Daily Digest

Daily Digest 2/13 - Diplomacy Falters In Maldives, Greece Passes Austerity Measures, Fracking Could Ruin NY's Organic Industry

Monday, February 13, 2012, 11:50 AM
  • Diplomacy Falters in Maldives
  • Even Critics of Safety Net Increasingly Depend on It
  • Obama Faces Task of Selling Dueling Budget Ideas
  • Economists Warn of Long-Term Perils in Rescue of Europe’s Banks
  • Greek Parliament Passes Austerity Plan as Riots Rage
  • Tunisia - A Possible Electrical Savior of Southern Europe?
  • Physicists Meet at CERN to Discuss Progress Made on Cold Fusion
  • Fracking Could Ruin New York's Organic Food Industry

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Economy

Diplomacy Falters in Maldives (ScubaRoo, subscription required)

Mr. Nasheed, who in 2008 became the country's first democratically elected president, said he was forced to resign in an armed coup almost a week ago. He accused police of using undue force against his supporters, severely injuring some of them.

Even Critics of Safety Net Increasingly Depend on It (jdargis)

There is little poverty here in Chisago County, northeast of Minneapolis, where cheap housing for commuters is gradually replacing farmland. But Mr. Gulbranson and many other residents who describe themselves as self-sufficient members of the American middle class and as opponents of government largess are drawing more deeply on that government with each passing year.

Obama Faces Task of Selling Dueling Budget Ideas (jdargis)

“The challenge,” Mr. Lew added, “is how do you do two things at the same time? How do you put money forward for things like the payroll tax holiday, for things like getting a jump-start on infrastructure, for building schools, and make the decisions for long-term deficit reduction? The president has proposed a plan that would do that.”

Economists Warn of Long-Term Perils in Rescue of Europe’s Banks (jdargis)

In December, the European Central Bank invited banks to borrow money at the benchmark interest rate of 1 percent for three years, compared with a previous maximum maturity of one year. Banks could borrow as much as they wanted provided they posted collateral. They jumped at the opportunity: 523 banks borrowed 489 billion euros, or $647 billion.

Greek Parliament Passes Austerity Plan as Riots Rage (jdargis)

Angry protesters in the capital threw rocks at the police, who fired back with tear gas. After nightfall, demonstrators threw Molotov cocktails, setting fire to more than 40 buildings, including a historic theater in downtown Athens, the worst damage in the city since May 2010, when three people were killed when protesters firebombed a bank. There were clashes in Salonika in the north, Patra in the west, Volos in central Greece, and on the islands of Crete and Corfu.

Tunisia - A Possible Electrical Savior of Southern Europe? (James S.)

It’s not small – TuNur’s two gigawatts output, generated by roughly 825,000 heliostat flat plate mirrors, will generate electricity at six times the output of the world’s current largest solar power project. The project’s first phase will begin in 2014 and the first electricity exports are scheduled to be sent to Europe by 2016 via a new low-loss transmission line to Italy.

Physicists Meet at CERN to Discuss Progress Made on Cold Fusion (James S.)

Likely of importance is Celani and Srivastave are expected to show specific nanostructures have begun to play a crucial role in basic studies and in commercial claims for technological and industrial applications, noticeably the Rossi led effort and the competitor Defkalion.

Fracking Could Ruin New York's Organic Food Industry (jdargis)

Once Again’s nuts are already shipped in from out of state due to nuts not being produced in New York. Its honey products are not organic, but are supplied by honey farms in New York.

“If the bee population decreases due to pollution and contaminants, honey product may decline and make it hard to source local honeys,” she said.

Article suggestions for the Daily Digest can be sent to dd@PeakProsperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

21 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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littleone's picture
littleone
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Malinvestment explained

The Fed Caused Disaster

By Richard J. Maybury

Reprint from the January 2010 EWR

http://www.chaostan.com/feddisaster.html

What do others think of Richard Maybury's report?

Bill Hicks's picture
Bill Hicks
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California's January Tax Revenue was $528M Below Estimate

http://billhicksisdead.blogspot.com/2012/02/californias-january-tax-revenue-was.html

Recovery?   What recovery?

California’s cash may be exhausted by March, Chiang reported Jan. 31. The nation’s most populous state will need $3.3 billion by mid-April without additional borrowing and payment delays, because it has spent more and received less than anticipated for the current fiscal year.



“January revenues were disappointing on almost every front,” Chiang said today in a statement. “Thankfully, the decisive actions taken recently by the state to stabilize its cash flow will ensure that California can pay its bills through the end of the fiscal year.”

