Blog

Daily Digest - Feb 22

Saturday, February 21, 2009, 8:09 PM
  • Chris making the financial blogs
  • H.R.45 This title a fee in an amount determined (Hat Tip PI Harvey) 
  • Social collapse best practices 
  • The Five Stages of Collapse 
  • Have a great $14 Billion weekend everyone! 
  • GM Cumulative Gains / Losses
  • Philly Fed Index Dec. vs. Jan.
  • Leading Economic Indicators (January 2009)
  • Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer 
  • More...
  • Default Risk Ticks Higher, But Still Below Prior Highs 
  • Speculative Grade Debt Maturity Schedule
  • Gold fever sweeps suburbia 
  • Forecast: Office Vacancy Rate to increase to 16.7% in 2009 
  • Ritholtz Says Some S&P Financials Will Be Nationalized
  • FSN News Hour February 21 (Just began listening to 3rd Hour, a lot on insolvency) 
  • Brzezinski Warns Of Riots in US (Hat Tip DamTheMatrix)
  • Tens of thousands march against cutbacks in Ireland (Hat Tip Nime)
  • How Industry and the EPA Failed To Stop a Growing Environmental Disaster (Hat Tip Fred)
  • Map of Coal Ash
  • Video Coal Ash

 

Economy 

Chris, making the best financial blogs

I remember one Saturday night four or five years ago, half asleep, I got a phone call from Chris Martenson in which we discussed everything that we all see happening right now in the imploding construct that was once a functioning financial system. Yes, we were both seeing a lot of the same things as to the fate of the United States. But even I would take a Saturday night off and try to live in the matrix a bit on weekends.

Not Chris. The guy had a mission and little did I know how far he would take it. I have posted all the chapters of his 'Crash Course' on Biiwii.com and if you have not seen them, use the link above (the one linked to Chris' name) and do so. Whereas someone like me uses intuitive gut instinct to distill the truth, Chris actually confirms it through hard scientific work. He got on a progression and just would not quit until its logical conclusion.

Chris has broken through to a local PBS affiliate and it was a huge success. In his wife Becca's words: Thank you so much for your support during Chris's PBS Crash Course fundraiser on Feb 10. The fundraiser was a huge success and raised over 40% more than their targeted fundraising goal. Go team! People called from all over the country (we had one call from overseas) and the operators were a little confused about how this was all happening, since the show was only broadcast in the Springfield MA viewing area.

If you are so inclined, please contact your local PBS affiliate station and request that they air the Crash Course in your viewing area. Call or email the station, direct them to the link above and express your enthusiasm for the message and that you feel it would be relevant for audiences in your area.

Here's a link to find a PBS affiliate in your area: http://www.pbs.org/stationfinder/index.html

Our goal is to get the short Crash Course episode showing on PBS stations around the country and to create a real demand that the truth of this message be told.

Chris, making the best financial blogs

Chris Martenson just produced a live seminar version of his "crash course." This is absolutely fabulous! Chris is, in my opinion, a hero of these times. He is selflessly providing the TRUTH. This seminar is almost exactly the same seminar that I developed independently and gave during the 2005/2006 time period. Tremendously important to understand what he is saying FOR YOUR FUTURE. Yet, few people want to hear it... I hope that's not you. Please share this video with friends and family, it will do more for their understanding than anything else you can do (38 minutes total).

Thank you, Chris, for making this available to everyone - OUTSTANDING JOB!

H.R.45 This title a fee in an amount determined (Hat Tip PI Harvey)


Social collapse best practices 

i've mentioned dmitry orlov before in conjunction with his 2006 presentation 'closing the collapse gap' and his 2005 series 'post-soviet lessons for a post-american century' (parts two and three). he more recently penned in early 2008 'the five stages of collapse', of which he suspects we are in the first stage. he has also published a book, "reinventing collapse", to articulate his ideas better. his sporadically-updated blog is here. 

orlov gave an intriguing talk this month titled 'social collapse best practices' which tries to provide, as the title implies, a framework for adopting tested survivability methods in the aftermath of a worst-case outcome.

