Daily Digest

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Daily Digest 2/9 - 2007 All Over Again, The Numbers Behind The Global Food Waste Problem

Tuesday, February 9, 2016, 11:54 AM

Economy

2007 All Over Again, Part 3: Banks Starting To Implode (Kevin J.)

So far, each financial crisis in the series that began with the junk bond bubble of 1989 has been noticeably different from its predecessors. New instruments, new malefactors, new monetary policy experiments in response.

But the one that’s now emerging feels strikingly similar to what just happened a few years ago: Banks overexposed to assets they thought were safe but turn out to be highly risky see their balance sheets deteriorate, their liquidity dry up and their stocks plunge.

After 1,428 years here’s what brought down the world’s oldest business (reflector)

Shigemitsu Kongo was a renowned temple builder, and the royal family in Japan commissioned him to build the Shitenno-ji temple, which still stands today in Osaka.

Kongo saw an incredible opportunity. Buddhism was catching on fast, and he knew he could be kept busy for decades building temples.

It turned out to be centuries. Over 14 centuries, in fact.

What happens to a tiny town when Walmart disappears? (richcabot)

Indeed, in a place so diminished, Kimball’s Walmart had risen like a vision of bountiful modernity, stocked with anything one could ever need. And its disappearance is typical of the rest of the stores that Walmart announced it was shedding.

Senate ethics panel has issued no punishments in 9 years (richcabot)

The committee's activity reports indicate that in nearly every case, allegations are dismissed because there are not enough facts to prove wrongdoing (13 of 55 cases last year) or there is no Senate rule governing the alleged activity (36 of 55 cases). In seven cases last year, the Ethics Committee carried out "preliminary inquiries;" five of those were dismissed as inadvertent or minor technical violations. None of those cases was made public by the committee.

How Chicago's 'Fraternal Order of Propaganda' shapes the story of fatal police shootings (jdargis)

“Anytime I talked to the media, it was always a disclaimer at the front end. These statements are based on preliminary facts immediately following the incident...facts always subject to change.”

Oil Off To Bad Start Of The Week As Dollar Gains Strength (Josh O.)

The latest CFTC data show that the total number of speculative contracts reached their highest level since data began in 2006. Speculative short positions rebounded to just shy of their record three weeks ago, while longs reached their highest level since June. This increase in volume doesn’t really give us a huge amount of insight, pointing to growing conviction among both the bulls and the bears.

A Bullish Gold Price Forecast For The Coming 6 Months (Taki T.)

His take on things is that the $1106 to $1110 area is the most crucial area for the gold price. The gold market will retrace after the powerful move of the last three weeks; expect investors and traders to take profits soon. The point where the retracement will stop is crucial in determining the gold price in 6 months.

Tovell’s first target is the $1226 area, the second target is $1271, and the third target is $1345. The fourth, and most bullish, gold price target will be dependent on the retracement, which is where the crucial price point of $1110 comes into play.

Oil industry woes grow as storage levels hit ‘critical level' (Michael W.)

The report highlighted an article from Reuters that discussed delays in crude deliveries from storage tanks at Cushing because there wasn’t enough room to drain existing tanks to blend oil to meet West Texas Intermediate crude CLH6, +0.47% specifications.

Global Food Waste: The Numbers Behind The Problem (Jack)

When we’re finishing up a delicious home cooked meal, we often take our plates over to the bin and scrape away the leftovers without giving it a moment’s thought. If it’s not enough to warrant another serving, why keep it? This casual disposal of leftover is common throughout the UK and countless other countries, but what impact might this small act be having on the problem of global food waste?

Gold & Silver

Click to read the PM Daily Market Commentary: 2/8/16

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."

1 Comment

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Why expat Americans are giving up their passports

As a US citizen you must file a tax return, no matter where you live, and often pay US taxes on top of the tax you already pay in your country of residence - so-called double taxation.

But Fatca expands the scope of what can be taxed, and places a burden on foreign banks to identify US citizens among their customers to US tax authorities. The penalty for failing to do so can be as high as 30% of all a bank's dealings with the USA.

As a result, ordinary Americans abroad are being denied access to basic banking facilities; banks would rather refuse US citizens' custom than run the risk of hefty penalties.

http://www.bbc.com/news/35383435

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