Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/181138137?client_source=feed&format=rss
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ROME ? Mirko Tremaglia, a right-wing politician who won a decades-long battle for the right of Italian emigres to vote in Italian elections, died on Friday. He was 85.
Italian news agencies and Sky TG24 TV said Tremaglia died at home in Bergamo, northern Italy, after a long illness.
Tremaglia was a co-founder of the Italian Social Movement, a neo-fascist party built on the ashes of Benito Mussolini's political legacy. But he gradually moved toward what is now Italy's center-right ? first as a leader of the National Alliance and then as a prominent member of Silvio Berlusconi's conservatives ? before breaking with the media mogul in 2010 to defect to a new center-right party.
In a condolence message to Tremaglia's family, President Giorgio Napolitano, a former Communist, noted that the late lawmaker and himself had "different experiences" and ideological positions but they shared a "sense of national responsibility."
"Particularly strong remains the mark of his commitment to give voice and representation to Italians abroad," Napolitano said.
Tremaglia campaigned tirelessly in Parliament for rights for millions of Italians who had emigrated, or who were born to emigre parents, to cast ballots in Italian elections. His dream became law in 2001, the same year he became minister for Italians abroad, in one of Berlusconi's governments.
In spring 2006, campaigning for Berlusconi in parliamentary elections, Tremaglia energetically worked the crowds in South America, where many of the 3.5 million Italian voters abroad lived. The law also gave Italian emigres the right, for the first time, to have representation in Parliament.
Tremaglia had served as a lawmaker in Parliament's lower chamber, the Chamber of Deputies, since 1972. Chamber President Gianfranco Fini, himself a former neo-fascist leader and former Berlusconi ally, hailed Tremaglia in a tribute Friday, as a "great political and personal friend."
Fini called Tremaglia a "great protagonist of the Italian right ? a cause to which Tremaglia, right to the end, dedicated himself with coherence and loyalty."
Fini's defection, along with several lawmakers like Tremaglia, from Berlusconi's coalition after nasty bickering in 2010, weakened the premier's government. Berlusconi resigned in November amid criticism over his handling of Italy's financial crisis.
In 2004, as a minister in then-premier Berlusconi's government, Tremaglia caused uproar when he complained about what he called the influence of gays in the European Union and used a pejorative term for homosexuals in remarks carried by Italian media.
Tremaglia was commenting on a European Parliament committee's decision not to endorse an Italian nominee to become EU justice minister after the candidate, a former Christian Democrat with close ties to the Vatican, testified that he considered homosexuality a sin.
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The price of oil climbed above $101 a barrel in light holiday trading on growing U.S. consumer confidence and tension in the Middle East.
Benchmark crude rose $1.66 on Tuesday to end at $101.34 per barrel in New York. Brent crude rose $1.31 to finish at $109.27 per barrel in London.
Prices have risen in the past week as encouraging U.S. economic news pointed to stronger future demand. The New York-based Conference Board said its Consumer Confidence Index jumped almost 10 points from November, to 64.5. That level hasn't been seen since April and was near a post-recession peak.
Higher confidence is in line with retail reports of a decent holiday shopping season. Retailers saw a surge of shopping the week before Christmas, and the National Retail Federation now expects a 3.8 percent increase in holiday sales, up from its a forecast of 2.8 percent in September.
Consumer spending accounts for about 70 percent of the U.S. economy, so more spending could boost growth and demand for oil. Consumers have cut back in recent years because of uncertainty about the economy, fed by a weak jobs market and a stagnant housing sector. Gasoline demand has been steadily declining since spring.
Tensions in the Middle East also boosted oil prices. Iran has threatened to block oil shipments through the Strait of Hormuz, one of the busiest routes for crude shipments, if the West tries to embargo Iran's oil exports. The Iranian navy currently is conducting exercises in the region. About a third of the world's oil passes through the narrow strait. The U.S., The U.K. and other nations have talked about more sanctions against Iran as part of an effort to clamp down on its nuclear program.
Iran is the world's fourth largest oil producer, according to the Energy Department. Much of its oil is sold to customers in Asia. If tankers could not use the Strait of Hormuz, they would have to take longer, more expensive routes to their destinations.
Meanwhile, average retail gasoline prices in the U.S. were unchanged from Monday at a national average of $3.23 per gallon.