If you thought that the previous episode of uncontrolled debt expansion, globalized Ponzi schemes, and economic hollowing-out was silly, then I predict that you will find this next episode of feckless grasping at macroeconomic straws even sillier. Except that it won't be funny: what is crashing now is our life support system: all the systems and institutions that are keeping us alive. And so I don't recommend passively standing around and watching the show - unless you happen to have a death wish.
no doubt, this is maximum pessimism. worse than japan? surely -- i readily accept it. but worse than the soviet union?

nevertheless, i do think orlov's basic point is essentially inarguable and in fact is seconded by nassim taleb and benoit mandelbrot and michael panzer. orlov is diagnosing the united states as an overoptimized society -- too specialized, too interdependent, too tightly coupled, too fragile -- on the brink of a very radical change in its environmental backdrop. overoptimization makes the united states uniquely strong so long as the environment does not shift in a discontinuous manner; but it also makes our society uniquely vulnerable to such a shift.

the determinant is not whether orlov could be right. it is whether the shift in the environment to which we have become so finely tuned is profound and radical enough to precipitate the kind of self-feeding collapse he envisions. 

The Five Stages of Collapse 

Stages of Collapse 

Stage 1: Financial collapse. Faith in "business as usual" is lost. The future is no longer assumed resemble the past in any way that allows risk to be assessed and financial assets to be guaranteed. Financial institutions become insolvent; savings are wiped out, and access to capital is lost.

Stage 2: Commercial collapse. Faith that "the market shall provide" is lost. Money is devalued and/or becomes scarce, commodities are hoarded, import and retail chains break down, and widespread shortages of survival necessities become the norm.

Stage 3: Political collapse. Faith that "the government will take care of you" is lost. As official attempts to mitigate widespread loss of access to commercial sources of survival necessities fail to make a difference, the political establishment loses legitimacy and relevance.

Stage 4: Social collapse. Faith that "your people will take care of you" is lost. As local social institutions, be they charities, community leaders, or other groups that rush in to fill the power vacuum, run out of resources or fail through internal conflict.

Stage 5: Cultural collapse. Faith in the goodness of humanity is lost. People lose their capacity for "kindness, generosity, consideration, affection, honesty, hospitality, compassion, charity" (Turnbull, The Mountain People). Families disband and compete as individuals for scarce resources. The new motto becomes "May you die today so that I die tomorrow" (Solzhenitsyn, The Gulag Archipelago). There may even be some cannibalism. 

Have a great $14 Billion weekend everyone! 

The annual deficit for 2009 is now estimated at between $2 trillion and $3 trillion give or take a few hundred billion. These figures seem incomprehensible to the average person on the street. Some perspective is in order. If we use $2.5 trillion as the estimated deficit that means:

  • We're adding $6.85 billion per day to the National Debt
  • We're adding $285 million per hour to the National Debt
  • We're adding $475,000 per minute to the National Debt 

GM Cumulative Gains / Losses

Philly Fed Index Dec. vs. Jan.

Leading Economic Indicators (January 2009)

Jumbo Loan Defaults Rise at Fast Pace as Rich Suffer 

Feb. 20 (Bloomberg) -- Luxury homeowners are falling behind on mortgage payments at the fastest pace in more than 15 years, a sign the U.S. financial crisis that began with the poorest Americans has reached the wealthiest. 

Default Risk Ticks Higher, But Still Below Prior Highs 

Below is a price chart of a North American investment grade credit default swap index that measures default risk for 125 companies. As shown, default risk peaked in early December 2008 and has declined somewhat since then, but it just broke above a short-term trading range today. This isn't surprising given the recent troubles in equity markets, and from a technical perspective, this breakout doesn't bode well for the market going forward. 

Speculative Grade Debt Maturity Schedule

Gold fever sweeps suburbia 

As prices soar and personal finances sour, Californians are selling off their old jewelry to generate extra cash. 

Juggling glasses of white wine and baggies filled with baubles, dozens of women descended on a well-appointed Orange County home this week to trade in their old golden treasures for hefty checks.

There were earrings from ex-boyfriends, ring settings with missing stones and chain bracelets from sorority sisters. One woman brought in her husband's wedding ring -- from a previous marriage. 

Julia Geivet, 39, had hopes of selling an "embarrassing" Italian horn bauble she had owned since eighth grade and a few other small trinkets, which she thought might get her $30.

"I figured I'd come get a little money and socialize and chat," said Geivet, who was recently laid off as a manager at Verizon Communications Inc. "It might not come out to a lot, but right now, every little bit helps."

She left with a check for $302.92.

Gold is hot. The precious metal soared $25.70 an ounce Friday to $1,001.80, topping the $1,000 mark for the first time in nearly a year. South African Krugerrands, American Eagles and other gold coins are in demand as people seek safe investment havens in uncertain times.

