Daily Digest

Daily Digest 10/3 - Greeks Turn To Barter Networks, Tar Sands Showdown In Nebraska, New NY Real Estate In Risky Locations

Monday, October 3, 2011, 10:45 AM
  • Euro Science
  • Toil and Trouble Over the Caldron That Is Greece
  • Battered by Economic Crisis, Greeks Turn to Barter Networks
  • Occupy Wall Street => "Bonus Army"?
  • How Fast Can He Cook A Chicken?
  • Tar Sands Showdown in the Nebraska Sandhills
  • A Waste Of Energy?
  • Hecho en América
  • Voracious Invasive Quagga Mussels Gobbling Great Lakes' Food Chain
  • In Irene’s Wake, High and Dry Enough?

Our 'What Should I Do?' guide has steps to cook, see & stay warm in times of power outage

Economy

Euro Science (jdargis)

Perhaps that was the euro’s original sin—the reality that fiscal and budgetary rules could be broken without consequence. Or perhaps the sin was more fundamental than that: perhaps it was the attempt to create a currency union among countries with different economies, histories, cultures, tax rates, fiscal systems, legal frameworks—and doing so with a European Central Bank to oversee the currency but with no controlling political institution in parallel with that bank.

Toil and Trouble Over the Caldron That Is Greece (jdargis)

In the short term, Greece remains the central problem. Two bailouts have not been enough. Greek public debt continues to mount, and so does the pressure on the government to find more revenue and make more cuts. Europe’s strategy, to the extent it can be discerned, is to put off restructuring Greece’s debt as long as possible and build up enough backing for a bailout fund so that banks with large exposure to the sovereign debt of Greece and other troubled euro-zone countries, like Portugal, Ireland, Italy and Spain, can survive an all-but-inevitable Greek default.

Battered by Economic Crisis, Greeks Turn to Barter Networks (jdargis)

Part alternative currency, part barter system, part open-air market, the Volos network has grown exponentially in the past year, from 50 to 400 members. It is one of several such groups cropping up around the country, as Greeks squeezed by large wage cuts, tax increases and growing fears about whether they will continue to use the euro have looked for creative ways to cope with a radically changing economic landscape.

Occupy Wall Street => "Bonus Army"? (June C.)

We are the 99%. Yes, some of us are liberal and some of us are conservative on social issues. On this issue - the rule of law - we are united and we stand as one. This crap stops right now; we'll fight about the other issues later.

Energy

How Fast Can He Cook A Chicken? (Debu)

Extracting petroleum from the earth generates very high economic rewards – more than $2 trillion annually. There are also high costs, human and environmental, which resist measurement in purely economic terms. The combination tends to breed executives who seem to come from an alternate moral universe, one with unusually contingent notions of truth and responsibility. ‘It’s so much easier getting a project running in the developing world,’ a British geologist who had been hired to prospect in China told me: ‘If you lose a man, send a few thousand pounds back to his village and it’s done with.’

Tar Sands Showdown in the Nebraska Sandhills (jdargis)

A steady stream of corporate flacks and hired lobbyists and paid scientific experts employed by TransCanada, the corporation intent on building the pipeline, have descended on the state in recent months, leaving many ranchers -- who take special pride in an ethic of square dealing -- feeling besieged by outside interests bent on hijacking the hearing process and fast-tracking a pipeline that a majority of Nebraskans now oppose (according to a poll commissioned by environmental groups). They fear that key decisions are being made in backroom deals by people who don’t appreciate or understand the preciousness and fragility of the Nebraska Sandhills or the Ogallala Aquifer that makes life here possible. Even Nebraska Governor Dave Heineman, an agribusiness-friendly Republican best known for cutting taxes and curbing abortion rights, expressed frustration at his conversations with TransCanada execs and officials from the State Department, saying at a press conference on Wednesday that he feared the pipeline was already “a done deal.”

