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    Daily Digest 3/17 – U.S. Entangled In Yemen, Zero-Hour for the Precious Metals

    by DailyDigest

    Thursday, March 17, 2016, 3:12 PM

Economy

Causes of Revolution (Aaron M.)

When most people think of revolution, they think of big bloody wars where a government in power is overthrown by mobs of angry people. Although these revolutions get all the glory in history books, it does not always happen this way. One definition is even simply “a dramatic and wide-reaching change in conditions, attitudes, or operation.” [1] For purposes of this discussion, we’ll assume that revolution means to forcibly exchange one power structure for another, either violently or through political or economic means.

Hungary’s Orban “Rings Alarm Bells” On Brussels Plot To Create “United States Of Europe” (pinecarr)

“Nobody has asked the European people so far whether they support, accept, or reject the mandatory migrant quotas,” Orban proclaimed, at a press conference late last month. “The government is responding to public sentiment now: we Hungarians think introducing resettlement quotas for migrants without the backing of the people equals an abuse of power.”

Bonds & Stocks Tumble As Core CPI Surges By Most Since October 2008 (PBD)

Following last month’s inflation ‘jolt’ to the marketplace, Core CPI increased 2.3% YoY in Feb – the biggest jump since October 2008 (led by the biggest monthly surge in apparel prices since 2009). Bond & Stock markets are dropping in the news as it corners The Fed further into a hawkish stance, despite the recessionary warning signals screaming from the manufacturing (and increasingly Services) sector.

These Are The Energy Bonds Most Likely To Default In The Next Six Months (PBD)

Over the past several weeks, courtesy of the jump in oil prices from 13 years lows, the narrowly reopened window granting some companies the chance to sell equity and in some cases debt (and promptly use the proceeds to repay their secured lenders), and the various last-ditch extensions afforded to near-default oil and gas companies, the dire reality of the default wave about to be unleashed in the shale patch has been swept under the rug, if only briefly.

That is about to change.

Zero-Hour for the Precious Metals (Kevin J.)

“Just as the world was breathing a massive and collective sigh of relief that a new bull market in gold and silver had arrived with all the pomp and pageantry of a Royal Wedding, the Barbarians climbed the walls and are now very close to razing the palace.”

$5trn-a-day Forex rigging probe dropped despite evidence of criminality (richcabot)

“Whilst there were reasonable grounds to suspect the commission of offences involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offence contrary to English law,” the financial watchdog said on Wednesday.

“It has further been concluded that this evidential position could not be remedied by continuing the investigation.”

Central Banks Move Into Crypto Currencies As Part Of Cashless Society Hustle (Aaron M.)


If central banks and their handpicked political hooligans are successful in banning cash, the central bank’s RScoin could become the only game in town for millions and even billions of savers and investors. And central bankers would love that idea because they’d have total access to those accounts. They’d know everything you were doing and have the ability to seize or shut off your account at their choosing.

America’s Gestapo: The FBI’s Reign of Terror (Aaron M.)

As part of the government’s so-called ongoing war on terror, the nation’s de facto secret police force is now recruiting students and teachers to spy on each other and report anyone who appears to have the potential to be “anti-government” or “extremist.”

Brazil Police Tapped Rousseff Discussing Lula Cabinet Post (Mark C.)

Judge Sergio Moro published transcripts of conversations that federal police obtained by tapping Lula’s phone as part of a corruption investigation, known as Carwash. In one of the transcripts, published Wednesday evening, Rousseff makes reference to Lula’s appointment as her chief of staff, saying that she was sending the document confirming his nomination and that he should use it only when needed.

Quiet Support for Saudis Entangles U.S. in Yemen (richcabot)

Two days of discussions in the West Wing followed, but there was little real debate. Among other reasons, the White House needed to placate the Saudis as the administration completed a nuclear deal with Iran, Saudi Arabia’s archenemy. That fact alone eclipsed concerns among many of the president’s advisers that the Saudi-led offensive would be long, bloody and indecisive.

Former Fed Employee Avoids Jail, Gets $2,000 Fine For Stealing Fed Secrets On Behalf Of Goldman Sachs (richcabot)

One of the biggest scandals at the end of 2014 was the dramatic confirmation courtesy of 48 hours of declassified tapes by former NY Fed staffer Carmen Segarra that not only Goldman Sachs controls the New York Fed (headed by former Goldman managing director Bill Dudley), but that disturbingly one of Goldman Sachs’ then-employees, former NY Fed regulator, then 29-year old Rohit Bansal was routinely being provided with confidential NY Fed documents.

