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Daily Digest 7/25 - Turkey On Collision Course With NATO, Plutocracy Then And Now

Monday, July 25, 2016, 9:44 AM

Economy

Plutocracy, Then and Now - The Lesser of Two Evils (Adam)

Still another danger is represented by those who, paying lip service to democracy and the common welfare, in their insatiable greed for money and the power which money gives, do not hesitate surreptitiously to evade the laws designed to safeguard the public from monopolistic extortion. American fascists of this stamp were clandestinely aligned with their German counterparts before the war, and are even now preparing to resume where they left off, after 'the present unpleasantness' ceases.

They claim to be super-patriots, but they would destroy every liberty guaranteed by the Constitution. They demand free enterprise, but are the spokesmen for monopoly and vested interest. Their final objective toward which all their deceit is directed is to capture political power so that, using the power of the state and the power of the market simultaneously, they may keep the common man in eternal subjection.

Democrats in chaos as convention opens (jdargis)

Indeed, while the drama over emails indicating DNC favoritism toward Clinton were certain to cloud the Democratic convention, senior party officials say their quick disposal of Wasserman Schultz even before the convention opens in Philadelphia gives the party a chance to soothe any restlessness in its ranks, according to interviews with lawmakers, party strategists and aides on Sunday evening.

Wasserman Schultz resigning, faces grilling from Sanders supporters (jdargis)

The Florida congresswoman's resignation -- under heavy pressure from top Democrats -- comes amid the release of thousand of leaked emails showing DNC staffers favoring Hillary Clinton over Bernie Sanders in the party's 2016 primary contest.

Her announcement that she was leaving had pro-Sanders supporters cheering during a demonstration in Philadelphia and Donald Trump and other Republicans crowing about the disarray among the Democrats.

Trump: Tribune Of Poor White People (jdargis)

What many don’t understand is how truly desperate these places are, and we’re not talking about small enclaves or a few towns–we’re talking about multiple states where a significant chunk of the white working class struggles to get by. Heroin addiction is rampant. In my medium-sized Ohio county last year, deaths from drug addiction outnumbered deaths from natural causes. The average kid will live in multiple homes over the course of her life, experience a constant cycle of growing close to a “stepdad” only to see him walk out on the family, know multiple drug users personally, maybe live in a foster home for a bit (or at least in the home of an unofficial foster like an aunt or grandparent), watch friends and family get arrested, and on and on. And on top of that is the economic struggle, from the factories shuttering their doors to the Main Streets with nothing but cash-for-gold stores and pawn shops.

Reaction captures carbon, generates electricity, makes a cleaning product (jdargis)

Now, you could reverse that reaction and get your aluminum back by supplying electrical energy, but you would also release CO2 gas, which would defeat the purpose in this case. Instead, the researchers propose carrying off that aluminum oxalate for conversion to oxalic acid, which is used for cleaning and as an input for some other industrial products. That conversion basically swaps hydrogen for the aluminum, so you could close the loop and return “fresh” aluminum to the electrochemical cell.

Erdogan’s Power Game: Turkey On Collision Course With NATO (Josh O.)

Whatever actually happened, it is clear that Pres. Erdogan has — with the catalyst of the alleged putsch — completely transformed the strategic position of Turkey: its alliances and dependencies; its chances for survival, and the fate of the region which is vital not only to its inhabitants, but as a nexus of global trade. The Russian Government knows very well just how mercurial Pres. Erdogan has been, and how he has tried — and failed — to confront Russia strategically. It was Russia which essentially defeated Turkey in Syria and Iraq, and possibly in the Caucasus and Balkans.

Are You A Toxic Waste Disposal Site? (TOF)

“I cannot imagine that Zika virus will damage any more than a small fraction of the total number of children who are damaged by lead in deteriorated, poor housing in the United States,” says Dr. Philip Landrigan, a prominent pediatrician and the dean for global health at the Icahn School of Medicine at Mount Sinai.

“Lead, mercury, PCBs, flame retardants and pesticides cause prenatal brain damage to tens of thousands of children in this country every year,” he noted.

Everyday chemicals may be messing up our microbiomes—but we don’t know (jdargis)

As Ars has written about before, triclosan and its ilk have the ability to spur the development of drug resistance and help out drug-resistant microbes. But Yee and Gilbert focus mostly on the potentially stealthier harm, the injury to the microbiome. Studies using zebrafish (which can be used as a model organism for vertebrate development) and flathead minnows both found that triclosan alters gut microbiomes. Those studies also suggested that the gut microbiomes can rebound after triclosan is removed. However, a study of microbes in waterways found that triclosan exposure made permanent changes to communities.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/22/16

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."

