Daily Digest

Daily Digest 5/27 - 'Heads You Win, Tails You Don't Lose' With the Yuan, Treasurys' Second Biggest Weekly Drop Ever

Friday, May 27, 2011, 9:31 AM
  • Green Shoots, Exit Strategy, No QE3
  • It's “Heads You Win, Tails You Don't Lose” With This Currency
  • Kan Vows to Boost 'Green' Power to 20 Percent by 2020
  • Second Biggest Weekly Drop Ever in Treasurys Held in Fed's Custodial Account
  • Dollar Gains Versus Most-Traded Counterparts as Stocks Tumble; Euro Drops
  • UK Government to Work with Business on Plans to Tackle Peak Oil Threat
  • Cancer Now Leading Cause of Death in China

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Economy

Green Shoots, Exit Strategy, No QE3 (Claire H.)

One should constantly remember that no solution to the financial crisis has been installed, nothing fixed, no big banks liquidated, no end to monetary inflation, no end to outsized USGovt deficits, no end to secretive subterranean support of stocks and bonds, no revival of the housing market, no discharge of big bank home inventory, no return of US industry from Asia, no interruption to the endless costly wars, no end to the propaganda obediently pumped out by the US press & media networks, and no change of Goldman Sachs running the USGovt finance ministry. Expect no change in anything that you believe in. Expect no change to the 0% policy (ZIRP) with no change to the heavy monetary inflation (QE), as the path to ruin is set, and the policy of Inflate to Infinity cannot be stopped.

It's “Heads You Win, Tails You Don't Lose” With This Currency (pinecarr)

One of the most interesting things going on here in Hong Kong at the moment is the gradual displacement of the US dollar, and even the local Hong Kong dollar, by the Chinese Yuan. Walking around town, the signs are obvious: from shops that gladly accept Chinese Yuan cash for the goods they sell, to the money changers which now ALL display the Hong Kong dollar / Chinese Yuan cross-rate much more prominently than the US dollar / Hong Kong dollar cross rate.

Kan vows to boost 'green' power to 20 percent by 2020 (guardia)

Prime Minister Naoto Kan set a high hurdle for Japan, pledging in a May 25 speech here to increase the ratio of power generation using renewable natural energy sources to 20 percent by early in the 2020s.

Second Biggest Weekly Drop Ever In Treasurys Held In The Fed's Custodial Account As Foreigners Dump (Meg W.)

From a total of $2.704 trillion, USTs held in custodial accounts declined by $18.7 billion to $2.685 billion. This is the second largest decline in history, only topped by the $22.1 billion in the week of August 15, 2007 which is the week that followed the great quant crash of 2007 that wiped out, among others, Goldman Alpha. This observation is in stark contrast to the recent record strength of bond issuance, after both the 5 and 7 Years auctions posted record Bid to Cover investor interest.

Dollar Gains Versus Most-Traded Counterparts as Stocks Tumble; Euro Drops (Meg W.)

The dollar rose versus all of its 16 most-traded peers as deepening concern that Europe’s sovereign- debt crisis will worsen sent stocks tumbling and Wall Street’s so-called fear gauge to the highest level in two months.

Crash Course DVDGet Yours Today! The Crash Course Special Edition Set with Presenter’s Pack (NTSC or PAL)

Energy

UK Government to Work with Business on Plans to Tackle Peak Oil Threat (Meg W.)

Business leaders today welcomed a commitment by the Government to work with the private sector on contingency plans to protect the UK and its economy from the growing risk of rising oil prices.

Environment

Cancer Now Leading Cause of Death in China (Mike K.)

Cancer is now the leading cause of death in China. Chinese Ministry of Health data implicate cancer in close to a quarter of all deaths countrywide. As is common with many countries as they industrialize, the usual plagues of poverty—infectious diseases and high infant mortality—have given way to diseases more often associated with affluence, such as heart disease, stroke, and cancer.

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4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Fukushima Faces ‘Massive Problem’ From Water

"As a team from the International Atomic Energy Agency visits Tokyo Electric Power Co.’s crippled nuclear plant today, academics warn the company has failed to disclose the scale of radiation leaks and faces a “massive problem” with contaminated water.

