get high for free

slate | It continues to be totally off the radar of prominent politicians, but polls indicate that large and growing numbers of Americans are open to the idea of legalizing marijuana. Gallup broke ground last fall with the first-ever poll showing 50 percent of respondents nationwide wanting to legalize, and a more precisely worded poll from Rasmussen in May had 56 percent in favor of “legalizing marijuana and regulating it in a similar manner to the way alcohol and tobacco cigarettes are regulated today.” Thus far those polls are outliers, and most surveys show more voter skepticism than that. But as elderly voters are more pot-phobic than the young, legalization’s support is likely to increase over time and surely it will work its way onto the national agenda sooner or later.

There’s been relatively little analysis of what a legal marijuana industry might look like. One key but little-appreciated fact is that, according to persuasive research by Jonathan Caulkins, Angela Hawken, Beau Kilmer, and Mark Kleiman in their new book Marijuana Legalization: What Everyone Needs To Know, is that legal pot would be amazingly cheap. In fact, midgrade stuff would be so cheap that it might make sense for businesses to give it away like ketchup packets or bar nuts.

Conventional thinking about pot pricing is often dominated by people’s experience buying weed in legal or quasi-legal settings such as a Dutch “coffee shop” or a California medical marijuana dispensary. But this is badly misleading. Neither California nor the Netherlands permit growing or wholesale distribution of marijuana as a legal matter. If pot were fully legal, its growth, distribution, and marketing would work entirely differently.

chromosomal evidence of your species near demise...,

slate | How did having 46 chromosomes then spread worldwide? It’s possible that having two fewer chromosomes than everyone else gave Guy and Doll’s family a whopping evolutionary advantage, allowing them to out-compete the 48-chromosome sluggards. But probably not. More likely, they happened to be living at a point when the human race nearly got wiped out.

Take your pick for the cause of our near-extinction—ice ages, plagues, Indonesian gigavolcanoes. But humans have far less genetic diversity than most other species, and the most reasonable explanation for this is a genetic bottleneck: a severe reduction in the population of humans in the past, perhaps multiple times. One study suggested that our population, worldwide, might have dropped as low as 40 adults. (The world record for fitting people in a phone booth is 25.) That’s an outlandishly pessimistic guess even among disaster scientists, but it’s common to find estimates of a few thousand adults, below what some minor league baseball teams draw. Consider that these humans might not have been united in one place, but scattered into small, isolated pockets around Africa, and things look even shakier for our future. Had the Endangered Species Act existed way back when, human beings might have been the equivalent of pandas and condors.

But however alarming, bottlenecks and near-extinctions aren’t necessarily all bad. With less competition around, a beneficial brain-boosting gene, say, could have an easier time spreading. And those who slip through the bottleneck become big Darwinian winners, because whatever genes those dumb-lucky survivors have can spread far and wide. Guy and Doll were likely two of those survivors, and they bequeathed to the rest of us our unique arrangement of 46 chromosomes.

global system of hopsin supremacy

Fist tap Dale.

reschedule psilocybin, MDMA, and cannabis?

Fist tap Dale.

study finds voters overwhelmingly want big defense spending cuts

nationaljournal | Americans of all stripes have had enough of massive Pentagon budgets and want significant cuts in defense spending, according to new survey data released on Monday.

In Republican and Democratic districts across the country, 74 percent and 80 percent of respective voters said they want less defense spending, the study found.

On average, voters indicated that they wanted a budget for fiscal 2013 that would be nearly 20 percent less than current defense spending.

With $645 billion enacted for total defense spending this year, the average voter’s preferred budget for next year, an 18 percent cut, would translate into a $116 billion savings—money lawmakers trying to balance the budget could sorely use.

The study’s results will disappoint defense hawks and industry officials fighting against spending cuts, especially those claiming to protect defense jobs in their districts.

Voters participated in an April survey that first presented and explained competing arguments for higher or lower defense spending. Some results of that survey have previously been released. But the authors dived into a deeper examination of party differences and found no statistically significant separation of attitudes on defense spending cuts between Republicans and Democrats. Moreover, voters in districts with or without defense industry jobs overwhelmingly said they want the federal government to spend less.

“The idea that Americans’ would want to keep total defense spending up so as to preserve local jobs is not supported by the data,” said Steven Kull, director of the Program for Public Consultation, which conducted the survey with the Stimson Center and the Center for Public Integrity, a nonprofit investigative journalism group.

“It is the largest rigging of prices in the history of the world, by many orders of magnitude.”

global fight for natural resources 'has only just begun

guardian | The global battle for natural resources – from food and water to energy and precious metals – is only beginning, and will intensify to proportions that could mean enormous upheavals for every country, leading academics and business figures told a conference in Oxford on Thursday.

Sir David King, former chief scientific adviser to the UK government, who convened the two-day Resource 2012 conference, told the Guardian: "We are nowhere near realising the full impact of this yet. We have seen the first indications – rising food prices, pressure on water supplies, a land grab by some countries for mining rights and fertile agricultural land, and rising prices for energy and for key resources [such as] metals. But we need to do far more to deal with these problems before they become even more acute, and we are not doing enough yet."

Countries that are not prepared for this rapid change will soon – perhaps irrevocably – lose out, with serious damage to their economies and way of life, the conference was told.

Amartya Sen, a Nobel prize-winning economist, said that the free market would not necessarily provide the best solution to sharing out the world's resources. Governments would need to step in, he said, to ensure that people had access to the basics of life, and that the interests of businesses and the financial markets did not win out over more fundamental human needs.

Sen has played a key role as an academic in showing how the way resources are distributed can impact famine and surplus more than the actual amount of resources, that are available, particularly food.

David Nabarro, special representative for food security and nutrition at the United Nations Special, defended the outcomes of last month's Rio+20 conference – a global summit that was intended to address resource issues and other environmental problems, including pollution, climate change and the loss of biodiversity, all of which are likely to have knock-on effects that will exacerbate resource shortages.

Many observers criticised the governments represented at Rio+20 for failing to adopt any clear targets and initiatives on key environmental problems, saying it was a wasted opportunity.

But Nabarro said there had been important successes – that governments had agreed to strive for the elimination of hunger and more sustainable agriculture, including an emphasis on small farmers, improvements in nutrition (in both developed and developing countries), and cutting the harmful waste of resources that is currently plaguing economies.

it's very brown right now, ain't no grass at all...,

CNN | The pool is closed in Warrenton, Missouri. Cattle ponds are drying up in Arkansas. Illinois is in danger of losing its corn crop.

Even the mighty Mississippi River is feeling low amid what the National Climatic Data Center reported Monday is the largest drought since the 1950s.

How the drought could hit your wallet

The center said about 55% of the country was in at least moderate short-term drought in June for the first time since December 1956, when 58% of the country was in a moderate to extreme drought.

The hot, dry weather in June, which ranked as the third-driest month nationally in at least 118 years, according to the center, made the problem worse. The portion of the country suffering from severe to extreme short-term drought dramatically expanded in June, up to nearly 33% from 23% the month before.

