18-6-2012 by DerAlte]
edgeofacliff
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"So Greece should be .05%" That may be, however, here in the USA when the market sees a spark they fan the flames and shout "Fire". We have been down this road before, somebody will win, everybody else will lose.
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M U S T _ R E A D

http://www.marketwatch.com/story/so-long-suckers-im-leaving-...

________________________________________________

Robert Kessler once again discusses bonds

http://video.cnbc.com/gallery/?video=3000096464

________________________________________________

How to lose all your marbles , in one easy lesson. Buy and hold a leveraged ETF
http://soberlook.com/2012/06/not-enough-leverage-want-more-s...
http://seekingalpha.com/article/520641-short-etfs-everything...
http://seekingalpha.com/article/286027-stay-away-from-levera...
observations from a few years back _
http://seekingalpha.com/article/126765-leveraged-etfs-is-tra...
http://seekingalpha.com/article/104703-explaining-inverse-an...

Because of the negative feedback from tracking , these funds are only used for
temporary hedging , why they are mostly small and are not traded with options.

________________________________________________

Most likely to self immolate ,

_ and the winner is _
http://www.zerohedge.com/contributed/2012-06-19/spain-now-fa...

.
franklyn
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Robert Kessler discusses bonds again , this time on FOX news

Never fear the FED is here and it's favored debt won't be left twisting in the wind.
http://www.bloomberg.com/news/2012-06-20/fed-expands-operati...

A bailout is when working people in a wealthy country
send money to wealthy people in a distressed country

.
AndersHoveland
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Another doomsday prophecy from financial experts:
http://www.moneynews.com/StreetTalk/Aftershock-rogers-econom...

And for those of you that do not keep up with the news, there are plenty of signs China's bubble is close to popping.
Vogelzang
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What really happened.

franklyn
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@ AndersHoveland

" there are plenty of signs China's bubble is close to popping "

Given those references are from , Aug 22, 2010 and Mar 24, 2011
I wonder what "close to popping " means in your thinking.

Events such as economic derailment do not occur suddenly although
a stock market selloff is a symptom of this. It's a slow motion train wreck.

______________________________________

Excellent analysis of status quo in Europe
http://www.zerohedge.com/news/europe-1-2-3

By the numbers
http://www.zerohedge.com/contributed/2012-06-23/forget-piigs...

Things to come this week
http://seekingalpha.com/article/679511-coming-week-market-mo...

.

[Edited on 24-6-2012 by franklyn]
Vogelzang
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Why the Stock Markets Love Scott Walker
By Larry Kudlow

You didn't see it in the mainstream financial media Wednesday morning. But stocks loved Governor Scott Walker's spanking of public-sector unions and Democrats in Wisconsin. The Dow jumped about 165 points right at the opening on Wednesday, and was up over 200 points later in the day. There really was no other news. There was some speculation about central bank stimulus in Europe and the United States. Blah, blah, blah. But there was nothing specific or concrete.

http://www.realclearmarkets.com/articles/2012/06/07/why_the_...

Vote Republican!

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There isn't a single developed country that is not downtrodden right now.
http://www.bloomberg.com/news/2012-06-24/brics-biggest-curre...
http://soberlook.com/2012/06/as-argentinas-economy-hits-wall...

Here comes the sell off
http://www.telegraph.co.uk/finance/personalfinance/investing...

Why it's so
http://seekingalpha.com/article/681521-1-week-to-save-the-eu...

Repeated from above post - " Things to come this week "
http://seekingalpha.com/article/679511-coming-week-market-mo...

Suttee (or self immolation) was a Hindu rite practiced in India, whereby a widow
lay by her husband's side on his funeral pyre, to be burned alive next to the corpse.
One ought not expect Germany will risk dying along with the other dead Euro states.

Final point here , Greece will not be getting any more money. The elected leaders
of the newly improvised Greek government will not attend the European Council
meeting the end of this week so as not to exacerbate the already dire situation
that won't be resolved in any case. They have a note from their doctors to play
hooky.

Impending
http://seekingalpha.com/article/680391-the-start-of-the-2012...

http://uk.news.yahoo.com/greek-accountant-despairs-050215729...

.

