Daily Digest

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Daily Digest 7/24 - Food Stamp Rolls Swell, 10 Crazy Red-Light Camera Cases

Wednesday, July 24, 2013, 7:28 AM

Economy

Spain taps social security reserve fund to pay pensions

Spain tapped its social security reserve fund for the second time in a month on Monday, the Labour Ministry said, to help with extra summer pension payments as unemployment and retirement costs deplete government funds.

Worthless land could prolong Spanish banks' property woes

Spanish banks may have to swallow more losses to shake off the legacy of a property crash, real estate experts warn, as they struggle to sell plots of land that have ended up on their books and which are now worth less than many have accounted for.

Spain’s solar industry to collapse as govt introduces draconian profit caps

One of the main producers of renewable energy in Europe, Spain’s solar industry, is edging toward bankruptcy. Producers say they’ll be unable to repay credits after the government’s decision to cut subsidies. Banks will suffer and jobs will be lost.

Detroit retirees wonder how bankruptcy will affect benefits

A federal bankruptcy court now will be the scene for some colossal decisions about the future of Detroit – which filed for Chapter Nine protection last week. One of the key issues is whether retirees will see their benefits cut – something the city’s emergency manager says is now “a question of necessity.”

Dexia says will take 59 mln euro charge for Detroit debt

Nationalized Franco-Belgian bank Dexia said on Monday it would take a 59 million euro (US$77.84 million) charge in its second-quarter income related to debt holdings from the U.S. city of Detroit.

Italy's Grillo slams Merkel, calls for debt restructuring

Italian opposition leader Beppe Grillo on Tuesday accused politicians of having "sold their soul to the German devil," and said the only way out of recession was leaving the euro or defaulting.

Food costs to triple by 2033 (UK)

THE days of cheap food could be over with prices set to treble in the next 20 years as the world’s population soars.Cheap fruit and vegetables, meat and even cocoa could become a thing of the past in Britain as we compete for food on a global scale.

Food stamp rolls swell in Georgia

The program a year ago provided food assistance to a record 1.91 million people in the state a year ago. Nearly a quarter of them were 6 years old or younger.
The Atlanta Journal-Constitution reports that those numbers have nearly doubled since the economy slid into recession in late 2007.

Nearly all of W.Va. colleges, universities raising tuition

That's true in the state's four-year colleges -- where the Higher Education Policy Commission approved tuition increases of more than 5 percent at five schools late last month -- as well as at community and technical colleges.

Copper costs up, grades down: Metals Economics Group

The study tracked average capital costs for new copper mines and found that they increased by an average of 15% per year over the past 20 years – particularly in 2008.

"Cash operating costs at major mines also increased significantly, more than tripling over the past ten years, to an average of almost $1.50/lb in 2012," the report says.

10 Crazy Red-Light Camera Cases

In 2008, San Bernardino was caught cheating: To write more tickets, the city was using yellow lights that were timed too short for California law. When the city restored the proper yellow-light durations, the revenue from red-light violations sank—so much so that San Bernardino was losing money to ATS, the company it hired to operate the camera system.

Gold & Silver

Click to read the Gold & Silver Digest: 7/23/13

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: 4167
thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1631
Interconnected and brittle

Wow! If a person was having a hard time understanding how interconnected and brittle the WORLD'S economy is, all s/he'd have to do is look at that one fact: Dexia bank will lose $77 million on its loans to the city of Detroit. Wait until the collapse REALLY gets rolling and see how pulling on one thread starts to unravel the whole mess. Gotta get out of their system and far enough away from the sinking wreck not to get sucked down with it when plunges beneath the surface!

"May the odds be ever in your favor."  Hunger Games

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