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    Daily Digest 10/1 – The Medical Deserts Of Rural America, Consumer Instant Gratification Can Prove Risky

    by Daily Digest

    Tuesday, October 1, 2019, 6:11 AM

Economy

China Flexes Muscles In Parade Marking 70 Years Of Communist Rule (Thomas R.)

“There is no force that can shape the foundation of this great nation and no force that can stop the Chinese people and the Chinese nation from getting ahead,” Xi Jinping, China’s top leader and party chairman, said in an opening speech. He framed the parade as a moment of triumph over the “humiliation” of foreign imperialism beginning with the Opium Wars of the mid-19th century.

Live Updates: Hong Kong Police Shoot Protester, 18, as Demonstrations Turn Violent (TS)

The protesters in Hong Kong hoped to upstage Beijing’s celebrations by holding their own unauthorized marches. Violence quickly broke out, as demonstrators in districts across the city engaged in some of the bloodiest and most sustained clashes since protesters began taking to the streets in early June.

China state media warn US investment curbs will have ‘significant repercussions’ (Thomas R.)

But U.S. Treasury assistant secretary for public affairs, Monica Crowley, said in a statement over the weekend that “the administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States.”

Democrats’ Plans to Tax Wealth Would Reshape U.S. Economy (jdargis)

“We are living in the second Gilded Age,” said Bruce Ackerman, a professor of law and political science at Yale University, referring to the stark wealth gap produced by the Industrial Revolution. “What we have once again is people both on the right and the left being provoked by the perception they are being left behind.”

Who pays the most under Bernie Sanders’ ‘inequality tax’ plan (Thomas R.)

The companies that would be hardest hit are mostly in retail and banking or are restaurant chains. Sanders’ campaign said that McDonald’s would have had to pay an extra $111 million in taxes last year under the plan. Walmart would have had to pay $794 million more, Home Depot would have paid $538 million more, and J.P. Morgan Chase would have paid an extra $992 million.

The Internet Is Overrun With Images of Child Sexual Abuse. What Went Wrong? (tmn)

An investigation by The New York Times found an insatiable criminal underworld that had exploited the flawed and insufficient efforts to contain it. As with hate speech and terrorist propaganda, many tech companies failed to adequately police sexual abuse imagery on their platforms, or failed to cooperate sufficiently with the authorities when they found it.

Law enforcement agencies devoted to the problem were left understaffed and underfunded, even as they were asked to handle far larger caseloads.

Computers Are Making Huge Mistakes Because They Can’t Understand Chaos, Scientists Warn (Ivo M.)

The butterfly effect is primarily attributed to American mathematician and meteorologist Edward Norton Lorenz, who in the 1960s, while repeating a weather simulation, took a history-making shortcut: he used slightly simplified numbers for the second experiment (inputting 0.506 instead of 0.506127).

“I went down the hall for a cup of coffee and returned after about an hour, during which time the computer had simulated about two months of weather,” Lorenz later recalled.

Twitter Executive is Psy-Op Soldier – Middle East Eye (Suzie G.)

However, that Twitter is actually literally employing officers from this corps as executives is more brazen and unpleasant than many would expect.

Ian Cobain’s piece is meticulously sourced and cited, and a must-read.

Here’s why the Forever 21 bankruptcy could be really bad news for US mall owners (Thomas R.)

The average Forever 21 store is close to 40,000 square feet but there are some locations that span more than 100,000, which is more like the size of a traditional department store. Larger locations can prove to be much more difficult to fill. Landlords are already dealing with the aftermath of a Sears bankruptcy filing last October, with store closures continuing to drip out, and empty Toys R Us locations, which have been vacant for more than a year.

Consumer instant gratification can prove risky (Thomas R.)

To be sure, accelerated pay is not the same as a payday loan, which is generally considered the absolute worst way to borrow money in a pinch. Often offered through storefront payday lenders or even online, those short-term loans, generally for $500 or less, can come with an interest rate that easily runs into the triple digits — in addition to a “finance charge” or service fee.

