Daily Digest

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Daily Digest 9/3 - Next Financial Crisis Lurks Underground, 'Point Of No Return' For Earth 17 Years Away

Monday, September 3, 2018, 8:41 AM

Economy

10 years after the financial crisis, is the housing market still at risk? (tmn)

In the run-up to the crisis, a housing surplus prompted mortgage lenders to issue loans to anyone who could fog a mirror just to fill the excess inventory. But lending today is stricter. It is so strict, in fact, that some in the real estate industry believe it’s contributing to a housing shortage that has pushed home prices in most markets well above their pre-crisis peaks, turning younger millennials, who came of age during the crisis, into a generation of renters.

The Next Financial Crisis Lurks Underground (jdargis)

Some of fracking’s biggest skeptics are on Wall Street. They argue that the industry’s financial foundation is unstable: Frackers haven’t proven that they can make money. “The industry has a very bad history of money going into it and never coming out,” says the hedge fund manager Jim Chanos, who founded one of the world’s largest short-selling hedge funds. The 60 biggest exploration and production firms are not generating enough cash from their operations to cover their operating and capital expenses. In aggregate, from mid-2012 to mid-2017, they had negative free cash flow of $9 billion per quarter.

The Global Alliance for Evil (goldrunner1)

The Brexit pantomime is taking place in an era in which it is recorded that “As benefits are cut and rents soar, Britain has seen a staggering rise in homelessness: the number of rough sleepers in England alone has more than doubled since 2010. Almost 1.2 million older people in Britain, as well as another one million disabled people, are living without the social care they need for basics such as eating, dressing and washing. It’s horrific: severely ill people forced to wait 14 hours to go to the toilet or wheelchair users who, with no assistant to help them cook, are now malnourished.”

Lead in US school water “disturbing”—Detroit just shut off all fountains (jdargis)

In an interview with The New York Times, Vitti acknowledged the sad state of the school district’s infrastructure, pointing to an assessment last year that determined it would cost about half a billion dollars to bring school buildings up to standard. Vitti, who took on the role of superintendent in May of 2017, placed the blame at state-appointed emergency managers who controlled school facilities from 2009 to 2016. Vitti said they failed to make investments in the school’s upkeep, which sent the message to students, parents, and employees “that we really don’t care about public education in Detroit.”

Trump Has Changed How Teens View the News (tmn)

Teenagers, in particular, appear to be increasingly questioning the credibility and value of traditional media organizations. In interviews with The Atlantic, teens expressed great skepticism about the accuracy of the mainstream media, reiterated Trump’s biased characterization of many news sources, and said the president’s outrageous tweets have become so much a part of everyday life that they’ve morphed into catchphrases.

The point of no return for our planet is only 17 years away (jdargis)

“We show that there are strict deadlines for taking climate action,” Henk Dijkstra, a professor at Utrecht University in the Netherlands and one of the study’s authors said in a statement. Dijkstra said there was “very little time” left before the Paris targets became infeasible, even with drastic emissions reductions. “We hope that ‘having a deadline’ may stimulate the sense of urgency to act for politicians and policy makers,” he added.

Melting Arctic Creates New Opportunities For LNG (Michael S.)

According to Balmasov, while the number of voyages via the Northern Sea Route so far this year has been roughly the same as last year, the main difference compared to 2017 is LNG traffic out of the port of Sabetta, the port that Russia’s gas producer Novatek uses to ship the Yamal LNG cargoes to Europe and to Asia.

Bangkok Struggles To Stay Afloat Amid Global Warming, Rising Sea Levels (Paul D.)

Bangkok, built on once-marshy land about 1.5 metres (five feet) above sea level, is projected to be one of the world's hardest hit urban areas, alongside fellow Southeast Asian behemoths Jakarta and Manila.

Gold & Silver

Click to read the PM End Of Month Market Commentary: August

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 757
David Stockman on Fox this morning. Trying to talk....

http://video.foxbusiness.com/v/5776125059001/?#sp=show-clips

Empirical Spiritual's picture
Empirical Spiritual
Status: Member (Offline)
Joined: Sep 1 2012
Posts: 20
Good post Vegan. Hysterical

Good post Vegan. Hysterical shrieks about trashing the military when all David said was we need to rein in the deficit.

Empirical Spiritual's picture
Empirical Spiritual
Status: Member (Offline)
Joined: Sep 1 2012
Posts: 20
Good post Vegan. Hysterical

Good post Vegan. Hysterical shrieks about trashing the military when all David said was we need to rein in the deficit.

ezlxq1949's picture
ezlxq1949
Status: Gold Member (Offline)
Joined: Apr 29 2009
Posts: 266
Point of no return

“We hope that ‘having a deadline’ may stimulate the sense of urgency to act for politicians and policy makers,” he added.

No it won't. Experience tells me that the only urgency they'll feel is to fulfil their agendas all the more monomaniacally.

Furthermore, if during their fulfilment the system fails, if something breaks — as we expect it will — then it is we the people who will be blamed. It will have been our deficiencies, our shortcomings, our disloyalty that let the elites down, and for this we will richly deserve to be punished.

Hitler died in his bunker blaming the German people for his failures and he thought it only fair and just that they suffer and die along with him.

The elites, of course, will not die in any squalid bunker. No, they'll die in their luxurious bunkers, in their private hells, the gates of which they have locked from the inside.

blackeagle's picture
blackeagle
Status: Silver Member (Offline)
Joined: May 16 2013
Posts: 229
Point of no return - bis

Unfortunately, the answer of what will be done is right here: Melting Arctic Creates New Opportunities For LNG

Two articles, one after the other, in the appropriate order.

 

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