In other energy trading in New York, natural gas was virtually unchanged at $3.1120 per 1,000 cubic feet. Heating oil rose 2 cents to finish at $2.9085 a gallon, and gasoline futures were flat at $2.6888 a gallon.
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Some thought it would never happen (again), but it looks like David Lee Roth is honestly and truly back with Van Halen for a special 2012 reunion tour.
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DUBAI, United Arab Emirates ??
The U.S. Navy's 5th fleet Wednesday warned Iran that any disruption of traffic flowing through the vital Strait of Hormuz oil route "will not be tolerated."
The warning came after Iran's navy chief Habibollah Sayyari told Iran's English language Press TV that "closing the Strait of Hormuz for Iran's armed forces is really easy ... or as Iranians say it will be easier than drinking a glass of water."
"But right now, we don't need to shut it as we have the Sea of Oman under control and we can control the transit," said Sayyari, who is leading 10 days of exercises in the Strait. His reference to control was unclear.
In response, 5th Fleet spokeswoman Lt. Rebecca Rebarich said, "Anyone who threatens to disrupt freedom of navigation in an international strait is clearly outside the community of nations; any disruption will not be tolerated."?
The U.S. Navy is "always ready to counter malevolent actions to ensure freedom of navigation," she said.
Rebarich declined to say whether the U.S. force had adjusted its presence or readiness in the Gulf in response to Iran's comments, but said the Navy "maintains a robust presence in the region to deter or counter destabilizing activities, while safeguarding the region's vital links to the international community."
At the Pentagon, Press Secretary George Little also said that Iranian interference with passage of vessels through the strategic waterway "will not be tolerated," NBC News reported.
Little said that blocking naval traffic through the Strait represents "an important issue for security and stability in the region," and called the Strait "an economic lifeline."
Iran's fears
Sayyari's warning underline Iranian concern that the West is about to impose new sanctions that could target Tehran's vital oil industry and exports.
Western nations are growing increasingly impatient with Iran over its nuclear program. The U.S. and its allies have accused Iran of using its civilian nuclear program as a cover to develop nuclear weapons. Iran has denied the charges, saying its program is geared toward generating electricity and producing medical radioisotopes to treat cancer patients.
The U.S. Congress has passed a bill banning dealings with the Iran Central Bank, and President Barack Obama has said he will sign it despite his misgivings. Critics warn it could impose hardships on U.S. allies and drive up oil prices.
Only on msnbc.com
The bill could impose penalties on foreign firms that do business with Iran's central bank. European and Asian nations import Iranian oil and use its central bank for the transactions.
Iran is the world's fourth-largest oil producer, with an output of about 4 million barrels of oil a day. It relies on oil exports for about 80 percent of its public revenues.
Iran has adopted an aggressive military posture in recent months in response to increasing threats from the U.S. and Israel that they may take military action to stop Iran's nuclear program.
Iran's navy is in the midst of a 10-day drill in international waters near the strategic oil route. The exercises began Saturday and involve submarines, missile drills, torpedoes and drones. The war games cover a 1,250-mile (2,000-kilometer) stretch of sea off the Strait of Hormuz, northern parts of the Indian Ocean and into the Gulf of Aden near the entrance to the Red Sea as a show of strength and could bring Iranian ships into proximity with U.S. Navy vessels in the area.
Iranian media are describing how Iran could move to close the strait, saying the country would use a combination of warships, submarines, speed boats, anti-ship cruise missiles, torpedoes, surface-to-sea missiles and drones to stop ships from sailing through the narrow waterway.
Iran's navy claims it has sonar-evading submarines designed for shallow waters of the Persian Gulf, enabling it to hit passing enemy vessels.
The Fifth Fleet consists of 20-plus ships supported by combat aircraft, with 15,000 people afloat and another 1,000 ashore.
A closure of the strait could temporarily cut off some oil supplies and force shippers to take longer, more expensive routes that would drive oil prices higher. It also potentially opens the door for a military confrontation that would further rattle global oil markets.
Iran claimed a victory this month when it captured an American surveillance drone almost intact. It went public with its possession of the RQ-170 Sentinel to trumpet the downing as a feat of Iran's military in a complicated technological and intelligence battle with the U.S.
American officials have said that U.S. intelligence assessments indicate the drone malfunctioned.
