Daily Digest

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Daily Digest 12/5 - How Detroit Went Broke, A Gut Reaction

Thursday, December 5, 2013, 11:47 AM

Economy

How Detroit went broke: The answers may surprise you - and don't blame Coleman Young (Phil H.)

The numbers, most from records deeply buried in the public library, lay waste to misconceptions about the roots of Detroit’s economic crisis. For critics who want to blame Mayor Coleman Young for starting this mess, think again. The mayor’s sometimes fiery rhetoric may have contributed to metro Detroit’s racial divide, but he was an astute money manager who recognized, early on, the challenges the city faced and began slashing staff and spending to address them.

Yuan overtakes euro as 2nd most used currency in trade finance (HughK)

The yuan has overtaken the euro as the second most used currency in international trade finance, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Marc Faber: We are approaching a 1987-like stock market crash (Herman J.)

“I think the likelihood of a major correction as the market goes up increases, and I just want to warn your listeners: it’s not a good time to buy stocks. Maybe you’ll make another 5 or 10 percent, but the big move – the market from the lows in March 2009 is up almost three times – it’s not a good time to buy.”

Judge Clears Way for Detroit to Pursue Bankruptcy, Handing Labor Unions Huge Defeat (Wendy SD)

The judge ruled that the city filed its petition properly, arguing that labor’s claim that the city negotiated in bad faith didn’t hold up because of the sheer number of creditors (more than 100,000). He said the negotiations were impractical.

And The Award For Most Corrupt Nation Goes To ... (Amanda)

In the category of most-corrupt, there was a three-way tie: Afghanistan, North Korea and Somalia.

A growing appetite for green bonds, despite downsides (westcoastjan)

“So investors won’t see late green bond payments or defaults,” said Chris McKnett, head of ESG investing at Boston-based State Street Bank Global Advisors. “This is important since the green space is still very experimental.” Green bonds are also usually safer and less volatile than green stocks. The reason: 89% of green bonds are investment grade, according to Climate Bonds Initiative.

Control via Interlocking Complicity (GE Christenson)

We all know “something is wrong” but we keep riding the same corrupt “gravy train” because it works for many powerful people. Consider the interlocking complicity involved in the following...

A Gut Reaction (jdargis)

Nearly one in five American children is considered obese. While they may not face major health issues now, that could easily change in adulthood. Obese children are more likely to become obese adults with a higher probability of certain illnesses, including diabetes, heart disease, and certain cancers. And though it may appear that non-obese but still overweight children do not face as bleak a future, children with higher BMI are more likely as adults to have an increased risk of heart disease, the number one cause of death in America.

Beyond “Sissy” Resilience: On Becoming Antifragile (adam)

In his most recent book, Antifragile, Taleb offers some simple heuristics to help businesses and individuals thrive in a life swirling with volatility. Before he does that, though, Taleb makes the case that people/systems/organizations/things/ideas can be described in one of three ways: fragile, resilient, or antifragile.

This Incredible Drone Footage Of The Riots In Bangkok Will Make You Forget All About Amazon Prime Air (Nervous Nelly)

According to The New York Times' Thomas Fuller, the protestors want to throw the powerful Shinawatras family out of Thailand. They are led by a former prime minister who was removed from office by a military coup in 2006. The protests quieted a day ago in honor of the king's birthday.

Louisiana Loses ‘Millions’ in Oil Extraction Tax Glitch (James B.)

According to the report, in 2010, the LDR stopped using an automated program called “GenTax”, which pinged companies that weren’t filing severance tax returns, and other avenues for keeping track of such filings are too limited to be accurate.

No Need for More Iranian Oil, U.S. Says (James S.)

Iran says it expects a major boost in oil exports now that it has a nuclear deal in hand. In a sign the market is able to do without, however, the U.S. government said Iran's return is unlikely because of the ample supply of oil elsewhere.

Iranian Deputy Oil Minister Kazzem Vaziri-Hamaneh said last week relief from economic sanctions could stimulate an oil export economy hamstrung by Western sanctions.

Plastic Waste Threatens Marine Diversity (Jason C.)

"An article in Current Biology details the finding that minute particles of plastic waste are affecting marine worms, potentially having grave impacts on marine biodiversity and leading to the accumulation of toxins in marine animals. 'The team found that the tiny bits of plastic, which measure 1mm or smaller, transferred pollutants and additive chemicals — such as flame-retardants — into the guts of lugworms. This process results in the chemical reaching the creatures' tissue, causing a range of biological effects such as thermal stress and the inability to consume as much sediment.' Unfortunately, policymakers have routinely treated such wastes as benign. The BBC provides more approachable coverage of the findings."

Gold & Silver

Click to read the PM Daily Market Commentary: 12/4/13

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."

2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
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Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
'Nuff Said.

Zimbabwe.

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