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Daily Digest 10/10 - Pound Fails to Shake Off Wounded Image, Robots Win And We Lose

Monday, October 10, 2016, 10:27 AM

Economy

Pound Fails to Shake Off Wounded Image After Week of Flash Crash (jdargis)

“It’s difficult to know what new can come out of this,” said Stuart Bennett, head of Group-of-10 currency strategy at Banco Santander SA in London. “The Europeans are sticking very much to their hymn sheet, which is no informal pre-Article 50 negotiations.”

In Second Debate, Donald Trump and Hillary Clinton Spar in Bitter, Personal Terms (jdargis)

Tense at first, and then increasingly angry as he grew more comfortable on the attack, Mr. Trump noted that three of Mr. Clinton’s accusers were sitting in the audience. It was one of several moments when Mr. Trump aimed to energize his most conservative supporters and drive a wedge between them and the elected Republican officials who have been abandoning him. He even threatened that if it were up to him, Mrs. Clinton would “be in jail” for her use of a private email server as secretary of state.

Both candidates were visibly uneasy throughout the debate, even refusing to shake hands at the beginning, as the town hall event unfolded on a small stage in a highly charged atmosphere. It was a deeply ugly moment in American politics, featuring the sort of personal invective rarely displayed by those who aspire to lead the nation.

Here’s Where the Next Bank Deposit “Bail-In” Will Strike… (Aaron M.)

Once a deposit is made at the bank, it’s no longer your property. It’s the bank’s. What you own is a promise from the bank to repay. It’s an unsecured liability. That’s a very different thing from owning physical cash stuffed under your mattress. Money deposited into the bank technically makes you a creditor of the bank. You’re liable to get burned from a bail-in should the bank get into trouble.

People in Cyprus had to find this out the hard way in early 2013. People awoke on an otherwise normal Saturday morning to the shock that the money in their bank accounts had been taken by a bail-in to recapitalize the banks.

CNN Censors Focus Group Members Voting Third Party (Aaron M.)

What happened was they asked us for the first time if any of us were now decided after having watched the debate. 5 said that they would vote for Clinton. 2 said that they would vote for Trump, and 12 said that they would vote 3rd party. They then said they were going to re-shoot it, except this time they changed “3rd party” to “undecided”. Some of us asked about the third party option, and they ignored us. They then said they were going to shoot it again, and still asked for “undecided” voters and left out “3rd party”. A lot of the members voted “undecided” because it was the only option other then Trump or Clinton.

Welcome To The Conversation: Important Information Why The Precious Metals Price Smash Is Meaningless (reflector)

In addition, we covered many other topics, including the strange 2016 U.S. fiscal debt increase of $1.4 trillion, while the budget deficit was less than half of that. We also discussed why the U.S. net worth of $89 trillion (Q2 2016) versus $58 in 2010 is not based on reality as our total energy consumption is actually lower.

Relief Organizations Are Broken Machines (jdargis)

During Haiti's devastating 2011 earthquake, the Red Cross raised half a billion dollars and built a total of six homes.

Robots Win, You Lose (Tiffany D.)

And now robots are creeping into banking. Earlier this week, Royal Bank of Scotland announced that it will soon unveil Luvo — a “human” AI that can answer questions online and mimic human empathy. This robot will be able to serve customers 24 hours a day, reduce the workforce and cuts costs.

Why Dividends Are Still A Must For Big Oil (Josh O.)

Globally, more than $9 trillion of government securities yield below zero, according to Bloomberg Barclays index data. In such an environment where investors are scrounging for yields, the big four oil companies offer mouth-watering ones. Exxon has a dividend yield of 3.4 percent, Chevron has a yield of 4.19 percent, BP has a yield of 6.68 percent, and Royal Dutch Shell has a dividend yield of 6.4 percent.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/7/16

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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Helicopter Money Preparations Seen by Mizuho in Kuroda Framework

Helicopter Money Preparations Seen by Mizuho in Kuroda Framework

Bloomberg - ‎3 hours ago‎
Kuroda has repeatedly ruled out helicopter money as an option even though consumer prices are falling as quickly now as when he launched his easing program three and a half years ago. Investors have so far struggled over what the latest policy ...

Deutsche Bank was given special treatment in EU stress tests

Financial Times-9 hours ago
But the Financial Times has learnt that Deutsche's result was boosted by a special concession agreed by its supervisor, the European Central Bank. Deutsche's ...

Central bank's loans to local lenders top 20 tln won

Yonhap News-16 hours ago
SEOUL, Oct. 10 (Yonhap) -- Loans extended by South Korea's central bank to local lenders hit a record monthly high last month, the central bank said Monday.

China Lays Out Guidelines on Debt-for-Equity Swaps Between Banks, Companies

Wall Street Journal - ‎5 hours ago‎
Those features, the officials said, distinguish this plan from the large-scale debt-relief program China carried out in the late 1990s. Back then, the government directed the transfer of 3.3 trillion yuan ($490 billion) of bad loans from the nation's ...

Australia's $1tr foreign debt rated 'extreme' by S&P

The Guardian-5 hours ago
Australia is being warned its foreign debt levels are “extreme” and savings need ... with the collapse of the US sub-prime housing bubble almost a decade ago.

The Quebec debt will hit $280 billion tomorrow

Canada NewsWire (press release)-3 hours ago
MONTREAL, Oct. 10, 2016 /CNW Telbec/ - Thanks to recurring deficits and infrastructure spending, the public sector debt will reach a record $280 billion ...

Deutsche Bank's Borrowing Premium Doubles From 2015 in Bond ...

Bloomberg-3 hours ago
... big a premium to borrow in international debt markets compared with a year ago, ... Plc in Edinburgh, which oversees 50 billion pounds ($62 billion) of assets.

State employees' super liabilities blow out to $125 billion

The Australian-6 hours ago
The NSW government last week announced that it had no budget debt but had made no progress in eliminating superannuation liabilities to its public servants in ...

Kuwait postpones $10 billion bond issue until 2017

gulfnews.com-8 hours ago
Dubai: Kuwait has delayed a sovereign bond issue of up to $10 billion ... a budget deficit of 4.6 billion dinars ($15 billion) last fiscal year, its first deficit in 17 ...

 

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