Daily Digest

Daily Digest 11/26 - New Book Predicts Crisis By 2020, Renegade Economist Interview, Oil Rigs Bring 'Man Camps' To N.D.

Saturday, November 26, 2011, 10:44 AM
  • New Book Predicts U.S. Sovereign Debt Crisis No Later Than 2020
  • Renegade Economist Interview
  • Another Great Depression Is All But Inevitable - Hardtalk With Steve Keen
  • Ex-F.B.I. Chief Asked to Oversee MF Global’s Bankruptcy
  • For Business, Golden Days; For Workers, the Dross
  • New Clashes Underscore Standoff in Egypt
  • The Return Of Debtors Prisons: Collection Agencies Now Want Deadbeats Arrested
  • Oil Rigs Bring Camps of Men to the Prairie
  • "Warning: This Car Is Inefficient"

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Economy

New Book Predicts U.S. Sovereign Debt Crisis No Later Than 2020 (Doug)

Political Economist Dr. Timothy Barnett has just released his latest book: America's False Recovery. The book details the reasons that apparent signs of “recovery” in the United States are unsustainable, and provides specific details that explain how America will face a crippling sovereign debt crisis no later than the year 2020. Dr. Barnett goes on to show how this loss of sovereignty will lead to a practical democratic plutocracy, where America is ultimately ruled by its creditors.

Renegade Economist Interview (TG)

Impossible to identify by demographics, gender or background the Renegade Economist cannot be pigeonholed by social status or material trappings. These are people in every industry who have an overriding desire: to eliminate the glaring disconnect between who they are and what they do.

The Renegade Economist website is a meeting ground to share common experiences, stimulate debate, tell authentic stories and embark on new thinking about the future of business.

Another Great Depression Is All But Inevitable - Hardtalk With Steve Keen (TG)

His way of avoiding depression? Write off the debt, bankrupt the banks, nationalize the financial system, and start all over again.

Ex-F.B.I. Chief Asked to Oversee MF Global’s Bankruptcy (jdargis)

His work is separate from that of James W. Giddens, who was appointed as the trustee of MF Global’s main American brokerage unit and is responsible for liquidating that business and returning funds to customers. MF Global subsidiaries in other countries are under the control of separate officials.

For Business, Golden Days; For Workers, the Dross (jdargis)

Corporate profits after taxes were estimated to be $1.56 trillion, at an annual rate, during the quarter, or 10.3 percent of the size of the economy, up from 10.1 percent in the second quarter. Until 2010, the government had never reported even a single quarter in which the corporate share was as high as 9 percent, as can be seen in the accompanying charts.

New Clashes Underscore Standoff in Egypt (jdargis)

A group of several hundred demonstrators left Tahrir Square early Saturday and moved to the outside of the government’s cabinet building to try to prevent Kamel el-Ganzoury from taking office as prime minister. In a moment of confusion, security forces fired tear gas at the protesters and ran over one man with a police vehicle. State media reported that the man died from the injuries.

The Return Of Debtors Prisons: Collection Agencies Now Want Deadbeats Arrested (nickbert)

As if life wasn't already tense enough for Americans who can't pay their debts, collection agencies are now taking advantage of archaic state laws to have some debtors arrested and sent to jail.

More than one-third of US states allow debtors to be arrested and jailed, says Jessica Silver-Greenberg in the Wall Street Journal.

Oil Rigs Bring Camps of Men to the Prairie (jdargis)

Confronted with the unusual problem of too many unfilled jobs and not enough empty beds to accommodate the new arrivals, North Dakota embraced the camps — typically made of low-slung, modular dormitory-style buildings — as the imperfect solution to keeping workers rested and oil flowing.

"Warning: This Car Is Inefficient" (jdargis)

Public goods situations crop up all over the place, including decisions on maintaining roads, funding the police, and whether or not to shirk at work. This leads us to an important question: Is it possible to make people care enough about such problems to do their bit? To help answer this, researchers have developed a representation of such situations called the public goods game. The results give cause to believe that the tragedy of the commons can be overcome.

