mm428: Upbeat words from the Fed

July 3, 2008

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© Ketian Chen | Dreamstime.com

MUDGE’s Musings

We begin this Independence Day celebration in the U.S. with a rather gloomy attitude.

We’re still losing good men and women to the misguided and mishandled Iraq and Afghanistan wars. Fuel and food prices seem to be climbing as we watch. Once my monthly bills from ExxonMobil, my gasoline purveyor of choice (the reason why this is so is worthy of a post of its own — soon!) were under $100. Now, maintaining the same or less driving, as I try to mitigate the costs of commuting with more days working from home, I’m relieved if that bill is under $200.

What we hear of the economy (job losses, inflation rate) and its thermometer (the Dow Jones Industrial Average) is disturbing. Aren’t we officially in recession?

Every one of us knows someone, or more than one, job-seeking.

And the news from the world outside our parochial boundaries is not much better. War news from Iraq, Afghanistan and Pakistan remains grim. The president of Zimbabwe, certain that he’d lose in a fair election, murdered thousands of opposition supporters, and sent his opponent fleeing to the Netherlands embassy for shelter. Israel seems to be seriously considering a preemptory attack on Iran’s nuclear bomb facilities. Gazprom, the Russian petroleum/natural gas giant, has its sights set on becoming the largest corporation in the world before long. How can any of that be good by any measure?

Well, a couple of chieftains at the Federal Reserve Bank have decided to show us a glass half full version of the part of the story they influence, the economy. And, it makes for some attention-grabbing reading.

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mm293: Star Wars, finally ready for prime time

February 22, 2008

MUDGE’s Musings

Shooting a missile at a satellite is rocket science. And, apparently, a year late, we’ve figured it out.

washingtonpost

Spy Satellite’s Downing Shows a New U.S. Weapon Capability

By Marc Kaufman and Josh White | Washington Post Staff Writers | Friday, February 22, 2008; Page A03

The unprecedented downing of an errant spy satellite by a Navy missile makes it clear that the Pentagon has a new weapon in its arsenal — an anti-satellite missile adapted from the nation’s missile defense program.

While the dramatic intercept took place well below the altitude where most satellites orbit, defense and space experts said Wednesday night’s first-shot success strongly suggests that the military has the technology and know-how to knock out satellites at much higher orbits.

When the plans were announced a week or so ago, we were bemused.

The physics required have got to be astounding. See, the satellite is in a deteriorating orbit, so it might not be acting totally predictably.

The missile was built, of course, by the lowest bidder.

And they launched it from a missile cruiser sailing in the Pacific, which any mariner will tell you is totally falsely named.

I’m thinking the challenge was tantamount to shooting an arrow at a duck in flight several miles away, from the back of a rodeo bull.

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