Daily Digest

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Daily Digest 8/24 - The End Of U.S. Economic Growth, The Cheapest Generation, Doctor Burnout

Friday, August 24, 2012, 11:39 AM

Economy

The End Of U.S. Economic Growth (adam)

The analysis links periods of slow and rapid growth to the timing of the three industrial revolutions (IR’s), that is, IR #1 (steam, railroads) from 1750 to 1830; IR #2 (electricity, internal combustion engine, running water, indoor toilets, communications, entertainment, chemicals, petroleum) from 1870 to 1900; and IR #3 (computers, the web, mobile phones) from 1960 to present.

Why U.S. Unemployment Figures Are A Complete Lie (David B.)

Let’s start off with some basic definitions (all taken from the Bureau of Labor Statistics). Unemployed are persons who “do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work”. Another important metric to note is the labor force, which is a key figure for calculating unemployment. The labor force consists of anyone over the age of 16 save “all persons confined to institutions such as nursing homes and prisons, and persons on active duty in the Armed Forces”. Individuals must have looked for work in the last year to be included in the labor force.

A history of exchange-rate regimes (adam)

It’s almost as if currencies are designed to confuse you. In fact, sometimes they even lie to you. Take the pound sterling for example; each 5, 10, 20 and 50 pound note assures you, the esteemed owner, the gracious right to redeem it for… 5, 10, 20 and 50 pounds respectively. Either there’s an awkward “I-give-it-to-you-so-that-you-can-give-it-back-to-me” manoeuvre involved here or somebody’s lying. Well, this quirk and much more is cleared up when recounting the evolution of currency systems over the past two centuries; and as it turns out this history is far more exciting than is usually let on (think political thriller as opposed to economic textbook!).

Rickards on Iran-Israel, Australian Dollar, Yuan (oliveoilguy)

James Rickards, senior managing director of Tangent Capital Partners and author of "Currency Wars," discusses the impact of an Iran-Israel conflict on financial markets, the outlook for the Australian dollar, the Chinese yuan, and the Euro. Rickards speaks with Deirdre Bolton on Bloomberg Television's "Money Moves."

China Confronts Mounting Piles of Unsold Goods (westcoastjan)

The severity of China’s inventory overhang has been carefully masked by the blocking or adjusting of economic data by the Chinese government — all part of an effort to prop up confidence in the economy among business managers and investors.

Silver Tacks on the “30″ Handle (Taki T.)

I am expecting the following chart to change significantly in tomorrow’s COT report, even though it will only capture this Tuesday’s price action and not the big upmoves Wednesday and today.

The Widespread Problem Of Doctor Burnout (VeganD)

Research over the last 10 years has shown that burnout – the particular constellation of emotional exhaustion, detachment and a low sense of accomplishment – is widespread among medical students and doctors-in-training. Nearly half of these aspiring doctors end up becoming burned out over the course of their schooling, quickly losing their sense of empathy for others and succumbing to unprofessional behavior like lying and cheating.

The Cheapest Generation (Ben Johnson)

Don’t blame Ford. The company is trying to solve a puzzle that’s bewildering every automaker in America: How do you sell cars to Millennials (a k a Generation Y)? The fact is, today’s young people simply don’t drive like their predecessors did. In 2010, adults between the ages of 21 and 34 bought just 27 percent of all new vehicles sold in America, down from the peak of 38 percent in 1985. Miles driven are down, too. Even the proportion of teenagers with a license fell, by 28 percent, between 1998 and 2008.

The Oil Sector has Been Pushed to the Limit of its Capabilities (James S.)

The report mixes NGLs, which feed petrochemicals and domestic or industrial fuel applications, with conventional oil, which is the main source for transportation fuels. When fractionated, NGLs yield propane, butane and light naphtha. These products cannot replace oil distillates such as gasoline, diesel or jet fuel.

Report: Most Antarctic Peninsula Warming Human-Caused (ftealjr)

The debate over whether global warming is natural or manmade is an artificial one: scientists know that both factors can affect the planet’s temperature. The real question is which factor is doing the heavy lifting — and a new report in Nature released Wednesday says that on the Antarctic Peninsula, at least, human-generated greenhouse gases have almost certainly been by far the most important driver of warming over the past half-century.

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. 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."

7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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littlefeatfan's picture
littlefeatfan
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More 3E related Links, Resources and Cartoons

http://3es.weebly.com/  This weeks summary of must reads, resources and cartoons

galatians's picture
galatians
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Joined: Jun 18 2009
Posts: 1
Muse have figured it out at least

Muse - Unsustainable -

Wayne Grow's picture
Wayne Grow
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Posts: 16
Republicans Eye Return to Gold Standard

This strikes me as a big deal.  Has monetization of gold (Chris's big wild card/option) just entered the national discussion?

http://www.cnbc.com/id/48770752

Oliveoilguy's picture
Oliveoilguy
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Posts: 369
Republicans Eye Return to Gold Standard

Wayne Grow wrote:

This strikes me as a big deal.  Has monetization of gold (Chris's big wild card/option) just entered the national discussion?

http://www.cnbc.com/id/48770752

Yes, Wayne Grow this is a big deal, and bigger yet is the Audit the FED platform, because that is something easily done and it threatens the Bernank. With a republican victory a FED audit is likely. For this reason I hold to my theory that the Bernank will try to influence the election through easing in the near future.

jrf29's picture
jrf29
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Posts: 444
Republicans to Eye Return to Gold Standard

Proposed revisions to the Republican party platform are a tip of the hat to Ron Paul and also to the Tea Party movement.  As far as their ultimate significance, my thinking tends more toward that of Mr. Jeff Greenfield (who was not specifically writing on the subject of the gold commission):

Jeff Greenfield wrote:

Jumping Ship: The Party Platforms Nobody Stands On Anymore

Nobody takes the platform of a political party seriously any longer. And that is one of the most striking, if all but ignored, changes in American political life. For most of our history, conventions were held not only to nominate candidates, but also to debate and define what the parties stood for. The platform was a serious declaration of purpose, and the fights were hugely consequential. [Today] the platform is largely regarded as a way to placate the more ideologically-fervent constituencies, without really binding the nominees to much of anything...

Oliveoilguy's picture
Oliveoilguy
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Joined: Jun 29 2012
Posts: 369
A Republican declaration of purpose

jrf29 wrote:

Proposed revisions to the Republican party platform are a tip of the hat to Ron Paul and also to the Tea Party movement.  As far as their ultimate significance, my thinking tends more toward that of Mr. Jeff Greenfield (who was not specifically writing on the subject of the gold commission):

Jeff Greenfield wrote:

Jumping Ship: The Party Platforms Nobody Stands On Anymore

Nobody takes the platform of a political party seriously any longer. And that is one of the most striking, if all but ignored, changes in American political life. For most of our history, conventions were held not only to nominate candidates, but also to debate and define what the parties stood for. The platform was a serious declaration of purpose, and the fights were hugely consequential. [Today] the platform is largely regarded as a way to placate the more ideologically-fervent constituencies, without really binding the nominees to much of anything...

Jrf29,

Look for a serious declaration of purpose at the upcoming convention. The Romney camp has doubled down on the economic debate by choosing Ryan for VP. It is working. Look for more clarity and distinction between those who are aligned with the Austrian School, and those who favor bigger government. 

Ron Paul can be a real asset to the ticket.

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