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Daily Digest 11/7 - Gold Is Back, Why Americans Over 65 Are Declaring Bankruptcy

Wednesday, November 7, 2018, 11:11 AM

Economy

Why are so many Americans over 65 declaring bankruptcy?

Referred to as a “coming storm of broke elderly,” the study was able to identify that the rate of citizens over the age of 65 who are now filing for bankruptcy increased about 204% from 1991 to 2016. The study also pointed out that the number of older citizens among the total number of all individuals who filed for bankruptcy increased five times within the same 25-year period.

U.S. to sell most weekly Treasury bills since February

The U.S. Treasury is set to sell a combined $190 billion in bills this week, marking the biggest weekly T-bill issuance in nearly nine months as it has ramped up short-term borrowing to finance a growing federal deficit.

Illinois Teachers’ Asks for 10.6% More in State Contributions

The pension fund’s executive director, Dick Ingram, said the organization “had a good year.” And it did, returning 8.45%. But, he added, it simply cannot “invest our way out of this problem.”
That problem is the Teachers’ Retirement System’s 40.7% funding ratio. “The unfunded liability is too large and grows every year,” Ingram said.

African countries may soon find themselves buried deeper in debt if the plan of a Chinese banking group sees the light of day

Some of Sub-Saharan African countries likely to fall prey to this ‘new debt trap’ are countries already highly indebted to China such as Kenya, Ethiopia, Zambia, etc.
Latest data from the China-Africa Research Initiative at Johns Hopkins University shows regional economies owed China and its institutions more than $29.42 billion as at April this year in infrastructure loans, which have been tapped over the past 10 years to build transport, communication, manufacturing and energy sectors.

Japan ready to help Malaysia tackle fiscal problems, Abe tells counterpart Mahathir Mohamad

Mahathir, 93, who began his second stint in power following his election in May, found out that the Malaysian government is saddled with a debt of 1.1 trillion ringgit ($263 billion) as of the end of last year, compared with the 686.8 billion ringgit claimed by the previous government led by Najib Razak.

Emanuel’s feel-good final budget sails through City Council committee (Chicago)

“Because of all the hard work the mayor has done with the CFO with our finances, we were able to produce a budget that was fairly painless. We didn’t have to raise a large number of new revenue streams,” Budget Director Samantha Fields said Monday.
Fields pushed back against the Civic Federation’s claim that Emanuel is ignoring an “enormous elephant in the room”: a looming, $1 billion spike in pension payments.

Financial Press Cheers Election of Fascist in Brazil (newsbuoy)

Watching Brazil—the world’s ninth largest economy—carefully, the financial press has expressed its delight over Bolsonaro’s rise and victory. Forbes (10/3/18) happily reported on a rising “Bolsonaro fever,” noting the Brazilian currency, the real, was strengthening on news of his increasing support and dwindling Workers’ Party enthusiasm. The Financial Times (10/8/18) and CNBC (10/2/18) both reported that the markets were “cheering” his lead in the presidential race, with a follow-up Financial Times piece (10/18/18) noting weapons companies’ surging stocks upon Bolsonaro’s emergence as the frontrunner, a trend mirrored by stocks more generally as his performance “heartened investors.”

Gold is back. That's a worrying sign (Adam)

Gold is particularly attractive to central banks looking for safe, liquid assets. Central bank purchases of gold increased by 22% during the third quarter . That's the fastest pace since the fourth quarter of 2015, according to Natalie Dempster, managing director for central banks and public policy at the World Gold Council.

In the Age of A.I., Is Seeing Still Believing? (Sparky1)

In a media environment saturated with fake news, such technology has disturbing implications. Last fall, an anonymous Redditor with the username Deepfakes released a software tool kit that allows anyone to make synthetic videos in which a neural network substitutes one person’s face for another’s, while keeping their expressions consistent. Along with the kit, the user posted pornographic videos, now known as “deepfakes,” that appear to feature various Hollywood actresses. (The software is complex but comprehensible: “Let’s say for example we’re perving on some innocent girl named Jessica,” one tutorial reads. “The folders you create would be: ‘jessica; jessica_faces; porn; porn_faces; model; output.’ ”)

Committed to … Fed-View (GE Christenson)

If we listen to the stories told by the Federal Reserve, they saved the world in 2000 (after creating the stock market bubble), and saved the world again in 2008 (after creating the real estate bubble). They will take credit for saving the world in 2019-2020 (after the crash of the everything bubble, created by zero-interest-rate-policy and QE since 2008).

Yes, we can trust the Federal Reserve is taking good care of us, as long as we take our injections, live in a foggy dreamland, and accept the “Fed-View” propaganda.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/6/18

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."

