Daily Digest

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Daily Digest 1/24 - Extreme Weather Is The New Normal, 'Clean' Nuclear From Thorium?

Thursday, January 24, 2013, 12:33 PM

Economy

Edelman Trust Barometer 2013: Financial, Political Scandals Have Undermined Public Faith In Leaders (westcoastjan)

A big problem is that people think their leaders "just can't get around to telling them the truth," he said.

As a result, people are increasingly looking to other sources of information for the straight story about what's going on, such as academic experts or even their peers through social media and the Internet.

Why everybody should keep gold in their portfolio (westcoastjan)

In response to a question from Yale University’s Robert Shiller querying the recommendation to hold gold, Faber said: “I’m prepared to make a bet, you keep your U.S. dollars and I’ll keep my gold, we’ll see which one goes to zero first.”

Gold - Visualized in Bullion Bars (Oto G.)

There's surprisingly little Gold in the world & this infographic shows all the Gold ever mined. In this Gold infographic everything is calculated with Gold price at $2000/oz. When Gold reaches $3110/oz, 1 oz of Gold & a $100 bill will have equal value in weight, and it won't matter if you have 1oz of $100 bills or 1oz of Gold. Gold is usually measured in Troy Ounces. A Troy Ounce is about 1.09 regular Ounces.

US company aims to 'harvest' asteroids (Arthur Robey)

"Using low-cost technologies and combining the legacy of our space program with the innovation of today's young high tech geniuses, we will do things that would have been impossible just a few years ago."

Beware pension plans—AT&T and Verizon are just the first to fall (Matt K.)

Nor are AT&T’s and Verizon’s pension holes the biggest. For example, a year ago, when the data in the chart below were calculated, AT&T had a market capitalization of $177.5 billion (today that number is $189.4 billion). Although we don’t know the size of unrecognized losses the company harbored at that time, if they were the same as the charges it announced last week, they would have amounted to about 5.6% of AT&T’s market capitalization. Quite a few companies were in worse shape then—and though they made money in 2012, $440 billion would be a big number to overcome.

6 Economic Steps to a Better Life and Real Prosperity for All (Casey)

Paradoxically, we believe the current stalemating of progressive reform may open up some unique strategic possibilities to transform institutions of the political economy over time. We call this third option evolutionary reconstruction. Like reform, evolutionary reconstruction involves step-by-step nonviolent change. But like revolution, evolutionary reconstruction changes the basic institutions of ownership of the economy, so that the broad public, rather than a narrow band of individuals (i.e., the “one percent”) owns more and more of the nation’s productive assets.

The Untouchables (Mr. Hammill)

Frontline investigates why Wall Street’s leaders have escaped prosecution for any fraud related to the sale of bad mortgages.

Taxing The Rich Doesn't Work (Chris F.)

Lawyers, doctors, engineers, and other professionals…. these are the rich people in this context. But should these people be the target for higher tax increases? When rants go off about the “rich,” are people truly thinking about their family doctor, or rather the millionaires and billionaires? Taxing the rich means more taxes being paid by people who earn money through ordinary income (wages, commissions, tips, salary, etc.). When president Obama says “let’s tax the rich,” and you hear the crowd roar in the background, they don’t understand that it is they who are most likely going to be targeted. According to Business Insider, the top 1% make more than $350,000 a year and the top 5% make more than $150,000 a year. The bottom 50% of people make less than $50,000 a year. Your take-home income after taxes even for these top income earners is not enormous in today’s standards.

Energy

China blazes trail for 'clean' nuclear power from thorium (adam)

The aim is to break free of the archaic pressurized-water reactors fueled by uranium -- originally designed for US submarines in the 1950s -- opting instead for new generation of thorium reactors that produce far less toxic waste and cannot blow their top like Fukushima.

Australia to rival Saudi Arabia in oil reserves? (Martin F.)

DeGolyer and MacNaughton petroleum industry consulting firm evaluated potential shale oil reserves at Arckaringa Basin around the town of Coober Pedy at 103 billion barrels of oil equivalent (BOE), while Gustavson Associates consulting firm put it as high as 233 billion BOE. That is practically comparable to the proven 263 billion barrel reserves of oil heavyweight Saudi Arabia.

Trillions of dollars worth of oil found in Australian outback (ScubaRoo)

Peter Bond, Linc Energy’s chief executive, said the find could transform the world’s oil industry but noted that it would cost about £200 million to enable production in the area.

Environment

Extreme weather is the new normal: Environment Canada (westcoastjan)

Over the last year, Canada saw intense heat waves, extreme flooding in B.C. and an especially active hurricane season that culminated in Superstorm Sandy. The massive Atlantic hurricane collided with another weather system, churned a path of destruction through seaside New Jersey and left wreckage and lost business costs estimated at more than US$65 billion.

