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Daily Digest 10/17 - Italy's 'People's Budget,' Alan Greenspan’s Prescription For American Decline

Wednesday, October 17, 2018, 9:47 AM

This is Good News Friday, where we find some good economic, energy, and environmental news and share it with PP readers. Please send any positive news to [email protected] with subject header "Good News Friday." We will save and post weekly. Enjoy!

Economy

Main points of Italy's draft 'people's budget'

Citizen's income - The budget also provides for a universal basic income, the populist Five Star Movement's (M5S) main campaign promise. The monthly payment of 780 euros will be made to the least well-off and hopes to help people get back on the job market.

Mayor Emanuel Prepares to Release His Final City Budget (Chicago)

The controversial $10 billion borrowing proposal that has been floated to help defray some of the massive $28 billion pension debt will not be part of this budget plan. It was an idea that was announced to much fanfare a couple months ago. Chicago Chief Financial Officer Carole Brown says she recommends that the mayor go ahead and do it, providing the timing is right and the city can get a good return on the bond market.

America’s $1.5 trillion student debt is a ‘failed social experiment’

But ask many borrowers in this generation whether they worry about how the loans will affect their future and you’ll get a slew of bleak replies: It’s stopped them from getting their car fixed, switching jobs, buying a home and having children. Even a tax credit aimed at helping working low- and moderate-income Americans can be seized to repay defaulted student loans.

ECB still set to turn off QE taps despite cocktail of risks: Reuters poll

Having bought more than 2.6 trillion euros worth of mostly government bonds since March 2015, the ECB has been slowly trimming back its purchases, hoping it has already done enough to bolster growth and inflation.

China has US$6 trillion in hidden debts with ‘titanic’ credit risks, S&P says

China’s local governments may have accumulated 40 trillion yuan (US$6 trillion) worth of “hidden debts” that are not reflected in official figures, which is “a debt iceberg with titanic credit risks” to the world’s second biggest economy, S&P Global Ratings said in a report.

Jean-Claude Juncker hints Brussels will reject Italian budget

Brussels has one week to assess whether Rome’s draft budget for 2019 — which projects a deficit that is three times higher than an EU-mandated target — is at risk of breaching the rules. Any requests for a rewrite would need to be sent to Italy within two weeks.

Alan Greenspan’s prescription for American decline

What of the great financial crisis? The authors’ account combines the growth of derivatives and securitisation and their interplay with subprime mortgages in an environment of complacency because the financial world had been stable for so long. Greenspan argues against blaming his Fed’s low 2003-05 interest rates for the housing bubble and bust, pointing to a worldwide saving glut that pushed down long-term interest rates. Not mentioned are the regulatory levers his Fed could have used to dampen the housing bubble.

America’s budget deficit jumps by 17% as spending surges

Federal revenue rose only slightly, by $14 billion after Republicans chopped tax rates for corporations and most individuals. Outlays climbed by $127 billion, or 3.2 percent. A spike in defense spending, as well as increases for Medicaid, Social Security and disaster relief, contributed to the increase.

Lose your illusions. It's an ugly, dystopian world: Neil Macdonald (Paul D.)

It's becoming pretty clear that the crazed princeling of Draconia, Saudi Crown Prince Mohammed bin Salman, likely dispatched a 15-man assassination squad with a bone saw to slaughter and carve up the bothersome expat journalist Jamal Khashoggi, who visited the theocracy's embassy in Turkey last month for marriage-related documents. There may actually be a recording of the execution; Turkish intelligence, the regime in Ankara is suggesting to journalists, has a copy.

Saudi Arabia under spotlight over Khashoggi, but drastic Yemen famine ignored (Paul D.)

Following the disappearance of Washington Post columnist Jamal Khashoggi, believed to have been dismembered inside the Saudi embassy in Turkey on October 2, the media is starting to pay more attention to the Kingdom and cast a more critical eye on Crown Prince Mohammad Bin Salman (MbS). The latest developments in the Khashoggi case are the main agenda in news programs and critical commentaries are appearing in countless mainstream outlets. The story is inspiring far more outrage than the death of some 10,000 Yemenis.

Mammals cannot evolve fast enough to escape current extinction crisis (Paul D.)

Humans are exterminating animal and plant species so quickly that nature's built-in defence mechanism, evolution, cannot keep up. An Aarhus-led research team calculated that if current conservation efforts are not improved, so many mammal species will become extinct during the next five decades that nature will need 3 to 5 million years to recover.

