- - - - 7/17/12

I was wrong in my thought of yesterday. 
The deal for the currency union that is the euro zone made the ECB the arbiter of credit for the entire zone.  The ECB has told Greece no. 
Greece must issue a new currency if the ECB does not relent.
The rest of it is just noise.

LIBOR is not regulated.  Manipulating it may be scandalous but it is not criminal.  The injured will have to settle for civil penalties.

The Bush tax cuts will be allowed to expire Jan. first.  The pyramid of Republican propaganda should vanish with them.  Those few hundred dollars will make little difference to those who will owe them.
If we can add a few percent to the top brackets of the federal income tax all threat of a "debt crisis" will vanish.  These are the top brackets, those with a million dollars a year or more.  If further we end the special status of capital gains income and the upper bound on social security taxation we are back in surplus.  Most entrepreneurs are not wealthy.

What has seemed a steady march of technology has degenerated into a fight over intellectual property.  Such go stale very quickly.  I do not know where the next frontier will be.  It will not be where it is expected. 
There is no relief from the burden of sentience.

We as a species are fossil carbon limited. 
We are also finding a potable water limit.

There is a food limit.   Most of the world will not see it. 
These will be interesting times.

Sooner is better.  As soon as you can is best.