Daily Digest

Daily Digest 4/4 - Japanese Mayor Appeals World For Help, Fibonacci Gold, BP To Resume Gulf Drilling

Monday, April 4, 2011, 9:46 AM
  • Japanese Mayor, Disgusted With The Government's Crisis Response, Appeals For Help To The Entire World
  • Meet The 171 Banks For Which The Margin Of Failure Is One Thousand Dollars
  • Why Is The Fed Bailing Out Qaddafi? 
  • Stock World Weekly: Pump It Up
  • Fibonacci Gold
  • Former PBOC Adviser: US QE2 May Lead To Hyperinflation--Paper
  • The Next Housing Shock
  • Japan Disaster To Cost Australia $2b
  • BP Expected To Resume Drilling In Gulf of Mexico After Deal With U.S. Regulators
  • A Rebuttal To Nuclear Fans - A Perspective From India
  • Plan to plug radioactive water leak fails at Fukushima plant
  • Concern Over Radioactive Fisheries Products Rising

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Economy

Japanese Mayor, Disgusted With The Government's Crisis Response, Appeals For Help To The Entire World (pinecarr)

The mayor of Minami Soma city, located 25 km away from the Fukushima plant, had decided to bypass the traditional channels in requesting assistance out of disgust and frustration with the government's handling of the disaster, and instead is appealing to the entire world via this soon to be viral video clip which was recorded over a week ago but is only now making the rounds. In the clip, mayor Katsunobu Sakurai says: "We are left to ourselves... we risk dying of hunger." Minami Soma, once a city of over 70,000 and which may now be down to as little 20,000, is asking for volunteers to do what the Japanese government refuses to do: namely to help those most in need of if not help, then at least potentially life-saving information.

Meet The 171 Banks For Which The Margin Of Failure Is One Thousand Dollars (pinecarr)

We are far more concerned by the banks for whom the marginal amount of cash was smallest. Below we present the 171 banks that had to access the Discount Window for the paltry sum of $1,000.00. That's right - these are the banks for whom the margin of failure is as low as one thousand dollars.

Why Is The Fed Bailing Out Qaddafi? (DavidC)

As Bernie’s staff was going through this list, it found, among other things, some $26 billion in extremely cheap loans (as low as one quarter of one percent!) extended to this ABC bank over a period of years, beginning in December of 2007 and continuing through as recently as February of 2010. The senator sent a letter to Ben Bernanke over the winter demanding more information about this loan (among others) but the response he got was completely unhelpful.

Stock World Weekly: Pump It Up (Ilene)

Considering the steady stream of bad news during the quarter - the widespread unrest erupting in North Africa and the Middle East, the continuing deterioration of the U.S. housing market, the European debt crisis, price inflation in critical input stocks and foodstuffs, persistently high unemployment, earthquakes, tsunamis and nuclear power plant disasters in Japan - the fact that the markets have not only managed to remain intact, but actually achieved gains in such an environment, is truly impressive.

Fibonacci Gold (Alfredo E.)

This article will examine the current up leg in gold price that originated in October 2008, present a study of the Fibonacci relationships of this price movement that are evident both in terms of price and time, and offer a projection of future price movement within the time frame suggested by the evidence.

Former PBOC Adviser: US QE2 May Lead To Hyperinflation--Paper (pinecarr)

Chinese academic and former People's Bank of China adviser Yu Yongding attacked the U.S. Federal Reserve's policy of quantitative easing in an editorial in the China Daily on Saturday, saying it may lead to hyperinflation in the U.S. and major losses for investors in U.S. debt.

"Whatever arguments the Fed uses to soothe the nerves of investors, nobody knows whether the Fed can withdraw the liquidity quickly enough to prevent hyperinflation and a freefall by the US dollar. This practice has never been tested in history," Yu wrote in the paper.

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The Next Housing Shock (Phil H.)

As more and more Americans face mortgage foreclosure, banks' crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that's causing lawsuits and hampering an already weak housing market. Scott Pelley reports.

Japan Disaster To Cost Australia $2b

While cherry blossoms opened in Tokyo, temperatures plunged again, leaving tens of thousands of homeless shuddering in evacuation camps along the ravaged north-east coast of Japan's main Honshu island.

Japan is Australia's second largest trading partner, but its economy has been hit hard by the deadly tsunami and ongoing nuclear crisis.

Energy

BP Expected To Resume Drilling In Gulf of Mexico After Deal With U.S. Regulators (pinecarr)

BP exploration agreed despite fallout from Deepwater Horizon disaster and threat of manslaughter charges.

A Rebuttal To Nuclear Fans - A Perspective From India (guardia)

Every nuclear power advocate is claiming that a new generation of nuclear power plants will be safer than the Fukushima-era plants. In what way? There is no valid evidence for this. Safe nuclear is as much a marketing fantasy as clean coal. Same as the empty safety claims that were touted back in the 70s when Fukushima was designed and built by General Electric, Toshiba, and Hitachi.

Plan to plug radioactive water leak fails at Fukushima plant

Attempts to fill in a crack with concrete at Japan’s damaged Fukushima-1 nuclear power plant have failed, with radioactive water still leaking into the Pacific Ocean, NHK TV reports.

The channel noted that efforts to stop the leak began on Saturday and continued on Sunday, without yielding the expected results. The leak is so big that the concrete simply cannot harden. It could take several more months to bring Japan's tsunami-ravaged nuclear plant under control, Yukio Edano, Japanese Chief Cabinet Secretary said Sunday, as quoted by Kyodo news agency.

Environment

Concern Over Radioactive Fisheries Products Rising (pinecarr)

Concern is rising in Korea over the safety of fisheries products after radioactive water was reported to have leaked into coastal waters near Japan’s earthquake-stricken nuclear plant in Fukushima.

Energy Justice Action (EJA), a domestic civic group that is critical of nuclear power, said Sunday that the country cannot afford to be complacent after the leak of contaminated water was detected.

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."

6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
grl's picture
grl
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 188
"Extend and Pretend": The Severe Ramifications of Wall St's Game

Apologies if this was already posted elsewhere. I just read it and thought it was worth sharing.

"Extend and Pretend": The Severe Ramifications of Wall Street's Game  By Jim Quinn Mar 31, 2011

http://www.minyanville.com/businessmarkets/articles/extend-and-pretent-recovery-commericial-lending/3/31/2011/id/33692?page=full

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Housing Ponzi scheme in Australia

There is a grass roots movement to crash the housing Ponzi scheme here in Australia.

There will be fewer first home buyers. No more "bigger fools". No more feeding the base of the pyramid.

http://suggest.getup.org.au/forums/60819-campaign-ideas/suggestions/1595687-first-home-buyers-property-buyers-strike?tracking_code=56a575599912f340a5636a9844c214a8

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
SagerXX's picture
SagerXX
Status: Diamond Member (Offline)
Joined: Feb 11 2009
Posts: 2219
Holy mackerel: Gold US$1450, Silver $38.97 (11:30 a.m. EST)

What's driving this?  Everything took off around 10:30 this morning.  The only news I can find that might be relevant is the latest downgrade of Portugal.

The dollar is essentially even.  China talking about raising rates, but that would normally drive PMs down, yes?

I guess -- given how I'm continually surprised at how the so-called markets hold together despite all the swans and bears wandering around town -- I shouldn't be surprised when some actual price discovery occurs?  Which means, uh...>scratching head<...I'm surprised that I'm surprised, but I shouldn't be surprised?

Viva -- Sager

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065

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