A Waste Of Energy? (jdargis)

Indeed, the economics of alternative energy are such that private investors, left to their own devices, are bound to underinvest in it, since the considerable social benefits—cleaner air, fewer greenhouse emissions—accrue to everyone, not just to direct customers. That means that the economic rate of return is significantly less than the social rate of return. Energy markets are also dominated by entrenched, regulated companies, and that reduces the incentive for investment; despite the immense size of the energy market, as of 2005 spending on energy R. & D. accounted for just two per cent of total spending on R. & D. in the U.S.

Environment

Hecho en América

Between talk-radio blather and election-season bravado, it's easy to have an opinion about immigration, and easier to forget that people—actual people—pick our food. Now and then we might glimpse them out the car window, but few of us realize that what we eat depends on them, and fewer still have any idea what their world is like. Jeanne Marie Laskas spends a season with a group of these nomads—the constant wanderers who put fruit on our table.

Voracious Invasive Quagga Mussels Gobbling Great Lakes' Food Chain (Phil H.)

"Quaggas are causing the biggest changes we've ever seen in Lake Michigan," said Tom Nalepa, a research scientist at the National Oceanic and Atmospheric Administration's Great Lakes Environmental Research Laboratory who has studied the lake for more than 30 years. "The numbers are still going up. We are going to see more severe impacts."

In Irene’s Wake, High and Dry Enough? (jdargis)

The construction of pricey rental and condo towers along the shoreline, in neighborhoods like Battery Park City, Long Island City and Williamsburg, has transformed warehouse and wharf districts. New buildings and planned projects will add thousands of apartments over the next decade, helping ease a projected housing crunch as the city’s population balloons past nine million people.

Article suggestions for the Daily Digest can be sent to [email protected]. 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."

19 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Greece concedes deficit to be above target in 2012

"Draft budget figures issued on Sunday showed the deficit would be 8.5 percent of gross domestic product this year, well above the 7.6 percent agreed in Greece's EU/IMF bailout program, and 6.8 percent in 2012, short of the 6.5 percent goal because the economy will shrink further....Private bondholders agreed to a 21 percent write-down on their Greek debt holdings but EU and German officials have suggested the "haircut" may have to be increased in light of the new funding shortfall and changed market conditions.
"Ultimately, Greece would need to see its debt written down by more and with that you need probably some kind of shoring up of the banking sector," said Alec Letchfield, chief investment officer at HSBC Asset Management.
Political resistance to pouring more public money into euro zone bailouts is growing across northern Europe.
"Greece is bankrupt," said Michael Fuchs, a deputy parliamentary floor leader in German Chancellor Angela Merkel's Christian Democrats, reflecting a growing mood in Berlin.
"Probably there is no other way for us other than to accept at least a 50 percent forgiveness of its debts," Fuchs told the Rheinische Post newspaper."

.....................1A) Greek concedes deficit to be above target in 2012

Other headlines:

  

  1. S&P Downgrade of U.S. Debt Approved By 67% in Global Poll
  2. Euro-zone manufacturing PMI hits 25-month low
  3. Fitch Says Further India Fiscal Weakness Would ‘Weigh’ on Credit Rating
  4. Roubini Says Europe Needs 2 Trillion-Euro ‘Bazooka’ Soon
  5. Tepco needs to raise $112 bln over 10 yrs-panel
  6. ECB Says Banks’ Overnight Deposits Reach Highest Since July 2010
  7. Greece to lay off 30,000 civil servants
  8. Wis. to face $444M in Medicaid funding cuts
  9. French-Belgian Bank's Shares Sink on Downgrade Threat
  10. Thousands rally against Portugal’s austerity plans
  11. Spain Banks Worry About Defaults By Regions
  12. S&P warns UK against wavering on deficit cuts

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Tax Reform.

No-one escapes a Carbon Tax.

Shred the rest of the tax laws.

thc0655's picture
thc0655
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Posts: 1627
Undercurrents of OccupyWallStreet

 Food for thought...

http://endoftheamericandream.com/archives/occupy-wall-street-mass-econom...

