Daily Digest

Image by United Nations Photo, Flickr Creative Commons

Daily Digest 1/24 - Global Financial System Showing Danger Signs, 'We Loot Or We Die Of Hunger'

Wednesday, January 24, 2018, 12:20 PM

Economy

Credit card defaults on the rise, and Chicago is worst, as holiday bills come due

A lot of the borrowers who are opening up lines of credit now are “subprime” — those with bad or limited credit history or low credit scores — noted Bruce McClary, spokesman for the National Foundation for Credit Counseling, an organization that provides access to financial counseling services.

Illinois budget impasse cost state $1 billion in late payment penalties

The first monthly debt transparency report by Democratic Comptroller Susana Mendoza found Illinois ended 2017 with $9.246 billion in unpaid bills from vendors, service providers and others. This also included invoices held by state agencies and bills totaling $2.3 billion that still lack legislative appropriation.

Bank bad loan woes require long-term solutions: France's Le Maire

But the EU countries are divided over the pace at which the nearly 1 trillion euros ($1.2 trillion) of NPLs should be cut. Germany and the ECB are calling for faster cuts while Italy, which last year significantly cut its high exposure, urges a more gradual approach to avoid fire sales of bank assets.

Welcome to the New Reality of Leaping U.S. Treasury Debt Sales

Dealers forecast an onslaught of debt supply that will lead issuance to at least double this year to more than $1 trillion, the most since 2010, starting with sales of short- to medium-term maturities.

'We loot or we die of hunger': food shortages fuel unrest in Venezuela

But his critics say his government has disrupted domestic food production by expropriating farms and factories. Meanwhile, price controls designed to make food more widely available to poorer people have had the opposite effect: many prices have been set below the cost of production, forcing food producers out of business.

'Perfect storm': Global financial system showing danger signs, says senior OECD economist

This time central banks are holding a particularly ferocious tiger by the tail. Global debt ratios have surged by a further 51 percentage points of GDP since the Lehman crisis, reaching a record 327 per cent (IIF data).

Japan's central bank keeps policy unchanged, talks down prospect of near-term stimulus end

As widely expected, the BOJ maintained a pledge to guide short-term interest rates at minus 0.1 percent and 10-year bond yields around zero percent at its two-day rate review that ended on Tuesday.

Largest Oil Consumers Not In A Rush To Hedge Crude (Michael K.)

AirAsia’s CEO Tony Fernandes shares the sentiment. In a Bloomberg interview he said that after airlines have had to deal with WTI at over US$100 a barrel, WTI at US$66 is “still a honeymoon period.” Fernandes added that the airline is not worried about the future price developments because of the strong U.S. shale production, the oil demand outlook, and the gas demand outlook.

Capitalism, Wealth Inequality and Systemic Plunder (Wilson S.)

Of course, in typical muddled thinking, the “wealth inequality” which is deplored and discussed widely, is confused with “wealth inequity”. That is, what many are complaining about is actually not wealth or income inequality, which is really not the issue. Why should a doctor be paid the same as a janitor? Such equality would be iniquitous. The complaints are actually about wealth inequity which is wealth accrued unfairly from unprosecuted crime or from fraud or corruption in a rigged system.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/23/18

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."

7 Comments

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2820
Anti-Ship Missile Tech

Remember the MSM headlines a while back about the ex-US Navy HSV-2 "Swift" (currently UAE) being attacked by Houthi rebels? ASMs can really ruin your day.

HSV-2 Swift Destroyed Off Yemeni Coast By Anti-Ship Missile (The Drive)

Afridev's picture
Afridev
Status: Silver Member (Offline)
Joined: Oct 11 2013
Posts: 142
I guess the resale value went

I guess the resale value went down a bit there... devil

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 268
x22 report interview with black ops operative?

i just listened to this interview on x22 report, a really compelling story, it seems to confirm a lot of what some of us suspect goes on behind the scenes in government and the news; it touches on what went on with the oklahoma city bombing, the massacre of civilians committed by the ATF in waco, TX, the attack on the american embassy in benghazi, and the clinton crime cartel.

it sounds authentic, but what do i know? if you've watched this, i'd be interested in your views on this re: plausible and factual?

Black Ops Operator Comes Forward And Tells All:Cody Snodgres

Matt Holbert's picture
Matt Holbert
Status: Silver Member (Offline)
Joined: Oct 3 2008
Posts: 110
Why Trump May Be Easily Re-elected

A must see (warning: the last speaker is a bit more realistic, but he doesn't count):

http://money.cnn.com/2018/01/23/news/economy/ceos-love-us-trump-tax-cut-davos/index.html

We have been seeing a lot of headlines whereby large corporations are "sharing the wealth" of the tax cut with their employees. Money talks. The divide going forward is between large corporations and small business. This was a tax policy that put the knife to small businesses. Small business tax rates went from 15% to 21%. We as a country used to encourage small business. Not anymore.

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2241
Chris interviewed on USAWatchdog.com

I just found this interview of Chris on USAWatchdog.com, with Greg Hunter: "Wealth Will Go Poof in Next Crash – Chris Martenson"

What is going to cause this financial bubble to pop? Martenson says, “The price of oil is likely going to be the pin that pricks these bubbles.  No central banker is going to do it.  They are deathly afraid of these markets they have created. . . . They are afraid of a downturn in the markets, and they won’t willingly go there.  What could force that is the price of oil. . . . The higher price of oil is going to really harm some weak players out there. . . . The chain reaction always starts with somebody not being able to pay their debt back.”

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4118
Puerto Rico sees no debt payment ability until 2022

Puerto Rico sees no debt payment ability until 2022

Reuters-11 hours ago
Jan 25 (Reuters) - Puerto Rico's governor projected his bankrupt, hurricane-ravaged U.S. territory will carry budget gaps for the next four fiscal years, leaving nothing to pay back the island's $72 billion in bond debt until fiscal year 2022. Governor Ricardo Rossello made the projections in a revised fiscal turnaround plan ...

Puerto Rico warns of 11 percent GDP drop in new fiscal plan

ABC News-4 hours ago
The proposal doesn't set aside any money to pay creditors in the next five years as the island struggles to restructure a portion of its $73 billion public debt. The original plan had set aside $800 million a year for creditors, a fraction of the roughly $35 billion due in interest and payments over the next decade. The five-year ...

Illinois Bond Spread Hits Six-Month High Over Political Discord

Bloomberg-21 hours ago
In a sign that bondholders are bracing for election-year dysfunction from the worst-rated U.S. state, the extra yield that investors demand to hold Illinois's 10-year general-obligation bonds instead of benchmark debt rose to about 1.9 percentage points, according to data compiled by Bloomberg. That's the most since July 20.

 

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2820
How about "let's not"

Two nice ringers (magnitude 5.0 and 5.8) right on the lower slip fault frown.  

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