Daily Digest

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Daily Digest 2/3 - Capitalism Vs. Democracy, Rising Seas Infographic

Monday, February 3, 2014, 11:44 AM

Economy

Capitalism Vs. Democracy (jdargis)

Piketty’s book — published four months ago in France and due out in English this March — suggests that traditional liberal government policies on spending, taxation and regulation will fail to diminish inequality. Piketty has also delivered and posted a series of lectures in French and English outlining his argument.

The Rise of 200 Alternative Crypto Currencies (Chris F.)

Although governments worldwide are still scratching their heads on how to regulate Crypto currency, those who fear that they are a bubble or will soon disappear, do not fully appreciate that those involved in this new field of Internet enabled finance, are some of the cleverest and most knowledgeable techies on the planet. Mixed in with them are political bank reformists, lawyers and financial speculators. Most of these are diehard believers, almost like a new religion, who will continue to work on this new technology, no matter what happens to the price, or what some governments attempt to do. In short, Crypto currencies are here to stay.

New Saudi counterterrorism law alarms activists (Brian)

Human rights activists were alarmed by the law and said it is clearly aimed at keeping the kingdom's ruling Al Saud family firmly in control amid the demands for democratic reform that have grown louder since the Arab Spring protests that shook the region in 2011 and toppled longtime autocrats.

Saudi activist Abdulaziz al-Shubaily described the law as a "catastrophe." And Human Rights Watch researcher Adam Coogle warned: "The new law is draconian in spirit and letter, and there is every reason to fear that the authorities will easily and eagerly use it against peaceful dissidents."

Corruption across EU 'breathtaking' - EU Commission (westcoastjan)

"The extent of the problem in Europe is breathtaking, although Sweden is among the countries with the least problems," Ms Malmstroem wrote in Sweden's Goeteborgs-Posten daily.

The cost to the EU economy is equivalent to the bloc's annual budget.

Rethinking the home ownership dream (westcoastjan)

But maybe those are now outdated notions. Many young Canadians are already looking at them with skepticism. And perhaps we should all rethink the dream for a number of reasons.

First, affordability. In little more than a decade and a half, the average house price in Canada has more than doubled, outpacing inflation and incomes.

S&P and Gold Extremes and Reversals (GE Christenson)

“Why can’t Germany get its gold back? Do Western central banks really have any gold left in their reserves or have they sold it all? And why is China, now the world’s second-largest economy, buying so much gold? These are questions that lead me to one conclusion: gold prices should be a lot higher than they are today.”

Shell to Sell Brazilian Oil Field to Qatar for $1bn (James S.)

Energy giant Royal Dutch Shell has announced a deal with Qatar Petroleum to sell 23% of its take in a Brazilian oil field for $1 billion as Shell seeks to purge some of its assets to offset soaring spending costs. Shell acquired a 23% stake in the Brazilian oilfield, Parque das Conchas field, or BC-10, from state-run Petrobras and the sale is expected to net minimum, if any, profit.

Rising Seas (Afridev)

There are more than five million cubic miles of ice on Earth, and some scientists say it would take more than 5,000 years to melt it all. If we continue adding carbon to the atmosphere, we’ll very likely create an ice-free planet, with an average temperature of perhaps 80 degrees Fahrenheit instead of the current 58.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/31/14

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."

4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1756
James Howard Kunstler is on fire this morning

http://kunstler.com/clusterfuck-nation/shake-me-wake-me/

He talks mostly about the illusion that the central banks have things under control:  with the FED at your back, stock markets can only go up.

His words are so colorful that I just enjoy....

The rot moves from the margins to the center, but the disease moves from the center to the margins. That is what has happened in the realm of money in recent weeks due to the sustained mispricing of the cost of credit by central banks, led by the US Federal Reserve. Along the way, that outfit has managed to misprice just about everything else  — stocks, houses, exotic securities, food commodities, precious metals, fine art. Oil is mispriced as well, on the low side, since oil production only gets more expensive and complex these days while it depends more on mispriced borrowed money. That situation will be corrected by scarcity, as oil companies discover that real capital is unavailable. And then the oil will become scarce. The “capital” circulating around the globe now is a squishy, gelatinous substance called “liquidity.” 

And

The big banks are so deep in this derivative ca-ca that eyeballs are turning brown in the upper level executive suites. Notable bankers are even jumping out of windows, hanging themselves in back rooms, and blowing their brains out in roadside ditches. Is it not strange that there are no reports on the contents of their suicide notes, if they troubled to leave one? (And is it not unlikely that they would all exit the scene without a word of explanation?) One of these, William Broeksmit, a risk manager for Deutsche Bank, was reportedly engaged in “unwinding positions” for that that outfit, which holds over $70 trillion in swap paper. For scale, compare that number with Germany’s gross domestic product of about $3.4 trillion and you could get a glimmer of the mischief in motion out there. Did poor Mr. Broeksmit despair of his task? 

Tall's picture
Tall
Status: Platinum Member (Offline)
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pat the rat's picture
pat the rat
Status: Bronze Member (Offline)
Joined: Nov 1 2011
Posts: 99
bit coin

I got a tulip I want sell you for a bit coin, any takers? 

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