And my reaction:

If the economy really is recovering as the pundits would have you believe, why did California's income tax collections plummet by over half-a-billion dollars in just one month? That sounds like either, a) people are losing their jobs in large numbers again, b) wages and salaries are declining rapidly, or c) all of the above. Combined with the gasoline usage data and the BDI numbers, it also sounds like the economy is on the brink of a major crash. 

Arthur Robey's picture
Arthur Robey
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Orlov and Max

I found this excellent conversation between Max and Dmitri on cluborlov.com.  Enjoy.

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ckotrainer.com
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This site is great

A client of mine just tunred me onto Chris Martenson What great information on here.  

Here is an article I found interesting today. 

www.theeconomiccollapseblog.com/archives/why-are-record-numbers-of-young...

Thanks for all the info

Mike

www.ckotrainer.com

Arthur Robey's picture
Arthur Robey
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The Muslim View.

What I like about the internet is that you can get good quality information from all over the world. This is the Muslim view. (Not for Xenophobes)

It amazes me how their analysis concures with Dr Martenson's.  Good Stuff.

Doug's picture
Doug
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gold and silver leasing

Here's an interesting article by Ted Butler describing how gold and silver leasing really works.  If true, it should be criminal:

http://www.24hgold.com/english/news-gold-silver-silver-leasing-or-silver-fleecing.aspx?contributor=Theodore+Butler&article=481545130F8350&redirect=False

Jim H's picture
Jim H
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Hi Doug...

Me thinks you have been reading the Turd... anyway, you are right... we live in a strange world where precious metals can be leased and rehypothecated ... what will those inventive bankers think of next. 

saxplayer00o1's picture
saxplayer00o1
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Moody's cuts ratings on Italy, Portugal, Spain

"Moody's Investors Service late Monday lowered ratings on Italy, Portugal, Slovakia, Slovenia and Malta by one notch and slashed Spain's sovereign rating by two notches. The ratings agency also cut the outlook on France, the United Kingdom and Austria to negative but kept their ratings at triple-A for the time being. The moves reflect the susceptibility of the countries to "the growing financial and macroeconomic risks emanating from the euro-area crisis and how these risks exacerbate the affected countries' own specific challenges," Moody's said in a statement. Moody's left Germany's rating unchanged at triple-A. The euro fell to $1.317 from $1.319 at the close of the U.S. stock market. "

karsa's picture
karsa
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Thanks for posting that

Thanks for posting that arthur, even though i had loads of things to do this morning i ended up watching the whole thing.

definitely worth a look

rhare's picture
rhare
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Scary video

Arther Robey wrote:

What I like about the internet is that you can get good quality information from all over the world. This is the Muslim view. (Not for Xenophobes)

It amazes me how their analysis concures with Dr Martenson's.  Good Stuff.

It was an interesting video, but I found it really scary.  While they come to the same economic conclusions they (meaning the producers of this video) want to inject religion into the mess.  This always has bad results. I'm really worried about people using the economic fiat currency crisis as a way to push religious or political agendas.....  While it's interesting from the standpoint of seeing other people coming to the same conclusion, I certainly wouldn't recommend this video to others.

Religion is NOT the fix for a broken monetary system, but it is a good way to kill off millions of people in a big religious war.  Bring on the crusades!

Mikey1052's picture
Mikey1052
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Marty59's picture
Marty59
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The Muslim View

It sounds like Peter Schiff's view as well.

As Europe and the Euro tank, the US dollar is the only game in town.

Too many economists figure the way things work in traditional ways when money was a constant.

Everything is relative.

Even if that guy is right, the trouble is down the road and we may have pulled our chestnuts out of the fire by then.

As a caution: valuable:

As a prediction: There are too many unstated suppositions and the are in flux.

As making political hay: Nice try.

Here is another example of the blind alley so-called economical "science"  has gotten itself trapped in:

Arthur Robey's picture
Arthur Robey
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Mikey

Interesting site Mikey. It is good to hear opposing views. Fresh information comes to light in the clash of ideas.

For instance I never knew that the bore water always was flamable. But that poses another question. Would the gas not have all leaked out over geological timespans and no gas would be left?

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Online)
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Posts: 2314
Someone is breaking the Rules.

Who put this Cold Fusion nonsense on the web?

Don't you know that you are breaking the Omerta, the Code of Silence?

Imagine if this stuff gets out? All hell will break loose.

guardia's picture
guardia
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Posts: 592
Re: Someone is breaking the Rules.

