Ramadan: Question regarding Obama's 1st term presidency ending, the Mayan calendar & the Day of Judgment?

Ramadan: have you ever heard from anyone claiming that by having Obama's 1st term presidency ending coincides with the Mayan calendar ending, is one of the signs of Doomsday/Judgment Day??
Yes or no??

Allah subhana wa ta'ala knows the exact date of the last day.

salam

me and farooq sattar tag team maryam ! she happy , why ?

don't let yourself be engulfed into this belief of judgment day according to the mayan beliefs. only Allah (swt) knows when the last day will come.

Assalamualaikum (Peace be upon you)

Interesting but it's probably a coincidence, I don't think we should really believe in this Mayan thing that the world will end in 2012 as only Allah alone knows exactly when the world will end. it could be 2012 but it could be any other day before or after that.

And Allah knows best
May Allah provide us with guidance
Salaam

Ramadan: Question regarding Obama's 1st term presidency ending, the Mayan calendar & the Day of Judgment?

Uranium One’s Q2 profits soar on higher prices, production

Tue 3:00 pm by Olivia D'Orazio

Uranium one (TSE:UUU) announced Tuesday its net income for the second quarter multiplied by over five times as the company produced nearly double the amount of uranium it did a year ago.

For the three months ending June 30, Uranium one reported a profit of $29.7 million, or $0.03 per share, compared to $5.4 million, or $0.01 per share, a year earlier.

Adjusted for certain one-time costs, like restructuring and fair value adjustments, the uranium producer earned $27.1 million, or $0.03 per share.

Revenues rose to $112.9 million, up 71% from the same period last year.

“The Uranium one team continues to post strong operational and financial results in 2011,” said CEO Chris Sattler.

“This quarter saw a continued low cash cost with a higher than market average sales price.”

During the quarter, the Toronto, Ontario-based company had 2.4 million pounds of total attributable uranium production, up 33%, selling nearly 2.0 million pounds of the dense metal at an average realized price of $58 per pound, a 35% increase year-over-year.

Average cash cost of production remained flat from a year ago, at $15 per pound.

Uranium One’s South Inkai and Karatau mines, each located in the Suzak region of Kazakhstan, produced the bulk of the company’s attributable resources, at 620,700 pounds of uranium and 568,800 pounds of uranium, respectively.

Earnings from its mine operations more than doubled during the quarter, to $61.7 million.

At the end of the quarter, the company had 3.9 million pounds inventoried, which includes work in progress as well as finished product ready to be shipped or in transit.

One of the world’s largest uranium producers, the company stood by its total attributable production guidance for 2011 of 10.5 million pounds and 12.5 million pounds for 2012.

Uranium One’s stock on the Toronto Stock Exchange rose 10.55% to trade at $3.04 per share as of 2:05 pm EDT.

<a href="http://www.proactiveinvestors.com/companies/news/17051/uranium-ones-q2-profits-soar-on-higher-prices-production-17051.htmltag:news.google.com,2005:cluster=http://www.proactiveinvestors.com/companies/news/17051/uranium-ones-q2-profits-soar-on-higher-prices-production-17051.htmlTue, 09 Aug 2011 19:09:24 GMT 00:00″>Uranium One’s Q2 profits soar on higher prices, production

Lockout not dimming future for Team USA at 2012 Games

A year out from the 2012 Olympics, with the lockout in full swing, Jerry Colangelo nonetheless has no doubts that he will find 15 NBA players to put on the red, white and blue.

"I haven’t even really started reaching out, and I’m feeling calls," he said Friday. "They’re calling me. They’re calling me to say they’re playing."

Truth is, no one — not even Colangelo, the head of USA Basketball — knows what the potential impact of the lockout will be on the Summer Games. if the lockout is still ongoing then, there would be any number of logistical and potentially legal nightmares for each.

Yes, USA Basketball is a separate entity from the NBA. but for all practical purposes the NBA has been in partnership with USAB for the last 20 years, since basketball’s international governing body, FIBA, changed its rules in 1989 and allowed NBA playes to compete in the Games. soon after, the men’s senior national team changed from one with college players to one dominated by the NBA’s best, and it’s been that way ever since.

Several members of USAB’s board of directors have current or past NBA ties, starting with Colangelo, the longtime former owner of the Suns and one of commissioner David Stern’s most trusted advisers for three decades; Stu Jackson, the NBA’s executive vice president of basketball operations; Kim Bohuny, the league’s vice president of basketball operations, international; former NBA player and current CEO of iHoops, Len Elmore, and my NBA TV colleague Steve Smith, the board’s athlete representative.

But, in a wide-ranging interview Friday, Colangelo wanted to make clear the difference between affiliation and control.

"I think it’s important that people in the basketball world — fans, media — understand something very basic," he said. "USA Basketball is self-sustaining. It’s its own entity. It is not an arm of the NBA. the board is made up of people like (National Basketball Players Association executive director) Billy Hunter. There are people from the NBA and the NCAA … USA Basketball at one time had trouble raising money. the NBA was willing to be a backup from a financial point of view, and cover any shortfall."

When Colangelo took over the selection process for the Olympic team in 2005, his first task was to get USA Basketball out of the red, and Colangelo says he’s done that — according to him, USAB quadrupled its revenues in the four years leading up to the 2008 Summer Games in Beijing. And the success of the "Redeem Team" has helped further.

"We are self-sustaining," he repeated. "the NBA gives us people when we need people for events."

Still, the 2012 roster will be comprised solely of NBA players. Kobe Bryant is a yes whatever happens, according to a source close to the 34-year-old; Bryant badly wants a second gold medal to go with the one he won in ’08. Kevin Durant, who led Team USA to the gold medal at the 2010 World Championships in Turkey, would probably go if selected even if the lockout were still in place, a source close to him said Sunday. the source added, though, that circumstances could change in the next year. Dwyane Wade and Chris Bosh have yet to have discussions about what they would do in case the lockout is ongoing, according to a source; ditto for LeBron James, according to another source with knowledge of James’ thinking.

Colangelo said he doesn’t have a specific plan for what to do about the USA roster if the lockout consumes all of the 2011-12 season and is still going when USAB has to submit a roster to FIFA next June. (There wasn’t much he could say, anyway; Colangelo is still, technically, a minority partner with the Suns, though he sold the team to Robert Sarver in 2004 for $401 million, and thus can’t talk specifically about the lockout or many ancillary issues.) but he has enough information to believe he can put a team together from members of the ’08 Olympic gold medal team and the ’10 world championship squad.

