Daily Digest

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Daily Digest 7/10 - How To Outsmart FATCA, Can Jets Be Fueled With Household Garbage?

Friday, July 10, 2015, 10:30 AM

Economy

The shift of Australia's economy in one painful chart (Arthur Robey)

The ABS does not seem to break out exports into specific product categories, but according to a speech by a Reserve Bank of Australia official earlier this year, iron ore was eclipsed by high-value services such as education and tourism in export dollars last year.

How to Outsmart FATCA (Tiffany B.)

For Americans with deep pockets, it’s still possible to open a foreign bank account directly, in your own name. After all, many foreign banks are willing to do a bit of extra paperwork for someone depositing millions.

To slash the amount of money spent on homelessness, just give homes away (jdargis)

But the traditional US response to homelessness is to treat it as an emergency situation that needs a band-aid fix, putting people in temporary shelter until permanent housing turns up. This system is significantly flawed and bureaucracy-clogged. Some people can’t get matched for housing because they lack proper identification. Much of the front-line work is done by nonprofits, which by necessity devote at least some staff to the search for public and private funding for their work rather than to housing efforts. People sometimes waited years to get housed – and by the time a home becomes available, oftentimes members of this fluid population have moved on.

OPM Announces More Than 21 Million Affected by Second Data Breach (jdargis)

Also included in the database is information from background investigations, as well as usernames and passwords that applicants used to fill out investigation forms. And although separate systems that store health, financial, and payroll information do not appear to have been compromised, the agency says some mental health and financial information is included in the security clearance files that were affected by the hack.

When the End of Human Civilization Is Your Day Job (jdargis)

The problem was that Box was now working for the Danish government, and even though Denmark may be the most progressive nation in the world on climate issues, its leaders still did not take kindly to one of its scientists distressing the populace with visions of global destruction. Convinced his job was in jeopardy only a year after he uprooted his young family and moved to a distant country, Box was summoned before the entire board of directors at his research institute. So now, when he gets an e-mail asking for a phone call to discuss his "recent gloomy statements," he doesn't answer it.

Why the Great Glitch of July 8th Should Scare You (jdargis)

As software eats the world, it gets into more and more complex situations where code is interacting with other code, data, and with people, in the wild. Getting rid of errors in code (or debugging) is a beast of a job anyway, and even more difficult when you cannot foresee all the scenarios in which your code will be running. Such systems require constant, and expensive, debugging through their life cycle. And a lot of projects love to skip on budget for maintenance, thus making the cost look much lower on paper than it will be. Over time, this complexity only grows.

Can Commercial Jets Be Fueled With Household Garbage? (Tom K.)

“The Fulcrum announcement is a big deal precisely because of the need for low carbon solutions for aviation, other companies have made fats and vegetable oils into aviation fuels, but what is important about the Fulcrum technology is the ability to make fuel from wastes like ordinary garbage rather than food resources,” said Jeremy Martin of Union of Concerned Scientists in a statement given to ThinkProgress.

Tomorrow an electric plane will fly the English Channel for the first time (jdargis)

Airbus referred us to a statement released earlier this week in which the company denied any knowledge of the agreements between Siemens and Pipistrel. “We applaud all efforts to advance electric flight. But all that we do has to meet legal requirements and the highest safety standards. There cannot be any compromise on safety, and the authorities have been very stringent in their requests in order to be able to cross the Channel. Indeed, it would have been fun to cross the Channel together—but this is currently not possible under present circumstances,” the company said (via Twitter, no less). Airbus' statement also focused heavily on the safety measures the company had in place for tomorrow's flight, adding that "[t]here is no comparable status known for any other player."

Gold & Silver

Click to read the PM Daily Market Commentary: 7/9/15

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."

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saxplayer00o1
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saxplayer00o1
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China's Dream of World Class Stock Markets Suffers Intervention

More headlines:

  1. Renzi's post-recession goals for Italy may be derailed by Greece
  2. Outstanding Greek State Debt Up 32% in 5 Months, Exceeding €5 Billion
  3. Japan’s 17,000 Tons of Nuclear Waste in Search of a Home
  4. China insurers bought $18 billion of equity since market fall - state paper

 

"As China’s record-breaking equity boom turned into a bust over the past month, authorities responded with a series of measures aimed at stopping the rout. They suspended initial public offerings, restricted bearish bets via stock-index futures and banned major shareholders from selling shares. In one of the most extreme efforts to stop an avalanche of sell orders, local exchanges allowed more than 1,400 companies to halt trading in their shares."

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Talks end over lowering Chicago school pension payment

"The nation's third-largest public school system had been seeking a $500 million break from the Chicago Teachers' Pension Fund from its $700 million fiscal 2016 payment. Under the plan, CPS would have repaid the money in fiscal 2017 at a 7.75 percent interest rate and make its required pension payments monthly instead of annually beginning in January.

"We have concluded that alternative options will need to be explored in order to resolve CPS' budget deficit while providing security for our members," said Charles Burbridge, the fund's executive director, in the statement.

The school system tapped borrowed money to make a $634 million, state-mandated fiscal 2015 payment to the retirement fund by a June 30 deadline. CPS also announced $200 million in spending cuts that include the elimination of 1,400 jobs."

  1. Suspended Shares Leave China Market Hanging
  2. Greek newspapers running out of paper as capital controls bite

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