What Could Possibly Go Wrong

Obamacare panel approves free cancer screenings for heavy smokers

"Using a highly sensitive test like a CT scan to look for early signs of lung cancer will undoubtedly result in high rates of false positives. The NLST found that 320 high-risk smokers had to be screened to prevent one lung cancer death. Because of that, and the risk from radiation from the CT scans, LeFevre stressed that the screening should only be used in the high-risk groups specified by the guidelines. What worries LeFevre and others is that some doctors and hospitals will try to profit from screening, which costs a few hundred dollars a test. 'We hope that physicians will not use this recommendation to exaggerate the benefits of screening,' he said." Continue reading →

Continue ReadingObamacare panel approves free cancer screenings for heavy smokers

Mass jail break in Pakistan as Taliban gunmen storm prison to free 250 inmates

"The attack in the city of Dera Ismail Khan showed the ability of the al Qaeda-linked Pakistani Taliban to strike at the heart of Pakistan’s heavily guarded prison system and walk away with dozens of senior Taliban fighters and commanders. The overnight assault on the Central Prison took place despite reports that regional officials had received intelligence days, if not weeks, ago suggesting such an attack was imminent. Officials blamed a combination of negligence and lack of communication among Pakistan’s many security agencies, but some suggested there may have been a degree of insider help." Continue reading →

Continue ReadingMass jail break in Pakistan as Taliban gunmen storm prison to free 250 inmates

New Beer Lawsuit Could Spell Trouble For Keystone XL Pipeline

"In a statement issued on July 2, Larry Bell, President of Bell’s Brewery, explained: 'As Michigan’s oldest and largest brewery, Bell’s has a longstanding commitment to quality. While Bell’s uses water from the municipal water system to brew our beer, the pristine cleanliness of the water and air around our brewery and neighbors is of the utmost importance to us.' Evidently Bell’s concerns were not addressed, because last week the company filed a lawsuit against Enbridge and CCP, the developer of the site where the pollution facility is being located, at Comstock Commerce Park." Continue reading →

Continue ReadingNew Beer Lawsuit Could Spell Trouble For Keystone XL Pipeline

The Soviet Setup is Now the China Setup

"The most lucrative trade of 90's Soviet period was obtaining a bank loan (there were only state banks). Which was easy as long as you paid bank manager 20% straight in the pocket. It was up to you what you did with the 80%. Fast forward to today's China. Special investment financing vehicle and state bank loan architecture has been in place for a long time and not just since 2008. As you can imagine such vehicles are predominantly used to skim a little bit off the top. Operator gets rich, lender gets rich, party official gets rich. 2008-2009 RMB 4trn stimulus is the payday system the operators were waiting for, a once in a lifetime chance." Continue reading →

Continue ReadingThe Soviet Setup is Now the China Setup

Bill Bonner: Goodbye, Motor City

"Motor City has been flattened. Now it’s being scrapped. The largest municipal bankruptcy in history. Detroit was once one of the richest…and most dynamic…cities in the world. And it was the centre of America’s most profitable industry: automobiles. German and Japanese automakers had the good fortune to be bombed out in World War II. But Detroit grew bigger…more prosperous…and full of zombies. Yes, dear reader, Detroit is a zombie story. Since 1971, almost all big stories have a zombie angle. Because the credit-based monetary system that Richard Nixon put us in is a perfect habitat for zombies." Continue reading →

Continue ReadingBill Bonner: Goodbye, Motor City

Should Detroit’s Bankruptcy Be an Early-Warning Sign for Washington?

"There’s no way a bailout of Detroit goes through the House of Representatives. Heck, I don’t even think it could make it through the Senate. So some folks on the left would be justified if they asked why the high rollers on Wall Street supposedly deserved a bailout a few years ago but they don’t get one today. The answer, of course, is discrimination by color. But I’m not talking black vs white. The color that matters in politics is green. The financial industry dispenses huge campaign contributions to both sides of the aisle, and the bailout was their payoff. Public employee unions, by contrast, give almost every penny of their money to Democrats." Continue reading →

Continue ReadingShould Detroit’s Bankruptcy Be an Early-Warning Sign for Washington?

America’s public finances: The Unsteady States of America

"Detroit’s population has fallen by 60% since 1950. The murder rate is 11 times the national average. The previous mayor is in prison. Shrubs, weeds and raccoons have reclaimed empty neighbourhoods. The debts racked up when Detroit was big and rich are unpayable now that it is smaller and poor. Though some of its woes are unique, a crucial one is not. Many other state and city governments across America have made impossible-to-keep promises to do with pensions and health care. Detroit shows what can happen when leaders put off reforming the public sector for too long." Continue reading →

Continue ReadingAmerica’s public finances: The Unsteady States of America

Federal Reserve expected to stay the course on near-zero interest rate

"Markets appeared to ignore his assertion that the Fed’s key federal funds rate, at 0.0-0.25 percent since December 2008, would not rise before 2015. Interest rates jumped more than a full percentage point in two months, pushing mortgage rates suddenly higher, raising concerns they could snuff out the housing market recovery, one of the few bright spots in the sluggish economy. In later comments, particularly two days of twice-yearly testimony to Congress in mid-July, Bernanke sought to assure markets that the near-zero interest rate would stay put for a while, given the 'weak' economy. 'If we were to tighten policy, the economy would tank,' he told lawmakers." Continue reading →

Continue ReadingFederal Reserve expected to stay the course on near-zero interest rate

Will the Federal Reserve Taper Off on QE?

"Why on earth would Mister Bernanke announce at this time that the Fed might taper off on QE? After all, Mister Bernanke is a committed Keynesian. Further, he is an ardent fan of President Roosevelt and his economic 'solutions.' So, what's up? It is highly unlikely that the leopard is changing his spots. Rather than assume he has, we might want to consider that his recent announcement to taper off on QE is a mere smokescreen – a tactic that will create a scare sufficient to give the Fed license to print like never before." Continue reading →

Continue ReadingWill the Federal Reserve Taper Off on QE?

8 arrested in Huntington Beach as surfing crowd trashes porta-potties after event

"Eight people were arrested Sunday night in Huntington Beach, California after a rash of mob violence following the conclusion of a surfing competition, KABC-TV reported. Local police told KABC the unrest began around 7:15 p.m. local time, about two hours after the end of the annual U.S. Open of Surfing event, when large fights broke out among the crowd of spectators, with the disturbances moving into the city’s downtown area as police moved in to disperse the revelers. Departments from nearby cities were called in for assistance, forcing streets to be closed down until the crowd was cleared out around 10 p.m." Continue reading →

Continue Reading8 arrested in Huntington Beach as surfing crowd trashes porta-potties after event