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Interesting News Article Thread (Read 738819 times)
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Re: Interesting News Article Thread
Reply #750 - Aug 10th, 2007 at 9:24am
 
Here's my nomination for Idiot of the Day award:

Quote:
http://www.foxnews.com/story/0,2933,292834,00.html

Teen Burned While Trying to Steal Gas

Friday , August 10, 2007

Associated Press

TWO RIVERS, Wis. —

An 18-year-old man was severely burned Thursday after he lit a flame while trying to steal gasoline from a riding lawnmower. He and another 18-year-old man were in a Town of Two Rivers shed early Thursday, trying to extract the fuel from the mower.

At one point, they decided they needed more light, so one of them ignited burning materials, according to Manitowoc County Sheriff's Inspector Gregg Schetter. The gasoline then exploded, Schetter said.

One of the men was taken to a Milwaukee hospital with serious burns.

Authorities learned of the theft after responding to a 4 a.m. call Thursday of a shed on fire.

County sheriff's deputies and Two Rivers police officers eventually learned of the burned man and connected the clues, Schetter said.

The other man wasn't injured. He was being held in the Manitowoc County Jail, Schetter said.


God Bless America.

-b0b
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Re: Interesting News Article Thread
Reply #751 - Aug 10th, 2007 at 3:26pm
 
Quote:
A Wichita library patron is tased after police say he pulled a knife on a librarian. It happened Tuesday afternoon at the Central Library on S. Main Street in Wichita.  

According to police, a customer went to a librarian and said a man was behind some shelves masturbating.  The librarian found the man sitting at a table and confronted him.

Police say other employees came over to help after the man became irate and started yelling at the librarian.  As the librarian grabbed the man's arm, he reached into his back pocket and pulled out a short knife.

A WPD security officer saw the knife and tased the man before he could stab the librarian.  The 58-year-old was then arrested for aggravated assault and indecent exposure.

Library employees say they'd had a similar complaint about this man several weeks ago, but they couldn't find him in the library.

The man doesn't have a permanent address and has been living out of local shelters.

Wichita police started manning libraries with armed security officers in December of last year.


If you can't do it in a library then what's the point?
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Re: Interesting News Article Thread
Reply #752 - Aug 10th, 2007 at 6:13pm
 
If the freakin' library needs armed security officers, something is seriously wrong.

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Re: Interesting News Article Thread
Reply #753 - Aug 13th, 2007 at 8:24pm
 
This is an extraordinarily lengthy read, but if you're at all familiar with our fiat banking system, it's really quite a fascinating (and scary) article.

Quote:
WHAT DOES "FED PUMPS $68 BILLION INTO BANKING SYSTEM" ACTUALLY MEAN?
By: Devvy
August 13, 2007
© 2007 - NewsWithViews.com

Last week saw a bucking bronco ride in the stock market. The American people read headlines such as: Fed vows, then pumps massive funds to calm markets and Fed's $38 billion helps markets. I have written many columns the past several years as have hundreds of others warning of the coming financial tsunami. Far too many people scoffed at all the warnings, continued to rack up massive debt and pursued the American dream of owning their own home when their financial portfolio and credit history simply could not float the big boat they were taking out into the ocean. The first of the dominos began to teeter earlier in the week: Aug. 6 (Bloomberg) -- "American Home Mortgage Investment Corp. became the second-biggest residential lender to file for bankruptcy protection this year, adding to signs that late payments have spread to homeowners with good credit records."

Dr. Edwin Vieira is arguably the foremost authority in this country on the central bank and the history of our monetary system. His monumental tomes, CrashMaker (fiction) and Pieces of Eight (non-fiction) are the quintessential teaching tools towards understanding this complex issue and making it understandable for average Americans like me. I bring this up because over the weekend I had a long telephone discussion with Edwin about the market last week. We both agree that the clock is ticking and all the bombastic gas let loose by financial guru's like FAUX's (FOX) Neil Cavuto, is just that because all the kings horses and all the kings men will not be able to fix this one. Not for a long time.

The government's plunge protection team (PPP) galloped in this past week and dumped almost $70 billion "dollars" into the banking system to save themselves. Creating "billions" out of thin air. Worldwide, central banks were scrambling and issuing more worthless paper to the tune of triple digit billions. The big neon billboard has been lit up with a message no one wanted: the stock market growing more fearful about tightening credit after years of free for all liquidity. High Times at Mortgage Express. Investors who don't have in-depth knowledge or real understanding of our monetary system and the FED, trying to figure out what's going to happen to their investments. The subprime mortgage market free fall has been building for years. These are loans made to people who have less than ideal credit - all being done during a housing market that began it's slumpalmost two years ago.

