We still expect 1-3″ of snow in Houston and surrounding suburbs with less snow and more sleet closer to the coast. There has been no change to our forecast.
While this amount of snow is nothing compared to the 18-24″ they’ve been getting in places like Oklahoma City, Chicago and New York, 1-3″ is a lot of snow by Houston standards. Roads could become slick later today. Friday morning rush hour could be very tricky. For that reason, many local schools are closing early today and cancelling classes on Friday.
This was yet another limit up day for one of the world’s most popular commodities, which closed at $169.72, a 150 year high. The reason, per Reuters, for the relentless surge in cotton’s price is Asian mills: “It’s basically mills panicking,” said Lou Barbera, a cotton analyst for brokerage VIP Commodities.
“ICE Futures U.S.®, Inc. (“Exchange”) is contemplating taking the following action effective with the March 2011 Cotton No. 2® futures contract. Cotton market participants who expect to carry positions in excess of the spot month position limit, 300 contracts, into the notice period would be required to file an exemption request form with the Market Surveillance Department. To be eligible for a notice period exemption under Exchange Rule 6.26 (Hedge Exemption), applicants would request a specific long or short position sufficient to cover the applicant’s bona fide hedging requirements for the contract month’s delivery month and the next succeeding calendar month.”
The global wheat market is caught between freezing winds and a sirocco. Prices, up 13% since the start of December, likely will keep rising.
The freeze gripping a swath of the U.S. threatens winter wheat planted in the fall. The problem, believe it or not, is a lack of snow rather than too much. While those on the East Coast trudge through the stuff to work, some Midwestern areas haven’t enough.
The question I have not seen anyone ask yet is what happens when the western countries can no longer give food aid to Africa? Decades of do-gooder western “aid” in the form of food, clothing and medical assistance has turned Africa into one great big welfare queen. Many of these folks no longer know how to sustain themselves anymore and historical trade mechanisms have broken down because they were simply no longer needed with all the “aid” flowing in. Many of the corrupt governments of the region rely on that aid not to feed their people but to sell to middle eastern and Asian markets to enrich themselves.
As suggested last night, the escalation in Egypt, together with more riot news out of Yemen, and fear that tomorrow’s Syrian “Days of Rage” will live up to their name, Brent Crude has pushed to the $103 psychological barrier (even as the Brent-WTI spread continue to be about $10, much as we speculated previously would be the case for a while). And speaking of psychological barriers, copper just passed a key one after it moved to a record north of $10,000/tonne for the first time “as investors bet that supply shortages and buoyant demand growth this year would keep fuelling a rally.”
When last month we highlighted the FAO’s periodic report which noted that food prices had surged to a fresh all time high, Zero Hedge first predicted that food riots were imminent. Fast forward 6 rioting countries and 2 revolutions later, to today when we get an update from the UN’s Food and Agriculture Organization, where we read that, not surprisingly “the FAO Food Price Index (FFPI) rose for the seventh consecutive month, averaging 231 points in January 2011, up 3.4 percent from December 2010 and the highest (in both real and nominal terms) since the index has been backtracked in 1990.” And while it is painfully obvious to anyone who shops for groceries, but not to Genocide Ben, nothing is ever obvious to him, here is Reuters’ take on the numbers: “Up for the seventh month in a row, the closely watched FAO Food Price Index touched its highest since records began in 1990, in nominal terms, and topped the high of 224.1 in June 2008, during the food crisis of 2007/08.” Yes, oil may not be at its all time highs from the summer of 2008, but food has already surpassed it.
When prices rise faster than economic growth, the outcome is damaging for any population, but especially for a young one like Egypt’s. Unfortunately, there are worrying signs that stagflation is spreading around the world.
Read the whole thing!-Egypt Gets Violent, Obama Gets Angry, Networks Get Ratings, I’ll Pop the Popcorn
Let’s start with the basics: When you carry signs and chant slogans, that’s called a “protest.” When you start throwing rocks and molotov cocktails, that’s called a “riot.” So it’s time for the talking heads on TV to stop using terms like “protesters” and “demonstrators” to describe the mob in Cairo.
Furthermore, don’t ever try to lecture me about “racism” for describing what’s happening in a foreign country, or act like I’m morally inferior to you because I don’t share your particular opinion about events.
When the “Arab street” does the same thing in Cairo that we’ve seen them do in Jerusalem and Gaza, it’s not racist to interpret today’s violence in terms of a historic pattern of mob violence. And the fact that you, Mr. Moral Superiority, are cheering for the immediate overthrow of Hosni Mubarak doesn’t make me a thought-criminal for suggesting that maybe we don’t want to be so hasty.
For crying out loud, they were actually swooping down on Tahrir Square on horses and camels! At what point do stereotypes stop being stereotypes and instead become, y’know, facts?
