Daily Digest

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Daily Digest 6/7 - The Pension Crisis Will Break Up the EU, Dust Rising

Thursday, June 7, 2018, 10:32 AM

Economy

America may soon face its biggest labor strike in decades (Thomas R.)

"Most people understand in the world of Amazon (AMZN) and e-commerce, UPS isn't going to be Monday to Friday or even Monday to Saturday any more, it's going to be a seven-day operation," said David Levin, spokesman for UPS Teamsters United. "But they made record profits. They don't need concessions to do that."

Slow waves, high turnout and no lockouts: Four lessons from this week’s primaries (tmn)

California’s blue wave is rolling — very, very slowly. Every two years, armchair analysts make the same mistake about California: They look at the election-night count and assume all the votes are in. Not so. In 2014’s primary, more than 1.1 million ballots were counted after Election Day. That’s why there are no Associated Press calls in three House districts and probably won’t be for days.

The odd reality of life under China's all-seeing credit score system (Sparky1)

Along with providing preferential loans, a high Sesame Credit score – which ranges from 350 to 950 – can result in a huge variety of benefits, like no-deposit apartment and bicycle rentals. While the system is undoubtedly popular, the line between private social credit schemes and the government is being increasingly blurred. China’s supreme court, for example, shares a “blacklist” of people who haven’t paid court fines with Sesame Credit, which in turn deducts users’ scores until they sort out they pay up.

6 Things You Should Know About a Stock Market Correction (Thomas R.)

According to investment firm Deutsche Bank, the stock market, on average, has a correction every 357 days, or about once a year. Our last correction was about two years ago, and corrections have generally been quite infrequent since the Great Recession. While many investors, especially those new to stock investing simply aren't used to experiencing swings like these, corrections are an inevitable part of stock ownership, and there's nothing you can do as an individual investor to stop a correction from occurring.

All Politics Is National Because All Media Is National (tmn)

Americans today are far more engaged with and knowledgeable about national politics than state or local politics, a gap that has been growing in recent decades. And it turns out that the changing media environment is a key engine of today’s nationalization. More and more, Americans are turning away from the media outlets that are most likely to provide a modicum of state or local coverage. They are substituting Fox News (or maybe FiveThirtyEight) for the Fayetteville Observer, and The New York Times’ website for the Nevada Appeal.

The Pension Crisis Will Break Up the EU (Thomas R.)

We are looking at the same story being painted throughout Europe. The low-interest rate policy for nearly 10 years has not merely destroyed the bond market in Europe, it has undermined the pension system both privately and publicly. Indeed, adding to this crisis is the mandate that all pension funds hold some or the majority of their investments into government debt. The combination of these policies clashes with the ECB and the nightmare on the horizon and why Draghi can’t leave fast enough to avoid personal blame.

The Money Supply Always Increases in Time of War (Thomas R.)

With this massacre, the Roman Senate declared the perpetrators as Rome’s ‘most wanted enemy’ and dispatched the famous Consul Lucius Cornelius Sulla having received the mandate by lot. He was given several legions fresh from the Social War to implement the mandate — a search and destroy mission. The ensuing wars would drag on for decades, spanning two continents and became known as the First Mithridatic War (88–84 BC) began with a declaration of war by the Senate.

There are now more job openings than workers to fill them (Thomas R.)

Those sidelined workers might also be waiting for better offers. While wage growth has picked up since the beginning of the recovery, it's still only running at about 3% per year, according to the Federal Reserve Board of Atlanta — significantly below the 5% level it reached in the early 2000s.

He Ran Into My Knife Ten Times (GE Christenson)

President Roosevelt (1933) confiscated gold and made private gold ownership illegal. Exceptions occurred, but citizens lost most or all gold coins. Double eagles ($20 gold coins) no longer circulated. Silver dollars and paper certificates remained in circulation.

Will Saudi Arabia Listen To U.S. Demands For More Oil? (Michael S.)

And comments from Secretary of Treasury Steven Mnuchin in May suggested that the U.S. and Saudi Arabia had at least discussed the possibility in the context of the U.S. pulling out of the Iran nuclear deal. Mnuchin said that "various conversations with various parties about different parties that would be willing to increase oil supply to offset" the losses of Iranian supply. A bit of a word salad, but Mnuchin was likely telegraphing the willingness of Saudi Arabia to increase supply.

Dust Rising (blackeagle)

Asthma in Imperial County is rampant. More children are admitted to the emergency room here for asthma-related cases than anywhere else in the state; almost 1 in 5 children suffer from the condition. There’s a long list of reasons why the county is home to such staggering rates of asthma: the fine layer of dust that coats nearly every surface; the gentle mist of pesticide sprayed across acres of produce; the black towers of soot emanating from crop burns; emissions from cars stalled at the border; and fumes from the Mexican maquiladoras wafting over the border. Kicked up by the strong desert winds, microscopic particles from each of these sources fill the air.

51,000 trout killed after water supply cut off at North Georgia hatchery (Thomas R.)

