Daily Digest

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Daily Digest 10/5 - TPP Explained, The Reign Of Recycling

Monday, October 5, 2015, 6:04 AM


The Biggest Questions Awaiting the Supreme Court (jdargis)

The legal principle of “one person, one vote” got its fullest expression in the 1964 case Reynolds v. Sims, which ruled that state legislative districts must contain roughly equal numbers of people. Before then, district populations varied widely, an intentional practice that gave more power to rural white voters than those in the more diverse cities. While the court has never defined who counts as a person, the vast majority of states count all people who live in a district, even if they are not eligible to vote.

Taxpayers' Alliance: Cut pensioner benefits 'immediately' (Arthur Robey)

Mr Wild, who is research director of the think tank which campaigns for lower taxes and highlights examples of Government waste, said the cuts should be made "as soon as possible after an election for two reasons".

"The first of which will sound a little bit morbid - some of the people... won't be around to vote against you in the next election. So that's just a practical point, and the other point is they might have forgotten by then."

Google’s ‘Don’t Be Evil’ Becomes Alphabet’s ‘Do the Right Thing’ (jdargis)

Google’s code of conduct is much longer than Alphabet’s. It includes idiosyncracies about drinking alcohol at work (OK but not too much) and taking pets to the office (dogs are cool but cats are discouraged).

The Alphabet code sticks to the basics: avoid conflicts of interest, maintain integrity and obey the law.

The Myth Behind Defensive Gun Ownership (jdargis)

Specifically, NCVS asks questions on the household level every 6 months. The first household interview has no time frame. Follow-up interviews are restricted to a six-month time frame and then NCVS corrects for duplicates. Using this strategy, NCVS finds that telescoping alone likely produces at least a 30 percent increase in false positives.

The Trans-Pacific Partnership Trade Deal Explained (jdargis)

In June, Mr. Obama successfully overcame opposition from Democrats to win trade promotion authority: the power to negotiate trade deals that cannot be amended or filibustered by Congress. He must now convince Congress — his fellow Democrats, in particular — to approve the trade deal. Lawmakers have 90 days to review the pact’s details.

The Reign Of Recycling (jdargis)

Despite decades of exhortations and mandates, it’s still typically more expensive for municipalities to recycle household waste than to send it to a landfill. Prices for recyclable materials have plummeted because of lower oil prices and reduced demand for them overseas. The slump has forced some recycling companies to shut plants and cancel plans for new technologies. The mood is so gloomy that one industry veteran tried to cheer up her colleagues this summer with an article in a trade journal titled, “Recycling Is Not Dead!”

This Week In Energy: Don’t Be Fooled By Latest U.S. Production Data

In other words, the M&A activity has been explosive, even if only a few individual deals splash across the headlines (the Shell-BG purchase comes to mind). The Shell-BG deal accounted for $70 billion; Schlumberger (NYSE: SLB) announced in August its decision to purchase of Cameron International for $12.7 billion; and earlier this week Energy Transfer Equity LP finally sealed a deal with the pipeline operator Williams Companies for $32.6 billion. The M&A activity suggests that larger firms sense an opportunity to grow during the downturn, and while it may seem like a lot of companies are sitting on the sidelines, deals are getting done.

'Stay in Your House': Officials Warn Residents During Unprecedented '1,000-Year' Floods (jdargis)

More than 250 roads across the state were closed due to the storm that dumped over two feet of rain in some areas, according to the state's department of transportation, which reported it had responded to nearly 1,200 distress calls and more than 300 collisions. One DOT employee was unaccounted for, said South Carolina Transportation Secretary Christy Hall Sunday, without offering additional details.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/2/15

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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Bernanke Writes That The Fed Saved The Economy

Repost Of Today's Headlines:


How the Fed Saved the Economy  (By Ben Bernanke)

Wall Street Journal-16 hours ago
And the European Central Bank has broader monetary powers than the Fed ... in large part because the Bank of England pursued monetary policies similar to ...

