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    Daily Digest 8/31 – The Rise Of Uncertain Work, The Cross Of The Moment

    by DailyDigest

    Monday, August 31, 2015, 2:37 PM

Economy

Robert Reich: The Upsurge in Uncertain Work (jdargis)

It’s the biggest change in the American workforce in over a century, and it’s happening at lightening speed. It’s estimated that in five years over 40 percent of the American labor force will have uncertain work; in a decade, most of us.

Increasingly, businesses need only a relatively small pool of “talent” anchored in the enterprise–innovators and strategists responsible for the firm’s unique competitive strength.

Everything you’ve heard about China’s stock market crash is wrong (Merle2)

Both moves—the government pulling back from its market bailout and the currency devaluation—stem from the same ominous problem: China’s leaders are scrambling to find the money to keep its economy running. To understand the broader forces that led to this predicament, here’s a chart-based explainer tracing its origins.

Gold Coming Off the LBMA Spiked Last Week (Adam)

Those who flatly dismiss the possibility there can be such a divergence between the market price and the natural clearing price have not been paying attention to what has been going on in any number of rigged markets over the past few years.

Bond Market Explosion Not Stoppable: Craig Hemke (pinecarr)

What I really worry about is that transition from one financial scheme to the next is never done peacefully. The hegemon that has the printing press, that has the reserve currency, they don’t just sit back and say we’ve had our time in the sun. Now it’s your turn. No, they fight as hard as they can to protect and defend that. That’s my biggest concern.

The Fed Is Dead Wrong (Tiffany B.)

The Fed won’t raise rates until the world economy looks healthier, but the world economy is actually OK. Even China is OK. (Apple said that the China consumer is pretty healthy). World economic numbers will look much better in 2016, and central banks outside the U.S. will begin raising rates … and that will finally give the Fed the cover it needs to raise.

Silver and Warnings From Exponential Markets (GE Christenson)

Paper markets such as T-Bonds and the S&P 500 have been levitated by central bank “money printing,” government support, and the inevitable devaluation of fiat currencies built into the structure of the financial system. Paper markets move higher – exponentially – as currencies devalue and reset or crash to lower levels, and then repeat.

Why So Much Oil Price Volatility? Blame The Speculators (Tom K.)

The rally went beyond those factors, however. In fact, much of the gain was related to speculative movements and the decisions of oil traders moving barrels of oil on paper. Speculators had taken a near-record level of short positions on oil, predicting that oil prices would continue to fall. And they did fall, for about two months between June and August. However, with such a large preponderance of short positions, the timing was right for a correction.

The Cross Of The Moment (Gerry M.)

Fermi’s Paradox, climate change, capitalism, and collapse are some of the subjects discussed in this feature length documentary on the environmental crisis. Interviewees include Bill McKibben, Gary Snyder, Derrick Jensen, Peter D. Ward, Jill Stein, Bill Patzert, Guy McPherson and other top academics, scientists and public intellectuals.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/28/15

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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7 Comments

  • Mon, Aug 31, 2015 - 2:47pm

    #1

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1847

    Trivia: starting a fire with foil & battery

    Starting a fire with a gum wrapper or candy wrapper (metal foil) and a flashlight battery.

    For trivia lovers.

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  • Mon, Aug 31, 2015 - 3:44pm

    #2

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2935

    Three Strikes on Inflation Spur Calls for Overhaul of Abenomics

    Brazil Analysts See Deeper Recessions and Raise 2016 CPI Outlook

    Bloomberg2 hours ago
    Brazil analysts forecast deeper recessions this year and next, and remain unconvinced the central bank will slow inflation to target in 2016. Brazil's economy will …

    Economists Reduce Brazil's Economic Outlook for 2015, 2016
    Nasdaq2 hours ago

     

    -Brazilian government 2016 budget will be in the red – media

    Reuters – ‎12 hours ago‎
    BRASILIA, Aug 30 (Reuters) – Brazilian President Dilma Rousseff will send Congress a 2016 budget with a primary deficit after she abandoned plans to reinstate an unpopular tax to raise revenues next year, Brazilian media reported on Sunday. Rousseff's