Gulf News correspondent Abbas Al Lawati reports from chaotic Cairo, where Mubarak supporters have turned against the press:
• Protesters are hunting down Al Jazeera journos. I keep having to clarify that I’m not one of them
• A female journalist from AP has a light head injury
• Just saw a foreign journalist being chased by a mob with weapons. He was alone. They got him. God help him
The Egyptian Army started rounding up and arresting journalists today.
It’s another 3 A.M moment fail…
Lights! Camera! Molotov cocktails!
False-flag? Right in your face folks. Blatant, outrageous, “in-your-face” violence, and it’s not the average Egyptian citizen doing it.
This is the government goon squad behind and actually committing the violence.
Just file this away for now ladies and gentlemen in the back of your minds, remembering that it’s “over there.”
It has no relevance to our government or, for that matter, any western government.
Yesterday, protesters in Tahrir Square showed the Al Jazeera camera the ID cards of accused plain clothed security (police ID) who came in earlier to create chaos.
According to Al Jazeera, the Egyptian Central Bank has just imposed a withdrawal limit of $10,000 on all banks in order to prevent a systemic bank run that will promptly wipe out what is left of the financial system. Look for this number to be cut to $100 in the first several minutes after banks reopen (whenever that actually happens). As for all that central bank currency “gold backing”, somehow we have a feeling that Egypt’s 75.6 tonnes in gold is about to be drastically adjusted. Also, it is not too late to reevaluate that long EGPT thesis.
Perhaps Yemen will install a Guantanamo alumnus as their next head of government. Then everyone – especially our media – will be happy.
Plus 82% support stoning adulterers and 54% say suicide bombings can be justified. Oh yeah, this is going to end well.
Can’t make this stuff up, folks. Can’t make it up.
Everyday Chrissy Matthews finds so many ways to totally beclown himself:
- Predictable: Matthews Attacks Bachmann Again Despite Being Accused of Sexism by Liberal Women’s Advocate
- Chris Matthews: Republicans Are The “Haves” And Democrats Are The “Have Nots”
- Predictable: Chris Matthews Draws Parallel Between Tea Party & Muslim Brotherhood
Memo to Chrissy: If the TEA Party was anything like the Muslim Brotherhood you would have gotten the same asswhoopin’ that your fellow MSM “Journolists” are getting over in Cairo a long, long time ago. You never know, the Muslim Brotherhood might change from just whoopin’ their asses to lopping off heads-the day is young over in Egypt.
The only reason why you are shooting your mouth off like this because you know what you are saying is not true. Liar.
Remember that GE was (up until recently) the owner of Chris Matthews employer MSNBC-Obama issues global warming rules in January, gives GE an exemption in February
Maybe GE CEO Jeff Immelt’s closeness to President Obama, and his broad support for Obama’s agenda, had nothing to do with this exemption. But we have no way of knowing that, and given the administration’s record of regularly misleading Americans regarding lobbyists, frankly, I wouldn’t trust the White House if they told me there was no connection.
On the upside, at least Job Czar Immelt is creating jobs!
Speaking of MSNBC…MSNBC’s ‘President of the World’
And no, it’s not the one that probably popped into your head first. The thrill up Chris Matthews’ leg has developed a wandering eye
Of course they do, Cockroaches hate the light-Dems object to GOP gov’t transparency probe
Some Democrats in Congress objected Wednesday to early steps taken by the new Republican chairman of the House Oversight and Government Reform Committee to conduct a broad inquiry into President Barack Obama’s promises to improve government transparency.
Reps. Elijah Cummings of Maryland, Gerald Connolly of Virginia and Peter Welch of Vermont complained in a letter to Rep. Darrell Issa, R-Calif., that his investigation will burden federal agencies responsible for producing government records under the U.S. Freedom of Information Act requested by citizens, journalists, companies and others. Cummings is the senior Democrat on the House oversight committee.
A VAT, or value added tax, would be a terrible idea and we certainly don’t need one to make the United States competitive in terms of global tax policies. All we need to do is make our tax code simpler and lower.
Conrad seems to think the answer to America’s debt problems lays with dragging more wealth out of the private sector and into government. That’s not true at all. Our problem is that the government is simply too large.
The fight, as Sen. McConnell said, is far from over.
Something to keep in mind the next time the “Real Conservatives” support a hard-line Republican in a state that elects only moderate Republicans. When the “Real Conservatives” try to tell you that there is ABSOLUTELY NO DIFFERENCE!!!!!!11!1!! between the “RINO” they are opposing and the Democrat they are about to get elected, remember votes like this.
To be blunt, Mike Castle would have been vote #48 for repeal. Chris Coons was vote #51 against. And Christine O’Donnell? Didn’t vote and was never going to be voting.
