Because even the road to socialist utopia is paved with capitalist intentions. At least until the 120% excise "fairness" tax is implemented. In the meantime, welcome back supply and demand. We missed you...
Been waiting for FEMA all week without seeing or hearing from them but they appear in droves for the press acting like they’re helping while Christie claims they providing support in 24-48 hours.
With only three days to the big unveiling, the candidates are essentially tied for the Presidential election. The Reuters/Ipsos daily tracking poll released this morning has (of likely voters) 47% backing Obama and 46% backing Romney. The two statistics fall within the realm of statistical noise implying there is no difference and that is why so much time is now being spent in the battleground states; especially since the same poll has Obama leading on electoral college votes and such a huge swathe of 'undecideds' who remain very balanced. The closeness of the race does raise the concern about Bush-Gore-like hanging-chad discord and as we have discussed in the past (the 70-percent, the 3.5 class society, and the Political Black Swan). The chances of social unrest at a close decision are non-negligible in the current environment and should not be dismissed; though we are not sure that Bill Maher's 'comedic' sentiment is really helping: "If you're thinking about voting for Mitt Romney, I would like to make this one plea: black people know who you are and they will come after you."
We can only hope that the chart below, which shows a rather disturbing linkage between consumption of chocolate (in kg/yr/capita) and Nobel prize laureates per 10 million of population, is simply a good confirmation of the old adage which everyone these days seems to forget (especially those who look at "black box" models and predict the outcome of the presidential election with 75.304% accuracy in hopes of signing even better book deals) that correlation most certainly is not causation. Of course, for the vast majority of people who have no idea where statistics ends and heuristics begins, there is nothing greater in life than a high R-squared, which is why we expect that the next generation of Americans will be even fatter (if that is even possible) for one simple reason: their proud parents will fed them intravenous chocolate in hopes of creating the next Economics Nobel prize winner.
Patrick.net and author of The Housing Trap: How Buyers Are Captured and Abused and How to Defend Yourself, to clarify the situation. The short answer is this: While there are some markets where home prices are back in line with both fundamental and historic norms, buyers still need to exert caution when making a purchase. Patrick also shares insights from his analysis of years of national home purchases. These include: don't sell too often (the transaction costs will kill your returns), don't upgrade too frequently (it's more costly than you think), and it's worth it to transact without an agent if you're able to do so.
With everyone's attention focused on the aftermath of hurricane Sandy, some may have forgotten that the Middle East is the proverbial powder keg, just waiting for an Archduke and a lit match, not necessarily in that order. Moments ago, Israel's military reminded us of just that when it reported that 3 Syrian tanks have entered the Golan Heights DMZ. Because it appears that the absolutely deranged and insane (or at least that's how it will be portrayed) Syrian regime is not satisfied with provoking the humanistic Western media with "offensive" measures taken against both Turkey and Lebanon, it now has decided to enter the lion's mouth, and is begging, just begging, for a UN-endorsed retaliation. How soon until Syria floats a submarine into New York harbor where it explodes but only after leaving a convenient note saying "Death to the Infidels, Love Syria." Or something just as realistic.
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tweeted the following dramatic picture of Whitehall station, which was then completely submerged underwater. A few days later, Whitehall station is almost dry. Watch this MTA video to see how they did it in 3 short days.
French leader François Hollande is uncomfortably close to a collapse in credibility. His poll rating has sunk to 36pc. The speed of decline has been shocking.
The latest broadside comes from ex-German chancellor Gerhard Schröder, supposedly his ally on the Left.
“The election promises of the French president are going to shatter on the walls of economic reality,” he said in Paris.
The backsliding in the retirement age is indefensible and “cannot be financed”. Two or three more blunders of this kind and “reality will catch up with out French friends”.
Mr Schröder knows what it takes to claw back competitiveness. He lost his chancellorship on the Hartz IV labour reforms.
This tale of political sacrifice can be exaggerated of course. The Hartz IV reforms are not the chief reason why Germany is super-competitive today within EMU. The country’s hiring and firing laws are among the least reformed in the OECD to this day.
Read More @ Telegraph.co.uk
The principle of tax justice may be enshrined into the Greek constitution, but it has become increasingly obvious that not all Greek taxpayers are created equal. Currently, the government in Athens is preparing yet another round of harsh austerity measures, severely testing the cohesion of both the coalition and society. Already, such measures in combination with tax hikes have slashed average household income in Greece by half since the beginning of the crisis. Measures now planned will see pensions sink by 25 percent.
At the same time, though, a small elite of wealthy Greek ship owners is fighting to defend its tax-free status — also, ironically enough, enshrined in the constitution. Meanwhile, other moneyed Greeks, including doctors, lawyers and engineers, continue to systematically avoid taxes. According to a recent study, seven out of 10 self employed Greeks significantly underreport their earnings. Indeed, though the crisis has been raging for five years now, many wealthy Greeks are under no more pressure to pay taxes than they were before.
