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Re: Blipits

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BP, Prior to Gulf Accident, Said Measuring Oil Flow Was “Critical” to Effective Response
http://www.propublica.org/ion/blog/item ... ical#15179

Gulf spill workers complaining of flulike symptoms
http://news.yahoo.com/s/ap/us_oil_spill_workers_health

Fisherman's wife breaks the silence
http://www.cnn.com/2010/HEALTH/06/03/gu ... tml?hpt=C1

BP cuts pipe, plans to lower cap over Gulf spill
http://www.veteranstoday.com/2010/06/03 ... ulf-spill/

BP clashes with scientists over deep sea oil pollution
http://www.guardian.co.uk/environment/2 ... -pollution

An unprecedented combo of oil & outlooks
http://www.weather.com/blog/weather/8_2 ... m=blog_rss

Hurricane Season Begins – 2010
http://modernsurvivalblog.com/weather-p ... valBlog%29

Morning Bell: Obama and the Oil Spill
http://blog.heritage.org/2010/06/03/mor ... oil-spill/

Concerns over another BP oil rig in the Gulf - BP Atlantis a bigger disaster in the making
http://amfix.blogs.cnn.com/2010/06/02/c ... -the-gulf/

(U//LES) El Paso Intelligece Center: Blue Methamphetamine Report
http://info.publicintelligence.net/EPICBlueMeth.pdf

Dissent at the CIA: Officers protest ‘harmful’ drone strikes
http://rawstory.com/rs/2010/0603/dissen ... e-strikes/

The Back Art Of ‘Master Illusions’
http://blacklistednews.com/?news_id=9046

Israel rejects international investigation of raid
http://rawstory.com/rs/2010/0603/israel ... tion-raid/

Report: All aid flotilla victims shot dead
http://rawstory.com/rs/2010/0603/report ... shot-dead/

Press TV journalist on-board Gaza Flotilla describes ordeal
http://www.federaljack.com/?p=15821

UN chief urges Israel to lift Gaza blockade
http://www.google.com/hostednews/afp/ar ... 4vqxm3Jz_Q

Biden: Israel right to stop Gaza flotilla from breaking blockade
http://www.haaretz.com/news/diplomacy-d ... e-1.293833

Israeli Murders, NATO and Afghanistan
http://www.globalresearch.ca/index.php? ... leId=19513

Worldwide annual military budget rose 5.9% in real terms according to Stockholm International Peace Research Institute

Last year, $1.5 trillion (£1tn)was spent on weapons, an annual increase in real terms of 5.9%, according to the latest report by Sipri, the Stockholm International Peace Research Institute.

The US accounted for more than half of the total increase, though arms spending increased fastest in Asian countries, with China raising its military expenditure most, followed by India. Global spending has risen by nearly 50% over the past decade, said Sipri.

http://www.guardian.co.uk/world/2010/ju ... -recession

....can't expect it all to sit in a deserted warehouse in the middle of nowhere either....

Obama's 'Chicago Way' Plunders the Private Sector
http://www.humanevents.com/article.php?id=37315

Still seeking an explanation for Obama's SSN 042-68-4425
http://www.sonorannews.com/archives/201 ... maSSN.html

Bill Clinton May Never Release Kagan Files
http://www.judicialwatch.org/blog/2010/ ... agan-files

Gun Control: The Ultimate Human Rights Violation
http://www.humanevents.com/article.php?id=37303

City Assures Illegal Aliens' Safety
http://www.judicialwatch.org/blog/2010/ ... ens-safety

German President Horst Köhler announced his surprise resignation on Monday after appearing to suggest the country's unpopular Afghanistan mission was partly motivated by commercial interests.
http://www.thelocal.de/national/20100531-27547.html

EU plans green taxes to cut debt
http://www.telegraph.co.uk/finance/news ... -debt.html

Euro Decoupling, Inverse Style
http://www.zerohedge.com/article/euro-d ... to+zero%29

Forint Slide Accelerates As Hungarian Default Risk Now 14 Wider To 277bps
http://www.zerohedge.com/article/hungar ... der-277bps

Foreign banks find fortune in crisis
http://www.politico.com/news/stories/0510/37976.html

Chinese "Miracle"? No - Just A Scam
http://market-ticker.denninger.net/arch ... -Scam.html

When Insiders Expose the Ugly Side of the Entertainment Industry
http://vigilantcitizen.com/?p=3925

Lieberman Bill Gives Feds ‘Emergency’ Powers to Secure Civilian Nets
http://www.blacklistednews.com/news-9049-0-22-22--.html

FTR #708 Going Deep with Daniel Hopsicker
http://spitfirelist.com/for-the-record/ ... cord%27%29

Secretive Bilderberg Club ready for protests
http://www.timesonline.co.uk/tol/news/w ... 142478.ece

June 3 (Bloomberg) -- U.S. states reduced spending for a second consecutive year as the worst U.S. recession since the 1930s cut tax revenue, a survey by two associations found.

Governors may struggle to raise spending in fiscal 2011, which begins July 1 for 46 states, as they close deficits without the aid of federal stimulus money that runs out this year, the report by the National Governors Association and National Association of State Budget Officers said.

States will have dealt with $296.6 billion of budget deficits from fiscal 2009 to 2012, covered in part by $135 billion of federal money received under stimulus legislation, according to the groups. Governors still face $127.4 billion of deficits for the rest of fiscal 2010, 2011 and 2012.

“The federal government has helped states avoid even more significant cuts to state services and/or proposed tax increases,” said the report, which the Washington-based associations publish twice a year based on a survey. “The loss of these funds combined with the anticipated slow recovery of state revenues is expected to result in the continuation of difficult state fiscal conditions.”

Warren Buffett, whose Berkshire Hathaway Inc. has been paring its municipal bond portfolio, yesterday predicted a “terrible problem” for the debt of state and local government in coming years. Berkshire has cut its municipal holdings to less than $3.9 billion as of March 31, from more than $4.7 billion at the end of 2008.

http://www.businessweek.com/news/2010-0 ... venue.html

(Reuters) - Eleven of the 14 U.S. metropolitan areas with a jobless rate of at least 15 percent in April were in California, the Labor Department said on Wednesday, in another sign that economic recovery is coming slowly to the Golden State.
http://www.reuters.com/article/idUSTRE6 ... mesticNews

Schakett noted that the foreclosure process is currently taking 13 to 14 months ...

For many the timeframe is apparently much longer. On Monday David Streitfeld wrote in the NY Times: Owners Stop Paying Mortgages, and Stop Fretting

The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics.
...
More than 650,000 households had not paid in 18 months, LPS calculated earlier this year. With 19 percent of those homes, the lender had not even begun to take action to repossess the property ...

These long foreclosure time lines can have a significant adverse impact on housing.

http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Housing Bust and Labor Immobility
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Labor Productivity And Costs
http://market-ticker.org/archives/2368- ... Blech.html

The recession has dampened demand for electricity, especially from industrial customers. Electricity demand fell for the past two years, the first time that has happened since 1949.
http://globaleconomicanalysis.blogspot. ... nalysis%29

Extended Unemployment: Initial, Continued and Extended Unemployment Claims June 03 2010
http://paper-money.blogspot.com/2010/06 ... inued.html

3Recessions Update
http://maxedoutmama.blogspot.com/2010/0 ... pdate.html

What Will Drive Manufacturing?
http://dailycapitalist.com/2010/06/02/w ... italist%29

Median Unemployment by State
http://www.ritholtz.com/blog/2010/06/me ... Picture%29

Over the past two years, a concerted effort by the Federal Reserve and other policymakers has helped to stabilize our financial system and our economy. Following a sharp contraction in late 2008 and early 2009, we are now in the fourth quarter of economic expansion, with jobs once more being created rather than destroyed. Nonetheless, important concerns remain. One particularly difficult issue is the continued high rate of unemployment. High unemployment imposes heavy costs on workers and their families, as well as on our society as a whole. I raise this issue here because healthy small businesses, including start-ups as well as going concerns, are crucial to creating jobs and improving employment security.

Unfortunately, lending to small businesses has been declining. Indeed, outstanding loans to small businesses dropped from almost $700 billion in the second quarter of 2008 to approximately $660 billion in the first quarter of 2010.1 An important but difficult-to-answer question is how much of this reduction has been driven by weaker demand for loans from small businesses and how much by restricted credit availability.

http://federalreserve.gov/newsevents/sp ... 00603a.htm

Upcoming Treasury Auctions
http://treasurydirect.gov/RI/OFAnnce

U.S. debt soars to 90% of GDP
http://www.wnd.com/index.php?fa=PAGE.view&pageId=160649

New York state delayed paying $2.5 billion of bills as a short-term way of staying solvent but its cash crunch could get even worse in August and September, Budget Director Robert Megna said on Tuesday.
http://www.cnbc.com//id/37463314

Half a Dozen States Delay Tax Refunds
http://www.nytimes.com/2010/06/02/us/02 ... ss&emc=rss

50 Statistics About The U.S. Economy That Are Almost Too Crazy To Believe
http://endoftheamericandream.com/archiv ... to-believe

Petroleum Inventory Report 06-03-10
http://energy-invest.blogspot.com/2010/ ... 03-10.html

The Fallacy of Gold Backed Money
http://www.scribd.com/doc/24700466/The- ... cked-Money

The Global Wheat Situation
http://nogger-noggersblog.blogspot.com/ ... ation.html

Survival Sanitation - Part One - Taking Out the Trash
http://stealthsurvival.blogspot.com/201 ... g-out.html

Mobile phones responsible for disappearance of honey bee
http://www.telegraph.co.uk/earth/wildli ... y-bee.html

Alaska volcano shows signs of unrest
http://newsminer.com/view/full_story/77 ... ft_bullets

Mexico opens California office to provide ID for illegals
http://www.washingtonexaminer.com/polit ... z0poC1ah67

Pakistan strike an option if next attack on U.S. succeeds, paper told
http://www.theprovince.com/news/Pakista ... z0poC7YDdK

U.S. to Join South Korean Military Exercise Off North Korea Coast
http://abcnews.go.com/Politics/Media/us ... d=10807101

Korean war "may break out at any moment": North Korea
http://www.channelnewsasia.com/stories/ ... 01/1/.html

North Korea warns that war could erupt soon
http://www.alertnet.org/thenews/newsdesk/LDE6521K8.htm

MAP OF THE DAY: How North Korean Artillery Could Level Seoul In Two Hours
http://www.businessinsider.com/map-of-t ... ry-force-1#ixzz0poFrUdxJ

WikiLeaks Was Launched With Documents Intercepted From Tor
http://www.wired.com/threatlevel/2010/0 ... z0poCZDQEU

State poised to OK supertoxic pesticide

Farmers planting strawberries and other crops in California will soon have to contend with cancer-causing poison instead of bugs, worms and fungus if regulators get their wish.

The California Department of Pesticide Regulation has proposed registering methyl iodide as a pesticide in California to the dismay of scientists and environmental groups, who say it is so toxic that even chemists are reluctant to handle it.

The chemical will become legal for growers to use after a 60-day comment period ending June 29 unless there is some kind of public outcry.

"This is one of the most egregious pesticides out there," said Sarah Aird, the state field organizer for Californians for Pesticide Reform, a coalition of watchdog groups opposed to the use of potentially harmful chemicals. "It is really, really toxic. It is actually used in the laboratory to induce cancer cells."

Methyl iodide was approved by the U.S. Environmental Protection Agency in 2007 for use as a fumigant over the protests of more than two dozen California legislators and 54 scientists, including five Nobel laureates, who signed a letter opposing registration of the chemical.

Methyl iodide is now licensed for use in 47 states, but it is expensive and used only sparingly in Florida and the Carolinas, mostly on strawberries and occasionally on tomatoes and peppers. Eleven states have used it at least once, according to researchers. No problems have been documented, but very few studies have been conducted, Aird and others said.

California is considered a key battleground in the fight against methyl iodide because agriculture is a major part of the economy. The substance, produced by Arysta LifeScience Corp., is used primarily to prepare strawberry fields for planting because that fruit is particularly susceptible to soil-borne pests.

The stuff is normally mixed into the dirt and covered with tarps. It kills weed seeds, insects, microscopic worms, bacteria and fungal diseases that infect plant roots.

"Fumigants, including methyl iodide, sterilize soil prior to planting," said Lea Brooks, spokeswoman for the Department of Pesticide Regulation. "It is injected into soil. It is not applied onto plants or fruit."

http://www.sfgate.com/cgi-bin/article.c ... 1DG7KH.DTL

Obama's USDA to deceive Americans over GM crops
http://www.naturalnews.com/028911_USDA_GM_crops.html

Phoenix-area hospitals fight highly toxic 'supergerm'
http://www.azcentral.com/news/articles/ ... rgerm.html

Lancer Systems Introduces L15 “Configurable” AR (AR-15) Lower Receiver with Modular Magwell
http://www.defensereview.com/lancer-sys ... r-magwell/

M4 Grip Pod Popular in the Field
http://kitup.military.com/2010/06/m4-gr ... field.html

Taurus Introduces the New Judge Public Defender Ultra-Lite
http://www.downrange.tv/blog/?p=3656

UPDATE:

The Equity Markets Are Ignoring Screams of FUD (Fear, Uncertainty and Doubt) in the European Money and Credit Markets: Enter Lehman Fiasco v2.0!!!
http://www.zerohedge.com/article/equity ... and-credit

Hoenig Says Fed Should Raise Rate To 1% By End Of Summer
http://www.zerohedge.com/article/hoenig ... end-summer

Failed Bond Auction Bug Goes Viral: Romania Rejects All Bids In 600 Million Lei Auction
http://www.zerohedge.com/article/failed ... ei-auction

UPDATE 2:

Gulf of Mexico - Time To Get Serious About Routine Satellite Monitoring
The ongoing Deepwater Horizon oil spill has provided a rare scientific opportunity: for the first time, multiple satellite remote-sensing systems, from visible to infrared to radar, are providing daily images of a large area in the Gulf of Mexico. This systematic imaging is proving useful for measuring the size and location of oil slicks and sheen, and for estimating the rate of leakage from BP's failed Macondo well.

It's also demonstrating another important ability -- here at SkyTruth we think we've discovered a small but possibly chronic leak from an oil platform located a few miles off the Mississippi Delta, unrelated to but not far from BP's leaking well:

We first mentioned this back on May 15. According to GIS data from the Minerals Management Service showing the locations of all fixed oil and gas platforms in the Gulf, the platform that appears to be leaking is identified by Complex ID # 23051. You can look up more info at the MMS website. According to MMS this platform was installed in 1984, and it is manned 24/7 (most platforms in the Gulf are unmanned). The sequence of satellite images above shows what appears to be a small oily slick emanating from the platform location on multiple dates, captured by several different satellite imaging systems. We've observed the slick on Envisat MERIS and ASAR images taken on April 25 and 26, and May 12, 18 and 31; on RADARSAT images taken May 8 and 11; and on COSMO-SkyMed images taken May 11, 14 and 15. (Pet Peeve Alert: These are all foreign satellites, operated by Germany, Italy, Canada. Radar imagery is the go-to tool for detecting and monitoring oil slicks, yet the U.S. does not operate a single civilian radar satellite. Instead, we've been buying radar images of this disaster from other nations. This is nuts.)

On May 27 a scientist from the University of West Florida was flying over the Gulf to investigate the BP oil spill, and noticed an obvious discharge plume coming from a rig - here is one of the pictures she took during that flight:

http://blog.skytruth.org/2010/06/gulf-o ... kyTruth%29

US citizen killed on flotilla was reportedly shot four times in head
http://rawstory.com/rs/2010/0603/citize ... imes-head/

Ron Paul : U.S. Shouldn't Support Israel's Gaza Blockade!
http://www.youtube.com/watch?v=TLp1GmEY ... r_embedded

A Plague Upon The World: The USA is a “Failed State”
http://www.infowars.com/a-plague-upon-t ... led-state/

North Korean envoy warns war could erupt soon
http://news.yahoo.com/s/nm/20100603/ts_ ... _north_war

The New Gulf of Tonkin: South Korean Torpedo Sunk ROK Warship
http://www.nowpublic.com/world/new-gulf ... ok-warship

Agenda 21 Alert: Science and Sewage
http://www.morphcity.com/home/63-science-and-sewage

Bill Gates Admits Vaccines are for Depopulation. On Stage!
http://www.youtube.com/watch?v=ZRjEIZd2 ... r_embedded

Bilderberg 2010: Plutocracy with palm trees
http://www.guardian.co.uk/world/blog/20 ... berg-spain

Liberal Groups Want FCC to Police Talk Radio, Cable News
http://www.newsmax.com/InsideCover/libe ... /id/360849

Census Hiring to Spike Job Figures in May
http://biggovernment.com/publius/2010/0 ... ernment%29

Capturing my fancy today is a story in the New York Times about the idea to drop a nuclear bomb into the Gulf and seal the leak by melting the ruptured pipe and rock on the seafloor, presumably plugging the leak. Now, I’m neither a scientist nor an expert in the impact of underwater nuclear explosions, but I'm a big fan of both the deeply strange and the absurd. Nuking the Gulf to plug the leak is both.

I haven’t got the foggiest idea if dropping a nuke on the leak would work but the potential solutions seem more and more like something thought up during a vodka bender. Which may explain why the precedent for the bombing idea is the rumored success the Russians had using the technique. Questions such as “Would this cause a radioactive tsunami, make any Gulf storm hitting the shoreline a regional Armageddon, kill every living creature in a 100-mile radius for 50 years, or blow the leak wide open and exacerbate the spill immeasurably?” are best left to the propeller-head guys with clipboards and white jackets. Leaving aside all that, and at the risk of seeming slightly caviler, I think we can agree that the atomic option or, dare to dream, a hydrogen bomb, would be just about the coolest thing any of us has ever seen. How cool? This cool, only in color.

Since BP couldn’t possibly be less popular, my advice to them is that they drop about 10 more of those submarine cameras and sell the Big Bang explosion on Pay-Per-View for $50. It would secure BP’s dividend and be bigger than World Wrestling Entertainment’s WrestleMania and a Floyd Mayweather fight combined.

http://www.minyanville.com/businessmark ... 0/id/28593

State finances hitting bottom

NEW YORK (CNNMoney.com) -- The good news is that states are expected to hit the bottom of their budget woes this coming fiscal year.

The bad news is that there are still painful spending cuts that must be made in fiscal 2011, which starts July 1 in most states, and beyond.

"From here on, for the next year or so, is going to be the bottom," said Raymond Scheppach, executive director of the National Governors Association, which released its biannual state fiscal report Thursday. "My hope is within two quarters, we begin to start to see some very, very small revenue growth."

Governors' recommended budgets called for a 3.6% increase in spending - the first after a record two years of declines, according to the report, which was conducted with the National Association of State Budget Officers.

That would bring general fund spending to $635.3 billion, still a far cry from the $687.3 billion expended in fiscal 2008, before the Great Recession hit.

Tax revenues are expected to climb to $495.8 billion in fiscal 2011, up from $477.4 billion the previous year but down from the $541.5 billion collected in fiscal 2008.

http://money.cnn.com/2010/06/03/news/ec ... dget_gaps/

Rethinking the Inflation vs Deflation Debate
http://www.zerohedge.com/article/rethin ... to+zero%29

....of course the writer leaves out the falling velocity of money....and the fact that M3 is now collapsing....which Leo points out in the comments with reference to this nice piece of analysis -
http://www.arpllp.com/core_files/The%20 ... 200709.pdf

Employment Report Prediction: Bad Reporting!
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Public Union Parasites Move To Bar California Bankruptcies
http://globaleconomicanalysis.blogspot. ... nalysis%29

Retailers' sales lackluster as consumers remain wary
http://www.reuters.com/article/idUSTRE6522KA20100603

UPDATE 3:

ES Closes Green At 40% Below Average Volume
http://www.zerohedge.com/article/es-clo ... age-volume

Fed's Central Bank Swaps Increase By $5.4 Billion To $6.6 Billion

The Fed lent out $6.6 billion in liquidity swaps this week to foreign banks, of which the biggest beneficiary was the ECB, with a 1 week swap of $5.4 billion and an 84 day swap of $1.0 billion. The only other bank receiving Fed aid was the Bank of Japan, which got $210 million. What is funny is that the ECB is now an example of just how large the FX imbalance in Europe is: the ECB has had to lend out $6.4 billion in dollars even as banks have hoarded €320 billion in euro deposits with the ECB, a new all time record. In other words, nobody wants euros, and everybody is dying to get their hands on dollars.

http://www.zerohedge.com/article/feds-c ... 66-billion

Who Will Profit From The Oil Spill
http://www.zerohedge.com/article/guest- ... -oil-spill
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Re: Blipits

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Re: Blipits

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One of the more revealing aspect of the American pretend and “pay me later” economy is that states are joining forces with housing squatters by just refusing to pay bills. On a cash flow basis this works wonderfully just as long as the account receivable side of the ledger is ignored.


WASHINGTON (AP) -- Job creation by private companies grew at the slowest pace of the year in May, even while the hiring of temporary census workers drove overall payrolls up 431,000. The unemployment rate dipped to 9.7 percent as many people gave up searching for work.
http://finance.yahoo.com/news/Economy-a ... 9&ccode=mp

So much for that 700,000 expectation. At 431k, less 411k census, and 31k from temporary help services, it sure doesn't look good even without the 215k birth-death adjustment which only conspiracy theorists look at according to Mr. Liesman. 431k minus 411k minus 31k minus 215k = -226k. Nuf said. In other news, those unemployed longer than 27 weeks hits a new record at 46%. Nothing conspiratorial about that number.

http://www.zerohedge.com/article/non-fa ... tment-215k

US aims to create jobs while bolstering airport security
http://www.ibtimes.com/articles/26722/2 ... curity.htm

Employment-Population Ratio, Part Time Workers, Unemployed over 26 Weeks
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

95% of new jobs from Census hiring
http://www.americanthinker.com/blog/201 ... s_hir.html

SP Daily Chart: Looking Ugly
http://jessescrossroadscafe.blogspot.co ... 9ricain%29

Video Exposes Systemic Fraud by Census Bureau Supervisors
http://globaleconomicanalysis.blogspot. ... nalysis%29

San Carlos California Ponders Dissolving Police Department, Outsourcing Duties; Redwood City Mayor says "It's the Wave of the Future"
http://globaleconomicanalysis.blogspot. ... nalysis%29

MasterCard Study Says Consumer Spending Has Taken A Break
http://globaleconomicanalysis.blogspot. ... nalysis%29

WSJ: China's Property Market Freezes Up
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Is Italy Next to Fall in Eurozone?
http://www.minyanville.com/businessmark ... 0/id/28607

From Nic Lenoir of ICAP

Some very spicy comments from the Hungarian prime minister who basically tells the world to get lost (please admire effort to remain polite on his part). In so many words it's not his fault, it's the previous administration's fault. Sounds familiar? Obama has used it at will, Greece has used it, I heard Sarkozy use it, and just about everybody else! Even Republicans who campaigned to "Drill baby drill!" now blame the BP fiasco on Obama. Needless to say political courage is something that no longer exists, and populism has been the only political program offered to us for now a solid 40 years. The natural extension is for a Prime Minister to just walk in and say: "You know what screw you guys, we will default, I am not taking back tax cuts that got me elected, I am not telling people who were promised early retirement that really it's not feasible, I'm just not going to deal with any of this. Let's just default and keep doing what we were doing". In the same line of thought the French PM declared this morning that there is nothing bad about EURUSD at parity.

If you think it's bad to sell someone a mortgage they can't pay, how about promising them a lifestyle they can't afford! Washington has some nerve to blame the financial industry: "a house for every American" was their idea. Granted there is plenty of blame and jail time deserved at many financial institutions but it is true also for Congress. I used to think that over the past 40 years the commodity that was most devalued was human labor but I have changed my mind. A man's word no longer has any value in most cases. Should the law be changed so that it holds our leaders accountable for their words? Why not, we would get a hell of a clean slate and something to be finally hopeful about. That is change I would believe in for sure.

Leaving philosophical considerations aside, the comments by the Hungarian prime minister are of very dangerous nature. Combined with the IMF declaring they are not properly capitalized to handle further bailouts, then we are left exposed to a possibly deadly riptide in sovereign bonds. If you owned a Hungarian bond here and you found a bid you would hit it wouldn't you? So should everybody, and then comes Romania with a recently failed auction, and then Ukraine which already received one round of bailout and will clearly need more. Then comes Western Europe, even Germany with its exposure to Eastern Europe, Japan... If dominos start falling it will be nearly impossible to stop them unless theree is enough private wealth left at one point to back specific sovereign entity. With the overall leverage in the system that could mean very few people, though Japan has proved resilient for that very reason despite a huge debt-to-GDP ratio. And even though 4 PMs in 4 years shows that public opinion is losing its discipline in the empire of the rising sun, their politicians still have the good taste of resigning.

Either way this is the kind of event that can be the spark of a global systemic crash that would leave very few standing if any. Any optionality in an investment portfolio should be to the downside and there is a good chance a lot of bets would not be honored under that scenario. Cash, Gold, and maybe guns seems sadly to be the answer.

http://www.zerohedge.com/article/democr ... et-failure

50 reasons to prepare
http://www.americanpreppersnetwork.com/ ... epare.html

Europe's Core Is Burning, As Austria Next On The Implosion Radar; German, France CDS Blow Out
http://www.zerohedge.com/article/europe ... s-blow-out

RanSquawk report that according to "well-placed sources in Beijing" China is now buying EUR above 1.20 to stabilize the currency in advance of a G20 meeting later in June, per a previous agreement with the G20 members. This surely explains why the euro magically got vacuumed up by 60 pips in a manner of seconds as soon as a breach of 1.20 was imminent. Alas, as we pointed out previously, the half life of central bank interventions is now laughable: at some point interventions using fiat methods will have no impact whatsoever. On the other hand, all those who are short the market, and thus the euro, and in the process are facing the Fed, the ECB, the SNB (or not so much anymore), and now the PBoC, now have a whole new appreciation of the word "Sparta"

http://www.zerohedge.com/article/pboc-r ... department

Cut derivatives volumes down to size, says European Parliament report
http://www.risk.net/risk-magazine/news/ ... ent-report

BP / Gulf Oil Spill - Landfall in Alabama?
MODIS images today were too cloudy to be useful, but an excellent radar satellite image was taken today of the ongoing Deepwater Horizon oil spill in the Gulf of Mexico. This image, taken from the Envisat satellite using the ASAR radar sensor, shows oil apparently making landfall in Alabama on the east side of Mobile Bay, in the Fort Morgan - Gulf Shores area. An article on the Washington Post website today seems to confirm what we're seeing on the image:

Oil slicks and sheen spread across a total area of about 11,505 square miles (29,796 km2) on this image, which doesn't extend very far west of the Mississippi Delta, and doesn't cover the approach to Florida Straits where we saw possible indications of oil on May 27.

Dr. Ian MacDonald and Dr. Oscar Garcia-Pineda at Florida State University have also been systematically analyzing the radar images of this spill. The animated graphic below shows a detailed look at the northeastern portion of the oil slick as it moves eastward off the Alabama coast and the Florida Panhandle on May 31, June 1 and June 3:

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

Globs of oil stain Florida national seashore
http://rawstory.com/rs/2010/0604/globs- ... -seashore/

BP: cleanup costs for oil spill will be 'severe'
http://finance.yahoo.com/news/BP-cleanu ... 2&ccode=mp

Fury at BP Turns Into Protests and Vandalism
http://finance.yahoo.com/news/Fury-at-B ... a&ccode=mp

BP, Coast Guard withheld video showing massive scope of oil spill
http://rawstory.com/rs/2010/0604/bp-fed ... ll-secret/

Expert: If cap fails, oil in Gulf will triple
http://rawstory.com/rs/2010/0604/expert ... -cap-work/

CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill
http://rawstory.com/rs/2010/0604/bp-10- ... d-payouts/

Former Valdez Cleanup Worker Warns of Toxic Dangers in the Gulf
http://www.propublica.org/ion/blog/item ... gulf#15190

Obama's Oil Drill Ban Crippling Gulf Economy
http://www.humanevents.com/article.php?id=37343

Ocean currents likely to carry oil along Atlantic coast
http://www2.ucar.edu/news/ocean-current ... ntic-coast

BP robots steer cap to spewing well
http://www.cnn.com/2010/US/06/03/gulf.o ... 1&iref=BN1

Blood of the Earth - The Gulf Oil Spill part 5
http://www.youtube.com/watch?v=WEzL8NEX ... r_embedded

Will The BP Oil Spill Be The End Of The World As We Know It For The Gulf Of Mexico?
http://thisistheendoftheworldasweknowit ... -of-mexico

Bilderberg 2010: Plutocracy with palm trees
http://www.guardian.co.uk/world/blog/20 ... berg-spain

Spanish PM to Open Secretive Bilderberg Club Meeting in Sitges
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

Daniel Estulin Bilderberg Speech at EU Parliament Press Conference
http://publicintelligence.net/daniel-es ... onference/

CENTRALIZING POWER: THE TYRANTS' AGENDA PART 3
http://www.newswithviews.com/Timothy/baldwin140.htm

"Fannie and Freddie need to be rethought entirely, if not eliminated outright."
http://reason.com/blog/2010/06/04/fanni ... need-to-be

...day late and dollar short - FHA, Fannie, & Freddie are now 95% of the mortgage market....if they were removed (government intervention) you would see interest rates at 15-20% and complete collapse in home values...

Barack Obama, Barry Soetoro
http://www.youtube.com/watch?v=8FFQ15fo ... r_embedded

First Piece Of King Tut Exhibit On Display At DIA
http://cbs4denver.com/entertainment/Tut ... 29692.html

.....I've posted this a time or two in the past.....but for those that may have missed it.....here's the best website on the web to check for poisons in the cosmetics you use on a daily basis - everything from toothpaste to sunscreen....
http://www.cosmeticsdatabase.com/

An Invitation to War
http://www.humanevents.com/article.php?id=37341

....straight from the lips of Bush's CIA drug man....the man who founded and funded the creation of FEMA....good ol' Ollie North!

Israel resists probe into Gaza ship raid, as new ship steams towards Gaza
http://www.veteranstoday.com/2010/06/04 ... ards-gaza/

Washington Comes to the Aid of Israel over Gaza Convoy Massacre
http://www.globalresearch.ca/index.php? ... leId=19509

U.S. widens Special Operations against al Qaeda: report
http://www.reuters.com/article/idUSTRE6 ... op+News%29

The Psychopathic Criminal Enterprise Called America - The Government uses the Law to Harm People and Shield the Establishment
http://www.globalresearch.ca/index.php? ... leId=19536

Dallas Fed's Fisher Rages Against TBTF, Says Only Way To Remove Systemic Risk Is Shrinking The Megabanks
http://www.zerohedge.com/article/dallas ... -megabanks

California Senate Passes Foreclosure Legislation
http://www.housingwire.com/2010/06/04/c ... egislation

California Today, Texas Tomorrow?
http://skepticaltexascpa.blogspot.com/2 ... orrow.html

94,000 US Soldiers at $30 billion/year in Afghanistan for 100 "al Qaeda" in all of Afghanistan - $300 million/year for every al-CIA-duh fighter....Sounds about right. Maybe 100 duped Arab al-CIA-duh fighters, and hundreds of CIA, Mossad, and MI-6 agents dressed up as Arabs planting IEDs.
http://thy-weapon-of-war.blogspot.com/2 ... ar-in.html

More than 40m now use food stamps

WASHINGTON — The number of Americans receiving food stamps in March topped 40 million for the first time as the jobless rate hovered near a 26-year high.

Recipients of Supplemental Nutrition Assistance Program subsidies for food purchases totaled 40.2 million, up 21 percent from a year earlier and 1.2 percent more than in February, the Department of Agriculture said yesterday in a statement on its website. The number of recipients has set records for 16 straight months.

http://www.boston.com/news/nation/artic ... od_stamps/

So just how big is the U.S. national debt in 2010? Well, according to the U.S. Treasury Department, on June 1st the U.S. National Debt was $13,050,826,460,886.97. For those not used to seeing such big numbers, that is over 13 trillion dollars. To give you an idea of just how much a trillion dollars is, if you had started spending one million dollars every single day when Christ was born, you still would not have spent one trillion dollars by now.

http://theeconomiccollapseblog.com/arch ... -debt-2010

Guess What America? Your Cities And States Are Flat Broke

According to Distressed Debt Securities, in 2009 183 municipal borrowers were unable to make $6.4 billion in loan payments. Just two years earlier, those numbers were 31 and $348 million. As you can see, that is not a good trend.

The truth is that municipal governments are facing an unprecedented fiscal crisis.

In fact, the National League of Cities recently announced that municipal governments will collectively come up somewhere between $56 billion and $83 billion short between now and 2012.

So where will all of that money come from?

It will have to come from spending cuts, tax hikes or handouts from the federal government. Or, if something is not done, we are going to see a massive wave of municipal defaults.

http://endoftheamericandream.com/archiv ... flat-broke

Deadly fighting erupts in Sudan's Darfur: rebels
http://www.google.com/hostednews/afp/ar ... ywwDZzy5Yg

UPDATE:

....bit o' correction in the market today....

Temporary Help Services starting to slow, Small Business hiring "Bleak"
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

U.S. Economy: Payrolls Trail Forecasts in Sign Growth May Cool
http://www.bloomberg.com/apps/news?pid= ... gFSI&pos=2

First The Gulf, Now The Marcellus Shale: Gas Well Rupture Forces Mile-Wide Evacuation In PA
http://www.zerohedge.com/article/first- ... cuation-pa

Marcellus Shale Gas Well Rupture Controlled After 16 Hours
http://www.thepittsburghchannel.com/new ... etail.html

Possible Leak From Platform 23051
http://blog.skytruth.org/2010/06/possib ... kyTruth%29

"The government really needs to have its own independent ability to go down there and image the site, survey the site and do its own investigation," he said.

"Because if you're not monitoring it independently, you're asking the perpetrator to give you the video of the crime scene," Cameron added.

http://www.reuters.com/article/idUSTRE6520X020100603

Violence in Knesset After Aid Flotilla Passenger Speaks
http://publicintelligence.net/violence- ... er-speaks/

Doubts Grow Over Israel's Value as U.S. Ally
http://www.ipsnews.net/news.asp?idnews=51715

Obama’s Lawyer May Recommend Executive Privilege to Block Kagan Papers
http://www.infowars.com/obamas-lawyer-m ... an-papers/

Research Links Genetically Modified Food To Long Term Sterility
http://www.psfk.com/2010/06/research-li ... ility.html

Secrecy surrounded the guest list, but press leaks mentioned such names as former US Federal Reserve chairman and current presidential advisor Paul Volcker, Austrian President Heinz Fischer, European Competition Commissioner Joaquin Almunia and Microsoft founder Bill Gates.

Other guests include World Trade Organization Director Pascal Lamy, European Central Bank President Jean-Claude Trichet, the banker David Rockefeller and Dutch Queen Beatrix, according to the unconfirmed reports.

http://www.earthtimes.org/articles/show ... spain.html

As if Friday's jobs report wasn't bad enough, there's another worry for the markets: With more than half stimulus money chewed up, how does the economy survive without the government holding its hand?

Some $398 billion of the total $780 billion in stimulus funds have been used up through tax breaks, public works projects and a varied menu of entitlement programs aimed at dragging the US out of recession and back into prosperity.

Oh, and the stock market has benefited too. All that spending has generated revenue that in turn sent investors back into the financial markets looking for bargains, the result being a historic 70 percent rally over the course of 14 free-spending months.

So is the economy ready to take off the life preserver and swim on its own?

At least in Washington, there is doubt.

About 70 percent of the stimulus is likely to be gone by the end of 2010 and rest will fade away in the ensuing two years.

Few believe that will signal the imminent demise of the stock market. Yet analysts also say the recent market correction-and expected slow grind for the markets ahead-in part reflect pricing in the end of the government intervention and the advent of a stock market with the training wheels off.

"Equity markets are supposed to be forward-looking. Prices are supposed to reflect all the information we have on hand at the moment," says Paul Dales, senior US economist at Capital Economics in Toronto. "We all know that the fiscal stimulus is going to slow over the next 12 months. So hopefully some of that is priced in."

http://finance.yahoo.com/news/Another-M ... et=&ccode=
Bold and Underline mine

This last one is a real peach! Like the government is this separate entity from the economy that can give and take at its leisure or beneficence...the government is a drain on the economy.....without the private side there is no economy.....and very shortly thereafter....no government!!! Pure asinine retardation!!!
Legion
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Re: Blipits

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The funding level of US pension funds fell to 82 percent of liabilities in May. Looks like the relationship is one percent for every two percent in stock market gain or loss. June’s losses so far promise to add further to pension funds’ short fall. No doubt the pension funds are also exposed to the bond bubble.


WHO scandal exposed: Advisors received kickbacks from H1N1 vaccine manufacturers
http://www.naturalnews.com/028936_WHO_vaccines.html

When meat is not murder - Would you eat steak if it had been grown in a petri dish?
http://www.guardian.co.uk/science/2005/ ... tionalnews


An Effort to Protect Yourself from Chemtrail Poisoning
http://farmwars.info/?p=3058&utm_source ... rm+Wars%29

Unfiltered news for 2010 MAY 29 – JUNE 4
http://www.realityzone.com/currentperiod.html

Routine Gulf Monitoring - Here's Why We Need It

Three days ago we blogged about a possible small, but persistent, leak from offshore oil platform #23051 in the Gulf of Mexico, not far from the ongoing Deepwater Horizon spill. We asked for confirmation from anyone who might happen to be in the vicinity. Ask, and ye shall receive:

Professional photographer J Henry Fair flew over the site yesterday using the MMS platform location in our blog post, and took photos of what he found. Here are the two he sent us today. There is an obvious plume of oil in the water next to a semisubmersible drill rig. J Henry identified it as the Ocean Saratoga rig (nice picture here), owned by Diamond Offshore.

The May 17 rig status report available on Diamond Offshore's website (which prominently features a photograph of Senator Mary Landrieu, with the caption "Credit where credit is due") shows the Ocean Saratoga is currently under contract to drill for the same company that owns and operates Platform 23051. The platform may be the one visible in the background of the photo above, apparently trailing another oily-looking plume. So it's possible that we've actually discovered two separate leaks or spills in the same vicinity.

http://blog.skytruth.org/2010/06/routin ... kyTruth%29

The Truth Behind the Bilderberg Group
http://mikechamberslive.com/?p=7840

Bilderberg 2010 Photos
http://publicintelligence.net/bilderberg-2010-photos/

2010 Bilderberg Meeting Participant List
http://publicintelligence.net/2010-bild ... pant-list/

Bilderberg 2010: Between the sword and the wall
http://www.guardian.co.uk/world/2010/ju ... ie-skelton

The Edible Organic Yard - Preparing the Soil
http://www.stevealten.com/organic_yard.htm

FDA defeated in federal court over censorship of truthful health claims
http://www.naturalnews.com/028929_FDA_h ... laims.html

Big Pharma blackmails Greece; halts medicine supply over cash demands
http://www.naturalnews.com/028922_Greec ... harma.html

Mexican President is Proposing a New Police Force Model - Presidency of the Republic
http://www.mexidata.info/id2692.html

A Growing Subversive Paradigm in Areas of Latin America
http://www.mexidata.info/id2691.html

Slavery Exposed in Northern China
http://www.theepochtimes.com/n2/content/view/36704/

Women forced to abort under China's one-child policy

Every 2.4 seconds, a woman in China undergoes a forced abortion because of the communist nation's one-child policy, totaling about 35,000 abortions a day, a panel of four experts said Tuesday.

http://www.washingtontimes.com/news/201 ... ld-policy/

Legalizing Euthanasia in Belgium Unleashes Nurses to Do Doctor-Ordered Non Voluntary Killing
http://www.firstthings.com/blogs/second ... y-killing/

New York begins gay couple commitment ceremonies
http://www.reuters.com/article/idUSTRE6 ... gle+Reader

'Gay day' a Mayday for families

Disney is about to host its annual "gay day" at its facility in Orlando.

"This Saturday, June 5, there will be approximately 15 [thousand to] 20,000 reveling homosexual, lesbian, [and] transgender people in the Magic Kingdom in Orlando," reports David Caton, founder of the Florida Family Association (FFA). "I want to encourage people who have any plans of attending the Magic Kingdom on that date to avoid it. It is a very distasteful event," he adds.

Saturday's observance falls in the midst of Orlando's annual weeklong "Gay Days" celebration that boasts of attracting more than 150,000 "gay and lesbian travelers." Websites report that homosexuals wear red that day at Walt Disney World to identify themselves to others. David CatonCaton says that over the years, he has witnessed 2,000 to 3,000 people who have left the park after learning it was packed that day with homosexuals. The event is always staged on the first Saturday of June, and he explains that activists have a reason for that.

"There are anywhere between 50 [thousand] and 70,000 children in the theme park on that day, and we believe the reason they're doing this is because they want to have a captured audience of children," he suspects.

The FFA founder says that is part of a homosexual indoctrination process for the children.

As he has monitored the park during the annual homosexual fest at Disney, Caton notes that there have been reports of obvious debauchery involving homosexuals.

The major corporate sponsor of this year's "Gay Days" observance at Disney World is Anheuser-Busch. Other sponsors include the Blue Man Group and the Florida Department of Health.

http://www.onenewsnow.com/Culture/Defau ... id=1036786

New spy chief who hyped Iraq WMD ‘may invade Finland’
http://rawstory.com/rs/2010/0607/dni-no ... led-syria/

Kosovo: drugs for Europe
http://english.ruvr.ru/2010/06/05/9145070.html

Drugs for Europe: Protected by Powerful Western Interests, Afghanistan Heroin Transits Through Kosovo
http://www.globalresearch.ca/index.php? ... leId=19581

How The CIA Created The Jamaican Shower Posse
http://newsone.com/world/casey-gane-mcc ... wer-posse/

Veteran White House reporter Helen Thomas ‘immediately’ retires
http://rawstory.com/rs/2010/0607/white- ... l-remarks/

Is flotilla battle signaling start of 'Gog and Magog'?
http://www.wnd.com/index.php?fa=PAGE.view&pageId=162069

Storms rip through Midwest
http://www.usatoday.com/weather/storms/ ... ther_N.htm

US says North Korean defiance is obstacle to effective sanctions
http://www.monstersandcritics.com/news/ ... -sanctions

N.Korean Eminence Grise Dead in Mysterious Circumstances
http://english.chosun.com/site/data/htm ... 00549.html

ROK-US joint naval exercise postponed
http://www.koreatimes.co.kr/www/news/na ... 67094.html

Evidence Points to Burma’s Nuclear Weapons ‘Intent’ – The Irrawaddy
http://www.analyst-network.com/article.php?art_id=3474

Forgetting the Troops
http://www.amconmag.com/tactv/2010/06/0 ... he-troops/

At least 909,681 people have been killed in Afghanistan and Iraq since the U.S. and coalition attacks, based on lowest credible estimates.
http://www.unknownnews.org/casualties.html

Halliburton campaign donations spike
http://www.politico.com/news/stories/0610/38047.html

Tax Hikes and the 2011 Economic Collapse
http://online.wsj.com/article_email/SB1 ... DcyWj.html

US used cluster bombs on Yemen civilians: Amnesty
http://rawstory.com/news/afp/US_used_cl ... 62010.html

Janet Napolitano offers to help put stop to illegal border crossings — in Saudi Arabia
http://www.worldtribune.com/worldtribun ... _06_03.asp

Obama secretly deploys US special forces to 75 countries across world
http://www.timesonline.co.uk/tol/news/w ... 144445.ece

Army Plans $100 Million Special Ops HQ in Afghanistan
http://www.wired.com/dangerroom/2010/06 ... z0qCBandWC

The hijacking of the truth: Film evidence 'destroyed'
http://www.independent.co.uk/news/world ... 92517.html

Minister: Britain will open the door to Frankenstein food
http://www.dailymail.co.uk/news/article ... z0qCCV7GN4

Congressional Record: JP Morgan & Co purchased all major media for propaganda: 1917. And now…?
http://www.examiner.com/x-18425-LA-Coun ... 17-And-now

A Good Crisis, Wasted
http://economistsview.typepad.com/timdu ... asted.html

Warning!... Vaccine Contamination!... Threat to Human Health... Found to Kill Baby Pigs!
http://www.knowthelies.com/?q=node/5844

Severe drought causes hunger for 10 million in west Africa
http://www.guardian.co.uk/environment/2 ... est-africa

Greasing the Wheels of Control... 'Never Letting a Serious Crisis (BP Oil 'Spill') Go to Waste'
http://www.knowthelies.com/?q=node/5843

Bush, Cheney May Face Prosecution For Medical Experiments On Detainees
http://www.veteranstoday.com/2010/06/07 ... detainees/

Did the Bush Administration Experiment on Detainees?
http://motherjones.com/politics/2010/06 ... phr-report

BP chief Tony Hayward sold shares weeks before oil spill
http://www.telegraph.co.uk/finance/news ... spill.html

BP Tries to Block Photos of Dead Wildlife
http://www.veteranstoday.com/2010/06/07 ... -wildlife/

BP buys Google, Yahoo search words to keep people away from real news on Gulf oil spill disaster
http://www.examiner.com/x-33986-Politic ... pill-disas

BP still collecting from well as oil hits Florida Panhandle
http://www.cnn.com/2010/US/06/05/gulf.o ... index.html

Four Reasons Why Measuring Flow in BP’s Spill Matters
http://www.propublica.org/ion/blog/item ... ters#15220

Oil Clumps Hit Florida Beaches as BP Spill Endangers Tourism
http://www.bloomberg.com/apps/news?pid= ... y85U&pos=9

Computer models show Gulf oil reaching East Coast
http://www.sfgate.com/cgi-bin/article.c ... z0qCB2I6Ad

Undersea oil plumes mean slow-motion death in Gulf: experts
http://www.physorg.com/news194849190.html

LOST at Sea: Enormous Exaggeration of Oil Plume Set to Enrich World Bankers
http://www.infowars.com/lost-at-sea-eno ... d-bankers/

AP IMPACT: Many Gulf federal judges have oil links

MIAMI – More than half of the federal judges in districts where the bulk of Gulf oil spill-related lawsuits are pending have financial connections to the oil and gas industry, complicating the task of finding judges without conflicts to hear the cases, an Associated Press analysis of judicial financial disclosure reports shows.

http://news.yahoo.com/s/ap/20100606/ap_ ... _conflicts

Tories Ready to Reopen Dr David Kelly Suicide Inquiry
http://www.globalresearch.ca/index.php? ... leId=19580

Attempts to Squash Challenger Political Parties - Proposition 14 on the California ballot
http://www.progress.org/2010/fold668.htm

Long-Term Unemployed Now 46 Percent Of Unemployed, Highest Percentage On Record
http://www.huffingtonpost.com/2010/06/0 ... 01930.html

Power of the Purse Volume 1 - Chapter 4: The Knights Templar
http://www.youtube.com/watch?v=rVDfp23K ... r_embedded

Congresswoman McMorris Rodgers Reponds To IMF Statement Europe Bailout Will Cost US Taxpayers $100 Billion+
http://www.zerohedge.com/article/congre ... to+zero%29

Animal-Human Hybrids Banned in Some States
http://abcnews.go.com/Technology/animal ... d=10831325

The Really Creepy People Behind the Libertarian-Inspired Billionaire Sea Castles
http://www.alternet.org/economy/147058/ ... a_castles/

U.S.'s $13 Trillion Debt Poised to Overtake GDP: Chart of Day
http://preview.bloomberg.com/news/2010- ... f-day.html

China Investing Estimated $200 Billion in 'Imperialistic' Military to Rival U.S., Warns Pentagon Sr. Strategist
http://www.businessandmedia.org/article ... 62357.aspx

Global Threats: Russia and China
http://www.bluebattleflag.com/Weekly_Editorial.html

White House in fresh job offer allegations - The White House has been hit by fresh allegations that it intervened in a US Senate race by offering a job in the Obama administration in return for a candidate dropping out.
http://www.telegraph.co.uk/news/worldne ... tions.html

Euro 'will be dead in five years'
http://www.telegraph.co.uk/finance/econ ... years.html

Banks Seized by Regulators in Nebraska, Mississippi, Illinois

June 5 (Bloomberg) -- Three banks with total deposits of almost $2.3 billion were seized by regulators amid losses stemming from soured real-estate loans, raising to 81 the number of U.S. lenders that have collapsed this year.

http://www.businessweek.com/news/2010-0 ... inois.html

"The unemployment rate for young Americans has exploded to 52.2% - a post-World War II high, according to the Labor Dept - meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time."

"The number represents the flip-side to the Labor Dept's report that the employment rate of 16-to-24 year olds has eroded to 46.6 percent - the lowest ratio of working young Americans in that age group, including all but those in the military, since WWII."

The Illinois Policy Institute says the state is "in a fiscal meltdown that continues to spiral out of control," exacerbated by the economic crisis, falling tax revenues, and mismanagement in a state plagued by corruption.

http://www.opednews.com/articles/Lost-Y ... 6-755.html

More Teens May Be Getting High off Prescription Drugs
http://abcnews.go.com/Health/Wellness/t ... d=10818592

Illinois Spends $55 Mil To Insure Illegal Immigrants
http://www.judicialwatch.org/blog/2010/ ... immigrants

Census Worker Claims Job Numbers Are Being Inflated
http://www.realclearpolitics.com/video/ ... lated.html

Central Bank Gold Holdings Expand at Fastest Pace Since 1964
http://www.businessweek.com/news/2010-0 ... -1964.html

Having counted on Washington for money that may not be delivered, at least 30 states will have to close larger-than-anticipated shortfalls in the coming fiscal year unless Congress passes a six-month extension of increased federal spending on Medicaid.

Governors and state lawmakers, already facing some of the toughest budgets since the Great Depression, said the repercussions would extend far beyond health care, forcing them to make bone-deep cuts to education, social services and public safety.

Gov. Edward G. Rendell of Pennsylvania, for instance, penciled $850 million in federal Medicaid assistance into the revenue side of his state’s ledger, reducing its projected shortfall to $1.2 billion. The only way to compensate for the loss, he said in an interview, would be to lay off at least 20,000 government workers — including teachers and police officers — at a time when the state is starting to add jobs.

http://www.nytimes.com/2010/06/08/us/08medicaid.html

In contrast to US cheerleaders foolishly predicting a "Checkmark Recovery" (see Disputing the Alleged "Checkmark Recovery") British Prime Minister Cameron says "Years of pain ahead"
http://globaleconomicanalysis.blogspot. ... nalysis%29

Iran Sells Euro Reserves for Dollars
http://globaleconomicanalysis.blogspot. ... nalysis%29

Key Indicators of a New Depression
http://www.campaignforliberty.com/article.php?view=918

$673 Billion In Commercial Paper Maturing Through July 16 As CP Rates Creep Higher
http://www.zerohedge.com/article/673-bi ... eep-higher

Treasury Auction Schedule for the Week of June 7, 2010
http://treasuryauctionwatch.blogspot.co ... ek-of.html

6 Month Bill Auctions Comes At Record High Bid-To-Cover And Direct Take Down
http://www.zerohedge.com/article/6-mont ... -take-down

Why The Ongoing Push To Inflate The Debt Overhang By The Fed Is Suicidal
http://www.zerohedge.com/article/why-on ... d-suicidal

Italy Immitates US, Tries To Lower Spreads By Increasing Bond Issuance, Fails
http://www.zerohedge.com/article/italy- ... nces-fails

UPDATE:

Consumer Credit Slightly Higher After Major Prior Downward Revision, Commercial Banks Withdraw $6 Billion In Credit

April consumer credit came in slightly above expectations, at $2,423 billion in April, compared to $2,421.8 billion in March. The March number was interesting as it was revised notably lower from +$2 billion to -$5.4 billion, a revision the likes of which we can probably expect for April once next month's data is released.

http://www.zerohedge.com/article/consum ... ks-withdra

....how about that $7 billion revision....

UPDATE 2:

Gas Well Explosion near Granbury, Texas Southwest of Dallas
http://www.arlingtoncardinal.com/2010/0 ... las-texas/

Live feed by Fox News -
http://interactive.foxnews.com/livestre ... l?chanId=1

June 4 Hedge Fund Performance Report - May P&L Was A Bloodbath
http://www.zerohedge.com/article/june-4 ... -bloodbath

UPDATE 3:

Massive Gas Well Explosion Near Granbury, Texas; Raging Fireball Visible 30 Miles Away
http://www.zerohedge.com/article/massiv ... miles-away

Breaking News – Hood County Oil Well Explosion – 3 dead 2 missing
http://theintelhub.com/2010/06/07/break ... 0-missing/

Bad News For Gas Drillers: DEP Orders EOG Resources To Halt All Nat Gas Drilling In Pennsylvania
http://www.zerohedge.com/article/bad-ne ... nnsylvania

BP Well Bore And Casing Integrity May Be Blown, Says Florida’s Sen. Nelson
http://emptywheel.firedoglake.com/2010/ ... -be-blown/

Mirror, Mirror on the Wall, When is the Next AIG to Fall? | Marc Faber
http://www.youtube.com/watch?v=H0sS6a9R ... r_embedded

On The Precipice Of Solar Induced Disaster
http://modernsurvivalblog.com/natural-d ... valBlog%29

Possible Battle Hardened Troops Or Guard Arrive In Gulf – Awaiting Confirmation
http://theintelhub.com/2010/06/06/red-a ... louisiana/

Former Nato Secretary-General Admits Bilderberg Sets Global Policy
http://www.infowars.com/former-nato-sec ... al-policy/

Iran raises Gaza threat by vowing to challenge Israel's blockade
http://www.telegraph.co.uk/news/worldne ... ckade.html

Iran Red Crescent to send two aid ships to Gaza
http://rawstory.com/rs/2010/0607/iran-r ... hips-gaza/

Turkish troops deployed in Cyprus, top intelligence ranks Islamized
http://www.debka.com/article/8838/

Cairo to Strip Citizenship from Men Who Marry Israelis
http://www.israelnationalnews.com/News/News.aspx/137903

“Let’s Get Ready to Rumble!”
http://dailycensored.com/2010/06/07/%E2 ... ensored%29

Mexico uncovers mass grave in abandoned mineshaft
http://rawstory.com/rs/2010/0607/mexico ... mineshaft/

Russia Orders Troops To Prepare For War With US
http://www.whatdoesitmean.com/index1378.htm

Nato warns of strike against cyber attackers
http://www.timesonline.co.uk/tol/news/w ... 144856.ece

Kim Jong-il consolidates power
http://www.reuters.com/article/idUSTRE65604N20100607

Myanmar's nuclear bombshell
http://www.atimes.com/atimes/Southeast_ ... 5Ae01.html

GORDON DUFF: NEW USS LIBERTY VIDEO, HONOR OUR HEROES
http://www.veteranstoday.com/2010/06/07 ... ur-heroes/

10 troops killed in Afghanistan
http://www.cnn.com/2010/WORLD/asiapcf/0 ... tml?hpt=T3

Former US Marine Disarms Israeli Commandos, Describes Mass Murder By Israeli Soldiers
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

China's 'cancer villages' reveal dark side of economic boom
http://www.guardian.co.uk/environment/2 ... -pollution

Jupiter got smacked. Again.
http://www.csmonitor.com/Science/Cool-A ... ked.-Again

9/11; Did Someone Forget About the Demolition Company? Update – 6/5
http://theintelhub.com/2010/06/03/911-d ... n-company/

Afghan Warlords Gain U.S. Funding by Rebranding as “Private Security Companies”
http://www.allgov.com/US_and_the_World/ ... ies_100607

U.S. states hardest hit by bankruptcies, unemployment and foreclosures
http://www.helium.com/items/1854686-sta ... -recession

Distressed Sales: Sacramento as an Example, May 2010
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Rail Traffic Softens in May
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Consumer Credit: Yuck
http://market-ticker.org/archives/2382- ... -Yuck.html

On or about Jan. 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply. President George W. Bush's tax cuts expire on that date, meaning that the highest federal personal income tax rate will go 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts.

State and local tax rates are also going up in 2011 as they did in 2010. Tax rate increases next year are everywhere.

As a result, income this year has already been inflated above where it otherwise should be and next year, 2011, income will be lower than it otherwise should be.

Also, the prospect of rising prices, higher interest rates and more regulations next year will further entice demand and supply to be shifted from 2011 into 2010. In my view, this shift of income and demand is a major reason that the economy in 2010 has appeared as strong as it has. When we pass the tax boundary of Jan. 1, 2011, my best guess is that the train goes off the tracks and we get our worst nightmare of a severe "double dip" recession.

http://online.wsj.com/article/SB1000142 ... 86610.html

The fundamental problem is that we have not, as a global economy, accepted the word "restructuring" into our dialogue. Instead, we have allowed our policy makers to borrow and print extraordinarily large band-aids to temporarily cover an open wound that will not heal until we close the gap. That gap is the difference between the face value of debt securities and the actual cash flows available to service them. The way to close the gap is to restructure the debt. This will require those who made the bad loans to accept the associated losses. By failing to do that, we have failed to address the essential problem faced by the world, which is that we have created more debt than we are able to service.

http://www.hussmanfunds.com/wmc/wmc100607.htm

ALBANY — The Assembly and Senate were expected to pass emergency budget legislation this evening that contains $775 million in permanent cuts to health care this fiscal year.
http://www.poughkeepsiejournal.com/arti ... s-expected

BATON ROUGE, La. (AP) - The Louisiana House has backed a $25 billion budget bill that includes deep cuts to public hospitals, colleges and state agencies to remain balanced next year.
http://www.klfy.com/Global/story.asp?S=12598804

....Isn't it beautiful to see prophecy being fulfilled on a daily basis now.......
Legion
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Re: Blipits

Postby »

....Isn't it beautiful to see prophecy being fulfilled on a daily basis now.......


Yes, it's getting more evident every day now.
Squally
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Posts: 1335
Joined: Wed Jan 20, 2010 4:34 am

Re: Blipits

Postby »

Squally wrote:
....Isn't it beautiful to see prophecy being fulfilled on a daily basis now.......


Yes, it's getting more evident every day now.


Pretty cool IMO....

CIA goes a full 14 months without internal watchdog
http://theintelhub.com/2010/06/08/cia-g ... -watchdog/

Obama quietly declines to nominate CIA watchdog
http://rawstory.com/rs/2010/0608/obama- ... -watchdog/

The State of Public Finances: A Cross-Country Fiscal Monitor
http://www.parisschoolofeconomics.eu/IM ... pn0921.pdf

U.S. Presses Case Against Iran Ahead of UN Sanctions Vote
http://www.veteranstoday.com/2010/06/08 ... ions-vote/

Report: Two Iranian ships to sail to Gaza
http://www.globalresearch.ca/index.php? ... leId=19609

Afghan war overtakes Vietnam to become the longest conflict in U.S. history
http://www.dailymail.co.uk/news/worldne ... z0qHJtdOQg

Kucinich: ‘We may be funding our own killers in Afghanistan’
http://rawstory.com/rs/2010/0608/kucini ... militants/

Security contractor formerly known as Blackwater is for sale
http://www.marketwatch.com/story/former ... _news_stmp

Sayonara: Blackwater puts itself up for sale
http://rawstory.com/rs/2010/0608/blackwater-puts-sale/

Sarkozy queried over Pakistan arms cash
http://news.bbc.co.uk/2/hi/world/europe/10240508.stm

Conspiracy fever: As rumours swell that the government staged 7/7, victims' relatives call for a proper inquiry
http://www.dailymail.co.uk/news/article ... z0qHKbvqf5

NASA Plans for Large Scale Failure, Power Grid is “Particularly Vulnerable to Bad Space Weather”
http://www.americanpreppersnetwork.com/ ... ilure.html

Clam Boat Pulls Up Canisters Off NY, Crew Sick
http://theintelhub.com/2010/06/07/clam- ... crew-sick/

Drugmakers Wash Painkillers Down The Drain
http://healthfreedoms.org/2010/06/08/dr ... the-drain/

Timeline of The 2010 Oil Spill
http://www.floridaoilspill.com/2010/06/ ... spill.html

Years of Internal BP Probes Warned That Neglect Could Lead to Accidents
http://www.propublica.org/feature/years ... -accidents

Rahm Emanuel lived rent free in BP flack's apartment
http://www.americanthinker.com/blog/201 ... ree_i.html

Senator confirms reports that wellbore is pierced; oil seeping from seabed in multiple places
http://www.onepennysheet.com./2010/06/s ... le-places/

AvalonRoundTable – Oil spill could be a global disaster of epic proportions
http://theintelhub.com/2010/06/08/avalo ... oportions/

2 Shanghai class patrol boats to East Timor
http://china-defense.blogspot.com/2010/ ... -east.html

In China, the Cost of Doing Business Rises
http://www.inc.com/news/articles/2010/0 ... adlines%29

Orlando hotels report 55.6% occupancy
http://roseysoutlook.blogspot.com/2010/ ... pancy.html

Uncle Sam and SFAS 106
http://skepticaltexascpa.blogspot.com/2 ... s-106.html

Despite Narrow Monthly Gain, House Prices Fall 2.8% from 2009: IAS
http://www.housingwire.com/2010/06/08/d ... m-2009-ias

Bond Maths: iPIGS + CBs = GSEs
http://macro-man.blogspot.com/2010/06/b ... cro+Man%29

Cuckholded: Public Pension Plans the Next Big Bust
http://dailycensored.com/2010/06/07/cuc ... ensored%29

State pension funds headed for crisis of national proportion
http://thebusinessledger.com/main.asp?F ... ctionID=29

Markets About to Turn Nasty, Buy Barbed Wire: Advisor

“Look at the current situation. You have Greece, now you have Hungary and huge issues surrounding Spain and Portugal,” he said.