‘Out here, it’s just me’: In the medical desert of rural America, one doctor for 11,000 square miles (tmn)

In Texas alone, 159 of the state’s 254 counties have no general surgeons, 121 counties have no medical specialists, and 35 counties have no doctors at all. Thirty more counties are each forced to rely on just a single doctor, like Garner, a family physician by training who by necessity has become so much else: medical director of Culberson County. Head physician for a nearby immigration detention center. Director of a rural health clinic. Chief of staff for Culberson Hospital. And medical director for the hospital’s emergency room, where the latest patient was being wheeled in as Garner introduced himself.

What you should know about getting a good night’s sleep, from a company that has analyzed 1 million nights of sleep data (Thomas R.)

Couples can have different preferences about how they like to sleep, including types of sheets, temperature of the bedroom and time they go to bed, said Jared Minkel, a clinical assistant professor at Brown University and director of adult behavioral sleep medicine at Rhode Island Hospital.

It doesn’t get better with time.

How a hyperloop may change how and why we travel (Thomas R.)

“My sense is that hyperloop will absolutely happen,” said Devin Liddell, principal futurist at Seattle-based design company Teague. “Think about the emerging traffic problems in some of biggest U.S. cities. Yuck. We need a new system like hyperloop because our present systems are terrible. This is a better solution.”

The first hyperloop system to carry passengers will likely be built in India or the United Arab Emirates.

Shale Boom Is Slowing Just When the World Needs Oil Most (Adam)

The American shale boom is slowing as innovation plateaus—and just when shale’s importance in global markets has reached new highs following an attack on the heart of Saudi Arabia’s oil infrastructure.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/30/19

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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5 Comments

  • Tue, Oct 01, 2019 - 8:03am

    #1

    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 160

    2+

    WeTooBigToFail

    https://www.businessinsider.sg/biggest-business-stories-this-week-wework-citadel-best-buy-2019-9/

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  • Tue, Oct 01, 2019 - 1:06pm

    #2

    rhare

    Status Silver Member (Offline)

    Joined: Mar 29 2009

    Posts: 398

    3+

    Climate Change - Cherry picking start dates

    An interesting article on Mish’s economic blog.  Cherry picking start dates let you get the result you want.

    https://moneymaven.io/mishtalk/economics/global-warming-fraud-exposed-in-pictures-bA-1mNrK0kiarserpfa9iA/

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  • Tue, Oct 01, 2019 - 1:28pm

    #3

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2960

    3+

    Nearly $100 billion in one day

    The Daily History of the Debt Results

    Historical returns from 09/15/2019 through 09/30/2019

    The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.

    Debt Held by the Public vs. Intragovernmental Holdings )

     

    Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
    09/13/2019 16,700,774,934,516.88 5,856,796,600,797.21 22,557,571,535,314.09
    09/16/2019 16,720,462,392,608.28 5,865,819,265,211.05 22,586,281,657,819.33
    09/17/2019 16,722,768,994,867.96 5,880,173,650,003.53 22,602,942,644,871.49
    09/18/2019 16,723,191,497,980.95 5,866,972,972,384.96 22,590,164,470,365.91
    09/19/2019 16,736,457,737,524.45 5,873,738,860,512.22 22,610,196,598,036.67
    09/20/2019 16,736,741,800,799.41 5,868,891,158,865.73 22,605,632,959,665.14
    09/23/2019 16,737,256,715,576.25 5,873,197,137,817.31 22,610,453,853,393.56
    09/24/2019 16,733,330,036,854.81 5,889,440,653,147.18 22,622,770,690,001.99
    09/25/2019 16,733,463,541,338.65 5,873,964,828,449.99 22,607,428,369,788.64
    09/26/2019 16,746,339,300,499.33 5,863,618,318,308.81 22,609,957,618,808.14
    09/27/2019 16,764,390,251,004.74 5,858,294,423,359.69 22,622,684,674,364.43
    09/30/2019 16,809,092,325,171.80 5,910,309,428,261.98 22,719,401,753,433.78

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  • Tue, Oct 01, 2019 - 4:54pm

    #4

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1961

    5+

    Exiting Decaying Cities

    Charles Hugh Smith blogs today about the exodus from decaying cities.  As an escapee from Santa Cruz, California, he speaks my language.