The Fannin County Sheriff’s Office is investigating, and the person responsible could face federal charges because the hatchery is run by the U.S. Fish and Wildlife Service. The Chattahoochee hatchery, located on Rock Creek, is one of four in Georgia that keep local waters stocked.

Monsanto Relied on These ‘Partners’ to Attack Top Cancer Scientists (edelinski)

A key document released in 2017 in legal proceedings against Monsanto describes the corporation’s “preparedness and engagement plan” for the IARC cancer classification for glyphosate, the world’s most widely used agrichemical. The internal Monsanto document — dated Feb. 23, 2015 — assigns more than 20 Monsanto staffers to objectives including “neutralize impact of decision,” “regulator outreach,” “ensure MON POV” and “lead voice in ‘who is IARC’ plus 2B outrage.” On March 20, 2015, IARC announced its decision to classify glyphosate as Group 2A carcinogen, “probably carcinogenic to humans.”

Man begins six-month swim through 'Great Pacific garbage patch' (tmn)

According to scientists, the patch has been growing “exponentially” in recent years. The March estimate found it was 16 times larger than previously expected.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/6/18

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."

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Forces Driving the Hatred of Russia

Hating Russia is a Full Time Job:  Neocons Resurect Tribal Memories to Fan the Flames

Philip Giraldi returns from Russia with a review of the western hatred for Russia, and his explanation of where it comes from.  The topic is complex enough that pulling snippits doesn't do it justice.  So, if you have the time, just read the source article.

Having just returned from a trip to Russia, I am pleased to report that the Russian people and the officialdom that I encountered displayed none of the vitriol towards Americans that I half expected ....

Somewhat to my surprise, ordinary Russians were also quick to openly criticize President Vladimir Putin for his autocratic tendencies and his willingness to continue to tolerate corruption, but everyone I spoke to also conceded that he had generally acted constructively and had greatly improved life for ordinary people. Putin remains wildly popular.

Who is driving this hostility towards Russia?

One question that came up frequently was “Who is driving the hostility towards Russia?” I responded that the answer is not so simple and there are a number of constituencies that, for one reason or another, need a powerful enemy to justify policies that would otherwise be unsustainable. Defense contractors need a foe to justify their existence while congressmen need the contractors to fund their campaigns. The media needs a good fearmongering story to help sell itself and the public also is accustomed to having a world in which terrible threats lurk just below the horizon, thereby increasing support for government control of everyday life to keep everyone “safe.”

And then there are the neocons.

 As always, the neocons are a distinct force for creative destruction, as they put it, certainly first in line with their hands out to get the funding of their no-expenses-spared foundations and think tanks, but also driven ideologically, which has made them the intellectual vanguard of the war party. They provide the palatable intellectual framework for America to take on the world, metaphorically speaking, and constitute the strike force that is always ready to appear on television talk shows or to be quoted in the media with an appropriate intelligent sounding one liner that can be used to justify the unthinkable. In return they are richly rewarded both with money and status.

The neocons believe in only two things. First, that the United States is the sole world superpower, given license by something like a Divine Entity to exercise global leadership by force if necessary. That has been translated to the public as “American exceptionalism.” Indeed, U.S. interventionism in practice has been by force majeure preferably as it leaves little room for debate or discussion. And the second neocon guiding principle is that everything possible must be done to protect and promote Israel. Absent these two beliefs, you do not have a neocon.

...

The founding fathers of neoconism were New York Jewish “intellectuals” who evolved (or devolved) from being bomb throwing Trotskyites to “conservatives,” a process they self-define as “idealism getting mugged by reality.” The only reality is that they have always been faux conservatives, embracing a number of aggressive foreign policy and national security positions while also privately endorsing the standard Jewish liberal line on social issues. Neocon fanaticism on the issues that they do promote also suggests that more that a little of the Trotskyism remains in their character, hence their tenacity and ability to slither between the Democratic and Republican parties while also appearing comfortably on disparate media outlets considered to be either liberal or conservative, i.e. on both Fox news and MSNBC programs

...

 

In fact, the neocons got along quite well with Russia when they and their overwhelmingly Jewish oligarchs and international commodity thieves cum financier friends were looting the resources of the old Soviet Union under the hapless Boris Yeltsin during the 1990s. Alarms about the alleged Russian threat only re-emerged in the neocon dominated media and think tanks when old fashioned nationalist Vladimir Putin took office and made it a principal goal of his government to turn off the money tap.

With the looting stopped by Putin, the neocons and friends no longer had any reason to play nice, so they used their considerable resources in the media and within the halls of power in places like Washington, London and Paris to turn on Moscow. ...

The Last Days of the Romanovs

I would like to suggest that it is quite possible that the historically well-informed neocons are merely longing for the good old Bolshevik days in Russia. The fact is that much of Bolshevik state atheism was driven by the large overrepresentation of Jews in the party in its formative days. British journalist Robert Wilton’s meticulously researched 1920 study “The Last Days of the Romanovs” describes how David R. Francis, United States ambassador in Russia, warned in a January 1918 message to Washington that “The Bolshevik leaders here, most of whom are Jews and 90 percent of whom are returned exiles, care little for Russia or any other country but are internationalists and they are trying to start a worldwide social revolution.”

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