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    Daily Digest 12/19 – Macron Faces Tough Battle With Unions, NYC Subway Chief Warns of ‘Death Spiral’ Without $40B Fix

    by saxplayer00o1

    Wednesday, December 19, 2018, 3:26 PM


Economy

Italy needs to cut 2.5-3 billion euros to clear 2019 budget with EU: paper

The European Commission has asked Italy for a further 2.5 billion euros-3 billion euros ($3.40 billion) in savings before approving the country’s 2019 budget, Corriere della Sera daily reported on Tuesday.

After Yellow Vests, Macron Faces Even Tougher Battle With Unions

An increase in fixed-term and temporary contracts over the last 20 years has been particularly costly. According to the unemployment insurance accounts, outlays for temporary workers losing their jobs outstrip contributions by 9 billion euros ($10.2 billion) a year. The total debt burden has grown every year since 2009.

$3.5 Trillion Cash Injection Changes Little for Ordinary Japanese

It’s been the most radical cash injection in history — a staggering $3.5 trillion, pumped into Japan’s economy over more than five years to slay deflation and kick growth into higher gear.

China Inc. to Suffer More Defaults in 2019 as Profits Stall

What’s adding to the cash strains is a bond maturity wall of 3.5 trillion yuan ($507 billion) faced by China’s non-financial companies in the coming year. The number will grow by 36 percent if put options are exercised, further putting pressure to companies’ cash flow. Chinese firms have defaulted on 108 billion yuan of local notes in 2018, more than triple the tally last year.

Japan’s FY2019 Budget to Top 100 Trillion Yen for First Time

Japan’s budget for the fiscal year starting in April 2019 will top 100 trillion yen ($890 billion) for the first time, highlighting the government’s struggle to curb spending in the developed world’s most indebted nation.

Household credit card debt rose to $420 billion in 2018, according to new study

An average household tackled an estimated $6,929 in balances from month to month, according to the study.
Plus, nine percent of Americans with credit card debt admitted they don’t think they will ever be completely debt free, according to the survey.

Investors Push Venezuela for Payment on $1.5 Billion Defaulted Bond

A group of investors is demanding the Venezuelan government pay off both the interest and principal of a defaulted $1.5 billion bond that won’t mature until 2034, escalating the battle between bondholders and President Nicolás Maduro’s administration.

China, Japan pare U.S. Treasury holdings in October -data

China had $1.138 trillion in U.S. Treasuries in October, down from $1.151 trillion the previous month. The world’s second-largest economy has cut its Treasury positions for five straight months, but remains the largest holder of U.S. Treasuries outside the United States.

NYC Subway Chief Warns of ‘Death Spiral’ Without $40 Billion Fix

Still, the MTA — which controls the subways and buses along with commuter trains and some bridges and tunnels — faces a $991 million deficit looming in 2022

What’s Behind The Crash In Crude? (Michael S.)

It’s unclear if the angry pressure from President Trump on the Fed will have any effect, but Trump’s anxiety about interest rates is not entirely misplaced. With inflation low in the U.S., and heightened volatility and weak growth seen elsewhere, many economists question the wisdom of continuing to hike interest rates. “If monetary policy doesn’t change its direction, you will have a significant meltdown on this,” Steven Ricchiuto, chief U.S. economist with Mizuho Securities, told the New York Times. “So there’s a lot riding on it.”

Water shortages ahead? Sierra Nevada snow pack on track to shrink 79 percent, new study finds (Sparky1)

As that warming continues — and much of it is guaranteed, based on the amount of carbon dioxide humans already have emitted — more of the precipitation falling on California’s vast Sierra Nevada range is coming in the form of rain, rather than snow. The warmer temperatures also will continue to melt the Sierra snow pack earlier in the winter season than in decades past.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/18/18

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. 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."

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