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    Daily Digest 4/4 – Barclays Blames Bank Culture; Shut Up, Savers!

    by DailyDigest

    Thursday, April 4, 2013, 2:44 PM


'Shut Up, Savers!' (Thomas C.)

And what if the Fed did raise interest rates? It’s unlikely that savers would be better off in the long run, since the move would slow down the economy as a whole and perhaps even tip us back into recession. … Indeed, the biggest culprit when it comes to low interest rates isn’t the Fed: it’s the weak economy… That’s why interest rates are low across most of the developed world—even in countries where central bankers haven’t been buying up assets the way the Fed has…

Storm drain grates go missing, create safety hazard (Yoxa)

In recent weeks, thieves have stolen storm grates from several communities in the Philadelphia area. In New Garden Township, police are investigating the theft of 16 grates, says interim township manager Spencer Andress. "It's a real safety hazard," he says. "There are three other neighboring communities that have experienced this." Factoring in transportation, installation and labor costs, replacing each grate costs $700-$800, he says.

UN adopts Arms Treaty with support from Obama administration (thatchmo)

"Amnesty International played a leading role in initiating the campaign for this treaty nearly 20 years ago and has fought tirelessly to stop weapons from being sent to countries where we know they are used to commit human rights atrocities,” Januzzi added. “This has been a life-saving struggle that never could have been achieved without the support of millions of human rights activists who stepped forward to demand change. We call on President Obama to be first in line on June 3 when the treaty opens for signature."

Chinese Foreign Fisheries Catch 12 Times More Than Reported, Study Shows (Nervous Nelly)

The paper, recently published in the journal Fish and Fisheries, estimates that China's foreign catch is 12 times larger than the catch it reports to the United Nation's Food and Agriculture Organization, an international agency that keeps track of global fisheries catches.

Are All G20 Bank Depositors Exposed to a Cyprus Style Seizure of Deposits for a 'Bail-in?' (Thomas C.)

"If there is a risk in a bank, our first question should be: ‘Ok, what are you the bank going to do about that? What can you do to recapitalise yourself?’ If the bank can’t do it, then we’ll talk to the shareholders and the bondholders. We’ll ask them to contribute in recapitalising the bank. And if necessary the uninsured deposit holders: ‘What can you do in order to save your own banks?’”

Ottawa’s bank ‘bail-in’ talk spooks investors (westcoastjan)

What did it mean, investors wondered. Bank deposits are liabilities and we all know what happened to deposit holders in Cyprus — their savings are about to become part of one of the world’s most controversial bank rescues.

Michael Sona Charged By Elections Canada In Connection To Robocall Scandal (westcoastjan)

"I cannot help but comment, that if the government was interested in the public being fully informed and the issue of robocalls being properly addressed, a full public inquiry would be called, rather than a charge laid against a single individual who held a junior position on a single campaign and who clearly lacked the resources and access to the data required to make the robocalls," he said.

Man has undeclared $10,000 seized at border after exchange rate pushes him over limit to take from country (westcoastjan)

By the time he was boarding his flight to Costa Rica at Toronto’s Pearson International Airport two days later, however, the value of the U.S. dollar had risen slightly, pushing his tally over the $10,000 mark.

After a currency detector dog uncovered the cash and Canada Border Services Agents checked the Bank of Canada exchange rate that day in 2010, all of it was seized as suspected proceeds of crime.

Barclays' Salz Review blames bank culture (westcoastjan)

"We believe that the business practices for which Barclays has rightly been criticised were shaped predominantly by its cultures, which rested on uncertain foundations. There was no sense of common purpose in a group that had grown and diversified significantly in less than two decades."

Researcher tried to export pathogen to China, RCMP allege (westcoastjan)

He was arrested for breach of trust by a public officer and the unsafe transportation of a human pathogen. He faces several charges under the Export and Import Permits Act, the Transportation of Dangerous Goods Act and the Human Pathogens and Toxins Act.

Massive offshore tax haven account leak includes names of 450 wealthy Canadians (westcoastjan)

Similar lists of account holders from UBS, Credit Suisse and HSBC have also been circulating, providing a treasure trove for cash strapped governments particularly in the United States where authorities estimate the country loses US$100-billion a year due to tax payers hiding money in offshore banks.

