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    Daily Digest 10/8 – The New U.S. Real Estate Bubble, Global Financial Meltdown Coming?

    by DailyDigest

    Thursday, October 8, 2015, 2:36 PM

Economy

The 4 Types of Supreme Court Justices (jdargis)

eroes might be the most familiar. As believers in big, bold strokes, they do not hesitate to use the Constitution to strike down acts of Congress and state governments. They believe in big principles, and in big rulings in the service of those principles. Justice Anthony Kennedy often plays the hero. After writing several other opinions advancing gay rights over the years, he wrote the court’s opinion last term, Obergefell v. Hodges, striking down state bans against same-sex marriage. Brown v. Board of Education, invalidating racial segregation, was unquestionably heroic, as was its author, Chief Justice Warren, the iconic judicial hero.

The Radically Changing Story of the U.S. Airstrike on Afghan Hospital: From Mistake to Justification (richcabot)

But there’s something significantly different about this incident that has caused this “mistake” claim to fail. Usually, the only voices protesting or challenging the claims of the U.S. military are the foreign, non-western victims who live in the cities and villages where the bombs fall. Those are easily ignored, or dismissed as either ignorant or dishonest. Those voices barely find their way into U.S. news stories, and when they do, they are stream-rolled by the official and/or anonymous claims of the U.S. military, which are typically treated by U.S. media outlets as unassailable authority.

Global Financial Meltdown Coming? Clear Signs That The Great Derivatives Crisis Has Now Begun (Aaron M.)

Many out there get upset when I compare derivatives trading to gambling, and perhaps it would be more accurate to describe most derivatives as a form of insurance. The big financial institutions assure us that they have passed off most of the risk on these contracts to others and so there is no reason to worry according to them.

This Has Become Routine — Paul Craig Roberts (richcabot)

Also routine is Washington’s obliteration of weddings, funerals, and medical centers with bombs and drones. Two days after Obama expressed his despair, frustration and anger over the Oregon mass shootings, a US air strike hit a hospital in Kunduz, Afghanistan. According to numerous news reports, at least 19 people were killed, including 12 members of Doctors Without Borders, and another 37 wounded. The US air strike killed one person on the operating table, and intensive care patients burned to death in their beds.

The New U.S. Real Estate Bubble (Tiffany B.)

When people talk about the rebound in U.S. real estate, primarily they’re talking about luxury homes. It’s the hottest, most lucrative end of the market. Sales for houses priced above $1 million rose almost 9% last year, more than double any other price category, according to the National Association of Realtors (NAR).

Buyers from China are the ones setting those record prices. How?

Non-Farm Payrolls: There’s Not Enough Lipstick In The World To Pretty Up This Pig (richcabot)

Interestingly, after the “number” was reported, the S&P 500 futures embarked on a 40 point reversal from the 10 point gain that the Fed had managed to achieve overnight. A 40 point reversal that was not just a “flash crash” because it took several minutes to transpire. Conversely, gold had been pushed lower by Yellen’s gang and it embarked on a $33 dollar upward reversal.

U.S. to Release 6,000 Inmates From Prisons (jdargis)

“Today’s announcement is nothing short of thrilling because it carries justice,” said Jesselyn McCurdy, a senior legislative counsel at the American Civil Liberties Union. “Far too many people have lost years of their lives to draconian sentencing laws born of the failed drug war. People of color have had to bear the brunt of these misguided and cruel policies. We are overjoyed that some of the people so wronged will get their freedom back.”

Volkswagen plays down hopes of quick answers over emissions cheating (richcabot)

In written testimony to a U.S. congressional oversight panel, Volkswagen’s top U.S. executive said the carmaker has withdrawn its certification application for some 2016 model year vehicles due to a software feature that should have been disclosed to U.S. and California regulators as an auxiliary emissions control device, or AECD.

Volkswagen separately identified the vehicles as 2.0-litre, 4-cylinder turbodiesel Beetles, Jettas, Golfs and Passats.

UK Gov Sees Fracking As Better Option Than Clean Energy (Tom K.)

