Daily Digest

Daily Digest 9/10 - Jobs Plan Won't Lead To Hiring, A Setback For The Eurozone, Flooding Continues In Southern NY

Saturday, September 10, 2011, 9:48 AM
  • Merk sells Euro to buy Australian Dollar
  • Obama Stumps for Jobs Plan, Calling for ‘Action Now’
  • Employers Say Jobs Plan Won’t Lead to Hiring Spur
  • A Setback for the Euro Zone
  • Protest of Thousands in Cairo Turns Violent
  • Flooding Persists in Southern Tier of New York
  • Japanese pay top dollar for Ellensburg's timothy hay

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Economy

Merk sells Euro to buy Australian Dollar (Joe P.)

While we are underweight the euro in the short-term, we remain long-term positive, as we believe the concerns surrounding the crisis in the Eurozone should primarily be played out in the pricing of the bond market: in our assessment, it is appropriate to have the bonds of Eurozone countries trade akin to municipal bonds, as they cannot print their own money. As such, the bond market has been providing “encouragement” for reform. The process, granted an ugly one, is imposing structural reform; as countries drag their feet implementing reforms, the bond market will continue to keep policy makers’ feet to the fire. The same can be said of banks: courtesy of recent stress tests, the market can now target weak banks, “encouraging” them to raise more capital. Also note that while a centralized European fiscal authority would be helpful, we already have a mechanism in place in which a country that wants to tap into cheaper funding has to give up sovereign control over its budgeting. The difference is that a streamlined process under which a country could tap into Eurobonds would be less stressful than the drama playing out whenever someone needs to access the International Monetary Fund (IMF) and European support resources. Germany is right in resisting a rush to introduce Eurobonds, so that processes are put in place that don’t lead to excessive money squandering. Overall, we believe it is far more difficult in the Eurozone to spend and print money than in the U.S.

Obama Stumps for Jobs Plan, Calling for ‘Action Now’ (jdargis)

The White House says the Richmond appearance and others to follow represent what is planned as a concerted effort by the president to sell the public on the tax cuts and spending in his jobs package, seeking to pressure Republicans in the House and the Senate to go along with at least some measures.

Employers Say Jobs Plan Won’t Lead to Hiring Spur (jdargis)

“You still need to have the business need to hire,” said Jeffery Braverman, owner of Nutsonline, an e-commerce company in Cranford, N.J., that sells nuts and dried fruit. While a $4,000 credit could offset the cost of the company’s lowest-cost health insurance plan, he said, it would not spur him to hire someone. “Business demand is what drives hiring,” he said.

A Setback for the Euro Zone (jdargis)

Stock markets swooned in Europe and the euro fell against the dollar after the bank announced the resignation of Jürgen Stark, a German who is the central bank’s de facto chief economist and also a member of its policy-setting governing council, and the sell-off continued in the United States, with the major indexes all falling more than 2 percent.

Protest of Thousands in Cairo Turns Violent (jdargis)

Mustafa el Sayed, 28, said he had been among about 20 protesters who broke into the embassy. He showed a reporter video from a cellphone, of protesters rummaging through papers and ransacking an office, and he said they had briefly beaten up an Israeli employee they found inside, before Egyptian soldiers stopped them. The soldiers removed the protesters from the building, he said, but let them go free.

Flooding Persists in Southern Tier of New York (jdargis)

The stories of loss go on and on here in the Southern Tier of New York, west of the Catskills along the Pennsylvania border. The area was inundated by record-high floodwaters on Thursday and Friday, as the remnants of Tropical Storm Lee dumped rain across the Northeast, closing major highways and reflooding regions still reeling from Tropical Storm Irene.

Japanese pay top dollar for Ellensburg's timothy hay (jdargis)

Nearly all of the timothy from here is shipped by sea to Japan and, in lesser amounts, to countries such as South Korea and China, and also the United Arab Emirates.

It means $35 million to $38 million is paid to the farmers, and an additional $80 million or so pumped into the economy as the farmers then spend money on everything from equipment to labor, according to the Kittitas County Chamber of Commerce.

