The world is warming, it is observed on every continent, and there is no natural explanation that can account for it.

via Leading article: Climate change is not a matter of faith – Leading Articles, Opinion – The Independent.

A stunning series of images. War is real, it’s happening, folks.

Sometimes it was as if the gods themselves were conspiring against this decade. On Aug. 29, 2005, near the center point in the decade, Hurricane Katrina made landfall in southeast Louisiana, killing more than 1,500 and causing $100 billion in damages. It was the largest natural disaster in our nation’s history.

There is nothing natural about the economic meltdown we are still struggling with as the decade winds down. A housing bubble fueled by cheap money and excessive borrowing set ablaze by derivatives, so-called financial weapons of mass destruction, put the economy on the brink of collapse. We will be sorting through the damage for years.

via The End of the 2000s: Goodbye to a Decade from Hell – TIME.

Today 56 newspapers in 45 countries take the unprecedented step of speaking with one voice through a common editorial. We do so because humanity faces a profound emergency.Unless we combine to take decisive action, climate change will ravage our planet, and with it our prosperity and security. The dangers have been becoming apparent for a generation. Now the facts have started to speak: 11 of the past 14 years have been the warmest on record, the Arctic ice-cap is melting and last year’s inflamed oil and food prices provide a foretaste of future havoc. In scientific journals the question is no longer whether humans are to blame, but how little time we have got left to limit the damage. Yet so far the world’s response has been feeble and half-hearted.

via ‘Fourteen days to seal history’s judgment on this generation’ | Comment is free | The Guardian.

An Open Letter to President Obama from Michael Moore

Monday, November 30th, 2009

Dear President Obama,

Do you really want to be the new “war president”? If you go to West Point tomorrow night (Tuesday, 8pm) and announce that you are increasing, rather than withdrawing, the troops in Afghanistan, you are the new war president. Pure and simple. And with that you will do the worst possible thing you could do — destroy the hopes and dreams so many millions have placed in you. With just one speech tomorrow night you will turn a multitude of young people who were the backbone of your campaign into disillusioned cynics. You will teach them what they’ve always heard is true — that all politicians are alike. I simply can’t believe you’re about to do what they say you are going to do. Please say it isn’t so.
Continue reading →

If you have an opinion about the post strikes, etc, read this too. The voice of the postman you don’t hear so easily:

The truth is that the figures aren’t down at all. We have proof of this. The Royal Mail have been fiddling the figures. This is how it is being done.

Mail is delivered to the offices in grey boxes. These are a standard size, big enough to carry a few hundred letters. The mail is sorted from these boxes, put into pigeon-holes representing the separate walks, and from there carried over to the frames. This is what is called ‘internal sorting’ and it is the job of the full-timers, who come into work early to do it. In the past, the volume of mail was estimated by weighing the boxes. These days it is done by averages. There is an estimate for the number of letters that each box contains, decided on by national agreement between the management and the union. That number is 208. This is how the volume of mail passing through each office is worked out: 208 letters per box times the number of boxes. However, within the last year Royal Mail has arbitrarily, and without consultation, reduced the estimate for the number of letters in each box. It was 208: now they say it is 150. This arbitrary reduction more than accounts for the 10 per cent reduction that the Royal Mail claims is happening nationwide.

via LRB · Roy Mayall: Diary.

Friday, October 9th, 2009

Dear President Obama,

How outstanding that you’ve been recognized today as a man of peace. Your swift, early pronouncements — you will close Guantanamo, you will bring the troops home from Iraq, you want a nuclear weapon-free world, you admitted to the Iranians that we overthrew their democratically-elected president in 1953, you made that great speech to the Islamic world in Cairo, you’ve eliminated that useless term “The War on Terror,” you’ve put an end to torture — these have all made us and the rest of the world feel a bit more safe considering the disaster of the past eight years. In eight months you have done an about face and taken this country in a much more sane direction.

But…

The irony that you have been awarded this prize on the 2nd day of the ninth year of our War in Afghanistan is not lost on anyone. You are truly at a crossroads now. You can listen to the generals and expand the war (only to result in a far-too-predictable defeat) or you can declare Bush’s Wars over, and bring all the troops home. Now. That’s what a true man of peace would do.

There is nothing wrong with you doing what the last guy failed to do — capture the man or men responsible for the mass murder of 3,000 people on 9/11. BUT YOU CANNOT DO THAT WITH TANKS AND TROOPS. You are pursuing a criminal, not an army. You do not use a stick of dynamite to get rid of a mouse.

The Taliban is another matter. That is a problem for the people of Afghanistan to resolve — just as we did in 1776, the French did in 1789, the Cubans did in 1959, the Nicaraguans did in 1979 and the people of East Berlin did in 1989. One thing is certain through all revolutions by people who wish to be free — they ultimately have to bring about that freedom themselves. Others can be supportive, but freedom can not be delivered from the front seat of someone else’s Humvee.

You have to end our involvement in Afghanistan now. If you don’t, you’ll have no choice but to return the prize to Oslo.

Yours,
Michael Moore

And here’s the real punch line. After playing an intimate role in four historic bubble catastrophes, after helping $5 trillion in wealth disappear from the NASDAQ, after pawning off thousands of toxic mortgages on pensioners and cities, after helping to drive the price of gas up to $4 a gallon and to push 100 million people around the world into hunger, after securing tens of billions of taxpayer dollars through a series of bailouts overseen by its former CEO, what did Goldman Sachs give back to the people of the United States in 2008?

