April 6 (Bloomberg) -- The extent of sea ice over the Arctic Ocean grew until the last day of March, the latest the annual melting season has begun in 31 years of satellite records, the U.S. National Snow and Ice Data Center said.
Cold weather and winds from the north over the Bering Sea and Barents Sea meant that the area of ocean covered by ice expanded through last month, the Boulder, Colorado-based center said today in a statement on its Web site. That’s two days later than in 1999, the previous latest start to a melting season since satellite monitoring began in 1979.
Scientists have highlighted declining Arctic sea ice as an indicator of global warming. The NSIDC has said the Arctic Ocean could be largely ice-free during the summer by 2030. While this year’s melting season has started late, it probably won’t have an impact on the extent of ice in the summer, the group said.
“The ice that formed late in the season is thin and will melt quickly when temperatures rise,” the NSIDC said.
The peak ice extent of 15.25 million square kilometers (5.89 million square miles) “approached” the average for the years 1979 to 2000. It was 670,000 square kilometers more than the record low ice peak of 2006, the center said.
Melting started in March then reversed during a cold snap, prolonging the annual freeze.
In September, the researchers said Arctic sea ice shrank in 2009 to its third-lowest summer minimum on record, remaining “well outside the range of natural variability.”
This is a audio book by Dr. Lawrence Reed. You can get it for free on Itunes along with m any others by this author.
Many volumes have been written about the Great Depression of 1929-1941 and its impact on the lives of millions of Americans. Historians, economists and politicians have all combed the wreckage searching for the “black box” that will reveal the cause of the calamity. Sadly, all too many of them decide to abandon their search, finding it easier perhaps to circulate a host of false and harmful conclusions about the events of seven decades ago. Consequently, many people today continue to accept critiques of free-market capitalism that are unjustified and support government policies that are economically destructive.
How bad was the Great Depression? Over the four years from 1929 to 1933, production at the nation’s factories, mines and utilities fell by more than half. People’s real disposable incomes dropped 28 percent. Stock prices collapsed to one-tenth of their pre-crash height. The number of unemployed Americans rose from 1.6 million in 1929 to 12.8 million in 1933. One of every four workers was out of a job at the Depression’s nadir, and ugly rumors of revolt simmered for the first time since the Civil War.
“The terror of the Great Crash has been the failure to explain it,” writes economist Alan Reynolds. “People were left with the feeling that massive economic contractions could occur at any moment, without warning, without cause. That fear has been exploited ever since as the major justification for virtually unlimited federal intervention in economic affairs.”[1]
Old myths never die; they just keep showing up in economics and political science textbooks. With only an occasional exception, it is there you will find what may be the 20th century’s greatest myth: Capitalism and the free-market economy were responsible for the Great Depression, and only government intervention brought about America’s economic recovery.
I found Dr. Reed on facebook but you can get this book and others buy him on Itunes for free.
You can hear the rest of the book by clicking on read more.
Introduction
Read more: Great Myths of the Great Depression By Dr. Lawrence W. Reed
PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.
Sounds like a good time to start tapping the nest egg. Too bad the federal government already spent that money over the years on other programs, preferring to borrow from Social Security rather than foreign creditors. In return, the Treasury Department issued a stack of IOUs — in the form of Treasury bonds — which are kept in a nondescript office building just down the street from Parkersburg's municipal offices.
Now the government will have to borrow even more money, much of it abroad, to start paying back the IOUs, and the timing couldn't be worse. The government is projected to post a record $1.5 trillion budget deficit this year, followed by trillion dollar deficits for years to come.
Social Security's shortfall will not affect current benefits. As long as the IOUs last, benefits will keep flowing. But experts say it is a warning sign that the program's finances are deteriorating. Social Security is projected to drain its trust funds by 2037 unless Congress acts, and there's concern that the looming crisis will lead to reduced benefits.
"This is not just a wake-up call, this is it. We're here," said Mary Johnson, a policy analyst with The Senior Citizens League, an advocacy group. "We are not going to be able to put it off any more."
Read more: Social Security to start cashing Uncle Sam's IOUs
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