Daily Digest

Daily Digest 11/29 - Secret Fed Loans Helped Banks Net $13B, Hard Times Generation, All The Angry People

Tuesday, November 29, 2011, 10:44 AM
  • Secret Fed Loans Helped Banks Net $13B
  • Hard Times Generation: Families Living In Cars
  • Ron Paul Explains His Plan For "Monetary Freedom" And Returning To The Gold Standard
  • Senators Demand the Military Lock Up American Citizens in a “Battlefield” They Define as Being Right Outside Your Window
  • All The Angry People
  • Getting Ready For 'Peak Oil'
  • China to Embrace Fracking In an Effort to Ramp up Energy Production
  • Agriculture Needs Massive Investment To Avoid Hunger, Scientists Warn
  • Protesters Disrupt German Nuclear Waste Shipment

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Economy

Secret Fed Loans Helped Banks Net $13B (Phil H.)

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

Hard Times Generation: Families Living In Cars (Jeff B.)

Scott Pelley brings "60 Minutes" cameras back to central Florida to document another form of family homelessness: kids and their parents forced to live in cars.

Ron Paul Explains His Plan For "Monetary Freedom" And Returning To The Gold Standard (June C.)

Ron Paul lays it out: "We know what to do - we did it once after the Civil War period, we went from a paper standard back to the gold standard, and the event wasn't that dramatic. But today the big problem is that both the conservatives and liberals have an big apetite for big government for different reasons, therefore they need the Fed to tie them over and monetize the debt. So if you don't get rid of that appetite it's going to be more difficult, but the transition isn't that difficult. You have to get your house in order; you have to balance the budget, you have to not run up debt, and you have to promise not to print any more money... I would like to have a transition period and just legalize gold money, gold and silver as legal tender, and work our way back... We want to legalize the use of gold and silver as the constitution dictates, rather than punishing the people who try to do that.

Senators Demand the Military Lock Up American Citizens in a “Battlefield” They Define as Being Right Outside Your Window (Claire H.)

The Senate is going to vote on whether Congress will give this president—and every future president — the power to order the military to pick up and imprison without charge or trial civilians anywhere in the world. Even Rep. Ron Paul (R-Texas) raised his concerns about the NDAA detention provisions during last night’s Republican debate. The power is so broad that even U.S. citizens could be swept up by the military and the military could be used far from any battlefield, even within the United States itself.

All The Angry People (jdargis)

None of Kachel’s online acquaintances could say what, precisely, had sparked the protest, which began on September 17th. But Occupy Wall Street, as it was called, emerged so spontaneously that it quickly absorbed the pent-up energies of a wide array of people in every corner of the country. Because it was formless and leaderless, the movement passed the test of authenticity—the first requirement for a citizenry that no longer had faith in institutions and élites. Its brilliant slogan, “We Are the Ninety-nine Per Cent,” was simple and capacious enough to cover a multitude of stories, including Kachel’s.

Energy

Getting Ready For 'Peak Oil' (Jeff B.)

Although the details are still being argued over, a consensus conclusion, reinforced by the market, is being solidly formed: If peak oil has not already arrived and passed, its arrival is in the very near future. Like the Ghawar field, all the easy oil fields have been found, and have largely begun an inexorable decline in production.

There is something else you should know, if you don’t already, about peak oil.

China to Embrace Fracking In an Effort to Ramp up Energy Production (James S.)

Despite rising environmental concerns about fracking in both the U.S. and Europe, Chinese authorities up to now have shown no such hesitations. On 20 October in Shanghai China’s Ministry of Land and Resources Strategic Research Center deputy head Zhang Dawei said, “The government places high emphasis on developing shale gas and has been actively studying supporting policies,” adding that a national shale gas plan will shortly be announced and more than 10 shale natural gas blocks are to be offered to Chinese state and private companies a the second round of auctions.

Environment

Agriculture Needs Massive Investment To Avoid Hunger, Scientists Warn (jdargis)

Agriculture has been neglected in international climate change negotiations, but if governments persist in ignoring the problem then millions are likely to go hungry, according to a new report published on Wednesday morning, before the next round of negotiations in South Africa later this month.

Protesters Disrupt German Nuclear Waste Shipment (jdargis)

Last Wednesday, November 23, a train carrying 11 tubular containers of highly radioactive nuclear waste departed Normandy, France. The nuclear waste, which originated in German reactors years ago and was processed for storage by a French firm, is now bound for a temporary storage facility in a former salt mine near Gorleben, Germany. The 750-mile trip has taken far longer than anticipated, due to thousands of protesters causing disruptions along the way. Staging sit-ins, chaining themselves to the rails, and even sabotaging the railway, demonstrators are denouncing the transportation of dangerous material through populated areas.

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9 Comments

saxplayer00o1's picture
saxplayer00o1
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Posts: 4065
Italy sells bonds, yields jump to euro-era highs

 

"Italy saw borrowing costs rise sharply as it sold a total of 7.5 billion euros ($10 billion) of a new three-year benchmark and other government bonds Tuesday. The Treasury sold 3.5 billion euros of three-year bonds, producing a euro-era record-high yield for a three-year of 7.89%, Reuters reported, up from 4.93% in a sale of three-year paper in October. A sale of September 2020 bonds saw the yield set at 7.28%, reports said, while a sale of March 2022 bonds produced a yield of 7.56%. Italian bond yields had risen sharply in the secondary market ahead of the sale. The 10-year yield remains up 24 basis points at 7.31%. Yields rise as prices fall. "

Other headlines:

 

  1. Citi Says Euro Crisis to Escalate; Cuts Global Forecast
  2. UK Economic Forecast Downgraded
  3. Greece to Drop Euro in Two Years, 60% of Hedge-Fund Managers Say
  4. Poland appeals to Germany to save Europe
  5. King Says U.K. Must Have Contingency Plan as Euro Risks Rise
  6. Spain's jobless rate may rise to 23%
  7. Japan Economy to Face Severe Situation for Time Being
  8. Fitch Cuts U.S. Outlook to 'Negative'
  9. B.C. deficit expected to hit $3.1 billion this year
  10. Belgian Borrowing Costs for Six-Month Bills Rise to 3-Year High
  11. Hungary May Raise Interest Rates to Stem Forint Slide on Junk Debt Grade
  12. Osborne’s Deficit Targets at Risk as U.K. Economy Stagnates
  13. Bank Credit-Default Swaps Little Changed After Rising to Record
  14. S&P may cut France rating outlook: paper
  15. Home prices ease to 2003 levels
  16. Insight: In euro zone crisis, companies plan for the unthinkable
  17. Nouriel Roubini: Italy's Debt Must Be Restructured

 

News headline Marketwatch: "Yellen: Policy guidance or QE3 are possible tools"

rjs's picture
rjs
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Poet's picture
Poet
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Posts: 1891
Sandwich Generation Comments...

If you happen to have a Facebook account, log on and visit the following link. A lot of people are commenting on NPR's post about the sandwich generation. People having to care (physically and financially) for one's kids and ailing parents or grandparents. Over 500 comments so far. Some are just heartbreaking.

http://www.facebook.com/NPR/posts/10150495525116756

Now think about how family will survive the coming 20 years...

Poet

goes211's picture
goes211
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Anyone see a pattern?

In 1964 we started the "War on Poverty" which has cost billions and now we have more children living in poverty than we did before the war started.  In 1971 we started the "War on Drugs" and now after spending billions, much harder drugs available that are vastly more profitable and we have the largest prison population in the civilized world.  In 2001 we started the "War on Terror" and after a trillion+ dollars, they say we have more terrorist than ever before and we need to give up more civil liberties to say safe.

I say "TO HELL WITH WAR AND ALL THOSE THAT SUPPORT THEM!!!"

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
you've got me......
goes211 wrote:

In 1964 we started the "War on Poverty" which has cost billions and now we have more children living in poverty than we did before the war started.  In 1971 we started the "War on Drugs" and now after spending billions, much harder drugs available that are vastly more profitable and we have the largest prison population in the civilized world.  In 2001 we started the "War on Terror" and after a trillion+ dollars, they say we have more terrorist than ever before and we need to give up more civil liberties to say safe.

I say "TO HELL WITH WAR AND ALL THOSE THAT SUPPORT THEM!!!"

you've got me......  I always knew they were a huge of time money and energy.  It's just a way for governments to make popuation thing they're on the ball...

Mike

Damnthematrix's picture
Damnthematrix
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Venezuela brings home gold reserves

It finally happened.

http://www.aljazeera.com/news/americas/2011/11/20111126744164125.html

Venezuela brings home gold reserves

 

Cheering crowds line streets as first batch of bullion, previously held in UK, is deposited in central bank in Caracas.
 
26 Nov 2011 08:28
 
 

A shipment of gold has been deposited in Venezuela's central bank in Caracas after President Hugo Chavez ordered the repatriation of most of the country's bullion reserves from overseas banks.

Cheering crowds lined the streets on Friday as the shipment was escorted by armoured trucks to the bank from the Venezuelan capital's Maiquetia airport, beginning a process that will eventually see up to 160 tonnes of gold, worth more than $11bn, brought home.

Chavez ordered the repatriation of 85 per cent of the country's bullion, which has mostly been held in European and US banks, saying the move would protect Venezuela's reserves from global economic turbulence.

Arthur Robey's picture
Arthur Robey
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Surprise.

We need to spend more on Agriculture?

Please read the "Limits to Growth." It predicts that in order to stave off starvation, capital will have to move from Industry to agriculture.

And here we are. Surprise surprise.

ao's picture
ao
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Posts: 2220
Poet wrote: If you happen to
Poet wrote:

If you happen to have a Facebook account, log on and visit the following link. A lot of people are commenting on NPR's post about the sandwich generation. People having to care (physically and financially) for one's kids and ailing parents or grandparents. Over 500 comments so far. Some are just heartbreaking.

http://www.facebook.com/NPR/posts/10150495525116756

Now think about how family will survive the coming 20 years...

Poet

That's exactly the intention of TPTB ... to weaken and destroy families ... and so far, their strategy is working. 

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Well...

Well... It hasn't helped that cheap oil, cheap credit, and Madison Avenue has made people think they can afford to spread out geographically far away from families and support networks... while declining purchasing power in part led to women leaving the household and joining the work force.

It wasn't that long ago that most people lived in extended family households close to their other family members... Children weren't in day care because mother or a grandmother or an aunt took care of them... And grandparents were cared for in-home, but due to lack of expensive medical advances, they died earlier and weren't as lingering a financial/medical burden.

Poet

ao wrote:
Poet wrote:

If you happen to have a Facebook account, log on and visit the following link. A lot of people are commenting on NPR's post about the sandwich generation. People having to care (physically and financially) for one's kids and ailing parents or grandparents. Over 500 comments so far. Some are just heartbreaking.

http://www.facebook.com/NPR/posts/10150495525116756

Now think about how family will survive the coming 20 years...

Poet

That's exactly the intention of TPTB ... to weaken and destroy families ... and so far, their strategy is working. 

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