Daily Digest

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Daily Digest 7/9 - Looming Dollar Shortage Getting Worse, Who Is Liable When Robots And AI Go Wrong?

Monday, July 9, 2018, 9:39 AM


Looming Dollar Shortage Getting Worse As Emerging Markets Implode (Thomas R.)

The always-rapidly-growing U.S. deficit requires constant funding from foreigners. But with the Federal Reserve raising rates and unwinding their balance sheet through Quantitative Tightening (QT) – meaning they’re sucking money out of the banking system.

These two situations are creating the shortage abroad. The U.S. Treasury’s soaking up more dollars at a time when the Fed is sucking capital out of the economy.

The Meaning Of Good And Evil In Perilous Times (Time2Help, Thomas R.)

The blank slate theory is designed to confuse people with self-doubt and to misrepresent the constructs of nature as constructs of society. It most effectively disrupts people’s relationship to their own moral compass by suggesting that moral compass should be completely ignored as artificial. The argument by blank slate proponents is that all boundaries are created by society instead of by inborn conscience, and that these boundaries often hold us back from achieving our goals, bettering ourselves as a species and generally getting what we want out of life.

Varlam Shalamov: Forty-Five Things I Learned in the Gulag (Thomas R.)

The extreme fragility of human culture, civilization. A man becomes a beast in three weeks, given heavy labor, cold, hunger, and beatings.

Here's How a Trade War Between the U.S. and China Could Get Ugly (Thomas R.)

The Trump administration is currently reviewing another round of tariffs on $16 billion in Chinese goods. If the U.S. stops at duties on $50 billion in imports, and China does likewise, the hit to both countries’ economies will be modest, Bloomberg Economics projects.

Stock rally continues following jobs report (Thomas R.)

Stocks jumped to start the week, adding to gains from Friday’s session that was powered by a better-than-expected jobs report.

Chinese shares bounced despite heightened trade tensions between Washington and Beijing after each imposed major tariffs on the other's goods last week.

Lunar mystery solved by recovery of lost Apollo mission tapes (Thomas R.)

For the past eight years, a team of researchers has dedicated themselves to recovering the lost data and solving the mystery. Now, their findings and recovered Apollo mission data that weren't previously well-publicized can see the light of day. The study was published this month in the American Geophysical Union's Journal of Geophysical Research: Planets.

Thousands of Americans stand to be denied passports due to unpaid taxes (Thomas R.)

For now, agency officials stressed that they are just denying applications for new or renewed passports, and were not revoking passports from any Americans with outstanding debt.

Comparing Average Rent In 540 Cities Around The Globe (Thomas R.)

In terms of affordability - the most expensive (San Francisco) doesn't necessarily mean it's the least affordable. As UBS reported recently, Hong Kong may not be the most expensive city to live in - but it's the world's most unaffordable - as a skilled service worker needs to work an average of 20 years to buy a 650-square-foot (60 square meter) apartment near the city center.

Trump Freezes Billions In Obamacare Payments, Outraging Insurers (Thomas R.)

In a Saturday announcement, the CMS said the move was necessary because of a February ruling by a federal court in New Mexico, which found that the federal government was using an inaccurate formula for allocating the payments; it added that the trial court in New Mexico "prevents CMS from making further collections or payments under the risk adjustment program, including amounts for the 2017 benefit year, until the litigation is resolved."

Who is liable when robots and AI get it wrong? (Thomas R.)

Some regulators have challenged the use of the term “autopilot”, saying it suggests that drivers don’t need to pay attention when the car is in self-driving mode. So if a self-driving car has an accident, who is at fault? The driver, the vehicle manufacturer or the company that created the vehicle’s sensors?

U.S Embassy in Haiti warns Americans to 'shelter in place' as violent protests escalate (Thomas R.)

At least three people have been killed, including two protesters who were fatally shot by authorities and a security guard who was beaten to death by demonstrators after attempting to disperse a crowd by firing his gun into the air.

Guatemalan illegal immigrant who has overstayed is visa AVOIDS JAIL and is given just a $280 fine for knocking down and killing an FBI agent and fire marshal (Thomas R.)

Prosecutors found that while Garza Palacios drove in a 'careless and imprudent manner,' he did not do so in a way that was a 'gross deviation' from driving carefully.

They couldn't find that Garza Palacios had a 'reckless disregard' for human life which would prompt more serious charges.

The Wall – take a look! (Thomas R.)

Is anyone but me sick to death of “our allies” in Europe. If there was ever a bigger group of “virtue signalers” I would be surprised. They have ever so many suggestions on how the US should govern itself and an equal number of suggestions on how we should spend our tax dollars supporting and defending their countries.

This Country Is Far Ahead Of Its Renewables Targets (Michael S.)

Another problem—perhaps more hypothetical for the moment—is energy storage. Last month the UK suffered a wind power production outage when the wind stopped blowing and the portion of wind in the total energy production mix dropped to a little above 4 percent at one point during the nine days of the wind draught. This compares with 13 percent on July 1, for example. The weather can be fickle but so far, the global trend has been to prioritize generation capacity and not storage. This could become a problem in many places, including Sweden.

Japan floods: At least 100 dead after record rainfall (Thomas R.)

An official in Okayama prefecture told AFP news agency that water levels were gradually receding and that emergency teams may be able to access the worst-hit areas on foot.

A Frightening New Reason to Worry About Air Pollution (blackeagle)

The study, published in The Lancet Planetary Health, linked data from 1.7 million American veterans who had been followed for a median of 8.5 years with air data from the EPA and nasa. It also aggregated past international research on diabetes and air pollution to devise a model to estimate diabetes risk based on the level of pollution, and it used the Global Burden of Disease study to estimate how many years of healthy life were lost due to this air-pollution-induced diabetes. Globally, 8.2 million years of healthy life were lost in 2016 to pollution-linked diabetes, it showed.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/6/18

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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