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    Daily Digest 3/20 – Intergenerational Theft, How Much Oil Is Displaced by Electric Vehicles? So Far, Not Much

    by saxplayer00o1

    Wednesday, March 20, 2019, 5:25 AM

Economy

Palladium hits record high as supply woes mount on likely Russia ban

Palladium surged to a record on Tuesday as the risk of a ban on some Russian exports added to supply concerns for the autocatalyst metal, while gold rose on expectations the U.S. Federal Reserve will stay dovish at its meeting this week.

How Much Oil Is Displaced by Electric Vehicles? Not Much, So Far

Gasoline and diesel displacement by electric vehicles will grow by 96,000 barrels a day this year, BloombergNEF said in a report Tuesday. That brings the lost cumulative demand since 2011 at 352,000 barrels a day, about as much as total consumption by some countries, such as Peru or Portugal. By comparison, total global oil demand growth over the same period rose 12 million barrels a day to 100.6 million, according to the International Energy Agency.

No end date for South African power cuts as capacity shortages persist

Eskom supplies more than 90 percent of the power in Africa’s most industrialised economy but is saddled with 420 billion rand ($29 billion) of debt. It has implemented power cuts every day since Thursday, with up to 4,000 MW cut from the grid.

CalPERS moving forward with $20 billion expansion of its private equity investments

To stay on schedule with payments toward CalPERS’ debt, known as its unfunded liability, the fund has to make a 7 percent return on its investment. If it falls short of that, local governments and taxpayers and potentially public workers can get stuck owing more to meet pension obligations.

As of the end of February, CalPERS’ return rate for the present fiscal year was just 1.62 percent, Meng told the board Monday.

Japan bank executive says mergers won’t fix woes brought by BOJ policy

Under YCC, the BOJ now pledges to guide short-term rates at minus 0.1 percent and the 10-year bond yield around zero percent. The policy has made it tough for banks to profit from traditional business of borrowing short-term funds and lending them at higher yields.

Paris police chief sacked and demos to be banned: French government moves to end rioting (thc0655)

As well as the Champs-Elysées in Paris the PM said demos could also be banned in Place Pey-Berland in Bordeaux and the Place du Capitole in Toulouse which have also witnessed violence in recent months.

The PM also announced that the fine for turning up to an undeclared demo – which currently stands at €38 – will be increased to 135 euros.

Intergenerational Theft (Cornelius999)

This argument was developed by the jurist William Blackstone in the 18th century, whose books were immensely influential in England, America and elsewhere. He contended that a man’s right to “sole and despotic dominion” over land was established by the person who first occupied it, to produce food. This right could then be exchanged for money. This is the underlying rationale for the great pyramid scheme. And it makes no sense.

Former Speaker of the House Paul Ryan joins board of Fox Corporation (Sparky1)

“The GOP/Fox merger is becoming increasingly formalized. Trump watches and promotes it incessantly, Fox appoints Paul Ryan to its board,” University of Michigan professor Brendan Nyhan tweeted.

Unmasking the College-Admissions Fraud (thc0655)

So what is college about? Primarily, it is about accrediting its graduates and signaling—as Bryan Caplan argues in The Case against Education—their value to future employers as responsible workers. The stampede to get children into as prestigious a school as possible grows more frenzied by the year, driven by the bragging rights that association with a name-brand university confers on status-hungry parents, who also understand the networking potential of those bright college years. There’s the allegiances of alumni, too, whose donations flow more lavishly when their alma mater’s sports teams are winning. Such tribal sympathies confer unjustified admissions authority on college athletics directors. When the sleazy sports directors in the Singer scheme certified the student applicants as varsity material, their word was apparently final in admissions offices.

Aluminum manufacturing giant Norsk Hydro shut down by ransomware (Thomas R.)

Reuters said operations in Qatar and Brazil were also under manual operation, but the company said in a public disclosure with the Norwegian stock exchange there was “no indication” of impact on primary plants outside Norway.

Futures File: Floods across corn belt (newsbuoy)

While this extreme weather affects everyone in the area, farmers see some of the worst effects. Blizzard conditions and flooding can kill cattle and hogs, and the water-soaked fields may persist for weeks, preventing Midwestern farmers from being able to plant a timely spring crop. Planting delays can lead to lower crop yields or even force farmers to give up planting some fields, which could cut into U.S. corn production this year.

Italy could be forced to import olive oil because of extreme weather (Sparky1)

“Olive trees are very sensitive to certain climatic conditions — sometimes three days of freezing [temperatures] are more important than an average temperature over the year,” he added.

Europe has fallen victim to radical hot and cold weather events in recent years, which scientists say are often caused or exacerbated by man-made climate change.

Weather Patterns Go Crazy: Nebraska Flooding Has Broken 17 Records And Farmers Are Being Absolutely Devastated (dcm)

It is not an exaggeration to say that weather patterns here in the United States are literally going crazy. Los Angeles just had the coldest February that it has seen in 60 years, Seattle just had their snowiest February in 70 years, and some parts of California received more than 500 inches of snow this winter.

