Daily Digest 8/31 – The Rich Aren’t Spending, Great Barrier Reef Health Downgraded To “Very Poor”


New recession warning: The rich aren’t spending (Adam)

Luxury real estate is having its worst year since the financial crisis, with pricey markets like Manhattan seeing six straight quarters of sales declines. According to Redfin, sales of homes priced at $1.5 million or more fell 5% in the U.S. in the second quarter. Unsold mansions and penthouses are piling up across the country, especially in ritzy resort towns, with a nearly three-year supply of luxury listings in Aspen, Colorado, and the Hamptons in New York.

U.S. Yield Curve Steepens as Mnuchin Considers Longer-Term Bonds (Thomas R.)

“There was no need for Mnuchin to make remarks that could prompt selling of Treasuries,” said Hidehiro Joke, a bond strategist at Mizuho Securities Co. in Tokyo. “He might have tried to lift long-dated yields given that the yield curve inversion is seen as a sign of recession and cools sentiment.”

Dow closes more than 300 points higher as China tamps down fears of trade-war escalation (Thomas R.)

A spokesman for China’s commerce ministry was quoted in news reports as saying the country wouldn’t immediately respond to the latest round of tariff increases announced by President Donald Trump on Friday. Those increases came after Beijing announced a round of retaliatory tariffs.

USDA to probe beef market after Tyson Foods slaughterhouse fire (Sparky1)

Profit margins for the packers are above $400 per head of cattle slaughtered, up from around $150 before the fire and well above the previous record of $308, according to Denver-based livestock marketing advisory service HedgersEdge.com.

The USDA will investigate whether there is evidence of price manipulation, collusion or other unfair practices, according to a statement.

The Best Performing Stocks Aren’t Usually the Safest. They Are Right Now. (Thomas R.)

After the 2002 instance, the S&P 500 went on to gain 22% over the next 12 months, but following the 2008 occurrence, the S&P 500 dropped 28% over the same period. Those statistics don’t help all that much, but they do confirm what many investors have been feeling: We’re at a moment where it’s almost impossible to tell which way the market is headed next. “Outsized momentum performance can be followed by large positive or negative market returns,” Mezrich writes

More Force Won’t Fix the American Diet (Adam)

It’s fascinating to contemplate the implications. Here we are debating the healthcare system as a major political issue. Politicians on the stump are calling for this and that. And yet the number one problem with American health can be solved simply by making better choices. The best fix for the vast number of issues rests with the volition of every person.

Del Monte to Close Four Plants (Sparky1)

Production will be transferred to the remaining six North American facilities of Del Monte Foods, the American arm of Del Monte Pacific Limited. Almost 200 full-time and more than 600 seasonal employees will be affected.

Del Monte Foods shut plants in three other states last year.

World’s 2nd-largest Ebola outbreak surpasses 3,000 cases (Sparky1)

The grim milestone comes a month after the World Health Organization (WHO), the global health arm of the United Nations, declared the ongoing outbreak an international emergency. The WHO’s director-general has described the outbreak as more complex than the deadlier 2014-2016 epidemic in West Africa due to the region’s political and security instability, attacks on health workers, a highly mobile population and community mistrust and misinformation.

The Hardscrabble Farmer: On Food (thc0655)

I am sure that to the average American consumer I am somewhere above the homeless beggar and just below the landscaper both economically and in appearance. Our truck is neither new, nor is our daily uniform of Carhart style work pants, farm T-shirt and hiking boots striking in appearance, but we are happy in our chores and proud of what we do. I treasure the relationships we’ve built with the people in these related businesses and the friendships that have come from our efforts as well as opportunity to improve our local environment and everything that depends upon it.

Prime minister says Pakistan will respond if India attacks (Sparky1)

India on Thursday said it has information that Pakistan is trying to infiltrate “terrorists” into the country. Pakistan’s army spokesman, Maj. Gen. Ghafoor, rejected the Indian claims, saying Pakistan was a responsible state and “we would be insane to allow infiltration” across the Line of Control that divides the countries in Kashmir.

Central Banker Desperation (GE Christenson)

Their “feel good” stories about fiat currencies, stocks always rise, bonds represent good value, the economy is doing great, the elite manage well, Wall Street cares about “the little guy,” deficits don’t matter, debts can increase forever… are wearing thin. The truth will surface.

Perdue Takes Call from Trump with Midwest Farmers (Sparky1)

The crowd held its collective breath as Trump jumped into addressing trade. “I can make a quick deal with China, and I can carry that deal into a tremendous amount of agriculture products. Immediately I would be a hero, I would easily win the election. And that would be that, but it would be the wrong deal. Or I can do it the right way like it should have been done over the last 35 years, and do it the way we are doing right now, stay the course.”

Jim Grant: This madness will all end with higher gold (Herman J.)

James “Jim” Grant is an American writer and publisher and the founder of Grant’s Interest Rate Observer, a twice-monthly journal of the financial markets. He is the author , most recently, of The Forgotten Depression: 1921: The Crash That Cured Itself. Grant’s television appearances include “60 Minutes,” “The Charlie Rose Show,” Bloomberg TV, CNBC and other well-known financial news sources.

