Daily Digest

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Daily Digest 3/7 - Rains Ease Calif. Drought, Make Wildfire Outlook Grimmer, Russia Calls In $2 Billion Gas Debt as Ukraine Digs In

Friday, March 7, 2014, 12:11 PM

Economy

Dollar debasement is destroying confidence in the system: Video

Confidence, according to Mr. Jim Rickards, is everything. “The key factors – what it is that makes something money – is confidence,” he tells Erin Ade of Boom Bust.  ”There’s no reason paper can’t be money, but only if people have confidence in it…I think right now people still have confidence in the dollar, but I think that confidence is being very quickly eroded for a number of reasons.” The chief culprit, he says, is money printing by the Fed. “When the confidence is lost, it can be lost very quickly, and investors need to be prepared for that.”

15 Vermont Towns Vote to Start a Public Bank that Works for Them, Not Wall Street

By a more than three-to-one margin on Tuesday, communities voting on whether to support the creation of a public bank in Vermont approved the idea, calling for the state legislature to establish such a bank and urging passage of legislation designed to begin its implementation. 

In a show of direct democracy that also exposed the citizenry's desire for a more localized and responsible banking system, fifteen of nineteen towns passed the resolution during 'Town Meeting Day'— an annual event in which voters choose local officials, approve municipal budgets, and make their voices heard on a number of measures put before local residents for approval.

Russia Calls In $2 Billion Gas Debt as Ukraine Digs In on Crimea

Russia said Ukraine must pay off almost $2 billion owed for natural gas by today and signaled supplies may otherwise be cut, ratcheting up the pressure on its cash-strapped neighbor as the two nations scrap over the future of the Black Sea Crimea region.

Ukraine hasn’t made its February fuel payment and owes Russia $1.89 billion, according to gas export monopoly OAO Gazprom (OGZD), which halted supplies to Ukraine five years ago amid a pricing dispute, curbing flows to Europe. Earlier, lawmakers in Moscow said they’d accept the results of a March 16 referendum on Crimea joining Russia as Ukrainian Prime Minister Arseniy Yatsenyuk reiterated that his cabinet deems the vote illegal, saying the region can’t secede.

Dorian S. Nakamoto denies he's Bitcoin founder, says he was misunderstood

According to an AP report, Dorian Prentice Satoshi Nakamoto, the 64-year-old man Newsweek claims is the founder of Bitcoin, has now said that he had nothing to do with the cryptocurrency, adding that he came to know about Bitcoin only three weeks ago when a Newsweek reporter contacted his son.

By a more than three-to-one margin on Tuesday, communities voting on whether to support the creation of a public bank in Vermont approved the idea, calling for the state legislature to establish such a bank and urging passage of legislation designed to begin its implementation.

In a show of direct democracy that also exposed the citizenry's desire for a more localized and responsible banking system, fifteen of nineteen towns passed the resolution during 'Town Meeting Day'— an annual event in which voters choose local officials, approve municipal budgets, and make their voices heard on a number of measures put before local residents for approval. - See more at: http://thecontributor.com/15-towns-vote-start-public-bank-works-people-vermont-not-wall-street#sthash.cUFLI87p.cVC0JItC.dpuf

Energy

Record-shattering 5,000 megawatt & 2,500 megawatt solar projects get green light in Indian state of Jammu and Kashmir

The largest solar power plant in the world is a California project 550 megawatts (MW) in size. Dwarfing that, the Indian state of Jammu and Kashmir has just given the green light to a 5,000 MW solar project and a 2,500 MW solar project. Granted, these projects will likely be composed of many separate solar power plants. Nonetheless, 7,500 MW is about three-fourths of the entire solar power capacity in the United States at the end of the 3rd quarter of 2013.

These solar projects totaling 7,500 MW add on to a 4,000 MW solar "ultra mega" project that recently received a memorandum of understanding in another Indian state, Rajasthan. Again, a little simple math shows that these three projects together would have a power capacity surpassing all the solar power installed in the US. Staggering.

Coal’s Comeback Year Runs into Trouble

The U.S. coal industry is expected to have a comeback year in 2014, regaining some of the ground it lost in the electric power industry over the last 3 years or so. Low-cost natural gas shoved aside the coal industry, which has been plagued by rising costs and increasingly stringent environmental regulations. But the run up in natural gas prices since 2012 – especially since the beginning of 2014 – provides an economic lifeline for struggling coal businesses. Coal can compete once again, at least for the time being.

