Dow was down 520.44pts at posting, gold had edged above 1800$ earlier today and is now at 1790$
Now, if silver will just wake up!
See you all again tomorrow, have a good night.
You have got to see this video! share it with your friends and family! Thanks to Signalfire at Hubberts-Arms for the link. and suggested by Portals! Thanks guys!
also, good news doomers! this blog has now had (fanfare please) 103,382 page views! I think that's a lot! wow! Makes me feel like people are getting some good from the blog!
Here's something really cool MarketWatch666: How fucked are we? that's RJ's other blog, another great blog to follow.
Most importantly, I hope you will take a minute or two and read this article up today at Transition Voice.
here's a snippet from "Shopocalypse Now: British riots and consumerism"
Given the opportunity to take to the streets, they come out in force as consumers, not citizens. They protest against their lack of spending power, their lack of high definition TV, the meddlesome need of government to extract taxation from them for services from which (if they reach their dotage) they’ll never benefit. They’re the purest incarnation of our free market—consumer ideology. They’re competing against the law for the best results a consumer can ever hope for—something for nothing.Also, check out Bill's latest article. Company Pension Underfunding Jumps 38% to $351 Billion as Economy Slows
And they’re winning.
While pundits are onscreen in the coming weeks with the mandatory hand-wringing, and while Parliament debates the inevitable emergency police powers which will bring water cannons and maybe even rubber bullets onto the streets of London, these consumers will be at home watching it all on their new televisions, comfortably toasty in their new tracksuits. They’ll re-absorb the narrative of their activity through the mediated world we created for them, a world which still contains no genuine sense of community, of productive work, of social justice, fairness or equality. But it is reality TV.
Bill has wit and insight that is so valuable right now. Check him out!
And last but never least, thanks to the tireless work of RJ and the Ozarker at Global Glass Onion and
Conflicted Doomer. They're the greatest, thanks guys. :D
TheAtlantic: Japan's Triple Gut Punch - Eariler today I participated as a guest co-host of a new show and had an interesting discussion on Al Jazeera's The Stream on the real tough challenges facing Japan in the aftermath of the triple hits it took in the form of a devastating earthquake, tsunami, and nuclear catastrophe.
SHTFPlan: Food Riot Fears Strike Japan - Fears of food riots strike Japan after rice trading is halted due to a 40% price spike triggered by massive hoarding of the remaining radiation free rice supply.
DailyRecord: AP IMPACT: Japan ignored own radiation forecasts
Raw Video: Mosque Shelled in Syria Violence
UK riots: every verified incident - interactive map
Telegraph: China's first aircraft carrier starts sea trials - China's first aircraft carrier has embarked on its inaugural sea trial, China's defence ministry has announced, in a move that is likely crystallise fears of China's rising naval power among its smaller neighbours.
TheGlobeAndMail: Saleh vows return to Yemen as U.S., Saudi Arabia urge him to accept Gulf proposal
ArabNews: Syria ‘heading to point of no return’
NYT: Good Behavior? Iraqis React to Release of Ringleader of Abu Ghraib Abuse
RawStory: Chile riot police clash with protesting students — Chilean riot police fired tear gas and used water cannons Tuesday to disperse violent protesters on the fringe of an otherwise peaceful student demonstration in the capital Santiago.
Reuters: As rioting spreads UK's Cameron vows crackdown
GlobeandMail: Youth in revolt - London riots underscore the problems of Britain’s young underclass
CNN: Forces in Afghanistan kill militants involved in downing of copter
BBC: UK riots: Scottish officers to aid police in England - Police from Scotland are being sent to England do help combat riots and disorder in cities across the country.
BBC: Ethnic violence flares in Karachi
BBC: 'I'll keep looting till I get caught'
BBC: UK riots: Don't cut police budgets, says Boris Johnson
Mayor of London Boris Johnson has told the BBC police budgets should not be cut, in the light of looting and disorder over the past few days.
