Daily Digest

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Daily Digest 7/10 - 5 Signs Of Chinese Economic Apocalypse, The Politics Of Power Outages

Monday, July 9, 2012, 10:45 PM

Economy

Obama Poised for New Fight With G.O.P. Over Tax Cuts (jdargis)

The president’s proposal could also put him at odds with Democratic leaders like Representative Nancy Pelosi of California and Senator Charles E. Schumer of New York, who have advocated extending the cuts for everyone who earns up to $1 million. And it will most likely do little to break the deadlock in Washington over how to deal with fiscal deficits, an impasse that has only hardened as Republicans sense a chance to make gains in Congress this fall.

Syria Could Crash The Dollar (David B.)

The U.S. Secretary of State went on to accuse Russia, China and Iran of supporting Syria’s Assad regime economically and militarily, and called upon other nations to comply with UN sanctions levied upon Syria—sanctions which would also include refusing oil shipments from Syria’s vital economic support and trusted ally, Iran. But for continued sanctions against Syria to be effective, “much will remain dependent on persuading the two reluctant powers [Russia and China] to pressure Assad into action [of peaceful regime change in Syria],” according to Canada’s CBCNews.

FBI net shut off has 'limited' impact on victims (jdargis)

The result could be that people have lost net access because PCs that are still victims of DNS Changer now have nowhere to go when they need to look up the location of a particular domain such as bbc.co.uk.

However, it might take some time for the problems to become apparent, said Sean Sullivan, a security researcher at F-Secure.

5 Signs of the Chinese Economic Apocalypse (jdargis)

Although China's outlook may still be positive by, say, European standards, the numbers show that the country's storied growth engine has slipped out of gear. Businesses are taking fewer loans. Manufacturing output has tanked. Interest rates have unexpectedly been cut. Imports are flat. GDP growth projections are down, with some arguing that China might already be in recession. In March, Premier Wen Jiabao put the 2012 growth target at 7.5 percent; then seen as conservative, it's now viewed as prescient. If realized, it would be China's lowest annual growth rate since 1990, when the country faced international isolation after the 1989 Tiananmen Square massacre.

Energy

A Gold Rush in the Abyss (jdargis)

These finds are fueling a gold rush as nations, companies and entrepreneurs race to stake claims to the sulfide-rich areas, which dot the volcanic springs of the frigid seabed. The prospectors — motivated by dwindling resources on land as well as record prices for gold and other metals — are busy hauling up samples and assessing deposits valued at trillions of dollars.

“We’ve had extreme success,” Mr. Dettweiler said in a recent interview about the deepwater efforts of his company, Odyssey Marine Exploration of Tampa, Fla.

From Arab Spring to American Summer: The Politics of Power Outages (OPA)

A thunderstorm that struck the East Coast early last week left millions without electricity and power companies took days to restore power to about half of their customers. Four days after the storm, power was restored to 67% in the Northern Virginia suburbs and 61% in Baltimore, but Montgomery County, Maryland and parts of Washington, D.C. only managed to restore 43%, leaving over a million without electricity as temperatures soared above 100 degrees.

Shell's Arctic Oil Spill Recovery Barge Refused Coast Guard Certificates (OPA)

The delay in certification adds another notch of uncertainty to Shell’s narrow window for operations in the Arctic, which already is tight because drilling must halt by September in the Chukchi Sea and by October in the Beaufort Sea to avoid the dangerous advance of sea ice that comes with winter. Though drilling initially was scheduled to commence by mid-July, unusually heavy sea ice from the past winter has postponed that, probably until the first week of August.

Drilling for Gas Under Cemeteries Raises Concerns (jdargis)

His concern is shared by others in both rural and urban parts of Texas, Pennsylvania and Ohio, where drilling for natural gas beneath homes, parks, churches, schools and even cemeteries has become commonplace. The fracking process, in which sand, water and chemicals are injected deep underground at high pressure to extract natural gas from rock formations, has been criticized by environmentalists and others who worry about its effects on groundwater and residents’ health.

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."

8 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2761
Here comes Italy (Monti) talking about a bailout

Google News search link.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2761
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2761
San Bernardino votes to declare bankruptcy

San Bernardino votes to declare bankruptcy

VeganD's picture
VeganD
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 626
Jesse says ''do something" here is what I did (don't laugh)

http://jessescrossroadscafe.blogspot.com/2012/07/libor-and-mispricing-of...

In response to Jesses' Cafe call to action above......

I wrote to my state and federal attorney generals" offices (yes I can be grandiose to think they would listen but I had to do something)

"Dear Sir or Madam:
I am a US citizen and registered voter with a bank account like many others.  I have been living with ZIRP and saving responsibly while making no interest.
I am upset to see how the rates have been manipulated further with LIBOR  so that wealthy people running the financial markets can skim money further through interest rate manipulations. This has to stop.  It is time for the government to take action to reign in the banks and the financial industry.
 
In all due honesty, even taking their yachts and bonuses away (of the guilty) would be a good start. I am not kidding. Just allow them to live a middle class lifestyle if they steal at this level and that would be an awesome deterrent.  Just fine them individually.  Not their corporations, the guilty individuals.
 
Other want jailtime for these thieves, but one may consider what I am recommending.  It would work better."
 
I feel better now. Maybe I will do more tomorrow.
Zoophobia's picture
Zoophobia
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Posts: 1
Thank you Sax Player.

You double the value of the daily digest here.

UselessEater's picture
UselessEater
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Joined: Aug 23 2009
Posts: 42
Another MF Global (Misc. Must Reads)

Oh Oh, Another Possible MF Global?

And for a different take on Libor

Here's Why the Left is Pumping Up the LIBOR Scandal...

 

The LIBOR Scandal Is a Sham Engineered by Central Banking Elites?

The $800 Trillion Scandal: How Banks' LIBOR Lies Affected YouWall Street's link to Libor

 
MarkM's picture
MarkM
Status: Platinum Member (Offline)
Joined: Jul 22 2008
Posts: 755
via Denninger

Lauren Lyster interviews a PFGBest client on RT.

Does anyone really feel secure converting anything into digital assets?

http://market-ticker.org/akcs-www?post=208421

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