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Daily Digest 8/9 - Chicago OT Costs 'Out Of Control,' Consumers' Total Debt Climbs To Record

Wednesday, August 9, 2017, 10:22 AM

Economy


Large employers say health plans will cost more than $14,000 for an employee in 2018

The average 5 percent hike is modest in comparison to the double-digit premium increases that insurers that sell plans in the Affordable Care Act marketplaces have been requesting, citing the financial challenges of the marketplace and threats by the White House to discontinue federal subsidies.
"It’s the fifth year in a row that employers are saying their costs will rise 5 percent.

Chicago’s Overtime Costs ‘Out Of Control’

Chicago’s overtime costs are out of control, according to a budget watchdog who says, last year, the city had 1,000 employees who made more than $40,000 in overtime.

Venezuela inches closer to default

Beyond sanctions, Venezuela's economy continues to spiral our of control. The unofficial exchange rate that most Venezuelans use has more than doubled since late July. Inflation is expected to soar 720% this year and and over 2,000% next year, according to the International Monetary Fund.

Comptroller Says Governor is Stalling on Bill Backlog Borrowing (Illinois)

The bill backlog – which is separate from the deficit and unfunded pension liability – ballooned to $15 billion, even during the two years Illinois spent without a budget (That amount that translates to more than $1,000 per resident).

Pension deficits: have bean counters got the sums wrong? (UK)

In 2007 FTSE 100 companies had a collective £12 billion pension surplus, but fast-forward to 2017 and this has turned into a £17 billion deficit, despite the £150 billion of contributions.
Pension liabilities now stand at £625 billion, up more than 85% from £336 billion in 2007.

ECB stretches bond-buying rules with oversized Italian purchases

It is a hotly debated issue as the ECB prepares to decide whether to extend the 2.3 trillion euros ($2.71 trillion)programme into 2018, with analysts speculating it would have to wind it down, ease the rules or face running out of bonds to buy.

AP EXPLAINS: Daunting budget deadlines loom for government

The government hit its borrowing cap in March, but Treasury Secretary Steven Mnuchin has been using a well-worn set of accounting moves to free up cash. Nevertheless, Mnuchin says the debt ceiling needs to be raised by Sept. 29 to avert the risk of a first-ever U.S. default.

U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis

Outstanding card loans reached $1.02 trillion in June, data from the Federal Reserve show, as lenders including Citigroup Inc. and JPMorgan Chase & Co. compete to sign up cardholders who may carry balances -- a relatively lucrative business in a prolonged period of low interest rates.

Consumers' total debt climbs to a fresh record

Still, the June increase brought overall consumer credit -- not including mortgages or other debt secured by real estate, including home-equity loans -- to a fresh record of $3.86 trillion.
In addition, the total for the category of "revolving debt," primarily credit card balances also hit a new record high of $1.027 trillion.

The Fed’s economic ‘experiment’ isn’t over, KC Fed’s Esther George says

“This was an experiment from the start. Unwinding it will be an experiment as well,” George said.
George is one of 12 regional Fed presidents that help set the central bank’s monetary policy. She had dissented regularly as the Fed engaged in quantitative easing during 2013. She also had said the Fed was late to start raising interest rates with its first increase in December 2015 and advocated for additional increases.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/8/17

Provided daily by the Peak Prosperity Gold & Silver Group

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8 Comments

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1662
Who is behind the 'Weapon of Mass Migration' in Europe?

I have been reading Kevin MacDonald, the California State University psychology professor who has spent a career reviewing and analyzing Jewish social activism (Culture of Critique and Understanding Jewish Influence).  Also, The Zionist Power Configuration of James Petras, Against Our Better Judgment of Alison Weir, and others.

I was happy to come across this piece in the Daily Westerner last week on who is behind the mass migrations damaging Europe.

Know Your Enemy:  The Jewish Origins of the Open Borders Movement.

This piece does an excellent job documenting the specific thought leaders and financiers behind the Open Borders movement.  If you would like to learn the specific names of the people underpinning mass migrations, this piece will give a starting place.

