Daily Digest

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Daily Digest 8/6 - The Credibility Trap, Gold Fizzles Or Gold Fixed?

Monday, August 6, 2012, 11:42 AM


Schneier on Security (Chris M.)

Unfortunately, manufacturers and consumers are deceived and misled into a false sense of security by electronic credentials, codes, and biometrics. We have seen this often, even with high security locks. Our rule: electrons do not open doors; mechanical components do. If you can compromise the mechanisms then all the credentials, encryption, fingerprint readers, and other gizmos and gimmicks mean nothing.

Credibility Trap: CFTC Said to "Drop" Four Year Investigation Into Silver Just Before Promised Release (Thomas C.)

If the CFTC in fact does 'drop' the investigation without presenting findings, one could consider that a slap in the face of the American public which on the whole asked for the investigation to be done in the first place, by the regulators who purportedly are hired and paid to serve their interests.

Tax Breaks - Big Oil Makes Massive Profits whilst the Federal Budget Struggles (James S.)

Profits continued to grow for ExxonMobil and Chevron, while dropping slightly for ConocoPhillips and Shell compared to last year. ExxonMobil saw a 67 percent increase in profits while Chevron enjoyed an 11 percent increase. The New York Times reported that these slightly lower profits compared to the second quarter of 2011 were linked to “international benchmark prices for oil [which] had declined by more than 7 percent in the second quarter, compared to the same period last year when turmoil in North Africa and the Middle East caused a spike in oil prices.

It's A Matter Of Trust - Part One (JimQ)

Our myopic egocentric view of the world keeps most from seeing the truth. Our entire financial system has been corrupted and captured by a small cabal of rich, powerful, and prominent men. It is as it always has been. History is filled with previous episodes of debt fueled manias, initiated by bankers and politicians that led to booms, fraud, panic, and ultimately crashes. The vast swath of Americans has no interest in history, financial matters or anything that requires critical thinking skills. They are focused on the latest tweet from Kim Kardashian about her impending nuptials to Kanye West, the latest rumors about the next American Idol judge or the Twilight cheating scandal.

Physical Gold: antidote against the ongoing global debt crisis (Taki T.)

The written version of the video presentation has been made available on Scribd. It can be easily downloaded or shared via the embed code. The document counts 28 pages and contains detailed insights and charts from the original (unedited) video presentation.

Gold Fizzles, Or Gold Fixed? (Dana T.)

Noting that he is “a firm believer in the view that the feds have a vested interest in keeping the gold price under wraps,” Norcini nevertheless stressed the big decline in open interest (total contracts outstanding) recently: “The gold and silver markets are currently moving lower because the hot-money crowd has currently lost interest in them and is putting its money to work in other markets for the time being as they chase profits. Markets in sideways patterns do not make money for hedge funds.”

Knight Capital Implosion: The Latest Wall Street Alarm Bell That Everyone Will Ignore (Dana T.)

This disaster follows other technology-related screw-ups and controversies, including the NASDAQ seizure during the Facebook (FB) IPO, a massive problem with another electronic trading system, BATS, during its IPO, and the ongoing controversy about the impact and fairness of high-frequency trading, in which hedge funds and other institutions physically locate their computer system close to the stock exchanges to gain a millisecond edge over their competitors.

India's Future in the Dark Following the Latest Blackouts (James S.)

“India’s basic energy shortage is compounded by the policy of selling electricity to consumers at politically correct prices,” the Hindustan Times wrote in an editorial. “The government-owned distribution monopolies in the states have all but lost their ability to buy power because their political bosses force them to sell it cheap, sometimes free, to voters.”

Industrial design students create solar bag that purifies water while person walks (safewrite)

The two say that their Solar Bag can purify two and a half gallons of water in six hours, the same amount of time it typically takes other systems to treat much less water. Unfortunately, the bags aren’t yet being commercially produced; the two are currently looking for a backer. They say that the material costs for one Solar Bag amount to just $5, and possibly less if manufactured in bulk.

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."


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‘Throw the Bums Out’

Roseanne Barr Running For President Under The Peace And Freedom Ticket


Roseanne Barr For President

If you’re still wondering who should receive your vote for President of the United States this year, then your decision-making process is about to get a serious complication. Roseanne Barr, stand-up comedienne and sitcom legend, is still very serious about leading the country for four years. In fact, according to MSN’s Wonderwall, Barr has been nominated by the Peace and Freedom party as their presidential candidate of choice.

Joining the actress in her quest for national domination is anti-war activist and fellow Peace and Freedom party member Cindy Sheehan, who will will serve as her vice presidential running mate. In 2005, Sheehan made some waves when she protested outside of President George W. Bush’s Texas Ranch, an event she followed up in 2008 with an unsuccessful Congressional bid.

“Cindy and I are the ‘Throw the Bums Out’ ticket and the ‘Ballot Access’ ticket. The American people are sick and tired of this ‘lesser evil’ garbage they get fed every election year,” Barr said before the nomination. “Both the Democrats and the Republicans do the same evils once they’re in office.”

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How The Next Shock Will Shatter The Global Economy (08/07/2012)

This was just posted on Business Insider earlier today. Nothing we don't already know before... But more details, from David Korowicz, a physicist and human-systems ecologist. Ignore the hyperbole of "horrifying" - those are not the worlds of the paper's author:

Expert Explains In Horrifying Detail How The Next Shock Will Shatter The Global Economy (August 7, 2012)
"Neither wealth nor geography is a protection. Our evolved co-dependencies mean that we are all in this together."

Original 78-page paper in PDF: "Trade-Off: Financial System Supply-Chain Cross-Contagion: a study in global systemic collapse"


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