Daily Digest

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Daily Digest 8/21 - Nightmare On Main Street, Kids In The Age Of Climate Change

Sunday, August 21, 2016, 12:29 PM


The richest 10% hold 76% of the wealth (Adam)

Not surprisingly, wealth was higher for households headed by someone 65 or older. Median wealth for these families was $211,000, or almost three-and-a-half times higher than the median for households run by someone 35 to 49.

Families run by adults with college degrees, meanwhile, had a median wealth of $202,000, or nearly four times that of families headed by someone who only had a high school diploma.

Counting Human Rights Violations with GoFundMe (jdargis)

Anyways, this is probably less useful as an exercise in how much is being sent to GoFundMe, and more useful as a measure of how many desperately ill people in our society have no recourse but crowdfunding.

Nightmare On Main Street (jdargis)

The dangers of a nationalised system are more insidious. The size, design and availability of mortgages is now decided by official fiat. Partly because the state charges too little for the guarantees it offers, taxpayers are subsidising housing borrowers to the tune of up to $150 billion a year, or 1% of GDP. Since the government mortgage machine need not make a profit or have safety buffers, well-run private firms cannot compete, so many banks have withdrawn from making mortgages. If there is another crisis the taxpayer will still have to foot the bill, which could be 2-4% of GDP, not far off the cost of the 2008-09 bank bail-out.

Inside the Global Hunt for a Better Way to Measure the Economy (jdargis)

That search is binding such disparate endeavors as a stocks brokerage in Mumbai and a statistics conference in Dresden, Germany. The former, Ambit Capital, has created its own consumption index based on vehicle sales and electricity use as a hedge on India’s official growth numbers. That reflects a skepticism evident elsewhere that existing methods can’t consistently measure even traditional parts of the economy, and GDP is so subject to large revisions as to be of little use in making snap investment decisions.

Before And After: Historic Flooding Devastates Louisiana Communities (jdargis)

At the flood’s peak, 30,000 people were rescued from waterlogged homes or vehicles, officials said. As residents began to return home, Gov. John Bel Edwards urged caution.

Should We Be Having Kids In The Age Of Climate Change? (Yoxa)

Rieder wears a tweedy jacket and tennis shoes, and he limps because of a motorcycle accident. He's a philosopher with the Berman Institute of Bioethics at Johns Hopkins University in Baltimore, and his arguments against having children are moral.

The Upside of Global Warming: Luxury “Northwest Passage” Cruises for the Filthy Rich (Michael W.)

A growing trickle of recreational and cargo ships have managed the trip in recent years, but the 820-foot, 13-deck Crystal Serenity will be, by far, the largest to do so. On board will be a rarefied set of passengers, each of whom paid between $22,000 and $120,000 for the privilege—plus $50,000 in required “emergency evacuation” insurance, according to National Geographic. At their disposal will be a crew of 600, a spa, a fitness center, a hair salon, multiple swimming pools, six restaurants, a movie theater, a casino, a driving range, and a complimentary “get out of hell free” card.

Migration in Motion: Visualizing Species Movements Due to Climate Change (jdargis)

Conservancy cartographer and analyst Dan Majka brought this data to life in a series of maps that show what corridors mammals, amphibians, and other animals will use as they move to new habitats under projected climate change. Inspired by wind maps of the United States, and using code from Earth global wind map, adapted by Chris Helm, Majka’s dynamic map allows scientists and the public to see the continent-wide impact of climate change on animals and visualize corridors they will need to move.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/19/16

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."


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Germany - People should store food for ten days

People should store food for ten days (N-TV, Frankfurt)


The federal government is planning a new concept for civil defense according to one report. For the first time since 1989, the population should be encouraged to create stocks of food. Background is the possibility of an armed attack on Germany.

For the first time since the end of the Cold War, the federal government according to a report wants to encourage new stockpiling the population again, so that they do in the case of a disaster or an armed attack temporarily can take care of himself. "The population is stopped, hold up a personal supply of food of ten days," quoted the "Frankfurter Allgemeine Sonntagszeitung" of a concept for civil defense, which the government is requested to adopt on Wednesday.

According to the report, the population should be able to protect themselves in an emergency before calling government action to ensure an adequate supply of food, water, energy and cash. Therefore, the population should also be stocked, for initial treatment for a period of five days reproach two liters of drinking water per person per day, it is stated in the text drawn up by the Ministry of the Interior.

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Zee Germans

Looks like Zerohedge.com picked up on this as well.


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The Fed Launches A Facebook Page...

"The Fed Launches A Facebook Page... And The Result Is Not What It Had Expected" http://www.zerohedge.com/news/2016-08-21/fed-launches-facebook-page-and-result-not-what-it-had-expected

While it is not exactly clear what public relations goals the privately-owned Fed (recall Bernanke's Former Advisor: "People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned") hoped to achieve by launching its first Facebook page last Thursday, the resultant outpouring of less than euphoric public reactions suggest this latest PR effort may have been waster at best, and at worst backfired at a magnitude that matches JPM's infamous #AskJPM twitter gaffe.

The dollar may not be worth the paper it is printed on, but the comments posted on the Fed's new Facebook page, shown on the ZH link, are absolutely priceless!

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Final day to donate! ($33,500 down, $1,500 to go)

Making the Truth Impossible to Ignore - 35,000 Engineers at a Time

33,500 Mailers Funded - Help Raise the Final $1,500

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Trouble Looms for Japan Earnings After Worst Decline Since Quake

Trouble Looms for Japan Earnings After Worst Decline Since Quake

Bloomberg-17 hours ago
Trends that slammed profit in the first quarter -- a stronger yen, negative interest rates and slumping China growth -- haven't reversed. At stake is a second ...

'Sufficient chance' of more BOJ easing in September, Kuroda says

The Japan Times - ‎9 hours ago‎
... that the chances are high the BOJ will reach its inflation target in fiscal 2017, but uncertainties are rising due to the global economic situation. He said there is “technically” room for deeper negative rates while ruling out the use of so-called ...

Mission Impossible Looms for Renzi's Italian Growth Target

Bloomberg - ‎16 hours ago‎
Italian public debt reached 2.25 trillion euros ($2.55 trillion) in June while domestic banks' gross non-performing loans totaled about 360 billion euros. The country's poor gross domestic product performance will probably complicate Renzi's effort to ...

Fed's new Facebook 'friends' slam central bank for 'monetary ...

MarketWatch-2 hours ago

The Federal Reserve on Thursday added Facebook to its growing social-media arsenal, “with the aim of increasing the accessibility and availability” of the ..

Welcome to a $119 billion bad debt mess, Mr Patel! You have the task cut out

Economic Times - ‎10 hours ago‎
The man, who has closely worked with current RBI governor Raghuram Rajan, will inherit a $119 billion pile of bad debt from Rajan when he will be welcomed to the Mint Street office to take charge. The mess is the Indian banking industry and its $119 ...

'Nobody believes in anything anymore': Why Greece's economic crisis is not over

CNBC - ‎10 hours ago‎
One year on and a third bailout worth 86 billion euros ($96.1 billion) later, arrived at after tortuous negotiations between Greece and its lenders, and the situation in Greece is a game of two halves with many Greeks suffering - and some trying to ...

$110b of debt from global oil companies to be due in 5 years

gulfnews.com-5 hours ago
The default rate on corporate junk bonds can early surprise 20 per cent and historically has risen as high as 69 per cent. In 2018, about $21 billion of debt will ...


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