Daily Digest

Daily Digest 7/5 - States Are Key To Stabilize Economy, MN Shutdown Looms, Yellowstone Oil Spreads Further

Tuesday, July 5, 2011, 10:46 AM
  • Economic Stabilizers: States Are The Key
  • Is California's Past America's Future?
  • Minnesota Lawmakers Set to Discuss Shutdown
  • Treasuries, Dollar Gain on Concern Recovery Is Flagging; Wheat, Rice Climb
  • Bonds Rise On Renewed Greek Debt Worries
  • Yellowstone Oil Spill Has Spread Farther, Exxon Mobil Says
  • Fenugreek May Be Cause of E. Coli Outbreaks
  • U.S. Could Drop Screening For Deadly Strain Of E. Coli

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

Economy

Economic Stabilizers: States Are The Key (jdargis)

What’s the biggest need? If you ask me, Matt Yglesias nails it: reforms to provide improved automatic stabilizers. And the focus of those stabilizers, as Yglesias has argued before, should be federal transfers to the states. As Jared Bernstein (no relation) says, this is an enormous problem. He doesn’t provide an estimate of the total (direct and indirect) cost in jobs and GDP; anyone have one? Certainly, it’s substantial.

Is California's Past America's Future? (jdargis)

The writer Alison Lurie once said that “as one went to Europe to see the living past, so one must visit Southern California to observe the future.” The north is worth a look, too, particularly Sacramento, where well-meaning but poorly-designed rules have left the political system gridlocked, and where Republicans seem to be looking for inspiration as they consider how to remake Washington.

Minnesota Lawmakers Set to Discuss Shutdown (jdargis)

Meanwhile, former U.S. Vice President Walter Mondale and former Governor Arne Carlson, two of Minnesota’s elder statesmen, announced yesterday that they plan a joint news conference today at Minneapolis City Hall to discuss the shutdown. Mondale is a Democrat and a former U.S. Senator, while Carlson was the state’s Republican governor from 1991 to 1999.

Treasuries, Dollar Gain on Concern Recovery Is Flagging; Wheat, Rice Climb (jdargis)

Orders placed with U.S. factories increased at a slower pace than economists forecast, according to the Commerce Department. European services and manufacturing growth slowed more than estimated in June, Markit Economics said. The Reserve Bank of Australia kept its benchmark interest rate unchanged, saying the nation’s growth pace may be weaker than previously forecast. China still faces “large” inflationary pressure, the People’s Bank of China said yesterday.

Bonds Rise On Renewed Greek Debt Worries (jdargis)

Last week's crucial Greek parliament votes reduced anxiety over a sovereign default, but there are lingering worries whether the European Central Bank will still accept Greek government bonds as collateral as authorities and lenders scramble to design a second bailout package for the highly indebted euro zone country.

Environment

Yellowstone Oil Spill Has Spread Farther, Exxon Mobil Says (jdargis)

The cause of the spill has not been determined, but officials have speculated that surging waters may have scoured the river bottom and exposed the pipeline to debris that could have damaged the pipe.

Pruessing said the company was using aircraft to assess damage, but the flooding river prevents crews from venturing out in boats or walking the banks in some areas for a closer look. That will happen when the river recedes, he said.

Fenugreek May Be Cause of E. Coli Outbreaks (jdargis)

Investigators identified the link to fenugreek, a clover- like plant that is a common ingredient in curry, after finding it was served at an event attended by patients in the Bordeaux suburb of Begles, in France, on June 8. Consumers should not eat sprouts or sprouted seeds unless they have been “cooked thoroughly,” the EFSA said, two months after the first cases of an E. coli strain that has infected more than 4,200 people and killed 49 in 13 European nations were reported in Germany.

U.S. Could Drop Screening For Deadly Strain Of E. Coli (jdargis)

The commercial produce industry, which has long expressed concerns about the program, this spring suggested ending its $4.5 million funding. In a memo to Agriculture Secretary Tom Vilsack, the USDA's Fruit and Vegetable Industry Advisory Committee complained about "unnecessary recalls" and asked if the funds would be "better utilized elsewhere."

Industry representatives call the program duplicative, suggesting that similar screening is already done by other agencies.

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7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Tweety bird not dead.(yet)

I saw on ABC TV that my favourite canary in the coal mine, the airlines, are in trouble.

Oil price is too high and the worlds economy is in big doo doos.

As if we didn't know.

treemagnet's picture
treemagnet
Status: Gold Member (Offline)
Joined: Feb 13 2011
Posts: 344
The pin prick

The price of rice will be what pops the china bubble - very interested in watching how they attempt to manipulate that one as well as who gets the media blame.  Same deal as the middle east, once you abuse 'em, torment them, threaten them, deny them - amazing what people will endure and tolerate.....but when you can't afford to eat - whats there to lose?  Stay tuned for the upcoming season of "riot tv".

Germanni's picture
Germanni
Status: Member (Offline)
Joined: Mar 20 2010
Posts: 14
mesaboogieman's picture
mesaboogieman
Status: Bronze Member (Offline)
Joined: Jan 16 2009
Posts: 42
US debt default

The debt default video is interesting.   Surely though just because you cant borrow more  doesn't mean you have to default on the interest payment on what you have borrowed already?  Therefore it doesn't necessarily mean you default,  just cut about 30% of gov spending.

  Like that'll happen...  Smile

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1447
Google "Commodities Beckon Banks"

Google "Commodities Beckon Banks" to read free article on the games banks are playing with commodities.   I hope they get burned.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
I2a (P37.2)

Thanks for the link Germani.

I am an I2a (P37.2) so anything German interests me greatly.

I had the misfortune of being born in Africa. We are tolerated less and less in Africa. There are less an less of us in Africa and more and more Africans in Germany.

Who is colonising who?

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