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    Daily Digest 7/3 – Flood Apocalypse In Eastern Siberia, Average Millennial’s Net Worth ‘Shockingly Low’

    by Daily Digest

    Wednesday, July 3, 2019, 6:26 AM

Economy

Gov. J.B. Pritzker says Illinois can’t take on Chicago’s public pension liabilities without trashing state credit rating (Saxplayer00o1)

By 2023, Chicago will need to come up with nearly $1 billion in additional annual pension payments. Speaking to reporters following the joint appearance with Pritzker, Lightfoot elaborated on recent comments she made about being willing to sacrifice her political future by dealing with the city’s pension problem.

The average millennial’s net worth is shockingly low (Saxplayer00o1)

The average net worth of Americans aged 18 to 35 is less than $8,000, according to a new Deloitte study. The reason, however, very much boils down to increased costs over the past decade.

Take college, for example. Higher-education costs rose 65% over the last 10 years, and as such, student debt levels increased by 160% between 2004 and 2017. Millennials, of course, were hit hardest by this trend, as they were the ones attending college during that time.

Constitutionality of $16 billion of Illinois bonds challenged (Saxplayer00o1)

The pending lawsuit also cites Illinois’ credit ratings, the lowest among U.S. states at a notch or two above junk, and an “unsustainable” debt burden that includes a $133.5 billion unfunded pension liability.

ECB comments knocks euro zone bond yields to fresh lows (Saxplayer00o1)

Dutch, Belgian, Austrian and Portuguese 10-year bond yields also fell to fresh record lows .

German 10-year bund yield falls to record low, US Treasurys stable amid softer GDP outlook (Saxplayer00o1)

The yield on the 10-year bund fell to -0.367% in afternoon trading in Germany

Companies are warning that earnings results are going to be brutal (Saxplayer00o1)

With earnings season looming, 77% of companies issuing pre-announcements say their profit picture will be worse than Wall Street is expecting.

That’s the second-worst quarter on record going back to 2006, according to FactSet.

Roubini Lives Up to ‘Dr. Doom’ Alias With Global Recession Call (Saxplayer00o1)

“It’s a scary time for the global economy,” the head of Roubini Macro Associates, sometimes known as “Dr. Doom,” said in an interview with Bloomberg TV. He said he expects a recessionary shock to materialize next year.

The Setup is like 1315 (thc0655)

The current expectation is that the US corn crop will be down 30% on 2018 which will push the price to about $9.00 per bushel at harvest. What could make the situation a lot worse is an early frost. The Corn Belt did warm slightly over the last 100 years due to the high solar activity of the second half of the 20th century. This is shown by the cumulative growing degree days (GDD) of the first decade of the 20th century (blue lines) compared to the first decade of the 21st century (red lines) in Figure 3 for Whitestown, Indiana.

Declining monarch-butterfly populations may be hard to restore (thc0655)

To find the answer, the researchers obtained monarchs from a commercial breeder and caught others in the wild. Both were raised in an outdoor environment, so they could pick up on any seasonal cues as to whether they should be migrating. In the summer, the females carried lots of eggs, and the population overall showed no preferential orientation when put in a (I am not making this up) “monarch flight simulator.” In the autumn, however, the butterflies caught in the wild showed reduced reproductive capacity as well as a strong tendency to orient to the south. Neither of those were true for the butterflies obtained from commercial suppliers.

Flood apocalypse in Eastern Siberia kills five and maroons 9,919 whose homes destroyed or damaged (Bryan S.)

Both the Angara River – the region’s main waterway – and Lake Baikal, the deepest lake in the world with 20 per cent of the planet’s unfrozen freshwater, had burst their banks, said reports.

Some 50 villages of the shore of Baikal are reported ‘inaccessible’, while to the north the city of Bratsk is badly affected.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/2/19

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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6 Comments

  • Wed, Jul 03, 2019 - 12:16pm

    #1
    Sparky1

    Sparky1

    Status Member (Offline)

    Joined: Jul 21 2016

    Posts: 34

    1+

    The TacoBell tortilla "emergency"; USDA crop reporting "adjustments"; public perception or deception?

    Among the Dark Arts of manipulating public and market perceptions regarding the Three E’s (energy, economy, environment), shaping perceptions of pending food shortages appears to be ramping up.

    For example, there’s apparently a TacoBell tortilla shortage–the cause of which is not identified–and “…foodies are ‘freaking out’:, ‘What Is the World Coming To?'”

    See: https://www.msn.com/en-us/foodanddrink/foodnews/taco-bell-is-experiencing-tortilla-shortage-and-foodies-are-freaking-out-what-is-the-world-coming-to/ar-AADM4Du?ocid=spartandhp

    There’s a bit of a kerfuffle re: the USDA’s June 28th Acreage reporting, which apparently significantly overestimated the corn and soybean planted acres for 14 US states, necessitating a re-survey and likely adjustments to the August report.

