Quotulatiousness

August 13, 2009

If they won’t voluntarily read lit’rit’cher . . .

Filed under: Books, Media — Tags: , — Nicholas @ 12:47

. . . repackage it as sleaze:

The Valley of Fear

“Years ago, a PI out of Chicago brought justice to a dirty town. Now he’s going to pay,” trumpets the cover copy for US publisher Hard Case Crime’s new take on the classic novel, which it will release in December. “The man needs the help of a great detective … but could even Sherlock Holmes save him now?” The cover shows a scantily clad, backlit blond, reacting in terror to a muscled man showing off a brand on his forearm. Arthur Conan Doyle becomes AC Doyle, “bestselling author of The Lost World”, while the reader is further enticed by the tagline that “They All Answered to… The BODYMASTER!”

Publisher Charles Ardai said he had been looking for a classic novel to “playfully repackage” in Hard Case Crime’s pulp style since he launched the press five years ago, keen to follow in the footsteps of the 1940s and 1950s, which saw a cleavage-revealing cover dreamed up for 1984 (“Forbidden love … Fear … Betrayal”), and a “bosomy lipsticked redhead” on the cover of Frankenstein. “This is the tradition we wanted to revive with our edition of The Valley of Fear — presenting something ‘good for you’ in ‘bad for you’ garb,” he said.

QotD: Interpreting the Fed’s message

Filed under: Economics, Quotations, USA — Tags: , — Nicholas @ 10:23

After two days of satanic worship, no-safeword BDSM and blackface minstrel performances, the Federal Open Market Committee (FOMC) announced today that it will stay the course on currency manipulation. According to the post-meeting press release, the Federal Reserve will maintain its effective negative target range for the federal funds rate. With economic activity “leveling out,” “signs of stabilizing” in household spending, “tight credit,” continued business cutbacks and a “gradual resumption of sustainable economic growth in a context of price stability,” the Fed expects inflation to “remain subdued for some time.” But the Fed is also standing by its plan to discontinue purchases of Treasury debt this fall [. . .]

The plan to phase out Treasury purchases is a bet that inflation will be kicking in by the fall, as Americans gear up for the harvest festival that marks their winter solstice. Will Santa be bringing you a wallet full of degenerated dollars? Some early signs: The greenback spiked right after the FOMC’s announcement, but has been falling against the currencies of countries with adult supervision. Demand for the the 10-year Treasury note followed the same pattern — with the FOMC’s statement triggering a brief flurry after a disappointing auction of $23 billion in new government debt earlier in the day. Maybe the market took the boilerplate about “subdued inflation” seriously. Or maybe it’s easier to believe the economy will heat up when the Fed doesn’t say so.

Tim Cavanaugh, “Fed Thinks It Has Conjured Inflation”, Hit and Run, 2009-08-12

This is a mind-boggling level of debt

Filed under: Economics, USA — Tags: , — Nicholas @ 09:58

As soon as the money being discussed passes a billion dollars, for most people it might as well be imaginary . . . here’s a bit of perspective:

To put some context on a new estimate that puts this year’s federal deficit at $1.8 trillion, consider this: That amount had never been spent by the federal government in a single year until 2000, let alone borrowed.

That’s right. As the decade began, the US government spent $1.8 trillion in a year for the first time. Now it’s poised to spend that much in excess of its tax revenues.

The Treasury released the latest figures Wednesday, showing spending of about $3 trillion in the past 10 months, and revenues of only $1.74 trillion.

With two months to go in the fiscal calendar, the Obama administration is projecting that the imbalance will end up totaling $1.84 trillion, more than four times last year’s record-high. The monthly deficit for July, also reported this week, came in a bit above what economists had expected.

Now all the talk about replacing the US dollar with some other currency as the international reserve makes rather more sense. The US government is going to be a long, long time paying off all that new debt . . . or repudiating it and triggering a world-wide financial melt-down. Either way, prudent investors will be looking at non-US investments for future attention. This will make it that much harder for the US economy to grow its way out of debt.

It will take a lot of political courage to stay the course, pay down the accumulated debt and avoid going for what the domestic audience will see as the easy option (declaring national bankruptcy). It’s hard to imagine any current American politician with the fortitude to take the hard option (cutting government spending and paying off the debt).

Sorry for the downtime this morning

Filed under: Administrivia — Tags: — Nicholas @ 09:46

My new host had some problems with the database connections this morning, resulting in a loss of access to the blog (both for you and for me . . . I couldn’t get access on the admin side either). Service appears to be back to normal now.

If you didn’t notice a problem, feel free to ignore this post.

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