Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64643 Sun, 24 Mar 2019 19:16:16 GMT "Is the world running out of gold?" - Mainstream Catching On http://implode-explode.com/viewnews/2019-03-24_IstheworldrunningoutofgoldMainstreamCatchingOn.html The murmurs that the world is running out of gold deposits have grown louder in the past two years... Gold production reaching its peak levels is nothing new. The production of the yellow metal has reached its highest levels on at least four occasions in the past before witnessing sharp declines.

But many say there is something that makes the current gold peak stand out: There is simply no new major gold deposit left to be discovered.

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Gold has been hovering around the psychological level of $1,300 an ounce since the beginning of this year -- a far cry from the highs of $1,800 an ounce witnessed in 2011-12. Analysts estimate that a minimum price of $1,500 per ounce is needed to maintain current production levels.

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The prospective impact of a lack of "world class" discoveries on future gold production can be gauged from the fact that such mines account for nearly half of the global gold production today.

The average grade of the new gold deposits -- the amount of gold that can be extracted per ton -- has also been declining. The average mine grade has fallen from over 10 gram per ton in the early 1970s to around 1.4 grams per ton today, according to Metals Focus, a precious metals consultancy.

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Analysts expect gold prices to rise in the longer term as gold mine supply struggles to expand. High prices and technological advancements are expected to push miners to explore new frontiers for the precious metal, including the seabed and possibly even asteroids.

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"In future most of the gold supply will come from recycling and not mining," Miller said.

The World Gold Council expects the demand for gold in jewelry to increase over the next 30 years "in a richer, more middle-class, connected world."

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iehi-feed-64641 Thu, 21 Mar 2019 19:20:56 GMT Jared and Ivanka: Cashing in on Power http://implode-explode.com/viewnews/2019-03-21_JaredandIvankaCashinginonPower.html Ward's book ["Kushner, Inc."] suggests that the search for someone who would bail out 666 Fifth Avenue has played a significant role in American foreign policy during the Trump administration. And since the completion of her book, we've learned that Trump overrode intelligence officials, who were concerned about Kushner and his family's ties to foreign investors, to give Kushner a security clearance.

In the end, the Kushner family seems to have gotten what it wanted. Last year, Brookfield Asset Management, which has substantial investment from the government of Qatar's sovereign wealth fund, came to the Kushners' rescue. (The Qataris have denied any advance knowledge of the deal.)

"You'll notice that the U.S. position toward Qatar changes when the Qataris bail out 666 Fifth Avenue," said Ward, adding, "We look like a banana republic." Maybe that's why Jared and Ivanka appear so blithely confident. As public servants, they're obviously way out of their depth. But as self-dealing scions of a gaudy autocracy? They're naturals.

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iehi-feed-64638 Mon, 18 Mar 2019 21:24:20 GMT The Fed has exacerbated America's new housing bubble: FT http://implode-explode.com/viewnews/2019-03-18_TheFedhasexacerbatedAmericasnewhousingbubbleFT.html Hyman Minsky would have had a field day with last week's US inflation numbers. One of the key points in the late, great economist's Financial Instability Hypothesis was that there are two kinds of prices -- prices for goods and services, and asset prices. Inflation in the two areas should, as a result, differ. And indeed they have, quite markedly. The latest Consumer Price Index figures show that almost all core inflation, which was weaker than expected, was in rent or the owner's equivalent of rent (up 0.3 per cent). Core goods inflation, meanwhile, was down 0.2 per cent. Very simply, this means that the housing market is once again completely out of sync with the rest of the economy.

A decade on from the subprime bubble, housing, which is not only shelter but also the biggest financial asset for most Americans, is the only major component of the CPI with a national inflation rate that is consistently above the overall number. Why is this? Because, just as Minsky would have predicted, loose monetary policy over the past several years buoyed assets, but didn't create meaningful new supply or, consequently, enough demand in construction and other home-related areas. The point is illustrated in an academic paper, "What the Federal Reserve got totally wrong about inflation and interest rate policy" from the Mario Einaudi Center for International Studies at Cornell University. As its author Daniel Alpert says: "What we have now is a form of inflation that's never been seen before -- it's all concentrated in housing."

