Daily Digest

Daily Digest 9/5 - How The U.S. Debt Got So Bad, Where's The Oil Price Collapse, Iran Plugs In First Nuclear Plant

Monday, September 5, 2011, 9:43 AM
  • Unemployed Workers Face Tough Competition: Underemployed
  • Postal Service Is Nearing Default as Losses Mount
  • How Did The U.S. Debt Get So Bad?
  • A Debate Arises on Job Creation and Environment
  • As EU bans Syrian oil, China, India likely to fill void
  • Where's Our Oil Price Collapse?
  • Iran plugs first nuclear power plant into grid
  • Garden sharing: growing your own vegetables on someone else's patch
  • Vermont Turns Out for Its Dairies as They Take Stock and Dig Out

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Economy

Unemployed Workers Face Tough Competition: Underemployed (In Calgary)

Intensified competition for jobs means unemployment could exceed its historic norm of 5 percent to 6 percent for several more years. The nonpartisan Congressional Budget Office expects the rate to exceed 8 percent until 2014. The White House predicts it will average 9 percent next year, when President Barack Obama runs for re-election.

The jobs crisis has led Obama to schedule a major speech Thursday night to propose steps to stimulate hiring. Republican presidential candidates will likely confront the issue in a debate the night before.

Postal Service Is Nearing Default as Losses Mount (In Calgary)

In recent weeks, Mr. Donahoe has been pushing a series of painful cost-cutting measures to erase the agency’s deficit, which will reach $9.2 billion this fiscal year. They include eliminating Saturday mail delivery, closing up to 3,700 postal locations and laying off 120,000 workers — nearly one-fifth of the agency’s work force — despite a no-layoffs clause in the unions’ contracts.

The post office’s problems stem from one hard reality: it is being squeezed on both revenue and costs.

How Did The U.S. Debt Get So Bad? (ScubaRoo)

The US had its debt downgraded by the ratings agency Standard & Poor's last month after narrowly averting a debt default. The debt problem has not gone away, though, and total US debt is expected to overtake GDP, the total amount of goods and services produced in the country, this year.

A Debate Arises on Job Creation and Environment (jdargis)

Many economists agree that regulation comes with undeniable costs that can affect workers. Factories may close because of the high cost of cleanup, or owners may relocate to countries with weaker regulations.

But many experts say that the effects should be assessed through a nuanced tally of costs and benefits that takes into account both economic and societal factors. Some argue that the costs can be offset as companies develop cheaper ways to clean up pollutants, and others say that regulation is often blamed for job losses that occur for different reasons, like a stagnant economy. As companies develop new technologies to cope with regulatory requirements, some new jobs are created.

As EU bans Syrian oil, China, India likely to fill void (In Calgary)

China, as well as India, could absorb the roughly 150,000 barrels of oil a day that Syria currently directs toward the EU. Oil exports make up about 25 per cent of Syria’s revenue, and at today’s oil prices, the shipments are worth about $4-billion a year, according to Ayham Kamel, an expert on the Middle East at Eurasia Group, a global research firm.

Where's Our Oil Price Collapse? (JimQ)

Make no mistake about it, without plentiful, cheap, and easy to access oil, the United States of America would descend into chaos and collapse. The fantasies painted by “green” energy dreamers only serve to divert the attention of the non critical thinking masses from the fact our sprawling suburban hyper technological society would come to a grinding halt in a matter of days without the 18 to 19 million barrels per day needed to run this ridiculous reality show. Delusional Americans think the steaks, hot dogs and pomegranates in their grocery stores magically appear on the shelves, the thirty electronic gadgets that rule their lives are created out of thin air by elves and the gasoline they pump into their mammoth SUVs is their God given right.

Iran plugs first nuclear power plant into grid (In Calgary)

The $1-billion, 1,000-megawatt Bushehr plant will be formally inaugurated on September 12, by which time it will be operating at 40 percent capacity, Hamid-Khadem Qaemi, spokesman for the Atomic Energy Organization of Iran (AEOI), told the state-controlled Arabic language TV station al-Alam.

The AEOI was not immediately available to comment.

Garden sharing: growing your own vegetables on someone else's patch (In Calgary)

Have rising food prices given you an appetite for growing your own fruit and veg? You're not alone. According to a recent Which? report, a quarter of us now grow our own food – and the main motivator is to save money on shopping bills. But what if you want to join the grow-your-own brigade but don't have a garden? It's not easy to create a thriving vegetable patch if you live in a small city-centre flat. In addition, the old standby of taking an allotment is no longer an option for many. More than 86,000 people are on allotment waiting lists in the UK, according to recent figures from the National Society of Allotment & Leisure Gardeners.

Vermont Turns Out for Its Dairies as They Take Stock and Dig Out (jdargis)

“My husband and I, we’re people that give, you know — we’ve never had to be on the receiving end,” said Penny Severance, who runs the farm with her husband, Larry, for its owner, Harland Perley, 81, whose family has had it for a century. “So it’s really hard. We’re so grateful.”

