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    Daily Digest 10/8 – Recession Fears Rising, HSBC Plans To Axe 10,000 Jobs

    by Daily Digest

    Tuesday, October 8, 2019, 8:24 AM


Economy

Recession Fears Are Rising, With Surveys Showing Optimism At New Lows (Thomas R.)

Even most of the ultra-wealthy are preparing for a recession in 2020, according to a recent UBS survey. Over half of family offices expect a downturn in the next year, results showed, with 45% already shifting their portfolios to bonds and real estate, and 42% are increasing their cash reserves.

HSBC to cut up to 10,000 jobs in drive to slash costs: FT (Sparky1)

Quinn became interim CEO in August after the bank announced the surprise departure of John Flint, saying it needed a change at the top to address “a challenging global environment.”

Flint’s exit was a result of differences of opinion with chairman Mark Tucker over topics including approaches to cutting expenses, a person familiar with the matter told Reuters in August.

HSBC Plans To Axe 10,000 Jobs—Bringing The Total To 60,000 Banking Employees Downsized Just This Year (Thomas R.)

HSBC’s new interim CEO, Noel Quinn, is deviating from predecessor John Flint’s stance on staffing. It was reported that Flint was let go—in part—due to his reticence in taking action to deal with the economic and geopolitical challenges, including initiating downsizings. According to the Financial Times, a source told the paper, “We’ve known for years that we need to do something about our cost base, the largest component of which is people—now we are finally grasping the nettle.”

Hong Kong Stock Exchange Drops Nearly $37 Billion Bid for London Rival (Thomas R.)

Hong Kong’s stock exchange pulled a $36.6 billion bid for its London rival, a deal that would have united two major trading hubs even as both are clouded in political turmoil.

Chinese soldiers in Hong Kong warn protesters as emergency rules fail to quell unrest (Sparky1)

Police made their first arrests under the new rules, detaining scores of people. Officers tied their wrists with cable and unmasked their faces before placing them on buses. Some protesters lay in foetal positions on the ground, their wrists tied behind their backs, after being subdued with pepper spray and batons.

US to step aside for Turkish assault on Kurds in Syria (Sparky1)

The decision is a stark illustration of Trump’s focus on ending American overseas entanglements — one of his key campaign promises. But his goal of swift withdrawals in Syria, Iraq and Afghanistan have been stymied by concerns from U.S. officials and American allies about the dangerous voids that would remain. As he faces an impeachment inquiry at home, Trump has appeared more focused on making good on his political pledges, even at the risk of sending a troubling signal to American allies abroad.

Turkey’s Erdogan warns of military operation in northeast Syria (Sparky1)

The Syrian Democratic Forces, a U.S.-backed force, which controls the region that neighbors Turkey’s southern border, said that though it wants stability it would respond to any attack. The SDF is led by the Kurdish YPG militia, or People’s Protection Units. The YPG is the Syrian arm of the Kurdistan Worker’s Party, or PKK, in Turkey, which considers both groups to be terrorists.

Thousands rally in Kiev to protest autonomy plan for eastern Ukraine (Sparky1)

In the first breakthrough toward a possible peace deal in years, envoys from Moscow and Kiev agreed at talks on Tuesday on an election schedule for the Donbass region and on legislation giving it special status. Ukraine also agreed to call back its forces from the current contact line with separatist fighters.

Acted swiftly in PMC Bank case; banking sector is stable: RBI Governor Das (Sparky1)

Over the last few weeks, a massive fraud was unearthed at the Mumbai-based cooperative bank, wherein dummy accounts were used to hide its huge exposure to the bankrupt real estate developer HDIL. Joy Thomas, the suspended MD of the bank, had told the central bank that HDIL accounted for nearly 73 per cent of its total loan book.

Chaos in Ecuador from an Expat On the Ground (thc0655)

This comes as we’ve been in contact getting his communications for the local chapter of the Red Cross up to speed, which is almost completely in shambles. Having no HF capability due to neglect of equipment and not taking local off-grid communications seriously (including only relying on a repeater in Quito), ‘Expat Fred’ had been working mostly alone to get their comms up to speed. Since most of the people involved don’t take it seriously, its been an uphill battle and now they’re finding themselves cut off. This kind of thing is exactly what we train for in the RTO Course- building infrastructure where there otherwise would be none with whatever you have.