BBC: England riots: Clean-up after riots hit several cities
SeattlePI: Syrian troops take over eastern city
TheIndependent: Vigilantes join 16,000 police on capital's streets
YahooNews: Writer to BBC interviewer: ‘Stop accusing me of being a rioter’ -
The British media has fielded plenty of criticism over its coverage of the U.K. riots--in part, for siding with police in their clashes with London youth, and for not telling the latter's side of the story.LegitGov: Communications 'blackout' in Gaza - Communications 'blackout' in Gaza 10 Aug 2011 Telecommunications in Gaza were severed late Tuesday, cutting off Internet, mobile phones and international landline connections for hours, a Ma'an correspondent reported.
"Wretched media coverage on London protests from BBC to Al Jazeera," a post on the WikiLeaks Twitter feed read. "Not a single protester interviewed. Absolutely pathetic."
ForeignAffairs: America's Coming Retracement - How budget Cute Will Limit the United States' Global Role
Spiegel: Modern Walls - Barriers Continue to Divide Around the World
CNN: BlackBerry hacked for cooperating with London police
CNN: Hacker group vows to 'kill Facebook'
ZeroHedge: July California Tax Revenues Plunge More Than 10% Below Expectations
WSJ: Falling Dollar Forces Beijing's Hand on Yuan
WSJ: France Fights to Keep Its Rating
TheNewRepublic: Stop Panicking About Our Long-Term Deficit Problem. We Don’t Have One.
NYT: S.&P., Accused of Faulty Math, Fights Error Disclosure Rule
WSJ: China's Economy Is Headed for a Slowdown
TomDispatch: Tomgram: Barbara Ehrenreich, On Americans (Not) Getting By (Again)
Forbes: The No-Pain, No-Gain Economy
The standard of living for many working Americans will go down over the next decade. College tax credits, tax deductions for charitable contributions, mortgage interest, home equity loan interest, and other popular write offs will likely be reduced or eliminated. Interest on personal loans and credit cards will likely rise, and banks will charge more for simple tasks such as cashing a check.LAT: Feds sue Goldman Sachs over credit union losses
BusinessInsider: The Most Expensive Housing Markets In America
MaxKeiser: “Nobly trying to resolve this impasse, a small chunk of Republicans [i.e. banksters] has seized the mantle of blackmailers and turned out to be very good at it.”
WSJ: Trading in Some Hong Kong-Listed Stocks Halted
Reuters: S&P balks at SEC proposal to reveal rating errors - Standard & Poor's, whose unprecedented downgrade of U.S. debt triggered a worldwide stocks sell-off, is pushing back against a U.S. government proposal that would require credit raters to disclose "significant errors" in how they calculate their ratings.
WSJ: Hot Weather Burns GDF Suez — GDF Suez SA Wednesday posted a decrease in first-half net profit due to unseasonably warm weather, and announced a partnership with sovereign-debt fund China Investment Corp. to trim debt and boost the French power group's presence in Asia.
Guardian: Federal Reserve's interest rates pledge boosts Wall Street confidence - US stock markets rally from worst crash in two years as government says it will keep interest rates near zero until 2013
Bloomberg: Republicans’ No-Tax Stand Unsupported by History or Facts: View
You would think that abysmal growth and jobs data, the first-ever downgrade of U.S. debt and heart- stopping gyrations in the financial markets would impel political leaders to at least take a second look at some of their assumptions about restoring confidence in the U.S. economy.MSNBC: Fed, with few cards left, makes unusual pledge - With options limited, central bankers promise to keep rates low for years
Sadly, you would be mistaken.
MaxKeiser: $$ Ping Pong
Reuters: BofA revises 12-month gold target to $2,000 an ounce - Bank of America Merrill Lynch raised its 12-month gold price forecast to $2,000 an ounce, citing the increased possibility of a third round of quantitative easing coupled with the deterioration in credit quality in Europe and the United States.