Senators get automatic $2,900 pay boost after MP’s vote to increase their own salaries (westcoastjan)

While MPs gave themselves a 1.6 per cent increase, that decision for senators translated into an approximately 2.3 per cent wage increase for everyone in the upper chamber, including Sen. Patrick Brazeau who is on a forced leave of absence. Senate administrative rules allow the upper chamber to reduce a suspended senator’s salary. Brazeau, however, is not suspended, meaning he retains his salary and only has spending limits imposed on his office budget.

David Stockman: "The Great Deformation" (woodman)

David Stockman, the former budget director under President Ronald Reagan, says the economy will not improve until the United States rethinks its habits of borrowing, spending and money printing. His new book, “The Great Deformation: The Corruption of Capitalism in America,” argues that Washington has enabled Wall Street to fuel financial bubbles and alter the markets, all while crushing middle class families.

Cyber Attack Alert (Ivo M.)

For some time I have emphatically stated that there will be a bank hack or cyber attack as the global economy is pushed to the brink of collapse. From top level sources I can confirm to you what you are seeing is an emerging pattern of various beta-tests using Stuxnet like algorithms to affect the banking networks the world over. I can tell you though that the primary target is the US.

Currency Wars: “The Fed is Playing with a Nuclear Reactor” (Thomas C.)

As Rickards sees it, we are well into the third currency war of the past 100 years. President Obama fired the first salvo during his 2010 State of the Union address, when he announced the launch of the National Export Initiative and said the goal was to double exports over the next five years. The easiest way to do that, of course, is to cheapen the US dollar. But that is only part of the explanation, Rickards said.

A Tipping Point In The Financial System (GE Christenson)

So what other disasters could occur? In a word, Cyprus!

Not because the EU and Cyprus took Russian money.
Not because several banks will close.
Not because some deposits will be confiscated and/or frozen.


Rumors of a Cheap-Energy Jobs Boom Remain Just That (jdartgis)

“Even though the U.S. is more competitive globally, manufacturing doesn’t give you the kind of direct job creation it did in years past,” said Joseph G. Carson, director of global economic research at AllianceBernstein, a Wall Street investment firm. “At the end of the day you still want a strong manufacturing base, but there aren’t as many people on the factory floor.”


Food Field Urban Farm in Detroit Heals Land, Sets Sights On Aquaponics and Economic Viability (Wendy S.D.)

Food Field embraces a post-industrial ethic of restoration and sustainability, prioritizing healing of the land through permaculture practices such as intercropping and use of perennial crops and orchards. Food Field utilizes renewable solar power, partially funded by a grant from Good Magazine, and employs a used shipping container, nick-named “The Ark,” as a farmhouse. Food Field also implements hugulkulter, a permaculture method that entails building raised beds from buried, rotting wood. As the wood rots, it retains soil moisture, reduces irrigation requirements, and enriches soil over time while sequestering carbon.

China reports three H7N9 infections, two fatal (Tall)

China's government is investigating the source of infection and mode of transmission, has enhanced surveillance for the disease, and has boosted the ability of labs and healthcare professionals to detect, report, and treat H7N9 infections, the WHO said, adding, "WHO is in contact with the national authorities and is following the event closely."

Gold & Silver

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  • Thu, Apr 04, 2013 - 3:01pm



    Status: Silver Member

    Joined: Jul 18 2008

    Posts: 226

    febrile passengers in Hawaii will be swabbed for h7n9

    "Right now, the state is watching for passengers arriving with flu-like symptoms.
    We explain to them this is to protect our State, they have to agree to it, then I do my swab and we take it from there", said Sheldon.
    The airport medical office can swab ill passengers or even a planeload of people, but they hope they won't have to do that."

    A very good public health measure imho, but the availability of testing for this virus suggests to me that there was awareness of it a while back, it takes time to develop these swab tests apparently.  The pigs allegedly did not have flu, but it is easy to justify a large scale factory farm cull if that was their concern.

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  • Thu, Apr 04, 2013 - 8:45pm



    Status: Silver Member

    Joined: Jul 30 2009

    Posts: 3134

    BOJ to pump $1.4 trillion into economy in unprecedented stimulus


    1. Euro drops as Draghi pledges 'accommodative' ECB
    2. BOJ to pump $1.4 trillion into economy in unprecedented stimulus
    3. Bank of Japan follows the Fed, on steroids (FT)

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