Daily Digest 5/15 - Boomer Retirement Crunch Begins, The End Of Bitcoin?
Small change in the euro, one and two-cent coins, expensive to make and a nuisance for many, may have no future, the European Commission said Tuesday.
Record youth unemployment is emerging as the most urgent problem in the euro zone, if the political rhetoric of recent days is any measure. But leaders are struggling to come up with effective ways to prevent jobless young people in countries like Spain and Greece from becoming a lost generation and source of social upheaval.
Bad debts held by Italian banks rose to 131 billion euros ($170 billion) in March and lenders further reduced loans to households and businesses, data showed on Tuesday.
Data compiled by the House of Commons Library show that British households' debts are equal to 98 per cent of gross domestic product (GDP), more than any of their international peers. The Government's stock of outstanding debt is also more than 90 per cent of GDP, a threshold some economists consider harmful to economic growth.
Ten-year yields extended the biggest two-day surge in nearly a decade, while futures on the securities sank to a one-year low. Volatility in JGBs has soared since the Bank of Japan said on April 4 it would double bond purchases in an effort to end deflation.
In the last 10 years, student fees have increased 167%. The Cal State system has faced nearly $1 billion in state funding cuts since 2008. Classes have been reduced and enrollment has been frozen across the system.
The oldest baby boomers have already turned 65, and the older population of the U.S. is beginning to swell. The age-65-and-older population grew 18% between 2000 and 2011 to 41.4 million senior citizens, according to a recent Administration on Aging report.
Central banks in Australia, South Korea, Poland, India and Hungary have pushed their benchmark borrowing rates lower in the past few weeks.
Major central banks also have been moving to spur their economies. The Federal Reserve decided in early May to continue an $85 billion per month bond-buying program aimed at pushing down long-term interest rates.
A subtle, but significant tweak to Florida's rules regarding traffic signals has allowed local cities and counties to shorten yellow light intervals, resulting in millions of dollars in additional red light camera fines.
Investors have turned to bitcoins for two reasons. During the banking crisis in Cyprus in March, bank depositors were nearly forced to take sharp haircuts and struggled to gain access to their accounts. The banking drama in Cyprus sparked fears of bank runs around the world and made investors think a virtual currency might be safer.
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