Daily Digest

Daily Digest - March 20

Saturday, March 20, 2010, 9:57 AM
  • The Story Of Stuff
  • Yuan Poised to Become Reserve Currency, Goldman’s O’Neill Says
  • GATA To Speak At UUS CFTC Hearing March 25th
  • Dick Bove: Housing Market Will Fall 10%-15% When Fed Stops Subsidizing Home Prices
  • Fannie/Freddie/FHA Loan Volume Falling Fast
  • New College Graduates To Be Cryogenically Frozen Until Job Market Improves (Humor)
  • Advanta Bank, Six Other U.S. Lenders Collapse Amid Bad Loans
  • Latvia Government Collapses Amid Economic Crisis
  • Bread and Games
  • Money Out Of Thin Air: Now Federal Reserve Chairman Ben Bernanke Wants To Eliminate Reserve Requirements Completely?

Economy

The Story Of Stuff (Alan H.)

A brilliant video, free for viewing on the website.

Yuan Poised to Become Reserve Currency, Goldman’s O’Neill Says (mhoop)

The Chinese government will “eventually” allow the yuan, or renminbi, to trade freely on foreign-exchange markets, dropping the system under which it controls its value, O’Neill wrote in an essay that formed part of a report published today for Chatham House, a London-based foreign affairs research organization.

GATA To Speak At UUS CFTC Hearing March 25th (Word document) (Claire H.)

The formal statement Gold Anti-Trust Action Committee Chairman Bill Murphy plans to submit as a witness at the U.S. Commodity Futures Trading Commission's hearing next week on position limits in the precious metals futures and options markets has been posted at GATA's Internet site, complete with footnotes

Dick Bove: Housing Market Will Fall 10%-15% When Fed Stops Subsidizing Home Prices (mhoop)

No one knows what mortgage rates would be if the Fed weren't subsidizing them. No one knows where house prices would be if the Treasury and other government agencies weren't modifying mortgages and trying to bail homeowners out. No one knows what would happen if taxpayers weren't funding tens of billions of dollars of losses at bankrupt Fannie and Freddie to provide yet another housing subsidy.

Fannie/Freddie/FHA Loan Volume Falling Fast (joemanc)

Fannie Mae took a big scissors to its forecast for residential investment (mortgage funding) this quarter. A month ago they thought the it would rise 2.8 percent in Q1, but now they're saying it could drop 17.2 percent. That's some change. On top of that they slashed their forecast for mortgage originations for 2010 to 1.31 trillion from 1.97 trillion in 2009 (a 33 percent plunge!). That forecast is also a drop from their February forecast of 1.34 trillion.

New College Graduates To Be Cryogenically Frozen Until Job Market Improves (Humor) (Nickbert)

When reached for comment, a spokesman for loan provider Sallie Mae said that educational loans taken out by graduates in cryogenic storage would continue to accrue interest indefinitely at 6.5 percent.

Advanta Bank, Six Other U.S. Lenders Collapse Amid Bad Loans (Nickbert)

Advanta Bank Corp., owned by the bankrupt credit-card issuer, was shut by regulators along with three lenders in Georgia as the number of failed banks this year climbed to 37.

Latvia Government Collapses Amid Economic Crisis (Nickbert)

The People's Party, the largest group in a five-party coalition, walked out amid disputes over how to cope with the country's severe problems. Unemployment has now hit 20 per cent and the economy contracted by 18 per cent last year.

Bread and Games (pinecarr)

Ben Bernanke says the Fed didn't know about Lehman's Repo 105 creative accounting. Even though the Fed (the New York Fed under Tim Geithner, to be precise), already alarmed over Bear Stearns' demise, had people, supposedly "experts", inside Lehman's offices, who, again supposedly, had access to all relevant books. Maybe they didn't find the quarterly reports relevant to Lehman's situation? The Fed was not alone: the SEC also had placed a team inside Lehman's organization. And the SEC also claims it had no knowledge of Lehman's repos.

Money Out Of Thin Air: Now Federal Reserve Chairman Ben Bernanke Wants To Eliminate Reserve Requirements Completely? (pinecarr)

If there were no minimum reserve requirements, what kind of chaos would that lead to in our financial system? Not that we are operating with sound money now, but is the solution to have no restrictions at all? Of course not - the truth is that Bernanke is making a mess of the U.S. financial system.

Please send article submissions to: [email protected]

22 Comments

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Re: Daily Digest - March 20

"March 19 (Bloomberg) -- Hawaii State Auditor Marion M. Higa found “lax management” of the state’s treasury led to a $1 billion investment in auction-rate securities that will result in $254 million in writedowns.

