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    Daily Digest 2/19 – Gold Demand In Japan Up Threefold, Detroit Faces Bond Challenge

    by saxplayer00o1

    Wednesday, February 19, 2014, 4:10 PM

Economy

U.S. Cross-Border Outflow of Capital Hits Highest Since 2009

China reduced its holdings of Treasuries by $47.8 billion, or 3.6 percent, to $1.27 trillion in December from a record the previous month, according to the report. Japan’s holdings of Treasuries dropped by $3.9 billion to $1.18 trillion.

Spanish Bad Loans Ratio Rises to Record 13.6 Percent

Non-performing loans accounted for 13.6 percent of lending compared with 13.1 percent in November and 10.4 percent a year earlier, the Bank of Spain said on its website today. The stock of bad loans rose to 197 billion euros ($270 billion) as 4.57 billion euros of loans turned sour.

Argentina tries to delay $1.3bn repayment to creditors

Argentina will on Tuesday petition the US courts to try to stall a $1.3bn (£0.8bn) repayment to its creditors. If the petition to the Supreme Court is not successful, the country risks triggering a default and debt crisis.

Japan fin min official says weak yen no longer directly lifts exports

Depreciation of the Japanese yen no longer directly boosts the country's exports as many of its major industrial firms have moved production offshore, a senior Japanese finance ministry official said on Tuesday.

Demand for gold in Japan up threefold

Gold demand in Japan jumped threefold in 2013 as prices slumped and investors sought refuge from Prime Minister Shinzo Abe’s campaign to stoke inflation and weaken the yen, the World Gold Council said.

China overtakes India as world’s biggest gold buyer

Chinese demand for gold bars, coins and jewelry soared by 32% to record levels in 2013, even as the price of gold slumped 28%. The surge in buying saw China overtake India as the world’s top consumer of physical gold, importing 1,066 metric tons of the metal to India’s 975 metric tons in 2013, according to new data from the World Gold Council.

Close to half of Americans have more Credit Card Debt than Savings

The overall personal savings rate has fallen even as Americans have increased their spending. According to the U.S. Department of Commerce, the U.S. personal savings rate fell to 4.2 percent in November of last year. That is near the recent low mark of just under 3 percent which came at the end of 2007. Holiday spending this year has likely only compounded the problem.

Puerto Rico pursues tax evaders amid debt troubles

Puerto Rico has created a task force to crack down on tax evaders and increase revenue to help pay off $70 billion in public debt after recent downgrades forced the island's credit rating into junk status. Treasury Secretary Melba Acosta says the government is targeting both business owners and individuals

Europe Says No Rush on Greek Debt Help, Leaving Samaras in Limbo

The timetable risks undermining the Samaras government as it seeks to emerge from a six-year recession, battles 28 percent unemployment and clings to a three-seat majority in the Greek parliament, where the main opposition Syriza party rejects the budget cuts tied to Greece’s international rescue. Recent Greek public-opinion polls have put Syriza in the lead ahead of Samaras’s New Democracy party, raising the prospect of an opposition victory in May’s European legislative elections and of Greek domestic political instability.

Detroit faces bond challenge in bankruptcy plan

The city of Detroit's effort to declare some of its general obligation bonds as unsecured debt will be challenged in bankruptcy court Wednesday in what could be a precedent-setting turn in the largest-ever municipal bankruptcy in U.S. history.

 

The trend has alarmed some housing experts, who suspect that student loan debt is partly to blame. That debt has tripled from a decade earlier, to more than $1 trillion, while wages for young college graduates have dropped.

Federal Reserve confident in economy despite high student debt (Includes graph)

Total student loan debt — a titanic figure that has quadrupled since 2003 and now exceeds all other forms of U.S. consumer debt, even credit cards — does not pose a significant threat to the nation's economic stability as far as Federal Reserve policy makers can see. That's despite the fact that student debt has the highest delinquency rate of any consumer loan category and could affect the long-term financial future of graduates for decades to come.

The first round of notices were mailed out to 16,000 delinquent taxpayers late last year. Those folks had 60 days to arrange for payment on their tax bills. If they didn’t pay, they were in the second round of notices – the “we really, really mean it” letters. After that, those that had not still not paid up had their driver’s license suspended.

India’s fiscal position remains weak: Moody’s

Global rating agencies like Moody’s, S&P and Fitch have repeatedly threatened to lower India’s credit rating and a downgrade would mean pushing the country’s sovereign rating to junk status, making overseas borrowings by corporates costlier.

