QUICK OVERVIEW

• Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It's Barack Obama?

• Scientists predict 14-24% reduction in fish size by 2050 as ocean temperatures increase

• U.S. personal consumption rose 0.5% in August, while personal income rose 0.1%.
• Consumption accounts for about 70% of U.S. overall economic activities.
• U.S. savings rate, or personal savings as a percentage of disposable personal income, edged down to 3.7 percent from 4.1 percent in July.
• U.S Consumer sentiment rose to 78.3 -- highest level in 4 months
• U.S. GDP grew at an annual rate of 1.3%, down from its previous estimate of 1.7%

• Christophe de Margerie, Totals CEO, says the risk of drilling in the arctic are simply too high.

• U.S. August new home sales fell 0.3% to 73,000 annual rate.
• The S&P/Case-Shiller index of property values in 20 cities increased 1.2 percent from July 2011, the biggest 12-month advance since August 2010, a report from the group showed today in New York. The median forecast of 23 economists surveyed by Bloomberg called for a 1.1 percent gain.

• (FARM FUTURES) Russia has suspended the import of Monsanto genetically modified (GMO) corn, due to a study done by a university in France that claims the corn causes cancer.
• Many scientists and nutritionists are skeptic over the results of the study.

• Agriculture is the direct driver of roughly 80 percent of tropical deforestation, while logging is the biggest single driver of forest degradation, says a new report funded by the British and Norwegian governments.

• (Reuters) - Hog producer Prestage Farms Inc and two other livestock companies in North Carolina have signed deals to import 750,000 metric tons (826733.48 tons) of corn from Brazil.

• Rabobank has revised upwards its projected sugar surplus for 2012/13 from 4.6 mln mt to 5.2 mln mt Reuters -

• Brazil and the US are working together to promote the use of ethanol in a collaboration that could revolutionize global markets.
• Brazil to raise ethanol blend to 25% in 2013.

• Oil World thinks the US bean harvest will not be large enough to meet global demand until to the new South America harvest in early 2013. They say, it is possible in theory, the US will become a major importer of soybeans and soy meal from April 2013.

• Yum approved an 18% increase in dividends.

• McDonald's (MCD) increased its quarterly dividend by 10%

• The Dow transports, as everyone who is paying attention already knows, are seriously lagging the Dow industrials.

• (Spiegel) Most in Germany agree that former Chancellor Helmut Kohl was a primary advocate of European unity. This week, as the country celebrates the 30th anniversary of his first election to the Chancellery, the father of German reunification urged his fellow conservatives to fight for the common currency he helped introduce.

Next Update Sep. 30

QUICK OVERVIEW

• Chris Rock‏@chrisrockoz Tweets... Mitt Romney: I'm dedicated to the principle that women  gays need regulation, but Wall Street doesn't.

• The U.S. Fed announced a new round of bond buying and extended the duration of its ultra-low short-term interest rate till mid-2015, in a bid to bolster the country's anemic economic recovery

• German Finance Minister Wolfgang Schaeuble said that the euro has become more viable following decisions by the European Central Bank's unlimited bond-buying program and German Constitutional Court's nodding to participate in EU's bailout fund.

• Britain's construction output 10.1% in July

• U.S. Median household income fell 1.5% YoY

• An estimated 15% of Americans lived in poverty last year.

• Michael Cordonniers says, "The early growing season weather in South America is becoming worrisome."Extremely wet in Argentina - Hot dry in Central Brazil"

• China increased their treasury holdings by 12.4 billion over the last 6 months - Gold holding by 25 billion.

• Nestle said sales in China will grow about 20% this year because of rising wages and the govt’s policy to boost local consumption.

QUICK OVERVIEW

• EU Central Bank chief Mario Draghi on Thursday overrode German concerns and announced a program allowing for unlimited purchases of sovereign bonds from struggling euro-zone member states.

• “We are looking at a mega-trend of increasing consumption of meat, milk, eggs,” Christopher Langholz, president of Cargill Animal Protein China, said in an interview, without giving specific forecasts.

• China, the world's largest consumer of copper, gave the green light for 60 projects worth more than $150 billion that is expected to energize the economy.

• In 1980, per capita meat consumption in China was 15 kilo. Today that figure is 55-60 kilo.
• US per capita meat consumption was 77.5 kilo in 2011. The US meat consumption is down some 10% over the last 8 years – probably due to a lack of money. The PCRDI (aka Per Capita real disposable income) is just now back to where it was in 2007.

• Jill Filipovic‏@JillFilipovic Tweets: Paul Ryan wasn't lying, you guys. If he was telling LEGITIMATE lies, my female ears would have shut that whole thing down.

• Bernanke reiterated his position that the FOMC stands at the ready to provide help but is not yet adding extra stimulus.
• US factory orders rose 2.8% in July

• (Prichard) Spain has suffered the worst hemorrhaging of bank deposits since the launch of the euro, losing funds equal to 7pc of its GDP in a single month during July.

• The area of the Arctic Ocean covered by floating sea ice is likely to hit a record low next week, with the melting due to continue well into September, according to researchers monitoring the region by satellite.
• The melting of Antarctic ice could release huge amounts of greenhouse gas trapped under the continent's surface - creating a feedback loop that would accelerate climate change.

• The National Association of Realtors reported that sales of existing homes rose by 2.3% in July. While positive, it was still a lower number than was expected by Wall Street.
• Sales of new homes in the U.S. rose 3.6% in July to match a two-year high reached in May. US house prices have posted their first annual gain in almost two years, raising hopes that the troubled market can begin to contribute to America's economic recovery.

• China risks a repeat of Japan's boom-bust disaster 20 years ago as exorbitant property prices combine with a demographic tipping point, a top Japanese official has warned.

• Kingsman cuts Sugar surplus forecast to 6.7 million

• Extracting uranium from seawater is closer to becoming an economic reality, which could guarantee the future of nuclear power.
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• Wired Mag. reports that schools in Estonia are teaching first graders - computer programming.
   

On strike for another week, if you’re bored – watch this. If you are still bored, watch it again.