Daily Digest

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Daily Digest 3/23 - Crews Try to Contain Oil Spill in Galveston Bay, Caribbean States Call for Slavery Reparations

Sunday, March 23, 2014, 5:30 PM

Economy

Jet’s Disappearance Puzzles a World Under Constant Electronic Watch (jdargis)

On Saturday, the Chinese government said one of its satellites had spotted an “unusual object” on Tuesday in an area where Australia had already organized a search. The Chinese Ministry of Foreign Affairs said Chinese planes and ships would try to reach the area and look for the whitish object, about 74 feet by 43 feet. It was spotted about 65 nautical miles southwest of the spot where, two days earlier, another satellite captured similar images of floating objects, which the Australian government said might be wreckage from the jet.

Forget Russia Dumping U.S. Treasuries … Here’s the REAL Economic Threat (Joe M.)

The theory is that – after Nixon took the U.S. off the gold standard, which had made the dollar the world’s reserve currency – America salvaged that role by adopting the petrodollar. Specifically, the U.S. and Saudi Arabia agreed that all oil and gas would be priced in dollars, so the rest of the world had to use dollars for most transactions.

But Reuters notes that Russia may be mere months away from signing a bilateral trade deal with China, where China would buy huge quantities of Russian oil and gas.

Europe's Sin: Caribbean States Call for Slavery Reparations (westcoastjan)

If the Europeans are unwilling to negotiate, the Caricom states are threatening to take legal action. Rather than seeking compensation for the treatment of slaves 200 years ago, Day, 57, says, "we want to address the problems of today that result from that era." He says little investment was made at the time in education and that the countries remain far behind even today. He argues that Europe has a "moral, political and legal liability" to help in addressing a history they created.

SPIEGEL spoke with Day about the 10-point plan approved by Caricom leaders.

Oil Limits and the Economy: One Story, Not Two (westcoastjan)

Energy use is very closely tied to economic growth. When energy consumption becomes slow-growing (or high-priced—which is closely tied to slow-growing), it pulls back on economic growth. Job growth becomes more difficult, and governments find it difficult to get enough funding through tax revenue. This is the situation we have been experiencing for the last several years.

Russian Aggression Deserves a Response, But U.S. Lacks Credibility to Lead It (Quercus bicolor)

In reality, there seems to be little correlation between the willingness of Moscow to assert its power in areas within its traditional spheres of influence and who occupies the White House: The Soviets invaded Hungary in 1956 when Eisenhower was president; the Soviets invaded Czechoslovakia in 1968 when Johnson was president; the Soviets successfully pressed for martial law in Poland in 1981 when Reagan was president; the Russians attacked Georgia in 2008 when Bush was president. In each case, as much as these administrations opposed these actions, it was determined that any military or other aggressive counter-moves would likely do more harm than good. Washington cannot realistically do any more in response to Russian troops seizing Crimea in 2014 in the name of protecting Russian lives and Russian bases than Moscow could do in response to U.S. troops seizing Panama in 1989 in the name of protecting American lives and American bases.

Philly school district broke, but the pay is good (Thomas C.)

But those numbers soon may change. The principals’ union, the Commonwealth of School Administrators, struck a tentative deal this month with the district that features a 15 percent pay cut. Even with that, most senior administrators would still earn six-figure salaries.

A 12-year-old girl died this past fall after a medical emergency at a West Philadelphia elementary school, which had one nurse on duty several days each week. The district, however, employs a full-time Special Education Medical Consultant at a salary of $101,080.

Crews Try to Contain Oil Spill in Galveston Bay (jdargis)

The barge was resting on the bottom of the channel, with part of it submerged. He said boom was being set up in the water to protect environmentally-sensitive areas and that people would be working through the night with infrared cameras to locate and skim the oil.

The barge was being towed from Texas City to Bolivar at the time. The Coast Guard said that Kirby Inland Marine, which owns the tow vessel and barge, was working with it and the Texas General Land Office at the scene.

Meat Vs. Veg: An Energy Perspective (Eric G.)

Data from the United States Department of Agriculture affords an opportunity to look at the energy intensity, using the above input/output framework, of several classes of foods produced in the US.2 The ‘production’ phase of these foods includes agriculture, animal husbandry and, for wild-caught fish, harvest. Processing includes butchering animals, washing and packaging crops, or other more involved processing techniques. Distribution includes transportation as well as wholesale and retail sales. While these categories make up a substantive part of the energy invested in food production, they don’t represent the totality of it. Energy used by restaurants and caterers, within households to store and prepare food, and by water treatment facilities and waste disposal sites, among other categories, are not included, guaranteeing that the numbers presented are underestimates.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/21/14

Provided daily by the Peak Prosperity Gold & Silver Group

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2 Comments

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Where Growth Will Lead.

You can't have infinite growth on a finite planet.

The corollary of this statement is that if you have constant growth you must leave the planet.

Collapse is not growth.

ferralhen's picture
ferralhen
Status: Silver Member (Offline)
Joined: Oct 14 2009
Posts: 151
collapse is collapse last

collapse is collapse last time i looked up the definition. nothing was said  of growth.

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