Weekday NEWS to Comfort the Disturbed and Disturb the Comfortable.
Friday 11.30.2012
Any fiscal cliff deal will do for oil, gold Analysis: Short sellers ready to pounce if negotiations drag on
By Myra P. Saefong - MarketWatch.com
SAN FRANCISCO (MarketWatch) — Commodity markets, particularly gold and oil, have been clinging to hope that the U.S. government will strike a deal to avoid the so-called fiscal cliff, but starting to trade as if it won't.
Gold and oil prices marked their third-straight losing session on Wednesday, in part due to uncertainty linked to the fiscal cliff, which refers to a combination of hundreds of billions in spending cuts and tax hikes that take effect at the start of the year if the nation's lawmakers can't reach a compromise.
A Cliff of Their Own Choosing
By George Will - PatriotPost.us
WASHINGTON -- With a chip on his shoulder larger than his margin of victory, Barack Obama is approaching his second term by replicating the mistake of his first. Then his overreaching involved health care -- expanding the entitlement state at the expense of economic growth. Now he seeks another surge of statism, enlarging the portion of gross domestic product grasped by government and dispensed by politics. The occasion is the misnamed "fiscal cliff," the proper name for which is: the Democratic Party's agenda.
Boehner, House GOP reject debt deal offer from White House
By Russell Berman, Mike Lillis, Erik Wasson
and Bernie Becker - TheHill.com
Speaker John Boehner (R-Ohio) on Thursday rejected a White House offer to avoid the "fiscal cliff" that would include $1.6 trillion in tax increases, $400 billion in spending cuts and a more permanent increase in the debt ceiling, Republican aides said.
Aides said the offer was made by Treasury Secretary Timothy Geithner and Rob Nabors, a top White House adviser, during their meeting with Republican leaders in the Capitol.
White House: Obama 'Will Not Sign' a Deal
Unless It Increases Taxes
By Terence P. Jeffrey - CNSNews.com
(CNSNews.com) - White House Press Secretary Jay Carney said today that no matter what else happens President Barack Obama--who is the only modern president other than Franklin Roosevelt to serve in four years when federal spending topped 24 percent of GDP--will not sign a deal to avoid the so-called fiscal cliff that will arrive at the end of this year unless that deal increases taxes.
"So the President made clear that he is not wedded to every detail of his plan," said Carney. "The President has also made categorically and abundantly clear that he will not sign an extension of the Bush-era tax cuts for top earners. It's bad economic policy and we cannot afford it. He will not sign that."
Bozell to GOP: Raise Taxes
and Conservatives Will Close Their Checkbooks
By Michael W. Chapman - CNSNews.com
(CNSNews.com) – Conservative leader L. Brent Bozell III sent a letter to the Republican National Committee (RNC) this week stating that if Republicans in Congress agree to raise taxes as part of a deal to avert the "fiscal cliff," he will make it his mission to ensure that conservatives close their checkbooks to the GOP or to any member of Congress who backs a tax increase.
"[I]f Republicans break their promise to the American people and vote for tax increases, the only thing going off the cliff will be the Grand Old Party itself," said Bozell in his letter to RNC Chairman Reince Preibus. "[I]t pains me to say this, but if the Republican Party breaks its word to the American people and goes along with President Obama with tax increases, it will have betrayed conservatives for the final time."
Obama makes fresh demands on fiscal cliff
By Lori Montgomery and Paul Kane - WashingtonPost.com
President Obama demanded Thursday that Congress relinquish control over federal debt levels and approve at least $50 billion in fresh spending to boost the economy next year as part of a deal to avert the year-end fiscal cliff, senior Republican aides said.
The proposal, delivered Thursday by Treasury Secretary Timothy F. Geithner to top congressional leaders, also seeks $1.6 trillion in new taxes over the next decade, starting with an immediate increase in tax rates for top earners. It makes no concession to Republicans who want to raise cash by eliminaing tax breaks instead of raising rates.
Companies quietly push for tax break
on foreign profits in "fiscal cliff" debate
By Jia Lynn Yang and Suzy Khimm - WashingtonPost.com
Amid the tumult over looming tax hikes and spending cuts, a massive change to the corporate tax code is quietly gathering steam.
U.S. multinationals have spent years pushing for a reform of the tax code that would eliminate taxes on business profits overseas, just as these firms are banking their futures on growth abroad.
Foreign central banks' US debt holdings rise: Fed
(Reuters) - Foreign central banks' overall holdings of U.S. marketable securities at the Federal Reserve rose in the latest week, data from the U.S. central bank showed on Thursday.
The Fed said its holdings of U.S. securities kept for overseas centralbanks rose $9.4 billion in the week ended November 28, to stand at $3.20 trillion.
Think tank to sue EPA to force cap-and-trade rules
By ERICA MARTINSON | Politico.com
A think tank is preparing to sue the Environmental Protection Agency to demand that the agency set up a cap-and-trade system for the transportation sector to rein in greenhouse gas emissions from fuels.
"We think the agency's powers are super clear," said Michael Livermore, executive director at the Institute for Policy Integrity at the New York University School of Law, which notified EPA of its lawsuit plans Wednesday.
Debt ceiling can be held off until early March, CBO says
By Robert Schroeder - MarketWatch.com
Raising the U.S. debt ceiling — one of the contentious pieces of ongoing fiscal cliff talks between the White House and House Republicans — can wait until mid-February or early March at the latest, a new report said Thursday.
The Congressional Budget Office says that the Treasury will be able to keep funding government operations without an increase in the debt limit "until mid-February or early March."
Greek deal frays as IMF threatens walk-out
on debt buy-back impasse The eurozone's debt relief plan for Greece has hit serious trouble within days as banks and pension funds balk at fresh losses, raising fears that the package could unravel before a deadline in mid-December.
By Ambrose Evans-Pritchard - Telegraph.co.uk
The International Monetary Fund said on Thursday that it would not disburse funds under its part of the EU-IMF package unless the eurozone delivers on a bond "buy-back" scheme, which is supposed to cut Greece's burden by 10pc of GDP and is deemed crucial for restoring long-term viability.
If the IMF withdraws, Finland and Holland will also pull out of the programme. "This has become a really big problem," said Raoul Ruparel from Open Europe.
Court blocks release of Greek accounts EU court throws out freedom of information request relating to credit swaps which allowed the country to increase its debts
By Julia Kollewe and Martin Farrer - Guardian.co.uk
The EU's general court has blocked an attempt to force the European Central Bank to release files showing how Greece used derivatives to hide its debt in the run-up to the financial crisis. The case was brought by Bloomberg News under the EU's freedom of information rules in August 2010 but was thrown out on Thursday by the court in Luxembourg.
"Disclosure of those documents would have undermined the protection of the public interest so far as concerns the economic policy of the EU and Greece," the EU's general court said.
Hostess seeks $1.8 million in executive bonuses,
110 bidders interested
By Tiffany Hsu - LATimes.comm.
Hostess Brands Inc., in the midst of winding down its business, is hoping Thursday that a federal bankruptcy judge approves up to $1.75 million in bonuses for its executives.
The money is intended as an incentive for 19 top-level managers to stay on with the Twinkies and Ding Dongs maker to oversee its liquidation following a battle with its second-largest union.
Hostess says it has more than 100 interested buyers
By CANDICE CHOI, AP - MercuryNews.com
NEW YORK -- The future of Twinkies is virtually assured.
Hostess Brands got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its iconic snack cakes to find a second life with new owners -- even as 18,000 jobs will be wiped out.
The company said in court that it's in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos. The suitors include at least five national retailers such as supermarkets, a financial adviser for Hostess said. The process has been "so fast and furious" Hostess wasn't able to make its planned calls to potential buyers, said Joshua Scherer of Perella Weinberg Partners.
Fundamentals of Recent Economic Growth Are Not Fine
By Niraj Chokshi - NationalJournal.com
The economy is growing faster than initially thought, according to a Thursday report, but it may be taking on more fat than muscle, which could slow down growth in the final few months of the year, economists say.
Real gross domestic product grew by an annual rate of 2.7 percent in the third quarter, up from an initially reported 2.0 percent, according to a Thursday morning Commerce Department report. But the drivers of growth aren't encouraging and suggest a weaker fourth quarter, already beleaguered by concerns over whether lawmakers will avert an impending fiscal crisis.
Kansas City Fed
Manufacturing Weakens To Worst Expectation in November
By JON C. OGG - 24/7 Wall St.
The Federal Reserve Bank of Kansas City has now released its November Manufacturing Survey and it revealed that Tenth District manufacturing activity continued to fall in the month of November. Producers' expectations were unchanged from last month at modestly positive levels.
Its month-over-month composite index was -6 in November versus a Bloomberg consensus of -1 and with a range of -6 to +1. Unfortunately, that means that the report matched the worst expectation. This KC Fed Manufacturing Index was down from -4 in October and down from a positive 2 in September. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes.
A Month After the Floods, Owners Still Feel the Hurt
By Sarah E. Needleman - WSJ.com
A full month after Superstorm Sandy slammed into the Northeast, business owners in the region are shifting efforts away from clearing roads or restoring power, to coping with the storm's long-term costs—and getting back to business.
For instance, an interior design firm in Ocean City, N.J., has tapped a $61,000 insurance claim to start rebuilding a flooded showroom. A wine wholesaler in Oyster Bay, N.Y., claimed $10,000 to relabel a shipment of damaged house wines—though not in time for the holiday sales boom.
Sales at Nation's Retailers Fell Short in November
By STEPHANIE CLIFFORD - NYTimes.com
Sales at stores open at least a year declined in November at major American store chains, including Macy's, Nordstrom, Kohl's and Target, sending a shiver through the retail world Thursday.
The reporting period includedThanksgiving and Black Friday, the official kickoff of the critical holiday shopping season. Early reports regarding those days had been mixed, and the individual retailers' dim results suggest a big challenge in the coming weeks for retailers.
Consumer Spending in U.S. Grows Less Than Forecast
By Shobhana Chandra - Bloomberg.com
Consumer spending in the U.S. grew less than forecast in the third quarter, underscoring why Federal Reserve policy makers are zeroing in on fighting unemployment to spur the world's largest economy.
Household purchases climbed at a 1.4 percent rate, the smallest gain in more than a year and down from a previously reported 2 percent advance, revised figures from the Commerce Department showed today in Washington. Gains in inventories and a smaller trade deficit more than offset the slowdown to propel gross domestic product to a 2.7 percent rate, exceeding the 2 percent pace previously reported.
Why Startups Are About to Create a Major Job Surge
By Carol Tice - Forbes.com
Could entrepreneurs be about to lead the country out of our stubborn job slump? Two new studies indicate the stage may be set for an uptick in hiring (fiscal cliff fearsnotwithstanding).
Why? Startup creation is booming, and younger firms are more likely to create new jobs than established companies.
Home Prices Seen Dropping 10%
in U.S. on Foreclosures: Mortgages
By Kathleen M. Howley - Bloomberg.com
As many as 1.25 million of America's least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market.
Sales of repossessed properties probably will rise 25 percent this year from 1 million in 2011, according to Moody's Analytics Inc. Prices for the homes could drop as much as 10 percent because they deteriorated as they were held in reserve during investigations by state officials resolved in February, according to RealtyTrac Inc. That month, 43 percent of foreclosures were delinquent for two or more years, from a 21 percent share in 2010, according to Lender Processing Services Inc. in Jacksonville, Florida.
Shiller Skeptical About Housing Recovery
By Cullen Roche - PragCap.com
Robert Shiller was on CNBC today discussing the state of the housing market. Shiller says he is skeptical about the housing recovery and says many headwinds still remain. He says it's still a risky market. Here's more via CNBC:
Shiller — who has a closely watched housing market gauge bearing his name — is famous for his dire predictions about the health of the U.S. home sector prior to the 2008 crisis.
Unaffordable Cost Seen for Some Under Affordable Care Act
By Brian Faler - Bloomberg.com
To Megan Hildebrandt, President Barack Obama's Affordable Care Act means she can no longer be denied health insurance because of her lymphatic cancer.
There's a big catch: Coverage for the 28-year-old artist and many other Americans withoutinsurance will come at a potentially unaffordable cost.
Hildebrandt, who relies on hospital charity, will face more than $1,000 in annual premiums, by one estimate, and probably more in out-of-pocket expenses even with new federal subsidies. She and her husband have a combined income of $25,000.
What Medicare Needs Is a Consumer-Driven Market
By Jeff Jacoby - PatriotPost.us
Neurologists are about to feel the sting of the Affordable Care Act. Beginning Jan. 1, Medicare will be paying them less for electrodiagnostic procedures used in identifying and treating a wide range of nerve and muscle disorders. Reimbursement rates for some tests will be slashed by more than 50 percent, and the Centers for Medicare & Medicaid Services estimates that payments to neurologists overall will shrink by 7 percent next year.
Help Medicare to thrive under ACA
By REP. JOE COURTNEY | Politico.com
As we approach the edge of the fiscal cliff, Medicare — the health insurance program for America's seniors and disabled — is in the cross hairs. Former Republican vice presidential candidate Rep. Paul Ryan authored a budget that called for Medicare to be turned into a voucher program. Others have called for new co-pays for skilled nursing or home health care.
In addition to passing on higher bills to beneficiaries, these and other proposals ignore the reality that the Affordable Care Act is already reining in Medicare growth, extending its solvency and putting us on a firmer fiscal footing.
Union walkout cripples ports of Los Angeles and Long Beach The job action by the small International Longshore and Warehouse Union Local 63's Office Clerical Unit shuts down most of the complex, which could have a wide effect.
By Ronald D. White, Los Angeles Times - LATimes.com
A small union of maritime clerks managed to shut down most of the nation's busiest seaport complex Wednesday, raising concerns about harm to the fragile economy.
Although late November is a relatively slow time for cargo movement at the ports of Los Angeles and Long Beach, a prolonged closure could prove costly for retailers and manufacturers who rely on the ports to get their goods as well as truckers and other businesses that depend on the docks for work.
Michigan Couple Stole GM Secrets for Chinese, U.S. Says
By Margaret Cronin Fisk & Steve Raphael - Bloomberg.com
A former General Motors Co. (GM) engineer and her husband should be convicted of stealing the automaker's trade secrets related to hybrid-car technology to help develop such vehicles in China, a U.S. prosecutor said at the end of their trial.
Shanshan Du, the ex-GM employee, copied the Detroit-based company's private information on the motor control of hybrids and provided documents to her husband, Yu Qin, the government alleges. Qin used the confidential data to seek business ventures or employment with GM's competitors, including the Chinese automaker Chery Automobile Co., the U.S. said.
Detroit Mayor: "We are in an environment of entitlement…" Bing Said City Workers Feel 'Entitled,'
Says His Job Second Only To Obama's
CBSDetroit
DETROIT (CBS Detroit) Managing expectations is his day-to-day position against people who believe the mayor can solve all of Detroit's problems is the hardest thing he deals with every day.
That's according to an interview Detroit Mayor Dave Bing did with CNN where he talked about the community's deep problems and how he plans to solve them.
Lawsuit seeks to overturn
Ariz. Gov. Brewer's immigration order
By Jerry Seper-The Washington Times
A coalition of immigrant rights advocates filed a lawsuit Thursday seeking to overturn an order by Arizona Gov. Jan Brewer that denies driver's licenses for illegal immigrants who have received work permits but avoided deportation under a new Obama administration policy.
The class-action lawsuit seeks to block an Aug. 15 executive order issued by the governor after the federal government implemented the Deferred Action for Childhood Arrivals (DACA) program that allows certain undocumented immigrant youth who came to the U.S. as children to live and work in this country for a renewable period of two years.
Microsoft's next tablet priced to gather dust Premium pricing not likely to appeal to consumers
By MarketWatch
SAN FRANCISCO (MarketWatch) — In the age of bring-your-own device to work, consumers have a lot of say as to what devices they want to use, and Microsoft Corp.'s premium pricing for the Surface Pro tablet may put them off, even if it does have a full Windows 8 offering.
Microsoft said in a blog post Thursday that it was pricing the two forthcoming versions of its Surface tablet, the Surface with Windows 8 Pro, at $899 and $999. These two versions will both have Intel Corp. chips and run Windows 8 Pro, along with all current Windows 7 applications.
Good news on digital front… Senate committee approves sweeping update
to digital privacy law
By Jessica Guynn - LATimes.com
Digital privacy laws in the United States just got one step closer to the 21st century.
A Senate committee on Thursday backed privacy protections that would require the government to obtain a search warrant before gaining access to email and other electronic communications.
Email privacy bill passes committee in the Senate
By Morgan Little - LATimes.com
The Senate Judiciary Committee has approved legislationrequiring that police obtain a search warrant to gain access to private emails and other forms of electronic communication. The bill, championed by committee Chairman Sen. Patrick J. Leahy (D-Vt.), updates legislation developed before the widespread adoption of the Simple Mail Transfer Protocol that forms the backbone of modern email networks, let alone Facebook or Twitter.
from... October 28, 2009 UN Agenda 21 - Coming to a Neighborhood near You
By Scott Strzelczyk and Richard Rothschild - AmericanThinker.com
Most Americans are unaware that one of the greatest threats to their freedom may be a United Nations program known as Agenda 21. The United Nations Department of Economic and Social Affairs, Division for Sustainable Development created Agenda 21 as a sustainability agenda which is arguably an amalgamation of socialism and extreme environmentalism brushed with anti-American, anti-capitalist overtones.
Obama Signs Bill
to Exempt US Airlines from EU Aviation Carbon Tax
By Charles Kennedy - OilPrice.com
The EU has set a tax on carbon emissions for all aircraft flying into European countries, all part of the Emissions Trading Scheme (ETS). The problem is that Obama has just signed a bill that exempts US airlines from paying that carbon tax.
Specifically the bill gives the US transportation secretary the power to shield US airlines from the tax; an unusual bill, according to Reuters, as it allows US airlines to ignore EU laws.
Ukraine Sign $1.1 Billion LNG Deal with the Wrong Man
By James Burgess - OilPrice.com
Ukraine has just admitted that it signed a $1.1 billion LNG deal with a man who did not even work for the company he claimed to be representing.
The deal was intended to be between Ukraine and the Spanish energy company Gas Natural Fenosa, to build a LNG terminal on Ukraine's Black Sea coast. The terminal was part of plans to free the country from dependence on Gazprom's expensive imports, by enabling them to accept cheaper LNG from suppliers around the Caspian Sea and the Gulf of Persia.
Ukraine Crushed in $1.1bn Fake Gas Deal
By Jen Alic - OilPrice.com
Certainly the folks at Gazprom are having a good snicker, reveling in the mockery that has been made of what should have been a landmark Ukraine-Spain gas deal that would have loosened Russia's gas grip on Kiev.
Everyone wondered how Russia would respond to Ukraine's attempt at gas independence. But this is what happens when you mess with Gazprom.
Former Enemies Japan and Russia to Trade LNG?
By John Daly - OilPrice.com
On the surface of it, Russia, the world's second leading hydrocarbon exporter and Japan, Asia's second leading energy importer, seem a business arrangement made in heaven.
Except for one small historical detail – World War Two. On 8 August, two days after the U.S. dropped an atomic bomb on Hiroshima and the day before the U.S. dropped a second on Nagasaki, the USSR abandoned its neutrality treaty with Japan signed in April 1941, and in a lightning campaign lasting less than a month, overwhelmed Japanese Kwantung Army military forces in Manchuria and took the Kurile islands into the bargain.
Syria shuts off internet access across the country
Shutting down of communications seen as bid to stymie rebel moves as militias attempt assault on the regime's power base
By Martin Chulov in Beirut - Guardian.co.uk
Syrian officials shut down nationwide internet access on Thursday and closed Damascus airport as rebels mounted offensives nearby and tried to advance on the capital from four directions. Phone networks were also crippled in much of the country, causing fear and confusion on both sides and fuelling claims that a new rebel push was gaining momentum.
Syria's information minister blamed "terrorists" for the outage, but the communications shutdown was seen as an attempt to stymie rebel moves as militias try to co-ordinate an assault on Damascus. It was also thought to be aimed at thwarting any plans for advances in other towns and cities.
On Closest Planet to the Sun, NASA Finds Lots of Ice
By KENNETH CHANG - NYTimes.com
Mercury is as cold as ice.
Indeed, Mercury, the closest planet to the Sun, possesses a lot of ice — 100 billion to one trillion tons — scientists working with NASA's Messenger spacecraft reported on Thursday.
Sean C. Solomon, the principal investigator for Messenger, said there was enough ice there to encase Washington, D.C., in a frozen block two and a half miles deep.
U.N. boosts Palestinians' status to nonmember observer state
By Paul Richter - LATimes.com
UNITED NATIONS -- The United Nations General Assembly voted Thursday to slightly enhance the status of the Palestinian territories at the international organization, a controversial gambit that conveys world recognition for beleaguered Palestinians.
Palestinian Authority President Mahmoud Abbas won 138 of the assembly's 193 votes, including those of some key European states, for his proposal to have the territories' standing upgraded to "nonmember observer state" from "nonmember observer entity."
A European "Maybe" for Palestine
By Ana Palacio - ProjectSyndicate.org
MADRID – On Monday night, the Palestinian Authority submitted a draft resolution to the United Nations General Assembly that, if approved, will upgrade Palestine's status from "observer entity" to "non-member observer state." A positive vote could change the outlook for bilateral talks between Israel and the Palestinian Authority.
The vote comes after recent violence in Gaza has ostensibly delivered the coup de grâce to any realistic chance for meaningful negotiations to resolve a conflict that remains key to the wider region's future. In this context, many factors will influence the General Assembly's decision, one of the most significant of which will be the European Union's position.
UN assembly approves Palestinian statehood over US objections
By Julian Pecquet - TheHill.com
The United Nations General Assembly voted overwhelming Thursday to grant Palestine statehood, leaving the United States and its ally Israel hopelessly outnumbered.
The final vote was 138 to 9, with 41 abstentions. The vote gives the Palestinian Liberation Organization, chaired by Palestinian Authority President Mahmoud Abbas, non-member observer status and the power to join U.N. bodies such as the International Criminal Court.
Senators threaten to cut Palestinian aid
in retaliation for U.N. action
By Stephen Dinan-The Washington Times
A bipartisan group of senators said Thursday they'll push for a vote in Congress to kick the Palestinian Liberation Organization out of its Washington offices and threaten to withhold U.S. financial assistance if the Palestinians seek to use enhanced U.N. status against Israel.
The U.N. General Assembly was expected to vote later Thursday to recognize Palestine as a "non-member observer state," which Israel and its supporters fear would give Palestinians a chance to use the International Criminal Court against Israel.
Rep. Ros-Lehtinen to call for cutting UN,
Palestinian funds over statehood vote
By Julian Pecquet - TheHill.com
The chairwoman of the House Foreign Affairs Committee will call on Congress to cut funding for the Palestinian Authority and for United Nations (U.N.) agencies that recognize the Palestinian Liberation Organization (PLO) as a state, The Hill has learned.
The U.N. General Assembly is expected to overwhelmingly recognize Palestine as a non-member observer state in a vote Thursday, following a multi-year lobbying campaign by Palestinian Authority President Mahmoud Abbas, also known as Abu Mazen.
- - - - - - - - - -
Ready for a distraction from "shop 'til you drop feeding frenzy last Friday" and the "farce of the fiscal cliff politics"?
As always, you decide; we provide the opportunity to see more than one side of any issue, regardless of how diverse or speculative the information. We don't endorse any speculative points of view.
CAVEAT LECTOR - let the reader beware! Enjoy the ride.
Government Secrets-
What Obama Knows about Dec 21 2012 - Full part 1.m4v
[no audio first 33 seconds - audio improves after intro]
Richard C. Hoagland, former NASA advisor) takes scientfic approach for larger-than-life problems of biblical proportions and proposes a do-it-yourself salvation of mankind.
Sumerians and the Anunnaki. Presentation
By Zecharia Sitchin
This is a Presentation by the late and Great Zecharia Sitchin about his over 70 years of reseach. Zecharia Sitchin (July 11, 1920 -- October 9, 2010) was an Azerbaijani-born American author of books promoting an explanation for human origins involving ancient astronauts. Sitchin attributes the creation of the ancient Sumerian culture to the Anunnaki, which he states was a race of extra-terrestrials from a planet beyond Neptune called Nibiru. He believed this hypothetical planet of Nibiru to be in an elongated, elliptical orbit in the Earth's own Solar System, asserting that Sumerian mythology reflects this view. Sitchin's books have sold millions of copies worldwide and have been translated into more than 26 languages
A Secret Hidden From Mankind
UFO phenomena supported by a host of highly acclaimed individuals who have enough evidence to make the world believe what is actually going on in our world in contrast to what we can see from behind the massive veil of deception. The dark clouds of lies. The so called elite love to lie to keep power over us all. This video clip comes from "SafeSpace UFO Documentary - Fastwalkers Files Disclosure".
Pole Shift May Be Imminent, Please Educate yourself Earth's Force Field
The Earths magnetic field, the protector of all life on Earth is under constant attack from deadly cosmic radiation. This invisible shield that we live in is weakening in a region over the South Atlantic, leaving it exposed to potentially lethal radiation. Is the Earth losing its magnetic field and doomed to a fate similar to Mars? Many scientists believe the answer lies in paleomagnetic data, and that this weakening may be a precursor to a magnetic field reversal; scientists know Earth is long overdue. However, humans were not around when the last reversal took place, so what does this mean for life?
Higher Dimensional Shift - December 21, 2012 - Tran
The electromagnetic particles that will be flowing & interchanging between the planets during the 12.21.12 alignment will be highly magnified and highly supercharged when they reach Earth. They will penetrate the crust, through the Earth and down into its core. At the actual moment of alignment it will cause the Earth to pause, and this process will completely transform the core of our planet to a completely new kind of energy source. Eventually time will begin to go collapse, and Earth will continue her evolution & transformation process into becoming a higher dimensional world.
Terence McKenna ~ 2012 & The Coming Singularity
Terence McKenna and Gregory Stock speak about the epic transition we face in the very near future called the Singularity.
This shift will be the result of the inevitable culmination of infinite technological progress and the emergence of completely new states of connectedness. Once the Singularity happens, infinite growth is reached. Within a very short amount of time (as a result of this exponential growth), we will take our first steps towards a new age as an entirely new entity.
We will then go on to saturate the entire physical universe with our newly born super-intelligence, or we will gain the ability to actually leave the 3-Dimensional universe and move to higher (or simply other) states of being.
2012: An Awakening with David Icke, John Major Jenkins
Explore the mystery of the 2012 prophecy in a whole new light. This film goes deeper than the vague predictions made by ancient prophets and seers; it explores how the earth is in the middle of a transformation that will change the way we live our lives forever.
Understand how the changes we see around us are unfolding right now. Learn the true nature of the Mayan Calendar, understand the workings and meanings of its cycles and end-date, and see that not only did the Maya track and measure time, cycles and nature, but they charted a galactic alignment that occurs once every 26,000 years.
2013 Gold Price Forecast:
Expect Gold to Deliver Another Record-Setting Year
BY PETER KRAUTH, Global Resources Specialist, Money Morning
No two bull markets are ever the same, and gold is no exception.
During the last secular gold bull market in the 1970s, gold rose from $35 in 1968 all the way to $200 by late 1974.
Then the unthinkable happened. Between late 1974 and mid-1976, gold prices were cut in half, dropping from about $200 to $100.
At the time, many gold investors sold out in disgust, never to return.
But then a funny thing occurred. Gold prices started to climb again, rising from $100 in mid-1976 all the way to $800 by January 1980.
Silver may be ready for a rally above $44/oz by year end
NEW YORK (Commodity Online): Silver may be ready for a rally above $44 an ounce by the end of this year, said TD Securities in a commodity snippet.
According to TDS, the combination of industrial consumption, investor demand and a poor primary silver production outlook next year prompts them to think that the metal could trend above $44 an ounce by the end of the year.
Why to Keep Betting on Higher Silver Prices
BY DEBORAH BARATZ, Contributing Writer, Money Morning
As November comes to an end, silver prices continue to hold their luster even in this down week.
On Tuesday, spot silver increased to $34.26 an ounce, its greatest level since the middle of October, before it dropped to $33.76.
Silver traders have hit the sidelines as economic news such as fiscal cliff discussions, the Greek bailout and an appreciating U.S. dollar have been a drag on the white metal.
James Steel, HSBC metal analyst said to Reuters of the current prices, "We believe gold and silver prices will tend towards consolidation, as investors await further developments on the U.S. fiscal cliff negotiations."
But don't worry silver bulls, there's still enough good news to keep you happy.
The Ultimate Gift for Your Gold Lover
and 5 Other Amazing Consumer Trends Christmas tree made of 88 pounds of pure gold from Japan
By Frank Holmes, Guest Writer - MoneyMorning.com
Last weekend marked the official start of the holiday shopping season in the U.S., so for the next month, consumers will be enticed with daily deals on the latest fads, such as one-cup coffee makers, tablets, flat screens and cashmere sweaters.
According to the latest survey from the Consumer Electronic Association, about 60 percent of adults plan to shop in stores or online during the holiday weekend, with the average person indicating they'll fork over $218 for gifts and merchandise from Thanksgiving through Cyber Monday.
Is Our Debt Burden Really $100 Trillion? The problem with budgeting 75 years into the future is that you end up with a lot of numbers that are much more meaningful to actuaries than to other living people
By Derek Thompson - TheAtlantic.com
Wanna scare somebody about America's debt on the eve of the Fiscal Cliff? I mean, really scare somebody? Here's a trick. Don't talk about the debt. Talk about "unfunded liabilities."
The U.S. national debt comes out to about $16 trillion today. That's something. But it's nothing compared to the extra $87 trillion in unfunded liabilities to Social Security, Medicare, and federal pensions. Here's how that works. If you add up all of the U.S. government's promises to pay retirement and health care benefits for the next 75 years and subtract the projected tax revenue dedicated to those programs over the next 75 years, there is a gap. A $87 trillion gap -- in addition to a $16 billion hole.
Against the Grand Bargain A long-term deficit deal is impossible,
and the quest for one is hurting the country.
By Matthew Yglesias - Slate.com
The fiscal cliff is confusing, even to the Washington legislators arguing about it. On the one hand, the cliff consists of rapid deficit-reducing tax increases and spending cuts. On the other hand, the people most adamant about the need to avoid the cliff are calling for deficit reduction. I listened to No. 2 Senate Democrat Dick Durbin give a fiscal-cliff speech on Tuesday framed around the idea that "deficit reduction is a progressive cause." The main anti-cliff group is even named Fix the Debt.
Claptrap About Compromise
By GEORGE NEUMAYR - Spectator.org
It is the establishment's euphemism for collusion in corruption.
The Bolsheviks, according to historians, robbed banks before they rose to power in Russia. That foreshadowed their economic policies. The Marxism they implemented once in power was just an extension of their armed robbery.
Today's redistributionists in America don't have bank robbery in their pasts but they do accept organized theft as the norm of politics. They see all wealth belonging to the state automatically, which is why they count all tax cuts as "government spending" and why they feel entitled to hike up taxes whenever a self-inflicted "crisis" appears.
The Fed's Most Ominous Indicator
BY SY HARDING - FinancialSense.com
Fed Chairman Bernanke has been pounding the table publicly and privately, stressing how important it is that Congress reach an agreement preventing the economy from going over the fiscal cliff at year-end. You've seen the numbers estimating the impact on the already anemic economy.
But here's the chart that's keeping Bernanke awake at night, the Fed's own Chicago Fed National Activity Index (CFNAI).
This is no simplistic indicator thrown together by an analyst trying to promote his opinion through data-mining for data to support his pre-conceived notions.
Geithner Sets Congress Talks as Obama Pushes for Deal
By Roger Runningen & Richard Rubin - Bloomberg.com
President Barack Obama assured company executives that he was ready to cut spending as he dispatched Treasury Secretary Timothy F. Geithner to meet with congressional leaders on the fiscal cliff, marking the first face-to-face talks between high-ranking administration officials and top lawmakers since Nov. 16.
"Everything was discussed, taxes, entitlements," AT&T Chief Executive Officer Randall Stephenson said outside the White House after he and other CEO's spent more than an hour with the president.
Obama says hopes for deficit deal by Christmas
By Mark Felsenthal
WASHINGTON | Wed Nov 28, 2012 7:31pm EST
(Reuters) - President Barack Obama said on Wednesday he hoped to reach an agreement with Congress before Christmas to avoid the looming "fiscal cliff" and shrink the budget deficit, and ramped up efforts to rally the public to press Republicans for action.
Obama encouraged Americans to use Twitter - with the hashtag #My2K - and other social media to swamp their lawmakers with requests to act quickly to keep their tax rates low.
Why Republicans Are to Blame for the Fiscal Cliff
By Ben Shapiro - PatriotPost.us
America is about to plunge over the so-called fiscal cliff -- and Americans are fighting mad about it. According to the latest polls, 77 percent of Americans believe that the fiscal cliff -- a combination of automatic tax increases and spending cuts set to kick in at the beginning of 2013 -- will hurt them personally. A full 70 percent of Americans want a compromise solution. And 67 percent believe that political leaders will act like "spoiled children."
Why Your 401(k) Might Go Over the Fiscal Cliff Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)
By Dan Kadlec - TIME.com
One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation's debt problems. We're about to find out if those fears—persistent for decades—have been justified.
Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff, a year-end avalanche of scheduled spending cuts and tax increases. With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be.
Dollar Trades Near November Low
Before Geithner Discusses Cliff
By Masaki Kondo - Bloomberg.com
The dollar was 0.5 percent from a four-week low against the euro before Treasury SecretaryTimothy F. Geithner meets congressional leaders to discuss the so-called fiscal cliff.
The Dollar Index (DXY) fell yesterday for the first time this week after comments from U.S. lawmakers fueled optimism the $607 billion combination of tax increases and spending cuts due to take effect in January will be avoided. The yen weakened against the majority of its counterparts as Asian stocks gained before U.S. data forecast to show that gross domestic product expanded faster than previously estimated.
Bernanke's Seoul Brothers
[Google title for free article pass] Loose money in America, capital controls abroad.
Opinion - WSJ.com
Another monetary-policy domino fell Tuesday when Seoul introduced a new round of capital controls. South Korea's financial regulators will reduce the amount of foreign-exchange forwards that banks can carry on their balance sheets. These are commitments to buy and sell Korean won or dollars at a future date, and the decision will constrain the ability of banks to serve as counterparties for rapid capital inflows. See what Ben Bernanke hath wrought?
Although Seoul has a history of competitive devaluations, this week's move should be seen in a different light. The announcement steered clear of any direct reference to the Korean won's value, homing in instead on "volatility." And no wonder. The won has risen some 9% against the greenback since May. The country's economy is relatively strong, and despite recent interest-rate cuts, returns on capital invested in won remain well above America's super-low rates. This encourages more capital inflows, which in the extreme could destabilize the financial system.
U-S-A, U-S-A: Our Terrible Growth
Is Still the Envy of the Rich World
By Matthew O'Brien - TheAtlantic.com
We might be giants. At least when it comes to economic growth among rich countries. That's the depressing message from the latest projections for 2013 and beyond from the Organization for Cooperation and Development (OECD) that has our modest 2 percent growth the envy of most of the developed world.
Blame tight budgets and tighter money. Britain is suffering from too much austerity, Japan from too little money-printing, and the euro zone from both. With housing finally coming out of dormancy, the U.S. is in comparatively good shape if we can just avoid the fiscal cliff and all of the austerity it entails. The chart below from the OECD shows just how much better shape we might be in compared to our peers -- though that's not saying much when cumulative growth is only expected to be 1.4 percent in the rich country club.
Obama Vetoes a Carbon Tax—in Europe At last a levy the White House doesn't like.
Opinion - WSJ.com
President Obama has said he's going to continue his crusade against carbon energy in a second term, and we believe him. Yet there he was Tuesday signing a bipartisan bill shielding U.S. airlines from paying a carbon tax merely for flying to Europe.
The European Union imposed its scheme to tax foreign airlines this year in one of its aren't-we-virtuous climate change gestures. Never mind that the tax ignored the usual multilateral forum for dealing with international aviation issues. The move drew a furious reaction from China and U.S. airlines, which estimated the tax would cost them $3.1 billion through 2020. The costs would be passed along to airline passengers.
Good Day for a Fiscal Cliff Hanging
By PETER FERRARA - Spectator.org
A lot of Washington types are betting their careers on tax increases.
It seems like everyone is piling on my college friend Grover because they can't wait to abandon the tax pledge not to raise taxes that he sponsors, and that they took so gleefully when they were unknowns trying to break into politics.
It seems that way because any time any Republican does it he is lionized all over the Democrat party-controlled press. But Grover is right that it is just the usual handful of malcontent sell outs who always in their hearts think we (conservatives and Republicans) are wrong, in the celebrated phraseology of the late Joe Sobran.
The Cost Of Kidding Yourself
Submitted by Tyler Durden - ZeroHedge.com
Five years ago, every American would have considered a trillion-dollar budget deficit a national tragedy. If you believe the CNBC parrot show, NOT having a trillion-dollar deficit is now a sure sign of the Apocalypse. I speak of course of the cleverly dubbed "Fiscal Cliff," which panicked CNBC apologists are required to mention no less than 5,000 times a day. Creating the illusion of economic growth is easy if you can print money. It's a prank you can play on an entire country. Cut the value of the currency in half and the economy's size will appear to double. If it doesn't, you're in recession (whether you know it or not). Cavemen probably understood this concept better than America's best economic minds.
All Of This Whining About The Fiscal Cliff Is Pathetic
By Michael Snyder - TheEconomicCollapseBlog.com
The fiscal cliff is coming! Run for the hills! There have been endless stories in the mainstream media about the "fiscal cliff" that our country is facing if the Democrats and the Republicans can't come to some sort of an agreement. If there is no agreement, taxes will go up and government spending will be reduced by a very small amount. And yes, that would likely push the U.S. economy into another recession, although there are many that would argue that we are already in a recession right now. In any event, there is a tremendous amount of distress out there about the fact that something might interrupt the debt-fueled prosperity that we have all been enjoying. You can almost hear them now: "No! Please don't cut government spending! Please don't raise taxes! Please keep stealing more than 100 million dollars from our children and our grandchildren every single hour of every single day so that we can continue this economic illusion that feels so very good." The American people want the government to give everything to everybody, but they definitely do not want to pay for it.
Why the Fiscal Cliff is the Wrong Thing to Worry About
By Michael Sivy - Time.com
When asked what it was like living through the German bombing of Crete during World War II, British novelist Evelyn Waugh replied that it began impressively enough but went on far too long. The same might be said for the current debate over the Fiscal Cliff. This issue loomed large during the Presidential campaign, but now promises to become an endless and tedious dispute. In the end there will probably be an unsatisfying compromise that avoids disaster but solves nothing important, while little attention is paid to America's fundamental economic problems.
'Fiscal cliff' talks bogged down
by dispute over cost of retirement programs
By Lori Montgomery and Rosalind S. Helderman - WashingtonPost.com
Negotiations to avert the year-end "fiscal cliff" advanced at a glacial pace Wednesday, with a dispute over how to tackle the soaring cost of federal retirement programs emerging as the latest roadblock to progress.
Democrats complained that Republicans have yet to name their price for enacting legislation that would preserve tax cuts for the vast majority of Americans next year while raising revenue from the wealthiest 2 percent.
Fed's Evans wants more easing, Fisher wants limits
By Andrea Hopkins and Sarah Marsh
TORONTO/BERLIN | Tue Nov 27, 2012 9:50pm EST
(Reuters) - Deep divisions at the Federal Reserve were on display on Tuesday, just two weeks before the U.S. central bank's next policy-setting meeting, with one top Fed official pushing for more easing, and another advocating limits.
The divide underscores the hurdles Fed Chairman Ben Bernanke faces as he tries to win consensus among his fellow policymakers on the central bank's sometimes controversial efforts to bring down the nation's lofty unemployment rate, which registered 7.9 percent last month.
The bare truth about the 'fiscal cliff'
By Dana Milbank - WashingtonPost.com
Debt fighters Erskine Bowles and Alan Simpson, dining with reporters Wednesday morning, discussed a White House official's admission that the nation's fiscal problems won't be solved by a "naked" tax increase alone, without spending cuts.
"I asked, 'Is that the same thing as nekkid?' " recounted Bowles, a North Carolinian who was Bill Clinton's chief of staff.
Narrowing Trade Gaps Makes Bullish Case for Global Growth
By Simon Kennedy & Rich Miller - Bloomberg.com
In October 2010, the world's top finance ministers and central bankers flew to the South Korean resort town of Gyeongju to discuss how to protect a fragile economic recovery.
Treasury Secretary Timothy F. Geithner arrived from the U.S. with a goal in mind. He wanted an agreement to even out the imbalances in global trade -- reducing the surpluses of exporters such as China and Germany and cutting the deficits of the U.S. and other countries that are net buyers of the world's goods.
What About That Hyperinflation?
By Cullen Roche, Pragmatic Capitalism - PragCap.com
Regular readers know I am a big fan of getting called out on things. Not because I like to be wrong or making other people look silly, but because I sincerely enjoy the constructive criticism. Over the years I've been wrong about plenty of things. That's totally normal in this business. When you write as much stuff as I do about things as hard to understand as the monetary system then you're bound to get tripped up. It's one incredibly long learning curve we're all walking on here and I doubt anyone ever gets to the end of it. The world of money and finance is one big complex puzzle and I enjoy working with readers and other people trying to solve that puzzle. Anyone who tells you they've solved it is probably lying or misleading.
Germany displaces China as US Treasury's currency villain The US Treasury has issued a damning criticism of Germany's chronic trade surplus in its annual report on worldwide exchange rate abuse, although it stopped short of labelling the country a currency manipulator.
By Ambrose Evans-Pritchard Telegraph.co.uk
Treasury officials told Congress that internal balances within the eurozone are disrupting the global trade structure, with almost nothing being done by north Europeans states to curb their huge surpluses.
The report said Germany's current account surplus is running at 6.3pc of GDP, and Holland is even worse at 9.5pc. Yet the countries still cleave to fiscal austerity policies that constrict internal demand.
BRICS: The World's New Bankers?
by Rajeev Sharma via The Diplomat - ZeroHedge.com
The BRICS (Brazil, Russia, India, China and South Africa) bloc has begun planning its own development bank and a new bailout fund which would be created by pooling together an estimated $240 billion in foreign exchange reserves, according to diplomatic sources. To get a sense of how significant the proposed fund would be, the fund would be larger than the combined Gross Domestic Product (GDP) of about 150 countries, according toRussia and India Report. Many believe the BRICS countries are interested in creating these institutions because they are increasingly dissatisfied by Western dominated institutions like the World Bank and the International Monetary Fund (IMF).
Sorry, Warren Buffett,
Jamie Dimon probably wouldn't make
a great Treasury Secretary
by Neil Irwin - WashingtonPost.com
Warren Buffett, the billionaire investor, thinks that J.P. Morgan chief executive Jamie Dimon would be a bang-up Treasury secretary when Tim Geithner steps down in the near future.
"I think Jamie Dimon actually would be, I think he'd be terrific," Buffett told Charlie Rose on PBS Monday night.
There is a long list of reasons a Dimon appointment almost certainly won't happen, and they go well beyond inevitable jokes about whether he would outsource the Treasury's cash management function to the London Whale. He may be the most successful banker of his age, but Dimon has advocated a lighter touch in regulation of mega-banks, which does not seem to be the direction President Obama is inclined to go. Dimon relishes being in control and may not take well to having a boss, and he has himself said he isn't interested in the job.
Obama Urged to Declare Emergency for Mississippi River
By Alan Bjerga & Jeff Plungis - Bloomberg.com
Shippers and lawmakers are pressuring President Barack Obama to declare a federal emergency along the Mississippi River, citing potential "catastrophic consequences" in the Midwest if barge traffic is curtailed by low water on the nation's busiest waterway.
Lawmakers, including Senator Tom Harkin of Iowa, and the National Association of Manufacturers, the U.S. Chamber of Commerce and the American Petroleum Institute urged Obama to tell the U.S. Army Corps of Engineers to hasten the planned removal of submerged rocks near Cairo, Illinois, that may impede barge traffic at low water levels. The Corps also should stop its seasonal restriction on the flow of Missouri River water into the Mississippi, which it began last week, the groups said.
State Senator Proposes Dissolving City Of Detroit
Detriot.CBSLocal.com
LANSING (CBS Detroit) - It would no doubt be controversial, but the idea of dissolving the fiscally struggling city of Detroit and absorbing it into Wayne County is being tossed around in Lansing.
WWJ Lansing Bureau Chief Tim Skubick reports some state Republicans are talking about giving the city the option to vote itself into bankruptcy. And mid-Michigan Senator Rick Jones said all options should be considered — including dissolving the city.
Americans See Best Job Climate Since the Financial Crisis One in four say it is a good time to find a quality job
by Lymari Morales
WASHINGTON, D.C. -- Nearly one in four Americans (24%) say it is a good time to find a quality job, triple the 8% who said the same a year ago and reflecting the most positive job market perceptions since March 2008.
….While nearly three in four Americans (73%) continue to say it is a bad time to find a quality job, the current job market perceptions reflect significant improvement compared with the post-financial crisis era and even before. Americans' views have not been this positive since March 2008, before the financial crisis but still during the U.S. recession, when 26% of Americans said it was a good time to find a quality job. The record high since Gallup began tracking this measure in 2001 came in January 2007, when 48% of Americans said it was a good time to find a quality job.
Millionaire politicians ask for bailout Bill Clinton asks for help with Hillary's 2008 campaign debt
By BOBBY CERVANTES | Politico.com
Bill Clinton isn't finished campaigning just yet.
Amid speculation that Hillary Clinton might make a run for the presidency in 2016, her husband is taking another swing at shrinking her lingering 2008 campaign debt, which totals $73,000 as of Sept. 30.
In an email to supporters Wednesday, Bill Clinton offered a chance to spend a day with him if donors chipped in to drive down his wife's campaign debt before Dec. 6.
4 Medicaid myths, debunked You don't have to be destitute to get help with elder care
By Elizabeth O'Brien - MarketWatch.com
It's a common misperception that Medicare, the government health care program for older people, covers extended stays in nursing homes. In reality, it's Medicaid that the primary public payer for long-term care services for seniors. And most people approaching retirement don't qualify for it—or so it would seem at first glance.
Unlike Medicare, Medicaid imposes stringent financial requirements on beneficiaries. Many retirees believe that they absolutely can't get benefits unless they have little or nothing in the way of assets—and, indeed, many Americans will be on their own when it comes to paying for nursing care or assisted living.
Debt Collectors Cashing In on Student Loans
By ANDREW MARTIN - NYTimes.com
At a protest last year at New York University, students called attention to their mounting debt by wearing T-shirts with the amount they owed scribbled across the front — $90,000, $75,000, $20,000.
On the sidelines was a business consultant for the debt collection industry with a different take.
"I couldn't believe the accumulated wealth they represent — for our industry," the consultant, Jerry Ashton, wrote in a column for a trade publication, InsideARM.com. "It was lip-smacking."
Red All Over: Newspaper Revenues Fall In Q3
by Erik Sass - MediaPost.com
The second half of the year isn't bringing any relief to the newspaper industry, with total advertising revenues falling 5.1% from $5.56 billion in the third quarter of 2011 to $5.27 billion in the third quarter of 2012.
Revenue declines were spread across all the major newspaper ad categories. National advertising fell 10.4% from $823 million to $738 million, retail was down 6% from $2.8 billion to $2.64 billion, and classifieds slipped 4.8% from $1.2 billion to $1.14 billion.
In U.S., Majority Now Against Gov't Healthcare Guarantee Views of healthcare system overall
more positive in some respects
by Jeffrey M. Jones - Gallup.com
PRINCETON, NJ -- For the first time in Gallup trends since 2000, a majority of Americans say it is not the federal government's responsibility to make sure all Americans have healthcare coverage. Prior to 2009, a majority always felt the government should ensure healthcare coverage for all, though Americans' views have become more divided in recent years.
Boomer Influx Shakes Up Restaurant Industry Older Diners Help Panera Serve Up Stronger Sales,
but Don't Add Sizzle at Chipotle
By JULIE JARGON - WSJ.com
Aging baby boomers are digging into a growing share of restaurant meals, a trend that has created some winners and losers as it shakes up an industry that has tended to cater to younger customers.
One beneficiary is Panera Bread Co. whose homey interiors, soft music and fresh ingredients have helped it maintain strong growth, even as Chipotle Mexican Grill Inc. and McDonald's Corp., which performed well during most of the economic downturn, have disappointed investors lately. Analysts say those two chains appeal primarily to a younger crowd.
An Overdue Book
By THOMAS SOWELL - Spectator.org
If only every voter had read Stephen Moore's new opus before Election Day.
If everyone in America had read Stephen Moore's new book, Who's The Fairest of Them All?, Barack Obama would have lost the election in a landslide.
The point here is not to say, "Where was Stephen Moore when we needed him?" A more apt question might be, "Where was the whole economics profession when we needed them?" Where were the media? For that matter, where were the Republicans?
'Romney is Wall Street's worst bet since the bet on subprime'
by Ezra Klein - WashingtonPost.com
Chrystia Freeland is editor of Thomson Reuters Digital and author of "The Plutocrats: The Rise of the New Global Super Rich and the Fall of Everyone Else." We spoke Tuesday about how the plutocrats she reported on for the book were handling Mitt Romney's loss. A lightly edited transcript of our conversation follows. Ezra Klein: You've written about the revolt of the very rich against President Obama, and all the money they spent and time they dedicated to defeating him. So what's the mood in those circles now that they've lost? Chrystia Freeland: There's a great joke on Wall Street which is that the bet on Romney is Wall Street's worst bet since the bet on subprime. But I found the hostility towards Obama astonishing. I found the commitment to getting him out astonishing. I found the absolute confidence that it would work astonishing. On that Tuesday, the big Romney backers I was talking to were sure he was going to win. They were all flying into Logan Airport for the victory party. There's this stunned feeling of how could we be so wrong, and a feeling of alienation.
Senator Vows to Block Any Clinton Successor After Meeting With Potential Secretary of State Nominee, Republicans Demand More Answers on Fatal Attack in Libya
By SARA MURRAY - WSJ.com
WASHINGTON—Ambassador Susan Rice's attempt to repair her standing with Senate Republicans fell short Tuesday, as a trio of GOP senators emerged from a meeting with her even more harshly critical of the comments she made following the U.S. consulate attack in Libya.
One of the senators, Kelly Ayotte of New Hampshire, said she would try to block the confirmation of Ms. Rice or another nominee to succeed departing Secretary of State Hillary Clinton. "My view is we should hold on this until we get sufficient information," she said.
U.S. bans BP from new government contracts after oil spill deal
By Roberta Rampton and Timothy Gardner
WASHINGTON | Wed Nov 28, 2012 6:21pm EST
(Reuters) - The U.S. government banned BP Plc on Wednesday from new federal contracts over its "lack of business integrity" in the 2010 Deepwater Horizon oil spill, possibly imperiling the company's role as a top U.S. offshore oil and gas producer and the No. 1 military fuel supplier.
The suspension, announced by the Environmental Protection Agency, comes on the heels of BP's November 15 agreement with the U.S. government to plead guilty to criminal misconduct in the Gulf of Mexico disaster, the worst offshore oil spill in U.S. history. The British energy giant agreed to pay $4.5 billion in penalties, including a record $1.256 billion criminal fine.
Large Tankers Start to Use the Arctic Passage
to Make Deliveries to Asia
By James Burgess - OilPrice.com
The Ob River, a large tanker carrying liquefied natural gas (LNG) from Europe to Japan, is the first of its kind to ever attempt the journey using an Arctic passage.
The tanker, chartered by Gazprom to carry its natural gas, set off from Norway on November the 7th and will pass around the top of Russia on its way to Japan; a route only possible due to changing climate conditions that have led to less sea ice.
Mexico May Open Up Oil Market on Heels of Major Finds
By Jen Alic - OilPrice.com
These are good times for Mexico, with a potential 1 billion barrel crude discovery this week in Tabasco state, on the heels of two major deep-water discoveries of an estimated 26.5 billion barrels in the Gulf of Mexico and shale gas wells on the Mexican side of the Eagle Ford region on the Texas border.
The discoveries belong to Petroleos Mexicanos (PEMEX), the world's fourth-largest oil producer--a state-owned monopoly constitutionally forbidden to share with private investors. By all accounts, PEMEX will have a hard time developing these finds alone, and we could see an opportunity here for an opening of the market to private investors—eventually.
Chinese princelings profit from corruption
By Henny Sender - FT.com
Ping An, the Shenzhen-based insurance company, has always been portrayed as the underdog against the giant state-owned People's Insurance Company of China. To some extent that is a fair portrayal. But at the same time, news reports of the crucial support of Premier Wen Jiabao in contributing to Ping An's fortunes underscore that it may not just be the largest state-owned behemoths that depend on the largesse of the party and government.
In China, most successful entrepreneurs are as much a part of the system of personal relations as the sheltered state-owned enterprises, with all their perks which include access to cheap loans from state-owned banks, monopoly power over resources, support for mergers both at home and abroad and the ability to go to the head of the queue for listing. For both kinds of firms, political connections and political protection are a big part of the game. Indeed, if anything, such connections may be more vital for private companies.
Iranian scientists running simulations of large nuclear weapon Diagram suggests Tehran's planned bomb
would be three times stronger than Hiroshima blast
The Times of Israel
VIENNA (AP) — Iranian scientists have run computer simulations for a nuclear weapon that would produce more than triple the explosive force of the World War II bomb that destroyed Hiroshima, according to a diagram obtained by The Associated Press.
The diagram was leaked by officials from a country critical of Iran's atomic program to bolster their arguments that Iran's nuclear program must be halted before it produces a weapon. The officials provided the diagram only on condition that they and their country not be named.
The Coming Rally in Gold Prices
By Bob Kirtley - OilPrice.com
For those taking close interest today there was an interesting move in gold prices as the below chart shows. A 'V' shaped bounce of some $35.00 or so just before the close must have given a few gold bulls a real scare. Gold dropped briefly below $1720.00 so we can only imagine that someone has made a rather fortuitous purchase at this level.
However, if this sudden drop had occurred a few minutes later then we would have had a dramatic closing price for today's trading session in New York. Granted we would only need to wait 30 minutes or so before trading re-commenced when we assume that a more normal price level would have been achieved. On the other hand trading could well have flat lined through the Asian session and on into London as traders tried to figure out just what was going on. It would have been a question of what do they know that we don't know, causing a short term standstill in activity as investors would not want to be caught on the wrong side of this trade.
Immutable Golden Laws
BY JIM WILLIE - FinancialSense.com
Several immutable Gold Rules appear to be self-evident and powerfully manifested in the modern world of banker corruption, financial market intervention, currency debasement, phony accounting, and economic deterioration, all amidst powerful incessant media propaganda, against a backdrop of endless war. The global fascism movement has taken deepest root in what during the 1960 through 1980 decade was the capitalism regions steeped in democracy. Since the Lehman Brother scuttle and the Fannie Mae adoption and the AIG black hole admission, the financial crisis that began with the housing bubble and subprime mortgage bust has turned virulent. The global financial crisis is better described as a global monetary war to defend the toxic USDollar, whose sunset can be seen. In the last 12 to 18 months, the monetary war has again morphed, this time into a far more serious and financially violent global Gold War. Nations are fast realizing that their only true liquid assets of value are their gold reserves, and even they have been tampered with or stolen in a vast re-hypothecation scheme.
KEISER REPORT: Colossal Collapse Coming!
SILVER prices to RISE five fold (E371)
In this episode, Max Keiser and Stacy Herbert note that the bell has rung for the bond market top as one of the biggest private equity funds in the world is seeking 'ordinary' investors to assume their long term interest rate risk. In the second half, Max Keiser talks to Ian Williams of Charteris Treasury Portfolio Managers about his forecast for silver prices to rise five fold in the next 3 three years while US Treasury bonds and UK gilts will face collapse. Ian Williams also suggests that it is commercial banks rather than central banks that will return us to a new style of gold standard.
Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt Hiding the government's liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can't.
By CHRIS COX AND BILL ARCHER
A decade and a half ago, both of us served on President Clinton's Bipartisan Commission on Entitlement and Tax Reform, the forerunner to President Obama's recent National Commission on Fiscal Responsibility and Reform. In 1994 we predicted that, unless something was done to control runaway entitlement spending, Medicare and Social Security would eventually go bankrupt or confront severe benefit cuts.
Eighteen years later, nothing has been done. Why? The usual reason is that entitlement reform is the third rail of American politics. That explanation presupposes voter demand for entitlements at any cost, even if it means bankrupting the nation.
Is This Recovery "Self-Sustaining" or Merely a Mind Trick? Perhaps the "recovery" is a Mind Trick
played on the weak-minded.
BY CHARLES HUGH SMITH - FinancialSense.com
Those with vested interests in the Status Quo tout data that supports the claim the "recovery" is now "self-sustaining," meaning that the economy is now expanding fast enough to fuel new growth. In this view, the Federal Reserve's extraordinary policy interventions (zero interest rate policy, $23 trillion in support provided to the global banking system, 3.4% mortgage rates, etc.) and the Federal government's unprecedented fiscal stimulus (borrow and blow $1.3 trillion a year) have done their job; the economy is now "self-sustaining," meaning that it can continue growing as Federal deficits shrink and the Fed trims its quantitative easing policies.
Obama Treasury Dept. declares
China is not manipulating currency
By Vicki Needham - TheHill.com
The Obama administration is coming under criticism from Sen. Charles Schumer for declaring that China is not a currency manipulator.
Following Tuesday's release of a report that again finds China is not keeping the value of its currency artificially low to cut the price of its exports to the United States, Schumer criticized the administration for avoiding penalties against China.
The Giant Currency Superstorm That Is Coming
To The Shores Of America When The Dollar Dies
By Michael Snyder - TheEconomicCollapseBlog.com
By recklessly printing, borrowing and spending money, our authorities are absolutely shredding confidence in the U.S. dollar. The rest of the world is watching this nonsense, and at some point they are going to give up on the U.S. dollar and throw their hands up in the air. When that happens, it is going to be absolutely catastrophic for the U.S. economy. Right now, we export a lot of our inflation. Each year, we buy far more from the rest of the world than they buy from us, and so the rest of the world ends up with giant piles of U.S. dollars. This works out pretty well for them, because the U.S. dollar is the primary reserve currency of the world and is used in international trade far more than any other currency is. Back in 1999, the percentage of foreign exchange reserves in U.S. dollars peaked at 71 percent, and since then it has slid back to 62.2 percent. But that is still an overwhelming amount. We can print, borrow and spend like crazy because the rest of the world is there to soak up our excess dollars because they need them to trade with one another. But what will happen someday if the rest of the world decides to reject the U.S. dollar? At that point we would see a tsunami of U.S. dollars come flooding back to this country. Just take a moment and think of the worst superstorm that you can possibly imagine, and then replace every drop of rain with a dollar bill. The giant currency superstorm that will eventually hit this nation will be far worse than that.
Reid: Fiscal deal must raise debt ceiling
By Alexander Bolton - TheHill.com
Senate Majority Leader Harry Reid (D-Nev.) said Tuesday any deal to avoid the "fiscal cliff" of tax increases and spending cuts must also raise the debt ceiling, and signaled that President Obama feels the same way.
Reid said Democrats would be foolish to agree to a year-end package that raises revenues and cuts spending only to face a Republican ultimatum on the debt ceiling weeks later.
Fiscal Cliff, Day 21: You Call That a Compromise? As the fiscal cliff nears, some Republicans are backing off their anti-tax orthodoxy—but they're still living in the past. Daniel Gross on why the concessions aren't good enough.
by Daniel Gross TheDailyBeast.com
It's Day 21 of the Fiscal Cliff Hostage Situation.
Three weeks after his reelection, President Obama is showing no signs that he's willing to release the Bush-era tax cuts from his grasp. In New York and elsewhere, CEOs are ordering up their private jets to ferry them to Washington for a White House meeting scheduled on Wednesday. Obama is hosting small-business owners too. Policy wonks are crunching numbers on potential solutions. And Republicans are getting antsy.
Fiscal Cliff, Meet Bully Pulpit President Obama's gambit: Rally the public around tax hikes for the rich, and Republicans will follow.
By John Dickerson - Slate.com
During negotiations over raising the debt limit in summer 2011, President Obama got stroppy with House Majority Leader Eric Cantor. "Don't call my bluff," he said, according to Cantor. "I'm going to the American people with this." During this season's budget fight, the president is not waiting for talks to break down. He's hitting the road early. On Friday, he will highlight the damage that will be done to the middle class if the country sails over the fiscal cliff on a visit to a manufacturing operation in Hatfield, Penn. (If the Republicans were feeling fun, they'd schedule an event in McCoy.)
Democrats raise their asking price for a deficit agreement
By Alexander Bolton - TheHill.com
Democrats are increasing their demands on what should be in a deficit deal, seeking to shield entitlement programs and insisting on raising the nation's debt ceiling this year.
In the wake of President Obama's reelection and Democratic gains in Congress, party leaders are growing bolder as the Dec. 31 deadline for extending the Bush-era tax rates and stopping automatic spending cuts approaches.
'Cliff' Wranglers Weigh Medicare Age
By LOUISE RADNOFSKY -WSJ.com
The fiscal cliff has revived an old idea that long seemed unfeasible: gradually raising the Medicare eligibility age to 67 from 65.
Proponents of the idea point out that the health-overhaul law makes it easier, beginning in 2014, for seniors to buy private insurance, by banning insurance denials based on pre-existing conditions. Opponents caution that the change could raise premiums for younger people who buy private plans alongside these seniors in the law's new marketplaces, and on large employers who would be required to cover seniors in company plans.
Mr. Obama's time to lead on entitlements
By Editorial Board - WashingtonPost.com
YOU MIGHT EXPECT political winners to be more ready than losers to compromise. Magnanimity in victory, and all that. It often works the other way, though. Victors misread their triumph and overplay their hands.
Republicans, who failed to retake the White House and lost ground in the Senate, are beginning to accept that they will have to bend on a core principle in the fiscal talks now underway. Federal revenue will have to increase, substantially, with the wealthy taking the biggest hit.
Crisis Could Be Causing Balkanization of Europe
By Tim Judah, Bloomberg.com
Instead of the Europeanization of the Balkans, are we now witnessing the start of the Balkanization of Europe?
On Sunday, Catalans voted for a new regional parliament, and regardless of how the vote split among parties, one thing is immediately clear from the result: A majority of the electorate wants a referendum on whether to declare independence from Spain. Whether and how Catalonia secedes will now unfold. But it is no longer in the realm of fiction that we may in a few years find ourselves talking about "rump-Spain," "the former Belgium" and "the former U.K."
European debt crisis a bigger global threat
than US fiscal cliff, says OECD Report says 'intensified euro area crisis' could destroy growth in Europe and also wipe out US recovery, causing recession
By Dominic Rushe in New York - Guardian.co.uk
Europe's debt crisis remains a far bigger threat to the world's economy than the "fiscal cliff", according to the Organisation for Economic Co-operation and Development (OECD).
In its latest twice yearly report the OECD warned the world's major economies could all got back into recession if euro-zone and US policy makers fail to tackle their fiscal crises. The organisation believed an escalation in the ongoing European crisis poses the biggest threat to global economies and could drag Europe into a deep recession in the next two years and the US along with it.
Europe's Plan C for Greece Is No Better Than Plans A or B
By The Editors - Bloomberg.com
Europe's leaders have reached Plan C in their efforts to rescue Greece. Unfortunately, it lacks a crucial element also absent in Plans A and B: adequate debt relief.
The agreement between euro-area finance ministers and the International Monetary Fund is welcome and overdue. It provides much-needed support for a Greek government that has taken enormous political risks to meet the conditions for aid. It also puts an end to weeks of bickering between Europe and the IMF over how to cover Greece's funding shortfall -- a delay that had threatened to undermine faith in the bailout program, even among Greeks who believe in making the changes and sacrifices demanded.
Will Portugal and Ireland ask for Greek bailout treatment?
MarketWatch.com
Greece may be out of the woods for now, but the next round of bailout-related concerns has already reclaimed the European agenda.
European financial markets had Tuesday just started to celebrate the agreement to help Greece get back on a sustainable-debt track, when analysts raised the "now what?" questions and widened the spotlight to include the region's other financially troubled nations.
One major worry is that the debt-reduction measures could draw copycat requests from Ireland and Portugal, which have been implementing similar bailout packages – although without the Greek-style drama and, so far, with a significantly wider scope of success.
We're Heading For Economic Dictatorship
by Janet Daley via the
Ludwig von Mises Institute of Canada - ZeroHedge.com
Forget about that dead parrot of a question – should we join the eurozone? The eurozone has officially joined us in a newly emerging international organisation: we are all now members of the Permanent No-growth Club. And the United States has just re-elected a president who seems determined to sign up too. No government in what used to be called "the free world" seems prepared to take the steps that can stop this inexorable decline. They are all busily telling their electorates that austerity is for other people (France), or that the piddling attempts they have made at it will solve the problem (Britain), or that taxing "the rich" will make it unnecessary for government to cut back its own spending (America).
The 401(k) Is a $240 Billion Waste Why subsidize retirement saving if the subsidies don't work?
By Matthew O'Brien - TheAtlantic.com
Imagine there were no 401(k)s. You wouldn't stop saving for retirement, right? Right? Don't worry, I won't tell Suze Orman. Not that CNBC's personal finance guru would get mad at you -- according to a new paper, most households wouldn't sock away any less for their golden years if we eliminated 401(k)s. Which raises a $100 billion question...
Why subsidize retirement saving if the subsidies don't work?
Mellon vs. Geithner
By Douglas French - DailyReckoning.com
Most of America has suffered since the crash of 2007. Property values plummeted, unemployment soared and remained stubbornly high, the use of food stamps continues to set records. Pension plans are going broke and municipalities around the country are teetering on the edge of bankruptcy. All this five full years after the crash.
A federal government stimulus armada led by Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner hurled trillions of dollars at the meltdown. Instead of green shoots, main street seems to be in the middle of seven lean years while Wall Street's short memories inflate bubbles in junk bonds and government debt.
Is JPMorgan About To Take Over America, Again?
by Tyler Durden - ZeroHedge.com
Great and wondrous things seem to be afoot among the righteous bankers of the world. A few months ago Matt Zames was named to get JPMorgan's CIO office out of trouble - and also happens to be the Chairman of the all-powerful Treasury Borrowing Advisory Committee. Just yesterday, Mark Carney completed Europe's full-house of ex-Goldman Sachs alum running the region's monetary policy. Today we hear Lloyd Blankfein will be sidling up to Obama tomorrow. And now this; from the never-crony-capitalist himself, billionaire Warren Buffett has publicly blessed Jamie "apart from the failure of control" Dimon as the best man for the top job at the Treasury. "If we did run into problems in markets, I think he would actually be the best person you could have in the job," Buffett added (sounding more like the 'we' meant he) and dismissed the London-Whale "failure of control" with sometimes "people go off the reservation." With Zames running the Shadow Treasury and Dimon running the Real Treasury, is it any wonder that inquiring minds are asking who really runs America (and for whom)? Of course, in the pre-Fed era - over 100 years ago, JPMorgan Sr. 'bailed-out' America before…
Bank of America CEO Brian Moynihan
Apparently Can't Remember Anything
By Matt Taibbi - RolloingStone.com
Thank God for Bank of America CEO Brian Moynihan. If you're a court junkie, or have the misfortune (as some of us poor reporters do) of being forced professionally to spend a lot of time reading legal documents, the just-released Moynihan deposition in MBIA v. Bank of America, Countrywide, and a Buttload of Other Shameless Mortgage Fraudsters will go down as one of the great Nixonian-stonewalling efforts ever, and one of the more entertaining reads of the year.
Goldman's Blankfein Among CEOs
Meeting With Obama Tomorrow
By Hans Nichols - Bloomberg.com
Goldman Sachs Group Inc. (GS) Chief Executive Officer Lloyd Blankfein joins 13 other corporate executives at the White House tomorrow as President Barack Obama courts their support for his plan to raise revenue and cut spending to avert the so-called fiscal cliff.
Obama's meeting, after a similar gathering with chief executives Nov. 14, comes amid an administration campaign to pressure Congress to extend tax cuts for middle-income Americans while letting them rise for top earners.
The Scariest Chart Of The Quarter:
Student Debt Bubble Officially Pops
As 90+ Day Delinquency Rate Goes Parabolic
by Tyler Durden - ZeroHedge.com
We have already discussed the student loan bubble, and its popping previously, most extensively in this article. Today, we get the Q3 consumer credit breakdown update courtesy of the NY Fed's quarterly credit breakdown. And it is quite ghastly. As of September 30, Federal (not total, just Federal) rose to a gargantuan $956 billion, an increase of $42 billion in the quarter - the biggest quarterly update since 2006.
But this is no surprise to anyone who read our latest piece on the topic. What also shouldn't be a surprise, at least to our readers who read about it here first, but what will stun the general public are the two charts below, the first of which shows the amount of 90+ day student loan delinquencies, and the second shows the amount of newly delinquent 30+ day student loan balances. The charts speak for themselves.
The World is Not Flat
By Addison Wiggin - DailyReckoning.com
The boxes were packed. The pictures of Mises, Hayek and Rothbard had come off the wall they'd adorned since 1997 in Suite 203 in the Cannon House Office Building. A maintenance crew stood outside, garbage cans at the ready, perhaps a little too eager to swoop in and finish the job of making way for the next occupant.
Rep. Ron Paul was moving out. We had the privilege of meeting with him on Wednesday, Nov. 14, moments after delivering his final speech on the floor of the House — the one in which he declared the Constitution had failed in the Founders' stated objectives.
The 'New Weather' Is New Headache for Old Grid
By Llewellyn King - OilPrice.com
Whatever its cause, the weather is getting more severe and America's aging utility grid is ill-suited to withstand the furies that Mother Nature is unleashing on it with increasing frequency. Households and businesses are coming to expect automatically to lose power when the weather turns bad.
Weeks after superstorm Sandy tore up the mid-Atlantic coast of the United States, many remained without power. The lessons of Sandy -- big and small -- are not pretty.
It is one of those situations in which no one is to blame and everyone is to blame.
ANTI-UNION PENSION BALLOT MEASURE
FALLS APART IN LOS ANGELES
by WILLIAM BIGELOW - Breitbart.com
When the city of Los Angeles goes bankrupt and dies, following San Bernardino, Stockton and Mammoth Lakes, residents can send the funeral wreath to the unions of the city, who are dancingon the incipient grave. The unions are delighted because the ballot measure sponsored by former Mayor Richard Riordan that would have rolled back benefits for existing workers and put new employees into a 401(k)-style retirement plan has been withdrawn.
The measure needed 300,000 signatures by December 28 in order to qualify for the May ballot, but Riordan and the measure's backers simply ran out of time.
Thoughts on Secession
By William Murchison - PatriotPost.us
Muh fellah Amurricans -- I reproduce the speech patterns our media correlate with conservative thought -- hit looks like we ain't getting out of this here Union, what with secession not legal, way them educated fellers tell it.
Not legal? Rather a bold statement, I would say. Last time anyone attempted formal withdrawal from the United States, something like 125 years ago, the armaments of the United States blocked the path to independence. The Union endured. But that settled only the practical, not the theoretical, side of the question.
Oil and gas lobby sues EPA over biofuel mandate
By Michael Bastasch - DailyCaller.com
Nearly two weeks after the Environmental Protection Agency rejected waivers for state governors seeking relief from the agency's biofuel-blending mandates, the oil and gas industry's main lobbying group has sued the agency over its "unworkable" and "overzealous" biodiesel mandate.
"EPA's overzealous 2013 biodiesel mandate is unworkable, could raise the costs of making diesel fuel, and should be reduced," Bob Greco, downstream director at the American Petroleum Institute, told reporters.
Oil Production and Violence in The Middle East
By Tom Whipple - OilPrice.com
There is a growing disconnect between forecasts of prodigious amounts of oil coming out of the Middle East in coming decades and what is likely to happen in the region. The Middle East today is a patchwork of geographical entities known as states. A few, such as Iran, are reasonably coherent and go back hundreds of years, but others such as Iraq, Israel, and Jordan were created by outside powers out of a polyglot of ethnicities. In many countries, the people's first loyalty is to a tribe or a religion rather than a national government.
Overlaying the region is Islam, which goes back to the 7th Century. Unfortunately, so does the intra-religion split which goes back some 1,200 years, and still provokes an amazing amount of animosity between Sunnis and Shiites. In some places this animosity runs deep, and in countries where the population is divided, such as Iraq or Syria, the group in power invariably discriminates against the other.
