Daily Digest

Daily Digest 7/6 - Portugal Downgraded By Moody's, Alarm Over High College Debt, Hard Times Keep Homeless Shelters Full

Wednesday, July 6, 2011, 9:52 AM
  • Moody's cuts Portugal to junk; outlook negative
  • Private-Sector Requirement May Hamper Portugal, Moody’s Says
  • Could Italy Be the Next European Domino?: Simon Johnson
  • Italian, Spanish banks sink in euro credit market storm
  • Analysis: Default needed to lure long-term buyers back to Greece
  • CA College Students Brace For State Budget Cuts
  • UC Office of President preparing to recommend tuition increase to Regents
  • Budget Cuts Forces Child Support Fees to Rise
  • Connecticut Increases Motor Vehicle Fees
  • State Employees' Union Leaders Looking For Way Out
  • CHINA: Alarm over high university debts
  • New fees for adult education classes in Florida
  • Debt-Ceiling Crisis: 27 Days Until D-Day And Stalemate Continues
  • Idea for Coe Park has Hollister Hills in mind
  • Irish Finance Minister Says EUR3.6 Billion In Budget Cuts Only A Minimum
  • Ohio budget dismays schools
  • Firefighters injured battling fire at three vacant homes
  • Protect yourself against copper theft
  • Private businesses suffering from Minnesota shutdown
  • Kentucky’s Retail Food Prices Increase 2.2 Percent
  • Government faces call for action on food prices
  • Entire police force laid off in Texas town
  • Bridgestone ups truck-tire prices
  • General Mills Inc. "2012 input cost inflation of 10 to 11 percent"
  • Belgium: Creg Warns of Electricity Shortage by 2015
  • Chronic Homelessness Jumps 11 Percent in Santa Clara County
  • Hard times keep Des Moines shelters full
  • Kentucky sees increase in homeless voters
  • California Prison Psychiatrist Paid $838,706, Data Shows
  • Widening GM Truck Supply Reminiscent of 2008 'Bad Habits': Cars

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Economy

Moody's cuts Portugal to junk; outlook negative

Moody's Investors Service issued a four-notch downgrade on Portugal's rating, placing the European nation into junk as the ratings agency expressed concern about the growing risk of a second round of financing before it can return to the private market.

The woes surrounding Portugal come as Greece, another flailing European nation, continues to worry international markets about possible default on its debt. Like Portugal, Greece was also told to cut its budget deficit sharply, but has been unable to do so. Portugal is aiming the cut the deficit to 5.9% of gross domestic product this year, from over 9% in 2010, and then to 3% by 2013.

Private-Sector Requirement May Hamper Portugal, Moody’s Says

Anthony Thomas, a senior analyst at Moody’s Investors Service in London, commented on the possibility that private-sector owners of Portugal’s government bonds may be asked to participate in a bailout of the country as a condition for another European Union rescue. Thomas spoke in a telephone interview."

Private-sector participation under a support program to a fiscally stressed country may be considered a distressed exchange, and therefore a default under Moody’s definition, but we would have to see exactly what is proposed.”

Could Italy Be the Next European Domino?: Simon Johnson

In the most recent International Monetary Fund projections, Italy's headline debt will reach 120 percent of national output this year, and then decline only slightly to 118 percent by the end of 2016. Italian bonds last week yielded about 4.9 percent, with the spread over German bonds widening to about two full percentage points (in contrast, the Greek-German spread is now about 13 percentage points). Further increases in interest rates could push the forecasts for Italy's debt toward Greek levels.

Italian, Spanish banks sink in euro credit market storm

Despite the euphoria in the headlines after Greece got its latest rescue, traders are still demanding a hefty premium to invest in the debt-burdened governments of Italy, Portugal and Spain. The price of insuring Italian sovereign bonds against default risk has soared 11% since the weekend, when the European Union finally gave Greece the cash to make its July debt payments. Instead of the broad-based relief that you might expect, this actually indicates a new note of caution on the tracks -- and a shifting balance of risk.