    Could Pricey Urban Meccas become Crime-Ridden Ghost Towns?

    October 1, 2019

    …. all those pricey urban meccas could become crime-ridden ghost towns. How could such a reversal occur?

    1. Those in the top 10% who can leave reach an inflection point and decide to leave. The top 1% who live in enclaves  …[where] no human feces land on their doorstep.

    It’s everyone who lives outside these protected enclaves….

    It might be needles and human feces on the sidewalk, it might be petty crime such as your mail being stolen for the umpteenth time, it might be soul-crushing commutes that finally do crush your soul, or in Berkeley, California, it might be getting a $300 ticket for not bringing your bicycle to a complete stop at every empty intersection on a city bikeway….

    It might be something that shreds the flimsy facade of safety ….

    Not everyone can move, but many in the top tier can, and will.

    2. Those who have to leave when they lose their job.

    3. Once the stock market returns to historic norms, the gargantuan capital gains that supported local tax revenues and spending dry up. WeWork is the canary in the coal mine; from a $50 billion IPO to insolvency in six weeks.

    Once tax revenues plummet (no more IPOs, hundreds of restaurants closing, etc.), cities and counties will have to trim their workforces to maintain their ballooning pension payments for retirees.

    4. Housing prices and rents are sticky: sellers and landlords won’t believe the good times have ended, and so they will keep home prices and rents at nosebleed valuations even as vacancies soar … [which] accelerates the exodus.

    By the time sellers grudgingly reduce prices, it’s too late: the market has soured. The Kubler-Ross dynamic is in full display, as sellers go through the stages of denial, anger, bargaining and acceptance: they grudgingly drop the price of the $1.2 million bungalow or flat to $1.15 million, then after much anger and anguish, to $1.1 million, but the market has imploded while they processed a reversal they didn’t think possible: now sales have dried up, and prices are sub-$800,000 while they ponder dropping their asking price to $995,000. …

    Friends move away, favorite places close suddenly, streets that were safe now seem foreboding, and all the friction, crime, grime and dysfunction that was once tolerable becomes intolerable.

    6. In response to deteriorating … finances, local government jacks up fees, tickets, permits and taxes….

    7. Those on the cusp cave in and abandon the mecca. ….  Renters move out in the middle of the night, homeowners who have watched their equity vanish as prices went into freefall jingle-mail the keys to the house to the lender and small businesses that had clung on, hoping for a turn-around close their doors.

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  • Tue, Oct 01, 2019 - 10:22pm

    Reply to #4

    davefairtex

    Status Diamond Member (Online)

    Joined: Sep 03 2008

    Posts: 3207

    4+

    decaying urban centers

    Well as a recent visitor to a decaying urban city, I have a relevant anecdote to share.

    I was a resident of San Francisco for many years; I had this motorcycle I’d park on the street; it was never molested during all my time in the city.  I rode it back into the city this past weekend.  The first day I parked it on the street, someone came by, stole it, tried to start it by pounding a screwdriver into the ignition (fail), then ripped off the side covers looking for the battery to jump-start it (fail), and then left it two blocks from where they took it.

    San Francisco is one of those “sanctuary cities” that apparently also believes in not disturbing the homeless population too.  These policies appear to have attracted a certain predatory criminal element that wasn’t there 10 years ago.

    “Broken Window” theory of policing which – from what I understand – actually seems to work?  Apparently that’s racist.  So they can’t do that any longer.  One wonders what the SFPD thinks.  I don’t have any friends on the force anymore, so I can’t say for sure.

    I’m glad I don’t live there anymore.

    A friend that goes downtown often – a fairly savvy female friend – says she has to be very careful.  She chooses where she sits on the subway (always the front car) to avoid trouble, and she is constantly accosted by drugged out homeless people when she walks to visit her customers in downtown.  During broad daylight.  She never stays there at night – she makes sure she departs for East Bay by 3:30 pm.

    Note: this is during “the good times”.  What happens to the city when the economy turns down?

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