"I would hope people would take care of their business," he said. "I know all of the issues from both sides, the pros and cons. I have to look at it from a different perspective as chairman of USA Basketball. We’re moving ahead. We’re fielding a team. the only question is who’s going to be on it. We have to submit a roster to FIBA by next June … we’re going to have a great response to participation in 2012 from our players. We have the depth of players, looking at the Olympic roster and the World Championship roster, to field a team."

Of course, Colangelo has a lot of things on his plate. this weekend he’ll be in Springfield in his role as chairman of the board of the Naismith Memorial Basketball Hall of Fame, which will induct 10 new members on Friday and Saturday, including former Bulls, Spurs and Pistons forward Dennis Rodman, Dream Teamer Chris Mullin, former ABA star Artis Gilmore, Olympic gold medalist and European star center Arvydas Sabonis, triangle offense innovator Tex Winter and former Harlem Globetrotters star Goose Tatum.

Colangelo came to the HOF in 2009 saying he wanted to make several changes to both the selection process and Hall itself. Some have come to fruition; others have not. He began his stint at the Hall with similar money issues that he had with USAB; one of the first things he did was to cajole 28 of the 30 owners — along with Commissioner David Stern and then-deputy commissioner Russ Granik — to make contributions totalling $7 million to the Hall to stem some of the red ink. the Hall, as you’ll read below, is developing other revenue-generating programs it hopes will come on line in the next couple of years. As for the others, a checklist follows:

Opening up the selection list for more candidates. • Grade: Check

Gilmore and Tatum were selected this year from the new ABA and Early African-American Pioneers committees, established on Colangelo’s watch. the Early African-American committee recognizes players and contributors who helped grow the game before the establishment of the NBA in 1946. (Here’s hoping that committee remembers Edwin Henderson, the "Father of Black Basketball" who organized the first teams of black players early in the last century in Washington, D.C., and later became a title-winning coach and author. His Spaulding Official Handbook chronicled the exploits of African-American athletes in all sports in the early 1900s.)

In doing so, the Hall also re-establishes its long-repeated mantra that it is not an NBA Hall of Fame, nor does it want to be.

"It creates a new look for the Hall of Fame," Colangelo said. "It truly represents all levels of basketball. It’s not the NBA Hall of Fame. All of these changes show that we want to recognize those who made contributions at all levels, in all eras."

Fan participation in voting for Hall of Fame candidates. • Grade: Incomplete.

Colangelo has proposed opening the vote to include fans, who would contribute a certain percentage of the ballots for proposed candidates online, with a committee of voters that includes coaches, media members and former players still casting the majority of votes. but that plan has yet to come to fruition. He said he’s currently negotiating with two companies for potential sponsorship.

0808-jerry-colangelo-300a.jpgImproving aspects of the Hall of Fame voting process are high on Jerry Colangelo’s to-do list. Andrew D. Bernstein/NBAE via Getty Images

"I’m very hopeful it’s going to be done in time for next year’s election," he said.

Generating more business for the Hall itself. • Grade: Half-check.

The president of the Hall, John Doleva, said earlier this year that the Hall was considering selling naming rights to the museum, as well as events and games sponsored by the museum, and it hired a marketing company to help the endeavor along. Colangelo said Friday he’s working to open "satellite Halls of Fame" in several locations around the country and outside the United States that will allow fans that can’t get up to Springfield access to some of the Hall’s memorabilia, programming and displays.

"I think our attitude is bullish," he said. "you look at all of the Halls — in Cooperstown [for baseball], in (Canton) Ohio [for football]. none of them is greatly located, and Springfield, Massachusetts, has those same issues. so, let’s bring it out for the fans."

Making the voting process for the Hall transparent. • Grade: Failure.

The biggest criticism most fans have about the Naismith Hall of Fame is that its voting for Hall of Fame induction is done almost completely in secret. the identity of the 24 voters is kept silent; most voters have no idea who else is voting in a given cycle. (Most of those voters are rotated out every three years or so.) the votes themselves are never disclosed or made public. no one knows, for example, exactly how many votes any of the inductees receive, or how many those that don’t make it in a given year get.

This is completely different from Major League Baseball, which gives the complete vote totals for all who are considered in a given year. the 44 members of the Pro Football Hall of Fame are named on the Hall’s website, and many of them, while not completely specific in detailing what goes on at the election meeting held the day before the Super Bowl, often disclose their own votes, and the reasons why. Ditto for the Baseball Writers Association of America, whose 581 eligible voters this year put Bert Blyleven, Pat Gillick and Roberto Alomar into baseball’s shrine.

But this hasn’t happened yet with the Naismith voters.

"On a personal basis, I have no problem with going public. none," Colangelo said. "the problem is there are people who are voting that don’t share that view. We’ve asked them. And there are some in the media who say, ‘Bring it on.’ this is not meant to be a policy. this is meant to be a representation of those who vote and what they want to do. but I haven’t given up on that yet."

Dribbles

Ownership change in Atlanta revives hope

Incredibly, in the face of supposed doom with an unworkable business model, NBA teams keep going like hotcakes.

California businessman Alex Meruelo is the latest businessman who’s been "duped" into buying an NBA team, reaching a deal to buy the Atlanta Hawks from the multi-headed group known as Atlanta Spirit. Word of the detail broke Sunday morning, and the Hawks will make it official at a news conference today. the Board of Governors will officially approve Meruelo next month at its annual meeting.

The sale price, according to a source with knowledge of the negotiations, is in excess of $300 million. this does not including the debt that Meruelo will assume from Atlanta Spirit, which will retain between 20 and 25 percent of the team initially. Meruelo will have the option of buying even more of the team from the group in the next few years. The team will remain in Atlanta, unlike the Hawks’ former co-tenant at Philips, the NHL’s Thrashers, which Atlanta Spirit sold to a group in Canada that moved the team to Winnipeg earlier this summer.

Of course, Meruelo wasn’t duped. He sees the NBA as a good investment and plans to move to the Atlanta area, according to reports, at least part of the time to see his team.

Like new NBA owners Joe Lacob (Golden State), Joshua Harris (Philadelphia) and Tom Gores (Detroit), Meruelo has made much of his money in the private equity business, though Meruelo also does extensive work in the construction, real estate and food service industries. He also has bought a Reno casino and Los Angeles Spanish language television station. (Meruelo, of Cuban decent, will become the first majority Latino owner of an NBA team; Arte Moreno, who owns MLB’s Los Angeles Angels of Anaheim, is the only other Latino majority team owner among the four major U.S. sports.)

