The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Monday, May 16, 2011
Louisiana residents flee Mississippi flooding
Louisiana residents flee Mississippi flooding - Americas - Al Jazeera English
| Residents of small Louisiana towns brace for a surge of water that could inundate thousands of homes [Reuters] |
Authorities all over Louisiana's Cajun country have warned residents to head for higher ground to avoid water gushing from the Mississippi River, after a floodgate was opened for the first time in four decades.
Most heeded the warning, hopeful that the flooding engineered to protect the heavily populated cities of New Orleans and Baton Rouge would be merciful to their way of life.
People in towns where the floodwaters are expected spent days filling sandbags to try to protect their homes and clearing out their belongings.
By Sunday, some areas were virtually empty as the water from the Mississippi River, swollen by snowmelt and heavy rains, slowly rolled across the Atchafalaya River basin.
John Terrett, Al Jazeera's correspondent in Butte Larose in Louisiana, said authorities did the best they could to manage a difficult situation.
"In many senses, this is extraordinary situation - we are talking about the forced flooding of thousands of kilometres of farmlands and homes and business to the west of Baton Rouge and New Orleans in order to preserve those cities," he said.
'People unhappy'
"People have no choice but to sandbag their homes and get out - that is the extraordinary nature of this disaster. It was not a comfortable decision [made by authorities in charge] but the people here are very unhappy, they feel let down.
"The reason they did it is the economy of New Orleans. It is responsible for something like 13 per cent of all US oil production...and that port is the busiest port in terms of tonnage in the western hemisphere - to close it for even one day would cost $300m."
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| Click here to see an interactive map of the flooding in the United States |
About 25,000 people and 11,000 structures could be affected by the oncoming water. The floodwaters could reach depths of 20 feet in the coming weeks, though levels were nowhere close to that yet.
The spillway's opening diverted water from heavily populated New Orleans and Baton Rouge - along with chemical plants and oil refineries along the Mississippi's lower reaches - easing pressure on the levees there in the hope of avoiding potentially catastrophic floods.
The Morganza spillway is part of a system of locks and levees that was built after massive flooding in 1927, which killed hundreds and left many more homeless. It took about 15 minutes to open the 8.5m gate on Saturday.
The opening of the Morganza marked the first time that three Mississippi flood-control systems have been used simultaneously.
Water will flow 32km south into the Atchafalaya basin, and from there into Morgan City, community of 12,000 people. Eventually, the waters will flow into the Gulf of Mexico.
The spillway could remain open for weeks, depending on river flow levels.
US studies legality of American-led private army
US studies legality of American-led private army - BlackListedNews.com
Source: FT
The US state department said on Sunday that it was examining the legality of an American-led private army that is being established in the United Arab Emirates.
Erik Prince, the founder of Blackwater private security company, is establishing a counter-terrorism force of up to 800 foreign mercenaries in Abu Dhabi, capital of the United Arab Emirates, The New York Times reported on Sunday.
Mr Prince has been hired by Sheikh Mohammed bin Zayed Al-Nahyan, the crown prince of Abu Dhabi, to recruit an American-led force of mainly South American former soldiers, through a company called R2, with a view to countering a perceived threat from Iran and bolstering domestic security, the report said.
“The department is aware of the R2 venture and is currently looking into it to make sure there are no potential International Traffic in Arms Regulations concerns,” a state department spokesman confirmed on Sunday. The regulations govern the sale of defence services as well as defence equipment.
Members of the new force have been trained since last summer by former special forces soldiers from the US, South Africa and European countries in a camp outside Abu Dhabi, the newspaper said.
“There have been a lot of rumours and a lot of conjecture that there would be some type of additional security force for the UAE,” said Theodore Karasik, director of the Institute for Near East and Gulf Military Analysis.
“There are many former military personnel who are now retired and are looking for new sources of employment. Private security companies are being set up throughout the region.”
However, the establishment of the R2 force raises the question of whether American-led foreign soldiers could be used to subdue local political unrest, such as the pro-democracy movements in neighbouring Bahrain.
Mr Karasik said that, while the force was located in Abu Dhabi, it would probably serve all of the seven emirates that form the UAE.
A spokesman for the crown prince could not be reached for comment, while an official who works in the crown prince’s office said he had no information on the project.
Court papers released in the US in August last year first indicated that Mr Prince was moving with his family to Abu Dhabi, apparently to escape persistent scrutiny of Blackwater’s record in Iraq and elsewhere.
