Daily Digest

Daily Digest 2/11 - IMF Urges Global Monetary Overhaul, New Drilling Method Opens Up Gas Fields, The End Of Cheap Food?

Friday, February 11, 2011, 10:47 AM
  • Travesty of a Mockery of a Sham, Phase II
  • Spain Orders Drastic Caja Clean-Up To Win Confidence And Fight Off EMU Debt Contagion
  • IMF Urges Overhaul Of Global Monetary System
  • Uranium Mining: Not Fair, They Say
  • Peak Oil Explained For Investors
  • Peak Oil Speculative Trading Strategies
  • New Drilling Method Opens Vast Oil Fields In U.S.
  • Is this the End of Cheap Food?

Crash Course DVDJoin us in creating a future of True Prosperity – share the Crash Course today (NTSC or PAL)

Economy

Travesty of a Mockery of a Sham, Phase II (pinecarr)

The facsimile of U.S. "growth" now depends entirely on Central State manipulation and stimulus of risk trades and financial slight-of-hand.

Spain Orders Drastic Caja Clean-Up To Win Confidence And Fight Off EMU Debt Contagion (pinecarr)

Spain has imposed draconian rules on its saving banks and is preparing for part-nationalisation of the industry to restore confidence and boost the country’s defences against contagion from the debt crisis in Portugal.

IMF Urges Overhaul Of Global Monetary System (pinecarr)

The head of the International Monetary Fund called on key global economic players Thursday to accept an increased role for an alternative reserve currency as a way to curb trade imbalances that are at risk of widening further.

The alternative in mind is the IMF’s special drawing rights, or SDRs. And Dominique Strauss-Kahn, in prepared remarks delivered in Washington, said the IMF is open to changing the basket of currencies that determine the SDR’s value by giving more weight to emerging market currencies – including the yuan.

Energy

Uranium Mining: Not Fair, They Say (jdargis)

ONE might not have too much sympathy for fossil fuel companies, currently enjoying all the benefits of high coal and oil prices. But they are crying foul in their competition with an (admittedly undersized) non-hydrocarbon fuel—uranium. According to America’s mining act of 1872, framed at a time when spurring development of the wide-open West was all the rage, no government agency can refuse a mining permit on federal land, or charge a royalty. And uranium is treated just like other hardrock minerals such as gold and copper. Oil, gas, coal and timber companies, by contrast, all have to pay substantial royalties, of up to 12.5% of gross income, when they extract from federal lands.

Crash Course DVDJoin us in creating a future of True Prosperity – share the Crash Course today (NTSC or PAL)

Peak Oil Explained For Investors (Erik T.)

I recently self-produced two videos about Peak Oil for investors. The first explains what Peak Oil is all about, and the second describes how speculative investors might profit from it.

Peak Oil Speculative Trading Strategies (Erik T.)

Erik Townsend's second video about how investors might profit from a volatile energy market.

New Drilling Method Opens Vast Oil Fields In U.S. (howland)

Oil engineers are applying what critics say is an environmentally questionable method developed in recent years to tap natural gas trapped in underground shale. They drill down and horizontally into the rock, then pump water, sand and chemicals into the hole to crack the shale and allow gas to flow up.

Environment

Is this the End of Cheap Food? (nickbert)

But there is evidence that the current rise -- driven in part by bizarre and destructive weather in important food-exporting countries including Australia, Argentina and Russia -- will be more sustained than the 2008 event.

Credit Suisse researchers led by Edward Morse note that while "the predominant short-term cause for most food price spikes in recent years has been supply disruption, it is possible that over time, increased demand from emerging markets could slow or even halt the long-term downward trend in food prices evident for at least the past 100 years.

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: 4060
Re: Daily Digest 2/11 - IMF Urges Global Monetary Overhaul, ...

"NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.

The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system.

SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies."

.......................1A) IMF boss calls for new international currency

"The balance sheet -- a broad gauge of Fed lending to the financial system -- expanded to $2.483 trillion in the week ended February 9 from $2.452 trillion the prior week.

The central bank's holding of U.S. government securities jumped to $1.167 trillion on Wednesday from last week's $1.138 trillion total"

"California's Employment Development Department spent $22.9 billion on unemployment benefits in 2010, a record amount, the EDD said Thursday. The benefits, paid to 1.7 million Californians, average out to about $90 million each business day.

"The numbers are staggering and the need undeniable," said Pam Harris, chief deputy director of the EDD.

