So How’s That Economic Recovery Going?

A lot of media spin has been about how we are recovering economically despite the lack of jobs. After all, the stock market keeps going up and it is the barometer of the economy.  At least that is what people assume, but there are many other indicators of economic health.

It isn’t often you see the words “world gold supply runs out.” In fact, I don’t recall ever seeing them until this article at The Telegraph. With less retrievable gold ore in the ground, it is going to be harder for nations to convert their financial reserves to hard metal.  Output is plunging at the mines, so the rush to invest in gold has a problem – there isn’t enough of the precious metal to go around.

That’s always been an argument I’ve had with goldbugs, that there isn’t enough of the metal to cover the currencies of the world. There is a possibility that silver will go back up to make up the slack, but money is an illusion whether it be made of metal or paper or electrons floating in computers. Faith is what sustains it and gives currency value. So what happens when you can’t convert the currently held currencies and they dwindle into nothing?  We may find out.

Speaking of running out of things, the FHA is running out of cash and may require – you guessed it, a bailout from the government. Oh yes, the housing market is still in trouble and there is fear they can’t cover loans due to growing unemployment. The critical quote of the piece:

The FHA’s cash reserves have plummeted to $3.6 billion, compared with $685 billion in outstanding insured loans - a ratio of 0.53 percent that is far below the 2 percent required by Congress and a fraction of the 6.4 percent reserve ratio in fiscal 2007.

Banks are usually closed down if they have that kind of ratio, so this is not good. With no signs of unemployment going down, we’ll be seeing more of these loans defaulting. So there will be a bailout using tax payers’ money.  Except we don’t have enough because revenues are down. But China will loan us the money, right?

Well, China is not very happy with the US right now.  They rightly have figured out that the weak dollar and low interest rates have dangerously ballooned stocks and property investments.  What we don’t need is more bubbles that will burst and that is precisely what we are getting. 

Not that China is really helping things themselves.  Ambrose Evans-Pritchard has an interesting and somewhat alarming commentary on the problems surrounding China’s exporting overcapacity.  We have too much supply and not enough demand from them so they are not taking up the slack from the West. Read it.

Fears of a double dip recession abound, but I still think we never came out of it in the first place.  It was just a plateau in the fall and we are going to see darker days before anything truly gets better.

One kind of darkness has already fallen on Australia. They went with a cap and tax scheme to lower carbon emissions and electricity prices skyrocketed. People can’t afford their bills and are being cut off with retirees being hit hardest. That will strangle their economy in no time flat. Right now they are experiencing what we will if similar legislation is enacted.

I wish I had good news to report.

Getting an Edge in Copyrights

I’m not happy with the way Intellectual Property (IP) rights are handled because I feel that the current laws are stunting creativity in a stagnant society.

An article at boingboing.net got my attention last week and highlights how trademark law can be abused. Edge Games hasn’t put out a real product in many years, but has terrorized anyone that dares to use the word “edge” in any videogame, movie, or comic book. They’ve been successful at this, gaining settlements with other companies for over a decade.

This is a truly bizarre story, especially if you read the full details over at ChaosEdge.  Mind you, it can be eye glazing but if you dig, you can find documented IP theft by Edge Games themselves! The strange sales (or lack of sales) by this company from their web store is an epic story by itself.

At least with EA’s involvement there is a chance these people will be shut down, but it shows how the current system can be gamed – no pun intended.  I’m wondering how this guy Langdell has made money from this.  He has to have to keep filing lawsuits, right?

Government Gone Wild

With various things going on including a very demanding abandoned kitten to care for, I let things slide as far as blogging goes.  The links to interesting bits of news will stretch back into last week as a result.

Serves New London Right

At Hot Air, Ed has a post filled with immense irony.  After the idiocy that was the Kelo ruling , the original case has turned into a classic bad joke. Pfizer got New London, CT to use eminent domain to take homes away from residents and now won’t be developing the property.  To make it even more painful, the jobs lured there by the deal are being moved to another town!

The Supreme Court badly damaged private property rights in America with this ruling and the end results show why government having absolute control over who gets to own what is foolish. Makes me wish the founding fathers had put something in the Constitution or Bill of Rights about private property.

Big Guy Picks on Little Guy, Government Doesn’t Care

Back when SEIU member continued the proud union tradition of beating people during a tea party protest, most of the media yawned about it.  Kenneth Gladney was the recipient of the attack because he dared pass out “Don’t Tread On Me” items outside a Rep. Russ Carnahan (D-CT) forum.  The left spun the story by claiming Gladney started the fight, but the police report says otherwise. Interesting to read the behavior of the SEIU members present, including another assault, resisting arrest, and one who tripped and tried to claim the police beat him!  The district attorney in St. Lois has yet to do anything about it and no charges have been filed despite the video and police report on the incident. This smacks of corruption and favoritism. Thank you Big Government for posting the report.

This Message Will Be Controlled

One thing that sets dictatorships and totalitarian states apart is they insist on absolute control of the news media. Censorship abound and everything has to be in line with what they want.  It may surprise people that totalitarians will suppress even those of the same ideological or political persuasion, not just their obvious opponents. No criticism is to small to be allowed. More and more the Obama Administration is showing these tendencies. Besides attacking Fox News there is the curious case of Indymedia, a left wing website. The demand by the Justice Department for information on people who browsed the site is a privacy rights nightmare list with the following info demanded: Social Security Numbers, bank account numbers, credit card numbers, and home addresses.  Read Ed’s post at Hot Air for the details of a truly bizarre story.