The conclusion came in a 122-page report to the governor and state Legislature that the auditor released yesterday. Hawaii’s Department of Budget and Finance, which manages the state’s cash, failed to file reports on time, made investments that exceeded the maximum allowable and didn’t evaluate risk before more than doubling its stake in auction-rate securities, the auditor said."

"Regulators on Friday shut down seven banks in five states, bringing to 37 the number of bank failures in the U.S. so far this year.

The closings follow the 140 that succumbed in 2009 to mounting loan defaults and the recession.

The Federal Deposit Insurance Corp. took over First Lowndes Bank, in Fort Deposit, Ala.; Appalachian Community Bank in Ellijay, Ga.; Bank of Hiawassee, in Hiawassee, Ga.; and Century Security Bank in Duluth, Ga.

The agency also closed down State Bank of Aurora, in Aurora, Minn.; Advanta Bank Corp., based in Draper, Utah; and American National Bank of Parma, Ohio.

This week's closings are expected to cost the FDIC a total of $1.2 billion."

"In this climate, 130 lawmakers in the U.S. House of Representatives have urged the U.S. government this week to label China a currency manipulator in its report slated for April 15.

Earlier this week, a bipartisan group of U.S. Senators also presented legislation that could make the U.S. levy duties on some Chinese merchandise if the populous nation does not raise the value of its currency.

Should the Barack Obama administration blacklist China as a currency manipulator and put higher tariffs on Chinese goods, the wrangling between the two superpowers - dubbed G-2 - could lead to a trade war. If this happens, Korea could suffer.

The Korea International Trade Association (KITA) said that the Sino-American feud is the single-most important risk for Asia's fourth-largest economy."

"Credit derivatives grew 8% in the fourth quarter to $14.0 trillion.

As of December 31, total derivatives exposures stood at $78.55 trillion for JPMorgan Chase Bank (JPM: News ), $44.31 trillion for Bank of America (BAC: News ), $41.6 trillion for Goldman Sachs Bank (GS: News ), $37.55 trillion for Citibank National and $4.18 trillion for Wells Fargo Bank NA (WFC: News ). "

"New York state has $3,089 of outstanding debt per resident—almost a 25 percent jump in four years, according to a new report from state Comptroller Thomas DiNapoli."

"New York has $3,089 of debt per capita, $583 more than March 2006’s average of $2,506. The debt rates have risen far faster than inflation, DiNapoli said.

Only New Jersey has more debt per capita, with $3,652 of debt per resident.

State-funded debt now totals $60.4 billion—15 percent, or $8 billion, higher than debt totals two years ago."

"March 19 (Bloomberg) -- The largest collateralized debt obligations insured by American International Group Inc. and taken over by the Federal Reserve as part of AIG’s bailout may be downgraded by Moody’s Investors Service.

The credit-ratings firm put $7.88 billion of slices of the two CDOs, underwritten by Deutsche Bank AG, under review because of downgrades to the underlying commercial-mortgage securities, New York-based Moody’s said today in a statement. The CDOs -- MAX CMBS I Ltd. Series 2007-1 and Series 2008-1 -- were created in October 2007 and June 2008, respectively, according to data compiled by Bloomberg."

"March 19 (Bloomberg) -- Moody’s Investors Service’s shift of its municipal ratings scale to make it comparable with other debt will expand the $85.9 billion Build America Bond market as better ratings cut borrowing costs, Janney Montgomery Scott LLC said in a report.

Moody’s said March 16 it will realign municipal ratings to a global scale comparable with corporate and other debt, a move that may raise rankings of some 70,000 bonds it covers by as much as three rating levels. The new ratings, to be unveiled next month, shouldn’t be viewed as upgrades, Moody’s said.

The higher ratings will make the taxable bonds more attractive to buyers of other taxable debt because more municipalities will fit their ratings criteria, said Alan Schankel, head of fixed-income research at Philadelphia-based Janney, one of the authors of the study. "

"COLTON - Pricey pension packages, budget breakdowns and deep deficits have reduced or jeopardized the reserves some cities have amassed over recent years.

Both Colton and San Bernardino are struggling with dwindling incomes that have burned cash reserves to dangerously low levels.

Rialto is struggling with higher pension costs set to start July 1, which a top official has said will deplete a sizeable $31 million reserve within three years if employees don't agree to concessions.