[Edited on 26-6-2012 by franklyn]
AndersHoveland
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Why does everyone refuse to see the obvious?!
Just tell Greece they cannot use more government debt to back the issuing of more euros.
Problem solved. Greece can still remain within the Euro zone, and the Greeks can deal with their own issues without it directly affecting the euro.

Greece must default, at least partially. All those investors who hoped for high yields are going to have to pay the price. Stop making the taxpayers subsidise risk.

As for the greek debt already backing euros, the euro will have to take a (little) hit. Trying to prop up value that just is not there is not sustainable. That is what you get when you try to back currency with just promises to pay more currency in the future. A currency is only worth what it is backed with.

[Edited on 26-6-2012 by AndersHoveland]
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http://www.independent.co.uk/news/world/europe/if-this-last-...
Here's a joker for you , J.P.Morgan Chase has an outstanding bet to hedge against
the market crashing. If the euro zone gets it's act together and does something
positive for once that will turn market expectations around for the better , Morgan
will lose big time , we're talking a potential Lehman II - Is everybody laughing.
http://seekingalpha.com/article/690261-jpmorgan-losses-reach...
From this same author :
" Just how toxic Italian and Spanish debt has become and just how damaging the
Long Term Refinancing Operation ( LTRO ) carry trade has turned out to be , Italian
banks are now forced to stop buying Italian debt because the sell off in Italian
bonds has forced them to seek assistance in turn from - Italy itself. "
Folks , Italy's 1.9 trillion sovereign debt is the 4th largest in the world. Somewhere
in the vicinity of 200 billion needs to be refinanced just this year. Their 10 year bond
is now yielding just under 6.2 % compared to just under 1.7 % for U.S. 10 year.
The eurocrats that contrived this prior fix are now convened to solve the present
situation with yet one more grand sweeping plan. Just you wait , you'll see.

You know things are bad when the Swiss are worried http://www.cnbc.com/id/47961107
http://buzz.money.cnn.com/2012/06/28/investors-stocks-outflo...
http://money.cnn.com/data/fear-and-greed

http://money.cnn.com//2012/06/28/news/economy/survey_eurozon...

http://seekingalpha.com/article/687551-europe-going-back-to-...

__________________

DerAlte beat me to it in his post below here

The videos

Jim Rogers
http://video.cnbc.com/gallery/?video=3000099838&play=1
El-Erian
http://video.cnbc.com/gallery/?video=3000099938&play=1

Analysis of €urophoria
http://seekingalpha.com/article/692961-eu-summit-agreement-b...

.

[Edited on 29-6-2012 by franklyn]
DerAlte
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Well, all markets are up as of midday EST. For some reason the sentiment is that this latest Eurozone meeting is not the usual can kicking but actually significant. But I’m with Jim Rogers this time – I don’t usually agree with some of his views:

Financial ‘Armageddon’ Will Happen Despite EU Deal: Rogers
http://www.cnbc.com/id/48008281

Euro Zone Plan Good, but Not Good Enough: El-Erian
http://www.cnbc.com/id/48010484

The ‘deal’ looks like another scheme for printing money and increasing debt. We’ve heard this rubbish before.

The market’s performance yesterday was also typical of the usual sentiment driven crap: The Supreme Court decision caused an immediate large drop, which I can understand. I don’t like that decision but again I applaud the wisdom of the court. As I wrote previously somewhere, if the health bill requirements on having mandatory coverage were to be considered as taxation, that part would be constitutional. I’m no lawyer, but Chief Justice Roberts, a conservative, saw it that way and so voted.

The market drop was caused by the expectation that the opposite decision would result. In fact, the real effect on health was mixed, since some companies (insurers, HMOs) would be adversely effected while others (hospital chains, pharmaceuticals) would possibly benefit.
But, as chief justice Roberts says, it is actually a taxation on all except the indigent. Liberal welfare in disguise and higher costs for most. It is looking like four more years of liberal politics may yet manage to destroy the US economy and bring taxation and goods prices to EU levels. The alternative is in the hands of the voters.

Later yesterday the market suddenly recovered when Merkel cancelled a press conference. I’m not sure why! If all that noise (random, white, completely devoid of informational meaning) out of Europe would quieten down, maybe the rest of the world could get on with its business…

Der Alte
DerAlte
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Just the thing in an era of economic downturn. What sort of IQ is average for our government? A clear case of lunacy by the current regime:
\$26 a gallon?! Navy's 'Green Fleet' meets stiff headwinds
http://www.msnbc.msn.com/id/48047296/ns/us_news-environment/

And from the UK,
Study: British police say expect more riots
http://worldnews.msnbc.msn.com/_news/2012/07/02/12523787-stu...