Fry believes many European banks have yet to fess up on losses and says governments across the world are between a rock and a hard place.

“Governments need to cut spending and raise money and if they do not do so credibly will be killed by the bond market demanding higher rates,” he said.

Fry sees three outcomes for the global economy and none of them makes very good reading.

“You can have lower rates and deflation, higher rates and higher inflation or the nightmare scenario of higher rates and deflating asset prices,” he said.

“If the nightmare scenario plays out as I suspect it may then the debt situation gets worse. There is currently no exit strategy and the reaction to the crisis of policy makers remains a big worry.”

As a result, Fry is telling investors to play it safe and buy physical assets like land.

“I don’t want to scare anyone but I am considering investing in barbed wire and guns, things are not looking good and rates are heading higher,” he said.

http://www.cnbc.com/id/37549417

Video: “The stimulus failed”
http://hotair.com/archives/2010/06/07/v ... us-failed/

New York state legislators approved health care cuts on Monday and also authorized the state to reject proposed hikes in health insurance premiums.

The actions were part of the latest emergency spending plan legislators had to enact to prevent the government from shutting down. The state budget was due 69 days ago, but negotiations remain stalled. The state still faces a $9.2 billion deficit.

In the interim, basic state operations have subsisted on one-week spending plans. The latest plan keeps the lights on through June 13—and it allots enough money for the state to pay in full all of its construction bills, payments that had been delayed for weeks, if not a month or more.

http://albany.bizjournals.com/albany/st ... ily14.html

....hows that for down to the wire......one week budgets.....a complete reflection of how close to the bitter edge we really are....

Medicaid: States' $24 billion black hole
http://money.cnn.com/2010/06/08/news/ec ... _medicaid/

Stimulus funds drying up as state woes rise
http://www.sfgate.com/cgi-bin/article.c ... z0qHMtyM4I

Bernanke Says Unemployment Unlikely to Fall Quickly (Update2)
http://www.bloomberg.com/apps/news?pid= ... Ufrk&pos=1

BMO Has A Simple Message To Its Clients: Go To Cash Now
http://www.zerohedge.com/article/bmo-ha ... to+zero%29

The Reports -
http://www.zerohedge.com/sites/default/ ... 20Cash.pdf
http://www.zerohedge.com/sites/default/ ... iction.pdf

Bob Janjuah Prepares For A Sell Off To Below 850, And A Coordinated $10 Trillion Quantitative Easing Part 2
http://www.zerohedge.com/article/bob-ja ... to+zero%29

Bearish Trio Complete: Albert Edwards Chimes In: "We Have Not Seen The Worst Yet"
http://www.zerohedge.com/article/bearis ... to+zero%29

BLS: Low Labor Turnover, Job Openings Increase in April
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

The Downside of Keynesian Economics: Santa Barbara Bank & Trust
http://dailycapitalist.com/2010/06/08/t ... italist%29

Commentary: Five reasons the employment numbers are worse than they seem

1. Look out ahead.

We already know that when you strip out the short-term Census jobs, May's jobs growth was a pitiful 41,000. But what people haven't realized is that the leading indicators for June are even worse. TrimTabs Investment Research Inc. tracks the real-time jobs picture by monitoring income tax deposits at the Treasury. And these have suddenly started falling. Based on the latest data, the firm predicts the economy will actually lose up to 200,000 jobs, net, in June. "The big news is that we have a job loss of about 200,000 coming in June," says Trim Tabs' Madeline Schnapp, "and the market isn't ready for it."

2. One and a half million people have 'disappeared'?

The government says the unemployment rate "edged down" to 9.7% -- keeping it below the politically sensitive 10% level. Read more jobs coverage. But that's only because about one and a half million people have just, miraculously "disappeared" from the official labor force. A million and a half people disappearing? It sounds like a crazy conspiracy theory. But there it is, buried in the fine print of the government's own data.

From May 2009 to May 2010, the U.S. "civilian non-institutional population" of prime working age -- 20 to 64 -- expanded by one and a half million, 180.5 million to 182 million. Yet over the same period the official tally of the labor force over age 20 held steady at just 148 million. What happened to those extra people?

3. Some of the new "jobs" may not even exist

That's because they're being counted by the Federal Department of Guesswork. Ever since 1994, say economists, Uncle Sam has been using some statistical, er, "adjustments" to the core jobs data to come up with the, er, "true" picture. It will surprise no one that these "adjustments" make the data look better, rather than worse. The government makes estimates about new companies being started up as well as jobs being lost.

Those adjustments may be adding as many as half a million extra "jobs" to the core figure, says independent economist John Williams at Shadow Government Statistics.

4. The private sector picture may still be in recession

Some recovery: The number employed in the private sector is still about 900,000 below where it was even a year ago, and about 8 million below where it was in 2007. And remember, it has to keep growing just to stand still, because the population is growing.

"There's practically no growth in private sector employment," says Gluskin Sheff strategist David Rosenberg. Jobs growth was anemic even in the parts of the economy allegedly leading the recovery, such as manufacturing. And now, he says, many leading economic indicators have started to turn down again.

5. And as for earnings...

In the quest for some more cheerful news, the government said for those who do have jobs, average hourly earnings were up 1.9% from a year ago.

Good, yes?

Er, not really.

The government also reported that those workers produced 2.8% more goods and services per hour. So they actually got paid about 1% less for each widget they made, TV they sold, or meal they served. Oh, and over the same period consumer prices rose 2.2%. So even those lucky enough to be working have gone backwards — before taxes.

http://finance.yahoo.com/banking-budget ... et=&ccode=

....now to add a little oomph to Fry's barbed wire investment advice...

Distance:

Dakota Longbow
http://www.dakotaarms.com/pdfs/priceShe ... esheet.pdf

Review
http://www.snipercentral.com/longbow.htm

Dakota Scimitar
http://www.dakotaarms.com/dakotaMag/DMh ... s12-16.pdf
http://www.talonarms.com/talonarms/inde ... ts_id=1216

Ed Brown Marine Sniper
http://www.edbrown.com/cgi-bin/htmlos.c ... 2189771400

Ed Brown A5 Tactical
http://www.edbrown.com/cgi-bin/htmlos.c ... 4689771400

Other:

Petzal Reviews the Blaser R8 Jaeger
http://www.fieldandstream.com/blogs/gun-nut

Magpul’s Quad Stack Magazine
http://www.thefirearmblog.com/blog/2010 ... -magazine/

UPDATE:

Food and Depopulation: Rockefeller Family
http://www.infowars.com/food-and-depopu ... er-family/

Another 9/11? Strange Events In the Gulf
http://www.infowars.com/another-911-str ... -the-gulf/

There's A Very Nasty Storm Brewing in Euroland and Umbrellas Are Selling At Premiums With Insolvent Counterparties Attached - Prepare For It to Get Ugly!
http://www.zerohedge.com/article/theres ... ent-counte

China Sovereign Wealth Funds Announces 10% MTM Loss For May
http://www.zerohedge.com/article/china- ... m-loss-may

FYI Note:

May was an interesting month for State Unemployment borrowing. Total debt declined by just over $2 billion for the month and Trust Fund Balances increased by just a hair under $8 billion for a combined $10 billion positive shift for the month (less unemployment spending/borrowing). The majority of states chose to increase their Trust Fund Balances rather than pay back Federal loans with the exception of the following states which paid down/off their federal unemployment debt - California, Texas, Indiana, Tennessee, New Hampshire, Arizona, Colorado, Minnesota, and North Carolina.

My first thought is that the unemployed are rolling off of State unemployment lines onto Federal unemployment support which is logical considering that over 46% of the unemployed have been unemployed 6 months or longer. However after analyzing the DTS (Daily Treasury Statement) for Unemployment Insurance Benefits I see a steady decline in the monthly totals from December 2009 down to May 2010. Therefore, since unemployment levels have not dropped, I must assume that a good portion of people are rolling off the unemployment program completely - both state and federal. The Federal level has gone from over $15 billion for the month of December to over $13 billion in April to $11.7 billion in May.

I think we are in a lull in the storm and about to make the next leg down.....which ought to show up in the state unemployment numbers when it hits. I'm leaning towards late summer for the impact.

http://www.treasurydirect.gov/govt/repo ... ssched.htm

https://www.fms.treas.gov/fmsweb/viewDT ... 052800.pdf

https://www.fms.treas.gov/dts/index.html

Swiss National Bank Intervention Half Life: Down To 2 Hours
http://www.zerohedge.com/article/swiss- ... wn-2-hours

Today's 3 Year $36 billion Auction closed at a high yield of 1.22%, with a 3.23 Bid To Cover, which was the third highest ever recorded, after a 3.27 in May, and the record 3.33 in November. The auction saw a fairly "new normal" distribution in which 16.3% was taken down by Directs (also the third highest on record), 46.7% by Indirects, and 37% by Primary Dealers. The Hit Rate for the Primary Dealers came in at 17.59%, also unspectacular. Overall, a mediocre auction.

http://www.zerohedge.com/article/36-bil ... -bid-cover

7-Day Commercial Paper Rate Hits 18 Month Highs

The crunch in funding continues. As we wrote yesterday, there is $673 billion in Commercial Paper maturing over the next month and a half. The problem is that the rolling of all this paper will come at increasingly higher costs. Today the market for US 7 Day CP hit level of 0.61%. As the chart below indicates, the current CP rate is not only the highest in 2010, but higher than CP costs during the March 2009 market lows. More worrying is that despite the recent unprecedented volatility in daily rate swings, the trend is one of an accelerated increase. At this rate of increase, the Fed may soon need to put the CPFF program back in play.The most worrying is the implication 7 Day CP rates have for the FF rate: while 7 Day CP historically has tracked the Fed Funds tick for tick, over the past few months we have once again seen a major divergence between the two. In this closest proxy to short-term funding, the market is now notifying Bernanke that the Fed Funds rate is now about 36 bps off and increasing.

http://www.zerohedge.com/article/7-day- ... onth-highs
Legion
Level 34 Illuminated

User avatar
 
Posts: 14407
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Re: Blipits

Postby »

Second Gas Pipeline Explosion Rocks Texas In As Many Days
http://www.zerohedge.com/article/second ... -many-days

Sheriff says 2 dead, 3 injured in gas line explosion in Texas Panhandle
http://www.foxnews.com/us/2010/06/08/of ... g-injured/

British Petroleum: The Nuclear Option
http://www.zerohedge.com/article/britis ... ear-option

Attorney: Deepwater Horizon Managers Knew About Oil Rig Problem Before Explosion
http://www.infowars.com/attorney-deepwa ... explosion/

'The Rig's on Fire! I Told You This Was Gonna Happen!'
http://www.theatlantic.com/national/arc ... pen/57775/

BP buys top Google search result for 'oil spill'
http://www.telegraph.co.uk/finance/news ... spill.html

BP’s Spill Plans Had Few Ways to Stop a Blowout
http://www.propublica.org/ion/blog/item ... plan#15254

BP well may be spewing 100,000 barrels a day, scientist says
http://www.mcclatchydc.com/2010/06/07/9 ... z0qNa1dpYr

Oil Spill's Real Threat Lies Beneath the Surface
http://www.spiegel.de/international/wor ... 82,00.html

Hi-res underwater video of gushing Gulf oil rig released
http://www.cnn.com/2010/US/06/08/gulf.o ... tml?hpt=T2

Gulf Oil Spill Could Widen, Worsen 'Dead Zone'
http://www.sciencedaily.com/releases/20 ... gle+Reader

Two More Gulf Spills?
http://motherjones.com/blue-marble/2010 ... ulf-spills

BP ADRs Plunging As Two Rumors Of Imminent Bankruptcy Hit Market
http://www.zerohedge.com/article/bp-adr ... hit-market

Without tax credit, home demand keeps slumping
http://finance.yahoo.com/news/Without-t ... et=&ccode=

The Housing-Market Recession Is Not Over
http://finance.yahoo.com/real-estate/ar ... et=&ccode=

MBA: Mortgage Purchase Applications decline 35% over last four weeks
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

The Phantom Recovery
http://www.financialsense.com/fsu/edito ... /0607.html

No 1 video of the year, Collapse Of The U.S. Dollar
http://beforeitsnews.com/story/73/696/N ... ollar.html

Iran & Turkey are the actual threat to the Arabs
http://www.analyst-network.com/article.php?art_id=3477

Iranian Government Releases Video of Nuclear Scientist Claiming He Was Kidnapped by the CIA
http://publicintelligence.net/iranian-g ... y-the-cia/

Iran’s Disappeared Nuclear Scientist: Video Points to Unlawful US Abduction
http://www.globalresearch.ca/index.php? ... leId=19625

For more insight on Iran....Google Operation AJAX...

Report: U.S.-Backed Shah’ist ‘Terror Group’ in Iran
http://littlealexinwonderland.wordpress ... p-in-iran/

Turkish Airforce bombs PKK in Iraq as Iranian troops reportedly enter territory
http://www.dailystar.com.lb/article.asp ... z0qGukkSPd

'Iranian ships won't reach Gaza'
http://www.jpost.com/Israel/Article.aspx?ID=177777

Osama bin Laden and top aides are hiding in Sabzevar, Iran
http://www.debka.com/article/8841/

...1st he was hiding in Afghanistan....and now he's hiding conveniently in Iran....I wonder which version of Osama this one is???

USNORTHCOM Gears Up For Potential Attack On U.S. Soil
http://theintelhub.com/2010/06/09/usnor ... -u-s-soil/

A-Okay To Change Sell-By Date On Expired Meat, Says New York State [UPDATED]
http://www.huffingtonpost.com/2010/06/0 ... 98484.html

You Couldn't Make This Up Dept.: "There's a Monolith on Mars' Moon, Phobos"
http://www.dailygalaxy.com/my_weblog/20 ... hobos.html

Blackwater founder to sell up as criticism takes its toll
http://www.independent.co.uk/news/world ... 94967.html

Bodies found in cave near Mexican resort of Cancun with hearts removed
http://www.argusleader.com/apps/pbcs.dl ... /100607001

Banned GM maize sown in Germany
http://news.bbc.co.uk/2/hi/world/europe/10254080.stm

Fertilizer purchase raises bomb fears
http://cnews.canoe.ca/CNEWS/Canada/2010 ... 11656.html

AP – Two chemical canisters missing not the ten reported last night
http://theintelhub.com/2010/06/08/ap-tw ... ast-night/

Clam boat pulls up canisters off NY, crew sickened
http://news.yahoo.com/s/ap/20100608/ap_ ... l_chemical

Judge rebuffs Christian in 'Marketing of Evil' lawsuit
http://www.wnd.com/?pageId=164493

...btw I highly recommend that book - "The Marketing of Evil"....definitely shed some tears in the section on abortion....

....wave of news now on the USS Liberty with Israel's latest flotilla attack....

Israel attack on USS Liberty (June 8th 1967)
http://www.redicecreations.com/article.php?id=11274

Israeli Air Force Attacked US Naval Ship... Years Ago, this story was rarely heard about and only recent events have brought it back to light
http://www.newworldorderreport.com/News ... light.aspx

The Attack on the USS Liberty: Lessons for U.S. National Security
http://www.veteranstoday.com/2010/06/09 ... -security/

Clemons: ‘Did I Read This Right? Brookings Scholar References Israel Attack on USS Liberty?’
http://www.veteranstoday.com/2010/06/09 ... s-liberty/

The Robert Kennedy Assassination
http://www.maryferrell.org/wiki/index.p ... assination

29% of Australian Bank Employees Worried about Ability of Customers to Repay Loans, 43% Pressured to Sell Products; Bernanke is Wishin' and Hopin'
http://globaleconomicanalysis.blogspot. ... nalysis%29

The Economic Crisis: Class Struggles Heat Up in Greece
http://www.globalresearch.ca/index.php? ... leId=19626

2 million public servants on strike in Spain
http://www.abc.net.au/news/stories/2010 ... 922107.htm

Europe Update: Strikes in Spain, UK Austerity, ECB Bond Purchases
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

20 Quotes About The Economic Collapse In Europe That Will Make Your Hair Stand On End
http://endoftheamericandream.com/archiv ... and-on-end

Europe's Horrendous Liquidity Just Got Even Worse (And Nonexistent In Spain)
http://www.zerohedge.com/article/europe ... tent-spain

Sarkozy, Merkel Urge Faster EU Curbs on Speculation (Update1)
http://www.bloomberg.com/apps/news?pid= ... 2TRA&pos=4

In 1980 there were 150 million European children. Now there are 110 million
http://www.dlc.org/ndol_ci.cfm?kaid=108 ... tid=255159

Eurasia highest volcano erupts in Russia's Far East
http://en.rian.ru/natural/20100607/159327856.html

The US-NATO "Arc of War" Stretches From Afghanistan to the Caspian Sea and the Caucasus
http://www.globalresearch.ca/index.php? ... leId=19624

No letup in Marine attempted suicides
http://www.usatoday.com/news/military/2 ... ides_N.htm

Hacker turns in US soldier over WikiLeaks Iraq video
http://www.guardian.co.uk/world/2010/ju ... eo-manning

US tests bio weapons on citizens
http://www.eutimes.net/2010/06/us-tests ... -citizens/

Pentagon Tightens Grip on the Obama Administration and the Intelligence Community
http://www.truthout.org/pentagon-tighte ... unity60239

NO AMERICAN LEFT ALONE!
http://www.newswithviews.com/iserbyt/iserbyt.htm

Thermal Energy Storage Device For Directed Energy Weapons Tested
http://www.spacewar.com/reports/Thermal ... d_999.html

A growing part of the Obama legacy
http://www.salon.com/news/opinion/glenn ... /08/legacy

Judicial Watch Obtains New FBI Documents Regarding ACORN Voter Fraud Investigation
http://www.judicialwatch.org/news/2010/ ... estigation

Voters' support for members of Congress is at an all-time low, poll finds
http://www.washingtonpost.com/wp-dyn/co ... ews&sub=AR

Heckled Nancy Pelosi -Supporters During Town Hall.flv
http://www.youtube.com/watch?v=F5pn2_x7 ... r_embedded

Special Forces, Rangers, Seals, and Force Recon Veterans will support and defend “THE CONSTITUTION”
http://oathkeepers.org/oath/2010/06/08/ ... stitution/

Spending fears threaten Dem agenda
http://www.politico.com/news/stories/0610/38234.html

Arizona Sells Supreme Court Building in 20 Year $300 Million Leaseback Deal for 3 Month's School Aid
http://globaleconomicanalysis.blogspot. ... nalysis%29

U.S. facing debt 'super cycle': $13trillion black hole to overtake country's GDP 'within two years'
http://www.dailymail.co.uk/news/worldne ... e-GDP.html

Charting The Treasury's Delusions: Tim Geithner's Latest Projections For US Public Debt
http://www.zerohedge.com/article/charti ... ublic-debt

Morgan Stanley On America's Biggest Challenge: Entitlement Spending
http://www.zerohedge.com/article/morgan ... t-spending

Bernanke Says Fed to Take Necessary Steps on Growth (Update2)
http://www.bloomberg.com/apps/news?pid= ... ed1Y&pos=1

Bernanke Fails His Own 'Two Lessons Learned' from the Great Depression
http://www.safehaven.com/article/17075/ ... depression

Banks refusing to buyback fraudulent mortgages from Freddie and Fannie
http://www.bankreorealestate.com/real-e ... annie.html

Fear must not blind us to deflation's dangers
http://us.ft.com/ftgateway/superpage.ft ... 1727196573

Children's quality of life declining, says report
http://www.cnn.com/2010/HEALTH/06/08/ch ... tml?hpt=T3

Dow October 1929 - October 1930 vs. 60 Minute S&P 500 Chart
http://globaleconomicanalysis.blogspot. ... nalysis%29

1911 with “Tactical Impact Spike”
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

UK Royal Marines Get First Sharpshooter Rifles
http://kitup.military.com/2010/06/uk-ro ... ifles.html

UPDATE:

Alert Level Raised For Philippines' Taal Volcano
http://www.allheadlinenews.com/articles/7018931074

(Reuters) - A natural gas pipeline explosion in North Texas killed three people on Monday afternoon, according to a local official.
http://www.reuters.com/article/idUSTRE6565U120100607

Radiohead frontman: Music industry on verge of collapse
http://blogs.chron.com/celebritybuzz/20 ... indus.html

Senate hearing disrupted as woman pours liquid on self
http://rawstory.com/rs/2010/0609/senate ... rs-liquid/

Capturing more oil in Gulf raises more questions
http://finance.yahoo.com/news/Capturing ... et=&ccode=

Scientists Criticize BP’s Claims About How Much Oil It’s Siphoning
http://www.propublica.org/ion/blog/item ... oned#15256

Why Did The U.S. Refuse International Help on The Gulf Oil Spill?
http://www.zerohedge.com/article/why-di ... -oil-spill

Food Crops Threatened; Corrosion Occurring On Many Plants In The South – Updated 3:00pm eastern
http://theintelhub.com/2010/06/09/food- ... e-south-2/

California Nursery Sales Down More Than 15 Percent
http://www.greenhousegrower.com/news/?storyid=3471

....The stock market has now had 10 point moves in 4 out of 4 days....volatility increases risk!!! Bit of a decline today but nothing major.....and nowhere near what lies ahead!!!
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Re: Blipits

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TRITON Intelligence Report: Iranian Support for the Afghan Taliban
http://info.publicintelligence.net/TRITONafghaniran.pdf

Russia Says S-300 SAM Sale to Iran Will Go Through Despite New UN Sanctions
http://defensetech.org/2010/06/10/russi ... sanctions/

Ratcheting Up Rhetoric Towards China; South China Sea Emerging Hot Spot
http://defensetech.org/2010/06/10/ratch ... -hot-spot/

Flashpoints For Global War
http://neithercorp.us/npress/

FBI report: ACORN 'poverty pimpin'' for Democrats
http://www.worldnetdaily.com/?pageId=164621

New research: Electropollution can cause diabetes
http://www.infowars.com/new-research-el ... -diabetes/

Pentagon Acknowledges Downing of US Helicopter in Afghanistan
http://www1.voanews.com/english/news/us ... 74524.html

Taliban torch 50 Nato supply trucks on outskirts of Islamabad
http://www.guardian.co.uk/world/2010/ju ... s-pakistan

Gov’t and BP Unresponsive on Requests for Data on Sick Cleanup Workers
http://www.propublica.org/ion/blog/item ... kers#15265

Gulf Oil Syndrome
http://theintelhub.com/2010/06/10/gulf-oil-syndrome/

Evergreen Air is dropping chemicals over the oil spill
http://theintelhub.com/2010/06/09/everg ... oil-spill/

Corexit Sprayed By BP Tops 1 Million Gallons
http://www.veteranstoday.com/2010/06/10 ... n-gallons/

DISPERSANTS

Surface dispersant used: more than 800,000 gallons

Subsea dispersant used: more than 358,000 gallons

Total dispersant used: more than 1,158,000 gallons

http://www.deepwaterhorizonresponse.com ... 31/625331/

Gulf Oil Spill Sea Floor Collapse and Seabed Leaks May Prevent BP From Capping Well.
http://blog.alexanderhiggins.com/

Open for Questions: BP Oil Spill Tomorrow at 12:30 PM EDT
http://www.whitehouse.gov/blog/2010/06/ ... 230-pm-edt

Alberta sitting on nearly 1.5 trillion barrels, says ERCB
http://www.edmontonjournal.com/business ... z0qTIhdXtP

NYPD can keep surveillance documents on protesters secret, court rules
http://rawstory.com/rs/2010/0609/nypd-d ... rs-secret/

Left-Wing Icon Daniel Ellsberg: ‘Obama Deceives the Public’
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

The New Gulf of Tonkin: South Korean Torpedo Sunk ROK Warship
http://www.nowpublic.com/world/new-gulf ... ok-warship

Images of missile and cluster munitions point to US role in fatal attack in Yemen
http://www.amnesty.org/en/news-and-upda ... 2010-06-04

FBI: Mexican Troops Chased Border Patrol Agent
http://www.cbsnews.com/stories/2010/06/ ... 5723.shtml

Mexican police storm miner's strike
http://www.youtube.com/watch?v=A0dQgIU5 ... tube_gdata

Jerry Brown Flashback: We Need More Welfare and Fewer Jobs
http://biggovernment.com/mrichmond/2010 ... ernment%29

Monsanto's Monopoly
http://morphcity.com/home/71-food-and-d ... art-2-of-4

CRS Report: 94% of Senate Bills Passed in Secret
https://www.sott.net/articles/show/1631 ... -in-Secret

DeMint: Over 90% of Bills Passed Secretly With No Debate, No Vote
http://www.youtube.com/watch?v=2B751mhY ... r_embedded

Record Number of Foreclosed Homes Seized by Banks in May
http://www.totalmortgage.com/blog/mortg ... tle-5/4136

Chairman of Goldman Sachs International Was - Until Last Year - Also Chairman of BP
http://www.washingtonsblog.com/2010/06/ ... ional.html

Parties Clash as Albany Edges Closer to Shutdown

ALBANY — State officials began preparing on Wednesday for what they said would be the first government shutdown in New York history as prospects for the passage of another emergency budget bill grew cloudy.

With no agreement yet reached on a budget for the fiscal year that began April 1, the state has been relying on a series of emergency bills to stay in operation. But Republicans have voted uniformly against the last three bills. After the last vote, two Democratic senators said they would oppose the next emergency bill, suggesting that Senate leaders might not be able to muster enough votes to pass it.

As a result, administration officials have started huddling with their counterparts at the state comptroller’s office to work through the consequences of a shutdown, warning that if the Legislature fails to approve the next emergency budget bill, due on Monday, the state would face unprecedented chaos.

“We don’t have an answer to many of these questions because we’ve never shut down the government before,” said Robert L. Megna, the state budget director.

Without the ability to pay workers or even guarantee their salaries in the future, officials said, they could be forced to close down state agencies immediately after the last emergency bill expires on Monday. Administration officials said they were still searching for a legal mechanism to continue financing essential public safety services, like prisons and the State Police.

http://www.nytimes.com/2010/06/10/nyreg ... tml?src=me

Weekly Jobless Claims Fall 3,000
http://www.123jump.com/economy-story/We ... 000/39132/

Soros Says "Crisis Far From Over, We Have Just Entered Act 2"
http://www.zerohedge.com/article/soros- ... to+zero%29

U.S. Economy: Trade Deficit Widens as Imports, Exports Decline
http://www.bloomberg.com/apps/news?pid= ... UQqo&pos=2

Q1 Flow of Funds: Household Net Worth off $11.4 Trillion from Peak
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Q1 Flow Of Fund Indicates Ongoing Private Sector Credit Contraction, Consumer Wealth Growth Due Purely To Equities
http://www.zerohedge.com/article/q1-flo ... rowth-due-

RealtyTrac: 3.8 Million Foreclosure Filings in 2010
http://dailycapitalist.com/2010/06/09/r ... italist%29

Why Is U.S. Government Spending So Wildly Out Of Control?
http://endoftheamericandream.com/archiv ... of-control

Households cut their debt in the first quarter for the eighth quarter in a row, raising net worth at an annualized 8% to $54.6T - still down $11.4T from an early-2007 peak. Total debt rose 3.5%. Mortgage debt fell a record 3.8%.
http://federalreserve.gov/releases/z1/Current/z1.pdf

New Mortgage Applications at 13 Year Low

Inquiring minds are reading Overall mortgage application volume falls 12.2 percent.

The number of customers applying for a mortgage to purchase a property fell to the lowest level in 13 years last week, a sign the housing market is struggling without government incentives.

Purchase volume declined 5.7 percent and is at its lowest point since February 1997, the Mortgage Bankers Association said Wednesday.

"Purchase applications are now 35 percent below their level of four weeks ago, as homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of April," said Michael Fratantoni, MBA's vice president of research and economics.

http://globaleconomicanalysis.blogspot. ... nalysis%29

Calling a Bear a Bear
http://online.barrons.com/article/SB127 ... BOL_hpp_dc

SEC Approves Stock Circuit Breaker Rules – Begins June 11 2010
http://blog.rebeltraders.net/2010/06/10 ... e-11-2010/

Financial Reform Bill to Be Finalized by Members Who Benefit from Wall Street Cash
http://www.opensecrets.org/news/2010/06 ... naliz.html

Monetary Policy and Eurozone Imbalances - The Demographic Transition and Asymmetric Shocks
http://edwardhughtoo.blogspot.com/2010/ ... cover.html

Hayek: The Intellectuals and Socialism
http://westernrifleshooters.blogspot.co ... alism.html

High Hurricane Activity Threatens Gulf Oil Production, Cleanup Efforts
http://www.minyanville.com/businessmark ... 0/id/28696

The Real Crisis of Our Times is What Crisis Does to Us
http://narcosphere.narconews.com/thefie ... is-does-us

RSA Animate - The Secret Powers of Time
http://www.youtube.com/watch?v=A3oIiH7B ... r_embedded

STEREO spacecraft catch comet diving into Sun
http://stereo.gsfc.nasa.gov/gallery/ite ... es&iid=125

New Brit Sharpshooter Rifle is “Hoofing”

I have no idea what hoofing means, but it is apparently what the British Army's new AR-10 style L129A1 is, as described by Commando Sergeant Baz Evans in a UK Ministry of Defense Press Release (via. Kit Up blog ) ...

"I have fired over 1,000 rounds on the rifle in training; accurately hitting targets over 800 metres away. The new Sharpshooter rifle provides quick and accurate fire, with the flexibility of using it in the assault rifle role as well. It’s hoofing."

Lewis Machine and Tool who manufacture the rifle had it prominently displayed at SHOT Show.

http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

UK Royal Marines Get First Sharpshooter Rifles
http://kitup.military.com/2010/06/uk-ro ... ifles.html

sawtest5.wmv
http://www.youtube.com/watch?v=RzlzsdG6 ... r_embedded

U.S. Military Prepares to Strike Rioting Unemployed American Workers
http://www.survivalistnews.com/2010/06/ ... n-workers/

Emergency Disaster And Terrorist Drills Begin In Chicago 6/14/10
http://stevenjohnhibbs.wordpress.com/20 ... ago-61410/

UPDATE:

Troops Invade Chicago (for Training)

The Illinois National Guard says more than 50 local, state, federal and private agencies will participate in the drill to learn how to respond to disasters. The five-day training exercise will run from Sunday through Thursday, June 17.

Officials with the Illinois National Guard say the event is a "full-scale exercise" and residents can expect to see emergency responders throughout the Chicago area "look and acting" as if it were a real disaster mission.

Officials say the practice events will include a simulated commercial airplane crash, simulated rail car evacuation and simulated terrorist attack.

Egads!

http://www.nbcchicago.com/news/local-be ... 47264.html

Henry Kissinger-Abdelaziz Bouteflika transcript, 1975
http://wikileaks.org/wiki/Henry_Kissing ... ript,_1975

Platform 23051 vs. Ocean Saratoga Rig - Not The Same Thing
http://blog.skytruth.org/2010/06/platfo ... kyTruth%29

The Hollywood Hypocrites – All But Invisible During Obama’s Oil Spill
http://www.floppingaces.net/2010/06/10/ ... ng+Aces%29

Carbon Cops: The EPA’s Assault on Your Freedom & Today’s Big Vote in the Senate
http://pajamasmedia.com/blog/carbon-cop ... he-senate/

Bill Gates Confronted on Eugenics by We Are Change
http://www.infowars.com/bill-gates-conf ... re-change/

EXCLUSIVE New Video Smuggled Out From Israel’s Flotilla Assault
http://deadlinelive.info/2010/06/10/exc ... a-assault/

Ballot Records Stolen During 2008 Elections Raises Suspicion
http://theintelhub.com/2010/06/10/ballo ... suspicion/

Strengthening NAFTA Ties and the Push Towards a Common Security Front
http://beyourownleader.blogspot.com/

June 8 (Reuters) - The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress
http://www.reuters.com/article/idUSN088462520100608

Lawmakers consider N.Y. government shutdown
http://www.bizjournals.com/albany/stori ... ily33.html

Social Security At Mid-Year
http://www.zerohedge.com/article/social ... to+zero%29

Fitch sees $65 billion in U.S. bank losses on home equity in 2010
http://www.bankreorealestate.com/real-e ... -2010.html

Why the Main Street Economy Isn’t Getting Any Better
http://robertreich.org/post/684263264/w ... any-better

Debt Spreading 'Like a Cancer': Black Swan Author

The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book "The Black Swan," told CNBC on Thursday.

"We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base," Taleb said.

"Banks balance sheets are just as bad as they were" two years ago when the crisis began and "the quality of the risks hasn't improved," he added.

The root of the crisis over the past couple of years wasn't recession, but debt, which has spread "like a cancer," according to Taleb, who is now relived that public attention has shifted to debt, instead of growth.

The world needs to prepare itself for austerity, he warned. "We need to slash debt. Unfortunately, that's the only solution," Taleb said.

http://www.cnbc.com/id/37610064

Afghanistan: Funding Both Sides
http://dissidentvoice.org/2010/06/afgha ... oth-sides/

US Retools Plan for Kandahar ‘Offensive’
http://www.military.com/news/article/us ... nsive.html

CIA Officer Explains New World Order's Demise
http://www.youtube.com/watch?v=8AIbBGi1 ... _embedded#!

US Gets Tough, Not Crippling Iran Sanctions
http://www.military.com/news/article/us ... tions.html

Dubai's Tarnished Glitter
http://spectator.org/archives/2010/06/1 ... ed-glitter

Jack Abramoff's Money Still Casts Shadows as Fallen Lobbyist Is Transferred from Federal Prison to Halfway House
http://www.opensecrets.org/news/2010/06 ... still.html

Orly Taitz Loses CA Secretary Of State Bid But Gets 368,000 Votes
http://tpmmuckraker.talkingpointsmemo.c ... ckraker%29

Where The Hell Is The Outrage?
http://justanothercoverup.com/?p=1697

Deflationary Depression and Purging To Come
http://theinternationalforecaster.com/I ... ter.com%29

Salbuchi - Global Financial Collapse - Part 1
http://www.youtube.com/watch?v=UlDNMB6w ... r_embedded

Salbuchi - Global Financial Collapse - Part 2
http://www.youtube.com/watch?v=78ddURof ... r_embedded

David Bollier: What Financial Crisis?
http://www.guernicamag.com/blog/1813/da ... 2F+Blog%29

$13 Billion 30 Year Auction Closes At 4.182%, 2.87 Bid To Cover
http://www.zerohedge.com/article/13-bil ... -bid-cover

May Treasury Deficit Comes In At $135.9 Billion
http://www.zerohedge.com/article/may-tr ... 59-billion

Killer Chemtrails: The Shocking Truth
http://www.youtube.com/watch?v=Psdg3OAw ... r_embedded
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Re: Blipits

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US ‘desperately’ trying to keep Wikileaks from publishing US communications about Arab states
http://rawstory.com/rs/2010/0611/desper ... ab-states/

Anxious that Wikileaks may be on the verge of publishing a batch of secret State Department cables, investigators are desperately searching for founder Julian Assange. Philip Shenon reports
http://www.thedailybeast.com/blogs-and- ... ssive-leak

Pentagon Fears Wikileaks Founder Julian Assange Will Spill Secrets
http://abcnews.go.com/Technology/pentag ... d=10886655

Report: FBI to "arrest hundreds of people" next week for Mortgage Fraud
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Police say 12 confirmed dead in Arkansas floods
http://news.yahoo.com/s/ap/20100611/ap_ ... s_flooding

Small aftershock hits small northern Utah town
http://www.sltrib.com/news/ci_15277575?source=rss

Thousands of 'ice quakes' detected on Mount Rainier
http://www.king5.com/news/Thousands-of- ... 96979.html

China May inflation rises, industrial growth slows
http://finance.yahoo.com/news/China-May ... 8&ccode=rd

China Labor Unrest Spreads, Posing Challenge to Beijing
http://www.cnbc.com//id/37603782

Beach mayor: GOP ‘fool’ who denied disaster can ‘take a swim’
http://rawstory.com/rs/2010/0611/gop-ma ... ending-bp/

Oil shows up near Alabama beach resort town
http://edition.cnn.com/2010/US/06/10/al ... gle+Reader

Florida emergency officals go into battle mode as heavier oil hits Panhandle
http://www.palmbeachpost.com/news/state ... =rss_state

BP / Gulf Oil Spill - June 7 and June 9, 2010
http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

New oil numbers may mean more environmental damage
http://news.yahoo.com/s/ap/20100611/ap_ ... _oil_spill

Another (Sigh) Increase in Estimate of Oil Flow
http://www.propublica.org/ion/blog/item ... flow#15278

New estimate: Up to 40,000 barrels a day was coming from BP well
http://edition.cnn.com/2010/US/06/10/gu ... tml?hpt=T1

Scientist Awed by Size, Density of Undersea Oil Plume in Gulf
http://www.nytimes.com/gwire/2010/06/08 ... 98517.html

Human rights group: BP discouraging crews from using respirators
http://rawstory.com/rs/2010/0611/rfk-ce ... spirators/

Witness statement says bosses knew Gulf oil rig disaster was 'gonna happen': report
http://www.nypost.com/p/news/national/w ... pxtDfCpO0K

Experts: Gulf Workers’ Levels of Chemical Exposure May Be ‘Perfectly Legal, but Not Safe’
http://www.propublica.org/ion/blog/item ... -not#15277

Toxic Corexit dispersant chemicals remained secret as feds colluded with Big Business
http://www.naturalnews.com/028974_Corex ... sants.html

BP to start burning captured Gulf oil at sea
http://www.google.com/hostednews/ap/art ... AD9G8G4PG1

....just add a little more pollution to the toxic brew....

RED ALERT! MSM reports "DOOMSDAY scenario" about new Oil Spill developments
http://www.youtube.com/watch?v=a_uMg84B ... r_embedded

Quayle – EXTREME ALERT — Gulf Coast Evacuation Contingency Plans Soon to Go Operational:
http://theintelhub.com/2010/06/11/quayl ... lert-gulf/

Guard readies as Gulf Coast braces for oil spill
http://www.army.mil/-news/2010/04/30/38 ... oil-spill/

Manufacturing and Trade Inventory-to-Sales Ratio: Inventory Adjustment Over
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Foreclosures Reach Record In May
http://dailycapitalist.com/2010/06/10/f ... italist%29

Australia: The Land Down Under(water in mortgage debt), pt. Deux: Which Banks to Short?
http://www.zerohedge.com/article/austra ... anks-short

Rising Global Imbalances Likely to Precipitate New Crises
http://www.nakedcapitalism.com/2010/06/ ... ahoo!+Mail

Japan's New PM Warns Country At "Risk Of Collapse" Under Massive Debt Load
http://www.zerohedge.com/article/japans ... -debt-load

World Bank sees 'double-dip' recession for parts of Europe
http://www.telegraph.co.uk/finance/econ ... urope.html

IMF Says Risks to Global Economy Have Risen `Significantly'
http://preview.bloomberg.com/news/2010- ... o-act.html

EU Takes Control of Europe's National Governments Budgets
http://www.redicecreations.com/article.php?id=11312

Banks With State Debt Ignore Not-If-But-When Default (Update1)
http://www.bloomberg.com/apps/news?pid= ... zdJ4&pos=4

Analyst to Money Managers: Take Your Cell Phones with You on Vacation; Greece Could Default in August
http://www.economicpolicyjournal.com/20 ... -your.html

U.S. Economy: Retail Sales Fall for First Time Since September
http://www.bloomberg.com/apps/news?pid= ... TXk4&pos=2

Retail Sales decline in May
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Freddie Mac: Mortgage rates hit low for year
http://www.google.com/hostednews/ap/art ... wD9G8FSG00

The Latest Data On Commercial Real Estate Loan Losses
http://dailycapitalist.com/2010/06/10/t ... italist%29

Will Anything Stop The Decline of CRE Prices?
http://www.zerohedge.com/article/will-a ... cre-prices

10 important real estate charts showing no housing recovery in 2010. Collapsing housing starts, Texas Ratio problems, construction spending at trough, and real estate equity evaporated.
http://www.doctorhousingbubble.com/10-r ... e+SoCal%29

Soros Says `We Have Just Entered Act II' of Crisis
http://preview.bloomberg.com/news/2010- ... pread.html

Big Risk: $1.2 Quadrillion Derivatives Market Dwarfs World GDP
http://www.dailyfinance.com/story/inves ... 19509184/#

THEY JUST DON'T GET IT! MICHAEL PENTO PREDICTS DOUBLE DIP 6-9-2010
http://www.youtube.com/watch?v=eK-J6E9j ... r_embedded

....IF they do QE II the man will be right. This is the fork in the road I've mentioned a time or two...

ECRI Leading Economic Index Drops To 44 Week Low, Predicts Massive Economic Contraction
http://www.zerohedge.com/article/ecri-l ... ontraction

Hispanics abandon Arizona, fleeing economy, immigration law
http://news.yahoo.com/s/csm/307229

45 killed, more than 600 wounded in Kyrgyz rioting
http://news.yahoo.com/s/ap/20100611/ap_ ... tan_unrest

Farmer fires home-made cannon to defend land
http://news.yahoo.com/s/nm/20100608/od_ ... ina_cannon

EPA Takes a Giant Leap Into Tyranny
http://www.morphcity.com/home/72-epa-ta ... to-tyranny

Ring of "Fire" (June 11, 2010)
http://soho.nascom.nasa.gov/pickofthewe ... 11jun2010/

Are there any reasonable explanations for spectacular sinkholes in China?
http://blogs.telegraph.co.uk/news/peter ... -in-china/

Study shows how radiation causes breast cancer
http://www.naturalnews.com/028959_radia ... ancer.html

How about some heavy metals with that protein drink?
http://blogs.consumerreports.org/safety ... tion-.html

New 'Red Dawn' to attack communism again! - The invaders this time are Chinese.
http://www.wnd.com/?pageId=164269

Keep U.S. Aircraft Carrier Out of Our Backyard, China Warns
http://english.chosun.com/site/data/htm ... 01307.html

Kandahar Offensive Postponed Until Fall: McChrystal
http://defensetech.org/2010/06/10/kanda ... cchrystal/

Thousands turn out for Tel Aviv gay pride parade
http://rawstory.com/rs/2010/0611/thousa ... de-parade/

Iceland passes gay marriage law in unanimous vote
http://news.yahoo.com/s/nm/20100611/wl_ ... marriage_2

B.C. couple shut down B&B after gay rights complaint
http://www.nationalpost.com/couple+shut ... gle+Reader

Democrats Seek to Lift Ban on Abortions at U.S. Military Hospitals Abroad
http://www.foxnews.com/politics/2010/06 ... gle+Reader

Prince of Wales calls for population control in developing world
http://www.telegraph.co.uk/news/newstop ... world.html

Yes, They Really Do Want To Reduce The Population – 22 Shocking Population Control Quotes From The Global Elite That Will Make You Want To Lose Your Lunch
http://endoftheamericandream.com/archiv ... your-lunch

Senate Panel Clears Judge Who Protects Child Sex Offenders
http://www.judicialwatch.org/blog/2010/ ... -offenders

The Strange Story of Sally Hartman
http://www.truth-out.org/the-strange-st ... rtman60306

Uncovered: Obama's mystery college years
http://www.wnd.com/?pageId=164745

Gibbs sidesteps Social Security question
http://www.wnd.com/?pageId=165225

Barack Obama announces $400m aid package to Gaza and West Bank
http://www.guardian.co.uk/world/2010/ju ... israel-aid

Obama Moves to Silence Gun Groups and Other Political Opponents
http://www.federalobserver.com/2010/06/ ... opponents/

Issues remain after walkout by 12K Minn. nurses
http://hosted.ap.org/dynamic/stories/U/ ... TE=DEFAULT

Video: Pelosi Says Jail “Very Fair” Punishment For Not Buying Health Insurance
http://blog.heritage.org/2009/11/13/vid ... insurance/

Census report shows huge increase in Hispanic population in past 10 years
http://www.svherald.com/content/news/20 ... t-10-years

California Now the Least-Educated State
http://www.prnewswire.com/news-releases ... 37369.html

Autopsy Shows Israel Executed Wounded, Worse Than Munich 1972
http://sabbah.biz/mt/archives/2010/06/0 ... +Report%29

Gates Criticizes Turkey Vote Against Sanctions
http://www.nytimes.com/2010/06/12/world ... 2nato.html

NIGERIA: Nigeria's agony dwarfs the Gulf oil spill. The US and Europe ignore it
http://www.corpwatch.org/article.php?id=15592

Iran's Gaza-bound ships ready for clash with Israel - Ahmadinejad
http://www.debka.com/article/8842/

Iran's defiant Green movement vows to fight on
http://www.guardian.co.uk/world/2010/ju ... rd-mousavi

US, France, UK practice aerial strikes in time with feeble sanctions against Iran
http://www.debka.com/article/8844/

New Violence in Kyrgyzstan Leads to Troop Deployment
http://www.nytimes.com/2010/06/12/world ... yrgyz.html

lee enfield sniper rifle (lego)
http://www.youtube.com/watch?v=H23HDHRV ... _embedded#!

FAB Defense KPOS
http://doubletapper.blogspot.com/2010/0 ... eview.html
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Re: Blipits

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US Lawmakers Want to Criminalize Whistleblower Sites Over TSA Leak
http://wikileaks.org/wiki/US_Lawmakers_ ... r_TSA_Leak

Friday, 11-June-2010, 07:03 this morning, an earthquake shook at the Katla volcano in Iceland.

10 seconds later, a slightly larger magnitude earthquake struck.

10 minutes later another earthquake trembled followed by yet a fourth earthquake hours later.

As I was writing this, a fifth earthquake just popped off!

Update: Now a sixth earthquake has gone off – this one though, way over on the western edge of the glacier area – lots of excitement today…

2nd Update: There goes number seven!

Having been monitoring the earthquakes at Katla since mid May, these seven earthquakes are the most in one day so far. This is just my observation as an interested independent amateur, and there is no evidence of swarming at this time (could this be the beginning of a swarm?), but it is interesting to note today’s occurrence. The situation would potentially warrant the term, swarm, if the number of earthquake occurrences continue at this pace or if it increases over the coming days, in my opinion.

Map source data captured from Icelandic Meteorological office – rolling 48 hour Seismicity map

(While tracking the Myrdalsjokull map and table, the Katla-specific earthquakes are differentiated by observing the map and longitude while ignoring those beyond approximately -19.45, which are over on Eyjafjallajokull)

We must keep our eyes on this potential disruptive volcano, Katla, that historically erupts following the eruption of Eyjafjallajokull (which first erupted April 14). Katla is about 10 times more powerful, and has the potential to cause worldwide disruption.

I’ve been keeping a map record of the Katla earthquake locations since 17-May. It is interesting to note the buildup of earthquakes on the East-Northeast rim area. Time will tell. Stay tuned…

Update, Saturday, 12-June
Apparently 3 additional earthquakes registered as I slept last night as Katla remains shaky so far this morning as of 0730 Pacific Time.

http://modernsurvivalblog.com/natural-d ... valBlog%29

Could FEMA oversee BP claims process?
http://theintelhub.com/2010/06/12/fema- ... eurotoxin/

U.S. Coast Guard has authority over Homeland Security
http://labvirus.wordpress.com/2010/06/1 ... -security/

BP Blocking Media Access? New Orleans interview
http://www.youtube.com/watch?v=dZHnStD6 ... r_embedded

BP & Transparency.........Cleanup Crews Refuse To Talk To Anyone, Say They Are Ordered Not To
http://www.youtube.com/watch?v=AIELgvlc ... r_embedded

HEALTH ALERT: Gulf Oil Syndrome
http://www.youtube.com/watch?v=5SSIqbYj ... r_embedded

BP oil spill ruined my life, says Louisiana shrimp king
http://www.guardian.co.uk/environment/2 ... hrimp-king

From the Ground: BP Censoring Media, Destroying Evidence
http://www.huffingtonpost.com/riki-ott/ ... 08724.html

Reports: BP and government blocking coverage of oil damage
http://rawstory.com/rs/2010/0612/bp-off ... il-damage/

The Spill, The Scandal and the President: The inside story of how Obama failed to crack down on the corruption of the Bush years – and let the world’s most dangerous oil company get away with murder
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

Learn How Obama Obtained a Birth Record Registration in Hawaii while NOT being Physically Born in Hawaii! | by CDR Charles Kerchner on the Bill Cunningham Show
http://www.oilforimmigration.org/facts/?p=6926

BP Official Admits to Damage BENEATH THE SEA FLOOR
http://www.zerohedge.com/article/bp-off ... to+zero%29

17 Questions About The Gulf Of Mexico Oil Spill That We Desperately Need Answers To
http://thisistheendoftheworldasweknowit ... answers-to

'Knowing' Movie Knew About Oil Rig Explosion
http://www.youtube.com/watch?v=p5WISUqu ... r_embedded

FAA Imposes Flight Restrictions Over Oil Spill Area
http://cryptogon.com/?p=15900

BP Told to Step Up Containment
http://online.wsj.com/article/SB1000142 ... 31992.html

U.S. Gives BP 48 Hours to Boost Containment Capacity (Update2)
http://www.bloomberg.com/apps/news?pid= ... hWqA&pos=1

Governor: National Guard staging for “effort to evacuate” communities impacted by oil spill
http://www.floridaoilspilllaw.com/gover ... -oil-spill

Military drills throughout the United States.
http://theintelhub.com/2010/06/11/massi ... ed-states/

Saudi Arabia gives Israel clear skies to attack Iranian nuclear sites
http://www.timesonline.co.uk/tol/news/w ... 148555.ece

Israeli Military Attack on Iran This Summer?
http://theintelhub.com/2010/06/12/israe ... is-summer/

GORDON DUFF: ISRAEL-SAUDI WAR PACT ON IRAN “HOGWASH”
http://www.veteranstoday.com/2010/06/12 ... n-hogwash/

Saudi Arabia: We will not give Israel air corridor for Iran strike
http://www.haaretz.com/news/diplomacy-d ... bled=false

Saudis air corridor is open, US, Israel self-immobilized on Iran
http://www.debka.com/article/8845/

Brazil Slams UN Security Council Sanctions Resolution Against Iran
http://www.globalresearch.ca/index.php? ... leId=19669

UK PM says Twin Towers were BLOWN UP !!!
http://www.youtube.com/watch?v=W99ZKMsc ... r_embedded

Report: Japan bribed countries ‘with cash, prostitutes’ to keep whaling
http://rawstory.com/rs/2010/0612/japan- ... s-whaling/

Michael Jackson's brother says Michael was murdered as part of a Conspiracy
http://www.youtube.com/watch?v=HePmV9i1 ... r_embedded

A New and Controversial Book by a Firearms Expert May Finally Reveal the Definitive Truth in Kennedy's Assassination
http://www.lewrockwell.com/pr/jfk-murde ... xpert.html

Q1 2010: Mortgage Equity Withdrawal strongly Negative
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Oregon legislator reads CAFR, finds billions, ends budget deficit crisis; California can do same
http://www.examiner.com/x-18425-LA-Coun ... an-do-same

TARP Repayments Surpass Loans
http://online.wsj.com/article/SB1000142 ... 92016.html

N.Y. State "classic budgetary sleight-of-hand"
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

The Death Of Las Vegas
http://theeconomiccollapseblog.com/arch ... -las-vegas

Texas Sales Tax Collections Stagnating
http://globaleconomicanalysis.blogspot. ... nalysis%29

Unofficial Problem Bank List: 760 Institutions
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Friday Bank Closing Report
http://dailycapitalist.com/2010/06/11/f ... italist%29

Floods Take Heavy Toll in China
http://online.wsj.com/article/SB1000142 ... australian

Stricken teenage U.S. sailor rescued
http://www.reuters.com/article/idUSTRE6 ... ws&sp=true

Five Current and Former New Orleans Police Officers Charged in the Shooting and Burning of a New Orleans Man in the Days After Hurricane Katrina
http://neworleans.fbi.gov/dojpressrel/p ... 061110.htm

Deutsche Bank: ‘America’s Foreclosure King’ - How The US Became A PR Disaster
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

Greeks Preparing For A New Wave Of Anti-Austerity Riots
http://www.businessinsider.com/new-poll ... est-2010-6

Russia parliament votes to strengthen KGB successor
http://www.kyivpost.com/news/russia/detail/69373/

The Sobering State of North Korea
http://biggovernment.com/amellon/2010/0 ... ernment%29

Any hope in sight for Greece?
http://axisoflogic.com/artman/publish/A ... 0312.shtml

Should France Invade Greece?
http://dailycapitalist.com/2010/06/11/s ... italist%29

Cuts threaten huge slump in affordable new homes, housing associations warn
http://www.guardian.co.uk/politics/2010 ... -new-homes

Seven State Pension Plans Out of Money by 2020
http://globaleconomicanalysis.blogspot. ... nalysis%29

The Frog in the Frying Pan
http://www.safehaven.com/article/17118/ ... frying-pan

Below the Radar: HUD is Trying to Privatize and Mortgage Off All of America’s Public Housing
http://axisoflogic.com/artman/publish/A ... 0315.shtml

Commandos prepare for summits in the shadows
http://www.thestar.com/news/gta/toronto ... he-shadows

America's new culture war: Free enterprise vs. government control
http://www.washingtonpost.com/wp-dyn/co ... 01854.html

Mass Country Wide Closing and Layoffs
http://thecomingdepression.blogspot.com ... yoffs.html

Moody's: CMBS loan delinquencies keep increasing
http://www.zerohedge.com/article/moodys ... increasing

Stretching Molecules Yields New Understanding of Electricity
http://www.theepochtimes.com/n2/content/view/37284/

Code 3 Classic
http://10-8performance.blogspot.com/201 ... assic.html
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Re: Blipits

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Update, Saturday, 12-June
Apparently 3 additional earthquakes registered between yesterday and today as Katla remains shaky so far this morning as of 0730 Pacific Time. Then quiet for most of the day.

Update, Sunday, 13-June
Again, 3 additional earthquakes leading into this morning, although this time followed by a fourth – the past several days have certainly been the most active.

http://modernsurvivalblog.com/natural-d ... valBlog%29

Is Tropical Wave Invest 92L In Danger Of Becoming A Hurricane Or Reaching The Gulf Of Mexico?
http://www.zerohedge.com/article/tropic ... to+zero%29

Lightning suspected in fire at North Carolina gasoline 'tank farm'

(CNN) -- Lightning strikes apparently caused a major fire at a gasoline pipeline company's "tank farm" in North Carolina early Sunday morning, fire officials said. The blaze started at Colonial Pipeline Company in Greensboro after midnight, said David Douglas, an assistant fire chief in Greensboro. A tank holding about 20,000 barrels of gasoline -- about half that tank's capacity -- caught fire.

http://www.cnn.com/2010/US/06/13/north. ... tml?hpt=T3

3-D Models of BP Oil Spill in Gulf of Mexico Made Using Ranger Supercomputer
http://www.sciencedaily.com/releases/20 ... 155723.htm

Oil Washing Up In Florida Like Wet Black Cement
http://www.youtube.com/watch?v=6d8Fqto4 ... r_embedded

BP Coughs Up Another Drop of Air Quality Data: Not Reassuring
http://switchboard.nrdc.org/blogs/gsolo ... of_ai.html

Under pressure, BP suddenly finds ‘quicker’ solution
http://rawstory.com/rs/2010/0614/bp-pla ... -official/

Read: BP’s Document on Workers’ Illnesses and Injuries, Little Mention of Chemical Exposure
http://www.propublica.org/ion/blog/item ... sure#15289

Oil Spill Estimates Go Higher and Higher …up to an Exxon Valdez Every 10 Days
http://www.allgov.com/Top_Stories/ViewN ... ays_100613

Gulf Oil Spill ‘Could Go Years’ If Not Dealt With
http://www.engdahl.oilgeopolitics.net/p ... 0Spill.pdf

The BP Oil Spill May Be Bad, But This Cover Up is Far More Deadly
http://axisoflogic.com/artman/publish/A ... 0320.shtml

Small businesses "collapse" around the Gulf
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

More Than 117 Dead in Kyrgyzstan Riots
http://publicintelligence.net/more-than ... tan-riots/

Kyrgyzstan: Violence spiralling ‘out of control’; Interim President Roza Otunbayeva asks Russia to send in troops
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

State Senate Democrats are assuring New Yorkers that there will not be a government shutdown today, as Albany lawmakers are set to vote on Governor David Paterson's latest emergency budget extender bill.
http://www.ny1.com/content/top_stories/ ... ender-bill

Volcker Warns: We Are Running Out Of Time
http://www.moneynews.com/StreetTalk/vol ... ode=A109-1

Europe’s Banks Face Second Funding Squeeze on Sovereign Crisis
http://www.bloomberg.com/apps/news?pid= ... eXq8&pos=2

Two Decades Of Greed - The Unraveling
http://www.zerohedge.com/article/guest- ... to+zero%29

Report: State and Local cutbacks may cut 0.25% from GDP
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Property Taxes Falling in Los Angeles County; Tax Revenues Will Plunge
http://globaleconomicanalysis.blogspot. ... nalysis%29

The Crisis In Detroit Is Worse Than A Recession
http://www.businessinsider.com/the-cris ... ion-2010-6

Baltic Dry Index Rolls Over
http://www.zerohedge.com/article/baltic ... rolls-over

When the New York Times runs a front page story suggesting that now is the time to buy gold and they quote Peter Schiff saying that paper money may become useless, is it time to buy, or a classic signal that the hype exceeds reality? Personally I think buying land, livestock and seeds might be a better bet…

http://www.disinfo.com/2010/06/left-and ... rmation%29

....I've been rattling on about this for some time now. I think Peter Schiff is a stooge for the elite! Here's another hyperinflation propaganda piece straight from the WSJ....

And yet—and yet!—the cold clarity of financial analysis points to an inescapable conclusion: There has never been a better time for people to borrow money, whether to buy financial assets or boost cash reserves.

http://finance.yahoo.com/banking-budget ... et=&ccode=

....heed the counsel of the prophets and you can't go wrong: 1) Get out of debt, 2) Food storage, 3) Water storage, 4) Cash for rainy day......and my personal recommendations - self defense items, food production capability, other production equipment for things people MUST have....

US emboldens Israel to kill Americans
http://www.presstv.ir/detail.aspx?id=13 ... =351020202

Iran's threats & Arab states' al-taqiyya stances
http://www.analyst-network.com/article.php?art_id=3483

Jordan's Nuclear Ambitions Pose Quandary for the U.S.
http://online.wsj.com/article/SB1000142 ... australian

Iran Provoking Israel
http://giveusliberty1776.blogspot.com/2 ... srael.html

Israel’s Leader Capital Markets CEO “Commits Suicide”
http://cryptogon.com/?p=15970

Election official: I'd testify Obama not born in Hawaii
http://www.wnd.com/?pageId=165981

Kagan Helped Bill Clinton Cover Up Scandals
http://www.judicialwatch.org/blog/2010/ ... r-scandals

City of Orange, Calif. Votes to 'Stands with Arizona'
http://www.numbersusa.com/content/news/ ... l#tabset-2

The Dying Corporate Media Vilifies Alex Jones, Rand Paul, & The Rising Rage Against The Empire
http://disquietreservations.blogspot.co ... -alex.html

MSNBC Hit Piece Smears Tea Party As Neo-Nazis
http://www.prisonplanet.com/msnbc-hit-p ... nazis.html

Gaza Aid Ship Departs Iranian Port
http://www.infowars.com/gaza-aid-ship-d ... nian-port/

SKorea Top Officer Retires Over Sinking
http://www.military.com/news/article/sk ... nking.html

G20 – Meeting of the Global Elite
http://theintelhub.com/2010/06/14/g20-m ... bal-elite/

Chicago terror drills update
http://theintelhub.com/2010/06/13/chica ... ls-update/

U.S. Military has Special Ops “Boots on the Ground” in Mexico
http://narcosphere.narconews.com/notebo ... %9D-mexico

China’s Military Threatens America: ‘We Will Hurt You’
http://pajamasmedia.com/blog/china%E2%8 ... -hurt-you/

U.S. Identifies Vast Riches of Minerals in Afghanistan
http://www.nytimes.com/2010/06/14/world ... wanted=all

Holy Cow, We Hit The Mother Lode In Afghanistan!
http://www.businessinsider.com/1-trilli ... its-2010-6

Gov't Geologist Spoke Of Vast Economic Benefit Of Afghan Minerals -- Over Two Years Ago
http://tpmmuckraker.talkingpointsmemo.c ... ckraker%29

Report: Pakistan Is Funding, Training Taliban in Afghanistan
http://www.foxnews.com/world/2010/06/13 ... port-says/

...for a little more insight on the Pakistani ISI, Afghanistan, and the rest of the middle east.....read up on The Safari Club created by George HW Bush and the Saudis....here's a link to get you started -
http://yophat.blogspot.com/2009/01/paki ... ction.html

Narcotics: The Best-Known Afghan Business
http://www.globalresearch.ca/index.php? ... leId=19715

Karzai Green-Lights Kandahar Operation
http://www.military.com/news/article/ka ... ation.html

The Afghan War nears end with Pakistan-aided Taliban victory
http://www.debka.com/article/8846/

Vietnam, 35 years later
http://www.boston.com/bigpicture/2010/0 ... later.html

Sunday: 36 Iraqis Killed, 64 Wounded
http://original.antiwar.com/updates/201 ... 4-wounded/

Explosions And Gunfire At Iraq Central Bank Leave 15 Dead, 40 Injured
http://www.zerohedge.com/article/explos ... to+zero%29

OpenSecrets.org Shines More Light on the Politicking of Koch Industries, Northrop Grumman, Anheuser-Busch and More
http://www.opensecrets.org/news/2010/06 ... ht-on.html

Boldly going nowhere: Nasa ends plan to put man back on Moon
http://www.timesonline.co.uk/tol/news/s ... 149543.ece

The end of the world as we know it
http://www.independent.co.uk/news/scien ... 99537.html

Lady Gaga’s “Alejandro”: The Occult Meaning
http://vigilantcitizen.com/?p=3979

No Escape from the Medicare Cage
http://www.campaignforliberty.com/article.php?view=935

The Fourth and Stealth “Branch” of Governance: Presidential Executive Orders
http://vactruth.com/2010/06/14/fourth-s ... ve-orders/

Union-Backed Democrats Take Aim at Bloggers, Tea Party Activists and NRA Members
http://biggovernment.com/laborunionrepo ... ernment%29

Obama pleads for $50 billion in state, local aid
http://www.washingtonpost.com/wp-dyn/co ... 52_pf.html

Obama: Oil spill ‘echoes 9/11,’ will change America’s course
http://rawstory.com/rs/2010/0613/obama- ... choes-911/

Homeland Security's Cyber Bill Would Codify Executive Emergency Powers
http://www.theatlantic.com/politics/pri ... ers/57946/

FAA Pressured to Open US Skies to Drones
http://www.military.com/news/article/fa ... rones.html

......BG posted this (the EO on healthcare) also and I think it bears an addition here for those that might not catch it elsewhere....