The utility known as Tepco has been pumping cooling water into the three reactors that melted down after the March 11 earthquake and tsunami. By May 18, almost 100,000 tons of radioactive water had leaked into basements and other areas of the Fukushima Dai-Ichi plant. The volume of radiated water may double by the end of December and will cost 42 billion yen ($518 million) to decontaminate, according to Tepco’s estimates.

“Contaminated water is increasing and this is a massive problem,” Tetsuo Iguchi, a specialist in isotope analysis and radiation detection at Nagoya University, said by phone. “They need to find a place to store the contaminated water and they need to guarantee it won’t go into the soil.” "

.......................1A) Japan moves to protect children as new nuclear leak revealed

  • Other news, headlines and opinion:

Fitch lowers outlook on Japan sovereign debt

Japan to Tackle Debt After Disaster Reconstruction, G-8 Says

Fed balance sheet grows to record $2.78 trillion

China may diversify $3.04 trillion in reserves in gold, oil, silver and copper.

Foreign central banks' U.S. debt holdings fall: Fed

US lawmakers pass $690 billion Pentagon bill

Obama Says U.S., France Resolve to ‘Finish the Job’ They Began in Libya

IMF sees $160 billion in Middle East financing needs (Over next 3 years)

G8 Pledges Up to $20 Billion in Aid to 'Arab Spring' Democracies

Brazil Cuts Estimate for 'Gigantic' Oil Field After Drilling

Treasury to Sell $75 Billion (Next week)

Greece in emergency political talks on debt crisis (Headline was just changed to: "Greek leaders fail to reach austerity consensus") and Threat of IMF withholding Greek aid spooks markets and IMF may withhold Greece aid, warns top euro-zone minister

Ivory Coast says needs 15-20 billion euros recovery funds

Spain May Be Too Big To Fail, But Worries Grow

Serbia may ask IMF for 1 billion euros: IMF official

Trichet Signals ECB Rate Rise Isn't Imminent

Belarus leader says to close some foreign media and Belarus Jails Rivals to Leader

Moody's downgrades New Zealand's four largest banks

S&P identifies troubling trends in CMBS market ("instances where we believe that valuations are questionable")

UCSB STUDENTS MAY SEE TUITION SPIKE (Link may not work, so here it is on Google news)

Chinese rare earth metals prices soar

Global Food Costs May Rise More on Supply Lag, BOJ Executive Nakaso Says

Corn-Planting Delays Signal Price Gain as U.S. Farmers Switch to Soybeans

Greece ‘Cheated’ to Join Euro, Former ECB Economist Otmar Issing Says

U.S. Consumer Spending Rose Less Than Forecast in April (“When you account for higher food and energy prices there’s barely anything left for consumers” to buy")

Consumer spending tepid as inflation accelerates

Prices Post Biggest Drop in Two Years as Foreclosures Depress Market

Pending home sales dive 11.6 percent in April

 

es2's picture
es2
Status: Bronze Member (Offline)
Joined: Dec 31 2010
Posts: 68
What the West Doesn’t Get About China

What the West Doesn’t Get About China: http://hbr.org/2011/06/what-the-west-doesnt-get-about-china/ar/1
Despite the Chinese government’s well-publicized program to encourage domestic consumption, few Westerners grasp just how much progress the country is making on this front.

guardia's picture
guardia
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
Kan vows to boost 'green' power to 20 percent by 2020

I found this specific "vow" from Kan most interesting:

Quote:

To reach the goal of more than doubling the ratio of power generated by natural energy sources, Kan said Japan would seek to reduce the cost of power generation using solar cells "to one-third current levels by 2020 and to one-sixth current levels by 2030."

ckseibel's picture
ckseibel
Status: Member (Offline)
Joined: Dec 8 2009
Posts: 1
KWN Interview - Resource Scarcity

Another good interview on King World News.  This is Dr. Stephen Leeb discussing resource scarcity and it's impact on our ability to achive renewable energy.  This fits with what Chris has been saying. 

Link to MP3 file:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/5/28_D...

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