Daily Digest

Daily Digest 4/30 - Iran Conflict Seems Less Likely, The Post-Cash Economy, Improving Well Flow At Berri And Ghawar

Monday, April 30, 2012, 9:57 AM
  • Banks Seek To Put Pressure On Small Rivals
  • Experts Believe Iran Conflict Is Less Likely
  • Spain In Talks Over ‘Bad Bank’ Scheme
  • The Post-Cash, Post-Credit-Card Economy
  • Sudan Declares State of Emergency as Clashes Continue
  • Clean Energy Investment Must Change - Reward Innovation not Production
  • Improving horizontal well flow at Berri and Ghawar
  • Amid Rural Decay, Trees Take Root in Silos

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Economy

Banks Seek To Put Pressure On Small Rivals (Ernest W.)

The biggest global investment banks are examining ways to block rivals from using powers given them under the Jobs Act, potentially obstructing the goals of what is a rare US bipartisan agreement aimed at promoting small businesses.

Experts Believe Iran Conflict Is Less Likely (jdargis)

The talks two weeks ago in Istanbul between Iran and the United States and other world powers were something of a turning point in the current American thinking about Iran. In the days leading up to the talks, there had been little optimism in Washington, but Iranian negotiators appeared more flexible and open to resolving the crisis than expected, even though no agreement was reached other than to talk again, in Baghdad next month. American officials believe the looming threat of tighter economic sanctions to take effect on July 1 convinced the Iranians to take the negotiations more seriously, and that in turn has reduced the threat of war.

Spain In Talks Over ‘Bad Bank’ Scheme (Ernest W., registration required)

One option for the government seeking to tackle the worsening economic crisis is for a state bailout financed by EU rescue funds, but Spain wants to avoid a blow to its credibility and the strict conditions such aid would entail. In a speech to his party on Sunday, Mr Rajoy reiterated the PP’s commitment to painful economic reforms. “Spain needs, and needs urgently, deep structural changes, not window-dressing, in order to grow and create employment.”

The Post-Cash, Post-Credit-Card Economy (jdargis)

The survey, released earlier this month by the Pew Research Center’s Internet and American Life Project along with Elon University’s Imagining the Internet Center, asked just over 1,000 technologists and social scientists to opine on the future of the wallet in 2020. Nearly two-thirds agreed that “cash and credit cards will have mostly disappeared” and been replaced with “smart” devices able to carry out a transaction. But a third of the survey respondents countered that consumers would fear for the security of financial transactions over a mobile device and worry about surrendering so much data about their purchasing habits.

Sudan Declares State of Emergency as Clashes Continue (jdargis)

But reports of fighting continued through the weekend. On Saturday, Sudanese aircraft bombed Panakuach, a town near the border in Unity State, Mr. Benjamin said. And on Sunday, South Sudan’s army said clashes with what it called a militia group backed by Sudan left 21 people dead in Malakal, near the border. Mr. Benjamin called the militia a “mixture” of Sudanese forces and southern militiamen.

Clean Energy Investment Must Change - Reward Innovation not Production (James S.)

The two of us have been critical of how some of the green stimulus money was spent. Big investments to weatherize homes ended up creating few jobs and didn't have much impact on the nation's energy demand. Patchwork and overlapping subsidies and regulations allowed some rent-seeking firms to double-dip. Too much was spent on deployment and too little (less than 20 percent) was spent on energy R&D, which at under $5 billion a year is grossly underfunded compared to NIH's $30 billion and DOD's $80 billion R&D budgets.

Improving horizontal well flow at Berri and Ghawar (Ernest W.)

Aramco has used two ways to get around this problem. The first was to use a down-hole tractor to overcome the frictional forces that were otherwise stalling the placement of the CT by overwhelming the driving force before the tool could reach the back of the hole. The tractor has a small series of wheels that are recessed within the tool while it is fed down the well to the point where it is deployed.

Amid Rural Decay, Trees Take Root in Silos (jdargis)

The human footprint, however, continues to erode. At farms like the one run by Joshua Svaty, a former Kansas agriculture secretary, there are too many empty buildings to count, including an old barn occupied by a group of roosting vultures.

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11 Comments

Bill Hicks's picture
Bill Hicks
Status: Bronze Member (Offline)
Joined: Jul 3 2011
Posts: 34
A Sucker Born Every Minute: The Franklin Mint Ripoff

billhicksisdead.blogspot.com/2012/04/sucker-born-every-minute-franklin-mint.html 

This probably doesn't need to be said around here, but beware of buying "silver" coins that are not really silver.