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."

9 Comments

plato1965's picture
plato1965
Status: Platinum Member (Offline)
Joined: Feb 18 2009
Posts: 615
Prepare for riots... EU / UK.

Prepare for riots in euro collapse, Foreign Office warns

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.

 http://www.telegraph.co.uk/news/politics/8917077/Prepare-for-riots-in-euro-collapse-Foreign-Office-warns.html

 

 There's also increasing risk of public sector strikes in the UK...

  think 3-day week 70's style.. so probably wise to make sure you have lighting (LED torches, batteries, candles), and means to keep warm in case of power cuts. (sleeping bags, extra blankets..)

 

 

 

 

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
2020?

New Book Predicts U.S. Sovereign Debt Crisis No Later Than 2020....  Really?  Exactly what does Dr. Timothy Barnett think is happening NOW?

Mike

guardia's picture
guardia
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Re: 2020?
Damnthematrix wrote:

New Book Predicts U.S. Sovereign Debt Crisis No Later Than 2020....  Really?  Exactly what does Dr. Timothy Barnett think is happening NOW?

He probably started writing this book in 2007, and the editor got it in 2008 or something, and the publisher took his time to get this out... throw in some CT in there to delay things... It's a book! He gotta publish it! great for him :)

Samuel

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

Debtors prison, indentured servitude, inherited debt and military service are what Stoneleigh at the Automatic Earth predicts.

  1. Debt will become a millstone around people's necks and bankruptcy will no longer be possible at some point
  2. In the future the consequences of unpayable debt could include indentured servitude, debtor's prison or being drummed into the military

"40 Ways to Lose Your Future"

Creditor beheadings are what I predict. There are dark undercurrents in the human psyche.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Dark Currents
Arthur Robey wrote:

Debtors prison, indentured servitude, inherited debt and military service are what Stoneleigh at the Automatic Earth predicts.

  1. Debt will become a millstone around people's necks and bankruptcy will no longer be possible at some point
  2. In the future the consequences of unpayable debt could include indentured servitude, debtor's prison or being drummed into the military

"40 Ways to Lose Your Future"

Creditor beheadings are what I predict. There are dark undercurrents in the human psyche.

Personally.....  I predict a REVOLUTION, and I mean like the French one, with guillotines or other acceptable implements!  You lot in America were pretty good at lynchings once upon a time....!

Mike

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Europe's woes wash up on Australia's shore.

On the news tonight it is reported that $7 Billion is wiped out of the Government's coffers as a result of losses from Capital Gains Tax. (Popping property bubble anyone?)

I thought thet we had been granted some sort of Divine immunity due to our wanton ignorance.

Assuming the politicians are telling the truth.

Of cause they are. They dont need an excuse for poor money management, they are politicians.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4062
IMF Readying Loan of as Much as $794 Billion for Italy

 

"The International Monetary Fund is preparing a 600-billion euro ($794 billion) loan for Italy in case the country’s debt crisis worsens, La Stampa said.

The money would give Italy’s Prime Minister Mario Monti 12 to 18 months to implement his reforms without having to refinance the country’s existing debt, the Italian daily reported, without saying where it got the information. Monti could draw on the money if his planned austerity measures fail to stop speculation on Italian debt, La Stampa said.

Italy would pay an interest rate of 4 percent to 5 percent on the loan, the newspaper said. The amount could vary from 400 billion euros to 600 billion euros, La Stampa said. "
 

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

"The International Monetary Fund is preparing a 600-billion euro ($794 billion) loan for Italy in case the country’s debt crisis worsens, La Stampa said.

Sax.

This is a debt jubilee for the Banks, the sellers of the bonds. At the expense of who? Is there any chance the banks will remember their jubillee when they turn on their debtors, the very people who are paying for the jubilee?

This will all end in tears.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4062
  After I posted the link

 

After I posted the link here Zerohedge did a story on the IMF loan. They called the rumor "dead in the water".

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