WLUK: Tree farmers battle drought

Illinois Gov. Pat Quinn called it a "natural disaster of epic proportions."

"We've never see a drought like this and we have to make sure we do something about it," he said, calling on Congress to expedite passage of the farm bill. Quinn said seven more counties will be designated Monday as disaster areas, in addition to 26 already on the list, and farmers can apply for federal relief funds.

In Arkansas -- where the National Drought Mitigation Center reported that ranchers are having to haul water for cattle because ponds have dried out and wells can't keep up with demands -- 83-year-old retired farmer Don Hudson said this is about the worst he's ever seen it.

"It's very brown right now, ain't no grass at all," he said. "We're still feeding hay because the cows aren't even going out to graze."

In all, 71% of the country was classified as abnormally dry or worse as of June, the climate agency said, citing data from the National Drought Mitigation Center at the University of Nebraska.

That's double one year ago, according to agency statistics.

Mayans may offer insight on drought management

The worst-hit areas are the southern to central Rockies, the central Plains states and the Ohio Valley, the National Climatic Data Center said.

corn seen rallying to record $8.50 as drought kills crops

Businessweek | Corn may rally to a record $8.50 a bushel as the worst U.S. drought in decades cuts production in the world’s biggest exporter, driving global stockpiles lower, according to broker Newedge USA LLC.

The U.S. harvest may drop to 11.8 billion bushels (299.7 million metric tons), said Dan Cekander, director of grain research, who correctly predicted in March that soybeans would trade at the most expensive level relative to corn since 2010. Cekander’s output forecast is 29.75 million tons less than the latest estimate from the U.S. Department of Agriculture, and would be the smallest crop since 2006-2007. Futures traded as high as $7.89 yesterday, near the $7.9925 record set in 2008.

The drought is baking farms from Arkansas to Ohio, reducing yields, after frosts followed by drought cut wheat harvests in the former Soviet Union, prompting the United Nations and the USDA to pare estimates for world grain harvests. Dimming corn- crop prospects in the U.S. may push global food costs higher, the Food & Agriculture Organization said earlier this month.

“If it doesn’t start raining the rest of July, you’re going to have a significant shortfall here in production,” said Cekander, a fourth-generation farmer who grows corn and soybeans in Illinois, the second-largest U.S. grower of both crops. “That would put the 2012-2013 world corn carry-out below last year,” he said, referring to year-end stockpiles.
Soybeans Climb

Corn for December delivery gained 0.2 percent to $7.73 on the Chicago Board of Trade at 12:51 p.m. in Singapore, erasing a drop of 1 percent. Since reaching the year’s low in June, the grain has rallied 53 percent. November-delivery soybeans, trading at $15.905 a bushel, reached $16.07 yesterday, the highest price since 2008.

Corn yields will probably drop to 134.9 bushels an acre as crop conditions deteriorate, Cekander said in an interview yesterday, forecasting prices of $8.25 to $8.50 for December futures. That compares with the USDA estimate of 146 bushels, and a forecast of 138 bushels from AccuWeather.com. Last year’s harvest was 12.36 billion bushels, with a yield of 147.2 bushels.

“The fear is that the U.S. corn yield will decline to 125 to 130 bushels per acre if hot and dry weather persists through mid-August,” Cekander said. The 11.8 billion-bushel harvest estimate is based an area of 87.5 million acres (35.4 million hectares), lower than the USDA’s 88.9 million acres, he said.

About 55 percent of the contiguous U.S. states were in moderate-to-extreme drought at the end of June, the highest since December 1956, according to the National Climatic Data Center. USDA ratings for corn and soybeans as of July 15 were the worst for that time of year since a drought in 1988.

on modern servitude

predator nation

cafeamericain | Chapter 1 (an excerpt)

WHERE WE ARE NOW

MANY BOOKS HAVE ALREADY been written about the financial crisis, but there are two reasons why I decided that it was still important to write this one.
The first reason is that the bad guys got away with it, and there has been stunningly little public debate about this fact. When I received the Oscar for best documentary in 2011, I said: “Three years after a horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail. And that’s wrong.” When asked afterward about the absence of prosecutions, senior Obama administration officials gave evasive nonanswers, suggesting that nothing illegal occurred, or that investigations were continuing. None of the major Republican presidential candidates have raised the issue at all.

As of early 2012 there has still not been a single criminal prosecution of a senior financial executive related to the financial crisis. Nor has there been any serious attempt by the federal government to use civil suits, asset seizures, or restraining orders to extract fines or restitution from the people responsible for plunging the world economy into recession. This is not because we have no evidence of criminal behavior. Since the release of my film, a large amount of new material has emerged, especially from private lawsuits, that reveals, through e-mail trails and other evidence, that many bankers, including senior management, knew exactly what was going on, and that it was highly fraudulent.

But even leaving this crisis aside, there is now abundant evidence of widespread, unpunished criminal behavior in the financial sector. Later in this book, I go through the list of what we already know, which is a lot. In addition to the behavior that caused the crisis, major U.S. and European banks have been caught assisting corporate fraud by Enron and others, laundering money for drug cartels and the Iranian military, aiding tax evasion, hiding the assets of corrupt dictators, colluding in order to fix prices, and committing many forms of financial fraud. The evidence is now overwhelming that over the last thirty years, the U.S. financial sector has become a rogue industry. As its wealth and power grew, it subverted America’s political system (including both political parties), government, and academic institutions in order to free itself from regulation. As deregulation progressed, the industry became ever more unethical and dangerous, producing ever larger financial crises and ever more blatant criminality. Since the 1990s, its power has been sufficient to insulate bankers not only from effective regulation but even from criminal law enforcement. The financial sector is now a parasitic and destabilizing industry that constitutes a major drag on American economic growth.

frottage fever and a date with the reaver...,

visibleorigami | It becomes increasingly harder to know what to say; to find that there is anything to say. Obviously it has already been said and the same people not paying attention then are not paying attention now. It's not my alarm clock and it's not my world, that so many are attached to living in. I want the straightest route out of Dodge, too many people want a condo in the center of town. The town expands, intent on drowning the outskirts with its unbearable presence. Implosion looms. Empty rockers rock, in empty rooms.

The density of the spider's web, is conversely equivalent to the density of the web inside the victims heads. Shelob's and she hurls, inky darkness, to swallow the world in night and they're all curled up in their beds of doom, sleep tight. Sleep tight. Tight is the word, tightly wrapped and strapped down by the web. These are the things we dream about. These are the things we dread. It all seemed so nice in the Formica life, till the bombs went off in our heads.

So, it's like that, chattering on in unfortunate rhyme. It seems it amounts to no more than passing the time, while passing through. The same people keep assaulting their associates, like they think there's some light at the end of that tunnel, on that losing proposition. Where they think that is going to take them and what their payoff is, I can't guess. Seek and ye shall find it is the operative consideration but it appears simply finding what is already there, or fabricated to suit them will do. Diminishing returns doesn't seem to factor in. They just keep diminishing, until even the one they are returning to is gone. Maybe that's fitting in any case.

