Daily Digest

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Daily Digest 6/21 - How To Save Your Money And Your Life, Design Flaw Does In CA Power Plant

Thursday, June 21, 2012, 10:33 AM
  • How To Save Your Money And Your Life
  • Gerald Celente: This Thing [Financial System] Is Coming Down
  • Syria, Iran, Russia and China plan joint war games, Iranian news agency says
  • Russian shipment of attack helicopters for Syria halted off Scotland
  • MF Global Customers "Get the Chance" To Auction Off Hopes For the Full Return of Stolen Funds
  • Computer Design Flaw Does in California Nuclear Power Plant

Economy

How To Save Your Money And Your Life (Chris M.)

There are no guarantees in life. Throughout the first several hundred thousand years of human existence, very little capital was accumulated – perhaps a few skins or arrowheads passed on to the next generation. And there was very little improvement in technology – it was many millennia between the taming of fire and, say, the invention of the bow. Things very gradually accelerated and improved, in a start-stop-start kind of way – the classical world, followed by the Dark Ages, followed by the medieval world. Finally, as we entered the industrial world 200 years ago, it looked like we were on an accelerating path to the stars. All of a sudden, life was no longer necessarily so solitary, poor, nasty, brutish or short. I'm reasonably confident things will continue improving, possibly at an accelerating rate. But only if individuals create more capital than they consume and if enough of that capital is directed towards productive technology.

Gerald Celente: This Thing [Financial System] Is Coming Down (David B.)

Simultaneously, vital economic statistics across the global economy show steep drops or have begun to resemble bubble-like characteristics. Suddenly, the global economic growth story, the West-East ‘decoupling’ theory, and the global ‘muddle-through’ thesis, increasingly appear to be nothing more than well-crafted media-driven nonsense. It’s just a media con job to keep investors back on their heels and away from critical thinking regarding their savings and wealth, according to Celente.

Syria, Iran, Russia and China plan joint war games, Iranian news agency says (Dogs_In_A_Pile)

Iran is currently holding talks with six Western powers over the fate of its nuclear program. The talks, said to be held in a tense atmosphere in Moscow, seek to alleviate world concerns that the Islamic Republic is developing nuclear weapons.

Russian shipment of attack helicopters for Syria halted off Scotland (Dogs_In_A_Pile)

Britain's Foreign Office said no physical intervention had been made to prevent the ship's progress. However, Foreign Secretary William Hague told lawmakers on Tuesday that the vessel had "turned back now apparently toward Russia." That could not be independently verified as the ship appeared to have turned off its Automatic Identification System (AIS) equipment in the early hours of Monday.

MF Global Customers "Get the Chance" To Auction Off Hopes For the Full Return of Stolen Funds (Thomas C.)

Perhaps it is just an overdeveloped sense of justice, but I find this to be particularly repugnant. Wall Street is taking advantage of people's fears of not receiving their money back in the face of a blatant theft by some undisclosed financial parties, and of course an overwhelming show of legal force and slick maneuvering in the bankruptcy process by JPM.

Especially when those fears have been created by some of the very institutions that stand to further benefit from the lack of justice in how this is being handled by their bought and paid for regulators and politicians. Slobbering Senators Woo Dimon While They Gut Dodd-Frank- Bloomberg.

Computer Design Flaw Does in California Nuclear Power Plant (guardia)

The Associated Press reported on Monday that a design flaw traced to an incorrect computer analysis will keep Southern California Edison’s controversial San Onofre nuclear power plant offline for some time to come. San Onofre, which is Southern California’s only nuclear plant, produces enough power to serve about 1.4 million households.

Article suggestions for the Daily Digest can be sent to dd@chrismartenson.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."

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1.Banks Face $15 Billion Demand on Spain Downgrade: Credit Marke

Banks Face $15 Billion Demand on Spain Downgrade: Credit Markets

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saxplayer00o1
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News links

The site doesn't seem to like my links for some reason today. Will post updates a little later.

For now I'll try posting the headlines without the links. Please go to Google news to get the full story on each one:

1.Banks Face $15 Billion Demand on Spain Downgrade: Credit Markets
2.German court may delay bailout fund ratification
3.Moody's expected to downgrade U.K. banks: reports
4.Indian Firms Face ‘Nightmare’ Due to Dollar Debt: S&P
5.Facing deficit, DeKalb contemplates cutting 10 more school days
6.Wayne County taxpayers on hook for $600M as generous pensions drain fund
7.Italians Dodge Property Tax in Test for Monti’s Austerity
8.Greek government to seek two-year extension to bailout term
 

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saxplayer00o1
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Banks Face $15 Billion Demand on Spain Downgrade: Credit Markets

"Spanish lenders face the prospect of needing as much as 12 billion euros ($15 billion) of extra collateral for their central bank loans, raising pressure on the banks as they negotiate a 100 billion-euro bailout.