A former Blackwater guard pleaded guilty to manslaughter charges over the killing of at least 14 people in Baghdad in 2007. Last month, a US court reinstated charges against five people involved in the incident. Mr Prince has since sold Blackwater, which changed its name to Xe. The company denies wrongdoing.
Another source close to the private security industry pointed out that this was not the first time that the UAE had hired former overseas soldiers.
The UAE, which has an indigenous population of 1m out of total of over 8m, has large numbers of foreign advisers and trainers across its police, army, air force, navy and coastguard. The source said that there was currently an influx of mainly Australian former soldiers.
The UAE is a close ally of the US and shares the same suspicions of the government in power in Iran. Last month, UAE special forces, acting in conjunction with the US fifth fleet, successfully raided a ship in the Indian Ocean which had been seized by Somali pirates, freeing the crew.
Elements of the UAE air force are also engaged in supporting the Nato-led no-fly zone over Libya while another special forces unit has served alongside Nato in Afghanistan.
The UAE government has though suspended talks with Dassault of France over supplying additional Mirage fighters because of allegations carried in French newspapers that Abu Dhabi had a defence relationship with an Israeli private security company.
Asked whether Mr Prince’s force was likely to have an offensive or a defensive role, Mr Karasik said: “It depends on the level of performance. There are some very capable forces in the UAE. But there is always that need for additional forces for specific tasks.”
US drone strikes kill 12 in north-western Pakistan
US drone strikes kill 12 in north-western Pakistan :: www.uruknet.info :: informazione dal medio oriente :: information from middle east :: [vs-1]
May 16, 2011
Islamabad - A US unmanned drone on Monday fired four missiles into Pakistan's tribal region along Afghan border, killing a dozen people, intelligence officials said.
The attack took place in North Waziristan district, a known stronghold of Taliban and al-Qaeda militants.
An intelligence official said that the two missiles destroyed a vehicle and two more hit a compound in Khushali area of the district.
'According to the reports we have received four people died in the attack on vehicle while eight were killed in the compound,' said the official who spoke on condition of anonymity.
The identity of those killed was not immediately known.
The missile attack came as US Senate Foreign Relations Committee chairman John Kerry was visiting Islamabad to repair the relations strained by American special forces' raid that killed al-Qaeda chief Osama bin Laden in Pakistan's north-western city of Abbottabad on May 2.
That operation, which many Pakistanis saw as a violation of the country's sovereignty, has put pressure on Islamabad to review cooperation with US against terrorism.
Pakistani parliament over the weekend passed a resolution asking the government to take strong measures to stop US drone campaign, which Washington sees vital for eliminating militants bases in lawless tribal region.
Islamabad - A US unmanned drone on Monday fired four missiles into Pakistan's tribal region along Afghan border, killing a dozen people, intelligence officials said.
The attack took place in North Waziristan district, a known stronghold of Taliban and al-Qaeda militants.
An intelligence official said that the two missiles destroyed a vehicle and two more hit a compound in Khushali area of the district.
'According to the reports we have received four people died in the attack on vehicle while eight were killed in the compound,' said the official who spoke on condition of anonymity.
The identity of those killed was not immediately known.
The missile attack came as US Senate Foreign Relations Committee chairman John Kerry was visiting Islamabad to repair the relations strained by American special forces' raid that killed al-Qaeda chief Osama bin Laden in Pakistan's north-western city of Abbottabad on May 2.
That operation, which many Pakistanis saw as a violation of the country's sovereignty, has put pressure on Islamabad to review cooperation with US against terrorism.
Pakistani parliament over the weekend passed a resolution asking the government to take strong measures to stop US drone campaign, which Washington sees vital for eliminating militants bases in lawless tribal region.
California Assembly Bans Open Carrying Of Unloaded Guns
California Assembly Bans Open Carrying Of Unloaded Guns
SACRAMENTO, Calif. — The California Assembly approved a bill Monday to prohibit openly carrying unloaded handguns in public after a debate that pitted gun rights proponents against chiefs of police.
The bill, AB144, would make it a misdemeanor to carry an exposed and unloaded gun in a public place, street or vehicle except in some unincorporated areas. It was approved 45-29 largely along party lines and moves to the Senate.
Several states ban openly carrying handguns and at least one applies the ban to unloaded weapons.
