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    Daily Digest 4/10 – Baby Boomers Face Retirement Crisis, Millennials Worse Off Than They Thought They'd Be

    by saxplayer00o1

    Wednesday, April 10, 2019, 6:58 AM

Economy

Venezuela Unemployment Nears That of War-Ruined Bosnia, IMF Says

Joblessness will reach 44.3 percent in 2019 and will slam nearly half of Venezuela’s labor force in 2020, the IMF said in its World Economic Outlook published on Tuesday. Bosnia and Herzegovina’s joblessness was 50 percent in 1996, immediately after its 3 1/2-year domestic war, according to the multilateral’s database.

Baby boomers face retirement crisis — little savings, high health costs and unrealistic expectations

As for personal savings, I’ll make it simple: Most boomers have not saved nearly enough. In the worst case, it is really bad: 45% of boomers have zero savings for retirement.

China’s $1.4tn distressed debt pool draws global buyers

The banks also had 3.4 trillion yuan in so-called special-mention debt, a category of default risk. This raises their distressed loans to 5.4 trillion yuan at the end of last year, 80% higher than 2014.

Nearly one-third of millennials are worse off than they thought they’d be 10 years ago

According to the survey, 35% of millennials who think they’re worse off financially than they had expected to be don’t have a savings account, and 33% of those who do have only $5,000 or less saved.

Retirement savings aren’t faring any better for this group. Thirty-seven percent of millennials don’t save for retirement at all, and 30% saves 10% or less a month, according to the survey.

IMF Cuts Global Growth Outlook to Lowest Pace Since Crisis

IMF Managing Director Christine Lagarde is warning that the world economy faces a “delicate moment” as finance ministers and central bankers prepare to gather in the U.S. capital this week for the spring meetings of the IMF and World Bank.

Drug-Resistant Fungus Has Sickened Almost 600 in U.S. and Poses Global Health Threat (Thomas R.)

“Based on information from a limited number of patients, 30–60 percent of people with C. auris infections have died. However, many of these people had other serious illnesses that also increased their risk of death,” according to the CDC. Most deaths occur within 90 days.

A US Navy warship was seen in the South China Sea carrying an unusually large number of F-35s (Sparky1)

The amphibious assault ship is participating in the Balikatan exercises, during which “US and Philippine forces will conduct amphibious operations, live-fire training, urban operations, aviation operations, and counterterrorism response,” the US Navy said in a statement over the weekend announcing the Wasp’s arrival.

AT&T just turned its 5G network on in 7 new cities, but you’ll still have to wait until spring for the first smartphone that can actually connect to it (Sparky1)

AT&T comfortably holds the title for having the most widespread 5G mobile network at the moment. So far, Verizon is the only other carrier to have an active 5G mobile network, but only in two cities, including Chicago, IL and Minneapolis, MN.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/9/19

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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8 Comments

  • Wed, Apr 10, 2019 - 7:15am

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2923

    Growing Public Pension Crisis an 'Existential Financial Threat'

    Growing Public Pension Crisis an ‘Existential Financial Threat’

     

    The Epoch Times-14 hours ago
    WASHINGTON—Unfunded liabilities of nearly $6 trillion in state pension plans pose a significant risk to public workers, retirees, and taxpayers across the United …

     

    Exclusive: Venezuela removes eight tonnes of gold from central bank …

    Reuters-21 hours ago
    CARACAS (Reuters) – Venezuela removed eight tonnes of gold from the centralbank’s vaults last week, and the cash-strapped socialist state is expected to sell ..
     

    Retiring late: As pensions underwhelm, more Japanese opt to prolong …

    Reuters-8 hours ago
    Retiring late: As pensions underwhelm, more Japanese opt to prolong employment … In practice, most companies, trying to keep a lid on labor costs, set a …

     

     

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  • Wed, Apr 10, 2019 - 7:15am

    #2

    David Huang

    Status Bronze Member (Offline)

    Joined: Jan 20 2010

    Posts: 62

    Building a Better World in your Backyard

    I’m part of various on-line communities that I often see as all being interested in topics that fall under framework of the 3 E’s.  Here, of course, is where Chris provided me with that conceptual framework.  What is interesting is that different groups emphasize different aspects.  To me Peak Prosperity covers the 3 E’s most from a more macro, society wide perspective, with the strongest emphasis on the Economy. 
    Over at Permies.com I also see them discussing the 3 E’s, though they don’t use that conceptual framing, but the view is more focused to the individual/household level with stronger emphasis on the Environmental aspect, which I see as probably the least covered E on this site.
    Anyway, I thought some of you here might be interested in knowing that Paul Wheaton and Shawn Klassen-Koop from Permies have just finally launched their kickstarter to fund the printing of their new book, “Building a Better World in your Backyard instead of being angry at bad guys”.  From what I can tell by the few chapters I’ve seen previews of it would be of huge interest to anyone interested in practical things we can do right now in our own lives to improve our personal economies, energy use, and environmental impacts.  In other words lower our standard of living while increasing out quality of life while becoming more resilant and making a world worth inheriting.  🙂  Should you want to learn more here’s a link to the kickstarter.  https://www.kickstarter.com/projects/paulwheaton/better-world-book?ref=dtm3ec
    As a suggestion for Chris and Adam, Paul Wheaton would likely make a great guest for a featured voices podcast talking about this book!

