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Daily Digest 8/27 - Harbinger Of Dow's 531-Point Slide, Deflationary Collapse Ahead?

Thursday, August 27, 2015, 10:21 AM

Economy

How China's economic slowdown could weigh on the rest of the world (Terry L.)

In the year to July, China's customs agency reports that imports from Australia are down by $15bn dollars on the same period last year - a loss which is already equal to 1% of Australia's GDP, and many other countries stand to lose out to similar degrees. China's imports overall are down by 14.6% over 2015. Find out what happens if this decline continues for the rest of the year - or worsens - and how that loss compares to each country's GDP

Australia 'sleepwalking into a mess' (Arthur Robey)

"Unless we recognise that, and recognise that the productivity challenge and the fiscal challenge are intimately linked, and we have to deal with both of them, then we will go on continuing to repeat the mistakes that we've been making and that will get us into a situation that none of us want to be in."

Dr Parkinson earlier told a room of more than 90 corporate, community and academic leaders that productivity reform could not be detached from fiscal reform.

Paul Craig Roberts – A conversation on the world-wide stock rout (Herman J.)

“I don’t think China has much to do with it one way or the other…They have to go somewhere else to blame, so they blame China.”

What If The "Crash" Is as Rigged as Everything Else? (Aaron M.)

There is an almost touching faith that markets are rigged when they loft higher, but unrigged when they crash. Who's to say this crash isn't rigged? A few things about this "crash" (11% decline from all time highs now qualifies as a "crash") don't pass the sniff test.

The Amazing Harbinger of the Dow's 531-Point Slide (truthsavvy)

A strange thing happened fifteen minutes after stock markets opened for regular trading on Friday, August 21, 2015. At least some people on the nationally prominent MarketWatch website were privileged to see in advance what would prove to be the full-day losses for both the Dow Jones Industrial Average (INDU) and the Standard & Poors 500 (SPX) indices. This harbinger or revelation of what was to come occurred six hours and fifteen minutes before the market's close. The uncanny trend projections, or perhaps target prices, were made available while the Dow was down about 180 points -- more than 350 points above its astonishing Friday close.

An Assessment Of The Stock Market After the Mini Crash (Aaron M.)

Normally, crash patterns involve an initial decline that undercuts a support level, followed by a rebound that then fails, in most cases at a lower high. Usually this initial part of the crash sequence looks perfectly harmless. Nothing of this sort happened here – instead, the market just crashed “out of the blue” and the decline looks anything but harmless, given how much technical and psychological damage it has inflicted.

Deflationary Collapse Ahead? (sand_puppy)

Eventually, even at near zero interest rates, the amount of debt becomes too high, relative to income. Governments become afraid of adding more debt. Young people find student loans so burdensome that they put off buying homes and cars. The economic “pump” that used to result from rising wages and rising debt slows, slowing the growth of the world economy. With slow economic growth comes low demand for commodities that are used to make homes, cars, factories, and other goods. This slow economic growth is what brings the persistent trend toward low commodity prices experienced in recent years.

How companies make millions off lead-poisoned, poor blacks (westcoastjan)

Traditional settlements are paid in one immediate lump sum. But these structured agreements often deliver monthly payments across decades to protect vulnerable recipients from immediately spending the money. Since 1975, insurance companies have committed an estimated $350 billion to structured settlements. This has given rise to a secondary market in which dozens of firms compete to purchase the rights to those payments for a fraction of their face value.

Fate Of U.S. Fracking Could Rest With Colorado Supreme Court

Oil and gas proponents argue that, under the Colorado state constitution, municipalities do not have the right to regulate drilling. With that area being the sole responsibility of the Colorado Oil and Gas Commission.

But judges at the Colorado Court of Appeals failed to return a clear verdict on the matter. Instead referring the case to the Colorado Supreme Court for a final decision.

Trees losing limbs in drought — a risk seen through storm season (westoastjan)

He attributed that to dry conditions, which make trees more vulnerable to root diseases, vascular diseases and insect attacks. A dry tree is like a human with a compromised immune system, he said — it’s more susceptible to threats.

Limb failure has struck Garry oaks, elm, willow trees and other varieties. In some cases, apples and plums have grown so heavy that fruit-tree branches have broken, too, Coey said.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/26/15

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."