On August 9, 2007, the privately owned Federal Reserve pumped "$24 billion in temporary reserves to the banking system amid an increase in demand for cash from banks roiled by U.S. subprime loan losses." The next day, the FED infused the dying patient on the operating table three different injections: $38 billion. Some say this won't be nearly enough to stop the hemorrhaging. This latest "rescue" by the central bank is going to be short lived and many experts not on the government's payroll predict the FED will have to reverse it's decision last week to leave interest rates alone and instead, announce an emergency drop in rates. The wise folks over at urbansurvival.com said it best last Friday: "When up to a third of a trillion dollars being dumped into financial market's in 36-hours doesn't stem the tide, even the financially ignorant can sense something has changed. That's pouring money into the financial system at a rate equivalent to all of Canada's Annual GDP every four days. And what did we get? A 31-point Dow loss anyway!"

The government announced on August 10, 2007, that Freddie Mac and Fannie Mae will not be allowed to acquire any more mortgage debt. Banks and lending institutions have for too long been making bad loans and despite the gigantic warnings signs, greed carried them through the years, but now foreclosures packages are spitting out more paper than the Pentagon. Let me give you an example. Go to: www.foreclosure.com On the left side, just pick California (state) and Los Angeles (county). Look at just this one list of houses in foreclosure. There are other sites I've browsed with page after page after page of houses in foreclosure just in the LA area alone; they range from $250,000-$1.8 million. Foreclosures were already hitting record numbers by June 2007.

The inventory of available housing continues to stack up like Uncle Sam's IOUs to the world. The "dominant media" continues to dress up the naked mannequin in little better than see-through clothing; the numbers tell the real story. During the roaring re-fi years of low interest rates, Americans took the equity out of their homes and enjoyed the good life. Then came the unpleasant taste of fear when their homes were no longer worth what they paid for them, inventory in their areas can't be sold and the final shocker: subprime loans in numbers enough to gag a planet suddenly went bad as consumers could no longer make those payments. Where do these folks go when they are forced out because of foreclosure? Rental apartments, family or in their cars. They contribute nothing to the economy because any disposable income they might have goes just for the basics of survival.

As Edwin said in our recent conversation, the system has to keep propping itself up in an attempt to fend off hyper inflation like what hit Argentina where people once able to prosper were eating out of garbage cans. Unfortunately, and sadly, most Americans simply have little or no understanding of the subject matter, but to not understand what's happening will be deadly for millions. How will this affect the average American out there already dying under the weight of credit cards debt insufficient household income (despite two working people, sometimes with three paychecks) and taxes in all forms taking disposable income?

1. The middle class has been destroyed by unconstitutional trade agreements; our most productive and important job sectors decimated - agriculture, manufacturing, industrial. Wages have not kept up with the cost of goods and services; the illegals invasion sucking the lifeblood out of this country by stealing jobs (like meat packing at good wages) and sending BILLIONS "home." Pile on the continued sacking of the people's purse by thieves in one Congress after another and a five year undeclared war being funded through borrowing slapped on their backs, has left the American family broke. Seniors living on social security and investments will see those dwindle and will have to keep tapping whatever savings they might have accumulated over their lifetimes. One "rainy day" will drown them.

2. Growing numbers of Americans refuse to buy Made in Communist China; I am one who has been doing it since 1994 when NAFTA was unconstitutionally signed into law. I don't even own a toaster. I go without when I can't find what I need, but I can generally find what I want by taking the time; see Made in USA. If you can't find it there, do a www.scroogle.org search and you will get results. This does not help our economy or retailers, but I'm sorry. I will not give my money to an enemy of my country just for "things." And, remember this: there's a good chance the fur in your sweater, parka and even doll clothes comes from dogs skinned alive in Communist China.

3. In the real world, parents across this country are scrambling to get their children new clothes, books and other trappings because summer break ends for most schools the end of this month. Cash strapped, they go for credit cards. Too many are already maxed out and as credit tightens by the banks, the situation becomes even more dire. Heap the bankruptcies on top of foreclosures (July 2007: Ariz. bankruptcies up 60%; credit-card debt, higher mortgage payments cited) and we're no longer talking chump change here, we're talking about a dreadful scenario for our nation.