Dear Mr. Berko: During the past 25 years, I purchased more than $47,000 in collectible silver coins and beautiful non-silver coins from the Franklin Mint for my retirement because I thought the scarcity and limited-edition minting of these coins would drive up their value over the years and because I believed the silver content in the silver coins would also increase in value. Now I’m 64 and decided to sell these coins to a coin dealer who offered me $2,500 for the whole lot. 

And my reaction:

Actually buying a couple of Franklin Mint pieces of crap is one thing (I think the wife and I have a phone ordered "collectable" or two lying around somewhere). Blowing $47,000 over a quarter of a century without ever ONCE checking with someone who doesn't work for the company to find out the real value of the merchandise places this guy (or gal?) very high on the list of the world's all time biggest suckers.

 

 

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
dps's picture
dps
Status: Martenson Brigade Member (Offline)
Joined: Jun 27 2008
Posts: 442
A Sucker Born Every Minute: The Franklin Mint Ripoff

Bill,

Your point could easily be made without the degrading name-calling.  From my perspective, such language actually hurts your credibility while adding nothing to your point.  ... dons

gegreene's picture
gegreene
Status: Member (Offline)
Joined: Nov 2 2010
Posts: 9
A Sucker Born Every Minute: The Franklin Mint Ripoff

 You were also self-deprecating, which was consistent.

Headlines are called headlines for a reason, and it works.  I'm glad I read the article that otherwise might have been overlooked.

In the future when people google "sucker and mint" together, they will find one more warning than before.  I frequently perform similar searches when contemplating a purchase.

That's my 2-cents worth, regardless of where they were minted.

 

littlefeatfan's picture
littlefeatfan
Status: Silver Member (Offline)
Joined: Jul 20 2009
Posts: 141
New 3Es postings

 more 3E links, cartoons, and resources at  http://3es.weebly.com/

Bill Hicks's picture
Bill Hicks
Status: Bronze Member (Offline)
Joined: Jul 3 2011
Posts: 34
Sorry, dps, that's just my

Sorry, dps, that's just my style.  

I would note that I did give the person a break at the end of my blog post.  

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1428
Who is buying Spanish and Italian debt?

Looks like LTRO (or whatever the ECB money printing is called) is "loaning" to Spainish and Italian private banks to buy that sovereign debt, but how long can that last as bad news begins to build globally?   Both's 10 yr yield decreased over 1%!

SailAway's picture
SailAway
Status: Gold Member (Offline)
Joined: Aug 11 2010
Posts: 404
Economy Face Off: Ron Paul vs Paul Krugman

Keynsian vs Austrian economics...

April 30 (Bloomberg) -- Nobel-prize winning economist Paul Krugman and Republican presidential candidate Ron Paul talk about inflation, monetary policy and the role of the Federal Reserve. They speak on Bloomberg Television's "Street Smart." (Source: Bloomberg)

http://www.bloomberg.com/video/91689761/

http://bloom.bg/JNtoDp

pwoody82's picture
pwoody82
Status: Bronze Member (Offline)
Joined: Sep 26 2008
Posts: 51
Franklin Mint

I made a purchase of 999 fine one ounce bars from the mint years ago. They were so-called 50 states collectable bars, and at the time, I paid over twice what the bullion value was. In my case, however, I came out OK since I paid $12.50 for each bar and silver has gone up so much that the collectable part of the purchase no longer matters. Anyhow, not all of us lost money in that type of environment. I admit I could have done much better just buying 999 fine medallions at half the price.

KennethPollinger's picture
KennethPollinger
Status: Platinum Member (Offline)
Joined: Sep 22 2010
Posts: 653
The New Depression by Richard Duncan

 Chris.  Hope you can get this author for an interview of his new book.

For the EEE community, please visit amazon.com and read Lance Sjogren's

review of The New Depression--excellent thoughts and analysis.

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Lance Sjogren's Amazon.com Review Of The New Depression

Kenneth

That was a great read. I suspect Lance Sjogren may have already seen the Crash Crouse video. He's right about the likely path. It's going to be a long period like Japan's Lost Decade. The banks remain zombies, the people languish, but it's preferable to cold turkey.

Poet

KennethPollinger wrote:

 Chris.  Hope you can get this author for an interview of his new book.

For the EEE community, please visit amazon.com and read Lance Sjogren's

review of The New Depression--excellent thoughts and analysis.

 

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