Daily Digest

Daily Digest - September 26

Saturday, September 26, 2009, 8:38 AM
Hello all,



After 10 months of doing this daily, without a break or a day off, I'm experiencing economic burn out; my symptoms are exhaustion, terseness, and grumpiness.  I need to prioritize my world a bit.  Mostly I want to begin the Zero-Carbon Car conversion of our 10-year old Subaru (she has 150k miles on her and one very tired engine). Marsh has some painting for us to do in the house we built together.



It has truly been a pleasure to contribute to this fine community that Chris has created. I often wish there were a Martenson Island as opposed to a Martenson Cyberblog.



I landed on Chris's site over a year ago from a link to the environmental chapters of the "Crash Course," which I received in an email from Buffett's original investor.  It was followed by an email from an ex-governor who also spoke highly of CM's work on the environment.



The Crash Course was, for me, like a key to the stereogram: putting the picture of the economy hidden below the picture painted by the media into crisp focus. Most of all it explained and then underscored the 3 E's.



Wednesday, September 30th will be my last day manning the Daily Digest.  I offer today's DD as a "Best Of" from my spreadsheet of almost 5,000 posts.  At the bottom are my sources for all the blogs I follow.  The mainstream sites on my RSS reader are so I can see what the herd is being fed.



Take care,

Davos
  • Grayson: Has the Fed Ever Tried to Manipulate the Stock Market? (AMAZING Video, H/T JAG)
  • Gold and Economic Freedom
  • 60 Minutes (CBS) Wave 2 AltA's and Option Arms (Video)
  • 19 Million Vacant Homes
  • Real Estate 1890-2009 (Chart)
  • The Shallowest Generation
  • Naked Short Selling (Video)
  • Soros: Period of wealth destruction
  • 7 Stages of a Bubble
  • Minsky Ponzi Credit
  • Central Bank of Zimbabwe, Quantitative Easing of Zimbabwe, the United Sates and the UK
  • US Debt Clock
  • iGoogle RSS Reader of sites I visit daily

Economy

Grayson: Has the Fed Ever Tried to Manipulate the Stock Market? (AMAZING Video, H/T JAG)

Gold and Economic Freedom

But the process of cure was misdiagnosed as the disease: if shortage of bank reserves was causing a business decline-argued economic interventionists-why not find a way of supplying increased reserves to the banks so they never need be short! If banks can continue to loan money indefinitely-it was claimed-there need never be any slumps in business. And so the Federal Reserve System was organized in 1913. It consisted of twelve regional Federal Reserve banks nominally owned by private bankers, but in fact government sponsored, controlled, and supported. Credit extended by these banks is in practice (though not legally) backed by the taxing power of the federal government. Technically, we remained on the gold standard; individuals were still free to own gold, and gold continued to be used as bank reserves. But now, in addition to gold, credit extended by the Federal Reserve banks ("paper reserves") could serve as legal tender to pay depositors.

When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. More disastrous, however, was the Federal Reserve's attempt to assist Great Britain who had been losing gold to us because the Bank of England refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain; this would act to stop Britain's gold loss and avoid the political embarrassment of having to raise interest rates. The "Fed" succeeded; it stopped the gold loss, but it nearly destroyed the economies of the world, in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market-triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide series of bank failures. The world economies plunged into the Great Depression of the 1930's.

With a logic reminiscent of a generation earlier, statists argued that the gold standard was largely to blame for the credit debacle which led to the Great Depression. If the gold standard had not existed, they argued, Britain's abandonment of gold payments in 1931 would not have caused the failure of banks all over the world. (The irony was that since 1913, we had been, not on a gold standard, but on what may be termed "a mixed gold standard"; yet it is gold that took the blame.) But the opposition to the gold standard in any form-from a growing number of welfare-state advocates-was prompted by a much subtler insight: the realization that the gold standard is incompatible with chronic deficit spending (the hallmark of the welfare state). Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale.

Page 153 of the book "I.O.U.S.A." Greenspan autographed that original article for Congressman Ron Paul, Md and told Dr. Paul that he still believes in it. Irrational Hypocrisy.