After Fire, Chicago Warehouse Covered in Ice

As the Upper Midwest endured bitterly cold temperatures, ice-covered firefighters spent hours late Tuesday fighting a massive blaze at a warehouse on Chicago’s South Side, the Associated Press reports. Firefighters’ soaked jackets and hats froze, and icicles formed and dangled from hoses and hydrants. The spray from the hoses encased the warehouse in a sheet of ice. The cause of the fire is under investigation.

Tuna's Last Stand (jdargis)

Tuna, America’s favorite fish, is in decline around the world, sending prices up and boats on longer voyages to chase the lucrative fish. But one corner of the Western Pacific holds the last healthy tuna stock on the planet, and a group of eight Pacific Islands is determined to keep it that way.

The eight island-nations control 5.5 million square miles of tuna grounds worth an estimated $5 billion. These waters attract legal and illegal fishers from as far away as Taiwan. Skipjack tuna from this region ends up in cans on America’s grocery store shelves.

Salmon steak from GM fish could soon be on your plate (westcoastjan)

US biotechnology firm AquaBounty is at work in Canada harvesting eggs from genetically modified Atlantic salmon. Once grown (in onshore tanks based far away in Panama) the AquAdvantage salmon will look like their natural cousins, but reach full size in half the time.

Regulators Discover a Hidden Viral Gene in Commercial GMO Crops (Suzie G.)

The researchers themselves concluded that the presence of segments of Gene VI “might result in unintended phenotypic changes”. They reached this conclusion because similar fragments of Gene VI have already been shown to be active on their own (e.g. De Tapia et al. 1993). In other words, the EFSA researchers were unable to rule out a hazard to public health or the environment.

Gold & Silver

Click to read the Gold & Silver Digest: 1/23/13

Provided daily by the Peak Prosperity Gold & Silver Group

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."

6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2785
cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 3513
Off by an order of magnitude, or two

From the above article on "trillions" in oil in the AUS outback:

Peter Bond, Linc Energy’s chief executive, said the find could transform the world’s oil industry but noted that it would cost about £200 million to enable production in the area.

Let's see here...a remote place, very hot, not a lot of water, no existing infrastructure for transport of said oil, and a current shortage of talent and service companies that could support the highly technical practice of exploiting shale oil?

I'm going to bet that the cost to enable production is best measured in the tens if not hundreds of billions and many, many years as the requisite talent and equipment is drawn to the area.

Next, the breathless quotes (typical for energy reporting these days) are of the potential oil in place, not recoverable oil which has been placed at perhaps 3.5 billion barrels.  Nothing to sneeze at, but that's a bit less than the Bakken so even at full exploitation we might anticipate perhaps a million barrels per day from the find at peak, whenever that is.

Finally, because there has been to production drilling of any sort, the reality is almost certain to be very different from these numbers.  There will be sweet spots and dry holes, there will be difficulties and learnings along the way.  The most common mistake of the shale finds is to take one drill result and then multiply by however many millions of acres are suspected to have the shale formation.  

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2785
Fed Pushes Balance Sheet to Record $3 Trillion on Bond Buying

"The Federal Reserve pushed its balance sheet beyond $3 trillion for the first time this week while undertaking open-ended purchases of Treasuries and mortgage-backed securities to combat 7.8 percent unemployment.

The Fed’s total assets climbed by $48 billion in the past week to $3.01 trillion as of Jan. 23, according to a release from the central bank today in Washington. Holdings of Treasuries climbed by $7.8 billion while mortgage-backed securities in the Fed portfolio rose by $35.6 billion.

The bond buying is part of Chairman Ben S. Bernanke’s campaign to use the full force of the central bank’s balance sheet to stoke the economic recovery."

VeganD's picture
VeganD
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 636
firearms-Onion-maybe the gorilla is not the problem

This satire makes a better point than most-maybe guns are not the problem but the way people handle them is.....      http://www.theonion.com/articles/gorilla-sales-skyrocket-after-latest-go...

I think this is brilliant but sorry to post a link away from the website, not sure the text can be copied and pasted.

jonesb.mta's picture
jonesb.mta
Status: Silver Member (Offline)
Joined: Jun 11 2008
Posts: 105
Re: Firearms-Onion-Maybe the gorilla is not the problem

VeganD,

I got exactly the opposite out of the Onion story, it seemed that it could be very anti-gun. Maybe you're being sarcastic? The following paragraph would make the gorilla (gun) owner sound totally insane:

“Listen, it’s my God-given right as an American to have the freedom to own a gorilla to protect myself and my family,” said Nashua, NH resident James Harrington, 46, adding that he personally owns 12 different gorillas of various sizes, but keeps them “safely locked away in [his] home.” “And the government has another thing coming if they think they can come into my house and take away my gorillas.”

Not that you could ever compare guns and gorillas but the story is funny, whichever way you look at it. It's hard to tell what The Onion was pushing with the story because of the reverse psychology they use but I hope the end result is pro 2nd Amendment.

VeganD's picture
VeganD
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 636
Jonesb.mta I see your point

Jonesb.mta

I see your point and I realized my error after posting. You are right. No sarcasm intended.

Respectfully

Denise

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