Daily Digest

Image by sgryjp, Flickr Creative Commons

Daily Digest 1/18 - Italy's Credit Rating Cut, Central Bank Normalization Isn’t as We Know It

Wednesday, January 18, 2017, 10:40 AM

Economy

IRS letters warn millions about health insurance penalty

The penalty for this year could be $2,085 or more, depending on family size and income, says one draft version of the IRS letter. Another draft takes a somewhat different approach, leaving a blank space for the IRS to provide an individualized estimate of what the particular uninsured taxpayer might owe.

Italians’ Public-Debt Load Up 2,617 Euros Each on Renzi Miss

Under Matteo Renzi, Italy’s public debt load rose by 2,617 euros ($2,775) per person, despite his promise to cut the amount for the sake of future generations.

ECB prints money at record pace amid bank bonds bonanza

The European Central Bank bought a record-breaking €24.7 billion worth of debt last week, taking advantage of a bumper supply of bank bonds to boost its economic stimulus programme.

Brazil to Revise Growth Figures After IMF Slashed Outlook

Brazil will revise its 2017 growth estimate after the International Monetary Fund more than halved its forecast to near-stagnation, Finance Minister Henrique Meirelles said in Davos.

Central Bank Normalization Isn’t as We Know It, Davos Panel Says

“The expansionary policies of Japan and the ECB more than outweigh the reluctant tightening of the Fed,” said Weber, a former European Central Bank official. “Monetary-policy normalization is not going to happen. You’re going to more likely see the Fed at some point smooth the pace out and move less on interest rates.”

IMF Slashes Saudi Arabia Growth Forecast on Lower Oil Output

Saudi Arabia estimates growth fell to 1.4 percent in 2016, the lowest since the recession in 2009, as it cut spending by suspending bonuses for public employees and reducing ministers’ salaries. The government has also raised the cost of fuel, and plans to introduce value-added taxes and fees on expatriate workers.

DBRS cuts Italy's credit rating, posing problems for its banks

Italy's public debt, at around 133 percent of national output, is the highest in the euro zone after Greece's. DBRS put Italy's rating under review with negative implications in August, citing political uncertainty around a referendum held in December, pressure on banks, economic weakness and a less stable external environment.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/17/17

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."

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4145
Federal watchdog: US government spending "unsustainable"

Federal watchdog: US government spending "unsustainable"

CBS News - ‎19 hours ago‎
30), with U.S. debt held by the public at about $14.2 trillion. “These figures are only expected to grow,” the report said. The primary causes are growing spending on entitlements -- Social Security, Medicare and Medicaid, largely due to the population ...

Japan seen missing debt reduction target for fiscal 2018

Nikkei Asian Review-20 hours ago
The deficit will likely top 6 trillion yen ($53 billion) in fiscal 2020 under the latest calculation, up from 5.5 trillion yen in July's estimate. Lower-than-expected tax ...

EU asks Italy to cut its budget deficit

MarketWatch-7 hours ago
The EU introduced stricter fiscal rules for countries using the euro in 2013 as a response to the sovereign-debt crisis, which had put the future of the Euro Zone at ...

China's Central Bank Pumps Out a Record $60 Billion Before Holidays

Bloomberg - ‎8 hours ago‎
China's benchmark money-market rate jumped the most in two years, with record central bank cash injections being overwhelmed by demand before the Lunar New Year holidays. The People's Bank of China put in a net 410 billion yuan ($60 billion) through ...

No crisis yet in China's debt-clogged banks, says S&P

Telegraph.co.uk-2 hours ago
China's debt-sodden banks are expected to avoid a full-blown crisis this year, ... China's banks extended a record 12.56 trillion yuan (£1.5 trillion) of loans in ...

POLL-Nigeria likely to devalue naira this year, central bank on hold

Nasdaq-5 hours ago
That expectation by seven of the nine economists polled this week comes even though Central Bank Governor Godwin Emefiele has said he would not devalue ...

Central Bank of Nigeria bans transaction in bitcoins, onecoin, others

NAIJ.COM - ‎2 hours ago‎
The Central Bank therefore advised banks to ensure that they do not use, hold, and transact in virtual currencies. CBN also warned the banks to ensure that existing customers that are virtual currency exchangers have effective AML/CFT controls that ...