4. In a couple of months you will start to see hints of Thanksgiving and Christmas decorations begin to hit the big box stores. Retailers depend on the grotesque spending spree every December called Christ-mas for their big earnings boost. But what's going to happen this year? It's difficult to buy Christmas presents - especially all that 'bling' when your house is in foreclosure, you're one of two SUV payments behind and child care is running you $150 a week. Johnny needs braces, Sally wants ballet lessons, both kids want to go to Disneyland and you would just love a week in the French countryside. However, when the financial squeeze starts to keep you awake at night, the first thing to go is non-essential services like entertainment, eating out in restaurants 2-3 nights a week, vacations and those $75 seats at the Cowboys game. Savings in this country is almost extinct and for the poor, the only place they have to go is ever expanding food banks which are hurting in many major cities throughout the country. For part 2 click below.

What's going to happen next year when the first wave of baby boomers begin to retire? At the sake of repeating myself, Comptroller General David Walker has been touring the U.S. trying to warn the American people what's going to happen and it isn't pretty: "What they don't talk about is a dirty little secret everyone in Washington knows, or at least should. The vast majority of economists and budget analysts agree: The ship of state is on a disastrous course, and will founder on the reefs of economic disaster if nothing is done to correct it." The only presidential candidate addressing the issue of the FED and our economy is Congressman Ron Paul, a man now hated by his own party (GOP) and marginalized by the MSM (mainstream media) and cable networks as if one of the great constitutionalists of our time is nothing more than a "maverick and semi-crank." (Look at this exquisite ad for Dr. Paul). The tax and spend Democrats (who replaced the tax and spend Republicans) have been in office eight months and what have they accomplished? Zippo, yet the one man who can do what has to be done (along with the right Secretary of Treasury, say Dr. Edwin Vieira) is being treated like a disease.

5. It isn't just the house that doesn't sell causing major financial problems, it's also the construction industry itself. Every house has a faucet, carpeting, light fixtures - but all industries suffer when houses aren't built or remodeling stops because of a recession or depression. That means major home improvement stores like Home Depot, lays off and the domino effect starts to rattle already jittery investor nerves. Investors don't like "lower than expected" earnings and anyone who has done enough research knows the feds have been cooking the books for decades thereby deceiving investors. Well, the chickens are coming home to roost. Local municipalities suffer because contractors are charged a percentage of the project for schools, parks and other revenue generating enterprises. Tax bases from a dozen sources dry up. Every related industry from mortgage loan brokers, realtors to escrow companies all begin to feel the noose. Tensions heat up as tribalism takes over as a matter of survival and crime increases in these massive, over crowded metropolitan cities. It's not a pretty picture when one sits down and lists all the ingredients for financial and societal melt down.

I wish everyone could subscribe to LeMetropolecafe.com. Their writers are exceptional. Their knowledge of this subject matter is easy to understand and not sanitized for votes, i.,e., this recent post by Neville Bennett on Credit contamination: "The sub-prime mortgages offered by U.S. institutions have been sliced, diced and repackaged to get them off U.S. bank balance sheets. They have contaminated global credit markets. Very strong metaphors are appropriate. To some extent, it is poison. It is also a virus, virulent and contagious. 49 European banks and financial institutions needed support last week.

"It could be more this week as uncertainty spreads. Banks can discount good news, they can discount bad news, but one report rightly says, “they cannot discount what they do not know.” My take is that they do not know the present value of their assets. The packages of U.S. housing debt, sold under a variety of names, were syndicated and accepted because they had a credit rating and a good anticipated yield. However, there have been more sub prime defaults than anticipated and escalating defaults. It is increasingly difficult value these packages. Many large hedge funds are admitting a 25% fall in value. This is often wildly optimistic. The Street is predicting a 90% fall.

"Rather than discuss generalities, this article will explore the recent difficulties of BNP Paribas, France’s largest bank. The Bank caused mayhem in Europe by suspending three investment funds worth 2 bn euros, saying it was impossible to value certain assets, because of the “complete evaporation “of liquidity in some markets. It said a valuation would be made “when liquidity returned to the market.” The ECB responded to the crisis made $130 b of loans available. These were on the same scale as the intervention on 9/11. What impressed me was that 49 banks and financial institution grasped the ECB’s lifeline. 49 banks needing support!

"Paribas’s statement is very scary. It confirms that the two-way movement of bonds and derivatives associated with the U.S. housing market is seizing up. I have heard that $3 trillion of derivatives have been written in this market. There will be massive repercussions. The scariest aspect could be that the massive French bank declined to buy these investments from investors who want to sell. It suspended activity. It could have bought them at fair value, and have held the bonds until maturity. It did not. This suggests the bonds are toxic...Paribas apparently invested also in asset-backed securities (ABS) which are bundles of loans, (credit card loans, car loans etc) that were packaged together into bonds. These are now frozen. The mounting crisis is reflected in the soaring LIBOR (London interbank offered rate). The LIBOR is regarded a risk-free investment made on overnight loans. It is important to realize how fast the credit storm is developing."

