Daily Digest

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Daily Digest 7/1 - Transcending Collapse, Las Vegas Is Running Dry

Tuesday, July 1, 2014, 9:46 AM

Economy

Things have never been more negative for the dollar: John Williams (Herman J.)

The banks are still in trouble and as the economy deepens we’re now seeing that happen as the downturn deepens. We’re now seeing in the first quarter the U.S. GDP showing a reasonably large decline now despite the hype and optimism on Wall Street about the 2nd quarter that we’re going to see a 2nd quarter contraction in official reporting. That would give you a new recession as most people would define it. That’s a factor that could trigger massive selling against the dollar.”

A Grieving Father Pulls a Thread That Unravels BNP’s Illegal Deals (jdargis)

The prosecutors soon discovered that Credit Suisse and Lloyds, two of the world’s most prestigious banks, had acted as Iran’s portal to the United States financial system. To disguise the illicit transactions — the United States is closed for business to Iran — Credit Suisse and Lloyds stripped out the Iranian clients’ names from wire transfers to the Fifth Avenue charity and affiliated entities. The findings led the Manhattan prosecutors and the Justice Department in Washington to announce criminal cases against both banks.

More Oil Means More Environmental Concerns, With Good Reason (James S.)

North Dakota Gov. Jack Dalrymple says he wants to vastly expand the oil pipeline capacity in his state. With oil production churning along at 1 million barrels per day, the boom may spark concerns about pipeline spills. The state’s Department of Mineral Resources said total output in North Dakota averaged just over one million barrels per day in April -- the most recent data available – which is an all-time high for the state and marks the first time that production has topped the 1 million bpd mark.

An abandoned mall in Bangkok has been overtaken by fish (Wendy SD)

There's something particularly eerie about an abandoned shopping mall. Perhaps it's the stark contrast from its intended purpose: to see such a sterile place once designed to entice throngs of shoppers into its doors, now so completely devoid of any human life, dilapidated and darkened with time. It's basically the very definition of post-apocalyptic. But in the case of the (now ironically named) New World shopping mall in Bangkok, Thailand, abandonment by humans doesn't equate with lifelessness. The mall, which reportedly caught fire in 1999 (rumored to be arson by a competitor), has since flooded with several feet of water and become a paradise for koi and catfish.

Transcending Collapse (Eric G.)

While societies certainly do succumb to entropy, I’m uncomfortable using the term ‘collapse’ in the context of human societies. Why? First, because the descendants of many societies that anthropologists claim collapsed – including the Romans and the Mayans, among many others – still survive today. A particular model of social organization might have succumbed to entropy, but the members of that society didn’t go extinct. They simply shed the old model in favor of a new one that better suited their needs. That which succumbed to entropy in this case was not something solid, something physical, but was rather a particular network of institutions and relationships that are not nearly as energy intensive to rebuild as concrete and steel. In my mind the differences between a collapsing building and a ‘collapsing’ society are so stark that the word ‘collapse’ can’t hardly be applied to both.

The race to stop Las Vegas from running dry (kelvinator)

“The situation is as bad as you can imagine,” said Tim Barnett, a climate scientist at the Scripps Institution of Oceanography. “It’s just going to be screwed. And relatively quickly. Unless it can find a way to get more water from somewhere Las Vegas is out of business. Yet they’re still building, which is stupid.”

Las Vegas Is "Screwed"; The Water Situation "Is As Bad As You Can Imagine" (DennisC)

Beneath the ground a mammoth effort is already under way to complete a new, lower straw which will be able to draw the last of the water from the lake. But it is a painfully slow process as a giant drill the size of two football pitches advances at a rate of one inch per day.

That rescue project is costing $817 million and is currently expected to be complete by late 2015, but it is not viewed as a long-term solution.

Obama’s Chance to Save the Whales (jdargis)

After suffering a string of court losses and being repeatedly found in violation of federal conservation laws, the Navy agreed to conduct comprehensive environmental impact statements on all of its U.S. coastal ranges and to implement some risk reduction procedures during exercises. The Navy does not, however, perform comprehensive environmental reviews prior to exercises in foreign waters—which may explain why strandings like those on Crete are still occurring. And on the Navy’s U.S. ranges, some whale populations are showing signs of decline, leading NRDC and another environmental group, Earthjustice, to file suit this year to halt Navy exercises off the California and Hawaii coasts.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/30/14

Provided daily by the Peak Prosperity Gold & Silver Group

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