Daily Digest

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Daily Digest 8/1 - Philly Sues Big Banks, Should You Trust Your Instincts On Gold?

Thursday, August 1, 2013, 11:10 AM

Economy

Philadelphia sues big banks over swaps losses (Thomas C.)

"The systematic suppression of Libor, as our attorneys have uncovered, caused financial harm to the City of Philadelphia," Rob Dubow, director of finance, said in a news release.

China's slowdown and the global glut (westcoastjan)

"Investment" here means anything which drives up the country's productive capacity - educating the population, building up manufacturing and heavy industry, and above all constructing new cities, roads, railways, power plants, ports, and so on.

Gold, Silver, and the Sins of the Past (GE Christenson)

“Since the 2009 low, the household net worth of the wealthiest 7% has grown by 28%, while the other 93% have seen their net worth decline by a further 4%. The profits accrue to those who run the show, buy the politicians, write the laws, command the media propaganda machine and control the currency... The oligarchs thank you.”

Gold – Should You Trust Your Instincts? (Taki T.)

And even Fed Chairman Bernanke’s recent comments on raising rates were tempered with his strong warning against raising them too soon. OK, no changes here, folks; we will continue to spend money we don’t have, and the Fed will cover our butts.

Why pay attention to Ms. Yellen? Because she’s the front runner to replace Chairman Bernanke. Someone else may eventually be chosen, but her name is coming up in a lot of conversations.

Unstoppable Demand Meets Undeliverable Object - A Run on the Bullion Banks (Adam)

But there remains plenty of opportunity for more desperate antics, so as always caution is advised , particularly in the use of any leverage and short term time horizons. This is not a healthy trading environment for the non-professional. And many a person has gone bust by underestimating the shameless manipulation of the markets when regulation is lax.

The Blip (Nate)

His second prediction is even more unsettling. He thinks the forces that drove the second industrial revolution (beginning in 1870 and created largely in the US) were so powerful and so unique that they cannot be repeated.

This One Tweet Reveals What's Wrong With American Business Culture And The Economy (westcoastjan)

Employees are human beings. They are people who devote their lives to creating value for customers, shareholders, and colleagues. And, in return, at least in theory, they share in the rewards of the value created by their team.

In theory.

Aboriginal children used in medical tests, commissioner says (westcoastjan)

Recent revelations that the Canadian government used at least 1,300 aboriginal children attending residential schools in British Columbia, Alberta, Ontario and Nova Scotia as test subjects have prompted further calls from aboriginal groups to pressure the federal government to turn over all archival documents related to residential schools.

Business Subsidies Don't Turn "Acorns" into "Oak Trees" (westcoastjan)

Starting in 1970, Pratt & Whitney made 75 requests to the department of Industry and received almost $3.3 billion in grants or loans. Its most recent cheque arrived in 2010 in the form of an $80.4 million conditionally repayable contribution (a loan that might or might not have to be repaid). Last year, the parent company had net income of U.S. $5.2 billion.

Energy

More Costly BC Hydro Work Needed (westcoastjan)

BC Hydro is spending about $2 billion on seismic refits of two of its oldest dams, the John Hart dam at Campbell River and the Ruskin dam on the Mission-Maple Ridge border. Its current expansion project, the Northwest Transmission Line from Terrace to Iskut, was revealed last week to be $140 million over budget.

The Social Importance of Energy Return (Eric G.)

Estimates of energy return for individual fuels count two types of energy inputs: direct and indirect. Direct energy includes fuels consumed directly within the fuel’s production system, such as the electricity used to power the refinery that makes gasoline. Indirect energy includes fuels used to manufacture vehicles, machines and other infrastructure, including the energy needed to manufacture, maintain and repair the above refinery. Direct energy is relatively easy to account for, while estimating indirect energy is more tedious and less precise. In most production systems indirect energy use is larger in magnitude than direct energy use, so ignoring it paints an unrealistic portrait of a fuel’s real energetic cost.

Environment

Business recycles packaging and rubbish in Denmark (westcoastjan)

Denmark is a world leader in waste management, with an estimated 89% of packaging recycled - that’s approximately three million items a day.

EVs' Environmental Impact Is Hotly Debated (guardia)

IEEE Spectrum’s July 2013 cover story, “Unclean at Any Speed,” by Ozzie Zehner, generated an enormous amount of feedback. Since it’s clearly a topic people want to talk about, we’ve created a special online section where you’ll find responses to the article—including one from Mark Duvall at the Electric Power Research Institute and another from members of the IEEE Transportation Electrification Initiative—as well as resources for finding out more about alternative transportation technology.

Gold & Silver

Click to read the Gold & Silver Digest: 7/31/13

Provided daily by the Peak Prosperity Gold & Silver Group

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4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4064
rjs's picture
rjs
Status: Gold Member (Offline)
Joined: Aug 8 2009
Posts: 445
careful what you search for..

From the Atlantic Wire.

Google Pressure Cookers and Backpacks, Get a Visit from the Feds

Michele Catalano was looking for information online about pressure cookers. Her husband, in the same time frame, was Googling backpacks. Wednesday morning, six men from a joint terrorism task force showed up at their house to see if they were terrorists. Which prompts the question: How'd the government know what they were Googling?
[...]
One hundred times a week, groups of six armed men drive to houses in three black SUVs, conducting consented-if-casual searches of the property perhaps in part because of things people looked up online.

But the NSA doesn't collect data on Americans, so this certainly won't happen to you

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Food and deception.

Listening to a discussion on the radio about the little tete a tete in Egypt and narry a word about the cost and availability of food.

OWING TO A SUCCESSION OF CRISES AND WORSENING POVERTY, FOOD SECURITY IN EGYPT STARTED TO DETEriorate as early as 2005.

Are you not impressed by the power of the brain to deceive its pilot?

RogerA's picture
RogerA
Status: Silver Member (Offline)
Joined: Jun 18 2009
Posts: 106
Egypt

http://www.theburningplatform.com/?p=56966

It can appear the egyptians know more than we get to read in the western press.

This is supposed to be the largest protest in human history.
I can not confirm/deny that, but those pictures says alot. 

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