Saturday, February 18, 2012
Whether it ends in hyperinflation, in the return to some form of gold standard, or in chaos - history is telling us we can have confidence it will end painfully. Source
There were scuffles between angry young people and police, as demonstrators vented their frustration about government spending cuts that have led to shortages in schools and job losses.
The scarcities could become worse now that the coalition has agreed to extra austerity measures meant to generate another 325 million euros worth of cuts. Source
Scientists have successfully tested the first wirelessly controlled microchip implanted to administer daily doses of medications to citizens.
MIT researchers and scientists from MicroCHIPS Inc. say they have used the drug-delivery chip to administer daily doses of teriparatide, an osteoporosis drug normally given by injection.
The trial which included 7 women aged 65 to 70 showed that the programmable device delivered dosages without pain and any adverse side effects.
“This is equivalent to an injection without the pain or trouble," said lead researcher Robert Farra of MicroCHIPS Inc. “Patients with chronic diseases, regular pain-management needs or other conditions that require frequent or daily injections could benefit from this technology.”
Eric discusses gold.
Steve Keen, associate professor of economics at the University of Western Sydney, is becoming something of a superstar. He has been acknowledged as one of a handful of economists to have predicted the global financial crisis and now is a regular speaker at high-profile conventions around the world.
He is a consultant for the United Nations’ Economic and Social Commission for the Asia Pacific and in April he is speaking alongside George Soros and Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman at the Institute for New Economic Thinking where he has been asked to give a speech on “taming financial market instability”.
The same organisation has given Keen almost $250,000 to develop software capable of predicting an economic crisis before it happens.
Last November he was interviewed on the BBC’s Hardtalk program, which attracts a worldwide audience of almost 300 million, in which he “went public” about his idea for a “debt jubilee”, where private debts are written off “en masse” to avoid “two decades” of economic stagnation.
Just what is the impact of a bad reputation? According to a Harris Interactive poll, the "reputation quotient" of Too Big to FailsBank of America and Goldman Sachs has slipped below the "dangerous" threshold of now defunct companies including Enron and Worldcom! In fact, financial services companies suffered four of the five worst losses in reputation in the last year. Meanwhile, this week, Moody's reminded us of banking risk when they reported they may downgrade pretty much all of investment banking.