Good Thursday to you all! It's hot and humid here at the doomstead today but hopefully there will be rain for here and other places that need it a lot more than we do! (you know who you are...Ozarker! LOL)
Anyway, here's a new piece from Kunstler today.
Europe is giving new meaning to the term "bootstrapping," the age-old (virtuous) idea of picking oneself up off the floor after some blow or reversal of fortune has laid you low. The new method might be called "skyhooking" in which a massive rescue apparatus secured at some mysterious point unseen in the clouds lifts whole exhausted nations from their knees in order get them to summer vacation. Hence: the interesting spectacle of an entire continent headed for vacation despite facing utter financial ruin, revolution, and civil war.
Haven't got to finish reading it yet, but it looks like a good one.
Be sure to drop by and visit our friends, RJ at the Global Glass Onion and the Ozarker at Conflicted Doomer , and to Doug at 3Es News and David at ETF Daily.
Tell them hello and thank you.
also, don't forget to visit the great forums linked at the bottom of this blog post.
Peak Oil and Energy News
Reuters: CNOOC to buy Nexen for $15.1 billion in China's largest foreign deal - State-controlled CNOOC Ltd launched China's richest foreign takeover bid yet on Monday by agreeing to buy Canadian oil producer Nexen Inc for $15.1 billion, forcing Ottawa to decide whether security concerns outweigh its desire for foreign investment in its energy resources.
PeakProsperity: The Dawn of the Great California Energy Crash - California, which imports over 25% of its electricity from out of state, is in no position to lose half (!) of its entire nuclear power capacity. But that’s exactly what happened earlier this year, when the San Onofre plant in north San Diego County unexpectedly went offline.
StarTribune: Wrong-way oil price bets push Delta to 2Q loss of $168M; 3Q flying to be cut as much as 3 pct.
UPI: Michigan governor declares fuel emergency - The governor of Michigan declared a fuel emergency in response to the shutdown of the West Shore pipeline from Wisconsin.
NBC: Iran accuses Israel of blowing up tourist bus at Bulgaria airport
IBTimes: Syria Civil War: Half of UN Observers Leave Syria - Further exodus expected following departure of more than 150 observers
SeattlePI: Syria rushes reinforcements to its largest city
VOA: US Senators Examine Iranian Involvement with Terrorism
WSJ: Turkey Shuts Troubled Border as Aleppo Showdown Looms
Xinhuanet: Russia slams US for "whitewashing" terrorism in Syria
Grist: Security hawks should be freaked about population growth - Never mind the climate hawks. National-security hawks ought to be seriously stressing about rapidly rising population numbers: “About 80% of the world’s civil conflicts since the 1970s have occurred in countries with young, fast-growing populations, known as youth bulges, according to an analysis by the nonprofit Population Action International.”
NYT: Residents of Aleppo Fleeing as Opposing Forces Take Position
Guardian: Battle looms in Aleppo, Syria's economic hub
LAT: Protests reflect deep divisions in Anaheim
CNN: Report: Russia is stockpiling drones to spy on street protests
NakedCapitalism: Occupy the SEC Urges the SEC to Investigate JP Morgan Over Likely (As in Bloomin’ Obvious) Sarbanes Oxley Violations
Guardian: Julian Assange defence to be led by Spanish jurist Baltasar Garzón
Businessweek: First They Came for WikiLeaks, Then the 'New York Times'
Domestic Financial News
ETFDailyNews: Economy: The U.S. Retail Collapse Accelerates
Reuters: Jobless claims fall, still volatile due to auto jobs
CNNMoney: GDP likely slowed without strong consumer spending
TheAtlantic: The Big Jobs Myth: American Workers Aren't Ready for American Jobs - What ails the American worker? Republicans and Democrats, chief executives and certain academics all say they see a mismatch between workers' skills and employers' needs. The data see something different.
Mungowitzend: How to be your own worst enemy - Ben Bernanke is his own worst enemy these days. He keeps insisting that the Fed is not out of ammunition and can do more to strengthen the economy, but to date, has not actually done anything "new" or "more". Which leads to his ritual excoriation in the blogo/twitter-sphere. And rightly so. 4 years on, we still have not reached pre-crisis employment levels.
Forbes: CNBC to Promote House Flipping -- Business network CNBC recently gave the go-ahead to shoot pilots for several reality shows they plan to possibly air in 2013.
CNNMoney: The risks of more Federal Reserve action
NBC: Former Citigroup CEO Weill: Break up the banks
TheGlobeAndMail: Ford profit falls 57 per cent
CRJ: When a news executive sits on a bank’s board --Rona Fairhead, who heads the Financial Times Group, the unit of British publishing and education giant Pearson PLC that owns the Financial Times newspaper, sits on the board of HSBC, the banking behemoth now engulfed in a money-laundering and corporate-governance scandal. Long story short, a Senate report this week found that HSBC let Mexican drug lords launder billions in blood money, intentionally helped rogue states, especially Iran, get around U.S. sanctions, and did business with an Al Qaeda-connected Saudi bank. That’s quite a list, and it’s just a partial one for the sake of brevity. So, the FT has to cover the HSBC scandal, while the CEO of its parent is on the board responsible for the bank’s oversight.