"I'm very sympathetic to cities right now," said Jessica A. Levinson, director of political reform for Los Angeles-based Center for Governmental Studies. "Some are in very difficult situations."

The lack of substantial reserves means that any significant, unexpected expenditure, like a lawsuit judgement or natural disaster, could leave the cities with a financial catastrophe."

"INDIANAPOLIS -- The Indiana State Teachers Association predicts up to 5,000 teachers could lose their jobs in the wake of state budget cuts.

Union Mark Shoup said Friday the union forecasts that about 8 percent of public school teachers statewide could have their positions cut.

State schools Superintendent Tony Bennett said he believed districts should be able to reduce spending without layoffs when he and Gov. Mitch Daniels announced the $300 million funding cut in December.

But Shoup said that isn't realistic because salaries and benefits make up the largest chunk of the school budget."

"The governor's proposed budget -- carrying a $1.2 billion cut in education funding -- faced a room of skeptical lawmakers Thursday. Members of both parties on the House Appropriations-Elementary and Secondary Education Committee said for the record what a lot of people around the Capitol have been saying: Gov. Pat Quinn is asking schools to take a big hit to make a case for an income tax increase.

During last week's budget speech, Quinn said the state could avoid education cuts -- including 17,000 teacher layoffs -- if the legislature approves a 1 percentage point increase in the icome tax. That would bring the state's flat income tax to 4 percent."

"Toledo will get a greater percentage of the money from red-light and speed camera tickets when vehicles are towed or immobilized, police Chief Mike Navarre said.

The city will keep $95 of the $120 fine, during the first 90 days after the violation. In cases where the violator's vehicle is not immobilized or towed by Toledo police, the city will get $65 of the $120 fine, the chief said.

Redflex Traffic Systems Inc. of Arizona operates the camera system for the city.

"We went to them and said if we are going to do all this work and buy these immobilization devices, we should get a greater percent of the fine," Chief Navarre said. "[Redflex] has also expressed a willingness to renegotiate the terms of the entire contract."

Toledo City Council on March 2 authorized police to tow or immobilize a person's vehicle by putting a "boot" on it if the owner fails to pay red-light or speed-camera tickets.

Mayor Mike Bell's plan to bal-ance a $48 million budget deficit includes collecting $1.2 million from unpaid tickets.

Under the law, which takes effect April 1, police will be able to immobilize a vehicle after a fine has gone unpaid for 21 days. Having the apparatus removed will cost the owner $75 plus the outstanding fine. A boot is clamped onto a wheel to prevent the vehicle from being moved."

 

Healthcare Bill to Cause U.S. Hyperinflation By 2015 (National Inflation Association)

Bernanke Says Large Bank Bailouts 'Unconscionable,' Must End

Russian 'Day of Anger' tests govt

Cities decry Water Agency's proposed 10% rate hike (Santa Rosa, CA)

Accounting change may bring $59 bln tax bill-Moody's

LA Unified to halt inter-district school transfers

Falling enrollment may force Detroit to shut 44 schools

 

Frosted Neon Monkey Suckers
Look again at #7 and then look at this picture of the 4 muni investors.
simentt's picture
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Re: Daily Digest - March 20

Isn't The story of stuff just a little over the top? While I recognize the main message and generally agree with it, it comes significantly closer to eco-nuttery and deindustrialization than sustainable growth. Also, ms Leonard uses the words fair and our share a lot, which tends to raise my hackles.

This being my first posting in the 36 weeks I've been reading here, I apologize for being negative. Apart from the sporadic Keynesian stuff that appears (and often gets resolutely criticized), this is one of the best resources I've found for following our steepening decent. Great thumbs up to both CM, Sax, Davos and the other regulars.

-S

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Re: Daily Digest - March 20

FYI  The Story of Stuff was funded by George Soros' Tides Foundation

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Re: Daily Digest - March 20

Simentt-

Welcome,  and I apologize that your first post happens to be a disagreement from me.

I for one think it is perfectly appropriate and not over the top.  I think it cuts right to the heart of why we are at the turning point of the various "hockey stick" curves.  The richest 20% of the world- (that's you and I), consume 80% of the worlds resources.  Whether anyone sees this as "fair" or more than "our share" is highly subjective, but when the other 80% wants a piece of the action, we certainly have no right to say no.  The video is all about the cult of consumerism, and it is why we are in the bind that we are in- mankind was not upsetting ecosystems and depleting resources until the industrial revolution.  People need to wake up to the fact that we have been collectively trained to consume- and that it needs to be stopped or at least slowed down.   I think the video is a great starting point.

