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Daily Digest 3/3 - Local currencies = local resilience, Third World America - BP Gulf Of Mexico Oil Spill Coverup

Monday, March 3, 2014, 12:39 PM

Economy

Local currencies = local resilience (jrenolds)

Capitalistic systems work by facilitating the movement of capital through a market economy system in search of the most profitable investments all over the globe.

A local currency make it difficult for capital to leave a geographical region. A market economy system (free competition between businesses)  can still be used, but capital has much more limited choice of deployment. A local currency can always be converted to the national currency and then leave the geographical zone. In that way local currencies are still tied to the national currency.

Unicredit "Temporarily" Limits ATM Withdrawals In Ukraine

It appears the bank runs - or desparate dash for cash - in Ukraine have escalated. We noted that Russian banks had already limited access but now Unicredit has issued a statement "temporarily limiting operations on cash withdrawal in ATMs, in order to provide all the clients with an access to cash money." The decision, they stress, is a temporary one (like Cyprus capital controls?) and will be cancelled with the "normalization of the situation."

Trusting the ‘Sharing Economy’ to Regulate Itself

A variety of Internet-enabled platforms for peer-to-peer commerce seem to be under regulatory siege. If settlement talks fail, Airbnb is heading to court to challenge a wide-ranging subpoena for New York City host information issued by the New York State attorney general.  The urban transportation platforms Uber, Lyft and Sidecar have battled regulators in numerous cities – for instance, Sidecar left New York last spring after a sting by agents of the Taxi and Limousine Commission during a pilot program in Brooklyn led to the impounding of a driver’s car. A consortium of cabbies and drivers recently sued the city of Chicago with a claim that the city has allowed “unlawful taxi caste system” to emerge. RelayRides, a peer-to-peer car rental marketplace, suspended operations in New York a few months ago after being told that a regulator “believes there is noncompliance with certain unique aspects” of New York insurance law.

We probably should stop taking the GDP so seriously

The U.S. government sharply revised GDP, its measure of the American economy, downward on Friday from 3.2 percent to 2.4 percent. The latest number is less impressive, although it still falls in line with forecasts.

Many people consider GDP the final word on how the economy is doing, for better or for worse, but what does it really tell us? GDP, or Gross Domestic Product, was created in 1934 by economist Simon Kuznets as a way to measure how the United States was recovering from the Great Depression.

Energy

Third World America - BP Gulf Of Mexico Oil Spill Coverup - Video (pinecarr)

As we approach the fourth anniversary of the Deepwater Horizon Gulf Oil Disaster, perhaps it is a good time to remember the great success it represents, the success in shifting the thoughts of attention deficient Americans from the things that really matter, like honest and accountable government.

Is anything really different, or have we just been prompted to move on and think about something else? Will the US be better prepared to deal with the next financial or environmental crisis?

Efficiency, Not Just Alternatives, Is Promoted as an Energy Saver

Green Mountain Coffee Roasters makes a lot of money selling individual servings of ground coffee in white cups that are churned out by the millions from a hissing, clanking production line here. But it recently found a way to generate even greater profits from the operation that will require only a modest investment.

Environment

Los Angeles Moves Closer To City Fracking Moratorium

The Los Angeles City Council voted unanimously on Friday to advance a moratorium on hydraulic fracturing, also known as fracking, in the nation's second-largest city.

The motion passed Friday instructs the city's attorney to draft new zoning regulations that would prohibit fracking and other oil- and gas-well stimulation techniques within city limits until fracking companies can provide city officials with assurances as to future water quality, and can "mitigate the effects on climate change, protect environmental quality and natural resources, promote community awareness [and] "allow government access to and testing of chemicals used."

Rain in California Brings Relief, and New Problems

Sheets of rain swept across this state pocked with depleted reservoirs, fallow fields and brown hills, providing at the very least a respite from what meteorologists have described as the worst drought that Southern California has endured in more than 100 years. The Friday storm, which was expected to stretch into the weekend, followed a shorter storm on Wednesday, a back-to-back sousing that forecasters said would produce as much as 10 inches of rain in some parts of the state and heavy snow in the Sierra Nevada.

More rain fell here in Los Angeles over the course of 12 hours on Friday — 1.53 inches — than had fallen over the last eight months, according to the National Weather Service.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/1/14

Provided daily by the Peak Prosperity Gold & Silver Group

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
Denny Johnson's picture
Denny Johnson
Status: Gold Member (Offline)
Joined: Aug 13 2008
Posts: 348
This struck me as a good

This struck me as a good synopsis of the Ukrainian situation, does anyone have any insightful criticism?

http://original.antiwar.com/justin/2014/03/02/crimea-for-the-crimeans/

Russia and the US – out of Ukraine!

Americans do not learn from history because they don’t know history, either their own or anybody else’s. That’s why they are so ready to swallow the narrative now being sold to them about what, exactly, is occurring in Ukraine.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Thanks Sax

I was wondering around in the Market Watch site that Sax offered a link to and found this good visualization of the state of the market.

Maybe I am easily impressed as a total greenhorn but I thought it was Rich with information. Notice first the general shade of the Map It is Red. It also shows the significant players and the little guys who are doing well.

Of cause it is only a snapshot. As the time approaches to pay dividends I would expect it to green up and then turn deep red again.

It needs another axis for time.

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1429
Italy - Bond Yield

Italy's economy continues to contract, Rome is about to declare bankruptcy...and Italy's 10 Year bond yield continues to march downward.  Something is very wrong.   But we have "Lagarde: ECB must fight inflation with more stimulus"

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1517
California's teacher pension disaster

This would make an exponential function blush!

http://www.bloombergview.com/articles/2014-03-03/california-s-600-billio...

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