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Daily Digest 12/4 - Illinois Plans Bond Sale, The End Of Unemployment Program

Wednesday, December 4, 2013, 10:34 AM

Economy

Food poverty in UK has reached level of 'public health emergency', warn experts

A surge in the number of people requiring emergency food aid, a decrease in the amount of calories consumed by British families, and a doubling of the number of malnutrition cases seen at English hospitals represent “all the signs of a public health emergency that could go unrecognised until it is too late to take preventative action,” they write.

Italy November public accounts worsen year on year as budget gap widens

Italy posted a state sector budget deficit of around 7.2 billion euros ($9.76 billion) in November, widening from a shortfall of 4.258 billion in the same month last year, the Treasury said on Monday.

The cumulative deficit in the 11 months of the year amounted to around 94 billion euros, according to Reuters calculations, much higher than the deficit during the same period of last year.

Many Young Americans Blame Colleges For Rising Student Debt

The cost of a college degree has increased 12-fold in the last 30 years, while having such a degree has become even more important to those seeking full-time employment.

Pimco's Gross warns easy-money policies increase global economic risk

Easy-money policies by the Federal Reserve and other central banks have left the U.S. and other economies "increasingly at risk," bond guru Bill Gross warned.

Blackout Darkens Half of Venezuela Before Local Elections

“This is sabotage, live and on air,” Maduro said in a televised speech from the presidential palace last night. “Attention all armed forces of the state: the fascists are getting desperate before the elections.”

Venezuela to Regulate Car Prices to Combat Record Inflation

Venezuela’s President Nicolas Maduro said he’ll sign legislation today to regulate the price of new and used cars in the country’s latest measure to combat record inflation.

The law will allow the government to set car prices, require manufacturers to provide weekly production figures, ensure that used car prices don’t exceed new car costs and provide licenses to individuals to import a vehicle using an account in euros or dollars with a state bank, Maduro said yesterday in a national address.

Illinois plans $350 million bond sale

Continued inaction on pension reform has hammered Illinois' credit ratings to the lowest levels among U.S. states, and investors in the U.S. municipal bond market are demanding higher yields for Illinois debt.

Illinois is already paying the second-biggest credit penalty, behind Puerto Rico, among large muni debt issuers tracked by Municipal Market Data, a unit of Thomson Reuters. The state's so-called credit spread stood at 173 basis points over MMD's benchmark triple-A yield scale in the latest week.

Gross’s Bond Fund Had Redemptions of $3.7 Billion in November

Bill Gross’s Pimco Total Return Fund (PTTRX), which lost its title as the world’s largest mutual fund in October, had its seventh straight month of withdrawals in November as investors continued to flee bonds.

Clients pulled an estimated $3.7 billion from Pacific Investment Management Co.’s Total Return Fund last month, leaving the fund with assets of $244 billion at the end of November, Chicago-based research firm Morningstar Inc. said today in an e-mailed statement

Detroit eligible to shed billions in largest public bankruptcy in U.S. history

Judge Steven Rhodes turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan to solve $18 billion in long-term liabilities.

Unemployment Benefit Program Set To Expire At Year's End

More than 1 million people will see their extended unemployment benefits immediately cut off at the end of the month if Congress doesn't act.

An emergency federal benefit program was put in place during the recession to help those who are unemployed longer than six months. That allowed them to get as much as a year and a half of help while they searched for work, even after state benefits ran out.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/2/13

Provided daily by the Peak Prosperity Gold & Silver Group

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4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Detroit.

Who does Detroit owe money to?

Could it be the Banks? The same banks that had to be bailed out by the citizens of Detroit?

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2236
America in Worse Fiscal Shape than Detroit - Kotlikoff

http://usawatchdog.com/america-in-worse-fiscal-shape-than-detroit-professor-laurence-kotlikoff/

And then there's this from Dr. Laurence Kotlikoff, author of The Coming Generational Storm:

"By Greg Hunter’s USAWatchdog.com 

Boston University Economics Professor, Laurence Kotlikoff, says, “The country is in worse fiscal shape by many miles than Detroit.  So, the country is essentially bankrupt.”  Dr. Kotlikoff estimates the long term debt and liabilities of America are more than $200 trillion!  He is spearheading a bill in Congress called The Inform Act.  It is an attempt to wake up the nation to our dire financial situation so something can be done to fix this enormous problem. "

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
Calm Returns to Argentine City Paralyzed by Looting

Calm Returns to Argentine City Paralyzed by Looting

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