Daily Digest

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Daily Digest 1/2 - N.J. Minimum Wage Rises, 2014 Forecasts And Predictions

Thursday, January 2, 2014, 11:37 AM

Economy

Gold on track for biggest annual loss in three decades (Yoxa)

"In that sort of environment (of higher rates) the key is the yield and also the credit risk, which is substantially lower right now, and not really working in favour of gold demand."

Spot gold was up 0.1 percent at $1,197.66 an ounce at 1307 GMT, while U.S. gold futures for February delivery fell 0.6 percent to $1,197.40 an ounce.

The Gold Price In 2014: Forecasts And Predictions (Taki T.)

Barclays Bank, another member of the London Gold Fix, says gold will average $1350 in the first quarter of 2014 but track back to $1270 per ounce by year-end.

N.J. minimum wage rises by $1 (Thomas C.)

In Pennsylvania, where the minimum wage matches the federal minimum of $7.25 an hour, Democrats have proposed raising it. A proposal in Congress would raise the federal minimum wage to $10.10 an hour.

Sixty-one percent of New Jersey voters said yes last fall to amending the state constitution to raise the wage to $8.25 an hour and include annual increases tied to the Consumer Price Index.

Lightbulb standards expand Wednesday (Thomas C.)

As conservatives and self-avowed curmudgeons rail at what they see as excessive government oversight, energy efficiency advocates hail a new era of lighting, one they say has been a long time coming since Thomas A. Edison's famous invention 135 years ago.

Either way, the standards will likely change forever the way we think about - and measure - lighting.

Mining in Greenland - a country divided (westcoastjan)

Rare earth elements are used in everything from mobile phones to solar panels to wind turbines. China dominates world supply, but if people like Greg Barnes are right, Greenland has the potential to be a major player.

Shorten says we must work hard in 2014 (Arthur Robey)

'Keeping Australians in work will be one of the biggest challenges we face in 2014.

'The kind of job losses that occurred towards the end of 2013 can't be allowed to happen again this year.'

The Great Italian Auto Bailout — Courtesy of U.S. Taxpayers (Dana)

As we noted in the piece, much of Chrysler’s profits from its overhauled line are going to prop up Fiat’s failing, money-losing Italian business, rather than to expanding production and jobs in the U.S. Moody’s had downgraded Fiat’s credit rating to “junk” even before the Obama administration arranged for it to acquire a Chrysler stake, and in Autumn 2012, Moody’s gave Fiat another downgrade that the Financial Times described as even “further into ‘junk’ territory.”

Latvia Joins The Eurozone (cmartenson)

If we were to sum up all the euro accession news today, in Latvia and beyond, all the analysis, the pros, the cons, the supporters, the doubters; we could say this: it just doesn’t mean a thing. It was a foregone conclusion. There is not, nor has there ever been, a real debate.

From the first German banker to salivate over a euro coin in 2002, to the last Estonian farmer who stumbled upon one in 2011 – the decision by each country to take on the euro was made not by the populace at large, but by the ever turning cogs of the growing, bloated, bureaucratic European system.

A Climate Truth-Tellers Honor Roll of 2013 (westcoastjan)

Back in October, in “How science is telling us all to revolt” in The New Statesman, Naomi Klein highlighted “a small but increasingly influential group of scientists whose research into the destabilisation of natural systems—particularly the climate system—is leading them to…transformative, even revolutionary, conclusions.” Foremost among them is the aforementioned Kevin Anderson, deputy director of the UK’s Tyndall Centre for Climate Change Research and one of Britain’s leading climate scientists.

Club Orlov: Predictions For 2014 (westcoastjan)

Now, the price of oil is even simpler to forecast: it will be between $100 and $150 a barrel, roughly. It may briefly dive to as low as $20 a barrel, but that won't last. The past few years have allowed us to empirically determine that $100/bbl is the price that's necessary to keep the oil flowing in the quantities required to keep the economy humming along, now that all the supergiant fields are in depletion and all the new fields are super-expensive and involve deep-sea drilling or fracking or other expensive and/or risky ventures. Now, you might think that keeping the oil flowing in the quantities required to keep the economy humming along may turn out to be problematic at some point.

When Will Chinese Economy Surpass U.S.? (Herman J.)

“The banks are very similar to the US banks – they offer you nothing. People are not happy with nothing, so they want to go into something else. The Chinese capital markets are closed, so they cannot invest in overseas markets. This is one of the reasons they buy so much gold and real estate…”

Gold & Silver

Click to read the PM Daily Market Commentary: 12/31/13

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: 4147
Yields on Puerto Rico Debt Hit High

A couple headlines:

  1. Yields on Puerto Rico Debt Hit High
  2. King: Police pension crunch may come sooner than we think (Houston)
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
National Debt hits $17.35 Trillion

Treasury Direct Link

Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
12/24/2013 12,331,879,196,393.31 4,916,209,285,596.57 17,248,088,481,989.88
12/26/2013 12,310,556,832,170.12 4,915,541,075,476.17 17,226,097,907,646.29
12/27/2013 12,309,395,899,151.39 4,916,871,374,392.95 17,226,267,273,544.34
12/30/2013 12,309,327,387,048.12 4,917,440,688,355.04 17,226,768,075,403.16
12/31/2013 12,355,426,523,284.55 4,996,544,261,665.60 17,351,970,784,950.15

 

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1614
Hiding your money from burglars

Hiding your currency from burglars in a box under your bed is not considered a secure method. If a toddler can find it, so can the bad guys.

http://www.dailymail.co.uk/news/article-2532592/Toddler-allowed-rip-old-...

:)

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
The Soft Peddal

Anderson and Bows, Klein notes, have “laid down something of a gauntlet” for fellow scientists, essentially arguing, as Klein puts it, that “in order to appear reasonable within neoliberal economic circles, scientists have been dramatically soft-peddling the implications of their research.” She quotes Anderson, who wrote this past August:

My bold.

From Jan's piece

Anyone else want to deny that smoking is bad for your health?

Doug's picture
Doug
Status: Diamond Member (Online)
Joined: Oct 1 2008
Posts: 3159
Arthur Robey wrote: Anderson
Arthur Robey wrote:

Anderson and Bows, Klein notes, have “laid down something of a gauntlet” for fellow scientists, essentially arguing, as Klein puts it, that “in order to appear reasonable within neoliberal economic circles, scientists have been dramatically soft-peddling the implications of their research.” She quotes Anderson, who wrote this past August:

My bold.

From Jan's piece

Anyone else want to deny that smoking is bad for your health?

I hear you Arthur. Its plain for anyone who pays attention. Problem is the media flack persuades everyone not to pay attention. They would rather be amused.

Dan Robinson's picture
Dan Robinson
Status: Member (Offline)
Joined: Dec 28 2008
Posts: 13
Minimum wage

Minimum wage is the wrong solution, We work for money, and some also work for respect, from self and others. Minimum wage creates a gap between that and volunteering only for the respect. Some worthwhile jobs go undone and some worthwhile people go unpaid for worthwhile work.

Instead, I'd like to see a "revenue neutral" tax on each individual, proportional to something like the square of one's income times the square of the number of one's kids, making mega-rich and mega-"fruitful" prohibitive. The ultimate goal, and therefore pride and right, should be in contributions to the larger community(ies).

 

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