Daily Digest

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Daily Digest 11/30 - Cash Drought Persists In India, PERS Predicament In Oregon

Wednesday, November 30, 2016, 10:08 AM


PERS Predicament: 'Oregonians are stuck with that bill. We have to fund those benefits'

"It's going to have a huge impact on the state," Bozievich said. "They're talking about possibly a 10 percent across-the-board cut to all state agencies."

2011 Pension Fixes in L.A., San Francisco Not Working

Instead of peaking in 2014, San Francisco pension costs in 2015-16 were $257 million — $42 million higher than expected. The total annual tab is now expected to be $390 million a year by 2019.

Kentucky’s public pension outlook weakens; debt grows to $32.6 billion

The primary KRS pension fund for state government employees has only 16 percent of the assets it’s expected to need to cover promised benefits, down from 17 percent in 2015. The chief KRS fund for local government employees has 59 percent of the assets it’s expected to need, down from 60 percent. The KRS fund for Kentucky State Police has 30 percent of the assets it’s expected to need, down from 33 percent.

Southeast Asia Currency Slide Inflates $20 Billion Debt Bill

The amount that the area’s companies, banks and governments must repay on dollar-denominated bonds will rise 8 percent next year to $19.7 billion, just as a slide in Asia’s currencies to the weakest this decade threatens to push up servicing costs on that debt.

Chance of Italy leaving euro zone hits four-year high: survey

An investor survey showed the chance of Italy leaving the euro zone over the next 12 months at 19.3 percent on Tuesday, the highest reading since the poll started in June 2012.

Demonetisation: Cash drought persists in metros; banks, ATMs in cities run dry as focus turns to rural India

Banks and automated teller machines in Delhi, Mumbai and elsewhere were strapped for cash on Monday as the supply of notes by the Reserve Bank of India continued to fall short of demand, leaving those awaiting the month-end payday filled with trepidation.

India’s largest bank demands compensation for cash deluge

As Indians flocked to deposit their obsolete notes some analysts thought that banks would respond by lowering lending rates. But the central bank, alarmed by the surge in banking sector liquidity, on Saturday ordered banks to transfer nearly half this amount to its cash reserve facility, which yields no interest.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/28/16

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."


saxplayer00o1's picture
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Warning: Debt party's over. Here comes the hangover

US to Forgive at Least $108 Billion in Student Debt in Coming Years

Wall Street Journal-4 hours ago
... Lending (Nov. 10). The overall government loan program—currently totaling $1.26 trillion of debt outstanding, including privately issued loans backed by the ...

Warning: Debt party's over. Here comes the hangover

NBC2 News - ‎20 hours ago‎
That's because the recent debt turmoil has coincided with a stronger U.S. dollar, which makes it harder for overseas borrowers to pay back dollar-denominated debt. SocGen estimates that dollar-denominated credit overseas has doubled to nearly $10 ...

Italy is having a referendum next week. It may spark a major European crisis.

Washington Post - ‎6 hours ago‎
Forty percent of the debt held by Italy's banks is troubled, while Italy's central bank has liabilities of more than €350 billion, and Italy's debt-to-GDP ratio will hit 133 percent by the end of this year. International markets are nervous — the ...

Why Italian Stability Is in the Hands of One Bank's Bondholders

Wall Street Journal - ‎2 hours ago‎
The insurer has pledged to swap the MPS junior debt it owns into new shares. That gives the bank a healthy €420 million ($445.5 million) step toward its unofficial target of getting €1 billion to €1.5 billion from this crucial first leg of a three-part ...

UK's amount owed on credit cards, loans and overdrafts totals £190 BILLION

Daily Mail - ‎14 hours ago‎
Gillian Guy of Citizens Advice said: 'As consumer credit growth hits an 11-year high people could be at risk of getting trapped in a debt bubble. Regulators need to see that rules are in place which allow people fair access to affordable credit while ...

Sydney property prices show no signs of slowing down

ABC Online-12 hours ago
Roger Montgomery, who runs the Montgomery Fund and manages over $1 billion worth of client funds, said the extraordinary amounts of debt Sydney-siders ...

China to tighten outbound investment in war on capital flight

TODAYonline - ‎19 hours ago‎
Inbound FDI exceeded outbound flows every quarter from 1998 until the midpoint of last year but China has reported FDI deficits for four of the past five quarters, including a record US$31 billion deficit in the third quarter of 2016. Despite the ...

Mayor: City may owe $45M more annually for pensions

WJXT Jacksonville-16 hours ago
Mayor Lenny Curry said Tuesday afternoon that he's learned the deficit on the city of Jacksonville's pension fund has been calculated using standards that seem ...

Report: School pension changes to cost $1.6B over 5 years

Detroit Free Press - ‎14 minutes ago‎
Total costs, including expected impacts on other pension plans, could total $1.6 billion to $3.8 billion over five years, the report said. However, moving to a defined contribution system "would eliminate the potential for future unfunded accrued ...
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Charlotte officer will NOT be charged, acted properly


But, but, we already had the riots!

