Daily Digest

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Daily Digest 1/12 - F.B.I. Broadening Surveillance Role, The Value Of Wealth

Monday, January 12, 2015, 10:48 AM

Economy

The Value Of Wealth (Don R.)

Michael Lewis – yes, him – provides another wonderful example in the New Republic. I tried to make the quote as short as I could, but, hey, Lewis is .. Lewis. The original title was ‘Extreme Wealth Is Bad for Everyone – Especially the Wealthy’ (Getting rich won’t make you happy. But it will make you more selfish and dishonest).

European Bank Runs Could Come to America-Laurence Kotlikoff (pinecarr)

Dr. Kotlikoff warns, “I think it’s already gotten out of control because of the amount of money that has been printed. I don’t think anything fundamental has been done in the U.S. or Europe to address the structural issues. The banking system is in riskier shape than it was. There is nothing in the Dodd-Frank legislation that I see in terms of keeping us from anther meltdown or another run on the banks that we had before. I do worry about that, and I worry that in the U.S. we have no adult leadership in either party.”

Held To Account (jdargis)

The charter movement attracts its fair share of dilettantes, who believe their outsider status imbues in them a wisdom that will allow them to succeed where conventional public school models—laden with bureaucracy and legacy—fail. Miller is passionate about schools, but he is no dilettante. His grandmother was a teacher, and his great-grandparents founded a school in Mississippi. On graduating from North Atlanta High School, Miller earned a Gates Foundation Millennium scholarship that paid for his entire Morehouse College education. He worked in finance at Goldman Sachs in New York City and JPMorgan Chase in Chicago until he was “called,” as he puts it, to education.

Education plus ideology exaggerates rejection of reality (jdargis)

The results are in keeping with a number of other studies that have been published of late, which also show that partisan divides over things that could be considered factual sometimes increase with education. Typically, these issues are widely perceived as political. (With some exceptions; GMOs, for example.) In this case, the authors suspect that education simply allows people to deploy more sophisticated cognitive filters that end up rejecting information that could otherwise compel them to change their perceptions.

F.B.I. Is Broadening Surveillance Role, Report Shows (jdargis)

But parts of the report remained heavily redacted. For example, there was only one uncensored reference to the Prism system. It was not clear why the Justice Department had redacted all the other references to Prism in the report; the name of that program and many details about it have been declassified and were discussed in a July 2014 report by the Privacy and Civil Liberties Oversight Board.

David McCraw, a Times lawyer, said the newspaper may challenge the redactions at a later stage in the Freedom of Information Act litigation.

What is Bitcoin? - Exclusive World Premiere Documentary on Why Bitcoin Matters (Chris M.)

Bitcoin, as you're about to see, could revolutionize finance, banking, commerce and more - the impact this technology could have on global society is just beginning to reveal itself.

Ohio Quakes Linked To Fracking (Evan K.)

Geologists from the University of Miami report that hydraulic fracturing, or fracking, caused 77 small earthquakes in northeastern Ohio, an area that is normally geologically quiet. Their study, published online on Jan. 5 by the Bulletin of the Seismological Society of America, said energy companies caused the quakes in March 2014 as a result of fracking into an underground area near Youngstown, Ohio, that contained a previously unknown geological fault. Seismic data determined that the earthquakes ranged in magnitude from 1.0 to 3.0 on the widely used Richter scale between March 4 and March 12, according to Robert Skoumal and Michael Brudzinski, geology professors at Miami, and graduate student Brian Currie.

As Oil Prices Fall, Banks Serving the Energy Industry Brace for a Jolt (jdargis)

“At the least, you are talking about a slowdown in loan growth for the banks in the energy-producing states,” said Charles Peabody, a banking specialist at Portales Partners. “That, we feel pretty strongly about.”

Gold & Silver

Click to read the PM Daily Market Commentary: 1/9/15

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 (Online)
Joined: Jul 30 2009
Posts: 4066
Time2help's picture
Time2help
Status: Diamond Member (Online)
Joined: Jun 9 2011
Posts: 2766
Cheap oil is here to stay

Saudi Prince: Oil will never return to $100

Guess it's time to buy that new Hummer.

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