That has people digging through their drawers and jewelry boxes looking for watchbands, cuff links, chains and bracelets that can be sold to jewelers, pawnshops and other brokers to be melted down to feed the growing demand for gold coins.

The party Geivet attended at the Aliso Viejo home of Mary-Margaret Fincher is a twist on the old suburban Tupperware party. Here, however, it's the guests who do the selling.

Erin Stevenson, who organized the party through her group My Gold Party CA, appraised the jewelry with assistant Richard Bartoletti as guests debated whether to wear heels or flats during pregnancy.

To test the gold, Stevenson shaved off small flecks with a whirring Dremel tool, blanketing the dark wood of the dining table with a luminous sheen. Later, while Bartoletti peered through a magnifier attached to his eyeglasses, looking for karat stamps on the jewelry, Stevenson weeded out gold impostors with magnets and a special acidic gel.

Fincher, 34, said the parties were popular in her hometown of Atlanta. As the host she gets 10% of what is paid out -- which this night was $4,000. One woman walked away with a $1,836.88 check.

Stevenson pays about 65% of the market value, which works out to $5.56 for a gram of 8-karat gold, rising to $15.47 a gram for 22k. She then sells the gold to a refiner for a price just under the market trading price.

She founded her company in April after losing her job as a mortgage account executive at Credit Suisse. Business ebbs and flows with the price of gold; right now, she's booking three parties a week.

Although there's a strong market for gold itself, there is relatively little demand for jewelry. A recent survey by the National Jeweler Network found that 80% of merchants reported a sales decline for the last holiday season.

That has jewelers like Josef Shamir of Joe's Gold and Silver in Beverly Hills doing more buying than selling these days. He buys gold in almost any form -- tie tacks, pendants and even gold teeth.

Last fall, perhaps three customers a day would come into his store to sell gold, Shamir said. That's up to about eight a day now, including an elderly woman who Thursday brought in a gold watch, chains, earrings and bejeweled rings. She got a check for $813.

"People are looking harder in their drawers for gold," he said.

Shamir, 52, says he's paying out about $100,000 a month on the gold he takes in. Like Stevenson, he pays about 65% of market value.

About three times a week he takes the gold to an office building in downtown Los Angeles' jewelry district.

Here on the seventh floor, baubles are melted down in NTR Metals' induction furnace and then poured, lavalike, into molds. After being tested to determine the quality of the gold, the blocks are sent to the refinery at the company's Dallas headquarters to be purified. 

Forecast: Office Vacancy Rate to increase to 16.7% in 2009 

Feb. 18 (Bloomberg) -- The vacancy rate at U.S. office buildings will rise to 16.7 percent this year and could reach an 18-year high next year as tenants cut jobs and try to sublet space, property research firm Reis Inc. said. 

Ritholtz Says Some S&P Financials Will Be Nationalized

FSN News Hour February 21 (Just began listening to 3rd Hour, a lot on insolvency) 

Brzezinski Warns Of Riots in US (Hat Tip DamTheMatrix)

 

February 21, 2009 "Press TV" -- - -Zbigniew Brzezinski, a former national security advisor, has warned that the US could witness riots if economy continues its downward spiral.

 

"There's going to be growing conflict between the classes and if people are unemployed and really hurting, hell, there could be even riots!" said Brzezinski, President Jimmy Carter's national security advisor, in a recent interview with NBC.

"In 1907, when we had a massive banking crisis, when banks were beginning to collapse, there were going to be riots in the streets," he added.

At least 3.6 million jobs have been wiped out throughout the US since the recession began in December 2007. The jobless rate officially reached a 16-year high of 7.6% (11.6 million people) last month.

Earlier this week, a new Federal Reserve report said that US unemployment could increase to 8.8%, causing the economy to contract for a full calendar year for the first time since 1991, when a contraction of 0.2% was registered.

The Obama White House has put forward an array of measures, including a $787 billion stimulus package, in the hopes of reviving the flagging economy.

Brzezinski, meanwhile, made some recommendations to the young administration.

He proposed the creation of a voluntary national solidarity fund, whose contributors would be those who became wealthy in recent times.

Tens of thousands march against cutbacks in Ireland (Hat Tip Nime) 

DUBLIN (Reuters) - Nearly 100,000 people marched through Dublin on Saturday to protest at government cutbacks in the face of a deepening recession and bailouts for the banks.