60 Minutes (CBS) Wave 2 AltA's and Option Arms (Video)

19 Million Vacant Homes

Feb. 3 (Bloomberg) -- A record 19 million U.S. homes stood empty at the end of 2008 and homeownership fell to an eight-year low as banks seized homes faster than they could sell them.

The number of vacant homes climbed 6.7 percent in the fourth quarter from the same period a year ago, the U.S. Census Bureau said in a report today. The share of empty homes that are for sale rose to 2.9 percent, the most in data that goes back to 1956. The homeownership rate fell to 67.5 percent, matching the rate in the first quarter of 2001.

The worst U.S. housing slump since the Great Depression is deepening as foreclosures drain value from neighboring homes and make it more likely owners will walk away from properties worth less than their mortgages. About a third of owners whose home values drop 20 percent or more below their loan principal will “hand the keys back to the bank,” said Norm Miller, director of real estate programs for the School of Business Administration at the University of San Diego.

The Shallowest Generation

What “essentials” do the Boomers invest all this borrowed money in every year? The U.S. Census bureau provides the answers:

  • $200 billion on furniture, appliances ($1,900 per household annually)
  • $400 billion on vehicle purchases ($3,800 per household annually)
  • $425 billion at restaurants ($4,000 per household annually)
  • $9 billion at Starbucks (SBUX) ($85 per household annually)
  • $250 billion on clothing ($2,400 per household annually)
  • $100 billion on electronics ($950 per household annually)
  • $60 billion on lottery tickets ($600 per household annually)
  • $100 billion at gambling casinos ($950 per household annually)
  • $60 billion on alcohol ($600 per household annually)
  • $40 billion on smoking ($400 per household annually)
  • $32 billion on spectator sports ($300 per household annually)
  • $150 billion on entertainment ($1,400 per household annually)
  • $100 billion on education ($950 per household annually)
  • $300 billion to charity ($2,900 per household annually)

The priorities of our Boomer led society are clearly born out in the above figures. We spend more eating out than we give to charity. We spend as much on big screen TVs and stereos as we do on education. This may explain why 37 million (12.5%) of all Americans live in poverty and our high school students trail the students of 25 other countries (including Latvia) in science and math knowledge. Our school system processes many more clueless morons who don’t know the candidates for President, versus intelligent, thoughtful, hard working, driven young people. The $160 billion spent on gambling is indicative of the get rich quick without hard work attitude of the Boomer generation. Even worse, households with income under $13,000 spend, on average, $645 a year on lottery tickets, about 9 percent of all their income. Our government feeds this addiction by siphoning off billions in taxes from these gambling revenues to redistribute as they see fit.

Central Bank of Zimbabwe, Quantitative Easing of Zimbabwe, the United Sates and the UK

1.15

As Monetary Authorities, we have been humbled and have

taken heart in the realization that some leading Central

9 Banks, including those in the USA and the UK, are now not

just talking of, but also actually implementing flexible and

pragmatic central bank support programmes where these are

deemed necessary in their National interests.



1.16

That is precisely the path that we began over 4 years ago

in pursuit of our own national interest and we have not

wavered on that critical path despite the untold

misunderstanding, vilification and demonization we have

endured from across the political divide.



1.17

Yet there are telling examples of the path we have taken from

key economies around the world. For instance, when the

USA economy was recently confronted by the devastating

effects of Hurricanes Katrina and Rita, as well as the Iraq

war, their Central Bank stepped in and injected life-boat

schemes in the form of billions of dollars that were printed

and pumped into the American economy.

Naked Short Selling (Video)

Soros: Period of wealth destruction

GEORGE Soros, billionaire, philanthropist and hedge fund legend, has characterised today's situation in global markets as the most severe since the Great Depression.

Mr Soros said global financial markets were in a period of rapid, massive de-leveraging that would fuel volatility.

“We are in a period of financial wealth destruction ... and now we have de-leveraging,” he said.