It just makes me tired to see it. Picayune wars, devoid of the conscience that would restrain them, seems to be the order of the day. If you can't come to terms with it or move past it, then you might as well kill it and off yourself in the bargain. I can't see the payoff, I really can't and my words fall on deaf ears, when seeking to reach the aggressive principals, no doubt making myself a target in the bargain. Any time I try to make the peacemaker I get a peacemaker stuck in my ribs, making anything but peace and accompanied by the sentiment that I rest in pieces.

debt slavery 2012: judicially sanctioned extortion racket

NYTimes | Three years ago, Gina Ray, who is now 31 and unemployed, was fined $179 for speeding. She failed to show up at court (she says the ticket bore the wrong date), so her license was revoked.

When she was next pulled over, she was, of course, driving without a license. By then her fees added up to more than $1,500. Unable to pay, she was handed over to a private probation company and jailed — charged an additional fee for each day behind bars.

For that driving offense, Ms. Ray has been locked up three times for a total of 40 days and owes $3,170, much of it to the probation company. Her story, in hardscrabble, rural Alabama, where Krispy Kreme promises that “two can dine for $5.99,” is not about innocence.

It is, rather, about the mushrooming of fines and fees levied by money-starved towns across the country and the for-profit businesses that administer the system. The result is that growing numbers of poor people, like Ms. Ray, are ending up jailed and in debt for minor infractions.

“With so many towns economically strapped, there is growing pressure on the courts to bring in money rather than mete out justice,” said Lisa W. Borden, a partner in Baker, Donelson, Bearman, Caldwell & Berkowitz, a large law firm in Birmingham, Ala., who has spent a great deal of time on the issue. “The companies they hire are aggressive. Those arrested are not told about the right to counsel or asked whether they are indigent or offered an alternative to fines and jail. There are real constitutional issues at stake.”

Half a century ago in a landmark case, the Supreme Court ruled that those accused of crimes had to be provided a lawyer if they could not afford one. But in misdemeanors, the right to counsel is rarely brought up, even though defendants can run the risk of jail. The probation companies promise revenue to the towns, while saying they also help offenders, and the defendants often end up lost in a legal Twilight Zone.

porn is NOT glamorous....,

recognizing civic virtue

57 more reasons non-violence must always be eschewed...,

WSJ | A ceaseless self-promoter, Gandhi bought up the entire first edition of his first, hagiographical biography to send to people and ensure a reprint. Yet we cannot be certain that he really made all the pronouncements attributed to him, since, according to Mr. Lelyveld, Gandhi insisted that journalists file "not the words that had actually come from his mouth but a version he ­authorized after his sometimes heavy editing of the transcripts."

We do know for certain that he ­advised the Czechs and Jews to adopt nonviolence toward the Nazis, saying that "a single Jew standing up and ­refusing to bow to Hitler's decrees" might be enough "to melt Hitler's heart." (Nonviolence, in Gandhi's view, would apparently have also worked for the Chinese against the Japanese ­invaders.) Starting a letter to Adolf ­Hitler with the words "My friend," Gandhi egotistically asked: "Will you listen to the appeal of one who has ­deliberately shunned the method of war not without considerable success?" He advised the Jews of Palestine to "rely on the goodwill of the Arabs" and wait for a Jewish state "till Arab ­opinion is ripe for it."

In August 1942, with the Japanese at the gates of India, having captured most of Burma, Gandhi initiated a ­campaign designed to hinder the war effort and force the British to "Quit ­India." Had the genocidal Tokyo regime captured northeastern India, as it ­almost certainly would have succeeded in doing without British troops to halt it, the results for the Indian population would have been catastrophic. No fewer than 17% of Filipinos perished under Japanese occupation, and there is no reason to suppose that Indians would have fared any better. Fortunately, the British viceroy, Lord Wavell, simply imprisoned Gandhi and 60,000 of his followers and got on with the business of fighting the Japanese.

Gandhi claimed that there was "an exact parallel" between the British ­Empire and the Third Reich, yet while the British imprisoned him in luxury in the Aga Khan's palace for 21 months ­until the Japanese tide had receded in 1944, Hitler stated that he would simply have had Gandhi and his supporters shot. (Gandhi and Mussolini got on well when they met in December 1931, with the Great Soul praising the Duce's "service to the poor, his opposition to super-urbanization, his efforts to bring about a coordination between Capital and ­Labour, his passionate love for his people.") During his 21 years in South Africa (1893-1914), Gandhi had not opposed the Boer War or the Zulu War of 1906—he raised a battalion of stretcher-bearers in both cases—and after his return to India during World War I he offered to be Britain's "recruiting agent-in-chief." Yet he was comfortable opposing the war against fascism.

Although Gandhi's nonviolence made him an icon to the American civil-rights movement, Mr. Lelyveld shows how ­implacably racist he was toward the blacks of South Africa. "We were then marched off to a prison intended for Kaffirs," Gandhi complained during one of his campaigns for the rights of ­Indians settled there. "We could understand not being classed with whites, but to be placed on the same level as the ­Natives seemed too much to put up with. Kaffirs are as a rule uncivilized—the convicts even more so. They are troublesome, very dirty and live like animals."

sshhh....,

let's draft our kids...,

NYTimes | In late June, Gen. Stanley A. McChrystal, the former commander of international forces in Afghanistan, called for reinstating the draft. “I think if a nation goes to war, every town, every city needs to be at risk,” he said at the Aspen Ideas Festival. “You make that decision and everybody has skin in the game.”

This was the first time in recent years that a high-profile officer has broken ranks to argue that the all-volunteer force is not necessarily good for the country or the military. Unlike Europeans, Americans still seem determined to maintain a serious military force, so we need to think about how to pay for it and staff it by creating a draft that is better and more equitable than the Vietnam-era conscription system.

A revived draft, including both males and females, should include three options for new conscripts coming out of high school. Some could choose 18 months of military service with low pay but excellent post-service benefits, including free college tuition. These conscripts would not be deployed but could perform tasks currently outsourced at great cost to the Pentagon: paperwork, painting barracks, mowing lawns, driving generals around, and generally doing lower-skills tasks so professional soldiers don’t have to. If they want to stay, they could move into the professional force and receive weapons training, higher pay and better benefits.

Those who don’t want to serve in the army could perform civilian national service for a slightly longer period and equally low pay — teaching in low-income areas, cleaning parks, rebuilding crumbling infrastructure, or aiding the elderly. After two years, they would receive similar benefits like tuition aid.

And libertarians who object to a draft could opt out. Those who declined to help Uncle Sam would in return pledge to ask nothing from him — no Medicare, no subsidized college loans and no mortgage guarantees. Those who want minimal government can have it.

Critics will argue that this is a political non-starter. It may be now. But America has already witnessed far less benign forms of conscription. A new draft that maintains the size and the quality of the current all-volunteer force, saves the government money through civilian national service and frees professional soldiers from performing menial tasks would appeal to many constituencies.

sounds like chicago....,

NYTimes | Everybody thinks they are countercultural rebels, insurgents against the true establishment, which is always somewhere else. This attitude prevails in the Ivy League, in the corporate boardrooms and even at television studios where hosts from Harvard, Stanford and Brown rail against the establishment.

