Daily Digest

Daily Digest 11/11 - Ala. County OKs Bankruptcy Filing, China's Economy Threatened By Water Shortages, Is There No Shame?

Friday, November 11, 2011, 10:46 AM
  • MF Global's Customer Assets - STOLEN - And Nothing You Hold In This System Is Safe
  • Alabama's Jefferson County OKs Bankruptcy Filing
  • Is There No Shame?
  • Crisis in Italy Deepens, as Bond Yields Hit Record Highs
  • In Ohio, Repeal Of Collective Bargaining Law Could Fuel Democrats For 2012
  • Argentina Announces Massive Oil and Natural Gas Reserves
  • China's Economy Threatened By Water Shortages
  • Sheep Lawn Mowers, And Other Go-Getters

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Economy

MF Global's Customer Assets - STOLEN - And Nothing You Hold In This System Is Safe (Mike K.)

As suspected, MF Global brazenly took liquid assets like Treasuries and warehouse receipts, but not cash which would have been more quickly missed, from customer accounts to post as illegal collateral for emergency funding with a lender who must have known that they were receiving stolen goods.

Alabama's Jefferson County OKs Bankruptcy Filing (Mike K., Rick R.)

Despite a tentative deal with creditors reached in September to settle $3.14 billion of debt, county commissioners this week resurrected the threat of a Chapter 9 bankruptcy filing largely because the estimated savings from the September agreement had shrunk by about $140 million.

The filing could add to heightened concerns in the $3.7 trillion U.S. municipal bond market, which has recently been hit hard by the high-profile debt crisis in Pennsylvania's capital of Harrisburg.

Is There No Shame? (JimQ)

Wall Street bankers exhibit the epitome of psychopathic behavior, showing lack of empathy and remorse, shallow emotions, egocentricity, and deceptiveness. Psychopaths are highly prone to antisocial behavior and abusive treatment of others. Though lacking empathy and emotional depth, they often manage to pass themselves off as average individuals by feigning emotions. These Wall Street bankers will never willingly accept responsibility for their actions. They continue to use their wealth and power to control the politicians in Washington DC and the misinformation propagated by the corporate media they control. They own and control the Federal Reserve and will print money until the whole system collapses in a spectacular implosion that destroys our financial system. They only care about their own wealth, influence and status. They have no shame.

Crisis in Italy Deepens, as Bond Yields Hit Record Highs (jdargis)

A day after Prime Minister Silvio Berlusconi pledged to step down once the Italian parliament passes austerity measures, Italy was engulfed in political chaos that has pushed the euro zone to its biggest test yet and raised the once unthinkable prospect of a major industrial economy going bankrupt.

In Ohio, Repeal Of Collective Bargaining Law Could Fuel Democrats For 2012 (jdargis)

This hard-earned and expensive victory for unions represents a momentum shift in their direction at a crucial time. Ohio will likely be a key electoral battleground in the coming presidential election, and supporters of the repeal say this win signals that the sweeping, Republican-led efforts to curb the power of public employee unions may have gone too far.

Energy

Argentina Announces Massive Oil and Natural Gas Reserves (James S.)

Former Argentine Energy Minister Jorge Lapena cautioned that while YPF SA’s "spectacular announcement" was good news, the reserves have yet to be proven and that studies on economic feasibility and environmental impact still need to be done, noting, "There's still a long path to go from resources to reserves, and then to put them into production." While the discovery is good news for Argentina, the find pales next to Brazil's recent deep-sea oil discoveries, which experts estimated could be as much as 55 billion barrels or Venezuela’s massive oil resources of 296.5 billion barrels in proven crude reserves.

Environment

China's Economy Threatened By Water Shortages (James S.)

Government has recognised this and has responded with a target in its 12th five-year plan (2011-15) to cut by 30% the water consumption per unit of value-added industrial output, HSBC notes. Officials have also announced plans to invest about RMB400 billion ($63 billion) per year up to 2020 in water projects, raise the efficiency of rural crop irrigation and cap annual water consumption at 670 billion cubic metres in 2020 (compared with close to 600 billion cubic metres used in 2009).

Sheep Lawn Mowers, And Other Go-Getters (snorris302)

As an uncertain economy and a stagnant hiring climate continue to freeze people out of the traditional job market, a number of entrepreneurs like Mr. Miller, many of them in their 20s and 30s, are heading back to the land, starting small agricultural businesses. And in the process, they are discovering that modern homesteading offers more rewarding work, and possibly more security, than entering the white-collar fray.

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."

7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
To Our Veterans: Thank You For Your Service

I just wanted to say to all our veterans in the community: Thank you for your service.

Poet

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 731
Veteran's Day
Poet wrote:

I just wanted to say to all our veterans in the community: Thank you for your service.

Poet

I expect we are speaking for many others in offering gratitude for your steadfast service throughout.

Denise

es2's picture
es2
Status: Bronze Member (Offline)
Joined: Dec 31 2010
Posts: 68
Cost of a Thanksgiving meal jumps 13 percent

Anyone know what the deadline is for suggestions to the Daily Digest? Sometimes when I send them the night before they aren't included.

Cost of a Thanksgiving meal jumps 13 percent this year http://www.washingtonpost.com/business/thanksgiving-meal-cost-jumps-13pe...

MF Global’s Missing Funds May Be ‘Massive’ Ploy: CFTC’s Chilton http://www.bloomberg.com/news/2011-11-10/mf-global-missing-funds-may-be-...

Jim Grant: "The ECB Is Now Implementing The MF Global Trade" (video on page) http://www.zerohedge.com/news/jim-grant-ecb-now-implementing-mf-global-t...
The New York Fed is leverage 100 to 1.

Why Italy’s Days in the Eurozone May Be Numbered - Roubini http://www.economonitor.com/nouriel/2011/11/10/why-italys-days-in-the-eu...

Alabama’s Jefferson County Enters Biggest Muni Bankruptcy as Crisis Victim http://www.bloomberg.com/news/2011-11-10/alabama-s-jefferson-county-decl...

es2's picture
es2
Status: Bronze Member (Offline)
Joined: Dec 31 2010
Posts: 68
Italy world's third-largest government debtor

Euro and stocks rally on Italy reform vote http://www.reuters.com/article/2011/11/11/us-markets-global-idUSTRE7AA42...
country's status as the world's third-largest government debtor.

Compared to this, Greece was just a sideshow. Italy could blow Europe to pieces By Daniel Hannan
http://www.dailymail.co.uk/debate/article-2059637/Italy-debt-crisis-Comp...

Woodman's picture
Woodman
Status: Diamond Member (Offline)
Joined: Sep 26 2008
Posts: 1028
Never be afraid to raise your voice

 Thanks for the post from The Burning Platform.  Although the situations were not as serious, I've experienced many in my professional and personal life where something was wrong and I was the only one to speak up and say no this is wrong.  Often it was inconvenient or alienating for me, but the times I spoke up it always worked out the better in the long run.  I wish others would learn that lesson.     Tom

guardia's picture
guardia
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Posts: 592
Re: Sheep Lawn Mowers, And Other Go-Getters

Wow, so refreshing to see articles like that appear in the MSM.. thank you snorris302 :)

Samuel

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