18 Comments

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Central Banks

Central bankers at Jackson Hole search for answers on low inflation

PBOC Intensifies Assault on Financing Costs With Cash Injections

Bloomberg-8 hours ago
China's central bank brought out an array of tools to target stubbornly high financing costs this week, reducing interest rates, offering cheap loans and adding ...

China Said to Sell Treasuries as Dollars Needed to Back Yuan

Bloomberg-6 hours ago
China has cut its holdings of U.S. Treasuries this month to raise dollars needed to support the yuan in the wake of a shock devaluation two weeks ago, according ...
 

Central banks ride to the rescue as China intervenes to buy up stocks

Telegraph.co.uk-55 minutes ago
Global markets have all surged as the world's major central banks reassured nervous investors they would continue to prop up the global economy with further ...

Ruble Gains as Central Bank Pledges to Help Cover Foreign Debt

Bloomberg-3 hours ago
The ruble strengthened after the Bank of Russia said it would back borrowers saddled with $61 billion of external debt payments over the next four months and ...
 

TREASURIES-US bonds rise as Fed's Dudley ...

Reuters-18 hours ago
The $12.6 trillion Treasuries sector was on another roller coaster session the day ... With worries about China and Dudley's dovish comments, analysts forecast ...
 

Peru to take steps to curb currency speculation -central ...

Reuters-12 hours ago
Peru's banking superintendent is writing new rules for the country's private pension funds to limit non-deliverable forward contracts (NDFs), central bank general ...
 
 

Greek bank deposit flight slowed in July amid capital controls

Reuters-3 hours ago
ATHENS Aug 27 The outflow of deposits from Greek banks slowed dramatically in July as a result of capital controls, data from the country's central bank showed ...

Poor US bond sales raise concerns about foreign demand

Reuters-14 hours ago
That would be a troubling development because Treasuries have long been a favorite asset of foreign central banks, which buy them in part to offset the flow of ...

Indonesia promises policy package soon for rupiah ...

Reuters-4 hours ago
Governments and central banks across emerging markets are being forced into action to stem falls in their currencies, especially after China allowed its yuan to ...
 

Venezuela Said to Ready Larger Bank Notes as Inflation Soars

Bloomberg-21 hours ago
Venezuela is preparing to issue bank notes in higher denominations next year as ... Press officials at the central bank and finance ministry declined to comment ...

The U.S. Is Short on Options to Confront Next Crisis

Bloomberg-22 hours ago
In recent years, the Federal Reserve has provided the stimulus that austerity-minded fiscal policy makers didn't. The central bank has held interest rates near ...
 
Mexico's Foreign Reserves Fall by $1 Billion
Latin American Herald Tribune-15 hours ago
 

Swiss get the bill for SNB U-turn as economy seen in recession

Chicago Tribune-Aug 26, 2015
Seven months after the central bank scrapped its currency cap, Switzerland is dealing with declining exports, stagnant manufacturing and plunging prices.
 

Overheard: China's Two-Speed Car Stimulus

Wall Street Journal-14 hours ago
The country's central bank cut interest rates and reserve requirements for banks. But it also cut the reserve-requirement ratio for auto-financing companies by ...
 
China devaluation stirs deflation fears
Financial Times-10 hours ago
One explanation is that investors increasingly fear global disinflation is not a dragon that has been slain by muscular central bank measures, but a phoenix that ...

China cracks down on 'rogue' traders after Black Monday fears come ...

Telegraph.co.uk-21 hours ago
The campaign to find scapegoats comes after skittish investors remain unconvinced by China's central bank's attempts to boost the economy by cutting interest ...

India's Bonds Rise on Rate-Cut Expectations as Oil Stays Low

Bloomberg-9 hours ago
India's 10-year sovereign bonds rose for a third day on speculation lower oil prices and slowing inflation will give the central bank room to cut borrowing costs ...

 

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Illinois must disclose which bills it has paid or not paid

 

 

Illinois must disclose which bills it has paid or not paid: judge

Reuters-21 hours ago
John Stevens, a lawyer for Illinois Comptroller Leslie Munger, said after payments were made on Aug. 21 for debt service on bonds and for pensions, the state ...

Illinois Budget Standoff Grinds On as State Finds a Way to Cope

Bloomberg-6 hours ago
Campaigning on a pledge to shake up the government, a $62 billion ... Illinois is spending without regard for a projected $6.2 billion deficit in the current year.

