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Daily Digest 9/23 - 78 Killed In Pakistan, Longhorn State Eyes Energy Efficiency

Monday, September 23, 2013, 11:19 AM


SEC Omitted Dimon Misinformed Investors on April 13, 2012 Earnings Call (adam)

On April 6, 2012, a week before JPMorgan filed its inaccurate 8-K, and a week before Jamie Dimon dismissed news reports as a “tempest in a teapot,” Bloomberg News broke the story that trader Bruno Iksil had credit derivatives positions so large, he moved the market. Just after that, the Wall Street Journal printed a page one story about the London Whale trades. It was headline news, and both news outlets engaged in independent reporting. Bloomberg beat the WSJ by a nose, and they both beat Jamie Dimon by more lengths than Secretariat in the Belmont Stakes.

The Relationship Between Financial Assets, Time And Gold (Taki T.)

Assume for argument´s sake that NASA finds out that a meteorite will fall in 10 months on the earth killing everybody. This would be indeed a terrible fate; however we are not here to speculate about the likelihood of such an event (which is extremely remote) nor is it our goal to scare everyone into believing that “the end is near”. We will just use the example to illustrate the situation of a huge contraction in time horizon, or contraction in duration. How would financial assets behave in such situation? A treasury bond is a stream of future cash flows. Treasury bonds would only pay the next coupon and after that there would be no other future stream of cash flows. The treasuries price would plunge evidently; generally all financial assets with long duration (high growth stocks with little current cash flows) would equally plunge in price initially.

Philadelphia Raises Stakes With Plan to Reverse Blight (jdargis)

“There are new tools to allow government to acquire tax-delinquent properties without putting them out on the market to the highest bidder,” said Rick Sauer, executive director of the Philadelphia Association of Community Development Corporations, which is helping to lead the land-bank initiative.

78 killed in deadliest attack on Christians in Pakistan (jdargis)

"As soon as the prayers finished and people greeted each other in the lawn, two explosions, the second one more powerful than the first, took place. The blast scattered bloodied body parts, pieces of flesh and shrapnel all around," said injured Asher Masih from hospital bed at Lady Reading Hospital. "Around 500 people were in the church when the bombs exploded," he said.

Challenges Await Plan to Reduce Emissions (jdargis)

Once the rule is in place, new plants would be required to capture carbon dioxide from the smokestacks and “sequester” it underground. Officials said the regulation could be completed by the fall of 2014.

But, utilities say, laws governing underground disposal were not written with carbon dioxide in mind, and sequestration is in a legal quagmire.

Shale Gas is Not a Saviour, it is a Thorn in Renewable Energy’s Side (James B.)

The speed and scope of the shale-led energy renaissance in the US has been nothing short of remarkable. Horizontal drilling and hydraulic fracturing opened hitherto inaccessible oil and gas deposits locked away in relatively impermeable shale rock formations and rapidly boosted energy production, particularly of gas. After years of being a natural gas importer, the US now suffers from a glut that has depressed prices. Drillers have shifted focus to more-profitable shale oil, production of which has expanded by almost a third since 2008 – and accounted for 29 percent of total US oil production in 2012 – holding out the tantalizing prospect of energy independence.

Longhorn State Eyes Energy Efficiency (James B.)

Through the commercial program, local business owners can finance a permanent conservation improvement to an existing building—like installing solar panels--through a low-interest, voluntarily assumed assessment that it pays through a local governmental entity.

Powerful Typhoon Kills 20 in Southern China, Swipes Hong Kong (jdargis)

“It is the strongest typhoon I have ever encountered,” Xinhua quoted Luo Hailing, a gas station attendant in Shanwei, as saying. “So terrible, lucky we made preparations.”

Winds of more than 180 km/hour (110 mph) were recorded in some parts of southern China, toppling trees, cranes and blowing cars off roads in some areas.

Gold & Silver

Click to read the Gold & Silver Digest: 9/20/13

Provided daily by the Peak Prosperity Gold & Silver Group

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Four Numbers Say Wind and Solar Can’t Save Climate -
First, 32: That’s the percentage growth in carbon dioxide emissions that has occurred globally since 2002. In the past decade, these emissions have increased by about 8.4 billion tons. And nearly all of that has happened in the developing world.
1. That’s the power density of wind in watts per square meter. Power density is a measure of the energy flow that can be harnessed from a given area, volume or mass. Wind energy’s paltry power density means that enormous tracts of land must be set aside to make it viable.
30. This represents the massive scale of global energy use, which is about 250 million barrels of oil equivalent per day, or the output of about 30 Saudi Arabias.
That remaining 1/2 -- the final number -- represents the amount of energy we get from all renewable sources, not counting hydropower. In 2012, the contribution from all of those sources amounted to about 4.8 million barrels of oil equivalent per day, or roughly one-half of a Saudi Arabia.


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New UN report calls for transformation of agriculture


  • Increasing soil carbon content and better integration between crop and livestock production, and increased incorporation of agroforestry and wild vegetation
  • Reduction in greenhouse gas emissions of livestock production
  • Reduction of GHGs through sustainable peatland, forest and grassland management
  • Optimization of organic and inorganic fertilizer use, including through closed nutrient cycles in agriculture
  • Reduction of waste throughout the food chains
  • Changing dietary patterns toward climate-friendly food consumption
  • Reform of the international trade regime for food and agriculture


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State reliance on federal dollars near all-time high

After years of declining tax revenues and federal stimulus payments, states find themselves relying more on the federal government for cash infusions than ever before. But thanks to the budget sequester, much of that money is about to vanish.

Federal grants accounted for more than one-third of state budget revenues in fiscal year 2011, according to data compiled by the Pew Charitable Trust’s Fiscal Federalism Initiative. That’s down slightly from the percentage of federal dollars that flowed into state coffers in fiscal year 2010, but it’s far above historical precedent.


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Fitch cuts Chicago Board of Education rating to A-minus

"The nation's third-largest public school system faced an approximately $1 billion deficit for fiscal 2014, which began July 1, due in part to a big jump in pension payments after a three-year, state of Illinois-sanctioned partial pension holiday ended.

The district, along with the city of Chicago, which is also facing a huge increase in pension payments in 2015, would need state legislation to rein in pension costs. But lawmakers have yet to reach an agreement on dealing with the state's own pension funding problem.

The fiscal 2014 budget included the closure of dozens of schools, a property tax increase and the use of reserves to tackle the deficit, according to Fitch. But the board is projecting budget gaps topping $900 million for each of the next two fiscal years."

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In 2030: Resource depletion but oil no problem

In this CNBC article, the author reports on major resource shortages by 2030 (esp. food and water), but simultaneously explains away any peak oil problem.  A classic example of generally recognizing resource limits in the future while remaining in denial about resource limits now.


2030: A "perfect storm" of global resource shortages

Sorry about the big font.



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