Category Archives: U.S.

Business/Economics, U.S.

Economic Recovery? More Lies from the Lying Liars

“GDP that stems from new debt — mainly deficit spending — is phony: it is debt-financed consumption, not prosperity. Net of deficit spending, our prosperity is nearly unchanged from 1998, 13 years ago.”-Rob Arnott, Research Affiliates

Arnott says the Democrats and Republicans are to blame.  They continue to play games with the voters/taxpayers.  While tax revenues have steadily dropped since 1998, because of a bad economy, both major political parties just spend spend spend.

Yes, Arnott says the declining economy started back in 1998, it just didn’t impact the system until 2007, when the housing bubble burst.  One reason the Federal Government is having a problem with its spending is that our elected officials think our incomes are up, and as a result, tax revenues should be as well.  But they’re not; Arnott says tax revenues are at 1994 levels.

Arnott says part of the problem with the politicians is that current economic  statistics are flat wrong.  Economic stats, showing consumer spending and GDP, include deficit spending. In other words, credit cards and loans are being used to make it look like the average person has money.  And this has been going on for a while.

By using purchases made with credit cards, or loans, it makes it look like people have money, and that the economy is good.  These stats are used by our politicians to justify spending tax payer money.

When you throw out the debt spending by consumers, the real GDP figures show we’re stuck in the 1990s.  Arnott calls GDP minus debt spending “structural GDP”.  Also, he says government spending is another misleading factor used in GDP stats.  He says that should be left out as well, only private sector GDP should be looked at, and it’s not pretty.

Another analyst, Max Fraad Wolff, says historically countries go down the drain when their government debt gets close to its GDP levels: “We are approaching national debt on par with the total GDP of the country. This is very serious because most economic research suggests that countries tend to decelerate in their growth and have more and more severe economic problems, once their debt-to-GDP ratio gets above about 90 per cent. And we’re about to go through that level.”

Business/Economics, International, U.S.

Iran threatens higher oil prices, says “No way will it fall below $100”

“Iran can have an effect on world energy and fuel. Fuel prices will go up dramatically. If sanctions are not removed, particularly sanctions against banks and other economic sanctions, the price of oil will go above $150 a barrel.”-Mahmoud Bahmani, Iran’s central bank

A top U.S. Federal Reserve official said that gasoline prices above $4 a gallon would throw the U.S. economy into another recession.

Iran is the world’s third-leading oil exporter, and thanks to U.S. backed sanctions, has just expanded their own oil refining abilities, now making them an exporter of gasoline as well.

On top of any threats of increased oil prices, Iranian oil Minister Massoud Mir-Kazemi, said factors remain that will ensure that oil prices will continue to go up, regardless of how much oil is pumped out of the ground: “The price of oil depends on two things: First, the fundamentals, including supply and demand, and then the political, psychological and unforeseen elements. Based on these factors, oil prices should increase again by end of the year.”

 


U.S.

Fire and Ice in Texas

Fire fighters in one part of Texas are reporting a strange phenomenon in their battle to control wildfires: ‘Ice capping’.

70 miles west of Fort Worth, embers from the fires have gone so high into the atmosphere that they’ve frozen and fallen back to the ground.  It’s an indicator of how hot the fires are, for embers to go that high.

The fires continue, out of control, homes burning.  One family, in the city of Austin, returned from a weekend trip to find their home, and their pet gone.  What makes it worse is they say their home was the only one on their street that burned: “All the other houses got saved except ours … we’re just kind of speechless right now.”-Kris Griffin

Idaho, Technology, U.S.

Still no Luck at the Lucky Friday Mine in Idaho

Rescuers are bringing in more equipment to dig out Larry Marek.  A section of roof caved in on him and his brother last Friday, his brother got out.

The latest info is that a large diamond drill will be used to drill a hole through the debris, to try and determine if Marek is alive.  It could take two days to drill through the 185 feet (56.3 meters) of dirt.

Rescue efforts are slow because the size of the collapse was underestimated.  Rescuers are also waiting for parts, so they can use a bigger drone digger.

