Only after the last tree has been cut down. Only after the last fish has been caught. Only after the last river has been poisoned. Only then will you realize that money cannot be eaten. Cree Nation Tribal Prophecy
Sheesh, the Olympics trumps pretty much everything it seems.
- “HSBC yesterday set aside $2bn (£1.3bn) to pay for likely sanctions in connection to extraordinary money-laundering allegations in America and mis-selling products to customers in Britain, but warned that the final bill could be much higher.”
- “The Obama administration was urged on Monday to stop diverting grain to gas amid warnings of an “imminent food crisis” caused by America’s drought. US government forecasts of a 4% rise in food prices for US consumers because of the drought have sharpened criticism of supports for producing fuel from corn-based ethanol.”
- “Republican presidential candidate Mitt Romney arrived in Poland on Monday, where he received encouragement and what effectively amounted to an endorsement from the country’s former president, Lech Walesa, according to The Los Angeles Times.”
- Truthout: Bernie Sanders Calls Federal Reserve “Socialism for the Rich” After $16 Trillion Secret Bail-Outs, Including Foreign Banks.
- TRNN: “Quebec Students Continue Resistance. Report on the Quebec student movement’s July mass protest and future plans.”
- “Costly US efforts to build major infrastructure projects in Afghanistan are running far behind schedule, and may fall short of counter-insurgency goals central to the US military campaign there, a government watchdog has warned.”
- Truthout: Paraguay’s Bitter Harvest: Monsanto and Rio Tinto Reap Benefits From Coup Government
- Richard Wolff’s weekly Economic Update for 28 Jul: “Capital One Bank’s misdeeds, French socialists’ new policies, taxing churches in Spain, Walton family’s immense wealth, strike at Caterpillar, and taxing private wealth.”
- The Charlie Rose Show: Richard Wolff and David Harvey discuss Capitalism in Crisis
The truth will set you free but first it will piss you off.



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Mornin’, pups
Thanks, SD, the food crisis is another one that petroleum industries will try to use to keep a strangle hold on the public consumption, and it should not be allowed. (Hemp is a great crop for dry land.)
Good morning, pupses, and thank you, SD. Really great links this morning. Just a drive by, see you guys later.
Good morning, everyone. We just had a t-storm around 5 a.m. that dumped an inch of rain. W00t!
That “grain to gas” story is especially interesting. Prices of everything are gonna go way up because the drought is killing off the corn and soybeans. Incredible how much non-food stuff is made from corn.
MoJoe keeping up the drumbeat of destruction of the post office. The feigned concern of Joe is gag-worthy. Gillian Tett talk of public good now must be overtalked by the boys club.
That’s already happening, even here – milk products are through the ceiling.
And as an aside, our gasoline price jumped more than 40 cents yesterday. I have no idea what’s behind that. I drove by a gas station and noticed the jump and Gas Buddy found a station that still had the lower price, so I filled up. The cashier said their price was going up at 6:00 p.m. I paid $3.33, and it’s now $3.79 at the same station.
Good Morning, SD, Pups
That Bernie Sanders is something else. And, such a cute little accent, too.
I don’t buy much milk, and have been getting it from a vendor in the Farmer’s Market who has grass-fed cows. It’s more expensive than in the supermarket, but a gallon lasts more than two weeks.
Everybody is hollaring about diverting corn to ethanol. It was pointed out to me that the only reason farmers are getting a halfway decent price for their corn is because of the additional ethanol demand. There is concern that the price of corn could drop below the price of production if we suddenly drop ethanol.
Those extra few cents a bushel make a real difference to farmers, but do little to our price of food. Most of the food cost is in processing and distribution.
Boxturtle (Agreed it’s a bad source for fuel, but we need to back away gently)
G’Morning, Molly
It’s clear You don’t have an eighteen year old male in your house. :)
Gas here has been up to $3.89. I didn’t look yesterday. The mister is on a business trip in Las Vegas and he paid $3.33.
Fortunately for all of us, Bernie Sanders has a constituency that’s not easy to fool, and has real values. Wish that would spread more widely.
Downside; high prices are inducing farming corn where it isn’t viable, particularly areas that must irrigate heavily from diminishing resources like aquifers. And crop insurance along with commodities futures make the farmers protected from losses, but not the land and the consumers.
Convenience store/gas station next to work recently switched to Citgo and has been redoing the whole setup. Just finished installing new pumps and now has a big sign on the door “NO ETHANOL GAS SOLD HERE”. Cheaper than the Sunoco station on the next block. Citgo at $3.35 last time I looked yesterday.
