Daily Digest

Daily Digest 7/17 - Wall St's Euthanasia Of Industry, ConocoPhillips Oil Spill, Free Seeds Help Americans Get By

Sunday, July 17, 2011, 9:46 AM
  • Gold Matches Record Winning Run On U.S. Debt Fears
  • Wall Street’s Euthanasia of Industry
  • Italy and Spain in firing line as euro's fate hangs in the balance
  • Partnership Pays Dividends
  • China Asks ConocoPhillips To Halt Oilfield Output
  • ConocoPhillips Oil Spill
  • Oil Spill Six Times Size Of Singapore
  • Red tide formed after oil spills
  • Free seeds helping Americans get by, live healthier

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Economy

Gold Matches Record Winning Run On U.S. Debt Fears (InCalgary)

Gains in crude oil, a plunge in U.S. consumer confidence and concerns about euro zone debt contagion also helped the metal to its largest two-week gain in over two years, rising more than 7 per cent since the start of July.

Wall Street’s Euthanasia of Industry (Johnny Oxygen)

I’ve always been a little mystified as to why everyone joins the IMF and the World Bank, why they don’t go it alone.

The question you’re asking is, who are they? Who is Argentina? Who is Brazil? It’s not as if the whole country makes the decision. These countries are very largely their own oligarchies. For instance, when I started the Third World Bond Fund for Scudder Stevens in 1990, Brazilian and Argentine bonds were yielding 45 percent interest. Nobody would buy these bonds in America. Scudder was unable to sell shares in the funds to American buyers or to European buyers. The buyers were wealthy families in Brazil and Argentina because they knew that they were going to pay the debt. So the dollar yank for the Yankee Imperialists that were being blamed were actually Argentinean and Brazilian oligarchs operating through offshore funds with the dollars they’d siphoned out of their own country.

Italy and Spain in firing line as euro's fate hangs in the balance (pinecarr)

Eurozone leaders are braced for another battering from financial markets this week, amid growing fears that the spiralling sovereign debt crisis is threatening the future of the single currency. "It's likely to be a very confused and volatile week, with mixed messages from markets and policymakers," said Sony Kapoor, director of the Brussels-based thinktank Re-Define.

Partnership Pays Dividends

In an innovative approach designed to strengthen relations between the world's two largest economies, officials from China and US state governments will gather at the first China-US Governors Forum, which formally opens on Friday [July 15, 2011], to explore new opportunities in trade, culture and education exchanges.

The forum, co-convened by the US National Governors Association (NGA) and the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), was one of the major achievements during President Hu Jintao's visit to the United States in January. The 100-member Chinese delegation is led by Zhejiang Party Secretary Zhao Hongzhu, Anhui Governor Wang Sanyun, Yunnan Governor Qin Guangrong, Qinghai Governor Luo Huining and CPAFFC Vice-President Li Xiaolin.

Energy

China Asks ConocoPhillips To Halt Oilfield Output (pinecarr)

"Most of the measures taken by ConocoPhillips so far are temporary and remedial. They can not completely eliminate risks of oil spills and the possibility of another oil spill is at all times posing huge threat to the ecological environment of the Bohai Bay," the administration said on its website (www.soa.gov.cn).

Oil continued to spill from the two platforms and there was still oil slick floating on the sea, SOA added.

ConocoPhillips is the operator of Penglai 19-3, China's largest offshore oilfield, which has five production platforms with total daily production of roughly 160,000 barrels.

Environment

ConocoPhillips Oil Spill (pinecarr)

CNOOC last week said the spill — which was detected on June 4 but only made public at the beginning of July — was “basically under control” while ConocoPhillips told reporters the leaks had been plugged.

The official China Daily newspaper last week said that dead seaweed and rotting fish could be seen in waters around Nanhuangcheng Island near the site of the slick.

Oil Spill Six Times Size Of Singapore (pinecarr)

Huge oil spill off the Chinese coast has now contaminated an area around six times the size of Singapore, state media reported yesterday, as the government said it may seek compensation for the leak.

The spill from the oil field, which the United States’ ConocoPhillips operates with China’s state-run oil giant CNOOC, has polluted a total

Red tide formed after oil spills (pinecarr)

Red tide is seen at the oil spills affected sea area in North China's Bohai Bay, on July 15, 2011. The oil spills near Platform C at Penglai 19-3 oil field were first detected on June 4. ConocoPhillips said on Thursday that the total volume of oil spilled from the Penglai 19-3 Oilfield in Bohai Bay is expected to reach about 1,500 barrels.

Free seeds helping Americans get by, live healthier (Jeff B.)

"It was nice to know that not only could I take care of (my family) out of what I grew in my garden, but I could take care of them really well," she said.

After realizing how much nutritious food she was able to grow, Hirshberg began collecting seeds from her garden and sharing them with others.

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5 Comments

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

Weekly summary of 3E links and cartoons posted at http://3es.weebly.com/

Hotrod's picture
Hotrod
Status: Silver Member (Offline)
Joined: Apr 20 2009
Posts: 177
International Finance

This is the best article I have seen regarding the bizarre world of international credit and banking.  Now I understand how the game is played  http://michael-hudson.com/2011/07/the-euthanasia-of-industry/

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Get your ah ha's here.

 So if I am right, that the story of the Western world is one of increasingly left-hemisphere domination, we would not expect insight as the key note.Instead we would expect a sort of insouciant optimism, the sleepwalker whistling a happy tune as he ambles towards the abyss.

Page 237 of

http://en.wikipedia.org/wiki/The_Master_and_His_Emissary

A bit chewy but good for insights and ah ha! moments.

High academic achievement by Iain McGilchrist.

Yale University press.

 

 

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Steve Keen goes to town.

http://www.debtdeflation.com/blogs/

the fact that Al Jazeera covers topics like this in some critical detail puts it several steps ahead of the media pack, especially in the US and Australia.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
A slow night on the miniscule planet.

I thought you might like to be entertained with this video

I found this snippet about Robert Geddes in the USA. He is working on an alternative LENR device.

http://www.mail-archive.com/[email protected]/msg42362.html

 

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