Daily Digest

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Daily Digest 10/3 - Gold Inventory Remains Thin, Clean Energy On eBay

Thursday, October 3, 2013, 10:09 AM

Economy

The Smell of Collapse Is In the Air: Part 3 (GE Christenson)

“In a debt based system, more and more, larger and larger, amounts of debt have to be taken on for the economy to grow. It is difficult to do that if consumers are afraid to spend with the same reckless abandon as they did during the boom years.”

Silk Road collected 9.5 million bitcoin—and only 11.75 million exist (Yoxa)

But it gives you a sense of how important Silk Road is to the bitcoin economy. The Federal Reserve currently estimates that there are $10,771 billion in circulation. For a single company to dominate the US dollar the way Silk Road does bitcoin, it would need to have earned $8,745 billion in revenue over the two and half year period, or $3,498 billion a year. To put that in perspective, the number one company in the Fortune Global 500, Dutch Shell, earned $481.7 billion last year, less than 5% of what it would take to equal Silk Road’s position.

Ex-Revenue Canada lawyer advised how to hide money offshore (westcoastjan)

Gosselin told the businessman he wanted nothing to do with his plan. But when he was asked if there’s anything preventing someone from opening an account at a bank somewhere and wiring the funds there, Gosselin was recorded on hidden cameras saying: “I just told you how the law works. And if you don't report the income in Canada, that's your business.”

COMEX Warehouse Gold Bullion: Price Moves Smell of Desperation As Inventory Remains Thin (westcoastjan)

Today we saw the familiar methods of the past in a blatant pricing exercise that smelled of desperation. They can set the price by force in the markets in the short term, but they cannot produce that which they have taken, or fulfill that which is owed.

This Week in ‘Nation’ History: Government Shutdown as Coup d’État (westcoastjan)

Last winter’s government shutdown, contrary to media reports, was not about innocent bystanders—government workers, recipients of benefits or tourists—however genuine their hardships. It was about the broad scheme of power in the nation. Under what was dismissed as posturing, serious political changes were being tested. If we ask, “What kind of authority could justify disrupting and holding an allegedly democratic system hostage in the name of ‘a balanced budget in seven years’ and then attempt to dictate the precise kind and amount of government services that are to be permitted to resume?” the answer is not: “The authority of officials elected to run the government.” Deliberately paralyzing an elected government is far different from the ordinary partisanship that attends appropriations.

World Bank says remittances from migrant workers top $414 billion (westcoastjan)

Remittances should be encouraged to go through official channels, the World Bank said, but many migrants use informal methods to send money home. This is partly the legacy of the World Trade Center and Pentagon terror attacks in 2001; the United States shut down many money-transfer offices as a way of cutting off potential fund sources for terrorists and worked with countries around the world to shut down fund-transfer agencies. The World Bank said the cost of sending money now averages 9 per cent of the transaction, and ways should be found to make it cheaper by working through official channels.

Shutdown Spectacle: 'America Is Already Politically Bankrupt' (westcoastjan)

"Because Republicans and Democrats, House and Senate, Congress and president could not agree on a stop-gap budget, hundreds of thousands of federal employees were sent on involuntary leave and many agencies were forced to shut down," continues the editorial. "The main actors in this dispute, which brings together many factors, both ideological and political, took a huge risk and, unhindered, proceeded to validate everyone who ever accused the political establishment in Washington of being rotten to the core -- by driving the world power into a budgetary state of emergency. The public is left wondering how things could have been allowed to get to this point and why there is so much poison in the system."

Alberta decision to bar critics from oilsands hearing overturned (westcoastjan)

"Albertans have a right to a fair oilsands regulatory process, including the right to be heard and raise concerns about oilsands development," said Simon Dyer, policy director for the Pembina Institute Wednesday.

Alberta Environment officials were not immediately available for comment.

eBay’s Next Auction—Clean Energy (James B.)

Yoram Bronicki, president and chief operating officer for Ormat, based in Reno, said that the company “commend eBay Inc.’s commitment to sustainable commerce and look forward to helping them achieve their clean energy goals. We’re hopeful that our work with eBay Inc. will continue to promote REG as a predictable, environmentally friendly energy source that provides a hedge against the variability of fossil fuel costs.”

Gold & Silver

Click to read the Gold & Silver Digest: 10/2/13

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."

6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Rahm to order 90-day hiring freeze, job cuts in 2014 (Chicago)

"Although the city payroll has declined by 20 percent since 2003 – to 32,420 employees – personnel costs have increased by 15 percent. The average annual cost per employee, including benefits, went from $58,299 to $95,406 driven largely by rising health-care costs.
No matter what Emanuel does to close the 2014 gap, it will pale by comparison to the financial storm that lies ahead.
In 2015, the city is required by state law to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5 and 25 percent of their respective liabilities.
That would cause the deficit to balloon to $994.7 million in 2015 and $1.15 billion in 2016 without a painful mix of employee concessions and new revenues, according to the city’s own annual financial analysis."

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Vampire Forclosures.

The banks may also be simply allowing the homeowners to stay to avoid the cost of maintaining the vacant property.

Sax.

That is exactly what Dmitry Orlov said would happen.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
True Professionals.

Hmmm.

Let us say that you were in charge of the biggest scam that the world has ever seen. You could print as much money as you saw fit and hand it to your friends. Say something in the order of $80 Billion per month.

How pleased would you be to see some new kid on the block in competition with you? Someone who was offering bitcoin as an alternative currency.

What to do? Well you are not without resources. You do print money, after all. How about this? You print up a whole lot of paper, offer it to some Nobody in exchange for him buying up bitcoin. Then you could suggest to him that he could get into all sorts of high-jinks, such as running druggs, weaponry and all sorts of exciting things. If you have chosen your man correctly, this will be a tremendous boost to his Ego. He will be Mr. Huge.

Then you come in to the rescue, bust him wide open and Save the Day, showing the world the evils of Bitcoin and the how wise el Presidente is to trust the printing of money to the FED.

True Professionals.

Try this exercise. Imagine how, as you are now, with only the resources that you have could set up an organization like Silk Road that can capture 9.5 million Bitcoin?

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
How the Machines Trade.

I found this interesting video over at Zerohedge that helps you understand how the trading algorithms work, just in case you wanted to step into the crossfire. Good luck with your pension funds.

The whole video is 5 seconds long.

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1928
Arthur, You are EVIL...

and creative!  devil  What a great way to take down an alternative currency for someone unencumbered by moral sensitivities.

Hmmm.

Let us say that you were in charge of the biggest scam that the world has ever seen. You could print as much money as you saw fit and hand it to your friends. Say something in the order of $80 Billion per month.

How pleased would you be to see some new kid on the block in competition with you? Someone who was offering bitcoin as an alternative currency.

What to do? Well you are not without resources. You do print money, after all. How about this? You print up a whole lot of paper, offer it to some Nobody in exchange for him buying up bitcoin. Then you could suggest to him that he could get into all sorts of high-jinks, such as running druggs, weaponry and all sorts of exciting things. If you have chosen your man correctly, this will be a tremendous boost to his Ego. He will be Mr. Huge.

Then you come in to the rescue, bust him wide open and Save the Day, showing the world the evils of Bitcoin and the how wise el Presidente is to trust the printing of money to the FED.

True Professionals.

Try this exercise. Imagine how, as you are now, with only the resources that you have could set up an organization like Silk Road that can capture 9.5 million Bitcoin?

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