Other news to start your week

Another recognition that we are at the end of "Cheap Oil"

The “post-peak” world clearly does not imply the End of the World: but it implies an extremely volatile one, whose dynamics will be difficult to predict. It is a world not of easy abundance, but of declining – and increasingly expensive – carbon-based resources. If we are to develop sufficient resilience to the various price shocks and converging crises of the “post-peak” world, we will need to recognize that they are symptomatic of an inevitable civilizational transition toward an emerging post-carbon age. There is no time for denial. Governments and communities need to start adapting now.

The State Department seems to be ignoring the plight of Iraq's Christians.

A full-scale genocide is under way in Iraq: a well-planned, well-financed, deliberate plot to cleanse the country of its Christian citizens. And thus far, neither the Iraqi government nor the United States is doing anything to stop it.

In an opinion piece Rabbi Shmuley Boteach suggests that the small government sought by the Tea Party is, or at least could be, conducive to the promotion of human dignity.

The very premise of dignity is something acquired through personal effort. Dignity is the human aura that comes through self-reliance. Its underlying premise is independence. A dependent life is a fundamentally undignified life. Self-respect is earned through the sweat of one's brow. An heir to a great fortune may travel the high seas in a hundred-foot yacht and soar through the air in a Gulfstream V. But he will remain fundamentally bereft of dignity so long as he is living on someone else's dime.

The effort to recapture the dignity that springs from self-reliance is what the tea party, at its core, should be all about.

More News of the Day

Europe's bond markets in a tizzy

IN 2008 a strike by French and Spanish lorry drivers cut off the supply of components from Germany to Volkswagen’s Auto Europa plant, south of Lisbon, forcing the factory to close for a day. Two years on there is a more serious threat to the supply lines of countries on the fringes of the euro zone. The yield on Ireland’s ten-year government bond vaulted towards 9% on November 10th, 6.2 percentage points above the yield on safe German Bunds (see chart); Portugal’s topped 7%.

  Bernanke's worse nightmare: Ron Paul to become subcomittee chairman

NEW YORK (CNNMoney.com) -- Ben Bernanke has had his hands full since his first day on the job as Federal Reserve chairman nearly five years ago. It's about to get even tougher.
His harshest critic on Capitol Hill, Rep. Ron Paul of Texas, is about to become one of his overseers.

With the Republicans coming to power, Paul, who would like to abolish the Fed and the nation's current monetary system, will become the chairman of the House Subcommittee on Domestic Monetary Policy.
If you've never heard of the committee before, you're not alone. But Paul promises you'll be hearing a lot more from it.

Facebook shrinks the soul?

We know the consequences of this instinctively; we feel them. We know that having two thousand Facebook friends is not what it looks like. We know that we are using the software to behave in a certain, superficial way toward others. We know what we are doing “in” the software. But do we know, are we alert to, what the software is doing to us? Is it possible that what is communicated between people online “eventually becomes their truth”? What Lanier, a software expert, reveals to me, a software idiot, is what must be obvious (to software experts): software is not neutral. Different software embeds different philosophies, and these philosophies, as they become ubiquitous, become invisible.

First News of the Day

Christians falling to persecution in Iraq

Iraqi Christians might not be able to boast such a heritage – though even if there is no way of proving their belief that the apostle Thomas brought the faith to Iraq in the first century AD, theirs is still one of the oldest Christian communities on earth. Yet after a series of attacks in the past month by Islamist extremists – whose creed is the parvenu of the monotheistic religions in the country – fears are mounting that Christianity in Iraq is doomed to follow Judaism into oblivion.

The Blue State Budget Crisis

While massive state budget shortfalls are not limited to predominantly Democratic states, they are concentrated in them. "In California and New York," says John Hood of the John Locke Foundation, "the fiscal crisis flirts with bankruptcy." Explanations include rising Medicaid costs, increased spending on higher education, and the long-term challenge of funding public pensions. At the same time, says Hood, "All the major sources of revenue have cratered." The states doing worst are the ones, such as California and New York, that had irresponsible budgets going into the recession. States that were fiscally responsible during good economic times, such as Indiana, have had a softer landing.

Oil Headed to $100 on a weak dollar?

Oil prices have hovered around $78 a barrel most of the year, providing little excitement as other commodities, including copper, gold, and cotton, have enjoyed record runups. Global economic growth has not been brisk enough to drive up oil demand substantially, U.S. inventories have been ample, and the Saudis have been pumping enough to guarantee a plentiful supply.

A change in the oil markets may now be upon us. Crude may climb past $100 next year as central banks pump cash into their economies to revive growth, predict JPMorgan Chase (JPM) and Bank of America Merrill Lynch (BC). The Federal Reserve's decision to buy $600 billion of Treasuries from commercial banks should lower U.S. interest rates and weaken the dollar further. Investors may turn increasingly to oil and other commodities to get a decent return.

Finance Friday

Bernanke makes case for further easing:

BOSTON — The Federal Reserve chairman, Ben S. Bernanke, sent a clear signal on Friday that the central bank was poised to take additional steps to try to fight persistently low inflation and high unemployment.

“Given the committee’s objectives, there would appear — all else being equal — to be a case for further action,” he said in a detailed speech at a gathering of top economists here.

Mr. Bernanke noted that “unconventional policies have costs and limitations that must be taken into account in judging whether and how aggressively they should be used.” But he suggested that the Fed was prepared to manage the risks associated with the most powerful tool remaining in the Fed’s arsenal of weapons to stimulate the economy: vast new purchases of government debt to lower long-term interest rates.

and gold jumps higher:

 Victor Davis Hanson: We are Shamed by Our Debt

We will learn in November just how angry the public is about a lot of things, from higher taxes to massive unemployment. But the popular uproar pales in comparison to the sense of humiliation that we Americans are quite broke.

In 2008, the public was furious at George W. Bush, not because he was too much of a right-wing tightwad, but because he ran up a series of what were then thought to be gargantuan deficits.

In Nevada we find a battle of policical philosophies:

LAS VEGAS — The debate Thursday evening between Senator Harry Reid, the majority leader, and Sharron Angle, the Republican running with Tea Party support, had been promoted as a climactic duel between two opponents for a Nevada Senate seat, locked in an exceedingly tight contest in what may well be the most closely watched race of the fall.

The latest on President Obama, his administration and other news from Washington and around the nation.

What viewers saw here was a vivid contrast of philosophy between two competing forces in American politics this election cycle: Mr. Reid, the face of the Democratic establishment and champion of President Obama’s policies, and Ms. Angle, the hero of the Tea Party. They offered fundamentally different visions of the role of government in dealing with issues including health care, regulating banks and the insurance industry, and using government programs to create jobs.

 French Protests Escalate: Fuel Pipelines cut

PARIS, Oct 15 (Reuters) - French refinery workers cut off a fuel pipeline to Paris on Friday as protesters piled on pressure to derail President Nicolas Sarkozy's unpopular pension reform.
Police broke up blockades at fuel depots in southern France but protesters blocked a terminal at Paris's Orly airport and truckers were set to join the fray as momentum built for a day of street rallies on Saturday.

A nationwide strike is planned on Tuesday, a day before the Senate is due to vote on a bill to make people work longer for their pensions.