Daily Digest

Daily Digest 7/31 - August 2nd Deadline May Be Impossible, The Coming Global Instability, Who Owns U.S. Treasury Debt?

Sunday, July 31, 2011, 10:42 AM
  • Debt Crisis? Bankruptcy Fears? See Jefferson County, Alabama
  • That Aug. 2 Deadline? It May Be Impossible, Veteran Lawmakers Say
  • European Debt Crisis: Spain Downgrade Threat Unsettles Markets
  • Who Owns U.S. Treasury Debt?
  • The Coming Global Instability, Part II
  • Spain in ‘Danger Zone’ on Europe Crisis: IMF Quote: The assessment
  • South America Plans Summit on Defending Currencies, Economies From Crisis
  • Congress Wants To Spy On Everyone's Internet
  • The Relationship Between Hunger And Petroleum Consumption - Part 5

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Economy

Debt Crisis? Bankruptcy Fears? See Jefferson County, Alabama (jdargis)

There are lessons for everyone here, and they are all painful: lessons for those who are not concerned about the prospect of mounting debt, for those who insist that steep cuts can be relatively painless, for those who think the bill for big spending can safely be put off into the future, for those who have blind faith in the market and for those who think the government can always be relied upon to protect the interests of the people.

That Aug. 2 Deadline? It May Be Impossible, Veteran Lawmakers Say (jdargis)

Democrats and Republicans with legislative experience agree that even if both sides decided Saturday to raise the $14.3 trillion borrowing ceiling and to reduce future annual deficits, it would be extremely difficult for the compromise measure to wend its way through Congress before Tuesday’s deadline, given Congressional legislative procedures.

European Debt Crisis: Spain Downgrade Threat Unsettles Markets (pinecarr)

Financial markets face more turmoil after Moody's put Spain's Aa2 credit rating on review for possible downgrade while US debt talks are still deadlocked. The news sent the euro falling and stock markets in London and the eurozone down.

Who Owns U.S. Treasury Debt? (pinecarr)

The Coming Global Instability, Part II (pinecarr)

Systemic causes of global financial instability include the "normalcy bias," super-low interest rates, central-bank induced inflation and loss of faith in institutions. Some causal factors of global financial instability are mental constructs, others are pernicious policies. Money is the ultimate mental construct, of course; it is our faith in the promises issued by central banks and governments that gives paper money its value.

Spain in ‘Danger Zone’ on Europe Crisis: IMF Quote: The assessment (pinecarr)

The euro-region’s fourth-biggest economy is trying to rein in surging borrowing costs that have pushed the yield on its 10-year bond above 6 percent, hindering efforts to stoke growth as unemployment stays above 20 percent.

“Many of the imbalances and structural weaknesses accumulated during the boom remain to be fully addressed,” the fund said. “Spain is not out of the danger zone” and “scenarios of negative spillovers from Spain indicate a substantial impact on the rest of Europe and indeed globally, given the country’s systemic importance.”

South America Plans Summit on Defending Currencies, Economies From Crisis (pinecarr)

Finance officials from South America and Mexico will gather next month to discuss ways to protect their currencies and economies from the debt crisis in the U.S. and Europe.

The meeting of finance ministers from the Union of South American Nations, to take place Aug. 10-11 in Buenos Aires, was organized at the urging of Colombian President Juan Manuel Santos. The gathering will allow governments to coordinate action to deal with shared problems including “speculative” capital inflows that are fueling a rally in their currencies, Santos said at a July 28 summit of regional leaders.

Congress Wants To Spy On Everyone's Internet (Johnny Oxygen)

Goodbye, civil liberties! The government is using a bill disguised as anti-child pornography legislation to allow them to start monitoring Web-usage of everyone.

The Protecting Children from Internet Pornographers Act of 2011 (H.R. 1981) is aiming to keep the Web safe for children, but in the process it will treat any user logging on to the Internet as a potential criminal.

Those records, however, won’t apply to just suspected child pornographers and pedophiles. Instead, ISPs will be doing data retention on all of their customers.

If passed, the bill will keep the names, addresses, phone numbers, credit card numbers, bank account numbers and temporarily-assigned IP addresses of everyone on the Internet on file for a full year.

Energy

The Relationship Between Hunger And Petroleum Consumption - Part 5 (Crash_Watcher)

Here, I summarize parts 1-4 and put my results into the context of the broader ideas of peak oil, food production and population decline.

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."

9 Comments

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Stone cold sober

For those who have been following the Rossi saga I offer

Steven Krivit's lucid analysis of his observations.

I resay that Krivit is a staunch defender of LENR and so he goes for blood if he thinks there is a charlatan around.

