Daily Digest

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Daily Digest 10/25 - Asian Economies Turn To Yuan, U.S. Could Become Top Oil Producer

Thursday, October 25, 2012, 9:57 AM

Economy

Currency Wars Part II (adam)

And I am also aware of the already written and vetted proposals for a 'single world currency' with independent local governments, an arrangement which is even more fallacious and ill founded than the euro. Yes I know that there could be a series of agreements that could kick this down the road five or ten years. But something has got to give. The charade is getting a bit thin but the deception must go on.

Asian economies turn to yuan (aekwoll)

According to the latest report by the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, renminbi-denominated trade accounted for 10 percent of China's total foreign trade in July. The figure was zero just two years ago.

Gold Price During Stage Three – Up Down Up Down Up (Taki T.)

On September 27, the cartel acted against gold by sharply lowering one-month gold lease rates, incentivizing bullion banks to borrow then sell gold on the open market; increasing the supply and thereby driving down the price of gold.

‘Black day’ for Belgium as Ford closes factory, putting 4,300 out of work (westcoastjan)

A Ford car body burns after it was set on fire by workers during a protest at the Ford assembly plant in Genk October 25, 2012. Ford Motor Co announced to unions on Wednesday that it will close the factory employing 4,300 workers in the Belgian town of Genk, as it tries to stem losses in Europe and match capacity to tumbling demand.

The Concerns That Spooked Markets On Black Monday Are Comical Compared To The Horrors Of Today (westcoastjan)

While there were technical reasons that allowed the snowball to gather so much mass, it was major economic problems that started it rolling. Those issues remain to this day, but have grown much, much larger. But while they terrified the market 25 years ago, they don't rate a second look today. Whether investors have gotten wise, or merely oblivious, is the question we should be asking.

Boeing Now Has A Missile That Destroys Only Electronics And Leaves All Else Intact (westcoastjan)

Coleman spoke from a Boeing video (below) that shows the results of the test, inside the computer filled building. Flying over the largest testing range in the country, CHAMPS took out seven different targets before self-destructing over empty desert.

Eurozone business activity hits fresh low (westcoastjan)

Separately, a survey by the UK's CBI business group found that manufacturing orders in the three months to October fell in the UK, while output from the sector was flat. The balance between those companies that saw output rise and those that saw it fall hit its lowest level in three years.

However, manufacturers said they expected a modest recovery in output in the next three months.

DYLAN GRICE: Greek Austerity Is Reopening Deep Social Wounds And Could Lead To Civil War (westcoastjan)

Thus Nobel Prize winning clever clogs Paul Krugman says austerity is “fundamentally mad” and all reasonable people agree with his diagnosis, it seems. Spain looks set to finally benefit from the ECB’s printing press with only token conditionality. And poor Greece, close to being cut loose earlier in the year, is once more nestling in the warm bosom of the Teutonic embrace …... well ...… it’s being given more time, at least, to pretend it is able to repay the unrepayable ...

Murder, Rape, Robbery and Assault Skyrocket In Bankrupt Stockton, California (Thomas C.)

This is what happens when a city, county, state or federal government can no longer pay its bills and is forced to lay off workers. In the case of Stockton, the city has cut tens of millions of dollars from their budget, mostly targeting law enforcement and other essential services.

The Island Where People Forget To Die (VeganD)

For a decade, with support from the National Geographic Society, I’ve been organizing a study of the places where people live longest. The project grew out of studies by my partners, Dr. Gianni Pes of the University of Sassari in Italy and Dr. Michel Poulain, a Belgian demographer. In 2000, they identified a region of Sardinia’s Nuoro province as the place with the highest concentration of male centenarians in the world. As they zeroed in on a cluster of villages high in Nuoro’s mountains, they drew a boundary in blue ink on a map and began referring to the area inside as the “blue zone.” Starting in 2002, we identified three other populations around the world where people live measurably longer lives than everyone else. The world’s longest-lived women are found on the island of Okinawa.

Classified Report: Germany Withdrew 1000 Tons Of Gold From London In 2000-01 (Arthur Robey)

Finally, the $1 Trillion question- how much longer until the Bundesbank requests the repatriation of its remaining 2200 tons of gold supposedly held at the NY Federal Reserve, and in doing so takes down the entire global banking system?

The rumble in the monetary jungle, with Karl Denninger and Mike Norman! (Arthur Robey)

The Federal Open Market Committee announced nothing new in a statement following its two-day meeting: The Federal Reserve will maintain QE3, and it will keep interest rates at record lows until at least mid-2015. We ask guests Mike Norman and Karl Denninger if the Fed is trying to inflate its way out of debt without addressing the US’ fiscal imbalances.

Gold: The new asset class for the confused (westcoastjan)

As a director of a gold company, I am fascinated with the shiny stuff. It’s a barometer of fear and a replacement for paper currencies. Its price moves up or down on bad news and good news and drives the value of gold stocks, but only to a certain extent. And in a tumultuous world of financial, stock market and sovereign meltdowns, gold has been a rising star. Investors have branched out from real estate, equities, bonds and art into gold. I call it the new asset class for the confused.

Couriers carrying millions in gold bullion to Iran in their luggage to beat Western sanctions (westcoastjan)

The sums involved are enormous. Official Turkish trade data suggests nearly $2-billion worth of gold was sent to Dubai on behalf of Iranian buyers in August. The shipments help Tehran manage its finances in the face of Western financial sanctions.

Thailand's Giant Pile Of Rice Threatens To Flood Global Markets (westcoastjan)

"We are already losing our market share in the world to our competitors, especially the newcomers like Cambodia and Myanmar which are producing more and more rice for export," he told AFP.

US may soon become world's top oil producer (Dana T.)

The increase in production hasn't translated to cheaper gasoline at the pump, and prices are expected to stay relatively high for the next few years because of growing demand for oil in developing nations and political instability in the Middle East and North Africa.

Activists Spend 28 Hours at Swedish Nuclear Plants Undetected (guardia)

In an effort to expose nuclear plant security flaws, 70 Greenpeace activists descended on two nuclear plants in Sweden and broke in. The state-owned plant operator Vattenfall says security measures worked as they were intended and all were detained. But, oops, six people managed to spend 28 hours inside the plants, just hanging out on the roof until they called the media and exposed themselves.

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saxplayer00o1
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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