Daily Digest

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Daily Digest 8/22 - The American Dream Is Getting Smaller, Arctic's Strongest Sea Ice Breaks Up For First Time

Wednesday, August 22, 2018, 9:45 AM

Economy

California Sticks Its Schoolkids’ Futures in a Vise

First, escalating payments and obligations for retirement benefits are growing so fast (more than 100 percent in this decade in many districts) that they gobble up most of the rising education funding all by themselves. That leaves little for today’s students and teachers.
Second, with California’s birth rate at a record low, the number of students is stagnant in some districts and declining in others. Since school funding is granted on a per-student basis, fewer students means less funding, even at the higher rates.

Venezuela rolls out new currency amid rampant hyperinflation

On Sunday, Maduro called the implementation of the new currency a "historic moment" for the country, with further changes expected to include a more than 3,400 percent minimum wage hike and a rise in the price of fuel.

Credit card debt default rising despite strong economy

He says the average American has 3 credit cards with a combined balance of $6,000.
And the trend is not going in a positive direction.
“A recent survey conducted this year said that when you look at the number of consumers who report being debt-free, it’s actually dropped from 27 to 23 percent.”

Moody’s extends rating review period for Italy

When it launched the review in May, Moody’s said that its Baa2 rating — two notches above non-investment grade, or junk, status — was at risk due to two key factors: the potential for its fiscal strength to crumble under the new coalition government’s plans, and the chance that current efforts at structural reform will falter, or that past reforms could be undone.

Student loan assistance may become as popular as 401(k) plans

Around 70 percent of college graduates are in debt today. The average person leaves school $30,000 in arrears, and many owe more than $100,000.

Hundreds of companies are now offering student loan assistance to their workers.

The American Dream is getting smaller

More worrying, perhaps: 33% of those surveyed said they think that dream is disappearing. Why? They have too much debt. “Americans believe financial security is at the core of the American Dream, but it is alarming that so many think it is beyond their reach,” said Mike Fanning, head of MassMutual U.S.

Greece exits bailout, but ‘public debt tragedy’ persists

Greece’s European creditors also have questions to answer, he said. A deal was struck earlier this year that will defer payments on 96 billion euros worth of bailout loans, or 40% of the country’s total debt, until 2033, while extending the maturity on some of the country’s other loans. The final bailout tranche was increased, giving 22 months’ worth of cash reserves beginning this month.

How Heroin Came for Middle-Class Moms (blackeagle)

Percocet isn’t cheap. Percocet is $25 a pill. Heroin is $10 a bag. Donna, of course, didn’t want to do heroin. She had just found out she was pregnant with her second child. Who wants to do heroin when you’re pregnant? But she was taking pills all day every day, and she and her husband could split the $10 bag and feel the same euphoria as with two $25 pills. That’s $50 or $10—what would you spend?

Parts of the Arctic are not freezing in winter 'increasing the likelihood that Earth's permafrost will melt and release huge amounts of greenhouse gas' (Thomas R.)

Scientists found that soil in one of the world's coldest regions remained mushy and damp throughout the most recent winter. During these months the soil normally freezes over, forming a protective layer over Arctic permafrost that houses billions of tonnes of ancient carbon. Scientists warned that without this insulation, the permafrost will begin to melt, potentially releasing a dangerous payload of carbon dioxide and methane.

Melting Arctic Could Rapidly Unlock 'Deep Carbon' Buried in Permafrost (Paul D.)

"The conclusions that permafrost-carbon modelers were reaching was that, until you thaw really deep, we're not going to get this large, old carbon signal and that the really deep thaw of carbon on land is not going to happen until beyond 2100," study leader Katey Walter Anthony, an ecologist and biogeochemist at the University of Alaska Fairbanks, told Live Science. "What our study shows is that in a lake, you thaw that deep really fast on a scale of decades. Lakes tap into that old carbon much sooner, and they will release that permafrost carbon much sooner than that thaw on land."

Arctic’s strongest sea ice breaks up for first time on record (newsbuoy, Paul D.)

The oldest and thickest sea ice in the Arctic has started to break up, opening waters north of Greenland that are normally frozen, even in summer.

This phenomenon – which has never been recorded before – has occurred twice this year due to warm winds and a climate-change driven heatwave in the northern hemisphere. One meteorologist described the loss of ice as “scary”.

'We Are Climbing Rapidly Out of Humankind's Safe Zone': New Report Warns Dire Climate Warnings Not Dire Enough (Paul D.)

In the new report—titled What Lies Beneath: The Understatement of Existential Climate Risk—authors David Splatt and Ian Dunlop, researchers with the National Centre for Climate Restoration (Breakthrough), an independent think tank based in Australia, argue that the existential threats posed by the climate crisis have still not penetrated the collective psyche of humanity and that world leaders, even those demanding aggressive action, have not shown the kind of urgency or imagination that the scale of the pending catastrophe presents.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/21/18

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

ezlxq1949's picture
ezlxq1949
Status: Silver Member (Offline)
Joined: Apr 29 2009
Posts: 249
Dire climate warnings and fossil fools

Dire warnings? Nah; no such thing as climate change and no need for us to change our way of life or goals of business. Here's an old example:

For in the days before the flood, people were eating and drinking, marrying and giving in marriage [business as usual], up to the day Noah entered the ark;  and they knew nothing about what would happen [wilful blindness] until the flood came and took them all away [climate change!].

That's from Matthew 24. Whether you regard this as a legend or not, the fact that a writer could make this observation 2,000+ years ago is telling.

newsbuoy's picture
newsbuoy
Status: Gold Member (Offline)
Joined: Dec 10 2013
Posts: 274
Sea Ice/Snow Cover (%)

Snow/Ice cover N. Pole

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