Generation gap: wind opens big lead over nuclear in China

In China, wind power is leaving nuclear behind. Electricity output from China’s wind farms exceeded that from its nuclear plants for the first time in 2012, by a narrow margin. Then in 2013, wind pulled away—outdoing nuclear by 22 percent. The 135 terawatt-hours of Chinese wind-generated electricity in 2013 would be nearly enough to power New York State.

French Utility Reports $13Billion Loss over Solar, Wind Subsidies

According to Reuters, GDF Suez took a 9.1 billion euro impairment on assets and a 5.8 billion impairment on goodwill. Its net loss for 2013 of 9.74 billion euros (over $13 billion) compares to a 1.54 billion euro profit the previous year.

"We consider the deterioration of the gas storage and thermal energy production in Europe is deep and long-lasting," Chief Executive Gerard Mestrallet told media.

Is a Shrinking Wilderness the Hidden Cost of Energy Security? (Op-Ed)

Access to cheap energy has become essential to modern economies. How society meets future energy demand will have consequences for both people and nature.

Throughout the world, countries are determining how they will meet current and future energy needs, and increasingly are developing alternative sources of energy, and the United States is pushing to develop its own domestic energy resources in order to prevent potential disruption of energy supplies in the future.

Environment

Researchers find high-fructose corn syrup may be tied to worldwide collapse of bee colonies (Wendy S. Delmater)

Since approximately 2006, groups that manage commercial honeybee colonies have been reporting what has become known as colony collapse disorder—whole colonies of bees simply died, of no apparent cause. As time has passed, the disorder has been reported at sites all across the world, even as scientists have been racing to find the cause, and a possible cure. To date, most evidence has implicated pesticides used to kill other insects such as mites. In this new effort, the researchers have found evidence to suggest the real culprit might be high-fructose corn syrup, which beekeepers have been feeding bees as their natural staple, honey, has been taken away from them.

Rains Ease Calif. Drought, Make Wildfire Outlook Grimmer

This week’s U.S. Drought Monitor, released Thursday morning, shows that the “blockbuster” storms that lasted from Feb. 26 to March 2, dropped as much as 75 percent of the moisture some California cities have received all season. Burbank received 4.78 inches of its 5.28-inch season-to-date rainfall total and downtown Los Angeles received 4.52 inches of its 5.72-inch total.

The cruel irony is that the much-needed moisture may end up making a wildfire season expected to be catastrophic even worse than it would have been if the region had stayed completely dry.

The bananapocalypse is upon us

For years, bananas have been a staple in Southeast Asia and Latin America. In fact, close to 70 percent of exported bananas are grown in Latin America. However, the fruit we all love so much is in trouble. 

In 1990, scientists discovered a pathogen known as Tropical Race 4. It’s a fungus that rots and ravages bananas.

9 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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Posts: 4066
Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Arthur Robey's picture
Arthur Robey
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Joined: Feb 4 2010
Posts: 3936
A Roomful of Swans.

Help!

My room is full of Swans. Black swans and White swans. Vicious critters, swans. 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
The Message is Getting out there.

I lifted this video out of Jesse's Cafe.

Listen up- Robert Johnson is quoting phychiatrist Iain McGilchrist almost verbatim. We are suffering from the fear of the 30 years war, 350 years ago.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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Posts: 4066
pinecarr's picture
pinecarr
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Joined: Apr 13 2008
Posts: 2237
KWN: Gerald Celente Interview

King World News interview with Gerald Celente, Trends Journal, @: http://kingworldnews.com/kingworldnews/Broadcast/Entries/2014/3/8_Gerald_Celente.html

pinecarr's picture
pinecarr
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Posts: 2237
John Williams (Shadowstats.com) Interview on USAWatchdog

John Williams (Shadowstats.com) Interview with Greg Hunter @: http://usawatchdog.com/2014-crisis-in-dollar-will-trigger-inflation-john-williams/

Economist John Williams thinks 2014 will mark the beginning of hyperinflation.  

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Take it to the Limit- (One more time.)

Listening to the podcasts Pinecarr, I wonder if the liquidity sloshing around the world can be relied on to be irrational just one more time.

Could there be another flight to safety into $US because of the $US crisis? (I did say irrational, perhaps I should have said Away with tha' fairies.)

bjomejag's picture
bjomejag
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Joined: Mar 28 2009
Posts: 1
Regular meeting of new enterprize support group Wed 3/12

See if you can attend the next meeting of the support group we are forming at the Delta Campus in Brattleboro. Regular meetings on the second Wednesday of the month, in the front conference room of the Omega facility. Any topic is welcome.

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