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    Daily Digest 2/2 – Arctic Oil On Life Support, The Rise Of ‘ScamPACs’

    by DailyDigest

    Monday, February 2, 2015, 4:41 PM

Economy

Obama targets foreign profits with tax proposal, Republicans skeptical (jdargis)

At present, those earnings are supposed to be taxed at a 35-percent rate, but many companies avoid that through the loophole that defers taxation on active income that is not brought into the United States, or repatriated.

Detroit Seizes Homes to Fund Corruption (Wendy SD)

Detroit is foreclosing on tens of thousands of homes — in order to pay for an unaffordable city government that fails the essential tests of governance. The NYT reports that the city is seizing the homes of residents who failed to pay property taxes, and putting some of the houses up for public auction…

Modi can handle China ties without U.S. help (pinecarr)

The heart of the matter is that Washington always sought to co-opt India as a participant (“lynchpin”, as former defence secretary Leon Panetta once said) in the US’ ‘pivot’ to Asia and a defining moment may be reaching soon. To be sure, Mr. Modi has injected dynamism into Indian diplomacy. For the first time after Narasimha Rao (who navigated India’s difficult and complicated transition to the post-cold war era), we have a prime minister who is not ‘one-dimensional’ in his world outlook. Mr. Modi is negotiating harder than any of his predecessors in the recent decades for getting the best terms possible from the world’s major powers for meeting India’s emergent needs as an economy and society, which is passing through a formative transition period.

Water privatisation: a worldwide failure? (pinecarr)

About 80% of Lagos’s piped water supplies are thought to be stolen, only 5% of people receive it in their houses, taps are often dry, sanitation is non-existent across much of the metropolis and the hospitals are full of people suffering diarrheal and other water-borne diseases. All that has changed since the IFC’s abortive 1999 plan is that the demand for water has grown due to the arrival of millions more people in the city.

The rise of ‘scam PACs’ (Chris M.)

The efforts bear some of the hallmarks of a phenomenon that watchdogs say is threatening the integrity of the campaign funding system, and that conservative leaders worry could seriously undermine their interests headed into 2016. Since the tea party burst onto the political landscape in 2009, the conservative movement has been plagued by an explosion of PACs that critics say exist mostly to pad the pockets of the consultants who run them. Combining sophisticated targeting techniques with fundraising appeals that resonate deeply among grass-roots activists, they collect large piles of small checks that, taken together, add up to enough money to potentially sway a Senate race. But the PACs plow most of their cash back into payments to consulting firms for additional fundraising efforts.

Gold Gets Safe Haven Bids But COMEX Has Stopping Power (Taki T.)

The daily gold price chart has a huge resistance zone in the $1300 – $1320 area, as indicated by the green bar on the first chart. Throughout 2014, the price of gold has been hovering around that area, before breaking down in September. Gold is currently attempting to break through resistance, and close the bearish gap.

Technical indicators on the daily chart suggest that gold is about to take a break.

2015 Roadmap To Crisis (pinecarr)

Look for the next Crisis to be; 1-Global, 2 Politically Initiated and 3- Implode from the Unregulated $700T SWAPS / $72T Shadow Banking Complexity.

Chaotic Turmoil: Its Actually Logical If You Look Closely (pinecarr)

John Rubino feels “the economic policy around the world is not sustainable. They only have one tool which is easy money which they must do more and more of it over time to maintain normality in the world. At some point they run out of the ability to create more currency and monetize more debt. The debt that is required becomes overwhelming and the system spins out of control We are seeing the early stages of that now with all sorts of crazy volatility springing up in places around the world where no one suspected.

“The Central Banks of the World are Beginning to lose control of the process!”

Ukraine: Why Are US Soldiers In Mariupol? (Michael W.)

Amid the devastation of yesterday’s [January 24] Mariupol artillery strikes which killed or wounded dozens, which was promptly blamed by both sides on the “adversary” – and has been proclaimed by both ‘sides’ (more on that later) as more violent than before the truce – an ‘odd’ clip has emerged that appears to provide all the ‘proof’ a US intelligence officer would need to surmise that US military boots are on the ground in Ukraine. As the following clip shows, a Ukrainian journalist approaches what she thinks is a Ukrainian soldier (since he is wearing a Ukrainian military uniform and is carrying an AK) and asked him as they run through the battlezone, “tell me, what happened here?” His response, which requires no translation, speaks for itself.

Arctic Oil On Life Support (Evan K.)

Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored. As drilling technology advances, conventional oil reserves become harder to find, and climate change contributes to melting sea ice, the Arctic has moved up on the list of priorities in oil company board rooms. That had companies moving north – Royal Dutch Shell off the coast of Alaska, Statoil in the Norwegian Arctic, and ExxonMobil in conjunction with Russia’s Rosneft in the Russian far north. But achieving the goals of tapping the extensive oil reserves in the Arctic has been much harder than previously thought. Shell’s mishaps have been well-documented. The Anglo-Dutch company failed to achieve permits on time, had its drill ships run aground, and saw its oil spill containment dome “crushed like a beer can” during testing. That delayed drilling for several consecutive years.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/30/15

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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