Daily Digest

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Daily Digest 3/7 - The Forever-War We Never Question, China's War On Coal

Monday, March 7, 2016, 11:49 AM


Revealed: the 30-year economic betrayal dragging down Generation Y’s income (jdargis)

A Guardian investigation into the prospects of millennials – those born between 1980 and the mid-90s, and often otherwise known as Generation Y – has found they are increasingly being cut out of the wealth generated in western societies.

Where 30 years ago young adults used to earn more than national averages, now in many countries they have slumped to earning as much as 20% below their average compatriot. Pensioners by comparison have seen income soar.

Debtor days are over as BIS calls time on world credit binge (HughK)

With financial markets thrown into fresh paroxysms in 2016, oscillating between extremes of “hope and fear”, the over-leveraged world was finally approaching a day of reckoning, said Claudio Borio, the bank's chief economist.

Afghanistan: The Forever-War We Never Question (jdargis)

On the Republican side, Ben Carson was asked about Obama’s decision last year to “leave 10,000 U.S. troops in Afghanistan” indefinitely. That was in November 2015, and Carson dodged the question, shifting to a question of his own — on humiliation as counterterrorism — that he posed as an answer. “How do we make them look like losers?” he asked, arguably elevating the discourse on foreign policy in this most humiliating of election campaigns.

Google extends right-to-be-forgotten rules to all search sites (jdargis)

Indeed, the right-to-be-forgotten may seem evocative to privacy campaigners, but as the UK's Information Commissioner's Office has previously stated, "there is no absolute right [under the ruling] to have information removed."

Google, meanwhile, decided to play the long game by only agreeing to jettison some links from its EU-based search sites, immediately following the judgment. So it applied those rules to Google.co.uk, and Google.de, for example, but not to Google.com.

Will this be the catalyst for the next Holocaust? (Afridev)

This week on War College, we sit down with Yale historian Timothy Snyder to discuss his new book Black Earth: The Holocaust as History and Warning. Snyder spent countless hours delving into the history of the Reich and the Holocaust and Black Earth breathes a fresh perspective into a tired topic.

How oil price volatility explains these uncertain times (Robert G.)

Recently it occurred to me that the wave pool provides a metaphor for a complex, but disquieting phenomena that I've have been writing about at Oil-price.net for some time now -for previous articles see 2010, 2011, 2013 and 2015.

For anyone who has read one of these pieces you'll know how I have described that every three to four years volatility in the price of oil surges upwards as if spurred by an unseen wave machine.

Obama's Not Really Waging a War on Coal — But China Is (Merle2)

The 1.8 million layoffs have been announced as China is trying to ease pollution and shift to a more consumer-driven economy by ceasing overproduction of manufactured goods. The plan is to cut 500 million tons of coal production capacity by 2020, but there is no set timeframe for the layoffs. Economy warned that there could be wide gaps between the economic messages Beijing sends abroad and what happens domestically. And, she added, the central government risks political fallout from the mass layoffs in the state-run coal sector.

Oil Prices Maintain Gains On Strong U.S. Jobs Report (Josh O.)

As we have spoken about recently, Brazil’s weakening economy is plain to see; it has manifested itself in our ClipperData via lower domestic waterborne flows, while just yesterday GDP data showed the Brazilian economy shrank last year by the most since 1990. In an odd twist of fate, the Ibovespa, the Brazilian equity index, has just entered a bull market – although driven mostly by the increasing prospect of Brazilian President Dilma Rousseff’s impeachment than anything else.

As Alaska Warms, the Iditarod Adapts (jdargis)

Winter here is changing rapidly. Of the six warmest November-to-January seasons in Alaska since 1925, three have been in a row, including this one. Anchorage this year had its fourth-warmest February on record — at 29.9 degrees, almost 10 degrees above average — with little snow for weeks.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/4/15

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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Repost of today's news

Economists at global bank body warn of risks from negative interest rates

CNNMoney - ‎9 hours ago‎
Economists at a key central bank organization are warning of potential risks from the negative interest rates in place in Europe and Japan. Central banks in the eurozone, Denmark, Japan, Sweden and Switzerland have all taken rates below zero and into ...

Bank for International Settlements cautions over negative interest rates

Sydney Morning Herald - ‎10 hours ago‎
Negative interest rates are not always being passed on to businesses and consumers, and could ultimately undermine the business models of banks, pension funds and insurance companies, the Bank for International Settlements has warned. The BIS ...

Japan central bank to cut next fiscal year's growth, price estimates

Reuters-4 hours ago
Central bank policymakers may cut the growth estimate closer to private forecasts of around 1.3 percent, blaming the cut on sluggish overseas demand, the ...

Moody's, Fitch flag warnings on delaying Japan's sales tax hike

Channel News Asia - ‎9 hours ago‎
Japan's ample domestic savings have helped the country finance most of the debt so far. "The sovereign's exceptional funding flexibility has long been one of the strengths in the credit profile despite high level of government debt and the deficit ...

Moody's, Fitch flag warnings on delaying Japan's sales tax hike

Channel News Asia - ‎9 hours ago‎
Japan's ample domestic savings have helped the country finance most of the debt so far. "The sovereign's exceptional funding flexibility has long been one of the strengths in the credit profile despite high level of government debt and the deficit ...

Chinese finance minister: Deficit widening to support growth

USA TODAY - ‎8 hours ago‎
Government debts are "not very high" at 11 trillion yuan ($1.7 trillion) or the equivalent of 40% of GDP, Lou said. That compares with over 230% of GDP for Japan, which is struggling to restore balance as its population swiftly ages, driving costs for ...

China Bonds Drop on Stimulus Bets as Deficit Aim Set at Record

Bloomberg-10 hours ago
Total issuance of sovereign notes will rise to 3.44 trillion yuan ($529 billion), ... “With the increase of the deficit ratio, stronger fiscal stimulus will set a floor for ...

China February FX reserves fall to $3.20 trillion, lowest since late 2011

Reuters-5 hours ago
... the $3.20 trillion at the end of February was the lowest level since December 2011, ... to repay dollar-denominated debt, rather than widespread capital flight,.

Europe Faces Pension Predicament

Wall Street Journal-21 hours ago
Even the U.S., with a Social Security trust fund of $2.8 trillion, faces criticism for .... Only a few countries estimate the total debt burden of the pension promises ...

Rising Bad-Debt Charges Next Hassle for Australian Lenders

Bloomberg-18 hours ago
They posted combined bad-debt charges of A$3.8 billion, up 9.3 percent from 2014, and the first time the measure had increased in six years, according to their ...


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