How is the average Joe and Mary out in America trying to put food on the table and fill up their gas tank at $50 - $75 bux a pop going to understand all this, much less react to it? The media continues to gloss things over with carefully crafted word smithing while a gallon of milk climbs towards $4.00. Dr. Edwin Vieira began warning Americans a couple of years ago in his columns, i.e., Are Monetary and Banking Crises Inevitable in the Near Future?

http://newswithviews.com/Devvy/kidd297.htm


-b0b
(...definitely found some food for thought.)
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Re: Interesting News Article Thread
Reply #754 - Aug 13th, 2007 at 11:28pm
 
If this doesn't show you that the American economic system is being controlled by people who want us dead and in turmoil I don't know what will.  I don't see how Congress can just turn over this power to people who they, and the American people, are not told who they are or what they will do.  When the fed is about to make a decision everyone stops and holds their collective breath and wait for the almighty Wizard Of Oz to make his ruling.  And just like the great wizard...you never know who's behind the curtain until the very end.

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Re: Interesting News Article Thread
Reply #755 - Aug 14th, 2007 at 2:15pm
 
Quote:
Australia to spend $189 million on anti-porn tech initiative

Australia's prime minister John Howard and opposition leader Kevin Rudd revealed the Australian government's sweeping new $189 million anti-pornography initiative on Friday at an event hosted by the Australian Christian Lobby. During the presentation, which was broadcast to over 700 Australian churches, Howard discussed Christian values and described the government's latest costly plans for preventing pictures of naked people from clogging The Tubes.

Related StoriesProposal to erect XXX domain faces stiff opposition
Approximately $89 million will be used to establish Australia's National Filter Scheme, which will impose burdensome filtering requirements on ISPs and provide Australian citizens with free* access to PC-based Internet filtering software. The filtering systems will leverage the Australian Communications and Media Authority's official Blacklist, which is based on the country's National Classification Scheme. According to a statement issued on Friday by communications minister Helen Coonan, the Australian Communications and Media Authority is also evaluating plans to extend the Blacklist to include "terrorism and cyber-crime sites upon prescription by the Attorney-General."

Approximately $22 million will be spent on a broad "public awareness and education campaign" to inform parents of Internet safety issues, and another $11.7 million will be used to establish community outreach programs that will push "the Internet safety message" into thousands of schools. Additionally, the government plans to establish a consultative working group to find a "workable solution" to combat "the use of social networking web sites by predators to contact and groom children via the internet."

Only last year, the Australian government spent $116 million on a similar initiative, $93 million of which was used to provide free* Internet filtering software to families for a three-year period. At the time, Coonan said in a statement that the government's three separate studies on the efficacy of ISP-level filtering found "significant problems with content filter products operating at the ISP-level," and Coonan cited ease of circumvention and limited filtering control when arguing that ISP-level filtering isn't as effective as PC-based filtering. It is ironic that Australia's latest costly anti-pornography initiative leverages the same kind of ISP-level filtering technologies that were dismissed as inadequate only a year ago. One wonders what kind of improvements have been in the filtering technology field since then.

Proposal would impose jail sentences for possessing five or more pornographic movies
In related news, the Australian Parliament is evaluating a legislative proposal introduced by indigenous affairs minister Mal Brough that aims to impose extreme restrictions on pornography in the Northern Territory. The proposal is inspired by the Australian government's "Children Are Sacred" report, which discusses instances of child sexual abuse in the Northern Territories. Mal Brough's proposal, which is described as "draconian" by the New Zealand Herald, would implement a broad ban on X-rated films in the Northern Territory, and impose jail sentences for porn "trafficking" on those who are caught with five or more X-rated films even in instances where the pornographic products are not being distributed.

Although Mal Brough only aims to impose the restrictions and "trafficking" penalties on the Northern Territories, groups like the Australian Christian Lobby are calling for the proposed directive to be expanded nationally. "The Australian Christian Lobby, along with many other Christian and family groups is asking why the ban on X-rated pornography should only apply to Northern Territory indigenous communities," the Australian Christian Lobby said in a statement. "The problems of pornography aren't confined to these communities and the ban needs to extend Australia-wide. Don't all children need protecting?"


$116 million spent last year and it didn't work, I know!  Throw more money at the problem!

