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Daily Digest 10/8 - Iran Inflation Continues, What The Future Holds For U.S. Energy Policy

Monday, October 8, 2012, 10:43 AM

Economy

Bill Black: Lanny Breuer has Set Out a Roadmap for Bankers to Avoid Prosecution, London is Ahead in the Regulatory Race to the Bottom (Jaime)

What Deferred Prosecution Agreements really mean: Deferred Prosecution means non-prosecution and everyone knows that it means non-prosecution. The Justice Department does not prosecute large corporations anymore. This is all about removing deterrence and allowing bankers to commit crimes with impunity.

Meat becomes a Luxury Good in Iran as Inflation continues (James S.)

The inflation, estimated at 29 percent last week, is causing food prices to soar. Milk rose by 9 percent yesterday, and Behrouz Madani, a butcher from northwest Tehran, said that chicken, once a staple of Iranian meals, has doubled in price since last year.

In fact meat has become so expensive that it is generally considered a luxury good now.

Will QE3 Cause Serious Inflation? Not With Economic Prospects So Dismal (jdargis)

But lending would be inhibited even if the banks were healthier. After all, small enterprises rely on collateral-based lending, and the value of real estate—the main form of collateral—is still down one-third from its pre-crisis level. Moreover, given the magnitude of excess capacity in real estate, lower interest rates will do little to revive real-estate prices, much less inflate another consumption bubble.

Europe Still at Odds Over the Workings of Its Bailout Fund (jdargis)

As euro zone finance ministers gather for their monthly meeting on Monday in Luxembourg, there is still considerable disagreement over how the fund — known officially as the European Stability Mechanism — will work and how effective it will be at raising money. There is no certainty, in other words, that the bazooka can be ready to fire in time to help countries like Spain that are already in the throes of crisis.

A Violent Prone, Poor People Zone (jdargis)

This calculus between the awful and the ordinary is always at work in Nairobi, so that one of the most dangerous things about the city is how deceptively functional it can seem. Carjackings, muggings, kidnappings, murder—Nairobi was so crime-ridden that the locals dubbed it "Nairobbery." As the matatu jerked and revved over potholes, that calculus was engineering both a traffic jam and a riot, both of which I'd get trapped in later that afternoon: for if you got caught in the traffic jam, you got caught in the riot—a riot in part sparked off by tensions between Somalis and Kenyans, their not so willing hosts.

Energy

Gas Prices Rise Again Overnight in California (jdargis)

“I was here on Tuesday night and it was $3.99,” said Paul Tek, 42, an employee at an Arco gas station in Long Beach that was selling regular gas for $4.65 a gallon on Sunday. “The next morning I get up and drive around and it was like, ‘What’s going on here?’ The prices keep going up,” he said by telephone.

What the Future Holds for U.S. Energy Policy (James S.)

Obama during the initial salvo highlighted his administration's track-record on domestic oil and gas production. The Energy Department had said drilling offshore during the first six months of the year increased 50 percent when compared to the same period in 2011. Higher domestic crude oil production, meanwhile, meant the United States should rely on foreign suppliers to meet less than 40 percent of its energy needs in 2013 for the first time since 1991.

Environment

Oracle CEO Larry Ellison planning green experiment on Hawaiian island (Dave G.)

Local politicians have also been assured that Ellison has no plans to continue with a controversial wind farm project on the island, which would have delivered power to nearby Oahu using an undersea cable.

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."

9 Comments

saxplayer00o1's picture
saxplayer00o1
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saxplayer00o1's picture
saxplayer00o1
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Rand slammed, hits 3-year low as strikes spread (South Africa)

Rand slammed, hits 3-year low as strikes spread

Doug's picture
Doug
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Kunstler

JHK has, as usual, cut to the core of our shared insanity.

http://kunstler.com/blog/2012/10/empty-pagentry.html

Quote:
To be sure, Mr. Romney's ebullience had a crafted tang to it, like one of those pumpkin-flavored beers made for the season, especially since all that verve was employed in the service of ebullient lying, statistical confabulation, and self-contradiction. At times his sheer manic zest veered in the direction of what used to be called hebephrenia in the old clinical sense of someone euphorically out-of-touch with reality.

Alienation from reality being at the very core of the current zeitgeist, the American public can only admire somebody who displays such a buoyant disregard for what is actually happening in the universe. To me, Mr. Romney just gave off the odor of someone who will do anything to get elected while Mr. Obama evinced the dejection of someone doubting it was worth it.

Quote:
 You would think that the question of what we will do about all this might be at issue in the current election - how we might deliberately face the tasks of reorganizing farming, commerce, transportation, banking, schooling, and all the other practical matters of existence. There is an awful lot to talk about, and much to be done, but nobody is interested. Instead, we've mounted a foolish campaign to keep all the old rackets running, and there is no fundamental difference between Mr. Romney and Mr. Obama on that. The empty pageantry of these debates dresses this dangerous madness in the raiment of clowning.

So (to quote the current favorite first word of most every sentence uttered by the cognoscente) we are stuck in a culture that has rejected reality as a model to figure out how to structure our affairs, and slavishly soak up the hallucinations repeated by our so-called leaders and the lap-dog press.  Sometimes I hate the quirk in my personality that insists on trying to figure out what is really going on.