“Subsidies have been cut and changes to planning rules mean that wind turbines should only get planning permissions if they have been clearly backed by local people,” she said. “Some have characterized these changes as motivated by ideological opposition to anything green. Nothing could be further from the truth.”

At Sky High Farm, Everything That’s Grown Goes to Food Banks (jdargis)

Sky High Farm is both a sustainable farm—whose produce is grown without pesticides or chemical fertilizers, alongside pasture-raised beef, pork, lamb, and chicken—and Colen’s home and art studio. He purchased the 40-acre plot in Columbia County, New York, two hours north of New York City, in 2011.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/6/15

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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8 Comments

  • Thu, Oct 08, 2015 - 2:49pm

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2935

    Repost Of Today's News

    Global US dollar recession creates ill wind for emerging markets

    Financial Times6 hours ago
    Dragged down by weak performances in some large emerging markets and in Europe, the global economy is this year set to post its deepest US dollar …

    Bank of Japan Cuts Production Forecast as Slack Grows in Economy

    Wall Street Journal3 hours ago
    In its monthly report, the central bank clearly acknowledged for the first time that industrial output may have fallen for a second straight quarter in the three …

    Japan machinery orders fall in August, undermine BOJ optimism

    Yahoo News UK7 hours ago
    Kuroda citied these figures as one reason inflation will pick up after the central bank left policy on hold on Wednesday, but the slide in machinery orders …

    Bad loans spiral in India's 'broken' banking system

    Financial Times4 hours ago
    Asking for a solution to the problems of the state banks that dominate India's financial … Indian Overseas Bank — the first time in three years the central bank has …

    ECB''s Knot: Inflation Won''t Return to 2% Anytime Soon

    Nasdaq6 hours ago
    AMSTERDAM—The European Central Bank will likely need more time to reach its inflation rate target of just below 2%, ECB governing council member Klaas …

    German Exports Slump Most Since 2009 Recession as Risks Rise

    Bloomberg6 hours ago
    Any further stimulus by the European Central Bank could also prove a boon if it pushes down the euro, making German products more competitive.

    Russia Considering Pension System Alternatives as Deficit Widens

    Bloomberg11 hours ago
    The central bank may announce the alternative to the current pension savings system within a month, Sergey Shvetsov, first deputy central bank governor, told …

    Former IMF chief economist backs 'people's QE'

    Reuters13 hours ago
    Quantitative easing, where central banks buy assets such as government bonds from banks in exchange for newly created money, has been used in the euro …

    Lew rules out letting Congress extract 'unacceptable' policies to lift

    Reuters2 hours ago
    The federal government is currently scraping just under its $18 trillion legal debt cap, with political wrangling over fiscal policy putting Washington at risk of not …

    Concern Grows That the IMF May Be Overstretched

    New York Times5 hours ago
    Driving these global concerns is the fear that the dollar-based debt in large … that corporate debt levels had soared to $18 trillion from $4 trillion 10 years ago.

    Saudi Arabia Said to Order Spending Curbs Amid Oil Price Slump

    Bloomberg2 hours ago
    While public debt is among the world's lowest, with a gross debt-to-GDP ratio of … The kingdom's net foreign assets fell for a seventh month to $654.5 billion in …

    Analysts say major U.S. banks on hook to Glencore

    CNBC15 hours ago
    And the company is now undertaking a debt-reduction program that aims to trim net debt from roughly $30 billion as of late June to $24 billion by the end of the …

    IMF: Greece Might Need More Measures to Cover Primary Deficit

    Greek Reporter6 hours ago
    IMF: Greece Might Need More Measures to Cover Primary Deficit … 1.35 billion euros to cover the difference between the 0.5 percent primary deficit for 2015 and …

    Chicago Motor Fuel Bonds Cut to BBB+ by S&P on State Impasse

    Bloomberg24 minutes ago
    The credit rating of Chicago's motor fuel tax bonds was slashed six levels by Standard & Poor's to BBB+, three steps above junk, as the Illinois budget impasse …

    European Central Bank Moves Closer to Boosting or Extending

    TheStreet.com13 minutes ago
    Although the bond-buying program has nearly a year left, there are growing signs that the ECB may do another round of stimulus — and that it could be bigger …

    Wyoming Budget In Trouble

    KGWN – ‎14 hours ago‎
    Wyoming could be facing a deficit of up to two hundred million dollars. "We're going to have to tighten our belts, and tighten our belts a lot," said Governor Mead. A discussion has begun but what will be cut first is still unclear. "What programs can

    Brazil group sees couple of tough years ahead for pension funds

    Reuters17 hours ago
    Over the past 10 years, pension funds returned 214 percent, compared with the … borrowing costs, Chief Investment Officer Jorge Simino said in September.

