Daily Digest

Daily Digest 5/23 - What Happens After Greece Defaults, States Trying To Trim Jobless Benefits, Tornadoes Batter Central U.S.

Monday, May 23, 2011, 10:43 AM
  • Here Is What Happens After Greece Defaults
  • How corruption, cuts and despair drove Spain's protesters on to the streets
  • America's Fiscal Crisis: What States Can Do with Their Own Banks
  • Strapped States Trying To Trim Jobless Benefits
  • A Billion Prices Now
  • Utah Legalizes Gold, Silver Coins As Currency
  • As Lenders Hold Homes in Foreclosure, Sales Are Hurt
  • Tornadoes Batter Central United States

Get started building resilience into your life with our 'What Should I Do?' guide

Economy

Here Is What Happens After Greece Defaults (pinecarr)

When it comes to the topic of Greece, by now everyone is sick of prevaricating European politicians who even they admit are lying openly to the media, and tired of conflicted investment banks trying to make the situation appear more palatable if only they dress it in some verbally appropriate if totally ridiculous phrase (which just so happens contracts to SLiME). The truth is Greece will fold like a lawn chair: whether it's tomorrow (which would be smartest for everyone involved) or in 1 years, when the bailout money runs out, is irrelevant. The question then is what will happen after the threshold of nevernever land is finally breached, and Kickthecandowntheroad world once again reverts to the ugly confines of reality. Luckily, the Telegraph's Andrew Lilico presents what is arguably the most realistic list of the consequences of crossing the senior bondholder Styx compiled to date.

How corruption, cuts and despair drove Spain's protesters on to the streets (pinecarr)

Young protesters in Madrid and beyond have many different demands, but they are united in opposing the government.

America's Fiscal Crisis: What States Can Do with Their Own Banks (pinecarr)

Many states are in trouble, but not all. North Dakota has consistently boasted large surpluses, aided by a state-owned bank that is showing landmark profits. On April 20, the Bank of North Dakota (BND) reported profits for 2010 of $62 million, setting a record for the seventh straight year. The BND’s profits belong to the citizens and are produced without taxation.

Strapped States Trying To Trim Jobless Benefits (Alfredo E.)

Michigan, Missouri and Arkansas recently reduced the maximum number of weeks that the jobless can get state unemployment benefits. Florida is on the verge of doing so. Unemployment in those states ranges from 7.8 percent in Arkansas to 11.1 percent in Florida.

The benefit cuts come as legislatures deal with the damage that the recession inflicted on state unemployment insurance programs. The sharp increase in the number of people who lost their jobs drained the reservoir of money dedicated to paying out benefits.

A Billion Prices Now (jdargis)

The government learned from experience, though. In 1934, a team of economists came up with the first measurement of national income, which developed into what we now know as G.D.P. The late thirties saw a more rigorous and systematic collection of unemployment data. And in the years after the Second World War—which accelerated the trend toward quantifying things—the amount of economic information available to policymakers grew exponentially. Today, our picture of the economy is more detailed and sophisticated than ever, and that makes it easier for businesses and the government to react quickly to changes in the economy.

Utah Legalizes Gold, Silver Coins As Currency (kelvinator)

Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will exempt the sale of the coins from state capital gains taxes. Earlier this month, Minnesota took a step closer to joining Utah in making gold and silver legal tender. North Carolina, Idaho and at least nine other states also have similar bills drafted.

As Lenders Hold Homes in Foreclosure, Sales Are Hurt (jdargis)

Five years after the housing market started teetering, economists now worry that the rise in lender-owned homes could create another vicious circle, in which the growing inventory of distressed property further depresses home values and leads to even more distressed sales. With the spring home-selling season under way, real estate prices have been declining across the country in recent months.

“It remains a heavy weight on the banking system,” said Mark Zandi, the chief economist of Moody’s Analytics. “Housing prices are falling, and they are going to fall some more.”

Environment

Tornadoes Batter Central United States (jdargis)

"You see pictures of World War II, the devastation and all that with the bombing. That's really what it looked like," said Kerry Sachetta, the principal of a flattened Joplin High School. "I couldn't even make out the side of the building. It was total devastation in my view. I just couldn't believe what I saw."

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."

