Let’s rummage through some of those leftover thoughts from the last week and see if there is anything worth the advertised price.
Sometime around election day this year the total national current debt will be about 16.2 trillion dollars. That isn’t the total debt because it doesn’t include the unfunded liabilities for Social Security and Medicare for example. Those push the debt higher by tens of trillions of dollars. And we sit here and worry about Greece! How are we going to pay our debts if we don’t rein in spending. There simply isn’t enough money from the so-called rich to pay for our bills. Don’t believe Bernie Sanders, the self-avowed socialist from Vermont when he says Social Security is sound for the next 20 years because it has lots of assets on its balance sheet. Those assets are nothing but IOU’s from the Treasury. We have already reached the downhill side of the mountain and are paying out more than we collect for Social Security each year and the deficit is growing. Ok, politicos, start talking about this problem.
Oh, the “entitlement” programs aren’t permanent despite the common belief. First of all they are only good until the next Congress is in session. Any Congress could simply repeal the whole thing. Besides what good does it do you to have an entitlement if you are paid in Monopoly money?
Despite all the hysteria over the BP oil spill in the Gulf it appears that everything is fine. That is not my opinion but that of NOAA. The story was on the back pages of the papers but essentially they said that the oil was all gone. It evaporated or was eaten by microbes in the Gulf for the most part. That finding shouldn’t really surprise any thinking person. The amount of oil leaked would be enormous if it all spilled out in your back yard but the Gulf and oceans generally are huge, huge places and the amount of volume was de minimus compared to the oceans of Mother Earth. Other than those tar balls on the beaches which were cleaned up with over kill there isn’t any long-term effect. When it comes to issues of Man versus Mother Earth it seems that hubris always comes to the fore and we think we have more influence than we do in reality.
The recent Solar flare eruption caused only minimal disruption to our daily affairs unless your transpolar flight was cancelled. Some day Old Sol will really belch and send a big wave of electromagnetic ions and such our way. Everything will be cancelled and all our electronic gear will need to be shut down. Supposedly the GPS satellites have some protection from those radiation waves. Sure hope so but I would suggest you keep handy that old-fashioned magnetic compass. History records that in the past these solar flares have caused the Northern Lights to be seen as for south as the Old South but hasn’t happened in the modern era with our dependence on electronic devices to manage our lives and our economy. We’ll survive but it will be something to tell your grandkids about when next it occurs.
Iran in 1979 took Americans hostage and kept them for over a year until Ronald Reagan was sworn in. Now its 2012 and the new Egyptian government, whatever that is, has held up some Americans from leaving the country. They aren’t called hostages yet but the action is eerie. There were those last year talking about how wonderful everything would be once Mubarak was gone. Well, he is and things aren’t. The one constant is that it is another Muslim nation being dominated by the Islamists. The Muslim Brotherhood will soon be in complete charge of affairs there and we best deal with them for what they are, not what we would like them to be.
Of all the almost 200 nations on earth how many have a net worth equal to that of Apple? Maybe the way to solve the Greek debt problem is to have Apple simply buy Greece.
Speaking of that national debt, you might what to do the math and you’ll find that every single, man, woman and even child owes over $52,000.00 for that debt. How are you going to pay off your share and that of your family?
A government can unite the evils of liberty (mob rule) and servitude (submission to an all-powerful central state) by having the people oppressed with a multiplicity of laws and the arbitrary actions of their master. Not an original thought with me but from Gibbon writing about the Romans of yore. Still valuable food for thought.
The ancient Romans allowed interest to be earned on money at risk. Their rates were 4% for regular loans, 6% for real estate, 8% for trade or commercial transactions and the highest was for marine insurance which went for 12%. Yes, folks, the idea of insurance has been around for a long time. Contrary to current political debate it is not something we invented in the last century. Just as it was in our Colonial times, there was vast amounts of money to be made in the safe passage of ships with valuable cargo and a great deal to be lost if it was sunk by storm and taken by pirates.
For those believing that almost every scientist in the world buys into the Al Gore version of global warming you should review the letter in the WSJ on Jan. 27. It is signed by 16 very distinguished and legitimate scientists, academics and Nobel winners from all corners of the world. Maybe someone is finally willing to say the Emperor’s has no clothes.
Don’t understand the original thinking behind the dual mandate for the Fed–stable money and unemployment. The money part is hard enough to understand and implement and the Fed’s success in doing that is quite mixed to say the least over the decades. But unemployment? Exactly how is monetary policy supposed to create jobs? I am not the only one who doesn’t understand this. Employers hire for many reasons but most have nothing to do with the monetary policy of the Fed. Unless the Fed is going to extend its reach into the market and outright buy and own some industries how can it influence employment? That is a scary thought especially since BO and his gang have already done that with GM, Chrysler, GMAC, AIG and of course Fannie and Freddie and then there are the misfires in Solyndra and that ilk. Let the Fed just give us stable and sound dollars and low inflation and leave the market place alone; it can take care of itself if not hog-tied by regulations and money manipulation.
“No two human beings have made, or ever will make the same journey in life” A. Keith, Scottish anthropologist. Hmmm, but some liberals seem determined to attempt to make sure we all take the same journey and reach the same destination because they know what is best for us. www.olcranky.wordpress.com