Daily Digest 5/11 – Global Economic Growth In Serious Trouble, Cuba Launches Widespread Rationing

 

Economy

Global Economic Growth In Serious Trouble When U.S. Shale Oil Peaks & Declines (yogmonster)

The figures in the chart above came from the 2018 BP Statistical Review. BP will be providing data for last year when their 2019 Statistical Review is published on June 11th. So, I only have data up until 2017. Regardless, I was quite surprised to see overall global oil production flat, minus the U.S. and Canada for the past nine years.

New FinCEN Guidance Affirms its Longstanding Regulatory Framework for Virtual Currencies and a New FinCEN Advisory Warns of Threats Posed by Virtual Currency Misuse (Sparky1)

Today’s guidance does not establish any new regulatory expectations. It consolidates current FinCEN regulations, guidance and administrative rulings that relate to money transmission involving virtual currency, and applies the same interpretive criteria to other common business models involving CVC. FinCEN’s rules define certain businesses or individuals involved with CVCs as money transmitters subject to the same registration requirements and a range of anti-money laundering, program, recordkeeping, and reporting responsibilities as other money services businesses.

Flint Gave Contract To Firm With Allegedly No Pipe Replacement Experience, Dug Up Non-Lead Pipes (thc0655)

Huge amounts of aid dollars — including $100 million from the Environmental Protection Agency — have flowed to the small city of 90,000 residents to address lead in its water supply, even though it doesn’t have a chief financial officer and, until recently, its finance chair was a gun felon.

Experimental brain implants studied as opioid deaths rise (tmn)

The surgery involves implanting a device that acts as a kind of pacemaker for the brain, electrically stimulating targeted areas. While Western attempts to push forward with human trials of DBS for addiction have foundered, China is emerging as a hub for this research.

U.S. regulators approve new Silicon Valley stock exchange (Sparky1)

The stock exchange was proposed to the SEC in November by technology entrepreneur, author and startup adviser Eric Ries, who has been working on the idea for years. He raised $19 million from venture capitalists to get his project off the ground, but approval from U.S. regulators was necessary to launch the exchange.

U.S. seizes North Korea cargo ship for violating sanctions (Sparky1)

“North Korea, and the companies that help it evade U.S. and U.N. sanctions, should know that we will use all tools at our disposal — including a civil forfeiture action such as this one, or criminal charges — to enforce the sanctions enacted by the U.S. and the global community,” he said.

How facial recognition became a routine policing tool in America (Sparky1)

In August 2017, a woman contacted the Arapahoe County Sheriff’s Office in Colorado with what seemed like a simple case: After a date at a bowling alley, she’d discovered $400 missing from her purse and asked the manager to review the surveillance footage, which showed her companion snatching the cash while she bowled a frame.

A routine police stop landed him on California’s gang database. Is it racial profiling? (tmn)

But much of the criticism of CalGang is that it remains a vehicle for racial profiling and that it is too easy to be added to it and too difficult to be removed. More than 90% of the nearly 90,000 people in the database in 2018 were men of color, predominantly Latino and black, according to data from the California Department of Justice.

Cuba launches widespread rationing in face of crisis (Sparky1)

Cuba imports roughly two thirds of its food at an annual cost of more than $2 billion and brief shortages of individual products have been common for years. In recent months, a growing number of products have started to go missing for days or weeks at a time, and long lines have sprung up within minutes of the appearance of scarce products like chicken or flour. Many shoppers find themselves still standing in line when the products run out, a problem the government has been blaming on “hoarders.”

Venezuela’s Guaidó promises to persevere despite crackdown (Sparky1)

The 35-year-old national assembly president, who the U.S. and some 50 other countries recognize as Venezuela’s rightful leader, sat for the interview at his party’s headquarters two days after the No. 2 leader in congress was jailed and as several other lawmakers took refuge in foreign embassies. All are facing arrest for joining Guaidó and a small cadre of security forces in a military rebellion April 30 that was the closest the opposition has come in years to overthrowing Maduro.

Climate extremes explain 18%-43% of global crop yield variations (newsbuoy)

“Interestingly, we found that the most important climate factors for yield anomalies were related to temperature, not precipitation, as one could expect, with the average growing season temperature and temperature extremes playing a dominant role in predicting crop yields,” said lead author Dr. Elisabeth Vogel from the Centre of Excellence for Climate Extremes and Climate & Energy College at the University of Melbourne.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/9/19

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