Daily Digest

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Daily Digest 10/26 - U.S. Spies On 'The Entire Globe', Alan Greenspan's Shock Revelation

Saturday, October 26, 2013, 11:52 AM

Economy

Consumer Confidence Plunges To Lowest In 2013 (Kevinoman0221)

The relationship between Consumer Confidence is clear, and IF June did mark the high and Confidence continues to decline, then we would expect to see that translate to weakness in the equity markets. The removal of the “Bernanke put” only adds to this concern.

A major turn has taken place in equity markets on average four months after Consumer Confidence turns, which would point to a decline beginning around September-October. As we have previously expressed, we remain of the bias that a correction in equity markets on the order of 20%+ is likely this year/ into 2014 and the current dynamics support such a move.

Alan Greenspan's Shock Revelation (Kevinoman0221)

We really can't forecast all that well. We pretend that we can but we can't. And markets do really weird things sometimes because they react to the way people behave, and sometimes people are a little screwy.” – Alan Greenspan, speaking this week on “The Daily Show”

But still economists insist that, if they are allowed to monkey around with it, they can make an economy better. This is occasionally true. Said occasion is usually when they have already messed it up. By withdrawing some of their planning and programs, they may allow it to recover. Otherwise, there is no example in history where force has been successfully applied to economics.

World's first Bitcoin ATM goes live in Vancouver next week (westcoastjan)

Bitcoins currently trade for close to $200, but have swung widely in value from $13 to $250 in the past year. Until now, most have been traded person-to-person in individual transactions or through various unregulated exchanges that exist mostly online.

Pedestrian power to shape future cities (westcoastjan)

The transformation transcends the physical environment. A cultural shift has occurred and residents in general choose to live near where they work. Education has improved as well, with children walking or biking to quality schools close to where they live. Health has improved dramatically and people are living longer. Most people don’t own cars, and those who do usually only drive them as a hobby, since they’re relics of a bygone era.

Economy woes pile up for Latin America's leftists (westcoastjan)

This week, for example, it was announced that the country is to import Nicaragua's entire crop of black beans for this year.

Nonetheless, the government has accused its political opponents of causing the shortages, as part of what Mr Maduro calls an "economic war".

US spies on 'the entire globe', experts say (westcoastjan)

According to the press accounts, Americans have been engaged in espionage on France, Germany and other countries - on a scale so vast that even jaded officials say they are taken aback.

"I am not naive. I know intelligence services have to do their job. But if it is true, it's deeply shocking," says one Western official.

Plan to Tax the Rich Could Aim Higher (jdargis)

Tax law in New York City is determined by New York State, not the city, so the mayor has only the power of persuasion. But the mayor can be a strong advocate. A tacit goal of the Bloomberg administration seems to have been to woo the world’s superrich with generous tax treatment, in what seems to be a continuing global competition with London, Hong Kong and Singapore. That’s not all that surprising, considering that Mr. Bloomberg is a billionaire himself, with a primary residence in New York City, a $20 million apartment on London’s Cadogan Square and a getaway in Bermuda. Attracting the superrich may well bolster some tax revenue and confer benefits on the city and its more ordinary residents, but the question remains, can and should they be asked to pay more?

Candle Powered Pottery Heater (outlive)

Keep in mind that this will NOT heat your whole home, not even close. However, you’d be surprised at how it will heat up a closed room and will keep you from getting hypothermia. Essentially it takes the heat from the candle that would normally go straight up and radiates it out once the terra cotta begins to retain the heat.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/26/13

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."

1 Comment

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Detroit penshioners get 16 cents on the dollar

Buckfire said it was clear that the city did not have the funds to pay the unsecured pension payouts without cutting them.

"It was a function of the mathematics," said Buckfire, who said he did not think it was necessary for him or anyone else to recommend pension cuts to Orr.

"Are you saying it was so self-evident that no one had to say it?" asked Claude Montgomery, attorney for a committee of retirees that was created by Rhodes.

"Yes," Buckfire answered.

Buckfire, a Detroit native and investment banker with restructuring experience, later told the court the city plans to pay unsecured creditors, including the city's pensioners, 16 cents on the dollar. There are about 23,500 city retirees.

http://www.reuters.com/article/2013/10/25/usa-detroit-bankruptcy-idUSL1N0IF0LG20131025

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