A. M.'s picture
A. M.
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Posts: 2368
Bonus Army

That article is absolutely outstanding.
I hope the thinking therein gains traction.

Cheers,

Aaron

frobn's picture
frobn
Status: Silver Member (Offline)
Joined: Nov 28 2010
Posts: 184
thc0655 wrote:  Food for

The author is desperately trying to put socialist/radical leftist ownership on the protests supplementing his own anti-obama and right wing prejudices with a sampling of truths, half truths and outright falsehoods.

Quote:

Now, Occupy Wall Street is becoming a national movement, and it is being dominated mostly by radical leftists and socialists.

I agree with him that there will likely be violence aggravated at times by both police and protesters but my hope is that overall protests remain a largely leaderless and non-violent with emphasis on educating the public about our failed economics and insanity of our endless wars.

 

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Marine Vets Joining OccupyWallStreet

From the Reddit community, a discussion on OccupyWallStreet:

Calling All Military Veterans Of Reddit. We Took An Oath To Protect The People And The Constitution of the United States of America. Meet me on Wall St.
"I'm heading up there tonight in my dress blues. So far, 15 of my fellow marine buddies are meeting me there, also in Uniform."
http://www.reddit.com/r/politics/comments/kwtjl/calling_all_military_vet...

One of the comments on that page:

"Former Marine here. What you are doing is right, but it is also possibly illegal. While I love the idea of a group of Marines, in uniform, backing down the NYPD thugs, I don't want to see you guys get in trouble.

"Having said that, I believe the country is in dire straits and it needs 'illegal' actions to combat our domestic threats; the same threats all Marines swore to fight against.

"If you guys do get pounced on by the NYPD, be smart. Take the hits. Even if you can win the fight, LOSE IT. Video clips of NYPD beating on U.S. service men will go worldwide viral in about 30 minutes."

Poet

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
just a short personal story...

just a short personal story...every week, i receive news forwarded from legitgov (http://www.legitgov.org/# breaking_news) at my yahoo mail email address - last week's package included 3 links to stories about the "occupy wall street" protests in new york (https://occupywallst.org) ...i had heard that yahoo mail was censoring mention of those protests but it never occurred that it might happen to me; but what i encountered when i tried to forward that package was exactly what the video in this post from thinkprogress shows:  Yahoo Appears To Be Censoring Email Messages About Wall Street Protests ... i was repeatedly confronted with a captcha, which i always completed correctly, yet i was continually blocked from sending that link package with the message "Your message was not sent. Suspicious activity has been detected on your account. To protect your account and our users, your message has not been sent."  i was able to send other test emails from my yahoo account without hindrance, but not the one with "occupy wall street" in it...twitter had also been censoring mention of those protests; here's the post by yves smith where that is described: Welcome to the Police State: NYC Cops Mace Peaceful Protestors Against Wall Street...so once again, i am surprised by my own naivete...i thought this only happened to protesters in iran or china, but i guess i was wrong...our whole system system is geared to protect the banks; the people, the bill of rights, & everything else is secondary...
 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Big jump on national debt...to $14.79 trillion

 

Treasury Direct link

 

The Daily History of the Debt Results

Historical returns from 09/26/2011 through 09/30/2011

The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.

( Debt Held by the Public vs. Intragovernmental Holdings )

 

Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/26/2011 10,074,320,979,566.43 4,629,685,092,895.42 14,704,006,072,461.85
09/27/2011 10,074,870,647,552.41 4,632,536,173,039.46 14,707,406,820,591.87
09/28/2011 10,075,624,342,810.54 4,626,258,826,982.71 14,701,883,169,793.25
09/29/2011 10,074,983,373,804.28 4,620,118,734,433.74 14,695,102,108,238.02
09/30/2011 10,127,031,384,654.10 4,663,308,943,903.05 14,790,340,328,557.15
CrismoZ's picture
CrismoZ
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Posts: 8
Food Security

