Daily Digest

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Daily Digest 9/26 - How The Economic Machine Works, Turn Your Leftovers Into Energy

Thursday, September 26, 2013, 9:09 AM

Economy

Russia accuses Greenpeace crew of 'piracy' in Arctic (HughK)

Russian prosecutors have accused 30 Greenpeace activists of piracy and say they will prosecute all of them for trying to board an Arctic oil platform. Russia's Investigative Committee, modelled on the FBI, will question the activists. Six Britons are among them.

Trader Joe's Ex-President To Turn Expired Food Into Cheap Meals (Thomas C.)

Doug Rauch, the former president of Trader Joe's, is determined to repurpose the perfectly edible produce slightly past its sell-by date that ends up in the trash. (That happens in part because people misinterpret the labels, according to a report out this week from Harvard and the National Resources Defense Council.) To tackle the problem, Rauch is opening a new market early next year in Dorchester, Mass., that will prepare and repackage the food at deeply discounted prices.

Ayn Rand Disciple Says CEOs Deserve All the Credit – Henry Blodget Disagrees (Dana T.)

It's also absurd to suggest that placing all of a country's wealth in the hands of entrepreneurs and investors is somehow good for the economy. The 100+ million Americans who work for others, after all, aren't just "employees." They're also American consumers. Every penny they earn is spent on buying products and services. So sharing more of a company's wealth with the folks who create it isn't just the right thing to do. It's also good for the economy.

The Smell of Collapse is in the Air – Part 2 (GE Christenson)

The U.S. economy is being overwhelmed by a loss of faith and trust in politicians, government, and bankers, excessive debts, artificially low interest rates, unsustainable deficit spending, expensive wars, QE (money printing) to infinity, “Inflate or Die” monetary policy, potential derivatives implosion, Obamacare and so much more. A slow-motion collapse is occurring and most of us do not see it.

How The Economic Machine Works (Joey)

A transaction consists of the buyer giving money (or credit) to a seller and the seller giving a good, a service or a financial asset to the buyer in exchange. A market consists of all the buyers and sellers making exchanges for the same things – e.g., the wheat market consists of different people making different transactions for different reasons over time. An economy consists of all of the transactions in all of its markets. So, while seemingly complex, an economy is really just a zillion simple things working together, which makes it look more complex than it really is.

Undisclosed Pension Extras Cost Detroit Billions (Thomas C.)

When asked on what legal authority the trustees made the payments, Mr. Harris said, “My understanding was, it had to be approved by City Council, and council was under the belief that the money was there — that the pension funds were earning the money — with the consideration that in bad times the city would be making up the difference. I hate to say that. Ultimately the fund has to be funded by the taxpayers.”

CFTC Believes Silver Is A Free Market After 5 Year Investigation (Taki T.)

The man who has been following the silver market very closely since almost 4 decades is analyst Ted Butler from ButlerResearch. In fact, he was among the first ones to discover silver price manipulation in the COMEX futures market back in the 80′s. In today’s commentary, he explains how the announcement of the CFTC did not touch the key issue: the degree of concentration on the short side of COMEX silver (and gold) held by one or two US banks in the August 2008 Bank Participation Report. Shortly after that, it became clear that JPMorgan was the big bank holding the concentrated short positions as a result of the Bear Stearns takeover.

Banks find appalling new way to cheat homeowners (westcoastjan)

Any observer of the mortgage industry since 2009 is no stranger to foreclosure fraud, and the fact that virtually nobody has paid the price for this crime. But the case of the Sinclairs involves a new player in that rotten game: Nationstar. Unheralded just a few years ago, the firm, owned by a private equity behemoth, has been buying up the rights to service mortgages, accepting monthly payments and distributing the proceeds to the owners of the loan, taking a little off the top for itself.

China's new phase of panda diplomacy (westcoastjan)

The researchers looked at all the panda loans that had occurred in the last half-century and at the trade taking place since 2008. This was when the Sichuan earthquake devastated the main panda conservation centre, which meant many pandas needed re-homing.

How The NFL Fleeces Taxpayers (westcoastjan)

In Minnesota, the Vikings wanted a new stadium, and were vaguely threatening to decamp to another state if they didn’t get it. The Minnesota legislature, facing a $1.1 billion budget deficit, extracted $506 million from taxpayers as a gift to the team, covering roughly half the cost of the new facility. Some legislators argued that the Vikings should reveal their finances: privately held, the team is not required to disclose operating data, despite the public subsidies it receives. In the end, the Minnesota legislature folded, giving away public money without the Vikings’ disclosing information in return. The team’s principal owner, Zygmunt Wilf, had a 2011 net worth estimated at $322 million; with the new stadium deal, the Vikings’ value rose about $200 million, by Forbes’s estimate, further enriching Wilf and his family. They will make a token annual payment of $13 million to use the stadium, keeping the lion’s share of all NFL ticket, concession, parking, and, most important, television revenues.

Hollywood's New Favorite Cars Are Armored and Electrified (Thomas C.)

According to Aaron Cohen, director of IMS Security in Hollywood, whose clients have included Katy Perry, Kate Moss and Charlie Sheen, the cost to secure the home of a tabloid-exposed family like that of Brad Pitt and Angelina Jolie can top $1 million a year. So it's inevitable that celebrities -- as well as Hollywood's high-net-worth agents, studio executives and producers -- would extend their security periphery to include the possession that serves as a mobile status-signifier in this car-obsessed city.

Think your plastic is being recycled? Think again (Amanda)

U.S. recyclers are scrambling to come up with a solution now that China is drastically cutting back on their top import from the U.S.

Turn Your Leftovers into Energy (James B.)

According to a UN report, “Food Wastage Footprint: Impacts on Natural Resources”—a shocking 1.3 billion tons of food is wasted or lost globally each year. This is equal to one-third of all food produced around the world. The result is massive economic loss and alarming damage to natural resources and the environment.

Gold & Silver

Click to read the Gold & Silver Digest: 9/25/13

Provided daily by the Peak Prosperity Gold & Silver Group

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saxplayer00o1
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
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