Daily Digest

Daily Digest 9/22 - Italy Fumes At S&P Rating, A Currency Perspective On Liquidity Crisis, A Path To Energy Prosperity

Thursday, September 22, 2011, 9:45 AM
  • Berlusconi Furious at Standard & Poor's Rating
  • Bullion Vaults Run Out of Space on Gold Rally
  • Liquidity Crisis? A Currency Perspective
  • What Is The Cost Of Avoiding Disaster?
  • A Day of Gains Fades in the Final Hours
  • The Energy Economy: A Path To Prosperity
  • 25 Signs That A Horrific Global Water Crisis Is Coming
  • Developers Cater to Two-Wheeled Traffic in Portland, Oregon

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Economy

Berlusconi Furious at Standard & Poor's Rating (JLA)

In an afternoon announcement in New York, the ratings agency Standard & Poor's indicated it was downgrading Italy's credit rating by one notch due to what it described as limited prospects for growth in the country. More damning, the research note released by S&P head David Beers also pointed to instability within Prime Minister Silvio Berlusconi's governing coalition.

"What we view as the Italian government's tentative policy response to recent market pressures suggests continuing future political uncertainty about the means of addressing Italy's economic challenges," Beers wrote.

Bullion Vaults Run Out of Space on Gold Rally (ScubaRoo)

Barclays Capital is building a new vault, The Brink’s Co. (BCO) and Deutsche Bank AG (DBK) may add more space, and the Perth Mint may expand for the first time since 2003, a sign they expect demand to keep increasing after the 11-year rally during which prices increased sevenfold. Investors in exchange-traded products backed by gold bought 2,236 tons of bullion since 2003, exceeding all except four countries’ official stockpiles.

Liquidity Crisis? A Currency Perspective (Joe P.)

In order to finance their loan portfolios (a bank asset), banks have substantial funding risk. Funded can be sourced through customer deposits (a fairly stable source of funding; a customer deposit shows up as a liability on a bank’s balance sheet), by issuing various forms of debt (e.g. including longer term bonds or shorter term commercial paper) or by obtaining a loan from another financial institutions, the inter-bank lending market.

What Is The Cost Of Avoiding Disaster? (Joseph G.)

Four years after the debacle in the U.S. subprime debt market, there is still no sign that things are getting back to “normal”. Growth rates are low or negative – 1.8 percent, 0.5 percent and minus 3.5 percent in the U.S., Britain and Japan, respectively. Decent jobs are hard to find. Household earnings and balance sheets are sinking.

A Day of Gains Fades in the Final Hours (jdargis)

On Wall Street, the major indexes were about 1 percent higher for most of the day, but closed mixed. The Dow Jones industrial average was up 7.65 points, or 0.1 percent, at 11,408.66, and the Standard & Poor’s 500-stock index was down 2 points, or 0.2 percent, at 1,202.09. The Nasdaq composite index was down 22.59 points, or 0.9 percent, at 2,590.24. The Euro Stoxx 50 index was up 2.1 percent and the FTSE 100 in London rose 2 percent.

The Energy Economy: A Path To Prosperity (ScubaRoo)

A lot of my friends and colleagues are bullish on Texas. And frankly they're not too subtle about dropping hints that maybe Chevron should make tracks out of California and settle here ourselves. They point to the business climate in Texas, as do executives and entrepreneurs across this great country. There's no doubt that in this time of prolonged economic trouble, with full recovery not yet in sight, Texas is doing a lot of things right.

25 Signs That A Horrific Global Water Crisis Is Coming (Jan S.)

If dramatic changes are not made soon, in the years ahead water shortages are going to force large groups of people to move to new areas. As the global water crisis intensifies, there will be political conflicts and potentially even wars over water. We like to think of ourselves as being so "advanced", but the reality is that we have not figured out how to live without water. When the water dries up in an area, most of the people are going to have to leave.

Developers Cater to Two-Wheeled Traffic in Portland, Oregon (jdargis)

Until recently, Portland’s bike initiatives focused on improving the transportation infrastructure, said Roger Geller, the city’s bicycle coordinator. But as businesses awaken to the purchasing power of cyclists, “bicycle-supported developments” are also beginning to appear around town, Mr. Geller said. These are residential and commercial projects built near popular bikeways and outfitted with cycling-related services and amenities.

“The change is coming from the private sector,” Mr. Geller said. “Cyclists are a great potential market for businesses that want people traveling at human-scale speed and will stop and buy something.”

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."

