Economy
Stocks close higher, S&P 500 hits 3,000 for the first time as Fed chief signals rate cut ahead (TS)
“Crosscurrents have reemerged,” Powell said. “Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”
Google Continues Investments in Military and Police AI Technology Through Venture Capital Arm (Sparky1)
The startups not only receive financial support from Google. Google employees shared internal company emails with The Intercept that stated that all firms backed by Gradient Ventures “will be able to access vast swaths of training data that Google has accumulated to train their own AI systems” and “will have the opportunity to receive advanced AI trainings from Google.”
Senior computer engineers from Google will rotate into firms backed by Gradient Ventures, the emails noted, to provide “the kind of hand-holding support that we think is helpful in growing an AI ecosystem.”
Raytheon, DARPA complete design review for hypersonic weapon (Sparky1)
Hypersonic vehicles operate at high altitude and at speeds up to five times the speed of sound. A boost glide weapon uses a rocket to accelerate its payload and achieve hypersonic speeds, before the payload separates from the rocket and glides to its target, according to Raytheon. The proposed weapons offer engagement from longer distances, shorter response times and greater effectiveness.
Is an aging population actually bad for the economy? (Sparky1)
One thing all of these stories should end with is a slowdown in economic growth per person. In 2017, the economists Daron Acemoglu and Pascual Restrepo looked at how rapidly GDP per capita grew between 1995 and 2015 in a whole bunch of countries (the vertical axis below) and compared it to how much the ratio of old people to working-age people changed (the horizontal axis) over the same period. Contrary to the prevalent assumption, they found basically no relationship at all.
The House Passes Budget Deal to Increase Military Spending (thc0655)
Then, their livelihoods, their wealth, their reputations – and the entire economy – depend on more inflation. So, you’ve got to continue inflating… or go into rehab.
Inflate or Die. There’s no third choice.
Dialysis Firm Cancels $524,600.17 Medical Bill After Journalists Investigate (edelinski)
Like her husband, Jessica is relieved that their bill seems to be resolved but worried that other people with bills like theirs might not be so lucky. She’s also grateful for all the attention their story has garnered. Montana Sen. Jon Tester’s office and their hospital’s insurance broker both offered to advocate for them. “And a nephrologist from Pennsylvania called me at work and expressed outrage and said she forwarded on our story to the medical director of Fresenius on our behalf,” Jessica wrote in an email.
Rich investors may have let a hospital go bankrupt. Now, they could profit from the land (Sparky1)
“There’s no way he doesn’t make money off the land,” said Patrick Clancy, president and CEO of Philadelphia Works, the city’s workforce development agency, which is now charged with helping thousands of newly unemployed workers. “He will have left our city and gone back to wherever he calls home with money in his hands and 2,400 people scrambling around.”
Even in the Great Depression, evictions used to be rare. Now, each year, hundreds of thousands, perhaps millions, of renters are put out on the street. Even a paid-up tenant can be easily evicted. Arleen loses one apartment when her son Jori throws a snowball at a passing car and the enraged driver kicks in the front door, and another when the police come after Jori when he kicks a teacher and runs home. Any kind of trouble that brings the police can lead to eviction, which means women can lose their homes if they call 911 when their man beats them up. Think about that the next time someone asks why women don’t call the cops on violent partners.
Tulsi Gabbard Calls for Americans to Unite Against Big Tech (thc0655)
The Hawaii congresswoman and Iraq war veteran recently announced a lawsuit against Google after the tech giant allegedly shut down her Google Ads account shortly after the first Democrat presidential debate, at precisely the moment when her bid for the White House was attracting renewed attention from Google users.
Trump aide submitted drafts of 2016 ‘America First’ energy speech to UAE for edits, emails show (Sparky1)
“The Trump Administration has virtually obliterated the lines normally separating government policy making from corporate and foreign interests,” according to a report overseen by House Oversight Chairman Elijah Cummings, a Maryland Democrat, who commissioned the investigation into back channel business dealings between certain Trump aides and Middle Eastern countries.
A 26-year-old billionaire is building virtual border walls — and the federal government is buying (Sparky1)
Along remote stretches of the U.S.-Mexico border, and on the perimeters of military bases around the world, Luckey’s vision was already becoming reality. Customs and Border Protection is using Anduril’s high-tech surveillance network as a “virtual wall” of interlinked, solar-powered sentry towers that can alert agents of suspicious activity, and the company has signed similar deals with U.S. and U.K. military branches.
Brazil’s indigenous people: Miners kill one in invasion of protected reserve (tmn)
“This is the first violent invasion in 30 years since the demarcation of the indigenous reserves in Amapá,” Senator Rodolfe Rodrigues told local newspaper Diário do Amapá (in Portuguese), warning of a “blood bath”.
Gold & Silver
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The post Daily Digest 7/30 – Fed Chief Signals Rate Cut Ahead, Is An Aging Population Actually Bad For The Economy? appeared first on Peak Prosperity.
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