BusinessInsider: Bank Of England Lowers Growth Forecast, Warning Of Austerity Pain
WSJ: BOE Cuts Growth Forecast —The Bank of England Wednesday cut its forecasts for growth and inflation in the U.K., signaling that there is little prospect of a change in its monetary policy in either direction in the coming months.
CrooksandLiars: Union Workers Stand Up to Extreme Demands from Verizon More than 40,000 workers -- members of the Communications Workers of America and the International Brotherhood of Electrical Workers -- went on strike this week after Verizon refused to even begin to bargain fairly with the workers. The workers on strike include "telephone field technicians, call center workers and cable installers from Massachusetts to Virginia." Verizon has canceled multiple bargaining sessions and refuses to back down from any of their original concession requests, something that flies in the face of the basic idea of negotiating. Workers say they are prepared to return to work as soon as management shows a willingness to sit down and work out a fair agreement. Verizon had a $6 billion profit last year (on revenues of $108 billion) and just paid a $10 billion dividend. Over the last four years, the company has a total of more than $19 billion in profits. Verizon's profits not only make them one of the richest and most successful companies in the country, they are outperforming the overall communications industry. The company's chair, Ivan Seidenberg makes more than 300 times what the average Verizon worker makes. The top five executives have been paid more than $250 million in the past four years. On top of all this, it turns out Verizon not only paid $0 in federal taxes last year, they also received $1 billion in subsidies. Verizon is looking for $1 billion in concessions, an average of $20,000 per family that is supported by a Verizon worker, and will not back down from any of their demands. The workers, on the other hand, have shown a willingness to make concessions, particularly when it comes to health care benefits.
FDL: There is going to be a huge financial story next week
On page B7 of today’s WSJ there is a public notice of upcoming auction. Sorry for no link, but I cannot figure out how to get their website to display print ads.Politico: Opinion: An excuse for slashing entitlements
There are two HUGE lists of RMBS pools that are going to be sold at auction next week.
The current par shows huge losses in value for many of them, but more significant will be what the actual sale prices turn out to be.
FoxBusiness: Did S&P Leak Ratings Downgrade?
ForeclosureHamlet: The Art & Science of Robosigning in the Post Scandal Era (New & Improved Document Fabrication)
TheEconomist: Is America headed for a double-dip recession?
StateLine: Amid fiscal uncertainty, states prepare for cuts
CNBC: U.S. Is 'Right Now in a Recession': Dohmen Capital Research
VOA: Greece, South Korea Ban Stock Short-Sells
NYT: China Trade Surplus Rises Sharply
Time: America vs Europe: Which is the bigger threat to the world economy?
Reuters: Goldman says QE3 likely after dovish Fed statement
NYT: Credit Union Regulator Accuses Goldman
Reuters: Analysis: Fed hawks shriek on sidelines, doves carry day - So much for the vaunted Federal Reserve consensus.
LAT: Bras, batteries and Bachmann: S&P downgrade is ripe for jokes
GreenCarCongress: GM sells 173,398 vehicles in China during July
RawStory: Poll: Majority wants super committee to tax the rich
SFGate: Germany Riskier Than U.K. for First Time Since January 2008
ForexCrunch: German Officials Want Italy and Spain to Sell Gold
LAT: CalPERS portfolio has lost $18 billion in value since July 1
CalculatedRisk: BLS: Job Openings "essentially unchanged" in June
CalculatedRisk: MBA: Mortgage Refinance Applications Increase Significantly
EPI: Two-and-a-half years of a job-seeker’s ratio above 4-to-1
CalculatedRisk: The QE3 Watch
Mish: The "She Loves Me Not" Economy
Mish: European Banks Hammered; Societe Generale "Denies All Rumors"; French Bank Option Prices Soar; Credit Default Swaps on France Under Attack
ECB may need €2.5 trillion to save Europe
RawStory: Kentucky city gives Bible theme park a 75% tax break
Peak oil and Energy News
Platts: US senators call for sanctioning Iran's central bank
SeattleTimes: IEA trims 2011 oil demand forecast
NYT: A Necessary Condition for Arctic Drilling
UPI: Arab producers feeling oil pinch
Reuters: Brent rises $2 on Fed promise of low interest rates - Brent crude rose $2 in early Asian trade on Wednesday, extending the previous session's gains, after the U.S. Federal Reserve promised to extend near-zero interest rates for two more years.
