Daily Digest 7/13 - Policy Extremes Maintain Illusion of Stability, What To Know About Puerto Rico's Debt Crisis
- Greek crisis: surrender fiscal sovereignty in return for bailout, Merkel tells Tsipras
- America, We Have A Problem
- Policy Extremes Maintain Illusion of Stability: Charles Hugh Smith
- Everything you should know about Puerto Rico’s debt crisis
- China’s Incendiary Market Is Fanned by Borrowers and Manipulation
- EIA Confirms: Oil Production Peaked
- Water is a precious commodity, but B.C. is just giving it away
- Alaska Starts Cleaning Up Debris From Japan Spread by 2011 Tsunami
With financial markets becoming increasingly volatile (the Shanghai Composite's loss of over $2 trillion in the past month, anyone?), along with growing global economic instability and currency risks, we think it time to reiterate more loudly our core belief that everyone should own some precious metals.
- Greece Financial Crisis Hits Poorest and Hungriest the Hardest
- Are Big Banks Using Derivatives To Suppress Bullion Prices?
- Gerald Celente: Greek Crisis, Gold and Geopolitics
- China, Greece and the NYSE: Black Swans or Red Flags?
- What it’s like to actually eat the food in Oakland County Jail
- Signs of a Growing Hush in China’s Economy
- Airbus e-Fan electric plane successfully crosses the English Channel
- Scientists have discovered that living near trees is good for your health
There is no way for Greece to fix its debt problem if it keeps the euro as its currency. Every purported solution that doesn’t address the core cause of the debt is mere theater.
- Energy plays a key role in sovereign economic (un)sustainability
- The export boom is imploding
- The neofeudal model is collapsing as 'serf' nations enter default
- Take preparation now, while it still matters
If you have not yet read Part 1: Why Greece Is The Precursor To The Next Global Debt Crisis available free to all readers, please click here to read it first.
In Part 1, we examined the core dynamics that expanded Greek debt to its current unmanageable size—currency/trade deficits and bailouts—and the enormous transfer of private bank debt to the public ledger via the Troika bailouts, only 10% of which trickled down to the Greek people.
There are two other dynamics beneath the surface theater, dynamics which are not unique to Greece but are characteristic of the most heavily indebted nations.Food and Fuel Imports Drive Structural Imbalances and Debt/Currency Crises
In our recent podcast, Chris mentioned this chart of imported energy by nation. Note that the nations with crushing structural debt loads (the so-called PIIGS—Portugal, Ireland, Italy, Greece and Spain) also happen to be major importers of energy.
What does this have to do with Greece’s debt crisis? Let’s go back to the key driver of Greek debt—imports that far exceeded exports, not occasionally but structurally, year in and year out. Money was borrowed to pay for those imports, interest accrued on the loans and then austerity was pressed on the debtor nations by the lenders as a means of extracting interest on the rising debts.
If a nation does not generate a significant percentage of its own energy and food needs, or export enough goods and services to offset its imports of energy and food...
- The shift of Australia's economy in one painful chart
- How to Outsmart FATCA
- To slash the amount of money spent on homelessness, just give homes away
- OPM Announces More Than 21 Million Affected by Second Data Breach
- When the End of Human Civilization Is Your Day Job
- Why the Great Glitch of July 8th Should Scare You
- Can Commercial Jets Be Fueled With Household Garbage?
- Tomorrow an electric plane will fly the English Channel for the first time
In this week's Off The Cuff podcast, Chris and Nomi Prins discuss:
- The Ghosts Of 2008
- Are suddenly returning en masse to haunt us
- Growing Central Bank Insecurity
- Beginning to realize that they've cornered themselves
- The War On Cash
- Central planners continue to tighten restrictions
- No Solutions For The Status Quo
- A massive reset is the best we can hope for
Click to listen to a sample of this Off the Cuff Podcast or Enroll today to access the full audio and other premium content today.
- Someone stole $1 billion from Moldova. That's an eighth of its GDP
- Astronaut Samantha Cristoforetti returns from record-breaking space mission, becomes internet sensation
- Third World America
- Greece – What You Are Not Being Told by the Media
- Is the American Economy Really Recovering?
- Shenhua coal mine's footprint larger than City of Sydney, Melbourne
- The Next Fracking Boom May Be Closer Than You Think
- What's Killing the Babies of Vernal, Utah?
