Daily Digest

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Daily Digest 1/14 - Canadian Banking System Exposed, Coins Against Crazies

Monday, January 14, 2013, 10:54 AM

Economy

Breaking News: OMFIF Report Advocates the Official Remonetization of Gold (Nate)

I believe this is of great historical significance. The economic and financial market implications are substantial. The global 'savers', that is, the countries that export more than they import, are finally forcing the world back onto a more stable monetary foundation that will make it far harder to print money to paper over fundamental economic problems and 'kick the can'. Yes, this implies that profligate governments will find it more difficult to finance deficits in future.

Canadian Banking System Exposed (Nervous Nelly)

Although conventional wisdom tells us that the US banks received a bank bailout and the Canadian ones did not, Canadian banks did in fact receive a bank bailout. If Canadian banks are as strong as the media portrays them to be, then why did they need to be rescued in 2008? And why did they get rescued by the combination of the US FED, Bank of Canada and the CMHC in that and the following year? The exact details of these bailouts are not even accessible to the public, even though, quite ironically, Canadians paid for it through their taxes.

Gerard Depardieu emerges as poster boy for ‘global citizenship’ (westcoastjan)

On Jan. 5, he flew to Sochi to get his new passport over dinner from Putin, failed to appear in a French court to face drunk driving charges, then flew off to plan a film he will star in as the notorious Dominique Strauss-Kahn of hotel maid infamy.

The Depardieu saga is not simply the most entertaining thus far this year, it’s also one of the most significant.

Coins Against Crazies (Nervous Nelly)

Where does the debt ceiling fit into all this? Actually, it doesn’t. Since Congress already determines revenue and spending, and hence the amount the Treasury needs to borrow, we shouldn’t need another vote empowering that borrowing. But for historical reasons any increase in federal debt must be approved by yet another vote. And now Republicans in the House are threatening to deny that approval unless President Obama makes major policy concessions.

Treasury, Fed kill idea of $1 trillion platinum coins to avert debt crisis (Dana T.)

"Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit," said Treasury spokesman Anthony Coley in a statement.

The Fiscal Cliff: Driving Miss Crazy (Arthur Robey)

Let's say, You come home from work and find there has been a sewer backup in your neighborhood, and your home has sewage all the way up to your ceilings.

What do you think you should do? Raise the ceilings, or remove the crap?

What's in store for Philly's 2013 finances (Thomas C.)

Sam Katz, chairman of the city's state-appointed fiscal overseer, the Pennsylvania Intergovernmental Cooperation Authority, long has questioned the city's assumption that labor costs would not go up in the next five years.

"All these years without having a contract does not represent sound financial planning," Katz said last week.

End of the Road: How Money Became Worthless (Nervous Nelly)

Wall Street is being occupied. Europe is collapsing in on itself. Around the world, people are consumed by fear and anger, and one question is on everyone’s lips: Is the financial crisis over, or are we headed towards economic disaster? End of the Road is a documentary that chronicles the global financial collapse. Told in an entertaining and easy to follow style, the film tells the story of how the world came to be in such a state, from the seeds sown after WW2, to the current troubles facing us today, and to the possible future that may await us all.

How Boeing’s non-lethal CHAMP missiles could mark ‘a new era in modern-day warfare’ (westcoastjan)

“Today we made science fiction science fact,” he said. “This technology marks a new era in modern-day warfare.” Norman Friedman, a defence analyst and former deputy director of National Security Studies at the Hudson Institute, said, “It’s a very attractive idea. It’s a non-lethal weapon that could be extremely effective.”

Despite Sanctions, Iran's Economy Limps Along (James S.)

Even plucky Australia has gotten into the act, with Australian Foreign Minister Bob Carr announcing on 10 January that Canberra’s new sanctions targeted Iran’s financial, trade, energy, and transport sectors, telling reporters, "These sanctions further increase pressure on Iran to comply with its nuclear nonproliferation obligations and with UN Security Council resolutions and to engage in serious negotiations on its nuclear program."

