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Daily Digest 10/18 - Lackluster Economy Is Weighing On China, ‘A Wall of Mud’ in California

Sunday, October 18, 2015, 10:00 AM

Economy

Lackluster Global Economy Is Weighing on China, Xi Tells Reuters (jdargis)

China is forecast to report on Monday a 6.8 percent expansion in the third quarter, its weakest performance since 2009. The task of achieving a 7 percent growth goal for this year was made more difficult by a stock-market bubble that burst in June, prompting an unprecedented campaign of government intervention and a series of probes for culprits.

The Problem Isn't Student Loans, It's Higher Education (richcabot)

Apologists claim the student-loan crisis is the result of underfunding of colleges by states. While it's true that some of the cost burden has been shifted from taxpayers to students, the real problem is soaring costs of the higher education cartel, which fixes prices via the artifical scarcity of accreditation.

The extraordinary rise in administrative staffing and costs and the boom in building costly temples of higher education are well-known.

Full Transparency (richcabot)

We must then face the fact that we are under constant surveillance and the only thing saving us from having our most private, intimate moments disclosed is their lack of interest in us. We are safe because we are insignificant. Those deemed a threat have faced prosecution and have had their lives completely upended. Our insignificance gives us momentary respite, but we need to be aware that we have already lost the battle. They have all the files and all the data they need to put anyone of us in compromising situations and if they don’t, they’ll make it up.

What Could Raising Taxes on the 1% Do? Surprising Amounts (jdargis)

But what could a tax-the-rich plan actually achieve? As it turns out, quite a lot, experts say. Given the gains that have flowed to those at the tip of the income pyramid in recent decades, several economists have been making the case that the government could raise large amounts of revenue exclusively from this small group, while still allowing them to take home a majority of their income.

How the nation’s most notorious crime-gun store cleaned up its act (jdargis)

Last week, a jury found the store liable for Burton’s actions and awarded the grievously wounded officers, Bryan Norberg and Graham Kunisch, nearly $6 million. The landmark ruling is the first of its kind against a gun store, and it has raised alarms throughout the firearms industry. The case is on appeal, but several other lawsuits are in the works, including one against Badger Guns by two other Milwaukee police officers.

U.S. court overrules EPA on bee-killing pesticide (Wendy SD)

In this week's ruling, the court ordered EPA officials to obtain more information about the impact of sulfoxaflor on bees, as dictated by federal environmental regulations. Any future approval of the pesticide will depend on those data.

‘A Wall of Mud’ in California, and Warnings to Heed El Niño (jdargis)

“I saw the mudslide — it looked like a brown waterfall coming down the mountain,” Ms. Rose, 22, said. “It was like Niagara Falls but brown, like the chocolate waterfall from Willy Wonka. Cars were all crashing into each other because there was 15 feet of water. Semi trucks were stuck in it. It was the most serious thing I’ve ever seen.”

How to Plant Garlic this Fall for Summer Harvest (jdargis)

I was just a gardener, growing garden-variety softneck garlic, when I headed to Iowa for my first Seed Savers Exchange Conference in 2002. I returned home to Pennsylvania with 10 varieties of heirloom hardneck bulbs, planted them that October, and before I knew what had happened, I’d become a garlic farmer.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/16/15

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."

8 Comments

TechGuy's picture
TechGuy
Status: Gold Member (Offline)
Joined: Oct 13 2008
Posts: 428
Re:What Could Raising Taxes on the 1% Do?

Not much:

1. Those with money also have Lawmakers in their pockets

2. Many of the 1% obtain their wealth from the gov't, directly or indirectly 

3. The 1% have the most means to avoid taxe (moving HQ off-shore, hiring Tax attorney, Threating to leave region to get "special" tax breaks)

4. 99% whatever taxes/regulation aimed at the rich end up hitting the middle class. I am sure just about every reader is familar with the AMT (Alternative Minimium Tax), which was original targeted at the Rich, but now most middle class households now pay!

5. Taxing just removes freedoms and liberty. The more money the gov't collects, the more power and control the gov't has over its people. We need drastically lower taxation to restore our liberties.