Barry Soetoro, Imposter in Chief, Implements CODEX ALIMENTARIUS by Executive Order in the U.S.!
http://survivingthemiddleclasscrash.wor ... n-the-u-s/

Executive Order-- Establishing the National Prevention, Health Promotion, and Public Health Council
http://www.whitehouse.gov/the-press-off ... lic-health

....Holyhabanero put this up and I'll add it here for those that didn't catch it.....

NATIONAL SECURITY STRATEGY May 2010
http://www.whitehouse.gov/sites/default ... rategy.pdf

some analysis -
http://www.youtube.com/watch?v=LJvYkvnp ... r_embedded

UPDATE:

Everyman’s gas well in a can, a distributed solution
http://www.greaterdemocracy.org/archives/983
http://www.greaterdemocracy.org/wp-cont ... ution-.pdf

Red Butte oil spill may be 33,000 gallons; theory pursued about cause
http://www.deseretnews.com/article/7000 ... cid=rss-30

UPDATE 2:

BP / Gulf Oil Spill - Memo Shows BP's Spill Rate Calculations

Dr. Ian MacDonald at Florida State University just provided us with this BP memo detailing the spill-rate calculations performed by BP. Click it to see the full-sized version. We guess this is how BP came up with their very low estimated leak rates of 42,000 gallons (1,000 barrels) and 210,000 gallons (5,000 barrels) per day. The official estimated leak rate now stands at 20,000-30,000 barrels per day (and possibly much higher).

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

Disaster Preparedness Binder
http://modernsurvivalblog.com/preps/dis ... valBlog%29

Chemtrail Plague? Mystery Crop Damage Threatens Hundreds Of Acres (TN)
http://deadlinelive.info/2010/06/14/che ... -acres-tn/

BP Crop Dusting U.S. Population Under the Cover of Night
http://theintelhub.com/2010/06/14/bp-cr ... -of-night/

A Gusher of Light Sweet Terror
http://www.veteranstoday.com/2010/06/14 ... et-terror/

BP engineer called doomed rig a 'nightmare well'
http://news.yahoo.com/s/ap/20100614/ap_ ... washington

The 51st Police State: U.S. National Guard being used to ‘fight crime’ in Puerto Rico
http://deadlinelive.info/2010/06/14/the ... erto-rico/

U.S. Pays $400 Million in Bonuses to Federal Employees
http://biggovernment.com/publius/2010/0 ... ernment%29

Pakistan spy agency controls the Taliban and plans attacks
http://www.telegraph.co.uk/news/worldne ... tacks.html

....see note and link on The Safari Club above....

Unemployment Extension:N.J.-OH-CA-MI-Everybody Is Hurting
http://www.usmoneytalk.com/finance/unem ... rting-906/

61% Underfunded Illinois Teachers Pension Fund Goes For Broke, Becomes Next AIG-In-Waiting By Selling Billions In CDS
http://www.zerohedge.com/article/61-und ... to+zero%29
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Re: Blipits

Postby »

Schultz: Deflation Now, Hyperinflation Soon
http://www.moneynews.com/StreetTalk/har ... ode=A109-1

....of course some claim we never had deflation and just call the housing bust a misallocation of resources.....while yet others say oh we've had a little deflation but now hyperinflation is upon us....and most of them ignore the fact that we've had at least a good 10 to 15 years of inflation ('95-'07) caused by the rapid accumulation of debt for which we currently are having great difficulty servicing (debt saturation) and when a person, city, state, or country hits that point.....additional debt only accelerates the time to default. For example, in Q4 '09 it took $5 of debt to increase GDP by .20 cents.......and in Q1 '10 it went negative so each additional dollar of debt actually decreases GDP.

So you go back to the fundamental economic principle of supply/demand and basically the demand for debt is collapsing thus collapsing the money created by debt which is what our current system is founded on.

There are numerous signs now that the endless so-called stimulus attempts of the Obama administration are being politically challenged. Here we see a proposal to bailout the States with $50 billion more; however, this one’s fate is already in doubt.


Albany Evades Shutdown, Resolution On State Budget

New York state lawmakers averted a government shutdown yesterday, but a state budget is 76 days late. The State Senate passed Governor David Paterson's latest emergency extender bill last night by 32-27 vote.

http://www.ny1.com/content/top_stories/ ... ate-budget

‘Double dip’ decline seen for housing
http://lansner.ocregister.com/2010/06/1 ... ing/68513/

Home demand off 20% without tax break
http://lansner.ocregister.com/2010/06/1 ... eak/68713/

The BoomBustBlog Pan-European Sovereign Debt Crisis Bankruptcy Search
http://www.zerohedge.com/article/boombu ... tcy-search

Pimco Cuts Half Its Gold Exposure, Says US AAA Rating Could See A "Lot Of Stress" Within 3 Years
http://www.zerohedge.com/article/pimco- ... in-3-years

Fannie Mae And Freddie Mac Worst Case Scenario Is $1 Trillion!
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

Economists consider tearing down homes to protect U.S. housing market
http://www.bankreorealestate.com/real-e ... arket.html

"UK" Holdings Of US Treasuries Go Exponential, As Foreigners Now Hold $3.96 Trillion Of American Debt
http://www.zerohedge.com/article/uk-hol ... rican-debt

Budget 2010: Britain's debt levels rising faster than expected, OBR forecast will show
http://www.telegraph.co.uk/finance/fina ... -show.html

EU Draft Says Spain And Portugal Need Far More Deficit Cuts, Warns Of Debt "Snowball" Effect, Sends Portuguese Spreads Wider
http://www.zerohedge.com/article/eu-dra ... fect-sends

To Illinois Residents: Move. Now.
http://market-ticker.org/archives/2407- ... -Now..html

153. We Ain’t Seen Nothin’ Yet
http://www.lewrockwell.com/lewrockwell- ... hin-yet-2/

Glimpses of the End Game
http://www.moneyandmarkets.com/glimpses ... 1?FIELD9=2

Big Pharma lies about statin drugs finally exposed in British Medical Journal
http://www.naturalnews.com/028988_stati ... fects.html

Commonly used blood pressure drugs 'increase cancer risk'
http://www.telegraph.co.uk/health/healt ... -risk.html

Mexico’s Proposed Police Force Model Requires Impetus
http://www.mexidata.info/id2696.html

Roughly 6.2 Million Mexicans Express Desire to Move to U.S.
http://www.gallup.com/poll/139391/Rough ... -Move.aspx

Over The Weekend: Mexico's Bloodiest Day; Open Transit of Migrants Urged
http://www.rightsidenews.com/2010061510 ... urged.html

B.P. Suppressing Evidence! Riki Ott Amazing Interview!
http://www.youtube.com/watch?v=Dvd-rpvO ... r_embedded

Expert suggests BP is hiding oiled animal carcasses
http://rawstory.com/rs/2010/0615/expert ... carcasses/

BP Hires Mercs to Block Oily Beaches (Updated)
http://www.wired.com/dangerroom/2010/06 ... z0qvj9xeZw

HEALTH ALERT: Deadly Clouds Of Gas Blowing Onshore From Oil Leak & Workers Getting sick
http://www.federaljack.com/?p=16015

Benzene And Hydrogen Sulfide: The Real Dangers From The Gulf Of Mexico Oil Spill?
http://endoftheamericandream.com/archiv ... -oil-spill

BP Death Clouds Already Onshore! Benzene-3400ppb & Hyrdrogen Sulfide-1200ppb TOXIC AIR ALERT
http://www.youtube.com/watch?v=eGxGVGiD ... r_embedded

THEODORE, Ala. – In a newly optimistic tone, President Barack Obama promised Monday that "things are going to return to normal" along the stricken Gulf Coast and the region's fouled waters will be in even better shape than before the catastrophic BP oil spill.

He declared Gulf seafood safe to eat and said his administration is redoubling inspections and monitoring to make sure it stays that way.

http://news.yahoo.com/s/ap/20100614/ap_ ... pill_obama

Congressional report clears ACORN of wrongdoing — after group forced to disband
http://rawstory.com/rs/2010/0615/prelim ... ars-acorn/

Robert Gibbs doesn’t know if Obama was born in the United States
http://www.ihatethemedia.com/robert-gib ... ted-states

US dumping toxic brew in Iraq
http://www.presstv.ir/detail.aspx?id=13 ... =351020201

BP: It’s Not a Contest Between the US and Britain; It’s a Contest Between Citizenship Interests and Shareholder Interests
http://robertreich.org/post/698686991/b ... ritain-its

Now, facing the possibility that oil from the Deepwater Horizon spill could arrive on its reefs and beaches in the coming weeks, many in the Florida Keys are once again angry about perceived fools and bureaucrats. In particular, they’ve watched how BP has monopolized and, in the eyes of many, mismanaged the oil cleanup in the northern Gulf of Mexico and are frantically trying to organize an independent local response.(See pictures of the oil spill.)

“We cannot wait. We have to be prepared,” says Dan Robey, whose website KeysSpill.com has gathered 4,000 volunteers, including 300 boat captains, who have offered to help before and after any potential arrival of oil. As Patrick Rice, dean of marine science and technology at Florida Keys Community College, puts it, “We will not allow the inept responses that have been happening up north to happen here.”

But there’s a problem with their plans for grass-roots activism: BP (and the Deepwater Horizon’s Unified Command, which BP runs with the Coast Guard and other agencies) has so far insisted on complete control of the cleanup operations. A BP spokesman told TIME that the only appropriate way for interested boat captains to become involved would be to register with the Unified Command’s Vessels of Opportunity program. Never mind that according to BP’s numbers, only a third of the 7,200 boats “under contract” through the program are in active service. Robey says captains in the Keys haven’t even been able to register. “It’s a joke, a total joke,” he says. “Our people have called them for over a month. They don’t return phone calls.” (Watch TIME’s video “Portraits from the Oil Spill.”)

http://stevenjohnhibbs.wordpress.com/20 ... anup-plan/

Long ribbons of orange-brown oil spotted 4 miles off Tampa Bay coast
http://www.floridaoilspilllaw.com/long- ... nds-photos

Army Plans $100 Million Special Ops HQ in Afghanistan
http://www.wired.com/dangerroom/2010/06 ... ghanistan/

The Next Generation May be 'Chipped'
http://www.pcworld.com/article/198664/t ... ?tk=hp_new

What's wrong with the sun?
http://www.newscientist.com/article/mg2 ... e-sun.html

Nasa warns that solar flares from space storm will cause destruction
http://theintelhub.com/2010/06/15/nasa- ... struction/

Electronic Armageddon? Congress Worries That Solar Flares Could Spell Disaster
http://www.foxnews.com/scitech/2010/06/ ... gle+Reader

Kamchatka volcano shows signs of activity - scientists
http://english.ruvr.ru/2010/06/13/9717580.html

Israel used Mavi Marmara sister ship in all Gaza flotilla FOOTAGE !!.
http://deadlinelive.info/2010/06/15/isr ... a-footage/

Pyongyang threatens ‘sea of fire’

The South Korean military beefed up security alerts yesterday, a day after North Korea again threatened to turn the South into a “sea of fire.”

The threat - which has been heard before in Pyongyang’s hostile rhetoric - followed South Korea’s installation of 11 loudspeakers along the military border.

The installation is the first step in a plan that may see the resumption of radio propaganda broadcasts for the first time since 2004.

The North’s Korean Central News Agency said on Saturday “the attempt to resume the psychological warfare” is tantamount to a “full-out war declaration,” that will bring about “military attacks on all battle fronts.”

http://joongangdaily.joins.com/article/ ... id=2921787

Apparent major terrorist attack thwarted at big US base in Florida
http://www.debka.com/article/8849/

UPDATE:

....mother nature wreaking havoc with collection efforts....

BP: Ship fire halts oil capture in Gulf
http://news.yahoo.com/s/ap/20100615/ap_ ... spill_fire

Power Blackouts And Water Shortages Threaten Florida
http://www.zerohedge.com/article/power- ... en-florida

An Introduction to Drilling Offshore Oil Wells
http://www.treesfullofmoney.com/?p=1610

....best analysis I've seen on the spill - thank you scrapbear....
http://www.theoildrum.com/node/6593/648967

BP E-mails Show Decisions Pre-Blast to Save ‘Lots of Time’ and Money
http://www.propublica.org/ion/blog/item ... mill#15301

President Obama: BP Spill Is An 'Assault'

To rousing applause from military personnel, Barack Obama has insisted that BP will be pursued over the oil spill "assault" making landfall on Florida's pristine shores. Mr Obama said that although only a fraction of the 27,000 national guardsman ordered to help have been deployed so far, thousands more will soon help thwart the slick.

Mr Obama linked the environmental challenge America faces to its struggle with ongoing wars it is fighting abroad.

"This is an assault on our shores and we are going to fight back with everything we've got... we will be fighting back with the greatest military in the world," he said.

"I am going to speak to the nation tonight about this," he said.

Mr Obama will give his first speech from the Oval Office to the American people over the issue facing the country and is expected to talk further about BP's responsibilities.

http://uk.news.yahoo.com/5/20100615/twl ... d0ae9.html
Bold and Underline mine

Detailing the G20 “security” pork fund
http://theintelhub.com/2010/06/15/detai ... pork-fund/

Confidential PG&E SmartMeter Presentations
http://publicintelligence.net/confident ... entations/

A Suggested Survival List
http://www.infowars.com/a-suggested-survival-list-2/

Vic Rawl: ‘Systemic’ failures in South Carolina voting systems
http://rawstory.com/rs/2010/0615/vic-ra ... na-voting/

.....is the last single thread - the franchise to vote.....showing signs of breaking???

“Our great Constitution has been beaten and torn until now it hangs by a single thread, and that thread is our franchise to vote.” (Ezra Taft Benson, Freeman Institute, Provo, Utah, 1976.)

Is a Hollywood liberal conspiracy keeping 'Red Dawn' away from theaters?
http://latimesblogs.latimes.com/the_big ... ters-.html

Unusual Trading in Stock Options Prior to 9/11: Government Destroyed Documents Regarding Pre-9/11 Put Options
http://www.globalresearch.ca/index.php? ... leId=19750

Fed Sells $1.15 Billion of Term Deposits in Auction (Update2)
http://www.bloomberg.com/apps/news?pid= ... VITA&pos=2

Here Come The Threats: Europe

You knew it was just a matter of time....

Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.

In an extraordinary briefing to trade union chiefs last week, Commission President Jose Manuel Barroso set out an ‘apocalyptic’ vision in which crisis-hit countries in southern Europe could fall victim to military coups or popular uprisings as interest rates soar and public services collapse because their governments run out of money.

How did that happen? Was it someone else's fault? Was it some "exogenous" event? Some natural catastrophe?

Or was it profligate spending, handouts and bailouts, promises made to public employee unions and intentional, willful and wanton bubble-blowing?

And by the way, how does a "popular uprising" destroy a representative government? That happens when the government stops representing the governed, doesn't it - and if that has happened you don't have a "democracy" any more, you have a ruling junta, whether you call it that or not.

The people always reserve, as a matter of fundamental human rights, to cast off - by peaceful means if possible, by other means if necessary - any government that has failed to be representative and/or responsive any longer. Doubt me? Go read The Declaration of Independence:

That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Not my words folks.

Those of brave men who lived more than 200 years ago. The United States of America exists because of those words - and brave men.

Don't ever forget it, or you'll get to relearn it.

http://market-ticker.org/archives/2408- ... urope.html

Stuck in place
http://www.economist.com/blogs/freeexch ... _markets_0

PHILADELPHIA – City lawyers called on local Boy Scout officials to muster "the courage of their convictions" and challenge their national group's ban on gays as a trial over government funding opened Tuesday.

The city of Philadelphia wants to end its $1-a-year lease to the local Boy Scouts chapter unless it rejects a Boy Scouts of America policy banning "avowed" gays. The city says the national rule violates a local law banning discrimination on sexual-orientation and other grounds.

http://news.yahoo.com/s/ap/20100615/ap_ ... s_eviction

Trace oil amounts detected in Great Salt Lake
http://www.deseretnews.com/article/7000 ... cid=rss-30
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Re: Blipits

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Explosives found in vehicle at Army base in Ga.
http://news.yahoo.com/s/ap/us_fort_gordon_explosives

“Whoever is careless with the truth in small matters cannot be trusted with the important matters.” ~ Albert Einstein

April data on foreign holdings of US Treasuries has arrived on the scene. Foreigners increased their stake to $3.96 trillion, or 47% of total marketable Treasury debt.


Fed dodges bullet as House drops audit idea
http://www.msnbc.msn.com/id/37718285/ns ... _business/

New York Fed’s New Powers May Come With Less Autonomy (Update1) - June 15 (Bloomberg) -- The Federal Reserve Bank of New York, which carried out central-bank rescues of money markets and Wall Street firms, is poised to have its powers expanded even more -- at the risk of reduced independence.
http://www.bloomberg.com/apps/news?pid= ... QsYE&pos=6

The Federal Reserve Warns About The Dangers Of The... Federal Reserve
http://www.zerohedge.com/article/federa ... to+zero%29

It's Official: Fed Governors Are Starting To Worry About A Double Dip
http://www.businessinsider.com/its-offi ... dip-2010-6

14 Reasons Why The U.S. Government Will Never Have A Balanced Budget Ever Again
http://endoftheamericandream.com/archiv ... ever-again

Christie orders planning for government shutdown - TRENTON - Gov. Christie has ordered cabinet members to begin planning for a government shutdown in case the state budget is not approved by the July 1 deadline.
http://www.philly.com/inquirer/local/nj ... z0qx22UKOK

At a meeting with legislative leaders today, Governor David Paterson pledged to have a state budget passed by Monday, June 28 or said that he would put all the elements of the budget into emergency extender bills.
http://www.ny1.com/content/news_beats/p ... y-june-28/

Midnight Tuesday night was the constitutional deadline for California’s legislature to pass a state budget. The legislature had to come up with a plan that closes a $19 billion deficit. That plan is a long way from getting done.
http://www.scpr.org/news/2010/06/16/cal ... deadline-/

California Considers Rate Increases - Board members of California's largest public pension fund said Tuesday they are likely to take more money from the state general fund to pay employee pension benefits, a proposal that has led to criticism at a time when the state faces a $19 billion deficit.
http://www.zerohedge.com/article/califo ... -increases

The Virginia General Assembly may need to reopen the state's two-year budget to reverse cuts to Medicaid eligibility that appear to violate provisions of the new federal health care law.
http://voices.washingtonpost.com/virgin ... _matc.html

New Mexico businesses will pay more taxes come January 1, 2011. State officials said they have no choice because more people than expected need unemployment insurance and they need it longer.
http://www.krqe.com/dpp/news/business/n ... more-taxes

Oregon's economy is stuck in neutral, with employment and unemployment both stalled and no big industry poised to give the state a shove. The seasonally adjusted unemployment rate remained at 10.6 percent in May, officials said Tuesday, the same as in March and April -- and essentially unchanged for seven months.
http://www.oregonlive.com/business/inde ... _in_n.html

State warns that many will see unemployment insurance payments stopped
http://www.centralvalleybusinesstimes.c ... /?ID=15483

Employer health care costs to jump 9% in 2011
http://money.cnn.com/2010/06/14/news/ec ... gle+Reader

Housing starts fell 10 percent, the biggest decline since March 2009, according to figures from the Commerce Department.
http://www.bloomberg.com/apps/news?pid= ... mKjI&pos=2

Total housing starts were at 593 thousand (SAAR) in May, down 10% from the revised April rate of 659,000 (revised down from 672 thousand), and up 24% from the all time record low in April 2009 of 477 thousand (the lowest level since the Census Bureau began tracking housing starts in 1959).
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

MBA: Mortgage Purchase Applications increase slightly, near 13 Year Low
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Toxic Pension and Municipal Bonds; State and Local Borrowing Hits All-Time High
http://globaleconomicanalysis.blogspot. ... nalysis%29

More than 90 U.S. banks miss May TARP payments - Third straight rise in number of banks missing payments
http://www.reuters.com/article/idUSN1615368020100616

Shadow Inventory to Take 3 Years to Clear: Standard & Poor's
http://www.housingwire.com/2010/06/15/s ... o-clear-sp

A Peak Point - "The Housing Market Is About To Take Another Tumble"
http://www.zerohedge.com/article/guest- ... her-tumble

As If A Million HFT Frontrunning Voices Cried Out And Were Suddenly Silenced: Fannie And Freddie To Delist From The NYSE - The two stocks that have been a perennial churn magnet for every liquidity-rebate collecting, and predatory HFT algorithm in existence, and on occasion have amounted to 20% of total market volume, have been halted and are announcing their intention to delist from the NYSE after receiving a directive from the FHFA.
http://www.zerohedge.com/article/if-mil ... -freddie-d

Obama Sells Economic Snake Oil
http://www.humanevents.com/article.php?id=37519

The Biggest Earmark: Empire
http://www.campaignforliberty.com/article.php?view=942

Sheriff: Mexican Drug Cartels Now Control Parts of Arizona
http://www.youtube.com/watch?v=9HzD3GPpCqI

Australian farmers brace for worst locust plague in 40 years
http://www.telegraph.co.uk/news/worldne ... years.html

Why Does Everyone Believe Spain Is About To Run To the EU/IMF For Help? It’s Math, Not Speculation!
http://www.zerohedge.com/article/why-do ... to+zero%29

Nightmare vision for Europe as EU chief warns 'democracy could disappear' in Greece, Spain and Portugal
http://www.dailymail.co.uk/news/worldne ... tugal.html

Jon Stewart: "Your campaign was premised on reigning in presidential power. WHAT HAPPENED??"
http://reason.com/blog/2010/06/16/jon-s ... mpaign-was

Disaster Compounds As Obama Blows Smoke to Calm the Sheep
http://theintelhub.com/2010/06/15/the-d ... the-sheep/

Army disses officer challenging Obama
http://www.wnd.com/?pageId=167005

You'll never guess what Obama saw at Gulf - Motorcade drove past electronic billboard: 'Where's the birth certificate?'
http://www.wnd.com/?pageId=167341

Oil estimate raised to 35,000-60,000 barrels a day
http://www.cnn.com/2010/US/06/15/oil.sp ... tml?hpt=T1

Scientists: Oil leaking up to 2.52M gallons daily
http://news.yahoo.com/s/ap/us_gulf_oil_spill_flow

16 Burning Questions About The Gulf Of Mexico Oil Spill That We Deserve Some Answers To
http://theeconomiccollapseblog.com/

Gulf Coast Disaster, Is it The Perfect Storm?
http://theintelhub.com/2010/06/15/gulf- ... ect-storm/

Mysterious illness plagues Gulf oil disaster workers
http://www.woai.com/news/local/story/My ... fSR4w.cspx

States’ Tally of Spill Worker Illnesses Exceeds BP’s Total
http://www.propublica.org/ion/blog/item ... t-bp#15308

Plan to Burn Excess Oil From BP Well Raises Health Questions
http://www.truth-out.org/plan-burn-exce ... tions60389

Evacuations for Gulf Coast residents? Benzene and methane poisoning air, threatening health
http://7bends.com/2010/06/10/evacuation ... residents/

Urgent: Unexplained Multi-State National Guard Mobilizations Raising All Sorts Of Red Flags
http://patdollard.com/2010/06/urgent-un ... red-flags/

Obama to create 'Gulf recovery czar': spokesman
http://www.google.com/hostednews/afp/ar ... VWUvq0K4jg

Gassed in the Gulf (Part I)
http://www.examiner.com/x-10438-Human-R ... evacuation

Gassed in the Gulf (Part II) Toward Full Spectrum Dominance
http://www.examiner.com/x-10438-Human-R ... on-Part-II

BP oil spill Corexit dispersants suspected in widespread crop damage
http://www.sfgate.com/cgi-bin/blogs/ybe ... y_id=65552

BP breaks ground on controversial B.C. Rockies project as oil gushes in Gulf
http://www.squamishchief.com/article/GB ... late=cpArt

Barack Obama turns the oil spill into his poor man's 9/11 to revive Cap-and-Trade climate legislation
http://blogs.telegraph.co.uk/news/geral ... gislation/

Senator aims to force unemployed to take drug tests
http://rawstory.com/rs/2010/0616/senato ... rug-tests/

At least 15 people have been killed and 12 are still missing after torrential rains caused flash flooding in southern France.
http://uk.news.yahoo.com/5/20100616/twl ... d0ae9.html

Update: Wikileaks ‘confirms’ it has video of US massacre in Afghanistan
http://rawstory.com/rs/2010/0616/wikile ... ghanistan/

The Afghanistan coincidence
http://www.infowars.com/the-afghanistan-coincidence/

Afghanistan: The Longest Lost War
http://www.globalresearch.ca/index.php? ... leId=19758

US forced to import bullets from Israel as troops use 250,000 for every rebel killed
http://www.globalsecurity.org/org/news/ ... ullets.htm

COL. EUGENE KHRUSHCHEV: AFGHANS DEEP DRUG DIVIDE
http://www.veteranstoday.com/2010/06/16 ... ug-cartel/

Global War Racket Exposed: Trillions in Resources & Funding Our Enemies
http://daviddegraw.org/2010/06/global-w ... r-enemies/

Crimes by Israel, Sanctions for Iran
http://www.globalresearch.ca/index.php? ... leId=19757

JIM W. DEAN: FAKED ISRAELI FLOTILLA VIDEOS PROVIDE OPENING TO EXPOSE ISRAELI EXPIONAGE HERE
http://www.veteranstoday.com/2010/06/16 ... nage-here/

Private Contractors and Covert Wars in Latin America
http://www.truth-out.org/private-contra ... erica60412

Kyrgyzstan carnage: 700 feared dead as looting, riots surge
http://www.youtube.com/watch?v=tGfSw_9UhtY

UN 'gravely concerned' over rising tensions on Korean peninsula
http://www.telegraph.co.uk/news/worldne ... nsula.html

Vaccines have destroyed lives for decades and the UK Government tried to cover it up
http://vactruth.com/2010/06/16/vaccines ... ver-it-up/

FTR #710 Update on 9/11 and Related Matters
http://spitfirelist.com/for-the-record/ ... cord%27%29

Did 9/11 provide cover for massive securities fraud by the Fed?
http://911blogger.com/news/2010-06-16/d ... -fraud-fed

SEC 'Revolving Door' Under Review - A Senate panel asked the Securities and Exchange Commission's inspector general to review the agency's "revolving door," which shuttles many SEC staffers into jobs with the companies they once regulated.
http://online.wsj.com/article/SB1000142 ... 94980.html

U.S. Passports Made In Thai Factory
http://www.judicialwatch.org/blog/2010/ ... -factory-0

White powder mailed to federal buildings in Northwest
http://edition.cnn.com/2010/CRIME/06/14 ... tml?hpt=T2

Steve Connor: We need a global debate on population
http://www.independent.co.uk/news/scien ... 99538.html

How Gay Days Made a Home at Disney World
http://www.time.com/time/magazine/artic ... 39,00.html

Could A Massive Solar Storm Permanently Change Life As We Know It In An Instant?
http://thisistheendoftheworldasweknowit ... an-instant

UPDATE:

BP said oil and gas siphoned from the well first reached a semi-submersible drilling rig on the surface of the Gulf around 1 a.m.

Once that gas reaches the rig, it will be mixed with compressed air, shot down a specialized boom made by Schlumberger Ltd. and ignited at sea. It's the first time this particular burner has been deployed in the Gulf of Mexico.

BP officials previously said they believed the burner system could incinerate anywhere from 210,000 gallons of oil to 420,000 gallons of oil daily once it's fully operational.

http://news.yahoo.com/s/ap/20100616/ap_ ... ontainment

BP / Gulf Oil Spill - June 12 MODIS/Aqua Image

This MODIS/Aqua satellite image, taken on June 12, has a broad sunglint pattern centered on the eastern Gulf that effectively illuminates the main oil slick as well as areas of what we interpret as much thinner sheen. The bright band of sunglint spanning this image reveals fine structure (squiggly bright lines) in areas to the east of what we interpret as the main area of oil slick; this structure can be caused by natural surfactants, or it may indicate very thin layers of residual sheen related to the ongoing spill. As on June 9, there is some ambiguity in our delineation of the area of slicks and sheen (orange line), which extends across an area of 23,140 square miles (59,932 km2) -- as big as our home state of West Virginia:

Oil appears to be making landfall across 40 miles of coast east of Mobile Bay, from Gulf Shores, Alabama to Perdido Key, Florida. Tendrils of oil, possibly thin sheen, reach toward the Florida coast from Pensacola almost as far east as Panama City. Some news accounts support this analysis.

And the government just revised the estimated leak rate from the well - they now say it's leaking anywhere between 1.5-2.5 million gallons per day, with the containment device currently capturing about 500-600 thousand gallons of that flow. That means that since BP cut the riser and installed the latest containment cap, at least 900 thousand gallons - and possibly as much as 2 million gallons - have entered the Gulf daily. At the high end that's nearly twice as much as the 1.1 million gallon estimate SkyTruth and Dr. Ian MacDonald of Florida State University made back on May 1.

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

Updated oil spill estimate during Day 58 (16-June-2010)
http://modernsurvivalblog.com/natural-d ... valBlog%29

Documents, Employees Reveal BP's Alaska Oilfield Plagued By Major Safety Issues
http://www.globalresearch.ca/index.php? ... leId=19763

One ton tarball
http://cgvi.uscg.mil/media/main.php?g2_itemId=907355

Gulf News Update: Underground Blowout Concern
http://www.youtube.com/watch?v=-PO6Q-na ... r_embedded

VIDEO: BP Admits That - If It Tries to Cap the Leak - the Whole Well May Blow Up
http://www.globalresearch.ca/index.php? ... leId=19765

....refer to this analysis posted by scrapbear for further detail on this aspect...
http://www.theoildrum.com/node/6593/648967

National Guard Training For Riot Control, Mass Detentions
http://www.shtfplan.com/headline-news/n ... s_06152010

The Most Dangerous Man in America: Daniel Ellsberg and the Pentagon Papers
http://www.mostdangerousman.org/

New RFID Chip Allows Government To Exterminate You At Will
http://theintelhub.com/2010/06/16/new-r ... u-at-will/

Food and Depopulation: International Takeover by the UN (Part 3 of 4)
http://www.morphcity.com/

Uptick in Violence Forces Closing of Parkland Along Mexico Border to Americans
http://www.foxnews.com/us/2010/06/16/cl ... americans/

Authorities Close Part Of Arizona To U.S. Citizens! "U.S. Gives Land Back To Mexico"
http://www.youtube.com/watch?v=um5tqCNV ... r_embedded

Bank Run in Spain and Its Destabilizing Ramifications for the Entire EU
http://www.infowars.com/bank-run-in-spa ... entire-eu/

Spain Plays High-Stakes Poker Game with Germany as Borrowing Costs Surge
http://www.globalresearch.ca/index.php? ... leId=19766

Welcome to part-time Britain: Record 7.8m workers are not full-time thanks to lack of jobs
http://www.dailymail.co.uk/news/article ... -work.html

US: Negative GDP And Full Blown Deflation
http://www.zerohedge.com/article/us-neg ... -deflation

More Inflation is on its Way
http://www.acting-man.com/?p=3034

....aww the great debate. Peter Schiff vs. Michael Shedlock. Inflation vs. Deflation. Will they print? Will confidence in the dollar collapse? What's going to happen?

IMO either could happen but I lean towards deflation for several reasons:

1) Deflation is the natural result of money created by debt and by injecting (printing) at key times they can control the rate of the downward spiral. Hyperinflation, on the other hand, once it has set in the minds of the people is nearly impossible to stop.

2) Deflation creates defaults....thus the transfer of assets to the bankers. Hyperinflation is major debtor relief. I can't see them working for nearly a century to enslave everyone in debt....and then suddenly hyperinflate out of it.

3) A prophet of God said to save some money for rainy days because rainy days are coming.

4) Multiple prophets as well as members of the twelve have counseled over and over to get out of debt. In a hyperinflationary environment you want to take out as much debt as you can possibly get as you can pay it back with much cheaper dollars. In a deflationary environment its the opposite....you don't want any debt because you'll have to pay it back with more expensive dollars.

At the end of the day you have to have inflation before hyperinflation. Look at the evidence around you. Are wages going up? Are prices going up (everything from houses to restaurant food)? Is the demand for debt going up or down? Is the total money supply increasing or contracting? Is money easier to come by or harder to obtain? Are interest rates going up or down (making money harder or easier to obtain)?

UPDATE 2:

Judicial Watch Files Complaint with Office of Special Counsel Requesting Investigation of Obama White House "Bribery Scandals"
http://www.judicialwatch.org/news/2010/ ... on-obama-w

U.S. Park Visitors Warned Of Mexican Smuggling Violence
http://www.judicialwatch.org/blog/2010/ ... g-violence

'Gay' judge decides future of homosexual 'marriage' - Ruling may impact matrimony laws in as many as 45 other states
http://www.wnd.com/?pageId=167485

ACLU asks South Carolina: Don’t erase voting machine records
http://rawstory.com/rs/2010/0616/aclu-s ... g-records/

Beaches Advisory Issued for Panama City Beach Pier
http://theintelhub.com/2010/06/16/beach ... each-pier/

Senate rejects jobless aid bill

A bill that would provide extended unemployment benefits through November ran into trouble today when the Senate spurned a motion that would have allowed the legislation to proceed to a vote, reports the Associated Press.

Today's setback comes after the California Employment Development Department sent out a notice that unemployment benefits would be cut off to "hundreds of thousands" of laid-off workers in the state after Congressional authorization for the payments expired June 2.

http://www.ocregister.com/articles/sena ... trong.html

United States Construction Industry in Death Spiral
http://www.safehaven.com/article/17172/ ... rticles%29

Iranian threats over Gaza keep USS Truman carrier in Mediterranean
http://www.debka.com/article/8852/

Asian Nations Impose Curbs to Slow Expanding Property Bubbles
http://www.bloomberg.com/apps/news?pid= ... Cybc&pos=3

Japanese Stocks Decline First Time in Six Days; Sony Retreats
http://www.bloomberg.com/apps/news?pid= ... v5t0&pos=2

U.K. Scraps FSA in Biggest Bank Regulation Overhaul Since 1997
http://www.bloomberg.com/apps/news?pid= ... qlYTAYtdpw

Osborne Reveals Financial Regulation Shake-Up
http://uk.news.yahoo.com/5/20100616/tuk ... dbed5.html

UK's New Chancellor Has Abolished The English SEC-Equivalent, The FSA
http://www.zerohedge.com/article/uks-ne ... valent-fsa

Fannie, Freddie Plunge After Moving to Delist Shares (Update4)
http://www.bloomberg.com/apps/news?pid= ... 7hQo&pos=6

....this where the taxpayers take a beating before selling out to private investors for pennies on the dollar....

The Gulf Of Mexico Oil Spill Is Making A Lot Of People Really Sick
http://endoftheamericandream.com/archiv ... eally-sick

The BP Deepwater Horizon, Macondo Well Blowout And What We Are Truly Facing In The Gulf
http://www.disinfo.com/2010/06/the-bp-d ... rmation%29

The U.S. wins the right to abduct innocent people with impunity
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Re: Blipits

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Is Homeland Security Expecting a Major Terror Attack?
http://www.activistpost.com/2010/06/is- ... cting.html

We are witnessing the increasing breadth and depth of the disaster caused by the explosion of a BP oil well in the Gulf of Mexico. As this tragedy continues to unfold, millions of Americans are asking themselves "why is the Obama administration dragging its heels in getting the clean-up efforts moving?"

Mr. President, you may not be able to cap that well singlehandedly, or suck up the guck with a straw, but please tell us why your administration appears to be doing its level best to destroy the livelihoods of hundreds of thousands of Americans and their families?

We all know he was aware of the size of the disaster very early on, but made minimal effort to convey this or respond to it appropriately. We all know that Louisiana Governor Bobby Jindal begged for three to five million feet of boom less than one week after the explosion and that he has only received about 800,000 feet as of the last week. We all know that President Obama is also Commander in Chief Obama who has access to the vast resources of the military, including the National Guard and the Army Corps of Engineers (pronounced "core," Mr. President, not "corpse," as in the 11 dead human beings in the oil rig explosion).

http://www.thedailybeast.com/blogs-and- ... pill-was-/

http://blogs.abcnews.com/politicalpunch ... -help.html

http://www.huffingtonpost.com/2010/05/2 ... 90291.html

Why, indeed? Could this tragic accident be just the crisis they need to try and ram another piece of horrible legislation down our throats? If the Obama administration can pull it off, the "Clean Energy Jobs and American Power Act of 2010" (S.B. 1733) will be the largest tax increase in American history at a time when the unemployment rate stands at 10.2%

And to top it off, last week Senator Mitch McConnell said from the floor of the Senate that BP lobbyists played a significant part in writing Cap-n-Trade bill now before them! We know Obama has no problem swimming with corporations if it furthers his ideologically driven agenda, contrary to his populist rhetoric.


Once a government pet, BP now a capitalist tool
http://www.washingtonexaminer.com/polit ... 42659.html

McConnell Charges That ‘Major Part’ of Democrats’ Cap-Trade Bill ‘Essentially Written by BP’
http://cnsnews.com/news/article/67454

FLASHBACK: BP gets OK to dump mercury into Lake Michigan
http://www.usatoday.com/money/industrie ... cury_N.htm

Numerous Congressional Members Deeply Invested in BP Stock, Reports Indicate
http://www.rightsidenews.com/2010061710 ... icate.html

No Signs that BP’s Tracking Role of Chemical Exposure in Worker Illnesses
http://www.propublica.org/ion/blog/item ... sure#15319

Day 59 – A Living Nightmare
http://theintelhub.com/2010/06/17/day-5 ... nightmare/

Gulf Power Plants Keep Close Watch on Oil Spill
http://news.discovery.com/tech/gulf-pow ... h-oil.html

Cuba prepares for BP oil spill
http://axisoflogic.com/artman/publish/A ... 0353.shtml

May Levels of Toxic Gases in Gulf Back Up Claim Made by Lindsey Williams
http://www.infowars.com/may-levels-of-t ... -williams/

Will the Gulf Oil Disaster Lead to an Explosion of the Seabed? Poisonous Gas Cloud and Tsunami Worst Case Scenario
http://www.redicecreations.com/article.php?id=11410

California Foreclosure Activity Drops
http://files.foreclosureradar.com/forec ... Report.pdf

The Federal Reserve Bank of Philadelphia’s general economic index dropped to 8, a 10-month low, from 21.4 in May. Readings above zero signal growth in the regional gauge, which covers eastern Pennsylvania, southern New Jersey and Delaware. Economists forecast the measure would fall to 20, according to the median projection in a Bloomberg News survey.
http://www.bloomberg.com/apps/news?pid= ... .rUw&pos=1

You Thought California State Pensions Were Out Of Control? Wait Until You See This Top 100 List of School Administration Pensions From Illinois...The total estimated cost of these pensions is almost $1 billion -- at $887,925,790 -- for 100 people!
http://www.theneweditor.com/index.php?/ ... is....html

New claims for jobless benefits rise sharply
http://finance.yahoo.com/news/New-claim ... et=&ccode=

Jobless claims jump by 12,000
http://www.upi.com/Business_News/2010/0 ... 276788807/

Out-of-work job applicants told unemployed need not apply
http://finance.yahoo.com/news/Outofwork ... 1.html?x=0

Federal benefits for unemployment may end

In California, people who are eligible for unemployment benefits receive up to 26 weeks of regular state benefits.

Until federal funding ran out, people who exhausted their regular state benefits and were still eligible for unemployment could receive four consecutive rounds of federal extended benefits: The first tier was up to 20 weeks, the second up to 14, the third up to 13 and the fourth up to six.

When the fourth ran out, they could move on to a final round of benefits with special rules known as Fed-Ed, for up to 20 weeks. That's a grand total of 99 weeks of unemployment.

Federal funding for all four tiers of extended benefits and Fed-Ed ran out at the end of May.

Most people thought Congress would extend funding before people starting missing checks, as it has done several times since the recession began. But with concern over the deficit mounting, that is becoming harder to do. The California Employment Development Department has begun notifying some people that their benefits could be interrupted or terminated. If Congress does nothing:

-- People who are receiving regular state benefits (up to 26 weeks) will continue receiving them until they run out, but will get nothing further.

-- People who are receiving one of the four tiers of federal extended benefits will continue receiving that tier until it is exhausted, but can not move on to the next tier or to Fed-Ed.

-- People who are receiving Fed-Ed will receive no more checks, no matter where they are in that round. The week ending June 12 was the last payable week for these benefits. As of Monday, almost 100,000 Californians were receiving these benefits, EDD says.

-- Any new claims filed after May 30 will not include the additional $25 per week stimulus payments. People already receiving the extra $25 per week payment will continue to get it until they exhaust whatever round of benefits they are receiving, but not thereafter.

At the end of May, the House passed H.R. 4213, the American Jobs and Closing Tax Loopholes Act, which would extend federal funding for extended unemployment benefits and the $25 weekly bonus through the end of November.

The Senate has not yet voted on its version of the bill, which also would extend benefits through the end of November. On Wednesday, a procedural vote to move forward on the bill failed to get the necessary 60 votes.

http://www.sfgate.com/cgi-bin/article.c ... 1E0646.DTL

Consumer prices dip again -- break for shoppers
http://finance.yahoo.com/news/Consumer- ... et=&ccode=

Freddie Mac: Mortgage rates up from yearly low
http://finance.yahoo.com/news/Freddie-M ... et=&ccode=

Housing starts fell 10 percent, the biggest decline since March 2009, to a 593,000 annual rate, Commerce Department figures showed today in Washington. Building permits, a sign of future construction, unexpectedly fell to a one-year low. Single-family starts suffered the largest drop since 1991.

http://preview.bloomberg.com/news/2010- ... -pace.html

The delinquency rate for loans held in CMBS is the highest since the series began in 1997. “Weakness in the economy has continued to weigh on commercial properties, which in turn weighs on the mortgages they back,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Economic growth, specifically in areas of jobs and consumer spending, will be key to stabilizing the commercial property and mortgage markets going forward.”

http://www.mbaa.org/NewsandMedia/PressCenter/73127.htm

High Default Rate Seen for Modified Mortgages
http://online.wsj.com/article/SB1000142 ... eftTopNews

Builder Survey Reports New Home Sales Down 27% in May
http://www.housingwire.com/2010/06/16/b ... -27-in-may

The Next Housing Crisis
http://www.counterpunch.org/whitney06152010.html

Earnings Warnings Threaten Double-Dip Summer
http://finance.yahoo.com/banking-budget ... et=&ccode=

Debt Wave May Wash Away Some High-Yield U.S. Firms, S&P Says
http://preview.bloomberg.com/news/2010- ... -says.html

$108 Billion In 2, 5, And 7 Year Treasury Issuance On Deck
http://www.zerohedge.com/article/108-bi ... to+zero%29

Up To £11.5bn Of Govt Projects Facing Axe
http://uk.news.yahoo.com/5/20100617/tuk ... dbed5.html

Economy may never recover from banking crisis, warns OBR
http://www.timesonline.co.uk/tol/news/p ... 150196.ece

European recession next year "almost inevitable" - Soros
http://uk.reuters.com/article/idUKTRE65 ... gle+Reader

French workers' fury as retirement age is raised... to 62
http://www.dailymail.co.uk/news/worldne ... e--62.html

Spanish banks break ECB loan record
http://edition.cnn.com/2010/BUSINESS/06 ... ain.banks/

Swiss National Bank Intervention Imminent
http://www.zerohedge.com/article/swiss- ... to+zero%29

Deficit Crisis: Cyprus, Denmark And Finland Join The Watchlist
http://www.zerohedge.com/article/guest- ... -watchlist

Can you guess which is the most indebted country in Europe?
http://blogs.telegraph.co.uk/finance/ed ... in-europe/

Europe bank stress tests to be published in July
http://www.marketwatch.com/story/europe ... 2010-06-17

Chasing The Deflationary Dragon
http://www.zerohedge.com/article/chasin ... to+zero%29

Yet Again the NRA Sells Out Freedom to the Democrats
http://www.redstate.com/erick/2010/06/1 ... democrats/

Dems close to campaign finance deal
http://www.politico.com/news/stories/0610/38500.html

‘Shotgun Sellout’: House Democrats cut special deal with NRA
http://www.campaignfreedom.org/newsroom ... l-with-nra

URGENT ALERT: NRA cuts deals to limit free speech
http://paracom.paramountcommunication.c ... efed8b3686

NRA exemption from campaign finance law ‘defies logic,’ group says
http://rawstory.com/rs/2010/0617/leadin ... close-act/

Complete List of Differences Between Obama and Bush
http://www.washingtonsblog.com/2010/05/ ... tween.html

Obamacare's control plan? 'Behavior modification'
http://www.wnd.com/index.php?fa=PAGE.view&pageId=167317

Senate Bill Gives Obama, Feds Control Of Internet
http://www.judicialwatch.org/blog/2010/ ... l-internet

Psycho Talk: MSNBC's Schultz Calls for Obama to Act 'Like a Dictator' -- Twice
http://www.businessandmedia.org/article ... 90937.aspx

Increasing Threats To The 9/11 Truth Movement
http://911blogger.com/news/2010-06-17/i ... h-movement

Jeremy Scahill on Blackwater Owner Erik Prince’s Rumored Move to UAE and Obama Admin’s Expansion of Special Forces Operations Abroad
http://www.democracynow.org/2010/6/17/b ... pecial_ops

Rabies vaccine being sprayed from the sky
http://vactruth.com/2010/06/17/rabies-v ... m-the-sky/

White Skies - The Global Warming Problem and Chemtrails
http://loveforlife.com.au/content/10/06 ... el-stetter

First, China. Next: the Great Firewall of... Australia?
http://www.time.com/time/world/article/ ... 15,00.html

Australia Under Siege by the NWO
http://loveforlife.com.au/content/10/06 ... -siege-nwo

Second Iranian ship to set sail this weekend
http://www.ynetnews.com/articles/0,7340 ... 36,00.html

Iran to retaliate any ship inspection in open seas
http://www.globalsecurity.org/wmd/libra ... irna01.htm

Russia to offer Turkey S-300 surface-to-air missiles
http://en.rian.ru/russia/20100616/159447213.html

Turkish troops pull back after Iraq incursion
http://edition.cnn.com/2010/WORLD/meast ... A+World%29

Turkey closes airspace to Israel Air Force, Jerusalem declares IHH terrorists
http://www.debka.com/article/8854/

Severodvinsk nuclear attack submarine
http://en.rian.ru/infographics/20100601/159255270.html

UN Official Warns of Extremism in Central Asia
http://www1.voanews.com/english/news/as ... 56119.html

America’s Agenda in Afghanistan
http://www.thetrumpet.com/?q=7269.5825.0.0

Afghan Mineral Wealth May Be Greater: $3 Trillion
http://abcnews.go.com/Business/wireStory?id=10937861

Taliban Can Keep Weapons Under New Peace Initiative
http://online.wsj.com/article/SB1000142 ... australian

Good news for smokers: Lung cancer risk could be halved by taking B vitamin
http://www.dailymail.co.uk/health/artic ... tamin.html

More than 100 earthquakes rattle California-Mexico border region after magnitude 5.7 temblor; more expected
http://latimesblogs.latimes.com/lanow/2 ... ected.html

America's new culture war: Free enterprise vs. government control
http://www.washingtonpost.com/wp-dyn/co ... 01854.html

Entering the Soviet era in America
http://warincontext.org/2010/06/16/ente ... n-america/

UPDATE:

Money Trail in Dubai Assassination Leads To Iowa
http://wrmea.org/component/content/arti ... iowa-.html

Caruba: Obama Asks America to Commit Suicide
http://www.federalobserver.com/2010/06/ ... t-suicide/

Personal Financial Information Of Members Of Congress Released
http://tpmmuckraker.talkingpointsmemo.c ... ckraker%29

Crisis
http://www.youtube.com/watch?v=CH0Dq-as ... r_embedded

Did the BP Oil Well Really Blow Out in February, Instead of April?
http://georgewashington2.blogspot.com/2 ... ruary.html

....this would support the stock selling scenario that took place between February and the end of April when the rig blew.....along with the double down on insurance by the rig operator...

No Progress in Weekly Unemployment Claims for Five Months
http://globaleconomicanalysis.blogspot. ... nalysis%29

UPDATE 2:

Heating up in Pakistan border areas
http://www.blackfive.net/main/2010/06/h ... ACKFIVE%29

Survivalist Family by Joe Fox
http://selfrelianceadventures.blogspot. ... y-joe.html

America's Coming Gulag
http://skepticaltexascpa.blogspot.com/2 ... gulag.html

US Debt Bomb – Be Very Afraid
http://sayanythingblog.com/entry/us-deb ... ry-afraid/

Illinois Debt Default Insurance Climbs to Record, CMA Data Show
http://www.bloomberg.com/apps/news?pid= ... cVN8&pos=4

How Gloria Steinem's CIA Role Was Censored
http://www.henrymakow.com/inside_the_ci ... a_ste.html

Thinking About Trellises for Tomatoes
http://thunderpigblog.blogspot.com/2010 ... der+Pig%29

Pocket Survival Kit
http://stealthsurvival.blogspot.com/201 ... l-kit.html

....Cold Steel 4th of July Sale....
http://www.ltspecpro.com/july-4th-sale.html

Parkland closed to US citizens along the border in AZ - The only part of this disgusting article I'll repeat is a quote from Pinal County Sheriff Paul Babeu: It’s shameful that we, as the most powerful nation on Earth, … can’t even secure our own border and protect our own families.
http://bitmaps-misc.blogspot.com/2010/0 ... along.html

USA invaded, surrenders

Gateway Pundit:

The federal government is now telling American citizens to stay out of three southern Arizona counties.
It is too dangerous because of armed smugglers from Mexico.

Is anyone answering the phone at "Homeland Security?"

http://hectorowen.blogspot.com/2010/06/ ... nders.html

More Updates On Three Gorges Dam 6/17/10 5 Million More People May Be Displaced!
http://sherriequestioningall.blogspot.c ... 61710.html

China censored news - Cracks in China's Three Gorges Dam - 300,000 People down stream
http://www.youtube.com/watch?v=a9bZBfFU ... r_embedded

US National Guard Training For Riot Control And Mass Detentions!
http://stevenjohnhibbs.wordpress.com/20 ... etentions/

40 million people in Gulf oil spill region to be “evacuated” by military, sources say
http://labvirus.wordpress.com/2010/06/1 ... urces-say/

Gulf Coast Oil Leak
http://www.pbs.org/newshour/rundown/hor ... spill.html

Lessons From Lithuania -- Part I
http://westernrifleshooters.blogspot.co ... art-i.html

World War 3: Mountains Of Israel To Be Major Battle Site – An Israeli (Ezekiel) View
http://pakalert.wordpress.com/2010/06/1 ... kiel-view/
Legion
Level 34 Illuminated

User avatar
 
Posts: 14407
Joined: Wed Apr 11, 2012 10:26 am

Re: Blipits

Postby »

....some financial stuff....post more later....

There is something seriously wrong in America. We all sense it, but few in the mainstream media are willing to touch it or can effectively articulate it within the public’s sound-bite oriented attention span. It isn’t just about the remnants of the financial crisis; it isn’t the protracted jobs recession and slow recovery; it isn’t the trillions of dollars in deficit spending; it isn’t the degree of rampant financial malfeasants. It is something deeper which reaches into the soul of who we are as a people and society. It will soon be the central theme to your investment strategy and financial security. On the surface it might appear we have lost our optimism about the future and our confidence that America is still the ‘beacon on the hill’ that countries around the world admire and look to for leadership. Though our children mouth the platitudes taught by older generations, they ring hollow in the hallways with video surveillance, motion sensors and metal detectors when recited by them. The high minded ideals seem misplaced in unemployment lines where they stand with freshly minted advanced degrees in hand, huge education debts and little hope other than the faint possibility of a non-paying internship position. It isn’t that the American people have changed. Our government has changed.

http://www.zerohedge.com/sites/default/ ... _Paper.pdf

Is The BP Media Blackout Campaign Endorsed By The White House?
http://www.zerohedge.com/article/bp-med ... hite-house

European Capital Flight (aka Bank Run)?
http://www.zerohedge.com/article/europe ... a-bank-run

Money Market Funds Plunge By $38 Billion In Prior Week, 1.5% Of Total, YTD Flow Differential Now At Record $134 Billion
http://www.zerohedge.com/article/money- ... -record-13

State Unemployment Rate Declines As Government Hiring Soars, Nevada Now Worst State In US
http://www.zerohedge.com/article/state- ... t-state-us

Bank Health by State
http://www.zerohedge.com/article/bank-health-state

Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing.

“Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt challenge, Greenspan wrote in an opinion piece posted on the Wall Street Journal’s website. “Long-term rate increases can emerge with unexpected suddenness,” such as the 4 percentage point surge over four months in 1979-80, he said.

http://preview.bloomberg.com/news/2010- ... eeded.html

UPDATE:

Ten Stories In The News That The BP Oil Spill Is Overshadowing
http://www.prisonplanet.com/ten-stories ... owing.html

GORDON DUFF: ISRAEL PLANNED IRAN ATTACK FROM CAUCASUS BASE
http://www.veteranstoday.com/2010/06/18 ... asus-base/

Turkey closes airspace to Israel Air Force, Jerusalem declares IHH terrorists
http://www.debka.com/article/8854/

Israel fears Lebanese ‘fast’ flotilla
http://www.jpost.com/Israel/Article.aspx?id=178694

Syria: Israel raid on Gaza flotilla raises risk of Mideast war
http://www.haaretz.com/news/diplomacy-d ... bled=false

Medvedev sees chance for new world order
http://www.ft.com/cms/s/0/81a03be0-7ac0 ... abdc0.html

Leaking Well at Platform 23051 Location - New Images
Radar satellite images taken on June 10 and June 18, 2010, show continuing slow leakage from a well at the location of Platform 23051 in the Gulf of Mexico, about 40 miles from the leaking Macondo well that is the source of the ongoing BP / Deepwater Horizon oil spill. Oil from that massive BP spill is visible in the lower right of both images (oil slicks are dark on these images):

http://blog.skytruth.org/2010/06/leakin ... kyTruth%29

Does Julian Assange Have Reason to Fear the U.S. Government?
http://www.theatlantic.com/politics/arc ... ent/58297/

The strange and consequential case of Bradley Manning, Adrian Lamo and WikiLeaks
http://www.salon.com/news/opinion/glenn ... /wikileaks

Costa Rican Newspaper Claims Israel Controls Panama Canal
http://deadlinelive.info/2010/06/18/cos ... ama-canal/

Who is this security firm that Martinelli hired?
http://www.thepanamanews.com/pn/v_16/is ... my_05.html

Cracks Show BP Was Battling Gulf Well as Early as February
http://preview.bloomberg.com/news/2010- ... -show.html

BP Admits That - If It Tries to Cap the Leak - the Whole Well May Blow
http://www.washingtonsblog.com/2010/06/ ... -leak.html

Gulf oil full of methane, adding new concerns
http://www.google.com/hostednews/ap/art ... AD9GDJBO84

BP Tells Cleanup Workers They'll Be Fired If They Wear Respirators
http://www.washingtonsblog.com/2010/06/ ... ll-be.html

BP reportedly threatens to fire cleanup workers for using their own protective gear
http://www.southernstudies.org/2010/06/ ... -gear.html

Health expert: BP running Gulf like a ‘prison warden’
http://rawstory.com/rs/2010/0617/expert ... on-warden/

Disaster capitalists: Halliburton to make money off oil spill
http://rawstory.com/rs/2010/0618/hallib ... oil-spill/

Judge favored by BP has financial ties to oil industry
http://www.cnn.com/2010/US/06/17/bp.jud ... tml?hpt=T1

Oil Spill May End Up Lifting GDP Slightly
http://blogs.wsj.com/economics/2010/06/ ... -slightly/

BP Gulf Oil Spill Is Already In Gulf Stream And May Hit North Carolina Beaches Any Day
http://blog.alexanderhiggins.com/2010/0 ... aches-day/

US military asks law enforcement to watch for Afghans gone AWOL while training at Texas base
http://www.brandonsun.com/world/breakin ... html?thx=y

EXCLUSIVE: Alert Issued for 17 Afghan Military Members AWOL From U.S. Air Force Base
http://www.foxnews.com/us/2010/06/17/af ... orce-base/

The Afghan puppet government is crumbling before our eyes. We must talk to the Taliban
http://www.dailymail.co.uk/news/article ... ds-newsxml

Trade war? Bill would ban government from buying Chinese
http://rawstory.com/rs/2010/0618/trade- ... g-chinese/

$7-a-gallon gas?
http://www.nypost.com/p/news/opinion/op ... elOV3k0RsK

Pentagon Zombie-Maker’s New Project: Suffocate, Freeze, Reanimate
http://www.wired.com/dangerroom/2010/06 ... reanimate/

New "Homeland Security" Toys Lower Boom on Privacy, Grease Usual Palms
http://antifascist-calling.blogspot.com/

DEFICIT TERRORISTS STRIKE IN THE UK - USA NEXT?
http://www.webofdebt.com/articles/defic ... orists.php

Nasa warns new meteor storm 'could damage Hubble and International Space Station'
http://www.telegraph.co.uk/science/spac ... ation.html

Scientists create GM 'Frankenfish' which grows three times as fast as normal salmon
http://www.dailymail.co.uk/news/article ... almon.html

Housing Collapse 2010?
http://endoftheamericandream.com/archiv ... lapse-2010

Kyrgyzstan's crisis is 'immense', says Red Cross
http://news.bbc.co.uk/2/hi/world/asia_p ... 336927.stm

Clinton says administration will sue over Arizona immigration law
http://content.usatoday.com/communities ... tion-law/1

Mexico's deadly drug violence claims hundreds of lives in past 5 days
http://www.washingtonpost.com/wp-dyn/co ... 03174.html

Italian economists slam austerity measures
http://www.telegraph.co.uk/finance/fina ... sures.html

Report: $1 Billion in Tax Dollars Given to Abortion Advocates
http://www.christianpost.com/article/20 ... index.html

Plagues!
http://thisistheendoftheworldasweknowit ... es/plagues

New AIDS-Like Disease Appears in China
http://www.theepochtimes.com/n2/content/view/37509/

Kamchatka volcano spews ash to 4,000 meters
http://en.rian.ru/natural/20100617/159456439.html

UPDATE 2:

COT Weekly Data Discloses Biggest Euro Short Covering Episode In History
http://www.zerohedge.com/article/cot-we ... de-history

China 1 Month Interbank Rate At Multi Year Highs, More Than Doubles In One Month
http://www.zerohedge.com/article/china- ... -one-month

ECRI Index Continues To Plunge, Drops By 2.2 To -5.7, And Just 4.3 Away From "Guaranteed" Double Dip Territory
http://www.zerohedge.com/article/ecri-i ... -territory

Ferocity Of Imminent Spain-Germany Cold War Will Only Be Second To Upcoming Fox Biz-CNBC No Holds Barred
http://www.zerohedge.com/article/feroci ... -no-holds-

IMF Sells 38.5 Tonnes Of Gold In Q2, As Saudi Holdings Higher By 180 Tonnes
http://www.zerohedge.com/article/imf-se ... 180-tonnes

Friday Bank Closing Report
http://dailycapitalist.com/2010/06/18/f ... italist%29

Unofficial Problem Bank List increases to 781 Institutions
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

91 Banks Miss May TARP Payment, 68 Banks Miss Multiple Payments; Top 10 Sovereign Debt Default Risks; New "Merle Hazard" Song - "Legal Tender"
http://globaleconomicanalysis.blogspot. ... nalysis%29

Treasury to Gain Expanded Powers in U.S. Financial Overhaul
http://www.bloomberg.com/apps/news?pid= ... gUicBhBSzM

Krugman vs. Greenspan on "That ’30s Feeling"; Calculated Risk Sides with Krugman, I Side with Greenspan - Courtesy of Calculated Risk here are a pair of articles, one from Krugman and another from Greenspan on the limits of debt.
http://globaleconomicanalysis.blogspot. ... nalysis%29

Report: Egypt refuses to stop Iranian ships
http://www.ynetnews.com/articles/0,7340 ... 16,00.html

Gaza-bound flotilla with all-female crew sparks controversy
http://www.mathaba.net/news/?x=623695

Gates: Iran could attack Europe with scores or hundreds of missiles
http://www.debka.com/article/8861/

Putin Declares New Russian Built PAK-FA Stealth Fighter Better Than F-22 Raptor
http://defensetech.org/2010/06/18/putin ... 22-raptor/

Hunt on for AWOL Afghan Soldiers in US
http://www.military.com/news/article/hu ... in-us.html

Storm Surge (June 18, 2010)
http://soho.nascom.nasa.gov/pickofthewe ... 18jun2010/

Short‐Term Energy Outlook Supplement: 2010 Outlook for Hurricane‐Related Production Outages in the Gulf of Mexico
http://www.eia.doe.gov/emeu/steo/pub/sp ... _sp_03.pdf

Katla Volcano 10X or 100X Eyjafjallajokull
http://modernsurvivalblog.com/natural-d ... valBlog%29

Another tornado outbreak...62 reports of tornadoes with over half of them coming from Minnesota.
http://weather.blogs.foxnews.com/2010/0 ... -outbreak/

Corexit 9500, EC9500A, EC9580A Product Safety Sheets
http://publicintelligence.net/corexit-9 ... ty-sheets/

Detonating nuclear bomb at BP oil spill site could end all life on planet
http://www.infowars.com/detonating-nucl ... on-planet/

FRIDAY OIL ROUNDUP:
http://www.nwfdailynews.com/news/beach- ... aches.html

Gulf of Mexico: ROV films oil leak coming from rock cracks on seafloor.
http://axisoflogic.com/artman/publish/A ... 0371.shtml

Oil Volcano Pressure Too Strong For Containment
http://www.rense.com/general91/oilor.htm

BP OIL SPILL: VOLCANIC TSUNAMI AND POISON GAS ALERT
http://www.youtube.com/watch?v=Z1cC8stYR3k

Get Used to Blackened Seafood, BP’s Spew May Continue For Years
http://www.veteranstoday.com/2010/06/19/36758/

Gulf Oil Leak: Was The Gulf Oil Spill Done On Purpose, Will It Be Cause For Evacuation?
http://www.youtube.com/watch?v=hG979JqzMfg

More Delay in Oil Cleanup as Coast Guard will Build Skimmers Rather than Use Foreign Help!
http://www.floppingaces.net/2010/06/18/ ... ng+Aces%29

Newlywed couple: Officer blocked us from ER during bride's stroke
http://www.wrcbtv.com/global/story.asp?s=12673455

Toothpaste, What Are You Swallowing?
http://www.teethbleachingplanet.com/too ... lanet.html
Last edited by Anonymous on Sat Jun 19, 2010 10:18 am, edited 4 times in total.
Legion
Level 34 Illuminated

User avatar
 
Posts: 14407
Joined: Wed Apr 11, 2012 10:26 am

Re: Blipits

Postby »

Jason wrote:....some financial stuff....post more later....