23 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4164
Barney Frank: U.S. government default likely
  • Headlines:

Italy, Spain trigger fresh sovereign-debt fears

Euro Reaches Record Low Versus Franc on Mounting Debt Concern

Europe Debt Crisis Drives Greek, Italian, Spanish Bonds Lower; Bunds Gain

Cost of Insuring Euro-Zone Debt Rises

Spain's Socialists Routed in Local Vote as Protests Spread

Greece fails to pay medical bills

Italy attacks Standard & Poor's after credit downgrade

Italy Warning From S&P May Fan Contagion as Greece Presses Cuts

Biden talks seen last hope for debt ceiling deal

Moody's warns Japan recession is negative for rating

Quake reconstruction may cost upto $184 billion, says Japan's economic minister

Egypt Plans to Raise $1 Billion From Sale of Eurobond as Budget Gap Widens

IMF releases funds to Portugal

Ireland may need another €50 billion, analysts claim

Rutherford: Ill. nearing 'financial disaster'

Las Vegas commercial mortgage delinquencies lead nation, hit $2.9 billion

Pakistan juggles the IMF, debt and taxes

Greece: return to bond markets in 2012 unlikely

Eurogroup head Juncker says Greece needs independent privatization agency

Belarus will eat through $1 billion expected from EurAsEC Anti-crisis Fund

U.S. Debt Limit Agreement May Take Until August, Ryan Says

Analysis: S&P warning heralds tough times ahead for Italy

Thousands protest against US drone attacks in Pakistan

Radio update: Housing sector to stay depressed

Brown's California budget focuses on debt repayment

Barney Frank: U.S. government default likely

Estatesavr's picture
Estatesavr
Status: Bronze Member (Offline)
Joined: Feb 12 2009
Posts: 77
to saxplayer00o1

bro

you seem to 'add' more articles over/above what CM daily digest posts ... that is considerate, probably time consuming, but also a tad much

why not let the good folk at CM do the job and just email those articles to [email protected]

this if, of course, an open forum and you are free to continue your addendum to daily digest

but for my nickel i'd just as soon let DD do the article vetting

 

 

msnrochny's picture
msnrochny
Status: Bronze Member (Offline)
Joined: Nov 4 2010
Posts: 60
Saxplayer Postings - Thank You

I very much appreciate what Saxplayer adds to this forum, and I have seen similar appreciative statements from others.  It adds value for sure.  Any reader has the personal ability to read whatever he or she wants, and to ignore the rest.  Keep up the good work Saxplayer.

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 741
I very much appreciate what

I very much appreciate what Saxplayer adds to this forum, and I have seen similar appreciative statements from others.  It adds value for sure.  Any reader has the personal ability to read whatever he or she wants, and to ignore the rest.  Keep up the good work Saxplayer.

+++1

jkibbe's picture
jkibbe
Status: Martenson Brigade - YouTube Channel Admin (Offline)
Joined: Aug 5 2008
Posts: 71
double identity...

This is actually Saxplayer's blog, methinks.  He or she posts using his or her own account or the Daily Digest blog account, it seems.  See http://www.peakprosperity.com/blog/18019

So, thanks & keep up the good work, Saxplayer!  :)

maceves's picture
maceves
Status: Gold Member (Offline)
Joined: Aug 23 2010
Posts: 281
Sax

Sax, keep it up.

I read your posts, and learn something new every day.

Dogs_In_A_Pile's picture
Dogs_In_A_Pile
Status: Martenson Brigade Member (Offline)
Joined: Jan 4 2009
Posts: 2606
Point singularity....
Estatesavr wrote:

bro

you seem to 'add' more articles over/above what CM daily digest posts ... that is considerate, probably time consuming, but also a tad much

why not let the good folk at CM do the job and just email those articles to [email protected]

this if, of course, an open forum and you are free to continue your addendum to daily digest

but for my nickel i'd just as soon let DD do the article vetting

Sax is the "good folk" at CM and is indeed doing his job.

Quite well IMO.

MarkM's picture
MarkM
Status: Platinum Member (Offline)
Joined: Jul 22 2008
Posts: 849
Thanks Sax, and Barney is another liar

These purveyors of public fear need to educate themselves on the meaning of default.

http://en.wikipedia.org/wiki/Default_(finance)

Oh wait, I forgot, truth is not part of the agenda.

Barney Frank = moron. H/T Davos

You can be that as this particular battle continues the fearmongering will escalate.

kjberg2000's picture
kjberg2000
Status: Member (Offline)
Joined: Sep 23 2009
Posts: 7
2 thumbs up saxplayer...

...keep up the good work...

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4164
Thanks all

Thanks everyone for all of the above comments.

My daily research is usually getting finished at about the same time as the DD news comes out, so

no time to send it in for the DD news.

 

ao's picture
ao
Status: Diamond Member (Offline)
Joined: Feb 4 2009
Posts: 2220
maceves wrote: Sax, keep it
maceves wrote:

Sax, keep it up.

I read your posts, and learn something new every day.