New York Suspends Licenses, Drives Tax Delinquents To Pay Up

The first round of notices were mailed out to 16,000 delinquent taxpayers late last year. Those folks had 60 days to arrange for payment on their tax bills. If they didn’t pay, they were in the second round of notices – the “we really, really mean it” letters. After that, those that had not still not paid up had their driver’s license suspended.

Student debt may hurt housing recovery by hampering first-time buyers

First-time buyers, the bedrock of the housing market, are not stepping up to fill the void. They have accounted for nearly a third of home purchases over the past year, well below the historical norm, industry figures show. The trend has alarmed some housing experts, who suspect that student loan debt is partly to blame. That debt has tripled from a decade earlier, to more than $1 trillion, while wages for young college graduates have dropped.

Could Wayne County go bankrupt like Detroit? Robert Ficano to address $200 million deficit

Wayne County Executive Robert Ficano certainly has a lot on his plate headed into Tuesday night's State of the County address. Consider a reported deficit of at least $175 million (as of Oct. 1) priority No. 1, followed by public safety funding cuts. a county-wide FBI corruption probe and the status of his political future as other hot topics.

Food stamp usage has quadrupled among US service members since ‘06

Food stamp usage among members of the US armed forces has quadrupled since 2006, as patrons of military commissaries used supplement to buy US$103.6 million of groceries in fiscal year 2013, according to the Defense Commissary Agency.

More Calif. students seeking financial aid for college

As tuition costs rose over the past several years, a record number of California college students have applied for financial aid. The Sacramento Bee reports Tuesday that over the last six school years, the number of California residents filing the federal financial aid application jumped nearly 74 percent.

Chicago unions organize to fight potential pension cuts

Unless lawmakers heed Emanuel’s call to delay those increases, the city’s required contribution for police and fire pensions alone will jump by nearly $590 million this year. Chicago Public Schools, which has a separate budget but is still funded largely by property taxes, faces a roughly $400 million payment hike to its fund for Chicago teachers.

Inflation falls below 2% target for first time in four years but cost of living STILL rising faster than wages (UK)

David Cameron said inflation falling below the Bank of England's 2 per cent target for the first time since November 2009 ‘is more evidence our long-term economic plan is working’. But the Consumer Prices Index dropping to 1.9 per cent in January is still around twice the average rise in pay for most workers.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/18/14

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."

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13 Comments

  • Wed, Feb 19, 2014 - 5:25pm

    #1

    saxplayer00o1

    Status Silver Member (Online)

    Joined: Jul 30 2009

    Posts: 2935

    Trust Defaults Seen as Coal Maturities Quadruple: China Credit

    Headlines:

    1. California Cities Strained by Retiree Health
    2. Ukraine Bonds Slump With Stocks After Deadliest Clashes Kill 25
    3. Italy's Troubled Banks Crammed with €156bn in Bad Loans
    4. Trust Defaults Seen as Coal Maturities Quadruple: China Credit
    5. Americans Are Taking on Debt at Scary High Rates
    6. Non Performing Assets's soar 35.2% to Rs 2.43 trillion in 9 months ended December (India)
    7. S&P Calls for More Disclosure of Municipal Bank Loans
    8. Protests Sow Doubt on Venezuela’s Debt Dedication
    9. Calpers Boosts Rates at Brown Urging as Retirees Live Longer

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  • Wed, Feb 19, 2014 - 8:33pm

    #2
    Nate

    Nate

    Status Silver Member (Offline)

    Joined: May 05 2009

    Posts: 316

    banker's suicide

    What does the peak prosperity crowd make of the recent flurry of banker's 'suicides'?

    http://rt.com/business/jpmorgan-third-banker-suicide-655/

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  • Wed, Feb 19, 2014 - 8:34pm

    #3

    Arthur Robey

    Status Platinum Member (Offline)

    Joined: Feb 03 2010

    Posts: 1814

    A True Purple Swan.

    See. I told you so. I have an ally. (There has got to one out of 200 Million people.)

    Several years ago Ralph Gomery warned me that the damage done to US labor by jobs offshoring was about to be superseded by robotics. Gomery told me that the ownership of the technology patents is highly concentrated and that breakthroughs have made robots increasingly human in their capabilities. Consequently, the prospect for employment of humans is dismal.

    My bold.

    The economy is going trans-humanist. Until they run out of energy. Without energy, nothing moves. Hence my obsession with the dark corners of energy research. If a safe portable nuclear or even zero-point energy source is found the future is not going to look anything like the prognosticators envision. A true Purple Swan.