There is something seriously wrong in America. We all sense it, but few in the mainstream media are willing to touch it or can effectively articulate it within the public’s sound-bite oriented attention span. It isn’t just about the remnants of the financial crisis; it isn’t the protracted jobs recession and slow recovery; it isn’t the trillions of dollars in deficit spending; it isn’t the degree of rampant financial malfeasants. It is something deeper which reaches into the soul of who we are as a people and society. It will soon be the central theme to your investment strategy and financial security. On the surface it might appear we have lost our optimism about the future and our confidence that America is still the ‘beacon on the hill’ that countries around the world admire and look to for leadership. Though our children mouth the platitudes taught by older generations, they ring hollow in the hallways with video surveillance, motion sensors and metal detectors when recited by them. The high minded ideals seem misplaced in unemployment lines where they stand with freshly minted advanced degrees in hand, huge education debts and little hope other than the faint possibility of a non-paying internship position. It isn’t that the American people have changed. Our government has changed.

Yep... it is no longer a representative institution for the people by the people... it has morphed into organized crime, corruption, fraud, thievery and deceit on the grandest of scales where big money rules and the average American means nothing.
"Truth is in history, but history is not the truth." - Nicolás Gómez Dávila
Col. Flagg
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Re: Blipits

Postby »

Col. Flagg wrote:
Jason wrote:....some financial stuff....post more later....

There is something seriously wrong in America. We all sense it, but few in the mainstream media are willing to touch it or can effectively articulate it within the public’s sound-bite oriented attention span. It isn’t just about the remnants of the financial crisis; it isn’t the protracted jobs recession and slow recovery; it isn’t the trillions of dollars in deficit spending; it isn’t the degree of rampant financial malfeasants. It is something deeper which reaches into the soul of who we are as a people and society. It will soon be the central theme to your investment strategy and financial security. On the surface it might appear we have lost our optimism about the future and our confidence that America is still the ‘beacon on the hill’ that countries around the world admire and look to for leadership. Though our children mouth the platitudes taught by older generations, they ring hollow in the hallways with video surveillance, motion sensors and metal detectors when recited by them. The high minded ideals seem misplaced in unemployment lines where they stand with freshly minted advanced degrees in hand, huge education debts and little hope other than the faint possibility of a non-paying internship position. It isn’t that the American people have changed. Our government has changed.

Yep... it is no longer a representative institution for the people by the people... it has morphed into organized crime, corruption, fraud, thievery and deceit on the grandest of scales where big money rules and the average American means nothing.


Signs of the times.....things are heating up quick from vast numbers of angles....all over the globe. Gonna be some serious explosions here in the next couple of months of both earth and man!
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Re: Blipits

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BP rig worker reported oil leak weeks before Deepwater Horizon disaster
http://deadlinelive.info/2010/06/21/bp- ... -disaster/

Lots of sharks, lots of oil seen off Bon Secour
http://blog.al.com/live/2010/06/lots_of ... f_oil.html

Feds Blocking the Cleanup Effort
http://www.informationliberation.com/?id=30836

Obama hits golf course with Biden on another hot, humid weekend
http://thehill.com/blogs/blog-briefing- ... id-weekend

BP chief executive Tony Hayward has come under fire for spending the day watching his yacht take part in a race instead of co-ordinating the company's response to the Gulf oil spill.
http://www.metro.co.uk/news/831815-tony ... -arrogance

BP document: Worst-case scenario -- 4.2 million gallons daily in Gulf
http://www.cnn.com/2010/US/06/20/gulf.o ... tml?hpt=T1

Internal BP document claims Gulf oil gusher jetting up to 100,000 barrels per day
http://rawstory.com/rs/2010/0621/intern ... rrels-day/

Lindsey Williams Talks with Alex Jones About Deadly Gases Leaking from BP Spill
http://www.infowars.com/lindsey-william ... -bp-spill/

Green Comet Of Doom Gives Grave Warning As Gulf Apocalypse Grows
http://www.whatdoesitmean.com/index1381.htm

Toxic Oil Spill Rains Could Destroy North America Gulf of Mexico
http://www.activistpost.com/2010/06/tox ... could.html

BP Plans to Increase Oil Recovery Rate From Leaking Gulf of Mexico Well
http://www.bloomberg.com/news/2010-06-2 ... alted.html

17 big questions about the handling of the Gulf of Mexico oil spill
http://www.naturalnews.com/029030_Gulf_ ... spill.html

Japan, Russia and U.S. warships to dock in S.F.
http://www.sfgate.com/cgi-bin/article.c ... z0rVWV6XuN

Tornado rips businesses, arena in Billings, Mont
http://www.google.com/hostednews/ap/art ... QD9GFD2PO0

Yuan Strengthens Most Since 2005 After China Signals End to Peg
http://www.bloomberg.com/news/2010-06-2 ... ports.html

Napolitano: US must balance liberties, security
http://www.google.com/hostednews/ap/art ... AD9GDV11O0

Brown Brothers Warns On Deterioration In State And Local Government Deficits, Cautions Of Comparable European Collapse
http://www.zerohedge.com/article/brown- ... mparable-e

Meanwhile ECB Monetization Continues: €51 Billion In Sovereign Bonds Purchased To Date, €4 Billion In Past Week
http://www.zerohedge.com/article/meanwh ... -billion-p

Sen Kyl: President Admitted He Purposely Doesn’t Secure Mexican Border;Wants it Open for Leverage
http://blacklistednews.com/?news_id=9367

Peter Sutherland
http://www.trilateral.org/membship/bios/ps.htm

South Korean whistleblower Kim Yong-chul breaks silence on Samsung
http://www.csmonitor.com/World/Asia-Pac ... on-Samsung

Explosion at California water fuel research company kills inventor
http://pesn.com/2010/06/18/9501662_wate ... _inventor/

More flotillas for Gaza, Lebanese army joins Hizballah war alert
http://www.debka.com/article/8863/

Abnormal Radiation Detected Near Korea Border
http://www.military.com/news/article/ab ... order.html

Globe News Flashes From China - Flooding kills 155, as 1 million flee
http://rockthetruth2.blogspot.com/2010/ ... china.html

Mexico’s Police Strategies Must Shift to a Terrorism Model
http://www.mexidata.info/id2708.html

Political Considerations Surround Decision to Deploy National Guard to Southwest Border
http://www.migrationinformation.org/USf ... cfm?id=786

Trafficking in Persons Report - 2010
http://www.state.gov/documents/organization/142979.pdf

The U.S. War Addiction: Funding Enemies to Maintain Trillion Dollar Racket
http://www.alternet.org/story/147217/th ... ar_racket/

U.S. military criticized for purchase of Russian copters for Afghan air corps
http://www.washingtonpost.com/wp-dyn/co ... 30_pf.html

US/Israel to attack Iran? All "reasons" for war are obvious lies; beware false flag attack
http://www.examiner.com/x-18425-LA-Coun ... lag-attack

Report: US and Israeli warships cross Suez Canal toward Red Sea
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

Report: Armada of U.S. and Israeli Warships Head for Iran
http://www.informationliberation.com/?id=30835

US-led armada secretly drilled bombing Iranian targets, missile defense with Israel
http://www.debka.com/article/8866/

Europe could face hundreds of missiles in Iran attack, U.S. Defence Secretary warns
http://www.dailymail.co.uk/news/worldne ... n-U-S.html

California on 'verge of system failure’
http://www.theglobeandmail.com/report-o ... le1609891/

Cuckholded: public pension funds part two
http://dailycensored.com/2010/06/20/cuc ... ensored%29

Apartment owner on rental market: "Worst ever", Charge-offs triple
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Treasury Auction Schedule for the Week of June 21, 2010
http://treasuryauctionwatch.blogspot.co ... of_20.html

"Hellish heatwave" in Pakistan sets hottest temperature in Asia's history, 53.5°C (128.3°F); in India, hundreds die, death toll expected to rise as record temperatures soar up to 122°F
http://climateprogress.org/2010/06/01/r ... -wave-may/

World's biggest drugs 'super cartel' smashed by US authorities in Colombia
http://www.telegraph.co.uk/news/worldne ... ombia.html

California school launches cell tower study - The Vista Del Monte tower is 20 feet from classroom buildings and next to the playground and lunch tables......She has recorded nine current and former staff members who have been diagnosed with cancer.
http://www.kansascity.com/2010/06/14/20 ... -cell.html

IMINT: Air Force Operator With AOR 1 Camo and SCAR (maybe) - guessing game
http://kitup.military.com/2010/06/imint ... maybe.html

Watch the train dude - close call
http://xa.yimg.com/kq/groups/8911239/59 ... n_dude.wmv

U.S. govt. poisoned its own citizens during Prohibition
http://www.naturalnews.com/029029_Prohi ... oning.html

2010 JUNE 12 – 18
http://www.realityzone.com/currentperiod.html

UPDATE:

Missouri (Reuters) - A Supreme Court ruling in a case pitting environmentalists against biotech seed giant Monsanto Co may speed up a resumption of sales of genetically altered alfalfa, but any commercialization still depends on action by U.S. regulators.
http://www.reuters.com/article/idUSTRE6 ... mesticNews

Chester placed under a state of emergency
http://www.delcotimes.com/articles/2010 ... 445493.txt

NJ Naval base locked down due to ‘several simultaneous incidents’
http://rawstory.com/rs/2010/0621/milita ... incidents/

Rep. Giffords: Never Mind About U.S. Deaths, Do Our Military Bases Have Windmills?
http://biggovernment.com/bmiller/2010/0 ... ernment%29

Supreme Court ruling makes ‘it a crime to work for peace and human rights’: CCR
http://rawstory.com/rs/2010/0621/suprem ... pport-law/

BP, the White House, and Congress Are All Dirty
http://biggovernment.com/lkudlow/2010/0 ... ernment%29

CIA opens up about disastrous 1952 mission inside China
http://rawstory.com/rs/2010/0619/cia-19 ... ion-china/

Bank of England Given Full Power Over Economy
http://wideshut.co.uk/bank-of-england-g ... r-economy/

UPDATE 2: Highly recommend the bold titles as good reads on economic analysis.

Large Areas of Arizona Now Part of Mexican Narco State
http://www.infowars.com/large-areas-of- ... rco-state/

Pentagon revives Rumsfeld-era domestic spying unit
http://rawstory.com/rs/2010/0619/pentag ... ying-unit/

Systemic Crisis of the World Economy: Global Geopolitical Dislocation - Four Single Points of Failure: Strategic, Financial, Economic and Social Convulsions
http://www.globalresearch.ca/index.php? ... leId=19814

California Bankrupt?
http://endoftheamericandream.com/archiv ... a-bankrupt

(Reuters) - New Jersey politicians are due to battle on Monday over whether to slap a tax on millionaires or cut services for low-income senior citizens and the disabled.
http://www.reuters.com/article/idUSTRE65J1NQ20100620

CNN drops Associated Press
http://rawstory.com/rs/2010/0621/cnn-drops-press/

Al-Qaida warns of new attacks deadlier than before - CIA puts out another video
http://news.yahoo.com/s/ap/20100620/ap_ ... _spokesman

Where is the Oil Spill? Largest environmental disaster in U.S., and possibly world history
http://www.globalresearch.ca/index.php? ... leId=19813

Election eve in Utah
http://www.redstate.com/neil_stevens/20 ... e-in-utah/

Global Macro Update: Houston, We Have A Problem!
http://www.zerohedge.com/article/global ... to+zero%29

Escalating Solar Activity Will Destroy Global Power Grid & Modern Civilization
http://www.survivalistnews.com/2010/06/ ... ilization/

Could Super Solar Flares Take Us Back To 5000 BC?
http://www.huffingtonpost.com/dk-matai/ ... iew=screen

Gen. Mattis gets passed over for Commandant (language warning)
http://jcrue.wordpress.com/2010/06/21/g ... ommandant/

America and Christianity Reply: Survivalism, Socialism and Catholicism.
http://ferfal.blogspot.com/2010/06/amer ... GENTINA%29

Showdown In The Red Sea: US Sends 11 Warships to Confront Iran
http://stevenjohnhibbs.wordpress.com/20 ... ront-iran/

17 states had double digit unemployment in May (and that's the gubernet's numbers)
http://www.bls.gov/news.release/laus.t03.htm

New Fight/New Gear
http://www.downrange.tv/blog/?p=4131

Spain Goes For Broke In Sweeping Toxic Crap Under The Rug For Second Time In As Many Years
http://www.zerohedge.com/article/spain- ... many-years

UPDATE 3: Collection of articles on Persian Gulf action....apologize for duplication of previous posts....but I desired to group them all together here for better analysis

President Mobilizes Four Aircraft Carrier Groups to Persian Gulf
http://www.shtfplan.com/headline-news/p ... f_05212010

The March to War: Naval build-up in the Persian Gulf and the Eastern Mediterranean.
http://www.globalresearch.ca/index.php? ... a&aid=3361

Report: US battleships cross Suez Canal
http://www.ynetnews.com/articles/0,7340 ... 87,00.html

US, Israeli warships move to PG: Report
http://www.presstv.ir/detail.aspx?id=13 ... =351020205

Report: U.S., Israeli warships cross Suez Canal toward Red Sea
http://www.haaretz.com/news/diplomacy-d ... a-1.297068

Israel stations nuclear missile subs off Iran
http://www.timesonline.co.uk/tol/news/w ... 140282.ece

US War Ships Heading Though Suez Canal
http://indyposted.com/28383/us-war-ship ... uez-canal/

One another note:

Rockefeller shutting down Internet - Bills 773 & 778
http://www.youtube.com/watch?v=jCkCWxv3kUE

Obama internet 'kill switch' proposed
http://www.theage.com.au/technology/tec ... -yln6.html

Under new National Emergency powers, the US President has the authority to 'turn
off' the Internet if he decides to.

'Turning off' the Internet though, is virtually impossible. It was designed by t he military to be distributed, without a central control point. Like chicken wire with many paths connecting one end to another, as opposed to being centralized like a hub connected to a wheel with spokes. Where the wire/spokes represent t he transmission paths, and where those connect to other wires / hub,spokes or wheel, represent the source or destination of the transmission. With the Internet, if one transmission path becomes unavailable, an alternate path can be taken.

So, 'turning off' the Internet more likely to refer to the temporary removal of key Domain Name Servers (DNS's).

A Domain Name Server matches a website name to the IP address of that website. Without DNSs, Internet transmissions can only be done using IP addresses. E.g., If the Telstra DNSs become unavailable, Telstra customers would only be able to make website requests if they have the IP address of the website, Or if they had access to an alternative DNS.

If they new they IP address:
- http://www.google.com would NOT work, but http://74.125.19.99 would.
- N.b., Some websites are not configured to run off their IP addresses.

If they new an alternative DNS IP address (e.g.,the DNSs for iiNet, Optus or a free DNS):
- They could update their Internet Connection settings to use the alternative DNS.
- Once updated, and if the DNS is active, it would be possible to browse the web is normal.

What to do with this info? I have two suggestions.

1. Visit http://www.dnsserverlist.org/ and find some alternative DNS IP addresses. They are in the format xxx.xxx.xxx.xxxx. Save the page or record these on your computer.
- Learn how to change the DNS setting on your computer. I've linked a YT video on this.
- If your ISPs DNS becomes unavailable (as they sometime do and like mine did to night), it's possible to update the settings and connect to the www via a different DNS.

2. Check if the websites you use alot are accessible via IP address. If so, record the IP address
- Visit http://dns-tools.domaintools.com/ and enter the website homepage (not an internal page)
- try entering the returned IP address in the browser address bar. http://xxx.xxx.xxx.xxx/
- if the website accepts requests via IP address, the homepage will open

Of course all this won't help if the power is out, or someone cuts through a backbone cable, but if your DNS becomes unavailable you can continue to browse :)

How do you know if you have a DNS issue?
If your computer says that you are successfully connected to the Internet, but you can't browse to webpages, try connecting the IP address of the website (you did record it earlier, right?). If you can connect, it is a DNS problem. Try a few alternative DNSs until you find one that works well.

http://www.scribd.com/doc/33380704/Tues ... -June-2010

http://www.youtube.com/user/unclewooly
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Re: Blipits

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WEATHER/EARTH:

BP ‘burning sea turtles alive’
http://rawstory.com/rs/2010/0620/bp-bur ... les-alive/

Experts: BP Lowballing Size of Leaking Oil Reservoir
http://www.washingtonsblog.com/

Gulf Well Could Contain a Billion Barrels of Oil
http://www.cbsnews.com/stories/2010/06/ ... 6514.shtml

Frustrated locals not waiting for OK to stop oil
http://www.cnn.com/2010/US/06/21/oil.sp ... tml?hpt=C1

Oil spill containment efforts could be putting strain on damaged well
http://www.nola.com/news/gulf-oil-spill ... forts.html

Air tests from the Louisiana coast reveal human health threats from the oil disaster
http://www.southernstudies.org/2010/05/ ... aster.html

North America faces years of toxic oil rain from BP oil spill chemical dispersants
http://www.examiner.com/x-33986-Politic ... ispersants

‘Last hope’ of relief well not guaranteed to work
http://www.2theadvocate.com/news/96740619.html

Gulf Oil Leaks Could Gush for Years
http://news.nationalgeographic.com/news ... -cap-leak/

The Well from Hell
http://www.petroleumworld.com/sf10062001.htm

BP's First Nightmare Is Now Named Alex: Tropical Storm Heading For Gulf Of Mexico Ground Zero
http://www.zerohedge.com/article/bps-fi ... round-zero

Tropical Storm May Pose Threat to BP Spill Cleanup

The first storm of the Atlantic hurricane season may enter the Gulf of Mexico as soon as next week, possibly disrupting BP Plc’s efforts to clean up the worst oil spill in U.S. history.

http://www.bloomberg.com/news/2010-06-2 ... -gulf.html

A modest region of intense thunderstorms (Invest 93L) is over the central Caribbean, a few hundred miles south of Hispaniola. This disturbance has the best chance to become Tropical Storm Alex of any system we've seen so far this year. We don't have any buoys near 93L, but pressures at the ground stations surrounding the storm are not falling. A pass of the ASCAT satellite over the Central Caribbean at 9:45 pm EDT last night revealed a modest wind shift associated with 93L, but nothing at all close to a surface circulation. Top surface winds seen by ASCAT were 15 - 20 mph. Water vapor satellite loops show that 93L is embedded in a large region of moist air. The atmosphere over the Caribbean has moistened over the past day, which should aid development of 93L. Wind shear is a low 5 - 10 knots. The high wind shear associated with the strong winds of the subtropical jet stream are over the northern Caribbean, too far north to interfere with development, but close enough to provide good upper-level outflow for the storm. Visible satellite loops show high level cirrus clouds streaming away from 93L to the northeast, evidence of the upper-level outflow channel that is developing to the storm's north. Sea Surface Temperatures are plenty warm, a record 29 - 30°C. The Madden-Julian oscillation (MJO) currently favors upward motion over the Caribbean, which will act to increase the chances of tropical storm formation this week. The Madden-Julian oscillation is a pattern of enhanced rainfall that travels along the Equator from west to east. The pattern has a wet phase with large-scale rising air and enhanced thunderstorm activity, followed by a dry phase with large-scale sinking air and suppressed thunderstorm activity. Each cycle lasts approximately 30 - 60 days. When the Madden-Julian oscillation is in its wet phase over a hurricane-prone region, the chances for tropical storm activity are greatly increased. The main negative for 93L continues to be lack of spin. The University of Wisconsin 850 mb relative vorticity analysis is showing that spin at 850 mb (roughly 5,000 feet in altitude) has increased over the past day, but 93L needs to acquire additional spin before it can grow more organized. I speculate that it is this lack of spin that contributed to the loss of much of 93L's heavy thunderstorm activity last night. The storm is now going through a cycle where it is building another respectable mass of heavy thunderstorms, and the increased inflow of low-level air that will feed these thunderstorms will likely enhance 93L's spin today. The Hurricane Hunters are on call to investigate 93L on Wednesday afternoon.

http://www.wunderground.com/blog/JeffMasters/show.html

Oil Slick in the Gulf of Mexico
http://earthobservatory.nasa.gov/Natura ... &src=nhrss

BP / Gulf Oil Spill - MODIS Images, June 18 and 19

MODIS Terra and Aqua images on June 18 and June 19 have some cloud-cover problems but still show oil slick and sheen spanning areas of 11,278 square miles and 18,473 square miles respectively, with oil apaprently coming ashore from Gulf Shores, Alabama to points as far east as Seacrest and Rosemary Beach, Florida. Oil is also apparent in Pensacola Bay on the 18th:

Strong thunderstorms form large, dense masses of bright white cloud in this image -- one area of cloud obscures the location of the leaking Macondo well, source of the ongoing BP / Deepwater Horizon oil spill. Oil slicks and sheen viewed through breaks in the cloud cover at least 11,278 square miles (29,210 km2). Oil appears to be making landfall along the beaches of Perdido Key, Alabama, and east along the coast to Destin, Florida. Oil slicks also seem to occur within Pensacola Bay itself. Compare with the MODIS/Aqua image taken the next day, on June 19:

Not as many thunderstorms and cloudy patches on this image, revealing the continuing upwelling of fresh oil around the location of BP's leaking well. Slicks and sheen span 18,473 square miles (47,847 km2) on this image. Thin patches appear to be making landfall from Gulf Shores, Alabama to Perdido Key in Florida, and from Grayton Beach State Park to the Seacrest / Rosemary Beach area along the Florida coast.

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

Navy To Take Over Gulf Spill From Coast Guard?
http://theintelhub.com/2010/06/21/navy- ... ast-guard/

Max Keiser on Oil Spill: Rewarding Eco-Terror
http://www.youtube.com/watch?v=m_7Ej5pmLgw

Egypt confirms oil leak from rig off Red Sea coast
http://www.google.com/hostednews/ap/art ... gD9GFPMTO0

Tropical Depression Blas
http://earthobservatory.nasa.gov/Natura ... &src=nhrss

UPDATE 3-Hurricane Celia forms in Pacific off Mexico
http://www.msnbc.msn.com/id/37814870/ns/us_news/

RIO DE JANEIRO (AFP) – Floods after days of driving rain have killed at least 39 people in northeastern Brazil, and left 1,000 unaccounted for and another 100,000 people homeless, authorities said.
http://news.yahoo.com/s/afp/20100622/wl ... 0622114329

KVERT reported that although clouds prevented views of Bezymianny during 4-11 June, thermal anomalies were seen in satellite imagery during 4-5 and 8 June. The Aviation Color Code level remained at Yellow.
http://www.kscnet.ru/ivs/kvert/index_eng.php

ODVAS-SERNAGEOMIN reported on 8 June that the Alert Level for Melimoyu was raised to Green Level 2 due to increased seismicity during May, specifically starting with nine long-period earthquakes on 27 May. The next day six long-period earthquakes preceded two separate seismic swarms. The first swarm was located 2-12 km beneath the summit. Earthquakes in the second swarm were located 7-14 km S of the summit at depths no greater than 15 km. All earthquakes were M 2.5 or less.
http://www.sernageomin.cl/

INSIVUMEH reported that during 9-10 June Pacaya's MacKenney cone emitted white-and-blue fumarolic plumes that rose 300 m high, and generated sounds audible up to 5 km away that resembled airplane engines. Occasional ash plumes drifted 2 km NW. Lava flows continued to be active on the SE flank and moved at a speed of about 1 m per hour. Explosions continued from a lateral crater.
http://www.insivumeh.gob.gt/

Based on analyses of satellite imagery, the Washington VAAC reported that on 9 June a well-defined ash plume from San Cristóbal drifted about 115 km WNW.
http://www.ssd.noaa.gov/VAAC/messages.html

SVERT reported that a thermal anomaly from Tiatia was detected by satellite on 10 June. Tiatia does not have a seismic network; satellite image observations are the primary tool for monitoring many of the Kurile Islands volcanoes.
http://www.imgg.ru/rus/labs_vulcan_hazard.php

Although storm clouds occasionally prevented observations of Tungurahua's summit area during 9-12 June, steam-and-ash plumes were seen and rose to altitudes of 5.5-8 km (18,000-29,500 ft) a.s.l. Daily reports of ashfall came from multiple areas within about 8 km NW, W, and SW, but ash was noted as far away as 22 km NW and 25 km W on 9 June. Blocks, including some that were incandescent, occasionally ejected by explosions rolled at most 1 km down the flanks. Explosions caused noises resembling "cannon shots" and vibrating windows almost daily. During 13-14 June steam plumes from the crater and the NW flank rose 500-1,000 m above the crater and drifted W. An explosion on 15 June generated an ash plume that rose to an altitude of 7 km (23,000 ft) a.s.l. and drifted W.
http://www.igepn.edu.ec/

RVO reported that during 9-16 June white and gray plumes from Ulawun rose 800-900 m high. Fine ashfall was reported almost daily and affected the NW, W, and SW flanks. During 9-12 June occasional rumbling noises were reported. Fluctuating incandescence from the crater was seen at night on 9 and 10 June from observers in areas to the SW and for a brief period of time on 13 June from areas N. - Rabaul Volcano Observatory

Based on analyses of satellite imagery, the Darwin VAAC reported that ash plumes from Bagana rose to an altitude of 3 km (10,000 ft) a.s.l. during 13-14 June and drifted 75-205 km SW and W.

Based on analyses of satellite imagery, the Darwin VAAC reported that during 9 and 11-15 June ash plumes from Batu Tara rose to an altitude of 2.4 km (8,000 ft) a.s.l. and drifted 35-65 km W and NW.

The Darwin VAAC reported that during 9-10 June an ash plume from Dukono was seen in satellite imagery drifting 130 km W.
http://www.ssd.noaa.gov/VAAC/OTH/AU/messages.html

The Nordic Volcanological Center (NVC) at the Institute of Earth Sciences reported that on 9 June rumbling noises were heard at Gígjökull just before a steam cloud rose from the summit crater. The crater area was not visible the next day, but a few small shallow earthquakes beneath the summit crater continued to be detected. On 11 June white steam was mainly confined to the crater, but occasionally a steam plume rose higher than the rim. Heavy rainfall during the previous few days led to flooding along the Svadbaelisa River. The water contained a large amount of mud and flowed over levees into fields. NVC also noted that a lake about 300 m in diameter had formed in the large summit crater. Steam rose as high as 1 km from the rims, especially from the N side. Two small vents above the water level on the W side emitted brown-colored clouds.
http://www.earthice.hi.is/

INSIVUMEH reported that during 10-11 June multiple explosions from Fuego produced ash plumes that rose to altitudes of 4.1-4.3 km (13,500-14,100 ft) a.s.l. and drifted NW. Rumbling and "degassing" sounds were associated with the explosions. Occasionally incandescent material was ejected as high as 75 m above the crater and avalanches descended the flanks. Fine ashfall was reported in Sangre de Cristo, 10 km WSW. During a period of increased activity on 11 June, shock waves were detected as far away as 5 km.
http://www.insivumeh.gob.gt/

Based on information from the Vanuatu Geohazards Observatory, the Wellington VAAC reported that on 7 June an ash plume from Gaua rose to an altitude of 3 km (10,000 ft) a.s.l.
http://www.ssd.noaa.gov/VAAC/OTH/NZ/messages.html

KVERT reported that during 4-11 June seismic activity from Karymsky was above background levels, and suggested that possible ash plumes rose to an altitude of 2.5 km (8,200 ft) a.s.l. on 6 June. Satellite imagery revealed a thermal anomaly over the volcano during 4-5 and 8 June. Based on information from KVERT and Yelizovo Airport (UHPP), and analyses of satellite imagery, the Tokyo VAAC reported that on 11 June an eruption produced an ash plume that rose to an altitude of 6.1 km (20,000 ft) a.s.l. and drifted NE and SE. The Aviation Color Code level remained at Orange.
http://www.kscnet.ru/ivs/kvert/index_eng.php

During 9-15 June HVO reported that activity at Kilauea continued from the summit and the east rift zone. At the summit, the level of a lava-pool surface remained mostly stable in the deep pit inset within the floor of Halema'uma'u crater; glow from the vent was visible. A plume from the vent mainly drifted SW, dropping small amounts of tephra downwind. Vigorous bubbling of the lava surface was seen during 14-15 June.

At the east rift zone, lava flows that broke out of the TEB lava-tube system at 580 m elevation built up rootless shields. Minor surface lava flows from the shields were often active on the pali and the coastal plain, and advanced along the W side of the TEB flow field towards the abandoned Royal Gardens subdivision. The Pu'u 'O'o web camera recorded a growing and sometimes circulating lava pond on the crater floor that was an estimated 300 x 125 m in dimension. The pond was fed predominantly from a source near the N rim of the Pu'u 'O'o, with some contributions from a source near the S shore.
http://hvo.wr.usgs.gov/

KVERT reported that during 4-11 June seismic activity from Kliuchevskoi was above background levels and Strombolian activity was seen. Gas-and-steam plumes, occasionally containing a small amount of ash, were also noted. On 5 June ash plumes rose to an altitude of 7.3 km (24,000 ft) a.s.l. Satellite imagery revealed a large daily thermal anomaly from the volcano, and ash plumes that drifted 60-190 km NE on 5 and 8 June. The Aviation Color Code level remained at Orange.
http://www.kscnet.ru/ivs/kvert/index_eng.php

CENAPRED reported that during 9-11 June steam-and-gas emissions from Popocatépetl occasionally contained small amounts of ash. On 10 June an ash-and-steam plume rose 800 m above the crater. The next day an ash-and-gas plume rose 1 km above the crater. Later that day, another ash-and-gas plume rose 600 m.
http://www.cenapred.unam.mx/es/

Based on information from JMA, the Tokyo VAAC reported explosions from Sakura-jima during 12-14 June. Details of possible resulting plumes were not reported. On 15 June an ash plume at an altitude of 3 km (10,000 ft) a.s.l. was reported by a pilot.
http://www.ssd.noaa.gov/VAAC/OTH/JP/messages.html

KVERT reported that during 4-11 June seismic activity from Shiveluch was above background levels and hot avalanches were seen at night. The seismic data suggested that possible ash plumes rose to an altitude of 4.1 km (13,400 ft) a.s.l. during 3-4 and 6 June. Ash plumes were seen during 4-6 and 9 June rising to an altitude of 4.5 km (14,800 ft) a.s.l. Satellite imagery showed a large daily thermal anomaly over the lava dome, and ash plumes that drifted 100 km SE on 4 June. The Aviation Color Code level remained at Orange.
http://www.kscnet.ru/ivs/kvert/index_eng.php

MVO reported that rockfalls and pyroclastic flows from the Soufrière Hills lava dome occurred during 4-11 June. The largest pyroclastic flow originated in the collapse scar and traveled 1 km N. The Hazard Level remained at 3.
http://www.mvo.ms/

Effects of Volcanic Ash on Jets, Helicopters, and Small Aircraft
http://news.suite101.com/article.cfm/ef ... ft-a252303

Schultz Fire North of Flagstaff, AZ
http://earthobservatory.nasa.gov/Natura ... &src=nhrss

Schultz Fire in Flagstaff Prompts More Evacuations
http://www.myfoxphoenix.com/dpp/news/lo ... -6-21-2010

Firefighters battle blazes across Israel as temperatures soar
http://www.haaretz.com/news/national/fi ... bled=false

Earthquakes have slowed down abit
http://earthquake.usgs.gov/earthquakes/ ... es_big.php

Earthquake 'Prophet of Doom'
http://www.cnn.com/video/#/video/us/201 ... f.doom.cnn

At Least 175 Killed in Torrential Downpours in Southern China
http://english.pravda.ru/news/world/21- ... ownpours-0

FINANCE/ECONOMY:

The Meaning of “Austerity”
http://www.infowars.com/the-meaning-of-austerity/

Robin Hood In Australia
http://skepticaltexascpa.blogspot.com/2 ... ralia.html

LONDON (AP) -- Britain announced the toughest cuts to public spending in decades and new tax rises on Tuesday in an emergency budget aimed at sharply reducing the country's record debts.
http://finance.yahoo.com/news/UK-makes- ... et=&ccode=

....bet a nickel to a dollar the US will follow the UK lead with a 6 to 12 month lag time....

UK VAT Raised to 20%
http://www.economicpolicyjournal.com/20 ... to-20.html

Tax Increases Won’t Create Jobs
http://biggovernment.com/polson/2010/06 ... ernment%29

Germany and France examine 'two-tier' euro
http://www.telegraph.co.uk/news/worldne ... -euro.html

Housing Double Dip Accelerates As Existing Home Sales Plunge -2.2% In May Versus 6.0% Consensus, Down From 8% In April
http://www.zerohedge.com/article/housin ... us-down-8-

Existing Home Sales: Inventory increases Year-over-Year
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

European Bank Interest In ECB's Weekly "Monetization" Auction Plunges

As reported yesterday, the ECB today completed a weekly liquidity withdrawing operation consisting of Fixed Term Deposits, to "remove" the excess cash obtained from €51 billion worth of sovereign bond purchases. This was the sixth consecutive such auction, and the sixth consecutive decline in the bid to cover.

http://www.zerohedge.com/article/europe ... on-plunges

Making California solvent
http://www.latimes.com/news/opinion/com ... 6155.story

Florida Rolling the Dice with Pensions?

Chasing bigger investment returns, the agency that manages Florida's $113.8 billion public pension fund wants to make far riskier investment bets.

The state wants to reduce the pension fund's holdings in publicly traded stocks and bonds and triple its allocation to hedge funds and other private investments that are less liquid and harder to value.

http://www.zerohedge.com/article/florid ... e-pensions

In Budget Crisis, States Take Aim at Pension Costs
http://www.nytimes.com/2010/06/20/busin ... nsion.html

As Chinese Wages Rise, Machines Replace Migrant Workers
http://www.bloomberg.com/news/2010-06-2 ... rease.html

The US remained the world’s biggest manufacturing nation by output last year, but is poised to relinquish this slot in 2011 to China – thus ending a 110-year run as the number one country in factory production.
http://www.ft.com/cms/s/0/af2219cc-7c86 ... abdc0.html

Lord Rothschild fund joins World Gold Council to put £12.5m into BullionVault
http://www.telegraph.co.uk/finance/news ... Vault.html

Saudi Arabia: Gold Reserves Over Twice Previous Estimate
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

Gold Reclaims Its Currency Status as the Global System Unravels
http://www.lewrockwell.com/orig10/evans ... ard29.html

Money Supply Update
http://www.safehaven.com/article/17243/ ... rticles%29

....no one wants to admit that its really shrinking....

The IRA: Bruce, how do you explain the financial crisis to normal people?

Bartlett: We had a housing bubble for various reasons. When the bubble burst, the tendency to spend by consumers fell significantly. We know from empirical analysis that for each $100 increase in people's wealth, they spend $5-10 annually of that increase. This varies in terms of the type of wealth. They tend to spend more of housing wealth because consumers view this as more permanent. We had about a $10 trillion increase in housing wealth during the 2000s. This added somewhere between $500 billion to $1 trillion annually in spending. When the bubble burst, people cut back their spending by that same amount. That by itself was enough to bring on a recession, but it had another effect that is very important. As the spending fell, the rate of velocity of money in the economy also fell from a historical level of 1.9 to 1.7. This has the same, identical effect as a shrinkage of the money supply.

The IRA: It is called deflation.

Bartlett: Yes. We had a fall in velocity that resulted from a fall in consumer spending that resulted from a decline in home prices. Thus the question becomes how do you turn that around? Keynesian theory is the only response that makes sense under these circumstances. Monetary theory does not work in these circumstances because you are pushing on a string. You can't force people to spend it and that is the problem. There are unused reserve balances in banks sitting there gathering dust so we have to find some way of getting people to spend again because velocity of money in the financial system goes back up and monetary policy becomes effective again and we can go back in the other direction. When you are in a trough and people are reluctant to spend, there is only one institution that can respond and that is government.

The IRA: So why didn't the Obama stimulus work? The White House claims success, but all we see in the markets is deflation. Our friend David Kotok of Cumberland Advisers put out a piece last week saying that the BP spill and the related moratorium put in place by the Obama Administration will cost 1 million jobs in the oil sector.

Bartlett: The theory of what Obama did was quite correct, the trouble was in the implementation. Not enough of the stimulus stimulated spending and a lot of it was just transfers that had zero economic effect. The second problem is that the state and local governments had massive fiscal contraction that offset 100% of the federal stimulus.

The IRA: We see state and local governments around the country cutting back on current spending and also pension and benefits commitments. In New York, for example, we see mostly Democratic office holders leading an effort to repudiate pension commitments to public sector workers. This has to have a negative impact on consumer spending, as you pointed out, because it is reducing the perception of future wealth. And this is precisely the same reaction that you saw in America 100 years ago in times of economic crisis, namely cutting consumption and spending. Intellectually, we may have the Keynesian overlay for policy, but the human response to a reduction in income and wealth is to behave more conservatively.

Bartlett: The state and local governments did not have any choice. So we have no real support from monetary policy and, because of the reduction in spending by state and local governments, we have no net stimulus. All we can do is slowly work our way out.

The IRA: Very slowly. So long as the banking industry is charging off $2 in bad loans for every $1 in new loans made, credit available to fund future investment or current consumption is going to keep shrinking. That is the other part of the analysis that policy makers do not seem to understand. Thanks Bruce.

The IRA: So Josh, we want to sit you down for a longer discussion after the regulatory reform circus ends in Washington. How do you see the outlook for the economy?

Rosner: There are three issues or "headwinds" as I like to describe them, factors that were once positives for the economy or tailwinds, but are now a drag on the economy. I have discussed these in speeches and with clients for several years, but only wrote about them in a limited way.

The IRA: Do tell.

Rosner: The first issue is the two-income household. Beginning in the inflation of the 1970's, as wages under-paced asset price increases, we moved from one to two income families. This boosted current growth and real estate prices for decades, but we have reached the limit of this "fix" to support employment and real estate prices. Now the tailwind of two income families has become a headwind that is a drag on the economy. Household income data series don't properly account per per capita income per household. The shift has made household finances more fragile. It used to be if the family wage earner lost his/her job the other could replace some of that income, with spending rebalanced to two-incomes there is less household margin of safety in case of job loss.

The IRA: Elizabeth Warren has described this phenomenon in her book, The Two Income Trap. We could always take the kids out of school and put them to work. Then we can have a four income household. Hell, why not just close all the schools and sell the kids into indentured servitude in some friendly Middle Eastern nation? We can securitize the remittances from the children and use the proceeds to boost home values. Could be a whole new market for Wall Street.

Rosner: Not likely, but your comment illustrates the problem. We turned homes from savings vehicles to speculative vehicles - supporting equity extraction with the mortgage interest deduction exacerbated this. Unless we roll back child labor laws there is nothing left here in terms of expanding income to support future economic growth or to even stabilize house prices at current levels.

The IRA: Agreed. What else?

Rosner: The second issue is the democratization of credit. Beginning in late 1970's the move from charge cards to consumer revolving debt issuance changed the consumption patterns of an entire nation. The monthly debt service cost, not the value of the good or service, became the criteria used for making a purchase. Beside just super-charging consumption it commoditized luxury goods. Remember when the family on your block that owned a Caddy or Mercedes really was financially more wealthy? By the 1980s, the consumption function had shifted upward because of the expanding availability of credit. That trend is now reversed as banks, individuals and households are de-leveraging. The tailwind that drove consumption in the 1980-2007 period is now a big headwind.

The IRA: Yup. As our friend Jerry Flum, CEO of Credit Risk Monitor (CRMZ) likes to remind us, consumer debt is about pulling future purchases into the present. You can see this working against housing and consumer spending right now. That's why we have a down 9% estimate for residential home prices in the forward-looking survey that Bob Shiller started in May.

Rosner: The third headwind is demographic. Coming out of the recessions of the late 70's and 80's we were supported by the fact that the largest generation in US history was coming to peak earnings potential. These boomers are now moving to become the largest tax on the social safety net. The largest generation in U.S. history will retire with less equity in what has historically been the largest retirement and intergenerational wealth transfer asset for most families - their homes. In many cases, these people will have no net personal savings when they reach the end of their working lives and will essentially become wards of the state. This increased burden on the US Treasury, in a decade, is the largest unconsidered impact of the current crisis. I think we should create immediate incentives to saving in the home by replacing the mortgage interest deduction which incents equity stripping, with a principal tax credit based on annual paydown of mortgage principal.

The IRA: Incentivize savings instead of spending? Isn't that un-American? Thanks Josh.

http://us1.irabankratings.com/pub/IRAMain.asp

Banker's Corner: Business Loan Totals Continue to Slide - Data for commercial and industrial loans is out, and total business loans continue to slide.

As a business banker, these are the types of loans I make. I rarely get loan requests these days from a growing business needing more money to support that growth. In fact, most of my new clients have good businesses who had their former lines of credit cut in size by their former bank because their business shrank. Or, their former bank was overly conservative.

While the banking sector is still in trouble, and more conservative underwriting is the norm compared to a couple years ago, a good loan can still be made by healthy banks. I'm still making new loans when it makes sense based on good financials and a demonstrated repayment ability. It's not a funding ability for quality loans that's causing a decline in total business loans.

No, there's fewer businesses that actually need more money supported by a growing quality business model. There's lots of companies who need credit to stay alive with declining financials, and that's not a viable loan because there's no way to demonstrate an ability to repay the loan. I see a lot of this too, and unfortunately, they do not qualify for credit.

In many cases, what's really needed is a capital injection from business owners, because financials have declined in many cases where debt or leverage is too high, and it's equity or capital that's needed, not debt.

Getting back to the economy though, the continual decline in business loans is a sign of economic weakness. As a banker, I don't see growth with exception to the occasional business getting business because they are in an industry benefiting from stimulus money.

In the above chart, it wouldn't surprise me at all for total business loans to decline back to the 2003 low in the coming months. That's a very bearish expectation on the economy.

http://roseysoutlook.blogspot.com/2010/ ... otals.html

Pressure rising on healthcare long before overhaul takes effect
http://www.latimes.com/news/health/la-n ... 8584.story

WARS & RUMORS OF WARS/POLITICS/GOVERNMENT/STRATEGIC INFO:

DHS TRIPwire Overview
http://info.publicintelligence.net/TRIPwireOverview.pdf

Australian Government To Force Internet Users To Install State-Approved Software
http://www.infowars.com/australian-gove ... -software/

Apple now collecting, sharing precise location of iPhone users
http://rawstory.com/rs/2010/0622/apple- ... pad-users/

Gen. McChrystal called to Washington to explain anti-administration comments
http://www.washingtonpost.com/wp-dyn/co ... 00813.html

In Rolling Stone feature, McChrystal mocks Biden while aides slam Obama
http://rawstory.com/rs/2010/0621/rollin ... lam-obama/

U.S. indirectly paying Afghan warlords as part of security contract
http://www.washingtonpost.com/wp-dyn/co ... 04628.html

US May Fund Taliban Via Protection Racket
http://www.military.com/news/article/us ... acket.html

POLICE STATE: A.R.W.E.N. 37 Crowd Control Weapon
http://www.youtube.com/watch?v=ySS3o2BY ... r_embedded

Army Preps ‘Unblinking Eye’ Airship for Afghanistan
http://www.wired.com/dangerroom/2010/06 ... er+Room%29

Is Tim Bridgewater Crazy?
http://www.redstate.com/erick/2010/06/2 ... ter-crazy/

Ten dead among 54 shot aross city over weekend
http://www.suntimes.com/news/metro/2415 ... 10.article

....How's that gun ban working out for ya Chicago???

China angers US with plan to build nuclear reactors in Pakistan
http://www.telegraph.co.uk/news/worldne ... istan.html

US opposes Pakistan-Iran pipeline deal
http://www.jpost.com/Home/Article.aspx?ID=179002

Report: Hamas, Hezbollah and Iran to discuss 'possible Israeli attack'
http://www.ynetnews.com/articles/0,7340 ... 69,00.html

'Mariam' gets green light to set sail - All-female Lebanese aid ship to head to Cyprus first, says minister.
http://www.jpost.com/MiddleEast/Article.aspx?id=179047

HEALTH/FOOD:

Sheep For Slaughter: Is the Elite really trying to KILL us?
http://www.infowars.com/sheep-for-slaug ... o-kill-us/

Arsenic in water poisoned 77 million Bangladeshis
http://www.terradaily.com/reports/Arsen ... t_999.html

Millions face starvation in west Africa, warn aid agencies
http://www.guardian.co.uk/world/2010/ju ... est-africa

Roundup resistant weeds pose environmental threat
http://www.google.com/hostednews/ap/art ... gD9GFT01G0

Controversial Pesticide Worries Scientists
http://www.npr.org/templates/story/stor ... =127910253

Fungus attacks grain crops in Eastern Idaho
http://www.kidk.com/news/local/96767399.html

Court Lifts Ban On Genetically Modified Seeds
http://www.latimes.com/news/nationworld ... 3844.story

Monsanto Wins as Supreme Court Backs Alfalfa Seed Planting
http://www.bloomberg.com/news/2010-06-2 ... d-ban.html

Boing! Feds say Magic Power coffee contains Viagra drug
http://rawstory.com/rs/2010/0622/boing- ... agra-drug/

Sunscreen scam: We spend millions on protection, so why is skin cancer still on the rise?
http://www.dailymail.co.uk/femail/beaut ... -rise.html

....always check out Skin Deep for cosmetics safety data....
http://www.cosmeticsdatabase.com/

As scientists warn that regular mobile use CAN cause cancer just how safe is your mobile phone? This week, research concluded that just half an hour spent on your mobile every day could raise your risk of developing brain cancer by as much as 40 per cent.
http://www.dailymail.co.uk/sciencetech/ ... gle+Reader

GENERAL SIGNS OF THE TIMES:

Woman who has sex with boy honored as 'Person of Month'
http://www.wnd.com/?pageId=168525

Richard Dawkins among academics calling for compulsory evolution teaching at primary school
http://www.telegraph.co.uk/education/ed ... chool.html

Feds bash reliability of birth documents - Inspector general: Even certificates in doubt because of fraud potential
http://www.wnd.com/?pageId=168249

More Sharron Angle: "Harry Reid Has Raided the Social Security Trust Fund"
http://www.humanevents.com/article.php?id=37619

Obama's DOL Secretary Hilda L. Solis: You Have the Right to Be Paid Fairly Whether Documented or Not
http://www.youtube.com/watch?v=3owMAs2t ... r_embedded

Facing Federal Lawsuit, Arizona Governor Stands Her Ground on Immigration Law
http://www.foxnews.com/politics/2010/06 ... gle+Reader

Nogales police officers receive threat from Mexican cartel

NOGALES, Ariz. — A Mexican drug cartel has threatened Nogales police officers, saying they will be targeted for retribution if they conduct off-duty busts.

Nogales Police Chief Jeffrey Kirkham told the Nogales International late last week that the threats stemmed from an incident approximately two weeks ago, when off-duty officers surprised marijuana smugglers while riding horseback in an unincorporated border area east of town. The officers seized part of the drug load, and the smugglers were able to flee back into Mexico with the other part.

“As a result of that,” Kirkham said, “our officers have received threats from the cartel that they are to look the other way if they are off duty, or they will be targeted by a sniper or by other means.”

http://www.svherald.com/content/news/20 ... can-cartel

Thales Introduce Tactical, Multi Purpose Robots, UGVs
http://www.defense-update.com/products/ ... +Update%29

Energy Firms Paid To Shut Down Wind Farms During Wind
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

UPDATE:

$40 Billion 2 Year Auction Comes At 0.738% High Yield, 3.45 Bid To Cover
http://www.zerohedge.com/article/40-bil ... -bid-cover

American Airlines inspecting 767s after crack seen
http://news.yahoo.com/s/ap/20100622/ap_ ... nspections

LOS ANGELES (Reuters) - The Illinois Department of Health is investigating a salmonella outbreak that has resulted in almost 100 confirmed cases of illness in people who ate at Subway sandwich restaurants in the state.

Investigators confirmed 97 cases of Salmonella Hvittingfoss infection from 28 Illinois counties as of Monday, spokeswoman Kelly Jakubek told Reuters.

The uncommon strain of Salmonella, which sent 26 people to hospitals, but caused no deaths, has been linked to 47 Subway restaurants in central Illinois, she said.

http://finance.yahoo.com/news/Subway-re ... et=&ccode=

As I Made Very Clear In March, US Housing Has a Way to Fall
http://www.zerohedge.com/article/i-made ... s-way-fall

Obama Administration Knew About Deepwater Horizon 35,000 Feet Well Bore
http://oilprice.com/Energy/Energy-Gener ... -Bore.html

Popular Delusions
http://www.zerohedge.com/sites/default/ ... e%2022.pdf

America's New Budgetless Reality Is "Betrayal Of American Taxpayers", Says Republican House Leader John Boehner
http://www.zerohedge.com/article/americ ... leader-joh

Norway Foreign Minister Blasts G-20, Calls It "Greatest Setback For International Community Since World War II"
http://www.zerohedge.com/article/norway ... ity-world-

Germany-US Rift Gets Deeper, As Merkel Openly Mocks Obama's Keynesian Guidelines
http://www.zerohedge.com/article/german ... guidelines

MAXIMUM SUSTAINED WINDS ARE NEAR 100 MPH...160 KM/HR...WITH HIGHER GUSTS. CELIA IS A CATEGORY TWO HURRICANE ON THE SAFFIR-SIMPSON HURRICANE WIND SCALE. SOME STRENGTHENING IS FORECAST DURING THE NEXT 48 HOURS.
http://www.nhc.noaa.gov/text/refresh/MI ... 1440.shtml

White House spokesman: ‘All options are on the table’ including firing McChrystal
http://rawstory.com/rs/2010/0622/white- ... cchyrstal/

Bee decline could be down to chemical cocktail interfering with brains
http://www.guardian.co.uk/environment/2 ... ajor-study

Surprise: Health Insurance Premiums Spike Higher
http://biggovernment.com/publius/2010/0 ... ernment%29

Cigarette Tax Increased to Keep State Running
http://www.nytimes.com/2010/06/22/nyreg ... tml?src=me

....sucks to be a smoker with $10/pack prices....

Uh Huh - So It IS A Liability-Limiting Thing

If you're wondering why BP "agreed" to the $20 billion escrow fund, wonder no more....

In the end, one aim of the fund—and a prime reason BP agreed to it—will be to minimize lawsuits against the company. To do that, Mr. Feinberg will offer big lump-sum payments to workers and businesses as an enticement to stay out of court.

"At some point, I will have to make an offer—'You take this amount in full satisfaction of your claim, but only if you waive your right to future litigation,'" Mr. Feinberg said. "And if I package it right, people will see that it makes no sense to fight it out in court."

Ding ding ding ding.

Now there's the reason for it folks.

There was never a reason for BP to agree to this fund unless they got something in return. Now we know what it was - a means to cap off liability claims against the company, which could otherwise bankrupt them.

http://market-ticker.org/archives/2436- ... Thing.html
Legion
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Re: Blipits

Postby »

FINANCE/ECONOMY:

Unemployment dropped in 37 states and the District of Columbia, while six states had increases, and seven states remained flat.

Texas (+43,600), California (+28,300), New York (+21,000), Florida (+20,300), and Virginia (+20,300) saw the largest gains in employment. The most jobs were lost in New Mexico (1,700), South Dakota (-800), Idaho (-200), Montana (-100), and Nebraska (-100).

Nevada recorded the nation's highest unemployment rate, 14.0 percent, a record-high for the Silver State. This was the first time since April 2006 that a state other than Michigan registered the highest unemployment rate. North Dakota continued to report the lowest rate at 3.6 percent.

http://www.examiner.com/x-33202-Newark- ... -37-states

Teacher pension funds face massive cuts and vampire banksters
http://dailycensored.com/2010/06/22/tea ... ensored%29

Insurers Raise Individual Health Premiums an Average 20%, Kaiser Says
http://www.bloomberg.com/news/2010-06-2 ... -says.html

(Reuters) - Chinese state-owned banks are aggressively buying dollars for the yuan on Tuesday, traders said, but it was not clear if the buying was due to Chinese central bank intervention to keep the yuan stable.
http://www.reuters.com/article/idUSTRE65L0IO20100622

MBA: Mortgage Purchase Applications Decrease in Weekly Survey
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

AIA: Architecture Billings Index declines in May
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Maywood, California Fires all Employees, Becomes a 100% Contracted City
http://globaleconomicanalysis.blogspot. ... nalysis%29

Getting a Grip on Reality - Reflation Dead in the Water
http://globaleconomicanalysis.blogspot. ... nalysis%29

FDIC Holds off Raising Bank Insurance Premiums, Expects Bank Failures to Peak in 2010
http://globaleconomicanalysis.blogspot. ... nalysis%29

POLITICS/WAR:

There Will Be War
http://www.forbes.com/2010/06/21/iran-n ... hlili.html

Israeli defense ministry announces spy satellite launch
http://rawstory.com/rs/2010/0622/israel ... te-launch/

Military suicides remain high, especially among reservists
http://www.kansascity.com/2010/06/22/20 ... z0rfy24bYw

Blackwater deal puts officials on hot seat
http://blog.washingtonpost.com/spy-talk ... s=spy-talk

G20 Brings The Green Zone To Toronto
http://disquietreservations.blogspot.co ... ronto.html

HEALTH:

New doctors linked to unnecessary deaths, especially in July
http://www.naturalnews.com/029046_doctors_deaths.html

GENERAL:

“WE ARE WINNING THE WAR ON DRUGS” WAS A LIE
http://dailycensored.com/2010/06/22/we- ... ensored%29

An open letter to President Obama from Jon Voight
http://www.washingtontimes.com/news/201 ... on-voight/

Freedom Of Speech Is Dead!
http://endoftheamericandream.com/archiv ... ch-is-dead

Senators warn Obama: 'No amnesty by presidential fiat' - White House rumored to be planning stay of deportation for millions of illegals
http://www.wnd.com/index.php?fa=PAGE.view&pageId=169837

Mexican Gangs Maintain Permanent Lookout Bases in Hills of Arizona
http://www.foxnews.com/us/2010/06/22/me ... -parkland/

AZ Cops Threatened by Drug Cartel Snipers at Border
http://www.breitbart.tv/az-cops-threate ... at-border/

EARTH:

Severe drought threatens Thailand's rice harvest
http://news.bbc.co.uk/2/hi/business/10366821.stm

Shakers Are Piling Up
http://standeyo.com/NEWS/10_Earth_Chang ... -2010.html

Judge who nixed Gulf drilling ban has oil, gas investments
http://www.brandonsun.com/world/breakin ... html?thx=y

Louisiana Police Pull Over Activist at Behest of BP
http://motherjones.com/rights-stuff/201 ... -activist#

BP 'informed of leak' by worker weeks before oil spill
http://www.telegraph.co.uk/finance/news ... spill.html

Oil spill containment efforts could be putting strain on damaged well
http://www.nola.com/news/gulf-oil-spill ... forts.html

Say Goodbye to the Gulf Seafood Industry
http://blog.friendseat.com/effects-bp-o ... -industry/

Could Gulf Oil Leak Lead to Methane-Bubble Tsunami? BP Responds
http://www.politicsdaily.com/2010/06/21 ... -responds/

Gulf spill plays havoc with real estate
http://www.theglobeandmail.com/report-o ... le1612385/

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.
http://www.telegraph.co.uk/finance/news ... spill.html

Goldman Sachs beat oil spill debacle with BP shares sell-off
http://www.thisislondon.co.uk/standard- ... debacle.do

Former Shell exec predicts blackouts, gas lines
http://energyandenvironmentblog.dallasn ... s-bla.html

....Closing thoughts for this morning. Russia will survive the worldwide economic collapse better than the US thus catapulting them to an enhanced ability to respond and survive. Why? 51% of Russia's total agricultural output is provided by a decentralized structure of small (1/6 acre) farms (gardens) called dachas that are maintained by urban Russians....

