Daily Digest 5/6 - OPEC Falling Apart at the Seams, The Thin Red Line
Even In a Time of Elephantine Vanity and Greed (Thomas C.)
It is fine and necessary to look after your wealth in order to fill the needs of your family. But random acts of kindness will make a difference in your life and in theirs.
No act of kindness is wasted. You store them in your heart, and these are the only things that you will take with you when the day is done. You will remember them, and you will be remembered for them, if not in this life, then in the next.
Quantitative Easing is a Heavy Load (Taki T.)
Assume a current price for a Gold Eagle is about $1,600. If an 18 wheeler can haul 50,000 pounds, or around 800,000 ounces then each truck load of Gold Eagles is worth about $1,250,000,000. The $1 Trillion in QE is equivalent to about 800 trucks filled with gold. It would be difficult to locate that much gold since that amount of gold is about eight times the world’s annual mining production.
His prediction appeared confirmed as French finance minister Pierre Moscovici yesterday proclaimed the end of austerity and a triumph of French policy, risking further damage to the tattered relations between Paris and Berlin.
"The Fed knows that the U.S. economy is not recovering," Schiff said. "It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode."
"The crisis is imminent," Schiff said. "I don't think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems."
The Thin Red Line (jdargis)
On the way home, Majid saw birds and other animals—goats, chickens, stray dogs—writhing on the ground. Others were dead. “All these birds and chickens were dead around us,” he told me. “I can’t describe the fear that people felt.” A statement by the rebel-led city council said that the regime had used sarin and possibly chlorine gas. The council members held the Syrian government responsible and called on the international community to “find out the truth about the killing machine.” Majid directed me to a macabre gallery of photographs and videos, posted online by opposition leaders in Daraya. “It was poison gas,’’ he said. “It affected the birds and the animals and the humans in the same terrible way.”
OPEC Falling Apart at the Seams (James S.)
In January, fighters affiliated with al-Qaida stormed the In Amenas natural gas facility in Algeria. The facility is operated by British supermajor BP, Norwegian energy giant Statoil and Algerian state-owned oil and natural gas company Sonatrach. A four-day operation by Algerian forces left dead more than two dozen militants and 37 hostages, some of them energy company employees. The attack was perpetrated by an al-Qaida group, dubbed Those who Sign with Blood, from across the border in Libya.
How Resource Limits Lead to Financial Collapse (Thomas C.)
If an energy source, such as oil back when the cost was $20 or $30 barrel, can produce a large amount of energy in the form it is needed with low inputs, it is likely to be a very profitable endeavor. Governments can tax it heavily (with severance taxes, royalties, rental for drilling rights, and other fees that are not necessarily called taxes). In many oil exporting countries, these oil-based revenues provide a large share of government revenues. The availability of cheap energy also allows inexpensive roads, bridges, pipelines, and schools to be built.
Gold & Silver
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