Daily Digest

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Daily Digest 2/2 - The Lesson From Davos, The Impact Of Our Consumption

Tuesday, February 2, 2016, 12:50 PM

Economy

The Lesson from Davos: No Connection to Reality (richcabot)

The First Industrial Revolution was to replace, at beginning of the 19th century, human power with machines. Then at the end of that century came the Second Industrial Revolution, which was to combine science with industry, with a total change of the system of production. Then came the era of computers, at the middle of last century, making the Third Industrial Revolution, the digital one. And now, according Schwab, we are entering the fourth revolution, where workers will be substituted by robots and mechanization.

Ukraine attempts to block French documentary exposing ‘fairytale of good Maidan forces’ (richcabot)

The request has been made, hasn’t it? The Ukrainians have said that the documentary shouldn’t be shown. I am not sure if the documentary maker worked with the Ukrainian Embassy, I doubt that he did – on the contrary. The most obvious point that comes to mind is that such attempts to muzzle the media always backfire; they always attract more attention. People are going to say: “Why does Kiev want this documentary not to be shown?” So I think the embassy in Paris has made a mistake. If they wanted the documentary not to have any attention paid, they should have simply ignored it. Instead now people are going to talk about it.

China police arrest 21 in alleged $7.6B investment fraud (Yoxa)

Ezubao promised investors that borrowers on its platform would pay back loans at interest rates between nine per cent and 14.6 per cent, but 95 per cent of those borrowers were fictional entities created by Ezubao, a former company executive told investigators.

China factories continue to lose steam (richcabot)

"Chinese manufacturers signaled a modest deterioration in operating conditions at the start of 2016, with both output and employment declining at slightly faster rates than in December. Total new business meanwhile fell at the weakest rate in seven months," Markit said in a statement.

The Spread Of Ignorance (Don R.)

It comes from agnosis, the neoclassical Greek word for ignorance or ‘not knowing’, and ontology, the branch of metaphysics which deals with the nature of being. Agnotology is the study of wilful acts to spread confusion and deceit, usually to sell a product or win favour.

John Cleese: Political Correctness Will Lead To An Orwellian Nightmare (PBD)

"If you start to say we mustn't, we mustn't criticize or offend them then humor is gone. With humor goes a sense of proportion. And then as far as I'm concerned you're living in 1984."

Banks On The Hook For Bad Energy Loans

In 2009, crude oil prices rose sharply and held fast until 2014. Central banks around the world pumped massive amounts of money into the economy, anticipating that the demand for crude oil would continue to increase. The oil business was a profitable one with very limited risk, which bolstered bank lending in this sector. Quite simply, everyone wanted to be in on it.

Tell the truth, ExxonMobil: a low-carbon future is affordable – and necessary (Uncletommy)

Despite its disingenuous head fake in Paris, Exxon’s narrative of preferring, and even encouraging, inaction in the face of climate change is the oil giant’s well-established modus operandi. As recent news accounts have shown, Exxon funded organizations for decades that denied the risks of climate change, despite the company’s own internal research confirming those very risks.

Fracking brine leak in North Dakota reaches Missouri River, prompts state Democrats to call for more regulation (richcabot)

The number of spills from North Dakota’s booming oil industry has risen steadily since 2006, the New York Times reported in November. A Times investigation found that 18.4 million gallons of oil and chemical substances have leaked into the North Dakotan air, water and soil between 2006 and October 2014. The Summit Midstream leak follows on the heels of a 50,000 gallon oil spill in the Yellowstone River near Glendive, Montana — the second oil spill in the river in four years.

The Impact Of Our Consumption (Jack)

Livestock now use over 30% of the world’s available land. Much of this is used for grazing although there is also a substantial portion which is utilised to grow feed. A need for all this space has been a major contributor to deforestation and with deforestation a further release of CO2 into the atmosphere occurs. This comes about due to two main reasons. First, as the trees are cut down, the carbon dioxide they store is released. Second, fewer trees leads to lower levels of photosynthesis going forward, a process which would normally help to absorb carbon dioxide from the atmosphere. In addition, once land has been cleared if it is then overgrazed it runs the risk of turning to desert. This has already happened on 20% of pastureland.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/1/16

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."

7 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
Recession risks warn of ‘severe’ drop in the stock market

Recession risks warn of ‘severe’ drop in the stock market
Most S&P 500 stocks could fall 50% or more if a ‘worst-case’ recession unfolds

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
Stop and smell the manure

White House says Republicans co-own legacy of record $19 trillion debt

Obama’s fiscal responsibility will be a hallmark of his legacy, spokesman says

“Digging out of that economic downturn leading our economy to recovery and doing it all in fiscally responsible way will be a hallmark of the president’s legacy,” the spokesman said.

Obama has cut the deficit as a percentage of GDP by 75% during his two terms in office, Earnest said.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Obama's legacy?

Examine your assumptions please. 

Obama has African blood. What makes you think he is inclined to step down?

You Americans are a laugh a minute. 

