Daily Digest

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Daily Digest 6/28 - 'Water Windfall' Found Under CA Valley, Brexit Is What Happens When The Pie Is Shrinking

Tuesday, June 28, 2016, 8:45 AM

Economy

Brexit Rips Apart The Global Economy (Tiffany D.)

The dollar index gained more than 2%, a mercurial daily move in that index. The pound fell to levels not seen since 1985. The yen sank below 100 to the dollar at one point, a sharp appreciation versus the buck. And investors fled Asian stocks, with Japan down 8%.

Now comes the day after…

Erdogan apologizes to Putin over death of Russian pilot, calls Russia ‘friend & strategic partner’ (Arthur Robey)

In his letter, Erdogan called Russia “a friend and a strategic partner” of Ankara, with whom the Turkish authorities would not want to spoil relations.

“We never had a desire or a deliberate intention to down an aircraft belonging to Russia,” the letter read, according to a statement published on the Kremlin website.

MythBusted...Rising "Not in Labor Force" Only Partly Due to Retiring Boomers...Since '00, Many Are Gen X & Millenials (Chris H.)

The source of the accelerating growth in the "not in labor force" has shifted from 100%+(net) coming from among the 55+yr/olds (moving from the work force into retirement) to the current split of only 65% from among the 55+ versus 35% from the core 16-54yr/old cohort. The changing source of not in labor force is exactly opposite of the historical norm and opposite conventional wisdom. It is also an economic cancer as these millions from among the 16-54 are not building job skills, savings, or self sufficiency. They will not be home buyers nor drive economic activity. They will essentially be a lifelong societal burden.

Brexit Is What Happens When The Pie Is Shrinking (Don R.)

For seven long years, the citizenry has been told the economy is expanding and therefore they're "doing better." But this narrative is not supported by their actual lived experience. Inflation is woefully under-reported by official statistics, and the rosy "rising employment" narrative is based largely on part-time jobs in hospitality and food services (bartenders, waiters, etc.) that are highly contingent on the spending of the top 10%.

California Today: How Badly Do You Want That New Rail Line? (jdargis)

In 2008, voters in Los Angeles approved a half-cent sales tax increase for 30 years. That has financed projects like the long-awaited rail line connecting downtown to the beach, which just opened.

(Never mind that the trip is often still faster by car.)

VW Agrees To Pay $10 Billion In Dieselgate Scandal (Josh O.)

Winterkorn and brand chief Herbert Diess are currently being investigated by the prosecutor’s office for the state of Lower Saxony for market manipulation. The charges are that the two knew about the potential losses the company may suffer from the performance-rigging practice, but failed to inform investors about this until it was too late.

Diesel VW owners could get up to $10,000 after settlement, sources say (jdargis)

The settlement still needs to be approved by Judge Breyer to take effect. If it does, it would set a record in terms of the cost to an automaker for flouting environmental standards. Still, VW Group faces many more lawsuits, not the least of which involves the DOJ, the EPA, and CARB in a continued dispute over VW Group’s 3.0 L diesel engines, which also include Porsche models as well as Audi and Volkswagen cars. The Federal Trade Commission has also sued Volkswagen for falsely marketing “clean diesel” vehicles.

Scientists find 'water windfall' beneath California's Central Valley (Adam)

"Water a thousand feet down used to be too expensive to use," said Jackson, who is also a senior fellow at Stanford Woods Institute for the Environment and at the Precourt Institute for Energy. "Today it's used widely. We need to protect all of our good quality water."

Gold & Silver

Click to read the PM Daily Market Commentary: 6/27/16

Provided daily by the Peak Prosperity Gold & Silver Group

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1 Comment

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
Nigel Farage 20years ago you laughed at me, you are not laughing

 

Nigel Farage 20years ago you laughed at me, you are not laughing now

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