---------------------------

My attention for the first time came to "the Jewish topic" about 18 months ago when I became convinced that the 9/11 false flag was most likely a joint operation shared between the Mossad and the US Deep State, patterned similarly to the attack on the USS Liberty in 1967, a false-flag that appears intended to bring the US military into the service of Israel's war with Egypt.  I started to notice the Neoconservative group behind the middle-eastern wars, influence in media and film, and government policy.  I was most perplexed by the disconnect between the liberal attitudes of my Jewish friends and their silence on race-based atrocities being committed in the West Bank and Gaza!  They would speak in outrage about the KKK and not mention Palestine!

Israelis watch Gaza bombing

 

I have been struggling, sometimes floundering, to understand how this powerful and influential group works.  It is my impression that one cannot understand world affairs without deeply examining the beliefs, goals and methods of the Jewish peoples.  

Kevin MacDonald's writing had emerged very strongly in my thinking about how all of this works.  He begins Understanding Jewish Influence with these words.

Beginning in the ancient world, Jewish populations have repeatedly attained a position of power and influence within Western societies. I will discuss Jewish background traits conducive to influence: ethnocentrism, intelligence and wealth, psychological intensity, aggressiveness, with most of the focus on ethnocentrism. I discuss Jewish ethnocentrism in its historical, anthropological, and evolutionary context and in its relation to three critical psychological processes: moral particularism, self-deception, and the powerful Jewish tendency to coalesce into exclusionary, authoritarian groups under conditions of perceived threat.

Jewish populations have always had enormous effects on the societies in which they reside because of several qualities that are central to Judaism as a group evolutionary strategy: First and foremost, Jews are ethnocentric and able to cooperate in highly organized, cohesive, and effective groups. Also important is high intelligence, including the usefulness of intelligence in attaining wealth, prominence in the media, and eminence in the academic world and the legal profession.... [These] result in Jews being able to produce formidable, effective groups—groups able to have powerful, transformative effects on the peoples they live among. In the modern world, these traits influence the academic world and the world of mainstream and elite media, thus amplifying Jewish effectiveness compared with traditional societies. However, Jews have repeatedly become an elite and powerful group in societies in which they reside in sufficient numbers. It is remarkable that Jews, usually as a tiny minority, have been central to a long list of historical events.

...

II.   Jews are Intelligent (and Wealthy)

The vast majority of U.S. Jews are Ashkenazi Jews. This is a very intelligent group, with an average IQ of approximately 115 and verbal IQ considerably higher.59 Since verbal IQ is the best predictor of occupational success and upward mobility in contemporary societies,60 it is not surprising that Jews are an elite group in the United States. Frank Salter has showed that on issues of concern to the Jewish community (Israel, immigration, ethnic policy in general), Jewish groups have four times the influence of European Americans despite representing approximately 2.5% of the population.61 Recent data indicate that Jewish per capita income in the U.S. is almost double that of non-Jews, a bigger difference than the black-white income gap.62 Although Jews make up less than 3% of the population, they constitute more than a quarter of the people on the Forbes list of the richest four hundred Americans. Jews constitute 45% of the top forty of the Forbes 400 richest Americans. Fully one-third of all American multimillionaires are Jewish. The percentage of Jewish households with income greater than $50,000 is double that of non-Jews; on the other hand, the percentage of Jewish households with income less than $20,000 is half that of non-Jews. Twenty percent of professors at leading universities are Jewish, and 40% of partners in leading New York and Washington D.C. law firms are Jewish.63

In 1996, there were  approximately three hundred (300) national Jewish organizations in the United States, with a combined budget estimated in the range of $6 billion—a sum greater than the gross national product of half the members of the United Nations.64 For example, in 2001 the ADL claimed an annual budget of over $50,000,000.65 There is also a critical mass of very wealthy Jews who are actively involved in funding Jewish causes.

mntnhousepermi's picture
mntnhousepermi
Status: Silver Member (Offline)
Joined: Feb 19 2016
Posts: 124
cant go a day without jew bashing can you ?

Not even related in anyway, whatso ever, with todays topics

Bankers Slave's picture
Bankers Slave
Status: Platinum Member (Offline)
Joined: Jul 26 2012
Posts: 513
Facts not bashing!

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1662
I would hope that the Jewish PP Community would engage with this

There is no value what-so-ever in looking at this topic through the "pro-our-group versus anti-our-group" filter. 

In fact, it is exactly this filter (the BLUE Meme filter) that is the topic of discussion.

Charlottesville, Virginia has its own BLUE Meme drama this weekend.   City officials removed a statue of Robert E. Lee, a Virginian, from the park because it symbolized racism.  The KKK from North Carolina and other states are gathering here to protest on Saturday.  Counter protests of people opposed to racism are also gathering by the thousands.  The plan is to walk around, carry signs, yell, maybe throw a few rocks, run away from teargas canisters and maybe even shoot and be shot.   The police and trauma systems are on alert.  Additional OR crews, surgeons, orthopedics and ER doctors, nurses, are staying in the hospital for the weekend.  The blood bank has requested packed cells from neighboring counties.  Nothing but injuries will result.  It is Us vs Them.  A classic BLUE vs GREEN confrontation.  Each morally in the right.   And each going to fight for what is right!!  Because silence is acquiescence and we will never surrender!

I know for a fact that PP has many thinkers capable of handling the complexity and multiple perspectives needed to look at a multi-faceted situation, and to look at one's own inconsistencies.  To be capable of this kind of perspective is termed 'YELLOW Meme thinking' in Spiral Dynamics.

What do the Jewish members think about a group making up 2.5% of the US population yet comprising 45% of the Forbes 400 richest Americans.  How does this work?  I am not shaming and blaming.  I just want to understand how it works.  What do you see?

Or the liberal Jewish thinkers who are uneasy about Palestine (in private) but don't dare say so in public fearing ostracism for disloyalty to in-group?  Phil Weiss uses the term PEP, Progressive Except on Palestine.

And the Neoconservatives, who make up a minority of Jewish people, but are clearly Jewish in origin and acting in in pursuit of "the interests of Israel and the Jews."  They continue to push for global war.

I would like to request the many fine, high integrity and smart, Jewish people here to articulate what they see and understand.  How does this work?

 

robie robinson's picture
robie robinson
Status: Diamond Member (Offline)
Joined: Aug 25 2009
Posts: 1133
William Ewer?

How odd of God to choose the Jews. 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4010
Chicago touts new debt structure aimed at saving money

Junk Yields Lining Up With Treasuries Sign of Bubble for BofA

Bloomberg-2 hours ago
When Alan Greenspan warned about a bond bubble in a recent interview, ... grist for worry looking at the average rates of euro-denominated debt rated 'BB.'.
 

In Debt We Trust for US Consumers With $12.7 Trillion Burden

Bloomberg-4 hours ago
Household debt outstanding -- everything from mortgages to credit cards to car loans -- reached $12.7 trillion in the first quarter, surpassing the previous peak in ...

Chicago touts new debt structure aimed at saving money

Reuters-15 hours ago
A chronic structural budget deficit and a huge unfunded pension liability that totaled $35.76 billion at the end of 2016 have pushed the city's general obligation ...

3 Orange County cities among state's 25 in paying pensions of more ...

OCRegister-13 hours ago
Local cities described pension debt as a big and growing hurdle. “Our unfunded pension liability is among our most challenging fiscal issues,” Newport Beach ...

 

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2720
Good book out

Did you know that Israel did 9/11?

An interesting read. Now available at Amazon.com.

 

 

Luke Moffat's picture
Luke Moffat
Status: Gold Member (Offline)
Joined: Jan 25 2014
Posts: 351
Incorrect Lexicon

T2H,

A minor correction that makes a lot of difference,

"The War of Terror".

Cheers,

Luke

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