13 Comments

saxplayer00o1's picture
saxplayer00o1
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Beware the $10 Trillion Glut of Treasuries as Big Deficits Loom

Beware the $10 Trillion Glut of Treasuries as Big Deficits Loom

Bloomberg-8 hours ago
Since peaking at $1.4 trillion in 2009, the budget deficit has plunged amid government ... The public debt burden could swell by almost $10 trillion in the coming ...

Japan's Exports Decline Again in June, for Ninth Straight Month

Bloomberg-14 hours ago

Brexit was just the latest setback for Japan-focused managers who've struggled to anticipate how the central bank's policy of negative interest rates and asset ..

 

Overwhelming Majority See More Stimulus From Kuroda This Week

Bloomberg-17 hours ago
Haruhiko Kuroda hasn't faced such intense expectations for more monetary stimulus anytime since his debut meeting as Bank of Japan governor in 2013.

Italian pension funds under pressure to help fund bank rescue plan

Reuters UK - ‎26 minutes ago‎
Investors worry Monte dei Paschi would struggle to find the money at a time when sector profits are being squeezed by negative interest rates and poor asset quality, so the government is trying to come up with a way for it to cover that capital ...

Investors Weighing Rescue of Italy's Struggling Banks

Wall Street Journal - ‎Jul 23, 2016‎
The Bank of Italy says the €360 billion should be broken down into two types of nonperforming loans. The first type consists of debt that can't be paid back. The second type includes debt that is unlikely to be repaid, past due or in breach of ...

China Bank to Turn $1.6 Billion of Bad Debt Into Securities

Bloomberg-12 hours ago
The lender plans to sell securities backed by 10.7 billion yuan ($1.6 billion) of ... 29 percent of the loans' face value, with the recovery rate on the debt forecast at ...

Ireland's local authorities are over €4 billion in debt

thejournal.ie-9 hours ago
Councils with the least amount of debt on the books are Roscommon County Council with €15, 977, 008 and Leitrim County Council with just €7, 393, 563.

Taxpayers Federation Marks Milestone $300 billion Ontario Debt by ...

Canada Free Press-28 minutes ago
TORONTO, ON: The Canadian Taxpayers Federation (CTF) brought the Ontario Debt Clock to the steps of Queen's Park to mark the milestone of Ontario ...

Brazil's Banks Ramp Up Bid to Halt Torrent of Bankruptcy Filings

Bloomberg-6 hours ago
Sao Paulo-based Itau assembled its team of bankers who specialize in debt ... Sao Paulo-based financial services firm with 10 billion reais under management.

Brazil Real Falls as Economists Cut Outlook and Bank Sells Swaps

Bloomberg-1 hour ago
Temer's economic team is seeking a $6 billion spending freeze as ministers and ... is increasing, which will likely result in a larger deficit,” said Georgette Boele, ...

Stocks That Ignore Defaults Are Cruising for a Bruising

Bloomberg-9 hours ago

But here's the worrying thing: That 2009 default record was set at a time when borrowing costs were much, much higher than they are now. Yields on the debt of ..

Study: Mayor's ½-cent sales tax not enough to fix pension problem

WJXT Jacksonville-54 minutes ago
Williams also issued a statement Monday supporting the pension tax ... to see the mayor's pension reform pass so we can solve our unfunded pension liability.".

Facing reality: Health-care costs are rising by twice the rate of inflation

CNBC - ‎3 hours ago‎
As if retirement planning weren't difficult enough, things get even more complicated when you factor in the cost of health care. "Health care is one of the most underemphasized things in retirement," said certified financial planner Brian Fenstermaker ...
Tall's picture
Tall
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What Happens to the U.S. Midwest When the Water's Gone?

The (Ogallala) water beneath our feet has been accumulating in porous rock for about 15,000 years, before the end of the last ice age. For the past 60 years, the Ogallala has been pumped out faster than raindrops and snowmelt can seep back into the ground to replenish it, thanks largely to irrigation machinery

http://www.nationalgeographic.com/magazine/2016/08/vanishing-midwest-oga...

