Daily Digest

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Daily Digest 10/19 - The Ultimate Bubble Is Paper Money, Is There Any Hope For Camden?

Friday, October 19, 2012, 11:06 AM

Economy

Izzy Friedman: What Now For the Price of Silver? (Taki T.)

For those who may not be familiar with Izzy, it was a personal challenge from him to me almost 30 years ago that started me on my own silver journey. Back in 1985, Izzy asked me how it was possible for a commodity that was being consumed in greater quantities than was being produced could fail to rise in price, as was dictated by the law of supply and demand. There was no doubt that silver had been in a consumption deficit for decades, depleting world inventories all along, yet the price went nowhere. I could not answer his question, but was determined to do so. It took me a year to discover that the price was artificially depressed by excessive and concentrated short selling on the COMEX.

Is There Any Hope For Camden? (Thomas C.)

Camden's murder rate was high before the record year in 1995, and poverty touched every neighborhood in the city then, too. The public-school system, like many other impoverished districts, struggled, and despite a healthy economy and major developments and attractions along the waterfront, there still weren't enough well-paying jobs in Camden to support a strong middle class.

WATER PAINS: City needs to spend millions to fix aging transmission pipes (Thomas C.)

"This is a national problem, and in every older city in America, particularly in the East and Midwest, we have water mains, many of which were laid in the 19th century," said ex-Gov. Ed Rendell, an advocate for infrastructure repair. "It's inevitable that these breaks will occur and the frequency of the occurrences will only increase."

19 Crazy Things That Only Happen In China (westcoastjan)

Cities with no occupants pop up all over the country.

Cash-strapped Greek soccer team turns to brothel for sponsorship (westcoastjan)

Near-bankrupt Greece is struggling to meet creditors’ relentless demands to slash spending and keep the euro as its currency. As Greece heads toward a sixth year of recession, drastic budget cuts have hammered many ordinary people: Retirees have been left to cover their own medical expenses, children have lost school-bus services, and sports teams have scrambled to find sponsors as businesses close under the burden of emergency taxes.

To Promote The Great European Socialist Revolution, France's Hollande Will Ban Homework (Thomas C.)

Homework favors the wealthy. This is the position that the increasingly imbecilic President of France is taking in proposing a ban on homework as part of a series of educational reforms. As ABC reports, Hollande sees "education as a priority" but work should be done during school hours rather than at home "in order to establish equal opportunities."

The Ultimate Bubble Is Paper Money (Thomas C.)

So, every time an entrepreneur discovers a new way of doing things, he’s now making the spread more narrow. And so, one of the things that I did was I looked at a number – I’m going to say maybe eight or ten or 12 different ways that governments can interfere in markets. So, they can pass a tax on profits, a tax on wages, a tax on capital, they can set a minimum quota, they can set a minimum price, a maximum price and I went through each example and showed through looking at different spreads how whenever the government does something which they always do in the name of helping people, they force the spread wider, which as we already proved means that they are decreasing economic coordination and creating distortion.

BoE's Tucker: Worst may still be ahead for banking (westcoastjan)

Mr Volcker's proposals in the US, known as the Volcker rule, aim to ban banks' proprietary trading - taking speculative risks on the markets with their own rather than clients' money - and limit banks investing in hedge funds or private equity funds. Banks will have until July 2014 to comply with the rule.

US to sell Arctic land leases in November for oil, gas production (VeganD)

A presidential debate earlier this week featured heated exchanges between the two candidates over energy issues, with Obama defending the amount of drilling that has occurred on federal land under his watch.

"The November sale is in line with the President's direction to continue to expand domestic energy production, safely and responsibly," Interior Secretary Ken Salazar said in a statement.

News Release: ASPO-USA Urges Energy Department to Confront Risks of Oil Crisis (Arthur Robey)

The letter goes on to highlight that the United States remains very dependent on imported oil. Competition for oil exports on the global market is rapidly increasing, however, as demand in emerging economies grows and oil-exporting countries increase their domestic consumption. “Since 2005, China and India have consumed an increasing share of a declining volume of oil exports,” noted Jeffrey Brown, ASPO-USA vice-president and an independent geologist who tracks oil export trends. “If we extrapolate current trends, China and India alone would consume 100% of global net oil exports by 2030,” Brown added.

British engineers produce amazing 'petrol from air' technology (ScubaRoo)

The “petrol from air” technology involves taking sodium hydroxide and mixing it with carbon dioxide before "electrolysing" the sodium carbonate that it produces to form pure carbon dioxide.

Hydrogen is then produced by electrolysing water vapour captured with a dehumidifier.

Global Feed Production to Contract in 2013 (Richard B.)

The continued use of feedstocks and materials for biofuels will also cut into feed production next year. The European Union, United States and Brazil will continue to use a large portion of their feed crops for biofuels, and China and Russia are also considering converting feed into biofuels. The renewable fuel standard in the United States, which mandates that gasoline be blended with ethanol, is an ongoing concern to the feed industry.

"It has caused a lot of problems for feed prices in general," Connolly said.

Corn Belt Shifts North With Climate as Kansas Crop Dies (suesullivan)

“These changes are happening faster than plants can adapt, so we will see substantial impacts on global growing patterns,” said Axel Schmidt, a former senior scientist for the International Center for Tropical Agriculture now with Catholic Relief Services.

UK experiences 'weirdest' weather (westcoastjan)

"But if you look back to 2007 when over 55,000 properties were flooded, we were relatively lucky - if lucky is the right word - for the impacts we saw this summer," he said.

"The rainfall patterns affected different areas - and also there were periods of respite between the rain which lessened the impact."

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