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Re: Daily Digest - March 20

Welcome, but I disagree, the Story of Stuff is not over the top at all; it's an excellent and concise primer for people who still believe in the oxymoronic concept of "sustainable growth", which unfortunately is most people.

For detailed (video) lecture on why growth ain't sustainable see Dr. Bartlett on the exponential curve.

Grouch

PS, you can tell Ms. Leonard she can come round my place when she's finished the video and and raise my heckles.

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Re: Daily Digest - March 20

The Story of Stuff may or may not be 'over the top.'  I checked out after two minutes when she said, 

"It's the government's job to watch out for us, to take care of us; that's their job." 

Yeah, well, whatever...

 

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Re: Daily Digest - March 20

@simentt

if you are looking for "sustainable growth," you really need to watch the Crash Course again.

best wishes ... dons

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Re: Daily Digest - March 20

<http://www.nytimes.com/2010/03/20/business/energy-environment/20saudi.html>

China's Growth Shifts the Geopolitics of Oil

Last summer, Saudi Arabia put the final bolt in its largest oil expansion project ever, opening a new field capable of pumping 1.2 million barrels a day - more than the entire production of Texas. The field, called Khurais, was part of an ambitious $60 billion program to increase the kingdom's production to meet growing energy needs.

The Khurais field is capable of pumping 1.2 million barrels a day and was part of a $60 billion program to increase production.
It turns out the timing could not have been worse for Saudi Arabia.

Only two years ago, consumers were clamoring for more supplies, OPEC producers were straining to increase their output, and prices were rising to record levels. But now, for the first time in more than a decade, the world has more oil than it needs.

As demand slumped because of the global recession, Saudi Arabia was forced to shut about a quarter of its production. After raising its capacity to 12.5 million barrels a day, Saudi Arabia is now pumping about 8.5 million barrels a day, its lowest level since the early 1990s.

"2009 was painful for us as it was for everybody else," said Khalid A. al-Falih, the president and chief executive of Saudi Aramco, the kingdom's state-owned oil giant, and a company veteran who was promoted to the top post at the beginning of last year. "We experienced the same cash flow constraints that everybody did. But we adjusted quickly and, certainly, everything that was strategic to us was not touched."

The recession also precipitated a milestone for Saudi Arabia and the global energy market. While China's successful economic policies paved the way for a quick rebound there, the recession caused a deeper slowdown in the United States, slashing oil consumption by 10 percent from its 2005-7 peak. As a result, Saudi Arabia exported more oil to China than to the United States last year.

 

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Re: Daily Digest - March 20

"The government's job is to take care of us. That's their job." -- The Story of Stuff

I beg to differ with this and a number of other statements which ultimately make the The Story of Stuff more of a political video disguised as a sustainability piece. As a non-frequent poster I don't want to contribute to a political debate, as the absense of these on this site is one of it's greatest attributes, but I couldn't let this post go without comment.

Add in the fact that the Story of Stuff was designed to teach our young about "Stuff" and it is even more inappropriate.

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Re: Daily Digest - March 20

Can we get Bernanke, Geithner and Obama in cryogenic storage until the job market improves?  Please.

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Re: Daily Digest - March 20

Isn't The story of stuff just a little over the top?

 

S, I only post occasionally myself and I agree, The Story of Stuff is drivel.  Whatever good points it makes are lost in the general haze of liberal nonsense.  IMHO only, of course.  To each his own and certainly there is no real harm in its silly earnestness.   And Chris believes in sustainability, too, although things get dicey when you add the word growth to it for sure.

 

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Re: Daily Digest - March 20

Thank  you Davos and Saxplayer. I had to adjust to Davos no longer doing Daily Digest but now I've caught

the pattern of finding what helps me. Thank you Davos  for, it seems, contributing more of late in Comments. Saxplayer, thank you for information in Comments without personal view.

Following more general views I could implement, I brought my money into India that now draws 12 to more recently 7 %. Gold is not within my financial size. The home I've built has a rain harvest system on 4 roofs and 6,000 ltr underground tank, in addition to regular tank. Solar panels are next.

What I thought my daughters might read, I learned to abbreviate only to alert them. They have begun changes.

Where I live there are several others reading the CM site. It's good to have company.

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Dr Chris on WDST-fm right now (8 a.m. EDT Sun)

You can listen live via webstream at

www.wdst.com

 

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Re: Daily Digest - March 20
pjc wrote:

Thank  you Davos and Saxplayer. I had to adjust to Davos no longer doing Daily Digest but now I've caught

the pattern of finding what helps me. Thank you Davos  for, it seems, contributing more of late in Comments. Saxplayer, thank you for information in Comments without personal view.