As a result, today’s elite lacks the self-conscious leadership ethos that the racist, sexist and anti-Semitic old boys’ network did possess. If you went to Groton a century ago, you knew you were privileged. You were taught how morally precarious privilege was and how much responsibility it entailed. You were housed in a spartan 6-foot-by-9-foot cubicle to prepare you for the rigors of leadership.

The best of the WASP elites had a stewardship mentality, that they were temporary caretakers of institutions that would span generations. They cruelly ostracized people who did not live up to their codes of gentlemanly conduct and scrupulosity. They were insular and struggled with intimacy, but they did believe in restraint, reticence and service.

Today’s elite is more talented and open but lacks a self-conscious leadership code. The language of meritocracy (how to succeed) has eclipsed the language of morality (how to be virtuous). Wall Street firms, for example, now hire on the basis of youth and brains, not experience and character. Most of their problems can be traced to this.

If you read the e-mails from the Libor scandal you get the same sensation you get from reading the e-mails in so many recent scandals: these people are brats; they have no sense that they are guardians for an institution the world depends on; they have no consciousness of their larger social role.

The difference between the Hayes view and mine is a bit like the difference between the French Revolution and the American Revolution. He wants to upend the social order. I want to keep the current social order, but I want to give it a different ethos and institutions that are more consistent with its existing ideals.

sounds like kansas city...,

CBSNews | Chicago is in the grips of a deadly gang war. At least 275 people have been killed in the city so far this year and many more have been shot, many of them innocent bystanders to the gang violence. Among the latest victims were 12- and 13-year-old girls shot Tuesday night. They survived.

Sgt. Matt Little leads one of the teams in Chicago's Gang Enforcement Unit. There are about 200 such officers in the city-- versus 100,000 gang members.

"Almost all the violence we're seeing now is from the gangs," Little said. "When there's a shooting we'll respond to the shooting. We'll figure out where we believe the most likely area for retaliation is and we'll work that area trying to both prevent retaliation and possibly build a case on offenders."

CBS News rode along with Little's team as dusk fell on poor neighborhoods of vacant lots and high anxiety.

"The gangs have lost their hierarchy, so to speak, and without a chain of command, there's really nobody keeping things in check," Little said. The leaders are mostly in prison -- or dead. Those left are young, reckless, and often terrible shots.

banksters are sociopaths hired, fired and directed by the inherited rich to execute shock doctrine

nakedcapitalism | Last week, the British press was in full-throated cry on the Libor scandal , both as a political story (the connections to the Conservative party; the questions over the Bank of England’s role) and for its economic repercussions (who else was involved, who wound up on the losing side). Many commentators took note of the Economist’s cover:

But despite the dramatic image and the use of the pejorative “banksters,” the article combined some helpful analysis with a call not to act against banks in haste:

The attempts to rig LIBOR (the London inter-bank offered rate), a benchmark interest rate, not only betray a culture of casual dishonesty; they set the stage for lawsuits and more regulation right the way round the globe. This could well be global finance’s “tobacco moment”.

The dangers of this are obvious. Popular fury and class- action suits are seldom a good starting point for new rules. Yet despite the risks of banker-bashing, a clean-up is in order, for the banking industry’s credibility is shot, and without trust neither the business nor the clients it serves can prosper….

Translation: don’t do too much while tempers are hot. Yet this stance also happens to be the one used again and again by incumbents and lobbyists: drag out discussions of what to do until the public’s attention has moved elsewhere. As Frank Partnoy recounted in his book Infectious Greed, this strategy was particularly effective in the 1994 derivatives wipeout, which destroyed more wealth than the 1987 crash. A series of investigations and hearings in the end produced close to nothing because the banking industry was able to drag out the process, and then argue that things were back to normal, so why were any changes needed?

LIBOR was a criminal conspiracy from the start...,

automaticearth | So far, everybody who's said anything about the Libor rigging affair appears to have been lying. And if Nouriel Roubini can call for "somebody hanging in the streets", I can at least call for all the Libor liars to go to jail for it. AND lose all their money, benefits, pensions, everything.

And while we’re at it, why not also throw in jail anyone who suggests that Barclays "might not" have been the only bank rigging the rates. Might not? As if Barclays could have manipulated Libor significantly all on its own?! Against scores of other major banks reporting their daily rates?!

Look, when calculating Libor rates, the British Bankers Association (BBA) throws out the 4 highest and 4 lowest of rates reported by 18 banks. Hence, one single bank cannot possibly manipulate rates down; that is, not on its own. The only way this could have worked, it's pure and simple math, is if a substantial number of banks were involved. A majority of them, to be precise.

Indeed, it is worse than that: all the evidence over the past week, if not long before, suggests that Libor was set up the way it was, BECAUSE the idea was to make it prone to manipulation. It was a criminal conspiracy from the start, and a whole slew of regulators and politicians were in on it. And still are.

Bankers were left free, legally, to call each other every morning and set Libor rates where it suited them. There was no outside control. None.

Why, and why did it happen when it did? You could make a solid case that the 1986 beginnings of Libor fall seamlessly in line with the - true - advent of the derivatives markets, where Libor manipulation is the most lucrative for the banking industry. And all politicians and regulators at the very least looked the other way, deliberately. They will continue to do so, if given half a chance. Let's not give it to them.

Here's a little timeline:

mass psychosis in the u.s.?

aljazeera | Has America become a nation of psychotics? You would certainly think so, based on the explosion in the use of antipsychotic medications. In 2008, with over $14 billion in sales, antipsychotics became the single top-selling therapeutic class of prescription drugs in the United States, surpassing drugs used to treat high cholesterol and acid reflux.

Once upon a time, antipsychotics were reserved for a relatively small number of patients with hard-core psychiatric diagnoses - primarily schizophrenia and bipolar disorder - to treat such symptoms as delusions, hallucinations, or formal thought disorder. Today, it seems, everyone is taking antipsychotics. Parents are told that their unruly kids are in fact bipolar, and in need of anti-psychotics, while old people with dementia are dosed, in large numbers, with drugs once reserved largely for schizophrenics. Americans with symptoms ranging from chronic depression to anxiety to insomnia are now being prescribed anti-psychotics at rates that seem to indicate a national mass psychosis.

It is anything but a coincidence that the explosion in antipsychotic use coincides with the pharmaceutical industry's development of a new class of medications known as "atypical antipsychotics." Beginning with Zyprexa, Risperdal, and Seroquel in the 1990s, followed by Abilify in the early 2000s, these drugs were touted as being more effective than older antipsychotics like Haldol and Thorazine. More importantly, they lacked the most noxious side effects of the older drugs - in particular, the tremors and other motor control problems.

The atypical anti-psychotics were the bright new stars in the pharmaceutical industry's roster of psychotropic drugs - costly, patented medications that made people feel and behave better without any shaking or drooling. Sales grew steadily, until by 2009 Seroquel and Abilify numbered fifth and sixth in annual drug sales, and prescriptions written for the top three atypical antipsychotics totaled more than 20 million. Suddenly, antipsychotics weren't just for psychotics any more.