This was posted at Hubberts-Arms by hilljackpeaknik
Global Oil Supply Disruption Simulation Part 1
ExtinctionProtocol: Gas shortages hit parts of Canada
LAT: Oil and the Arctic might not mix - Shell Oil's conditional permit to drill exploratory wells off Alaska should not have been granted. The hazards of drilling in such waters are in some ways worse than operating thousands of feet underwater.
MineWeb: Silver prices to rise more dramatically than gold in short term-Hecla CEO Baker - Hecla Mining CEO Phil Baker said record gold prices may be priced out of the range of small investors, who will then turn to silver investment.
Platts: podcast: VLCC owners may idle vessels for Persian Gulf to North Asia voyages. Listen to Platts shipping podcast
BenZinga: Silver Wheaton's Smallwood "Would Bet on $50 Silver" in 2011
DesdemonaDespair: Russia forests burn for second successive year, breaking last year’s record 1 million hectares
ClimateProgress: Arctic Death Spiral: Sea Ice Passes De Facto Tipping Point Thanks to Deniers, Media Blow The Story, Again
GreenCarCongress: EIA: High temperatures drove record electricity demand and very high wholesale prices in Texas
CleanTechnica: 90 Degree River Shuts Tennessee Nuclear Plant for Second Time - As oblivious as the proverbial frogs in slowly boiling water, we are beginning to experience the seemingly benign first years of catastrophic climate change. With the temperature in the Tennessee River approaching that of a nice warm hot tub, for a second summer in a row, three Tennessee Valley Authority nuclear power plants had to shut down this week. As temperatures across the South have skyrocketed in record-breaking heatwaves, the water in the Tennessee River, where the plants discharge their cooling water, is already a staggering 90 degrees. Because hot rivers are not good for fish, by law nuclear plants must not heat rivers above 86.9 degrees with their discharged water. Summers like these make environmental niceties like not overheating rivers with nuclear cooling water a bit irrelevant, because the river in question is already as hot as a hot tub.
Time: The Great Dry State of Texas: The Drought That Wouldn't Leave Has Lone Star Farmers Scared
ENENews: Oklahoma City rain at 1.62 microsieverts per hour — “Dangerous Radiation Background” (VIDEO)
Grist: Brace yourself for more stink bugs
MiamiHerald: Reid names choices for deficit panel -- Senate Majority Leader Harry Reid on Tuesday tapped Sens. Patty Murray, John Kerry and Max Baucus as his three choices for the so-called "super committee" that was created to cut more than $1 trillion in federal spending by year's end.
Grist: Turns out Nature, like Wall Street, is also bankrupt
PopSci: Video: This Morning's Solar Flare Was the Biggest Seen In Years
DesdemonaDespair: Mideast lung disease up with chemical wars – ‘Pulmonary pathologies in the Middle East probably surpass all other regions of the world’
ExtinctionProtocol: New eruption starts at Alaska’s Cleveland volcano
ExtinctionProtocol: Scientist warns of new breed of European ‘super-mice’ resistant to all poisons
ClimateChangePsychology: Hottest Month On Record For Oklahoma
America in Decline
TruthOut: Unequal Uses for the Bill of Rights
Of the cases in this court in which the Fourteenth Amendment was applied during its first fifty years after its adoption, less than one half of one percent invoked it in protection of the Negro race, and more than fifty percent asked that its benefits be extended to corporations.WSJ: Noah Shachtman: Is Common Sense Coming to Airport Security?
