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Phi Beta Iota: Added permanently to Professional Sites.
Story Of 2011 Will Be The Second US Housing Crash
03 Economy, Civil Society, Commerce, Corruption, GovernmentStory of 2011 Will Be The Second US Housing Crash
20% price drop certain, 40% price drop probable, 80% possible
By Ilargi on The Automatic Earth. Jan. 3, 2011, 6:24 AM
EXTRACT: Many people claim Stoneleigh and I must be crazy, and doomers and all that, for predicting an 80%+ drop in real estate values, but we in turn can't seem to understand why home prices would fall “only” 20% from here, or why they would fall “just” 40%, as Mish suggested for instance. We think that more than 20% is in the cards just because of the bubble coming back to earth; we think 40% is certain because of the bubble bursting, and we think 80%+ will then happen because the bursting bubble will take the entire financial system down with it. Pretty simple really.g, and it is worth reading….every single word of it.
EXTRACT: According to L. Randall Wray, lenders may have the right to collect debt on certain loans, if they can prove ownership of the loan, but they can't foreclose unless and until they have a clear record (chain) of all transactions the loans went through, through their entire existence. And MERS effectively killed that chain.
EXTRACT: The entire US housing system, lenders, builders, borrowers, the whole thing, is in grave danger, and that means both the financial system and the economy at large are as well. We're looking at not just one or two, but a whole series of reinforcing feedback loops. Which neither Obama nor Geithner nor Bernanke have any control over, other than fleetingly and temporarily. And that will be the story of 2011. Well, that and, of course, the euro crumbling, Japan deflating, China inflating, cities, counties and states defaulting, violent street protests, millions more Americans sinking into abject poverty, misery and hardship, and so on.
Phi Beta Iota: This is the best review we have found and it is chillingly credible. In our view, the Secretary of the Treasury means well but has absolutely no clue how to actually manage the US economy back to a more stable ethical state.
Journal: Chuck Spinney on Afghan Near Term
08 Wild Cards
Why the Handwriting is on the Afghan Wall
Thursday, 01/6/2011 – 10:37 am by Chuck Spinney*
* Selected archive of past commentaries here
After nine years of futility, time is running out.
The lead editorial in a recent WP article, “Steady in Afghanistan,” claimed the early results of President Obama’s escalation strategy in Afghanistan “are mixed — but promising,” because President Obama “has raised the odds for success by committing U.S. forces to Afghanistan for four more years and by promising to negotiate a strategic partnership with the government of Hamid Karzai in 2011.”
Raised the odds for success? Four more year versus 2011? Consider please the unexamined ramifications of these words.
Indications & Warning: Army Spirit and Public Fat
04 Education, 07 Health, 10 Security, 11 Society, Cultural Intelligence, Military, Officers Call, Strategy
Army's “Spiritual Fitness” Test Comes Under Fire
Jason Leopold
TruthOut Wednesday 05 January 2011
Test Was Designed by Psychologist Who Inspired CIA's Torture Program
An experimental, Army mental-health, fitness initiative designed by the same psychologist whose work heavily influenced the psychological aspects of the Bush administration's torture program is under fire by civil rights groups and hundreds of active-duty soldiers. They say it unconstitutionally requires enlistees to believe in God or a “higher power” in order to be deemed “spiritually fit” to serve in the Army.
Comprehensive Soldier Fitness (CSF) is a $125 million “holistic fitness program” unveiled in late 2009 and aimed at reducing the number of suicides and post-traumatic stress disorder (PTSD) cases, which have reached epidemic proportions over the past year due to multiple deployments to the wars in Iraq and Afghanistan and the substandard care soldiers have received when they return from combat.
Just as the year ended, however, the Education Trust issued a report indicating that nearly a quarter of all applicants to the Armed Forces, despite having a high-school diploma, can’t pass the necessary military entrance exam. This isn’t Rhodes Scholarships we’re talking about, but not having “the reading, mathematics, science, and problem-solving abilities” to become a bona fide private in the U.S. Army. We’re talking the sort of basic that, according to an Education Trust spokesperson, makes it “equally likely that the men and women who don't pass the test are [also] unprepared for the civilian workforce.”
Freedom Fighters for a Fading Empire
What It Means When We Say We Have the World’s Finest Fighting Force
By William J. Astore
EXTRACT: As for our armed forces, though most Americans don’t know it, within U.S. military circles much criticism exists of an officer corps of “tarnished brass”that is deficient in professionalism; of generals who are more concerned withcovering their butts than leading from the front; of instruction at military academies that is divorced from war’s realities; of an aversion “to innovation or creativity… [leading to] an atmosphere of anti-intellectualism” that undermines strategy and makes a hash of counterinsurgency efforts. Indeed, our military’s biting criticism of itself is one of the few positive signs in a fighting force that is otherwise overstretched, deeply frustrated, and ridiculously overpraised by genuflecting politicians.
Read entire article (second half of same link)…
William J. Astore, a retired lieutenant colonel (USAF) and professor of history, is a TomDispatch regular. He welcomes reader comments atwjastore@gmail.com. To listen to Timothy MacBain's latest TomCast audio interview in which Astore discusses the military nightmares of a fading empire, click here or, to download it to your iPod, here.
Journal: Israel Demands Bribes for Access to Gaza
08 Wild Cards, Commerce, Corruption, Government, Military, Peace Intelligence
WikiLeaks: Israel charged bribes for Gaza access
By JOSEF FEDERMAN
The Associated Press Thursday, January 6, 2011; 7:29 AM
JERUSALEM — A U.S. diplomatic cable released by WikiLeaks on Thursday quoted American officials as saying a key Israeli cargo crossing for goods entering the Gaza Strip was rife with corruption.
The June 14, 2006, cable, published Thursday by Norway's Aftenposten daily, says major American companies told U.S. diplomats they were forced to pay hefty bribes to get goods into Gaza. It was unclear whether the practice still continues.
Review: Deliver Us from Evil–Peacekeepers, Warlords and a World of Endless Conflict
NIGHTWATCH Extract: Pakistan’s Penetration by Radicals–Why Fundamentalism Defeats Security
07 Other Atrocities, 08 Wild Cards, 10 Security, 11 SocietyPakistan: Update. On 5 January, Pakistani media reported more details about the assassination of Governor Taseer.
The assassin said everyone in the governor's protective detail knew of his intentions. The weird thing is no background investigation would find adverse information about a devout Muslim, not in Pakistan.
The guard who assassinated Punjab Governor Salman Taseer on 4 January told other police officers of his planned attack but was still assigned to Taseer's security detail, the Wall Street Journal reported 5 January. The assassin, Qadri, previously was removed from a counterterrorism police branch because of concerns about his Islamist leanings. He personally had requested to guard Taseer, according to a senior police official.