More Plastic Than Fish in Oceans by 2050 Helps Drive Calls for Reduced Plastic Use (richcabot)

A combination of high functionality and low production costs has made plastic one of the most popular materials in the world. In the past 50 years, plastic use has increased 20 times. If current consumption rates continue, plastic use will double again in the next 20 years.

The Truth About This Mine Spill That The EPA Didn’t Tell You (Aaron M.)

“There was nothing unintentional about EPA’s actions with regard to breaching the mine,” Rep. Rob Bishop (R.-Utah) said this month. “They fully intended to dig out the plug and breach it.”

Why Scientists on Two Continents Are Growing Dinosaur Parts on Chickens (richcabot)

Larsson and a few other scientists are trying a different approach to bringing back the dinosaur: resurrecting the long-extinct animal’s traits in a living ancestor, the chicken. It’s an idea that’s been popularized by paleontologist Jack Horner (the real-life inspiration for Alan Grant in Jurassic Park), who frequently talks about his wish to make a “Chickenosaurus.” We might just be getting closer. In a new experiment, scientists in Chile say they’ve managed to grow dinosaur-like legs on a chicken.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/16/16

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6 Comments

  • Thu, Mar 17, 2016 - 3:28pm

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2932

    Repost Of Today's News

    Moody's: Negative interest rates in Switzerland, Denmark, Sweden

    Moodys.com (press release) (subscription)22 hours ago
    Moody's report, entitled "Governments of Switzerland, Denmark & Sweden: Negative interest rates have unintended consequences, with Sweden most at risk of …

    Negative Rates and Japan's Pension Crunch

    Wall Street Journal8 hours ago
    But for companies who haven't saved enough to meet those obligations, negative interest rates could make a bad situation worse. Many Japanese companies …

    Negative Rates Are a Possibility, Says Norwegian Central Bank

    Wall Street Journal1 hour ago
    OSLO— Oystein Olsen, governor of Norway's central bank, said Thursday that the bank had room to cut rates below zero in case the oil-exposed Nordic …

    Foreign governments dump U.S. debt at record rate

    CNNMoney – ‎22 hours ago‎
    That's why total foreign holdings of U.S. debt actually rose in January to $6.18 trillion. That's because demand from global investors continues to be high. Besides, some foreign governments added to their piles of Treasury bonds, including Japan

    Houston's $3 Billion of Debt Cut by Moody's After Oil-Price Drop

    Bloomberg14 hours ago
    Houston's $3 billion of general-obligation debt was cut one level by Moody's Investors Service, which cited weakening economic performance due to lower oil …

    If CPS ever misses a debt payment, property owners would see

    Chicago Tribune4 hours ago
    But if the school district ever comes up short on its debt payments, the investors … together enough money for a $474 million payment on its $6 billion debt load.

    Chicago settling $390 million tab when city can least afford it

    Chicago Tribune3 hours ago
    The result: issuers have paid billions to unravel those agreements. … a plan to end the city's interest-rate swaps and convert its variable-rate debt to fixed rate.

    Oil Investors See $7.4 Billion Vanish as Dividends Targeted

    Bloomberg13 hours ago
    The cost to shareholders: more than $7.4 billion in lost income, compared to what … while ensuring it has enough money to pay debts and grow, Kinder said.

     

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  • Thu, Mar 17, 2016 - 4:56pm

    #2

    Taz Alloway

    Status Bronze Member (Offline)

    Joined: Feb 18 2010

    Posts: 461

    Global Heat Wave Pushes Planet Into Uncharted Territory

    Humanity's experiment with planetary warming has reached a new level of extremes. Last month was the hottest February in 137 years of record keeping, according to data released Thursday by the National Oceanic and Atmospheric Administration. It's the 10th consecutive month to set a new record, and it puts 2016 on course to set a third straight annual record.
     
    It was a big month, not only the hottest February but the most unusual warmth for any month on record. Unprecedented temperatures in the Arctic, averaging an astonishing 20 degrees Fahrenheit above normal, melted away layers of ice to record-low levels. The heat helped prolong the longest planet-wide coral bleaching event. These grim milestones coincide with the biggest recorded jump in carbon dioxide, the most important greenhouse gas.
     

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  • Thu, Mar 17, 2016 - 5:30pm

    #3

    Mark Cochrane

    Status Platinum Member (Offline)

    Joined: May 24 2011

    Posts: 1189

    Release of tapped phone calls between Lula and Rousseff

    The chief of staff of the president subsequently becomes the new president and now the former president becomes the chief of staff… Even for Brazil the level of corruption has the country at the boiling point as the economy continues to plummet…

    Release of tapped phone calls between Lula and Rousseff sparks mass protests in Brazil

    Calls secretly recorded by investigating judge suggest president gave her predecessor a government role to avoid prosecution on corruption charges

    In the latest of a series of explosive revelations that could bring down the Brazilian government, a secretly recorded phone call between former president Luiz Inácio “Lula” da Silva and his successor, Dilma Rousseff, suggests his appointment to a ministerial position on Wednesday was motivated by a desire to avoid prosecution in Brazil’s worst-ever corruption scandal.

    Transcript of call between Rousseff and Lula, 16 March

    Rousseff: Hello.

    Lula: Hello.

    Rousseff: Lula, let me tell you something.

    Lula: Tell me, my love.

    Rousseff: It’s this, I am sending Messias [Jorge Rodrigo Araújo Messias, deputy head of legal affairs at the cabinet office] round with the papers, so that we have them, just in case of necessity, that is the terms of office, right?

    Lula: Uh-huh. Ok, ok.

    Rousseff: That’s all, wait there, he is heading there.

    Lula: OK, I’m here. I’ll wait.

    Rousseff: Right?

    Lula: OK.

    Rousseff: Bye.

    Lula: Bye, my love.

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  • Thu, Mar 17, 2016 - 6:47pm

    #4

    Mark Cochrane

    Status Platinum Member (Offline)

    Joined: May 24 2011

    Posts: 1189

    Brazil judge blocks Lula appointment to government

    Curiouser and curiouser..

    Brazil judge blocks Lula appointment to government

    A Brazilian judge has blocked the appointment of ex-President Luiz Inacio Lula da Silva as chief of staff to his successor, Dilma Rousseff, shortly after he was sworn in.

    The judge's injunction said there was a risk a federal investigation could be derailed if Lula was a minister.

    In Brazil, cabinet members can only be investigated by the Supreme Court, not by federal courts.

    Lula is under investigation in connection with a corruption scandal.

    The government said it would appeal against the decision.

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  • Thu, Mar 17, 2016 - 10:51pm

    #5
    rjs

    rjs

    Status Member (Offline)

    Joined: Aug 08 2009

    Posts: 124

    where'd the extra CO2 come from?

    many are out with the story that global emissions are unchanged from last year…yet at the same time, the largest recorded annual jump in carbon dioxide as per the Mauna Loa observatory is also being reported, as cited in Tall's article above…how are the two reports reconciled?

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  • Thu, Mar 17, 2016 - 11:47pm

    #6

    Mark Cochrane

    Status Platinum Member (Offline)

    Joined: May 24 2011

    Posts: 1189

    Coming from land, less uptake from oceans possible too

    Where'd the extra CO2 come from?

    Good question. El Niño causes havoc with weather all over the planet but most heavily in the tropics. One of the major problems comes from severe droughts in Indonesia where peatlands that are being cleared for oil palm and other ventures become susceptible to fires that burn into these deep organic soils.  Preliminary estimates are that these emissions were equivalent to at least 5% of fossil fuel emissions in 2015. We've got new research that should be out in a few months detailing the specifics of these emissions.

    There are lots of other fires across the Amazon and droughts also hold back vegetation growth in other regions so less CO2 is absorbed from the atmosphere. The upside of these emissions is that a lot will get taken back up again when the vegetation regrowth begins once the droughts break in teh next year or so. Those emission from the peatlands are different though as they would require thousands of years to recover if the peat forests were first restored. This is why Indonesia is the #3 carbon emitter for nations on the planet.

    El Nino also changes the ocean dynamics so that there may have been less CO2 uptake as well this last year. On average, about 40% of annual fossil fuel CO2 emissions get taken up by either the oceans or the vegetation but this is variable from year to year, especially the land component. The ocean component is what drives ocean acidification, which is much more serious for the oceans than the ongoing warming that we are experiencing.

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