Making Our Point

Today’s Commercial Appeal has a story, “Utilities Under Siege,” that discusses the concerns of Congress about cyberattacks from our enemies. The Bloomberg piece cites how vulnerable our grids are to hacking from China, North Korea, Iran, you name it.

Smart grid opponents have been warning about this from the very beginning. These new meters, I am told, make it even easier to hack in to the system and bring it to a halt. When you connect the various utilities through giant grids that encapsulate the whole Northeast, Southeast, etc., you make it easy to cripple us.

In the best of circumstances it could take weeks to get back in order, as it did when “Hurricane Elvis” hit Memphis in late July of 2003. But what if the whole Southeast had been shut down? Weeks would have gone to months before enough trained utility men could come and fix everyone.

With President Obama refusing to see the long term war on Terror and what our enemies want to do to us, this is troubling. What would be easier for an enemy that taking down our power grid? And we want to make it even easier by implementing these “smart” grids?

Seeing the World in 3D

If you aren’t familiar with 3D printing, here is a video that explains the basics of it. It will change the world and there will be enormous implications for society when these printers become household items.

Gun control, for example, will be almost unenforceable because you will be able to make your own gun with this printer. People are already doing it.

What will happen to manufacturing if you can make what you need at home? Countries like China could face collapse and our own suffer, too.

Not that these printers are a bad thing; but they will change the way we live.

Watch Will 3D Printing Change the World? on PBS. See more from Off Book.

Obama Outrage of the Day

Lots of them today since he held a press conference.

He lashed out at Republicans on averting the debt ceiling deadline and asserting that “we are not a deadbeat nation.” Tell that to China! It’s also a little unlike his vote in 2006 when he voted, as a senator, against raising the debt ceiling.

He also signaled that he intends to go over Congress on the issue of gun control: “I’m confident that there are some steps that we can take that don’t require legislation and that are within my authority as president, and where you get a step that, has the opportunity to reduce the possibility of gun violence, then I want to go ahead and take it.”

He indicated he would look for more taxes.

Obama also got in a few jabs at Republicans, one of his favorite pasttimes.

“You don’t go out to dinner and then eat all you want and then leave without paying the check,” he said regarding the debt ceiling.

“When I’m over here at the Congressional picnic folks are coming up and taking pictures with their family. I promise you, Michelle and I are very nice to them and we have a wonderful time. But it doesn’t prevent them from going on the floor of the House and blast me for being a big spending socialist.”

Here we have a bully and emperor all wrapped up in one man.

Most Offensive Video Ever!

If your blood pressure doesn’t rise when you see this; if your heart rate doesn’t accelerate (and not in a good way); if your stomach doesn’t heave at this, then you are truly lost.

Take a look. Suddenly we are in the Soviet Union in 1935 or Mao’s China. All I can say is OMG!

This is wrong on so many levels.

You’d think God had nothing to do with Christmas. It’s all because of Uncle Sam. Really, there are no words.

Where Are We?

The Obama campaign looks like they’re headed off the rails.

First, Obama was confused. In Denver he told campaign attendees that he wants more wind turbines made “here in China.”

Then his vice president said he loves coming to Iowa. Only problem for Biden is he was in Ohio.

Then this morning we learn that in an interview with Rolling Stone, Obama called Romney “a bullshitter.” I can’t remember a president ever using that harsh language about his opponent. Remember when the Bush/Cheney team got spanked for calling a New York Times reporter an asshole – big time. They were candidates at the time and it wasn’t meant to be heard by others. With Obama, he was being interviewed for a story!

Campaigns that get down to name calling are not succeeding elsewhere. Dumb moves.

Mitt’s a Hit

Political analysts had been harping for so long on Mitt Romney’s speech last night that you couldn’t help but feel apprehensive for him. As they usually do, the politerati’s strident voices insisted that this was make or break for Mitt. He had to show his human side to the nation. He had to succeed. This was his once in a lifetime moment. This was what he had prepared for his whole life.

Well, things are rarely that cut and dried. There are months left to campaign in which anything can happen; some beyond a leader’s control and some he causes himself.

In Romney’s case last night, he met all expectations. He fulfilled every requirement for the presidency.

First, he looked presidential. His entry through the convention crowd was worth every minute spent. It resembled the president’s entrance when he makes the State of the Union address to Congress. That was no accident. At least subconsciously it made you see him in that role.

