Daily Digest

Daily Digest 4/27 - Social Security's Health Worsens, 1 in 2 New Graduates Underemployed, Engineer Arrested In BP Spill Case

Friday, April 27, 2012, 10:50 AM
  • Eurozone: The Secret System That Blew Another Hole In The Euro
  • Social Security's Financial Health Worsens
  • Ex-Prime Minister of Iceland Convicted on Charge Related to Financial Crisis
  • 1 in 2 New Graduates Are Jobless Or Underemployed
  • Mexican immigration falls for first time in four decades
  • Dollar’s Dominance Ending: Countries Around The World Are Already Starting To Ditch The Dollar
  • Facing Cyberattack, Iranian Officials Disconnect Some Oil Terminals From Internet
  • Engineer Arrested in BP Oil Spill Case

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Economy

Eurozone: The Secret System That Blew Another Hole In The Euro (David B.)

I realized that Schunemann was claiming that the settlements system had saddled German taxpayers with a potential liability of 615 billion euros, over $800 billion, in exposure to Greece, Italy, Spain and Portugal.

After all, who would have to bail out the Bundesbank if it became insolvent?

Social Security's Financial Health Worsens (jdargis)

Social Security Commissioner Michael J. Astrue, a trustee of the two programs, said Social Security’s disability insurance program faced the most immediate threat, with its trust fund expected to run out of money in 2016, two years sooner than predicted last year.

For the disability program, as for Social Security over all, tax receipts would be sufficient to pay about 75 percent of promised benefits after the trust fund was exhausted.

Ex-Prime Minister of Iceland Convicted on Charge Related to Financial Crisis (jdargis)

Mr. Haarde was the first politician to face a court over his actions — or, in this case, inactions — during the financial crisis as three of the nation’s largest banks collapsed. He was accused of not doing enough to avoid the failure of the banking system and the economy, which forced the country to seek financial help from the International Monetary Fund.

Outside the court on Monday, Mr. Haarde called the one guilty charge “very laughable” and said it was “silly.”

1 in 2 New Graduates Are Jobless Or Underemployed (jdargis)

His situation highlights a widening but little-discussed labor problem. Perhaps more than ever, the choices that young adults make earlier in life — level of schooling, academic field and training, where to attend college, how to pay for it — are having long-lasting financial impact.

Mexican immigration falls for first time in four decades (jdargis)

A survey from the Pew Hispanic Center finds that the largest wave of immigration in American history to have taken place from a single country has now been brought to a virtual standstill. In the five years from 2005 to 2010, about 1.4m Mexicans immigrated to the US – exactly the same number of Mexican immigrants and their US-born children who quit America and moved back or were deported to Mexico.

Dollar’s Dominance Ending: Countries Around The World Are Already Starting To Ditch The Dollar (David B.)

The dominance of the dollar gave the United States incredible power and influence around the world… but the times they are a-changing. As the world’s emerging economies gain ever more prominence, the US is losing hold of its position as the world’s superpower. Many on the long list of nations that dislike America are pondering ways to reduce American influence in their affairs. Ditching the dollar is a very good start.

Facing Cyberattack, Iranian Officials Disconnect Some Oil Terminals From Internet (jdargis)

There were some reports that the virus had forced widespread Internet shutdowns. “The ministry has disconnected all oil facilities, operations and even oil rigs from the Internet to prevent this virus from spreading,” said another Oil Ministry official who asked to remain anonymous, because he was not authorized to speak publicly about the attack. “Everybody at the ministry is working overtime to prevent this.” His assertion about the extent of the shutdowns could not be independently verified.

Engineer Arrested in BP Oil Spill Case (jdargis)

However, court documents filed with the charges and Mr. Mix’s relatively low rank within BP suggested that the charges were just the opening salvo in the government’s case against the company and the contractors involved in the explosion of the Deepwater Horizon drilling rig and oil spill on April 20, 2010. The stricken well spewed millions of barrels of oil over months, sickening birds and marine life, idling oil rigs and fishing vessels, and causing economic damages in the billions of dollars.

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4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Online)
Joined: Jul 30 2009
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Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 2308
Mr Haarde Cracks a Funny.

Outside the court on Monday, Mr. Haarde called the one guilty charge “very laughable” and said it was “silly.”

Mr Haarde, we the seething masses enjoy the joke as much as you. 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 2308
Professor Perlman

Professor Perlman flabbergasts me.

I though I knew a lot. I know nothing. Much recommended listen.

How did I ever think Economics was Boring?

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 2308
"It was here somewhere."

Another $220 million was transferred inadvertently from the accounts of securities customers to those of commodities customers. That money is now in limbo amid a dispute over which customers it belongs to, said Kent Jarrell, a spokesman for Giddens.

Inadvertantly? Is there something I don't understand? How does one move $220 million inadvertantly?

Source.

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