Debt and America's decline. Mario Margiocco, Project Syndicate.
Rosie, via Mauldin's How we through this mess:
Our suspicions have been confirmed — the recession never ended. Macroeconomic Advisers produces a monthly U.S. real GDP series and it shows that the peak was in April, as we expected, with both May and June down 0.4% in the worst back-to-back performance since the economy was crying Uncle! back in the depths of despair in September-October 2008. The quarterly data show that Q2 stands at a +1.1% annual rate (so look for a steep downward revision for last quarter) and the “build in” for Q3 is -1.5% at an annual rate. Depending on the data flow through the July-September period, it looks like we could see a -0.5% to -1% annualized pace for the current quarter. Most economists have cut their forecasts but are still in a +2.5% to +3.5% range. What is truly amazing is that despite all the fiscal, monetary, and bailout stimulus, the level of real economy activity, as per the M.A. monthly data, is still 2.5% below the prior peak. To put this fact into context, the entire peak to trough contraction in the 2001 recession was 1.3%! That is incredible. Interestingly, and dovetailing nicely with our deflation theme, nominal GDP fell 0.3% in May and by 0.4% in June. This is a key reason why Treasury yields are melting.
other fare:
'The Invasion of Iraq Was Wrong, Unjust and Damaging'. Spiegel.
50,000 troops remain in country, but apparently in "a non-combat role" --- whatever: 50,000 soldiers in foreign territory still sounds like an occupying force to me; and all troops are supposed to be removed by the end of 2011 --- we'll seeIt has been seven and a half years since Shock and Awe, the military campaign launched by US and UK forces to topple Iraqi dictator Saddam Hussein. On Thursday, the last US combat unit crossed the border into Kuwait with far less fanfare than when those first coalition forces arrived in March 2003.
How I (Almost) Saved the Earth. Dilbert creator Scott Adams on building a green home, WSJ.
As a rule, the greener the home, the uglier it will be. I went into the process thinking that green homes were ugly because hippies have bad taste. That turns out to be nothing but a coincidence.....
Most of the information you find will come from manufacturers who have a financial interest in misleading you, and also of course from cartoonists who write opinion pieces after being misled by those same manufacturers. Good luck with your research....
Kidding aside, I do love the Earth, damn it. And if my only contribution to its well-being is joining the early adopters (OK, idiots) so that those who follow have better information and lower costs for green building, I'm OK with that. I just hope it's enough to make up for the squirrel I ran over this morning with the minivan.
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