Mass. medical board suspends doctor’s license after cache of weapons found (Boomer41)

Bonanno was arraigned in Tuckahoe Village Court on several counts of criminal possession of weapons charges. He can request a hearing at the Division of Administrative Law Appeals within seven days.

The Massachusetts Board of Registration in Medicine licenses more than 40,000 physicians, osteopaths and acupuncturists in the state and is responsible for investigating complaints and protecting the public’s health.

Prenatal fluoride exposure linked to lower intelligence in children (newsbuoy)

Fluoride has been added to water, salt, milk, and dental products in many countries for more than 60 years to prevent cavities and improve bone health, according to the authors. They pointed out that although there are some known side effects to excessive fluoride exposure, like tooth staining, there have been few studies of other potential health effects.

Experiments with the HAARP Ionospheric Heater (newsbuoy)

The VLF group is involved in several projects using HAARP that involve improving the rather poor efficiency at which HAARP is able to generate ELF waves, as well as using those ELF waves to study the ionosphere and magnetosphere. The following is a sampling of recent work in the VLF group but experiments are ongoing and new ideas are always being sought.

Conservatives Are Being Targeted By A Complex 4th Gen Warfare Campaign (thc0655)

The tactic is not just about “divide and conquer”; that’s only one small part of 4th Gen. It’s not only about causing internal strife or civil wars. It’s also about tricking a group into tarnishing their own public image, tricking them into taking hypocritical actions, tricking them into abandoning their defining principles, and tricking them into following leadership that is owned and controlled so he/she can lead them to ruin.

City dwellers continue to collect bailout money meant for farmers (Sparky1)

EWG calculated its city-dweller count by filtering MFP recipients based on residency in a zipcode within one of America’s 50 largest cities. The results are noteworthy because MFP eligibility rules require recipients to be “actively engaged in farming.” However, a closer look at the official definition of “actively engaged” reveals potential avenues for payments to be made outside the program’s stated intent. To qualify, recipients are typically required to perform some kind of farm labor. But landowners and individuals in vaguely defined managerial positions can qualify, even if they don’t work on-site. All this is to say—and the new findings show—that you don’t necessarily need to be a farmer to receive bailout money meant for farmers.

Elon Musk adds Tesla insurance to diverse empire (Thomas R.)

“Auto insurance is one of the most competitive marketplaces in our economy and America’s mutual insurers welcome those automakers that are offering coverage,” a spokeswoman for the National Association of Mutual Insurance Companies, told Fox Business Wednesday. “Any company offering that coverage, however, must be subject to the rigorous solvency and consumer protection regulations adopted by the states to ensure they will be there when needed.”

Trump’s EPA to Propose Retreat on Methane Rules for Oil Wells (Sparky1)

The proposal comes at a time of increasing anxiety about the effects of climate change. It also threatens to undermine the oil industry’s sales pitch that natural gas is a climate-friendly source of electricity — a cleaner-burning alternative to coal that can help power an energy-hungry world for decades to come.

Chris Hayes Explores The Impact Of Trump’s Tariffs On American Farmers (Don R.)

Ohio soybean farmer Christopher Gibbs says President Trump was “never ever forthright with the American people” about China tariffs.

Dorian could be the strongest hurricane to hit Florida’s east coast since Andrew (Thomas R.)

At 105 mph, Dorian is the strongest storm of the Atlantic hurricane season so far. If it makes landfall as a Category 4 storm on Monday as forecast, with sustained winds of around 130 mph, it will be the strongest hurricane to strike Florida’s East Coast since Andrew in 1992, according to CNN Meteorologist Brandon Miller. By late Thursday, Dorian was a Category 2 storm.

Study: The “forever chemicals” in your takeout bowl may pose more dangers than previously thought (Sparky1)

Now, a growing body of research casts doubt on the presumed safety of short-chain PFAS. In their extensive review, the Auburn University scientists strike an unequivocal note: There is cause for serious concern.

Unknown Disease Prompts Culling of Pigs (Sparky1)

Dar refused to identify the affected area or province and disclose the number of pig deaths while containment efforts were underway. The results of the lab tests and other details would eventually be disclosed to the public, he said. A recent increase in deaths of pigs raised by farmers in backyard farms and pens was reported to him on Friday, Dar said, adding that it prompted increased monitoring and stricter quarantine screening in airports and seaports nationwide.

Great Barrier Reef health outlook downgraded to “very poor” due to ocean warming (Adam)

Canberra, Australia — The government agency that manages Australia’s Great Barrier Reef has downgraded its outlook for the corals’ condition from “poor” to “very poor” due to warming oceans. The Great Barrier Reef Marine Park Authority’s condition report, which is updated every five years, is the latest bad news for the 133,360-square-mile colorful coral network off the northeast Australian coast as climate change and coral bleaching take their toll.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/29/19

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. 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.”

The post Daily Digest 8/31 – The Rich Aren’t Spending, Great Barrier Reef Health Downgraded To “Very Poor” appeared first on Peak Prosperity.

Powered by WPeMatico