Daily Digest

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Daily Digest 11/2 - Property Is Debt In Greece, Is High-Deductible Health Insurance Worth the Risk?

Wednesday, November 2, 2016, 9:32 AM

Economy

'Obamacare' enrollment opens this week in Arizona with higher costs, fewer choices

Arizona's marketplace was once among the nation's most competitive, with 11 insurers selling plans in 2015 and eight insurers this year. But six major health insurers, some citing financial losses accumulated during the first three years of the Affordable Care Act, exited the state's marketplace for 2017.

Is High-Deductible Health Insurance Worth the Risk?

In the last five years, the share of employees enrolled in high-deductible plans has more than doubled, to 29 percent, according to a new employer survey from Mercer, a benefits consultant. Since the bulk of Americans receive their coverage through an employer, that means about 50 million people are enrolled in high-deductible plans.

Springfield alderman fears city headed toward same pension mess state facing

With a nearly $100 million increase in unfunded police and fire pension liability in the past year, the City of Springfield is an example of what other cities across the state could soon be dealing with.

Ontario universities face pension deficits and other challenges, DBRS says

For example, a 2015 valuation found that the University of Toronto has a $1.1-billion solvency deficit in its pension fund. A solvency deficit is the shortfall that would arise if a plan was immediately wound down and all accumulated benefits came due.

China Starts Credit-Default Swap Trading as Bond Failures Spread

The swaps, which provide insurance against nonpayment on bonds, can help investors hedge against credit risks after 21 securities defaulted this year, compared with only seven in 2015.

Saudi finance minister Ibrahim al-Assaf sacked by royal decree

The world's biggest oil exporter is projecting a budget deficit of $87 billion this year. It has taken a series of austerity measures, including subsidy cuts, reductions in cabinet ministers' salaries and delays in major projects.

U.S. Treasury expects to borrow $188 billion in fourth quarter

The U.S. Treasury said on Monday it would borrow more during the October-December period than it had previously estimated. The Treasury said in a statement it expects to borrow $188 billion through credit markets during the period, up from an initial estimate of $182 billion.

Greek Parliament’s Budget Office Warns Private Debt Near Levels of Public Debt

The report noted an increase of private debt to banks due to a growth in non-performing loans (NPLs), to the tax office (1.1 billion euros per month on average in the first eight months of 2016), to insurance funds (25 billion euros), and even to the Public Power Corporation (PPC at 0.67 percent). The dimension is such that private debt (overdue debts to banks, the public sector and insurance funds) are approaching dangerous levels near those of public debt.

In Greece, Property Is Debt

The figures are clear. In 2013, two years after a property tax was introduced (previously, real estate tax revenue came mainly from transfers or conveyance taxes), 29,200 people declined to accept their inheritance, according to the Justice Ministry. In 2015, the number had climbed to 45,627, an increase of 56 percent in two years. Reports from across the country suggest that this year, too, large numbers of people are refusing to inherit.

Expansion of private credit likely to persist for time being: BOK

South Korea's credit-to-gross-domestic-product gap came to 3.1 in the first quarter of this year, falling in the category of attention. The Bank for International Settlements said on its website that large gaps have been found to be a reliable early warning indicator of banking crises or severe distress.

China's non-financial debt over $22.7 trillion: Official

China's non-financial debt is estimated to be more than $22.7 trillion, accounting for 227.92 per cent of its GDP, a senior Chinese finance ministry official said today amid concerns it may spiral out control.

Asset Bubbles From Stocks to Bonds to Iron Ore Threaten China

The world’s second-largest economy is slowing. Easy credit and successive fiscal stimuli, designed to keep China aloft, mean it is awash in money that is chasing an increasingly small number of investment opportunities. China’s money supply has quadrupled since 2007, and the new cash is largely trapped inside the country by government capital controls.

China central bank injects $112.8 billion in October via policy tools

China's central bank injected a total of 763.71 billion yuan ($112.8 billion) via short- and medium-term liquidity tools in October, its data showed on Tuesday, as it seeks to support credit expansion and the economy.

Kuroda admits BoJ will not reach inflation target before term ends

The new forecast signals the BoJ is willing to tolerate slower progress without adding more stimulus and raises questions about the continuity of policy, because it may be necessary to continue Mr Kuroda’s massive monetary stimulus after he leaves office.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/2/16

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."

2 Comments

Nate's picture
Nate
Status: Platinum Member (Offline)
Joined: May 5 2009
Posts: 573
Something Strange Happened After a Car Bombing

http://www.liveleak.com/view?i=8d0_1478018838&fuck-reddit-censorship

ezlxq1949's picture
ezlxq1949
Status: Silver Member (Offline)
Joined: Apr 29 2009
Posts: 174
Who dunnit?

Who wrote the script? Organised the talent? Arranged the props?

And how often does this sort of theatre take place? Quite often it would seem.

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