Daily Digest 8/8 – Climate Change Threatens World Food Supply, When Will The Jenga Economy Fall?



When Will The Jenga Economy Fall? (pinecarr)

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China’s Yuan Breaks the 7 to $1 Band–The Global Currency War Has Begun (rcbaker)

China is of course allowing the devaluation to occur. Previously, it was entering money markets to buy Yuan in order to keep it from devaluing. Now it’s just allowing the process to occur. This is China’s response to Trump’s imposing an additional 10% tariffs on $300 billion of China imports last week. It signals that the ‘trade’ war (now becoming an economic war) has moved beyond tariffs.

The Trade War Isn’t The Only Reason For The Dow’s Big Drop (Thomas R.)

China can also attempt to retaliate, even though its ability to do so is limited because it doesn’t buy that many American goods. And even China’s tariffs on U.S. agriculture are more complicated than the media would have you believe. For example, China restricted U.S. pork imports since 2011 by spuriously claiming U.S. pork is unsafe. And because African swine fever (ASF) is wiping out China’s pig population, and pigs eat soybean meal, China is demanding less soybeans generally, even from Brazil.

Walgreens to close 200 US stores (Sparky1)

“As previously announced, we are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise,” the company said in a statement.

The case for why stocks could climb 20% (Sparky1)

Belski will talk about this with CNN Business correspondent Alison Kosik on the “Markets Now” live show Wednesday at 12:45 pm ET. Kosik will also be joined by Amy Shecter, the CEO of on-demand beauty services company GlamSquad, to discuss the firm’s partnership with CVS (CVS) and the state of the fashion industry.

Half of young Americans say college is too expensive and no longer necessary (lambertad)

About one in five Gen Z and young millennials say they may choose not to go to college. Many others see a less conventional path through education as a good idea. Over 30% of Gen Z — and 18% of young millennials — said they have considered taking a gap year between high school and college.

The Coming Economic Dark Ages (James W.)

Those of you who placed a short position on sterling, following my Brexit post on 26th May, would be enjoying a decent return now that GBP/USD has collapsed from 1.27 to 1.22. However, going into a sterling short at this point is probably too late given that in the event of a no-deal/hard Brexit (not a given!) sterling is likely to fall to 1.15. The risks of an unexpected bounce in sterling should the UK avoid a hard Brexit makes this an unsuitable trade to recommend from a risk versus reward perspective.

Short-seller Carson Block just called this Woodford-backed firm ‘Enron-esque’ — and the stock plunged 51% (Thomas R.)

Block’s Muddy Waters research firm published a report accusing Burford of manipulating performance metrics, misleading investors, lacking portfolio strength, being short of cash, and misgoverning its business. It announced it was shorting the company’s shares “because it is a poor business masquerading as a great one.” It described Burford as a “perfect storm for an accounting fiasco” and said its “governance strictures are laughter inducing.”

Robbers steal $2.5 million in coins from Mexico’s mint in daylight heist (Sparky1)

Initial investigations revealed that security protocols were not followed and the guard and two other staff members who were working at the time have been taken in for questioning, according to a statement from Mexico City’s Secretariat of Public Security.

‘Anxiety Fills the Air.’ What It’s Like Inside Kashmir When All Communication With the Outside World Is Cut Off (Sparky1)

Since Sunday, Delhi has entirely shut down the Internet, landline and mobile networks in the India-controlled part of the Himalayan region of Kashmir — leaving some 7 million people stranded without any way to contact family and friends. In an unprecedented bid to clamp down on its part of the disputed territory, the Indian government has closed schools, banned public meetings, and barricaded roads and neighborhoods in Srinagar, the region’s largest city that lies in the Kashmir Valley.

Uganda Launches Largest Trial of Experimental Ebola Vaccine As Outbreak Spreads in Neighboring Congo (Sparky1)

Already more than 180,000 people in Congo’s yearlong outbreak have received an experimental but effective Merck vaccine, but health experts worry about the availability of doses as the virus now spreads in a major city, Goma, along the Rwanda border. The wife and 1-year-old daughter of the man who died this week of Ebola in Goma now have the disease.

Michael Pento: ‘Massive Interest Rate Shock’ Will Blow Up Markets (Herman J.)

“I think gold goes to an all-time-high in the next 16 to 18 months.”

Gold Prices – The Next Five Years (GE Christenson)

Crude oil prices rise and fall. They traded below $11 in 1998, reached $147 in 2008, but moved below $30 in 2016. Mid-East tensions and inflationary expectations are rising. It’s reasonable to expect crude oil prices will not fall much from current levels and might rise considerably.

Philippines declares a national dengue epidemic after 622 deaths (Sparky1)

“It is important that a national epidemic be declared in these areas to identify where a localized response is needed, and to enable the local government units to use their Quick Response Fund to address the epidemic situation,” said Health Secretary Francisco Duque in the statement.

Globalists Have Set Operation ‘Blame The Populists’ In Motion (thc0655)

The Fed followed its rate adjustment “disappointment” with a large dump of assets from its balance sheet – around $36 billion total in July. With no certainty of new stimulus in the near term, and no certainty of further rate cuts this year, stocks were pummeled, and this is a downtrend that is probably going to continue for the rest of the year (with pauses and dead cat bounces mixed in). Of course, the banking elites have a plan and they intend populists to help them, wittingly or unwittingly.

How a Record-Breaking Solar Storm Ignited a Vietnam War Mystery (Sparky1)

Declassified files are showing researchers the unpredictable nature of the Sun and helping them work towards predicting the next big solar storm.

Earth’s Magnetic North Pole Is Shifting South… So What Now? (Sparky1)

Elements is more than just a science show. It’s your science-loving best friend, tasked with keeping you updated and interested on all the compelling, innovative and groundbreaking science happening all around us. Join our passionate hosts as they help break down and present fascinating science, from quarks to quantum theory and beyond.

Air Pollution in World: Real-time Air Quality Index Visual Map (blackeagle)

The GAIA air quality monitoring stations are using high-tech laser particle sensors to measure in real-time PM2.5 pollution, which is one of the most harmful air pollutants.

“Worst Year Ever”: China’s Ban On US Ag Products Will Be A Death Blow For Countless Farms (Don R.)

When the Chinese announced that they were going to completely stop buying U.S. agricultural products, it sent shockwaves across the middle portion of the country. According to the executive vice president of the American Farm Bureau, our farmers and ranchers will now be facing “just a really tough, tough time”…

Climate Change Threatens the World’s Food Supply, United Nations Warns (Sparky1)

The report also offered a measure of hope, laying out pathways to addressing the looming food crisis, though they would require a major re-evaluation of land use and agriculture worldwide as well as consumer behavior. Proposals include increasing the productivity of land, wasting less food and persuading more people to shift their diets away from cattle and other types of meat.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/7/19

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