Daily Digest

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Daily Digest 1/14 - Where The Oil Refiners Stand, The Coming ‘Instant Planetary Emergency’

Tuesday, January 14, 2014, 11:46 AM

Economy

Why eurozone should monitor US Supreme Court decision on Argentina (westcoastjan)

Argentina's position is that these creditors won't be paid at all since they refused to participate in the debt exchanges.

But an influential US appeals court ruled that Argentina cannot just pay the ones that accepted the debt restructuring, but must repay all of its creditors, including the hold-outs.

Bankers accused of using 'sneaky ways to dodge bonus limits' (westcoastjan)

Spokeswoman Deborah Hargreaves said: "We saw fat-cat Wednesday last week, where top bosses on an average of £4.3m a year had already taken home as much as average earnings in two and a half days this year.

"It is wrong to be over-paying a small group of people at the top and leaving the rest of the workforce struggling to make ends meet."

Jim Rogers: ‘I’m not selling my gold, another chance to buy more is coming’ (Herman J.)

“I own gold and I haven’t sold any – I’ve hedged some. The Indian government ruined the gold market and that continues to be the situation. There will be another time to buy gold, at least in my view, and I hope I’m smart enough to buy it.”

Charges Seen as Unlikely in Scrutiny by the I.R.S. (jdargis)

The news that criminal charges are unlikely is not expected to stop the debate over whether politics had motivated the I.R.S. scrutiny. Last week, two senior House Republicans sent a letter to the Justice Department demanding that the prosecutor overseeing the case be removed because she had donated money to President Obama’s campaign. The letter was sent by Representative Darrell Issa of California, the chairman of the House Committee on Oversight and Government Reform, and Representative Jim Jordan of Ohio, the head of the regulatory affairs subcommittee.

Water Ban Lifted for Part of West Virginia After Spill (jdargis)

Officials were lifting the ban in a strict, methodical manner to help ensure the water system was not overwhelmed by excessive demand, which could cause more water quality and service problems. An online map detailing what areas were cleared showed a very small portion in blue and a vast area across nine counties still in the 'do not use' red.

Lifting the Oil Export Ban: Where the Refiners Stand (James S.)

As the debate over whether to lift the US ban on crude oil exports intensifies, producers will clearly benefit, but the situation for refiners is more complicated, but most are lining up on the side of big oil and free trade. For the producing majors, lifting the export ban is a clear win because all that increased crude production at home has reduced prices, while at the same time new horizontal drilling methods are much more expensive than the conventional. But for refiners, who are enjoying the cheap domestic prices for crude, the math is not that simple.

The Coming ‘Instant Planetary Emergency’ (westcoastjan)

The reason, of course, is climate change—and just how bad it might be came home to me in the summer of 2010. I was climbing Mount Rainier in Washington State, taking the same route I had used in a 1994 ascent. Instead of experiencing the metal tips of the crampons attached to my boots crunching into the ice of a glacier, I was aware that, at high altitudes, they were still scraping against exposed volcanic rock. In the pre-dawn night, sparks shot from my steps.

Why EIA, IEA, and Randers’ 2052 Energy Forecasts are Wrong (westcoastjan)

Climate change models include way too much CO2 from fossil fuels. Lack of investment capital will bring down production of all fossil fuels in only a few years. The amounts of fossil fuels included in climate change models are based on “Demand Model” and “Hubbert Peak Model” estimates of fossil fuel consumption (described in this post), both of which tend to be far too high. This is not to say that the climate isn’t changing, and won’t continue to change. It is just that excessive fossil fuel consumption needs to move much farther down our list of problems contributing to future climate change.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/13/14

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."

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