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Daily Digest 5/12 - NY Backs Bitcoin Exchange, How To Rewrite Decades of Economic Policy

Tuesday, May 12, 2015, 11:47 AM

Economy

As Global Number of Pupils Soars, Education Falls Behind (jdargis)

An educated population is a critical precondition for broadly shared prosperity — an essential tool for nations seeking a role in the global production chains driving economic growth around the world. But simply pursuing “universal education” will not get us there. It cannot do the job alone.

NY Backs Bitcoin Exchange. But It May Not Fly in California (Yoxa)

Tom Dresslar, a spokesman for the California Department of Business Oversight, says the agency has been “looking into” whether itBit’s charter would allow it to operate within the state. “We’re not prepared to agree that ItBit is can conduct exchange transactions with Californians under its New York certificate,” he says. The charter granted by New York is an usual thing, and it’s certainly new to the world of digital currency. Thus, it’s effect outside New York is unclear.

Revealed: FBI violated its own rules while spying on Keystone XL opponents (Michael W.)

Between November 2012 and June 2014, the documents show, the FBI collated inside knowledge about forthcoming protests, documented the identities of individuals photographing oil-related infrastructure, scrutinised police intelligence and cultivated at least one informant.

It is unclear whether the source or sources were protesters-turned-informants, private investigators or hackers. One source is referred to in the documents as having had “good access and a history of reliable reporting”.

The Biggest Silver Haul In History (Taki T.)

How in the world can JPMorgan eventually sell hundreds of millions of ounces of silver without flooding the market and causing prices to crash? This is what JPMorgan does as a regular part of their business – accumulate and then liquidate massive market positions before most people get out of bed every morning. It is second nature to them. In my opinion, this silver will be sold before most people realize they bought it in the first place. Buying 350 million ounces of silver was the hard part, selling it will be a snap.

Middle Class Is Disappearing, at Least From Vocabulary of Possible 2016 Contenders (jdargis)

“The cultural consensus around what it means to be ‘middle class’ — and that has very much been part of the national identity in the United States — is beginning to shift,” said Sarah Elwood, a professor at the University of Washington and an author of a paper about class identity that one Clinton adviser had studied.

“Vanity capital” is the new metric for narcissism, and analysts say its value worldwide is greater than Germany’s GDP (jdargis)

Still the report does raise some intriguing points—and just the fact that Bank of America Merrill Lynch, one of the largest banks in the US, would try to quantify the size of worldwide vanity spending indicates that this is a market worth watching. The report’s calculations offer a compelling argument for why: “It is one of the most durable growth stories in emerging (and developed markets),” it states, and it’s apparently growing much faster than “non-vanity” spending.

Report by Clinton Adviser Proposes ‘Rewriting’ Decades of Economic Policy (jdargis)

But the thrust of the report, titled “Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity” and scheduled to be presented at a panel discussion in Washington, is a scathing indictment of 35 years of economic policies. (Besides Mr. Stiglitz, scheduled panel participants include Senator Elizabeth Warren of Massachusetts, Mayor Bill de Blasio of New York and other liberal leaders.)

At least 68 dead after another major earthquake centered in Nepal (jdargis)

At least 17 people in India have also died as a result of the tremor, Home Ministry spokesman Kuldeep Dhatwalia told CNN. Sixteen of those deaths were in Bihar state, with the other in Uttar Pradesh. And a woman in Tibet, which is part of China, also was killed when falling rocks hit her car as it traveled through Gyirong, China's state-run Xinhua news agency reported. In the same report, local police officer Wu Aijun said that landslides had cut off some roads in the area.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/11/15

Provided daily by the Peak Prosperity Gold & Silver Group

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7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Moody's cuts Chicago's credit rating to junk

"Highlighting pressure on Chicago's budget, Moody's cited a 179% jump in contributions the city is obligated to make next year to its police and fire pension funds. "

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
And amid the gloom

Time for us Boomers to drop the negativity and not the bombs. This has got to be a better investment than perpetual war.

( be warned Doomers, I have prepared a trap; a Boomer Doomer trap.)

Tall's picture
Tall
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Joined: Feb 18 2010
Posts: 564
Sri Lanka first in world to protect all its mangroves

More than half the world’s mangroves have been lost over the last century but all of those surviving in Sri Lanka, one of their most important havens, are now to be protected in an unprecedented operation.

The organiser of the project, the biggest of its kind, see the role of women as the key to its success.

Mangroves are an important protection against climate change as they sequester up to five times more carbon than other forests, area for area. They protect coastlines against flooding, including tsunamis, and provide vital habitat for marine animals, especially crabs, shrimp and juvenile fish.

In an initiative designed to prevent any more being cut down in Sri Lanka and to boost some of the poorest communities in the world, women will be offered small loans and training to start businesses.

http://www.theguardian.com/environment/2015/may/12/sri-lanka-to-become-t...

Time2help's picture
Time2help
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Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Solar Roads, Dutch Success.

Oh well. I might as well spring the trap. No-one took the bait. The Dutch experiment with solar paving has exceeded expectations. 

Now, six months into the trial, engineers say the system is working even better than expected, with the 70-metre test bike path generating 3,000 kWh, or enough electricity to power a small household for a year.

http://snip.ly/BZOm#http://www.sciencealert.com/scientists-have-discover...

 

 

HarryFlashman's picture
HarryFlashman
Status: Bronze Member (Offline)
Joined: Aug 1 2008
Posts: 54
Solar Roadway Nonsense

Comprehensively debunked by Chris 2 years ago..............

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
The Moral Imperative for Solar

That was two years ago. Things move on.

From a moral perspective which is better, to base your entire economy on debt Entrapment and war, or to have a go trying to ameliorate the situation?

The moral issues require little thought.

In sharp contrast,

Catherine Austin Fitts-2015 Forecast Volatile & V…:

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