The state paid out $20.2 billion in unemployment benefits in 2009. That topped the previous record of $8 billion that the state paid out in 2008. "

"SAGINAW COUNTY -- Web-based college financial aid source FinAid clocks the nation’s student loan debt level at more than $888 billion dollars as of this month. It’s that sky high figure that has many financial experts and analysts calling it the country’s next major financial crisis.

More and more recent college graduates are finding themselves tens of thousands of dollars in debt and unable to find jobs in their field to make those debt payments, let alone meet other costs of livings.

MSN financial writer Liz Pulliam Weston wrote an article documenting e-mails she receives from graduates in $30,000-$40,000 if not more in debt from student loans and are unable to find work.

Some students resort to credit cards to pay what they can, while others take on two or more jobs to pay the bills, but still find themselves coming up short."

 

  • Other news, headlines and opinion:

Did the Economy Cause Unrest in the Arab World: Dylan Ratigan Show (Video)

Treasury Sets Sales of $71 Billion of Debt (Next week)

Italian Banks Face Tough Funding Terms - Central Bank

Portugal Funding Fears Return As EMU Periphery Debt Supply Mounts

Moody's Downgrades Unsecured Debt of Irish Banks on Possible Investor Loss and Moody's downgrades Irish banks on election worries

State tackles how to pay its debt for unemployment benefits (Indiana)

Muni Fund Investors Pull $1.2 Billion in 13th Week of Outflow, Lipper Says

Moody's: Crisis brought unprecedented defaults

Fed's Lockhart Says He Would Oppose Monetizing Debt

Strike shuts down Pakistan state carrier

Unemployment rate in Greece hits a new high

White House Retreats on Social Security Offer

Florida Medicaid patients may lose dental, vision, mental health services

Russian Debt May Reach 585% of GDP on Demographic Woes, S&P Says

Toronto facing $774M shortfall in 2012

Spain Creates Tax Break for Hiring as Jobless Rate Among Youth Exceeds 40%

Unfunded liabilities for Chicago funds up 600% since 2000

SagerXX's picture
SagerXX
Status: Diamond Member (Offline)
Joined: Feb 11 2009
Posts: 2219
Mubarak has stepped down...

...and now we get to find out who/what comes next.

For now, though, they're going nuts in Tahrir Square.  Jubilation. 

Good luck, people of Egypt:  "A republic, if you can keep it." (Benjamin Franklin)

britinbe's picture
britinbe
Status: Gold Member (Offline)
Joined: Dec 28 2008
Posts: 381
Re: Mubarak has stepped down...
SagerXX wrote:

...and now we get to find out who/what comes next.

For now, though, they're going nuts in Tahrir Square.  Jubilation. 

Good luck, people of Egypt:  "A republic, if you can keep it." (Benjamin Franklin)

but replaced by a Military Council.   Will it be any different??  Time will tell

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
Re: Daily Digest 2/11 - IMF Urges Global Monetary Overhaul, ...

 

Hasbro counting on price hikes to offset costs

Pilgrim's pride 4th-qtr net income up ("it expects to raise chicken prices this year to offset higher feed costs")

Avon net falls in 4Q on troubles in Brazil, Russia ("plans to raise prices to offset rising costs for commodities such as resins and chemicals")

 

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1323
Re: Mubarak has stepped down...

I think CM's latest report,  "Egypt's Warning are You Listening?" answers the question.  It can not be any different no matter who is in power. 

horstfam's picture
horstfam
Status: Bronze Member (Offline)
Joined: Sep 6 2008
Posts: 71
Re: Daily Digest 2/11 - Extend, Pretend, & CLEANSE

It appears the FDIC is closing about 4 banks a week. If they keep up this pace, another 200, or so, will bite the dust this year. Isn't there a line from a song that describes their work: "Nothing from nothing leaves nothing..."?

http://www.fdic.gov/bank/individual/failed/banklist.html

 

Woodman's picture
Woodman
Status: Diamond Member (Offline)
Joined: Sep 26 2008
Posts: 1028
Re: Daily Digest 2/11 - IMF Urges Global Monetary Overhaul, ...

Do I Hear $150? Oil Prices Could Go Up "Very, Very Fast," Says Stephen Leeb

http://finance.yahoo.com/tech-ticker/do-i-hear-150-oil-prices-could-go-up-%22very-very-fast%22-says-stephen-leeb-535920.html?tickers=xom,xle,cop,oil,uso,bp,oih

 

Peak Oil discussion entering mainstream media?

green_achers's picture
green_achers
Status: Silver Member (Offline)
Joined: Jan 3 2009
Posts: 205
Re: Mubarak has stepped down...
rhare wrote:

 It can not be any different no matter who is in power. 

Here or there, it would appear.

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