Daily Digest

Image by Tapping The World, Flickr Creative Commons

Daily Digest 8/15 - World USD GDP Seems To Have Peaked, The Gold vs. Bitcoin Cage Match

Tuesday, August 15, 2017, 8:30 AM

Economy

Money Laundering Scandal at Australia’s Largest Bank Triggers Another Call for Ban of Cash (thc0655)

Moral of the Story

With share prices high after three scandals, the moral of the story must be CEO crimes pay. What other lesson could there possibly be?

World GDP in current US dollars seems to have peaked; this is a problem (Grover)

To get a world total, all a person needs to do is add together the GDP amounts for all of the individual countries. There is no inflation adjustment, so comparing GDP growth amounts calculated on this basis gives an indication regarding how the world economy is growing, inclusive of inflation. Calculation of GDP on this basis is also inclusive of changes in relativities to the US dollar.

Women’s March to reconvene around 2018 after Charlottesville (Ed E.)

The goal of the conference is manifold, including training organizers and prospective candidates for office. According to the Women's March, their strongest local chapters are in Republican-leaning or dominated states, including Ohio, Florida, South Carolina and Georgia, where the need for new Democratic leaders is greatest. “Building power is not just about power in the streets. It’s about political power,” said Bland.

According to Emily’s List, a major force in Democratic Party recruiting of females, an estimated 16,000 women nationwide have expressed an interest in running for office.

Update gone wrong leaves 500 smart locks inoperable (jdargis)

The failure occurred last Monday when LockState mistakenly sent some 6i lock models a firmware update developed for 7i locks. The update left earlier 6i models unable to be locked and no longer able to receive over-the-air updates. LockState Marketing Manager John Cargile told Ars that the failure hit about 500 locks. The company is offering affected customers one of two options: (1) return the back portion of the lock to LockState so the firmware can be updated, with a turnaround time of about five to seven days, or (2) request a replacement interior lock, with a turnaround time of about 14 to 18 days. In the meantime, customers can use a physical key to unlock doors. (Like most hotel rooms, the doors automatically lock each time they're closed.)

Misdemeanor Defendants Facing Jail Time Not Told They Have a Right to Counsel, Bar Association Finds (jdargis)

The report cites two Supreme Court decisions in establishing that many of those charged with misdemeanors are entitled to a lawyer. A 1972 case said that such lawyers were required even in misdemeanor cases, absent a “valid waiver of counsel” by the defendant. Thirty years later, the report stated, the court made clear that defendants being offered suspended sentences — deals that spare defendants immediate imprisonment so long as they meet certain conditions — were also due representation by a lawyer.

Don’t Chase the Gold Price, Warns Rick Rule (Herman J.)

Rick Rule, founder and chairman of Sprott Global Resource Investments Ltd., began his career in the securities business in 1974. He is a leading American retail broker specializing in mining, energy, water utilities, forest products and agriculture. His company has built a national reputation on taking advantage of global opportunities in the oil and gas, mining, alternative energy, agriculture, forestry and water industries.

The Gold vs. Bitcoin Cage Match: Place Your Bets (Tiffany D.)

The chart below shows the volatility of bitcoin (the blue one) and gold (the violet line) since the beginning of the year.

Even though gold’s price has seesawed like a small boat in a choppy sea, its volatility is extremely low.

These Scientists Took Over a Computer by Encoding Malware in DNA (jdargis)

“We want to understand and anticipate what the hot new technologies will be over the next 10 to 15 years, to stay one step ahead of the bad guys,” says Kohno. In 2008, his team showed that they could wirelessly hack their way into a heart implant, and reprogram it to either shut down or deliver debilitating jolts. In 2010, they showed that they could hack into the control system of a Chevrolet Impala, taking control of the car. Then, they turned their attention to DNA sequencing. “It’s an emerging field that other security researchers haven’t looked at, so the intrigue was there,” says Kohno. “Could we compromise a computer system with DNA biomolecules?”

Gold & Silver

Click to read the PM Daily Market Commentary: 8/14/17

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

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1469
Bubble Juice

Greenspan's Legacy Explains Current Conundrums: https://www.bloombergquint.com/view/2017/08/11/greenspan-s-legacy-explains-current-conundrums.amp

Agencies Pull Back The Rules on Wall Street: https://archive.fo/AQ8xV

     "Several agencies are reviewing the Volcker Rule..."

The rule changes must be having an effect since as rates to borrow have increased liquidity has also increased.  Maybe this bubble has another year or so...

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1469
Re: Money Laundering Scandal at Australia’s Largest Bank

Recently watched The Big Short again.  White collar crime pays, bigly!!!

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 2041
Homemade sandals

I read an article on Zero Hedge by hedgeless_horseman on preparing for the zombie apocalypse on a limited budget.  He had a bunch of great ideas like using LOTS of cheap 5 gallon buckets to store water short term, using canned soup as cheap MREs, etc.

One of them was how to make homemade sandals from an old tire and a strip of leather.

H_H and his family has apparently been wearing them for years and even practicing running (!!) in them.

One of the reasons that this is of interest to me is that my niece went on a mission trip to Uganda in her 3rd year of medical school and did a study where they showed a tremendous reduction in foot wounds and amputations when they provided diabetics with sandals. Usually these rural poor walk barefooted.

These sandals were made locally with discarded tires and a strip of leather for a cost of <$2.

Sandal making could be a good post-industrial skill.

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 3214
Great observation, SP
sand_puppy wrote:

One of the reasons that this is of interest to me is that my niece went on a mission trip to Uganda in her 3rd year of medical school and did a study where they showed a tremendous reduction in foot wounds and amputations when they provided diabetics with sandals. Usually these rural poor walk barefooted.

These sandals were made locally with discarded tires and a strip of leather for a cost of <$2.

Sandal making could be a good post-industrial skill.

Agreed!

Thanks for sharing the story as well as your niece's inspiring observation.

cheers,
A

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