Referred to as a “coming storm of broke elderly,” the study was able to identify that the rate of citizens over the age of 65 who are now filing for bankruptcy increased about 204% from 1991 to 2016. The study also pointed out that the number of older citizens among the total number of all individuals who filed for bankruptcy increased five times within the same 25-year period.
The U.S. Treasury is set to sell a combined $190 billion in bills this week, marking the biggest weekly T-bill issuance in nearly nine months as it has ramped up short-term borrowing to finance a growing federal deficit.
The pension fund’s executive director, Dick Ingram, said the organization “had a good year.” And it did, returning 8.45%. But, he added, it simply cannot “invest our way out of this problem.”
That problem is the Teachers’ Retirement System’s 40.7% funding ratio. “The unfunded liability is too large and grows every year,” Ingram said.
Some of Sub-Saharan African countries likely to fall prey to this ‘new debt trap’ are countries already highly indebted to China such as Kenya, Ethiopia, Zambia, etc.
Latest data from the China-Africa Research Initiative at Johns Hopkins University shows regional economies owed China and its institutions more than $29.42 billion as at April this year in infrastructure loans, which have been tapped over the past 10 years to build transport, communication, manufacturing and energy sectors.
Mahathir, 93, who began his second stint in power following his election in May, found out that the Malaysian government is saddled with a debt of 1.1 trillion ringgit ($263 billion) as of the end of last year, compared with the 686.8 billion ringgit claimed by the previous government led by Najib Razak.
“Because of all the hard work the mayor has done with the CFO with our finances, we were able to produce a budget that was fairly painless. We didn’t have to raise a large number of new revenue streams,” Budget Director Samantha Fields said Monday.
Fields pushed back against the Civic Federation’s claim that Emanuel is ignoring an “enormous elephant in the room”: a looming, $1 billion spike in pension payments.
Watching Brazil—the world’s ninth largest economy—carefully, the financial press has expressed its delight over Bolsonaro’s rise and victory. Forbes (10/3/18) happily reported on a rising “Bolsonaro fever,” noting the Brazilian currency, the real, was strengthening on news of his increasing support and dwindling Workers’ Party enthusiasm. The Financial Times (10/8/18) and CNBC (10/2/18) both reported that the markets were “cheering” his lead in the presidential race, with a follow-up Financial Times piece (10/18/18) noting weapons companies’ surging stocks upon Bolsonaro’s emergence as the frontrunner, a trend mirrored by stocks more generally as his performance “heartened investors.”
Gold is particularly attractive to central banks looking for safe, liquid assets. Central bank purchases of gold increased by 22% during the third quarter . That’s the fastest pace since the fourth quarter of 2015, according to Natalie Dempster, managing director for central banks and public policy at the World Gold Council.
In a media environment saturated with fake news, such technology has disturbing implications. Last fall, an anonymous Redditor with the username Deepfakes released a software tool kit that allows anyone to make synthetic videos in which a neural network substitutes one person’s face for another’s, while keeping their expressions consistent. Along with the kit, the user posted pornographic videos, now known as “deepfakes,” that appear to feature various Hollywood actresses. (The software is complex but comprehensible: “Let’s say for example we’re perving on some innocent girl named Jessica,” one tutorial reads. “The folders you create would be: ‘jessica; jessica_faces; porn; porn_faces; model; output.’ ”)
Committed to … Fed-View (GE Christenson)
If we listen to the stories told by the Federal Reserve, they saved the world in 2000 (after creating the stock market bubble), and saved the world again in 2008 (after creating the real estate bubble). They will take credit for saving the world in 2019-2020 (after the crash of the everything bubble, created by zero-interest-rate-policy and QE since 2008).
Yes, we can trust the Federal Reserve is taking good care of us, as long as we take our injections, live in a foggy dreamland, and accept the “Fed-View” propaganda.
Gold & Silver
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