License to Kill: The Hon.Bro.Preznit Double-O

esquire | Sure, we as a nation have always killed people. A lot of people. But no president has ever waged war by killing enemies one by one, targeting them individually for execution, wherever they are. The Obama administration has taken pains to tell us, over and over again, that they are careful, scrupulous of our laws, and determined to avoid the loss of collateral, innocent lives. They're careful because when it comes to waging war on individuals, the distinction between war and murder becomes a fine one. Especially when, on occasion, the individuals we target are Americans and when, in one instance, the collateral damage was an American boy.

You are a good man. You are an honorable man. You are both president of the United States and the winner of the Nobel Peace Prize. You are both the most powerful man in the world and an unimpeachably upstanding citizen. You place a large premium on being beyond reproach. You have become your own deliberative body, standing not so much by your decisions as by the process by which you make them. You are not only rational; you are a rationalist. You think everything through, as though it is within your power to find the point where what is moral meets what is necessary.

You love two things, your family and the law, and you have surrounded yourself with those who are similarly inclined. To make sure that you obey the law, you have hired lawyers prominent for accusing your predecessor of flouting it; to make sure that you don't fall prey to the inevitable corruption of secrecy, you have hired lawyers on record for being committed to transparency. Unlike George W. Bush, you have never held yourself above the law by virtue of being commander in chief; indeed, you have spent part of your political capital trying to prove civilian justice adequate to our security needs. You prize both discipline and deliberation; you insist that those around you possess a personal integrity that matches their political ideals and your own; and it is out of these unlikely ingredients that you have created the Lethal Presidency.

You are a historic figure, Mr. President. You are not only the first African-American president; you are the first who has made use of your power to target and kill individuals identified as a threat to the United States throughout your entire term. You are the first president to make the killing of targeted individuals the focus of our military operations, of our intelligence, of our national-security strategy, and, some argue, of our foreign policy. You have authorized kill teams comprised of both soldiers from Special Forces and civilians from the CIA, and you have coordinated their efforts through the Departments of Justice and State. You have gradually withdrawn from the nation building required by "counterinsurgency" and poured resources into the covert operations that form the basis of "counter-terrorism." More than any other president you have made the killing rather than the capture of individuals the option of first resort, and have killed them both from the sky, with drones, and on the ground, with "nighttime" raids not dissimilar to the one that killed Osama bin Laden. You have killed individuals in Afghanistan, Iraq, Pakistan, Yemen, Somalia, and Libya, and are making provisions to expand the presence of American Special Forces in Asia, Africa, and Latin America. In Pakistan and other places where the United States has not committed troops, you are estimated to have killed at least two thousand by drone. You have formalized what is known as "the program," and at the height of its activity it was reported to be launching drone strikes in Pakistan every three days. Your lethality is expansive in both practice and principle; you are fighting terrorism with a policy of preemptive execution, and claiming not just the legal right to do so but the legal right to do so in secret. The American people, for the most part, have no idea who has been killed, and why; the American people — and for that matter, most of their representatives in Congress — have no idea what crimes those killed in their name are supposed to have committed, and have been told that they are not entitled to know.

This is not to say that the American people don't know about the Lethal Presidency, and that they don't support its aims. They do. They know about the killing because you have celebrated — with appropriate sobriety — the most notable kills, specifically those of Osama bin Laden and Anwar al-Awlaki; they support it because you have asked for their trust as a good and honorable man surrounded by good and honorable men and women and they have given it to you. In so doing, you have changed a technological capability into a moral imperative and have convinced your countrymen to see the necessity without seeing the downside. Politically, there is no downside. Historically, there is only the irony of the upside — that you, of all presidents, have become the lethal one; that you, of all people, have turned out to be a man of proven integrity whose foreign and domestic policies are less popular than your proven willingness to kill, in defense of your country, even your own countrymen ... indeed, to kill even a sixteen-year-old American boy accused of no crime at all.

harold ford jr. smirking sociopath posterboy for the psychopathocracy

salon | Harold Ford, Jr. is the walking, breathing embodiment of virtually everything rotted and corrupt about the American political class. He entered Congress at the age of 26 only by virtue of nepotistic benefits: while in law school, he ran for the seat long held by his father of the same name (he then promptly failed the test for admission to the Tennessee bar). In Congress, he voted for de-regulation of Wall Street (which helped precipitate the 2008 financial crisis); to authorize the Iraq War (and then harshly criticized Democrats who opposed it and refused to admit its error even as late as 2007); in favor of a Constitutional amendment to ban same-sex marriages (The Advocatebranded him “anti-gay”); and was one of the few Democrats to support the credit-card-industry-demanded bankruptcy “reform” bill that made it harder for impoverished consumers to discharge consumer debt.

After Tennessee voters drove him from Congress by rejecting his 2006 Senate bid, Ford immediately cashed in on his servitude to Wall Street and peddled his D.C. influence by becoming Vice Chairman and Senior Policy Adviser of Merrill Lynch. During Ford’s tenure, “Merrill Lynch nearly collapsed, was bailed out by US taxpayers, and went through a troubled merger with Bank of America,” yet he nonetheless received $2 million a year in guaranteed salary plus what were almost certainly substantial annual bonuses. He left what had become Bank of America Merrill to become a Senior Managing Director at Morgan Stanley, at which time he bought a $3 million co-op in Manhattan. Upon leaving Congress, Ford also cashed in by becoming the last Chairman of the corporatist Democratic Leadership Council (“last” because, typifying his career, the DLC ceased to exist under his leadership). He cashed in further by becoming a Fox News contributor, until he left for MSNBC.

peak oil oppositional disorder: neurosis or psychosis?

cluborlov | The latest version of the Diagnostic and Statistical Manual of Mental Disorders (DSM) has grown to include 297 disorders, but it seems that there is always room for one more.

Richard Heinberg recently published an article that addresses various recent claims that Peak Oil is no longer a concern. His term for the phenomenon is “peak denial.” It sounds good, and dovetails nicely with Richard's overall theme of “peak everything.” It's a thoughtful piece that does a thorough job of exposing the surreal nature of the optimists' projections, and I have no issues with his argument. I do, however, have an issue with his terminology. First, since denial does not happen to be a nonrenewable resource with a characterizable depletion profile, its peak, should we detect one, is not particularly meaningful, because it could just as easily peak again tomorrow and then again next century. Second, I suspect that “denial” is no longer the right word to describe the social phenomenon we are currently observing. I think that Ugo Bardi pointed us in the right direction: in his article reacting to George Monbiot's assertion that "We were wrong about peak oil, there is enough to fry us all," Ugo characterized Monbiot's approach to Peak Oil using another word: “delusion.”

If you feel that the distinction between denial and delusion is just a minor, innocuous terminological difference—a gratuitous splitting of hairs on my part—then pardon me while I whip out my Sigmund Freud: in The Loss of Reality in Neurosis and Psychosis [1924] he wrote the following: “Neurosis does not disavow the reality, it ignores it; psychosis disavows it and tries to replace it.” [p. 185] What psychosis replaces reality with is delusion.

