Daily Digest

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Daily Digest 5/13 - How To Rob A Bank, Antarctic Ice Sheet Begins Unstoppable Collapse

Tuesday, May 13, 2014, 10:27 AM


William Black: How to rob a bank (from the inside, that is) (Brock H.)

William Black is a former bank regulator who’s seen firsthand how banking systems can be used to commit fraud — and how “liar's loans” and other tricky tactics led to the 2008 US banking crisis that threatened the international economy. In this engaging talk, Black, now an academic, reveals the best way to rob a bank — from the inside.

War Cycle: Europe Absolute Disaster Zone - Martin Armstrong (pinecarr)

On the subject of so-called bail-ins coming to America, Armstrong says, “Everybody knows I advise some of the big institutions around, and I can tell you that they have told me directly that the Fed went to them and told them they will not be bailed out for proprietary trading. It will be only on deposits. That’s it.

Jim Rogers: Here are several stocks I’m buying and why I’m buying them (Herman J.)

“The next bear market is going to be worse than 2008 because the debt is so much higher…The next bear market, when it comes, is going to be a nightmare.”

Welcome to the Third World, Part 13: Suburbs Become Ghettos (Denny J.)

Mary Carmen Acosta often passes the silent beggars as she enters parking lots to sell homemade ice pops, known as paletas, in an effort to make enough money to get food for her family of four. On a good day she can make $100, about double what she spends on ingredients. On a really good day, she pockets $120, the extra money offering some assurance that she will be able to pay the $800 monthly rent for her family’s three-bedroom apartment. Sometimes, usually on mornings too cold to sell icy treats, she imagines what it would be like to stand on an exit ramp herself.

Russia’s Gazprom Increases Economic Pressure On Ukraine (James S.)

A senior Russian energy official said May 12 that Moscow would cease negotiations with Ukraine on natural gas deliveries until Kiev pays the Russian gas monopoly Gazprom what it already owes on last month’s deliveries. Russia also said Ukraine must pay in advance for future gas deliveries by June 1.

Big Water (jdargis)

The natural water cycle in California, what I call the old water, is scary; it can ruin you with its seemingly endless absence and wash your withered corpse away in a winter wall of water-logged earth. Today, as the state faces its worst drought in possibly 500 years, some are calling it a “bellwether drought,” asking whether drought is our new normal, a crisis deepened by the specter of climate change, even as we’re at the same time overdue for our next devastating flood.

Collapse of Antarctic ice sheet is underway and unstoppable but will take centuries (jdargis)

Warm, naturally occurring ocean water flowing under the glaciers is causing the melt. “We feel it is at the point that it is . . . a chain reaction that’s unstoppable,” regardless of any future cooling or warming of the global climate, said Eric Rignot, a professor of Earth science at the University of California at Irvine. He was the lead author of a NASA-funded study that was one of the two studies released Monday

Huge Antarctic ice sheet collapsing (northernlights)

"The system is in sort of a chain reaction that is unstoppable," said NASA glaciologist Eric Rignot, chief author of the NASA study in the journal Geophysical Research Letters. "Every process in this reaction is feeding the next one."

Curbing emissions from fossil fuels to slow climate change will probably not halt the melting but it could slow the speed of the problem, Rignot said.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/12/14

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."


robie robinson's picture
robie robinson
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right thread?


or should this be in the global warming thread?

Bankers Slave's picture
Bankers Slave
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Well....I liked It!

"My tv has left the building!" (2010)


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Bankers Slave's picture
Bankers Slave
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IRS whistleblower...brave lady.

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Ship Breakers

National Geographic has a nice article this month on The Ship Breakers of Bangladesh.

Collapsitarian sci-fi author Paolo Bacigalupi wrote an interesting teen novel inspired by these same ship breakers, except that it's set on the Louisiana coast some 100 years in the future.  I like his adult sci-fi better (The Wind Up Girl and Pump Six), but I enjoyed reading Ship Breaker as well.



Hrunner's picture
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Posts: 256
US of Secrets

Just watched Part 1 of 2 of a very detailed PBS documentary on the NSA spying scandal.

I found it detailed and informative, and so far, equally critical of Bush and Obama (being right of center, I wasn't expecting fair treatment from the Peoples Broadcast System- however, I thought Part 1 was very well done and fair.  Perhaps it is because I am completely against the warrantless wiretapping and believe it is unquestionably unconstitutional, and beyond that, simply wrong).

Part 2 of 2 airs today, May 14th.

Some bullet points-

There were a number of very high level executives in DOJ and NSA who were very concerned and tried to raise their sincere, and reasonable concerns, to their colleagues and superiors, and in return, received threats, dismissive rebuffs, and were eventually spied upon and harassed. 

So the next time you hear some politician or pundit say "we have established channels for whistleblowers", please refer them to this PBS documentary, and asked them how things worked out for those whistleblowers.

By the way, the New York Times comes up looking very bad, and essentially made a cowardly decision not to run the NSA story for over a year after bowing to Bush admin pressure.  And the third rail of the press is supposed to protect the average citizen?

Several whistleblowers had FBI agents with guns show up at their homes, who proceeded to ransack their houses.

Consequences for many whistleblowers- 10's of thousands of dollar of legal fees, divorce, unemployment (Thomas Drake ended up working at an Apple store), loneliness, wrecked lives.  By the way, all the charges of espionage against Drake were dropped and he pled to a misdemeanor improper use of a government computer- something probably everything government worker could be charged with.

So until there is a national, congress-led effort to expose and punish those who harassed and ruined these whistleblowers' lives, up to and including the AG and President(s), if warranted, then please spare me the "proper channels" talk.

Amazing twisting, contorting of law and "authority" for Bush admin during the FISA programs to keep going on warrantless wiretapping.  There were numerous objections raised, heroically IMO, by high level lawyers, putting their careers on the line.  The handful of proponents- General Hayden, Cheney, overcame these objections and got Bush to do an end run around the AG's refusal to renew the program.

A real black mark on Bush's legacy.

Makes me very concerned about how the constitution and the law are supposed to protect citizens. 

Part 1 ended with Obama promising to do the right thing and have complete transparency, and then, after election and taking the reigns of power, proceeding to reauthorize and expand the NSA program.  Same old dishonesty, worse than Bush since he ran on a highly emphatic campaign platform of ending limitless spying on Americans, and claimed to be such a constitutional scholar.  

This whole episode could not more clearly demonstrate why we simply don't give government and fallible politicians the power to do things that the U.S. Constitution says that government should not do- invade our privacy, take away our guns, provide our healthcare, provide our retirement, tell us what we can and cannot speak about.

Edward Snoden is introduced at the end of Part 1.  Watch Part 2 today. 

Enjoy your Wednesday,


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US Of Secrets

Great summary hrunner.  Thanks!

It's truly maddening to have the 'proper channels' thingy being regularly whipped out as the main talking point about Snowden.

Obviously he was aware, as anybody could choose to be, about what happened to all prior 'proper channel' people before him.  Nothing good, that's what.

To use the 'proper channel' talking point about Snowden means that the user of that talking point is counting on the listener being completely ignorant about current events.  Of course, that is, sadly, a pretty good assumption to make.

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