An "Escalating Face-Off"
By Dave Gonigam - DailyReckoning.com
It's come to this: China might end up rescuing Americans from a secret treaty that threatens Internet freedom and national sovereignty.
Four months ago, we tipped you off to the Trans-Pacific Partnership (TPP) — one of those "free trade agreements" with hundreds of pages of devilish details. The United States is negotiating with a motley assortment of countries — New Zealand, Australia, Malaysia, Vietnam, Singapore, Brunei, Chile and Peru. Canada and Mexico joined up in June.
The negotiations are strictly hush-hush… but a draft proposal by the U.S. negotiators leaked earlier this year. Among the gems included…
A New Republican Agenda for the Future The GOP will deserve to lose even more in 2016
if it fails to understand why it deserved to lose this time.
By DOUG BANDOW - Spectator.org
The Republican echo chamber reached a crescendo on Election Day. Turnout was at record levels as enthusiastic Romney supporters around the country were preparing to take their country back.
Oops.
Even the most committed GOP operative recognizes that something went wrong. Candidates for blame include the biased media, Democratic vote fraud, and the Obama campaign's superior electoral targeting. Obviously to many Republicans the loss was someone else's fault.
Obama quietly signs bill
shielding airlines from carbon fees in Europe
By Keith Laing - TheHill.com
President Obama has signed into law a bill that requires U.S. airlines be excluded from European carbon emissions fees.
Environmentalists had framed the bill as the first test of the president's commitment to fighting climate change in his second term and urged him to veto it. Obama quietly signed it Tuesday over their objections.
America's Perilous Pivot
By Javier Solana - Project-Syndicate.org
MADRID – The Pacific or the Middle East? For the United States, that is now the primary strategic question. The violence in Gaza, coming as President Barack Obama was meeting Asia's leaders in Phnom Penh, perfectly encapsulates America's dilemma. Instead of being able to focus on US foreign policy's "pivot" to Asia, Obama was forced to spend many hours in conversation with the leaders of Egypt and Israel, and to dispatch Secretary of State Hillary Clinton from Asia, in order to facilitate a cease-fire in Gaza.
Is Hamas Really a 'Surrogate' of Iran?
By Robert Wright - TheAtlantic.com
Is Hamas a puppet of the Iranian regime? An affirmative answer to this question is, from the point of view of Bibi Netanyahu, a dual-use rhetorical technology: (1) It helps justify the recent bombardment of Gaza (since one goal of the operation was to deplete an Iranian-supplied missile stock that Iran could in theory activate against Israel in the event of war). (2) It helps justify Netanyahu's uncompromising stance toward Iran (since, the more pervasively threatening Iran seems to Israelis, the easier it is to convince them that the Iranian regime is beyond the reach of negotiation).
North Korea preparing for missile test, satellite photos suggest Monitoring agency DigitalGlobe says launch could happen within three weeks based on activity at Sohae rocket pad
Reuters - Guardian.co.uk
North Korea may conduct a long-range ballistic missile test in the next three weeks, according to a satellite company that has analysed images of the launch site.
The images were released days after a Japanese newspaper, the Asahi Shimbun, reported that US intelligence analysts had detected moves that were seen as preparation by North Korea for a long-range missile launch as early as this month.
France to recognize Palestinian state at UN
DailyCaller.com
PARIS (AP) — France announced Tuesday that it plans to vote in favor of recognizing a Palestinian state at the U.N. General Assembly this week.
With the announcement, France becomes the first major European country to come out in favor, dealing a setback to Israel. The timing of the announcement appears aimed at swaying other European nations.
Palestinians warn:
back UN statehood bid or risk boosting Hamas Failure to support limited recognition would undermine Abbas and validate armed resistance to Israel for many, officials warn
By Chris McGreal in Ramallah - Guardian.co.uk
The Palestinian leadership is warning Europe and the US that failure to support its bid for statehood at the United Nations on Thursday will further strengthen Hamas after the Gaza fighting by suggesting that violence, rather than diplomacy, is the way to win concessions fromIsrael.
Senior Palestinian officials believe the vote is a crucial test of whether there is a future for President Mahmoud Abbas's diplomatic strategy after his credibility was badly damaged among Palestinians by what they regard as the success of Hamas in the conflict with Israel this month.
A Chance for Peace in the Middle East?
By Claude Salhani - OilPrice.com
Is there going to be calm after the storm in the Middle East? Following a tumultuous week of all-out war between Israel and Hamas, there are now good chances of peace actually catching on. However peace in the Middle East can only happen if the powers that be manage to grab the bull by the horns and build on the momentum created by the recent clashes which left 158 Palestinians and six Israelis dead.
Having agreed on a ceasefire and on indirect talks through Egyptian intermediaries, due to kick off in the Egyptian capital on Tuesday, the momentum is there. There is an undercurrent that can be pushed in the right direction, but it needs to be channeled and the antagonists need to be herded along, coaxed, caressed and yes, even bullied when needed. And this can only be accomplished by a country with the prestige and power of the United States.
Hamas claims to have downed Israeli fighter plane
By Monique Hamm - DailyCaller.com
Hamas spokesman Abu Ubaida released a statement on Saturday evening claiming the terror group has fired hundreds of rockets towards Israel and brought down an Israeli fighter plane.
"We managed to fire over 900 rockets, and take down an IDF drone and fighter plane." Ubaida said, according to Ynet News.
IDF forces began their assault on Gaza after Palestinians launched hundreds of rockets towards IDF targets and populated cities on Saturday.
Gold Resuming Long-Term Up Trend?
BY CARL SWENLIN - FinancialSense.com
On the weekly chart below, we can see that, after making a new, all-time high back in August of 2011, gold went into a correction/consolidation mode, ultimately forming a descending triangle. While this formation suggests lower prices (the flat line is the weakest), price broke up through the top of the triangle. After a breakout the technical expectation is for price to pull back toward the line, which it did enthusiastically.
After testing that support, price has reversed upward, and this week made a strong move upward, signalling that the rally that began this summer is probably resuming. The weekly PMO (Price Momentum Oscillator) turned up again, which is a very positive sign.
The "Two Outlooks" for Gold Prices
BY WILLIAM PATALON III, Executive Editor, Money Morning
One of the best parts of my job is when I hear back from you.
And two recent columns in particular on gold generated a larger-than-normal response.
The comments were related to the two-parter on gold prices that we published on Nov. 5 ("The Secret Gold Standard") and Nov. 13 ("Why Obama's Victory Means Higher Gold Prices").
Let's take a look at what you had to say.
The comments related to the "Secret Gold Standard" column were especially intriguing because a number of you thought I was advocating a literal return to the "gold standard."
A Manipulation Timeline
Theodore Butler - SilverSeek.com
A friend and long-time subscriber who intends to write a book about the silver manipulation asked if I could provide him with a bit of history. To my mind, the silver manipulation dates back to early 1983, when the commercial traders grew confident that they could sell any quantity of paper short contracts to the technical fund buyers on the COMEX. By that time the commercials learned that technical fund buyers would never take physical delivery and could be counted on to buy or sell based upon price signals that the commercials could easily influence and control. In essence, the game has remained remarkably similar ever since.
Bernanke's Easy Money Death Spiral QE is impeding capital investment by raising cost of capital volatility risk. Here's why the more easy money we get, the longer it will take to build a sustainable recovery.
By Vince Foster - Minyanville.com
MINYANVILLE ORIGINAL It seems that big sucking sound signaling a precipitous drop off in the demand for money that I have been warning about for a few weeks is starting to get some more attention. This past Monday, the Wall Street Journal ran a front page story headlined Investment Falls Off a Cliff: US Companies Cut Spending Plans Amid Fiscal and Economic Uncertainty. According to the article:
Nationwide, business investment in equipment and software -- a measure of economic vitality in the corporate sector -- stalled in the third quarter for the first time since early 2009.
Reasons to be Bullish for a While
BY SY HARDING - FinancialSense.com
After stumbling again in the summer months, the U.S. economy is clearly back on track - if politicians smarten up and prevent it from going over the fiscal cliff.
The recovery is also now being led by the housing industry, which is a particularly good omen. The two main driving forces of the economy have traditionally been the housing and auto industries. That makes sense since when those industries are healthy their good fortune pays forward to their suppliers and peripheral industries like furniture and appliance makers.
Inside America's Tax Battle
By Laura D'Andrea Tyson - ProjectSyndicate.org
BERKELEY – America's recent presidential election answered the question of whether an increase in revenues will be part of the country's long-run deficit-reduction plan. The answer is yes: there is now bipartisan agreement on the need for a "balanced" approach that includes revenue increases and spending cuts.
But there are still deep political and ideological divisions about how additional revenues should be raised and who should pay higher taxes. If a preliminary agreement on these questions is not reached by the end of the year, the economy faces a "fiscal cliff" of $600 billion in automatic tax increases and spending cuts that will shave about 4% from GDP and trigger a recession.
Poll: Public would blame GOP
more than Obama if fiscal talks fail
By Meghashyam Mali - TheHill.com
A new poll finds the public views the looming "fiscal cliff" as a serious crisis for the nation and would blame Republicans more than President Obama if Washington fails to reach a deal.
Forty-five percent surveyed in a new CNN/ORC poll said they would blame congressional Republicans if there is no agreement, with 34 percent pointing the finger at Obama.
Norquist says GOP won't cave Anti-tax champion Norquist slams Republican 'impure thoughts'
By Robert Schroeder - MarketWatch.com
Anti-tax crusader Grover Norquist, facing a growing rebellion of Republican lawmakers against his no-tax-increase pledge, says that members of the GOP are merely discussing their "impure thoughts" and that the party won't cave in.
"No Republican has voted for a tax increase," Norquist said Monday on CNN's "Starting Point." He said "We've got some people discussing impure thoughts on national television."
Republicans and the Tax Pledge Grover Norquist is not the problem in Washington.
Opinion - WSJ.com
One of the more amazing post-election spectacles is the media celebration of Republicans who say they're willing to repudiate their pledge against raising taxes. So the same folks who like to denounce politicians because they can't be trusted are now praising politicians who openly admit they can't be trusted.
The spectacle is part of what is becoming a tripartisan—Democrats, media, some Republicans—attempt to stigmatize Grover Norquist as the source of all Beltway fiscal woes and gridlock. Mr. Norquist, who runs an outfit called Americans for Tax Reform, is the fellow who came up with the no-new-taxes pledge some 20 years ago. He tries to get politicians to sign it, and hundreds of Republicans have done so. He does not hold a gun to their heads.
Black Friday: Treasury Borrowed $211.69 Per U.S. Household
on Day After Thanksgiving
By Terence P. Jeffrey - CNSNews.com
(CNSNews.com) - The U.S. Treasury increased the net debt of the United States $24,327,048,384.38 on the day after Thanksgiving, which equals approximately $211.69 for each of the nation's 114,916,000 households.
At the close of business last Wednesday, according to the Treasury, the national debt was $16,283,161,895,179.85. On Thanksgiving, the Treasury took the day off and did no borrowing. But on Friday, the Treasury increased the debt of the United States to $16,307,488,943,564.23. That was a one-day increase of $24,327,048,384.38.
The Economic Deception at the Heart of the Fiscal Cliff
BY DANIEL AMERMAN CFA - FinancialSense.com
Truth Testing The Narrative
Among many politicians and much of the media there is an accepted narrative about deficits, taxes and the so-called "Fiscal Cliff". It goes something like the following:
"The United States is running massive deficits that are bankrupting the country. These deficits are so high because of the Bush era tax cuts.
So if we just end the tax cuts that caused this deficit in the first place, and make the rich return to paying their fair share of taxes, then much of the deficit problem is solved."
Fiscal Cliff Reality Awaits Republican Altered Tax Talk
By Richard Rubin and Heidi Przybyla - Bloomberg.com
Turning post-election Republican talk of openness to tax increases into bipartisan action could cause a fracture within the party while requiring significant spending concessions from Democrats.
As Congress returns this week to confront a so-called fiscal cliff at year's end, many Republicans who have long dismissed any tax increase as unacceptable say they're willing to entertain higher revenue -- so long as Democrats accept cuts in entitlement programs as part of a deficit-reduction deal. This is particularly noticeable in the Senate, where Saxby Chambliss of Georgia and Bob Corker of Tennessee have said they're willing to renounce their past anti-tax pledges.
Fiscal Cliffhanging Causes National Nervous Breakdown
By Josh Boak - FiscalTimes.com
Paging Dr. Freud! The fiscal cliff has the country in need of some serious therapy—and maybe a Xanax or two.
Many economists are warning about the possible psychological scars left by the cliff, not the relatively straightforward cash flow issues that Democrats and Republicans must reconcile before the start of next year.
Beneath the debate about potential tax hikes and spending cuts, there lurks fear, paralysis, wild optimism and basic questions of trust. The country already views government leaders with skepticism, a feeling that could become even more pronounced if the fiscal cliff talks fail.
Cliff Notes Would House Republicans actually vote
for a "fiscal cliff" deal that would raise tax rates?
By John Dickerson - Slate.com
President Obama is adamant that he will only agree to a "fiscal cliff" solution that raises tax rates on those making over $250,000. The Republicans in the majority in the House of Representatives are adamant that they will not vote for those tax increases. I asked a senior House leadership aide the chances were that Speaker John Boehner would be able to get a majority of Republicans to vote for a tax increase of any kind: "pretty close to zero."
What the War of 1812 Can Teach Us About the Fiscal-Cliff Debate There are uncanny similarities between partisan politics in the run-up to that crisis and the present strife over tax policy, budgetary priorities, and the national debt.
By Pietro Nivola - TheAtlantic.com
With no consensus between the political parties, the government of the United States decides to go to war. The war of choice is launched on the assumption that it will be very brief and decisive. There is little advance planning for how to pay for -- and prevail in -- a more protracted and complicated military operation. The war aims are not stable. They become ambitious. When the main casus belli recedes, others move to the fore. An invasion of a foreign country is attempted, and it is presumed that American soldiers will be greeted as liberators. Nasty surprises abound. Not only does discord grow in Congress, the executive suffers from mismanagement and infighting.
Treasury Bears Capitulate as Fed Buying Meets Cliff Worry
By Cordell Eddings and Daniel Kruger - Bloomberg.com
Until last month, Donald Ellenberger, who manages $10 billion for Federated Investors Inc., shunned Treasuries as the U.S. economy improved and 10- year notes yielded less than inflation. Now, he can't afford to stay out.
Ellenberger has plenty of company. Bond bears from Brown Brothers Harriman & Co. to T. Rowe Price Group Inc. are buying Treasuries though the 1.69 percent yield on 10-year notes is less than the rate of inflation and returns on the $10.9 trillion of marketable debt are the least in three years.
"The Cash On The Sidelines" Is The Smartest Money…
By Tyler Durden - ZeroHedge.com
GMO, Boston's $104bn asset-management firm, has 'given-up' on the bond market. However, this is not a clarion call for equity bulls, as the FT reports, GMO's head of asset-allocation Ben Inker notes the only time he has held more cash was in late 2007, before the financial crisis. Today's equity valuations, he notably points out, are predicated on today's profit margins being sustainable and he thinks US corporate profits are set to fall - even if growth picks up. Critically, this smart-money cash-hoarder rightly sees the problem as one prominent during the presidential election - that of income inequality. "One of the things that happens as profits grow as a per cent of gross domestic product is income becomes more and more unequal because the ownership of capital is extraordinarily uneven. And there's a natural tension that forms there from a societal perspective." So far, Inker adds, government spending has supported the economy and so profits. But a pick-up in growth requires higher consumption, and the only way to get that is through higher incomes, which must come from profits. So that's where the dry powder is Maria - in the smartest investors' hands.
Welcome to the Currency War, Part 5 The Dollar Gets Serious Competition
BY JOHN RUBINO - FinancialSense.com
Not so long ago the dollar was the world's only reserve currency. Everything else was one (or several) steps down in terms of safety and liquidity, and major financial institutions acted accordingly, accumulating dollars for the risk-free parts of their portfolios. Global demand for dollars was, as a result, effectively infinite, which meant the US could borrow whatever it wanted, secure in the knowledge that the Treasury bonds it created would find willing buyers.
IMF and Eurozone finance ministers
reach deal on Greece bailout
AP - WashingtonPost.com
BRUSSELS — The 17 European Union nations that use the euro have struck an agreement with the International Monetary Fund on a program to reduce Greek debt and put Athens on the way to get the next installment of its much-needed bailout loans.
The first disbursement is set to take place Dec. 13, said Jean-Claude Juncker, head of the eurogroup of finance ministers, after Tuesday's decision.
Euro zone, IMF agree on Greece debt deal
By Sarah Turner, MarketWatch.com
SYDNEY (MarketWatch) — Euro-zone finance ministers, the European Central Bank and the International Monetary Fund reached a deal early Tuesday in Brussels that is expected to see them release more financial aid to Greece.
The euro-zone finance ministers, known collectively as the Eurogroup, said in a statement that a worse macroeconomic situation and delays in implementing assistance have resulted in a weaker outlook for Greek government finances.
Mark Grant On Greece: "There Is No Deal Here"
By Mark Grant - ZeroHedge.com
There is no deal here. There is a fantasy of projections and some wishful thinking but no deal. There is not even an agreement on disbursement as codified in the last paragraph of the statement (here). The odds on Greece reaching a primary surplus in the next several years are about 1 degree off of Kelvin's Absolute Zero [the market seems to agree].
The deferral of interest payments and the extension of the loans have some meaning but are nowhere close to bridging the deficit gap.
All of this of course has to go back to the nations' Parliaments and it may not be as readily accepted as some hope.
Some in Britain say EU is bringing a new 'Marxist revolution' Hostility toward the European Union is increasing, making British withdrawal a real possibility and creating a big headache for the Conservative-led government.
By Henry Chu, Los Angeles Times
RAMSEY, England — Looking at Europe from this side of the English Channel, Peter Reeve doesn't see a "cuddly" continent of biscotti, Burgundy and BMWs. He sees the evil specter of Soviet Russia.
Only this time, it's Brussels, not Moscow, at the center of an expanding, metastasizing super-government bent on turning independent nations like France and Germany into vassal states. Instead of the Soviet Union, it's the European Unionthat scares him.
The Man Wall Street Doesn't Want ... Wall Street isn't backing Jack Lew for Treasury Wall Street thinks Obama's likely Treasury Secretary pick
doesn't know jack about the market.
By Stephen Gandel, Fortune.com
FORTUNE -- Jack Lew, the frontrunner to be named Treasury Secretary in Obama's second term, isn't Wall Street's first choice for the key economic post. He's not even its second.
"I've talked to a bunch of investors and it's seen as a net negative going from [Tim] Geithner to Lew," says Chris Krueger, senior political analyst at Guggenheim Partners. "Who does Wall Street want? Not Jack Lew."
Dimon Would Be Best Treasury Secretary in Crisis, Buffett Says
By Noah Buhayar - Bloomberg.com
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon would be the best U.S. Treasury Secretary in a financial crisis, billionaire investor Warren Buffett said.
SEC chief Mary Schapiro to step down
By Jennifer Liberto - CNN.com
WASHINGTON (CNNMoney) -- Mary Schapiro, who took over as head of the U.S. Securities and Exchange after the financial crisis, said Monday she is stepping down from her post Dec. 14.
Schapiro oversaw regulation of the financial securities industry regulator during a tumultuous time. She was named the SEC chairman in January 2009 when the agency was reeling from criticism that it didn't do enough to spot and prevent events that led to the financial crisis.
Walter to Become SEC Chairman After Schapiro Steps Down
By Joshua Gallu, Robert Schmidt
and Jesse Hamilton - Bloomberg.com
Mary Schapiro will step down next month as U.S. Securities and Exchange Commission chairman, turning over the reins to Commissioner Elisse Walter in a move industry observers say will bring little change at the agency.
Schapiro, 57, who took the SEC's top job in 2009 as it reeled amid public rebukes for failing to rein in Wall Street abuses, will leave the post Dec. 14, the agency said in a statement today. President Barack Obama named Walter to succeed Schapiro as the SEC navigates a flood of mandates from the 2010 Dodd-Frank Act and pursues efforts to overhaul regulation of money-market mutual funds and high-frequency trading.
Obama begins second-term makeover
of economic team as Schapiro leaves SEC
By Peter Schroeder - TheHill.com
President Obama's economic team began its second-term makeover on Monday when Mary Schapiro announced she'll step down as chairwoman of the Securities and Exchange Commission (SEC) on Dec. 14.
Schapiro's exit marks the departure of a top Obama financial deputy who played an integral role in steering the financial system following the meltdown of 2008, and it begins what is expected to be a significant shake-up of the president's economic team.
Warren Buffett calls for a minimum tax on the wealthy
(Reuters) - Warren Buffett, the legendary investor who changed the debate about U.S. tax reform in 2011 with a call for the rich to pay more, is now calling for minimum tax rates for millionaires.
In a New York Times editorial printed on Monday, Buffett suggested Congress move immediately to implement minimum taxes of 30 percent on incomes of $1 million to $10 million and 35 percent above that.
States would foot tiny share of
$1 trillion Medicaid expansion over next decade
By David Sherfinski-The Washington Times
The expansion of health care coverage for millions of the nation's poor called for under President Obama's Affordable Care Act will add a trillion dollars to Medicaid costs over the next decade — but states that participate in the program would see their own costs for the program increase by less than 3 percent, according to a new study.
"If states do adopt the expansion, the federal government will pay for most of this," said John Holahan, one of the authors of the Kaiser Family Foundation and the Urban Institute report. "The additional state cost is pretty small relative to what spending would be without the expansion. [It] should be pretty hard for states, eventually, to walk away from."
Obama health law to face religion-based challenge
REUTERS - FiscalTimes.com
By Terry Baynes and Jonathan Stempel
(Reuters) – The Supreme Court on Monday cleared the way for a Christian college to pursue a religion-based challenge against part of President Barack Obama's healthcare reform, which it claims forces taxpayers and employers to subsidize abortions and contraception.
Liberty University, based in Lynchburg, Virginia, may now also argue that Congress exceeded its power by requiring big employers to provide healthcare coverage to workers, though legal experts said the argument faces an uphill battle in court.
Supreme Court revives challenge
to President Obama's healthcare law
By Sam Baker - TheHill.com
The Supreme Court revived a legal challenge to President Obama's healthcare law on Monday, saying a lower court can consider a challenge to the law's individual mandate.
The court — with the blessing of the Obama administration — revived a suit filed by Liberty University. When Liberty's case reached a federal appeals court, the court said it could not rule because of the Anti-Injunction Act, a federal law that bars lawsuits against new taxes before they have taken effect.
SCOTUS opens door to a new Obamacare challenge
by Sarah Kliff - WashingtonPost.com
It feels a bit like deja vu all over again. The Supreme Court has ordered an appeals court to reopen arguments on the Affordable Care Act's employer mandate and contraceptive coverage provisions, opening a potential path back to the highest court by late 2013.
The case at hand is one filed Liberty University, a Christian college in Virginia. The university had filed one of the earlier suits against the health care law, which was among the dozens dismissed by the Supreme Court when it ruled the Affordable Care Act's individual mandate to be constitutional.
Hurricane Sandy and Sick Building Syndrome
by Dr. BERNT DANIELSSON, MD and RITT GOLDSTEIN
As many still struggle to address the devastation of Superstorm Sandy, another facet of this epic battle is underway, though, many remain unaware of it. In the aftermath of Hurricane Katrina, many of the people of New Orleans found themselves faced with unusual health symptoms, respiratory problems being the most common and obvious among these. They coined a name for such airways issues – Katrina Cough.
According to Wikipedia, "Katrina cough is a putative respiratory illness thought to be linked to exposure to mold and dust". And, a new 'illness' has emerged in New York, Fox NY (and I never thought I'd cite Fox News) headlining "Far Rockaway Cough", mold thought to play a role in it as well. But beyond coughing there are other symptoms that mold can cause, the US Centers for Disease Control (CDC) even having an advisory site for storm victims.
Why Walmart Organizers Can't Build
A Union
The Old-Fashioned Way
By Matthew Yglesias - Slate.com
Thinking about worker protests at Walmart and reading a biography of FDR, it's striking how far we are from the sort of context in which the United Auto Workers became a force in the industry. One key moment was a sit-down strike at a crucial General Motors facility in Flint, MI. The strike was crippling to GM's activities because the factory in question was basically a choke-point in the overall supply chain. But it was also crippling to GM's activities because the workers hadn't just walked off the job (where they could be fired and fairly easily replaced at a time of high unemployment), they actually occupied the factory building preventing its use.
Use of RFID Tracking Technology
To Be Mandatory In US Food Stamp Program
By Michael Parker - PakAlertPress.com
Food stamp welfare individuals must soon be chipped
"And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man mightbuy or sell, save he that had the mark, or the name of the beast, or the number of his name." (Revelation 13:16-17)
In a little while, the above scene in Revelation 13 will become a global reality. People can no longer buy or sell without the mark of the beast. And sometimes that would mean no longer being able to eat!
The USDA is now considering biometric identification for all individuals who will want to benefit from theirFood and Nutrition Services. The RFID chip may just soon be a must for everyone who does not want to starve!
Did Texas Just Discover the Cure for Sky-High Tuition? Meet the $10,000 bachelor's degree. Gov. Rick Perry says it's a solution for working-class families who want a college education. His critics aren't so optimistic.
By Lara Seligman - TheAtlantic.com
Texas is experimenting with an initiative to help students and families struggling with sky-high college costs: a bachelor's degree for $10,000, including tuition fees and even textbooks. Under a plan he unveiled in 2011, Republican Gov. Rick Perry has called on institutions in his state to develop options for low-cost undergraduate degrees. The idea was greeted with skepticism at first, but lately, it seems to be gaining traction. If it yields success, it could prompt other states to explore similar, more-innovative ways to cut the cost of education.
Feds fighting fraud Federal officials take down 132 websites
in 'Cyber Monday' crackdown
By Brendan Sasso - TheHill.com
U.S. Immigration and Customs Enforcement and European officials seized 132 websites on Monday for allegedly selling counterfeit merchandise in a coordinated crackdown timed to coincide with the holiday shopping season.
It is the third straight year that the government has seized websites on "Cyber Monday" — the marketing term for the Monday after Thanksgiving, when many online retailers offer steep discounts and promotions.
The U.N.'s Internet Sneak Attack Letting the Internet be rewired by bureaucrats
would be like handing a Stradivarius to a gorilla.
By L. Gordon Crovitz - WSJ.com
Who runs the Internet? For now, the answer remains no one, or at least no government, which explains the Web's success as a new technology. But as of next week, unless the U.S. gets serious, the answer could be the United Nations.
Many of the U.N.'s 193 member states oppose the open, uncontrolled nature of the Internet. Its interconnected global networks ignore national boundaries, making it hard for governments to censor or tax. And so, to send the freewheeling digital world back to the state control of the analog era, China, Russia, Iran and Arab countries are trying to hijack a U.N. agency that has nothing to do with the Internet.
'Cyber Monday' could be the last
before collection of sales taxes
By Tim Devaney-The Washington Times
This could be the last year that "Cyber Monday" serves, for all intents and purposes, as a tax holiday for binge shoppers across the country.
In the push to make online retailers collect sales tax, Congress is close to passing a federal law that would force consumers, who have been going to the Web to dodge these fees, to pay up. The Senate and House see bipartisan support for similar bills that lawmakers say could be passed by year's end.
The Death of American Religion
By Ben Shapiro - CNSNews.com
In the aftermath of the re-election of President Barack Obama, conservatives searched the heavens and the earth for answers. Some suggested that Mitt Romney lost because Republicans didn't reach out more to Latino voters; some suggested that Romney lost because his "get out the vote" system fell apart on Election Day. Romney himself said that he lost because President Obama separated voting groups with particularly calibrated "gifts" designed to curry their favor.
In truth, Mitt Romney lost for the same reason that traditional marriage lost on Election Day: America is becoming a less religious country. And that bodes ill for the future of the United States.
Ten Reasons to be Wary of US Energy Independence Claims
By Matthew Hulbert - OilPrice.com
U.S. energy independence must be about to happen. The International Energy Agency just devoted its World Energy Outlook 2012 to telling us so. America will become the largest producer of oil and other liquid fuels on Earth by 2020; it will be entirely self-sufficient by 2030; and a net exporter by 2035. Boom. Epic stuff.
It would be churlish to deny that U.S. energy growth will provide major economic gains to America — of course it will. Here's a few hundred pages explaining exactly what they are. But this isn't going to be a free lunch for America.
Are US Troops Targeting Journalists?
by DAVE LINDORFF - CounterPunch.org
During the Vietnam War, which US forces fought from 1960 through 1974, and which cost the lives of several million Southeast Asians and 58,000 Americans, eight American journalists died. Not one of them was killed by American fire.
In the Iraq War, 136 journalists were killed. At least 15 of them — about 11% of the total — were killed by US forces, sometimes apparently with deliberate intent. (Consider that if some 500,000 US troops rotated through Iraq over the course of the way and 4000 of them were killed, that meant soldiers had a 1:125 chance of being killed there. With 136 dead journalists, there would have had to be more than 14,000 journalists covering the war for them to have the same odds of getting killed. It seems clear it is much more dangerous being a journalist in a US war than being a soldier!).
Why Was There War in Gaza?
By Charles Krauthammer - PatriotPost.us
WASHINGTON -- Why was there an Israel-Gaza war in the first place? Resistance to the occupation, say Hamas and many in the international media.
What occupation? Seven years ago, in front of the world, Israel pulled out of Gaza. It dismantled every settlement, withdrew every soldier, evacuated every Jew, leaving nothing and no one behind. Except for the greenhouses in which the settlers had grown fruit and flowers for export. These were left intact to help Gaza's economy -- only to be trashed when the Palestinians took over.
US aircraft carrier strikeforce readies in case of war with Iran When the aircraft carrier USS John C Stennis returns to the placid blue waters of the Gulf with her strike force of 70 jets in the next few days, she will be ready for action off the coast of Iran.
By Nick Meo, on the USS John C Stennis
near the Strait of Hormuz - Telegraph.co.uk
The flagship $4.5 billion carrier, a 100,000 ton floating city with a crew of 5,000, was despatched four months earlier than planned to bolster the United States Navy's already formidable force in the region, the Fifth Fleet.
Its mission is to keep some of the world's busiest shipping lanes open in its most combustible region; at any moment America's standoff with Iran could escalate into a crisis.
"Could there be a threat?" asked Rear Admiral Mike Shoemaker, the man who would command any mission to force open the sea lanes. "Yes is the answer. Is it manageable? Also yes."
Netanyahu Gives Obama His Comeuppance
by ANDREW LEVINE - CounterPunch.org
Pity the reporters and editors of the "quality press" and their NPR counterparts who must struggle to reinforce one of conventional wisdom's more preposterous tenets: that Israel has to massacre Gazans every now and then to protect its citizens from "terrorist" rocket attacks. Pity them all the more if they actually believe what they write and say.
Honest observers know better: stop the provocations and the rockets will stop, except perhaps for the occasional homemade missile. The only way to stop that would be to end the desperation that the siege and blockade of Gaza — the functional equivalent of Israel's (only slightly less malign) occupation of the West Bank — makes rampant.
Syrian Civilians Flee to Turkey
as Assad's Forces Attack Populated Areas
By James Burgess - OilPrice.com
The rebellion in Syria has spilt over into Turkey once again, and threatens to turn into a war between the two nations. Thousands of Syrians fled into Turkey as President Bashar al-Assad's fighter jets attacked refugee camps, and populated areas near to the Turkish border, Turkish anti-aircraft gunners retaliated.
In an attempt to deter Syrian threats Turkey has asked NATO to deploy Patriot missile batteries along its border, a NATO team will begin to determine appropriate sites for the weapons platforms from tomorrow.
Syrian rebels destroy Assad's radar station facing Israel
DEBKAfile
In a resounding blow to the combat capabilities of Bashar Assad's army against external enemies, Syrian rebels destroyed their most important electronic warning radar station facing Israel – M-1 – Monday, Nov. 26, DEBKAfile reports exclusively from its military sources.
This Russian-built station monitored Israeli warplanes' takeoff and landing activities at air bases in the Negev and Hatzerim in the south and tracked them up to the Syrian border. The facility was designed to guide Syrian missiles targeting any point on the Israeli map, in sync with air defense facilities south of Damascus and on the Golan Heights. The radar's range also covered naval movements in Mediterranean waters off the shores of Israel and Lebanon.
Fresh shipment of Iranian-made rockets
reportedly already en route to Gaza Cargo of ship loaded a week ago in Bandar Abbas may include Shahab-3 ballistic missiles to be stationed in Sudan, Sunday Times reports
By TIMES OF ISRAEL STAFF
Less than a week after the conclusion of Operation Pillar of Defense, and with Hamas boasting of an imminent increase in military aid from Iran, Israeli satellites have spotted a ship at the Iranian port of Bandar Abbas being loaded with rockets and other military supplies ostensibly bound for Gaza, the British Sunday Times reported.
The report cites Israeli intelligence sources who surmised that the cargo, loaded a week ago, would be shipped to Sudan and from there smuggled over land to Gaza.
United by a common threat:
Israel, Egypt and Hamas all fear Iran
and its Islamic Jihad proxy in Gaza Some analysts believe that the bedrock of the recent ceasefire between Israel and Hamas is a shared fear of Iranian influence
By MITCH GINSBURG - TimesOfIsrael.com
On Thursday, during the early hours of the ceasefire, the Hamas political chief in Gaza Ismail Haniyeh thanked Iran "especially" for its assistance in the battle with Israel. The IDF, throughout the eight days of Operation Pillar of Defense, embedded the following line in each of its emails: "The Gaza Strip has been turned into a front line base for Iran, forcing Israeli citizens to live under unbearable circumstances."
Yet the Hamas-Iran link, ever since the eruption of violence in Syria almost two years ago, has actually been under considerable strain. And, according to several experts, it was precisely the issue of Iran and the mutual concern over the growing strength of its proxy in Gaza – Palestinian Islamic Jihad – that allowed Israel, Egypt and Hamas to reach a ceasefire agreement.
Central Bank Gold Rehypothecation Scandal
to take Gold to $5,000/oz
By Jim Willie - SilverBearCafe.com
A nasty Golden Harp could soon have its cords plucked, with the resonance working to shake loose the bankster cover of improper illicit duplicitous and probably highly illegal usage of Allocated Gold Accounts. When diverse scattered accounts are pilfered and depleted without authorization in Switzerland, resulting in several multi-$billion class action lawsuits in Zurich, all kept dutifully out of the news, that is one thing. But when a few key official government gold accounts are ransacked in systematic fashion from established trusted locations, defying and betraying the trust of the German Govt and other national governments, that is quite another.
Dow Jones To Gold Price Ratio Near Decade Low
Gold Silver Worlds
A couple of interesting things happened on the gold and silver charts on Friday 23 November 2012. First, the price of gold soared with one percent in a matter of minutes. Interestingly this happened right at the London PM Fix, a moment in the trading session that is generally marked by sudden drops. The silver price chart looks similar, only with a larger percentage gain. Silver has been leading gold higher, which is a sign of strength.
Standby for 'currency induced cost push inflation'
to take gold to $3,500 predicts the legendary Jim Sinclair
By Peter Cooper - SilverBearCafe.com Gold is heading to $3,500 and possibly as high as $12,400 an ounce predicts 'Mr. Gold' Jim Sinclair the legendary gold trader who advised the Hunt Brothers in the late 1970s and probably made more money than anybody else of of the 1970's gold boom.
In his latest missive to his many fans among the gold bugs he also tells investors not to worry about the day-to-day gyrations of the gold price. Mr. Sinclair says that they should instead be focused on what he sees as inevitable and coming next: 'currency induced cost push inflation'.
Gold will move $500 Per Ounce Per Major City
John Galt - SilverBearCafe.com
I may not be able to predict political outcomes but I can smell a major move in precious metals and geopolitical conflict a mile away. At this point in time, it is only logical to observe the situation in the Middle East and the soon to begin ground war in the Gaza Strip and start to extrapolate the potential move in precious metals.
To begin this story, I wish to observe the "bear" market period of the past year in the cash or spot gold market:
The market has been in a prolonged trading range and support held at $1500 which is amazing considering the attempts to break through and retest the $1260 to $1400 range over the time period and failure each time. Of course that failure was assisted by the Federal Reserve and the D.C. circus providing further indications that monetary inflation is the only solution to America's problems.
Marc Faber Explains Unintended Consequences
Of Money Printing & Favors Gold
Gold Silver Worlds
Marc Faber is one of the very successful investors on earth. He recently explained his view on the monetary policies of the developed regions in the world. Obviously he is no fan of the Keynesian way of thinking which is applied by the central banks in the developed regions.
The Keynesian policy considers easy money as a way out of economic recession and deflation. They argue that money creation smoothens out the business cycle. In his presentation, Marc Faber demonstrates that these kind of interventions achieve exactly the opposite: they make the business cycles much more violent, create extreme fluctuations in economic activity and result in far more financial volatility. In his opinion, the essential problem is that the Keynesian way of thinking tries to solve long term structural problems with short term fixes, with an emphasis to create bubbles to help the economy. However, Mr Faber notes that bubbles usually hurt the majority of market participants.
Peter Schiff About Gold, Fiscal Cliff And Real Economic Growth
Gold Silver Worlds
Earlier this year, Peter Schiff published his book "The Real Crash", which explains how an economy grows and how it crashes, in simple language. Yesterday's Black Friday appeared to be an ideal event to explain again the basic principles he presents in his book. The author commented on the picture of Black Friday that the media has created: people stepping out of warehouses with their shopping carts full of goods. He points to the key problem that the all those goods are produced in other countries (in this case, seen from the perspective of the US).
The Forces that will Push Silver Over $100
Steve St. Angelo - SilverBearCafe.com
There are tremendous forces at work that will push silver over $100 an ounce. Very few precious metal analysts understand all the forces that are at work. Some analysts focus on specific areas such as the gold-silver ratio and technical analysis, while others write about future investment and industrial demand. And then of course, we have the more unorthodox analysts who delve into the ongoing manipulation of gold and silver -- a realization shared by the author of this article.
Goodbye Petrodollar, Hello Agri-Dollar?
by Tyler Durden - ZeroHedge.com
When it comes to firmly established, currency-for-commodity, self reinforcing systems in the past century of human history, nothing comes close to the petrodollar: it is safe to say that few things have shaped the face of the modern world and defined the reserve currency as much as the $2.3 trillion/year energy exports denominated exclusively in US dollars (although recent confirmations of previously inconceivable exclusions such as Turkey's oil-for-gold trade with Iran are increasingly putting the petrodollar status quo under the microscope). But that is the past, and with rapid changes in modern technology and extraction efficiency, leading to such offshoots are renewable and shale, the days of the petrodollar "as defined" may be over.
Germany's Gold and Your Silver
By Dr. Jeff Lewis - GoldSeek.com
The recent furor over Germany's request to audit its gold reserves being held by central banks in New York, London and Paris has highlighted the fact that there is even more reason to have one bar in hand versus two bars in the bush in today's uncertain world.
The controversy arose after the Bundesbank's official requests for a full audit of German gold reserves were apparently been turned down by the foreign central banks responsible for storing the bulk of German gold.
'Fiscal cliff': Consensus on increasing tax revenue,
a wide gulf on how to do it
By Lori Montgomery - WashingtonPost.com
For the first time in decades, a bipartisan consensus has emerged in Washington to raise taxes. But negotiators working to avert the year-end "fiscal cliff" remain far apart on crucial details, including how taxes should go up and who should pay more.
Neither side gave ground in an opening round of staff-level talks last week at the Capitol. As President Obama and congressional leaders prepare for a second face-to-face meeting as soon as this week, the divide over taxes presents the biggest obstacle to replacing the heap of abrupt tax hikes and spending cuts, set to hit in January, with a less-traumatic debt-reduction plan.
TOP REPUBLICANS PREPARE TO CAVE ON TAXES
by BEN SHAPIRO - Breitbart.com
Today, multiple high-ranking Republicans announced that they were willing to raise taxes as part of a deal to avoid the "fiscal cliff," breaking the pledges they had made to Grover Norquist's Americans for Tax Reform. Said Sen. Lindsay Graham (R-SC) on ABC's This Week with George Stephanopoulos:
I agree with Grover, we shouldn't raise rates, but I think Grover is wrong when it comes to we can't cap deductions and buy down debt. What do you do with the money? I want to buy down debt and cut rates to create jobs, but I will violate the pledge, long story short, for the good of the country, only if Democrats will do entitlement reform.
GOP warns of shutdown over filibuster
By MANU RAJU | Politico.com
A partisan war is brewing that could bring the government to a screeching halt as early as January — and no, it's not over the fiscal cliff.
It's all about the filibuster.
Democrats are threatening to change filibuster rules, in what will surely prompt a furious GOP revolt that could make those rare moments of bipartisan consensus even harder to come by during the next Congress.
Frank: Tea party has complicated compromise
By JUANA SUMMERS | Politico.com
Rep. Barney Frank says tea party activists elected in 2010 were partially to blame for the decline of compromise in Congress, saying that some supporters of the movement "repudiated the notion of compromise" in Congress.
"I do believe that there were elected some people in 2010, tea party influence, who repudiated the notion of compromise, and some of them said it exclusively," the retiring Massachusetts Democrat said in an interview aired Sunday on CNN's State of the Union. "You have to start from a position of principle and then you work together. I think in 2007 and 2008 we showed how can you do that."
None Dare Call It Default A nicer term for what's about to
sock the middle class is 'entitlement reform.'
By HOLMAN W. JENKINS, JR. - WSJ.com
To call Greece First World may be a stretch, but Greece has defaulted once already, and it is only a matter of time until Greece defaults again. Welcome to default-o-rama, the next chapter in the First World's struggle for fiscal sustainability.
Japan is piling up debt in the manner of a nation beyond hope. France, Belgium, Spain and Italy are defaults waiting to happen unless Europe can somehow generate the kind of growth that has eluded it for decades.
America's fiscal cliff is an artificial crisis...
Keiser Report: Colossal Collapse Coming! (E371)
In this episode, Max Keiser and Stacy Herbert note that the bell has rung for the bond market top as one of the biggest private equity funds in the world is seeking 'ordinary' investors to assume their long term interest rate risk. In the second half, Max Keiser talks to Ian Williams of Charteris Treasury Portfolio Managers about his forecast for silver prices to rise five fold in the next 3 three years while US Treasury bonds and UK gilts will face collapse. Ian Williams also suggests that it is commercial banks rather than central banks that will return us to a new style of gold standard.
Community Banks Face a Regulatory Cliff New Basel III banking rules will increase the cost of mortgages and small business loans -- which is bad news for Main Street.
By JOHN BERLAU - Spectator.org
As if the "fiscal cliff" and the prospect of looming tax hikes were not enough, banks of all sizes -- and in turn consumers and businesses who rely on their credit -- also face the "Basel cliff."
The term doesn't refer to a mountain in Switzerland, the beautiful country which surrounds the city of Basel. Rather, it refers to meetings in Basel and elsewhere by international banking bureaucrats to develop the Basel III agreement for harmonizing international capital requirements. If implemented as planned, it will dramatically increase the cost of mortgages and small business loans while, according to many experts, actually making the banking system less stable.
U.S. on Trajectory to France, Greece Hello, Europe On its current trajectory,
America will look like France or Greece before long.
By Pete Du Pont, Wall Street Journal
The election is behind us, with President Obama's strong victory over Mitt Romney. Mr. Obama did not do as well this time, winning by 3.3 million votes compared with 9.5 million in 2008. But he overcame a weak economy and some unpopular policies to win a second term, and that is no small feat.
Still, one could argue his greatest challenge is in front of him, because America's economy continues to do very poorly. Employment levels are still 3% lower than before the recession that began almost five years ago, meaning our so-called recovery of the last few years is far below other recoveries dating back through the 1950s.
Leaders break off EU budget talks
BY VALENTINA POP - EUObserver.com
EU leaders on Friday (23 November) decided to break off the 2014-2020 budget negotiations and postpone them for another summit, as a second compromise attempt failed to reconcile positions between those wanting cuts and those asking for more money.
Admitting that there are "still existing divergences," EU council chief Herman Van Rompuy at a press conference said that leaders had given him the task to continue bilateral talks in the coming weeks, with a view to a final deal early next year.
Armed Austerity? Cash-strapped EU beefs up military
One area that EU leaders are being forced to not let their guard down is on defense and security. The European Parliament's voted through a resolution to keep national militaries at full strength. As Polly Boiko explains, the warning is that reducing defense budgets could lead to the EU's strategic decline. British Euro MP David Campbell Bannerman voted against the move - accusing Brussels of encroaching on sovereignty by expecting states to relinquish control of defense and security decisions.
Spain to get EU bank aid in exchange for job cuts
Some €35bn will be pumped into Spain's bank rescue fund in December in return for thousands of job losses, say reports
Reuters in Madrid - Guardian.co.uk
European authorities will transfer €35bn (£28bn) to Spain's state bank rescue fund on 15 December in exchange for massive layoffs at the country's four nationalised banks, including the state-rescued Bankia, according to reports.
The cash injection from European bailout funds will be disbursed to troubled Spanish banks two weeks after it is paid into Spain's orderly bank restructuring fund, according to El País.
Secession Fever Sweeping Europe Meaningless
Without Debt Repudiation
by Ron Holland, The Daily Bell - LewRockwell.com
While regional independence is superior to both the failing European Union and the façade of special interest controlled democracy, one further action should taken by any jurisdictions that choose secession: Newly restored sovereign nations should repudiate their share of the illegitimate sovereign debt when they exit existing unions and nation-states. Created by distant banking elites buying national politicians and parliaments to load up on sovereign debts that can never be paid off, this massive national debt load is illegitimate and destructive to existing and new national economies.
Revolución? Catalonia anger blooms, Spain break up looms
While Europe struggles to find a common way forward, some regions are looking for ways to go it alone. In Spanish Catalonia people are set to go to the polls to elect a regional government, which could see a referendum on its independence.
You Can't Secede...Because We're Exiling You!
by Jeff Berwick - The Dollar Vigilante - LewRockwell.com
Once again we come to you as the humble messenger and past predictor of today's major issues!
On January 20th of this year we penned an article entitled, "Forced Expatriation Coming to the USSA". In it we stated, "We can clearly see that the United Soviet States of America is putting in place the necessary tools to be able to strip whoever it likes of the so-called 'privilege' of being a US citizen." And, yet again, it looks as though it is coming to pass.
Farage: Europe split in every way possible
Disillusionment with the European project has brought more support in Britain for the UK Independence Party, which believes only pulling out of the EU will do. What's more, recent polls show over half of Britons agree. RT talks to party leader and Euro MP Nigel Farage.
Here Comes the Regulatory Flood Costly rules held up for the election
are about to roll over the economy.
Opinion - WSJ.com
President Obama's hyperactive regulators went on hiatus in 2011 to get through Election Day. Now with his second term secure, they're about to make up for lost time and then some.
The government defines "economically significant" rules as those that impose annual costs of $100 million or more, and the Bush, Clinton and Bush Administrations each ended up finalizing about 45 major rules per year. The average over Mr. Obama's first two years was 63 but then plunged to 44 for 2011 and 2012 so far. The bureaucracies didn't slow down. They merely postponed and built up a backlog that is about to hit the Federal Register.
JPMorgan Sanctioned for Energy Trade Manipulation
By Jen Alic - OilPrice.com
It's not so easy any more to manipulate energy trades. Ask JPMorgan Chase & Co., which last week became the first ever actively trading company to be sanctioned by the Federal Energy Regulatory Commission (FERC).
The Commission has revoked JPMorgan Ventures Energy Corp's right to trade power for six months in 2013.
JPMorgan isn't the only one to be targeted for energy trades manipulating this month: The Commission has also proposed fines for some of the world's other largest banks, including Barclays Plc and Deutsche Bank AG.
Deadline Looms for Long-Term Unemployed
[Google title for free article pass] Benefits for More Than 2 Million Could Expire at Year-End
By BEN CASSELMAN - WSJ.com $$
More than 40% of the nearly five million Americans who receive unemployment insurance are set to lose those benefits if federal programs expire as scheduled at year-end.
Some economists worry that cutting off those benefits could harm the economy by leaving millions of Americans with less money to spend on everything from food to fuel. Others argue that overly generous benefits are helping to prolong joblessness.
GOP Governors Defying ObamaCare
Editorial board member Joe Rago on HHS's extended deadline for states to implement health exchanges under ObamaCare and why many Republicans governors are refusing to.
Obama faces huge challenge in setting up insurance exchanges
By Elise Viebeck - TheHill.com
The Obama administration faces major logistical and financial challenges in creating health insurance exchanges for states that have declined to set up their own systems.
The exchanges were designed as the centerpiece of President Obama's signature law, and are intended to make buying health insurance comparable to booking a flight or finding a compatible partner on Match.com.
Is ObamaCare a Sure thing? - (November 24, 2012) Growing number of GOP governors like Scott Walker
looking to disarm the law.
Pioneering the granny pod: Fairfax County family
adapts to high-tech dwelling that could change elder care
By Fredrick Kunkle - WashingtonPost.com
Viola Baez wouldn't budge.
Her daughter's family had just invested about $125,000 in a new kind of home for her, a high-tech cottage that might revolutionize the way Americans care for their aging relatives. But Viola wouldn't even step inside.
She told her family she would rather continue living in the family's dining room than move into the shed-size dwelling that had been lowered by crane into the back yard of their Fairfax County home.
Brazil Record-Low Unemployment Creating Scarcity of Maids
By David Biller and Raymond Colitt - Bloomberg.com
For a decade Geane Menezes earned no more than $250 a month cleaning the home of a wealthy Brazilian family. Now she sells souvenirs at an airport store in the northeastern city of Recife and plans to open a business.
"I feel more valued and earn twice as much," Menezes, 34, said while tending the store's hammocks and cashews.
Walmart hit by Black Friday strikes across 46 states,
say protesters Retail giant Walmart hit by protests and staff walkouts on Black Friday, the busiest shopping day in the retail calendar
By Dominic Rushe in New York - Guardian.co.uk
Retail giant Walmart has been hit by protests and staff walkouts at stores across the US on Black Friday, the busiest shopping day in the retail calendar.
The actions began Thursday, as workers protested the retail giant's decision to open on Thanksgiving, which is traditionally a national holiday, and what they claim are attempts by Walmart to silence protests from workers. Industrial action continued Friday, with organisers claiming 1,000 protests in 46 states.
UNIONS FAIL TO STOP WALMART ON BLACK FRIDAY
by WILLIAM BIGELOW - Breitbart.com
The unions' takeover of the United States under Barack Obama and his fellow Marxists associates is hitting a stone wall with the nation's largest employer, Walmart. Unions such as the United Food and Commercial Workers union (UFCW), which organized Black Friday protests at Walmarts around the country, failed at enlisting employees of the retail giant to join them.
Of course, the unions appeared to fabricate claims of the number of employees who participated; the UFCW asserted that "hundreds and hundreds" of employees joined them, which is amusing because even if true, that is a miniscule percentage of the 1.4 million employees of Walmart. Dan Schlademan, director of Making Change at Walmart, told the website Raw Story "hundreds and hundreds" of workers took part. Not to be left behind, Service Employees International Union (SEIU) President Mary Kay Henry claimed in a press release that "thousands" of Walmart employees had walked off the job, saying:
Walmart strikes result in arrests
as store claims Black Friday sales success Nine protesters detained in California as protest group co-ordinates action across US on busiest shopping day
By Paul Harris and Dominic Rushe in New York - Guardian.co.uk
Police arrested nine people outside a California Walmart late on Friday, at a protest that was part of a nationwide series of walk-outs and demonstrations against labour conditions at the retail giant. The protests were held to mark Black Friday, the busiest shopping day in the American calendar. Organisers claimed that at least 1,000 actions took place across 46 states.
The biggest protest seemed to be in Paramount, California, where more than 1,500 people gathered in the streets to chant protest songs in opposition to what they say are low wages that keep Walmart workers in poverty. Organisers have also complained of retaliation by the company against people who speak out.
Black Friday sales fall after retail giants' Thanksgiving opening Decision by Sears, Target, Walmart to open on Thursday contributes to 1.8% fall in retail sales in stores
AP - guardian.co.uk
Thanksgiving shopping on Thursday took a noticeable bite out of Black Friday's start to the holiday season, as the latest survey found retail sales in stores fell slightly from last year. Saturday's report from retail technology company ShopperTrak estimated that consumers spent $11.2bn at stores across the US. That is down 1.8% from last year's total.
This year's Friday results appear to have been tempered by hundreds of thousands of shoppers hitting sales on Thursday evening. Retailers including Sears, Target and Walmart got their deals rolling as early as 8pm on Thursday. Online shopping also may have cut into the take at brick-and-mortar stores: IBM said online sales rose 17.4% on Thanksgiving and 20.7% on Black Friday, compared with 2011.
Record count of holiday-weekend shoppers National Retail Federation says fiscal cliff
could impact retail sales
By Kate Gibson, MarketWatch.com
NEW YORK (MarketWatch) — A record 247 million Americans shopped on foot and online during the four-day holiday weekend, up 9% from the same period last year, when 226 million made holiday purchases, the National Retail Federation said Sunday.
A total of 89 million Americans shopped online and in brick-and-mortar stores on Black Friday, up from 86 million in 2011, according to the survey conducted by BIGinsight for the NRF.
Thanksgiving weekend sales better than last year
By Abha Bhattarai - WashingtonPost.com
More people hit the stores this Thanksgiving weekend than they did last year, as big-box retailers opened their doors earlier than ever on Thursday.
The average consumer spent $423 — roughly $25 more than they did last year — between Thursday and Sunday, while total spending increased nearly 13 percent to an estimated $59.1 billion, according to a survey the National Retail Federation released Sunday afternoon.
Why You Should Bet Big on Bionic Brains
By Matt Ridley - WSJ.com
When an IBM computer program called Deep Blue defeated Garry Kasparov at chess in 1997, wise folk opined that since chess was just a game of logic, this was neither significant nor surprising. Mastering the subtleties of human language, including similes, puns and humor, would remain far beyond the reach of a computer.
Last year another IBM program, Watson, triumphed at just these challenges by winning "Jeopardy!" (Sample achievement: Watson worked out that a long, tiresome speech delivered by a frothy pie topping was a "meringue harangue.") So is it time to take seriously the prospect of artificial intelligence emulating human abilities?
Sen. Rand Paul renews fight
over indefinite detention of US citizens
By Jeremy Herb - TheHill.com
Sen. Rand Paul (R-Ky.) is bringing a new — and more aggressive — approach to a longstanding debate over the Defense authorization bill, threatening to filibuster the bill to get a vote on his amendment limiting indefinite detention.
Paul's amendment takes a new tack to curb the military's ability to indefinitely detain U.S. citizens suspected of terrorism by affirming they have the right to a speedy trial by jury under the Sixth Amendment.
Will George P. Bush Be the Next Republican Star?
By Daniel Politi - Slate.com
Another Bush seems to be getting ready for his turn in the limelight with what appear to be pretty clear signs of a candidacy in Texas. George Prescott Bush, the son of former Florida Gov. Jeb Bush, and newphew of former president George W. Bush, has already filed all the preliminary paperwork to run for office in Texas in 2014, reports Politico. His father already e-mailed supporters last week, saying his son will most likely to run for Texas land commissioner, seen as a key position that could provide a good stepping stone for the young Bush.
A new Bush rises
By EMILY SCHULTHEIS | Politico.com
The state of Texas may get another George Bush on the ballot.
George Prescott Bush, the son of former Florida Gov. Jeb Bush and the nephew of former Texas governor and ex-President George W. Bush, has filed preliminary paperwork to run for office in the Lone Star state in 2014. That leaves the new Bush poised to become a key face in the next generation of Republican politicians.
Bush, a 36-year-old attorney — who's served in Afghanistan in the U.S. Navy and helped with the GOP's Hispanic outreach in Texas — is both a promising politician on the Texas stage and a young Hispanic voice in a party that is figuring out how to mend its image with the country's growing Latino population.
Over 3,000 Leaks Found
in Study of Boston's Natural Gas Pipelines
By Sara Rimer - OilPrice.com
The city's aging natural-gas pipeline system is to blame, according to a new study by researchers at Boston and Duke Universities. Their findings appear this week in the journal Environmental Pollution.
The new study comes in the wake of devastating fires fueled by natural gas during Hurricane Sandy. Potential damage to gas pipeline pressure regulators, caused by flooding in Hurricane Sandy, has raised ongoing safety concerns in New York and New Jersey.
Will succession ultimately come down to civil war in the USA?
Cold Fusion and Unintended Consequences
By Mark Gibbs - Forbes.com
But the spread of CF generators will not be something that can be controlled … if you'll excuse the quip, once the E-Cat is out of the bag, there's no putting it back in and we know well how fast technology can outpace legislation and regulation.
Alright, let's say that there is no hazardous waste, so what about heat waste? Every major city has is what is called an "urban heat island." Wikipedia explains that a UHI is:
What Happens IF Cold Fusion Does Become Reality?
By James Burgess - OilPrice.com
Mark Gibbs recently wrote a very interesting article for Forbes titled "Cold Fusion and Unintended Consequences", discussing the unintended side effects that could potentially occur if cold fusion really takes off in the way that many hope it will.
We are talking about years into the future, when cold fusion exists as a practical technology that can provide huge amounts of cheap electricity. Devices would cost little and provide populations around the world with abundant energy.
Is a New SARS-like Virus Spreading in the Middle East?
By David DiSalvo - Forbes.com
As with most emerging epidemics, we usually ignore them until people start dying. If the same logic applies here, it's time to begin paying attention to the new SARS-like virus found in Saudi Arabia and Qatar. While only six cases have been identified so far, two of the patients died, suggesting that the survival rate isn't stellar.
According to Reuters, the World Health Organization (WHO) originally issued an international alert in late September saying a virus previously unknown in humans had infected a Qatari man who had recently been in Saudi Arabia, where another man with the same virus had died.
EPA Testing Dangerous Pollutants on Human Beings
By Jen Alic - OilPrice.com
Want to know how dangerous pollutants are to your health? For $12 an hour, you can find out directly.
In the aftermath of US presidential elections and corporate fears of looming environmental regulations that could affect their bottom line, the Environmental Protection Agency (EPA) is under attack for conducting dangerous experiments on human beings.
Putin Is Turning Russia into One Big Enron
By Anders Aslund - Moscow Times
In a few quick decisions, PresidentVladimir Putinhas devastated Russia's energy policy. This daring radical change of strategy will primarily hit state revenues. The essence of these policy changes is renationalization, a massive increase in capital expenditure and reduced efficiency.
For years,Gazpromhas carried out too large capital expenditures, 70 percent of which investment analysts euphemistically with call "value detraction," which really means corruption or waste. Now, Putin has decided to drive it to new heights. This month, Gazprom went ahead with its South Stream project, which is supposed to cost $20 billion, but will probably cost twice as much. Its sole purpose is to circumvent Ukraine. For the same reason, Gazprom plans to build two more Nord Stream pipes at a cost of probably $20 billion, but neither is needed. On top of this comes the massive investment program in Yamal. None of this adds any value.
Argentina rejects US ruling over foreign debt repayment
BBC News
Argentina will appeal against a US ruling ordering it to pay $1.3bn (£800m) to foreign creditors holding bonds that it defaulted on in 2001.
The government has until 15 December to reimburse the hedge funds, which shunned two exchanges of defaulted debt in 2005 and 2010.
But Economy Minister Hernan Lorenzino rejected the decision, saying it was illegitimate to pay "vulture funds".
Will The Peak Of The Solar Cycle In 2013
Produce Technology Crippling Solar Super Storms?
By Michael Snyder - EndOfTheAmericanDream.com
Our sun is becoming increasingly unstable, and most people have no idea the complete and utter devastation that a massive solar storm could potentially cause. A giant solar storm could potentially take out satellites, GPS systems, electrical grids, communication networks and pretty much anything else that runs on electricity or that relies upon electronics. And considering how dependent our society has become on technology, we are talking about an event that could possibly bring about the end of the world as we know it. Right now, solar activity is increasing as we approach the peak of Solar Cycle 24. But the worst is yet to come. Scientists are expecting a significant increase in coronal mass ejections and geomagnetic disturbances as we approach the peak of this solar cycle in 2013.
China completes jet fighter test flights
on its first aircraft carrier Beijing's heightened military ambitions send message
to Asia and rest of world as new leadership takes reins
Reuters in Shanghai - Guardian.co.uk
China has carried out its first successful landing of a fighter plane on its first aircraft carrier, state media said on Sunday, a symbolically significant development as Asian neighbours fret about the world's most populous country's military ambitions.
The domestically-built J-15 fighter jet took off from and landed on the Liaoning, a reconditioned Soviet-era vessel from Ukraine, which only came into service in September.
All Hands On Deck! China flexes naval might amid islands row
The Chinese People's Liberation Army Navy recently carried out live ammunition drills in the South China Sea and East China Sea. Vessel-airplane confrontation, vessel-submarine confrontation, air-defense and light weapon shootings were completed in the drills.
US pivots, China bristles
BBC News
President Obama's Asia trip contains two messages that could be summed up, like some martial-arts pose, as "pivoting with an outstretched hand".
Perhaps it started just as a date in the diary, but Mr Obama is keen to point out that his first foreign visits since the election aren't a mistake. They're a message.
His national security adviser Tom Donilon told a Washington conference last week that the President decided early on in his first administration that the US was "underweighted" in some regions and "overweighed" in others, like the Middle East.
Iran Positioned to Threaten Oil Lanes
By Daniel J. Graeber - OilPrice.com
In mid-December, the U.S. military will have only one aircraft carrier positioned in the Persian Gulf region for the first time in two years. At the same time, the Iranian navy said it was kicking off a 10-day exercise in the region. Oil prices spiked when Iran early this year threatened to close oil-shipping lanes in the region. If talks scheduled for December between Tehran and the IAEA turn sour, there exists for Iran the potential to exploit the security vacuum in the region and use its defensive position for geopolitical gain.
The U.S. Navy announced that, for about two months, there will be only one aircraft carrier based in the Middle East region because of unexpected repair work needed on USS Nimitz. A Navy commander said it was the "right thing to do" to leave the military one carrier short in the region, a first since December 2010. At the same time, the Iranian navy announced plans to conduct a 10-day drill to display what Tehran said was a way for the Islamic republic to "display its might and deterrence power."
Russia Sidelined in Israeli-Palestinian Conflict
By Jonathan Earle - TheMoscowTimes.com
Among members of the Middle East Quartet, Russia enjoys perhaps the warmest relationship with Hamas, the radical Islamist party that controls the Gaza Strip.
Yet when Hamas and Israeli representatives sat down last week to halt a week of bloody clashes in and around Gaza, all Russia could do was watch from the sidelines as Egyptian and American mediators hammered out the deal.
Russian expert warns of possibility
of large-scale war in Middle East Turkey has asked NATO to deploy "Patriot" missiles
on the Turkish side near the Turkish-Syrian border.
Voice Of Russia
In an interview with the Voice of Russia, Russian analyst Konstantin Sivkov said: "Deploying these missiles in Turkey will be dangerous for Syrian military planes – this is obvious. A lesser obvious thing is that Turkey is getting ready for a war against Syria. If an attack on Syria from the territory of Turkey does take place, this will most likely be an attack not of the Turkish army, but of NATO's forces."
"The Middle East is getting ready for a large-sale battle which will very likely affect the Russian part of the Caucasus, and this, in its turn, will be reflected on the entire Russia," Mr. Sivkov added.
Russia Sends Warships To Gaza Coast
by Tyler Durden - ZeroHedge.com
For the entire 8 day duration of Operation Pillar of Defense, there was one major geopolitical player who had been largely quiet and certainly absent from the scene: the same player whose unflinching position over the Syria conflict has so far prevented any intervention in the civil war torn country: Russia. The same Russia which has a military base in the Syrian port city of Tarsus, and thus in its own eyes, a very substantial "national interest" role to play in the middle east, one that is certainly opposing that of the US and the pro-NATO forces, a tension that will surely boil to the surface now that war between Iran and Israel is always at most "hours away" depending on who is asked, and which one day will be more than just a war of words. Today, Russia decided that it had kept quiet for too long over the Gaza conflict, with Voice of Russia reporting, courtesy of Al Arabiya, that Russian warships anchored off the eastern coast of the Mediterranean Sea will be put on military alertness should the conflict in Gaza escalate and brought in proximity, according Russian Navy Command source on Friday.
'Satellites show Iran moving quickly to rearm Hamas'
'Sunday Times' cites Israeli official claiming Tehran shipping Fajr-5 rockets through Sudan to the Gaza Strip.
By JPOST.COM STAFF
Israeli intelligence satellites have spied the loading of rockets and other material in Iran believed to be destined for the Gaza Strip, the UK-based Sunday Times reported, citing Israeli officials.
According to the report, Iran began preparing the weapons shipment around the same time Israel and Hamas negotiated a cease-fire late last week.
Middle East Conflict Flares in Gaza
Defense analyst Tony Cordesman joins D.C. Bureau to discuss the outbreak of hostilities between Israel and Hamas and what that means for the longer term goal of peace in the Middle East.
Israel may Strike Ship with Iran Missiles En Route to Gaza.
US Carriers Position off Iran Coast.
Nex-Gen Iron Dome Tests Underway
InvestmentWatchBlog.com
Less than a week after the conclusion of Operation Pillar of Defense, and with Hamas boasting of an imminent increase in military aid from Iran, Israeli satellites have spotted a ship at the Iranian port of Bandar Abbas being loaded with rockets and other military supplies ostensibly bound for Gaza, the British Sunday Times reported.
The report cites Israeli intelligence sources who surmised that the cargo, loaded a week ago, would be shipped to Sudan and from there smuggled over land to Gaza.
Soros Buying Gold as Record Prices Seen on Stimulus
By Nicholas Larkin and Debarati Roy - BusinessWeek.com
Gold's 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.
The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 11 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg. Paulson & Co. has a $3.66 billion bet through the SPDR Gold Trust, the biggest gold-backed exchange- traded product, and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter, U.S. Securities and Exchange Commission filings show.
Gartman sees more central bank buying
of Gold, favors Gold/Yen
NEW YORK (Commodity Online): Investor and newsletter writer Dennis Gartman said that he looks for central-bank buying of gold to continue and currently favors holding gold in Japanese yen terms.
Central banks collectively sold between 400 and 750 metric tons of gold between 2002 and 2007, but the tide shifted and they have been "material net buyers" since 2010. This is not a trend likely to be reversed in the next several months, or we think in the next several years, Gartman added.
Keiser Report: Twinkies, Finance, Scandal (E369)
In this episode, Max Keiser and Stacy Herbert present a success story for the three year anniversary of the Keiser Report and that is that the banksters are going the way of Twinkies, Ho Ho's and Ding Dongs - OUT OF BUSINESS! And just as the junk food and fake bread of the Hostess products caused obesity and diabetes in Americans, so too did the junk bonds and toxic derivatives of the bankers and central bankers cause a flabby, obese and diabetic finance sector in London and New York. In the second half, Max Keiser talks to Ross Ashcroft, writer and director of FOUR HORSEMEN, about why many people didn't see the financial crisis and what can be done to regain control of the financial system.
Bernanke: Fix fiscal woes
or risk 'sudden and severe' contraction of economy
By Peter Schroeder - TheHill.com
Federal Reserve Chairman Ben Bernanke implored Washington policymakers Tuesday to get the nation's fiscal house in order for the good of the economy.
The head of the nation's central bank used a high-profile speech to outline a "must-do" list for Congress and the White House in the comings months: avoid the "fiscal cliff," raise the debt ceiling and come up with a long-term plan to bring down the deficit. Finally, Bernanke said it's important do so with as little drama as possible.
"Coming together to find fiscal solutions will not be easy, but the stakes are high," he told the New York Economic Club.
This Economy Is Going Down
By Irwin Kellner - MarketWatch.com
PORT WASHINGTON, N.Y. (MarketWatch) — For one reason or another, this economy is going down.
As everyone must know by now, a fiscal cliff looms ahead. Unless current law is changed, the U.S. economy will take a $600-billion hit starting next year. Taxes will go up by $500 billion, while spending will have to be slashed by $100 billion.
These are big numbers for a healthy economy to absorb, much less one that's in the shape this economy is in. It amounts to at least 4% of our gross domestic product — enough to push the fledgling recovery back into recession.
Bernanke: Fiscal Cliff Fix May Bring 'Very Good' Year
By Joshua Zumbrun and Caroline Salas Gage - BusinessWeek.com
Federal Reserve Chairman Ben S. Bernanke said an agreement on ways to reduce long-term federal budget deficits could remove an impediment to growth, while failure to avoid the so-called fiscal cliff would pose a "substantial threat" to the recovery.
"There's important potential for the economy to strengthen significantly if there's a greater level of security and confidence about where we're going," he said today to the Economic Club of New York. "A plan for resolving the nation's longer-term budgetary issues without harming the recovery could help make the new year a very good one for the American economy."
The Other Economic Cliff:
Why Business Investment Is Really Nosediving The Home Economy is strong.
It's the Away Economy that's got issues.
By Derek Thompson - TheAtlantic.com
The American consumer is the most optimistic s/he's been since before the Obama presidency. Meanwhile, large U.S. companies are cutting spending at the fastest pace since the Great Recession.
Who's right about where we're heading, the pessimists or the optimists? Both.
For the moment, imagine two American economies. The Home Economy and the Away Economy. In the Home Economy, there is mostly good news to report, so long as Washington doesn't screw it up. GDP growth and job growth have been steady, if slow, for more than three years. Consumer spending is healthy. Housing indicators are turning up all over the place, like home prices, home starts, home sales, and construction employment. It adds up to the possibility of accelerating job growth and a recovery worthy of its name in 2013. Small businesses sentiment, which relies less on world markets and more on the animal spirits of the neighborhood, is still higher than it was for most of 2011.
SEC alleges largest-ever insider-trading scheme CR Intrinsic Investors is owned by Steven A. Cohen's firm
By Steve Goldstein, MarketWatch
WASHINGTON (MarketWatch) — A hedge-fund manager and a doctor are at the heart of what securities regulators said Tuesday may be the largest insider-trading scheme ever pursued, a case that now has implicated one of the highest-profile investors on Wall Street.
The Securities and Exchange Commission alleged that $276 million in illegal profits or avoided losses were made by investment advisers and their hedge funds, by trading ahead of negative news in July 2008 on a clinical trial involving an Alzheimer's drug developed by Elan Corp. and Wyeth, now a subsidiary of Pfizer Inc.
Obama and the Coming Carbon Tax
BY MARIN KATUSA - FinancialSense.com
We know Obamarama is going to tax the rich, but I bet many didn't think he would weasel in the carbon tax as quickly as he is going to now. A Romney win would have been bullish for coal producers in the US - but Romney lost, and now so has coal, at least in the near term. The biggest winner from Obamarama? Natural gas.
Exxon Mobil Corp (XOM), which is the largest of the former Seven Sisters (if you don't know what companies comprised the Seven Sisters, you really need to sign up for a risk-freeCasey Energy Dividend trial), is now supporting Obama in bringing a carbon tax to the US.
Why would Exxon (and other big energy companies) join forces to bring on the carbon tax?
The answer is simple: profits.
France is Downgraded, Europe Goes 'From Bad to Worse'
By Carol Matlack - BusinessWeek.com
It was bad news for France, but probably worse news for France's neighbors: Late on Nov. 19, Moody's Investors Service (MCO)stripped Paris of its AAA bond rating. The move, though widely anticipated, raises the likelihood that other core European economies could be hit with downgrades.
The Moody's downgrade followed a similar action byStandard & Poor's (MHP) last January, and market response on Nov. 20 was relatively muted: Yields on French 10-year debt widened to 2.134 percent, which was the biggest increase in a month but still close to a record low 2.002 percent reached on Aug. 3. The euro fell in early trading against other currencies after the announcement, to $1.28.
Europe Is Now Sinking Fast The Good are Being Dragged Down by the Bad
BY ALASDAIR MACLEOD - FinancialSense.com
With the Eurozone having being displaced from the financial headlines by the American presidential election, you might have briefly thought that its problems had gone away. They haven't.
It's just that the public is expected to absorb one major story at a time. And now that the presidential election is done and dusted, Europe is rapidly returning to the headlines. This is not desired by the powers-that-be, who desperately need us to believe things will get better with a little patience.
