Daily Digest

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Daily Digest 11/1 - Beware The Fine Print, Brazil Goes Thirsty

Sunday, November 1, 2015, 12:18 PM

Economy

Reliable Rebel (richcabot)

Both his vote share and his margin of victory dwarf Blair’s 1994 results. In a field of four candidates, Corbyn won an outright majority on the first round of voting, taking 59.5 percent of the vote. Experienced former ministers Andy Burnham and Yvette Cooper, both of whom had served under Blair and Brown, finished a distant second and third. The candidate most closely associated with the Blairite, pro-business side of the party, Liz Kendall, languished in fourth place with a mere 4.5 percent of the vote.

ISIS Releases Video Of Alleged Russian Airplane Mid-Air Exposion After It Claims Responsibility For Disaster (richcabot)

A militant group affiliated to Islamic State in Egypt claimed responsibility for the downing of a Russian passenger plane that crashed in Egypt's Sinai peninsula on Saturday, the group said in a statement circulated by supporters on Twitter.

Below is the full statement from a group alleging to speak on behalf of Islamic State, posted on their affiliate site, translated by the Guardian's Jahd Khalil. It offers no evidence that the group brought down the plane, apart from their word.

The Path to Liberty – Developing an Anarchist Heuristic for Change (Steve R.)

Like the European socialists, anarchists love secession. Unlike them, we love it out of principle. We love secession because it weakens the state. The state is nothing without a sizable geographic territory under its monopolistic command. Therefore, anarchists want a world of progressively smaller and smaller states, until the day that each individual is sovereign in his or her own right. So, when anarchists observe what is happening in Europe, they might ask themselves “Should we support the socialists’ efforts to secede?

Beware The Fine Print (jdargis)

When she bought her car, Tinker Martin-Bowen signed a contract with an arbitration clause that took away her right to a jury trial. Only later did she realize just what she had given up.

How a group of neighbors created their own Internet service (jdargis)

Faced with a local ISP that couldn’t provide modern broadband, Orcas Island residents designed their own network and built it themselves. The nonprofit Doe Bay Internet Users Association (DBIUA), founded by Sutton, Brems, and a few friends, now provide Internet service to a portion of the island. It’s a wireless network with radios installed on trees and houses in the Doe Bay portion of Orcas Island. Those radios get signals from radios on top of a water tower, which in turn receive a signal from a microwave tower across the water in Mount Vernon, Washington.

Greek Lenders Told to Raise $15.9 Billion to Cover Bad Loans (jdargis)

Though large, the number announced by the European Central Bank is lower than some experts had feared. And it means that as the banks move to meet their shortfall, it is less likely that bank depositors will be required to take losses. Instead, the money is expected to be raised from bank investors in some combination with funds from the €86 billion package of bailout loans that Greece agreed to this summer with eurozone creditors.

Einstein's theory of relativity explains fundamental properties of gold (Arthur Robey)

From their observations the researchers conclude that the properties of gold are fundamentally determined by "relativistic effects". These effects come into play in physics when a phenomenon can no longer be described as "classical". In chemistry this applies to the properties of certain elements. The relativistic effects derive from Albert Einstein's theory of relativity with the well-known formula E = mc2 by which Einstein established a connection between energy, mass and speed of light. "Of the stable elements, the predicted relativistic effects are most noticeable with gold," says Prof. Straub. A well-known example is the striking difference in colour between yellow gold metal and colorless silver metal.

Brazil, land of water, goes thirsty (LesPhelps)

Daily water access, potential disruption of the 2016 Rio Olympics, crop irrigation, and the running of Brazil's hydroelectric industry, which provides for 75 percent of the country's power, are all at stake.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/30/15

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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saxplayer00o1
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Apocalypse now: has the next giant financial crash already begun

 

Apocalypse now: has the next giant financial crash already begun?

The Guardian-7 hours ago
The underlying cause of this debt glut is the $12tn of free or cheap money created by central banks since 2009, combined with near-zero interest rates. When the ...

Global factories struggle as stimulus fails to spur

Reuters-3 hours ago
... increasing or extending its stimulus program and further cutting the deposit ... in the past year, but the stimulus has been slower to take effect than in the past.

EconomyGlobal deflation watch: Thailand still stuck

Financial Times-6 hours ago
if you missed it overnight, Thailand is mired in its 10th month of deflation, as the latest figures highlight the junta's failure to revive the ailing economy, and ...

Obama presidency to end with $20 trillion national debt

Washington Times - ‎16 hours ago‎
Mr. Obama's spending agreement with Congress will suspend the nation's debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion ...

US seen raising T-bills supply by $173 bln-JPMorgan

Reuters-2 hours ago
... exhaust its borrowing capacity, which had been at $18.1 trillion, this week. ... raising the risk it may begin to postpone repayments on its debt obligations.

Bonds Send Same Ominous Signs No Matter Where in World You ...

