Daily Digest

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Daily Digest 5/30 - The Truth About Glass-Steagall, The Dangers Of Living Without Purpose

Tuesday, May 30, 2017, 10:07 AM

Economy

MARK YUSKO: 'The US is going to have a crash and it will be massive' (na)

He believes that efforts to generate growth through fiscal stimulus and tax cuts will prove futile because the working-age population in the US is declining. As such, consumption—which makes up 70% of the US—will continue to fall.

Mark thinks instead of taking off, the US economy is on the cusp of a recession.

The Dangerous Approach of Living Without Purpose (Afridev)

Your purpose in life is to find and do the things that make you smile, laugh and forget time. Even if you aren’t sure yet, move into the exploration and experimentation phase of your life and enjoy the journey.

You can’t put time on it. You can’t force yourself to find your “why” tomorrow or next month, or even next year. But by all means, search for clarity.

State Dept. lifts limit on refugee admissions (jdargis)

Congress passed a spending bill last fall that tightly constrained the budget for the State Department’s refugee resettlement program. The spending bill passed earlier this month, however, does not impose any limits on refugee admissions.

A State Department spokeswoman told the Times that State consulted with the Justice Department about its refugee quotes before making the decision to adjust them.

What Congress can learn from Kansas’s failed tax experiment (jdargis)

“The initial expectation was that lowering the tax rate would increase business activity,” says Jason DeBacker, an economics professor at the University of South Carolina and the lead author of the study. “You might see people earning more income or businesses expanding in employment or investment. But there was little or nothing of that going on.”

The analysis showed that while reported business income did go up, it was mostly from people who previously earned wages from an employer (in a W-2 tax form), and later reported earnings from the same employer as contract business income (in a 1099 tax form).

The Truth About Glass-Steagall (yogmonster)

We all know the story by now: the repeal of Glass-Steagall in 1999 led to the housing bubble, the subprime meltdown and the global financial crisis...right? What do we really know about Glass-Steagall and how do we know it? Today James peels the layers off another long-standing alt media myth and discovers a surprising and cautionary tale about how the banksters can manipulate us into doing our dirty work for them.

State appeals court rules Exxon must give records to NY prosecutor (jdargis)

In his filing in federal court on Friday, Schneiderman revealed his office had interviewed witnesses who could help them learn more about the kind of records Exxon might have showing internal discussions about climate change. He described the move as an attempt to keep Exxon from destroying relevant records before they were required to be turned over in the investigation.

Is This Saudi Arabia’s Newest Strategy To Boost Oil Prices? (Michael K.)

So, here we are, back at the starting line, this time with a promise of nine more months of cuts. OPEC’s strategy this time around is to directly target U.S. inventories, rather than simply taking barrels off of the global market. "Exports to the U.S. will drop measurably," Saudi energy minister Khalid Al-Falih told reporters after the OPEC meeting last week. Some sources familiar with the Saudi strategy told Bloomberg that Saudi oil exports to the U.S. will drop below 1 million barrels per day in June, a reduction of 15 percent below the average so far in 2017. If the Saudis keep exports below the 1 mb/d threshold, it will be the lowest level of exports to the U.S. in years.

Great Barrier Reef can no longer be saved, Australian experts concede (Adam)

Now experts on a committee set up by the Australian government to improve the health of the reef have revealed that they believe the lesser target of maintaining its “ecological function” is more realistic.

In a recent communique, the expert panel said they were “united in their concern about the seriousness of the impacts facing the Reef and concluded that coral bleaching since early 2016 has changed the Reef fundamentally”.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/26/17

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

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1892
When collapse comes, it'll be like USSR, Argentina, Venezuela

When collapse comes, it'll be like USSR, Argentina, Venezuela...

Everyday survival will be a hustle. Bribery, barter, and black markets will supplement income and meet daily needs or navigate bureaucracy, from the cradle to the grave. Read below for a aste of what life was like in the former Soviet Union in the early 1990s...

Soviet Union's `Shadow Economy' -- Bribery, Barter, Black-Market Deals Are The Facts Of Life (Saturday, September 22, 1990)

http://community.seattletimes.nwsource.com/archive/?date=19900922&slug=1094485

Poet

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
EU presses plan to bundle eurozone debt

EU presses plan to bundle eurozone debt

Financial Times - ‎20 hours ago‎
Brussels is pressing for sovereign debt from across the eurozone to be bundled into a new financial instrument and sold to investors as part of a proposal to strengthen the single currency area. A European Commission paper on the future of the euro ...

Italy Ailing Banks May Lose $11 Billion in Bad Loan Sales

Bloomberg-1 hour ago
Following a recession that proved much longer and deeper than originally forecast and negative interest rates which eroded income from deposits and lending, ...

Italy's central bank warns against euro exit as election nears

Reuters-4 hours ago
Bank of Italy Governor Ignazio Visco attends the session 'Recharging Europe' in the Swiss mountain resort of Davos January 23, 2015. REUTERS/Ruben Sprich.

CPS will 'do whatever's necessary' to open come fall: Forrest Claypool

Chicago Sun-Times-20 hours ago

It also authorized CPS officials to borrow further by selling up to half a billion ... that are in deficit-spending who are hanging by a thread and probably not able to

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