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iehi-feed-64636 Sun, 17 Mar 2019 17:03:11 GMT The Most Splendid Housing Bubbles in Canada Deflate | Wolf Street http://implode-explode.com/viewnews/2019-03-17_TheMostSplendidHousingBubblesinCanadaDeflateWolfStreet.html iehi-feed-64635 Sun, 17 Mar 2019 13:40:27 GMT Former COO of Long Island Federal Credit Union Pleads Guilty http://implode-explode.com/viewnews/2019-03-17_FormerCOOofLongIslandFederalCreditUnionPleadsGuilty.html iehi-feed-64634 Sat, 16 Mar 2019 13:37:59 GMT Adoption Scam Alert: Michigan Mother Busted For Wire Fraud http://implode-explode.com/viewnews/2019-03-16_AdoptionScamAlertMichiganMotherBustedForWireFraud.html iehi-feed-64632 Wed, 13 Mar 2019 22:10:54 GMT The housing market is turning: Millennials unhappy with purchases; CA supply at highest since 2012 http://implode-explode.com/viewnews/2019-03-13_ThehousingmarketisturningMillennialsunhappywithpurchasesCAsupply.html iehi-feed-64630 Tue, 12 Mar 2019 17:57:06 GMT DACA Dreamers Denied FHA Mortgages Contrary To HUD Statements http://implode-explode.com/viewnews/2019-03-12_DACADreamersDeniedFHAMortgagesContraryToHUDStatements.html iehi-feed-64629 Mon, 11 Mar 2019 14:47:32 GMT Motor City Casino Phone Scam Alert http://implode-explode.com/viewnews/2019-03-11_MotorCityCasinoPhoneScamAlert.html iehi-feed-64628 Sun, 10 Mar 2019 00:10:38 GMT Colorado Joins Wyoming With New Securities-Exempt Digital Blockchain Token Law http://implode-explode.com/viewnews/2019-03-09_ColoradoJoinsWyomingWithNewSecuritiesExemptDigitalBlockchainToke.html iehi-feed-64626 Sat, 09 Mar 2019 15:52:14 GMT Venezuela's Power Outage Draws Its Leaders Into Deeper Tensions http://implode-explode.com/viewnews/2019-03-09_VenezuelasPowerOutageDrawsItsLeadersIntoDeeperTensions.html iehi-feed-64624 Thu, 07 Mar 2019 15:05:39 GMT Theresa May's Brexit vote is 'on a knife edge': Here's what experts predict http://implode-explode.com/viewnews/2019-03-07_TheresaMaysBrexitvoteisonaknifeedgeHereswhatexpertspredict.html U.K. Prime Minister Theresa May is facing a crunch series of votes this week that will determine the immediate course of Brexit and the U.K.'s relationship with the EU.

On Tuesday, lawmakers will vote for a second time on May's Brexit deal after initially rejecting it in January. If a simple majority of them don't approve the deal, they will then vote on whether they want to leave the 28-member bloc without a deal.

If they vote against a "no-deal" Brexit, they'll then have a vote on whether to extend Article 50 (which sets out the departure process) and delay Britain's departure which is currently set to take place on March 29.

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iehi-feed-64623 Wed, 06 Mar 2019 15:33:02 GMT Crackpot HUD Secretary Ben Carson To Quit At The End Of His Term http://implode-explode.com/viewnews/2019-03-06_CrackpotHUDSecretaryBenCarsonToQuitAtTheEndOfHisTerm.html iehi-feed-64622 Mon, 04 Mar 2019 21:52:10 GMT Major US Grocery Chain Kroger Ditches Visa, In Discussions With Bitcoin Lightning http://implode-explode.com/viewnews/2019-03-04_MajorUSGroceryChainKrogerDitchesVisaInDiscussionsWithBitcoinLigh.html iehi-feed-64619 Sun, 03 Mar 2019 13:00:56 GMT New York Man Fakes Own Kidnapping To Avoid Paying $50K In Super Bowl Bets http://implode-explode.com/viewnews/2019-03-03_NewYorkManFakesOwnKidnappingToAvoidPaying50KInSuperBowlBets.html iehi-feed-64618 Sat, 02 Mar 2019 22:48:59 GMT Why Trump Remains On the Grift So Hard: "His AGI Is Under $500k Per Year" - David Cay Johnston http://implode-explode.com/viewnews/2019-03-02_WhyTrumpRemainsOntheGriftSoHardHisAGIIsUnder500kPerYearDavidCayJ.html iehi-feed-64616 Sat, 02 Mar 2019 15:36:53 GMT The New 30-Something: On The Umbilical To Boomer Parents http://implode-explode.com/viewnews/2019-03-02_TheNew30SomethingOnTheUmbilicalToBoomerParents.html Hold the eye roll and exasperation about millennials and their failure to launch or the gushing of financial resentment for a moment, and consider the unforgiving economics of trying to make it in this country today. Wages have stagnated, while real-estate, medical and child care costs have skyrocketed. As one economic analysis concluded recently: "For Americans under the age of 40, the 21st century has resembled one long recession."

