Daily Digest

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Daily Digest 1/1 - Military Pension Cuts, Poverty In Italy Hits Record Levels

Wednesday, January 1, 2014, 2:55 PM

Economy

D.C. Police Delay Tickets From New Traffic Cameras

The cameras will issue fines ranging from $50 to $250 per violation. In 2012, speed and red light cameras generated $95.6 million in revenue, according to city figures.
Once the new cameras begin issuing tickets, the district will have nearly 300 automated traffic enforcement cameras issuing citations.

Gold jewellery imports up to over 20 ton at '13-end (India)

With import curbs on gold bars and coins creating shortages, gold jewellery imports have surged suddenly to over 20 tonnes in the October-December period of 2013, according to the Bombay Bullion Association.
India, the world's largest gold consumer and that meets its entire demand through imports, did not buy any gold jewellery abroad in the same period last year.

Younger military veterans are angered by budget cuts to their pension benefits

“I’m not an angry man, but I was very, very angry,” Preston, 51, said in a telephone interview from his home in Tampa. “This is a pact between the greater population of the United States and the fraction of people who served and sacrificed. If you didn’t want to pay us what you promised us, then you probably shouldn’t have promised it.”

Poverty in Italy hits record levels

Relative poverty, defined as a family of two living on a monthly income of 991 euros ($1,400) or less, affected 12.7 percent of families, the highest level recorded since the current series of data began in 1997, the report by statistics agency ISTAT said.

France's 75% 'millionaire tax' to become law

President François Hollande introduced the tax as a way to force the rich to help France shrink its massive budget deficit and support the sagging economy. It had originally been created as a tax on individuals, but was eventually shifted to a tax on companies paying high annual salaries.

RBS leaves taxpayers £14.5bn out of pocket five years on from bailout

Shares in Royal Bank of Scotland end 2013 at 338p, well below 502p average price at which 82% taxpayers' stake was bought

Barrick Sells Australian Mine To Cut Costs And Debt

The company had said that it will look at selling, closing or reducing output at 12 of its 27 mines where production costs exceed $1,000 per ounce of gold.

Is Social Security Contributing to the Deficit?

If you look at table IVB6 of the Social Security Trustees Report, you'll find that the system is 32 percent underfunded and has a present value debt of $23 trillion (net of the Trust Fund, by the way) that is not on the books. Social Security's present value debt (what we economists call its fiscal gap) rose by $1.7 trillion last year. This is over twice the size of last year's official deficit.

China Debt Swelling Adds Urgency to Xi’s Fiscal Repair Job

Debt including contingent liabilities rose about 13 percent in the six months through June, based on figures in a report by the National Audit Office, posted on its website yesterday. That followed a 48 percent increase over the previous two years.
China’s borrowing spree in recent years has evoked comparisons to debt surges that tipped Asian nations into crisis in the late 1990s and preceded Japan’s lost decades.

Venezuela's Consumer Prices Climbed 56% in 2013

The preliminary numbers given out by the central bank and by President Nicolás Maduro compare to the oil-rich country's 5.6% economic expansion and 20% inflation recorded last year, and underscore the challenge faced by Mr. Maduro, who earlier this year inherited the heavy state-spending policies of his mentor and late leader Hugo Chávez.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/31/13

Provided daily by the Peak Prosperity Gold & Silver Group

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1 Comment

Thetallestmanonearth's picture
Thetallestmanonearth
Status: Gold Member (Offline)
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HAPPY NEW YEAR

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