Let's take this one step at a time. Denial is where you know something full well (e.g., that there is a finite amount of economically recoverable oil and that we have already burned through about half of it) but refuse to consider it as important. Denial is symptomatic of neurosis. Neurotics are not considered particularly dangerous; they can be quite annoying, and they can sometimes pose a threat to themselves, but they are, in general, not considered to pose a threat to society. They can also be quite charming: Woody Allen parlayed his neuroses into a successful acting/directing career. (In German the title of his film Annie Hall is Stadtneurotiker—“urban neurotic.”)

Delusion, on the other hand, is symptomatic of psychosis. Now, when was the last you ran across a charming, urbane, popular, successful psychotic? Back to Freud: old Sigmund distinguishes two types of thinking: there is secondary process thinking—the good kind—the domain of the well-adjusted, socialized self, grounded in consensual reality, reasonableness, rationality and logic. And then there is primary, or archaic process thinking—the bad kind—the product of obsession, compulsion, hallucination and... here we go... delusion. The path that leads from neurosis to psychosis is a regression toward a more primitive, archaic, infantile self. Take your typical neurotic (refuses to face Peak Oil, spouts gibberish about it when pressed), put that neurotic through a terrible, ego-destroying crisis, and that individual may regress and lapse into psychosis.

What happens to individuals also happens to entire societies. Take a neurotic Peak Oil-denying industrial civilization, put it through a terrible global financial crisis, tell it that economic growth is over forever, and what you get a psychotic, delusional industrial civilization.

peak denial

postcarbon | There is nothing but “Sad News for Peak Oil Disciples” these days, according to the Financial Post.

The latest example: Leonardo Maugeri, a fellow in the Geopolitics of Energy Project at the Kennedy School’s Belfer Center for Science and International Affairs—and a long-time critic of Peak Oil analysis—has just published a new report, “Oil: The Next Revolution,” in which he forecasts a sharp increase in world oil production capacity and the risk of an oil price collapse. His report has triggered a spate of press articles with titles like “No Peak Oil In Sight”, “Potential U.S. Oil Boom shakes Up Energy Politics,” and “Peak Oil Is Simply Not a Threat Anymore.”

These follow on the heels of a string of other articles touting increasing production of oil from “tight” shale deposits in the US—pieces with titles like “Has Peak Oil Peaked?” and “Is ‘Peak Oil’ Idea Dead?” And those in turn ride the slipstream of Daniel Yergin’s widely feted book The Quest, which provided last year’s fodder for an anti-Peak Oil media frenzy.

The recent deluge of cornucopian triumphalism has provoked a few thoughtful responses, including, “Has Peak Oil Idea . . . Peaked?” and “Is Peak Oil Dead?”, both of which carefully sift the evidence and conclude that world oil production is better understood when viewed through the depletionist lens than through the rose-colored glasses of the Peak Oil naysayers.

No doubt peakists will continue to produce thoughtful, well-reasoned, and fact-filled articles elucidating the precariousness of global energy supplies. Nevertheless, the sheer number and media prominence of “No Peak Oil” pieces (in the Wall Street Journal and New York Times, and even on NPR) is having an effect. Depletionist sites are seeing declining web traffic. And while far more people now have heard of Peak Oil than was the case just a few years ago, many mistakenly believe that its core assertion has somehow been “debunked.”

roubini's perfect storm now fully under way...,

eft | Dominique de Kevelioc de Bailleul: What Zerohedge stated is a “must watch 9 minutes of reality,” Dr. Doom Nouriel Roubini, Monday, broke the bad news about the global economy to Bloomberg News. That day, the day that everyone has been hoping to avoid is now unavoidable. No later than 2013, the world will know how hard the collapsing Ponzi scheme will crash, which, according to him, will be much worse than 2008, if that can be imagined following nearly seven decades of successful central banking policy maneuvers.

But first, Roubini discussed the historically-rooted social/political implications of the next crisis. Since the beginning of recorded historical events, money changes have been a root of social decay, crime, political oppression, revolutions and wars. In the end, reforms and a new start are made, but not until revenge is exacted on the scourge of society—the bankers.

“Bankers are greedy; they’ve been greedy for the last hundreds of years,” said the 53-year-old self-described “global nomad.” “It’s not a question if they are more immoral today then they were a thousand years ago, you have to make sure they behave in ways in which you minimize those risks.

“One way of doing it is to separate activities, so you minimize the conflicts of interest,” he added. “Otherwise, this thing is going to happen over and over again.”

When asked for his opinion about the best way to manage banker greed, criminal activity and immoral behavior, Roubini didn’t mince words, a refreshing departure from comments made by analysts dependent upon the Wall Street/Washington circle of friends for a paycheck. Criminal behavior should be punished through appropriate and sanctioned criminal proceedings, according to him. That assessment comes following Barclay’s ‘crime of the century’, in which, it appears no one will be criminally prosecuted for jury rigging an estimated $100 trillion worth of debt securities marked to LIBOR+.

“Well, they [jail sentences] should occur, because no one has gone in jail since the global financial crisis for any of these things,” he said in a matter-of-fact manner. “The banks do things that are illegal, at best, a slap you know, a fine. Some people will end up in jail, maybe that will teach a lesson to somebody. Yeah, or maybe someone hanging on the streets.”

As far as the media and ‘official’ portrayal of the crisis, it’s all propaganda, cover up and lies, according to many financial analysts led by ‘On the Edge’ host Max Keiser, Euro Pacific Capital’s Peter Schiff, economist Marc Faber and commodities trader Jim Rogers. Roubini strongly agrees with these men.

“Things have become worse, not become better,” stated Roubini, in direct contradiction to senior ‘officials’ at the European parliament and a complicit media from both sides of the Atlantic. “Nothing has changed.”

japan: machine orders drop, current account surplus shrinks 63%

bloomberg | Japan’s current-account surplus was the smallest for the month of May since at least 1985 and machinery orders fell the most in more than a decade.

The excess in the widest measure of trade shrank 63 percent from a year earlier to 215.1 billion yen ($2.7 billion), the Ministry of Finance said in Tokyo today. The median estimate of 24 economists surveyed by Bloomberg News was for a surplus of 493.1 billion yen. Machinery orders, an indicator of capital spending, fell 14.8 percent in May from the previous month, the Cabinet Office said, the biggest drop since 2001.

Japan’s trade position has weakened due to growing energy imports after last year’s earthquake and nuclear meltdown and also the yen’s gain of 4.9 percent against the dollar since mid- March. Prime Minister Yoshihiko Noda gave approval for a restart of reactors at the Ohi nuclear plant, which resumed power generation last week, to avoid power shortages and rolling blackouts over the summer.

“Today’s machinery order drop is very large, and it may be a signal that Japanese companies are becoming cautious about investment” amid concern about a global economic slowdown, said Hiroaki Muto, a senior economist at Sumitomo Mitsui Asset Management in Tokyo. “Though exports have been slumping, we don’t expect Japan to have any major trade deficit.”