EU shadow banking assets worth €17 trillion
BY NIKOLAJ NIELSEN - EUObserver.com
BRUSSELS - The eurozone has the world's second largest shadow banking system after the United States, with assets worth some €17.2 trillion in 2011.
"The US' share of the global shadow banking system has declined from 44 percent in 2005 to 35 percent in 2011. This decline has been mirrored mostly by an increase in the shares of the UK and the euro area," said the Basel, Swizterland-based Financial Stability Board (FSB) in a report released on Sunday (18 November).
Five EU countries call for new military 'structure'
BY ANDREW RETTMAN - EUObserver.com
BRUSSELS - Five leading EU countries, but not the UK, have said the Union needs a new military "structure" to manage overseas operations.
The foreign and defence ministers of France, Germany, Italy, Poland and Spain issued the call in a joint communique after a meeting in Paris on Thursday (15 November).
The paper says: "We are convinced that the EU must set up, within a framework yet to-be-defined, true civilian-military structures to plan and conduct missions and operations."
How to Turn a Garage Into a Woodshed
BY BILL FLECKENSTEIN - FinancialSense.com
Last night Hewlett-Packard reported a massive write-off, which I bring up as a way to talk about what has happened to a great many of the tech leaders that flew so high in the stock mania, which ended in March of 2000. A lot of the pretend stocks of the dot-com variety have of course evaporated, but plenty of "real" companies have also declined in the 12-plus years since the peak of that insanity, HP being just one example (which is now back to where it was price-wise in 1995).
HP's costly blunders mount with allegations
of accounting fraud in Autonomy acquisition
AP - WashingtonPost.com
SAN FRANCISCO — Hewlett-Packard's $9.7 billion acquisition of Autonomy seemed like a bad idea long before Tuesday's allegations of an accounting scandal made clear it was a deal that should never have happened.
It's the latest in a cavalcade of costly blunders at HP. The Silicon Valley pioneer has squandered billions of dollars on ill-advised acquisitions, compounding the challenges it already faces as it scrambles to adjust to a world that is shifting away from PCs to smartphones and tablets.
Many Americans unaware of health-care law changes
By Sarah Kliff - WashingtonPost.com
After surviving a Supreme Court decision and a presidential election, the Obama administration's health-care law faces another challenge: a public largely unaware of major changes that will roll out in the coming months.
States are rushing to decide whether to build their own health exchanges and the administration is readying final regulations, but a growing body of research suggests that most low-income Americans who will become eligible for subsidized insurance have no idea what's coming.
Obama Admin Fills in Health Law Details The Obama administration filled in key details on how the health reform law will regulate insurance plans by issuing two long-awaited regulations on Tuesday.
By Margot Sanger-Katz - NationalJournal.com
The new rules issued by the Health and Human Services Administration spell out how a centerpiece of the law—its requirement that insurers cover even sick or old applicants—will work. They also sketch out what minimum package of benefits must be included in health plans sold on state exchanges. Both rules will have a big impact on the insurance industry and will influence the cost of insurance. The rules are in draft form, which means there will be time for public comment and revisions before they are finalized.
[This is not the annual 'turkey pardon'] Thanksgiving 2012:
Presidential Proclamation by Barack Obama
MassLive.com
WASHINGTON — PresidentBarack Obama on Wednesday signed a proclamation for Thanksgiving Day 2012.
In the proclamation, he states that on Thanksgiving "individuals from all walks of life come together to celebrate this most American tradition, grateful for the blessings of family, community, and country."
Obama says, "Many Thanksgivings have offered opportunities to celebrate community during times of hardship," citing the first feast of thanks in America that took place in Massachusetts – "When the Pilgrims at Plymouth Colony gave thanks for a bountiful harvest nearly four centuries ago, they enjoyed the fruits of their labor with the Wampanoag tribe -- a people who had shared vital knowledge of the land in the difficult months before."
Here is the full proclamation:
The Branding of Black Friday
By John Tozzi - BusinessWeek.com
A century ago "Black Friday" referred to the market crash of Sept. 24, 1869, which was caused by two financiers' failed attempt to corner the gold market. Today we know Black Friday as the country's busiest shopping day, falling right after Thanksgiving. How did that happen?
One popular but false explanation is that the name marks the day retailers end an 11-month stretch of red ink and harvest profits for the first time all year. Others say it refers to the dark day thousands of retail workers will spend greeting shoppers, stocking shelves, folding garments, and ringing registers.
Where's the 'Thanks' in Thanksgiving? Thanksgiving has become a doormat for Black Friday discounts.
UnderstandingMatters.com
What happened to giving Thanks to God on Thanksgiving? That was what the first Thanksgiving was all about; giving heartfelt thanks to God Almighty, who provided the needs and wherewithal for life to those who trusted in Him.
Many Thanksgivings to follow were also celebrated primarily by giving thanks to God for our earthly liberties and abundance, while America was still a nation of GRATEFUL people. Our gratitude was directed properly, to God, not our government. It now appears we are loosing our greatness and stature in the world as a nation state and it may very well be due to the fact that the majority of Americans are no longer grateful to God for much of anything. We have become a nation of complainers and takers and we are getting angrier by the day.
Hungry retailers crash Thanksgiving dinner with 'Gray Thursday'
By Andrea Billups-The Washington Times
Jeanne Maddox-Columna says she is not about to let some greedy retailers step on her "Waltons moment" this Thanksgiving.
The mother of six from Rancho Santa Margarita, Calif., and her four daughters have a family tradition of hitting the stores and searching out the "door-buster deals" in the dawn hours of Black Friday, a rush of retail therapy after the quiet of a Thanksgiving celebrated at home. But across the nation, big-box retailers such as Sears, Target and Kmart are seeking to get a jump on the Christmasseason by opening their doors in the early evening to Thanksgiving Day shoppers in an effort dubbed by some as Gray Thursday.
Why Wal-Mart workers are striking on Black Friday
By Emily Jane Fox - CNN.com
NEW YORK (CNNMoney) -- The stage has been set for a battle between a group of Wal-Mart (WMT, Fortune 500) workers and the retailer on Black Friday.
The union-backed group OUR Walmart expects thousands of workers to participate in the protest planned this week. The employees will ask the country's largest employer to end what they call retaliation against speaking out for better pay, fair schedules and affordable health care.
Wal-Mart Braces for Black Friday Strikes
by Laird Harrison - KQED.org
Strikes? At Wal-Mart?
For years the Bentonville, Arkansas-based company has successfully resisted efforts to organize its workers. But in recent weeks, protests have broken out at some of its stores, including San Leandro and Richmond. Now protesters say they are making their biggest push ever on the biggest shopping day of the year.
On Black Friday -- when consumers traditionally take advantage of a holiday after Thanksgiving -- some Wal-Mart workers plan to walk off the job. Black Friday is a big deal for Wal-Mart, which plans to start sales pegged to it on 8 p.m. Thursday. As a measure of how seriously the company is taking the threat of protests, it filed a complaint with the National Labor Relations Board calling the pickets illegal.
From the New York Times:
The National Labor Relations Board, which often takes weeks or months to investigate complaints, said on Monday that it would decide within days whether there is merit to Wal-Mart's complaint, filed last Thursday, to seek an injunction to stop anti-Wal-Mart protests scheduled for this week...
Retailers Are Watching You With New Tracking Program
By Jenna Sauers - Jezebel.com
Good news? Some stores are now making it easier to return unwanted items. Bad news? They're doing it by employing proprietary tracking software that displays each shopper's entire return history. Meet the Return Activity Report. You probably already have one!
The Wall Street Journal, naturally, takes a sunny view of these developments, headlining its story on the results of an annual survey of changes in retailers' return policies, "Retailers Loosen Up on Returns." But if one were to read down to paragraph fifteen of said story, one would learn that, actually, 84% of retailers are not changing so much as a comma of their return policies this year. And if one were to Google for the full text of the study the Journal is quoting, the National Retail Federation's Annual Return Fraud Survey, one would learn that:
5.5 percent of retailers said they will loosen their holiday return policies while 10.9 percent will tighten.
55 Reasons Why You Should Buy Products
That Are Made In America This Holiday Season
By Michael Snyder - TheEconomicCollapseBlog.com
This is the time of the year when Americans run out to their favorite retail stores and fill up their shopping carts with lots of cheap plastic crap made by workers in foreign countries where it is legal to pay slave labor wages. By doing this, the American people are actively participating in the destruction of the U.S. economy. You see, buying products that are made in America is not just a matter of national pride. It is a matter of national survival. If we do not support American workers, they are going to continue to see their jobs shipped out of the country. If we do not support American businesses, they are going to continue to die off at a staggering rate. Last year, the United States had a trade deficit with the rest of the world of 558 billion dollars. More than half a trillion dollars that could have gone into the pockets of U.S. workers and U.S. businesses went overseas instead. If that money had stayed in the country, taxes would have been paid on that mountain of cash and our local, state and federal government debt problems would not be as severe. As a result of our massive trade imbalance, we have lost tens of thousands of businesses, millions of jobs and trillions of dollars of national wealth. Both major political parties have sold us out on these issues, and we are getting poorer as a nation with each passing day. We desperately need a resurgence of economic patriotism in the United States before it is too late.
How TV Economics Are Transforming
the Landscape of College Football In the new math of college sports -- where new schools plus new TV-paying households equals more money -- the Big Ten knows it's gotta be bigger than ten
By Derek Thompson - TheAtlantic.com
The Big Ten is about to expand to 14.
The University of Maryland and Rutgers are set to join twelve other schools in the Big Ten conference in 2014, in a move that is making football traditionalists apoplectic. College sports isn't typically in the purview of the Atlantic's Business page, but this particular story isn't really about Rutgers football, or Terrapin basketball. It's about economics. Television economics, pure and simple.
The Six Threat Levels of a Forthcoming 2016 Presidential Run
by Juli Weiner - VanityFair.com
VF.com's breaking coverage of everyone else's breaking coverage of the 2016 presidential primary continues today, with the shocking news that a poll suggests Chris Christie, who has not declared his candidacy, and Hillary Clinton, who has not declared her candidacy, are the current frontrunners in the forthcoming New Hampshire primary, which is like 38 months away. It's still anyone's game, though!
We've devised a foolproof, satisfaction-guaranteed system with which to measure your favorite candidate's likelihood of jumping into the 2016 race. The New Hampshire primary is just around—not the corner, but a corner, somewhere a few miles ahead. Just remember: everyone is a candidate until proven innocent.
President Obama,
Clinton Prosperity Requires Clinton-Sized Government
By Steve Forbes - Forbes.com
There is a way for Congressional Republicans to reach an accord with Democrats that would enable the nation to avoid falling off "the fiscal cliff" into a searing recession.
Obama Democrats argue that the President only wants to restore the top rates that reigned during the Clinton presidency, which was a prosperous time. We should say: Absolutely, let's do it. But in order to achieve a Clinton economy, you also must enact the other Clinton policies critical to the prosperity of those years: They include:
Step One Toward a Fairer America: Raise the Minimum Wage
By James Fallows - TheAtlantic.com
This item begins with two policy announcements, then switches back to "what the bartender saw."
Policy announcement #1: Thanks to the scores of people who continue to send in views every day about the Atlas Shrugged Guy, and his different-but-related California counterpart. There is so much of this that I will let it sit for a little while before doing another harvest.
To those who complain that there has been way too much on this theme: I am taking a time-out -- and the subject must be interesting to someone, because people keep writing. To those who complain that my selection of comments has given critics disproportionate airtime, the truth is that the incoming ratio is about 20-to-1 critical.
Federal Workers to Congress: Leave Us Out of Deficit Deal
By Eric Katz, Government Executive - NationalJournal.com
The Federal-Postal Coalition -- a group representing more than two dozen federal employee unions -- pleaded with Congress on Monday to spare their members in any deal related to the "fiscal cliff."
Federal workers, the coalition wrote in a letter, have contributed more than their fair share toward reducing the debt and are the only group that has been targeted so heavily.
"Federal and postal employees and their families are hardworking, middle-class Americans who are struggling during these tough times just like other Americans," the group wrote. "No other group has been asked to financially contribute the way they have, and it is time our nation's leaders found other ways to reduce the deficit than continually taking from those who have dedicated their lives to public service."
Illinois works on driver's licenses for illegals
By Stephen Dinan-The Washington Times
Illinois' top leaders said Tuesday that they will push to issue driver's licenses to illegal immigrants — testing federal strictures and becoming the latest sign that the pendulum has swung away from Arizona-style crackdowns and toward those pursuing a softer line on immigration.
Surrounded by Republicans and Democrats at a news conference, state Senate President John Cullerton said he will try to pass legislation in the coming weeks, and Gov. Pat Quinn said he will sign it if it reaches his desk.
More than 1,000 new coal plants planned worldwide, figures show World Resources Institute identifies 1,200 coal plants in planning across 59 countries, with about three-quarters in China and India
By Damian Carrington - The Guardian
More than 1,000 coal-fired power plants are being planned worldwide, new research has revealed.
The huge planned expansion comes despite warnings from politicians, scientists and campaigners that the planet's fast-rising carbon emissionsmust peak within a few years if runaway climate change is to be avoided and that fossil fuel assets risk becoming worthless if international action on global warming moves forward.
The American Puppet State
by PAUL CRAIG ROBERTS - CounterPunch.org
The United States government and a majority of the subjects, especially those members of evangelical churches, grovel at the feet of the Israeli Prime Minister? How is a country a superpower when it lacks the power to determine its own foreign policy in the Middle East? Such a country is not a superpower. It is a puppet state.
In the past few days we have witnessed, yet again, the "American superpower" groveling at Netanyahu's feet. When Netanyahu decided to again murder the Palestinian women and children of Gaza, to further destroy what remains of the social infrastructure of the Gaza Ghetto, and to declare Israeli war crimes and Israeli crimes against humanity to be merely the exercise of "self-defense," the US Senate, the US House of Representatives, the White House, and the US media all promptly declared their support for Netanyahu's crimes.
They Are Going To Make It Nearly Impossible
To Pass On A Farm Or A Business To Your Children
By Michael Snyder - TheEconomicCollapseBlog.com
If you have a farm or a small business, would you like to pass it on to your children when you die? Well, unless Congress does something, it is going to become much, much harder to do that starting next year. Right now, there is a 5 million dollar estate tax exemption and anything above that is taxed at 35 percent. But on January 1st, the exemption will go down to 1 million dollars and the tax rate will go up to 55 percent. A lot of liberals are very excited about this, because they believe that the government will be soaking wealthy people like Warren Buffett and Bill Gates. But the truth is that a lot of farms, ranches and small businesses will be absolutely devastated by this change in the tax law. There are many farmers and ranchers out there today that do not make much money but are sitting on tracts of land that are worth millions of dollars. According to the American Farm Bureau, approximately 97 percent of all farms and ranches in the United States would be subject to the estate tax if the exemption was reduced to just a million dollars. That means that the children of these farmers and ranchers would be faced with a very cruel choice when it is time to inherit these farms and ranches. Either they come up with enough money to pay the government about half of what the farm or ranch is worth, or they sell the farm or ranch that may have been in their family for generations.
Mars Rover Makes Discovery For "the History Books,"
but NASA Is Keeping It a Secret For Now
By Josh Voorhees - Slate.com
Curiosity is living up to its name. The NASA rover currently wheeling itself around Mars has apparently sent back some very interesting data from the Red Planet in the form of a soil sample that shows ... well, something. From the sounds of it, something big. But for now at least, that's all anyone is willing to say.
Scientists at NASA's Jet Propulsion Laboratory in Pasadena are keeping their lips sealed for the time being while they run additional tests to make sure the discovery holds up. That, however, hasn't stopped one of the mission's leaders from speculating loudly that it'll be one that rewrites at least some of what we know about the universe.
The Real Reasons You Waited Hours in Line to Vote An Obama campaign legal adviser explains the humiliating meltdown in voting we saw around the country during this year's presidential election.
By Richard H. Pildes - TheAtlantic.com
In the coming months, proposals will abound for election reforms to address the embarrassment to American democracy -- and the indignity to citizens -- of 8-hour lines to vote. But what, precisely, accounts for these lines in places like Prince William County and the Norfolk and Hampton areas of Virginia, or Broward, Miami-Dade, and Palm Beach counties in Florida? As a Senior Legal Advisor to the Obama campaign with responsibility for these and other voting issues, I want to share the knowledge the campaign's thousands of observers on the ground generated about the underlying causes.
These causes can be grouped into three categories. I will focus specifically on Virginia, but the causes are largely similar, if not identical, elsewhere.
US election count goes on – and on A fortnight after Barack Obama's re-relection,
the margin of his victory is still not known
Guardian.co.uk
Two weeks ago, Barack Obama was triumphantly re-elected as US president. The strange thing is that the votes are still being counted 14 days later.
We know Obama won. We just don't know by how much – thanks to the glacial vote counting.
If you haven't been paying attention – and why should you? – what appeared to be a razor-thin victory for Obama on the night of 6 November has slowly stretched into a clear margin of more than four million votes and a three percentage-point lead over Mitt Romney. And talk of turnout being way down was also off the mark: with some results still being tallied, it appears 2012 was just a few points below that of 2008. About a third of states recorded more votes this year than in 2008.
The Rise of Petraeus David Petraeus's Winning Streak The story of David Petraeus's rise from Little League to the head of U.S. Central Command can be told as an inexorable series of victories—or as one long marathon. Alongside his article about Petraeus's stewardship of America's two wars, "The Professor of War," the author reveals that the general formerly known "Peaches" may be the most competitive man in the military.
By Mark Bowden - VanityFair.com
In high school at Cornwall-on-Hudson, in the late 1960s, they gave David Petraeus the name "Peaches," because his cheeks were fair and rosy and incapable of sprouting more than a faint aura of soft fuzz, and because he was so resolutely wholesome. Nicknames stick when they capture something essential about a person. "Peaches" would stay with Petraeus through his cadet years at West Point, partly because he never lost that freshness in his appearance, but partly also, one suspects, because the word as slang implies something too fresh and wholesome to be true. It was an early recognition that something about this boy was … well, Petraean.
Petraeus's affair was no 'scandal'
By Dana Milbank - WashingtonPost.com
Five years ago, when I covered David Petraeus's triumphant visit to Capitol Hill after he salvaged the war effort in Iraq, I likened the reception he received to that of conquering generals of Rome, who were feted with laurels, purple robes, trumpets and animal sacrifice.
If anything, Petraeus's reception may have been superior to the ancients', I wrote, because he "didn't even have to endure, as Roman generals did, the slave holding the crown over his head and whispering in his ear: Sic transit gloria mundi. All glory is fleeting."
Poll: After scandal, resignation,
public still has positive view of Petraeus
By Jeremy Herb - TheHill.com
The public still views former CIA Director David Petraeus more positively than negatively after he resigned and admitted an extramarital affair, according to a new poll from Gallup.
The Gallup poll found Petraeus was viewed favorably by 40 percent of respondents and unfavorably by 30, in the first survey conducted of Petraeus since he resigned.
That was still a drop of 15 points from the last time Gallup asked for respondents' views of the retired four-star general, as he had 55-11 favorability in March 2011, when he was still commander of U.S. forces in Afghanistan.
Bring Back Petraeus He's already been humiliated and rehabilitated.
Obama should rehire him as CIA director.
By Emily Yoffe - Slate.com
I have a great idea whom Barack Obama should nominate as his next CIA director: Gen. David Petraeus. With that simple announcement, Obama could strike a blow for civil liberties and against the silly and destructive sexual Puritanism that has taken down so many public figures. Since Petraeus' departure both Democrats and Republicans have been mourning the loss of a public servant of extraordinary ability.
So let's mourn no more. The president can say that when news of Petraeus' affair first broke he reluctantly accepted the general's resignation. But as it has become clear that the events were wholly of a private nature and national security was not breached, he is reinstating his CIA director. (OK, we probably have to wait until the CIA finishes its new investigation into whether Petraeus used agency resources to conduct the affair, but investigators have leaked that they don't expect any criminal charges.)
EU countries urge Israel not to invade Gaza
BY ANDREW RETTMAN - EUObserver.com
BRUSSELS - Two leading EU countries have urged Israel not to launch ground operations in Gaza.
Speaking ahead of a foreign ministers' meeting in Brussels on Monday (19 November), the UK's Wiliam Hague told Sky news on Sunday that "a ground invasion of Gaza would lose Israel a lot of the international support and sympathy that they have in this situation."
France's Laurent Fabius while on a visit to Tel Aviv also on Sunday told press: "War is not an option. It's never the solution."
Middle East melting down into 'Obamawar' Israel-Gaza strip conflict deserves president's moniker
By Frank J. Gaffney Jr.-The Washington Times
While debating Mitt Romney this fall, President Obama declared that he had decided to embrace the term "Obamacare" — a name originally coined and used by its detractors to tie the president firmly to the health care fiasco he had spawned. Perhaps he will, therefore, not object if we dub the escalating conflict in the Middle East by a similarly apt name: "Obamawar."
After all, frantic efforts under way at the moment by assorted diplomats aimed at containing hostilities between Israel and the terrorist enclave known as the Gaza Strip (primarily by blocking Israel's decisive retaliation) cannot obscure a dismal reality: The crescendo of rockets and missiles unleashed by the Palestinians on Israeli civilians are a predictable repercussion of President Obama's reckless defense and foreign policies.
Israel-Hamas fighting continues Efforts toward cease-fire stall
By Abraham Rabinovich - Special to The Washington Times
JERUSALEM — Frantic efforts to reach a cease-fire in the 7-day-old Israel-Gaza conflict appeared stalled late Tuesday, after negotiators throughout the day confidently predicted an imminent truce and Secretary of State Hillary Rodham Clinton rushed to Israel to appeal for peace.
The fighting between the Israeli military and Hamas militants in the Gaza Strip continued, as both sides stepped up attacks in a fierce finale before the presumed cease-fire would take hold.
Clinton arrives in Middle East
as prospects of Gaza cease-fire look uncertain
By Ernesto Londoño and Michael Birnbaum - WashingtonPost.com
TEL AVIV — Fighting between militants in Gaza and the Israeli military intensified Tuesday, clouding the prospects of a durable cease-fire as Secretary of State Hillary Rodham Clinton rushed to the region to try to prevent a major escalation of the conflict.
Israeli officials and negotiators from the militant group Hamas, communicating through Egyptian interlocutors, remained at odds late Tuesday over details of the truce that the international community was furiously trying to broker. Among the main sticking points was whether Egypt and the United States could act as guarantors of a peace deal in a region where waves of aggression have come in vicious cycles.
Clinton vows to move Middle East toward 'comprehensive peace'
By Julian Pecquet - TheHill.com
Secretary of State Hillary Clinton vowed to rekindle efforts to attain a "comprehensive peace" in the Middle East ahead of a meeting Tuesday evening with Israeli Prime Minister Benjamin Netanyahu.
Clinton arrived in Jerusalem late Tuesday to help broker a ceasefire between Israel and Hamas and avoid a ground invasion of the densely packed coastal strip. She is scheduled to meet with Palestinian Authority leader Mahmoud Abbas and Egyptian President Mohamed Morsi on Wednesday.
'Hamas using civilians as human shields' -
Israeli Foreign Ministry spokesman
Israel continues to shower Gaza with rockets from both air and sea, with the number killed in the strikes almost doubling within the past day. The Palestinian death toll reportedly exceeds 100 - around half of them civilians, including women and children.
As the civilian death toll mounts, so does criticism of Israel - for what many see as a disproportionate response. RT spoke to Paul Hirschon, Foreign Ministry spokesperson, who says Israel does its best to prevent the killing of innocents.
When Will the Economic Blockade of Gaza End?
By Robert Wright - TheAtlantic.com
President Obama and Bibi Netanyahu are on the same page when it comes to the justification for Israel's bombardment of Gaza. Netanyahu : "No country in the world would agree to a situation in which its population lives under a constant missile threat." Obama: "There's no country on earth that would tolerate missiles raining down on its citizens from outside its borders."
It's true that if, say, Canada were lobbing missiles into the US, the US wouldn't tolerate it. But here's another thing the US wouldn't tolerate: If Canada imposed a crippling economic blockade, denying America the import of essential goods and hugely restricting American exports. That would be taken as an act of war, and America would if necessary respond with force--by, perhaps, lobbing missiles into Canada.
Gaza ceasefire hangs in the balance amid Israel-Hamas talks UN urges restraint on both sides amid rising death toll as hundreds of Palestinians flee after leaflet warnings
By Harriet Sherwood in Jerusalem, Peter Beaumont in Cairo
and Ian Black Middle East editor - Guardian.co.uk
Hopes for a ceasefire in Gaza between Israel and the Palestinians hung in the balance on Tuesday night after six days of violence that have claimed about 120 lives and stoked fears of a wider regional war.
Fierce fighting continued amid intense diplomacy, with wrangling and uncertainty over whether any agreement was about to take effect. Egyptand the Palestinian Islamist movement Hamas initially claimed a truce had been agreed from 7pm GMT, only for this to be denied by Israeli officials.
Push for Gaza cease-fire gains momentum
By Ibrahim Barzak, AP - WashingtonPost.com
JERUSALEM — A diplomatic push to end Israel's nearly weeklong offensive in the Gaza Strip gained momentum Tuesday, with Egypt's president predicting that airstrikes would soon end, the U.S. Secretary of State racing to the region and Israel's prime minister saying his country would be a "willing partner" to a cease-fire with the Islamic militant group Hamas.
As international diplomats worked to cement a deal, a senior Hamas official said an agreement was close even as relentless airstrikes and rocket attacks between the two sides continued. The Israeli death toll rose to five with the deaths Tuesday of an Israeli soldier and a civilian contractor. More than 130 Palestinians have been killed.
Firm Ground?
36-hr ultimatum to Hamas leaked by Israeli minister
Israel's Finance Minister told IDF radio the time left before Israel escalates its attacks can be measured in "hours, not days." Israel is said to have issued a 36-hour ultimatum demanding that Hamas stops firing rockets at Israeli territory.
With Hillary Clinton's dash to Middle East,
Obama signals a shift in his approach
By Anne Gearan - WashingtonPost.com
President Obama's decision to send his top diplomat on an emergency Mideast peacemaking mission Tuesday marked a shift to a more activist role in the region's affairs and clues to how he may use the political elbow room afforded by a second term.
The move could pay dividends quickly if Secretary of State Hillary Rodham Clinton helps arrange an end to the conflict between Israel and Hamas. She was scheduled to head to Cairo on Wednesday for talks with Egyptian President Mohamed Morsi following consultations with Israeli Prime Minister Benjamin Netanyahu.
The Forces that will Push Silver Over $100
BY STEVE ST. ANGELO - FinancialSense.com
There are tremendous forces at work that will push silver over $100 an ounce. Very fewprecious metal analysts understand all the forces that are at work. Some analysts focus on specific areas such as the gold-silver ratio and technical analysis, while others write about future investment and industrial demand. And then of course, we have the more unorthodox analysts who delve into the ongoing manipulation of gold and silver -- a realization shared by the author of this article.
Gold Starts Week Higher, Deal on Fiscal Cliff
BY BEN TRAYNOR - FinancialSense.com
Spot market gold bullion prices hovered close to $1725 an ounce during this morning's London trading, holding gains made overnight in Asia, as stocks and commodities also recovered some ground lost last week, after news that a deal may be achieved in time to avoid so-called fiscal cliff of US tax rises and spending cuts currently scheduled for the start of 2013.
Silver bullion rallied back above $32.70 an ounce, recovering Friday's losses, while US Treasury bond prices fell along with the Dollar.
The Unadulterated Gold Standard Part II (History)
BY KEITH WEINER - FinancialSense.com
In Part I, we looked at the period prior to and during the time of what we now call the Classical Gold Standard. It should be underscored that it worked pretty darned well. Under this standard, the United States produced more wealth at a faster pace than any other country before, or since. There were problems; such as laws to fix prices, and regulations to force banks to buy government bonds, but they were not an essential property of the gold standard.
Econ Crisis 12 - Deficits & the Debt
The United States is at a decision point that will affect everyone. To understand the issues, start with Federal spending as a percentage of GDP from 1970 to 2087 -- 75 years from now. Here is 2012. So this part actually happened, and this is what is projected by the Congressional Budget Office
"The Fed, Having Used Its Bazookas,
Is Now Down To Firecrackers"
Submitted by Tyler Durden - ZeroHedge.com
Austerity is coming our way, it's just a matter in what manner and by how much, and whether it becomes an orderly or disorderly process. The fiscal cliff is really a bit of a ruse in that respect, but the key here is that years of fiscal profligacy is coming to an end and the Fed at this point, having used its bazookas, is now down to firecrackers. The economic outlook as such is completely muddled and along with that the prospect for any turnaround in corporate earnings... Once we get past the Fiscal Cliff we will confront the inherent inability of the Democrats and the GOP to embark on any grand bargain to blaze the trail for true fiscal reforms. The U.S. has not had a rewrite of its tax code since 1986, which was the year Microsoft went public and a decade prior to Al Gore's invention of the Internet. The tax system is massively inefficient and leads to a gross misallocation of resources that impedes economic progress — rewarding conspicuous consumption at the expense of savings and investment. It is the lingering uncertainty over the road to meaningful fiscal reform that is really the mot cause of the angst — the fiscal cliff is really a side show because who doesn't know that we are going to have a Khrushchev moment?
"The Fed, Having Used Its Bazookas,
Is Now Down To Firecrackers"
Submitted by Tyler Durden - ZeroHedge.com
Austerity is coming our way, it's just a matter in what manner and by how much, and whether it becomes an orderly or disorderly process. The fiscal cliff is really a bit of a ruse in that respect, but the key here is that years of fiscal profligacy is coming to an end and the Fed at this point, having used its bazookas, is now down to firecrackers. The economic outlook as such is completely muddled and along with that the prospect for any turnaround in corporate earnings... Once we get past the Fiscal Cliff we will confront the inherent inability of the Democrats and the GOP to embark on any grand bargain to blaze the trail for true fiscal reforms. The U.S. has not had a rewrite of its tax code since 1986, which was the year Microsoft went public and a decade prior to Al Gore's invention of the Internet. The tax system is massively inefficient and leads to a gross misallocation of resources that impedes economic progress — rewarding conspicuous consumption at the expense of savings and investment. It is the lingering uncertainty over the road to meaningful fiscal reform that is really the mot cause of the angst — the fiscal cliff is really a side show because who doesn't know that we are going to have a Khrushchev moment?
Geitner want open credit line without limits or oversight Treasury Secretary Geithner: Lift Debt Limit to Infinity
By Elizabeth Harrington - CNSNews.com
(CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.
On Bloomberg TV, "Political Capital" host Al Hunt asked Geithner if he believes "we ought to just eliminate the debt ceiling."
"Oh, absolutely," Geithner said.
"You do? Will you propose that?" Hunt asked.
Why Not Print More Money?
If the government can print money, why doesn't it just print money and hand it out? Economics Prof. Antony Davies explains that understanding why money was invented can explain why it is not useful for the government to print money to give away. Increasing the amount of money available for goods and services will only increase prices: this is inflation. If everyone has twice as much money but everything costs twice as much as before, are people better off? Having government print money will not increase wealth.
Fiscal Cliff or Slippery Slope?
BY DAVID KOTOK - FinancialSense.com
When it comes to US fiscal policy, are we faced with a cliff, or a slippery slope? There is a difference between off-the-cliff Greece, the slippery-sloped European periphery, and the not-there-yet US.
We shall see if Alexis de Tocqueville may be right in his quote, "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury."
George Santayana was certainly right in his quote, "Those who cannot remember their past are condemned to repeat it."
Investment Falls Off a Cliff U.S. Companies Cut Spending Plans
Amid Fiscal and Economic Uncertainty
By SUDEEP REDDY and SCOTT THURM - WSJ.com
U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery.
Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.
The looming disaster the Fed's stress tests miss Banks could lose tens of billions of dollars
if the bond market turns south.
By Stephen Gandel - Fortune.com
FORTUNE -- In the past year or so, banks, looking for safety and some yield, have stashed an increasing amount of their cash in the bond market, much of it in U.S. Treasuries. If rates were to rise quickly, that could cause huge losses at the banks, and potentially a credit crunch that would rival the financial crisis. Sounds scary, right? Want to know something even scarier? The Federal Reserve seems unaware this is even a possibility.
The Fed recently released its criteria for the latest round of bank stress test. The tests are a new annual regimen implemented in the wake of the financial crisis. In part, they're supposed to protect us from having another one.
Worse To Come For Economy In 2013 The Year of Betting Conservatively
By Nouriel Roubini - ProjectSyndicate.org
NEW YORK – The upswing in global equity markets that started in July is now running out of steam, which comes as no surprise: with no significant improvement in growth prospects in either the advanced or major emerging economies, the rally always seemed to lack legs. If anything, the correction might have come sooner, given disappointing macroeconomic data in recent months.
Starting with the advanced countries, the eurozone recession has spread from the periphery to the core, with France entering recession and Germany facing a double whammy of slowing growth in one major export market (China/Asia) and outright contraction in others (southern Europe). Economic growth in the United States has remained anemic, at 1.5-2% for most of the year, and Japan is lapsing into a new recession. The United Kingdom, like the eurozone, has already endured a double-dip recession, and now even strong commodity exporters – Canada, the Nordic countries, and Australia – are slowing in the face of headwinds from the US, Europe, and China.
Billions in bearer bonds could be lost due to Hurricane Sandy
By MICHAEL GARTLAND - NYPost.com
It's the biggest mystery on Wall Street.
Hurricane Sandy floodwaters inundated a 10,000-square-foot underground vault downtown, soaking 1.3 million bond and stock certificates — including bearer bonds that function like cash — and putting them in danger of turning to mush.
A contractor working for the vault owner, the Depository Trust and Clearing Corp., is feverishly working to restore the paper.
But the value of the threatened notes under 55 Water St. remains unknown to all but the innermost circle of Wall Street bankers.
One source said $70 billion in bearer bonds were in jeopardy.
The Market, Socialism and the Justice System
BY JR NYQUIST - FinancialSense.com
Many of the greatest minds of the late nineteenth century worried that anti-market ideology was destined to destroy civilization. It happens that modern man – civilized man – cannot live without a complex market economy to sustain him. Yet the market economy has long been the target of those who would overthrow it in favor of socialism. The free enterprise system is attacked as environmentally destructive, unequal, unsafe at any speed, and exploitive. In the words of the French scientist Gustave Le Bon, "Here, I repeat, is the danger of the present hour. We are possessed of the same sentiments of sickly humanitarianism which have already given us the [French] Revolution, the most despotic and bloodiest that the world has ever known – the Terror, Napoleon, and the death of three millions." Of course, Le Bon penned these words before the bloodiest century of all – the twentieth century – in which socialism claimed over 100 million lives.
Why Obama Pushes Higher Rates vs. Deduction Limit
By David Wessel - WSJ.com
President Barack Obama says, repeatedly, that the best-off Americans should pay "a bit more" in taxes to help reduce the deficit. He wants to lift the 33% marginal tax rate, the tax on each additional dollar of income, to 36% and the 35% rate to 39.6%. That's where President Bill Clinton left them.
Republicans have basically thrown in the towel on changing the tax code to bring in more revenue, but resist raising rates and, instead, want to curtail deductions, credits, exclusions and loopholes to get Americans to pay more to the Treasury to avoid what they see as the growth-retarding effects of higher tax rates.
Pelosi Says Budget Deal Should Raise Taxes on Top Earners
By William Selway and Andrew Zajac - Bloomberg.com
U.S. House Minority Leader Nancy Pelosi said any budget agreement to avert the so-called fiscal cliff must raise tax rates on the highest earners, a step backed by President Barack Obama.
Pelosi, a California Democrat, couldn't accept any budget deal that doesn't raise tax rates on the wealthy, she said in an interview broadcast yesterday on ABC's "This Week." She said she's optimistic that an agreement can be reached, possibly by mid-December, and that eliminating tax loopholes won't raise enough revenue on their own.
France loses another AAA rating with Moody's downgrade
By Charles Riley - CNN.com
HONG KONG (CNNMoney) -- Moody's Investors Service has downgraded the credit rating of France, stripping a key eurozone economy of its prized AAA status.
The rating was cut one notch from AAA to Aa1. Moody's said its outlook remains negative, which means further downgrades are possible.
The downgrade follows a similar move by Standard & Poor's, whichmoved France off a AAA rating in January. Fitch is now the only ratings agency which gives French debt a AAA rating.
Keiser Report: 'Crash JP Morgan' -
2nd Anniversary Special (E368)
In this episode, Max Keiser and Stacy Herbert present the two year anniversary special of their Crash JPM, Buy Silver campaign. They discuss JP Morgan doing everything to protect the Queen of their massive silver short position - a position that has DOUBLED in the past two years according to Rob Kirby of GATA and Kirby Analytics. They also discuss Central Banks pullling on their own little bungee cords by printing money. In the second half, Max Keiser talks to James Turk of Goldmoney.com about the link between liberty and gold and the shooting war to follow the currency war. The also discuss the gold/silver ratio and why silver today is like gold at $600.
* * * * *
WARNING! BE WARY of angry, noisy demagogues and large-market talk-show hosts, or anyone else, promoting unrest, rebellion, secession, and/or sedition.
What seceding from the U.S. will cost you
By Brett Arends - MarketWatch.com
Your state wants to secede from the union. What will this mean for your taxes?
I have good news and bad news. The good news is really good. But the bad news is really, really bad.
We'll get to them in a moment.
Talk of secession is in the air. The White House this week confirmed that residents in all fifty states had submitted petitions asking to leave the union. Will the last one left please turn out the lights?
Residents in seven states, all in the former Confederacy, submitted more than 30,000 signatures each — enough that some hapless bureaucrat or intern will now have to take a look at their petitions.
Secession: Are We Free to Go?
BY RON PAUL - FinancialSense.com
Is all the recent talk of secession mere sour grapes over the election, or perhaps something deeper? Currently there are active petitions in support of secession for all 50 states, with Texas taking the lead in number of signatures. Texas has well over the number of signatures needed to generate a response from the administration, and while I wouldn't hold my breath on Texas actually seceding, I believe these petitions raise a lot of worthwhile questions about the nature of our union.
Is it treasonous to want to secede from the United States? Many think the question of secession was settled by our Civil War. On the contrary; the principles of self-governance and voluntary association are at the core of our founding. Clearly Thomas Jefferson believed secession was proper, albeit as a last resort. Writing to William Giles in 1825, he concluded that states:
"should separate from our companions only when the sole alternatives left, are the dissolution of our Union with them, or submission to a government without limitation of powers."
Ron Paul: Petitions on secession raise 'worthwhile questions'
By Justin Sink - TheHill.com
Former presidential candidate Ron Paul (R-Texas) said in a blog post Monday that secession protests launched in the wake of President Obama's reelection "raise a lot of worthwhile questions about the nature of our union."
Thousands of Americans have signed digital petitions — at least one from every state — on the White House's "We the People" petition website. The administration has promised a response to every petition on the site that collects at least 25,000 signatures within 30 days. At least seven states, including Texas, have hit that mark.
SEC Rocked By Lurid Sex-and-Corruption Lawsuit
By Matt Taibbi - RollingStone.com
Move over, adulterous generals. It might be time to make way for a new sexual rats' nest – at America's top financial police agency, the SEC.
In a salacious 77-page complaint that reads like Penthouse Forum meets The Insider meets the Keystone Kops, one David Weber, the former chief investigator for the SEC Inspector General's office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of intramural intrigues at the agency (which has a history of such retaliation) after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC.
Twinkie Defense: Judge Orders Hostess to Mediate With Union
NBCNewYork.com
Twinkies won't die that easily after all.
Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the Irving, Texas-based company won't go out of business just yet.
The bankruptcy judge hearing the case said Monday that the parties haven't gone through the critical step of mediation and asked the lawyer for the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which has been on strike on Nov. 9, to ask his client, who wasn't present, if the union would agree to participate. The judge noted that the bakery union went on strike after rejecting the company's latest contract offer, even though it never filed an objection to it.
Hostess shutdown on hold
By Chris Isidore and James O'Toole - CNN.com
WHITE PLAINS, N.Y. (CNNMoney) -- Hostess Brands and a key union agreed Monday to try to mediate their dispute -- an unexpected development that could spare the company from permanently shutting down.
The Bakery Workers union, which represents 5,000 of the 18,500 employees at the maker of Twinkies and Wonder Bread, went on strikeon Nov. 9. The company had imposed paycuts and other concessions opposed by the union's membership.
Hostess and Bakers Union Asked to Explain Strike Reasons
By Dawn McCarty - Bloomberg.com
The judge overseeing Hostess Brands Inc. declined to approve the company's liquidation today and asked management and the bakers' union to enter mediation tomorrow to explain the strike that the maker of Twinkies and Wonder bread said forced it to shut down.
U.S. Bankruptcy Judge Robert Drain said at a hearing in White Plains, New York, that there are "serious questions as to the logic behind the decision to strike." Hostess and the bakers' union agreed to Drain's request to enter confidential mediation under his supervision.
US Tries To Wrest Control Of Hostess Liquidation
As Management Seeks To Pay $1.75 Million
In "Incentive" Bonuses
by Tyler Durden - ZeroHedge.com
The Hostess bankruptcy liquidation, the result of a bungled negotiation between the company, its equity sponsors, its striking workers, and the labor union, over what has been defined as unsustainable benefits and pension benefits, is rapidly becoming a Ding Ding farce. The latest news in what promises to be an epic Chapter 22 fight is that the judge, pressured by various impaired stakeholders, among which none other than the US trustee, is that the bankruptcy Judge Robert Drain, who has previously presided over such Chapter 11 cases as Loral, RCN, Cornerstone, Refco, Allegiance Telecom, Delphi, Coudert Brothers, Frontier Airlines and Star Tribune, has ordered the company and its unions to seek private mediation to attempt averting what the company has already said is an inevitable unwind of operations.
Hostess' Twinkie Defense Is a Management Failure
By Adam Hartung - Forbes.com
Hostess Brands filed for liquidation this week. Management blamed its workforce for the failure.
That is scapegoating.
In 1978 Dan White killedSan Francisco's mayorGeorge Moscone and city supervisor Harvey Milk. The press labeled his defense the "Twinkie Defense" because he claimed eating sugary junk food – likeTwinkies – caused diminished capacity. Amazingly the jury bought it, and convicted him of manslaughter instead of murder saying he really wasn't responsible for his own actions. An outraged city rioted.
The Twinkie Manifesto
By PAUL KRUGMAN - NYTimes.com
The Twinkie, it turns out, was introduced way back in 1930. In our memories, however, the iconic snack will forever be identified with the 1950s, when Hostess popularized the brand by sponsoring "The Howdy Doody Show." And the demise of Hostess has unleashed a wave of baby boomer nostalgia for a seemingly more innocent time.
Needless to say, it wasn't really innocent. But the '50s — the Twinkie Era — do offer lessons that remain relevant in the 21st century. Above all, the success of the postwar American economy demonstrates that, contrary to today's conservative orthodoxy, you can have prosperity without demeaning workers and coddling the rich.
Wal-Mart warns workers on Black Friday strike
By Emily Jane Fox - CNN.com
NEW YORK (CNNMoney) -- As Wal-Mart workers prepare to stage a walkout on Black Friday, the world's largest store is fighting back.
Wal-Mart has filed a complaint with a federal agency accusing one of the largest labor unions in the country of unlawfully organizing picket lines, in-store "flash mobs" and other demonstrations in the past six months.
In its complaint Thursday, Wal-Mart said the United Food and Commercial Workers Union and its subsidiary known as OURWalmart is trying to force the store into collective bargaining even though it is not the official union for Wal-Mart's employees. The UFCW represents over a million meat packers and food industry workers.
Wal-Mart files U.S. labor charge against union
By Jessica Wohl
Fri Nov 16, 2012 6:14pm EST
(Reuters) - Wal-Mart Stores Inc is taking its first legal step to stop months of protests and rallies outside Walmart stores, targeting the union that it says is behind such actions.
Wal-Mart filed an unfair labor practice charge against the United Food and Commercial Workers International Union, or UFCW, asking the National Labor Relations Board to halt what the retailer says are unlawful attempts to disrupt its business.
Portland port braces for strike Possible action by longshoremen would affect local terminal
By Richard Read, The Oregonian
PORTLAND — Port of Portland officials are bracing for a strike by longshore workers starting Nov. 25 that would tie up millions of dollars worth of freight at three terminals.
Representatives of the Port and the International Longshore and Warehouse Union say the strike could still be averted. But Port officials believe cargo ships may begin bypassing Portland because of the uncertainty created by the failure of last-ditch contract talks Friday.
Homeless In New Jersey
By Dave Zgodzinski - OilPrice.com
Up here you get to a time in late November when you want winter to start. You know it's coming. It's dark and barren outside. The ground is frozen. Let it start. Let the snow come. Something down inside you wants to feel the sting of cold air on your face so you know that winter's here. The sooner it starts, the sooner it's over. But it's not here, yet.
It's like the old joke about the Sadist and the Masochist.
The Masochist cries out to the Sadist . .
"Beat me . . . please beat me."
The Sadist replies . . .
"No."
In Alberta and on the Prairies, winter started early this year. It has already made its mark with snow and cold. But here in the east, we are getting tropical storms instead. Around here, record high temperatures followed the hurricane.
10 million Americans have no bank accounts
By GREGORY BRESIGER - NYPost.com
There's no line at the bank, but the check-cashing kiosk is standing room only.
That's where millions of Americans are going. They have no bank account, or have limited banking relationships, and their numbers are rising, according to a federal agency.
Some 10 million Americans, or 8.2 percent of US households, are classified as unbanked, according to a Federal Deposit Insurance Corp. (FDIC) survey. That's some 821,000 households, FDIC officials said. And that's up almost 1 percent from the previous survey.
America Is A Frog In A Pot
Of Slowly Heating Water That's About To Boil
By Charlie Daniels - CNSNews.com
It's hard for us to understand what happened to the America where unborn life was once respected and protected, where marriage existed only between a man and a woman and was considered sacred and where no self respecting person would ever stand in front of a television audience of millions and tell them it was her right to have her contraception paid for out of the public coffers.
Where people took the responsibility for taking care of their families and would never lie about their infirmities in order to collect a disability check, when teenage pregnancy was rare and church attendance was routine in most families, before ambulance chasers clogged the courtrooms with frivolous lawsuits and the name and symbolism of God and His Son Jesus Christ were prominently displayed in public places.
America's Power Grid Vulnerable to Terrorist Attacks
By Al Fin - OilPrice.com
Terrorists could black out large segments of the United States for weeks or months by attacking the power grid and damaging hard-to-replace components that are crucial to making it work, the National Academy of Sciences said in a report released last Wednesday.
While the report is the most authoritative yet on the subject, the grid's vulnerability has long been obvious to independent engineers and to the electric industry itself, which has intermittently tried, in collaboration with the Department of Homeland Security, to rehearse responses.
Government Website For Immigrants:
Come To America And Take Advantage Of Our Free Stuff
By Michael Snyder - EndOfTheAmericanDream.com
A website run by the federal government ("WelcomeToUSA.gov") encourages new immigrants to the United States to apply for welfare benefits. This website is run by the Department of Homeland Security and it says that it "is the U.S. Government's official web portal for new immigrants." So your tax dollars were used to build and maintain a website that teaches immigrants how to come into this country and sponge a living off of federal welfare programs paid for by your tax dollars. What in the world is happening to us? Yes, we will always need some legal immigration. We are a nation of immigrants and immigration has been very good to this country. But at a time when there are millions upon millions of American citizens out of work and at a time when we are absolutely drowning in debt, do we really need to encourage millions more immigrants to come over and take advantage of our overloaded social welfare programs? WelcomeToUSA.gov actually encourages new immigrants to apply for food stamps, Medicaid, Medicare, Social Security, Supplemental Security Income and Temporary Assistance for Needy Families. Of course not all immigrants are eligible for all of those programs, but if an immigrant can get over to the U.S. and just get signed up for a couple of programs they can enjoy a higher standard of living doing nothing here than they can working at a low paying job back home. We have created a perverse system of incentives that makes it very attractive to people all over the world to do whatever they can to hitch a ride on "the gravy train" and take advantage of all of the benefits that they possibly can.
Homeland Security promotes welfare
to new immigrants in government 'welcome' materials
By Caroline May - DailyCaller.com
Ask not what you can do for your country, but what your new country can do for you.
"Welcome to USA.gov," a website maintained by the Department of Homeland Security's U.S. Citizenship and Immigration Services (USCIS), bills itself as the "primary gateway for new immigrants to find basic information on how to settle in the United States" — featuring a prominent section for new immigrants about how to access government benefits.
Oklahoma is latest to reject state-based health exchange
By Sam Baker - TheHill.com
Add Oklahoma to the list of Republican-led states that won't implement the key feature of President Obama's healthcare law.
Gov. Mary Fallin said Monday that she won't set up a state-based insurance exchange — a new portal where people who don't get insurance through their employers can shop for coverage, often with help from a federal subsidy.
Silicon Valley Dems concerned
about looming antitrust case against Google
By Brendan Sasso - TheHill.com
Two Silicon Valley lawmakers wrote to Federal Trade Commission (FTC) Chairman Jon Leibowitz on Monday to express their concern over a potential antitrust lawsuit against Google.
Democratic Reps. Anna Eshoo and Zoe Lofgren slammed the FTC for leaking information to the press about the case and warned the agency not to stretch its antitrust authority.
Must-Have Job Skills in 2013
By RUTH MANTELL - MarketWatch.com
WASHINGTON (MarketWatch) — Even as employers remain cautious next year about every dollar spent on employees, they'll also want workers to show greater skills and results.
For employees who want to get ahead, basic competency won't be enough. To win a promotion or land a job next year, experts say there are four must-have job skills:
Clear communications
Whatever their level, communication is key for workers to advance.
"This is really the ability to clearly articulate your point of view and the ability to create a connection through communication," says Holly Paul, U.S. recruiting leader at PricewaterhouseCoopers, the accounting and consulting firm based in New York.
America's Trouble with China
By Harold Brown - Project-Syndicate.org
WASHINGTON, DC – Xi Jinping, China's newly anointed president, made his first visit to the United States in May 1980. He was a 27-year-old junior officer accompanying Geng Biao, then a vice premier and China's leading military official. Geng had been my host the previous January, when I was the first US defense secretary to visit China, acting as an interlocutor for President Jimmy Carter's administration.
Americans had little reason to notice Xi back then, but his superiors clearly saw his potential. In the ensuing 32 years, Xi's stature rose, along with China's economic and military strength. His cohort's ascent to the summit of power marks the retirement of the last generation of leaders designated by Deng Xiaoping (though they retain influence).
Half-Built Luxury Ghost Towns Show Risk of China's Shadow Banking Purple Palace Abandoned Shows China Shadow-Banking Risk
By Bloomberg News
Niu Dianqing stopped his motorbike at a construction site in China's Inner Mongolia one morning last month. The front door was locked.
"They said they will pay me this month, but it seems I'm fooled again," said Niu, who supplied nets for protecting workers from falling off bamboo scaffolding at the half- completed Purple Palace, a development including a luxury hotel and three residential buildings in the city of Ordos. "The doorman was still here last week, but now even he's gone."
President Xi's Singapore Lessons
By Michael Spence - ProjectSyndicate.org
NEW YORK – China is at a crucial point today, as it was in 1978, when the market reforms launched by Deng Xiaoping opened its economy to the world – and as it was again in the early 1990's, when Deng's famous "southern tour" reaffirmed the country's development path.
Throughout this time, examples and lessons from other countries have been important. Deng was reportedly substantially influenced by an early visit to Singapore, where accelerated growth and prosperity had come decades earlier. Understanding other developing countries' successes and shortcomings has been – and remains – an important part of China's approach to formulating its growth strategy.
Xi Warns of Regime's Demise Unless China Tackles Graft
By Bloomberg News
Xi Jinping, the new head of China's ruling Communist Party, told his fellow leaders that unless they address corruption social unrest may rise and it could lead to the demise of the party.
"The preponderance of facts tell us that the more severe the corruption problem becomes, it will ultimately lead the party and the nation to perish!" Xi told members of the ruling Politburo on Nov. 17 in remarks published yesterday in the People's Daily, the party newspaper. "We must be vigilant!"
Is Iran Using an Insurance Scam to Cover its Oil Tankers?
By James Burgess - OilPrice.com
An interesting article has today been published by Forbes which investigates the possibility that Iran has set up a false insurance company, offering illegal insurance policies, in order to circumvent the EU sanctions and enable the Persian State to continue exporting its crude.
Very Large Crude Carriers are obliged by international maritime authorities to carry mandatory third-party liability insurance of a value up to $1 billion, known as Protection and Indemnity Coverage. This type of coverage is only offered by large insurance groups (P&I clubs), 90% of which are based in Europe. EU sanctions against Iran have prevented European insurers from dealing with Iranian tankers, and this has severely affected Iran's export, as without cover, its tanker cannot deliver oil. It has lost all of its European customers, and other international customers have drastically reduced their purchases.
U.S. sends warships near Israel in case evacuation needed
By Barbara Starr - CNN.com
Three U.S. Navy amphibious warships are returning to the eastern Mediterranean to remain on standby in the event they are needed to assist Americans leaving Israel in the coming days, according to two U.S. officials.
The officials stressed an evacuation remains an extremely remote possibility and the Obama administration is not currently planning for one. Americans who wish to leave the region now are able to do so using commercial airlines.
Egypt the Peacemaker?
By Itamar Rabinovich - Project-Syndicate.org
TEL AVIV – Before the current fighting between Israel and Hamas in Gaza escalates further, a ceasefire must be negotiated. Of course, like previous ceasefires, any truce is likely to be temporary, inevitably undermined by the forces that perpetuate Israel's armed conflict with Hamas. Nonetheless, with Syria consumed in civil war and the wider Middle East already unsteady, a ceasefire is essential both for saving lives and preserving today's uneasy regional peace.
Much depends on Egypt, which is best placed to broker an agreement. But assessing the prospects of any diplomatic effort requires understanding the protagonists' perspectives and agendas.
Obama Suggests Israel's Plight
Not a Result of Arab Spring 'Democratization'
By Patrick Goodenough - CNSNews.com
(CNSNews.com) – President Obama on Sunday played down the notion that the conflict between Israel and Hamas has been complicated by "Arab spring" transitions in the Middle East.
Despite warnings from various Arab leaders and Turkey that Israel faces a new environment in the changing Middle East, Obama pointed out that conflict between Israelis and Palestinians had been going on long before what he described as "democratization in the region."
Israel says prefers diplomacy but ready to invade Gaza
By Nidal al-Mughrabi and Jeffrey Heller
GAZA/JERUSALEM | Mon Nov 19, 2012 6:37pm EST
(Reuters) - Israel bombed dozens more targets in the Gaza Strip on Monday and said that, while it was prepared to step up its offensive by sending in troops, it preferred a diplomatic solution that would end Palestinian rocket fire.
Egypt said a deal for a truce could be close, though by late evening there was no end to six days of heavy missile exchanges as Israeli Prime Minister Benjamin Netanyahu discussed his next steps with his inner circle of senior ministers.
Why Israel might hesitate to invade
By Mike Mount - CNN.com
Thousands of Israeli troops with tanks and armored vehicles are poised on Gaza's borders ready to move in if Israel believes there is no chance for a cease-fire in its conflict with Hamas.
The Israeli Ambassador to the U.S. Michael Oren, told reporters Monday at a briefing at the Israeli Embassy in Washington, DC that Israel would like to avoid a ground invasion, but war planning is complete and they are ready to move in if necessary.
Hamas Says Cease-Fire Depends on Israel as Troops Mass
By Jonathan Ferziger and Saud Abu Ramadan - Bloomberg.com
The head of Hamas said Israel must end its blockade of the Gaza Strip if a cease-fire is to be agreed upon, as Israeli ground forces honed preparations to enter the territory for the first time in almost four years.
As United Nations Secretary-General Ban Ki-moon arrived in Egypt today to help broker an end to the fighting, the political head of Hamas told reporters in Cairo that it hadn't asked for a truce. The Palestinian Islamist group is considered a terrorist group by Israel, the U.S. and the European Union.
Just for the fun of it… and memories for Boomers...
1999.March 1st. Walk Don't Run with General George Babbitt
The Ventures with The United States Air force Band and George Babbitt, very first drummer, with "Walk Don't Run" after 38 year reunion. 1959. Don, 26. Bob, 25. Nokie, 24. George, 17. you know why; his under age for nightclub perfomance.
Marc Faber, Gold and a Special Picture of Ben Bernanke
BY ADRIAN ASH - FinancialSense.com
What Marc Faber said in Hong Kong this week…
You always get great presentations from the biggest players in gold and silver at the annual London Bullion Market Association conference.
Being in Hong Kong this year, the world's premier event for the bullion industry also got lots of great insights from genuine Asian insiders – ICBC, Kotak Mahindra, the People's Bank of China no less.
"When the People's Bank speaks it pays to listen," as Tom Kendall of Credit Suisse put it in his conference summary.
"Especially when it talks about gold."
With the Fed Out of "Bullets,"
A Stock Market Crash Will Really Hurt
BY SHAH GILANI, Capital Wave Strategist, Money Morning
Hang onto your hats. It's getting windy out there. Stuff is blowing all over the place.
Oh, that's not wind! That's a giant fan.
Well then, that must be why this "stuff" stinks so bad.
What stuff?
How about the Dow Jones Industrial Average falling more than 1,000 points from multi-year highs reached only a few weeks ago?
On Surviving The Monetary Meltdown
Submitted by Tyler Durden - ZeroHedge.com
After 40 years of boozing on easy money and feasting on fantastical asset price inflations, the global monetary system is approaching catharsis, its arteries clogged and instant cardiac arrest a persistent threat.'Muddling through' is the name of the game today but in the end authorities will have two choices: stop printing money and allow the market to cleanse the system of its dislocations. This would involve defaults (including those of sovereigns) and some pretty nasty asset price corrections. Or, keep printing money and risk complete currency collapse. We think they should go for option one but we fear they will go for option two. In this environment, how can people protect themselves and their property? Our three favourite assets are, in no particular order, gold, gold and gold. After that, there may be silver. We are, in our assessment, in the endgame of this, mankind's latest and so far most ambitious, experiment with unconstrained fiat money. The present crisis is a paper money crisis. Whenever paper money dies, eternal money – gold and silver – stage a comeback. Remember, paper money is always a political tool, gold is market money and apolitical.
What the Fiscal Cliff Means for the Middle Class
by Kenneth Thomas - AngryBearBlog.com
Now that the election is over, it seems like all the politicians and pundits can talk about is the so-called "fiscal cliff." But the chatter around the fiscal cliff is deeply weird, so in this post I will explain what it is and what the issues involved mean for the middle class.
Just what is the fiscal cliff? It is the combination of spending cuts and tax increases set to take place on January 1 based on several different laws. Estimates of the consequences run as high as $800 billion next year, or 5.2% of the country's $15.29 trillion gross domestic product in 2011. Yes, that would mean a recession, with obvious consequences for the middle class. But this is only true if we did nothing after January 1, and that's not going to happen.
America's Fiscal Cliff Dwellers
By Simon Johnson - Project-Syndicate.org
WASHINGTON, DC – In early 2012, Federal Reserve Chairman Ben Bernanke used the term "fiscal cliff" to grab the attention of lawmakers and the broader public. Bernanke's point was that Americans should worry about the combination of federal tax increases and spending cuts that are currently scheduled to begin at the end of this year.
But there is not really any kind of "cliff" in the sense that if you stepped over the edge, you would fall fast, land on something hard, and not get up for a long time. In the modern US economy, the scheduled changes constitute more of a fiscal "slope" – meaning that the full effect of the tax increases would not be felt immediately (income withholding takes time to adjust), while the spending cuts would also be phased in (the government has some discretion regarding implementation). This slope offers President Barack Obama a real opportunity to restore the federal government's revenue base to what it was in the mid-1990's.
Fiscal Cliff 2013: Pay Now or Pay Later
BY DAVID ZEILER, Associate Editor, Money Morning
For all the talk about how Congress needs to avoid the fiscal cliff, few have pointed out that the U.S. economy will suffer regardless.
The only question is the timing.
If Congress fails to act and America goes over the fiscal cliff on Jan. 1, 2013, the U.S. economy will, as many have noted, quickly slip into a recession.
But if Congress does somehow agree to avert all or most of the impact of the fiscal cliff, it simply postpones the pain for a few months or years.
Keiser Report: Cameron's Sin City Surge (E367)
In this episode, Max Keiser and Stacy Herbert discuss UK Prime Minister David Cameron going 'all in' and topless on financial fraud and market manipulation in the City of London where 'circle rating' is rife and more 'Libor like' manipulation is found . . . this time in the natural gas market. In the second half, Max Keiser talks to Francine McKenna of retheauditors.com and American Banker magazine, about Jamie Dimon, the most over-rated banker in America, and how much longer JP Morgan can survive the various scandals, frauds and putbacks.
'Shadow Banking' Still Thrives, System Hits $67 Trillion
By: Reuters - CNBC.com
The system of so-called "shadow banking," blamed by some for aggravating the global financial crisis, grew to a new high of $67 trillion globally last year, a top regulatory group said, calling for tighter control of the sector.
A report by the Financial Stability Board (FSB) on Sunday appeared to confirm fears among policymakers that shadow banking is set to thrive, beyond the reach of a regulatory net tightening around traditional banks and banking activities.
Global Shadow Banking System Rises To $67 Trillion,
Just Shy Of 100% Of Global GDP
Submitted by Tyler Durden - ZeroHedge.com
Earlier today, the Financial Stability Board (FSB), one of the few transnational financial "supervisors" which is about as relevant in the grand scheme of things as the BIS, whose Basel III capitalization requirements will never be adopted for the simple reason that banks can not afford, now or ever, to delever and dispose of assets to the degree required for them to regain "stability" (nearly $4 trillion in Europe alone as we explained months ago), issued a report on Shadow Banking. The report is about 3 years late (Zero Hedge has been following this topic since 2010), and is largely meaningless, coming to the same conclusion as all other historical regulatory observations into shadow banking have done in the recent past, namely that it is too big, too unwieldy, and too risky, but that little if anything can be done about it. Specifically, the FSB finds that the size of the US shadow banking system is estimated to amount to $23 trillion (higher than our internal estimate of about $15 trillion due to the inclusion of various equity-linked products such as ETFs, which hardly fit the narrow definition of a "bank" with its three compulsory transformation vectors), is the largest in the world, followed by the Euro area with a $22 trillion shadow bank system (or 111% of total Euro GDP in 2011, down from 128% at its peak in 2007), and the UK in third, with $9 trillion. Combined total shadow banking, not to be confused with derivatives, which at least from a theoretical level can be said to offset each other (good luck with that when there is even one counterparty failure), is now $67 trillion, $6 trillion higher than previously thought, and virtually the same as global GDP of $70 trillion at the end of 2011.
The U.S. Recovery Has Been Spectacular* *Compared to almost every other rich country
and almost every other financial crisis
By Matthew O'Brien - TheAtlantic.com
We need a real recovery. That's what Mitt Romney said during the campaign, and he was right. Five years since the start of the Great Recession, unemployment is still far too high. It's not for a lack of optimism among policymakers. As Evan Soltas pointed out, the Federal Reserve keeps predicting that prosperity isjust around the corner, only to find it's not. Catchup growth is the new Godot.
Depressed? Well, if it's any consolation, it could be far worse. Just look at Britain. Or the euro zone. Or Japan. The chart to the right from Ryan Avent of The Economist compares how these rich economies have fared since the Great Recession hit. Notice the United States is the only economy of the bunch ahead of where it was in late 2007.
Welcome to the Lousiest Recovery of All Time
by MIKE WHITNEY - CounterPunch.org
Is this the lousiest recovery of all time?
Check it out: The number of people currently on food stamps in the US is at a record-high of 47.1 million. That's more than twice as many recipients than in 2007 when the crisis began. And the percent of Americans living below the poverty line has skyrocketed, too. It's gone from 12.3 percent in 2006 to 16.1 percent today. According to the Census Bureau, nearly 50 million people in America are now living below the poverty line. In other words, if you're poor in America your numbers are growing and things are getting worse. Some recovery, eh?
The Worst Economic Numbers In More Than A Year
By Michael Snyder - TheEconomicCollapseBlog.com
With everything else that is going on in the world, a lot of people have failed to notice that we are seeing some of the worst economic numbers that we have seen in more than a year. For example, it was announced on Thursday that initial claims for unemployment benefits have hit their highest level in a year and a half. Hopefully this is just a temporary blip in the data, because initial unemployment claims tend to have a very strong correlation with the overall performance of the economy. We also continue to see poverty statistics rise. According to government statistics released earlier this month, the number of Americans living in poverty and the number of Americans on food stamps are both at all-time record highs. Meanwhile, the Dow and the S&P 500 are both down more than 5 percent since the election and the U.S. government rolled up 22 billion dollars more debt in October 2012 than it did in October 2011. The unfortunate truth is that things are not getting better. The U.S. economy continues to become weaker and more unstable, and there are a whole lot of reasons to be very pessimistic about our economic situation as we move into the winter months.
Europe Seeks More Taxes From US Multinationals
By: Eric Pfanner, The New York Times - CNBC.com
Google reported sales of more than $4 billion in Britain last year. It paid less than $10 million in taxes.
Some tax collectors, lawmakers and competitors of Google in Europe say this is unfair. As governments throughout the region seek to close gaping holes in their budgets, they are taking aim at United States multinational companies, especially Internet giants like Google and Amazon.com, which pay little or no taxes in Europe, despite generating billions of dollars in revenue on the Continent.
Top Economic Advisers Forecast World War
Submitted by George Washington - ZeroHedge.com
Kyle Bass writes:
Trillions of dollars of debts will be restructured and millions of financially prudent savers will lose large percentages of their real purchasing power at exactly the wrong time in their lives. Again, the world will not end, but the social fabric of the profligate nations will be stretched and in some cases torn. Sadly, looking back through economic history, all too often war is the manifestation of simple economic entropy played to its logical conclusion. We believe that war is an inevitable consequence of the current global economic situation.
Larry Edelson wrote an email to subscribers entitled "What the "Cycles of War" are saying for 2013″, which states:
Since the 1980s, I've been studying the so-called "cycles of war" — the natural rhythms that predispose societies to descend into chaos, into hatred, into civil and even international war.
America's financial war on Europe
In this edition of the show Max interviews Rick Ackerman from rickackerman.com. He talks about the latest on equity, bond and debt markets and "America's financial war on Europe". Rick Ackerman is the editor of Rick's Picks and a partner in Blue Fin Financial LLC, a commodity trading advisor.
US PENSION INSURER RUNS RECORD $34B DEFICIT
By MARCY GORDON -
WASHINGTON (AP) — The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.
The Pension Benefit Guaranty Corp. said Friday that its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.
US tax breaks worth $150bn face axe Talks to avert fiscal cliff move into higher gear after summit
By James Politi in Washington - FT.com
Corporate tax breaks worth more than $150bn over a decade could be threatened in US budget negotiations, if lawmakers choose to adopt a flurry of White House proposals to boost revenues from business in order to reach a deal.
Talks to avert the fiscal cliff – a $600bn combination of tax rises and spending cutsthat could tip the US economy into recession if Congress cannot agree to stop them – are moving into higher gear in the wake of the first White House summit on Friday between President Barack Obama and leaders in Congress.
Obama and Pelosi hopeful on budget deal House Democratic leader says deal must include
tax increases for rich
By Kate Gibson, MarketWatch.com
NEW YORK (MarketWatch) — President Barack Obama and House Minority Leader Nancy Pelosi (D., Calif.) expressed optimism Sunday that a deal can be reached to avert the "fiscal cliff" automatic spending reductions and tax hikes slated to take effect Jan. 1.
"I am confident we can get our fiscal situation dealt with," Obama told a news conference in Bangkok, where he is starting a three-nation trip.
Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion.
Keiser Report: 'Crash JP Morgan' -
2nd Anniversary Special (E368)
In this episode, Max Keiser and Stacy Herbert present the two year anniversary special of their Crash JPM, Buy Silver campaign. They discuss JP Morgan doing everything to protect the Queen of their massive silver short position - a position that has DOUBLED in the past two years according to Rob Kirby of GATA and Kirby Analytics. They also discuss Central Banks pullling on their own little bungee cords by printing money. In the second half, Max Keiser talks to James Turk of Goldmoney.com about the link between liberty and gold and the shooting war to follow the currency war. The also discuss the gold/silver ratio and why silver today is like gold at $600
The Next Housing Bailout? Big Trouble Brewing at the FHA Housing is at the center of the economy. The Federal Housing Administration is at the center of housing. And there's a danger that it could require a historic bailout next year.
By Edward J. Pinto - TheAtlantic.com
There's a growing consensus in America that the long-suffering housing market has reached bottom and is now mounting a recovery. Housing starts surged 15 percent in September to their highest level in four years. New home sales in the same month rose 5.7 percent to their highest level in two years. And the Zillow Home Price Index shows that home prices are up 3.4 percent from a year ago.
FHA lacks reserves to cover losses The mortgage insurance agency has a $16.3-billion shortfall that could force it to tap into the U.S. Treasury for the first time in its history.
By Jim Puzzanghera, Los Angeles Times
WASHINGTON — As the housing market recovers, one government agency is still paying the price for helping to stabilize it — and taxpayers could get the bill.
The Federal Housing Administration, whose mortgage insurance business skyrocketed during the Great Recession of 2007-09, said Friday that its reserves to cover losses dropped into negative territory for the fiscal year that ended Sept. 30.
Geithner to Bailout FHA?
BY BRUCE KRASTING - FinancialSense.com
So two days ago the WSJ runs the story that the FHA is soon to be in default due to a shortfall in its reserve fund. Sure enough, it's now official:
The government's finances are creating a three-ring-circus of events. I'm thinking to myself,"Where's the tent?"
Just a quick thought on the timing of FHA's bad news. This was "known" two months ago (or more). The leak, and the announcement, came a comfortable two weeks past election day. If you believe that's just a coincidence, well, I guess I have nothing to say.
Chicago Teachers Union a co-sponsor
of the Teaching for Social Justice Curriculum Fair
By Posted by John Ruberry - MarathonPundit.blogspot.com
For members of the Chicago Teachers Union there are four Rs: reading, 'riting, 'rithmatc--and radicalism.
According to the US Department of Education, 79 percent of eighth graders at Chicago's public schools are not proficient at their grade-level in reading and 80 percent of them aren't proficient in math at their grade-level.
Thousands Of LAX Workers Set For Walkout On Thanksgiving Eve
CBS LosAngeles
LOS ANGELES (CBSLA.com) — Employees at Los Angeles International Airport were considering plans Friday to walk off the job ahead on what is traditionally the busiest traveling day of the year.
A coalition of Southland labor and community leaders are calling for the protest of alleged violations by LAX contractor Aviation Safeguards (AVSG) after breaking their contract with the airport earlier this year.
Beyond Twinkies: Why More Workers Are Striking
By Mark Koba, CNBC.com
As snack eaters mourn the loss of their beloved Twinkies— Hostess Brands says a worker strike is shutting them down—more employees across the country seem to have an appetite for walking off the job.
Analysts say the reason may be that workers feel they've had enough when it comes to issues over pay, hours and benefits and that it's time to fight back.
"There's nothing to lose when you're up against the wall," said Emily Rosenberg, director of the labor education center at DePaul University."
Who's to Blame for the Hostess Bankruptcy:
Wall Street, Unions, or Carbs? Try all of the above.
By Jordan Weissmann - TheAtlantic.com
Hostess Brands, the maker of Twinkie and Wonder Bread, is getting ready to bake its last corn-syrupy snack cake. After failing to win major contract concessions from one of its key labor unions, the beleaguered 82-year-old company has asked a federal bankruptcy court for permission to start liquidating its assets -- or, in real person speak, begin the process of selling off pieces of the company to the highest bidder while laying off most of its 18,500 workers.
The Twinkie That Broke The Economy's Back?
