Daily Digest 2/7 - American Gridlock, Crazy Little Thing Called Greece, Truth, Lies, And Afghanistan
- The Relentless Pursuit of Meaningless Metrics
- Illusion Of Recovery - Feelings Versus Facts
- American Gridlock, Part 2
- Crazy Little Thing Called Greece
- Saudi Arabia Will Not Let Oil Go Above $100: Prince
- Truth, Lies, And Afghanistan
- Fukushima Reactors Heating Up Again … Water Fails to Cool Them Down
- A Perfect Storm of Planetary Proportions
The real capper was the unexpectedly strong numbers in Friday’s Non-Farm Payroll Report. The report showed a gain of 243,000 jobs in January, surpassing December’s revised reading of 203,000 and beating consensus expectations of 135,000. The survey also showed the average workweek increasing from 34.4 to 34.5 hours. Private payrolls increased by 257,000. Friday’s ISM Non-Manufacturing (Service) Index showed strong growth in employment and new orders.
The false storyline last week was the dramatic surge in new jobs. This fantastic news was utilized by the six banks that account for 80% of the stock market trading to propel the NASDAQ to an eleven year high and the Dow Jones to a four year high. The compliant corporate press did their part with blaring headlines of good cheer. The entire sham was designed to make Joe the Plumber pull out one of his 15 credit cards and buy a new 72 inch 3D HDTV for this weekend’s Super Bowl. When you watch a CNBC talking head interviewing a Wall Street shyster realize you have the 1% interviewing the .01% about how great things are.
American Gridlock, Part 2 (Chris M.)
Today we dive into Part 2 of Woody Brock’s notes from his new book, American Gridlock (www.amazon.com/gridlock). He looks at what we can do in the future to prevent another crisis like we had in 2008, why we need to change, how we bargain with China (will be very controversial, in China at least!), what capitalism really is, and then he addresses the thorny issue of what it means to distribute wealth fairly. What can be said to those concerned with the top 1% of the population owning a grossly disproportionate share of the nation’s wealth?
Crazy Little Thing Called Greece (Ilene)
Looking at our Big Chart, we certainly have an impressive-looking breakout and far be it for me to point out it came at the expense of a weak Dollar so, unless you were 100% in stocks and gained along with the S&P faster than the Dollar fell, you probably had a net loss of wealth during this "rally" as the declining Dollar decimated the value of everything else you worked to build over your entire life but, hey – look at that S&P go!
Truth, Lies, And Afghanistan (Dana T.)
Much of what I saw during my deployment, let alone read or wrote in official reports, I can’t talk about; the information remains classified. But I can say that such reports — mine and others’ — serve to illuminate the gulf between conditions on the ground and official statements of progress.
And I can relate a few representative experiences, of the kind that I observed all over the country.
As for Iran, he said it is important for the U.S. and other nations to put sanctions on the "renegade country" to force its government to negotiate. Issuing an ultimatum of war would push Iran to the "desperate move" of blocking the vital oil shipment waterway.
"I believe a solution is not impossible with them," bin Talal said of Iran. "A dialog is the best way to do it."
The Daiichi complex in Fukushima, Japan … had a total of 1760 metric tons of fresh and used nuclear fuel on site last year, according to a presentation by its owners, the Tokyo Electric Power Company (Tepco). The most damaged Daiichi reactor, number 3, contains about 90 tons of fuel, and the storage pool above reactor 4, which the Nuclear Regulatory Commission’s (NRC’s) Gregory Jaczko reported yesterday had lost its cooling water, contains 135 tons of spent fuel. The amount of fuel lost in the core melt at Three Mile Island in 1979 was about 30 tons; the Chernobyl reactors had about 180 tons when the accident occurred in 1986.
A Perfect Storm of Planetary Proportions: Within a few months, the crisis has deepened. In many areas, food shortages are rampant, drinking water has become a precious commodity, and patients in need of blood transfusions, insulin, or critical prescription drugs die waiting. Normal commerce has ground to a halt, replaced by black markets and violent crime. As fatalities climb into the millions, the fabric of society starts to unravel.
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."