Underlying the collaborative economy are a handful of very strong and general trends that are challenging the conventional business models in just about every sector of the economy—not just in the types of transactions that we usually think of as the sharing economy.
Photo: Daily Table
As Whole Foods get slammed in the press for overcharging customers, a not-for-profit grocery store is modeling a different way of selling food. Daily Table in Dorchester, Massachusetts collects excess food from a network of growers, supermarkets, manufacturers and suppliers, and offers it at steep discounts to shoppers.
- U.K. Welfare Spending Increases $43 Billion Under Cameron
- Howes: Detroit water vote may extend state fiscal reach
- Ontario Cut by S&P as Big Spending Makes It Global Laggard
- Gold Gets Ignored in Greek Meltdown With Fewest Bulls Since 2006
- IMF: U.S. Economy at Risk of Stalling Next Year if Fed Raises Rates Prematurely
- China Targets Short Sellers in Stock-Index Futures Contracts
- Chinese Trading Suspensions Freeze $1.4 Trillion of Shares Amid Rout
- Greek Banks Seen Days From Breakdown as Bailout Talks Resume
- Life insurance industry a risk to U.S. stability, IMF says
- Fed should wait to hike until 'clear signs' of inflation emerge: IMF
- Chicago, state lawmakers consider tax hikes
- Water rates, surcharges rise as cities, water agencies lose money in drought
- Hit by drought and seawater, Bangkok tap water may run out in a month
- China's Plunging Markets: Retail Investors Stunned by Rout
- European Central Bank’s Nowotny: If Greece Misses Payment, Funds Will Be Cut Off
- Central Banks Across the World Pressured to Fight Against Euro Depreciation
- Cash Is Still King
- Ranking The States By Fiscal Condition
- Is Tsipras a reckless revolutionary, bold leader, or calculating gambler? Yes
- Greek Banks Prepare Plan To Raid Deposits
- Anxiety: The Reason It Can Socially Isolate You
- Bernie Sanders Speaks
- Energy Hungry India To Import More Canadian Crude
- This dome in the Pacific houses tons of radioactive waste – and it's leaking
TreeXOffice is designed to give back to the trees. Photo: Groundwork London
Coworking is all the rage these days, with spaces popping up faster than one can keep track of. And within the growing coworking movement, there is something for everyone. There are coworking spaces that double as climbing gyms, coworking spaces for artists, coworking spaces in houses, and now, coworking spaces in trees.
Photo by Matt Karp under a Creative Commons license.
Walking is moving fast these days.
We may think of it as a slow activity, but travel by foot is quickly being recognized as an effective prescription for health, a convenient means of transportation, a great way to meet people, a smart strategy for saving money, and a lot of fun.
It’s pretty hard keeping up with the rapid-fire developments in Greece. Things change every hour it seems; rumors abound and confusion runs deep.
At this point, it all depends on what Greece is prepared to accept and what the EU is prepared to offer. So from here, we could see anything from a full financial pardon from the EU (very unlikely) to a full Greek exit (still quite possible).
Most of the permaculture books and material you see is geared toward adults with at least a basic knowledge of the design science. My wife Denise and I feel strongly that children are under served in the permaculture world.
This is why we wrote a permaculture children’s picture book. This book is a great way to introduce young children to permaculture concepts. It is the original and the only permaculture children’s storybook in existence. As a thank you to Peak Prosperity readers, I am giving away a free PDF of the book for everyone to try. The download is at the bottom of this article.
A number of great tips and ways to reduce your energy consumption and make your home more energy efficient.
- Greece debt crisis: China is the real elephant in the room
- Huge costs of Greece staying in or quitting euro
- What Happens in a Dollar Collapse?
- Search for Prison Escapees in Northern New York Became Boon for Region’s Economy
- Aetna Buys Humana For $37 Billion, But Deal Doesn't Add Up
- Markets Become Scary: Crash Point Or Turning Point?
- Russia Taking Full Advantage Of Greek Crisis
- Hawaii Becomes First State in The Nation to Ban Plastic Bags
A staggering 40 percent of the food that’s grown and produced in the US gets thrown away. But our food waste problem isn’t limited to one industry. It starts with the farms where food is grown and trickles through every aspect of food production, retail, and consumption, down to the food in our own refrigerators that goes to waste.