Daily Digest

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Daily Digest 7/26 - The Syria Endgame, We Are Closer To A Food Crisis Than Many Think

Thursday, July 26, 2012, 10:41 AM

Economy

INET Council on the Euro Zone Crisis Offers Pragmatic Solutions in New Report (cmurray)

Importantly, this approach does not include “a permanent mechanism for common euro zone debt issuance and a mechanism for countercyclical fiscal transfers,” because the Council saw these as unnecessary measures for resolving the present crisis. Instead, they suggest a “minimal institutional framework to ensure the currency union functions as originally intended.

Subprime Rally Building As Dealers Sop Up Supply: Credit Markets (Michael W.)

Investors faced with benchmark interest rates at record lows are seeking mortgage securities after a 35 percent decline in home prices from the peak in 2006. Wall Street banks are also adding to inventories after regulatory changes in June. As Citigroup Inc. warns prices may drop if dealers can’t place the holdings, daily trading volumes surged almost 40 percent last week, reaching the highest this year by one measure.

Economy: The U.S. Retail Collapse Accelerates (David B.)

The debt-laden, fraud-saturated paper Ponzi-schemes of Western bankers are now all about to implode in a deflationary (debt-default) collapse – most notably all their fraud-bonds. Simultaneously, the rabidly excessive money-printing of these reckless gamblers is causing (and will cause) the prices for hard assets (i.e. assets which actually have value) to spiral upward, with the most likely final destination being hyperinflation.

Record flow tests Three Gorges Dam (Alan W.)

State media said floodwaters were running through the Three Gorges Dam at 70,000 cubic metres per second, the volume of 28 Olympic-sized swimming pools, in the afternoon.

The inflow was expected to reach 71,300 cubic metres per second around 8pm before slowing after midnight.

That is slightly higher than a previous peak of 70,000 cubic metres per second in the summer of 2010, and much higher than levels in 1998, when floods killed more than 3,000 people while the project was under construction.

The dam is reducing the rains' impact on communities downstream by storing about 26,000 cubic metres of floodwater every second, according to Xinhua.

Iraq Oil Showdown And The Syria Endgame (OPA)

Earlier this year, Baghdad held a failed auction of some of its exploration blocks and failed to attract any oil-major bids. Among the concerns during the auction was a clause that banned anyone bidding on exploration blocks to do business separately with the KRG. Chevron held out for the KRG instead. Now, the Iraqi central government is banning Chevron from cutting any oil deals with the Iraqi national oil ministry. But Chevron was prepared for this move in advance, and its usefulness as a deterrent is weak.

The World Is Closer To A Food Crisis Than Most People Realise (Nervous Nelly)

The United States is the leading producer and exporter of corn, the world's feedgrain. At home, corn accounts for four-fifths of the US grain harvest. Internationally, the US corn crop exceeds China's rice and wheat harvests combined. Among the big three grains – corn, wheat, and rice – corn is now the leader, with production well above that of wheat and nearly double that of rice.

Amid energy shortages, a record first-half trade deficit for Japan (rhare)

Japanese Prime Minister Yoshihiko Noda has lobbied for months about the need to resume the use of nuclear power, which once supplied a third of Japan’s energy. For now, though, only two of the nation’s 50 atomic reactors are online. Many regions face energy-saving targets, handcuffing manufacturers.

Record Greenland Ice Melt Happened in Days (dons)

The images, snapped by three satellites, showed that about 40 percent of the ice sheet had thawed at or near the surface on July 8; just days later, on July 12, images showed a dramatic increase in melting with thawing across 97 percent of the ice sheet surface.

"This was so extraordinary that at first I questioned the result: was this real or was it due to a data error?" said Son Nghiem of NASA's Jet Propulsion Laboratory in Pasadena, Calif., referring to the July 12 images taken by the Indian Space Research Organisation's (ISRO) Oceansat-2 satellite.

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saxplayer00o1
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Online)
Joined: Jul 30 2009
Posts: 4169

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