     

     

    Brazilian real falls to another record low vs. the dollar

    Central bank monetary arsenal is increasingly ineffective

    Financial Times5 hours ago
    Several signs suggest loose monetary policy is increasingly proving ineffective, and central banks are failing to generate enough cyclical upswing to win against …

    Jackson Hole Questions Inflation Mastery Sought by Draghi

    Bloomberg2 hours ago
    The newest risk to prices highlights how in the 19-nation currency bloc — as in the U.S. … trillions into their financial systems since the onset of the financial crisis.

     

    China's 10-Year Bonds Gain Most This Month Since April on Easing

    Bloomberg10 hours ago
    The central bank cut benchmark interest rates for the fifth time since November from Aug. 26 and lowered lenders' reserve-requirement ratios in an attempt to …

     

    PBOC Deposit Rate Cut Passed On More Keenly as Bank Strains Show

    Bloomberg – ‎5 hours ago‎
    Weakness in the world's second-largest economy and a $5 trillion stock-market slump prompted the central bank to cut loan and deposit rates last week, while giving lenders more leeway to diverge from the benchmarks. Five reductions since November have …

    China's Next Problem: Paying for Its Stock-Market Bailout

    Wall Street Journal21 hours ago
    ANZ figures share-backed lending amounted to 720 billion yuan. … The central government runs a budget deficit of about 2.7% of gross domestic product and its …

    Slowing economy hits earnings at top Chinese machinery makers

    The Malaysian Insider13 hours ago
    Encouraged to expand after Beijing unleashed a US$644 billion (RM2.6 trillion) stimulus package in 2008 during the global financial crisis, Chinese heavy …

    China Jan-July services trade deficit $109.2 billion: FX regulator

    Economic Times – ‎11 hours ago‎
    BEIJING: China's trade deficit in services continued to widen in July to $17.6 billion, the foreign exchange regulator said on Monday, as Chinese spent more abroad than foreign visitors in the country. The deficit was led by a huge gap of $15.9 billion

    Three Strikes on Inflation Spur Calls for Overhaul of Abenomics

    Bloomberg12 hours ago
    … and the Bank of Japan won't be able to taper its unprecedented bond buying … the nation's growing debt, driven in part by the central bank's accommodative …

    Three strikes on inflation spur calls for overhaul of 'Abenomics'
    The Japan Times8 hours ago

     

    Japan's Industrial Production Unexpectedly Declines in July

    Bloomberg14 hours ago
    Household spending unexpectedly declined and the Bank of Japan's key … The government and central bank should boost stimulus if the economy fails to grow …

    Japan factory output turns down in July as China demand slumps
    Chandigarh Tribune8 hours ago

     

    Australia's inflation below central bank target

    New Kerala8 hours ago
    Australia's inflation below central bank target … Australia's inflation rate is staying below the central bank's two-percent-to-three-percent target, TD Securities said …

    Russians face price surge triggered by falling ruble

    Northwest Arkansas News6 hours ago
    Faced with Russia's first recession in six years and the worst currency rout since a 1998 default, the central bank floated the ruble in November, sparking a slide …

    Putin Shares Barbecue With Medvedev as Russia Enters Recession

    BloombergAug 30, 2015
    President Vladimir Putin shared a barbecue breakfast with Prime Minister Dmitry Medvedev as a shrinking Russian economy and the rout in emerging market …

    ECB to accept loan bundles as collateral

    Reuters5 hours ago
    Initially, banks will only be able to use domestic assets – debt instruments backed by … The national central banks are set to introduce the new rules at the start of …

    Rupee Poised for Worst Month in Two Years as Funds Flee Stocks

    Bloomberg8 hours ago
    Sovereign bonds climbed for a second month in August amid speculation slower inflation will allow the central bank to add to three interest-rate cuts this year.
     