Ditto, in spades.  We luvs da saxplayer! 

doorwarrior's picture
doorwarrior
Status: Silver Member (Offline)
Joined: Oct 13 2009
Posts: 166
Thanks Sax!

Thanks Sax! I really appreciate all you do.

Rich

vital's picture
vital
Status: Member (Offline)
Joined: Jan 11 2009
Posts: 7
North Dakota - it's the oil not the bank, stupi...

re America's Fiscal Crisis: What States Can Do with Their Own Banks

It is interesting that the article doesn’t even mention increasing (since 2004) ND oil production.Check the stats.

Oil is the main reason for low unemployment and state revenues in ND. A well managed bank sure comes in handy but it is just an auxiliary, not the source of wealth.

Sax, thanks, and keep your daily blues going!

presentmoment's picture
presentmoment
Status: Bronze Member (Offline)
Joined: Sep 22 2008
Posts: 57
Appreciation for Saxplayer

 

I read everything Saxplayer posts at least all titles of links he shares.   If certain titles interest me, I launch its link and read its whole article.  I appreciate Saxplayer's work because it saves me time to look/search for what's happening.      

Thank you Saxplayer.

TD's picture
TD
Status: Bronze Member (Offline)
Joined: Jun 7 2009
Posts: 51
Thank you Sax!!!!   You da

Thank you Sax!!!!

 

You da man!

 

D

Tommygun's picture
Tommygun
Status: Bronze Member (Offline)
Joined: Apr 21 2009
Posts: 65
The Mighty Sax

Saxplayer,

 Well you probably don't need another pat on the back but you get one from me. I look forward to your stuff and I enjoy the news bits about the Euro zone and the local municipalities and their budgets. You bring the news to one place and you save us all time and searching.

Thanks !!

tbh524's picture
tbh524
Status: Member (Offline)
Joined: Dec 17 2008
Posts: 10
Re: Thanks all

ditto, and +1

I'm not a frequent poster here but agree with the majority....love my morning dose of unprotected Sax.

DEUS X MACHINA's picture
DEUS X MACHINA
Status: Bronze Member (Offline)
Joined: Mar 6 2011
Posts: 28
I LIKEY

i enjoy Sax's posts. keep it up

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
forum noise to signal ratio

OK, I agree, Sax does a great job.  But do we have fill up the forum with back patting?  Can we please use PMs instead?

green_achers's picture
green_achers
Status: Silver Member (Offline)
Joined: Jan 3 2009
Posts: 205
Posts

While I personally don't find much value in the near endless litany of doom and gloom around the awful state of the school budget of Peoria, it's pretty easy to just skip.  A lot of people here seem to get value out of it, so why the need to make an issue, bro?

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 741
I think it was done in

I think it was done in response to a critical forum post but point understood.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4164
California to release up to 46,000 convicted felons?...Tepco

 

Thanks again for all the comments!

 

""Today the court affirms what is perhaps the most radical injunction issued by a court in our nation's history, an order requiring California to release the staggering number of 46,000 convicted felons," Justice Antonin Scalia declared."

"Last month, Gov. Jerry Brown signed A.B. 109, which shifts to counties the responsibility for incarcerating many low-risk inmates. Up to 30,000 state prison inmates could be transferred to county jails over three years, under the bill; first, however, state officials must agree on a way to pay for it."

.............................Ruling Raises Stakes in California's Fiscal Crisis

"May 23 (Reuters) - The People's Bank of may suspend its bi-weekly issuance of long-term three-year bills in its regular open market operations this week due to a liquidity squeeze that pushed the benchmark money market rate sharply higher again on Monday, traders said."

"St. Louis Federal Reserve President James Bullard told an audience on Monday that growth has been weaker in the first half of 2011 than expected."

..........................Fed policy pause after June a time to assess: Bullard

"TOKYO (Reuters) - Tokyo Electric Power Co, the operator of the Fukushima Daiichi nuclear power plant disabled by the March 11 earthquake and tsunami, confirmed on Tuesday that there were meltdowns of fuel rods at three of the plant's reactors early in the crisis.

It had said earlier this month that fuel rods in the No.1 reactor had melted, but officials of the utility, known as Tepco, confirmed at a news conference that there were also meltdowns of fuel rods at the plant's No.2 and No.3 reactors early in the crisis."

........................... Facility for tainted water almost full

..........................Water and debris hamper Fukushima work

Top EU official: Greece must do more to end crisis

Report reveals scope of pension crisis (RI)

Red Cross seeks funds boost anticipating no end to Libyan crisis in 2011

Oil Rises on Speculation Libya Supply Cuts Reducing OPEC Spare Capacity

LA gets tough on banks over foreclosure blight

Court Decision Could Upend N.J. Schools

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments