Daily Digest

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Daily Digest 7/27 - China Shutters Factories, How the Government Pockets Your Pension

Saturday, July 27, 2013, 9:36 AM

Economy

Quiet Rivalry Over the Next Fed Leader Comes Out of the Shadows (jdargis)

Beneath those political currents, there are also indications that Mr. Summers, now a professor at Harvard, and Ms. Yellen disagree about the central issue confronting the central bank: how much longer and how much harder to push for economic growth.

China shutters factories to fight price-cutting (westcoastjan)

Forecasters have repeatedly trimmed their growth outlook for China amid a drumbeat of data showing weakening growth in retail sales, factory output and other economic segments.

Don Pittis: Detroit pension meltdown a wake-up call for Canadians (westcoastjan)

They could have taken their skills and commitment elsewhere, taken risks and pursued more adventurous jobs, sailed around the world or lived cheap on the beaches of Goa, or taken a flyer on a career as an actor or novelist. In other words, they could have lived like the grasshopper instead of the ant in the Aesop's Fable — making enough for a roof and entertainment week to week but never setting a penny aside for the long winter ahead.

How the Government Sneakily Pockets Your Pension (westcoastjan)

For those who are fortunate enough to have a defined benefit pension plan (the monthly pension amount is known) you have choices at retirement regarding the type and amount of pension you're going to receive. If death were to occur before the pension commences, your contributions, along with any investment gains, are refunded to your beneficiaries or estate. When you die after the pension payments have commenced, the continuation of those payments would depend on the option you chose at the onset of retirement. In almost all cases, the minimum amount guaranteed to be paid out is the total value of your contributions plus any investment gains.

Rural Irish defy EU restrictions on turf-cutting (westcoastjan)

The European Commission says operations like this are wiping out a unique habitat and that almost 40% of Ireland's bogs were destroyed between 1995 and 2012. Bogs continue to be degraded and destroyed at "an alarming rate", the Commission warns.

Most Likely Outcome Is Still A Monetary Collapse (Taki T.)

Mr. Rickards adds to it that chaos is not the end of the analysis. In other words, suppose the world will face a collapse it will undoubtedly result in rather draconian executive orders. We might end up in a form of a gold standard based on a gold backed SDR. A gold standard or an SDR standard are the two most likely outcomes of a collapse; a combination of both is also a realistic possibility.

George Mitchell, a Pioneer in Hydraulic Fracturing, Dies at 94 (jdargis)

Fracking uses water and chemical injections to force more oil from reservoirs. Both the Gas Technology Institute, a nonprofit research organization, and the federal Energy Department worked with Mr. Mitchell, giving him technical help and some financing. He also received federal tax credits.

European Union and China Settle Solar Panel Fight (jdargis)

The arrangement would cover exports from about 90 of approximately 140 Chinese exporters that were examined during the bloc’s investigation, and that represent about 60 percent of the panels sold in the Union, the bloc official said. Those 90 companies would no longer face tariffs that were put in place in June.

Gold & Silver

Click to read the Gold & Silver Digest: 7/26/13

Provided daily by the Peak Prosperity Gold & Silver Group

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1 Comment

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Bicycle for Sale.

But a slowdown that pushed China's economic growth to a two-decade low of 7.5 per cent

Since when is a growth rate of 7.5% (10 year doubling time) low?

source.

This stat is trotted out as though it were a catastrophe. 7.5% OMG!!, China is about to go belly up.

On the contrary, a 7 year doubling time for China's economy implies that by the year 2023 China will be twice as large as it is now. Twice as much oil , twice as much iron ore consummed per year and so on and so forth?

I have a very fast bicycle for sale for anyone who believes that.

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