    See: http://www.ellinghuysen.com/article/20190701_usda_to_resurvey_planted_acres/ellinghuysen/article.html

    Interestingly, the USDA’s announcement of adjustments to the methodology of World Agricultural Supply and Demand Estimates (WASDE) Report, effective May 2019, flew below the radar.

    See: https://www.usda.gov/oce/commodity/wasde/

    Excerpt:
    “Price range forecasts will be eliminated in favor of single price points for all crops and livestock.
    The international Supply and Use tables for Crops will include an aggregate value for “World less China,” representing the balance sheet values outside of China.
    The ordering of countries and lists of Major Importers/Exporters will be updated to eliminate outdated aggregations (such as “Former Soviet Union”), and better reflect current trade patterns.”

    This is not my area of expertise, but the changes appear significant and encompass a wide rage of agricultural commodities.  Given the heavy-handed “adjustments” to economic indicators such as the CPI, employment, inflation, GDP, etc. I suspect that these methodological changes to world agricultural supply and demand reporting are designed to fit the heightened narratives surrounding trade wars and climate-based crop shortages.

    Here’s a detailed list of USDA WASDE report changes:

    https://www.usda.gov/oce/commodity/wasde/WASDE_Changes.pdf

    I expect that manipulation of the data and narratives concerning food shortages will increase as impacts of world wide climate extremes (and regional conflicts) on crop production becomes unavoidably apparent.

    Sadly, instead of encouraging people to prepare (e.g., growing their own food, preserving food) TPTB will dissemble (e.g., “Soylent…Mmmmm Good!”), deflect (e.g., “Its because of the tariffs!”) and capitalize (e.g., scooping up ag land from distressed farmers).    :-/

    But hey, no need to “freak out.” Rest assured, your TacoBell tortillas will be back soon–complements of Big Ag and genetically engineered, lab-grown “food” sources.

     

     

     

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  • Wed, Jul 03, 2019 - 12:37pm

    #2

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 846

    1+

    Why wouldn't you like Soylent?

    Surely you would hope that TPTB would come up with green solutions, wouldn’t you?

    https://en.m.wikipedia.org/wiki/Soylent_(meal_replacement)

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  • Wed, Jul 03, 2019 - 1:41pm

    Reply to #2
    Sparky1

    Sparky1

    Status Member (Offline)

    Joined: Jul 21 2016

    Posts: 34

    "Soylent" vs JERF

    Lol, Michael. Thanks, that was really educational and I really did learn more about “Soylent” from your link. Such as,

    “In January 2013, software engineer Rob Rhinehart purchased 35 chemical ingredients—including potassium gluconate, calcium carbonate, monosodium phosphate, maltodextrin, olive oil—all of which he deemed to be necessary for survival, based on his readings of biochemistry textbooks and U.S. government websites.[7][8] Rhinehart used to view food as a time-consuming hassle and had resolved to treat it as an engineering problem. He blended the ingredients with water and consumed only this drink for the next thirty days. Over the course of the next two months, he adjusted the proportions of the ingredients to counter various health issues and further refined the formula.[7][9][10] Rhinehart claimed a host of health benefits from the drink and noted that it had greatly reduced his monthly food bill, which fell from about US$470 to $50, and the time spent behind the preparation and consumption of food whilst providing him greater control over his nutrition.[7]”

    I wonder what the other 30 chemical ingredients were/are in “Soylent”. Personally, I prefer to Just Eat Real Food (JERF) that is clean-sourced with nutrients (e.g., enzymes, minerals, proteins, fats, vitamins, and some yet to be identified beneficial compounds) for my good health and enjoyment rather than opting for some chemically-based slurry, pill or patch–regardless of the time and money “savings”.

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  • Wed, Jul 03, 2019 - 3:07pm

    #3
    Uncletommy

    Uncletommy

    Status Bronze Member (Offline)

    Joined: May 03 2014

    Posts: 520

    1+

    Confirmation: Yes, we are slowly losing our minds~!

    No taco shells? What’s the world coming to?

    https://www.statista.com/topics/1957/eating-out-behavior-in-the-us/

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  • Wed, Jul 03, 2019 - 3:58pm

    #4
    ezlxq1949

    ezlxq1949

    Status Bronze Member (Offline)

    Joined: Apr 29 2009

    Posts: 215

    Soylent? I prefer Chicken Little...

    … and Popsie, and Crunchies, and Starrs (they’re tastier) !

    <sarc> If TPTB aren’t working on a version of Starrzelius Verily, the spherical trust, I’d be surprised. </sarc>

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  • Wed, Jul 03, 2019 - 4:04pm

    #5

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 846

    Spelling error

    “average millenial’s “NOT worth” shockingly low.

    I hope fixing the spelling may clarify things.

    “He ain’t worth didley”.

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