    South Korea Sept manufacturing sentiment stays as weak as in Aug

    Reuters15 hours ago
    The Bank of Korea's manufacturing business survey index (BSI) for … The central bank survey results come just hours ahead of South Korea's July factory output …

    Korean Economy Can Fall into 'Triple Dip' Recession Due to

    BusinessKorea12 hours ago
    Although the South Korean economy is getting out of the aftereffects of the Middle East Respiratory Syndrome (MERS) scare, it is still suffering from troubles both …

    Cheap loans and high house prices combine into remortgaging boom

    Telegraph.co.uk9 hours ago
    Mark Carney, governor of the Bank of England, walks out of a meeting during … in China could derail global economic growth and force central bankers to hold …

    Puerto Rico Restructuring Plan Delay Seen as Temporary Reprieve

    Bloomberg – ‎1 hour ago‎
    Puerto Rico bondholders are being left with more questions than answers for as much as a week longer after Governor Alejandro Garcia Padilla gave advisers more time to work on a proposal to restructure the commonwealth's $72 billion debt burden.
     

    Degrees of Debt: As college debt grows, more students fall behind

    Sharonherald2 hours ago
    HARRISBURG – Student debt is binding many new college grads, keeping them at home with mom and dad as they lick their financial wounds. If staying at …

    Catalonia Must Restructure Finances, Ciudadanos Candidate Says

    Bloomberg9 hours ago
    Spain's Catalonia region needs to restructure its finances to reduce its debt burden … The Catalan government of Artur Mas has scope to cut 1 billion euros ($1.1 …

    India's economic growth slows to 7%

    BBC News2 hours ago
    India's economy grew at an annual rate of 7% between April and June, official figures have shown. This is slower than the 7.5% growth recorded for the previous …

    India sees highest foreign outflows since global meltdown

    Business Standard – ‎1 hour ago‎
    In January 2008, foreign investors had pulled out highest-ever Rs 17,227 crore ($4.4 billion), which had seen the Sensex drop by 13% due to the global financial meltdown triggered by the US subprime crisis. Overseas investors are the most-influential …

    Indonesian workers to stage mass protest against layoffs

    euronews6 hours ago
    Indonesia plans to introduce a stimulus package this week to boost economic activity that will include tax incentives for industries like oil refining and …

    UPDATE 1-Peru plans budget raise in 2016 as economic outlook dims

    Reuters1 hour ago
    Peru, which relies on Chinese demand for its metal exports, forecasts a $2.7 billion trade deficit in 2015 and 2016, the government said. ($1=3.2 soles) …

    When the Wells Run Dry: California Neighbors Cope in Drought

    New York Times – ‎9 hours ago‎
    It's his daily ritual now, in a community built by refugees from Oklahoma's epic Dust Bowl drought. But only a trickle came out; then a drip, then nothing more. "There it goes. That was all," said Lozano, masking his desperation with a smile. "That's
     

    DRIED UP: Calif. drought forces some to live in 'Third World-type' conditions

    Bayoubuzz – ‎6 hours ago‎
    July 2, 2015: Rancher Steve Drumright looks toward his cattle, grazing on a barren hillside in Tulare County, outside of Porterville, Calif. Drumright's herd is forced to search the parched Tulare County hills for the dwindling vegetation as California

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  • Mon, Aug 31, 2015 - 7:18pm

    #3

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1847

    JHK: Say Goodbye To Normal - We're Going Medieval

    In his vivid and poetic style, JHK nails it again!

    James H. Kunstler via Kunstler.com,

    Say Goodbye to Normal –  We're Going Medieval

    The tremors rattling markets are not exactly what they seem to be. A meme prevails that these movements represent a kind of financial peristalsis – regular wavelike workings of eternal progress toward an epic more of everything, especially profits! You can forget the supposedly “normal” cycles of the techno-industrial arrangement, which means, in particular, the business cycle of the standard economics textbooks. Those cycle are dying.

    They’re dying because there really are Limits to Growth and we are now solidly in grips of those limits. Only we can’t recognize the way it is expressing itself, especially in political terms. What’s afoot is a not “recession” but a permanent contraction of what has been normal for a little over two hundred years. There is not going to be more of everything, especially profits, and the stock buyback orgy that has animated the corporate executive suites will be recognized shortly for what it is: an assest-stripping operation.