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  • Thu, Oct 08, 2015 - 5:14pm

    #2

    Taz Alloway

    Status Bronze Member (Offline)

    Joined: Feb 18 2010

    Posts: 461

    Study- Increase in thyroid cancer among Fukushima children

    A new study says children living near the Fukushima nuclear meltdowns have been diagnosed with thyroid cancer at a rate 20 to 50 times that of children elsewhere, a difference the authors contend undermines the government's position that more cases have been discovered in the area only because of stringent monitoring.

    Most of the 370,000 children in Fukushima prefecture (state) have been given ultrasound checkups since the March 2011 meltdowns at the tsunami-ravaged Fukushima Dai-ichi nuclear plant. The most recent statistics, released in August, show that thyroid cancer is suspected or confirmed in 137 of those children, a number that rose by 25 from a year earlier. Elsewhere, the disease occurs in only about one or two of every million children per year, by some estimates.

    http://www.nbcnews.com/storyline/fukushima-anniversary/thyroid-cancer-rates-higher-kids-near-fukushima-nuke-plant-study-n440801

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  • Thu, Oct 08, 2015 - 5:29pm

    #3
    DennisC

    DennisC

    Status Bronze Member (Offline)

    Joined: Mar 19 2011

    Posts: 101

    Rail Bikes

    I saw this article today and thought it was an interesting idea, not necessarily for the "tourist attraction" aspect but as a potential means of post-great reset, personal mobility (assuming the necessary infrastructure is nearby and intact).  I'm thinking a handy, DIY'er could probably put something workable together after a trip to the local junkyard.

    https://news.yahoo.com/rail-bikes-popular-adirondacks-may-short-lived-134153777.html

    Or maybe you already have one of these in the shed.

    https://en.wikipedia.org/wiki/Handcar

     

     

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  • Thu, Oct 08, 2015 - 6:13pm

    #4

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2935

    Fed''s Kocherlakota Open to Lowering Fed Target Range ''Even Fur

    Kocherlakota Says Fed Should Consider Negative Interest Rates

    Bloomberg – ‎51 minutes ago‎
    The Federal Reserve should consider ways to make monetary policy more accommodative, including negative interest rates, said Minneapolis Fed President Narayana Kocherlakota. "I don't see raising the target range for the fed funds rate above its current …
     

    Fed''s Kocherlakota Open to Lowering Fed Target Range ''Even Further'' — Update

    Nasdaq – ‎22 minutes ago‎
    Then, a strong majority of Fed officials predicted that they would raise the interest-rate target by the end of the year, against one unnamed policy maker who favored pushing rates into negative territory. At the Fed's news conference after the Federal
    ==========================================
     
    One really has to dig deep to find a more stupid idea than Narayana Kocherlakota's:

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  • Fri, Oct 09, 2015 - 12:27am

    Reply to #3

    pinecarr

    Status Gold Member (Offline)

    Joined: Apr 13 2008

    Posts: 1085

    Way cool, Dennis!!

    Now if I can only get my son to go for converting his go-cart…

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  • Fri, Oct 09, 2015 - 11:05am

    #5

    pinecarr

    Status Gold Member (Offline)

    Joined: Apr 13 2008

    Posts: 1085

    Quotes from Jesse's Cafe Americain

    http://jessescrossroadscafe.blogspot.com/2015/10/gold-daily-and-silver-weekly-charts_7.html

    “The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.”

    John Kenneth Galbraith, The Great Crash of 1929

    And http://jessescrossroadscafe.blogspot.com/2015/10/gold-daily-and-silver-weekly-charts_8.html

    "The terrible, cold, cruel part is Wall Street. Rivers of gold flow there from all over the earth, and death comes with it. There, as nowhere else, you feel a total absence of the spirit: herds of men who cannot count past three, herds more who cannot get past six, scorn for pure science and demoniacal respect for the present.

