Daily Digest

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Daily Digest 1/22 - Metarepresented Money, Global Risks 2015

Thursday, January 22, 2015, 11:42 AM

Economy

World Economic Forum: Global Risks 2015 (JM)

The coming year offers unprecedented opportunities for much-needed collective action to address key global risks, such as the Sendai world conference on disaster risk reduction and the 2015 United Nations Climate Change Conference in Paris. As we mark the 10th anniversary of the report and highlight progress that has been achieved over the past decade, my hope remains that this work will contribute to the debate on how we think about global risks, mitigate them and strengthen resilience.

The Only Road Out Of Davos (Don R.)

When it comes to basic necessities, to food, water and shelter, we shouldn’t strive to compete with other economies. That is not good for us, or for our peers in those other economies; it’s good only for those who skim off the top. The larger and more globalized the top, the more there is to skim off. All the ‘reform’ is geared towards making our economies ever more dependent on the global economy. And that is not in our best interest.

Pharmacy errors: How often do they happen? Nobody knows (westcoastjan)

When Sandra Tkaczuk of Baltimore, Ont., filled her prescription for anxiety medication last February, the pharmacist dispensed the wrong dose. She was supposed to receive one-mg pills of clonazepam; the pills she was given were only 0.5 mg.

"It escapes me how this can happen," Tkaczuk says.

Metarepresented Money (Mirelo)

Is all money only shareable instead of also not shareable, by only representing an indefinite future ownership instead of also a definite one? Yet how could money only buy unspecified commodities? It cannot, since people cannot buy anything without specifying their future ownership of it as represented by their money to the seller.

Countries Race to Repatriate Gold, Reveals Concern Over Impending Financial Crisis (Tyler K.)

Germany is just the latest in a collection of governments that no longer want their gold held in U.S. and U.K. vaults, the resting places for much of the world’s sovereign gold since after World War II. Last year I wrote about how Austria suddenly decided that the British central bank in London maybe wasn’t the best place to keep their gold.

Gold And Silver: Year In Review (Jonathan D.)

Of the four precious metals, only gold and silver can be considered monetary metals. They have been for thousands of years, sometimes officially, but all the time de facto hard currencies. Today only gold is still a monetary metal held by central banks, but silver deserves very well the nickname of “poor man’s gold” since even if today it is mostly an industrial metal, it follows, though with more volatility, gold. When gold’s price approached a high level of $2,000, we saw a substantial increase of silver demand as an investment/monetary asset.

The Beauty of Deflation (Taki T.)

Before he was Chairman of the United States Federal Reserve, Ben Bernanke claimed in 2002 that “…sufficient injections of money will ultimately always reverse a deflation”. Unfortunately for Bernanke, the Japanese cannot argue in favor of this opinion. Deflation was not unfamiliar to Bernanke. Japan went through a decade of deflation since the early 1990s and it has been “trapped” there since, not because of deflation itself but rather because it chose to redress deflation mainly by reflating the economy. It even implemented its QE program back in 2001 but with mixed results. It is living proof that monetary easing only perpetuates the “crisis” and does not repair the damage. So why go through that road again?

Expanding Russia Issues Europe An Ultimatum (Evan K.)

Don’t tell the West, but Vladimir Putin isn’t changing. The Russian President has skipped their little ‘lesson’ on 21st century politics in favor of his own, unadulterated, version. In what we’ve come to expect, Putin is set to formally absorb South Ossetia – Georgia’s breakaway republic – and Gazprom is prepared to deny Europe up to one-quarter of its annual exports to the continent. What’s more, the conflict continues in Ukraine and allegations of Russian financing are growing louder. As we remarked earlier, Russia has enjoyed a less than ideal start to 2015.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/21/15

Provided daily by the Peak Prosperity Gold & Silver Group

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3 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
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westcoastjan's picture
westcoastjan
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sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1926
All I want is a "normal" life

This is for you westcoastjan.  :-)

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