Bernanke headlines a day of grim warnings about the nationโ€™s fiscal standing

Fed chairman Bernanke issued a grim warning yesterday about the federal government’s overwhelming debt. Key quote:

The national debt is currently about 60 percent of the economy, or Gross Domestic Product, [Bernanke] said, adding that it is projected to reach 90 percent of GDP by 2020 and 150 percent of GDP by 2030. But Bernankeโ€™s citation of $9.5 trillion in national debt didnโ€™t include the $4.6 trillion owed by the government to trust funds for things such as Social Security and Medicare, which have paid out cash to the Treasury in exchange for promisory notes. The full national debt โ€“ when both forms of debt are included โ€“ is already just under 100 percent of GDP, which is currently around $14.6 trillion.

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Scientists discover treasure trove of fossils in limestone layer in China

Scientists have discovered a treasure trove of 250-million-year-old fossils in limestone layer in China. Key quote:

The 50-foot-thick (16 meters) layer of limestone that held these fossils dates back to when south China was a large island just north of the equator with a tropical climate. A smattering of fossil land plants suggest this marine community lived near a conifer forest. The fossils are exceptionally well-preserved, with more than half of them completely intact, including soft tissues. Apparently they were protected across the ages by mats of microbes that rapidly sealed their bodies off from decay after death.

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