Environment

How Industry and the EPA Failed To Stop a Growing Environmental Disaster (Hat Tip Fred)

Pat Nees never liked the water at the Moose Lodge. Almost everyone in tiny Colstrip, Montana, drank and dined at Lodge #2190, but the well water was notorious - it smelled like a sewer. It felt oily, gritty from sediment. Lodge members braving a drink - Nees among them - frequently doubled over from indigestion.

Nees, 57, a board member at the lodge, fielded numerous complaints about the water. But he and fellow Moose members, many of them equipment operators and technicians at the nearby Colstrip Steam Electric Station, a giant coal-fired power plant, never thought twice about the massive waste ponds a half mile away.

They never fathomed they were drinking water laced with coal ash.

Coal ash is the collective term for the various solid remnants left over from burning the black rock to produce electricity at more than 500 power plants nationwide. The ash amounts to dirty stuff, replete with toxic constituents - arsenic, chromium, lead, mercury, and many others - that can wreak havoc on the environment and human health. Exposure to its toxins can lead to cancer, birth defects, gastro-intestinal illnesses, and reproductive problems.

Map of Coal Ash

Video Coal Ash

Endorsed Financial Adviser Endorsed Financial Adviser

Looking for a financial adviser who sees the world through a similar lens as we do? Free consultation available.

Learn More »
Read Our New Book "Prosper!"Read Our New Book

Prosper! is a "how to" guide for living well no matter what the future brings.

Learn More »

 

Related content

30 Comments

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - Feb 22

Insolvency

1.bmpruss.gif

SkylightMT's picture
SkylightMT
Status: Silver Member (Offline)
Joined: Sep 30 2008
Posts: 125
Re: Daily Digest - Feb 22

Dunno if its the Sunday morning barely-awake effect, but that cartoon cracked me up.

Great collection of relevant info as always, Davos. I thought the five stages of collapse made perfect sense.  

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - Feb 22

Hello SkyightMT:

Thanks, a pleasure to contribute to this fine community. Yes, the 5 stages were very interesting to us. Hope it doesn't progress past stage 2. Take care 

mainecooncat's picture
mainecooncat
Status: Gold Member (Offline)
Joined: Sep 7 2008
Posts: 488
Re: Daily Digest - Feb 22

Ya kiddin' me. I can't wait for the cannibalism phase.

nickbert's picture
nickbert
Status: Diamond Member (Offline)
Joined: Jan 14 2009
Posts: 1208
Re: HR 45

This HR 45 bill has been talked about quite a bit on gun forums, and it has many gun owners freaked out.  The reality check though is that it is currently in committee and has zero cosponsors, so it will likely die an obscure death.  There is a small chance that could change and it's worth keeping tabs on and remaining vigilant, but for the moment this bill has an extremely small chance of seeing the light of day.  I only wish all the other miscellaneous bills who fall under this "road to hell is paved with good intentions" category would die obscure deaths as well....

- Nickbert

mainecooncat's picture
mainecooncat
Status: Gold Member (Offline)
Joined: Sep 7 2008
Posts: 488
Re: Daily Digest - Feb 22

Regarding the various stages of collapse, it seems that perhaps stages 2 and 3 are more or less the same (would happen simultaneously) in the US or are maybe reversed.

Seems like to me people already have no faith in the government and most have lost or are rapidly losing faith in the underpinnings of our economic and financial system.

Now we have the truth being revealed for what it is -- that there is no difference between Wall Street as the symbol of US capitalism and the government itself as both are populated by the same corrupt ilk who play musical chairs going and coming as they please from high ranking positions within each. Witness Paulson and Giethner just to mention two current examples.

I don't believe cultural collapse will happen as my take on things is that hard times actually enrich culture.

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - Feb 22

It was slightly troubling for me to see the LA Times article on gold. Likewise, I see gold buyback programs advertised on tv all the time - and I hardly watch tv. Seems like the early signs of a bubble of sorts.

If this is indeed phase 2 of the gold bubble, then we should be looking for widespread acceptance of gold as a viable investment and the price should swing dramatically. My only question is when is it time to get out? My gut tells me that it only makes sense when we've got a monetary system that I can trust. But in the meantime, I suppose there could be some dramatic price swings. Seems like we could really be near a break out point for all of the pm's.

cannotaffordit's picture
cannotaffordit
Status: Gold Member (Offline)
Joined: Jun 12 2008
Posts: 273
Re: PBS station contact

I have today made an initial contact with KCTS 9, the PBS station in Seattle, WA. asking them to consider running Chris' program.  I gave them the www.PeakProsperity.com website.  Is there anything else I need to tell them?  