Read More @ Spiegel.de
To Make Sure Inbound NYC Flights Can Return, Planes Carrying More Gas
Fears of a jet fuel shortage at New York’s airports have led some airlines to take the unusual — and costly — step of putting extra fuel on planes.
The worries have emerged following Superstorm Sandy, which has disrupted the flow of fuel and electricity throughout the Northeast.
US Airways, United Airlines, American Airlines and Southwest Airlines are among the carriers loading more fuel on New York-bound flights. This ensures they have enough fuel to leave the New York region.
Operations at the region’s three main airports are `”still very much in flux,” said Todd Lehmacher, a spokesman with US Airways Group Inc.
Read More @ NewYork.CBSlocal.com
‘A government with the policy to rob Peter to pay Paul can be assured of the support of Paul.’
“Breaking Bad”, says Bill Gross, is an appropriate analogy to America’s approaching “fiscal cliff“. The story is about a high school chemistry teacher who gets lured into making crystal meth. Once started, it was hard to stop. From the Washington Post:
‘Hooked on the temporary high of tax cuts and increased entitlements over the past several decades, the nation’s capital is approaching the end of the line travelled by most addicts: Reform, or suffer the consequences.Read More @ DailyReckoning.com.au
‘At first blush, the comparison to a meth head might seem a bit of a stretch. Despite approaching the edge of the fiscal cliff with a deficit equivalent to 8% of gross domestic product, the United States is still considered the ‘cleanest dirty shirt’ in global financial markets.
‘Whenever an authentic crisis (Lehman Brothers in 2008) or a minor aftershock occurs, investors buy US Treasury bonds, the dollar rises and this country’s reserve-currency status is reaffirmed. The United States still seems to be the first destination of global capital in search of safe (although historically low) prospective returns.
The KWN Weekly Metals Wrap – We have added new segments to the KWN Weekly Metals Wrap covering gold, silver, trading and a plethora of other factors affecting the precious metals markets. I am giving King World News listeners globally access to what has long been my secret weapons in researching where gold and silver are headed directionally along with the COT Report. We Cover the Commitment of Traders Report in detail as well as a number of other factors which can influence the gold and silver market price action.
Bill Haynes and Dan Norcini AUDIO INTERVIEW @ KingWorldNews.com
The opponents of liberalism assert that the necessary preconditions for the adoption of the liberal program no longer exist in the contemporary world. Liberalism was still practicable when many concerns of medium size were engaged in keen competition in each industry. Nowadays, since trusts, cartels, and other monopolistic enterprises are in complete control of the market, liberalism is as good as done for in any case. It is not politics that has destroyed it, but a tendency inherent in the inexorable evolution of the system of free enterprise.
The division of labor gives a specialized function to each productive unit in the economy. This process never stops as long as economic development continues. We long ago passed the stage at which the same factory produced all types of machines. Today a machine factory that does not limit itself exclusively to the production of certain types of machinery is no longer able to meet competition. With the progress of specialization, the area served by an individual supplier must continue to widen. The market supplied by a textile mill that produces only a few kinds of fabrics must be larger than that served by a weaver who weaves every kind of cloth.
Read More @ Mises.ca
– Joseph Stalin
by Dr. Paul Craig Roberts, Rense:
Whether or not he said it, Stalin’s quote has entered into folklore. For a vote to mean anything, those counting the ballots must have a greater respect for the integrity of democracy than they have lust for power.
Since Stalin’s time, the technology has changed. With electronic voting machines, which leave no paper trail and are programmed with proprietary software, the count can be decided before the vote. Those who control the electronics can simply program voting machines to elect the candidate they want to win. Electronic voting is not transparent. When you vote electronically, you do not know for whom you are voting. Only the machine knows.
According to most polls, the race for the White House is too-close-to-call. History has shown that when an election is close and there’s no expectation of a clear winner, these are the easiest ones to steal. Even more important, the divergence between exit polls, perhaps indicating the real winner, and the stolen result, if not overdone, can be very small.
Read More @ Rense.com
Don't forget the Ammo...Your going to need it...
by Paul Joseph Watson, InfoWars:
Fears that Barack Obama would use a lame duck second term to eviscerate gun rights are fueling record firearms sales once again, with gun store owners labeling Obama, “the best gun salesmen we’ve had.”
Germany to Fed: We Demand To See Our Gold
The Dollar, Euro and Gold
Food Stamp Growth Greater than Job Creation
Hidden Cameras Without Warrants Okay?
10 Easy Ways to Save on Energy at Home
1. Minimize phantom loads by unplugging items completely from the wall. 75 percent of the electrical power used in home electronics is consumed while the products are turned off.
2. Replace incandescent bulbs with low power LED, not the mercury laden CFL, light bulbs.
3. Plant shade trees and shrubs.
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