The National Rifle Association was one of several groups that opposed the California bill and reportedly plans to sue if it becomes law
The bill's author, Democratic Assemblyman Anthony Portantino of La Canada Flintridge, said it will improve public safety. It is supported by the California Police Chiefs Association and the Brady Campaign to Prevent Gun Violence.
Families shouldn't have to fear for their safety if they're out for a walk and see someone packing a pistol, Portantino said, and police shouldn't have to answer calls to respond to those fears.
He said a loophole in current law allows people to carry unloaded weapons in public even if they're carrying ammunition on the same belt.
"You don't need a handgun to order a cheeseburger," he said.
Gun rights activists say the bill infringes on their right to bear arms guaranteed by the Second Amendment to the U.S. Constitution. Some have been carrying unloaded weapons in public as a political statement, including at a protest in Pasadena last month against the legislation.
'Die Welt': Iran building rocket bases in Venezuela
'Die Welt': Iran building rocket bases in Venezuela
By BENJAMIN WEINTHAL, JPOST CORRESPONDENT
05/17/2011 01:41
05/17/2011 01:41
Talkbacks (1)
BERLIN – The Iranian government is moving forward with the construction of rocket launch bases in , the German daily Die Welt wrote in its Friday edition.
Venezuelan President Hugo Chavez is Teheran’s most important ally.
RELATED:
Arab spring, Persian winter
UN: Iran, North Korea trading missile technology
Iran is building intermediate- range missile launch pads on the Paraguaná Peninsula, and engineers from a construction firm – Khatam al-Anbia – owned by the Revolutionary Guards visited Paraguaná in February. Amir al-Hadschisadeh, the head of the Guard’s Air Force, participated in the visit, according to the report. Die Welt cited information from “Western security insiders.”
Venezuelan President Hugo Chavez is Teheran’s most important ally.
RELATED:
Arab spring, Persian winter
UN: Iran, North Korea trading missile technology
Iran is building intermediate- range missile launch pads on the Paraguaná Peninsula, and engineers from a construction firm – Khatam al-Anbia – owned by the Revolutionary Guards visited Paraguaná in February. Amir al-Hadschisadeh, the head of the Guard’s Air Force, participated in the visit, according to the report. Die Welt cited information from “Western security insiders.”
Radioactivity In Ocean Near Fukushima Rises To 3,300 Times Legal Limit
Radioactivity In Ocean Near Fukushima Rises To 3,300 Times Legal Limit
NHK World
Monday, May 16, 2011
Radioactive materials in the ocean near the Fukushima Daiichi nuclear power plant rose to 3,300 times the legal limit on Sunday.
Tokyo Electric Power Company says it measured 200 becquerels of cesium-134 per cubic centimeter on Sunday morning near the water intake of the No. 3 reactor. The level was higher than on the previous day, when it was 2,300 times the legal limit.
220 becquerels of cesium-137 per cubic centimeter was also detected. At 2,400 times the legal limit, the level exceeded the one found the day before.
On Wednesday, highly radioactive water was found leaking into the ocean from a pit located near the water intake of the No. 3 reactor. 32,000 times the legal limit of cesium-134 was detected there.
Disney Trademarks 'Seal Team 6,' Name Of Unit That Killed Bin Laden
Disney Trademarks 'Seal Team 6,' Name Of Unit That Killed Bin Laden
When the world discovered that a group of Navy SEALs called "SEAL Team 6" was responsible forkilling Osama bin Laden, it's not likely that many people thought, "how can we trademark 'SEAL Team 6' to make money off of it?" Fear not, though: the Walt Disney Company did think just that.
FishbowlNY uncovered three trademark applications that Disney made in early May to claim the rights to the phrase "SEAL Team 6."
The applications cover "entertainment and education services," "toys, games and playthings" and"clothing, footwear and headwear."
It remains to be seen what products will come of these trademarks, but the bin Laden raid video game and pajama set has to be just around the corner.
Conspiracy Theorists Feast on Strauss-Kahn Arrest
Conspiracy Theorists Feast on Strauss-Kahn Arrest - CNBC
Dominique Strauss-Kahn had barely been given his uniquely American Miranda rightsbefore the conspiracy theories already started to swirl.
In John-Grisham-meets-Ian-Fleming-type tones, the international press and the blogosphere quickly jumped to life with theories about how and whether the International Monetary Fund chief had been set up for a fall.