Macs's picture
Macs
Status: Bronze Member (Offline)
Joined: May 27 2011
Posts: 40
Rossi

Thanks for posting that, AR.

Must say it has shifted my original 'sceptical optimism' over Rossi's E-Cat away from the 'optimism' end of the spectrum. Can't say I'm surprised, alas, though I didn't have much to go on despite gut feeling. It does seem there are serious flaws in analysing the output of the devices.

I always thought that any serious contender ought to be able to demonstrate output with something that can perform actual useful work rather than a stream of assumptions and calculations and misplaced thermometers. I'm beginning to suspect that he has just re-invented the electric kettle

Ultimately though I believe if we did come up with any energy technology that left us with inexhaustible, limitless supplies it would be the death-knell of the human race. Look what we've managed to **** up so far just with fossil fuels (even if you discount climate effects).

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
re: Who Owns U.S. Treasury

re: Who Owns U.S. Treasury Debt?

this differs from other listings ive seen; ie, http://www.businessinsider.com/who-owns-us-debt-2011-7?op=1

which puts the amount owned by the SSA slightly more than the SSA itself puts it at: http://www.ssa.gov/oact/trsum/index.html

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1613
Flash mobs continue

It's too early to decide if the "flash mob" is a short-lived phenomenon or part of the growing decay of our society.  However, it bears watching, and if you live in an urban area it bears appropriate thinking about and preparing for self-defense. Some harsh sentences for the few convicted would go a long way toward nipping this in the bud, but in Philadelphia's juvenile court system the usual leniency will flash a big green light for the "young people" to keep this up with near impunity.  On the other hand, a well-publicized incident of successful armed self-defense by a victim might serve as a deterrent.  Of course, such an incident might result in an arms race.

In any case, I can't help but conclude that the economic stress in our society and the obvious corruption at the top without prosecution only adds to the impetus for those so inclined to commit bolder and bolder crimes.

http://www.philly.com/philly/news/20110731_City__business_leaders_decry_...

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
AUS Manufacturing slump accelerates

Manufacturing slump accelerates

Activity in Australia's manufacturing sector slumped in July, with the strong local currency and weak domestic demand continuing to restrict growth.

The Performance of Manufacturing Index by the Australian Industry Group and PwC fell 9.5 points last month to 43.4.

That is well below the key 50-point level which separates expansion from contraction.

The survey also shows the prospect of a carbon tax has added to manufacturers' concerns and is clearly weighing on sentiment in the sector.

The chief executive of the Ai Group Heather Ridout says concerns about the carbon tax come on top of ongoing worries about the strong Australian dollar and weak demand.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Chaos

Dmitri Orlov talks of non-linearities. He suggests we find the eject button.

Forensic analyses of airplane crashes have revealed that sometimes, as his last act, the pilot ripped the control console off the cockpit floor—an act that requires superhuman strength—so hard was he pulling back on the yoke to bring up the airplane’s nose. I am sure that there are plenty of pilots—in all walks of life—who will prefer to crash, gripping the controls with all their might, gaze fixed on the distant, irrelevant or fictional horizon, than to push the eject button.

He is of course discussing Chaos Theory which shows mathematicaly that boundry conditions are non-linear. This is the deep insight that you are meant to get from playing with the boundries of the Mandelbrot Set

Expect chaos as we approach the asymptotes. Trend reversals are a tricky feature of boundry conditions.

guardia's picture
guardia
Status: Platinum Member (Offline)
Joined: Jul 26 2009
Posts: 592
10 Sv/h *between* Unit 1 and 2

Here is some machine translation, but I'm sure we'll have some articles in English soon as well

The first nuclear power plant in Fukushima: highest tower after the accident 10 Sv in the exhaust pipe

Samuel

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
To my friend Macs

Macs, Krivit came to the conclusion that the best statement that he could make was that the energy gain was only 200%. In otherwords double and that if it is an magicians trick, it is a very good one.

There is plenty of documented evidence for cold fusion.

I have found out that muon catalysed fusion has a solid theoretical foundation. The surface of the planet is bombarded by 10,000 muons a min, per sq meter. Cold fusion must be happening around us all the time.

As for humans making a hash of things I have been reading the course of recent brain development.

We are not the pinacle of creation by a long shot. We must resist the urge to measure our decendants with our yardstick. They are going to experience punctuated  evolution. I am willing to lay odds that they will escape this gravity well.

Industry must go off-planet, where it belongs.

Will it be easy? Has anything ever been easy?

Tycer's picture
Tycer
Status: Platinum Member (Offline)
Joined: Apr 26 2009
Posts: 609
 Thanks Samuel.

 Thanks Samuel.

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