Daily Digest

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Daily Digest 9/2 - The Revolt Of The Rich, Ski Lifts Open Power Storage Market, New Orleans After The Storm

Sunday, September 2, 2012, 11:14 AM

Economy

After Fed Action, Then What? (jdargis)

Adam S. Posen, an American economist who served until Friday on the Bank of England’s policy-making committee, urged central banks to consider providing cheap financing for areas of the economy that are starved for credit. The Bank of England has introduced such a program. And the Fed’s purchases of mortgage-backed securities – which would likely be expanded as part of any new program of asset purchases – are similar in spirit. Opponents view efforts like these as a form of fiscal policy, a position Mr. Posen derided as “a prehistoric way of thinking.”

Revolt Of The Rich (jdargis)

Our plutocracy now lives like the British in colonial India: in the place and ruling it, but not of it. If one can afford private security, public safety is of no concern; if one owns a Gulfstream jet, crumbling bridges cause less apprehension—and viable public transportation doesn’t even show up on the radar screen. With private doctors on call and a chartered plane to get to the Mayo Clinic, why worry about Medicare?

Mish On Hyperinflation (Ivo M.)

Mish thinks there is no chance of hyperinflation for the US dollar. Hyperinflation happens when debt is over 80% of GNP and deficit is over 40% of government spending. The US is at or near these numbers, so the danger of hyperinflation is real. What happens is that the more the central bank prints and buys bonds the less other people want to hold them. But the less other people hold bonds, the more the central bank has to buy them so the government has enough money to spend. You get a positive feedback loop or death spiral.

Deplorable, Lousy, Godawful, And Required (jdargis)

You may say to yourself, “The state of American political discourse is positively dreadful.” Or you may think, “Epistemologically, this election has brought America to a new low.” And according to a recent study, things are only going to tumble further down the purple mountain: Congress is more divided now than at any time since Reconstruction. The only politicians who succeed anymore are those who can speak to polarized sides.

Ski Lifts Help Open $25 Billion Market For Storing Power (jdargis)

The $260 billion renewables industry needs storage so power companies can absorb surges from solar and wind farms from Texas to Mongolia. The devices will be key for plans by Germany to shift Europe’s biggest electricity market from atomic energy, said Gil Forer, Ernst & Young LLP’s clean-tech head in New York.

Farmer Wins Raw Milk Victory In Missouri (jdargis)

On July 31, 2012, Armand and Teddi Bechard entered into a settlement agreement with the Missouri State Milk Board over allegations that the Bechards illegally sold raw milk at a parking lot. The consent judgment, signed by Judge Michael J.Cordonnier, enjoins the Bechards from selling milk to “strangers” who have not previously arranged for the sale and purchase of raw milk from the Bechards.

In Louisiana, The Water Gives, And Takes Away (jdargis)

In recent years, Plaquemines Parish has seen nothing but trouble. In 2005, Hurricane Katrina first hit Louisiana outside of Venice, leaving it under 10 feet of water. Mr. Cooper returned shortly afterward, moved his boat onto the bank of the river and quickly left again, as Hurricane Rita was on its way. After Rita he came back again, slept on his boat and went back to shrimping, eventually bringing his family and living here for months off the power grid. Less than three years later, it was Hurricane Gustav’s turn.

New Orleans After The Storm (jdargis)

More than 730,000 residents of Louisiana and Mississippi are without power. There has only been one reported fatality from the storm.

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2 Comments

littlefeatfan's picture
littlefeatfan
Status: Silver Member (Offline)
Joined: Jul 20 2009
Posts: 141
Doing it Ourselves

Great new 12 min animated video on our predicament! http://www.doingitourselves.org/ and excellent resource links page http://www.doingitourselves.org/links

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2833
US companies prepping for Grexit (New York Times)

http://www.msnbc.msn.com/id/48881981/ns/business-us_business/

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