Daily Digest

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Daily Digest 8/15 - Our Overworked Power Grid, TEPCO Eyes Pacific Ocean

Friday, August 15, 2014, 9:46 AM

Economy

Sovereign debt for territory: A new global elite swap strategy (June C.)

As with the tango which requires rhythm and bravado, Argentina is again dancing centre-stage to global mega-bankers’ financial tunes after falling into a new “technical default”. Not just because the country is unable to pay off its massive public debt by heeding the “rules of the game” as written and continuously re-vamped by global usurers, but now with added legal immorality and judicial indecency on the part of New York’s Second District Manhattan Court presided by Judge Daniel Griesa.

Ferguson Images Evoke Civil Rights Era and Changing Visual Perceptions (jdargis)

The photographs that have emerged during several days of unrest in Ferguson after the fatal shooting of an unarmed black teenager by a police officer have drawn mournful comparisons to pictures of the Deep South in the 1960s or of more recent racial unrest, like the 1992 Los Angeles riots. But they have also prompted a flood of commentary about the differences half a century has made in the visual economy.

Edward Snowden: The Untold Story (jdargis)

Snowden speculates that the government fears that the documents contain material that’s deeply damaging—secrets the custodians have yet to find. “I think they think there’s a smoking gun in there that would be the death of them all politically,” Snowden says. “The fact that the government’s investigation failed—that they don’t know what was taken and that they keep throwing out these ridiculous huge numbers—implies to me that somewhere in their damage assessment they must have seen something that was like, ‘Holy shit.’ And they think it’s still out there.”

U.S. Stocks Rise on Fed Bets Amid Uneven Economy Reports (jdargis)

Recent economic strength had created concern that the Federal Reserve may be forced to act on rates sooner than anticipated. The U.S. central bank remains on pace to wind down its monthly bond purchases in October. Fed Chair Janet Yellen has said officials will keep the benchmark rate low for a “considerable time” after the bond buying ends.

Libertarians Can Be a Significant Force for Good in U.S. Politics (jdargis)

Republican and Democratic politicians are constantly criticized for compromising their ideals. Yet many Americans imagine that a libertarian politician, if elected, would never compromise. History and incentive theory emphatically say otherwise. There are a lot of people, including commenters on this site, who laugh at Fox News' absurd characterizations of liberals, yet somehow cling to similarly cartoonish notions of what libertarians are. The danger libertarians pose to America is like the danger that sharks pose to humans: wildly exaggerated by a media that reports on extreme events as if they're typical and reacts to Atlas Shrugged in the same way shark-phobics reacted to Jaws.

Traders Profit as Power Grid Is Overworked (jdargis)

Congestion occurs when demand for electricity outstrips the immediate supply, sending prices higher as the grid strains to deliver power from distant and often more expensive locations to meet the demand. To help power companies and others offset the higher costs, regional grid operators, which manage the nation’s transmission lines and wholesale power markets, auction off congestion contracts, derivatives linked to thousands of locations on the grid. When electricity prices spike, contract holders collect the difference in prices between points from the grid operators. If the congestion moves in the opposite direction, holders pay the operators.

How Verizon lets its copper network decay to force phone customers onto fiber (jdargis)

Verizon has 4.9 million residential landline customers still on copper networks, with 5.5 million getting voice service over fiber. Public interest groups and consumers have accused Verizon of letting copper networks deteriorate and using their degraded status to push fiber upgrades. Verizon made $31.5 billion in revenue last quarter along with $4.3 billion in profit. But its wireline business has struggled, with the fiber-based FiOS products propping it up. Total wireline revenue in Q2 2014 was $9.8 billion, up 0.3 percent, the first year-over-year increase in more than seven years. FiOS was the main driver of growth, with revenue increasing 14 percent over the previous year, hitting $3.1 billion.

As Radioactive Water Accumulates, TEPCO Eyes Pacific Ocean As Dumping Ground (James S.)

Tokyo Electric Power Company (TEPCO), the embattled owner of Japan’s crippled nuclear reactors, has said it is running out of space to store water contaminated with radioactive materials and is proposing to treat the water and dump it in the Pacific Ocean.

Up until now, TEPCO has been storing radioactive water in giant storage tanks on the site of its Fukushima reactor. But groundwater continually flowing into the reactor site becomes contaminated as it does so. Containing and storing an ever-increasing volume of contaminated water is a bit like running on a treadmill – new groundwater becomes contaminated just as TEPCO succeeds in removing previously contaminated water. Meanwhile, the storage tanks multiply around the reactor complex.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/14/14

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4065
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Thanks June C

Your RT link on the Vultures lines up perfectly with my own views.

Talk about conformational Bias.

I find it a bit hypocritical however. Russia and China were quite content to do their bit in the overthrow of Civilization in Africa. Now when they see the poison in their own cup they cry foul?

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Ready's picture
Ready
Status: Platinum Member (Offline)
Joined: Dec 30 2008
Posts: 917
Are you kidding me?

Arthur,

That link is pure crap. Was that some kind of mal-formed joke?

 

I don't get it.

 

Peace

R

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Kidding.

How would I know? I am nowhere near the event. Nor am I particularly interested.

It seems implausible that cops would shoot to kill a kid who was running away, got hit and turned around with his hands in the air.

Do you know how much paper-work that sort of thing creates? If it is true I should imagine the policeman responsible did his career no favours.

The policemen that I know (The British South African Police) were loath to write out even a ticket, because of the effort required. They would prefer to bellow and holler and threaten than actually do any work.

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