Daily Digest

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Daily Digest 4/17 - The Billionaire Building a Davos of His Own, Poverty Compounded

Sunday, April 17, 2016, 11:08 AM

Economy

Race for Latest Class of Nuclear Arms Threatens to Revive Cold War (jdargis)

One of the few veterans of the Cold War in his administration, James R. Clapper, the director of national intelligence, told the Senate Armed Services Committee during his annual global threat assessment, “We could be into another Cold War-like spiral.” Yet it is different from Mr. Clapper’s earlier years, when he was an Air Force intelligence officer weighing the risks of nuclear strikes that could level cities with weapons measured by the megaton.

Saudis warn US of asset sales if 9/11 bill passes (lambertad)

The Obama administration has, in turn, applied heavy pressure on Congress to block the bill. Top officials from the State Department and Pentagon warned Senate Armed Services Committee staffers last month that the bill could bring economic risks to the U.S.

The Saudis did not immediately respond to a request for comment. Asked if President Barack Obama would veto the legislation if passed by Congress, a senior administration official told CNN that "rather than entertain a hypothetical, we believe there needs to be more careful consideration of the potential unintended consequences of its enactment before proceeding with legislation."

The Billionaire Who’s Building a Davos of His Own (jdargis)

“There is a generation of new donors who have huge assets, and their own ideas, and think traditional think tanks are old-fashioned,” said James G. McGann, the director of the Think Tanks and Civil Societies Program at the University of Pennsylvania — a think tank that thinks about think tanks. In a money-fueled culture where tweets, not position papers, shape the national conversation, these kinds of philosopher-kingpins “are likely to be more influential than we are,” Mr. McGann said.

The man who uses his pension fund to fill potholes (jdargis)

"Every abandoned shoe tells a story," he says, pointing to a discarded slipper on the side of the road.

"The child was injured and some passers-by took them in their car to the hospital. Because time was crucial to save the little girl's life, they didn't stop to pick up her slipper."

Poverty, Compounded (jdargis)

Recently, the Brookings Institution published a report looking at the same idea but giving it a different name. The paper, builds on research from the British economist William Beveridge, who in 1942 proposed five types of poverty: squalor, ignorance, want, idleness, and disease. In modern terms, these could be defined as poverty related to housing, education, income, employment, and healthcare, respectively. Analyzing the 2014 American Community Survey, the paper’s co-authors, Richard Reeves, Edward Rodrigue, and Elizabeth Kneebone, found that half of Americans experience at least one of these types of poverty, and around 25 percent suffer from at least two.

Oil-Freeze Talks End in Failure Amid Saudi Demands Over Iran (jdargis)

Brent crude, which sank to a 12-year low in January, has climbed almost 30 percent in the past two months as Saudi Arabia and Russia worked on the plan to cap crude production. While analysts doubted that any accord would have a significant impact on the global oil surplus, the inability to agree on a limit undermines any prospect of coordinated action to solve the oil crisis.

Saudi Arabia's Post-Oil Plan Starts April 25, Prince Says (Michael W.)

Saudi authorities are weighing measures that include more steps to restructure subsidies, imposing a value-added tax, and a levy on energy and sugary drinks as well as luxury items. The National Transformation Program will also focus on ways to boost economic growth, create jobs, attract investors and hold government offices more accountable.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/15/16

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."

3 Comments

Boomer41's picture
Boomer41
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 135
A Down-to-Earth Contribution

The contrast between Mr. Berggruen (Billionaire building Davos), who spends his billions on ethereal projects of dubious benefit to mankind, and the down-to-earth practical work of Gangadhara Tilak Katnam, who spends his small pension fixing potholes, is stark.

I know which one I would rather have as a friend and neighbor.

Boomer41's picture
Boomer41
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 135
A Down-to-Earth Contribution

Double Post

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4145
Defaults hit highest level since '09 bust

China State Enterprises Likely to Suffer More Defaults, S&P Says

Bloomberg-7 hours ago
Moody's Investors Service also downgraded the outlook to negative in March, ... China's central bank has lowered benchmark interest rates six times since 2014, ...

Draghi Seen Putting ECB Stimulus Back on Agenda After Summer

Bloomberg - ‎9 hours ago‎
Without a radical change to economic policy in the 19-nation currency bloc, Europe's feeble recovery risks remaining insufficient to deliver inflation in line with the ECB's definition of price stability — a rate below but close to two percent. That's ...

Britain 'set for BANKRUPTCY amid £1.85 TRILLION of HIDDEN debt'

Express.co.uk - ‎13 minutes ago‎
Britain 'set for BANKRUPTCY amid £1.85 TRILLION of HIDDEN debt'. FUTURE generations will inherit a bankrupt country, as the Government hides a staggering £1.85trillion of debt, a think tank has warned. By Lana Clements. PUBLISHED: 13:06, Mon, Apr ...

China Property Boost to GDP May Wane After Debt-Fueled Rise

Bloomberg-11 hours ago
Aggregate financing was 2.34 trillion yuan ($360.7 billion) in March, the PBOC ... it also raises questions over the sustainability of the debt-fueled expansion.

Canada Revenue Agency struggling to collect taxes as total ...

National Post-15 hours ago
The CRA officially wrote off more than $3.5 billion in 2014-15 as uncollectable debts. The size of the uncollected tax debt was, for many years, reported in the ...

India expediting efforts to collect $117 billion in tax arrears

International Business Times, India Edition - ‎2 hours ago‎
India is stepping up efforts to collect tax arrears of about $117 billion to achieve its fiscal deficit target. The government is seeking periodical reports from tax officials to improve collections, according to a Reuters report. However, the amount ...

Comptroller delays paychecks to Illinois lawmakers

WSIL TV - ‎9 hours ago‎
Illinois is expected to add $6.2 billion to the total budget deficit this year. Munger blames that on not having a state budget, which leaves her office with no caps on spending. Many agencies are still getting paid even without a budget thanks to ...

Defaults hit highest level since '09 bust

USA TODAY - ‎2 hours ago‎
Don't think it's just a problem for investors holding the company's debt. Stock investors watched $1.3 billion in shareholder wealth burn up in just a year as the stock dropped from $73 a share to roughly $2 a share now. Had investors cut their losses ...

Corporate borrowers default on $50bn debt so far this year

Financial Times - ‎Apr 17, 2016‎
Corporate borrowers across the world have defaulted on $50bn of debt so far this year as the number of delinquent companies accelerates at its fastest pace since the US emerged from the financial crisis in 2009. The number of defaults rose by five in ...

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