Daily Digest

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Daily Digest 2/4 - The Rise Of China's Super-Rich, Did Spies Sink Climate Deal?

Tuesday, February 4, 2014, 12:55 PM

Economy

Why are Taxpayers Subsidizing Big Mac Buyers? (Adam)

Young entrants into the labor force won't even have a chance to improve their lot by gaining job experience because they won't be allowed to offer their labor for less than the minimum wage, even if they want to. Instead they will become dependent on handouts.

The Story Behind 'Milk Road,' The Bitcoin Cookie Stand (Amanda)

When her 8-year-old’s elementary school class was studying the concept of money last year, Holly sent the teacher a note advising her to include virtual currencies in the lesson. The teacher never responded to the email. Holly decided she would teach the kids herself, with a real world lesson. When they decided to take their Christmas gift cookie stand to the farmer’s market to sell cookies, Holly set up a Bitcoin wallet for them and printed out the QR code so they might get a chance to see what a Bitcoin transaction is like. “Noe Valley is a neighborhood where lots of Facebook and Google people live so I thought they might know about Bitcoin and want to use it,” she says.

The Federal Reserve Lies About Everything–Rob Kirby (pinecarr)

What is happening now in the economy is not recovery but “financial war.” Kirby explains, “What we’re witnessing and experiencing is a war between the keepers of the fiat system . . . and foreigners who have lost confidence in the U.S. dollar and confidence, for the most part, in fiat money. This is why all the emerging countries, China, Russia and the Asian countries are all buying gold. Isn’t it interesting, just as physical gold problems have started to manifest themselves with people having problems not being able to get the gold they want, Germany not being able to get their gold back. . . Isn’t it interesting, we have had an emerging market currency crisis rear its head in the last two weeks? The most adversely affected countries are either buying gold or facilitating trade in gold. If you want to put an umbrella over what we are talking about, it is economic warfare.”

The Middle Class Is Steadily Eroding. Just Ask the Business World. (Nervous Nelly)

In response to the upward shift in spending, PricewaterhouseCoopers clients like big stores and restaurants are chasing richer customers with a wider offering of high-end goods and services, or focusing on rock-bottom prices to attract the expanding ranks of penny-pinching consumers.

The Rise Of China's Super-Rich (westcoastjan)

Where’s all this money coming from? Massive economic growth, said Mykolas Rambus, Wealth-X’s CEO. For most of the last decade, the country’s gross domestic product has grown by about 10%a year — by comparison, US GDP growth has only exceeded 3% twice since 2003 — and it’s been business owners who’ve been able to take the most advantage of that rapid expansion.

Pipeline rupture report raises questions about TransCanada inspections (westcoastjan)

In January 2011, TransCanada was in the midst of negotiating dozens of U.S. safety requests on pipeline construction, operation and design on the controversial Keystone XL proposal. That was followed by several months of public comments in the States later that year.

The Keystone XL project, first proposed in 2008, is still in limbo. A crucial assessment released last week said there are no major environmental objections to the $7-billion mega-project, but a 90-day comment period still remains.

Emissions impossible: Did spies sink key climate deal? (westcoastjan)

By monitoring "signals intelligence", the spies would keep US negotiators "as well informed as possible" about "sidebar discussions", informal huddles and corridor conversations during the two week conference.

In other words, the sneaky buggers (well, they do install bugs, don't they?) were giving the US a major advantage in the negotiations.

Why Iran's Economy Might Not Get a Big Break from Sanctions (James S.)

Iran says it's received a little more than 10 percent of the oil money unlocked when it agreed to the terms of a nuclear agreement with the so-called P5-plus-1 last year. In November, the International Monetary Fund said Iran needed to start addressing fundamental structural challenges to its economy. Apart from an eventual recovery for its oil sector, Iran's nuclear posture may help address long-term economic woes. Or it may be a bitter case of irony for the Islamic republic.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/3/14

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."

8 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 3099
FerFAL returning as this week's podcast guest

Sax -

Given all the Argentine headlines, we thought we'd catch up with FerFAL to hear his thoughts on the latest developments there. He didn't disappoint.

The discussion will be the featured podcast this weekend on PP.com. Look for it Saturday morning.

cheers,

A

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2839
Adam Taggart wrote: Sax
Adam Taggart wrote:

Sax -

Given all the Argentine headlines, we thought we'd catch up with FerFAL to hear his thoughts on the latest developments there. He didn't disappoint.

The discussion will be the featured podcast this weekend on PP.com. Look for it Saturday morning.

cheers,

A

Sweet!

Q for FerFal:  What is it like to live in a world without ketchup?

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1449
Milk Road

If those cookies are made with butter and natural ingredients (sugar not HFCS, no GMO) and lemonade is freshly made then those prices are good.   If I lived out there, I would be a customer but not paying with bitcoin (too risky with FED).

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1449
Adam Taggart wrote: Sax
Adam Taggart wrote:

Sax -

Given all the Argentine headlines, we thought we'd catch up with FerFAL to hear his thoughts on the latest developments there. He didn't disappoint.

The discussion will be the featured podcast this weekend on PP.com. Look for it Saturday morning.

cheers,

A

 

Great news.  I was just explaining to someone it is not always safer to live in rural area.  IIRC FerFAL explained how bandits went after ranches and waited them out.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
Thanks, Adam....and now another headline

The situation over there is only getting worse and I'll make sure to take a listen to what he has to say.

Argentina's Cash Crunch Leads It to Deprive Importers of Dollars

 

KennethPollinger's picture
KennethPollinger
Status: Platinum Member (Offline)
Joined: Sep 22 2010
Posts: 654
Rob Kirby's Analysis MUST be watched

One of the best I have ever seen.

Enjoy and weep, or better yet, get more prepared!!

 

The Federal Reserve Lies About Everything–Rob Kirby (pinecarr)

What is happening now in the economy is not recovery but “financial war.” Kirby explains, “What we’re witnessing and experiencing is a war between the keepers of the fiat system . . . and foreigners who have lost confidence in the U.S. dollar and confidence, for the most part, in fiat money. This is why all the emerging countries, China, Russia and the Asian countries are all buying gold. Isn’t it interesting, just as physical gold problems have started to manifest themselves with people having problems not being able to get the gold they want, Germany not being able to get their gold back. . . Isn’t it interesting, we have had an emerging market currency crisis rear its head in the last two weeks? The most adversely affected countries are either buying gold or facilitating trade in gold. If you want to put an umbrella over what we are talking about, it is economic warfare.”

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2387
I agree - Kirby piece is a must watch

Thanks Ken for posting this.. I have listened to it twice already in the last few days.  Kirby explains things in a very clear way... and his insights into the nefarious use of Treasury swaps (derivatives) to create artificial demand for US debt, thus driving interest rates down, is very important.   

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