The Watering Hole: Wednesday, June 20, 2012: Does it really Matter?

Ok, so for the next few months, if you’re in a “swing” State, you’ll be inundated with SuperPAC commercials designed to get you to vote against your own best interests. We will also be systematically bombarded with messages from the Mainstream Media designed to influence our thinking.

IT’S ALL A SHOW. IT REALLY DOESN’T MATTER.

If the Powers That Be really want Obama out, all they have to do is raise gas prices to about $5.00/gallon. Instead, gas prices are going down, heading into the summer vacation season. That’s not to say they won’t go up between now and the election – but they are an accurate predictor of where our economy will head. So, pay attention to the pump, not the talking heads.

Ok, that’s my $0.0199 cents. And you?

OPEN THREAD
JUST REMEMBER
EVERYTHING I SAID
DOESN’T REALLY MATTER

 

There are holes…

There are big holes…

There are really, really, big holes…

And then there’s this…

… a really, really, really big hole…

That’s the Bingham Canyon Copper Mine, southwest of Salt Lake City in Utah. The world’s largest open pit mine, the Bingham is two and a half miles wide, three-quarters of a mile deep, and covers approximately 1,700 acres, or a little over two and half square miles.

You gotta admit… that really is… quite… the… hole. I came across that picture by accident the other day, just surfing the Intertubes, and it kinda blew me away… that is one big farker, and man-made to boot.

It got me to thinking about the really nasty things that we humans do to our planet, and usually in the name of making as much money as possible, as quickly as possible, and the long term consequences be damned.

Another truly notable, really, really, really big hole that humans made is the grotesquely spectacular Mir Diamond Mine Crater, in Russia. The picture is real, btw… it has not been photoshopped for effect.

Located at Mirna in Eastern Siberia, the Mir is over 1,722 ft deep (1/3 of a mile) and has a diameter of 3,900 ft (3/4th of a mile). Helicopters are forbidden from flying over the Mir; several have been sucked in by the down drafts. Here’s more about the Mir if you’re interested, and here’s a nice collection of some of the biggest man-made holes on the face of the Earth, if you can stomach it…

Of course, not all holes are made just for money… some result when we disagree with each other…

This beauty…

… believe it or not, isn’t a picture taken on the face of the Moon, it’s the Sedan Blast Crater in Nevada, the result of a nuclear test back in 1962. If you look carefully at the picture, around five o’clock (lower right side) you can see a viewing platform for visitors, with the road leading up to it. Yes… the Sedan Crater really is that big. According to the good people of Wiki, “Because the craters at the NTS had features similar to the topography of Moon craters, Astronauts for Apollo 14 visited Sedan in November 1970″.

Though nowhere near the size of some of our other holes, it is still nonetheless impressive, considering it was created in mere seconds, the aftermath of this explosion…

Here are some stats for you to grok over… the Sedan was a mere ten kiloton blast and still managed to move 6.6 MILLION cubic yards of dirt, or 12 MILLION tons of weight, and left a hole over 300 feet deep and more a quarter of a mile across…

That is one incredible hole… all the more so for being produced by flipping a switch, whereas the Bingham is the byproduct of a century’s steady mining. Here’s an overhead shot of the Nevada Test Area that’s home to the Sedan Crater… it’s like the Earth has broken out in some sort of nasty rash, huh?

Weighing in at niggling 10 kilotons, the Sedan would be considered tiny when compared to today’s bombs with their 10 megaton yields (that’s 10,000 kilotons…). You read that right… we now have nuclear bombs a thousand times more powerful than the Sedan, or Little Boy, the bomb dropped on Hiroshima.

I can only imagine the size of the hole one of those would leave in the Earth. And not only are some of those nukes a thousand times more powerful, we have, en toto, an estimated 8,500 of them and the Russians 11,000. Overwhelming, innit?

Here’s a truly frightening collection of atomic test photos… click on one of them and you’ll get a slide show… the pictures are even more impressive that way…

And yet all it took to produce this mess was eighteen guys with box cutters… go figure…

Then… there are other kinds of really, really big holes that human beings are capable of producing, intentionally or otherwise…

Like the kind our beloved banking class blew in the country’s economy back at the heights, er… the depths… of the subprime mortgage fiasco…

The above chart shows the value of the S&P 500 over the last ten years. Note the enormous slide in the index starting in late 2007 just as the economy was beginning to bear the first brunt of massive numbers of bad mortgage defaults, soon to be followed by even bigger losses due to bad bonds based on those bad mortgages.