7 Stages of a Bubble

Stage One – Displacement

Every financial crisis starts with a disturbance. It might be the invention of a new technology, such as the internet. It could be a shift in economic policy. For example, interest rates might be reduced unexpectedly. Whatever it is, the world changes for one sector of the economy. People see the sector differently.

Stage Two – Prices start to increase

Following the displacement, prices in the displaced sector start to rise. Initially, the price increase is barely noticed. Usually, these higher prices reflect some underlying improvement in fundamentals. As the price increases gain momentum, people start to notice.

Stage three – Easy Credit

Increasing prices are not enough for a bubble. Every financial crisis needs rocket fuel and there is only one thing that this rocket burns - cheap credit. Without it, there can be no speculation. Without it, the consequences of the displacement peter out and the sector returns to normal.When a bubble starts, the market is invaded by outsiders. Without cheap credit, the outsiders can’t join in.

Cheap credit is the entrance ticket for outsiders. For example, gas prices have risen sharply in recent years. However, banks aren’t giving out loans so that people can store gas in their garages in the hope that the price will double in three months. The banks, however, are prepared to give loans to people with poor credit to hold condos in the hope that they can be quickly flipped.

The rise in easy credit is also often associated with financial innovation. Often, a new type of financial instrument is developed that miss-prices risk. Indeed, easy credit and financial innovation is a dangerous cocktail. The South-Sea Bubble started life as new-fangled legal innovation called the limited liability joint stock company. In 1929, stock prices were propelled into the stratosphere with the help of margin calls. Housing prices today accelerated as interest-only mortgages emerged as a viable means for financing overpriced real estate purchases.

Stage Four – Over-trading

As the effects of easy credit kicks in, the market starts to overtrade. Overtrading stimulates volumes and shortages emerge. Prices start to accelerate, and easy profits are made. More outsiders are attracted, and prices run out of control. Accelerating prices attract the foolish, greedy and the desperate to enter the market. As a fire needs more fuel, a bubble needs more outsiders.

Stage five – Euphoria

The bubble now enters its most tragic stage. Some wise voices will stand up and say that the bubble can no longer continue. They put together convincing arguments based upon long run fundamentals and sound economic logic. However, these arguments evaporate in the heat of the one over-riding fact – the price is still rising. The wise are shouted down by charlatans, who justify insane prices by the euphoric claim that the world is different and this new world means higher prices.

Of course, the “new world” claim is true; the world is different every day, but that doesn’t mean that prices run out of control. The charlatan wins the day and unjustified optimism takes over. At this point, the charlatans bolster their optimism with the cruelest of all lies; when prices finally reach their new long run level, there will be a “soft landing”. The idea of a gentle deceleration of prices calms the nerves.The outsiders are trapped in knowing denial. They know that prices can’t keep rising forever, but they rarely act on that knowledge. Everything is safe so long as they quit one day before the bubble bursts.Those that did not enter the market are stuck in a terrible dilemma. They can not enter but neither can they stay out. They know that they have missed the beginning of the bubble. They are bombarded daily with stories of easy riches and friends making massive profits. The strong stay out and reconcile themselves to the missed opportunity. The weak enter the fire and are damned.

Stage Six - Insider profit taking

Everyone wants to believe in a new brighter future but a bubble takes that desire and turns it upside down. A bubble demands that everyone believes in a brighter future, and so long as this euphoria continues, the bubble is sustained.However, as madness takes hold of the outsiders, the insiders remember the old world. They lose their faith and start to panic. They understand their market, and they know that it has all gone too far. Insiders start to cash out. Typically, the insiders try to sneak away unnoticed, and sometimes they get away with it. Other times, the outsiders see them as they leave. Whether the outsiders see them leave or not, insider profit taking signals the beginning of the end.

