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    Daily Digest 8/3 – Stocks Plunge As Athens Exchange Opens, Alaskans Clean Up a Legacy of Pollution

    by DailyDigest

    Monday, August 3, 2015, 2:01 PM

Economy

Stocks Plunge in Greece as Athens Exchange Reopens (jdargis)

Greek shares were among the best performing in Europe in 2013 and early 2014, as investors concluded that the country’s economy had hit bottom and stocks in Greek companies were cheap. Wilbur L. Ross Jr., the American billionaire known for risking money on distressed assets, led a group of foreign investors who last year put 1.3 billion euros, or about $1.4 billion, into Eurobank Ergasias, the third-largest bank in Greece.

Baldrey: LNG and Site C aligned for perfect storm (westcoastjan)

The protests against the Kinder Morgan pipeline that occurred earlier this year on Burnaby Mountain will look like a pale imitation of what will happen should the project gain approval and construction actually begins.

Another place to keep an eye on is the proposed LNG facility at the Woodfibre site on Howe Sound. The local population there seems thoroughly divided over whether it should be built, and the chances of opponents simply sitting idly by while construction begins seem remote.

Model shows how surge in wealth inequality may be reversed (Arthur Robey)

“The greatest significance of the work is that we succeeded in quantifying the relative effects of different factors contributing to wealth inequality,” Berman told Phys.org. “The inequality surge is not due to a single factor. Therefore, in order to understand it better, such a quantification is important. I also think that a very interesting finding is how important personal savings are. Though other elements may be equally important in general, the dramatic decrease in personal savings is probably the single most important ingredient contributing to the increase in wealth inequality in the past 30 years.”

Prolonged Drought and Wildfires? Massive CA Fire Jumps 20,000 Acres Overnight; Water Outing Website; 240-Year Drought? (Adam)

A wildfire that has been raging in northern California since last Wednesday jumped 20,000 acres overnight, and has now charred 47,000 acres and is threatening 6,300 homes. Fire officials say the massive blaze, called the Rocky Fire, in the Lower Lake area north of San Francisco is only 5% contained. Already it has destroyed 24 homes and 26 outbuildings.

Obama to Unveil Tougher Environmental Plan With His Legacy in Mind (jdargis)

In its final version, the rule retains the same basic structure as the draft proposal: It assigns each state a target for reducing its carbon pollution from power plants, but allows states to create their own custom plans for doing so. States have to submit an initial version of their plans by 2016 and final versions by 2018.

But over all, the final rule is even stronger than earlier drafts and can be seen as an effort by Mr. Obama to stake out an uncompromising position on the issue during his final months in office.

Gold – The More Hate, The More Bullish We Become (Taki T.)

First, there are smart market participants, always. They also see the current sentiment. If the majority of market participants do not want to buy gold, then smart investors will do the opposite at the time selling is exhausted: go long in that market.

Native Alaskans Study and Clean Up a Legacy of Pollution (jdargis)

One of the biggest and most polluted military sites is here on St. Lawrence Island in Alaska’s farthest western reaches close to the former Soviet Union. Here, a 4,800-acre radar station, Northeast Cape, bristled with electrical components containing polychlorinated biphenyls, better known as PCBs, that were later linked to cancer and banned in many countries. Tiny fish living downstream from the site, eaten by birds and larger fish that islanders harvest for food, are loaded with PCBs, scientific tests have found. And PCB levels in residents are multiple times higher than in most other places in the nation, studies show.

Why A Carbon Tax Would Be The Ultimate Energy Game-Changer (Tom K.)

Critics of renewable energy, seemingly blind to the massive subsidies devoted to fossil fuels and nuclear energy, complain that solar and wind energy depend upon subsidies. It is true that they have, in the past; it is also true that subsidies are no longer necessary. Consider these two recent projects tied to power purchase agreements: At the end of 2014, Saudi based ACWA Power bid 5.98 cents per kWh, for a project in Dubai, below the cost of natural gas in the region (which is 9 cents per kWh), without any subsidies, expecting double digit returns. Michael Liebreich, the founder of Bloomberg New Energy Finance says “This is the shot that will be heard around the world.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/31/15

Provided daily by the Peak Prosperity Gold & Silver Group

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