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Daily Digest 7/22 - Ways Shrinking Cities Try To Survive, Earthquake Hits Northwestern China

Monday, July 22, 2013, 9:27 AM

Economy

More 20-somethings are buying million-dollar homes than ever before, thanks to startups and rich parents (westcoastjan)

Rankin and other real estate professionals are seeing more clients skipping starter homes and condos altogether for sprawling houses. The tech boom is largely to thank. “Brokers say many of the young buyers today have made money during the IPOs of technology companies such as Facebook, Google, LinkedIn, or they have profited by starting their own companies,” Blum writes. She cites one Facebook employee who moved from a rented 800-square-foot apartment to a US$7 million 9,000 square-foot-home. A former Facebooker, Rick Armbruso, who is now 33, purchased a US$1.2 million, 2,000-square foot home 2.5 years ago.

Cries of Betrayal as Detroit Plans to Cut Pensions (jdargis)

Detroit’s pension shortfall accounts for about $3.5 billion of the $18 billion in debts that led the city to file for bankruptcy last week. How it handles this problem — of not enough money set aside to pay the pensions it has promised its workers — is being closely watched by other cities with fiscal troubles.

Detroit: Six ways 'shrinking' cities try to survive (westcoastjan)

Youngstown, Ohio, has lost 120,000 residents since the 1950s, now down to 66,000 people. In the last six years, it has pulled down 4,000 homes, says councillor Janet Tarpley, who represents the sixth district, where much of this demolition has taken place.

Real vs False Money – Key Insights From Monetary History (westcoastjan)

The ancient Greeks were the first to use gold coins: The Drachma. Different civilizations in history, like the Greeks, Romans and the history of city states in Italy, have proven that the blossoming of these Civilizations took place when they adopted Gold or Silver based currencies.

Why Big Oil is Shifting Away from the Gulf of Mexico (James S.)

Apache CEO G. Steven Farris said the deal was an "important step" in restructuring his company's portfolio. Since 2010, the company has focused its efforts on developing onshore assets, where it said it expects to achieve attractive rates of return. Farris said the assets sold to Browne and his associates had matured to the point that they were more difficult to exploit than onshore plays.

Tiny Argentine ants invade Victoria, poised to bug you like crazy (westcoastjan)

Argentine ant colonies are not competitive with one another, so under the right conditions, they may spread over very large areas. One of the biggest problems, he said, is their competitiveness with other species.

“They’ve actually displaced native ants and are a driver of ecological change,” said Brown, who believes climate change has paved the way for the insect’s movement north.

Raw Sewage Has Turned The Hudson Into An Antibiotic-Resistant Cesspool (jdargis)

The bacteria was found in locations from lower Manhattan up to the Tappan Zee Bridge. Apparently the heaviest concentrations were found in Yonkers, around 125th Street, and near La Guardia Airport.

Earthquakes Hit Area of Northwestern China (jdargis)

At the Lee Yuan Hotel in Minxian County, a woman who identified herself as Ms. Zhao said that she had been terrified when the building shook and the ceiling lights swayed. She reached her mother by telephone in their home village later in the morning and was relieved to learn that she had survived unscathed.

“She and all our neighbors ran out of their homes right away when they felt the first quake hit — a lot of the village homes were destroyed by the earthquakes,” Ms. Zhao said.

Gold & Silver

Click to read the Gold & Silver Digest: 7/19/13

Provided daily by the Peak Prosperity Gold & Silver Group

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3 Comments

saxplayer00o1's picture
saxplayer00o1
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SailAway
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Is China destroying the solar energy industry?

“The NY Times reported on May 28 of this year that solar panels, covering a huge warehouse roof in east LA, began to fail only two years into their 25 year expected lifetime. Corners are being cut and most of the quality concerns center on China.”

Is China destroying the solar energy industry?

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149

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