Soil: The Foundation of Civilization
http://proliberty.com/observer//20090606.htm

THE SOCIOECONOMIC AND CULTURAL SIGNIFICANCE OF FOOD GARDENING IN THE VLADIMIR REGION OF RUSSIA
http://edt.missouri.edu/Spring2008/Diss ... search.pdf

UPDATE:

New-home sales plunge 33 pct with tax credits gone
http://news.yahoo.com/s/ap/us_new_home_sales

New home join the existing home sales double dip brigade, and plunge by an unprecedented 32.7%, nearly double the expected -18.7, compared to a previous reading of 14.7%. The government succeeded in making a mockery of this data series with all its ridiculous stimuli, and now we are officially in a housing double dip absent another massive stimulus bill. The median sales price of new houses sold in May 2010 was $200,900, lowest since December 2003, and a 9.6% drop YoY.
http://www.zerohedge.com/article/new-ho ... double-dip

NEW RESIDENTIAL SALES IN MAY 2010
http://www.census.gov/const/newressales.pdf

The previous record low for the month of May was 34 thousand in 2009; the record high was 120 thousand in May 2005. Months of supply increased to 8.5 in May from 5.8 April. The all time record was 12.4 months of supply in January 2009. Since the sales rate declined sharply, the months of supply increased - this is still very high (less than 6 months supply is normal).
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Update On 93L/Provisional Tropical Storm Alex: "Less Than 20% Chance Of Becoming A Hurricane"
http://www.zerohedge.com/article/update ... -hurricane

Mexicans Plotted to Blow Up Dam Kill 10000s Americans
http://www.youtube.com/watch?v=h6E94oHw ... r_embedded

Toxic Rain Falls in Louisiana
http://www.infowars.com/toxic-rain-falls-in-louisiana/

Indian Children Blinded, Crippled By Fluoride In Water
http://www.infowars.com/indian-children ... -in-water/

Political Mischaracterization of Fluoridation Opposition Dismays Scientists
http://www.prnewswire.com/news-releases ... 17849.html

As BP Works Through Backlog, Cleanup Worker Illness Stats Triple Since Prior Report
http://www.propublica.org/ion/blog/item ... port#15380

Breaking: General Stanley McChrystal tenders his resignation
http://blogs.telegraph.co.uk/news/tobyh ... signation/

Iran, BP and the CIA
http://www.counterpunch.org/wittner06222010.html

RNC staffer fired in sex scandal paid $100,000 to ‘keep quiet’
http://rawstory.com/rs/2010/0623/rnc-st ... eep-quiet/

Financial Crisis Conducive to Instability of Asia's Currency Markets: South Korea Imposes Currency Controls
http://www.globalresearch.ca/index.php? ... leId=19857

Obama Administration Keeping Blackwater Armed and Dangerous in Afghanistan
http://www.thenation.com/blog/36444/oba ... fghanistan

Wikileaks founder Julian Assange emerges from hiding, next big leak to be of the ‘calibre’ of publishing information about the way the top secret Echelon system had been used
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

"Dying Detroit":: The Impacts of Globalization. Social Decay and Destruction of an Entire Urban Area
http://www.globalresearch.ca/index.php? ... leId=19856

Big Oil Insider: Oil is as plentiful as water
http://www.mathaba.net/news/?x=623726

Amid crises, Obama declares war -- on Arizona
http://www.washingtonexaminer.com/polit ... 39529.html

Recovery? WHERE?

June 23 (Bloomberg) -- Purchases of new homes in the U.S. fell in May to a record low as a tax credit expired, showing the market remains dependent on government support.

The entire economy is dependent on government support.

But the government has no money. It is in fact borrowing nearly as much as it takes in via taxes.

If you made $20,000 a year, and borrowed another $20,000, for how long would your credit card company allow that to continue?

Why does the American Public continue to lap up this crap from CNBS and other media, along with the White House and The Fed?

Can you not figure out what would happen to you if you tried to run your personal family budget the way the government does?

"Quantitative Easing", "Easy Money", "Zero down mortgages" and all the rest - it is all a scam designed to impoverish you by stripping you of every asset you have now and as much of your future earnings as they can get you to sign away.

Housing, education, consumer credit, all of it. A scam. Every bit of it. Top to bottom.

http://market-ticker.org/archives/2442- ... WHERE.html
Bold and Underline mine

RPT-Commodity assets under management fall in May - Barclays

LONDON, June 23 (Reuters) - Global commodity assets under management fell to $291 billion in May from $294 billion in April, although inflows reached the second highest on record at $8.6 billion, according to Barclays Capital.

The bank said the fall in total assets under management or AUM was entirely due to price falls, with inflows increasing due to the resurgence of investor interest in gold exchange traded products (ETPs).

"Indeed, without the contribution of precious metals flows at over $5 bln, total flows to all investor products in May would have totalled $3 bln, the second-lowest flow level for this year," said Barclays.

http://www.reuters.com/article/idUSLDE65M0S620100623

......Is that the DEFLATION bell I hear ringing???

Here comes to dumbest news of the day - the New York State Comptroller, having forgotten that risk follows return courtesy of Bernanke and Obama's Global Put, has announced that the New York State Pension Fund will sue BP for the loss in BP shares. This is almost certain to lead to a massive surge in the troubled company's shares. According to recent 13F reports, the New York State Common Fund held 11 million shares of BP, at a end of Q1 value of $192 million. It is fair to say this value has been cut in half by now. If the NY fund is willing to sue a firm after it has lost about $100 million on a soured investment, things at the pension fund must be beyond bad.
http://www.zerohedge.com/article/ny-sta ... rop-shares

Deepwater Horizon: The Worst-Case Scenario
http://www.countercurrents.org/heinberg220610.htm

FTR #711 Interview (#1) with Russ Baker, Author of “Family of Secrets”
http://spitfirelist.com/for-the-record/ ... cord%27%29

Iran on war alert over "US and Israeli concentrations" in Azerbaijan

In a rare move, Iran has declared a state of war on its northwestern border, debkafile's military and Iranian sources report. Iranian Revolutionary Guards Corps men and equipment units are being massed in the Caspian Sea region against what Tehran claims are US and Israeli forces concentrated on army and air bases in Azerbaijan ready to strike Iran's nuclear facilities.
The announcement came on Tuesday, June 22 from Brig.-Gen Mehdi Moini of the Revolutionary Guards (IRGC), commander of the forces tasked with "repelling" this American-Israeli offensive. He said: "The mobilization is due to the presence of American and Israeli forces on the western border," adding, "Reinforcements are being dispatched to West Azerbaijan Province because some western countries are fueling ethnic conflicts to destabilize the situation in the region."

In the past, Iranian officials have spoken of US and Israel attacks in general terms. debkafile's Iranian sources note that this is the first time that a specific location was mentioned and large reinforcements dispatched to give the threat substance.

http://www.debka.com/article/8868/

Gilani: Pakistan 'Not Bound' by US Sanctions on Iran
http://www.globalsecurity.org/wmd/libra ... -voa03.htm

Iran warns Russia over failure to deliver S-300 missile systems
http://en.rian.ru/russia/20100622/159535120.html

Remains of 72 people found at World Trade Center site
http://www.telegraph.co.uk/news/worldne ... -site.html

How the ultimate BP Gulf disaster could kill millions
http://www.helium.com/items/1864136-how ... l-millions

SSGN Force Reaches Historic Milestone

BANGOR, Wash. (NNS) -- The Submarine Force announced it has achieved another first with all four guided-missile submarines (SSGN) deployed for the first time simultaneously June 10.

Although the West Coast SSGNs, USS Ohio (SSGN 726) and USS Michigan (SSGN 727), and East Coast SSGNs, USS Florida (SSGN 728) and USS Georgia (SSGN 729), have previously been underway at the same time, this milestone marks the first time all four SSGNs have been forward deployed away from their homeports.

http://www.navy.mil/search/display.asp?story_id=53975

From Hope To Barely Holding On
http://www.lewrockwell.com/north/north858.html

Obama seeks new drill ban as oil still spews
http://www.reuters.com/article/idUSN141 ... ws&sp=true

Haiti Remains In Rubble, Rebuilding Process Stalled
http://www.theepochtimes.com/n2/content/view/37898/

Iran must respond: Brazil
http://www.straitstimes.com/BreakingNew ... 44663.html

General Stanley McChrystal's White House showdown - live
http://www.guardian.co.uk/world/richard ... house-live

The Biggest Drug Addict in the World
http://www.thetrumpet.com/?q=7282.5839.0.0

Why China’s Currency Announcement is Hokum
http://robertreich.org/post/722610682/w ... t-is-hokum

CONCLUSION

The IMF does not have the capacity to bail-out Britain. In an extreme case, it might provide standby arrangements of US $30-40 billion a year for three years. Such amounts are small in relation to British fiscal deficits of US $240 billion per annum. Of course, it will be argued that, even in the case of an IMF bail-out, there will be no need for the IMF to totally fund UK borrowing. It is argued that once the IMF commits money and insists on a proper deficit and debt reduction programme, private international investors will fund the bulk of the necessary UK borrowing. That may, or may not, happen. It is a matter of confidence.

Without prospect of significant financing from the IMF, the politicians cannot avoid immediate and severe reductions in public spending. There is no risk of a British default on existing debt but, if these reductions do not happen, access to further funding may evaporate forcing an overnight reduction in spending so that it is covered by revenue.

Anthony Scholefield

http://www.britsattheirbest.com/003612.php

Here Comes the “Bathtub” Economy - In the last three years, the private sector has flipped from spending 4% of GDP to saving 7%, a massive deflationary swing. The net effect of this sobering scenario is to keep unemployment stuck around 10% and interest rates at bargain basement levels until 2012.
http://www.zerohedge.com/article/here-c ... 9D-economy

Commie Watch, Updated

A few words from comrade Sam Webb, Chair of the Communist Party USA, as spoken at the CPUSA's 29th National Convention June 3, 2010.

"What a difference between now and five years ago when we convened in Chicago! At that time, a Puerto Rican woman raised in the South Bronx didn't sit on the Supreme Court. Then the president didn't call for the abolition of nuclear weapons. Millions had no health care... Global warming wasn't on the White House agenda... And, an African American wasn't president. Now an African American is president, and much else has changed as we convene our 29th convention...

"[T]he long night of rule by the most reactionary groups on the political spectrum has ended...we contributed to the historic victory in 2008...

"In hindsight, I overstated the nature of the election victory... A decisive defeat of the right - signified by larger Democratic majorities... will profoundly alter the political landscape...

"Others (teabaggers and all) are captured by lies, half-truths, and hate-filled rhetoric steeped in a subtext of racism...

"Arizona's draconian and unconstitutional immigration law...Florida's governor [Charlie Crist] vetoed a rightwing-inspired overhaul of public education... The campaign for jobs and against Wall St. initiated by the AFL-CIO... The near-victories by Rick Nagin and Rudy Lozano in recent election campaigns are a sign of the times...

"You could easily say there was one mood before the health care bill passed and another mood afterwards. In fact, viewing the struggle through a dialectical lens, the bill's passage was not only a victory on its own terms, but it also changed the larger political dynamics of Washington and the country in a positive way...

"Yes we can!...

"For more than a year, the main issue that captured our energy and the energy of millions of others was health care reform. With the signing of a health care bill, our attention is shifting to job creation... It is urgent to win immediate legislative battles - unemployment compensation, the Harkin education jobs bill, the Miller Local Jobs for America bill, the Murray bill to help veterans find jobs, etc....

"The other key arena is the Congressional elections this fall... It's pretty clear that if the Democrats lose their majorities in Congress both the president and the broader people's coalition will be weakened...

Only an incredible grassroots effort... will turn back rightwing extremism and increase the Democratic majority in both chambers in Congress. Any less than that is playing with fire... We will join with the broader movement, including new formations like Organizing for America and MoveOn...

"I would argue that a relationship to the Democratic Party at this stage of struggle is a strategic necessity and later on probably a tactical requirement... In 2008, there was no other way to defeat the right without such a relationship. The same could be said about the health care struggle...

"[T]he Republican Party, which has turned into an instrument of unabashed racism - not to mention militarist, obstructionist, anti-working class, anti-immigrant, anti-women, homophobic, anti-democratic, anti-scientific, and so forth...

"Let's be blunt: there is no progressive alternative [to President Obama]. If the president loses in 2012, we will lose too, and the country will once again be in the hands of rightwing extremism. There is no option to the left of President Obama...

"In my view, President Obama is a reformer... whose agenda creates space for the broader people's movement to deepen and extend the reform process in a non-revolutionary period...

"When our movement is on the level of the popular upsurge of the 1930s and 1960s, we will be in a better position to say if his views are elastic enough to accommodate more deep-going change, as Roosevelt and Johnson did..."
..........
Just to recap, the Communist Party USA is in favor of

* President Obama, his win in 2008 (which the CPUSA takes some credit for) and his reelection in 2012.
* A Democrat majority in both houses of Congress.
* Charlie Crist, the AFL-CIO, Rick Nagin, Rudy Lozano, Organizing for America and MoveOn.
* ObamaCare, unemployment compensation, the Harkin education jobs bill, the Miller Local Jobs for America bill, the Murray bill.
* FDR and LBJ.

On the other hand, the CPUSA is against

* The Republican Party.
* The Tea Party movement.
* Arizona's immigration law.
* And, of course, free markets and limited government.

I know; it is so gauche to say "communist." But it is just kind of tough to report on the Communist Party USA without using that word. Please forgive my social awkwardness.

http://www.americanthinker.com/blog/201 ... dated.html

It's Raining OIL ( and Probably Corexit 9500 Dispersant ) on Louisiana Residents
http://www.youtube.com/watch?v=-nRQNKuYUfg

IT'S ALL IN THE NAME CHANGE
http://prorevnews.blogspot.com/2010/06/ ... hange.html

Insurance: "WSI ups 2010 hurricane forecast to 20 named storms" (am I bid 21?) and Sea Surface Temerature Anomaly Map
http://climateerinvest.blogspot.com/201 ... icane.html

Obama Administration OKs $1.5bn Hardest-Hit Mortgage Relief Fund Plans
http://www.housingwire.com/2010/06/23/o ... fund-plans

May New home sales lowest since at least 1963
http://www.ritholtz.com/blog/2010/06/ma ... Picture%29

.....Aren't interest rates still at near record lows????

Say hello to my little friend DEFLATION!!!

Side note: Isn't Utah interesting???

Naked woman steals cars, leads officers on chase
http://www.ksl.com/?nid=148&sid=11276905

UPDATE 2:

Something Broke: Containment Cap Removed From BP Oil Leak After Problems Encountered; Massive Increase In Spill Rate
http://www.zerohedge.com/article/someth ... sive-incre

Live Feeds
http://mxl.fi/bpfeeds/

BP's containment cap over well removed

(CNN) -- BP's containment cap over a ruptured Gulf of Mexico well was removed Wednesday after a robotic vehicle apparently bumped into a cap vent and closed it, raising the possibility of hydrates forming, said Coast Guard Adm. Thad Allen, the government's response manager.

Allen also said that two oil recovery workers in the Gulf of Mexico have died. One died in a swimming accident; the other was an operator of a boat, he said.

http://www.cnn.com/2010/US/06/23/gulf.o ... tml?hpt=T2
Bold and Underline mine

.....Swimming accident???

BP yanks containment cap after problem, oil flows unimpeded into the Gulf

AP WIRE BREAKING: "The Coast Guard says BP has been forced to remove a cap that was containing some of the oil gushing into the Gulf of Mexico.

"Coast Guard Adm. Thad Allen says an underwater robot bumped into the venting system. That sent gas rising through vent that carries warm water down to prevent ice-like crystals from forming in the cap.

"Allen says the cap has been removed and crews are checking to see if crystals have formed before putting it back on. In the meantime, a different system is still burning oil on the surface. Before the problem with the containment cap, it had collected about 700,000 gallons of oil in the previous 24 hours. Another 438,000 gallons was burned.

The current worst-case estimate of what's spewing into the Gulf is about 2.5 million gallons a day.

BP has pulled the containment cap off the drill site in the Gulf, and now oil is flowing at a faster rate than before.

Developing.............

http://rawstory.com/rs/2010/0623/bp-yan ... eded-gulf/

....gearing up for that hurricane next week!!!

Here's view from the sky...
http://www.n2yo.com/hurricane/

Oil gushing at spill site after vent damaged - Cap removed after sub hits vent; 2 cleanup workers die in separate events
http://www.msnbc.msn.com/id/37841204/ns ... n_the_gulf

Florida Gulf Oil Spill: Plans to Evacuate Tampa Bay Area Are In Place
http://www.veteranstoday.com/2010/06/23 ... -in-place/

Operation “Swift Fox” – Gulf Coast Evacuation to go live soon
http://labvirus.wordpress.com/2010/06/1 ... live-soon/

VENICE, La., June 23 (UPI) -- A tropical wave in the Caribbean could move into the Gulf of Mexico carrying potentially more bad news for oil cleanup efforts, forecasters say.

"We're going to have to evacuate the gulf states," Matt Simmons, founder of investment oil firm Simmons and Co., direly predicted in a Washington Post article published Wednesday. "Can you imagine evacuating 20 million people? ... This story is 80 times worse than I thought."

http://www.upi.com/Top_News/US/2010/06/ ... 277308800/

OPERATION DEADLY TIDE: POSSIBLE GULF EVACUATION
http://surfacereflections.wordpress.com ... vacuation/

Update – Hawk – Must listen!
http://theintelhub.com/2010/05/27/updat ... st-listen/

EXTREME ALERT — Gulf Coast Evacuation Contingency Plans Soon to Go Operational
http://gazbom.blogspot.com/2010/06/extr ... ation.html

....well should see pretty quick whether these guys are smoking crack or if they are for real....of course at the end of the day its all just games....

Forget ‘Guitar Hero’: FEMA wants you to play ‘Disaster Hero’ in upcoming emergency response game
http://theintelhub.com/2010/06/23/forge ... onse-game/

Health Risks from Oil Spill: "Some of the Most Toxic Chemicals that We Know" , "Every Place Can be Ground Zero", CDC Advises "Everyone" to Avoid Oil
http://www.washingtonsblog.com/2010/06/ ... me-of.html

Reports: IAF Landed at Saudi Base, US Troops near Iran Border

The Israeli Air Force recently unloaded military equipment at a Saudi Arabia base, a semi-official Iranian news agency claimed Wednesday, while a large American force has massed in Azerbaijan, which is on the northwest border of Iran.

http://www.israelnationalnews.com/News/News.aspx/138231

Israel Vows To Tighten Gaza Blockade – U.S. Media Reports Blockade Eased
http://www.infowars.com/israel-vows-to- ... ade-eased/

$38 Billion 5 Year Comes At 1.995% High Yield, 2.58 Bid To Cover
http://www.zerohedge.com/article/38-bil ... -bid-cover

Obama Has Relieved Gen. McChrystal Of His Command - At least according to NBC News, quoting US Sources. According to AP, he will be replaced by Petraeus. The teleprompter's appearance in 5 minutes should confirm or deny.
http://www.zerohedge.com/article/obama- ... is-command

Another volcanic eruption in Iceland?

In late May, the president of Iceland, Ólafur Grímsson, warned other European governments "that a significant eruption at the [Katla] volcano is close." He added "we have prepared; it is high time for European governments and airline authorities all over Europe and the world to start planning for the eventual Katla eruption."

If Katla explodes again anytime soon with a similar magnitude, MSB warns, it will have a “significant impact on today’s world. Regardless of the scale, air travel will be severely impacted, particularly in Europe, which will ripple down through the economies of the world.”

MSB also stated that historically, Katla erupts following the eruption of Eyjafjallajokull.

“Katla’s volcanic eruptions have ranged in duration from 13 days to as long as 120 days, while the last three Katla eruptions have been between 20 and 28 days,” it said.

A potential eruption at Katla could dwarf the financial damage caused by the April eruption, but would be impossible to calculate.

http://www.ibtimes.com/articles/30306/2 ... rlines.htm

Portuguese Bank Borrowings From ECB More Than Double In May, Hit All Time Record of €35.8 Billion - Earlier, we pointed out the abysmal results of the most recent 5 Year Portuguese auction, which came in at a whopping 4.657%, nearly 1% higher than the last such auction from just a month ago, which then closed at 3.7%. Alas, the deteriorating funding environment in Portugal is not a fluke - according to the Bank of Portugal, bank borrowings from the ECB surged in the past month, and doubled from €17.7 billion to €35.8 billion in May. As Steven Major from HSBC said, quoted by the FT: "These yields are approaching that magic number of 5 per cent that is likely to be charged by the European stability fund. If the yields keep going up at this rate, then they will be paying much more than 5 per cent next month, which is arguably unsustainable." And confirming the non rose-colored glasses reality was another banker who said: "These yields are not sustainable. Portugal will have to access the emergency stability fund if they continue to rise at this rate." Elsewhere, Greece continue to be bankrupt.

http://www.zerohedge.com/article/portug ... 58-billion

Absence of sunspots make scientists wonder if they're seeing a calm before a storm of energy
http://www.washingtonpost.com/wp-dyn/co ... 4.html?g=0

....interesting timing on this little tidbit.....after my Russian piece above...

Is America Destined to Starve? by USARMYGUYRETIRED
http://usarmyguyretired.com/wordpress/?p=308

Something Is Brewing Around Iran
http://modernsurvivalblog.com/current-e ... valBlog%29

.....If you are a gold lover....this one's for you!

In Gold We Trust
http://www.zerohedge.com/sites/default/ ... 20GOLD.PDF

.....now that's out of the way let's talk clear and present DEFLATION danger....here's my closer for the day!

What's Ben Gonna Do?

Every day the deflation story gets stronger. Almost all of the numbers in the US are pointing in that direction. A slowdown in the EU is a sure thing. Japan is going nowhere. China is a question mark, but even if they do continue growing it will not result in enough Eco. Juice to offset the global deflationary forces.

I was anticipating a slowdown in the 4th Q. It is now looking more likely that we will fall of a cliff starting July 1st. Extended benefits will be ending. Most states start a new fiscal year and they are all dead dead dead on revenue. Any benefit we got from the census will be in reverse gear. By August 1st approximately 1mm temporary workers will again be out of a job. Housing is falling off a cliff.

The market sees this. The ten-year is at an incredible 3.1%. The last few days of trading in gold has a smell of deflation as well.

Bernanke must be beside himself. He bet the farm to save the economy in 2009. He has done things that no other Fed head as ever contemplated. As betting goes, he is “all in” on this one. He bet the economy, our future solvency and his reputation. In my opinion there is no way he is going to throw in the towel and accept that deflation is inevitable.

Ben spelled out what he would do in the “unlikely” event that deflation became a real threat in his famous 2002 “Helicopter” speech. The full speech is here. This speech has been hashed many times before. Given the news of late it is worth relooking at what Ben had to say. Some excerpts:

Under a fiat money system, a government should always be able to generate increased nominal spending and inflation, even when the short-term nominal interest rate is at zero.


Well Ben, we have had ZIRP for two years now. It has made a difference. But zero interest rates have just bought time, not a recovery.

The U.S. government has a technology, called a printing press that allows it to produce as many U.S. dollars as it wishes at essentially no cost. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.


Ben has been running that printing press. QE created $1.75t. It has not had a lasting benefit.

The Fed could stimulate spending by lowering rates further out along the Treasury term structure. There are at least two ways of bringing down longer-term rates:
(I) Fed could commit to holding the overnight rate at zero for some specified period.
(II) A more direct method, which I personally prefer, would be for the Fed to begin announcing explicit ceilings for yields on longer-maturity Treasury debt. The Fed could enforce these interest-rate ceilings by committing to make unlimited purchases of securities.


Ben has done (I). As of yet we have not seen (II). For me it is scary that this is his “favorite” approach. That makes this one a sure thing if evidence mounts that we are rolling over. But this does not accomplish much in today’s markets. The 2-year is at 75bp. What is Bernanke going to do? Push that to zero also? He might.

The Fed could also attempt to cap yields of Treasury securities at still longer maturities, say three to six years.


Why stop at 6 years Ben? To make a dent he would have to have the 10-year at 1%. Is that what he has in mind? I think it is a real possibility.

An option would be for the Fed to use its existing authority to operate in the markets for agency debt.


We have done that already in a biblical manner. $1.25 trillion. Three months after the program ended the housing market is falling off a cliff. I would not be surprised if Ben re-established this program. Buying another $1 trillion would not accomplish anything but make the primary dealers rich. But a desperate Ben would do this again in a NY minute.

The Fed might next consider attempting to influence directly the yields on privately issued securities.


Oh boy, this is the beginning of the end. Ben would buy corporate debt. GE would be high on the list; the rest of corporate America would follow. Ben could buy BP bonds. That would solve our problems, wouldn’t it?

The Fed might make 90-day or 180-day zero-interest loans to banks.


Lights out when this happens. Ben will stop at nothing. This option is not far from reality. That said, if this happens the public backlash is going to be vicious.

The Fed has the authority to buy foreign government debt. Potentially, this class of assets offers huge scope for Fed operations, as the quantity of foreign assets eligible for purchase by the Fed is several times the stock of U.S. government debt.


The “nuclear option” is to buy up the sovereign debts of other countries. This would extend QE globally. In a way we just did this with the opening of $100b in swaps lines to the European central banks. This gives them the wherewithal to buy their debt. The ultimate is when the Fed starts doing it for their own account. I doubt this option is realistic. It would require the approval of the other CB’s. That said, should you see this headline buy lots of canned food and rice. If this step is implemented bread lines will follow.

It's worth noting that there have been times when exchange rate policy has been an effective weapon against deflation.


In this case the Fed would attempt to devalue the dollar in order achieve its goals. This of course would just destabilize everything else in the world and would insure a downward spiral in economic activity.

Most of the things Ben spoke of back in 2002 have already been tried (or are now in place) and have not worked. The remaining options do not appear to have much chance of working either. But that does not mean that we will not see these steps.

Ben has already destroyed savers. This is the consequence of his steps. It was not his goal, but he understood fully that savings would have to be penalized. He is in so deep at this point that I believe he will consider anything to protect his reputation in history. The one thing that he did not bring up in the 2002 speech was negative interest rates. While this option sounds ridiculous it can’t be excluded as a possibility. The SF Fed had a paper on this recently.

John Hilsenrath at the WSJ also put the idea of negative interest rates on the table in a recent piece. I think the article was from Ben’s lips, into John’s ear and then onto the front page of the Journal. If Ben has something to say on this matter he should address us all. He should not use a beard to influence public/market thinking.

How could something as crazy as negative interest rates work? Consider this from none other that Harvard economist Greg Mankiw. He had this to say on the subject back in March of 2009:

I can now state the proposed solution: Reduce the return to holding money below zero. Imagine that the Fed were to announce that it would pick a digit from 0 to 9 out of a hat. All currency with a serial number ending in that digit would no longer be legal tender. Suddenly, the expected return to holding currency would become negative 10 percent.


This bit of lunacy comes from one of our best and brightest economists. Should this (or any other negative % plan) be implemented it would mean that a depression is just a few months away. The last desperate acts would insure that we would fall into a very big hole. We will hear more on these “emergency” measures in the coming months. Should any of them come to pass, be guided accordingly. These steps will only agonize what must come.

http://www.zerohedge.com/article/whats-ben-gonna-do

.....I've covered this in the Deflation/Inflation thread awhile back. We are hitting the fork in the road where they will not be able to mask the deflation. They must either truly inflate or show the cards. The article above does a nice job of succinctly laying out the economic cliffhangers ahead.

The problem with the article above is the general perception that Bernanke is playing a straight up game. That's preposterous without even diving into the conspiratorial view of history. He's lied to us how many times now??? He's right up there with Obama in that regard.

Inflation could happen....black helicopters could appear and drop bag fulls of DEBT FREE money in people's backyards. The guv could kick in $100k tax rebates. Congress could grab the bull by the horns and start printing loads of debt free money. Until either of those things happen (or something similar)....I'm not buying the inflation/hyperinflation scenario.

I fully expect the gloves to come off shortly (appearing to acquiesce to the public's demands for fiscal responsibility and accountability) with big cuts in spending. Similar to what's currently happening in the UK.

One good measuring stick is if Congress truly does put the stops to the unemployment extensions. The resulting riots will give them another opportunity (crisis management) to give in to state's demands to step in with military order and control. This opportunity would be further enhanced if taken in step with another war action effort (Iran, North Korea, Pakistan, etc....which are all on the table right now with Iran being the hottest)......and taken in lock step with environmental crackdown on the Gulf coast (evacuation efforts, martial law, etc.) which is hot and getting hotter by the day.

JMO fwiw.....
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Re: Blipits

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EARTH:

Cap back after robot nudge stalls oil collection
http://news.yahoo.com/s/ap/20100624/ap_ ... _oil_spill

BP / Gulf Oil Spill - ASAR Image June 22, 2010 - The Power of Radar

Here's a great example of why radar is the go-to tool for mapping and monitoring oil pollution (and why I think the US needs to launch a civilian radar imaging satellite). The MODIS/Aqua satellite image taken yesterday afternoon is mostly obscured by heavy clouds over the area of the ongoing BP spill. But an Envisat/ASAR radar image taken the same day clearly shows oil slicks and sheen spread across an area of 26,053 square miles.

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

BP’s Oil Hits Florida Panhandle
http://www.infowars.com/bps-oil-hits-florida-panhandle/

.....If the oil hits the desalinization plant and nuclear power plant.....the upper Florida peninsula will be without power and fresh water for ???? long....

Oil soaks miles of Pensacola Beach
http://www.cnn.com/2010/TRAVEL/06/23/pe ... tml?hpt=T2

Federal Gov't Halts Sand Berm Dredging
http://www.wdsu.com/news/23997498/detail.html

B.P. Worker Warns Of Catastrophe In Alaska!
http://www.youtube.com/watch?v=3dLSv-KG ... r_embedded

NYT: BP Moving Ahead With Offshore Alaska Rig Despite Moratorium
http://tpmmuckraker.talkingpointsmemo.c ... ckraker%29

Methane in Gulf "As much as 1 million times the normal level": U.S. scientist
http://www.roguegovernment.com/index.php?news_id=21784

Gulf oil spill: Boat captain, despondent over spill, commits suicide
http://latimesblogs.latimes.com/greensp ... icide.html

lights and sound in the sky before canada earthquake
http://www.youtube.com/watch?v=mzNoNw-n ... r_embedded

The Weekly Volcanic Activity Report: 16 June-22 June 2010

New Activity/Unrest: | Etna, Sicily (Italy) | Gorely, Southern Kamchatka (Russia) | Ioto [Iwo-jima], Volcano Islands (Japan) | Nevado del Huila, Colombia | Pacaya, Guatemala | Tiatia, Kunashir Island | Tungurahua, Ecuador | Ulawun, New Britain

Ongoing Activity: | Batu Tara, Komba Island (Indonesia) | Dukono, Halmahera | Gaua, Banks Islands (SW Pacific) | Karymsky, Eastern Kamchatka (Russia) | Kilauea, Hawaii (USA) | Kliuchevskoi, Central Kamchatka (Russia) | Sakura-jima, Kyushu | Shiveluch, Central Kamchatka (Russia) | Soufrière Hills, Montserrat

http://www.volcano.si.edu/reports/usgs/ ... 00616#etna

1 dead, 3 missing in Guatemala volcano eruption - The government says it is evacuating 1,600 people from near the volcano and it has shut down the city's international airport. President Alvaro Colom has decreed a "state of calamity."
http://www.google.com/hostednews/ap/art ... QD9FVT1U80

Magnitude 6.1 - NEW BRITAIN REGION, PAPUA NEW GUINEA
http://earthquake.usgs.gov/earthquakes/ ... 10xxam.php

...CELIA STRENGTHENS TO A MAJOR HURRICANE AGAIN ...
http://www.nhc.noaa.gov/text/refresh/MI ... 1434.shtml

14,000-acre Arizona wildfire continues to burn
http://www.cnn.com/2010/US/06/23/arizon ... tml?hpt=T2

Warnings dropped after suspected tornado touches down in Midland
http://www.thestar.com/news/gta/article ... in-midland

I give 93L a 50% chance of eventually becoming Tropical Storm Alex, but the odds of it eventually becoming a hurricane have lessened to 10%. None of the computer models is calling for 93L to become a hurricane. - Extreme heat wave sets all-time high temperature records in Africa and Middle East...We've now had six countries in Asia and Africa that have beaten their all-time hottest temperature record during the past two months.
http://www.wunderground.com/blog/JeffMa ... rynum=1516

.....contrasted with

Hurricane Darby
http://earthobservatory.nasa.gov/Natura ... &src=nhrss

FINANCE/ECONOMY:

Mortgage rates sink to lowest level on record
http://news.yahoo.com/s/ap/us_mortgage_rates

New home sales plummet to record low
http://money.cnn.com/2010/06/23/real_es ... ome_sales/

Sales of U.S. New Houses Plunge to Lowest Level on Record
http://www.bloomberg.com/news/2010-06-2 ... ecord.html

Single-family home sales tumbled to a 300,000 unit annual rate, the lowest level since the series started in 1963, the Commerce Department said on Wednesday.
http://finance.yahoo.com/news/New-home- ... 2.html?x=0

Housing Double Dip Accelerates As Existing Home Sales Plunge -2.2% In May Versus 6.0% Consensus, Down From 8% In April
http://www.zerohedge.com/article/housin ... us-down-8-

Housing sales decrease in May, dashing hopes of quick recovery
http://www.washingtonpost.com/wp-dyn/co ... s_business

The jury is in on the post-tax credit housing market: transactions have evaporated.


....this is what is known as the Debt Saturation Point.....we have the lowest mortgage rates in history (cheap debt) yet no one is borrowing....Why? debt levels have reached the point where we are unable to service the debt we have let alone take on new debt.....and in reality cash out does not match cash in (insolvency).

In Q4 of 2009 it took 5 dollars of debt to generate 20 cents of GDP. We have now hit the Debt Saturation Point (Q1 2010) so each additional dollar of debt actually reduces GDP. Putting it in a personal analogy it goes like this - at your personal income level lets say you can service $100k of debt.....once you go past $100k of debt you are unable to service the debt you have at your current income level. Each additional dollar of debt you borrow beyond that point only buries you further and hastens the need for bankruptcy (insolvency & liquidation). The debt saturation point is not static as the cost of debt fluctuates as well as the income aspect. Lower interest rates (the cost of debt) and you raise the debt saturation point. Lower income levels and you lower the debt saturation point. Delay the payment of debt (balloon payments, option ARMs, bond rollovers, etc.) and you delay the debt saturation point....or date of insolvency.

The other major hurdle is the function of money in our system. Since new money is created by debt and the money for interest costs is never created our society is dependent....in fact, absolutely reliant on greater and greater amounts of debt (money) being introduced into the system.....and with compounded interest costs - we need compounded increases in debt. When the rate of new money creation (new debt) slows down then we enter a deflationary spiral. If the velocity of money (rate at which money changes hands) slows down then we effectively enter a deflationary spiral. When the debt saturation point is reached then we enter a hyper-deflationary part of the spiral.

Inflation or better yet hyperinflation come about when supply/production has fallen well below the level of demand....OR....as the hyperinflationistas continue to rant about.....the general perception of the value of the money falls - people see it as just paper instead of money.

Now for some road signs:

Should money suddenly become more plentiful (must be government originated since the people have quit borrowing) which would be seen in terms of massive tax rebates, explosion in government jobs, explosion in government pay, or best yet, money actually being dropped from helicopters.......then gear up for inflation/hyper-inflation. In terms of perception, should people stop accepting your currency (or debt) in return for products & services then you can expect inflation/hyper-inflation. For example if Walmart starts hiring thousands of assayers......replacing the checkout counter credit card machines with assayer booths.....then gold could get interesting with the speculation/pucker factor going exponential. Of course that sorta defeats the NWO move into getting everyone chipped and moving them to a system of credits. Who knows though....its in the spectrum of possibility.

On the other hand, if job losses continue, taxes increase, interest rates increase, debt accumulation slows down...levels off...or worse yet, decreases.....then gear up for deflation or hyper-deflation. This will first be most apparent in large assets purchases and then trickle down to the nickel and dime stuff. One of the ways it is apparent is in the production vs. demand.

For example if an auto manufacturer is building 3000 cars a month but demand falls to 1000 cars a month (customers have no cash or no more tolerance for the debt)......

either prices come down across the supply chain spectrum (deflation) in order to raise demand causing a downward cycle for everyone in the supply chain,

production falls to 1000 cars a month meaning lots of employees let go who then bring home no pay check adding another phase to the downward cycle,

the company goes bankrupt and quits making cars (insolvency) with all the employees ending up on the street causing another downward cycle,

or the government steps in purchasing the extra 2000 cars a month and storing them in a large warehouse to rust and rot.....of which the cost is then put upon the taxpayers through increased taxes (causing another downward spiral) or the printing of money (flooding the economy with new money through the government outlets for that money and decreasing the value of all of the money in circulation - thereby robbing value from the people who still have money).

The government aspect really opens up a Pandora's box - is the government injection enough to maintain the status quo? enough to cause inflation/hyper-inflation through either a flood of new money or loss of faith in the currency itself? in a different industry thus causing massive shifts in allocation of resources in the economy (really rocking the boat - say from food production to MIC)? simply a delay of the inevitable thereby increasing the depth of the fall?

I don't by any means claim to have all the answers for that box!!! I just keep watching jobs, taxes, product costs, etc....

Coldwell Banker's "Buyer Credit" - In essence, it's a cost-shift of the split of closing costs that would normally be absorbed by the buyer in the transaction, financed by the seller. That is, yet another way of trying to get people who are cash-poor and thus are instantly screwed if there is anything unexpected they need money for after buying the house into homes they almost-certainly cannot actually afford to own - irrespective of their ability to be "shoehorned" into the deal.
http://market-ticker.denninger.net/arch ... redit.html

Baltic Dry Index: We haven’t looked at this in quite some time: The BDI, which shows increasing signs of stress.
http://www.ritholtz.com/blog/2010/06/ba ... Picture%29

Fannie, Freddie Could Cost $389 Billion
http://www.moneynews.com/StreetTalk/fan ... ode=A20F-1

Terrifying New Financial Reform Twist Could Put Banks On The Hook For Winding Down Fannie And Freddie
http://www.businessinsider.com/terrifyi ... die-2010-6

US commercial real estate prices down 16.4 per cent versus April 2009, and 41 per cent below the peak in October 2007.
http://ftalphaville.ft.com/blog/2010/06 ... tals-weak/

Bank of America Boosts Staff Handling Troubled Loans, as Foreclosures Jump - There's so much chatter from politicians, bureaucrats and economists about this nascent recovery and real estate values ticking higher. If this economy is going to blossom then why the following: Bank of America Boosts Staff Handling Troubled Loans. Bank of America, based in Charlotte, North Carolina, handles almost 14 million home loans, or about one of every five U.S. mortgages, more than any other U.S. servicer, Desoer said. Payments on 1.4 million loans are more than 60 days late, she said.

http://roseysoutlook.blogspot.com/2010/ ... dling.html

Mortgage Bonds Rise to `Insane' Highs as Refinancing Drops: Credit Markets
http://www.bloomberg.com/news/2010-06-2 ... rkets.html

BUDGET 2010 LIVE: Bloody George wields the axe - Public spending and welfare slashed... and VAT rises to 20%
http://www.dailymail.co.uk/news/budget/ ... z0rcZ8rgja

Reporting from Sacramento-- After enduring more than a year of unpaid monthly furlough days, state workers could see their pay cut to minimum wage until Sacramento strikes a budget accord this summer, according to a memo from Gov. Arnold Schwarzenegger's administration sent Wednesday.
http://mobile.latimes.com/inf/infomo;js ... nopaging=1

Harrisburg, Pa., other cities overwhelmed by economic downturn and debt
http://www.washingtonpost.com/wp-dyn/co ... 03544.html

State budget cuts: across the board, and at cross-purposes
http://www.stateline.org/live/details/s ... adlines%29

State-by-state data: Despite the overall drop in new claims, no states reported a decrease of more than 1,000 for the week ended June 12. Nine states said initial claims rose by more than 1,000. Claims in California rose the most, by 17,572, due to layoffs in the service industry. Claims in Pennsylvania jumped 5,266, which the state attributed to layoffs in the transportation and service sectors. Florida and Texas also saw jobless claims rise last week, ticking up 4,958 and 2,971 respectively.
http://money.cnn.com/2010/06/24/news/ec ... al_claims/

Since the recession officially began in December 2007, more than 6 million people have lost their jobs through 60,205 mass layoffs.
http://blogs.wsj.com/economics/2010/06/ ... cs+Blog%29

Currently there are some 5.29 million people receiving federal “extended” unemployment benefits. Taken together with the latest 4.30 million people that are currently counted as receiving traditional continued unemployment benefits, there are 9.60 million people on state and federal unemployment rolls.
http://paper-money.blogspot.com/2010/06 ... ed_24.html

Why Unemployment Stays High
http://www.humanevents.com/article.php?id=37648

Natural gas consumption continues to drop
http://www.eia.gov/pub/oil_gas/natural_ ... sidcon.pdf

Cisco commits $1B in meeting with Russian leader
http://news.yahoo.com/s/ap/20100623/ap_ ... 9jb21taXRz

Central Banking in Crisis: Some Twenty Countries on the Verge of Insolvency
http://blacklistednews.com/?news_id=9414

....just means they go into receivership....

Deutsche Bank: U.S. Financial Conditions Just Collapsed Back To Crisis Levels
http://www.businessinsider.com/deutsche ... els-2010-6

Obama admin loses bid to keep oil drilling ban
http://www.reuters.com/article/idUSN1416392020100624

War Economy Conducive to Staggering Public Debt: Teachers or Wars, We Can't Fund Both
http://www.globalresearch.ca/index.php? ... leId=19870

One in six Europeans reported that their household has had no money to pay ordinary bills, buy food or other daily consumer items, on at least one occasion in the past year and 20 percent had difficulties in keeping up with household bills and credit commitments. Due to worsened economic situation, about 30 percent of over 25,000 randomly selected people found it harder to cope with the costs of healthcare and one in six was not very or not at all confident of keeping their jobs.
http://www.mathaba.net/news/?x=623722

Albert Edwards Goes All Out: Sees New Recession By End Of Year, Market Collapsing "Like Pack Of Cards"
http://www.zerohedge.com/article/albert ... to+zero%29

“(USA Today) Despite efforts by the IRS to combat scams, thousands of individuals — including nearly 1,300 prison inmates — have defrauded the government of millions of dollars in home buyer credits, Treasury’s inspector general reported Wednesday.

In more wasted money to failed policies, $1.5 billion (a pittance to the trillions stolen by the Wall Street crooks) is now being given to the kings of foreclosure states with California receiving the lion’s share:

“(AP) According to the proposals from state housing finance agencies, the largest recipient of the funding is California, which will get nearly $700 million to assist about 46,000 borrowers.

http://www.doctorhousingbubble.com/5-ho ... e+SoCal%29

The End of The Great Bailouts is Approaching
http://theinternationalforecaster.com/I ... ter.com%29

Investors Fly Into Municipal Bonds Like Moths to a Flame
http://globaleconomicanalysis.blogspot. ... nalysis%29

The Bank of Wal-Mart
http://www.bullionbullscanada.com/index ... Itemid=132

In Detroit, demolition crews are planning to tear down 10,000 residential buildings over the next four years that the city has deemed dangerous. But as old structures are coming down, the city is redefining itself in other ways. An estimated 20 to 30 percent of the city’s lots are vacant, and there is a growing urban agriculture movement that community groups are using to reclaim the city.
http://www.democracynow.org/2010/6/24/d ... t_looks_to

Broke Illinois Department of Corrections releasing, losing violent parolees
http://www.examiner.com/x-2581-St-Louis ... t-parolees

Mass. State Budget: Screwing Cities and Towns
http://rockthetruth2.blogspot.com/2010/ ... s-and.html

Second Straight Hungarian Bond Auction Failure As Citi's Willem Buiter Calls For €2 Trillion European Rescue Facility, Ridicules Stress Tests
http://www.zerohedge.com/article/second ... on-rescue-

WAR/RUMORS OF WARS:

Homeland Security to deploy more drones on Mexico border
http://rawstory.com/rs/2010/0623/deploy ... co-border/

Invasion! Mexican Drug Cartels Are Openly Conducting Military Operations Inside The United States
http://endoftheamericandream.com/archiv ... ted-states

Mexico Asks Court To Ban Ariz. Law
http://www.judicialwatch.org/blog/2010/ ... n-ariz-law

WASHINGTON — Criminal investigators are examining allegations that Afghan security firms have been extorting as much as $4 million a week from contractors paid with U.S. tax dollars and then funneling the spoils to warlords and the Taliban.

If the allegations are true, the U.S. would be unintentionally financing the enemy and undermining international efforts to stabilize the country.

The payments reportedly end up in insurgent hands through a $2.1 billion Pentagon contract to transport food, water, fuel and ammunition to American troops stationed at bases across Afghanistan. To ensure safe passage through dangerous areas, the trucking companies make payments to local security firms with ties to the Taliban or warlords who control the roads. If the payments aren’t made, the convoys will be attacked, according to a U.S. military document detailing the allegations being examined by investigators.

The document says the companies hired under the Afghan Host Nation Trucking contract may be paying between $2 million and $4 million a week to insurgent groups.

http://trivalleycentral.com/articles/20 ... 292309.txt

...I've been ranting about this for some time now.....how else can they afford to fight us if we don't pay them good????

IDF Chief: We can't let Gaza become an Iranian port
http://www.haaretz.com/news/diplomacy-d ... bled=false

New hit song for Palestinian children: When we die as martyrs - 'Birds of Paradise' produces song in which children welcome death to regain Palestine.
http://www.haaretz.com/news/internation ... s-1.297731

Some politicians under foreign sway: CSIS
http://www.cbc.ca/politics/story/2010/0 ... ml?ref=rss

Swedish dock blocks Israeli cargo
http://www.mathaba.net/news/?x=623732

Sea travel stops as Greek austerity protests continue
http://www.mathaba.net/news/?x=623730

ME war tensions mount over Gaza-bound "enemy ships." Hizballah pledges reprisal
http://www.debka.com/article/8869/

Iran's Bushehr NPP to go into operation in September
http://www.globalsecurity.org/wmd/libra ... osti01.htm

Moscow Still Hasn't Delivered Air Defense Missiles to Iran
http://www.globalsecurity.org/wmd/libra ... -voa02.htm

Deadliest Month for International Troops in Afghanistan
http://www1.voanews.com/english/news/as ... 60264.html

HEALTH:

TILT: The illness afflicting workers exposed to BP's oil disaster?
http://www.southernstudies.org/2010/06/ ... aster.html

Health Data Gaps, BP Suspicions Worry U.S. Panelists
http://www.businessweek.com/news/2010-0 ... lists.html

Deadly bat disease is spreading west - A disease killing more than 1 million with a mortality rate close to 100 percent continues to sweep across the country. First detected in New York in 2006, it is now found in 14 states in the East and South, leaving starvation and death in its wake, and is working its way westward.
http://www.physorg.com/news196445774.html

Many in Fort Collins rush to get meningitis vaccines in wake of deaths
http://vactruth.com/2010/06/24/many-in- ... of-deaths/

GENERAL:

Supreme Court weakens key anti-corruption law
http://rawstory.com/rs/2010/0624/part-e ... eme-court/

Bloomberg, Murdoch team up on immigration battle - Chief executives of several major corporations, including Hewlett-Packard, Boeing, Disney and News Corp., are joining Mayor Michael Bloomberg to form a coalition advocating for immigration reform — including a path to legal status for all undocumented immigrants now in the United States.
http://rawstory.com/rs/2010/0624/bloomb ... on-battle/

HOLY KYL In 2004 Obama Advocated "Trading" Border Security for Amnesty
http://www.youtube.com/watch?v=qMD7rjlH ... r_embedded

Obama Administration Announces Massive Piracy Crackdown
http://www.dailytech.com/Obama+Administ ... e18815.htm

Graphic Sex Ed Class Under Fire
http://www.foxnews.com/us/2010/06/22/gr ... latestnews

Condom distribution policy starting in elementary school at Provincetown, Mass.
http://www.nydailynews.com/news/nationa ... gle+Reader

Labor Dept. to Extend Gay Benefits to Private Sector
http://www.christianpost.com/article/20 ... index.html

The Fate of the Internet, Decided in a Back Room
http://www.countercurrents.org/karr230610.htm

The Myth of Political Consent
http://www.lewrockwell.com/ostrowski/ostrowski98.1.html

Guest Post: They Keep Stealing - Why Keep Paying?
http://www.zerohedge.com/article/guest- ... eep-paying

OFEQ 9 - the New Israeli Spy Satellite
http://www.defense-update.com/newscast/ ... +Update%29

Northrop Grumman/ATK VENOM Targeting Pod Armed with 7-Round GATR-L Tactical Precision-Guided (Laser-Guided) 2.75″/70mm Hydra Rocket Pod for Military Special Operations (SPECOPS)
http://www.defensereview.com/northrop-g ... s-specops/

Israeli govt. scientists patent the holy grail of sniper scopes - The accurate detection and compensation for the effect of cross winds is the holy grail of sniper scope development. A patent awarded two days ago to the Israeli Government's Soreq Nuclear Research Center describes a system that can do just that.
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

Progressive development of Y-man’s home-made slugs [ Part 6 ] - Y-Man, our resident Nigerian shotgunner, continues his series of guest articles about his quest to build the perfect shotgun. Being one of the lucky few in Africa to legally own a gun, he has to fabricate many parts and ammunition himself because supplies of gun parts are so limited.
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

Moms with Guns - AmberWatch Alert PSA
http://www.youtube.com/watch?v=oi13LczG ... r_embedded

UPDATE:

Gassed in the Gulf (Parts I & ll): New Gulf War Syndrome
http://silverbearcafe.com/private/06.10/gassed.html

NOAA Confirms Oil Plumes Are From BP’s Well
http://www.propublica.org/ion/blog/item ... well#15401

Environmental Devastation In The Gulf Of Mexico: Dolphins Covered In Oil, Sea Turtles Burned Alive And Massive Underwater Dead Zones
http://endoftheamericandream.com/archiv ... dead-zones

....check out the videos at the link above of what "used to be" the whitest beaches in America!

Surge replacing pullout? Lawmakers rush to confirm Petraeus anyway
http://rawstory.com/rs/2010/0624/surge- ... -petraeus/

Cash-strapped North Korea has demanded the United States pay almost $US65 trillion ($75 trillion) in compensation for six decades of hostility.
http://www.abc.net.au/news/stories/2010 ... 936414.htm

Greek bond spreads (over German bonds) have risen recently, near the highs seen before the European policy package was announced in early May. Note: The Atlanta Fed data is one day old. Nemo has links to the current data on the sidebar of his site. The spreads have widened further today: Greece is up sharply to 781 bps today.
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

UPDATE 2-Venezuela to nationalize U.S. firm's oil rigs
http://www.reuters.com/article/idUSN2326459720100624

BREAKING: ‘Green’ Energy Company Threatens Economics Professor … with Package of Dismantled Bomb Parts
http://pajamasmedia.com/blog/breaking-g ... omb-parts/

Bank of America boosts staff handling troubled loans by 2,000
http://www.bankreorealestate.com/real-e ... -2000.html

By my model the US and Europe are already back in deflation.
http://globaleconomicanalysis.blogspot. ... nalysis%29

Calvin Coolidge quotes:

Civilization and profit go hand in hand.

Don’t expect to build up the weak by pulling down the strong.

There is no dignity quite so impressive, and no one independence quite so important, as living within your means.

Collecting more taxes than is absolutely necessary is legalized robbery.

Perhaps one of the most important accomplishments of my administration has been minding my own business.

To live under the American Constitution is the greatest political privilege that was ever accorded to the human race.

Now compared to...

FAQ: Unemployment-Benefits Extension

The Senate looked likely to abandon efforts to extend unemployment benefits after Republicans appeared set to filibuster a bill that also includes aid to states and tax changes. Below are some questions about how this will affect the unemployed and the economy.

What kind of extension is in the legislation?
Earlier this year, Congress approved up to 99 weeks of unemployment benefits backed by the federal government — an addition of 73 weeks to the traditional 26 offered by the states. The duration of benefits varies from state-to-state, and this bill wouldn’t extend the maximum beyond 99 weeks. It would allow the those unemployed beyond 26 weeks to continue accessing the current program through the remainder of 2010. The previous extension expired on June 2.

What happens to people currently receiving unemployment?
There are three main levels to unemployment insurance right now: state benefits, federal emergency unemployment compensation and joint state-federal extended benefits. The basic states benefits are usually 26 weeks and are unaffected by the legislation. When that time is up, the EUC program offered benefits in four tiers. Tier 1 (20 weeks) and tier 2 (14 weeks) were available in all states. Tier 3 (13 weeks) and tier 4 (6 weeks) were only available in states with higher unemployment rates, with 48 states and Washington DC qualifying for tier 3 and 32 states allowed to take part in tier 4. When EUC expires, some states offer extended benefits beyond that point. With the expiration of the first congressional extension on June 2, no new tiered EUC benefits were offered. If someone currently receives benefits in one of the tiers, the person will continue to be paid for the duration of the term. So, if you’re in week 15 of tier 1, you will get benefits until you reach reach 20 weeks, but at that point you can’t move on to tier 2. Anyone who has reached the end of a tier’s term since June 2 has been either moved to joint state-federal extended benefits or cut off from receiving benefits. States individually chose whether to offer extended benefits and the duration can be either 13 or 20 weeks. When the legislation was in effect 39 states and Washington DC offered these benefits, now just 15 states offer extended benefits beyond 26 weeks (Find the list of states offering extended benefits here).

How many people will this affect?
Last month, the Labor Department reported that 6.8 million people, or 45% of the unemployed, have been out of work for 27 weeks or more. According to a separate estimate provided by the Labor Department last month, some 900,000 people have already had their benefits expire since June 2, and that number grows larger every week. By the week ending July 10, more than two million people will lose benefits. According to data released today 5.3 million people were receiving some kind of extended benefit. Only those who live in the 15 states with extended benefits, which include hard-hit Michigan and Rhode Island but not other struggling regions such as Nevada, California or Florida, will be eligible for more assistance.

http://blogs.wsj.com/economics/2010/06/ ... extension/

Will We Have Inflation, Deflation, or Hyperinflation?
http://dailycapitalist.com/2010/06/24/w ... italist%29
Legion
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Re: Blipits

Postby »

Preparing for flotillas like on eve of war
http://www.ynetnews.com/articles/0,7340 ... 78,00.html

UAE shuts business for trade with Iran
http://www.jpost.com/MiddleEast/Article.aspx?id=179336

Unemployment benefits extension nixed for nearly 1 million
http://money.cnn.com/2010/06/24/news/ec ... htm?hpt=T2

Halfway Back to Lehman: New Report Shows Financial Conditions Tightening Sharply
http://blogs.wsj.com/economics/2010/06/ ... g-sharply/

California Senate resolution would urge boycott of Arizona
http://www.fresnobee.com/2010/06/24/198 ... z0rpyJLmwA

Giant hole on Trans-Canada under repair
http://www.cbc.ca/canada/saskatchewan/s ... -1006.html

Sinkhole swallows school playground in China
http://itn.co.uk/dca0cb7ffb243f95c052f85d16ab7b4d.html

Scientists find a big drop in the strength of solar magnetic fields
http://www.washingtonpost.com/wp-dyn/co ... 04042.html

Absence of sunspots make scientists wonder if they're seeing a calm before a storm of energy
http://www.washingtonpost.com/wp-dyn/co ... 04114.html

Whooping cough epidemic in California - Whooping cough is now an epidemic in California, and is on pace to break a 50-year record for infections for the year.
http://www.sfgate.com/cgi-bin/article.c ... d=rss.news

FALSE FLAG ALERT! 17 “AFGHANI PAPERCLIP MEMBERS” Go AWOL from Texas Military Base
http://deadlinelive.info/2010/06/24/fal ... tary-base/
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Re: Blipits

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As they prepare to unload the Agricultural Bank of China (ABC) bureaucracy on the unsuspecting, it seems the whole bad loan bagunca (mess) has created a certain “mistrust” between banks, as interbank rates there spike to 4.25%. The nation’s chief auditor is warning of a debt crisis among China’s local gumnuts.


Low Pressure Area Over Honduras Now Has 70% Chance Of Becoming Cyclone, Second Area Over Leeward Islands Monitored

The National Hurricane Center has identified a low pressure area developing over Honduras, which is now expected to become a tropical depression shortly as it approaches the Yucatan Peninsula, and has a 70% chance of becoming a full-blown tropical cyclone as it heads into the Gulf of Mexico. And just to keep things real, there is a second storm farther out east, which currently has a 10% chance of becoming a cyclone.

http://www.zerohedge.com/article/low-pr ... r-leeward-

Darby and Celia both major hurricanes now
http://www.accuweather.com/blogs/news/s ... -hurri.asp

Update on tropical threat to Gulf oil spill
http://www.accuweather.com/blogs/news/s ... .asp%C2%A0

ECRI Leading Economic Index Plunges At -6.9% Rate, Back To December 2007 Levels When Recession Officially Started
http://www.zerohedge.com/article/ecri-l ... ficially-s

Focusing On Crumbling State And Local Budgets
http://www.zerohedge.com/article/focusi ... al-budgets

Where's All the Gold? Start with the Federal Reserve
http://www.dailyfinance.com/story/inves ... /19524762/

UPDATE:

Solar Activity
http://earthobservatory.nasa.gov/Featur ... =nhrss-ann

Has the Sun been more active in recent decades, and could it be responsible for some global warming?
http://earthobservatory.nasa.gov/blogs/ ... =nhrss-ann

The media volcano is about to erupt
http://www.hindustantimes.com/The-media ... 63188.aspx

G8/G20 Summits Security Map and “Fortress Toronto”
http://publicintelligence.net/g8g20-sum ... s-toronto/

G20 law gives police sweeping powers to arrest people
http://www.thestar.com/news/gta/article ... est-people

WeAreChange and InfoWars Reporters Banned from Canada
http://www.youtube.com/watch?v=ouqh0kvA ... r_embedded

The First Great Depression: Blow By Blow, From The BIS, And How It Mirrors Our Ongoing Second Great Depression
http://www.zerohedge.com/article/first- ... w-blow-bis

Why 12 is a Scary Number
http://oilprice.com/Finance/Economy/Why ... umber.html

Consumer Spending is Flat, Unemployment is Rising: The Case for a Second Round of Economic Stimulus
http://www.globalresearch.ca/index.php? ... leId=19897

Most Borrowers Would Benefit from Mortgage Refinance, But Can't Qualify: Credit Suisse
http://www.housingwire.com/2010/06/25/m ... ingWire%29

More taxes on the way for NY State
http://www.wivb.com/dpp/news/new_york/M ... r-NY-State

ATA Truck Tonnage Index declines in May
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

The Q1 real GDP rate was revised down again (third estimate) to 2.7% from the 2nd estimate of 3.0%. Consumer spending was weaker in Q1 than originally estimated. PCE growth (personal consumption expenditures) was revised down to 3.0% in Q1 from the previous estimate of 3.5%.
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

ECRI Weekly Leading Indicators at Negative 6.9; How Likely is a Double Dip?
http://globaleconomicanalysis.blogspot. ... nalysis%29

Lumber Prices Indicate Next Wave Down Underway

As I’ve been saying all along, nothing is solved until the DEBT SATURATION is resolved. Depressions move in 3 waves, A down, B up, C down. The psychology of each wave is different – wave A equals “oh no!” Wave B equals “we’re saved.” And wave C equals real change is forced to occur – no fooling around this time. You can clearly see how the psychology is different now than it was during the plunge in 2008. Instead of “stimulus” the buzz word is “austerity.”

No where else are the A,B,C waves more clear than in the price of lumber. First let’s look at a monthly chart of lumber going back to about 2001.

http://economicedge.blogspot.com/2010/0 ... -down.html

Construction Anemia

It appears that construction supplies from plywood to carpeting to paving and roofing and glass supplies are all experiencing truly anemic production trends.

Even plywood and other wood products that have seen a bit of a spike up in recent months are sitting at levels not seen since the mid-1980s.

With the end of the government’s epic housing stimulus efforts it will be interesting to see how these measures trend but looking at the latest data it’s probably best to lower expectations.

http://paper-money.blogspot.com/2010/06 ... nemia.html

(Reuters) - Global merger and acquisition activity in 2010 is off to its worst start in six years, and with economic uncertainty and a sovereign debt crisis in Europe, the second half could be just as disappointing.
http://www.reuters.com/article/idUSTRE65O0JL20100625

Italian Workers Strike Against Austerity Cuts
http://www1.voanews.com/english/news/eu ... 52339.html

Spanish Economic Crisis Threatens to Sink Euro Currency
http://www1.voanews.com/english/news/eu ... 00634.html

Alabama State Troopers Moonlighting as BP Security Guards
http://oilprice.com/Environment/Oil-Spi ... uards.html

Obama Can Shut Down Internet For 4 Months Under New Emergency Powers
http://www.infowars.com/obama-can-shut- ... cy-powers/

Report: Israel, US preparing for war with Iran
http://www.infowars.com/report-israel-u ... with-iran/

Iran cancels aid ship to Gaza
http://www.straitstimes.com/BreakingNew ... 45721.html

Analysts Say Iran-Russia Relations Worsening
http://www1.voanews.com/english/news/eu ... 72974.html

European governments' budget-slashing efforts are expected to cut deep into the Continent's defense spending, widening the gulf between U.S. and European military capabilities.
http://online.wsj.com/article/SB1000142 ... australian

Controlled media blackout underway as Gulf oil spill crisis ensues
http://theintelhub.com/2010/06/25/contr ... is-ensues/

Oil Industry Insider and CFR Member Predicts Gulf Evacuation
http://www.infowars.com/oil-industry-in ... vacuation/

(Reuters) - Billions of dollars and the future of one the world's lushest ecosystems could all ride on one elusive number: the precise amount of oil gushing from the broken BP well at the bottom of the Gulf of Mexico.
http://www.reuters.com/article/idUSTRE65O3C720100625

Gulf Oil Gusher: Danger of Tsunamis From Methane?
http://www.mi2g.com/cgi/mi2g/frameset.p ... 210610.php

A Gulf gale might halt BP oil collection efforts for two weeks
http://www.mcclatchydc.com/2010/06/25/9 ... p-oil.html

Possible Evacuation Of All Gulf States
http://www.survivalistnews.com/

Colombia still world`s top cocaine producer
http://www.mathaba.net/news/?x=623737

.....CIA hard at work. Building 7 new bases down in Columbia.....Cocaine from Columbia and Heroin from Afghanistan!