About the Strait of Hormuz:
Location: The most important oil transit channel in the world is a narrow bend of water separating Oman and Iran. It connects the biggest Gulf oil producers, such as Saudi Arabia, with the Gulf of Oman and the Arabian Sea. At its narrowest point, the strait is only 21 miles across and consists of 2-mile-wide navigable channels for inbound and outbound shipping and a 2-mile-wide buffer zone.
Oil shipments
Other shipments: Merchant ships carrying grain, iron ore, sugar, perishables and containers full of finished goods also pass through the strategic sea corridor en route to Gulf countries and ports such as Dubai.
Reuters and The Associated Press contributed to this report.
Source: http://www.msnbc.msn.com/id/45805706/ns/world_news-mideast_n_africa/
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Source: smirkingchimp.com --- Monday, December 26, 2011
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Source: http://smirkingchimp.com/thread/robert-parry/40405/americas-debt-to-bradley-manning
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In the first place, long time in the past, when the first car appeared and the auto business was born this manner of transportation was seen extra as a hobby. The peculiar folks would still use the old methods of transportation. So the automotive?s utility wasn?t totally understood not until within the 20th century. Now the automobile is an object that is not regarded as a hobby however a must, it is now an utility. Individuals can not imagine their world without the automobile.
Unfortunately for some of us, vehicles are still too expensive. Not all people can afford to spend a lot of money on new cars. That is why the automotive auctions are so successful today. Any such auction is utilized in a whole lot of nations, and is now a common practice.
Within the United States the variety of car auctions has elevated since just a few years ago and is consistently increasing. There are car auctions in each city, there are automobile auctions in L.A, car auctions in New York, automotive auctions in Sacramento, and so on.
The car auction in Sacramento for example, has nothing more or less from the automobile auction in L.A. All the car auctions work across the similar idea: used automobiles that individuals can buy for a decrease price.
What are Car Auctions Really about?
For sellers, the automobile public sale is a great marketplace, a marketplace stuffed with opportunities and an important a part of their business. The car auction represents the assembly level the place each socializing and massive transactions take place.
As a result of we first took the example of the automotive auction in Sacramento let us continue with this one. Cars find yourself at an automobile public sale for all sort of reasons. It?s the same here, with the automobile public sale in Sacramento. One of many reasons why automobiles find yourself at an automobile auction, for instance on the automotive auction in Sacramento, is their age.
Many sellers offer all sort of leases and different kinds of facilities. When returned, these ?off-lease? vehicles will end up at an automotive auction. This happens as a result of it?s a lot simpler and likewise more handy for the dealership to use the car auction system instead of simply attempting to sell them and place them in a car lot, especially if the automobiles are nicely used.
Another way how vehicles can end up at a car auction is that their companies are buying and selling them. The companies? cars are normally traded after some years, and the car public sale is the perfect place the place they can be sold. That?s the reason the automotive public sale is the best place where you may either promote or purchase an used car. It?s the identical in any respect the car auctions, no matter their location, and it is the same at the automobile auction in Sacramento too, simply in case you have been asking.
Cari F Jaminet
For facts with reference to Corsa, swing by the author?s website directly.
Source: http://aminuu.com/internet-business/auctions/automotive-public-sale-in-sacramento/
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BOSTON (Reuters) ? Who says beautiful music and blood spatter cleanup can't go together.
When Chorus North Shore performs Handel's Messiah or Verdi's Requiem, the Boston-area group usually can count on Timothy Riley and his crime scene cleanup business for moral and economic support.
Riley, for example, recently advertised his company's "crime and death scene cleaning" in the playbill of Chorus North Shore's Handel's Messiah performance at two Catholic churches north of Boston.
Next to ads by a local dentist and a prep school, Riley's ad featured specialties that include suicide and body decomposition cleanup and automobile deodorization.
It's a jarring combination, to be sure, but Riley said he has been supporting the chorus group for years.
"My wife is one of the singers," Riley told Reuters in a telephone interview. "I really haven't gotten any business from it. An ad costs me something like 50 or 75 dollars."
Riley said no one has complained to him about having his ads in the back of performance playbills.
"Most of the chorus members I've talked to think it's absolutely hilarious," Riley laughed.
"I try to have a good sense of humor. You can't be completely serious all of the time in this business or you'd go crazy. It's not one of those businesses you think of until you need it."
