Daily Digest

Daily Digest 5/28 - Greece Austerity Plan Fails, Gas Tanks Draining Family Budgets, Russian Grain Curbs End

Saturday, May 28, 2011, 1:05 PM
  • Greek leaders fail to agree as IMF deadline looms
  • Too Big To Punish
  • Gas tanks are draining family budgets
  • Global Industrial Growth To Slow Soon
  • Western Australia shuns Canberra, eyes China
  • Peak oil and the Fall of the Soviet Union: Lessons on the 20th Anniversary of the Collapse
  • Russia Grain Curbs Ending as Drought Wilts Europe Crops

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Economy

Greek leaders fail to agree as IMF deadline looms (Adam)

Greek leaders meeting in Athens have failed to agree on Prime Minister George Papandreou's new austerity plan.

Conservative leader Antonis Samaras rejected the measures, saying they would "flatten the Greek economy and destroy Greek society".

Mr Papandreou, a Socialist, had been trying to secure cross-party agreement for further cuts.

Too Big To Punish (Phil H.)

The new HBO film of the book Too Big To Fail by Andrew Ross Sorkin omitted several key factors in an otherwise suspenseful true-life drama depicting the near collapse of the American financial system. By now, most people who care about the crisis know the cast of characters: US Treasury Secretary Hank Paulson; Fed chief Ben Bernanke; Lehman Brothers chairman Dick Fuld; and the honchos who led Citibank, Merrill Lynch, JP Morgan Chase, Morgan Stanley, and a handful of others among the national banks outside New York.

Gas tanks are draining family budgets (Adam)

There's less money this summer for hotel rooms, surfboards and bathing suits. It's all going into the gas tank.

High prices at the pump are putting a squeeze on the family budget as the traditional summer driving season begins. For every $10 the typical household earns before taxes, almost a full dollar now goes toward gas, a 40 percent bigger bite than normal.

Households spent an average of $369 on gas last month. In April 2009, they spent just $201. Families now spend more filling up than they spend on cars, clothes or recreation. Last year, they spent less on gasoline than each of those things.

Global Industrial Growth To Slow Soon (Kelly J.)

A 63-country IMF study of the recession-forecasting prowess of economists concluded that their 'record of failure to predict recessions is virtually unblemished. Last year, they correctly predicted the slowdown that spooked stocks was a short term blip, and not a real downturn. Now ECRI's Lakshman Achuthan confidently predicts that global growth will peak by mid-summer and turn down after that.

Western Australia shuns Canberra, eyes China (Terry G.)

After a week in which Mr Barnett and Wayne Swan traded blows over Western Australia's infrastructure funding and declining share of GST receipts, the Premier said yesterday the Gillard government had "lost the plot" and relations had degenerated into an "unsavoury and unfriendly environment".

Western Australia was striking closer political and business relationships with China rather than the rest of Australia, which largely did not understand the profound economic transformation occurring in his state.

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

Energy

Peak oil and the Fall of the Soviet Union: Lessons on the 20th Anniversary of the Collapse (Adam)

The causes of the fall of the Soviet Union are thought to be inefficiency and the Soviet response to the Reagan Administration’s military buildup of the early 1980s. However, a more plausible explanation is the decline in Soviet oil production caused by peak oil. This gives the world an example of a modern economy confronted by peak oil and what lessons we can learn from it.

Environment

Russia Grain Curbs Ending as Drought Wilts Europe Crops (Adam)

Russia, once the world’s second- biggest wheat exporter, plans to let a grain-export ban expire July 1 after almost a year, bolstering global supply as drought and flooding threatens crops from Europe to the U.S.

Farmers have sown 10 percent more acres and stockpiles exceed 6 million metric tons, First Deputy Prime Minister Viktor Zubkov said today, according to a government statement. Russian grain traders accelerated purchases in the last several weeks, moving supply to silos near ports in anticipation of the end of the ban which began in August, agricultural researcher SovEcon said May 20.

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6 Comments

littlefeatfan's picture
littlefeatfan
Status: Silver Member (Offline)
Joined: Jul 20 2009
Posts: 141
Weekly 3E link summary and Cartoons posted

http://3es.weebly.com/

dps's picture
dps
Status: Martenson Brigade Member (Offline)
Joined: Jun 27 2008
Posts: 442
check out this vegetable market

You will not believe this.  45 seconds.

 

http://www.wimp.com/vegetablemarket/

 

hugs ... dons

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Goodness gracious me. Wither now H Sap?

It appears that there is tremendous pressure on human evolution. One of the differences I see is that H.Sap. judges the future only from what he sees around him. Here is an example.

"I expect, by the end of this decade, Western Australia will be accounting for well over 50 per cent of Australia's exports," the Premier said. "That is a massive structural shift in the Australian economy."

From http://www.theaustralian.com.au/business/in-depth/western-australia-shun...

How did Sap come up with this beauty? By looking around him and extrapolating BAU.  Absolutely no imagination. No alternative scenario building. No humility. Just blind extrapolation.

and 

Mr Barnett also blamed weak consumer sentiment on political weakness in Canberra.

What he means is that we need a strong leader (ie Mr. Barnett) and everything will be just dandy.

Perhaps not.

Dimitri Orlov said that we could expect a rise of the Strong Man. Here they come.

 

 

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
dps wrote: You will not
dps wrote:

You will not believe this.  45 seconds.

 

http://www.wimp.com/vegetablemarket/

 

hugs ... dons

You are right. I watched it and I still don't believe it. That has got to be a wierd way to make a living selling veggies.

Ken

 

Mr. Fri's picture
Mr. Fri
Status: Silver Member (Offline)
Joined: Feb 21 2009
Posts: 220
Wow!
Ken C wrote:

You are right. I watched it and I still don't believe it. That has got to be a wierd way to make a living selling veggies.

Ken

+1

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
all you gold fans will find this interesting...

The Real Reason for NATO Attacking Libya EXPOSED

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