Listening to the Wolf/Harvey interview. Thanks SD.
Travel to work is a big problem, too. This is a resort community, folks are here for months, and demand is small.
I really would like to see an unbaised comparison of hemp vs cotten. I had one hemp shirt I liked a lot, but it was coarser than cotton. How much does hemp cost per sq yd to produce? Cotton? Environmental impacts, etc?
This is almost a religious debate, tough to sort out the facts from the BS.
Boxturtle (If we’re going to grow fuel, we should go to switchgrass or sawgrass)
Yeah, I hear that people actually travel there to avoid the heat at their own home. Huh? :)
They’re slaughtering the milk herds because it’s too expensive to feed them. Next month will be a good time to buy a couple sides of freezer beef.
Boxturtle (Prices are still up, the beef hasn’t really hit the supply chain yet)
Growing hemp is against the law here, because of ancient timber/paper company deals. No comparison available. Switch grass is a very viable substitute – again, low irrigation/soil requirements.
That is what I hear, too. (Wriggles feet in cool air.)
Bernis Sanders made a little (bad) joke. The Fed is a private bank run for profit. Since much of its early seed money came from the biggest banker in Europe (de Whathisname), why souldn’t they create more debt in Europe?
Oh, yeah. We went the wrong direction with corn-to-gasahol and we need to correct that. Now would be a good time to do some correcting, as the drought will support prices.
Just not all at once.
Boxturtle (Sweet corn is EXCELLENT this year, btw)
Good morning everyone.
Thank you for the post SouthernDragon.
Charlie Rose is insufferable.
This morning, I heard the head of a local supermarket chain on the radio (like Dave Thomas of Wendy’s, he does his own ads). He said that his stores were lowering the price of steaks because the price of beef had come down.
Good Morning, Mr. Canyon.
How’s Illinois today? Does school start pretty soon? Miss the kiddies?
Mrs. Tiger picked up six ears for a buck at a local farm on her way home from work. The farmer told her that because of the dry weather, he expected to harvest and sell all his corn well before Labor Day.
Which is why I never watch him. Rose is like David Brooks for PBS.
I’ve had some great sweet corn from the Farmer’s Market, but my neighbor gets a CSA basket and gave me a few ears because she had too many, and they’re comparatively very small and the pointed end has about an inch of undeveloped kernels. What’s there is tender and sweet, but they’re not very big ears.
He’s trying for soporific.
Really is a dickhead, isn’t he?
Truly awesome news–Voyager 1 is reaching the boundary of interstellar space, with Voyager 2 behind:
http://voyager.jpl.nasa.gov/news/recalculating_space.html
In case any travelers from other stars find them, both Voyagers contain 12-inch gold-plated copper disks with a record of life on earth and human civilization. The contents of the disks were selected by a committee headed by Carl Sagan:
http://voyager.jpl.nasa.gov/spacecraft/goldenrec.html
Groceries are highly competitive most places I’ve been. Unlike gas companies, the chains are independent too, so compete, a good thing for the consumer.
When Orlando had a PBS station, they ran him at 1AM or some such. Best time, I thought.
Good morning demi.
It is cool here right now but supposed to get hot later today.
Not missing school right now, but when it starts I will be ready. I would not have retired in 2008 but the school district gave us old folks an offer we could not refuse.
Subbing makes up for missing the day to day routine and helps pay for my wife’s many meds so I get a double bonus.
A highly paid and pampered one at that. Masquerading as an “intellectual” when he’s nothing more than a catapult for the propaganda of a corrupt status quo.
I have to laugh at the “Capitalism in Crisis” schtick. Capitalism is booming like never before, and functioning exactly as it’s intended to function. Working people who have jobs will accept any kind of abuse just to hold onto those jobs, and the super-rich can buy anything in the country at fire-sale prices. They have it better than ever, with both major political parties serving their interests. Maybe the fairy-tale faith in ‘Compassionate Capitalism’ is in crisis, but real capitalism has nothing but blue skies on its horizon. Anyone pushing “Capitalism in Crisis” is a fool or a shill.
I have an eighteen year old grandson, but he’s not here! LOL. I usually drink a small glass of milk with dinner, and use it on cereal, but otherwise not much. The dairy guy didn’t have any half gallons but assured me the gallon I bought would last at least two weeks (bottled the day before) and it had a sell-by date of July 27th (this was on July 14th). I still have some and it tastes fine. Milk from grass-fed cows really tastes great, but I don’t much care for grass-fed beef. I like what little beef I eat to be rare, and grass-fed beef needs longer, slower cooking.
