Daily Digest

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Daily Digest 2/6 - Drought Impacting CA Cattle, Avoiding Money's Privatization

Thursday, February 6, 2014, 11:00 AM

Economy

Christie's cancels Joan Miro auction intended to cover bank bailout (westcoastjan)

A Portuguese court rejected a request for an injunction to stop the sale by the Socialist Party, which claimed the paintings had been taken out of the country illegally.

The uncertainty over the case was enough to give Christie’s cold feet.

"While the recent injunction to stop the sale was not granted, the legal uncertainties created by this ongoing dispute mean that we are not able to safely offer the works for sale,” the auction house said in a statement.

JP Morgan Holds Highest Amount Of Physical Silver In History (Taki T., Thomas C.)

Butler’s calculations show that JPMorgan (JPM) has piled up the largest holding of physical silver in modern world. Since the silver price peak in May 2011, the bank has accumulated between 100 and 200 million ounces of physical silver (if not more). The equivalent in metric tonnes is between 3,110 and 6,220 tonnes.

A massive leak cracks open the secrets of tax havens (westcoastjan)

More than 110 journalists in 60 countries investigate who does business offshore.

Foreign exchange allegations 'as bad as Libor', says regulator (westcoastjan)

Other regulators around the world are also investigating possible manipulation of foreign exchange rates, but London's position at the centre of the market makes the FCA's investigation particularly significant.

Several banks, including RBS and Barclays in the UK, have launched their own internal investigations and already suspended foreign exchange traders.

Turkish potato price surge adds political, economic pressure before polls (westcoastjan)

The retiree declined to be named, saying he was afraid of speaking publicly about politics. Tensions are rising ahead of the polls, with thousands of police officers and 200 prosecutors being dismissed or reassigned since the scandal emerged, in what Erdogan's critics see as a ploy to stifle graft probes.

The AK Party still looks unlikely to lose power at the national level, partly because it can point to a strong economic record over the past decade - per capita incomes have risen by about 40 percent in inflation-adjusted terms.

Canada senator, ex-senator charged with fraud on expenses (westcoastjan)

"Our investigators interviewed dozens of individuals and witnesses. As is typical with any investigation, we also reviewed and analyzed thousands of documents, including financial statements, bank records and expense claims which dated back to 2003," he said.

The controversy stems from housing and living expenses the two men claimed. Harb and Brazeau have both said that they followed Senate rules in claiming expenses and that the rules were changed and unfairly applied retroactively.

Marc Faber: Market volatility will continue, here’s why (Herman J.)

“It would seem to me that it’s not just tapering that is putting pressure on markets. In emerging economies we have practically no growth, we have a slowdown in China that is more meaningful than the strategists seem to think and than the official, Chinese statistics seem to suggest. That then puts pressure on the earnings of the multinationals because most of the growth in the world over the last five years has come from emerging economies.” No growth, he said, was causing “a vicious circle on the downside” with slowing emerging economies and inflated asset markets that are now deflating, in turn putting more pressure on asset prices and on the economies.

Public Money: Avoiding Its Privatization (Mirelo)

Still, if not me, then who else can sell, buy, create, or destroy those bank notes? This question should be negligible if what I own is their monetary value rather than the notes themselves. However, if selling, buying, creating, or destroying them can change their individual monetary value, then the same question becomes critical.

Drought Impacting California Cattle Industry (drbost)

Justin Fields, a cattle rancher, has to feed his 500 cattle hay so they can survive. But he's also wondering if he can survive the growing costs of having to purchase 175 tons of hay this season -- a huge expense that cost him nearly $50,000.

In addition, a water hole on his property is bone dry and covered with grass.

Diesel prices on rise in wake of refinery fire (westcoastjan)

"High diesel prices impact the entire economy — all the trains and semi-trucks that travel across the country run on diesel, farmers run on diesel and what this means is we're going to be paying higher prices for almost everything,” said Toews.

Japan Looks at Dozens of New Geothermal Power Plants (James S.)

In the aftermath of the 11 March 2011 Fukushima Daiichi nuclear crisis, the then ruling Democratic Party of Japan took all of the country's 54 nuclear reactors offline before subsequently restarting two NPP reactors at the Oi nuclear power facility in Fukui Prefecture. Nevertheless, not unexpectedly, resistance to nuclear power generation nearly three years after the Fukushima Daiichi debacle, which shut down six reactors, remains quite substantial.

Searching for signs of Fukushima radiation on North Coast (Suzie G.)

Initial results from the search, called Kelp Watch 2014 and stretching from Alaska to Mexico, will be posted online by the end of April by marine biologist Steven Manley’s lab at CSU Long Beach.

The year-long project, Manley said, intends to answer questions on the minds of many Californians who wonder if the state’s coastal waters — and the food from them — are as safe as they used to be.

Doug Casey: ‘We are heading toward The Greater Depression’ (Herman J.)

"I’ve been saying for years that we are heading for something that I call The Greater Depression…I call it The Greater Depression because I expect it to be much worse and much greater than what we went through in the 1930′s.”

Gold & Silver

Click to read the PM Daily Market Commentary: 2/5/14

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."

10 Comments

saxplayer00o1's picture
saxplayer00o1
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MarkM's picture
MarkM
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Monkeywrenching?

The pressures are building.

http://www.businessinsider.com/silicon-valley-power-station-sniper-attac...

Apologies if this was previously posted.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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Posts: 4238
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4238
Emerging Market Debt-Linked Note Sales Plunge 89% on China, Fed

Emerging Market Debt-Linked Note Sales Plunge 89% on China, Fed

westcoastjan's picture
westcoastjan
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Posts: 575
heads up re email account hacking!!!

some of you may have read about Yahoo getting hacked. It appears I am a victim and the hackers have made their way into my other personal email as well as my work computer.... this is not fun!!!  I feel very violated!  frown

Beware of hackers!!!

Jan

Denny Johnson's picture
Denny Johnson
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Posts: 348
The Farce Is Complete: Blythe Masters Joining CFTC

http://www.zerohedge.com/news/2014-02-06/farce-complete-blythe-masters-joining-cftc

I haven't read the Turd in a long time, but I suspect there's a good rant there today.

Denny Johnson's picture
Denny Johnson
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Posts: 348
JPMorgan’s and Blythe Masters’ Debacles in Commodities

JPMorgan’s and Blythe Masters’ Debacles in Commodities

HughK's picture
HughK
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Posts: 764
Some local news...ooops

50 yards from my workplace, a trucker decides to take a shortcut around the bend. (He was out of the truck before it made the leap apparently...I think this must have happened in slow motion.)

Reminiscent of any other types of inertia that we consider around here?

Hugh

saxplayer00o1's picture
saxplayer00o1
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Arthur Robey's picture
Arthur Robey
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Posts: 3936
For what it's worth.

I saw my first house for sale on the local shopping center community notice board today.

It is the distressed sales that pop the bubble. I think that we are about to have a price discovery moment.

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