By Michael Snyder - TheEconomicCollapseBlog.com
Can you hear that sound? It is the sound of the air being let out of the economy. Since the election, there has been a massive tsunami of layoffs and business failures. Of course the company that is making the biggest headlines right now is Hostess. On Monday, Hostess will be in a New York bankruptcy courtroom as it begins the process of liquidating itself. Needless to say, Twinkie lovers all over America are horrified. Many are running out to grocery stores and hoarding as many as they can find, and some online sellers are already listing boxes of 10 Twinkies for as much as $10,000 on auction websites such as eBay. Well, there is really no reason to panic. It is very likely that another company will purchase the Twinkie brand and continue to produce them. In fact, it is already being rumored that a Mexican company may have the inside track. But even though the Twinkie may survive, the failure of Hostess is yet another sign of how weak the U.S. economy has become. Approximately 18,500 Hostess workers will be losing their jobs, and even if some of them are rehired by the company that takes over the Twinkie brand, the truth is that those workers will almost certainly be looking at greatly reduced pay and benefits. Sadly, we are seeing this kind of thing happen all over America. Large numbers of once thriving businesses are either shutting down or laying off workers. Overall, the failure of Hostess is not that big of a deal for the U.S. economy. But we may look back someday and remember Hostess as a symbol of the economic problems that were unleashed by the election of 2012. Since November 6th, a wave of pessimism has swept over the economy and we are now seeing some of the worst economic numbers that we have seen in more than a year. Many fear that we may have reached a tipping point and that things are only going to get worse from here. [see list of other companies in article online...]
Relax Twinkie Lovers, Brand Likely to Survive
By AP - CNBC.com
Twinkie lovers, relax.
The tasty cream-filled golden spongecakes are likely to survive, even though their maker will be sold in bankruptcy court.
Hostess Brands, baker of Wonder Bread as well as Twinkies, Ding Dongs and Ho Ho's, will be in a New York bankruptcy courtroom Monday to start the process of selling itself.
The company, weighed down by debt, management turmoil, rising labor costs and the changing tastes of America, decided on Friday that it no longer could make it through a conventional Chapter 11 bankruptcy restructuring. Instead, it's asking the court for permission to sell assets and go out of business.
Key Medicare premium to rise 5% Increase is 3X as big as the Social Security COLA for 2013
By Matthew Heimer - MarketWatch.com
The federal Center for Medicare and Medicaid Services today announced a range of premium changes for 2013. Most notably, the monthly premium and deductibles for Medicare Part B, which covers certain doctors' services, outpatient visits and medical supplies, among other things, will each increase by about 5%.
What Ron Paul Gets Wrong
By Ken Blackwell - PatriotPost.us
Congressman Ron Paul has just delivered his valedictory address in the House of Representatives. And he has told TV interviewers that the American Revolution was a wonderful example of secession. He's a much better OB/GYN, I'm sure, than he is a student of America's history. He could be cited for political malpractice.
If the Founding Fathers and the Patriots who fought and won the Revolution were seceding, why is it that none of them ever called it secession? They certainly had the word back then. They invoked the well-known right of revolution. They had read their John Locke and their Montesquieu, to be sure, but they most often listened to sermons advocating independence -- especially those of the New England clergy.
More from the Singularity crowd… When I Saw This "Bionic Skin", All I Could Say Was "Wow"
BY MICHAEL A. ROBINSON, Defense
and Technology Specialist, Money Morning
An entirely new class of human beings is about to roam the Earth.
In fact, scientists have just scored a major breakthrough that brings us much closer to the day of bionics.
Quite simply, bionics is the name I use for biological members of our species who have any number of high-tech "upgrades"-not too much different from what "Steve Austin" famously received in the 70's.
With the technology we have today, these could include neural implants that combat brain disease, sensors embedded in your eyes, and a heart grown from synthetic cells.
"Weak Demand" Does Little to Deter Keystone XL Support
By Daniel J. Graeber - OilPrice.com
The American Petroleum Institute reported that October demand for petroleum products was at its lowest level for any October in 17 years. John Felmy, the group's chief economist, said demand figures were a direct reflection of a sluggish economy. The Federal Reserve chairman said Friday that tight credit was constricting markets while industrial production for last month was knocked down by Hurricane Sandy. API and a group of U.S. lawmakers say the answer may be in the Keystone XL oil pipeline from Canada, but opponents say that may be "a crazy idea."
OPEC Finally Acknowledges the Importance of US Shale Oil
By Joao Peixe - OilPrice.com
Whilst some, most notably the IEA, claim that shale oil will help the US become the largest oil producer in the world, OPEC has never really acknowledged the significance of tight oil in the US until now.
In its recently released World Oil Outlook 2012, it wrote that, "given recent significant increases in North American shale oil and shale gas production, it is now clear that these resources might play an increasingly important role in non-OPEC medium- and long-term supply prospects."
This is a huge admission by OPEC, and one that could influence global oil markets, as previously OPEC has never been keen on new technologies such as fracking.
Wind Energy: Swapping Turbines for Kites
By Brian Westenhaus - OilPrice.com
The ideas to harness wind energy from a kite, or other highflying tethered wind energy collectors are pretty numerous, however most are economically unsustainable even though beautiful, spirit lifting, and fun to watch. Kites are a blast. Can they make power?
The founders of Berlin-based wind energy developer NTS GmbH are sending stunt kites into the skies to harness the wind and convert the kinetic energy generated into electricity.
Change in Negotiators Shakes Up US-China Trade Policy
By: Keith Bradsher - The New York Times
The rare congruity of the political calendars in the United States and China, with both countries choosing leaders this month, is about to produce an equally rare replacement of most of each side's senior trade negotiators, with unpredictable results for bilateral economic relations.
One of the few surprises in the carefully scripted Communist Party Congress that ended on Wednesday was that Commerce Minister Chen Deming lost his seat when delegateschose the members of the party's Central Committee for the next five years.
In Leaked Docs, Honeywell Cites Obama Ties
As Key to Anti-Union Strategy An image of Obama from the leaked Honeywell document is captioned "HON has great relationships with Federal officials."
BY MIKE ELK - InTheseTimers.com
In These Times has exclusively obtained a leaked internal Honeywell document outlining an anti-union strategy that includes leveraging Obama administration connections. The documents suggest that the megacorporation is deeply concerned about recent union activity at its factories and the bad press that has resulted (one example cited is a Working In These Times op-ed).
Trevor Potter on Fighting Back
Against Big Money in the 2012 Election
Few understand the ways money moves in and out of our political system than campaign finance reform advocate Trevor Potter. A former chairman of the Federal Election Commission and founding president of the Campaign Legal Center, Potter was Stephen Colbert's chief advisor when Colbert formed his own super PAC and 501 (c)(4) in a clever effort to expose the potential for chicanery behind each. Here, Bill Moyers and Potter discuss how American elections are bought and sold, who covers the cost, and how the rest of us pay the price.
"I can assure you that if someone is spending millions of dollars to elect the candidate, the candidate knows where that money is coming from. There's nothing illegal about telling them, but the voters aren't going to know that," Potter tells Bill. "We're creating opportunities for corruption and candidates being beholden to specific private interests because of funding, yet there's no disclosure to the rest of us."
Egypt's Coptic pope enthroned
amid concern for Christian minority
By Reem Abdellatif - LATimes.com
CAIRO — Amid months of sectarian unease, Egypt's Coptic Orthodox Church enthroned its new pope Sunday in an ornate, three-hour ceremony attended by top officials from the nation's Islamist-led government.
Tawadros II, 60, was chosen the church's 118th pope this month in long-awaited elections following the death in March of Pope Shenouda III, who was patriarch for four decades. The cathedral of St. Mark, the church's founding saint, erupted in applause when the papal crown was placed on Tawadros' head.
Is Iran Using an Insurance Scam to Cover its Oil Tankers?
By James Burgess - OilPrice.com
An interesting article has today been published by Forbes which investigates the possibility that Iran has set up a false insurance company, offering illegal insurance policies, in order to circumvent the EU sanctions and enable the Persian State to continue exporting its crude.
Very Large Crude Carriers are obliged by international maritime authorities to carry mandatory third-party liability insurance of a value up to $1 billion, known as Protection and Indemnity Coverage. This type of coverage is only offered by large insurance groups (P&I clubs), 90% of which are based in Europe. EU sanctions against Iran have prevented European insurers from dealing with Iranian tankers, and this has severely affected Iran's export, as without cover, its tanker cannot deliver oil. It has lost all of its European customers, and other international customers have drastically reduced their purchases.
Who Started the Israel-Gaza Conflict?
By Robert Wright - TheAtlantic.com
On Monday my Atlantic colleague Jeffrey Goldberg began a post with this sentence: "Rockets are flying from Gaza into Israel at a fast clip, and Israelis, it is said, are divided on the question of how to respond."
That same day I came across this report from Ma'an, a Palestinian news agency:
GAZA CITY (Ma'an) -- Palestinian factions met on Monday in Gaza City to discuss Israeli attacks and threats of a wider operation in the enclave.
Hamas called the meeting to try and avoid further casualties after Israeli forces killed six Palestinians in Gaza since Saturday, said Democratic Front for the Liberation of Palestine leader Talal Abu Tharefa.
The REAL Reason for the Assault In Gaza?
Submitted by George Washington - ZeroHedge.com
We noted yesterday that many speculate that the timing of the war in Gaza is because it is (1) after the U.S. elections and before the Israeli elections or (2) part of the run-up to a war with Iran.
A third reason is also quite possible.
Asia News reported last month:
The debate on U.N. recognition of Palestine will be held in mid-November. This was announced two days ago by Vuk Jeremic, President of the U.N. General Assembly. "The leaders of the Palestinian National Authority (PNA) are going to engage in extensive discussions", said Jeremic, "coming to a conclusion as to what they want to do some time in November."
On November 6th – before hostilities escalated in Gaza – Anti War pointed out:
Palestine's upgrade to UN "non-member observer state" status is virtually a foregone conclusion, with an overwhelming majority of the UN General Assembly expected to vote in favor and only a handful, led by the US and Israel, in opposition.
Newly Re-elected Obama and the Middle East
The re-election of US president Barack Obama has left the people and even observers in the region with an array of questions on how exactly he will be dealing with major issues in the Middle East. A political analyst tells Press TV that in President Barack Obama's second term there will be no major change in US foreign policy especially towards the Middle East. In this edition of the show we examine America's foreign policy in Middle East under President Obama's second term.
The New Middle East Israel and its neighbors
BY ELLIOTT ABRAMS - WeeklyStandard.com
It is now two months until the inauguration in Washington, and it would be nice if the world went into a postelection recess for the Thanksgiving, Christmas, and New Year's holidays. With Israel facing elections on January 22, there might once have been some hope for a brief respite. Alas, events in the Middle East are heating up and are likely to keep getting hotter this winter and into the spring.
Israeli government websites under mass hacking attack
JERUSALEM (Reuters) - More than 44 million hacking attempts have been made on Israeli government web sites since Wednesday when Israel began its Gaza air strikes, the government said on Sunday.
Finance Minister Yuval Steinitz said just one hacking attempt was successful on a site he did not want to name, but it was up and running after 10 minutes of downtime.
Typically, there are a few hundred hacking attempts a day on Israeli sites, the ministry said.
Israeli envoy arrives in Egypt for Gaza ceasefire talks Unnamed diplomat in Cairo for truce negotiations, as Israel continues preparations for a possible ground offensive
By Julian Borger, and Harriet Sherwood in Jerusalem - The Guardian
An Israeli envoy has arrived in Egypt for possible negotiations on a ceasefire as the barrage on Gaza intensified and the prime minister,Binyamin Netanyahu, threatened to "significantly expand" military operations.
Amid signs of Israeli preparations for an invasion, the US and UK signalled that although they accepted that strikes against Gaza had been justified because of rockets fired by militants inside the Palestinian enclave, their support would lessen if Israel sent in troops and tanks.
Hamas Rejects Ceasefire;
Decision for Ground Invasion Coming Soon
BY DANIEL HALPER - WeeklyStandard.com
The terror group Hamas has reportedly rejected a ceasefire agreement with Israel.
"Senior Hamas official Mousa Abu Marzook said on Sunday evening that the terror group rejected two of Israel's ceasefire demands out of hand, sinking talks in Egypt," the Times of Israel reports.
The first demand was that Hamas commit to creating a 1-kilometer buffer zone along the border with Gaza, beyond which people cannot enter. The width of the "no-man's-land" currently varies at different points along the border, and averages about 300 meters.
An Outgunned Hamas Tries to Tap Islamists' Growing Clout
By DAVID D. KIRKPATRICK and MAYY EL SHEIKH - NYTimes.com
CAIRO — Emboldened by the rising power of Islamists around the region, the Palestinian militant group Hamas demanded new Israeli concessions to its security and autonomy before it halts its rocket attacks on Israel, even as the conflict took an increasing toll on Sunday.
After five days of punishing Israeli airstrikes on the Hamas-controlledGaza Strip and no letup in the rocket fire in return, representatives of Israel and Hamas met separately with Egyptian officials in Cairo on Sunday for indirect talks about a truce.
Rockets Fired from Egypt Hit Israel
BY DANIEL HALPER - WeeklyStandard.com
Two major Israeli newspapers are reporting that rockets fired from Egypt have hit Israel.
"Terrorists in the Sinai Peninsula launched rockets into Israel Friday night," reports the Jerusalem Post. "The rockets fell near an Israeli village on the southern border, causing some damage, but no injuries."
The Israeli daily Haaretz reports, "Rockets fired from direction of Egypt toward Eshkol Regional Council."
Rockets from Gaza reach Tel Aviv, Jerusalem
Despite the Israeli airstrikes, Hamas continue to fire rockets across the border from Gaza.
And as Nisreen El-Shamayleh reports from Jerusalem, the rockets are penetrating further into Israel than ever before.
Israeli strikes hurt Gaza journalists as cease-fire talks falter
By Edmund Sanders - LATimes.com
GAZA CITY – Overnight hopes for an Egyptian-negotiated cease-fire faded Sunday as clashes resumed between Israeland Hamas and several Palestinian journalists were injured by Israeli airstrikes.
After expressing optimism that a truce was imminent, Gaza militants temporarily suspended their rocket fire Saturday night and early Sunday morning, even as Israeli aircraft continued to hit targets in Gaza. Israel military confirmed there were no rocket attacks in southern Israel overnight.
Clashes in West Bank as anger over Gaza
is directed at Mahmoud Abbas Palestinian Authority blamed for failing to take action and for co-operating with Israeli security forces against protesters
By Rebecca Collard Ramallah - Guardian.co.uk
Fresh clashes erupted in the West Bank on Sunday as Palestinian youths threw rocks at Israeli soldiers, who responded with teargas. But anger in the West Bank has not only been directed at Israel: many also blame the Palestinian Authority for failing to take action over the Gaza offensive and for co-operating with the Israeli security forces against protesters.
Hazem Abu Helal was arrested after joining a protest at the Bet El checkpoint near Ramallah after several female demonstrators were arrested by the Israeli army. "They began shooting a lot of teargas so I moved back to the City Inn Hotel, which is inside the Palestinian controlled area," he said.
Latest updates on the Gaza crisis
Published on Nov 17, 2012 by AlJazeera English
Al Jazeera's Nadim Baba reports from Gaza City and Nicole Johnston reports from Sha'ar Hanegev in Southern Israel.
Israel ready to expand Gaza offensive,
says Binyamin Netanyahu Israeli prime minister says Israel is prepared for 'significant' widening of Gaza operation as bombardment enters fifth day
By Harriet Sherwood, Peter Beaumont and agencies - Guardian.co.uk
The Israeli prime minister, Binyamin Netanyahu, has said it is prepared for a "significant" widening of its Gaza offensive as the bombardment entered its fifth day.
The Palestinian death toll since the conflict began on Wednesday topped 50 after a night of sustained bombing that killed seven civilians, including five children, according to a Gaza health official. Two children died and 12 people were injured when two houses were hit in northern Gaza.
Ground Invasion Next?
Israel Defense Min spokesman on Gaza war spiral
RT speaks with Israeli Defense Ministry Spokesman - Josh Hantman, as Palestinians are preparing themselves for possible Israeli ground operation, they fear that the IDF could start reoccupation of the Gaza Strip with tanks and commandos
Paper Money, Train Wreck And The Need For Gold & Silver
By GE Christenson - GoldSilverWorlds.com
The author explores in this article how the current financial system will soon turn into a train wreck. The long term bull market in paper based financial assets has ended but our politicians are undertaking truly heroic actions to keep this paper based money system going. Mathematically it's impossible in the meanwhile to continue this way. So in either situation, there will be a painful resolution and whichever scenario plays out, there is only asset class that will offer protection: gold and silver.
Gold And The Cold War
Darryl Schoon - GoldSilverWorlds.com
De Toqueville's amazing prediction in 1835 about the destinies of Russia and the Anglo-Americans was every bit the equal to those made by his illustrious French predecessor, Michel de Nostradame.
"There are now two great nations in the world, which starting from different points, seem to be advancing toward the same goal: the Russians and the Anglo-Americans… Each seems called by some secret design of Providence one day to hold in its hands the destinies of half the world." in "Democracy in America", Alexis de Toqueville, 1835
In the 1830s, Russiawas a czarist empire and the UShad fought its war of independence from Englandonly 60 years before. The idea of Russia and the Anglo-Americans ..starting from different points advancing toward the same goal.. called by some secret design of Providence..to [each] hold .. the destinies of half the world was an extraordinary prediction, especially in 1835.
Facing the Fiscal Cliff
Solves 77% of the Deficit Problem in One Move
BY MARTIN HUTCHINSON, Global Investing Strategist, Money Morning
With the election over, Wall Street is now obsessing over the possibility that the "fiscal cliff" negotiations may end in stalemate.
Well I have news for them: a stalemate would be good for the U.S. economy, and any deal that does not preserve most of the fiscal cliff is not worth having.
Here's why.
By ending Social Security tax relief, the Bush tax cuts and cutting spending on both defense and domestic programs, the "fiscal cliff" cuts a deficit projected by the Congressional Budget Office (CBO) at $10 trillion over the next 10 years down to $2.3 trillion.
Senate works on financial cliff options
By Lori Montgomery and Zachary A. Goldfarb - WashingtonPost.com
As congressional leaders prepare to meet Friday morning at the White House to discuss the looming fiscal cliff, much of Washington is focused on the potential for compromise between President Obama and House Speaker John A. Boehner (R-Ohio).
But what if, after two years of trying, that pair still can't get a deal to solve the nation's budget problems? Then there's hope in the Senate, where people in both parties are hard at work on Plan B.
Economy Has Green Shoots
From China to U.S. as Data Surprise
By Simon Kennedy - Bloomberg.com
The U.S. and China, the world's traditional twin sources of growth, are planting seeds to lift the world economy from its midyear slowdown.
Among the green shoots indicating faster expansion: strongerhousing demand and hiring in the U.S. and accelerating factory output and retail sales in China. Responsible for a third of the world economy, the two countries are now providing ballast internationally as Europe and Japan stagnate.
Fed debates future asset purchases Members debate what should replace expiring 'Operation Twist'
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Federal Reserve officials faced off in October about whether the central bank needed to buy more assets once its "Operation Twist" program finishes at the end of the year, according to minutes released Wednesday.
While a "number" of Fed officials, according to the minutes, think the Fed will likely need to buy more assets once its Twist stimulus program wraps up in December, "several" other members questioned whether they were needed.
The Most Important Tax Break
Is the One That Nobody Talks About If you really want to raise revenues, the Holy Grail isn't capping tax deductions, as Romney proposed, or raising the top marginal rate, as Obama proposed. It's taxing investment income like ordinary income.
By James Kwak - TheAtlantic.com
Suddenly, Republicans are all about increasing tax revenues from rich people. In the last weeks of the campaign, Mitt Romney talked about capping itemized deductions for high-income taxpayers (which, unfortunately for his arithmetic, would not nearly have compensated for the lower tax rates he proposed). John Boehner has told his caucus that they have to be willing to accept increased tax revenues (but out of the other side of his mouth says that tax rates cannot be increased). Glenn Hubbard, in the Financial Times, also suggests increasing revenues by closing loopholes: "Tax deductions should be scaled back, especially in the areas of mortgage interest, charitable giving and employer-provided health insurance."
Save the Payroll Tax Holiday It's the most important part of the "fiscal cliff"—
and nobody's talking about it.
By Matthew Yglesias - Slate.com
The most important element of the "fiscal cliff" is the one politicians seem least interested in doing anything about: the expiration of a payroll tax holiday that's given a nice lift to the economy at no cost to anyone. A sensible Congress would be coming together on extending and even expanding the payroll tax holiday, even while continuing to argue about the other unrelated elements of the cliff. Instead, the ongoing controversy over high-end Bush tax cuts is crowding the agenda and may end up blocking what should be a no-brainer policy initiative.
UNION BOSS TRUMKA: FISCAL CLIFF A 'MANUFACTURED CRISIS'
by TONY LEE - Breitbart.com
AFL-CIO President Richard Trumka believes the so-called fiscal cliff is just a "manufactured crisis" that does not really exist.
"There is no fiscal cliff!" Trumka will say in a Washington, D.C. speech with liberal leaders and groups on Thursday. "What we're facing is an obstacle course within a manufactured crisis that was hastily thrown together in response to inflated rhetoric about our federal deficit."
Euro zone double dips back into recession
By William L. Watts - MarketWatch.com
FRANKFURT (MarketWatch) — Europe's long-running debt crisis dragged the 17-nation euro zone back into recession in the third quarter, data showed Thursday, offering a negative counterpoint to growing optimism among U.S. and global investors over prospects for the global economy.
Third-quarter euro-zone gross domestic product shrank 0.1% compared to the second quarter, the European Union statistics agency Eurostat said. That's equal to an annualized contraction of around 0.4%.
1930s medicine pushes Europe
back into double-dip recession The eurozone has relapsed into double-dip recession as the austerity shock in the Mediterranean region spreads to the core countries of the north.
By Ambrose Evans-Pritchard - Telegraph.co.uk
The Dutch economy shrank by 1.1pc in the third quarter amid a deep housing slump, and even Austria has begun to succumb. Finland's economy has shrunk by 1pc over the last year.
"Recession comes as no surprise and it is going to get worse next year," said Desmond Supple from Nomura. "Europe has imposed dusted-off policies from the 1930s and they are driving peripheral countries towards depression," he said.
Like it or not, Beijing and Berlin must pay If the world is to return to growth, countries with a surplus need to bear a bigger burden
By Jeremy Warner - Telegraph.co.uk
With the eurozone officially back in overall recession, an air of deep gloom has once again settled over prospects for the global economy. It's more than four years since the collapse of Lehman Brothers, but still the world is struggling to emerge convincingly from its shadow.
Europe's crippling banking and sovereign debt crisis has shown signs of easing in recent months, but in the real economy things seem to be getting steadily worse. Greece is already ruined beyond redemption, with others chasing hard. Even the mighty Germany is again feeling the chill winds of recession blowing at its door.
Financial Watchdogs Move to Rein In Money Funds
By SCOTT PATTERSON - WSJ.com
WASHINGTON—The $2.6 trillion money-market-fund industry might not be free much longer of the postcrisis strictures that the Securities and Exchange Commission chairman tried, and failed, to impose earlier this year.
The Financial Stability Oversight Council, a board of top U.S. regulators established by the Dodd-Frank financial overhaul, approved several recommendations to overhaul money-market funds in an open meeting Tuesday. The aim of the council's push is to prevent runs on money-market funds during a financial crisis, as happened in 2008 when Lehman Brothers Holdings Inc. filed for bankruptcy protection.
US regulators outline money fund reforms
By Shahien Nasiripour in Washington
and Dan McCrum in New York - FT.com
US regulators have proposed three options for fundamental reform of the $2.6tn money market fund industry in an effort to minimise the alleged systemic risk it poses.
The Financial Stability Oversight Council, the collection of US regulators headed by Tim Geithner, Treasury secretary, on Tuesday sought public comment on proposals that would force the industry to adopt floating share prices, hold capital to guard against losses, or restrict investors' ability to exit the funds.
Money market funds come under attack
By Burton Malkiel - FT.com
Money market funds have been an unambiguous benefit to both individual and institutional investors, as well as to non-financial corporations and municipalities in need of short-run financing.
But now the very existence of the $2.6tn money fund industry is under attack. Both present Federal Reserve chairman Ben Bernanke and former chairman Paul Volcker have called for stronger oversight of money funds because of their destabilising potential. And Treasury Secretary Timothy Geithner recently urged the Financial Stability Oversight Council to push forward new rules to rein in the industry as essential for financial stability.
This Is The Government: Your Legal Right
To Redeem Your Money Market Account
Has Been Denied - The Sequel
Submitted by Tyler Durden- ZeroHedge.com (07/19/2012)
Two years ago, in January 2010, Zero Hedge wrote "This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied" which became one of our most read stories of the year. The reason? Perhaps something to do with an implicit attempt at capital controls by the government on one of the primary forms of cash aggregation available: $2.7 trillion in US money market funds. The proximal catalyst back then were new proposed regulations seeking to pull one of these three core pillars (these being no volatility, instantaneous liquidity, and redeemability) from the foundation of the entire money market industry, by changing the primary assumptions of the key Money Market Rule 2a-7. A key proposal would give money market fund managers the option to "suspend redemptions to allow for the orderly liquidation of fund assets." In other words: an attempt to prevent money market runs (the same thing that crushed Lehman when the Reserve Fund broke the buck).
Time to think the unthinkable and start printing again
By Martin Wolf - FT.com (September 29, 2011)
It is the policy that dare not speak its name: the printing press. The time has come to employ this nuclear option on a grand scale. The alternative is likely to be a lost decade. The waste is more than unnecessary; it is cruel. Sadists seem to revel in that cruelty. Sane people should reject it. It is wrong, intellectually and morally.
A recession looms close in the UK and other high-income countries, less than four years after the start of the last one. This would be a disaster for those who would lose their jobs or the young, who would find their hopes of work further postponed.
Thinking through the unthinkable
By Martin Wolf - FT.com (November 8, 2011)
Will the eurozone survive? The leaders of France and Germany have now raised this question, for the case of Greece. If policymakers had understood two decades ago what they know now, they would never have launched the single currency. Only fear of the consequences of a break-up is now keeping it together. The question is whether that will be enough. I suspect the answer is, no.
Efforts to bring the crisis under control have failed, so far. True, the eurozone's leadership has disposed of George Papandreou's disruptive desire for democratic legitimacy. But financial stress is entrenched in Italy and Spain (see chart). With a real interest rate of about 4.5 per cent and economic growth of 1.5 per cent (its average from 2000 to 2007, inclusive), Italy's primary fiscal surplus (before interest rates) needs to be close to 4 per cent of gross domestic product, indefinitely. But the debt ratio is too high. So the primary surplus has to be far bigger, the growth rate far higher, or the interest rate lower. Under Silvio Berlusconi, none of the necessary changes is going to happen. Would another leader fix things? I wonder.
Barack Obama can live without Churchill's bust, but not UK cash SelectUSA is one of President Barack Obama's more snappily titled creations. Established early last year, the organisation's brief is to drum up foreign investment in the US.
By Richard Blackden, New York - Telegraph.co.uk
Its staff are a busy bunch. This week they organised a summit for business leaders in Moscow. December will see them in Mumbai, Bangalore and New Delhi. January brings a trip to Paris to persuade the French to invest, while there is a visit to Hanover in the spring to tap the Germans for cash.
It is the sort of globe-trotting itinerary that will inflame critics who believe such efforts are a waste of taxpayers' money.
Why Financial Repression Will Fail
BY RON HERA - FinancialSense.com
Excessive leverage and risk in the financial system, e.g., using customer funds to speculate, never ends well. Stock market crashes, bank and investment firm failures or economic recessions are all potential consequences. Following the failure of the United States to regulate over the counter (OTC) derivatives and the repeal of the Glass-Steagall Act, U.S. banks became the largest financial business entities in history. The U.S. real estate bubble, sub-prime lending and mortgage backed securities (MBS), along with unregulated OTC derivatives, then lead to bank insolvencies, a historic stock market crash and a near collapse of the global financial system.
Ron Paul's farewell speech
by Chris Cillizza - WashingtonPost.com
The Texas Congressman — and three-time presidential candidate — said goodbye in farewell remarks on the House floor Wednesday.
He spoke for a LONG time — 48 minutes — but those who follow the man they call "Dr. Paul" likely consumed (and re-consumed) every word.
Given Paul's surprising influence on the GOP in recent years — particularly on fiscal matters — and the likelihood that Kentucky Sen. Rand Paul (his son) will run for president, it's worth checking out. (And yes, there are gold standard and raw milk references.)
FEDERALIST SOCIETY LAUNCHES ANNUAL CONFERENCE TODAY
by BEN SHAPIRO - Breitbart.com
Beginning today and extending through November 17, the Federalist Society will be holding its annual National Lawyers Convention. The Federalist Society is most famous as the largest constitutionalist legal organization in the United States; it was the breeding ground for several conservative justices (and one supposed conservative, Chief Justice John Roberts). The theme of the convention: "The Future of US Constitutional Law in the Supreme Court."
It is slated to be a star-studded event. Justice Samuel Alito gives the keynote speech this evening; other heavy hitters include Peter Thiel, Ninth Circuit Chief Judge Alex Kozinski, Senator-Elect Ted Cruz (TX), Senator Mike Lee (UT), Gov. Rick Scott (FL), and Justice Antonin Scalia, among others.
Breitbart News had a chance to speak with Leonard Leo, Executive Vice President of the Federalist Society.
What Does It Mean that Residents
in All 50 States Have Filed Petitions to Secede?
By George Washington - ZeroHedge.com
….Conservatives – such as Judge Napolitano and Ron Paul - say that the states have the right to secede. And Texas governor Rick Perry said that Texas has a right to secede (although he counsels against it at the current time).
On the other hand, most liberals say that the Civil War ended the state's right to secede. Huffington Post is covering the wave of secession petitions … to ridicule them.
Daily Kos suggests that "secessionists can secede by renouncing their citizenship".
As the Daily Caller notes, liberals have launched their own counter-petitions:
Will Texas Nullify Both NDAA and TSA?
Posted by Tenth Amendment - TenthAmendmentCenter.com
The Texas legislature will take up two bills designed to protect basic civil liberties in the Lone Star State during the 2013 legislative session.
On Monday morning, Rep. David Simpson (R-Longwood) prefiled The Texas Travel Freedom Act (House Bill 80). If passed, the law would make it a criminal act to intentionally touch "the anus, breast, buttocks, or sexual organ of the other person, including touching through clothing," without probable cause in the process of determining whether to grant someone access to a public venue or means of public transportation.
A Change Is Coming – 2013 & Onwards – Part I
BY JULIAN PHILLIPS - FinancialSense.com
As we get closer to the end of 2012 we start to look forward to 2013 and beyond. Hopes and dreams must always be tempered by the stark spotlight of today's realities. Nothing can happen unless it is based on today's present world structures, events and leaders in politics, and money. The first major point we have to recognize is the structures we see around us, within which everything is bound together, together with the current leaders and their will for the future –these things will shape the years ahead.
Bernanke Warns On Housing
By Douglas A. McIntyre - 247WallSt.com
Whatever good news has been released about the housing market recently has not changed the outlook of Ben Bernanke and his worry over an eventual recovery of the sector. Bernanke believes that the breadth of the underwater mortgage problem and overall weakness of the economy could retard any real recovery.
At a speech at the Operation HOPE Global Financial Dignity Summit, the Fed chief said:
To be sure, the housing sector is far from being out of the woods. Construction activity, sales, and prices remain much lower than they were before the crisis. About 20 percent of mortgage borrowers remain underwater–that is, they owe more than their homes are worth. Despite marked improvements in overall credit quality, 7 percent of mortgages are either more than 90 days overdue or in the process of foreclosure. And, although the number of homes in foreclosure has edged down since cresting in 2010, that number remains in excess of 2 million, three times the historical norm. Meanwhile, the national homeownership rate has slipped nearly 4 percentage points from its 2004 high of 69 percent, and it now stands at a 15-year low. So, although there are good reasons to be encouraged by the recent direction of the housing market, we should not be satisfied with the progress we have seen so far.
Bernanke Comments: Tighter Lending Standards Hurts Housing
By JON C. OGG - 247WallSt.com
Federal Reserve Chairman Ben Bernanke was speaking at the Operation HOPE Global Financial Dignity Summit in Atlanta, Georgia today. His speech was titled "Challenges in Housing and Mortgage Markets" and the focus was on the housing sector.
Bernanke said, "For the first time in a number of years, the housing sector is improving, adding to growth and jobs. But the housing revival still faces significant obstacles, and the benefits of that revival remain quite uneven. Strengthening and broadening the housing recovery remain a critical challenge for policymakers, lenders, and community leaders. The degree to which that challenge is met will help determine the strength and sustainability of the economic recovery and the extent to which its benefits are broadly felt."
The Secret Building Boom of the Obama Years
By Nick Turse, TomDispatch
A billion dollars from the federal government: that kind of money could go a long way toward revitalizing a country's aging infrastructure. It could provide housing or better water and sewer systems. It could enhance a transportation network or develop an urban waterfront. It could provide local jobs. It could do any or all of these things. And, in fact, it did. It just happened to be in the Middle East, not the United States.
Texas Instruments to switch focus
from cellphones, cut 1,700 jobs The company's wireless division
just recorded its third quarter of losses
By Martyn Williams - ComputerWorld.com
IDG News Service - Texas Instruments will lay off 1,700 employees as it refocuses its efforts away from the wireless sector -- including cellphones and tablets -- and toward embedded systems, the company announced Wednesday.
The news comes less than a month after TI said its wireless business recorded its third-straight quarter of losses.
Three Weeks After Sandy, Setbacks for Small Firms
By Emily Maltby - WSJ.com
Now three weeks after superstorm Sandy pummeled the East Coast, most affected regions have electricity and cleanup crews are helping to get things back to normal.
Yet scores of small-business owners are dealing with the most difficult environment they've ever faced and many aren't sure they'll ever get their firms back to pre-Sandy conditions. On Wednesday, New Jersey Gov. Chris Christie acknowledged the devastation and human suffering along the state's coast and said he will ask the federal government for money to remodel the state's beaches in a manner that would protect seaside towns from future tidal surges.
Post office reports record loss of $15.9B for year
Townhall.com
WASHINGTON (AP) — The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.
The financial losses for the fiscal year ending Sept. 30 were more than triple the $5.1 billion loss in the previous year. Having reached its borrowing limit, the mail agency is operating with little cash on hand, putting it at risk in the event of an unexpectedly large downturn in the economy.
Postal Service posts record $16 billion loss for 2012
By Aaron Smith - CNN.com
NEW YORK (CNNMoney) -- The U.S. Postal Service announced a record loss of $15.9 billion for the fiscal year 2012, which it blamed primarily on a mandate to set aside billions of dollars for a retirement heath fund.
The Postal Service said that its loss includes $11.1 billion in defaulted payments it owes to "prefund" health benefits for future retirees. Postal officials have complained for years about these prepayments, which are required by Congress, to pay for future retirees. The Postal Service also points out that other federal agencies don't have similar mandates for prefunding.
Jobless claims soar after Hurricane Sandy Storm damage boosts requests for benefits
by 78,000 to 439,000
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — The number of Americans who sought unemployment benefits last week jumped to an 18-month high, largely a side-effect of the superstorm that battered parts of the East Coast.
First-time jobless claims soared by 78,000 to a seasonally adjusted 439,000 in the week ended Nov. 10, the Labor Department said. A government spokesman said applications surged in the parts of the country that lay in the path of Hurricane Sandy.
Why the U.S. Job Market Remains Terribly Bleak
By John Goodman - Forbes.com
Full time work is about to get scarcer. The reason? By hiring part-time workers who put in less than 30 hours per week, employers can avoid a mandate dictated by the new health reform law: either provide expensive health insurance or pay a fine equal to $2,000 per worker. Avoiding the mandate becomes even more attractive for low-wage employees, since they can get highly subsidized insurance in the newly created health insurance exchanges. According to the Wall Street Journal:
Census: U.S. Poverty Rate Spikes,
Nearly 50 Million Americans Affected
WASHINGTON (CBSDC/AP) – As President Barack Obama is set to begin his second term, new statistics on America's poverty rate indicate that nearly 50 million Americans, more than 16 percent of the population, are struggling to survive.
New figures released by the Census Bureau this week found a spike in poverty numbers last year, going from 49 million in 2010 to 49.7 million last year. The numbers may come as a surprise to Congress, which estimated in September that the poverty rate would drop to 46.2 million. One of the most startling findings showed that almost 20 percent of American children continue to live in poverty.
Hostess says liquidation decision expected Friday
Townhall.com
NEW YORK (AP) — Hostess Brands Inc. said it likely won't make an announcement until Friday morning on whether it will move to liquidate its business, after the company had set a Thursday deadline for striking employees to return to work.
The maker of Twinkies, Ding Dongs and Wonder Bread had warned employees that would file a motion in U.S. Bankruptcy Court to unwind its business and sell off assets if plant operations didn't return to normal levels by 5 p.m. EST Thursday. That would result in the loss of about 18,000 jobs.
Denny's to charge 5% 'Obamacare surcharge'
and cut employee hours to deal with cost of legislation
By JAMES NYE - DailyMail.co.uk
President Obama's election victory ensured his Affordable Care Act would remain the centerpiece of his first term in power - but that has left some business owners baulking at the extra cost Obamcare will bring.
Florida based restaurant boss John Metz, who runs approximately 40 Denny's and owns the Hurricane Grill & Wings franchise has decided to offset that by adding a five percent surcharge to customers' bills and will reduce his employees' hours.
Report Suggests Closing 353 US Coal Plants
which are Too Uneconomical to Run
By Joao Peixe - OilPrice.com
The Union of Concerned Scientists (UCS), a nonprofit science advocacy group based in the United States, has written a report that analyses America's coal power plants and determines that 353 of them, across 31 states, should be considered for closing due to their inability to remain economically competitive with emerging, cleaner sources of energy.
The report, named 'Ripe for Retirement', suggests that 18% of all US coal-fired power plants, will not be competitive with natural gas or wind energy.
Public Health Proposal
Considers Mandatory 'Smokers License'
CBS DC
WASHINGTON (CBS DC) – A public health proposal suggests that tobacco smokers should be required to apply and pay for a "smoker's license" in order to continue buying cigarettes.
In this week's PLOS Medicine medical journal, two leading tobacco control advocates debate the merits of the smoker's license. Simon Chapman, a professor at the University of Sydney, proposes that users would have to apply and pay for a mandatory license in the form of a smartcard that would be shown when buying cigarettes.
Stores Bring Black Friday to the Web Shoppers Skip the 3 a.m. Wake-Up Call and Frigid Queues; Retailers Open Earlier and Match Store and Internet Specials
By ANN ZIMMERMAN, SHELLY BANJO and DANA MATTIOLI - WSJ.com
As retailers gear up for the traditional shop-fest known as Black Friday, they are focusing on the mobs that line up outside stores and—increasingly—on the masses that shop online from home.
Chain stores prefer impulse-purchase-prone store shoppers. Yet sales growth during the busy Thanksgiving weekend more often is coming from Internet shoppers like Melanie Cortese.
Wal-Mart workers plan Black Friday walkout
By Emily Jane Fox - CNN.com
NEW YORK (CNNMoney) -- A group of Wal-Mart workers are planning to stage a walkout next week on Black Friday, arguably the biggest holiday shopping day for the world's largest retail store.
The walkout builds on an October strike that started at a Wal-Mart in Los Angeles and spread to stores in 12 other cities. More than 100 workers joined in the October actions.
Canada Targets Unemployed US Oil Workers
By Jen Alic - OilPrice.com
Canada is predicting a doubling of oil production by the end of this decade. This means it will have to secure its workforce to the tune of tens of thousands of new laborers. So if you want a job in the energy sector, try your northern neighbor.
Since 2010 alone, Canadian officials say that some 35,000 US laborers have obtained permits to work in Canada, and there are plans in the works to make permits even easier to obtain. In the meantime, Canadian head hunters are stepping up their efforts at recruitment—taking advantage of the number of jobless in the US.
As CIA Chief Scandal Looms,
Lawmakers Consider Tightening E-Mail Privacy
BY DAVID KRAVETS - Wired.com
Recent intrusions by the FBI into e-mail correspondence between former CIA Director David Petraeus and his mistress and biographer, Paula Broadwell, have raised a lot of questions and concerns about the government's ability to access private e-mails.
The current law covering access to e-mail gives the government the right to snoop without a court order on email that's older than 180 days, but requires a court order for missives that are newer than this, a fact that privacy activists have been trying to change for years.
OBAMA SIGNS A 'SECRET DIRECTIVE'
FOR MILITARY CYBERSECURITY OPERATIONS
By Liz Klimas - TheBlaze.com
Just as the Senate failed to pass legislation to protect the U.S. electrical grid and other critical industries from cyberattacks, it has emerged that President Barack Obama signed a "secret directive," as reported by the Washington Post, establishing guidelines for the military to take cybersecurity action on both an offensive and defensive front.
The Washington Post quotes sources, unauthorized to go on the record but who have seen the classified information, who said the directive will help officials make quick decisions in the event of a threat:
Now the CIA Is Investigating Petraeus
BY SPENCER ACKERMAN AND NOAH SHACHTMAN - Wired.com
Anyone who thought the multifaceted scandal that brought down CIA Director David Petraeus was winding down can think again. Now the CIA is investigating its own former leader — while some agency veterans are whispering that they never liked him in the first place. And on top of all of that, the FBI agent who started the entire affair is distancing himself from it.
It's not even a week since Petraeus resigned from CIA after an FBI investigation discovered he had an affair with biographer Paula Broadwell. That investigation reportedly cleared Petraeus of disclosing any classified information, which would be the major national-security concern about a CIA director's affair. But the CIA confirms that its inspector general is taking its own, open-ended look into Petraeus' conduct.
China's new leader Xi Jinping warns Communist Party
faces 'severe challenges' Xi Jinping has stepped forward as China's new paramount leader with a remarkable speech that shattered Communist party convention.
By Malcolm Moore, Great Hall of the People, Beijing
and Tom Phillips - Telegraph.co.uk
The 59-year-old son of one of the Party's revolutionary heroes walked out, just before noon on Thursday, onto a red-carpeted dais in the Great Hall of the People, fulfilling a destiny that some had predicted since his youth.
He was anointed the head of the Communist party and the head of the military as Hu Jintao relinquished all his roles, and will be rubber-stamped as China's president next March at the annual meeting of the country's parliament.
Israel Warns of Escalation After Tel Aviv Missile Firing
By Alisa Odenheimer and Gwen Ackerman - Bloomberg.com
Israeli Defense Minister Ehud Barak signaled that Israel is ready to escalate its military operations against Gaza after at least one long-range missile was fired at Tel Aviv by Palestinian militants.
The missile attack and the volume of fire in general toward Israel "is an escalation and there will be a price to pay," Barak said on Channel 2 television yesterday. It was the first such attack on Israel's commercial hub since Iraqi missiles in 1991 during the Gulf War.
Gaza conflict: Benjamin Netanyahu
threatens to broaden confrontation with Hamas Benjamin Netanyahu, the Israeli prime minister, threatened to broaden the confrontation with Hamas, giving a defiant justification of his government's attacks on the Gaza strip.
By Phoebe Greenwood, Gaza, Damien McElroy in Kiryat Malachi,
and Richard Spencer - Telegraph.co.uk
Defending a bombardment which has so far killed not only militants but five Palestinian children, Mr Netanyahu, in a typically combative press conference said: "In the past 24 hours, Israel has made it clear that it will not tolerate rocket and missile attacks on its civilians. I hope that Hamas and the other terror organisations in Gaza got the message.
"If not, Israel is prepared to take whatever action is necessary to defend our people."
ISRAEL CALLS UP 30,000 SOLDIERS
AS ARMY ANNOUNCES 'EXPANDING THE CAMPAIGN'
by BEN SHAPIRO - Breitbart.com
As rockets bombarded Israel from the Hamas-controlled Gaza Strip, and as sirens wailed in Tel Aviv, Israel massed troops on the borders of the Gaza Strip in anticipation of a large-scale military action. The rocket aimed at Tel Aviv has been reported to have hit a suburb of Tel Aviv; Home Front Defense Minister Avi Dichter said, however, that the rocket landed in the sea.
Interior Minister Eli Yishai said today that Gaza is about to experience an "unprecedented attack." Brigadier General Yoav Mordechai said, "We are in the process of expanding the campaign. The defense minister approved a few minutes ago, based on the army's request, the recruitment of another 30,000 soldiers. We will determine how many of them will be called in. All options are on the table."
First three Gaza missiles hit Tel Aviv.
Israel drafts 30,000 reservists
DEBKAfile
Palestinian missiles reached the Tel Aviv conurbation, Gush Dan, Thursday night, Nov. 15. shortly after a long-range missile exploded in Rishon Lezion southeast of Tel Aviv and sirens sounded in outlying towns of Holon, Ness Ziona, Gan Raveh and Beer Yacov. None report casualties or damage. Defense Minister Ehud Barak has ordered 30,000 army reservists drafted. The IDF spokesmen earlier reported units of the elite paratroop and Givati Brigades were mustering outside the Gaza Strip on the second day of Israel's counter-terror operation Pillar of Cloud.
Egypt's Islamist president condemns shelling of Gaza
By CATRINA STEWART - Independent.co.uk
Egypt's Islamist president today denounced Israel's shelling of Gaza as an "unacceptable aggression," ordering his prime minister to visit the Hamas-governed enclave in what could emerge as the first major test for the country's leader.
In the worst outbreak of violence in the territory since the Gaza war nearly four years ago, President Mohammed Morsi has been quick to censure Israel, recalling the Egyptian ambassador from Tel Aviv, issuing a letter of protest to the Israeli envoy in Cairo, and calling an emergency meeting of the Arab League for Saturday.
Gaza conflict: Israel mobilises troops as rockets hit Tel Aviv Israel has mobilised troops on its border with Gaza after rockets fired from the territory came close to hitting its commercial capital, Tel Aviv.
By Phoebe Greenwood, Gaza, Damien McElory in Kiryat Malachi,
and Richard Spencer - Telegraph.co.uk
At least a dozen trucks carrying tanks and armoured vehicles were seen moving toward the border area, while buses ferried soldiers, as Israeliforces moved closer to a ground war against the radical Islamist group Hamas.
Ehud Barak, the Israeli defence minister, also approved the call-up of 30,000 reservists as the confrontation intensified.
Israeli deaths escalate Gaza conflict Palestinian rocket killings likely to harden anti-Hamas resolve
Israeli deaths escalate Gaza conflict
By Tobias Buck in Jerusalem and Tom Burgis in London - FT.com
The escalating conflict between Israel and Palestinian militants in the Gaza Strip reached a new peak on Thursday, when a rocket fired from the coastal enclave struck a house in Kiryat Malachi, killing at least three Israeli civilians.
The rocket fire came as Israel pounded targets inside the Gaza Strip from the air, sea and land, continuing a bombardment that has so far claimed the lives of at least 13 Palestinians, including at least three civilians.
Obama urges Israel, Egypt leaders
to 'de-escalate' Gaza violence
By Dave Boyer-The Washington Times
With Middle East tensions rising as Israel launched a major offensive against Palestinian militants, President Obama appealed Wednesday to Israel's prime minister to avoid civilian casualties and asked Egypt's president for help in calming the situation.
The White House said Wednesday night that Mr. Obama reiterated with Israeli Prime Minister Benjamin Netanyahu that the U.S. supports "Israel's right to self-defense in light of the barrage of rocket attacks being launched from Gaza against Israeli civilians."
Oil Prices Rise After Israeli Airstrikes
Kill Leader of Hamas's Militant Wing
By Joao Peixe - OilPrice.com
Oil prices have risen following Israeli attacks in the Gaza strip which killed Ahmed al-Jabari, the leader of Hamas's militant wing. Traders fear that the whole Middle East is reaching its limit and that something is about to blow which could seriously impact on the global oil market.
After more than 115 rockets have been fired into Israel from Gaza this week, Israel decided to retaliate. Claiming that they were ready to send ground troops into Gaza to end hostilities, Israel started with a series of airstrikes, which managed to kill the Hamas leader.
Israel has 'opened the gates of hell':
Hamas warning as leader is killed in strike Dispatch: As Israel and Gaza teeter on the brink of war, with Hamas warning that an air strike that killed the head of its military wing has "opened the gates of hell", the Telegraph's Phoebe Greenwood reports the horrors in Gaza City.
By Phoebe Greenwood, Gaza City - Telegraph.co.uk
It was shortly before four o'clock when Ghalib al Hatour glanced up from sorting through spare parts at his streetside workshop in Gaza City.
Driving towards him in the distance was a grey, Kia saloon – a new model it appeared. As he bent his head down to continue his task, he was thrown backwards, an ear-splitting blast detonating in the relative confines of the quiet, mostly residential street.
Netanyahu talks to Obama, Ashton on Gaza operation UN Security Council likely to meet to discuss violence.
By TOVAH LAZAROFF - JPost.com
Prime Minister Binyamin Netanyahu on Wednesday night thanked US President Barak Obama and Vice President Joe Biden for supporting Israel's right to defend itself after a targeted IDF assassination of Hamas military leader Ahmed Jabari in Gaza.
Obama expressed support for "Israel's right to self-defense in light of the barrage of rocket attacks being launched from Gaza against Israeli civilians," according to a White House press release.
Israel hammers Hamas in Gaza offensive
By Nidal al-Mughrabi
GAZA | Wed Nov 14, 2012 6:13pm EST
(Reuters) - Israel launched a major offensive against Palestinian militants in Gaza on Wednesday, killing the military commander of Hamas in an air strike and threatening an invasion of the enclave that the Islamist group vowed would "open the gates of hell".
The onslaught shattered hopes that a truce mediated on Tuesday by Egypt could pull the two sides back from the brink of war after five days of escalating Palestinian rocket attacks and Israeli strikes at militant targets.
There Will Be War In The Middle East
By Michael Snyder - TheEconomicCollapseBlog.com
The military action that we are watching in the Middle East right now is just a preview of coming attractions. Tensions in the region are rising with each passing day, and all sides have been anticipating future conflicts and preparing for war for decades. It would be wonderful if everyone could sit down, forgive each other and agree to quit fighting, but that is not going to happen. Most of us that live in the western world have a very difficult time understanding the mindset of those immersed in these conflicts. In the Middle East, there are vendettas and grudges that go back literally thousands of years. Children are raised in schools where they are taught to bitterly hate their enemies from the time that they are first able to speak. As Americans, we have forgiven former enemies such as Germany and Japan and we just expect that everyone else should be able to forgive as well. But that is simply not the way that it works over there, and there is no long-term solution in the Middle East that is going to be acceptable to all sides. Right now, Israel, Hamas, Hezbollah, the Muslim Brotherhood, Syria and Iran are all preparing for war. Hopefully cooler heads will prevail in this current crisis, but that will only delay the inevitable. There will be war in the Middle East. Yes, politicians such as Barack Obama will do their best to broker more "peace agreements", but even the declaration of a "Palestinian state" will never stop the fighting. In fact, it would just set the stage for more war. I don't mean to sound pessimistic about the region, but the truth is that there will be more war until it is not possible to fight any longer. Any "peace plan" will just be a pause in the warfare.
Analysis: The battle for the South has begun Hamas can accept deterrence or force IDF into ground offensive.
By YAAKOV LAPPIN - JPost.com
Nearly four years after Operation Cast Lead, a new battle to restore security for the South has begun. The deterrence levels gained by Israel in the 2009 operation have run out, in great part due to the rise of the Muslim Brotherhood in Egypt.
With Hamas feeling confident over the ascendancy of its fellow Islamists in the region, and the emergence of a new patron in Cairo, it and Islamic Jihad chipped away at Israeli deterrence, attempting to set new rules by preventing the IDF from carrying out vital security missions on the Gaza border.
Israel's 'Iron Dome' reportedly intercepts 13 rockets
from Gaza in wake of airstrike on Hamas commander
FoxNews.com
GAZA CITY, Gaza Strip – Israeli military says its "Iron Dome" defense system intercepted 13 rockets fired from Gaza on Wednesday in what appears to be retaliation for Israeli airstrikes that reportedly killed 10, including the commander of the Hamas military wing.
The Israeli military said the some 20 airstrikes were part of a major offensive dubbed "Operation Pillar of Defense," Reuters reports.
"All options are on the table. If necessary, the (Israeli military) is ready to initiate a ground operation in Gaza," it said.
Palestine asks UN Security Council
in emergency session to stop Israel's Gaza attacks
By AP - WashingtonPost.com
UNITED NATIONS — Palestinian officials are asking the U.N. Security Council to act to halt Israel's military operation in Gaza.
In a closed-door meeting of the Council on Wednesday night, U.N. observer Riyad Mansour said Israel is "vulgarly and publicly boasting about its willful killing of Palestinians" after an air strike killed Hamas mastermind Ahmed Jabari.
Gazans fire 90 rockets; cabinet approves reserve call-up IDF assassinates Hamas terror chief Ahmed Jabari and begins Operation Pillar of Defense, with intense aerial strikes throughout the Gaza Strip; 8 Palestinians killed in air strikes; IDF infantry forces deployed to Gaza border.
By YAAKOV LAPPIN, TOVAH LAZAROFF - JPost.com
IDF assassinates Hamas terror chief Ahmed Jabari and begins Operation Pillar of Defense, with intense aerial strikes throughout the Gaza Strip; 8 Palestinians killed in air strikes; IDF infantry forces deployed to Gaza border.
The IDF on Wednesday opened a campaign to remove the rocket menace afflicting the South with the targeted killing of Hamas terror chief Ahmed Jabari.
What Does the Gaza Attack Mean?
By Jeffrey Goldberg - TheAtlantic.com
So, weirdly, my advice to the Israelis to take a deep breath before taking a big swing at Gaza again was not heeded.
I'm on the road again -- I just got into a fight with a former head of the Pakistani ISI at a security conference here in Istanbul (the moderator of our panel was surprised, I think, that we got into a fight) that I can't tell you about because the aforementioned ISI chief declared that most of his remarks would be off the record. Suffice it to say I won the argument.
US backs Israel; UN calls for de-escalation Obama speaks to Netanyahu, Morsi and reiterates US support for Israel's right to self-defense; Ban Ki-moon discusses need to prevent further deterioration with two leaders
By Yitzhak Benhorin - YNetNews.com
Leaders around the world are closely monitoring the conflictbetween the IDF and Gaza's terrorist groups. While the US is standing by Israel's side, the majority of the world's leaders called both sides to exercise restraint.
Leaders in the Arab world strongly condemned Israel for killing top Hamas military commander Ahmed Jabari.
On Wednesday, US President Barack Obama spoke to Prime Minister Benjamin Netanyahu and Egyptian President Mohamed Morsi and reiterated US support for Israel's right to self-defense in light of rocket attacks from Gaza, the White House said.
Israel may expand Gaza operation, says senior official [map] Israel launched a military operation in Gaza, killing Hamas military chief Ahmed Jabari in airstrike; over 90 rockets fired at Israel on Wednesday; more than 20 rockets intercepted by Iron Dome System; Israeli cabinet authorizes IDF reservists call-up; UNSC holding emergency meeting on Gaza.
By Barak Ravid, Gili Cohen, Avi Issacharoff, Amos Harel, Allison Kaplan Sommer, Haaretz and Reuters - Haaretz.com
A senior government official in Jerusalem said during a press briefing late Wednesday that Israel is preparing for "a significant expansion of the operation, including a ground incursion into the Gaza Strip, and summoning the reservists."
Following four days of escalation on the Israel-Gaza border, Israel launched a military operation in the Gaza Strip Wednesday, killing Hamas military chief Ahmed Jabari in an airstrike, and targeting weapons warehouses and long-range rocket launchers.
Israel ranked as most militarized nation
By Jim Lobe - Atimes.com
WASHINGTON - Israel tops the list of the world's most militarized nations, according to the latest Global Militarisation Index released by the Bonn International Centre for Conversion (BICC).
Israel's main regional rival, Iran is far behind at number 34. Indeed, every other Near Eastern country, with the exceptions of Yemen (37) and Qatar (43), is more heavily militarized than the Islamic Republic, according to the Index, whose research is funded by the German Federal Ministry for Economic Co-operation and Development.
FM: Israel will act on Iran as it did in Iraq, Syria
By JPOST.COM STAFF
Liberman says public should trust decision makers with Tehran threat, accuses Abbas of trying to save himself with UN bid.
Israel will handle the Iranian threat the same way it dealt with similar threats from Iraq and Syria, Foreign Minister Avigdor Liberman said on Wednesday.
Liberman was referencing the 1981 Israeli strike on Iraq's Osirak nuclear reactor and the 2007 attack on Syria's nuclear core at Deir al-Zor. Israel has never officially acknowledged bombing the Syrian core although it has been widely reported to have been behind the attack.
Oil Prices Rise After Israeli Airstrikes
Kill Leader of Hamas's Militant Wing
By Joao Peixe - OilPrice.com
Oil prices have risen following Israeli attacks in the Gaza strip which killed Ahmed al-Jabari, the leader of Hamas's militant wing. Traders fear that the whole Middle East is reaching its limit and that something is about to blow which could seriously impact on the global oil market.
After more than 115 rockets have been fired into Israel from Gaza this week, Israel decided to retaliate. Claiming that they were ready to send ground troops into Gaza to end hostilities, Israel started with a series of airstrikes, which managed to kill the Hamas leader.
PLA reshuffle draws battle lines
By Willy Lam - ATimes.com
The Beijing leadership has reshuffled the high command of the People's Liberation Army (PLA) as the military goes through its own leadership transition separate from but linked to the 18th Party Congress. The move has also given hints about the reorganization of the policy-setting Central Military Commission (CMC). The membership of a much rejuvenated CMC will be confirmed by the 18th Chinese Communist Party (CCP) Congress.
Although this round of personnel selection reinforces the PLA's increasing dedication to professionalism in its upper echelons, this series of personnel changes also reflects intense horse-trading among the party's principal factions.
Palestinians urge U.N. Security Council action over Israeli raids
By Louis Charbonneau
UNITED NATIONS | Wed Nov 14, 2012 6:13pm EST
(Reuters) - The Palestinian Authority on Wednesday urged the U.N. Security Council to take a stand on Israel's latest offensive in the Gaza Strip, which it said amounted to "illegal criminal actions."
Israel's U.N. Ambassador Ron Prosor responded by calling on the international community to condemn "indiscriminate rocket fire against Israeli citizens - children, women." Prosor was referring to five days of escalating Palestinian rocket attacks from Gaza.
Silver price to 'increase 400pc in three years' The silver bull run will continue says investment specialist Ian Williams of Charteris Treasury.
By Emma Wall - Telegraph.co.uk
Silver will increase in value five times over the next three years, according to mixed asset fund manager Ian Williams.
"Silver is about to enter a sustained bull market that will take the price from the current level of $32 an ounce to $165 an ounce and we expect this price to be hit at the end of October 2015," he predicted.
Greece, FOMC meet on Wed,
US fiscal cliff to be catalysts for Gold: Sharps Pixley
By Austin Kiddle - CommodityOnline.com
After jumping 3.32 percent last week, the U.S. Comex gold futures traded between $1,717.60 and $1,738 and ended at $1,724.80 on Tuesday, down 0.35 percent from Friday. The S&P 500 index fell a further 0.39 percent this week after dropping 2.43 percent last week while the Euro Stoxx 50 index recovered 0.54 percent this week after falling 2.64 percent last week. The Dollar Index has been hovering around 81 in the past four days. The VIX index fell from 18.61 last Friday to 16.65 on Tuesday.
Last week, China reported better-than-expected exports growth, industrial production data and fixed asset investment growth while the reported inflation data was lower than expected, fuelling hopes of recovery without higher inflation. As the new Chinese leaders will be confirmed on 14 November, the market will focus on how well the new administration can carry out the structural reforms to rebalance and further liberalize the economy.
Obama stands firm on raising taxes on richest Americans,
says best way to avert 'fiscal cliff'
AP - WashingtonPost.com
WASHINGTON — President Barack Obama challenged congressional Republicans Wednesday to let taxes rise on the wealthiest Americans on both economic and political grounds, noting he campaigned successfully for re-election on the point and contending it would instantly ease the threat of the "fiscal cliff" plunging the nation back into recession.
"A modest tax increase on the wealthy is not going to break their backs," Obama said of the nation's top income earners. "They'll still be wealthy," he said at his first news conference since winning a second term.
Obama says tax hike has to come first in "fiscal cliff" deal
By Andy Sullivan
WASHINGTON | Wed Nov 14, 2012 7:17pm EST
(Reuters) - President Barack Obama said on Wednesday that Republicans would have to agree to raise taxes on the wealthy as the first step in a budget deal that would prevent a dysfunctional Washington from pushing the economy into recession.
In his first news conference since winning re-election last week, Obama said he would be open to considering Republican priorities like entitlement reform and other ways to raise tax revenue as part of a broad-based deal to set the nation's finances on a sustainable course.
Obama's door to tax compromise
By Editorial Board - WashingtonPost.com
IT'S NORMAL FOR President Obama and congressional Republicans to be pushing and posturing in the wake of last week's election. Everyone is trying to gauge how the political dynamics have shifted, though on paper the balance of power remains unchanged. All are trying to enhance their bargaining position. Both sides want to seem reasonable to Americans who want politicians in Washington to compromise, while reassuring partisans that they will stand up for principle.
It's normal but also potentially dangerous, because compromise is going to be essential.
Looming 'fiscal cliff' bringing Wall Street, Obama back together Imminent spending cuts and tax hikes are the subject. Some worry that Congress won't strike a deal that might prevent a possible recession sometime next year.
By Andrew Tangel and Jim Puzzanghera, Los Angeles Times
NEW YORK — There are growing signs that Wall Street is trying to mend its rocky relationship with a president who castigated them as "fat cats" and ushered through tough new regulations after the financial crisis.
JPMorgan Chase & Co. Chief Executive Jamie Dimon has recently been in contact with the White House and congressional leaders, while Goldman Sachs CEO Lloyd Blankfein publicly called for a new "spirit of compromise and reconciliation." CEOs of 12 major American companies also held a closed-door meeting with President Obama on Wednesday.
Summers: Be Careful About Capping Tax Deductions Lately, both Republicans and Democrats have warmed to this element of the Romney tax plan. The ex-Treasury secretary says it's not enough.
By Jordan Weissmann - TheAtlantic.com
As talk about deficit reduction has heated up after the election, policy wonks have been warming to the idea of putting a hard cap on tax deductions as a way to raise revenues without raising rates -- a compromise that could please both Democrats and Republicans. The Romney campaign pushed it as part of their tax plan, and because the rich tend to deduct a whole lot more from their returns than the middle class -- factory workers aren't exactly getting libraries built in their name -- it's an extremely progressive way of tackling the problem, as The Atlantic's Matt O'Brien noted in a recent piece.
Avoiding the 'Fiscal Cliff':
'Broadening the Tax Base' vs. Raising Taxes on the Rich
By Robert Reich - Truthdig.com
The president says he wants $1.6 trillion in tax hikes. Republicans say they won't raise tax rates but might be willing to close some loopholes and limit some deductions and tax credits. Is compromise in the air?
Not a chance. True enough, such "base broadening," as Republicans like to call it, could conceivably generate $1.6 trillion in additional tax revenues over the next decade.
Obama claims mandate on taxes,
warns GOP of new political capital
By Amie Parnes - TheHill.com
President Obama claimed a mandate to raise taxes on the wealthy at a Wednesday afternoon press conference where he also refused to "meddle" into the FBI's investigation into ex-CIA Director David Petraeus.
In the 53-minute news conference, his first formal question-and-answer session with reporters in months, Obama — using the power of the bully pulpit — repeatedly mentioned his electoral victory and set the tone by warning Republicans in Congress he'd earned political capital in advance of talks to begin Friday at the White House on avoiding the "fiscal cliff."
Preserve Benefits: Cut Gouging and Inequities
By Ralph Nader - Truthdig.com
Congress is still talking about a "Grand Bargain" that "balances" far more spending cuts than tax increases. That is another way of saying that you – the consumer of Medicare and Medicaid services, the recipient of Social Security, and the average taxpayer—will take the brunt of the spending cuts, while the wealthy get their income taxes restored, not raised, to their pre-Bush modest levels. Don't buy it!
There are two ways to cut Medicare and Medicaid. The right wingers want to cut benefits. Consumers want to cut vendor fraud, the overcharging and the immense over-diagnosis, over-treatment and erroneous or unnecessary procedures and prescriptions documented so often by, among others, the Dartmouth Institute for Health Policy and Clinical Practice (http://tdi.dartmouth.edu/), Johns Hopkins University School of Medicine and the Harvard School of Public Health.
Keiser Report: Tourettes Traders & Bleeping Bankers (E366)
In this episode, Max Keiser and Stacy Herbert discuss foul mouthed foreigners with banker tourettes in Singapore, while in America, traders at Barclays send each other expletive-filled emails admitting to manipulating energy prices down in order to have their big bets on declining prices pay off. They also discuss financial activists creating a rolling jubillee reverse vulture fund designed to liberate the population from unpayable debts. In the second half, Max Keiser talks to Teri Buhl about the investigation into fraud at Sun Trust Bank where whistleblowers allege the bank mis-sold mortgages to Fannie Mae, the government sponsored enterprise. Max and Teri also talk about recent developments in the case of residential mortgage back securities fraudulently sold to investors by JP Morgan's Bear Stearns holding and Teri proposes a million man march on the SEC and the NY Fed.
Anti-austerity marches turn violent across southern Europe
By Feliciano Tisera and Daniel Alvarenga
(Reuters) - Demonstrations turned violent in Spain and Portugal after millions took part in a mostly peaceful general strike on Wednesday in organized labor's biggest Europe-wide challenge to austerity policies since the debt crisis began three years ago.
In Lisbon, marches ended with a level of violence not seen since the crisis began, with police charging demonstrators who hurled stones and bottles, leaving nearly 50 people hurt.
The DOJ and SEC Speak, Hypothetically, About the FCPA
By Lisa Prager - Forbes.com
Commission released the long anticipated guidance on the FCPA. As declared by the DOJ and SEC, the 120-page long document entitled, "A Resource Guide to the U.S. Foreign Corrupt Practices Act," is an "unprecedented undertaking." The Guide comes on the eve of American Conference Institute's National Conference on the FCPA ("ACI FCPA Conference") in Washington, D.C., just over one year after Assistant Attorney General Lanny Breuer promised it at last year's conference.
While the guidance is impressively detailed in many respects, I am most drawn to what the DOJ and SEC say through the Guide's detailed hypotheticals and anonymized examples of real-life cases. In particular:
Small banks battle regulators on capital requirements
By Danielle Douglas - WashingtonPost.com
Community banks say they may be pushed out of the residential mortgage market, leaving it in the hands of a few lending giants, because of an effort by global regulators to make banks hold more in their reserves in the event of a crisis.
The move will hit smaller banks harder than big ones, lessening their ability to provide mortgages and other loans to consumers, community bank advocates say.
Retail Sales and PPI Show Deflationary Trend in October ...
What Inflation?
By JON C. OGG - 247WallSt.com
We have two different economic reading this morning for the market to chew over, effectively the first real readings this week. Retail sales and the Producer Price Index are out.
Producer Price Index for October was -0.2% on the headline report and also came in at -0.2% on the more focused core PPI reading, which takes out the volatility of food and energy. These readings from the Labor Department are handily lower from the gains seen in September. These are also under expectations: Bloomberg was calling for +0.2% on the headline PPI and on the core PPI; Dow Jones was looking for +0.2% on the headline PPI and +0.1% on the core PPI reading. It is important to note that energy prices were down by 0.5% in the month.
The new poverty measure is out, and it's grim
by Dylan Matthews - WashingtonPost.com
Officially, the U.S. poverty rate in 2011 was 15 percent exactly, a 0.1 point reduction from 2010. But as I pointed out when that number was released in September, that figure doesn't mean a whole lot.
The official poverty threshold is the amount of money a family of three would have to make to spend less than one-third of their income on food in 1963 and 1964. Seriously. The only changes from a half-century ago have been adjustments for inflation. At no point was the measure changed to account for other costs, like health insurance, transportation, or housing, or to factor in income from transfer programs like food stamps or WIC.
After the storm: True scale of Sandy's devastation across Eastern Seaboard emerges as death toll hits FIFTY and damage set to top $50 BILLION
By LOUISE BOYLE - DailyMail.co.uk
The devastating aftermath of Superstorm Sandy began to emerge this morning as the death toll hit 50 and damage was expected to reach $50billion.
As the superstorm passed over the region, startling before-and-after pictures revealed what was left of the East Coast.
At first glance, New Jersey's Mantoloking Bridge appeared to be completely different highways - until it becomes clear that just one solitary house was left standing.
Row after row of Atlantic vacation homes on the horizon were wiped out by the 900-mile storm following surging waters and winds which reached peaks of 95mph.
In Sandy's wake, recovery remains a frustrating fight
By Lisa Rein and Jerry Markon - WashingtonPost.com
LINDENHURST, N.Y. — The Federal Emergency Management Agency, having learned Hurricane Katrina's harsh lessons, is winning praise from disaster specialists and elected officials for its rapid response to Hurricane Sandy, but weeks into battling the devastation, the agency is confronting another challenge: the reality of its own limitations.
Thousands of people in New York and New Jersey remain in heavily damaged homes, without power, heat or hot water. They have little sympathy for the bureaucratic hurdles that persist, whether from the widely reviled local utilities or a federal government they say should be doing more.
BofA offers 30,000 borrowers $4.75 billion
in principal reductions
By Kerri Ann Panchuk - HousingWire.com
Bank of America ($8.99 -0.34%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program.
Bank of America executives participated on a teleconferenced update to the settlement.
They said that, through September, BofA completed or approved $15.8 billion in mortgage debt relief for 164,000 homeowners.
Credit Card Delinquencies Back on the Rise
By JON C. OGG - 247WallSt.com
For all practical purposes, credit card delinquencies have been improving and improving for close to the last three years. That is perhaps coming to an end. It was in October that Fitch showed a broad industry report that retail credit card delinquencies of the 60-day caliber were 2.7% in the third quarter of 2012 versus 2.9% in the second quarter of 2012. Also in October we saw a Moody's report showing that charge-offs in September had dropped but delinquencies were on the rise.
Now we have Fitch Ratings showing that U.S. credit card delinquencies rose for the first time in 12 months according to the latest Credit Card Performance Index.
A Very Important Housing Agency Is Running Out Of Money And May Need A Bailout; Getting A Mortgage Might Get Even Harder
By Halah Touryalai - Forbes.com
If you thought bailouts were the stuff of 2008 you may want to think again.
A federal housing agency responsible for insuring hundreds of thousands of home loans may be running out of money and could soon be asking for a bailout from the government.
The Federal Housing Administration is so loaded with delinquent mortgages that its reserves are running low, according to a report from The Wall Street Journal the afternoon. The Journal, whose Nick Timiraos cites people familiar with the matter, notes that 9.6% of the FHA's $1.08 trillion mortgage guarantees are more than 90 days past due or in foreclosure.
Four ways Blue Cross Blue Shield wants to change Obamacare
by Sarah Kliff - WashingtonPost.com
Now that we know the Affordable Care Act will be fully implemented, major health insurers have a new priority: Lobbying to change how it's implemented.
"We've been in this business for 80 years," says Alissa Fox, senior vice president for policy at Blue Cross Blue Shield Association. "We know how to do these things right and not do them right. We have to focus like a laser to make sure we're getting things done right."
The Worst Is Yet To Come For California
By Thomas Del Beccaro - Forbes.com
Elections have consequences. There is little doubt that the reelection of President Obama will have far ranging consequences for the country. The last two decades of legislative elections in California have had enormous consequences for California and the U.S. more broadly. After 18 years of spending, taxing and regulating, the most resource-rich state in the Country is facing underemployment in excess of 20%, huge perennial deficits and failing schools. Sadly, the worst is yet to come.
California has unprecedented problems. Estimates suggest that the pensions for the state and local governments are underfunded in excess of $650 billion – over 6 and half times the yearly revenues of the state. The yearly operating budgets the last decade have featured deficits larger than the budgets of twenty states.
Bladeless Turbine: The Future of Wind Energy?
By Green Futures - OilPrice.com
The Saphonian turbine is more efficient, quieter and safer for birds, its makers claim. Could it represent the future of wind energy?
Innovation always pushes boundaries, but what about pushing the laws of physics? Tunisian start-up Saphon Energy claims it can do exactly that with the Saphonian, a bladeless turbine that harvests more energy from the wind than previously thought possible.
The makers claim that the turbine exceeds Betz' Law, which caps the amount of kinetic energy that a turbine can harvest at 59.3% of the wind's total energy.
States Find Solar Subsidies Too Hot to Handle
By Jillian Kay Melchior - NationalReview.com
Hawaii's solar subsidies have been highly effective. Maybe too effective, actually . . .