But Meruelo is already being lionized in Atlanta not because of who he is, but who he isn’t. the reign of Atlanta Spirit was fraught with internal bickering and uncertainty about exactly who was in charge. Several people in different cities had pieces of the group, and one, Steve Belkin, wound up suing the others in 2005. He disagreed with his fellow owners about trading Boris Diaw and two first-round picks to Phoenix for Joe Johnson, and tried to block the deal as the team’s representative on the board of governors. His partners tried to have him removed as the team’s representative. (The lawsuit was finally settled last December when two of them, Michael Gearon and Bruce Levenson, bought out Belkin’s 30 percent of the Hawks, Thrashers and Philips Arena.)

Despite the internal disagreements, the Hawks have become a consistent success on the court. They’ve made the playoffs four years in a row and have reached the East semis in each of their last three trips. In last season’s playoffs, they played the Bulls competitively before falling in Game 6.

But what are we to make of this, the seventh NBA team (Bobcats, 76ers, Warriors, Pistons, Hornets, Nets) to be sold in the last two years? does a healthy league have almost a quarter of its teams change ownership in such a short period of time? or do businessmen see a growth opportunity despite the sluggish economy because the game is so compelling on the court? One thing is certain: there is no seeming shortage of multi-millionaires and billionaires with checks at the ready to get into the game. Which, in itself, says something about the game.

Nobody asked Me, but …

Where do you go when optimism starts to die?

After speaking with people on both sides of the Great Divide last week, there is nothing — nothing — that indicates the lockout is going to end any time soon. the phrase that came was "anchored," as in, both sides are anchored to their positions. the league still insists it has to have a hard cap with a significant shift in the split of Basketball Related Income; the union still insists the current system just needs to be tweaked, not overhauled, and is not going to budge off its last offer to reduce its BRI split from 57 percent to 54.3 percent.

The union was surprised at the timing of the league’s decision to file a lawsuit and an unfair labor practices complaint with the National Labor Relations Board, though not surprised that the league would ultimately pursue that course of action. Last Monday’s meeting between the two sides in new York, while not especially productive on the big issues, was cordial, according to sources involved. the two sides did talk at least a little about non-economic issues in the hopes that some progress could be made on those while they tried to chip away at the big problems. but the next morning, David Stern called the union’s executive director, Billy Hunter, to inform him of the legal steps that the league was about to take. clearly, the NBA didn’t decide Monday night to file the lawsuit and NLRB complaint, making the commissioner’s statements after last Monday’s meeting less about that meeting and more about the strategy the league had obviously decided to undertake weeks ago.

A source who deals with owners on a regular basis said that they remain determined to, if not break the union, break its current salary structure. the source said owners frequently speak of "being tired of making these guys rich" and are even contemplating asking for more, such as including income the players receive from their commercial endorsements and sponsorship money into the BRI pot — the theory being the players wouldn’t become famous and able to make such deals if not for the NBA infrastructure that puts them on television and other media. (Good luck with that one. And, yes, I asked my source if that were the case, why not cut players in for a slice of the action when owners sell their teams? I got something about there being a difference between the risks the players assume on the court and the risks owners take in financing their teams, got a headache in my eye and stopped listening.)

Hunter is trying to hold off agents who want him to go to court and decertify already. but Hunter, according to a source, is on his own timetable and is not going to be swayed into doing something until he’s convinced there’s no alternative. the union still has hope that its own filing with the NLRB accusing the NBA of not negotiating in good faith will be heard sometime this month.

It is the time of lawyers and lawsuits, not of basketball. And thus the cold winter continues, and there is a harsh reality staring back at us: they may well lose a whole season.

… And Nobody asked you, Either

What a revoltin’ development this is. from Karol Milcarz:

Let’s say the lockout lasts whole year and the entire season is cancelled. no paychecks to the players, not a penny spent on jet fuel or on suites in Mariotts and Hiltons. the question that stands is: financially, is it reasonable and "profitable" to the owners to keep players locked out the whole 2011-12 campaign? In fact, the expenses owners have to incur during the season wouldn’t be relevant. Yet, from what I know, TV contracts still are going to be valid and some dollars will be filling in team’s bank accounts. having in mind that majority of teams are "in red", wouldn’t it be the right move for them to make?

Have you been spying on the owners, Karol? other than your choice of hotels (no self-respecting NBA player would be caught dead in a Marriott or Hilton these days), that’s precisely the argument that many owners make behind the scenes. they can make more money — or, at least, not lose money — by not playing. And that is the fundamental difference between the NBA and NFL lockouts. every NFL team makes money. Some more than others, to be sure, but no one is losing. so the incentive for NFL owners was to make a deal before the season started. For at least a few NBA owners who are losing money, there is no incentive to reach a deal for anything like the current system. they will do better not playing. Which is why it’s going to be so hard to make a deal.

The Fall of Paul? from McKay Kelly:

I’m a raving Utah Jazz fan. My favorite player for the past few years has been Paul Millsap. when we were relying on Boozer’s front-of-the-rim jump shot, I couldn’t wait for Paul to come off the bench and dazzle us with his footwork and ability to get to the rim. (Sadly, ever since his 46-point Miami experience, he relies on a jumper a lot more than he should. but it’s still pretty dependable.)

With Jerry Sloan and Paul Millsap in mind, obviously it would make sense that I’m not an Okur fan. I appreciate ball movement that turns into an opportunity in the paint, and disapprove of CENTERS hanging around the 3-point line. Even Dirk got the memo on that one. He started playing in the post a whole lot more.

Basically, we’ve got a lot of awkward players on the Jazz. not to say they’re not talented, but Okur, [Andrei] Kirilenko, [Kyrylo] Fesenko, [Francisco] Elson etc. do not have the athleticism of a Millsap, [C.J.] Miles and [Ronnie] Price.

We just picked up [Enes] Kanter in the draft. a center. a beast really. I was hoping for some backcourt star power, like maybe taking [Brandon] Knight at no. 3, but seeing him fall to no. 8 made me realize maybe he wasn’t worth a no. 3 pick, so I’m definitely coming around on the big guy.

My question is (sorry for taking so long to get to it), WHY ON EARTH, AFTER PICKING UP ANOTHER EUROPEAN BIG MAN, ARE WE HEARING TALKS OF TRADING MILLSAP? where are the articles about how we no longer need a non-center center like Okur? or how we might benefit greatly by getting rid of the ridiculously expensive Kirilenko? the Millsap-Al Jefferson combo was working quite well before December.

If Utah deals Millsap — and I’ve heard no specific rumors, obviously, with the lockout killing basketball’s Hot Stove League — it would only be for financial reasons. With Al Jefferson (still on the hook for $29 million the next two seasons), Derrick Favors, Kanter and Millsap up front, someone’s going to get squeezed for minutes. Kirilenko comes off the books as an unrestricted free agent. the Jazz are committed to Favors, and assuming they didn’t draft Kanter to have him sit like a potted plant, that would leave Jefferson and Millsap to fight for playing time. It would certainly make sense and likely be easier for Utah to move Millsap ($16.7 million left the next two years) than Jefferson.