After all, the reasons to take down Strauss-Kahn, or DSK, as the world news-watching community quickly came to know him, were abundantly clear. The Socialist candidate was the primary challenger to weakened French President Nikolas Sarkozy—and in fact was expected to win the election rather easily.
Throw in a reputation for notorious womanizing, and it added up both to a plausible story that he could have sexually assaulted a maid in the New York hotel where he was staying, and a yarn in which his political enemies were lying in wait with a plan to destroy him.
“I am convinced it is an international conspiracy,” Michelle Sabban, a Strauss-Kahn supporter and senior councilor for the greater Paris region, told The (UK) Telegraph. “It’s not like him. Everyone knows that his weakness is seduction, women. That’s how they got him.”
Debt Ceiling Debate No Time for Vigilantes
Debt Ceiling Debate No Time for Vigilantes: BlackRock - CNBC
Now is not the time to turn into a bond vigilante, as betting against the U.S. government raising its debt ceiling could be "very dangerous," a top bond fund manager at BlackRock said Monday.
 |
BlackRock fund manager: Don't bet against the U.S. raising its debt ceiling. |
The Treasury Department said the nation had hit its $14.294 trillion debt limit on Monday. It previously estimated it could stave off a default until Aug. 2 by drawing on other sources of money to pay its bills.
Only if there appeared to be no hope of a debt-ceiling deal when August approached would it make sense for markets to show signs of worry, said Rick Rieder, who oversees $595 billion of the firm's $1.15 trillion in fixed income assets.
"The view is that you will ultimately get resolution and for market vigilantes to come in, in front of that is I think very hard and very dangerous," he said in an interview with Reuters on Monday.
Key Points
—End of QE will up volatility, keep Treasurys attractive
—Yields likely to rise modestly, debt will stay in demand
—QE3 very unlikely, would not help reduce unemployment
—Yields likely to rise modestly, debt will stay in demand
—QE3 very unlikely, would not help reduce unemployment
In fact, there's actually a good case to be made for buying U.S. government debt, even though a recent rally has pushed the market to pricey levels.
Financial markets are likely to enter a phase of greater volatility when the Federal Reserve pulls the plug on its $600 billion bond-buying program next month. The sudden loss of support will place a premium on supposedly risk-free assets, which usually means U.S. Treasurys and similarly highly rated government bonds.
"I think there are a number of reasons why they will hold in better than people expectout of volatility comes a bid for Treasurys" he said.
Trump Exits After Allowing Obama To Neutralize Birther Controversy
Trump Exits After Allowing Obama To Neutralize Birther Controversy
Prison Planet.com
Monday, May 16, 2011
Birth certificate scam done and dusted, and Trump high-tails it. He allowed the corporate media to characterize the birther issue as a joke and prompted Obama to release a document that wasquickly proven to be a fraud before the Bin Laden fable obliterated the entire issue from the news cycle.
At least this allows us to now focus on a real Presidential candidate, and the only Republican who has a chance of defeating Obama – Congressman Ron Paul.
50,000 Palestinians gate crash border
PressTV - 50,000 Palestinians gate crash border
Press TV speaks with Franklin Lamb, international lawyer participating in the NAKBA commemoration and witnessing the extraordinary scenes at the Lebanese border. Following is a transcription of that interview.
Press TV: On this anniversary of NAKBA, so far we have 65 people injured and at least one person killed; we have reports of a journalist being critically injured in Gaza. We also have reports of 30 Palestinians hurt and four killed in Southern Lebanon. Do you think the Israelis are feeling they can get away with this violence without pressure or consequences from the international community?
Franklin Lamb: I'm at Maruno rock and your report is not accurate. There are 7 killed and maybe 18 wounded. I'm standing in the midst of thousands and thousands of Palestinians pushing their way into Palestine. Thousands more are still arriving here even though the ceremonies have ended because they are arriving late from areas far away.
Literally hundreds of buses have arrived. Hezbollah has arranged for 200 more buses to come from Syria; Palestinians from Syria. They are still arriving and I am amazed at what I am seeing. I've seen so many babies and so many pregnant women on so many buses here that you have to walk the last four or five miles up hills and through fields; there are people on crutches, old people. If there is anybody who thinks Palestine is not going to be liberated let them come to Maruno rock this May 15th.
This is a historic event similar to the freedom marches America used to have in the 1960s civil rights movement -- the spirit is so great. This is a momentous historic event of NAKBA and the need to be liberated because of the Arab and Islamic awakening and this is part of that awakening. It's amazing -- I've been to a lot of demonstrations -- nothing like this. Nothing like this has occurred on the question of Palestine for the past 63 years.
