Daily Digest

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Daily Digest 5/30 - China's Rural Dumping Grounds, How Fake Money Saved Brazil

Saturday, May 30, 2015, 10:57 AM

Economy

How Fake Money Saved Brazil (Merle2)

People would still have and use the existing currency, the cruzeiro. But everything would be listed in URVs, the fake currency. Their wages would be listed in URVs. Taxes were in URVs. All prices were listed in URVs. And URVs were kept stable — what changed was how many cruzeiros each URV was worth.

Currency Wars, Gold Pools, and Comex Potential Claims Per Deliverable Ounce (thc0655)

With a potential 111 claims per ounce of gold marked 'registered' for delivery at these prices, one might expect to see quite a move higher in prices to reach a market clearing price, and perhaps even a significant short squeeze.

But we probably will not see any such short squeeze, and maybe not even a breakout from this price range, unless something unusual happens outside of the New York and London markets.

Biden says Europeans questioning Russia sanctions 'inappropriate, annoying' – Spiegel (Arthur Robey)

Critics of the policy of sanctions against Moscow should be aware that they also benefited from the current low price of oil, Biden said. He deemed complaints made by some European states about costly sanctions against Russia “inappropriate and annoying.”

Exclusive: U.S. tried Stuxnet-style campaign against North Korea but failed - sources (Jason B.)

North Korea has some of the most isolated communications networks in the world. Just owning a computer requires police permission, and the open Internet is unknown except to a tiny elite. The country has one main conduit for Internet connections to the outside world, through China.

Obama: 'Handful of senators' standing in way of Patriot Act (Jason B.)

Among the provisions that would expire is the National Security Agency's ability to search and amass Americans' phone records. The most prominent critic of the legislation is Republican Sen. Rand Paul of Kentucky, a GOP presidential contender. In an interview Friday between campaign stops in South Carolina, Paul said voters are encouraging him to continue fighting the government's bulk collection programs.

A Choice for Recovering Addicts: Relapse or Homelessness (jdargis)

Mr. Baumblit got kickbacks on the Medicaid fees paid to the outpatient treatment programs that he forced all his tenants to attend, residents and former employees said. So he gave Mr. Bush a choice: If he wanted to stay, he would have to relapse and enroll in another program. Otherwise, his bed would be given away.

China's Rural Dumping Grounds (jdargis)

“What are you burning?” I asked. He smiled at me. “Trash!” he said. I asked him why he had to burn trash. “Don’t people collect it?” I asked. He told me yes, but he still had to burn it. I wasn’t sure why. Communication in the village was always difficult. My Chinese isn’t as good as it could be, and people in the village tend to have thick accents. But the conversation got me thinking: Did they really have trash collection? If so, why did they have to burn their trash? And why were there big piles of garbage?

4 more bodies found after Texas flooding (Jason B.)

The body of 87-year-old Jack Alter, who was swept away when a boat attempting to rescue him from a bayou overturned, was found in the Houston Ship Channel. The search for a missing 51-year-old man was called off Friday after the U.S. Fish and Wildlife Service found a body on a southeast Texas beach that matched his description. The unidentified man and two others, who later escaped, had been fishing in the Brazos River Thursday when they were caught in the currents.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/29/15

Provided daily by the Peak Prosperity Gold & Silver Group

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3 Comments

Mark Cochrane's picture
Mark Cochrane
Status: Diamond Member (Offline)
Joined: May 24 2011
Posts: 1216
Admission of complicity?

In the Spiegel article above, there is the following attributed to the illustrious Joe Biden.

Critics of the policy of sanctions against Moscow should be aware that they also benefited from the current low price of oil, Biden said. He deemed complaints made by some European states about costly sanctions against Russia “inappropriate and annoying.”

Isn't this and admission that the US is behind the oil price crash or at least a clumsy attempt to take credit for it as a weapon used against Russia?

agitating prop's picture
agitating prop
Status: Platinum Member (Offline)
Joined: May 28 2009
Posts: 854
Saudi

Perhaps. The U.S. may not have much to do with this one.  They are just not interfering.  The US doesn't mind anything that weakens Russia.  That's all good in the minds of the cringeworthy likes of Joe Biden.  

 A nuclear deal where embargo is removed on Iran, causes a geo strategic and economic imbalance for the Saudis who liked the way things were.  A liberated Iran would have friendly relations with Russia, China AND the U.S. ---  Difficult for the Saudis to triangulate those power dynamics, in their favor. Not to mention the disproportionate pressure Iran and Russia could impose on Opec. Thus the mad rush for market share and a collapsed oil market.  They are doing an end run around this possibility. 

I believe it was Ambrose Evans Pritchard who credited Prince Bandar with threatening the Russians just prior to the last Olympics, re terrorism.  As in, "nice country you have there.  A crying shame if it should have a little accident."  

 

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
A Tribute to John Nash.

The maestro discuses money, for the prosaic amongst us.

http://www.madinamerica.com/2015/05/reflections-on-a-beautiful-mind/

 

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