Send your questions, comments, criticisms and suggestions for what I should do with my soon-to-be-useless credit cards to daldridgetnt@gmail.com. if your e-mail is sufficiently interesting, thought-provoking, funny or snarky, we just might publish it!

By the Numbers

593 — Ranking for Hawks center Josh Powell, dead last in the league according to this sabremetric-ish compliation, published last month, of every NBA player who has played at least one game since the 2008-09 season that I just came across. How they arrived at their numbers involves math I have no interest in checking or explaining. Take it for what it’s worth.

7 — Timberwolves coaching candidates after Minnesota added former Wolves player and Raptors coach Sam Mitchell to the mix. Mitchell joins Larry Brown, Rick Adelman, Don Nelson, Bernie Bickerstaff, Mike Woodson and Terry Porter on the list of known candidates for the job. Adelman, though, has already told one paper he isn’t likely to coach next season.

39 — Days since the owners began the lockout.

I’m Feelin’ …

1) Interviewing the Worm on Thursday in Springfield. that ought to be good.

2) my girl Holly MacKenzie up in Toronto often Tweets about her love of the game. I think she probably saw that Kevin Durant exhibition at the Rucker last week and just went, "damn." (Durant is ridiculous throughout the highlights. you know what makes me insane? I was in midtown Manhattan last week waiting for lawyers to stop gabbing at each other and then announce absolutely nothing had happened over three hours, instead of being uptown watching Durantula do work.)

3) It’s like watching a river full of sludge, tree stumps and syrup meander toward a falls on a summer day, in no particular hurry.

4) I hope this is true, because the rift between Chris Mullin and the Warriors got especially ugly toward the end of his tenure as general manager, and was beneath everyone involved.

5) After next Monday’s Tip column from the Hall of Fame ceremonies, I’m taking some time off to re-introduce myself to the woman with whom I am related by marriage and my other dependents. Working on some solid guest columnists for the Tip just as we had last year. I’ll have more info for you next week.

Not Feelin’ …

1) The conflict between these two makes me very sad, because I like and respect both men very much, and they are both working toward the same end and the same goal. they just have this issue between them that they can’t squash.

2) Sonny Hill informed us Friday that Sherman White had died. a great example of a young man who made a mistake surpassing it and becoming a good man who helped young people in his community.

3) All class, that Steve Williams. Good to know he "won" 145 golf tournaments and not the golfers for whom he was caddying.

Tweet of the Week

@ deandrejordan you can’t bash an airline just because they won’t let you fly the plane, it’s a safety thing, we’ve talked about this. — Blake Griffin (@blakegriffin), Sunday, 7:28 p.m., doing his part in the midst of the FAA shutdown to keep our airways safe by discouraging teammate DeAndre Jordan from showing off his cockpit "skillz."

They Said It

"I think some of my political views would be tough for me to get elected from where I live … let’s put it that way. I see the views that people use to get elected, and I’m not sure I’m on that side. I might just be setting myself up for defeat." — Magic coach Stan Van Gundy, telling the Orlando Sentinel that he is considering getting into politics when his coaching days are over. Van Gundy did not disclose which party or what politics he follows.

"if I knew what I know now, I wouldn’t have retired. but I didn’t know that then. And you’ve just got to go with what happened."Magic Johnson, in a Los Angeles Times forum last week, reflecting on his life since being diagnosed with HIV in November, 1991. Johnson retired, returned to the NBA a year later but retired for good in 1995 amid fears he may have been putting other players at risk for getting the disease–a fear that has since been completely debunked.

"I think people need to lay off that kid, that’s what I think. I’ve gotten to know him pretty well playing on the Olympic team, and I think they just need to back up off him and just let him play and let him live his life."Kobe Bryant, defending LeBron James in an interview with ESPN last week.

Longtime NBA reporter and columnist David Aldridge is an analyst for TNT. you can e-mail him here and follow him on twitter.

The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting.

<a href="http://www.nba.com/2011/news/features/david_aldridge/08/08/morning-tip-usa-basketball-update/?ls=iref:nbahpt1tag:news.google.com,2005:cluster=http://www.nba.com/2011/news/features/david_aldridge/08/08/morning-tip-usa-basketball-update/?ls=iref:nbahpt1Mon, 08 Aug 2011 13:23:38 GMT 00:00″>Lockout not dimming future for Team USA at 2012 Games

‘How long can the biggest borrower remain the world’s biggest power?’

Wednesday, August 10, 2011OP-ED

Larry Summers, President Obama’s former chief economic adviser used to ask noting the massive deficit of the US: “How long can the biggest borrower remain the world’s biggest power?”

It is not hubris or hostile action that brings the US down. it is a lack of readies, meaning unpaid, high-interest, foreign-owned debt, and an unaffordable lifestyle with credit-card debt of Americans.

With the latest borrowing, the United States joined a small group of countries whose public debt exceeds GDP, including Japan (229%), Greece (152%), Jamaica (137%), Lebanon (134%), Italy (120%), Ireland (114%) and Iceland (103%), according to figures provided by the International Monetary Fund.

For the first time, the United States’ credit rating was cut when Standard and Poor’s lowered it from triple-A to AA+, citing the country’s looming deficit burden and weak policy-making process. the US has held the S&P rating triple a since 1941.

The downgrade has been a symbolic embarrassment for President Barack Obama and his administration, and would most likely lead to a spike in US interest rates, making debt payments pricier and hurting Americans holding flexible-rate loans — anyone carrying credit-card debt, or seeking a car loan.

On August 2, US President Barack Obama signed an emergency austerity bill that averted a devastating debt default, but warns that the contentious plan was “just the first step” on a long road to economic recovery.

The measure lifts cash-strapped Washington’s $14.3 trillion debt limit by up to $2.4 trillion while cutting at least $2.1 trillion in government spending over 10 years, a step forecast to drag down the already sluggish US growth.

The new law calls for more than $900 billion in cuts over the next 10 years — $350 billion of it in defence — and creates a special congressional committee tasked with coming up with another $1.5 trillion in cuts to report by November 23, with Congress voting by December 23.

Obama spoke on August 2 after the US Senate voted 74-26 to pass the measure — which cleared the House of Representatives by a 269-161 margin on August 1 — with just hours to spare before a midnight deadline that could have triggered a first-ever US default on its debt payments.

Obama’s 2012 re-election bid will turn on voters’ perception of his handling of the US economy, which has laboured under historically high unemployment above 9% as it struggles to recover from the global meltdown of 2008.

