The biggest factor driving rising property taxes? Unsustainable growth in pension costs for government workers. Pension liabilities have risen faster than taxpayers’ ability to pay, forcing state and local governments to constantly scramble for new sources of revenue – often in the form of property tax hikes.
10-Year Notes at Negative Coupons Hit Covered-Bond Market (Saxplayer00o1)
In the world’s biggest covered-bond market, a Danish bank says it’s now ready to sell 10-year mortgage-backed notes at a negative coupon for the first time.
Anaheim paid $30.5 million to CalPERS to cover worker pensions in 2008. That soared to $50.9 million in 2013, and ballooned to $88.1 million in 2019-20, according to CalPERS valuation reports. And so it goes for agency after agency throughout California.
In Long Beach, annual pension payments have more than tripled from 2008 to 2020, from $42.3 million to $137.3 million. In San Bernardino, they grew from $12.6 million to $38.7 million. In Riverside, from $23.1 million to $73.5 million.
Millions more people are buying goods and services on credit. Consumers had $14 trillion in household debt in the first quarter of 2019, according to Federal Reserve Bank of New York data, up from approximately $13 trillion in debt consumers held back in 2008.
To be clear, moving abroad does not wipe out student debt. If you go that route, those loans will continue to exist, and they’ll continue to accrue interest so that if you do return to the U.S., you’ll be in an even deeper hole. At the same time, it’s a lot more difficult, if not impossible, for U.S. creditors to come after you for loan payments if you’re living outside the country.
“Nothing the Fed could do will restore a fragile, speculation-dependent, debt-bubble economy to any sort of health,” he wrote. “Whatever the Fed does, it further distorts a massively distorted system, increasing the odds of a catastrophic re-set.”
Gold Prices Hit All-Time Highs In These Currencies (Saxplayer00o1)
The gold market saw massive moves on Monday, breaking record highs in a number of currencies, including the British pound, the Japanese yen, the Canadian and the Australian dollars.
The strategic petroleum reserve contains tens of millions of barrels of oil stored underground in the United States and is the world’s largest emergency fuel supply.
Senator Reynolds and Defence Minister Marise Payne met with their US counterparts on Sunday, when they discussed US plans to expand its missile stocks throughout the Asia-Pacific.
Fourth Turning Economics Pt 2 (thc0655)
This is an acknowledgement the “great economy” is fake news. The economy is on the verge of recession. The most overvalued stock market in history has reached a tipping point. Global economies, propped up with negative interest rates, are already in recession. The global trade war is hurting all parties and is pushing those countries most impacted towards drastic measures.
Summers, a Harvard professor, still sees a less than 50/50 chance that the U.S. enters a recession in the next 12 months. Investors are much more bearish: A closely watched segment of the yield curve, the difference between 10-year and three-month U.S. Treasury debt, inverted the most since 2007, indicating bets on protracted weakness.
The closures also mean that more bottles made of aluminum and polyethylene terephthalate, or PET, will end up in landfills. People will either throw their recyclables directly into the garbage, or place them in curbside recycling bins, which are often filled with contaminated material that must be discarded. China, which has bought much of the U.S.’s recyclable material, has become stricter about what kinds of material it will accept.
Business groups representing the food and beverage industry have cautioned that that shortages would be caused by disruption to supply chains and long lines at the border.
Many companies have been stockpiling for months. Some have even warned that Britain was running out of frozen and chilled storage to hold the excess supplies.
What that means in practice is if you’ve got a wooden table that weighs say, 30 kilograms, 15 kilograms of that is carbon that has been sucked from the atmosphere and stored or “sequestered” in the timber.
Casey, in Melbourne’s outer south-east, could not provide data for August but said it collected about 100 tonnes of recyclable material per day. Industry sources said the figure would be close to 576 tonnes sent to landfill a week.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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