Daily Digest

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Daily Digest 7/9 - $1 Billion Stolen From Moldova, Is the American Economy Really Recovering?

Thursday, July 9, 2015, 10:13 AM

Economy

Someone stole $1 billion from Moldova. That's an eighth of its GDP (Arthur Robey)

Investigators, including the US auditing firm Kroll, are looking into the matter but have released few details. The speaker of Moldova's parliament finally released a report by Kroll late Monday night that implicated a Moldovan businessman in the scheme, but recommended further investigation.

Many Moldovans are mad about all this.

Astronaut Samantha Cristoforetti returns from record-breaking space mission, becomes internet sensation (Arthur Robey)

"All my life I've wanted to fly, but then this is kind of a step further," she told ABC News 24.

"You don't need an aeroplane, you don't need a spaceship — just you, yourself, your body is flying all the time."

Third World America (Tiffany B.)

or example, when I worked for an international development agency, my team worked to create a ranking system that would help us prioritize which countries to help. But some countries were perennially resistant to change no matter how much aid we threw at them. I wanted to know why, so our work could be more effective. After all, why focus on the symptoms if you can identify — and address — the causes of underdevelopment and poverty?

Greece – What You Are Not Being Told by the Media (Arthur Robey)

If you are a fan of mafia movies, you know how the mafia would take over a popular restaurant. First, they would do something to disrupt the business – stage a murder at the restaurant or start a fire. When the business starts to suffer, the Godfather would generously offer some money as a token of friendship. In return, Greasy Thumb takes over the restaurant’s accounting, Big Joey is put in charge of procurement, and so on. Needless to say, it’s a journey down a spiral of misery for the owner who will soon be broke and, if lucky, alive.

Is the American Economy Really Recovering? (Tiffany B.)

I went back through historical records, back before the global financial crisis revealed just how poorly managed America really is, and I pulled Bureau of Labor Statistics (BLS) employment data from two periods: the peak just before the global financial crisis in 2007 to 2008, and as of May 2015. I cross-referenced the data with other numbers the BLS publishes on average weekly earnings.

Shenhua coal mine's footprint larger than City of Sydney, Melbourne (Arthur Robey)

It has won conditional federal government approval, despite the vehement opposition of the peak NSW farm group.

Owned by China's state-controlled Shenhua Group, the mine will be located in some of Australia's most productive farmland.

The Next Fracking Boom May Be Closer Than You Think


Fracking in Mexico is very controversial, just as the energy sector overhaul in the country itself is. Water scarcity in Mexico for instance may limit the country’s ability to engage in long-term fracking the way the U.S has. In many respects, these challenges create opportunities for companies like Haliburton and Schlumberger which have technical advantages over smaller operators. Similarly opportunities for fracking offshore in the Gulf of Mexico, a technologically challenging feat, offers new business opportunities for the major servicing companies as well.

What's Killing the Babies of Vernal, Utah? (Arthur Robey)

Which raises a question you might ask in a state whose legislature is so rabid for oil and gas money that it set aside millions to sue the federal government for the right to drill near Moab and Desolation Canyon, some of the state's most sacrosanct places: How many dead infants does it take before you'll accept that there's a problem?

Gold & Silver

Click to read the PM Daily Market Commentary: 7/8/15

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."

2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4064
Greece debt crisis may be precursor of future trouble: IMF's Bla

Headlines:

  1. IMF Sees 2015 Global Economic Growth at Weakest Rate Since Financial Crisis
  2.  IMF trims U.S. forecast as it says world to weather Greece, China
  3. China is taking 10 huge actions to save its stock market
  4. Why the Average American May Be Worse Off Than Greece
  5. Greece debt crisis may be precursor of future trouble: IMF's Blanchard
  6. OECD: Global economy is growing too slowly
  7. Deadline day for Greece: Proposals must come in before midnight
  8. Bond market liquidity falling worldwide: Barclays
  9. Consumer Borrowing Hits a Record $3.4 Trillion
  10. China's Gray Market in Margin Lending Is Probably Massive
  11. Stocks rebound but for many Chinese, all is lost
  12. China's shareholder meltdown leaves markets in chaos, with a tonne of iron now cheaper than a tonne of CABBAGES as experts say 'desperate' Beijing officials 'have lost control'
  13. Bond Traders Worry Central Banks Are Firing Guns Without Bullets
  14. Japan M2 Money Stock Rises 3.8% In June
  15. Budget facing multi-billion dollar hit after record fall in iron ore prices (Australia)
  16. Bank of England holds interest rate at 0.50%
  17.  Here’s how much Greece owes Germany, others
  18. Many states using pension funds for more urgent debt
  19. Pennsylvania Turnpike toll hike will be just one of many
  20. S&P downgrades Chicago's GO bond rating to BBB-plus
  21. Chicago's charter schools to share the pain of CPS budget woes
  22. Greeks Spend in Droves, Afraid of Losing Savings to a Bailout
  23. As market dives, China's cities see exit door to debt woes slam shut

     

 

ezlxq1949's picture
ezlxq1949
Status: Silver Member (Offline)
Joined: Apr 29 2009
Posts: 174
Shenhua Coal Mine

Unbelievable and grievous. In terms of actual land area it's not all that large, really: at its widest it's 11km across and on a flat road I could cover that distance in about 10 minutes.

What really distresses me is the mentality behind the mine's approval. Our federal government  since its placement in office has clearly shown that it regards the environment as an infinitely malleable and hence expendable substrate for human activity. Anyway, our economy needs revenue streams and it needs then NOW. The government's vision for Australia's future seems closely bound to being a colossal fossil fuel dispensary for China and India.

It says that agriculture is important, being in coalition with the highly influential Country Party, but its actions reveal otherwise. Some schizophrenia is evident. No worries, there's plenty more land and technology will always save us. If The Market decrees that agriculture leave Australia, then it must be allowed to leave and we can't be sentimental about its departure. When The Market decrees that agriculture return to Australia, then it shall return. Simple as that.

I also wonder what penalty clauses are included in the recently-signed China-Australia Free Trade Agreement. When the TPP is signed, and our federal government is very keen to sign up, regardless of penalty clauses and secret tribunals, I imagine that the plunder will only grow worse. Can hardly wait.

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