The Aloha state gives homeowners and businesses tax credits covering 35 percent of the cost of their solar installation. Oh, and that's on top of the 30 percent federal credit. So faster than you can say "free money," Hawaiians started tricking out their homes.
Just one problem. The costs to the state are mounting, though Hawaii isn't really sure how much:
The new boom: Shale gas fueling an American industrial revival
By Steven Mufson - WashingtonPost.com
The shale gas revolution is firing up an old-fashioned American industrial revival, breathing life into businesses such as petrochemicals and glass, steel and toys.
Consider the rising fortunes of Ascension Parish, La.
Methanex Corp., which closed its last U.S. chemical plant in 1999, is spending more than half a billion dollars to dismantle a methanol plant in Chile and move it to the parish.
Paul rips big government in farewell
By Pete Kasperowicz - TheHill.com
Rep. Ron Paul (R-Texas) delivered a blistering farewell speech on the House floor Wednesday in which he ripped the drastic tilt of the U.S. toward expanded government, a devalued currency, persistent wars and the constant erosion of personal freedoms.
Paul, who ran for president and decided this would be his last term as a House member, said at the start of his 16-page prepared speech that, by many measures, he accomplished very little during his 23 years in office.
Credit ratings agencies warn against 'political posturing'
By Patrice Hill-The Washington Times
Wall Street ratings agencies are skeptical of the resolve of political leaders to tame the nation's debts, and are raising the likelihood that at least one of the three top agencies will add to the turmoil in financial markets at the end of the year by further downgrading the U.S. credit rating.
All three agencies have said since Election Day that they are following closely the negotiations over the "fiscal cliff," and whether the U.S. retains its top AAA rating from two out of the three — or gets downgraded further — depends on the White House and congressional leaders pushing through a major budget deal with $4 trillion or more in savings to stabilize the debt.
Boehner's Blunder Giving in on key Republican principles such as taxes
is no way to rebuild the party.
By Michael Tanner - NationalReview.com
Well, that didn't take long.
They hadn't even finished counting the ballots in Florida when House speaker John Boehner indicated that Republicans were preparing to surrender on issues ranging from taxes to health-care reform.
With regard to taxes, Boehner signaled that he was once again open to a "grand bargain" to avoid the looming fiscal cliff. While he kept an increase in tax rates off the table for now, Boehner said that he was open to "additional revenue" as part of a deal. Such additional revenue could, of course, take many forms, such as closing loopholes, raising fees, or counting on increased economic growth. But by preemptively conceding on revenue, Speaker Boehner takes the focus off the need to cut spending.
Senate votes down Cybersecurity Act a second time
By Jennifer Martinez and Ramsey Cox - TheHill.com
Cybersecurity legislation failed in Senate for a second time on Wednesday despite calls from Defense Secretary Leon Panetta and other national security officials for Congress to pass a bill.
A procedural motion to move forward on the Cybersecurity Act, introduced by Sens. Joe Lieberman (I-Conn.) and Susan Collins (R-Maine), was rejected in a 51-47 vote.
Mitt Romney attributes loss to Obama 'gifts' to his base voters
By Justin Sink - TheHill.com
Mitt Romney said on a conference call with donors Wednesday that President Obama won the 2012 presidential campaign because of "gifts" given by the administration to black, Hispanic and young voters.
"The President's campaign focused on giving targeted groups a big gift — so he made a big effort on small things," Romney said, according to a report in the Los Angeles Times. "Those small things, by the way, add up to trillions of dollars."
Sex Beats Benghazi
By Ben Shapiro - PatriotPost.us
You've heard the old adage that sex sells. But as we're recognizing more and more often, sex wins elections.
Here's the brutal truth: the American people seem far more interested in what happens in the bedroom than they do what happens on the battlefield. How else to explain the media's fascination with CIA Director David Petraeus' steamy sex scandal, even as they ignore the ramifications for the investigation of four murdered Americans in Benghazi, Libya?
Obama defends FBI on Petraeus
By Jeremy Herb - TheHill.com
President Obama on Wednesday defended the FBI's handling of the investigation that led to CIA Director Director David Petraeus's resignation.
Obama was told of the probe — which began over the summer — two days after his reelection victory.
On Wednesday, he said it wasn't the job of the White House to "meddle" in FBI investigations.
Petraeus to testify before Congress on Benghazi attack
By Kristina Wong-The Washington Times
Former CIA Director David H. Petraeus has agreed to testify before Congress about the Sept. 11 terrorist attack on the U.S. Consulate in Benghazi, Libya.
Mr. Petraeus will testify before the House Select Intelligence Committee on Friday about the Sept. 11 terrorist attack on the U.S. Consulate in Benghazi, Libya. The hearing will be closed to the public, according to a news release by the panel.
David Petraeus's Secret Trip to Libya After the Benghazi Attack Congress wants to know why David Petraeus took a classified trip to the country where U.S. Ambassador Chris Stevens was murdered—and what the general found out while he was there. Eli Lake reports.
by Eli Lake - TheDailyBeast.com
Last month, as the FBI was closing in on his affair with Paula Broadwell and the political fight over Benghazi was heating up, David Petraeus made an undisclosed trip to Tripoli, Libya. The purpose of the trip, according to congressional and U.S. officials, was to examine what remained of the CIA's presence in the country after the United States abandoned the agency's base and nearby U.S. diplomatic mission in Benghazi after the Sept. 11 assassination of U.S. Ambassador Chris Stevens.
Another Scandal Among Officers Who No Longer Win Wars
By William Pfaff - Trythdig.com
"Duty, Honor, Country" is the West Point motto, but it seems to have lost what once was its compelling power over the men of the Long Gray Line, as they pursue the military careers that follow graduation. I am not speaking primarily about the marital and extra-marital entanglements of the generals and naval flag-officers who enjoy the luxuries, and there are many, that accompany the duties of assuring the American nation's security.
I am thinking of the fact that these generals and admirals do not win any wars anymore. The last real victory was the Second World War, actually won (in the common view of historians) by the Soviet Army—which admittedly would probably not have succeeded had it not been for the second and third fronts provided by Britain's desert victories and the Western Allies' Normandy Invasion in 1944.
Exit Afghanistan?
By Jaswant Singh - ProjectSyndicate.org
NEW DELHI – In his victory speech to a rapturous crowd in Chicago following his reelection, President Barack Obama affirmed that America's "decade-long conflict" in Afghanistan will now end. The line was greeted with prolonged applause – and understandably so. In fact, this ill-advised war – launched on the basis of a United Nations Security Council resolution – has been grinding on for 11 years, making it the longest in American history.
The China challenge: War or peace
By Francesco Sisci - ATimes.com
It is no mystery that the main issue in the Chinese Communist Party 18th National Congress, which concludes this week, is political reform, as both outgoing President Hu Jintao and Premier Wen Jiabao have said on several occasions in recent months.
China's political transition is of massive importance for the world. The crucial relevance of the whole Bo Xilai affair is also about political reforms. In a more open political system, a man like Bo, the disgraced party secretary from Chongqing, would have been stopped long before he could cause serious damage, or he would have amended his ways to run for the top position with full legality.
Last call for Syria
By Victor Kotsev - ATimes.com
After the utter collapse of the Eid al-Adha ceasefire attempted by the United Nations envoy Lakhdar Brahimi a couple of weeks ago, it is even more obvious that there isn't much time to stop the Syrian civil war. Nor is it likely that the latest reshuffles of the rebel leadership, inspired from abroad and decided on during a meeting in the Qatari capital Doha last week, will produce a meaningful change in the dynamics on the ground.
Unless the deeply divided international community acts quickly and in concert, a repeat of the Lebanese civil war in the 1970s and 1980s is likely to follow. The chaos is growing. Already around 36,000 have died and hundreds of thousands have sought refuge in neighboring countries. Last week, the flood of refugees reached 11,000 in a single day.
Gold may be on track to test $1800 again: Saxo Bank
COPENHAGEN (Commodity Online): Gold prices have got boost after the US election results and having found good support, stabilizing above $1700 levels, the yellow metal may climb to importance resistance level of $1800 again, according to Ole S Hansen, Head, Strategy at Saxo Bank.
Having reached not breached important support levels below US $1670, traders have begun to rebuild speculative longs which has been reduced by one-quarter during the previous weeks.
Danger Ahead: The Oligarchs Don't Understand
That Economic Collapse Happens When They Get All the Money The corporate masters seem to have forgotten they depend on working people for their own survival.
By Thom Hartmann, Sam Sacks - AlterNet.org
Let's face it, if your opponent in Monopoly scoops up Boardwalk, Park Place, North Carolina Avenue, Pacific Avenue, both utilities, and the four railroads – that's game over.
The other players, all of whom have been relegated to mere consumers instead of property owners, will slowly go bankrupt having to pay higher and higher costs for rent and services, utilities, and transportation. Eventually, one player has all the money and the losers have to clean up the board game and put it away.
Geithner Says Higher U.S. Income Taxes Unavoidable
By Ian Katz - Bloomberg.com
Treasury Secretary Timothy F. Geithner said it will be necessary to raise personal income-tax rates on the wealthiest Americans to reduce long-term budget deficits because capping deductions won't raise enough revenue.
President Barack Obama is "not prepared to extend the upper-income tax cuts," Geithner said today at the Wall Street Journal's CEO Council meeting in Washington. "There's obviously universal support for the middle-class tax cuts. Doing that would remove the greatest source of anxiety and much of the greatest risk in the fiscal cliff."
Geithner: 'Implausible' that GOP won't cut deal Outgoing Treasury secretary
says he doesn't want short-term pact
By Steve Goldstein, MarketWatch
WASHINGTON (MarketWatch) — Treasury Secretary Timothy Geithner said Tuesday it was "deeply implausible" that Republicans won't help resolve the fiscal cliff over the issue of tax hikes on upper-income Americans.
The comments come as leading Republicans and Democrats start to stake out positions in public ahead of Friday's negotiations in the White House. Both parties say they want to avoid scheduled tax increases and spending cuts, but so far differ on the ways to do so. See MarketWatch's full fiscal-cliff coverage.
Ron Paul: "0% Chance Of 'Grand Bargain' Over Fiscal Cliff"
Submitted by Tyler Durden - ZeroHedge.com
Shining a little reality light on the otherwise pollyanna-like dearth of pragmatism that is the mainstream media's guest-list, Ron Paul provided Bloomberg TV's Trish Regan a little more than we suspect she bargained for when asked if he had any hope that we avoid the fiscal cliff. The constant "delaying-of-the-inevitable" enables our politicians to avoid facing up to the serious consequences of our reality and as Representative Paul notes the chances of a grand bargain are "probably zero... that's why I think we're over the cliff [already]." Just like the handling of the debt ceiling debacle, Paul notes they will "pretend they are going to do it" until we get a total crash of the dollar and the entire financial system (which he notes is what will occur if we continue the status quo). "We are at a point of no return" unless certain things change, since"we are not the productive nation we used to be."
Fiscal cliff isn't America's worst money problem Take strong medicine now to cure toxic economic policies
By Satyajit Das - MarketWatch.com
SYDNEY (MarketWatch) — Going over the so-called fiscal cliff may, on the face of it, "improve" U.S. public finances, reduce the deficit and slow the rise of America's debt mountain.
But the fiscal cliff will not of itself solve America's large and deep-seated financial problems.
Absent political agreement, a series of automatic federal tax increases and spending cuts — the fiscal cliff — will be triggered on Jan. 1. Several temporary tax cuts will expire. These include President George W. Bush's tax cuts on income, investments, married couples, families with children, and inheritances, which were supposed to expire in 2010 but were extended for two years by President Barack Obama.
Cliff Notes on the Over-Hyped "Fiscal Cliff" Crisis The upshot?
The U.S. economy isn't headed over a cliff any time soon.
By Mattea Kramer, Chris Hellman - Alternet.org
They don't call it the "cliff" for nothing. It's the fiscal spot where a nation's representatives can gather and cry doom. It's the place -- if Washington is to be believed -- where, with a single leap into the Abyss of Sequestration, those representatives can end it all for the rest of us.
In the wake of President Obama's electoral victory, that cliff (if you'll excuse a mixed metaphor or two) is about to step front and center. The only problem: the odds are no one will leap, and remarkably little of note will actually happen. But since the headlines are about to scream "crisis," what you need to understand American politics in the coming weeks of the lame-duck Congress is a little guide to reality, some Cliff Notes for Washington.
AMT: Biggest fiscal cliff tax headache
By Jeanne Sahadi - CNN.com
NEW YORK (CNNMoney) -- If lawmakers fail to protect the middle class from having to pay the Alternative Minimum Tax by Dec. 31, next year's tax filing season will be a mess for tens of millions of taxpayers.
That was the gist of a letter sent Tuesday from Acting IRS Commissioner Steven Miller to top tax writers in Congress as lawmakers are poised to start negotiations about the fiscal cliff.
Just how much of a mess?
The IRS would need to tell more than 60 million taxpayers that they may not file their 2012 tax returns or receive a refund until the IRS makes changes to its systems. That may mean taxpayers couldn't file until late March, Miller said.
How Wall Street would fix the 'fiscal cliff' The debt crisis is big, but it's still a restructuring job
By David Weidner, MarketWatch
SAN FRANCISCO (MarketWatch) – The fiscal cliff is a trumped-up phony.
It's a political issue, not a pressing economic one. There's a couple of tricks to solving it, but it's not impossible. Wall Street could do it. It's fixed tougher, albeit smaller, problems.
The fiscal cliff, as designed by lawmakers, would instigate draconian automatic spending cuts on Jan. 1. It would be something like trying to fix a car with poor gas mileage by depriving it of gasoline.
An Economic "Sell" Signal By Christmas?
BY CLIF DROKE - FinancialSense.com
With the U.S. presidential election out of the way, the economy has taken center stage lately and for good reason: the economy typically benefits during a presidential election year while the 4-year Kress cycle is also peaking. The latest economic reports strongly indicate that the U.S. consumer has benefited (or at least feels he has benefited) from this year's presidential cycle and the loose money it typically brings.
The 4-year cycle peak is over, however, and year 2012 is coming to a close. Unless the Obama/Bernanke administration can pull an ace from its sleeve – and soon – 2013 is looking to be far bleaker than 2012.
Will The Wealthy Race To Dump Stocks
And Other Financial Assets Before The Fiscal Cliff Kicks In?
By Michael Snyder - TheEconomicCollapseBlog.com
The election results made it abundantly clear that taxes are going to be going up, and right now a lot of wealthy people all over America are trying to figure out how to best position themselves for the hit that is coming. There are a whole host of tax cuts that are set to expire on December 31st, and many analysts are now speculating that we could see a race to dump stocks and other financial assets before 2013 in order to get better tax treatment on those sales. Of course it is still possible that Congress may reach a bargain which would avoid these tax increases, but with each passing day that appears to be increasingly unlikely - especially regarding the tax increases on the wealthy. Whatever you may believe about this politically, the truth is that we should all be able to agree that these looming tax increases provide an incentive for wealthy people to sell off financial assets now rather than later. After all, there are very few people out there that would actually prefer to pay higher taxes on purpose. If the race to dump financial assets becomes a landslide, could this push stocks down significantly late in the year? Already there are all sorts of technical signs that indicate that stocks are ready for a "correction" at the very least. For example, the S&P 500 has already closed below its 200 day moving average for several days in a row. Could the "sell off" that has already begun become a race for the exits?
New bull record in 2013 or crash over a bear cliff? 10-part test: rational investing in irrational markets
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — New record? Yes. Dow 14,165, "almost there" says Barron's in its latest Big Money poll. Still, hedge your bets: "After three years of handsome returns for U.S. stocks," optimism about 2013 is "waning as the list of things to worry about grows longer."
The big worries: "Corporate earnings growth is slowing, there's the threat of war in the Middle East and defaults in Europe, and the fiscal cliff." USA Today adds "Big-Name Stocks Hit Bear Markets, Apple, Nike" and more.
1000% Inflation? When 1000% inflation can be desirable
by John Aziz - ZeroHedge.com
In fact, the costs associated with inflation (price change) are less than commonly supposed. There is the famous "sticker price cost" – the cost of constantly changing price labels – but in a world of electronic displays and web based ordering this is not a serious economic cost (in fact, it never was). To take an extreme position, one can make the economic argument that there are only limited costs in having inflation running at 1000% per year, with one caveat. 1000% inflation is perfectly acceptable, as long as the 1000% inflation rate is stable at 1000%, and it is anticipated. Of course, one can argue that high inflation tends to be associated with high inflation volatility and uncertainty (and that is true empirically), but economically it is the volatility and uncertainty that does most of the damage.
The Long Story of U.S. Debt,
From 1790 to 2011, in 1 Little Chart
By Matt Phillips - TheAtlantic.com
As the high-stakes wrangling over the fiscal cliff gets underway, we though it might be the proper moment to remind everybody just how the United States managed to become the world's biggest debtor.
So, here's how. FREEDOM ISN'T FREE
The US was born in debt. The earliest full reckoning of US national debt was compiled by Alexander Hamilton, the first US Treasury Secretary, who was sort of like the Nate Silver of his era--a self-taught economist.
Eurozone Recession Imperils World Economy Euro-zone recession threatens global economy Social order withers while politicians dither
By Kiron Sarkar - MarketWatch.com
LONDON (MarketWatch) — The euro-zone economy is deteriorating alarmingly. While the German-inspired policy of austerity is essentially right, its implementation, over far too short a period of time, is forcing the region into recession. Social disorder, especially as the weather improves next spring, is a real probability.
The severe austerity measures have impacted Greece, Spain, and Portugal in particular (Ireland has stabilized and there are positive signs in Italy), though core euro-zone countries, such as France and even Germany, are now affected. Both France and Germany are likely to report a decline in GDP this quarter.
Europe's Pain without Gain
By Michael Marder - Project-Syndicate.org
VITORIA-GASTEIZ – In a recent interview, French President François Hollande made the crucial, but often forgotten, point that there are limits to the level of sacrifice that can be demanded of the citizens of southern Europe's financially distressed countries. To avoid turning Greece, Portugal, and Spain into collective "correctional houses," Hollande reasoned, people need hope beyond the ever-receding horizon of spending cuts and austerity measures.
US Conference Board fears BRICS miracle over
as world faces decade-long slump The catch-up boom in China, India, Brazil is largely over and will be followed by a drastic slowdown over the next decade, according to a grim report by America's top forecasting body.
By Ambrose Evans-Pritchard - Telegraph.co.uk
Europe's prognosis is even worse, with France trapped in depression with near zero growth as far as 2025 and Britain struggling to raise its speed limit to 1pc over the next three Parliaments.
The US Conference Board's global economic outlook calls into question the "BRICs" miracle (Brazil, Russia, India, China), arguing that the low-hanging fruit from cheap labour and imported technology has already been picked.
Judge orders Barclays
to reveal names of 208 staff linked to Libor probe Barclays faces having to reveal the names of staff linked to attempts by the bank to manipulate Libor at a London High Court hearing on Tuesday.
By Harry Wilson - Telegraph.co.uk
Barclays will have to reveal the names of more than 200 current and former staff who have been implicated in the bank's alleged attempt to manipulate Libor.
Lawyers for Barclays will on Wednesday disclose the names of 208 staff caught up in the scandal. On Tuesday, a High Court judge ordered the bank to hand the names to the legal team of a care home operator that is suing the bank for mis-selling it complex interest rate derivatives.
Obama Misdiagnoses Economic Malaise Misdiagnosing the stagnation Using government to jump-start economy never works
By Richard Rahn, Washington Times
Last Friday, President Obama said, "We can't just cut our way to prosperity. If we are serious about reducing the deficit, we have to combine spending cuts with revenue — and that means asking the wealthiest Americans to pay a little more in taxes."
Mr. President, with all due respect, you continue to be wrong on both assertions.
The president and many of his Keynesian supporters believe that the reason we are having slow growth and very little job creation is because of a lack of sufficient demand. This is why they passed their $833 billion stimulus bill and have promoted other big-spending projects. These endeavors have not worked — and will not work — because they have misdiagnosed the problem. The real problem is malinvestment.
The End of the Pledge:
How Democrats Can Finally Beat Grover Norquist Mitt Romney gave them the idea. The fiscal cliff lent them urgency. The election bought them momentum.
By Derek Thompson - TheAtlantic.com
Here are supposedly the 60 most powerful words in all of politics:
I, ___ , pledge to the taxpayers of the district of the state of ___ and to the American people that I will: One, oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses; and Two, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.
Washington calls it The Pledge. Republicans call it common sense. Democrats call it somewhat more unprintable things. Written by Grover Norquist and signed by all but 22 elected Republicans on Capitol Hill today, it is a simple promise to never, ever raise taxes. And, since 1990, Republicans on Capitol Hill never, ever have.
Stocks Tumble as Congressman
Predicts Economic Riots in America
By Kurt Nimmo - Infowars.com
Stocks tumbled again on fears of the rapidly approaching fiscal cliff in the United States and a failure by eurozone finance ministers and the IMF to decide how Greece will resolve its sovereign debt and pay off the banksters at Société Générale, Deutsche Bank, Eurobank, and other loan sharking institutions.
"This morning the reasons du jour started out with Europe and the kerfuffle over Greece and then you have the fiscal cliff," Michael Holland, chairman of New York-based Holland & Co., told Bloomberg News.
Simpson-Bowles Fans
Once Again Reveal Ignorance of Simpson-Bowles Plan
By Matthew Yglesias - Slate.com
Over the weekend on Face The Nation, Lindsey Graham (R-SC) begged the president to endorse the Simpson-Bowles plan (emphasis added):
"Say yes to Simpson-Bowles, Mr. President. I'm willing to say yes to Simpson-Bowles," Graham said. Graham said Washington needs more revenue, but that the revenue should come from closing tax loopholes and deductions for the rich, not from raising tax rates. "Mr. President, if you will say yes to Simpson-Bowles when it comes to revenue, so will I and so will most Republicans. We can get revenue without destroying jobs," Graham said.
I can never tell if the reason so few people understand the content of the Simpson-Bowles plan is that Simpson and Bowles themselves are dishonest or just extraordinarily bad at explaining their own work, but this simply isn't how the plan works. To understand the math of the Simpson-Bowles proposal you have to understand that they start from the baseline assumption that Obama gets his way on income taxes:
How Greedy Unions and Politicians Sank San Bernadino, CA How a vicious circle of self-interest sank a California city
By Tim Reid and Cezary Podkul and Ryan McNeill
SAN BERNARDINO, California | Tue Nov 13, 2012 7:58am EST
(Reuters) - When this sun-drenched exurb east of Los Angeles filed for bankruptcy protection in August, the city attorney suggested fraudulent accounting was the root of the problem.
The mayor blamed a dysfunctional city council and greedy police and fire unions. The unions blamed the mayor. Even now, there is little agreement on how the city got into this crisis or how it can extricate itself.
Maybe Minorities' Values Need Changing
By Dennis Prager - PatriotPost.us
The most widely offered explanation for Mitt Romney's defeat is that the Republican Party is disproportionately composed of -- aging -- white males.
That is, alas, true.
But the real question is what Republicans should do with this truth.
There are two responses.
The nearly universal response -- meaning the response offered by the liberal media and liberal academics (and some Republicans) -- is that the Republican Party needs to rethink its positions, moving away from conservatism and toward the political center.
Could Electric Cars
Make the Middle East Geopolitically Irrelevant?
By Juan Cole - OilPrice.com
Petroleum makes the world go round, with 70% of it used to power automobiles. About a fifth of the world's 90 million barrels a day of oil production comes out of the Persian Gulf/ Arabian Gulf.
A large part of the US stand-off with Iran has to do with petroleum. The US doesn't want a big military power hulking over the Gulf, other than itself. Iran can't be allowed to dominate the Gulf oil kingdoms. Likewise, Washington insists that oil countries remain susceptible of being invaded by the US. Non-oil states like Pakistan, India and Israel have been allowed to actually develop nuclear bombs, but Iraq was destroyed even on false suspicion of moving in the same direction. Even an Iranian capability to construct a bomb, i.e. "nuclear latency," would have a deterrent effect, and the US is determined to prevent Iran from being taken out of the column of countries that can be safely invaded. (There is no good evidence that Iran seeks to actually construct a warhead, nor is Iran a threat to much more powerful Israel; US tensions with Iran are largely over 'nuclear latency,' the mere capability to construct a nuclear warhead on short notice).
Tesla Model S Wins MotorTrend Car of the Year
BY DAMON LAVRINC - Wired.com
MotorTrend unanimously named the Tesla Model S its "Car of the Year," echoing our own sentimentthat the all-electric sedan is more than a great EV. It's a great car.
The S outshone 11 finalists ranging from competition stalwarts such as the BMW 3 Series and Porsche Boxster to hot newcomers like the Subaru BRZ. The magazine's editor-at-large (and former editor-in-chief) Angus MacKenzie summed it up when he said, "At its core, the Tesla Model S is simply a damned good car you happen to plug in to refuel."
U.S. poised to overtake Saudi oil production
By Ben Wolfgang-The Washington Times
The end of U.S. dependence on foreign oil is within reach.
By about 2020, the United States will overtake Saudi Arabia as the world's largest oil producer and put North America as a whole on track to become a net exporter of oil as soon as 2030, according to a report from the International Energy Agency.
The change would dramatically alter the face of global oil markets, placing the U.S., which currently imports about 45 percent of the oil it uses and about 20 percent of its total energy needs, in a position of unexpected power. The nation likely will become "all but self-sufficient" in energy by 2030, representing "a dramatic reversal of the trend seen in most other energy-importing countries," the IEAsurvey says.
U.S. politics could get in the way of these trends, though.
Fracking to be Gutted in Obama's 2nd Term?
By John Daly - OilPrice.com
Well, the votes are in, and America's first black President, Barack Hussein Obama, has handily won a second term.
The U.S. energy companies, having heavily backed Obama's opponent, former Massachusetts governor Mitt Romney, are now nervously contemplating their future on many levels, as they massively supported his opponent. Romney promised to get the federal government, most notably the Environmental Protection Agency (ironically, established by a Republican President, Richard Milhous Nixon, in 1970) to back off their practices, as well as opening up to their interests both federal lands and offshore areas to energy companies in a search for U.S. energy autonomy.
Many Coal-Fired Power Plants Poised to Retire, Group Says
By Mark Drajem - Bloomberg.com
Southern Co. (SO) and other U.S. utilities could retire as many as 353 coal-fired electricity units as the costs of installing pollution controls on those plants won't let them compete with cheaper natural gas and wind power, an environmental group said.
The Union of Concerned Scientists said in a report released today that an additional 59 gigawatts of electric generating capacity from coal plants could be shuttered, representing more than 6 percent of all U.S. electricity used. Those changes are warranted because many of those rarely used plants have already outlived their 30-year lifespan and generate the most emissions of harmful pollutants and greenhouse gases, the report said.
IEA: The US could Become the Largest Oil Producer in the World
By Charles Kennedy - OilPrice.com
In the 2012 edition of the World Energy Outlook, the International Energy Agency (IEA) announced that the US could grow to overtake Saudi Arabia and become the largest producer of oil in the world, and achieve energy independence, by as soon as 2017.
Unconventional sources, such as shale gas, and shale oil, will enable the US to reduce its reliance upon Middle Eastern oil, however, developing such resources in such large volumes will lead to huge increases in greenhouse gas emissions, putting any hopes at limiting climate change well beyond reach.
Google: 'Government Surveillance Is on the Rise' It's not just Petraeus. Google is seeing ever greater efforts by governments to monitor citizens' online activity.
By Rebecca J. Rosen - TheAtlantic.com
Three years ago a small team at Google decided to start releasing data on the requests they receive from governments to share or remove data from the Internet. At the time, savvy Internet users might have understood that governments do make these requests, but having any sense of the scale of the problem -- let alone whether it was getting better or worse -- fell beyond what was knowable from public information.
Since that time, Google has been releasing updates to its Transparency Report twice a year, and a clear trend has emerged. "Government surveillance," Google senior policy analyst Dorothy Chou writes, "is on the rise." The chart above tracks the changes in government requests for user data since Google began its report.
Obama's Immediate Challenges Issues that can't wait for second term
By Edwin J. Feulner - PatriotPost.us
President Obama's second term means for the first time since the early days of our republic (Jefferson-Madison-Monroe), we'll have three straight two-term presidents.
One of the advantages -- and challenges -- of winning a second term is that there's no transition period. So in the spirit of bipartisanship, here are three areas policymakers should tackle before the end of the year.
Prevent Taxmageddon.
A massive tax increase, almost $500 billion, is set to hit at the end of this year. Federal Reserve Chairman Ben S. Bernanke calls it a "massive fiscal cliff," and the Congressional Budget Office forecasts that it would trigger another recession. The effects would be felt by Americans across the board. In 2013 alone:
Nice Losers
By Thomas Sowell - PatriotPost.us
Mitt Romney now joins the long list of the kinds of presidential candidates favored by the Republican establishment -- nice, moderate losers, people with no coherently articulated vision, despite how many ad hoc talking points they may have.
The list of Republican presidential candidates like this goes back at least as far as 1948, when Thomas E. Dewey ran against President Harry Truman. Dewey spoke in lofty generalities while Truman spoke in hard-hitting specifics. Since then, there have been many re-runs of this same scenario, featuring losing Republican presidential candidates John McCain, Bob Dole, Gerald Ford and, when he ran for reelection, George H.W. Bush.
Election 2012 Marks the End
of Evangelical Dominance in Politics And that just might help save the evangelical movement
By Jonathan Merritt - TheAtlantic.com
Ever since Ronald Reagan was elected president in 1980, evangelicals have been a powerful political force. Jerry Falwell and his Moral Majority organization were credited in part with Reagan's election, having registered millions of evangelicals to vote. Their influence would only grow over the next 25 years: Evangelicals were instrumental in Reagan's reelection, the Republican Revolution of 1994, and both of George W. Bush's victories. But on November 6, 2012, their reign came to an end.
"I think this [election] was an evangelical disaster," Albert Mohler, president of Southern Baptist Theological Seminary, told NPR. He's right, but it wasn't for lack of trying.
Obama certainly not 'pleased' with Petraeus events
By Amie Parnes and Jeremy Herb - TheHill.com
The White House on Tuesday said President Obama was "certainly surprised" to learn two days after his reelection that CIA Director David Petraeus was resigning because of an affair.
White House press secretary Jay Carney avoided criticism of the FBI, which unearthed Petraeus's affair with his biographer over the summer but only told National Intelligence Director James Clapper a day after the presidential election.
David Petraeus:
top military commander Gen John Allen fighting for career The David Petraeus scandal has expanded into a national crisis with Gen John Allen, the top military commander in Afghanistan, fighting for his career. Peter Foster and Raf Sanchez report.
By Peter Foster, Raf Sanchez in Washington - Telegraph.co.uk
The David Petraeus sex scandal has escalated into a national crisis as "flirtatious" correspondence emerged between America's topAfghanistan commander and one of two women implicated in the row that has already forced the CIA chief's resignation.
Gen John Allen was placed under investigation after the FBI uncovered a cache of some 20,000 to 30,000 pages of emails with Jill Kelley, the woman whose complaints about email harassment led to the discovery that Mr Petraeus was having an affair.
The Real David Petraeus Scandal
By Robert Wright - TheAtlantic.com
When, in the fall of 2011, David Petraeus moved from commanding the Afghanistan war effort to commanding the CIA, it was a disturbingly natural transition. I say "natural" because the CIA conducts drone strikes in the Afghanistan-Pakistan region and is involved in other military operations there, so Petraeus, in his new role, was continuing to fight the Afghanistan war. I say "disturbingly" because this overlap of Pentagon and CIA missions is the result of a creeping militarization of the CIA that may be undermining America's national security.
The web of deceit about Benghazi begins to fray
By Wesley Pruden-The Washington Times
What did the president know, and when did he know it? Of what steel are the Republicans in Congress made? We're about to find out.
Big scandals from little leaks grow. Watergate was at first only "a third-rate burglary." Bubba thought he was only trying to cover up the details of a failed real-estate scheme down on the White River. Humiliation, resignation and even an impeachment followed.
Angry White Males and sore losers?
This will lead to no good end. Citizens from 34 States
Petition the White House to Secede from the U.S.
By Adan Salazar - Infowars.com
Citizens from 14 additional states have opened up petitions on the White House's "We the People" petition submission site – the government's "new, easy way for Americans to make their voice heard in our government" – asking to allow "peaceful withdrawal" from the continental United States, a staggering increase from the 20 states reported yesterday.
Concerned citizens from the states of Alaska, Arizona, California, Delaware, Pennsylvania, West Virginia, and Wyoming, to name a few, now all have petitions inching their way towards the signature threshold of 25,000 on the government site. If the petitions reach the threshold, they will require a response from the Obama administration.
Did Civil War Just Become Inevitable?
By Erik Rush - CanadaFreePress.com
So… Barack Obama won re-election to the office of President of the United States, and Republican challenger Mitt Romney has slipped into obscurity faster than any candidate I've ever seen. Aside from futile, quasi-navel gazing posturing on the part of Congress over the "fiscal cliff" upon which the American economy is perched, news coverage since the election has been rife with diversion and non-issues.
We're already sick of hearing autopsies of the Romney campaign. Suffice it to say that there is a host of reasons that Romney should not have been the GOP nominee, and that he could have run his campaign better. For years, conservatives have been driving home the point that when the Republican Party wants to win, it should advance conservative candidates, which Romney was most assuredly not. They have also rightly pointed out that Romney did not run on any of the party base's core principles, thus failing to provide a distinction between him and Obama.
Extremist calls for destruction of Egyptian antiquities
By Ben Wedeman, CNN
Cairo (CNN) -- I took a long stroll through the cavernous Egyptian Museum, just off Tahrir Square, this month.
It was the first time I went though the museum without breathless Egyptologists yanking me around, impatient children or a looming deadline.
The place was packed, not with tourists, but mostly with Egyptian schoolchildren. They were led around by amazingly patient guides explaining the most minute of details about every little bit and piece on display.
Syrian rebels seize territory north of Golan Heights Syrian's civil war had spread to its border after rebel fighters seized territory in the demilitarised zone north of the Golan Heights, Israeli officials have warned.
By Phoebe Greenwood, the Golan Heights,
Ruth Sherlock in Beirut and Damien McElroy - Telegraph.co.uk
At least two hundred rebel soldiers had taken over Beerajam and Bariqa, two isolated villages nestled in the buffer zone established between the two countries following the Yom Kippur war in 1973.
"The rebels are employing a clear tactic of drawing the regime forces to fight in these demilitarised areas because of the limitations on theSyrian armed forces," a military intelligence source from Israel'snorthern command said yesterday. "Rebels have seized control of the area north of Quneitra and the area to its south. If they are brave they will try to make a swift move to cut off Quenetra city and cut off the road to Damascus. We cannot rule that out as a next step."
Iran Unveils Three New Missile Systems
as a Warning to Enemies
By James Burgess - OilPrice.com
This week Iran is undertaking its largest ever military exercise, stretching across huge swathes of the country, and involving about 8,000 elite and regular army troops backed by bombers and fighter planes, and the testing of missile, artillery and surveillance systems.
The 'Velayat 4' exercises have focussed on air defences, and are an effort to warn any nations against threatening the Islamic public.
Three, domestically built, missile and artillery systems have been unveiled today, which Farzad Esmaili, the head of Iran's air defence headquarters, has stated will provide a significant boost to military defences.
Sanctions costing Iran $100 million every day The damage wrought by sanctions on Iran's economy became clear today when oil exports were shown to have fallen by 43 per cent since last year, costing about $100 million (£63 million) every day in lost revenue.
By David Blair - Telegraph.co.uk
The European Union imposed an embargo on Iranian oil on July 1 as the Western powers sought to compel Tehran to negotiate over its nuclear ambitions. In addition, the US and its allies have targeted Iran for a range of financial sanctions, designed to make it harder for the country to insure its tankers or receive payment for oil sales.
Mounting evidence suggests that these measures are helping to cripple the Iranian economy. The International Energy Agency released its monthly oil market report showing that Iranian exports averaged 1.3 million barrels per day in October, compared with the average of 2.3 million per day last year.
Iran's Nuclear Plant Entering Final Stages?
By Claude Salhani - OilPrice.com
Iran's controversial nuclear power plant at Bushehr is entering its final staging with a series of new tests due to be performed shortly, after which the site is expected to become fully operational by early 2013, according to official government reports from Tehran.
"The preparations for the handover of the power plant by the Russian contractor to Iranian experts will be made in the near future. After various tests and experiments at the Bushehr power plant, we will begin the preliminary launch of the project by Iranian experts between December 21 to February 18,2013," stated a report from the Mehr news agency.
Iran Boasts Missile-Launching, Drone-Hurling Hovercraft
By Robert Beckhusen - Wired.com
Iran's war games are an often entertaining look at antiquated and repackaged military technology presented like it's the latest gear. Here's a great example of it. In the latest round of Iranian exercises being carried out this week, the Mullahs are showing off a new attack hovercraft that can launch drones and missiles, or so Tehran claims.
The hovercraft, called the Tondar (or Thunder), kicked off the exercises, which reportedly includes drones, fighter jets and around 8,000 troops sprawled out across eastern Iran. According to Iran's state news agency, the hovercraft is for "offensive reconnaissance operations, mid-range amphibious missions" and "asymmetric defense," said Iranian Defense Minister Ahmad Vahidi at the hovercraft's unveiling on Monday. There's also a version for transporting troops that hasn't been revealed, Vahidi said. And Tehran claims the hovercraft is indigenously produced.
Morgan Stanley sees Silver
to outperform Gold in sustained risk
NEW YORK (Commodity Online): A leading global financial services firm Morgan Stanley looks for silver to fare better than gold whenever risk sentiment improves on a sustained basis.
According to Morgan Stanley, the precious metals outperformed most other assets classes last week, especially after United States elections as the so-called fiscal cliff became the top concern of financial markets.
Physical Gold Demand: Secrets To Be Unveiled?
Gold Silver Worlds
….The situation in the physical gold market can be summarized as being incredibly tight. Both Jim Willie and the host Alasdair Macleod agree on that. Apart from the zero percent interest rates and the unlimited bond monetization, Jim Willie believes that the physical tightness will be a major driver of the gold price. He takes it even a step further: he believes that we are moving into a global gold war which will be driven by the physical market. It will probably become the next financial scandal and it will be much bigger than LIBOR.
Bill Gross: Fiscal Cliff Is Worse Than You Think
By JOHN MELLOY, CNBC - FiscalTimes.com
Two of the most influential market prognosticators today — Pimco's Bill Gross and Goldman Sachs's Jim O'Neill — both warned clients over the weekend of the perils of the coming "fiscal cliff," when tax increases and spending cuts kick in at the end of the year.
"(The) U.S. fiscal cliff (is) deeper than advertised," said Gross, whose firm oversees $1.9 trillion, in a tweet. "It's a Grand Canyon. Washington will defer entitlement cuts & raise revenues only marginally."
Pimco-to-DWS See Economy Escaping Cliff as Stocks Fall
By John Detrixhe - Bloomberg.com
The world's biggest investors say the rout that erased $1 trillion from the value of global equities after President Barack Obama was re-elected overlooks the fact that the world economy is improving while U.S. leaders start discussions that may avoid the so-called fiscal cliff.
Money managers at firms overseeing more than $8 trillion said investor concern that the U.S. economy will slow as Obama and Congress fail to avert $607 billion in tax increases and spending cuts next year are overblown. U.S. stocks had the biggest weekly decline since June while yields on Treasuries fell to two-month lows and gold advanced the most since September.
Congress comes back Tuesday to confront "fiscal cliff"
By Rachelle Younglai and Jason Lange
WASHINGTON | Mon Nov 12, 2012 9:28pm EST
(Reuters) - Amid a global fright over Washington's political brinkmanship, U.S. lawmakers return to the capital on Tuesday with a seven-week deadline to reach agreement on scheduled tax hikes and budget cuts that threaten to trigger another recession.
The post-election battle over the so-called fiscal cliff is shaping up as an extension of the political campaign with Democrats trying to rally support for raising taxes on the wealthy as part of any deal, and Republicans countering that such an approach would devastate "job creators" across the country.
4 Ways the Fiscal Cliff Mess Could Play Out The Fiscal Cliff Showdown: 4 Ways It Could Play Out
By Yuval Rosenberg, Fiscal Times
The victory celebrations sure didn't last long. As soon as the results from Tuesday's election became official – before, even – politicians, pundits and investors fixed their attention on the next piece of urgent business facing the country: the fiscal cliff.
The focus has been both immediate and intense, as this chart from Bank of America's Matthew Fleury, via Joe Weisenthal of Business Insider, shows. The number of articles mentioning the cliff has spiked far higher than coverage of the debt ceiling debate ever did.
How Mitt Romney Can Save Us From the Fiscal Cliff A $50,000 deduction cap would raise taxes on the rich as much as letting the Bush tax cuts for the rich expire would -- and without raising tax rates
By Matthew O'Brien - TheAtlantic.com
Elections have consequences. And the big consequence of the 2012 election looks to be higher taxes for the rich. With President Obama still in office, that's what will happen on January 1, 2013 when the Bush tax cuts expire, whether John Boehner likes it or not. The big question is whether Obama and House Republicans can make a deal undoing the rest of the so-called fiscal cliff.
They can. If they listen to Mitt Romney.
Dollar higher; Greece takes center stage Stronger Japanese yen checks dollar index
By Deborah Levine and William L. Watts, MarketWatch
SAN FRANCISCO (MarketWatch) — The dollar hovered near its highest level against the euro in two months on Monday as euro-zone officials met to discuss Greece's long-delayed tranche of aid from its international creditors.
U.S. bond markets and banks were closed in observance of the Veterans Day holiday.
Obama may now take the gloves off with Europe U.S. may put pressure on to solve euro crisis for good
By David Marsh - MarketWatch.com
JAKARTA, Indonesia (MarketWatch) — U.S. irritation with Europe's inability to solve the euro crisis is likely to come increasingly to the fore after Barack Obama's re-election. The U.S. president's relatively compelling victory will have three effects on the further development of economic and monetary union (EMU), none of them positive.
Merkel: EU Will Become a Superstate The German chancellor outlines her plans for the European Commission to transform into an EU government.
TheTrumpet.com
German Chancellor Angela Merkel outlined her vision of Europe in a speech to the European Parliament November 7. But it was when she stepped away from her prepared notes to respond to a statement by parliamentary leaders that she revealed most about the future she sees for the European Union.
The EU will transform into single nation—a superstate—"otherwise it will not work in the long term," she said. Here is Merkel's full statement:
I'm sure the Commission will become a government one day. I'm sure that the Council will become a second chamber one day. And I'm sure the European Parliament will take European responsibilities otherwise it won't work in the long term. But today we must save the euro and create the basis properly. And we must give people a little bit of time so that they can come with us.
Europe's Populists at the Gate
By Barry Eichengreen - Project-Syndicate.org
LONDON – Is Europe's crisis over? Investors, policy analysts, and even officials are quietly beginning to suggest that this might be the case. The euro has strengthened by nearly 10% against the dollar since European Central Bank President Mario Draghi vowed on July 26 to do "whatever it takes" to hold the currency together.
Similarly, the Euro VIX, a popular measure of expectations of euro volatility, has fallen significantly. The cost of buying protection against fluctuations in the euro/dollar exchange rate declined last month to its lowest level in nearly five years. Borrowing costs for the Spanish and Italian governments have similarly fallen dramatically.
Germany: No decision on Greece next week
BY VALENTINA POP - EUObserver.com
BERLIN - A decision on Greece's long-delayed bailout tranche is unlikely to be taken next week, German finance minister Wolfgang Schaeuble has said, as international lenders are still at odds over how to keep Greece afloat in the coming years.
"I am afraid we will not be able to reach a decision on Greece in the coming week," Schaeuble said Thursday (8 November) during a conference in Hamburg.
Europe Gives Greece 2 More Years to Reach Deficit Targets
By James G. Neuger and Stephanie Bodoni - Bloomberg.com
Euro-area finance ministers gave Greece two extra years to wrestle down its budget deficit, pledging to plug the resulting financing gaps in order to keep the country in the single currency and prevent a renewed flareup of the debt crisis.
Finance ministers granted Greece until 2016 to cut the deficit to 2 percent of gross domestic product. They put off until Nov. 20 a decision on how to cover additional Greek needs of as much as 32.6 billion euros ($41 billion) and left unclear whether the International Monetary Fundwill continue to contribute.
Angela Merkel sticks to austerity script
in Portugal as revolt builds German Chancellor Angela Merkel braved hostile crowds in Portugal on Monday to show unflinching support for the country's austerity ordeal and plead for patience as social cohesion frays.
By Ambrose Evans-Pritchard - Telegraph.co.uk
The flying visit came as trade unions led a protest march through Lisbon "in defence of national sovereignty" and the Left Bloc in parliament said its top priority is to "bring down the government" and forge a salvation front.
Swooping into Lisbon amid tight security, Mrs Merkel praised the "courageous actions" of free-market premier Pedro Passos Coelho and vowed do to "everything possible" to help the country through hard times. Yet she also insisted that there would be no renegotiation of the country's €78bn (£62.5bn) EU-IMF Troika package or softer terms to alleviate the slump, saying austerity is the "only way forward".
* * * * *
Is the USA Facing Another Civil War? Secession of Southern states started the last one.
Secession petitions filed on White House Web site
Posted by Rachel Weiner - WashingtonPost.com
From states across the country, Americans have filed petitions on the White House Web site seeking to secede from the union and form new state governments.
While most of the petitions come from states that supported Mitt Romney in last week's election, a few swing states and even the deep blue Northeast are represented.
Petitions have been filed for Alabama, Arkansas, Colorado, Florida, Georgia, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, New Jersey, New York, North Carolina, North Dakota, Oregon, South Carolina, Tennessee, and Texas.
'We the People' Petitions Filed in Nineteen States
Seeking Permission to Secede from the Union
By Neetzan Zimmerman - Gawker.com
In the aftermath of last week's presidential election, residents in at least nineteen states have put up petitions on the government's "We the People" petitioning website seeking the right to secede from the rest of the country.
While the petitions themselves may not be significant, the reaction could be.
Petitions for secession filed from Louisiana and Texas have already received well over 10,000 signatures. Per the website's own rules, petitions that garner 25,000 signatures or more within 30 days require a response from the Obama administration.
Why did the southern states secede from the U.S.? The fundamental cause of southern secession (and ultimately the Civil War) was the US's inability to solve slavery at the national level.
History.StackExchange.com
The Civil War was not fundamentally about "states rights". Asserting a state's right to secede doesn't speak to why the state wants to secede. Steven's citation of reasons in his answer only serve to underline this. When the northern states were threatened by the War of 1812, they considered secession. When South Carolina was threatened by a tariff, they attempted to nullify the law. When a state's self interests come into play, they'll take advantage of whatever political mechanism they can imagine to assert that self interest, up to and including nullification, secession, and war.
The real story is not in the political mechanics but the underlying interest in preserving slavery that forced the South to become so hell bent on their "states rights". If Northern states had seceded over the War of 1812, we wouldn't assert the fundamental cause was a debate over state's rights. Rather we'd say it was their opposition to the War of 1812. The same applies for the South's secession as well. Their interest in preserving slavery drove them to use untested constitutional mechanism and eventually go to war.
Multiple states petition Obama to secede from Union,
start own governments (Video)
BY: CHARISSE VAN HORN - Examiner.com
On November 12, 2012, Policy Mic reported that 18 states have filed petitions with theWhite House to withdraw from the Union and create their own governments. The petitions followed President Obama's tight race that left many Republicans and Independents surprised and in shock. As fear mounts as to what four more years under Obama's leadership spreads amongst many citizens nationwide, many have turned to signing their state's official petition on the White House website. While many debate the results the petitions will have in the end, they do signify that a portion of the nation remains divided after the nation has faced the costliest presidential election in U.S. history.
Missouri residents petition White House for secession
By JASON HANCOCK, Kansas City Star - MidwestDemocracy.com
Residents in Missouri and nearly two dozen states have filed petitions on a White House website seeking approval for their state to "withdraw from the United States of America and create its own NEW government."
The secession petitions were inspired by President Barack Obama's re-election to a second term.
The petitions appear on a section of the White House website called "We the People" that invites users to submit or sign petitions about policy changes they would like to see. If a petition gets 25,000 signatures within a month the White House staff will "review it, ensure it's sent to the appropriate policy experts, and issue an official response."
Citizens in Arizona, Oklahoma file petitions
to secede from United States
BY: JOE NEWBY - Examiner.com
On Saturday, citizens in Arizona andOklahoma posted petitions at the White House "We the People" web site, asking permission to secede from the United States, bringing the total number of states with citizens making such requests to 21.
Both petitions cite the Declaration of Independence and ask that they be allowed to "peacefully" withdraw from the Union in order to form a new government.
Nullification Goes Mainstream States Defy Washington on Drugs and Health Care
BY JOHN RUBINO - FinancialSense.com
As the federal government gradually assimilates the rest of the country, a few states have begun to fight back. From the Kansas City Star:
No state-run health insurance exchanges in Missouri or Kansas
Missouri will be unable to implement a key provision of federal health care law, Gov.Jay Nixon announced Thursday.
Meantime, Kansas Gov. Sam Brownbacksays he won't support an application from Insurance Commissioner Sandy Praeger to establish a state-federal health insurance marketplace.
GOP's Red America forced to rethink
what it knows about the country
By Eli Saslow - WashingtonPost.com
HENDERSONVILLE, Tenn. — She arrived early to take apart the campaign office piece by piece, just as she felt so many other things about her life were being dismantled. Beth Cox wore a Mitt Romney T-shirt, a cross around her neck and fresh eyeliner, even though she had been crying on and off and knew her makeup was likely to run. A day after the election, she tuned the radio to Glenn Beck and began pulling posters and American flags off the wall.
Her calendar read "Victory Day!!" and she had planned to celebrate in the office by hosting a dance party and selling Romney souvenirs. But instead she was packing those souvenirs into boxes, which would be donated to a charity that sent clothes to South America. Instead a moving company was en route to close down the office in the next 48 hours, and her friends were calling every few minutes to see how she was doing.
Figures suggest UK economic recovery is in doubt New data showing an increase in the inflation rate and rising unemployment will dampen optimism about recovery prospects, economists are warning.
By Roland Gribben - Telegraph.co.uk
They feel that the clutch of official statistics due out this week will show the third quarter increase in economic growth, boosted by the fillip from the Olympic Games, has exaggerated the turnaround.
Their caution is reinforced by mixed indicators from surveys published on Monday pointing to an increase in business confidence but a gloomy outlook for manufacturing in a still fragile economy.
White House Plans Public Appeal on Deficit Counting on the Election's Momentum, President Obama Will Try to Marshal Support for Tax Increases, Spending Cuts
By DAMIAN PALETTA and JANET HOOK - WSJ.com
WASHINGTON—The White House plans an aggressive public campaign to build support for its approach to reduce the deficit through tax increases and spending cuts, a sharp contrast to its private talks with Republicans that faltered last year.
President Barack Obama will meet with labor leaders Tuesday and a number of chief executives on Wednesday, in an effort to solidify backing for his proposals.
President Obama's Cabinet: Who's in, who's out?
Posted by Chris Cillizza and Aaron Blake - WashingtonPost.com
Now that President Obama has secured a second term, the official Washington speculation machine — and, no, that doesn't actually exist (or does it?) — has turned to the heavy turnover expected in his Cabinet.
While only Secretary of State Hillary Clinton has made clear she plans to leave early in the Obama second term, Treasury Secretary Tim Geithner has also clearly suggested he is on his way out, and Attorney General Eric Holder has been noncommittal of late about his future plans. CIA Director David Petraeus' stunning resignation on Friday creates another high-profile opening (although not a Cabinet-level position) for the president to fill.
GOP Is Ready to Throw Millionaires to the Tax Wolves
By JOSH BOAK, The Fiscal Times
Staring down the fiscal cliff, Republicans are calling on a possible compromise with Democrats to increases taxes for Americans earning more than $1 million a year — a policy first championed months ago by House Minority Leader Nancy Pelosi.
The lower tax rates first enacted under George W. Bush will expire at the start of next year, hitting the country with a potential $200 billion tax hike. President Obama was reelected last week on a platform that included keeping the lower income rates for Americans making less than $250,000 a year, which could increase federal coffers by $44 billion next year.
The Hard Fiscal Facts Individual tax payments are up 26% in the last two years.
WSJ.com - Opinion
While the rest of America was holding an election last week, the gnomes at the Congressional Budget Office released the final budget totals for fiscal 2012. They're worth reporting because they illuminate the real fiscal choices that confront the country, as opposed to the posturing you'll be hearing over the next few weeks.
The nearby table lays out the ugly details. The feds rolled up another $1.1 trillion deficit for the year that ended September 30, which was the biggest deficit since World War II, except for each of the previous three years. President Obama can now proudly claim the four largest deficits in modern history. As a share of GDP, the deficit fell to 7% last year, which was still above any single year of the Reagan Presidency, or any other year since Truman worked in the Oval Office.
In Praise of Price Gouging
BY RON PAUL - FinancialSense.com
As the northeastern United States continues to recover from Hurricane Sandy, we hear the usual outcry against individuals and companies who dare to charge market prices for goods such as gasoline. The normal market response of rising prices in the wake of a natural disaster and resulting supply disruptions is redefined as "price gouging." The government claims that price gouging is the charging of ruinous or exploitative prices for goods in short supply in the wake of a disaster and is a heinous crime But does this reflect economicreality, or merely political posturing to capitalize on raw emotions?
Obama 2.0
By Christopher R. Hill - Project-Syndicate.org
DENVER – It's over. After a year-long campaign costing $2.5-6 billion (estimates vary widely), President Barack Obama has won a second four-year term, with 49 states reporting their results on election night (Florida, for the second time in four presidential elections, did not). Obama now has a chance to define the United States' role in the international system for years to come.
Second terms can often be productive times for US foreign policy, largely because presidents cannot seek a third. George W. Bush, for example, used his second four years in office to fix mistakes made during his first (his second-term team was busy).
Obama, Boehner Dig in their Heels over 'Cliff' Taxes
By JOSH BOAK and ERIC PIANIN, The Fiscal Times
The presidential election might just have been the opening skirmish in a class warfare that is unfolding—albeit politely—in Washington.
President Obama and House Speaker John Boehner (R-Ohio) have each pledged some give-and-take in addressing the budget issues in the fiscal cliff, but neither is willing to back down from their core position on tax cuts that are set to expire this year.
Business Rejects Obamacare How the law will slash low-wage worker hours while failing to provide them with health insurance.
By Arnold Ahlert - PatriotPost.us
Elections, as it is often said, have consequences. As a result of the president's reelection, the Affordable Care Act, aka Obamacare, will be fully implemented. Unsurprisingly, several businesses are looking for ways to avoid the costs associated with the law. Just as unsurprisingly, American leftists consider such efforts to keep one's business profitable -- or solvent -- unseemly.
Zane Tankel, chairman and CEO of Apple-Metro, an Applebee's New York-area franchise, explains the obvious. "We've calculated it will [cost] some millions of dollars across our system," Tankel told Fox Business Network last Thursday. "So what does that say -- that says we won't build more restaurants. We won't hire more people." Apple-Metro runs 40 Applebee's restaurants and employs from 80 to 300 people at each of its locations.
No state-run health insurance exchanges in Missouri or Kansas
By JASON HANCOCK - Kansas City Star - MidwestDemocracy.com
Missouri will be unable to implement a key provision of federal health care law, Gov. Jay Nixon announced Thursday.
Meantime, Kansas Gov. Sam Brownbacksays he won't support an application from Insurance Commissioner Sandy Praeger to establish a state-federal health insurance marketplace.
That means it will be up to the federal government to establish health insurance exchanges in Missouri and Kansas. The exchanges are designed to be online marketplaces where individuals and small businesses can compare and buy private insurance plans.
Real Danger of "Obamacare":
Insurance Company Takeover of Health Care
By Nomi Prins - NomiPrins.Squarespace.com
Election rhetoric shuns the big picture in favor of the bigger platitude. Now that The Show is over, we are left with the equivalent of a Sunday morning hangover following a binge of promises and lies. We leave the theatre of political spectacle on steroids for the real world of unstable economy, a globally and publicly subsidized financial sector, and increased costs of living on everything from food to education to health-care; outpacing declining median incomes. The average cost for health insurance for a family is $15,745per year vs. a median income of $50,502, or about half post-tax take-home pay.
Budget-cutters eye healthcare law's insurance subsidies
By Sam Baker - TheHill.com
Supporters of President Obama's healthcare law breathed a sigh of relief Tuesday, but they're already back at work trying to protect one of its key provisions from budget cuts.
As the election fades into the rearview mirror and attention turns more seriously toward the looming "fiscal cliff," lobbyists and advocates are once again wondering whether Congress might look to the healthcare law for spending cuts.
Taking it from the POOR... Ohioans' food stamp aid to be reduced Benefit to fall $50 a month starting in January
BY KATE GIAMMARISE - Toledo Blade
Ohio families receiving food stamps could get an unwelcome surprise come January: $50 less every month in assistance.
For the 869,000 households enrolled in the program for the poorest Ohioans, that could amount to about $520 million annually out of the grocery budgets.
Because of the way the federal government calculates utility expenses for people receiving the benefit, a mild winter nationwide last year, and a lower price for natural gas, many families could experience a significant cut in aid, those familiar with the program say.
TEACHERS FLOCK TO NORTHWESTERN UNIVERSITY
FOR 'MARXIST CONFERENCE'
by REBEL PUNDIT - Breitbart.com
This Saturday, the Midwest Marxist Conference was held at Northwestern University's Medill School of Journalism. The event was teeming with teachers who spoke about the new found bond between the radical socialists and their Teachers Union. The all-day event, which collected money to support Chicago Socialists and featured a communist bookstore, provided students on-campus along with the radical left community to plan the next phase in their activism.
Becca Barnes, a Chicago Teachers Union teacher and organizer with Chicago Socialists, proclaimed at the beginning of the conference that "the struggle here in the United States has entered a new phase. Nowhere have we pointed the way forward more clearly than here in Chicago with the teachers union strike."
Journalist Tossed from Marxism Conference
at Northwestern Journalism School
Jeremy Segal "RebelPundit" of Breitbart.com was Tossed from Marxism Conference at Northwestern Journalist Center. Segal was a registered attendant of the event. However, after Segal had been peacefully observing breakout sessions from 10:45am to 4pm, Dennis Kosuth recognized Segal and asked him to leave because he did not share the same Marxist beliefs as those who organized the event. The event was ironically held at the Northwestern University Medill School of Journalism.
Hard Facts about US Energy that Obama and Romney Avoided
By Richard Heinberg and Tom Butler - OilPrice.com
One hard truth: The era of cheap oil is over. Even the recent glut of US oil and gas was driven by high prices, which gave industry the incentive to use expensive, risky drilling technology.
The latest presidential campaign may be remembered more for what wasn't said than for what was, especially when it comes to the pivotal issue of energy. We heard assertions that America has a century's worth of cheap natural gas, that domestic drilling will soon free us of the need to import oil, and that the president of the United States is responsible for high gasoline prices – all exaggerations at best. We didn't hear the hard truth about our nation's energy conundrum.
Airlines Face Acute Shortage of Pilots
By SUSAN CAREY, JACK NICAS and ANDY PASZTOR - WSJ.com
U.S. airlines are facing what threatens to be their most serious pilot shortage since the 1960s, with higher experience requirements for new hires about to take hold just as the industry braces for a wave of retirements.
Federal mandates taking effect next summer will require all newly hired pilots to have at least 1,500 hours of prior flight experience—six times the current minimum—raising the cost and time to train new fliers in an era when pay cuts and more-demanding schedules already have made the profession less attractive. Meanwhile, thousands of senior pilots at major airlines soon will start hitting the mandatory retirement age of 65.
Oil industry tax breaks face the 'fiscal cliff'
By Ben Geman and Zack Colman - TheHill.com
The oil industry's long record of success in defending its tax breaks faces new tests as lawmakers and the White House negotiate to avoid the "fiscal cliff."
House Speaker John Boehner (R-Ohio) won't rule out targeting oil-industry deductions in a broad deal to avoid the higher income tax rates and deep automatic spending cuts set to take effect in 2013.
Shale Gas Will be the Next Bubble to Pop -
An Interview with Arthur Berman
By James Stafford - OilPrice.com
The "shale revolution" has been grabbing a great deal of headlines for some time now. A favourite topic of investors, sector commentators and analysts – many of whom claim we are about to enter a new energy era with cheap and abundant shale gas leading the charge. But on closer examination the incredible claims and figures behind many of the plays just don't add up. To help us to look past the hype and take a critical look at whether shale really is the golden goose many believe it to be or just another over-hyped bubble that is about to pop, we were fortunate to speak with energy expert Arthur Berman.
Moody's predicts Obama will approve Keystone XL pipeline
By Ben Geman - TheHill.com
President Obama will give the proposed Keystone XL oil sands pipeline a green light, Moody's predicts in a new report.
The fate of TransCanada Corp.'s proposed Alberta-to-Texas pipeline is shaping up as a major post-election battle.
Environmentalists oppose Keystone and will stage a Nov. 18 demonstration at the White House, while a number business groups and unions want the State Department to permit the project.
Department Of Homeland Security
To Scan Payment Cards At Borders And Airports
BY JON MATONIS - FinancialSense.com
Travelers leaving or entering the United States have long had to declare aggregated cash and other monetary instruments exceeding $10,000. Now, under a proposed amendment to the Bank Secrecy Act, FinCEN (Financial Crimes Enforcement Network) will also require travelers to declare the value of prepaid cards that they are carrying, known now as "tangible prepaid access devices."
Expected to be finalized by the end of this year, the cross-border reporting modifications stem from a broader October 2011 definition of payment methods and form factors that replaced the term "stored value" with the term "prepaid access" in an effort to more accurately describe the process of accessing funds held by a payment provider.
Ron Paul Speaks Out Against Bilderberg Takeover
Alex talks with Rep. Ron Paul about Obama's re-anointment and the economic implosion now slowly taking out the pinions of the once mighty U.S. economy.
Japan's Last Remaining Nuclear Power Plant
may be Built on an Active Fault Line
By Joao Peixe - OilPrice.com
Following the disaster at the nuclear power plant in Fukushima last year, nearly all of Japan's reactors have been shut down. The only power plant to remain operational today is the Oi nuclear plant in western Japan.
A geologist working as part of team looking at the power plant, its location, and the geological history of the area, has now stated that the power plant is built on top of a fault line that can be described as 'active' (a fault line that experienced tectonic movement in the last 130,000 years), and advises that it be shut down immediately.
FBI Agent in Petraeus Case Under Scrutiny
By DEVLIN BARRETT, EVAN PEREZ
and SIOBHAN GORMAN - WSJ.com
WASHINGTON—A federal agent who launched the investigation that ultimately led to the resignation of Central Intelligence Agency chief David Petraeus was barred from taking part in the case over the summer due to superiors' concerns that he had become personally involved in the case, according to officials familiar with the probe.
New details about how the Federal Bureau of Investigation handled the case suggest that even as the bureau delved into Mr. Petraeus's personal life, the agency had to address questionable conduct by one of its own—including allegedly sending shirtless photos of himself to a woman involved in the case.
Lawmakers turn up heat on FBI over investigation of Petraeus
By Jeremy Herb and Jordy Yager - TheHill.com
Senior lawmakers on Monday sharpened their criticism of the FBI over its handling of the investigation that led to the resignation of CIA Director David Petraeus.
The lawmakers questioned how FBI officials began an investigation into Petraeus and yet did not inform the congressional Intelligence Committee heads — or President Obama — that such a high-level probe was under way.
"We must take human nature as we find it, perfection falls not to the share of mortals." --George Washington
"David Petraeus's resignation [as CIA Director] marks the end of one of the great postwar military and government careers.... But for now, the explanation of Petraeus's resignation unfortunately raises more questions than it answers, in a number of significant ways: Fairly or not, questions will be raised why this Washington-style Friday-afternoon resignation occurred after rather than before the election -- a question that does not necessarily suggest that Petraeus did not take the proper nonpartisan course. But just days after [the election], we are already beginning to hear of all sorts of 'sudden' news: the Iranian attack on a U.S. drone; the plight of the Hurricane Sandy victims ... as much more severe than we were led to believe; the sudden publicity of the 'fiscal cliff'; and the Benghazi hearings. In that unfortunate politicized landscape comes the Petraeus bombshell. We were beginning to sense that the crime of Benghazi ... and the cover-up ... were not the entire story of the 9/11/2012 attack.... If rumors are true that the liaison may have involved biographer Paula Broadwell, co-author of an extremely favorable biography of Petraeus, then there are additional ethical issues that, fairly or not, call into question Broadwell's bona fides as an author and the portrait of Petraeus in her warmly received book. And if the FBI was involved, then additional questions arise over the reasons they also became interested -- when, why, how, and on whose prompt?
Holly Petraeus enraged over husband's affair
with Paula Broadwell, says friend
BY: CINDY ADAMS - Examiner.com
A friend and former spokesperson of David Petraeus said his wife, Holly Petraeus is indescribably angry over her husband's affair with biographer Paula Broadwell.
U.S. Army Col. Steve Boylan told ABC Newson Nov. 12, "Well you can imagine, she's not exactly pleased right now… In a conversation with David Petraeus this weekend, he said that, 'Furious would be an understatement.' And I think anyone that's been put in that situation would probably agree. He deeply hurt his family."
Mistress Revealed CIA Ops as Petraeus' Mouthpiece
By Noah Shachtman and Spencer Ackerman - Wired.com
The mistress of former CIA Director David Petraeus publicly discussed sensitive and previously unknown details about the assault on the U.S. mission in Benghazi, Libya.
In an Oct. 26 alumni symposium at the University of Denver, Paula Broadwell said that the CIA annex at the Benghazi consulate came under assault on Sept. 11 because it had earlier "taken a couple of Libyan militia members prisoner and they think the attack on the consulate was an effort to try to get these prisoners back. It's still being vetted." (That information was not part of the CIA's timeline of the Benghazi assault, though Fox News' Jennifer Griffin did mention it on air. Eli Lake of the Daily Beastreports that the CIA has denied any such detention.) "I don't know if a lot of you have heard this," Broadwell prefaced her remarks by saying.
Paula Broadwell
Paula Broadwell confirmed in October that the CIA annex in Benghazi asked for reinforcements when the consulate came under attack on September 11. Broadwell was speaking at her alma mater, the University of Denver, on October 26.
Lawmakers turn up heat on FBI over investigation of Petraeus
By Jeremy Herb and Jordy Yager - TheHill.com
Senior lawmakers on Monday sharpened their criticism of the FBI over its handling of the investigation that led to the resignation of CIA Director David Petraeus.
The lawmakers questioned how FBI officials began an investigation into Petraeus and yet did not inform the congressional Intelligence Committee heads — or President Obama — that such a high-level probe was under way.
State of New Jersey Awards Radiant
RFID 5-Year Emergency Management Solution Contract Radiant RFID will provide the New Jersey Office of Homeland Security and Preparedness (OHSP) with an RFID-based managed evacuation solution that tracks evacuees, pets, emergency transport vehicles and commodities deployed at state shelters in preparation for and in the event of a hurricane, natural disaster or other incident to assist in reunification of families.
PRWeb.com
Austin, Texas (PRWEB) October 18, 2012
Radiant RFID ("Radiant") announced today that the State of New Jersey has awarded the company a five-year contract to assist evacuation and emergency tracking during catastrophic events.
Radiant will provide the Office of Homeland Security and Preparedness (OHSP) with a managed evacuation solution that tracks evacuees, pets, emergency transport vehicles and commodities deployed at state shelters in preparation for and in the event of a hurricane, natural disaster or other man-made incident to assist in reunification of families. In addition, Radiant will manage hardware components, deployment processes and training as well as all maintenance and management functions in support of the State of New Jersey.
Facebook Says Lawsuit
Claiming Half Ownership of Site Is a 'Farce'
BY DAVID KRAVETS - Wired.com
Declaring it a "massive fraud" and a "farce," Facebook is demanding a federal judge dismiss a lawsuit that claims a New York man owns half of the social-networking service.
In documents filed late Friday, Facebook noted for the first time that the plaintiff in the suit was arrested last month and has been charged with a multi-billion-dollar scheme to defraud the social-networking site and its chief executive and founder Mark Zuckerberg through his lawsuit.
3D printing photobooth makes you into an action figure
By Philippa Warr - Wired.co.uk
A Japanese pop-up photobooth will use 3D printing technology to create action figure-sized replicas of its subjects.
The Omote 3D photobooth, which opens in the Eye of Gyre exhibition space in the Harujuku district of Tokyo on November 24, features a 3D scanner and 3D printer setup which takes the likeness of its visitors and convert them into miniature figurines.
Posers must stand in position for around fifteen minutes as the manually-operated scanner records a full-body image. The raw data can then be modified and tweaked to achieve a better likeness and fine detail can be added before the 3D colour print is made.
Have humanoid UFOs returned to India? The army thinks so
By Liat Clark - Wired.co.uk
The flying humanoid UFOs allegedly spotted in northern India in 2004 appear to have returned, according to more than 100 reports from soldiers describing yellow spheres hovering in the sky.
India Today unflinchingly announced the news thus, "UFO sightings in Ladakh spook soldiers", before explaining that the story echoes the "clearest 'UFO' sighting yet" made in 2004, 100km south of the region in Lahaul-Spiti. At that time, a group of geologists and glaciologists linked to the nation's Space Applications Centre were exploring the mountainous region when they spotted a four-foot tall "robot-like" humanoid figure stalking the valley edge 50 metres from them for about 40 minutes, before jetting off and disappearing from sight. Despite 14 people witnessing the mysterious spectacle -- including six scientists -- and passing film footage to intelligence units and the army, the matter, saysIndia Today, was "buried".
Twelve EU countries likely to back Palestine's UN bid
BY ANDREW RETTMAN - EUObserver.com
BRUSSELS - Palestine can count on about 12 Yes votes by EU countries when it tries to upgrade its UN status, in a move expected later this month.
EU foreign affairs spokeswoman Maja Kocijancic told EUobserver on Thursday (8 November) that foreign ministers will discuss the subject at a regular meeting in Brussels on 19 November.
Rocket attacks force Israelis to spend nights in bomb shelters
By MATTHEW KALMAN - Independent.co.uk
Israeli leaders have begun preparing domestic and international opinion for a renewed onslaught against Palestinian militants after more than a million Israeli citizens spent a third night in bomb shelters as more than 100 rockets rained across the Gaza border in less than 48 hours.
Politicians and former generals lined up to urge Israeli Prime Minister Benjamin Netanyahu to take decisive action to stop the most intensive rocket barrage since Israel's ill-starred invasion of the Hamas-controlled enclave ended in January 2009. Mr Netanyahu is under increasing pressure from both politicians and residents to end Israel's policy of pinpoint attacks against weapons smuggling, storage or production facilities and "ticking bombs" – militants identified with specific attacks.
Threat-focused Iran launches "biggest ever" air drills
By Yeganeh Torbati
DUBAI | Mon Nov 12, 2012 11:24am EST
(Reuters) - Iran launched military drills across half the country on Monday, warning it would act against aggressors less than a week after Washington accused Iranian warplanes of firing on a U.S. drone.
The manoeuvres take place this week across 850,000 square kilometres (330,000 square miles) of Iran's northeast, east, and southeast regions, Iranian media reported.
Iran Launches Massive War Simulation
By PAUL D. SHINKMAN - USNews.com
Iran launched massive military "wargames" on Monday, involving thousands of troops, aircraft and surveillance equipment aimed at testing the country's ability to repel an air attack against "hypothetical sensitive sites," according to its state news agency.
The maneuvers seem to have been planned before Iranian jets reportedly fired on an unmanned U.S. drone earlier in November, and come on the heels of Austere Challenge 2012 in Israel, the largest ever missile defense exercise organized by Israel and the U.S. that began in October.
Gold and Silver Prices Set to Explode
By Bob Kirtley - OilPrice.com
Now that the presidential election is over we can hopefully look forward to some respite from the perpetual bombardment dished out by both the Republican and the Democratic Party machines. President Obama has been re-elected so we can expect four more years of a Washington centric controlled economy with a rolling program of borrow, print, spend and pretend, similar to the last four years. The so called fiscal cliff will not be met head on, the approach will be one of extending some of the tax cuts now in place and a watered down strategy of fiscal prudence. Budget ceilings will come and go and the deficit will grow ever larger as the economic recovery will be considered far too fragile for any serious attempts at financial reform. All in all nothing has really changed, the slow motion train crash will continue and the fallout will affect everyone.
