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The fiscal cliff isn't as scary as the looming deficit and debt crisis about to swamp the country.

All eyes have been on the clear and present danger of the fiscal cliff—understandably—but there's a sound in the mountain range that's even scarier than the cliff. It's the sound made by an avalanche, the trillions of dollars of debt that's heading our way, gathering speed and mass. For most people, it's out of earshot now, and that's the way our government prefers to play it in its financial statements. Liabilities are not set out there in accordance with the well-established norms of the private sector, where this overhang of liabilities would set off alarm bells in the markets, with boards of directors in emergency sessions.

We'll come to why that's not happening, but let's consider first why we should regard our predicaments as gravely as any private company does on the path to bankruptcy.

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My Comment: I have seen how uncontrollable debt can adversely impact a country. Argentina, Greece, Spain, Iceland, etc., .... if the U.S. government cannot control it's spending, what happened to these countries will happen to the U.S..

Update #1: Geithner Tells Congress U.S. Reaches Debt Limit -- Bloomberg

Update #2: Why you should really be worrying about the Fiscal Cliff -- Peter Foster, The Telegraph

North Korean leader Kim Jong-un called for an end to confrontation between the two Koreas, technically still at war in the absence of a peace treaty to end their 1950-53 conflict, in a surprise New Year speech broadcast on state media.

The address by Kim, who took over power in the reclusive state after his father, Kim Jong-il, died in 2011, appeared to take the place of the policy-setting New Year editorial published in leading state newspapers.

Impoverished North Korea raised tensions in the region by launching a long-range rocket in December that it said was aimed at putting a scientific satellite in orbit, drawing international condemnation.

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North Korea's Kim Jong-un makes rare New Year speech -- BBC
NKorean leader Kim Jong Un calls for economic improvements, more weapons in New Year’s speech -- Washington Post/AP
N. Korea's Kim wants better living standards, arms -- USA Today
N.Korea leader vows 'radical' economic shift -- AFP
Kim Jong-un Delivers New Year's Message -- Arirang News

My Comment: The South Koreans are not convinced.

What with a Presidential election, two severe hurricanes, multiple mass shootings and a fiscal cliff, it has been a busy year for Barack Obama.

But at every twist and turn, his decisions, reactions and emotions have been captured in photographs.

Now, as 2012 comes to a close, the President has pulled together a collection of his favourite pictures for the year and posted them to the White House Facebook page for America to enjoy.

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My Comment: I would think that being President would mean that he has more important things to do .... sighhh .... I'm wrong again.

The White House Facebook page is here.

And yes .... this is a collection of impressive pictures.

WNU Editor: From the U.S. Department of Defense ....

The men and women of the U.S. military serve in operations around the world. They also are family members, athletes and sports fans who embrace life. Military photographers provide a visual record of their activities. In this review, Year in Photos 2012, we offer a selection of some of the most compelling pictures they produced.

Their photo gallery is here.

Libyan militia behind Benghazi terror attack still operating unimpeded.

Ansar al-Sharia, the Islamist militia linked to the deadly terror attack against the United States diplomatic compound in Benghazi, continues to operate Facebook pages and conduct fundraising and proselytize in Libya, according to U.S. officials.

Intelligence reports provided to the U.S. Africa Command earlier this month revealed that Ansar al-Sharia operates several Facebook pages, including one outlet called the Campaigns of Ansar al-Sharia for Dawa and Charity. The website was operating as late as Dec. 15 before being shut down under pressure from the U.S. government.

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My Comment: I guess this is who President Obama was talking about when he mentioned that the U.S. had some good leads on who was responsible for the Benghazi consulate attack.

After spending months reporting on the conflict, a SPIEGEL journalist has pieced together a realistic view of the situation on the ground, and reports that dictator Bashar Assad's fall seems inevitable. But as the fighting grows more barbarous on both sides, he worries what the ultimate price will be.

It was August 2012 and we were sitting in front of the TV. The Syrian state-run channel was reporting that the country's army was fighting bravely in the streets of Maraa, and was close to defeating the terrorists there. At this very moment, the program continued, Syrian army troops were storming the cultural center where the last terrorists had holed up. The screen showed soldiers running past three-story apartment buildings.

We watched the TV, fascinated.

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My Comment: The fog of war is definitely in play in Syria. Another sobering commentary on Syria (from The National) is here.

It’s no secret that the diminishing coalition of Western governments still involved in the 11-year war in Afghanistan are desperate to get out. Some, like the French, have already wound down their military operations ahead of schedule. Washington preaches staying the course through gritted teeth until the end of 2014, at which point Afghan government forces will ostensibly have the numbers, the training, the equipment and the will to take over the fight against the Taliban. That narrative has been challenged by events in 2012, not least the steady toll of regular “green-on-blue” killings—when supposedly friendly Afghan personnel attack their NATO mentors. More than 60 coalition soldiers have died in such attacks this year alone.

WNU Editor: For the other 9 stories, start here.