16 Comments

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Markets Tumble as Europe Approaches “Tipping Point” (Video)

 

Apocalypse Now? Markets Tumble as Europe Approaches “Tipping Point” (Daily Ticker Video)

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EnviroMission plans massive solar tower for Arizona
 

Twice the height of the Empire State - EnviroMission plans massive solar tower for Arizona

By Loz Blain

11:03 July 21, 2011

EnviroMission's solar tower: coming to Arizona in 2015

EnviroMission's solar tower: coming to Arizona in 2015

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Damnthematrix
Damnthematrix wrote:
 

Twice the height of the Empire State - EnviroMission plans massive solar tower for Arizona

By Loz Blain

11:03 July 21, 2011

 

I hope it doesn't happen.  The solutions to our future are necessarily small and local.  ... dons

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Damnthematrix

duplicate post ... sorry.

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Damnthematrix
Damnthematrix wrote:

 

http://www.gizmag.com/enviromission-solar-tower-arizona-clean-energy-renewable/19287/  

Twice the height of the Empire State - EnviroMission plans massive solar tower for Arizona

By Loz Blain

11:03 July 21, 2011

 

 

 

I hope it doesn't happen.  The solutions to our future are necessarily small and local.  ... dons

I do hope it happens. This is not a solution to all of our problems but it is definately a step in the right direction twords solving some of  our energy problems cleanly and efficiently. Most of our problems do need to be solved on a local scale, even energy needs to be mostly local but if we want products that are not available localy we will still need manufacturing capabilities. Why not power these places with completely clean energy? The entire population of the planet will not move out to the country and become farmers (although that would be nice if the population was about 70% smaller than it is now).

Rich

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“Pay US Back”
http://www.newbottomline.com/americans_to_wall_street_pay_us_back


Americans to Wall Street: “Pay US Back”

Thousands of Homeowners, Clergy, Congregants & Unions in 10 Cities Demand That Banks Pay Their Fair Share of Taxes, End the Mortgage Crisis and Create Jobs

(Washington, D.C.) Starting on September 20 in Washington State, everyday people fighting to create good jobs, reverse the foreclosure crisis, and build an economy that works for everyone will engage in a series of direct actions in 10 cities targeting big banks that bankrupted the country and drained wealth from American families. The direct actions primarily target JPMorgan Chase, Bank of America and Wells Fargo and include taking over bank buildings, meetings of corporate officials, civil disobedience, prayer vigils, mass mobilizations, and more.

The first of 10 direct actions will take place on September 20-21 at Suncadia, a mountain resort near Cle Elum, WA, where The Association of Washington Business (the statewide chamber of commerce) will be holding their annual policy summit. Two hundred low- and middle-income people allied with Washington Community Action Network will demand that banks, corporations and wealthy individuals pay their fair share of taxes. On September 21 from 12-1 p.m., protesters calling for an end to corporate tax loopholes will gather at JPMorgan Chase Bank in Seattle after Phyllis Campbell, Northwest Director of Chase Bank, speaks at Suncadia.   

The weeks of rolling actions (schedule below) will also publicly launch The New Bottom Line, a new nationwide coalition representing more than 1,000 faith-based and community organizations that seek to hold Wall Street accountable and find solutions for struggling and middle-class families.

“We are struggling with less and less, while the big banks profit more and more. The big banks have done nothing but dodge taxes, throw people out of their homes and choke small business, all the while draining our wealth to pad their bottom line. It’s time for JPMorgan Chase, Bank of America and Wells Fargo to pay US back,” said George Goehl, Executive Director of National People’s Action, an organizational member of The New Bottom Line. “We are fighting to build an economy that works for all of us. Our bottom line means good jobs, healthy communities, and a government that fights for everyday people.”

“The nation’s banks are sitting on a historically high level of cash reserves of $1.64 trillion, but they refuse to help the country. It’s downright unpatriotic. It’s time for a new bottom line: banks must pay their fair share of taxes, end the mortgage crisis by agreeing to principal write downs for all underwater homeowners, and help create jobs through small business loans,” said LeeAnn Hall, Executive Director of Alliance for a Just Society, an organizational member of The New Bottom Line.

ach city (schedule below) has a local demand or proposal for making that community whole after years of mortgage fraud, predatory lending, and other wealth-stripping practices.

