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    Daily Digest 6/3 – Chinese Bubble Raises Crash Fears, Large Rise In Hospital Costs

    by saxplayer00o1

    Wednesday, June 3, 2015, 2:24 PM

Economy

Protest Rises Over Medi-Cal Rates

The number of Californians on Medi-Cal has now grown to 12.3 million, about a third of the state’s population. That’s an increase of 3.7 million people since implementation of the Affordable Care Act started in January 2014. All of those people need care and, according to Molly Weedn, associate vice president of public affairs at the California Medical Association, the state’s providers have become more and more reluctant to take on Medi-Cal beneficiaries.

Data Shows Large Rise in List Prices at Hospitals

The prices that hospitals ask customers to pay for a series of common procedures have increased by more than 10 percent between 2011 and 2013 — more than double the rate of inflation.

Medicare paid doctors $90 billion in 2013, up 17 percent: officials

Medicare, the government-run health insurance program for elderly and disabled Americans, paid physicians $90 billion in 2013, up 17 percent from $77 billion in 2012, U.S. healthcare officials reported on Monday.

AAA: D.C.’s Speed Cameras May Be More About Money Than Safety

“If the current pace of ticketing continues, it is probable the District will issue nearly 450,000 speed camera tickets during FY15 and glean almost 60 million dollars in speed camera revenue,” Townsend says.

China 10-Year Bonds Rally on Report PBOC Cut Loan Rates to Banks

The People’s Bank of China recently provided funds through the Pledged Supplementary Lending program, which allows banks to use collateral to borrow money at 3.1 percent, Reuters reported Monday, citing people it didn’t identify. That compares with 4.5 percent last year, according to a National Business Daily report, which also quoted a trader as saying that China Development Bank was offered at least 1 trillion yuan ($161 billion) at the new rate.

Many Health Insurers Go Big With Initial 2016 Rate Requests

Blue Cross and Blue Shield of North Carolina is seeking a roughly 26 percent premium increase, while plans in Illinois and Florida, among other states, are asking for hikes of 20 percent or more.

Chinese share market bubble raises fears of crash

Shanghai’s stock exchange is the world’s best performer, and has soared more than 80 per cent since November. A surprise cut in interest rates and easy credit have fuelled a share rally not seen since the height of 2007.

Yen Weakens Past 125 Per Dollar for First Time Since 2002

The yen has dropped more than 30 percent since 2012 as the Bank of Japan carries out unprecedented bond buying to spur inflation.

Bankruptcies in Japan Caused by Weak Yen May Rise, Says Teikoku

“The recent decline in the yen is too rapid,” Naito said on Tuesday, as the currency traded at the lowest since 2002 versus the dollar. “Further weakness in the yen could become a matter of life and death for many small- and medium-sized companies.”

Japan Monetary Base Surges 35.6% In May

The monetary base in Japan soared 35.6% on year in May, the Bank of Japan said on Tuesday – coming in at 307.384 trillion yen.

Illinois governor attacks bill to ease Chicago pension payments

After 2020, the city’s contributions would be calculated at amounts that would enable the two pension systems to become 90 percent funded by 2055, which is 15 years longer than in the 2010 law.

More older Americans are being buried by housing debt

The baby boom generation was already facing a retirement crunch: Over the past two decades, employers have largely eliminated traditional pensions, forcing workers to manage their retirement savings. Many boomers didn’t save enough, invested badly or raided their retirement accounts.

Fed’s Brainard: First-quarter weakness makes it too early to hike rates

In her maiden speech on monetary policy, Federal Reserve Governor Lael Brainard sounded dovish, suggesting she does not support a rate increase at the upcoming June policy meeting.

Third straw at plunging Lake Mead nearly complete

With Lake Mead’s elevation currently at 1,076 feet and dropping, the third intake provides a much-needed insurance policy to ensure the drought doesn’t cut off the source of 90 percent of Las Vegas’ drinking water.

India’s Central Bank Cuts Key Interest Rate to Boost Growth

India’s central bank cut a key interest rate by a quarter percentage point Tuesday, the third such reduction this year in support of government efforts to boost growth.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/2/15

Provided daily by the Peak Prosperity Gold & Silver Group

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