Bloomberg-18 hours ago
A quick scan across government debt markets suggests that investors are pricing in the likelihood that growth and inflation around the world will remain tepid for ...

China Slide Toward Debt-Deflation Trap Needs 5-Year Plan Fix

Bloomberg-13 hours ago
"China has chosen to continue to inflate the debt bubble and to generate ... and it has about 23 trillion yuan ($3.6 trillion) in bank deposits locked up as reserves.

ECB Stimulus Pushes Denmark Toward Currency Intervention Shift

Bloomberg-1 hour ago
The data contrasted with a report showing China's manufacturing sector continued to ... The rate on 10-year Treasuries rose three basis points to 2.17 percent.

ECB Spent 64 Billion Euros on QE Last Month as Stimulus Reviewed

Bloomberg-11 minutes ago
The European Central Bank accelerated the pace of its bond-buying program in October, as policy makers considered whether to step up stimulus before the ...

As Swedish central bank fights deflation, housing bubble worries mount

Reuters - ‎Nov 1, 2015‎
But the central bank is caught in a dilemma. Leaving rates so low only encourages home buyers. But raising them enough to tamp down the housing frenzy would also slow an inflation rate that is already flirting with zero and has dipped into outright ...

China Expands Cheap Loans to Policy Banks for Favored Projects

Bloomberg - ‎5 hours ago‎
China's central bank offered 70.5 billion yuan ($11.2 billion) to its three policy banks under the Pledged Supplementary Lending program in October, expanding the size of the facility by the most since it began publishing figures in July. The amount ...
 

China Steps Up Market Reforms Amid Record Capital Outflows

Bloomberg - ‎16 hours ago‎
The central bank is finalizing revisions to its foreign-exchange rules that would loosen some capital controls while preserving its ability to intervene in times of volatility, people familiar with the matter said on Monday. The monetary authority said ...

China Financial Crackdown Intensifies as Funds, Banks Targeted

Bloomberg - ‎4 hours ago‎
The Communist Party's Central Commission for Discipline Inspection is carrying out its first broad checks on the finance industry since President Xi Jinping became the party's head in November 2012. The summer's stock-market rout in China has triggered ...

Bad loans pile pressure on capital-strapped Greek banks

CNBC-13 hours ago
The central bank's assessment was eagerly awaited by the financial world as a crucial step in determining how much money the Greek banks would require to ...
 

Big banks cut euro, German yield outlook as ECB easing looms

Reuters - ‎3 hours ago‎
The forecasts assume the European Central Bank will expand its quantitative easing bond-buying programme next month and cut its deposit rate further below zero. Both U.S. banks expect the ECB to cut its deposit rate 10 basis points at its Dec. 3 ...

China Needs 6.5% Growth, Leaders Say, In First Confirmation Of Lower Target ...

International Business Times - ‎11 hours ago‎
Last week's meeting of the ruling Communist Party's Central Committee pledged “slower but quality growth” for the 2016-2020 period, with greater emphasis on innovation, consumption and the service sector, to offset the slowdown in China's traditional ...

Hong Kong Exchange Fund Had Biggest Quarterly Loss After Rout

Bloomberg - ‎6 hours ago‎

Hong Kong Exchange Fund, managed by the city's de facto central bank, reported its largest quarterly loss in history by value, as stock prices plummeted amid a market rout. The fund, managed in its current form by the Hong Kong Monetary Authority from ..

German 10-year Bund yields could go as low as 0.1 pct -Citi

Reuters-4 hours ago
LONDON Nov 2 German 10-year bond yields might fall as low as 0.1 percent within six months, nearing April's record low, if the European Central Bank ...

Iceland PM: We dodged the EU bullet

Politico-10 hours ago
The President of the European Central Bank said the risk of a split has virtually ... as Ireland or Greece, and take responsibility for the debts of the failed banks.

Faith in Draghi Lets Bond Investors Ignore Polish Budget Risks

Bloomberg-6 hours ago
“Polish bonds are moving along other markets, expecting ECB action,” Tomasz Bartnicki, a debt manager at MetLife TFI mutual fund in Warsaw with 1.4 billion ...

PBGC rate hikes moving DB plans into danger zone

Pensions & Investments-10 hours ago
Sharply higher Pension Benefit Guaranty Corp. premiums resulting from the new federal budget deal will push more employers to shrink or terminate their ...

Sweden risks blowing through budget ceiling to pay for refugees

Chicago Tribune-18 hours ago
Magdalena Andersson risks becoming Sweden's first finance minister to breach the budget ceiling since the current fiscal policy framework was put in place in ...

CBI says UK SME exports are at their lowest levels since the recession while ...

City A.M. - ‎15 hours ago‎
Export orders for UK's small businesses have fallen at the fastest rate since 2009 and domestic orders were also down for the first time in over two years, according to data released today by the Confederation of British Industry (CBI). Over the three ...

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