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    Daily Digest 8/29 – Hurricanes Not Good For The Economy, CA Water Tax Proposed

    by DailyDigest

    Tuesday, August 29, 2017, 3:08 PM


Harvey Recharges Offshore as Crippled Houston Counts the Cost (cmartenson)

Houston was born from the wreckage of a cataclysmic storm in 1900, and in the decades since has weathered not only water and wind but the gyrating fortunes of the oil industry. The sprawling megalopolis, which takes a perverse pride in its booms and busts, will endure Harvey as well, said Patrick Jankowski, senior vice president of research for the Greater Houston Partnership.

BlackRock Finds $5 Trillion Industry Is Now Riskier Than in ’08 (lambertad)

The reason is pretty simple. Insurers needed to make up shortfalls after the crisis. But in a decade of low interest rates they had to venture beyond their traditional holdings of vanilla bonds. They now own vast amounts of stocks, high-yield debt and a variety of alternative assets — a bucket that can include hard-to-sell stakes in private equity investments, hedge funds and real estate.

You Might Be A Partisan Hack If… (Afridev)

There’s nothing sexier than an independent free thinker who seeks understanding and stands in their own truth, come what may. There is nothing less sexy than someone who gets their worldview pre-packaged from the pundits and politicians of the Democratic or Republican party and thinks what they’re told to think.

Is Your Portfolio About to Burn to the Ground? (Tiffany D.)

When the business cycle is petering out, sending us into the contraction phase, the degree of correlation within and between price movements of various asset classes — such as stocks, bonds and commodities — begins to decline.

Asset prices that usually move together start to move independently. Oil futures drop but retail sector stocks rise, for example. Transport stocks suffer but some automakers do well.

China Is Creating the World’s Largest Power Company (jdargis)

The government of President Xi Jinping approved the merger of Shenhua Group Corp., the country’s top coal miner, with China Guodian Corp., among its largest power generators, the State-owned Assets Supervision and Administration Commission said Monday. With assets of 1.8 trillion yuan ($271 billion), the new entity will be the world’s second-biggest company by revenue and largest by installed capacity, according to Bloomberg New Energy Finance.

Opinion: No, hurricanes are not good for the economy (cmartenson)

Over the years, I’ve observed a tendency among economists and traders to view such events through a demand-side prism. They see lost income translating into reduced spending on goods and services, which might even warrant some largesse from the central bank.

Of course, that is precisely the wrong medicine. Supply shocks reduce output and raise prices. The Federal Reserve’s interest-rate medicine affects demand. Lower interest rates will increase the demand for gasoline, among other goods and services, but they have no effect on supply. An easing of monetary policy under such circumstances would increase demand for already curtailed supply, raising prices even more.

Gas Prices Spike As Harvey Shuts Down Gulf Coast Refineries (Michael K.)

Among the plants being shut down was Exxon’s 560,500-bpd facility in Baytown – the second-largest oil refinery in the U.S. after Port Arthur. Shell also started shutting down its Deer Park facility, which has a capacity of 340,000 bpd, and Phillips 66 started the shutdown of a 247,000-bpd refinery in Sweeney. Texas houses some 4.944 million bpd in refining capacity.

First-ever water tax proposed to tackle unsafe drinking water in California (edelinski)

SB 623 has been moving through the Legislature for months, but was amended Monday to include the tax on water for both homes and businesses. It also imposes taxes on farms and dairies, roughly $30 million annually, to address some of the contamination caused by fertilizers and other chemicals. Because it includes new taxes, the proposal will need a two-thirds vote in each house to pass, which supporters concede will be a battle.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/28/17

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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  • Wed, Aug 30, 2017 - 4:45am



    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2933

    France's Debt Is Euro-Zone's Largest

    Saudi Arabia loses $250 billion in cash in 3 years amid low oil prices

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  • Wed, Aug 30, 2017 - 5:16am


    Chris Martenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4504

    Re-humanizing NK

    Somebody synced up the video and put the music “Staying Alive” to the North Korean military parade spectacle.

    Oddly satisfying, very re-humanizing, and don’t forget to turn up your speakers!  


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  • Wed, Aug 30, 2017 - 7:42am

    Reply to #1


    Status Bronze Member (Offline)

    Joined: Mar 19 2011

    Posts: 101

    Let Them Eat Cake

    I was momentarily confused by the “French Makeup” title on the France’s debt graphic.

    Every part of this is hilarious: the outrage over how much it costs to make the president pretty; the knowledge that it could cost around $123,000 just to make a man look like he’s not wearing any makeup to begin with; the fact that the Élysée Palace had to come out in defense of its beauty-routine spending. It’s especially funny in light of the fact that Macron’s approval ratings are hovering in the mid-30s right now, in part because of his dramatic budget cuts that caused the head of the French armed forces to resign. If Macron’s even complexion weren’t worth 26,000 euros a quarter, the French government might have been able to pay the salary of another civil servant or two.

    Haha, joke’s on me.

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