Riley started CADSC Inc. in 1998 after working 27 years as a science teacher. He said crime scene cleanup accounts for about 6 percent of his business, while about half is what he described as "filthy living or pooh related."
"We deal with hoardings, bird droppings, human droppings," Riley explained. "We average about 20 jobs a month."
He said the work can be painstaking and tedious. A shotgun suicide, for example, can be especially difficult.
"You have to look at every square inch. Things go everywhere," Riley said.
(Editing by Jerry Norton)
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FootballNewsNow.com
Source: http://twitter.com/fnewsnow/statuses/150687314010587136
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If in case you have an automotive that you understand longer use you will have to imagine donating it to a good cause. Many people are unaware that it is even conceivable to donate cars. In flip they just finally end up taking their car to the junkyard instead. Why give your automotive to the junkyard for pennies, whilst you?ll be able to donate it to help other people which can be in want?
The benefit of donating an automobile is that there are a lot of advantages that pass in conjunction with it which you can no longer even keep in mind of. First of all, it is important to recognise that you?ll be able to donate your automotive even if it is not in very best working condition. With a bit bit of labor your automotive can probably get working again and lend assistance in more ways than one. In addition, you never have to fret about using your automotive to the donation heart or purchasing towing. They are going to at all times come to you to select the car up; no questions asked.
To take provider a step further, donation facilities are also willing to paintings with you in an effort to ensure that the whole thing goes off easily from the start. They provide fast carrier and prompt attention in order that you would not have to head out of your approach to make sure that your automobile is picked up on time, etc. While you donate your automotive there could also be a minimal amount of bureaucracy that you need to maintain; this makes the process even quicker.
Donating an automobile will also be used as a large IRS tax deduction. Many of us are not aware of this, nevertheless it is without doubt one of the very best purposes to donate your car to charity or some other cause. Tax deductions can go a ways in ensuring that you don?t owe money at the end of the year.
And of course the most important advantage of donating an automobile is that you will be serving to other people that are in need. Your automotive would possibly pass to a family that doesn?t have any transportation, or the organization you donate it to might use it to deliver garments, food, or furniture. Both method, you can be rest confident that your donation is going to be put to just right use.
To discover a charity or organization that accepts automotive donations you?ll be able to merely log on or seek the yellow pages. You should not have any problems finding an organization on your area that may be ecstatic to take your automotive off your hands. And if you cannot in finding anybody on your area, try somebody a little additional out. Chances are high that that they are going to be simply excited that can assist you out.
Total, if in case you have an automotive that you now not use glance into donating it. The benefits that pass at the side of this procedure are endless, and you are going to feel a lot better approximately yourself while everything is over and done.
If you would like more data about scrap car prices, visit Howard K Lalone?s web site soon.
Tags: scrapping a car
This entry was posted on Sunday, December 25th, 2011 at 3:19 pm and is filed under MUSIC. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Source: http://www.eranostra.com/2011/12/25/donating-an-automotive/
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Zee News
Source: http://twitter.com/ZeeNews/statuses/150641263136346113
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Nowadays, we know that the activity of people cannot be separated from the uses of vehicles. The motor industry or we call it as the automotive industry has become one of the most vital industries which will be always needed by people. Have you ever known when the automotive industry start was? Well, we need to know that the first automotive industry was started in Germany. Automotive company produces several products of motor and car vehicles. You can see that there are so many branches that you can choose when you are looking for the best vehicle for you. Have you ever got some troubles in choosing the best automotive branch for you?
Well, there are so many automotive companies which can be chosen by people for choosing the best motor or car they need, nevertheless, the best automotive company today comes from Japan. As the best development country, Japan has produced several types and branches of cars and motorcycle. One of the best automotive companies from Japan is Toyota. Have you known that branch? Well, Toyota can be said as the best branch that has been offered in all around the world. Besides, there are others companies, such as Daihatsu and Hino, they are from Japan also.
Moreover, western country also has several automotive companies which have produced so many kind of cars and motorcycles. In United States, we can easily find the best branch of Chevrolet. Not only that, the Volkswagen group also has been known of the luxurious car they produce, such as Audi, Bugatti, and many more. Therefore, if you are looking for the best automotive company where you can choose the best vehicle for you, you need to read more about each company before you easily choose which the best for you. You can beneficial the internet technology to always update your information about the company and its product, it would help you to get the best vehicle for you.