Press TV: On other occasions of the NAKBA there have been commemorations. So you're saying that it's starkly different from previous commemorations?
For the first time in 63 years of being outcast from their home land, some 50,000 Palestinians have flooded the border of Lebanon and Palestine.
Press TV speaks with Franklin Lamb, international lawyer participating in the NAKBA commemoration and witnessing the extraordinary scenes at the Lebanese border. Following is a transcription of that interview.
Press TV: On this anniversary of NAKBA, so far we have 65 people injured and at least one person killed; we have reports of a journalist being critically injured in Gaza. We also have reports of 30 Palestinians hurt and four killed in Southern Lebanon. Do you think the Israelis are feeling they can get away with this violence without pressure or consequences from the international community?
Franklin Lamb: I'm at Maruno rock and your report is not accurate. There are 7 killed and maybe 18 wounded. I'm standing in the midst of thousands and thousands of Palestinians pushing their way into Palestine. Thousands more are still arriving here even though the ceremonies have ended because they are arriving late from areas far away.
Literally hundreds of buses have arrived. Hezbollah has arranged for 200 more buses to come from Syria; Palestinians from Syria. They are still arriving and I am amazed at what I am seeing. I've seen so many babies and so many pregnant women on so many buses here that you have to walk the last four or five miles up hills and through fields; there are people on crutches, old people. If there is anybody who thinks Palestine is not going to be liberated let them come to Maruno rock this May 15th.
This is a historic event similar to the freedom marches America used to have in the 1960s civil rights movement -- the spirit is so great. This is a momentous historic event of NAKBA and the need to be liberated because of the Arab and Islamic awakening and this is part of that awakening. It's amazing -- I've been to a lot of demonstrations -- nothing like this. Nothing like this has occurred on the question of Palestine for the past 63 years.
Press TV: On other occasions of the NAKBA there have been commemorations. So you're saying that it's starkly different from previous commemorations?
50,000 Palestinians gate crash border
PressTV - 50,000 Palestinians gate crash border
Press TV speaks with Franklin Lamb, international lawyer participating in the NAKBA commemoration and witnessing the extraordinary scenes at the Lebanese border. Following is a transcription of that interview.
Press TV: On this anniversary of NAKBA, so far we have 65 people injured and at least one person killed; we have reports of a journalist being critically injured in Gaza. We also have reports of 30 Palestinians hurt and four killed in Southern Lebanon. Do you think the Israelis are feeling they can get away with this violence without pressure or consequences from the international community?
Franklin Lamb: I'm at Maruno rock and your report is not accurate. There are 7 killed and maybe 18 wounded. I'm standing in the midst of thousands and thousands of Palestinians pushing their way into Palestine. Thousands more are still arriving here even though the ceremonies have ended because they are arriving late from areas far away.
Literally hundreds of buses have arrived. Hezbollah has arranged for 200 more buses to come from Syria; Palestinians from Syria. They are still arriving and I am amazed at what I am seeing. I've seen so many babies and so many pregnant women on so many buses here that you have to walk the last four or five miles up hills and through fields; there are people on crutches, old people. If there is anybody who thinks Palestine is not going to be liberated let them come to Maruno rock this May 15th.
This is a historic event similar to the freedom marches America used to have in the 1960s civil rights movement -- the spirit is so great. This is a momentous historic event of NAKBA and the need to be liberated because of the Arab and Islamic awakening and this is part of that awakening. It's amazing -- I've been to a lot of demonstrations -- nothing like this. Nothing like this has occurred on the question of Palestine for the past 63 years.
Press TV: On other occasions of the NAKBA there have been commemorations. So you're saying that it's starkly different from previous commemorations?
For the first time in 63 years of being outcast from their home land, some 50,000 Palestinians have flooded the border of Lebanon and Palestine.
Press TV speaks with Franklin Lamb, international lawyer participating in the NAKBA commemoration and witnessing the extraordinary scenes at the Lebanese border. Following is a transcription of that interview.
Press TV: On this anniversary of NAKBA, so far we have 65 people injured and at least one person killed; we have reports of a journalist being critically injured in Gaza. We also have reports of 30 Palestinians hurt and four killed in Southern Lebanon. Do you think the Israelis are feeling they can get away with this violence without pressure or consequences from the international community?
