Daily Digest

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Daily Digest 3/21 - China Begged Fed For "Plunge Protection Playbook" Before Crash, The Forgotten Shale Boom Towns

Monday, March 21, 2016, 9:15 AM


Analysis finds the Obama administration loses a record number of documents requested under the Freedom of Information Act (cmartenson)

Such cases contributed to an alarming measurement: People who asked for records under the law received censored files or nothing in 77 percent of requests, also a record. In the first full year after President Barack Obama's election, that figure was only 65 percent of cases.

A Desperate China Begged Fed For "Plunge Protection Playbook" As Its Market Crashed (PBD)

A dramatic unwind in the half dozen backdoor margin lending channels that had funneled an additional CNY1.5 trillion into equities brought the party to a thunderous end and by late July, the market was off by more than 30% from its peak.

Chinese officials had already begun to panic by mid-month and then, on the 27th, the bottom fell out.

Hobson's Choice (cmartenson)

"In the end the Party would announce that two and two made five, and you would have to believe it. ... The heresy of heresies was common sense. And what was terrifying was not that they would kill you for thinking otherwise, but that they might be right."

– George Orwell, "1984" (1949)

Obama Visits Cuba (jdargis)

A slim majority — 52 percent — approved of the way Mr. Obama is handling relations with Cuba. That was up from 44 percent in December 2014, after the president announced that the two countries would restore relations.

Democrats in the poll were much more positive about Mr. Obama’s handling of Cuba policy, with 78 percent approving. Republicans disapproved, 55 percent to 23 percent.

Uruguay: A Permanent Vacation (Tiffany D.)

I stopped while on the real estate tour during the Offshore Investment Summit, and I realized that these hills were similar to those I’d grown up with, and, well, the horses in the paddock across the road were a pretty good reminder too.

As a Teacher, How Can I Help My Students Develop Their Brains? (jdargis)

In the past decade or so researchers have experimented with various exercises meant to increase one such skill, namely the capacity of working memory. Working memory is the mental space you use to keep several things in mind at once—say, numbers such as 38 and 16—and to manipulate them, perhaps by multiplying them together. As you might guess, people who can keep more things in working memory and who are more efficient at manipulating them tend to be better at reasoning.

Anti-protest laws ‘draconian’ and ‘oppressive’ (ezlxq1949)

“The Law Society is very concerned with the trend of expanding police powers without corresponding judicial and other safeguards,” he said. “In our view, such a trend represents an erosion of long-standing democratic institutions and individual rights.”

Mr Ulman said the laws affected a broad cross-section of the community and could be used, for example, against people protesting the removal of trees in Centennial Park.

The Forgotten Shale Boom Towns (Josh O.)

America owes a debt to places like Williston which helped provide much needed economic support after the Great Recession. Perhaps nothing can be done to truly help boom towns like Williston – no one really has control over oil prices after all. But some actions like approving and expediting the building of new pipelines to carry crude from the Bakken to Cushing would certainly be a good start, and would be fitting way for the US to repay the debt it owes to the shale oil industry.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/18/16

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."


saxplayer00o1's picture
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Joined: Jul 30 2009
Posts: 4260
ECB Doing Whatever It Takes Can't Push Euro-Area Banks to Lend

ECB Doing Whatever It Takes Can't Push Euro-Area Banks to Lend

Bloomberg-9 hours ago
One reason banks are paying to keep money idle is a lack of demand for loans in an economy still recovering from a double-dip recession and a sovereign-debt ...

Draghi's Pension Poison

Bloomberg-7 hours ago
To give but one example: Lufthansa's 6.6 billion-euro pension-plan deficit is roughly the ... Rising prices boost the value of the assets pension plans use to fund ...

China's Central Bank Chief Sounds Warning Over Rising Debt

Bloomberg - ‎Mar 20, 2016‎
Leaders including the PBOC's Zhou have stepped up efforts to cushion China's economic slowdown, with the central bank announcing on Feb. 29 a 0.5 percentage point cut to the amount of deposits banks must hold as reserves. Excessive monetary policy ...

China Has a $590 Billion Problem With Unpaid Bills

Bloomberg-22 hours ago
Record corporate debt levels have left many firms struggling to meet their liabilities, with corporate insolvencies jumping by 25 percent in 2015, according to ...

`Helicopter Money' Hurts Banks, ECB's Weidmann Tells Newspaper

Bloomberg - ‎Mar 19, 2016‎
“Helicopter money isn't manna falling from heaven, but would rip huge holes in central bank balance sheets,” Weidmann, who heads Germany's Bundesbank, said, according to the newspaper. “The euro area states and taxpayers would pay the bill in the end.

China Shares Rise After Fresh Signal to Encourage Margin Lending

Wall Street Journal-5 hours ago
In currencies, China's central bank guided the onshore yuan weaker by 0.3% to 6.4824 yuan to one U.S. dollar. It was biggest one-day weakening of the yuan ...

Goldman Sachs probed in alleged rigging of US$13 trillion US Treasury market: Report

The Straits Times - ‎9 hours ago‎
A US probe into the alleged rigging of the US$13 trillion market for US government bonds, or Treasuries, by Wall Street banks has narrowed its focus to a few firms - including Goldman Sachs, The New York Post reported on Sunday (March 20 ...
LesPhelps's picture
Status: Platinum Member (Offline)
Joined: Apr 30 2009
Posts: 819
The Forgotten Shale Boom
OilPrice.com wrote:

The truth of the matter is that the US owes a great debt to shale oil and fracking.

This portion of the US in no way owns the fracking industry a debt.  

To the contrary, the fracking industry investors owe a debt equal to what it will take to clean up the mess they've made in North Dakota, Texas and Oklahoma.  

We will get to watch the extraction infrastructure they leave behind in those states decay and rust for decades and for what?

I never asked for $1.50 per gallon gasoline.  I don't need it for my 40+ mile per gallon cars and it's frustrating watching the continued strong market for trucks, SUVs and muscle cars.

Nope, I don't owe the fracking industry anything.

TechGuy's picture
Status: Gold Member (Offline)
Joined: Oct 13 2008
Posts: 453
Actually the Shale industry

Actually the Shale industry "owes" banks and other investors about $300 Billion USD. Fracking was largely a fraud scheme to collect money from investors and Banks, with the illusion of a future profit.


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