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Erwinhightrain
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Good article

I operate a 5000 acre ranch in the sandhills of NE.  We have 5-600ft of water under us here and my ranch has a lot of wetlands that are the surface of this water source.  Water is a real issue.  Though I have an abundance of hundreds of thousands of acre/feet not everyone is so well situated.  The problem of the future for me here is that the water(owned by the State) flows through this region at a rate that exceeds 9 meters per second.  By this I mean if my neighbor decides to put in a number of wells and irrigates or as it seems more likely sells water to a Metro Denver, he will be selling my water as well as his own.  There is strong belief that Ted Turner ranches are growing for that reason and pipeline projects are proposed on a regular basis.  A loss of only 5 or 6 feet of water here would dry all of my wet meadows, drain all of my ponds, and turn this oasis into blowing and drifting sand dunes.  We as a desert people know that the water is our life but like the Sioux and other high plains peoples before us we also know that we will never be numerous enough to stop a outside effort to take what we see as ours.

I would answer any questions that you would have about our water to the best of my ability.

 

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whiskers for drinking, waters for fighting

So said Mark Twain.

Thanks Erwin. We know that water rights has been a contentious issue for a long time in the arid west. Perhaps you could clarify for us what the differences in those rights are for subsurface as opposed to surface water. Thanks.

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Doug
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that's whiskey

Damn autocorrect

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Tall
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Energy Companies Buy Time by Paying Debt Interest With More Debt

Debt swaps in the energy industry may be regaining momentum after banks tightened credit to cash-strapped borrowers earlier this year. Companies in the sector exchanged at least $10 billion of distressed debt in last year’s fourth quarter, according to Bloomberg Intelligence. The pace slowed to just $1.2 billion in the first quarter, when investors were speculating about a recovery in energy prices.

http://www.bloomberg.com/news/articles/2016-07-25/w-t-offshore-foresight...

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Tall
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Water is life

We seem to lose sight of what a precious resource we have. In addition to supply problems, water quality is an emerging issue: 'Why blue-green algae is becoming more common'.

Across the United States, bodies of water teem with microscopic organisms, warmed by the sun and growing fat on stirred-up nutrients. Such microscopic explosions, called blooms, come at the expense of nearly everything else in the contaminated rivers and lakes.

https://www.washingtonpost.com/news/morning-mix/wp/2016/07/25/weve-prime...

 

PFCs in groundwater: a growing list of American communities dealing with elevated levels of perfluorinated chemicals, or PFCs, in their drinking water. In the last few months, PFC poisoning has upended municipalities around the country, including Hoosick Falls, N.Y., home to a plastics factory, and North Bennington, Vt., once home to a chemical plant.

http://www.nytimes.com/2016/07/26/us/tainted-water-near-colorado-bases-h...

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Erwinhightrain
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Just don't drink the Koolaid

Here in Nebraska we have the waters of the state.  Which I believe is defined as all surface waterways within the boundary of our state.  Realistically, we are talking about any year round surface water excluding created farm damns for cattle watering, however the creation of such ponds are subject to the whims of the Natural Resource Districts or NRDs.  On my Ranch I have a coyote spring that is about a foot deep and on really dry years will disappear entirely.  It is water of the State in addition, because it is a wetland, it is subject to several federal laws including the clean water act and various regulations out of the EPA.  All that being said no entity outside of my family and now you fine people know of its existence. 

Because of the interaction of surface water with subsurface water this is where the lines start to blur.  In my NRD I can sink any well I want and pump any volume of water I wish to use.  Of particular concern here is that human consumption is not regulated at all so it is entirely possible to pump as much as you can and bottle it for human consumption without violating anyones rights.  Of course if my neighbor does this and my water table drops by a few feet he could be in trouble with the feds for destroying wildlife habitat and violating endangered species legislation.  Now we all know if Joe Blow did this there is one set of rules and quite a different set of rules if Nestle were to build a bottling factory here.  After saying all this I believe technically i still own my subsurface water as a mineral right. 

Re reading this post I hope I have expressed the twisted answers to your actual question.  Water lawyers, and yes there are such things, would probably argue for days and days about the correct answers so let me close with reality.  I live an extremely rural lifestyle i am over an hour of paved roads from the nearest grocery store.  Government officials sometimes fly over this land and every few years some alphabet agency will make a survey of our area trying to understand it better or figure out why we are not using this or that service that is vital to our existence.  In the end they do not stay long.  This water is mine and as long as I can afford to pay the taxes this land is mine.

