CNN/Fortune: “Is this finally the economic collapse?”
August 12th, 2010Via: CNN:
The Great Depression. Wall Street in 1987. Japan in 1997. Points of economic collapse are generally crystal clear in the rear-view mirror. Professional politicians in Japan have been telling stories for 20 years as to why they can prevent economic stagnation. In the US, the storytelling started in 2007. All the while, stock market and real-estate prices have repeatedly rallied to lower-highs, then collapsed again, to lower-lows.
Despite the many differences between Japan and the US, there is one similarity that continues to matter most in the risk management model my colleagues and I use at Hedgeye, our research firm — debt as a percentage of GDP. Now that the US can’t cut interest rates any lower, the only option left on the table is what the Fed just announced it would start doing — buying Treasury debt. And that could lead the country to the brink of collapse: According to economists Carmen Reinhart & Ken Rogoff, whose views we share, crossing the 90% debt/GDP threshold is the equivalent of crossing the proverbial Rubicon of economic growth. It’s a point from which it’s almost impossible to return.
U.S. Judge OKs Confession Extracted by Threatening Suspect with Rape
August 12th, 2010Via: Raw Story:
In one of the first military commissions held under the Obama administration, a US military judge has ruled that confessions obtained by threatening the subject with rape are admissible in court.
The case involves Omar Ahmed Khadr, a citizen of Canada who was apprehended in Afghanistan when he was 15 years old and has remained in Guantanamo Bay for the last seven years awaiting trial for terrorism and war crimes.
Independent Scientists Face Restrictions When Trying to Conduct Research in Areas Affected by BP Incident
August 12th, 2010This is absolutely ridiculous.
Via: The Scientist:
I want to collect data to answer scientific questions absent a corporate or governmental agenda. I won’t collect data specifically to support the government’s lawsuit against BP nor will I collect data only to be used in BP’s defense. Whereas I think damage assessment is important, it’s my job to be independent — to tell an accurate, unbiased story. But because I choose not to work for BP’s consultants or NRDA, my job is difficult and access to study sites is limited.
In southern Alabama back in late May, my PhD student’s ant samples were taken away by a US Fish and Wildlife officer at a publicly accessible state Wildlife Management Area because our project hadn’t been approved by Incident Command (also called the Deepwater Horizon Response Unified Command — which is a joint program of BP and federal agencies, such as the Coast Guard, the Department of the Interior, and the Bureau of Ocean Energy Management, assembled to respond to problems related to the April 20 blowout).
We’ve had similar experiences in south Louisiana, where our research trip was halted after driving more than 150 miles to a study site. On the way to our sampling sites in Grand Isle, LA, were turned away by a sheriff’s deputy blocking the road who said that he was told to allow no one who wasn’t associated with BP or NRDA to pass that point. We’ve also been blocked by the Wisner Trust, one of the largest private land owners of marsh habitat in Louisiana, who in the past allowed LSU researchers access to their property. The lawyer representing the trust indicated that they are coordinating over 700 different people associated with BP and NRDA and that they simply cannot approve access for anyone else.
Related: DOJ Gags Scientists Studying BP Disaster
Federal Workers Earning Double Their Private Counterparts
August 12th, 2010Via: USA Today:
At a time when workers’ pay and benefits have stagnated, federal employees’ average compensation has grown to more than double what private sector workers earn, a USA TODAY analysis finds.
Federal workers have been awarded bigger average pay and benefit increases than private employees for nine years in a row. The compensation gap between federal and private workers has doubled in the past decade.
Federal civil servants earned average pay and benefits of $123,049 in 2009 while private workers made $61,051 in total compensation, according to the Bureau of Economic Analysis. The data are the latest available.
More Foreclosures, More Bank Failures, Big Trouble for the FDIC
August 11th, 2010Via: Yahoo Finance:
The U.S. housing market continues to send mix signals. More homes continue to enter foreclosure but the number of homeowners carrying so-called “under water mortgages,” declined in the second quarter, Zillow.com reported Monday.
21.5% of homeowners owed more on their mortgage than their home was worth in the second quarter, that’s down from 23.3% in the first quarter and 23% a year ago.
“There are a lot homes caught up in mortgage modifications,” explains Richard Suttmeier of ValuEngine.com, which he says results in a temporary stability in home prices. The key word: temporary.
“There’s waves of more foreclosures coming in the housing market because very few of the HAMP modifications are becoming permanent,” he says.
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The ‘negative feedback loop’ is going to lead to more bank failures and that leads to another problem – a lack of money in the FDIC Insurance Fund.
Cryptogon Reader Sends $20
August 11th, 2010MW sent $20. Thank you.
