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    Daily Digest 7/4 – U.S. Sees Most Layoffs Since Financial Crisis, Renewables ‘Never Meant To’ Power Modern Civilization

    by Daily Digest

    Thursday, July 4, 2019, 9:26 AM


Economy

Hong Kong police tactics baffle the experts as legislature is trashed (Sparky1)

Hong Kong leader Carrie Lam, saying she had heard people “loud and clear”, suspended the extradition bill, which would allow people to be sent to mainland China for trial, but stopped short of protesters’ demands to scrap it.

Roubini Lives Up to ‘Dr. Doom’ Alias With Global Recession Call (Adam)

“There’s massive, massive amounts of price manipulation” in cryptocurrency trading, he said in remarks at the conference. As for blockchain, “it’s the most overhyped technology ever, it’s nothing better than a glorified spreadsheet,” Roubini said. “Nobody’s using it, and nobody’s ever going to use it.”

Putin signs bill suspending participation in nuclear arms treaty (Sparky1)

Putin has vowed that Russia will not be the first to deploy new intermediate-range missiles and warned the U.S. against deploying new missiles in Europe, saying that Russia will retaliate by fielding new, fast weapons that will take just as little time to reach their targets.

US sees most layoffs since the financial crisis, many in retail jobs (Adam)

Jobs outsourcing firm Challenger, Gray & Christmas has kept layoff data by month for years. Its researchers wrote, “So far this year, employers have announced plans to cut 330,987 jobs, a 35% increase from the 245,179 cuts announced through the first half of last year. This year marks the highest first-half total since 2009, when 896,675 job cuts were announced.” Second-quarter numbers were not much better. Cuts for the period rose 34% from the same period in 2018, when the figure was 104,800.

How One State Is Effectively Tackling Its Vaccine Problem (Sparky1)

Not only that, the findings revealed a decrease in geographic clusters of under-vaccinated children, which pose a particular threat to herd immunity and can fuel wider outbreaks. Because the measles is so contagious (about 90 percent of people who are unvaccinated and come into contact with the disease will catch it), the percent of people who must be vaccinated in an area in order to sustain herd immunity is very high.

EU leaders choose France’s Lagarde for ECB after marathon summit (Sparky1)

The discord echoed a wider fracturing of the EU’s political center that was evident in May’s European Parliament elections that delivered a more fragmented assembly in which no bloc won a majority and far-right and far-left groups performed strongly.

Israel says it is bracing militarily for possible U.S.-Iran escalation (Sparky1)

“It should be taken into account that mistaken calculations by the (Iranian) regime…are liable to bring about a shift from the ‘gray zone’ to the ‘red zone’ – that is, a military conflagration,” he said in a speech to the Herzliya Conference.

A Tale of Three Cities (GE Christenson)

The fictional City of Debtapolis resembles countries in the western hemisphere. Regular people, politicians, and central bankers inhabit the city. Digital currency units buy less every year, and are created in large quantities. The political and financial elite control the government and economy to expand their wealth. Economic statistics, sincere politicians and the media assure the people that “it’s all good.”

Hong Kong Protests Show Dangers of a Cashless Society (thc0655)

Specifically, protestors fear that the Chinese judicial system, with all its attendant human rights baggage, would come to supplant Hong Kong’s. This would be no small problem. China isn’t shy about cracking down on political dissidents, even those from other states under their control. For example, in 2017, a Taiwanese pro-democracy activist was detained in China and sentenced to five years in prison for “subverting [Chinese] state power” in his home country.

Oh that it should come to this Part 10 (Jesper A.)

There was a code as there always is, a way of being part of the group, a sort of collective idea where too much individualism and separation was seen as bad — the alarms are going off left and right — is this not a sect?

President Trump slams China, Europe over currency manipulation as he defends July 4 event cost (Sparky1)

Trump’s tweet came a day after he announced two picks for the Federal Reserve, Judy Shelton and Christopher Waller. Trump has criticized the Fed for raising interest rates. Higher rates generally increase the value of a country’s currency.

ISIS escapees become victims of sex trafficking (Sparky1)

In the post-ISIS era, the vulnerable and displaced are easy prey for human trafficking rings. CNN’s Arwa Damon reports on what’s causing the trade to rise in Iraq.

A giant heat dome over Alaska is set to threaten all-time temperature records (Sparky1)

Anchorage’s nighttime lows may settle only in the mid-60s during this hot stretch, which is close to its average high at this time of year.

“This 7-day forecast contains the warmest 1-day, warmest 2-day, warmest 3-day, warmest 4-day, warmest 5-day, warmest 6-day, and warmest 7-day period on record for Anchorage,” tweeted Alaska climatologist Brian Brettschneider. This heat wave is the latest in a nonstop barrage of warm weather for the northernmost state. It comes right on the heels of a June that was well above average and filled with wildfires that are persisting and/or growing into July.

The Reason Renewables Can’t Power Modern Civilization Is Because They Were Never Meant To (Ivo M.)

After renewables investors and advocates, including Al Gore and Greenpeace, criticized Germany, journalists came to the country’s defense. “Germany has fallen short of its emission targets in part because its targets were so ambitious,” one of them argued last summer.

