Rick was at the Hungary-Serbia border after anchoring days of tense developments while based in Budapest. He had been on assignment in Ukraine when the migration crisis reached his reporting territory, and so had been summoned back there to report and write. The Ukraine story that he was working on is still in his notebook, he has reminded me.
City’s Poverty Rate Shows No Improvement (richcabot)
“Five years into the recovery from the Great Recession, it has become clear that it will take more than new jobs and lower unemployment to change the fact that one in five New Yorkers live below the poverty line. The city’s residents need bold public policies to reverse the trend,” said the Community Service Society of New York in a statement. The antipoverty agency (a funder of City Limits) backed the governor’s recent call for a $15 minimum wage and the push for broader family leave policies. “Today’s poverty numbers reveal why that is such a critical matter: the poverty rate for single mothers was 41.4 percent in 2014, almost double the overall poverty rate and up from 2013,” CSS noted
“The Chinese are going to continue to ease their currency. They have to. We are in a currency war and it’s deflationary pressures.”
“Nobody has actually experienced a true deflation who is investing today.”
Why The Kids Are Still In The Basement (Aaron M.)
Peeking behind the headline number, an even uglier truth is revealed: the only reason the homeownership rate is as “high” as it is, is due to homeowners in the 65 and over age group. For everyone else, homewonership rates are now the lowest in history!
Want Online Privacy? Here’s How (richcabot)
A step up from BlackPhone is Cryptophone, used by law enforcement, government types, and serious security-minded company executives. It’s not cheap — around $3,500 — but it blocks “stingrays,” those cellphone tower-mimicking devices that scoop up bulk data of any phone within the stingray’s reach.
What makes things even worse is how recklessly Deutsche Bank has been behaving. At one point, it was estimated that Deutsche Bank had a staggering 75 trillion dollars worth of exposure to derivatives. Keep in mind that German GDP for an entire year is only about 4 trillion dollars. So when Deutsche Bank finally collapses, there won’t be enough money in Europe (or anywhere else for that matter) to clean up the mess. This is a perfect example of why I am constantly hammering on the danger of these “weapons of financial mass destruction”.
New York-based Turing bought the drug called Daraprim for $55 million this summer. It is used to treat toxoplasmosis, a parasitic infection that can be severe in patients with compromised immune systems, such as HIV, and for pregnant women. Earlier this month, the head of the Infectious Diseases Society of America and the HIV Medicine Association condemned the price increase from $13.50 a pill to $750, noting that the average cost per year for a patient weighing more than 132 pounds would be $634,500.
Why the US hides 700 million barrels of oil underground (Arthur Robey)
Bob Corbin at the US Department of Energy is the person in charge of making sure that money is spent wisely. “All of our sites are located in what we call salt domes,” he explains. “The salt is impervious to the crude oil, there’s no mixing, no breaking down, so it’s a great storage facility.” Corbin, who served for 22 years with the military in the US Coast Guard, is proud of the four sites, which stretch from Baton Rouge, Louisiana to the largest of the four, near the tiny city of Freeport, Texas. He refers to the vast salt storage chambers as “my caverns”. “The sites themselves,” he says, “are very impressive.”
The European Commission also said it’s taking VW’s cheating seriously and is in contact with U.S. regulators and the company about details of the case.
German competitors BMW AG and Daimler AG said on Monday they aren’t aware of a similar U.S. probe into their cars. Shares of both slipped the most in almost a month.
Gold & Silver
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