Daily Digest

Daily Digest - June 20

Sunday, June 20, 2010, 10:55 AM
  • France, Russia Vow To Promote Global Role Of G-20
  • Mauldin: Be Careful What You Wish For
  • Weber Defies Trichet Over Bailout as ECB Succession Approaches
  • In Budget Crisis, States Take Aim at Pension Costs
  • Future Of Drilling In Gulf
  • Future Looks Bleak For Gulf: Alaska Still Hasn't Recovered From Exxon Valdez Disaster 21 Years Later 
  • Reaping Your Share Of A Farm's Harvest 

Economy

France, Russia Vow To Promote Global Role Of G-20 (SolidSwede)

Global financial institutions such as the World Bank and International Monetary Fund — created at the Bretton Woods conference in New Hampshire 1944 — are outdated and must be replaced, Sarkozy told an economic forum in St. Petersburg hosted by Russian President Dmitry Medvedev .

"We all need to think about the foundations for a new international financial system . We've been based on the Bretton Woods institutions of 1945, when our American friends were the only superpower," Sarkozy said.

Mauldin: Be Careful What You Wish For (JRB)

Everyone" is upset with the level of fiscal deficits being run by nearly every developed country. And with much justification. The levels of fiscal deficits are unsustainable and threaten to bring many countries to the desperate situation that Greece now finds itself in. We must balance the budget is the cry of fiscal conservatives. But there are unseen consequences in moving both too fast or too slow in the effort to get the deficits under control. Today we look at them as we explore what a fine mess we have gotten ourselves into.

Weber Defies Trichet Over Bailout as ECB Succession Approaches (SolidSwede)

On May 10, just hours after the European Central Bank stepped into government bond markets for the first time, Axel Weber broke ranks with most of his colleagues on the ECB’s Governing Council -- including his boss, President Jean-Claude Trichet.

“The purchase of government bonds poses significant stability risks, and that’s why I’m critical of this part of the ECB council’s decision,” said Weber, president of Germany’s Bundesbank.

In Budget Crisis, States Take Aim at Pension Costs (SolidSwede)

Illinois raised its retirement age to 67, the highest of any state, and capped public pensions at $106,800 a year. Arizona, New York, Missouri and Mississippi will make people work more years to earn pensions. Virginia is requiring employees to pay into the state pension fund for the first time. New Jersey will not give anyone pension credit unless they work at least 32 hours a week.

Energy

Future Of Drilling In Gulf (kelvinator)

IEA Executive Director Nobuo Tanaka says IEA will release a report next week estimating a loss of about 900K per day in global oil production over the next 5 years, much higher than previous estimates.

Environment

Future Looks Bleak For Gulf: Alaska Still Hasn't Recovered From Exxon Valdez Disaster 21 Years Later (joemanc)

The old fisherman wrapped his freckled knuckles around a shovel and started digging on the low-tide beach. Six inches down, Robert (RJ) Kopchak saw the telltale, iridescent sheen smearing the groundwater.

"There it is. That's oil coming out. I can smell the hydrocarbons," he said as gumball-sized tar balls bubbled up. "It's just poison soup is what that really amounts to."

Reaping Your Share Of A Farm's Harvest (joemanc)

Buying a share in a harvest was an attractive alternative — offering the opportunity to get a greater variety of vegetables than Amenta could ever plant.

Please send article submissions to: [email protected]

5 Comments

djhester1940's picture
djhester1940
Status: Bronze Member (Offline)
Joined: Sep 22 2008
Posts: 35
Re: Be careful of what you wish for

Interesting commentary on the economy, but where are the other two E's (Energy and Environment)?

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest - June 20

idoctor's picture
idoctor
Status: Diamond Member (Offline)
Joined: Oct 4 2008
Posts: 1731
Re: Daily Digest - June 20

[video:http://www.youtube.com/watch?v=5qg6usfCDlE

V's picture
V
Status: Platinum Member (Offline)
Joined: Dec 14 2009
Posts: 849
France and Russia

Faulty premise.

Since Bretton Woods did not work why don' t we sh*t can the entire idea of supranational organizations that pretend to control the global economy when all they are really designed to do is transfer wealth from those that  produce to those that don't.

In other words let capitalism have a chance to work globally.

V

PS Washington warned against foreign entanglements on his way out the door, nothing much has changed.

harm123's picture
harm123
Status: Member (Offline)
Joined: Mar 12 2009
Posts: 6
Re: Daily Digest - June 20

I haven’t seen this article listed here at CM yet.



http://motherjones.com/politics/2010/06/the-american-way-of-war?



The article is a great read!



The article discusses the imbalanced Soviet era military spending in contrast to it's budget and expenditures in non-military areas.



Then the article parallels the Soviet Union’s economic mistakes with the actions of the current and past federal administrations.

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