Daily Digest

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Daily Digest 7/31 - The War On Cash And Your Freedom, Barter Booms In Rural Greece

Friday, July 31, 2015, 10:48 AM

Economy

Pensions and Medicare after an Economic Collapse (pinecarr)

As for medical care, there’s always been free medical care in Argentina as well as private medical care. The public one was not very good but it kept you alive before 2001. After the collapse it just became pitiful and patients ended up in leaking, cold, roach-infested hospitals and were asked to bring their own gauze, cotton and bandages due to lack of supplies. The government is now using the private sector to compensate for the poor public one, making the private care much worse than it used to be.

The Investment Legends Are Warning of a Systemic Event (Nate)

Seth Klarman used to manage the fourth largest hedge fund in the US. A legendary value investor (copies of his book Margin of Safety sells for over $1,500 on Amazon), Klarman returned billions in assets under management to outside investors citing “too few” opportunities in the market (again, a legend stating that the market was overvalued).

Warren Buffett, perhaps the single biggest cheerleader for stocks in the last 100 years, is sitting on a record amount of cash. The reason is obvious: the market is dangerously overpriced.

The War On Cash & Your Freedom – Mike Maloney (Herman J.)

“It’s the first step in the government being able to just turn you off if they don’t like you for some reason.”

“If we go 100% electronic, the banks can decide to charge you whatever you want in each transaction, the government gets to tax every transaction immediately.”

Is your fear of radiation irrational? (Afridev)

Invisible threats are always the most unnerving, and radiation is not something you can see. Nor can you control it. Many years ago, a veteran researcher told me how much he wished he could paint radiation blue. If we could see it, he said, we’d be better placed to deal with it and less nervous about it. The traditional secrecy of the biggest commercial user of radiation, the nuclear power industry, hasn’t helped. Only belatedly did it realise that doing things out of sight, behind closed doors, is the best way to fuel public suspicion. So it is perhaps understandable why many people say that (medical X-rays and CT scans aside) the only safe radiation is no radiation.

Home Capital scandal may presage a slowdown: Don Pittis (westcoastjan)

On a conference call yesterday Home Capital CEO Gerald Soloway insisted that the problem with its brokers was not an indication of a mortgage fraud crisis across Canada. Home Capital's delinquencies remain low, and the company says it has stopped doing business with the brokers that investigators had shown to be pretending customers' income qualified them for mortgages.

Russian debtors despair as boom turns to bust (westcoastjan)

According to the Russian United Credit Bureau (UCB), 40 million Russians have loans or mortgages.

By June, 12.5m of those loans had not been paid for at least a month, and in another 8m cases the arrears stretched back over three months.

Police Shootings Won't Stop Unless We Also Stop Shaking Down Black People (jdargis)

But maybe the question to ask is: Why did Scott run? The answer came when the New York Times revealed Scott to be a man of modest means trapped in an exhausting hamster wheel: He would get a low-paying job, make some child support payments, fall behind on them, get fined, miss a payment, get jailed for a few weeks, lose that job due to absence, and then start over at a lower-paying job. From all apparent evidence, he was a decent schlub trying to make things work in a system engineered to make his life miserable and recast his best efforts as criminal behavior.

Google's Project Wing Swoops Into Drone Air Traffic Control Conversation (jdargis)

Yesterday, NASA’s Parimal Kopardekar, the principal investigator of the agency’s NextGen Airspace Project, laid out his vision for such a system. Kopardekar said he imagines building it around management of airspace, and the ability to implement real-time dynamic or static geofencing—technology that can automatically restrict where drones fly based on safety, security, or privacy parameters.

Exxon Earnings: Carnage (Wendy SD)

Moments ago energy titan Exxon Mobile, which not too long ago was bigger than AAPL by market cap, and is now roughly half the size of the phone maker, reported earnings which were, in a word, carnage. Starting at the bottom, EPS of $1.00 was not only a big miss to already reduced expectations of $1.11, but also the worst quarter since 2009.