The yen traded at 79.73 against the dollar as of 2:32 p.m. in Tokyo. The Nikkei 225 Stock Average (NKY) slid 1.2 percent. Tokyo Electron Ltd. (8035) fell 5.8 percent after the company last week said orders in April-June period fell 28 percent.

serious administrative courage in the face of profoundly anti-democratic skullduggery

eff | EFF Asks Court to Reject Stale State Secret Arguments So Case Can Proceed

San Francisco - Three whistleblowers – all former employees of the National Security Agency (NSA) – have come forward to give evidence in the Electronic Frontier Foundation's (EFF's) lawsuit against the government's illegal mass surveillance program, Jewel v. NSA.

In a motion filed today, the three former intelligence analysts confirm that the NSA has, or is in the process of obtaining, the capability to seize and store most electronic communications passing through its U.S. intercept centers, such as the "secret room" at the AT&T facility in San Francisco first disclosed by retired AT&T technician Mark Klein in early 2006.

"For years, government lawyers have been arguing that our case is too secret for the courts to consider, despite the mounting confirmation of widespread mass illegal surveillance of ordinary people," said EFF Legal Director Cindy Cohn. "Now we have three former NSA officials confirming the basic facts. Neither the Constitution nor federal law allow the government to collect massive amounts of communications and data of innocent Americans and fish around in it in case it might find something interesting. This kind of power is too easily abused. We're extremely pleased that more whistleblowers have come forward to help end this massive spying program."

The three former NSA employees with declarations in EFF's brief are William E. Binney, Thomas A. Drake, and J. Kirk Wiebe. All were targets of a federal investigation into leaks to the New York Times that sparked the initial news coverage about the warrantless wiretapping program. Binney and Wiebe were formally cleared of charges and Drake had those charges against him dropped. Fist tap Arnach.

hush now....,

Fist tap Dale.

hypersonics - the new stealth

darpa | DARPA’s research and development in stealth technology during the 1970s and 1980s led to the world’s most advanced radar-evading aircraft, providing strategic national security advantage to the United States. Today, that strategic advantage is threatened as other nations’ abilities in stealth and counter-stealth improve. Restoring that battle space advantage requires advanced speed, reach and range. Hypersonic technologies have the potential to provide the dominance once afforded by stealth to support a range of varied future national security missions.

Extreme hypersonic flight at Mach 20 (i.e., 20 times the speed of sound)—which would enable DoD to get anywhere in the world in under an hour—is an area of research where significant scientific advancements have eluded researchers for decades. Thanks to programs by DARPA, the Army, and the Air Force in recent years, however, more information has been obtained about this challenging subject.

“DoD’s hypersonic technology efforts have made significant advancements in our technical understanding of several critical areas including aerodynamics; aerothermal effects; and guidance, navigation and control,” said Acting DARPA Director, Kaigham J. Gabriel. “but additional unknowns exist.”

Tackling remaining unknowns for DoD hypersonics efforts is the focus of the new DARPA Integrated Hypersonics (IH) program. “History is rife with examples of different designs for ‘flying vehicles’ and approaches to the traditional commercial flight we all take for granted today,” explained Gabriel. “For an entirely new type of flight—extreme hypersonic—diverse solutions, approaches and perspectives informed by the knowledge gained from DoD’s previous efforts are critical to achieving our goals.”

To encourage this diversity, DARPA will host a Proposers’ Day on August 14, 2012, to detail the technical areas for which proposals are sought through an upcoming competitive broad agency announcement.

“We do not yet have a complete hypersonic system solution,” said Gregory Hulcher, director of Strategic Warfare, Office of the Under Secretary of Defense for Acquisition, Technology and Logistics. “Programs like Integrated Hypersonics will leverage previous investments in this field and continue to reduce risk, inform development, and advance capabilities.”

The IH program expands hypersonic technology research to include five primary technical areas: thermal protection system and hot structures; aerodynamics; guidance, navigation, and control (GNC); range/instrumentation; and propulsion.

suburbs: everyday I'm struggalin, everyday I'm struggalin

NYTimes | Hardship has built a stronghold in the American suburbs. Whatever image they had as places of affluence and stability was badly shaken last year, when reports analyzing the 2010 census made it clear that the suburbs were getting poorer.

While the overall suburban population grew slightly during the previous decade, the number of people living below the poverty line in the suburbs grew by 66 percent, compared with 47 percent in cities. The trend quickened when the Great Recession hit, as home foreclosures and unemployment surged. In 2010, 18.9 million suburban Americans were living below the poverty line, up from 11.3 million in 2000.

It is possible to see this struggle just beyond New York City in a quintessentially suburban place, Long Island. There have long been pockets of poverty there, created by race and income segregation. But it is not just in pockets anymore. These days the struggle has metastasized: foreclosed homes are just as empty in the better-off subdivisions, with the same weed-choked yards, plywood windows and mold-streaked clapboard siding.

Long Island’s two counties, Nassau and Suffolk, have the second- and third-highest foreclosure rates in New York State, behind Queens. Debt counselors across the island juggle a mix of clients: immigrant families undone by predatory lenders and middle-class professionals impoverished by illness, layoffs or credit-card bills. Families who once donated food now wait in line to receive it at pantries that empty out week after week. Homeless women with children move in with relatives or into motels, the government-paid shelters of last resort.

The deepening of suburban poverty is putting new strains on government agencies, parish outreach programs and other institutions in the suburbs’ gauzy safety net. At the Suffolk County Department of Social Services, which handles programs like food stamps, Medicaid, emergency housing and cash assistance, needs have increased across the board.

The number of food stamp cases reached 40,699 in April, compared with 26,193 two years ago. Almost 195,000 people in a county of 1.54 million are on Medicaid. More people are asking for help to cover emergency bills for rent or heat; more than 10,500 did so in the first quarter of 2012, an 8 percent increase over 2010. The county’s emergency-housing caseload hit a 10-year peak in January, with 488 families and 261 individuals living in shelters and motels.

But the Social Services Department has not been able to stay ahead of demand. It has been under a court order since 2009 to shorten egregious delays in processing applications for food stamps and Medicaid. The average wait for Medicaid applicants fell to 29 days last year from 83 days in 2007, but that is still bad. One of the groups that brought the lawsuit, the Empire Justice Center, is planning to go back to court to force the county to meet its obligations.

These services apply primarily to the poorest Long Islanders, many of whom earn less than the federal poverty line ($22,113 for a family of four) and qualify for government aid. Those above that income level often don’t qualify. About 468,000 people in Suffolk and Nassau, out of a total population of about 2.7 million, live in households earning up to 200 percent of the poverty line, or about $45,000 a year for a family of four. They are barely scraping by, but are often ineligible for programs like food stamps and subsidized housing and child care because their incomes are too high.

In May and June, a commission set up by the Suffolk Legislature held hearings on poverty. County and nonprofit officials warned of problems on multiple fronts — of hundreds of working parents losing subsidized child care, for example; of low-paid social-service employees buried under growing caseloads while heading toward the brink of poverty themselves.

This month, the county announced that because of reduced state aid, it was tightening day-care eligibility rules for the third time in six months. Up to 1,200 families may be losing child care in summer, the worst possible time.

