Reason to homeschool #3,534


I’m sorry, but if you still haven’t figured out the need to keep your children out of the clutches of the NEA indoctrination squads, you deserve what’s going to happen to them. The sad thing is, they don’t. The creepiest part is the line about how everyone is “equal in his sight”.

Debt-deleveraging arrives

It has taken a while to show up, but the long-expected contraction of total credit market debt outstanding has finally begun. The effect is disguised somewhat due to the GDP revisions that reduced Debt/GDP from the previously reported 375 percent to 373 percent, but the raw debt figures show a clear, albeit small, decline.

Q1 2009 373.2 percent $52,915 billion
Q2 2009 373.3 percent $52,793 billion

To put into perspective how even such a small decline such as this $122 billion one is unusual, the Fed’s Z1 report shows how debt rose to the present level from $13.8 trillion in 1990 by increasing more than $500 million per quarter and at a quarterly rate of $921 million since 2004. Debt expansion even continued through 2008 and the first quarter of 2009, although it slowed to a rate of $579 billion per quarter.

This decrease in total credit market debt may be the first sign of the debt-deleveraging process that Steve Keen of Debtwatch has already detected taking place in Australia now starting to roll in the USA.

“We are currently deleveraging at the 4% rate, and debt has fallen from 165% of GDP in March 2008 to 159% today‚Äďa 6% fall as a percentage of GDP, as noted above.”

Note that this $122 billion decline in total debt has taken place despite a large $390 billion increase in state, local, and federal debt and another $40 billion increase in corporate debt. However, it is NOT the household sector that is driving the deleveraging, although households did shed nearly $133 billion of debt in the first half of the year. The primary contributor is the financial sector, which has reduced its debt burden by $562 billion since peaking at the end of 2008, most of it in the second quarter. This suggests that the next stage in the global economic contraction is on deck and ready to begin in earnest once the markets turn south again.

Rebel Moon!

It is science:

Since man first touched the moon and brought pieces of it back to Earth, scientists have thought that the lunar surface was bone dry. But new observations from three different spacecraft have put this notion to rest with what has been called “unambiguous evidence” of water across the surface of the moon…. Finding water on the moon would be a boon to possible future lunar bases, acting as a potential source of drinking water and fuel.

The novel had many flaws, but it’s still lightweight fun. My favorite scene is Aboard Assault Shuttle LST(N)-14, 7 November 2069, 06:00 GMT. The OC and I would write a much better book were we to do it again, but nevertheless, it has its moments.

Speaking of books, I just learned that Summa Elvetica is now available on Kindle, in case you’ve got one. My fiction writing would appear to have improved a bit in the twelve years that separate the two novels, as the latest review gives SE five stars: “There have been a few fantasy authors who have “role reversed” fantasy races (Orcs as protagonists, Dragons having just cause against humans) which I always enjoy, but I haven’t read an author yet who elevates the intrinsic meaning of the races in this manner. Not even close. Aside from an unfortunate naming convention, the work is unburdened, brisk and deep. But I guess if LOTR could survive the Saruman/Sauron “confusion”, Summa Elvetica will have no problem rising in standing over the years. Especially if Beale follows it up with more tales of spiritual controversy in the realm of “true” medieval fantasy. A riveting tale, well-told and driven by, and to, greatness.”

I’m delighted, of course, to discover that some readers regard the book so highly, and very much appreciate the time that they have taken to post reviews on Amazon. However, I would also like to point out that the naming convention to which I think the reviewer is referring, however unfortunate, is not of my invention. The confusing similarity between the two major characters’ names merely reflects the fact that one owns the other. Roman slaves were often named in the possessive form of their owner, for example, Caesaris belonged to Caesar.