Franklin Lamb: I'm at Maruno rock and your report is not accurate. There are 7 killed and maybe 18 wounded. I'm standing in the midst of thousands and thousands of Palestinians pushing their way into Palestine. Thousands more are still arriving here even though the ceremonies have ended because they are arriving late from areas far away.
Literally hundreds of buses have arrived. Hezbollah has arranged for 200 more buses to come from Syria; Palestinians from Syria. They are still arriving and I am amazed at what I am seeing. I've seen so many babies and so many pregnant women on so many buses here that you have to walk the last four or five miles up hills and through fields; there are people on crutches, old people. If there is anybody who thinks Palestine is not going to be liberated let them come to Maruno rock this May 15th.
This is a historic event similar to the freedom marches America used to have in the 1960s civil rights movement -- the spirit is so great. This is a momentous historic event of NAKBA and the need to be liberated because of the Arab and Islamic awakening and this is part of that awakening. It's amazing -- I've been to a lot of demonstrations -- nothing like this. Nothing like this has occurred on the question of Palestine for the past 63 years.
Press TV: On other occasions of the NAKBA there have been commemorations. So you're saying that it's starkly different from previous commemorations?
Israeli Navy Attack Aid Ship to Gaza and Force it Back to Egypt
Israeli Navy Attack Aid Ship to Gaza and Force it Back to Egypt :: www.uruknet.info :: informazione dal medio oriente :: information from middle east :: [vs-1]
The humanitarian initiative is sponsored by Perdana Global Peace Foundation (PGPF) and participating in this mission includes anti-war activists and journalists from the Asian, American and European continents.
PNN,May 16, 2011
Egypt – PNN – Israeli Naval forces attacked and intercepted on Monday morning aid boat named "The Spirit of Rachel Corrie Mission" off the Gaza coast. The ship’s 12 crew and passengers are safe. Currently the ship has been forced to anchor in the Egyptian waters at one and a half nautical miles from the Gazan waters. The vessel left the Port of Piraeus, Greece on Wednesday, May 11.
Spirit of Rachel Corrie Ship - Photo by PGPF
The cargo ship The Spirit of Rachel Corrie (officially known as FINCH) is carrying 7.5 kilometers of UPVC (plastic) sewage pipes to help restore the devastated sewerage system in Gaza. The ship was named after the courageous American activist who was crushed and killed by an Israeli bulldozer in 2003 while trying to prevent the demolition of another Palestinian home. She died at 23.
The Spirit of Rachel Corrie Mission is part of the Perdana Global Peace Foundation's (PGPF) "Break the Siege on Gaza" campaign. The purpose of this campaign is to highlight the effects of the illegally imposed Israeli siege and raise awareness of the human rights violations of the people of Gaza. Breaking the siege and ending the illegal collective punishment of 1.5 million people must be a priority for the international community.
China cuts holdings of US Treasurys for 5th month
China cuts holdings of US Treasurys for 5th month - Yahoo! Finance
, On Monday May 16, 2011, 10:45 am EDT
WASHINGTON (AP) -- China, the biggest buyer of U.S. securities, trimmed its holdings for a fifth straight month.
The Treasury Department said Monday that China cut its holdings by $9.2 billion to $1.14 trillion.
Japan, the second-largest foreign holder, boosted its holdings by $17.6 billion to $907.9 billion. There had been concerns that the March 11 earthquake and tsunami would lead Japan to scale back its purchases so it could use the money for reconstruction.
Britain, the third-largest buyer, increased its holdings by 10 percent to $325.2 billion in March.
Total foreign holdings increased by $4.9 billion to $4.48 trillion.
Treasury Secretary Timothy Geithner said the government will reach its $14.3 trillion borrowing limit on Monday.
The U.S. government would default on its debt if it did not have the resources to pay bondholders the interest or principal payments as they come due. Treasury securities are considered the safest investment in the world because the U.S. government has never defaulted.
Treasury officials have said they will be able to continue regular debt auctions until August 2. That's intended to reassure domestic and foreign investors about the availabilty of Treasury securities.
Geithner on Monday said he will halt investments in two big government pension plans immediately to allow the government to continue borrowing money for the next few months. The money that the two pension funds will lose would be replaced if Congress votes to raise the borrowing limit.
Republicans have held back supporting an increase in the borrowing limit. They first want Congress agree to more spending cuts.
