Daily Digest

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Daily Digest 11/23 - Ten Numbers The Rich Would Like Fudged, Japan Signs Rare Earth Deal with India

Friday, November 23, 2012, 12:17 PM

Economy

A bankruptcy trustee’s take on spending (westcoastjan)

Here is how the rules work. Most of the things you think you need are really things you want. You actually don’t need very much. People who are financially secure don’t generally drive flashy cars, own a boat or live in large houses. They could probably afford the payments on those things but understand it is not the best use of their money.

Ten Numbers The Rich Would Like Fudged (westcoastjan)

The Tax Justice Network estimated that between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world's Ultra High Net Worth Individuals, that's $8 to $12 trillion in U.S. money stashed in far-off hiding places.

Based on a historical stock market return of 6%, up to $750 billion of income is lost to the U.S. every year, resulting in a tax loss of about $260 billion.

In one Chinese province, the government literally paves a highway around homeowners who refuse to move (westcoastjan)

Although they occupy only one unit, the neighbouring rooms have been left standing for their safety, reports Chinadaily. No other units are occupied as all the couple’s neighbours have moved out.

Not all aspects of the building are created equally. The couple’s bedroom is in good repair with a hardwood floor. The unit still has electricity. However, the kitchen is mostly demolished.

Hopes Fade for Quick Deal on European Union Budget (jdargis)

Late Thursday, Herman Van Rompuy, the president of the European Council, presented a new budget plan for the seven years from 2014 to 2020. The new outline reshuffled the amounts to reduce proposed cuts for agriculture and development assistance but kept the overall spending ceilings in his earlier proposal on the budget, which is worth the equivalent of about $1.3 trillion.

Traders Employ Choppers, Satellites, and Infrared Telephoto Lenses to Gauge Food, Oil Supply (Dana T.)

Cushing houses the largest oil storage facilities in the US. In recent years, oil has flowed in faster than out—by a lot—because Cushing is short on pipeline infrastructure. Oil that can’t easily be delivered to refineries drops in price, theoretically, to make up for the cost of alternate transportation. But more generally because nobody wants a product they can’t easily get at and use. So, the spread (price differential) between cheap crude in Cushing and more expensive international Brent crude is historically huge.

Japan Signs Rare Earth Deal with India (James S.)

The MoU was supposed to be signed during Indian Prime Minister Manmohan Singh’s visit, which was cancelled at the eleventh hour after the Japanese government decided to dissolve the lower house of parliament for an election next month. Instead, it was inked by Japanese Foreign Minister Koichiro Gemba and India’s Ambassador to Japan Deepa Wadhwa in Tokyo.

Germany's Renewable Energy Problems Serve as a Warning to the UK (James S.)

The problems generally stem from the fact that solar and wind is not a steady source of energy. This means that it is very difficult to maintain a steady supply to the grid, and as a result traditional fossil fuel plants must be kept on standby, ready to produce energy whenever the wind dies too much.

Pollution Fight Fading as European Leaders Battle Crisis (jdargis)

“Nothing is easy because of the crisis,” EU Climate Commissioner Connie Hedegaard said in an interview. “The big thing that people globally need to understand is that we don’t only have an economic crisis. We also have a social and job crisis, and we still have a climate and environment crisis. We can through climate policies also help create some jobs we need so badly.”

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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