Gold Price to Soar Following Obama's Re-Election?
By Stuart Burns - OilPrice.com
The FT seems to think so, saying Barack Obama's election win is the "best possible result" for the gold price, as it is a vote for the status quo that has delivered a doubling in gold prices during his first term.
Not that the rise has been a steady progression. The gold price rose to a record in 2011 and has since traded within limits, making no ground for the last 12 months. The consensus is a combination of easy money and low interest rates, both of which are likely to persevere as far out as 2015, sets the scene for prices to rise towards year-end.
Gold Prices Rise as Safe-Haven Play
By Joe Deaux - TheStreet.com
NEW YORK (TheStreet) -- Gold prices moved higher Friday as investors continued to turn to the yellow metal as a safe-haven asset.
Gold for December delivery added $4.90 to settle at $1,730.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,739.40 and as low as $1,726.90 an ounce, while the spot price settled down $1.10, according to Kitco's gold index.
Bernanke's stamp on Fed could tie hands of successor
By Jonathan Spicer
NEW YORK | Sun Nov 11, 2012 8:12am EST
(Reuters) - President Barack Obama's next choice to head the U.S. Federal Reserve could have his or her hands tied if Ben Bernanke and company continue to re-write the policymaking rule book at their current clip.
Under Chairman Bernanke, who is expected to step down when his current term expires in January 2014, the U.S. central bank has embraced the goal of making the historically shrouded business of setting monetary policy far more transparent.
Obama: Extend middle-class tax cuts immediately Fiscal-cliff talks to start next Friday Speaker Boehner, President Obama both
dig in and talk compromise
By Robert Schroeder and Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Talks seeking a deal to avert the fiscal cliff of spending cuts and tax hikes will get under way at the White House next week after President Barack Obama Friday asked bipartisan congressional leaders to meet with him on the issue.
"The American people voted for action, not politics as usual. And in that spirit, I have invited leaders of both parties to the White House next week so we can start to build consensus around the challenges that we can only solve together," Obama said in a statement at the White House.
Coming of the Next Bubble with Thomas Woods 11/09/2012
Tom Woods, Senior Fellow of History at the Mises Institute, discusses his upcoming documentary, The Bubble. He also talks about the best education he ever received - and it wasn't his PhD from Columbia.
Republicans say deal can be done on U.S. "fiscal cliff"
By Alister Bull
WASHINGTON | Sun Nov 11, 2012 5:27pm EST
(Reuters) - A senior Republican senator voiced confidence on Sunday that U.S. lawmakers would forge a deal on the year-end "fiscal cliff," while a top aide to President Barack Obama signaled a willingness to compromise over raising tax rates on the rich.
Republican Senator Bob Corker said increasing tax revenues from wealthier Americans would have to be part of the plan, but he stressed closing loopholes rather than raising top tax rates as many Democrats favor, provided spending is also tackled.
It's Not a Fiscal Cliff, It's a Fiscal Fast
By Derek Thompson - TheAtlantic.com
Americans are fond of unrealistic new year's resolutions, especially regarding weight loss, and this year, Washington is in on the tradition. According to current law, the U.S. government has promised itself that it will slim the deficit by raising taxes by about $400 billion and cutting spending by tens of billions in 2013. This is the mother of all fiscal diet plans. It would shrink our budget shortfall so quickly that we'd fall into a short, sharp recession, according to the Congressional Budget Office.
World cannot afford second Fiscal Cliff
after Europe's failed attempt The Taxpayer Protection Pledge signed before witnesses by 238 US congressmen does not leave much wiggle room as the fiscal cliff arrives.
By Ambrose Evans-Pritchard - Telegraph.co.uk
It is a solemn oath to the American people -- under pain of political perjury -- crafted by my old friend Grover Norquist to block retreat.
Each member of the covenant vows to "oppose any and all efforts to increase the marginal income tax rate for individuals and business; and two, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates".
[UK] We've been on the back foot
with the EU ever since we joined Can we agree to lead separate lives – or must it be divorce?
By Roger Bootle - Telegraph.co.uk
Last week, the EU crisis was hotting up. Chancellor Merkel met Prime Minister Cameron amid a sense that Britain and the EU are drifting apart. Over here, a referendum on EU membership is in the air. Over there, exasperation with Britain is mounting.
As it happens, I was in the lion's den, addressing a group of MEPs. If you think that Westminster exists in a bubble, you should try Brussels.
For the 18th successive year, the auditors have failed to approve the EU's accounts. Meanwhile, the EU wants much more money.
The Tragedy Of The Euro! What About Germany?
By Brecht Arnaert - GoldSilverWorlds.com
2012 has been a year of great turmoil for the euro. But our economy is not the only thing that is in crisis. Our economic theory is too, and even more so: for decades macro-economic policy has been conducted within a Keynesian framework, and while no Keynesian economist has predicted this crisis, or even is able to explain it's causes, we are still listening to them today to get out of the mess they brought us into. I would say that this is a problem of legitimacy.
Greeks protest again as leaders vote on further budget cuts Tens of thousands voice anger
at second set of austerity measures in a week
By NATHALIE SAVARICAS - Indepencent.co.uk
Greece is expected to endorse a painful 2013 budget of further spending cuts demanded by its international creditors, as tens of thousands of demonstrators gathered in Athens to vent their anger at the government's handling of the financial crisis.
The budget, which includes cuts to pensions, wages and social services, is a the second of two crucial steps Greece has taken in the past week in an effort to persuade the International Monetary Fund and other eurozone countries to release the next €31.5bn tranche of bailout funds.
Is it worth it to sacrifice democracy in Greece
for German banker bonuses?
By Richard Fields - TYIllc.blogspot.com
As the Greece economy continues to spiral down under the burden of its excess private and sovereign debt, democracy in Greece threatens to become a casualty.
I find this particularly troublesome because it would be easy to save Greece. Adopt the Swedish Model and require the banks to recognize upfront the losses on all the private and sovereign Greek debt.
The decision to save Greece comes down to how you answer the question of is it worth it to sacrifice democracy in Greece for German banker bonuses?
Keiser Report: Wacko Wizard World (E365)
In this episode, Max Keiser and Stacy Herbert discuss central bankers and governments from Iceland to Argentina attempting to tilt the global pinball game so that the ball goes in the 'right' hole while 'invincibility' tattoos fail to protect from the guns and knives of financial weapons in the real world. In the second half, Max Keiser talks to Tuur Demeester of Macrotrends.be about the recent report from the European Central Bank suggesting they are concerned about the new breed of decentralized digital currencies threatening their seignorage rights. They also discuss the financial jungle of Argentina where capital controls and economic chaos prove a great testing ground for new currencies
GS concealed 8.6 billion position Goldman in settlement talks with U.S. over trading loss
By Rueters - Yahoo.com
(Reuters) - Goldman Sachs Group Inc is in settlement talks with the U.S. government over an $8.3 billion position that one of the investment bank's traders had concealed five years ago, according to a published report.
The Financial Times said a settlement with the U.S. Commodity Futures Trading Commission, which regulates U.S. futures and options markets, is expected in the coming weeks, citing two sources familiar with the plans.
The negotiation begins: Obama, Boehner dig in on taxes
By David Eldridge-The Washington Times
After sending signals this week that compromise was possible, both Barack Obama and John Boehner on Saturday reiterated their opposing positions on Saturday, with the president insisting on higher taxes on the wealthy and the Republican House speaker calling for tax code reform and overall lower tax rates.
President Obama, who has invited Mr. Boehner and other congressional leaders to join him in the White House next week to begin looking for a way to avoid the "fiscal cliff," the series of automatic spending cuts and tax hikes set to kick in at the end of the year, said part of that solution will require higher taxes for those making more than $250,000.
Boehner Is Bluffing The House Speaker has no leverage on the Bush tax cuts.
We should stop taking him seriously.
By Matthew Yglesias - Slate.com
Remember the famous scene from Raiders of the Lost Ark when Indiana Jones faces off against a guy who unsheathes a scimitar and wows the audience with his fancy swordsmanship--only to get shot in the chest by Indy? The swordsman—that's House Speaker John Boehner right now on the Bush tax cuts. Whether it's out of deference to the office, eagerness to have an interesting story to write about, or plain gullibility, every congressional reporter in town is now dutifully reporting on his negotiating strategy. But this fight is over. Boehner has brought a knife to a gunfight, only nobody seems to have told anyone in the conservative movement.
Compromise can save Obama from fiscal cliff "We're not as cynical as the pundits believe," proclaimed President Barack Obama last Wednesday. "We are greater than the sum of our individual ambitions."
By Liam Halligan - Telegraph.co.uk
When it comes to post-election oratory, few can match the 44thpresident of the US. Hoarse, even broken-voiced, after months of campaigning and the final desperate push, the most powerful person on Earth basked in the adoration of supporters in Chicago, as they reveled in his reelection.
As the crowd's roar hit fever pitch, Obama's rhetoric soared, his final sound-bite fitting snugly into television news bulletins across the globe, as was intended. "We remain more than a collection of red states and blue states," the re-confirmed president thundered. "We are, and forever will be, the United States of America."
Obama Needs Rainmaker to Steer Around Fiscal Cliff
By Albert R. Hunt - Bloomberg.com
There are striking parallels between Barack Obama's re-election victory last week and that ofGeorge W. Bush in 2004.
Both incumbents began with mediocre job-approval ratings; each had a political albatross: theIraq war for Bush, the economy this time; and both managed to define the race and the opposition before their slow-to-react challengers could. They both narrowly won, with about the same popular vote margin, though Obama did much better in the Electoral College.
The Next Trillion-Dollar Stimulus? It's Immigration Reform
By Jordan Weissmann - TheAtlantic.com
Thanks to the electoral drubbing Republicans took from Latino voters on Tuesday, it's looking increasingly likely Congress might actually tackle comprehensive immigration reform some time this year. House Speaker John Boehner suddenly likes the idea. Even Fox News' Sean Hannity is a convert.
That's delightful news for any number of reasons. If it happens, millions of hard working people will be able to step out of America's legal shadows. But almost as importantly, it might just give the U.S. economy a trillion-dollar shot in the arm, as explained in a report published by the left-leaning Center for American Progress in 2010.
Share This Massive List Of Post-Election Firings And Layoffs
With Everyone You Can
By Michael Snyder - TheEconomicCollapseBlog.com
The victory by Barack Obama on election night has resulted in a huge wave of firings and layoffs all over America. A large number of businesses seem to have suddenly shifted into panic mode. The number of layoff announcements that we have seen in the last 48 hours has been absolutely shocking. So why is this happening? Well, the truth is that the federal government is absolutely suffocating small businesses all over America with rules, regulations and taxes. If you have never tried to run a small business, then you have no idea how oppressive this system actually is for people that are trying to run small businesses successfully. It has steadily gotten worse over the years no matter who has been in the White House and no matter who has controlled Congress. So we shouldn't put 100% of the blame on Obama. Bush massively expanded government and made things harder on small business people too. But what many small business people were looking for on this election day was just a little bit of help. Many were desperately holding out hope that Obamacare would be repealed so that they would not have to get rid of some of their employees. Many were hoping to get a little bit of relief from the crippling regulations and taxes that are absolutely crushing them. But now that Barack Obama has been given another four years, they understand that there is no hope on the horizon and that things are only going to get worse. So they are making the hard decisions that they feel are necessary in order to survive in this economic environment.
Two million jobless set to lose unemployment benefits
By Tami Luhby - Money.CNN.com
NEW YORK (CNNMoney) -- More than 2 million jobless Americans will lose their federal unemployment insurance during the holidays if Congress doesn't extend the deadline to file for extended benefits.
And another 1 million who exhaust their state benefits will not be able to sign up for the federal program in the first quarter of 2013, according to the National Employment Law Project, an advocacy group.
'Fighting Poverty' by Bashing Park Avenue Rich
Blaming Park Ave.: Ch.13's Rich-Bash
By Ira Stoll - New York Post
An anonymous former doorman at 740 Park Avenue describes the Upper East Side building's residents as "detestable" and complains about their tipping habits and the behavior of their 12-year-old children. Someone else says "some rich people are just dicks."
Stephen Schwarzman, who gave $100 million to the New York Public Library and who built a firm, Blackstone, that directly employs 1,700 people, is described as "the poster child of capitalistic greed in the last 10 years."
FOODSTAMPS SURGE TO ALL TIME HIGH
by WARNER TODD HUSTON - Breitbart.com
The Obama administration has finally released its report on the number of Americans receiving food stamps. This report was released days after the 2012 election, nine days past its traditional release date. The numbers show that Americans on food stamps is at an all time high. Worse, the report shows the highest one month jump ever recorded.
You may recall that just before the election, the Obama administration announced that Hurricane Sandy was going to delay the release of October's jobless numbers. Many watchers of politics were suspicious about the possible delay in the release of October's unemployment figures since the proper release date was to come just before the presidential election. While the unemployment report was ultimately released on schedule and before the election, now we find out about another report, the food stamp report, delayed for nine days after its traditional release date. This report was also supposed to have been released before the election.
Retirement funds could boost econ
By JOHN CRUDELE - NYPost.com
Dear John: Why don't you take your idea of allowing one-time withdrawals from retirement accounts for housing and let us spend the money on anything — a new car, home repairs, debt reduction, etc.? I know the only thing that keeps me from tapping my accounts for consumption is the tax penalty. M.G.
Dear M.G. Nearly 10 years ago, an economist and friend of mine named Walter J. Williams and I proposed that people should be allowed to tap into their retirement accounts as another way of stimulating the economy. Despite the fact that our nation is in dire shape right now — and out of ideas — our proposal has gotten nowhere.
Samsung hits Apple with 20% price hike
By MarketWatch
Samsung Electronics , the world's largest technology firm by revenue, raised the price of mobile processor supplied to Apple Inc. AAPL +1.73% by 20% recently, Chosun Ilbo reported Monday, citing a person familiar with negotiations between the two tech giants.
"Samsung Electronics recently asked Apple for a significant price raise in (the mobile processor known as) application processor," the person was quoted as saying in the report. "Apple first disapproved it, but finding no replacement supplier, it accepted the (increase.)"
Rising number of states seeing one-party rule
By Keely Brazil-The Washington Times
Divided government still rules in the nation's capital after last week's Tuesday's vote, but unity is increasingly the name of the game in cities such as Annapolis, Topeka, Concord and Little Rock.
In a little-noticed footnote to last week's election, state legislature elections this year have produced the highest number of states with one-party rule in 60 years. Democrats or Republicans now have sole control of the governorship and both legislative chambers in 37 state capitals around the country.
U.S. Regional Clashes Behind Obama Versus Romney
By Colin Woodard - Bloomberg.com
Last week's election demonstrated, once again, that America's most essential and abiding divisions are not between red states and blue states, conservatives and liberals, or even the faithful and the secular. They're cultural, the result of differences that can be traced all the way back to the rival colonial projects established on our continent three and four centuries ago.
Interior proposal would limit commercial oil shale development on federal lands
By Zack Colman - TheHill.com
The Interior Department on Friday issued a final plan to close 1.6 million acres of federal land in the West originally slated for oil shale development.
The proposed plan would fence off a majority of the initial blueprint laid out in the final days of the George W. Bush administration. It faces a 30-day protest period and a 60-day process to ensure it is consistent with local and state policies. After that, the department would render a decision for implementation.
What Happens with Keystone Now that Obama is Back In?
By James Stafford - OilPrice.com
We are going to highlight two energy issues for you this week. The first, oil and gas in East Africa—because this is the hottest place right now and we can't get enough of it. The second, what everyone's talking about on the energy scene and follow the re-election of Obama—because we can't ignore it.
With East Africa in mind, we had a chance this week to interview Andrew McCarthy, CEO of Canadian juniorEmperor Oil, which has operations in Sudan.
The most interesting point to come out of this interview was the change in risk perception.
Second term gives Obama chance
to adopt new tone with lawmakers
By Amie Parnes - TheHill.com
President Obama has many motivations to strike a new tone as he begins his second term at the White House in January. Warmer relations with Congress, the business community, and other power players outside his tight inner circle could help him make tangible progress across the board before lame-duck status looms.
Obama has been criticized throughout his first term for being an aloof and distant figure. And lawmakers on both sides of the aisle have expressed disappointment that he hadn't reached out enough on the phone and in person.
An optimistic vision of Obama's second term
By Anatole Kaletsky - Reuters.com
President Barack Obama's re-election is good news for the world economy and financial markets. Of course a victory by Mitt Romney, unlikely though it was, might have been even better news, which is perhaps why stock markets fell sharply after the election. If Romney had won, his promised tax cuts and willingness to ignore budget deficits would have delivered a big stimulus to the U.S. economy and triggered a potential boom. But even without this fiscal boost, recent U.S. economic indicators, especially on housing, employment and bank lending, have pointed clearly in the right direction – and now there is every reason to expect these positive trends to accelerate.
Will Republicans Ever Win the Presidency Again?
By Ben Shapiro - PatriotPost.us
Will Republicans ever win the presidency again? In the aftermath of the reelection of the worst president since James Buchanan, the question must be asked. Clearly, the Republican Party is on the downswing. But why?
There are two easy answers. Neither of them is correct. The first answer is advanced by proponents of liberalism. They say that the 2012 election was an ideological election, the seminal, long-awaited decision of the American public to fully embrace their inner socialists. This argument posits that Mitt Romney was an extreme conservative, Barack Obama was an extreme liberal, and the American people cast their lot with the liberal.
President Obama Is The Second FDR, Not The Second Carter
By Mark Hendrickson - Forbes.com
I've thought a lot over the last few years about the axiom, "History doesn't repeat itself, but it rhymes" (often attributed, though not definitively, to Mark Twain). The question to me was whether the presidency of Barack Obama would "rhyme" with that of Jimmy Carter or Franklin Roosevelt. Given Tuesday's election results, FDR is the more apt precedent.
A Man Without a Plan
By Robert J. Shiller - Project-Syndicate.org
NEW HAVEN – During the United States' recent presidential election campaign, public-opinion polls consistently showed that the economy – and especially unemployment – was voters' number one concern. The Republican challenger, Mitt Romney, sought to capitalize on the issue, asserting: "The president's plans haven't worked – he doesn't have a plan to get the economy going."
Nonetheless, Barack Obama was reelected. The outcome may reflect the economy's slight improvement at election time (as happened when Franklin Roosevelt defeated the Republican Alf Landon in 1936, despite the continuing Great Depression). But Obama's victory might also be a testament to most US voters' basic sense of economic reality.
Nothing's impossible I have found,
For when my chin is on the ground,
I pick myself up,
Dust myself off,
Start all over again.
-- From the 1936 movie "Swing Time"
WASHINGTON -- Conservatives should jauntily sing as Fred Astaire and Ginger Rogers did in a year in which the country's chin was on the ground. Conservatives are hardly starting from scratch in their continuing courtship of an electorate half of which embraced their message more warmly than it did this year's messenger.
The election's outcome was foreshadowed by Mitt Romney struggling as long as he did to surmount a notably weak field of Republican rivals. His salient deficiency was not of character but of chemistry, that indefinable something suggested by the term empathy. Many voters who thought he lacked this did not trust him to employ on their behalf what he does not lack, economic understanding.
Romney the Great Manager?
Not Nearly as Good as Obama, the Election Proved
By Frederick E. Allen - Forbes.com
In the days since the election we have learned that PresidentBarack Obama's campaign had an amazingly advanced and disciplined ground game that knew just what precincts and even voters to target and how to target them, based on polling information that predicted how the vote was going with uncanny precision. Yet Mitt Romney was the man running as the experienced manager, the man whose years running a business uniquely qualified him to run the biggest, most complex organization on earth, the federal government. That was his main, most consistent claim to the office. Now it looks more as if, though he may have been very good at buying and selling companies and extracting profit from them, he wasn't nearly as good at heading an effective complex organization as President Obama.
The Republican Party:
The death of America's angry white man If the GOP wants to win next time, its leaders need to wrest power from the Tea Party fringe and embrace the changes in the US
By RUPERT CORNWELL - Independent.co.uk
They truly expected Mitt would win. Not just the right-wing talk-show hosts and the dedicated Republican pundits living in their parallel universe, but the top campaign brass, even the candidate himself, who had prepared only a victory speech. That incidentally may explain the brevity and grace of Romney's concession in Boston on Tuesday night. In the event, nothing became him in defeat so much as the way he took it.
And it wasn't just a defeat, it was a big one, whose dimensions were a surprise even to many Democrats: over 2 per cent in the popular vote and a crushing 332 votes to 206 in the electoral college, in what is supposed to be a 50/50 country. And this in a year when the struggling economy was the main issue, and Republicans were fielding a candidate whose selling point was his economic and business expertise. What went wrong?
'People Are Afraid of Change' Republicans got complacent. Now it's time to rethink.
By Peggy Noonan - PatriotPost.us
President Obama did not lose, he won. It was not all that close. There wasenthusiasm on his side. Mitt Romney's assumed base did not fully emerge, or rather emerged as smaller than it used to be. He appears to have received fewer votes than John McCain. The last rallies of his campaign neither signaled nor reflected a Republican resurgence. Mr Romney's air of peaceful dynamism was the product of a false optimism that, in the closing days, buoyed some conservatives and swept some Republicans. While GOP voters were proud to assert their support with lawn signs, Democratic professionals were quietly organizing, data mining and turning out the vote. Their effort was a bit of a masterpiece; it will likely change national politics forever. Mr. Obama was perhaps not joyless but dogged, determined, and tired.
Resignation Followed FBI Probe Into Email: Reports
By TheStreet Staff
WASHINGTON (TheStreet) -- Former CIA Director David Petraeus' resignation Friday over an extramarital affair followed an FBI probe into whether another person was using his Gmail account, according to published media reports.
The FBI came to believe that the woman with whom he was having the affair -- or someone she knew -- had tried to gain access to Petraeus' email account, The Wall Street Journal reported, citing anonymous sources briefed on the matter.
Israel fires 'warning shot' missile
into Syria after mortar hits Golan Heights
By DAN WILLIAMS - Independent.co.uk
The Israeli military has fired a missile into Syria, the first time Israel has been drawn into the fighting in the neighbouring country.
The military said it fired the missile as a warning shot today after a stray mortar from Syria hit a military post in the Golan Heights.
Israel captured the area from Syria in the 1967 war, known as the six-day war, and subsequently annexed it.
The military says no damage or injuries were reported inside Israel.
Iran warns U.S. over drone incident
By Kristina Wong-The Washington Times
Iran issued a bellicose warning to the U.S. over the weekend, after American officials disclosed last week that the Islamic republic had tried to shoot down a U.S. drone in international airspace near the Iranian coast on Nov. 1.
"Yes, we opened fire, and it was with warning shots. If they do it again, they can expect an even stronger response," said Gen. Amir-Ali Hadjizadeh, adding that the drone entered Iranian airspace and "had to turn around because of the immediate reaction by fighters of the Revolutionary Guards."
Iranian Aircraft Shoot At Unarmed US Predator Drone in International Waters
By Joao Peixe - OilPrice.com
The Pentagon has just announced that one of its unarmed, unmanned MQ-1 Predator drones was fired upon by Iranian aircraft whilst performing routine surveillance in international waters, 16 nautical miles off the Iranian coast.
George Little, a spokesman for the Pentagon, stated, "we believe this is the first time an unmanned aircraft has been shot at over international waters in the Arabian Gulf." The drone wasn't hit and managed to return to is base safely.
Gold could not have asked for a better outcome in US elections
NEW YORK (Commodity Online): The combination of United States congressional and presidential elections resulted in the best result possible for gold, said Zurich based bank UBS in a snippet.
The Swiss bank also suggested that the yellow metal began to pre-empt President Obama's re-election during a run-up in prices on Tuesday. While Obama won another term, Democrats kept control of the Senate and Republicans of the House of Representatives.
Commie Gold!
By Addison Wiggin - DailyReckoning.com
The city is on lockdown. Street vendors are closed. Taxi drivers have been ordered to seal their windows to prevent seditious material from being leafletted in the main square.
Known troublemakers? Locked up… just in case.
Another G8 or NATO summit in the West? Heh. No, it's the once-every-decade gathering of the Chinese Communist Party's congress. The event starts today… and could have immediate ramifications on U.S. Treasuries, the U.S. dollar and, by extension, the price of gold.
The Gold Standard is not Synonymous with Freedom
By CULLEN ROCHE, Pragmatic Capitalism - PragCap.com
A lot of people didn't like my recent article about fiat money. That was to be expected. And the usual arguments were trotted out. The old "it takes two people to support a family". And then the "fiat is synonymous with corrupt governments". First of all, those statements aren't totally false. But let me elaborate.
If you really wanted to live like you're in the 1950′s you could most likely survive very easily on one salary. Try this. Get rid of your McMansion and move into a cottage with no AC, no heat, no microwave, etc. (okay, that's extreme, but you get the point hopefully – we live in suped up houses these days where the technologies are far superior to those of the 50s). Then massively downsize your home and add an extra occupant. Then get rid of your flat screen TVs, cell phones, cars, computers and technological items that you love. Okay, some of that is unnecessary, but you get the point. The reason why we need two salaries to survive in today's world is because we demand that much more from our lives. We want all the best toys, the best educations, the best roof over our head. These things aren't free obviously. And as a result of two working heads of household, we are able to provide much better living standards to our families than we did in 1950. Don't trust me? Seriously, live the 1950′s lifestyle and let me know if you can get by. You probably won't last a week.
Peter Schiff About Infinte Inflation
And The Safe Havens Gold & Silver
Gold Silver Worlds
In his latest article, Peter Schiff explains the negative effects of interventions of monetary stimulus by the central bank. In particular, inflation is the result of money printing and although governments claim inflation is under control, it is an inevitable effect longer term. It is shortsighted to think that monetary interventions come without (negative) effects. The acclaimed decline of unemployment by the creation of money is not realistic in Peter Schiff's opinion. Obviously a lot of other thinkers and commentators share the same view.
After the announcement of QE3 (also dubbed "QE Infinity") created yet another round of media chatter about a recovery, the Fed's Open Market Committee has decided to push infinity a little bit further. The latest move involves the rolling over of long-term Treasuries purchased as part of Operation Twist, thereby more than doubling QE3 to a monthly influx of $85 billion in phony money starting in December. I call it "QE3 Plus" – now with more inflation!
For Third Year In A Row, Gold Outperfoming Stocks
Submitted by Tyler Durden - ZeroHedge.com
Year-to-Date, the S&P 500 has just dropped back below Gold...Gold's performance year-to-date just surpassed that of the S&P 500 once again. If this remains the case into year-end, this will be the third year in a row that Gold has outperformed stocks. Looking forward, which 'asset' would you choose - Stocks with an implied volatility of 17% or Gold at 15.75% to the end of the year? Sharpe Ratio anyone? Perhaps asking your 'asset allocator' what his weighting is based on will be a worthwhile conversation - with the outperforming returns (past is not a predictor of the future - and noone knows) but lower forward risk expectations?
$100 Silver! Yes, But When?
By GE Christenson - GoldSilverWorlds.com
There are many predictions for the price of silver. Some say it will crash to nearly $20, and others proclaim $100 by the end of 2012. The problem is that some predictions are only wishful thinking, others are obvious disinformation designed to scare investors away from silver, and many are not grounded in hard data and clear analysis. Other analysis is excellent, but both the process and analysis are difficult to understand. Is there an objective and rational method to project a future silver price that will make sense to most people?
The Invisible Experiment With Money And Gold
By Michael MacDonald
and Christopher Whitestone - GoldSilverWorlds.com
The markets are completely bought and paid for, corrupt, and manipulated … "a farce". We are in a corruption bubble, the largest corruption bubble the world has ever seen in modern history and perhaps in all history. This is the first time that the world has been united within instant communication, instant information, instant deposit or receipt of funds into any bank account or financial institution. Michael says: "I believe that we are already a one world order. I actually think we are already there, electronically certainly. I also think that a lot of the debates, wars and conflicts are manufactured, very similar to the presidential debates which are also manufactured. I believe we live in a one-world system, which financially is already completely manipulated."
Keiser Report: Triple-Dip Recession Nightmare (E364)
In this episode, Max Keiser and Stacy Herbert discuss Goldfinger at the New York Fed in Lower Manhattan where Germany's gold did not dissolve in the Hurricane Sandy floods, but $13 trillion in paper assets did. They also discuss Treasury secretaries and Goldman CEOs as the stuff of nightmares. In the second half, Max Keiser talks to Ned Naylor-Leyland about Germany's gold, JP Morgan's shorts and Bart Chilton's 'investigation.'
Business leaders beg for a political truce
By Tim Devaney-The Washington Times
With election-year politics in the rearview mirror, the business community called Wednesday for a "cease-fire" between the White House and a divided Congress, in hopes that leaders of both parties will come together to deal with the so-called "fiscal cliff" before it's too late.
Business leaders say striking a deal before year's end would give them the certainty needed to increase hiring, but not doing so would slow growth and potentially send the economy into another recession.
CEO Drumbeat for Tax Reform Grows Louder
By: Justin Menza - CNBC.com
Following President Obama's re-election on Tuesday, CEOs, investors and other business leaders are pushing for Congress and the president to reach a deal on the looming "fiscal cliff" and corporate-tax reform.
On Thursday, ratings agency Standard & Poor's warned there was a 15 percent chance the U.S. could go off the fiscal cliff— when automatic tax hikes and spending cuts kick in at the end of the year. According to estimates from the non-partisan Congressional Budget Office, going off the cliff could take $600 billion out of the economy and cause a recession.
Why Should Obama Compromise on Taxes?
By Robert Wright - TheAtlantic.com
To judge by this story in the Washington Post, you'd think House Speaker John Boehner is ready to lead Republicans toward a new era of bipartisan cooperation:
Republicans are "willing to accept new revenues," Boehner said, suggesting he is willing to break with the orthodoxy of many influential Republicans out of a desire to "do what's best for our country."
But it turns out that by "new revenues" Boehner isn't referring to President Obama's plan to raise tax rates on the rich. Rather, like Mitt Romney, Boehner is a fierce champion of conveniently-unspecified-magical-loophole-closing.
California Voters Approve Higher Taxes
[Google title for free article pass]
BY VAUHINI VARA - WSJ.com - $$
SAN FRANCISCO—In approving a ballot measure sought by Gov. Jerry Brown to raise taxes for several years, Californians took a step toward improving the state's fiscal situation and avoiding education cuts.
According to the California Secretary of State's website, 53.9% of voters backed the measure, Proposition 30, while 46.1% voted against it, with all votes counted except for provisional and some mailed-in ballots.
Fiscal cliff forecast: Bad now, worse later Budget analysts warn all options will be painful
By Stephen Dinan-The Washington Times
As Congress prepares to try to negotiate ways to avoid the fiscal cliff, its own scorekeeper has some stark analysis: There will be pain no matter what, but ducking choices now will mean an even worse situation by the end of the decade.
In two reports Thursday, the Congressional Budget Office laid out some of the options facing Washington as lawmakers return next week for a lame-duck session of Congress. But the CBO said that no matter what Congress does, the economy in the short term will struggle.
Obama to make public statement on 'fiscal cliff'
By Amie Parnes - TheHill.com
Fresh off his reelection win, President Obama will address the economy on Friday and the action Congress can take to reduce the deficit.
Delivering a statement in the East Room of the White House, Obama is expected to discuss the tax increases and spending cuts that are set to take effect in January, and will likely urge Congress to take action on both. He is not likely to put forward a new plan.
CBO lays out 'fiscal cliff' costs
By Erik Wasson - TheHill.com
The nonpartisan Congressional Budget Office (CBO) on Thursday laid out in substantial detail the costs of not dealing with the so-called "fiscal cliff."
CBO had already estimated that going over the cliff would spark a recession, while simply voiding the tax and spending increases would add trillions to the debt. But the new study breaks down the costs and benefits of allowing various parts of the fiscal cliff to remain in place.
Obama Victory: Increased Gold and Silver Storage
in Zurich and Asian Capitals
BY MARK O'BYRNE - FinancialSense.com
....Many analysts believe that President Obama's re-election is the "best- case" scenario for precious metals due to implications for monetary and fiscal policy. Obama faces chronic high unemployment, weak economic growth and the upcoming fiscal cliff, not too mention very difficult geopolitical challenges in the form of Israel, Iran, Russia and China.
Today, The European Central Bank has its rate decision at 1245 GMT and they are expected to leave rates unchanged.
James Turk on the Central Bank Gold Heist
and Bundesbank Accounting Shenanigans!
A recent public debate has centered around the safety of Germany's gold deposits outside of the country. Recently a member of the Bundesbank's executive board, Dr. Andreas Dombret, addressed this issue a speech. According to the text, Dr. Dombret said this discussion is driven by "irrational fears," while acknowledging "gold is important." James Turk, chairman and founder of Gold Money, says the question of "where the Bundesbank's gold is" remains relevant and argues Germany should repatriate this gold given that the precious metal is one of the "pillars of a country's sovereignty." Mr. Turk goes on to explain in detail how a central bank's gold, specifically the Bundesbank's, isn't really accounted for in a way that conforms with generally accepted accounting principles.
GERMAN CALLS FOR GOLD REPATRIATION INTENSIFY
AS FED REFUSES TO ALLOW INSPECTION
SilverDoctors.com
Calls for Germany to repatriate its 1,536 tons of gold reserves held at the NY Fed are intensifying as Der Spiegel reports the Federal Reserve has refused to allow German inspectors to even view the country's massive gold reserves "in the interest of security and of the control process".
We have stated repeatedly that with repatriation and/or audit requests completed or in progress by Venezuela, Germany, Switzerland, and the Netherlands, The BOE and the Fed suddenly find themselves in a heap of trouble as the situation (and confidence that the Central banks actually still hold the tungsten gold reserves on deposit) is rapidly deteriorating.
The Greek books are still being cooked This week saw yet more austerity measures voted by the Greek parliament for yet another bail-out that won't be repaid
By Jeremy Warner - Telegraph.co.uk
While all eyes were focused on the US presidential race, Europe has been busy cooking up another fudge over Greece. Now in its sixth year of recession, with spiralling joblessness and an administrative system close to collapse, this is a country in a truly desperate state.
Despite their troubles, or perhaps because of them, the Greeks still cling to the euro as a last vestige of modernity and European solidarity. About the only thing they can agree on is that they don't want to leave Europe's monetary union, even though it can reasonably be seen as the root cause of so many of their woes. A currency that seems to offer only boom and bust in equal magnitude is bizarrely viewed as the one hope of resolving Greece's myriad problems.
Greece passes austerity bill despite clashes
BY VALENTINA POP - EUObserver.com
BERLIN - The Greek Parliament early Thursday (8 November) narrowly adopted an austerity package needed to unlock the next bailout tranche, despite a general strike and violent clashes with riot police.
On the eve of the vote, over 100,000 people took to the streets in the Greek capital, with Syntagma square again the scene of violent clashes with riot police.
We Aren't In Kansas Anymore
By Mark J. Grant - ZeroHedge.com
While the citizens of Athens rioted and threw Molotov Cocktails outside of their Parliament the elected officials narrowly passed the new austerity measures demanded by the Troika last night. They have a budget vote left, likely to be passed, and then the focus will shift to the IMF and the European Union and whether they will fund and how it will be done. The Greek government says it will run out of money on November 16 and the country has debt payments to be made on November 21. Last night's vote in Athens was only the first page in the current chapter and there are a number of open questions left. Prepare for the European 'fiscal cliff'..
Cyprus expects EU bailout deal next week
BY ANDREW RETTMAN - EUObserver.com
BRUSSELS - With Greece (twice), Ireland , Portugal and Spain (its banks) already on the list, Cyprus expects to clinch an EU bailout of up to €15 billion next week.
Negotiations on details of the rescue start in Nicosia on Friday (9 November).
A "troika" of international lenders - the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) led by commission official Maarten Verway - landed in the Cypriot capital on Thursday.
Obama's Back In: Does He Succumb To Popular (Ignorant?) Opinion Like The Europeans Or Make The Tough Choices
by Reggie Middleton - ZeroHedge.com
Many have asked me if I believe in austerity measures or the Keynsian approach of spending out of recession. I have stated, time and again, that the question is loaded - hence the answer can never be sufficient. When you are trying to go from your home to the market across town in a crowded urban environment, you cannot make the trip successfully by deciding ahead of time that you are just going to make left turns (austerity? Austrian?) or right turns (stimulus? Keynsian?). You come to an intersection and you make the turn that's necessary to get you where you want to go. It might sound overly simplistic and common, but I'll be damned if common sense is one of the most uncommon things I've come across over the last 7 years or so!
Fed Chairman Ben Bernanke Re-Elected Obama The Republican who re-elected Obama Bush-appointed Federal Reserve Chairman Ben Barnanke kept recovery on course.
By Alan Draper, USA Today
In 2008, President Obama owed his election, at least in part, to three people: Michael Jackson, Michael Jordan and Oprah Winfrey. They made it easier for whites to judge Obama on his merits and not by the color of his skin because these black cultural icons had come before him into every home in America.
It was harder for whites to hold Obama's race against him when their sisters grooved to Michael Jackson, their brothers wanted to be like Mike and their mothers shared afternoons with Oprah Winfrey. These black celebrities prepared the ground for a black presidential candidate to ask whites for their vote.
Axelrod: Election shows PACs 'can't buy the White House'
By Amie Parnes - TheHill.com
Obama campaign senior strategist David Axelrod said Thursday that if he were a Republican billionaire who donated to a conservative super-PACs during this election, he would want his money back.
Speaking to reporters on a conference call two days after Obama won reelection, Axelrod said one key takeaway of the presidential race and other congressional races, is the ineffectiveness of the super-PACs.
Adviser: Romney "shellshocked" by loss
By JAN CRAWFORD / CBS NEWS
BOSTON, MASS. Mitt Romney's campaign got its first hint something was wrong on the afternoon of Election Day, when state campaign workers on the ground began reporting huge turnout in areas favorable to President Obama: northeastern Ohio, northern Virginia, central Florida and Miami-Dade.
Then came the early exit polls that also were favorable to the president.
America Has Shifted To The Left And The Culture War Is Over
By Michael Snyder - EndOfTheAmericanDream.com
Election day 2012 showed once again that America is moving steadily to the left. Yes, Barack Obama defeated Mitt Romney, but the underlying dynamics run much deeper than that – especially when you take a look at social issues. Older voters are more conservative when it comes to social issues, but they are slowly dying off and being replaced by younger voters that tend to be much more liberal. So on a whole host of controversial social issues including gay marriage, abortion, immigration and drug legalization we are seeing a dramatic shift take place. The American people as a whole are rejecting traditional values and are embracing a more "progressive" view of morality that is being promoted by our education system, the entertainment industry and the federal government. Those that want to cling to the morality of the past are being told that they "are on the wrong side of history" and that they need to come into the 21st century. On election night I spent a lot of time watching CNN, and even their "conservative pundits" were trashing those that still believe in traditional values. Sadly, it is likely that those that believe in traditional values are going to have a harder and harder time trying to win national elections. It is much easier to get people to change their minds about economic issues or foreign policy issues than it is about fundamental questions of right and wrong. The demographic tidal wave that is pushing America to the left is not going to stop, and it would literally take a miracle to see this country start to move back in the direction of traditional values.
Why Rush is clueless Hey, Rush Limbaugh:
'Starting an Abortion Industry' Won't Win You Female Voters
By Matt Taibbi - RollingStone.com
Like a lot of people, I listened to Rush Limbaugh the day after the election. Pure Schadenfreude, I admit it; I just wanted to hear the reaction. I searched the right-wing media landscape far and wide and tried to find even a hint of self-examination, self-criticism, and I didn't find much. Then again, they didn't lose the presidential vote by much, so they didn't take the election result as a total repudiation of their belief system, as they probably shouldn't have, anyway.
JPMorgan Banks on Food Stamps
Truthdig.com
Twenty-six states have "outsourced" the provision of food stamps to JPMorgan; the GOP has no need to despair, seeing as Obama acts like a moderate Republican; meanwhile, new research shows that Britain has invaded 90% of the world. These discoveries and more below.
Can Obama Create Main Street Jobs in 2nd Term?
AP - CNBC.com
President Barack Obama's successful re-election to a second term is sinking in. No matter who small business owners voted for, the election takes away some of the uncertainty that small business owners have been carrying around. The question now is whether Obama can satisfy those who say he hasn't done enough to help them expand and create jobs.
During Obama's first term, the president pointed to steps he took to help small companies, such as proposing the Small Business Jobs Act of 2010 that cut taxes for small companies and made it easier for them to obtain federally guaranteed loans. These steps have helped some small businessesstart their recovery from the recession.
Two-Tier Global Housing Market Could Lead to Bubble: Goldman
By: Shai Ahmed - CNBC.com
A two-tier housing market amongst developed economies has sprung up as some countries have rebounded faster from the global financial crisis than others, according to new research by Goldman Sachs, which warns the situation could lead to several bubbles.
In a report titled: "Just don't look down some house markets are flying again" Goldman argues easy money policies by the world's major central banks has had a ripple effect on countries which have avoided the worst of the global financial crisis, boosting their house prices.
Layoff bomb detonates;
Large corporations join small businesses
in announcing mass cuts
by Twitchy Staff
Earlier today, Twitchy related some heartbreaking stories of small business owners laying off workers to avoid the economic impact of the Obamacare tax that isn't a tax. Comedian Jon Lovitz, a small business owner himself, was no barrel of laughs either as his timeline filled with stories of impending downsizing. So, what about those big corporations? Boeing's defense division announced yesterday it would cut 30 percent of management staff, and the company was not alone, we're learning.
Businesses brace for Obamacare Obamacare Is Here to Stay. Now What?
By: Burt Helm, INC - CNBC.com
The Affordable Care Act withstood many trials on its way toward becoming reality, from epic congressional battles, to a pivotal Supreme Court ruling, to — finally — yesterday's Presidential election.
Obama's reelection means his health-care reform act has dodged its last bullet, and the age of universal mandates, penalty taxes and tax credits will almost certainly go into effect, although probably not exactly as scheduled on Jan. 1, 2014.
Boeing Announces Big Layoffs in Defense Division
Reuters - CNBC.com
Boeing announced a major restructuring of its defense division on Wednesday that will cut 30 percent of management jobs from 2010 levels, close facilities in California and consolidate several business units to cut costs.
The company told employees about the changes on Wednesday, in a memo obtained by Reuters and confirmed by Boeing.
The Unequal Reality of America's Jobs Recovery Where you live, what you do, what race you are, and what level of education you've attained continue to shape Americans' employment prospects
By Zachary Karabell - TheAtlantic.com
Today's U.S. Labor Department report on jobs confirms what we've known for more than a year: We have entered a new normal for jobs, with marginal gains, marginal losses and higher levels of unemployment becoming the unfortunate norm.
It also confirms that where you live, what you do, what race you are and what level of education you've attained profoundly shape your employment prospects. In spite of claims of a youth unemployment crisis and ample anecdotes about a punishing job markets for recent college grads, there is - statistically - no job crisis for the college-educated, with their unemployment rate hovering around 4 percent. That contrasts with the national average of 7.9 percent and an average in the mid-teens for those with a high-school degree. For African Americans of any education level, the rate is 14.3 percent; for Hispanics, 10 percent; for Asian Americans, 4.9 percent. If you live in Nebraska or North Dakota, the jobless rate is less than 4 percent, thanks to robust prices for grains and corn and the oil and gas of the shale revolution. If you live in Oklahoma, Iowa, Minnesota or Kansas, the rate is below 6 percent. But in California, Nevada or New Jersey, it is at or above 10 percent.
Gerald Celente - Alex Jones Show - November 6, 2012
Best Criminal on The Block Became President
The Trends Journal® is the World's #1 source for the most important trends that are shaping the future. The Trends Journal® shows you how these trends will affect your life, how to profit from them, and what to do to avoid pitfalls. Regardless of business or profession, the Trends Journal® provides insights, strategies and opportunities to help you navigate these treacherous, unprecedented times.
What Apple Dumping Intel Could Mean Commentary: Could roil through industry if others mimic Apple
By Therese Poletti - MarketWatch.com
SAN FRANCISCO (MarketWatch) — If Apple Inc. really dumps Intel Corp. as its provider of chips for the Macintosh family of computers, the move could be a harbinger of things to come for the PC industry and bad news for the semiconductor giant.
Earlier this week, Bloomberg reported that Apple is exploring ways to replace Intel's processors in the Macintosh, which Apple has been putting in the Mac since 2005. The report said that such a move, if it happens, would probably not occur until about 2017.
Nasa intend to establish a manned outpost on the Moon, according to experts
By JAMIE LEWIS - Independent.co.uk
Nasa is likely to announce new plans to send astronauts back to the moon following the outcome of the US presidential race, according to reports.
Space policy expert John Logsdon, claims that such plans were kept under wraps in case Mitt Romney, who lost to the incumbent Barack Obama, won earlier this week.
In an interview with space.com, Logsdon claimed Nasa intend to establish a manned outpost on the Moon with a view to visit an asteroid in 2025.
China's Hu Jintao clings to socialist economy
in Mao nostalgia speech China's Communist Party is to stick "unswervingly" to state control over Asia's largest economy, dashing hopes for deep free-market reform over the next decade.
By Ambrose Evans-Pritchard - Telegraph.co.uk
President Hu Jintao opened the 10-year power handover with a clear warning to modernizers that Beijing will not give up control over the commanding heights of industry and commerce.
In a valedictory state of the nation address after a decade in power - called "Firmly march on the path of Socialism" and delivered beneath a huge hammer and sickle - he insisted that "public ownership is the mainstay of the economic system" and warned that the party must "resolutely not follow Western political systems".
Keiser Report: Rip It Up & Start Again! (E363)
In this episode, Max Keiser and Stacy Herbert discuss electing 'powerless' governments which then proceed to rip up social contracts and illegally transfer debts to private citizens, who, in turn, accept the 'moral responsibility' to keep the corporate welfare Queens rolling in their sacrosanct perks. In the second half, Max Keiser talks to Simon Rose of SaveOurSavers.co.uk about the attempt to try capitalism without capital and how the erosion of savings is costing the economy not only capital but jobs and growth.
Religion and Voters in 2012 Traditional believers did their part for Romney on Tuesday, at levels comparable to 2004.
By MARK TOOLEY - Spectator.org
Whatever the reasons for Mitt Romney's defeat and Barack Obama's victory, it cannot be faulted on traditional religious voters, who seem to have voted in force.
As predicted in a pre-election Pew polls and elsewhere, traditional Catholics and evangelicals seem to have repeated their 2004 high water of support for the Republican presidential nominee. Exit polls showed that white evangelicals, who were 26 percent of total voters, rehashed their 2004 level of support for George W. Bush, supporting Romney by 79 percent to 21 percent. In 2004 white evangelicals were 23 percent of the electorate, sparking fears of impending theocracy by some on the Left.
Why This Election Is Much Less Satisfying (or Harrowing)
Than You Thought It Would Be Winning is much less satisfying when the other side doesn't concede it was wrong, for one.
By Libby Copeland - TheAtlantic.com
If you're the sort of person who lives and breathes elections -- and if you're reading this, there's a good chance you are -- you probably had a deep emotional investment in this one. You might have predicted that you'd be impossibly elated or horribly depressed in its aftermath. Expecting that is natural, but as it turns out, it's also wrong.
Daniel Gilbert, the Harvard researcher in happiness studies, has shown repeatedly how crummy human beings are at predicting what will make us feel good. Again and again, we suffer from something called "impact bias," in which we overestimate how much influence a particular outcome (like winning the lottery or becoming a paraplegic) will have on our mood. And the presidential election is no exception, as Gilbert and colleagues found when they tested this theory on the Bush v. Gore showdown.
The Right Is Crippled -- Now Let's Make Sure Dems
Don't Sell Out Social Security and Medicare The delirium of liberals this morning is understandable. By all rights, they should expect to be a more powerful force in Washington. But what are they going to get from it?
By Glenn Greenwald - Alternet.org
The greatest and most enduring significance of Tuesday night's election results will likely not be the re-election of Barack Obama, but rather what the outcome reflects about the American electorate. It was not merely Democrats, but liberalism, which was triumphant.
Republican defeat has conservative factions
fighting for party control Tea Party says Romney was too moderate while leaders like Marco Rubio urge outreach to minorities as path to success
By Ewen MacAskill in Washington - The Guardian
The election may yet be remembered less as the day Mitt Romney lost the presidency and more as the day the Republican party died, at least in the shape that has existed for decades.
The post-mortem into Tuesday's disastrous election results was already under way Wednesday. There was near consensus that the party needs a drastic overhaul. Does it move further to the right or to centre? Does it reach out to women, the young and minorities, eating into the Democratic coalition?
Where Republicans and Conservatives Went Wrong By their silence they in effect accepted Obama's blaming it all on what he inherited from Bush.
By PETER FERRARA - Spectator.org
The American people lost literally trillions in the financial crisis, in home values, in stock values, and in lost jobs and wages. Obama had a narrative as to what caused the financial crisis. It was Bush's, and maybe even Reagan's, tax cuts, and Republican deregulation. And the argument that won the election for Obama in my opinion was that Romney just wanted to go back to the same policies that caused the financial crisis (the mess we are in) in the first place.
Rep. Berman rumored
for secretary of State job after losing California seat
By Julian Pecquet - TheHill.com
The list of rumored replacements for secretary of State Hillary Clinton has a new name following Rep. Howard Berman's (D-Calif.) defeat Tuesday night.
Berman, a 15-term lawmaker who lost his reelection bid in California's redrawn 30th Congressional District, is drawing support from an array of lawmakers — including the Democrat who beat him, Rep. Brad Sherman.
Iranian fighter jets fired on US drone, Pentagon confirms US-Iran tensions grow as defence officials say US will continue to conduct surveillance flights in Persian Gulf
By Tom McCarthy in New York - Guardian.co.uk
Iranian fighter jets fired on a US drone over the Persian Gulf last week, missing the unmanned aircraft, the Pentagon has said.
The Predator drone, which was reportedly unarmed, photographed the 1 November incident with still and video cameras, Pentagon officials told CNN, which first reported the attack.
The Washington Post said the drone was very close to the Iranian coastwhen it was shot at.
Iranian jets fire on U.S. drone
By Barbara Starr - CNN.com
Two Iranian Su-25 fighter jets fired on an unarmed U.S. Air Force Predator drone in the Persian Gulf on November 1, the Pentagon disclosed on Thursday.
The incident, reported first by CNN, raised fresh concerns within the Obama administration about Iranian military aggression in crucial Gulf oil shipping lanes.
The drone was on routine maritime surveillance in international airspace east of Kuwait, 16 miles off the coast of Iran, U.S. officials said. The Predator was not hit.
Hope, Change & Gold
BY ADRIAN ASH - FinancialSense.com
Gold doesn't mind a bit of hope or change. It doesn't care about anything much, what with being just an inert metal and all.
But those people who buy gold tend to fear for the future, and they fear the change it might bring. At the very least they are anxious. Gold offers insurance, whether to Western savers trying to second-guess interest rates or the stock market, or to Asian households suddenly able to make discretionary savings each month from their small, but growing income.
Four more years of precious metals
as the top performing asset class?
By: Peter Cooper - GoldSeek.com
With President Obama safely back in the White House investors in precious metals can justly feel that the president's promise that 'the best is yet to come' is aimed at them. For gold and silver outperformed every other asset class in his first term, and there is nothing like political continuity.
Investors in precious metals have pretty much doubled their money since Mr. Obama was first elected. In that same timeframe US equities have been on a roller-coaster ride to nowhere. Bonds have done better but nowhere near as good as gold and silver.
We're Not in 1980 Anymore Obama didn't win on turnout alone. Our country has changed.
By AARON GOLDSTEIN - Spectator.org
For months, conservatives have been likening the conditions of the 2012 presidential race to that which saw the election of Ronald Reagan in 1980. The American Spectator's own Jeffrey Lordproclaimed that President Obama could be beaten handily "because the past four years really have been Jimmy Carter's second term."
Victor Davis Hanson of National Review Online put it this way:
What does 1980 tell us about 2012? Barack Obama, like Carter, can run neither on his dismal four-year stewardship of the economy nor on his collapsing Middle East policy.
Obama's Victory Should Settle a Bitter Argument
By E.J. Dionne, Jr. - Trughdig.com
WASHINGTON—President Obama's re-election was at once a deeply personal triumph and a victory for the younger, highly diverse and broadly progressive America that rallied to him. It was a result that ought to settle the bitter argument that ground the nation's government to a near-standstill.
The president spent much of the year fighting the effects of a stubbornly sluggish economic recovery and facing implacable opposition among Republicans in Congress who made defeating him a high priority. He fought back by undermining Mitt Romney's major asset as a private-equity specialist and by enlisting Bill Clinton as his chief explainer.
Re-elected President Obama and Fiscal Cliff
BY DAVID KOTOK - FinancialSense.com
The almost interminable season of acrimony is over. We have the results. The Obama-led wing of the Democrat party will continue leading the nation in finance, economic matters and social direction.
One hopes the nation sets aside the meanness that we have witnessed and becomes serious about compromise. Issues need to be addressed. This process starts in the lame duck session of congress.
Obama back at the wheel as US economy heads for a fiscal cliff Barack Obama has less than two months to broker a deal with the Republicans to prevent crippling budget cuts
By Larry Elliott, economics editor - The Guardian
Politics in the US is about to go from knife-edge to cliff-edge. The closely fought battle for the White House is over but the battle to prevent the US economy nosediving back into recession is about to begin.
Barack Obama has less than two months to broker a deal with the Republicans on Capitol Hill to prevent budget cuts worth $607bn (£380bn) of national output kicking in on 1 January.
Victory cements President Obama's first-term legislative legacy
By Amie Parnes and Niall Stanage - TheHill.com
CHICAGO — President Obama's reelection on Tuesday night elevated his place in history — no matter what happens in his second term.
A defeat would have allowed GOP opponent Mitt Romney and Republicans in Congress to roll back Obama's healthcare overhaul and the Dodd-Frank financial reform law.
Boehner opens door to higher taxes on the wealthy Boehner, Reid show willingness for deal to avoid fiscal cliff
By Robert Schroeder - MarketWatch.com
House Speaker John Boehner and Senate Democratic Leader Harry Reid on Wednesday each left the door open to striking a deal over taxes as a way of avoiding the impending "fiscal cliff." But hard bargaining lies ahead if the U.S. is to avoid the automatic spending cuts and the expiration of Bush-era tax cuts set to take place in January.
Senate Democrats are sticking to their guns on raising taxes on the wealthy as part of a deal to avoid the fiscal cliff, even as markets were badly spooked on Wednesday.
Quick pivot after election - Boehner "gets it";
demographics have changed the American matrix. Boehner opens door to 'new revenue' to curb debt
By Lori Montgomery - WashingtonPost.com
Quickly pivoting the political conversation from President Obama's reelection to Washington's looming budget battles, House Speaker John A. Boehner on Wednesday offered a potential path to compromise, saying Republicans are "willing to accept new revenue" to tame the soaring national debt and avert an ugly battle over the approaching "fiscal cliff."
With Obama's decisive electoral victory and Republicans' hold on the House, with a slightly smaller majority, Boehner (R-Ohio) said Tuesday's election amounted to a plea from voters for the parties to lay down their weapons of the past two years and "do what's best for our country."
House Speaker calls for 'down payment' on 'fiscal cliff'
By Russell Berman and Erik Wasson - TheHill.com
In the wake of the GOP's disappointing election, Speaker John Boehner (R-Ohio) on Wednesday signaled a willingness to accept higher tax revenues as part of a deficit cutting deal.
The fast-approaching deadline to stop a combination of tax hikes and spending cuts left Boehner and other leaders with little time to digest Republican Mitt Romney's defeat on Tuesday.
Wall Street Casts Its Vote: The Market Is Going Down
By Patti Domm - CNBC.com
Fears that President Barack Obama's re-election could send the U.S. economy and country over the "fiscal cliff" helped trigger a major stock market sell off and sent investors into the safety of Treasurys.
With a wary eye on Europe's continuing debt drama, investors also reacted to warnings, first from Fitch, then Moody's that the rating agencies stand ready to cut the U.S. triple A credit rating if responsible fiscal actions are not taken. Standard and Poor's already took action on the rating in 2011.
New battle follows hard on Obama win Emergency negotiations with Congress over fiscal cliff
By Richard McGregor in Chicago - FT.com
Barack Obama returned to Washington on Wednesday after his convincing electoral victory over Mitt Romney, braced for emergency negotiations with Congress over the budgetary impasse that threatens to send the US economy back into recession.
Mr Obama's comprehensive victory , secured by his sweep of seven battleground states stretching from Virginia to Nevada, demoralised Republicans and is set to spark a bitter debate within the party over its hardline positions on issues such as immigration, tax and abortion.
Now Comes America's Real Test
By Lionel Barber, Financial Times
There have been lower and meaner presidential election campaigns: Richard Nixon's "amnesty, abortion and acid" jibe against George McGovern in 1972 comes to mind. Even so, this was a gruelling and ill-tempered contest
President Barack Obama faces an immediate test of leadership, not merely to overcome the divisions between Democrats and Republicans that have largely paralysed Washington. The greater challenge is how to rekindle a spirit of can-do optimism in a nation beaten down by the global financial crisis.
Wall St. ready to reconcile with Obama
By Peter Schroeder - TheHill.com
Financial firms are looking to regroup and adjust to a new political landscape in Washington that will bring one of their harshest critics to the U.S. Senate.
Big banks will have to spend the next four years working with a president they tried to oust in favor of Republican Mitt Romney, and are preparing to deal with a familiar adversary in Sen.-elect Elizabeth Warren (D-Mass.).
As Barack Obama clinches victory,
his task as president is clear:
fight for America's middle-class If Warren Buffett is moved to complain that he pays less tax proportionately than his cleaner, something must be rotten in the modern United States
By JAMES MOORE - Independent.co.uk
British businessmen often look across the pond with a glint of envy in their eyes. America, you see, is in love with the cult of the entrepreneur, and with moneymaking generally.
The Republican heartland has been referred to as Jesusland, but they worship Mammon with the same fervour as they worship the Christian prophet in the Bible belt. When people venture to protest about the excesses of the wealthy, of the "1 per cent" over there, Republicans accuse them of indulging in "the politics of envy" while promising more tax cuts for the wealthiest in American society so they can "create jobs" and protect "America's special place in the world".
The New Barack Obama
By Robert Wright - TheAtlantic.com
We have a new president! I mean, not in the sense of the president being someone other than Barack Obama. But in the sense of the president being a second-term Obama rather than a first-term Obama. That makes a big difference. There's a tendency to emphasize the negative part of the difference -- as in "lame duck." But there's a kind of liberation that comes from being a lame duck, and that can bring a lot of good.
The good flows from two things: Worrying more about legacy -- about how posterity will judge you -- and worrying less (in fact, not at all) about getting reelected. Right now, shortly after Obama's triumph, I may be feeling too optimistic about how much good can come from these things. But I'm sure some good can come from them. In any event, here are some issues that I hope will benefit from a liberated Barack Obama:
25 problems facing Obama, Congress
By Erik Wasson - TheHill.com
A slew of thorny issues awaits President Obama and Congress in the lame-duck session, ranging from taxes to defense to Medicare.
Obama's victory increases the chances that the lame duck will be productive, but it remains to be seen if the president and leaders on Capitol Hill can break the gridlock that has gripped the 112th Congress.
A second term –
and a second chance at the greatness he promised
By DAVID USBORNE - Independent.co.uk
Barack Obama emerged early yesterday from the mincing machine of the presidential election, bruised but politically intact after decisively dispatching Mitt Romney and thus securing a second chance at becoming the transformative leader he had always promised to be.
After weeks of suspense that saw Mr Romney surge from behind to what seemed like grasping distance of the keys to the White House, Mr Obama finally ground out a victory in the Electoral College tallies, with none of the overwhelming margins or sense of grand destiny of 2008.
What an Obama Victory Means for the Middle East
By Claude Salhani - OilPrice.com
Memo to the Arab World: Good news and bad news with the re-election of Barack Obama to the White House.
The good news is that a victory by the Republican candidate Mitt Romney would have given Israel and its current leadership a free hand at continuing a policy of arrogance that will lead the region towards greater mayhem. Romney's lack of experience in foreign affairs compiled with his extreme pro-Israeli stance could have encouraged Israel's hawkish government towards military adventurism rather than to seek solutions through diplomacy and dialogue, the latter being the only way anything will ever get resolved. Perhaps Obama, who sees things somewhat differently, might help keep Mr. Netanyahu's government in check until there is a change in Israel's political landscape.
No need for a Plan B here either...
No 10 rejoices as Mitt falls short Cameron congratulates his 'friend' on election victory
as he continues tour of the Middle East
By ANDREW GRICE - Independent.co.uk
Although Downing Street kept out of the US election – in line with tradition – there was genuine relief at No 10 yesterday that David Cameron would not have to forge a relationship with Mitt Romney, the Republican candidate.
Cameron aides were privately scathing of Mr Romney when he visited Britain this summer and united the political class against him by suggesting London was not ready to host a successful Olympics. Relations would have been repaired if he had won, continuing the "special relationship" over which UK prime ministers obsess, much to the White House's bemusement. But Cameron aides were very happy that their US election Plan B remained in the bottom drawer.
Greeks clash with riot police
as politicans pass austerity measures Greek parliament on Wednesday narrowly approved a new austerity package demanded by EU-IMF creditors to keep the country's economy afloat.
Telegraph.co.uk
Conservative and socialist lawmakers from Greece's three-party coalition government voted to adopt the €18.5bn budget cuts by 2016 despite protests earlier in the day by more than 70.000 people who massed outside the parliament.
Violent protesters threw fire bombs and rocks at police, who responded with stun grenades, tear gas and the first use of water cannon in Greece in years.
Hundreds of thousands more jobs to go, EU warns
BY ANDREW RETTMAN - EUObserver.com
BRUSSELS - About 730,000 more people will lose their jobs in the EU before the economic crisis starts to ease off, the European Commission said on Wednesday (7 November).
The grim outlook, part of the commission's regular economic forecasting, is based on a prediction the jobless rate in the Union will go from 10.6 percent today - already a record number - to 10.9 percent next year before dropping to 10.7 percent in 2014.
Angst returns on German recession fears and US fiscal cliff Stock markets skidded across the world and investors retreated to safe-haven assets on fears that Europe's festering crisis has spread to Germany and a bitterly-divided Washington may struggle to avert a fiscal crisis.
By Ambrose Evans-Pritchard - Telegraph.co.uk
Mario Draghi, the European Central Bank's president, warned that Germany is no longer insulated from the slump in southern Europe. "The latest data suggest that these developments are now starting to affect the German economy," he said, triggering an immediate sell-off on Europe's bourses and pushing the euro down to almost $1.27 against the dollar.
Germany's industrial output dropped 1.8pc in September and orders fell 3.3pc, far worse than expected. Spanish industrial output fell 7pc. Annalisa Piazza from Newedge said it was a shocking upset and implies that Germany may be in recession already.
EU to be federalised in the long run, Merkel says
BY VALENTINA POP - EUObserver.com
BRUSSELS AND BERLIN - The EU commission will eventually become a government, the council of member states an "upper chamber" and the European Parliament more powerful, but fixing the eurozone problems is more urgent for now, German Chancellor Angela Merkel told MEPs on Wednesday (7 November).
Back in the European Parliament for the first tim since she chaired the rotating EU presidency in 2007, Merkel laid out her vision for Europe, which Germany feels "deeply committed to" ever since its re-unification 22 years ago.
Beijing Sinking Teeth into Western Turf in Asia
By Daniel J. Graeber - OilPrice.com
Representatives from Russian energy company Gazprom met this week with Kazakh officials to discuss the natural gas potential in the region. Gazprom said delivering gas from Kazakhstan to members of the Commonwealth of Independent States topped the agenda. In nearby Turkmenistan, meanwhile, Western supporters of a $9 billion natural gas pipeline are pressing their case as part of a broader economic initiative for the region. Gazprom, through its joint venture in Kazakhstan, aims to exploit the 116 trillion cubic feet of estimated natural gas reserves there. With little international support of their own for the project in Turkmenistan, Western powers risk losing their grip on a once hotly-contested part of Central Asia.
China's Communist leadership set for change
By William Wan - WashingtonPost.com
BEIJING — China's once-a-decade leadership transition began Thursday with all the pageantry, security and behind-the-scenes political intrigue befitting the secretive Communist Party's most sensitive event.
The usually crowded Tiananmen Square had been cleared, giving it an eerie, post-apocalyptic feel. Activists had been chased out of the capital, and buildings across the city were draped in flags, flowers and signs, all colored communist red.
Bureaucracy could Kill the U.S. Shale Gas Industry
By Marin Katusa - OilPrice.com
On May 11, 2012, the US Bureau of Land Management (BLM) published proposed regulations governing "Oil and Gas; Well Stimulation, Including Hydraulic Fracturing, on Federal and Indian Lands." BLM is a latecomer to this party. Its belated meddling lacks practical or economic justification. Instead, the proposed BLM rule would drive oil and gas developers off federal and tribal lands. Complying with the rules is too complicated and costly. Producers can realize a much faster and much better return on their capital investment by developing oil and gas reserves on adjoining private lands.
John Kerry among frontrunners to replace Hillary Clinton Competition to become US secretary of state is between former presidential candidate and ambassador to UN, Susan Rice
By Julian Borger - The Guardian
Hillary Clinton's departure from the state department opens up a vacancy for the US cabinet's highest ranking post, and the competition has been quiet but intense.
The two frontrunners are Senator John Kerry and the ambassador to the UN, Susan Rice, with the lead apparently swapping hands more than once if Washington conventional wisdom is to be believed. Rice, a veteran diplomat and foreign policy scholar, was widely seen as the favourite for much of the year, but was seen to stumble in the final stretch over the attack in September on the US consulate in Benghazi in which the ambassador was among those killed.
America's Third-World Politics
By Dani Rodrik - Project-Syndicate.org
CAMBRIDGE – With its presidential election over, the United States can finally take a breather from campaign politics, at least for a while. But an uncomfortable question lingers: How is it possible for the world's most powerful country and its oldest continuous democracy to exhibit a state of political discourse that is more reminiscent of a failed African state?
Maybe that is too harsh an assessment of Africa's nascent democracies. If you think I exaggerate, you have not been paying close attention. The pandering to extremist groups, the rejection of science, the outright lies and distortions, and the evasion of the real issues that characterized the most recent election cycle set a new low for democratic politics.
"I love the man that can smile in trouble, that can gather strength from distress, and grow brave by reflection. 'Tis the business of little minds to shrink, but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death." --Thomas Paine
Patriots, as the sun rose this morning on the remains of a battle lost, the odds we face in our quest to restore Liberty and the Rule of Law enshrined in our Declaration and Constitution, may seem insurmountable. However, I ask you find strength and encouragement in these words from the most noble of Founding Patriots, George Washington.
In 1777, at a very dark moment amid defeats in the first quest for Liberty -- and just before the fall of Philadelphia and the brutal Winter at Valley Forge, Washington wrote one of his generals: "We should never despair, our Situation before has been unpromising and has changed for the better, so I trust, it will again. If new difficulties arise, we must only put forth new Exertions and proportion our Efforts to the exigency of the times."
The Second Coming of Barack Obama
By Kemal Derviş - Project-Syndicate.org
WASHINGTON, DC – The race was tough, but US President Barack Obama has won re-election. The question now, for the United States and the world, is what will he do with a fresh four-year term?
To win re-election with a still-weak economy and unemployment close to 8% was not easy. Many leaders – Nicolas Sarkozy, Gordon Brown, and José Luis Rodríguez Zapatero come to mind – have been swept away by economic discontent in recent years. Although the financial disaster erupted on George W. Bush's watch, after eight years of a Republican presidency, Obama had to carry the burden of an anemic recovery.
The Special Interests Won Again
By Paul Craig Roberts - PaulCraigRoberts.org
The election that was supposed to be too close to call turned out not to be so close after all. In my opinion, Obama won for two reasons: (1) Obama is non-threatening and inclusive, whereas Romney exuded a "us vs. them" impression that many found threatening, and (2) the election was not close enough for the electronic voting machines to steal.
As readers know, I don't think that either candidate is a good choice or that either offers a choice. Washington is controlled by powerful interest groups, not by elections. What the two parties fight over is not alternative political visions and different legislative agendas, but which party gets to be the whore for Wall Street, the military-security complex, Israel Lobby, agribusiness, and energy, mining, and timber interests.
Democrats keep grasp on control of Senate
By Dave Boyer-The Washington Times
Republicans fell short Tuesday night of their goal of winning control of the Senate, after a campaign beset with weak candidate recruitment and self-inflicted gaffes in some of the GOP's most promising races.
From Massachusetts to Montana, in 10 competitive Senate contests, Republicans in late returns were poised to pick up as many as three Senate seats from Democrats. But Democrats also picked up at least three seats from the GOP, allowing Senate Majority Leader Harry Reid of Nevada and his troops to maintain their control of the chamber.
A SILVER LINING AND A CONUNDRUM
By John Hinderaker - PowerlineBlog.com
I can see only one good outcome from yesterday's election: the fact that Barack Obama will be the president who inherits the mess left by Barack Obama. The economy is in awful shape; it won't get much better given Obama's policies, and may get worse. Many billions of dollars in capital that have been sitting on the sidelines, awaiting the outcome of this year's election, will now give up on the United States and go elsewhere. Plants will be built in Korea and Brazil that would have been built here if the election had gone differently. The chronically unemployed–a group that is larger now than at any time since the Great Depression–aren't going back to work. Nor are the millions who have signed up for permanent disability. Incomes will continue to stagnate. I don't understand why anyone would vote for four more years of unemployment and poverty, but that is what the American people voted for, and that is what they are going to get.
How Obama Won Four More Years He became a street fighter.
And he had a better team that ran a first-rate campaign.
By John Dickerson - Slate.com
In the end, it wasn't close. Barack Obama won re-election handily over Mitt Romney with 303 electoral votes (so far), well more than the 270 electoral votes needed. Of the nine battleground states that were up for grabs, Obama won seven of them, losing only North Carolina (Florida remains to be called). But while Obama won those states, he didn't crush it; he won instead, a string of precise narrow victories. He didn't win because his leadership during Hurricane Sandy blew all those swing votes his way (though it may have helped). The president won because he ran a permanent campaign, keeping his offices open in the battleground states from his 2008 campaign, tending his coalition assiduously, and because he relentlessly defined his opponent. His was the better campaign. The Democratic candidate of "hope and change" beat the big business Republican in the trenches, in one state after another.
Obama and progressives:
what will liberals do with their big election victory? With fights over social security, Medicare, ongoing war, and other key progressive priorities looming, what will they do with their new power?
By Glenn Greenwald - Guardian.co.uk
The greatest and most enduring significance of Tuesday night's election results will likely not be the re-election of Barack Obama, but rather what the outcome reflects about the American electorate. It was not merely Democrats, but liberalism, which was triumphant.
To begin with, it is hard to overstate just how crippled America's right-wing is. Although it was masked by their aberrational win in 2010, the GOP has now been not merely defeated, but crushed, in three out of the last four elections: in 2006 (when they lost control of the House and Senate), 2008 (when Obama won easily and Democrats expanded their margins of control), and now 2012. The horrendous political legacy of George Bush and Dick Cheney continues to sink the GOP, and demographic realities – how toxic the American Right is to the very groups that are now becoming America's majority – makes it difficult to envision how this will change any time soon.
Mitt Romney's Reality Check
By Jonathan Schell - Project-Syndicate.org
NEW YORK – There is a kind of war underway in the United States nowadays between fact and fantasy. President Barack Obama's re-election marked a victory, limited but unmistakable, for the cause of fact.
Events in the days leading up to America's presidential election provided a stark illustration of the struggle. Among senior aides to Republican challenger Mitt Romney, a belief developed that he was on the cusp of victory. Their conviction had no basis in poll results. Nevertheless, the feeling grew so strong that aides began to address Romney as "Mr. President."
After Romney's loss,
Republicans need a rethink but not reinvention In the wake of Romney's defeat, some GOP soul-searching is inevitable. But don't mistake a flawed candidate for a failed party
By James Antle - Guardian.co.uk
It is easy to make both too much and too little of the Republicans' defeat in the 2012 elections.
The presidential contest was only a crushing disappointment to the GOP because Mitt Romney managed to revive his flagging campaign late with a strong first debate performance. Before that, it looked like Barack Obama might win re-election by six points nationally. When all the votes are counted, Obama may have won by less than two.