Stage seven - Revulsion

Minsky Ponzi Credit

The Financial Instability Hypothesis

Minsky took Keynes to the next level, and his huge contribution to macroeconomics comes under the label of the “Financial Instability Hypothesis.” Minsky openly declared that his Hypothesis was “an interpretation of the substance of Keynes’s General Theory.” Minsky’s key addendum to Keynes’ work was really quite simple: providing a framework for distinguishing between stabilizing and destabilizing capitalist debt structures. Minsky summarized the Hypothesis1 beautifully in his own hand in 1992:

“Three distinct income-debt relations for economic units, which are labeled as hedge, speculative, and Ponzi finance, can be identified.

Hedge financing units are those which can fulfill all of their contractual payment obligations by their cash flows: the greater the weight of equity financing in the liability structure, the greater the likelihood that the unit is a hedge financing unit. Speculative finance units are units that can meet their payment commitments on ‘income account’ on their liabilities, even as they cannot repay the principal out of income cash flows. Such units need to ‘roll over’ their liabilities (e.g., issue new debt to meet commitments on maturing debt).…

For Ponzi units, the cash flows from operations are not sufficient to fulfill either the repayment of principal or the interest due on outstanding debts by their cash flows from operations. Such units can sell assets or borrow. Borrowing to pay interest or selling assets to pay interest (and even dividends) on common stock lowers the equity of a unit, even as it increases liabilities and the prior commitment of future incomes.…

It can be shown that if hedge financing dominates, then the economy may well be an equilibrium-seeking and -containing system. In contrast, the greater the weight of speculative and Ponzi finance, the greater the likelihood that the economy is a deviation-amplifying system. The first theorem of the financial instability hypothesis is that the economy has financing regimes under which it is stable, and financing regimes in which it is unstable. The second theorem of the financial instability hypothesis is that over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system.

In particular, over a protracted period of good times, capitalist economies tend to move from a financial structure dominated by hedge finance units to a structure in which there is large weight to units engaged in speculative and Ponzi finance. Furthermore, if an economy with a sizeable body of speculative financial units is in an inflationary state, and the authorities attempt to exorcise inflation by monetary constraint, then speculative units will become Ponzi units and the net worth of previously Ponzi units will quickly evaporate. Consequently, units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values.”

Those three categories of debt units – hedge (note: no relation to hedge funds), speculative, and Ponzi – are the straws that stir the drink in Minsky’s Financial Instability Hypothesis. The essence of the Hypothesis is that stability is destabilizing because capitalists have a herding tendency to extrapolate stability into infinity, putting in place ever-more risky debt structures, up to and including Ponzi units, that undermine stability.

US Debt Clock

Central Bank of Zimbabwe, Quantitative Easing of Zimbabwe, the United Sates and the UK

Dr. Rand Paul Part 1(Video, H/T iDoctor)

Dr. Rand Paul Part 2 (Video, H/T iDoctor)

Dr. Rand Paul Part 3 (Video, H/T iDoctor)

iGoogle RSS Reader of sites I visit daily

For us Baby Boomers: Gen-Xers seem to use RSS readers for their "Home Pages" I'm pretty content with Google's iGoogle reader.

51 Comments

cat233's picture
cat233
Status: Platinum Member (Offline)
Joined: Aug 20 2008
Posts: 575
Re: Daily Digest - September 26

Wow Davos... It will be strange not having you around daily. Thank you for all of your time, knowledge, and wisdom that you have shared with us all of these months!

Cat

Doug's picture
Doug
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Posts: 3125
Re: Daily Digest - September 26

Davos,

You have gone above and beyond in your contributions to the CM site.  Your DD is a daily read for me and you will be greatly missed.  Please continue posting from time to time.  Your perspective is a large part of the value of the DD.

Doug

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jrf29
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Posts: 453
Re: Daily Digest - September 26

Davos,

It has been a pleasure reading your news digest.  In your spare time you have provided every day what paid professionals in the news field are frequently unable to: a resource that is focused, unique, valuable, and informative.  I will miss your contributions.

Thank you, and best of luck to you.

jrf29

cipher's picture
cipher
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Posts: 51
Re: Daily Digest - September 26

Davos,

You have been a great source of learning for me. DD has not only given me a new perspective of things but also helped me comprehend the news and know what others are saying about it. I feel bad that you are leaving DD but on the other hand I know that you need to take care of yourself. As others said, your services to this community are superior to a full time professional job.

Thanks for your wonderful contribution

Regards

Mayank

idoctor's picture
idoctor
Status: Diamond Member (Offline)
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Posts: 1731
Re: Daily Digest - September 26

Davos,

Ditto all of th e above x2! Really what a great job you have done & I will really miss you a lot. I certainly understand & hope all works out well for you & you will come back after a break. I find myself burnout as well at times. It is hard for hard working people who love their country to see us all abused by ....well...what it is! I get very frustrated by it all. It wears on us with such an uncertain future & with so little control or say in the matter.

Lets us know what you Zero Carbon in on...one another car. What about a brand spankin new Government Motoros (GM) VOLT LOL.

Take care & best of everything for you & your family.

Idoc & family.

If you are ever in the Midwest PM me as you always have a place to stay in my house.

SteveS's picture
SteveS
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Posts: 358
Re: Daily Digest - September 26

The DD under your name will be missed! I hope as a group we can continue it and keep it timely and useful. More importantly, I hope you continue to contribute to discussions here and don't leave entirely. That would would be a bigger loss to us.

So this car..... Need any help?

- Steve

Farmer Brown's picture
Farmer Brown
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Posts: 1503
Re: Daily Digest - September 26

Davos,

You will be missed!  Thanks for 10 months of super reads and links.  Hope everything turns out with your car, Marsh, and the house.

targetbuster's picture
targetbuster
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Re: Daily Digest - September 26

Thanks for all you have done Davos. This has been a daily read that I look forward to since my joining this site.

I have my own business and many times I've been asked why I only work 3 days per week. Well, what your experiencing is exactly why. Go and re-charge your batteries. When you feel able, perhaps you'll be back. But I hope it is in such a way that you can enjoy and sustiain yourself first. All else can wait.

Michael's picture
Michael
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Posts: 5
Re: Daily Digest - September 26

Davos,

You write: "...my symptoms are exhaustion, terseness, and grumpiness."  I can relate on two levels:

1. When I go through a period of intense work, I feel the same way.

2. When I focus too much on the negative things that are going on in the world, I have to take a break and do something that is nurturing, fun or creative.

Sounds like what you plan to do.

Thanks for all your hard work, and good luck on future endeavors.

Michael

 

 

yoshhash's picture
yoshhash
Status: Martenson Brigade Member (Offline)
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Posts: 271
Re: Daily Digest - September 26

Davos-

You will truly be missed, but I'm sure you will be checking in with comments on the forum and such, right?  I have often wondered about what happens with the traffic on this site right about the 10:30/11 am mark, when your latest edition was due- I'm sure it skyrockets from all the readers who need their daily news aggregate!  Is there going to just be a void where the DD was, or is someone up to the challenge of filling your shoes?

Please keep us posted on your personal project- it sounds exciting!

CB's picture
CB
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Posts: 365
Re: Daily Digest - September 26

Davos,

Thanks!

Bengt Englund's picture
Bengt Englund
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Re: Daily Digest - September 26

Davos, thanks a lot!

You have done a fantastic unbeleivable good work! Take care!

/Bengt

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cedar
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Re: Daily Digest - September 26

You are a good man. Thank you for your contribution and good luck with your preparations.

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darqmatr
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Re: Daily Digest - September 26

Thanks, Davos. You've done a great service to all of us.

DmaxSilver's picture
DmaxSilver
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Re: Daily Digest - September 26

A HUGE THANKS Davos for all you've done! I hope that you'll continue to comment and drop a note/link once in a while too. 

 

Mike Pilat's picture
Mike Pilat
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Posts: 929
Re: Daily Digest - September 26

The Grayson video is amazing.

Thanks so much for your hard work and dedication, Davos. I hope we will be able to see you on here from time to time. It's going to feel a lot different without your daily digest!

 

saxplayer00o1's picture
saxplayer00o1
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Posts: 4066
Re: Daily Digest - September 26

Davos

Amazing job on keeping us informed. Before I scrolled  down and discovered the

message board here a little over a month ago I was using your news digest to

get information I couldn't find anywhere else.