    They should never have given corporations legal status. Some other arrangement has to be found before we are completely irrelevant.

    Robots now have the intelligence of ants- they will be as intelligent as humans, briefly. If and only if we find an energy source. By "We" I mean us and the Machine.

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  • Wed, Feb 19, 2014 - 8:50pm

    Reply to #2

    Arthur Robey

    Status Platinum Member (Offline)

    Joined: Feb 03 2010

    Posts: 1814

    Tragedies All.

    One of them shot himself 8 times with a nail gun. 4 times through the head. An industrious fellow.Another was found at the bottom of an embankment. I think that I saw that in a movie somewhere.
    Another text his girlfriend that he was finished work and was coming home, and then jumped out of a window.  Another Movie cliché.
    Another was found hanging
    No light was thrown on the circumstances of the last. I guess that they only had a few favorite gangster movies.
    Polonium was all the rage a few years back. But the problem with P. is that it leaves the suicide time to reminisce.

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  • Wed, Feb 19, 2014 - 10:02pm

    #4

    saxplayer00o1

    Status Silver Member (Online)

    Joined: Jul 30 2009

    Posts: 2935

    A tiny increase in the national debt today

    Treasury Direct link

    The Daily History of the Debt Results

    Historical returns from 02/01/2014 through 02/18/2014

    The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.

    ( Debt Held by the Public vs. Intragovernmental Holdings )

    Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
    01/31/2014 12,308,142,849,415.81 4,984,876,805,567.80 17,293,019,654,983.61
    02/03/2014 12,305,248,817,198.66 4,957,791,637,837.54 17,263,040,455,036.20
    02/04/2014 12,306,069,537,077.30 4,973,951,055,101.64 17,280,020,592,178.94
    02/05/2014 12,306,449,958,530.83 4,974,772,706,847.80 17,281,222,665,378.63
    02/06/2014 12,280,178,073,693.36 4,978,304,405,311.01 17,258,482,479,004.37
    02/07/2014 12,280,064,393,437.44 4,978,760,297,100.09 17,258,824,690,537.53
    02/10/2014 12,276,334,061,848.58 4,982,459,856,254.64 17,258,793,918,103.22
    02/11/2014 12,271,591,074,536.91 4,987,201,583,799.71 17,258,792,658,336.62
    02/12/2014 12,281,806,028,142.75 4,976,976,244,122.44 17,258,782,272,265.19
    02/13/2014 12,279,794,967,999.13 4,979,010,546,291.80 17,258,805,514,290.93
    02/14/2014 12,281,049,951,732.10 4,977,745,048,970.97 17,258,795,000,703.07
    02/18/2014 12,400,839,616,892.58 4,983,809,949,436.77 17,384,649,566,329.35

     

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  • Thu, Feb 20, 2014 - 12:56am

    #5

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1847

    Banker Suicides

    What do YOU think Nate?

    (I had written a detailed response but my dog ate it.)

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  • Thu, Feb 20, 2014 - 2:54am

    Reply to #5
    Nate

    Nate

    Status Silver Member (Offline)

    Joined: May 05 2009

    Posts: 316

    slow train coming

    [quote=sand_puppy]What do YOU think Nate?
    [/quote]
    Without giving this lots of thought, two likely possibilities are:
    1) These individuals knew too much and were about to go Snowden on their fellow bankers or
    2) The unraveling is approaching quickly
    Where is Matt Taibbi when you need him?
     
     
     

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  • Thu, Feb 20, 2014 - 10:03am

    #6

    Arthur Robey

    Status Platinum Member (Offline)

    Joined: Feb 03 2010

    Posts: 1814

    You Like Spaghetti?

    You are going to Love Gerald Celenti.

     

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  • Thu, Feb 20, 2014 - 11:24am

    #7

    KennethPollinger

    Status Silver Member (Offline)

    Joined: Sep 22 2010

    Posts: 616

    A LIVING WAGE: Common Sense??

    Posted here Mish and my response.  In 1972 I wrote a book title, Community Action and The Poor: Influence vs. Social Control in a New York City Community (Tremont area of the Bronx).  Nothing has changed: Social control was, and is, the name of the game.

    CBO Report Says Minimum-Wage Hike Will Cost 500,000+ Jobs; Common Sense vs. Research Papers

    Posted: 19 Feb 2014 10:27 AM PST

    A new CBO study shows ObamaCare Magnifies Minimum-Wage Job Losses

    The Congressional Budget Office weighed in on President Obama's proposed $10.10-an-hour minimum wage, saying it could lead to job losses that range from "very slight" to "1 million."

