Daily Digest

Daily Digest 6/28 - Dollar Seen Losing Reserve Status, 2 Day Strike In Greece On Austerity, Elders Offer Help With Reactor

Tuesday, June 28, 2011, 10:49 AM
  • Dollar seen losing global reserve status
  • Among The Costs Of War: $20B In Air Conditioning
  • Long-Serving Finance Minister Calls for Reforms to Bolster Russia’s Power
  • Debt Divide Remains As President Steps In
  • Two-Day Strike In Greece Ahead Of Austerity Vote
  • Nuclear Plant’s Vital Equipment Dry, Officials Say
  • Elders Offer Help at Japan’s Crippled Reactor

Crash Course DVDInsightful analysis on the Three E’s. Take home a Special Edition DVD today. (NTSC or PAL)

Economy

Dollar seen losing global reserve status (Adam)

UBS surveyed more than 80 central bank reserve managers, sovereign wealth funds and multilateral institutions with more than $8,000bn in assets at its annual seminar for sovereign institutions last week. The results were not weighted for assets under management.

Long-Serving Finance Minister Calls for Reforms to Bolster Russia’s Power (jdargis)

This is partly because, having already outlasted five prime ministers during his 11-year tenure, he will almost certainly remain in place next spring no matter who is president — presumably either Mr. Putin or the incumbent, Dmitri A. Medvedev.

But it is also because he speaks for an important group: well-placed Russian elites who are advocating for political change from within the system.

Among The Costs Of War: $20B In Air Conditioning (Ivo M.)

"When you consider the cost to deliver the fuel to some of the most isolated places in the world — escorting, command and control, medevac support — when you throw all that infrastructure in, we're talking over $20 billion," Steven Anderson tells weekends on All Things Considered guest host Rachel Martin. Anderson is a retired brigadier general who served as Gen. David Patreaus' chief logistician in Iraq.

Why does it cost so much?

Debt Divide Remains As President Steps In (jdargis)

“It’s the only way to get it done if you want to do it right and you want to do it in a way that is fair and balanced and ensures that the economy continues to grow and continues to create jobs,” Mr. Carney told reporters.

But even before Mr. McConnell met with the president, he dug in deeply against proposals for new tax revenue, suggesting that the deal should be struck mainly by cutting spending. New taxes, he said, would harm the economy.

    Crash Course DVDInsightful analysis on the Three E’s. Take home a Special Edition DVD today. (NTSC or PAL)

Two-Day Strike In Greece Ahead Of Austerity Vote (jdargis)

The rare two-day strike, organized by the country’s two main labor unions, is the second walkout this month and the seventh in a year that has seen public outrage with the Socialist government’s relentless austerity drive grow. Tuesday’s action was the first time Greek unions have walked out for more than 24 hours since democracy was restored in 1974 following the fall of a six-year military dictatorship.

Nuclear Plant’s Vital Equipment Dry, Officials Say

(jdargis)

Technically, what the plant is undergoing is not a flood but a “water event,” as the regulatory commission classifies it. But Fort Calhoun has clearly been outflanked by the Missouri River, first at its front door and now at its back door as well. The only access route to the plant is over a sinuous path of catwalks built over the submerged parking lot and walkways in recent weeks.

Elders Offer Help at Japan’s Crippled Reactor (jdargis)

Not only do they have some of the skills needed, but because of their advanced age, they are at less risk of getting cancer and other diseases that develop slowly as a result of exposure to high levels of radiation. Their volunteering would spare younger Japanese from dangers that could leave them childless, or worse.

“We have to contain this accident, and for that, someone should do the work,” said Mr. Yamada, a retired plant engineer who had worked for Sumitomo Metal Industries. “It would benefit society if the older generation took the job because we will get less damage from working there.”

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."

6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Lawmakers vote tomorrow (Greece)

"Home prices decreased in the year ended April by the most in 17 months, showing the housing market remains an obstacle for the U.S. recovery.

The S&P/Case-Shiller index of property values in 20 cities fell 4 percent from April 2010, the biggest drop since November 2009, the group said today in New York. From March to April, prices fell 0.1 percent on a seasonally adjusted basis, the smallest decline since July 2010.

A backlog of foreclosures and falling sales raise the risk that prices will decline further, discouraging builders from taking on new projects. The drop in property values and a jobless rate hovering around 9 percent are holding back consumer sentiment and spending, which accounts for 70 percent of the economy.

“There’s no sign of any real recovery in housing yet,” Jim O’Sullivan, chief economist at MF Global Inc. in New York, said before the report. “There won’t be a significant turn until the labor market shows sustained improvement. The level of foreclosures is still high and a lot of people are delinquent on their mortgages.” "

................1A) Home prices rise, snapping 8-month drop streak‎

"NEW YORK (CNNMoney) -- The downward cycle in home prices broke in April after eight consecutive months of decline, according to a survey released Tuesday.

