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    Daily Digest 6/13 – We Can’t Repay Our Government’s Debts, Life Without The Internet

    by saxplayer00o1

    Wednesday, June 13, 2018, 11:34 AM


Venezuela annual inflation hits 24,600 percent in May: National Assembly

The opposition blames the hyperinflation on strict currency controls, enacted 15 years ago by former President Hugo Chavez, as well as excessive money printing. The bolivar currency is down some 98 percent against the dollar in the last year alone, meaning Venezuela’s minimum wage is equivalent to just a handful of U.S. dollars a month.

Consumer prices jump 2.8 percent for biggest increase in more than six years

Economists expect the core PCE price index will breach its 2 percent target this year. Fed officials have indicated they would not be too concerned with inflation overshooting the target.

As city worker OT surges, so does pressure on pension costs (new York)

“[The pension system’s] already increased to a degree that would have been considered astounding and unimaginable if you would have told people this circa 2000 that we would be paying $10 billion a year to the pension fund in New York City, which is almost 10 times what it was then,” said Edmund J. McMahon, an adjunct fellow at the Manhattan Institute and research director of the Empire Center for Public Policy.

KRS approves $1.5 million in legal fees as San Francisco money manager brings pension systems to court (Kentucky)

Pointing to a deficit of at least $27 billion, Bay Hills describes KRS’ retirement plans as “teetering on the edge of insolvency.” The investment manager accuses KRS of engaging in a campaign to oust Bay Hills and “capture for itself over $20 million in future management fees” to which it is not entitled.

Pension Budget Raided To Plug $14M City Deficit (New Haven)

P&F and CERF represent around $900 million in combined liabilities, according to the city’s independent Financial Review and Audit Commission (FRAC). As of 2016, P&F was funded at around 40 percent; CERF was funded at just above 30 percent.

Chicago Schools Need $3 Billion In Repairs, Yet CPS Spends Big On New Construction

“The roof has been leaking for years, and at this point, is falling apart,” Kimberly Esquivel told board members. The school’s temperature control system is so out of whack, she said, that on the day juniors took the SAT college entrance exam some were sweating, while others were shivering.

Opinion: Italy never should have joined the euro, and the ECB can’t rescue it from its next crisis

If Italy falls into another crisis, the ECB, unlike in July 2012, may be powerless to diffuse it. In principle, the ECB can purchase unlimited quantities of Italian bonds, which would reduce the interest rates and make the crisis go away. But already holding about a quarter of the Italian government’s bonds, the ECB will face the risk of large losses if the government defaults.

Average Phoenix household has $12,000 in credit card debt, report says

Gonzalez also said that a rise in federal interest rates could make it harder to pay down credit cards.
“The federal reserve is expected to jack up interest rates again, not only this month, but once more after this sometime throughout the year,” Gonzalez said.

We can’t repay our government’s debts

But the real issue is all the promises we’ve made to pay future benefits like Social Security and military retirement benefits. According to TruthinAccounting,org, adding those promises over the coming 30 years bring the total U.S debt to over $104 trillion. The mind boggles at the thought.

Brazil’s central bank in firepower test with currency speculators

But, the country’s stock market, the Ibovespa, has slumped more than 16 per cent in less than a month to 72,307, a level last seen in December. Brazil’s benchmark 10-year US dollar denominated bond yield has climbed towards 6 per cent, up from 4.5 per cent earlier in the year, highlighting the scale of financial pressure facing the economy.

The $1.5 Trillion Student Debt Bubble Is About To Pop

An estimated seven out of 10 students take out loans to get their degree and end up owing an average of $30,000 each. Nearly 20 percent owe more than $100,000. Recent data says that 11 percent of borrowers 90 days or more delinquent. All of this comes as the cost of higher education has risen 150 percent over the past four decades, but household incomes haven’t kept pace, having risen only 20 percent in that same time period.

How nuclear war would affect Earth’s climate (Thomas R.)

The “nuclear winter” theory of the mid-1980s played a significant role in the arms reductions of that period. But with the collapse of the Soviet Union and the reduction of U.S. and Russian nuclear arsenals, this aspect of nuclear war has faded from view. That’s not good. In the mid-2000s, climate scientists such as Alan Robock (Rutgers) took another look at nuclear winter theory. This time around, they used much-improved and much more detailed climate models than those available 20 years earlier. They also tested the potential effects of smaller nuclear exchanges.

Life Without The Internet (Thomas R.)

My dad was a tech-obsessed software engineer, so we were one of the first houses in the neighbourhood to have dial-up internet. Years later, we were one of the first to have high-speed broadband too. Trips to were eventually replaced with MSN conversations, visits to Habbo Hotel, and marathon sessions of video game mayhem on Xbox Live.

More than half of Millennials expect to be millionaires someday, according to a new study (Adam)

‘Young people are optimistic about the future,’ said JJ Kinahan, chief strategist for TD Ameritrade, in a statement on the company’s new report. ‘On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25.’

How Much Radiation Can People Survive? (Thomas R.)

At the time of its completion in 1967, the U-70 synchrotron in Protvino, Russia was one of the most advanced particle accelerators on Earth. It held the world record for beam energy at 76 billion electron volts per proton, a number that neither the Soviet Union nor its successor states have ever surpassed. But as with many large-scale Soviet engineering projects, its impressive exterior concealed shoddy construction and a number of major design flaws, including a dangerous lack of attention to safety.

Gold & Silver

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