Hair of the Dog Losing Effectiveness

From Jenna Orkin:

Quote of the day:

We're in the third and fatal stage of a great country - the political stage. In this stage, money and power migrate from the financial community to the political community. The politicians get away with taking trillions out of the productive economy and spending them on their pet projects and private corruptions.

Economic Crisis/Americas
What Happened to American Sovereignty at G-20?
Big Brother in Basel: Are We Trading Our National Sovereignty for Financial Stability?
Well we're trading our national sovereignty for sure. Anyone want to bet we'll get financial stability in return?
ECB Opens the Taps, Cheers Europe
Hair of the dog. Bottoms up.
Bernanke Advocates Bigger Role for Fed
Bernanke Prepares to Defend Record as Debate Over His Reappointment Begins
Emerging-Market Stocks Tumble 10% from Peak; Oil Declines, Yen Strengthens
The 86 Biggest Lies on Wall Street
Transfer of Wealth
Watch Out for a Big Jump in Consumer Prices
Downturn pushing charities over 'the cliff'' (from Rice Farmer)
UK recession to be much worse than forecast

Factoids:

1. All the U.S. coins and bills in general circulation today have a total worth of about $829 billion. 2. Two-thirds of that cash is held overseas.
3. Filthy lucre: In a study last year, researchers found more cocaine residue on U.S. bills than on any other currency.

RGE Monitor: The IMF, the third largest official holder of gold intends to sell 403 tons of its 3217 tons in gold holdings, pending approval from 85% of its members which will likely be given in fall 2009. Any sales will be gradual. IMF gold sales are unlikely to be a negative disruptive factor for the gold market and could be a very positive development if it is purchased by other official investors (central banks) [UBS]

Mexican Cartels Lure US Teens as Killers
Who Are We?
The honeymoon's over. Stirrings of truth at the New York Times, at least on the Op-Ed page.

It was thought by many that a President Obama would put a stop to the madness, put an end to the Bush administration’s nightmarish approach to national security. But Mr. Obama has shown no inclination to bring even the worst offenders of the Bush years to account, and seems perfectly willing to move ahead in lockstep with the excessive secrecy and some of the most egregious activities of the Bush era.
Senator Claire McCaskill's Two Statements on White House's Reasons for IG Firing
The first comment, incisive; the second, apparently appeased.

Intelligence/Terrorism
New Military Command for Cyberspace
Documents Back Saudi Link to Extremists
Trials Seen as Hurting Terror Investigations
How long before we read, "Human Rights Seen as Hurting Profits?"
DOD Considers Protests a Form of Low-Level Terrorism (from Rice Farmer)
CIA Delays Release Of Inspector General Report On Torture
Obama team looks to colleges for future spies, considering spy ROTC program (from Rice Farmer)
Confidential Memo Reveals US Plan to Provoke an Invasion of Iraq (from Rice Farmer)
J. Orkin comment: This is the infamous "U2-reconaissance-plane-painted-in-UN-colors" memo which I have special fondness for as it's the same idea I came up with to solve the Cuban missile crisis when I was a kid.
EU Asks Horse Owners to Pledge Not to Eat Their Horses
The new regulations come into force on July 1. Horses born after this date, and those born before June 30 who have not been issued a horse passport, will also have a microchip implanted.

Resources/Pathogens
Deep in Bedrock, Clean Energy and Quake Fears
Justices Say Waste Can Be Dumped in Lake
Thirst for Profit: Corporate Control of Water in Latin America (from Rice Farmer)
Open your wallet: Electric rates already moving higher to finance new nuclear power (from Rice Farmer)
Guerrilla gardener movement takes root in L.A. area
Is Farming the Root of All Evil?
Possibly, but the guerrilla gardener movement isn't what we mean.
Life-Threatening Disease Is the Price We Pay for Cheap Meat
Thanks to the New York City Peak Oil Meetup for this link.

"If you wanted to create global pandemics, you'd build as many of these factory farms as possible. That's why the development of swine flu isn't asurprise to those in the public health community. In 2003, the AmericanPublic Health Association--the oldest and largest in world--called for amoratorium of factory farming because they saw something like this wouldhappen. It may take something as serious as a pandemic to make us realizethe real cost of factory farming."
In New Theory, Swine Flu Started In Asia, Not Mexico
Pets Pass Superbug to Humans (from Rice Farmer)
Oceans Rising Faster, Polar Caps Melting More Than UN Projections of 2007
Lethal Crop Dusters (from Rice Farmer)

Eurasia
Chavez Asks Russian President to Help Hike Oil Prices
...to $100pb.
Medvedev Trip Looks to Secure Africa's Riches
Tax payments down a third in Russia this year
Hundreds picket Russian embassy in US over Iran elections
Russia helps Taiwan design own fighter jet - report
Russia’s Sberbank shares tumble 19% in 30 minutes
IKEA sues Russian energy suppliers over gas and power shortages
Attack from breakaway Abkhazia damages Georgian power grid
Terrorist leader gunned down in North Caucasus
Cargo branch of Russian Aeroflot goes bankrupt
World Bank Warns Neighbors Of 'Damaging Russian Waves'
Op-Ed Contributor: A Possible Trap Awaits Obama in Moscow
Assassination attempt raises fears of 'new Chechnya'
Window on Eurasia: Wealthier Moscow Teenagers More Inclined to View U.S. as Russia's Enemy
Latvian Firm Accepts Souls as Guarantees for Loans
You're on.

Europe
British workers face 20% cut in pensions
Pensions Crisis to Hit Millions of Workers
Global pensions under stress Data for the last year show assets falling in value and liabilities Switzerland faces sanctions over banking secrecy

Asia
Bleak Forecast Hits Asia Hard
Iran Overtakes Saudi as China's Number One Oil Provider
But Saudi hasn't peaked; they've got enough to last for decades.
OPEC Says Low Oil Prices Could Lead to Underinvestment
Agents say DEA is forcing them illegally to work in Afghanistan (from Rice Farmer)
Afghanistan's Failing Forces
The Pentagon also neglected to keep track of weapons it gave out, like mortars, grenade launchers and automatic rifles. Tens of thousands disappeared, sold to the highest bidder and, in some cases, used against American soldiers.

Comment: I'm shocked that there's gambling in this casino.

The Bush administration planned to increase the Afghan Army from 90,000 troops to 134,000. That still won’t be big enough to secure a vast, rugged country with a larger population than Iraq’s. American planners propose expanding it to as many as 260,000 troops — roughly the size of Iraq’s Army. No decision has yet been made.
US offers Kyrgyzstan $1 billion over Manas air base
In Reversal, Kyrgyzstan Won’t Close a U.S. Base
Baitullah Mesoud's Taliban Rival Killed
Qinagdao Raises Algae Bloom Alert Level to 3
Cities Battling Unwanted Water Life
Japan's industrial electricity demand falls 19.4% in May (from Rice Farmer)