Daily Digest

Daily Digest 10/7 - Occupy Wall Street Gaining Traction, Angry Savers Target BofE, MN Bond Rating Downgraded To AA+

Friday, October 7, 2011, 10:58 AM
  • Anti-Wall Street Protests Spread From New York
  • The Economics of Occupy Wall Street
  • Market Meltdown Could Fuel Occupy Wall Street Protest
  • Troubling Trends in Regulations Affecting Gold & Silver Investors
  • Angry Savers Target Bank of England
  • Gold Daily and Silver Weekly Charts - Currency Wars - The European Overhang - YE $2,000?
  • Wen Urges Financial Support For Small Businesses
  • Quantitative easing boosted by £75bn by Bank of England
  • Minnesota's Bond Rating Downgraded To AA+
  • Shell Declares Force Majeure After Singapore Refinery Fire
  • How Fungi Could Help Create the Next Generation of Biofuels

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

Economy

Anti-Wall Street Protests Spread From New York (pinecarr)

Demonstrators from New York City to San Francisco took to the streets yesterday to protest what they call a growing wealth disparity between large U.S. corporations and average citizens in the wake of the financial crisis.

The Economics of Occupy Wall Street (jdargis)

One thing is inarguably true: The 99 percent don’t have 99 percent of anything, money-wise, in the United States. But just how bad is the skew toward the top 1 percent?

Market Meltdown Could Fuel Occupy Wall Street Protest (art)

Average Americans who are either less informed about the precarious state of both the economy and the financial system as a whole, along with those who would just as soon ignore it for now, could get a major wake up call in the coming months. Although no one knows exactly how the current situation is going to play itself out, there is a very good chance that we are heading for another epic crisis.

Troubling Trends in Regulations Affecting Gold & Silver Investors (adam)

The signs are out there. Every day, the more we read the news, the worse it gets.

When it comes to government regulations for gold and silver bullion investing, the trend is not our friend.

Before these ugly tendencies reach their climax, before it becomes too late, we must acquire our bullion while the window of opportunity remains.

Angry Savers Target Bank of England (pinecarr)

Campaigners warned that savers are being taken for "mugs" as soaring energy and household costs have exacerbated the bleak future they are facing.

Gold Daily and Silver Weekly Charts - Currency Wars - The European Overhang - YE $2,000? (pinecarr)

What is a bit disappointing is that gold and silver continue to move with stocks, in the 'risk on risk off' trade. It would be better if gold were to rise as a risk aversion flight to safety trade. But of course there is quite a bit of perception management going on.

Wen Urges Financial Support For Small Businesses (pinecarr)

Premier Wen Jiabao has urged stronger financial support for China's small businesses, as the country is currently walking a fine line between fighting inflation and maintaining growth.

Quantitative easing boosted by £75bn by Bank of England (ScubaRoo)

King denied that the move would damage the UK economy by fuelling inflation, claiming that the rising cost of living would fall back sharply next year. He insisted that it was right to inject more money in the UK economic system by creating another £75bn of electronic money for asset purchases.

Minnesota's Bond Rating Downgraded To AA+ (Phillip F.)

"The downgrading of Minnesota's credit rating is very disappointing but not surprising, given the fiscal irresponsibility of the legislature's republican majority. Standard and Poor’s specifically cited the use of one time measures, which would not have been necessary had my proposed budget been adopted," Gov. Mark Dayton said in a statement.

Energy

Shell Declares Force Majeure After Singapore Refinery Fire (James S.)

Analysts believe that the severity of the blaze could force Shell to take its Pulau Bukom refinery offline for up to a month. Pervin and Gertz managing consultant Victor Shum remarked, “If it were to be shut down that long, losses would be in excess of $60 million for Shell. Now that the whole plant has been shut down, even if somebody decides to resume operations, it will take days, if not longer, to get back to normal operating rates. The investigation by both Shell and Singapore may delay the resumption of operations.”

How Fungi Could Help Create the Next Generation of Biofuels (James S.)

A team of researchers from the United States and Canada have decoded the complete genetic make-up of the fungi Myceliophthora thermophila and Thielavia terrestris. These fungi are classified as rare organisms known as thermophiles which thrive at temperatures between 45 and 122 degrees Celsius - temperature thought too high to support most life forms.

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."

