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Daily Digest 6/17 - "American Dream" Now A Myth, Greeks Hoard Cash & Food

Sunday, June 17, 2012, 9:44 AM
  • The "American Dream" Is Now A Myth
  • The Two Worlds of 2012: Will We Have “Inflation” or “Deflation”?
  • Iceland Court Sentences Ex-Byr Savings Executives To Jail
  • Full Text: George Soros on Reflexivity and a Potential Eurozone Breakup
  • The Genius of Mutual Indebtedness
  • Greeks Withdraw Cash, Stock Up on Food
  • Bill Black: Abacus Fraud Prosecution is not a Test Case
  • 30.3%
  • Feeling Peaky
  • U.K.’s Trash Becomes Biofuel Treasure

Economy

The "American Dream" Is Now A Myth (Chris M.)

No one minds inequality as long as one's station in life is a function of one's own decisions and effort.

When inequality becomes the luck of the draw, however, if becomes much more profoundly unfair.

The Two Worlds of 2012: Will We Have “Inflation” or “Deflation”? (David B.)

It is as if the media spends ½ of its time reporting while covering one eye with its hand, and the other half of its reporting is done while covering the other eye. The result is as predictable as it is inevitable: a complete and utter lack of “depth perception”. Thus on the same day we have the following two articles being published in Bloomberg:

Iceland Court Sentences Ex-Byr Savings Executives To Jail (Thomas C.)

“In deciding the punishment” the Supreme Court took account of the fact that the “magnitude of the offences was significant,” according to the ruling posted on the Reykjavik- based court’s website. Jonsson’s action “relieved him from personal guarantees on loans” and Gudjonsson’s “infraction was committed under the auspices of his mandate” as Byr’s chief executive officer, according to the ruling.

Full Text: George Soros on Reflexivity and a Potential Eurozone Breakup (Jan R.)

Scientific method needs an independent criterion, by which the truth or validity of its theories can be judged. Natural phenomena constitute such a criterion; social phenomena do not. That is because natural phenomena consist of facts that unfold independently of any statements that relate to them. The facts then serve as objective evidence by which the validity of scientific theories can be judged. That has enabled natural science to produce amazing results.

The Genius of Mutual Indebtedness (Phil H.)

[video:http://www.youtube.com/watch?feature=player_embedded&v=TN_1mF-3JTI]

Greeks Withdraw Cash, Stock Up on Food (Dagny)

"This is nonsense," one reputable Greek pollster said, on condition of anonymity. "Our polls show the picture has not changed much since the last polls were published. Parties may be leaking these numbers on purpose to boost their standing."

Bill Black: Abacus Fraud Prosecution is not a Test Case (Jaime)

On the Justice Department and Criminal Referrals: The Justice Department cannot bring a significant number of cases without criminal referrals. We have roughly 1,000,000 employees in our criminal jsutice system. Vitually all of them work on blue collar cirme. We have roughly 2,000 FBI white collar specialists for the 1300 industries in the USA. Therefore, we have approximately 2 FBI agents per industry.

Energy

30.3% (Jeff B.)

The fact that coal globally is doing better than it has in decades is likely to come as a surprise to many in the U.S., whether a supposed “war on coal” is being waged by environmentalists and the Obama Administration and where natural gas from shale deposits has been supplanting coal for many utilities. Indeed, coal’s share of U.S. electricity fell to 34% in March, the lowest level since at least January 1973. (In March natural gas provided 30% of U.S. electricity.) But coal’s loss in the U.S. is being more than made up in developing nations like China, where coal consumption grew by nearly 10% last year.

Feeling Peaky> (Rami J.)

As the developed-world economy tries to gain momentum, it faces a persistent headwind. The oil price remains stubbornly over $100 a barrel, acting like a tax on Western consumers. Some blame the high price on evil speculators—Barack Obama unveiled plans to increase penalties for market manipulation on April 17th. But there is a simpler explanation: that supply is inadequate to keep up with rising demand.

U.K.’s Trash Becomes Biofuel Treasure

Efforts to turn waste into energy are increasing around world, and booming in the United Kingdom. Supermarkets especially are investing in biogas technologies, or at least shipping their waste to renewable energy plants, according to a Bloomberg report.

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."

6 Comments

littlefeatfan's picture
littlefeatfan
Status: Silver Member (Offline)
Joined: Jul 20 2009
Posts: 141
More 3E related Links, Resources and Cartoons

catch up on this weeks links http://3es.weebly.com/ glad to see the Daily Digest back up and running! Great new site design!

Mr. Fri's picture
Mr. Fri
Status: Silver Member (Offline)
Joined: Feb 21 2009
Posts: 220
New Site

Glad to see the new site up and running.  Looks great.

I'm sure there were quite a few DD news junkies needing a fix!

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4061
Batten down for a perfect global storm (Nouriel Roubini)

Batten down for a perfect global storm (Nouriel Roubini)

World Bank chief: Spain's 'wasted' bail-out badly handled

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4061
Greece will have to leave EMU (Ambrose Evans- Pritchard)

Greece will have to leave EMU whoever is elected

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4061
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
BS Bernanke.

I had not realised his initials were BS.

Made my day.

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