Spanish FinMin "Concerned" As Public Debt Surges To New Record

Spain’s public debt climbed sharply in September to a new record high of 954.863 billion euros, casting doubt about the government’s ability to meet its target for the end of the year. Even finance minister Cristobal Montoro acknowledged that “there are concerns about the pace of the increase,” adding that this meant bringing down the public deficit even more of a priority. As El Pais reports, according to figures released Friday by the Bank of Spain, the state’s outstanding obligations climbed 10.181 billion euros in the month from August to a level equivalent to 93.4 percent of GDP. The government’s target for the full year is 94.2 percent, a figure that has already been revised upward. The central bank estimated GDP in the 12 months to September at 1.022 trillion euros.

 

But, apart from that, Spanish bond spreads near pre-crisis lows…

 

Yep – makes perfect sense…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ZRPM6b7U3i0/story01.htm Tyler Durden

WTF Chart Of The Day: The “It’s Not Working” Edition

Despite Janet Yellen’s commitment to continue supporting the economic recovery the transmission system of government interventions is clearly broken. As STA Wealth Management’s Lance Roberts shows in the simple chart below, it has taken $35.17 of government intervention to generate $1 of economic growth over the past 5 years. More importantly, the rate of diminishing returns is increasing. In other words, it is taking consistently more dollars of intervention to create an incremental increase in economic growth.

 

 

In the meantime, as shown below, the continued liquidity programs from the Federal Reserve continue to boost asset markets towards more exuberant levels.

 

However, despite signs of a potential market “bubble” Janet Yellen clearly sees no such thing…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/pmUU01Tr3gM/story01.htm Tyler Durden

WTF Chart Of The Day: The "It's Not Working" Edition

Despite Janet Yellen’s commitment to continue supporting the economic recovery the transmission system of government interventions is clearly broken. As STA Wealth Management’s Lance Roberts shows in the simple chart below, it has taken $35.17 of government intervention to generate $1 of economic growth over the past 5 years. More importantly, the rate of diminishing returns is increasing. In other words, it is taking consistently more dollars of intervention to create an incremental increase in economic growth.

 

 

In the meantime, as shown below, the continued liquidity programs from the Federal Reserve continue to boost asset markets towards more exuberant levels.

 

However, despite signs of a potential market “bubble” Janet Yellen clearly sees no such thing…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/pmUU01Tr3gM/story01.htm Tyler Durden

Fact Or Fiction: The President’s 11-Point Plan To “Fix” Obamacare

Responding to his administration’s ongoing struggles with the launch of Obamacare, President Barack Obama announced a proposal today that would enable insurance companies to grant one-year extensions to the health plans of Americans who would otherwise face cancellation. Here are some of Obama’s other plans to fix the troubled rollout of his signature health care law:

1. Replacing glitchy healthcare.gov website with a convenient in-person enrollment kiosk located in Washington, D.C.

 

2. Enrollees allowed to keep preexisting medical conditions

 

3. Customers will no longer be automatically opted in to the weekly newsletter “Talkin’ Premiums” when they purchase insurance on the exchange

 

4. Allowing enrollees choice of whether to stay with their current doctor or go with well-regarded Minneapolis-area general practitioner Dr. Joel Glochowsky

 

5. Losing the semicolon in Chapter V, section 5, clause B

 

6. As a preventive measure, each American receives free raw steak to reduce swelling on shiners

 

7. Meeting insurance companies halfway by letting them cancel health care plans for only the sickest patients

 

8. Obama agrees to preface all future health care updates with statement, “This thing is a hell of a mess”

 

9. Eliminates requirement for every enrollee to contract terminal disease

 

10. Offering easy-to-follow instructions on how to snap your own neck in the event that you are diagnosed with cancer and lost your insurance

 

11. Changing website background to blue

 

Source: The Onion


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/7qm7wrj_wSc/story01.htm Tyler Durden

Fact Or Fiction: The President's 11-Point Plan To "Fix" Obamacare

Responding to his administration’s ongoing struggles with the launch of Obamacare, President Barack Obama announced a proposal today that would enable insurance companies to grant one-year extensions to the health plans of Americans who would otherwise face cancellation. Here are some of Obama’s other plans to fix the troubled rollout of his signature health care law:

1. Replacing glitchy healthcare.gov website with a convenient in-person enrollment kiosk located in Washington, D.C.

 

2. Enrollees allowed to keep preexisting medical conditions

 

3. Customers will no longer be automatically opted in to the weekly newsletter “Talkin’ Premiums” when they purchase insurance on the exchange

 

4. Allowing enrollees choice of whether to stay with their current doctor or go with well-regarded Minneapolis-area general practitioner Dr. Joel Glochowsky

 

5. Losing the semicolon in Chapter V, section 5, clause B

 

6. As a preventive measure, each American receives free raw steak to reduce swelling on shiners

 

7. Meeting insurance companies halfway by letting them cancel health care plans for only the sickest patients

 

8. Obama agrees to preface all future health care updates with statement, “This thing is a hell of a mess”

 

9. Eliminates requirement for every enrollee to contract terminal disease

 

10. Offering easy-to-follow instructions on how to snap your own neck in the event that you are diagnosed with cancer and lost your insurance

 

11. Changing website background to blue

 

Source: The Onion


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/7qm7wrj_wSc/story01.htm Tyler Durden

