Daily Digest

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Daily Digest 12/5 - CA Wildfires Rage On, Are You Prepared For Inflation?

Tuesday, December 5, 2017, 11:02 AM

Economy

Exiled son of slain Yemen ex-leader calls for revenge: Saudi-owned TV (TS)

Yemen’s war, pitting the Iran-allied Houthis who control Sanaa against a Saudi-led military alliance backing a government based in the south, has led to what the United Nations calls the world’s worst humanitarian crisis. The world body says millions of people may die in one of the worst famines of modern times, caused by warring parties blocking food supplies.

North Korea's Nuclear Tests Are Spreading 'Ghost Disease' Causing Deformations, Defectors Say (jdargis)

But as Kim Jong Un ramped up weapons tests this year, there were reports from South Korea about the nuclear tests destroying the local environment and giving babies birth defects. The tests alone weren’t the only things causing catastrophes. A nuclear test in September set off a 6.3 magnitude earthquake that reportedly led to nearby buildings collapsing, including a school with more than 100 children in it, many of whom were feared dead. One month later, a collapse during construction at the Punggye-ri facility killed more than 200 people.

An Interview With James Howard Kunstler (Matt H.)

I moved to the little town of Greenwich to put together a homestead with a large garden, an orchard, and chickens. I found an interesting property literally on the edge of the village—11 feet from the tax line. I can walk to Main Street in seven minutes. (The chickens stay put.) The village is in an advanced state of sclerosis. The storefronts on Main Street are half empty. Most of the rest are second-hand shops with a couple of eateries. The several factories along the Battenkill River (a tributary of the Hudson) all shut down in the 1970s. Many of the village denizens are on some kind of government support. There’s a heroin problem. Yet it is exactly the kind of place that I believe will have a future in the next economy. The county was too far away for the city weekenders to buy up and ruin.

Inflation Is Staring You in the Face. Are You Prepared? (Tiffany D.)

For nearly 10 years, I’ve listened in frustration as people, who should know better, predict that central banks’ “quantitative easing” (QE) policies would produce consumer price inflation … and of course, the fabled “dollar crash.”

No inflation. No crash. Just as I predicted.

Apple to start paying Ireland the billions it owes in back taxes (TS)

Both Apple and Ireland have fought back against the ruling -- Ireland has said that the European Union overstepped its authority and got some of the country's laws wrong while Apple has maintained that the amount it's being told to repay was miscalculated. Both are continuing to appeal the decision and the money will sit in an escrow fund while they do so. Ireland has said that negotiating the terms of that fund is what has held up its collection of the money but the European Commission said that the action it has taken against Ireland for failing to follow the 2016 ruling will proceed until the money is collected in full.

Venezuela To Launch ‘Petro’ Cryptocurrency (Michael K.)

These comments come as the socialist president tightens his grip over Venezuela’s oil industry that accounts for 90 percent of the country’s currency revenues. A week ago, Maduro named a National Guard major general—Manuel Quevedo—as the new head of PDVSA and the country’s oil ministry. A few days later, Venezuela arrested the two recent former heads of the oil ministry and the state oil company for alleged corruption in the widening anti-graft crackdown.

A 20-Year-Old Arizona Woman Died From The Flu One Day After Being Diagnosed (Adam)

After starting intravenous antibiotics, Gonzales says her niece's health began to decline — and they moved her to the intensive care unit (ICU) around noon. "She had lost consciousness and they were trying to put her on a ventilator and remove the fluid from her lungs, but it wasn't working," Gonzales says.

Trump shrinks two huge national monuments in Utah, drawing praise and protests (TS)

Trump’s move to shrink the Bears Ears and Grand Staircase-Escalante national monuments by more than 1.1 million acres and more than 800,000 acres, respectively, immediately sparked an outpouring of praise from conservative lawmakers as well as protests by activists outside the White House and in Utah. The changes plunge the Trump administration into uncharted legal territory, as no president has sought to modify monuments established under the 1906 Antiquities Act in more than half a century.

More than 150 structures destroyed, 27,000 people evacuated in raging Ventura wildfire (tmn)

Hundreds of firefighters working through the night tried to prevent the blaze from spreading, block by block, as they were confronted by wind gusts of up to 50 mph.

One firefighter was hit by a car while he was protecting homes. He is at the hospital being evaluated, said Ventura County Fire Capt. Scott Quirarte.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/4/17

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."

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Student Loan Debt Is Now As Big as the US Junk Market

CalPERS sees unfunded liabilities rise $27 billion

Pensions & Investments-19 hours ago
"During this time of increased ESG investing and activism, the fund's performance has suffered, converting a $3 billion pension surplus to nearly $140 billion deficit over the past 10 years," the report says. The report also says CalPERS should stop its practice on engaging companies on substainable investment practices ...

Student Loan Debt Is Now As Big as the US Junk Market

Bloomberg-Dec 5, 2017
... due to loose student loan underwriting standards, the unsecured nature of student debt, and the inability to charge off non-performing student loans in bankruptcy,” Goldman Sachs Group Inc. analysts Marty Young and Lotfi Karoui wrote in a note Tuesday. “The substantial majority of student loan default risk is borne by the ...

The black hole in retirement plans is deep, dark and scary

Financial Times-9 hours ago
Despite extra billions poured into defined benefit schemes to bolster their funding ratios, the overall deficit has stood at £400bn for the past decade, around a fifth of current liabilities. The combined pension deficit of the FTSE 350 companies has now risen to 70 per cent of their profits, diverting resources from projects that ...

 

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