“We had people that came down with shovels because there was no way out here,” she said, fighting back tears. “The road was totally cut off. And people walked in with shovels and were like, ‘We’re here, what can we do?’ Then we had the calf barn, the back where the heifers are, our silo room, our grain room was just full of muck. And they just cleaned it out for us.”

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."

7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
Poet's picture
Poet
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Joined: Jan 21 2009
Posts: 1891
Gold Hit $1,900.

Did you guys notice?

Gold hit $1,900 (at the time of this posting)...

Kitco 24 Spot Gold White

Not that I'm rich enough to own physical gold. But just another sign of the times...

Poet

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Poet wrote: Did you guys
Poet wrote:

Did you guys notice?

Gold hit $1,900 (at the time of this posting)...

Kitco 24 Spot Gold White

Not that I'm rich enough to own physical gold. But just another sign of the times...

Poet

LoL

Yeah I know. That didn't take long to recover from a $150 hit job.

Pretty resilent bubble.

 

ao's picture
ao
Status: Diamond Member (Offline)
Joined: Feb 4 2009
Posts: 2220
gold

Three's the charm on gold.  In all likelihood, one more hit job before achieving a support level at 1900+.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
“Movement being born”

September 3 Press Release: “Movement being born”

News — Jamie September 3, 2011 at 1:45 pm

WASHINGTON– The largest environmental civil disobedience in decades concluded at the White House this morning with organizers pledging to escalate a nationwide campaign to push President Obama to deny the permit for a new tar sands oil pipeline.

“Given yesterday’s baffling cave on ozone standards, the need for a fighting environmental movement has never been more clear,” said Bill McKibben, who spearheaded the protest. “That movement is being born right here in front of the White House and reverberating around the country.”

The proposed Keystone XL pipeline has become the most important environmental decision facing President Obama before the 2012 election and sparked nationwide opposition, from Nebraska ranchers to former Obama campaigners. A petition with 617,428 names opposing the pipeline will be delivered to the White House today.

Over the course of the two-week sit-in 1,252 people were arrested, including top climate scientists, landowners from Texas and Nebraska, former Obama for America staffers, First Nations leaders from Canada, and notable individuals including Bill McKibben, former White House official Gus Speth, NASA scientist Dr. James Hansen, actor Daryl Hannah, filmmaker Josh Fox, and author Naomi Klein.

“Back home we are fighting to protect our land and water. This week, we decided to bring that fight to the President’s doorstep,” said Jane Kleeb, Director of BOLD Nebraska, who led a delegation of Nebraskans who were arrested this morning. “We are acting on our values and expect our President to act as well.”

McKibben also announced at the protest that the movement will continue organizing, with a Phase Two announcement within 48 hours. Click here to be the first to know details when they’re announced: www.tarsandsaction.org/next-steps

Protest organizers are already planning ways to capitalize on the surge of energy the sit-in has created. In a number of cities, people have already begun to visit Obama for America offices to tell the campaign they will volunteer and donate only after President Obama stands up to Big Oil and denies the Keystone XL permit. Along the pipeline route, groups are preparing to drive turnout to State Department hearings later this month. Thousands are expected to descend on Washington, DC for the final hearing on October 7.

Last week, nearly every major environmental group in the country signed on to a letter demanding President Obama deny the pipeline permit. “There is not an inch of daylight between our policy position on the Keystone XL pipeline, and those of the protesters being arrested daily outside the White House,” wrote the groups in their letter.

Vice President Al Gore also added his support to the protest, writing, “the leaders of the top environmental groups in the country, the Republican Governor of Nebraska, and millions of people around the country—including hundreds of people who have bravely participated in civil disobedience at the White House—all agree on one thing: President Obama should block a planned pipeline from the tar sands of Alberta to the Gulf of Mexico. The tar sands are the dirtiest source of fuel on the planet.”

Many of the people arrested at the White House wore Obama 2008 buttons as they were taken away in handcuffs.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
All Together Now

http://www.nytimes.com/2011/08/28/opinion/sunday/friedman-all-together-now.html?_r=1&partner=rssnyt&emc=rss

 

All Together Now

By THOMAS L. FRIEDMAN

Published: August 27, 2011

HOLD onto your hats and your wallets. Since the end of the cold war, the global system has been held together to a large degree by four critical ruling bargains. Today all four are coming unstuck at once and will need to be rebuilt. Whether and how that rebuilding happens — beginning in the U.S. — will determine a lot about what’s in your wallet and whether your hat flies off.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
Euro break-up – the consequences (UBS Investment Research)

 

(Yet again, blame Zero Hedge for finding this one first)

"The political cost

The economic cost is, in many ways, the least of the concerns investors shouldhave about a break-up. Fragmentation of the Euro would incur political costs.Europe’s “soft power” influence internationally would cease (as the concept of “Europe” as an integrated polity becomes meaningless). It is also worth observingthat almost no modern fiat currency monetary unions have broken up without someform of authoritarian or military government, or civil war."

 

 

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