Daily Readings 08-14-2012
Audit reveals Agriculture Department spent $2M on internship program hired only one person
The Agriculture Department spent $2 million on an internship program in which only one intern was hired, according to a new inspector general report.
The finding was part of a larger USDA inspector general audit that focused on the agency’s multi-million dollar effort to improve information technology security.
The 32-page audit found the agency’s information systems “are still at risk” because the improvement projects were poorly managed “even after expending $63.4 million of funding increases received” in fiscal years 2010 and 2011.
Welfare State Grows by Nearly 19% Under Obama – to Almost $1 Trillion a Year
Federal and state welfare assistance has grown almost 19 percent under President Barack Obama, according to the conservative Heritage Foundation.
All in all, there are 79 means-tested federal welfare programs, at a cost approaching $1 trillion annually, said Heritage Senior Research Fellow Robert Rector.
President Obama’s Smashing Success Story: Greatly Increasing The Power Of Government
In the domain of power, the President’s successes are historic. Given his criteria of success, sacrificing the jobs of several million Americans are of little consequence when compared to this vast and potentially permanent increase in the power of the federal government over the life, liberty and pursuit of happiness of the American people.
Gallup: D.C. Only Place in U.S. Where Majority Believes Economy Getting Better
From January through June, Gallup asked 86,429 American adults two questions: Did they believe the economy was getting better or getting worse? Did they believe the current economic conditions were “excellent,” “good,” “only fair,” or “poor
In Washington, D.C., according to the results Gallup released on Friday (see the second page of Gallup’s analysis), 70 percent of the people said the economy was getting better and 24 percent said it was getting worse.
Nouriel Roubini on Threats to the Global Economy
A professor at New York University and chairman of a consulting firm that bears his name, Roubini earned the nickname Dr. Doom for predicting hard times before the financial crisis began in 2008. He talks with Peter Coy about his current outlook.
Why Print Money When Promises Work Just As Well?
Unemployment Stories, Vol. One
Unemployment Stories, Vol. Two: We Are The Unseen
Unemployment Stories, Vol. Three: ‘Absolute Hell’
Unemployment Stories, Vol. Four: Pride and Pain
The only way out for China: Andy Xie
Problems only going to get worse as long as government interferes…
China’s business conditions continue to deteriorate. Cement, coal and steel prices are still falling. Overcapacity is severe in most industries. Local governments pressure loss-making enterprises to continue production to sustain local gross domestic product. Hence, commodity prices are falling below total costs. Soon the prices may fall below variable costs.
Last week’s release of disappointing economic and trade data for July has, predictably, renewed calls for additional stimulus. In May, Beijing ramped up its support for the economy, and observers had expected activity to pick up by last month.
Why has the economy so far failed to respond? There are various reasons, but perhaps the most important is that the country is running out of money for stimulus.
Chinese companies pull out of US stock markets
Chinese firms leave US stock markets amid complaints about price, accounting scrutiny
Just a few years after Chinese companies lined up to sell shares on Wall Street, a growing number are reversing course and pulling out of U.S. exchanges.
Europe’s Core Begins to Look Like the Periphery
For most of the euro zone debt crisis, the distinction between the core andperipheral countries of the euro zone have been quite clear — the periphery seemed to cause all the trouble, and the core picked up the bill.
Investors Prepare for Euro Collapse
Banks, companies and investors are preparing themselves for a collapse of the euro. Cross-border bank lending is falling, asset managers are shunning Europe and money is flowing into German real estate and bonds. The euro remains stable against the dollar because America has debt problems too. But unlike the euro, the dollar’s structure isn’t in doubt.
LOL -”dollar’s structure isn’t in doubt”…why is every government agency buying ammo then?
National Weather Service Follows DHS In Huge Ammo Purchase
ATK producing ammo for Homeland Security
DHS To Purchase Another 750 Million Rounds Of Ammo
DHS Puts Out Urgent Order For Riot Gear
U.S. banks told to make plans for preventing collapse
U.S. regulators directed five of the country’s biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.
Economist Richard Duncan: Civilization May Not Survive ‘Death Spiral’
Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a “death spiral, “as he told CNBC.
And it could result in a depression so severe that he doesn’t “think our civilization could survive it.”
And Duncan is not alone in warning that the U.S. economy may go into a “death spiral.”
The Ultimate Pyramid Scheme! - Video
The Ultimate Pyramid Scheme! - Transcript of the above video
Daily Readings 08-14-2012,U.S. military officers are told to plan to fight Americans