If, as Standard & Poor's warned Monday, Greece could technically be considered in default if it restructures its debt, then for all practical purposes the long Greek phase of this story is over. Faced with such a scenario, traders have already turned a cold eye to the other fragile economies of the euro zone: Portugal, Spain, Italy.

Analysis: Default needed to lure long-term buyers back to Greece

Long-term investors standing aloof from the Greek debt crisis want holders of its government bonds to take a loss big enough to slash the country's debt to sustainable levels before they consider returning.

Greece is still expected to default at some point and for most investors who have dumped bonds over the past two years and who are crucial to put the ailing economy back on its feet, the longer that is delayed, the longer it will be before they consider looking at Greek assets again.

CA College Students Brace For State Budget Cuts

Under the newly approved state budget, the 10-campus University of California and 23-campus California State University will each lose at least $650 million in state funding, a cut of more than 20 percent. The two systems could each face another $100 million cut if the state takes in less revenue than expected.

The 112-campus community college system will lose $400 million in state funding and fees will increase from $26 to $36 per unit. The system could lose another $72 million and raise fees to $46 per unit if revenue projections fall short.

UC Office of President preparing to recommend tuition increase to Regents

Lenz, the UC system's vice president for budget and capital resources, said it had been determined that an annualized tuition increase of 9.6 percent beyond the 8 percent previously approved by the Regents for the 2011–12 school year would cover nearly $150 million of the $650 million funding reduction in the state budget approved by the state Legislature and signed by Gov. Jerry Brown this week.

Because of these cuts and more than $350 million in unfunded mandatory cost increases, largely consisting of unsupported students and rising contributions to the employee retirement plan and health benefits, UC is facing a budget shortfall of $1 billion.

Budget Cuts Forces Child Support Fees to Rise (Connecticut)

Add it to the list of budget cuts. Connecticut is no longer paying a $430,000 federal fee to cover costs tied to child support payments and more than 22,000 custodial parents who will now be subjected to the fee. Now parents receiving more than $510 in child support in a year will have to pay $10 to make up for the fee and those receiving more than $525 will have to pay $25.

Connecticut Increases Motor Vehicle Fees

In addition, new regulations mean bigger penalties for commercial drivers who text while behind the wheel. The changes, which went into effect July 1 come as part of a budget balancing measure.

State Employees' Union Leaders Looking For Way Out (Connecticut)

State employees' union leaders will meet again today in an attempt to find a way to block the layoffs planned by Gov. Dannel P. Malloy.

The same leaders decided Friday that they would not tamper with the decision by rank-and-file union members who rejected a savings and concessions deal with Malloy. Although that vote will stand, union spokesmen said they were still confident that they could find a way to avert 6,500 layoffs of state employees that Malloy has promised to close a gap of $700 million in the state budget.

CHINA: Alarm over high university debts

Universities in China continue to languish under huge debts as a result of runaway university expansion in the last decade. Despite government moves a few years ago to write off the worst debts Liu Liyun, a senior official with National Audit Office (NAO), said this week that more than 1,100 of the country's universities had racked up a total debt of CNY263 billion (US$40.7 billion) by the end of 2010.

Liu, a deputy director of the NAO research institute, said on China National Radio on 3 July that many universities had to borrow more money every year to pay back their old debts, which was hampering university development.

New fees for adult education classes in Florida

Adult education classes for the high school equivalency test in Florida are no longer free.

The state's new adult education tuition rules took effect Friday. For Florida residents, the tuition is $30 per term and not more than $90 a year, regardless of how many courses a student takes. Out-of-state residents will pay $120 per term and not more than $360 a year.

Debt-Ceiling Crisis: 27 Days Until D-Day And Stalemate Continues

With the July 4 holiday behind us, it's now 27 days until D-day, with the "D" standing for default, which the Obama Administration assures us the federal government will do on its debts unless Congress increases the nation's $14.3 debt ceiling before then. Where do things stand? Pretty much where they did before the holiday, except now there's even less time.

