Daily Digest

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Daily Digest 8/21 - It's Even Worse Than The Great Depression, Agribusiness Destroying Amish Way Of Life

Tuesday, August 21, 2012, 9:47 AM

Economy

Shhhh…It’s Even Worse Than The Great Depression (Thomas C.)

Velocity of money is the frequency with which a unit of money is spent on new goods and services. It is a far better indicator of economic activity than GDP, consumer prices, the stock market, or sales of men’s underwear (which Greenspan was fond of ogling). In a healthy economy, the same dollar is collected as payment and subsequently spent many times over. In a depression, the velocity of money goes catatonic. Velocity of money is calculated by simply dividing GDP by a given money supply.

Revel asks to borrow another $100 million to stay afloat (Thomas C.)

The $100 million request comes on top of the $50 million revolving line of credit Revel received in February from a consortium of banks. And it follows Friday's release of a New Jersey Division of Gaming Enforcement report showing that Revel had a gross operating loss of $35 million, or $18 million excluding one-time pre-opening charges, for the second quarter. The loss means Revel is not generating enough cash to pay for operating expenses including labor, gaming taxes, goods, and marketing.

Calculated violence: Numbers that predict revolutions (Arthur Robey)

Turchin calls his new discipline cliodynamics, after Clio, the classical Greek muse of history, and so far its biggest focus has been the fate of empires. Now Turchin is using patterns he has found underlying their rise and fall to make predictions of political changes to come. His forecast is alarming. If his calculations are correct, the US faces major civil unrest and political violence sometime around the end of this decade.

Highest & Cheapest Gas Prices by Country (jdargis)

The average cost to fill up fell almost 8 percent worldwide in the last three months. Relief at the pump was not shared equally. A sharp price drop in the U.S. silenced squabbles in the presidential election, while a hike in Brazil meant people had to work 15 percent longer for the same amount of gas.

Isolated and Under-Exposed: Why the Rich Don't Give (jdargis)

The study looked at tax returns for people with reported earnings of $50,000 or more from the year 2008 – the most recent year for which data was available. The report found that for people earning between $50,000 and $75,000, an average of 7.6 percent of discretionary income was donated to charity. For those earning $200,000 or more, just 4.2 percent of discretionary income was donated.

Turns out lower giving among the rich likely has much more to do with where they live and who they live near.

The Horrifying Effects of a Canadian Tar Sands Oil Spill (James S.)

In July 2010 an Enbridge pipeline burst in Marshall, Michigan, causing tar sands crude oil to spill out over 40 miles of the Kalamazoo River. It was the first major spill of Canadian heavy oil, and would provide an interesting study on the effects of such a spill on the environment.

NPR.org sent a reporter to the Kalamazoo River two years later to check the site, and speak to a member of the clean-up crew. What he revealed was quite shocking.

For the Amish, Big Agribusiness Is Destroying a Way of Life (jdargis)

For Amish fathers, who are expected to pass down land to each of their 10 to 15 children, acquiring new land is an escalating burden. When they first arrived upstate by Greyhound bus in 1974, the Swartzentrubers -- considered the most conservative of more than 100 Amish sects nationwide -- rejuvenated thousands of idle acres, making way for general stores and, eventually, a cheese factory. But the continuous farmland they purchased in bulk 30 years ago is now prized by corn and soybean growers, who are attracted by high commodities prices and often willing to pay three or four times the market rate.

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."

5 Comments

saxplayer00o1's picture
saxplayer00o1
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rjs's picture
rjs
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What’s the plan that requires so many dead Americans?

Who Does The Government Intend To Shoot? - By Major General Jerry Curry, USA (Ret.)--  The Social Security Administration (SSA) confirms that it is purchasing 174 thousand rounds of hollow point bullets to be delivered to 41 locations in major cities across the U.S. No one has yet said what the purpose of these purchases is, though we are led to believe that they will be used only in an emergency to counteract and control civil unrest. Those against whom the hollow point bullets are to be used — those causing the civil unrest — must be American citizens; since the SSA has never been used overseas to help foreign countries maintain control of their citizens. If this were only a one time order of ammunition, it could easily be dismissed. But there is a pattern here. The National Oceanic and Atmospheric Administration (NOAA) has ordered 46,000 rounds of hollow point ammunition. Notice that all of these purchases are for the lethal hollow nose bullets. In the war in Iraq, our military forces expended approximately 70 million rounds per year. In March DHS ordered 750 million rounds of hollow point ammunition. It then turned around and ordered an additional 750 million rounds of miscellaneous bullets including some that are capable of penetrating walls. This is enough ammunition to empty five rounds into the body of every living American citizen. What’s the plan that requires so many dead Americans, even during times of civil unrest? 

Doug's picture
Doug
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SSA

I work for SSA and also wondered why they need 174,000 rounds of ammo.  I figured that many offices, like ours, contract for private security guards and thought perhaps SSA also gives them ammo.  I asked one where they get theirs.  He said their company gives them each 30 rounds, not SSA.  So, its still a mystery to me who might use them.  Also, if its civil unrest they're worried about, wouldn't they use rubber bullets or tasers, non lethal means?  With hollow points, they don't want to put down civil unrest, they want to kill people.  That suggests armed insurrection, not protesters using civil disobedience tactics.

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thc0655
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US govt agency ammunition purchases

1.  Law enforcement agencies typically purchase two kinds of ammunition for their employees: cheaper practice ammo (FMJ, not hollowpoints) and more expensive ammo to carry on duty (higher quality and hollowpoints).  The agency purchases I have read about are astounding because they aren't the cheaper practice rounds that every agency burns through in high volume as their employees practice with them and qualify with them on mandated tests.  Because not many rounds are ever fired on duty and relatively few are carried on duty, purchases of cheaper practice ammo must run at least 10 times the amount of rounds purchased for on-duty use.  I would also be astounded if the agencies were firing these top shelf rounds in practice (hugely wasteful).

2.  In the event of major civil disorder or even civil war, handgun rounds are of limited use.  Even in military combat, handguns are rarely fired.  It's rifle rounds that militaries stock up on and use in prolific quantities. For managing riots and civil disorder (and protecting Social Security offices!) it would be shotgun and rifle rounds that law enforcement agencies would have to have in large quantities.  Police rarely shoot anybody in riots with handguns (unless they're caught off guard and that's all they have).

3.  So, if these purchases don't make much sense for training or managing civil disorder, for what purpose could they be purchased?  Could it be the agencies are expecting massive disruption in the economy and therefore in ammunition manufacturing and are making bulk purchases meant to last for 5-10 years.  I suppose that would make some sense, but that sure says something about what the Federal government thinks is in store for us!  What makes most sense to me is that these purchases and making them public is all about is backdoor gun control.  Obama and his core supporters are on record of wanting to dramatically restrict access to weapons and ammunition and not having the majorities needed to implement their desires, these ammo purchases might have some of their desired effects.  I have to think that these huge purchases and the widening knowledge of them in the public has to significantly affect the prices of the types of ammunition they're buying (supply and demand).  It's like a back-handed tax on ammunition (a common wish of the gun grabbers).  I would think the kinds of ammo they are buying will also become much more scarce than it is now.  Hmmmm......

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Arthur Robey
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Smoking!

So the backbone of Atlantic City's economy is a gambling joint?

the Mask of Loki that turns him into The Mask, a trickster uninhibited by anything, including physical reality.

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