According to the S&P/Case Shiller 20-city index, prices rose 0.7% compared with March, although they fell 0.1% when adjusted for the strong spring selling season. Prices were down 4% year-over-year."

"Papandreou faces his second survival test in a week tomorrow when lawmakers vote on the package that’s needed before the cash-strapped nation can tap a fifth loan payment from last year’s 110 billion-euro ($157 billion) rescue. Failure to pass the government’s 78 billion-euro plan may lead to the euro area’s first sovereign default."

................2A) Police, demonstrators clash at Greek austerity protest (Video)

...................2B) Greek Debt Rollover Likely Treated As Default - Fitch Repeats

......................2C) French Greek debt plan offers bondholders 2 options -draft

"Tons of radioactive water were discovered on Tuesday to have leaked into the ground from Japan's Fukushima nuclear plant, the latest in a series of leaks at the plant damaged in a March earthquake and tsunami, the country's nuclear watchdog said.

More than three months after the disaster, authorities are struggling to bring under control damaged reactors at the power plant, 240 km (150 miles) north of Tokyo.

About 15 metric tons of water with a low level of radiation leaked from a storage tank at the plant on the Pacific coast, the Nuclear and Industrial Safety Agency said."

  • Other news, headlines and opinion: 

 

'Big Boys' Focusing on Narrower U.S. Debt Deal as Deadline Nears

US Debt Deadline Unlikely to Deviate Much

Exclusive: Greek woes may eclipse Lehman: Ackermann

The Deficit Is Worse Than We Think

Greek Threat Is Peanuts Compared With US Debt - Black Swan Author

California Budget Deal Needs $4 Billion New Revenue, No Republican Votes

Greece faces general strike, more cuts planned

Berlusconi faces battle to pass austerity plan

EU warns Greece rejecting austerity means default

Minn. budget talks end abruptly as shutdown looms

Spectre of stagnating incomes stalks globe

U.S. Money Funds Risk Losses if Europe Crisis Spreads

Oil Slides on Outlook for Slower Demand as IEA May Release More Stockpiles

Dubai Denies Neighbors Fuel as City Struggles to Pay Off Debt: Arab Credit

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
bad year for nukes, ctd
Fire Threatens Plutonium and Uranium Release at Los Alamos National Laboratory - A raging wildfire is threatening to engulf the Los Alamos National Laboratory. Los Alamos likely contains more nuclear weapons than any other facility in the world. As if that weren't bad enough, AP notes: The anti-nuclear watchdog group Concerned Citizens for Nuclear Safety, however, said the fire appeared to be about 3 1/2 miles from a dumpsite where as many as 30,000 55-gallon drums of plutonium-contaminated waste were stored in fabric tents above ground. The group said the drums were awaiting transport to a low-level radiation dump site in southern New Mexico.
Los Alamos confirmed the allegation:  Lab spokeswoman Lisa Rosendorf said such drums are stored in a section of the complex known as Area G. She said the drums contain cleanup from Cold War-era waste that the lab sends away in weekly shipments to the Waste Isolation Pilot Plant. She said the drums were on a paved area with few trees nearby and would be safe even if a fire reached the storage area. Officials have said it is miles from the flames. The lab has called in a special team to test plutonium and uranium levels in the air as a "precaution".

 

rhare's picture
rhare
Status: Diamond Member (Offline)
Joined: Mar 30 2009
Posts: 1326
Results of environmentalists are not always good.

After the big Cerro Grande fire in Los Alamos 11 years ago they did a lot of work around the labs and Los Alamos to improve safety of the labs in case of fire.  I doubt it will be a problem.

However, this is another one of those incidences where environmentalists made things worse.  WIPP was designed to store the low level waste which is stored in the barels discussed in the article.  However, it took 11 years of fighting to get the storage facility opened.  The barrels in question may have been gone by now if the delay wouldn't have taken place.  So now we get to worry if there is a problem.

It's like the Yucca mountain facility that Obama/Reid have killed.  So now we get to look forward to years more above ground fuel storage pools instead of burying the old waste in a several thousand foot deep salt bed.

sigh - heavy smoke from the fire just moved into Albuquerque - perhaps I'll be glowing soon.

Nate's picture
Nate
Status: Platinum Member (Offline)
Joined: May 6 2009
Posts: 595
rhare, I think you

rhare,

I think you have underestimated Obama/Reid.  It is much safer to store nuclear waste near population centers on top of fault lines, in hurricane and tornado zones, and below sea level.  Why in the world would you want to store the nuclear waste in an isolated and remote area, with no ground water or people for over 100 miles?

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
The Legion estrange.

Har Har chortle snort.

20 big ones for air conditioning! The Rhodesian army spent nothing, zip on air conditioning. My Sgt Major would not have understood.

And the Zambesi valley does get a tad warm in November. I lost my dog tags and the QM charged me 2c for new ones.

 

yoshhash's picture
yoshhash
Status: Martenson Brigade Member (Offline)
Joined: Sep 20 2008
Posts: 271

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