Archive for December, 2006

"The United States is Insolvent" by Dr. Chris Mortenson 12/17/2006

Let's see… My two favorite sections.. 

    "In his accompanying statement to the report, David Walker, Comptroller of the US, warmed up his audience by stating that the GAO had found so many significant material deficiencies in the government’s accounting systems that the GAO was “unable to express an opinion” on the financial statements. In accounting parlance, that’s the same as telling your spouse “Our checkbook is such an out of control mess I can’t tell if we’re broke or rich”

and…

The Treasury department soft-pedaled the whole unsustainable gigantic deficit thingy in last year’s report but they have taken a quite different approach this year.

The really funny bit is that the news media seems to have missed this one entirely. Does anyone out there have doubt that the "Fourth Estate" either lacks the concern or the capability to bring such weighty issues to the forefront. Or maybe they have just been beaten down by the indifference to the financial future displayed by the "Greatest Generation" and realize that covering a Soccer Riot with glossy photos and video to be more in keeping with what the public wants from their news media.

And please don't take this this as an "anti-current administration tirade" (even though they have contributed at the very least an equal share to the problem). I have been aware of this issue since the 1970's and I was only 14 years old at the time.

True Patriots Must Have Clogged Noses by Jeffrey A. Tucker

Apparently it is now a part of Homeland Security to track people who have snotty heads… Where does the homeland security madness end, and why did I not notice this until now?

So here I sit almost out of Sudafed in my stockpile, and an interesting thought strikes me…

As one with periodic sinus issues, my usual Sudafed habit is to buy a pack of 3 boxes of the product at Costco, this usually lasts me a year or more… Now to achieve the same I will have to make three separate trips to Costco, thus using more gasoline, which will in turn send more money to the mid-east, where some small subset of my cash will end up funding more terrorism…

Personally I've had a host of different decongestants over my lifetime and I can say that Sudafed has by and large been the most effective with the fewest side effects. Does everyone remember the whole circus act over pulling Alka-Seltzer Cold medicine from the selves over the decongestant phenylpropanolamine (one that had been on the market for years and years) over concerns revolving around hemorrhagic stroke?

More interesting research links and commentary:

John Tierney – The Meth Myth.

Mike Krause of Colorado's Independence Institute here

Reason's Jacob Sullum here and here.

Radly Balko on why restricting Sudafed won't curb meth use. 

The New York Times weighs in… 

http://www.nytimes.com/2006/12/14/business/14pennies.html?ref=business

There hasn't been much of late I thought worth sharing or discussion, or further discussion than has already occurred here and elsewhere.  This item, however, drew my interest because I've seen no other mention and there are considerations worth discussion.

Has it ever happened before that American coinage was worth more for its metal content than its claimed value as legal tender?  What does this say about the supply of metals?  What does this say about the value of our currency, creditworthiness, and economy?

It has taken place before with gold and silver coinage, but it has been decades since these metals were removed from circulation as coinage.  If memory serves, they were removed from circulation to protect supplies of the metals, at least in part to prevent people buying them up to melt & sell for metallic contentt.  They were getting to be worth more for their metal content than as legal tender.

I suspect the supply of metals is not in any danger for our continued use, though we may reach a point where it is viable to extract precious metals from electronics and other disposable items we dump in most places.  Many countries and companies have flirted with such extraction but none to my knowledge have ever succeeded in creating a sustainable business model.

The value of our currency has fallen in comparative value considerably since 2001.  There are a number of reasons one might give for this and I'd rather not spend the better part of the day illustrating them.  Suffice it to say that I do consider it a cause for concern, especially given the poor savings rate of Americans and the amazing levels of personal, corporate, and government debt.

I am glad to hear the US Mint will seek to replace or alter metal composition in the coins affected and that they are already testing some new ones.  I do wish this would provide the political momentum needed to do away with the penny.   I find it unlikely though I may write relevant representatives in the US Congress asking that they consider the idea when they are considering recommended changes to the composition of coinage.

Why I take handouts from drug companies. – By Kent Sepkowitz – Slate Magazine

There is some real funny stuff here! 

XENU TV – Exposing Scientology Through Streaming Video

Where was the Governator when we needed him? I'd love to hear the actual reasoning why the MPAA needs to pose as someone else to obtain private information…

MPAA Kills Anti-Pretexting Bill