14 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4220
A Worldwide Debt Default Is A Real Possibility

A Worldwide Debt Default Is A Real Possibility

Forbes-1 hour ago
Debt to educate yourself so you can get a better job may be a good idea. ... We are one recession away from having a $30 trillion U.S. government debt total.

S&P says Gulf countries need to raise $300 billion by 2021

euronews-5 hours ago
Saudi Arabia has become the region's most prominent issuer of international debt, having borrowed $52 billion through a combination of conventional and ...

Up to $1 billion in pension buyouts to be offered next year

Illinois News Network-17 hours ago
Lawmakers included a $1 billion pension buyout plan in the state's budget, which was ... TRS has about $73 billion of the state's $130 billion unfunded liability.

Nearly 80 percent of Alton property tax levy consumed by pensions

Madison County Record-18 hours ago
That dynamic isn't unique to Alton or southwestern Illinois' communities, where growing pension costs have inflated residents' property tax bills and left local ...

 

Uncletommy's picture
Uncletommy
Status: Platinum Member (Offline)
Joined: May 3 2014
Posts: 618
History's lessons?

I find it somewhat ironic that the US electorate has no memory of what happened to colonial Spain as they began their slow descent towards empire collapse. Despite their huge imports of silver from the new world, most of it was used to back loans made to cover the costs of empire (military, infrastructure, slaves,tribute,etc.). Once caught in this fiscal vortex, the ability to free yourself becomes almost impossible. Compare colonial Spain's active forces of 100,000 (not even including mercenaries) to the US contingent of approx. 1,280,000 armed forces, today, as just one example. Where do we all stand today? Have a look:

http://www.visualcapitalist.com/by-this-measure-the-u-s-has-the-2nd-highest-national-debt/

reflector's picture
reflector
Status: Gold Member (Offline)
Joined: Aug 20 2011
Posts: 277
venezuela's gold repatriation request denied, RMC goes bankrupt

 

sadly, the crooks at the bank of england have reportedly just refused to honor venezuela's gold repatriation.

maybe they don't really have the gold they were claiming to be holding on venezuela's behalf?

https://www.thetimes.co.uk/article/maduro-scrambles-to-bring-venezuela-s...

 

also, RMC (republic metals), a gold and silver refiner, declared bankruptcy.

bron sucheki posted this informative link over at silver doctors:

http://about.ag/RMC.htm

"significant inventory discrepancy"...sounds like some bullion walked out the back door?

 

 

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
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Posts: 5893
Darned VZ's Luck!
reflector wrote:

sadly, the crooks at the bank of england have reportedly just refused to honor venezuela's gold repatriation.

Funny how banks will wire "money" willy-nilly, even accept drug lord cash by specially-designed suitcase load, but always catch a case of the difficulties when it comes to gold, isn't it?

 

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 2011
Urgent. What the world needs

Scanning the news headlines, reading my family and friend's facebook posts, and checking my own heart this morning, I'm struck by the intensity of the stress we are experiencing.  A shooting in LA, Crowds at the home of "dox'ed" TV commentators.   Each of us trying to correct the world's problems from our own perspective.  Urgently.  With a note of desperation.  Each trying to mold other peoples viewpoints.  Civility and good will gets thin as the urgency grows.

I completely include myself in this assessment.

Things we urgently need:

  • More women in congress,
  • Better treatment of blacks
  • Banning guns.  Not banning guns.
  • To ensure that the Russian collusion investigation continues.  To get Trump impeached before he does more harm.  To assassinate Pence *first,* then Trump.
  • Defending the press (the bastion of freedom) from that nazi Trump.
  • Stripping the Sussex professor who says Israel did 9/11 of his emeritus academic status.
  • To destroy racism and fascism
  • To attack conservative critics in their homes and yell obscenities at them when they are seen in restaurants.
  • Never leaving dogs outside in the winter.
  • Adopt, don't breed.
  • Saving the polar bears.
  • Stopping coal which is destroying the earth.
  • Approving cannabis for cancer treatment.  Getting out from underneath the FDA.
  • Vaccinating our children to save lives.
  • Not putting  your feet on the car dashboard when driving as your legs could be broken in a frontal crash.
  • Defend the border.  Saving the migrants.
  • Repelling the growing China meanace.

The urgency is intense.  The distress feels very high. 

Intelligent people of conscience, who gather information from very different sources, advocate for very different and powerfully held opinions.

Diplomatic Counterbalance's picture
Diplomatic Coun...
Status: Member (Offline)
Joined: Sep 20 2015
Posts: 4
Are you kidding?!?!

Are you serious?  Did you re-read what you wrote?

