Daily Digest

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Daily Digest 10/25 - Unintended Healthcare Consequences, Big Data Meets Big Brother

Wednesday, October 25, 2017, 9:07 AM

Economy

The unintended consequences of health care costs in SF’s restaurant industry

Some of the smallest businesses, faced with rising operating costs and wages, struggle to make sure they don’t qualify for the Health Care Security Ordinance. “We cut down all the workers, subcontracted to cleaning services, and use part-time guest workers and chefs to get under the 20-employee limit,” said Jaime Maldonado, owner of La Victoria in San Francisco.

Chicagoans face another property tax increase in 2020

This year’s contribution to all four city employee pension funds is $1.18 billion. By 2021, that actuarially required contribution will rise to $1.8 billion. Chicago taxpayers have been hit with nearly $1.1 billion in property tax increases, primarily for police, fire and teacher pensions and school construction; a 29.5 percent tax on water and sewer bills to save the Municipal Employees pension fund; a 56 percent telephone tax hike in 2014 and another 28.2 percent next year for the Laborers fund; a new garbage collection fee; a bag tax; and increases in water, sewer and city sticker fees, hotel and parking taxes and parking fines, among others.

Venezuela allows $1.7 billion gold swap with Deutsche to lapse: legislator

The government of President Nicolas Maduro has used swaps in recent years as a way of boosting the liquidity of international reserves, nearly 75 percent of which were held in monetary gold in August.

Budget deficit projected to pass $1 trillion even sooner than expected

Under the new estimates, the deficit will hit $750 billion in 2018, $900 billion in 2019 and $1.025 trillion in 2020. The figures represent a $50 billion raise for next year and $75 billion for each of the following two years.

Venezuela's unpaid debt just grew to nearly $600 million, days before a make-or-break bill

There is some consensus forming around the idea that Venezuela is squirreling away its pennies to make sure it is able to pay the $841 million in principal, plus interest, due on Friday on a bond issued by PDVSA, the state oil company. The collateral against the bond is Citgo, PDVSA's Houston-based refining and retail subsidiary.

China central bank chief raises new worry in China: Mortgage-driven household debt

"China's household debt has been rising at an 'alarming' pace over the past two years," Citi analyst Li-Gang Liu said in an Oct. 10 note. The report pointed out that outstanding household debt in China has doubled from 29.6 percent of gross domestic product at 16 trillion yuan ($2.41 trillion) in 2012 to 44.3 percent of GDP at 33 trillion yuan last year.

Big data meets Big Brother as China moves to rate its citizens (Yoxa)

A futuristic vision of Big Brother out of control? No, it's already getting underway in China, where the government is developing the Social Credit System (SCS) to rate the trustworthiness of its 1.3 billion citizens. The Chinese government is pitching the system as a desirable way to measure and enhance "trust" nationwide and to build a culture of "sincerity". As the policy states, "It will forge a public opinion environment where keeping trust is glorious. It will strengthen sincerity in government affairs, commercial sincerity, social sincerity and the construction of judicial credibility."

The Cost Of Cool (DennisC)

We can’t live with air-conditioning, but we can’t live without it.

“It is true that air-conditioning made the economy happen for Singapore and is doing so for other emerging economies,” said Pawel Wargocki, an expert on indoor air quality at the International Center for Indoor Environment and Energy at the Technical University of Denmark. “On the other hand, it poses a huge threat to global climate and energy use. The current pace is very dangerous.”

EU on brink of historic decision on pervasive glyphosate weedkiller (Don R.)

The CEO of the Sustainable Food Trust, Patrick Holden, has said that a ban “could be the beginning of the end of herbicide use in agriculture as we know it, leading to a new chapter of innovation and diversity”.

But industry officials warn of farmers in open revolt, environmental degradation and crops rotting in the fields if glyphosate is banned.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/26/16

Provided daily by the Peak Prosperity Gold & Silver Group

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2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
Worldwide debt more than triple economic output as central bank

Worldwide debt more than triple economic output as central bank ...

Reuters-1 hour ago
LONDON (Reuters) - Worldwide debt has risen to a record $226 trillion - more than three times global annual economic output - and firms in more countries are ...

Why Italy faces worst shock in Europe as ECB prepares to taper ...

MarketWatch-17 hours ago
Saddled with mountains of debt and a looming election, the southern ... That would be the highest since 2013—the height of the eurozone sovereign debt crisis.

South Africa Signals Rising Debt as Ratings Downgrades Loom

Bloomberg-2 hours ago

South Africa Signals Rising Debt as Ratings Downgrades Loom ... Tax revenue for this fiscal year will fall 50.8 billion rand ($3.7 billion) short of the initial forecast .

Jacksonville City Council rejects added pension payments

Florida Politics (blog)-17 hours ago
... to sock more money away for the city's $3.2 billion unfunded pension liability. ... fund revenue to the pension debt from the now-closed defined benefit plan.

Unfunded Pension Liabilities Could Usher Repeat of 2008

Newsmax-4 hours ago
Defined Benefit Pensions and especially Multi-Employer Plans were once a ... Second, a workable solution must engage the stakeholders to share in the costs.

 

Uncletommy's picture
Uncletommy
Status: Platinum Member (Offline)
Joined: May 3 2014
Posts: 635
Big Brother - Big Data/

As CHS recently pointed out (There Is No Alternative), the options are being slowly eroded through digital technology that controls more and more aspects of our lives. When we lose control of the forms of exchange, then that form of control falls in to the hands of who? George Orwell wasn't too far off the mark. Serfdom may be coming back with a vengeance, whether we like it or not. Or like Gogol's book, Dead Souls, how many souls do you own?

Maybe Glyphosate will get us first! Unnerving to say the least.

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