Daily Digest

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Daily Digest 3/2 - 'Catastrophic' Federal Cuts Loom, Experts Talk About Hottest Summer On Record

Saturday, March 2, 2013, 11:51 AM


Reaching Debt Limits (Mike K.)

The situation is fairly different if the economy is contracting. It is hard to find sufficient money for repaying the debt itself, not to mention the additional interest. Layoffs and business closings make repaying loans much more difficult.

Spending Cuts Imposed; U.S. Starts to Trim Its Budget (jdargis)

The process of trimming government budgets is slow and cumbersome, involving lengthy notifications to unions about temporary furloughs, reductions in overtime pay and cuts in grant financing to state and local programs. Less federal money will, over time, mean fewer government contracts with private companies. Reduced overtime for airport security checkpoint officers will make lines longer, eventually.

'Catastrophic Cut' In Federal Spending (Image) (Phil H.)

Questions Emerge About the Mold That Hurricane Sandy Left Behind (jdargis)

The threat of widespread infestation has provoked a mix of specific health concerns and more abstract feelings that the forward momentum of recovery is being undermined, one patch of fungus at a time.

Florida Man Lost In Sinkhole (jdargis)

The hole had grown to 20 feet deep and 30 feet wide on Friday night and was still expanding, threatening to consume the entire house, which has been condemned.

'I am one of the Fukushima fifty': One of the men who risked their lives to prevent a catastrophe shares his story (Thomas C.)

A report this week by the World Health Organisation says female infants affected by the worst of the fallout have a 70 per cent higher risk of developing thyroid cancer over their lifetimes, but concluded that overall risks for the rest of the population are “low”. Over 160,000 people have been displaced from their homes near the plant, perhaps permanently, and are fighting for proper compensation. Stress, divorce and suicides and plague the evacuees.

The hottest summer on record: Experts react (Arthur Robey)

"The Bureau of Meteorology is the premier organisation in Australia for collecting and analysing observations around weather and climate," said Professor Andy Pitman, co-director of the Climate Change Research Centre at University of New South Wales. "And their systematic analysis of those data demonstrate a remarkable set of records around temperature extremes which the climate science community recognises is entirely consistent with global warming," Professor Pitman said.

Gold & Silver

Click to read the Gold & Silver Digest: 3/1/13

Provided daily by the Peak Prosperity Gold & Silver Group

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Heinberg article

This article captures the sense of our future and the way forward that I originally got from Chris.  I think the site has lost some of that perspective, or perhaps Chris is changing his mind about the changes before us.  Regardless, it's worth a read:



The best way forward would be, yes, to continue deficit spending, with the Federal Reserve buying up most new Treasury debt and rebating the interest to the government (as it has been doing with its QE programs) . . . but—crucially—to shift that spending toward supporting a transition to a post-growth economy. Downsize the financial industry with re-regulation and a tax on financial transactions. Organize a massive debt jubilee. Provide incentives for the development of local cooperative enterprises geared toward import substitution. Create make-work programs building low-energy public transit, constructing renewable energy infrastructure, and insulating homes. Train a generation of young ecologically savvy farmers and provide them with the land and tools they’ll need to succeed.

That’s a fantasy future based on a realistic assessment of the present. Its likelihood of realization is small. What we’re likely to get instead is a hard-edged future following inexorably from the economic delusions of the left and right. The political situation in Washington is such that—whether it’s the “sequester” or a compromise work-around—substantial near-term deficit reduction is more or less inevitable. As a result, America will be thrust back into an economic situation reminiscent of early 2009.

I still think that transitioning to a no growth or very low growth economy is essential.


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