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    Daily Digest 7/21 – Greece Reopens Banks, CA Farmers Turn To Water Witches

    by DailyDigest

    Tuesday, July 21, 2015, 2:04 PM

Economy

Finland Shows Why Many Europeans Think Americans Are Wrong About the Euro (jdargis)

Because Finland has used the euro since its inception, the value of its currency cannot adjust in ways that would cushion the overall Finnish economy from those shocks. If Finland still had its old currency, the markka, it would have fallen in value on international markets. Suddenly other Finnish industries would have had a huge cost advantage over, say, German competitors, and they would have grown and created the jobs to help make up for those lost because of Nokia and the paper industry and Russian trade.

Greece reopens banks, starts repaying some debts (jdargis)

Limits on withdrawals will remain, however — at 420 euros (£292.3) per week instead of 60 euros per day previously — and payments and wire transfers abroad will still not be possible, a situation German Chancellor Angela Merkel said on Sunday was “not a normal life” and warranted swift negotiations on a new bailout, expected to be worth up to 86 billion euros (£59.8 billion).

“Capital controls and restrictions on withdrawals will remain in place but we are entering a new stage which we all hope will be one of normality,” said Louka Katseli, head of the Greek bank association.

‘Illegal Activity’ Fine Print Leaves Some Insured, but Uncovered (jdargis)

There are no firm numbers on how often insurers deny medical coverage based on allegations of illegal activity. But cases like Mr. Bird’s “are more common than people think,” said Crystal Patterson, an attorney in Minneapolis and chairwoman of the American Bar Association’s committee on fiduciary litigation.

VA manager indicted on 50 counts of falsifying records of veterans waiting for medical care (jdargis)

Henderson appeared in U.S. District Court on Friday and was released on bond. If convicted, he faces a maximum sentence of five years in prison and a $250,000 fine. His attorney,Keith B. Johnson of Augusta, told The Augusta Chronicle that his client “was following the directive of his supervisors, and that will come out in court documents.”

As Beijing Becomes a Supercity, the Rapid Growth Brings Pains (LesPhelps)

“There’s not much I can contribute to the family anymore,” Mr. Liu, 62, said as his son waved goodbye from a bus window. “He is exhausted every day, so if I can help him get a bit more rest, I’ll do it.”

Tired of Waiting for Feds, California Bill Addresses Illegal Farmworkers Issue (jdargis)

Many California farmers support this bill. “We have a large population of people who came here to work, not to be any kind of a security threat to anybody,” said Bryan Little, director of employment policy at the California Farm Bureau Association (CFBA), “And they came to work in an industry that needs them badly.”

Four years ago, Utah passed a program similar to what Alejo proposed. It’s starting date was pushed back twice, and it has yet to be implemented.

A New Oil Spill Disaster Waiting To Happen In The Gulf

For example, the number of wells that have been placed under temporary seal for more than one year has grown by 25 percent since 2010, jumping from 2,855 to 3,576. In fact, those wells that have been sitting with temporary seals for longer than one year actually make up more than 86 percent of all temporarily sealed wells.

Worse yet, there are a handful of wells that have been under temporary seal since the 1950s, and at least 17 since the 1970s.

Amid epic drought, California farmers turn to water witches (Jason B.)

A few feet away stood the Wollenmans — Guy, his brother Jody and their cousin Tommy — third-generation citrus farmers whose family maintains some of the oldest orange groves in the region. Like so many Central Valley farmers, their legacy is in danger — put at risk by California’s worst drought in decades. The lack of rain and snow runoff from the nearby Sierra Nevada has caused many of their wells to go dry. To save their hundreds of acres of trees, they’ll need to find new, deeper sources of water — and that’s where Tassey comes in.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/20/15

Provided daily by the Peak Prosperity Gold & Silver Group

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