Budget, bonds approved for cash-strapped Chicago schools

Yahoo News-17 hours ago
Up to $1.04 billion of bonds will be used to restructure outstanding debt and free up $200 million for the new budget and fund $536 million in improvement ...

China's local government debt rose to $1.81tn by start of 2015

China Economic Review-12 hours ago
China's local government debt rose by RMB700 billion in the year and a half leading up to 2015 to reach a total of RMB11.6 trillion (US$1.81 trillion), South ...

China expands debt-for-bond swap plan to 3.2 trillion yuan: Xinhua

CNBC-2 hours ago
China has expanded its debt-for-bond swap programme for local governments to 3.2 trillion yuan ($499.7 billion) from 2 trillion yuan, state news agency Xinhua ...
 

China Falters, and the Global Economy Is Forced to Adapt

New York Times-1 hour ago
The uncertainty over China could limit the maneuvering room for officials to address the sluggish Brazilian economy at a time when resentment is festering over ...
 

China Resuscitates High-Risk Debt Structures Amid Crisis Amnesia

Bloomberg-12 hours ago
Remember putable bonds? Or debt insurers that collapsed in the U.S. in the wake of the global financial crisis? They're back -- in China. Oceanwide Holdings ...

China Meltdown So Large That Losses Eclipsed BRICS Peers, Twice

Bloomberg-16 hours ago
Shanghai-listed equities erased $5 trillion since reaching a seven-year high in June, half their value, as margin traders closed out bullish bets and concern ...

China devaluation stirs deflation fears

Financial Times-10 hours ago
What is behind global financial markets' extreme moves since China's decision to allow its currency to move to a managed float? One explanation is that ...
 

BoJ's Kuroda plays ketchup on inflation

Financial Times-6 hours ago
Friday is inflation data day in Japan, and it is likely to yield uncomfortable reading for the deflation-battling governor at the Bank of Japan. But at least the price of ...
 

Slowflation Makes a Mockery of Draghi's Jackson Hole Anniversary

Bloomberg-4 hours ago
... amid speculation that China's economic slowdown and tumbling commodity prices will reignite deflation risks and prompt more stimulus from the ECB, which ...
 

Puerto Rico May Need $2.5 Billion Debt Cut Annually, Report Says

Bloomberg-28 minutes ago
Puerto Rico will need about $2.5 billion of debt relief each year in the medium term after calculating potential spending cuts, according to a Height Securities ...

Oil Industry Needs Half a Trillion Dollars to Endure Price Slump

Bloomberg-8 hours ago
At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it.
 

Indonesian Stocks Rise Most in Two Years on Government Stimulus

Bloomberg-5 hours ago
The government announced tax holidays of between 5 and 15 years to new companies across a wide range of industries investing at least 1 trillion rupiah ($71 ...

Japanese Exporters See China Sales of Diggers Extending Slide

Bloomberg-9 hours ago
The industry group gave a brighter forecast for overall Japanese sales of construction equipment, which will likely increase 2 percent to 2.16 trillion yen ($18 ...

Mexico's Trade Deficit Widens in July to $2.27 Billion

Wall Street Journal-1 hour ago
The country registered a trade deficit of $2.27 billion last month, bringing the accumulated shortfall in the first seven months of the year to $6.32 billion, the ...

Biggest Miners Wrangle $142 Billion Debt Load as Profits Dip

Bloomberg-3 hours ago
While overall borrowings from the 10-largest mining companies fell slightly last year, it's still close to an all-time high of $145 billion. At the same time, profits are ...

ICBC's $25.5 Billion of Bad Loans Show Cost of Chinese Slowdown

Bloomberg-5 hours ago
ICBC's provisions for soured debt rose to 21 billion yuan. The lender's biggest increases in nonperforming credit in the first half were in China's western region, ...

Saudi Arabia set to cut billions from its budget

Yahoo! Maktoob News-5 hours ago
Saudi Arabia sold $5.33 billion (20 billion riyals) of debt on earlier this month and said it would issue further sovereign bonds, as it tries to close a budget deficit ...

UPDATE 1-South Korea's plans to curb 2016 spending face political ...

Reuters-13 hours ago
S.Korea aims to keep govt debt within 40 pct of GDP ... total sovereign debt to rise to 35.7 percent of GDP, or 570.1 trillion won ($481.67 billion), in 2015.