If you want to follow up.....

Telephone (206) 728-6463    Address:  401 Mercer St   Seattle, WA 98109 

 I have not yet been able to get the name of their Program Director, will will try again Monday. 

mainecooncat's picture
mainecooncat
Status: Gold Member (Offline)
Joined: Sep 7 2008
Posts: 488
Re: Daily Digest - Feb 22

Hey Mike,

Important topic, glad you're bringing it up.

I'm not sure of a gold bubble yet. Seems like every time something starts going up in price people immediately think it's a bubble.

In the macro sense and in my gut, I can only see gold rising in price, as it seems artificially low to me. Certainly there can't be much long-term faith in fiat dollars? Or is there? I know a lot of people are opposed to gold on almost philosophical grounds so that would seem to somewhat temper some widespread gold mania.

Perhaps, as I think you were possibly indicating, we could see an upside slope that lasts some time with the peak not being experienced for possibly years and peaking with gold being several thousand an ounce.

Though maybe we'll see gold retrace a couple of times over the next year or two before heading for permenant higher ground. Sort of like what I feel is going to happen long-term with oil.

Seems like you're a fan of Celente, so I'll call him "our boy" here. But our boy Celente sure doesn't see a bubble yet. On Glenn Beck the other day he was throwing out numbers and said gold at $8,000/oz. in 2014. Obviously highly specific and speculative, but....

There must be examples of commodities that were at one point in history undervalued and then experienced slow or fast (doesn't really matter) rises to elevated prices at which they more or less remained due to the original undervaluing.

If we believe in bubble theory, then certainly the stock market is one the biggest bubbles of them all. Look at the chart showing the history of the Dow. Hard not to consider that a bubble ready to pop. Looks like from some points of view a Dow of around 2000 would be a legitimate correction, though one that took decades to do so.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - Feb 22

If in fact this is a currency crisis of global proportion bought on by every CB country and every bank being insolvent then I can surely picture a world of Zimbabwe curriencies until this gets sorted out.

I don't know if we can have a true bubble without credit like we had in the housing and in the dot com bubbles.

My 2 cents. And I'm sure there will be some mania, but what I gathered from that article was that people were selling gold for cash. 

Take care 

Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
Re: Daily Digest - Feb 22

Chris making the financial blogs

Shucks, that's nothin, he's making the VW forums, in the FREE SPEECH sub forum:

http://www.itinerant-air-cooled.com/viewtopic.php?t=5836

The Crash Course has also been suggested.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Re: Daily Digest - Feb 22
U.S. Gas Production Seen Sliding for 4 Years: Chart of the Day
By Joe Carroll

Feb. 20 (Bloomberg) -- U.S. production of natural gas, the most
widely used furnace fuel in the world’s largest economy, may tumble
through 2012 as low prices prompt producers to shut down drilling rigs
from Louisiana to the Rocky Mountains.

The CHART OF THE DAY shows the relationship between reductions in
drilling by U.S. energy companies and output from gas wells. The red
line shows the number of rigs drilling for gas in the U.S., as tracked
by Baker Hughes Inc. In 2001-02, the so-called rig count declined for
nine months in a row. Gas production, shown in white, declined for the
next four years and didn’t return to the 2001 level until 2007.

Energy companies probably will slash onshore U.S. gas drilling to
800 or 900 rigs this year from a peak of 1,606 in 2008 after prices for
the fuel plunged 70 percent from their 2008 high, said Keith Hutton, chief executive officer at Fort Worth, Texas-based producer XTO Energy Inc.
As a result, gas output probably will decline by 3 percent to 5 percent
in 2009, Hutton told investors on a conference call yesterday.

Idling rigs slows new discoveries and prevents companies from
offsetting output declines that average 30 percent a year from
established wells, Hutton said.

“If your underlying decline rate is 30 percent and you drop your rig
count in half, it’s hard as hell to catch back up,” said Hutton, 50.
“If you start picking rig count up 10 or 15 percent a year and it takes
you three or four years to get back to the old rig count, you’re going
to decline almost the entire time. We’re set for falling gas production
for quite awhile here.”