Doug

Tall's picture
Tall
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Posts: 290
NY court - will NDAA detention be applied to street criminals?

NY court considers: Is gang member a terrorist?

In 2002, a New York City street gang crashed a christening party, shouted out their superiority, confronted a rival and started a fight that left a 10-year-old girl dead and someone else paralyzed.

On Tuesday, New York's top court will consider whether one of the gang members is a homegrown terrorist.

//

The panel of judges said the state Legislature was thinking about "extraordinary criminal acts" inflicted to intimidate a broad range of people, not "a narrowly defined group of particular individuals whom the criminal actor happens to regard as adversaries."
 
Steven Reed, spokesman for Bronx District Attorney Robert Johnson, declined to comment on a pending case but said they believe it is the first and only time the terrorism charge has been used under these circumstances.
 
Defense attorney Catherine Amirfar said the prosecution's definition would effectively expand the anti-terrorism law to any street crime.

http://www.sfgate.com/news/article/NY-court-considers-Is-gang-member-a-terrorist-3928445.php

Tall's picture
Tall
Status: Gold Member (Offline)
Joined: Feb 18 2010
Posts: 290
NY court - will NDAA detention be applied to street criminals?

NY court considers: Is gang member a terrorist?

In 2002, a New York City street gang crashed a christening party, shouted out their superiority, confronted a rival and started a fight that left a 10-year-old girl dead and someone else paralyzed.

On Tuesday, New York's top court will consider whether one of the gang members is a homegrown terrorist.

//

The panel of judges said the state Legislature was thinking about "extraordinary criminal acts" inflicted to intimidate a broad range of people, not "a narrowly defined group of particular individuals whom the criminal actor happens to regard as adversaries."
 
Steven Reed, spokesman for Bronx District Attorney Robert Johnson, declined to comment on a pending case but said they believe it is the first and only time the terrorism charge has been used under these circumstances.
 
Defense attorney Catherine Amirfar said the prosecution's definition would effectively expand the anti-terrorism law to any street crime.

http://www.sfgate.com/news/article/NY-court-considers-Is-gang-member-a-terrorist-3928445.php

saxplayer00o1's picture
saxplayer00o1
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Posts: 2813
Moody's cuts Cyprus rating on bank weakness

"Moody's Investors Service said late Monday it downgraded the bond ratings on Cyprus to B3 from Ba3 because of difficulties in the island's banking sector. Moody's has a negative outlook. Moody's downgraded the rating mainly because its foresees the government will have to substantially increase the amount of support it gives to its banks. "In Moody's central scenario, the three largest Cypriot banks will require more than EUR8 billion in capital (equivalent to over 47% of GDP) from the government to replenish their core Tier 1 capital to 10%," the rating agency said in a note. "

sand_puppy's picture
sand_puppy
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Expansion of "domestic terrorist" designation

Unfortunately, I am very worried that people in power will use all available laws and procedures to pressure others to do their bidding. Sweeping powers to imprison "terrorists" will be abused, horrifically.   I recognize that this is a very pessimistic and dark assessment and would love to be shown to be wrong.

A few years ago, Europeans were lured by big returns to deposit money in Iceland's big banks.  When the banks went belly up, the other European nations used the anti-terrorism legislation to freeze Iceland's funds.  Similarly,  animal rights activists who published pictures of factory-farm animal living conditions thereby causing "economic harm" to CAFO farmers were threatened (or prosecuted?) under "terrorist" legislation for publishing those pictures.

In Germany in the 1930's, shortly after Hitlers election, the parliament building was burnt to the ground suddenly one night.  Hitler convinced the aging chancellor that the attacks were launched by "the communists" who were trying to take over Germany.  He requested and was give emergency powers to quell the "communist threat."  He immediately rounded up several thousand communists.  While he was at it, he also rounded up dissident journalists and clergy who had spoken out against the Nazi party.

And this article from today on Chris Hedges suit to block the NDAA: http://www.nationofchange.org/we-won-now-1347976565

Unfortunately, an antiwar protester holding a sign, can be viewed as a terrorist if one believes that going to war is imperative for "national security" and that antiwar protesters are "aiding the enemy."

How long until unemployed, uninsured, homeless American citizens who riot to get access to food, shelter from the rain or medical care for their sick children are deemed "domestic terrorists?"

Anti-terrorist legislation is INFINITELY ABUSABLE.

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phecksel
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Posts: 167
NDAA can not and will not be

NDAA can not and will not be used on US citizens...

who didn't see this one coming?

LogansRun's picture
LogansRun
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Joined: Mar 18 2009
Posts: 1373
Is this "tongue in cheek"?

Is this "tongue in cheek"?  If so, I agree.  If you're being serious, it will be used against US Citizens, and more than likely, already has.

When the US Attorney was asked by the judge in the Hedges suit, if the NDAA has been used already on US Citizens, the US Attorney wouldn't answer the question!  The judge asked him 3 times, with no answer!

What does that tell you?

phecksel wrote:

NDAA can not and will not be used on US citizens...

who didn't see this one coming?

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