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    Daily Digest 9/10 – The End Of The Oil Price Rally, China Vows Response On Trade

    by DailyDigest

    Monday, September 10, 2018, 2:56 PM


Will America Suffer the Same ‘Fate of Empires’? (Thomas R.)

This “remarkable similarity” expands through the course of human history, or the history of empires, as it were. This year the American Empire turns 242. We are younger than the average by almost a decade. And while Glubb points out that the average lifespan of empires is just that — an average — in the end, all empires collapse. I think the evidence deserves some due diligence in our thinking about the future.

An Inside Account of the National Prisoners’ Strike (jdargis)

“Most of the guys here are in for violent crimes. Usually, violent crimes stem from money—the lack thereof. You’ve got people on robbery, or murder that stems from robbery. I’m not making an excuse for anybody, but it all boils down to money. And, as long as we sit here and we destitute, then we’re rotting away. We have to call home for money, to the same people that we probably went and robbed for—to take care of—in the first place.

Homeless people at almost every L.A. landmark illustrates the depth of the problem (tmn)

John’s weathered hands fashioned a poodle from long, colorful balloons. The white makeup on his lined face accentuated his concentration.

He is 58 and lives in his car. It’s been “forever” since he last had a job or lived in a building, he said. He sells the toys on the Venice Beach boardwalk for $5.

On This Day: Andrew Jackson shuts down Second Bank of the U.S. (thc0655)

Jackson, known as obstinate and brutish but a man of the common people, called for an investigation into the bank’s policies and political agenda as soon as he settled in to the White House in March 1829. To Jackson, the bank symbolized how a privileged class of businessmen oppressed the will of the common people of America. He made clear that he planned to challenge the constitutionality of the bank, much to the horror of its supporters. In response, the director of the bank, Nicholas Biddle, flexed his own political power, turning to members of Congress, including the powerful Kentucky Senator Henry Clay and leading businessmen sympathetic to the bank, to fight Jackson.

China vows to respond if U.S. takes new steps on trade (Thomas R.)

“If the U.S. side obstinately clings to its course and takes any new tariff measures against China, then the Chinese side will inevitably take countermeasures to resolutely protect our legitimate rights,” Foreign Ministry spokesman Geng Shuang told a regular briefing, when asked about Trump’s warning.

China Just Tested Several Dozen Hypersonic Missiles The US Can’t Defend Against (Thomas R.)

Under Secretary of Defense for Management and Engineering Michael Griffin also acknowledged that China had alarmingly carried out dozens of successful hypersonic missile tests and warned that Russia was not far behind the Chinese in hypersonic missile development.

There are more microbial species on Earth than stars in the sky (tmn)

Estimating microbial diversity even in the most ordinary of habitats presents a unique set of challenges. For more than a century, scientists identified microbial species by first culturing them on Petri dishes and then characterising cellular properties, along with aspects of their physiology such as thermal tolerances, the substrates they consume, or the enzymes they produce. Such approaches dramatically underestimate diversity, not only because it is difficult to grow the vast majority of microorganisms, but also because unrelated microbial species can perform similar functions and are unlikely to be distinguished by their appearance.

SEC Temporarily Suspends Bitcoin and Ether Exchange Traded Note (ETN) Trading (Thomas R.)

According to legal expert Jake Chervinsky, however, the problems the SEC is facing is with the CXBTF and CETHF trackers themselves, not with bitcoin or ether.

“As the full SEC order of suspension explains, the issue is “a lack of current, consistent and accurate information” on these products, such as whether they are ETFs, ETNs, or something else,” Chervinsky tweeted.

Can You Win an Election by Talking About Segregation? (jdargis)

Chicago’s population is divided almost equally among African-Americans, Latinos and whites, and the geographic Balkanization allows segregation to infect neighborhoods with the graveness of a waterborne disease. Too many politicians, black and white, do not address the realities of segregation head on. It is as if speaking directly about this reality — vacant lots, boarded-up buildings and paltry economic investment in majority-black neighborhoods — will turn voters off or make even more real the reality that Chicagoans live every day.

Oil up as U.S. drilling stalls, Iranian sanctions bite (Thomas R.)

The number of rigs drilling for oil in the United States has stalled since May, reflecting increases in well productivity but also bottlenecks and infrastructure constraints.

Outside the United States, Iranian crude oil exports are declining ahead of a November deadline for the implementation of new U.S. sanctions.

The End Of The Oil Price Rally (Michael S.)

Saudi oil exports to the U.S. jumped above 1 million barrels per day last week (four-week average) for the first time since 2017, according to EIA data. Shipments are also up 250,000 bpd compared to May, perhaps an indication that Saudi Arabia is responding to political pressure from the American lawmakers.

Pipeline dumps 8,000 gallons of jet fuel into Indiana river (Thomas R.)

Decatur Mayor Kenneth L. Meyer says the cleanup could take weeks.

The U.S. Environmental Protection Agency says it is monitoring air in neighborhoods and businesses near the river. The EPA said it is also monitoring water quality at several locations downstream.

The Colorado River is evaporating, and climate change is largely to blame (Paul D.)

Yet, in the 80 years since the great dam’s completion, the 1,450-mile Colorado River – which sustains some 40 million Americans in places like Phoenix, Las Vegas, and Los Angeles — has been gradually growing weaker, and the water level beyond the noble dam has fallen considerably over the last two decades. The writing is easily spotted on the steep rocky walls of the Lake Mead reservoir, where a bathtub-like ring shows where the water once sat during more fruitful times.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/7/18

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