Macro Man has some interesting facts on China’s buying spree. Note that even though China’s oil supplies are only back to trend they are probably still stocking up. Judging by their electrical consumption, their use of oil should be way down instead of an ever upwards trend line.

Update on California’s problems. More from Calculated Risk.

Good food is very important. But 3 cooks who each make a $160,000 a year seems a little excessive for one submarine. Reading between the lines, the sub was poorly designed and they are trying to fix that by throwing money at the problem.