This ought to be illegal

From Bloomberg…..

The misleading numbers posted by retirement fund administrators help mask this reality: Public pensions in the U.S. had total liabilities of $2.9 trillion as of Dec. 16, according to the Center for Retirement Research at Boston College. Their total assets are about 30 percent less than that, at $2 trillion.

With stock market losses this year, public pensions in the U.S. are now underfunded by more than $1 trillion.

That lack of funds explains why dozens of retirement plans in the U.S. have issued more than $50 billion in pension obligation bonds during the past 25 years — more than half of them since 1997 — public records show.

The quick fix for pension funds becomes a future albatross for taxpayers.

In the CTA deal, the fund borrowed $1.9 billion by promising to pay bondholders a 6.8 percent return. The proceeds of the bond sale, held in a money market fund, earned 2 percent — 70 percent less than what the fund was paying for the loan.

The public gets nothing from pension bonds — other than a chance to at least temporarily avoid paying for higher pension fund contributions. Pension bonds portend the possibility of steep tax increases.

Read the whole article for all the disgusting details. For example, by law most states have to guarantee pay back of those pension bonds.

EPA to regulate the dust that farmers kick up

From the AP….

Nothing says summer in Iowa like a cloud of dust behind a combine.

But what may be a fact of life for farmers is a cause for concern to federal regulators, who are refusing to exempt growers from new environmental regulations.

It’s left some farmers feeling bemused and more than a little frustrated.

“It’s such a non-commonsense idea that you can keep dust within a property line when the wind blows,” said Sen. Charles Grassley, a member of the Senate Agriculture Committee who still farms in northeast Iowa.

Under rules imposed in 2006, rural areas would be kept to the same standards as urban areas for what the Environmental Protection Agency calls “coarse particulate matter” in the air.

The American Farm Bureau Federation and the National Pork Producers Council had petitioned the government to provide an exemption to farmers. They argued that evidence of harm caused by dust in rural areas hasn’t been determined.

But the U.S. District Court of Appeals in Washington ruled Tuesday that the EPA had already provided the evidence necessary to determine farm dust “likely is not safe.”

You might as well give up on being a law abiding person because everything is against the law.

Running out of options

From the Times…

Islamabad’s capitulation to the Taleban over the Swat Valley has raised fears that the Pakistan route, which accounts for 75 per cent of supplies, could soon be closed.

“The Taleban know if they make a pincer movement they can choke off that access completely,” Mr Neill said. “The options for the US are closing rapidly.”

That is why, for the first time, people are thinking the unthinkable: Iran. Last week a US Nato commander said that individual member countries could seek supply routes through Iran.

The US, when it went into Afghanistan, did not predict the turn of events in Pakistan. The search for new roads may force it to entertain alliances every bit as unexpected.

The article also describes how the attacks by the Pakistani Taliban have cut down on the supplies available to be sold in the PX stores.

Scary

From Spiegel….

Pakistan is capitulating to the Taliban in the picturesque Swat Valley, where the Islamists plan to introduce Sharia law. Now the militants’ triumph threatens to encourage radicals throughout the region.

The defeat was celebrated as if it had been a victory. The chief minister of the North-West Frontier Province greeted a delegation from the local Taliban. The Taliban officials, with their long beards and turbans, had come to the governor’s office to sign a treaty. After arriving in large limousines, the men were seated on velvet armchairs and served food on silver trays.

Then the pious foes of the government in Islamabad were given a coveted piece of Pakistan as a gift.

Read the whole thing if you have not been following this story.

A private army

I don’t see how a company that can do all this (or train people to do all this) can be called a mere security company.

It is interesting to speculate what this vast increase in the number of people who are skilled in close quarters combat means for the future. Heck, there are plenty of places that will teach civilians a lot of these skills even if they have no connection to the government.

Close quarters combat is the true martial art of our age (in the original meaning of the term) and it is worth remembering that most martial arts were perfected in times of utter chaos that followed the breakdown of authority.