On tepid volume the market broke through the symbolic 1700 level, then started dropping. Was this the peak? Is it all downhill from here? I dunno, I continue to think many parts of our economy are strong, but now consumer confidence is starting to take a hit.
Japan's debt just hit a quadrillion yen - that's a million billion yen. I don't know what this means, except it's a really seriously huge number. Roughly speaking their national debt is about equal to ours, except their GPD is about a third of ours. Can they ever pay this off? Sure. Just print a million billion-yen notes and hand them out. This would be quite inflationary, but then so are all their other choices. You know those cartoons where the coyote stands on air until he looks down. . . yah, a lot of the world's economies are starting to look a little bit like that.
July's household employment survey shows that part-time jobs rose 174,000, while full-time ones increased 92,000. Since the start of the year, part- time employment is up 731,000, while full-time has risen 222,000. The data show that since the record high peak in employment during November 2007, full- time jobs are still down 5.8 million, while part-time jobs are up 3.5 million to a record high. The biggest losers of full-time jobs since November 2007 have been 25- to 54-year olds, with a loss of 7.7 million. Over this same period, this group has gained only 864,000 part-time jobs. Meanwhile the over-55 group has more or less recovered. We're building a lost generation. Young women are definitely starting to notice - I point to working groups in McDonalds and other stores and note something like, "One man, eight women. Who do you date? Who will you marry? Do you know any 20-something men who know anything besides X-Box?" The response I get is uniform serious concern and "I don't know." Well, my generation worked pretty hard and got mostly chewed up and spit out by the family court system; our sons did not fail to notice this.
Christopher Mahoney, former vice-chairman of credit rating agency Moody's, recently said, "Why is the Right so in love with hard money, low inflation, and high unemployment? Here is my answer: because they do not believe that there is such a thing as a free lunch. You could spread out a smorgasbord of caviar, salmon, lobster and Dom Perignon, and they would turn their heads and eat a cheese sandwich. Reflation is easy and thus sinful. It's that Protestant thing. The only people who understand monetary policy are Jews and Catholics." I think it's noteworthy that all our Fed chairmen for 40+ years have been Jewish, and our Supreme Court is currently all Jew and Catholics. I was raised Lutheran, that most German of the protestant religions, and my personal motto is TANSTAAFL: There Ain't No Such Thing As A Free Lunch. It's clear to me there will be a price for all this easy money, and I intend that neither my children nor I will pay it.
China is sending their first ships through the Arctic, they just left port this week. This route promises to cut shipping time from China to Europe from 6 weeks to 4, compared to using the Suez Canal. Personally, I'm against this: China has raped their own country, ecologically speaking, and I see no reason why they should be allowed to rape the pristine Arctic by dumping their ship exhaust and waste and making a bunch of engine noise just to lower their shipping costs. The Arctic route isn't quite open yet; it will be in a couple more weeks, then remain open for September and October. Last year it was also open for much of August and a bit of November. Remember, these are the people who have poisoned their two major rivers to the point where they're unsafe for even wading and no fish live in them; their air pollution cuts an estimated 5.5 years off their life expectancy; and their powdered milk infant formulas kill their own children. Their track record makes it painfully clear that they don't value the lives and health of their own children, so how can they be trusted anywhere else?
Bees make honey, the only food that never spoils. A good lab can look at the remaining pollen in honey and tell you where it was made: Washington, Wisconsin, Maine, where ever. Unless the honey is super-filtered to get all the pollen out. Now that Monsanto's genetically modified corn has killed off a bit over half the bee hives in the US this year alone, where do we get our honey? Interesting question. Honey shipments from China to the US are up enormously, leading many to believe the new super-filtering is to keep us from knowing that most of our honey is now blended with Chinese stocks. China's fish is contaminated with heavy metals, their processed foods are slow death; I don't want any Chinese food in my body, period.
Some time ago I noted that Europe had fallen below their long term trend line and established a new trend line, parallel but lower. The cost of the banking crises is the area between these two curves, and so long as they're parallel the long term cost is infinite. Well, not only have they failed to generate growth to get back to the original trend line, their latest recession has thrown them off the new trend line and apparently onto another parallel line, even lower than the previous one. The cost of the banking crisis is now double infinite.
Just the last couple of years I've noticed an increase in women in my community wearing a hajib - a scarf covering their hair. About a week ago I saw my first ever muslim woman in the US wearing a burka - the black dress / head piece with a small slit for the eyes. I got to wondering, so I looked into this. I quickly learned two things: muslim immigration has doubled under Obama, there are now just short of 3,000,000 legal muslim immigrants in the US; I can't confirm illegals but estimates run to another 3 million. Other nations that have been doing this for longer than us aren't doing so well. Norway finds they spend an average of $713,740 on each muslim immigrant. What did their money buy them? In 2010, every single assault rape in Norway was committed by a muslim. Sweden does better: only 85% of their rapes are committed by muslim immigrants.
Meanwhile the muslim presence in Europe continues to grow, with several countries now reporting that half or more of their births are to muslims. This will end very poorly: muslims are expected to achieve a voting majority in several Euro countries starting in about 2030 and continuing through 2070 or so. Statistic show clearly that most muslim immigrants to Europe have no job skills and no intent of obtaining job skills. Casual interviews with immigrants result in statements like "My mother got a job, but we were no better off than we were on welfare, so she's only worked one year out of sixteen." What's next? Sharia will spread to the point where it gets to be a major part of the legal system of the various countries; young Europeans will flee even faster, and there will be no one working to pay the welfare. In Arabia oil money has trained the muslims that all they need do is bow and breed. Europeans to date have given them the same effective message. This is going to end very badly: riots, fires, out of control inflation, and eventually the complete collapse of French, Belgium, Danish, Holland and perhaps even German society.
Monday evening I was reading, and all the sudden my phone went off like there was a nuclear attack somewhere. Then a woman's voice came out of my phone, she wanted to tell me about an amber alert. I had no idea my phone was wired up like this. Personally, I despise amber alerts: they're sold to us as trying to rescue poor little kidnapped children, but they never bother to tell us that over half of the amber alerts are non-custodial fathers trying to see their children. Another third are mothers. I'm disgusted that I'm supposed to think terrorists are on the loose because of a custody fight. Anything to get us fearful and juiced up. . .
I've been advertising for an office manager. Wow. What an experience. Spelling and tenses flying fast and furious: "re: Job Oppurtunity," "I seen your ad," "Experince onboarding new managers." Anyone know what onboarding is? Is that a preliminary to water boarding? If so I might approve of it as an "experince" for new managers. I guess hitting that "spell check" button is too complicated. Lotsa government workers looking for a job - personally, I believe that after working for a major union or government for more than a few years you've lost the ability to understand work. Several people with BA degrees in "women's studies" or "diversity studies;" I figure this is a walking lawsuit. And I got at least 5 resume attachments that I couldn't figure out how to open. I got well over 100 resumes in the first 24 hours. Of course my first job was to delete at least 80% of them spending no more than about two minutes per - grossly unfair, but the very fact I'm looking to hire means I really don't have the 8 hours I might use to do justice. Maybe if I had more experince at this I could onboard someone more effecintly.