Gold falls on China trade deal hopes. What’s next (Thomas R.)

The trade might be to buy this dip in gold but what what I don’t see is any solid support nearby. We broke through the 55-day moving average but that was cut twice last week anyway. There are also a series of lower highs since the start of September.

General Electric freezing pension plan for 20,000 of its U.S. employees (Thomas R.)

As part of the pension freeze, the industrial conglomerate said it will freeze supplementary pension benefits for approximately 700 employees who became executives before 2011. Supplemental pension plans are typically designed for higher-ranking employees and offer benefits beyond the typical pension plan.

Forget Facial Recognition: DHS’s New Database, HART, Also Uses Scars, Tattoos, and Your VOICE to ID You (Sparky1)

The new cloud-based platform, called the Homeland Advanced Recognition Technology System, or HART, is expected to bring more processing power, new analytics capabilities and increased accuracy to the department’s biometrics operations. It will also allow the agency to look beyond the three types of biometric data it uses today—face, iris and fingerprint—to identify people through a variety of other characteristics, like palm prints, scars, tattoos, physical markings and even their voices.

Book Review: The Second Sleep by Robert Harris (James W.)

Robert Harris, the brilliant British novelist, recently published a brillant novel, called The Second Sleep, which is posited in a future England after the collapse of our own civilisation in 2025. We never find out what triggered the collapse but the book hints that it was some type of global cyber-attack that brought down the internet.

California’s Poorest Big City Faces a Different Kind of Housing Crisis (Sparky1)

Elenes described the process by which wealthier and often whiter residents transform a neighborhood. Juliana Seguín, who lives with her husband and four children in a nearby three-bedroom apartment, piped up. Her month-to-month rent has climbed from $850 in 2017 to $1,550, as her complex has undergone renovations to attract a better-paid crowd, she said. Another renter in attendance, Patricia Lobato, chimed in: She had been recently forced to move, due to a giant rent hike.

How Housing Wealth Transferred From Families to Corporations (Sparky1)

But more than 12 million single-family homes are currently being rented in the United States. Those homes, valued at more than $2.3 trillion, make up 35 percent of all rental housing around the country. In the past, the great majority of single-family homes that were rented out were done so by their owners or small real-estate companies. But today, a large and growing share of single-family rental homes are owned and managed by large corporations, real-estate firms, and financial institutions. The percentage of home owners is at its lowest level since the 1960s.

China’s Gold-Buying Spree Tops 100 Tons During Trade War (Sparky1)

Bullion hit the highest in more than six years in September as slower growth, the trade war and rate cuts spurred investor demand. Central banks have been major buyers too, especially in emerging markets. Official purchases will likely continue as protectionist policies and geopolitical concerns add to demand, according Suki Cooper, precious metals analyst at Standard Chartered Bank.

Gas prices keep soaring across California, passing $4 in Sacramento. Have they peaked? (Thomas R.)

“Other states saw some downward movement, but we appear ripe for a week that features more price decreases than increases, especially for hard-hit California,” DeHaan said in Monday’s statement.

UAW says negotiations with GM have ‘taken a turn for the worse’ (Sparky1)

Dittes said that after making progress on key issues “a couple days ago, the company has shown an unwillingness to fairly compensate the great workforce of the UAW. These negotiations have taken a turn for the worse. Your issues are our issues, and our strength is with you, our great membership. We will continue to negotiate on behalf of you, your families and all workers in our country.aa”

North Korea: ‘talks broke down’; State Department: ‘good discussion’ (Sparky1)

“The U.S. brought creative ideas and had good discussions with its DPRK counterparts,” she said, adding that the U.S. delegation also “previewed a number of new initiatives that would allow us to make progress” on each of the four main agreements reached at the first Trump-Kim summit in Singapore in June 2018.

Trump opening California public land to fracking, gas leases. Is it ‘reckless’? (Sparky1)

The agency’s plan could result in up to 37 new oil and gas wells drilling on new land leases over the next 20 years, primarily in Fresno, Monterey and San Benito counties. BLM estimates that the oil and gas industry directly supports 3,000 jobs and $623 million in tax revenue within those counties.