Secret Copyright Treaty Leaks

ACTA will affect Intellectual Property rights in the US and other countries beyond just dealing with counterfeit goods.  While this lecture at BoingBoing is a bit dry, it covers the concerns raised over this far reaching treaty. The idea of iPods being searched at the border is insane, but shows the reach of media companies into the government. Also, the ability to confiscate or destroy goods without compensating the owners is incredibly draconian. At around the 15 minute mark, the Internet provisions are discussed and I’ve touched on that before.

Orwell Predicted the Present

In Great Britain, phone companies and Internet Service Providers (ISPs) will be forced to keep every telephone call, web visit, email, and any other thing done on Internet on record for one year. Originally the ministers had wanted this stored on one central government database, but backed off from that. Even so, this quote is chilling to anyone who believes in privacy:

653 public bodies will be given access to the confidential information, including police, local councils, the Financial Services Authority, the Ambulance Service, fire authorities and even prison governors.

It is rapidly getting to the point where the only private communications in the UK will be face to face, for Big Brother is watching. The British are lost and only people fighting for their freedom will keep it here in the United States.

Updated Movie Reviews

I’ve been experimenting with adding pictures to my movie reviews and took the opportunity to revise or expand them in the process. Here are the links to the revised reviews:

The Watcher in the Woods

Forbidden Planet

The Black Hole

Stargate: Continuum

Over time I’ll be adding more reviews, in fact I have several written in the pipeline.  Expect reviews of Gojira, Godzilla, and Howl’s Moving Castle soon.

Why reviews?  I get very tired of all the gloomy news out there and need to write about more positive things.  Most of the reviews will be out of my personal DVD collection, so don’t expect a lot of negativity!

Veterans Day

In the aftermath of the Fort Hood shootings, Veterans Day seems a little more immediate than usual.  That shouldn’t be the case for we always have men and women in the armed forces serving around the world protecting our country and way of life.  Less visible are those who have served honorably and returned to civilian life, but my gratitude is just as great for their service.

After Vietnam, a lot of people turned against our soldiers and I remember the slow turnaround of that attitude in the 1980’s under President Reagan. Lately it has been a mixed bag as the country has polarized over Iraq and Afghanistan.  But I hope I’m correct in feeling that the majority of the country at least respects our fine service personnel.  Reading about the strange mugging of an Army reservist gives me hope.

Misc. - the Useful Abbreviation

One has to love the ability to type “misc.” instead of miscellaneous(which is only correctly spelled here due to Windows Live Writer’s spellchecker).  It is such a useful term too – it covers everything!

Yes, I’m making an excuse to post random unconnected links to stories interesting me today:

Read about stocks jumping to new highs on Yahoo and once reading the reasons for it felt vindicated in thinking the “recovery” is all about banks and the political class – not the peons.  They love the dollar collapsing; such wonderful patriots they are.  They also love blowing bubbles and we are going to see more pop with this irresponsible behavior.  People invested in stocks don’t care about anything but reaping a quick profit and that cannot bring about any long term improvement.

Twenty years ago, the Berlin Wall fell and the end of Communism in Europe had begun. Lech Walesa played a critical role in this and the former leader of Solidarity says some interesting things in an interview with Spiegal Online. His warning to the politicians is one that should be heeded.

At PajamasTV, Bob Owens has a nice rant only a gun nut will appreciate – so of course I enjoyed it a great deal.  It has to do with the “cop killer” label put on the FN Five-seveN (oy, the marketing gimmick) 5.7mm pistol in the reports on the Fort Hood shootings.  This is a pistol I would love to own as I’m a fan of velocity over mass, but Owens’ arguments are sound and I have a heavier caliber pistol for the same reasons.  I’m grateful Hasan fell for the hype, things could have been far worse.

People scoff at computer virus threats while disregarding the legitimate threat.  Frankly, the chance that your PC could be given a virus that downloads child pornography is frightening.  So if anyone reading this doesn’t have a firewall and antivirus program on their PC, please install one pronto!  Being framed for something as depraved as this should be motive enough to add some security.

Terrorism and Fort Hood

UPDATED

The media reaction to Nidal Malik Hasan’s attack on his fellow troops in Fort Hood has been disturbing to me.  Political correctness is acting like a lens distorting reality the way a funhouse mirror warps a reflection. As more facts emerge about Hasan, it is clear he was a jihadi. Someone just snapping from stress by proxy (what a ludicrous excuse) doesn’t try to contact al Qaeda months before shooting a bunch of American soldiers.  He doesn’t give away his belongings first and he doesn’t frequent strip joints like the 9/11 hijackers did.  Hasan did exactly that.


Many Islamic fundamentalists believe all your sins are forgiven on martyrdom, so they tend to party in forbidden ways.  That looks hypocritical to Western eyes, but it simply points out one of our cultural differences with the Islamic world.  Over at Forbes, Tunku Varadarajan has a must read piece on our problems facing what he dubs “going Muslim.”

UPDATED:
CNN proves the distorted lens by rearranging a wounded soldier's quote to make it look like he was unsure if Hasan yelled "Allhu akbar." Mudville Gazette has the details.

It isn’t like Hasan was the first to go on a killing spree in the name of Islam after 9/11. Next week on Tuesday the “D.C. Sniper” will be executed.  Seven years ago, John Allen Muhammad and his accomplice Lee Malvo  killed 10 people. Do people even remember this?  I wonder.

A big part of the problem is how the political left and their lapdogs in the media have depicted the war on terror.  J.R. Dunn at The American Thinker puts it better than I can.  I agree with him that relativism has done a great deal of damage:  allowing corruption to flourish and weakening our will to defend ourselves. Everything depends on the American people waking up.

I question whether another 9/11 would be enough.