And since when does looking at pron make you want to touch children?  Want to keep your kids safe, KEEP THEM OUT OF CHURCH! (oh dang)
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Re: Interesting News Article Thread
Reply #756 - Aug 14th, 2007 at 4:31pm
 
Here's a continuation of yesterday's economic theme.

Quote:
The Unfolding Crisis (Economy) – an Interview with Doug Casey
Q. The dollar is under increasing pressure. Do you think it’s realistic that the U.S. dollar could lose its status as the world’s reserve currency anytime soon? What are the implications and how soon do you think it could happen?

A. The U.S. dollar will eventually reach its intrinsic value; it’s simply a question of time. The Forever War in the Middle East is greatly accelerating the process. The whole idea of a reserve currency is meaningless if the currency is backed by nothing but the good will of the issuing government. That’s why gold has always been used as money; you don’t have to rely on anyone’s full faith and credit, good will, competence, trade surpluses, self-restraint or anything else. And it’s why gold will again be used, in everyday transactions, as money.

The dollar is a hot potato. There are trillions—nobody knows exactly how many—floating outside the U.S. But only Americans have to accept them, and only the U.S. Government can create them (although the North Koreans do their best). The Chinese have good reason to worry about all those dollars. When they tried to buy the Unocal oil company, they were turned away by the U.S. Government. So, obviously, their dollars weren’t good for that. When Dubai wanted to buy companies that manage six U.S. seaports, they found their dollars had no value.

At some point there’s going to be a panic out of the dollar. When it happens, it’s likely to be the biggest financial upset since the 1930s. Part of the question is what they’ll panic into. The euro? As I have said many times, if the dollar is an “I owe you nothing,” the euro is a “Who owes you nothing?” I think the big beneficiary will be gold. The problem for the world’s economy is that just a trillion dollars—which is only about 1/6 of the dollars outside the U.S. alone—can buy a billion ounces of gold, even at $1,000 an ounce. But only about four billion ounces have ever been mined.

It’s an explosive situation. The one thing you can count on when there’s a crisis is that the government will “do something,” which means controlling its subjects—not, God forbid, itself. And that something is likely to be foreign exchange controls. A small straw in the wind is the new regulation making it illegal to export more than $5 worth of pennies and nickels, because their metal is worth more than their face value—even though there’s no longer much copper in the pennies or nickel in the nickels.

If an American doesn’t get significant assets outside the U.S. now, it may be impossible in the future. The best thing to do is buy real estate abroad, since it’s currently not reportable, like bank and brokerage accounts, and they can’t very well make you repatriate it. I expect, however, very few people will take my advice, even though they may agree with it. But everybody gets what he deserves, so it’s not a problem..

Q. Looking at the broad picture, it seems like the U.S. government is facing nearly insurmountable odds. The cost of government has soared to something over 50% of GDP, weighing heavily on the private sector, yet there is no end in sight to the wide river of can’t-stop spending… on the military, on Social Security and Medicare—especially in the face of the baby boomers beginning to retire. How does the country manage to maintain that?

A. Nothing lasts forever. I’ll be surprised if the U.S. is able to maintain its present geographic boundaries for this century. The Mexicans talk of the Reconquista; the gringos stole the Southwest from them in the 1800s, and they’re likely to take it back. What do you think the odds are that a young Latino male in California, 20 years from now, is going to pay 20% of his wages in Social Security and Medicare to support some old white broad in Massachusetts? Especially since he knows he’s never going to get an aluminum nickel back? Even today, polls show that more kids believe in aliens than believe they’ll see any Social Security money.

We’ve had really good times for a whole generation. People become fat and sassy, or in the case of Americans, obese and arrogant, during good times. They don’t think of hanging their leaders from lamp posts until things get seriously bad.

I don’t know how bad things will get. But when I’m asked, I’m prone to quip “Worse than even I think they’ll get.”

Q. You and the team at Casey Research have been vocal about expecting a major inflation. Yet, other than occasional surprises, inflation doesn’t seem to be much of a problem. What gives?

A. Things that you expect to happen usually take longer than you’d think. But once the process gets underway, they usually happen much more quickly. It’s like a boulder balanced on the edge of a cliff; nothing seems to happen until it happens all at once. Just adjust that analogy to the scale of a human lifespan.

The word "inflation" covers two different concepts, and it's important to keep them separate. One concept is monetary inflation, which is an increase in the supply of money that outruns growth in the supply of goods and services. Papering over problems with yet more money is now the default solution for governments around the world. Case in point, when faced with the growing problems associated with the subprime mortgage sector, the European Central Bank announced that it would make “unlimited” funds available to the banking sector. The Fed will, predictably, react in the same way, running the printing presses overtime.