The S&P 500 index is such a broad based index that it is commonly used to gauge the overall health of the stock market and even the US economy. Please note just how much it finally dropped at the low point in early 2009, losing nearly half its value.

Now THAT is one spectacular hole and represents several TRILLION dollars of value vanishing in a greasy puff of smoke. Thank you ever so much, Wall Street! No wonder Warren Buffet once described derivatives as “financial weapons of mass destruction”.

It’s now way half past 2011 and with an estimated million homes in foreclosure, several million more in the pipeline, and 870,000 already in the hands of banks, we’re STILL climbing out of that last crater and will be for quite some time to come…

And of course, the usual suspects (the bankers) saw nothing… heard nothing… and know nothing… ‘cept that CEO Lloyd Blankfein of Goldman Sachs, the bank that has become the poster child for Wall Street shenanigans, has lawyered up…

And that other hole, earlier in the decade… around 2002 to 2003? That’s the hole blown in our economy by the dot-com collapse… again gratis our beloved banksters. And the smaller, yet significant drop in late 2001? That’s the aftermath of 9/11.

It makes one think… it do. It seems that as our machines grow more and more powerful and our ability to manipulate our environment increases, the potential for destruction, deliberate or otherwise, grows proportionally too.

Dr. Frankentstein, meet your monster.

I think it’d be fun to start a list of really, really big holes here… we could call it the “A List of Really, Really Big Holes”… but that’s too many words, so maybe we should just call it “The ‘A’ Hole List” for short…

Soooooooooooo… which really, really big holes do you think should be on our little A List?

***TRoS snaps fingers***

One more just came to mind… and this humongous ‘A’ hole definitely belongs on the list…

There… if that hole doesn’t belong, then none of them do… talk about yer weapons of ass destruction…

Watering Hole, Friday, October 21st: O-C-C-U-P-Y W-A-L-L S-T-R-E-E-T

As I believe I’ve mentioned before, the one redeeming feature in “The New York Post” is the puzzle page, particularly the word game in which you’re given a particular word and have to make as many five-letter words as possible out of that word.  The rules are simple:  no proper nouns, no plurals ending in ‘s’, no foreign words.  For my own amusement, I often play this game with a word or phrase of my own choosing.

The other day I sat down and started playing around with the phrase “OCCUPY WALL STREET.”  As I started jotting down five-letter words, I noticed that many of the words were pertinent to the actual OCCUPY WALL STREET movement.  Obviously, many were not, but there seemed to be a striking number which were applicable to the protests.  I’ve listed all of the words that I came up with, in vaguely alphabetical order, below the fold.  If anyone comes up with a word that I missed, please let me know and I’ll add it.

Monetary Warfare – Switzerland pegs its currency to the Euro

In a surprise move the Swiss National Bank (SNB) has fixed the exchange rate to the Euro. They won’t suffer it to fall below CHF 1.20 anymore. There is no limit to currency purchases to make this happen, the SNB says.

Right wing billionaire and godfather of the Swiss People’s Party (SVP) Blocher declared the currency situation a “war” that needs to be won now by the SNB. Well, his buddies won’t be any worse off…

I am not so sure if it can be won. Swiss real GDP is some126 bn. The Eurozone’s combined GDP is about 12 trillion.  There are 77 bn Swiss Francs out there, but 4.7 trillion Euros. (M1)

You might as well try and empty the Zurich Lake with a teaspoon.

Watering Hole – Monday August 8, 2011 – Crises of Capitalism

This video is a little more than 11 minutes in length.  It’s an interesting perspective.  Last week was bad news week.  Can it get any worse?

This is our Open Thread today.  My apologies for not having much more to say at this point.  Perhaps you have something to add to the conversation so Speak Up!

Watering Hole – Monday, August 1, 2011 – Philadelphia Freedom

Today is our 30 year wedding anniversary and we will be spending the day in Philadelphia doing the “freedom tour”.

For most of my life, I have lived in the southeastern part of Pennsylvania.  During all these years, I have never seen the Liberty Bell.  With the looming shutdown of our government due to its inability to pay the bills or the closing of government buildings due to the cuts, cuts and more cuts, now could be my last chance to get to Independence square and see some of the artifacts that are part of our nation’s beginning.  It’s anybody’s guess as to what will happen if the US defaults on its debt.  One thing for sure is that government employees would be laid off, seniors would not receive their Social Security checks, veterans would not receive their benefits, and nursing homes could close which would create more job losses.  Basically, more people will be out of work and there will be less money to spend and BUSINESSES WILL SUFFER.  Default is NOT an option.  Our bills must be paid.