London-based BP Plc
is the largest producer of U.S. gas, followed by Oklahoma City-based
Chesapeake Energy Corp. and ConocoPhillips of Houston, according to the
Natural Gas Supply Association in Washington.

To contact the reporter on this story: Joe Carroll in Chicago at [email protected].

Farmer Brown's picture
Farmer Brown
Status: Martenson Brigade Member (Offline)
Joined: Nov 23 2008
Posts: 1503
Switzerland, US spar over UBS accounts

Swiss warn on US move over UBS clients

By Haig Simonian in Zurich

Published: February 22 2009 20:29 | Last updated: February 22 2009 20:29

Switzerland’s finance minister has accused US authorities of “shock” tactics to compel holders of undeclared UBS accounts to come forward, but warned that court action to discover the names of thousands of clients would not succeed.

Hans-Rudolf
Merz, finance minister and Switzerland’s head of state this year under
its rotating presidency, defended the Swiss government’s role in
prompting the world’s biggest wealth manager to breach hallowed bank
secrecy and last week reveal some 250-300 client names to the US.

But
Mr Merz, speaking in a weekend radio broadcast, said the disclosure
last week of a limited number of account holders suspected of tax fraud
did not mean UBS, or the Swiss government, would bow to a separate US
drive to identify all the bank’s American clients with offshore
accounts in Switzerland.

The comments came amid fierce debate in
Switzerland, home to an estimated one-third of the world’s offshore
assets, about the future of bank secrecy.

Politicians from across
party lines accused the government of weakness and ineptitude in
submitting to US pressure and putting bank secrecy at risk. Financial
services account for about 13 per cent of Switzerland’s gross domestic
product, and bank secrecy is seen as a cornerstone of the country’s
success as a financial centre.

The accusations followed last
week’s unprecedented decision by Finma, the Swiss bank and insurance
regulator, to order UBS to transfer the 250-300 client names to the US
Department of Justice.

The move came after fears the US
authorities would indict Switzerland’s biggest bank, or impose
swingeing fines, either of which could have endangered its future.

Eugen
Haltiner, Finma chairman, said the authority had had to act to prevent
a crisis of confidence at UBS that could have threatened the future of
Switzerland’s biggest bank and the world’s biggest wealth manager.

But
Finma’s disclosure order, taken at the indirect behest of the
government, has also triggered a judicial crisis, with lawyers of
incensed UBS clients now pressing for it to be declared illegal.

Switzerland’s
Federal Administrative Court, the highest body involved, will this week
consider motions filed by UBS clients arguing that Finma’s order
breached bank secrecy laws. Late on Friday the court issued a temporary
injunction barring the release of further client details.

Well-placed
bankers said the 250-300 names had already been transferred to the US
authorities as part of the $780m settlement negotiated by UBS in return
for the suspension of criminal charges of assisting in tax evasion
filed against it by the DoJ.

Mr Merz and his critics were united
in saying Switzerland would defend bank secrecy in the separate civil
action being pursued against UBS by the US Internal Revenue Service.

The
IRS is demanding the bank reveal the names of all its US offshore
clients, rather than just the tiny minority who set up sham companies
to evade tax and whose names were disclosed last week.

Mr Merz echoed senior Swiss bankers in questioning the chances of such an attempt succeeding in court.

stpaulmercantile's picture
stpaulmercantile
Status: Bronze Member (Offline)
Joined: Nov 19 2008
Posts: 87
Re: Daily Digest - Feb 22

Wizard of Id

stpaulmercantile's picture
stpaulmercantile
Status: Bronze Member (Offline)
Joined: Nov 19 2008
Posts: 87
Re: Daily Digest - Feb 22

Quercus bicolor's picture
Quercus bicolor
Status: Gold Member (Offline)
Joined: Mar 19 2008
Posts: 470
Great Quote from social collapse best practices

One final transportation idea: start breeding donkeys. Horses are
finicky and expensive, but donkeys can be very cost-effective and make
good pack animals. My grandfather had a donkey while he was living in
Tashkent in Central Asia during World War II. There was nothing much
for the donkey to eat, but, as a member of the Communist Party, my
grandfather had a subscription to Pravda, the Communist Party
newspaper, and so that’s what the donkey ate. Apparently, donkeys can
digest any kind of cellulose, even when it’s loaded with communist
propaganda. If I had a donkey, I would feed it the Wall Street Journal.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - Feb 22

Police are preparing for a "summer of rage" as victims of the economic downturn take to the streets to demonstrate against financial institutions, the Guardian has learned. UKProtestors clash with mounted riot police outside the Israeli embassy in London

mstjane's picture
mstjane
Status: Bronze Member (Offline)
Joined: Feb 9 2009
Posts: 28
Re: Daily Digest - Feb 22

Davos

@ Rowe Chris mentioned resources on doing the food storage & buying gold but I have not figured out where can you direct me pls?

