“While the Achilles heel to the endless “economic data” BS coming out of China may be its electric production and demand, both of which show a vastly different picture than what the Beijing politburo’s very wide brush strokes paint, the US itself is not immune from indicators that confirm that anything the BEA dishes out should be taken with a grain of salt. One data set that we showed recently that paints a drastically different (read slowing) picture of the US economy which we noted recently is railcar loading of waste and scrap for the simple reason that “The more we demand, the more waste is generated by that production.” Of course, the propaganda manipulation machinery only focuses on the “entrance” of production, and completely ignore the “exit.” But an even far more important metric of the general health of the US economy may be none other than broad energy demand, in the form of petroleum deliveries and gasoline demand. If this is indeed the relevant metric to observe, then things are about to get far, far worse. As Dow Jones notes: “U.S. petroleum deliveries, a measure of demand, fell by 2.7% in July from a year earlier to the lowest level in any month since September 2008, the American Petroleum Institute, an industry group, said Friday.” It gets worse: “Demand in the world’s biggest oil consumer, at 18.062 million barrels a day, was the weakest for the month of July since 1995, the API said. Year-to-date demand is down 2.3% from the same period in 2011.””
Via Zero Hedge
“Instead of allowing General Motors to take a responsible path through bankruptcy to fiscal solvency, Comrade Chairman Obama kept it afloat with his massive auto bailout. Otherwise, union contracts would have been renegotiated with an eye toward fiscal sanity. This way, Obama’s UAW cronies can continue to ride high atop the gravy train at increasing taxpayer expense:”
General Motors’ stock has been nose-diving. It has fallen 39 percent since its initial public offering in November 2010. And [last] Friday, the Treasury Department announced that expected losses to taxpayers from the bailout would increase more than $3.3 billion to $25.1 billion — up from $21.7 billion last quarter.
Via Moon Battery
“Our own local rebellion for Independence nearly 200 years later had a much, much higher body count. By the end of it, this country’s founders got this government thing as right as any human ever had. They came up with a Constitution that’s purpose was to limit government’s reach into the life of the governed.
We only wish that Constitution hadn’t been continually ignored almost immediately after that.
The fledgling and recently united states had massive debts by the end of the Revolutionary War. The new centralized government assumed these debts, but it didn’t have any honest way to pay them off. Governments, you see, don’t actually have any money of their own; they steal it from their productive private citizens or borrow it into existence from their central banks.
Alexander Hamilton hadn’t convinced Congress to charter a central bank yet…so he instead convinced it to tax whiskey, which had become commodity money in the far reaches of the frontier.
The tax resulted in protest and revolt. Gen. Washington got back on his horse and led federal forces to Pittsburgh to put down the Whiskey Rebellion. For the first time under the new United States Constitution, the federal government used military force to impose its will over U.S. citizens.
The Constitution itself was a compromise between the much more government-restraining Articles of Confederation and the desire by some (like that Scottish bastard Hamilton) who wanted a stronger centralized government. Government would eventually break the Constitution’s boundaries anyway and ooze its way into every aspect of citizens’ lives. In truth, the process started before the ink on the new Constitution had dried.”
“The Obama campaign is assailing Gov. Mitt Romney for failing to release his taxes and for paying only around a 15 percent rate, but it fails to note one of the reasons for Romney’s relatively moderate payment: He donates enormous sums of tax-deductible money to charity.
In fact, during a comparable period before Obama and Romney were running for president, Romney’s giving probably was at least ten times Obama’s as a percentage of their incomes, and possibly much more.
Romney has stated that he has long given at least 10 percent of his earnings to his Mormon church. Assuming this is true – and he’d probably have to be classified as a pathological liar if it’s not – the Romneys’ giving has dwarfed that of the Obamas, whose charitable contributions only increased in direct proportion to President Obama’s political activity.
According to an analysis of Obama’s tax returns by White House Dossier, the Obamas in the five years from 2000 to 2004 gave only in the range of 0.4 percent to 1.4 percent of their adjusted gross income to charity.”
“The face of Yemeni deli clerk Mutahar Murshed Ali was slashed nearly in two for committing that most grievous of offenses: refusing to “sell” a Colt 45 to a drunk 20 year-old in exchange for foodstamps (whose usage Zero Hedge readers know, recently reverted back to all time highs). Of course, Ali was perfectly in his right to refuse to exchange booze for EBT: we reported recently that “New York would prohibit welfare recipients from spending their tax-funded benefits on cigarettes, alcohol, gambling, and strip clubs under a bill passed overwhelmingly by the state Senate.” That however appears to not have bothered the assailant, who nearly cut off the deli vendor’s face off in retaliation for not getting the “entitled” quid-pro-handout.
