Daily Digest

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Daily Digest 12/19 - IMF Chief Found Guilty of Negligence, Countdown To Shale Disaster

Monday, December 19, 2016, 11:01 AM

Economy

Maduro Halts Cash Ban Amid "International Sabotage" Conspiracy Theory; Blames Obama, US Treasury (reflector)

It may not have seemed possible, but Venezuela has managed to further torpedo its economy over the course of a single week as the government’s ham-fisted monetary policies wreak havoc. With the country battling shortages, debt, rapid inflation, and economic collapse, the government has become increasingly disconnected from reality. The latest example came on Tuesday when Interior Minister Nestor Reverol announced that the government was removing its 100 bolivar notes from circulation. While similar efforts have recently occurred elsewhere – such as in India – the fact that Caracas only gave the populace a 72-hour notice was shocking.

Christine Lagarde, I.M.F. Chief, Is Found Guilty of Negligence (jdargis)

The case against Ms. Lagarde centered on Bernard Tapie, a former entertainer and owner of Adidas who had previously been jailed on corruption charges. Mr. Tapie accused the lender Crédit Lyonnais, in which the French state had a stake at the time, of cheating him when it oversaw the sale of his share in the sportswear empire in 1993. Years of costly legal battles ensued.

The Biggest Boom To Hit The Dow (Tiffany D.)

This spending creates huge economic growth because buying a house means business for bankers, neighborhood hardware stores, home-goods retailers, contractors and so many other businesses. And this spending keeps going through the upgrading of homes or selling the first house to buy a newer, bigger one.

Now, the reason that I’m so confident that I can tell you that the Dow is going up to 50,000 and beyond is because of two things.

Elon Musk hates sitting in traffic, says he’s going to build tunnels (jdargis)

Over the weekend, probably while sitting in traffic behind the wheel of an autonomous Tesla, Musk tweeted: "Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging." An hour later, probably while still sitting in traffic, giving him plenty of time to think of a witty pun, he declared: "It shall be called 'The Boring Company.' Boring, it's what we do."

U.S. Shale Gas Industry: Countdown To Disaster (reflector)

As we can see in the table above, Chesapeake Energy is completely in the RED as it pertains to free cash flow or real profits since 2006. This is quite an amazing accomplishment from the second largest natural gas producer in the country. You would think, being BIG would guarantee profits. I gather someone forgot to tell Chesapeake’s management the important financial tidbit called, “Economies of scale.”

Why Owning Your Own Farm Isn't Necessarily a Ticket for Financial Well-Being (Don R.)

There’s plenty of money in food. It’s just not getting to the farmers. Vermont’s dairy industry, for example, is dominated by two well-known corporate giants: Ben & Jerry’s and Cabot Creamery. Last year, Ben & Jerry’s grossed around $600 million and Cabot and its parent, Agri-Mark, grossed nearly a billion dollars. Both have bragged in financial reports about how well they’re doing, with increased executive pay and all kinds of bells and whistles for the office set. Ben & Jerry’s makes so much money that they have a foundation to give some of it away.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/15/16

Provided daily by the Peak Prosperity Gold & Silver Group

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3 Comments

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 269
What Is Left To Go Before The Great Reset?

 

i've said before that i believe that trump is a bankruptcy administrator put in charge to navigate a bankrupt nation through bankruptcy proceedings, it sounds like jim sinclair might agree with my assessment.

from http://www.jsmineset.com/2016/12/19/what-is-left-to-go-before-the-great-... :

"Please keep in mind that President Elect Trump is a proven master at the use of bankruptcy in business to set a foundation upon which a going concern can replace the previous failed entity or system of operation of the entity."

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4147
Dallas' pension woes are actually worse than you think

Dallas' pension woes are actually worse than you think

Dallas News (blog)-2 hours ago
Dallas holds more than $3.3 billion in debt for the Police and Fire Pension System, while the Employees' Retirement Fund for other municipal workers has ...

Interest payments could become one of the federal govt's biggest line items

CNBC - ‎4 hours ago‎
As the biggest borrower on the planet, the U.S. government will soon begin paying more to investors holding roughly $14 trillion in Treasury debt. Over the next 10 years, those interest payments are projected to become one of the biggest line items in ...

Japan eyes record spending, less new debt in financial year 2017 ...

The Fiscal Times-17 hours ago
TOKYO (Reuters) - Japan's government plans an initial budget of a record 97.45 trillion yen ($830 billion) for fiscal 2017, while keeping new debt issuance just ...

Italy Paves Way for a $21 Billion Rescue Plan for Ailing Banks

Bloomberg-25 minutes ago
At 2.23 trillion euros, Italy's public debt is already the second-biggest after Greece as a percentage of gross domestic product and the fragility of the country's ...

Puerto Rico Warns of $2 Billion Deficit If Forced to Pay Debts

Bloomberg-1 hour ago

The commonwealth projects that it will have a deficit of at least $2 billion in the year ending June 30 unless a debt-moratorium law is kept in place, according to a .

Singapore bond market faces S$22bn refinancing bill

Reuters-19 hours ago
SINGAPORE, Dec 19 (IFR) - Singapore dollar bonds worth S$22 billion ($15.5 billion) are callable or due to mature next year, exposing issuers and investors to ...

Australia Sees Wider Budget Deficit; Cuts Growth Outlook

RTT News-16 hours ago
The budget deficit was expected to be around A$10 billion higher than forecast in ... The government projected net debt to peak at 19 percent of GDP in 2018-19 ...

Global corporate defaults hit 150 for 2016, most since financial crisis

Reuters UK-6 hours ago

Of the 150 defaulters so far in 2016, 56 issuers defaulted because of missed principal/interest/coupon payments, 40 due to distressed debt exchanges and 18 ..

Pa. school districts brace for higher pension costs

Allentown Morning Call-22 hours ago
Pennsylvania school districts are bracing for rising pension costs that ... Williams said the pension system is striving to pay down an unfunded liability that ...

 

SagerXX's picture
SagerXX
Status: Diamond Member (Offline)
Joined: Feb 11 2009
Posts: 2237
What Is Left To Go Before The Great Reset?

All that sweet sweet IRA/401-k/etc. money has to get hoovered up before the reset.  TPTB will offer "Freedom Bonds" or something in lieu of the contents of folks' retirement accounts but the "purchases" will be mandatory and once those trillions have been looted then I think we can get on with the Great Reset in earnest.  

Which is why I believe that keeping your financial assets locked up in 1s and 0s in the account ledgers of TBTF banks is sheer insanity.  Assets inside TPTB's game are no assets at all.  They are evanescent phantoms.  

Physical health, physical assets, social capital and knowledge/skills.  My mantra.

One man's opinion.

VIVA -- Sager

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