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.
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.
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.
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.
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.
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.
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
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