    But in a footnote, the nonpartisan number cruncher explained that near-term job loss may be higher because its analysis didn't factor in the new ObamaCare costs imposed on employers.

    "At the same time that the proposed increases in the minimum wage would take effect, the Affordable Care Act's requirement that many employers provide health insurance (or pay a penalty if they do not) will impose an additional cost on employers for some low-wage workers who do not currently have employment-based health insurance," the CBO said.

    Over time, the CBO expects that the cost of complying with ObamaCare's employer mandate "will ultimately be borne by (low-wage) workers through lower wages."

    Analysts on the left lashed out at the CBO for its analysis that "flies in the face of overwhelming empirical evidence," according to Christine Owens of the National Employment Law Project.

    Yet there has been little study of minimum-wage hikes of the scale proposed (39% from the current $7.25 an hour).

    Proponents of a large minimum-wage hike also have ignored its potential interaction with ObamaCare's employer mandate, which the CBO suggested may result in a bigger near-term job loss than a wage hike by itself.

    Loss of 500,000 Jobs

    Let's go straight to the CBO Report on Minimum Wages to get some numbers. 

    Effects of the $10.10 Option on Employment and Income. Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects. As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers 

    According to CBO’s central estimate, implementing the $10.10 option would reduce employment by roughly 500,000 workers in the second half of 2016, relative to what would happen under current law. 10 That decrease would be the net result of two effects: a slightly larger decrease in jobs for low-wage workers (because of their higher cost) and an increase of a few tens of thousands of jobs for other workers (because of greater demand for goods and services). 

    By CBO’s estimate, about 1½ per- cent of the 33 million workers who otherwise would have earned less than $11.50 per hour would be jobless— either because they lost a job or because they could not find a job—as a result of the increase in the minimum wage. Those job losses among low-wage workers would be concentrated among people who are projected to earn less than $10.10 an hour under current law. Some workers who would otherwise have earned between $10.10 and $11.50 per hour would also see an increase in their wages, which would tend to reduce their employment as well, CBO estimates.

    Politically Speaking

    The Hill chimed in on the issue in its report Minimum wage hike to cost 500K jobs, boost income

    President Obama’s proposal to raise the minimum wage to $10.10 per hour would cost 500,000 jobs in 2016, according to a report releasedTuesday by the nonpartisan Congressional Budget Office.

    The report also found hiking the wage from $7.25 per hour would raise income for about 16.5 million workers by $31 billion, potentially pulling nearly 1 million people out of poverty.

    The White House and economic groups on the left immediately pushed back at the CBO’s conclusions on jobs even as they hailed the findings on poverty, saying its conclusions on jobs ran counter to other research.

    Democrats are hoping to make the minimum wage a top issue in the 2014 midterms if the GOP blocks passage of a bill, but the CBO report would bolster Republican arguments for stopping a wage hike.

    The office of Speaker John Boehner (R-Ohio) was quick to seize on the CBO finding, arguing it shows Republicans are right that the proposal would hurt the economy.

    “This report confirms what we’ve long known: while helping some, mandating higher wages has real costs, including fewer people working. With unemployment Americans’ top concern, our focus should be creating — not destroying — jobs for those who need them most,” said spokesman Brendan Buck.

    The minimum wage findings are the second time in weeks the CBO has stirred up controversy on a high-profile issue.

    Earlier this month, the CBO found that over the next decade, ObamaCare would result in the equivalent of 2.5 million fewer workers. It concluded many workers would chose to remain at home due to ObamaCare’s expansion of health coverage.

    Common Sense vs. Research Papers

    Proponents of higher minimum wage laws cite studies that purportedly show hiking the minimum wage does not cost jobs. 

    For example, Barry Ritholtz recently linked to a couple of Minimum Wage: Research Papers that purportedly show higher minimum wages have no effect on hiring.

    Such reports defy simple economic realities and common sense.

    Although small differences in local minimum wages may not have much of an effect, I wonder if the studies properly take into account property tax differentials, local tax incentives, and the simple fact that wages generally rise over time regardless of minimum wage hikes.

    Regardless, such studies cannot show the unseen: what would have happened in the absence of wage hikes.

    Finally, the proposed minimum wage hike from $7.25 to $10.10 is a massive 39.3% increase. And that would come on top of Obamacare penalties.