Jacob Sullum in Forbes on the Legality of Exploring Drivers’ Digestive Tracts

How is it
possible that a motorist pulled over for a rolling stop could end
up being forcibly subjected to two X-rays, two digital probes of
his anus, three enemas, and a colonoscopy, none of which discovered
the slightest trace of the drugs that police claim to have thought
he was hiding inside himself? That is the question raised by
a federal lawsuit that received wide
attention last week after it was highlighted by KOB,
the NBC affiliate in Albuquerque. The answer, Jacob Sullum
writes in Forbes
, says a lot about the outrageous
indignities we have come to tolerate in the name of the war on
drugs, which has undermined our civil liberties to the point that
what happened to David Eckert after he was stopped in Deming, New
Mexico, seemed perfectly justified to the cops who detained him,
the prosecutor who approved their application for a search warrant,
the judge who granted it, and the doctors who helped execute
it.


Read the whole article
.

from Hit & Run http://reason.com/blog/2013/11/15/jacob-sullum-in-forbes-on-the-legality-o
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Jacob Sullum in Forbes on the Legality of Exploring Drivers' Digestive Tracts

How is it
possible that a motorist pulled over for a rolling stop could end
up being forcibly subjected to two X-rays, two digital probes of
his anus, three enemas, and a colonoscopy, none of which discovered
the slightest trace of the drugs that police claim to have thought
he was hiding inside himself? That is the question raised by
a federal lawsuit that received wide
attention last week after it was highlighted by KOB,
the NBC affiliate in Albuquerque. The answer, Jacob Sullum
writes in Forbes
, says a lot about the outrageous
indignities we have come to tolerate in the name of the war on
drugs, which has undermined our civil liberties to the point that
what happened to David Eckert after he was stopped in Deming, New
Mexico, seemed perfectly justified to the cops who detained him,
the prosecutor who approved their application for a search warrant,
the judge who granted it, and the doctors who helped execute
it.


Read the whole article
.

from Hit & Run http://reason.com/blog/2013/11/15/jacob-sullum-in-forbes-on-the-legality-o
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When Airplane Gadget Rules Are Eased, Will We Start Seeing More Recordings of Crew Behavior?

"Somebody sneezed too loudly. Back to the gate!"It’s no secret that customers
hate how airlines treat them. According to the latest ratings by
the American Customer Satisfaction Index,
airlines rank lower
than post offices. The only companies
customers hate more are cable/satellite television and Internet
providers.

Case in point: US Airways kicked a blind man off a flight from
Philadelphia to Long Island Wednesday because he couldn’t stow his
service dog to their satisfaction while the plane was still stuck
on the tarmac. Here’s how Long Island Newsday
described the incident
:

US Airways spokeswoman Liz Landau said [Albert] Rizzi was
removed — and the flight later canceled — after he became “verbally
abusive” with the unnamed attendant.

“Mr. Rizzi became disruptive and refused to comply with crew
member instructions when the flight attendant asked him to secure
his service dog at his feet,” the airline said in a statement. “As
a result of his disruptive behavior, the crew returned to the gate
and removed Mr. Rizzi and his service dog from the flight.”

But Rizzi said his last-row seat aboard the de Havilland Dash-8
turboprop plane had no under-seat area, and his request to move to
an open seat was ignored.

He said his dog, Doxy, was first placed under the seat of a
nearby passenger, but when Flight 4384 experienced a departure
delay of more than 1 1/2 hours, the dog wandered out to the aisle —
and lay on the floor with his head under Rizzi’s legs.

Rizzi said the attendant told him curtly about 9:45 p.m. that
the dog needed to be “stowed.”

Rizzi received support from several passengers against the
attendant. The crew responded by returning the plane to the gate
and kicking all of them off to take a bus instead.

We’re all familiar with airline safety theater – the pretense
that when the plane is obviously stuck on the tarmac for lengthy
delays everybody is supposed to stay seated with everything stowed
as though the plane was going to leap up into the air suddenly and
begin its flight. The dog didn’t need to be “stowed” while the
plane was just sitting any more than anybody else needed to be
sitting with their seat belts fastened, seat backs up and all
gadgets turned off.

Now that the FAA is going to ease rules on gadget use on
flights, will we start seeing passenger-recorded videos of these
incidents the way people record police? And if so, what impact will
it have on the way airlines treat customers? As Ron Bailey
noted
, when Rialto, Calif., required police officers to wear
cameras, complaints dropped 88 percent and use of force dropped 60
percent.

If imperious behavior by flight crew starts getting called out
with video footage, maybe the public response will force better
behavior. On the flip side, maybe Rizzi and his dog were being
disruptive jerks after all, and if so, footage would vindicate
their treatment.

from Hit & Run http://reason.com/blog/2013/11/15/when-airplane-gadget-rules-are-eased-wil
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Jonathan Rauch Revisits Kindly Inquisitors

Jonathan Rauch revisits his
book, Kindly Inquisitors: The New Attacks on Free Thought,
in which he defended what he called “liberal science”-liberal
societies’ open-ended, decentralized system for developing
knowledge by subjecting ideas, and often their proponents, to
public criticism-from then-newfangled attacks by those who sought
to protect minorities from excoriating or discriminatory speech. He
believes that today the case for restricting speech in the name of
tolerance is weaker than ever.

View this article.

from Hit & Run http://reason.com/blog/2013/11/15/jonathan-rauch-revisits-kindly-inquisito
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