The other concept is price inflation, which is an increase in the overall level of prices for goods and services.

The relationship between the two is the relationship of cause and effect. Monetary inflation causes price inflation. But while almost everyone sees price inflation when it happens, few people notice the monetary inflation that is causing it. And so they tend to blame the producers of goods and services for higher prices—rather than the money-creating government that is the true culprit.

We’re now experiencing a lot of monetary inflation, which eventually will be reflected in price inflation. What’s really going to tip this over the edge, however, is the rest of the world deciding to get out of dollars. A lot of those $6 trillion abroad are going to come back to the U.S., and real goods are going to be packed up and shipped abroad. Inflation will explode.

It’s just a matter of time. But I think it’s going to happen this cycle.

Q. How do you think the Chinese currently view the U.S.? Recently they threatened to use the “nuclear option”, dumping their U.S. dollar reserves in response to anti-Chinese legislation making its way through the U.S. Congress. Do you think there is any scenario under which they would let the dollar collapse, given that they own about one trillion of the things?

A. It’s said the Chinese need us to provide a market for their goods. Which is absurd. Markets are about trade. You send me a load of VCRs; I send you a new Cadillac. Right now the Chinese are getting nothing in return for their VCRs but IOUs. If those IOUs aren’t redeemed—and at this point there are so many I’m not sure how they could be—they might as well send their goods to the North Koreans in return for IOUs. Or dump them into the ocean, if the only idea is to keep the factories humming and people employed. At some point the Chinese will want payment in something other than dollars.

In the meantime the yuan will go higher. It’s a good thing for them. It will lower the cost of importing capital goods, technology and raw materials. It will force their manufacturers to be even more efficient. It will make buying foreign companies cheaper. It will raise the standard of living of the average Chinese, defusing some political problems. A strong currency is a good thing. Too bad the U.S. will be on the opposite side of that trade. It was a pathetic embarrassment to see Bernanke and that other buffoon from Treasury lecturing the Chinese on how to manage their currency.

Q. You are on record as leaning toward an inflationary meltdown versus a recessionary one. But what about all the debt? Won’t people paying down their loans and refusing to go further into debt—because for one thing, pretty much everyone who ever wanted a house now has one—result in less spending? And less money chasing more goods would seem to suggest a recession.

A. The first point is not to confuse terms. In today’s vernacular, a recession can be defined as a very mild or short depression. A depression can be given any of three definitions. One, most broadly, is a period when most people’s standard of living drops significantly. Two, it’s a period when the business cycle climaxes. And, three, it’s a period when distortions and misallocations of capital are liquidated. There’s much more to be said on all of these, but now’s not the time.

Inflation, on the other hand, is a monetary phenomenon. You can have either an inflationary depression, like Germany in the ‘20s, or a deflationary one, like the U.S. in the ‘30s. The opposite of depression isn’t inflation; it’s prosperity. And you certainly don’t need inflation to create prosperity. Inflation is a drag on prosperity; it’s a tax on cash, because the government gets to spend the new money it creates while your old money depreciates.

What do I think is likely? Certainly a depression, probably of the inflationary type. But if there are widespread defaults in the mortgage market because of a housing bust, hundreds of billions of dollars worth of buying would disappear, which is deflationary. You could have both things happening at once, in different parts of the economy.

Q. Last year you went on record early calling for gold to top $700, which it did. But you expected it to end the year at about $750. Currently, it trades at around $665. Why do you think it didn’t hold up? And, just for entertainment purposes, how high do you think it will trade in 2007?

A. I’m sure the government, directly and indirectly, did everything it could to keep the price down. The last thing they want to see is a gold panic. So the short run is hard to predict. But we’re still relatively early, certainly in terms of price, in what will be a bull market for the record books. It’s as if you can see the perfect storm brewing. Since I’ve been involved in the markets, there have been a number of times when things could have come unglued—‘70-‘71, with the stock market crash and the devaluation of the dollar, ‘73-‘74, with another market meltdown and financial crisis, ‘80-‘82, when commodities and interest rates both went through the roof, ‘87, ‘92, ‘98, the tech meltdown… Throughout that time, I’ve always tended to be a bear. In other words, I’ve tended to make my money during the crises; it’s relatively easy to make money during good times. As the tech boom proved, any idiot who knows nothing about the markets or the economy, can do it.

My guess is that the next crisis is going to be breathtaking. And it’s not going to be just financial, but economic, social, military and political. Of course, I hope I’m wrong. If I’m wrong, I’m not likely to get hurt, for a number of reasons. But I don’t want to be inconvenienced if I’m right.

