Daily Digest

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Daily Digest 3/31 - Massive Blackout Hits Turkey, Life As A Service

Tuesday, March 31, 2015, 11:24 AM

Economy

Life As A Service (mobius)

While there’s nothing inherently wrong with private ownership–and for many items it makes a ton of sense (even Sammy the serf had his own spoon)–the explosion of private ownership has had some pretty nasty consequences: 1. It sucks for the planet. It’s estimated that Americans, the kings of private consumption, consume over four earths’ worth of natural resources. And the rest of world is trying to keep up with us. China, as of a few years ago, was using 1.1 times the planet’s resources. These are extra planets we don’t have. 2. The profusion of private ownership is overwhelming owners. There was no equivalent for the Container Store in the 12th century countryside. You had your two frocks and a pot you shared with your family. Life might have been difficult and laborious, but it was simple.

Massive Blackout Hits Turkey, Grounding Planes, Stopping Subways; Terror Not Ruled Out (pinecarr)

The worst power outage in 15 years struck most of Turkey, grounding flights and crippling rail networks. The government scrambled efforts to investigate the power cut, before energy was partially restored in the afternoon.

The outage was confirmed in some 23 provinces, including Ankara and Istanbul, by news agency Anadolu. Later information from Broadcaster NTV put the number at 40.

Bernanke rejects charge of Fed 'throwing seniors under bus' (lesphelps)

His 1,200-word post gave Bernanke a platform to continue the efforts he began as Fed chairman to justify the low-rate policies the Fed pursued under his leadership. The Fed cut its key short-term rate to a record low near zero in 2008 and has kept it there since. Supporters say those rates have helped rejuvenate the economy. Critics counter that they have raised the risk of high inflation and are distorting financial markets.

The Anthropocene Myth (jdargis)

The important thing to note here is the logical structure of the Anthropocene narrative: some universal trait of the species must be driving the geological epoch that is its own, or else it would be a matter of some subset of the species. But the story of human nature can come in many forms, both in the Anthropocene genre and in other parts of climate change discourse.

Charted: Why the iron ore price keeps falling (Arthur Robey)

China overnight has moved to boost its housing sector by cutting the minimum down payment for a second home to 40 per cent from 60 per cent. Authorities also plan to introduce a policy in which individuals selling an ordinary house would be exempt from business taxes if they had owned it for more than two years, from a previous five years.

Appalachia Miners Wiped Out by Coal Glut That They Can't Reverse (djc)

“You have this really perverse situation where they keep producing,” James Stevenson, director of North American thermal coal at IHS Inc. in Houston, said in a telephone interview. “You’re just shoveling coal into this market that’s oversupplied.”

In 20 years, the world may run out of minable gold (nimsdf)

A Goldcorp slide show last year revealed a gold-mining-industry forecast that 2015 would be the year that production would peak in the mining industry, according to a piece in ZeroHedge, dated Friday.

“Peak gold is not a new concept at all,” said Peter Grant, an analyst at precious-metals dealer USAGOLD. “Mining output has been fairly flat for years, but new discoveries of gold have been falling rapidly.”

Rare Earths Problem Could Have A Nuclear Solution (Evan K.)

The rare earths market has been dominated by China in recent years, but the reemergence of molten salt reactors in the nuclear sector could bring that to an end.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/30/15

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

6 Comments

cmartenson's picture
cmartenson
Status: Diamond Member (Online)
Joined: Jun 7 2007
Posts: 5733
Bernanke's Guilty Conscience..

Looks like Bernanke's conscience is getting the better of him.  Too bad he lacks the ability to admit to himself what the world already knows; he threw granny under the bus...and then backed over her each year for seven years (and counting).

The inability to admit one's failings is a major sign of a stunted, unevolved psychological profile.

Nice try at image rehabilitation Bernanke!  But you'd better hire some professionals to help you out...you're kind of mucking things up on your own.

Here's the truth Mr Bernanke; your policies have created untold hardship for the very weakest and most infirm in society.  That's the work of a sociopath.  Might as well own up to it.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Mayor Emanuel thinks Garcia is not qualified

News today (notice why they don't think he's qualified....watch the video. "It was bleeding money"):

Emanuel campaign questions Garcia's financial background with non-profit

===============================

In Chicago it's good to know that those who are qualified have been running things so well.

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2385
Bernanke's legacy...

Love it Chris.. keep it coming.  There is something oxy-moronic here;

 That's the work of a sociopath.  Might as well own up to it.

phecksel's picture
phecksel
Status: Silver Member (Offline)
Joined: May 24 2010
Posts: 204
Dunning-Kruger effect

he Dunning–Kruger effect is a cognitive bias wherein unskilled individuals suffer from illusory superiority, mistakenly assessing their ability to be much higher than is accurate. This bias is attributed to a metacognitive inability of the unskilled to recognize their ineptitude. Conversely, highly skilled individuals tend to underestimate their relative competence, erroneously assuming that tasks which are easy for them are also easy for others.[1]

http://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect

 

 

LesPhelps's picture
LesPhelps
Status: Platinum Member (Offline)
Joined: Apr 30 2009
Posts: 788
Bernake

Don't forget these insanities:

 

Bernake wrote:

He also disputed accusations that the Fed is still distorting financial markets and investment decisions by keeping rates "artificially low."

Both criticisms, Bernanke wrote in "Ben Bernanke's Blog," reflect a misunderstanding of economic reality.

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Kleptoremuneration

There is an inverse relationship between utility and reward. The most lucrative, prestigious jobs tend to cause the greatest harm. The most useful workers tend to be paid least and treated worst. http://www.theguardian.com/commentisfree/2015/mar/31/wealth-creators-kle...

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