Daily Digest

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Daily Digest 5/11 - PR's Bankruptcy Result Of U.S. Colonialism, Your Grandfather's Jobs Report

Thursday, May 11, 2017, 8:10 AM

Economy

Puerto Rico's $123 Billion Bankruptcy Is The Cost Of U.S. Colonialism (yogmonster)

Within days, Supreme Court Chief Justice John Roberts, acting under a provision of the Puerto Rico Oversight, Management, and Economic Stability Act (known as PROMESA), which was enacted last June, appointed federal judge Laura Taylor Swain from the southern district of New York to take over the Puerto Rico case. A former bankruptcy court judge who was appointed to the federal court by President Clinton, Swain famously presided over the long criminal trial of employees of the Bernie Madoff Ponzi scheme.

The US Bill H.R. 1644 to kill Russian food export and Chinese trade (yogmonster)

As it is being presented, the H.R. 1466 Bill is an affront not only to common sense, but also to the fundamental norms of international law. For starters, if it becomes a law the Bill will allow the US military to inspect, search and seize any vessel or aircraft suspected in violation of the anti North Korea sanctions per their own discretion. It also gives the US military the authority to inspect the sea ports in Russia, Syria, Iran and China, implying that resisting will result in much broader sanctions against these four countries.

Your Grandfather's Jobs Report And His Oldsmobile, Too (Aaron M.)

Trump is right about one thing. Namely, that the mainstream media is a fount of fake news----and not in the least because it's lazy, gullible, uninquisitive and slavishly subservient to the organs of state power.

How a tight budget could complicate Sessions’ vow to fight crime (jdargis)

“He’ll find out very quickly that you can’t pull people off all these other things just to go do that,” said Robert Anderson, who was the FBI’s most senior criminal investigator until his retirement in 2015. Anderson joined the bureau in the 1990s, when combating violence and drugs was its top challenge. “Now he’s walking into a much different Justice Department and FBI.”

Devonshire: True Inflation Is Three Times Higher Than Officially Reported (lambertad)

So how did the US economy end up with the current version of CPI, and specifically why is the widely accepted measurement methodology so wrong? A rising tide of Contrarians and their measurement methodologies is arguing that Inflation is understated by the Price Indices chosen by U.S. government agencies in numerous ways for complex reasons.

The Economic Cinderella Story of 2017 (Tiffany D.)

Remember the disappointing report at the start of the month about the growth of the U.S. economy in the first quarter — an annualized gross domestic product growth rate of just 0.7%?

In the same period, the euro zone economy grew by more than twice that amount, or 1.8%.

Barack Obama – Excessive Private Travel For Me, No Meat For Thee (June C.)

Tally it all up; private flights, travel convoy, and extra hotel energy usage. Did Obama (or anyone) calculate the net emissions effect on Obama’s appearance in Milan? Ask yourself, or better yet, ask Obama; how many people will forced not to have a hamburger to cover the cost (in carbon of course) of Obama’s attendance (and handsome paycheck) at this “climate change” event?

Morgan Stanley To Revise 2018 Forecast After Oil Price Rout (Michael K.)

In fact, the analyst believes that OPEC will not extend its production cut agreement beyond this year, despite comments to the contrary from Saudi Arabia’s and Russia’s energy ministers. In separate statements yesterday, Khalid al-Falih and Alexander Novak said their governments were willing to extend the cuts for more than six months after the initial June 30 deadline to stabilize prices.

The Human Ecological Predicament: Wages of Self-Delusion (jbrent6179)

Higher incomes enable the citizens of high income countries to consume, on average, several times their equitable share of global biocapacity while denizens of poor countries are unable to claim a fair allocation of Earth’s bounty (WWF 2016). This situation is egregiously unjust, socially destabilizing and ecologically precarious.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/10/17

Provided daily by the Peak Prosperity Gold & Silver Group

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