This entry was posted on December 24, 2011, 10:25 am and is filed under Automobiles Company. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed.
Source: http://www.expressionforum.org/some-best-automotive-companies-for-you.html
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Published: 22 Dec 2011 - 22:16:51
The Senegelese Football Federation (FSF) and the government Sports ministry are embroiled in a bitter dispute which is jeopardising the country's preparation's for next month's Africa Cup of Nations.
The FSF has broken off contact with the ministry in a row over national team coach Amara Traore's contract, local media reported Thursday.
As a result the publication of Senegal's 22-player squad for the January 21-February 14 Nations Cup has been delayed, and two Nations Cup warm-ups this month against Sudan and Tunisia have been cancelled.
The dispute centres on Traore's contract, which ran out on December 15.
Traore has demanded an increase to his 9,000 euros salary but the Sports Minister is refusing his request.
The FSF has also labelled as derisory the government's 152,000 euro grant to prepare the Senegal team for the Nations Cup which is being co-hosted by Equitorial Guinea and Gabon.
FSF president Augustin Senghor told the APS national agency: "If we don't compete in this Nations Cup all the world should know that it wasn't the fault of the Federation."
Senegal are drawn in Group A with Equitorial Guiena, Libya and Zambia.
Source: http://www.football.co.uk/senegal/senegal_football_in_crisis_ahead_of_nations_cup_rss2000957.shtml
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Charlotte Bobcats
Source: http://twitter.com/Bobcats/statuses/150393036239679489
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Snow globes, those favorite vacation souvenirs, let even those who live in warm climates see snow fall. From their vantage point in space, NASA satellites get to see a real snow globe, as they observe the seasonal falls that cover portions of the planet with the white stuff.
A set of observations collected between February 2000 and November 2011 by the Moderate Resolution Imaging Spectroradiometer (MODIS) on NASA's Terra satellite has been stitched together to create an animation of Earth's snow cover over the past decade.
Areas in medium blue have a snow cover of more than zero percent and white areas are covered 100 percent, with other colors ranging in between. Land that appears gray either had no snow cover or was an area not covered by MODIS data. Because MODIS relies on visible light to assess snow cover, the sensor cannot collect data over the highest latitudes of the Northern Hemisphere during winter when no sunlight reaches those regions.
Snow and ice cover most of the Earth's polar regions throughout the year, but the coverage at lower latitudes depends on season and elevation. High-altitude landscapes such as the Tibetan Plateau and the Andes and Rocky Mountains maintain some amount of snow cover almost year round.
Land area is larger and snow cover is more variable in the Northern Hemisphere than in the Southern Hemisphere.
This article was provided by OurAmazingPlanet, a sister site of SPACE.com.
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Contact: Laura Udakis
l.udakis@sgm.ac.uk
44-011-898-81843
Society for General Microbiology
From improving food security to their use as biotechnology power horses, Trichoderma fungi are increasingly being exploited by industry. Current advances in the field are brought together and highlighted in a special issue of Microbiology published online on 27 December.
Trichoderma are free-living fungi widely used in agricultural biotechnology. Some species of Trichoderma are specifically used as biocontrol agents to control plant pathogens including Fusarium species. Their success is partly due to mycoparasitism a lifestyle where one fungus is parasitic on another fungus. Regular use of Trichoderma species on plants can reduce the need to use chemical pesticides. This provides an economic advantage to farmers and helps improve food security.
Trichoderma are naturally found in the soil where they form symbiotic associations with plants. The microbeplant relationship can alter plant gene expression to confer a range of benefits to the plant, including increased resistance to pathogens and abiotic stresses, such as drought and heat. The efficiency of photosynthesis and nitrogen fertilizer uptake can also be improved through altered gene expression. Typically, these genetic changes lead to a net increase in plant growth and productivity.
One member of the genus, Trichoderma reesei, is used as a biotechnological cell factory for the large-scale production of cellulase enzymes (needed for biofuel production) and recombinant proteins. T. reesei is also a widely-used model for studying protein secretion.