    And the terrible thing is that the crowd that fills the Street believes that the world will always be the same, and that it is their duty to keep that huge machine running, day and night, forever."

    Federico Garcia Lorca

     

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  • Fri, Oct 09, 2015 - 1:01pm

    #6

    KennethPollinger

    Status Silver Member (Offline)

    Joined: Sep 22 2010

    Posts: 616

    Spiritual Resilience: Friday GOOD news report

    The other day while in Barnes and Noble looking for Peter Schiff's book, The Real Crash, I came across a small paperback titled A Religion of One's Own: A Guide to Creating a Personal Spirituality in a Secular World, by Thomas Moore, one of my favorite authors (Care of the Soul; Dark Nights of the Soul).

     
    After reading a few chapters I became intensely aware that in the last few years I have shifted from concentrating on the "spiritual/mystical" resilience side to the almost purely "financial/survivalist/geo-political" side.
     
    So, in essence I was not continuing to feed my soul!!
     
    I also wondered how many of you at PP.com have felt the same.
    Sure, we mention "spirituality" now and then but the overarching posts are about money, the market, signs of collapse, "how-to-survive the next crash," reading innumerable financial newsletters or watching similar videos, etc.  Yes, the environment does get a good play too.
    But Energy and Economy are the biggies.
     
    Since traditional religion and/or spirituality may have a "bad" name with many folks, perhaps, Moore's contention that we might need a PERSONALIZED religion or spirituality could speak volumes to us.
     
    The more I deal with all the "financialization" of the world, the more I feel divorced from the scared, the mystical, the wonder/awe of it all.
    What happened to the meaning, the purpose, the mysteriousness of my life? Pushed into the background?
     
    On page 6, we find: "The more traditions I study and borrow from, the deeper my spiritual life becomes." And as Pierre Teilhard de Chardin suggests: "We are not human beings having a spiritual experience.  We are spiritual beings having a human experience."
     
    So, if God is everywhere and nowhere, how does that Original Energy enter into our EEE outlook?  As information scouts, I feel that all of us are doing "spiritual" work by helping people awake to the possible 
    collapse of the financial underpinnings of their world, with untold suffering in store for many souls.  Would that the masses could afford to buy enough poor man's silver or accumulate enough cash to help them 
    get through whatever will come–but it does not seem possible, giving all the analyses we post here and everywhere. (Over 50% of citizens have about $1,000 in savings!!)  And see NYTimes today, Business Day, "Gathering to Evaluate Preparedness in Fiscal Crisis," by Landon Thomas– mainstream is finally catching up to non-mainstream publications.
     
    Is spiritual preparation, therefore, the best they can hope for?  And if traditional religion/spirituality doesn't do it for them, MIGHT the advice of CREATING their very OWN Personalized religion/spirituality be something to offer them, a la Moore's excellent work?
     
    I offer an aphorism I wrote some years back:  'Walking between Two Worlds"
    (see http://www.AwarenessCenters.com, clink onto Spiritual Poetry for 3 small volumes, written by an Ex-Jesuit).

    *~*~*~*~*~*~*~*~*~

    NOTE: Listening, frequently, to Tolle's audio tapes, these contrasts arose

    Walking Between Two Worlds:
    Phenomenal vs. Noumenal

    Phenomenal Aspects

    physical existence
    relative
    forms
    creation
    manifest
    polarity
    perceived
    past/future
    secondary
    dreamt
    stuckness
    defensive/allowing
    thinking mind/
    practical mind
    death
    no!
    shoulds
    happiness/
    unhappiness
    transit
    mind/no mind
    personal intelligence
    doer/non-doer
    will/no will
    identification/
    disidentification
    mental noise/
    sense sensations
    busy
    unbalanced
    resutame/acceptance
    unsatisfied/satisfied
    outer state/
    inner state
    old consciousness/
    new consciousness
    conditioned
    action
    scattered
    words/pointers
    deeds
    information
    present time
    creative insight
    restlessness
    object consciousness