Trump Not Running for President: 'Decision Does Not Come Easily Or Without Regret'
Trump Not Running for President: 'Decision Does Not Come Easily Or Without Regret' - The Note
ABC News' Michael Falcone, Jen Wlach, & Sara Just report:
After a roller-coaster flirtation with a presidential bid, Donald Trump bowed out of the 2012 contest in true Trump fashion, sayng that while he would not be a candidate this year, if he had run, he would have been able to win the primary and the general election.
"I maintain the strong conviction that if I were to run, I would be able to win the primary and ultimately, the general election," Trump said in a statement. "I have spent the past several months unofficially campaigning and recognize that running for public office cannot be done half heartedly. Ultimately, however, business is my greatest passion and I am not ready to leave the private sector."
Trump, who had contemplated running for president in years past, seemed poised take the plunge this year. He even had a tentative date set for a campaign announcement: May 25 in the atrium of Trump Tower in new York City.
According to Trump aides, the real estate mogual and reality telvision mogul had even settled on campaign consultants to help streer his potential presidential bid. Trump had already made two visits to New Hampshire within the last month and had a series of events planned in that state and in Iowa over the next few weeks.
In the end, however, his decision almost certainly had more to do with his lucrative NBC television contract for his "Apprentice" franchise than anything else. Trump was running out of time to decide whether he would sign on for another season of the "Celebrity Apprentice." Sources close to Trump said negotiations ran to the 11th hours with reports of Trump on hourly calls with NBC executives throughout the weekend who were trying to convince Trump to continue to helm the show.
Some news reports cited NBC offering Trump as much as $60 million to renew his contract, and sources said that NBC had told Trump that the network had lined up three years worth of sponsors for "The Apprentice" -- but only with Trump's participation in the show.
Over the last few months Trump enjoyed a meteoric rise to the top of many national presidential poll thanks, in part, to name recognition that far exceeded that of any other candidates and potential candidates vying for the GOP nomination.
In the most recent ABC News-Washington Post poll taken last month, Trump was running in second place, behind only former Massachusetts Gov. Mitt Romney. And a Gallup survey of GOP voters from April 25 through May 8, found Trump supported by 16 percent of Republicans; tied for first place with former Arkansas Mike Huckabee, who hannounced over the weekend that will not enter the race. (The same survey found that the number of Republicans who dislike Trump stood at 44 percent).
But for a while, Trump seemed to be riding high.
DARPA's Automated Video Surveillance Will End Public Anonymity
DARPA's Automated Video Surveillance Will End Public Anonymity - Technology News by ExtremeTech
o be in public is to be on camera, but most video footage is discarded, as only so much can be sorted and analyzed -- until now. DARPA has created a technology that can index and analyze video in real-time, marking the end of anonymity in public places.
In 2008, DARPA, the US military's elite group of pocket protector warriors, began soliciting the tech industry to develop technologies that would allow computers to sort through and index surveillance footage from the military's fleet of drones, satellites, and miscellaneous other super secret spy cameras. This was all part of the Agency's proposed Video Image Retrieval and Analysis Tool (VIRAT) that would be able to describe specific human activities in real-time. This automated index would allow for searchable queries (i.e. "how often did an adult male taller than six-foot get in a car in the early morning between November 1st and December 22nd in this compound in Abbottabad?") or flag behavior such as when someone carries a large package towards a car on the side of a road in Basra, but walked away empty handed.
And it appears that DARPA has had some success to this end. Earlier this week, the military released a mandated contract announcement describing how the VIRAT system will be deployed into various military-intelligence video archives and systems. The contract will be fulfilled by Lockheed Martin for an unspecified amount. We haven't been given any detailed information on how this new technology works or how accurate it is, only that a belt-tightening defense industry is willing to invest in it.
The military has an inherent interest in transferring surveillance duties from human eyeballs to an algorithm that can't be swayed by political pressure. In the run-up to the Iraq invasion, human analysts famously misread surveillance footage as proof of Iraqi WMDs. (The problem with relying on flawed human analysis in order to support policy was described in depth in Malcolm Gladwell's essay collection What The Dog Saw). The military already has the tools to capture a torrent of information (and as the truism goes the wars of the future will be won and lost with intelligence) but now it is developing the means to sort through it.
