Daily Digest

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Daily Digest 7/19 - The End Of Capitalism Has Begun, We're All Greek Now

Sunday, July 19, 2015, 11:24 AM

Economy

Apple may start showing ads based on your credit card balance (westcoastjan)

"Goods and services are marketed to particular target groups of users sharing a common profile which may be selected to increase the likelihood of the users responding to the advertisements," reads the patent document, noting that user profiles "may be based on the amount of pre-paid credit available to each user."

"An advantage of such targeted advertising is that only advertisements for goods and services which particular users can afford, are delivered to these users."

Greeks Worry About Bailout’s Push for an Economic Overhaul (jdargis)

The roots of Greece’s problems run deep. Nearly every area of the economy is ensnarled by rules and practices that discourage investment and innovation. The bailout agreement asks Greece to open some of the main bottlenecks, like the sluggish judicial system in which it can typically take more than four years to enforce a commercial contract.

We're All Greek Now (pinecarr)

Corporate capitalism, manipulating the world’s most powerful financial institutions, including the Eurogroup, the World Bank, the International Monetary Fund and the Federal Reserve, does what it is designed to do: It turns everything, including human beings and the natural world, into commodities to be exploited until exhaustion or collapse. In the extraction process, labor unions are broken, regulatory agencies are gutted, laws are written by corporate lobbyists to legalize fraud and empower global monopolies, and public utilities are privatized. Secret trade agreements—which even elected officials who view the documents not allowed to speak about—empower corporate oligarchs to amass even greater power and accrue even greater profits at the expense of workers. To swell its profits, corporate capitalism plunders, represses and drives into bankruptcy individuals, cities, states and governments. It ultimately demolishes the structures and markets that make capitalism possible. But this is of little consolation for those who endure its evil. By the time it slays itself it will have left untold human misery in its wake.

Crushing pension obligations are pushing stressed governments (thc0655)

And the Quakertown Community School District said in June that it would go on a payment strike, of sorts, delaying its next $1.25 million quarterly contribution to the state school retirement system. The goal is to force the state to stop what the board president called an "unjust" rise in districts' pension payments. Pennsylvania school pension payments quadrupled from 2010 to 2014, and are scheduled to double again by 2019, under a law designed to make up for years of underpayment.

Pension Shocker: Plans Face $2 Trillion Shortfall, Moody's Says (pinecarr)

In short: America is facing a fiscal crisis at the state and local government level and it appears as though at least one ratings agency is no longer willing to suspend disbelief by allowing officials to utilize profoundly unrealistic return assumptions in the calculation of liabilities.

The end of capitalism has begun (price)

Postcapitalism is possible because of three major changes information technology has brought about in the past 25 years. First, it has reduced the need for work, blurred the edges between work and free time and loosened the relationship between work and wages. The coming wave of automation, currently stalled because our social infrastructure cannot bear the consequences, will hugely diminish the amount of work needed – not just to subsist but to provide a decent life for all.

China Ends Mystery of Gold Hoard to Top Russia’s Holdings (Arthur Robey)

Gold remains a large part of many central banks’ reserves, decades after they stopped using it to back paper money. Stockpiles of the metal help China to diversify its foreign-exchange holdings as the world’s second-largest economy seeks to raise the international profile of its own currency. The disclosure on gold reserves also assists in that goal.

“China is still pushing for a greater role for its currency globally by having full transparency,” Fu said.

Can scientists hack photosynthesis to feed the world as population soars? (Arthur Robey)

But how could this be done? In May 2013 Donald Ort and Sabeeha Merchant organized a workshop at Cold Spring Harbor Laboratory where a group of the world's top plant scientists slipped the leash of scientific caution and tried to imagine what they would do if they could redesign plants at will. Blankenship was a workshop participant and agreed to summarize some of ideas that came out of the workshop, which are described in more detail in an article published in the July 14 issue of Proceedings of the National Academy of Sciences.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/17/15

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

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2768
West Coast Drought Intensifies

(Copied over from the Definitive Global Climate Change thread, it's pretty much mainstream news now)

Washington State and Oregon

 
 

British Columbia

California

Alaska

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Double exposure.

I hesitate to post this here as I have also posted it across in the discussion groups, but I believe that it's importance necessitates the bending of niceties. Its health importance needs exposure. 

My thoughts are with the folks suffering the consequences of the West Coast droughts.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
China's corporate debt threat

* China's corporate debt 160 pct of GDP, twice U.S. level

* Estimated to climb 77 pct to $28.8 tln over five years

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2768
Re: Sudden $50 price drop in gold

Maybe prep for market news tomorrow morning?

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 267
news
Time2help wrote:

Maybe prep for market news tomorrow morning?

lol...buy the rumor, create the news?

Michael_Rudmin's picture
Michael_Rudmin
Status: Platinum Member (Offline)
Joined: Jun 25 2014
Posts: 772
Gold is NOT a free market

Even these new so called transparent computer algorithms only use five companies to input their gold price calculations. As such, the very same price fixing that went on before can go on now, where price manipulations can be exercised that benefit their derivatives-trading branches.

At such times, it MIGHT make sense to buy physical, except that these are powerful companies, and the difference between theft and murder is quite small --both for victim and criminal.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
fionnbharr's picture
fionnbharr
Status: Bronze Member (Offline)
Joined: Sep 27 2012
Posts: 61
The problem of Greece is not only a tragedy. It is a lie.

Hello Pinecarr,

thankyou for the link to Chris Hedges recent article. I was wondering if you've caught John Pilgers recent take, or his 1992 documentary, below, which is still frighteningly up to date!

The problem of Greece is not only a tragedy. It is a lie - by John Pilger

An historic betrayal has consumed Greece. Having set aside the mandate of the Greek electorate, the Syriza government has willfully ignored last week's landslide "No" vote and secretly agreed a raft of repressive, impoverishing measures in return for a "bailout" that means sinister foreign control and a warning to the world.

Prime Minister Alexis Tsipras has pushed through parliament a proposal to cut at least 13 billion euros from the public purse - 4 billion euros more than the "austerity" figure rejected overwhelmingly by the majority of the Greek population in a referendum on 5 July.

These reportedly include a 50 per cent increase in the cost of healthcare for pensioners, almost 40 per cent of whom live in poverty; deep cuts in public sector wages ...

Continued...

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2237
You're welcome, fionnbharr

Hi fionnbharr-

  You're welcome re the link to the Chris Hedges article.  I was lucky to find it in one of the comments I was reading on an article on ZH.

   No, I am not familiar with John Pilger.  But I am curious to check out his work after reading the saying at the top of his site:

"It is not enough for journalists to see themselves as mere messengers without understanding the hidden agendas of the message and myths that surround it."

   Sweet!   I wish that those who read/listened to messages took that responsibility upon themselves as well.  So much is unquestioned and unseen.

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