Fed Officials Say a Toolkit to Combat Bubbles Isn''t Ready

Nasdaq - ‎11 hours ago‎
BOSTON--Are the Federal Reserve and other U.S. regulators ready to fight the bubbles that might emerge in the American economy? No, they aren't, key central bank authorities are warning. Fed Vice Chairman Stanley Fischer and the leaders of several ...

Bernanke says ‘not obvious’ economy can handle interest rates at 1%

Service side of economy showing signs of catching flu from manufacturing

Economists cut Brazil's economic outlook for 2015

Brazil's 2016 inflation view rises for 9th week, to 5.94 pct

Reuters-3 hours ago
... for 2016 in Brazil rose for the ninth straight week, toward the top end of the government's target range, a weekly central bank survey showed on Monday.

Central banks lose bond-market credibility as woes mount

Chicago Tribune-37 minutes ago
... pile into haven assets such as Treasuries and German bunds in the past month. ... That comes after Yellen cited China's economic slowdown as a reason for ...

Growth fears top World Bank/IMF agenda

Financial Times - ‎20 hours ago‎
The world's finance ministers and central bank governors gather in Lima, Peru, this week for the annual meetings of the International Monetary Fund and World Bank. At the top of the agenda is how to respond to an anaemic global recovery and concerns ...

S. Korea to go all-in to meet growth goal: minister

Korea Times - ‎8 hours ago‎
In the parliamentary audit session, Bank of Korea Gov. Lee Ju-yeol said that the Korean economy will likely grow as expected this year. The central bank has revised down its growth estimate for this year to 2.8 percent, citing unfavorable domestic and ...

Taiwan central bank lowers deposit rates on banks' reserves, after ...

Reuters-5 hours ago
Effective Tuesday, the demand deposit rate for bank reserves will fall to 0.228 percent, from 0.248 percent; and the fixed ... Taiwan's central bank on Sept.

ECB Bought 63 Billion Euros of Debt Under QE in September

Bloomberg - ‎44 minutes ago‎
The European Central Bank boosted asset purchases in September, making up for a slowdown during the region's summer holiday period. Holdings of public and private-sector debt under its quantitative-easing program rose by 63 billion euros ($70.7 billion ...

Fed's Rosengren: If Weak Jobs Data Continues, Fed Should Delay Rate Rises

Wall Street Journal - ‎11 hours ago‎
BOSTON—Federal Reserve Bank of Boston President Eric Rosengren said Saturday that his confidence that the U.S. central bank can raise rates soon has diminished in the wake of underwhelming employment data. “The jobs report was disappointing; ...

Ruble Crash Casts Pall Over Rates as Food Prices Bring No Relief

Bloomberg-17 hours ago
The Russian central bank governor, forced last month to pause an easing cycle for the first time in 2015, may need to stall for longer to contain the fallout from ...

Russia Consumer Prices Up 15.7% on Year in September

Nasdaq-1 hour ago
MOSCOW--Russia's consumer inflation slowed marginally in annual terms in September, but was still high above the central bank's target, data from the Federal ...

Sensex posts biggest single-day in 9 months as Fed rate hike hopes recede

Hindu Business Line - ‎4 hours ago‎
Financial stocks led the gains with most banks passing on the central bank's rate cut last week, to consumers. ICICI Bank rose 4.9 per cent, Housing Development Finance Corp gained 4.73 per cent and, while HDFC Bank was up 2.36 per cent. Industrial ...

Japan Stocks Gain After U.S. Jobs Data Push Back Rate-Rise Bets

Bloomberg-14 hours ago
... compiled by Bloomberg. The Bank of Japan starts a two-day meeting Tuesday, with 34 of 36 economists expecting the central bank to keep policy unchanged.

