Daily Digest

Image by USDAGov, Flickr Creative Commons

Daily Digest 2/7 - Farm Belt Bankruptcies Soaring, Is $136 Million In Crypto Stuck or Missing?

Thursday, February 7, 2019, 10:04 AM

Economy

Updated: Secrecy Reigns as NERC Fines Utilities $10M citing Serious Cyber Risks (Thomas R.)

The fines come as the U.S. intelligence community is warning Congress of the growing risk of cyber attacks on the U.S. electric grid. In testimony this week, Director of National Intelligence Dan Coats specifically called out Russia’s use of cyber attacks to cause social disruptions, citing that country’s campaign against Ukraine’s electric infrastructure in 2015 and 2016.

A Crypto-Mystery: Is $136 Million Stuck or Missing? (Thomas R.)

Stockholders in a Canadian cryptocurrency exchange say about $136 million worth of customers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password.

How fake news spreads, sowing distrust ahead of Nigeria’s elections (tmn)

This false information covers many topics and takes different forms. On the subtler end of the scale, there are examples such as Buhari’s aide saying that Atiku only avoided arrest on his US visit because of diplomatic immunity; or the opposition official posting news that “800 companies shut down” even though the story pre-dated Buhari’s term. On the wilder end of the scale, there are the claims that President Buhari has been replaced with a Sudanese clone; or that Kim Jong Un wants to re-colonise Nigeria.

4 dolphins have died within 2 years at an Arizona facility. Now it's closing. (Thomas R.)

"Immediately after Kai started showing signs of health decline two weeks ago our team made every effort to save his life, including bloodwork testing, ultrasounds, x-rays, and engaging external specialists and submitting diagnostic samples to outside university veterinary laboratories," said Schaeffer. "After the veterinary team administrated hours of critical care, including providing him oxygen, medicine and x-ray testing, Kai's condition continued to decline. We made the extremely difficult decision to humanely euthanize Kai ensuring he would pass peacefully."

AAA confirms what Tesla, BMW, Nissan electric car owners suspected — cold weather saps EV range (Thomas R.)

Some EV drivers — including this correspondent — recently found that range can drop by half when the mercury tumbles into negative territory. The AAA study appears to be the first to have used standard, repeatable methodology to confirm the problem and compare the effect of winter temperatures on different models.

Climate change was the subtext of the State of the Union. It should’ve been the headline. (tmn)

The recent bankruptcy of PG&E, California’s largest utility, is a case in point. The company is facing upward of $30 billion in liabilities since its equipment was blamed for starting some of the deadliest and most destructive wildfires in California history. That the state became such a tinderbox is due in part to ongoing changes in the climate.

MAGA and Government Myths (GE Christenson)

To be money something must be a store of value. Dollars have lost value—or purchasing power—since 1913 when a corrupt congress dumped the Federal Reserve upon the United States. Measured against gold—true money—the dollar has lost about 98%. Why does a Ford pickup that cost $2,000 fifty years ago cost $45,000 – $50,000 in 2018? Dollar devaluation! This shows a compound increase of over 6% per year for fifty years. Hundreds of other examples demonstrate the loss of purchasing power of the once mighty dollar.

Disney/Fox Merger Will Result in at Least 4,000 Lost Jobs (Thomas R.)

The Hollywood Reporter has an in-depth piece about Disney’s impending acquisition of most of Fox’s assets and how it will affect Fox employees. The short answer? One analyst says “there will be bloodshed” in the process, referring to the thousands of employees who will be laid off in the aftermath of the merger. This excerpt paints an especially grim picture:

Exxon Mobil and Qatar greenlight $10 billion project to export natural gas from Texas (Thomas R.)

The plan to export LNG from Exxon's Golden Pass terminal speaks to the renaissance in U.S. energy production. The facility was originally built to import LNG, but the surge in U.S. natural gas production over the last decade means American drillers are now looking overseas for buyers.

Oil prices pare losses after EIA reports a smaller-than-expected rise in U.S. crude supplies (Thomas R.)

The Energy Information Administration reported Wednesday that domestic crude supplies rose by 1.3 million barrels for the week ended Feb. 1. That was smaller than the 3.7 million-barrel rise expected by analysts polled by S&P Global Platts. American Petroleum Institute data on Tuesday showed an increase of 2.5 million barrels, according to sources. Gasoline stockpiles edged up by 500,000 barrels last week, while distillate stockpiles were down 2.3 million barrels, according to the EIA.

Venezuela’s Collapse Is A Window Into How The Oil Age Will Unravel (Mark)

So how does a country like Venezuela with the largest reserves of crude oil in the world end up incapable of developing them? ... we’ve shifted into a new era. The world has moved from largely extracting cheap, easy crude, to becoming increasingly dependent on unconventional forms of oil and gas that are much more difficult and expensive to produce.

