Daily Digest

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Daily Digest 3/31 - Chicago's Awful Divide, The Paradox Of Universal Basic Income

Saturday, March 31, 2018, 8:53 AM

Economy

A Cyberattack Hobbles Atlanta, and Security Experts Shudder (blackeagle)

The digital extortion aimed at Atlanta, which security experts have linked to a shadowy hacking crew known for its careful selection of targets, laid bare once again the vulnerabilities of governments as they rely on computer networks for day-to-day operations. In a ransomware attack, malicious software cripples a victim’s computer or network and blocks access to important data until a ransom is paid to unlock it.

The Real Reason Why Stock Markets Will Continue To Crumble This Year (thc0655)

I have seen this working-class cultism before. When I lived in Pittsburgh for a time, there were many people who adopted the image of the steel mining working man, even though steel mining was almost non-existent in the region. People were extremely proud of the idea that they came from a tradition of industrial production, and technical and intellectual pursuits were predominantly ignored in the hopes of perpetuating the mining town mystic. The problem was, all of these folks were wage slaves now in the midst of Pittsburgh’s garbage economy. There were too many people scrambling for too few low wage jobs and production was a thing of the distant past.

Chicago’s Awful Divide (blackeagle)

Like many of America’s biggest cities, Chicago has thrived in the globalized world—at least on a superficial level. The evidence is everywhere, from the gleaming office towers and condos going up alongside the river to the prosperous international companies like Motorola Solutions, the whiskey giant Beam Suntory, and GE Healthcare that have relocated their headquarters to downtown. In May, the unemployment rate for the Chicago metropolitan area sank to 4.1 percent, the lowest since the government started tracking it in 1976. (It has since ticked back up to 5.3 percent.)

Cops cleared in fatal shooting of Alton Sterling (thc0655)

The officers' body cameras and a store surveillance camera also recorded the encounter. Those videos have not been released but Baton Rouge Police Chief Murphy Paul said he intends to release both after he concludes the disciplinary process for the two white officers involved.

Paul said he hopes to complete the disciplinary process by Friday.

Donald Trump Doesn't Understand Community Colleges (blackeagle)

One of Trump’s stated goals is to ensure that every American knows “the dignity of work, the pride of a paycheck, and the satisfaction of a job well done”—but he seems to be unaware of the vital role that community colleges play in realizing that vision. As Jeffrey Selingo wrote in The Atlantic earlier this year, the fastest-growing jobs in the United States require candidates to have training and education beyond high school, and community colleges, which typically offer associate’s degrees, will be key to filling those openings.

The Paradox Of Universal Basic Income (blackeagle)

Clearly income disparity is ripping the nation apart, and none of the efforts or programs seeking to address it seems to be working. I myself have been, for the past couple of years, engaged in a broad discussion about the future of work with some thoughtful tech leaders and representatives of the Catholic Church who have similar concerns, and the notion of a universal basic income (UBI) keeps coming up. Like many of my friends who fiddle with ideas about the future of work, I’ve avoided actually having a firm opinion about UBI for years. Now I have decided it’s time to get my head around it.

Facebook's Ideological Imperialism (blackeagle)

It was a declaration of purpose for the young Obama administration, and Clinton backed it up with money. The State Department would fund social networks around the world, she said, and it would help develop software that dissidents could use to get around online censorship. But she also framed the goal as part of something larger. On the eve of World War II, Franklin Roosevelt articulated “four essential human freedoms” to which all people are entitled: the freedom of speech, the freedom of worship, the freedom from want, and the freedom from fear.

“Who cares, I have nothing to hide” — Why the popular response to online privacy is so flawed (blackeagle)

Some say they believe in privacy while others are baffled by why they should care. When confronted with the issue of online privacy, one of the more popular answers is, “What’s the big deal? I have nothing to hide.” We’ve seen it around the web, hear it from friends and even from those involved in tech. According to former Google CEO Eric Schmidt, “If you’re doing something you don’t want anyone to know, maybe you shouldn’t be doing it in the first place.” The argument even has its own Wikipedia page.

Research: The Industrial Revolution Left Psychological Scars That Can Still Be Seen Today (blackeagle)

In countries like the UK and the U.S. that industrialized early, coal now plays only a minor role in the economy. For example, in the U.S. today, the entire coal industry employs about 53,000 people, with only about 11,000 of those working in extraction. Coal production and consumption have also declined markedly. Yet prior research has found that in the areas of the U.S. and UK where coal still is a major industry, it affects local populations in a profound way. For example, people who live in areas with active coal mining today often experience greater risk of mental and physical health issues, such as depression, anxiety, COPD, and asthma, than people in other regions. Research also shows that besides the occupational health risks that miners face, these regions pose increased population-wide health risks due to pollution and economic hardship.

The Devastating Loophole That Sticks Car Buyers With Interest Rates That Would Be Otherwise Illegal (blackeagle)

What Guerrero-Roa didn’t realize was the transaction he’d signed off on actually required him to pay $18,998.40 for the car over 48 months—more than $12,000 over the initially advertised price. It wasn’t until the company that financed the purchase, Westlake Financial Services, called him a few days later that Guerrero-Roa learned “he had borrowed over $18,000 to finance the purchase of the Vehicle,” the lawsuit said.

In New York, charging interest above 16 percent is a violation of the state’s civil usury law. Charging more than 25 percent is considered a felony.

Globalization’s Backlash Is Here, at Just the Wrong Time (blackeagle)

In short, the anti-globalization drive that is spreading across the Western world may be coming at exactly the wrong time — too late to do much to save the working-class jobs that were lost, but early enough to risk damaging the ability of rich nations to sell advanced goods and services to the rapidly expanding global middle class.

A Cheap Way to Offset Rising Gas Prices (Tiffany D.)

It has real exposure to the gas pump. For example, it owns a pipeline that connects several Louisiana refineries to pipelines that deliver the gasoline elsewhere. It also owns stakes in some of those pipelines.

The road to Alzheimer’s disease is lined with processed foods (blackeagle)

From a scientist’s perspective, it’s important to remind everyone that we all once believed the same thing about cancer. But just a few days ago, doctors around the world have been considerably shaken up by the breaking news linking cancer to processed foods. In a large-scale study, researchers found that a 10% increase in consumption of ultra-processed foods led to a 12% increase in overall cancer events.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/28/18

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: 4097
Rising Rates Sounding Alarm Bells for Debt-Laden US Consumers

Japan's regional banks warned of 'grave' situation

Financial Times-15 hours ago
Japan's 105 regional banks are approaching “grave conditions” as loan demand remains weak, competition intensifies and the country enters its third year under a negative interest rate policy, the new head of the Japan Bankers' Association has warned. In his first interview as chairman of the JBA, Koji Fujiwara predicted ...

Rising Rates Sounding Alarm Bells for Debt-Laden US Consumers

Bloomberg-4 hours ago
Spending on U.S. general purpose credit cards surged 9.4 percent last year, to $3.5 trillion, according to industry newsletter Nilson Report. Card delinquencies are also rising. U.S. household debt climbed in the fourth quarter at the fastest pace since 2007, according to the Federal Reserve. “There are warning signs out ...

 

Matt Holbert's picture
Matt Holbert
Status: Silver Member (Offline)
Joined: Oct 3 2008
Posts: 102
UBI will not go away...

First of all... Thanks for the links, blackeagle.

I'm going to focus on the UBI article since I don't think that the concept will disappear anytime soon. I just finished reading a book by Johann Hari entitled Lost Connections: Uncovering the Real Causes of Depression -- and the Unexpected Solutions. Hari -- a 14 year or so taker of SSRI drugs -- makes the case that depression is not caused by chemical imbalances in the brain but rather -- as the title implies -- the loss of community connections. I bring this up because he implictly endorses UBI through his glowing report of a UBI experiment that took place in Canada in the 1970s. However, earlier in the book, he lists the 1st cause of depression as the Disconnection of Meaningful Work. You can make the case that UBI permits recipients to find meaningful work but I don't think that it is that simple...

Meaningful work, not UBI, is the key to a healthy future. I'll be quite honest here... I don't know many people who have meaningful work. Many just sit in front of a computer doing mindless excrement all day. This work -- even if meaningful -- will not exist in the future. It should also be noted that most of those who work in the healthcare field will not have work in the future due to the unsustainable nature of the system. The list goes on and on.

The focus should be on meaningful work rather than on UBI.

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