Asteroid Mining
A company financed by two Google founders is formulating a plan to mine raw materials from asteroids. Planetary Resources Inc. claims that the venture would, "overlay two critical sectors-space exploration and natural resources-to add trillions of dollars to the global GDP" and "help ensure humanity's prosperity." Other companies have contemplated mining asteroids but the cost of the venture was prohibiting. NASA scientists estimate that the expenses would be around $2.6 billion to build the unmanned craft and get it to the nearest asteroid. Then, the cost to mine the material and bring it back to earth would be several more billion. Planetary Resources has yet to announce all the details of their plans.
The Federal Reserve's Link to the "Too Big to Fail" Corporations
The recent partial Fed audit brought about by the efforts of men like Bernie Sanders and Ron Paul are revealing a revolving door between the Fed boards and the "too-big-to-fail" financial institutions. A GAO report shows that, during the bailouts, there were 18 Federal Reserve Board members who were previously high-level executives of the "too big to fail" entities. Those same entities spend billions of dollars to lobby Congress and finance Congressional campaigns. Imagine what a full audit of the Federal Reserve might reveal.
Get Out of Stocks and Buy Gold
Marc Faber, publisher of the Gloom, Boom and Doom report tells investors that now is the time to sell your stocks and gradually buy gold. Faber said, "I think the (stock) market is very overbought." However, investors shouldn't buy gold too quickly, because he predicts that we are likely to see a correction in the market, which will bring nice buying opportunities. Faber also advises investors to hold some equities and real estate.
Housing Markets Overly Optimistic
According to Freddie Mac, the housing market is finally recovering from its slump. Freddie Mac sited a report by the National Association of Home Builders/Wells Fargo confidence index that indicated expected home sales based on the improving economy. However, the improving economy is not much to put one's hopes in. Unemployment is still at historic highs with 7.1 million Americans that claim unemployment benefits. Student loans are crippling young families, disabling them from purchasing homes even if they do find jobs. Home prices have tumbled 3.8 percent over the past 12 months indicating the housing market is still in a slump. Foreclosures had been on hold for a while due to federal and state agencies' freeze of the proceedings. A $25 billion settlement was reached between the banks and the government after the injunction on robo-signing. Now the banks are resuming their foreclosures and the foreclosure rates have skyrocketed since March.
United Mine Workers Assn: EPA Shot Us in Washington
Bruce Walker - The New American
United Mine Workers Association (UMWA) President Cecil Roberts (left) recently blasted the actions of EPA Administrator Lisa Jackson, who has proposed new stringent standards on coal-based generating units, declaring, "The Navy SEALs shot Osama bin Ladin in Pakistan and Lisa Jackson shot us in Washington."
Roberts warned that the implementation of the new rule was beyond the legal authority of the EPA and that the standards - 1,100 metric tons of carbon dioxide per megawatt hour - would, as a practical matter, mean the end of coal-fired power plants in America.
The United Mine Workers Association have issued a statement noting that the technology which that enable coal-fired plants to meet the newly proposed standards is not yet available and may not be for many years.
Though America has the largest recoverable coal reserves in the world - over 27%, compared to the next largest reserves of 17% in Russia - U.S. coal production is under 15% of the global total. China, with far less coal, is producing over three times as much as the United States. Analysts have noted that extracting coal from the Appalachian region, where much of the nation's high-grade coal is located, would generate large numbers of good-paying jobs - jobs which would in turn sustain economies in some of the poorest parts of America. That coal would reduce U.S. demand for imported oil. Coal-fired power plants can also reduce the cost of electricity, making the cost of industrial operations in America more competitive.
