Author: Robert Zimmerman

Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling

9:41 pm

Get ready for another battle in Congress: The U.S. Treasury added another $20 billion in debt last night, putting it just $160 billion below the newly passed debt ceiling.

The total US treasury balance (subject to the ceiling) is $14.54 trillion (and $14.58 trillion for total), an increase of $20 billion overnight, the Treasury will hit its latest ceiling no later than the end of September. . . . The debt ceiling now is $14.694 trillion: a number which Tim Geithner will hit in about a month.

According to the bill that raised the debt ceiling, the ceiling is only raised in stages. The next stage of $500 billion requires Obama to request it and Congress to okay it.

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A Department of Innovation logo that can’t work

11:49 am

Department of Innovation logo

You can’t make this stuff up: Michelle Malkin points out that the logo created by Smithsonian’s Department of Innovation shows a gear arrangement that simply can’t function in the real world.

Check out the logo. 3 interlocking gears arranged in this fashion will not move in any direction. They are essentially locked in place. Which when you think about it, is a perfect analogy of today’s government!

The comments on the Department of Innovation’s own webpage are hilarious as well:

Perhaps this should be the new logo for Congress….since no motion could come from this arrangement.

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Life after the downgrade

10:30 am

Life after the downgrade.

An excellent summary of the consequences of a lower credit rating for the U.S. government.

There is a lot of anger at the moment in the US over the embarrassment of the downgrade, as well as shock. I’m most amused by the shock, to tell the truth. S&P didn’t say anything yesterday that was not common knowledge and common sense. If you had to rate a potential investment that had an income of, say, $22,000 a year but had costs of $37,000 per year, a standing debt of $143,000, and contracted future debt that exceeded $1 million, would you give that investment a gold-plated AAA rating and buy their bonds at the lowest interest rate possible, or at all? Of course not, but that’s exactly the fiscal situation of the US, at a 100,000,000:1 scale.

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Nebraska rare earth mineral discovery to challenge China’s monopoly

1:46 pm

A discovery in Nebraska of rare earth minerals appears set to challenge China’s monopoly.

To me these were the key quotes from this article:

The U.S. used to produce rare earths through the Mountain Pass Mine in California, but it was shut down in 2002, primarily because of environmental concerns, including the spillage of hundreds of thousands of gallons of water carrying radioactive waste into a nearby lake.

and

Although studies have shown the U.S. has 13 million metric tons of rare-earth minerals, National Mining Association spokeswoman Carol Raulston said it does not mine any of it – partly as a result of the difficulty of obtaining permits. “One of the key problems that investors tell us about is that the permitting regime in this country is so complicated and time-consuming that it has hurt investments here in the United States,” Ms. Raulston said.

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Cosmonaut Titov becomes the first man to fly in space more than 24 hours

8:01 pm

An evening pause: Fifty years ago today Soviet cosmonaut Gherman Titov became the second Russian to fly in space, and the first to stay in orbit more than one day. During his seventeen orbit flight he also was the first human to experience space sickness and to sleep in space.

The newsreel below is somewhat comical, as the Soviets were not very forthcoming with information. To provide visuals the newsreel used film footage showing a V2 rocket from World War II, as well as a very unrealistic globe with an equally unrealistic spacecraft to “demonstrate the course of an orbit around the earth.”

Nonetheless, because the newsreel is of that time, it illustrates well the fear the west had of the Soviet’s success in space. For a communist nation to be so far ahead of the U.S., which so far had only flown two suborbital flights, was a challenge to the free world that could not stand.

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