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    Daily Digest 5/30 – New Global Financial Crisis Looming, Italy’s Debt Bubble Pop Heard Around The World

    by saxplayer00o1

    Wednesday, May 30, 2018, 2:49 PM


Study: Some public pensions funds could run dry in downturn

Notably absent from the report was California, which has the two largest public pension funds in the nation. They had a combined $168 billion in unfunded liabilities in 2016, according to another recent Pew report. Mennis said California’s funds were not included in the stress test study because they are so large and uniquely structured.

Report: Pennsylvanians carrying $33.2 billion in credit card debt

Democratic Comptroller Thomas DiNapoli says in a report released Tuesday that Californians had racked up more than $106.8 billion in credit card debt by the end of 2017. The Lone Star State was No. 2 at $67.3 billion, followed by Florida with $59.2 billion and New York with $58.1 billion.
Then there’s Pennsylvania, which comes in fifth on the debt list, at $33.2 billion.

Venezuela warns businesses not to halt payments amid currency overhaul

Venezuela has annual inflation near 14,000 percent, according to the opposition-controlled legislature, amid a collapse of its socialist economic system that has left millions of people struggling to eat properly.
Cash is increasingly difficult to obtain because new banknotes have not been printed fast enough to keep up with price increases, spurring a growing use of cellular phone apps.

Soros warns new global financial crisis looming

“Everything that could go wrong has gone wrong,” Soros said. “It is no longer a figure of speech to say that Europe is in existential danger; it is the harsh reality.”

Why are nearly 1 in 4 Millennials still living with mom? Lack of affordable housing

Student loan debt has also become a major barrier to home ownership in America. More than 80% of people age 22 to 35 with student debt and who haven’t bought a house yet, blame their educational loans, according to the National Association of Realtors.

Italy’s debt bubble pop heard around the world

This is not a drill. This is the real thing. The giant popping sound you hear is Italian government debt evaporating. The yield on Italian government two-year notes has risen by nearly 3 full percentage points this month, from around -0.35% at the beginning of May to about 2.5% this morning, in response to a populist rebellion by Italian voters.

Copper supply shock hits India as Vedanta group’s Tuticorin plant ordered to close

“So far our capacities were large enough for our total requirement, so we were a net exporter,” said Roy at ICRA Ltd. “Now, with no new capacities coming in and if almost 40 per cent goes out on top of that, we will be in a deficit.”

Lawmakers approve $366 million sales tax bill (Louisiana)

The bill renews one-third of an expiring 1 percent sales tax and eliminate or lessen some sales tax breaks until 2023.
It now heads to the Senate.
The state is dealing with a $648 million budget deficit when the fiscal year begins on July 1.

Billionaire George Soros outlines his plan to save Europe (Sparky1)

He sketched out a plan to fund better education and unemployment in Africa at a cost of 30 billion euros ($34.7 billion) a year. He claimed this would stem those seeking refuge. Soros said the crisis is a European Union one and the financing could be arranged through the EU’s “largely unused” borrowing capacity.

Knives are too sharp and filing them down is solution to soaring violent crime, judge says (Thomas R.)

He said laws designed to reduce the availability of weapons to young would-be offenders had had “almost no effect”, since the vast majority had merely taken knives from a cutlery drawer.

Hepatitis A is usually not a problem to recover from. But in Michigan, 27 people died since this outbreak began. (Thomas R.)

The virus can be spread through food or water contaminated with the feces of an infected person, close contact or sex with a person who has hepatitis A or touching a surface contaminated by the virus and then touching your mouth. It causes liver inflammation — and liver failure in extreme cases.

With urgency, VA deploys new capabilities to fix services almost every day (Thomas R.)

“This gives 4 million more veterans a very simple way to access the best tools for them to access care at the VA,” Dolor said on Ask the CIO. “Veterans also can use DS-Log on, which is the Defense Department system so that log-in they get when they enlist and MyHealtheVet, so you have millions more veterans can use the credentials they already have to get access.”

NASA virtual exoplanet tours bureau lets anyone ‘vacation’ in space (Thomas R.)

NASA offers 360-degree “interactive visualizations” for various alien planets on its Exoplanet Exploration website, and the Kepler-186f offering is its latest addition. In it, visitors can look around within a world featuring tall mountains, a red sky, low sun, and multiple visible moons. Anyone can access the interactive world within a browser here.

Oil Is Still Going To $80 (Thomas R.)

As a long aside first, I’d like to stop to discuss something. If folks haven’t figured this out yet, the media is often incomplete in both the story and the explanations. Though, their headlines are fantastic! And the breathy interviews on TV, with the yelling mixed in, outstanding television.

Scientists Are Hinting at The Existence of a Strange New Type of Particle (Thomas R.)

The research builds on the collaboration’s previous work – in 2011, they announced the discovery of a theoretical dibaryon with two up, two down and two strange quarks. But since then they have refined their methods, devising a new theoretical framework, and a new algorithm, to allow for more efficient calculations.

Garbage Island: An Ocean Full Of Plastic (Thomas R.)

Vice sails to the North Pacific Gyre, collecting point for all of the ocean’s flotsam and home of the Great Pacific Garbage Patch: a mythical, Texas-sized island made entirely of our trash.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/29/18

Provided daily by the Peak Prosperity Gold & Silver Group

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