But hey. There is no difference between Chris Coons and Mike Castle. So please. Ignore electoral reality and keep backing the True Conservatives in the blue states.
This vote proves several things. It proves that despite two years of millions of Americans voicing their disgust of Obamacare and despite the worst drubbing in an election for decades, the Democrats intend to die on the Obamacare hill. With every single Democrat voting against the repeal measure we now see that the Democrats are standing foursquare behind this socialist-like healthcare policy.
This vote also shows that there is no such thing as a “moderate” or a “conservative” Democrat. They may run for election pretending at being a center left politician, like Joe Manchin did, but they will vote like a hard-left, Europeanesque social democrat once in office. This vote once again proves that there is no such thing as a Blue Dog or moderate Democrat.
Ezra Klein must be frustrated. The health reform law he has tirelessly championed is still not popular with the public and was just declared unconstitutional by a federal court yesterday. What’s a wonk to do? Blame the heartless Republican of course
That however, is the not the end of the story. Over the past few days, three of the groups used to corroborate the false charges raised by Jewish Funds For Justice have repudiated the letter arraigned by the George Soros proxy. All three weren’t contacted prior to the use of their names, disagreed with the thrust of the letter and were not happy that they were included. A fourth came out and said the letter was too one sided. Not surprisingly the only group/person not raising some objection to the letter has an association with George Soros.
Of course, George Soros did not tell you that he personally funds the Jewish anti-Israel group that opposes the American Israel Public Affairs Committee.
Many of these media mentions were disparaging, “raising issues,” as PolitiFact prissily puts it, about “the bounds of acceptable political discussion.” In other words, Palin’s statement was widely propagated by journalists who thought it “unacceptable.” Americans recognized the essential truth of Palin’s words and strongly opposed ObamaCare.
Palin got the truth out with the help of journalists determined to bolster the deceptions at the heart of ObamaCare. She was instrumental in winning the political argument that looks increasingly likely to render ObamaCare’s legislative victory a Pyrrhic one. Sarah Palin outsmarted the formerly mainstream media simply by being blunt and honest. That is why they burn with a mindless rage against her.
Kennedy’s staffer must feel lousy — I mean, his old boss killed somebody and was nevertheless lionized as a champion of the working class for several decades, and this guy steals a few thousand dollars and he’s probably going to prison for as long as Teddy was in the Senate.
And so, explains Mr Trichet, the “recovery”, which is better than expected, is why price inflation is up! Hahaha!
And the lie of a recovering economy makes it suddenly OK that the poor, and everyone else, for that matter, slip a little closer to starvation because rising prices for food and energy consumes all their income?
What kind of crazy, demonic government is that? The same kind as America has, that’s what kind! Hahaha!
And that – that! – is why I am a proud Tea Party member who wishes us the best, and who laments the fact that it is Far, Far Too Late (FFTL) to do anything, like a car going 90 miles an hour sailing off a cliff after careening crazily down a perilous and steep mountain road.
As the car sails though the air, two guys inside are arguing, one saying, “More spending!” and the other saying, “Less taxes!”
Obama/Holder politicized DOJ to sue New Mexico in 3….2….1…..
“The Pew Hispanic Center report comes as Nevada lawmakers from both political parties call for legislation that would require employers to verify the immigration status of all job applicants…”
But not voters. And judging from Mr. Reid’s re-election, it would seem that Nevada’s illegal aliens are very conscientious voters.
Like many situations too good to be true–like the dot-com boom, the Enron bubble, the housing boom or the health care cost explosion–the ever-increasing cost of university education is not sustainable.
All firearms have a thing called a “trigger.” Gang members might call it the “bang lever.”
One of the primary rules of firearm safety is that one does not place one’s finger in the trigger guard, thereby allowing it to contact the “bang lever”, until and unless one intends to shoot.
For two years, a group of engineers has been working on the Global Village Construction Set, a collection of 40 DIY machines that can build a small, modern civilization anywhere with sun, soil, and water. Sounds like hard work. Making these machines, the group explains, is 8 times cheaper than buying them from manufacturers, on average. And in a world where resources might be scarcer than we anticipate more quickly than we anticipate, their ambitious project could prove to be a vital one.
I have added the link to their wiki to the “Useful Links” section of the blogroll.
Initial attempts by the Obama administration to quell the uprising with Kim Kardashian nude photos led to further negotiations.
While the Muslim Brotherhood had at first insisted that they would not settle for anything less than full frontal Alyssa Milano, U.S. envoys counter-offered with Mercedes Johnston and also agreed to provide Mohamed El-Baradei with a bootleg DVD of outtakes from Natalie Portman’s lesbian sex scene in The Black Swan.