Daily Digest 1/17 - Financial Bombs Over Europe, Natural Gas Goes Down In Flames, Possible Iran Oil Embargo Implications
- Huge Financial Bombs Just Got Dropped All Over Europe
- English Wikipedia anti-SOPA blackout
- As French Vote Nears, Sarkozy Is Haunted by Grim Economy
- As Reforms Flag in Greece, Europe Aims to Limit Damage
- Iran Could Make Silver Bugs Filthy Rich
- No Need For New Pipelines: Geologist
- Natural Gas Goes Down In Flames
- Possible Implications of the Iranian Oil Embargo
- Radioactive Concrete Is Latest Scare for Fukushima Survivors
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The Institute of International Finance has been representing private bondholders in negotiations with the Greek government about the terms of a “voluntary haircut” that is supposed to be a key component of the “rescue plan” for Greece.
English Wikipedia anti-SOPA blackout (guardia)
Today, the Wikipedia community announced its decision to black out the English-language Wikipedia for 24 hours, worldwide, beginning at 05:00 UTC on Wednesday, January 18 (you can read statement from the Wikimedia Foundation here). The blackout is a protest against proposed legislation in the United States —the Stop Online Piracy Act (SOPA) in the U.S. House of Representatives, and the PROTECTIP Act (PIPA) in the U.S. Senate— that, if passed, would seriously damage the free and open Internet, including Wikipedia.
As President Nicolas Sarkozy contemplates his race for re-election, with the first round of voting 100 days away, he is confronted with an economy reeling from the euro crisis and nearly zero growth. France has just lost its AAA credit rating and must cut government spending. The unemployment rate is 9.9 percent, a 12-year high, and rising.
Officials from the so-called troika of foreign lenders to Greece — the European Central Bank, European Union and International Monetary Fund — have come to believe that the country has neither the ability nor the will to carry out the broad economic reforms it has promised in exchange for aid, people familiar with the talks say, and they say they are even prepared to withhold the next installment of aid in March.
Iran Could Make Silver Bugs Filthy Rich (David B.)
With reports of American troop movements into Israel, along with Reuters reports of two U.S. aircraft carriers headed to the Persian Gulf and a lot of chatter from Washington command appearing on television as salesmen for an attack, a military strike on Iran is likely, according to Jim Rickards, adviser to government personnel on U.S. national security issues and frequent guest of King World News.
No Need For New Pipelines: Geologist (joemanc)
The proposed $5.5-billion Northern Gateway Pipeline will jeopardize Canada's long term energy security while at the same time leading to an unprecedented expansion of the oilsands with its dangerous social and environmental impacts, a former senior federal government geologist says.
David Hughes, who worked as a petroleum geologist for the Canadian Geological Survey for 32 years, says in his 30-page study of the pipeline proposal that Canada already has enough pipeline capacity to supply current and near future needs.
Natural Gas Goes Down In Flames (James S.)
Natural gas has been your worst nightmare of a commodity since its peak at $14 in 2008, then riding on crude’s coattails in its infamous run to $149/barrel. Since then, natural gas has cratered 80%, and is down 37% from its 2011 top.
Fracking involves drilling down to 7,000 feet, filling the well with a liquid, and then letting off an explosive. The shock wave shatters the shale formation, allowing the gas to flow freely. While there have been numerous complaints about contamination of ground water by toxic chemicals, every case I investigated could be traced to an incompetent contractor inexperienced in the technology.
The contamination was first discovered when dosimeter readings of children in the city of Nihonmatsu, roughly 40 miles from the reactors at Fuksuhima Dai-ichi, revealed a high school student had been exposed to 1.62 millisieverts in a span of three months, well above the annual 1 millisievert limit the government has established for safety reasons. Further investigation traced the radiation back to the student’s three-story apartment building, where officials detected radioactive cesium inside the concrete.
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