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - Feb 22

Hello MstJane:

Chris has a link here:http://www.peakprosperity.com/planning_guides

I used Ron Paul's site for where to buy a lot of our stuff.

Having said that, we after cycling through a few cans of yams and beens n franks decided to do it as old fashioned as possible. First they say canned food last forever- that could be so but it was nasty. I camp and can't do all that much of freeze dried, though I have heard some is good.

We hunt, have a 30'x80' garden, a 12'x10' greenhouse with chickens kept in the lower half (about 40) and a few months of yummy canned food (I'll fast thank you). Rice and stuff like that. We have the place fenced in in 8400 volts of electric fence to keep the bears off our garbage cans, it keeps the deer out, but we are able to now get goat or sheep if we need milk or meat.

I hope that helps. Take care

crazyhorse's picture
crazyhorse
Status: Bronze Member (Offline)
Joined: Nov 16 2008
Posts: 56
Re: Daily Digest - Feb 22
Davos wrote:

I used Ron Paul's site for where to buy a lot of our stuff.

Would you mind posting the site you are referencing.  All I can find are the political information sites, nothing to purchase except campaign t-shirts, etc. 

Thanks and keep up the great work on the Daily Digest.  It is part of my daily reading.

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - Feb 22

Wow, Davos, sounds like you've got an excellent living arrangement. Good job!

capesurvivor's picture
capesurvivor
Status: Platinum Member (Offline)
Joined: Sep 12 2008
Posts: 963
Re: Daily Digest - Feb 22

Davos,

I disn't realize you were so prepared-congrats!

What state do you live in?

 

SG

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - Feb 22

I didn't really know where else to put this and didn't want to start a new forum. But I just noticed that Chris has an article that is on the main page of James Howard Kunstler. Certainly worth checking out his site if you haven't already: http://kunstler.com/

Good to see wider distribution of the message.

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - Feb 22

Hello SG:

We are 3,000' up in the mountains abutting one of the nations largest national forests in Virginia. Take care

pir8don's picture
pir8don
Status: Gold Member (Offline)
Joined: Sep 30 2008
Posts: 456
Re: Kunster

As well as Chris on Kunsters' front page http://kunstler.com/, Kunster has a new typepad. The abyss looks back.

http://jameshowardkunstler.typepad.com/

 "The public perception of the ongoing fiasco in governance has
moved from sheer, mute incomprehension to goggle-eyed panic as the
scrims of unreality peel away revealing something like a national
death-watch scene in history's intensive care unit. "

Can't help loving his style.

Don

___________________________________

7 billion people can be wrong, very wrong

capesurvivor's picture
capesurvivor
Status: Platinum Member (Offline)
Joined: Sep 12 2008
Posts: 963
Re: Kunster

I've read Kunstler for years. His style is..hilariously but cleverly overwritten. Any English prof would give him a C-, LOL.

 

SG

capesurvivor's picture
capesurvivor
Status: Platinum Member (Offline)
Joined: Sep 12 2008
Posts: 963
Re: Daily Digest - Feb 22

Wow,

There are lots of CC folks in Va; what is it, the water?!

 

SG

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - Feb 22

Well it was good enough for Jefferson, so I think I can put up with it. Davos has the right idea.

pir8don's picture
pir8don
Status: Gold Member (Offline)
Joined: Sep 30 2008
Posts: 456
Re: Kunster

He keeps telling us how big government and its influence are over. Then he pleads for Mr O to do something.  He is missing his own point.

Don't he think is writing for anyones English prof. As you say SG, clever.

Don

_____________________________________

7 billion people can be wrong, very wrong

mainecooncat's picture
mainecooncat
Status: Gold Member (Offline)
Joined: Sep 7 2008
Posts: 488
Re: Daily Digest - Feb 22

Just goes to show what those English profs know? Probably as much as most economists.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments