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    Daily Digest 2/24 – Income Inequality In The U.S., Oil Tremors From Middle East Unrest, The Natural Debt Crisis

    by DailyDigest

    Thursday, February 24, 2011, 3:07 PM

  • It’s The Inequality, Stupid
  • A Visual Reminder Of U.S. Social Stratification
  • Interview between GATA’s Chris Powell and James Turk
  • There Is No More Silver Left
  • Why Saudi Arabia can no longer temper oil prices
  • Prepare for a shock from the Middle East
  • All eyes on Bahrain as Gulf tremors frighten oil markets
  • The Natural Debt Crisis: Learning to Live Within Our Planet’s Means
  • 50 Million Environmental Refugees By 2020, Experts Predict

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Economy

It’s The Inequality, Stupid (jdargis)

A huge share of the nation’s economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.

A Visual Reminder Of U.S. Social Stratification (Joe M.)

While many watch the revolutions starting virtually on a daily basis in the “developing world”, few are concerned that these have any chance of occurring in the United States: “our society is far more cohesive and far less stratified” the rebuttal logic goes. Is it?

Interview between GATA’s Chris Powell and James Turk (Claire H.)

James Turk, Director of the GoldMoney Foundation and Founder of GoldMoney, interviews GATA’s Secretary/Treasurer Chris Powell. The 34-minutes interview, recently shot in London, offers deep insights into the workings of the gold market. Chris discloses in detail all of the different actions that GATA is currently taking. The gold price suppression scheme is being explained from A to Z. This video is a must-watch for anyone with a clear interest in gold and free monetary markets.

There Is No More Silver Left (pinecarr)

Eric Sprott made an appearance at Casey Research Gold and Resource Summit where in addition to providing a succinct summary of all his monthly letters from the past year, whose forecasts are all gradually panning out, he spoke about the prospects for gold, and particularly silver. We will leave it to readers to parse through the brief must watch clip, but here is the punchling for those wondering why increasingly more distributors are reporting indefinite lack of physical silver inventory: “There’s $22 billion of silver available in the world, of which the ETFs already own half, and between you guys and us we probably own the other half… Which means there’s nothing left.

Energy

Why Saudi Arabia can no longer temper oil prices (woodman)

These are the kind of prices that one might expect to encounter at the end of an economic cycle, not at the beginning of one. But world oil demand once again grew at lot faster than the oil experts at the International Energy Agency were expecting – almost twice as fast, to be precise.

Prepare for a shock from the Middle East (martinbe)

Global markets paid scant attention to the Egyptian and Tunisian revolutions. Both were seen as lacking systemic economic and financial significance. This is now changing as youth-inspired uprisings spread to other countries in North Africa and the Middle East. While related political and social issues rightly dominate the headlines, this past weekend could also prove a tipping point when it comes to the implications for the global economy; and there is little that western countries can do to offset short-term stagflationary winds.

All eyes on Bahrain as Gulf tremors frighten oil markets (martinbe)

Oil analysts are paying very close attention to fast-moving events in Bahrain, fearing that clashes between the island’s Sunni elite and an aggrieved Shi’ite majority could embroil the two Gulf giants of Iran and Saudi Arabia.

Environment

The Natural Debt Crisis: Learning to Live Within Our Planet’s Means (Jeff B.)

Even the terms we use to describe our two debts are similar, as the language used in finance bleeds over into ecology. Conservationists like to talk about “natural capital” — the stuff provided by the planet that underpins prosperity. Clean air, clean water, soil, forests, fish, biodiversity — this is the natural capital in our balance sheet, and without it there would be no life, let alone business. One study done in the mid-1990s estimated that the total value of such ecosystem services was approximately $33 trillion — considerably more than the global GDP at the time. The business of the planet is the environment.

50 Million Environmental Refugees By 2020, Experts Predict (Johan V.)

What do food shortages have to do with climate change? Warmer winters keep pests alive, allowing them to carry plant diseases in the spring. Greenhouse gases and air pollution affect a plant’s structure, reducing its ability to defend against pests and diseases. Heavy rainfall carries animal waste into human food, spreading even more disease. 2.2 million people die every year in developing countries from food and water-borne diseases.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the “3 Es.”

 

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