Not sure how to have your own farm and have food security when this happens (see link).  My guess is that the only farms that will stay secure are in the middle of nowhere and hidden from view.  My in-laws also lost the fruit from their peach tree.

www.indystar.com/article/20111003/LOCAL18/110030329/Community-gardens-reaping-bitter-harvest

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Perhaps Not, CrismoZ
CrismoZ wrote:

Not sure how to have your own farm and have food security when this happens (see link).  My guess is that the only farms that will stay secure are in the middle of nowhere and hidden from view.  My in-laws also lost the fruit from their peach tree.

www.indystar.com/article/20111003/LOCAL18/110030329/Community-gardens-reaping-bitter-harvest

CrismoZ

According to Fernando "FerFAL" Aguirre, who writes about survival in post-2001-collapse Argentina, the ones in the middle of nowhere and hidden from view will be the ones that will be staked out, inhabitants shot from a hidden distance as they come out to do chores or harvest, and then are home-invaded and tortured for days. No one will be able to come to assistance, or they will be too late.

That's the lessons learned since ancient times, which is why people clustered their homes next to one another for protection in villages and cities. Even today, the nomadic pastoralists and subsistence villagers in Africa tend to live together in huts and compounds of extended familiy groups.

It's also the lesson learned by White farmers in Zimbabwe who still had to venture out of fortified homes and were definitely vulnerable to arson in their own homes, or fields set afire. It's also the lesson some farmers sadly learned in Argentina during the worst days after the 2001 economic collapse.

Poet

ezlxq1949's picture
ezlxq1949
Status: Silver Member (Offline)
Joined: Apr 29 2009
Posts: 225
Tar Sands Showdown in the Nebraska Sandhills

Sorry to be a killjoy, but the decision to proceed IS a foregone conclusion. The people at the top assume technology will always save us, so if some pollution happens now, then at some future time the technology will come into existence to clean it up. Plus look at all the money invested in the project to date ... can't let that go to waste.

Same deal in Australia: coal seam gas is the new plunder, oops, wonder industry, allowing us to make the highest and best use of all coal seams everywhere. Never mind that huge areas of prime agricultural land will be damaged and that the National Farmers' Federation is worried; damage can be fixed later. We need the resource NOW. And we've spent a lot of money preparing to extract the resource, therefore it can't not proceed.

Politicians, few of whom are experts in their portfolios, have no option but to believe what they're told.

SagerXX's picture
SagerXX
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Joined: Feb 11 2009
Posts: 2239
Damn It Feels Good To Be A Banka

I was looking for a scene from Office Space (the printer destruction scene if you you've seen it) and thought the song played behind was "Damn It Feels Good To Be A Gangsta" by the Geto Boys.  I was mistaken, but came up with this clip instead.  It seems to me to be a vid put together for a corporate Offsite (annual junket to somewhere nice [I did Hawai`i and Caribbean in my corporate days]) -- I put something together similar to this for the exact same purpose back in 2000 (the soundtrack was the opening credit music to "Pulp Fiction" though ["The Tornados" surf boogie tune "Bustin Surfboards"]). 

Back to the actual point:  this was shot in '07 (or at least uploaded to youtube in that year).  Some bank, somewhere, thought it'd be cool to have some of the lower-management types do a vid making the company look good/fun/cool.  

With 4 years' perspective, it's nasty.  Lyrics include (paraphrasing) "as long as I stay out of mortgage-backed [securities] I'll be cool" and "then we'll outsource you-know-who" (shot of worried support staffer).  Lots of champagne and cigars, poker playing, etc.  But for the win:  "When the M-F bonus hits the desk? / Damn It Feels Good to Be A Banka"...

Nothing new here, I guess.  Just a damning cultural artifact from before the crash.

Viva -- Sager

Nate's picture
Nate
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Joined: May 6 2009
Posts: 594
Foss vs. Martenson

 

TAE responds to Chris Martensons Commodies and Deflation.

http://theautomaticearth.blogspot.com/2011/10/october-3-2011-commodities-and.html

Jim H's picture
Jim H
Status: Diamond Member (Offline)
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Posts: 2387
She lost me at "Mr. Martenson"......

