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    Daily Digest 2/17 – Amazon Pays $0 In Income Taxes For 2018, How Long Will This Oil Rally Last?

    by DailyDigest

    Sunday, February 17, 2019, 11:45 AM


Trillion-dollar-valued Amazon pays $0 in income taxes for 2018, gets multi-million refund (lambertad)

While President Donald Trump’s 2017 tax reform legislation lowered corporate tax rates from 35 percent to 21 percent, it was sold as an incentive for companies to keep their money in the US, instead of stashing it overseas where the IRS couldn’t touch it. Now that Amazon and Netflix have both made headlines for using the new regulations to avoid paying anything at all, it remains to be seen whether the legislation’s failure to close corporate loopholes will leave the US holding the bag for fiscal year 2018 as the country’s national debt inches past $22 trillion – a record high.

Berkshire Hathaway's Charlie Munger Says U.S. In “Uncharted Territory” On $22 Trillion National Debt (Thomas R.)

Responding to a range of questions from Quick following The Daily Journal annual meeting yesterday in Los Angeles, California, where the billionaire serves as the publishing company’s chairman, Munger gave his insight on matters both at home and abroad.

BBC Producer's Syria Bombshell: Douma “Gas Attack” Footage “Was Staged” (locksmithuk)

Tragic and gruesome images of what appeared the “gassed” corpses of young children and women strewn about an apartment building, were recycled endlessly in mainstream media at the time, which the Trump administration referenced in its decision to strike Damascus with some 100 Tomahawk cruise missiles.

Only A Matter Of Time Before Gold Beats The U.S. Dollar – Analysts (Thomas R.)

Commodity analysts have noted that gold’s recent bullish moves are impressive, as they have been made in the face of continued U.S. dollar strength. Although momentum has not been strong, gold has managed to hold above the critical psychological level at $1,300 an ounce. April gold futures last traded at $1,323.90 an ounce, slightly up from last Friday’s settlement price.

Weapons of War On Our Streets: A Guide to the Militarization of America's Police (Alex)

The model for police, and the constables and sheriffs before them prior to the late 20th Century, was that of a peace officer. In many states, it’s not even true that police are law enforcement officers – even though it’s a term frequently used by the police and their fans in the “Blue Lives Matter,” “Thin Blue Line,” and “Back the Blue” movements.

Sept. 11 victims fund to slash payments by at least 50% (Thomas R.)

“I am painfully aware of the inequity of the situation,” she said. “I also deeply regret that I could not honor my intention to spare any claim submitted prior to this announcement from any reductions made due to a determination of funding insufficiency.”

Southwest cancels more than 100 flights due to operational emergency (Thomas R.)

The airline is in a labor dispute with mechanics. The airline is now making maintenance crews work overtime to try get more plans back in the air.

Uber Lost $1.8 Billion in 2018 Despite Record Ride-Hailing, Food-Delivery Gains (Thomas R.)

Uber also said that gross bookings for the fourth quarter of 2018 reached a record $14.2 billion. That represents an increase of 11 percent over the previous quarter, and a major improvement from the single-digit increases posted over much of last year, noted Reuters. But Uber's reported fourth-quarter revenue of $3 billion was just two percent higher than the previous quarter, albeit also a 24-percent increase over the same period in 2017.

Sunday Strategist: A380, We Hardly Knew Ye (Thomas R.)

The lesson here is to heavily discount old rivalries when planning for the future; let the sunk costs of competition be sunk. If you are the Chicago Tribune at the dawn of the Internet, for example, consider Craigslist; don’t sweat the Sun-Times.

America’s Signature Mode of Transportation Is High-Cost Rail (edelinski)

Beware the politician who comes bearing the keys to your unlocked potential. A fast train is the best method ever invented to move large numbers of people efficiently and comfortably between population centers, but by their very nature they make few stops in between, and they do not carry cargo. The only reason this part of the project is being built is because it’s already being built, and the reason for that is a simple matter of geography and engineering. It was the least complex part of the project, so that’s where the project began.

How Long Will This Oil Rally Last? (Thomas R.)

On the supply side, Saudi Arabia, the defacto leader of OPEC, said it cut daily production and exports by a further 500,000 barrels per day (bpd) on top of its agreed OPEC quota reduction. Since January 1, an OPEC-led group has been cutting at least 1.2 million barrels per day from production in an effort to trim the global supply and stabilize prices. On Tuesday, the Saudis said it had cut its output by almost 800,000 bpd in January to 30.81 million bpd.

California high-speed rail and the American infrastructure tragedy, explained (tmn)

More broadly, high-speed rail (unlike hyperloops, maglevs, or hypothetical biofuel-powered airplanes) is a proven technology that has been deployed at scale in Japan, China, Korea, France, Spain, and several smaller European countries. It’s not viable as a substitute for all air travel, but given cities that are an appropriate distance apart, we have seen it can displace most air travel and some car traffic, giving people a superior transportation option that is also cleaner.

The Mercers, Trump’s Billionaire Megadonors, Ramp Up Climate Change Denial Funding (edelinski)

The foundation gave $200,000 for a second year in a row to the Oregon Institute of Science and Medicine, a discredited medial research group best known for spreading a hoax petition in 2009 claiming that 30,000 climatologists rejected global warming. Based on the organization’s average income for the last few years, that donation could make up anywhere from one-third to 62 percent of its budget.

Al Gore’s Global Warming Deliberate Fraud to Increase Governmental Power (thc0655)

The President’s Council on Sustainable Development was to focus EXCLUSIVELY on reducing greenhouse gas emissions by adopting the U.S. economy to his agenda. The Council shifted from economic development to environmental development even though it would reduce economic development. Gore flipped the purpose of the Council to a global warming and then set about his agenda to create a crisis to increase government control and power. That can only happen when there is a crisis, which Gore then manufactured.

Why are insects in decline, and can we do anything about it? (John J.)

Ultimately the size of the human population and how much land it uses for the food, energy and other goods it consumes determine how much wildlife is lost. Protecting wild spaces is important, as is reducing the impact of industrial, chemical-based farming. Fighting climate change is also vital, particularly for the many insect species in the tropics. So demanding political action, eating fewer intensively farmed meat and dairy products, and flying less could all help.

'We have death and devastation at every turn': the flood massacre of Queensland cattle (John J.)

We live on a family cattle station 60km north of Cloncurry, where we have just received 700mm-plus of rain over seven days, with the majority of that falling over four days. This extreme weather event, equivalent to an inland cyclone, has decimated much of our native wildlife, along with our domestic livestock. They were constantly exposed to wind and cold driving rain for far too long. The majority of the country was either covered in flood water or churned into a bog, making their feed inaccessible.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/15/19

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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