Daily Digest

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Daily Digest 10/28 - Fascism By Another Name, The Downward Slide Has Begun

Sunday, October 28, 2012, 12:45 PM

Economy

Terence Corcoran: Fascism by another name (westcoastjan)

Finance Minister Jim Flaherty quickly announced that he personally had no knowledge of the matter. But speculation persists, particularly over attempts by the Bank of Nova Scotia and Manulife Financial to secure greater access to Chinese financial sectors. The Canadian mining industry is also keen on massaging its way into the Chinese market, and if that means using CNOOC’s $15-billion Nexen takeover as a reciprocity play, so much the better. Or so it is said.

8 Psychological Insights That Could Prevent The Next Crisis (westcoastjan)

People want to believe that they're in control of a situation. Even when that's fundamentally not the case, they continue to believe their experience and skills can influence a situation. That's particularly dangerous in finance where huge market forces are at play and large losses are possible.

To fight that bias, people who manage risk need to be reminded that some situations can't be managed, no matter how skilled and prepared people are, and that they should expect the worst.

The Latest Exports Data Is Troubling (westcoastjan)

The importance of this shift in the U.S. from away from being the epicenter of global production and manufacturing to a service and finance based economy should not be overlooked. This transition is responsible for the issues that are impeding economic growth in the U.S. today from structural unemployment, declining wage growth and lower economic prosperity. The four-panel chart below gives you a visualization of this transition showing the year-over-year change in the data, with the exception of the personal savings rate which is linear, prior and post-1980.

RBC Pulled Into LIBOR Probe (westcoastjan)

Earlier this year Barklays Plc agreed to pay around US$450-million to British and U.S. regulators to settle allegations it manipulated Libor, a global benchmark rate that affects the prices of as much as US$500-trillion of securities and loans. As part of the settlement, Barclays acknowledged that some of its executives tried to manipulate Libor.

Digital wallet promises big payday for banks and retailers (westcoastjan)

In May, the Canadian Bankers Association unveiled a set of guidelines for the development of a mobile payments system, laying out how information is to be exchanged among the various parties of a transaction. Several banks, including Canadian Imperial Bank of Commerce and Royal Bank of Canada, are getting set to roll out digital wallet systems for their customers.

The Downward Slide Has Begun... (Arthur Robey)

I believe that, here in Australia, we have entered a long downward cycle. It is directly linked to the economic slowdown in China. What happens in China in the next three months could be key to what happens to your wealth and retirement for all of 2013, and beyond. I'll explain why in just a moment.

If I'm right, many of the investments we've come to rely on for our retirements will be financial disasters. In particular, there are three popular sectors you most likely have money in that I urge you to look at now.

Researchers explore greener options in the oilsands (westcoastjan)

In-situ extraction doesn’t result in large open pits in the ground, nor does it require clear-cutting forests, as conventional oilsands mining does, Mabee says. There are concerns, however, about potential contamination of groundwater from the materials used in in-situ oilsands development and unknown geological consequences.

Marines, police prep for mock zombie invasion (Dana T.)

"No one knows what the zombies will do in our scenario, but quite frankly no one knows what a terrorist will do," Barker said. "If a law enforcement officer sees a zombie and says, 'Freeze, get your hands in the air!' What's the zombie going to do? He's going to moan at you. If someone on PCP or some other psychotic drug is told that, the truth is he's not going to react to you."

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