Farm Belt bankruptcies are soaring (Don R.)

The rise in farm bankruptcies represents a reckoning for rural America, which has suffered a multiyear slump in prices for corn, soybeans and other farm commodities touched off by a world-wide glut, made worse by growing competition from agriculture powerhouses such as Russia and Brazil.

Earth just experienced one of the warmest years on record (TS)

The average global temperature has risen about 2 degrees Fahrenheit, or a little over 1 degree Celsius, since the 1880s. That puts us more than two-thirds of the way to the warming limit of 1.5 degrees Celsius that was set in the Paris climate agreement.

Climate Change Will Alter the Color of Half of Earth’s Oceans by 2100 (tmn)

Using computer models, the team projected that some blue regions of the ocean, including subtropical gyres, are likely to become bluer in the coming decades due to a reduced phytoplankton presence in the warmer waters. Meanwhile, phytoplankton blooms will become common in the water around Earth’s poles, suggesting those regions might have an emerald shade in the coming decades.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/6/19

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

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4279
Central Bank Monetary Policies Mostly On Hold As Global Growth S

Fed Turning to Negative Rates Would 'Blow Up' Money Markets ...

Bloomberg-17 hours ago
Renewed discussion about the potential for the Federal Reserve to employ negative interest rates to combat an economic downturn is already prompting ...

Janet Yellen: Possible next Fed move is a cut if global growth ...

CNBC-19 hours ago
The Federal Reserve's next move may well be an interest rate cut if weakening growth around the world starts infecting the U.S. economy, former central bank ...

'Fragility in Italy's economy needs to be addressed,' EU warns as it ...

CNBC-5 hours ago
Italy's debt pile of 2.3 trillion euros ($2.6 trillion) is "first and foremost (it's) a risk factor for Italy itself, but one that needs to be addressed," he added. Italy's 2019 ...

EU slashes eurozone growth forecast as Germany cools
Bangkok Post-2 hours ago

Central Bank Monetary Policies Mostly On Hold As Global Growth Slows

Nasdaq-22 hours ago
Its an interesting time in the global financial markets with major central banks just about all with future policies on hold. This is resulting in forex trading just about ...

Chicago Public Schools' budget surplus not enough to improve S&P ...

Chicago Sun-Times-13 hours ago
... million from a year earlier when CPS closed out with a $275 million deficit. ... CPS also has more than $12.3 billion in unfunded teacher pension liabilities.

As costs grow, cities push to consolidate hundreds of local public ...

Illinois News Network-19 hours ago
City leaders want to consolidate hundreds of local pension funds for police officers and firefighters as the cost of paying for those obligations crowds out money ...

$15 minimum wage hike to cost Illinois taxpayers $1.1B

Illinois Policy-11 hours ago
5, reiterating the state's need to address its massive unfunded pension liability, structural deficits and the economic consequences of its declining population.

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4279
US pushes borrowing in OECD to new record of $11 trillion in 201

US pushes borrowing in OECD to new record of $11 trillion in 2019

Reuters-4 hours ago
The Paris-based organization said in its annual sovereign borrowing outlook that gross borrowing among member states on debt markets would top $11 trillion ...

It's the Year of the Dove for Central Banks Hewing to Fed Script

Bloomberg-9 hours ago
India's new central bank chief delivered a cut which will likely be welcomed by Prime Minister Narendra Modi as an election nears. Australian central bank chief ...

Slowing global economic growth to deter US rate hikes: RBC's Bishop

Reuters.com-19 hours ago
But when a recession arrives, the Federal Reserve may institute below-zero, or negative, interest rates like those seen in Europe after the 2008 financial crisis, ...

US consumer credit tops $4 trillion for the first time in December

MarketWatch-19 hours ago
The numbers: For the first time ever, consumer credit has risen above $4 trillion, the ... For the year, credit card debt was up at a 2.75% pace while nonrevolving ...

Record $135 billion loss by Japan's pension fund shows shifting from ...

The Japan Times-9 hours ago
Domestic debt held by Japan's Government Pension Investment Fund returned 1 percent in ... The fund lost a record ¥14.8 trillion ($135 billion), or 9.1 percent.

Moody's: New taxes could accelerate Illinois exodus

Illinois Policy-32 minutes ago
20, he will do so facing a $2.8 billion budget deficit, $133 billion in pension debt and a $7.8 billion backlog of unpaid bills. State leaders cannot expect to fix the ...

Louisville faces 'devastating' cuts to fill $65 million budget gap

Courier Journal-17 hours ago
The budget deficit was caused by the state-mandated pension increase that continues to grow each year, Fischer said. The cuts could include staffing reductions ...

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments