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Daily Digest 9/16 - Anti-Austerity Rallies In Spain And Portugal, Race Against Time Shipping Gas To Asia

Sunday, September 16, 2012, 4:39 PM


Scott Burns: Will the real federal deficit please stand up? (Phil H.)

The gap depends on the actuarial method used, but filling it would require a deposit, today, of $33.8 trillion to $46.3 trillion. Whichever actuarial method you use, the increase from 2010 to 2011 was more than $3 trillion. In other words, government liabilities that are never discussed as part of federal debt are rising three times faster than the official $1 trillion deficit.

But wait, there’s more!

Spain and Portugal see big anti-austerity rallies (westcoastjan)

"There is no area of my work which has not been affected by the cuts," a 52-year-old doctor from Valencia, who only named himself as Jorge, was quoted as saying by Reuters.

Stock Markets Giving Mixed Messages (westcoastjan)

The effects of the unrest are spreading across the platinum belt and beyond: Anglo American Platinum has closed mines, Aquarius Platinum halted operations temporarily at one mine following clashes between protesters and police, and Xstrata has had to shut down a chrome plant.

In Prosecutors, Debt Collectors Find a Partner (westcoastjan)

Debt collectors have come under fire for illegally menacing people behind on their bills with threats of jail. What makes this approach unusual is that the ultimatum comes with the imprimatur of law enforcement itself — though it is made before any prosecutor has determined a crime has been committed.

A Lonely Redemption (Thomas C.)

“The complicity on Wall Street is sickness!” Mr. Lewis says. He fixes you with his laser stare. “If you think the big firms are being honest” — his tone slides streetwise — “well, sweetheart, go think something else!”

Shipping gas to Asia a race against time, B.C.’s Clark says (westcoastjan)

Earlier this year, China’s Ministry of Land and Resources announced its assessment of the country’s shale gas reserves, which it estimated at 25.1 trillion cubic metres of recoverable resources – the largest in the world. But while Chinese energy companies are drilling in experimental projects in Sichuan and Guizhou provinces, they still lack the technology to extract the gas cost-effectively. China also faces a critical shortage of water which is required for the hydraulic fracturing, or fracking, required to recover the gas.

Multibillion-dollar iron mine approved for Baffin Island (westcoastjan)

A wide range of concerns on the project were raised during the final public hearings this summer. They included the mine's potential impact on the North Baffin caribou herd and on archeological sites, the possibility of oil spills in the shipping lane and disruptions to marine wildlife, the availability of training and jobs for Inuit, and the possible social problems that could result from an influx of money into nearby communities.

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James Grant Fed's New Policy Moves (Sept 2012) (partial clip)

James Grant Fed's New Policy Moves (Sept 2012) (partial clip)


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