• “Addis Abeba” (ADDIS:PMF)

• Russia’s wildfires have gotten so bad, Putin has been put in charge (BusinessInsider)
• Wildfires break out in Los Angeles (BusinessInsider)
• Japan: Land of the Rising Debt (ZeroHedge)
• Debunking the notion that unions hurt productivity (Naked Capitalism, summer rerun of 2007 article)
• Karl Denninger’s charts demonstrate massive delusional reporting of GDP numbers in US

• France Tries to Reduce Debt by Increasing Debt

• Russia to give security services powers to arrest people for crimes they have yet to commit
• Google and CIA invest in Recorded Future (h/t all who linked to this)

Choice quotes.

First this one that could have come from Sumner “We’re not going to kill him” Redstone:

This appears to be the first time, however, that the intelligence community and Google have funded the same startup, at the same time. No one is accusing Google of directly collaborating with the CIA

And this:

America’s spy services have become increasingly interested in mining “open source intelligence” — information that’s publicly available, but often hidden in the daily avalanche of TV shows, newspaper articles, blog posts, online videos and radio reports.

“Secret information isn’t always the brass ring in our profession,” then CIA-director General Michael Hayden told a conference in 2008. “In fact, there’s a real satisfaction in solving a problem or answering a tough question with information that someone was dumb enough to leave out in the open.”

**Update**

And if you can’t even prove you don’t owe zero cents, how can you prove you weren’t going to commit that crime they ‘predict’ you were going to commit? Comcast threatens to cut off service unless customer pays the $0.00 he owes

**Update 2**

• Major corporations are downloading the 100 million leaked Facebook profiles

**Update 3**

• FBI releases 400+ page file on Howard Zinn

Our condolences to his family and friends.

A repeat of one of his shows went out this morning and I imagine we’ll run the whole series some time over the summer as a testament to his singular artistry.

Yours
Ed

–
Nominee, Sony Radio Academy Awards 2010 “Station Programmer of the Year”
Runner-up, PRSF New Music Award 2008
As featured in the Independent on Sunday’s Happy List
Ed Baxter
programming director
Resonance104.4fm – winner of the Radio Academy’s Nations and Regions

• JACKPOT FOR ZYNGA: Congress Wants To Legalize Online Gambling

Convicted ex-Enron Corp. Chief Executive Officer Jeffrey Skilling, claiming a June U.S. Supreme Court ruling entitles him to a new trial, asked an appeals court to release him from prison on bail while he pursues an appeal.

• Enron’s Skilling Seeks Bail While Appealing Fraud Convictions

We Greeks, LOVE YOU!

We have organized a large internet movement against IMF and corrupt government

http://www.getgreeceback.com/

Part of this website is available in English

* In 10 days over 35.000 signed!
* 50 Greeks are working on the project 24/7
* We translated our petition in 14 languages!
* Over 75 blogs joined us
* We have a video on our website explaining the movement (in English too!)

I’am one of the founders (Unemployed 35 years old web designer with a little daughter ..7 months old)

Please support us! Comment our movement on youtube. We love you! Help us get rid of the IMF. My country is dying ! None of our famous journalists helps us….why?

• PirateMyfilm: “Greek Bankers Drunk on Ouzo” (DRUNK)

• Russia’s Drought Raises Bondholder Risk

High temperatures, which rose to a record 37.4 Celsius (99 Fahrenheit) yesterday in Moscow, have damaged 32 percent of land under cultivation and forced Russia to declare states of emergency in 23 regions. Grain prices may double this year because of the drought, according to the Grain Producers’ Union.

Inflation may quicken to 8.1 percent by the end of December, compared with the government’s annual forecast of 6 percent, according to Yaroslav Lissovolik, Deutsche Bank AG’s head of research in Moscow. That will put pressure on Bank Rossii to raise its benchmark rate by year-end for the first time since December 2008, said Natalia Orlova, Moscow-based chief economist at Alfa Bank.

Higher rates “may cause a correction in short-term sovereign bonds and, later, in long-term sovereign bonds,” said Evgeniy Nadorshin, senior economist at Trust Investment Bank in Moscow.

Peat fires cover Moscow in smoke (photo from Nasa)

Both Steve Keen and Peter Schiff have agreed to participate in this.  A bit of a delay – for the next two weeks, Peter is focusing on his senatorial campaign (if you live in CT. I suggest you vote for him).

PirateMyfilm: “Inflationist v. Deflationist - Peter Schiff v. Steve Keen” (EDUEL)

Note:  The project is over-subscribed by over 250%.  If you can’t reserve shares in this project, you might want to consider Richard’s other PMF project: “The Chicago Way” (CHICA)

• Download show here

For more download & listening options, visit Archive dot org

It is my thesis that the inflation, deflation debate is flawed because we no longer have reliable price signals. The overwhelming domination of program trading on various exchanges has fundamentally changed the way prices are created and represented in the economy. All ‘efficient market’ theories are dead.

In place of reliable price signals (based on the supply and demand of buying and selling) we have price signals that are generated by computer algorithms; i.e., computers executing program trading, high frequency trading and algorithmic trading — that account for up to 70% of the trading activity on the NYSE (or 100%, if you consider any shares traded — not involved in program trading — can’t buck the pricing monopoly of the computers).

Program traders have a virtually infinite line of credit, pay virtually zero commissions, and are backed by banks on Wall St. with strong political connections who are ready to bail out any losing bets these computers make.

Plus, the computers are able to do something normal buyers and sellers can’t do. They can pick a price they want a security to trade at and then fill in all the necessary trading volume needed to get the price of the security to that point. In other words, you can program computers to rig markets.

In this new rigged market capitalist model, the corrupt bank picks the price it wants a security to trade at and the computers buy and sell with each other until that price is reached; thus providing an audit trail of trades that looks on the surface like actual price discovery.

• Do Deficits Matter? Not to US Bond Buyers
• Cameron’s austerity measure: DIY policing
• Basel relaxes capital and leverage rules
• Neel Kashkari supports cutting social security ‘entitlements’ for only the oligarchs are entitled to live freely off the government tollbooth