Daily Digest 12/12 - Gold Supply Never Been Tighter, Canada Post To Phase Out Urban Home Delivery
The total amount allegedly derailed by all 12 companies charged was $350-million over a two year period ending in 2010, Mr. Dion said. The ministry claims Kitco specifically made false statements and tried to obtain tax rebates to which it wasn’t entitled. The amount related to Kitco was not made public.
Apart from economists and economic observers, more so the general public has a misunderstanding of the risks of the monetary system. Case in point: the Occupy Wall Street movement. Peter Schiff tried to explain the protesters that Wall Street is not the issue but rather the banking industry and the centrally planned system (source). His efforts had not much success.
Thinking in terms of behavioral analysis, most investors are very, very bearish on gold. People who are not gold bugs overall still dismiss gold as a good or even as a legitimate investment. That, too, is typical of a mid-cycle. So as far as I'm concerned, we are somewhere in the middle of the cycle, which may easily go for another 10 years.
All four Swiss refineries combined may be doing as much as [supply China] 2000 tons this year. That doesn’t include what the Perth Mint ships to China, it doesn’t include the 400 tons the Chinese mined domestically, and it doesn’t include what they mined offshore with the mining companies they own all over the world. I suspect that total Chinese demand can reach as much as total global mining production this year.
"If left unchecked, continued losses would soon jeopardize its financial self-sufficiency and become a significant burden on taxpayers and customers."
Canada Post, OPG highlight public pensions problem (westcoastjan)
“We’re starting to see a bit of blowback from young employees who are sitting there looking at 15 per cent of their salary going into the pension plan...and they’re saying would I be better off with a defined contribution plan,” he added.
"For 10, we are going to backtrack and remove RDRAND and Padlock backends and feed them into Yarrow instead of delivering their output directly to /dev/random," FreeBSD developers said. "It will still be possible to access hardware random number generators, that is, RDRAND, Padlock etc., directly by inline assembly or by using OpenSSL from userland, if required, but we cannot trust them any more."
Almost every major economy in the world is wrestling with surprisingly low inflation this year. Some argue this is the big economic story of 2013. Societe Generale's Albert Edwards has been early on this story, warning of deflation as other market skeptics warned of Fed-induced hyperinflation.
Any meaningful changes to the budget wouldn't happen until nearly 2020 if lawmakers don't address them now, he said. Washington still has a chance to duel over the debt ceiling this February, however, and over unemployment benefits in the shorter term.
"On average, three women out of 10 between the ages of 25 and 44 are out of work," Panos Mouzalas, a member of Doctors of the World, told AFP.
Another issue is pensions system, which will need reviewing in 2015, the country's leading union GSEE warned.
As I mentioned yesterday, there are now 1.2 million public school kids in America that are homeless, and that number has gone up by about 72 percent since the start of the last recession. As Americans, we like to think of ourselves as "the wealthiest nation on the planet", and yet the number of young kids that don't even have a roof over their heads at night just keeps skyrocketing. There truly are "two Americas" today, and unfortunately most Americans that live in "good America" don't seem to really care too much about the extreme suffering that is going on in "bad America". In the end, what kind of price will we all pay for neglecting the most vulnerable members of our society?
The Chinese government said it was facing the difficult task of keeping its economy thriving while respecting the environment at the same time. With the International Energy Agency warning of an unstable future, the world's climate outlook may hinge on the development of major Asian economies. "Climate change is already a serious threat to food, water, ecological and energy security, and to people's lives and property," a report from the Chinese government said. "The mission to deal with climate change is very arduous, but knowledge in society and ability to do this are weak across the board."
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