Daily Digest 4/29 - When Terrorism Meets Fraud, Oil Sands Health Concerns Rise
It's the inverse of the federal budget world these days, in which automatic spending cuts are leaving sought-after pet programs struggling or unpaid altogether. Republicans and Democrats for years have fought so bitterly that lawmaking in Washington ground to a near-halt.
fter reading the Spiegel article below, which reveals so much about German thinking, it becomes very clear that not only is Cyprus the "benchmark", but that the second some other PIIG country runs into trouble again, and its soaring non-performing loans inevitably demand a liability "resolution" a la Cyprus, it will be Germany once again at the helm, demanding more of the same equity, unsecured debt and ultimately depositor impairment. As the following punchline from Spiegel summarizes, "It would be more sensible -- and fairer -- for the crisis-ridden countries to exercise their own power to reduce their debts, namely by reaching for the assets of their citizens more than they have so far. As the most recent ECB study shows, there is certainly enough money available to do this." And that is the crux of the wealth-disparity demand of the European Disunion.
Home truths for online falsehoods (westcoastjan)
Swallow’s credentials put most professional tech gurus to shame. A TED and South by Southwest speaker, his dauntingly detailed Wikipedia page described him as a “motivational speaker, consultant, educator, and author” devoted to “understanding modern culture in the age of social networking, globally interconnected media, user generated content and the Internet”. He has a book coming out later this year and over 80,000 followers on Twitter hanging on his every gnomic word.
When Terrorism Meets Financial Fraud (westcoastjan)
This week's crash involves more than Twitter but once more illustrates a structural problem within markets. The fraud lasted only three minutes until recantations, but a future hack-attack on the Twitter accounts of two or more credible media outlets like Associated Press - that could not be recanted for hours or days -- could spark a downturn in stock, exchange or commodity markets that would cause untold damage.
“By 2030, the growth in fossil fuel use will almost have stopped,” Liebreich told renewable-energy investors yesterday at the BNEF 2013 annual summit in New York. “We’re told that it needs to happen by 2020” in order to prevent irreversible climate damage. “That won’t happen. But by 2030, it pretty much will.”
In order to accurately determine the shale estimates in the UK, and therefore have a better idea of the potential of the industry, the report urges the government to encourage exploratory drilling, but warns against basing any long term policy decision on the assumption that reserves will be large, and accessible.
Ladouceur lives some 100 miles downstream from the heart of Alberta's oil sands development. The sands underlie about 140,000 square kilometers (54,000 square miles) of Canadian boreal forest and peat bogs -- an area about the size of Florida -- and hold around 170 billion barrels of recoverable oil. Since mining began in 1967, at least two-thirds of the land has been leased for extraction with mining operations on about 715 square kilometers (276 square miles).
Eldorado Gold’s big Greek mining problem (westcoastjan)
At first, the protests were fairly low key, although there were times when the trigger-happy Greek police flung tear gas canisters at hothead protesters armed with flares, rocks and gasoline bombs. By the autumn of 2012, something akin to civil war had broken out. The turning point came on Oct. 21 when about 2,500 protesters fought a pitched battle with more than 200 police along the forest road leading to Eldorado’s Skouries gold-and-copper deposit, the centrepiece of its Greek strategy.
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