Daily Digest

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Daily Digest 7/10 - IMF Cuts Growth Forecast For World Economies, Canadians Struggle With Saving

Wednesday, July 10, 2013, 9:21 AM

Economy

Illinois lawmakers seek more information in hunt for fix to $97 billion pension crisis

A bipartisan panel of Illinois lawmakers reported minor progress Monday in negotiations over the state's nearly $100 billion pension crisis, even as another deadline set by Gov. Pat Quinn was set to lapse without a solution.

IMF cuts growth forecast for U.S., world economies

In its latest quarterly World Economic Outlook report, the IMF cut its global growth outlook for 2013 and 2014 by 0.2 percentage points from the April report. The fund now expects this year's growth to be 3.1 percent and next year's, 3.8 percent.

Nurses' strike hits Portugal hospitals

Nurses launched a two-day strike in Portugal on Tuesday to protest salary cuts and longer hours imposed as part of the bailed-out nation's austerity squeeze.
"Medical consultations and surgical operations will have to be cancelled because of the lack of nurses," said Portuguese nurses' union chief Jose Carlos Martins.

Seniors find it harder to get home-delivered meals (Florida)

South Florida seniors who are frail, disabled or living alone will find it harder to get home-delivered meals now that long-predicted federal cuts in aging service dollars have reached the local level.

Chicago gun violence: 74 people shot, 12 killed over July 4 weekend

The efforts were launched despite what police say is a shortage of manpower. In 2011, the year Chicago Mayor Rahm Emanuel (D) took office, the number of officers on the streets dropped 11 percent from five years prior. Since then, budget cuts resulted in the elimination of 1,400 department jobs, which the Fraternal Order of Police says are needed to adequately patrol high-crime areas.

Job cuts: Mining companies to trim operations by 3,500 (Ghana)

Mining companies in the country will begin a massive downsizing of their operations from next month as renewed pressure to cut down on cost heightens with falling gold prices.
More than 3,500 permanent jobs will be lost in an industry that has enjoyed a decade long boom as falling gold prices and rising cost blight the industry.

Financial Crisis Just a Symptom of Detroit’s Woes

A question unimaginable in most major American cities is utterly commonplace in this one: If you suddenly found yourself gravely ill, injured or even shot, would you call 911? Many people here say the answer is no. Some laugh at the odds of an ambulance appearing promptly, if ever. In Detroit, people map out alternative plans instead, enlisting a relative or a friend.

Furloughs Have Begun for Nearly 50,000 Full-Time Guardsmen Nationwide, Including Guam

The National Guard Association of the United States today released the following statement by retired Maj. Gen. Gus L. Hargett Jr., the NGAUS president:
“The National Guard in all 50 states, Guam, Puerto Rico, the U.S. Virgin Islands and the District of Columbia this week will begin furloughing nearly all of its dual-status military technicians one day a week through the end of the September.


Mining services industry forced to adapt to end of coal boom in Queensland's Bowen Basin

"We've seen coal prices plummet at the same time as cost have been skyrocketing, and so there are many mines who are in loss-making situations."
A recent survey of the mining services industry linked to the Bowen Basin painted a bleak picture.

USDA: One In Six Americans Use Food Stamps

With 47.5 million people in the food-stamp program called Supplemental Nutrition Assistance Program (SNAP), more than 15% of the population is getting financial help. SNAP, the federal aid program helps people in the U.S. with low to no income, purchase food.

Puerto Rico sees surge in homeless population

Puerto Rico's homeless population has risen sharply in the past two years amid an ongoing economic crisis that includes a nearly 14 percent unemployment rate, higher than any U.S. state. Officials say they expect the problem will only grow worse.

Tuition at 14 Pennsylvania universities to rise 3 percent

Tuition at Pennsylvania's 14 state-owned universities will increase by 3 percent this fall under a proposal approved this morning by the State System of Higher Education's board of governors.

Eurozone jobless rate worse than OECD average

The rate in OECD countries was 8.0 percent in May for the third month running but in the eurozone it edged up to 12.2 percent, the highest level for about 20 years, the OECD said.

Canadians struggle with retirement saving

According to RBC, 46 per cent of retired Canadians and only 23 per cent of Canadians who are not yet retired have determined the amount of money they will need for a comfortable retirement. As well, those who are not yet retired have significantly reduced their retirement savings goal by more than $200,000 to an average of $564,000 in 2012 from $778,000 in 2011.

Italy's rating lowered one notch to BBB: S&P

Italy's sovereign debt rating was downgraded one notch to BBB on Tuesday by ratings firm Standard & Poor's. S&P also put a negative outlook on the long-term rating, which was moved down from BBB+ to two notches above junk

Gold borrowing cost hits post-Lehman high

The cost of borrowing gold has risen to the highest since the post-Lehman Brothers scramble for supplies, as the bullion market adjusts to a new era in which western investor demand is less dominant.

Study: State's pension debt spiked since February (California)

According to the study, California’s major retirement systems now have $222.2 billion in unfunded pensions, up from $211.4 billion five months ago. The report says that number was $110 billion in 2007-2008, meaning the state’s unfunded pensions have doubled in six years.

Gold & Silver

Click to read the Gold & Silver Digest: 7/9/13

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Online)
Joined: Jul 30 2009
Posts: 4061
phecksel's picture
phecksel
Status: Silver Member (Offline)
Joined: May 24 2010
Posts: 204
Detroit is still deficit

Detroit is still deficit spending

Not that any of it matters with their total debt

Quote:
The city’s retirement system is underfunded by an estimated $3.5 billion. The city has an estimated $11.45 billion in unsecured debt, which includes almost $6 billion in health benefits and almost $3.5 billion in retiree pensions.

From The Detroit News: http://www.detroitnews.com/article/20130710/METRO01/307100038#ixzz2YexcllH3

I've always said Detroit is the canary in the mines...

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Fundamentaly flawed.

Lovely bright-eyed young thing reading the News here in Australia said that there was an unexpected down-turn in China's fortunes.

Unexpected to whom?

Somebody has got to get the concept of exponential growth out in the educational system. How can anyone get a degree in anything at all without understanding such a simple concept?

It does not matter how fancy your models are, if they do not include this fundamental concept, they are all a waste of time.

RoseHip's picture
RoseHip
Status: Silver Member (Offline)
Joined: Feb 5 2013
Posts: 147
Quantitative Easing explained

Explained in simple straight talk.

Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Japan atomic watchdog suspects Fukushima ocean leak

So, my question is, what is the rate of spread of contamination? How much is dilution going to ultimately help us for a leak with no end in sight and as migratory organisms and currents disperse contamination far from Japan?  I would love to see someone tackle the fate and transport models.

http://www.foxnews.com/world/2013/07/10/japan-atomic-watchdog-suspects-fukushima-ocean-leak/

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