- Justice Hugo Black, 1938
AddictingInfo: Foreign Donors and American Politics - 3 Federal Judges upheld the ban on foreign donations to campaigns on Monday. This decision is likely to be appealed and go to the Supreme Court. The ban is being challenged by Asenath Steiman, who is a citizen of both Israel and Canada. Steiman has made it clear that he wants to contribute to the eventual Republican nominee for President and Senator Tom Coburn. Certainly most campaign finance advocates agree that this is a good decision by the Federal Court, but the Supreme Court has shown they are against almost all restrictions of campaign finance.
abcLocalNews: Mich. cuts food stamps for 30,000 college students
WBEZ: High Teen Unemployment Molding 'Lost Generation'
Food and Water
BBC: Was the food crisis in Kenya avoidable?
PopSci: Computer Models Show that Towing an Iceberg to a Drought Area Could Actually Work
Reuters: Monsanto plans farm trials for drought-tolerant corn - Monsanto Co. will begin farm trials of its drought-tolerant corn seed next spring, marking the global seed giant's first roll-out of seeds genetically engineered for harsh environmental conditions.
Science and Technology
PopSci: IBM Mysteriously Halts Work on the World's Fastest Academic Supercomputer
Hosted: Report: Suicides in movies tripled from 1950-2006 - Depictions of explicit and graphic suicides in movies tripled from 1950 to 2006, according to an analysis of top-grossing films.
RawStory: Apple to recycle all computers and displays, free of charge
Medical and Health
ConversableEconomist: Long-Term Care in International Perspective
Doomsteading, Gardening, Urban Farming
PermacultureUK: Tumble Dryer Sales Are, Well, Tumbling. Washing Lines And Pegs On The Up!
WBIR: Should police sell guns? - Deep inside the Wilson County Sheriff's Office is a vault containing racks and racks of hundreds of seized guns. For the most part, they just sit there.
"These are already crowded evidence areas, they crowd them up," said Sheriff Terry Ashe.
But efforts are afoot to force authorities to sell seized guns to the public instead of letting police departments destroy them, trade them for service weapons or stockpile them. The effort exposes a long-standing dispute among law enforcement, gun dealers and gun rights advocates. While police say they don't want to see more guns on the streets - particularly guns already used in crimes - gun supporters say that police should sell them to law-abiding citizens not only on principle, but also as a way to raise additional revenue for police departments.
Check it out! Ruppert's on RT!Other News
Wired: Artist Injects Herself With Horse Blood, Wears Hooves - Marion Laval-Jeantet has injected herself with horse blood plasma as part of an artistic project exploring trans-species relationships.
BigThink: It Pays to Be Fat - Employers may punish women who are obese with lower wages, but not all women are paying a penalty. Single women who are obese earn higher wages because they invest more in unobservable job skills. Why? Because heavy women have to plan on never having a husband to help pay the bills.
BusinessInsider: Michelle Bachmann's Wall Street Connection: The Club for Growth
Reuters: Mystery woman in iconic Elvis photo identified - A U.S. magazine has identified the mystery woman seen kissing singer Elvis Presley in a backstage theater stairwell in an iconic 1956 photograph.
USAToday: Census tracks 20 years of sweeping change - The USA is bigger, older, more Hispanic and Asian and less wedded to marriage and traditional families than it was in 1990. It also is less enamored of kids, more embracing of several generations living under one roof, more inclusive of same-sex couples, more cognizant of multiracial identities, more suburban, less rural and leaning more to the South and West.
CampusProgress: Cartoon: GOP Vows to “Clean Up” Environmental Laws
VancouverSun: Polygamist leader Warren Jeffs sentenced to life in prison for sexual assault of young girls
Politico: Impeach Obama, says Michael Burgess
TinfoilPalace:And speaking of Facebook...they're publishing everyone's phone numbers. TinfoilPalace:I am a GLP Refugee as well.
TheOilAge:French downgrade rumor
TheOilAge:Official August 10th Dow thrread
Hubberts-Arms:The Black Swan is on the Wing
Hubberts-Arms:Bank of England cuts UK economic growth forecast New
SilentCountry:feet in 2 worlds
SilentCountry:Harry & David Gets Court Permission to Terminate 2,700 Employees