What Could Possibly Go Wrong

Customs And Border Patrol Considered Weaponizing Drones

"A Customs & Border Protection (CPB) report, released in response to EFF’s Freedom of Information Act lawsuit against the agency, shows CBP has considered adding weapons to its domestic Predator drones. The report, titled 'Concept of Operations for CBP’s Predator B Unmanned Aircraft System' and submitted to Congress on June 29, 2010 shows that, not only is the agency planning to sharply increase the number of Predator drones it flies and the amount of surveillance it conducts by 2016, but it has considered equipping its Predators with 'non-lethal weapons designed to immobilize' targets of interest." Continue reading →

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France’s triumphant ‘Joan of Arc’ vows to bring back franc and destroy euro

"'We cannot be seduced,' she said, brimming with confidence after her party secured 46pc of the vote a week ago. Her candidate trounced the ruling Socialists in their own bastion of Villeneuve-sur-Lot. 'The euro ceases to exist the moment that France leaves, and that is our incredible strength. What are they going to do, send in tanks?' 'Europe is just a great bluff. One side there is the immense power of sovereign peoples, and on the other side are a few technocrats,' she said. It is her defence of the French welfare model and her critique of capitalism that gives her a Leftist hue -- some call it 1930s national socialism -- so far in outlook from Britain's UKIP." Continue reading →

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Peter Schiff: Tapering the Taper Talk

"In truth, I believe that the Fed's next big announcement will be to increase, not diminish QE. After all, Bernanke made clear in his press conference that if the economy does not perform up to his expectations, he will simply do more of what has already failed. Of course, when the Fed is forced to make this concession, it should be obvious to a critical mass that the recovery is a sham. Investors will realize that years of QE have only exacerbated the problems it was meant to solve. When the grim reality of QE infinity sets in, the dollar will drop, gold will climb, and the real crash will finally be upon us. Buckle up." Continue reading →

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U.S. Spends $16 Billion Every Year To Care For Elderly Prisoners

"By the year 2030, there will be upward of 400,000 elderly prisoners — nearly a third of the projected total penal population. State and federal prisons spend an estimated $16 billion taxpayer dollars a year keeping elderly convicts in the clink…. Nearly a quarter of that price tag – roughly $3 billion taxpayer dollars annually – is devoted to providing health care to sick or drying prisoners. Although prison budgets and balance sheets vary state-to-state, certain jurisdictions offer striking evidence of the immense cost of medical care for elderly prisoners." Continue reading →

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The Latest Suburban Crime Wave

"One mother is hauled off to the police station. Another is clapped in handcuffs. The mothers' offenses? They let their kids wait in the car while they ran a quick errand. The laws differ in their particulars, but basically they state that a child under age 6, 7 or, in Utah, 9, cannot be left alone in the car for more than five or 10 minutes. In Nebraska, having your 6-year-old wait in the car is an offense in the same category as allowing the child to be 'deprived of necessary food' or 'sexually exploited.' In Louisiana, a second kid-in-car infraction carries a sentence of not less than one year in prison, 'with or without hard labor.'" Continue reading →

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Egyptian president rejects army’s ultimatum to meet demands of protesting crowds

"Egypt’s presidency on Tuesday rejected an army ultimatum threatening to intervene if Islamist President Mohamed Morsi did not meet the demands of the people, raising the stakes in the country’s political crisis. The army statement, read out on television Monday, had given Morsi 48 hours to comply with its call. 'If the demands of the people are not met in this period… (the armed forces) will announce a future roadmap and measures to oversee its implementation,' it said. But in a statement issued overnight, the presidency insisted it would continue on its own path towards national reconciliation." Continue reading →

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Is ‘La Vie En Rose’ Over For France?

"French industry has been ruined by overly powerful unions and their political allies in the Socialist Party. One would be crazy these days to open a factory in France with its absurd 35-hour work week, endless vacations, surly unions, strikes, and social costs that add 50% to worker’s salaries. Laying off workers during downturns or closing plants involves siege warfare. French universities keep churning out unemployable graduates in social anthropology, sociology, and film-making. Government in France employs 56% of all workers, an unsustainable cost that, with retirement at 60 and unemployment benefits – now 32% of GDP – is bleeding the economy to death." Continue reading →

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NY Fed: The Truth About the Job Market for Recent College Graduates

"We show that there are large differences in unemployment rates, underemployment rates, and average wages across majors. In particular, we show that those with degrees in majors that provide technical training, such as 'Engineering' and 'Math & Computers,' or in those that are geared toward growing parts of the economy, such as 'Education' and 'Health,' have tended to do pretty well when compared to the rest of the pack. At the other end of the spectrum, those with a 'Liberal Arts' or 'Leisure & Hospitality' major tend to have lower wages, higher unemployment, and higher underemployment." Continue reading →

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Why Did Chinese ATMs Stop Working Last Week?

"On Sunday morning, while China was taking a weekend breather from the financial fireworks caused by the government’s weeklong self-inflicted cash and credit crunch, customers of the Industrial and Commercial Bank of China, the world’s largest bank, woke to an unpleasant surprise: Their deposits were not available for withdrawal by ATM or teller (online or in-person). Sunday’s outage appears to have started at about 10:30 a.m., and by 11 a.m. there were photos on Sina Weibo of stymied bank customers left mulling in shut-down bank lobbies." Continue reading →

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Our Legacy Systems: Dysfunctional, Unreformable

"Real reform would mean powerful constituencies would have to take real reductions in staffing, power, benefits and in their share of the national income. Rather than reveal this double-bind--reform is impossible but the Status Quo is unsustainable--the legacy system deploys its gargantuan resources to laying down a smoke-screen of bogus reforms and ginned-up statistics. America's legacy systems are like stars about to go super-nova. They have increased in size to the point where their stupendous mass guarantees that once their energy source (as measured in fossil fuels and money) falls below a certain threshold, the institution will collapse inward on itself." Continue reading →

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