Daily Digest

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Daily Digest 7/18 - Malaysia Declares Smog Emergency, Which Side Of The Property Wars Are You On?

Thursday, July 18, 2013, 11:42 AM

Economy

Treasury: Debt Has Been Exactly $16,699,396,000,000.00 for 56 Days (Phil H.)

As of the close of business on July 12, the latest day reported by the Treasury, the Treasury had redeemed approximately $5,848,194,000,000.00 in debt and issued approximately another $6,477,293,000,000.00—meaning the publicly circulated debt has increased by a net of $629,099,000,000 so far this year.

What Is Driving Gold Now? (Taki T.)

While this conflict of interest caused much confusion about Fed monetary policy, to make matters even more confusing, while giving a speech to the National Bureau of Economic Research in Cambridge, Massachusetts on Wednesday, Fed chairman Bernanke indicated that he doesn’t really intend to stop printing money. “Highly accommodative monetary policy for the foreseeable future is what’s needed,” he said. Bernanke’s comments came just hours after the release of minutes of the June Federal Open Market Committee, which showed considerable dissension among participants.

Inflation Is Too Low? Are You Kidding Us Bernanke? (Nervous Nelly)

Of course many of us already know that inflation is out of control without even looking at any numbers. We are spending a lot more on the things that we buy on a regular basis than we used to.

For example, when Barack Obama first entered the White House, the average price of a gallon of gasoline was $1.84. Today, the average price of a gallon of gasoline has nearly doubled. It is currently sitting at $3.49, but when I filled up my vehicle yesterday I paid nearly $4.00 a gallon.

Police launch investigations after arrest of photographer (Phil H.)

Police said they are looking into the conduct of photographer Mandi Wright and the actions of an officer who ordered her to stop filming and wrestled her phone away from her. They also are looking into the disappearance of a memory card from her newspaper-issued iPhone and whether she was briefly left alone with the crime suspect whom she had been filming.

Nutritional tests on hungry aboriginals (westcoastjan)

“I started to find vague references to studies conducted on ‘Indians’ that piqued my interest and seemed potentially problematic, to say the least,” he said. “I went on a search to find out what was going on.”

Which side of the property wars are you on? (westcoastjan)

While construction is ramping up again, new housing won’t be completed for a few years and the new supply may have little impact on home prices overall because demand will still outstrip supply, said Adam Challis, head of residential research at Jones Lang LaSalle, a financial firm specialising in commercial real estate services and investment management based in London. In London for instance, Challis said that new building “represents less than 1% of stock and around 11% of transactions currently,” he wrote in an email.

Detroit prepares to file for bankruptcy as soon as Friday (Phil H.)

Detroit emergency manager Kevyn Orr, who in June released a plan to restructure the city's debt and obligations that would leave many creditors with much less than they are owed, has warned consistently that if negotiations hit an impasse, he would move quickly to seek bankruptcy protection.

Gov. Rick Snyder would have to sign off on the filing. A spokeswoman did not immediately return telephone calls today.

Environment

Malaysia declares state of emergency over smog in south (Nervous Nelly)

Kuala Lumpur resident Raj Ahmed told the BBC: "You wake up in the morning and you can smell burnt wood - you look out the window and there is constant smog clouding the major landmarks that you would ordinarily see.

"If you go outside, it's like constantly standing close to a small barbecue."

Fukushima nuclear plant: Steam seen at reactor building (Suzie G.)

Mayumi Yoshida, another Tepco spokesperson, told Reuters news agency: "We think it's possible that rain made its way through the reactor building and having fallen on the primary containment vessel, which is hot, evaporated creating steam."

This is the latest in a series of problems that the Fukushima power plant has faced in recent months.

Valley fever: An incurable illness in the dust (westcoastjan)

Avenal is at the centre of the epidemic. While millions flock to the famous Californian beaches a couple of hours to the west and to Yosemite National Park to the east, they rarely linger in the San Joaquin Valley, the state's agricultural heartland. Avenal has the air of a forgotten place.

Foreign brands sought as China's food scares bite (westcoastjan)

In 2008, six infants died and 300,000 babies were affected with painful kidney stones after drinking tainted milk powder. An industrial chemical, melamine, was added to milk sold by several major Chinese dairies. Melamine falsely boosted the protein content in the milk.

China's leaders have vowed to tighten the country's food safety regulations, but the food crises continue. Almost every item on Chinese store shelves, from rice to candy, has been involved in some sort of food scandal.

Gold & Silver

Click to read the Gold & Silver Digest: 7/17/13

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."

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