The Twilight of the GOP Establishment:
Who Will Save Republicans, Now? Newt Gingrich nailed it: "If you're not going to be competitive with Latinos, with African-Americans, with Native Americans, with Asian-Americans, you're not going to be a successful party."
By David Rohde - TheAtlantic.com
Within hours of President Obama winning re-election, two faces of the Republican Party emerged. One impressed me enormously. The other deeply troubled me. Liberals, meanwhile, rejoiced at having averted what they saw as a national calamity.
The time, though, is not for gloating. It is for supporting the Republicans who can rein in their party's far right and help us all. For me, Fox News, of all places, was a hopeful sign.
At Romney headquarters, the defeat of the 1 percent
By Dana Milbank - WashingtonPost.com
BOSTON
It was a victory party fit for the 1 percent.
Over in Chicago, the Obama campaign had invited 10,000 to fill the floor of the McCormick Place convention center. But here in Boston, Mitt Romney favored a more genteel soiree for an exclusive crowd.
Romney's election-night event was in a ballroom at the Boston Exhibition and Convention Center that could accommodate a few hundred. Most men wore jacket and tie; women donned dresses and heels. Secret Service agents blocked reporters from mixing with the Romney supporters as they sipped cocktails and nibbled canapes.
Tea party leader: GOP establishment is the big loser
By Seth McLaughlin-The Washington Times
BOSTON — Slamming the Republican Party establishment for tapping Mitt Romney as its standard-bearer, the co-founder of the nation's largest tea party group said Wednesday the lessons learned from the 2012 presidential election will strengthen the grass-roots movement, making it an even more important part of the GOP's future.
Jenny Beth Martin, of the Tea Party Patriots, said Mr. Romney's loss to President Obama Tuesday serves as a stark reminder that "conservative" candidates lose if they do not fully embrace the limited government principles that the grass-roots movement embodies.
The GOP Needs a Economic Plan
For More Than the White Establishment Republicans have a choice. They can blame their messaging.
Or they can blame their message.
By Derek Thompson - TheAtlantic.com
Last night, with the reality of Obama's reelection coming into focus, Bill O'Reilly spoke from his heart.
"The white establishment is now the minority. And the voters, many of them, feel that the economic system is stacked against them and they want stuff. You are going to see a tremendous Hispanic vote for President Obama. Overwhelming black vote for President Obama. And women will probably break President Obama's way. People feel that they are entitled to things and which candidate, between the two, is going to give them things? ...
"The demographics are changing," he said. "It's not a traditional America anymore."
How Could the Republicans Have Been So Stupid?
By Bill Boyarsky - Truthdig.com
What was so striking about this election was the nation's rejection of the Republican attacks, both open and subtle, against ethnic minorities, gays and lesbians and all women.
In giving President Barack Obama a second term, the country has spurned Republican lies, protection of the rich and scorn for Latinos and African-Americans. Instead, the election assured a continuation of decent health care, fair taxation and protection of the rights of immigrants.
Little to Show for Cash Flood by Big Donors
By NICHOLAS CONFESSORE and JESS BIDGOOD - NYTimes.com
At the private air terminal at Logan Airport in Boston early Wednesday, men in unwrinkled suits sank into plush leather chairs as they waited to board Gulfstream jets, trading consolations overMitt Romney's loss the day before.
"All I can say is the American people have spoken," said Kenneth Langone, the founder of Home Depot and one of Mr. Romney's top fund-raisers, briskly plucking off his hat and settling into a couch.
Take the Money and Lose Why did Republican super PACs
waste so many millions on bad TV?
By David Weigel - Slate.com
COLUMBUS, Ohio—For the past few weeks, whenever an Ohioan left his TV on for too long, he would see Sen. Sherrod Brown's head on a cartoon body. He would see this more often than he saw Brown himself. The Now or Never PAC, funded by two Missouri millionaires, spent $1.2 million on a commercial in which a googly-eyed Brown stole money from families and coal plants. Another big buy, from Associated Builders and Contractors, portrayed Brown as a demented cartoon, sitting at a desk with an "I Love Taxes" coffee mug, rubber-stamping documents with an Obama campaign logo.
Geographic shift seen in House races
By Alexandra Jaffe - TheHill.com
Democrats appear likely to pick up seven seats in the House of Representatives when all the races are counted, which is nowhere near the 25 the party needed to regain a majority but is at the upper end of the number they were projected to win this cycle.
With eight seats up in the air as of late Wednesday evening, The Associated Press called 193 seats for Democrats and 232 for Republicans.
Republicans face murky political future
in increasingly diverse U.S.
By Peter Wallsten - WashingtonPost.com
Republican leaders awoke Wednesday to witness their grim future. And then promptly began what promises to be an extended period of internal strife over how a party that skews toward older, white men can compete in an increasingly diverse America.
President Obama's decisive victory over Mitt Romney served as a clinic in 21st-century politics, reflecting expanded power for black and Hispanic voters, dominance among women, a larger share of young voters and even a rise in support among Asians.
Grand Old Party in search of brand-new message Defeated right torn in two and seeking broader base
By Lionel Barber and Stephanie Kirchgaessner - FT.com
Mitt Romney's decisive defeat will unleash another bout of soul-searching in a Republican party torn between conservative purists and a moderate rump aware that the Grand Old Party must broaden its appeal to have any chance of regaining the White House.
Amid signs of recrimination that the richly endowed Romney campaign had failed to take advantage of a feeble economy to oust Barack Obama, Republicans had to swallow a bitter truth: for five out of the past six presidential elections they have failed to win the popular vote.
GOP is faced with identity crisis
By Justin Sink - TheHill.com
BOSTON — Republicans were in a soul-searching mood Wednesday, pondering their political future after President Obama won a resounding victory despite the stagnant economy and an approval rating routinely south of 50 percent.
The 2012 election seemed to underscore the point many in the GOP most feared in 2008: Without improving numbers among Hispanic voters and women, and with a younger population becoming more socially liberal each year, the Republican Party risks marginalization in future presidential elections.
Five things the Republican Party must do Commentary: If you can't beat Obama,
you're doing something wrong
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) — Four years ago, the Republican Party set as its No. 1 goal the ruination of Barack Obama. Nothing was more important than making sure that Obama was not re-elected.
The party failed miserably in its task. Now it's time for the Grand Old Party to take a cold hard look at itself.
If the Republicans couldn't win this election — against a Democratic president who's presided over such a pathetic economic recovery — you have to wonder when they'll ever be successful.
Mich. voters reject pro-union amendment
By Andrea Billups-The Washington Times
DETROIT — Michigan voters handed organized labor a setback in Tuesday's voting, rejecting a closely-watched measure that would have enshrined union collective bargaining rights in the state constitution.
Proposal 2 was defeated handily, 58 to 42 percent, with 94 percent of precincts reporting, even as President Obama and Democratic Sen. Debbie Stabenow scored comfortable wins in the state.
Colorado, Washington blow smoke in feds' face
by OK'ing pot for fun
By Jerry Seper and Jim McElhatton-The Washington Times
In passing amendments in Colorado and Washington state for the first time legalizing the recreational use of marijuana, voters may have placed themselves in the cross hairs of the federal government — which steadfastly has maintained that possession of the drug remains a federal crime.
The amendments, which allow those 21 and older in Washington state to purchase an ounce of marijuana from a licensed retailer and in Colorado to possess an ounce of the drug and grow as many as six plants in private, set the stage for a possible showdown with the Obama administration and a demand for action on the question by Congress.
Waiving Freedom Is this what the re-election of Barack Obama will mean?
By THOMAS SOWELL - Spectator.org
Among the objections to Obamacare, one that has not gotten as much attention as it should is the president's power to waive the law for any company, union, or other enterprise he chooses.
The 14th Amendment to the Constitution provides for "equal protection of the laws" for all Americans. To have a law that can cost an organization millions of dollars a year either apply or not apply, depending on the whim or political interest of the President of the United States, is to make a mockery of the rule of law.
TEPCO Doubles Estimate
for Fukushima Clean Up to $125 Billion
By Charles Kennedy - OilPrice.com
Tokyo Electric Power Company (TEPCO) has said admitted that the cost of cleaning up after the Fukushima disaster and paying off the compensation claims made may double from the five trillion yen it had estimated back in April, to ten trillion yen ($125 billion).
The company released a statement today that said, "there is a view that we may need the same amount (again) of additional money for the decontamination of low-level radiation areas and costs of temporary facilities for storing waste."
Netanyahu Rushes to Repair Damage With President
By JODI RUDOREN - NYTimes.com
JERUSALEM — Over the past several years, Prime Minister Benjamin Netanyahu has on several occasions confronted or even undercutPresident Obama, taking his message directly to the Israel-friendly United States Congress, challenging Mr. Obama's appeal to the Arab world, and seeming this fall to support his opponent, Mitt Romney.
Mr. Netanyahu woke up Wednesday to find not only that his Republican friend had lost, but also that many Israelis were questioning whether he had risked their collective relationship with Washington.
Obama Defeats Romney Close Race Down to Narrow Fight in Battlegrounds
By COLLEEN MCCAIN NELSON - WSJ.com
President Barack Obama and Republican Mitt Romney were locked in a tight race in Florida late Tuesday, while the president saw encouraging signs as he won New Hampshire, Pennsylvania and Michigan.
With about 94% of precincts reporting in the coveted battleground of Florida, the president and his Republican challenger were in a virtual tie. In Virginia, another hard-fought state, Mr. Romney was leading with nearly 90% of precincts reporting, and Mr. Obama was leading in Ohio, a state considered critical for both sides.
Late returns brought Mr. Romney victories in Idaho, North Carolina and Missouri, while Mr. Obama notched gains in California, Washington, Hawaii and New Mexico.
Democrats Likely to Retain Control of U.S. Senate GOP Suffers Losses in Critical Contests:
Massachusetts, Ohio, Maine and Connecticut
By COREY BOLES - WSJ.com
WASHINGTON—Democrats appeared on track to retain control of the U.S. Senate after winning three-GOP held seats, and defending four others that Republicans had hoped to win, based on projections of individual races from the Associated Press and television networks.
In closely watched contests, Republican Sen. Scott Brown lost his race for re-election in Massachusetts to Democrat Elizabeth Warren, the AP projected, and Rep. Joe Donnelly defeated GOP state treasurer Richard Mourdock in Indiana. Former Maine Gov. Angus King, an Independent who is likely to align with Democrats, won the Senate seat in that state succeed the retiring Republican moderate Olympia Snowe.
Florida Rejects Health Law Measure
By Louise Radnofsky - WSJ.com
Voters in Florida threw out a proposal to try to block the federal health law's requirement that people purchase insurance or pay a penalty by amending the state's constitution.
Gold is going up, just how quickly depends on the President
Commodity Online
On a cumulative basis Republican Presidents have contributed to gold prices: "a net increase of 121.27% across their terms in office since Nixon, versus 358.68% for the Democrats."
The above headline is from a Forbes article excerpt which asks who is better for gold, Obama or Romney.
"Obama is just the man for the job if you're hoping for a significant increase in the gold price," says Jan Skoyles in Forbes quoted by Addison Wiggin.
Gold, other metals rise as U.S. votes
By Wallace Witkowski and Robert Daniel, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold and other metals advanced Tuesday as voting in the U.S. presidential election kicked off and as the greenback weakened slightly.
Gold for December delivery climbed $31.80, or 1.9%, to settle at $1,715 an ounce on the Comex division of the New York Mercantile Exchange.
What the election means for stocks, bonds, gold Americans go to the polls
to choose between Obama and Romney
By Deborah Levine, MarketWatch
SAN FRANCISCO (MarketWatch) — As Americans choose between Barack Obama and Mitt Romney in Tuesday's presidential election, the conventional wisdom holds that Romney would be better for stocks.
But investors should take into account what a Romney presidency would mean for the Federal Reserve's monetary policy, which has provided crucial support for assets perceived as risky such as equities and commodities. Maybe a Romney presidency wouldn't be so good for stocks after all if he chooses a Fed chairman who will ease up on the gas pedal.
They are mascots. Election 2012: How The Winner Will Destroy America Whoever the "winner" happens to be is ultimately irrelevant.
by Brandon Smith of Alt-Market.com - ZeroHedge.com
Of all the hollow and uninspired elections that this country has suffered through over the past several decades, one might think that at some point long ago the American public would have finally struck a plateau of disenfranchisement; that we could sink no further into despondency, that there is a saturation limit to the corruption of our voting process. Unfortunately, there has been no such luck. I have to say that in all honesty I have never seen more people gut jumbled and disgusted with our electoral system than I have in 2012. Sure, there is still a hyper-gullible segment of the populous that continues to play the game, but even those idiots are beginning to admit that the choices offered are dismal at best, catastrophic at worst. The fog of the false Left/Right paradigm is starting to lift, and all that lay in its wake is a hoard of lost wide-eyed flabbergasted followers without a coattail or a talking point to cling to. Sudanese refugees have a better chance of survival than these people do…
1) He Will Continue The Policy Of Dollar Devaluation
2) He Will Continue Extreme Government Debt Spending
3) He Will Support And Expand On Wars In The Middle East
4) He Will Lock Down The Web And Limit Internet Speech
5) He Will Erase American Civil Liberties
6) He Will Embrace A Globalist Dynamic And Abandon American Sovereignty
Obama or Romney -
neither should expect to get much done in the Congress As if the economy weren't problem enough, America's broken and hostile political system will seriously impede the actions of whoever is elected president.
By Tim Stanley - Telegraph.co.uk
After four years in the White House, Barack Obama is going grey fast. The President insists that it's genetic, that he's following the example of his grandfather, who was grey by the time he was 29. But his wife believes that the stress of high office is to blame. "Every day, I see Barack make choices he knows will affect every American family," Michelle wrote in an email to supporters. "That's no small task for anyone – and more proof that he's earning every last one of those grey hairs."
At the moment, Mitt Romney has an admirably dark head of hair, with just a few wisps of white around the ears (his barber insists that not a drop of dye is used). But if he does capture the presidency then there's every chance that the job will turn Romney just as grey as Obama.
1. "I'm powerless to change the economy."
2. "It's getting more expensive to win you over."
3. "You can't skip the campaign commercials."
4. "This job is going to make me rich — one day."
5. "I will raise taxes."
6. "I can't really cut the deficit."
7. "I'll boost stocks — of my contributors' companies."
8. "Don't believe the polls."
9. "My campaign platform will go out the White House window."
10. "I'll leave it to my successor to save Social Security."
Outlook is dismal no matter who wins vote Stocks have below-average long-term potential
By Mark Hulbert - MarketWatch.com
CHAPEL HILL, N.C. (MarketWatch) — The stock market's long-term potential is mediocre — regardless of who wins today's presidential election.
In fact, if you're searching for factors that historically have had the best track record of forecasting the market's future multi-year return, you'll soon discover that the political affiliation of who's in the White House is essentially worthless.
That's just another way of saying that, when engaging in financial planning for the next decade or so, there are far more important factors on which you should be focusing than who wins the election.
The Crazy Idea That the President Is 'Leader' of the Country We think the president is like the CEO of our country, when in reality his job is more akin to head janitor.
By Frank J. Fleming - PatriotPost.us
We keep hearing that on November 6 we will elect the leader of America. We will pick whom we want to set the course for our nation and inspire us to move forward. Someone who will take on all our problems and set things right. Someone who will write up a nice kill list of people who should be dead.
So where did we get this idiotic idea?
Gross Misconceptions
By Thomas Sowell - PatriotPost.us
This country is at a historic crossroads, and the path we choose can determine our future far beyond the next four years. Our children and grandchildren may someday bless us or curse us for what we do this Tuesday. Against that background, it is painful to see the petty talking points and gross misconceptions that seem to dominate this year's election campaign.
Take the question of jobs. How many times have we heard about how many jobs have been added during the Obama administration? Yet few people bother to find out whether these are net additions to jobs -- which is what is crucial.
Electile Dysfunction - Market Just Couldn't Keep It Up
Submitted by Tyler Durden - ZeroHedge.com
The early day surge in stocks and commodities (and sell-off in bonds) managed to get S&P 500 futures up to their 50DMA and the pre-NFP levels (which coincides with Bernanke's Bottom). Volume surged on the way up there and once hit we faded all the way back to VWAP (surprise!) retracing the knee-jerk spike as no news was discounted back out (and equities reverted to where risk-assets in general had been waiting). Commodities followed a similar path up but held on to their gains - especially Gold. Somewhat worryingly (given their dominance in fund holdings) for the market, GOOG and AAPL were both red. Today seemed much more about algos and technicals than about election bets - especially given the somewhat anti-consensus moves early on - and on the basis of that, the fade into the close suggests risk-reduction was the game plan for the big boys, even though we end the day in the green in the major indices (with Financials unch from QE3). The USD is practically unchanged on the week with stocks and commodities up and TSYs down.
Fed could buy more Treasuries if needed, Williams says
By Ann Saphir
IRVINE, California | Mon Nov 5, 2012 11:47pm EST
(Reuters) - The U.S. Federal Reserve could buy more Treasuries than it is currently purchasing without disrupting the market, a top Fed official said on Monday.
John Williams, president of the San Francisco Federal Reserve Bank, did not advocate for the purchase of more long-term Treasuries, which it is currently buying at a rate of about $85 billion a month.
The Next President Will Preside Over a Boom The Next President Is Lucky Whoever wins the election will get to preside over a growing economy and look like a genius.
By Matthew Yglesias - Slate.com
Partisans always prefer victory to defeat, but in retrospect some elections look like poisoned chalices. Jimmy Carter's narrow victory over Gerald Ford in 1976, for example, merely saddled the Democrats with the blame for economic problems that were global in scope and paved the way for Ronald Reagan's 1980 election. In 2004, Democrats were desperate to boot George W. Bush from office, but his second term wound up being uneventful in policy terms, and John Kerry's defeat allowed his party to duck a financial crisis that almost certainly would have come about one way or another.
Retailers expect solid Holiday Season
by Bill McBride - CalculatedRiskBlog.com
On Sunday I noted that October seasonal retail hiring gives a pretty good hint about holiday retail sales, see Retail: Seasonal Hiring vs. Retail Sales
The WSJ reports today: U.S. Retailers Expect Best Holiday Season Since 2007
Leading U.S. retailers expect a 3.7% increase in holiday same-store sales, according to a new survey by BDO USA.
"While we haven't returned to pre-recession levels of optimism, retailers are gearing up for what looks to be a promising holiday season," said Doug Hart, partner in the retail and consumer product practice at BDO. "Still, consumers have more choices than ever, and retailers are looking to avoid showrooming by curating a mix of exclusive and top-selling products to get consumers in their door or on their site."
Forget the election — A warning for risk assets
By Michael A. Gayed - MarketWatch.com
I know, I know. Everyone is focused on the elections this week. Whoever wins the presidency could set the economic tone for the next four years, provide clarity on the fiscal cliff, and potentially change the behavior of stocks and bonds in the near-term. At least, this is the rhetoric every single media outlet is expressing.
I don't disagree. Whoever wins will impact asset markets as is always the case. However, while the world stares directly into polling numbers and the last-minute push for votes, it is often that which is in the periphery of our vision which is most dangerous. As I said Friday on Bloomberg Radio, the thing few are paying attention to is the complete collapse in Greek stocks last week.
Crucial to the US election? It's the Chinese economy, stupid As an economic forecaster, I am frequently asked what I am assuming about Tuesday's US Presidential election.
By Roger Bootle - Telegraph.co.uk
The truth is nothing at all. Of course, I know no more about the likely result than anybody else. More importantly, I am acutely conscious of the power of impersonal economic forces to overwhelm Presidents and Prime Ministers – whatever they believe, and whatever they say during election campaigns.
It is not that elections never have any bearing on the economy. Sometimes they clearly do – as with the 1979 election in this country, which shot Mrs Thatcher to power. But much of the time elections change remarkably little. Moreover, politics is full of paradoxes. Sometimes political change affects the economy in unexpected ways.
Will the Chinese Yuan Replace the US Dollar
as the Global Reserve Currency?
By Mike Shedlock - GlobalEconomicAnalysis.Blogspot.com
Once again we are seeing articles and research papers stating the Chinese renminbi (yuan) is about to replace the dollar as the global reserve currency.
Here is a working paper by Arvind Subramanian and Martin Kessler at the Peterson Institute of International Economics stating The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?.
A country's rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies tracking it implicitly or xplicitly. For a sample comprising emerging market economies, we show that in the last two years, the renminbi (RMB) has increasingly become a reference currency which we define as one which exhibits a high degree of co-movement (CMC) with other currencies. In East Asia, there is already a RMB bloc, because the RMB has become the dominant reference currency, eclipsing the dollar, which is a historic development.
China's currency rises in the US backyard
By Arvind Subramanian and Martin Kessler
The Republican presidential candidate Mitt Romney last week repeated his promise to declare China a currency manipulator on his first day in office. Even discounting the "get tough on China" bluster of the campaign season, this remark encapsulates American distance from, and denial about, changing economic realities. Would-be US leaders would do well to note that for probably the first time since the second world war the dollar bloc in east Asia has been displaced. In its wake a currency bloc based on China's renminbi is emerging.
Europe's Plan A
By Harold James - Project-Syndicate.org
FRANKFURT – Europe's politicians nowadays are desperately looking for someone to blame for the euro crisis. Germany blames France, and vice versa. Even lawyers are getting into the act, trying to identify legal responsibility for the monetary union's design flaws.
Meanwhile, as the crisis has deepened, a new consensus about Europe's monetary union has emerged. The euro, according to this view, was devised in a fit of giddy and irresponsible optimism – or, alternatively, panic at the prospect of German hegemony over Europe – in the wake of the fall of the Berlin Wall.
Francois Hollande lurches Right
in historic U-Turn to save French economy French president François Hollande has bowed to massive pressure for business tax cuts to pull France's economy out of slump and stave off industrial decline, ditching a core element of his socialist platform.
By Ambrose Evans-Pritchard - Telegraph.co.uk
Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates.
Premier Jean-Marc Ayrault said it amounted to a 6pc cut in unit labour costs, enough to close the gap with eurozone rivals. "France is not condemned to a spiral of decline, but we need a national jolt to regain control of our destiny," he said.
IMF warns France on falling behind Italy and Spain
BY VALENTINA POP - EUObserver.com
The International Monetary Fund (IMF) has warned France it needs to cut labour costs and taxes or else risk falling behind Italy and Spain, which are undergoing deep reforms.
"The growth outlook for France remains fragile reflecting weak conditions in Europe generally, but the ability of the French economy to rebound is also undermined by a competitiveness problem," the IMF wrote in its annual country review published on Monday (5 November).
Euro hit two-month low on Greece woes
By Deborah Levine and Sara Sjolin, MarketWatch
SAN FRANCISCO (MarketWatch) — The euro dropped to its lowest level in almost two months against the dollar on Monday over renewed uncertainty about Greece's next tranche of bailout money, while investors also remained cautious ahead of the U.S. presidential election.
The ICE dollar index DXY 0.00% , which measures the greenback against a basket of six currencies, rose to 80.724 from 80.600 in late North American trade on Friday.
Anger grows over fuel shortage in storm-hit Northeast
By Edith Honan and Michelle Nichols
NEW YORK | Fri Nov 2, 2012 5:59pm EDT
(Reuters) - Frustration grew on Friday for residents of Northeast states hit by superstorm Sandy as the death toll reached 102, millions were still without power and tempers frayed at a lack of fuel and guidance on when life might return to normal.
New York City canceled its annual marathon in the face of rising criticism of a previous decision to go ahead with the race on Sunday as the search for bodies continued in devastated communities from New York's Staten Island to New Jersey seaside towns.
Gasoline Sold in New York for $8 a Gallon on Craigslist
By James Burgess - OilPrice.com
As hurricane Sandy hit the East Coast of the US, refineries and harbours were shut down, effectively disrupting nearly all fuel deliveries to the area. As a result gasoline stations have run out of petroleum and shut down, and those that remain open see customers queuing for hours to get to the pump.
According to the AAA only 60-65 percent of fuel stations are open in New York, 55-60 percent in New Jersey, and just 50-55 percent in Long Island.
NY, NJ residents arming with anything they can find -
shotguns, bows, bats, machetes
By: J. D. Heyes - NatrualNews.com
(NaturalNews) An extremely volatile situation in New York and New Jersey following the devastation of superstorm Sandy is getting worse by the day, with civil society deteriorating so rapidly that residents are arming themselves with anything and everything they can, including shotguns, baseball bats, machetes - even bows and arrows.
With looting getting worse and authorities stretched thin, "hardened New Yorkers are ready to battle lowlife criminals to protect their homes and stores in storm-ravaged areas" hit hard by break-ins and pilfering, the New York Post reported.
Evidence of Electronic Vote Fraud
Pours In from Both Liberal and Conservative Sources
Submitted by George Washington - ZeroHedge.com
Ron Paul supporters, progressives and the mainstream media have all discussed the potential for vote fraud.
A global internet voting company headquartered in Spain recently purchased America's dominant election results reporting company.
The Wall Street Journal wrote in a 2008 article entitled, "Will This Election Be Stolen?":
And then there are the e-voting machines. Since early voting started recently, worried voters have reported seeing their votes flipped from Barack Obama to Mr. McCain in West Virginia and Texas.
Big Labor's New Burglar Alarm for Election Fraud
By Sasha Issenberg - Slate.com
When election returns start flowing into the AFL-CIO's boiler room tonight, analysts will be looking to see where Big Labor's preferred candidates can claim victory. But they'll also be monitoring whether the digits in vote totals follow a natural logarithmic distribution, part of a newly-developed election-fraud detection system that AFL officials say they modeled on the math-heavy protocols that credit-card companies and the IRS use to catch cheats.
"What this is doing is looking at the numbers," says Mike Podhorzer, the AFL's political director. "Not whether the candidates are hitting the numbers we thought they were going to hit but looking at the numbers themselves."
OOPS! - Florida announced an extra day to vote 12,525 Pinellas voters get robocall from elections boss
saying they have until 'tomorrow' to vote
By Michael Van Sickler, Times Staff Writer
ST. PETERSBURG — Thousands of Pinellas County voters, including the wife of former Gov. Charlie Crist, got an unexpected — and incorrect — call from the Pinellas Supervisor of Elections Office Tuesday morning saying they had an extra day to turn in their mail-in, absentee ballot.
The call, which was recorded by the supervisor of elections office to remind voters to turn in their ballot, was supposed to go out Monday — hence the reference to "tomorrow," elections officials said.
Art Cashin Warns: "Pray It's Not Close - For The Country's Sake"
Submitted by Tyler Durden - ZeroHedge.com
We have discussed in detail the potential ramifications of a 'close' vote, and only yesterday UBS Art Cashin opined on the potential for an 'embarrassing victory'. Today, the wizened market participant turns the rhetoric dial to 11 (and rightly so) as he warns "pray it's not close" for fear of the polarization of the populace that could occur.
Via Art Cashin of UBS:
Pray That It's Not Close – We have written several times of our concern that a close race could further divide an already polarized populace. Already the legal eagles for both sides are deploying. Here's a bit from USA Today:
Number of 112 Year Old Registered Democrat Voters
Now at 3,020 in North Carolina
BY: BARRY SECREST - Examiner.com
In North Carolina, the Centenarian Democrat vote numbers keep increasing at a remarkable pace. At latest count and of this writing, the number of 112 year-old Democrat voters has reached over 3,020, ostensibly making North Carolina the world record holder for living, Left-Wing, human-antiques.
The total number of voters overall at age 112 was over 4,343.
Union Red Tape in N.J.
Causes Alabama Recovery Crew to Head Home
By Matt Egan - FOXBusiness.com
Despite devastation and millions of power outages in the aftermath of Hurricane Sandy, a utility crew from Alabama said it has been unable to help a ravaged New Jersey shore town due to a union dispute.
Officials from the International Brotherhood of Electrical Workers presented Alabama-based Decatur Utilities with documents that "required our folks to affiliate with the union," Ray Hardin, general manager of Decatur, told FOX Business on Friday. "That was something that we could not agree to. It was our understanding and still is that it was a requirement for us to work in that area."
Confusion caused problem; non-union help welcome in NJ Non-union Ala. utility crews returns home before getting chance to help restore power in NJ
AP - WashingtonPost.com
DECATUR, Ala. — An Alabama utility crew heading to New Jersey has returned home, claiming it had to affiliate with a union to help with the recovery effort after Superstorm Sandy. But union officials, a New Jersey utility company and the governor said Friday they are mistaken.
Ray Hardin, general manager of Decatur Utilities, said a six-member crew left Wednesday for Seaside Heights, N.J. It got as far as a staging are in Roanoke, Va., where it waited for clarification of documents from the International Brotherhood of Electrical Workers. He said the documents implied the non-union workers had to agree to union affiliation while working in New York and New Jersey.
Why Do U.S. Auto Workers Get Election Day Off?
Thank Their Union.
By Jordan Weissmann - TheAtlantic.com
Neat fact: While you probably had to wake up at some ungodly hour this morning (or dodge out of work) in order to get to the polls, the workers of Ford, General Motors, and Chrysler have had a day off to go vote.
And for that, they can thank the United Auto Workers.
Back in 1999, when the economy was roaring, car demand was at record heights, and Detroit's big three were terrified of factory strikes setting back production and profits, the UAW negotiated a contract that treated federal elections as paid holidays. At the time, the prospect of those 400,000 heading to the polls and helping turn out Democratic voters was was deeply upsetting to some Republicans, who shared their feelings with The New York Times (h/t to Reuters autos reporter Deepa Seetharman).
Natural Gas Pipelines are Being Converted to Carry Crude Oil
By Joao Peixe - OilPrice.com
The abundant supply of natural gas from just a few shale fields has changed the natural gas landscape in the US, meaning that a lot of the traditional natural gas pipelines, which don't run near the new fields, are no longer needed, or a running at far lower capacity as demand for their use has dropped.
Fortuitously, the decline in demand for supplying natural gas along these routes has coincided with an increased demand for transporting crude oil. Putting two and two together, the pipeline companies are looking to convert their natural gas pipelines into oil carriers.
7 Technologies That Will Make It Easier
for the Next President to Hunt and Kill You
By Noah Shachtman - Wired.com
Robotic assassination campaigns directed from the Oval Office. Cyber espionage programs launched at the president's behest. Surveillance on an industrial scale. The White House already has an incredible amount of power to monitor and take out individuals around the globe. But a new wave of technologies, just coming online, could give those powers a substantial upgrade. No matter who wins the election on Tuesday, the next president could have an unprecedented ability to monitor and end lives from the Oval Office.
Widespread bankruptcy of Obama-backed green energy companies continues as state of economy worsens
By: Ethan A. Huff - NaturalNews.com
(NaturalNews) As idyllic as it might sound in theory, the pumping of billions of taxpayer dollars into green energy programs aimed at decreasing reliance on fossil fuels and foreign oil has not exactly led to the positive advancements in clean energy we were all told it would. According to a recent report by The Daily Caller, as many as 50 of the green energy companies that received massive loans or grants from federal and state governments in recent years are struggling to survive or have gone completely belly up.
Netanyahu vows to stop Iran,
even in defiance of the United States TV report details assassinations and sabotage in Israel's decade-long battle to thwart Tehran, traces ups and downs of coordination with Washington; Olmert slams PM for 'spitting' in Obama's face
By TIMES OF ISRAEL STAFF
Israel's Prime Minister Benjamin Netanyahu vowed on Monday night to put a stop to Iran's nuclear program by whatever means necessary — even in outright defiance of American objections — if neither sanctions, nor other international action, achieves that goal.
"There is no doubt about Iran's intention — to destroy us," Netanyahu said. "I won't be reconciled to that."
Asked in an interview whether, if reelected in January, he would "pledge that Iran won't have a nuclear program by the end of your next term," Netanyahu said simply, "Yes."
Inside Israel's nuclear wargames Israeli military leaders have conducted a war game simulating a strike on Iranian nuclear facilities, three days after the US Presidential elections. They concluded such an operation could be pulled off without plunging the whole region into war. Iranian experts disagree.
By David Patrikarakos - Telegraph.co.uk
On the 24 September at Israel's National Institute of Security Studies, an obdurately dull building off a main road in Tel Aviv, three dozen men and women drawn from the top echelons of Israel's political and military elite met to play a war-game, the outcome of which could help decide whether Israel goes to war with Iran.
I was in Israel with film director, Kevin Sim, who was making a documentary on the war game for 'Dispatches' on Channel 4.
Morgan Stanley still bullish on Gold in long term
LONDON (Commodity Online): Morgan Stanley remains upbeat on gold longer term, suggesting more longs could exit in the near term but also saying this may prove to be a buying opportunity.
In a monthly commodities report, the firm describes itself as "still bullish ags and gold, though the former seems to lack any near-term catalysts. We see gold continuing to perform in 4Q12 with no near-term end in sight to the easing cycle, especially given the continuation in central-bank gold buying. We remain bullish ags but do not believe that there will be catalysts in the coming month as the U.S. harvest winds down and South American planting is ongoing."
Gold to stage a bullish recovery,
says India's largest Bullion trading company
By Rakesh Neelakandan - CommodityOnline.com
Gold prices may find support at $1662 per ounce and will field a bullish recovery according to a Riddhi Siddhi Bullion Private Limited, India s largest bullion trading company.
"Gold is likely to find its support at $1662 per ounce. And moreover gold will have a bullish recovery and will increase to Rs.30, 500 in the short term. This increase in price is due to heavy demand in the Indian markets this Diwali. Moreover, ETF holding have also increased. Hence gold is staged to have a bullish recovery." a spokesperson from the company said in an e-mailed response.
9 Scenarios And All Lead to Stock Plunge Commentary: Death of 'Growth Economics' spells danger
By Paul Farrell - MarketWatch.com
SAN LUIS OBISPO, Calif. (MarketWatch) — "Is the U.S. Condemned by History to Slow Growth?" asks Bloomberg BusinessWeek. Yes. But for traders and investors, it's far worse than just bearish slow growth. Plan for no growth or zero growth.
Why? Wall Street, America and the world economy are in the early stages of a long era of "de-growth," a reversal of economic growth and reduction in market growth as population growth adds new stresses on commodities resources, creates unrest, disasters and wars. Big problems ahead.
Treasuries Snap Gain Before Auctions, Presidential Vote
By Wes Goodman - Bloomberg.com
Treasuries snapped a gain before the U.S. auctions $72 billion of coupon-bearing debt this week, starting with a $32 billion three-year sale today.
Government securities rose yesterday as investors sought the relative safety of U.S. debt while Americans head to the polls today to decide whether President Barack Obama or challengerMitt Romney will guide the world's biggest economy for the next four years. Whoever wins will face the job of avoiding the so-called fiscal cliff, which refers to $607 billion in federal spending cuts and tax increases scheduled to take effect in January unless the U.S. Congress acts.
Fed's Williams:
Policies have aided growth without undue fallout
By Ann Saphir
IRVINE, California | Mon Nov 5, 2012 8:42pm EST
(Reuters) - The U.S. Federal Reserve's unconventional monetary policies have lowered borrowing costs and boosted growth without creating unwanted side effects like inflation, a top Fed official said on Monday.
Although there have been concerns about the unintended consequences of such policies, "the available evidence suggests they have been effective in stimulating growth without creating an undesirable rise in inflation," John Williams, president of the San Francisco Federal Reserve Bank, said at the University of California, Irvine.
Fed's Williams: On exit, Fed will sell assets gradually
By Ann Saphir
IRVINE, California | Mon Nov 5, 2012 9:27pm EST
(Reuters) - The U.S. Federal Reserve will target a "soft landing" when it comes time to exit its super-easy monetary policy, raising rates and then selling the assets it has accumulated in its bid to push borrowing costs lower, a top Fed official said on Monday.
Getting to Normal
By Daniel Gros - Project-Syndicate.org
BRUSSELS – A financial crisis erupts when a large volume of assets in the financial system suddenly appears to be risky and investors want to get rid of their holdings. These assets become "toxic" – not simply risky, but carrying a risk that cannot be quantified. Toxic assets are not traded according to a normal risk-return calculus. Given that their risk cannot be calculated, their owners just want to sell them – sometimes at any price.
Street awaits Election Day U.S. stocks rise modestly before election
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks finished with modest gains on Monday, with investors reluctant to make major moves a day ahead of the U.S. presidential election.
"Our hope, probably shared by most investors, is the outcome is decided late tomorrow night and does not drag out over a number of days," Fred Dickson, chief investment strategist at Davidson Cos., wrote in a note.
How to watch election night All eyes on Ohio, but Iowa and Wisconsin could play kingmaker
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — The polls show the presidential race is deadlocked and just a handful of states will determine the winner.
Democrats and most pundits believe President Barack Obama has the edge because of his lead in the polls of key states, especially Ohio. Republicans think the polls are skewed toward Democrats and insist they have the upper hand in voter enthusiasm and among independents.
Whoever is elected president won't find it easy to get Congress to go along with his plans. Unless Mitt Romney scores a surprisingly large victory and some Republicans ride on his coattails, the Senate is likely to remain in Democratic hands. And even if Obama gets re-elected the Republicans are expected to keep control of the House.
Dodd-Frank's Financial Outsourcing New rules push business offshore,
while taxpayer risk stays home.
WSJ.com
President Obama likes to describe a mythical corporate tax deduction for moving jobs overseas. But a real-life Obama policy is already encouraging financial transactions to occur outside America. Two big international banks now say they won't participate in the U.S. swaps market. This follows an October letter from foreign regulators warning Commodity Futures Trading Commission Chairman Gary Gensler not to blow up the global derivatives marketplace.
Singapore's DBS and Sweden's Nordea Bank recently announced that they won't register in the U.S. to trade swaps. These are contracts in which two parties exchange risks, for example, by trading a fixed interest rate for a floating one. DBS doesn't see the "immediate commercial benefits" of making the investment necessary to comply with new U.S. rules, said Tse Chiong Thio, managing director of DBS Bank.
Hyperinflation Alert: QE Infinity Is The Only Thing Delaying A Complete Systemic Collapse But Now The Fed Is Out Of Short Dated Bonds JIM SINCLAIR: A ROMNEY ELECTION MEANS $3,500 GOLD & A DOLLAR COLLAPSE WITHIN 6-9 MONTHS!!
InvestmentWatchBlog.com
The legendary Jim Sinclair has sent an email alert to subscribers comparing this week's terrible situation along the east coast in the wake of Sandy to the coming collapse of the US dollar. Sinclair states that Ben Bernanke is the only person in US financial management that understands the current situation, and that QE? is the only thing delaying a complete systemic collapse.
Sinclair states that if Romney is elected and follows through on his threats to fire Bernanke, it would "be the single greatest error made in US financial management ever", and would result in gold trading above $3,500/oz and a complete US dollar collapse within 6-9 months!
HSBC Prepares to Face U.S. Money Laundering Charges
By Howard Mustoe and Gavin Finch - Bloomberg.com
HSBC Holdings Plc (HSBA) said it's likely to face criminal charges from U.S. anti-money-laundering probes and the cost of a settlement may "significantly" exceed the $1.5 billion the bank has set aside.
The lender made an additional $800 million provision in the third quarter to cover a potential settlement, adding to the $700 million it had already earmarked. HSBC also put aside $357 million in the period to compensate U.K. clients wrongly sold payment-protection insurance on loans as it posted an increase in pretax profit that missed analysts' estimates.
Xi Climbs to Power Mixing Father's Capitalism
With Mao Communism
By Bloomberg News
Days after Xi Jinping became chief in 2002 of Zhejiang, China's hotbed of private enterprise, he set out on a tour of the province. His message: more capitalism.
Promoted five years later to the party's top policy making body in Beijing, and heir-apparent to President Hu Jintao, Xi lectured students at the Communist Party's main school, by the Imperial Summer Palace. His plea this time: more Marxism.
The U.S. Must Learn From China's State Capitalism to Beat It Free markets alone won't be enough if we want to keep pace with China. It's time for some new-fashioned industrial policy.
By Richard A. D'Aveni - TheAtlantic.com
Over the last decade, free-market policies have lost their punch in creating jobs, new industries, wealth, and a bright future for the United States. Chinese state capitalism, on the other hand, has won round after economic round by violating free-market principles. Have those principles failed us? If so, why?
China has undercut those principles with an economic strategy to disrupt our free-market and open-trade system. U.S leaders have not mounted a potent response. They engage in piecemeal actions: lodging trade complaints with the World Trade Organization; railing about currency undervaluation; passing disjointed laws shaped by lobbyists; applying sporadic diplomatic pressure to reform China.
The Next President (Whoever He Is)
Won't Solve the Middle Class Crisis When it comes to the economy, divided government will keep either candidate from accomplishing anything major, and global fundamentals will outweigh anything they accomplish, anyway
By Derek Thompson - TheAtlantic.com
here is a quadrennial temptation to call each presidential election "the most important in our lifetime," and this time (like every time) there is the remote possibility that it might be.
But probably not.
A Part-Time, Low-Wage Epidemic The jobs gained recently by the U.S. economy are disproportionately low-paying, insecure ones.
By Mortimer Zuckerman - WSJ.com
As Americans head to the polls, they face a disastrous new normal: For the first time, the U.S. economy has shifted in the direction of a part-time, low-wage workforce.
The number of Americans now working part time has soared to 8.3 million—up 313,000 in the past two months alone. With economic growth declining or stagnant for quarter after quarter, many companies feel it is too risky to take on people full time.
The 3 Economic Issues That Distinguish Obama and Romney The future is an uncertain place. So how can we be certain which candidate will be best for the economy? Focus your attention on national debt and public goods.
By Noah Smith - TheAtlantic.com
When asking the question "Which candidate would be better for the economy?", we run smack into a huge wall of uncertainty. For all our fancy theorizing, there is plenty that even the experts just don't understand about how the macroeconomy works. That makes it hard to know exactly what problems we're going to face, or what the right policy responses will be - or even how much of an effect policy can have.
There are lots of surprises lurking in the future. Depending on which type of "shock" we encounter, different leaders could be better suited to the task of coping. Will China's economy slow? Will energy prices spike? Or will the financial system collapse again?
USA Energy Independence: Sense or Nonsense
By Charles Constantinou - OilPrice.com
The USA became a net importer of oil after World War II due to the accelerated rate of economic growth based on low cost energy, especially oil. Nevertheless, the USA kept some of its oil producing capacity in reserve for emergencies through the regulation of production. This reserve was used repeatedly by the USA to supply oil to oil-importing countries in Western Europe and Japan and stabilize prices during the closure of the Suez Canal because of wars in the Middle East.
Henry Kissinger wrote, "…Until 1972 the United States had been in a position to control the world price of oil because it was producing well below full capacity. Thus America was, in effect, able to set the price by increasing or withholding production. As late as 1950 the country supplied almost all of its energy needs from its own production; in 1960 we were importing 16 percent of our own requirements while still having significant unused capacity; by 1970 we were approaching full production and importing 35 percent of what we consumed.
Sandy's aftermath causes nightmare commute, housing crisis
By Daniel Trotta and Philip Barbara
NEW YORK/BELMAR, New Jersey | Mon Nov 5, 2012 6:47pm EST
(Reuters) - Commuters battled unruly crowds and snarled traffic to return to work Monday, a week after superstorm Sandy devastated the U.S. Northeast, as authorities scrambled to clear debris ahead of more bad weather and put special measures in place to ensure residents could vote in Tuesday's presidential election.
Many of Sandy's victims were still suffering, and living conditions were harsh for tens of thousands of people unable to return to their homes. Some 1.4 million homes and businesses were due to endure another night of near-freezing temperatures without power or heat.
Here we go again! Up to 40,000 New Yorkers could be forced to evacuate as nor'easter storm brings freezing temperatures, rain and wind to devastated East Coast
By MARK DUELL - DailyMail.co.uk
Up to 40,000 New Yorkers may need to be relocated as the city prepares for freezing temperatures and more rain and wind from a 'nor'easter' storm.
It is expected to hit New York and New Jersey with gusts of up to 55mph by Wednesday. The strongest winds are forecast for Long Island, with 40mph more likely for New York City. There is also the chance of more beach erosion, coastal flooding and trees weakened by Superstorm Sandy being felled.
Up to four inches of rain is expected along with snowfall in more inland mountainous areas and a tidal storm surge of up to 5ft is possible, forecasters say.
Sandy's fury leaves Queens residents cold, dark and uncertain In the Rockaways area of New York, residents are increasingly worried about a new storm, the growing likelihood of crime and how long everyone can last without heat or light
By Karen McVeigh - Guardian.co.uk
Inside the foyer of a 12-storey building in the devastated beach community of the Rockaways, a handful of residents gather around a bar of power points from an emergency generator, mostly charging their phones. A transistor radio provides news updates on the coming storm and the dropping temperatures outside. Boxes of food and water line the floor, donated by volunteers.
They have food to eat, water to drink. The lucky ones have running water to wash in, although those who are sheltering here from the Dayton building opposite do not. They have to walk down pitch-dark staircases to the swimming pool to fill buckets to flush their toilets.
Among the Ruins FEMA, Red Cross, Bloomberg ignoring Staten Island as city recovers from Hurricane Sandy, borough residents tell WFB
BY: Mary Lou Byrd - FreeBeacon.com
The death toll from Hurricane Sandy continued to climb in New York as more bodies were recovered in Staten Island over the weekend amid complaints that the federal government and emergency agencies are doing little or nothing to help storm victims.
Some residents are even saying they are the "forgotten borough" of New York City.
New York City Mayor Michael Bloomberg had planned to hold the NYC Marathon on Sunday, the starting line of which is in Staten Island. However, after widespread outrage from residents, local officials, and even the media, Bloomberg announced late Friday the marathon would be cancelled.
Sandy: The October Surprise Comes in a Perfect Storm
By Daniel J. Graeber - OilPrice.com
The attorney general for the state of New York said Monday he had "zero tolerance" for inflating costs for essential items like gasoline in the wake of Hurricane Sandy. The state, as are those up and down the eastern U.S. coast, is struggling with recovery efforts after a so-called superstorm descended on the region last week. Last week, the EPA issued waivers on regulations regarding gasoline to ensure adequate supplies. This week, responders are scrambling to control a series of fuel oil leaks at New Jersey terminals. The storm hit just days before voters take to the polls in what's billed as a very tight presidential election race. For 2012, it seems, the October surprise emerged as a perfect storm.
Beyond the Dead End of American Electoral Politics
By Henry Giroux, Truthout - Truthdig.com
As Hurricane Sandy swept through the Eastern Seaboard of the United States, there was and is much concern in the mainstream press about how it will affect the upcoming presidential elections. The implication being that a natural disaster may undermine the electoral process and distort what for many is the most significant expression of democracy in American politics. Unfortunately, the problems facing the upcoming election speak less to the effects of a natural disaster than to a serious political crisis. The equation of the electoral process with the highest measure of democracy rests on two mistaken assumptions.
US presidential election: who does the world want to win? Some countries have moved away from their strong support for Barack Obama four years ago – but it is by no means a done deal for either candidate
By Harriet Sherwood, David Smith, Ian Traynor, Kate Connolly, Tania Branigan,Saeed Kamali Dehghan, Miriam Elder, Howard Amos, Jon Boone, Jonathan Watts, Ian Black, Emma Graham-Harrison and Mokhtar Amiri - Guardian.co.uk
Reports from:
Israel and the Palestinians
Africa
Europe
China
Iran
Russia
Pakistan
Latin America
Arab world
Afghanistan
Shut Up and Vote Ohio is not a backward, vote-suppressing, Third World banana republic. And you never need to wait in line.
By Rachael Larimore - Slate.com
It is hard to be an Ohio resident these days. Sure, all the attention from Jon Stewart and theNew York Times is nice. But there are the ads that spoil my college-football watching, the robo-calls that disrupt my family time, and the door-knockers that leave me wondering. (If Obama is sending volunteers into my extremely Republican neighborhood, does that mean he's desperate or does it mean he's got a surplus of volunteers?)
Fight vs. Change At the end of a long campaign, the candidates' closing messages can be summed up in their favorite words.
By John Dickerson - Slate.com
If you are still undecided and haven't voted, you don't have a lot of time to read position papers and rewatch the debates. You certainly don't have time to read a five-part series on presidential attributes (though you should). On the other hand, you may be undecided because you've read everything, and the more you read the more confused you become.
Whatever camp you're in, time is drawing short. So here is a quick rundown of Barack Obama and Mitt Romney's closing arguments and parting shots.
In a close U.S. election, first clues to winner could come early
By John Whitesides
WASHINGTON | Mon Nov 5, 2012 1:36pm EST
(Reuters) - The close election battle between President Barack Obama and Republican Mitt Romney might take a while to resolve, but Americans following the returns could see clues to the ultimate winner emerge early on Tuesday night.
One of the most crucial battlegrounds, Virginia, is among the first states to end its voting, at 7 p.m. EST on Tuesday. The most vital prize of all, Ohio, closes its balloting shortly afterward at 7:30 p.m. EST.
Obama and Romney Deadlocked, Polls Show
By NEIL KING JR. and LAURA MECKLER - WSJ.com
President Barack Obama and Mitt Romney crisscrossed the country Sunday to energize supporters in key states, as new polls forecast a down-to-the-wire election and both sides claimed they had the momentum to win.
The Romney camp, combing through surveys taken in the waning days of the campaign, pointed to strength among independent voters, anxiety over the economy and greater enthusiasm among conservatives as signs that the Republican would win, potentially with victories in states such as Pennsylvania and Minnesota that a GOP presidential candidate hasn't carried for decades.
Election Day marks beginning
of mad political scramble in Congress
By Russell Berman - TheHill.com
For Congress, the election on Tuesday isn't the end of a long journey but the beginning of a mad scramble.
When lawmakers wake up on Nov. 7, they will have seven weeks — and just about 16 scheduled legislative days — to resolve an array of tax and spending questions that must be addressed by the end of the year.
The campaign has frozen negotiations over the expiring tax rates and the looming spending cuts known as the fiscal cliff, as both parties await a decision by voters on control of the White House and each chamber in Congress.
Gallup: Obama cuts Romney's lead to 1 point nationally
By Jonathan Easley - TheHill.com
Mitt Romney edges President Obama in Gallup's daily tracking poll, but the race is markedly tighter than it was when Hurricane Sandy forced Gallup to suspend its polling operations last week.
Romney takes 49 percent support over Obama's 48 percent in the poll of likely voters. The survey was conducted between Nov. 1 and Nov. 4 and has a 2 percent margin of error. Romney led the same poll 51 to 46 percent on Oct. 28, the final day Gallup polled ahead of the storm.
Poll: Romney, Obama in dead heat at 49-49
By Meghashyam Mali - TheHill.com
Voters are evenly split between President Obama and GOP nominee Mitt Romney on the eve of Election Day, according to a new poll from CNN/ORC International.
The poll finds that 49 percent of likely voters support the president, with 49 percent backing Romney. The president posts a wider lead among registered voters, at 50-48.
Ninety-six percent of likely voters say their mind is made up, with 4 percent saying they might change their mind before casting a ballot.
Early Voting in Florida Becomes a Nightmare
by Tracy Bloom - Truthdig.com
Extra long lines, people getting turned away from the polls and having their cars towed—these were just a few of the problems voters in Florida faced as they tried to take advantage of early voting in the Sunshine State.
Some voters waited six hours—with one Daily Kos contributor reporting standing in line for nine hours—to cast their ballots.
Obama's Progressive Gamble He bet his Presidency
on expanding government because that's who he is.
WSJ.com
Many of our friends who saw genius in the crease of Barack Obama's trousers four years ago lament that he might be cruising to re-election had he only focused first on the economy and postponed his liberal social priorities. This may be true, but it also misjudges the man and his Presidency.
Mr. Obama has governed from the left not because he miscalculated his priorities but because these are his priorities. His first term is best understood as a race to put himself in the pantheon of the great progressive Presidents—Wilson, FDR, LBJ—who expanded the state's control over the private economy and over the wants and needs of the American middle class.
Snapshot: The crucial swing states
By Jonathan Easley - TheHill.com
President Obama and Mitt Romney enter Election Day in a statistical tie, according to most national polls, with the race for the White House coming down to a handful of swing states.
Ohio is the top prize, as winning the election without that state's 18 electoral votes will be difficult for either candidate, but it is closely followed by Florida, Virginia, Wisconsin, Iowa, Colorado and New Hampshire.
Obama, Romney leave nothing to chance
as campaign season comes to an end
By Amie Parnes - TheHill.com
The final full day of the 2012 presidential campaign has featured a swing-state spring by two candidates determined to leave nothing to chance in a razor-tight election.
Mitt Romney held campaign events in Florida and Virginia — two states where recent polls suggest he has an advantage — and announced he'd take the unusual step of holding campaign events in Cleveland and Pittsburgh on Tuesday.
Romney, Obama and the Economic Choice Whoever wins, entrenched defenders of big government will fight to protect high levels of spending.
By DAVID MALPASS - WSJ.com
Voters go to the polls with an unusually clear choice in U.S. economic policy: We can double down on the current approach in the hope that bigger government will create jobs, or we can adopt growth policies that are more market-oriented and less government-centered.
Current economic policy will lead to a recession in 2013, according to warnings from the Congressional Budget Office, and to rapid increases in the national debt. The Romney alternative to President Obama is based on wholly different principles and would lead to an economy in which the private sector grows faster than the government, a key step in restoring prosperity.
Romney and the Dogs of War
By Jeremiah Goulka, TomDispatch - Truthdig.com
It's the consensus among the pundits: foreign policy doesn't matter in this presidential election. They point to the ways Republican candidate Mitt Romney has more or less parroted President Barack Obama on just about everything other than military spending and tough talk about another "American century."
The consensus is wrong. There is an issue that matters: Iran.
Don't be fooled. It's not just campaign season braggadocio when Romney claims that he would be far tougher on Iran than the president by threatening "a credible military option." He certainly is trying to appear tougher and stronger than Obama—he of the drone wars, the "kill list," and Bin Laden's offing—but it's no hollow threat.
China Holds Working Level Discussions
With Japan on Islands Spat
By Isabel Reynolds - Bloomberg.com
Chinese and Japanese officials met yesterday and today to discuss a territorial dispute that has damaged relations between Asia's two biggest economies.
Shinsuke Sugiyama, head of the Japanese Foreign Ministry's Asia-Pacific bureau, met with Chinese counterpart Luo Zhaohui in Wuhan, Hubei province, the ministry said in a statement today. It was at least the third diplomatic meeting between the two sides in the past month. Chinese Foreign Ministry spokesman Hong Lei confirmed the talks without saying where they occurred.
Global Zero at Ground Zero
By Shlomo Ben-Ami - Project-Syndicate.org
MADRID – Since its launch in December 2008, Global Zero, the vision of a world without nuclear weapons, has run up against some formidable challenges. One is related to the readiness of the two major nuclear powers, Russia and the United States, to move from the stockpile reductions to which they agreed in the New START treaty to complete elimination of their nuclear arsenals. Others concern smaller nuclear powers' willingness to go along, and whether reliable inspection, verification, and enforcement systems can be put in place.
Russian Sub Skirts Coast Russian attack sub detected near East Coast
BY: Bill Gertz - FreeBeacon.com
A Russian nuclear-powered attack submarine cruised within 200 miles of the East Coast recently in the latest sign Russia is continuing to flex its naval and aerial power against the United States, defense officials said.
The submarine was identified by its NATO designation as a Russian Seirra-2 class submarine believed to be based with Russia's Northern Fleet. It was the first time that class of Russian submarine had been detected near a U.S. coast, said officials who spoke on condition of anonymity because of the sensitive nature of anti-submarine warfare efforts.
Military base bombing plot foiled by US forces in Yemen
By Carlo Muñoz - TheHill.com
Yemeni troops reportedly thwarted a bombing plot designed to destroy one of the primary counterterrorism hubs used by U.S. and local forces against al Qaeda-linked terror cells in the country.
Local security forces stationed at Yemen's Al Anad Air Base in the southern part of the country uncovered a car filled with explosives and anti-tank missiles parked next to the facility's main gate on Monday, according to Reuters.
Iran Announces Plans
to Increase Naval Presence in the Straits of Hormuz
By Joao Peixe - OilPrice.com
Tehran has released a statement, announcing that it intends to increase its naval presence in the Gulf of Persia, just near to the Straits of Hormuz. Not because of the US and NATO ships stationed in the area, or anything to do with the whole international dispute over its nuclear program; but rather because it wants to strengthen its authority over three small islands which the UAE are claiming to be theirs.
The dispute over the islands, Greater Tunb, Lesser Tunb, and Abu Musa, which are situated just at the mouth of the Hormuz, has existed for over 40 years, between the Shi'ite Muslims in Iran, and the Sunni Muslims in the UAE.
Why Gold will Benefit from the Global Debt Crisis
BY CLIF DROKE - FinancialSense.com
One of the most common questions that I'm asked goes something like this: "If the deflationary long-term cycle is in its 'hard down' phase until 2014, why should we expect gold' value to rise? Shouldn't we instead expect to see a rising dollar along with a falling gold price?"
That's a good question and on the surface it makes sense. The dollar after all has historically been inversely correlated with gold, and since the currency tends to benefit from deflation it stands to reason that a rising dollar during "runaway" deflation would lead to lower gold prices. The answer is more complex than this, however.
Gold may be under pressure after US elections: Deutsche Bank
NEW YORK (Commodity Online): Gold prices are trading in a range, but after the U.S. elections, news flow for the rest of the year could be moderately negative for gold which would result in weaker prices, said Deutsche Bank, the biggest bank in Germany, in a snippet.
Rising Gold prices
lead to more Jewellery shop closures in Saudi Arabia
RIYADH(Commodity Online): Large number of jewellery shop closures have been reported in Saudi Arabia this year bringing the total number of closures in past five years to 1500 due to drop in demand following hike in gold prices.
The price of gold has soared from 424 dollars per ounce in 2006 to 1,715 dollars in 2012as per the data given by the Deputy Chairman of the Board of Directors of Mecca Chamber of Commerce and Industry Zaid Farsi, Reuters reported.
Watch the Fed, not who wins the election
By Robert Powell, MarketWatch
It's not as if it doesn't matter who becomes the next president of the United States. It does. It's just that there's "no significant relationship between the president's party affiliation and the returns to either equity or fixed-income securities," according to the authors of a new study, "What to Expect When You're Electing."
Unlike other studies which typically examine say stock-market returns and the outcome of the election, the authors of this study looked at "security-market returns relative to the political party of the president, the Federal Reserve's monetary policy, the year of the president's term, and the state of political gridlock."
Economy Set for Better Times Whether Obama or Romney Wins
By Rich Miller and Steve Matthews - Bloomberg.com
Mitt Romney says Barack Obama's policies will consign the U.S. to an extended period of sluggish economic growth, at best. The president says his Republican challenger's plans will sow the seeds of another mammoth recession. Both are wrong.
No matter who wins the election tomorrow, the economy is on course to enjoy faster growth in the next four years as the headwinds that have held it back turn into tailwinds. Consumers are spending more and saving less after reducing household debt to the lowest since 2003. Home prices are rebounding after falling more than 30 percent from their 2006 highs. And banks are increasing lending after boosting equity capital by more than $300 billion since 2009.
U.S. fiscal cliff, Europe's debt woes worry G20
By Krista Hughes and Julien Toyer
MEXICO CITY | Sun Nov 4, 2012 6:53pm EST
(Reuters) - Finance chiefs of leading economies pressed the United States on Sunday to avert a rush of spending cuts and tax hikes that could hurt global output next year, though some countries still saw Europe's debt crisis as the No. 1 danger.
Unless a fractious Congress can move quickly to reach a deal after Tuesday's U.S. elections, about $600 billion in government spending cuts and higher taxes are set to kick in from January 1, threatening to push the American economy back into recession.
U.S. Treasury Collects Another $67 Million from TARP Bailouts
By Paul Ausick, 24/7 Wall St. - DailyFinance.com
The U.S. Treasury Department today said that it will collect gross proceeds of $67 million from the sale of shares in 11 banks that received TARP bailout funds following the 2008 financial crisis. Treasury said that it has now recovered $267 billion from its TARP bank lending, about $22 billion more than the $245 billion originally used to bail out the banks.
Assistant Treasury Secretary Timothy Massad said:
[W]e're moving to wind down our remaining investments in a way that helps strengthen our nation's community banks and replaces temporary government support with private capital.
Britain shouldn't jump the gun on leaving the European Union Rather than rush for the exit, it would be better to allow the euro crisis to play out
By Jeremy Warner - Telegraph.co.uk
For many Eurosceptics, Wednesday night's vote in Parliament was a watershed moment which unambiguously sets Britain on the road to eventual exit from the European Union. Even among pro-Europeans, there is a growing sense of resignation. On the current trajectory, it now seems more likely than not that Britain will be out of Europe by the end of the next parliament.
China's economic destiny in doubt after leadership shock The forces of reaction and economic folly threaten to prevail in China. The long political arm of Jiang Zemin has reached out from the shadows to thwart reform, with huge implications for Asia and the world.
By Ambrose Evans-Pritchard - Telegraph.co.uk
If reports from the Hong Kong press and China's blogosphere are correct, a remarkable upset has occurred on the eve of the ten-year power shift next week -- the greatest turn-over of top cadres since Mao's revolution.
The South China Morning Post says the new line-up of the Politburo's Standing Committee is "packed with conservatives". The succession deal agreed over the summer has been scuppered.
The 86-year Mr Jiang -- who rose to supreme leader on the bones of Muxidi and Tiananmen in 1989 -- has placed his accolytes in charge of the economy, propaganda, as well as the Shanghai party machine.
Stock certificates feared damaged by Sandy
By Ben Rooney - CNN.com
Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.
The Depository Trust & Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault "are likely damaged," after its building at 55 Water Street "sustained significant water damage" from the storm that battered New York City's financial district earlier this week.
The vault contains certificates registered to Cede & Co., a subsidiary of DTCC, as well as "custody certificates" in sealed envelopes that belong to clients.
Stocks: All eyes on the election
By Emily Jane Fox - CNN.com
NEW YORK (CNNMoney) -- The American presidential election on Nov. 6 and its outcome will be at the forefront driving markets this week.
Investors will likely hit pause leading up to Tuesday's hotly contested political race, and analysts are expecting markets to react as soon as the results are in.
Brian Lazorishak, a senior vice president of Chase Investment Counsel, expects a rally if Republican nominee Mitt Romney is elected, and a possible sell off if President Obama holds on to his seat.
U.S. Consumer Confidence and Jobs Numbers
BY IAN CAMPBELL - FinancialSense.com
U.S. consumer confidence has just been reported as having risen in October to its highest level since early 2008.
What is wrong with this picture in the face of current levels of U.S.:
• residential housing prices, which on average are reported to have dropped by about 9% on an inflation-adjusted basis from March 2008 levels;
• average hourly wage rates that are reported to have been rising since March 2008 at a rate about equal to the reported inflation rate; and,
• continuing high unemployment rates, which official reported unemployment rate has increased by about 55% since March 2008, and where the 'unofficial' unemployment rate likely has increased much more than that if those people who have abandoned jobs searches are taken into account?
Sandy's small business victims: We don't want loans!
By Stacy Cowley - CNN.com
BROOKLYN, N.Y. (CNNMoney) -- More than 100 business owners jammed into a standing-room-only meeting Thursday afternoon in the Red Hook neighborhood of Brooklyn to hear New York City officials describe the relief assistance available to entrepreneurs who saw their restaurants, stores, warehouses and other businesses devastated this week by Sandy's flooding.
Over and over, city representatives repeated one word: loans. The U.S. Small Business Administration offers low-interest disaster loans of up to $2 million over terms as long as 30 years. The loans are financed directly by the government and capped at a 4% interest rate.
The Scariest Jobs Chart, Private Sector Edition
By Matthew O'Brien - TheAtlantic.com
The recovery is real, but it's still really far from the recovery we need. That's been the consistent message of the past three years, with consistent job growth that hasn't been near enough to end our jobs crisis much before the end of the decade.
Why the October Jobs Report Is Even Better Than It Looks Bottom line: Whoever wins on Tuesday inherits an economy that is still awfully weak and a jobs recovery that's clearly gaining momentum
By Derek Thompson - TheAtlantic.com
Here's the lede you'll read in most newspapers today about Friday's jobs report: "The economy added a hearty 171,000 new jobs in October, and the unemployment rate ticked up to 7.9%."
Obama's U.S. Auto Industry Better Off Than Four Years Ago
By Craig Trudell and Jeff Green - Bloomberg.com
U.S. automakers would endorse four more years with profits like those this week. A second term for President Barack Obama, who made saving General Motors Co. (GM) a campaign pillar, hinges on whether voters give him the credit.
Four years ago, GM and Chrysler Group LLC's soon-to-be bankrupt predecessors and Ford Motor Co. (F), which ultimately survived without a bailout, were seeking U.S. government aid to pay their bills. This week, the strongest domestic auto market since 2007 helped GM and Ford beat Wall Street profit estimates and Chrysler's third-quarter profit jump 80 percent.
Unions aim to lock collective bargaining into state constitutions
By Kevin Bogardus - TheHill.com
Union officials are campaigning to lock collective bargaining rights into Michigan's state constitution on Election Day and are talking about repeating the feat elsewhere if they succeed.
After being put on the back-foot in Wisconsin and Indiana, labor is looking to go on offense in a state with a high density of union members. Business groups and donors to conservative super-PACs are fighting back hard against the ballot initiative, known as Proposal 2, and are pouring millions of dollars into the state to defeat it.
Housing crisis looms as storm victims battle cold
By Ilaina Jonas and Edith Honan
NEW YORK | Sun Nov 4, 2012 6:44pm EST
(Reuters) - A housing crisis loomed in New York City as victims of superstorm Sandy struggled on Sunday without heat in near-freezing temperatures, and officials fretted displaced residents would not be able to vote in Tuesday's presidential election.
Fuel shortages and power outages lingered nearly a week after one of the worst storms in U.S. history flooded homes in coastal neighborhoods, leaving many without heat and in need of shelter in New York and New Jersey. Mayor Michael Bloomberg said 30,000 to 40,000 people in New York City alone would need housing, including around 20,000 from public housing.
Freezing temps complicate recovery In Storm's Wake, a Housing Nightmare Looms
By MICHAEL SCHWIRTZ - NYTimes.com
New York City officials said on Sunday that they faced the daunting challenge of finding homes for as many as 40,000 people who were left homeless after the devastation of last week's storm, a situation that the city's mayor, Michael R. Bloomberg, compared to New Orleans' after Hurricane Katrina.
The mayor said that the 40,000 figure was a worst-case scenario given by the Department of Housing and Urban Development, and that a more realistic assessment was 20,000 people — the bulk of which would be public housing residents. Even in the best possible case, he said, the task will be formidable.
Hurricane Sandy and The Recovery's Invisible Hand
By Iain Murray - Forbes.com
Once again, a terrible natural disaster strikes, and Americans from the Carolinas to New England are doing their best to sort through the wreckage and get their lives back to normal. Already, some, including The New York Times, have said natural disasters prove the need for big government. In fact, disaster response provides an excellent example of how the invisible hand of the market works to alleviate suffering and bring quick relief to those in need.
A Democratic Hurricane
By Ian Buruma - Project-Syndicate.org
NEW YORK – Nothing concentrates the mind like a full-blown crisis. Like millions of other people in New York City, I heard Hurricane Sandy rattling my windows and battering my doors. I was luckier than many. Rattling is all it did.
For many years, experts have been warning that such storms would overwhelm the city's antiquated urban infrastructure. Salt water came streaming into open subways. Damage to the power supply reduced a third of Manhattan to a pre-modern state of darkness. And that was just New York. In parts of New Jersey, many people fortunate enough still to have a house are cut off by rivers of raw sewage lapping at their doors.
Canada's Housing Bubble Springs a Leak
by MIKE WHITNEY - CounterPunch.org
Sagging prices and droopy home sales in Vancouver have set off alarms across Canada. These are the first signs that the country's overheated real estate market has begun to cool. Homes sales have plunged 33 percent year-over-year, while prices have tagged close behind dropping 11 percent from their peak in April 2011. At the same time, listings are up a hefty 14 percent finishing off the grim trifecta of bulging supply, anemic demand, and tumbling prices. The news has sparked fear that Canada's housing bubble has finally burst leaving millions of homeowners exposed to the same equity-decimating nightmare as victims in the US, Ireland, Spain and Japan. As sales continue to shrivel, prices are certain to dip further, leading to higher unemployment, record foreclosures, and a more generalized deceleration across all sectors of the economy. There's a good chance that Canada will be slip back into recession sometime in 2013. Here's the story from the Wall Street Journal:
Super yacht designed by Apple's Steve Jobs unveiled
FOXNews.com
A year after his death, the family of Apple founder Steve Jobs have helped launch the super yacht the late technocrat designed in the Netherlands.
Jobs reportedly spent years designing the 250-foot yacht called Venus which is steered from the control room or wheelhouse by a group of 27-inch iMacs, according to Business Insider.
The light-weight yacht -- named after the Roman goddess of love and beauty -- is 80 meters long and its sleek design with a line of large square windows and the minimalist sun deck would be familiar to Apple fans.
All Three Branches Agree: Big Brother Is the New Normal
BY DAVID KRAVETS - Wired.com
Despite Hurricane Sandy, the Supreme Court on Monday entertained oral arguments on whether it should halt a legal challenge to a once-secret warrantless surveillance program targeting Americans' communications, a program that Congress eventually legalized in 2008.
The hearing marked the first time the Supreme Court has reviewed any case touching on the eavesdropping program that was secretly employed by the President George W. Bush administration in the wake of the Sept. 11, 2001 terror attacks, and largely codified into law years later.
One month until they regulate the Internet
By John Brandon - FOXNews.com
Better enjoy Facebook while you can.
A U.N.-sponsored conference next month in Dubai will propose new regulations and restrictions for the Internet, which critics say will censor free speech, levy tariffs on e-commerce, and even force companies to clean up their "e-waste" and make gadgets that are better for the environment.
Concerns about the closed-door event have sparked a Wikileaks-style info-leaking site, and led the State Department on Wednesday to file a series of new proposals or tranches seeking to ensure "competition and commercial agreements -- and not regulation" as the meeting's main message.
Obama, Romney sprint to finish line
By Robert Schroeder, MarketWatch.com
WASHINGTON (MarketWatch) — President Obama and Mitt Romney pressed their cases in last-minute appeals to voters on Sunday as polls indicated their race for the White House was too close to call.
With two days remaining until Election Day, a Wall Street Journal/NBC News poll released Sunday morning showed Democrat Obama leading Republican Romney 48% to 47% in his bid for a second term. Read more about Wall Street Journal/NBC News poll.
Obama's Bad Economic Policies vs. Romney's Disastrous Ones
By John T. Harvey - Forbes.com
Since I started this blog in April 2011, I have criticized President Obama on a number of occasions. In summary, his administration has come up far short of where they should be in terms of job creation. There is absolutely no reason whatsoever that unemployment should not now be 5 or 6% rather than the 8% at which we have hovered for the last year. He should have done much, much better.
This should not be taken, however, as an endorsement of the Romney/Ryan ticket. Far from it, the very errors made by Obama are embraced by the Republican ticket at the path to recovery. Those who understand the manner in which the economy operates are rightly terrified at the prospect of their election.
Romney pledges 'real change' that will end partisan gridlock
By Seth McLaughlin-The Washington Times
CLEVELAND — Darting across eight battleground states, Mitt Romney spent the final weekend of the presidential race delivering a muscular critique of the Obama administration and saying he is uniquely qualified to end the partisan gridlock in Washington that threatens to push the country into a double-dip recession.
Mr. Romney, urging his flag-waving supporters to "walk with me" toward a "new beginning," said Mr. Obama walked away from the promises he made on the stump four years ago.
Candidates Make Final Dash as Race Winds Down
By MARK LANDLER and MICHAEL D. SHEAR - NYTimes.com
HOLLYWOOD, Fla. — President Obama and Mitt Romney hunted for last-minute support on Sunday in a frenetic sprint across battleground states, even as their parties faced off in the first of what could be a growing number of legal disputes over presidential ballots and how they are counted.
In Florida, the state's Democratic Party filed a lawsuit on Sunday morning that would force the Republican-led government to extend early voting in South Florida after complaints that extremely long lines on Saturday had prevented some people from casting their ballots. The Republican-controlled Legislature cut back early voting, which ended Saturday, from 14 days to eight.
Obama, Romney deliver final pitch,
both vow change in Washington
By Cameron Joseph - TheHill.com
GOP nominee Mitt Romney and President Obama are making a last-minute push in key swing states, with each arguing they're the only one who can fix Washington, D.C.
