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    Daily Digest 3/20 – Workers Saving Too Little to Retire, Lawmakers Back PMs As Currency

    by saxplayer00o1

    Wednesday, March 20, 2013, 2:39 PM


Workers Saving Too Little to Retire

Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes, according to a report to be released Tuesday by the Employee Benefit Research Institute. Only 49% reported having so little money saved in 2008.

The survey also found that 28% of Americans have no confidence they will have enough money to retire comfortably—the highest level in the study's 23-year history.

Bad debts at Italian banks top 126 bln euros in January

Gross bad loans are now 6.4 percent of total loans, the highest level since September 2000, ABI said.

Spanish Lenders’ Bad-Loan Ratio Resumed Increase in January

Bad loans continue to rise in Spain as the International Monetary Fund predicts the economy will shrink 1.5 percent this year and the unemployment rate will hit 27 percent, making it harder for borrowers to keep up credit payments.

Darling: Cyprus savings raid could trigger bank runs across Europe

The former Chancellor said Cyprus is doing "everything you should not do" after the tiny country decided to seize around 6.75 per cent from smaller deposits and almost 10 per cent from larger ones……"It seems to me to make it more likely that if you’re a saver in Spain or Italy, if you have a sniff of the EU or the IMF coming your way you’ll take your money out and you’ll get a run on the bank," he told BBC Radio Four's Today programme.

France, Belgium told to count Dexia bailout in deficits

Eurostat's decision will push Belgium's budget shortfall beyond a European Union ceiling of 3 percent of gross domestic product (GDP).

The country had reported a 2012 deficit that just squeezed under the 3 percent limit, but it did not include the 2.915 billion euros ($3.78 billion) it pumped into Dexia, which had to be rescued after the financial crisis. With the near nationalization of the Franco-Belgian lender factored in, the deficit would be at least 3.7 percent, its level in 2011.

Lawmakers back gold, silver as currency (Arizona)

The bill, which advanced in a 4-2 vote by a House committee Monday, states that gold and silver should be legal currency not subject to tax or regulation as property. The Republican-led Senate gave the bill its blessing in February in a 17-11 partisan vote.

The bill would let people use the precious metals as money as long as businesses agree to take them. If made law, it would take effect in 2014.

National student loan debt triples, Miami average fifth highest in Ohio

Miami University students who are worried about loan debt after college are not alone: the national student loan debt has tripled over the last eight years, according to a recent report from the New York Federal Reserve. Approximately 54 percent of Miami students are borrowing loans, with an average indebtedness of $27,200 per student according to Brent Shock, director of financial assistance at Miami.

As crop prices surge, investment firms, farmers vie for land

From the potato fields of Michigan to the high prairies of Kansas, farmers are receiving record prices for their land — but economists and banking regulators warn this boom, like so many before it, could end badly.

Speed on green cameras paying off (Calgary)

Calgary Police have made a record amount of money from speed on green cameras for the second year in a row. Cops brought in $40.8-million in total fine revenue in 2012, including traffic tickets, photo radar and red light cameras.

The money helps cover the bill for police equipment like computers, vehicles, guns and body armour.

Cyprus parliament rejects deposit levy: reports

The parliament in Cyprus rejected Tuesday a controversial plan to impose a tax on bank deposits, according to media reports. The deposit levy was required by international lenders in exchange for a sovereign bailout for Cyprus. CNBC reported that 36 parliament members voted against the measure, while 19 parliament members abstained

PIMCO reduces exposure to euro in wake of ‘botched’ Cyprus bailout: report

PIMCO has reduced its euro holdings in response to the proposed deposit levy as part of Cyprus’s controversial bank bailout, calling the unprecedented move “a policy mistake,” according to Reuters.

“We’ve reduced our allocations to European currency (in the last 24 hours), because it makes sense to think about this as not only a policy mistake but also a recognition that the euro is far from being a perfect reserve currency,” Saumil Parikh, a managing director and investment-committee member, told Reuters on Tuesday.

National debt jumps $300 billion ytd

(Please use the "find history")

Gold & Silver

Click to read the Gold & Silver Digest: 3/19/13

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