Daily Digest 10/26 – Wells Fargo Lays Off 200+ U.S. Business Bankers, Will Shoppers Come To The Massive American Dream Mall?https://www.peakprosperity.com/forum-topic/pm-daily-market-commentary-10-24-2019/

Economy

Lebanon could be headed for a cash crisis as banks remain shut a week into mass protests (Sparky1)

“The cash of the banks are in reserve at the Central Bank or are in Treasury bills. The cash of the banks are not in the bank deposits, so no, they don’t have enough cash for everyone that would come and ask for any cash of transfer. So this is the main problem, we have to reduce the panic.”

At least 40 killed as fresh protests engulf Iraq (Sparky1)

The unrest has broken nearly two years of relative stability in Iraq, which lived through foreign occupation, civil war and an Islamic State (IS) insurgency between 2003 and 2017. It is the biggest challenge to security since IS was declared beaten.

Fisher withdrawals top $3 billion as Texas retirement plan exits (Thomas R.)

In just over two weeks, Camas, Washington-based Fisher has lost more than $3 billion in assets as nine institutional clients — seven of which were government pensions — severed ties. The divestitures arrive on the heels of lewd comments Ken Fisher made at a conference on Oct. 8.

Outfoxed and Outgunned: How China Routed the U.S. in a U.N. Agency (newsbuoy)

Five months later, the race ended in a stinging defeat for the United States. Beijing’s candidate, Qu Dongyu, the vice minister of agriculture and rural affairs, overwhelmingly won the June 23 election with 108 out of 191 votes from the organization’s 194 member countries. U.S. diplomats initially anticipated their favored candidate, a former Georgian agriculture minister, receiving at least 60 votes. He ended up getting 12.

An attempt to freeze China out of the US dollar system will hasten decoupling, but not to America’s advantage (newsbuoy)

The dollar’s position as the leading global reserve currency has long afforded the US what Valéry Giscard d’Estaing, then France’s finance minister, dubbed an “exorbitant privilege”: America can print money at negligible cost and use it to purchase goods and services globally. But, with the opening up of global capital markets, the US has also gained exorbitant leverage over the rest of the world.

He revolutionized how millions of people spend money in India. His next target: America (Sparky1)

His business philosophy is fuelled by a phrase that echoes throughout Paytm’s office in Noida, an industrial hub on the outskirts of New Delhi: “Go Big or Go Home.” The concept is driven home on a frosted glass wall of Paytm’s main boardroom, on office stationery and on countless coffee mugs in its pantry.

It’s an outlook that has helped Sharma, 41, grow Paytm into a company valued at $15 billion in less than a decade.

Target Slashes Employees’ Hours After Raising Its Minimum Wage to $15 An Hour (thc0655)

Heidi Shierholz, who was the chief economist at the Labor Department during the Obama Administration, said the wage hike is being counter-attacked by the company slashing employees’ hours, “Most workers aren’t getting any more of what they really need.”

The USA PATRIOT Act: The Story of an Impulsive Bill that Eviscerated America’s Civil Liberties (Alex)

Title VIII is where the rubber meets the road: What exactly is terrorism, according to the federal government? Unfortunately, this Title does little to clarify what terrorism is, instead focusing on declaring a number of actions (such as attacks on transit) as “terrorism,” regardless of intent.

A Drug Cartel Just Defeated The Mexican Military In Battle (Thomas R.)

The eight-hour battle ended when government forces, outgunned and surrounded, without reinforcements or a way to retreat, received an order directly from Mexican President Andres Manuel Lopez Obrador to release their prisoner and surrender. Lopez Obrador later defended this decision, insisting that his security strategy is working and saying, “Many people were at risk and it was decided to protect people’s lives. I agreed with that, because we don’t do massacres, that’s over.”

In just a few days, investors could take a stake in a space tourism company for the first time (Sparky1)

The management team of Galactic, which is debt free, will stay in place after the merger, and existing investors in Galactic are being offered a combination of SCH stock and cash. Galactic’s primary backers are Branson and his own Virgin Group, a UK-based investment and branding company that functions as his private wealth management firm.