The president promised that the deficit-cutting would not starve education and research nor happen “too abruptly while the economy is still fragile,” and railed against the “manufactured crisis” over the debt limit.

Republicans have promised that the spending cuts will create jobs, but top Wall Street economists have warned the austerity measures will actually be a drag on already sluggish US growth as government stimulus measures run out.

The overall shift from priming the US economy to government belt-tightening is expected to reduce US growth next year by about 1.5 percentage points, according to JP Morgan Chase economists.

Furthermore, the US economy, which grew at a feeble 1.3% in the second quarter of this year, much worse than economists had expected, is discouraging.

Obama indicated that he would campaign for raising tax revenue on the rich and wealthy corporations, a proposal that has already generated opposition from Republicans who contend it would smother job creation.

“I’ve said it before, I will say it again: we can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession,” he said. “Everyone’s going to have to chip in. That’s only fair.”

Democrats, especially on the party’s left flank, have expressed outrage that the bargain Obama struck with his Republican foes omitted any tax increase on the wealthy.

“It is my hope that we have reached the high tide of an ideological movement that has sought to hold tax cuts for the wealthy sacred, while imposing increasingly draconian cuts on American families,” Democratic Senator Carl Levin, who voted for the bill, said. in a veiled swipe at President Obama, Senator Levin also stressed that “success also is going to require presidential leadership and stronger use of his bully pulpit.”

The bitterness, division and dysfunction in the US Congress that reverberated around the world, dipping stocks and shares in many countries as the US veered toward default, have eroded the US’s reputation as the world’s economic haven and the sole country to lead the rest of the world out of financial crisis and recession. it reminds everyone that the US can no longer afford either a new Marshall Plans or new wars.

After the second World War, America supplanted the ”old world” and took control. the end of the Cold War entrenched its global grip. now the wheel has turned — and it is the US that is coming down with a bump.

Chronic American financial vulnerability carries increasingly serious implications for US global influence and its standing as the world’s only superpower. in short, the deficit and the mindset that produces it are beginning to threaten the post-1945 security architecture.

Russian Prime Minister Vladimir Putin has accused the United States of living beyond its means “like a parasite” on the global economy and said dollar dominance was a threat to the financial markets.

“They are living beyond their means and shifting a part of the weight of their problems to the world economy,” Putin told the pro-Kremlin youth group Nashi, on August 1. “They are living like parasites off the global economy and their monopoly of the dollar,” Putin said

Putin noted that Russia holds a large amount of US bonds and treasuries. “If over there [in America] there is a systemic malfunction, this will affect everyone. Countries like Russia and China hold a significant part of their reserves in American securities … there should be other reserve currencies,” Putin told the young Russians.

Finally, the austerity measures in the US may have an adverse effect on developing countries including Bangladesh as there are likely to be less governmental aid and imports as well as remittances from the US.

The writer is a former Bangladesh Ambassador to the UN, Geneva.

<a href="http://www.thedailystar.net/newDesign/news-details.php?nid=197901tag:news.google.com,2005:cluster=http://www.thedailystar.net/newDesign/news-details.php?nid=197901Tue, 09 Aug 2011 18:03:54 GMT 00:00″>’How long can the biggest borrower remain the world’s biggest power?’

What do you honestly think about the world ending in 2012?

I think its just a load of crap and the end of the world cannot be predicted and where is the scientific evidence of it ending

well…I think science CAN predict something may happen, as it may, but 'the world ending…?'
That's a bit much..

I think based on the current information and stability of the Earth it is unlikely that it will end in 2012. however this does not mean it is impossible and will not happen. for example we may devastate the planet by Nuclear War something that we currently would not expect to happen and god forbid will not happen.

Just a bunch of crackpots trying to scare people and make money from books. When 2012 passes without incident, they'll dream up another date.

I don't believe this 2012 stuff either.

This scam about the world ending in 2012 isn't true. It's all just a silly hoax. it maybe true that that mayan calendar ends but, it doesn't mean the world is going to end. one of several Mayan calendars is the Long Count calendar, which is reset to day 0 every 1,872,000 days or 7057.5 years. The next reset date, by some calculations, is December 21, 2012. this is not a prediction of the end of the world. The Mayan Calendar has to end sometime. besides, nobody can't predict when the end of the world is. you shouldn't always believe what you hear from other people. The scientific evidence about 2012 doesn't go together. Those who spread rumors about 2012 should be punished. you know what is sad, people may commit suicide over this thinking its the end of the world. or maybe some people would get unwise with their money and spend it all like crazy and be in thousands of dollars in debt, just because they thought the world would end. Then they have to pay it off later and deal with the stress of those bills. That's why those who spread rumors about 2012 should be punished. you know what else is false about this 2012 garbage?

• Planet X (Nibiru) isn't going to hit the Earth it doesn't exist.
• Poles are switching everyday, this isn't going to happen all in just 1 day. this process takes thousands of years. Throughout geological history there has been may pole switches and life has still survived.
• Also people are saying these poles will switch in one day due to a black hole. That's NOT true. The nearest black hole to our galaxy is 1600 light years away.
• Sun will be lined up with a sunspot, but it doesn't mean it will wipe out all life on Earth. one time ago, Earth was lined up with a sunspot and people were on it and everybody didn't just die.
• There is not going to be catasphoic earthquakes.
• No coment will hit Earth or asteriods.
• these cultures such as the Japanese, Mayans, Japanese or whoever didn't predict such a thing. as I just said, this is just a scam to make money off of ignorant people who don't look at the facts.
• if you have been watching the Hysteria Chanel about 2012 or anything like that, all they are just trying to do is scare people so they can make money.

Each time the end the world is predicted. they are always wrong. Here are all the predictions of when the world would end and each time they where wrong. Every year there is a prediction like this. I'm sure that if 2012 doesn't happen, they will think of something else. through out history the end has been predicted but has never happened. Also, think about this. if the Mayans were able to predict the future, why couldn't they see what would happen to their society in the future?

I can provide even more proof that the world won't end in 2012 if you need me to.