Read this next one carefully. Consider the probable difference between the draftee troops of WWII and the volunteer troops of today in regard to The GI Bill. It would be interesting to have drop-out statistics in both cases. A mind conditioned by the military is not ideal for the pursuit of academic studies. Without some sort of filter, the entrance requirements for a real university (not like those quoted in the article) are very different.

Thousands of veterans failing in latest battlefield: college
http://usnews.msnbc.msn.com/_news/2012/07/02/12509343-thousa...

And, if they were educated in an environment like this one, I don’t think any self respecting university should want them.
http://usnews.msnbc.msn.com/_news/2012/07/02/12525064-parent...

Lunacy abounds in today’s idiotic world. I’m glad I knew a much better one, even if my earliest years were in WWII.
Der Alte
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Europe is saved with yet one more grand plan , oh yeah.

Critical analysis of €urophoria

http://www.thestreet.com/video/index.html?bctid=171593600000...

http://www.thestreet.com/video/index.html?clipId=11600871

http://seekingalpha.com/article/694341-prior-week-17-reasons...

http://seekingalpha.com/article/694401-spain-and-italy-s-fau...

http://www.zerohedge.com/news/was-merkels-surprising-defeat-...
abridged excerpt _
" Germany's Constitutional Court, the highest in the country, has recently indicated
that the limits of the country's constitution have been reached when it comes to
efforts to save the common currency. Already , the court is fielding several legal
challenges to the European Stability Mechanism ( ESM ) and last week asked German
President Joachim Gauck to delay signing the law until the court could fully examine
the challenges. Last September, Constitutional Court President Andreas Vosskuhle
said that further European integration would require a new constitution , making a
( German ) referendum unavoidable."

abridged excerpt _
" The European Stability Mechanism ( ESM ) , the permanent bailout fund , doesn’t
yet exist and hasn’t been ratified by a slew of countries , it's getting scrutinized by
the German Constitutional Court ," ( and subject to legal challenges from opposing
factions in Germany.)
" funding banks directly won’t be possible until after the Eurozone banking regulator
has been established. The Commission will present a proposal in the near future. If
all member states pass it by the end of the year , then direct aid to banks would be
possible at the earliest in 2013.
The ESM will be able to bail out Spain and Italy, and their banks, and all the other
countries, to which Slovenia may be added by end of July , and do all this with the
€700 billion it may in theory have some day. In theory because the €700 billion
includes the contributions of Spain and Italy, the very countries that the fund would
have to bail out."

http://www.telegraph.co.uk/finance/debt-crisis-live/9369068/...
" Finland and the Netherlands added to fears over the fragile nature of the agreement
by stating they would block a key element of the deal that would have allowed the
eurozone's new permanent bailout fund to buy bonds in the market. Regular decisions
are by unanimity so Finland can block. But if someone , like the Finns , is being
awkward for ' urgent ' decisions to preserve ' financial stability ' the ESM can take a
decision by a vote. The threshold, based on capital contributions, is 85 % , meaning
that Finnish (1.79 %) or Dutch (5.7 %) would not be able to block. Germany does
have a block (27.1 %) and must first ask Germany's parliament , a special budget
committee , before agreeing anything. German parliamentary opposition is much
more likely to be a block on bond buy-ups or direct bank recapitalisation. Germany's
parliament last week approved the ESM, but President Joachim Gauck said he will not
sign it into law until the powerful constitutional court has given its go-ahead. Several
critics have already filed complaints against the ESM with the court, who will hear
these complaints on Tuesday 10 July - one day after the fund is supposed to take effect."

http://seekingalpha.com/article/694501-coming-week-5-great-b...

http://seekingalpha.com/article/695221-second-quarter-2012-t...

http://seekingalpha.com/article/695321-3-reasons-the-market-...

In short , the concensus is that this latest fix has merely lit the delay fuse
on yet one more improvised explosive outcome.

Things to come
http://www.marketwatch.com/story/10-explosive-bubbles-that-w...

.
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