Daily Digest 6/29 – Ferocious Storms Pound Midwest, Is Facebook Listening To Me?

Economy

Trump announces negotiations with China are ‘back on track’ (tmn)

“We send and we sell to Huawei a tremendous amount of product that goes into the various things they make,” Trump said. “These are American companies that make product. It’s very complex. Highly scientific. And in some cases we’re the ones that do it and the only ones that do it.”

Fewer Renters Believe They Are Likely to Ever Own a Home (Adam)

Only 24% of renters said it was “extremely likely” that they would ever own a home, 11 percentage points lower than four years ago, according to the survey set to be released Thursday by mortgage finance giant Freddie Mac. Of the renters surveyed, 82% said renting was more affordable than buying, 15 percentage points higher than February of 2018.

Bay Area home prices fall 1.7% in May, biggest year-on-year drop in 7-plus years (Adam)

Last month’s 1.7% drop “marked the largest decline since February 2012, when the median fell 3.6% year over year,” said CoreLogic analyst Andrew LePage. The next month, the median rose 0.6%, and in April 2012, it began an 83-month stretch of consecutive gains. CoreLogic’s report includes new and existing homes and condos in the nine-county Bay Area.

Is Facebook listening to me? Why those ads appear after you talk about things (Sparky1)

The truth is, Facebook tracks us in ways many of us don’t even realize and is so good at it, we think it’s monitoring our conversations. Instead, it uses sophisticated demographic and location data to serve up ads.

“It’s like they’re stalking you,” says Court. “They put all sorts of circumstantial evidence together, and you’re marketed to as if they’re listening to your conversations.”

Seeing Isn’t Believing (tmn)

Editing out large portions from a video and presenting it as a complete narrative, despite missing key elements, is a technique used to skew reality.

Financial worries keep most Americans up at night (Adam)

Those most likely to lose sleep over money included Northeasterners, low-income earners and parents with children under 18, the survey found. Of those struggling to sleep, 63 per cent said they are confident they will be able to resolve their biggest issue, the study found.

Brexit Update: Caesars, High Stakes Poker and A Looming Global Recession (James W.)

Let’s assume for the moment, that Boris wins the contest, fails to get meaningful concessions from the EU on the Irish backstop and succeeds in driving the UK out of the EU without a deal by November 2019. Berenberg Bank, a pro-EU German investment bank, recently noted that the worst-case scenarios predicted by the UK media will prove wrong. The trucks will carry on moving, the planes will land and we won’t see Armageddon on the supermarkets. Yes, there will be disruption but it will likely be short term and relatively manageable.

Hypersonic Missiles Are Unstoppable. And They’re Starting a New Global Arms Race. (tmn)

In 2018, Congress expressed its consensus in a law requiring that an American hypersonic weapon be operational by October 2022. This year, the Trump administration’s proposed defense budget included $2.6 billion for hypersonics, and national security industry experts project that the annual budget will reach $5 billion by the middle of the next decade. The immediate aim is to create two deployable systems within three years. Key funding is likely to be approved this summer.

Tropical Reefs: Part 1 (tmn)

Tropical coral reefs are the most diverse marine ecosystems on earth, giving shelter to thousands of animal species. Many millions of people depend on fisheries, tourism and coastal protection provided by healthy coral reefs. Yet today, coral reefs are dying at an alarming rate. Coral bleaching is caused by rising water temperatures which, when severe, kills the coral.

Crops Devastated As More Ferocious Storms Pound The Midwest – “It’s Hard To Get Your Head Around Just How Bad It Is” (Bryan S.)

In recent weeks, some people that clearly don’t live in the middle of the country have left some really negative comments on my articles about the enormous toll that this disaster is taking on Midwest farmers. For whatever reason, some people want to try to minimize the nightmare that these farmers are living. But the truth is that it would be very difficult to overstate the scope of this crisis at this point.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/27/19

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