Arthur Robey wrote:

Who put this Cold Fusion nonsense on the web?

Don't you know that you are breaking the Omerta, the Code of Silence?

Imagine if this stuff gets out? All hell will break loose.

Aaaww, and here's me thinking when I saw that article snippet that this ought to make you happy

Samuel

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Online)
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Posts: 2314
Hey Doug, an excellent article.

If you’re undecided on what to choose, keep it simple. Buy real silver. Don’t let the bluff of even lower manipulated prices throw you off the track. Use it to your advantage. Not only do you have the lease scam working in your favor, you have the added bonus of buying an item in critical shortage. Just keep in mind that the trick is to buy it before the leasing fraud is extinguished. To pass Leasing 101, you must be prepared for the final exam. There will be no "make-ups" offered. Good luck.

Hey Doug,  an excellent article.

Even I could understand it. Being as thick as two short planks when it comes to finance, I feel vindicated.

One small niggle though.

How can I tell if the body that I buy the silver from actually owns the silver? This is the multiple claims on assets that Stoneleigh warns about. There are going to be an aweful lot of people who feel they have a legitimate claim to my silver.

Wendy S. Delmater's picture
Wendy S. Delmater
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Posts: 1475
Hello Bill Hicks

You said

If the economy really is recovering as the pundits would have you believe, why did California's income tax collections plummet by over half-a-billion dollars in just one month? That sounds like either, a) people are losing their jobs in large numbers again, b) wages and salaries are declining rapidly, or c) all of the above. Combined with the gasoline usage data and the BDI numbers, it also sounds like the economy is on the brink of a major crash.

but there is one other possibilty. People are leaving the state.

California’s ‘Migration Losses’

This redistricting marks the first time California didn’t win an additional U.S. House seat. The nation’s most populous state has 53 seats.

“What this census number suggests is that the international immigrants that we have received have been offset by domestic migration losses to other states,” said Hans Johnson, director of research at the nonpartisan Public Policy Institute of California in San Francisco.

I recently left NY (2.5 years ago) to move to SC; our CM community member Soulsistersteph left CA for Texas. The basic trend seems to be people leaving heavily-regulated, high-tax states for places with more oppotunity.

Wendy S. Delmater's picture
Wendy S. Delmater
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Posts: 1475
welcome, ckotrainer

Glad you found us.

I read the article you linked to, and have a different take on young adults living with mom and dad. It's called an extended family.

A case in point: my eldest moved back in with me last April. I'd had a hip replacement and needed help. We saved on hiring a home health aide or young, strong backs to do the heavy gardening chores. He built the second half of my raised garden beds; he cleared, sub-floored, insulated, wired and vented our attic to use for storage. My son installed a security fence and a new front door. He and his brother completely redid our crumbling master bath. He planted trees and bushes, and installed our clothesline. He built our solar drying rack and waters the garden.

Believe me, he pays his own way with chores. And yes, he has a job now. But family pulls together. Maybe it's because I was raised with a rural Pennsylvania farm girl ethos so I raised my sons that way, but family pulling together is just common sense: when times are fine and especially when they are not. There is no shame in being there for my son if he is there for us.

In nearly forgotten days, grandparents and old aunts watched grandchildren instead of parents paying for daycare. Children took care of their elderly parents instead of trucking them off to nursing homes. People pooled their family resources and ate out of a common pot, paid bills out of a common purse. Everyone pitched in. I'm not saying we should all go back to the days where mom was home all day and made all the food from scratch but if we choose to, in a modern setting, is that such a bad fate? In my case, I run a consulting engineering firm from home and write and edit professionally from home. This gives me time to garden, cook from scratch, and contribute to the economic wellbeing of my extended family.

The so-called nuclear family is a modern invention. Recently I think those in modern industrial contries have fractured even further into a society of alienated individuals. Can we stand to live with each other again, or are we so selfish that we can only exist in our little bubbles of individuality? I hope not. Maybe those McMansions might not be such a bad idea if you had three or four generations living in that huge home, supporting each other emotionally, economically, professionally, and socially. In such a situation, having your young adult children living with you might be considered "coming home."

Doug's picture
Doug
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Arthur

Quote:
How can I tell if the body that I buy the silver from actually owns the silver? This is the multiple claims on assets that Stoneleigh warns about. There are going to be an aweful lot of people who feel they have a legitimate claim to my silver.

I'm sure I'll be corrected if I'm wrong, but it seems to me the multiple claims mostly apply to paper metal.  If you hold it in your hot little hands, it's yours.

Doug

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