No charges will be brought against Charlotte-Mecklenburg Police officer Brentley Vinson in the September shooting death of a man in University City, District Attorney Andrew Murray announced Wednesday.

Keith Lamont Scott, 43, was shot Sept. 20 in a confrontation with officers outside his apartment. 

“I’m extremely convinced that Mr. Vinson’s use of deadly force was lawful,” Murray said.

Evidence in the case shows that Scott stepped out of his SUV with a gun in his hand, Murray said, and ignored at least 10 commands from the five officers on the scene to drop it.

Murray said that Scott bought the gun – a Colt .380 semi-automatic that had been stolen in Gaston County – 18 days before the confrontation for $100. One bullet was found in the chamber of the cocked gun, the safety was off and Murray said Scott’s DNA was found on the grip and slide.

The person who sold the gun to Scott admitted to doing so when confronted by state and federal law enforcement, according to a prosecutor’s report on the shooting. “The seller said that Scott asked him to find him a weapon because he was having problems with his wife and her family, specifically his nephew,” the report said. 

Murray said that speculation in the community that Scott was unarmed – initial reports from a family member on Facebook said he was holding a book – were untrue.

“A reading book was not found in the front or back seats of Mr. Scott’s SUV,” Murray said.

Officer Vinson’s gun was examined after the shooting and four bullets were missing, Murray said. Analysts determined that the four shell casings found on the scene were fired from Vinson’s weapon. Guns taken from the other officers at the scene had not been fired, he said.

People who claimed on social media that they had seen the shooting and Scott was unarmed were later found to be in error – three people who’d made the claim told State Bureau of Investigation agents in interviews that they hadn’t actually seen the shooting.

Murray said he ran the evidence in the case past 15 veteran prosecutors in his office and they were unanimous in their recommendation that there was insufficient evidence to charge Vinson in the case. 

In the aftermath of Scott’s death, Charlotte was roiled by two nights of rioting and nearly a week of street demonstrations. After street violence, dozens of arrests and the death of one man in uptown, Gov. Pat McCrory declared a state of emergency.

CMPD was the original agency investigating Scott’s shooting, but the State Bureau of Investigation took over when his wife, Rakeyia Scott, exercised her right under N.C. law to have the independent agency do the inquiry.

Scott, father of seven, the son of a police detective and a former shopping mall security officer, suffered from traumatic brain injury sustained during a motorcycle crash in South Carolina in November 2015. 

Medical records obtained during the SBI inquiry showed that Scott had difficulties with aggression and anger management. 

“Scott was battling an array of psychiatric disorders, including depression, anxiety, hallucinations and paranoia,” the report said. “Two weeks prior to his death, Rakeyia Scott told her husband’s therapist that his temper and impatience had increased, and as she stated, ‘something has to give.’” 

Scott was a convicted felon who was sentenced in 2005 to seven years in Texas for aggravated assault with a deadly weapon. 

City’s reaction

After Murray’s announcement, the city of Charlotte released a statement:

“We recognize that for some members of our community, this news will be met with different reactions. No matter where you stand on the issue, the events surrounding the Scott shooting have forever changed our community, and we intend to learn from and build a stronger Charlotte because of it,” the statement said.

“The city is committed to continuing its work with the community to preserve safety, trust and accountability.”

Charlotte-Mecklenburg Police were put on alert for the city’s reaction to the announcement. 

All the department’s specialized units, including its riot squad, were mobilized. CMPD’s command center, which was used during the 2012 Democratic Convention and other high-profile events, also was activated. 

Officers were notified that they may have to work 12-hour shifts. 

Murray met Wednesday morning with Scott’s wife, Rakeyia Scott, and Charles Monnett, an attorney representing the family. “The family was very gracious,” he said.

Monnet and other attorneys representing the family said that CMPD’s handling of the confrontation was flawed. 

“We believe this situation....could have ended with everyone alive,” Monnet said. “We look forward someday to obtaining justice for this family.”

He also said it still wasn’t clear whether officers had been properly trained or followed departmental policy when they confronted Scott.

Murray’s account

Murray said that rumors and social media reports about the case did not stand up to scrutiny, among them: That Scott was unarmed, that he was holding a book not a gun, that he didn’t own a weapon, that other officers at the scene shot Scott besides Vinson.

Rakeyia Scott gave statements after the shooting, Murray said, that her husband did not have a gun. She has maintained that he did not have a firearm after January 2016, though Murray said the two had quarreled over text messages in the weeks before the shooting about his gun.

In all, 63 SBI agents were assigned to the investigation, about a quarter of the agency’s force, Murray said.

In laying out a timeline of the case, he said officers were staked out in the parking lot of Scott’s apartment complex looking for a suspect in an unrelated case. They saw Scott pull in, then leave.

Murray then showed a surveillance video from a nearby 7-Eleven store of Scott walking in. Murray said there was a bulge clearly visible at the right ankle where Scott holstered his gun.