Scientists make plea to save Pacific Northwest killer whales (Adam)

The task force that Inslee created in March is finishing a report spelling out measures needed to recover the famed whale population, which spends the greater part of each year pursuing salmon along the Pacific Coast off Washington state. The orcas there now number just 74, a 35-year low.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/16/18

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."

6 Comments

saxplayer00o1's picture
saxplayer00o1
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Total Canadian Consumer Debt Climbs to $1.864 Trillion

Total Canadian Consumer Debt Climbs to $1.864 Trillion

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sand_puppy's picture
sand_puppy
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Posts: 2011
Widow of 9/11 victim opines on KSA, Khashoggi killing

Kristen Breitweiser's husband was killed in the twin towers on 9/11.  She is one of the 4 women, "The Jersey Girls," who have wanted a clear accounting of the events of 9/11 while the government of the USA seems to have very little interest in understanding what happened.

Breitweiser appears to be strongly convinced that the Saudi's were behind 9/11.  (She is not mentioning the Israeli connections. Recall that a good deception, just like a good spy novel, must have multiple layers.)

She points out the hypocracy of several US officials expressing outrage against Saudi Crown Prince Saudi Mohammed Bin Salman (MBS) at this time while previously being unwilling to investigate her husband's death on 9/11 citing the risk of unintended harm to the USA-KSA relationship.

She points out that it was the Obama White House who supported arms sales to KSA and seemed to have little concern for hundreds of thousands of Yemeni citizens killed by US made and KSA delived bombs over the last 3 years.  Yet suddenly, key US government insiders have found moral outrage.

She also talks about Khashoggi as MUCH MORE than a "journalist."  He was a personal friend of Osama bin Laden and lived with him for several years.

Simple research reveals a much more colorful background of Jamal Khashoggi. https://spectator.us/2018/10/jamal-khashoggi/

To start, a person should read the Chicago Tribune article from 2004 that talks about Jamal Khashoggi being recruited by Adel Batterjee http://historycommons.org/entity.jsp?entity=adel_abdul_jalil_batterjee  in the 1980’s to get the “scoop of a lifetime.” That assignment was to go with Batterjee to Afghanistan and hang-out with the CIA/Saudi mujahideen fighting against the Soviets. The article is long and very well-researched. I highly suggest you take the time to read it because it details very clearly and specifically why and how Jamal Khashoggi knew so much about al Qaeda, the CIA, the Saudis, and much of the financing, funding, and organizing of Bin Laden that led to the 9/11 attackshttp://www.chicagotribune.com/news/chi-0402220496feb22-story.html

Next, I would encourage you to read some of Jamal Khashoggi’s opinion pieces from the Daily Star.

Khashoggi writes about financing of terrorism networks.

http://www.dailystar.com.lb/Opinion/Commentary/2002/Jan-07/108710-combating-extremism-must-be-for-islams-sake-not-americas.ashx and http://www.dailystar.com.lb/Opinion/Commentary/2002/Jan-15/108152-examining-the-state-of-the-great-saudi-american-meltdown.ashx and  http://www.dailystar.com.lb/Opinion/Commentary/2002/Jan-23/109014-us-combat-of-terrorist-financing-is-exasperating-the-saudis.ashx and http://www.dailystar.com.lb/Opinion/Commentary/2002/Sep-17/101910-where-islam-is-concerned-the-world-has-become-colorblind.ashx  and http://www.dailystar.com.lb/Opinion/Commentary/2003/Feb-22/110816-why-saudis-are-unruffled-by-us-call-for-reform.ashx and http://www.dailystar.com.lb/Opinion/Commentary/2003/Jan-27/109765-bring-back-the-occupation.ashx

Also, please note that in one of the leading books written about the 9/11 attacks, Lawrence Wright’s, “The Looming Tower,” Jamal Khashoggi is portrayed by Wright as a “friend” of Bin Laden. Khashoggi is not a “journalist” who reports on bin Laden. Rather he is described as Osama Bin Laden’s friend. And the Bin Laden/Khashoggi friendship apparently spans more than a decade—from Afghanistan, to Pakistan, to the Sudan.

He was also friends with the head of Saudi Intelligence for 20 years....

.... Jamal Khashoggi was closely connected to Prince Turki al Faisal. Prince Turki was the head of Saudi intelligence for more than 20 years. Interestingly, he resigned from his post 10 days before 9/11. Probably more interestingly, Turki is the man who allegedly brokered the deal with Bin Laden back in 1998 where, in exchange for money and support, Bin Laden would not attack the Saudi Royal Family.