And now we are being warned that we could have a very rainy spring, but it is hard to imagine that things could get any worse than they currently are in the central part of the nation.

Complete failure at Oroville Dam (thc0655)

According to national dam expert Scott Cahill of Watershed Services of Ohio, Oroville Dam is on the same failure track as in 2017, with visible water seepage trickling from the foot of the dam and dozens of points along the dam’s principal spillway. Cahill warns that warming temperatures magnified by precipitation is a growing threat to the dam.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/19/19

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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6 Comments

  • Wed, Mar 20, 2019 - 7:40am

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2934

    Chinese companies are defaulting on their debts at an 'unprecede

    Chinese companies are defaulting on their debts at an ‘unprecedented …

    CNBC-9 hours ago
    Yuan-denominated debt rose to an “unprecedented” 119.6 billion yuan ($17.8 billion) — four times more than 2017, according to a February report by Singapore …
    Wave of debt washes over corporate ChinaAsia Times-3 hours ago

    US lawmaker introduces new bill to address national debt crisis

    ABC 4-10 hours ago
    Secretary Mnuchin also says extraordinary measures can only work for so long. Experts say if Congress fails to act, America will default on its debts, crippling the …

     

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  • Wed, Mar 20, 2019 - 11:58am

    #2
    greered

    greered

    Status Member (Offline)

    Joined: Apr 25 2008

    Posts: 6

    Petroleum saved by Electric Vehicles

    Thought you might find this interesting and informative.
    May not be in line with average but my fuel savings for the three years since owning my Chevy Volt is around 80%.  BTW – the Volt performs much better than my Porsche ever did.
    Edward

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  • Wed, Mar 20, 2019 - 12:04pm

    #3

    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 67

    Trump 451

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  • Wed, Mar 20, 2019 - 4:40pm

    #4

    Time2help

    Status Platinum Member (Offline)

    Joined: Jun 08 2011

    Posts: 2225

    Ivory Towers

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  • Thu, Mar 21, 2019 - 2:44am

    Reply to #4

    blackeagle

    Status Bronze Member (Offline)

    Joined: May 16 2013

    Posts: 221

    ivory towers... or just plain contempt to democracy?

    Contempt to democracy. This is what I feel. The same is happening in our little town (about 7400 inhabitants) here in Canada. This disease is spreading fast.
    Our elected people issued last month a new bylaw that restrict citizen parole. You can ask questions that relate to the agenda. You cannot engage in a conversation. They strongly suggest you bring your question on a form and have the response at the following council public meeting (one month after).
    In november 2017, when this new council was elected (all new people), everyone was rejoycing to have “fired” the old rusty and largely useless council. It did take as little as two month for the new council to be “shaped” as it is today. The only viable conclusion is that power is in the hands of the civil servants.
    Contempt to democracy…simulacrum of democracy… call it the way you want. Sometimes I feel myself as terribly naive and the cynic in me, keeps telling me: there is no such thing as democracy. There is only a continuous battle for power. That’s it! So, wake up, hone your teets and go get YOUR slice of the pie, regardless of anyone suffering around you. This is the only way to survive.

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  • Thu, Mar 21, 2019 - 6:39am

    #5

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2934

    A Central Banking Domino Effect Is in Motion

    A Central Banking Domino Effect Is in Motion

    Wall Street Journal-1 hour ago
    ZURICH—Abrupt changes in the policies of the world’s largest central banks have rippled through smaller economies, leaving them with the prospect of low and …

    Fed’s Longer Pause Opens Door for Asian Central Banks to Cut

    Bloomberg-4 hours ago
    Central banks in Indonesia and the Philippines — among the most aggressive rate hikers last year — kept policy on hold on Thursday, as expected, citing …

    The Fed’s ‘dovish double-down’ has taken the most accurate recession …

    MarketWatch-14 hours ago
    Although the central bank held key rates at a range between 2.25% to 2.50%, as expected, the combination of other statements delivered a dovish jolt to …

    Fed announces plan to end balance sheet runoff in September

    Reuters-15 hours ago
    By September, the U.S. central bank said its current practice of allowing up to $50 billion of Treasuries and mortgage-backed securities (MBS) to roll off its …

    Citigroup to sell Venezuelan gold in setback to President Maduro …

    Reuters-18 hours ago
    CARACAS (Reuters) – Citigroup Inc plans to sell several tons of gold placed as collateral by
    Venezuela’s central bank on a $1.6 billion loan after the deadline for …

    ‘Very much’ the same thing: LAUSD continues to struggle to stay afloat …

    LA School Report-13 hours ago
    (Deficit spending means the district is spending more than it’s taking in). … a projected cost-of-living adjustment and $48 million in pension relief over two years.

    NJ taxes on the rise? 7 things residents are paying more for

    NorthJersey.com-3 hours ago
    The depletion of a fund that bankrolls infrastructure projects led to a 23-cent hike in the gas tax in 2016, while ballooning pension and debt service costs …

     

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