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    Daily Digest 7/17 – WH Projects $1T Deficit For 2019, CA Cities Spending Big Instead Of Prepping For Next Downturn

    by Daily Digest

    Wednesday, July 17, 2019, 7:36 AM

Economy

SoCal cities are spending big instead of preparing for next economic downturn (Saxplayer00o1)

In 2017, Inglewood borrowed $53 million in the form of a pension obligation bond (POB). Unfortunately, rather than using most of the money to pay down its $197 million unfunded liability in the California Public Employees’ Retirement System (CalPERS) or address long-term fiscal issues, the city put $36 million of it into the general fund.

China’s Debt Ratio Is Growing as Its Economy Loses Steam (Saxplayer00o1)

IIF report sees total debt now exceeding 300% of GDP

Global Debt Quickened in First Quarter, Outpacing World Economy (Saxplayer00o1)

Debt rose by $3 trillion in the period to $246.5 trillion, almost 320% of global economic output, the Washington-based IIF said in a report published on Tuesday.

WH projects $1 trillion deficit for 2019 (Saxplayer00o1)

Budget hawks noted with dismay that the rising deficit was taking place at a time of strong economic growth, when economists say fiscal policy should be more restrained.

‘We are in a currency war, but nobody has admitted it,’ strategist says (Saxplayer00o1)

“They cannot affect the borrowing cost because interest rates are historically low, so the only way they can ease further monetary conditions is to weaken their currency,” he told CNBC’s “Squawk Box Europe” on Tuesday.

Central Bankers Are Sick of Rescuing the World Economy Alone (Saxplayer00o1)

Amid slowing global growth, the Federal Reserve, European Central Bank and perhaps even the Bank of Japan are all set to ease monetary policy in coming months. But with less room to act than in the past, their leaders are telling politicians they will need to assist if a downturn takes hold.

Japan’s REIT prices hit 12-year high amid global scramble for yield (Saxplayer00o1)

J-REITs currently yield 3.8%, compared with minus 0.12% on the benchmark 10-year government bonds.
Global bond yields have plunged, with European yields hitting record lows and U.S and Japanese yields falling to multi-year troughs earlier this month, as investors bet the world’s major central banks would ease policy to fend off threats from trade tensions.

EM Succumbs to Sub-Zero Epidemic as Debt Pile Doubles in a Week (Saxplayer00o1)

A sinkhole of negative-yielding debt in emerging markets has doubled in size over the past week. This time last year it was non-existent.

The amount outstanding soared to $246 billion, driven mostly by the growing pile of corporate debt with sub-zero rates, which almost tripled in seven days, according to data compiled by Bloomberg.

VW says it needs to convince battery suppliers to invest in EVs (Thomas R.)

“The tendency is to do joint ventures. The suppliers are still asking themselves, is this market going to take off or not? Meanwhile they realize it is an opportunity,” he said.

Joint ventures have the advantage of giving VW an early insight into manufacturing progress as a new plant is erected.

Effects of battery manufacturing on electric vehicle life-cycle greenhouse gas emissions (Thomas R.)

Electric vehicles have attracted widespread interest because of their ability to reduce energy consumption and emissions. Governments and manufacturers continue to make new commitments for electric vehicle sales, and the cost of manufacturing electric vehicles continues to fall, making them more competitive with internal combustion vehicles. Advances in lithium-ion battery technologies have been key to the growing success of electric vehicles, and a continued transition to electric drive will necessitate far greater battery production.

Batteries can be part of the fight against climate change – if we do these five things (Thomas R.)

Batteries powering electric vehicles are forecast to make up 90% of the lithium-ion battery market by 2025. They are the main reason why electric vehicles can generate more carbon emissions over their lifecycle – from procurement of raw materials to manufacturing, use and recycling – than petrol or diesel cars. Three factors account for this.

U.S. Sees Rare Fall In Energy-Related CO2 Emissions In 2019 (Thomas R.)

Picking up some of that slack is an expected increase in natural gas C02 emissions of 53 MMmt as the mix of coal shrinks and natural gas grows in the overall energy mix. C02 emissions from petroleum is expected to be flat in 2019.

“Because the electric power sector consumes nearly 92% of the coal used in the United States, expectations for both overall lower electricity demand and a lower share of coal-fired electricity this summer lead EIA to forecast lower coal CO2 emissions.”

China’s Carbon Emissions Surged 53.5% In 10-Years Time (Thomas R.)

China has pledged that its total CO2 emissions would peak around 2030 and its carbon intensity would fall sharply by then. Last week, Chinese media reported that China is vowing to continue its efforts to fight climate change and boost energy saving and speed up emissions reduction.

Monsanto Monopoly Results In Our Favorite Foods Tainted With Roundup Poison (Don R.)

Some of your favorite foods, including the ones that you give your children every day, are full of Monsanto’s Roundup, and yes, it is poison. Ring of Fire’s Mike Papantonio and Farron Cousins discuss this.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/16/19

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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