Daily Digest 9/24 - Fake Gold Hits NYC, Record Food Prices 'Within A Year' Due To Drought
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Fake gold hits NYC (Thomas C.)
A second 47th Street refiner, who wished to remain anonymous, said he was burned recently when he bought six gold bars that turned out to be mostly tungsten, with just a gold veneer. He would not comment, though, on who sold him the bogus bars.
There was a time about a year ago, before the second Greek bailout was
formalized and the haircut on its domestic-law private sector bonds was yet
to be documented, when it was in Greece's interest to misrepresent its
economy as being worse than it was in reality. A
year later, the tables have turned, now that Germany is virtually convinced
that Europe can pull a Lehman and let Greece leave the Eurozone, and is
merely looking for a pretext to sever all ties with the country... (and) we
are back to a more normal data fudging dynamic, one in which Greece... will
do everything in its power to underrepresent its soaring budget deficit.
The poll results come as Canadian debt-to-income ratios sit at a record 152 per cent and top officials issue warnings to start paying down debt before interest rates rise.
The findings suggest consumers have been unmoved by warnings that rates will inevitably rise and that the resulting financial burden could sink some households.
Prospects brighten for ‘reshoring’ of America (westcoastjan)
With each report, Boston Consulting is becoming more confident in its analysis. The firm’s latest research, which it released to reporters Friday, attempts to quantify the U.S. advantage in manufacturing relative to other developed countries. The number that will get the most attention is this one: five million. As in, the U.S. economy is poised to add between 2.5 million and five million jobs over the next decade as result of increased factory production (700,000 to 1.3 million actual factory workers and the rest from supporting services).
Valencia: A Spanish city without medicine (westcoastjan)
Paula guides me into that back room that exists in all pharmacies, where the prescription drugs are kept. The problem is, now, there are not many drugs left.
"Look, this drawer is usually full," she says, pointing to where the suppositories are kept. Now there are only two packets."
China and Afghanistan sign economic and security deals (westcoastjan)
Under the new agreements, around 300 Afghan police officers will be sent to China for training over the next four years, an Afghan foreign ministry official told the BBC.
Chinese families' worldly goods in Huang Qingjun's pictures (westcoastjan)
The idea for the series about people's material goods, now called Jiadang (Family Stuff), came in 2003 with some photos he took for the magazine Chinese National Geography. But the project didn't really get under way until three years later, when Huang started travelling around China looking for suitable places and people.
Beahm brings up the possibility of a sort of hybrid gold standard for the U.S., or one in which perhaps 25% of the current dollars in circulation are tied to gold as a "way to give the dollar some sort of protection. It can only lose this amount, because it is backed by gold," he said. Whether or not this could become reality depends on many things, including politics in the months and years ahead.
But, Beahm also notes that while the "U.S. has 75% of its reserves in gold, China has 2% of its reserves in gold. China has been actively buying gold. Are they ready to peg the yuan as soon as they have enough?" he said.
Big Oil Funding U.S. Politics (James S.)
The report from the NWF, released on the eve of the House vote, finds that Oxbow Corp., a private company focused on mining and marketing of coal, natural gas and petroleum, donated more than $80,000 to Boehner's campaign since 2010. The NWF explains that Oxbow was founded by William Koch, whose twin billionaire brothers are among the largest corporate financiers of the U.S. Congress. According to information NWF gathered from The Center for Responsive Politics, energy companies like Oxbow gave more than $814,000 to Boehner's campaign during the current Congress.
GM offers big discounts to boost Volt sales (Thomas C.)
Now the losses could be even higher. It costs $60,000 to $75,000 to build a Volt, including development, manufacturing and raw materials, estimates Sandy Munro, president of Munro & Associates, a Troy, Mich., a company that analyzes vehicle production expenses for automakers. Much of the cost comes from an expensive combination of two power systems , electric and gasoline. With a sticker price of $40,000, minus the $10,000 the company pays in incentives, GM gets roughly $30,000 for every Volt. So it could be losing at least $30,000 per car.
World food prices look set to hit an all-time high in the first quarter of
next year – and then keep rising, according to the analysis from
Rabobank, a specialist in agricultural commodities. By June 2013, the basket
of food prices tracked by the United Nations could climb 15pc from current
levels, according to the bank's analysts.
B.C. town's Green Team project gives a boost to broccoli (westcoastjan)
“When we established a Green Team in 2008, we left it open to all our employees so anyone who had an interest could be part of it,” says Ruth Malli, Ladysmith’s city manager and a member of their Green Team. “Meetings are held during working hours. We chose to do it on the employer’s time because we wanted to show employees it was important enough to dedicate some of their work time to it. A lot of work is done on their own time as well.”
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