Vox Day discusses China's downgrading of US debt instruments.
Ace of Spades includes a note that gold is now trading above $1,400 per ounce. That post is a litany of bad financial and economic news.
Germany says the US is carrying far too much debt.
China (not surprisingly) and Russia agree with Germany.
China is tightening its own restrictions on foreign currency.
All of this points to some dire consequences: first, everyone in the world seems to know that the Fed's "quantitative easing" (read "monetizing the debt") is inflationary--possibly hyperinflationary--which means that all the paper our foreign creditors own may suddenly depreciate sharply. That means they get less value out of the paper than they put into it: if you're a Japanese guy who bought American debt at ¥100 to the dollar, and inflation occurs, you might only get ¥80 per dollar back. Interest rates are so damn low that even if you let the bond go to term you won't realize any profit from your investment; and the longer you hold the bond, the worse your position will get.
If interest rates are kept low, everyone in the world will dump US treasuries for whatever they can get, in order to limit their losses. Not only would that suck a lot of actual money out of the world economy, but it would mean utter financial ruin for the United States. So the interest rate on treasuries will have to rise.
Interest rates go up precipitously to prevent a mass selloff of treasuries...inflation continues...unemployment stays high...international trade drops...overall the world economy contracts. Sound familiar?
It's hard to fault the reasoning of the Chinese; it's what a lot of us on this side of the aisle have been saying for quite some time now.
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Incidentally, did you know that our government does not consider food and energy prices when it calculates the inflation rate? And guess where most of the price increases have been concentrated over the past several years?
Hint: it has not been in things which people do not absolutely require for living, like flat panel TVs and new cars and iPods and computers. No, most of the rise in prices has occurred in supermarkets and gas stations and electric bills.
So the federal government can say, "Nope, no inflation here, nosirree!" without actually falsifying any data. No, the falsification comes in from selecting which data to watch.
Meanwhile, when you need to go buy food, you're finding that your dollar doesn't buy as much of anything as it used to. But there's no inflation!
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There are a bunch of posts all over the place about the mystery missile near LA.
Having seen the video, I'm confident that that ain't no jet contrail. That is a freakin' missile launch.
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Climate "scientists" reveal their true colors. If the science is so goddamned good why do they need to turn to political advocacy?
Because the "science" is nothing but bunkum and diddled data, and it can't stand scrutiny from people who want to verify it, that's why.
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Iowahawk satirizes the entire "(P)MSNBC/Olbermann" fiasco.
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Before bed this morning I scanned five new (and a sixth partial) pages of Chicory. Chapter two is up to 18 pages now, including the partial. I expect it to end up a bit longer than chapter 1, which was 23 pages.
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Monday morning, before bed, I ordered the Disappearance of Haruhi Suzumiya light novel from Robert's Anime Corner Store, as well as volumes 2-6 of Lovely Complex.
I originally went there to get an idea as to the release date of the Haruhi book, but the instant I saw that it was out, I ordered it. Then I thought I'd order two...well, three...maybe four?...might as well make it five more volumes of Lovely Complex.
This Inatartubs thing Al Gore invented is really dangerous, in a way, because it makes spending money far too easy. Certainly it is not helping me save my pennies for a Ruger Mk II, damn it.
And here I thought I had will power. Well, not killing an annoying person is apparently easier for me than not buying too much manga. That's actually a good thing, really.
Well, the good news is, no one cares about me buying too much manga. (As if there were such a thing. You can never have "too much" ammunition, emergency plans, or manga.)
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We've got "unseasonably warm" weather until Friday, and I'm hoping to do the final grass cutting and winterize the implements. Then I can think about the Escort's oil pan--am I going just to live with the leak until March? I think I may have to; but despite that I've got to winterize the cars. Mainly that consists of buying new wiper blades and fluid, but I've been wanting to try polishing the haze out of the Escort's headlights since one of my car shows suggested ordinary tooth paste as a polishing compound. WTF. If it works, it's a damn sight cheaper than the $25 "headlight restoration kits" they sell.
And since I spent all my money on feeding my manga addiction, I've got to do what I can.