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    Daily Digest 3/3 – Canada Gold Reserve Sell-Off, Is America Sliding Towards Socialism?

    by DailyDigest

    Thursday, March 3, 2016, 3:35 PM


Is America Sliding Towards Socialism? (Ali S.)

On January 29, 2010, at the Union League Club, Chicago, Lech Walesa — the former President of Poland, founder of Solidarity, and 1983 Noble Laureate – issued his ‘Warning for America.’ Walesa, friend of Pope John Paul II, Ronald Reagan, and Margaret Thatcher (all helped defeat Cold-War Soviet bloc communism) — gave a speech at an endorsement event for my campaign for Governor of Illinois…

Truman Show USA – “Concerned Citizens” At Townhall Meetings Exposed As Paid Actors (Aaron M.)

This just furthers my feeling that action is far more important than traditional protests in the 21st Century. They key to getting out of the mess we are in is to actively create a parallel economy and even monetary system adjacent to the current terminal one. That way, when this one blows up, we already have the infrastructure in place to move to another paradigm. One characterized by peaceful, voluntary human interaction and dominated by decentralization in virtually all aspects of human existence.

You Now Have a Shorter Attention Span Than a Goldfish (Arthur Robey)

The survey also confirmed generational differences for mobile use; for example, 77% of people aged 18 to 24 responded “yes” when asked, “When nothing is occupying my attention, the first thing I do is reach for my phone,” compared with only 10% of those over the age of 65.

DNC Chair Joins GOP Attack On Elizabeth Warren’s Agency (Don R.)

Payday lenders have been gunning for the Consumer Financial Protection Bureau since the day President Barack Obama tapped Elizabeth Warren to set up the new agency. They’ve had plenty of help from congressional Republicans — longtime recipients of campaign contributions from the payday loan industry. As the CFPB has moved closer to adopting new rules to shield families from predatory lending, the GOP has assailed the agency from every conceivable angle — going after its budget, attempting to tie its hands with new layers of red tape, fomenting conspiracy theories about rogue regulators illegally shutting down businesses and launching direct attacks on payday loan rules themselves.

Donald Trump is a warning to Britain’s politicians: we’ve got to get our act together (Afridev)

Over the last year, Stiglitz’s new analysis of modern inequality has taken shape with impressive force. Back in the ‘90’s, we had a decent plan. Rapidly changing technology meant workers with skills earned more – and those without, earned less. The solution seemed simple. Education, education, education. But, now it’s clear, more study isn’t enough. Ask any graduate struggling in a low paid job without a hope in hell of getting on the housing ladder.

Regulating Automakers to Death (Tiffany D.)

For an automaker, the idea is to build just enough EV models to meet the California mandates. Sure, your electric vehicles will lose money, but you’re getting credit for the EVs’ 100-mpg fuel ratings. In the bargain, you can still sell lots of gas-guzzling Escalades, Navigators and F-150s (all highly profitable vehicles to make and sell) — and still come out with a fleet-wide average of 54.5 mpg when 2025 rolls around.

Ukraine bans officials from criticizing government (PBD)

“The little document … is in the best traditions of the Communist period, more precisely in the traditions of Stalin and Beria,” Minitch said, referring to repressive Soviet leader Josef Stalin and his security chief, Lavrenty Beria.

Others appeared to poke fun at the state’s call for officials to toe the party line.

We Are Headed Towards A Cashless Society Unless The Public Protests It (Taki T.)

In reality, what this new policy, which is the same as the old policy, does is induce businesses to invest more on durable goods like cars and houses, which is why there are new bubbles in these markets, at least in some regions. The price-per-square-foot of Las Vegas real estate, for example, is now higher than it was just before the crash of 2008. There’s also a student debt bubble and a stock market bubble, in my opinion, thanks to the Fed’s single-minded and very simple policy of print, print, and print some more. Rather than reducing some of the wild and reckless speculation on Wall Street, the government bailouts of the speculators created a “moral hazard problem” that will encourage even more reckless speculation. If the speculative investments pay off, they keep the profits; when they go bust, they can count on another round of “too-big-to-fail” bailouts.

Australia Joins Crowd Advocating Electronic Money (Aaron M.)

The Central Bank of Australia, known as the Reserve Ban, has come out bluntly and stated that it is entirely possible that Australia will end physical notes and coins and move to digital currency. The Reserve Bank is joining a growing crowd of governments advocating electronic money to really increase tax collection.

It’s Official: Canada Has Sold All Of Its Gold Reserves (PBD)

“Canada’s gold reserves belong to the Government of Canada, and are held under the name of the Minister of Finance,” explained a spokesperson for the Bank of Canada on Wednesday. “Decisions relative to gold holdings are taken by the Minister of Finance.”

Reached by Global News on Wednesday evening, a spokesperson for the finance department said the sale “was done in the normal course of business for the government. The decision to sell the gold was not tied to a specific gold price, and sales are being conducted over a long period and in a controlled manner.”

Countries producing 73% of world oil agree to freeze production (Michael W., signup required)

Countries producing 73 percent of the world’s oil have agreed to freeze oil production, Russia’s energy minister said Tuesday.

Foreign-Owned Fish Farms Are Devastating B.C.’s Wild Salmon (westcoastjan)

By way of explanation many open-net pens are located directly within the narrow aquatic pathways used by these wild salmon. This exposes passing wild salmon to devastating lethal threats — ones they’ve historically never encountered before.

First, these unnecessarily close encounters can infect wild salmon with exotic diseases that overwhelm their immune systems, leading to a slow death.

Drugs found in Puget Sound salmon from tainted wastewater (westcoastjan)

The estuary waters near the outfalls of sewage-treatment plants, and effluent sampled at the plants, were cocktails of 81 drugs and personal-care products, with levels detected among the highest in the nation.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/2/16

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