    It is beyond absurd to seriously propose that such whopping increases would not impede hiring. Only economic illiterates and political charlatans can make such statements.

    Economic Reality

    If owners of stores have to pay more for workers, they have less incentive to expand.

    Here's the critical question: How many stores will Walmart, Pizza Hut, McDonalds, Wendy's etc., not open that they would have otherwise if the minimum wage rockets up to $10.10?

    Common sense says it's a substantial number. It has to be. Stores that are marginal at one labor price point will be outright unprofitable at another labor price point. That is simple economic reality.

    No unflawed study can possibly show otherwise.

    Mike "Mish" Shedlock
    http://globaleconomicanalysis.blogspot.com

    Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visithttp://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
     

    CBO Report Says Minimum-Wage Hike Will Cost 500,000+ Jobs; Common Sense vs. Research Papers

    Posted: 19 Feb 2014 10:27 AM PST

    A new CBO study shows ObamaCare Magnifies Minimum-Wage Job Losses

    The Congressional Budget Office weighed in on President Obama's proposed $10.10-an-hour minimum wage, saying it could lead to job losses that range from "very slight" to "1 million."

    But in a footnote, the nonpartisan number cruncher explained that near-term job loss may be higher because its analysis didn't factor in the new ObamaCare costs imposed on employers.

    "At the same time that the proposed increases in the minimum wage would take effect, the Affordable Care Act's requirement that many employers provide health insurance (or pay a penalty if they do not) will impose an additional cost on employers for some low-wage workers who do not currently have employment-based health insurance," the CBO said.

    Over time, the CBO expects that the cost of complying with ObamaCare's employer mandate "will ultimately be borne by (low-wage) workers through lower wages."

    Analysts on the left lashed out at the CBO for its analysis that "flies in the face of overwhelming empirical evidence," according to Christine Owens of the National Employment Law Project.

    Yet there has been little study of minimum-wage hikes of the scale proposed (39% from the current $7.25 an hour).

    Proponents of a large minimum-wage hike also have ignored its potential interaction with ObamaCare's employer mandate, which the CBO suggested may result in a bigger near-term job loss than a wage hike by itself.

    Loss of 500,000 Jobs

    Let's go straight to the CBO Report on Minimum Wages to get some numbers. 

    Effects of the $10.10 Option on Employment and Income. Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects. As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers 

    According to CBO’s central estimate, implementing the $10.10 option would reduce employment by roughly 500,000 workers in the second half of 2016, relative to what would happen under current law. 10 That decrease would be the net result of two effects: a slightly larger decrease in jobs for low-wage workers (because of their higher cost) and an increase of a few tens of thousands of jobs for other workers (because of greater demand for goods and services). 

    By CBO’s estimate, about 1½ per- cent of the 33 million workers who otherwise would have earned less than $11.50 per hour would be jobless— either because they lost a job or because they could not find a job—as a result of the increase in the minimum wage. Those job losses among low-wage workers would be concentrated among people who are projected to earn less than $10.10 an hour under current law. Some workers who would otherwise have earned between $10.10 and $11.50 per hour would also see an increase in their wages, which would tend to reduce their employment as well, CBO estimates.

    Politically Speaking

    The Hill chimed in on the issue in its report Minimum wage hike to cost 500K jobs, boost income

    President Obama’s proposal to raise the minimum wage to $10.10 per hour would cost 500,000 jobs in 2016, according to a report releasedTuesday by the nonpartisan Congressional Budget Office.

    The report also found hiking the wage from $7.25 per hour would raise income for about 16.5 million workers by $31 billion, potentially pulling nearly 1 million people out of poverty.

    The White House and economic groups on the left immediately pushed back at the CBO’s conclusions on jobs even as they hailed the findings on poverty, saying its conclusions on jobs ran counter to other research.

    Democrats are hoping to make the minimum wage a top issue in the 2014 midterms if the GOP blocks passage of a bill, but the CBO report would bolster Republican arguments for stopping a wage hike.

    The office of Speaker John Boehner (R-Ohio) was quick to seize on the CBO finding, arguing it shows Republicans are right that the proposal would hurt the economy.

    “This report confirms what we’ve long known: while helping some, mandating higher wages has real costs, including fewer people working. With unemployment Americans’ top concern, our focus should be creating — not destroying — jobs for those who need them most,” said spokesman Brendan Buck.

    The minimum wage findings are the second time in weeks the CBO has stirred up controversy on a high-profile issue.