Fourteen million dollars.

That is what the firm paid in taxes in 2008, an effective tax rate of exactly one, read it, one percent. The bank paid out $10 billion in compensation and benefits that same year and made a profit of more than $2 billion — yet it paid the Treasury less than a third of what it forked over to CEO Lloyd Blankfein, who made $42.9 million last year.

via The Great American Bubble Machine : Rolling Stone.

BUBBLE #3 The Housing Craze

Goldman’s role in the sweeping global disaster that was the housing bubble is not hard to trace. Here again, the basic trick was a decline in underwriting standards, although in this case the standards weren’t in IPOs but in mortgages. By now almost everyone knows that for decades mortgage dealers insisted that home buyers be able to produce a down payment of 10 percent or more, show a steady income and good credit rating, and possess a real first and last name. Then, at the dawn of the new millennium, they suddenly threw all that shit out the window and started writing mortgages on the backs of napkins to cocktail waitresses and excons carrying five bucks and a Snickers bar.

via The Great American Bubble Machine : Rolling Stone.

Scientists see this flu strain as relatively mild

Genetic data indicate this outbreak won’t be as deadly as that of 1918, or even the average winter.

By Karen Kaplan and Alan Zarembo

April 30, 2009

As the World Health Organization raised its infectious disease alert level Wednesday and health officials confirmed the first death linked to swine flu inside U.S. borders, scientists studying the virus are coming to the consensus that this hybrid strain of influenza — at least in its current form — isn’t shaping up to be as fatal as the strains that caused some previous pandemics.

In fact, the current outbreak of the H1N1 virus, which emerged in San Diego and southern Mexico late last month, may not even do as much damage as the run-of-the-mill flu outbreaks that occur each winter without much fanfare.

via Scientists see this flu strain as relatively mild – Los Angeles Times.

Not much to glow about

The worst is over only in the narrowest sense that the pace of global decline has peaked. Thanks to massive—and unsustainable—fiscal and monetary transfusions, output will eventually stabilise. But in many ways, darker days lie ahead. Despite the scale of the slump, no conventional recovery is in sight. Growth, when it comes, will be too feeble to stop unemployment rising and idle capacity swelling. And for years most of the world’s economies will depend on their governments.

Consider what that means. Much of the rich world will see jobless rates that reach double-digits, and then stay there. Deflation—a devastating disease in debt-laden economies—could set in as record economic slack pushes down prices and wages, particularly since headline inflation has already plunged thanks to sinking fuel costs. Public debt will soar because of weak growth, prolonged stimulus spending and the growing costs of cleaning up the financial mess. The OECD’s member countries began the crisis with debt stocks, on average, at 75% of GDP; by 2010 they will reach 100%. One analysis suggests persistent weakness could push the biggest economies’ debt ratios to 140% by 2014. Continuing joblessness, years of weak investment and higher public-debt burdens, in turn, will dent economies’ underlying potential. Although there is no sign that the world economy will return to its trend rate of growth any time soon, it is already clear that this speed limit will be lower than before the crisis hit.

via Optimism and the world economy | A glimmer of hope? | The Economist.

The problem was, none of this was based on reality. “The banks knew they were selling crap,” says a London-based trader from one of the bailed-out companies. To get AAA ratings, the CDOs relied not on their actual underlying assets but on crazy mathematical formulas that the banks cooked up to make the investments look safer than they really were. “They had some back room somewhere where a bunch of Indian guys who’d been doing nothing but math for God knows how many years would come up with some kind of model saying that this or that combination of debtors would only default once every 10,000 years,” says one young trader who sold CDOs for a major investment bank. “It was nuts.”

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning –  Henry Ford

The Big Takeover

The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution.

It’s over — we’re officially, royally fucked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country’s heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.

The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history — some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That’s $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG’s 2008 losses).

via The Big Takeover : Rolling Stone.

We really are sick

…

Bag a polar bear for $35,000: the new threat to the species

The latest challenge for fans of extreme hunting is an expedition to the Arctic Circle. Jerome Taylor reports

Hunters pay tens of thousands of dollars to kill polar bears in the Arctic

Boyd Warner treasures the memory of killing his first polar bear. It was 2003. For days he had stalked his prey on the frozen wastelands north of Pond Inlet, one of Canada’s most isolated Inuit communities deep inside the Arctic Circle. His dog team picked up the scent of an eight-foot adult male and they hurtled over the ice: the hunt was on.

via Bag a polar bear for $35,000: the new threat to the species – Nature, Environment – The Independent.

The Size of Derivatives Bubble = $190K Per Person on Planet

The Invisible One Quadrillion Dollar Equation — Asymmetric Leverage and Systemic Risk

According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland — the central bankers’ bank — the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:

1. Listed credit derivatives stood at USD 548 trillion;

2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion and included:

a. Interest Rate Derivatives at about USD 393+ trillion;

b. Credit Default Swaps at about USD 58+ trillion;

c. Foreign Exchange Derivatives at about USD 56+ trillion;

d. Commodity Derivatives at about USD 9 trillion;

e. Equity Linked Derivatives at about USD 8.5 trillion; and

f. Unallocated Derivatives at about USD 71+ trillion.

via The Size of Derivatives Bubble = $190K Per Person on Planet.