Please look at my links below and read this answer closely, this answer should expect a lot thumbs downers.

just because the mayas calender is about to expired, dosen't mean that the world has to end!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!…

Hi….wow this subject is spreading like a virus on the internet, i've looked at a heck of a lot research on this subject, so i know as good as anyone what people think will happen, why they think it will happen

Basically the Mayan Long Count Calender ends on 21/12/12, when the calender reaches 13.13.13.13.13.13 (i dont see why it wont just start over again) but when this happens on this date the Mayans wrote that there will be a change of consciousness/ the way we see life, so people have thought the worst and think we are all doomsday.

these scenarios have been pooping up everywhere
1) a galactic realignment, this means that the Sun and the moon and the earth will align with the center of the Galactic core. with this there is suppose to be a unique and strange effect on the way the Magnetic Field is positioned, the change can be a weakening of the Magnetic Field (which deflects solar wind and other harmfully emissions from the Sun) and this will be that the North and South Pole will change in Polarity, with this wakened Magnetic Field there goes our protection from the Sun's Solar Wind.
2) a meteor or Asteroid strike (how the Mayans know that would happen is impossible)
3) a war (world War 3, which spells doom for us all)
4) the eruption of the Yellowstone Supervolcano, which also wont be good for us, with a Volcanic Winter would be on the horizon.
and many many many unlikely scenarios

But in my opinion NO, nothing will happen, maybe they stopped doing the calender to do a new one, or it will just start over again, they never mention a catastrophe, they said a change on how we see life. it is just an immediate reaction to think the worst when faced with a strange event, the only scenarios im taken in by is the Galactic Realignment, because that could be a clockwork scenario

What do you honestly think about the world ending in 2012?

What’s Up…Remember folks–it’s a hoax

By Vernon WhetstoneAmateur Astronomer

It’s coming!! I know it is coming, I have this sense of foreboding right down to my very socks. it is coming, because it has come before. it has come and worked its dastardly work and then gone away, but it is coming back to do it all over again. it comes back at this time of the year. it is like a continuing, haunting presence that is lurking just out of sight, waiting for the right moment to show up again. Now, about here all of you are scratching your collective heads and wondering what in the world I am talking about. the “it” is the Mars Hoax. Each year for the last seven years this thing shows up near the beginning of August. Sometime soon, someone, somewhere is going to receive an e-mail with the attention grabbing headline that says, “Mars will be as big as a full moon,” or, “This won’t happen again for a bazillion years,” or “No one now alive will ever see this again,” and that you should send this to all your friends. All of it referring to when the planet Mars makes its once every 26 months close approach to Earth. This close approach is called opposition. That is when it will appear opposite the sun in the night sky. This all started in 2003 when Mars did have a very close approach to Earth on Aug. 27 of that year. the problem started in 2004 when someone, somewhere dug out that story from 2003 and sent it out as if it were happening again. the story was copied incorrectly and gave the false impression that Mars would look as large as a full moon. Something that is technically, absolutely impossible. the last time Mars was at opposition was January of 2010 and the next time will be March 2012 so it is obvious that these supposed events are not going to happen in August. At the present time Mars can be viewed in the morning sky at about an hour before sunrise. If you were up early today (Wednesday) you would have seen Mars in a nice little conjunction with the moon and the Crab Nebula. Mars is just now coming around from being on the far side of the sun so it is a very small dot amid the background stars and difficult to see without some kind of optical aid.        So, when you get the e-mail about Mars being as big as a full moon, and I am sure you will, do the smart thing. before you are tempted to send it to all your friends–hit the delete key. oh, wait, did I say that Mars will be at opposition in 2012? wonder if that will have anything to do with the Mayan calendar and the end of the world?     Sky Watch: July 30, new moon. Wednesday, Aug. 3 the moon will be below Saturn.         Next Week: more astronomical blathering.

<a href="http://www.granttribune.com/index.php?option=com_content&view=article&id=4643:whats-upremember-folksits-a-hoax&catid=34:local-news&Itemid=54tag:news.google.com,2005:cluster=http://www.granttribune.com/index.php?option=com_content”>What’s Up…Remember folks–it’s a hoax

CTV British Columbia – Canadian News Icon Lloyd Robertson Signs Off Sept. 1 on CTV – CTV News

Toronto, ON (August 4, 2011) – After 60 years in broadcasting – and 35 years at CTV – Canada’s most-trusted news anchor Lloyd Robertson signs off for the last time at the end of his final broadcast on Thursday, September 1 at 11 p.m. on CTV, it was confirmed today. Robertson vacates his role as Chief Anchor and Senior Editor of the country’s most-watched newscast, CTV NATIONAL NEWS WITH LLOYD ROBERTSON, while continuing on at CTV in a variety of roles, including as Host and Chief Correspondent of the documentary series W5.

In the hour leading up to Robertson’s final newscast, CTV airs LLOYD ROBERTSON – AND THAT’S THE KIND OF LIFE IT’S BEEN, a new, original one-hour documentary directed by Robertson’s filmmaker daughter Lisa. the documentary premieres Thursday, September 1 at 10 p.m. local time, scheduled across Canada to immediately precede Robertson’s final newscast in all markets on CTV.

The documentary offers a unique and personal glimpse into the life of one of Canada’s most treasured icons, uncovering this Stratford, Ontario boy’s humble beginnings and his rise to recognition as “Canada’s most-trusted news anchor.” Robertson’s wife and four daughters, his closest high school pals, and friends such as CTV’s Craig Oliver and former television journalist, the Hon. Pamela Wallin, share reflections and stories about Robertson in the documentary. Encore presentations of the documentary air Saturday, September 3 at 7 p.m. local time in all markets and Sunday, September 4 at 1 p.m. ET on CTV.

In the weeks leading up to his final newscast, viewers across Canada have an opportunity to pay tribute to Robertson on the dedicated, interactive website, CTV.ca/Lloyd, which goes live today. there, viewers can send in written comments, upload video and photos, and send personal messages to Robertson, while accessing highlights of his storied career.

“There is only one Lloyd Robertson, and we are all grateful for his trusted storytelling of the events that have shaped us both at home and abroad,” said Wendy Freeman, President CTV News. “He has an enviable gift to provide context, no matter how difficult the subject matter, with honesty, integrity and objectivity. we are so thankful to Lloyd for sharing this gift each and every night for the Canadians who, in turn, have remained loyal to this incredible newsman.”

“I am honoured and humbled to have had the opportunity to be welcomed into the homes and lives of Canadians for so many years,” said Robertson. “And I am not going anywhere just yet! This is just a new chapter in a career that I feel so fortunate to have had. After almost 60 years in this business, I still pinch myself every now and again. I’ve witnessed some of the most historic events on the planet and had the opportunity to share my experiences with the people of this country.”

With five decades of news reporting under his belt, Robertson has reported on some of the most memorable events in our recent history, including 9/11, the Quebec Referendum, the Marathon of Hope, Expo ’86, the Gulf War, the 50th anniversary of D-Day, 14 Canadian elections and numerous U.S. elections, nine Olympic Games, various royal weddings, countless federal budgets, political and economic summits, and endless openings of Parliament, state funerals, and papal visits.

During the week leading up to Robertson’s final newscast, CTV NATIONAL NEWS airs a series of the most memorable news stories that Robertson covered during his tenure.

