Daily Digest

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Daily Digest 4/21 - Silicon Valley In Meltdown, Who Owns The Earth?

Thursday, April 21, 2016, 10:20 AM

Economy

Silicon Valley in Meltdown as Intel Slashes 12,000 Jobs (Adam)

Breitbart News predicts Intel is restructuring its Client Computing Group to exit stand-alone central processing units (CPUs) for personal computers (PCs) and fully embrace its disruptive 3D XPoint memory technology, which combines huge storage-class memory and a processor into a single device. The compact high-bandwidth package will eliminate the need for standalone dynamic random access memory (DRAM) chips.

Intel Confirms Major Layoff, 11 percent of Employees To Go (richcabot)

Said Intel CEO Brian Krzanich in an email today to employees, “These are not changes I take lightly. We are saying goodbye to colleagues who have played an important role in Intel’s success. We are deeply committed to helping our employees through this transition and will do so with the utmost dignity and respect,” and promised more details soon.

IBM Layoff Epidemic Spreads Worldwide (richcabot)

Here we are six weeks later. IBM has said little more about the layoffs publicly, yet they don’t appear to be over. The March round appears to have been the beginning, not the end. A Facebook group, Watching IBM, is gathering reports from around the world. These dispatches are by no means comprehensive, but are at least painting a rough picture of what is going on.

4 Men with 4 Very Different Incomes Open Up About the Lives They Can Afford (jdargis)

Q: Do you keep a budget? A: No, but I have been working on trying to recently. I know I have to pay bills for food, for clothes, gas. It's a lot of things that go into budget­ing. It's hard to plan for, be­cause you never really know what you're going to need to spend money on. And the amount of money I make var­ies, because I work different hours. The biggest two-week check I've had so far is $250.

Central Banks Are Trapped - Are Higher Interest Rates The Only Answer? (Nate)

State pensions are lobbying Congress to make it mandatory for everyone (not just government employees) to contribute to state pension systems. They want to takeover your 401K, manage everything, and rob your savings to pay for unfunded liabilities to state workers. This is how they are looking to bail themselves out — it will be the dark side post-2017. All of this is going on right now but it is still hush-hush.

All Hail the Mighty Silver Bugs (Kevin J.)

As we discussed back in late March, shorting the GTSR (Gold-to-Silver Ratio) at 80 looked like it could turn out to be the 2016 Trade-of-the-Year, but little did I expect that the move would occur without a breakout (or breakdown) move in gold. As it stands, gold is still locked in that $1,210-$1,287 range that has shackled it since the 1st of April, but silver by contrast has been a standout performer since that day. The new recovery high seen today in silver is a big positive over the near term and bodes well for the ultimate test of $18.50, with a strong likelihood that silver is leading gold to what will be an upside resolution to this sideways correction.

Silver: Not Time to Worry (GE Christenson)

“But by the fall of last year the energy industry was in trouble and on the verge of triggering another financial crisis and many over-leveraged energy companies were on the verge of going under. The Fed desperately needed some commodity inflation.”

Investment School Of Rock (Tiffany D.)

Collectibles such as rare coins, stamps, wine, art and comics have shown steady growth in value regardless of what’s happening in the stock market. But they are too often overlooked among investors as too complicated when it comes to using them to protect and growth their wealth. That’s why we’ve launched the Uncommon Fortunes service to provide valuable insight into the different aspects of the collectibles market.

Dualism Makes LNR Go (Arthur Robey)

Superconductivity is critical in the characterization of LENR. It provides some of the miracles that LENR demonstrates. This is due to the dualism that superconductivity shares with black holes. A superconductive Bose condensate is an effective black hole. The BEC acts like a black hole.

Will Demand For Electricity Ever Start Growing Again? — The Wall Street View (Josh O.)

What a difference a year makes! In the 2015 survey, interviewees showed familiarity with and interest in the issue of slower load growth: 57 of 58 were willing to rank by relative importance the causes of slow load growth. There was also a change in perceived reasons for the slowdown in load growth and more commentary from interviewees about their thinking in projecting lower growth.

