Daily Digest

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Daily Digest 3/24 - China Wants To Buy Europe, Why Greek Default Looms

Tuesday, March 24, 2015, 11:27 AM

Economy

Li vows reforms to help Yuan be World’s 5th Reserve Currency (westcoastjan)

China would need to satisfy the Washington-based lender’s economic benchmarks and get the support of most of the other 187 member countries.

At the time of the last SDR review in 2010, the RMB met the export criterion, but was assessed as not meeting the “freely usable” criterion. Since then there have been a number of developments in the RMB’s international use, and the upcoming review will take stock of these developments, IMF Chief Lagarde said on Friday.

China Wants to Buy Europe (Yoxa)

The Pirelli deal is about the latter. The bidder, China National Tire & Rubber Company, part of the state-owned giant ChemChina, sells 20 million tires a year, but no one has ever heard of its brands, Rubber Six and Aeolus. It doesn't have Pirelli's glorious racing history or its famous calendar. The Italian company seems overvalued -- trading at 23 times earnings, compared with 16 for Michelin and 11 for Korea's Kumho. Yet it has the fifth most valuable tire brand in the world, and the other two European brands in the top five, Michelin and Continental, belong to much bigger companies that make unwieldy targets for acquisition.

‘I Would Prefer Not To’: The Origins of the White Collar Worker (jdargis)

When does the office begin? It’s a question without an easy answer. One can associate the origins with the beginning of paperwork itself—until recently, the most common mental association with office work (think of the derogatory phrase “paper pusher”). In other words, since the invention of writing and the corresponding ability to keep records in a systematic manner, there have always been places that resemble offices: monasteries, libraries, scholars’ studies. Banking furnished an especially large amount of paperwork; the Uffizi, an incomparable gallery of Renaissance art in Florence, was also one of the first office buildings—the bookkeeping offices of the Medici family’s groundbreaking financial operations.

Why Greek default looms (jdargis)

There is a high probability, most economists would say, of history vindicating Mr Varoufakis's critique: the punishment of Greek people for the feckless borrowing of their government and the feckless lending of German banks has surely gone well beyond what is necessary to instruct Greece in the merits of fiscal rectitude.

But whether it is altogether wise and diplomatic to tell the Germans they were selfish and wrong, at this juncture, is moot.

Goodbye, math and history: Finland wants to abandon teaching subjects at school (jdargis)

Many teachers in Finland, many of whom have been teaching single subjects their whole careers, oppose the changes. It is not hard to see why. The new system is much more collaborative, forcing teachers from different areas to come up with the curriculum together. Marjo Kyllonen, Helsinki’s education manager and the person responsible for reforming the system in the capital, calls this “co-teaching” and teachers who agree to it get a small bonus on top of their salaries.

The $6.8 Billion Great Wall Of Japan: Fukushima Cleanup Takes On Epic Proportion (Evan K.)

The cleanup of the area surrounding the Fukushima nuclear plant is proving to be a Herculean task, which could costs billions and take up to forty years as some extreme solutions are proposed.

UN warns world could have 40 percent water shortfall by 2030 (LesPhelps)

The report, released in New Delhi two days before World Water Day, calls on policymakers and communities to rethink water policies, urging more conservation as well as recycling of wastewater as is done in Singapore. Countries may also want to consider raising prices for water, as well as searching for ways to make water-intensive sectors more efficient and less polluting, it said.

New FEMA rules troubling for GOP governors who deny climate change (LesPhelps)

Federal Emergency Management Agency’s new rules could put some Republican governors in a bind. The rules say that states’ risk assessments must include “consideration of changing environmental or climate conditions that may affect and influence the long-term vulnerability from hazards in the state.”

Gold & Silver

Click to read the PM Daily Market Commentary: 3/23/15

Provided daily by the Peak Prosperity Gold & Silver Group

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