And this;

"We have said for some time that we do not expect the Fed to provide a QE3. Even if it were to attempt to do so, we are of the opinion that it would be a miserable failure. The previous rounds of quantitative easing occurred against the backdrop of a supportive rally, and rallies are kind to central authorities by making their actions appear effective."

So, let me get this straight.... the previous rounds of QE looked effective because there just happened to be a rally ?  So no way the QE actually caused the rally?    I really just am not smoking whatever they are smoking at TAE... never have.  

Mr. Fri's picture
Mr. Fri
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Joined: Feb 21 2009
Posts: 220
Alpha Mike wrote: That
Alpha Mike wrote:

That article is absolutely outstanding.
I hope the thinking therein gains traction.

Cheers,

Aaron

+1

I hope it gains traction but I'm sure it won't.  There are too many Americians who do not want their government paycheck/support cut off.  And, we no longer have a national charactor who will tollorate big problems from a depression now in order to have fewer problems in the future.  This generaton no longer cares about the nobility of sacrafice now to imporve life for future generations.  That "99% of Americans" is probably more like 9% of Americians.  Sad but true.

plato1965's picture
plato1965
Status: Platinum Member (Offline)
Joined: Feb 18 2009
Posts: 615
 TAE responds to Chris

 

TAE responds to Chris Martensons Commodies and Deflation.

http://theautomaticearth.blogspot.com/2011/10/october-3-2011-commodities-and.html

 

 

 This quote by prometheus on ZH struck me ... especially if you're not particularly wealthy...

 In a depression, it can be helpful to hold currency, obviously- but the main use of that currency is still to purchase essentials, unless you're looking to get a new big-screen TV on the cheap or something.  If you have the essentials, you don't need the cash- and physical commodities work as barter goods.

 Stoneleigh makes a good case, as does Mish... but it's dangerous to get married to any idea...

  who knows how many aces, jokers (or deuces) the mighty Bernank has up his sleeve...

 

  latest version of UK QE ...

 http://www.guardian.co.uk/politics/2011/oct/03/george-osborne-credit-easing-plan

 

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Stacy Herbert unplugs Germany.

Stacy Herbert says that the Germans are printing Marks and are about to abandon the Eurozone.

That will rattle everyones cage.

This could be the big one.

frobn's picture
frobn
Status: Silver Member (Offline)
Joined: Nov 28 2010
Posts: 184
rjs wrote: just a short
rjs wrote:

just a short personal story...every week, i receive news forwarded from legitgov (http://www.legitgov.org/# breaking_news) at my yahoo mail email address - last week's package included 3 links to stories about the "occupy wall street" protests in new york (https://occupywallst.org) ...i had heard that yahoo mail was censoring mention of those protests but it never occurred that it might happen to me; but what i encountered when i tried to forward that package was exactly what the video in this post from thinkprogress shows:  Yahoo Appears To Be Censoring Email Messages About Wall Street Protests ... i was repeatedly confronted with a captcha, which i always completed correctly, yet i was continually blocked from sending that link package with the message "Your message was not sent. Suspicious activity has been detected on your account. To protect your account and our users, your message has not been sent."  i was able to send other test emails from my yahoo account without hindrance, but not the one with "occupy wall street" in it...twitter had also been censoring mention of those protests; here's the post by yves smith where that is described: Welcome to the Police State: NYC Cops Mace Peaceful Protestors Against Wall Street...so once again, i am surprised by my own naivete...i thought this only happened to protesters in iran or china, but i guess i was wrong...our whole system system is geared to protect the banks; the people, the bill of rights, & everything else is secondary...

This may actually be a good thing. It takes only a few minutes to create new email accounts at numerous places on the internet. If yahoo and other major players keep interfering then it is at peril.

Move your email. Top 16 Free Email Services

While your at it Move your money and invest in Main Street not Wall Street

 

 

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