Daily Digest

Image by waferboard, Flickr Creative Commons

Daily Digest 3/3 - Canada Gold Reserve Sell-Off, Is America Sliding Towards Socialism?

Thursday, March 3, 2016, 10:35 AM


Is America Sliding Towards Socialism? (Ali S.)

On January 29, 2010, at the Union League Club, Chicago, Lech Walesa — the former President of Poland, founder of Solidarity, and 1983 Noble Laureate – issued his ‘Warning for America.’ Walesa, friend of Pope John Paul II, Ronald Reagan, and Margaret Thatcher (all helped defeat Cold-War Soviet bloc communism) — gave a speech at an endorsement event for my campaign for Governor of Illinois...

Truman Show USA – “Concerned Citizens” At Townhall Meetings Exposed As Paid Actors (Aaron M.)

This just furthers my feeling that action is far more important than traditional protests in the 21st Century. They key to getting out of the mess we are in is to actively create a parallel economy and even monetary system adjacent to the current terminal one. That way, when this one blows up, we already have the infrastructure in place to move to another paradigm. One characterized by peaceful, voluntary human interaction and dominated by decentralization in virtually all aspects of human existence.

You Now Have a Shorter Attention Span Than a Goldfish (Arthur Robey)

The survey also confirmed generational differences for mobile use; for example, 77% of people aged 18 to 24 responded “yes” when asked, “When nothing is occupying my attention, the first thing I do is reach for my phone,” compared with only 10% of those over the age of 65.

DNC Chair Joins GOP Attack On Elizabeth Warren's Agency (Don R.)

Payday lenders have been gunning for the Consumer Financial Protection Bureau since the day President Barack Obama tapped Elizabeth Warren to set up the new agency. They've had plenty of help from congressional Republicans -- longtime recipients of campaign contributions from the payday loan industry. As the CFPB has moved closer to adopting new rules to shield families from predatory lending, the GOP has assailed the agency from every conceivable angle -- going after its budget, attempting to tie its hands with new layers of red tape, fomenting conspiracy theories about rogue regulators illegally shutting down businesses and launching direct attacks on payday loan rules themselves.

Donald Trump is a warning to Britain's politicians: we've got to get our act together (Afridev)

Over the last year, Stiglitz’s new analysis of modern inequality has taken shape with impressive force. Back in the ‘90’s, we had a decent plan. Rapidly changing technology meant workers with skills earned more – and those without, earned less. The solution seemed simple. Education, education, education. But, now it’s clear, more study isn’t enough. Ask any graduate struggling in a low paid job without a hope in hell of getting on the housing ladder.

Regulating Automakers to Death (Tiffany D.)

For an automaker, the idea is to build just enough EV models to meet the California mandates. Sure, your electric vehicles will lose money, but you’re getting credit for the EVs’ 100-mpg fuel ratings. In the bargain, you can still sell lots of gas-guzzling Escalades, Navigators and F-150s (all highly profitable vehicles to make and sell) — and still come out with a fleet-wide average of 54.5 mpg when 2025 rolls around.

Ukraine bans officials from criticizing government (PBD)

"The little document ... is in the best traditions of the Communist period, more precisely in the traditions of Stalin and Beria," Minitch said, referring to repressive Soviet leader Josef Stalin and his security chief, Lavrenty Beria.

Others appeared to poke fun at the state's call for officials to toe the party line.

We Are Headed Towards A Cashless Society Unless The Public Protests It (Taki T.)

In reality, what this new policy, which is the same as the old policy, does is induce businesses to invest more on durable goods like cars and houses, which is why there are new bubbles in these markets, at least in some regions. The price-per-square-foot of Las Vegas real estate, for example, is now higher than it was just before the crash of 2008. There’s also a student debt bubble and a stock market bubble, in my opinion, thanks to the Fed’s single-minded and very simple policy of print, print, and print some more. Rather than reducing some of the wild and reckless speculation on Wall Street, the government bailouts of the speculators created a “moral hazard problem” that will encourage even more reckless speculation. If the speculative investments pay off, they keep the profits; when they go bust, they can count on another round of “too-big-to-fail” bailouts.

Australia Joins Crowd Advocating Electronic Money (Aaron M.)

The Central Bank of Australia, known as the Reserve Ban, has come out bluntly and stated that it is entirely possible that Australia will end physical notes and coins and move to digital currency. The Reserve Bank is joining a growing crowd of governments advocating electronic money to really increase tax collection.

It's Official: Canada Has Sold All Of Its Gold Reserves (PBD)

“Canada’s gold reserves belong to the Government of Canada, and are held under the name of the Minister of Finance,” explained a spokesperson for the Bank of Canada on Wednesday. “Decisions relative to gold holdings are taken by the Minister of Finance.”

Reached by Global News on Wednesday evening, a spokesperson for the finance department said the sale “was done in the normal course of business for the government. The decision to sell the gold was not tied to a specific gold price, and sales are being conducted over a long period and in a controlled manner.”