Nigeria: 2017 - 7 Banks May Seek Merger Over Worsening Liquidity

AllAfrica.com-3 hours ago
LEADERSHIP recalls that a director of the Monetary Policy Department at the Central Bank of Nigeria (CBN), Dr Moses Tule, while delivering a lecture at the ...

Inflation picks up across the eurozone

MarketWatch - ‎4 hours ago‎
Although the European Central Bank focuses on developments in the eurozone as a whole, the spread of inflation will likely reinforce its view that the threat of deflation has diminished significantly, which is one of the reasons policy makers gave for ...

Australia Sells A$9.3 Billion of Bonds in Biggest-Ever Sale

Bloomberg-11 hours ago
Australia's government sold A$9.3 billion ($7 billion) of notes maturing in ... 2017 bonds and A$2.41 billion of January 2018 debt in conjunction with the deal.

 

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1886
Andy Borowitz on Trump

I have come back to this facebook post repeatedly to think about it.  The rhetorical mechanism used is clever and brilliantly delivered.  The real message is the assumption that hides (slightly) behind the actual statement.  You have to stop and think for a moment to realize what has just been done.

Though I see things differently, my hat is off to the brilliance of this presentation.

I'm more with CHS here and here

Uncletommy's picture
Uncletommy
Status: Platinum Member (Offline)
Joined: May 4 2014
Posts: 570
History lesson time

Forget talking to economists; review what geologists look at. Only a year old, but well worth time.

 

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 740
perhaps if the Dems had Listened to the Trump supporters

rather than Talking to them....from a position of superiority....would they have listened better then?

Being condescending and superior is not a great strategy for winning hearts and minds. Or when you want someone to vote for your candidate. Take it from me it is one of the bigger problems in other movements that are near and dear to my heart and a mistake that is also near and dear to me (meaning one I have committed many times over the years of armchair activism)

Listen and learn. Then maybe educate? Don't know. 

I think Talking Down to the voting base was the democratic party's biggest mistake of all this election.  

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4145
$1.9 billion error adds to California deficit projection

 

$1.9 billion error adds to California deficit projection

Merced Sun-Star - ‎15 hours ago‎
FILE--In this Jan. 10, 2017, file photo, California Gov. Jerry Brown discusses his 2017-2018 state budget plan in Sacramento, Calif. Brown's administration miscalculated costs for the state Medi-Cal program by $1.9 billion last year, an oversight that ...

Illinois' 'Grand Bargain' Adds Two-Billion More In Unpaid Bills

WIBQ - ‎1 hour ago‎
Governor Rauner's budget office and House Republicans yesterday both said the package of taxes and potential reforms could add almost two-and-a-half-billion dollars to the state's deficit. The plan in the Illinois Senate is seen as the starting point ...

Senate budget's 'work in progress' includes filling $4.3B hole

Chicago Sun-Times - ‎15 hours ago‎
The analysis found revenues and spending outlined in the plan would lead to a budget deficit in fiscal year 2017 — which began on July 1, 2016 — of $4.3 billion. That deficit is largely due to spending at court ordered levels that exceeded revenues ...

China's Holdings of U.S. Treasuries Drop by Most Since 2011

Bloomberg-18 hours ago
China's holdings of U.S. Treasuries declined in November for a sixth straight month, as the world's second-largest economy uses its foreign-exchange reserves ...

ECB keeps stimulus on high even as economy picks up

The Seattle Times - ‎3 hours ago‎
The ECB's stimulus includes a benchmark interest rate of zero on money it loans to banks. It also has imposed an extraordinary negative interest rate of minus 0.4 percent on deposits it takes from commercial banks, a step aimed a pushing them to lend ...

How Unfunded Pensions Almost Sank Houston

CityLab - ‎22 hours ago‎
Taken together, the four largest cities in Texas—Houston, Dallas, Austin, and San Antonio—owe more than $22 billion in pension shortfalls. Dallas and Houston rank second and fourth, respectively, on the list of cities nationwide with the largest ...

New Warning About Troubled Dallas Police & Fire Pension Fund

CBS Local - ‎12 hours ago‎
DALLAS (CBS11) – Dallas' chief financial officer Elizabeth Reich warned city council members the Police and Fire Pension Fund could run out of money in five to seven years, not ten years as first projected. Reich blamed part of a new plan approved by ...

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments