Daily Digest

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Daily Digest 5/3 - Bottom 90% Systematically Getting Poorer, Suicide Rates Rise Sharply in U.S.

Friday, May 3, 2013, 9:41 AM


Currency Wars: Chinese Gold Rush and American Pravda (adam)

As for the second story, the G20 conference on Global Finance in Transition and Reinventing Bretton Woods begins next week. And the discussion of replacements for the US dollar reserve system, which is so near and dear to the Anglo-American banking cartel, are high on the topics to be discussed. The BRICs are growing increasingly unhappy with the financial status quo, and the exorbitant privilege of a single country controlling the world's reserve currency and thereby having the ability to promote their domestic ends with it.

The Fatal Disease of the Status Quo: Diminishing Returns (goldrunner1)

In 2012, the Fed announced essentially unlimited QE to infinity. There can no longer be any hint of an end to the quantitative easing, or the output (the market) will fall off a cliff.

That's the problem with diminishing return: eventually the input is so costly the system implodes. The Fed has already injected the patient (the economy) with massive doses of financial crystal meth to maintain the stock market's "high." Unfortunately for the Fed, the market demands a bigger dose to keep the high going, but the larger dose will prove fatal.

The Bottom 90 Percent Of The Country Is Systematically Getting Poorer (David B.)

Our founding fathers warned that we should not allow such large concentrations of wealth and power, because they tend to funnel the rewards of society into the hands of a select few. We need to change the rules of the game so that entrepreneurs, small businesses and average workers can thrive in this country once again. If big government and big corporations continue to gobble up even more wealth and power, the wealth inequality that we see right now will only get even worse.

Jeff Sachs: The Movie (Mike K.)

"But what it's led to is this sense of impunity that is really stunning and you feel it on the individual level right now. And it's very very unhealthy, I have waited for four years, five years now to see one figure on Wall Street speak in a moral language.

And I've have not seen it once. And that is shocking to me. And if they won't, I've waited for a judge, for our president, for somebody, and it hasn't happened. And by the way it's not going to happen any time soon, it seems."

Suicide Rates Rise Sharply in U.S. (VeganD)

From 1999 to 2010, the suicide rate among Americans ages 35 to 64 rose by nearly 30 percent, to 17.6 deaths per 100,000 people, up from 13.7. Although suicide rates are growing among both middle-aged men and women, far more men take their own lives. The suicide rate for middle-aged men was 27.3 deaths per 100,000, while for women it was 8.1 deaths per 100,000.

Greg Palast: Introducing Obama's New Commerce Secretary Penny Pritzker (Thomas C.)

Pritzker's net worth is listed in Forbes as $1.8 billion, which is one hell of a heavy magic wand in the world of politics. Her wand would have been heavier, and her net worth higher, except that in 2001, the federal government fined her and her family $460 million for the predatory, deceitful, racist tactics and practices of Superior, the bank-and-loan-shark operation she ran on the South Side of Chicago.

How porn links and Ben Bernanke snuck into Bitcoin's code (Dana T.)

Bitcoin enthusiasts have long known about a technical loophole that allows people to inject coded messages into the database. The trick is typically used for pranks or harmless notes, but Bitcoin discussion boards lit up on Monday with the news that someone took advantage of it for a nastier purpose: adding encoded links that claim to lead to porn sites, some featuring children. (CNNMoney verified that the links exist in Bitcoin's database, but did not check to see if they actually went to child porn sites.)

Continuing Low Interest Rates In The US, Europe Joins The Party (Taki T.)

Over to Europe, where ECB President Mario Draghi today cut its benchmark refinancing rate by 25 basis points to a record low 0.5%. That is the first cut since Mr. Draghi reassured the world “he would do whatever it takes to solve the crisis” in June of 2012.

Gerry Protti, New Alberta Energy Regulator Head, Not The Right Man For The Job: Critics (westcoastjan)

"I have every confidence that Gerry Protti is a thoughtful Albertan who recognizes the importance of balance between energy development and environmental and landowner concerns," Hughes said. "But if that isn't enough for people, I urge them to wait until we appoint the full group."

Nuclear Fusion – Possible at Last? (James S.)

What even the strongest proponents of civilian nuclear power production cannot deny is that both incidents released radioactive material into the surrounding environment, whose long-term environmental and human health consequences have yet to be seen.

UCLA graphene supercapacitors could revolutionise storage (Arthur Robey)

‘Typically, the performance of energy storage devices is evaluated by two main figures, the energy density and power density. Suppose we are using the device to run an electric car — the energy density tells us how far the car can go a single charge whereas the power density tells us how fast the car can go,’ say the research tem, ‘here, devices made with Laser Scribed Graphene (LSG) electrodes exhibit ultrahigh energy density values in different electrolytes while maintaining the high power density and excellent cycle stability of ECs. Moreover, these ECs maintain excellent electrochemical attributes under high mechanical stress and thus hold promise for high power, flexible electronics.’

Gold & Silver

Click to read the Gold & Silver Digest: 5/2/13

Provided daily by the Peak Prosperity Gold & Silver Group

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."


saxplayer00o1's picture
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4236
rjs's picture
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
need $11.2 trillion more debt

article at zero hedge says we may need $11.2 trillion in new Treasurys or the safe asset equivalent for the banks to meet Basel III teir 1 capital requirements:

Desperately Seeking $11.2 Trillion In Collateral, Or How "Modern Money" Really Works - Over a year ago, we first explained what one of the key terminal problems affecting the modern financial system is: namely the increasing scarcity and disappearance of money-good assets ("safe" or otherwise) which due to the way "modern" finance is structured, where a set universe of assets forms what is known as "high-quality collateral" backstopping trillions of rehypothecated shadow liabilities all of which have negligible margin requirements (and thus provide virtually unlimited leverage) until times turn rough and there is a scramble for collateral, has become perhaps the most critical, and missing, lynchpin of financial stability. Not surprisingly, recent attempts to replenish assets (read collateral) backing shadow money, most recently via attempted Basel III regulations, failed miserably as it became clear it would be impossible to procure the just $1-$2.5 trillion in collateral needed according to regulatory requirements. The reason why this is a big problem is that as the Matt Zames-headed Treasury Borrowing Advisory Committee (TBAC) showed today as part of the appendix to the quarterly refunding presentation, total demand for "High Qualty Collateral" (HQC) would and could be as high as $11.2 trillion under stressed market conditions. 


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

I have commented on the nuclear fusion story. Thanks James.

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