Speaking in New Hampshire on Sunday with former President Bill Clinton, Obama attacked Romney for his recent argument that he'll bring "real change" to Washington.
Obama and Romney Deadlocked, Polls Show
By NEIL KING JR. And LAURA MECKLER - WSJ.com
President Barack Obama and Mitt Romney crisscrossed the country Sunday to energize supporters in key states, as new polls forecast a down-to-the-wire election and both sides claimed they had the momentum to win.
The Romney camp, combing through surveys taken in the waning days of the campaign, pointed to strength among independent voters, anxiety over the economy and greater enthusiasm among conservatives as signs that the Republican would win, potentially with victories in states such as Pennsylvania and Minnesota that a GOP presidential candidate hasn't carried for decades.
The Closer The former president is in Ohio to seal the deal. His message: The people who trusted him should love Obama even more.
By David Weigel - Slate.com
CHILLICOTHE, Ohio—Nineteen-odd years ago, before he'd spent a full month in office, President Bill Clinton flew to this city of around 20,000 people for his first national town hall meeting. He introduced the local Democratic congressman, Ted Strickland, who'd flown in with him, and the business that supplied wheels for his "famous bus tours," and some school officials. Then he got down to business with his first somewhat hostile crowd.
Obama Campaigns In Vegas While Storm Victims Defecate In The Hallways And Rummage Through Garbage Dumpsters For Food
By Michael Snyder - EndOfTheAmericanDream.com
Will Hurricane Sandy turn out to be Obama's Katrina? When the storm first hit, the media was full of praise for the way that Barack Obama was handling the crisis. But that was just based on the bold statements that Obama was making at the time. If those statements are not backed up by actions, what good are they? Obama has always been good with words. Unfortunately, several days after the storm it has become apparent that the federal response to Hurricane Sandy has been absolutely nightmarish. Large areas affected by the storm are still without power, and authorities now say that some power outages could persist until late November. Due to the lack of power and widespread transportation disruptions, very few gas stations are open right now. On Thursday, officials estimated that more than 80 percent of the gas stations in New Jersey were closed, and the lines at the stations that were still open were so long that some people had to wait for up to six hours for gasoline.
Boehner says Romney will win Ohio, despite auto bailout issue
by Deirdre Walsh
Wadsworth, Ohio (CNN) – House Speaker John Boehner on Sunday said he was "very confident" that Mitt Romney will win his home state of Ohio on Tuesday, but acknowledged that the auto bailout has helped the president with some voters here.
"Romney is doing well in Ohio. You know, polls don't decide elections, voters do," the speaker said, though he later added "the auto bailout may help the president in Ohio a little."
"But when you look at polling, it wouldn't indicate that that's had much of a factor at all," he continued. "Enthusiasm is on our side."
In recent elections, politicians' predictions are often wrong
By Bob Cusack - TheHill.com
When it comes to making predictions, few politicians compare to Joe Namath.
In the most recent elections, politicians ranging from Nancy Pelosi (D-Calif.) to John Boehner (R-Ohio) to President George W. Bush have been dead wrong on reading the political winds.
In 2006, Bush said, "I'm a person who believes we'll control the House and Senate." Both chambers subsequently flipped to the Democrats.
The US electoral college explained:
why we don't vote directly for a president
Guardian.co.uk
Guardian US polling expert Harry J Enten breaks down the workings of the electoral college – a mysterious institution that uses the people's votes to select the US president. With 538 electors up for grabs across 50 states and the District of Columbia, Barack Obama and Mitt Romney are vying for the 270 votes that will grant them the White House. It's a curious system where things can and have gone awry – one possible outcome in 2012 is for Romney to end up in the Oval Office with Joe Biden as his vice-president. How could that happen? Let Harry explain:
Taking America's Pulse
By George Will - PatriotPost.us
PRESIDENT: The leading figure in a small group of men of whom -- and of whom only -- it is positively known that immense numbers of their countrymen did not want any of them for president. -- Ambrose Bierce, The Devil's Dictionary (1906)
WASHINGTON -- What another lexicographer, Samuel Johnson, said of Milton's "Paradise Lost," can be said of this campaign: No one ever wished it longer. Voters, having heard enough, might agree that it is splendid that in "Hamlet" Polonius gets stabbed. He deserved this because his speech to Laertes taught politicians how to speak bromides.
Tuesday night, as returns reveal whether Barack Obama or Mitt Romney has the smaller gigantic number of Americans not wanting him to be president, notice other indexes of political change:
How Mormon Doctrine Shapes Romney's World View
by KIRK ROBINSON - CounterPunch.org
As Mormon missionaries in the 1960s, Mitt Romney and I were required to present six "discussions" to "investigators" before baptizing them – he in France and I in northern California. Central to those discussions was the "Plan of Salvation" (POS); and central to it, the "Doctrine of Eternal Progression." These doctrines are also the essence of the Mormon temple "endowment ceremony" in which covenants of allegiance to God and the Church are made, accompanied by oaths of secrecy.
The doctrines are unique to Mormonism and absolutely central to it. There is no way that Mitt Romney's view of the world cannot have been shaped by them, especially given the rather cloistered life he has lived. Together with passages of Mormon scripture, they imply several disturbingly retrograde political views that define the Republican-Tea Party:
Artur Davis Makes Case for Romney
By QUIN HILLYER - Spectator.org
The always-impressive former Rep. Artur Davis wrote an eloquent column last week on "The Case for Mitt Romney," well worth a read. (I meant to post it last Monday, but with Sandy hitting the East Coast, I decided to wait a few days, and just now remembered to do it.) Davis seconded Barack Obama's nomination at the Democratic convention in 2008 but always has had some conservative instincts and always has exhibited great personal decency (he bucked the national Democratic Party way back when, by endorsing conservative William Pryor for the U.S. 11th Circuit Court of Appeals despite massive and vicious opposition to Pryor from Davis' then-party, the Democrats). But the longer he stayed in Washington, the more disillusioned he became with the lefty Dems, and broke with them strongly by opposing ObamaCare. Anyway, and quite significantly, Davis' support for Romney doesn't rely mostly on ideology, but on competence:
Race is tied, but most think Obama will win: Reuters/Ipsos poll
By Andy Sullivan
WASHINGTON | Tue Oct 30, 2012 1:51pm EDT
(Reuters) - The U.S. presidential race remains a dead heat one week before Election Day but most Americans think President Barack Obama will defeat Republican Mitt Romney, according to a Reuters/Ipsos daily tracking poll released on Tuesday.
Obama leads Romney among likely voters by 47 percent to 46 percent, a statistically insignificant margin, the online survey found. Neither candidate has held a clear lead since early October.
Together We Stand, Divided We Fall
By Clive Crook - TheAtlantic.com
In a pair of columns for Bloomberg I've argued, first, that the election shouldn't have been as close a call for Obama as it's turning out to be and, second, that despite his errors of governing and campaigning Obama's still a better bet than Romney. Increasingly, though, I feel that the most important thing about this election, whoever wins, is that the country is going to lose. Ron Brownstein puts it well in this article for National Journal:
For the third time in the past four presidential elections, these divergent [Democratic and Republican] coalitions might prove almost identical in size. That means the outcome will likely alienate almost exactly half of us. (Emotions will spike further if the Electoral College winner loses the popular vote.) Theodore Roosevelt once said that as Americans, "our common interests are as broad as the continent." Yet Election Day may highlight more vividly our mountainous, and increasingly impenetrable, differences. The contrast between [Obama in] Cleveland and [Romney in] Canton last week reminds us how far the winner will need to stretch after this grueling campaign to govern as anything more than the president of half of America.
The Final Days
By Burt Prelutsky - PatriotPost.us
I won't beat around the bush. I watched all of the GOP debates, I watched the Biden-Ryan debate and I even sat through all three of the presidential debates, and I don't think it's fair that I only get one vote that can be canceled out by the vote of one of those louts who got a free cell phone, thanks to Obama, or one of the guttersnipes who befouled our streets as a member of the Occupy Wall Street movement.
Politics call the tune in U.S, China and Europe
By Alan Wheatley, Global Economics Correspondent
LONDON | Sun Nov 4, 2012 2:03pm EST
(Reuters) - In the politically packed days ahead, an election, a coronation and a two-part parliamentary vote each has the potential to alter the course of the global economy for years to come.
The election, of course, is on Tuesday for the White House and Congress. Two days later, China's ruling Communist party begins the 18th congress in its history.
TransCanada Awarded Contract
to Build $1 Billion Natural Gas Pipeline in Mexico
By Energy Digital - OilPrice.com
TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) today announced that its Mexican subsidiary, Transportadora de Gas Natural del Noroeste, has been awarded the contract to build, own and operate the El Encino-to-Topolobampo Pipeline (Topolobampo Pipeline) in Mexico by the Comisión Federal de Electricidad (CFE), Mexico's federal power company.
TransCanada expects to invest approximately US$1 billion in the Topolobampo Pipeline project, which is supported by a 25-year natural gas transportation service contract with the CFE. The 30-inch diameter pipeline will be approximately 530 kilometres (329 miles) long and have contracted capacity of 670 million cubic feet per day. It is anticipated the project will be in-service in the third quarter of 2016.
Syria rebels 'capture oilfield' Activists say Syrian rebels have taken control of the al-Ward oilfield, which supplied fuel for the Assad regime's tanks
Agencies in Beirut - Guardian.co.uk
Syrian rebels captured an oilfield in the east of the country on Sunday after three days of fierce fighting with government troops protecting the facility, activists said.
The head of the Britain-based Syrian Observatory for Human Rights, Rami Abdul-Rahman, said rebels overran the al-Ward oilfield in the province of Deir el-Zour near the border with Iraq. About 40 soldiers were guarding the facility that the rebels had been pounding for the past three days, he said, adding that opposition fighters also captured several regime troops.
Iran's Untouchable Energy Exports
By John Daly - OilPrice.com
Few people are aware that Iran is currently subjected to not one, but three sets of sanctions imposed by U.S., the United Nations and the European Union, the latter two over concerns about Iran's civilian nuclear energy program, which both Washington and Israel allege masks a covert nuclear weapons program, a charge Iran steadfastly denies.
The first U.S. economic sanctions against Iran were instituted in 1979 following the overthrow of the Pahlavi monarchy and its replacement by an Islamic Republic, while the first United Nations Security Council sanctions again Iran were implemented by Resolution 1737, voted in 23 December 2006. Earlier this year, European Union foreign ministers agreed to place sanctions on Iranian oil and oil products because of Iran's purported non-compliance with its obligations of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), and the EU sanctions entered into force on 1 July.
REMINDER: Daylight Savings
OFF Saturday night (Fall back one hour)
Daylight-Saving Time Is Past Its Prime
[Google title for "Free Article Pass"]
Clever as he was, Benjamin Franklin didn't account for the invention of air conditioning.
By H. SPENCER BANZHAF - WSJ.com - $$
Saturday night marks the end of daylight-saving time for 2012. Time for those clocks to "fall back" an hour to standard time, when the sun really is highest at high noon.
An extra hour of cold, dark fall mornings is probably the last thing you look forward to when you first wake up—or when you're driving to work, dropping off your children at school, or walking the dog. Similarly in mid-March, when we first "spring forward." So why do we suffer through this?
Gold demand witnessing shift from professional investors to physical buyers: Societe Generale
NEW YORK (Commodity Online): There appears to be some shift in gold activity lately from professional investors toward physical demand, said Societe Generale, a large European bank and a major financial services company.
According to the bank, gold exchange-traded-fund holdings previously picked up from summer until around the third week of October, boosted by the third round of quantitative easing in the US, before momentum slowed.
November tends to be seasonally bullish for Gold: UBS
NEW YORK (Commodity Online): October tends to be a seasonally negative month for gold but November a seasonally bullish one, said Zurich based Investment Bank UBS in a snippet.
December gold last traded up $8.00 at $1,720.00 an ounceon the Comex division of the New York Mercantile Exchange. Spot gold was last quoted up $10.90 at $1,720.50.
"Monthly returns since the mid-1970s show an average gain of about 1.4% in November, the second strongest month in terms of seasonality," the bank added.
US Mint Bullion coin sales show uptrend in Oct
WASHINGTON (Commodity Online): Sales of US Mint bullion coins is general in an uptrend in October although it fell in comparison with September figures.
In a market update by Coinnews.net based on US Mint data, it was pointed out that October was among the best months this year for bullion coin sales:
Barclays bullish on Gold, Silver,
Copper, Aluminum in medium-term
LONDON (Commodity Online): Barclays Capital technical analysts described themselves as medium-term bullish on gold, silver, copper and aluminum based on the chart picture.
As for gold and silver, Barclays says: "Support in the $1660 an ounce area for gold is expected to underpin any weakness and keep our bullish view intact for a move toward the $1800 per ounce highs. We also look for buying interest near $31 an ounce in silver to keep the focus higher toward $33.35/35.40 per ounce."
Gold & Silver Rise as China's Long-Term
Demand Forecast to Keep Growing
BY ADRIAN ASH - FinancialSense.com
Wholesale prices to buy gold rose to 7-session highs in London on Thursday morning, touching $1726 per ounce even as new data showed US employment rising at its fastest pace since February.
The private-sector ADP payrolls report said the US added 158,000 jobs in October. Earlier data from the manufacturing sector in China, the world's #2 gold consumer, showed its slowdown to be easing.
However, "Over 17% of survey respondents reported a fall in the volume of new export orders," said the new Purchasing Managing Index report from HSBC/Markit Economics, "and just under 10% noted an increase."
Keiser Report: Fraud by Day, Fraud by Night (E361)
In this episode, Max Keiser and Stacy Herbert discuss Chinese investors pouring money into silver, while American investors pour money into bonds 33 times faster than into equities. They also look at the latest updates to the mystery of there being no Chinese gold bars in the GLD vaults and on the fly by day operations at the Federal Reserve Bank. In the second half, Max Keiser talks to John Butler, author of The Golden Revolution and chief investment officer of Amphora Capital, about German gold and a German exit from the euro.
The Currency War Heats Up
By Douglas French | dailyreckoning.com
During the last debate, Mitt Romney emphatically stated he would blast China for manipulating its currency the first day he takes office. Talk about priorities. Of all the nation's pressing issues, the minute the oath is over, he'll be calling out China for manipulating the yuan.
A remark like that should cause exasperation for anyone in the know. As Mary Anastasia O'Grady writes in The Wall Street Journal, "To be consistent, Mr. Romney should call out the Federal Reserve on day two for engaging in its own currency manipulation by way of 'quantitative easing,' which undermines the value of the dollar relative to Latin American currencies."
Debt and Deficits - Killing Economic Prosperity
BY LANCE ROBERTS - FinancialSense.com
What is really causing the economic malaise that the U.S. faces today? Most economists believe that it is the lack of aggregate demand that is causing the problem which can be rectified by continued deficit spending. The current Administration believes that it is simply the lack of the "rich" not paying their "fair share" and that a redistribution of wealth will solve the issue. Romney believes that his 5-point plan will create 12 million jobs in the near future. All are wrong.
Raising Taxes Ain't Gonna Do It.
Predicting the Next Shock to the Global Economy
By A. Gary Shilling - Bloomberg.com
The growing gulf between the behavior of investors enamored with monetary and fiscal largess and the reality of globally weakening economies -- a phenomenon I call the Grand Disconnect -- is profoundly unhealthy.
It will end, sooner or later, in any case. One way it could be eliminated is through the rapid expansion of economies globally. The past and current massive monetary and fiscal stimulus or other forces might rekindle growth. Some investors point to the recent stabilization of U.S. house prices as the beginning of a revival.
Eurozone unemployment hits new high More than one in four people out of work in Greece and Spain as jobless rate rises to 11.6%, according to Eurostat data
By Julia Kollewe and Phillip Inman - Guardian.co.uk
Unemployment in the eurozone has risen to a new record, with more than one in four out of work in Spain and Greece.
There are now 18.49 million people without jobs in the 17 countries sharing the euro, said the European statistics office Eurostat on Wednesday with an extra 146,000 joining the ranks of the unemployed last month.
Youth unemployment – joblessness among under-25s – rose to 23.3%, up from 21% during the same month a year ago.
On the Brink of Global Recession
BY DWAINE VAN VUUREN - FinancialSense.com
The Global Economy is on the brink of a recession with 58% of 29 OECD countries experiencing business cycle contractions. The chart below shows OECD defined global contractions (grey shaded areas) together with the percentage of 29 OECD member countries experiencing slowdowns. It is evident that whenever 50% or more of countries enter contraction (red dotted line) that the odds of global recession are very high.
Europe's Suicide Pact
By Clive Crook - TheAtlantic.com
Coordinated fiscal contraction in Europe is not only suppressing growth, it's increasing the very debt-to-GDP ratios it's meant to reduce, says Jonathan Portes of Britain's National Institute of Economic and Social Research. In a piece for the Guardian--This is a European suicide pact--he draws attention to a new NIESR study which looks at this issue carefully. He thinks it's the first such effort (a remarkable claim in itself).
Fiscal policy started to achieve the opposite of what was intended in 2011, when deep consolidation measures were introduced in Portugal, Ireland and Greece - the three countries on bail-out programmes. Cumulative measures over the three-year period amount to close to 10% of GDP in Greece and Portugal and 8% in Ireland. Consolidation measures amounting to between 5% and 6% of GDP are planned in France, Italy, Spain and the UK, while only a modest adjustment is likely in Germany and Austria.
Greek cuts to pensions and salaries
are unconstitutional, court rules Cuts in pensions and salaries for state employees that the Greek government has planned to unlock critical bailout funds have been ruled unconstitutional by a court, the semi-official ANA news agency reported.
Telegraph.co.uk
The Court of Auditors unanimously ruled that the reduction in pension benefits, the fifth in the past few years, as well as the elimination of annual bonuses for state employees, were against the provisions of theGreek constitution.
The government has circumvented the court's previous decisions that earlier wage and benefit cuts were unconstitutional, and Finance Minister Yannis Stournaras said after the ruling: "I'm not particularly concerned, I believe the measures will be applied."
Keiser Report: Give Us Your Money, Or You're Dead! (E360)
In this episode, Max Keiser and Stacy Herbert discuss a mortgage 'hustle' that brings on yet another 'civil' lawsuit for Bank of America and a mysterious 'Triple A' buyer of a swaption written in ancient gibberish in Britain where the dead cat is bouncing thanks to Queen Latifah Tower. Max Keiser talks to John Logan Jones, a candidate for Maine State Congress, about civil liberties as an economic issue, soldiers trapped in the military by debt and how the price of lobster indicates an imminent financial market crash.
ADP: US adds 158,000 jobs in October
in sign economy is 'holding its own' Jobs growth for last month exceeds expectations as September numbers revised upward in good news for US recovery
By Dominic Rushe in New York - Guardian.co.uk
US companies added 158,000 jobs in October, far higher than expected, according to the latest survey from payrolls processor ADP.
Analysts had been expecting the private sector to add 88,000 jobs in October.
The figure comes ahead of Friday's nonfarm payroll report, which also includes government jobs. The bureau of labor statistics' monthly jobs tally has become a flashpoint in the 2012 election with both presidentBarack Obama and rival Mitt Romney parsing the report to bolster their campaigns. Friday's will be the last before election day.
U.S. jobless rate is a presidential concern Last employment report before vote may influence who is 'hired'
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — The last U.S. jobs report before the presidential election is sure to become a political football.
If job gains are much higher than expected in October or the unemployment rate remains below 8%, Democrats will cite the data as proof that President Barack Obama's policies are working.
Yet if job creation is on the low side or the jobless rate jumps back to 8%, Republicans will say the report confirms that Obama has failed to delivery a badly needed economic recovery.
Federal debt per household has gone up by $43,000 since Senate's last budget three and a half year ago
By Nicholas Ballasy - DailyCaller.com
Federal debt per household has increased by nearly $43,000 to $133,869 in the three and a half years since Senate Democrats last passed a budget, according to an analysis of Treasury data by the Senate Budget Committee's Republican staff.
"The last time the United States Senate adopted a budget resolution was April 29th, 2009. Every year, federal law requires the Senate to present a budget in the Budget Committee for adoption, and to then bring that budget to the Senate floor for open and public amendment, debate, and eventual adoption," said a Senate Budget Committee Republican staff press release on Thursday.
All Power to the State! — Money Madness at the IMF
BY DETLEV S SCHLICHTER - FinancialSense.com
You cannot escape an all-pervasive sense of crisis these days. Impending doom does not only announce itself in actual events but also via the proliferation of ever more hair-raising schemes that claim to solve our problems. Maybe it should not surprise us if, at a time when the world's most powerful central banks keep interest rates at zero for years on end and keep printing quantities of money that are simply outside the facilities of human imagination (trillions? quadrillions?), bravely hoping it will end differently this time, people get the impression that economics holds no certainties, that it is merely an exercise in limitless creativity. In his excellent speech to the New York Fed, Jim Grant reminded us that when the Financial Times first explained to their readers what QE was, back in 2009, one of those readers wrote in a letter to the editor: "I can now understand the term 'quantitative easing, but . . . realize I can no longer understand the meaning of the word 'money'." – This gentleman is not alone.
Beware a 'Grand Bargain' Deal with tax hikes and spending cuts would mean only tax hikes
By Edwin J. Feulner - PatriotPost.us
Politics, they say, is the art of compromise. You give something to get something. Everyone ends up with half a loaf. You don't get everything you want, but everyone comes out ahead.
That's the theory, anyway, and sometimes it even works out in reality. Usually, though, someone winds up on the losing end -- not only no better off, but worse.
Which brings us to the proposed "grand bargain" on the federal budget.
The Tax Break Myth: They're Not Really For the Middle Class Americans' favorite tax provisions -- for homes, for charities, for children -- are meant to defend a "middle class welfare state." They're not doing a very good job.
By Josh Freedman - TheAtlantic.com
As the presidential election enters its final days, the battle over taxes remains front and center. Both Mitt Romney's plan and prominent deficit reduction proposals rely on "broadening the base" by eliminating tax expenditures, like deductions and credits, that act as spending through the tax code.
The Obama campaign is claiming that Romney will hurt the middle class by cutting popular tax expenditures like the home mortgage interest deduction, while Romney has avoided the politically-delicate question of what he will cut to make his fiscal math add up. Christina Romer, former chair of the Council of Economic Advisors, echoed Obama's argument in the New York Times last month, writing, "Many tax expenditures, like the mortgage interest deduction and the tuition credit, go to middle-class families."
Looming Tax Hike Motivates Owners to Sell
By JOHN D. MCKINNON - WSJ.com
A looming increase in the capital-gains tax rate next year is fueling sales of some privately-held businesses.
Many business owners—mostly founders who could gain a lot from a sale—are looking to close deals before next year, when the maximum tax on investment income is scheduled to rise from 15% currently to at least 23.8% on most capital gains, at least for higher-income households. Many sellers intend to convert their equity into retirement funds or just start anew.
U.S. small businesses snap four months of job losses
(Reuters) - U.S. small business employment steadied in October after four straight months of job losses as manufacturing firms added workers to their payrolls, a survey showed on Thursday.
The National Federation of Independent Business said the net change in employment per firm edged up to 0.02 last month after declining 0.23 in September.
Why no outrage over Obama
forcing Medicare beneficiaries to forgo care or pay thousands?
By David Gibberman - DailyCaller.com
President Obama has proclaimed himself the protector of Medicare benefits and warned that a vote for Mitt Romney is a vote to cut such benefits. But he's been ignoring pleas by Medicare beneficiaries, hospitals, physicians, and various consumer and health care organizations to change a policy that's been forcing Medicare beneficiaries to forgo needed care if they can't pay the thousands of dollars that the care costs.
The problem is that a growing number of individuals (1.4 million in 2010) are spending as many as 14 days in a hospital under "observation status" (meaning that they're considered outpatients instead of as inpatients), deprived of Medicare benefits they'd receive if they were treated as inpatients.
Apple delays iTunes update 'to get it right' Apple has said its new version of iTunes will not be released this month as planned because it "is taking longer than expected".
By Shane Richmond - Telegraph.co.uk
Apple announced iTunes 11, the latest version of the programme that plays music, films and TV shows, at its iPhone 5 event last month. It originally said the update would be released by the end of October but the deadline has slipped.
iTunes has been criticised in the past for being slow and growing increasingly unwieldy as more and more media types have been added to what used to be simply a music player.
Why the CIA and Amazon
Are All Over This Quantum Computing Upstart
BY MICHAEL A. ROBINSON, Defense
and Technology Specialist, Money Morning
The CIA and the world's biggest Web retailer want to see the world of Big Computing turned upside down.
That's why they joined a $30 million investment round in a small supercomputing startup. The firm is taking a radical new approach to how these processors crunch massive amounts of data.
It's a field that is quickly turning its skeptics into true believers. Then again, cutting-edge tech like quantum computing doesn't come along every day.
No doubt, quantum computing is some pretty complex stuff. So, let me simplify it for you. At its root, quantum computing relies on the high-speed action inside atoms as well as particles of light.
The result is speeds so fast it makes your head spin.
Fuel scarce, East Coast struggles to recover from storm
By Edith Honan and Joseph Ax
NEW YORK/SEASIDE HEIGHTS, New Jersey |
Thu Nov 1, 2012 7:37pm EDT
(Reuters) - Rescuers searched flooded homes for survivors, drivers lined up for hours to get scarce gasoline and millions remained without power on Thursday as New York City and nearby towns struggled to recover from one of the biggest storms to hit the United States.
New York subway trains crawled back to limited service after being shut down since Sunday, but the lower half of Manhattan still lacked power and surrounding areas such as Staten Island, the New Jersey shore and the city of Hoboken remained crippled from a record storm surge and flooding.
New Pressure Cooking Technique
Turns Algae to Crude Oil in a Minute
By Brian Westenhaus - OilPrice.com
University of Michigan engineers lead by Phil Savage, an Arthur F. Thurnau professor and a professor of chemical engineering can "pressure-cook" algae for as little as a minute and transform an unprecedented 65% into bio crude oil.
Savage said, "We're trying to mimic the process in nature that forms crude oil with marine organisms." It's quite a reversal from the natural method thought to take millions of years to make crude oil.
The Michigan team's findings will be presented today, Nov. 1 at the 2012 American Institute of Chemical Engineers Annual Meeting in Pittsburgh.
Savage's organism of choice is the ocean-going green marine micro-alga of the genus Nannochloropsis.
China's Purchase of U.S. Fracking Company
will give it Advanced Technology
By John Daly - OilPrice.com
As the U.S. ramps up to its presidential election, both Republican candidate Mitt Romney and incumbent President Barack Obama have increasingly made a "get tough" approach with China a part of their campaign platforms.
On 25 October, in front of a rapturous audience, Romney told supporters in Ohio, "Look, we can compete with any nation in the world so long as we're playing on a level playing field. And I'm going to make sure China doesn't cheat."
Why Oil Prices Can't (and Won't) Collapse
BY DR. KENT MOORS, Global Energy Strategist, Money Morning
The markets opened again yesterday after the tragic storm across the East Coast.
In a world ravaged by storms, geopolitical tensions, rising demand, supply concerns, and increasing costs, it's important to know what's really driving oil prices moving forward.
The most important thing you can know is that increased market volatility is not going away. The challenge, of course, is to harness these volatile forces in order to come out ahead in the future.
That's the subject today. First I need to set the picture of where we are today.
There has been persistent talk from the usual sources that the price of oil will collapse, along with a range of field support and midstream service providers.
There is just one problem with this argument.
It's just not going to happen.
Anarchy Along The Jersey Shore And On Long Island
In The Aftermath Of Hurricane Sandy
By Michael Snyder - TheEconomicCollapseBlog.com
Hurricane Sandy is another reminder of just how incredibly fragile the thin veneer of civilization that we all take for granted on a daily basis really is. Many of the hardest hit areas along the Jersey shore and the coast of Long Island have descended into a state of anarchy. More than 7 million people live on Long Island, and millions more live along the Jersey shore and right now they are getting a taste of what life would be like during a total economic meltdown. At the moment, there are still approximately 4.7 million homes and businesses that do not have power. Officials say that some of those homes and businesses may not have their power restored until the weekend of November 10th and 11th. Meanwhile, it is getting very cold at night. This weekend the low temperatures on Long Island are supposed to dip into the upper thirties. There have been reports of people diving into dumpsters behind supermarkets in a desperate search for food, and there have been other reports of roaming gangs of criminals posing as officials from FEMA or Con Edison and then robbing families at gunpoint once they have gained entrance into their homes. If people will behave like this during a temporary emergency that lasts only a few days, what would they do during a total economic collapse? That is a frightening thing to think about.
Airlines, Hotels See More Pain From Storm
By SCOTT THURM - WSJ.com
Glimpses of Hurricane Sandy's impact on business emerged Wednesday, as airlines and hotels reported lost revenue, while builders of infrastructure like power lines said repair work could boost their bottom lines.
Other companies revealed new details of storm damage in conference calls with investors, as financial markets reopened.
"Unfortunately, Hurricane Sandy is expected to have a significant negative impact on the quarter," B. Ben Baldanza, chief executive of Spirit Airlines Inc. told investors Wednesday, after the low-cost airline reported a 12% increase in third-quarter net income.
Oil Spill Clean Ups Begin
in the Wake of Hurricane Sandy's Destruction
By Joao Peixe - OilPrice.com
Not only has hurricane Sandy halted everyday life for large swathes of the US, causing floods, fires, and massive amounts of property damage; it has also caused several oil spills around the country.
As Sandy hit on Monday, a storage tank at a facility owned by Motiva Enterprises LLC, a joint venture between Shell and Saudi Refining Inc., ruptured releasing nearly diesel into the New Jersey waterway.
Workers at the storage facility were last night in the process of using a vacuum truck to try and suck up the contaminated water, however the size of the spill has been described as significant, and one that will take many months to clean up.
Somebody Should Start The 'Stuff Costs Too Much' Party
By Michael Snyder - TheEconomicCollapseBlog.com
Stuff costs too much. Seriously. Every time I go to the grocery store these days, I am absolutely horrified by the prices. I try not to buy anything that is not on sale, but the problem is that I am discovering that the new sale prices are the old regular prices. So now paying what used to be "full price" is supposedly a "good deal". The other way that they are trying to hide rising prices is by shrinking package sizes. As if we wouldn't notice that a box of 21 garbage bags is now being sold for the exact same price that a box of 25 garbage bags used to be sold for. It is one of my pet peeves. I feel like I am in the middle of some bizarre movie entitled "The Incredible Shrinking Dollar". Sadly, I am far from alone. There are millions upon millions of American families that are seeing their expenses continue to rise even as their paychecks remain the same. But neither Barack Obama nor Mitt Romney seems very concerned about inflation. In fact, the Federal Reserve, QE3 and Ben Bernanke were not even mentioned in any of the three presidential debates. So I think that somebody should start the "Stuff Costs Too Much" Party. Inflation is a tax which is destroying the value of each dollar that we hold a little bit more every single day, and the American people deserve to know the truth about what is going on.
Monticello's Slave-Driver Whatever moral ambivalence Jefferson may have felt toward slavery he overcame when he sat down to do the numbers for his estate.
By FERGUS M. BORDEWICH - WSJ.com
Posterity justly reveres Thomas Jefferson as a president, political thinker, renaissance man and diplomat, but until recently little attention was paid to his practices as a slave master and man of business. Although he owned one of the largest estates in Virginia, his management of his labor force at Monticello has usually been treated as a sideshow at best. As a slave owner, Jefferson has generally gotten a pass even from liberals, who lionize him as the founder of the forerunner of the Democratic Party, as well as from historians who have been all too eager to describe him as a generous, enlightened and reluctant master. After all, hadn't he written the words that became a clarion call for the abolitionists of later generations: "All men are created equal?"
America's Global Election
By Joseph E. Stiglitz - Project-Syndicate.org
NEW YORK – Most people around the world will not be able to vote in the United States's upcoming presidential election, even though they have a great deal at stake in the result. Overwhelmingly, non-US citizens favor Barack Obama's re-election over a victory for his challenger, Mitt Romney. There are good reasons for this.
In terms of the economy, the effects of Romney's policies in creating a more unequal and divided society would not be directly felt abroad. But, in the past, for better and for worse, others have often followed America's example. Many governments quickly subscribed to Ronald Reagan's mantra of deregulated markets – policies that eventually brought about the worst global recession since the 1930's. Other countries that followed America's lead have experienced growing inequality – more money at the top, more poverty at the bottom, and a weaker middle class.
Undecideds: Please read this before voting
By David Cohen - DailyCaller.com
Dear Undecided Voter:
Given that you're an undecided voter, you probably don't believe those who keep saying that this is "the most important election of our lifetime." I'm sure that sounds like political hyperbole to you. It isn't. This is indeed the most important election of our lifetime, and I say that with confidence without even knowing how old you are. In a nutshell: Re-electing President Obama will lock us into a course that will lead us to fiscal collapse, place unimaginable burdens on our children and destroy the ability of government to protect our interests around the world and the most vulnerable here at home. Before you dismiss that as mere partisanship, please take a few moments to read my explanation.
Parties Wonder Which Side's Polls Reflect Reality Divergent results spark apprehension about who gets the new normal, and who will be proven seriously wrong.
By Reid Wilson - National Journal
A few days ago, I sat down with Rob Jesmer, the executive director of the National Republican Senatorial Committee. Jesmer is usually tight-fisted about his polling; he doesn't share it with members of the media when the numbers are good for his candidates, which avoids the inevitably uncomfortable dilemma when the numbers are bad for his candidates. But he wanted to open his books, if only for a peek, to demonstrate a phenomenon happening across the political spectrum these days: His polls look nothing like polls Democrats are conducting.
GOP More Confident Than Ever of Romney Win
By Alex Roarty and Peter Bell - National Journal
Republicans have never been more confident that President Obama will lose re-election, according to the latest National Journal Insiders Poll, but Democratic conviction their party's leader will earn a second term still hasn't wavered.
On average, GOP insiders polled by National Journal gave Obama slightly less than even odds he'll occupy the White House another four years. The 4.6 average score - based on a 1 (no chance at re-election) to 10 (virtual certainty) scale -- was a precipitous drop since the last Insiders Poll, a late September survey in which Republicans pegged the score at 5.8. That poll was taken before the first presidential debate in early October, after which Mitt Romney's support surged. In April, Republican Insiders rated Obama at exactly even odds.
Obama inches ahead of Romney
in RealClearPolitics average of polls
By Jonathan Easley - TheHill.com
President Obama has pulled narrowly ahead of Mitt Romney in the closely watched RealClearPolitics average of national polls.
Obama has 47.4 percent support compared to 47.3 percent for Romney, according to the RCP average on Thursday.
The latest averages reflect a trend showing a gradual tightening of the race in the campaign's closing days.
How Obama Can Lose Independents and Still Win Independents won't save Mitt Romney backers keep hoping his lead among independents means undecided voters will break his way. It's an illusion
By Steve Kornacki, Salon.com
To paint a scenario in which Mitt Romney is elected president next Tuesday, Republicans need to explain either how they'll generate a last-minute wave of momentum or how the polls that show their candidate lagging in states he has to win are flawed.
Today, Barack Obama Won the Election
By Margaret Carlson - Bloomberg.com
It took a tragedy to bring them together, but there they were: President Barack Obama and Governor Chris Christie of New Jersey, arm in arm, complete with bro-to-bro handclasp and shoulder pat a week before the election.
Christie blows almost as hard every day as Sandy blew this week. Yet on Tuesday he stopped long enough to tell ABC News that the president, the same man he derided just a few weeks ago as needing a clue, was "outstanding" and that he had formed a great "partnership" with him.
"Let each citizen remember at the moment he is offering his vote that he is not making a present or a compliment to please an individual -- or at least that he ought not so to do; but that he is executing one of the most solemn trusts in human society for which he is accountable to God and his country." --Samuel Adams (1781)
As a student of history, I would assert that in noelection since 1860 has our nation been more viscerally divided along clearer battle lines than in the current contest between Romney/Ryanand Obama/Biden.
The contentious contrast in this campaign cycle is not so much about political policies as it is about the overarching themes of tyranny versus Liberty -- Rule of Law versus rule of men.
In just a few days, we will learn whether our nation has elected to move toward the restoration of Liberty, or if Barack Hussein Obama's propaganda machine has succeeded in fast-tracking our nation down the road toDemocratic Socialism.
Why US Energy and Economic Prospects
Improve if Obama Loses
By Al Fin - OilPrice.com
US President Obama has big plans for using the US Environmental Protection Agency (EPA) to shut down a large number of US energy projects and enterprises. The EPA's destructive plans are already in the works, and will be enacted over the next few months even if Obama is defeated. Fortunately, a new Romney / Ryan administration would soon be on the job to shut down those shenanigans.
With a new US administration will come a new and brighter day for US energy -- with healthy add-on effects to the US economy at large. Here is a look at the big advantage that the US will have over Europe and East Asia -- if Obama is defeated:
Gerald Celente - Jeff Rense Show - October 22 2012
The Winner Of The Election Will Be...
The Trends Journal® is the World's #1 source for the most important trends that are shaping the future. The Trends Journal® shows you how these trends will affect your life, how to profit from them, and what to do to avoid pitfalls. Regardless of business or profession, the Trends Journal® provides insights, strategies and opportunities to help you navigate these treacherous, unprecedented times.
It's the economy, stupid — and the courts
By Jim Huffman - DailyCaller.com
After weeks of attacking an imaginary Mitt Romney — one devoted solely to making the rich richer and the poor poorer — the Obama campaign has come around to accepting that "it's the economy, stupid." First, the campaign issued a 20-page picture book outlining Obama's economic plan for a second term; now it's proposing a cabinet-level Secretary of Business.
So finally both candidates are focused on the central concern of most voters. But if voters are concerned about the economy, they would be well advised to think about the effect the election will have on the courts. A vibrant economy depends on security of property and contract, clear and predictable regulation, and respect for the constitutional limits on government power and the constitutional rights of individuals. In other words, a thriving economy depends on the rule of law.
Five election issues that will shape America's economic future As residents in New York and New Jersey survey the destruction wrought by Superstorm Sandy, they are wondering how quickly the local economy will rebound and what the lasting impact will be.
By Richard Blackden - Telegraph.co.uk
They are the same questions Americans have been asking about the wider economy since it officially emerged from recession in the middle of 2009.
The most pessimistic economists estimate the damage from Sandy will knock a few percentage points off US economic growth this quarter. But even they believe the effects will have all but vanished next year. "History shows little discernible macroeconomic impact from hurricanes," is how one report put it this week.
The 2012 Choice
By Cal Thomas - PatriotPost.us
This election will tell us what kind of America we believe in. Is it the one our Founders bequeathed to their posterity of limited government, or is it the one re-made in the image of liberal paternalistic government?
The choice, as President Obama has said, could not be clearer. Is our country a giant ATM, dispensing money and benefits to increasing numbers of people while requiring little, if anything, of the recipients? Or, is America a land of opportunity where people can rise as far as their skills and desire to work will take them, with a safety net for those who need it?
Candidates have starkly different visions for Medicare
By Grover Norquist - DailyCaller.com
As Mitt Romney is fond of pointing out, the upcoming election is about choices. On very few issues is the choice more distinct than on Medicare. President Obama's Medicare plan is little more than benefit cuts for current seniors and certain Medicare bankruptcy for future retirees. The Romney-Ryan plan envisions no Medicare changes for current or near-retirees, and a reformed system for younger workers based on choice and competition.
President Obama has made it clear that he wants to cut Medicare benefits for current seniors. That's why his healthcare law created an unelected panel known as "IPAB" whose sole job is to cut Medicare payments to hospitals and doctors, leading to real cuts in healthcare services for current seniors.
Romney's Secret Voting Bloc Mitt Romney's margin of victory in Ohio
could be evangelical Christians.
By Daniel Henninger - WSJ.com
You've heard about Mitt Romney's problems with the women's vote, the black vote, the Hispanic vote, the union vote and the young Democrats vote. But there's one major voting group that's fallen off the map since the primaries.
The evangelical vote.
When Mitt Romney's 2012 candidacy was gaining traction in the primaries, the conventional wisdom instantly conveyed that the evangelical vote, skeptical of Mormonism, would sink him.
Tehran still undecided on US vote
By Kaveh L Afrasiabi - ATimes.com
NEW YORK - With the US presidential elections only five days away, Tehran is preoccupied with the question of who the next Oval Office occupant will be and what that would mean for the future of troubled US-Iran relations.
Over the past couple of weeks the question has gained urgency in the light of recent reports, denied by the White House, regarding back channel talks between Tehran and Washington and Iran's preparedness for one on one negotiations on the nuclear standoff.
Running the Data on a Romney Presidency
By Ezra Klein - Bloomberg.com
In 2007, when Mitt Romney sat down with the Wall Street Journal editorial board, the candidate for the Republican presidential nomination was eager for the influential paper's blessing. What he got, instead, was their bemusement.
The paper's account of the interview begins with a three- word quote from Romney: "I love data." The Journal editors go on to slyly note, "Mitt Romney has been speaking for less than two minutes when he makes this profession." They then quote him again. "I used to call it 'wallowing in the data.' Let me see the data. I want to see the client's data, the competitors' data. I want to see all the data."
Fred Barnes: Obama and the Back-to-the-Future Campaign If the president had practiced the bipartisanship he now promises, he might have been a shoo-in.
By FRED BARNES - WSJ.com
President Obama is eyeing a new tax cut to boost the economy. He wants to "reduce the costs of our health care programs." He's eager to "meet" the deficit-reduction target of the Simpson-Bowles commission. He's "confident" he can reach a "grand bargain" with Republicans on taxes and spending. To get it, he promises to be breathtakingly bipartisan. "I'll wash John Boehner's car," he told a radio interviewer. "I'll walk Mitch McConnell's dog."
This sounds like meaningless election-year chatter, but there's more to it than even Mr. Obama might suspect. If he'd done in his first term what he now vows to accomplish in a second term, he'd be in a far stronger position to win re-election next Tuesday. He might have been a shoo-in.
The Republican Rejection of a Green Future
By Carl Pope - Bloomberg.com
The election's polarization around climate, energy and the environment isn't about the costs or relative importance of shifting to renewable power, protecting public lands or cleaning up air and water. It's about the struggle between America's economic past and its future.
Mitt Romney and the Republican Party have doubled down on a fading finance- and commodity-dominated economic order. It is one where innovation in research and development finds no domestic markets because incumbent interests hold on to outmoded capital stocks instead of modernizing them, and where innovative manufacturing is sacrificed to other sectors of the economy. As Romney said, inaccurately, in the first debate, lashing out at President Barack Obama: "You provided $90 billion in breaks to the green-energy world. Now, I like green energy as well, but that's about 50 years' worth of what oil and gas receives."
Asia's green shoots allay global slump fears Green shoots are sprouting across much of the Far East as stimulus begins to feed through, greatly reducing the risk of a deep global slump next year.
By Ambrose Evans-Pritchard - Telegraph.co.uk
A slew of economic data from China and the Pacific Rim show that orders are picking up and trade is rebounding after the industrial recession of the past few months.
The Baltic Dry Index, measuring shipping rates for commodities – watched as a proxy for Chinese demand – has come back from the dead, rising 50pc since July.
As US Abandons Syria to its Fate, One Man Rises Above
By Jen Alic - OilPrice.com
The US has largely abdicated the throne in Syria in terms of supplying the rebels with funds and leadership. This is because Washington cannot see the end game clearly. For that, it needs a figure-head, a rebel leader with the potential to carry things through to an end that is in Washington's interest.
There is, however, a figure rising up out of the dust and shrapnel in Syria that deserves our attention. Right now, he is the only figure that appears capable of shaping an end to the regime of Bashar al-Assad and ensuring a new Syrian government that is not overrun by Sunni fundamentalists.
Gold confiscation at $3,000 rumour
is complete nonsense says 'Mr. Gold' Jim Sinclair
By: Peter Cooper - GoldSeek.com
The 'Mr Gold' of the 1970s and former adviser to the Hunt Brothers, Jim Sinclair is hopping mad over rumours that gold might be subject to confiscation above $3,000, something that happened in the US in the 1930s but would be totally impossible in the modern world.
'Apparently the Scottish hedge fund manager Hendrey, who is by his own admission 'short some gold shares,' is warning about confiscation without remuneration of gold companies above gold $3,000′, says Mr. Sinclair in his latest missive. 'Either he has never studied gold history, or totally misunderstood its role in the 1930s…
Jim Sinclair: Gold Confiscation in 1933 Was What QE Is In 2012
Gold Silver Worlds
When Mr Gold talks, you better make sure you listen. Jim Sinclair requested via his website to control emotions and writings with regard to gold confiscation. It's quite unlikely that gold will be confiscated in 2012 like it happened in 1933. In order to understand the reason why, it's mandatory to have some basic monetary insights. This is how Jim Sinclair explains it it:
In the 1930s gold was to the monetary system what QE is today, a means of increasing the supply of money for Fed and Treasury discretionary use. The US Secretary of the Treasury and President Roosevelt set the gold price higher at their daily breakfast together arbitrarily. Higher because to create money then the system required a higher value of gold to have more money outstanding. This is why Roosevelt ordered the confiscation of gold in order to unfold his type of monetary stimulation, his QE. This is what confiscationophiles simply do not know.
Sell Your Euros and Hoard Gold
as 'War' Looms, Says Gerald Celente
LewRockwell.com
Renowned trend forecaster Gerald Celente is famed for having accurately predicted everything from the 2008 global economic crash to the demise of the dotcom bubble.
As publisher of the Trends Research Institute Journal, the gritty, no-nonsense, straight-talking New Yorker is an investor, historian, economist and philosopher, and has appeared on every major TV show in America. TheNew York Post said of him: "If Nostradamus were alive today, he'd have a hard time keeping up with Gerald Celente."
After Blowing Through $40 Million, Cash4Gold.com
Is About To Be Sold In Bankruptcy Court For $440K
by Michael Berkens - TheDomains.com
According to Fortune, the company Cash4Gold.com which raised at one point $40 Million in Venture Capital funds is about to be sold, domain and all for around $440,000.
The company which had a Super Bowl ad in the 2009 game featuring MC Hammer (who also had some famous financial difficulties) is about to be sold to Direct Holdings Americas, the parent company of Time-Life (which is not affiliated with Time Inc., the publisher of Fortune).
Flying back 1536 tons of Gold: Will Bundesbank do it?
Commodity Online
Who would take the risk and fly back 1536 tons of gold bars stored in the vaults of New York Federal Reserve to Germany's Bundesbank?
Nevertheless some politicians in Germany want the gold bars stacked away in the "fifth subfloor of the (Federal Reserve) bank's building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level to be shipped back home. [According to the bank's website, the vault rests on the bedrock of Manhattan Island.]" says spiegel.de; a coveted German newspaper.
Missing: A ship with 700 tons of Gold Ore off Russia
Commodity Online
What will you do when you are a miner and your ship carrying 9 crew members and 700 tons of gold ore is missing? The authorities at Polymetal Corp are probably scratching their heads trying to make sense of the situation as gold worth $230,000 is lost, perhaps for ever even as news regarding the state of crew members is lacking.
Why Silver Prices in 2013 Will Continue to Perform
BY TONY DALTORIO, Contributing Writer, Money Morning
If asked to name the top performing commodity of the past decade, not many would answer silver because of its notorious volatility.
Yet, according to Lloyds TSB, silver prices have delivered the best gains since 2002.
Lloyds data shows that the shiny metal soared 572% over the past decade, beating gold's rise of 428%, which was second best among commodities.
Lloyds said silver beat gold because "[I]n addition to being perceived as a safe haven investment, high demand for industrial uses has also contributed to the strong rise in the price of silver."
The Fiscal Cliff's Biggest Surprise Could Be a Rising U.S. Dollar
BY KEITH FITZ-GERALD, Chief Investment Strategist, Money Morning
My grandmother Mimi had a saying that was as blunt as it was uncouth. "When the stuff hits the fan," she used to say, "it will not be evenly distributed."
This one came up often when she sensed that world events were about to take a turn for the worse.
You've heard me mention Mimi before. She was widowed at a young age and went on to become a savvy global investor long before people thought to look beyond their own backyard.
Mimi never cared what Wall Street's "Armani Army" had to say.
U.S. government poised to hit debt limit before 2013
By Rachelle Younglai
WASHINGTON | Wed Oct 31, 2012 5:06pm EDT
(Reuters) - The Obama administration said on Wednesday that the nation would hit the legal limit on its debt near the year's end, although it can tap emergency measures to stave off a default and keep the government running into early 2013.
As of Monday, the U.S. Treasury was $235 billion below the $16.4 trillion statutory ceiling on the amount it can borrow. That gives the government enough funds to pay its bills, including interest on its debt and retirement health benefits, until the end of the year, the Treasury said, reiterating a forecast it made in August.
Renminbi Rising
By Zhang Monan - Project-Syndicate.org
BEIJING – On October 26, the renminbi's spot exchange rate against the US dollar reached the upper limit of its floating range for the second consecutive trading day. The rise began when the trading band for the renminbi's dollar exchange rate was widened to ±1%, and has now reached an all-time high since 1994's currency reform. With little sign of improved economic fundamentals, rapid currency appreciation is a potentially dangerous development for China – in part owing to the risk of an abrupt and painful reversal.
The Spread of Financial Fascism - on currency controls Mexico Joins the US and Others in Implementing Capital Controls
by Jim Karger - LewRockwell.com
By 2014, the US Department of Homeland Security will be able to scan you at the molecular level from 164 feet, and you won't even know it. Starting 2013, the US Department of the Treasury will be able to scan every bank and brokerage account you have in the world, save a few possibilities. In both cases, if the government doesn't like what it sees, they can make short work of you and your money.
The euro is heading for a permanent state of depression If the euro survives in its current form, then Mario Draghi, president of the European Central Bank, will surely have earned his place in the history books as one of the chiefs of its salvation.
By Jeremy Warner - Telegraph.co.uk
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown and extreme divergence in monetary conditions across the single currency area. In all but name, monetary union had already ceased to exist.
Action by the ECB, first with the cash-for-debt Long Term Refinancing Operation and, more recently, the promise of unlimited bond purchases, has succeeded in stilling the waters, at least to some degree. Even a Greek exit seems, for the time being, to be off the table. With more austerity, Berlin seems minded to give Greeks another chance – until the next bail-out, in any case.
Europe's Unending Berlusconi Problem
By Paola Subacchi - Project-Syndicate.org
LONDON – Silvio Berlusconi, Italy's three-time prime minister and the country's dominant politician for two decades, has now been convicted and sentenced to four years in prison – a sentence since reduced to one year. But few people in Italy – or in Europe – believe that Berlusconi will fade from Italian, or European, politics anytime soon. Just a few days ago, he declared his intention to remain involved in politics, though not to run for prime minister a fourth time.
Greek death spiral raises heat for German-bloc creditors Greece's debt-load is rising much faster than expected as the country spirals into a sixth year of depression, ratcheting up the pressure on Germany and Europe's creditor states to accept debt-forgiveness for the first time.
By Ambrose Evans-Pritchard - Telegraph.co.uk
Finance minister Yannis Stournaras said public debt will reach 189pc of GDP, far higher than estimates of 179pc published just weeks ago.
The new estimates exceed the worst-case scenario sketched by the International Monetary Fund and demolish any hope that Greece can claw its way back to solvency. "Unless EU leaders come up with a sustainable solution and cut the debt burden, everything is going to fall apart in Greece," said Simon Derrick from BNY Mellon.
International Investing:
Syria Is Burning, but It's Still Better Than Greece
By Rich Smith, The Motley Fool - DailyFinance.com
At 20 months old and counting, Syria's civil war has claimed more than 28,000 lives, left 1.5 million people homeless, and sent 500,000 Syrians into exile abroad to escape the fighting.
But hey, at least it isn't Greece.
That's the view of a new report out of business consultancy BDO International, which as part of its 2012 Ambition Survey asked the chief financial officers of various companies to rate the top 10 "riskiest" countries to invest in, and also the top 15 countries they'd most like to work with.
Americans Are on a Spending Spree,
So Why Is Wall Street So Jittery?
By Derek Thompson - TheAtlantic.com
The largest U.S. companies are seeing a scary decline in demand, while U.S. consumers are on a "spending spree." What the heck is going on?
Economic confidence is higher than at any time during Obama's presidency. The unemployment rate is lower than at any time during Obama's presidency. The housing market is flashing recovery signals. GDP growth isn't great, but it's accelerating.
Midwest Manufacturing Contracts Again in October
By: Reuters - CNBC.com
Business activity in the U.S. Midwest contracted for a second month in October, a report showed on Wednesday, although the forward-looking measure for new orders rose.
The Institute for Supply Management-Chicago business barometer rose slightly to 49.9, from 49.7 in September. Economists had forecast a reading of 51.
A reading below 50 indicates contraction in the regional economy.
Household Deleveraging: Are We There Yet? Who killed the UK recovery? UK households of course...
By: Adrian Ash - GoldSeek.com
DELEVERAGING, like Hamlet's nothing, is only good or bad when you come to think about it.
And what view you choose speaks to your moral view of the world too, and so to your economic theory as well, whether or not you know it. Because for every "liquidationist" saying the debt must be paid down, and savings must be built up before a new cycle can begin, there is another economist urging government and central banks to take on releveraging themselves, so the net effect is nil. Otherwise we're doomed to a permanent depression.
Government-Mandated Broccoli: Food Truck Edition
By Scott Shackford - Reason.com
As noted earlier today atReason 24/7, The City of Madison, Wis., is considering whether to require food trucks serve vegetarian options. Based on the Wisconsin State Journal's reporting, it doesn't look like a decision is pending or even likely, but you never know with those government types:
The city's Vending Oversight Committee, as part of its annual review of food carts, on Wednesday will discuss whether carts must offer vegetarian menu items.
Jobs report: What to expect
By Steve Hargreaves - Money.CNN.com
NEW YORK (CNNMoney) -- Extra attention will be paid to the job market this month when the government releases its jobs report Friday -- the last before the presidential election next week.
The Department of Labor confirmed it will release the report on time, despite earlier uncertainty surrounding the timing of the report aftersuperstorm Sandy closed federal offices.
TransCanada Agree Deal with PetroChina
to Build $3 Billion Oil Pipeline
By Charles Kennedy - OilPrice.com
TransCanada Corp., the company behind the Keystone XL pipeline and Canada's largest pipeline company, has agreed a deal with Phoenix Energy Holdings Ltd., a unit of PetroChina Co. Ltd., to build a $3 billion oil pipeline in Northern Alberta.
The Grand Rapids Pipeline will transport crude oil from the Athabasca oil sands for about 500km to the Edmonton-Heartland region.
Zhiming Li, the chief executive officer of Phoenix, stated that, "transportation in the Athabasca region has become a bottleneck. This transportation solution will be important to Phoenix and other potential producers in the area to monetize their huge resources."
Revolutionary Improvement
Increases Lithium Ion Battery Capacity by 300%
By Brian Westenhaus - OilPrice.com
California Lithium Battery (CLB), a finalist in Department of Energy's 2012 Start Up America's Next Top Energy Innovator challenge, has announced the record-setting performance of its new lithium ion battery anode.
Called the "GEN3" the anode is a silicon graphene composite material engineered with Argonne National Laboratory (ANL) over the past eight months. Independent test results in full cell lithium ion batteries indicate the new GEN3 anode material, used with advanced cathode and electrolyte materials, increases energy density by a stunning 3 times and specific anode capacity by an astonishing 4 times over existing lithium ion batteries.
Sandy's Economic Cost: Up to $50 Billion and Counting
By: Steve Liesman - CNBC.com
Early estimates of the economic impact of Hurricane Sandy put the total loss between $30 billion and $50 billion, making it one of the costliest storms in U.S. history.
But forecasters acknowledge that their estimates are highly preliminary and the financial toll could rise as the extent of damage from the historic storm becomes more apparent.
"If we can prevent the government from wasting the labors of the people, under the pretense of taking care of them, they must become happy." --Thomas Jefferson
"We know liberals are worried that President Obama might lose next week, but are they so panicky that they want to suggest even before [Hurricane Sandy] has passed that Mitt Romney and Republicans are against disaster relief? Apparently so. ... [T]he liberals are excavating remarks from one of the early GOP debates. CNN's John King asked if 'the states should take on more' of a role in disaster relief as FEMA was running out of money. Mr. Romney: 'Absolutely. Every time you have an occasion to take something from the federal government and send it back to the states, that's the right direction. And if you can go even further and send it back to the private sector, that's even better. Instead of thinking in the federal budget, what we should cut -- we should ask ourselves the opposite question. What should we keep? We should take all of what we're doing at the federal level and say, what are the things we're doing that we don't have to do? And those things we've got to stop doing, because we're borrowing $1.6 trillion more this year than we're taking in.' This isn't an argument for abolishing FEMA so much as it is for the traditional federalist view that the feds shouldn't supplant state action.
18 Startling Quotes About The Incredible Destruction
Caused By Hurricane Sandy
By Michael Snyder - TheEconomicCollapseBlog.com
It is hard to put into words the absolute devastation that we are seeing along many areas of the east coast right now. Boats have been washed ashore, homes have been razed, some coastal roads have been essentially destroyed, and large numbers of people are still trapped in their homes by flood waters. It is being reported that more than 50 people are dead and more than 8 million people along the east coast have lost power. Those without power might not get it back for a week or more. In New York City, an all-time record storm surge of almost 14 feet caused incredible destruction. It is going to take months for New York City to recover, and along the Jersey coast things are even worse. Hurricane Sandy really did turn out to be "the worst case scenario" for much of the eastern seaboard. At this point more than 15,000 flights have been cancelled, and nobody knows when subway service in New York City is going to be restored. More than 4 million people a day use that subway system, and right now many of the most important tunnels are absolutely flooded with water. Sadly, this crisis is far from over. The storm formerly known as Hurricane Sandy has moved inland over Pennsylvania where it continues to do a tremendous amount of damage. The full extent of the destruction caused by this storm will probably not be known for weeks.
Sandy May Force Banks, New York to Bury Hatchet
By: Jeff Cox - CNBC.com
After a years-long feud, the need for New York to rebuild after Hurricane Sandy may force banks and government leaders to put aside their differences, at least for the time being.
Banking analyst Dick Bove, long a critic of the how New York — both the state and city — treats the industry, thinks Sandy may provide an opportunity for reconciliation.
Sandy should be wake-up call to avoid fiscal cliff
By Paul La Monica - CNNMoney.com
The federal government is going to spend money to help those on the East Coast who are hurt by the effects of Hurricane Sandy. That's what governments are supposed to do, assist people in need.
But politicians shouldn't just respond to crises. They should also act to prevent them when they can. And that leads me to the fiscal cliff.
Insurance may not cover businesses shut down by Sandy
By Chris Isidore - Money.CNN.com
NEW YORK (CNNMoney) -- A lot of businesses that were shut down by Hurricane Sandy are about to find out that their business interruption insurance won't cover their losses.
And that will cost them a lot of money.
Business interruption insurance is a kind of coverage that is supposed to help companies that lose revenue due to any kind of unexpected shutdown. But the bad news for policyholders is that these policies only kick in if there is physical damage to the business that's insured, according to the Insurance Information Institute, an industry trade group.
One57 Crane Dangles as NYC Plans Ways to Secure It
By Oshrat Carmiel and Henry Goldman - Bloomberg.com
City engineers climbed to the top floors of the luxury One57 apartment development to help devise a plan to remove the dangling boom of a construction crane hovering above Manhattan's West 57th Street.
At the height of superstorm Sandy on Oct. 29, engineers from the Department of Buildings ascended to the 74th floor of the tower under construction at 157 West 57th St. to inspect the crane. They returned yesterday, climbing to the top of the 90- story project and reviewing the crane floor by floor, according to Anthony Sclafani, a department spokesman.
Is Price Gouging Reverse Looting?
By: John Carney, Senior Editor - CNBC.com
Four dollars for a can of coke. Five hundred dollars a night for a hotel in downtown Brooklyn. A pair of D-batteries for $6.99.
These are just a few of the examples of price hikes I or friends of mine have personally come across in the run-up and aftermath of hurricane Sandy. Price gouging, as this is often called, is a common occurrence during emergencies.
FEMA may not have enough for flood damages
By Jennifer Liberto - Money.CNN.com
WASHINGTON (CNNMoney) -- The Federal Emergency Management Agency, also known as FEMA, has said it has enough funds for disaster aid from Superstorm Sandy.
But the key question is does it have enough for flood damage?
Sandy has flooded thousands of homes in its devastating path, and estimates are that damages will be in the billions of dollars. FEMA, which runs the federal flood insurance program, has to pick up the tab.
U.S. Winter-Wheat Condition
Worst in 27 Years as Drought Lingers
By Jeff Wilson - Bloomberg.com
The condition of winter-wheat crops in the U.S. are the worst for this time of year since the government began monitoring in 1985, as drought damage spread from Midwest corn and soybean fields to the Great Plains.
An estimated 40 percent of winter wheat, the most-common domestic variety, was rated good or excellent as of Oct. 28, with 15 percent poor or very poor, the U.S. Department of Agriculture said today in its first assessment of the season. A year earlier, 46 percent got the top ratings.
Sandy puts climate change back on the US election agenda Bill Clinton and Al Gore among those calling for fresh focus on issue that neither candidate mentioned in televised debates
By Suzanne Goldenberg - Guardian.co.uk
The images of a paralysed New York City at the mercy of Hurricane Sandy's wall of water have forced climate change on to the political agenda in the final week of the 2012 presidential election campaign. Even before Sandy made landfall political commentators were debating whether the storm would be better for Mitt Romney or Barack Obama. In any event it has brought forth statements from prominent Democratsand elected officials on climate change and spurred public debate about the neglected topic.
Campaigners said the devastating storm could turn out to be the October Surprise of the elections, exposing Republicans' failure to engage with an issue that is no longer a distant threat, but a present day danger.
Sandy's Power Blackouts Could Last Beyond U.S. Election
By Julie Johnsson, Benjamin Haas and Jim Polson - Bloomberg.com
Power companies raced to assess damage, clear trees and begin restoring electricity to more than 6.2 million people left without electricity by super-storm Sandy, warning some blackouts may persist through next week.
As winds calmed and flood waters receded yesterday, utilities mobilized tens of thousands of workers from as far away asCalifornia and Canada to start repairs. FirstEnergy Corp. (FE)crews hovered in helicopters to trace fallen power lines in New Jersey and Pennsylvania, while Consolidated Edison Inc. (ED)workers in New York used household fans to dry equipment at a 14th Street substation inundated by record floods a day earlier.
If You Can't Beat 'Em, Subvert 'Em:
Countering Misinformation on the Viral Web Our information networks no longer even try to optimize for truth. Here's how we worked with the imperfect system.
By Alexis Madrigal - TheAtlantic.com
First came the fakes. Old storm photos dredged up and labeled Sandy. Photoshopped sharks in a flooded New Jersey town. A still from the Day After Tomorrow of the Statue of Liberty. An empty Times Square. A scuba diver in Times Square station. A lost seal borrowed from Duluth.
But very early Tuesday morning, a few hours after Sandy had made landfall, the flow of fake images of the storm began to slow, and by Tuesday afternoon, the unbelievable photographs of damage were almost all, tragically, real. For two days, our team here at The Atlantic along with journalist Tom Phillips (@flashboy) did our best to reduce the amount of disinformation spreading on the web and to confirm the work that amateurs and pros alike were publishing about the storm. Through the hours of detail-oriented tasks, some thoughts accumulated in my head about the state of our information ecosystem. I'm not sure if they're waste products -- like leftover browser tabs from a wild Internet goose chase -- or if they're an interesting distillate, but I thought I'd share them. I'm wary of overlearning from one case. And yet this is what I saw.
Obama Finds Temporary Ally in Christie on Storm Relief
By Julianna Goldman - Bloomberg.com
After Atlantic superstorm Sandy ravaged the Eastern seaboard, leaving behind death and destruction, an unlikely partnership has emerged between the Democratic president seeking re-election and the Republican governor who once called him the "most ill-prepared person to assume the presidency."
New Jersey Governor Chris Christie was the only person to greet President Barack Obama today when he walked off Air Force One in Atlantic City on a hastily assembled trip to survey storm damage and relief efforts.
Romney Resumes Campaigning
as Obama Tours New Jersey Damage
By Lisa Lerer and John McCormick - Bloomberg.com
Mitt Romney today sought to strike a delicate balance between resuming what had been a hostile presidential campaign and showing sensitivity to the damage and death caused by Atlantic superstorm Sandy.
At his first official campaign rally since the storm hit, the Republican candidate took a softer approach in his stump speech, avoiding any direct mention of President Barack Obama. He cast himself as a bipartisan leader in a time of crisis as he looked beyond the Nov. 6 election.
A Tale of Two Countries
By Ben Shapiro - PatriotPost.us
It has become an accepted truism in American politics that both Democrats and Republicans want the same things: a prosperous America, a strong America, an America true to principles of freedom and liberty.
Perhaps 50 years ago that was true.
Today, it no longer is.
The fact is that the Democratic Party and the Republican Party are no longer arguing over means; we are arguing over ends. Democrats know that economic prosperity for the broad swath of the United States cannot be bought with higher taxes; even Bill Clinton recognized as much in the 1990s, which is why he lowered capital gains taxes dramatically after raising personal income taxes just as dramatically. Instead, Democrats argue, as President Obama did in 2008, that taxes must be raised "for purposes of fairness."
DOUG CASEY ON THE ELECTION 2012
Interviewed by Louis James - TheBurningPlatform.com Louis: Doug, I know you're no fan of either presidential candidate – a pox on both their houses – but we got more questions today about what would happen to our investments if one or the other would win than just about anything else. So, what do you think – does it matter? Should we play things differently, depending on which one wins? Doug: Well, I have to first say that I'm the worst US political handicapper ever. I don't have my finger on the pulse of hoi polloi in the barrios, ghettos, and trailer parks. Nor do I claim to know what Gen-Xers in the city are thinking, nor what passes for the white middle class in the suburbs, nor the oldsters in their retirement homes. I'm not a political animal. The only US presidential election I ever called right was the last one; I thought Obama would win. But then, in New Orleans, I was chatting with James Carville – who definitely is a political animal – and he doesn't know either.
The Undecided Voter Revealed We asked America's undecided voters to explain themselves. They gave us an earful.
By John Dickerson - Slate.com
Mitt Romney may have hacked my email. A week ago, I asked undecided voters to write me atslatepolitics@gmail.com to explain themselves and their situation. I got about 200 thoughtful responses. (I welcome more, though supplies are going fast.) The message to Romney was clear: run as a malleable moderate from Massachusetts who isn't passionate about implementing a conservative social agenda, will promote a foreign policy that is not too different from President Obama's, and keep your distance from the Republican Congress. As the campaign comes to an end, Romney has fully embraced those first two pieces of advice, and by never really campaigning with GOP congressional leaders and recasting Paul Ryan, is doing a version of the third.
Democracy: Convicted by the Sleeping Juror
by Jim Fedako - LewRockwell.com
What a vile system, this vaunted democracy. A system that, for the most part, allows the marginal voter, the voter who really does not care about the outcome, and so flips and flops continually through election day, to decide who thieves my liberty and property.
Consider the local levy on my ballot next Tuesday. On one side stand the supporters of the levy: the fire department, township trustees, and associated cheerleaders – those who desire to gain at my expense. On the other side stand folks like me – those who simply want our wallets to remain unmolested this go-around.
Black and White Standards
By Walter E. Williams - PatriotPost.us
The Washington Post (10/25/2012), in giving President Barack Obama an endorsement for another four years, wrote, "Much of the 2012 presidential campaign has dwelt on the past, but the key questions are who could better lead the country during the next four years -- and, most urgently, who is likelier to put the government on a more sound financial footing." The suggestion appears to be that a president is not to be held accountable to his promises and past record and that his past record is no indication of his future behavior. Possibly, the Washington Post people believe that a black president shouldn't be held accountable to his record and campaign promises. Let's look at it.
Americans Think Obama Will Win, Polls Be Damned
by Peter Z. Scheer - Truthdig.com
It's going down to the wire as an extremely close election, but a majority of Americans (54 percent) believes Barack Obama will beat Mitt Romney, according to Gallup, even though the same polling outfit shows Romney in the lead.
Here's what Gallup makes of the data:
Though it has been a long campaign season with various twists and turns, Americans by a clear margin still predict that Obama will win re-election. This in the face of presidential preference polling that has consistently demonstrated a close race. The apparent inconsistency may be the result of Obama's status as the incumbent and reflects a somewhat lower level of confidence among Republicans that their candidate will win.
Pick Your Constitutional Poison:
Obama and Romney Share a Disdain for Civil Liberties
By Jacob Sullum - PatriotPost.us
During the final presidential debate, the moderator asked Mitt Romney about President Obama's policy of killing suspected terrorists, including U.S. citizens, with missiles fired from unmanned aircraft. "I believe we should use any and all means necessary to take out people who pose a threat to us and our friends around the world," Romney replied. "I support that entirely."
In other words, Romney has no qualms about trusting one man with the power to order the summary execution of anyone, anywhere in the world, whom he deems "a threat to us." This bipartisan disregard for civil liberties is the rule rather than the exception for the two major presidential candidates, who are about equally bad when it comes to respecting constitutional rights, although in somewhat different ways.
Where Romney and Obama Stand
on the Supreme Court: A Guide
By Suevon Lee, ProPublica - Truthdig.com
The Supreme Court has remained a largely unspoken topic on the campaign trail — even though the Court plays a critical function in Americans' lives. (This past June's Affordable Care Act ruling, anyone?)
The next president could very well appoint one or two new justices. And who steps down first could also depend on who's elected.
Mitt Romney hasn't said much about the Supreme Court, apart from expressing disagreement with the Court's ruling on Obamacare. But his website states the candidate would nominate judges "in the mold of" the Court's conservatives — Antonin Scalia, Clarence Thomas, Samuel Alito and Chief Justice John Roberts (the last two of whom a then-Sen. Obama voted against confirming). It also says Romney would like to see Roe v. Wade overturned.
China thinktank urges end of one-child policy Foundation close to central leadership urges end to birth limits policy across China by 2015, with experts saying reform is 'inevitable'
AP - guardian.co.uk
A Chinese government thinktank is urging the country's leaders to start phasing out its one-child policy immediately and allow two children for every family by 2015, a daring proposal to do away with the unpopular policy.
Some demographers view the timeline put forward by the ChinaDevelopment Research Foundation as a bold move by a body close to the central leadership. Others warn that the gradual approach, if implemented, would still be insufficient to help correct the problems that China's strict birth limits have created.
3 Reasons U.S. Drone Policy is Really Freakin' Scary
Meredith Bragg & Nick Gillespie - Reason.com
President Barack Obama and former Massachusetts Gov. Mitt Romney may not agree on much, but they're both totally into the use of unmanned aircraft known as drones to hunt down and kill real and imagined threats to the American way of life.
Whenever you've got top Democrats and top Republicans getting along, you know something has gone horribly wrong.
Here are three reasons why drone strikes are really freaking scary.
Is Word of the Benghazi Scandal Leaking Out?
By John Hinderaker - PowerlineBlog.com
As we have written more than once, the news media's collaboration in the Obama administration's coverup of the Benghazi scandal is a scandal in itself. There are, of course, a few exceptions, most notably Fox News. But in general, Benghazi has not received anywhere near the attention it deserves from journalists. I think most voters are generally aware that the administration provided inadequate security prior to the terrorist attack on September 11. I would guess that around one-half of voters understand that the administration tried to pass off a terrorist attack as a spontaneous protest over a YouTube video. And maybe 25% or so are aware of the charge that the besieged Americans at the Benghazi consulate called repeatedly for help, but were ignored by President Obama. Moreover, beyond any bare awareness of the facts, there is a big difference between what we see today–Bengahzi consigned to the back pages or not reported on at all, as in the case of the New York Times–and what we should be seeing, i.e., questions about Benghazi featured on every front page and the evening news.
US warns Israel off pre-emptive strike on Iran Arab spring has left US-friendly rulers in region nervous about possible impact of an Israeli strike on Iran's nuclear programme
By Julian Borger Diplomatic Editor - The Guardian
US military commanders have warned their Israeli counterparts that any action against Iran would severely limit the ability of American forces in the region to mount their own operations against the Iranian nuclear programme by cutting off vital logistical support from Gulf Arab allies.
US naval, air and ground forces are dependent for bases, refuelling and supplies on Gulf Arab rulers who are deeply concerned about the progress Iran has made in its nuclear programme, but also about the rising challenge to their regimes posed by the Arab spring and the galvanising impact on popular unrest of an Israeli attack on Iran.
