Daily Digest

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Daily Digest 7/28 - Greece Made Preparations to Exit Euro, China's Stock Meltdown Not Over Yet

Tuesday, July 28, 2015, 10:16 AM

Economy

Stephen Hawking, Elon Musk, Steve Wozniak, and hundreds of scientists want to keep AI out of our weapons (jdargis)

The letter questions the idea of researching technology that can be used to remotely kill humans without anyone telling the weapon to do so. While we have aerial technology today that lets us kill someone in the Middle East from a shipping container outside of Las Vegas, this is not what the Institute is concerning itself with. The letter says its focus is not on “cruise missiles or remotely piloted drones for which humans make all targeting decisions.”

Greece Made Preparations to Exit Euro (jdargis)

The country’s creditors are arriving in Athens for talks on a new program intended to keep Greece in the eurozone. Greece needs to agree on the details of a new aid program before Aug. 20, when the country is scheduled to make a payment of 3.2 billion euros on bonds held by the European Central Bank.

Obama poised to give financial aid to federal, state prisoners (jdargis)

Lawmakers on both sides of the aisle have expressed support for such a policy, and House Democrats including education committee ranking member Bobby Scott (D-Va.) introduced legislation to reinstate Pell eligibility for federal and state prisoners. (Prisoners in local, municipal or county correctional facilities haven’t been banned from access to Pell.)

Prisoners who participate in correctional education programs are 43 percent less likely to return to prison and 13 percent more likely to have a job after finishing their sentence, the bill’s co-sponsors noted.

NATO Proclaims 'Strong Solidarity' With Turkey Against IS (jdargis)

"I think the main purpose is to give them some reassurance in terms of their bombing campaign in Syria and northern Iraq so that they won't be accused of violating international law," said Amanda Paul, a senior policy analyst and specialist on Turkey at the European Policy Center, a Brussels think tank. "They wanted to cover their backs basically by having NATO say, 'OK it's fine.'"

Recently, an Islamic State group suicide bombing near Turkey's border with Syria left 32 people dead and an IS attack on Turkish forces killed a soldier.

China’s Stock Market Meltdown Not Over Yet (Tom K.)

China’s stock markets peaked in June following a dramatic spike over the past year. But then the markets suddenly spiraled out of control in mid-June, falling by around 30 percent in just a few weeks. After aggressive intervention by the Chinese government to stop the bleeding, including suspending large market players from trading for six months, injecting new liquidity into the market, and slashing interest rates, the crisis seemed to subside. Companies also put off fresh IPOs and many suspended trading in order to prevent their share prices from falling further.

The dark side of China’s heavy-handed response to its plunging stock markets (jdargis)

By early July, the Chinese government seemed to have halted the carnage by announcing a truly massive array of measures to support the market. It encouraged banks and other financial institutions to increase lending to investors, froze initial public offerings, cut interest rates, forced state-owned companies and funds to buy shares, and threatened to prosecute short-sellers. At one point, over half of the listed companies on the exchanges had suspended trading in their shares to stem further losses. The state-owned China Securities Finance Corp pledged to loan 21 securities firms about $42 billion to purchase shares.

BP Reports Second-Quarter Loss as Oil Spill Settlement Takes Toll (jdargis)

Mr. Dudley, who became chief executive after the spill, has pared back BP’s ambitions and shaped it into a smaller company. BP raised about $50 billion through sales of oil and gas fields and other assets in part to pay expenses, and the selling continues. The company is about three-quarters of the way through a $10 billion divestment program.

BP agreed to the settlement this month so that the company could move on from the effects of the oil spill. While $18.7 billion is a big number, it will be paid over 18 years, making it manageable, BP executive and analysts figure.

Feature: Rule Of The Jogi (jdargis)

This trend seems to be catching on among Hindu jogis too. Due to environmental degradation, increasing population, deforestation and undesirable human interventions in the wild, these jogis are no longer finding snakes in the wild with as much ease as they used to before. With the passage of time, people’s interest in snakes and snake charmers has also decreased — as a result, the new generation of jogis is also leaving their forefathers’ profession.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/27/15

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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Teacher pension liabilities driving up school costs (CA)

"Teacher pensions are in the spotlight with school contributions rising steeply to offset the anticipated $70.4 billion future shortfall of the California State Teachers’ Retirement System.

Last year school districts paid 8.9 percent of teacher salaries into the system. That rises to 10.7 percent this year, 12.6 percent for 2016-17, stair-stepping up to 19.1 percent in 2020-21."

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saxplayer00o1
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Brazil’s Credit Rating at Risk of Cut to Junk Grade by S&P

"The ratings company said in a statement Tuesday it revised the outlook on Brazil’s rating to negative from stable. The country’s rating from S&P is already at BBB-, the lowest investment grade.

The ratings move adds to challenges for President Dilma Rousseff and her economic team led by Finance Minister Joaquim Levy as they duel with Congress to shore up fiscal accounts at the same time the country slips into recession. "

"Brazil’s real led global declines and fell to a 12-year low after Standard & Poor’s changed the outlook on the nation’s credit rating to negative, citing challenges to balancing the budget and the unprecedented investigation of public officials."

"United Parcel Service Inc. has fired warning shots across the bow of the Federal Reserve and the stock market, by saying on Tuesday that U.S. economic growth appears to be slowing."

 

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saxplayer00o1
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U.S. Homeownership Drops To Its Lowest Level Since 1967

"The combined balance sheet of the European Central Bank and the euro zone's 19 national central banks rose by 6.2 billion euros ($6.85 billion) to 2.525 trillion euros in the week to July 24, the ECB said on Tuesday."

"Exit strategies used to be the preoccupation of Pentagon planners. Nowadays, it’s more a province for central bank watchers, since the Federal Reserve gorged on trillions of dollars of mortgage and government debt.

And in that economic realm, China has just added a new conundrum. The dependence of the nation’s stock market on official support was exposed Monday with the biggest drop since 2007 amid speculation aid had been dialed back. The Shanghai Composite Index fell 1.7 percent Tuesday even after China pledged to keep up efforts to “stabilize” the market."

"According to a new study released on Tuesday by CIBC, the average Canadian expects to be debt free by the time they reach the age of 56 years old; however, some Canadians forecast debt well into their sixties.

Only a third, or 29 per cent, of Canadians are debt free, while 13 per cent do not foresee a future without debt."

"The last time homeownership levels were this low, LBJ was president.

Data released by the Census Bureau on Tuesday reveal that the U.S. homeownership rate stood at 63.4% for the second quarter of 2015. The rate is down slightly compared to the first quarter (63.7%), and it represents the lowest level of homeownership in America since 1967."

"Responding to the figures, Campbell Robb, Shelter’s chief executive, said: “When house prices soar by this much in a single year thanks to our housing shortage, it’s clear that for millions of people across the country, a home of your own is fast becoming a pipe dream.”"

"Low vacancy rate, high cost of home ownership conspire against renters"

 

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All of these little problems everywhere to deal with!!!:

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Thetallestmanonearth
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