Daily Digest

Image by [email protected], Flickr Creative Commons

Daily Digest 3/20 - FBI Probing Trump-Russia Ties, How Bankers Exploit The Economy

Monday, March 20, 2017, 11:00 AM

Economy

How Bankers Became the Top Exploiters of the Economy (Chris M.)

The Attorney General under Roosevelt, Francis Biddle, wrote in his autobiography that the one thing he was ashamed about was prosecuting the Trotskyists, because by no stretch of the imagination were they a threat to the government. As a matter of fact the Farmer-Labor governor of Minnesota, Floyd B. Olsen, called in the national guard after the police force broke up the marches and demonstrations by shooting strikers. The police were the ones using force and violence; the strikers were not. Olsen said that he hoped capitalism would go right to hell.

CryptoCurrency Investing: Research and Due-Diligence (Jim R.)

The fundamental reason for a cryptocurrency such as Bitcoin or an Altcoin to exist is to serve its users, the only reason why users will engage with an altcoin is, if it is solving a problem they have. Some Altcoins promise to solve problems we did not know we had, for example, LBRY is creating a pay-to-view content system, while others such as Crown Coin, Dash and deCRED are variants of Bitcoin. They are solving the same key problem in different ways. An investor needs to predict who will be the best at it.

Populist Politics And The Dutch Elections (James W.)

The Telegraph notes that the anti-immigrant parties of the Right now command 45% of the overall vote, almost half of the Dutch electorate. Yet the Netherlands, despite issues with the integration of a growing Muslim minority, has a successful economy, low unemployment and no recent history of jihadi terrorism. If anti-immigrant and populist politics can enjoy such success in the Netherlands, one must wonder how Le Pen will perform in the up-coming presidential elections as the metrics are far worse in France. A series of horrific jihadi terror atrocities, high youth unemployment, a stagnating economy and a deep national malaise provides fertile territory for her goal of becoming the next occupant of the presidential Élysée Palace.

Comey Confirms FBI Probing Trump-Russia Ties During '16 Campaign (jdargis)

Comey said he was taking the unusual step of confirming an ongoing investigation, though he cautioned he would not be able to discuss many details of what remains a classified probe. Given the high public interest in the outcome of the inquiry, he told members of the House Intelligence Committee that he will pursue the investigation “wherever it may lead.”

In Gold We Trust (Tiffany D.)

Those tuned into the long-standing benefits of gold will just go about quietly bolstering their holdings — comfortable in the knowledge that in the event of a sudden shock to the markets, they will have a shiny plating of precious-metal protection insulating their portfolio.

That’s why I urge you to add gold to your holdings if you haven’t already — and not just gold, but physical gold.

The Reclusive Hedge-Fund Tycoon Behind The Trump Presidency (jdargis)

Bannon and Rebekah Mercer have become particularly close political partners. Last month, when Bannon denounced “the corporatist, globalist media” at the Conservative Political Action Conference, in his first public appearance since entering the White House, Rebekah Mercer was part of his entourage. Bannon supports some initiatives, such as a major infrastructure program, that are anathema to libertarians such as Robert Mercer. But the Wall Street Journal has described Bannon joking and swearing on the deck of the Mercers’ yacht, the Sea Owl, as if he were a member of the family. Bannon assured me that the Mercers, despite all their luxuries, are “the most middle-class people you will ever meet.”

Can NYC Reach Its Renewable Energy Storage Goals? (Michael K.)

Currently, the New York Fire Department is working in collaboration with Consolidated Edison to develop plans and safety standards for these behind the meter systems. It is clear that the city anticipates the adoption of these types of energy infrastructure projects, however, the next step is identifying which route it takes, and whether that route is resilient solar. Many of the barriers are regulatory in nature, so simple regulation reform can pave the path more clearly.

Charts of US Gasoline Sales: The US is Bleeding Out Badly. Retail sales by refiners have collapsed by up to 90% in some states (BWH)

Essentially the globalized market shall collapse when the US loses control of such, which now appears inevitable in the near future. Below are charts supplied by the US Government via the Energy Information Agency. These charts track total gasoline sales to end users by US refiners. End users includes bulk consumers, such as agriculture, industry, and utilities, as well as residential and commercial consumers. Data for recent years is being withheld for most states; but the broader picture is quite clear...

Gold & Silver

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

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."

2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3962
Africa's new sovereign debt crisis

Africa's new sovereign debt crisis

Deutsche Welle-2 hours ago
Mozambique is the first major African nation in recent times to become unable to meet obligations to international creditors. A decade after the last major debt ...

Say Hello to $3 Trillion in Forgotten Debt

Bloomberg-8 hours ago
Operating leases are actually pretty similar to debt. They represent money companies will be obliged to cough up in future to rent things like planes, ships and ...

Default Fears Resurface Over Singapore's Looming Debt Wall

Bloomberg-10 hours ago
Companies excluding banks must repay S$38 billion ($27 billion) of local bonds over the next four years. The maturities peak in 2020, when S$11.2 billion ...
conds)

Even San Francisco, Flush With Tech Wealth, Has Pension Problems

Bloomberg-6 hours ago
But it hasn't eradicated a problem well known to industrial-era towns: the rising cost of pensions. The city, where the unemployment rate is just 3.2 percent and ...

 

Matt Holbert's picture
Matt Holbert
Status: Bronze Member (Offline)
Joined: Oct 3 2008
Posts: 60
How Bankers Became...

I found the following to be of interest in the Hudson interview:

Adam Simpson: The final question: You write about rent as it relates to land. I was curious – this is kind of my own personal self-indulgent question – but I’ve seen, for instance, Thomas Paine associated with ground rent and its obvious inequality, the notion that someone has a right to a piece of land that obviously no one can really “own.” He argues for distributing that to everyone in the form of a universal basic income. That seems to be a popular idea now, particularly in Silicon Valley as well as other places. I wanted to know your perspective on universal basic income.

Michael Hudson: I think it’s a misnomer. There’s no problem with giving more people enough income to live. Even archaic societies operated on the mutual-aid principle. There’s a lot of pressure for the Federal Reserve to create a trillion dollars by giving everybody an extra $500. Why are they willing to do that? Because most people would use the $500 to pay the banks – so the banks wouldn’t have to lose money and default as a result of their reckless and unproductive lending. The problem’s not only income, but what people have to spend it on. Paine didn’t talk about universal income, he talked about everybody should have the right to a place to live, a means of their own self-support. That’s independent from income. Once you economize and financialize it, you put in a distortion. [Emphasis mine. matt]

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