Russia has just declassified news that will shake world gem markets to their core: the discovery of a vast new diamond field containing “trillions of carats,” enough to supply global markets for another 3,000 years.
‘Trillions of carats’ lie below a 35-million-year-old, 62-mile-diameter asteroid crater in eastern Siberia known as Popigai Astroblem. The Russians have known about the site since the 1970s.
And Ben Bernanke can’t bail it out.
The next Treasury secretary will confront problems so daunting that even Alexander Hamilton would have trouble preserving the full faith and credit of the United States.
Did you know that annual spending by the federal government now exceeds the 2007 level by about $1 trillion? With a slow economy, revenues are little changed. The result is an unprecedented string of federal budget deficits, $1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and another $1.2 trillion on the way this year. The four-year increase in borrowing amounts to $55,000 per U.S. household.
….how advocates of tolerance become tyrannical….
With prices at the pump worrying Americans, Republicans have railed against the Environmental Protection Agency’s new gas mandate that requires consumers to buy at least four gallons when purchasing from stations with hoses containing 10 percent and 15 percent ethanol-blended fuel.
Economic freedom in the U.S. is dropping fast
For the second straight month, manufacturing activity in the New York region slowed, this time to the lowest level since April 2009, during the worst of the global recession. The Federal Reserve Bank of New York’s Empire