Alberta could be facing largest deficit in three decades

Edmonton Sun-20 hours ago
At an average of $54 WTI prices, the former PC government projected a $6.4-billion loss in non-renewable resource revenues would prompt a $5-billion deficit ...

 

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China's workers abandon the city.Beijing faces an economic storm

 

China's workers abandon the city as Beijing faces an economic storm

The Guardian-8 hours ago
“The long-term prediction for China's economy still remains rosy and Beijing has the ... The out-of-luck recyclers of Nanqijia are far from the only hint of economic ...

Chinese Economy Seeing Real Contraction: Fenton

Bloomberg-1 hour ago
Colin Fenton, head of research at Blacklight Research, talks the Chinese economy and the commodities market. He speaks with Erik Schatzker on Bloomberg ...

China media slams Western "hype" over economic slowdown

Reuters-9 hours ago
BEIJING Aug 27 China is showing "rare courage" to reform in the face of economic troubles, the country's top newspaper said, deriding foreign media for fanning ...

South Africa's economy contracts, risk of recession grows

Dispatch Times-17 hours ago

This was the first quarter-on-quarter decline in Africa's most advanced economy since the first th

 

The nearly $1 billion Houston might owe that nobody's talking about

Houston Business Journal-4 hours ago
The city of Houston's estimated unfunded pension liabilities stand at $3.3 billion. But when you look at the way that number's calculated, there's a significant ...

 

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sax

Three shots of espresso this morning? wink

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Riddle me this....

Ok, is this convenience, incompetence or a fair representation of the world?

US economic growth revision to 3.7% boosts markets

Share and oil prices jumped after revised figures showed the US economy grew by far more than previously thought between April and June.

The economy grew by an annualised rate of 3.7%, up from the first estimate of 2.3%. Growth of 0.6% in the first three months of the year was not revised.

The update reflected greater corporate investment than previously estimated.

The growth in the economy overall was due to strong consumer and government spending, and higher exports.

Inventories were also higher than the Commerce Department had initially estimated.

The USD rises but exports grew?

Salaries didn't rise significantly but consumer spending took off like a rocket?

The government can't even pass a budget but government spending rose significantly?

In the midst of the share buy back scheme companies suddenly invested (in what other than their own shares?)

Somehow, despite the apparent stealth boom of the economy, with all of its new-spawned purchases, we had decreasing shipping quantities/costs but suddenly inventories are higher than estimated?

We went from 0.6 to 3.7 on the GDP meter doubtlessly because winter, that no one could have foreseen, happened again. Any chance that this 3.7 number will get 'revised' down in the progressive fudgification of all economic numbers?

Why in the heck does anyone listen to any of these economic make believe numbers? I have taken a fair amount of grief about the accuracy of climate models over the years here but 'news flash' climate models are light years more stable and accurate than anything coming out of economic models or charlatan economist's mouths. And yet, we run the global economy on blather.

Can anyone solve the riddle of conflicting data? My best guess is that this was supposed to be the slam dunk data that would support the FED's increase of interest rates in September. Curious to see how that plays out after the recent market mayhem.

Mark

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Another questionable shooting event!

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Who exactly is being held in Guantanamo Bay Prison?

REPORT ON GUANTANAMO DETAINEES
A Profile of 517 Detainees through Analysis of Department of Defense Da
ta

By  Mark Denbeaux,  Professor, Seton Hall University School of Law and Counsel to two Guantanamo detainees, and Joshua Denbeaux, Esq.

EXECUTIVE SUMMARY
The media and public fascination with who is detained at Guantanamo and why has been fueled in large measure by the refusal of the Government, on the grounds of national security, to provide much information about the individuals and the charges against them....

This Report is the first effort to provide a more detailed picture of who the Guantanamo detainees are, how they ended up there, and the purported bases for their enemy combatant designation. The data in this Report is based entirely upon the United States Government’s own documents.

This Report provides a window into the Government’s success detaining only those that the President has called “the worst of the worst.”

Among the data revealed by this Report: 
1.         Fifty-five percent (55%) of the detainees are not determined to have committed any hostile acts against the United States or its coalition allies.
2.         Only 8% of the detainees were characterized as al Qaeda fighters. Of the remaining detainees, 40% have no definitive connection with al Qaeda at all and 18% are have no definitive affiliation with either al Qaeda or the Taliban.