So where is gold going? I notice that it is starting to move counter to the equity markets in this current crisis, as it should given the inflationary implications of the massive government bail outs and the increased likelihood that the Fed will be forced to rates, making the dollar a less attractive holding for foreigners. I hate making predictions, but if things continue down this path, I think we could see gold going over $1,000 within the next 12 months, and maybe even before year-end. And then the mania starts for the mining stocks.

http://www.kitcocasey.com/displayArticle.php?id=1530


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Re: Interesting News Article Thread
Reply #757 - Aug 15th, 2007 at 1:48pm
 
Here is yet more proof (as though any is needed) that gun control laws don't work.

Quote:
Shooting Massacre In German Town

SKY News
Updated: 07:16, Wednesday August 15, 2007

Six people have been shot dead in a west German town - all of them suffered bullet wounds to the head.

Five bodies were found in two cars near the train station in Duisburg and a sixth person died in an ambulance on the way to hospital.

Police spokesman Hermann-Josef Helmich said police do not yet know who could have committed the killings or what the motive might have been.

"A witness heard the shots and stopped a police patrol car which was incidentally driving nearby," said another police spokesman, Reinhard Pape.

The bodies were discovered around 2.30am local time and all victims were between 20 and 30 years old, Mr Pape said.

He said one of the cars was a small van registered in Duisburg while the other one was a white Volkswagen from Pforzheim in south west Germany.

Police started investigating at the crime scene but work was hindered by heavy rain, he said.



In case you guys are wondering what Germany's gun laws are like, here's an excerpt from a post made after a previous German massacre:


Quote:
To own a gun in Germany, one must posses a license issued by the police. Target shooters must be members of a legitimate club, must attend a 3-day safety class, and must pass a written and practical exam. Strict limits are placed on the number and types of guns one may own: "Assault weapons" (defined as guns having the "outer form" of a full-auto gun, regardless of actual functionality) are illegal, and the law limits target shooters to a maximum of 8 single-shot .22s.

Perhaps surprisingly, a very wide range of guns are in fact legal, including almost any handgun available in the U.S., to people who hold the appropriate license. A dealer informed me that a particular H&K rifle was legal with a grey plastic stock, but would be considered an "assault weapon" if the stock were black. Hunting rifles and shotguns exactly like those in the US are available for sale, but the Germans seem to prefer double and triple-barreled guns (say, one 12ga. barrel, one .270, and one .44 mag, on the same break-action stock) to the more familiar bolt and pump repeaters.

A hunting gun requires a hunting license, which is issued only after a 1-year class (2-3 times a week) and an exhaustive test. Applicants get only one chance to pass this test. I personally knew one woman who planned on getting hunting license primarily because she would enjoy learning woodcraft and tracking, and secondarily so that she could keep an heirloom shotgun in the family after her grandfather died (if no one in the family had had a hunting license, the gun would have gone to the local police).

Concealed carry is legal for those with permits. Permits are issued on a "may-issue" basis to those who can prove a "need." In reality, this means that NO ONE gets permits except professional bodyguards. Self-defense generally is stigmatized. One woman who was a martial artist informed me that martial arts training was a liability legally; if she injured a rapist, she could expect to be charged with assault and have her karate knowledge used as evidence against her.

It is technically illegal to keep a loaded weapon at home--guns and ammo have to be stored "securely," a term which is undefined in the law. A recent change in the law will require that they also be stored separately. Shooting a home invader before he shoots at you is likely to be regarded as murder. Since there are no juries in Germany, you'd better hope you get a sympathetic judge.

Buying a gun, gun parts, or ammunition, even .22, is legally impossible without a license unless your gun will be immediately exported. Ironically, mail-order guns are common--just send in a notarized copy of your license, and they send the gun to your door.

In what is perhaps the oddest result of tight gun laws, Germans can choose from a plethora of realistic-looking "Scare-guns," which are almost indistinguishable from the real thing, but which fire only blanks, or in some cases, pepper spray and CS tear gas. Where American gun shops proudly display racks of pistols, German shops have similar racks of fake pistols available for immediate, no-license purchase. Until recently carrying a fake gun for "self-defense" was generally legal; a new law will require a "fake gun CCW" permit.

On the black market side, an illegal full-auto AK is easy to come by because of the collapse of East Germany. Glock handguns sell for $200 on the street (I rely on my conversations with gun dealers for this information, as I made no attempt to illegally acquire any weapons). Corrupt sale of gun licenses to criminals by police officials does occur, but I cannot say if this problem is widespread. Certainly I saw stories about it in my year over there.

