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Daily Digest 10/27 - Growing Impact Of Ocean Acidification On Marine Life, Where Is All The Gold Going?

Tuesday, October 27, 2015, 10:20 AM

Economy

Hillary Clinton's Take on Banks Won't Hold Up (richcabot)

"Just for viewers at home who may not be reading up on this, Glass-Steagall is the Depression-era banking law repealed in 1999 that prevented commercial banks from engaging in investment banking and insurance activities. Secretary Clinton, he raises a fundamental difference on this stage. Sen. Sanders wants to break up the big Wall Street banks. You don't. You say charge the banks more, continue to monitor them. Why is your plan better?"

Clinton Emails Reveal “Behind the Doors Actions” of Private Sector and US Embassy in Haiti Elections (richcabot)

Behind the scenes, key actors were already pushing for Célestin to withdraw from the race, according to the e-mails. Just a day after preliminary results were announced, U.S. Ambassador to Haiti Kenneth Merten wrote to Cheryl Mills, Tom Adams and Daniel Restrepo, all key State Department Haiti staff. “Boulos + private sector have told RP [René Préval] that Célestin should withdraw + they would support RP staying til 7 Feb.” “This is big,” the ambassador added.

A China twist: why are malls closing if consumption is rising? (Chris H.)

Di Mei's owners are trying to refurbish, but it's unclear whether it will pay off, and others are just closing down. The Sunlight Store in Beijing, for example, is located in another prime pedestrian hub, but it closed its blinds this month, with manager Ni Guifang telling Reuters they are seeking greener pastures online.

"The sales were just OK, but the overall sales were on the downward trend," Ni said.

Mind The Empty Malls Of Shanghai–Why Red Capitalism Is Plunging Into The Red (Aaron M.)

It sure makes one wonder just how credible China’s retail sales “data” are, especially since the government is far less willing to provide official commercial vacancy rates: “As growth in retail sales slows because of the country’s lower GDP growth, and in cities where mall space is abundant, vacancy rates have risen substantially,” said Moody’s analyst Marie Lam in a research note.

The U.S. just challenged China in the South China Sea and… nothing happened (jdargis)

China has transformed once submerged reefs in disputed waters in the South China Sea into islands that it claims as its own territory. Because the USS Lassen passed within 12 nautical miles of the man-made islands, the distance international maritime laws define as an island’s sovereign waters, the move essentially demonstrates that the US does not respect these claims.

Where Is All The Gold Going? (Jonathan D.)

We heard for some time that gold is moving to the Far East but is it really only moving there? Well if we start with the US, it certainly is going out. In the first chart, we can observe that at least since 1996 gold has been leaving the US without exception. Even at the top of the gold market when the price crossed briefly $1,900 gold exports exceeded gold imports for the US. However, according to Nick Laird, for the US if you add up their gold mine production it puts them in a net neutral position. So their imports plus production equals their exports; this over the last 18 years.

Russia and China Increase Gold Holdings As Central Banks Continue Loose Monetary Policies (Taki T.)

Last Friday, the Chinese central bank cut interest rates for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy. Specifically, the PBOC cut its one-year lending and one-year deposit rates by 25 basis points. It also cut the bank reserve requirement ratio by 50 basis points, theoretically freeing up banks to do more lending.

Wisconsin Governor Walker signs bill restricting secret investigations (richcabot)

In Wisconsin, prosecutors can use a so called "John Doe" proceeding law to call witnesses, request search warrants and offer immunity without probable cause that a crime has been committed.

Congress and White House Reach Tentative Budget Deal (jdargis)

The agreement would raise spending by $80 billion over two years, not including a $32 billion increase included in an emergency war fund. Those increases would be offset by cuts in spending on Medicare and Social Security disability benefits, as well as savings or revenue from an array of other programs, including selling oil from the nation’s strategic petroleum reserves. The Medicare savings would come from cuts in payments to doctors and other health care providers.

