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    Daily Digest 7/24 – Being 30 Then And Now, Earth’s Resources Consumed In Destructive Volumes

    by DailyDigest

    Tuesday, July 24, 2018, 3:36 PM

Economy

Being 30 Then And Now (tmn)

Millennials now comprise almost a quarter of the population and are the largest generation participating in the workforce. But their median salaries are lower than the prior generation of 30-year-olds, and the financial burdens they carry are heavier, limiting how much their lifestyle can mirror that of their parents.

Are we sliding back to the chaos of the 1930s? (tmn)

This parallel can be overdone of course: we live in an age of relatively full employment. We appear not to be on the brink of war, with fascist powers re-arming. Paramilitary groups don’t stalk the streets, most nation-states are stronger than they were in the 1930s, and the concept of human rights is now entrenched in democratic societies.

But when in doubt, quote Mark Twain, who is reputed to have said that “History doesn’t repeat itself but it often rhymes.”

How Prisons Are Poisoning Their Inmates (jdargis)

The ash also seeped into the water, creating elevated levels of trihalomethanes, a carcinogen produced from a reaction between the ash and chlorine, according to a VICE report from 2015. Local residents were warned of these risks; the people incarcerated at SCI Fayette were not. (Though the Pennsylvania Department of Corrections has conducted tests showing that the water meets drinking standards, environmental activists have questioned its limited methodological scope.)

Portugal Dared to Cast Aside Austerity. It’s Having a Major Revival. (tmn)

“We had faith that Portugal would come out of the crisis,” said Mr. Rivera, the general manager of Elaia. The company focused on state-of-the-art harvesting technology, and it is now one of Portugal’s biggest olive oil producers. “We saw that this was the best place in the world to invest.”

The Painstaking Hunt for War Criminals in the United States (tmn)

It can be tedious work, MacQueen told me. A tiny phonetic mistake in a foreign dialect can imperil a case. MacQueen’s other preoccupation is building race cars. He uses the same detached tone to describe how he pieces together war-crimes cases as he does when explaining how he rebuilt an engine that blew out on his MG Midget during a recent race. Acts of mass killing can sound almost mundane as he recounts zeroing in on a suspected war criminal. “I guess it’s the banality of investigating evil,” he told me, a variation of Hannah Arendt’s famous phrase.

Oilfield Service Majors See Bright Future Ahead (Michael S.)

Where the two diverge is in the focus on U.S. and international operations. Schlumberger is doubling down on U.S. operations in direct competition with the world’s number-two Halliburton, fighting for every bit of market share that it can get after the 2014 bust cleared the playing field from many smaller players. Bloomberg reports that Schlumberger has grown it U.S. sales faster than any other region where it is active, taking advantage of the price rebound that has pushed U.S. oil production to a record high.

How an oil glut could swiftly turn to an oil shortage (fabdave)

The world’s three largest oil producers — Russia, the United States and Saudi Arabia — are all increasing their outputs this summer, which sent U.S. oil prices from a 45-month high of more than $74 a barrel in mid-July down below $70 per barrel this week. To keep prices low, the White House is even considering releasing more oil from the nation’s Strategic Petroleum Reserve, which happened last in the aftermath of Hurricane Harvey.

$200 Crude, the Economic Crisis of 2020, and Policies to Prevent Catastrophe (thc0655)

The cause of the coming economic collapse is an obscure agency created in 1914, two years after the RMS Titanic sank. Now called the International Maritime Organization (IMO) and operated under the United Nations’ auspices, this body regulates many activities associated with global shipping, including marine fuel quality. In 2016, the IMO, whose members include most UN countries, decreed that oceangoing ships must adopt measures to limit sulfur emissions or burn fuels containing less than 0.5 sulfur—in other words, switch to low-sulfur diesel fuel. The sulfur rule takes effect January 1, 2020, just months from now.

Expert makes the case for $400 per barrel oil (thc0655)

Many international energy analysts are worried about the coming 2020 transition to lower-emission fuels for marine vessels like shipping tankers, but Verlenger said the effects will be more widespread as demand for diesel soars.

“The economic collapse I predict will occur because the world’s petroleum industry lacks the capacity needed to supply additional low-sulfur fuel to the shipping industry while meeting the requirements of existing customers such as farmers, truckers, railroads, and heavy equipment operators,” he report read.

Earth’s resources consumed in ever greater destructive volumes (Roger T.)

Thirty years ago, the overshoot was on 15 October. Twenty years ago, 30 September. Ten years ago, 15 August. There was a brief slowdown, but the pace has picked back up in the past two years. On current trends, next year could mark the first time, the planet’s budget is busted in July.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/23/18

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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