 

Thanks and good luck with everything.

rjs's picture
rjs
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Posts: 445
Re: Daily Digest - September 26

your leaving is definitely  bad news...your daily digest i why ive elevated this site to toolbar status on my PC

yagasjai's picture
yagasjai
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Re: Daily Digest - September 26

Davos,

What better gift than for the teacher see his students take what they have learned and run with it? We will do you proud. You have taught us well.

Best wishes,

Yagasjai

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Dogs_In_A_Pile
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Re: Daily Digest - September 26

Davos -

Thank you.

Fair winds and following seas.

Tim_P's picture
Tim_P
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Re: Daily Digest - September 26

Take Care Davos.  I appreciate all of the help you have been to us with the Daily Digest.  I've often wondered how you could keep this going 7 days a week and had figured that sooner or later, you'd need to step away.

I wish you well and hope we will still see you around these parts.

Thanks,

Tim

Aurum Vir's picture
Aurum Vir
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Re: Daily Digest - September 26

Thank you for all your exceptional work and effort, Davos.  You have been a rare, trusted source of information for the 10 months of my CM membership.  I agree...I wish there was a Martenson island, too.  Good luck with your zero-carbon conversion.  Something tells me it that with you, it will be more of a journey  than a project.   Perhaps in the next year or so, you can provide your faithful readers with a 21st century updated version of a 70's classic,  "Zen and the Art of Zero Carbon Conversion."   All the Best.

Stan Robertson's picture
Stan Robertson
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Re: Daily Digest - September 26

Davos,

Thank you, thank you, thank you. While recharging your batteries, take a moment every now and then to reflect on what a good work you have done. We really needed what you have provided. Godspeed.

Stan

SagerXX's picture
SagerXX
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Re: Daily Digest - September 26

Davos --

Thanks for your keen perspective and all the hard work!  Happy trails as you move on (but don't be a stranger)!

Viva -- Sager

Swish's picture
Swish
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Re: Daily Digest - September 26

Davos,

I´ve never posted on this site before but have been following your posts, Chris´ posts and the comments a little over a year now. What else can I say but ´THANK YOU` for that amazing effort! For me this site is a daily finger on the pulse filled with interesting analyses by so many fine people! Chris and all members keep up the good work (it really does make a difference) and Davos...have a safe journey!

Best wishes

Jeroen (The Netherlands)

Cloudfire's picture
Cloudfire
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Posts: 1813
Cleared for Takeoff . . . .

[quote=Davos]

Wednesday, September 30th will be my last day manning the Daily Digest.

[/quote]

Frown  Clear skies to you, Cap'n . . . .

edwin's picture
edwin
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Re: Daily Digest - September 26

Davos, thank you for all your effort and time! I'll miss your DD

Edwin

firefly's picture
firefly
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Re: Daily Digest - September 26

Thanks for all your hard work, Davos!

Tommygun's picture
Tommygun
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Posts: 65
Re: Daily Digest - September 26

Davos,

 I want to say thanks for your continuous daily efforts to keep the Daily Digest what it has been for the past year. I read your posts daily. I came into this site with very little knowledge about how finance and econmics and banking works. Now I have a greater and more general understanding of the big picture thanks to your selective and very good newsworthy posts.

Also you were kind enough to answer our (really my) simple questions and any misunderstandings we might have had in digesting this information. Your posts were never jaded or filled with any attitude. You have a clear and unbiased point of view in your reporting the information. You have a clear perspective in mind.

I say thanks again. I hope that some of your best postings get archived in a "Best of Davos " section for review for us novices.

Thanks again,

Tommy

Nime's picture
Nime
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Re: Daily Digest - September 26

Davos, thank you for providing this invaluable resource for this long! I will miss you in my X-gen RSS reader. :)

timG's picture
timG
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Re: Daily Digest - September 26

Davos,

Thanks for your service to this site, you will be missed.

But you have to put your health first. Enjoy yourself!

