Daily Digest

Daily Digest 6/25 - Greece Agrees On Austerity Plan, U.S. Debt Plan The Mother Of All Tail Risks, On Japan's Energy Crisis

Saturday, June 25, 2011, 9:43 AM
  • Greece And Its Leaders Agree On Austerity Plan
  • The U.S. Monetary System And Descent Into Fascism: An Interview With Dr. Edwin Vieira
  • Unforgiven - Part Five
  • America's Debt Ceiling: The Mother Of All Tail Risks
  • California's Budget Crisis: Kabuki Without End
  • Japan's Energy Crisis: A Matter Of Trust
  • Poland: Fracking Heaven
  • They Dropped Their Flood Insurance, Then the ‘Mouse’ Roared

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

Economy

Greece And Its Leaders Agree On Austerity Plan (jdargis)

Last week, the European Union, European Central Bank and International Monetary Fund, known as the troika, unexpectedly withheld the next installment of $17 billion in emergency aid to Greece over concerns that its blistering program of austerity measures might be falling short of its goals.

The U.S. Monetary System And Descent Into Fascism An Interview With Dr. Edwin Vieira (Jaime D.)

For more than thirty years, Edwin Vieira, Jr., has practiced law, with emphasis on constitutional issues. In the Supreme Court of the United States, he successfully argued or briefed the cases leading to the landmark decisions Abood v. Detroit Board of Education, Chicago Teachers Union v. Hudson, and Communications Workers of America v. Beck, which established constitutional and statutory limitations on the uses to which labor unions, in both the private and the public sectors, may apply fees extracted from nonunion workers as a condition of their employment.

Unforgiven - Part Five (JimQ)

Recent data from the Pew Foundation finds that Americans are sick of being the world’s policeman. Even conservative Republicans are becoming more isolationist in their views. This was also the case during the 1930’s in the last Fourth Turning. The vast majority of Americans want to keep our noses out of other countries’ affairs because they realize the trillions spent are bankrupting the country.

America's Debt Ceiling: The Mother Of All Tail Risks (jdargis)

If a deal cannot be reached before August 2nd the Treasury says it will be forced to default. It has not specified on what: it could choose to stop paying pensioners and soldiers before it stopped paying interest on its debt. But outright default cannot be entirely ruled out. What happens if the world’s most trustworthy borrower reneges on its debt?

California's Budget Crisis: Kabuki Without End (jdargis)

Mr Brown’s Republican predecessor, Arnold Schwarzenegger, used to call the ritualised drama that is California’s budget process a “kabuki”. But Japanese kabuki plots only start ridiculous and complicated, before speeding up and resolving themselves with a cathartic bang in the fifth act. California will be lucky if it follows such a script. Indeed, Mr Brown’s second spell of governorship now runs the risk of failing in its first year.

Energy

Japan's Energy Crisis: A Matter Of Trust (jdargis)

Kansai drew no nuclear power from the stricken Fukushima Dai-ichi nuclear-power plant. But its regional monopoly, Kansai Electric Power (KEPCO), has asked clients to cut energy consumption by 15% at peak times between July and September. Citizens risk a sweat-soaked summer without air-conditioning. Tokyoites are bracing for something similar. Unlike theirs, however, Kansai’s leaders are in open revolt.

Poland: Fracking Heaven (jdargis)

European energy policy is in turmoil. Germany decided last month to abandon nuclear energy. A referendum in Italy on June 12th also said “no thanks” to nuclear power. Reliable sources of energy are inadequate to meet future demand. Poland sees an opportunity.

Environment

They Dropped Their Flood Insurance, Then the ‘Mouse’ Roared (jdargis)

“I didn’t have any concerns,” Dawn Rasmussen, a local real estate agent, said Thursday as she surveyed the flooded city landscape with her husband, Gary, a firefighter, a day after they fled their home. “It was not going to happen to me. I was in complete denial.”

An unprecedented — and still escalating — flood this week quickly overwhelmed those manmade defenses along the Souris, forcing a series of evacuations that displaced more than a quarter of the city’s population.

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."

16 Comments

rjs's picture
rjs
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littlefeatfan's picture
littlefeatfan
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Posts: 141
New 3Es weekly summary and cartoon links posted

http://3es.weebly.com/

es2's picture
es2
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Posts: 68
Nuclear Energy Institute Criticizes Shoddy AP Reporting on U.S.

Nuclear Energy Institute Criticizes Shoddy AP Reporting on U.S. Nuclear Power Plant Safety http://www.energycentral.com/news/en/20474604/
The Nuclear Energy Institute criticized the Associated Press today for selective, misleading reporting in a series of new articles on U.S. nuclear power plant safety. The coverage has factual errors, fails to cite relevant reports on safety that contradict the reporting, and raises questions about historic operating issues while ignoring more recent evidence of improved performance in areas that it examines.

Smart building concept not catching up fast enough http://www.intelligentutility.com/article/11/06/smart-building-concept-n...
Though smart buildings in the Kingdom hardly constitute five percent of all buildings in Saudi Arabia, investments in this sector will amount to SR140 billion in the next eight years, according to real estate and construction analysts.

You Say Potato, Scale Says Uh-Oh http://www.google.com/news/search?q=You+Say+Potato%2C+Scale+Says+Uh-Oh
Eating more potato chips and French fries is likely to lead to a bigger weight gain over the years than the weight change associated with eating more of other foods, new research indicates.

