Daily Digest

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Daily Digest 7/16 - The Collapse of the Middle Class, Chinese Pension Funds to Invest in Stocks

Thursday, July 16, 2015, 10:45 AM

Economy

Greeks cannot tap cash in safe deposit boxes under capital controls (Time2Help)

Deputy Finance Minister Nadia Valavani told Alpha TV that, as part of those measures, the government and banks had agreed at the time that people would also not be allowed to withdraw cash from safe deposit boxes.

Greek shipping town devastated by crisis girds for anti-bailout fight (Dana T.)

“We will go door to door in Perama, saying to people that we’re fighting,” said Babis, an Open Assembly founder who declined to give his last name. “Then we will reach other communities all over Greece. We will protest by the mayor’s office. We will go to Athens.”

Obama & Iran Deal – Behind the Curtain (Nate)

So all of a sudden, Teheran is worthy of a deal. This has nothing to do with preventing Iran obtaining nuclear weapons. That is the fluff for distraction. This is still the policy of Obama to try to isolate Russia. Meanwhile, this policy has merely forced a stronger bond between Russia and China – a really dumb move. Both China and Russia would love to dethrone the dollar and strike the USA where it hurts – economically. Nobody is really interested in waging nuclear war. That may not always be the case if the economy melts-down.

The Economic Collapse of the Middle Class (Tiffany B.)

The paradox is that people are as desperate as ever for affordable rental housing. But every child learns early in life that there’s a difference between wanting something and having the means to obtain it. It’s a tough lesson, but fundamental to economic life. Without money, your demand for something is “ineffective,” to use the economic term.

Provincial Chinese pension funds poised to invest in stocks (pinecarr)

One of the major destabilizing forces in the Chinese stock market is the lack of institutional investors.

In an effort to encourage more institutions to invest, the Chinese Ministry of Finance and the Ministry of Human Resources and Social Security last month said pensions plans could invest up to 30% of their assets in the stock market. This would allow as much as 2 trillion yuan of the 3.59 trillion yuan parked in pension funds to trade on the Shanghai and Shenzhen stock exchanges.

German muscle threatens European solidarity (westcoastjan)

In the common imagination, at least on the Continent, if not in the UK, the European project is about "peace".

In the aftermath of the World War Two, the driving impetus was how to avoid Europe ever going to war again.

German Company is Top Tax Evader in Greece (westcoastjan)

Hochtief, which is the biggest German Construction company, specializing in airports, was also running the Athens International airport through a subsidiary until 2013, when it sold it’s share to a Canadian company.

Shale Industry May Need A Complete Rethink To Survive (Tom K.)

Global oil consumption, according to BP’s Statistical Review 2015, has been rising annually at a compound growth rate of 1 percent during the last 10 years – despite several years of slow global economic growth, a trend that is forecasted to continue. The industry has to produce more to meet this increasing demand, but it also needs to produce more to overcome rapid well production decline rates present in the shale industry which are estimated around 5 percent to 6 percent annually – more wells and actions are needed to keep up with demand.

Alberta faces growing backlog of abandoned oil and gas wells (westcoastjan)

Unger's report notes that, over time, abandoned wells become more prone to failures that can lead to ground and surface water contamination, and threats to plants and animals in the area. The report also points to the economic costs of leaving a site abandoned for years.

"Once production has ceased from a well, the land effectively remains sterilized from other uses," the report states.

Gold & Silver

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

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."

10 Comments

saxplayer00o1's picture
saxplayer00o1
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Boomer41's picture
Boomer41
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Greeks Refused Access to Safety Deposit Boxes

"The Greek government and banks agreed that people would not be allowed to withdraw cash from safe deposit boxes.

 The breathtaking arrogance of that statement says it all. In Greece (and I suspect in many other countries including the USA) the banks, and their bought-and-paid-for governments, blithely assume that ALL money is theirs and they alone have the right to disburse it or withhold it from the rest of us.

I had naively assumed that a safety deposit box was a truly safe place where one could keep one's valuables and important documents. Much safer than under the mattress or buried in the back yard. It now appears that even that safe haven is no sanctuary from the thieving crooks who run banks.

Time to buy some large diameter plastic drain pipe with end caps.

saxplayer00o1's picture
saxplayer00o1
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Tall's picture
Tall
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Posts: 564
Apparent win - win

Antipollution program created 953 Delaware jobs

Delaware’s reduction in carbon emissions has created 953 jobs and generated $107.3 million in economic activity over a three-year period, according to a new report.

A study by Boston consulting firm the Analysis Group examined the economic benefits of nine states that adopted a 2009 initiative to cut carbon emissions. The program, the Regional Greenhouse Gas Initiative, generated a combined $1.3 billion in economic activity and spawned 14,200 new jobs in those states from 2012 to 2014, according to the study released Tuesday.

http://www.delawareonline.com/story/money/business/2015/07/14/anti-pollution-program-created-delaware-jobs/30151773/

cmartenson's picture
cmartenson
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Great quote on government
saxplayer00o1 wrote:
  1. 10.25% sales tax?!?! This is Chicago's new reality (CNBC Commentary)

That's a pretty good article, but I especially liked this Milton Friedman quote it contained that explains why various municipal pension systems are so hopelessly broken.

"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you're doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I'm not so careful about the content of the present, but I'm very careful about the cost. Then, I can spend somebody else's money on myself. And if I spend somebody else's money on myself, then I'm sure going to have a good lunch! Finally, I can spend somebody else's money on somebody else. And if I spend somebody else's money on somebody else, I'm not concerned about how much it is, and I'm not concerned about what I get. And that's government."

Yep, that about sums it up.

 

Time2help's picture
Time2help
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Would you like to know more?

Time2help's picture
Time2help
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4 Marines killed in attacks on Chattanooga military facilities

4 Marines killed in attacks on Chattanooga military facilities

Military facilities?  It was an off-base recruiting center, probably a cardboard cutout in a strip mall.

So maybe we should consider arming the troops off base (uh-oh, posse comitatus)?  

Maybe allow the troops to carry personal firearms (non-issued) for self defense?

Or perhaps we should make it a crime to shoot a gun in a gun free zone?

Tough questions.

saxplayer00o1's picture
saxplayer00o1
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jonesb.mta's picture
jonesb.mta
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Posts: 126
Military Arms

Unless things have changed, not all the G.I.'s on the military base's gate are armed, just a select few. Before 9/11 none of the MP's where I worked had ammunition in their weapons.

Trun87114's picture
Trun87114
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Posts: 80
Greek govt and people blameless?
I certainly don't want to excuse or defend the banksters but I've seen so much discussion here on the plight of poor, pitiful Greece.  I don't think I've seen a single post or article addressing how maybe the Greek government and people have some responsibility for their situation.  
 
Maybe, just maybe, they shouldn't have borrowed so much money?  Were they forced to do so?
 
And to cover my bases, as US citizen, I see that we are doing the exact same thing.  I don't blame the evil bankers or the Chinese and the others buying our bonds, our even the evil Fed as  much as I blame our disgusting government for spending more than we can ever pay back, as well as many of my fellow citizens for the attitude of gimme, gimme, gimme that so many have adopted.
 

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