Benjamin A. Horwitz (Technion, Israel) and Alfredo Herrera-Estrella (National Laboratory of Genomics for Biodiversity, Mexico), who compiled the issue, hope the collection of papers will be a useful tool for researchers. "This special issue brings together recent work from the Trichoderma research community and a collection of reviews that will hopefully stimulate new work on this fascinating group of fungi," they said. "We hope that this will allow the identification of new opportunities for the exploitation of this microbe's impressive genetic potential."
###
Papers in this special issue focus on:
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Contact: Laura Udakis
l.udakis@sgm.ac.uk
44-011-898-81843
Society for General Microbiology
From improving food security to their use as biotechnology power horses, Trichoderma fungi are increasingly being exploited by industry. Current advances in the field are brought together and highlighted in a special issue of Microbiology published online on 27 December.
Trichoderma are free-living fungi widely used in agricultural biotechnology. Some species of Trichoderma are specifically used as biocontrol agents to control plant pathogens including Fusarium species. Their success is partly due to mycoparasitism a lifestyle where one fungus is parasitic on another fungus. Regular use of Trichoderma species on plants can reduce the need to use chemical pesticides. This provides an economic advantage to farmers and helps improve food security.
Trichoderma are naturally found in the soil where they form symbiotic associations with plants. The microbeplant relationship can alter plant gene expression to confer a range of benefits to the plant, including increased resistance to pathogens and abiotic stresses, such as drought and heat. The efficiency of photosynthesis and nitrogen fertilizer uptake can also be improved through altered gene expression. Typically, these genetic changes lead to a net increase in plant growth and productivity.
One member of the genus, Trichoderma reesei, is used as a biotechnological cell factory for the large-scale production of cellulase enzymes (needed for biofuel production) and recombinant proteins. T. reesei is also a widely-used model for studying protein secretion.
Benjamin A. Horwitz (Technion, Israel) and Alfredo Herrera-Estrella (National Laboratory of Genomics for Biodiversity, Mexico), who compiled the issue, hope the collection of papers will be a useful tool for researchers. "This special issue brings together recent work from the Trichoderma research community and a collection of reviews that will hopefully stimulate new work on this fascinating group of fungi," they said. "We hope that this will allow the identification of new opportunities for the exploitation of this microbe's impressive genetic potential."
###
Papers in this special issue focus on:
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Source: http://www.eurekalert.org/pub_releases/2011-12/sfgm-et122111.php
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Despite recent downswings, gold is projected to reach $3400 in the next few years. And outside economic factors should help it climb even higher
Have yourself a merry little depression.
Skip to next paragraph Bill BonnerBill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind The Daily Reckoning (dailyreckoning.com).
Dow up 45 points. Gold down $9.
We?re still waiting for a major correction in the gold market. Each time one begins, it seems to run out of steam before doing any real damage. At yesterday?s closing price, $1,577, gold is still solidly ahead for the year.
So, where?s the soft spot? Where?s the test? Where will it come from? When?
Don?t worry, dear reader, Mr. Market will test us. He?ll throw his curve ball. We have to be ready.
What if?
?instead of testing us on the downside, he tests us on the upside? This is not a prediction. Just a thought. What if gold suddenly shot up?and looked like it was going to the moon. What would we do?
Citigroup?s metals expert puts a $3,400 price on gold ?in the next year or two.?
Jim Rogers makes a similar forecast.
What if they?re right? We only mention it because The Trickster has more than one trick up his sleeve. And he?s perfectly capable of running the price up to $3,500 BEFORE testing us.
We could get giddy, watching the price of gold hit record after record. And then, just when we think it is ready to scale its final peak, gold could turn tail and run for the valley. We wouldn?t believe it. We would hold on. We would wait for it to go back up.
And then?wouldn?t we feel stupid, if we?d taken that ride all the way to over $3,000?and then rode it all the way back to today?s level? Wouldn?t we be put out with ourselves, if we sold out then?thinking gold had put in its final top and we missed it?
According to the 50% principle?it could hit $3,000?collapse to barely $1,500?and then soar again?possibly going to $5,000?or even $10,000. That?s what we?ll get in the final ?crack up? boom that is coming.
Who knows?
But what we see is more upside than downside for gold. Because the motor pulling gold up still has a lot of gas in the tank.
In the US the feds spend $1.60 for every dollar they raise in taxes. In Europe, the euro-feds prepare to bail out their banks and sovereign debtors.