“If the rest of the world made just half Germany’s effort, the future for our planet would look less bleak,” she wrote. “So Germany, don’t give up. And also: Thank you.”

The Devastation of Farm Country Is Biting Us All on the Butt (Don R.)

Such hardship is not a one-time blip. For six straight years, more than half of America’s ag producers have lost money on their crops and herds, and this year promises more of the same. Thus, to keep the farm afloat and make ends meet, farmers commonly work a part-time side job and have a spouse who commutes to a full-time city job. With typical dark humor, they refer to these off-farm jobs as the cost of supporting their “farming habit.” Indeed, today’s ag economy is so bleak that about 70% of the total income of U.S. farm families comes from their “secondary jobs.”

Gold & Silver

Click to read the PM Daily Market Commentary: 7/3/19

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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9 Comments

  • Thu, Jul 04, 2019 - 1:01pm

    #1

    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 96

    1+

    Navy 'Salute to America' Flyovers Come as Service Faces Aviation Budget Shortfall

    https://www.military.com/daily-news/2019/07/03/navy-salute-america-flyovers-come-service-faces-aviation-budget-shortfall.html

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  • Thu, Jul 04, 2019 - 1:03pm

    #2

    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 96

    1+

    Female Veterans Are Fastest Growing Segment of Homeless Veteran Population

    https://www.military.com/militaryadvantage/2018/03/28/female-veterans-are-fastest-growing-segment-homeless-veterans.html

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  • Thu, Jul 04, 2019 - 1:15pm

    #3

    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 96

    Bitcoin Is To Fiat What Linux Was To Unix

    https://cryptoslate.com/jpmorgan-analysts-institutions-driving-meteoric-bitcoin-rally/

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  • Thu, Jul 04, 2019 - 3:40pm

    #4
    ezlxq1949

    ezlxq1949

    Status Bronze Member (Offline)

    Joined: Apr 29 2009

    Posts: 215

    Bitcoin is to me what Linux is to Archimedes

    i. e. all smoke and mirrors. I don’t understand it and (hence) I don’t trust it.

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  • Thu, Jul 04, 2019 - 3:47pm

    #5
    ezlxq1949

    ezlxq1949

    Status Bronze Member (Offline)

    Joined: Apr 29 2009

    Posts: 215

    Maybe some renewables can power some modern societies

    A combination of solar power and pumped hydro has been touted here as workable and affordable, and by sober scientists and engineers.

    Ironic, isn’t it: the flattest and second driest continent on Earth has way more than enough water and elevation to provide pumped hydro for our entire baseload electricity needs. We have untold sunshine to provide the daily electrons. Fossil fuels are not needed.

    But I don’t think the World System approves of such schemes, lest we establish any sort of independence. (Or is that just my paranoia in evidence?)

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  • Thu, Jul 04, 2019 - 4:46pm

    Reply to #5
    TechGuy

    TechGuy

    Status Bronze Member (Offline)

    Joined: Oct 13 2008

    Posts: 300

    2+

    Austrialia and Pumped stored

    “the flattest and second driest continent on Earth has way more than enough water and elevation to provide pumped hydro for our entire baseload electricity needs…But I don’t think the World System approves of such schemes, lest we establish any sort of independence. ”

    I don’t know much about AUS. (Austrialia) , never been there. But AUS has a population of about 25M, where the USA alone has a population of about 330M, more than 10 times that of AUS. Most of the best Pump storage locations in the USA are already development (people living there), and many regions in the USA already use all of the available water for the population, or for agraculture. In the USA west, aquifers are getting rapidly depleted.

    When the time comes, the US will just power down and have to use considerably less energy than it does today. My best guess is that this starts happen in the mid 2020’s to early 2030’s.

    As Chris has stated on many occasions: Its easy to go from a low density energy source (animal, wood, etc) to a high density source (oil & coal), but very difficult to switch back to a lower density source (PV & Wind).

    You also must consider the pending demographic cliff that is rapidly approaching. The US alone has more than $70T in unfunded pensions & entitlements (SS + Medicare). Much of the nations capital and resources will be pour into these programs & leave nothing left for any major investments.

    Currently the USA plan to delay Peak Oil for itself & close allies by securing the remaining oil fields not under its control. Its targeting Iran & Venezuela for there oil reserves. Since Iran already has a limited number of Nukes, when the US goes to war with Iran its likely to start WW3 or at least create major global economic problems.

     

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  • Fri, Jul 05, 2019 - 3:38am

    #6

    thc0655

    Status Platinum Member (Offline)

    Joined: Apr 27 2010

    Posts: 1446

    1+

    Philadelphia refinery: debt, dodged regulations

    https://www.nbcphiladelphia.com/investigations/Refinery-Fire-Investigation-CC_Philadelphia-511753642.html

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  • Fri, Jul 05, 2019 - 11:44am

    Reply to #4

    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 96

    Please explain fiat monetary policy

    ANd, why you trust it?

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  • Sat, Jul 06, 2019 - 11:35am

    Reply to #5

    shastatodd

    Status Member (Offline)

    Joined: Oct 16 2010

    Posts: 48

    “Fossil fuels are not needed.”

    um… what powers the mining and manufacturing infrastructure to make your “green” power illusions?

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