And last

...the timing of Khashoggi’s disappearance when taken in connection with the 9/11 Families’ litigation. Last Friday, something very notable happened in the 9/11 litigation against the Kingdom of Saudi Arabia. For the first time ever, the Department of Justice stood on the side of the 9/11 Families and publicly committed to finally releasing three large tranches of formerly secret documents that we believe connect the Kingdom of Saudi Arabia to the 9/11 attacks. This is the biggest development we have had in our over 16 years of litigation.

And she wonders

Why would Jamal Khashoggi willingly go to the Saudi Consulate in Turkey—especially given his alleged sour relationship with Crown Prince Mohammad bin Salman? What would inspire him to go there? 

David Allan's picture
David Allan
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Khashoggi

Sandpuppy that is an interesting angle,

One of the aspects that interests me here is the way America is being portrayed around the world. In the past our (New Zealand) mainstream media has taken its cue direct from the US. But right now the spin is strongly that the US is trying to cover up for Saudi Arabia. A big part of this of course is related to Trump who is treated a standing joke over here - and in Europe from what I understand. ( From the integral model and spiral dynamics we know that you quite literally can't 'see over your own head' ie you can't take the perspective of any level above your own. And in Trumps case many of his lines of development apparently stopped developing before he hit puberty. This means he has so many blind spots that most educated westerners can't  fail to spot some.)

Anyway I find it fascinating that for the first time I can remember the US is consistently being portrayed with scorn and ridicule in our state run media.

Personally, I'm not in the least surprised by the US approach here. After all the tactic seems to be straight out of the CIA playbook - except from the part where they were recorded! I'm only surprised they didn't move to suppress this earlier.

I suspect it will be very hard to get this back in the box now. On our news bulletins we have now been told how Khashoggi was killed, who was present, who said what, who bought their bone saw to the meeting,  how long it took to kill him, how he was dismembered while still alive - everything but the actual audio clip. And I suspect the reason the Saudis have failed to address this (other than with blanket denials) is that they are so utterly and comprehensively skewered by that recording that manufactured 'explanations' will generally be treated with derision.

Just think what a different narrative the world would have for 9/11 if the plotters had been caught red handed on tape and exposed before the official story became entrenched.

sand_puppy's picture
sand_puppy
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Imaginations on Las Vegas Shooting-KSA Resurrected

I have absolutely no idea what happened in Las Vegas last year.  This isn't 'my issue' and I haven't attended to it much.  I personally can't evaluate the data and speculation.

But I AM certain that MUCH happened that night that is not officially reported.   And I am absolutely certain that the stories about Paddock, the LVPD, multiple shooters, lock down of the LE investigation, failure to publically release photos and information, do not explain the events.  Bump-stocks and bipods are incompatable.  Millionaires do not "earn money" playing slots.   23 guns in Paddocks room and thousands of rounds of spent brass without a single picture in a casino with CCTV everywhere?  Campos shoot in the leg with a military rifle is cared for at an urgent care center (which denies seeing him) then limps onto a TV set a few days later for an interview?   

The offered story is pure BS.  Something else entirely happened.  And we don't know what it was.

The Khoshoggis killing has resurrected the imaginations, data gathering and theorizing on the Las Vegas shootings.

One set of speculation  (ultrashort version): 

The Vegas shootings were an assassination attempt on Saudi Prince MBS by the forces of his cousin and rival for the crown, Prince Al Waleed.

Prince Al Waleed is a part owner of the top floors of the Mandalay Bay, a section called the Four Seasons Hotel (a hotel within a hotel).  Mandalay Bay owned by Adelson, Israel loyal and the the largest Republican donor.

MBS rented an entire floor in the Four Seasons Hotel for the week, but was out incognito gambling and slumming about at the Tropicanna during the assassination attempt and was missed and escaped.

In the weeks that followed the failed assassination, MBS shot down the helicoptor of another prince involved and arrested others of the royal family.

--------

Speculation 1

Speculation 2

Speculation 3

Speculation 4

-https://www.youtube.com/watch?v=Rz_Cos-p76Q

 

saxplayer00o1's picture
saxplayer00o1
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Posts: 4220
Russia liquidates nearly all its holdings of US debt & invests m

Bond alarm bells may ring sooner than Italian government expects

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cmartenson's picture
cmartenson
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Las Vegas Oddities

There are lots of unexplained oddities, enough for me to know that the officials are hiding something.  Probably something embarrassing to them, of course, because that’s far and away the #1 reason for anything to be declared “sensitive” or classified.  It’s simply embarrassing.

