From Naked Capitalism with some links about bad news about international trade.
And from Calculated Risk comes some links with bad news about local government funding.
Last, but not least, The Prudent Bear reminds us that we are all going to die.
On a rainy Friday evening in early August, six Taliban fighters attacked a police post in a village in Buner, a quiet farming valley just outside Pakistan’s lawless tribal region.
The militants tied up eight policemen and lay them on the floor, and according to local accounts, the youngest member of the gang, a 14-year-old, shot the captives on orders from his boss. The fighters stole uniforms and weapons and fled into the mountains.
Almost instantly, the people of Buner, armed with rifles, daggers and pistols, formed a posse, and after five days they cornered and killed their quarry. A video made on a cellphone showed the six militants lying in the dirt, blood oozing from their wounds.
And why did the people of Buner take matters into their own hands? Because they did not want the Taliban and the Pakistan army to use their hometown as a battle ground.
Good luck to them. But I don’t think they will be able to escape. Still, one should never make the mistake of thinking that ever one in Pakistan is the same or that none of them are trying to avoid the catastrophe that is overtaking their nation.
In the time-honoured tradition of covert US operations in the Middle East, this one seems to have gone spectacularly wrong. The Syrians, who had agreed to turn a blind eye to a supposedly quiet “snatch and grab” raid, could not keep the lid on a firefight in which so many people had died.
The operation should have been fast and bloodless. According to the sources, Syrian intelligence tipped off the Americans about Abu Ghadiya’s whereabouts. US electronic intelligence then tracked his exact location, possibly by tracing his satellite telephone, and the helicopters were directed to him. They were supposed to kidnap him and take him to Iraq for questioning.
According to defence sources, when the four US helicopters approached the Syrian border, they were detected by Syrian radar. Air force headquarters in Damascus was asked for permission to intercept.
So what went wrong? For latter on in the article….
It is not clear what went wrong, but it is believed that the helicopters were spotted by the militants on their final approach and a gun battle broke out. That is supported by an account from a local tribal leader, who said a rocket-propelled grenade had been launched from the compound at the helicopter. The firefight blew the cover on a supposedly covert operation.
The Fed’s balance sheet just surpassed $2 trillion dollars. It has grown by a trillion dollars over the course of the year. Literally. See “total factors supplying reserve balances” at the close of business on October 29. That growth was financed by Treasury bill issuance ($560b from the supplementary financing facility) and a large rise in banks deposits at the Fed ($405b).
The stated foreign reserves of China’s central bank reached $1.9 trillion at the end of September. That though understates the total assets managed by the PBoC by around $200 billion. It is now clear – I think – that the PBoC manages about $200 billion in foreign currency that the state banks have placed at PBoC. This isn’t a secret: the PBoC reports over $200 billion in “other foreign assets.” That means the PBoC already has a foreign currency balance sheet of over $2 trillion.
He then goes on to discuss how both central banks are trying to keep the American economy afloat.
Russia’s reserves fell by over $30 billion during the third week of October — tumbling from $515.7b on October 17 to $484.7b on October 24. Roughly $15 billion of the fall reflects the fall in the dollar value of Russia’s euros and pounds. But about $15 billion reflects Russian intervention in the currency market, as well as the drain on Russia’s reserves associated with the loans Russia’s government is making to Russian banks and firms seeking foreign exchange to repay their foreign currency debts.
A $15 billion weekly outflow is rather large.
At this rate, Russia’s remaining reserves will be gone in about 32 weeks. But it is unlikely to continue at this rate. Still, this shows that having large reserves does not guarantee economic stability in a nation’s future.
If you try to talk about how demographics will affect a country’s economic future you will alway come acrossed a few people who will argue that all the problems can be fixed by people working longer. To a certain degree, this makes a lot of sense. People are living longer so it seems as if they should be able to work longer. But in the here and now, living longer has not correlated to working longer. On the contrary, as the average live span has gone up, the working age has gone down. From Brian Sullivan…..
We continue as a nation to retire younger. More workers are making smart investment and retirement decisions and that’s helping say “so long” to the working world at an earlier age. The Bureau of Labor Statistics shows that the average “exit” age from the workforce has dropped from 66.9 in 1950-55 (the study is done in 5 year increments) to 62.0 years in 2000. Five years earlier. Good work!
As we retire younger, we live longer. Our lifespan continues to hit a record in America. The accounts vary, but on a whole its safe to say the American lives to be an average of about 75 years old. Women live to an average age of 80, men drag the average down. And this upward trend is going to continue. The Center for Disease Control estimates that the average lifespan in America will increase by another 2 years by 2015. Even men may live to be 80 someday.
If you’re one of those people who needs a negative GDP number to convince yourself that we’re in a recession, here you go. But the headline -0.3% figure isn’t the worst bit: that would be the 8.7% fall in disposable personal income. If there was any doubt about the outcome of this election, that number alone should put it to rest: there’s no way that the incumbent party can win in that kind of economic environment.
The unemployment rate has risen to 6.1% and is set to continue upwards. Ford and General Motors, as well as Whirlpool, an appliance manufacturer, are among big American firms that have announced job cuts recently. Employment figures due for release on November 7th are likely to show that around another 175,000 jobs were lost in October, pushing the unemployment rate up to 6.3%, according to a survey of forecasts by Bloomberg. Fewer jobs mean lost income and less spending.
Companies seem to be cutting overtime and hours worked more then jobs. I think that is a good thing. But how long can it last?
A team of scientists from the United States and China announced last week that, for the first time, they had found a means of selectively and safely erasing memories in mice, using the signaling molecule αCaMKII. It’s a big step forward, and one that will be of considerable interest to the military, which has devoted efforts to memory manipulation as a means of treating post-traumatic stress disorder. But some military research has moved in another direction entirely.
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From the New York Times….
In a tour de force of office supply physics, researchers at the University of California, Los Angeles, have shown that it is possible to produce X-rays by simply unrolling Scotch tape.
From latter on in the article…
The tape phenomenon could also lead to simple medical devices using bursts of electrons to destroy tumors. The scientists are looking to patent their ideas.