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    Daily Digest 10/1 – Consumer Debt Hits All-Time High, Russia Could Ditch Dollar In 2-3 Years

    by saxplayer00o1

    Wednesday, October 1, 2014, 2:25 PM

Economy

Declining traffic-camera revenue threatens to unbalance D.C.’s budget

But the implications for the District’s budget are considerable: The city had projected it would collect $156 million in camera revenue in the coming fiscal year. Should final tallies expected in December confirm a precipitous decline this year, officials may have to cut $50 million to $70 million in spending from next year’s budget.

The news prompted D.C. Council Chairman Phil Mendelson (D) to take his fellow city leaders to task for being too dependent on ticket revenue in balancing the District’s budget.

A Dozen NorCal Communities Running Out Of Water In 60 Days.

State officials say about a dozen Northern and Central California communities are on the brink of running out of water in as few as 60 days. Nick Janes found a community in Butte County that’s down to its last well.

Campus law school proposes tuition increase (UC Berkeley)

The current supplemental tuition for Berkeley Law is $35,164. The proposal calls for a 4.1-percent increase, which would bring the total supplemental tuition cost to $36,596.

Choudhry cited “ballooning” costs of faculty health care as a primary reason for the increase, as well as the school’s ongoing compensation for an underfunded pension plan


Consumer Debt Hits an All-Time High

For many American households, the recession was a time to pay off debt and get their finances in order—whether they wanted to or not. But according to the latest data from the Federal Reserve’s Flow of Funds (PDF), Americans are taking on debt once again. The difference is that this time we’re borrowing to finance new cars, college tuition, and other consumer goods.


European Bond Yields Go Negative

Germany, the Netherlands, Austria, Finland, Belgium and France had already seen their two-year borrowing costs drop below zero amid a move by the European Central Bank to start charging eurozone banks for keeping deposits at the ECB. That policy shift is encouraging lenders to look for cheaper ways to park their surplus cash.

Record French debt burden adds to strain on public finances

The government is likely to revise up the nation’s debt burden in the 2015 budget after it acknowledged earlier this month that its public deficit would be bigger than expected.

It had previously hoped to cap the public debt at 95.6 percent of GDP this year and keep it at that level next year, but the figure could keep rising to hit 100 percent as soon as 2015 following the deficit revision, according to Reuters calculations.

Japan real wages fall at faster pace, cast doubt on consumption

Japan’s economy shrank an annualized 7.1 percent in April-June, the fastest since the global financial crisis in 2009, as consumer spending and capital expenditure weakened after the sales tax increase.

China manufacturing index signals bad economic news for Beijing

Economists have been worried China might miss its annual growth target of 7.5 per cent this year for the first time since the Asian financial crisis, but policymakers have ruled out another huge stimulus program like the one implemented during the global financial crisis, which steered China safely through the downturn but left a legacy of bad debt.

Irish Water: Domestic water charges scheme to begin

The state-wide charging scheme means millions of residents have to pay for domestic supply for the first time…….The introduction of the controversial charges were a key part of Ireland’s international financial bailout deal.

Ruble Drop to Record Low Pushes Russia Toward Capital Controls

“Capital outflows should sharply increase now,” Stanislav Kopylov, who helps manage 45 billion rubles ($1.14 billion) at UralSib Asset Management in Moscow, said by phone from Moscow. “When you’re threatened like that, you need to urgently pull out the cash.”


Risk of third German recession pressures Europe

The mood among German businesses has sunk to its lowest level since April 2013, and expectations for the next six months are the weakest they’ve been since December 2012.

Across the eurozone as a whole, data released Monday showed that economic sentiment dipped in September for a fourth month in a row.

Russia could ditch US dollar in 2-3 years – head of Russia’s #2 bank

Two to three years would be enough time for Russia to switch to international settlements to the ruble, Andrey Kostin, head of Russia’s second-biggest bank VTB, said.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/30/14

Provided daily by the Peak Prosperity Gold & Silver Group

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