Following more general views I could implement, I brought my money into India that now draws 12 to more recently 7 %. Gold is not within my financial size. The home I've built has a rain harvest system on 4 roofs and 6,000 ltr underground tank, in addition to regular tank. Solar panels are next.

What I thought my daughters might read, I learned to abbreviate only to alert them. They have begun changes.

Where I live there are several others reading the CM site. It's good to have company.

6,00 underground tank - I'm impressed! Even though we have a well I'm looking at increasing my little rain water collection but it'll only be a few hundred gallons. Did you make or buy the tank. I have a book on how to build tanks, neat read.

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Re: Daily Digest - March 20

Davos

Increase. More harvested helps. Equally important it sets an example for kids, neighbors.....It becomes a topic of conversation.

I went online to find an architect for a low-cost, small house for mid-central India. Found many articles on Laurie Baker, an Englishman who as an architect came to India, married a woman dr.. She served lepers and he built housing for them. Eventually they moved to S. India. He worked for the govt. and developed his own style of housing using local materials, aspects Indians had understood for years. The day I went to e-mail him he had physically died at 90 the day before. He's worth looking up for a story of a great heart and do-er. I searched more and found Amrut Despande, a young architect 5 hrs. away who had trained with Laurie. I have filler-slab ceiling, jali compound wall, 20 ft. roofs, great masonry by his "boy's" in a small, practical house. The two water tanks are underground. Cement. Again, the masonry is excellent. An art and skill that will pass. Here our power can go off 12 hrs. daily. Or longer. The lower the water, the lower the power. We've had no rain, or little, since Sept., I believe. Dust drags the feet of the water buffaloes, bullocks. The forecast is not for a strong monsoon.

As for economy. My curtain rods are bamboo at 50 cents each. It's in creativity that things happen.

Back to water. The Indian websites on water are v. interesting. In one village the woman catch water in their sarees slung like hammocks then boil it. i've read When the Rivers Run Dry, Where Will We Get Our Water and pass my book around. My car gets washed with a broom and a half-bucket of water. I believe in the empowerment of each. But I appreciate I can best do what I believe in and others when they reach a point of readiness will take a new step for them.

I remember you mentioned Block Island. I grew up going to Crane's Beach. Waitressed at Kennebunkport. Had a family cottage at Dennis Port. Moved to mid-central FL and liked being near Ichetucknee Springs. Now, by destiny of selfless service in retirement,  I'm here in drought-area India. So with daughters on each coast I see once a year I keep photos of grandkids at Hamburg Cove or Pacific Coast in 8x 10's. There's always a way.

Your extra gallons will keep the tomatoes and sugar snap peas growing...or wash a bike

 

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Re: Daily Digest - March 20
pjc wrote:

Davos

Increase. More harvested helps. Equally important it sets an example for kids, neighbors.....It becomes a topic of conversation.

I went online to find an architect for a low-cost, small house for mid-central India. Found many articles on Laurie Baker, an Englishman who as an architect came to India, married a woman dr.. She served lepers and he built housing for them. Eventually they moved to S. India. He worked for the govt. and developed his own style of housing using local materials, aspects Indians had understood for years. The day I went to e-mail him he had physically died at 90 the day before. He's worth looking up for a story of a great heart and do-er. I searched more and found Amrut Despande, a young architect 5 hrs. away who had trained with Laurie. I have filler-slab ceiling, jali compound wall, 20 ft. roofs, great masonry by his "boy's" in a small, practical house. The two water tanks are underground. Cement. Again, the masonry is excellent. An art and skill that will pass. Here our power can go off 12 hrs. daily. Or longer. The lower the water, the lower the power. We've had no rain, or little, since Sept., I believe. Dust drags the feet of the water buffaloes, bullocks. The forecast is not for a strong monsoon.

As for economy. My curtain rods are bamboo at 50 cents each. It's in creativity that things happen.

Back to water. The Indian websites on water are v. interesting. In one village the woman catch water in their sarees slung like hammocks then boil it. i've read When the Rivers Run Dry, Where Will We Get Our Water and pass my book around. My car gets washed with a broom and a half-bucket of water. I believe in the empowerment of each. But I appreciate I can best do what I believe in and others when they reach a point of readiness will take a new step for them.