Congresswoman Raises Red Flag on Hezbollah-Cartel Nexus on U.S. Border
http://www.foxnews.com/politics/2010/06 ... us-border/

....oh sure now Iran is coming through Mexico....now I've heard it all! Expect war very soon!!!

Predator drones begin flights over U.S.-Mexico border
http://www.mathaba.net/news/?x=623742

Drone to Scan Texas-Mexico Border for Illegal Activity
http://www.politicsdaily.com/2010/06/24 ... illegal-a/

Obama Administration Planning to Circumvent Congress on Amnesty
http://www.americanthinker.com/blog/201 ... nning.html

Source: Administration Weighs Bypassing Congress to Let Illegal Immigrants Stay
http://www.foxnews.com/politics/2010/06 ... mmigrants/

Agenda 21 Alert: The Birds & The Bees
http://www.morphcity.com/home/76-the-birds-and-the-bees

The W.H.O. Has Another Plan To Make Us Healthier Through Forced Medicating
http://healthwyze.org/index.php/compone ... ating.html

Kucinich Announces Right to Know Legislation in Wake of Alfalfa Supreme Court Ruling
http://kucinich.house.gov/News/Document ... tID=191609

But according to a report by Daniel R. Levinson, the inspector general of the Department of Health and Human Services, 80 percent of the drugs approved for sale in 2008 had trials in foreign countries, and 78 percent of all subjects who participated in clinical trials were enrolled at foreign sites.
http://www.nytimes.com/2010/06/22/healt ... tml?ref=us

Kellogg Recalls 28 Million Boxes of Cereal
http://online.wsj.com/article/SB1000142 ... 48118.html

WACO: Soon to be a major motion picture
http://www.federalobserver.com/2010/06/ ... n-picture/

Navy Laser Destroys Unmanned Aerial Vehicle in a Maritime Environment
http://www.navy.mil/search/display.asp?story_id=53705

SOCOM Cancels Mk-16 SCAR
http://kitup.military.com/2010/06/socom ... -scar.html

SIG 751 SAPR get polymer magazines
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

.45-60 Musing: Throat Length, Pressure Curves, and Powder Selection
http://www.barking-moonbat.com/index.ph ... selection/

Russian 60 round Quad Stack 5.45×39mm Magazine
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

Fire and Forget — The Lube, that is…
http://kitup.military.com/2010/06/fire- ... at-is.html

Details of Cold War Intel Pact Released
http://www.military.com/news/article/de ... eased.html

UPDATE 2:

Crisis In Romania: Constitutional Court Votes Pension Cuts Unconstitutional, IMF Loan In Jeopardy, Presidential Palace Stormed, CDS Blows Out
http://www.zerohedge.com/article/crisis ... eopardy-pr
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Re: Blipits

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The first named storm of the Atlantic hurricane season of 2010 is here. Tropical Storm Alex formed last might from an African tropical wave that plowed through the Caribbean this week. Alex's formation location is a typical one for June tropical storms, and the formation date of June 25 is also a fairly typical date for the first storm of the season to form (we average about one June named storm every two years in the Atlantic.) Heavy rainfall will ramp up through the day in Honduras, Belize, and Mexico's Yucatan Peninsula, as Alex continues to intensify, and flooding from these heavy rains will be the main concern from Alex today and Sunday. Satellite loops show that Alex's heavy thunderstorm are growing in intensity and areal coverage at a respectable pace. There is an upper-level high pressure system a few hundred miles west of Alex, and the clockwise flow air around this high is bringing upper-level winds out of the northwest of about 10 knots over the storm, contributing to the 10 knots of wind shear observed in this morning's wind shear analysis from the University of Wisconsin's CIMSS group. Sea Surface Temperatures are very warm, 29 - 30°C, and dry air is not a problem for Alex. We currently don't have a Hurricane Hunter aircraft in the storm, so we will have to wait until 2pm this afternoon to get an updated estimate of Alex's surface winds. The latest satellite estimates of Alex's winds at 8am EDT put the storm's strongest winds at 40 mph.

Extreme heat wave in Africa and Asia continues to set all-time high temperature records
A withering heat wave of unprecedented intensity and areal covered continues to smash all-time high temperatures Asia and Africa. As I reported earlier this week, Saudi Arabia, Iraq, Chad, Niger, Pakistan, and Myanmar have all set new records for their hottest temperatures of all time over the past six weeks. The remarkable heat continued over Africa and Asia late this week. The Asian portion of Russia recorded its highest temperate in history yesterday, when the mercury hit 42.3°C (108.1°F) at Belogorsk, near the Amur River border with China. The previous record was 41.7°C (107.1°F) at nearby Aksha on July 21, 2004. (The record for European Russia is 43.8°C--110.8°F--set on August 6, 1940, at Alexandrov Gaj near the border with Kazakhstan.) Also, on Thursday, Sudan recorded its hottest temperature in its history when the mercury rose to 49.6°C (121.3°F) at Dongola. The previous record was 49.5°C (121.1°F) set in July 1987 in Aba Hamed.

We've now had seven countries in Asia and Africa, plus the Asian portion of Russia, that have beaten their all-time hottest temperature record during the past two months. This includes Asia's hottest temperature of all-time, the astonishing 53.5°C (128.3°F) mark set on May 26 in Pakistan. All of these records are unofficial, and will need to be certified by the World Meteorological Organization (WMO). According to Chris Burt, author of Extreme Weather, setting six national heat records in one month is eight in one summer is unprecedented. The only year which can compare is 2003, when five countries (the UK, France, Portugal, Germany, Switzerland, and Liechtenstein) all broke their all-time heat records during that year's notorious summer heat wave. Fortunately, the residents of the countries affected by this summer's heat wave in Asia and Africa are more adapted to extreme high temperatures, and we are not seeing the kind of death tolls experienced during the 2003 European heat wave (30,000 killed.) This week's heat wave in Africa and the Middle East is partially a consequence of the fact that Earth has now seen three straight months with its warmest temperatures on record, according to NOAA's National Climatic Data Center. It will be interesting to see if the demise of El Niño in May will keep June from becoming the globe's fourth straight warmest month on record.

Wind and ocean current forecast for the BP oil disaster
East to southeast winds of 5 - 15 knots will blow in the northern Gulf of Mexico today through Wednesday, according to the latest marine forecast from NOAA. The resulting weak ocean currents should push the oil to the west and northwest onto portions of the Louisiana and Alabama coasts, according to the latest trajectory forecasts from NOAA and the State of Louisiana. I would expect Mississippi to have its most serious threat of oil yet early next week as these winds continue. The long range outlook shows a continuation of east to southeast winds along the northern Gulf of Mexico coast.

http://www.wunderground.com/blog/JeffMa ... rynum=1519

...LARGE TROPICAL STORM ALEX HEADING TOWARD BELIZE AND THE YUCATAN PENINSULA...
http://www.nhc.noaa.gov/text/refresh/MI ... 1445.shtml

Gulf of Mexico Storm Watch
http://www.theoildrum.com/node/6658?utm ... il+Drum%29

Former Oil Worker Says Cleanup Just For Show
http://www.wkrg.com/gulf_oil_spill/arti ... 0_8-46-pm/

BP oil spill Corexit dispersants suspected in widespread crop damage
http://www.sfgate.com/cgi-bin/blogs/ybe ... y_id=65552

....I remember reading through this one already and probably have already posted it....sorry for the duplication if so....but it is a good read...

IRS says it wants its share of BP payments received by oil spill victims
http://www.informationliberation.com/?id=30968

Israel Seizes Oxygen Machines Donated to Palestinian Hospitals
http://publicintelligence.net/israel-se ... hospitals/

Kids may need 2 H1N1 doses again this year
http://pagingdrgupta.blogs.cnn.com/2010 ... ar/?hpt=T2

Genetically Altered Salmon Get Closer to the Table
http://www.nytimes.com/2010/06/26/busin ... ef=general

The Cold War
http://www.visualstatistics.net/044%20D ... rnobyl.htm

How many Americans are targeted for assassination?
http://www.salon.com/news/opinion/glenn ... index.html

David Ray Griffin: Afghanistan War not close to legal; 9/11 “justifications” all lies. 1 of 2
http://dailycensored.com/2010/06/25/dav ... ensored%29

Pilot involved in Gulf cleanup gets fighter escort -

The pilot of a twin-engine Beechcraft being used to apply dispersant on the Gulf oil spill got a jolt Friday afternoon as he approached the Mississippi coast and a couple of F-15 fighter jets swooped alongside him.

The fighter pilots, from the 159th Fighter Wing of the Louisiana Air National Guard, were sent to check out the dot that showed up on radar screens with no identification, federal officials said Friday.

The military planes, based in New Orleans, were directed to intercept the unidentified plane by the Colorado Springs-based North American Aerospace Defense Command.

The escorted plane soon landed at Stennis International Airport, about 20 miles from the coast near U.S. Interstate 10 in Mississippi, without incident and the Federal Aviation Administration checked out why the pilot hadn’t communicated with air traffic controllers.

Turns out the plane’s transponder, a gizmo that electronically delivers the plane’s identification, altitude and other information to ground controllers, was broken, said Laura Brown, an FAA spokeswoman.

“We launch about 200 times a year, for a variety of reasons,” he said.

http://www.gazette.com/articles/fighter ... coast.html

Idaho GOP could back idea of new state militia
http://militarytimes.com/news/2010/06/a ... ia_062510/

Greece starts putting island land up for sale to save economy
http://www.guardian.co.uk/world/2010/ju ... ve-economy

....the asset sale begins in earnest!!! The beginning....at pennies on the dollar as everyone (countries, states, cities) start selling at once....and the bankers (and those supporting them) purchase everything up.....either through foreclosure or forced sale!

States of Crisis for 46 Governments Facing Greek-Style Deficits
http://www.bloomberg.com/news/2010-06-2 ... icits.html

Friday Bank Closing Report
http://dailycapitalist.com/2010/06/25/f ... italist%29

Unofficial Problem Bank List increases to 797 Institutions
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Will We Have Inflation, Deflation, or Hyperinflation? Part 2
http://www.zerohedge.com/article/will-w ... to+zero%29

Californian Couple Try To Sell Their Baby For $25 Outside A Walmart Store
http://www.infiniteunknown.net/2010/06/ ... Unknown%29

.....at least they didn't kill the baby like an Ogden woman did with one of her 2 month old twins this past week....

UPDATE:

No skimmers in sight as oil floods into Mississippi waters

U.S. Rep. Gene Taylor got off the flight angry. "It’s criminal what’s going on out there," Taylor said minutes later. "This doesn’t have to happen.”

“There’s oil in the Sound and there was no skimming,” Carron said. “No coordinated effort.”

Taylor said it was a good thing he didn’t have a mic in the helicopter, because he might have said some things he didn’t want his children to hear.

“They’re paying all these boats to run around like headless chickens,” Taylor said, as reporters gathered to hear his assessment of the Sound.

http://www.mcclatchydc.com/2010/06/26/9 ... loods.html

New Orleans, Louisiana (CNN) -- Tropical Storm Alex -- the first named storm of the Atlantic hurricane season this year -- formed in the Caribbean on Saturday as BP continued to battle a massive oil spill in the Gulf.

Alex had maximum sustained winds of 40 mph (65 kph) and was about 250 miles away from Chetumal, Mexico. It was moving toward Belize and over the Yucatan Peninsula.

http://www.cnn.com/2010/US/06/25/gulf.o ... rue&hpt=T2

Adm. Thad Allen explains what might happen to oil cleanup efforts if a storm hits the Gulf region.
http://www.cnn.com/video/#/video/us/201 ... n?hpt=Sbin

....decisions made within 120 hours of gale force winds....

...ALEX MOVING INLAND OVER BELIZE...
http://www.nhc.noaa.gov/text/refresh/MI ... 0239.shtml

G20 protests turn violent
http://theintelhub.com/2010/06/26/g20-p ... n-violent/

Toronto in lockdown as G20 protesters clash with police
http://rawstory.com/rs/2010/0626/g20-pr ... sh-police/

G8-G20 Police Protest Photos
http://cryptome.org/info/g8-police/g8-police.htm

Chossudovsky on G8: Austerity = Collapse
http://www.youtube.com/watch?v=qhd1LKsd ... r_embedded

"New Austerity" Threatening Global Recovery?
http://www.zerohedge.com/article/new-au ... to+zero%29

Biden Embarrased By Custard Stand Owner: "Lower Our Taxes"
http://www.youtube.com/watch?v=DzBzytYU ... r_embedded

Governor Paterson will issue a proclamation for special session to be convened on Sunday, June 27 for the Legislature to take up these and other critical matters."
http://www.nydailynews.com/blogs/dailyp ... -sess.html

North Carolina and nearly 30 other states had counted on a combined $24 billion in Medicaid money to balance their budgets, but more federal lawmakers have become nervous about approving more U.S. government spending. Budget negotiators discussed ways to close that hole if the state's $525 million in Medicaid money doesn't come through.
http://www.wral.com/news/local/politics/story/7860984/

Bloomberg reports States of Crisis for 46 Governments Facing Greek-Style Deficits
http://globaleconomicanalysis.blogspot. ... nalysis%29

As 1.3 Million Americans Are About To Lose Their Jobless Benefits This Week, The Unemployment Rate Will Surge To 10.5%
http://www.zerohedge.com/article/13-mil ... will-surge

Freddie Mac reported yesterday that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business was steady at 4.06% in May, the same rate as April, and up sharply from 2.73% in May 2009.
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Psychological warfare, PSYOPS, its role during war and its current use in America
http://dancingczars.wordpress.com/2010/ ... n-america/

White House Preparing National Online ID Plan
http://www.informationweek.com/news/gov ... 0id%20plan

U.S. government panel now pushing "vaccinations for all!" No exceptions…
http://www.naturalnews.com/029081_vacci ... ealth.html

Polio VACCINE Causes Polio So We Have To Vaccinate More Kids! Say WHAT?
http://www.healthfreedomusa.org/?p=5729

'Israel bullying Lebanon over gas field'
http://www.presstv.ir/detail.aspx?id=13 ... =351020203

The Secret X-37B Space Plane: Now Tracked in Real Time
http://cryptogon.com/?p=16182

Fox Business’ solution to financial crisis: Tax the poor more
http://rawstory.com/rs/2010/0626/fox-bu ... poor-more/

Iran's Falling Oil Output Means Less Revenue, Clout
http://online.wsj.com/article/SB1000142 ... australian

North Korea plans meeting to elect new leaders
http://www.cnn.com/2010/WORLD/asiapcf/0 ... A+World%29

Sirhan Sirhan: In His Own Words
http://mostlywater.org/sirhan_sirhan_his_own_words

UPDATE 2:

World leaders pledging to reduce global deficits - At economic summit, world leaders line up behind pledge to cut budget deficits in half by 2013
http://finance.yahoo.com/news/World-lea ... et=&ccode=

.....If this is true....and they do take drastic steps to reduce deficits.....expect hyper-deflation to hit shortly!!! Then all those things that were purchased with debt will become less and less valuable.....while the debt will have to be paid back in increasingly expensive dollars!!! The burden of debt will be unbearable. Then in order to keep law and order....expect to see full scale adoption of iron fisted control measures.
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Re: Blipits

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‘The World Has Never Seen a Shrinking Welfare State’
http://blog.american.com/?p=16020

Welfare recipients withdrew $1.8 million from casino ATMs
http://latimesblogs.latimes.com/lanow/2 ... atms-.html

Huge tent city takes root - Homeless camps cover 50 acres, from Waipio Point, around Middle Loch to Pearl City
http://www.staradvertiser.com/news/2010 ... _root.html

Unemployed dumping car leases
http://www.ocregister.com/articles/stro ... -bill.html

Regulators took over Arrowhead Credit Union on Saturday, citing its "declining financial condition." The action was part of a nationwide move to increase vigilance that has included the hiring of 107 new examiners and more frequent reviews of credit unions' financial health. "We're being more aggressive in our examination process," said John J. McKechnie III, a spokesman for the National Credit Union Administration, which oversees the institutions. "We want members to be sure that their sure credit union operations are safe and sound."
http://www.latimes.com/business/la-fi-a ... 4235.story

Krugman: "The Third Depression"
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Krugman: The Third Depression
http://dealbook.blogs.nytimes.com/2010/ ... epression/

The Secrets of Liquidity
http://theinternationalforecaster.com/I ... ter.com%29

Will We Have Inflation, Deflation, or Hyperinflation? Part 3
http://dailycapitalist.com/2010/06/27/w ... italist%29

....the following excerpts below form the nutshell of my opinion on our current scenario....

The Monetary Game Still Means Deflation

If you read Keen, you will realize that Bernanke is hastening deflation, while at the same time filling the banks with money to speculate on the stock market and other stuff. One of the problems in Japan has been the banks are stuck in the stock market and can't liquidate to get back into the game of lending. Also, the US bubble was so large that the excess demand created by credit was 30% of GDP and roughly 22% of aggregate demand. Bernanke is ignorant of the fact that the Fed did in the early 30's what he accuses them of not doing and it did no good, because fiat money has very little to do with money in general in the US and instead the credit inside the banking system is the game.

All this adds up to why this is such an impossible situation and why we are going to see a crash. Ones attention has to move from the idea of money to the idea of liabilities in general. I read an interesting writing by a guy named Lysander Spooner, who lived up in your area back in the 1800's. Of all the things I have read about money, this is one of the more eye opening ideas I have read. I had written over and over again that "This Note is Legal Tender, for all Debts, Public and Private" was the essense of the US currency and what gave it value. Whereas I had argued deflation online for the past 9 years with a bunch of gold bugs, I would bring this phrase up in my writings. It was my understanding that what would cause deflation was the shortage of money, created out of debt itself, to satisfy contracts. As borrowing ran its course, we would be left with contractural liabilities that couldn't be paid once the supply of credit slowed.

Here is the key paragraph of what I believe to be one of the great intellectual pieces ever written on American money: "But it will be said that Congress are authorized “to coin money, and regulate the value thereof, and of foreign coins.” This is true-but its obvious meaning is, that Congress shall fix the value of each kind or piece of coin, relatively with the other kinds or pieces, - that they shall, for instance, decide what weight and fineness in a silver coin, shall con­stitute it equal in value to a gold coin of a certain weight and fineness. It means that they shall have power to declare that a dollar of silver shall be equal in value to a dollar of gold, and that they shall decide what weight and fineness of each of these metals shall constitute the dollar, or unit of reference. Congress, then, have power to fix the val­ue of the different coins, relatively with each other - or to make them, respectively, standards of each other’s value. But they have no power to make them “standards of the value” of anything else, than each other - or to fix their value relatively with anything, but each other. Nobody will pretend that Congress have power to fix the value of coin relatively with wheat, oats or hay-that they have power to say that a dollar shall be equal in value to a bushel, a peck, or even a pint, of wheat or oats. And it is only in the single case of a “tender in payment of debts,” that the legal value of the coins, relatively with each other, can be set up. In all other cases individuals are at perfect liberty to give more or less for any one of the coins than they would for any others of the same legal value."

Spooner later became an early anarchist, as he recognized the corruption of organized government and how it set up favorites in the economy and despite the constitution, passed laws to the contrary. The nature of the piece was "The Constitution of the United States, (Art. 1, Sec. 10,) declares that “No State shall pass any law impairing the obligation of contracts.”" In it, he also said that gold and silver were commodities and that their value fluctuated and were no more stable than the other commodities out there. Thus, with India and China and their roughly 2.5 billion or so people between them having a desire to wear gold rings and other jewelry, there is a high demand to melt down gold and make jewelry. India has historically been a hoarder of silver. They also have their own debt bubble, as does China. Demand around the world is being financed by credit that has a limit. We are certain to see the end of this run soon, to be followed by a collapse in demand for all commodities and a liquidation of positions in these metals due to weak markets. In the meantime, tender for payments of debt, debts to banks and debts owed by banks (both sides of the ledger are liabilies, but the liabilities of the banks are of stated amount, while the value of their assets are not stable) become harder to satisfy.


......and now for the conclusion which I also agree 100% with....

I think these 4 links put together the idea of what we are looking at, as the entire idea behind the establishment solution to this problem, one that has already failed in Japan, is going to fail. This is going to be a conflict that literally rips the world apart, as maybe China can't collect from the US, as people opposed to the welfare state begin to realize their own pensions, 401K's, bonds and other assets can't be saved. I have thought this situation over and over and the only thing I can see that would work is a declared bankruptcy for everyone that would result in a lower price structure, a legal liquidation of debt and at least some portion of all assets being saved to allow for some kind of retirement. Otherwise I think it could all go up in thin air, the last being the currency, should the various governments survive. We have the making of civil and international strife that few can comprehend and little willingness to make adjustments to shorten the disaster that is certain to come.

http://mannfm11.blogspot.com/2010/06/jo ... ve-to.html

Now if you approach it from the conspiratorial perspective (which by now you know I am a firm believer in), you believe its intentional. They know how the game ends (financial) because they were smart enough to create the game. I don't profess to know the details concerning the end plot but I reckon its a move into a global currency/credits with iron fisted control. I also expect a much smaller population since going back to Cain and Abel we see the desire of one man to murder another for the sake of the possessions. The money creation mechanism that we currently use is designed to funnel assets from people to the credit source through the compound interest feature of money created by debt. The end game is default as there isn't enough money to go around and all the assets end up in the hands of the banker who created the money out of nothing.

You can bet that after spending nearly a century getting up to this point....they aren't going to print money to the wind and give up the opportunity to collect all the assets. You can most assuredly bet that all the printing will go to armies that ensure we swallow their currency mandates. Massive deflation is coming. Get out of debt if at all possible. Put aside some cash for rainy days because rainy days are coming!!!

G-20 Agrees to Cut Debt - Rich Nations Back Halving Deficits by 2013, Signaling Intent to Ease Stimulus
http://online.wsj.com/article/SB1000142 ... australian

Credit, Currency and Banking
http://lysanderspooner.org/node/20

Are We "It" Yet?
http://www.debtdeflation.com/blogs/wp-c ... rFinal.pdf

(Reuters) - President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, on Saturday urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform.
http://www.reuters.com/article/idUSTRE65P0VP20100626

....speed up the roll up strategy currently in place (squeeze the little banks until they pop allowing the big four to eat them for pennies on the dollar)....

Second Gold Price Intervention In An Hour
http://www.zerohedge.com/article/second ... ntion-hour

Japanese told to go to bed an hour early to cut carbon emissions
http://www.telegraph.co.uk/earth/enviro ... sions.html

....1st its a suggestion....next it becomes law. At first the government suggested everyone wear seatbelts, next they made it mandatory for installation in cars, then the law charged a small reminder fee if you were caught in another violation, then they could pull you over for it, then the fines jumped by several hundred percent...

More Than 600 Arrested During G20 Protests
http://publicintelligence.net/more-than ... -protests/

BP / Gulf Oil Spill - Satellite Images Show Oil Impact From Gulfport to Destin
MODIS satellite images on June 25 and June 26 show oil slicks and sheen affecting beaches from Gulfport, Mississippi to Destin, Florida.

Oil slick and sheen cover 24,453 square miles on the June 25 image. Slicks appear to impacting beaches from Gulfport, Mississippi to Pensacola, Florida. Freshly upwelling oil is apparent at the site of the leaking Macondo well, and is moving west in the immediate vicinity of the well:

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

"We mean nothing to BP or the government"
http://www.brasschecktv.com/page/877.html

Florida Gov. Urges Vacationers to Swim in Toxic Sludge
http://www.infowars.com/florida-gov-urg ... ic-sludge/

Hidden Dangers In The Gulf - Fact or Fiction
http://www.rightsidenews.com/2010062810 ... ction.html

200 mile DEAD Zone Gulf Evacuations Predicted
http://www.mathaba.net/news/?x=623750

They Are Killing The Gulf
http://afteramerica.wordpress.com/2010/ ... -the-gulf/

The Coming Gulf Coast Firestorm: How the BP oil catastrophe could destroy a major U.S. city
http://www.naturalnews.com/029082_Gulf_ ... spill.html

....brings whole new perspective to biblical and BOM accounts of cities being burned by fire....

Tropical Storm Alex is slowly growing more organized as it steams away from Mexico's Yucatan Peninsula. Satellite loops show that Alex's heavy thunderstorms have increased in areal extent over the past few hours, and low level spirals bands are beginning to form to the south and north. The clockwise flow around an upper-level high pressure system a few hundred miles west of Alex is bringing about 15 knots of wind shear to the storm, which is slowing intensification, and limiting heavy thunderstorm activity on the storm's northwest side. Sea Surface Temperatures are very warm, 29°C, and there is some dry air to the northwest of Alex that may be inhibiting development. The latest Hurricane Hunter center fixes, at 6:32 am CDT and 7:16 am CDT, both had central pressures of 989 mb, with top surface winds in the 50 - 55 mph range.

Track forecast for Alex: which model should you trust?

Our most reliable computer models have come into much better agreement this morning. A consensus forecast arrived at by averaging together most or all of the tracks of our top models--the GFS, ECMWF, GFDL, NOGAPS, HWRF, UKMET, and Canadian--is pretty much what NHC always uses as the basis of their forecast. This consensus forecast has narrowed in on the region near the Texas/Mexico border as being the most likely landfall location, with the usual cone of uncertainty surrounding it. The northernmost landfall location is Port O'Connor, as predicted by the Canadian model. The southernmost landfall location is near Tampico, Mexico, as predicted by the ECMWF model. Alex's landfall time varies from Wednesday evening to Thursday morning. Which model should you trust? Last year, the best performing models at the 3 day forecast period were the GFS, Canadian, ECMWF, and GFDL. Three out of four of those models are predicting a landfall between Brownsville and Corpus Christi, with only the ECMWF model predicting a landfall well south of the Texas border. With steering currents relatively weak, the uncertainty in landfall location is high. The average error in an NHC 72-hour track forecast last year was 230 miles, which is about the distance from Brownsville to Port O'Connor. Consider also that the NHC cone of uncertainty is the region where 2/3 of the time (using the last 5 years of statistics) the center of a storm will go. That means that 1/3 of the time a storm will not be in the cone of uncertainty. Given the slow motion of Alex and the recent uncertainty of the computer models, people living just beyond the edge of the cone of uncertainty should not be confident yet that Alex will miss them.

NHC is giving Alex an 81% chance of being a hurricane on Wednesday morning, and a 17% chance it will be a major hurricane at that time. Water vapor satellite images, though, show plenty of dry air over Texas and the adjoining waters, and this dry air may turn out to be a significant detriment to Alex. Another factor limiting Alex's intensification may be that the atmosphere is more stable than usual right now--temperatures at 200 mb are a rather warm -50°C, and are expected to warm an additional 1 - 2 degrees by Wednesday. Another factor limiting Alex's intensification may be its slow forward speed. Alex is moving at just 6 mph, and it would not take much of a slackening of the steering currents to stall out the storm. A slow-moving storm tends to pull up cold water from the depths, limiting intensification. In fact, the ECMWF model predicts that Alex could stall out right at landfall on Thursday. In short, Alex has the potential to intensify into a major hurricane, but there are plenty of roadblocks that make this only a 20% probability in my estimation.

http://www.wunderground.com/blog/JeffMa ... rynum=1523

Does America Deserve What Is Happening In The Gulf Of Mexico?
http://endoftheamericandream.com/archiv ... -of-mexico

Russian volcano spews ash 6,600 m into the sky
http://english.ruvr.ru/2010/06/28/10840238.html

Bloodthirsty Los Zetas are striving for control of Mexico
http://www.mexidata.info/id2716.html

PASADENA, Calif. -- NASA has released the first-ever airborne radar images of the deformation in Earth's surface caused by a major earthquake -- the magnitude 7.2 temblor that rocked Mexico's state of Baja California and parts of the American Southwest on April 4. The data reveal that in the area studied, the quake moved the Calexico, Calif., region in a downward and southerly direction up to 80 centimeters (31 inches). The maps can be seen at: http://www.nasa.gov/topics/earth/featur ... 00623.html .
http://www.jpl.nasa.gov/news/news.cfm?release=2010-208

Bill Clinton: Iran Poses 'Suitcase Nuke' Threat
http://www.newsmax.com/InsideCover/bill ... ode=A2A9-1

Italian PM: Israel ‘will probably react preemptively’ on Iran
http://rawstory.com/rs/2010/0627/italia ... vely-iran/

Iran postpones nuclear talks as 'punishment' over UN sanctions
http://www.haaretz.com/news/internation ... bled=false

Clinton In Azerbaijan: Testing Waters For Attack On Iran
http://www.globalresearch.ca/index.php? ... leId=19942

Report: US warships stationed off Iranian coast
http://rawstory.com/rs/2010/0627/report ... ian-coast/

Turkey bans entry of IDF aircraft
http://www.ynetnews.com/articles/0,7340 ... 74,00.html

Thunder Road Report - DEFCON=2
http://www.zerohedge.com/sites/default/ ... port20.pdf

USS Carrier Harry Truman Now Officially Just Off Iran, As Israel Allegedly Plotting An Imminent Tehran Raid
http://www.zerohedge.com/article/uss-ca ... nt-tehran-

MANAMA: Israel is massing warplanes in the Caucasus for an attack on Iran, it was revealed yesterday. Preparations are underway to launch the military attack from Azerbaijan and Georgia, reports our sister paper Akhbar Al Khaleej, quoting military sources.
http://www.gulf-daily-news.com/NewsDeta ... yid=281041
http://www.opednews.com/populum/linkfra ... kid=114296

Israel and US allegedly preparing military strike on Iran
http://rt.com/Top_News/2010-06-28/iran- ... tions.html

Survival Retreat Population Density
http://modernsurvivalblog.com/retreat-l ... valBlog%29

Alaska State Homeland Security Strategy 2010
http://info.publicintelligence.net/AlashaSHSS2010.pdf

Supermarkets across Britain are routinely selling food from animals reared on genetically modified crops without having to declare it on labelling, it can be disclosed.
http://www.telegraph.co.uk/foodanddrink ... crops.html

Merck is found to be paying experts to recommend Gardasil
http://vactruth.com/2010/06/28/merck-pa ... -gardasil/

Research continues to show link between health risks, Avandia
http://www.washingtonpost.com/wp-dyn/co ... components

Obama won't charge Blackwater with violation of Sudan sanctions
http://news.yahoo.com/s/mcclatchy/20100 ... hy/3548656

150,000 illegal immigrants in Europe to be repatriated to Serbia
http://www.mathaba.net/news/?x=623756

North Korea `open` to talks over warship
http://www.mathaba.net/news/?x=623757

N. Korea: U.S. bringing 'heavy weapons' to border
http://www.cnn.com/2010/WORLD/asiapcf/0 ... A+World%29

North Korea warns U.S. over "heavy weapons" at DMZ
http://www.reuters.com/article/idUSTRE6 ... ws&sp=true

Invasion on a biblical scale: Grasshoppers overwhelming California town
http://www.ksdk.com/news/local/story.as ... 3&catid=28

Ten Percent of Adult Homosexuals in Brazil Have HIV: Study
http://www.lifesitenews.com/ldn/2010/jun/10062402.html

Russian Frogman Assault Rifle
http://kitup.military.com/2010/06/russi ... rifle.html

American Tactical Imports are bringing in a new .22 chambered AR-15. The Varmint Killer VK-22 is made by Chiappa Firearms and features an AR-15 lower receiver and a dedicated .22 LR A3-style upper. The lower can be used with any AR-15 upper.
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

UPDATE:

Tropical Storm Alex continues to slowly grow more organized as it steams away from Mexico's Yucatan Peninsula. Satellite loops show that Alex's heavy thunderstorms continue to increase in areal extent, and low level spirals bands are slowly building to the south and north. The clockwise flow around an upper-level high pressure system a few hundred miles west of Alex is bringing about 15 knots of wind shear to the storm, which is slowing intensification. Heavy thunderstorm activity is limited on the storm's northwest side, thanks to the shear and some dry continental air flowing off the coast of North America. Sea Surface Temperatures are very warm, 29°C. The latest Hurricane Hunter center fix, at 12:07 pm CDT, showed a central pressures of 990 mb, a 1 mb rise in six hours. Top winds were holding steady near 60 mph. Alex has stalled out the last few hours, as it began to "feel" the trough of low pressure to its north breaking down the high pressure ridge that has been pushing the storm to the west-northwest. This stall has allowed the storm to churn up cold water from the depths, which is probably interfering with development. Satellite loops show that Alex has a very large circulation covering about 2/3 of the Gulf of Mexico. We can expect that should Alex become a Category 2 or stronger hurricane, its storm surge will affect a much wider stretch of coast than Hurricane Dolly of 2008 did.

http://www.wunderground.com/blog/JeffMa ... rynum=1524

...ALEX MOVING SLOWLY NORTH-NORTHWEST WITH NO CHANGE IN STRENGTH...
http://www.nhc.noaa.gov/text/refresh/MI ... 1736.shtml

BP / Gulf Oil Spill - Tropical Storm Alex Makes a Drive-By
This GOES weather satellite image of the Gulf of Mexico shows Tropical Storm Alex at 6:45am Central time. Alex has just entered the southern Gulf after moving west across the Yucatan Peninsula:
http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

Bill Clinton: Blow Up The Well
http://money.cnn.com/video/fortune/2010 ... index.html

Oil spill: Is Gulf safe for swimming?

The Escambia County Health Department lifted a health advisory on Pensacola Beach on Friday on the advice of a beach official and against the advice of a federal environmental official.

And hours after the Pensacola Beach advisory was lifted, the health department asked for state approval to issue an oil-impact advisory that leaves the decision to swim in the Gulf of Mexico up to the discretion of individual beachgoers.

The signs would be posted on 41 of the 43 miles of Escambia County beaches — from the Florida-Alabama line to just west of Portofino Beach — impacted by oil.

Meanwhile, the Environmental Protection Agency plans to put decontamination stations along the beach, possibly as early as this weekend.

Similar to the health advisory, the impact advisory would warn beachgoers to avoid touching oily product on the beach and in the water, and it would advise them leaving the beach and seeking medical help if they experience respiratory problems.

So far, 400 people have sought medical care for upper or lower respiratory problems, headaches, nausea, and eye irritation after trips to Escambia County beaches, Lanza said.

http://www.pnj.com/article/20100626/NEW ... -swimming-

Relief Wells Getting Close, But Could Take a Few Tries
http://www.propublica.org/ion/blog/item ... ries#15431

Cybersecurity Measures Will Mandate Government “ID Tokens” To Use The Internet
http://www.infowars.com/cybersecurity-m ... -internet/

Mexican Governor Candidate for Tamaulipas Killed - June 28 (Bloomberg) -- The leading candidate for governor in the Mexican border state of Tamaulipas was gunned down today, less than a week before elections in which violence related to drug trafficking was a central issue.
http://www.sfgate.com/cgi-bin/article.c ... 2E5G79.DTL

June 28 2010: A quiet crisis whispers of impending poverty
http://theautomaticearth.blogspot.com/2 ... rs-of.html

The most recent round of turmoil in financial markets caused many fiscal authorities around the world to reconsider whether they can spend their way to prosperity. Some are concluding that fiscal consolidation may be the better path to economic expansion. That spending cuts are key to establishing a credible path of fiscal sustainability. That channeling government funds from higher-yielding private-sector activities to lower-yielding public-sector activities undermines economic potential. That fine-tuning aggregate demand requires a precision that is difficult for governments to execute effectively. And, that market forces are often more certain than promised fiscal spending multipliers.

Fiscal policymakers must wrestle with difficult questions of timing, external conditions, economic potential, and policy credibility. Ultimately, in my view, fiscal consolidation happens either when policymakers choose the path, or it gets chosen for them. The former is preferred. The events in Europe remind us that the latter is likely if policymakers do not act in a timely way.

The Fed's balance sheet of $2.3 trillion--of which $1.6 trillion represents long-term Treasury securities, agency mortgage-backed securities, and agency debt acquired since late 2008--should be considered, sized, and comprised independently of the policy rate. In my view, the macroeconomic effects of these extraordinary holdings are less significant, their effects on financial market conditions less clear, and the markets' understanding of our objectives less understood than our dominant tool.

Still, if federal fiscal policy is approaching its political or economic limits, some believe that the Federal Reserve should do more, including expansion of its balance sheet.

In my view, any judgment to expand the balance sheet further should be subject to strict scrutiny. I would want to be convinced that the incremental macroeconomic benefits outweighed any costs owing to erosion of market functioning, perceptions of monetizing indebtedness, crowding-out of private buyers, or loss of central bank credibility. The Fed's institutional credibility is its most valuable asset, far more consequential to macroeconomic performance than its holdings of long-term Treasury securities or agency securities. That credibility could be meaningfully undermined if we were to take actions that were unlikely to yield clear and significant benefits.

http://www.federalreserve.gov/newsevent ... 00628a.htm
Bold and Underline mine

The global economic recovery is not looking good. The G-8 meeting this weekend saw divisions that could lead [as the I.M.F. put it] to losses of trillions of dollars and millions of jobs. Now it is reported that Mr. Bernanke and his close allies at the board in Washington are worried by signs that the U.S. recovery is running out of steam. The E.C.R.I. leading indicator published by the Economic Cycle Research Institute has collapsed to a 45-week low of -5.7 in the most precipitous slide for half a century. Such a reading typically portends contraction within three months or so. Add to this the evidence that money velocity is slowing [M3 has contracted at an annual rate of 7.6% over the last three months] and we may well face a huge bout of money printing again? If that is the case, confidence in currencies [not just the $] will lurch lower again.Mr Levine of HSBC, in a recent gold conference pointed out that some top U.S. Asset Managers were fearful of the possibility of government confiscation of gold. Has the G-8 taken steps towards the day when governments would their citizen's gold in their vaults again?

http://www.safehaven.com/article/17315/ ... nfiscation

....Reading the previous post from the Fed......looks like the gold bugs could be up a creek without a paddle!

Finally, we know from banking and current mortgage data that 15 percent of California mortgage holders are at least 30+ days late or are in the process of foreclosure. This is the most troubling data of all. Nearly 800,000 properties show up here. What this tells us is that we have a few years of working through this mess before finding any sign of stability. Keep in mind a large amount of troubled mortgages have yet to be dealt with in the state. The above should give you a sense of what we have today in California.

Let us continue the math. Last month statewide, California had 40,965 home sales. At the same time, 24,669 new notice of defaults were filed. So let us do the math here:

40,965 – 24,669 = 16,296 homes cleared out of the massive inventory

Now depending on your perspective, if we only look at MLS data we have roughly 3 months of inventory in the state. Looking at distress data we have over 6 months of inventory. If we look at the broadest measure we have 19 months of inventory. However, we are only looking at the current sales rate and keep in mind this is high because of tax breaks and also the current part of the selling season. We also have to take into account that last month nearly 25,000 more properties are being put into the pipeline for future distress (not counting regular homeowners who want to sell). Subtracting this out, we really cleared out about 16,000 properties for the month.

Assuming no new foreclosures (not likely) at the very earliest it will be mid to late 2012 before we have any semblance of a bottom in California. Keep in mind that California is also battling a troubled state budget. This will require new revenues (higher taxes) or more cuts (higher unemployment). Both options are bad for housing going forward.

http://www.doctorhousingbubble.com/cali ... e+SoCal%29

Just listened to Jim Puplava over the weekend and there was no mention of such austerity related concerns amongst his listeners providing feedback, which I will take as a representation of the general investing public's lack of awareness on the subject. The message I got from his listeners is increasing inflation possibly to the point of hyperinflation is guaranteed because it's assumed politicians will not allow collapse. Apparently these people don't read the news much, or perhaps they prefer not to think of their ill-timed investment decisions losing money. Something tells me it's the later.

No matter, markets will do what they do best, which is make profits for the least number of participants possible, and based on the current set-up, this appears to still be the case as most individual investors are long stocks and risky bonds again. This is of course a necessary precondition for stock market declines within the scope of the discussion above, where although investors have been desensitized to all the bad news out there they discover once again that fundamentals actually do matter, and that trusting politicians, business leaders, and the financial industry can be hazardous to your financial health.

What's more, nothing makes this point better than Bernanke's assurances the US is not heading down the same road to austerity as Europe, which sparked the rally in stocks late last week, when this is exactly what is happening. In fact, what we are witnessing forced austerity (on the Fed and Obama Administration) in the US. And something that will come as an even bigger surprise to the present bureaucracy I'm sure is the shift from stimulus to austerity by the G-20, which should make for interesting discussion at next week's summit in Toronto, especially if stocks don't respond to the usual 'jam job' normally witnessed just prior to these meetings in an attempt to spur public confidence in their abilities.

The fact of the matter is the public is losing confidence in these characters fast, as can be seen in increasing protests, which might spill over to the stock market soon as well. Up until now many stock market participants have naively remained in their portfolios thinking everything will be 'just fine', and that the bureaucracy is a surrogate for their mommy and daddy, a sentiment reinforced by an overzealous but less than ingenuous Obama. It's safe to say the bloom has come off this thinking and presidency now however, where all it would take to demonstrate the wheels have officially 'come off', is marginal withdrawals from already cash strapped mutual funds to trigger some sort of market crash, either a more controlled decline or something like we witnessed on May 6th.

http://www.safehaven.com/article/17314/ ... -ill-timed

......MSM going to work.....

What's so bad about deflation?

I think the world has things backwards a little bit. This insistence to battle deflation like our lives depend on it is quite confusing to me. Sure, I understand the wage and standard of living argument, but after many years of currency destruction and "inflated" earnings, I don't see anything wrong with a little deflation. In fact, I think it's healthy.

http://www.minyanville.com/businessmark ... 0/id/28959

Bill Gates now pushing genetically modified seeds in Africa
http://www.naturalnews.com/029071_Bill_ ... seeds.html

Pony up, Cattlemen!
http://farmwars.info/?p=3166&utm_source ... rm+Wars%29

WASHINGTON, June 28, 2010 – The United States and South Korea have agreed to delay until December 2015 the transfer of wartime operational control of troops on the Korean peninsula to South Korea, the two nations’ presidents announced following a June 26 meeting in Toronto.

Specific details of how the wartime operational control will shift will be formulated next month during meetings in the South Korean capital of Seoul, Pentagon officials said.

Transfer of control had been scheduled for April 2012. The change reaffirms the importance of the U.S. military alliance with South Korea, President Barack Obama said.

http://www.defense.gov/news/newsarticle.aspx?id=59809
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Re: Blipits

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Extreme Scenes Around the World
http://www.bing.com/featured/content/se ... ORM=RQHOME

IceCube telescope: Extreme science meets extreme electronics
http://www.eetimes.com/showArticle.jhtm ... =225701176

Tropical Storm Alex continues to slowly grow more organized as it heads towards the Texas/Mexico border. Satellite loops continue to show a slow increase in Alex's heavy thunderstorms and low level spirals bands. An impressive large thunderstorm with very cold tops has erupted near Alex's center in the past hour, and this may be a "hot tower" that presages the formation of an eye. The latest Hurricane Hunter center fix at 6:29am CDT found a central pressure of 982 mb, which is a typical Category 1 hurricane pressure. However, as of 9am CDT, the Hurricane Hunters has still not found hurricane-force winds at the surface in Alex. The clockwise flow around an upper-level high pressure system a few hundred miles west of Alex is bringing about 10 - 15 knots of wind shear to the storm, which is slowing intensification. Heavy thunderstorm activity is still limited on the storm's northwest side, thanks to the shear and some dry continental air flowing off the coast of North America. Sea Surface Temperatures are very warm, 29°C.

Impacts
Hurricane local statements with projections for how Alex will affect the coast are now being issued by the National Weather Service in Brownsville and Corpus Christi. Since Alex is a large storm, it will have a storm surge that will affect most of the South Texas coast. NHC is giving a 30% - 40% chance of a storm surge of at least 4 feet affecting the Brownsville area, and 10% - 20% chance the surge will exceed 5 feet. In theory, a Category 2 hurricane moving WNW at 5 mph can bring a storm surge of up to 8 - 9 feet to the Southern Texas coast (Figure 1.) Of course, flooding damage from the expected 10 - 20 inches of rain from Alex will also be a major concern, as will wind damage. The combined wind, surge, and flooding damage from 2008's Hurricane Dolly, which hit near Brownsville, were about $1.05 billion. Dolly was a Category 2 hurricane offshore that weakened to a Category 1 hurricane with 85 mph winds when it made landfall. I expect Alex will be similar in its impacts to Dolly, though Alex's storm surge damage is likely to be greater.

Track forecast for Alex
The latest 0 UTC and 6 UTC (1am CDT) runs of our most reliable computer models did a pretty poor job, in general, of capturing the north-northwest motion of Alex early this morning, and are thus probably too far south in their landfall predictions. The official NHC forecast is thus taking Alex farther north than the models are. The most northerly landfall location, near Port Mansfield, is now being predicted by the HWRF model. The most southerly landfall prediction comes from the ECMWF model, which predicts landfall more than 100 miles south of Brownsville.

To get the probability of receiving tropical storm force winds or hurricane force winds for your location, I recommend the NHC wind probability forecasts. The 4am CDT (9 UTC) wind probability product predicted that Brownsville, Texas had the highest odds of getting a direct hit from Alex:

Brownsville, TX: 84% chance of tropical storm conditions (winds 39+ mph), 23% chance of hurricane force winds (74+ mph). This is the cumulative probability through Saturday morning. The wind probability forecasts also include separate probabilities for each 12-hour period between now and three days from now, and each 24 hours for the period 4 - 5 days from now.

Corpus Christi, TX: 44% tropical storm, 4% hurricane.

La Pesco, MX: 42% tropical storm, 3% hurricane.

Freeport, TX: 22% tropical storm, 0% hurricane.

Tampico, MX: 20% tropical storm, 0% hurricane.

Galveston, TX: 16% tropical storm, 0% hurricane.

http://www.wunderground.com/blog/JeffMa ... rynum=1526

...ALEX NOW MOVING TOWARD THE NORTHWEST WITH WINDS JUST BELOW HURRICANE STRENGTH...
http://www.nhc.noaa.gov/text/refresh/MI ... 1431.shtml

Panic brews on Gulf coast under suspicions of oil spill media blackout of threats to public safety
http://theintelhub.com/2010/06/28/panic ... ic-safety/

Is It Safe To Go Swimming In The Gulf Of Mexico?
http://endoftheamericandream.com/archiv ... -of-mexico

DESTIN — A BP cleanup worker was found dead in his Village Inn room Sunday afternoon. The 48-year-old man’s identity has not been released.
http://www.nwfdailynews.com/articles/ca ... estin.html

'Significant' oil hits Mississippi shores: officials
http://news.asiaone.com/News/AsiaOne%2B ... 24148.html

Mississippi officials slam Coast Guard as BP oil hits shores
http://www.mcclatchydc.com/2010/06/27/9 ... coast.html

162 cases of illness linked to oil spill reported in Louisiana
http://www.cnn.com/2010/HEALTH/06/28/lo ... tml?hpt=T2

June 26 2010: This Issue - Special In-Depth Report. "Truth And Consequences" - A Review Of The Gulf Oil Eruption, And What The Future Holds That You Are Not Being Told.
http://www.buycontacthasbegun.com/suppo ... uences.pdf

Scientists Predict Larger ‘Dead Zones’ in Gulf
http://www.propublica.org/ion/blog/item ... gulf#15434

The U.S. Supreme Court has just issued a decision which is going to further push Christian groups on college campuses into the background. In a 5 to 4 decision, the Supreme Court ruled that a state law school can refuse to recognize a Christian student group that "discriminates" against gay students and other non-Christians.
http://thetruthwins.com/archives/the-tr ... t-decision

On War: Joe Rosenthal & Iwo Jima
http://blogs.denverpost.com/captured/20 ... -iwo-jima/

Restore the Republic – Proof of Things to Come?
http://theintelhub.com/2010/06/29/restore-america-4/

New Big Screen Documentary Exposes Pat Tillman Cover-Up
http://www.infowars.com/new-big-screen- ... -cover-up/

G20 Protesters Being Abducted, Bundled Into Unmarked Vans In Toronto
http://www.infowars.com/g20-protesters- ... s-channel/

Civilian Inmate Labor Program
http://www.reducehousepayment.com/Freed ... Manual.pdf

Russian President Dmitry Medvedev said Sunday that a CIA warning that Iran has enough uranium to build two atomic bombs was "worrying," and criticized Tehran's secrecy over its nuclear program.
http://www.breitbart.com/article.php?id ... _article=1

Obama Doctrine: Congress Just Declared Preemptive War on Iran
http://www.infowars.com/obama-doctrine- ... r-on-iran/

Third US carrier, 4,000 Marines augment US armada opposite Iran
http://www.debka.com/article/8879/

Iran: the time to deal with the periphery has passed
http://sitrep.globalsecurity.org/articl ... th-the.htm

Henry Kissinger, the former US secretary of state, has warned that Washington's plan to begin handing over responsibility to national forces in Afghanistan in July next year "provides a mechanism for failure". In an interview with the Financial Times in the wake of President Barack Obama's decision to remove General Stanley McChrystal, commander of US and Nato forces in Afghanistan, Mr Kissinger said the public "must be prepared for a long struggle" in what is already the US's longest war.
http://www.ft.com/cms/s/0/6927f306-831b ... abdc0.html

The CIA recently signed a new $100-million contract with Blackwater to guard its facilities in Afghanistan. Panetta also told ABC's Jake Tapper that he estimates there are somewhere in the vicinity of 50 to 100 Al Qaeda operatives inside Afghanistan. "There’s no question that the main location of Al Qaeda is in the tribal areas of Pakistan,” he said. Faiz Shakir at ThinkProgress notes that, with approximately 100,000 US troops in Afghanistan, that works out to 1,000 troops per Al Qaeda agent.
http://rawstory.com/rs/2010/0627/panett ... lackwater/

KABUL—More than $3 billion in cash has been openly flown out of Kabul International Airport in the past three years, a sum so large that U.S. investigators believe top Afghan officials and their associates are sending billions of diverted U.S. aid and logistics dollars and drug money to financial safe havens abroad. The cash—packed into suitcases, piled onto pallets and loaded into airplanes—is declared and legal to move. But U.S. and Afghan officials say they are targeting the flows in major anticorruption and drug trafficking investigations because of their size relative to Afghanistan's small economy and the murkiness of their origins. Officials believe some of the cash, if not most, is siphoned from Western aid projects and U.S., European and NATO contracts to provide security, supplies and reconstruction work for coalition forces in Afghanistan. The North Atlantic Treaty Organization spent about $14 billion here last year alone. Profits reaped from the opium trade are also a part of the money flow, as is cash earned by the Taliban from drugs and extortion, officials say.
http://www.globalresearch.ca/index.php? ... leId=19954

(Reuters) - China denied on Tuesday media reports that an artillery drill in the East China Sea was in response to a planned military exercise between South Korea and the United States.
http://www.reuters.com/article/idUSTRE65S1YU20100629

NKorea says it must bolster nuclear capability
http://news.yahoo.com/s/ap/20100628/ap_ ... ip_sinks_5

New arrest in Russian 'deep cover' case
http://www.cnn.com/2010/POLITICS/06/28/ ... tml?hpt=T1

American military casualties in Iraq and Afghanistan now exceed 500,000
http://www.mathaba.net/news/?x=623776

Consumer Confidence Collapses Massively In June
http://www.businessinsider.com/consumer ... une-2010-6

Banks told to hoard up to £130bn in case of crisis: G20 hammers out deal to avoid future bail-outs
http://www.dailymail.co.uk/news/article ... risis.html

Cash machines that only dispense £5 notes to be rolled out across Britain
http://www.dailymail.co.uk/news/article ... itain.html

Taxes coming for $1 trillion in commercial real estate. 1.2 million partnerships own over $1 trillion in CRE. Too big to fail dumping CRE debt.

The middle and working class are largely opening their eyes to the massive wealth transfer that is taking place.

The CRE market is merely one way governments from top to bottom are going after more sources of money. After all, they’ve already picked the pockets clean of the middle class to bolster and support the banking industry. Now that the too big to fail are protected at all costs, why not put the act of toughness on and go after smaller banks with too much CRE debt? Once they fall over the too big to fail banks can have some CRE locations for a massive discount. After all, who else is in the market to purchase CRE in today’s market? Think this isn’t the case?

The fact that the government is exploring taxing CRE is interesting because it shows the tone of where we are heading. There is this odd balance of banking power. As long as you are part of the giant banks and Wall Street power brokers, you can fail on a continuous basis and you will be protected. Fall out of that realm, and you are in a “free market” with no support. Not a hybrid system that is conducive to a healthy economy. And we can see that the amount of defaults with CRE loans are booming:

http://www.mybudget360.com/taxes-for-co ... re-market/
Bold and Underline mine

34 states saw tax collections decline in the first quarter of 2010. State budget deficits projected well into 2010 – Plunging tax revenues reflect a weaker economy dragged down by pervasive unemployment and underemployment. $112 billion in state budget gaps for fiscal 2011.
http://www.mybudget360.com/state-budget ... ing-again/

Markets sense the plague is coming (back) - Commentary: Order for new age of austerity takes on the G-20, attacks growth
http://www.marketwatch.com/story/stocks ... _news_stmp

The Next Crisis: Public Pension Funds
http://www.nytimes.com/2010/06/27/magaz ... ss&emc=rss

With the state budget nearly three months late, Governor David Paterson says he will veto all 6,900 amendments included in the budget passed Monday by state lawmakers.
http://www.ny1.com/content/top_stories/ ... et-add-ons

The $28.364 billion state budget approved last night represents more than a $1.4 billion cut in the $29.8 billion state budget approved in Democratic Gov. Jon Corzine’s final year. That figure is sharply down from the $33.6 billion in state revenue appropriated and spent by Corzine and the Democratic Legislature three years ago in FY2008, before the Great Recession ravaged state tax collections. In fact, the $28.364 billion is the lowest state budget since Democratic Gov. Jim McGreevey’s FY2004 budget came in at $25 billion seven years ago. The cut is even more substantial in total state spending, which includes federal aid, the Transportation Trust Fund and various dedicated funds and fees. While Corzine’s final budget spent a record $48.5 billion, Christie’s first budget cuts total spending by $2.5 billion to $46.0 billion, the lowest level in four years.
Pushing Problems Into Next Year

In the end, the compromise $28.364 billion state budget that Christie and Democratic legislative leaders agreed to a week ago is $97.1 million higher than the budget Christie proposed in March, despite a further decline in state revenues projected by the non-partisan Office of Legislative Services in May. ( Click here for a series of charts detailing the major differences between Christie’s original budget proposal and S-3000, the compromise budget bill that Christie and the Legislature agreed upon.)

The new budget anticipates a $101.2 million decline in revenues, but essentially pushes the cost of the $97 million in new spending and the problem of how to deal with the revenue drop into next year by lowering Christie’s projected $500.8 million surplus to $300.2 million. That figure amounts to just over a 1 percent surplus, well below the 2 percent or more that the bond rating agencies prefer. The small surplus means that if state revenues come in even marginally lower at any point next year, the Christie administration will have to make further mid-year cuts in spending because there is no real surplus to cushion the blow.

http://www.njspotlight.com/stories/10/0629/0310/

May's claims were down from a record 768,709 in April and were the lowest since February, when EDD processed 651,629 claims. However, state officials estimate that 124,000 laid-off workers had exhausted their maximum 99 weeks of benefits as of June 7 which could account for much of May's decline. The number of claims processed likely will drop even more dramatically this month after Congress failed to approve a bill that would have allowed the unemployed to collect extended benefits through November. EDD estimates more than 200,000 Californians got cut off from so-called Fed-Ed benefits or completed their latest tier of unemployment and no longer are eligible to collect so their claims won't be processed.

http://www.ocregister.com/articles/cali ... month.html

Although Hill is optimistic a budget will be adopted sooner this year than last, he contends a $19 billion shortfall makes it a little difficult. “If his budget is enacted, 400,000 people will lose their jobs and the state unemployment rate will increase by 2 percent,” Hill said. To bridge the deficit, federal funds account for $3.4 billion in solutions in the governor’s May revise. The bulk of the governor’s proposed budget fix, however, calls for spending reductions up to $12.4 billion. Schwarzenegger’s budget proposes $82.9 billion in spending, down $3.1 billion from last year. The state’s total budget is $118.7 billion, down $6 billion from last year.

http://www.smdailyjournal.com/article_p ... 20deadline

“The logic for runaway inflation doesn't lead us to a good explanation of current conditions,” Gundlach said. Examining the examples of hyperinflation in Zimbabwe and in the Weimar Republic, he said none of the factors that characterized those situations are features of today’s economy: excessive printing of money, high interest rates, rising equity and commodity prices, and, most notably, relentlessly escalating consumer prices.

Instead, he said, the opposite scenario – deflation – is likely to rule.

The fact that one-third of the GDP over those eight years went toward entitlement commitments “is why people believe there needs to be inflation,” Gundlach said, yet it has not happened.

“The problem for the near term is that the load of all of this debt is deflationary,” Gundlach said. “We need to work through these deflationary outcomes.” He said there is a chance that the US will monetize its debt, but he doesn’t think that that's the correct approach to be taking today.

“I do not believe the inflationary temptation can be succumbed to absent some sort of a crisis,” he said.

Gundlach said that the social mood sends important signals about the fate of the economy. A lot of people have equated excessive borrowing and bailouts with the possibility of inflation, he said. Well-meaning citizens and political groups are talking about balancing the budget. That sounds brave, he said, and fiscal prudence would have been great back in 1992, but the economy today is living on stimulus. “Take the stimulus away, and you’re going to have a double-dip recession or a significant contraction or slowdown of economic growth,” he said.

If interest rates in the US go to 10% on US Treasury bonds, all tax revenues would need to go to debt service, Gundlach said. As bad as the debt problem is today, very low interest rates are to some extent allieviating the burden.

As debt has been building up, Gundlach said, we have not been able to get ourselves out of recessions with any significant job growth. “Debt growth creates a headwind where we need more and more and more debt,” he said.

Gundlach said there is currently no job growth in the U.S. except that accounted for by government hiring. Job growth in the government sector, he said, is virtually self-defeating from a fiscal standpoint. “Government workers are being paid with taxes on borrowed money,” he said. “If you are going to create government jobs, you are just borrowing more money. Those aren’t real jobs.” The net result is that we are mired in a jobless recovery.

http://www.zerohedge.com/article/big-ca ... to+zero%29

Full report
http://www.zerohedge.com/sites/default/ ... -25-10.pdf

The Only Certainty in Life: Taxes are Rising
http://www.zerohedge.com/article/only-c ... to+zero%29

What causes depressions is an unsustainable runup in credit and debt that precedes it, NOT a failure to go deeper in debt.

Anyone who understands 5th grade math should be able to figure that out. Unfortunately, Nobel prize winning economists can't.

"I listen to nonsense from some commentators claiming that if the US is not careful, it will suffer the same fate of Greece. Total rubbish." says Kolivakis.

Three Examples of Total Rubbish

* People who think crack addicts can smoke crack to cure their addiction
* Alcoholics who think they can drink their way out of alcoholism
* Debt junkies (and Keynesian clowns) who think one can spend one's way out of a spending problem

In a sense all of the above ideas will "work".

In the first two cases the result is physical death, nature's way of solving the problem. In the third case, a bond revolt and economic death solves the problem.

Depression is Well Earned

If a depression is coming, and I think we are in one already, then it was well earned. Thanks to Greenspan and Bernanke, we had the biggest debt party and housing boom the world had ever seen, and depression is the unavoidable payback.

http://globaleconomicanalysis.blogspot. ... nalysis%29

Global banks face $5.8 trillion rollover

Banks around the world must refinance more than $US5 trillion ($5.8 trillion) of debt in the coming three years, a massive rollover that poses threats to financial stability and growth.

The need to replace these funds, which are medium and long term, will place pressure on bank profit spreads and in turn may either prompt deleveraging, where banks sell assets that they can no longer economically finance, or simply lead to a bout of credit rationing, where borrowers must pay more to borrow, thus crimping investment and economic growth.

For banks in the UK, according to the Bank of England Financial Stability Report, the refinancings amount to about $US1.2 trillion by the end of 2012.

http://www.smh.com.au/business/global-b ... -zi3g.html

....actually the rollover needs are much greater as the article above just takes into account some of the private debt. The US government alone has to roll over $2 trillion this year and then finance this year's deficit of another $1.6 trillion. I've posted tons on this in the deflation/inflation thread....here's some snipits...

Perfect storm - obscene record high debt rollover requirements, obscene record high new debt requirements, record high unemployment, collapsing asset values, government stimulus coming to a close, state and local government budget crackdowns, and soon interest rates are going to shoot up slaughtering anyone holding a variable rate loan!

