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    Daily Digest 2/9 – Why Bitcoin Won’t Disrupt Digital Transactions, Emerging Market Problems ‘Will Get Worse’

    by DailyDigest

    Sunday, February 9, 2014, 4:52 PM


Crop subsidies kept secret by Congress in new farm bill (Thomas C.)

The multi-billion dollar agricultural insurance and the agribusiness establishment — backed by millions in campaign contributions and lobbying — is firmly behind the federal crop insurance program. In the 2012 election cycle alone, the agricultural services industry contributed nearly $42 million in campaign contributions at the federal and state level according to Influence Explorer and spent more than $62 million on federal lobbying. Top recipients include Obama, with $474,000 and Sen. Debbie Stabenow, D-Mich., chairwoman of the Senate Agricultural Committee, with $169,550. Donations last year to Stabenow, a fierce proponent of the program, include $10,000 from PACs associated with the American Association of Crop Insurers and $5,000 from the Rain & Hail Insurance Society. She has also gotten contributions from Michael McLeod, a lobbyist for the crop insurers trade organization.

Why bitcoin won’t disrupt digital transactions (Chris M.)

A good example might be shares of a company’s stock: such things haven’t existed in physical form for many years, but they’re still highly rivalrous. After all, the entire basis of the stock market would fall apart if I could somehow give you a copy of my stock while holding onto that same stock myself. A large part of the technology underpinning stock exchanges is the way in which they have to ensure that once you sell a share, you no longer own it, and you can’t sell it a second time. That’s also the technology which underpins bitcoin, except bitcoin transactions take many orders of magnitude more time to clear than stock transactions do.

Jim Rogers: The serious problems in emerging markets ‘are going to get worse’ (Herman J.)

Jim Rogers co-founded the Quantum Fund with George Soros in 1973, helping to steer the fund to a 4200% return before “retiring” at age 37. He is considered to be one of the greatest investors of all time. Rogers has made two record-setting journeys – once by motorcycle and once by car – and is in the Guinness Book of World Records for doing so. In between his frequent travels, he has served as a professor at Columbia University, started his own commodity index and is a frequent media commentator worldwide.

Fredericton man builds $300 solar furnace, decreases heating bill (Nervous Nelly, Amanda)

“I think it’s something that everyone should have affixed right to [their] house. I think it should be part of your design,” said Buchanan. “It would be very easy to do. [With a] south-facing house like mine, it’s perfect.

“Just mount it on the side. If you touch the side of the house, even at —20 C, it’s still hot. We should be gathering that heat and driving it inside as quickly as possible.”

Five dead, over 600 injured as heavy snow hits Japan (guardia)

The heaviest snow in two decades has struck Tokyo and other areas across Japan, leaving five dead and over 600 others injured. More than 740 flights were grounded as the weather agency issued a severe storm for the capital, while more than 40,000 households lost power. Up to 27 centimetres of snow has been recorded in Tokyo, making it the heaviest snowfall there since February 1994, according to the Japan Meteorological Agency.

Snowden Used Low-Cost Tool to Best N.S.A. (jdargis)

Mr. Snowden had broad access to the N.S.A.’s complete files because he was working as a technology contractor for the agency in Hawaii, helping to manage the agency’s computer systems in an outpost that focuses on China and North Korea. A web crawler, also called a spider, automatically moves from website to website, following links embedded in each document, and can be programmed to copy everything in its path.

Abundance of Snow, Headache to Many, Is a Boon for Hundreds Without Jobs (jdargis)

The overabundance of snow that has shuttered schools, snarled mass transit and drained salt supplies has also turned into an unexpected boon for many of the city’s poor and unemployed. On Thursday, the Sanitation Department hired 518 snow laborers for the day, including 230 laborers in just the Bronx, which has an unemployment rate of 10.6 percent, the highest in the city. It was the 10th day this year the department had called out the laborers.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/7/14

Provided daily by the Peak Prosperity Gold & Silver Group

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