“Computer experts urge Georgia to replace voting machines,” (msn.com), Kate Brumback

Should Georgia replace present voting machines with paper ballots?

CNN — A Republican County official in Georgia escorted two operatives working with an attorney for former President Donald Trump into the county’s election offices on the same day a voting system there was breached, newly obtained video shows.The breach is now under investigation by the Georgia Bureau of Investigation and is of interest to the Fulton County District Attorney, who is conducting a wider criminal probe of interference in the 2020 election.

Since this occurrence, computer and election security experts are urging Georgia election officials to replace the state’s touchscreen voting

Dale Coberly found this excellent analysis on economic happenings by Yanis Varoufakis. How did all of this Inflation come about? Certainly, wages have not been outstripping everything else. Labor is going to take a hit eventually. We do have supply chain issues. Much caused by countries shutting down. Companies not maintaining orders to the manufacturers is also a part. Automotive again shoots itself in this manner and blames everything else. Increased pricing because they can do so. Little to do with out-of-control costs. Much to do because they can get away with it. And there is good old politics.

A good not-so technical read.

“Inflation as a Political Power Play Gone Wrong” – Project Syndicate op-e – Yanis Varoufakis

The blame game over

A collection of interesting reads, news, and articles from the last week.

Healthcare

“Fauci to Retire by End of Biden’s First Term” (medscape.com), “Biden’s chief medical officer (Fauci), who has also been director of the National Institute of Allergy and Infectious Diseases since 1984, told Politico he is not planning to wait for COVID-19 to disappear before retiring.”

“Three Key Strategies for Combatting Nurse Turnover” | MedPage Today, Nat’e Guyton, RN, MSN, “with more than 900,000 nurses expected to permanently leave the profession during that same period due to retirement, burnout, or career change, over half of U.S. states (29) will not be able to fill the demand for nursing talent.”

​”Another Likely Effect of the Roe Reversal:

Pulled from Comments Section. Fred Dobbs Commentary

NY Times magazine – July 17

Pioneering Economist Says Our Obsession With Growth Must End, NYT, David Marchese 

Growth is the be-all and end-all of mainstream economic and political thinking. Without a continually rising G.D.P., we’re told, we risk social instability, declining standards of living and pretty much any hope of progress. But what about the counterintuitive possibility that our current pursuit of growth, rabid as it is and causing such great ecological harm, might be incurring more costs than gains? That possibility — that prioritizing growth is ultimately a losing game — is one that the lauded economist Herman Daly has been exploring for more than 50 years. In so doing, he

[unable to retrieve full-text content]If This Goes On … | Homeless on the High Desert, Ten Bears June 29, 2022 in g’da said Republicans are absolutely going for the dark, theocratic future America First Legal (AFL), a right-wing group whose team includes several former Trump administration officials, is urging the Supreme Court to do even more to shatter what’s left of the […]
The post If This Goes On … appeared first on Angry Bear.

RJS: Focus on Fracking

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Summary: US oil supplies at an 18 year low, SPR at a 36 year low, total oil + oil products supply at a 13½ year low.

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Detail: The Latest US Oil Supply and Disposition Data from the EIA 

Sidenote: The US oil data reported this week by the US Energy Information Administration includes updated data for the week ending June 17th, which should have been published last week but wasn’t due to a hardware failure. The new data for the week ending June 24th is published on schedule this week. While we’re going to cover that most recent update as we usually do, we’ll also try to include the most important changes for the week ending June 17th in our narrative…

The EIA’s data for the week ending June

RJS: MarketWatch 666

Summary: modest revision. The internals were revised as much as I’ve ever seen. PCE growth from 3.1% to 1.8%, real gross private domestic investment growth from 0.5% to 5.0%. Mostly due to greater inventories. Those 1st quarter inventories set up the 2nd quarter for a fall.

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1st Quarter GDP Revised to Show Our Economy Shrunk at a 1.6% Rate

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The Third Estimate of our 1st Quarter GDP from the Bureau of Economic Analysis indicated that the real output of our goods and services decreased at a 1.6% annual rate in the quarter, revised from the 1.5% contraction rate reported in the second estimate last month, as downward revisions to personal consumption of durable goods and services more than offset upward

“A few thoughts on the abortion ruling,”

by INFIDEL753

There’s no longer any room to pretend that the Supreme Court is a mere non-political referee interpreting the law in a vacuum.  If it ever was that, it’s now just another locus of political power, like the House, Senate, and presidency, a utensil for imposing the will of whichever ideology or group manages to secure control of it.  At present, that control rests with the forces of theocracy.

