Daily Digest

Daily Digest 8/27 - Gold Rise Narrows Weekly Loss, The Crimes Of Qaddafi, Hurricane Irene Q&A

Saturday, August 27, 2011, 9:47 AM
  • Banks Decry Surcharges as Basel Plans Capital ‘Punishment’ for Size, Risk
  • 9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight
  • Gold Rises, Narrowing Weekly Loss
  • Republicans for Tax Hikes
  • The Crimes Of Col. Qaddafi
  • Millions May Lose Power as Irene Carves Destructive Coastal Path
  • Hurricane Irene: Questions And Answers
  • This Storm, Bloomberg Responds Differently

Our 'What Should I Do?' guide has steps to cook, see & stay warm in times of power outage

Economy

Banks Decry Surcharges as Basel Plans Capital ‘Punishment’ for Size, Risk (jdargis)

Tighter international and U.S. standards on capital, liquidity and risk management are likely to alter competition in the U.S., the banking groups said in their letter. The Basel capital surcharge will “lead to unjustified competitive inequities between large banks” subject to the charge and others that aren’t, they said.

Our 'What Should I Do?' guide has steps to cook, see & stay warm in times of power outage

9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight (pinecarr)

While we have no information as to who or why (we do know when and where) engaged in a transfer of 9,173 ounces of eligible gold (for a total of about $16.5 million) from HSBC's gold depository into that of JP Morgan, according to today's closing CME Group Metal Depository Statistics, we can merely point out that it happened.

Gold Rises, Narrowing Weekly Loss (jdargis)

Gold futures for December delivery gained $34.10, or 1.9 percent, to settle at $1,797.30 at 1:58 p.m. on the Comex in New York. Prices are down 3 percent the past five days, the first weekly loss in eight weeks. In after-hours electronic trading, prices jumped as much as 3.7 percent to $1,828.90.

Republicans for Tax Hikes (jdargis)

Huntsman, Perry, Bachmann: All of them are taking a bold stand in favor of cognitive dissonance. The main reason Washington couldn't get a "grand bargain" on the budget and debt ceiling was that Republicans balked at increasing taxes on anyone. How did we get from there to the notion that it would be a good idea to raise taxes on the 60-odd million people who didn't end up owing the IRS any money last year?

The Crimes Of Col. Qaddafi (jdargis)

New and adapted versions of, say, the old Egyptian regime are imaginable (indeed, rather too much so). But the collapse of the Qaddafi system is necessarily absolute and complete. It is symbolized precisely by the tearing down and tearing up of the statues and posters, all showing The Leader in the various uniforms and regalias he has designed for himself over the years. The sub-Mussolini effect; the combination of Ruritania and the Gulag; a certain style of neo-fascist camp and kitsch will be virtually all that remains to study.

Environment

Millions May Lose Power as Irene Carves Destructive Coastal Path (pinecarr)

Millions of homes and businesses are likely to lose power for several days as Hurricane Irene plows up the eastern coast of the U.S., ripping down power lines and flooding underground natural gas and electric equipment.

Hurricane Irene: Questions And Answers (jdargis)

Some people believe taping windows prevents flying shattered glass, but experts say doing so is not effective. According to the Atlantic Oceanographic and Meteorological Laboratory at the National Oceanic and Atmospheric Administration, taping windows “is a waste of effort, time and tape.” The site adds: “It offers little strength to the glass and NO protection against flying debris. After the storm passes, you will spend many a hot summer afternoon trying to scrape the old, baked-on tape off your windows (assuming they weren’t shattered).”

This Storm, Bloomberg Responds Differently (jdargis)

Yes, he acknowledged, weather was fickle — the storm, after all, could shift course — and an evacuation order would severely disrupt lives. But eight months after his much-maligned under-reaction to the December blizzard, the mayor had decided that the risk of inaction was intolerable.

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

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

 New summary of this weeks 3E links, resources, and cartoons posted at http://3es.weebly.com/index.html  

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
NATO Nations Set to Reap Spoils of Libya War

<http://www.commondreams.org/headline/2011/08/27>

NATO Nations Set to Reap Spoils of Libya War

As rebels take Tripoli, foreign powers are eyeing the prize of Libya's high quality crude oil.

by Rachel Shabi

It looks like the more telling news on Libya has migrated to the business pages. With jubilant reporting of Gaddafi's imminent downfall seizing headlines, it's the financial pages that have the clinical analysis. So, for instance, it is in this section that the Independent reports a "dash for profit in the post-war Libya carve up".

France's President Nicolas Sarkozy, like his counterparts in the UK, Italy, the US and other countries, is keen to garner oil contracts once a new government emerges in Libya. Similarly, Reuters, under the headline, "Investors eye promise, pitfalls in post-Gaddafi Libya" noted that a new government in that country could "herald a bonanza for Western companies and investors".

Before Tripoli has completely fallen, before Gaddafi and his supporters have stepped down and before the blood dries on the bodies that have yet to be counted, Western powers are already eyeing up what they view us just rewards for the intervention.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Liberated Libyan opportunities.

It happened to Rhodesia, (Be upstanding) and a lot of other "liberated" countries.

What happens next is they get a loan.

The loan givers will seek out the most corrupt. Please note I said loan, not gift. It has to be payed back later at mates rates, naturely.

The corrupt recipients of the loan put it in their Swiss Bank accounts. The Swiss lend the money to the World bank, who promptly lend it back to the corrupt leader. To be payed back later, at mates rates.

Rinse and repeat. Round and round she goes. Each time picking up, say, a measly 3%.

Next, the country is flooded with the goods that the country makes. The native industries are obliterated by free goods. (We had tractors from all over the world. There is one in Filabusi made in Bulgaria, still waiting for new tires.)

When the country is completely on it's knees a friendly chap from the World bank will arrive with miracle panacia. Something with a catchy name say, " ESAP" or Economic Structural Adjustment Program.

Cut through the jargon it is a one liner. "You are my Slave. You will work for nothing. If you are very good I shall throw in some teabags into your rations."

Every now and then there is a great cheer from the ruling class as another Loan is given by the World Bank.

All very droll.

corn1945's picture
corn1945
Status: Member (Offline)
Joined: Jun 12 2011
Posts: 14
The "Republicans for Tax

The "Republicans for Tax Hikes" article is a kicker for me because I suggested that they Republicans should propose eliminating the 2% SS tax cut. This way it would force the Democrats to support tax cuts, look like hypocrites, and allow the Republicans to keep all the tax cuts.

I should be a political consultant because I was 100% correct.

MarkM's picture
MarkM
Status: Platinum Member (Offline)
Joined: Jul 22 2008
Posts: 837
Arthur, My response was to

Arthur,

My response was to be but one word, piracy.

Thank you for articulating my thoughts.

Bradford's picture
Bradford
Status: Member (Offline)
Joined: Mar 23 2009
Posts: 20
Marshall discusses “Bilderberg 2011”

Authur,

Jim Puplava interviewed Andrew Gavin Marshall on today's pocast..."Andrew Gavin Marshall, Research Associate with the Centre for Research on Globalization, to discuss the Bilderbergs, "the high priests of Globalization."

You might enjoy like a listen, as he describes the senario you have outlined almost verbatim!

http://www.financialsense.com/financial-sense-newshour

 

 

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