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Daily Digest 10/8 - About The Shale Gas "Miracle," Is Anyone Really In Control?

Tuesday, October 8, 2013, 10:09 AM

Economy

Drugmakers pay to attend FDA advisory panel’s meetings, emails show (RW)

“These emails help explain the disastrous decisions the FDA’s analgesic division has made over the last 10 years,” said Craig Mayton, the Columbus, Ohio, attorney who made the public-records request to the University of Washington. “Instead of protecting the public health, the FDA has been allowing the drug companies to pay for a seat at a small table where all the rules were written.”

Is Anyone Really In Control? (Thomas C.)

I know the game. Whenever they lose big time, they claim it is a rogue trader. Let’s set this straight. Nicholas “Nick” Leeson was a former derivatives broker whose the story claims did fraudulent UNAUTHORIZED speculative trading that led to the collapse of Barings Bank, which was the oldest investment bank in Britain. They had an account at out Hong Kong branch of our brokerage house. We had no problem because the board of directors provided authorization for his credit line. If you do not ask for something like that, you are asking for trouble. In the case of Yakult in Japan, I asked for a letter from the board of directors confirming they were aware of the directions of their Chief Financial Officer. When they would not provide such a letter, I refused to comply with the orders and the account was closed. However, they hid $100 million loss at our Hong Kong office and then asked for us not to reveal that publicly. It took them one year to pay us that money, thereby confirming that the Board of Directors knew what was going on while the press demanded the head of their “rogue” trader.

Detroiters Living Amid Ruins Resist Moving as City Reorganizes (Thomas C.)

The Motor City is considering incentives, such as those New Orleans used after Hurricane Katrina, to encourage people to relocate rather than forcing them to. It’s among the many challenges of creating functional neighborhoods in what was once the fourth-largest U.S. city, one that since March has been run by a state-appointed emergency manager.

Debt Ceiling And Implications For Gold Investors (Taki T.)

While it is true that a default by the US government would have grave repercussions – for instance, it may well end the dollar’s dominance as the world’s reserve currency, which is an extraordinary privilege enjoyed by the US – a failure to raise the debt ceiling won’t lead to a default unless the treasury decides to default voluntarily.

What John Boehner's ambition has to do with the shutdown (westcoastjan)

Why he is so attached to sticking with such a bruising job is another question. His caucus is balkanised and unruly. This Congress is held in the lowest public esteem since the invention of public opinion polls. And the Republicans are more disliked than the Democrats.

Huffington Magazine This Week: Disposable Workers (westcoastjan)

Dawn Hughey, a former Dollar General employee, told Dave that dollar-store managers work up to 80 hours a week but aren't eligible for overtime pay. Many supervisors are earning close to the minimum wage, doing everything from stocking shelves to manning the cash register -- at least until they happen to get injured.

About That Shale Oil & Gas Miracle (Phil H.)

Royal Dutch Shell is one of the biggest corporations in the world, with financial resources greater than 99% of all the organizations on earth. Their CEO probably knows a little bit more about oil exploration than the Wall Street systers and CNBC bimbos. His company has poured $24 billion into shale exploration in the U.S. It has been a huge failure. They have already written off $2.1 billion. They are trying to sell huge swaths of land in the Eagle Ford area. They are losing money in the shale oil and gas business. If Shell can’t make it profitable, who can?

Gold & Silver

Click to read the Gold & Silver Digest: 10/7/13

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
Short term yields up 150% on the day so far

....as of 8:46am (Pacific)

 

Yields on one-month Treasury bills  +150.62% , which are most at risk of a technical default if the debt ceiling doesn't get raised, were on track for their highest close since February of 2009,

 

 

Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
John Rubino

http://dollarcollapse.com/politics-2/welcome-to-the-third-world-part-10-suddenly-being-a-politician-is-hard/

But of course (irony alert) the real victims are the politicians who have grown used to spending play money and then running for re-election on their generosity. They’re suddenly faced with limited funds and the need to prioritize. And they’re finding that they’ve lost that skill. They have no idea how to stand before an audience and tell hard truths, perhaps because they’ve literally never done it. Think about it: Harry Reid and Nancy Pelosi – and for that matter their main Republican counterparts – have never in their careers had to take anything away from a major constituency. They’ve always been able to find the money.

Now they’re beginning to realize what an unnaturally easy gig they used to have. Being a politician is suddenly hard, unpleasant work, and the current crop is, not surprisingly, terrible at it.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
White House to name Janet Yellen Fed chair: WSJ

"LOS ANGELES (MarketWatch) -- The White House is expected to name Federal Reserve Vice Chairwoman Janet Yellen as the chairwoman of the Federal Reserve, according to a Wall Street Journal report late Tuesday. An announcement is likely to be made as soon as Wednesday. Yellen has served as vice chair of the central bank since 2010, and would succeed current Fed Chairman Ben Bernanke. Bernanke's second term as Fed chief will end on Jan. 31, 2014"

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Professor Fekete on Deflation.

The end-game is here. The Boys are abandoning ship and leaving a Girl to get the blame. How shall we sing their praises?

The White House is expected to nominate Federal Reserve Vice Chairwoman Janet Yellen as the chairwoman of the Federal Reserve

And how shall it end? Professor Fekete had the misfortune of being on Max's show and predicts massive Deflation.

The way I interpret his point of view is that it in not the Quantity of money we should focus on but its Quality. If the piece of paper you have in your hand has no value then you have experienced a Deflationary event. Real money becomes scarce.

He says the phenomenon is not uniformly distributed geographically.

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