Daily Digest 1/11 - Invention of Money, Food Prices Spike in Australia, EMU Debt Crisis
- Toward Sensible Monetary Policy
- The Invention of Money
- Monday Market Movement – 10 Days of ’11
- Food Prices Set To Spike In Wake Of Floods
- Virginia Creates Subcommittee To Study Monetary Alternatives In Case Of Terminal Fed "Breakdown"
- EMU Debt Crisis Edges Ever Closer To The Core
- 300 Year Old Food Forest in Vietnam
By independence, they are referring to the Fed's ability to greatly impact the economy with virtually no meaningful oversight. We only recently learned that the bankers at the Fed were able to use the latest financial crisis to bail out Wall Street cronies and foreign central banks with billions of dollars that were created and wasted, instead of appropriated and voted on by representatives of the people. The Fed and its supporters in Congress vehemently fought even this small bit of transparency and without this one-time provision in the financial reform act forcing disclosure, we would still not have this information. Indeed, we are in the dark on so much of what the Fed has done. This is extremely dangerous for our country, yet this power and secrecy is defended as some kind of public good, which is patently ridiculous.
The Invention of Money (alfredo)
Five reporters stumbled on what seems like a basic question: What is money? The unsettling answer they found: Money is fiction.
Last year, the Dollar didn't pop 81.50 until March, when we were already recovering from the market dip. This morning, the Dollar is already drifting over 81.50 and looks like it may head higher, as the Euro is testing it's lowest levels ($1.28) since early September, when we were having a bit of a rough patch in the market. Since then, the Euro was up 10% and the US markets went up 10% (what a coincidence!) but now the Euro is back down 10% and the TradeBots are working overtime just to keep us on track. Who will break first?
Unlike some previous natural disasters, which affected a smaller geographic area and a narrow range of foods, many vegetables are likely to be affected. In 2006, Cyclone Larry caused a spike in banana prices and this alone helped to lift the overall inflation rate. "I think this will actually dampen discretionary spending during this period," said ANZ head of Australian economics Katie Dean, referring to spending across the entire economy.
In what may one day be heralded as the formal proposal that proverbially started it all, the Commonwealth of Virginia introduced House Resolution No. 557 to establish a joint subcommittee to "to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System." In other words, Virginia will study the fallback plan of a "timely adoption of an alternative sound currency that the Commonwealth's government and citizens may employ without delay in the event of the destruction of the Federal Reserve System's currency" and avoid or "at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System."
The bank's refusal to be drawn further has left Belgium fending for itself as an escalating constitutional crisis pushes yields on its 10-year bonds to a post-euro record of 4.27pc. The country has not had a government since Flemish separatists emerged as the biggest party in elections seven months ago. Stephen Jen, chief economist at Blue Gold Capital and a former IMF official, said Greece, Ireland and Portugal are already "insolvent". Refusal to face up to reality draws out agony, with a "cancerous" effect on the whole eurozone.
300 Year Old Food Forest in Vietnam (jackson)
28 generations have shared in developing this spectacularly lush environment that not only feeds the family, but provides all the medicinal herbs and plants they need. Imagine growing up in an environment where you just need to walk outside the door and there is all the sustenance you will ever need -- literally provided by your ancestors! This is an inspiring story that we can be thinking about as we take steps to convert our backyards, front yards and even windowsills into food producing spaces.
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