 

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Clinton Cash: Everything is For Sale

Clinton Cash, a feature documentary based on the Peter Schweizer book, has been posted to YouTube for all to view free just in time for the DNC.  Clinton Cash investigates how Bill and Hillary Clinton went from being “dead broke” after leaving the White House to amassing a net worth of over $150 million, with over $2 billion in donations to their foundation.  This wealth was accumulated during Mrs. Clinton’s tenure as Secretary of State through lucrative speaking fees and contracts paid for by foreign companies and Clinton Foundation donors.

The New York Times hailed the book as “The most anticipated and feared book of a presidential cycle" while MSNBC described the documentary as devastating for the Hillary campaign.  

The Clinton camp has, of course, dismissed the documentary as a right-wing smear campaign filled with unsubstantiated conspiracy theories.  That said, perhaps the most shocking aspect of the release is that many of the biggest bombshells revealed in the documentary have been vetted and confirmed by various mainstream media outlets. 

Just to highlight a few of the scandals detailed in the documentary:

  • Russian Purchase of US Uranium Assets in Return for $145mm in Contributions to the Clinton Foundation - Bill and Hillary Clinton assisted a Canadian financier, Frank Giustra, and his company, Uranium One, in the acquisition of uranium mining concessions in Kazakhstan and the United States.  Subsequently, the Russian government sought to purchase Uranium One but required approval from the Obama administration given the strategic importance of the uranium assets.  In the run-up to the approval of the deal by the State Department, nine shareholders of Uranium One just happened to make $145mm in donations to the Clinton Foundation.  Moreover, the New Yorker confirmed that Bill Clinton received $500,000 in speaking fees from a Russian investment bank, with ties to the Kremlin, around the same time.  Needless to say, the State Department approved the deal giving Russia ownership of 20% of U.S. uranium assets  
  • Lucrative Haiti Gold Mining Permit Awarded to Hillary's Brother - The Washington Post confirmed claims that Hillary's brother, Tony Rodham, sat on the board of a mining company that just happened to score a lucrative gold mining permit in Haiti, one of only two permits to be awarded in 50 years, while then Secretary of State Hillary Clinton funneled billions of taxpayer dollars to the island in the wake of the devastating earthquake of 2010
  • Keystone Pipeline Support in Return for $2mm in Speaking Fees - After not being engaged to speak by TD Bank during his first 8 years out of the White House, Bill Clinton began a string of speeches for the bank starting just 4 days after Hillary was nominated as secretary of state resulting in over $2mm in speaking fees.  As it turns out, TD Bank happened to be the single largest shareholder in the Keystone XL pipeline which needed State Department approval.  Wouldn't you know it, Hillary Clinton decided to support the pipeline — a heresy to environmentalists — and delayed the Obama administration’s rejection of it

While these accusations, many of which have been substantiated by multiple sources, would be devastating to mere mortal presidential candidates, we're certain these are just a few more negative data points that will not stick to the teflon-coated Clinton couple.

 

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Time2help
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Nobody

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Michael_Rudmin
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wouldn't it be awesome if they held a war

Wouldn't it be awesome if they held an election and nobody came?

I guess I am too jaded on democracy. Or maybe I'm not jaded enough.

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Doug
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Nebraska

I'm a native of Nebraska so am passingly familiar with the sand hills.  My uncle had a ranch in the Niobrara valley many years ago.  Of course that's farther east and not as dry as the high plains.

It sounds like you are unusually blessed with water for your region.  And yes, you conveyed the complexity of the water regulations quite well.  It is an advantage to live in remote areas where regulation really doesn't have much meaning.  I suspect you do a better job of husbanding your resources than if the alphabet agencies had greater control.

I recall from my childhood near Grand Island (1950s) that most years the Platte River would dry up in the summer.  I never really knew whether that was a natural occurrence or if the water was being diverted upstream.  These years that area is known for its mass migrations of sandhill cranes and other waterfowl.  In those days it was just background noise.  The Platte provided many recreational opportunities for kids with bicycles.  I miss those days and the region, but don't really miss the brutally hot muggy summer weather.  It sounds like you're getting plenty of that this year.

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Michael_Rudmin
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Perhaps you should consider sheet pile

If someone goes to put in wells near you, maybe you should put sheet pile between you and them, and separate THEIR watershed from yours. I wonder if that would be prohibitively expensive.

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