Fed Rate-Increase Odds Drop to 10% for October, Futures Show

Bloomberg - ‎3 hours ago‎
The central bank needs to amend the way traders view the path for interest rates, El-Erian said. “The critical issue for the Fed is not when it moves first; it is the journey,” he said. Between now and December, it has to get the market to realize ...

UK finance chiefs signal sharp fall in risk appetite

Financial Times - ‎16 hours ago‎
“But despite the more emollient tone from central banks, CFOs still see tighter monetary policy as the number one threat to their businesses. From a central bank point of view this may be the worst of both worlds — a corporate sector which is worried ...

Japan's slow wage growth dents consumption outlook, BOJ ...

Reuters-9 hours ago
Watanabe said the central bank is likely to stand pat given solid capital spending plans and an improving output gap seen in its tankan survey issued last week.

EconomyCase for BoJ easing picks up as wages stagnate

Financial Times - ‎14 hours ago‎
Further action could see it buying more assets (the quantitative part), expanding what it buys (the qualitative part), or doing something unexpected like setting negative interest rates to spur lending. Last week BoJ Governor Haruhiko Kuroda retained ...

World Bank cuts Asia growth forecast

BBC News-10 hours ago
The World Bank has cut its growth forecast for the Asia Pacific region for this year and next, because of the risks posed from a sharp slowdown in China and ...

World Bank Cuts Sub-Saharan Africa Growth Estimate to 6-Year Low

Bloomberg - ‎2 hours ago‎
Oil, minerals, metals and agricultural commodities account for nearly three-quarters of the region's exports, the World Bank said in its bi-annual Africa's Pulse report. Prices of natural gas, iron ore and coffee had fallen by more than 25 percent ...

Hong Kong closes higher on hopes for China stimulus

MarketWatch-5 hours ago
“We have targeted stimulus for autos, property and Macau sectors, and now hopes for broader monetary and fiscal easing” in the fourth quarter. Indonesia's ...

Economists Bring Forward Forecasts for More BOJ Stimulus

Bloomberg-7 hours ago
Economists brought forward forecasts for when the Bank of Japan may next increase stimulus after economic data that pointed to the risk of the economy falling ...

Euro-Area Growth Seen Slowing in Sign More Stimulus May Be Ahead

Bloomberg-7 hours ago
The euro region's economic recovery risks faltering after growth momentum eased in September, Markit Economics said. A Purchasing Managers' Index for ...

Saudi Cash Burn Drives Foreign Reserves to Lowest Since 2013

Bloomberg - ‎6 hours ago‎
The kingdom has also withdrawn as much as $70 billion from global asset managers as it seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery. “This suggests that the government is expecting to ...

Illinois budget impasse affecting emergency call systems

Chicago Sun-Times - ‎Oct 4, 2015‎
The Springfield bureau of Lee Enterprises newspapers reports without a budget in place, emergency call systems are no longer receiving revenue from a tax on cell phone users. Under state law, 911 fees for landline phones are paid to county-level systems.

CNB discusses negative interest rates

EconoTimes-8 hours ago
EUR-CZK rose sharply ahead of the rate meeting in anticipation that the CNB might cut rates to negative. But, this did not occur. Dovish sentiment prevailed but ...

MIDEAST DEBT-Cheap oil shrinks Gulf bond sales as liquidity tightens

Reuters - ‎4 hours ago‎
GCC's Jan-Sept international issues lowest since 2008. * Bank liquidity deteriorating with less oil money. * So spreads widening in primary, secondary bond markets. * Some banks keeping back money to invest in sovereign debt. * Many maturing bonds in ...

Connecticut, America's Richest State, Has a Huge Pension Problem

Wall Street Journal-17 hours ago
Some investors concerned about the size of Connecticut's pension hole are backing away from bonds issued by the Constitution State or demanding bigger ...


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Wall St. rises as Fed seen holding off rate hike till 2015

Wall St. rises as Fed seen holding off rate hike till 2015 (Reuters)


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Arthur Robey
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Democracy? So yesterday!

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