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Idea for Coe Park has Hollister Hills in mind (California)

The threat of closing Henry W. Coe State Park will inch from possible to imminent as soon as Gov. Jerry Brown puts pen to paper on the $86-billion California budget that the governor signed last week.

The budget that relies on $4 billion more in state revenue and deep cuts to higher education, includes Brown's plan from March to close 70 of the state's 278 parks, including the state's second-largest park (87,000 acres) but one of the least visited (40,000 visitors annually) - Coe Park.

Irish Finance Minister Says EUR3.6 Billion In Budget Cuts Only A Minimum

Irish Finance Minister Michael Noonan said Tuesday that tough austerity for 2012 will involve "a minimum" EUR3.6 billion in cuts for the country to meet its commitments to the troika of bailout lenders--the European Union, International Monetary Fund and European Central Bank.

The coalition government will be discussing deficit cuts "in the range of EUR3.6 billion to EUR4 billion" with the troika in the course of the year, Noonan told the Irish parliament.

Ohio budget dismays schools

As Ohio gains a new biennium budget, the state's school districts are preparing for a new reality, one that involves about $800 million less in funding for public schools. School districts that already slashed their budgets, laid off teachers, and froze salaries are weighing whether to ask local voters to raise taxes this November. The new budget, they say, merely pushes more of the burden down to local taxpayers.

"It's as bad as I've seen in my 15-year tenure," said Michael Ashmore, treasurer for Batavia Local schools, which recently laid off 16 people to offset at least $1 million less in state funding for next year.

Firefighters injured battling fire at three vacant homes (Indianapolis)

Fire crews responded to 210 Eastern Avenue at around 4:15 a.m. where a 2-story vacant house was fully engulfed. The fire then spread to other vacant homes to the north and south of the original location. The cause of the fire is still under investigation.

Protect yourself against copper theft

The price of copper, as with most metals, ebbs and flows. And when the price increases so do the number of brazen copper scavengers knowing they can score more money from the scrap yards they sell it to.

They'll do anything, even risk their lives, to get their hands on what belongs to you.... The Federal Bureau of Investigation considers theft of copper to be a threat to our nation's ability to function, according to a recent article in The New York Times. The crime has become so prevalent that the FBI says it affects national security by disrupting "the flow of electricity, telecommunications, transportation, water supply heating and security and emergency services." You can take a few simple precautions to avoid being a victim of copper theft:

Private businesses suffering from Minn. shutdown

It's the fourth day of the government shutdown in Minnesota. Road construction projects are on hold, and on this Fourth of July holiday weekend, popular tourist attractions are closed and the state's 84 highway rest areas have been barricaded shut. A judge's emergency ruling did allow the zoo to re-open on Sunday, but state parks remain closed.

"Everybody is pretty disappointed. People look forward to the 4th of July weekend. People plan way in advance to come here," said park manager Rick Sample. Small businesses that serve park visitors are also affected. "We really need the business, and for a small little company like us it means whether we have a good year or not," said owner Andy Kramer.

Kentucky’s Retail Food Prices Increase 2.2 Percent

The latest Marketbasket Survey, conducted by the Kentucky Farm Bureau Federation in June 2011, indicates that average retail food prices in supermarkets across the state increased 2.2 percent during the second quarter of the year. This increase in price tally establishes a new high for the four-decade-old survey.

According to the survey results, the total cost of 40 basic grocery items was $117.44. This new total reflects an increase of $2.50, or 2.2 percent, over the same list of items reported in the first quarter of 2011. The second quarter 2011 Marketbasket total is also $8.96, or 8.3 percent, higher than the same reporting period in 2010, and $15.18, or 14.8 percent, higher than the second quarter of 2009.

Government faces call for action on food prices (UK)

"Food inflation lies at the heart of political and economic instability internationally - we must not let it destabilise our ambition for growth." The call comes amid new findings that consumers want government action to curb food price inflation. Rising food prices are driving a major shift in the way UK shoppers buy and think about food, according to research.

Consumers are changing their weekly shopping habits in response to inflation-busting increases in food prices, it found.