As with many DARPA projects, the technology will eventually filter down into commercial industry and then finally to consumers. If the tech works as promised, we could start to see it implemented in domestic surveillance programs. Much of the Western world has willingly traded privacy for the security of ubiquitous surveillance. Most riders on public transportation feel safer knowing that they are surrounded by cameras that are plugged in directly to some control room. Of course, a dedicated team of human observers could never effectively monitor all those screens covering an entire system, but with this new automated tech, authorities might be alerted to, say, someone walking into the subway wearing a bulky coat in early July. Additional facial-recognition software might compare this individual's face to specific watch lists. Whether this Big Brotherly oversight makes you feel more or less safe is entirely up to you.
Beyond surveillance, this automatic video tech could make all uploaded video searchable, regardless of tags or descriptors. As pocket-sized cell phones surpass the video technology of the camcorders of previous decades, we will all be captured on video and placed on the web on a regular basis. In the not-so-distant future, it may be possible for someone (your friends, potential employers, whatever) to Google your name and find -- in addition to your Tumblr page and that photo of you in your Halloween costume your girlfriend posted on Facebook -- some incidental footage of you at that political protest from last summer that some stranger uploaded to YouTube.
Anything that happens in public will be public record.
What does a trillion dollars look like?
What does a trillion dollars look like? | zero hedge
I was a zero. I came to grips with it in 9th grade when my girlfriend said c'ya. Because I didn’t play in the big game Friday night? Because I’d rather spend a Saturday on a launch ramp trying to pull backsides? Probably both, me… a zero. Back then I thought zeros were bad. Turns out the more zeros you parade the bigger and badder your story really is.
Twelve zeros is the latest craze as federal spending grows faster than revenues and deficits drive debt higher and faster. So, what does a trillion look like and what comes next?
First: When trillion becomes old school, what will replace it?
A Tale Of Many Zeros
Next: How do a trillion cool ones stack up?
(I like them, but don't take credit for the images below. Props to JB at pagetudor for putting this illustration together andFSN for the heads up.)
The illustration starts with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slightly fewer have owned them. Benji’s are certain to make friends wherever they go.
A packet of one hundred $100 bills is less than 1/2" thick and contains $10,000. 100 burritos can fit in your pocket easily and is more than enough for week or two of shamefully decadent fun.
Believe it or not, this next little pile is $1 million worth of bills (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.
While a measly $1 million looked a little unimpressive, $100 million in bread is a bit more respectable. It fits neatly on a standard pallet...
And 1 billion bux... now we're getting somewhere...
And finally..
$1 trillion dollars…
Notice the pallets are double stacked. ...and remember those are $100 bills. The next time you hear someone toss around the phrase "trillion dollars"... that's what they're talking about.
The great government fire sale is on
The great government fire sale is on - Yahoo! Finance
, On Friday May 13, 2011, 6:27 am EDT
NEW YORK (AP) -- As 2010 drew to a close, the mayor of Newark, N.J., was staring into a budget abyss so deep that he sold 16 city buildings to pay the bills. They included the architecturally significant Newark Symphony Hall and the police and fire headquarters.
In New York, the transit authority may sell its Madison Avenue headquarters, complete with an underground tunnel connected to Grand Central Terminal and air rights to build a skyscraper on top.
And soon, if state legislators have their way, private investors will be able to buy plenty of other municipal treasures: power plants in Wisconsin, prisons in Louisiana and Ohio and municipal buildings in Boston.
The Great Government Tag Sale is on. As states and cities struggle with billions of dollars in shortfalls, elected officials are increasingly selling public assets to cover their costs. Sometimes municipalities sell the buildings to pocket a one-time pile of cash and then lease them back so they can continue to use them.
To proponents, selling government property is an efficient way to plug budget holes. That's one reason the Obama administration has looked at unloading office towers, courthouses, warehouses and shacks. Private owners who develop the properties can inject vibrancy into municipal dead zones, the thinking goes. Buildings that were once exempt from property taxes are put back on the rolls.
But to critics, these sales are as misguided as pulling money out of your house to pay your bills. They point out that the government is letting go of a long-term, valuable asset in exchange for a one-time payment. When the asset is a building, a municipality then has to spend more money on leasing it back or renting another facility.
"This is tantamount to selling the family china only to have to rent it back in order to eat dinner," says economist Yves Smith, author of the top-rated business blog Naked Capitalism.
The Desperate States of America, yes. But in some cases, politics is influencing policy. Selling state assets has long been a part of the conservative playbook, which calls for moving some of the traditional functions of government to the private sector. And in other instances, the deals are shaded by accusations of corruption.
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