Daily Digest

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Daily Digest 7/14 - Alaska's Climate Refugees, The Really Big One

Tuesday, July 14, 2015, 9:45 AM


King World News: Egon von Greyerz Interview (pinecarr)

EvG forecasted the current economic problems over 12 years ago. In 2002 (gold $300/ oz.) MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. EvG specialises in M&A and Asset allocation consultancy for private family funds. MAM (based in Zurich, Switzerland) specialises in wealth preservation for high net worth individuals as well as institutions. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds.

Greek debt crisis: Goldman Sachs could be sued for helping hide debts when it joined euro (Nate)

The deal is based on fresh economic reform proposals submitted by Athens which bear a striking similarity to the creditors’ offer rejected by the Greek people in a referendum last Sunday – sparking claims that Prime Minister Alexis Tsipras has effectively executed a huge U-turn in order to avoid a catastrophic “Grexit”.

A Huge Deal (jdargis)

ogether, these cuts mean that even if Iran tried to renege on the agreement, it would take it at least a year to make enough uranium for one bomb—more than enough time to detect the effort and take economic, diplomatic, or military steps to stop it.

The Moment for Criminal-Justice Reform? (jdargis)

Another libertarian complaint is “overcriminalization.” Congress keeps making new laws, which have led to thousands of different rules in the penal code that can be broken—and prosecuted. “There are now so many administrative regulations that carry criminal penalties that nobody knows how many there are,” said Representative Jim Sensenbrenner, a Wisconsin Republican and co-author of the SAFE Justice Act, a comprehensive proposal introduced in June.

The Multi-Trillion Dollar Oil Market Swindle (Tom K.)

I have maintained that oil should have corrected to around $70 in the fall of 2014, tied to U.S. production increases which at the time represented the price at which drillers would continue to add to supply. That price tied to cost reductions has probably been reduced to $60ish currently. But today, with the consensus oversupply widely quoted in the media as some 2 million barrels per day worldwide, it’s clear that if the numbers are correct below, the perceived oversupply wouldn’t exist at all. Suffice it to say prices would be at least at the point where production would need to be added, perhaps around $60-$70 per barrel, if not higher.

Science says no impacts from Shenhua mine: Baird (Arthur Robey)

Asked what he had said, the minister told reporters: "There's no point in going to cabinet if you are going to express what you said in cabinet on national TV."

Shenhua Watermark is planning to construct an open-cut mine about 25km southeast of Gunnedah to extract 10 million tonnes of coal a year over 30 years.

The Really Big One (westcoastjan)

An earthquake will destroy a sizable portion of the coastal Northwest. The question is when. The water will surge upward into a huge hill, then promptly collapse. One side will rush west, toward Japan. The other side will rush east, in a seven-hundred-mile liquid wall that will reach the Northwest coast, on average, fifteen minutes after the earthquake begins. By the time the shaking has ceased and the tsunami has receded, the region will be unrecognizable. Kenneth Murphy, who directs FEMA’s Region X, the division responsible for Oregon, Washington, Idaho, and Alaska, says, “Our operating assumption is that everything west of Interstate 5 will be toast.”

Alaska's Climate Refugees (jdargis)

The village of Newtok, Alaska, sits on the shore of the Ninglick River, on increasingly unstable land affected by erosion and melting permafrost. To escape the predicted collapse of the village site, residents will soon have to relocate to more stable ground. Newtok, with a population of approximately of 375 ethnically Yupik people, was founded in 1959, but the Yupik have lived on the coastal lands along the Bering Sea for thousands of years. Today, as global temperatures rise, Newtok and several other remote Alaskan villages are threatened by melting permafrost, widening rivers, coastal erosion, and larger storms that come in from the Bering Sea. According to the U.S. Army Corps of Engineers, the highest point in Newtok—the school—could be underwater by 2017.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/9/15

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."


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Re: The Really Big One

Duly noted, and added to "the pile". Meh...