Guardian: MPs tell Barclays to stop fundraising for Mitt Romney
CNN exclusive: Loophole in insider trading bill
NewMonetarism: QE3 Talk - There is plenty of talk, coming from Fed officials and mainstream media (NYT and WSJ, for example) that the Fed is thinking about more QE, and will announce it, either after its meeting next week, or in September. Rightly or wrongly, the Fed has made clear how it interprets the dual mandate from Congress.
TheAtlantic: The Senate Actually Passed a Middle-Class Tax-Relief Bill
Global Financial News
Reuters: Citi sees 90 pct chance of Greece leaving the euro - The chances of Greece leaving the euro in the next 12-18 months have risen to about 90 percent, U.S. bank Citi said in a report on Thursday, saying Athens was most likely to quit the single currency within the next two to three quarters.
DailyMail: Call me a prophet of doom if you want, but Europe's meltdown isn't a recession - it's a coming depression
NYT: Europe’s Auto Industry Has Reached Day of Reckoning
EconoMonitor: Another Summer of Discontent: The Four Factors that Explain Why What We’re Doing Isn’t Working - Here is what we know about the global economy given the experiences of the past four years:
BBC: Tata plea to UK government over economy 'obstacles'
BBC: BBA ‘warned weekly’ about Libor says former rate-compiler - The British Bankers' Association was given weekly warnings in 2008 that the process of setting the Libor interest rates was being distorted.
FT: Europe needs a bigger crisis firewall
NakedCapitalism: China Will Get Old Before It Gets Rich - Yesterday, Houses & Holes stated that he was a long-term China bull, largely because of its status as an industrial powerhouse. Today I want to outline the reason why I am a long-term China bear: China’s rapidly ageing population.
BBC: Deutsche Bank shares fall 4% after profit warning - Deutsche Bank shares fell more than 4% on Wednesday following a profit warning and amid fears it may have to raise more capital to strengthen its balance sheet.
WashingtonPost: European Central Bank vows to protect the euro, sending stocks sharply higher ...
ETFDailyNews: Why Jim Rogers Thinks Gold Prices Will Drop 20%
Mineweb: Gold edges above $1,600/oz as Euro, stocks soften
Minyanville: Is Gold Ready to Start a Run to All-Time Highs?
CommodityOnline: Silver could turn sexy only at 30 super confident at 32
M 2.5, 60km NE of Road Town, British Virgin Islands
CNNiReport: Massive haboob swallows up Phoenix
MSNBC: Weird 'methane seep' found off San Diego coast - Mound is height of two-story building and size of a city block
PopSci: In Record Summer Heat, 97 Percent of Greenland's Surface Ice Turns to Slush
ClimateCrocks: Image of the Day: Unprecedented Greenland Melt
ThinkProgress: ABC News On Stunning Greenland Ice Melt: ‘Scientists Say They’ve Never Seen Anything Like This Before’
Grist: Lake Superior is so hot right now! - Lake Superior is the largest and northernmost Great Lake, containing almost three times as much water as Lake Michigan, the second largest in volume. In fact, it contains more water than the other Great Lakes combined. Which should mean that it’s cold. Calling it hot is a stretch — but all of that water is heating up far more than expected.
Neswday: Beijing storm death toll raised to 77 after outcry
NYT: More Weather Extremes Leave Parts of U.S. Grid Buckling - From highways in Texas to nuclear power plants in Illinois, the concrete, steel and sophisticated engineering that undergird the nation’s infrastructure are being taxed to worrisome degrees by heat, drought and vicious storms.
TheGlobeAndMail: Real emission cuts tough until technology catches up, says report
UPI: Texans challenge EPA smog rules
NBC: Four NYC beachgoers punctured by needles in past three weeksChicagoTribune: More than 70% of Illinois land suffering extreme drought
America in Decline
USAToday: Economic distress does a number on children
Krugman: Zombie Straw Men - I was informed that the Tax Foundation was claiming that there has been no long-run upward trend in income inequality. My immediate question was, how did they fudge the data to get that result?
Today: It's not the lack of jobs, it's the lousy pay, study says
Bloomberg: Best Fix for Postal Service Is to Take It Private - Orsag - Those who believe in the usefulness of government must be vigilant about making sure all its activities are vital ones, since the unnecessary ones undermine public confidence. With this in mind, Congress should now privatize the U.S. Postal Service.
Food and Water
SoberLook: Relentless rise in food prices already showing up in inflation indicators
BusinessInsider: The Drought In The Midwest Could Cause Pork Prices To Surge In China
CNN: Is the government doing enough to protect us online? - Las Vegas (CNN) -- More than 400 million people trust Google with their e-mail, and 50 million store files in the cloud using the Dropbox service. People manage their bank accounts, pay bills, trade stocks and generally transfer or store huge volumes of personal data online. Who is ultimately in charge of making sure all this information is secure: the government, the companies or the users?
