Daily Digest

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Daily Digest 8/31 - The Gold Standard Goes Mainstream, Isaac Prompts Natural Gas Rally

Friday, August 31, 2012, 11:25 AM

Economy

The Age Of Consequences (Guy M.)

As Dmitry Orlov points out with his usual brilliant wit, communities arise organically. Despite the multimillion dollar efforts of countless scientists at Biosphere II, for example, the resulting collection of communities is a pale and pathetic imitation of the naturally occurring ecosystems they are designed to replicate.

Gerald Celente, Jim Willie, Ann Barnhardt and Marc Faber: ‘Get The Hell Out’ (David B.)

“JPM has seen fit to gobble private accounts at both MF Global and PFG-Best, with regulatory blessing as the courts sprinkled fascist holy water,” writes Jim Willie of the Golden Jackass newsletter.

“If you don’t understand what ‘get the hell out’ means, there’s not much I can do for you,” Ann Barnhardt commented, after hearing of the Seventh Circuit of Appeals ruling.

The Gold Standard Goes Mainstream (adam)

What has stayed with me from 1981—I covered the commission as a young editorial writer for this newspaper—is how momentum for a new gold standard faded amid the successes of the supply-side revolution. President Reagan pushed through his tax reductions and Federal Reserve Chairman Paul Volcker maintained tight money. Inflation was defeated. The value of the dollar, which had sunk below 1/800th of an ounce of gold during President Carter's last year in office, soared.

Governor Brown Admits the Obvious "We Have Lived Beyond Our Means"; Brown Agrees to Vast Overhaul of the California's Pension System; Unions Howl Over Obvious Truth (adam)

The key sentence from Governor Brown stands out like a beacon of light in an ocean of darkness. In case you missed it, here it is: "This is just one in a series of countermeasures that will be required over the next decade."

Turkey's New Role In Mideast Worries Many (James S.)

Turkey shares a long border with Syria and like its neighbor to its south has large numbers of minority groups, including Alawites and Kurds, both of which play important roles in Syria. The danger of having the conflict extend into Turkey is something that is very present in the minds of Turkish leaders.

Having taken a clear stand in the Syrian conflict in favor of the opposition fighting the regime of President Bashar Assad now places Turkey as one of the many actors in this conflict that is taking on new forms day by day and with no predictable outcome on the horizon.

Reprise: Simon Johnson On the Quiet Coup d'Etat in the Anglo-American Financial System (Denny J.)

I have this feeling in my stomach that I felt in other countries, much poorer countries, countries that were headed into really difficult economic situation. When there's a small group of people who got you into a disaster, and who were still powerful. Disaster even made them more powerful. And you know you need to come in and break that power. And you can't. You're stuck....

The Gold Cycles: Short and Long Term Outlook (Taki T.)

Kudos to gold and its ability to rally after what had been a stretch of fairly average action. The mini breakout by gold has broken the long running series of lower Daily Cycle tops, a positive development that will need to be sustained if we’re to see Gold begin to move higher over time. For now though, Gold has pushed into the extreme overbought areas which most often result in a decent sell-off and retracement into a Cycle Low. Especially as this is the 3rd Daily Cycle, these tend to be volatile and erratic Cycles with significant gains, but with a tendency to give back much of the gains.

Hurricane Isaac Prompts Natural Gas Rally (James S.)

Flooding remains the major concern for natural gas infrastructure in the area, but no long-term damage is expected.

Reuters reports that Isaac, the category 1 hurricane, is expected to move inland at a relatively slow 6 mph.

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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