3.         The Government has detained numerous persons based on mere affiliations with a large number of groups that in fact, are not on the Department of Homeland Security terrorist watchlist.  Moreover, the nexus between such a detainee and such organizations varies considerably. 

  • 8% are detained because they are deemed “fighters for;”
  • 30% considered “members of;”...
  • 60% are detained merely because they are “associated with” a group or groups the Government asserts are terrorist organizations. 
  • 2% of the prisoners their nexus to any terrorist group is unidentified.

4.        Only 5% of the detainees were captured by United States forces.  86% of the detainees were arrested by either Pakistan or the Northern Alliance and turned over to United States custody.  This 86% of the detainees captured by Pakistan or the Northern Alliance were handed over to the
United States at a time in which the United States offered large bounties for capture of suspected
enemies.  [An aside:  William Engdahl has written about the effect of a $5,000 bounty on rival Afghan tribes who capture each other's members and turn them over to the US for cash rewards.]

---------------------

It is my impression that G'itmo, very much like the twin towers, are props in an elaborate deception to feed the Global War on Terror meme.

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Having trouble buying into this..

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on GDP revisions, for Mark Cochrane
Mark Cochrane wrote:

Ok, is this convenience, incompetence or a fair representation of the world?

US economic growth revision to 3.7% boosts markets

Share and oil prices jumped after revised figures showed the US economy grew by far more than previously thought between April and June.

The economy grew by an annualised rate of 3.7%, up from the first estimate of 2.3%. Growth of 0.6% in the first three months of the year was not revised.

The update reflected greater corporate investment than previously estimated.

The growth in the economy overall was due to strong consumer and government spending, and higher exports.

Inventories were also higher than the Commerce Department had initially estimated.

The USD rises but exports grew?

Salaries didn't rise significantly but consumer spending took off like a rocket?

The government can't even pass a budget but government spending rose significantly?

In the midst of the share buy back scheme companies suddenly invested (in what other than their own shares?)

Somehow, despite the apparent stealth boom of the economy, with all of its new-spawned purchases, we had decreasing shipping quantities/costs but suddenly inventories are higher than estimated?

We went from 0.6 to 3.7 on the GDP meter doubtlessly because winter, that no one could have foreseen, happened again. Any chance that this 3.7 number will get 'revised' down in the progressive fudgification of all economic numbers?

Why in the heck does anyone listen to any of these economic make believe numbers? I have taken a fair amount of grief about the accuracy of climate models over the years here but 'news flash' climate models are light years more stable and accurate than anything coming out of economic models or charlatan economist's mouths. And yet, we run the global economy on blather.

Can anyone solve the riddle of conflicting data? My best guess is that this was supposed to be the slam dunk data that would support the FED's increase of interest rates in September. Curious to see how that plays out after the recent market mayhem.

Mark

first, you have to remember this is all relative to the first quarter, which was dismal...and second, you have to be careful when reading a media account, because few of their writers understand national accounts...stronger exports was cited in that article, but growth in exports was actually revised down from 5.3% to 5.2%, and that's up at an ANNUAL rate from the first quarter, when we had a dock strike that shut down the west coast..

when July retail sales was released a few weeks back, revisions to May and June sales added another 0.4% to the running total...again, when that's annualized, it's an addition of a 1.7% increase...go back over recent reports on construction spending, wholesale and retail inventories, industrial production, factory inventories and you'll find the same...if anything, the advance report at 2.3% growth was the one that undercounted the change..

 

Edit: i just checked, and exports were down at a 6.0% rate in the 1st quarter, which means 2nd quarter exports are still below those of the 4th quarter..

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Growth.

growth in exports was actually revised down from 5.3% to 5.2%

Implying that US exports will double in 13.8 years. (72/5.2%).

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And don't forget...

... that despite government spending rising, in a situation where the budget had not balanced in forty years, suddenly the national debt freezes and does NOT rise.

But enough about me.

It's time for you to prove that human-generated methane emissions are actually contributing to global warming.

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It's time for you to prove

It's time for you to prove that human-generated methane emissions are actually contributing to global warming.

Nope. It's time for you to prove that they don't.  

Nice deflection btw. Did you mean to say CO2? 

