Daily Digest

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Daily Digest 12/31 - Obama Retaliates Against Russia, Hunger And Panic In Venezuela

Saturday, December 31, 2016, 1:49 PM

Economy

Obama retaliates against Russia for election hacking (Aaron M.)

The White House has promised to release a report before Obama leaves office detailing Russia's cyber interference in U.S. elections, a move that could address Russia's complaints that the U.S. hasn't shown proof of its involvement. But the U.S. moved forward with the response Thursday even as the report has yet to be released.

Putin Stunner: "We Will Not Expel Anyone; We Refuse To Sink To 'Kitchen' Diplomacy" (Aaron M.)

In the just released statement, Putin laughed off Obama's 11th hour temper tantrum, and said that Russia won’t cause problems to U.S. diplomats or deport anyone, adding that Russia has the right to respond in tit-for-tat manner, but it will not engage in irresponsible diplomacy.

The punchline, however, was saved for what may be Russia's final slam of the debacle that is Obama's administration saying that "It’s a pity that the current U.S. administration is finishing their work in such a manner" saying that Russia refuses "to sink to the level of this irresponsible "kitchen" diplomacy."

‘The Game Will Go On’ as U.S. Expels Russian Diplomats (jdargis)

“I think it will have a short-term effect on Russian intelligence collection within the United States,” said Kevin Favreau, a former top F.B.I. counterintelligence officer, speaking of President Obama’s decision to expel 35 Russians and their families.

“But the game will go on,” he said, “and intelligence officers are always replaceable.”

Hunger and panic (Merle2)

The 100 bolivar note – worth around three U.S. cents today – accounts for 77 percent of all currency in circulation. Maduro also closed the borders to stop people holding onto currency in neighboring countries.

This decision caused widespread panic and confusion, as well as long queues at banks, ATMs and stores. Looting and violent clashes saw three people shot dead in one weekend alone.

What If Job Weren't The Solution, But The Problem? (jdargis)

These days, everybody from Left to Right – from the economist Dean Baker to the social scientist Arthur C Brooks, from Bernie Sanders to Donald Trump – addresses this breakdown of the labour market by advocating ‘full employment’, as if having a job is self-evidently a good thing, no matter how dangerous, demanding or demeaning it is. But ‘full employment’ is not the way to restore our faith in hard work, or in playing by the rules, or in whatever else sounds good. The official unemployment rate in the United States is already below 6 per cent, which is pretty close to what economists used to call ‘full employment’, but income inequality hasn’t changed a bit. Shitty jobs for everyone won’t solve any social problems we now face.

China Takes New Step to Downgrade the Dollar’s Prominence (jdargis)

"The dollar-yuan rate will still be the benchmark that determines sentiment," said Hao Hong, chief strategist in Hong Kong at Bank of Communications International Holdings Co., a subsidiary of China’s No. 5 lender by market value. "The basket is just a reference, so the change in the index’s composition and the efforts of keeping it stable will do little to boost confidence."

Legal Drugs, Deadly Outcomes (jdargis)

Health and law enforcement officials seeking to curb the epidemic have focused on how OxyContin, Vicodin, Xanax and other potent pain and anxiety medications are obtained illegally, such as through pharmacy robberies or when teenagers raid their parents' medicine cabinets. Authorities have failed to recognize how often people overdose on medications prescribed for them by their doctors.

A Los Angeles Times investigation has found that in nearly half of the accidental deaths from prescription drugs in four Southern California counties, the deceased had a doctor's prescription for at least one drug that caused or contributed to the death.

In Utah, an old geothermal plant gets a new life with hydroelectric additions (jdargis)

Enel called on the expertise of oilfield service provider Baker Hughes to help it install a downhole generator in the injection well, opposite the production well where the water is pumped up. The generator is placed at the bottom of the well receiving the recycled geothermal water, connected to a turbine above it that spins as the re-injected water is pulled down by gravity. The generator changes that mechanical energy into electrical energy, producing an additional 1,008 megawatt hours for the plant. Enel says the hydroelectric addition has improved Cove Fort's efficiency by 8.8 percent.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/29/16

Provided daily by the Peak Prosperity Gold & Silver Group

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Time2help's picture
Time2help
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Total Recall

For The First Time Since World War II, No US Carriers Are Deployed Anywhere In The World (ZeroHedge)

Quote:

Last weekend, when commenting on China's public demonstration of its one and only aircraft carrier, which China then proceeded to sail in close proximity to Taiwan to make a clear diplomatic "statement", we noted something tangentially troubling: " a quick look at the latest positioning of US aircraft carriers, amphibious ready groups, and other navies around the globe shows a gaping hole in the region of the East or South China Sea, and even in proximity to Japan, a place where the US navy traditionally has maintained at least one carrier group.  In fact, according to Stratfor, the only active carrier group is USS Dwight D. Eisenhower CSG, conducting naval operations in the U.S. 6th Fleet area of operations in support of U.S. national security interests in Europe."

As it turned out, the Eisenhower carrier group was on its way back to dock in Norfolk, VA, which means that for the next several weeks, not only will there be no U.S. Navy aircraft carrier in the Middle East or the South China Sea, but as Fox News reports, "there will be no American aircraft carriers deployed at sea anywhere else in the world, despite a host of worldwide threats facing the United States."

The absence of a deployed U.S. Navy aircraft carrier, long seen as a symbol of American power projection, is noteworthy. According to Fox, it is believed to be the first time since World War II that at least one U.S. aircraft carrier has not been deployed.

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