Biden has re-affirmed that he does not support increasing the number of justices to remedy the situation, even (presumably) if the Democrats were to hold the House and win an enlarged Senate majority making such action possible.  I’m guessing a few million Democrats who were on the fence about

Every once and a while, I wander to various sites to see what is cooking there. Kinda to get a bit of a change to our dialogue at Angry Bear. I found this one post on the Texas Part Platform by Infidel posted a few days ago to be interesting. Infidel had been featuring AB at “Crooks and Liars” too. To which I say, “Thank You.”

“About that Texas Republican platform,” Infidel753

The Texas Republican party platform has become notorious across the internet, mostly via second-hand descriptions and paraphrases.  Rather than put my trust in these, I took a look at the actual document to see what’s really there.  Most of it is pretty conventional boilerplate stuff, and there are some positive provisions, but yes, there is also plenty of material that

RJS, MarketWatch 666

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Summary: Producer Prices Rose 0.8% in May; Record Annual Increase of 16.6% for Final Demand Goods

The seasonally adjusted Producer Price Index (PPI) for final demand rose 0.8% in May, as average prices for finished wholesale goods rose by 1.4% while final demand for services was 0.4% higher. The increase followed a revised 0.4% increase in April, when average prices for finished wholesale goods rose by 1.3% while final demand for services was 0.2% lower. Also following a revised 1.6% increase in March, when average prices for finished wholesale goods rose by 2.4% and final demand for services rose 1.2% and a revised 1.1% increase in February, when average prices for finished wholesale goods rose by 2.2%. Margins

RJS, MarketWatch 666

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Summary: Retail Sales Fell 0.3% in May After March and April Sales Were Revised Lower

Seasonally adjusted retail sales fell 0.3% in May after retail sales for April were revised 0.4% lower. The  Advance Retail Sales Report for May (pdf) from the Census Bureau estimated our seasonally adjusted retail and food services sales totaled $672.9 billion for the month, which was a decrease of 0.3 percent (±0.5%) from April’s revised sales of $674.7 billion. This was 8.1 percent (±0.7 percent) above the adjusted sales of May of last year . . . April’s seasonally adjusted sales were revised from the record high $677.7 billion reported last month to $674.7 billion, while March sales were revised from $671.6 billion to

RJS: Focus on Fracking

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Summary: Global oil surplus at 560,000 barrels per day in May as OPEC output fell to 1.049 million bpd below quota

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OPEC’s Report on Global Oil for May

Tuesday of this week saw the release of OPEC’s June Oil Market Report, which includes details on OPEC & global oil data for May, and hence it gives us a picture of the global oil supply & demand situation at a time when major cities in China were under restrictive Covid lockdowns, while at the same time exports of Russian oil were curtailed by sanctions imposed by the West….in light of those offsetting circumstances, OPEC and aligned oil producers had again agreed to increase their output by 400,000 barrels per day for a tenth consecutive month, ie

Dale Coberly: The 2022 Social Security Report came out on June 2.

There were no surprises. Things are still predicted to turn out pretty much as they have been predicted to turn out since the 1990’s or earlier.

The Report projects the Trust Fund will run out of money in 2035. After that, benefits will need to be reduced about 20% or the tax will need to be increased about 4%. Workers who are not their own boss will see a tax increase of about 2%.

The Report projects Social Security “fails the test of short term financial adequacy.” This means the Trust Fund falls below 100% of prudent reserves within ten years. This is not necessarily a real problem, but it warns of a coming real problem: When the Trust Fund actually runs out of money in 2035

Summary: US oil supplies at a 17½ year low. SPR at a 35 year low after the SPR largest withdrawal on record. Gasoline supplies at a 6-month low.

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The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending June 10th show that after a big increase in our oil imports, another big oil withdrawal from the SPR, and an increase in oil supplies not accounted for more than covered a near record jump in our oil exports. We had oil left to add to our stored commercial crude supplies for the 7th time in 11 weeks, and for the 22nd time in the past 50 weeks, Our imports of crude oil rose by an average of 831,000 barrels per day to an average of 6,985,000 barrels per day,

RJS: MarketWatch 666

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Summary: April Trade Deficit Decreased by a record 19.1%, Led by Lower Imports of Consumer Goods and Industrial Supplies and Materials

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Our trade deficit was 19.1% lower in April, as our exports increased while our imports decreased. The  Commerce Dept report on our international trade in goods and services for April, incorporating an annual revision, indicated that our seasonally adjusted goods and services trade deficit fell by a record $20.6 billion to $87.1 billion in April. From a March deficit that was revised from the originally reported $109.8 billion to $107.7 billion. A revision which should result in an upward revision of about 0.14 percentage points to 1st quarter GDP when the third

RJS Focus on Fracking

Summary: Oil price sees highest weekly close in 13 years; natural gas price hit new 13 year high before falling back