    Earlier this month, the CBO found that over the next decade, ObamaCare would result in the equivalent of 2.5 million fewer workers. It concluded many workers would chose to remain at home due to ObamaCare’s expansion of health coverage.

    Common Sense vs. Research Papers

    Proponents of higher minimum wage laws cite studies that purportedly show hiking the minimum wage does not cost jobs. 

    For example, Barry Ritholtz recently linked to a couple of Minimum Wage: Research Papers that purportedly show higher minimum wages have no effect on hiring.

    Such reports defy simple economic realities and common sense.

    Although small differences in local minimum wages may not have much of an effect, I wonder if the studies properly take into account property tax differentials, local tax incentives, and the simple fact that wages generally rise over time regardless of minimum wage hikes.

    Regardless, such studies cannot show the unseen: what would have happened in the absence of wage hikes.

    Finally, the proposed minimum wage hike from $7.25 to $10.10 is a massive 39.3% increase. And that would come on top of Obamacare penalties.

    It is beyond absurd to seriously propose that such whopping increases would not impede hiring. Only economic illiterates and political charlatans can make such statements.

    Economic Reality

    If owners of stores have to pay more for workers, they have less incentive to expand.

    Here's the critical question: How many stores will Walmart, Pizza Hut, McDonalds, Wendy's etc., not open that they would have otherwise if the minimum wage rockets up to $10.10?

    Common sense says it's a substantial number. It has to be. Stores that are marginal at one labor price point will be outright unprofitable at another labor price point. That is simple economic reality.

    No unflawed study can possibly show otherwise.

    Mike "Mish" Shedlock
    http://globaleconomicanalysis.blogspot.com

    Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visithttp://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
     

    Ken Pollinger [email protected]com

    6:09 AM (2 minutes ago)

     
     
     
    If my figures are correct, then, 
     
    presently:
     
    at $7.25/hr, working for 40 hrs/wk, that =$13,920/yr
     
    at $10.10/hr, working 40 hrs/wk, that =$19,392 (IN 2016!!)
     
    Poverty level now: about $25,000.
     
    We need worker-slaves, no???  Let's reduce their wages, NOT raise them!!
     
    After all, we are Capitalists, and profit is the MAIN Goal, no?

     

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  • Thu, Feb 20, 2014 - 1:56pm

    #8

    Arthur Robey

    Status Platinum Member (Offline)

    Joined: Feb 03 2010

    Posts: 1814

    Gotta Have One.

    50kms/hr top speed (faster and she gets the wobbles.)

    3Kw per wheel, four wheel drive  (Total 12kW)

    60 km [email protected]/hr

    Any cooler and it would freeze. These boys are going to make a fortune.

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  • Thu, Feb 20, 2014 - 2:08pm

    Reply to #8
    Doug

    Doug

    Status Platinum Member (Offline)

    Joined: Oct 01 2008

    Posts: 1360

    Cooler than the Segway...

    …but much more likely to kill someone. 

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  • Thu, Feb 20, 2014 - 2:30pm

    Reply to #7
    Doug

    Doug

    Status Platinum Member (Offline)

    Joined: Oct 01 2008

    Posts: 1360

    Mainstream economists

    Apparently the CBO reacted to critics in the White House and elsewhere by saying that their projections are in line with the economic establishment.  Two reactions:1. I wonder how Mish feels about being in line with mainstream economic thought.  Although, his near (my opinion) pathological hatred of Labor, and by extension, labor would logically feed off anything that benefits workers.
    2. Why would anyone want to be in agreement with mainstream economic thought after decades of serial bubbles, decreased real incomes for the 99%, decreasing economic growth and the blowing of a monumental debt bubble at all levels of our society since Reagan was elected, all encouraged by mainstream economists?
    Just saying.

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  • Thu, Feb 20, 2014 - 9:58pm

    #9

    KennethPollinger

    Status Silver Member (Offline)

    Joined: Sep 22 2010

    Posts: 616

    Oliveoilguy asked

    Did you see my list of miners on Jan 22 12:06 p.m.  Topic: Buying Oil to Protect Wealth????

    Even better by now:

    AG: 30.25%

    EXK: 67.66%

    HMY: 34.82%

    MUX: 34.62%

    PAAS: 28,25%

    SSRI: 57.21%

    ONLY NEM is negative

    Let's hope these keep going up, however, ALWAYS with a trailing $ or %.

    It was great communicating with you on the phone.  I applaud your resiliency work!!!

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