You are advocating:

Violations of the constitution

Assination

Defending a corrupt, globalist, chrony-capitalist, biased MSM

Attacking half the country's population because they don't agree with your ideas

Yelling obscenities at others -- free speach for you, BUT NOT THEM!

Poisoning your children with mercury, aluminum, and formaldihyde

Maybe the best thing for you is to get cancer so you can justify smoking that much needed joint...

 

VeganDB12's picture
VeganDB12
Status: Platinum Member (Offline)
Joined: Jul 18 2008
Posts: 754
?

I think you missed the line about  banning guns/not banning guns.

I think SP is referring to the process of the upset not the content of the issues.  People are getting pulled in a lot of different directions.  And apparently are as upset as you are. So maybe are getting overwhelmed and confused. IMHO that is not a bug but a feature of this current catastrophizing of so many things and quite intentional. 

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 2011
Yes, The upset itself, with radically different content

VeganDB12 understood me correctly,

I was talking about the magnitude of the upset, with very very different (sometimes opposing) views by different people about *what should be done* to "make things right."

I have friends and family that come from a broad range of political and social viewpoints.  All of them are distressed.

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 471
Chill....

May this be your earworm for the day.  Couldn't hurt....Aloha, Steve

greendoc's picture
greendoc
Status: Silver Member (Offline)
Joined: Sep 23 2008
Posts: 147
Paradise, CA on fire, hundreds trapped

Sounds bad.  looking at the twitter feed for #Campfire now.  People fled on foot, leaving cars behind. the cars are burning now. Hospital threatned.  70 trapped at Walmart, 40 at hospital, 150 trapped at Walgreens, another 150 trapped at an Industrial park. Chico may be in danger.  Lots of gusting winds.

I'm in Santa Rosa, 100 miles to the southwest and the smoke plume pretty bad, ash falling. 

you can hear a retired firefighter livestream here

Adam Taggart's picture
Adam Taggart
Status: Peak Prosperity Co-founder (Offline)
Joined: May 26 2009
Posts: 3169
Confirming heavy smoke

Confirming heavy smoke and particulates in the air here in Sebastopol, CA, nearly 200 miles to the southwest of Paradise.

Winds have been gusting for most of the day (reminding me of last year's fires). I can only imagine how much this is worsening things for firefighters in Butte County if the winds are as bad there.

Just received a phone call from my daughter's school. They are not yet planning to cancel school due to the poor air quality, but are warning that they could if conditions get worse.

Sounds like 20,000 acres are now on fire in Butte County. Not good.

Diplomatic Counterbalance's picture
Diplomatic Coun...
Status: Member (Offline)
Joined: Sep 20 2015
Posts: 4
My Apologies!

Clearly, I should be the one doing the re-reading. 

I agree with you. 

People are unhinged to a prodigious degree.  I suspect this will only get worse since we will likely be subjected to many of the social, economic, energy, monetary, climate, war, and financial perils that Peak Prosperity warn us of.  I went through a period of near utter emotiional and mind-numbing depression years ago as I was first learning of the nature of these likely events and the complexity of these issues when combined.  I can sympathize to a degree with folks as they feel they need to now add political issues into the mix.  Unfortunately, what we need now are level heads and clear thinking more than ever and not the addition of chaos and haterid. 

How do we instill level-headedness into society at such disruptive times?  As Chris has been trying to hammer home, education is the first step and then start the process of preparing.  I suspect as these stressors become more entrenched, even the best prepared will be challenged by the multitudes that cannot relate to the new realities.  A world gone mad?  Or just a world gone? 

robie robinson's picture
robie robinson
Status: Diamond Member (Offline)
Joined: Aug 25 2009
Posts: 1209
No apologies

It isn't in the mix of things, however, the way thru has been tried and proven for many centuries. listen to Jethro Tull, "heavy horses". and forget about the rest.

I do not find fluency in this "E" age.

settle your mare, it is a satisfying life to work with the draft animals.

we don't take american express!.

fated's picture
fated
Status: Bronze Member (Online)
Joined: Feb 16 2014
Posts: 62
Paradise, or HELL

WOW. looking at the satellite image of this place it is not somewhere I would choose to live based on my experience with Aussie bushfires.

Too steep (fire runs FAST up hills), not enough exit roads, too much dense looking bush (forest) too close to the town. Where's the big uphill water supply that will still finction when the power goes down? Is this a rural area where people are pre-prepared for bushfire, or a town full of unprepared city folk?

Of course I do not know this part of the world at all so am only making a judgement based on this picture and a quick skip through the footage.

At least you guys over there seem to have wide clear roads!

Best of luck for everyone involved to get out or shelter safely. I've heard nothing on our news about this.

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