Entire police force laid off in Texas town

Facing dramatic budget cuts, the city’s efforts to control costs in Alto sent the police force home June 15, and law enforcement is now on hold.

Former police chief Charles Barron and four ex-officers secured the evidence room, changed the passwords on their computers and locked the department's doors, preparing for a closure that will last at least six months. If the $185,000 city budget deficit does not improve, the officers could be out of work longer, CBS News reported.

Bridgestone ups truck-tire prices

Bridgestone Commercial Solutions, a unit of Bridgestone Americas Tire Operations, has announced effective immediately that it has raised prices in the U.S. and Canada on its Bridgestone and Firestone brand truck and bus tire products, Bandag brand retreads and related retreading materials.

What’s more, the tire maker added, the price of Bridgestone, Firestone and Continuum OTR tire products and retread rubber will increase effective Aug. 1. The total average increase for all of the products listed above will be 11 percent, said Bridgestone.

General Mills Inc. "2012 input cost inflation of 10 to 11 percent"

"We expect fiscal 2012 to be another year of good sales and earnings growth for General Mills," said Powell. "Our business plan assumes significantly higher costs for ingredients and energy – we're estimating 2012 input cost inflation of 10 to 11 percent.

Belgium: Creg Warns of Electricity Shortage by 2015

The Belgian energy market regulator Creg has released a study which states that Belgium risks an electricity shortage by 2015 if its starts to close its nuclear power stations in 2015, Le Soir de Bruxelles reported.

Creg's report suggests extending the lifespan of the nuclear power stations by one or two years. Creg's report claims that Belgium will not have the capacity to replace the electricity generated by the nuclear power stations by 2015.

Chronic Homelessness Jumps 11 Percent in Santa Clara County

There are 11 percent more chronically homeless people living in Santa Clara County this year than in 2009, according to preliminary numbers released today from the county's bi-annual homeless census.

Officials released the data, along with findings from the "Housing 1,000 SV" survey this week, during a one-stop "Project Homeless Connect" event in San Jose. Volunteers counted 7,045 homeless residents during the February Santa Clara County Homeless Census and Survey, 41 individuals less than during the same count in 2009. While the total number decreased slightly, there were 250 more chronically homeless, totalling 2,520 county residents who have been without permanent housing for more than a year.

Hard times keep Des Moines shelters full

Winter is typically the peak season for homeless shelters, but demand remained high inside Central Iowa Shelter & Services on the western edge of downtown Des Moines even as summer arrived.

About 120 to 130 people have been filing in each evening for a meal and place to bunk, a number that exceeds those of previous years and the shelter's capacity of 116. On some nights, homeless Iowans are sleeping in chairs. "Last year, we were overfull, too, but not this bad," said operations manager Ken Dohmen. "The big change I've noticed is that we're seeing people who would not normally be homeless - people who used to have jobs."

Kentucky sees increase in homeless voters

Kentucky election officials have reported an increase in the number of voter registration forms from the homeless, raising concerns among some about potential election fraud.

After the small increase, State Board of Elections Executive Director Sarah Ball Johnson wrote in a memo to county clerks last week that applications should be approved if they have “homeless” or “place to place” listed as addresses.

California Prison Psychiatrist Paid $838,706, Data Shows

A chief psychiatrist for California’s overcrowded prison system was paid $838,706 in 2010, more than any other state employee that year, according to payroll figures released today.

The doctor, whose name wasn’t released, had a salary range of $261,408 to $308,640, according to data released by Controller John Chiang. The total compensation was raised either by bonuses or payout of unused vacation time or sick days, according to the controller’s office.

The 10 highest-paid state employees each earned more than $500,000 in the 2010 calendar year, for a total of $6.2 million, the figures show. All except three were a prison doctor or dentist. The most-populous U.S. state runs the nation’s largest correctional system, with about 163,000 inmates, and is at 175 percent of capacity, according to the Corrections and Rehabilitation Department.

Widening GM Truck Supply Reminiscent of 2008 'Bad Habits': Cars

General Motors Co. stocked Jim Ellis Chevrolet in Atlanta with plenty of Silverado full-size pickups in early 2011, part of a wager on a strong economic recovery. The strategy is backfiring.