Mark Cochrane's picture
Mark Cochrane
Status: Diamond Member (Offline)
Joined: May 24 2011
Posts: 1222
South Korea announces fresh stimulus measures

If you were wondering which country was next up on the merry-go-round of stimulus efforts.... Must be getting close to another round of QE in the US.

 

South Korea announces fresh stimulus measures

South Korea's government has unveiled new stimulus measures following a raft of disappointing economic data for the export-dependent nation.

The stimulus package will include an extra 6tn Korean won ($4.94bn; £3.42bn) in public spending.

It will also include an extension of existing tax cuts on cars.

Overall, the package will see an additional 21tn won of spending in the first quarter, the Yonhap news agency said.

----

Disappointing trade numbers released on Monday showed exports contracted 18.5% in January from a year earlier.

It marked the 13th month in a row the nation's exports had fallen and was the worst result for exports since mid 2009.

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 456
If Mama aint happy......

I don't know Arthur.  As I recall, Michelle was pretty un-stoked about Barry seeking a second term.  But then again, the girls are older now and all, and it's so hard to find a nice apartment in DC, and Chicago is so..... well.....Aloha, Steve.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
New hot fusion device set

New hot fusion device set to fire up inject helium fuel. €400 000 000 price tag. €400 million. Not likely to break even for decades. (Not likely to get a COP  of 1 for many years.)

http://m.phys.org/news/2016-02-scientists-fuel-experimental-fusion-devic...

Is Noone embarrassed? Quick.  Somebody hide my soap box. 

Cold fusion site LENR-CANR.org has leveled off at 30 000 downloads per month.

 

http://lenr-canr.org/wordpress/?page_id=1213

COPs of 1 are a long since in the rear view mirror. 

Shhhh. Streng Verboten. 

Links to other sites
http://lenr-canr.org/wordpress/?page_id=308

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
Illinois on course to be $6.2 billion more in debt in 2016

Fees Outweigh Yields in Hunt for Safety

Bloomberg-22 hours ago
Mostly European sovereign debt, with a smaller, 22 percent slice in Japanese notes, Bloomberg data show. This isn't short-term debt. About 30 percent of the ...

The Fed Wants to Stress Test Rates Less Than Zero in 2016

Bloomberg-Feb 2, 2016
But in the stress test, banks would have to handle three-month bill rates ... The central bank left its target range for the federal funds rate unchanged at 0.25 ...
 

Venezuela May Have `Accidental' Default This Year, Nomura Says

Bloomberg-22 hours ago
But in the stress test, banks would have to handle three-month bill rates ... The central bank left its target range for the federal funds rate unchanged at 0.25 ...

South Korea announces fresh stimulus

BBC News - ‎11 hours ago‎
The central bank has now revised down its forecast for growth in 2016 from 3.2% to 3.0%. Further still, South Korea is facing high levels of youth unemployment. "The government will mobilise all available means and resources in order to boost domestic ...

Chinese Seen Buying More Gold as Investors Seek Haven Assets

Bloomberg-7 hours ago
China's central bank has also been buying gold monthly. Gold output fell 0.4 percent to 450.05 tons in 2015 as some small, private producers halted operations, ...

China Has $23 Billion in Debt That Could Be Cut to Junk

Bloomberg-Feb 2, 2016
China's central bank on Tuesday said it will allow banks to cut the minimum required mortgage down payment to 20 percent from 25 percent for first-home ...

Japan halts sale of 10-year JGBs for retail investors as yields plummet

Reuters-9 hours ago
The ministry reckoned debt yields would fall too low after the BOJ's surprise move ... up only 1.1 percent of the total 162.2 trillion yen ($1.36 trillion) of debt Japan ...

Illinois on course to be $6.2 billion more in debt in 2016

Chicago Sun-Times-20 hours ago
Illinois on course to be $6.2 billion more in debt in 2016 ... Illinois' spending deficit is expected to reach $6.2 billion this year — enough to buy both teams in this ...

Department to sell $62 billion in securities next week to fund ...

Wall Street Journal-1 hour ago
U.S. Treasury Increasing Issuance of Short-Term Debt. Department to sell $62 billion in securities next week to fund government debt. By. Jeffrey Sparshott.

Australia's fiscal deficit billions worse than expected, Commonwealth largely to blame

Sydney Morning Herald - ‎9 hours ago‎
New Parliamentary Budget Office figures show Australia's national fiscal deficit – the combined budgets of our federal and state governments – is projected to deteriorate by $34.1 billion more than expected over the next four years. The PBO says that ...

Saudi reserves expected to fall to $500b this year

Jordan Times-18 hours ago
The kingdom, the second largest crude producer after Russia, posted a record budget deficit of $98 billion last year after oil income dived by 60 per cent to just ...

Consumer debt default risk at post-crisis high

The Week UK-2 hours ago
British households are at more risk of defaulting on their debts than at any time since the financial crisis, according to a first-of-its-kind analysis of consumer ...

Teachers call CPS' $100 million in cuts 'act of war'

Chicago Sun-Times-14 hours ago
Friday afternoon, the district's junk-status credit rating was downgraded yet again by Moody's to B2, which cited CPS' need to finance its existing debt with more ...

 

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