6. No matter how much money the gov't receives the worst its financial problems will occur. Politicans put your tax dollars to work for them, by buying votes with pork projects or lining their own pockets with your money,

 

 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
DARPA From the Deathbed.

DARPA's movement is towards coupling man and machine, so putting neuro-prosthetics in the brains of soldiers so that they can have what is called augmented cognition. ANNIE JACOBSEN, AUTHOR

http://www.abc.net.au/radionational/programs/latenightlive/darpa-double-...
My comments What happens when the batteries go flat? Having people in the war loop has not worked out so good. So having machines is bad idea, compared to what?

Regarding Techguy's comments I believe that the Nation State as a concept is under threat and could go the way of the City State. It is under threat from two influences. The multi-national corporation and the increased interconnectedness of the world. Soon emigrating will be no more effective than skipping town. Less even. The one-way mirror sees all, and unless the rich person in question can get behind it he will stand naked before those in power. And that will require some serious pull. Not something your average Chinese millionaire will likely possess.

EDIT: And that leaves open the question, who are those in power? With the avalanche of data the thought that the Algos will be data mining and extracting any wealth they find.
Is this good or bad?
Choose your poison.
Who would you rather kneel before, an all powerful human or a dispassionate machine?

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 269
exactly

exactly right, techguy.

someone on zerohedge had just posted a comment that taxing the ultra-rich would "solve" the deficit problem, and replied with almost the exact same points you make, above.

it's a bit sad that many people still suffer from stockholm syndrome-like effects, they still view the federal government as "our" government, rather than a very dangerous and ruthless organization run by a group of sociopathic oppressors.

they will not cede power willingly, they will not be held accountable for their crimes.

i hope people wake up, stop supporting them, and withdraw all support from the system - we need to be creating and empowering our own local systems, real community.

 

Mark Cochrane's picture
Mark Cochrane
Status: Diamond Member (Offline)
Joined: May 24 2011
Posts: 1227
This one is for you Arthur

 

Europe and Russia mission to assess Moon settlement

http://www.bbc.com/news/science-environment-34504067

The European and Russian space agencies are to send a lander to an unexplored area at the Moon's south pole.

It will be one of a series of missions that prepares for the return of humans to the surface and a possible permanent settlement.

The spacecraft will assess whether there is water, and raw materials to make fuel and oxygen.

BBC News has obtained exclusive details of the mission, called Luna 27, which is set for launch in five years' time.

The mission is one of a series led by the Russian federal space agency, Roscosmos, to go back to the Moon.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Sign me up, Scotty.

Yeah haa!

Whoever controls the high ground controls the world,  so the MIC had better get their act together.  

But I see That they are teaching celestial navigation again,  so I guess they are contemplating a return to the good old days, when men were men and women were something else.

There is one little wrinkle to this story though.
And that is CAF's model of the economy, where she holds forth that the economy of the world is being harvested for anti gravity research and extremely advanced and expensive technology.

Which,  to my mind has legs.
Why is Cold Fusion being ignored? Is it because those at DARPA are as thick as two short planks? Or is it because they have something Much better? And,
The meme that the super-rich are amassing ridiculous amounts of money,  because greed, rings hollow. I think we invent this motive because from our impoverished states, money assumes huge importance.  Like breakfast at 11am.

The Eurasian effort to colonize the moon might uncover really odd facts. 

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Poor little women and children refugees.

Refugees welcome:

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
China economy grows 6.9 pct in Q3, weakest since 2009

Japan third-quarter growth seen slowing sharply as Asian demand ...

Reuters UK-7 hours ago
Most analysts, however, doubt the BOJ can achieve its 2 percent inflation goal by the middle of fiscal 2016, and expect the central bank to offer more stimulus as ...
 

Ex-BOJ Executive Says More Easing Hinges on Output, Exports Data

Bloomberg - ‎18 hours ago‎
Poor data for exports and industrial output have the potential to force the Bank of Japan into bolstering stimulus later this month, said a former chief economist for the BOJ. Weak production could destroy the picture the central bank has presented of ...
 

Russia's Ailing Consumers Keep Door Open for Rate Cuts

Bloomberg-2 hours ago
A fresh bout of ruble weakness forced the central bank to hold off on easing policy after it already rolled back most of a December emergency rate increase.
 