Oil prices rose for a seventh consecutive week as record high fuel prices showed no signs of dampening demand. After rising 3.3% to $118.87 a barrel last week as China ended their lockdowns and the EU banned 90% of Russian oil imports, the contract price for US light sweet crude for July delivery jumped to over $120 a barrel in early trading Monday. After Saudi Aramco unexpectedly raised its selling prices for oil to Asia, sparking concerns over tightening global supplies, but faded in afternoon trading to settle 37 cents lower at $118.50 per barrel, as traders weighed risks of a potential US recession

RJS: Focus on Fracking

Summary: US oil supplies at a 17½ year low with SPR at a 35 year low; refinery utilization highest since 2019, refinery throughput highest in 17 months; gasoline supplies at a 6 month low even with gasoline imports at a 46 week high

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending June 3rd indicated that after a major drop in our oil exports and another big oil withdrawal from the SPR, we had oil left to add our stored commercial crude supplies for the 6th time in 10 weeks, and for the 21st time in the past 48 weeks, even after an increase in demand that could not be accounted for…our imports of crude oil fell by an average of 64,000

Dale Coberly has written on Social Security numerous times over the years. The Northwest Plan which he developed was recognized by the SS Administration as being a potential solution to a shortfall in SS benefits. Dale briefly describes below how the solution might work in resolving the SS shortfall. Just a heads up. I am not sure if Dale will give a lengthier report.

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The 2022 Social Security Trustees Report was released a few days ago.  So far the response has been fairly muted, the usual suspects repeating the same misrepresentations they have been repeating with every Report over the last ten years or more.

The Facts in the Report which go undiscovered by those who don’t “do the math” are:

We have reached “short term financial

RJS: MarketWatch 666

Summary: Construction Spending Up 0.2% on Higher Prices in April, after March Spending was Revised 0.6% Higher

The Census Bureau’s report on construction spending for April (pdf) estimated the month’s seasonally adjusted construction spending was at a $1,744.8 billion annual rate during the month. Up 0.2 percent (±0.8 percent)* from the revised March annual spending rate of $1,740.6 billion, and 12.3 percent (±1.3 percent) above the estimated annualized level of construction spending in April of last year. The annualized March construction spending estimate was revised 0.5% higher, from $1,730.5 billion to $1,740.6 billion, while the annual rate of construction spending for February was revised 0.4% higher, from $1,728.6

RJS: Focus on Fracking

Summary: US oil supplies at a 17 ½ year low with SPR at a 34½ year low; gasoline exports at a 3½ year high; 4 weeks of total oil + product exports at a record high and leads to total oil + products supply at a 13½ year low total oil + product  supplies at a 13½ year low after record exports..

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending May 27th indicated that even after another big oil withdrawal from the SPR, we had to pull oil out of our stored commercial crude supplies for the 4th time in 9 weeks, and for the 27th time in the past 47 weeks, mostly because of a big decrease in oil supplies that could not be accounted for.

I have worked with Alan Collinge and Student Loan Justice Org. for at least a decade on student loan bankruptcy. This article was taken from the Tallahassee Democrat. This article has some numbers on who is impacted, which has been presented, and largely ignored here and other places.

United States Senator Elizabeth Warren (D-Mass.) and Senate Majority Leader Chuck Schumer (D-N.Y.), and Congresswoman Ayanna Pressley (D-Mass.) led their colleagues in reintroducing their bicameral resolution outlining a bold plan for President Biden to tackle the student loan debt crisis by using existing authority under the Higher Education Act to cancel up to $50,000 in student loan debt for Federal student loan borrowers. The resolution calls on the President to

RJS: MarketWatch 666

Summary: 1st quarter GDP revision; April’s personal income and outlays, durable goods, and new home sales

1st Quarter GDP Revised to Show Our Economy Shrunk at a 1.5% Rate

The Second Estimate of our 1st Quarter GDP from the Bureau of Economic Analysis indicated that our real output of goods and services shrunk at a 1.5% annual rate in the 1st quarter, revised from the 1.4% contraction rate reported in the advance estimate last month, as growth of inventories and of fixed investment were revised lower, more than offsetting an upward revision to the quarter’s growth of personal consumption expenditures . . . in current dollars, our first quarter GDP grew at a 6.51% annual rate, increasing from what would work out to be a

RJS: Focus on Fracking

Summary: natural gas prices hit 13½ year high after a six-fold increase in less than 2 years; US oil exports at a 26 month high even with SPR at a 34½ year low & US oil supplies at a 17 year low; total oil + products inventories at a new 13½ year low even with highest refinery utilization rate since 2019 & greatest refinery throughput in 11 months; rigs down first time in 31 weeks