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."

4 Comments

littlefeatfan's picture
littlefeatfan
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Posts: 141
3E Links, Resources and Cartoons Weekly Summary

 New weekly summary of 3E related links, resources, and cartoons posted at http://3es.weebly.com/ 

This weeks resources

http://www.declineoftheempire.com/2011/09/a-voting-alternative-americans-elect.html  A voting alternative
http://transitionculture.org/2011/09/09/the-oil-game-a-free-pdf-workbook/  Kids Peak Oil game and free workbook
http://guymcpherson.com/2011/09/film-series-odds-and-ends/  Odds and Ends – Guy McPherson VIDEO
http://guymcpherson.com/2011/09/film-series-building-human-community/  Building Human Community - Guy McPherson VIDEO
http://guymcpherson.com/2011/09/film-series-maintaining-body-temperature/  Maintaining boy temp - Guy McPherson VIDEO
http://guymcpherson.com/2011/09/film-series-food-preparation/  Food Preparation - Guy McPherson VIDEO
http://www.hobbyfarms.com/farm-breeds/poultry-profiles/dominique-2.aspx  Dominique chickens
http://1bog.org/blog/  Awesome green infographics
http://www.naturalnews.com/033522_aloe_vera_medicine.html  Most versatile medicine in nature
http://planetgreen.discovery.com/food-health/10-common-flowers-you-didnt-know-you-should-eat.html  10 common flowers you should eat

  Permaculture – true way of life MOVIE
http://www.wordpress.peakmoment.tv/conversations/?p=461  Local Investing made easy  Peak Moment TV
http://suburbansurvivalist.wordpress.com/the-survival-blog-list/  Survival Blog List
http://www.permaculture.co.uk/videos/0809111087/how-make-16-brick-rocket-stove  How to make a 16 brick rocket stove
http://www.margincallmovie.com/  Margin Call MOVIE TRAILER
http://www.yesmagazine.org/issues/new-livelihoods/whos-building-the-do-it-ourselves-economy?ica=Tweet&icl=ShareBar_Art_UR Building the Do-It ourselves Economy
http://raisingorganicfamilyfarms.com/  Raising Organic Family Farms
http://www.kickstarter.com/projects/fifthsacredthing/the-fifth-sacred-thing?ref=card  The Fifth Sacred Thing MOVIE Preview
http://climatecrocks.com/2011/09/07/the-new-net-zero-house-zero-energy-in-the-upper-midwest/  New Net Zero Housing in upper Midwest
http://transitionculture.org/2011/09/05/spin-farming-basics-a-book-review/  SPIN Farming Basics BOOK REVIEW
http://www.usatoday.com/money/industries/food/story/2011-09-04/Beekeeping-can-supply-you-and-neighbors-with-honey/50244004/1  Beekeeping is required
http://www.yert.com/resources.php Great list of Green Media

rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
Paul Krugman on Gold
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4240
Greek recession worse than expected

 

Greece denies rumours that it will default as soon as this weekend

Papandreou Pledges to Avoid Default as Bailout Fatigue Builds

Papandreou says to save Greece, stay in euro

Greece on verge of default as doubt grows over €8bn bailout

Merkel urges Germans to be patient with Greece

More protests in Greece as new austerity measures expected

Greek recession worse than expected, finance minister says "Greek Finance Minister Evangelos Venizelos on Saturday dismissed rumours of a Greek default, but admitted that the economy was now set to shrink by more than 5 per cent this year, far more than previously estimated."...""The projections in May was that the recession would be at 3.8 per cent and now we are exceeding 5 per cent," he said."

Greek police, firefighters protest

Biggest French Banks Said Poised to Be Downgraded by Moody’s
("because of their investments in Greece")

 

...........................GM chief says US needs to live within its means 

Wendy S. Delmater's picture
Wendy S. Delmater
Status: Diamond Member (Offline)
Joined: Dec 13 2009
Posts: 1988

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