From NY Daily News:”His face almost fell off,” said witness Abdul Bin Ock, 17. “His cheek ripped. There was so much blood. Every time he looks in the mirror, he has to see the same scar the rest of his life,” Ock added. The suspect fled the blood-spattered bodega on Broadway near Gates Ave. — and is being hunted by cops. Ali, a married father from Yemen, was rushed to Kings County Hospital, where he received multiple stitches… The slasher “was drunk, falling and stumbling.” Prior to the confrontation, Ali said, he saw the man receive cash from an underage girl outside the store. Ali believes the man was planning to buy the beer for the girl — and make money on the deal by using his food stamp card.” “
Via Zero Hedge
Startling Evidence That Central Banks And Wall Street Insiders Are Rapidly Preparing For Something BIG
“If you want to figure out what is going to happen next in the financial markets, carefully watch what the insiders are doing. Those that are “connected” have access to far better sources of information than the rest of us have, and if they hear that something big is coming up they will often make very significant moves with their money in anticipation of what is about to happen. Right now, Wall Street insiders and central banks all around the globe are making some very unusual moves. In fact, they appear to be rapidly preparing for something really big. So exactly what are they up to? In a previous article entitled “Are The Government And The Big Banks Quietly Preparing For An Imminent Financial Collapse?”, I speculated that they may be preparing for a financial meltdown of some sort. As I noted in that article, more than 600 banking executives have resigned from their positions over the past 12 months, and I have been personally told that a substantial number of Wall Street bankers have been shopping for “prepper properties” this summer. But now even more evidence has emerged that quiet preparations are being made for an imminent financial collapse. That doesn’t guarantee that something will happen or won’t happen. Like any good detective, we are gathering clues and trying to figure out what the evidence is telling us.”
Unemployment Up in 44 States; New York Unemployment Highest Since 1983; No Improvement Nationally in 2012; Looking Ahead: What’s Next?
The jobless rate climbed in 44 U.S. states in July, showing last month’s increase in unemployment was broad based.
Alabama and Alaska registered the worst performance, with joblessness advancing by 0.5 percentage point in each, figures from the Labor Department showed today in Washington. Payrolls grew in 31 states last month, led by California and Michigan.
Unemployment jumped to 8.3 percent in Alabama from 7.8 percent in June, and climbed to 7.7 percent in Alaska from 7.2 percent, today’s report showed. Nevada, where the rate rose to 12 percent from 11.6 percent, remained the state with the highest level of joblessness in the country.
Rhode Island, at 10.8 percent, was second, followed by California at 10.7 percent.
North Dakota had the lowest unemployment rate in the nation, even as it rose to 3 percent from 2.9 percent the prior month.
A former Ohio University student paid to canvass for Voters First Ohio petition signatures was arrested August 14 by the Cincinnati Police Department. Timothy Noel Zureick was booked on 22 counts of signing false signatures and one count of election falsification, both fifth-degree felonies.
As reported by the Athens News, Zureick, age 21, was arrested for crimes allegedly committed while working in Athens for Working America, a campaign arm of the AFL-CIO in Washington, DC. Zureick’s August 14 arrest is the first known prosecution to stem from the numerous allegations of fraud during the union-driven Voters First campaign.
According to authorities, on or around June 12 Zureick forged the signatures of a number of prominent Athens County Democratic Party figures. Athens County Board of Elections employees who had not signed Voters First petitions alerted the county prosecutor’s office after finding their signatures on petitions Zureick submitted.
Via Weasel Zippers
“A few days ago I received a call from a man I recently met named George. He was a bit flustered, and soon informed me that his young son was sick with a chest condition. He pleaded with me to send him $1,000 to cover the medical bills. Since George was at the hospital I asked him to let me speak to a nurse, and she confirmed that George’s son was indeed ill. So I agreed to send George the money through Western Union. He was profusely grateful. But before I hung up I asked George, “Why are you coming to me?” He said, “I have no one else to ask.” Then he said something that astounded me, “Dinesh, you are like a brother to me.”
Actually, George has a real life brother who just happens to be the president of the United States. (George Obama is the youngest of eight children sired by Barack Obama Sr.) George’s brother is a multimillionaire and the most powerful man in the world. Moreover, George’s brother has framed his re-election campaign around the “fair share” theme that we owe obligations to those who are less fortunate.
One of Obama’s favorite phrases comes right out of the Bible: “We are our brother’s keeper.” Yet he has not contributed a penny to help his own brother. And evidently George does not believe, even in times of emergency, that he can turn to his brother in the White House for help.
So much for spreading the wealth around.”
Via Fox News