Daily Digest

Daily Digest 6/18 - Worries Grow Over Debt Crisis, The U.S. Is Worse Than Greece, Tepco Halts Water Filtering

Saturday, June 18, 2011, 10:40 AM
  • Worries Grow About Breadth of Debt Crisis
  • Preservation: The Day is Fast Approaching When Joe Sixpack Will Not Be Able to Afford a Sixpack
  • Food Price Explosion 'Will Devastate The World's Poor'
  • U.S. Is Worse Than Greece – Bill Gross
  • Mayors See End to Wars as Fix for Struggling Cities
  • For Want of a Word, Arizona’s Jobless Lose Checks
  • Russia's Energy Emperors Hold Court In City Of The White Nights
  • Tepco Halts Filtering of Tainted Water at Japanese Plant

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Economy

Worries Grow About Breadth of Debt Crisis (jdargis)

The comments, reflecting belated advances in negotiations that have been going on for weeks, were aimed at calming anxious financial markets. But so far, the deepening concerns are stopping short of transferring forcefully to the United States. For the time being at least, investors seem to believe enough shock absorbers have been built in to comfortably withstand any default by Greece or other highly debt-ridden nation.

Preservation: The Day is Fast Approaching When Joe Sixpack Will Not Be Able to Afford a Sixpack (June C.)

But before I get to the retirement account option, I will address your other questions. First, you are absolutely right about the dollar devaluation. The U.S. Dollar has lost more than 60% of it purchasing power since 2002. The value of silver has not increased. The value of the dollar has tanked. Most people do not understand the insidious nature of inflation. It is not a natural occurrence. It is a contrived means of theft.

Food Price Explosion 'Will Devastate The World's Poor' (pinecarr)

After a 40% rise in global prices over the past year, droughts and floods threaten to seriously damage this year's harvest.

    Crash Course DVDOwn the Crash Course DVD – share the message of the Three E’s with those you care about (NTSC or PAL)

U.S. Is Worse Than Greece – Bill Gross (pinecarr)

The manager of the largest US bond fund, Bill Gross, made that statement when at CNBC (the pump & dump TV) in regards to US financial structure. Looking deeper we say that US is much worse than Greece not just financially, but emotionally & mentally. The biggest problem is that here in US (while as we know things are worse than in Greece)….. the majority of people are not aware of that and believe that this is a temporary thing that as Americans we will quickly solve and go back to our ‘way of life’…. This ILLUSION is so large that creates an eery quiet feeling here in US while Athens burns in rioting and protesting.

Mayors See End to Wars as Fix for Struggling Cities (jdargis)

Providence and Hollywood, Fla., issued layoff notices to police officers this month that will cut jobs in the coming weeks unless the cities get more union concessions. Lansing, Mich., and New York are threatening to close fire stations. Teachers are getting pink slips in Philadelphia, and schools in Montgomery, Ala., are being closed. Libraries are open less. And potholes are staying unfilled longer in cities like Minneapolis.

Local governments shed 28,000 jobs last month, the Department of Labor reported, and have lost 446,000 jobs since employment peaked in September 2008.

For Want of a Word, Arizona’s Jobless Lose Checks (jdargis)

“It is almost 100 degrees out there, and I am walking door to door handing out résumés,” said Mr. Ballesteros, who worked for 21 years at a nonprofit group in Tucson before getting laid off when funding dried up. “Now Arizona decided to kill the benefits extension from the federal government because some legislator decided we’re just sitting around on our butts waiting for a check.”

Energy

Russia's Energy Emperors Hold Court In City Of The White Nights (pinecarr)

Economic forum shows oil and gas are the source of Russian political power.

Environment

Tepco Halts Filtering of Tainted Water at Japanese Plant (jdargis)

Some of the tanks, basements and other storage facilities at the power plant have inches to spare and could overflow within days. Tepco hoped to reduce the amount of contaminated water by reusing the newly filtered water. The company is also bringing in hundreds of extra tanks.

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5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4145
Greece debt crisis likely to hit Italy, Belgium (LuxembourgPM)

"Jean-Claude Juncker, head of eurozone finance ministers, on Saturday cautioned that the ongoing debt crisis of Greece and other countries in the region could hit Italy and Belgium, Suddeutsche Zeitung, a German daily reported.

Juncker, who is also prime minister of Luxembourg said Italy and Belgium with their high levels of debt could get affected by the sovereign crisis in eurozone countries even before the crisis hits Spain.

Noting that the crisis could have disastrous effect on the currency of the region, euro, he warned "we are playing with fire"."

"Moody's Investors Service warned Friday it may cut Italy's credit rating, citing growth risks in the economy, a large budget deficit and ongoing debt woes in Europe.

Moody's said it placed Italy's Aa2 local and foreign currency government bond ratings "on review for possible downgrade, while affirming its short-term ratings at Prime-1."

"The Italian economy faces growth challenges in an environment characterized by long-term structural impediments to growth and potentially rising interest rates," the ratings agency said in a statement."

 

Central Falls, RI, credit cut, bankruptcy odds rise

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/

Expanded current Resources links!

A. M.'s picture
A. M.
Status: Diamond Member (Offline)
Joined: Oct 22 2008
Posts: 2368
Quote Question

All,

The following quote from the article: http://www.nytimes.com/2011/06/17/business/17debt.html?_r=1
Struck me...

Quote:

“U.S. financial institutions are very cash-rich, so that means a liquidity crisis would have to be extraordinary before it affects them,” said Guy LeBas, the chief fixed-income strategist for Janney Montgomery Scott.

Isn't that part of the problem? Isn't the fact that there are so many dollars in circulation that are not being returned to lending institutions a major contributing factor to why the U.S. is in imminent trouble?

Especially after the failings of QE I/II - and the strong loss of purchasing power - this seems like a tail chasing the dog type of statement. It's more about perception than reality.

Anyhow, thoughts on this are appreciated. I don't want to "assume" there is a problem simply because the news says there isn't - which is generally my approach.
Cheers,

Aaron

es2's picture
es2
Status: Bronze Member (Offline)
Joined: Dec 31 2010
Posts: 68
Japan and the Future of Nuclear Energy

6/8/11: Japan and the Future of Nuclear Energy http://www.youtube.com/user/StanfordUniversity#p/c/4EA1B67388976538/4/YS...
Stanford Energy Seminar.  Burton Richter, director emeritus of the SLAC National Accelerator Laboratory, and Matthew Wald, reporter with the Washington Bureau of The New York Times (joining the seminar from New York via videoconference), discuss the unfolding of events in the Fukushima Daiichi nuclear disaster, what vulnerabilities in the system contributed to the meltdown and the design and regulatory lessons that can be applied to the future of nuclear energy development.

Don't recall this being posted so adding:
3/30/11 Japan's Killer Quake http://video.pbs.org/video/1863101157
An account and investigation of the epic earthquake, tsunami, and nuclear crisis
NOVA: http://video.pbs.org/program/979359664/

RoyTibianni's picture
RoyTibianni
Status: Member (Offline)
Joined: Jun 22 2011
Posts: 1
I'm looking at the numbers

I'm looking at the numbers and... well, the whole world is in debt. So many of the developed countries are in debt. What is debt really? It's that thing which allows you to feed 10 people instead of 1, provided those 10 can pay you back the money for the debt and more. The overpopulation is the direct result of debt. The USA owns so much money to China that there is no logical way in which we'll return them. Are we going to make a settlement and give them land instead of money? I don't think so! Are we going to repay it? Nope... The only outcome of this is war! Good thing we already invested all the money we had into our war machine instead of in repaying debt Sealed

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