Like the FBI knew all about the plot in advance and somehow didn’t prevent it, or even were the suppliers of the weapons in some other botched attempt at a sting or while tracking an unrelated plot of some sort.

At any rate, one oddity that simply didn’t make any sense to me was this one:

An eyewitness to the deadly mass shooting at a Las Vegas country music festival on Sunday night described staying with a friend who had been shot three times as bullets continued to fly into the crowd.

"It was very chaotic, but my buddy was shot so there was no way I'm gonna leave him,'' Mike Cronk told Savannah Guthrie and Matt Lauer in a phone interview on TODAY Monday.

Cronk's friend, who he did not identify, was in surgery on Monday morning after being shot three times in the upper chest area.

(Source – Today)

Hmmm…the official story is that a somewhat aged man with medium to lesser gun skills (not Delta OP, or its equivalent) using bump stocks from 350 yards away on a downward trajectory shooting out of a busted out window (i.e. not a perfect flat, stabilized platform), was the only shooter.

Now as a recent graduate of the Front Sight experience I can tell you that at 15 yards hitting a chest cavity reliably three times takes some careful aim.  I took advantage of their Uzi shoot and had trouble keeping a light caliber (9mm) weapon trained on a chest cavity from 5 yards!  Back that up to 50 yards and no freaking way. At 100 yards I'd be lucky to land any at all.  But at 350 yards?  When the chest outline could not even be seen behind the narrow front sight?  Puh-leeeze!  No way.  

Now that’s with a pistol and an Uzi, of course, and a rifle is a different beast, capable of shooting a lot more accurately.

But as the owner of a semi-auto rifle I can tell you they kick. Pull the trigger and you’ve got to settle that thing back on the target (in the calibers used in Las Vegas).  At even 50 yards, you've got to settle that thing back down to get it on target.  By 100 yards, hitting a chest sized target requires real concentration.  At 150 yards my tongue is coming out the side of my mouth and my breathing is controlled to even be sure of hitting the target in single shot mode.  At 200 this takes serious skill and concentration.  At 250 it's even more difficult.  300 is serious shooting.  But 350?  That's some hard stuff right there.  Prone pose, good scope, and all of that.

So the idea to me that someone of Paddock’s age and skill shooting from 350 yards(!!) with a bump stock (which is shooting at a pretty fast rate) hitting someone three times in the upper chest…well, it just strains my sense of probabilities past their easy acceptance point.

So we have to explore other possibilities such as:

(1)  The victim was not hit three times.  This is an error of reporting.

(2)  Someone other than Paddock was shooting probably with a stabilized platform

(3)  Someone was shooting from much closer than 350 yards.

All of those possibilities are much more likely that hitting a single upper chest area 3x from 350 yards, highly elevated, and using a bump stock.

I would roughly imagine that from that distance and height, even a highly trained bump stock operator would be lucky to hit a van 3x, even if they were aiming for it specifically.

I mean, it’s possible that this one person being hit 3x was just a fluke, the sort that can happen very rarely, right?

But it turns out it happened more frequently than that:

 

Rachel Sheppard, who was shot three times at the Route 91 Harvest Festival, remembers everything up until she was put under for surgery. She was attending the concert with a group of friends from her home town of Tehachapi, California, where she works as a bartender and wedding coördinator.

The bullets hit her chest, just under her left breast, and her abdomen, injuring her liver and her aorta, the largest blood vessel in the body. “I flew like three feet,” she recalled recently, her voice ragged. “I mean, I just flew like a fish, just straight back.” It took a long time to reach the paramedic tent. “People kept picking me up and dropping me, and picking me up and dropping me, because we kept hearing the shots,” she said.

(Source)

While unclear from the writing, it sounds like this woman was also hit by a burst, not three times, randomly, over some stretch of time.  The people around her were helping carry and attend the wounded, not also being hit by stray bullets flying about.

Again, my law of probabilities, and shooting experience, has to really take a back seat to square up these accounts with the official story.

I simply don't know what happened, but much like bldg 7 going into free fall, these "three shots to the chest" stories just don't make a lick of sense if you understand shooting at all.  If they do, I really would like to have them explained.

If anyone doubts this, join us next year at Front Sight and we'll be sure to go to a 350 yard range and we can demonstrate this easily enough.

 

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