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Daily Digest 8/25 - Spain Crisis Reignites Old Conflicts, Drought Can Be Seen From Space

Saturday, August 25, 2012, 12:44 PM

Economy

Spain’s Crisis Reignites an Old Social Conflict (westcoastjan)

A strong dose of communalism infuses the thinking of many of the demonstrators. The march’s itinerary this week passed close to Somonte, a government-owned farm that has been occupied by about 20 people since March. With the help of a donated tractor, the demonstrators there have been growing red peppers, tomatoes and eggplant.

Have You Ever Wondered How You Were Going To Make It To The Next Paycheck? (David B.)

The middle class in America is being absolutely shredded. In a recent article I wrote entitled “84 Statistics That Prove That The Decline Of The Middle Class Is Real And That It Is Getting Worse” I detailed this very clearly. But most Americans don’t think about this very much because they are just focused on what is going on in their own little worlds. If they still have their jobs and if their family and friends are still doing okay then they are likely to believe that everything is just fine.

Steve Keen on the Minsky Singularity and the Debt Black Hole's Event Horizon (Arthur Robey)

Plus, UK authorities open a criminal probe into the attempted rigging of LIBOR. Meanwhile, a US bank regulator warns banks are taking increasing risk as a result of ZIRP (zero interest rate policies). Have we reached the event horizon of a Minsky singularity, which is sucking us into a black hole of all consuming debt? Is this the point of no return? There have been many efforts to paper over the debt, but it hasn't gone away. Economist Steve Keen, author of "Debunking Economics: The Naked Emperor Dethroned," will explain. He agrees that ZIRP is resulting in increased risk taking by banks. Yet the bad practices of banks, including the manipulation of markets and profiting from ponzi schemes, are ignored in the economic models of academics who influence policy. Professor and economist Steve Keen will tell us how this is possible.

Cash Moves by HSBC in Inquiry (jdargis)

The money-laundering accusations against HSBC so far are more extensive than the potential violation of United States sanctions that is the focus of the investigations against other foreign banks, including Deutsche Bank and Commerzbank of Germany, BNP Paribas and Crédit Agricole of France and the Royal Bank of Scotland, said the law enforcement authorities, who requested anonymity because the investigations are continuing.

French Leader Hails Greeks’ ‘Painful Efforts' (jdargis)

He used a softer and more conciliatory tone than had Ms. Merkel, who has been a champion of austerity and financial discipline. She leads a coalition that appears to be skeptical about any further loans to Greece, which has already received nearly $200 billion in loans from Europe to try to turn around its fiscal crisis, and must meet stringent new spending and revenue targets to qualify for the next round of aid.

Tropical Storm Isaac Lashes Haiti, Still Crippled by Earthquake (jdargis)

Rain and wind began lashing the southern coast of the island in the early morning before a full-on assault Friday night as the center of the storm passed over the island’s southern peninsula.

2012 Drought Will Hit Your Wallet, But Not for the Reasons You May Think (safewrite)

As American farmers continue to battle one of the worst droughts in modern
U.S. history, food commodity prices are on the rise, which will mean
skyrocketing prices at the grocery store, right?

This Year's Drought Is So Severe, You Can See Its Toll on the Mississippi River From Space (jdargis)

Officials from the Army Corps of Engineers say that the low water levels -- and attending barge traffic jams, closed ports, and closed river sections -- will continue until October. The direct costs are staggering: NASA explains that a loss of just one inch of draft can require a ship to run with 17 tons less cargo. A major drought in 1988, one that set the record for water level at minus 10.7 feet, brought an estimated $1 billion in losses to the barge industry that year.

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1 Comment

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
National Debt now at $51,000 per citizen

National Debt Clock

City considers more bond defaults (Stockton)

 

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