Daily Digest

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Daily Digest 10/2 - Global Retirement Reality, Chicago's Bankruptcy Boom

Monday, October 2, 2017, 10:18 AM

Economy

Spain, Catalonia headed for showdown over independence vote; parents occupy schools to control polling places (tmn)

Spain's Constitutional Court suspended the independence vote more than three weeks ago and the national government calls it illegal. Police have been ordered to stop ballots from being cast on Sunday and have been cracking down for days, confiscating millions of ballots and posters.

Catalonia’s Independence Vote Descends Into Chaos and Clashes (jdargis)

Despite the violence, Prime Minister Mariano Rajoy, at a news conference Sunday evening, characterized the police actions as the response of “a mature, advanced, friendly and tolerant democracy — but also a firm and determined one.”

Gold Price Will Explode When System Breaks – Gordon Long (pinecarr)

Long says the stock market hitting one all-time high after another, despite all the economic headwinds, shows the public is in a “delusional phase.” The latest nuclear war threat from North Korea shows the extreme delusion going on, and Long contends, “This is about as clear of an example as you are going to get. This is more serious than the Cuban Missile Crisis, and the fact the market has not even blinked during this tells you we no longer know how to price risk. It’s not being priced correctly. . . . It’s almost pure speculation at this point, and maybe straight out gambling.”

As Scrutiny Of Social Networks Grows, Influence Attacks Continue In Real Time (Jen H.)

Moscow's intelligence agencies not only used secret cyberattacks to steal and leak information, as the U.S. intelligence community concluded. The Russians also openly bought ads on Facebook aimed at amplifying the most controversial issues in American political life — including abortion, guns and LGBT issues — and used fake accounts to spread disinformation and even organize real-life rallies.

Chicago's Bankruptcy Boom (jdargis)

In our analysis, we note that the rise in Chapter 13 filings has mainly been driven by black, low-income debtors unable to pay tickets owed to the City of Chicago. By filing under Chapter 13, these people are trying to keep their cars or licenses. Chapter 13 stops seizures and suspensions as long as debtors can keep up payments, but the data shows that most can’t. We also found that the Semrad Law Firm, also known as DebtStoppers, played an outsized role. The firm’s clients are largely black and overwhelmingly file under Chapter 13. From 2012 through 2015, DebtStoppers accounted for about 40 percent of Chapter 13 filings by debtors who lived in mostly black areas.

Global Retirement Reality (Nate)

I wrote a letter last June titled “Can You Afford to Reach 100?” Your answer may well be “Yes;” but, if so, you are one of the few. The World Economic Forum study I cited in that letter looked at six developed countries (the US, UK, Netherlands, Japan, Australia, and Canada) and two emerging markets (China and India) and found that by 2050 these countries will face a total savings shortfall of $400 trillion. That’s how much more is needed to ensure that future retirees will receive 70% of their working income. This staggering figure doesn’t even include most of Europe.

Facebook Blocks Chinese Billionaire Who Tells Tales of Corruption (jdargis)

China has taken several steps in recent months to clamp down on public discourse ahead of a major Communist Party gathering scheduled to take place this month. President Xi Jinping, the party’s top leader, is widely expected to use the meeting to cement his power and to make personnel changes that could have wide repercussions in coming years. Chinese leaders, who prize stability above all else, want the meeting to go off without a hitch.

Nestlé pays $200 a year to bottle water near Flint – where water is undrinkable (jdargis)

But just two hours away, in the tiny town of Evart, creeks lined by wildflowers run with clear water. The town is so small, the fairground, McDonald’s, high school and church are all within a block. But in a town of only 1,503 people, there are a dozen wells pumping water from the underground aquifer. This is where the beverage giant Nestlé pumps almost 100,000 times what an average Michigan resident uses into plastic bottles that are sold all over the midwest for around $1.

How Military Outsourcing Turned Toxic (jdargis)

Barrels of the waste hadn’t been shipped off and recycled, but rather were stored in a garage tucked away from the facility’s main operations. Further, shipping documents suggested that what waste had been sent off the base hadn’t gone to U.S. Technology’s recycling plant in Ohio, as an Air Force official first told the EPA, but instead had gone to company warehouses in at least two other states. Storing hazardous waste without a permit — and without immediately recycling it — can be illegal.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/29/17

Provided daily by the Peak Prosperity Gold & Silver Group

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