Daily Digest 8/13 - Black Gold On The Black Market, Drought On The Forecast
Sentinel ruling may hurt MF Global clients (Thomas C.)
"I don't think that's what the Commodity Futures Trading Commission had in mind" with its requirement that brokers keep customer money separate from their own, he said.
Lawmakers from both political parties say they want to avoid such a dramatic benefit cut for people who have retired and might not have the means to make up the lost income. Still, that scenario is more than two decades away, which is why many in Congress are willing to put off changes.
The presidential candidates continue to wrangle over how to fix the economy and create more jobs, but Pennington says they're not doing anything to help cities like his.
"Nobody seems to want to address that. They'll mention jobs but then they go about bashing the other person," he says. "We would love to have other manufacturers here. We would love to have any kind of high-tech business here. But it's not as easy as people think it is to be able to attract that. If it is, Atlanta would like to have it, too."
Majority of Israelis oppose strike on Iran (Martin F.)
The poll also showed that Israeli support for Netanyahu has waned in the past three months. According to the poll, only 34% expressed satisfaction with the prime minister, as opposed to 58% who said that they are dissatisfied. The remainder had no opinion. A similar survey conducted in May found that 46% were satisfied with the prime minister’s performance.
Washington and Tel Aviv have repeatedly threatened Tehran with a military strike to force it to halt its nuclear energy program, claimed by the duo to have been directed towards the acquisition of military nuclear capability.
Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks.
With the presidential elections fast approaching . . . we doubt that the
trade off between a "wag the dog"-type transitory war euphoria and
$5 gas will be an accretive one for the administration at least in the
short-term. Others who certainly would prefer to avoid the record $140 WTI
prices seen just before the Lehman collapse are the majors, where margin
contraction can only be offset by very finite end-demand destruction. Yet
there are those who not only would like to see a surge in oil prices, but in
fact need it, to preserve their viability. Chief among them:
Black Gold On The Black Market (Mobius)
Stealing the fuel, which includes gas condensate and refined oil as well as crude, is not hard. Some goes missing from lorries that are held up in lonely stretches of desert. More is siphoned out of lengthy exposed pipelines. Tapping the high-pressure pipes is dangerous: in 2010 a suspected attempt to puncture one produced an explosion that caused 28 deaths.
Hundred-Year Forecast: Drought (VeganD)
That extreme drought (which we have analyzed in a new study in the journal Nature-Geoscience) had profound consequences for carbon sequestration, agricultural productivity and water resources: plants, for example, took in only half the carbon dioxide they do normally, thanks to a drought-induced drop in photosynthesis.
In the drought’s worst year, Western crop yields were down by 13 percent, with many local cases of complete crop failure. Major river basins showed 5 percent to 50 percent reductions in flow. These reductions persisted up to three years after the drought ended, because the lakes and reservoirs that feed them needed several years of average rainfall to return to predrought levels.
Article suggestions for the Daily Digest can be sent to firstname.lastname@example.org. 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."