When will the gold-backed #Petroyuanreplace the paper-backed #Petrodollar? What are your thoughts on Universal Basic Income (#UBI)? #Harvey and #Irma projected to cost $200 billion. Shipping pollution intensifies storms at sea, and MORE. Wake Up Wyoming: 9.12.17
NEWS LINKS from compiled by the incomparable RICEFARMER and JENNA ORKIN
TODAY’S TOP STORIES
Global Ponzi meltdown/House of Cards/deflationary collapse ##
The four-decade long monopoly of the U.S. Petro-Dollar as the world’s reserve currency is coming to an end. Unfortunately, most Americans have no clue that when the Dollar loses its reserve currency status, life will get a lot tougher living in the U.S. of A. Let’s say, Americans will finally receive “Precious metals religion.”
The U.S. Dollar Index fell considerably yesterday and is now down below a key support level. In early morning trading yesterday, the U.S. Dollar Index fell to 91.46, down 73 basis points:
In June, China took the first step towards overturning the petrodollar by establishing a direct-trade relationship with Russia allowing for oil purchases to be made strictly in yuan. And just like that, the petroyuan was born.
Not long after China’s new deal with Russia, Chinese officials began negotiations for a similar agreement with Saudi Arabia. But the discussion didn’t flow as smoothly as it did with Russia.
Russia welcomed the petroyuan with open arms. But other big oil exporters haven’t been as keen to embrace it. Despite rising concerns around the U.S. dollar’s stability and viability, the yuan is still too illiquid and unestablished globally in comparison, causing many exporters to shy away from accepting it.
But China has an ingenious way to solve this problem: Simply back the petroyuan with gold.
(Reuters) – Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to “free” itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies.
Maduro was refering to Venezuela’s “DICOM” official exchange rate in which the dollar buys 3,345 bolivars, according to the central bank.
At the strongest official rate, one dollar buys just 10 bolivars, but on the black market the dollar fetches 20,193 bolivars, a spread versus the official rate that economists say has fostered corruption.
A thousand dollars of local currency bought when Maduro came to power in 2013 would now be worth $1.20.
Venezuelan President Nicolas Maduro announced on Friday his that government will sell oil and other commodities in currencies other than the dollar, in a bid to weather US-imposed sanctions on the embattled country.
“I have decided to start selling oil, gas, gold and all other products that Venezuela sells with new currencies, including the Chinese yuan, the Japanese yen, the Russian ruble, the Indian rupee among others,” he said during a television broadcast.
“An economy free from the US imperialist system is possible.”
The European Union’s economic and financial committee has criticized U.S. President Donald Trump’s economic policy and is worried that his efforts to boost protectionism pose a threat to the global economy, a German magazine reported on Saturday.
Universal basic income:Yes, This is a Real CNBC Article on “Economics”
Giving every adult in the United States a $1,000 cash handout per month would grow the economy by $2.5 trillion by 2025, according to anew study on universal basic income.
The report was released in August by the left-leaning Roosevelt Institute. Roosevelt research director Marshall Steinbaum, Michalis Nikiforos at Bard College’s Levy Institute, and Gennaro Zezza at the University of Cassino and Southern Lazio in Italy co-authored the study.
The study made economic forecasts for three proposals: a full universal basic income in which every adult gets $1,000 a month ($12,000 a year), a partial basic income in which every adult gets $500 a month ($6,000 a year), and a child allowance in which parents get $250 a month ($3,000 a year).
The larger the universal basic income, the greater the benefit to the economy, according to the report.
A $1,000 cash handout to all adults would grow the economy by 12.56 percent after eight years, the study finds. Current Congressional Budget Office estimates put the GDP at $19.8 trillion. The cash handout would therefore increase the GDP by $2.48 trillion.
The following is commentary by Joe Jarvis of The Daily Bell:
Wow! You’re saying that by the U.S. government simply creating money out of thin air, we can increase the amount of money in existence! Why didn’t we think of this before? Why are we only $20 trillion in debt! why not go $200 trillion in debt. Why not $900 trillion?! Who cares, it just boosts the economy.
The super-serious-legitimate-intellectual study found that the larger the handout, the more the economy grows! Hear that? We can all be millionaires! It’s easy street from here on out.
We can all quit our jobs at the factories, farms, grocery stores, and office buildings. Things will keep being produced, sold, and organized according to the report.
What they didn’t add is that in order to finance these handouts without taxation, the U.S. would add $24 trillion of debt. The already insane national debt would more than double in 8 years.
And what would a cash influx of that kind cause?
Exactly what the study did not take into consideration. Inflation.
## Fault lines/flashpoints/powder kegs/military/war drums ##
The US State Department has approved $3.8 billion in weapons sales to the tiny island nation of Bahrain. The Pentagon confirmed the approval and the State Department has notified Congress, who held up a similar sale last year over Bahrain’s many, many human rights problems.
The bigger picture behind Official Washington’s hysteria over Russia, Syria and North Korea is the image of a decaying but dangerous American hegemon resisting the start of new multipolar order.
Rohingya insurgents, whose attack on Myanmar security forces last month triggered savage military reprisals, declared a monthlong truce Sunday as refugees continued to flood across the border into Bangladesh only to face scant basic resources, hunger and illness.
