• Daily Digest

    Daily Digest 9/15 — China’s Oil Sale Is a Clear Message to OPEC+; Crypto Faces the Regulators…

    by Whitney

    Wednesday, September 15, 2021, 9:44 AM

Economy

China’s Oil Sale Is A Clear Message To OPEC+ – Oilprice.com

China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called “an unprecedented intervention.”

Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.

SoftBank makes first direct investment in Saudi company – Reuters

SoftBank has made its first direct investment in Saudi Arabia, co-leading with a government-owned fund a $125 million financing rounding in communications company Unifonic, the start-up said.

Crypto faces the regulators – Axios

Fittingly for a day in which Securities and Exchange Commission chair Gary Gensler pulled no punches in his congressional testimony, the main theme running through the Blockworks crypto conference on Tuesday was undoubtedly regulation.

Protein and Transpacific Power – Fortis Analysis Substack

Overlooked in much of the mainstream analysis of Ida’s impact, however, is the critical role southern Louisiana plays in the United States’ agriculture industry. The various terminals (Image 3) in the lower Mississippi River (the 250-mile stretch of river from Baton Rouge to the Gulf of Mexico) are responsible for some 59% of US corn exports and 60% of US soybean exports, as of 2020.

Environment

The World Bank says climate change could displace more than 200 million people – Quartz

Climate change impacts are projected to displace 216 million people in developing regions by 2050, according to a new report from the World Bank.

Driven primarily by sea level rise and water scarcity, people will relocate within their own countries to cities and towns with more reliable access to natural resources and economic opportunity, the report finds.

Health

COVID Delta Variant May Become Completely Resistant To Vaccines Says Japanese Study – Great Game India

A group of Japanese researchers released research (read below) showing that the SARS-CoV-2 Delta variant “is poised to acquire complete resistance” to existing COVID-19 jabs.

When four common mutations were introduced to the Delta variant, Pfizer’s mRNA injection enhanced its infectivity, causing it to become resistant.

A Delta variant with three mutations has already emerged, which suggests it’s only a matter of time before a fourth mutation develops, at which point complete resistance to Pfizer’s jab may be imminent.

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One Comment

  • Wed, Sep 15, 2021 - 2:03pm

    #1
    Dontknownothin

    Dontknownothin

    Status: Gold Member

    Joined: Mar 14 2020

    Posts: 534

    0

    Crypto and the qualities of good currency

    The qualities of a good currency are:

    • Acceptability- legal or social tender
    • Portability - transportable, typically tangible
    • Durability - does not break down or otherwise deteriorate
    • Divisibility - fungible, can be broken into smaller pieces of relative value
    • Homogeneity - consistent and interchangeable
    • Recognizable - known value
    • Stable - value does not fluctuate

    Cryptocurrency fails in a couple critical categories.

    First it fails the acceptability test. It is not itself a legal tender and must be converted from its form into a legal currency. This makes it less a currency itself and more a currency exchange media. A product.

    Second, it is not readily portable outside a digital environment. Lose your phone and you are out of luck. Lose the book you leave your secret 24 word code in and you are out of luck. Die, and your heirs are out of luck.

    Third, it fails the durability test. You have to have a digital wallet with a complex sequence of words to recall your account balance. Over time these get lost and the currency is trapped in the ether. It is "durable" but does not circulate freely and cannot be recovered if lost, which means it is gone forever, at least from a useability perspective.

    Fourthly, it is divisible, but INFINITELY so. Being digital, it has no limit to how small a portion it can be divided into, which means it's infinitely inflatable. While the finite number of bitcoins may limit the number of whole units available, there is no limit to how many partial units there is.

    Fifth, Homogeneity is out. Though one bitcoin is on the face the same as another, the limited number of units means that one has more value than the next. If you spend one, the number available goes up, meaning the value of the next one sold goes down. So they do not have the same relative value. Which means prices can never stabilize and goods never find a stable relative value.

    Sixth, Recognizability requires both parties to use a digital middleman that recognizes the currency. Stable internet or cellular service is required which means it is not practical in many areas of the world. So it has limited reach and even more limited comprehensibility.

    Seventh and most importantly, it has little to no stability. Every day it swings wildly in relative value to the currencies it is being traded with. A retailer trying to set their prices cannot sell it for 6 crypto two days in a row because one day they will make a small profit and the next they could lose their investment. It makes no sense from a retail perspective.

    While I get the enthusiasm of making huge money on crypto in the short term, the finite well of digital currencies, unregulated and free, represent the hope of people to integrate technology with tradition, it is not a real solution to any of the problems of the fiat currencies we currently have.

    I don't think any government switching to digital will solve the problems they have already created. The best bet will be to buy precious metals and property with your proceeds... as has ALWAYS been true.

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