Robertson was awarded the Order of Canada in February 1998, and in 2007, became the first journalist inducted into Canada’s Walk of Fame. Additionally, Robertson’s success in Canada has played a pivotal role in establishing the excellent reputation Canadian journalists have throughout the world. in 1998, Robertson was inducted into the Canadian Association of Broadcasters Hall of Fame. He was honoured in 1993 with the prestigious Radio Television News Directors’ Association (RTNDA) President’s Award. He won Gemini Awards in 1992, 1994 and 1997, and was a multiple nominee for Best Anchor/Interviewer in 2001. in 1995/96, the Canadian Association of Broadcasters awarded Robertson the Gold Ribbon Award for Broadcast Excellence and in 1998 inducted him into the CAB Hall of Fame.

CTV News is Canada’s most-watched news organization both locally and nationally and has a network of national, international and local news operations. CTV News operations include CTV NEWS CHANNEL, BNN – Business News Network, CP24, and information programming, including CTV NATIONAL NEWS WITH LLOYD ROBERTSON, CANADA AM, W5, POWER PLAY and QUESTION PERIOD. With a perspective that is distinctly Canadian, CTV News brings Canadians the international and domestic news stories of the day and is the number-one news organization in Canada.

CTV, Canada’s Olympic Network, is also Canada’s largest private broadcaster. Featuring a wide range of quality news, sports, information, and entertainment programming, CTV is Canada’s most-watched television network and lead broadcaster of the London 2012 Olympic Games. CTV is a division of Bell Media, Canada’s premier multimedia company with leading assets in television, radio and digital. Bell Media is owned by BCE inc. (TSX, NYSE: BCE), Canada’s largest communications company. more information about CTV can be found on the network’s website at ctv.ca.

For more information:

Emily Young Lee, Bell Media Communications, 416.384.3004 or emily.younglee@bellmedia.ca

Patricia Garcia, Bell Media Communications, 416.384.2645 or patricia.garcia@bellmedia.ca

<a href="http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/20110804/lloyd-robertson-release-20110804/20110805/?hub=BritishColumbiaHometag:news.google.com,2005:cluster=http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/20110804/lloyd-robertson-release-20110804/20110805/?hub=BritishColumbiaHomeFri, 05 Aug 2011 14:50:24 GMT 00:00″>CTV British Columbia – Canadian News Icon Lloyd Robertson Signs Off Sept. 1 on CTV – CTV News

LIAM TANCOCK AIMS FOR JACKPOT

Tancock: Eyes on goldLIAM TANCOCK AIMS FOR JACKPOT

Liam Tancock admits winning gold at London 2012 next year could be something of a lottery given the competitiveness of his event.

The 26-year-old successfully defended his 50 metres backstroke title at the World Championships in Shanghai last month but unfortunately this is not an Olympic race so his chance of glory will instead come in the 100m discipline.

Despite only finishing sixth over the longer distance as French duo Camille Lacourt and Jeremy Stravius shared the gold after clocking the same time, Tancock expects to be right at the heart of another frantically close finish next year.

The Loughborough ITC swimmer said: “I think those French guys are going to be up there but if you look at the world championship final, it was close between all eight of us.

“There’s not a lot of time separating the winner from not getting a medal. so the Olympic winner could come from anyone.

“There’s some Japanese guys swimming really fast, the French guys, Russians, Spanish, Australians – it’s literally anyone’s. at major championships all those guys want the medal spots and the winner can come from anywhere.”

Tancock, who still holds the 50m long-course record of 24.04 seconds set in Rome two years ago, admits he doesn’t train specifically for his most successful event and has always been fully focused on improving his chances over 100m.

“I’ve never really train for the 50 metres. I train for the 100m and my natural speed and power just works perfectly for the 50,” said the two-time 100m Commonwealth champion.

“I’ve been trying to convert all my training into the 100m discipline and getting stronger and faster. things are looking up but it’s obviously nice to do well in the 50 as well.”

Tancock has now won five world medals since his breakthrough bronze on his senior international debut in Montreal in 2005 but while he was delighted with his most recent triumph, he only has eyes for the future.

He said: “One of my special moments was becoming world champion and breaking the world record in 2009 so to actually come to China and defend that title was something special, one of those amazing moments.

“Obviously my confidence is pretty high at the moment but ultimately I look at each individual event as a new target and a new goal. I look to the future rather than reflect on what I’ve done in the past.

“When I’m a lot older I’ll look back and say it was a really proud moment but for now I’m looking to the future. I’m now focused on going to the trials and hopefully making the team.”

Indeed, booking his place on the British Olympic team is the next major objective, with the trials taking place at the London Aquatics Centre in March.

He said: “I will always be confident in what I do and my own ability but at the end of the day everyone has to qualify for the Olympic Games.

“Qualification for me will be at the trials in the London Aquatics Centre in March so only until I’ve done well there will I know I’m on the team.

“Everyone has to go there and perform, it will be a really tough environment. Everyone wants to be on the Olympic team and everyone is fighting for those spots so you have to make sure you’re ready to race fast on that day.”

Tancock has just a couple of weeks rest following his efforts in Shanghai but he’s already itching to get back into the pool to train hard for next year.

He said: “We’re planning on going on a training camp in November over to Florida. we usually do that and it’s good preparation before the new year comes in. I’m really looking forward to getting back into training and I’ve not even had my break yet so that’s a good sign.

“I want to keep improving and make myself fast so I can do well when I go to competitions.

“Obviously it’s tough and it’s hard work and you put your body under a massive amount of pressure but that’s what it’s all about and what I love to do.

“It’s a good feeling to know there’s a home Olympics coming and it’s a real motivation.

“It’s a once in a lifetime opportunity to not only have the Olympics in London – that’s just incredible for starters – but also I’ll be 27 and in hopefully peak condition and physical fitness. That’s pretty special.”

Tancock’s victory in Shanghai was Britain’s third gold medal following triumphs for Keri-Anne Payne in the open water event and Rebecca Adlington in the 800m.

However the Exeter-born star was more impressed by the whole team effort and feels there’s reason for plenty of optimism ahead of next year’s Games.

He said: “I think British swimming has been doing fantastic over the last few years really. It’s almost as if we’ve been riding on a wave and it’s getting bigger and bigger.

“I think one of the great things is that everyone is so close to success.

“We got six medals in Shanghai, three golds and three silver so that’s an impressive medal haul for the team.

“But the amount of swimmers on the team who made the semi-finals and finals was the most we’d had before so we’re moving in the right direction.”

