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Daily Digest 8/9 - Phantom Jobs, Global Groundwater Use Outpaces Supply

Thursday, August 9, 2012, 10:33 AM

Economy

Lloyd Online Fraud Chief Admits 2.4M Fraud (Thomas C.)

A Matter Of Trust - Part 2 (JimQ)

The Holy Roman Empire debased their currency in the early 1600s the old fashioned way, by replacing good coins with bad coins. Any similarities with the U.S. issuing pennies that cost 2.4 cents to produce and nickels that cost 11 cents to produce is purely coincidental. I wonder what the ancient Greeks would think of our Olympic gold medals that contain 1.34% gold. The authorities have become much more sophisticated in the last one hundred years. Digital dollars are so much easier to debase. The hundred year central banker scientifically manufactured bust relentlessly plods towards its ultimate conclusion – the dollar reaching its intrinsic value of zero.

WWIII: Great commodities war to end all wars (Thomas C.)

“It is true that eliminating our dependence on fossil fuels and other finite materials cannot be accomplished overnight — our current reliance on them is just too great,” warns Klare, well aware that the forces of capitalism are trapped in denial, cannot see the dangers dead ahead, focusing only on getting richer no matter the consequences to the planet.

GATA's Chris Powell on the Silver Manipulation Probe & the Fed Gold Audit! (Phil H.)

Since 1998 the Gold Anti-Trust Action Committee, GATA, has been exposing, opposing, and litigating against collusion meant to control the price and supply of gold and other precious metals. GATA has collected and published dozens of documents showing Western treasury and central bank efforts at intervention in metals markets - interventions that occur both openly, as well as surreptitiously, preventing the proper functioning of a free market in gold. Chris Powell, co--founder and treasurer of GATA and Managing Editor of the Journal Inquirer, has come all the way to our DC studio to give us an update on where GATA is in its efforts.

Standard Chartered begins fightback on Iran allegations (Thomas C.)

The British bank lost over a quarter of its market value in 24 hours after Lawsky, the head of New York State's Department of Financial Services, threatened Monday to cancel Standard Chartered's state banking license, which is critical for dealing in dollars. Lawsky called Standard Chartered a "rogue institution" for breaking U.S. sanctions against Iran.

Phantom Jobs (Tall)

Kevin Flanagan didn't lose his job by accident. Outsourcing is not a freak occurrence of nature like an earthquake or hurricane, although we often use metaphors like that to describe what it feels like for those on the wrong end of it. Kevin Flanagan lost out because the economic policies that those in power have imposed on America guarantee that jobs like his will be eliminated. Of course, they never told Kevin that when he went off to college to study computer science.

City Officials Are Waging a War on Gardens (Dagny)

The “problem,” the town says, is that a vegetable garden may only take up 30 percent of a yard’s area, and theirs takes up nearly the whole space. Due to this town code, they’ve been ordered to remove their garden in two weeks or less.

Gold has foothold above $1600, China stimulus would be positive for Gold (Taki T.)

Over in India, which lost its position as the world’s biggest gold buying nation to China in the six months to March, jewelers are finding that some consumers are opting to Buy Gold in less quantity, purchasing smaller items of gold jewelry, Mineweb reports.

Global groundwater use outpaces supply (Tall)

Though 80 percent of the world’s aquifers have sustainable footprints, people drawing on other aquifers are draining the world’s water supply. For these overtapped reservoirs, groundwater footprints vastly exceed aquifer areas. “It’s not sustainable,” Gleeson says. “We don’t know how long the aquifers will last.”

Squeezed by debt crisis, Greeks ditch cars for bikes (Sonya P.)

"There's no more money for luxuries and that helps," said Vogiatzis, who works away furiously with two other staff to meet demand for all sorts of bikes - some lavishly hand-painted in glitter, others flaunting the Greek flag.

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."

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saxplayer00o1
Status: Diamond Member (Offline)
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2813
San Bernardino bankruptcy may start trend for California cities:

"The recent bankruptcy filing by San Bernardino, California, underscores the financial stress faced by cities in the state and the potential that more might seek Chapter 9 protection from their creditors, Moody's Investors Service said on Thursday.

San Bernardino is the third city in the most populous U.S. state to file for bankruptcy since late June, following the example of larger Stockton and the mountain resort town of Mammoth Lakes.
The filings have many in the municipal debt field expecting other financially distressed municipalities in California to consider bankruptcy as a way to renege on obligations.

"San Bernardino's bankruptcy is not a sign of systemic risks in the municipal market, but the filing does signal the level of distress and potential for an increase in bankruptcy filings, particularly among California cities," Moody's said in a report.

"The recent uptick in bankruptcy filings in California could signify not only a lack of ability, but a lack of willingness to pay debt service at the expense of other financial obligations," Moody's said.

If municipalities begin to view bankruptcy as a "palatable solution" for financial troubles that would be a "major negative paradigm shift for the municipal sector to the detriment of bondholders," Moody's said.

"It may signal a diminution in the traditional stigma attached to bankruptcy and a shift in how cities regard the sanctity of debt service obligations.""

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