"We thought that this year would bring back the kind of economic activity that would translate into us selling more trucks," Mark Frost, the dealership's general manager, said in a phone interview. "It's not happening." Supply of Silverado has ballooned to 6 1/2 months worth at the dealership, a figure Frost, 52, calls "a little scary."

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14 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4061
Announced U.S. Job Cuts Rose 5.3% in June, Challenger Says

 

"Employers in the U.S. announced more job cuts in June than a year earlier, the first increase since February and a sign the labor market is struggling to improve.

Planned firings rose 5.3 percent to 41,432 last month from June 2010, according to figures released today by Chicago-based Challenger, Gray & Christmas Inc. Job-cut announcements were led by government agencies."

  • Other news, headlines and opinion: 

Portuguese Bonds Lead Irish, Italian Debt Lower After Downgrade

Portuguese Rating Cut, Greek Wrangling Fuel Bond Contagion

Portugal CDS Hit Record High After Downgrade

Iberian Banks Tumble After Moody's Portugal Downgrade

Greek Bank Deposits Decline to 191.9 Billion Euros in May

Obama calls on party leaders to stave off default

State Budget Costing Central Coast Cities Millions (California)

Latest S.C. Medicaid cuts raise access fears

Pastors protest Illinois cut to burials for poor

Minnesota leaders fail to break impasse, to meet again

China raises interest rates amid inflation fight

Shadow Inventory and REOs Loom Over National Recovery

rhare's picture
rhare
Status: Diamond Member (Offline)
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Posts: 1323
Government and Universities behave the same

[quote=UC Office of President preparing to recommend tuition increase to Regents ]

Because of these cuts and more than $350 million in unfunded mandatory cost increases, largely consisting of unsupported students and rising contributions to the employee retirement plan and health benefits, UC is facing a budget shortfall of $1 billion.

I love how the only solution to loss of taxpayer funds is to raise tuition.  No cutting of costs.  Same as most politicians view point.  I guess the universities have a free checkbook via government guaranteed student loans, just like the federal government has the free Fed checkbook.

It sure seems like the change isn't that significant.  Before, taxpayers footed the bill directly, now taxpayers foot he bill via guarantees on the loans only after the student defaults.  I guess it's slightly better since at least the student is on the hook first.  Until we get government out of the loan guarantee business we will continue to see tuition rise.

 

 

rhare's picture
rhare
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Posts: 1323
Default is not the only option....

[quote=Debt-Ceiling Crisis: 27 Days Until D-Day And Stalemate Continues]

With the July 4 holiday behind us, it's now 27 days until D-day, with the "D" standing for default, which the Obama Administration assures us the federal government will do on its debts unless Congress increases the nation's $14.3 debt ceiling before then.

Yet another article that default is the only option, no cutting to bring spending in line with revenue.  Why is it that the media seems insistant on presenting the only choice as default. Sighhh....

It seems this is the same tactic played by local governments.  Quick give us more money or we cut off paying our past debt first. - Quick give us more money or we cut police and fireman first!  Choose the worst thing to cut first to cause the most pain to those your trying to extract money from....

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
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Posts: 3936
There but for the grace of God.

"Brazen copper thieves". Get it?

"We thought that this year would bring back the kind of economic activity that would translate into us selling more trucks," Mark Frost, the dealership's general manager, said in a phone interview. "It's not happening."

Somebody tell him about Dr. Chris Martenson, please.

Homeless people. That could be me or thee in a few years.

MarkM's picture
MarkM
Status: Platinum Member (Offline)
Joined: Jul 22 2008
Posts: 837
rhare wrote: Debt-Ceiling
rhare wrote:

[quote=Debt-Ceiling Crisis: 27 Days Until D-Day And Stalemate Continues]

With the July 4 holiday behind us, it's now 27 days until D-day, with the "D" standing for default, which the Obama Administration assures us the federal government will do on its debts unless Congress increases the nation's $14.3 debt ceiling before then.

