Daily Digest

Image by langfordw, Flickr Creative Commons

Daily Digest 11/10 - America's Voters Just Fired Their Ruling Elites, Robots Will Take 850,000 Jobs By 2030

Thursday, November 10, 2016, 8:04 AM

Economy

David Stockman: "The Jig Is Up: America’s Voters Just Fired Their Ruling Elites" (Adam)

What happened last night—especially in the rust belt precincts where 70,000 factories have already closed and 6 million breadwinner jobs have disappeared—–was nothing less than the third vote on TARP. Whereas the cowardly House GOP had capitulated to Wall Street and their spineless leaders on the second vote in late September 2008, the rank and file voters of Flyover America last night proclaimed loudly that it had not been done with their leave. Not at all.

Here Is What Donald Trump Wants To Do In His First 100 Days (Adam)

On Wednesday, Senate Majority Leader Mitch McConnell mostly made nice with Trump but also shot down or expressed little enthusiasm in some of his plans. On Trump's proposal to impose term limits on Congress, McConnell said, "It will not be on the agenda in the Senate." McConnell has been a long-standing opponent of term limits, as NPR's Susan Davis reports. "I would say we have term limits now — they're called elections."

India Abolishes 500 and 1,000 Rupee Notes to Fight Corruption (lambertad)

The step by Modi, who is approaching the half-way mark of his term, is an attempt to fulfill his election promise of curbing tax evasion and recovering illegal income, locally known as black money, stashed overseas. Modi’s unprecedented move follows similar action taken by the European Central Bank, which is discontinuing the use of 500-euro ($575) notes to stop their use in “illicit activities.”

An American In A Strange Land (jdargis)

Instead, I witnessed from the other side the global forces that would bring profound changes to America. I visited industrial regions of southern China where the ground seemed to vibrate under the weight and bustle of all the countless new factories. Once iPhones had been invented, it was Chinese workers who assembled them. I watched Bangladeshi seamstresses stitch clothes sold at Walmart. American consumers benefited from the cheaper goods, but American manufacturers did not. Between January 2000 and December 2014, the United States lost roughly five million manufacturing jobs.

Venezuela, A Failing State (jdargis)

Public health in Venezuela is, in fact, getting rapidly worse. In 1961, Venezuela was the first country declared free of malaria. Now its robust malaria-­prevention program has collapsed, and there are more than a hundred thousand cases of malaria yearly. Other diseases and ailments long vanquished have also returned—malnutrition, diphtheria, plague. The government releases few statistics, but it is estimated that one out of every three patients admitted to a public hospital today dies there. State mental hospitals, lacking both food and medications, have been reduced to putting emaciated, untreated patients out on the streets.

The Rise Of Caesar (James W.)

The combination of another global banking crisis, a constitutional crisis within the United States and the scenes of thousands of Germans queuing to pull their money out of the German banking system was a “perfect storm” that destroyed any remaining confidence in the American banking system. On 1 December, President Obama, in conjunction with President Elect Clinton, announced an emergency package of measures to bail out the American banks.

The Binge Breaker (jdargis)

While some blame our collective tech addiction on personal failings, like weak willpower, Harris points a finger at the software itself. That itch to glance at our phone is a natural reaction to apps and websites engineered to get us scrolling as frequently as possible. The attention economy, which showers profits on companies that seize our focus, has kicked off what Harris calls a “race to the bottom of the brain stem.” “You could say that it’s my responsibility” to exert self-control when it comes to digital usage, he explains, “but that’s not acknowledging that there’s a thousand people on the other side of the screen whose job is to break down whatever responsibility I can maintain.” In short, we’ve lost control of our relationship with technology because technology has become better at controlling us.

Could Trump’s Victory Render OPEC’s Output Deal Irrelevant? (Josh O.)

OPEC also has another major Trump-related factor to consider in its efforts to reach a deal: the president-elect’s promise to open onshore and offshore leasing on federal lands, eliminate moratorium on coal leasing, and open shale energy deposits. If Trump stays true to his plans and the U.S. were to really boost its oil production, any OPEC deals may become irrelevant and will put further pressure on OPEC economies whose heavily-oil-dependent budgets are strained even now with the persisting low crude oil prices.

Experts State Robots Will Take Over Additional 850,000 Jobs By 2030 (Arthur Robey)

A study conducted by Oxford University and Deloitte, a business advisory firm, found that 850,000 public sector jobs in the UK are at risk of being lost by 2030 due to automation. The report also mentions how more than 1.3 million administrative jobs in the public sector have a 77% probability of being automated. These jobs include highly repetitive jobs like clerical work and transportation work.

AI Will Colonize the Galaxy by the 2050s, According to the “Father of Deep Learning” (Arthur Robey)

Schmidhuber believes AI will play a crucial role in the way we will gather resources, most abundantly found in space. Orbital robot factories will be (un)manned by AI, capable of self-replication and space exploration. These AI will be scientists, he says, and in a few million years, will naturally explore the galaxy out of curiosity, setting their own goals. “Humans are not going to play a big role there, but that’s ok,” says Schmidhuber.