A Whale of a Legal Tale (richcabot)

In 2007, commercial fisherman John Yates was cited for catching undersized red grouper in federal waters in the Gulf of Mexico. A government inspector had identified 72 red grouper that were under the 20-inch minimum set by law at the time. Those undersized fish were then placed in separate crates on Yates’ ship, and Yates was told not to disturb them before the fish could be seized by the National Marine Fisheries Service—when Yates returned to shore.

New Report Maps Growing Impact Of Ocean Acidification On Marine Life Worldwide (richcabot)

The latest effort at mapping ocean acidification comes from research led by the U.S. National Oceanic and Atmospheric Administration and published last week in the science journal “Global Biogeochemical Cycles.” The study tracked the saturation levels of the mineral aragonite, which is crucial to the formation of shells in marine species.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/26/15

Provided daily by the Peak Prosperity Gold & Silver Group

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6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4064
Global Economy Google News Search For Today

 

US Job Growth Hurt by Slowing Global Economy

TIME-5 hours ago
In the first three weeks of October, 165 American companies have cited the slowing global economy in their outlooks for earnings and revenue. That is up from ...

UPDATE 2-Cummins to cut jobs as weak global economy hurts sales

Reuters-4 hours ago
"Given the uncertainty in the global economy, we expect challenging conditions to persist for some time," Linebarger said. The company said that in the coming ...

U.S. Stocks Fluctuate Before Fed Amid Earnings, Economic Data

Bloomberg - ‎4 hours ago‎
U.S. stocks fluctuated amid mixed earnings reports and data that renewed concern on the strength of the global economy as the Federal Reserve begins a two-day monetary policy meeting. A rally in equities has tapped on the brakes as investors await the ...

As Fed Officials Meet, A Rate Hike Suddenly Seems Less Likely

NPR - ‎1 hour ago‎
"For example, we cannot be certain about the pace at which the headwinds still restraining the domestic economy will continue to fade. Moreover, net exports have served as a significant drag on growth over the past year and recent global economic and ...

BASF cuts full-year goals in face of slowing global economy

Yahoo! Maktoob News-10 hours ago
"The economic environment clouded over in important emerging markets, especially in China. BASF has further reduced its expectations for the global economy ...

UK Economy Slows Amid Concerns Over Global Growth

ABC News-9 hours ago
Britain's economy slowed in the July-September period amid broader concerns over the global economy. The Office of National Statistics said Tuesday the ...

Declining Suez canal traffic reflects the slowing down of the global ...

Hellenic Shipping News Worldwide-4 hours ago
... which is one of the most food-dependent economies in the Middle East. Declining revenues correlated with a slowdown in global trade, particularly in China, ...

Stock Shock: The Threat to Global Growth If Equities Slide Again

Bloomberg-10 hours ago
“A sharp correction in global equity prices would pose a significant threat to the global economy.” By reducing wealth, Oxford's economic models suggest a 15 ...

South Africa Economy: President Zuma Blames Financial Woes On ...

International Business Times-1 hour ago
South African President Jacob Zuma on Tuesday blamed the country's financial woes on the global slowdown and said carrying out his government's blueprint ...

Global crisis likely within next 5 years – economist

RT - ‎4 hours ago‎
The fragility is still there, for instance in shadowing banking, high indebtedness, a lack of structural reform, the sustainability of emerging markets, and high leverage," Liao said in an interview at the Summit on the Global Agenda of the World ...

Weak US business spending plans point to slower economic growth

Reuters-4 hours ago
That should boost household wealth, supporting consumer spending and the broader economy, which has been buffeted by a strong dollar, weak global ...

IMF Revises Down Sub-Saharan Africa 2015 Growth

Wall Street Journal-10 hours ago
NAIROBI, Kenya—Growth will take a big hit in one of the world's most dynamic frontier market economies this year and next, the International Monetary Fund ...