The additional security will be required on about 245 billion euros of sovereign and government-guaranteed debt pledged by Spanish banks should DBRS Inc. become the fourth ratings company to downgrade the nation to the cusp of junk, according to JPMorgan Chase & Co. Bonds of Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA (BBVA) are the worst performers in the Bank of America Merrill Lynch EMU Financial Corporate Index this month. "

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German court may delay bailout fund ratification

German court may delay bailout fund ratification

"Germany's constitutional court said on Thursday it will need time to study the euro zone's permanent bailout mechanism after its expected approval in the German parliament next Friday, which could delay its scheduled start date on July 1."

Moody's expected to downgrade U.K. banks: reports
"Moody's has already downgraded major financial institutions in Spain and Italy and the move comes as European markets are on edge over an expected report from an independent auditor detailing the health of the Spanish banking sector. "

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•Your comment has been queued for moderation by site administrat

Just in case this is happening to anyone else when trying to post links today. Until it gets fixed you might want to try posting the news without the link. That doesn't seem to cause any problems for now.

"Your comment has been queued for moderation by site administrators and will be published after approval."

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GSD Critical Reads

GSD Critical Reads, this is usually updated each day: http://www.caseyresearch.com/gsd/home#subnode-section-critical_read

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IMF Sees Euro Crisis at Critical Stage, Sees Bank Stress

"The International Monetary Fund said the “euro area crisis has reached a critical stage.”

“Despite extraordinary policy actions, bank and sovereign markets in many parts of the euro area remain under acute stress, raising questions about the viability of the monetary union itself,” the Washington-based organization said in a report today. “The financial and economic environment continues to deteriorate. Investors are withholding funding from member states most in need, moving capital to safe havens and driving risk premiums to new records.” "

"The world's poorest countries will receive a $238bn (£152bn) hit from Europe's sovereign debt crisis as the knock-on effects from weak growth and austerity in the single currency zone affect trade, aid, investment and remittances, one of the UK's development institutes said.

A study by the Overseas Development Institute showed export-dependent emerging nations were vulnerable to a prolonged downturn in Europe triggered by fears of a break-up of monetary union.

Research found weaker demand in Europe for imports from low and low-to-middle income countries would have a marked impact on growth. In what it called a "bombshell" for poor nations, the ODI said the cumulative output loss in 2012 and 2013 would amount to $238bn."

"Christine Lagarde, managing director of the International Monetary Fund, urged the European Central Bank on Thursday to use "inventive monetary policy" to help combat the euro-zone debt crisis. She spoke at a press conference after attending a meeting of euro-zone finance ministers in Luxembourg. In a separate statement, the IMF said that the ECB should use unconventional measures if necessary, such as reactivating its bond-buying program, additional long-term refinancing operations or the introduction of some form of quantitative easing."

"Moody's, as expected, has downgraded 15 banks with global capital markets operations. The cut breakdown has seen 4 downgraded by 1 notch, 10 by 2 notches, 1 by 3 notches, the latter receiving the severe 3 notches cut was Credit Suisse. Morgan Stanley -- only 2 notch downgrade, same as Goldman Sachs rating, JP Morgan and BNP Paribas. RBS, Barclays PLC 1 notche.

"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities", says Moody's Global Banking Managing Director Greg Bauer. "However, they also engage in other, often market leading business activities that are central to Moody's assessment of their credit profiles. These activities can provide important 'shock absorbers' that mitigate the potential volatility of capital markets operations, but they also present unique risks and challenges." "

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Damnthematrix
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Is this big, or what?

Moody's downgrades the world's big banks

http://www.abc.net.au/news/2012-06-22/moodys-downgrades-big-banks/4085876

Ratings agency Moody's has downgraded the credit ratings of 15 financial institutions, including some of the world's largest banks.

Goldman Sachs, Barclays, Citigroup, HSBC and Deutsche Bank are among the banks whose ratings have been slashed.

Moody's says exposure to the European debt crisis was the chief cause for the downgrades.

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