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Daily Digest 6/2 - The High Cost Of Unemployment, Devastating OK Storms Continue

Sunday, June 2, 2013, 9:38 AM

Economy

Get Far Away From USA ... Its Collapse Will Be Messy: Jeff Berwick (Nervous Nelly)

The Dollar Vigilante's Jeff Berwick is back chatting about a myriad of economic and stock market-related issues with Cambridge House Live's anchor, Bridgitte Anderson.

US judge orders Google to turn over data to FBI (Arthur Robey)

The judge put the Google ruling on hold until the 9th U.S. Circuit Court of Appeals can decide the matter. Until then, she said, the company would have to comply with the letters unless it shows the FBI didn't follow proper procedures in making its demands for customer data in the 19 letters Google is challenging.

Why Didn't the SEC Catch Madoff? It Might Have Been Policy Not To (pinecarr)

But the agency's record is a little spottier when it comes to the other two key pieces of legislation, the Investment Advisers Act of 1940 and theInvestment Company Act of 1940. These are the agency's main tools for prosecuting fraud and malfeasance involving people who manage other people's money – mutual funds, hedge funds, investment managers. Somebody like Bernie Madoff, who took billions from investors and simply stole the money instead of investing, would largely be regulated under the latter two acts.

The High Cost Of Unemployment (jdargis)

Unemployment is a product of capitalism: People who are no longer needed are simply made redundant. On the traditional family farm, there was no unemployment. Austerity exposes the modern economy’s lack of interpersonal connectedness and the morale costs that this implies.

Unemployment Hits Record High in Euro Zone (jdargis)

For the moment, though, there is little prospect of major additional stimulus. The central bank remains reluctant to undertake more radical measures like those used by the Federal Reserve in the United States or the Bank of England. The E.C.B. benchmark interest rate is already at a record low of 0.5 percent, and it is unlikely that a further cut would do much to relieve a credit squeeze in countries like Italy.

Deadly Storms in Oklahoma Bring Flooding and More Tornadoes (jdargis)

Main Street in Henryetta was a swift-moving river on Saturday morning, with water rising to the tops of the tires of stranded cars, setting garbage cans and other debris afloat and seeping into a Walmart store, gas stations and other businesses.

Fracking Tests Ties Between California ‘Oil and Ag’ Interests (jdargis)

By all accounts, oilmen and farmers — often shortened to “oil and ag” here — have coexisted peacefully for decades in this conservative, business friendly part of California about 110 miles northwest of Los Angeles. But oil’s push into new areas and its increasing reliance on fracking, which uses vast amounts of water and chemicals that critics say could contaminate groundwater, are testing that relationship and complicating the continuing debate over how to regulate fracking in California.

Gold & Silver

Click to read the Gold & Silver Digest: 5/31/13

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."

5 Comments

Boomer41's picture
Boomer41
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 132
Unemployment a product of capitalism???

"Unemployment is a product of capitalism" Hello? what about employment is a product of capitalism and unemployment is a product of interference with capitalism by government and the Fed.

The boom and bust cycle is not a natural phenomenon. It is created by central banks tinkering with interest rates, thereby destroying the ability of the market to set prices, and the governments of the world trying to redistribute the wealth. If the central banks and governments would just get out of the way and allow the market and true capitalism (not the financial sector casino) to set prices we would probably have full employment and a stable economy.

I realize I am preaching to the choir here, but 'economists' like Robert Schiller are still smoking the Keynesian dope. It is they, by publishing arrant clap-trap like this article, who perpetuate the myth that, despite all evidence to the contrary, governments and central banks can manage the world.

Unfortunately, we will all have to suffer the consequences of their folly.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Markets under a monetary easing ‘spell’: BIS

Markets under a monetary easing ‘spell’: BIS

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Underhand beats invisible hand.

I arrived at work this morning (Monday) all bright eyed and bushy tailed and there was nobody here. The obvious conclusion: It has Happened.

Nope. Just a public holiday. Dash, now I will have to go and do some work.

By the way there has been absolutely no slowdown in the number of iron ore ships that we load up here in Esperance. The explanation that I was given is that the Iron Ore miners that we service have traditionally sold under Spot, so we have got customer loyalty.

How underhand is that?

Underhand beats invisible hand.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Draghi: ‘Few signs’ of stabilization in euro zone

Draghi: ‘Few signs’ of stabilization in euro zone

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1891
Employment / Unemployment.

If the only way that you can obtain food, clothing, and shelter is through exchange of your labor (mind/body/time) for goods and services (or currency with which to purchase goods and services), then you had better find employment. Or be born to a family that owns some form of capital that can be passed down to you.

But let's say that you have no land or equipment, and if no one is willing to employ your labor for enough to subsist on. Then you are unemployed.

You could try odd jobs here and there, but it is possible that there is no need for what you have to offer, or that there is a lack of demand for what you offer, such that you cannot maintain yourself in food, clothing, and shelter. Sure, if the minimum wage were eliminated, you could find a low-paying job. But it is also possible that the job you find will not provide you with enough to eat.

And, if all land is owned, you'll be sleeping in the streets (assuming the police let you).

This occurs in places like India.

BBC: Welcome To India, Part 1 of 3

BBC: Welcome To India, Part 2 of 3

BBC: Welcome To India, Part 3 of 3

Of course, it is also possible to walk into the wilderness on your own, such as in the Amazon or Congo. Then that wouldn't be employment/unemployment. It would be survival.

Poet

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