Mark is running a forum over in Climate. Here is the link. Perhaps you could air your views over there.

http://www.peakprosperity.com/forum/definitive-global-climate-change-aka-global-warming-thread-general-discussion-and-questions/71?page=56#comment-182207 

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Re: Riddle Me This...

Inventory to Sales Ratio is at highest level since financial crisis of 2008/2009.  With CapEx at historic lows I don't believe manufactured exports are doing well.  I also have contacts plugged into manufacturing of all types across the US and they tell me anecdotally that things are not good.

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The TPP shows it's colours, almost.
This glaring lack of transparency has sparked widespread fear among TTIP’s critics that the trade deal would empower tobacco giants to sue governments that seek to regulate the tobacco industry more stringently.
 
Powerful tobacco firms have previously used comparable trade deals to sue the governments of other states who sought to crack down on tobacco advertising in the public interest.
http://www.rt.com/uk/313620-ttip-tobacco-european-commission/
 
However, Catherine Day flatly refused this request and instead offered limited access to the documents.
 
Here is what Catherine Day had to say.
Everyone knows how much Ireland benefited from its thirty five year membership of the EU - great opportunities were offered to us and we knew how to take them. 
http://www.euireland.ie/people/catherine_day
 I always like to put a face to the name.
 
 
Girl you are so young and so pretty. 
Pretty stupid.
Change your name to Patsy. 
 
 
 
 
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It's worse than that...
KugsCheese wrote:

Inventory to Sales Ratio is at highest level since financial crisis of 2008/2009.  With CapEx at historic lows I don't believe manufactured exports are doing well.  I also have contacts plugged into manufacturing of all types across the US and they tell me anecdotally that things are not good.

The corollary to the inventory issue is to look at top line revenue as compared to the market value of companies.  The broadest market measure is the Wilshire 5000.

Nope, no bubble here...things look fairly valued, yes indeed!  /sarc.

Obviously revenue is what drives everything...and the ratio of the prices people are paying for equities to actual, honest to goodness revenue, is at the most extreme level in the series right now...the earnings growth has been largely due to financial engineering courtesy of ultra-low rates, and debt funded stock buybacks.

Again, I cannot fault those buybacks as they make short-term financial sense, but it's quite a leap to imagine that those shenanigans will be able to continue permanently.

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New very detailed Patent out.

All 137 pages of details.  Including the Lugano dog bone apparently,  although I have to admit I have not read it yet.

The news doesn't get any fresher than this.  Thanks Alan. 

https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2015127263&rec...

And

http://www.lenr-forum.com/forum/index.php/Thread/1964-Industrial-Heat-Fi...

 

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state and local investment to double in 3 years?
Arthur Robey wrote:

growth in exports was actually revised down from 5.3% to 5.2%

Implying that US exports will double in 13.8 years. (72/5.2%).

 

we also saw a 25.2% growth rate in state and local investment in the 2nd quarter, implying state and local investment would double in 3 years...

that's one of the problems with reading GDP reports, wherein quarterly growth is reported at an annual rate...state and local investment shrunk in the 1st quarter, so a 6% rebound in the 2nd quarter produces impossible sounding rates of growth....

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My apologies, Arthur, you misunderstood me.

My comment was actually tongue-in-cheek support of Mark's statement. I added that the debt has magically ceased to rise despite rising spending... and then affirmed his complaint:

"Why in the heck does anyone listen to any of these economic make believe numbers? I have taken a fair amount of grief about the accuracy of climate models over the years here but 'news flash' climate models are light years more stable and accurate than anything coming out of economic models or charlatan economist's mouths. And yet, we run the global economy on blather."

Also, I intended to say methane, as I did. In fact, what the anti-global-warming-crowd have claimed is that cow-farts cause more global warming than... whatever. But farts can also refer to nonsense spewing out of a person's mouth. Which the "huh? I ain't doin nothin', an' anyway it snowed last Thursday" crowd is definitely spewing.

I actually support Mark. And I don't get caught up in the "it snowed" argument, because warming is a thermodynamic heat-transfer operation, not a temperature-change operation. So warming results in system change, meaning that locations that had been optimum for one occupation will not be later. IE, Katrina, loss of harbors, loss of farmland, land that is now desert becoming good for farms, but the infrastructure not being there to support it.

Mark's acidification complaint is also one such system change. It isn't a pressure/temperature shift, but it has deep impact nonetheless.

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