Unnatural Selection (jdargis)

In 2005, the state teamed up with the Nature Conservancy and the University of Hawaii to devise a contraption—basically, a barge equipped with giant vacuum hoses—to suck algae off the seabed. Gradually, the reefs revived. There are now more than fifty so-called “patch reefs” in the bay.

“Kaneohe Bay is a great example of a highly disturbed setting where individuals persisted,” Gates said. “If you think about the coral that survived, those are the most robust genotypes. So that means what doesn’t kill you makes you stronger.”

Thirsty cities begin to eye water from the Great Lakes (Thomas C.)

The compact is a historic, and rare, regulatory framework. Unlike the divisive water-sharing laws for the Colorado River and others in the West, the Great Lakes compact includes language that emphasizes sustainability, transparency, conservation and efficiency.

"The compact is more about governing the resource collectively as a common pool for the public domain," said Jenny Kehl, a professor at the University of Wisconsin, Milwaukee, who studies water resource issues.

Who Owns The Earth? (westcoastjan)

The commons are just what they sound like: land, waterways, forests, air. The natural resources of our planet that make life possible. Societies throughout history have continually relied on varying systems of commons usage that strove to distribute essential resources equitably, like grazing and agricultural land, clean water for drinking and washing, foraged food, and wood for fuel and building. As far back as 555 CE the commons were written into Roman law, which stated outright that certain resources belonged to all, never owned by a few: ‘By the law of nature these things are common to mankind – the air, running water, the sea and consequently the shores of the sea.’

Gold & Silver

Click to read the PM Daily Market Commentary: 4/20/16

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."

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saxplayer00o1
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Puerto Rico files to sell debt before possible default

Soros Says China's Debt-Fueled Growth Echoes U.S. in 2007-08

Bloomberg - ‎14 hours ago‎
Eventually, the very thing that has been driving the economic recovery could end up derailing it, because China is adding to a debt burden that's already unsustainable, he said in an interview in New York. Fitch rates the nation's sovereign debt at A+ ...
 

China's Economic Recovery Masking Financial Risks, Fitch Says

Bloomberg-9 hours ago
China's new credit increased a record 4.6 trillion yuan ($712 billion) in the first ... Total debt from companies, governments and households was 247 percent of ...

Puerto Rico files to sell debt before possible default

Lawyer Herald - ‎10 hours ago‎
SAN JUAN, PUERTO RICO - JULY 01: The Puerto Rican Capitol building is seen as the island's residents deal with the government's $72 billion debt on July 1, 2015 in San Juan, Puerto Rico. Governor of Puerto Rico Alejandro García Padilla said in a speech ...

Osborne misses target for UK deficit, downturn signals grow

Daily Mail - ‎3 hours ago‎
Underscoring the challenge Osborne faces as he tries to turn a still large budget shortfall into a surplus by the end of the decade, public borrowing, excluding banks, came in at 74.0 billion pounds ($105.9 billion) in the 2015/16 tax year. The deficit ...

Some pushing bankruptcy as solution to troubled Illinois public ...

Cook County Record-18 hours ago
... in Chicago is exceptionally grim, with Chicago Public Schools alone facing a $1 billion budget deficit, a junk credit rating and a $9.5 billion pension shortfall.

Chicago financing plan for 'Star Wars' museum draws mixed reviews

Reuters-15 hours ago
Illinois' fiscal 2016 budget impasse led to a technical default on McCormick Place ... tax revenue to the bond trustee for required monthly debt service deposits.

CalPERS sets higher pension contribution rates

Sacramento Bee-15 hours ago
CalPERS is also dealing with lingering financial fallout from the 2008 financial crash, which cost the pension fund tens of billions of dollars. CalPERS is 76 ...