Yet another article that default is the only option, no cutting to bring spending in line with revenue.  Why is it that the media seems insistant on presenting the only choice as default. Sighhh....

It seems this is the same tactic played by local governments.  Quick give us more money or we cut off paying our past debt first. - Quick give us more money or we cut police and fireman first!  Choose the worst thing to cut first to cause the most pain to those your trying to extract money from....

Absolutely. The children will starve if you don't give us your money. I hope that more and more are beginning to see through the propaganda BS used to coerce the populace.

Marteen's picture
Marteen
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Posts: 40
Lay-offs of civil servants.

On these SAX super wednesdays i particularly take interest in the articles about lay-offs of civil servants at municipalities.

In 1996 i was living in Angleton county approx 30ml south of Houston for 1 year as a kind of Dutch expat. Angleton county has 19.000 inhabitants and to me a very friendly place but with a lot of police officers something like 50 (sirens almost the whole day). In the top 6 biggest employers are 2 private companies 2 hospitals and 2 county agencies.

I never took notice of the number of police officers in angleton only knowing that in the Netherlands our country (10.000) has to manage with 6 police officers over an area of 5x angleton county. We have no hospitals nor courthouse. Fire department is based on volunteers no professionals. Salaries are also high. No gov agency director can earn more then our Prime Minister (125.000 euro) in the US i see ammount double then this.

I am just asking with each article about lay-off of civil servants: Weren't they not to much anyway??

Does somebody compared the number of civil servants with other countries like Germany/switzerland or Scandinavian countries??

Marteen

Wendy S. Delmater's picture
Wendy S. Delmater
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Posts: 1982
copper thieves

Here in SC it's rather hard to sell copper: they are not allowed to buy it at the scrap yard unless you have a valid salvage permit, period. Picture ID required, and if you are a business owner trying to get rid of old things they might take it - but a valid business license is required.

Sure cuts down on copper thievery.

rjs's picture
rjs
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Posts: 445
In South Korea, all textbooks will be e-books by 2015

In South Korea, all textbooks will be e-books by 2015 - In South Korea, heavy backpacks laden with textbooks are becoming a thing of the past. The Asian nation announced that it will replace paper textbooks with electronic tablets in all state-run (public) schools by 2015. The move will allow students to download digital textbooks on a variety of platforms, including computers, smart phones, and tablets. South Korea’s education ministry hasn’t yet disclosed which e-tablet make or model it will purchase en masse to make the digital switch, but it has revealed the cost of buying tablets and digitizing material for all of the students in its state-run schools: $2.4 billion. The digital conversion is part of a project to create “smart schools” across the country, according to South Korea’s education ministry. The state says it plans to incorporate “smart” features such as video, animation, virtual reality, and hyperlinks, in its digital curriculum. Korean students are already experimenting with digital learning. Since 2008, hundreds of elementary school students have been testing digital textbooks on tablet-like Fujitsu PCs and Samsung Galaxy3 Tabs

jumblies's picture
jumblies
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Posts: 244
TSA warns airlines of

TSA warns airlines of explosive implants

The Transportation Security Administration warns airlines and foreign security agencies that terrorists might try to surgically implant bombs in their bodies as a way to evade security.

White House spokesman Jay Carney said the intelligence that led to the warning "does not relate to an imminent or specific threat." But the TSA urges foreign security agencies to ramp up security in response.

"As a precaution, passengers flying from international locations to U.S. destinations may notice additional security measures in place," TSA spokesman Nicholas Kimball said. "Measures may include interaction with passengers, in addition to the use of other screening methods such as pat-downs and the use of enhanced tools and technologies."

so instead of just being x-rayed and felt up they'll ask us to remove our skin? Like in V?

Arthur Robey's picture
Arthur Robey
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Posts: 3936
Ruminations on the ordinary.

I have to make another batch of sauerkraut and give blood for my annual checkup so I went to town on my bicycle. What a beautiful winters day day it is here in Esperance. WA.

