Daily Digest

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Daily Digest 3/14 - Iceland Lifts Capital Controls, In Praise Of Cash

Tuesday, March 14, 2017, 12:00 PM

Economy

Iceland, Symbol of Financial Crisis, Finally Lifts Capital Controls (jdargis)

The move closes a fraught chapter in the country’s economic history, but Iceland faces new challenges as growth rebounds — some say too quickly for its own good.

In Praise Of Cash (jdargis)

The cashless society – which more accurately should be called the bank-payments society – is often presented as an inevitability, an outcome of ‘natural progress’. This claim is either naïve or disingenuous. Any future cashless bank-payments society will be the outcome of a deliberate war on cash waged by an alliance of three elite groups with deep interests in seeing it emerge.

The social media “echo chamber” is real (jdargis)

Google and Facebook are trying automated solutions to prevent the spread of fake news via social media. However, coming up with good solutions will be challenging, because the larger underlying problem is that social media allows users to self-segregate. Existing social-media algorithms feed users news sources that they have previously shown interest in. Over time, this narrows the news sources of Facebook users and tends to expose them to information that reinforces their own perspectives. So they become increasingly polarized.

No Magic in How G.O.P. Plan Lowers Premiums: It Pushes Out Older People (jdargis)

Lower insurance prices were a silver lining for Republicans in the C.B.O. report, but the plan would effectively cover fewer older Americans.

The Monumentally Expensive Quest to Pull Off an Alaskan Oil Miracle (jdargis)

If Musselman is right—if he can actually make this happen—it would be nothing short of a miracle. Everyone in the state knows firsthand that the fracking revolution in the Lower 48 has crushed Alaskan oil, that ‘70s-era answer to OPEC. Four decades after the Trans Alaska Pipeline System went live, transforming the North Slope into a modern-day Klondike, many Alaskans fear the best days have passed. Jobs have vanished. The budget in Juneau is a disaster.

Will a New Glass Battery Accelerate the End of Oil? (Chris M.)

Goodenough himself says that when he first coinvented the lithium-ion battery in the 1980s, almost no one in the battery or consumer electronics industries took the innovation seriously. It was only Japanese labs and companies like Sony that first began to explore the world we all today inhabit—with lithium-ions powering nearly every portable device in the marketplace, as well as electric vehicles and even next-generation airliners.

Oil Steadies Itself Ahead Of Big Week

Abu Dhabi National Oil Company (ADNOC) has announced a cut in its nominated loadings for both March and April, as maintenance is scheduled at UAE's oil fields where Murban and Das are produced. As our ClipperData illustrate below, Murban and Das loadings have been strong in the last three months, holding close to 2mn bpd. These two light sour grades account for two-thirds of UAE's exports, and production cuts in the coming months will likely be reflected through into lower loadings.

Fortress Of Plenitude (jdargis)

Already, there’s been one withdrawal. As civil war broke out in Syria, the Aleppo-based International Center for Agricultural Research in the Dry Areas (ICARDA) submitted 116,000 varieties of wheat, barley, chickpeas, lentils, and other crops for safekeeping beneath the ice. In September 2015, with ICARDA’s former headquarters in the hands of opposition forces, the organization accessed a portion of its samples, so that researchers in Morocco and Lebanon could reestablish them for future generations.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/10/17

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

tbh524's picture
tbh524
Status: Member (Offline)
Joined: Dec 17 2008
Posts: 9
re: In Praise Of Cash

Funny how they describe plastic or "digital fiat money" transactions as promises to reassign ownership(or "scorekeeping") of *cash* as if that's the ultimate thing of value.

Isn't what we now call cash the same exact thing?
A cash transaction was a promise to reassign ownership of what it represented...precious metal.

How much cash you held was how you could keep score of the value of that precious metal.

(no longer the case but seems like they've just abstracted out the scorekeeping system one more level since cash no longer has real value)

robie robinson's picture
robie robinson
Status: Diamond Member (Offline)
Joined: Aug 25 2009
Posts: 1133
Suffering?

Endurance?   https://www.adn.com/outdoors-adventure/iditarod/2017/03/14/at-age-57-mitch-seavey-wins-iditarod-as-its-fastest-and-oldest-champion/

pat the rat's picture
pat the rat
Status: Bronze Member (Offline)
Joined: Nov 1 2011
Posts: 99
electric hold

Numbers are sent from my account by electric means to the store account . There is no chance for the money to move around to other people .

blackeagle's picture
blackeagle
Status: Silver Member (Offline)
Joined: May 16 2013
Posts: 208
I am the richest man on earth. Here is my secret

Shhh... Please don't spread it.

Since money is just a bunch of electrons moving from one server to the other, then with, say, one liter of water, I am rich. Immensely rich. I just need to strip from these molecules all their neutrons and protons (and other unwanted sub-particles). All the electrons left in the jar are my fortune!

The only little problem left to solve is how to squeeze these electrons in an orderly manner in this 24AWG pair of wires called "Ethernet" up to my bank's server.

Of course, I won't share my solution if I want to stay the richest man on earth.

Stronger than the FED and other CB: This is not money from this air. wink

Cheers!

JM

PS: Too much abstraction... no good on the long run.

 

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