Daily Digest 4/24 - Why Banks Will Own You, Social Security To Run Out In 2035, Rethinking Peak Oil
- Massive Debt: Why Banks Will Own You For A Lifetime
- Medicare’s Financial Condition Holds Pat After Debt Deal
- Financial Crisis Mode: Get Ready To Short The Banks, Again
- Social Security Fund to Run Out in 2035, Trustees Say
- Open Letter to the Chief Confidence Officer of the United States of America
- Merkel Pushes Back Against Hollande’s Call to End Austerity
- Rethinking Peak Oil
- Rickshaws Run on Compressed Natural Gas Could Help Delhi's Pollution Problem
The chart posted below shows the growth of total debt in the United States over the last several decades. Total credit market debt owed was less than 5 trillion dollars back in 1980, but now it is over 54 trillion dollars….
Medicare costs rose about 5 percent to $549 billion last year as the program covered about 49 million people. The program is central to congressional debate over the nation’s debt, with Republicans proposing to convert Medicare to a system in which the elderly would receive subsidies to buy private insurance, instead of the government paying hospitals and doctors for their care.
And here’s something else… The combined wealth of the 40 richest people on Earth is $1.1 trillion. At the same time, hedge funds saw $16 billion in net new capital from investors, which contributed to a $130 billion pop in assets for the first quarter of 2012. That means hedge funds are holding a record $2.13 trillion in assets.
As much as that is, it doesn’t amount to much. Not when there are hundreds of trillions of liabilities to pay off.
The giant retirement programs are straining the U.S. government’s finances, and what to do about them is a central issue in the election-year debate between Democrats and Republicans as President Barack Obama seeks a second term.
I had to side with my posse, Dr. Bernanke. I bailed out my nephew. I paid off his gambling debt. And I found a lawyer who knows the DA - and the whole problem disappeared. It cost me a few dollars - but my brother is forever grateful. And my mother remains happy and ignorant. The cost to society, on the other hand, is going to be higher; this kid now thinks he's untouchable. Watch out, world.
Hollande, who leads President Nicolas Sarkozy in polls for France’s runoff election on May 6, said yesterday that budget austerity across Europe is “bringing desperation to people” and that he’ll refocus the economy on growth if he wins.
Rethinking Peak Oil (Ernest W.)
Worse yet, peak oil theorists do not take into account the assessment of unconventional oil resources, such as oil shale, oil sands, biomass-based liquids, coal-based liquids and liquids arising from chemical processing of natural gas. These could substitute for conventional oil when new technologies, such as steam injection for oil sands deposits, mature. Unconventional oil will very likely contribute to future production. By 2009, unconventional liquids had already contributed approximately 14% of total global production capacity, and this share was expected to grow to 23% by the end of 2030.
These small vehicles offer a way to quickly duck and dash around other automobiles while being a little bit kinder to the environment. Generally characterized by a sheet metal body or an open frame resting on three wheels, auto rickshaws have a small cabin in the front of the vehicle for the driver, and seating space for up to three passengers in the rear.
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