Tim.

mobius's picture
mobius
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Posts: 160
Re: Daily Digest - September 26

Davos,

A huge "thank you"  for all your media tracking (and even on holidays!).

Wow, I have tremendous admiration for what has been accomplished on this site and the individuals who contribute to it.

Regards, Joanne.

Dorrian's picture
Dorrian
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Posts: 28
Re: Daily Digest - September 26

Davos,

I got to know this blog just recently. Someone sent me a link to the Crash Course.

The Crash Course is valuable for visiting this site once in a while. But your Daily Digest made this blog my everyday lecture. It is very sad that just weeks after discovering this site, one of its most valuable contents is abandoned.

I hope that Chris will find someone else to take your place. Maybe a handful of guys, to split the "full-time job" into smaller parts, each of them posting one Daily Digest once a week. Laughing

So thank you very much for your devotion to this site, you have truely been the "second soul" of the Chris Martenson blog.

Kudos from Hamburg,

Dorrian

Sam's picture
Sam
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Posts: 51
Re: Daily Digest - September 26

Davos. Best wishes and many thanks for your insights over the past months. We will all miss you. Hope the homestead stays safe and prosperous.

Gado's picture
Gado
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Joined: Aug 31 2008
Posts: 24
Re: Daily Digest - September 26

Davos.

Thank you for the last year of fantastic posts and your personal insight.

My mornings will be a lot less informed.

Take care my friend

John..

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rxstacey
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Joined: Dec 27 2008
Posts: 2
Re: Daily Digest - September 26

Thanks for everything you've done. Enjoy yourself!

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IceViking
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Joined: Sep 26 2009
Posts: 15
Re: Daily Digest - September 26

Hi Davos

Thanks for daily valuable info!!

Since the Crash of Iceland I have been a daily "diguest".  This site has helped my to understand why my world collapsed and helped my to deal with it!!!

I really wan't to thank you Davos for all of your hard work, even though I have not posted before, I think of you as my friend and saviour.  Take care and I hope things goes well for you!

For Chris and the rest of CM community I hope that we will keep Davos's good work and make this site stronger for events to come!

Best thanks from Iceland,

Leif

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capesurvivor
Status: Platinum Member (Offline)
Joined: Sep 12 2008
Posts: 963
Re: Daily Digest - September 26

Hi Davos,

 

Say it ain't so! Like everyone, I've come to rely on your cogent posts here and am very sorry to see you go. We all have to do what's best for ourselves and families, though, and I wish you well.

 

I'm sure you;'ll be back from time to time.

 

Regards,

 

SG

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suej
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Joined: Dec 12 2008
Posts: 12
Re: Daily Digest - September 26

Thank you Davos for the massive contribution you have made to this site by collecting so much information to share with us.

Best wishes in pursuing a less internet centric life (another message for us all?)

Cheers

Sue

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brjohnson789
Status: Bronze Member (Offline)
Joined: Aug 27 2008
Posts: 52
Re: Daily Digest - September 26

Davos, what am I going to do over my lunch break now??  :)  Thanks for your contributions.  Keep on keeping it real. 

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Wayne Grow
Status: Member (Offline)
Joined: Sep 18 2008
Posts: 21
Re: Daily Digest - September 26

A most heart felt thanks to you Davos.   Almost brought a tear to my eye to see the post.  We all understand that family comes first.   You have to care for yourself before you can take care of others.  Seems like I recall you'd noted being in the Seattle area at some point....if so I'd love to buy you a coffee some time. 

Steady On,

Kurt

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Craigievos
Status: Member (Offline)
Joined: Sep 22 2009
Posts: 7
Re: Daily Digest - September 26

Davos, your work was the finest on the web including Peter Schiff's site.  Now where the hell am I going to get the truth?

Think of your readers when oil is dripping in your face under that Subaru.  Go with these guys

https://www.surpluscenter.com/home.asp

or all your electrical needs including surplus 48 volt golf cart motors.