Science and Technology
MSNBC: 'Maiden' Inca mummy had lung infection
The Maiden mummy of a 15-year-old girl who was sacrificed some 500 years ago suggests she likely suffered from a lung infection at the time of her death, scientists reported Wednesday.
CosmicLog: What a win or loss on Mars will mean
ScienceDaily: How Our Brains See Men as People and Women as Body Parts: Both Genders Process Images of Men, Women Differently
PopSci: Mars Rover Curiosity's Siblings: A Short History of Landings On Alien Planets
ScientificAmerican: Competition Among Scientists is Out of Hand
TechReview: Imaging The Quantum Motion of Electrons Using Light
NYT: Taking File Sharing to Heart, and Church - STOCKHOLM — People almost everywhere are file sharing these days, using computers to download music, films, books or other materials, often ignoring copyrights. In Sweden, however, it is a religion. Really.
InGame: Anti-bigotry gaming site hacked, defaced by bigots
CNet: Twitter goes down, company at work on fix
USAToday: Twitter experiencing global problem
Medical and Health
LAT: Supreme Court decision scales back cost, coverage of healthcare law
CNN: Hepatitis outbreak in New Hampshire strikes fear in 7 other states
NYT: Doctors Petition for Limits on Painkillers
EurekAlert: Expanding Medicaid to low-income adults leads to improved health, fewer deaths
WaldenEffect: Anna: Learning to embrace the dirty life
Doomsteading, Gardening, Urban Farming
CanadianDoomer: A Half-Bushel Tomatoes
PermacultureUK: Get Rid of Pests with Garli
PreppingToSurvive: Using Traditional Skill
ResilientCommunities: How to Grow Food in a Drough
Next job… Revamp the Cradle.
ModernSurvivalBlog: The Greatest Depression Is Underway
NBC: Puppeteer who fantasized online about cannibalism arrested for child porn, conspiring to kidnap
A Florida puppeteer known for community involvement was arrested and charged with conspiring to kidnap a child and possession of child pornography, according to a criminal complaint filed in a federal court in Tampa court on Friday.Gothamist: Listen To NJ Building Super's 911 About Creepy Tenant That Turned Out To Be NYPD
A day earlier, federal and local agents arrested Ronald William Brown, 57, after uncovering graphic Internet chats in which he talked about abducting, murdering and cannibalizing children, referring specifically to his interest in a boy attending his church, the complaint says.
NPR: Eagle Scouts Return Badges In Protest
Reuters: Boston mayor to anti-gay-marriage Chick-fil-A: stay away
Hosted: Un becomes 2: North Korea confirms Kim is married
NYT: China Charges Wife of Bo Xilai in Killing of British Man
NBC: Source: Tip from accused Aurora shooter leads FBI to package
DenverPost: Aurora victim released from hospital; says he forgives shooter
CNN: Batman shooter fan page doesn't violate terms
BBC: Colorado shooting suspect 'sent notebook to university' - It contained crude drawings of stick figures and descriptions of an upcoming attack, US news outlets say.
Forbes: We Have A Lot Of Guns
WashingtonPost: Gun Sales Spike After 12 Killed in Colorado Movie Theater
USAToday: Buyers flock to gun stores in Colorado
SunTimes: Outrage over guns is irrational
NYDailyNews: July 25: The Colorado massacre, gun control and the National Rifle Association
MSNBC: Why Sally Ride waited to say she was gay - In life, Sally Ride became famous as America's first woman in space — and in death, she's added to her fame as the first acknowledged gay astronaut.
LAT: Sleeping boy's pelvis broken when tree falls on tent at campground
Today: Fashion show aims to lift stigma on the disabled
BBC: As it happened: London prepares for Olympics
Video: MSNBC: Justice Department investigates new Pa. voter ID law
WSJ: Romney Slams Leaks, Military Spending Cuts
ChicagoTribune: Long-planned Colorado debate may force Obama, Romney to talk guns
PoliticalTicker: Obama takes on gun violence in New Orleans speech
SeattleTimes: Great-grandmother sues over Pennsylvania voter law
ChicagoTribune: "Anglo-Saxon" quote overshadows start of Romney tour
MSNBC: First Thoughts: London calling
TinfoilPalace: link between Batman shooter & theatre tycoon in Colorado
TinfoilPalace: Parravicini's doom predictions....AMAZING!
OilAge: Richmond Fed a BIG miss, worst since April '09
OilAge: General Preparedeness...
HubbertsArms: Doomer stronghold for sale.
HubbertsArms: HIV AIDS BREAKTHROUGH
SilentCountry: Just thought we would notify you in advance incase you need to destroy any evidence
SilentCountry; Kim to reform NK economy
DestinyCalls: A wtf movie in november
DestinyCalls: Self knowledge oracle card website