The pickings have been rich this week and as always, you may decide what they tell us of the world in which we now live.
Eqypt/Ethopia explains that our good friend (at billions of dollars) Egypt, now that it is run by the Moslem Brotherhood instead of its old, secular dictator Mubarak, is picking a fight with Ethopia over water while it benignly overlooks increasing attacks on its Christian folk by Moslem extremists. It continues however, to absorb billions of U.S. foreign and military aid that the U.S. has to borrow in order to pay. Is this a good use of U.S. money? Your call!
Detroit Defaults updates us on the results of the emergency manager Michigan has set over the city to, if possible, prevent its bankruptcy. The city will hold off repaying its presently due debt payments and maybe, default on pension obligations. It has, courtesy of the collapse of the auto industry, fallen from 3rd largest to 11th and is still collapsing. Not to mention of course, Flint, Gary, Indiana and several other failed cities in the deindustrialized area. This brings two unwanted realities: First, when default becomes irreversible, the resulting losses will have to be shown on lender’s books, weakening the finances and maybe sending some under. Second, the lenders to local governments will demand higher interest rates to cover the increased risk (it’s been assumed local governments won’t default, which has kept interest low.) If a lot of places have to pay higher interest, taxes will rise to repay it, less will be borrowed and some may be forced to pay off debt they’ve expected to roll over, and they may not have the money to do that. Big Bust!
Doctors tells of a nascent trend for medical practices to go cash-only, meaning no insurance payments accepted. And they charge less than doctors charge insurance companies. It’s said to be cheaper for patients and provide better service, while the doctors do just as well as before. Good for doctors and patients; bad for Obamacare, that needs money from everybody to pay for the sick. Will our caring government allow such market-based experiments to continue?
100 Years points to an interesting view of our U.S. dollar: Our present average individual income is $26,364, which seems pretty small…until compared to the same statistic of a century ago at: $800. Aren’t you glad that, as the government never seems to tire of telling us, there’s no inflation?
The world as we have known it may be ending; two Italian fashion superluminaries, Dolce and Garbana, have been nailed by the Italian government for tax avoidance. In Italia, that’s akin to Mayor Bloomberg sending the heat after a Democratic politician for not drinking enough soda pop. Maybe these ARE the Last Days..
The FBI admitted that it has been using drones to spy on Americans in the U.S. Duh! We learned as kids that Murphy’s Law has never been repealed and we seem to be learning as adults that believing government is done at our own risk…
Congress has sunk low in voter’s esteem; the Republicans even lower than the Democrats. Neither party seems aimed at correcting the situation. The linked charts provide a picture. If American voters really hold such a low opinion of their legislators, why haven’t they been fired and replaced? Hmnn?
Some Catholics replied to the Prez’ comment in Ireland that Catholic and Protestant schools are divisive, though the U.S. clergy and media uh, ‘overlooked’ it. Some reacted by calling it a ‘gaffe’. Dunno myself, bu Sigmund Fraud says…
And finally, ‘Do Not Resuscitate‘ medical orders from doctors are now legal without patient or family consent in Vermont and Maryland, with others pending. As Sarah Palin was crucified in the media for predicting… If we’re really sick, we won’t want to antagonize our doctors, right?
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jcurtisblog 