Beijing air pollution soars to hazard level (westcoastjan)

Air is unhealthy above 100 microgrammes. At 300, all children and elderly people should remain indoors.

Official Beijing city readings on Saturday suggested pollution levels over 400. An unofficial reading from a monitor at the US embassy recorded 800.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

9 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Greeks Raid Forests in Search of Wood to Heat Homes

Greeks Raid Forests in Search of Wood to Heat Homes (Story was posted at zerohedge, but be sure to read the Wall Street Journal story).

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Something Smelly.

I read what Paul Krugman has said about the 1T coin. (He said that it was a jolly good idea. And no worries mate, it is not inflationary to print money)

This little video shows just why Krugman is soiling himself. Highly recommended.

 

On second thoughts the video is way too optimistic. Not a word about the other E's or the output from the Limits to Growth models.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Where the Rubber meets the road.

 

Can Congress provoke el Presidente to impose Martial Law?

I am guessing that the armed forces owe their allegiance to the Constitution, not to any man. Do they have the moral fortitude to refuse orders when their officers execute members in front of them? I think not.

If I were el Prez I would take a keen interest in bending the loyalty of the officers at officer training school.

Then again the casualty rate amongst officers was very high at the begining of WW2, until they learned to play nice.

May I have your comment please.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
gwmcvay's picture
gwmcvay
Status: Member (Offline)
Joined: Jun 23 2010
Posts: 1
Support and Defend

Here is what I remember saying:

"I,George William McVay III, do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States and the orders of the officers appointed over me, according to regulations and the Uniform Code of Military Justice. So help me God."

It says that we will both support and defend the Constitution AND obey the orders of the President.

What happens when they are in direct conflict with each other?  It works like this:  We do have the authority and obligation under the Uniform Code of Military Justice to disobey any unlawful orders.  Just as it is our bounden duty to obey the orders of the President and the officers appointed over us, it is also our bounden duty to disobey any orders which are unlawful.  A violation of the Constitution would clearly be unlawful. 

V/r,

Will

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Federal regulators delay money-fund action

"WASHINGTON (MarketWatch) -- The nation's top regulators on Tuesday extended the amount of time they are giving interested groups and firms to comment on a proposal urging the Securities and Exchange Commission to impose new regulations on the $2.7 trillion money-market fund industry. The group, the Financial Stability Oversight Council, extended the comment period of the proposal until Feb. 15, from Jan. 18 at the request of the SEC Chairman Elisse Walter. The money-fund industry, so far, has successfully blocked efforts by the SEC to impose new regulations on the industry. There are signs that the SEC may renew efforts to impose new rules on the industry. The council proposed a recommendation that the SEC consider three options, including one that would have the SEC approve rules that would impose capital restrictions on the funds combined with limitations or fees on redemptions by consumers. The council's proposal also offered the option to have the industry abandon what's known as a stable Net-Asset-Value for money-market funds and permit a floating NAV instead. A third option would require money funds to maintain a capital buffer of 3% to absorb losses that could be reduced if the fund has limited risk. "

Hladini's picture
Hladini
Status: Bronze Member (Offline)
Joined: Dec 28 2011
Posts: 83
End of the Road; How Money Became Worthless

This was a one-two punch for me because the ramifications are so mind boggling it is beyond comprehension.  Central banks lending and selling gold reserves, and at such low prices (of course I've read about it, but did not understand how it was done).  All the big banks interconnected; and then we have Soros trying to sell the idea of a new global currency:  SDR's.  The hits just keep coming.......

I'm sharing this film.

Hladini's picture
Hladini
Status: Bronze Member (Offline)
Joined: Dec 28 2011
Posts: 83
No Kidding, Arthur

The facts of  US monetary policy are incredible, but then transpose the Energy and Resource Crisis' on top of the biggest ponzi scheme in history and we have ourselves a mega bomb of unknown proportions.

 

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