And guess how much the feds have already spent? They were so desperate to avoid a debt crisis?or a depression?that they threw the throttle wide open on the biggest rescue effort the world has ever seen. Bloomberg calculated that $7.7 trillion were put to work. Our estimate was higher ? about $10 trillion, we guessed.
Well?we were both way off. Here?s the news report:
As part of the Ford Foundation project ?A Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis,? Nicola Matthews and James Felkerson have undertaken an examination of the data on the Fed?s bailout of the financial system ? the most comprehensive investigation of the raw data to date.
The extraordinary scope and magnitude of the recent financial crisis of 2007-09 required an extraordinary response by the Fed in the fulfillment of its lender-of-last-resort function.
The bottom line: a Federal Reserve bailout commitment in excess of $29 trillion.
Whoa! The feds put at risk an amount equal to 200% of US GDP. And for what? So that a depression wouldn?t knock 5% off GDP? Even the Great Depression of the ?30s only set the US back by 30% of GDP. A similar setback today would cost the economy less than $5 trillion.
Do you see what we see? Even if it worked ? which it didn?t ? the feds? efforts would have been a disaster. Who would spend $29 trillion to save $5 trillion?
But wait. There?s more. This assumes that a depression is unnecessary?or that it doesn?t do any good. We know that?s not true. A depression does a lot of good. It wipes out bad investments and eliminates bad speculators. It forces capital into more productive, more profitable uses. It kills off zombie industries. It retires worn-out industries?and reduces costs so that new industries can arise. It?s the ?destruction? that Schumpeter?s ?creative destruction? needs.
The more we think about it, the more we?re beginning to like depressions. After scammy bailouts and bogus recoveries, a depression would be something to look forward to.
Bill Bonner
?for The Daily Reckoning
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LOS ANGELES ? Gregg Barson is a documentarian, not a comedian. But when Jerry Lewis let him know that more than a dozen people were waiting in line to tell his story, Barson offered a persuasive punch line.
"Yeah, but they're not me," was Barson's comeback, followed by a momentary quiver of fear that he'd gone too far with the veteran star.
"He said, `I like that. You know why? Because you remind me of me,'" Barson recalled. That chutzpah-fueled exchange led to "Method to the Madness of Jerry Lewis," debuting 8 p.m. EST Saturday on Starz.
The film focuses on what makes the 85-year-old ? and still working ? Lewis tick as a performer and filmmaker. Those looking for dish on his family life or breakup with stage and screen partner Dean Martin or abrupt departure from the Muscular Dystrophy Association telethon he'd nurtured for six decades won't find it here.
Barson, who describes himself as "in heaven" when he caught a Lewis film on TV as a youngster, said his intent was to focus on Lewis' career from vaudeville on and his contributions to comedy and movies.
Younger people without exposure to Lewis' work likely consider him as "that telethon guy. Hopefully, the film will open their eyes as opposed to thinking he did one thing one day a year," Barson said.
During more than three years of filming, Barson had near-complete access as he followed Lewis from his yacht in San Diego to his home in Las Vegas to concert dates and to the Cannes Film Festival in France, the country that idolizes Lewis as a cinematic genius.
He was good company, Barson said. "He's always up, funny and playful. ... The sparkle, he didn't put in on for the camera. He's being real."
"Method to the Madness," which opens with Jerry Seinfeld, Eddie Murphy and other comedians anointing Lewis as comedy royalty, is an unabashed valentine. It is also a reminder that Lewis inspired rock-star levels of fan devotion, and of how impressively "The Bellboy" (1960) and many other films starring and written and directed by Lewis ruled the box office.
Barson, who made the well-received Phyllis Diller documentary "Goodnight, We Love You," sees parallels between Diller and Lewis, including their work ethic.
"She was 84 when she retired, and he's 85 and still working. They never rest on their laurels," Barson said. "They still care. They're not phoning it in."
And that, he said, is part of Lewis' method: Every aspect of his performance is planned.
"As Eddie Murphy says (in the film), slapstick looks simple but the reason it's been around so long is how well thought out it is," Barson said.
Lewis is pleased with the film. And his health is good, according to the filmmaker, who spills one appropriately quirky personal secret on his subject: "He drinks a lot of orange soda. Maybe that's the fountain of youth."
___
Online:
http://www.starz.com
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