Solar Minimum Is Underway, And It’s A Deep One (thc0655)

The Space Age record for cosmic rays was set in late 2009-early 2010 near the end of a very deep Solar Minimum.

Records, they say, are meant to be broken. As 2019 comes to a close, neutron counts at Oulu are approaching the very high levels seen in 2009-2010.

To Freeze The Thames: Natural Geo-Engineering and Biodiversity (Matt H.)

To avert a neo-liberal future that would entail the desecration of irreplaceable biomes and the climatic system, the environmentalist left needs new concepts, goals and tactics, along with a realistic reckoning of sacrifices. This is a costly programme in terms of the land required—giving up half the world to nature—but it is a price worth paying to prevent capitalism from continuing to enrich a few million rentiers while impoverishing billions, and irrevocably turning the planet into a factory farm or garbage dump.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/7/19

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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8 Comments

  • Tue, Oct 08, 2019 - 8:57am

    #1

    HappyCamper

    Status Member (Offline)

    Joined: Apr 16 2018

    Posts: 13

    2+

    Solar Minimum

    We may be on the cusp of a Grand Solar Minimum

    https://electroverse.net/professor-valentina-zharkova-breaks-her-silence-and-confirms-super-grand-solar-minimum/

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  • Tue, Oct 08, 2019 - 1:21pm

    #2

    Quercus bicolor

    Status Bronze Member (Offline)

    Joined: Mar 19 2008

    Posts: 222

    3+

    re: Chinese soldiers in Hong Kong warn protesters as emergency rules fail to quell unrest

    From the linked article: “Protesters set a fire at the Mong Kok MTR station, with a placard nearby reading: ‘If we burn, you burn with us’.”

    This line is right from third book/movie in the Hunger Games series titled “Mockingjay”.  I found the books and movies to be quite a reasonable look at how oppression can lead to revolution.  I’ve wondered if they could inspire a real-world revolution.  Maybe we’re seeing the first signs of this actually playing out in reality.

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  • Tue, Oct 08, 2019 - 4:48pm

    #3

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1961

    2+

    Chaos In Ecuador, Ham Radio

    The link to the chaos in Ecuador posted above by thc0655 above is a reminder that communication is the first thing lost with infrastructure disruption.

    The Ecuador situation went from “no strike” to “24 hour strike” to “all services closed for 60 days” in 24 hours.   Sounds pretty bad.  Naturally a US news blackout on the topic while we are distracted by partisan bickering.

    —–

    Shortwave Radio for Off Grid Long Distance Communications (summarize Mots’ )

    1. Amateur radio communications can be heard by everyone. [And transmission location can be determined by triangulation.  Hence the practice of “shoot and scoot.” (make a brief transmission and leave the area)]
    2. The antenna is where to invest the money. (assume no repeaters, long distance communications)
    3. 7-21 MHz bands for person to person conversations.
    4. 1.6- 3.5 MHz for group chats (like the PP weekly summary!–Chris, are you getting this?)
    5. Even higher MHz bands for long distance at night.
    6. Equipment suggestion:  Japanese all band (1.6MHz to 50MHz bands) transceiver (such as Yaesu or Icom, etc) with a 100 watt output. Something like this

    A survival training camp in North Carolina, Bushbeater,  includes Off Grid Communications

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  • Tue, Oct 08, 2019 - 4:59pm

    Reply to #1

    blackeagle

    Status Bronze Member (Offline)

    Joined: May 16 2013

    Posts: 227

    1+

    Solar Minimum (Bis)

    Watched the first video from the link and, houla! this is the end of the world!!!!

    Time to google, to see what other are saying… found out that in fact electroverse.net does not have the concept of “honest information” in their agenda… other sites are factual and do not fall into outrageous sensationalism. See by yourself here and here.

    Always good to double, triple, quadruple, quintuple check…

     

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  • Tue, Oct 08, 2019 - 5:07pm

    Reply to #3

    blackeagle

    Status Bronze Member (Offline)

    Joined: May 16 2013

    Posts: 227

    1+

    ham radio

    Even higher MHz bands for long distance at night.