The suburbs were not designed for the poor. And even now, local governments are not equipped to see, much less answer, a lot of their needs.

time to stop whining and start breaking bad...,

WaPo | Michelle Amaral wanted to be a brain scientist to help cure diseases. She planned a traditional academic science career: PhD, university professorship and, eventually, her own lab.

But three years after earning a doctorate in neuroscience, she gave up trying to find a permanent job in her field.

Dropping her dream, she took an administrative position at her university, experiencing firsthand an economic reality that, at first look, is counterintuitive: There are too many laboratory scientists for too few jobs.

That reality runs counter to messages sent by President Obama and the National Science Foundation and other influential groups, who in recent years have called for U.S. universities to churn out more scientists.

Obama has made science education a priority, launching a White House science fair to get young people interested in the field.

But it’s questionable whether those youths will be able to find work when they get a PhD. Although jobs in some high-tech areas, especially computer and petroleum engineering, seem to be booming, the market is much tighter for lab-bound scientists — those seeking new discoveries in biology, chemistry and medicine.

“There have been many predictions of [science] labor shortages and . . . robust job growth,” said Jim Austin, editor of the online magazine ScienceCareers. “And yet, it seems awfully hard for people to find a job. Anyone who goes into science expecting employers to clamor for their services will be deeply disappointed.”

One big driver of that trend: Traditional academic jobs are scarcer than ever. Once a primary career path, only 14 percent of those with a PhD in biology and the life sciences now land a coveted academic position within five years, according to a 2009 NSF survey. That figure has been steadily declining since the 1970s, said Paula Stephan, an economist at Georgia State University who studies the scientific workforce. The reason: The supply of scientists has grown far faster than the number of academic positions.

Research jobs slashed

The pharmaceutical industry once was a haven for biologists and chemists who did not go into academia. Well-paying, stable research jobs were plentiful in the Northeast, the San Francisco Bay area and other hubs. But a decade of slash-and-burn mergers; stagnating profit; exporting of jobs to India, China and Europe; and declining investment in research and development have dramatically shrunk the U.S. drug industry, with research positions taking heavy hits.

Since 2000, U.S. drug firms have slashed 300,000 jobs, according to an analysis by consulting firm Challenger, Gray & Christmas. In the latest closure, Roche last month announced it is shuttering its storied Nutley, N.J., campus — where Valium was invented — and shedding another 1,000 research jobs.

“It’s been a bloodbath, it’s been awful,” said Kim Haas, who spent 20 years designing pharmaceuticals for drug giants Wyeth and Sanofi-Aventis and is in her early 50s. Haas lost her six-figure job at Sanofi-Aventis in New Jersey last year. She now works one or two days a week on contract at a Philadelphia university. She dips into savings to make ends meet.

“Scads and scads and scads of people” have been cut, Haas said. “Very good chemists with PhDs from Stanford can’t find jobs.”

WILLIAMS!!!! ...accept no substitutes....,

the first wave of the world's collapsing cities

edro | Below table lists the world’s cities that are likely to collapse completely or partially by or before 2012¹ in the first wave of collapse. The collapse would be caused by a combination of failing ecosystems, human-enhanced environmental catastrophes; failing infrastructure; food, water and fuel shortages; infectious disease; war, civil conflict and other dynamics. Following the first phase of collapse, massive waves of human migration from the affected areas create a domino effect that causes the collapse of the remaining population centers shortly after.

Is your city safe?

To prevent misuse of data, commercial exploitation, or property speculation, the project coordinators are withholding names and specific details of the first phase of world’s collapsing cities until further notice. See table below for general information.

Important Notice:

1. The date “2012” is based on the dynamic model simulations analyzing the environmental impact of excessive energy consumption. The CASF Committee and Members do NOT endorse Mayan Calendar, any New Age, ancient, or bible prophecies whatever.

how stockton went broke

Reuters | * City manager: Retirees' healthcare "a Ponzi scheme"

* Police officers can retire at 50 years old with pension

* No early signs of alarm about city's fiscal mismanagement

* Stockton's fortunes linked to housing boom and bust

The man in charge of the biggest U.S. city ever to file for bankruptcy is clear about the root of the crisis.

It was a decision that gave firefighters full healthcare in retirement starting on Jan. 1, 1996, s aid Bob Deis, the city manager of Stockton, California.

At the time, the move seemed cheaper than giving pay raises s ought by unions, officials involved in the decision said. When other Stockton employees demanded the same healthcare deal in following years, the city agreed.

Deis, who signed Stockton's bankruptcy filing last Thursday, s lammed the decision to provide free healthcare to retirees as a "Ponzi scheme" that eventually left the city with a whopping $417 million liability.

Before the turn of the millennium, things looked very different in California.

The U.S. stock market was booming, bolstering Stockton's p ension funds. Real estate values were about to soar, too, bringing a flood of new tax revenue to the once quiet farming town of about 300,000 people - abo ut 85 miles east of San Fran c isco - in California's Central Valley.

THE TRADE-OFF

To counter demands for wage hikes from city workers in the 1990s, Stockton offered to extend their health insurance in retirement past age 65 - a benefit they embraced and assumed to be rock solid until the insolvent city's officials put it on the chopping block in a bankruptcy plan last week.

"It was a balancing act," said Dwane Milnes, Stockton's city manager at the time. "The unions wanted retiree medical ... We said if you want to continue your medical for current employees and retirees, you'll have to do it through wage containment."

Milnes, who represented Stockton's retirees in recent talks with City Hall, said the strategy was sound at the time.

"We were satisfied that based on a conservative view of the economy and based on the medical inflation rate we were experiencing in the 1990s, the city could adequately fund retiree medical."

80% of the world's industrial activity is now contracting

zerohedge | Tomorrow's NFP may or may not beat expectations, following some modestly better than expected employment-related data points (then again last month NFP was again supposed to come in solidly above 100K only to cross below the critical threshold), but keep one thing in mind: with the average June seasonal adjustment being a deduction of over 1 million jobs, several tens of thousands in marginal absolute job numbers + or - will be nothing but statistical noise. Furthermore, with seasonality playing such a huge role tomorrow, it is quite likely that merely the ongoing seasonal giveback will result in June being yet another subpar month. And that does not even take into account the quality assessment of the job number, which if recent trends are any indication, will be another record in part-time jobs at the expense of full-time jobs. Yet no matter where the NFP data ends up, the following chart from David Rosenberg puts a few thousand job into perspective, showing that regardless of how many part-time jobs the US service industry has added, there is a far greater problem currently developing in the world: "We now have 80% of the world posting a contraction in industrial activity." This is the second worst since the great financial crisis and only matched by last fall, when in response Europe launched a $1.3 trillion LTRO and the Fed commenced Operation Twist. Now except the occasional rate drop out of the PBOC or modest QE expansion out of the BOE (not to mention the Bank of Kenya's rate cut earlier), there is no real, unsterilized flow of money coming from central bank CTRL-P macros to stabilize the global economy. Which leaves open the question: just where will the latest spark to rekindle global growth come from? And no, 10 hours a week waitressing jobs in Topeka just won't cut it.