Then he felt like one of us. He was the husband who recognizes that his wife’s parenting skills outweigh whatever work title he has. He was the son who misses his mom and dad. He was the father who repairs things around the house (I loved the film clip of the too big bulb he replaced over the stove, then blocked with duct tape and paper). He was the breadwinner who wants to make sure his family thrives. He was the man of faith who knows he must live it out as a believer. He was the citizen, outraged at the condition the United States now finds itself in. He was the leader who seeks to change it.

Brilliantly, he contrasted four years ago with today. Romney said he wished Obama had succeeded; that was another riff on Ryan’s portrayal of Obama as a has been who didn’t know what to do. Romney tied Obama to Jimmy Carter, which sets himself up as the Reagan antidote.

One of his best lines quoted Obama’s convention promise to stop the rise of the oceans and heal the planet. As Romney said, let that sink in. No one but a delusional egotist could spit those words out of his mouth. Romney paused and said he just wanted to help Americans. There is nothing better in speeches than using your opponents words to hang him.

Romney went on to sketch his ideas.

First: Get the U.S. energy independent by 2020 by opening up our assets in North America, including the pipeline.

Second: Make sure Americans have the skills they need to get jobs. School choice, he said, is the way.

Third: New trade agreements in which cheaters (like China) would not be tolerated.

Fourth: Cut the deficit and balance the budget.

Fifth: Champion small business by reducing taxes, cutting regulations and repealing Obamacare.

Critics have been quick to say these are all too vague. For many of them, though, hope and change were all they need to know to vote for Obama. In a 40 minute speech details necessarily are limited.

Did Mitt seal the deal? Probably not. I doubt any speech would do that. He moved us a lot closer to victory, though.

Greece on the Skids

Ace of Spades sums up the whole Greek/Euro problem pretty well:

Greece owes 161 billion (billion with a b) Euros to other Eurozone governments (mostly Germany), and 50 billion (still with a b) to the European Central Bank.

They cannot possibly repay it. Not only can’t they — it’s pretty clear they don’t want to. They ran up a titanic bill on someone else’s credit card, and are simply not going to be paying that. Ever.

There’s an old saying: If you owe a bank a million dollars, it’s your problem.

But if you owe a bank a billion dollars, it’s the bank’s problem.

I’m not sure what the election matters in the scheme of things — stay or go, Greece is either simply going to repudiate its debt or Germany is going to have to cover the bill (a massive wealth transfer from Germany, and other more responsible nations, to Greece).

And it gets worse. Because even while taking a 70 billion write down, the Germans would then have to extend new credit to the Greeks, and hope they’d pay that back.

Which they won’t. Duh.

And the Germans don’t want to do that, for obvious reasons.

All this election stuff. The election doesn’t change the basic fact. Whoever is in power, Greece cannot pay, and will not pay. And Spain cannot pay, either.

And the Germans do not want to send more of their wealth to foreigners. And Eurozone or not, they are foreigners. They already moved a substantial portion of the West German wealth to rescue East Germany (during reunionification).

I do not see any way out of this. The EuroZone project is doomed, and no one seems willing to confront this basic fact. And further, I don’t even see how it helps all that much to confront it, except that Germany gets to keep its money.

The change to a single currency always struck me as a bad idea. Who can come to their rescue? Us? Doesn’t look like it. Would we borrow more to pay their debt? Obama wants to, but I don’t think the American people would agree. China? They are facing headwinds themselves.

Once Spain and Italy follow Greece, then what? Every solution is going to cause pain.

Strap Yourselves In

It’s going to be a bumpy economic ride.

Today’s unemployment number went up to 8.2%. Only 69,000 jobs were created in May. More bad news: April’s 115,000 job gain was revised to just 77,000. Today’s number marks the fewest jobs in a year.

As a result, gold shot up $30. News earlier in the week showed that companies have cut their spending as well as hiring. The European Greek drama has yet to hit us fully yet.

Add to that, China’s not looking so good either. Their manufacturing has dropped. Here’s what one expert says:


China’s Economy Weakens

The Wall Street Journal reports that “the preliminary HSBC China Manufacturing Purchasing Managers Index fell to 48.7 in May from a final reading of 49.3 in April, stoking concerns the Chinese economy could slow sharply.
The preliminary May reading marks the seventh straight month the index has been in contractionary territory. A reading below 50 indicates contraction from the previous month, while anything above that indicates growth. The PMI, a key indicator of manufacturing activity, follows weak performance by the world’s second-largest economy in April in many areas, including industrial production, trade, fixed-asset investment, money supply and the property market.”