Pollution near equator has biggest impact on global ozone levels, study finds (tom lampman)

"We wanted to ask the question how much of that change that's happened over the last three decades is due to the change in location of emissions versus the increase in total emissions globally," Jason West, who led the research at the University of North Carolina-Chapel Hill, told CBC News. "So we separated out those two factors and we found that change in location was by far the most important."

Gold & Silver

Click to read the PM Daily Market Commentary: 11/9/16

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."

4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
Chicago Public Schools bond rating takes another hit

Chicago Public Schools bond rating takes another hit

Chicago Tribune - ‎13 hours ago‎
The Chicago Board of Education has already approved plans to use up to $1 billion in long-term borrowing to pay for construction projects and debt refinancing. School finance officials have said the cash-strapped district soon would close separate ...

BOJ can cut rates only to minus 0.5 percent - ex-BOJ official

Reuters UK-4 hours ago
... a cut to around minus 0.5 percent the limit to how much further it can deepen negative interest rates, Hideo Hayakawa, a former senior central bank executive, ...

S.Korea state banks to inject $2.4 bln into Daewoo Shipbuilding

Reuters-5 hours ago

It will then inject 1.8 trillion won ($1.6 billion) in Daewoo in a debt-for-equity swap. The Export-Import Bank of Korea will buy 1 trillion won in Daewoo-issued .

New Jersey Takes Over Debt-Ridden Atlantic City Government

ABC News-21 hours ago
New Jersey Takes Over Debt-Ridden Atlantic City Government ... decision-making in the struggling seaside gambling resort that is half a billion dollars in debt.

Vancouver Wields C$10000-a-Day Fine in Crackdown on Empty ...

BloombergQuint-14 hours ago
“I tried to put a lot more to work, but I couldn't put more than about a billion dollars ... Similar maturity New Zealand debt yielded 2.97 percent, up 22 basis points.

 

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 279
war on cash imposed in india, gold in rupees soars 15%

huge story for india:

Last night (8th November 2016), India’s government banned the use of Rs 500 (~$7.50) and Rs 1,000 ($15) banknotes.

because, you know, terrorism.

 

http://www.acting-man.com/?p=47768

Luke Moffat's picture
Luke Moffat
Status: Gold Member (Offline)
Joined: Jan 25 2014
Posts: 384
Latest Snowden Talk

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
Bond and currency markets

TREASURIES-US 30-year yield posts biggest weekly jump since 2009

Reuters-18 hours ago
TREASURIES-U.S. 30-year yield posts biggest weekly jump since 2009 ... BEIJING, Nov 11 Chinese banks extended 651.3 billion yuan ($95.56 billion) in new ...

Bonds Plunge by $1 Trillion This Week as Trump Seen Game Changer

Bloomberg-2 hours ago
More than $1 trillion was wiped off the value of bonds around the world this week ... head of debt research at Sydney-based Commonwealth Bank of Australia.

Japan's wholesale prices drop 2.7% in October, down for 19th month

The Japan Times-7 hours ago
... inflation goal, for which the BOJ had already pushed back the time frame five times despite its aggressive monetary easing and a negative interest rate policy.

Treasury Sets Sales of $89 Billion in Debt

Wall Street Journal-20 hours ago

The U.S. Treasury Department will auction $89 billion in securities next week, comprising $36 billion in new debt and $53 billion in previously sold debt. Details

Italy's Bonds Tumble as Trump Win Boosts Referendum Concern

Bloomberg - ‎4 hours ago‎
Italy's borrowing costs rose at an auction of 30-year debt Friday. The Rome-based Treasury allotted 1.3 billion euros of bonds due in March 2047 at an average yield of 3.14 percent. That compares with 2.28 percent at a previous auction on Sept. 13 and ...

Rupiah Plunge Prompts Intervention to Stabilize Currency, Bonds

Bloomberg-12 hours ago

Bank Indonesia officials confirmed intervention after the rupiah declined with Asian currencies. Sentiment toward emerging-market assets soured on speculation ..

Brazil real extends slump despite increased intervention

Reuters-4 hours ago

Brazil real extends slump despite increased intervention ... Friday even after the central bank stepped up currency interventions amid lingering concerns related ..

China's Yuan Set for Steepest Weekly Loss Since January Turmoil

Bloomberg-9 hours ago
China's currency headed for its steepest weekly drop since January, when a ... the yuan erasing the day's losses amid speculation of central bank intervention.

Malaysian ringgit sinks offshore just as economy perks up

Reuters-7 hours ago
As the currency slumped offshore, Bank Negara Malaysia governor ... UOB economist Julia Goh said intervention from central banks in order to manage stability ...

Singapore c.bank says ready to act to curb excessive FX volatility

Reuters-4 hours ago
Singapore c.bank says ready to act to curb excessive FX volatility ... The price move prompted market talk of central bank intervention to limit its depreciation.

Rupee Tumbles Most Since June as Emerging-Market Selloff Deepens

Bloomberg-6 hours ago
The currency declined 0.9 percent, the most since June 24, to 67.2450 per dollar in ... Read: Dollar's Trump-Inspired Surge Sets Off Intervention Across Asia.

Emerging assets slide as surging US yields spark outflows

Reuters-5 hours ago
JKSE while the rupiah currency IDR= fell more than 2.5 percent to 4-1/2-month lows before it stabilized on the Indonesian central bank's intervention.

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments