Economy
Insiders are selling stock like it’s 2007 (Sparky1)
Recession fears have ignited a burst of market volatility over the past year, punctuated by the worst December since the Great Depression. Although the S&P 500 remains up 14% in 2019, markets have tumbled in August as the trade war escalated. The Dow dropped 623 points, or 2.4%, on Friday. It regained about a third of those losses Monday.
The Next Recession Will Destroy Millennials (Adam, Sparky1)
It was the last downturn—the once-a-century Great Recession—that set them on this doddering economic course. The Millennials graduated into the worst jobs market in 80 years. That did not just mean a few years of high unemployment, or a couple years living in their parents’ basements. It meant a full decade of lost wages. The generation unlucky enough to enter the labor market in a recession suffers “significant” earnings losses that take years and years to rebound, studies show, something that hard data now back up. As of 2014, Millennial men were earning no more than Gen X men were when they were the same age, and 10 percent less than Baby Boomers—despite the economy being far bigger and the country far richer. Millennial women were earning less than Gen X women.
Judge rules against Johnson & Johnson in landmark opioid case in Oklahoma (tmn)
The $572 million judgment against J&J covers one year of costs under the state’s plan to combat the crisis, even though the attorney general’s office presented several witnesses who said it would take at least 20 years to carry out. “The state did not present sufficient evidence of the amount of time and costs necessary, beyond year one, to abate the opioid crisis,” the ruling says.
Long-gold position to pay off as UBS sees metal at $1,650 in 12 months (Adam)
The yellow metal found a new driver on Friday amid renewed tensions between the U.S. and China. Tensions escalated over the weekend after China announced retaliatory tariffs against $75 billion worth of U.S. goods and U.S. President Donald Trump responded with additional duty on some $550 billion of targeted Chinese goods.
Amazon just opened its biggest office building — and it’s not in the United States (Sparky1)
The prize is huge. India has over 600 million internet users, but the majority of its population still isn’t online. Amazon is trying to cash in on that potential by looking to expand its grocery business, creating more Indian content for its Prime Video streaming service and even making its mobile app available in India’s most popular language, Hindi.
The fantasy of being disconnected (Adam)
I’ve tried screen-time limitations, cutting off notifications and being in the present moment like Sherry Turkle, who’s studied online behavioral psychology for years, wrote about back in 2015 in her excellent book Reclaiming Conversation. I’ve never found screen timers to work. Not for me. They feel like fitness trackers without the coaching.
Pentagon seeking patriotic investors to fund American small drones (Sparky1)
“We then became dependent on them both from the defense point of view and the commercial point of view,” Lord said Monday. “And we know that a lot of the information is sent back to China from those. So it is not something that we can use.”
Lord said that defense officials would be traveling around the country to meet with potential investors as well as representatives from industry to help facilitate the process.
After first confirmed vaping death, Tampa doctor issues e-cigarette warning (Thomas R.)
“Unlike cigarettes and tobacco, we don’t know all of the potential side effects of the future, but I can tell you that vaping will soon have the same of worse dangers of smoking,” said Dr. Forman.
According to recent data from Tobacco Free Florida, about 25 percent of Florida high school students reported current use of electronic vaping in 2018, which is a 58 percent increase from the previous year.
At one staff meeting, a top administrator announced that he was going to “have a ‘come to Jesus’ talk” with the medical staff to respond to complaints about the electronic health record. At another meeting, a manager literally screamed in my face when I questioned an office policy. When I complained to a senior administrator, I was told, “You are welcome to leave any time.”
But I couldn’t leave.
A Perfect Storm Is Brewing For US LNG (Michael S.)
U.S. LNG exports were hailed as a double blessing: on the one hand, expanding U.S. companies global presence on the LNG market and on the other, relieving a persistent natural gas glut resulting from the growth of the shale oil and gas industry. The size of this relief grew from just 2.92 billion cu ft in 2013 to 1,083 billion cu ft last year. Now, its further growth that could turn the United States into the world’s top LNG exporter by 2024 is under threat.
Brazil Has Rejected The G7’s $22M Aid Package To Fight The Amazon Fires (tmn)
More than 80,000 fires have broken out in the Amazon rainforest in 2019. According to Brazil’s space agency INPE, that number represents an 80% increase this year.
French President Emmanuel Macron, the host of the G7 summit of the world’s largest advanced economies, had called the fires an international crisis.
We aren’t terrified enough about losing the Amazon (tmn)
The idea is that a certain level of deforestation will push the world’s largest rainforest to a tipping point, where spiraling feedback effects convert much of the forest into savannah. The massive greenhouse gas sponge, which holds around 17% of the world’s carbon trapped in vegetation on land, would suddenly become a major source of it.
That would be a monumental catastrophe. But how real of a danger is it?
Gold & Silver
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