    What’s happening now is a permanent contraction … we’re going medieval, and we’re doing it the hard way because there’s just not enough to go around and the swollen populations of the world are going to be fighting over what’s left.

    All the grand movements of stock indexes and central banks are just a diverting sort of stagecraft within the larger pageant of this contraction.

    I have to say it again: prepare to get smaller and more local. Things on the grand level are not going to work out. Get your shit together locally, and do it in place that has some prospect for keeping on: a small town somewhere food can be grown and especially places near the inland waterways where some kind of commercial exchange might continue in the absence of the trucking industry.

    Sound outlandish? Okay then. Keep buying Tesla stock and party on, dudes. Hail the viziers in their star-and-planet bedizened Brooks Brother raiment. Put your head between your legs and kiss your ass goodbye.

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  • Mon, Aug 31, 2015 - 7:46pm

    #4

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2935

    Brazil 10 Year Government Bond....Yields over 14%

    Brazil 10 Year Government Bond

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  • Mon, Aug 31, 2015 - 11:21pm

    #5

    Arthur Robey

    Status Platinum Member (Offline)

    Joined: Feb 03 2010

    Posts: 1814

    Gotta pay those fictitious loans. (even if it kills the planet.)

    As drought persists in California, oil behemoth Chevron has found an new way to dispose of its fracking wastewater: sell it to U.S. farmers in California. About 21 million gallons of wastewater is used on 45,000 acres of crops, which equates to roughly 10% of Kern County’s farmland in the Central Valley. 

    http://wakeup-world.com/2015/08/24/drought-stricken-california-turns-to-oil-industry-wastewater-for-crop-irrigation/

    Would anyone care to make a prediction about the future viability of these soils? On the other hand, if it is to become a desert anyway. 

    My thoughts are that future farmers are going to have to restore the land using Mycelia if it doesn't become abandoned industrial desert.  

    I'm being a bit obvious.  This was all in the Limits to Growth study. The bit about having to divert capital from industry to agriculture. Or starve.  I'm betting And starve. 

    Brian Aldiss wrote a nightmarish SF book on this very topic many years ago called "Earthworks", where soil is a major tradable commodity and major war is the solution. I have read a lot of science fiction on my time, but this one scared me sleepless.  Later the Limits to Growth models added substance to those nightmares. 

    Imagine a world of malnourished and poisoned desperadoes with only a dim understanding of their circumstances due to their brains' mal-development. 

    This whole scenario gains traction as we speak. Good thing it is all an illusion. Enjoy. 

     

     

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  • Tue, Sep 01, 2015 - 3:43am

    #6

    Arthur Robey

    Status Platinum Member (Offline)

    Joined: Feb 03 2010

    Posts: 1814

    Just for James

    When its citizens demanded clean energy, The Netherlands responded in the best possible way. Following a ruling earlier this year when 886 citizens sued their government to reduce CO2 emissions, a court at the Hague ordered the Dutch government to adopt a goal of cutting carbon emissions by at least 25 percent over the next five years. In response, the Dutch railways unveiled plans to become 50 percent wind-powered by the end of this year and 100 percent by 2018.
     
    Read more: All Netherlands Railways trains will be 100% wind powered by 2018 | Inhabitat – Sustainable Design Innovation, Eco Architecture, Green Building 
    James Howard Kunstler is going to love that. It combines his two favorite subjects,  trains and technological advances. 
     

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  • Tue, Sep 01, 2015 - 4:04am

    #7

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2935

    Moody's: Reinstating Illinois income tax hike not enough

    Moody's: Reinstating Illinois income tax hike not enough

    Chicago Sun-Times – ‎5 hours ago‎
    The report stated that in addition to increasing individual income tax rates to 4.75 percent from 3.75 percent and corporate rates to 6.75 percent from 5.25 percent, Illinois would still have to cut $1.7 billion in spending and find even more new

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