Daily Digest

Daily Digest 9/4 - EU Finance Regulation Welcomed, Afghan Bank Woes, Peak Denial For Peak Oil

Saturday, September 4, 2010, 9:50 AM
  • EU Finance Regulation Shake-Up Welcomed
  • Experts See Trouble Ahead For Developed World
  • Afghan Officials Resist Clean-up Of Kabul Bank As Scandal Engulfs Elite 
  • Afghans Continue Pulling Money From Troubled Bank
  • Peak Denial About Peak Oil
  • Peak Oil Is History
  • U.N. Raises Concerns as Global Food Prices Jump
  • BP Bill For Gulf Oil Spill Hits $8bn

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Economy

EU Finance Regulation Shake-Up Welcomed (jdargis)

In Germany, Leo Dautzenberg, a member of Chancellor Angela Merkel’s ruling Christian Democratic Union, and one of its finance policy experts in parliament, hailed Thursday night’s agreement on the EU financial supervision package as “closing an important gap in financial market regulation”.


But he warned the three new EU-level watchdogs – for the banking, insurance and securities markets sectors – to use their powers over national institutions and markets with care.

Experts See Trouble Ahead For Developed World (Jeff B.)

Some of the assembled experts and leaders at the annual Ambrosetti Forum on the shores of Lake Como were somewhat more upbeat: economist Edwin Truman, a senior fellow of the Peterson Institute for International Economics, predicted that "the most likely global outlook is subpar growth."

But most appeared to agree on a sobering array of basic problems standing in the way of true recovery...

Afghan Officials Resist Clean-up Of Kabul Bank As Scandal Engulfs Elite (Johan V.)

Officials in Afghanistan are resisting US pressure for a wide-ranging clean-up of Kabul Bank, which is mired in allegations of corruption that have engulfed some of the wealthiest and most powerful people in the country.

The stand-off came as the bank's third-biggest shareholder, Mahmoud Karzai – the elder brother of President Hamid Karzai – called for a US bailout of the stricken bank.

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Afghans Continue Pulling Money From Troubled Bank (Johan V.)

Crowds gathered at Kabul Bank branches around the capital to withdraw dollar and Afghan currency savings, with customers saying they had lost faith in the bank's solvency following a change in leadership and reports that tens of millions of dollars had been lent to political elites for risky real estate investments.

"Kabul Bank has lost the trust of the people. Even the chairman resigned so all the people are concerned," said Mohammad Nawaz, head of an Afghan aid group who had been trying for three hours to withdraw the $15,000 in his account.

Energy

Peak Denial About Peak Oil (pinecarr)

A funny thing happened on our way to permanent prosperity and unlimited cheap oil. The right to prosperity was yanked out from underneath us by the current Greater Depression. The worldwide economic downturn has masked the onset of peak cheap oil. Therefore, when it hits America with its full fury, it will be a complete surprise to the ignorant masses and the ignorant politicians who run this country.

Peak Oil Is History (Penny P.)

It is a rugged slope, with cliffs and crevasses, craggy outcrops and steep inclines. Now look at the downward slope: is it not shockingly smooth? Its geologic origin must be completely different from that of the upward slope. It appears to be made up of a single giant moraine, piled to the angle of repose near the top, with some spreading at the base, no doubt due to erosion, with a gradual transition into what appears to be a gently sloping alluvial plain no doubt composed of silt from the runoff, which is then followed by a vast perfectly flat area, which might have been the bottom of an ancient sea. If climbing up to the peak must have required mountaineering techniques, the downward slope looks like it could be negotiated in bathroom slippers.

Environment

U.N. Raises Concerns as Global Food Prices Jump (VeganD)

Food prices rose 5 percent globally during August, according to the United Nations, spurred mostly by the higher cost of wheat, and the first signs of unrest erupted as 10 people died in Mozambique during clashes ignited partly by a 30 percent leap in the cost of bread.

BP Bill For Gulf Oil Spill Hits $8bn (jdargis)

BP, which is preparing to publish the results of its investigation into the spill in the next two weeks, on Friday revealed that it had spent about $90m a day since capping the well on July 15. The company subsequently plugged the leak in a “static kill” operation a month ago, with analysts expecting costs to drop off sharply as a result.

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