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    Daily Digest 10/13 – Green Light For Silver, Is The World Addicted To Debt?

    by DailyDigest

    Tuesday, October 13, 2015, 2:23 PM


The world economic order is collapsing and this time there seems no way out (jdargis)

The IMF is profoundly concerned, warning at last week’s annual meeting in Peru of $3tn (£1.95tn) of excess credit globally and weakening global economic growth. But while it knows there needs to be an international co-ordinated response, no progress is likely. The grip of libertarian, anti-state philosophies on the dominant Anglo-Saxon political right in the US and UK makes such intervention as probable as a Middle East settlement. Order is crumbling all around and the forces that might save it are politically weak and intellectually ineffective.

Is the world addicted to debt? (Afridev)

Nigeria’s President Muhammadu Buhari is trying to tackle widespread corruption in the country’s oil industry.

He appointed himself oil minister, and there were reports that the former oil minister Diezani Alison-Madueke was arrested in London.

Protests Erupt In Turkey As Government Accused Of False Flag In Weekend Suicide Blast (richcabot)

For Erdogan, the idea was to stir up fear amongst the populace in an effort to boost support for AKP. Once that plan was put into motion, he then moved to stymie the coalition building process. Once he had sabotaged that completely, the path was clear for him to call for new elections.

The Big FATCA Failure (Tiffany B.)

The infamous Foreign Account Tax Compliance Act (FATCA) requires foreign banks to report certain accounts held by U.S. taxpayers to the IRS, under penalty of extreme sanctions. To implement it, the U.S. Treasury Department negotiated a series of intergovernmental agreements (IGAs). These IGAs oblige foreign governments to report U.S. taxpayer banking information to the IRS, and for the U.S. to report foreigners’ banking information to their respective governments.

Green Light For Silver (Taki T.)

The U.S. national debt is huge, moving higher, and has effectively zero chance of stabilizing or decreasing in the next decade. A poorly built mobile home is more likely to survive a Category 5 Hurricane than the US national debt will decrease. Examine the chart of national debt and silver prices for the past 15 years. Silver prices will “catch up” with the drastic increase in national debt.

The Endgame Takes Shape: “Banning Capitalism And Bypassing Capital Markets” (David B.)

Although “QE forever” and no tightening has been our base case for at least the last 12-18 months, we also tend to emphasize the diminishing impact of conventional QE policies. As the latest Fed paper (San Francisco) highlighted, “There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed-inflation and real economic activity. Indeed, casual evidence suggests that QE has been ineffective in increasing inflation”.

How Trump Is Beating the Koch Brothers (richcabot)

The parallels to Trump are eerie. Trump’s campaign trades regularly in false and misleading claims, including lies about immigrants, lies about vaccines, a defense of entitlement spending, and a demand for trade protectionism. Taken together, this racist, nativist, anti-science package would bring America closer to fascism than any time in its history. Incidentally, it would also cripple the U.S. budget and economy, as well as the global economy.

Iranian parliament passes bill approving nuclear deal (jdargis)

Under the agreement, Iran is expected to start work on rolling back its nuclear programme from 18 October – labelled as adoption day – which includes taking out thousands of centrifuges at its enrichment facilities and pulling out its heavy-water reactor and filling it with concrete.

House GOP: Don’t Give In to Far-Right Bullies (jdargis)

Boehner chose a different path, allowing the inmates to run wild in the asylum while trying to contain the havoc they wreaked. He let them learn the hard way that a government shutdown would hurt Republican poll numbers. He shelved the immigration reform package he said he wanted, shifting the blame to President Obama. He prevented an automatic yet politically suicidal cut in Medicare doctor reimbursements – opposed by right-wing fiscal scolds – by sneaking it through the House on a hastily called voice vote.

How Do Consumers Respond To Lower Gasoline Prices? (Evan K.)

I and others have tried to infer the effects of lower gasoline prices on consumer spending by looking at aggregate consumption spending. But, using their detailed data set, the Chase researchers were able to come up with a more satisfying answer. The basic idea is to compare how much spending on other items changed between the high gas price and low gas price periods for those who had been spending a large amount on gasoline with those who had been spending a low amount on gasoline. Economists refer to this as inference based on difference in differences. The Chase researchers found 73 cents in extra spending on other items for every dollar saved at the gasoline pump. Restaurants and groceries were the two biggest areas where spending was observed to increase.

Is recycling as awful as the New York Times claims? Not remotely (Michael W.)

However a mineral mine’s neighbors might feel, the adverse impacts of extracting natural resources aren’t limited to the surrounding community. Water pollution, for example, can extend far and wide. According to the Environmental Protection Agency, “Throughout the western United States there are thousands of miles of mining impacted streams and rivers caused by active and historic mining of metallic ores (e.g., iron, copper, lead, zinc, molybdenum, tungsten) and precious metals (gold, platinum, and silver).”

Gold & Silver

Click to read the PM Daily Market Commentary: 10/12/15

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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