Firewood stacked: check. Fresh water jugs stacked: check. 500-gallon propane tank filled to the brim: check. Extra batteries: check. Two AM/FM radios with WX: check. Outside hose bibs disconnected and protected: check. Deck cleared: check. Canned goods: check. Good. Ready for more Global Warming.
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Ireland: An Example of What Works and What Doesn’t
As I wrote earlier, Ireland is in the throes of its own economic downfall.
DUBLIN | Anger and fear about Europe’s seemingly unstoppable debt crisis swept through the continent Wednesday. Striking workers shut down much of Portugal, Ireland proposed its deepest budget cuts in history and seething Italian and British students clashed with police over education cuts.The Irish Stock Exchange saw a bloodbath in bank stocks as investors pushed the panic button and bond traders were betting that it would only be a matter of time before Portugal and possibly Spain would be the next countries begging for outside help.While Irish bank shares plummeted for a third straight day amid fears investors would be wiped out, yields on Portuguese and Spanish government debt shot up sharply because of rising concerns that their debt loads will prove unsustainable and put them next in line for European bailouts.Irish Prime Minister Brian Cowen announced Wednesday he now expects the EU-IMF bailout loan to total 85 billion euro ($115 billion). Some experts accused Ireland of minimizing the true scale of its financial disaster, saying Ireland probably needs a bailout of 130 billion euro ($175 billion) because of looming defaults on residential mortgages.“The government is completely in denial about the amount of money they’ll have to borrow,” said Constantin Gurdgiev, a finance lecturer at Trinity College Dublin.
Ireland, not the EU, regulates and ensures the solvency of Irish banks.Dublin’s Treasury does not have the ready cash or borrowing capacity to adequately recapitalize troubled Irish banks, without pushing interest rates on its sovereign debt so high as to make its national budget woes wholly unmanageable.Without an EU rescue, Ireland’s banks default, its government defaults, or its citizens face cuts in government services likely too draconian to be possible.If Ireland still had its own currency, it could print money to recapitalize its banks-that is exactly what the Treasury and Fed can do for the FDIC, Citigroup, Bank of America, and other financial institutions.Printing money would push down the Irish pound against the dollar and other European currencies, result in some inflation and lower Irish living standards, as bank losses were spread over the entire economy. Over several years, however, Ireland’s trade balance would improve, and absent other Celtic missteps, the Emerald Isle would work out of its mess.Lacking the power to print money, Dublin must accept aid from the European Central Bank and stronger EU governments. This creates much political embarrassment for Irish politicians and leaders in donor capitals, resulting in theatrics and arduous negotiations.Dublin makes the usual claims that it can handle its own problems, flight from Irish debt follows as well from the debt of other weak EU governments, and the euro weakens against the dollar.Quick, decisive action becomes impractical when it is most needed, and nervousness abounds about contagion and the euro zone breaking apart.
Russia & China Quit the US Dollar!

Get prepared, ladies and gentlemen, your world is about to change. And it won’t be comfortable.
St. Petersburg, Russia – China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.“About trade settlement, we have decided to use our own currencies,” Putin said at a joint news conference with Wen in St. Petersburg.The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.
Salvadoran Found Guilty In Murder Of Chandra Levy:
But what didn’t you read about the suspect?

The so-called “cartoon” says it all.
You want to really influence our national security, DC? More effectively than forcing innocent five-year-old boys to take off their shirts in public?
SECURE OUR BORDERS.
BZ
P.S.
THIS JUST IN:
Mr Obama and his administration are bound and determined to bring our transportation system to a complete halt. From The Hill:
Next step for body scanners could be trains, boats, metro
By Jordy Yager – 11/23/10 02:09 PM ETThe next step in tightened security could be on U.S. public transportation, trains and boats.
Homeland Security Secretary Janet Napolitano says terrorists will continue to look for U.S. vulnerabilities, making tighter security standards necessary.
“[Terrorists] are going to continue to probe the system and try to find a way through,” Napolitano said in an interview that aired Monday night on “Charlie Rose.”
“I think the tighter we get on aviation, we have to also be thinking now about going on to mass transit or to trains or maritime. So, what do we need to be doing to strengthen our protections there?”
Of course, that will go over so well. All Liberals will lovingly submit to their own daily detailed shakedowns. Who needs aliens and anal probes? We have the TSA.
North Korea Shells South Korean Island
I know: let’s start the Korean War all over again:
SEOUL (AFP) – North Korea fired dozens of artillery shells onto a South Korean island on Tuesday, killing one person, setting homes ablaze and triggering an exchange of fire as the South’s military went on top alert.
In what appeared to be one of the most serious border incidents since the 1950-53 war, South Korean troops fired back with cannon, the government convened in an underground war room and “multiple” air force jets scrambled.
The firing came after North Korea’s disclosure of an apparently operational uranium enrichment programme — a second potential way of building a nuclear bomb — which is causing serious alarm for the United States and its allies.
Some 50 shells landed on the South Korean border island of Yeonpyeong near the tense Yellow Sea border, damaging dozens of houses and sending plumes of thick smoke into the air, YTN television reported.
One South Korean marine — part of a contingent based permanently on the frontline island — was killed and 13 other marines were wounded, the military said. YTN said two civilians were also hurt.
I would posit: who is sitting in the veritable “catbird” seat now, as opposed to the ’50s? Why yes, that would be China, who happens to hold a bulk of our debt and told Mr Obama at the G20 summit to “stop spending.” And, despite his insistence that we “regain credibility in the eyes of the rest of the world,” he refuses to listen. That Mr Obama. The one who will be “concerned” and “monitoring.”
Question for my dearest readers: do you think we can fight three wars on three separate fronts? And can we fight China?
BZ
P.S.
As a reminder: what was done when a North Korean torpedo sunk a South Korean ship in March of this year, killing 46? Yes, that’s correct, absolutely nothing. Might this be an escalation similar to one we’ve experienced nine years ago or more?