‘John Doe’ Who Fought FBI Spying Partially Freed From Gag Order After 6 Years
August 11th, 2010Via: Wired:
The owner of an internet service provider who mounted a high-profile court challenge to a secret FBI records demand has finally been partially released from a 6-year-old gag order that forced him to keep his role in the case a secret from even his closest friends and family. He can now identify himself and discuss the case, although he still can’t reveal what information the FBI sought.
Nicholas Merrill, 37, was president of New York-based Calyx Internet Access when he received a so-called “national security letter” from the FBI in February 2004 demanding records of one of his customers and filed a lawsuit to challenge it. His company was a combination ISP and security consultancy business that was launched in the mid-90s and had about 200 customers, Merrill said, many of them advertising agencies and non-profit groups.
Despite the fact that the FBI later dropped its demand for the records, Merrill was prohibited from telling his fiancée, friends or family members that he had received the letter or that he was embroiled in a lawsuit challenging its legitimacy. He occasionally showed up for court hearings about the case, but sat silently in the audience with other court observers. In 2007, he was prevented from publicly accepting an award for his courage from the American Civil Liberties Union, because he was not allowed to identify himself as the plaintiff in the case.
U.S. District Judge Victor Marrero in New York finally released Merrill partially from the gag order (.pdf) on July 30, which Merrill revealed publicly only on Monday.
Cars Hacked Through Wireless Tire Sensors
August 11th, 2010Via: Ars:
The tire pressure monitors built into modern cars have been shown to be insecure by researchers from Rutgers University and the University of South Carolina. The wireless sensors, compulsory in new automobiles in the US since 2008, can be used to track vehicles or feed bad data to the electronic control units (ECU), causing them to malfunction.
Earlier in the year, researchers from the University of Washington and University of California San Diego showed that the ECUs could be hacked, giving attackers the ability to be both annoying, by enabling wipers or honking the horn, and dangerous, by disabling the brakes or jamming the accelerator.
The new research shows that other systems in the vehicle are similarly insecure. The tire pressure monitors are notable because they’re wireless, allowing attacks to be made from adjacent vehicles. The researchers used equipment costing $1,500, including radio sensors and special software, to eavesdrop on, and interfere with, two different tire pressure monitoring systems.
NASA: Future Strategic Issues: Detonate Seabed Methane to “Produce Tactical/Strategic Level Tidal Waves Against Littoral Regions”
August 11th, 2010Here’s a 1999 New Zealand Herald article about the development of a tsunami bomb in the 1940s:
Top-secret wartime experiments were conducted off the coast of Auckland to perfect a tidal wave bomb, declassified files reveal.
An Auckland University professor seconded to the Army set off a series of underwater explosions triggering mini-tidal waves at Whangaparaoa in 1944 and 1945.
Professor Thomas Leech’s work was considered so significant that United States defence chiefs said that if the project had been completed before the end of the war it could have played a role as effective as that of the atom bomb.
Details of the tsunami bomb, known as Project Seal, are contained in 53-year-old documents released by the Ministry of Foreign Affairs and Trade.
Papers stamped “top secret” show the US and British military were eager for Seal to be developed in the post-war years too. They even considered sending Professor Leech to Bikini Atoll to view the US nuclear tests and see if they had any application to his work.
He did not make the visit, although a member of the US board of assessors of atomic tests, Dr Karl Compton, was sent to New Zealand.
“Dr Compton is impressed with Professor Leech’s deductions on the Seal project and is prepared to recommend to the Joint Chiefs of Staff that all technical data from the test relevant to the Seal project should be made available to the New Zealand Government for further study by Professor Leech,” said a July 1946 letter from Washington to Wellington.
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It is unclear what happened to Project Seal once the final report was forwarded to Wellington Defence Headquarters late in the 1940s.
The bomb was never tested on a full scale, and Mr Kirton doubts that Aucklanders would have noticed the trials.
“Whether it could ever be resurrected … Under some circumstances I think it could be devastating.”
Now, the material below is from 2001.
Does anyone understand how the submerged methane hydrate deposits might be weaponized to produce a tsunami?
Via: Defense Technical Information Center:
Training and Testing for Future Strategic Issues/Future Warfare [CIRCA 2025] by Dennis M. Bushnell, NASA Langley Research Center
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SOME INTERESTING POSSIBILITIES
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Detonation of offshore seabed methane hydrate deposits to produce tactical/strategic level tidal waves against littoral regions
DARPA Driving Development of Exascale Computers
August 11th, 2010Via: BBC:
Computers that can perform a quintillion calculations per second are being planned by the US military.
The Defence Advanced Research Projects Agency (Darpa) has awarded the first grants to firms it wants to build so-called exascale computers.
These will be far more powerful than current top supercomputers which manage just over one petaflop – 1000 trilliion calculations per second.
Darpa expects the first prototypes to be working by 2018.
