I Find Your Lack of Faith Disturbing - 5/24/2012
Here's what we're following this morning:
Central banks are still significant buyers on gold dips - GoldCore | PhOnly in the markets do people feel great about paying higher and higher prices for their investments. The last time you went grocery shopping, did you skip out of the store when you had to pay more for bread, eggs, or milk? The Philippines increased their holdings by 17%, Turkey by 14%. That's a lot of bread, eggs, and milk.
Spain discovers $28 billion in debt via undisclosed loans - Reuters | "You can't tell them on one side that they have to be austere and on the other side give them unlimited liquidity."
America as a shining drone upon a hill - TomDispatch | Lt.Col. Dave Grossman wrote a book, "On Killing: The Psychological Cost of Learning to Kill in War and Society." I remember one part of the book that talked about how the proximity of the kill affects the soldier: that is, the closer and more hands-on the kill, the worse it is for the combatant. Imagine how emotionally detached these video-gamers can be, now, sitting in the US and flying Predator drones half a world away.
Kocherlakota says that US is close to "full employment" - Marketwatch via Jesse's Cafe Americain | "Our crackpot models and malignantly self-serving regulatory policies that caused the financial crisis in the first place now say that we have done a great job in creating a recovery...." This is the same guy who's saying that Greece's ultimate failure would be a good-enough reason for the "new QE."
Should NATO be handling world security? - Counterpunch | If the original mission no longer exists, new missions can (and will) be found. Remember the "pivots" we talked about a few days ago: "pivot" is code for "let's find a new battleground." Now we hear that US SecDef Panetta will be touring Asia in the coming week.
A pandemic of pessimism - El Pais | The negative effects of the crisis are taking their toll on the Spanish (and the world's) psyche. Unfortunately, we are finding that there is no cure and nobody can provide a cure, regardless of their political affiliation. Kicking cans down the road seems to be the only way to continue any sort of workable system, and what a sorry excuse for resolution that is.
Former JPMorgan lobbyist manages the banking commission that's expected to investigate JPMorgan's trading loss - Republic Report via Cryptogon | You cannot make this stuff up any longer. The lunatics truly are running the asylum.
Almost 1 million young people are without work or training - The Telegraph | That's just in Britain. In 2007, that number was 829k. Global youth unemployment has climbed to almost 75 million, and those numbers have the ability to stay that high for years to come. When you have nothing to do, you have nothing to lose; add hunger and political disenfranchisement to the mix, and you can see why governments are concerned about organized protests...of anything.
The lingering legacy of the shadow housing inventory, and how the "throw everything at the wall" approach is likely to continue - Dr. Housing Bubble | The fact that nearly 10 million Americans are underwater on their homes is a major drag on the economy.
Romanian TV reporter caught faking a sandstorm - Dangerous Minds | Eh. Just another in a long line of media outlets (heck, even governments) faking the story to create news.