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CalPERS misses its target return by a wide margin

"The nation's largest public pension fund said its investments returned just 2.4% for its fiscal year, ended June 30, far below its 7.5% investment target.
In a conference call with reporters Monday, CalPERS' chief investment officer, Ted Eliopoulos, said the main culprit was a sluggish world economy that held down returns on its giant stock portfolio, which makes up 54% of the $301-billion fund."

"Ms. Rousseff has suggested she will veto the salary measure and another initiative to raise pensions, an intent confirmed on Monday by an official. That may stave off credit downgrades into junk territory—which could trigger a selloff of Brazilian debt, weakening the currency and increasing borrowing costs."

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Aaron M
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Re: The Really Big One

I've been talking to folks all day about this article, and have some thoughts I think are germane on the topic:

I don't see this as imminent, but it's certainly worth considering. 

Without a mechanism that could force, en masse, the entire subduction zone to move, there's little reason to suspect it will. More likely than not, incremental amounts will push, wiggle and reshape their way into mountain ranges, creating more active volcano cores. Those quakes that do occur will probably be between 6 and 8, and happen once every 50-100 years. The likelihood that an entire zone would just suddenly slip is pretty slim, I think, due to the tremendous amount of energy required to move it. In short, I think the low hanging fruit is small quakes and more active volcanos (historic continuity). 

The most out of reach, barely visible outcome would be a major, catastrophic full margin rupture. 

Apart from that, the reports raise some seriously valid concerns... but miss others. (referring to an article in the New Yorker, by Kathryn Shulz)

They correctly noted (and I'm glad to see this, it's often overlooked) that a Tsunami in the Eastern Pacific isn't going to look like a Myanmar Tusnami. I think they still over estimate it's potential impact, though. 

A major consideration they missed entirely is that the PNW, and the Columbia River in WA specifically, is home to 9 (?) major hydroelectric dams, and at least one nuclear weapons facility. Those dams are old, and they creak and groan under the weight of their normal operations. The resulting infrastructural damage from a major earthquake would like cause a failure in one, if not several of these dams, which would both cripple the local energy production, spill tremendous reservoirs of trapped water into the river basin, and possible cause a cascade effect with regards to downstream structural failures. 

Another consideration that wasn't mentioned is the increase in volcanic activity based on the frictional effects of that much mass moving that quickly. There is already molten mass there, and that reserve would undoubtedly increase if their "major" catastrophe were to play out. The immediacy is speculative, and I'm not a volcanologist so I don't know much more than what they taught us in school... but principles of science generally hold pretty steady and I'd keep in mind if I were living on the backside of the Cascades...

Increased likelihood from former river basins converted into scores of McMansions are also in jeopardy, as rivers often jump their banks during strong quakes. This wasn't a problem in the PNW even just 20 years ago. 


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Zero Carbon or Bust

On July 10 in Paris a gathering of nearly 2,000 scientists and academics reaffirmed what most climate scientists have been saying for decades: The cost of making cuts in greenhouse gas pollution rises with every day of delay and zero emissions must be the goal for this century.


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Exclusive: Greece needs debt relief far beyond EU plans - Secret

"European countries would have to give Greece a 30-year grace period on servicing all its European debt, including new loans, and a very dramatic maturity extension, or else make explicit annual fiscal transfers to the Greek budget or accept "deep upfront haircuts" on their loans to Athens, the report said.".........

"The latest IMF study said Greek debt would now peak at close to 200 percent of economic output in the next two years, compared to a previously forecast high of 177 percent.

Even by 2022, the debt would stand at 170 percent of gross domestic product, compared to an estimate of 142 percent issued just two weeks ago.

Gross financing needs would rise to above the 15 percent of GDP threshold deemed safe and continue rising in the long term, the updated IMF study said."

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A History Lesson From an Old Woman

Kitty Werthmann lived under Hitler's National Socialism.

In the interest of balance I found one young Mike Rothschild. (Interesting name.)You might want to scroll down to Stirling Louviere's comment, to which Mike remains mute.


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"Have We Gone Mad", Europe.

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Europa ist wahnsinnig geworden

Der Redner spricht die WAHRHEIT aus.  Warum können die Euro-Eliten das nicht verstehen?  Oder besser:  wer hat die Eliten gekauft?

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