State Pension Debacle

You can't make this stuff up.

Will Obama Be the Next Jimmy Carter?

Der Spiegel contemplates.

If the economy goes the way I think, I'd say that's the best he can hope for.

Glenn Reynolds...

...contemplates the rather lamentable state of cyber-security.

Few give this subject much thought, just like few considered the potential consequences of drilling for oil in 6 thousand feet of water. You'd think we'd learn.

UPDATE:> To be fair, NASA has warned us explicitly:

National power grids could overheat and air travel severely disrupted while electronic items, navigation devices and major satellites could stop working after the Sun reaches its maximum power in a few years.

Senior space agency scientists believe the Earth will be hit with unprecedented levels of magnetic energy from solar flares after the Sun wakes “from a deep slumber” sometime around 2013, The Daily Telegraph can disclose.

In a new warning, Nasa said the super storm would hit like “a bolt of lightning” and could cause catastrophic consequences for the world’s health, emergency services and national security unless precautions are taken.

Scientists believe it could damage everything from emergency services’ systems, hospital equipment, banking systems and air traffic control devices, through to “everyday” items such as home computers, iPods and Sat Navs.

Due to humans’ heavy reliance on electronic devices, which are sensitive to magnetic energy, the storm could leave a multi-billion pound damage bill and “potentially devastating” problems for governments.

“We know it is coming but we don’t know how bad it is going to be,” Dr Richard Fisher, the director of Nasa's Heliophysics division, said in an interview with The Daily Telegraph.

UPDATE 2:> And others are warning us as well.

Bank Failures Rise

The FDIC is closing banks at double last year's astounding pace.

Progress on Artificial Intelligence

NYT:

For the last three years, I.B.M. scientists have been developing what they expect will be the world’s most advanced “question answering” machine, able to understand a question posed in everyday human elocution — “natural language,” as computer scientists call it — and respond with a precise, factual answer. In other words, it must do more than what search engines like Google and Bing do, which is merely point to a document where you might find the answer. It has to pluck out the correct answer itself. Technologists have long regarded this sort of artificial intelligence as a holy grail, because it would allow machines to converse more naturally with people, letting us ask questions instead of typing keywords. Software firms and university scientists have produced question-answering systems for years, but these have mostly been limited to simply phrased questions. Nobody ever tackled “Jeopardy!” because experts assumed that even for the latest artificial intelligence, the game was simply too hard: the clues are too puzzling and allusive, and the breadth of trivia is too wide.

With Watson, I.B.M. claims it has cracked the problem — and aims to prove as much on national TV. The producers of “Jeopardy!” have agreed to pit Watson against some of the game’s best former players as early as this fall.

Read the whole thing. It's long, but fascinating.

UPDATE:> See Watson in action here:



This is absolutely astounding, but I predict that, like with Deep Blue, humans will quickly become dismissive of it in a vain attempt to reassure themselves of their continuing relevance.