Daily Digest

Daily Digest 11/1 - TransitionUS Speaks With CM, The Gap Of Luxury, U.S. National Debt Continues To Grow

Tuesday, November 1, 2011, 10:42 AM
  • A Conversation with Chris Martenson
  • U.S. plans to borrow $305B October through December
  • MF Global Holdings Creditors Led By JPMorgan, Deutsche Bank
  • Greece gambles on referendum for new debt deal
  • Ferrari chairman calls on Berlusconi to quit
  • Soros: Greek debt "agreement" will collapse in three months
  • The Gap Of Luxury
  • Brazil To Overtake UK As Sixth-Largest Economy
  • The Two Halves Of The Eurozone Are Locked In A Broken Marriage
  • China Power Shortfall May Hit Up To 40GW
  • Energy from Waste: A Waste of Time or a Genuine Energy Solution?
  • Despite Booming Economy, Brazilians Rally Against Amazonian Dam
  • Long Trek to Normalcy after Nor'easter
  • Concerns Are Raised About Genetically Engineered Mosquitoes

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Economy

A Conversation with Chris Martenson (adam)

Once I figured out that most of the (so-called) better colleges place "effective teacher" pretty much near the bottom of their list of characteristics that factor into tenure review, I switched gears, obtained an MBA from Cornell (in Finance), and spent the next ten years working my way through positions in both corporate finance and strategic consulting. From these experiences I gather my comfort with numbers and finance. mp3 file.

U.S. plans to borrow $305 bln Oct. through Dec. (Saxplayer00o1)

The U.S. Treasury expects to borrow $305 billion this quarter and $541 billion in the next three-month period as the government struggles to bring down future budget deficits despite a weak economy.

MF Global Holdings Creditors Led By JPMorgan, Deutsche Bank (Saxplayer00o1)

The following are MF Global Holdings’ largest unsecured creditors and shareholders, according to the company’s bankruptcy filing and related court papers submitted today in U.S. Bankruptcy Court in Manhattan.

Unsecured creditors rank behind secured lenders in getting repaid in a bankruptcy, and are ahead of preferred and common shareholders.

Unsecured Creditors:

JPMorgan Chase & Co. (JPM)’s JPMorgan Chase Bank, bondholder trustee, $1.2 billion.

Deutsche Bank AG (DBK), trustee for $1.02 billion in bonds:

Greece gambles on referendum for new debt deal (Saxplayer00o1)

Taking a huge political gamble, Greece's prime minister announced Monday that his debt-strapped country will hold a referendum on the new European debt deal reached last week — the first such vote in 37 years.

Support for the Socialists has eroded so much that anti-government protesters forced authorities Friday to cancel an annual military parade to honor World War II veterans, causing deep embarrassment to the government.

Ferrari chairman calls on Berlusconi to quit (Saxplayer00o1)

A prominent Italian businessman called on Prime Minister Silvio Berlusconi to resign on Monday, as Italian bond yields rose nearly to August levels, indicating concern that problems in the euro zone's third largest economy could threaten the whole bloc.

Luca Cordero di Montezemolo, chairman of sports car maker Ferrari, said in a letter to the daily La Repubblica that Italy had reached "the point of no return" and urged Berlusconi to make way for a government of national unity.

Soros: Greek debt "agreement" will collapse in three months (Saxplayer00o1)

Veteran investor George Soros has attacked the lack of leadership at the top of the eurozone and said that the new Brussels ''deal'' to solve the debt crisis will last only between ''one day and three months''.

Mr Soros, who achieved worldwide fame when he bet against sterling remaining within the Exchange Rate Mechanism in the 1990s, said the 50per cent ''haircut'' on private bond holders would reduce Greek debt by only 20per cent. He said that was insufficient to stop an economic decline in Greece which would lead to greater social unrest.

The Gap Of Luxury (jdargis)

On one side of the proverbial tracks, there are 50-foot sailboats, vintage Ferraris and quaint New England streets lined by immaculate colonial mansions. On the other, a quarter of the population lives in poverty, unemployment is 14 percent, and 95 percent of the kids in public schools qualify for free or reduced-price lunches.

Brazil To Overtake UK As Sixth-Largest Economy (pinecarr)

Robert Wood, the EIU's chief economist on Brazil, said the country's surge up the table owed much to a growing consumer class and a booming trade relationship with China, based on the Asian giant's need for commodities such as soy and iron ore. "It's partly the story of the lower income classes rising up in Brazil to join the middle-class and partly the sheer size of the population of nearly 200m," said Mr Wood.

The Two Halves Of The Eurozone Are Locked In A Broken Marriage (pinecarr)

One by one, the democracies of Southern Europe are being broken on the wheel of monetary union.

Energy

China Power Shortfall May Hit Up To 40GW (pinecarr)

China may face a peak power shortage of up to 40 gigawatts in winter and spring as rising demand outpaces expansion in generation capacity, an industry group said yesterday.

Other factors contributing to the shortfall include low coal quality? which could lead to unplanned power plant maintenance, and a lack of coordination between power generators and distributors, according to the China Electricity Council.

Energy from Waste: A Waste of Time or a Genuine Energy Solution? (James S.)

