Daily Digest

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Daily Digest 10/13 - Russia & U.S. Will Engage In ‘Global War,’ Why Energy Prices Are Headed Lower

Thursday, October 13, 2016, 9:40 AM

Economy

US, Saudis to grant 9,000 ISIS fighters free passage from Iraqi Mosul to Syria – source (lambertad)

The source suggested that redeployment of IS militants is necessary because “Washington must somehow counter Russia’s achievements in Syria, try to diminish their importance.”

Russia & US will engage in ‘global war’, unless ‘proxy’ Syria conflict resolved – Turkey’s deputy PM (lambertad)

A proposed joint cooperation deal between Moscow and Washington was scuppered last month, following a US airstrike on a Syrian army unit, which Pentagon says was accidental, and a bombing of a UN aid convoy, which most Western powers insist was carried out by Russia, which denies responsibility.

Grading the Presidential Candidates on Science (Doug)

What follows are all 20 questions, followed by evaluations of the candidates’ responses (along with some of the more salient points from our readers), and the candidates’ answers in full. We used the same 0–5 point scale (with 5 being the best score possible) that we developed in evaluating candidate responses in 2012.

Silver, Debt, and Deficits – From an Election Year Perspective (Taki T.)

You can see that official national debt has been rising exponentially. At the current rate of increase it should approach $40 trillion in 8 years. Given the likelihood of more wars, recessions, more social spending, and accelerating Medicare and Social Security expenses the total debt might be considerably higher than $40 trillion in 8 years, regardless of who is elected.

EmDrive (Propelantless microwave resonant reactor by Roger Shawyer) (Arthur Robey)

Q. How can the EmDrive produce enough thrust for terrestrial applications?

A. The second generation engines will be capable of producing a specific thrust of 30kN/kW. Thus for 1 kilowatt (typical of the power in a microwave oven) a static thrust of 3 tonnes can be obtained, which is enough to support a large car. This is clearly adequate for terrestrial transport.

Russia orders all officials to fly home any relatives living abroad, as tensions mount over the prospect of a global war (Aaron M.)

It comes after Putin cancelled a planned visit to France amid a furious row over Moscow's role in the Syrian conflict and just days after it emerged the Kremlin had moved nuclear-capable missiles nearer to the Polish border.

A Eulogy For Democracy (Tiffany D.)

But no. We have — defined by their own reluctant supporters in many cases — a petulant and narcissistic buffoon with a fifth-grade vocabulary, a wife-beater’s temperament and a loose grasp on truth and knowledge versus a lying, duplicitous and conniving chameleon who will use the Oval Office to propel America deeper into a Nordic-style cradle-to-grave state, despite the fact that the poster child of such a political economy — Sweden — collapsed into hyperinflation in the early 1990s only to re-emerge more capitalist that America.

Why energy prices are ultimately headed lower; what the IMF missed (reflector)

In recent years, a large share of the world’s manufacturing has been moved to developing countries. This shift gives the illusion that the developed countries can get along with less energy to produce their GDP. This is not really the case. The developed countries find themselves with a need for a large amount of imported goods. Their heavily services-oriented economies tend to grow slowly. This is because, with little energy use, it is difficult for these economies to make productivity gains. I have written about this issue in What really causes falling productivity growth — an energy-based explanation.

Scientists May Have Identified the Protein That Controls Aging (Arthur Robey)

Dr. Lisa Chakrabarti and PhD student Amelia Pollard examined the brain and muscle cells of both young and middle-aged mice and noted that high levels of a protein called carbonic anhydrase were found in those of the older mice. A high concentration of carbonic anhydrase was also reflected in samples from young brains suffering from early degeneration, suggesting that an increased concentration of the protein could be linked to the aging process.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/12/16

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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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4236
Draghi Sends Corporate Yields So Negative He Can't Buy Them

Draghi Sends Corporate Yields So Negative He Can't Buy Them

Bloomberg-8 hours ago
ECB President Mario Draghi's unprecedented buying of corporate debt has sent ... Yields on 2.6 trillion euros ($2.9 trillion) of government bonds in Europe have ...

BOE Buys 1 Billion Pounds of Corporate Bonds in Less Than Month

Bloomberg-Oct 13, 2016
The central bank also cut interest rates to a record low of 0.25 percent and stepped up purchases of sovereign debt. Concerns about the impact of Brexit have ...

Japan's wholesale prices down for 18th straight month

The Japan Times-5 hours ago
The latest data highlighted that the BOJ is still far from achieving its 2 percent inflation goal despite its aggressive monetary easing and a negative interest rate .

China's Ballooning Mortgage Debt Built on Shaky Foundation

Wall Street Journal-3 hours ago
In China's leveraged housing market, it's not the size of the debt but its speed that ... As a comparison, U.S. mortgages before the housing bubble burst had a ...

