Economy
Iranians say their ‘bones breaking’ under US sanctions (Sparky1)
In recent weeks, Iran has threatened to break out of the deal unless European powers mitigate what it calls Trump’s “economic warfare.” Iran also appeared ready to push back against the buildup of U.S. forces in the region, after shooting down an American drone it says violated its airspace last week.
‘Crowding diseases’ threaten migrant children held in US border protection facilities, expert says (Sparky1)
Children who do not wash regularly are likely to pick up body lice and “some of those lice could carry typhus,” said Markel. Fever, headaches and sometimes rash are common symptoms of epidemic typhus fever, which has the potential to spread rapidly among people living in close quarters, according to the US Centers for Disease Control and Prevention.
No, it’s not just you: Half of the internet is down, including Google, Amazon, and Reddit (Thomas R.)
What better way to start off the week than by not being able to use virtually any online service or access half of the internet’s most popular sites? That seems to be the case, as DownDetector (and many tweets) suggest that Google, Amazon, Reddit, and Spectrum — just to name a few — are experiencing issues this morning. Those issues appear to have begun around 6 or 7 AM ET, just as the East Coast was starting its day.
Average retirement-age Americans have this much in their 401(k), report says (Thomas R.)
That’s nearly $20,000 more in their retirement fund than they typically have from age 55 to 64. While their median balance is slightly below that age group as well — by about $3,700, it’s still considerable since many start tapping into their 401(k) starting at 65.
The areas that most influence account balances appear to be income, age and job tenure.
Taxed to the hilt, more northern homebuyers are migrating to Florida (Thomas R.)
A bump in activity started with the federal tax overhaul in 2017. Although rates were cut for corporations and individuals, the ability of residents to deduct state, city and property taxes from their federal returns in places like New York, New Jersey and Connecticut was diminished. Other heightened tax obligations are kicking in as well. As of July 1, a three-decades-old “mansion tax” in New York State is being boosted in New York City to help pay for improvements to the city’s creaky subway system.
As the wealthy flee New York, poorest will be most affected (thc0655)
The current spending levels are likely unsustainable for the Big Apple in the long term. The New York City Council passed a $93 billion budget, which includes spending hikes of 6 percent for salaries, 9 percent for other employee benefits, 9 percent for debt service, 11 percent for health insurance, 12 percent for public assistance funding and more. This local budget also set aside a new line item for taxpayer-funded abortions, an army of new social workers and even a package for the Green New Deal.
Gold jumps to fresh high, now at levels not seen since August 2013 (Thomas R.)
“The geopolitical tensions and an expectation of a more dovish Fed pushed investors to increase their gold exposure,” Mark Keenan, global commodities specialist at Societe Generale, said in a note. “Gold continues to be extremely overbought with short positions staying at their yearly lows and long positions climbing to their highest level since February 2018.”
‘A leftward shift’: Communist party USA sees chance as progressives surge (thc0655)
Communists from across the US, along with international delegates from Germany, Canada, Venezuela and elsewhere, sought to send the message that their party has been the most consistent champion of those ideas, has been on the right side of some of the most consequential ideological battles of the last hundred years, and is ready to continue the fight into its second century.
Oh that it should come to this Pt. 9 (Jesper A.)
In Popper´s scheme the ideas of Kant and Hegel seem determinist, sadistically predisposed to deterministic change but not subject to critique or democratic opposition — on this point we should agree; these are much like Descartes’ inward-turning rational analysis the effects of men’s increased lust for technological prediction and control. Our brains it seems, are capable of such readaptation. Democracy. Inside Kant hides the exigencies of a new new of a Europe which in 1750 was well on its way to techno hell (yes I do that frequently, but on the sly and with a sinister smile).
Syria says sabotage damaged underwater oil pipelines (Sparky1)
Syria suffered recently from fuel shortages that were largely the result of Western sanctions on Syria and renewed U.S. sanctions on its ally Iran.
Syria produced 350,000 barrels per day before the country’s conflict began in 2011 and exported more than half of it. Now it is down to around 24,000 barrels a day, covering only a fraction of domestic needs.
Electric Jaguar XJ, hybrid airplanes, more driving, fewer Chinese EV makers (Thomas R.)
Another electric-car startup isn’t aiming directly at Tesla, though it could take away some of the company’s Silicon Valley spotlight. Drako Motors is developing a 1,200-horsepower, 206-mph supercar called the Drako GTE.
Finally, in first drive of the new light-duty Chevy Silverado diesel pickup our partners at The Car Connection averaged 34 mpg, which is pretty impressive for a full-sized pickup meant for towing.
Tesla starts work on substation to power Gigafactory 3 ahead of production (Thomas R.)
Recently, drone video updates show that the building of the massive factory is almost completed, which is an incredible feat to do in just 6 months.
However, it takes a lot more than a building in order to achieve production and we are starting to see more work on that front as Tesla is just months away from its planned production date.
OPEC’s Meeting: Market Expects Another Output Cut Next Week (Thomas R.)
Last week, the US and Iran were on the brink of war—the most important factor behind the rise in oil prices. On June 21, the Brent-WTI spread fell to the lowest level since April 16. The fall might indicate that the oil market is less concerned about a supply shock. The fall in US oil and gasoline inventories could also be behind the contraction in the spread.
More than 500 arrested after protests and clashes as India water crisis worsens (Sparky1)
At least 550 people were arrested Wednesday in the city of Coimbatore for protesting with empty water containers in front of the municipal government’s headquarters, accusing officials of negligence and mismanagement. Meanwhile, four reservoirs that supply Chennai, the state capital and India’s sixth largest city, have run nearly dry.
Gold & Silver
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The post Daily Digest 6/25 – Gold Jumps To Fresh High, ‘Crowding Diseases’ Threaten Migrant Children In U.S. Border Facilities appeared first on Peak Prosperity.
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