    Noumenal Reality

    Essence
    Absolute
    Formless
    Source
    Unmanifest
    Unity
    Perceiver
    Now
    primary
    Dreamer
    Spaciousness
    what exists

    Awareness
    Life
    yes!
    what is
    Peace

    Permanent
    Beyond Mind
    greater Intelligence
    Doer
    Destiny/Fate1
    beyond identity

    Silence

    Stillness
    Harmony
    it is, as it is
    Emptiness/Void
    Consciousness

    Consciousness

    Unconditioned
    IT happens
    Attention
    know directly
    Grace
    Knowledge/Wisdom
    Suchness
    Aware Presence
    Stillness
    Emptiness

    The unreal and the Real,
    The unreal "reality" and the "real Reality"
        asleep and awake
    Thanks be to Buddha; and, to Jesus,
        properly understood.

    Footnotes:

    1. Destiny: that which is predetermined; Fate: that which is changeable and subject to free will.

     

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  • Fri, Oct 09, 2015 - 4:17pm

    #7

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2935

    Landlords will hike rents by 8% this year

     

    Landlords will hike rents by 8% this year

     

    Italy's industrial production slips in August

     

    The global economy is in serious danger

    No room for mistakes by central banks amid 'new mediocre'

    Reuters19 hours ago
    The IMF meeting comes as the Bank of Japan looks poised to extend its money … The European Central Bank is also expected to extend quantitative easing, …

    Draghi Says Emerging-Market Slowdown Poses Fresh Risk for Europe

    Bloomberg – ‎2 hours ago‎
    Slowing growth in emerging markets and slumping commodity prices are posing fresh challenges to the euro-area economy, which may need to be countered by adjustments to quantitative easing, European Central Bank President Mario Draghi said.
     

    Russian car sales plunge as automakers raise prices

    Automotive News5 hours ago
    While annual consumer-price growth eased to 15.7 percent in September, it remains almost fourfold the central bank's mid- term target of 4 percent.

    Japan, China, Korea Call for Vigilance on Disappointing Global

    Jakarta Globe8 hours ago
    … Kyung-hwan meet during the 2015 IMF/World Bank Annual Meetings in Lima, … economic growth on track," the finance ministers and central bank governors …

    China Sept data likely to show further economic weakness

    Reuters8 hours ago
    … weeks is likely to point to further weakness in the world's second-largest economy, reinforcing expectations that Beijing will roll out more stimulus measures to …

    BOJ's Kuroda: Emerging economies' slowdown harming Japan

    Reuters19 hours ago
    The BOJ held off on expanding stimulus on Wednesday, even as slumping exports and falling oil prices threaten its rosy projection that the economy is on track …

    A U.S. Recession Just Got a Little More Likely

    Bloomberg4 hours ago
    A delayed Federal Reserve rate hike, turmoil in global equity markets… and now increased expectations for a downturn in the U.S.. The probability that the …

    Alberta recession to see provincial GDP shrink by 1.4% this year: TD

    CBC.ca22 hours ago
    Alberta is in a recession and will see its GDP contract by about 1.4 per cent in 2015, according to a new report from TD Economics. The report blames the …

    China slowdown may cause Latin American recession

    Taipei TimesOct 8, 2015
    Latin America's economy is likely to go into recession this year for the first time since the end of the global financial crisis as China's slowdown lessens demand …

    China Faces Default Chain Reaction as Credit Guarantees Backfire

    Bloomberg8 hours ago
    China's guarantee firms backed 2.6 trillion yuan of loans as of end-2014, an 18 … said that while he would accept a lower yield on debt supported by a strong …

    Maturing Junk Debt Poses $9 Billion Test for Europe's Miners

    Bloomberg4 hours ago
    New headwinds are facing Europe's miners as they try to ride out the commodities slump — $9 billion of junk-rated debt coming due. That's how much firms …

    Russian $2.7 Billion Defense Spending Push Raises Deficit Target

    BloombergOct 8, 2015
    The government will reinstate 165 billion rubles ($2.7 billion) in spending on defense and … That will swell next year's deficit to 2.4 trillion rubles, or 3 percent of …

     

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