Daily Digest

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Daily Digest 8/14 - Black Swans On Final Approach, Ghosts of Shopping Past

Thursday, August 14, 2014, 9:25 AM

Economy

Eurozone Recovery Stalls, With Weakness in Germany and France (jdargis)

There were some signs for optimism, as economic growth picked up in several so-called peripheral eurozone members. Spain grew 0.6 percent on a quarterly basis, accelerating from 0.4 percent at the start of the year. Portugal returned to growth after contracting in the first quarter, and Cyprus and Greece moved closer to breaking even, suggesting their steep declines may be nearing an end.

Severe drought hits north and central China (Alan W.)

Farmer Wang Liancheng pumps water from a river to irrigate his field in Shitou Village of Shuangshan Town in Shuangliao City, northeast China's Jilin Province, Aug. 12, 2014. North and central China is bearing the brunt of severe drought, which may be caused by the weather anomaly known as El Nino, usually triggering drought in north China while bringing more rains to south China.

Ghosts of Shopping Past (jdargis)

The idea went back to 2005 when I drove weekly past a large closed supermarket on the North Side of Chicago. At night the space really transformed from one of neglect and misuse to something incredibly visual that described a Rothko-esque painting space divided in three parts (parking lot, building, and sky). I spent a few nights making some photographs to try and replicate what I saw. I had been working on a larger project dealing with American consumerism, and it was no surprise to me that these spaces would fail and dwindle as fast they arise. I was in the midst of a deeper project, photographing in thrift stores and recycling shops as part of my “Copia” series, so I shelved the idea.

Black Swans on Final Approach (GE Christenson)

“The US government’s decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately harming the US economy itself. While the effect of sanctions on the dollar may not be appreciated in the short term, in the long run these sanctions are just another step toward the dollar’s eventual demise as the world’s reserve currency.”

Where Is Casey's Marin Katusa Stashing His Money When Europe Heats Up? (Kevinoman0221)

A new monetary fund is being created by China, India and Russia. South Africa is joining, as is Brazil. The emerging markets are sick and tired of the old indebted countries, such as the United States and Western Europe, dictating their destinies. Central to all this is energy because it is what fuels the economic engines across the world.

Crude Prices Ease Despite Conflicts In Key Energy Countries

OPEC member countries produced generous amounts of crude during July, causing a “glut” in the supply of oil, despite conflicts involving oil countries that have led to concerns of possible disruptions, the International Energy Agency (IEA) reports. The cost of Brent crude on Aug. 12 fell to its lowest level since Nov. 8, 2013, and another benchmark, West Texas Intermediate, was also down. Meanwhile, OPEC output climbed to its highest level in five months, and the IEA slashed its estimates for the growth in demand for oil for 2014 and 2015. The IEA, based in Paris, advises 29 nations on energy policy.

Many Big Employers Plan To Offer Skimpy Health Options Despite Law (jdargis)

"It is a little higher than I would have expected but does not surprise me," says Timothy Jost, a law professor who specializes in consumer health at Washington and Lee University in Virginia. "It would be interesting to know what sectors of the economy these employers are in." Low-benefit plans traditionally have been offered by hotels, restaurant chains and other lower-wage industries, Jost said, "but this may be spreading." The survey compiled responses from 136 large employers but didn't specify which industries made up the 16 percent offering low-benefit plans.

Does Our Money Really Belong to Us? (Tyler K.)

Essentially, they require foreign financial institutions to withhold tax for the U.S. and jump through many other hoops in order to serve U.S. clients. Now if you bank overseas, the bank can withhold 30% of your funds, for our government’s tax purposes if the foreign bank declined to share information about its U.S. clients. They also have to verify all sorts of data and do so much paper work they need to hire a small army to complete it.

With this, our government has single-handedly made it significantly harder for Americans to invest abroad — whether its a house, a new business or just a simple bank account, our government is imposing its own capital controls.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/13/14

Provided daily by the Peak Prosperity Gold & Silver Group

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3 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1517
Plenty of blame to go around in Ferguson, MO

http://market-ticker.org/akcs-www?post=229299

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
An interesting Phone Call

Someone wants to buy my boat. (Unadvertised)

I have just had an interesting phone call. It was my assumption that as baby boomers retired they would be selling off all their toys and therefore yacht prices would collapse.

Not so. I am not the Lone Ranger. Others are in the same situation as me and are coming to the same conclusions. They need a yacht. The price of Real Estate in Australia has reached ridiculous heights and others are coming to the conclusion that they are not getting their moneys worth.

Industries are collapsing (As per the Club of Rome graphs), Municipalities are going to have to raise taxes to cover their shortfalls. They will tax everything immovable.

We are going Feral as they they say in Australia. It is so much less painful to jump out of the ground floor window.

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