Was it sent into space with a plea for help?
Good news. They will convince the Intergalactic Planning Counsel that elimination earth for a hyper spacial bypass is a sound idea.
Since it contains no intelligent live what so ever.
His show is on late here too, iirc.
Yeah, yeah, bring that load of horseshit in a front-end loader, didja?
So what would your suggested title be?
As an individual deeply involved in the agricultural economy, I can tell you that you are getting some bad information as to corn.
On the other hand, your advice concerning when to buy buy pork and beef is correct.
That is very cool!! Thanks for the link!
I can see his point. Capitalism is functioning as intended, just as feudalism did and Nazism did.
The profit margin in the grocery business is very low, and has probably gotten even lower thanks to Wal-Mart. Which makes it all the more amazing that independent chains can survive. We have two in Detroit’s western suburbs, and Mrs. Tiger and I are generally pleased with both.
So you are saying that ethanol is NOT propping up corn prices for farmers? (I am not challenging you, I’m interested in your take on it.)
What would your suggested title be?
Gas prices here jumped 10 cents day before yesterday to $3.53 gallon.
There must be a crisis somewhere, oh yeah, we are beating the war drums against Iran and they are becoming louder each day.
Gotta have a crisis somewhere all of the time.
IBEX is also exploring the heliosphere. Lots of neat results.
Yeah, I was seeing his point, too.
Yeah, but he hasn’t thought it out and he’s either not paying attention to what’s going on worldwide or just ignores it. Cheerleader tunnel vision.
Capitalism. Not a bug, a feature.
What would your title be — instead of “Capitalism in Crisis?”
Thanks for the tip on pork and beef oldgold.
For the first time in many years we are considering buying a side of beef and some pork for the freezer.
Really? None?
Are you exagerating?
I thought it was funny that you misspelled “life”, btw.
There was a store in Yellow Springs that sold hemp clothing. I got a shirt and some underware. Both were kinda scratchy, but they lasted a long time.
Boxturtle (No, I did NOT smoke my shirt when it wore out)
But isn’t the whole point of capitalism to screw everyone but the capitalists themselves ?
So it’s starting. Stock up, because long about Janurary even cheap hamburger is going to be pricy.
Boxturtle (The price of regular beef may reach a new high)
No.
Talked to a farmer yesterday who’d locked in $6.40 a bushel last spring. He also has large hay and straw operations. Making money but can’t take advantage of these price spikes on the futures markets. He took over a farm where the soil was so depleted from monocultural farming it needed the nitrogen from the grass crop to regain its’ productivity. He’s going to have 3 cuttings and because of the corn spike he’s making money there, too. ( It’s always better to be lucky than smart. ) Most of it coming from delivering the hay to the cattlemen. They’ll switch off feed corn and we’ll get a leaner beef product, eventually. Maybe that’s better for all concerned. I know Honda produced a NGV for years in the early 2000′s. Why can’t they get autos running on natural gas into the market?
bt: canada grows hemp. could probably get some info there.
hey, soudrag! you’ve found some very informative kernels in the chaff — thanks for your ongoing work — much appreciated.
The issue was this:
That is a stupid remark. IMHO
Yep, but it’s not sustainable. Devours itself at some point.
Could have fooled me.
Your basic assumption is that capitalism was designed to abuse the public at the profit of the ruling class, and actually it works fine until it’s stolen to the service of short term profits. At that point industries are milked for their assets instead of being adjusted constantly to account for future functioning, at the profit of the worker and for the owners as well. Only financial interests profit from undermining industries and actual value.
Oh, yeah? Wouldn’t be the first time I was wrong, Enlighten me! The info I got came from a farmer at the local grain elevator and got a nod from the shopkeeper.
Grain elevator is where I get my birdseed. MUCH cheaper.
Boxturtle (They’re currently empty, waiting for this years harvest of feed corn)
There are many forms of capitalism — some better than others. State capitalism, for example, avoids many of the downsides of the system we have — which can’t be discussed without bringing the political system in.
One can believe that capitalism contains the seeds of its own destruction without condemning all forms of capitalism.
“Capitalism in Crisis” refers to its inability to sustain itself — because of many of the things you despise about our current form of capitalism.
