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Daily Digest 6/7 - Iraqi Kurdistan vs. Big Oil, Solar Aircraft Makes Maiden Voyage

Saturday, June 7, 2014, 9:39 AM

Economy

Vodafone reveals existence of secret wires that allow state surveillance (June C.)

The company has broken its silence on government surveillance in order to push back against the increasingly widespread use of phone and broadband networks to spy on citizens, and will publish its first Law Enforcement Disclosure Report on Friday. At 40,000 words, it is the most comprehensive survey yet of how governments monitor the conversations and whereabouts of their people.

Judge: NSA doesn’t have to keep all data as part of key surveillance lawsuit (jdargis)

“Any attempt at an immediate solution would unleash a series of consequences that the US government cannot predict because a requirement to preserve all data acquired under Section 702 presents significant operational problems, only one of which is that the NSA may have to shut down all systems and databases that contain Section 702 information in order to preserve,” wrote Richard Ledgett, the NSA’s deputy director, in a filing (PDF). "The suspension of such operations would immediately impair the national security of the United States."

Poroshenko Sworn In as President of Strife-Torn Ukraine (jdargis)

Mr. Poroshenko, who spoke briefly in France on Friday with President Vladimir V. Putin of Russia, also addressed the invasion and annexation of Crimea by Russia.

“Crimea has always been and will always remain Ukrainian,” he said. He noted that he had told Mr. Putin as much in Normandy.

German exports climb in April, Bundesbank raises 2014 growth forecast (jdargis)

"The latest data gives no reason to doubt the underlying the fundamental strength of the German economy. However, a slowing of the economy in the second quarter is clearly in the offing," said Carsten Brzeski, an economist at ING.

He said the rise in exports could be due to earlier orders and output, adding that two disappointing months in output could point to a knock from the Ukraine crisis and Chinese slowdown while the euro zone recovery may not be robust enough yet to boost Germany's industrial sector.

Around-the-world solar aircraft takes maiden voyage (jdargis)

The updated design involves a number of new materials, so this is the first of a series of tests flights that will be necessary to determine if the craft holds up to the wear and tear of extended use. The pilots will also test whether the performance of the aircraft matches up to the predictions made using aerodynamic models—so far, everything looks good in that regard.

Iraqi Kurdistan vs. Big Oil (jdargis)

An uprising in 1991 ultimately failed to depose Hussein. But after U.S. forces set up a no-fly zone over much of the north, Iraqi Kurdistan began to wrest itself from decades of fighting and move toward autonomy. For his valor in the uprising, Mohammed was elected the mukhtar, or village head, of Gullan, and gradually memories of war became eclipsed by promises of wealth and independence. Today, Mohammed, the aging peshmerga, has settled into a new life of calm; the shotgun tucked into his pants is more an accessory than a tool of the trade.

In Some States, Emissions Cuts Defy Skeptics (jdargis)

That does not mean these states are off the hook under the Obama plan unveiled this week — they will probably be expected to cut more to help achieve the overall national goal — but their strides so far have not brought economic ruin. In New England, a region that has made some of the biggest cuts in emissions, residential electricity bills fell 7 percent from 2005 to 2012, adjusted for inflation. And economic growth in the region ran slightly ahead of the national average.

Report Finds Higher Risks if Oil Line Is Not Built (jdargis)

There is growing concern nationwide about the risks of moving oil by rail. In April, a train carrying oil derailed in Lynchburg, Va., caught fire and spilled 30,000 gallons into the James River, forcing the evacuation of 350 people. It was the latest in a series of accidents — starting with a 2013 oil train explosion in Lac-Mégantic, Quebec, that killed 47 people — that have caught industry regulators and railroad officials off guard.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/5/14

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
The IMF to Bail out the $US?

(Strings attached, of cause.)

Mr Ricards, Mr Rickards, could this be the snowflake? Or this? (China is not going to be happy Ghana,brace yourselves.)

Welcome to Zimbabwe, suckers. How does it feel?

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
For Your Amusement and Pleasure.

An ex-Military man made this hour long video for your gratification. (Ulcer sufferers are contra-indicated.)

Thanks Damon.

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
U.S. pensions ‘cash negative’ by 2016: Analyst

 

"America's sprawling 401(k) pension system will turn cash flow negative in 2016, threatening disruption for asset managers and selling of equities, according to analysis by Cerulli Associates, a research house.

The $3.5 trillion system attracted fresh contributions of $300 billion in 2012, with $276 billion either withdrawn as cash by retirees or rolled over into individual retirement accounts (IRAs), Cerulli estimated.

However, by 2016 it forecasts that inflows will be $364 billion and outflows $366 billion, with the deficit only widening year on year after that as the core of the baby-boomer generation retires."

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
PENSION BOMB: Local school budgets crippled by problem (PA)

TechGuy's picture
TechGuy
Status: Gold Member (Offline)
Joined: Oct 13 2008
Posts: 453
"That does not mean these

"That does not mean these states are off the hook under the Obama plan unveiled this week — they will probably be expected to cut more to help achieve the overall national goal — but their strides so far have not brought economic ruin. In New England"

New England is cut its electricity demand because business are moving operations to where the energy is cheaper. Business is booming in Canda with new large data centers. Other have been relocating data centers to North Carolina because lower electricity prices. The profits have changed much because the companies still retain Home offices in New england, but New england is losing jobs and people as business move operations to lower cost regions. Electricity prices, along with just about everything else has steadily increased over the decade.

Earlier this year there was a website that shown movement of people out of the northeast to lower cost regions. Unfortunately  I did not bookmark it, but perhaps some else can added it.

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