Daily Digest

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Daily Digest 4/9 - The Geography of Financial Secrecy, A Brief History Of Leaks

Saturday, April 9, 2016, 2:33 PM

Economy

Senate bill draft would prohibit unbreakable encryption (DennisC)

"They would be required by federal law per this statute to decide how to weaken their products to make Americans less safe," he said. Wyden pledged to do "everything in my power" to prevent the plan from passing.

The emerging measure follows the Justice Department's battle with Apple Inc. over access to an encrypted and locked iPhone — a fight pitting digital privacy rights against national security concerns.

China’s President Shows Up in the Panama Papers. Is This a Big Deal? (jdargis)

To discuss what the Panama Papers leak means for Chinese governance, I called Richard McGregor, an expert on China’s leadership apparatus, a visiting fellow at the Sigur Center at George Washington University, and the author of The Party: The Secret World of China’s Communist Rulers. We discussed how elites get rich in China, whether this latest scandal will be censored by authorities, and why President Xi has become so unpopular within the Communist Party. The conversation has been edited and condensed.

Primary Process Is Seen as in Conflict With Democracy (jdargis)

In Nashville a week ago, supporters of Donald J. Drumpf accused Republican leaders of trying to stack the state’s delegate slate with people who were anti-Drumpf. The Drumpf campaign posted the cellphone number of the state party chairman on Twitter, leading him to be inundated with calls. Several dozen people showed up at the meeting at which delegates were being named, banged on the windows and demanded to be let in.

The Geography of Financial Secrecy (jdargis)

The release of the Panama Papers is a bit like the end of The Truman Show, the 1998 film about a man, Truman Burbank, who gradually realizes he’s spent 30 years on the set of a reality TV show in which he’s the star. In the last scene, Truman is sailing a boat when its bow pierces the artificial sky—hinting at a world beyond the show’s set. The leaks, from just one law firm in one country, have similarly pierced the screen that normally conceals a vast network of financial secrecy. But on the other side, there’s a much bigger world that, for most people, remains unexplored.

The not-completely-crazy theory that Russia leaked the Panama Papers (jdargis)

Okay, it sounds far-fetched, but this particular idea is especially noteworthy because of who has advanced it: Clifford Gaddy, an economist who works with the Brookings Institution. Gaddy is one of the foremost Western experts on Russia's economy and a former adviser to the Russian Finance Ministry in the 1990s. Along with Fiona Hill of Brookings, he is one of the co-authors of a well-regarded book on the personality of the Russian leader, "Mr. Putin: Operative in the Kremlin."

Three Oil Majors Have Debt Ratings Cut by Moody's on Price Rout (jdargis)

Chevron Corp. and Royal Dutch Shell Plc had their ratings reduced by one level, while Total SA’s was cut two steps, according to statements by the New York-based rating company on Friday. Chevron will generate negative cash flow amid rising debt for at least the next two years, while Shell will have elevated leverage following its acquisition of BG Group Plc, Moody’s said. Prices are expected to stay low through this year and next and continue to pressure Total’s operating cash flows and credit metrics, Moody’s said.

Why Natural Gas Prices Could Double From Here (Josh O.)

Total supply–dry gas production plus net imports–has been declining since October 2015* because gas production is flat, imports are decreasing and exports are increasing. Shale gas production has stopped growing and conventional gas has been declining for the past 15 years. As a result, the supply surplus that has existed since December 2014 is disappearing and will move into deficit by November 2016 according to data in the EIA March STEO (Short Term Energy Outlook).

From Panama to Sparta: A brief history of leaks (jdargis)

The leading general and one-time regent, Pausanias, sent one of his slaves with a message to the Persian King. Sensing that something was fishy about this, the slave, Argilios, opened the letter and found that Pausanias was offering to support the Persians if they invaded Greece. More than that, the general suggested that the Persians ought to kill the messenger delivering the letter, just to be sure of secrecy.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/7/15

Provided daily by the Peak Prosperity Gold & Silver Group

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8 Comments

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2831
2,500 Architects and Engineers and growing

All demanding a new, independent investigation into the destruction of the three WTC skyscrapers on 9/11.

https://www.facebook.com/ae911truth/

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2831
Don't waste your time voting

KugsCheese's picture
KugsCheese
Status: Diamond Member (Offline)
Joined: Jan 2 2010
Posts: 1447
Re:Senate bill draft would prohibit unbreakable encryption

Build a backdoor and criminals will exploit it.  Politicians are clueless idiots...just look how the money is handled!

phecksel's picture
phecksel
Status: Silver Member (Offline)
Joined: May 24 2010
Posts: 204
Time2help wrote: Don't waste
Time2help wrote:

 Don't waste your time voting

KugsCheese wrote:

Politicians are clueless idiots

How right both are... but if we don't vote, then we allow the sheep to decide our direction.

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2831
Not voting
phecksel wrote:

How right both are... but if we don't vote, then we allow the sheep to decide our direction.

Assuming that the voting process is not rigged.

blackeagle's picture
blackeagle
Status: Silver Member (Offline)
Joined: May 16 2013
Posts: 223
Vote

Time2help, KugsCheese and Phecksel set the following equation:

  • If we don't vote, then the sheep decides our direction.
  • if we vote, we put in place the same clueless idiots we don't want to vote for.

This equation has no solution for change because in North America (US and Canada) the political system is locked. Just two colors to chose from in both countries. New players have no hope of getting power one day.

 

robie robinson's picture
robie robinson
Status: Diamond Member (Offline)
Joined: Aug 25 2009
Posts: 1182
' Twain

if voting made a difference, they wouldn't let us do it.

I'm liking the 19th century more. hope it gets here before Jordan.

 

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2831
Equation
blackeagle wrote:

Time2help, KugsCheese and Phecksel set the following equation:

  • If we don't vote, then the sheep decides our direction.
  • if we vote, we put in place the same clueless idiots we don't want to vote for.

This equation has no solution for change because in North America (US and Canada) the political system is locked. Just two colors to chose from in both countries. New players have no hope of getting power one day.

Problems have solutions. Predicaments have outcomes.

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