Daily Digest

Daily Digest - May 15

Saturday, May 15, 2010, 10:48 AM
  • Greece: A Canary In A Coal Mine
  • Kansas Mutual Fund Is Linked to Market’s Plunge
  • Déjà vu?
  • Golden Antidotes to Our Being Fleeced!
  • World Markets Panic Over Eurozone
  • Europe's Fiscal Fascism Brings British Withdrawal Ever Closer
  • ‘Junk Shot’ Is Next Step for Leaking Gulf of Mexico Well
  • Solar Water Disinfection

Economy

Greece: A Canary In A Coal Mine (Video) (sammy)

Former Bush Economic Adviser Glenn Hubbard on the fears about the growing debt on both sides of the Atlantic.

Kansas Mutual Fund Is Linked to Market’s Plunge (jdargis)

Futures trades by Waddell & Reed, a conservative 70-year-old mutual fund based in Overland Park, Kan., have been linked to the plunge, during which the Dow dropped hundreds of points in a matter of minutes. The company was identified in a Chicago Mercantile Exchange document, according to Reuters.

Déjà vu? (pinecarr, article by Davos)

I know what your thinking: "Wait, gold hasn't hit $1,340.00". (Yet). These gold prices are from the early 1900's priced in Wiemar Republic Deutsche Marks.

Golden Antidotes to Our Being Fleeced! (pinecarr)

More than a year and a half after Iceland's major banks failed, all but sinking the country's economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.

World Markets Panic Over Eurozone (pinecarr)

Investor panic hit markets worldwide as fears grew that austerity measures facing troubled eurozone countries would derail recovery and spark social unrest.

Europe's Fiscal Fascism Brings British Withdrawal Ever Closer (pinecarr)

The European Commission is calling for EU powers to vet budgets of the 27 member states before the draft laws have been presented to the House of Commons, the Tweede Kamer, the Folketing, the Bundestag, the Assemblee Nationale, or other national parliaments. It applies to Britain even though we are not in EMU.

Fonctionnaires and EU finance ministers will pass judgement on the British (or Dutch, or Danish, or French) budgets before the elected bodies of these ancient and sovereign nations have seen the proposals. Did we not we not fight the English Civil War and kill a king over such a prerogative?”

Energy

‘Junk Shot’ Is Next Step for Leaking Gulf of Mexico Well (jdargis)

Officials with BP and other companies involved in the effort, who discussed the plans in detail at some of the operations rooms, said the best of several options included a “junk shot,” which could be tried within the week. The method involves pumping odds and ends like plastic cubes, knotted rope, even golf balls — Titleists or whatever, BP isn’t saying — into the blowout preventer, the safety device atop the well.

Environment

Solar Water Disinfection (Bengt E.)

Water from contaminated sources are filled into the bottles. To improve oxygen saturation, bottles can be filled three quarters, shaken for 20 seconds (with the cap on), then filled completely and recapped. Very cloudy water with a turbidity higher than 30 NTU must be filtered prior to exposure to the sunlight. Filled bottles are then exposed to the sun. Bottles will heat faster and to higher temperatures if they are placed on a sloped sun-facing corrugated metal roof as compared to thatched roofs.

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7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
Re: Daily Digest - May 15

"At the Rand refinery in South Africa, the phone has not stopped ringing this week.

Panicking German dealers and banks have been desperate to get their hands on krugerrands, the world's most popular gold coin.

"We have some extraordinary sales to German customers," says Deborah Thomson, the Rand treasurer. The refinery, which usually sells 2,000 coins to each customer at a time, says that last week it received an order from one German bank for 30,000 coins. Another bank requested 15,000 coins.

Frank Ziegler, head of precious metals at BayernLB, one of Germany's largest wholesale suppliers of gold, says: "People are buying krugerrands like crazy." "

"Gov. Paterson plans to delay another $1.5 billion in school aid to keep the cash-strapped state from going broke next month.

Budget Division boss Robert Megna said the school money must be held back because the state faces a $1 billion cash shortfall next month - and needs the school money to pay the bills."

"BERLIN (AP) -- The President of the European Central Bank was quoted Saturday as saying that he still sees Europe's economy in its deepest crisis since World War II, or even World War I.

German news weekly Der Spiegel reported that Jean-Claude Trichet said that since the beginning of the financial crisis in 2008 "we have experienced and we are experiencing really dramatic times."

Trichet was quoted as saying that there was no doubt the economy "is in its most difficult situation since World War II or perhaps even since World War I.""

