Monday, 23 July 2012

10:24 – The eurozone train wreck continues, with Spanish benchmark 10-year bond yields now at 7.6% and climbing, and Italian yields well over 6%. Even more concerning is that Spain’s efforts to make it look as though the market is still supporting their debt auctions by offering only small face amounts at short maturities have failed miserably. Spanish short-term debt yields are now over 6%, a strong indication that Spain is about to lose all access to market funding. In effect, it already has. Right now, only speculators willing to risk their money for short periods at very high yields are buying Spanish debt. The market as a whole is much too risk-averse to put money into Spanish bonds, or indeed leave it in Spanish banks. That giant sucking sound you hear is billions of euros a day leaving Spain. And Italy isn’t doing much better. They’ve just announced that they may not be able to start the new school year this autumn because they don’t have the money to do so.

Meanwhile, Barbara and I are still building science kits. We just added 30 biology kits to inventory, and are most of the way through building 60 more chemistry kits. After that, we’ll build the first batch of 30 forensic science kits, and then start immediately on new batches of biology and chemistry kits.

13:05 – Wow. The NCAA let Penn State off with a slap on the wrist. What would have been an appropriate NCAA penalty for a university guilty of covering up institutionalized child rape under the auspices of the athletic program? How about expulsion from the NCAA? Not just football, but all sports. Permanently. The entire Penn State athletic program should have been eradicated and the corpse left to rot as a warning to others.

14:11 – As usual, Pat Condell gets right to the heart of the matter. American Dhimmi