How Much does the Fair Weigh? - 8/3/2012
Here's what we're following this morning:
(via Boing Boing)
The Fed's gold is being audited...by the US Treasury - Zero Hedge | The last time the Fed was actually independent of the Treasury, then-president Harry Truman fired TWO Fed chairmen. The second firing led to the Fed-Treasury "Accord"...which led to a fusing of the Fed with the Treasury. If you think this audit will produce anything of value, I have a bridge to sell you.
US court green-lights police UAV use - Russia Today | A North Dakota court has approved the use of drones to help arrest US citizens on US soil. the mechanization of war has been an enduring action. Robots do not bleed and do not vote, yet they have their emerging drone culture. Business is booming! And, really, when it comes down to it, who wouldn't want to be at the forefront of that?
What will Congress do to underwater homeowners on December 31? - Mother Jones | As it stands now, principal reduction is a taxable event. Remember Cash for Clunkers? Kinda the same thing: we'll "give" you X, but we're going to tax you on X come April 15. DeMarco did the right thing to stand up to the bullies in DC in order NOT to make this a vote-buying ploy...but I'm afraid we haven't seen the last of this.
Senate agrees on tax breaks - Wall Street Journal | Don't get hung-up on the fact that the tax breaks were extended: watch what WAS allowed to expire, and get ready for bigger changes in the future from the Tax Code.
Facebook detectives can't corroborate claims of clicky robots - Wired | Imagine that: Facebook can't find anything wrong.
The Netanyahu lunacy on Iran - Counterpunch | What happened to judgment? To critical faculties? To rebellious propensities? What to us is a nightly news story is to them a matter of life and death.
Are Eurobonds inevitable? - The National Interest | I just love it how the Bundesbank is seen as the "chief obstacle to a policy of quantitative easing." Know why? Their tokhis is on the line as the inevitable economic backstop for an entire continent. That, and they've probably had 3-4 years to see how *well* it's worked here in the States.
Savers face an income precipice as fixed rates fall - The Telegraph | Reinvestment Risk 101: your 5-year CD that pays 5% is going to mature...so THEN what do you do? Thanks to the central bankers around the world, you have two options: risk, or cat food.
IMF warns on Eurozone crisis risks - Financial Times | Thanks, IMF. Thanks for telling us that a worsening of the Eurozone crisis would cause a huge loss of output around the world. I can't wait until your next report comes out that tells us to remember to wash our hands after we go to the bathroom unless we WANT to have poop dust all over 'em.
What REALLY is in Romney's tax returns? - Dangerous Minds | Okay, kids! Here's your thought of the day: "Cost Benefit Analysis." As in, Romney knows that there would be significant fall-out from his NOT releasing his tax returns, so he must have run a C___ B___ A___ and determined that releasing the returns would have been even worse for the campaign. News at 11? Nope. The sorry thing is, people have become so desensitized to this sort of thing that we really don't even care any more. What are you running against, rather than running FOR?