After chatting up the nurse, (No luck. I was angling for a cup of coffee.) I went grocery shopping for spices and things. The bill was suprisingly large and we joked about having to print a $500 note. (If only the young girl knew.)

On the notice board was a C5 Citroen.

Citroen

I have always driven citroens. My heart leapt. On the way home there it was, looking immaculate. While purving on the car I noticed that the centre stand on my bicycle was loose, so I fixed it with my all purpose tool.

So, what can we draw from this vignette?

  • Social skills are important. No coffee.
  • Inflation is rampant. Ignorance won't save you.
  • Learn to make and eat unprocessed, long lasting foods. (ie sauerkraut)
  • Happiness is dependant on the weather and good health
  • Temptations are everywhere
  • Mechanical things break down. Get a bicycle.
  • Motorcars increase your seratonin (happiness) on two occations; when you buy them and when you sell them.

Dimitri Orlov discusses automobiles cogently.  http://cluborlov.blogspot.com/

Basically, there are no rationally designed automobiles. They are designed by the marketing department, not engineering.

rhare's picture
rhare
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Posts: 1323
Oh yeah, we're saved - GOP agrees to revenue increases

From the article: Kyl: Republicans Agree to Revenue Increases in Deficit Talks

The articles says we increase revenues by $150-200B, we cut spending by $240B ($2.4T over 10 years).

With a bit of math, it appears they have cut the deficit by a whole 27% ($440B/1.6T), only 73% more too go!

I think I'll channel Davos now - What a bunch of morons! 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Dithering uncertainty.

Dr Michael Hudson is in full throat over on The Keiser report about the underlying forces behind the Greek Tragedy.

http://rt.com/programs/keiser-report/keiser-report-greece-bailout/

Dimitri Orlov says that it is not inflation or deflation of our money but a situation of no money. He suggests that once the casino closes down there is no point being The Winner with all the chips. Nor having gold or silver.

He gives a deservedly long talk explaining his world view and prognosis.

http://cluborlov.blogspot.com/ Go to Twilight of the Antipodies.

I hope that makes you feel less comfortable.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Warm feellings, cold feet, cold fusion and Bose Einstein

And in answer to the following questions:

1)How many years of study it took to get the first working prototype of E-Cat?
2) what was your first thought when you realized it was working
3) what could be the more beautiful consequence of your invention for mankind?

Mr. Rossi gave these answers:

1- About 15 years
2- That I was going into an ocean of troubles and an enormous amount of work. I was right.
3- Energy at very low price: better quality of life; maybe less wars, more time for Culture.
Warm Regards,

Theory tries to catch up with practice.

http://www.physics.purdue.edu/people/faculty/yekim/BECNF-Ni-Hydrogen.pdf

ABSTRACT
Generalized theory of Bose-Einstein condensation nuclear fusion (BECNF) is used to carry out theoretical analyses of recent experimental results of Rossi et al. for hydrogen-nickel system. Based on incomplete experimental information currently available, preliminary theoretical explanations of the experimental results are presented in terms of the generalized BECNF theory. Additional accurate experimental data are needed for obtaining more complete theoretical descriptions and predictions, which can be tested by further experiments.

For source:

http://coldfusionnow.wordpress.com/2011/07/06/mr-rossi-visits-sweden/

I hope this thing works as per description or it will throw a lot of other Low energy Nuclear Transmutation work that has been done over the last 20 years into disrepute.

 

oldvanman's picture
oldvanman (not verified)
Alleged copper thief falls through ceiling

Good evening

The problem is rampant in our area. We have lost phone lines, power lines, and plumbing. The replacement costs have been extremely high.

A story about an alleged copper thief falls through ceiling:

http://www.abc.net.au/news/stories/2011/07/03/3259614.htm

One of the problems is the ease with which the copper can be sold. It is well known that the scrap yard will take obviously stolen copper if you show up on the day that the truck is being loaded. How do you know when it is to be loaded? just ask. Then show up on the day and no questions will be asked ( although I have heard complaints of under-weighing). It makes theft easy and profitable ( as long as you are careful where you walk).

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