The company that owns the Lucky Friday mine, Hecla, has a good safety record going back to 2000.  But there have been accidents at other Idaho mines.  Last June a miner was killed when a slab of rock fell on him, while he was working at the Galena Mine.

 

 

International, Opinion, U.S.

Obama increasing College funding…in China!!!

So you voted for Barack Obama because you’re hoping to go to college, but can’t afford the skyrocketing costs.  You thought Obama was going to help you pay for college?  You’re right, if your going to college in China!

Last week Secretary of State, Hillary Clinton, announced that the U.S. State Department will spend U.S.$3 million on scholarships for study in China.  On top of that First Lady Michelle Obama announced that they have convinced U.S. corporations to help fund U.S.$3.25 million for the “100,000 Strong Initiative”.   Those corporations include Caterpillar, Citigroup and Coca-Cola.

The program is in addition to the usual Fulbright scholarship program.

So now even college students are being shipped off to China!   I guess it makes sense, you know, follow the jobs.

International, U.S.

New Chinese Water Torture, dumping U.S. bonds a little at a time

For the fourth month in a row, China is selling off its U.S. Treasury bonds (U.S. Sovereign debt).  China is the biggest holder of U.S. bonds, but since February, they’ve been getting rid of them, a little at a time.

So far the Chinese have sold U.S.$600 million in U.S. bonds, that’s according to the U.S. Treasury.

Japan has the second biggest holdings of U.S. Treasuries, but there is concern that Japan will sell them off, to help pay for rebuilding after the March 11 disasters.

International, U.S.

German reporter banned from U.S. due to investigation of U.S. Official kidnapping children

“It seems to me that the attitude of the State Department has to do with my investigations in the U.S. National Archives.”-Gabriela Weber, investigative journalist

Gabriela Weber, known for investigating NAZI war criminals in South America, has followed a trail of illegal child adoptions right to the United States government.  And that has gotten her banned from entering the U.S. legally.

Weber discovered that U.S. embassy officials were involved with illegal adoptions of children belonging to people who were “disappeared” during Argentina’s “dirty war“.

U.S. officials refuse to comment on the grounds it would violate the privacy of those who were “adopted”.

Weber claims that she has evidence directly linking former U.S. military attache William Desreis to the illegal “adoptions” of Argentinian children, whose parents were “disappeared” by the military dictators of Argentina, at that time (1976-1983).

Weber tried to go to the United States in 2010, to follow the trail, and confirm her findings in Argentina, but she was thrown out after only seven hours, even though she had proper visa documents.

Business/Economics, International, Opinion, U.S.

Former U.S. official says don’t blame China for U.S. economic problems, yet

“If we didn’t import from China, we’d import from somewhere else.”-Henry Paulson, former U.S. Treasury Secretary

Henry Paulson is saying that if U.S. corporations didn’t have China to ship jobs to, they’d ship off U.S. jobs somewhere else.  He, and others, believe that by shipping off U.S. jobs to other countries, it helps to keep inflation down.

Of course it does, because that means less people working which brings down consumer spending which helps keep inflation down.  Inflation traditionally goes up when the economy is good and people spend more money, which is what is happening in China right now.

There is worry that the fast growing inflation in China could spread to the rest of the world.  For those countries whose economies are in trouble it’s not a good thing: “If China has problems, our problems would be more difficult.”-Henry Paulson

 

Business/Economics, International, U.S.

North Dakota flooded, Red River flooding Canada, called “unprecedented”, will affect wheat production

The Red River has flooded North Dakota, now flooding in Manitoba, Canada is being called “unprecedented”.

Emergency Measures Minister, Steve Ashton, says this is one of the worst flood situations Manitoba has seen in 150 years.  The flood is expected to hit Winnipeg by the first of May.

“Flood fighters” in North Dakota are still dealing with the flooding.  Officials there say it’s being caused by ground that is too saturated to handle the snowmelt, along with rain.   The flooding will affect U.S. spring wheat production, and sugar beat production.

In Canada, the flooding will affect wheat and canola production.

It’s not just the Red River that’s flooding.  About 100 North Dakota National Guard personnel are working to shore up the levee along the Sheyenne River.

Flooding in Canada also damaged rail lines used by the Canadian Pacific railways.