U.S. interest rates continued to climb and the price of oil jumped 5% last week. U.S. stocks rallied in the second half of the week, with the Dow ending up 1.6% on better than expected inflation news. The so-called "core" inflation rate (which doesn't include energy prices) only rose 0.1% rather than the expected 0.2%. But overall prices rose faster than they have in 20 months in May. The hope of investors is that the wave of low-cost labor will offset higher energy prices.
How nice for all those investors, those who own. For those of us who work, the "hundreds of millions of lower cost workers" mean that our incomes will continue to drop. More and more of our energy will be sucked into the system. What will be left? I came across a couple of random passages last week that highlight the issue.
"It is the absolute responsibility of everybody in uniform to disobey an order that is either illegal or immoral."
-General Peter Pace, Chairman of the Joint Chiefs of Staff, National Press Club, February 17, 2006.
"They will be held accountable for the decisions they make. So they should in fact not obey the illegal and immoral orders to use weapons of mass destruction."
-General Peter Pace, CNN With Wolf Blitzer, April 6, 2003
|©AP photo/University of Florida/IFAS/Josh Wickham|
|In this photo, Steve Johnson holds a Cuban tree frog at the Gulf Coast Research and Education Center in Plant City. The invasive frog, which can be more than six inches long, has colonized the southern half of the state and is moving north.|
|A still from the Qumran Visualization Project|
|A manuscript from Timbuktu (Mali)|
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