Daily Digest

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Daily Digest 5/6 - OPEC Falling Apart at the Seams, The Thin Red Line

Monday, May 6, 2013, 11:02 AM

Economy

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.

German euro founder calls for 'catastrophic' currency to be broken up (Darren O.)

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.

Schiff: We're Heading For A Crisis Worse Than 2007 (Phil H.)

"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

Click to read the Gold & Silver Digest: 5/3/13

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."

3 Comments

Tycer's picture
Tycer
Status: Platinum Member (Offline)
Joined: Apr 26 2009
Posts: 557
On the use of Sarin?

http://www.zerohedge.com/news/2013-05-06/russia-china-urge-respect-syria...

Quote from ZH:

".....earlier we got reports that the UN has heard testimony that Syrian rebels may have used sarin gas, Carla Del Ponte, a UN investigator, said in an interview, Swiss television station RSI’s website says. There is “strong and concrete” suspicion, though not yet any “incontestable” proof according to Del Ponte, and the punchline is that according to "testimony so far suggests only rebels used sarin." ."

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2654
Tall's picture
Tall
Status: Gold Member (Offline)
Joined: Feb 18 2010
Posts: 274
Japan’s Fukushima Faces Long Road to Repair

The cleanup after the catastrophic nuclear accident two years ago at the Fukushima nuclear plant in Japan is not going well. Radioactive cooling water is leaking into the ground from at least three vast storage tanks, and the vulnerability of the plant to further accidents was revealed when a rat chewed through an electric cable, cutting off vital cooling.

Those setbacks came as a 12-man team from the International Atomic Energy Agency (IAEA) in Vienna toured the stricken plants to assess the country’s efforts to make safe, clean up and eventually dismantle the crippled reactors.

An imminent International Atomic Energy Agency report is expected to make depressing reading – for Japan and for other nuclear energy states.

Within Japan there is alarm at the situation and criticism of the Tokyo Electric Power Company, Tepco. Even government safety officials say the company is not demonstrating that it is competent in dealing with a problem that will probably take decades to solve, judging by other serious nuclear accidents.

http://www.climatecentral.org/news/japans-fukushima-faces-long-road-to-repair-15897

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