Daily Digest

Daily Digest 5/24 - OPEC's Oil Market View, Aerial Oil Sands Photo Tour, Is China Liquidating Treasuries?

Thursday, May 24, 2012, 9:16 AM
  • Adam Fleming and James Turk on precious metals and mining
  • Silicon Valley tech executive nabbed in false barcode scheme involving Lego toys
  • Guest Post: Is China Really Liquidating Treasuries?
  • David McWilliams: Eurozone Policy that Rewards the Reckless at the Expense of Taxpayers, and Crushes the Periphery, must be Resisted
  • OPEC's View of the World Oil Market
  • The Commodity Trade: Wheat Futures Continue To Soar; Ways To Play
  • Aerial Photo Tour Of The Alberta Oil Sands
  • Food Abundance?

Follow our steps to prepare for a world after peak oil, such as how to store & filter water

Economy

Adam Fleming and James Turk on precious metals and mining (adam)

Adam is pessimistic about the eurozone, and thought plans for European Monetary Union were delusional, on account of the differences in culture and political economy between different European Union countries. He also discusses his mining experience in South Africa, and why – contrary to much negative press the country gets – it is actually still a great place to live and work. He expects companies to increase their mining investments in the Witwatersrand Basin, and thinks that this region will remain the world's premier gold mining location.

Silicon Valley tech executive nabbed in false barcode scheme involving Lego toys (Chris M.)

Langenbach's luck ran out on May 8, when a loss prevention officer on duty at the Mountain View Target recognized the larcenous Lego mega-moocher and immediately placed him under surveillance. According to police, Langenbach not only placed his own bar codes on several items, he checked them on the store's aisle scanners to make sure he was getting the low, low price. He put stickers on three boxes but put two of them back on the shelves. When he walked out with one set he didn't pay full price for, store security nabbed him and called the cops.

Guest Post: Is China Really Liquidating Treasuries? (pinecarr)

The news that China has become the first sovereign to establish a direct sales relationship with the U.S. Treasury (therefore cutting out the middleman and bypassing Wall Street ) raises a few interesting questions.

David McWilliams: Eurozone Policy that Rewards the Reckless at the Expense of Taxpayers, and Crushes the Periphery, must be Resisted (Jaime)

Economist David McWilliams describes what led to the crisis, who is being bailed out, the terrible policy decisions being made, and the negotiating position of peripheral countries in the Eurozone. McWilliams' whiteboard animations are embedded following these select notes.

OPEC's View of the World Oil Market (James S.)

It is interesting to read the viewpoint of OPEC each month, as it relates to global oil supply, and the numbers that they rely on to estimate how much production that will be required. For 2012, for example, they now see no need to increase production above 30 mbd, (though it averaged 31.62 mbd in April, when NGL and non-conventional sources are included) with adequate production growth to meet demand (some 0.6 mbd) coming from non-OPEC sources that are anticipated to average 53 mbd this year. At present supply is seen as exceeding demand, hence there has been an increase in global stocks which OPEC has noted.

The Commodity Trade: Wheat Futures Continue To Soar; Ways To Play (David B.)

The recent rally in this agricultural crop has been largely attributed to a drought mixed with hot weather in major growing regions of the U.S. as well as Russia. With this surge in prices being designated as a weather-driven rally, it is important to note that it can be turned on its head in an instant. Traders looking to make a play on this commodity would do well to watch weather patterns in the Mid-west and other major growing regions, as future forecasts will likely dictate price movements for this crop [see also 50 Ways To Invest In Agriculture].

Aerial Photo Tour Of The Alberta Oil Sands (jdargis)

Since the companies mining the oil from the sands of Alberta wouldn't provide access to their operations to a reporter, he rented a plane and took a bunch of photos.

Food Abundance? (Rich B.)

In addition, I like it because of its functional characteristics (and its hilarious name): it’s small (3 pounds fully grown), fast (70 days until it’s ripe), tasty, hardy, and easy to recognize as ripe (the fruit turns yellow). Also, I’m hoping to get two plantings of it this year.

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
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robie robinson's picture
robie robinson
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I'ld

like a brix on the melon if any of yawl grow'em,if sufficient it might make a great rum.  robie

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saxplayer00o1
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Bankers belong on Fed boards: KC Fed chief

"Bankers should be allowed to serve on the board of directors of the dozen Federal Reserve district banks because they provide critical in-depth information about current economic conditions, said Esther George, the president of the Kansas City Fed, on Thursday. Some liberal members of Congress are pushing a plan that would prohibit banking industry executives from serving as directors on the regional bank boards. In the wake of J.P. Morgan Chase & Co.'s massive trading loss, the New York Fed has come under scrutiny for allowing the banking giant's CEO, Jamie Dimon, to serve as a director. In an apparent gibe at Dimon, George said that bankers of regional Fed boards must meet "high standards" and not adversely affect the public's confidence in the central bank. "When an individual no longer meets these standards, the director resigns voluntarily to allow someone who does meet the criteria to serve," George said."

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Bill Hicks
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New Orleans To Be First Major City Without A Daily Newspaper

 billhicksisdead.blogspot.com/2012/05/new-orleans-may-soon-become-first-major.html

The story:

The New Orleans Times-Picayune is facing massive budget cuts, including "wholesale layoffs" and a reduction in the publishing schedule that would leave the city without a daily print newspaper. The report from David Carr of The New York Times says that the paper's owner, Newhouse Newspapers, will likely cut the publishing days to two or three a week and replace or let go many of its top editors. According to the website Best of New Orleans, reporters who do stay will face "sharp salary cuts" and be expected to post most of their content online at the paper's website, Nola.com.

And my reaction:

People who have become addicted to getting all of their information online will shrug and say, "What's the big deal?" The big deal is twofold. First, not everyone can afford Internet access, and this is just another way that the poor will now be isolated from the mainstream of society. Secondly, since no one has figured out a way to build a truly robust online news outlet that doesn't glean most of its information from more traditional media sources, this action sounds the death knell for whatever remains of true journalism at a time when the propaganda influence of the national media Hologram is becoming omnipotent. 

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Damnthematrix
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Car generation dying out

Car generation dying out
Ashley Halsey III
The Age
May 24, 2012 - 9:20AM

Unlike previous generations, American youth are more interested in computers than cars.

Youth more than interested in terabytes than cubic inches.

The 389-cubic-inch overhead-cam V-8 holds a sweet spot in many aging hearts, but their grandchildren are more likely to lust after a 1-terabyte hard drive streaming video to a high-resolution screen.

‘‘Today, it’s not the most critical thing in the world to have the most exciting car,’’ said Jim Wangers, 85, known as ‘‘the godfather’’ of the Pontiac GTO, which helped define the muscle car era.

‘‘In the 1960s it was absolutely mandatory that you had a swinging set of wheels. Now, personal mobility has been replaced by personal mobility on the Web.’’

America’s fabled love affair with the car hasn’t ended, but like many a romance that gets off to a smoking-hot start, it has evolved over the years into more placid coexistence rooted more in need than pleasure.

There are a multitude of reasons: The roads don’t seem so free or open as they were when the affair blossomed after World War II. Congestion and the pillory at the gas pump have reined in some of the wanderlust.

Hot cars once were a teenage status symbol, but now four wheels matter most as a way to the shops.

And the meeting place of social cyberspace means there’s a lot less need to go anywhere to commune with friends.

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OITW
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Want to see what peak oil looks like?

http://kottke.org/12/05/aerial-photo-tour-of-the-alberta-oil-sands Great link, these pictures make it pretty clear.

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