It is. The only difference between capitalism and feudalism is that under feudalism, one was born into the ruling class and under capitalism you are free to steal, manipulate and fraudulently acquire wealth and become the ruling class.
The outcome is the same only the methods employed are different, but not by much.
Thanks, and yes, farming has many support systems which unfortunately are not enough to save many small farmers who are at the mercy of agribusiness. Where agriculture has been giving way to short term profit motivation, at all of our expense.
Because nobody wants a tank of compressed natural gas the size of a large trash can in their trunk. CNG contains way less energy per unit volume than gasoline. Also, there’s no refueling infrastructure, you can’t just plug it into your gas line.
Boxturtle (The difference between CNG and a bomb is a spark)
Another interesting interview conducted by the open-minded Mr. Rose: David Graeber:
It seems that you’re equating use with abuse. By earning a living with labor, the worker actually benefits from capitalism, as well as being able to gain enough to become and owner. Ideally, workers can buy into their own industry.
Reading your post I could not help thinking that you described Mitt Romney and his operation to a tee.
We have a Sensata plant in Freeport, Ill. about 40 miles from here where the workers are training their Chinese replacements until about October when the plant closes and the operations are moved to China.
Thank you Bain Capital.
Another interesting interview conducted by the open-minded Mr. Rose: David Graeber:
http://youtu.be/PVDkkOAOtV0
Charlie was even more baffled by the anarchist Graeber than he was by the socialists Harvey and Wolff.
I am not challenging the notion that ethanol is adding to the price of corn. What I am contesting is the assertion that without ethanol the production of corn would not be profitable.
On another numbers topic, have you looked at this month’s numbers as opposed to last year’s?
You are expressing an opinion about the sort of capitalism (and legal and political system) that we now have. And I agree with you.
However, capitalism does not require fraud. It gives big monetary incentives to commit fraud. But it does not “require” fraud.
This is where we differ. You apparently still believe capitalism is an OK idea, where as I on the other hand had given up on it long ago. Having worked for numerous businesses large and small, only one of which was really worth while and did not try to take advantage at every turn.
That one is no longer in business. Closed over 20 years ago.
I didn’t say I had a better title. I said I see the point he is making, not that I necessarily agree or have superior wisdom or knowledge.
Yep, and everyone loses except for Bain. This is eventually destructive to Bain, as well, as it sucks away capitol that should be creating industries but is destroying them, shrinking economic values and the economy.
We’ll have natural gas conversions for decades in energy plants, etc because it’s cheap right now and engineering the delivery systems would be a job creator, too. I think we just take the known vs. another possibility every time. But the bomb idea might create less tailgaters, eh?
At present it is malfunctioning, however, which is why loss is spread through all of the economic factors, investing as well as working.
Ah, so. Yes, that was clearly the farmers opinion as opposed to a researched fact.
But I see a lot of farms sitting on the edge where a significant price drop would kill. And dropping gasahol cold would cause that.
Boxturtle (memo to self: get more sweet corn on way home)
Granted it does NOT require fraud but a picnic does not require ants either. However can you imagine one with out them ?
Except alternatives to petroleum products have been invented time and again, and the auto/oil interests buy up the patents to keep us subservient to their products.
just one story among many; http://www.dailyfinance.com/2012/02/21/3-reasons-why-youre-not-buying-an-electric-car/
When I was working tech there would come a time in the repair of a piece of equipment when one had to say “Not repairable”. This was also the case in computer programming.
Where it simply made more sense from a time and resource stand point to scrap what you had and start over new.
I hadn’t…I rarely do. I would expect those numbers to be down at this time of year, when people are on vacation. But they’re lower than last year at this time. What was going on last year that may have spurred more visits?
Yep. Anyplace where they can hook up to the pipeline, CNG is a better choice. It’s not a perfect fuel, but it’s the best carbon based fuel we’re going to get.
I bet cancer rates drop in areas where they switch from coal to CNG.
Boxturtle (Bet we see it also when switching from diesel, just not as much)
Here is another reason to consider patronizing Citgo.
Venezuela Heating Oil Program Helps Families in Need for Seven Years in a Row- serves 25 US states.
http://www.citgoheatingoil.com/whoweserve.html
https://www.commondreams.org/views06/1224-21.htm
http://www.fueloilnews.com/ME2/dirmod.asp?nm=News&type=news&mod=News&mid=9A02E3B96F2A415ABC72CB5F516B4C10&tier=3&nid=651A8543BA3249049946C2E28020D637
This is true, and I don’t support capitalism for its basic concept, just that it’s worked to make the actual laborers capable of rising, something other systems haven’t done.
But the article you cite makes it clear that it is NOT the the auto/oil interests keeping us subservient to their products.
Am I missing something here? Of course, that assumes Motley Fool knows the subject.
Off to swim in the great capitalist cesspool.
US KIA Afghanistan: 2,069
Afghan, Iraki, Yemeni and Pakistani casualties: estimates vary to over 2M
US MBS 2012: 26,288 and counting
No war but class war
Ain’t No Cure For Love
Be good to yourselves, and all other living things
Namaste
Never. Give. Up.
Sorry, this is one of many articles, and of course the financial interests insist that buying up patents for better products is not the reason petroleum industries are continuing to produce polluting products.
Here’s yet another; http://www.ev1.org/chevron.htm
Well, it seems to me that the three reasons cited in the article are valid. I wouldn’t buy an electric car at this point because of all three. But then, I have a 2007 PT Cruiser I bought used and still under warranty that now has 62K miles and hopefully will last a very long time.
One thing that makes me laugh is seeing solar batteries on the oil production facilities out in the west where there aren’t many power lines.
Good Morning pups,
Two inches of rain in a little super cell going through last night in about a three hour stretch. The sweet corn did not get blown over in the 60 knot winds.
I’m in love with number 6 from the Swedish Women’s Soccer team, and I don’t even know her name…
Good morning firedog. Thanks for the post SD.
Yay! for rain.
That is wonderful news, and good morning to you.
We haven’t had any rain here in Central Texas for about 16 days, but we’ve got a good chance in the forecast a week from now. 60% chance next Tuesday and Wednesday. I hope it pans out.
I wonder if the t-storm we got at 5 a.m. was part of that cell? It is now clear and sunny and the air smells like it was freshly washed and hung out to dry. Just went outside to the rain gauge and it read 3/4 inch.
This is a repeat of last summer, and the reason I’m here in PA right now. Just checked and today it will be around 110F at my house there.
spuds says they do that here in reverse in winter to keep you from going suicidal, telling them that it will warm up for sure next week. By Friday!
Sara Kristina Thunebro. That’s her name. <3
Sorry to duck away there, we just did a father/daughter breakfast with blueberry pancakes.
The cell was part of a line that moved south and we are luxuriating in fresh north winds at about 10 knots with a predicted high of 80 degrees, today.
Didn’t know you could get Swedish TV, we don’t have cable, oh, that’s right the Olympics thing. Haven’t had the set turned on for most of the summer except for the radar weather, like last evening.
Is there a past mid-life crisis Olympics for those of us a bit over college age and beyond falling in love without first having a name. ;)
That sounds like fun and good bonding. I just got some blueberries yesterday and froze them. Although I’m not big on sweets in the morning, blueberry pancakes do sound good.
I’m trying to find an inexpensive removable bag (they’re called “panniers”) to put on my bike so I can ride to the Farmer’s Market on Saturdays. Most of the ones online are nearly $50, but I did find a DIY pannier made of a reusable bag, a bit of sewing, and some masonite.
My regular grocery stores are on roads that aren’t bike safe, but I can get to the market through residential neighborhoods and I go nearly every Saturday.
“does not require?” Ho ho ho. Ridiculous.
Heh. How about for those of us who have a name and find that love and loathe are *really* similar?
Morning’ pupses.
Alice in Wonderland.
Seems to be more appeal for the loathing side. We all need that edge. /spud
I’m just curious. Do you ever have anything to say other than snide little comments? I realize your 1-2 sentence pronouncements attempt to give the impression that your knowledge is far above that of any of us here but I don’t recall you ever really sharing, or actually discussing, an idea except in the context of your knowing more than we do.
You know I have more to say, comrade, as you probably have seen elsewhere on FDL. Anyway, snideness is not my motivation but rather disgust at the conceit in spite of abundant counter-evidence.
But I salute you for your diligence, dear Southerner.
Yeah, well, like I said…
I suggest you write a book and enlighten the rest of the world with your superior wisdom and knowledge.
Good show, comrade.
And the continual “comrade” and “comprador” (incorrectly used, IMO) get *really* tiresome. I usually just skip over your comments as worth very little, and am not unhappy that you don’t grace the Diner with your snark very often.
EDIT: We are not “Chinese go-betweens” here.
Oh my goodness, another conceited comprador.
I was under the impression that derisive personal attacks were grounds for immediate banning from the site. Mods?