I remember you mentioned Block Island. I grew up going to Crane's Beach. Waitressed at Kennebunkport. Had a family cottage at Dennis Port. Moved to mid-central FL and liked being near Ichetucknee Springs. Now, by destiny of selfless service in retirement,  I'm here in drought-area India. So with daughters on each coast I see once a year I keep photos of grandkids at Hamburg Cove or Pacific Coast in 8x 10's. There's always a way.

Your extra gallons will keep the tomatoes and sugar snap peas growing...or wash a bike

 

Wow! Love to see photos, think you have my email address? [email protected] Really neat, I sincerely regret not knowing about Rammed Earth Homes here when we built, I wouldn't be painting right now had I have known. I envy your fiber slab ceiling!!!

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Re: Daily Digest - March 20

Have yr e- address. Will send photos next time Amrut comes.  Within 3-4 weeks. He has a camera phone.  My new digital camera's in WA waiting for my Sept. '10 visit and daughter to explain, then I'll bring back. House has taken 3 yrs and will be done by May. Every delay I understood was because I needed to figure something out differently. You'd like the kota floor. Stone for foundation of house and compound wall came from the quarry over the hill. Bricks from about 20 kms away. Windows aluminum all custom built. Muslims, Hindus, Christians, Mountain-Goddess, Krishnas -- all were on the crew at different times. An amazing cooperation of beliefs, languages, skills. Some had not seen a white woman before. I stayed on site fascinated as my dad was an engineer and my mom a teacher that made for a good combination of curiosity. Served chai every morning a neighbor made and cold drinks every p.m. due to heat. I'll live in it before I figure out drought-tolerant trees, and ones the birds love.

Maybe you'll have pole beans, peppers, and radishes in yr garden too. Marigolds to annoy insects. Fruit trees. Harvest the sky.

About painting. Laurie Baker said govt. bldgs. that were brick looked beautiful after 20 or more years. While paint needs constant upkeep.

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Re: Daily Digest - March 20

It's interesting how the mindsets between Australia and America differ....  Water tanks (as we call them here) are as common as eggs in Australia, and 6000L would simply not cut it here!  We have 45,000L, and we used over 2/3 of it in the last drought when it didn't rain for 6 months.  Needless to say, we got VERY conservative with water use near the end, actually abandoning large parts of the garden... 

Today, the tanks overflow at the sight of clouds, but I sure wish we could afford another two 22,500L tanks, then we would never ever have to worry about running out even if it stopped raining for an entire year!

Mike

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Re: Daily Digest - March 20
Damnthematrix wrote:

It's interesting how the mindsets between Australia and America differ....  Water tanks (as we call them here) are as common as eggs in Australia, and 6000L would simply not cut it here!  We have 45,000L, and we used over 2/3 of it in the last drought when it didn't rain for 6 months.  Needless to say, we got VERY conservative with water use near the end, actually abandoning large parts of the garden... 

Today, the tanks overflow at the sight of clouds, but I sure wish we could afford another two 22,500L tanks, then we would never ever have to worry about running out even if it stopped raining for an entire year!

Mike

I put a 50 gallon collector in the greenhouse/hen-house for the chickens and the garden. Since we are almost 3,000 feet above mean sea level we are in the clouds a LOT. Rain or not that thing stays no less than a third full. With a 900' deep well that yields 20 gpm I'm only wanting a rain collection system in case the power goes out, or the pump fails. I can see your point about droughts though. At first it sounded massive but running low on 45k is mind boggling until you start to do the math at 100 gallons per person per day....no garden....

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Re: Daily Digest - March 20

My Aussie friends have water tanks in your numbers and are among the leaders in rain harvesting here. I'm on 1/8 acre so that plus budget limited my tank sizes. I wanted 50,000 ltrs. Several people have 100,000. As more and more people put in bore wells that affects the water table. I have one roof's gutters going into a bore well for general table benefit. I read about Canberra's gray water regulations. Mine exits underground into soak pits. I need to re-read for the right flowers to plant . The septic system has 4 chambers with the used of a microorganism product "Nature Vel" from Clover Organic that I'll learn to use.

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Re: The Story Of Stuff

Point by Point Rebuttal To The Story Of Stuff Here:

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Re: The Story Of Stuff

bc0203,

Thanks for posting that critique.  I had never watch the whole thing since after the "Government is supposed to take care of us" comment I felt like throwing up.  The whole thing is pretty crappy.  Too bad since it could talk about real issue rather than being statist propaganda.  I'm curious, how many people on this board  know that this has been shown to their kids?

 

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