  • Liam Tanock is a Speedo sponsored athlete. For more information head to www.speedo.co.uk
  • E-mail this article E-mail Article Print this article Print-FriendlySubscribe to sportinglife RSS feed Subscribe to RSS Feed Digg this story post this story to del.icio.us - social bookmarking site Post to del.icio.us Facebook

    Click here to send us your sporting feedback

     Latest London 2012 Stories LIAM TANCOCK AIMS FOR JACKPOT SHAUNA MULLIN HAILS ‘AMAZING BOOST’ JENKINS EYEING WORLD TITLE AINSLIE MOVES CLEAR BRITS POISED FOR LONDON TEST DIACK VOICES STADIUM CONCERNS MILLS AND CLARK RETAIN LEAD TANNER UPBEAT AFTER TEST SUCCESS NICHOLSON ROMP SOUNDS 2012 WARNING BROWNLEE BROTHERS ON SONG

    <a href="http://www.sportinglife.com/london2012/news/story_get.cgi?STORY_NAME=others/11/08/09/manual_125951.html&BID=6932tag:news.google.com,2005:cluster=http://www.sportinglife.com/london2012/news/story_get.cgi?STORY_NAME=others/11/08/09/manual_125951.html”>LIAM TANCOCK AIMS FOR JACKPOT

    Do you think it would be bad manners if every time someone started talking about the end of the world in 2012,?

    you just slapped them to shut them up?

    People still talk about it?
    I thought it was proven to everybody as complete bullshit by now.

    other than it being a repitation?

    Lord god my saviour, Please protect us from this evil sinner.

    Yes it is.because no one has seen future and no one can predict which is going to happen next.so in my views its better to have some sequential and natural progress on it.if this will happen then we will face it unitedly .

    not really , it might be a hoax , but the more u talk the more it would be messed or enlightened depending on the conversation, but it sure is a good debating and argument stater.

    Do you think it would be bad manners if every time someone started talking about the end of the world in 2012,?

    USA: Default averted

    Saturday, 6 August 2011.

    After months of vicious manoeuvring between Republican and Democratic factions, the US Congress and president Obama agreed on a budget deal only hours before the deadline to raise the Federal government’s borrowing limitLynn Walsh, International Secretariat of the CWIDept limit, previously $14.3 trillion, the debt limit was raised by $2.4 trillion (in two stages). the deal effectively postpones further discussion of the debt limit until after the 2012 presidential and congressional elections. It provides for $2.5 trillion cuts in federal spending over the next ten years. however, there is no provision for tax increases, when the super-rich in the US enjoy some of the lowest tax rates in the world.the deal appears as a propaganda victory for the right-wing Tea Party grouping within the Republican Party. They effectively blackmailed Obama, the Democrats, and even the old leadership of the Republican Party by threatening to force an unprecedented default on US government borrowing unless their demands were accepted. In the past, raising the borrowing limit was a purely technical decision, the outcome of previous congressional decisions on spending and taxation. however, the Tea Partiers seized on the procedure as a way of imposing fiscal restraints on Obama and the Democrats. In the event, some of the Tea Partyiers were disappointed that there were not $4 trillion of spending cuts. Nevertheless, they successfully excluded any mention of tax increases.the Tea Partiers peddle a homespun philosophy of self-reliant individualism based on nostalgia for the mythical frontier and small-town America. their policies, however, correspond with the agenda of big business, sections of which generously finance Tea Party candidates. They want to slash social spending and cut taxes for big business and the super-rich.Faced with the intransigent blackmailing tactics of the Tea Party, Obama retreated all the way. after the setbacks for Democrats in last year’s mid-term elections, Obama has increasingly presented himself as a ‘fiscally responsible centrist’. last year, he retreated on his earlier promise to end Bush’s tax breaks for the wealthy. to reach the current deal, Obama also dropped any further proposals for tax increases on the wealthy. He has accepted that three-quarters of the cuts will come from social spending. He even dropped proposals to extend unemployment pay.There is no doubt at al that it will be working-class families, and especially the unemployed, minorities and the poor, who will suffer most. Obama claims this was necessary to avoid the danger of a default, which would have had catastrophic effects on the US and global economy. however, he could have used presidential powers under article 14 of the constitution to issue an executive order to raise the debt limit. together with a campaign to mobilise public opinion against draconian cuts in social spending, this could have thwarted the blackmailing tactics of the Tea Party.the deal agreed on 3/4 August provides for around $1 trillion cuts in discretionary spending. Federal discretionary spending is supposed to fall to 5.4% of gross domestic product by 2021. Since 1970, this spending has averaged about 8.7% of GDP.the deal calls for a special congressional committee to come up with a further $1.5 trillion cuts in entitlement spending, that is on Social Security (the US pension system), Medicare and Medicaid. if there is no agreement on these cuts by November, the failure will trigger $1.3 trillion in across-the-board cuts during 2013. this is supposed to ensure that the Democrats will agree (on pain of cuts in social spending) and that the Republicans will agree (to avoid cuts in defence spending).In reality, the conditions are likely to prove unworkable. Any rules that are imposed by Congress today can be undone by Congress tomorrow. For instance, on tax increases, Obama claims that there will be further tax increases. Republicans, on the other hand, claim the agreement rules out further tax increases.the proposed cuts, moreover, are ‘back-loaded’, that is they are scheduled to become deeper at a later date. Two-thirds of the planned savings are proposed for 2017-21, while only a third are scheduled for the next five years.European leaders have commented that these cuts, which amount to around 1% of the US GDP, are not as deep as those being imposed in many European countries (although federal cuts are in addition to severe state and municipal cuts). US politicians are keen to present themselves as ‘fiscally responsible’, but want to postpone the deepest cuts until after the 2012 elections in case they are blamed for the inevitable hardship that will follow.One thing is very clear: there is nothing in the deal to stimulate growth of the US economy, which has been stagnating in recent months. the US federal budget deficit is around 10%, while the national debt is the equivalent of 70% of GDP (nothing like as high as the national debt of Japan or Italy). Even a moderate growth of GDP and moderate taxation of corporations and the wealthy (in line with the average of advanced capitalist countries) could very quickly reduce these debt levels.all the signs, however, are that the US economy, which has not yet regained the output level of 2007 in real terms, is in danger of sliding back towards recession. the threat of a double-dip recession in the US, combined with a new phase in the sovereign debt/banking crisis in Europe, have produced further instability in the world economy, which is clearly at a tipping point. Post comment

    You must be logged in to post comments

    <a href="http://chinaworker.info/en/content/news/1528/tag:news.google.com,2005:cluster=http://chinaworker.info/en/content/news/1528/Sat, 06 Aug 2011 19:56:05 GMT 00:00″>USA: Default averted

    Easy AdSense by Unreal
    SEO Powered by Platinum SEO from Techblissonline