Daily Digest

Daily Digest 7/15 - Down But Not Out, The Struggle Over Food Stamps, 5 Countries Join Japan In Rethinking Nuclear

Friday, July 15, 2011, 9:40 AM
  • Dicing With Debt And The Future
  • Down But Not Out
  • Food Stamps: The Struggle To Eat
  • “Professor” Paul Schools Bernanke
  • Hidden Yen Signal & Gold Breakout
  • Japanese Prime Minister Naoto Kan Calls For Phase-Out Of Nuclear Power
  • Japan's Nuclear Crisis: A Question Of Trust
  • Reactor reaction: 5 countries joining Japan in rethinking nuclear energy

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Economy

Dicing With Debt And The Future (jdargis)

Couldn’t politicians explain things better? Dream on. The sixth argument against the Theory of Inevitable Compromise is the virtual impossibility in today’s polarised America of shaping a consensus. In the 1930s Franklin Roosevelt delivered soothing chats explaining the theory of banking. But the president’s bully pulpit is not what it was before the rise of partisan cable television and the cacophony of the blogosphere empowered the obfuscators. For every commentator wringing his hands over the danger of default, another accuses the “liberals” of crying wolf.

Down But Not Out (jdargis)

My family is eating stir fried dandelions out of yards to keep from starving. I am college educated and cannot pay rent. I have not had a penny income so far this year. We were turned down for food stamps. We are natural born U.S. citizens.

Food Stamps: The Struggle To Eat (jdargis)

Advocates for the poor consider such cuts unconscionable. Food stamps, they argue, are far from lavish. Only those with incomes of 130% of the poverty level or less are eligible for them. The amount each person receives depends on their income, assets and family size, but the average benefit is $133 a month and the maximum, for an individual with no income at all, is $200. Those sums are due to fall soon, when a temporary boost expires. Even the current package is meagre. Melissa Nieves, a recipient in New York, says she compares costs at five different supermarkets, assiduously collects coupons, eats mainly cheap, starchy foods, and still runs out of money a week or ten days before the end of the month.

“Professor” Paul Schools Bernanke (Anthony S.)

Forbes continues: “Paul asked Bernanke why central banks didn’t hold diamonds, clearly hinting at his fiat money criticism of the U.S. monetary system. The Fed Chairman told Rep. Paul it was nothing more than tradition, and, as he was attempting to develop his argument, Rep. Ron Paul quickly asked the acting authority of the House of Representative’s Committee on Financial Services, Rep. Bacchus, to excuse him for exceeding his time, as he returned the floor to the Committee.”

Hidden Yen Signal & Gold Breakout (Claire H.)

The critical point was reached three weeks ago when an emergency G-7 Meeting was convened. Its purpose was coordination to buy USTBonds and keep the Yen down, ergo Global QE. The Yen Sale Pact was never called Global QE but that is the proper interpretation, since all major central banks became USTBond buyers of last resort. The Gold & Silver market properly interpreted the event, and surged to breakout levels. The effect of the G-7 desperate clumsy pact was temporary. The trade deficit will not keep down the Yen exchange rate down. Contrary to standard economic theory, their trade gap will push up the Yen currency.

Energy

Japanese Prime Minister Naoto Kan Calls For Phase-Out Of Nuclear Power (jdargis)

We will aim to bring about a society that can exist without nuclear power,” he said.

Japan's Nuclear Crisis: A Question Of Trust (jdargis)

Tokyo Electric (TEPCO), the utility that serves the capital and runs the Fukushima plant, has been accused of withholding data from the start, including from the prime minister. And the energy firms have a record of spotty safety standards and cover-ups stretching back years. Yet their image worsened in recent days when it transpired that Kyushu Electric, which operates Genkai, asked thousands of employees to pose as ordinary citizens and send e-mails and faxes in support of reopening reactors at a public meeting in June that was televised live. The attempt to manipulate public sentiment, exposed by a rare whistle-blower, angered the public and energised the media.

Reactor reaction: 5 countries joining Japan in rethinking nuclear energy (jdargis)

There are legitimate questions, nevertheless, about whether Japan could actually shift away from nuclear power. Japan is incredibly dependent on nuclear energy -- the country's 54 nuclear reactors account for 30 percent of its electricity; pre-earthquake estimates noted that the share to grow to 40 percent by 2017 and 50 percent by 2030. The prime minister today offered few details on how he'll transition away from nuclear reliance.

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7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4236
Greek, Irish, Portuguese Note Yields at Records

"The yield on Greece’s two-year notes surged 118 basis points to 32.39 percent as of 12:58 p.m. in London, and earlier reached 34 percent. Ten-year Greek yields rose 36 basis points at 17.44 percent."

"Ireland’s two-year note yield was 84 basis points higher at 22.16 percent, a euro-era high. Spanish 10-year bond yields rose six basis points to 5.92 percent while equivalent-maturity Italian debt yielded 5.67 percent, four basis points more than yesterday. "

  • Other news, headlines and opinion: 

US woes may spur inflation, hurt China's forex reserves

Stocks Could Lose 35% if Euro Crisis Worsens: Report

Fed balance sheet grows to record $2.88 trillion

Barack Obama 'wants agreement on debt deal in 36 hours'

Connecticut facing 6500 layoffs

Raising Medicare costs may be gaining traction

Miami budget proposal: 22 furlough days, citywide

Citigroup Estimates It Has $22 Billion at Risk in Five European Countries

Beef Contamination Spreads in Japan After Fukushima Radiation Taints Straw

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4236
U.S. Downgraded to 'Near Junk' by Weiss

U.S. Downgraded to 'Near Junk' by Weiss

dps's picture
dps
Status: Martenson Brigade Member (Offline)
Joined: Jun 27 2008
Posts: 442
Greek, Irish, Portuguese Note Yields at Records

At 32.39 percent, your debt doubles every 2 years.  ... dons

GregGGH's picture
GregGGH
Status: Member (Offline)
Joined: Mar 13 2011
Posts: 10
dps wrote: At 32.39 percent,
dps wrote:

At 32.39 percent, your debt doubles every 2 years.  ... dons

Just in case ... remember the 'rule of 69' ... no --not that 69 --the other 69... and you can round to 72 for obvious reasons of calculation.

10% return / 72 = 7.2 years to double

32% / 72 = 2.25 to double

Greg

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1892
David M. Walker On Game Of Debt Ceiling Chicken

David M. Walker, former Comptroller General of the United States and head of the Government Accountability Office, who has worked hard for years to warn Americans of the debt crisis, in an interview on the game of debt ceiling chicken being played today...

What If Aug. 2 Comes & Goes Without Debt Ceiling Increase?
Video: http://finance.yahoo.com/video25910674

Poet

Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
Poet / Walker

That link didn't work for me, but he talks about it in the last 2 min here:

maceves's picture
maceves
Status: Gold Member (Offline)
Joined: Aug 23 2010
Posts: 281
walker--education

I like that phrase--

"fact based, non-partisan, non idiological, citizen education and engagement effort"

kind of what we have here...

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