China's Export Drop Tempts Policy Makers to Keep Weakening Yuan

Bloomberg-8 hours ago
China's total debt grew 465 percent over the past decade, according to Bloomberg ... "China is still being kept afloat by a housing bubble and massive state ...

Puerto Rico Governor Says Deficit Could Climb to $59 Billion

Bloomberg-20 minutes ago
Puerto Rico has been defaulting on debt since August 2015 and in July missed ... marking the largest payment failure in the $3.8 trillion municipal-bond market.

Treasury to Sell $83 Billion in Debt

Wall Street Journal-17 hours ago
The Treasury Department will auction $83 billion in securities next week, comprising $36 billion in new debt and $47 billion in previously sold debt. Details (all ...

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4236
Almost Half Of Illinois Residents Want Out, Survey Finds

Fed Officials Concerned by Rising Corporate Leverage

Wall Street Journal-21 hours ago
Sales of investment-grade nonfinancial corporate debt in the U.S. hit a record $657 billion in the first nine months of the year, up 2% from the previous record in ...

Illinois' $1.3 billion bonds fetch hefty yields

Reuters-20 hours ago
Illinois' $1.3 billion bonds fetch hefty yields ... on Thursday demanded fat yields for the low-rated state's $1.3 billion of general obligation refunding bonds.

Almost Half Of Illinois Residents Want Out, Survey Finds

Chicagoist-Oct 13, 2016
... have passed a series of tax increases—including property and water/sewer hikes—in recent years in attempts to shore up unfunded pension liabilities.

CPS deal with CTU would cost about $8.9 billion over 4 years

Chicago Sun-Times-12 hours ago

The cost of the proposed teachers' contract with the city's public school system ... and health care reforms and increased pension contributions would help defray ..

European equity fund outflows approach $100 bln - BAML

Daily Mail-3 hours ago
Investors pulled $1.1 billion from European equity funds in the week to Oct. 12, ... into EM equity and debt funds over the past three months up to $52 billion.

Fed buys $8 billion of mortgage bonds, sells none

Reuters-20 hours ago
Fed buys $8 billion of mortgage bonds, sells none ... on the agency debt and agency mortgage-backed securities, or MBS, it holds to reinvest in agency MBS.

India may seek $7.5 billion in extra spending to spur growth - sources

Reuters-13 hours ago
At $7.5 billion, the additional spending would represent about 2.5 percent of the ... India's fiscal deficit INFISC=ECI during the five months to August was 76.4 ...

NJ pension shortfall amounts to $26000 for every resident, group ...

New Jersey 101.5 FM Radio-22 hours ago
Don't like the idea of New Jersey being almost $80 billion behind, and ... that a more accurate representation of the pension deficit would be around $95 billion.

Millions face pension misery: Workers will have to wait even LONGER to get State cash

Express.co.uk - ‎15 hours ago‎
Millions of people now in work will have to wait years longer before they can claim a pension. The funding crisis could see some people forced to hold down jobs into their seventies. Retirement income costs are set to rocket by billions of pounds more ...

Dallas police, fire pension seeks more than $36M from city

The Daily Progress-1 hour ago
DALLAS (AP) — The Dallas police and fire pension board is asking that city ... contribute more than $36 million to pay for the pension fund's overhead costs.

 

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pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2259
The Most Important WikiLeak -How Wall Street Built Obama Cabinet

From ZH, http://www.zerohedge.com/news/2016-10-14/most-important-wikileak-how-wall-street-built-obama-cabinet

Perhaps the most startling discovery of the WikiLeaks dumps so far didn't come from the most recent emails surrounding the various Hillary scandals, though there are many great ones, but from 2008 when John Podesta served as co-chair of President-elect Barack Obama’s transition team.  The email came from Michael Froman, a former Citibank executive, who single-handedly built the entire cabinet of what was supposed to be the "main street" President.   

And

As New Republic points out, the Froman appointments ended up being almost entirely right.

"The cabinet list ended up being almost entirely on the money. It correctly identified Eric Holder for the Justice Department, Janet Napolitano for Homeland Security, Robert Gates for Defense, Rahm Emanuel for chief of staff, Peter Orszag for the Office of Management and Budget, Arne Duncan for Education, Eric Shinseki for Veterans Affairs, Kathleen Sebelius for Health and Human Services, Melody Barnes for the Domestic Policy Council, and more. For the Treasury, three possibilities were on the list: Robert Rubin, Larry Summers, and Timothy Geithner.

This was October 6. The election was November 4. And yet Froman, an executive at Citigroup, which would ultimately become the recipient of the largest bailout from the federal government during the financial crisis, had mapped out virtually the entire Obama cabinet, a month before votes were counted. And according to the Froman/Podesta emails, lists were floating around even before that."

 

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