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More than half (53 percent) of Americans aged 21 to 37 have received some form of financial assistance from a parent, guardian or family member since turning 21, according to a 2018 report by Country Financial, a financial services firm in Bloomington, Ill. This may include paying bills for a cellphone (41 percent), groceries and gas (32 percent), rent (40 percent) or health insurance (32 percent).

Then there are the free services. Ms. Palmer, who is 39 and lives near Washington, D.C., said that the free 20 to 25 hours of child care she receives every month from her parents contributed to her family's decision to have a third child

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On average, each millennial parent receives $11,011 per year in combined financial support and unpaid labor, the 2017 TD Ameritrade Millennial Parents Survey found, for an annual total of $253 billion in America.

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Those who do not have parental assistance in their 30s, however, continue to be at a disadvantage. "They are grappling with paying off student-loan debt, their savings might not be as strong because of that, and many are taking care of other family members," said Iimay Ho, 32, the executive director at Resource Generation, an organization that works with people age 18 to 35 with wealth or class privilege to engage on issues of inequality.

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Evidence suggests that purchasing a home, a life event that many hope to reach in their 30s and one of the primary ways people build wealth, is essentially out of reach in most major cities unless your family has generated a good deal of wealth. (Nationally, homeownership rates are falling for millennials, and only two in 10 have a mortgage or home loan.)

The "21st century as one long recession" comment is dead-on.

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iehi-feed-64614 Thu, 28 Feb 2019 15:29:30 GMT Market dips as Trump-Kim summit dissolves; China economy slows http://implode-explode.com/viewnews/2019-02-28_MarketdipsasTrumpKimsummitdissolvesChinaeconomyslows.html Official survey data published by China showed the country's manufacturing sector weakened again in February, raising concerns about the slowdown in the world's second largest economy.

The collapse of nuclear talks between President Donald Trump and North Korean leader Kim Jong Un also contributed to the sour mood among investors, especially in South Korea.

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iehi-feed-64613 Thu, 28 Feb 2019 14:17:55 GMT Equifax Spanking Expected By Multiple Government Agencies http://implode-explode.com/viewnews/2019-02-28_EquifaxSpankingExpectedByMultipleGovernmentAgencies.html iehi-feed-64611 Thu, 28 Feb 2019 01:30:00 GMT The Religion of Workism Is Making Americans Miserable http://implode-explode.com/viewnews/2019-02-27_TheReligionofWorkismIsMakingAmericansMiserable.html There is something slyly dystopian about an economic system that has convinced the most indebted generation in American history to put purpose over paycheck. Indeed, if you were designing a Black Mirror labor force that encouraged overwork without higher wages, what might you do? Perhaps you'd persuade educated young people that income comes second; that no job is just a job; and that the only real reward from work is the ineffable glow of purpose. It is a diabolical game that creates a prize so tantalizing yet rare that almost nobody wins, but everybody feels obligated to play forever.

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Workism offers a perilous trade-off. On the one hand, Americans' high regard for hard work may be responsible for its special place in world history and its reputation as the global capital of start-up success. A culture that worships the pursuit of extreme success will likely produce some of it. But extreme success is a falsifiable god, which rejects the vast majority of its worshippers. Our jobs were never meant to shoulder the burdens of a faith, and they are buckling under the weight. A staggering 87 percent of employees are not engaged at their job, according to Gallup. That number is rising by the year.

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One solution to this epidemic of disengagement would be to make work less awful. But maybe the better prescription is to make work less central... This can start with public policy. There is new enthusiasm for universal policies--like universal basic income, parental leave, subsidized child care, and a child allowance--which would make long working hours less necessary for all Americans. These changes alone might not be enough to reduce Americans' devotion to work for work's sake, since it's the rich who are most devoted. But they would spare the vast majority of the public from the pathological workaholism that grips today's elites, and perhaps create a bottom-up movement to displace work as the centerpiece of the secular American identity.

On a deeper level, Americans have forgotten an old-fashioned goal of working: It's about buying free time...

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