Target shooting thrives in Germany, as it has for some 500 years. Self-defense is dead. Hunting remains, as it ever was, an aristocratic amusement.

On the day before this most recent massacre, a new law was passed from the lower house of the German parliament which would make the following changes in German weapons regulations:

--"Little CCW" license now required for carry of fake "scare-guns." A practical test will be administered in their safe use.

--"Violence-prone extremists" forbidden to posses weapons.

--Various types of knives forbidden.

--Throwing stars forbidden (I'm sorry, but I have to comment: how dumb is this? Has ANYONE been killed with throwing stars in Germany this year?)

--Guns and ammo must be stored separately.

The massacre at the high school has prompted the German police union to call for additional laws:

--Strengthening of penalties for illegal concealed carry of weapons, including knives.

--Creation of a national gun database (Current registries are local.)

The police union claims there is a "huge black market" in illegal weapons in Germany. How their proposals would reduce this problem is unclear.

Indeed, it is unclear what if any effect all of Germany's strict laws might have had on such a disgusting but well-planned crime as this.

In summary, Germany's gun laws closely resemble those of Massachusetts, but are perhaps a tiny bit more irrational. They do not appear to deter school shootings, several of which have taken place in the past year.

I do not expect Germany to enact truly rational reforms anytime soon, and the lack of a strong pro-rights lobby will likely spell disaster for the shooting community if these sorts of school shootings continue.


Good job, Germany.  What a way to keep your streets safe!

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Re: Interesting News Article Thread
Reply #758 - Aug 15th, 2007 at 2:17pm
 
What was one of the first things Hitler did when he got into power (along with Stalin and Moa?)

Why he cracked down on gun rights, for the good of the German people and confiscated them.  He did this, knowing full well what kind of govt he was going to turn Germany into to.  And to do that you don't want an armed mob at your door with high powered weapons when you tell them they have no rights anymore!

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Re: Interesting News Article Thread
Reply #759 - Aug 16th, 2007 at 1:36pm
 
Quote:
'Career flasher' sentenced to 13 years for indecent exposure

A 52-year-old man prosecutors called a "career flasher" was sentenced to more than 13 years in prison after pleading no contest to charges he exposed himself to a woman on a commuter train.

Police arrested Kenneth Ray Burton of San Francisco last year after he allegedly began masturbating in front of a woman on a Bay Area Rapid Transit train.

Prosecutors sought the lengthy prison sentence because Burton already had two prior convictions for indecent exposure and a previous conviction on six counts related to sexual assault, San Mateo County Chief Deputy District Attorney Steve Wagstaffe said.

The sentence of 13 years, four months in state prison was handed down Wednesday in San Mateo County Superior Court after Burton agreed to plead no contest to five felony counts of indecent exposure. He originally faced a maximum sentence of 25 years to life.

"Our concern was, 'Are we being too lenient? Are we adequately protecting the public?'" Wagstaffe said. "We have a person here who has done this for many, many years. And with all likelihood, he will be doing it again."


You can make a career out of this?!
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Re: Interesting News Article Thread
Reply #760 - Aug 16th, 2007 at 1:53pm
 
Come on now...does flashing really require a 13 year sentence?  That would mean I could go and steal a car and run from the cops without wearing my seat belt and get less time than this guy!

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Re: Interesting News Article Thread
Reply #761 - Aug 16th, 2007 at 2:04pm
 
They should probably just chemically castrate him and be done with it.  What a deranged old man...

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Re: Interesting News Article Thread
Reply #762 - Aug 16th, 2007 at 2:58pm
 
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Re: Interesting News Article Thread
Reply #763 - Aug 20th, 2007 at 11:11am
 
Quote:
Bears eat man at beer festival

BELGRADE, Serbia (Reuters) -- A 23-year old Serb was found dead and half-eaten in the bear cage of Belgrade Zoo at the weekend during the annual beer festival.

The man was found naked, with his clothes lying intact inside the cage. Two adult bears, Masha and Misha, had dragged the body to their feeding corner and reacted angrily when keepers tried to recover it.

"There's a good chance he was drunk or drugged. Only an idiot would jump into the bear cage," zoo director Vuk Bojovic told Reuters.

Local media reported that police found several mobile phones inside the cage, as well as bricks, stones and beer cans.


well, bears do look like fuzzy bean bag chairs when drunk...
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Re: Interesting News Article Thread
Reply #764 - Aug 20th, 2007 at 11:24am
 
Ok...ok..how did this happen...went to the chili cook off, got in a fight with Marge, ate South American hallucinating peppers...ohhh
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