    Not convinced. The higher the frequency the more “line of sight” effect. If you really want reliable long distance, you have to consider earth curvature. So, go with lower frequencies, not higher.

    We can do “some long distance” with higher frequencies, but we need ionized high atmosphere as a RF mirror. Not reliable in my opinion.

    May be other PP member can clarify?

     

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  • Tue, Oct 08, 2019 - 5:17pm

    Reply to #3

    Mots

    Status Bronze Member (Offline)

    Joined: Jun 18 2012

    Posts: 85

    2+

    amateur radio details

    Sandman
    You make a good point, and it would be fun to set up and use a weekly discussion net outside of the internet.

    I want to point out that frequencies and time of day and geography are easy to over-simplify and can be challenging.  For example, local (less than a few hundred miles) communications peer to peer in daytime may be best done by bouncing signals straight up off the ionosphere at 7 MHz (a specialized antenna) whereas 500 miles or slightly more at night may be best done at 3.5 MHz more reliably (but even that shuts down depending on thunderstorms) whereas 14 MHz or 10MHz might be a more hit or miss way of going for intercontinental based on conditions (as small examples from a large possible variety of conditions).
    Generally, text communications (as slow as you normally type) using single side band transceiver is probably most reliable and could be picked up by most anyone who has a 25$ dongle attached to their computer, conditions permitting.  Also generally, it is best to start with small geographical areas as discussion groups (eg. NE from Boston down to Virginia (or the West Coast) at 3.5 or 7 MHz at night) and see how that goes.  I am not an expert in this area, I have experience communicating at various conditions but there are many real experts out there who can better arrange a meetup by radio.  But again, it should initiate at a geographical area.  In my case I could arrange to blast a signal over California from my location but could cover the NE of the US less reliably since the signal has to bounce back and forth over land instead of ocean.  Still, there is a good Tokyo to NY band opening at sunrise/sunset since the best long range peer to peer communications seem to follow the “gray line.”  In sum, this is not an easy task and it is best to start with a. digital text modes (more effective and penetrating) and b. local area meetup such as the NE (from your location up to Boston could be one) or the West coast and c. get a standard receiver dongle available to participants to get started as passive listeners, since most communication is reception: think of this blogsite, there are many more receiving (downloads) than transmitting (uploads).
    Just some thoughts.  I hope this prompts someone with more experience to  make a proposal.

     

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  • Tue, Oct 08, 2019 - 5:26pm

    Reply to #3

    Mots

    Status Bronze Member (Offline)

    Joined: Jun 18 2012

    Posts: 85

    2+

    Even higher MHz bands for long distance at night.

    let me clarify. when I typed “higher” I meant 10MHz and 14MHz and 21MHz bands (and even 27MHz during high sunspot activity) compared to 1.6 and 3.5 MHz bands which are considered more local.  I meant “higher” within the HF bands.
    In fact, the 10MHz 30 meter band is probably most reliable for long distance skipping off the ionosphere whereas most amateurs rely on 20 meters (14MHz) and 15 meters for long distance.  These frequencies (less than 30MHz) are referred to as “HF” or high frequency.   You are referring to “VHF” very high frequencies or “UHF” which are line of sight.  The hand helds which use repeater generally can do 6meter, 2 meter and shorter, which do not bounce off the ionosphere.

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  • Sun, Oct 13, 2019 - 1:17am

    Reply to #3

    Bytesmiths

    Status Bronze Member (Offline)

    Joined: Apr 28 2008

    Posts: 142

    3+

    It's complicated

    Radio frequency propagation is complicated! There are various layers in the ionosphere that reflect different ranges of frequencies, and many of those layers shift and change rapidly. These effects are summed up as the Maximum Usable Frequency, or MUF.

    During a solar minimum, it is not unusual to be limited to a MUF of 7MHz or less for long-distance communication. During a solar maximum, it may be 54MHz or more!

    The MUF is typically highest at dawn and dusk, when the sun’s influence on the ionosphere is higher and yet the noise generated by the sun is lower. At those times, the great circle routes along the terminator are the most reliable long distance routes.

    de N7JDB

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