Europe’s Space Agency Wants People to Live Inside Moon Caves (Thomas R.)

The caves could “shield astronauts from cosmic radiation and micrometeorites and possibly provide access to icy water and other resources trapped underground,” said Franceso Sauro, director of ESA’s PANGAEA planetary geology astronaut training, in a statement.

Exclusive: Wells Fargo lays off more than 200 business bankers in U.S. – sources (Sparky1)

Representatives for Wells Fargo confirmed the cuts but did not elaborate on how many agricultural bankers were laid off.

Over the summer, 22 bankers were axed from its energy team, according to two other sources. The cuts represented about 7% of the energy group, a spokeswoman said.

Argentina central bank bleeds reserves ahead of election, peso crumbles anyway (Sparky1)

The formal peso, supported by the central bank, fell 0.3% to 59.99 versus the greenback, having weakened 24.4% over 11 weeks since the shock result of the country’s presidential primary dumped cold water on the markets.

The bank spent $220 million on interventions on Friday, traders said, as the peso continued its four-year swoon under President Mauricio Macri, a free-markets advocate and Wall Street darling expected to lose his re-election bid on Sunday.

Massive American Dream mall opens but will shoppers come? (Thomas R.)

Amid that new reality, American Dream is looking to draw 45 million to 50 million visitors in its first year. Entertainment will account for more than half of its space, including attractions like a bunny field and an aviary. There will also be a doggy day care and a luxury wing, where shoppers can sip champagne and sample caviar as they wait for their designer handbags to be wrapped.

AP PHOTOS: A look at the faces of Argentina’s poor (Sparky1)

Luciano Carpigniano lost his job at a Buenos Aires appliance store a year ago. The 37-year-old says inflation has made him seriously consider starting his own business, so as not to depend on an employer, or move to Spain. “Here the economy changes your reality in a few days,” he says. He doesn’t think any of the presidential candidates can change that.

Our government makes us play with Monopoly money (Thomas R.)

Boom and bust economic cycles are made worse by government interference. Left alone, the markets most often smooth themselves out with fewer extreme highs and lows.

After the economic debacle of 2008, the government once again tried to fix the mess it created and as a result extended the economic recession.

Esper: US troops, armored vehicles going to Syria oil fields (Sparky1)

Adding armored reinforcements in the oil-producing area of Syria could mean sending several hundred U.S. troops — even as a similar number are being withdrawn from a separate mission closer to the border with Turkey where Russian forces have been filling the vacuum.

California wildfires: Millions warned of possible power cut (Thomas R.)

PG&E on Friday warned about 850,000 customers – whose households are estimated to contain about 2 million people – that they “may be impacted” by a power cut between Saturday evening and midday on Monday, citing forecasts of potential extreme weather.

“PG&E will need to turn off power for safety several hours before the potentially damaging winds arrive,” the company said in a statement.

Without Food, You Are Dead (thc0655)

Food has always been used to control people. Always. Think of Joseph in Egypt. His father and brothers had to come and beg for food. They had the money to pay for it, but that didn’t mean they would receive any. It’s no different today. Look around the world. Look at how interdependent everyone is. Some countries have oil. Some have water. Some have the type of land and soil that will grow food, some don’t. If any one thing goes wrong, one spoke of the wheel breaks, all systems fail. No water, no food. No oil, no fertilizer, no commercial farming apparatus, no food. No transportation, food rots in the field. No workers, no food.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/24/19

Provided daily by the Peak Prosperity Gold & Silver Group

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The post Daily Digest 10/26 – Wells Fargo Lays Off 200+ U.S. Business Bankers, Will Shoppers Come To The Massive American Dream Mall?https://www.peakprosperity.com/forum-topic/pm-daily-market-commentary-10-24-2019/ appeared first on Peak Prosperity.

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