Here's why UPS's stock price is sinking this morning

Fortune - ‎5 hours ago‎
... package delivery company is often seen as a barometer of U.S. economic health. Abney said the company has seen some softness in the U.S. economy and that the strength of the U.S. dollar would continue to impact exports, as would soft global demand.

Restructuring fails to lift productivity, drag on economy to go on: Nomura

THE BUSINESS TIMES - ‎22 hours ago‎
SINGAPORE'S drive in restructuring its economy to lift productivity has failed thus far, and its drag on economic growth is expected to last until the end of this decade, said Nomura's Global Markets Research team in a report published on Friday. It ...

Cheap oil may force exporters to sell assets, fuelling market volatility

BDlive-7 hours ago
Given weak global growth, gains in energy efficiency and a massive gap between the ... Markets are already on edge amid tectonic shifts in the global economy.

Rate hikers at the Fed are running out of ammo

CNBC-3 hours ago

For Wall Street, the message was clear: Fed officials worried that the slowdown in China would spread to other areas of the global economy, dampening .

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Other news:

Nervous investors pay to lend to Italy

Financial Times-1 hour ago
The negative yield for Italian debt means investors are now paying to lend to a ... first major central bank in the world to experiment with negative rates when it ...

Deposit rate cut may deepen ECB's bond-buying challenge

Reuters - ‎6 hours ago‎
LONDON, Oct 27 (Reuters) - A threat by the head of the European Central Bank to push interest rates below the bank's previously declared lower bound may land him with a 100 billion-euro headache as he tries to boost euro zone growth and inflation ...
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4064
U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash

U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash

Bloomberg - ‎8 hours ago‎
The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. The proposed sale, included in a bill ...
Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2766
Now that's funny
saxplayer00o1 wrote:

U.S. Plans to Sell Down Strategic Oil Reserve to Raise Cash

Bloomberg - ‎8 hours ago‎
The U.S. plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached on Monday night by the White House and top lawmakers from both parties. The proposed sale, included in a bill ...

For so many reasons, that headline just makes me chuckle.

Uncletommy's picture
Uncletommy
Status: Gold Member (Offline)
Joined: May 3 2014
Posts: 474
The moving asset shell game?

I wonder if the US move to sell off reserve oil reserves is actually just to make more room for cheap Canadian oil sands crude. Some of my buddies in Calgary expect the bottom to hit the middle $30 a barrel by next spring. I wonder who will profit from deficit spending? It is fairly clear who will lose:

Alberta, whose oil sands are the largest source of U.S. crude imports, will continue to run deficits until 2019/20 and spend C$38 billion on a capital plan investing in infrastructure, as well as health and education projects over the next five years.

The province will empty its contingency fund by next year and start borrowing to fund operations in 2016/17, a first since 1993/94. It estimates its total debt will increase to C$36.6 billion, 10 percent of Alberta's nominal GDP, by fiscal 2017/18.

Last year Alberta posted a surplus of C$1.1 billion.

 

Mark_BC's picture
Mark_BC
Status: Gold Member (Offline)
Joined: Apr 30 2010
Posts: 429
LOL I've heard it argued by

LOL I've heard it argued by the corrupt Canadian government agencies pushing the Northern Gateway project (I was one of thousands who spoke against it at the hearings, and there was a total of about 2 people that spoke in support of it, yet the government still rubber stamped the project anyways, and now surprise surprise they changed the rules so they don't have to listen to public input anymore on these matters) that one of the benefits of expanding oil sands activities is to grow the economy to pay off provincial debt.... apparently they know nothing about how money works...

The SPR is a month and a half of US consumption so I think there is some other motive behind selling it.

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2766
SPR meh...
Mark_BC wrote:

The SPR is a month and a half of US consumption so I think there is some other motive behind selling it.

That's part of why I was laughing. The takedown is soon ladies and gents. Or not. Who gives a damn?

Let me know when the banksters are rotting in prison.

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