This is our open thread.  I won’t be around today as I will be searching for freedom. You will need to Speak Up and do all the chatting.

Get Your Act Together! Now!

The Economist:

TODAY is July 19th. Two weeks from today, it will be August 2nd. On that day, or very soon thereafter, the Treasury will run out of room to use extraordinary measures to keep meeting its obligations without issuing any new debt. To avoid a default at that point, which most economists agree would be catastrophic, the Treasury will then need to slash spending immediately and precipitously—by about 44%. The process won’t be tidy; depending on what bills are coming due on a particular day, the shortfall will affect payments to state governments, public employees (including soldiers), payouts to entitlement beneficiaries, and so on. Absent an agreement to raise the debt ceiling, spending would be slashed by $134 billion over the month of August. That would represent a sudden fiscal consolidation of over 10% of GDP—enough, in all likelihood, to tip the economy into recession. And at some point, if no agreement were reached, default would become inevitable. (read all)

Anybody home in Republicanland? Are you sure you know what you’re doing? I am pissed. So, setting the economy on fire wasn’t enough in 2008? Want to blow it up one more time? A really spectacular blowup this time that destroys government, so Grover Norquist will love you all and rapture you into everlasting economic bliss, as promised for his true believers?

You know what? YOU ARE THE PITS!

Greek people go hungry, because your rating agencies saw fit to play monopoly with their assessments and caused the worst currency crisis ever. Hey, just a hint. If the agencies and banks thought Greece’s debt was a problem, why not stop lending before? Maybe because you could get top interest and then socialised your losses to a point where the beast you so busily starved can’t do anything to relieve you anymore? Now it’s time for bilking, eh?

Being able to eat to sustain yourself is by now considered an entitlement obviously in the US. We don’t want that over here, we don’t think like you do, we actually practise a Democracy on Christian principles of caring for our neighbour! Now you are about to present us with another economic crash three years after the last one, which we, using our socialist methods, mostly rode out fairly well. But we won’t be able to just right now. We can’t breathe anymore.

Corporate greed Republican-style caused the stock market crash in 1929 and gave the Fascists here the final push into government. With the most terrible consequences imaginable. In 1945 Europe was reduced to rubble.

This time around fascism rears it’s head on your side of the pond, the consequences may well play out on your soil. So be careful what you wish for. And don’t expect any help. We can’t, your style of capitalism has already stripped us clean.

You’re on your own.

The Watering Hole: Friday July 15, 2011 – Srsly?

The already shaky European economists are staring in disbelief, but fascinated, too, at the slowly unfolding trainwreck in Washington. Let us see what they say:

The Economist

“WE HAVE a system of government in which everybody has to give a little bit.” So said Barack Obama at the start of this week. But parse that sentence. Does the president mean that America already has a system in which everybody has to give a little bit? Or does he mean only that it ought to have such a system? It is not too much to say that the country’s economic well-being hangs on the answer. (read more)

More here and here and here

The Guardian

Move over Nero: legislators on both sides of the Atlantic seem as if they can hardly summon up the energy to fiddle while their economies burn. In Europe, a chronic lack of co-ordinated action early in the financial crisis means the very survival of the euro is now in serious doubt. In the US, the crisis is potentially more serious: if Republicans and Democrats cannot agree on a deficit reduction plan by the 2 August deadline for raising the debt ceiling, the world’s largest economy will be in default.(read more)

The Independent

Washington’s rancorous deficit-reduction talks resumed yesterday amid dire warnings from Wall Street and open rifts in the Republican leadership – but with no sign of a deal to raise the government debt ceiling and avert an unprecedented and potentially disastrous default by the United States government.(read more)

and

A dangerous game is being played by politicians in America. Republican negotiators are refusing to raise the cap set by Congress on the amount of debt the government in Washington can legally borrow. The United States hit its $14.3 trillion “debt ceiling” in May and the Obama administration has been juggling the finances since to continue to pay the daily bills. But on 2 August it will run out of room to do that. America will have to default on some of its due payments.(read more)

Meanwhile we Europeans have our own problems. So has Rupert Murdoch

This is our Open Thread, What do you think and what else is on today?