About to witness hyper-deflation or hyper-printing in action!!! By bet is on hyper-deflation....not saying the government won't do it....just not seeing evidence of it!

viewtopic.php?f=1&t=10080&p=124070&hilit=rollover#p124070

Using inflation to reduce debt impacts in an environment characterized by short maturities is difficult if not impossible. (Rising interest rates ensnare each roll-over and raise the debt service required of the Treasury)

As of end of month December 2009, amount of marketable debt maturing in:
o 0-30 days: $432.0 billion
o 31-60 days: $382.3 billion
o 61-90 days: $307.0 billion
o Total maturing in under 90 days: $1,121.3 billion

"we note that average maturities of new debt issuances rated by Moody’s – which we use as an indicator of general trends -- fell from 7.2 years to 4.7 years globally over the last five years. This is the shortest average maturity for new debt at any given point during the 30 years of bank funding history covered by our analysis. As a related matter, we estimate that banks that we rate will face maturing debt of about $10 trillion between now and the end of 2015, $7 trillion of which will occur by the end of 2012."

Let's do the math: the US Gov't needs to roll about $6 trillion (and increasing) every year, Commercial Real Estate has a $3 trillion refi cliff around 2014 and the banking system has a $7 trillion roll maturity by 2012. In other words at or about 2012, or at the time Barack Obama is sure to be enjoying record approval ratings (high or low, your choice) courtesy of 30% unemployment, the American economy will be straddled with not just the ongoing burden of issuing about $2 trillion in debt each year to finance what can only be characterized as a budget concocted by the most hard-core, raving lunatics in the Federal Insane Asylum Reserve, but will have to deal with roughly $15 trillion of rolling maturities.

viewtopic.php?f=20&t=10171&p=109275&hilit=rollover#p109275

What does one TRILLION dollars look like?
http://www.pagetutor.com/trillion/index.html

Modern Money Mechanics – Money Creation Practices in a Fractional Reserve Banking System (Part 1)
http://libertarianviewpoint.com/blog/?p=2160

In Ireland, a Picture of the High Cost of Austerity
http://www.nytimes.com/2010/06/29/busin ... erity.html

Dumbing Down Society Part I: Foods, Beverages and Meds
http://vigilantcitizen.com/?p=4051

French FELIN optics on HK416 and FN SCAR
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

Boberg Arms subcompact XR-9S
http://www.thefirearmblog.com/blog/2010 ... rm+Blog%29

UPDATE:

California Notified Of Gulf Evacuation Plans
http://theintelhub.com/2010/06/29/calif ... ion-plans/

BP Oil Gusher Evacuation?
http://www.infowars.com/infowars-com-po ... vacuation/

Gulf oil disaster update: Tropical Storm Alex closing in on Gulf spill
http://www.examiner.com/x-34929-Manhatt ... Gulf-spill

Czech Military to Help National Guard Establish “Chemical Warfare Unit” in Texas
http://www.infowars.com/czech-military- ... -in-texas/

Four Survival Guns
http://modernsurvivalblog.com/security/ ... valBlog%29

Gold: A Bubble on the Verge of Bursting?
http://oilprice.com/Metals/Gold/Gold-A- ... +Update%29

EXPOSED! - G20 Police Provocateurs Being Let Through Police Lines After Causing Trouble
http://www.youtube.com/watch?v=5GyoM3YO ... _embedded#!

Banks Financing Mexico Gangs Admitted in Wells Fargo Deal
http://www.bloomberg.com/news/2010-06-2 ... -deal.html

Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion
http://www.cnbc.com/id/37982580

Texas Braces for Strike from Storm
http://www.bloomberg.com/news/2010-06-2 ... rning.html

US police ‘out of control’ in spy case: Putin
http://rawstory.com/rs/2010/0629/putin- ... y-scandal/

Iraq signs multi-billion gas deal with Shell, Mitsubishi
http://rawstory.com/rs/2010/0629/iraq-s ... itsubishi/

Israel: Alternatives to surrender
http://www.rightsidenews.com/2010062910 ... ender.html

Kangaroos being poisoned by fluoride
http://www.naturalnews.com/029094_kanga ... oride.html

How heavy are the debt shackles for Americans? Let us simply look at the U.S. household debt sector that includes mortgage debt, student loans, auto loans, and credit cards.

Total U.S. households 113,000,000 / $12.77 trillion household debt = $113,000 average debt for each household

Now the above is a stunning figure. The median household income in the U.S. is roughly $52,000 so each household would have to put 100 percent of their gross income for two years to pay off their share of the household sector debt. If we run the numbers for the above $45 trillion the figure is simply daunting:

Total U.S. households 113,000,000 / $45.65 trillion in multiple sectors of debt = $403,000 average debt for each household

Now debt in itself isn’t necessarily bad. Yet when you rely on debt for the primary engine to move the economy that is when problems begin to arise. The two income trap for middle class Americans has been softened by the use of debt:

The single-income family in the early 1970s had more financial stability and wealth than the current middle class family that has a large part of their income going to servicing large amounts of debt. This all came to a boiling point with the housing bubble.

Middle class Americans are now taking on the brunt of this current correction while the banking sector seems protected from any outside influence. Banks can still suspend mark to market accounting while any middle class household that tries this will be foreclosed on or see their credit rating slashed. Imagine if you had the ability to value your assets as you saw fit at hyper inflated levels. Also imagine that you had the ability to borrow what would seem like an unlimited amount of money at zero percent from the Federal Reserve. Life would be better but you are no part of the banking elite so you have to operate in a world that is governed by artificial market forces. The debt you pay to banks operates under free market rules while the debt banks take on from the government operates in an oligarchic fashion.

The middle class is quickly disappearing. It doesn’t seem like any political party is willing to take on the battle for what is right for the nation. Piecemeal type of approaches won’t have any impact on a market that is crying for radical reformation. Instead, this crisis has actually provided a platform for the banking sector to consolidate power and really squeeze every ounce of productivity from the middle class. The chains of debt are being tightened on the hands of the working and middle class. The data we are seeing do not show any reversal of this trend.

http://www.mybudget360.com/middle-class ... get+360%29

Treasury Auction for the Week of June 28, 2010
http://treasuryauctionwatch.blogspot.co ... ne-28.html

Consumer Confidence Dives; Treasury Yields Plunge to April 2009 Levels; An Economic Depression is Here - Congress, the Fed to Blame

Is that a 3-handle I see on the long bond and a 2-handle of the 10-year treasury? Why yes it is.

The week is not over yet but this looks rather ominous. Treasury yields are back where they were in April of 2009 at the start of the so-called "recovery".

I am not quite sure why the 3-month treasury displays as a flatline at .5. The flatline is closer to 0.

Consumer Sentiment Plunges

An Economic Depression is Here

Either the present conditions are about to move back up or the expectations index is about to plunge as well. I expect the latter. Expectations for improvement are way too optimistic, not that a reading of 71 is optimistic at all. It isn't.

Structural problems are immense and the sad fact of the matter is those problems cannot be cured by more deficit spending. Krugman is correct about a depression, just wrong about the cure. Logically the disease and the cure cannot be the same.

By the way, a depression is not coming, we are clearly in one, a deflationary one at that. Once again, those chanting hyperinflation all missed the boat by light-years.

Various safety nets like food stamps, unemployment insurance, and of course people no longer paying their mortgage and living in their houses for free all mask over the depression.

Depression is The Price We Pay For Budgetary Murder and contrary to Krugman's belief, further budgetary murder cannot possibly cure anything.

Understanding The Problem

Before you can fix anything, you have to understand what the problem is and what caused it.

What causes depressions is an unsustainable runup in credit and debt that precedes it, NOT a failure to go deeper in debt.

Anyone who understands 5th grade math should be able to figure that out. Unfortunately, Nobel prize winning economists can't.

http://globaleconomicanalysis.blogspot. ... nalysis%29

A new fiscal year is set to begin, and at least 22 states are counting on federal Medicaid money that has yet to materialize.
http://www.stateline.org/live/details/s ... adlines%29

Agri-Food Thoughts
http://www.safehaven.com/article/17325/ ... d-thoughts

Country Risk: The World According to Robert Rubin (Updated)
http://us1.irabankratings.com/pub/IRAMain.asp

BP, Transocean Told to Alert U.S. to Actions That Cut Assets After Spill

The U.S. Justice Department told BP Plc, Transocean Ltd. and three other companies associated with the Gulf of Mexico oil spill to provide the government with advance notice of corporate actions that may deplete assets that could cover judgments against them.

The letters, dated June 23 and provided to Bloomberg News in response to a Freedom of Information Act request, also went to Anadarko Petroleum Corp., Halliburton Co. and Moex USA Corp., and described “significant” potential liability for each of the companies.

Each of the letters said the U.S. has a “compelling interest” to ensure the companies don’t “deplete those assets that would be available to satisfy a judgment” should they be found liable to the U.S.

http://www.bloomberg.com/news/2010-06-2 ... spill.html

Oil skimming operations halted when tropical Storm Alex whips up winds, churns seas
http://www.app.com/article/20100629/NEW ... hurns-seas

DETROIT (AP) -- When it comes to car shopping, Americans are tapping the brakes.

Forecasters expect U.S. sales of cars and light trucks to slow in June after months of improvement. It's another sign that people are beginning to doubt the economic recovery with unemployment still high.

"The two big issues with consumers right now are employment growth and income growth, and they're not seeing much of either," said George Pipas, Ford Motor Co.'s top sales analyst.

Three firms that track auto sales predict automakers will report a sales decline of anywhere from 9.5 to 12 percent from May to June when they turn in their figures on Thursday. A double-digit decline would be the biggest monthly drop since January.

http://finance.yahoo.com/news/US-auto-s ... et=&ccode=

Lawmakers are now considering ending the TARP program early and using the money to help fund the new financial overhaul bill, CNBC has learned.
http://finance.yahoo.com/news/TARP-Mone ... et=&ccode=

....shifting gears and the gloves are coming off.....

The congressman from Fannie Mae is only doing what is in his best interest. Not in that of America, mind you. But his own? Absolutely. Presumably the bill will now have enough votes to pass. Barney also saying TARP funds, so generously provided originally by taxpayers, will be used to fill funding holes instead.
http://www.zerohedge.com/article/barney ... ough-votes

There's no easy solution for the puzzling fish kill in St. Johns
http://jacksonville.com/sports/outdoors ... l-st-johns

McDonald's McNuggets made with 'Silly Putty' chemical
http://www.sfgate.com/cgi-bin/blogs/sfm ... y_id=66729

Tropical Storm Alex is slowly building an eyewall, which is now more than 50% complete, according to recent satellite imagery and microwave images (Figure 1.) Satellite loops show a slot of dry air is spiraling into the center of the storm, and until this dry slot gets closed off, Alex will not be able to intensify significantly. Alex's heavy thunderstorms and low level spiral bands continue to slowly increase, but upper-level outflow is mediocre to the north and east, and absent elsewhere. The Hurricane Hunters are in the storm and have not found any hurricane-force winds at the surface yet.

Impacts
Alex is already bringing bands of heavy rain to the coasts of Texas and Mexico, as seen on the Brownsville, Texas radar. Hurricane local statements with projections for how Alex will affect the coast are now being issued by the National Weather Service in Brownsville and Corpus Christi. Since Alex is a large storm, it will have a storm surge that will affect most of the South Texas coast. NHC is giving a 40% - 60% chance of a storm surge of at least 3 feet affecting the Brownsville area, and 10% - 30% chance the surge will exceed 5 feet. In theory, a Category 2 hurricane moving WNW at 5 mph can bring a storm surge of up to 8 - 9 feet to the South Texas coast (Figure 2.) However, Alex is now unlikely to get that strong, and the surge should be less. Flooding damage from the expected 6 - 12 inches of rain from Alex will also be a major concern, as will wind damage. The combined wind, surge, and flooding damage from 2008's Hurricane Dolly, which hit near Brownsville, were about $1.05 billion. Dolly was a Category 2 hurricane offshore that weakened to a Category 1 hurricane with 85 mph winds when it made landfall. I expect Alex will be similar in its impacts to Dolly, though Alex's storm surge damage is likely to be greater. If Alex hits more than 50 miles south of the Texas border, as currently appears likely, the damage will be far less, since this region of the coast is relatively sparsely populated.

Track forecast for Alex
The latest 12 UTC (7am CDT) runs of our most reliable computer models confirm the faster movement of Alex to the coast, and residents in the affected areas now have 12 hours less to prepare for Alex's arrival than it seemed with yesterday's forecasts. Conditions will begin to deteriorate along the coast late tonight, so today is the day to finish preparations if you live near the Texas/Mexico border! The ridge that is steering Alex to the northwest is expected to strengthen today and Wednesday, which should push Alex on a more west-northwest and then westerly track on Wednesday. A few models even have Alex moving west-southwest by the time it makes landfall. The most northerly landfall location, near Brownsville, is predicted by the HWRF model.

http://www.wunderground.com/blog/JeffMa ... rynum=1527

UPDATE 2:

Russian Shiveluch volcano in Far East spews ash over 3 miles
http://en.rian.ru/russia/20100627/159595348.html

...ALEX BECOMING BETTER ORGANIZED AND EXPECTED TO BECOME A HURRICANE IN THE NEXT SEVERAL HOURS...NEW TROPICAL STORM WARNING IN MEXICO...
http://www.nhc.noaa.gov/text/refresh/MI ... 2035.shtml

DCMA Economic Crisis and Defense Contracting
http://info.publicintelligence.net/DCMA ... wnturn.pdf

Airport body scanners deliver radiation dose 20 times higher than first thought, warns expert
http://www.dailymail.co.uk/health/artic ... ought.html

Why is Obama Changing “Freedom of Religion” to “Freedom of Worship”?
http://www.rightsidenews.com/2010062910 ... rship.html

Gulf of Mexico Presents Unprecedented Toxicity Problems
http://www.globalresearch.ca/index.php? ... leId=19962

Warning To Those Cleaning Up The Oil Spill In The Gulf Of Mexico: Almost Every Cleanup Crew Member From The 1989 Exxon Valdez Disaster Is Now Dead
http://endoftheamericandream.com/archiv ... s-now-dead

Gulf Dead Zone Grows as No-Fishing Area Expands

The National Oceanic and Atmospheric Administration said it had decided to expand the fishing closure from its current northern boundary as a precautionary measure to make sure consumers don't eat seafood contaminated by the gulf oil spill. All told, a little more than 80,000 square miles, or 33 percent of Gulf of Mexico's federal waters, are now considered a closed area.

Because this remains an evolving situation, NOAA said that it will retest the area and reopen fisheries when they are deemed safe.

Meanwhile, commercial fishermen in the Gulf, who harvested more than one billion pounds of fish and shellfish in 2008, face another threat to their livelihood: a growing "dead zone" with little or no oxygen in the water.

Growing Dead Zone

Scientists tracking this phenomenon for the last few years say the affected area measures between 6,500 and 7,800 square miles - a stretch approximately the size of New Jersey. The dead zone has averaged 6,000 mile the previous five years.

The five largest Gulf dead zones on record have occurred since 2001. The biggest occurred in 2002 and measured 8,484 square miles.

"The growth of these dead zones is an ecological time bomb. Without determined local, regional and national efforts to control them, we are putting major fisheries at risk," said University of Michigan aquatic ecologist Donald Scavia.

He added that the presence of toxic oil this year has created a "one-two punch that could seriously diminish valuable Gulf commercial and recreational fisheries."
"While there is speculation out there as to how the oil spill might impact the dead zone, we are simply not sure at this point," he said in an email interview with CBSNews.com. "As bacteria decompose the oil, it will use up oxygen and that may make things worse. Also, oil in the water may impede the transfer of oxygen from upper layers to the lower layers and that could make it worse." Ironically, the presence of oily water may prove a short-term boon in terms of slowing the growth of algae. Scavia said the oil could be toxic to algae, reducing its production, and minimizing the amount of organic matter that gets decomposed in the bottom water.

"That would make things better," he said, adding that the oil may shade the algae and also reduce production, making the dead zone better this year.

"In either case, the combo of oil and the dead zone is not good for the coastal communities," he said.

http://www.cbsnews.com/8301-501465_162- ... 01465.html
Bold and Underline mine

Unemployment Extension Failed: Americans Disappointed
http://www.uschron.com/unemployment-ext ... ed/111448/

With federal stimulus funds running out, economic worries grow
http://www.latimes.com/business/la-fi-0 ... 0367.story

Nobody would have thought June 29 would be a remarkable date - middle of summer, everyone watching the world cup, HFT computers out for their annual hard disk defrag and front running optimization, press release scanning robots out for their annual oil change, even hurricanes barely willing to form. Yet at the end of the day, June 29 ended up joining a list of such memorable dates as The Bear Stearns Crash, the May Flash Crash, the Lehman Crash, and the March 2009 666 crash: based on the TRIN/ARMS index, the NYSE index hit 5.88. It has been higher on just 4 other times before, specifically the four dates noted above. The indicator tracks up/down stocks divided by up/down volume on the NYSE -the higher the number, the greater the rush into decliners. Today's reading indicated that on the NYSE people could not get enough of selling, and in size. What is more worrisome is that in the last two months, we have seen an amplitude in the TRIN that has never occurred before: it has approached 0 (on low-volume melt up days), all the way to 12+ on 5/6 and nearly 6 today. This simply means that, as we have been claiming for a long time, there is increasingly less liquidity in the market. And we are talking real deep liquidity, not the churn BS that HFT algos do in Citi and now Tesla (thank you Goldman), and then, oops, drop all bids when something odd happens on 8,800 shares and the NYSE has to come in, bail out the market, and in the process derail the order flow of millions of shares of pent up supply and demand. A few more episodes like that and there will no demand and a lot of supply.

http://www.zerohedge.com/article/trin-i ... to+zero%29

No one has a crystal ball, but it appears the U.S. economy will slow in the 2nd half of 2010.

For the unemployed and marginally employed, and for many other Americans suffering with too much debt or stagnant real incomes, there is little difference between slower growth and a double-dip recession. What matters to them is jobs and income growth.

In both cases (slowdown or double-dip), the unemployment rate will probably increase and wages will be under pressure. It is just a matter of degrees.

The arguments for a slowdown and double-dip recession are basically the same: less stimulus spending, state and local government cutbacks, more household saving impacting consumption, another downturn in housing, and a slowdown and financial issues in Europe and a slowdown in China. It is only a question of magnitude of the impact.

http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Will We Have Inflation, Deflation, or Hyperinflation? Part 4 (Final)
http://dailycapitalist.com/2010/06/29/w ... italist%29

U.S. Real Estate Shadow Inventory May Stall Recovery
http://www.bankreorealestate.com/reo-ne ... overy.html

Two-year US Treasury note yields dropped to an all-time low amid talk of European spending cuts and fears of a US double-dip recession. Art Cashin, director of floor operations at UBS Financial Services, and Bernard McSherry, senior vice president at Cuttone & Co., offered CNBC their market and economic insights.

"Cutting back stimulus, all these austerity measures, goes against the grain of traditional economic theory," said McSherry.

He cited a "similar mistake in 1937" in America, as well as "Japan in the '90s."

"We've been worried about inflation, but I'm more worried by deflation."

Cashin agreed.

He pointed to "bad data" on a global scale, especially coming from China, Japan and "Spanish banks." And that international agglomeration of gloom affected US bonds — which are, in turn, sending their own sobering message, he believes.

"The 10-year is below 3 percent. I think that's kinda screaming, 'Look out for deflation,'" Cashin declared.

http://www.cnbc.com/id/37996819
Bold and Underline mine

.....and for an opposite perspective....

With the 10-year Treasury now yielding less than 3%, the largest, most liquid debt market in the world, the U.S. government bond market is wrong.

Of course, “wrong” is a loaded term. So let’s just say that buyers of U.S. government paper are accepting a yield that in time will turn out to be inadequate for the relative risk they are taking.

Oh, I know the arguments. There’s no risk. U.S. government Triple-A paper is the “safety trade”. It’s the place investors run when they’re scared the world is falling apart. And lately, the world’s been falling apart everyday.

But no risk in U.S. Treasurys? Please….

The U.S. is carrying $14 trillion in national debt and an unsustainable entitlement system. If over the next year or so, inflation picks up and the yield on the 10-yr Treasury spikes to 5%, an investor buying today could lose roughly 15 % of his money.

A “safe” trade? I don’t think so.

But the bond market today is laughing at inflation. It’s throwing three-year money at the U.S. government for less than 1% per annum. Inflation? It’s a near impossibility.

The super-duper double-dip Third Depression a la Krugman? That’s the sure thing.

And how can it not be? The ECRI leading indicators have rolled over. The Conference Board just lowered its estimate on Chinese economic growth. U.S. consumer confidence stinks. And Friday, we’ll learn again - what everybody already knows – the U.S. economy isn’t creating much in the way of private sector jobs.

But “sure things” have a funny habit of going awry. The last sure thing the bond market believed in was that U.S. housing prices would never fall. And that turned out to be the furthest thing from sure.

Now, I am not going to argue that everything is hunky-dory with the U.S or global economy. But are things bad enough that the 10-year Treasury should be at prices last seen in March 2009 when the S&P500 traded under 700?

That just doesn’t seem right. We’re hearing from multinationals like FedEx and Oracle that business is good. We’re seeing a pickup in global airline traffic. We’re seeing Wall Street hiring again.

Now step back and consider this: the biggest deflationary danger to the global economic system isn’t austerity, it’s protectionism. And what did we get out of the recent G20 meeting?

Good things. China is letting the yuan appreciate. Europe is getting its fiscal house in order. And the U.S. has finally made the trade pact with South Korea a priority. The G20’s ongoing commitment to free trade is the best cure for what ails global economic growth.

Is the bond market paying attention?

Probably not. In the ever-panicky rat-race of investors to get to where they think the rest of the market is going, investors have piled out of equities and into government paper.

After all, why stick your neck out and buy a large-cap drug stock that pays a 5% dividend? That company can go bankrupt! Better to scoop up the 10-year and its “safe” 3% yield.

Everybody is doing it. It has to be a sure thing.

http://blogs.wsj.com/deals/2010/06/29/m ... -is-wrong/
Legion
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Re: Blipits

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How Dangerous Is U.S. Government Debt? The Risk of a Sudden Spike in U.S. Interest Rates
http://www.cfr.org/publication/22408/ho ... _debt.html

No wonder the tone of the Gumnut has changed. A new study by Experian shows that if gente ain’t squatting one in five are “strategically defaulting”. This is a huge problem for the banks and for Gumnut enablers.


Fixing Housing Crisis: Time To Scrap the 30-Year Mortgage?
http://finance.yahoo.com/news/Fixing-Ho ... et=&ccode=


Nearly 1 in 3 first-quarter home sales a foreclosure: report
http://finance.yahoo.com/news/Nearly-1- ... et=&ccode=

Fed begs you to ignore non-economists that predicted revised Q1 GDP in Nov 2009
http://www.zerohedge.com/article/fed-be ... p-nov-2009

The $5 trillion rollover
http://blogs.reuters.com/great-debate/2 ... -rollover/

....its actually more like $15 trillion rollover....

The U.S. Lunatic Asylum (i.e., Economy) Is Facing Approximately $15 Trillion In Roll Risk By 2012
http://www.zerohedge.com/article/us-lun ... -risk-2012

First Hurricane of the Atlantic Season Closes Rigs, Schools
http://www.bloomberg.com/news/2010-06-3 ... -hour.html

Hurricane Alex continues to intensify as it slowly bears down on the coast of northeastern Mexico. Brownsville long-range radar shows the spiral bands of Alex, which has dumped heavy rains of up to four inches in northeastern Mexico and near Brownsville, according to satellite estimates of rainfall. The Brownsville airport received 0.78" of rain in the hour ending at 8am CDT, and 0.61" in the hour ending at 9am CDT. Floods from Alex have already killed ten people--six in Nicaragua, and two each in El Salvador and Guatemala.

The 7:12am CDT eye penetration of the Hurricane Hunters found a central pressure of 959 mb, a modest 2 mb drop from the reading four hours previous to that. They noted a very tiny eye, ten miles in diameter, with a gap in the northwest side. Tiny eyes like this tend to be unstable, and in the 9:05am CDT eye penetration, the Hurricane Hunters found that the inner eyewall had collapsed, and the pressure had risen 2 mb, to 961 mb. A new, much larger eye will form today as the day progresses. During these "eyewall replacement cycles", a hurricane will typically weaken a few millibars , and the strongest winds will spread out over a larger area as the hurricane conserves angular momentum. Thus, the hurricane still has about the same amount of destructive power, it is just spread out over a larger area. This tends to increase the hurricane's storm surge, but lessens the wind damage, since the extreme winds of the inner eyewall are no longer present. Satellite loops show a large, well-organized storm with increasing amounts of low-level spiral bands forming, and improving upper-level outflow. Data from last night's flight of the NOAA jet showed an unusually moist atmosphere surrounds Alex, so dry air is no longer a problem for it. It's a good thing Alex has less than a day before making landfall, or else is would be a large and very powerful major hurricane.

Wind and ocean current forecast for the BP oil disaster
Alex is generating very rough conditions over the Deepwater Horizon blowout location, with 6 - 8 foot waves and 3 - 4 foot swells. Strong southeast to south winds of 15 - 25 knots will blow over the oil slick region today through Thursday, according to the latest marine forecast from NOAA. The resulting currents will push oil to many protected bays and estuaries that haven't seen oil yet. In addition, the 1 - 2 foot storm surge Alex is generating along the Louisiana coast will act to push oil deep into some low-lying marshlands. While this oil will be diluted some by the wave action, the impact of the oil and accompanying toxic dispersants on the marshlands is of concern. The latest trajectory forecasts from NOAA and the State of Louisiana show oil will also move westward along the central Louisiana coast towards the Texas border. Winds will decrease to 10 - 15 knots Friday through Monday but remain out of the southeast, keeping the pressure on the regions of coast in Louisiana, Alabama, and Mississippi that are seeing oil hit their shores this week.

http://www.wunderground.com/blog/JeffMa ... rynum=1529

BP / Gulf Oil Spill - RADARSAT Images, Trouble With Alex
Two radar satellite images (black and white) taken by the RADARSAT-1 and RADARSAT-2 satellites on June 27, 2010, show oil slicks and sheen extending across 19,112 square miles (49,500 km2) in the Gulf. The radar images were acquired at 6:48 am (long image on right) and 6:52 pm (image on left) local time:

The color backdrop is a MODIS/Terra satellite image taken early afternoon on June 27. Thick clouds from Tropical Storm Alex, passing off to the south, are visible at lower left.

Alex is now causing problems - cleanup operations were suspended today because of the rough weather. Even the radar satellite images are getting messed up by gusty thunderstorms spawned by Alex and sweeping through the area. We may not get any good satellite imagery of the oil spill again until Alex has exited the Gulf later this week.

See all of our satellite images, maps and photos for the ongoing spill in our image gallery.

http://blog.skytruth.org/2010/06/bp-gul ... kyTruth%29

FEMA Plans to Evacuate Tampa Bay Area In Place?
http://www.veteranstoday.com/2010/06/23 ... -in-place/

George Washington University Emergency Medicine Physicians Responding to “Oil Spill Syndrome” in Gulf Coast
http://www.newswise.com/articles/george ... physicians

Medical Treatments for Airborne Poisons
http://intotheashes.imva.info/?p=341

Scientists Waited 3 Weeks Before BP Handed Over Samples
http://www.propublica.org/blog/item/sci ... r-samples/

Magnitude 6.3 - SOUTH OF THE FIJI ISLANDS
http://earthquake.usgs.gov/earthquakes/ ... 10ydan.php

Magnitude 6.2 - OAXACA, MEXICO
http://earthquake.usgs.gov/earthquakes/ ... 10yday.php

The Tea Leaves for China Look Ominous
http://oilprice.com/Finance/Economy/The ... +Update%29

(Reuters) - A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
http://www.reuters.com/article/idUSTRE65S40620100629

Dollar should be replaced as international standard, U.N. report says
http://www.cnn.com/2010/BUSINESS/06/29/ ... tml?hpt=T2

ECB Shuts off Liquidity, Spanish Banks Scream Murder; Spain and Greece Will Both Default
http://globaleconomicanalysis.blogspot. ... nalysis%29

BIS plays with fire, demands double-barrelled monetary and fiscal tightening
http://www.telegraph.co.uk/finance/comm ... ening.html

Recession Warning
http://hussmanfunds.com/wmc/wmc100628.htm

Got a pre-existing condition? Now you can pay through the nose
http://rawstory.com/rs/2010/0630/covera ... or-health/

PROOF! Private insurance targeted for annihilation
http://www.wnd.com/?pageId=172929

Top Republican: Raise Social Security's retirement age to 70
http://thehill.com/blogs/blog-briefing- ... -age-to-70

ENS 2010: Neurological Diseases On The Rise - 50 Million People In Europe Affected, Costs Of Nearly 400 Billion Euro Annually To Health Systems
http://www.medicalnewstoday.com/articles/192517.php

FTR #712 Interview (#2) with Russ Baker, Author of “Family of Secrets”
http://spitfirelist.com/for-the-record/ ... cord%27%29

CIA breaks with 2007 assessment in new estimate on Iran nukes
http://www.worldtribune.com/worldtribun ... _06_28.asp

Mullen: Iran will continue to strive for nukes
http://www.haaretz.com/news/diplomacy-d ... bled=false

UPDATE:



25 Signs That Almost Everyone Is Expecting An Economic Collapse In 2010
http://theeconomiccollapseblog.com/arch ... se-in-2010

The boom and gloom Louisiana economy
http://money.cnn.com/2010/06/30/news/ec ... /index.htm

Antibiotics in Animals Need Limits, F.D.A. Says
http://www.nytimes.com/2010/06/29/healt ... 29fda.html

VA hospital may have infected 1,800 veterans with HIV
http://www.cnn.com/2010/US/06/30/va.hos ... index.html

FEC Attempts to Shut Down Campaign for Liberty
http://www.infowars.com/fec-attempts-to ... r-liberty/

Earthquakes 2010 Up 133 Percent
http://modernsurvivalblog.com/natural-d ... valBlog%29

With $1 Trillion In Loans, The ECB Is The Biggest Guarantor Of European Banks
http://www.zerohedge.com/article/1-tril ... pean-banks

Berkshire May Be Required To Post Up To $8 Billion In Collateral
http://www.zerohedge.com/article/berksh ... collateral

....this is gonna cause a mad scramble for capital.....

Fifteen of the 49 largest cities in the U.S. saw year-over-year declines in their unemployment rates in May, according to new Labor Department data, even as the unadjusted national rate — at 9.3% — was 0.2 percentage points above its year-ago level.

But four of those metro areas — Minneapolis-St. Paul, Detroit, Charlotte and Portland — still had rates in excess of the national average. In all, 22 of the 49 cities with populations over one million posted unemployment rates in excess of 9.3%. The highest rate in the nation among large cities was 14.1% for Las Vegas, which has been particularly hard hit following the housing bust. On the other end of the spectrum Washington had the lowest rate at 6%.

Across the country, jobless rates were higher in May than a year earlier in 222 of the 372 metropolitan areas, lower in 141 areas, and unchanged in 9. The Labor Department doesn’t seasonally adjust its data on city-level unemployment, making month-to-month comparisons difficult.

http://blogs.wsj.com/economics/2010/06/ ... on-on-top/

Restaurant Index "Softened" in May
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

19 Signs The Economy Is Worse Now Than Ever In Your Lifetime
http://www.businessinsider.com/pew-the- ... rica-20106

UPDATE 2:

According to a new report from RealtyTrac, the marketer of foreclosed properties, 31% of all sales were foreclosures. And homebuyers purchasing those properties paid a whopping 27% less, on average, compared to sales of non-distressed homes.
http://finance.yahoo.com/news/Buyers-of ... et=&ccode=

....if you are a regular joe trying to sell a home to move for a job.....how do you keep up with that???

Relentless Equity Fund Outflows: ICI Reports Another $1.2 Billion Redeemed, 8th Straight Week Of Outflows

Crunchtime for mutual funds has arrived. On one hand they are getting slammed with the S&P now almost -8% YTD causing a collapse in the funds' own equity values. On the other hand, investors have now withdrawn $30 billion in cash, forcing a feedback loop where selling begets selling, and even more redemptions. Ah, the beauty of a Keynesian system falling apart. And let's not forget that fund cash levels are at all near record lows to begin with. If the market slide can not be contained, and if consumers who already have zero faith in the market retrench even more, it could be the beginning of the end for the fund industry. More relevantly, ICI has just reported $1,248 million in outflows from domestic equity mutual funds: this is the eighth sequential week of outflows since the Flash Crash, and a period during which $32 billion has been redeemed.

http://www.zerohedge.com/article/relent ... ht-week-ou

...ALEX HEADING TOWARD NORTHEAST MEXICO WITH 90 MPH WINDS...
http://www.nhc.noaa.gov/text/refresh/MI ... 1750.shtml

Riots Break out in Iraq Over Energy Shortages
http://oilprice.com/Geo-Politics/Middle ... +Update%29

Only in a world that’s truly out of whack is Japanese debt a haven.

Ten-year bonds issued by the industrialized nation with the biggest debt yield just 1.07 percent, a seven-year low. Never mind that rapidly aging Japan is home to some of the ugliest demographic trends anywhere. Money is zooming into yen- denominated assets to avoid global turbulence.

It’s not 100 percent irrational. Prime Minister Naoto Kan pledges to trim debt that’s almost twice the size of Japan’s $4.9 trillion economy. Deepening deflation also means a rally in stocks is about as likely as the Bank of Japan raising interest rates this year.

http://www.bloomberg.com/news/2010-06-3 ... pesek.html

Forecast: Category 5 Riot Expected to Hit Oakland Soon

When a hurricane strikes the East Coast or the South, residents are warned for days ahead of time to prepare for the upcoming disaster. But out here on the West Coast, unfortunately, our disasters usually come in the form of earthquakes, which arrive suddenly and with no warning.

So it is with a rare and uneasy feeling that Californians are currently awaiting one of the few West Coast disasters which has been reliably predicted ahead of time. Except this catastrophe is not going to come courtesy of Mother Nature, but instead as what our president might call a “man-made disaster” — in this case, a riot.

Nearly everyone in the Bay Area agrees that a major Oakland riot is brewing if the verdict in the trial of policeman Johannes Mehserle, accused of murdering BART passenger Oscar Grant on New Year’s Day, 2009, comes back anything other than “GUILTY!” The problem for Oakland’s sense of security is that Mehserle is almost certainly not guilty of murder, and the jury is likely to give him a comparatively light sentence or even let him go completely.

The case has received wall-to-wall coverage in California for the last 18 months, but here’s a quick primer for those of you elsewhere in the country who may be unfamiliar with it:

In the early hours of January 1, 2009, a large group of young men got into a brawl on BART, the Bay Area’s subway system. Police were summoned and stopped the train at Oakland’s Fruitvale station, where a chaotic mass-arrest scene spilled onto the platform. As hundreds of passengers watched — many of whom were filming the proceedings with their cell-phone video cameras — several harassed BART police officers tried to subdue and then arrest dozens of brawlers. In the midst of the melee, one of the cops (Johannes Mehserle) pulled out a pistol and shot one of the men being arrested (Oscar Grant), killing him.

Sounds bad, right? Not so fast. As revealed in some of the videos taken of the incident, Mehserle was absolutely flabbergasted to see a gun when he looked down at his hand, because he had been instead reaching for his taser, which is also gun-shaped and kept in a belt-level holster. As several witnesses, including a weeping Mehserle himself, testified at the trial, the shooting was entirely accidental, and Mehserle was instead trying to tase Grant, whom he felt was out of control and resisting arrest. You can see the moment yourself in the last few seconds of the most famous video, when Mehserle looks at the gun in horror and then puts his hands to his forehead in dismay. The gestures only take a few seconds, but the entire case rests on this.

http://pajamasmedia.com/zombie/2010/06/ ... land-soon/



World's largest oil skimmer heads to Gulf spill

The ship looks like a typical tanker, but it takes in contaminated water through 12 vents on either side of the bow. The oil is then supposed to be separated from the water and transferred to another vessel. The water is channeled back into the sea.

But the ship has never been tested, and many questions remain about how it will operate. For instance, the seawater retains trace amounts of oil, even after getting filtered, so the Environmental Protection Agency will have to sign off on allowing the treated water back into the Gulf.

"This is a no-brainer," Overton said. "You're bringing in really dirty, oily water and you're putting back much cleaner water."

The vessel, owned by the Taiwanese shipping firm TMT Group, was completed as a tanker earlier this year in South Korea. But after the Gulf spill, the company's CEO and founder, Nobu Su, ordered it changed into a giant skimmer. The vessel was sent to Portugal for the refit and embarked for the Gulf as soon as it was finished.

The ship was expected to arrive Wednesday in Louisiana coastal waters, where TMT officials planned to meet with the Coast Guard to plan a tryout of the ship.

http://news.yahoo.com/s/ap/us_gulf_oil_ ... FjaGVzaA--

SI / USGS Weekly Volcanic Activity Report 23 June-29 June 2010
http://www.volcano.si.edu/reports/usgs/ ... 623#gorely

....Arizona back on the unemployment borrowing bandwagon....
http://www.treasurydirect.gov/govt/repo ... ssched.htm

.....Big dip in unemployment at the end of April lasting through May and most of June.....and just starting to pick back up....
Legion
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Re: Blipits

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The financial news is really starting to come in hard and fast for the negative....quite ironic after the latest 180 degree turn from qualitative easing to austerity by the G8/G20 meetings......all the hyperinflationistas (gold bugs, Peter Schiff and co...) believe this just means QE II and the beginning of inflation/hyper-inflation. I on the other hand believe we are going to pick up some serious speed going down the deflationary spiral - i.e. possibility of hyper-deflation. Time will tell the story about who's right and who's not......the biggest game play of the century with lots of bets on both sides of the apple cart. Odds are no matter which way it goes....the rush from one side of the apple cart to the other is liable to topple it in the process. One this is absolutely for sure....its gonna be an interesting ride!!!

Crackdown! Is The Massive Wave Of Strategic Defaults About To Come To A Screeching Halt?
http://endoftheamericandream.com/archiv ... ching-halt

One million protest against Italy's austerity cuts
http://www.irishtimes.com/newspaper/wor ... 65966.html

Greek anger over austerity measures spills on to Athens streets
http://www.guardian.co.uk/business/2010 ... emu-greece

HARRISBURG -- Last evening, the General Assembly adopted a state budget for the 2010-11 fiscal year, the first time since Gov. Ed Rendell took office that the budget was approved by the June 30 deadline.

The $28.05 billion budget was adopted without broad-based tax increases, as lawmakers rejected new taxes on smokeless tobacco and cigars, as well as the implementation of combined reporting, which would have amounted to a tax increase for many Pennsylvania businesses. The governor's proposal to lower the state sales tax rate from 6 percent to 4 percent while expanding the base to include business services had been taken off the table prior to the recent weeks' budget negotiations. The final budget also maintains the sales tax vendor collection allowance, which reimburses businesses a portion of the costs associated with essentially serving as tax collector for the state.

http://www.northcentralpa.com/article/g ... ate-budget

Gov. Quinn today approved a partial budget that slashes state spending by $1.4 billion. Quinn, in signing portions of the budget for the 2011 fiscal year that begins today, cut spending on schools by $241 million.
http://www.suntimes.com/news/metro/2454 ... 10.article

Democrats have delayed a vote on the final piece of the New York state budget — possibly until next week. The bill in question generates nearly $1 billion of revenue to help erase the state’s $9.2 billion gap. Piece by piece, legislators have enacted nearly all of the state budget over the course of recent weeks. The revenue bill is the only outstanding piece left. It would cap a $135.7 billion budget, three months after it was due.

http://www.bizjournals.com/buffalo/stor ... ily34.html

After the Senate failed to come to an agreement for weeks on an unemployment benefits extension, many Americans are facing additional financial struggles to stay afloat.

A reader from California with credit card bills wrote, “I no longer receive my [unemployment] benefits and rent is due tomorrow. What am I going to do?”

A reader from Texas wrote to U.S. Chronicle, stating, “I have absolutely NO income since my unemployment benefits have been exhausted, without an extension I am hopeless.”

http://www.uschron.com/stalled-vote-on- ... ns/111529/

Bond traders get the deflation jitters
http://www.theglobeandmail.com/report-o ... cmpid=rss1

First-time jobless claims rise
http://www.upi.com/Business_News/2010/0 ... 277995399/

There is a chorus of Keynesians who are calling on the Gumnut to continue driving off a cliff, comparing the situation to 1937 should any austerity develop. This comparison is fraco (weak). What they fail to recognize is that the US in 1937 hardly had any entitlement programs to speak of.


With federal stimulus funds running out, economic worries grow - Much of the $787-billion stimulus has been spent, creating jobs and extending jobless benefits. But with lawmakers reluctant to approve more funding, concerns are rising about staving off another recession.

In addition to infrastructure improvement, about $18 billion of California's share of stimulus funds has been spent on social programs such as Medicaid, unemployment insurance and food stamps. Billions more flowed to schools and job centers. But with those funds now gone, officials are preparing for another round of belt-tightening.

"It was unbelievable feast one year and famine the very next," said Blake Konczal, director of the Fresno Regional Workforce Investment Board, which used stimulus funds to help more than 2,000 unemployed people attend job retraining. The office's budget doubled thanks to $16.4 million in stimulus funds but will contract again in the new fiscal year, which begins July 1.

http://www.latimes.com/business/la-fi-0 ... ?track=rss

General Motors June sales drop 13 percent from May
http://finance.yahoo.com/news/General-M ... et=&ccode=

Construction Spending declined in May
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

The economy enters the second half of 2010 on shaky ground. The stock market had a poor performing quarter reflecting the days of 2008. The large amount of troubled loans out in the market is rising to the surface in a non-uniform way. While banks try to re-work loans with government gadgetry and at the full expense of taxpayers, most of the public that operates in the real economy where the economy never really recovered understands that things are far from any recovery.

Why should we be concerned with the above? New homes usually sell for a higher price but also create demand for jobs in construction. With the market falling due to lack of demand (aka people dealing with a poor economy) there is little need for new home construction. Much of the demand was pulled forward with every imaginable gimmick that the government could muster. The U.S. Treasury and Federal Reserve have conjured up magical ways to get people to buy but there is only so much that can be done in the longer term. The drop in new home sales shows us that the second half is going to be a major challenge especially for housing. Keep in mind that spring and summer are the high selling seasons. We have roughly two months for spectacular results before entering the weaker fall and winter.

Government has been the big sector out there hiring. Much of the growth in the last few months has come from temporary hiring by the Census. As this retreats the private sector will need to pick up the slack but it doesn’t look like it can do it. Some economist point to 1990 and 2000 with similar trends but 2010 is nothing close to those decades. During those times, we weren’t dealing with an epic global housing bubble. We also didn’t have a stock market reacting like the market during the Great Depression. Right now the government is the housing market, employment market, and best friend to Wall Street.

The ADP report this week showed tepid hiring in the private sector. This Friday we are expecting a job loss figure but the real data will be on how many jobs are added (or lost) from the private sector. The trend of artificial stimulus is simply unsustainable.

There is something disturbing about the massive wealth transfer that is occurring in our country. If the funds were actually going to putting people back to work it would be more palatable for the public but when all of it is going to backstop this real life Wall Street monopoly game, people start realizing something is seriously off.

If someone is going to argue about deficit spending they should at least argue that there can be no deficit spending without actually reforming the financial system first. Otherwise, you simply spend more with the bulk going to financial firms and the tiny bit of crumbs that fall off the plate go to the economy. It is taxpayer money that is keeping the system afloat yet they are being helped the least.

There is much to be cautious about in the second half. As I finished listening to the financial Podcasts from a few days ago, it is obvious that the so-called experts have no idea where we are heading. They merely react to the day to day movements in the market and don’t take a larger macro approach. The above data combined with massive amounts of shadow inventory and weak hiring tells us the economy needs to brace itself during the second half. Can’t call it a double dip if most Americans are still in the trench.

http://www.doctorhousingbubble.com/seco ... e+SoCal%29

July 1 (Reuters) - Contracts for pending sales of previously owned homes plunged a record 30 percent in May, far more than expected, after a popular tax credit expired at the end of the prior month, a survey from the National Association of Realtors showed on Thursday.

The Realtors said its Pending Home Sales Index, based on contracts signed in May, fell to a record low 77.6 from 110.9 in April. Economists polled by Reuters had expected a smaller decline of 12.5 percent in May.

http://www.reuters.com/article/idUSN0120563520100701

.....despite 50 year bottom in interest rates......its called "Debt Saturation"!!!!

WASHINGTON (AP) -- Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren't rushing to refinance their loans or buy homes.

Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week.

That's down from the previous record of 4.69 percent set last week and the lowest since the mortgage company began keeping records in 1971. The last time they were cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.

http://finance.yahoo.com/news/Mortgage- ... et=&ccode=

Dodd-Frank: forex swap clearing exemption at Treasury secretary’s discretion
http://www.risk.net/risk-magazine/news/ ... discretion

EUR Surging As Banks Scramble To Cover Liquidity Needs With 30 Day Euro Repos Hitting One Year Highs
http://www.zerohedge.com/article/eur-su ... to+zero%29

SULTANS OF SWAP: BP Potentially More Devastating than Lehman!
http://www.zerohedge.com/sites/default/ ... rticle.pdf

WASHINGTON (AP) -- Executives of Goldman Sachs were grilled by members of an inquiry panel Thursday on the firm's full recovery of billions in debt in 2008 from crippled AIG, for which U.S. taxpayers footed the bill. After a blowup of its credit default swaps, insurance conglomerate American International Group Inc. received bailout aid that eventually reached $182 billion, the biggest of the federal rescues. About $40 billion of it went to meet AIG's obligations to its Wall Street trading partners on the swaps. A major beneficiary was Goldman, which received $12.9 billion.

http://finance.yahoo.com/news/Goldman-e ... et=&ccode=

Was AIG, In Addition To Being The Riskiest Company In The World, Also A Precious Metals Manipulator?
http://www.zerohedge.com/article/was-ai ... anipulator

Fed Made Taxpayers Unwitting Junk-Bond Buyers
http://www.bloomberg.com/news/2010-07-0 ... owing.html

CEBM Warns China Exports And Imports To Decelerate In Q3 And Onward
http://www.zerohedge.com/article/cebm-w ... and-onward

The CDS Wolfpack Is Now Coming After France... China
http://www.zerohedge.com/article/cds-wo ... ance-china

Calpers and Risk: Together Forever?
http://www.zerohedge.com/article/calper ... er-forever

The Conundrum of Commercial Real Estate Stocks: In a CRE “Near Depression”, Why Are REIT Shares Still So High and Which Ones to Short?
http://www.zerohedge.com/article/conund ... still-so-h

Moody's Downgrades Miami $35 Million ULT Notes To A1 From Aa3 And $235MM LT Notes To A3 From A2, Outlook Negative
http://www.zerohedge.com/article/moodys ... ok-negativ

Biggest Monthly Pending Home Sales Drop On Record As ISM Manufacturing Index Misses Big
http://www.zerohedge.com/article/bigges ... misses-big

Double Dip Picking Up: Jobless Claims Spike To 472,000, On Expectations Of 455,000
http://www.zerohedge.com/article/double ... ons-455000

Another Deteriorating Spanish Auction, Another Moody's Downgrade, More German Dissent, More Failed Banks
http://www.zerohedge.com/article/anothe ... -more-fail

Hurricane Alex, the strongest June hurricane in 44 years, is Tropical Storm Alex, thanks to passage over the rugged terrain of Mexico. Alex made landfall at 9pm CDT last night, 110 miles south of Brownsville, Texas, as a Category 2 hurricane with 105 mph winds. Alex was the strongest June hurricane since Hurricane Alma of 1966, which had 125 mph winds as it skirted the west coast of Florida. Brownsville long-range radar shows that Alex's heavy rains continue to pound the Texas/Mexico border region, and satellite estimates of rainfall (Figure 1) show that some of Alex's spiral bands dumped rains in excess of five inches today, in addition to the 5+ inches that fell yesterday. The Brownsville airport received 6.46" of rain as of 8am CDT today from Alex. Alex is being blamed for at least thirteen deaths in Central America and Mexico due to flooding, though none of these deaths occurred in the region where the storm made landfall. Alex spawned two tornadoes that hit South Texas, and there were at least four other reports of tornado funnel clouds that did not touch ground. Alex may continue to spawn isolated tornadoes today over South Texas and northern Mexico.

Alex's bizarre behavior
Alex had several rather remarkable features I've never seen in a hurricane. Firstly, it underwent an eyewall replacement cycle as a Category 1 hurricane with 80 mph winds. Usually, we don't see the inner eyewall collapse and an eyewall replacement cycle occur until a hurricane reaches Category 3 strength. I've seen it happen on occasion to a Category 2 storm, but never a Category 1. Secondly, after Alex's inner 9-mile diameter eyewall collapsed at 10am EDT yesterday morning, an outer spiral band began to become the new eyewall. Winds in this outer spiral band/new eywall increased as the day progressed, as typically happens in an eyewall replacement cycle. However, part way through that process, Alex suddenly reversed course, and was able to build a small inner eyewall with a 12-mile diameter that was completed by landfall. I've never seen a hurricane change its mind in the middle of an eyewall replacement cycle and build an inner eyewall so fast. Finally, Alex had an unusually weak winds, considering how low the pressure was. The pressure was more typical of a hurricane one Saffir-Simpson category stronger than what the surface winds suggested.

Wind and ocean current forecast for the BP oil disaster
Alex is continuing to generate very rough conditions over the Deepwater Horizon blowout location, with 5 - 9 foot waves and 3 - 4 foot swells. The wind and seas will gradually subside today, according to the latest marine forecast from NOAA. The resulting currents induced by Alex's strong winds will push oil to many protected bays and estuaries that haven't seen oil yet. The latest trajectory forecasts from NOAA and the State of Louisiana show oil will also move westward along the central Louisiana coast towards the Texas border. Winds will decrease to 5 - 15 knots Friday through Tuesday but remain mostly out of the southeast, keeping the pressure on the regions of coast in Louisiana, Alabama, and Mississippi that are seeing oil hit their shores this week.

http://www.wunderground.com/blog/JeffMa ... rynum=1531

...ALEX PRODUCING VERY HEAVY RAIN OVER MEXICO AND SOUTH TEXAS AS IT CONTINUES TO WEAKEN...
http://www.nhc.noaa.gov/text/refresh/MI ... 1431.shtml

Goldman Sachs: The Pirates of Poison in the Gulf
http://www.infowars.com/goldman-sachs-t ... -the-gulf/

Goldman Sachs Said Time to Buy Monsanto (MON) is "Now"
http://www.streetinsider.com/Analyst+Co ... 73776.html

UN Predicts Global Rise of Food Prices
http://www.marketoracle.co.uk/Article20639.html

A plan is afoot to bring genetically modified crops – mostly resisted for a decade – into Europe's fields.
http://www.newscientist.com/article/dn1 ... crops.html

National debt soars to highest level since WWII
http://content.usatoday.com/communities ... nce-wwii/1

The High Budgetary Cost of Incarceration
http://www.cepr.net/documents/publicati ... 010-06.pdf

Lives destroyed by happy pills: As our use of antidepressants DOUBLES in a decade, experts say thousands are being given dangerous drugs they don't need
http://www.dailymail.co.uk/health/artic ... -need.html

Obama to Sign New US Iran Sanctions Bill Thursday
http://www1.voanews.com/english/news/mi ... 38334.html

Intel Officials Estimate Al Qaeda Numbers Fewer Than 500 Operatives
http://defensetech.org/2010/07/01/intel ... peratives/

Louisiana Governor Seals Oil-Spill Records
http://green.blogs.nytimes.com/2010/06/ ... ss&emc=rss

Time to shut down the US Federal Reserve?
http://blogs.telegraph.co.uk/finance/am ... l-reserve/

A quiz about wind power:

1. Who runs America's biggest wind farm? (A) Cannon Power Group, (B) General Electric, (C) BP or (D) Terra-Gen Power.

2. Where is it located? (A) Oregon, (B) Colorado, (C) California or (D) Indiana.

The answers are BP and Indiana.

http://www.chicagotribune.com/news/opin ... 294.column

Experts say BP may be nearing success - Well could be killed in 14 days, they think, but company sticks to August date
http://www.chron.com/disp/story.mpl/bus ... 86967.html

Web Bot: 1.2 billion dead in BP oil spill, Nov. 2010 nuclear war. Accurate? Will ETs intervene?
http://www.examiner.com/x-2912-Seattle- ... -intervene

Banned Trailers Return for Latest Gulf Disaster
http://www.nytimes.com/2010/07/01/us/01 ... ml?_r=2&hp

What Would Life Be Like Under Martial Law?
http://www.shtfplan.com/headline-news/w ... w_07012010

Toxic Beaches: Blisters on Mouth, Sore Throats, Lung Problems; Danger to City Water Supplies; Gov Approves Decontamination Centers
http://www.shtfplan.com/headline-news/b ... s_06302010

Apocalypse in the Gulf: Could a Sinkhole Swallow the Deepwater Horizon Well -- And BP?
http://industry.bnet.com/energy/1000503 ... ll-and-bp/

Could The Gulf Of Mexico Oil Spill Cause A Massive Earthquake Along The New Madrid Fault Line?
http://thisistheendoftheworldasweknowit ... fault-line

Eleven earthquakes rattle Region 8 in 5 days
http://www.kait8.com/Global/story.asp?S=12728277

Report FROM New Madrid Fault area: The surface rupture of the roads and highways is out of control. IN DEPTH REPORT
http://fourwinds10.com/siterun_data/env ... 1277830900

Local fishermen watch as clueless out-of-staters take on cleanup duties
http://dailycaller.com/2010/06/28/local ... z0sAMy6Jtn

BP controls access to medical care for Gulf Oil clean-up workers.
http://bpoilspillcomp.wordpress.com/201 ... p-workers/



Kagan Rewrote ACOG Partial Birth Abortion “Scientific” Opinion
http://www.firstthings.com/blogs/second ... -abortion/

Elena Kagan Demanded Sex-Change Operations and Bathroom Access as 'Equal Rights' for Cross-Dressing Harvard Students
http://www.christiannewswire.com/news/5994714255.html

Now Clarence Thomas' wife goes public against Obama
http://www.wnd.com/?pageId=172717

Researchers recently discovered that the risk of fever related seizures in toddlers nearly doubles when given a specific four-in-one vaccine.
http://www.cbsnews.com/video/watch/?id=6631929n

ATLANTA - ABOUT a quarter of the swine flu vaccine produced for the US public has expired - meaning that a whopping 40 million doses worth about US$260 million (S$363 million) is being written off as trash.

'It's a lot, by historical standards,' said Jerry Weir, who oversees vaccine research and review for the US Food and Drug Administration.

The outdated vaccine, some of which expired on Wednesday, will be incinerated. The amount, more than twice the usual leftovers, likely sets a record. And that's not even all of it. About 30 million more doses will expire later and may go unused, according to one government estimate. If all that vaccine expires, more than 43 per cent of the supply for the US public will have gone to waste.

Federal officials defended the huge purchase as a necessary risk in the face of a never-before-seen virus.

http://www.straitstimes.com/BreakingNew ... 48367.html

OTTAWA, June 29, 2010, 2010 (LifeSiteNews.com) – Wednesday’s release of "The Twilight Saga: Eclipse" promises to be a blockbuster success, if last week’s premiere in Los Angeles, where hundreds of fans camped out for days in advance to get a glimpse, is any indication. The film’s massive popularity comes as no surprise to Canadian novelist and author Michael O’Brien, who analyzes the Twilight series in his latest book. O'Brien argues convincingly that the vampire novel series dangerously twists evil into good and may even be demonically influenced.

Commenting today on the film’s release, O’Brien told LifeSiteNews, “Unprecedented cultural phenomena such as the Twilight series, Harry Potter and Phillip Pullman’s Dark Materials series represent a sliding scale of familiarity with evil. It is time for the people of the West to awaken to the fact that we are in the midst of a cultural revolution that is reshaping our understanding of reality itself in powerful ways. It succeeds in this by rewarding us with copious sensual pleasures stimulating the imagination in all the wrong directions.”

In his book, O'Brien points out that the Twilight books have garnered immense popularity, having sold more than 85 million copies and having been translated into 38 languages. The films are now dwarfing these successes. "This, despite the fact they are poorly written teen romances, pulp fiction with a twist of supernatural horror combined with racing hormones and high school boy-girl relationships," writes O’Brien.

Explaining the root of "how such a thinly plotted bloody mess has managed to obtain such an enormous worldwide following," O'Brien suggests that it is driven by romantic fantasy charged with powerful stimulation of the senses.

Quoting E. Michael Jones on the subject, O'Brien notes that Vampirism is the anti-thesis of Christianity, "Both Christ and Dracula deal with blood and eternal life … Whereas Christ shed his blood so that his followers could have eternal life, Dracula shed his followers' blood so that he could have eternal life."

But beyond the evidence in the books, O'Brien points to Meyer's own accounts of the inspiration for her novels to warn of its questionable revelation.

Meyer said she received the main characters in a dream, and that they were "quite literally, voices in my head" as she wrote the novels.

O'Brien also cites author Steve Wohlberg, who drew out the eerie similarities between Rowling's inspiration for Potter and Meyer's for Twilight, both of which began with an unusual dream. "The character of Harry Potter just popped into my head, fully formed," Rowling reflected in 2001. "Looking back, it was all quite spooky!" She also stated to inquiring media that the Potter books "almost wrote themselves."

Writes Wohlberg: "When those mesmerizing tales first burst into the brains of these two women, neither was an established writer. Both were novices. They weren't rich either. Now they are millionaires many times over. Their experiences are similar, with common threads. Both of their novels are permeated with occultism. Based on this, it's appropriate to wonder, is there a supernatural source behind these revelations? If so, what is it?"

O'Brien quotes Meyer for a clue to the answer. "After her unexpected rise to stardom, she later confessed: 'I actually did have a dream after Twilight was finished of Edward coming to visit me - only I had gotten it wrong and he did drink blood like every other vampire and you couldn't live on animals the way I'd written it. We had this conversation and he was terrifying.'"

Twilight's embedded spiritual narrative, O'Brien concludes, is this: "You shall be as gods. You will overcome death on your own terms. You will be master over death. Good and evil are not necessarily what Western civilization has, until now, called good and evil. You will define the meaning of symbols and morals and human identity. And all of this is subsumed in the ultimate message: The image and likeness of God in you can be the image and likeness of a god whose characteristics are satanic, as long as you are a 'basically good person.'"

"In this way, coasting on a tsunami of intoxicating visuals and emotions, the image of supernatural evil is transformed into an image of supernatural good."

http://www.lifesitenews.com/ldn/2010/jun/10062912.html

Meyer, a wife and mother of three from Phoenix, who is a faithful member of the Church of Jesus Christ of Latter-day Saints and graduate of Brigham Young University, says she has become accustomed to people asking her, “What’s a nice Mormon girl like you doing writing about vampires?”

But as she told one Mormon-themed Web site, “Unconsciously, I put a lot of my basic beliefs into the story.”

http://www.sj-r.com/beliefs/x466663776/ ... books-film

Latest-Variant Smith & Wesson (S&W) M&P Tactical AR (AR-15) Rifle/Carbine/SBRs for Special Operations Forces (SOF) Displayed at SOFIC 2010: Ambidextrous Controls!
http://www.defensereview.com/latest-smi ... ofic-2010/

UPDATE:

Gold Below $1,200 As Asset Liquidations Spread Like Wildfire
http://www.zerohedge.com/article/gold-b ... d-wildfire

As I noted on May 5th, France is in more trouble than most realize. And as I (and many others) have pointed out, China isn't necessarily the unstoppable powerhouse that people assume. But yesterday, Tyler Durden reported on a startling development:

This week's DTCC data [shows that] with a total of 456 million in net notional derisking, France was the top entity in which protection was sought in the past week.
***
But what is probably most notable, is the sudden and dramatic appearance of China in the top 3rd position. Welcome China! And after tonight's surprise PMI miss [see this for details] and the resulting market drubbing, we are confident within a week or two, China will promptly become a mainstay of the top 3, and will quickly rise to the top position, where it rightfully belongs. We are also confident those perennial Eastern European underdogs, Romania and Bulgaria will shyly make an entrance in the top 10 next week.
***
Not shown on the table, but certainly in need of noting, was our very own state of California, which with 377 million in net derisking, was the 3rd most shorted entity of all. Is the last bastion of "all is well" propaganda about to fall?

http://www.washingtonsblog.com/

How Long Does it take for the Average Chinese Worker to Buy a Home?
http://globaleconomicanalysis.blogspot. ... nalysis%29

Another taxpayer bailout for real estate? Commercial real estate transactions collapse 90 percent from 2007 to 2009. The next taxpayer bailout in the $3.5 trillion CRE market. From $522 billion in sales to $52 billion. CRE market over 4 times the size of the entire credit card market.

