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    Daily Digest 2/28 – U.S. Farm Debt Soars, The Middle Class Is Shrinking Everywhere

    by DailyDigest

    Thursday, February 28, 2019, 5:41 AM

Economy

No deal: Trump, Kim summit collapses over sanctions impasse (TS)

The disintegration of talks came after Trump and Kim had appeared to be ready to inch toward normalizing relations between their still technically warring nations and as the American leader dampened expectations that their negotiations would yield an agreement by North Korea to take concrete steps toward ending a nuclear program that Pyongyang likely sees as its strongest security guarantee.

Balakot: India launches air strike in Pakistan (Sparky1)

India’s foreign secretary called the strikes a “non-military pre-emptive action,” saying the strikes targeted a training camp for the Jaish-e-Mohammad group in Balakot, north-east Pakistan.

Workism Is Making Americans Miserable (jdargis)

These post-work predictions weren’t entirely wrong. By some counts, Americans work much less than they used to. The average work year has shrunk by more than 200 hours. But those figures don’t tell the whole story. Rich, college-educated people—especially men—work more than they did many decades ago. They are reared from their teenage years to make their passion their career and, if they don’t have a calling, told not to yield until they find one.

Futures Trading “Breaks” After Pakistan-India Nuclear Talk Leaks (Sparky1)

So, what might have taken place in General Dunford’s conversation with his Pakistani counterpart that might account for India putting its major cities on highest alert, and global markets halting trading in stock, bond and commodities futures? What would be important enough to the world to cause such havoc? Yea, a “probable” nuclear exchange between India and Pakistan.

The Middle Class Is Shrinking Everywhere — In Chicago It’s Almost Gone (thc0655)

UIC’s maps show that fully half of the city was middle income in 1970, including large swaths on every side of town. Today, just 16 percent of the city’s 797 census tracts are considered middle income. Those middle income areas are confined mostly to the corners of the city, and to thin strips between areas of wealth and poverty.

5 Bitcoin Billionaires Headline Hurun Rich List: How They Made Their Crypto Fortunes (Thomas R.)

Micree Zhan Ketuan is the co-founder of cryptocurrency mining giant Bitmain. He holds a 36.58 percent stake in the company compared to his co-founder Wu Jihan’s 20.5 percent.

Zhan Ketuan is credited for running the technical aspects of Bitmain while Wu is the public face of the company.

Millennials face $1 trillion in debt, but here’s how they can manage their loans (Thomas R.)

Nearly 70 percent of graduates from public and nonprofit colleges in 2015 had student loan debt, and the average amount owed was about $30,100 per borrower, according to the Project on Student Debt, an initiative of the nonprofit research organization The Institute for College Access & Success.

Trump’s Brilliant Strategy to Dismember U.S. Dollar Hegemony (Matt H.)

A point had to come where this policy collided with the self-interest of other nations, finally breaking through the public relations rhetoric of empire. Other countries are proceeding to de-dollarize and replace what U.S. diplomacy calls “internationalism” (meaning U.S. nationalism imposed on the rest of the world) with their own national self-interest.

There’s been a mysterious surge in $100 bills in circulation (Sparky1)

Nicholas Colas, co-founder of DataTrek research, has been down the “rabbit hole of a topic” for more than a decade. He said the growth in $100 bills in circulation is a signal the world is relying on them as a store of value — and still using them for international crime.

Political operative arrested in North Carolina scandal (TS)

Prosecutors are still investigating evidence of ballot tampering by Dowless and others working on behalf of GOP candidate Mark Harris during last fall’s congressional election in the mostly rural 9th District, which includes part of Charlotte and extends eastward across several counties.

The indictment represents the first charges in a scandal that has cast doubt on election integrity and will leave a congressional seat unfilled for months.

Oil Jumps On Large Crude Inventory Draw (Thomas R.)

Refinery throughputs stood at 15.9 million bpd last week, versus 15.7 million bpd a week earlier, with gasoline production at 9.6 million bpd and distillate fuel production at 4.8 million bpd. This compares with production rates of 9.5 million bpd for gasoline and 4.8 million bpd for distillate fuel.

U.S. farm debt soars to levels seen during 1980s farm crisis: Agriculture secretary (Sparky1)

“Farm debt has been rising more rapidly over the last five years, increasing by 30 percent since 2013 – up from $315 billion to $409 billion, according to USDA data, and up from $385 billion in just the last year – to levels seen in the 1980s,” Perdue said in his testimony to the House Agriculture Committee.

Opinion | Does More Carbon Dioxide in the Atmosphere Mean Higher Crop Yield? (newsbuoy)

Does all this mean higher yields in a future of higher CO2? Unfortunately not. Much of our early knowledge on how rising CO2 influences crop physiology comes from laboratory and closed chambers studies, where the CO2 fertilization effect seemed to greatly enhance plant productivity.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/26/19

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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