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    Daily Digest 7/6 – Charting The Death Of The Saver, Just 28% say U.S. is No. 1

    by DailyDigest

    Sunday, July 6, 2014, 2:55 PM


Beijing, Seoul agree to direct trade in national currencies (lesphelps)

China’s central bank has authorised the Bank of Communications, the country’s fifth largest lender, to undertake yuan clearing business in the South Korean capital, the People’s Bank of China (PBoC) said in a statement.

The announcement came as Chinese President Xi Jinping wrapped up a state visit to South Korea on Friday. China is seeking to make the yuan – also known as the renminbi – used more internationally in keeping with the country’s status as the world’s second biggest economy behind the United States.

July 4th bummer: Just 28% say U.S. is No. 1 (lesphelps)

A new Pew Research Center report timed for Independence Day found that just 28 percent believe that the U.S. “stands above all other countries in the world,” 58 percent say it is “one of the greatest countries in the world, along with some others,” and 12 percent said that there are other countries “that are better.”

Yes, There’s Wood Pulp in Burgers…Here’s Why I Think it Matters (pinecarr)

“There may be more fiber in your food than you realized. As the cost of food continues to rise, the cost of not paying
attention to what you are eating rises exponentially. Burger King, McDonald’s and other fast food companies list in the ingredients of several of their foods, microcrystalline cellulose (MCC) or “powdered cellulose” as components of their menu items. Or, in plain English, wood pulp.”

Towards an Energy Standard of ‘Local’ (Eric G.)

The graph below presents the fuel required to deliver 100 pounds of food for several small farms to my local farmers’ market relative to a semi truck transporting 40,000 pounds of food 3,000 miles to Vermont from the Central Valley of California. Recall that the semi truck in The Energetics of Food Distribution achieved the highest efficiency per unit food delivered for a set transport distance, but of course transport distance isn’t constant when comparing long distance shipments to local vendors. If transport distance shrinks enough, food distributed via less efficient means will end up using less fuel. For most of the vendors I surveyed – I collected information on the weight of food they brought to market, their round-trip travel distance and the fuel efficiency of their truck or van – the amount of fuel used per unit food delivered was lower than the semi from California, sometimes much lower.

Charting The Death Of The Saver (pinecarr)

By removing the last shred of hope for a rise in savings rates anytime soon, the Fed is once again creating the potential for major unintended consequences as the collapse in interest income for US savers from the 2008 peak forces them to extend duration (TSYs), lower quality (corporate bonds), and/or increase leverage/risk (equities).

No matter how hard they herd the masses, the elderly (and still working) respond, “At our age, we can’t be a risk taker anymore.”

U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia (Lesphelps)

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.

U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. The country will lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.

This Breed of Mosquito Is Invading the U.S. — And It Could Carry a Terrifying Disease (Wendy SD)

Chikungunya fever and the Asian tiger mosquito: two names you may not know, but which could soon threaten your health. In Swahili,
“chikungunya” it means “walking bent over,” referring to the fact that those who contract the disease often have trouble walking due to headaches, rashes, fevers and, most of all, paralyzing joint pain. Before late last year, the disease was concentrated in Africa and Asia, but now it threatens American shores as a mosquito that carries it, the Asian tiger mosquito, is expanding as far north as New York and Chicago.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/4/14

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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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