The massive commercial real estate market is already plaguing the weak balance sheets of banks. It is the case that each Friday, we are likely to see one U.S. bank fail because due to high levels of commercial real estate (CRE) debt on their books. This market is likely to cause the failure of hundreds of banks and put the economy down into another real estate funk. The amount of commercial real estate transactions shows no sign of recovery in this market. And why would there be any recovery? This is an area for hotels, strip malls, condos, and other projects that usually reflect a healthy and growing economy. We do not have that and the problems embedded in CRE are going to stifle any growth for years to come.

The reason prices collapsed so fast was that it was a speculative boom. Lending became much too easy with the Federal Reserve flooding the system with easy capital trying to find a home. In more sober times, CRE deals were scrutinized with a due diligence and it was inspected to produce cash flow from day one with sizeable down payments and strong financial reports. But this is not the case and many of these giant deals ended up going the way of the little to nothing down world of residential real estate.

The market in CRE is enormous. This market is over $3.5 trillion and is likely to damage the regional banks much more deeply than larger banks that have a taxpayer safety net:

Source: Real Estate Channel

“At the peak in 2007 $522 billion in sales transactions took place. In 2009 it collapsed to $52 billion, a drop of 90 percent.”

This is why the CRE market is the next shoe to drop and with so much debt outstanding it is going to put an incredible amount of pressure on already weak balance sheets. What is even worse is that the U.S. taxpayer is going to be likely on the hook for all these speculative bad bets. If you haven’t noticed the bailouts don’t do much for the real economy except shoring up the investment banks on Wall Street.

The amount of lending in this market has dried up and so have profits in this arena. Now the piper needs to be paid but with what money? How can you service your commercial real estate debt if you don’t have any money coming in? This is where delinquencies are spiking. It is also the case that the peak years for CRE debt maturities won’t hit until 2011 and 2012:

Unless CRE prices miraculously recover the problems are only going to get deeper in this market. Commercial real estate unlike residential real estate has quicker turnover rates on their loans. That is, many of the loans need to be rolled over every 5 to 7 years. Normally on a cash flowing property this is no problem but with trillions of dollars underwater, this is a major issue coming down the road. The FDIC with a negative deposit insurance fund is taking over banks on a weekly basis and is having a firsthand look at the tremendous amount of bad debt on bank balance sheets.

Banks clearly understand what sits on their balance sheet and if anything, nonperforming loan volume has shot up:

Throw in CRE debt, troubled residential mortgages, defaults with credit cards, auto repos, and all other debt instruments and you can understand why the chart above is spiking. But think of it this way; the credit card market is approximately $850 billion in debt outstanding while CRE debt is up to $3.5 trillion. What do you think is going to cause bigger pain down the line?

http://www.mybudget360.com/commerical-r ... get+360%29

Worse than anemic? Japan's population is decreasing at the rate of 0.2% annually, thus its projected "anemic" 2.6% growth rate translates into a projected per capita growth rate of 3.1%. Most forecasts put U.S. GDP growth in the 2%-3% range, but since the U.S. population is increasing at a rate of 0.9% annually, the U.S. per capita GDP growth rate is a mere 1.1%-2.1%.
http://seekingalpha.com/news/market_cur ... ource=feed

Governors ramp up lobbying for federal Medicaid dollars

As Congress continues to squabble over whether to provide additional Medicaid dollars to cash-strapped states, a dozen governors used the July 1 state budget deadline to make their case for the money. Their argument: Without $25 billion in additional aid, states’ fiscal health and the nation’s fragile economic recovery could be in jeopardy.

Six governors came to Washington yesterday to personally press their congressional delegations for the aid; three more attended a press event by video conference, and an additional three sent support. “The federal government cannot have it both ways,” California Governor Arnold Schwarzenegger said by video link. “It can’t require states to preserve certain safety net programs and then cut the funding for those programs when it is needed most.”

The lobbying effort was less notable for what the governors said than how they said it. Worried that the aid may never come, or come too late to be much help in fiscal 2011, the governors cut to the chase. Connecticut Governor M. Jodi Rell, a Republican, called it “a plea to the federal government.” Maryland Governor Martin O’Malley, a Democrat, said plainly, “We need help.”

Last year, states began asking the federal government for a six-month extension in the Medicaid assistance, which was first included in last year’s economic stimulus bill. Both chambers of Congress have passed different variations of the request, and President Obama has called the aid necessary to avoid “massive layoffs at the local and state levels.”

Yet the dollars keep getting attached to Congressional bills that die for one reason or another — the latest was an extension of unemployment benefits that failed to pass the Senate last week.

The matter is particularly pressing for 28 states that already have approved budgets for the fiscal year that begins today assuming the aid will come. Virginia already has had to make budget cuts to make up for the fact that the expected Medicaid dollars haven’t shown up yet. That scenario will likely spread to many more states if Congress does not pass the aid extension. The governors discussed how much money is at stake in their states. (See graphic above.)

http://www.stateline.org/live/details/s ... adlines%29

Based on an estimate from Autodata Corp, light vehicle sales were at a 11.08 million SAAR in June. That is up 14% from June 2009 (when sales were very low), and down 4.6% from the May sales rate.
http://www.calculatedriskblog.com/2010/ ... -saar.html

Recession cut into employment for half of working adults, study says
http://www.washingtonpost.com/wp-dyn/co ... pmheadline

House Approves Dodd-Frank Act
http://www.bankbryancave.com/house-appr ... frank-act/

Former Israeli Spy, Son of Hamas Founder To Be Granted US Asylum
http://publicintelligence.net/former-is ... us-asylum/

Leader of Deathsquads Wins Colombian Election
http://www.voltairenet.org/article166103.html

BP RFID “People Tracking” Brief
http://info.publicintelligence.net/RFIDinBP.pdf

IMF G20 Report: Fair and Substantial Financial Sector Contribution
http://info.publicintelligence.net/IMF2010G20.pdf

G20/G8 Diplomacy: Security Lockdown Payoff
http://publicintelligence.net/g20g8-dip ... wn-payoff/

Dubai admits nuclear material being shipped through its ports
http://www.telegraph.co.uk/news/worldne ... ports.html

There aren’t enough abortions/The UN wants more
http://canadafreepress.com/index.php/article/24894

UK firm Octel bribed Iraqis to keep buying toxic fuel additive
http://www.guardian.co.uk/business/2010 ... -iraq-lead

CREEKKEEPER appears on Olberman
http://bpoilslick.blogspot.com/2010/07/ ... erman.html

Warning of Looming Crisis, Louisiana Calls on BP to Fund Mental Health Programs
http://www.propublica.org/article/loomi ... h-programs

US lawmaker: Oil spill costs may run trillions of dollars
http://rawstory.com/rs/2010/0701/lawmak ... s-dollars/

Dead clams stink up Folly beach
http://nomorecensorship.com/uncategoriz ... lly-beach/

One catastrophe risk management firm said there is more than a 40 percent chance that by the end of August, at least a tropical storm will pass over the spot where the Deepwater Horizon oil rig operated by British Petroleum once drilled into the Gulf of Mexico floor.

In a recent report, Risk Management Solutions (RMS) analysts also concluded there is a 15 percent chance that by the end of July, a tropical storm or hurricane will pass within 100 miles of the Macondo oil well BP was using before an explosion in April sunk the rig and killed 11 workers. The well continues to spew oil into Gulf.

There is a 13 percent chance that a hurricane will pass over the oil slick now floating in the Gulf of Mexico, and a 7 percent chance of it being an intense hurricane, defined as Category 3 or above, RMS said.

The disaster at the Macondo field will become a “de facto probable maximum loss,” meaning the oil spill will have a “long-lasting impact on offshore energy insurance availability, rates and coverages,” RMS said.

http://www.property-casualty.com/News/2 ... Storm.aspx

BP Capping Wages for Recovery Workers at $200/Day
http://workinprogress.firedoglake.com/2 ... at-200day/

BP Demands Equipment & Workers Evacuation Before Public Allowed On Roadways

If you live in the gulf coast region take note that BP is demanding their equipment and workers be evacuated before the general public is allowed to seek safety. In a hurricane evacuation hundreds of thousands of gulf coast residents could drown while interstates are tied up moving BP’s heavy equipment.

You and your family will be held at gunpoint unable to evacuate until BP can safely extract its expensive equipment inland.

Alex is forcing emergency managers to re-think strategies because the next gulf storm could make a regional evacuation much more complicated.

Before the general public hits the road, BP would have to get tons of equipment and thousands of workers out of harms way.

http://www.survivalistnews.com/2010/07/ ... -roadways/

La. Police Doing BP's Dirty Work
http://motherjones.com/rights-stuff/201 ... p-activist



Merger or Sovereignty? Arizona Must Confront Obama

On May 25 I attended a conference on border management, at a cost of $1,200. It was worth it. By being there, I was able to hear first-hand, a U.S Army General tell us that the best way to secure our southern border was to erase it.

Brig. General Felderman's speech was a stunning proposal to integrate our military with that of Mexico to fight the drug cartels and terrorism, implying that those were the only problems we face.

I have now been able to secure a copy of the slides Gen. Felderman used in his presentation. I urge everyone to listen to his speech while moving through his slides. (I should note that the first five minutes includes some background stuff, including how many generals wouldn't give this speech.)

Felderman leaves no doubt that the Obama administration is working to merge the U.S. with Mexico. It leaves no doubt that securing the border with a fence is out of the question.

It is time that the State of Arizona confront the Obama administration over this issue. The best way to do this is to get a general consensus on the definition of border security. Arizona should then move to establish a means of measuring border security -- setting a standard that must be met before an discussion of broader immigration reform can begin.

http://www.rightsidenews.com/2010070110 ... obama.html



The Guns Of August Echo In The Middle East With Iran Surrounded
http://stevenjohnhibbs.wordpress.com/20 ... urrounded/

UPDATE 2:

Russia to sell $1 bln worth of arms to Yemen - expert
http://en.rian.ru/russia/20100701/159652122.html

Why The Greater Depression Still Lies Ahead
http://www.forbes.com/2010/06/30/greate ... onomy.html

...MSM now starting the push for the rollback on debt....and thus deflation....

A little more than 1.3 million people have already lost benefits since the last extension ran out at the end of May, according to the Labor Department. By the end of the week, the number will jump to 1.7 million. By the end of July, it would top 3 million.
http://news.yahoo.com/s/ap/20100701/ap_ ... t_benefits

....of course there are differing opinions....judge for yourself....



US PR Firm Paid To Demonize Israel
http://www.rightsidenews.com/2010070110 ... srael.html

Weapons cache found near the Texas/Mexico border
http://nomorecensorship.com/immigration ... co-border/
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Magnitude 6.3 - VANUATU
http://earthquake.usgs.gov/earthquakes/ ... 10yfaq.php

SACRAMENTO, Calif. – Gov. Arnold Schwarzenegger on Thursday ordered about 200,000 state workers to be paid the federal minimum wage this month because the state Legislature has not passed a budget, but the state controller is refusing to comply.

Department of Personnel Administration Director Debbie Endsley sent the order in a letter to the state controller, who refused a similar order two years ago. The matter is tied up in the appellate courts, leading the controller to say he will abide by whatever final ruling emerges, which could be years down the road. He said he can't follow the order now due to technical and legal issues.

In a statement, Chiang said it was not possible with the state's current technology to pay some employees their full salaries and others minimum wage. He also said his office and the governor's have been working on a system upgrade, but it will not be ready until October 2012.

http://news.yahoo.com/s/ap/20100702/ap_ ... nimum_wage

CIUDAD JUAREZ, Mexico (Reuters) – Suspected drug hitmen in Mexico killed a top prosecutor, murdered 21 people in a shootout and dumped a severed head outside the house of a mayoral candidate days before elections, authorities said.

The violence unfolded in two states just south of the U.S. border and was the latest sign that Mexico's drug war is growing more intense.

http://news.yahoo.com/s/nm/20100702/wl_ ... xico_drugs

21 dead in Mexican gang gun battle near US border
http://www.google.com/hostednews/ap/art ... gD9GMLQI80

Mexico’s drug cartels are flexing their muscles in the run-up to the 12 gubernatorial elections that will take place on July 4.

In the past, Los Zetas, the Beltrán Leyva Organization, La Familia Michoacana, and the Sinaloa, Gulf, Tijuana and Juárez crime syndicates concentrated their attention, wealth and hit men on mayoral contests, particularly in municipalities where they imported, grew, stored, manufactured, and trafficked drugs.

On June 26, 2009, for example, authorities arrested a dozen mayors in western Michoacán state for alleged ties to the messianic La Familia Michoacana, whose brainwashed, Bible-pounding zealots obscenely torture and viciously decapitate victims, claiming that they are carrying out “the Lord’s work.”

Ultimately, the municipal leaders won their release, largely because La Familia intimidated witnesses whose testimony was pivotal to convicting the accused.

Despite success against the Arellano Félix Organization in Baja California, the drug trade is spreading nationwide like an ink spot on a snow-white tablecloth. As a result, capos are bringing in their “goods” through more ports, roadways and airfields, increasing their number of stash houses and expanding their trade routes.

The marijuana, cocaine and heroin sold in the United States typically originates in Colombia, Peru and Bolivia before being shipped by land, air or sea through Central America and its coastal waters to its Mexican destinations.

Methamphetamines, ever more popular with California and other American consumers, frequently come from China, India, or Western Europe en route to the ports of Manzanillo, Colima, and Lázaro Cárdenas, Michoacán, on the Pacific Coast. La Familia Michoacana makes a fortune operating sophisticated mega-laboratories that convert the imported precursor chemicals into meth.

With the growth of the narcotics industry and the configuration of new and longer supply lines, Mafiosi are focusing more on state campaigns. Xóchitl Gálvez Ruiz, an anti-PRI, pro-reform candidate complains of threats to her and her volunteers in Hidalgo, a New Jersey-sized state contiguous to Mexico City, and a center of activities by the vicious paramilitary Los Zetas.

The drug lords’ interests coincide with the emergence of governors as pivotal actors on their nation’s political stage. During the 1929-2000 period when the Institutional Revolutionary Party (PRI) ran the country in Tammany Hall fashion, presidents treated state executives like bellhops. For instance, President Carlos Salinas ousted half of the 31 state leaders during his 1988-1994 tenure. Ten years ago, the center-right National Action Party (PAN) – first with Vicente Fox (2000-06) and then with incumbent Felipe Calderón – tumbled the PRI from the apex of the political pyramid.

The PRI’s fall from grace enabled governors to become virtual viceroys in their bailiwicks. They dole out cash to keep legislators in line; distribute state advertising to curry favor with the mass media; promote subsidies, low taxes and benefits to propitiate the business community; turn heaven and earth to name successors, who – it is hoped – will keep mum about past transgressions; and they either conspire with or turn a blind-eye to cartel activities.

A protected witness avers that in the last contest in Michoacán, a criminal organization contributed $155,000 (2 million pesos) to favored mayoral candidates who, if elected, received a second stipend of $15,000 (200,000 pesos) per month. The same anonymous source swore than the state’s current governor, Leonel Godoy Rangel, elected in November 2007, raked in $300,000 from each of the leaders of La Familia Michoacana – a charge he vehemently denies.

To mitigate the involvement of drug pooh-bahs in selecting candidates, the PAN’s National Executive Committee chose its gubernatorial contender in Tamaulipas, headquarters to Los Zetas. It did the same with a number of its mayoral and state legislative candidates in Sinaloa, home to the infamous Sinaloa Cartel.

Two events in mid-May – the execution of PAN’s mayoral candidate in Valle Hermoso, Tamaulipas – a bastion of Los Zetas; and the mysterious disappearance of former PAN presidential nominee and millionaire super-lawyer, Diego “Jefe Diego” Fernández de Cevallos – will direct even more attention on the crime syndicates before the balloting.

Although the kingpins are delighted when they help elect a friend or defeat a foe, their goal is to generate an atmosphere of uncertainty and fear. In this way, they discourage citizens from registering to vote and, for those who do sign up, damp down participation on Election Day. In so doing, these mobsters demonstrate the weakness of the political regime’s ability to win a war on drugs even as they promote parallel governance – with narco big shots sharing power with elected officials at state and local levels.

http://www.mexidata.info/id2719.html

Arizona Being Attacked by both the White House and Drug Lords
http://www.rightsidenews.com/2010070210 ... lords.html

Special Report: Should BP nuke its leaking well?
http://www.reuters.com/article/idUSTRE6611RF20100702

Not so crazy? Reuters probes idea of nuking BP oil well
http://rawstory.com/rs/2010/0702/crazy- ... ng-bp-oil/

People advised to avoid Gulf Coast as health concerns emerge
http://www.digitaljournal.com/article/294098

ECRI Weekly Leading Indicator Ever Closer To The -10% Threshold, Drops To -7.7; Leads To Another Leg Lower In Stocks
http://www.zerohedge.com/article/ecri-w ... lower-stoc

Habitat, a Christian group founded 34 years ago in Americus, Ga., around a philosophy of constructing and rehabilitating homes for low-income families, was recently ranked as one of the nation's top 10 builders for the first time in a closely watched industry list compiled by Builder Magazine.

Habitat was ranked eighth, based on the number of homes sold and closed, placing it above Ryland Group Inc. and behind Hovnanian Enterprises Inc. Habitat's closings, which include new homes and rehabs, were down 3% to 5,294 in 2009. Ryland's tumbled 30%, while Hovnanian's sank 50%.

http://online.wsj.com/article/SB1000142 ... 36792.html

...you know its bad when a charity ranks as the #8 home builder in the nation....

Factory Orders Drop 1.4%, Big Miss To Consensus, Snap Eight Month Winning Streak
http://www.zerohedge.com/article/factor ... ing-streak

Bank Of China Shares Halted On $9Bn Rights Offering Announcement, As Bank Urgently Needs To Replenish Capital
http://www.zerohedge.com/article/bank-c ... enish-capi

Reversion To 10 Year Average Labor Force Participation Rate Implies 11.8% Unemployment Rate
http://www.zerohedge.com/article/revers ... yment-rate

Largest Tax Hikes in History to Swamp Americans in January 2011
http://www.rightsidenews.com/2010070210 ... -2011.html

Middle class families face a triple whammy
http://www.telegraph.co.uk/finance/econ ... hammy.html

Some are touting Ford’s improved financial position. They actually paid down some debt and threw some crumbs to Preferred shareholders.

Some are looking to the IPO of Tesla as an indication that the capital markets are open and doing what they are supposed to do. Raising equity for new companies.

Some are pointing to marginal gains in employment. The manufacturing sector is generating jobs. Especially in the areas of alternative energy.

This is all bunk. The money for all this is coming from Uncle Sam. This is the US Treasury doing the lending. Not private sector banks that we functionally own. This from the Federal Financing Bank:

http://www.zerohedge.com/article/ford-t ... ws-or-bunk

The United Nations Declares War On The U.S. Dollar And Publicly Calls For The Establishment Of A New World Currency
http://endoftheamericandream.com/archiv ... d-currency

Iran Provides Syria With An Advanced Radar System As War Preparations Ramp Up
http://themostimportantnews.com/archive ... ns-ramp-up

Iran threatens oil routes as Obama signs tough new energy sanctions
http://www.debka.com/article/8889/

Madhouse Medical Tyranny: When Health Becomes Sickness
http://www.infowars.com/madhouse-medica ... -sickness/

Attack of the vapours – how jet trails block out the sunshine
http://www.dailymail.co.uk/sciencetech/ ... shine.html

....contrails vs. chemtrails...

Scientists Admit Chemtrails Are Creating Artificial Clouds
http://www.infowars.com/scientists-admi ... -clouds-2/

Obama: Being American is 'not a matter of blood or birth'
http://www.nypost.com/p/news/national/o ... &FEEDNAME=

Yet another terrorist tie to Obama White House
http://www.wnd.com/?pageId=173641

More Disturbing U.S. Military Riot Control Pictures
http://publicintelligence.net/more-dist ... -pictures/

UPDATE:

Baltic Dry Approaching Sea Level, Just Above 1 Year Lows
http://www.zerohedge.com/article/baltic ... -year-lows

The Unemployment Rate went down – great news, right? Not when it retreats by way of Labor Force Participation loss:

“The civilian labor force participation rate fell by 0.3 percentage point in June to 64.7 percent. The employment-population ratio, at 58.5 percent, edged down over the month.”

We actually have 301,000 less people working this month than last month (139,420 May vs 139,119 June), but since the labor force decreased by 652,000, less were actually counted as unemployed, and that helped the headline number:

May calculation: [14,973 Unemployed] / [154,393 Labor Force] = 9.7%

June calculation: [14,623 Unemployed] / [153,741 Labor Force] = 9.5%

That’s not improvement. It’s a faulty data point to consider: the UE Rate is not capturing what’s going on. We should not be looking at it.

Consider that the Labor Force has flat lined over the last 3+ years. This is due to discouraged workers, not because the population stopped growing:

Had the Labor Force Participation rate not dropped so severely over the last 3 years, we’d have a Labor Force around 157,500. This would equate to a UE around 11.6%. So we have nearly 2% of UE shaved off by Labor Force Participation alone.

U-6 to 16.5% from 16.6% seasonally adjusted.

U-6 to 16.1% from 16.7% NOT seasonally adjusted.

Private Payrolls were up 83,000 though, so that’s improvement, right? We’ll see – without the birth/death “guess” of how many new small business were started this month, we’d have been at -64,000. Birth/death is added every month, and then adjusted in Jan and July, with hindsight, for ‘wrong’ guesses. Birth/death has added 728,000 jobs since February. Next month comes the adjustment – the last adjustment was in January, when they took away 427,000 of the previously added jobs. We’ll find out next month if the BLS found they were too optimistic in 1H2010.

http://www.zerohedge.com/article/nfp-view-street

Will Austerity Be The Catalyst For War?

As always SocGen's Dylan Grice comes out with some tremendous insights in his latest weekly piece "Double dips, siren calls and inflationary bias of policy." While the gist of the piece is presenting a comprehensive overview of the traditional and cognitive biases toward inflationary policies and away from hard, unpopular, deflationary/austere measures, Dylan provides a chilling anecdote involving the 1980s conflict between the UK and Argentina, in which it was precisely war that pulled an extremely unpopular government, that of Maggie Thatcher, out of the gutter of public opinion, and soaring in popularity. Thatcher, who came to power oddly enough on a "mandate to smash inflation, smash the unions and downsize government", saw her popularity immediately slide to 25% (see chart) as people realized the very real pain associated with austerity and a regime fighting run away government. A tangent in Grice's argument is that on very rare occasions, the people of a country do end up making the decision to take on hardship, instead of kicking the can down the road (are you listening Summers?). Yet they promptly grow to regret their decision. So what was it that saved the government, and allowed the Conservatives a second term in which to complete the painful austerity project? The declaration of war by Argentina's General Galtieri over the Falkland Islands. The result was soaring popularity for the Iron Lady, and the rest is history. Looking forward, now that all of Europe is gripped in austerity, and make no mistake - this very same austerity is coming to the US on very short notice (sorry Krugman), and popularity ratings for all political parties are crashing, has the political G-8/20 elite been focused a little too much on the Falkland war? Is war precisely the diversion that Europe and soon America hope to use in order to deflect anger from policies such as Schwarzenegger's imposition of minimum wage salaries yesterday (yes, this is pure austerity)? And is there a Gallup or some other polling "unpopularity" threshold that the G-20 is waiting for before letting all those aircraft carriers parked next to the Persian Guld loose? Read the below excerpt from Dylan and make up your own minds.

http://www.zerohedge.com/article/will-a ... talyst-war

Clinton Begins Five-Nation Central Europe-Caucasus Trip in Kyiv
http://www1.voanews.com/english/news/eu ... 42144.html

....on the eve of war???

Big changes are in store for the banking system should Fannie Mae and Freddie Mac be revamped or eliminated-both of which are being discussed by housing experts and government officials to deal with the distressed real estate market.

As the system works now with the two entities, Fannie (NYSE:FNM - News) and Freddie (NYSE:FRE - News), banks write the mortgages, but they rarely hold them. The mortgages are sold off into pools, known as mortgage-backed securities (MBS).

Fannie and Freddie guarantee the mortgage payments, so that the MBS buyer, be it the Chinese government or an American pension plan, has the security of the US government behind them. Their only risk is in the interest rate.

"It helps them make deep and liquid, and it expands, dramatically, the pool of capital that'll come in and will play and support our housing market," said Peter Fisher, BlackRock's managing director and co-head of fixed income.

This system worked great for years. In fact, so great that Fannie and Freddie shareholders got rich because the companies borrowed money in the markets with an implied government guarantee.

But without the guarantees, experts say, there would be no securitization, no capital from the rest of the world for long-term fixed rate mortgages and banks would have to hold on to them.

Other experts, including Edward DeMarco, director of the Federal Housing Financing Agency (FHFA), contend that ending the subsidies that Fannie and Freddie provide could cause a catastrophe if it's done too quickly or their functions are not replaced.

Mortgage rates would go up 200 to 300 basis points, and home prices would drop precipitously-between 10 percent and 30 percent-according to some experts. The basis point is used to calculate changes in interest rates, equity indexes and the yield of a fixed-income security.

To avert problems and allow private firms to re-enter the $10 trillion mortgage market, DeMarco called for a transition phase in which a new infrastructure for the home financing system is put in place.

http://finance.yahoo.com/news/Who-Would ... et=&ccode=

Fannie Updates Appraisal Policies

Fannie will now require interior photographs of specific rooms and areas of the house in the appraisal report.

The GSE provided guidance on when an appraisal is considered deficient and when a lender can make changes to the opinion of market value based on underwriter judgment, automated valuation models or other methodology.

The policy changes take effect for all mortgage loan applications dated on or after Sept. 1, 2010.

Additionally, the GSE provided guidance on appraisers' use of foreclosures, short sales and builder sales as comparable.

Fannie clarified that appraisers must be selected based on knowledge of specific geographical markets, access to appropriate data and sufficient experience. It also clarified that neither the Home Valuation Code of Conduct nor Fannie requires the use of a third-party vendor.

The GSE also clarified other appraisal-related guidance, including the policy that some forms of communication between lenders and appraisers are appropriate under HVCC.

Specifically, Fannie said, a qualified employee of the lender may contact the appraiser to provide additional information or explanation about the basis for a valuation.

http://www.housingwire.com/2010/07/01/f ... l-policies

....looks like they might start ratcheting down on appraisal values....

The Greater Depression may have only just begun
http://modernsurvivalblog.com/current-e ... valBlog%29

The Civilian Expeditionary Force: Obama Says 'Burden' Can’t be All on the Military
http://blogs.abcnews.com/politicalpunch ... tary-.html

By now, you probably think your opinion of Goldman Sachs and its swarm of Wall Street allies has rock-bottomed at raw loathing. You’re wrong. There’s more. It turns out that the most destructive of all their recent acts has barely been discussed at all. Here’s the rest. This is the story of how some of the richest people in the world – Goldman, Deutsche Bank, the traders at Merrill Lynch, and more – have caused the starvation of some of the poorest people in the world.



To understand the biggest cause, you have to plough through some concepts that will make your head ache – but not half as much as they made the poor world’s stomachs ache.

For over a century, farmers in wealthy countries have been able to engage in a process where they protect themselves against risk. Farmer Giles can agree in January to sell his crop to a trader in August at a fixed price. If he has a great summer, he’ll lose some cash, but if there’s a lousy summer or the global price collapses, he’ll do well from the deal. When this process was tightly regulated and only companies with a direct interest in the field could get involved, it worked.

Then, through the 1990s, Goldman Sachs and others lobbied hard and the regulations were abolished. Suddenly, these contracts were turned into “derivatives” that could be bought and sold among traders who had nothing to do with agriculture. A market in “food speculation” was born.

So Farmer Giles still agrees to sell his crop in advance to a trader for £10,000. But now, that contract can be sold on to speculators, who treat the contract itself as an object of potential wealth. Goldman Sachs can buy it and sell it on for £20,000 to Deutsche Bank, who sell it on for £30,000 to Merrill Lynch – and on and on until it seems to bear almost no relationship to Farmer Giles’s crop at all.

If this seems mystifying, it is. John Lanchester, in his superb guide to the world of finance, Whoops! Why Everybody Owes Everyone and No One Can Pay, explains: “Finance, like other forms of human behaviour, underwent a change in the 20th century, a shift equivalent to the emergence of modernism in the arts – a break with common sense, a turn towards self-referentiality and abstraction and notions that couldn’t be explained in workaday English.” Poetry found its break with realism when T S Eliot wrote “The Wasteland”. Finance found its Wasteland moment in the 1970s, when it began to be dominated by complex financial instruments that even the people selling them didn’t fully understand.

So what has this got to do with the bread on Abiba’s plate? Until deregulation, the price for food was set by the forces of supply and demand for food itself. (This was already deeply imperfect: it left a billion people hungry.) But after deregulation, it was no longer just a market in food. It became, at the same time, a market in food contracts based on theoretical future crops – and the speculators drove the price through the roof.

Here’s how it happened. In 2006, financial speculators like Goldmans pulled out of the collapsing US real estate market. They reckoned food prices would stay steady or rise while the rest of the economy tanked, so they switched their funds there. Suddenly, the world’s frightened investors stampeded on to this ground.

So while the supply and demand of food stayed pretty much the same, the supply and demand for derivatives based on food massively rose – which meant the all-rolled-into-one price shot up, and the starvation began. The bubble only burst in March 2008 when the situation got so bad in the US that the speculators had to slash their spending to cover their losses back home.

When I asked Merrill Lynch’s spokesman to comment on the charge of causing mass hunger, he said: “Huh. I didn’t know about that.” He later emailed to say: “I am going to decline comment.” Deutsche Bank also refused to comment. Goldman Sachs were more detailed, saying they sold their index in early 2007 and pointing out that “serious analyses … have concluded index funds did not cause a bubble in commodity futures prices”, offering as evidence a statement by the OECD.

How do we know this is wrong? As Professor Ghosh points out, some vital crops are not traded on the futures markets, including millet, cassava, and potatoes. Their price rose a little during this period – but only a fraction as much as the ones affected by speculation. Her research shows that speculation was “the main cause” of the rise.

So it has come to this. The world’s wealthiest speculators set up a casino where the chips were the stomachs of hundreds of millions of innocent people. They gambled on increasing starvation, and won. Their Wasteland moment created a real wasteland. What does it say about our political and economic system that we can so casually inflict so much pain?

http://cryptogon.com/?p=16274

USDA Reports Food Shortages: Wall Street 'Caught Off Guard' by Severity

Several recent headlines indicate that food prices will continue their swift climb upward. These troubling new reports show that agriculture production and stored grains are critically low and experts are now predicting food shortages.

Look at a few of today's mainstream headlines: Drought threatens global rice supply in the India Times; VA farmers say heat taking toll on crops, Associated Press; Severe food shortage follows lack of rainfall in Syria; and, finally, Corn prices bolt as USDA downsizes crop estimates, which states that, "Commodity professionals were caught off guard Wednesday by a U.S. Department of Agriculture report showing 1 million fewer acres of corn planted this year than earlier projected, and almost 300 million fewer bushels of corn in storage." And these articles don't begin to address crops being damaged by the toxic rain from the Gulf oil disaster.

We are back to recession economics and rapidly heading toward a deeper, longer “Third Depression.” With all recent economic indicators setting new record lows and deficits at record highs, this ship is only going one way folks, down, down to Chinatown. This WTC-Building 7-style-controlled-demolition of the U.S. economy has long been engineered by the borderless banksters and will likely continue to collapse at the rate of free-fall gravity. With all of the manufactured confusion it may be difficult to know where best to invest your limited assets, but it seems to be clear that Food is on the march.

Depressions are caused when capital is removed from the economy and that large sucking sound you hear is your money being vacuumed out of your pockets into the banksters' coffers. The shakedown went like this: they bet big, got fat, then lost thousands of times more than everything real on earth combined, then representatives of the serfs gave them all of the serfs’ money they need (including bonuses) to re-stimulate the economy.

Well, our money is NOT flowing back into the economy as promised, and it will not be flowing back into the economy anytime soon. With nothing but crumbs left for the peasants, deflation is happening to durable goods and paper assets (of which real estate has become), while the cost of human necessity is rapidly inflating.

We’ve seen this Beta test before when oil prices reached their peak of $147 in 2008 sending the price of food to the stratosphere. Food staples like rice nearly tripled in six months and at times increased 50% in just two weeks primarily because of record oil prices and a weak dollar in 2008. During this run up on prices, big box stores like Sam's Club and Costco were rationing the number of bags of rice customers could buy. You can bet that Food Crisis Beta 2.010 will be far more severe.

This third factor of actual Food Scarcity, coupled with high oil prices and a feeble dollar, will multiply the severity of increasing food prices. Whether this scarcity is being engineered to further cull the population or is a genuine imbalance in supply and demand is not important. The fact is that this reality that is playing out in the matrix and this triple-threat to food costs creates an opportunity for the serfs to soften the recessionary blow, and perhaps offer some economic freedom.

You don’t have to be an “End Times survivalist” to believe storing food is a pragmatic practice. Everyone with expendable cash can and should design a good food storage and rotation system and buy bulk food as an investment. Many rationalists are touting guns, ammo, and gold as good small-scale investments given the despicable agenda unfolding in our matrix. Certainly those are critical investments in an economy dwindled to the rationing of necessity, but not everyone is into guns or can afford bundles of gold. And gold, at the end of the day, can only be traded for necessity.

These recent food alerts seem to indicate that food may be the best short-term investment for the “Average Joe.” It's simple, if the retail price of rice doubles as it did in 2008, then you (the investor) make 100% return in something that's immediately tangible. It’s time to pay the tax penalty to cash out your mediocre "I-bought-in-to-the-American-Dream" 401K and invest in Food!

http://www.activistpost.com/2010/07/foo ... treet.html

The percentage of stocks in the S&P 500 now trading above their 50-day moving averages is down to 4%. At the March 2009 lows, the reading only got down to 5%, so that gives investors a good idea of just how extreme this decline has gotten.
http://www.bespokeinvest.com/thinkbig/2 ... -to-4.html

Foreclosed homes sell at 27% discount in U.S. as REO supply increases
http://www.bankreorealestate.com/reo-ne ... eases.html

Personal Bankruptcy Filings up 14% in first 6 months of 2010
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

U.S. Consumer Bankruptcies Rise 14% in First Half

“Years of rising consumer debt and low savings rates” are pushing totals near the record set in 2005, when proposed changes in bankruptcy law triggered a surge in filings, ABI Executive Director Samuel J. Gerdano said in a statement.

http://www.bloomberg.com/news/2010-07-0 ... ports.html

Consumer Bankruptcy Filings at Highest Level Since 2005
http://blogs.wsj.com/economics/2010/07/ ... cs+Blog%29

Foreign holdings of US Treasuries rise as supply for agency securities runs dry
http://www.centralbanking.com/central-b ... s-runs-dry

Loss of jobless checks costs Idaho families, local economies - Idaho could see $7 million a week less going to grocers, gas stations and other retailers if Congress doesn't act on a bill to extend unemployment benefits.
http://www.idahostatesman.com/2010/07/0 ... ilies.html

Six Months to Go Until The Largest Tax Hikes in History

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.

The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.

Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.

Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:

The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.

The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”

Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.

http://www.atr.org/files/files/070110pr ... 1taxes.pdf

Pick your poison to remedy the economy
http://www.washingtonpost.com/wp-dyn/co ... components

In a slight change of course, two federal agencies have issued official guidance regarding the use of respirators by cleanup workers in the Gulf.
http://www.propublica.org/blog/item/fed ... spirators/

TWO LOBBYING FIREPOWERS JOIN FORCES: Patton Boggs, the biggest lobbying firm on K Street, acquired Breaux-Lott Leadership Group on Thursday. Breaux-Lott Leadership Group is a lobbying firm started by ex-Senate Majority Leader Trent Lott (R-Miss.) and former Sen. John Breaux (D-La.) in 2008.

This is one of the biggest acquisitions on K street and brings together two lobbying powerhouses. Breaux-Lott reported more than $10.8 million in lobbying revenue in 2009, while the bigger Patton Boggs reported more than $40 million in lobbying revenue for 2009.

"The combined expertise of Patton Boggs and Breaux-Lott Leadership Group makes the firm a 'mandatory first stop' for discerning corporate CEOs and general counsels facing complex problems that can be solved in the halls of Congress, the executive branch or the courtroom," Thomas Hale Boggs Jr., chairman of Patton Boggs, told The Hill.

http://www.opensecrets.org/news/2010/07 ... s-the.html

Britain faces drink, drugs and obesity health crisis
http://www.guardian.co.uk/society/2010/ ... gs-obesity


.....armor testing is a tough job....lots of negative news.....so this goes to show you that some guys do have it worse....


UPDATE 2:

The US Economy is Stuck in Misery

A new survey by the Pew Research Center provides disturbing data that no amount of lies from politicians can refute. Without a lot more consumer spending, remember, the US economy will not regain lasting health. The scope of the economic shock is shown by the 60 percent of Americans that have cut down on borrowing and spending. And nearly 50 percent are in worse financial shape because of the economic downturn. Forty percent of adults have tapped savings and retirement accounts to make ends meet. Nearly 25 percent have had to borrow money from someone. Ten percent have moved back with their parents to survive the economic tsunami, and that rises to 24 percent for workers between 18 and 29 years old.

More and more Americans now recognize that retirement will have to wait. For those 62 and older and still working, 35 percent have postponed retirement. That jumps to 60 percent as a likely action for working adults between ages 50 and 61. Replace the golden years with the disappointment years, especially when inevitable reduced Social Security and Medicare benefits hit hard.

For those still lucky enough to have jobs, the Commerce Department reports that the personal savings rate in May -- the part of wage income that goes unspent -- rose to 4 percent, the highest amount in nearly a year, as anxious consumers faced continued economic woes, such as fears about losing jobs or homes, affording food and health care, and a tumbling stock market.

And always remember that the official jobless rate of just under 10 percent is pure bunk; it really is close to 20 percent nationally, and a lot worse in many places and for African-Americans and Hispanics. The average time for being without a job is now six months, with many more people jobless for a whole lot more, often several years. All this means suppressed consumer spending and continued high home foreclosure rates. No big surprise that consumer confidence crashed almost 10 points between May and June. Welcome to high anxiety.

Also keep in mind that even as the general consumer spending shows little life, the Upper Class keeps on living it up. Gallup reported “Upper-income Americans' self-reported spending rose 33% to an average of $145 per day in May -- up from $109 per day in April 2010 and May 2009, and the highest monthly average since November 2008.”

http://www.globalresearch.ca/index.php? ... leId=20001

The Real Unemployment Rate: 21.5%
http://www.shtfplan.com/headline-news/t ... 5_07022010

Fewest Teen Jobs added in June since 1951
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

Dispersants flow into Gulf in 'science experiment'
http://www.cnn.com/2010/US/07/02/gulf.o ... tml?hpt=T1

The south Florida coast and Florida Keys face a 61%-80% likelihood of a threat from the BP spill, according to the latest models from the NOAA. The data also shows an increased risk for the Eastern seaboard.
http://www.noaanews.noaa.gov/stories201 ... gterm.html

Legion
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Re: Blipits

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I'm going to be out of the loop for awhile - holidays, weddings, Q2 reporting, etc...

For latest and greatest at one source check out my blog feeds down the right hand side for latest news.
http://yophat.blogspot.com/

In the gulf we have couple storms worth keeping an eye on....

Currently, NHC is monitoring two different areas for possible tropical cyclone development. Invest 95L is about 125 miles west-southwest of the mouth of the Mississippi and it doesn't have much thunderstorm activity associated with it. Dry air from the north and strong wind shear have weakened it considerably from yesterday, and NHC believes it has a 10% chance of becoming a tropical cyclone before the feature makes landfall.

Invest 96L is in the western Caribbean sea and bears watching closely. Earlier in the morning, the convection was all on the east side of the circulation center, but thunderstorms have developed on the southwest side. According to the CIMMS wind shear analysis, 96L is on the outskirts of a low wind shear region just east of the Yucatan peninsula. It's also over warm SST's (>29 deg C), so it could intensify. NHC gives it a 20% chance of becoming a tropical cyclone in the next 48 hours. Computer models have 96L going through the Yucatan Channel then turning left and making landfall somewhere near the Rio Grande.

http://www.wunderground.com/blog/JeffMa ... rynum=1534

Magnitude 6.4 - NEAR THE EAST COAST OF HONSHU, JAPAN
http://earthquake.usgs.gov/earthquakes/ ... 10yhbp.php

BP / Gulf Spill - NOAA Forecasts Long-Term Threat To Coasts

NOAA has just released the results of modeling to analyze the long term threat posed by the ongoing oil spill to coastlines throughout the Gulf, Florida Keys, and East coast shorelines:

Their model shows the probability that oil will approach within 20 miles of the shoreline. It assumes the net daily spill rate is 1.4 million gallons (33,000 barrels) per day for 90 days beginning April 22, when the Deepwater Horizon rig sank and the fire was extinguished. We're at Day 76 right now, so this assumes a relief well plugs the leak within the next 2 weeks. They are steadily closing in on the target depth of about 13,000' below the seafloor, so we're hopeful BP will succeed ahead of their stated mid-August goal.

The model is based on historical wind and ocean current information, and accounts for the natural breakdown of oil at sea. It doesn't account for the movement and ultimate fate of oil beneath the water's surface, because we just don't know enough about that yet. Read all about the model and the assumptions and data used to run it. You can also see other maps, graphics, animations and movies showing the model results for individual scenarios.

http://blog.skytruth.org/2010/07/bp-gul ... kyTruth%29

check out the blog for run down on the latest news....
Legion
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Re: Blipits

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the BDIY plunged 4% overnight to 2,127, posting the longest consecutive decline in 6 years at 28 days. Despite the optimism from the conflicted money printers, those whose livelihood actually depends on a ceaseless influx of goods into China and broader commodity trading in general, are not nearly quite so happy, having seen a drop in their margins by almost 50% in just over a month.

http://www.zerohedge.com/article/baltic ... alian-opti

U.S. Office Vacancy Rate at 17 year high
http://www.calculatedriskblog.com/2010/ ... ed+Risk%29

APC Halted As 200 Shares Trade At $100,000

APC price graudally rises from $39.11 to $100,000 per share in one trade. Congratulations to the value buyer who paid $20 million for shares worth under $8,000. This broken market is just getting ridiculous.

http://www.zerohedge.com/article/apc-ha ... ade-100000

99 Stocks Account For Half Of Day's Trading Volume As Liquidity Concentrates In Ever Fewer Stocks

The attached liquidity analysis by Abel-Noser indicates that the US stock market has now become a concentrated pool in which just the top 99 stocks account for 50.09% of total domestic trading volume. In June, the top 20 stocks accounted for 28.94% of all domestic volume, an increase of 2.2% over May's 26.7% and a record. The HFT algos are increasingly trading less and less stocks in their attempt to corner just the most liquid stocks. Indicatively, the top 978 names represented 90.01% of total domestic volume, while the remaining 17,597 accounted for just 10% of all dollars traded. Of this, the bottom 12,112 stocks represented less than 0.05% of daily domestic volume. The top 5, or better known as the HFT's dream team, were: SPY (10.5% of total domestic volume in June), AAPL (2.84%), IWM (1.92%), QQQQ (1.71%) and BP (1.39%). Oddly enough such previous HFT darlings as C and BAC barely made the top 10.

http://www.zerohedge.com/article/99-sto ... wer-stocks

People quickly forget about the nearly 1,000 point “flash crash” brought on by glitches in the Wall Street casino machinery. Still no sensible explanation has been given but today the stock market now stands below the flash crash moment. The middle class is witnessing the largest wealth transfer in history take place and it is all happening because of the Wall Street infrastructure and the government’s lack of respect for the working class of the United States. Even last month as we lost 125,000 workers the unemployment rate actually went down because over 500,000 Americans simply dropped out of the workforce. In other words people simply threw their hands up in exhaustion and gave up. The government is literally not counting tens of thousands of Americans. What does this tell you about how much they value the middle class?

47 percent of American households make less than $50,000 a year. 66 percent make less than $75,000. This should give you a sense of the household income in the U.S. Only 4.3 percent of U.S. households make more than $200,000. Income for working and middle class Americans has remained stagnant for one agonizing decade. What has occurred over this time is the artifacts of a middle class lifestyle like a decent home and a college education have been juiced with massive amounts of banking debt. As banks have tried to put their hands on every aspect of American life, prices have zoomed up in every industry they have jumped into. Look at housing and higher education for dramatic examples. 50 years ago most middle class Americans could afford a college education and a starter home without sacrificing every single penny to servicing debt.

Debt has engulfed our nation.

Much of what we consider to be middle class living has been kept on life support by banking debt. Yet no system can go on forever with too much debt and too little production. Banks have become a dangerously large part of our economy. That is why so much focus is given to Wall Street and the banking sector. It is a largely idle industry that merely attempts to suck off the wealth creation of actual real work. The housing bubble was the pinnacle of banking neurosis. The idea that you can simply repackage toxic mortgages into “sophisticated” debt products and sell them off as diamonds to unsuspecting fools is appalling. Yet in most cases, all this was legal because our Senators write the laws that should be protecting us. Instead, they have allowed Wall Street to control every aspect of finance and now here we are with 40 million Americans on food assistance and a close to 17 percent unemployment and underemployment rate. Yet things are getting better for the middle class?

The current system is not capitalism but a form of state sponsored cronyism for banks. Most of us can understand that if you have a good product then by all means make a profit. This is the essence of any small business and their survival. But the banking system operates under perverse rules. They created inordinate amounts of debt products that serve no purpose and assured destruction of those taking on the product. Think of option ARMs that actually grew the balance of the mortgage! Horrible products that have destroyed large portions of the real economy and have pushed many off the middle class path. How many foreclosures could have been avoided over the past decade with more prudent banking? Yet this isn’t what the system wants. Banks wouldn’t mind if all you did was work and had to open your beat up leather wallet and pull out 99.99 percent of your net pay to service your debt. In fact, this is probably their ultimate wish.

http://www.mybudget360.com/american-mid ... get+360%29

....didn't happen by accident....that is for sure!!!

On mortgage rates, most big name economists warned in December and March that mortgage rates would go much higher. As we wrote: “We, on the other hand, have long been out on a limb. Every year, we keep predicting lower rates…” When rates declined to 4.67% in late June, it proved our point! Our model appears to be about the only one working well. Though we have not seen rates under 4.5% yet, we should see them!

March surprised us. When the Fed saw the Financial Reform bill in late March, it reminded Congress that it can shut the mortgage market (5.2% rates 1st week of April). The Senate got the “message.” In early May, they caved on the Fed audit. Mortgage rates started dropping right after the vote!

The Fed also pumped $200B through the banks to cut “risk” spreads. Why did Treasury yields skyrocket and credit spreads collapse as banks withdrew $200B from the Fed? What was that $195B special funding really about? Does Wall Street and the NY Fed know how to manipulate credit markets?

In January, we wrote: “The cash flow model says that 1932 arrives in 2010.” In April, we wrote: “Our model suggests that we have probably entered 1932 now.” Our July assessment: 1932 arrived this spring.

What year comes after 1932 and lines up with 2011? Our model suggests 1933 will not be the bottom this time. The debt flow process created in the 1990s is becoming more virulent. Much like the oil gusher in the Gulf, only stopping the debt gusher will give the economy a chance to start recovering.

We also stated in January: “America has reached the point where there are only two paths. The first path is Bernanke’s and Obama’s: more debt and higher deficits…The second path requires a hobbling of the Federal Reserve.” As we enter July, 2010, we are at the decision point for taking the “road not taken.” Is this a “Keynesian Endpoint”? No, it is the endpoint for Keynesianism itself. The economy does not work Keynes’ way.

The Fed appears to be using the UK as its current test ground. If we advised the UK, we would say: “Raise interest rates and go for a budget surplus.” We might also say: “Japan is an early Fed experiment in debtonomics. The experiment failed. Do you want to end up like them?”

In January, we also wrote that 2010 average oil prices would be much higher than 2009. We will be correct. We will not be surprised if oil prices exceed $100 (or $150!) per barrel by next spring! If we are only marginally correct about the process in play, it is a very impressive set-up!

Economics is easy! The Fed’s “manipulate-the-economy-with-debt-flow” game is fracturing fast. One former member of the Clinton/Greenspan debtonomics team has an interesting take on how fast. He may be right, but it might also be faster than he thinks! Pay down your debts and raise some cash!!!

http://www.piscataquaresearch.com/track ... ts_161.pdf
Bold and Underline mine

With the US trapped in depression, this really is starting to feel like 1932
http://www.telegraph.co.uk/finance/comm ... -1932.html

In a deflationary period:

•Debts become progressively more onerous, because wages shrink or disappear entirely.

•Income becomes more valuable, because each payment has more buying power.

If you're concerned about deflation, then, the first thing to do is to pay down your debts. This is a good idea in any event, but it's a particularly good idea in a deflationary period.

http://www.usatoday.com/money/perfi/col ... 2_ST_N.htm

Billions of dollars are being secreted out of Kabul to help well-connected Afghans buy luxury villas in Dubai. Amid concerns that the money could be the result of corruption, American politicians have temporarily cut off aid to the Afghan government.

Brigadier General Mohammed Asif Jabarkhel sits with folded arms in his office, just a few steps away from the security checkpoint at Kabul International Airport. "Of course I know what's going on here," the 59-year-old head of the airport's customs police grumbles from beneath his thick moustache as a fan whirs in the background. "But, in this country, who's allowed to speak the truth?"

Jabarkhel is referring to the huge amounts of money regularly being secreted out of Afghanistan by plane in boxes and suitcases. According to some estimates, since 2007, at least $3 billion (€2.4 billion) in cash has left the country in this way. The preferred destination for these funds is Dubai, the tax haven in the Persian Gulf. And, given the fact that Afghanistan's total GDP amounts to the equivalent of $13.5 billion, there is no way that the funds involved in this exodus are merely the proceeds of legal business transactions.

http://www.spiegel.de/international/wor ... 65,00.html

THE DEADLY CLOSED CIRCLE

The importance of the wide-sweeping judicial corruption case and the LA County Supervisors’ violation of the Brown Act is that is is a model for decay for the rest of the country. The big picture objective seems to be the federal government trying to make states financially reliant upon federal money so that state sovereignty is weakened while federal power is increased and centralized.

Richard Fine connected the dots, with his discovery of massive judicial corruption that protects those with power and money. LA County is a closed system, a loop that circles back on itself. Our government was created as a Republic that values individuals’ rights and representatives are elected by democratic process. However, this system has been circumvented in LA County and is a model for the destruction of the democratic process.

• The LA County Supervisors authorized illegal payments to the LA Superior Court judges (over $50,000 per judge this year) in order to rule on cases in favor of the county which the county’s own statistics bear out (only 3 cases have been won against the county since 2005 when a judge decided the case).

• The LA Superior Court judges in turn support the LA County Supervisors.

• The California State Legislators and Arnold Schwarzenegger protected the LA Superior Court judges, LA Supervisors and all other government officials who facilitated the illegal payments to the judges by granting them retroactive immunity for criminal prosecution in bill SBX211. This retroactive immunity from criminal prosecution includes the State Legislators and Arnold, and therefore, incriminates them!

• The LA Supervisors authorized a lawsuit, using taxpayer money, for Sheriff Leroy Baca to overturn his term limits imposed by voters in 2002. The voters’ own money was used against them! Remember that term limits curb corruption by preventing long term corrupt relationships.(6)

• The LA Supervisors authorized a lawsuit, using taxpayer money, for District Attorney Steve Cooley to overturn his term limits imposed by voters in 2002. Cooley also received a $55,000+ raise from the LA Supervisors. It would seem naive to believe Cooley is not beholden to the LA Supervisors.

• The LA Supervisors authorized a lawsuit, using taxpayer money, for LA County Assessor Rick Auerbach to overturn his term limits imposed by voters in 2002.

In other words, the LA Supervisors authorized the use of tax payer money to extend the term limits for the Sheriff, the DA and the Assessor. The LA Superior Court judges allowed the nullification of the term limits. And the tax payers ponied up the money to underwrite a system that is corrupt and works in opposition to public interest and voters’ wishes. By the way, should there be any contest or disputes regarding the voting process, it would fall within the jurisdiction of the corrupt LA Superior Court.

CONCLUSION

Professor Daniel Gottlieb has estimated that there are over TEN MILLION felony cases of corruption by the LA Superior Court judges and the LA County Supervisors for bribery, misappropriation of funds and obstruction of justice.(7)

Has Richard Fine has been locked up, and key thrown away, for exposing this information?

Judicial Watch’s victory in the case Sturgeon vs. LA County determined that the payments to the judges are illegal.

Would it be more appropriate for the LA Superior Court judges, the LA County Supervisors and the other government officials (including the California State Legislators and Schwarzenegger) who received retroactive immunity from criminal prosecution to be wearing orange jumpsuits?

What will it take to end the closed loop of apparent injustice? The door is open now for anyone who has lost a case against LA County to request a re-trial to be heard in a jurisdiction where no judges have accepted illegal payments, because the LA County Superior Court judges could be considered compromised. Requests for re-trial for people who have lost cases against LA County, when a LA Superior Court judge decided the case, could include any type of case against LA County, including land use cases, Child Protective Services cases, criminal cases, wrongful termination cases and election contest cases- virtually any case against the county that was lost.

http://blacklistednews.com/?news_id=9560

TEXAS CITY, TEXAS -- Two weeks before the blowout in the Gulf of Mexico, the huge, trouble-plagued BP refinery [1] in this coastal town spewed tens of thousands of pounds of toxic chemicals into the skies.

http://www.propublica.org/article/bp-te ... lf-blowout

More bad news for BP as arsenic levels rise in seawater around the Gulf of Mexico
http://www.news.com.au/world/more-bad-n ... z0spHERla5

Prepare For the Worst – Mandatory Evacuations Planned for Louisianna, Mississippi, Alabama and Florida
http://readynutrition.com/resources/pre ... _01072010/

Coming Chaos: No Banks, No Public Facilities, No Food and Rampaging Gangs of Desperate People
http://www.shtfplan.com/emergency-prepa ... e_07032010

....here's a bit o irony...

How to Profit on the Road to National Serfdom
http://whiskeyandgunpowder.com/how-to-p ... l-serfdom/

...stopped reading their emails quite some time ago but I got a kick out of the title today....

....its the end of the world as we know it.....and I feel fine!!!

Breaking: Obama shuts down 33% of the country’s oil refining capacity

Whereas Obama is trying to crush Arizona by suing it into the ground to prevent it from defending itself from illegal immigration, and it is preventing any clean up efforts in Louisiana after 71 days, it has just been learned from one of our conatcts in Texas that Obama by way of the EPA has just shut down today 33% of the country’s refining capacity.

While Obama was unsuccessful at putting a moratorium on oil drilling, he was able to accomplish the same thing by putting a stranglehold on oil refining which accomplishes the same thing. With 1/3rd of the country’s oil refining gone what do you think this will do to the economy? This was the inherent threat that Obama had presented for months. Either give him Cap and Trade or we will shut everything down through the EPA.

What do you think this will do to the economy of Texas.

Let's recap what has happened in the last 90 days.

Obama is going after Arizona and trying to cut off all border security aide while suing the state even though the state of Missouri has had the identical Arizona immigration law for the last five years.

He is making no attempt to stop the oil leak in Louisiana. This is now affecting the economies of Louisiana, Texas, Georgia and Florida.

He is going after Texas and with this double whammy of shutting down the refineries and the oil spill the state that was doing the best in the country is now being taken down.

So far Obama has completely trashed five states and is in the process of destroying their economies. What chance do you think there is of a recovery

Hope and change! Totalitarianism is here!

“EPA overturns 16-year-old Texas permit program

By RAMIT PLUSHNICK-MASTI, Associated Press Writer Ramit Plushnick-masti, Associated Press Writer Wed Jun 30, 5:35 pm ET

HOUSTON – The U.S. Environmental Protection Agency on Wednesday officially overturned a 16-year-old Texas air permitting program it says violates the Clean Air Act, leaving some of the country's largest refineries in a state of limbo.The move comes after years of backdoor bickering, negotiations and public arguments between the EPA and Texas. The argument recently escalated from a battle over environmental issues into a heated political dispute over states' rights.

He has been using it to drive home his contention that President Barack Obama's administration is overreaching, saying in a statement Wednesday that "Texas will continue to fight this federal takeover of a successful state program."The EPA's decision, announced in a statement, will force some 125 refineries and petrochemical plants to invest millions of dollars to get new permits. Many of the plants may also have to invest in updates to comply with federal regulations.”

http://www.examiner.com/x-45621-Phoenix ... g-capacity

Analyst: Obama has U.S. economy in 'death spiral'
http://www.wnd.com/index.php?fa=PAGE.view&pageId=173169

Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole - Mr. Hynes shakes his head. “This is not some esoteric budget issue; we are not paying bills for absolutely essential services,” he says. “That is obscene.”
http://www.nytimes.com/2010/07/03/busin ... AY&ei=5065

On March 3, 1998, Delta Land and Pine Company, a large American cotton seed company, and the U.S. Department of Agriculture (USDA) announced they had been awarded a patent on a technique that genetically disables a seed’s ability to germinate when planted a second season. This patent covers not only the cotton and tobacco varieties, but, potentially, all cultivated crops.

Scarcely two months after the patent was awarded, Monsanto, the world’s third largest seed corporation and second largest agrochemical corporation, began the process of acquiring Delta Land and Pine and with it the rights to this new technology.

Sources for this story, which was named the third best censored story of 1999, included: MOJO WIRE, April 27, 1998; Global Pesticide Campaigner and Earth Island Journal, June 1998, Fall 1998; and The Ecologist, September/October 1998.

REPORTED IN 2010

HOW FRANKENFOOD PREVAILED. A Hungrier World Validates Monsanto’s Tech-driven Strategy

The June 28, 2010, issue of Time magazine reported how “Few companies spin financial growth out of crop growth better than Monsanto. By making an early, successful R&D heavy bet on biotechnology, Monsanto transformed itself from an agricultural chemical company in an increasingly commoditized sector into a cutting edge seed and biotech firm.

Because its rivals are still catching up to its prowess in creating biotech traits — the software of seeds — Monsanto has become the standard bearer and lightening rod for the controversial advance of genetically modified (GM) crops, sometime derisively described as Frankenstein foods.

http://dailycensored.com/2010/07/06/cen ... ensored%29

Three of the largest submarines of the US Seventh Fleet surfaced in Asia-Pacific ports last week, the South China Morning Post reported Monday.

The appearance of the USS Michigan in Pusan, South Korea, the USS Ohio in Subic Bay, the Philippines, and the USS Florida in the strategic Indian Ocean outpost of Diego Garcia was a show of force not seen since the end of the Cold War, the paper said, adding that the position of those three ports looks like a siege of China.

The report came as the US and South Korea announced early June a joint military exercise in the Yellow Sea amid mounting tension on the Korean Peninsula.

http://www.globalresearch.ca/index.php? ... leId=20041

Debt Deflation: A Long Economic Winter Ahead
http://www.globalresearch.ca/index.php? ... leId=20040

Under threat of a federal felony, National Incident Commander Thad Allen HAS BANNED ALL MEDIA ACCESS to boom operation sites and clean up sites. Allen's orders effectively bans all media - print, television, radio and Internet bloggers from talking to to any clean-up worker or to even come close to take pictures or videos of booms, clean-up workers, oil soaked birds, dead dolphins, dead marine life, burned and dead endangered sea turtles.

Allen has issued a blanket order that bans anyone from getting close to any spill clean up site, boom site, areas where there are clean up workers or any other oil disaster related area or persons effectively shutting down the first amendment rights of the media. The zone of exclusion is 65 feet. There was rumor that Coast Guard bosses wanted to impose a 300 feet exclusion zone but later relented to a 65 feet no trespass and exclusion zone.

http://www.sfgate.com/cgi-bin/blogs/ybe ... z0sw7Q8lxa

The facts on fluoride listed below are fully referenced for anyone doubting the science behind the clear evidence that fluoride in public water supplies, toothpastes etc is detrimental to human and animal health.
http://www.sovereignindependent.com/?p=5573

Teens taught about sex ... by vampires
http://www.wnd.com/index.php?fa=PAGE.pr ... eId=174553

Grindr: a new sexual revolution? Grindr is a free phone app which lets gay men instantly pinpoint each other using GPS technology. It has already transformed the sex lives of 700,000 men around the world. But could it work in the straight market? And would it mean the end of monogamy?
http://www.guardian.co.uk/media/2010/ju ... revolution

Hundreds of thousands of hectares of new crops have been devoured across South Australia, Victoria and Western Australia in the worst mouse plague since 1993.
http://www.abc.net.au/news/stories/2010 ... 944529.htm

Can you believe there were no bank closings this week. The FDIC must be saving them up.

But, I do have something for you: credit union closings.

There have been 10 federally insured credit unions liquidated so far in 2010; 16 federally insured credit unions liquidated in 2009; and 15 federally insured credit unions liquidated in 2008. Credit unions are regulated by the National Credit Union Administration, yet another part of the vast federal bureaucracy. According to their web site: There are about 7,950 active status federally insured credit unions. Almost 90 million members (89,854,941) with $679 billion on deposit (679,416,086,824).

http://dailycapitalist.com/2010/07/02/f ... italist%29
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