This is Good News Friday, where we find some good economic, energy, and environmental news and share it with PP readers. Please send any positive news to [email protected] with subject header "Good News Friday." We will save and post weekly. Enjoy!
Citizen's income – The budget also provides for a universal basic income, the populist Five Star Movement's (M5S) main campaign promise. The monthly payment of 780 euros will be made to the least well-off and hopes to help people get back on the job market.
The controversial $10 billion borrowing proposal that has been floated to help defray some of the massive $28 billion pension debt will not be part of this budget plan. It was an idea that was announced to much fanfare a couple months ago. Chicago Chief Financial Officer Carole Brown says she recommends that the mayor go ahead and do it, providing the timing is right and the city can get a good return on the bond market.
But ask many borrowers in this generation whether they worry about how the loans will affect their future and you’ll get a slew of bleak replies: It’s stopped them from getting their car fixed, switching jobs, buying a home and having children. Even a tax credit aimed at helping working low- and moderate-income Americans can be seized to repay defaulted student loans.
Having bought more than 2.6 trillion euros worth of mostly government bonds since March 2015, the ECB has been slowly trimming back its purchases, hoping it has already done enough to bolster growth and inflation.
China’s local governments may have accumulated 40 trillion yuan (US$6 trillion) worth of “hidden debts” that are not reflected in official figures, which is “a debt iceberg with titanic credit risks” to the world’s second biggest economy, S&P Global Ratings said in a report.
Brussels has one week to assess whether Rome’s draft budget for 2019 — which projects a deficit that is three times higher than an EU-mandated target — is at risk of breaching the rules. Any requests for a rewrite would need to be sent to Italy within two weeks.
What of the great financial crisis? The authors’ account combines the growth of derivatives and securitisation and their interplay with subprime mortgages in an environment of complacency because the financial world had been stable for so long. Greenspan argues against blaming his Fed’s low 2003-05 interest rates for the housing bubble and bust, pointing to a worldwide saving glut that pushed down long-term interest rates. Not mentioned are the regulatory levers his Fed could have used to dampen the housing bubble.
Federal revenue rose only slightly, by $14 billion after Republicans chopped tax rates for corporations and most individuals. Outlays climbed by $127 billion, or 3.2 percent. A spike in defense spending, as well as increases for Medicaid, Social Security and disaster relief, contributed to the increase.
It's becoming pretty clear that the crazed princeling of Draconia, Saudi Crown Prince Mohammed bin Salman, likely dispatched a 15-man assassination squad with a bone saw to slaughter and carve up the bothersome expat journalist Jamal Khashoggi, who visited the theocracy's embassy in Turkey last month for marriage-related documents. There may actually be a recording of the execution; Turkish intelligence, the regime in Ankara is suggesting to journalists, has a copy.
Following the disappearance of Washington Post columnist Jamal Khashoggi, believed to have been dismembered inside the Saudi embassy in Turkey on October 2, the media is starting to pay more attention to the Kingdom and cast a more critical eye on Crown Prince Mohammad Bin Salman (MbS). The latest developments in the Khashoggi case are the main agenda in news programs and critical commentaries are appearing in countless mainstream outlets. The story is inspiring far more outrage than the death of some 10,000 Yemenis.
Humans are exterminating animal and plant species so quickly that nature's built-in defence mechanism, evolution, cannot keep up. An Aarhus-led research team calculated that if current conservation efforts are not improved, so many mammal species will become extinct during the next five decades that nature will need 3 to 5 million years to recover.
The task force that Inslee created in March is finishing a report spelling out measures needed to recover the famed whale population, which spends the greater part of each year pursuing salmon along the Pacific Coast off Washington state. The orcas there now number just 74, a 35-year low.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."