     

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  • Wed, Apr 10, 2019 - 9:17am

    Reply to #2

    Adam Taggart

    Status Platinum Member (Offline)

    Joined: May 25 2009

    Posts: 2491

    Great suggestion!

    David Huang wrote:

    As a suggestion for Chris and Adam, Paul Wheaton would likely make a great guest for a featured voices podcast talking about this book!

    Great suggestion, Dave!
    I’ll reach out to Paul today.

     

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  • Wed, Apr 10, 2019 - 9:57am

    #3

    cmartenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4475

    Thanks David!

    David Huang wrote:

     From what I can tell by the few chapters I’ve seen previews of it would be of huge interest to anyone interested in practical things we can do right now in our own lives to improve our personal economies, energy use, and environmental impacts.  In other words lower our standard of living while increasing out quality of life while becoming more resilant and making a world worth inheriting.  🙂  Should you want to learn more here’s a link to the kickstarter.  https://www.kickstarter.com/projects/paulwheaton/better-world-book?ref=dtm3ec
    As a suggestion for Chris and Adam, Paul Wheaton would likely make a great guest for a featured voices podcast talking about this book!

    Looks excellent.  We need to band together us various tribes each feeling a different part of the elephant.
    Let’s fight the efforts to keep us all separated and alone.  That’s what the system wants.
    I’m eager to see what Paul’s book has got in it and to meet more of his tribe.

     

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  • Wed, Apr 10, 2019 - 10:04am

    #4
    anastasio

    anastasio

    Status Member (Offline)

    Joined: Aug 26 2008

    Posts: 4

    I'm in

    Just donated to the Kickstarter. Thank you for letting us know. Can’t wait to read the book!

     

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  • Wed, Apr 10, 2019 - 10:29am

    Reply to #3

    ckessel

    Status Silver Member (Offline)

    Joined: Nov 12 2008

    Posts: 164

    Permaculture and solutions

    Chris/Adam,
    Another great resource is Geoff Lawton and although he lives in Australia, he conducts classes and events worldwide. I understand he is connected with a project in Berkeley at the UC campus but it remains a rumor at this point. I plan to follow up and will let you and Adam know.
    I am currently involved in a project in Marin Co. which is being designed as a net zero energy solution and I am reaching out to interested parties for collaboration. I completed Geoffs online Permaculture Certification Course a couple years ago and was very impressed with the quality of the course and the quality of the video content. His introduction on ethics speaks to the heart of our predicament and he segues into actionable items that we here at PP are familiar with. I like his approach because he is very positive about creating a future worth inheriting!
    There is a lot happening in the world of Permaculture which seems to be carfully avoided by any mainstream media…..of course.  No need to get distracted from the “”real””” issues of our day!!!!!
    Coop

     

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  • Wed, Apr 10, 2019 - 2:42pm

    #5

    David Huang

    Status Bronze Member (Offline)

    Joined: Jan 20 2010

    Posts: 62

    Thanks

    Wonderful.  Thanks for the feedback guys!  I usually feel a bit sheepish posting such things, fearing it will come off as me spamming the community just to promote someone elses project.  As I’ve started my own blog recently writing about the various things I’m trying to do it’s got me thinking more and noticing that many of the on-line communities I drift on the edges of really are engaged in this same project, just with slightly different focuses.  The FIRE (Financial Independence Retire Early) community has a lot of serious overlap as well.  Their focus is obviously the economy as well, looking at it from the individual/household perspective.
    And now I’ll sheepishly mention that if anyone wants to follow along with what I’m doing in my life toward addressing the 3 E’s my blog is https://theartisthomestead.com/  I’ve been trying to do at least one post a week.  Some of it gets more into my art stuff, since that is where I have the biggest following already to tap as an audience, but my aim is to get more into the nitty gritty of things I’m trying to make our world a better place, while making my own quality of life much better, as we collectively navigate the broad energy and resource decent.

     

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  • Wed, Apr 10, 2019 - 8:39pm

    #6

    sebastian

    Status Member (Offline)

    Joined: Feb 08 2010

    Posts: 2

    Paul Wheaton/permaculture

    Totally agree about the overlap with permaculture. its my belief that it is the way forward. An interview with Paul would be great. 
    Seb. 

     

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