Daily Digest

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Daily Digest 10/20 - Janet Yellen On Income Inequality, Who Owns The Seas When Island Nations Drown?

Monday, October 20, 2014, 10:46 AM


Dozens Declared Free of Ebola Risk in Texas (jdargis)

Mr. Duncan’s fiancée, Louise Troh, who nursed him in their cramped apartment while he suffered from diarrhea and who was put under state-ordered quarantine, was set to be declared Ebola-free by officials at the end of Sunday. So, too, were the paramedics who drove an ailing Mr. Duncan to a hospital and health care workers who drew or processed his blood. And a mandatory quarantine was lifted for a homeless man who later rode in the same ambulance as Mr. Duncan before it was disinfected.

Rising Inequality: Janet Yellen Tells It Like It Is (jdargis)

Since the top five per cent of households own almost two-thirds of the wealth, it stands to reason that most American households don’t own very much at all. But the figures that Yellen presented are still shocking. In 1989, the bottom half of the distribution owned just three per cent of all wealth. By 2013, that figure had fallen to one per cent. No, that’s not a typo: half the country owns one per cent of its wealth.

Poor kids who do everything right don’t do better than rich kids who do everything wrong (jdargis)

Specifically, rich high school dropouts remain in the top about as much as poor college grads stay stuck in the bottom — 14 versus 16 percent, respectively. Not only that, but these low-income strivers are just as likely to end up in the bottom as these wealthy ne'er-do-wells. Some meritocracy.

Despite Slumping Prices, No End in Sight for U.S. Oil Production Boom (jdargis)

Slowing American oil production is like slowing a freight train moving at high speed. The current production of 8.7 million barrels a day, the highest in nearly a quarter-century, is more than a million barrels a day higher than it was only a year ago. Most companies make their investment decisions well in advance and need months to slow exploration because of contracts with service companies. And if they do decide to cut back some drilling, they will pick the least prospective fields first as they continue developing the richest prospects.

Natural underground CO2 reservoir reveals clues about storage (jdargis)

It was thought that the volcanic SodaStream that filled Bravo Dome did so roughly 10,000 years or ago, but this wasn’t a solid estimate. For this latest study, the researchers took advantage of a technique often used to find out how long ago a rock rose to the surface (one we’ve described before). The technique involves analyzing the number of helium-4 atoms inside crystals of the mineral apatite. That helium-4 is the product of the decay of radioactive isotopes of uranium and thorium. If the apatite crystal is cooler than about 75°C, the helium-4 atoms will be stuck inside. At warmer temperatures, the helium-4 can escape.

U.S. Utilities Facing Fuel Shortage Problems As Winter Approaches (James S.)

American utility companies are facing lower-than-average fuel supplies as they begin to stockpile for the winter. Part of the reason is the country’s oil boom. Moving oil by rail has become so widespread that train backups are making it hard for utilities to receive shipments of coal, which in some cases is leaving power plants critically low on fuel supplies.

Stunning Scenes From California's Central Valley Drought (pinecarr)

No matter what you have read or seen so far on California’s historic Central Valley drought, you probably haven’t been touched by it as much as you will be by the following video from the New Yorker.

When island nations drown, who owns their seas? (jdargis)

Kiribati, like other island nations, controls hundreds of thousands of square miles of the ocean that surrounds it. Kiribati’s land area is about that of Kansas City, while the ocean territory it controls is larger than India. Within these “exclusive economic zones,” to use the UN term, island nations possess the power to regulate, tax, or disallow any economic activity, including mining or drilling for oil. The tuna fishing alone in the domain of Pacific island nations is worth an estimated $4 billion a year.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/17/14

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."


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National Debt passes $17.9 Trillion

The Debt to the Penny and Who Holds It

( Debt Held by the Public vs. Intragovernmental Holdings )

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
10/17/2014 12,808,641,566,086.66 5,094,728,728,812.16 17,903,370,294,898.82


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US Army withheld promise from Germany that Ebola virus wouldn't

US Army withheld promise from Germany that Ebola virus wouldn't be weaponized

(via wikileaks)

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When the odds are NOT in your favor

"Anti-Petrodollar" CEO Of French Energy Giant Total Dies In Freak Plane Crash In Moscow

Once again, the probability of a fatal accident seems to drift upwards a bit when one takes a stand against the petrodollar and/or advocate for European nations buying natural gas from Russia.

However, no nail guns were found in the wreckage and the plane did not have a hot tub.  :-/

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