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Austrian brewer revives 300-year-old beer

“An Austrian brewery is offering beer lovers a trip back in time by reviving a 300-year-old recipe it found in the town archives. The family-owned Hofstetten brewery in the Upper Austrian town of Saint Martin recreated the ‘Neuhauser Herrschafts Pier’ from ingredients listed in an invoice for the local Neuhaus castle in 1720, when Austria was one of Europe’s big powers. Using small crops of emmer and malting barley grown from ancient seed varieties agricultural historians had preserved, owner Peter Krammer was able to reproduce the mix of barley, wheat and hops that marked the brew made three centuries ago.” Continue reading →

Spanish banks’ bad loan ratio rises to record in June

“The overall bad debt ratio for Spanish banks was up from 11.2 percent in May and has been steadily increasing since a drop-off at the end of last year when rescued lenders transferred toxic property assets to Spain’s so-called bad bank. Spanish lenders’ earnings were gutted last year by steep government-enforced provisions on properties and loans to developers, in the wake of a 2008 real estate crash. Those unable to cope were bailed-out with European funds, and most of their real estate loans were transferred to a government-backed bad bank.” Continue reading →

Bill Bonner: The world’s fattest army

“Yes, dear reader, times have changed. But humans have not. Give them the opportunity, and they will turn into zombies. The late Colonel John Boyd of the US Air Force, observed that, ‘It is not true the Pentagon has no strategy. It has a strategy, and once you understand what that strategy is, everything the Pentagon does makes sense. The strategy is, don’t interrupt the money flow, add to it.’ Boyd was a strategist. He observed that wars were won by lean and agile fighters, who were able to improvise and innovate quickly as needs and opportunities arose. Bureaucracy does not support such warriors; it tries to get rid of them.” Continue reading →

300 tonnes of radioactive water is worst leak yet at Japan’s Fukushima

“Some 300 tonnes of radioactive water is believed to have leaked from a tank at Japan’s crippled nuclear plant, the worst such leak since the crisis began, the operator said Tuesday. Tokyo Electric Power Company (TEPCO) said the leak was believed to be continuing Tuesday at Fukushima and it had not yet pinpointed the source of it. The company later said it had identified which tank was faulty but had yet to find the spot from where it was leaking. TEPCO admitted the toxic water might contaminate groundwater and flow into the Pacific Ocean ‘in the longer term’, but said it was working to avoid such a situation.” Continue reading →

Texas begins replacing paved roads with gravel due to lack of funding

“The Texas Department of Transportation began converting more than 80 miles of paved roads to gravel on Monday, according to the Texas Tribune. The speed limit on the new gravel roads will be reduced to 30 mph. Texas lawmakers approved $225 million for the repair of roadways and bridges within the state highway system this year. Texas lawmakers also approved a ballot measure that would provide $1.2 billion a year for state transportation projects. But the Texas Department of Transportation said $400 million was needed to repair immediate damage caused by energy sector traffic across the state.” Continue reading →

U.S. Air Force can’t find enough people willing to be drone pilots

“The US Air Force is unable to keep up with a growing demand for pilots capable of operating drones, partly due to a shortage of volunteers, according to a new study. Despite the importance placed on the burgeoning robotic fleet, drone operators face a lack of opportunities for promotion to higher ranks and the military has failed to identify and cultivate this new category of aviators, Air Force Colonel Bradley Hoagland wrote in the report published for the Brookings Institution think tank. As of last year, the Air Force has 1,300 drone pilots, making up about 8.5 percent of the force’s aviators, compared to 3.3 percent four years [earlier].” Continue reading →

French cops caught on video beating and tear-gassing women at traffic stop

“The driver allegedly refused to take a breathalizer exam and swung at the officers. As the video opens, one of the women can be seen behind one of the officers, while the apparent driver lies on the ground. At one point, he hits her with his baton. Radio France Internationale reported that, according to police sources, the woman was biting the officer. After the two separate, the officer grabs a can of tear gas and sprays it in her face before apparently admonishing a man standing at the scene to walk away. The officer later sprays another woman in the face. The video later shows the driver and the first woman being arrested.” Continue reading →

Peter Schiff: The GDP Distractor

“Over eons, small creeks can carve large canyons through solid rock. The same phenomenon may be at work in our economy. A minor, but persistent under bias in the inflation gauge used in the Gross Domestic Product (GDP) may have created a wildly distorted picture of our economic health.” Continue reading →