Natural gas prices hit 13½ year high after a six-fold increase in less than 2 years

Oil prices rose for the fifth consecutive week as a European embargo of Russian oil began to seem more likely. After rising 2.5% to $113.23 a barrel last week as fuel prices hit record highs on tight supplies and pulled nearby crude prices higher, trading

RJS: Focus on Fracking

Summary: US oil exports at a 26 month high with SPR at a 34½ year low & US oil supplies at a 17 year low; total oil + products inventories at a 13½ year low even with highest refinery utilization rate since 2019, greatest refinery  throughput in 11 months…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending May 20th indicated that after another jump in our oil exports, another oil withdrawal from the SPR, and even after an increase in oil supplies that could not be accounted for, we had to pull oil out of our stored commercial crude supplies for the 3rd time in 8 weeks, and for the 26th time in the past 43 weeks. Our imports of crude

RJS, MarketWatch 666

Summary: Retail Sales Rose 0.9% in April after March Sales Revised 0.9% Higher

Seasonally adjusted retail sales rose 0.9% in April, after retail sales March were revised 0.9% higher, while sales for February were revised a bit lower . . . the Advance Retail Sales Report for April (pdf) from the Census Bureau estimated that our seasonally adjusted retail and food services sales totaled a record high $677.7 billion during the month, which was up by 0.9 percent (±0.5 percent) from revised March sales of $671.6 billion, and 8.2 percent (± 0.7 percent) above the adjusted sales of April of last year . . . March sales were originally reported at $665.7 billion, up 0.5% from February; they are now indicated to have risen

RJS, Focus on Fracking

Summary: Strategic Petroleum Reserve at a 34 year low, US oil supplies at a 17 year low, total oil + products  inventories at a 13½ year low

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending May 13th indicated that after a jump in our oil exports, another oil withdrawal from the SPR, and an increase in demand that could not be accounted for, we had to pull oil out of our stored commercial crude supplies for the 2nd time in  7 weeks, and for the 25th time in the past 42 weeks. Our imports of crude oil rose by an average of  299,000 barrels per day to an average of 6,568,000 barrels per day, after falling by an average of 62,000 barrels

RJS: Focus on Fracking

Summary: Strategic Petroleum Reserve at a 21 year low, distillates supplies at a 17 year low; 300,000 bpd global oil surplus in April, despite loss of 1.2 million bpd from Russia & Kazakhstan; natural gas rigs at a 32 month high..  

OPEC’s Report on Global Oil for April

Thursday of this week saw the release of OPEC’s May Oil Market Report, which includes details on OPEC & global oil data for April, and hence it gives us a picture of the global oil supply & demand situation at a time when major cities in China were under restrictive Covid lockdowns, while at the same time exports of Russian oil were curtailed by sanctions imposed by the West . . . in the face of those circumstances, OPEC and aligned oil producers had

RJS, MarketWatch 666

Summary: Producer Prices Rose 0.5% in April; Record Annual Increase of 16.3% for Final Demand for Goods

The seasonally adjusted Producer Price Index (PPI) for final demand rose 0.5% in April, as average prices for finished wholesale goods rose by 1.3% while final demand for services was unchanged . . . that increase followed a revised 1.6% increase in March, when average prices for finished wholesale goods rose by 2.4% and final demand for services rose 1.2%, a revised 1.1% increase in February, when average prices for finished wholesale goods rose by 2.2% while margins of final services providers rose 0.5%, a revised 1.2% increase in January, when wholesale goods prices rose 1.6% and the price index for final demand for

RJS, Focus on Fracking

Summary: Strategic Petroleum Reserve at a 21-year low, distillates supply at a 17-year low

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending May 6th indicated that after another drop in our oil exports, another oil withdrawal from the SPR, and an increase in oil that could not be accounted for, we again had oil to add to our stored commercial crude supplies, for the 10th time in 24 weeks and for the 19th time in the past forty-nine weeks . . . our imports of crude oil fell by an average of 62,000 barrels per day to an average of 6,269,000 barrels per day, after rising by an average of 397,000 barrels per day during the prior week,

RJS, Focus on Fracking

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Summary: Natural gas price hits 164 month high after doubling in 2 months; SPR at a 1058 week low, total US oil supplies at a 746 week low; distillates supplies at a 729 week low, total oil + products inventories at a 711 week low, gasoline imports at a 8 month high; natural gas rigs at a 31 month high..

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Natural gas prices hit 164 month high after doubling in 2 months

Oil prices rose for the third time in four weeks after the EU advanced a plan to phase out imports of Russian oil . . . after rising 2.6% to $104.69 a barrel last week as fears of lower supplies from Russia outweighed concerns about reduced demand from China, the contract price for US light sweet crude for June delivery opened