Then, Murray said, Scott returned to the parking lot next to the officers, hollowed the tobacco out of a cigarello and began stuffing what appeared to be marijuana into it from a pill bottle.

Only when Vinson saw Scott hold up a semi-automatic pistol did officers decide to confront him, Murray said. Vinson and another officer drove away, put on tactical vests labeled “Police” and called for other officers to help them and a marked police SUV with a uniformed officer.

When they arrived, they blocked Scott’s SUV and called upon him to come out, then told him at least 10 times to drop the gun, Murray said.

“Mr. Scott did not comply with those commands,” Murray said. 

Scott held the gun in his hand, though he didn’t raise it, Murray said. Officers said in interviews with investigators that Scott appeared to have a blank stare and was in a trance-like state, Murray said.

When Scott fell, the gun landed near his waist and one of the officers pushed it away from him, then stood over it, Murray said. 

Gun is key fact

Robert Taylor, a professor of criminology at the University of Texas at Dallas and a former police officer in Portland, Ore, said clearing Vinson of any criminal wrongdoing in the shooting was an easy call.

A person with a gun under those circumstances, represents a danger to officers and the public, Taylor said. 

“This is pretty cut and dry,” he said. 

Taylor said CMPD likely intensified public outcry by initially refusing released video footage that captured the confrontation. Given the outrage in recent years about police use of force, Taylor said, it remains baffling why CMPD didn’t make the video public sooner. 

CMPD said at the time that it was holding off on releasing the video until the State Bureau of Investigation had interviewed all witnesses.

thc0655's picture
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Joined: Apr 27 2010
Posts: 1707
History on Mnuchin. Ugh!


While I’m not a Dodd-Frank fan, it’s not because it was too harsh, but because it didn’t really do much of anything. It was the typical neoliberal bait and switch, designed to look tough for public consumption, while merely making tweaks around the edges of a financial system that requires systemic, paradigm level change.

Trump’s support of repealing Dodd-Frank tells you all you need to know. A Trump Presidency will see Wall Street felons who should be in prison, running as wild and free as ever.

He will be the same thing to distressed working class whites that Obama was to the black community. A fake messiah and a shyster.

– From May’s post: Donald Trump’s True Colors Emerge as He Snuggles up to Wall Street

The fact that Steve Mnuchin was a Goldman Sachs partner is the least of my concerns when it comes to the man. Indeed, if someone wanted to create a playing card deck of sleazy Wall Street financial crisis opportunists, it’d be hard not to include Steve Mnuchin.

What exactly am I talking about? Specifically, I’m referring to the collapse of IndyMac (renamed One West), and the generous helping of government welfare Mnuchin and his partners received upon purchasing the failed banking institution. This is a financial crisis saga that is unknown to most, despite having received some extensive coverage over the past year. One of the best articles on the topic was written by David Dayen in his piece, Donald Trump’s Finance Chair Is the Anti-Populist From Hell. Here are a few excerpts:

Donald Trump’s first major staff selection since securing the Republican nomination, national finance chairman Steven Mnuchin, co-founded and manages the hedge fund Dune Capital. Not only did he make partner at Goldman Sachs, so did his father in the 1960s. With over 30 years of experience at the top levels of finance, Mnuchin was present for every recent major banking innovation, including those that brought the country to the brink of economic collapse.

Mnuchin’s presence in the campaign reveals how the qualities Trump loyalists projected on their hero don’t measure up to the truth. They have venerated him throughout the Republican primary for rejecting the dirty business of pay-to-play politics, and for populist vows to protect the ordinary worker. But in selecting Mnuchin, not only has Trump submitted to the realities of presidential campaign finance; he’s chosen one of the most notorious bankers in America to carry it out.

There's much more, if you have the stomach for it.

TechGuy's picture
Status: Gold Member (Offline)
Joined: Oct 13 2008
Posts: 453
Re: History on Mnuchin. Ugh!

Peter Schiff has has a very critical pod cast about Mnuchin:

Ep. 213: QE4 Is Going To Be Huge [Peter Schiff] 

I was afraid the Trump would reneg. on his campaign promise to drain the swamp in Washington. Its not just about poor choice for the The Secy of the Treasury, but for Secy of the State (likely Petraeus or Romney), Sarah Palin for VA, etc.

It appears Trump is also back tracking on Tax cuts. Its appears that effective tax rates will go up for everyone. as the marginal rates will remain nearly unchanged, and deductions will be capped or eliminated. Hopefully he will stick with promise to heal relations with Russia. 

FYI: it appears the risk to WW3 continue to grow:

Turkey Invades Syria to “Remove Bashar al-Assad”


Ukraine Plans Missile Drills Near Crimea


Congress passes the Caesar Syria Civilian Protection Act of 2016


Nato puts 300000 ground troops on 'high alert'  [November 7]


Israeli planes bomb targets inside Lebanon and Syria



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