Countries producing 73% of world oil agree to freeze production (Michael W., signup required)

Countries producing 73 percent of the world's oil have agreed to freeze oil production, Russia's energy minister said Tuesday.

Foreign-Owned Fish Farms Are Devastating B.C.'s Wild Salmon (westcoastjan)

By way of explanation many open-net pens are located directly within the narrow aquatic pathways used by these wild salmon. This exposes passing wild salmon to devastating lethal threats -- ones they've historically never encountered before.

First, these unnecessarily close encounters can infect wild salmon with exotic diseases that overwhelm their immune systems, leading to a slow death.

Drugs found in Puget Sound salmon from tainted wastewater (westcoastjan)

The estuary waters near the outfalls of sewage-treatment plants, and effluent sampled at the plants, were cocktails of 81 drugs and personal-care products, with levels detected among the highest in the nation.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/2/16

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

saxplayer00o1's picture
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
Repost Of Today's News

Negative Rates Strain Financial System

Bloomberg-18 hours ago
For those who doubt that negative interest rates are bad for banks, take a look at what's going on in Japan. The nation's commercial lenders are loading up on ...

Big banks urge Ottawa to spend $20-billion in rapid stimulus

The Globe and Mail-35 minutes ago
“This stimulus would be over and above the deficit resulting from weaker economic conditions, estimated for fiscal 2016-17 at $18-billion by the federal ...

After negative rates, BOJ's Nakaso puts onus on government to boost growth

Reuters - ‎9 hours ago‎
NAHA, Japan Bank of Japan Deputy Governor Hiroshi Nakaso on Thursday put the onus on the government to speed up structural reforms to boost the country's growth potential and maximize the economic impact of the bank's massive monetary stimulus ...

Japan Sales Tax Delay Seen Likely as G-7 Offers Abe Cover

Bloomberg-9 hours ago
Focusing attention on worsening global prospects, and calls from quarters including the International Monetary Fund for stimulus, could help Abe overcome ...

After the stock market crash, a property bubble in China looms

The Straits Times - ‎Mar 2, 2016‎
The boom, fueled by monetary stimulus and a loosening of property curbs in February, shows how government efforts to revive the world's second-largest economy risk fueling asset bubbles instead. In Shanghai, lines of prospective buyers outside property ...

China Expected to Set Lower Growth Target at Legislature

ABC News-4 hours ago
This week, Beijing moved to expand lending by easing bank reserve levels, though Li and other leaders say stronger growth requires reforms, not stimulus.

Euro-Area Companies Cut Prices as Recovery Loses Momentum

Bloomberg-6 hours ago
Deflationary pressures in the euro area intensified in February, raising the pressure on European Central Bank President Mario Draghi to increase stimulus this ...

Chicago schools fast running out of cash as standoff with Illinois ...

Reuters-9 hours ago
CPS already carries a $6.2 billion debt load, and its finances remain ... cuts are not guaranteed and this is a schools' district with a $5.7 billion annual budget.

States Losing Ability to Borrow at Record Lows as Issuance Rises

Bloomberg-2 hours ago
Municipal issuers plan to sell $10.6 billion of long-term fixed-rate debt this week, more than any five-day period since Nov. 16, data compiled by Bloomberg ...

Hong Kong Bourse Revamps Gold Futures Targeting China's Wealth

Bloomberg-7 hours ago

... of 2015 compared with the same period of 2014 -- a gain of $439 billion. ... China's debt-to-GDP ratio surged to 247 percent last year from 166 percent in 2007 ..

Trudeau's Message to World: Let Government Spending Do the Work

Bloomberg - ‎4 hours ago‎
Trudeau, 44, hinted he is considering expanding on pledges that have his country on pace for a deficit of nearly C$30 billion ($22.3 billion) in the fiscal year that begins April 1. Having promised C$10.5 billion in new spending during the campaign ...

Feds headed for $150B in deficits over next 5 years: TD Bank forecast

TheChronicleHerald.ca - ‎Mar 2, 2016‎
OTTAWA — A new analysis by one of Canada's biggest banks says the federal government is on track to run $150 billion in budget deficits over the next five years. The TD Bank report, released Tuesday, also estimates Ottawa's current fiscal path means ...

Saudi Arabia asks banks to discuss major ...

Reuters-22 hours ago
Riyadh ran a record budget deficit of nearly $100 billion last year. Before oil prices began to plunge in mid-2014, Saudi Arabia aggressively paid down its ...

Brazil economy tumbles in 2015 with no signs of prompt recovery

Reuters - ‎1 hour ago‎
The 2015 slump was the steepest annual drop for Brazil's GDP since 1990, when hyperinflation and debt default blighted the country's recent return to democracy. Brazil was hit in late 2015 by the disastrous burst of a major mining dam and the biggest ...

Brazil's economy shrinks 3.8% in 2015, worst drop since 1990

The Globe and Mail - ‎3 hours ago‎

The 2015 slump was the steepest annual drop for Brazil's GDP since 1990, when the country was grappling with hyperinflation and the effects of a debt default. Brazil was hit in late 2015 by the disastrous burst of a major mining dam and the biggest

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments