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August 19, 2013

DOOM: Floats like a butterfly, stings like a bee


The basic atom of society is not the individual human being; it is the family. If the family is destroyed, so is society. It’s really just that simple.

Family is society writ small, where one builds basic human capital, social capital, and skills. In Schulz’s calculation, family is a basic, vital economic unit—the X factor. Family builds empathy and self-control, which in turn shapes character. Character fosters human capital (“knowledge, education, habits, willpower”) and social capital (assets “created and maintained by relationships of commitment and trust”), which ultimately generates economic growth. You could practically build a formula out of it.

As grim as the much-touted $16 trillion of national debt is, it's nowhere near the real number. The real number is probably closer to $70 trillion dollars. For perspective, that's about 80% of the total global economic output for an entire year. Raise your hands, now: who thinks that this mind-boggling sum will ever be repaid in full?

The “foodstamps for cash” pipeline. Wasn’t SNAP supposed to end this problem?

Does it really come as any surprise to anyone who is not completely deluded that China is overstating their GDP? I've never bought into the myth that the 21st century is the "Chinese century". Chinese history is basically a long, sad tale of China almost succeeding and then finding ways to fail. I don't think this era will be any different.

Has there ever been a time when being poor didn’t suck? This is still a better time to be poor than any other time in human history.

The really bad news behind the drop in jobless claims.

Cisco to 4000 workers: BAM!

The pension tsunami is engulfing towns, counties, states. The latest victim: Contra Costa county. California is so boned.

Speaking of California being boned: the teen unemployment rate in California is now right around 33%.

When I say that municipal bankruptcies can lead to unexpected problems, this is what I’m talking about.

Just a reminder; the Euro crisis is not over. Did anyone really think that it was, though?

So...this is where we’re at. The USA can’t even make money any more. Literally.

What the government thinks inflation is, and what it really is.

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posted by Monty at 08:10 AM

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