The Muslim insurgents of the Arakan Rohingya Salvation Army issued the truce statement on its Twitter account and urged Myanmar’s government to reciprocate in order to assist all victims regardless of their background.
The government did not comment immediately.
Despite last-ditch efforts by Israel and its allies to salvage the “regime change” project in Syria, the looming defeat of the Western-backed jihadists marks a turning point in the modern Middle East.
Chinese state banks have started suspending transactions through accounts held by North Koreans, making it nearly impossible to do business between the two countries, according to sources familiar with the situation.
## Migrants/refugees ##
As Hillary Clinton begins a book tour to promote her 2016 campaign autopsy “What Happened,” video has begun to swirl online of a 2014 interview between her and CNN’s Christiane Amanpour to promote her previous book, “Hard Choices.”
During the exchange, Clinton had some tough words for the children of illegal immigrants, including waves of unaccompanied minors coming in 2014 — telling Amanpour that the United States was a nation of laws and that they probably had to go.
“We have to send a clear message, just because your child gets across the border, that doesn’t mean the child gets to stay,” said Clinton “So, we don’t want to send a message that is contrary to our laws or will encourage more children to make that dangerous journey.”
## Energy/resources ##
Brazil’s power sector has been rattled by a combination of slumping demand, rising construction costs and reduced credit availability as the country has gone through its harshest recession on record.
## Got food? ##
SoftBank-backed Plenty is out to build massive indoor farms on the outskirts of every major city on Earth.
## Environment/health ##
Modern buildings with large expanses of glass or mirrored surfaces are “potentially dangerous” for bats, research suggests.
Thunderstorms directly above two of the world’s busiest shipping lanes are significantly more powerful than storms in areas of the ocean where ships don’t travel, according to new research.
A new study mapping lightning around the globe finds lightning strokes occur nearly twice as often directly above heavily-trafficked shipping lanes in the Indian Ocean and the South China Sea than they do in areas of the ocean adjacent to shipping lanes that have similar climates.
The difference in lightning activity can’t be explained by changes in the weather, according to the study’s authors, who conclude that aerosol particles emitted in ship exhaust are changing how storm clouds form over the ocean.
The new study is the first to show ship exhaust can alter thunderstorm intensity. The researchers conclude that particles from ship exhaust make cloud droplets smaller, lifting them higher in the atmosphere. This creates more ice particles and leads to more lightning.
The results provide some of the first evidence that humans are changing cloud formation on a nearly continual basis, rather than after a specific incident like a wildfire, according to the authors. Cloud formation can affect rainfall patterns and alter climate by changing how much sunlight clouds reflect to space.
“It’s one of the clearest examples of how humans are actually changing the intensity of storm processes on Earth through the emission of particulates from combustion,” said Joel Thornton, an atmospheric scientist at the University of Washington in Seattle and lead author of the new study in Geophysical Research Letters, a journal of the American Geophysical Union.
“It is the first time we have, literally, a smoking gun, showing over pristine ocean areas that the lightning amount is more than doubling,” said Daniel Rosenfeld, an atmospheric scientist at the Hebrew University of Jerusalem who was not connected to the study. “The study shows, highly unambiguously, the relationship between anthropogenic emissions – in this case, from diesel engines – on deep convective clouds.”
With the highest temperatures on record and unprecedented heat waves hitting Europe this year, Africa’s ‘Great Desert’, the Sahara, is set continue its relentless march on the Southern European countries until it occupies more than 30% of Spain just three decades from now.
New studies find microplastics in salt from the US, Europe and China, adding to evidence that plastic pollution is pervasive in the environment.
## Intelligence/security/internet/cyberwar ##
Best Buy Co, the No.1 U.S. electronics retailer, is pulling Kaspersky Lab’s cyber security products from its shelves and website, amid concerns that the Moscow-based firm may be vulnerable to Russian government influence.
Putin said that, in some spheres, state institutions could not work with companies running foreign software because that represented a risk for national cyber-security.
CNN executives explicitly told their investigative team to stop looking into potential ties between the Trump administration and Russia following a series of high profile reporting errors led that to the resignation of three journalists in June.
## Propaganda/censorship/fake news/alternative facts ##
If you believe the New York Times, the Russian state is the diabolical force behind Black voter suppression in North Carolina — and, by imaginary extension, the main suspect for polling irregularities in Black precincts across the country during last year’s election.
U.N. investigative reports, like a new one condemning Syria for alleged sarin use, are received as impartial and credible, but are often just more war propaganda from compromised bureaucrats.
Just as the West ignored signs in 2002-03 that anti-government Iraqis were fabricating WMD claims, evidence is being brushed aside that Syrian jihadists have ginned up chemical attacks.
## Systemic breakdown/collapse/unsustainability ##
## China ##
Fears among some VPN users on the mainland over whether they will also face punishment for using the services to get round internet censorship
Ban applies across the board but cash and barter system offer ways around the sanctions, analysts say
## UK ##
Growing numbers of patients are paying for private treatment to beat rationing and delays for treatment imposed by the cash-strapped NHS.
Children are being forced to tend cannabis factories and commit street crimes, a leading charity has warned as it raised the alarm over the hidden toll of child slavery in the UK.
## US ##
The findings highlight how six decades of industrial dumping, farming pollution, and water plant and distribution pipe deterioration have taken a toll on local water systems.