"The movie star turned governor said California, the most populous U.S. state with an economy that would be the eighth largest in the world, faced the same dilemma of dismal growth and budget gaps as Greece, Spain and Ireland.

California's government has been living beyond its means and has little choice but to cut $12.4 billion in spending over the remainder of this fiscal year and the next, Schwarzenegger told a press conference in Sacramento.

"You see what is happening in Greece, you see what is happening in Ireland, you see what is happening in Spain now," Schwarzenegger said, referring to swelling deficits and austerity measures that have concerned investors worldwide. "We are left with nothing but tough choices.""

"The world’s rich economies are continuing to pile up public debt in spite of a recovery in the global economy, according to the International Monetary Fund.

In a regular report on public finances released on Friday, the fund suggested increases in value added taxes and excise duties as a way to plug the deficits."

"After adjusting for the economic cycle, the rich economies were likely to see the balance of public finances worsen by 0.6 percentage points this year, bringing the overall deterioration since the financial crisis to 5 percentage points. Most of the worsening was caused by the US, where stimulus and military spending have increased, and Germany, because of a combination of new spending and weaker-than-expected tax revenues.

The fund suggested raising and eliminating exemptions for value added taxes and excise duties, together with auctioning carbon emission permits and instituting or raising carbon taxes. "

 

Skidelsky Says Europe May Face 'Double-Dip,' Sueddeutsche Says

Argentina: Greek financial rescue doomed to fail

S&P Cuts to Junk Mortgage Bonds It Rated AAA in 2009

Regulators shut 4 banks; 72 have failed this year

Central Bangkok erupts as Weng demands cease-fire before civil war

 

......Back on Monday.

britinbe's picture
britinbe
Status: Gold Member (Offline)
Joined: Dec 28 2008
Posts: 381
Re: Daily Digest - May 15

Fom the Telegraph

http://blogs.telegraph.co.uk/finance/edmundconway/100005702/us-faces-one...

US faces one of biggest budget crunches in world – IMF

 

Earlier this week, the Bank of England Governor, Mervyn King, irked US authorities by pointing out that even the world’s economic superpower has a major fiscal problem -“even the United States, the world’s largest economy, has a very large fiscal deficit” were his words. They were rather vague, but by happy coincidence the International Monetary Fund has chosen to flesh out the issue today. Unfortunately this is a rather long post with a few chunky tables, but it is worth spending a bit of time with – the IMF analysis is fascinating.

wildjo's picture
wildjo
Status: Bronze Member (Offline)
Joined: Aug 27 2009
Posts: 44
Re: Daily Digest - May 15

With regard to the bank post, it's also worth noting that the NCUA has shuttered 7 credit unions nation wide this year.

Fifteen  to twenty-two (documents or inconsistent) were shuttered in all of 2009.

18 in 2008

12 in 2007

Avergage of 17 per year since 2000.

http://www.ncua.gov/Resources/ClosedCU/2010.aspx

http://creditunionwatch.blogspot.com/2009/12/ncua-is-now-posting-closed-...

pjc's picture
pjc
Status: Bronze Member (Offline)
Joined: Sep 26 2008
Posts: 30
Re: Daily Digest - May 15

Solar Water Disinfection (Bengt E.)

 

I’m filing this information under my “unexpected” category. I was told boiling water 1 min. was sufficient for drinking when I first moved into private housing in India. I would boil 3 mins. Now I have filter equipment. I recently considered my situation if I could not access Mediclor that I rinse all veggies and fruits in having had parasites 2 times. It has a shelf life so can’t be stocked.

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2244
Re: Daily Digest - May 15

Bengt E and PJC, thanks so much for bringing the "solar water disinfection" info to our attention!  I have printed out the original article and a few related articles that had good supplemental info as references. 

Chris promotes the idea of increasing the resiliency of our lifestyles.  I figure knowing a back-up way to disinfect water that is simple, cheap, and easy is a great contribution in that regards!

best,

pinecarr

britinbe's picture
britinbe
Status: Gold Member (Offline)
Joined: Dec 28 2008
Posts: 381
Re: Daily Digest - May 15

I found this on Max Keiser's site:

CNBC's Rick Santelli on gold

Is this a bit more conditioning?  Are the masses being drip fed the reality??

 

TFGC's picture
TFGC
Status: Member (Offline)
Joined: Dec 13 2009
Posts: 19
Re: Daily Digest - May 15

Cute:

http://www.msnbc.msn.com/id/37168688/ns/us_news-the_new_york_times/

Las Vegas is trying to recover by building what it does not need. It is an unlikely pattern being repeated in many of the areas where the housing crash was most severe.

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