Nationwide, thousands of people are demanding that the banks “Pay US Back” and they must:

  • Pay their fair share of taxes: Stop draining government of revenue and pay their statutorily required 35% corporate income tax. Stop gaming the system through off-shore tax shelters and loopholes.
  • Stabilize the housing market and revitalize the economy:  Reduce principal for all underwater homeowners to current-market value. This would end the foreclosure crisis, reset the housing market, pump billions of dollars back into the economy and create one million jobs a year.
  • Invest in American jobs: Stop sitting on trillions in cash reserves that could be invested in small businesses, the main source of jobs in the U.S., and other job-generating investments.
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The Energy Economy: A Path To Prosperity

Anyone notice what this man said in Texas?

"Far from peaking, the world's estimated base of recoverable oil and gas is continually rising. In fact, over the past 30 years, as the peak oil theory has gained traction in some quarters, the world's known reserves of oil and natural gas increased by roughly 130 percent, to 2.5 trillion barrels."

To repeat, "...the world's estimated base of recoverable oil and gas is continually rising."

Could someone enlighten me as to the basis on which he made that statement?

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[quote=ezlxq1949] Anyone

[quote=ezlxq1949]

Anyone notice what this man said in Texas?

"Far from peaking, the world's estimated base of recoverable oil and gas is continually rising. In fact, over the past 30 years, as the peak oil theory has gained traction in some quarters, the world's known reserves of oil and natural gas increased by roughly 130 percent, to 2.5 trillion barrels."

To repeat, "...the world's estimated base of recoverable oil and gas is continually rising."

Could someone enlighten me as to the basis on which he made that statement?

 

Who said it? then we could research him/her.

Sounds like a big fat lie anyway. It's statements like that which make me even more concerned about peak oil.

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Re: The Energy Economy: A Path To Prosperity

Note that he carefully says "recoverable oil and gas", not just oil, but oil and gas, which I assume includes things like shale gas, that has the side effect of converting perfectly clean and drinkable water from rivers and wells into a perfectly flammable toxic mess. And unless you own a car that runs on natural gas, you won't even be able to run your car on that...

Samuel

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Water shortages

I attach the following exhibit from the following link:

http://www.cbsnews.com/stories/2010/01/08/eveningnews/main6073416.shtml?tag=contentBody;featuredPost-PE

Doesn't it seem obvious that the real problem (in the United States, anyway) is usage??  Why do American's use almost 4x more fresh water than those in the UK?

Whether water or energy, there never seems to be a focus on the "reduce" part of the 3 Rs.  When will it dawn on people that that is the answer?

Is "drinking water" for Las Vegas residents and visitors the real problem with Lake Mead?  Or is it the fountains in front of the casinos?

 

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data gatherer wrote:Doesn't
data gatherer wrote:

Doesn't it seem obvious that the real problem (in the United States, anyway) is usage??  Why do American's use almost 4x more fresh water than those in the UK?

 

SUV's are four times as big as UK cars and they need more water to wash?  Maybe it just rains more in the UK.......

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"Average daily water use"

"Average daily water use" may include irrigation water. 

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data gatherer wrote: ? Is
data gatherer wrote:

?

Is "drinking water" for Las Vegas residents and visitors the real problem with Lake Mead?  Or is it the fountains in front of the casinos?

dg -

Or is it silting and sedimentation due to the geography of the area surrounding the Colorado and San Juan rivers?  Which of course is exacerbated by usage.  The first article link below discusses that ALL of the water in the Colorado is used.

But Lake Mead would have eventually filled itself in with silt anyway.

Quote:

Before the dam, the river was so muddy that the pioneer explorers joked (as they did about many free-running Western rivers) that it was “too thick to drink and too thin to plow.” The Colorado delivers enough sediment to Lake Powell to fill 1,400 ship cargo containers each day.

Link to full article:

http://www.orionmagazine.org/index.php/articles/article/5617/

http://www.cyberwest.com/cw21/lake_powell_sediment.shtml

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Las Vegas water usage

Here is the Colorado river compact made in 1922/1928 which is still used today. You will see that Las Vegas pulls a very small percentage from Lake Mead compared to its neighboring states. The real culprit, as always, is Kalifornia. That place is really supposed to be a desert.

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

Absolutely correct about the silt, its horrible. The good news, if you can call it that, is that Lake Mead has risen about 20 feet over 2011. This was mainly due to the heavy snow last year. If we get an average snowfall next year the level will continue decreasing.

I also don't understand why we Americans use so much water. Migt have something to do with our attitude.

Rich

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Re: The Energy Economy: A Path To Prosperity

Five years ago we read:

"Chevron in the US has put out a range of ads warning that 'the end of easy oil is over', urging consumers to work with them to counter dwindling supplies."

http://www.sbs.com.au/news/article/114417/does-peak-oil-signal-the-end

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