How Big Water is trying to stop the National Park Service from cleaning up plastic bottles fouling the parks (Yoxa)

Park Service Director John Jarvis’s goal seemed logical enough when he issued a memo to the system’s 408 parks, national monuments and historical sites, allowing them to eliminate sales of disposable plastic water bottles. The bottles were clogging the waste stream, he wrote in 2011, eating up recycling budgets at a lot of parks.

Hay For Cheese? Barter Booms In Rural Greece After Bank Shutdown (Wendy SD)

A rising number of Greeks in rural areas are swapping goods and services in cashless transactions since the government shut down banks on June 28 for three weeks, restricted cash withdrawals and banned transfers abroad to halt a run on deposits and prevent a collapse of the banks.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/30/15

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Trouble, Trouble, Trouble

Headlines:

  1. New GDP revisions show the worst recovery in 70 years was even weaker.
  2. US wage growth falls to record-slow pace in 2nd quarter
  3. Japan spending slump heightens chance of second quarter contraction
  4. Brazil’s June Primary Budget Gap Wider Than All Forecasts
  5. Brazil records worst deficit in nearly 2 decades
  6. Brazil's real sinks on debt data; Mexico peso up on intervention
  7. Canadians Hand U.S. Junk Buyers Worst Losses Since Credit Crisis
  8. Swiss franc shock hits central bank for $50B
  9. Mexican Peso’s Plunge Accelerates, and Central Bank Intervenes
  10. Bank of Mexico Is Betting $8.6 Billion on Ending Peso’s Plunge
  11. Taiwan Q2 GDP growth unexpectedly slumps to 3-yr low as demand from China cools
  12. Asia shares face July drop on worst China loss in 6 years
  13. Canada GDP shrinks 0.2% in May
  14. Economy shrinks again in May as recession looms (Canada)
  15. Malaysia Reserves Set to Drop Below $100 Billion
  16. India plans to give $11 billion lifeline to ailing state banks
  17. Puerto Rico looks set to default on $58 million payment this weekend
  18. Puerto Rico Muni Index Falls to Six-Year Low as Default Looms
  19. High indebtedness of nations and implications
  20. Currency crisis has Venezuelans struggling to call abroad
  21. California's pension hole: Once modest, now monstrous
  22. Chile fiscal deficit 0.3 pct in first half as copper prices pinch
  23. Spanish Prime Minister Unveils Austerity- Fatigue Budget in Run-Up to Election
  24. Chinese regulators admit making inexperienced mistakes in share crash
  25. Outflows from emerging market funds accelerate
  26. Stocks Turmoil Leaves Chinese Investors in Nowhere-to-Run Bind
  27. Gov. Snyder Confirms Financial Emergency In Wayne County; Bankruptcy On The Horizon?
  28. Sharp deceleration in employment costs gives Fed a reason to delay rate hike
  29. Venezuela Takeover Order Riles Companies
  30. Average Russian Bribe Doubles in Value Amid Country's Currency Crisis
  31. Italy's Jobless Rate Rises Unexpectedly In June

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
DennisC's picture
DennisC
Status: Gold Member (Offline)
Joined: Mar 19 2011
Posts: 320
No Lack of Creativity

Unfortunate but certainly a tad entertaining too, IMO, to wit (re: Chicago Mulls Borrowing...):

Chicago is struggling to plug its deficit and $20 billion of unfunded pension liabilities. The proposal would give the third-most-populous city a means of borrowing without having to face the costs right away.

Maybe not the best analogy, but kind of like renting your house out (as opposed to your out house) and the renter makes you a great deal.  Renter:  I'd like to rent your house for the next 20 years but I won't pay monthly rent.  I'll just pay you all the rent I owe you at the end of 20 years.  How does that sound?  Landlord:  Sure, sounds like a great deal to me, I certainly wouldn't want to crimp your lifestyle or cash flow.

Now, if they had the luxury of printing their way to prosperity, problem solved.

Wendy S. Delmater's picture
Wendy S. Delmater
Status: Diamond Member (Offline)
Joined: Dec 13 2009
Posts: 1988
(No subject)

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Warped Realities

Believe half of what you see and a quarter of what you hear.

My Dad.

He lived the second world war.

If the media says it's white, believe that it is black. Verify. 

Me

Here is a very mild exposé of their malfeasance. 

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