 

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saxplayer00o1
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BOJ Officials Are Said to Eye Possible Negative Rate on Loans

 

Eurozone economy mired in low growth, no inflation

BOJ Officials Are Said to Eye Possible Negative Rate on Loans

Bloomberg - ‎4 hours ago‎
Having adopted a negative interest rate on some excess reserves to penalize financial institutions for leaving money idle, the Bank of Japan may consider helping them lend by offering a negative rate on some loans, according to people familiar with ...

Japan Post to fight negative rates with shift to risk assets

The Japan Times-6 hours ago
Japan Post Holdings Co. will shift more of its $2.6 trillion investment portfolio to riskier assets to boost profitability as negative interest rates shrink income from ...

Japan's Life Insurers, Stung by Negative Rates, Look Abroad for ...

Wall Street Journal-1 hour ago
Since the central bank introduced negative interest rates earlier this year on certain deposits by commercial banks, rates have fallen across the board.

Japan eyes double-barrelled stimulus to ease yen strains

Reuters-13 hours ago
There are even calls for the BOJ to resort to "helicopter money" - printing fresh cash for direct injection into the economy, instead of its current easing measures, ...

Japan Keeps Borrowing as Yields Hit Record Low

Bloomberg-20 hours ago
Japanese debt yields have slid to record lows as the BOJ buys nearly all the ... for a 10 trillion yen fiscal package before temblors struck Japan's southwest, also ...
 

BoJ Corners 33% Of Bond Market

Investing.com - ‎6 hours ago‎
Bond-buying operations for these zones by the Bank of Japan are also tightening market conditions as negative rates have pushed investors seeking positive yields into longer-dated debt. Yields on bonds with maturities as long as 10 ... Yamamoto of the ...

Central bank injects huge liquidity to market

China.org.cn-5 hours ago
China's central bank has pumped 870 billion yuan (around 133.8 billion U.S. dollars) into the market this week to ease a cash strain at a time when previous ...

As Global Stocks Rally, China's Markets Send More Ominous Signal

Bloomberg-13 hours ago
New credit topped $1 trillion in the first quarter, helping gross domestic product to ... warned that China is adding to a debt burden that's already unsustainable.

Chinese bond yields march higher as default worries grow

Reuters-7 hours ago
Chinese bond yields march higher as default worries grow ... say uncertainties on SOE debt rising By Nathaniel Taplin SHANGHAI, April 22 Chinese bond yields ...

Britain's debt now at £1.6 TRILLION as George Osborne blows yet ...

Express.co.uk-21 hours ago
BRITAIN's debt sky-rocketed to £1.594 TRILLION, as George Osborne officially broke another of his OWN economy borrowing rules, figures revealed today.

US Treasury to Sell $175 Billion in Debt

Wall Street Journal-19 hours ago
The Treasury Department will auction $175 billion in securities next week, comprising $147 billion in new debt and $28 billion in previously sold debt. Details (all ...

Venezuela runs up $1 billion debt for late shipping containers

euronews-23 minutes ago
PUERTO CABELLO, Venezuela/LONDON (Reuters) – Venezuelan state agencies have run up close to $1 billion (695 million pounds) in debts with shipping ...

Venezuela to cut power for four hours a day amid electricity crisis

FRANCE 24-5 hours ago
Recession-hit Venezuela will turn off the electricity supply in its 10 most populous states ... all the while waiting for the government to address the debt problem.".

Venezuelans Face a New Threat – a Beer Shortage

Bloomberg - ‎22 hours ago‎
Venezuela is experiencing the worst recession in decades as the falling price of oil, which accounts for about 95 percent of foreign currency earnings, pushes international reserves to a 13-year low of less than $13 billion. In 2015, the economy ...

Blown Deadline for Puerto Rico Bill Risks Triggering Defaults

Bloomberg-17 hours ago

A for sale sign is seen hanging from a balcony next to a Puerto Rican flag in Old San Juan as the island's

Greek talks with lenders fraught as fears grow of default

The Guardian-17 hours ago
The €86bn (£67.8bn) rescue programme agreed in July 2015 – the debt-stricken country's third in six years – followed months of high-octane drama that saw ...

 

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