10 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4148
State Tax Revenue Falters As Economy Weakens

 

Just headlines

  1. Banks' overnight ECB deposits hit 2011 high
  2. Moody's downgrades Portuguese banks
  3. Moody's downgrades 12 U.K. lenders
  4. Greenspan Says Greek Borrowing Rates ‘Not Sustainable’ ("Yeah, I think they’re broke")
  5. Worth of Canadian pension funds dives
  6. India’s Food Inflation Accelerates to 9.41%, a Three-Week High
  7. Japan cabinet approves $156bn recovery budget
  8. Florida facing another $2 billion budget shortfall
  9. Chicago working to chip away at city’s $1 billion in uncollected debt
  10. Treasury to sell $66 billion in debt next week
  11. State likely to face another deficit (Minnesota)
  12. City to Fire 700 Workers (New York)
  13. California’s State Fund to Lay Off Up to 1,800 Workers
  14. Half of Texas doctors may quit Medicare if cuts enacted, survey finds
  15. State Owes Feds $1.6 Billion (Florida...video)
  16. NYC Pension Costs May Increase After Lower Returns, Mayor Says
  17. Potential 19% hike in Albany County property taxes
  18. NY fiscal watchdog: Nassau budget woes worsen ("could have a deficit of nearly $300 million")
  19. California Teachers Pension Fund Will Seek Boost in Taxpayer Contributions
  20. State Tax Revenue Falters As Economy Weakens
  21. Irish Trophy Home Plunges 75% in Price as Property Millionaires Disappear
  22. Papandreou Support Falls to 2011 Low in Poll on Deeper Greek Budget Cuts
  23. Spain's foreign debt for the first time exceeded one billion euros
  24. Will Spring Bring a Triple Dip? (Housing)
  25. Prices Grow Grimmer as Fall Begins (housing)
  26. Devaluation Bets Spur Edenor Bond Sell-Off: Argentina Credit
  27. Utilities Seek Record Loans as Fuel Costs Spike: Japan Credit
es2's picture
es2
Status: Bronze Member (Offline)
Joined: Dec 31 2010
Posts: 68
Bank of England Head: World Facing Worst Economic Crisis Ever

Bank of England Head: World Facing Worst Economic Crisis Ever  http://www.newsmax.com/Newsfront/king-bank-england-crisis/2011/10/06/id/...

Sir Mervyn King was speaking after the decision by the Bank’s Monetary Policy Committee to put £75billion of newly created money into the economy

doorwarrior's picture
doorwarrior
Status: Silver Member (Offline)
Joined: Oct 13 2009
Posts: 166
A clear message from OWS

The MSM wants a clear message from the OWS movement. Here is a VERY clear message.

Rich

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4148
Fitch Cuts Spain, Italy Credit Ratings; Outlooks Negative

"Spain and Italy, the euro region’s fourth- and third-largest economies, were downgraded by Fitch Ratings on concern they will struggle to improve their finances as Europe’s debt crisis intensifies.

Spain had its foreign and local currency long-term issuer default ratings cut to AA- from AA+, while Italy had the same set of ratings to A+ from AA-, the company said in statements today. The outlook for both countries is negative. Fitch also maintained Portugal’s rating at BBB-, saying it would complete a review of that ranking in the fourth quarter.

The downgrades reflect “the intensification of the euro zone crisis,” which “constitutes a significant financial and economic shock,” Fitch said, citing risks to Spain’s “fiscal- consolidation” efforts. “A credible and comprehensive solution to the crisis is politically and technically complex and will take time to put in place and to earn the trust of investors.”"

 

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

Approximately two months ago, the British government seized numerous assets from citizen's safe deposit boxes.  Gold, silver, jewelry, art pieces and personal belongings at the following locations: ........   ...   ....   ...

There was an order which came directly from the government, under the pretext that those belongings could be "illegal", from the "black market" and/or from "drug businesses and money laundry". A total of 146 people were arrested and 30 of them received charges of pedophile, illegal arms possession and money laundry.

Here we go.

From here.

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Shine on silver moon.

Although the fund is not the exact equivalent of an investment in silver, they provide investors with an alternative that allows a level of participation in the silver market through the securities market

An expanation of what SLV means. My interpretation. Paper silver.

From Kitco.

I interpret this chart to be saying that the manipulation of the silver market began in 2006 by creating pretend silver.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
The results of the Rossi demonstration.

Here are the results of the latest Rossi demonstration.(PDF)  and critisms and comments can be found here. (video)

2 to 3 kW produced for 4 hours with only one of the 3 reactors working.

From Here

 

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1447
It been done before - fractal land
Arthur Robey wrote:

Approximately two months ago, the British government seized numerous assets from citizen's safe deposit boxes.  Gold, silver, jewelry, art pieces and personal belongings at the following locations: ........   ...   ....   ...

There was an order which came directly from the government, under the pretext that those belongings could be "illegal", from the "black market" and/or from "drug businesses and money laundry". A total of 146 people were arrested and 30 of them received charges of pedophile, illegal arms possession and money laundry.

Here we go.

From here.

For those that appreciate the fractal nature of life and that humans are within that nature, "what goes around, comes around" is an applicable phrase.   FDR in 1933 made it illegal for individuals and associations to own gold en.wikipedia.org/wiki/Executive_Order_6102.   Gold was turned over to the FED at $20.67 per ounce.  "The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce."   So who took one in the arse?

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