Take care.

http://www.azcentral.com/members/Blog/Craigievos/63284

Headless's picture
Headless
Status: Gold Member (Offline)
Joined: Oct 28 2008
Posts: 363
Re: Daily Digest - September 26

Davos,

Good riddance! Now if we could just get rid of that other pesky visionary CM, we could all join hands with the Cramericans and the Kudloidi-ans and step further toward the final plunge into the wage-slave abyss...

You and your truth will not be missed.

Nonzeroone

Headless

Missing you from Paris...

Dante's picture
Dante
Status: Bronze Member (Offline)
Joined: Jan 22 2009
Posts: 30
Re: Daily Digest - September 26

Sad to see ya go, your work will be missed.  I have learned a great deal. Enjoy your time and projects.  

Just so you know, I picked up the book.  Keep us informed on the Z-car.

BJ

hugococo's picture
hugococo
Status: Member (Offline)
Joined: Oct 5 2008
Posts: 2
Re: Daily Digest - September 26

Davos,

"He is no fool who gives that which cannot be kept, and gains that which cannot be taken away" - Thoreau (I think)

Thank you for sharing so much!  Best of luck to you and yours.

-P

 

ReginaF's picture
ReginaF
Status: Bronze Member (Offline)
Joined: Jan 16 2009
Posts: 93
Re: Daily Digest - September 26

Hello Davos,

your Daily Digest will be highly missed! I want from heart to thank you very, very much for all your effort! Your work helped me a lot to stay sane in these turbulent times!

I wish you all the best!

Very best greetings from Germany

Regina

okubow's picture
okubow
Status: Bronze Member (Offline)
Joined: Aug 16 2009
Posts: 67
Re: Daily Digest - September 26

Thank you Davos, and Godspeed.

Jasenica's picture
Jasenica
Status: Bronze Member (Offline)
Joined: May 6 2009
Posts: 35
Re: Daily Digest - September 26

Thank you from Australia Davos for your daily posts. Who will take over your mantle after 30 Sep?

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5570
The New Daily Digest

The mantle will be assumed by Saxplayer001 who will take over every Wednesday, and the rest of us collectively the rest of the days.

Simply email us your links and snippets and we'll organize and post them (subject to some limits and editorial control)

Here are the details:

We have set up a new email account: [email protected], where you can send the links you want to share, 24/7.  When you write us, please include the direct link, as well as the snippet of text you would like posted with it.  All links are subject to editorial review, but we hope to turn the Daily Digest into the ideal potluck supper, with a tasty banquet of perspectives and findings to share among the community at large.

Or, if you think you'd like to step up and run the Digest for a day (or more) of the week, drop me a line and we can talk.  It represents a chance to reach thousands of readers every day with your unique information discoveries.

Please join me in wishing Davos the best of luck as he heads off onto the next part of his journey.  And with that, please join us in making the new Daily Digest the exciting prism it can be. 

Write us anytime at [email protected].

Some additional details:

  1. AP articles cannot be used.  AP announced a while back that they might/would retroactively charge for unauthorized use of as little as a single sentence from one of their articles.  We can post a link and a self-written description to AP articles, but nothing more.  It's a real pain.
  2. We will not use material from 'fringe' sites that have proven themselves in the past to be rather poor at separating truth from fiction.  Rense.com comes to mind.
  3. We'll not post anything that has profanity (on the site itself, the link can go to, say, a George Carlin routine) to protect those who check in from work where content filters are in place.  If the link goes to profanity it should clearly indicate this or state NSFW (Not Safe For Work).
  4. Nothing that violates our basic posting guidelines will pass through either.  This means only snippets and not full articles (unless permission has been sought and granted), nothing illegal, etc.

 

cnbbaldwin's picture
cnbbaldwin
Status: Bronze Member (Offline)
Joined: Apr 23 2008
Posts: 59
Re: Daily Digest - September 26

What can I say Davos, I also found myself checking in daily with great anticipation to see what you had dug up.  A fantastic effort that has enriched and enlightened us all.  I guess, as Chris has said, this is an opportunity for all of us to take a more active role in the search for enlightenment.

The very best to you and thank you.

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