"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Friday, July 15, 2011

World News!

European Union
  • Mount Lokon, a volcano on the Indonesian island of Sulawesi, has begun to erupt.  A two-mile evacuation zone has been established around the volcano, but only 4400 of the 28,000 people who live within the zone have been evacuated.
  • The Mexican army has found a 300 acre marijuana plantation in Baja California, the biggest ever found in that country.    The street value of the crop is estimated at $160 million dollars (that's roughly $9.53 fillion dollars, or a $533,333.33 per acre).
United States
  • In the wake of yesterday's announcement by Moody's, Standard & Poor's has warned that there is a 50% chance it will cut the US sovereign debt rating this month if there is no agreement on the debt ceiling.  Substantive agreement.  "If you get a small agreement," said John Chambers, the chair of S&P's sovereign ratings committee, "that will lead to a downgrade."
  • The Pentagon has acknowledged having suffered a significant breach in security as the result of a hacker attack in March.  Deputy Defense Secretary William Lynn said they have "a pretty good idea" who launched the attack, but did not name names.  Some of the stole data was "mundane, like the specifications for small parts of tanks, airplanes, and submarines.  But a great deal of it concerns our most sensitive systems, including aircraft avionics, surveillance technologies, satellite communications systems, and network security protocols."

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