Daily Digest 6/1 - Understanding Cycles, Fiscal Woes for States Go On Despite Surpluses
Our correlation models indicate that whenever we get a cold spring then we move to a violent storm like hurricanes in the fall. It is like a pendulum. The more you swing to the extreme on one side the more you will move to the extreme in the opposite side. Markets function in the same identical manner.
On Thursday, protesters cut off the power supply to the mine, prompting Centerra to issue a warning that it could see its financial results impacted by the demonstrations. The company called the protests "illegal."
Since then, Minor has been selling his art collection to pay debts. In 2010, he sold a painting of a blue-eyed nurse by Richard Prince and an aluminum couch by Marc Newson to help raise US$21.1-million for his creditors. Proceeds from the sales went toward a US$21.6-million judgment obtained in October 2009 by ML Private Finance, a Bank of America Corp. affiliate, on a delinquent loan.
Child victims of Pakistan's 'begging mafia' (westcoastjan)
"Many of these children will be moved around shrines in Pakistan. They will have their heads shaved. They will be tattooed. They will be made unrecognisable to their parents.
"The culture of begging at shrines is so prevalent that the police will rarely intervene or ask children how they got to a shrine."
The Fed’s track record of growing the economy based on monetary expansion is dismal. Currently, as part of QE3, the US Fed has been “printing” money (expansion of M1) in order to acquire, on a monthly basis, a total of US$ 40 billion worth of U.S. mortgages and US$ 45 billion worth of long-term U.S. Treasury paper. Their hope: to help the US economy grow by boosting money supply (monetary inflation) and keeping interest rates low.
And California, which faced a $26 billion deficit two years ago, expects a surplus of between $1.2 billion and $4.4 billion this year, thanks to a combination of tax increases, budget cuts and an improving economy. But it could be erased if the state were to adequately finance its teachers’ pension fund, which says it will need an additional $4.5 billion a year, much of it from the state, to pay the benefits it promised.
While environmental organizations applauded the tough talk, B.C. also said its position on Northern Gateway is not a rejection of heavy-oil projects. It says all proposals, such as Kinder Morgan’s Trans Mountain Pipeline Expansion or David Black’s Kitimat Clean refinery project, would be judged on their merits.
These two smaller tanks represented two environments: today's ocean, and the more acidic oceans of the future. One was continuously exposed to air pumped in from outside, to simulate the ocean's current interaction with the atmosphere. The other received air enriched with higher CO2 levels that made the seawater about three times more acidic, a level of acidity that models predict will be widespread a hundred years from now.
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