In this post, we’ll look at human waste, waste cooking oil, and household garbage as examples. We bypass for now what is perhaps the biggest potential waste stream listed above: agricultural byproduct. The point of this post is not to say that waste streams are, well, a waste of time. Valuable energy can be recouped by such methods—sometimes economically so. The point, rather, is to put numbers on ideas that are sometimes portrayed as big solutions, when they are not.

Environment

Despite Booming Economy, Brazilians Rally Against Amazonian Dam (James S.)

The protesters have blocked the Trans-Amazon Highway (BR-230) around Sao Antonio village, where it passes through the dam’s construction site. Local indigenous politician Juma Xipaia said, “Belo Monte will only succeed if we do nothing about it. We will not be silent. We will shout out loud and we will do it now. We only demand what our Constitution already ensures us: our rights. Many documents and meetings have already transpired and nothing has changed. The machinery continues to arrive to destroy our region.”

Long Trek to Normalcy after Nor'easter (amanda)

"Such a small storm but such a big disaster," said Marina Shen, who spent Sunday night with her husband and dog at a middle school in Wayland, a Boston suburb of 13,000 where half the homes lost power. Just a few inches fell in Wayland, and most of it had melted by Monday, but overnight temperatures fell below freezing.

"The house is really, really cold. You cannot do anything. It's so dark, cold," Shen said. "Here they give us a hot shower."

Concerns Are Raised About Genetically Engineered Mosquitoes (VeganD)

The Agriculture Department, meanwhile, is looking at using genetic engineering to help control farm pests like the Mediterranean fruit fly, or medfly, and the cotton-munching pink bollworm, according to an environmental impact statement it published in 2008. Millions of genetically engineered bollworms have been released over cotton fields in Yuma County, Ariz.

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."

8 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4145
Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Halloween Snowstorm

I have relatives in New England who are amonst the tens of thousands of households that have lost power. They had to move in with other relatives.

Also, there are reports that some gas stations couldn't even pump gas - no electricity.

Glad SagerXX was able to move house.

Just a thought on resiliency and preparedness...

Poet

 

we_are_toast's picture
we_are_toast
Status: Member (Offline)
Joined: May 6 2010
Posts: 11
MF Global

 It's interesting to see who was holding the MF Global bonds, but I really wonder who sold the CDS's on those bonds?  And are things looking bad enough that Bernanke will hint strongly at QE3 tomorrow?  I think so, but it'll be wrapped in Christie Romer's (as reported by Krugman) request for the FED to set a Nominal GDP target.

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Another Lesson From The Snowstorm: The Elderly And Disabled

A relative of mine works in a nursing home / retirement home setting in New England.

This morning she had to walk a mile to work as she couldn't drive. She walked around a lot of downed power lines.

There typically is a kitchen staff of 12 people to prepare and serve meals - so that can give you an idea of the number of seniors involved.

Today, there were only 2: her and another nurse. All they could do was open up cans of ravioli and green beans. Her observation was that in an emergency, these nursing home workers prioritized their own immediate families...

Something to think about if you have elderly or disabled relatives... Remember some of the nursing homes in the aftermath of Hurricane Katrina - residents were abandoned or not moved, some died. In one case, 34 residents of one home drowned.

Poet

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
Poet wrote: I have
Poet wrote:

I have relatives in New England who are amonst the tens of thousands of households that have lost power. They had to move in with other relatives.

Also, there are reports that some gas stations couldn't even pump gas - no electricity.

Just a thought on resiliency and preparedness...

Poet

 

that should give you a hint about counting on a gasoline powered generator for any length of time...

a few years back, a major cleveland suburb had all their snowplow trucks in a garage w/ a power door when an ice & snowstorm knocked the power out... the plows were stuck inside almost a day till the power came back on...

 

land2341's picture
land2341
Status: Gold Member (Offline)
Joined: Aug 20 2009
Posts: 402
No gas

 Most people don't remember that gas pumps don't work w/o electricity,  but even more don't realize that most urban gas stations have one or maybe two days worth of fuel.  Bad weather may mean no delivery,  no gas.

As for a municipality with their trucks trapped,  some one needs a reality check.  The vast majority of doors have an emergebcy hand rise ability and even if they don't they have counter weights.  If you disconnect the electric motor you can open them by hand.  If the locals sat around for 24 hours waiting they were apparently not enthused about plowing.  

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
How Soda Caps Are Killing Birds

Just imagine, the same plastic parts can kill and kill again...

Who pays for the externalized costs of production and consumption?

How Soda Caps Are Killing Birds
"'...About one-third of all albatross chicks die on Midway, many as the result of being mistakenly fed plastic by their parents.' 'For me,' Jordan writes in an artist statement, 'kneeling over their carcasses is like looking into a macabre mirror. These birds reflect back an appallingly emblematic result of the collective trance of our consumerism and runaway industrial growth.'"
http://www.npr.org/blogs/pictureshow/2011/10/31/141879837/how-soda-caps-...

Poet

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4145
$14.993 Trillion

14,993,709,044,140.78

 

 

debt

"The estimated population of the United States is 311,594,559
so each citizen's share of this debt is $48,131.91."

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