China economy grows 6.9 pct in Q3, weakest since 2009

Yahoo Finance UK - ‎11 hours ago‎
To stoke activity, the central bank has already cut interest rates five times since November and reduced banks' reserve requirement ratios, though analysts believe an increase in fiscal spending could be more effective in lifting growth. The government ...

China Swaps Near Seven-Week Low on Bets for Pro-Growth Policies

Bloomberg-6 hours ago
The People's Bank of China directed questions on its Treasury holdings to the ... enough for the central bank to raise rates by year-end, traders are skeptical.

China Ponders Tool Deemed Too Risky Post 2008 to Cut Bad Loans

Bloomberg-19 hours ago
While a central bank official said in May such products are under study, regulators this month declined to comment on the plans. Only three Chinese firms have ...

Deutsche Bank: If the Fed Kneecaps U.S. Credit Growth, Get Ready ...

Bloomberg-3 hours ago
... indicated that he thought monetary policy makers should be considering negative interest rates to help bring the economy back to full employment.

ECB's Nowotny says euro zone policy may need to become expansive

KDAL-8 hours ago
WARSAW (Reuters) - The euro zone needs additional measures, possibly looser fiscal policy, to secure economic growth, European Central Bank policymaker ...

Euro Declines on Speculation ECB Stimulus to Contrast With Fed

Bloomberg-1 hour ago
ECB officials are likely to say by year-end that they have no choice but to add stimulus, and may even reach that conclusion as soon as Thursday, according to ...

Lew: I worry about 'terrible' debt limit accident

CNBC-4 hours ago
China's central bank has in recent months increased its sales of Treasury securities to raise cash to support its currency. In August, China unexpectedly and ...

Few in Venezuela Want Bolívars, but No One Can Spare a Dime

New York Times-15 hours ago
Ruth de Krivoy, a former Central Bank president, asked with a rueful laugh. She said the main problem was that the government had failed to respond to rapidly ...

Dividend Bull Case Deflates as Payouts Rise Least Since 2010

Bloomberg-9 hours ago
... years, when the government debt offered rates averaging 3.7 percentage points higher. ... Since 2009, companies in the S&P 500 have paid out $1.8 trillion in ...
 

Rajan Unclogs India Monetary Plumbing as Banks Finally Cut Rates

Bloomberg - ‎21 hours ago‎
Overseas funds can own as much as 5 percent of India's total outstanding debt by March 2018 -- from about 3.8 percent now -- in a move that will help attract 1.2 trillion rupees ($18.4 billion) in inflows, the RBI said Sept. 29. The resulting rally ...

Saudi Arabia Said to Delay Contractor Payments as Oil Slumps

Bloomberg-5 hours ago
The country has raised 55 billion riyals ($15 billion) from debt issuance this year. “It's hard to hold back from boosting spending when oil is on the rise, but very ...

No health insurance? Tax penalty is getting bigger

The Seattle Times - ‎55 minutes ago‎
WASHINGTON (AP) — The math is harsh: The federal penalty for having no health insurance is set to jump to $695, and the Obama administration is being urged to highlight that cold fact to help drive its new pitch for health law sign-ups. ... Until now ...

Affordable Care Act penalties, premiums on the rise for 2016

MLive.com-2 hours ago
The federal penalty for having no health insurance will more than double to $695, and premuims are expected to rise as well. Signups start Nov.

Moody's: No Illinois pension payment could hurt credit

KWQC-TV6-14 minutes ago
CHICAGO (AP) — A major credit rating agency says Illinois' inability to make a November payment to its pension funds could hurt the state's already dismal ...

Deadbeat Illinois: Day 111 without a budget for Illinois

The State Journal-Register - ‎12 hours ago‎
Days without a state budget: 111. Backlog of unpaid bills: $7.2 billion. Latest effects of the stalemate: — Comptroller Leslie Munger said next month's $560 million payment to Illinois' pension system will be delayed. — Senior Services of Central ...
Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2840
Re: Chinese economy grows 6.9% in Q3

What a load of crap.

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