Montana Native's picture
Montana Native
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Thanks

littlefeatfan,

Just wanted to let you know I appreciate you putting up your weekly link, always good stuff there!

targetbuster's picture
targetbuster
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Posts: 27
Gunderson

Anyone know why Arne Gunderson hasn't said anything for 2 weeks? Hmmm. Hope he's on vacation or something.

saxplayer00o1's picture
saxplayer00o1
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US AAA Downgrade could be before August 2

 

"The Treasury Department has said the U.S. risks defaulting on its debts starting Aug. 2 without an increase in the ceiling. Moody’s Investors Service this month said it will put the U.S. government’s Aaa credit rating under review for a downgrade unless there’s progress on increasing the limit by mid-July."

 

......Link to the news items I posted yesterday showing how far apart the Republicans and Democrats currently are on the "debt ceiling".

jdonaldknutson's picture
jdonaldknutson
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Arne Gunderson

I believe that he has been giving several presentations.....................I also look forward to his comments.

jumblies's picture
jumblies
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Posts: 244
Tony Blair: UK could still join euro in future

http://www.bbc.co.uk/news/uk-politics-13901954

Former prime minister Tony Blair has said there might still be a case for the UK joining the euro in the future.

He told the BBC he did not agree with people who argued joining would be a disaster, but there had to be a compelling economic case for doing so.

He said he believed the euro would eventually resolve its problems and the case for Britain joining may become "compelling ... at a certain point".

David Cameron said it would be a "dreadful idea" for Britain to join.

Good bloody grief, who let him back in the building? As the Euro is on the verge of bursting into flames, Tony "War Criminal and JPM Sock Puppet" Blair seems to think that when (pah!) the Euro resolves its problems then there would be a compelling economic case to join. Well, the only compelling case I can think of is to provide more bailout money for the banks (Blair's masters), so it may be compelling for them but for us it 'aint.

 

Macs's picture
Macs
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Tony Blair: UK could still join euro in future !!!

Sterling might be a basket case, but it's OUR basket case!

Every time Blair opens his mouth I despise him more and more.... GAH! The EU has to make up its mind - IMHO there can be no single currency without a full fiscal and monetary union. The ECU (parallel currency) worked, the Euro (single currency) doesn't - and can't. Ever. At least not until Greece becomes 'Outer Bavaria'.

 

Damnthematrix's picture
Damnthematrix
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Will the Euro Survive?
Macs wrote:

Sterling might be a basket case, but it's OUR basket case!

Every time Blair opens his mouth I despise him more and more.... GAH! The EU has to make up its mind - IMHO there can be no single currency without a full fiscal and monetary union. The ECU (parallel currency) worked, the Euro (single currency) doesn't - and can't. Ever. At least not until Greece becomes 'Outer Bavaria'.

THIS, from the Mauldin newsletter I get by email:

Will the Euro Survive?

We had dinner on Monday night at the home of Hervig von Hove of Notz-Stucki Bank, where I was speaking the next morning. There were 16 of us at the table, and these people represented a great deal of money as managers and investors. All very well-informed. We sat outside in perfect weather in the Swiss countryside. Charles Gave sat across from me at the middle of the table, and we talked and debated as the rest asked questions and offered opinions for 3-4 hours. The wine was flowing, and it was a most interesting evening. Now, with that set-up…

I was asked if I still thought the euro was going to parity with the dollar, and I said I did, although I was not sure what the euro would look like in three years, or who would be in it. There was some pushback from people who thought the dollar would be the weaker currency. So I asked for a show of hands as to how many people thought the euro would be higher in one year’s time. There were 6 hands raised, but one gentleman said he was actually abstaining. So I asked how many thought the euro would fall, and we got 12 hands. Yes, that is 19 votes for 16 people. Clearly there were at least three economists in the group who voted both ways!

Then someone asked Charles about the issue. Now, for those who have never had the extreme pleasure of time with Charles, he is a powerful, white-haired French patrician, and one of the better economists I know. Quite a brilliant thinker and not afraid to express his mind forcefully with a voice that sounds like God talking, with about the same assurance (note to self: never again follow Charles on a speaking stage).

“The question is entirely irrelevant” – punctuating the air for added emphasis. “The euro will not exist in a year. The whole thing was dysfunctional from the beginning.”

I suggested that was a tad bearish.

“Not at all. I think it is extremely bullish. The demise of the euro and the return of national currencies will allow for proper allocation of investments and resources. It is the best thing that could happen for the markets.”

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
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Posts: 3936
Rossi crunches the numbers and gets Q=6.37

I posted a longish link on the Cold Fusion forum site for those interested in the simple arithmetic of Rossi's device.

Arthur Robey's picture
Arthur Robey
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Siberian Oil

This Novosti piece that claims a new find of 1.1 Billion barrels of oil in Siberia  which I calculate to be about 36 years of world consumption.

http://en.rian.ru/russia/20100127/157696641.html

Or have I missed something?

Oh yes. The exponential function.

Nate's picture
Nate
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Posts: 605
1,100,000,000/85,000,000 =

1,100,000,000/85,000,000 = ~13 years

kolcan900's picture
kolcan900
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Posts: 12
Yeah, you missed

Yeah, you missed something.  Its like 12 days of world consumption at current rates

HowardBeale's picture
HowardBeale
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Posts: 10
Yeah, you missed

Yeah, you missed something.  Its like 12 days of world consumption at current rates

 

For a more accurate estimate, you have to account for  the cold-fusion multiplier effect. ;)

kolcan900's picture
kolcan900
Status: Member (Offline)
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Posts: 12
Damn, That Cold Fusion

Damn, That Cold Fusion always messes up my math! ;)

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