Daily Digest

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Daily Digest 3/12 - Avg College Savings Account Has $20k, National Debt Nears $17.5T

Wednesday, March 12, 2014, 10:09 AM

Economy

Illinois fiscal reputation costs $80 million more as 'scarlet letter'

It's well known that taxpayers pay higher interest rates on money Illinois borrows because it has the worst credit rating of any state, driven by the state's inability to keep up with obligations to its state pension accounts. The debt in five retirement systems had grown to $100 billion by the time lawmakers and Gov. Pat Quinn devised a plan last fall to erase that deficit over the next three decades — a plan whose future is uncertain because of court challenges.

Italy's UniCredit posts record $19 bln loss after writedowns

In addition it will create an internal "bad bank" to manage 87 billion euros of bad and risky loans. These will be reduced to 33 billion euros in the next five years, Ghizzoni said.

Puerto Rico Sells $3.5 Billion of Bonds to Yield 8.727%

Wasmer Schroeder & Co., which oversees about $3.5 billion in municipal bonds, stayed away from these latest Puerto Rico bonds because it is "highly suspect as to whether they will be able to pay investors back," said Justin Land, director of tax exempt management. He pointed to the prospectus for the bonds, in which the first of many risk factors listed for investors was that Puerto Rico "may be unable to honor its obligation to pay debt service on the bonds."

"The lawyers did a great job" on the prospectus, Mr. Land, said. "They listed every possible thing that could go wrong."

Venezuela Sets Rules for Exchange System Amid Mounting Shortages

A shortage of dollars has crimped imports, leaving supermarket shelves partially empty and pushing annual inflation to 56 percent, the fastest in the world. The economic crisis in Venezuela, which has the world’s biggest oil reserves, has fueled protests against President Nicolas Maduro’s government that have left at least 21 people dead in the past month.

Oil, gas wastewater disposal causes cascade of Oklahoma quakes-USGS

A magnitude 5.0 earthquake on Nov. 5 near Prague, Oklahoma, which has already been linked to oil and gas wastewater disposal nearby, likely caused another magnitude 5.7 quake the next day. That, in turn, caused "thousands of aftershocks", the USGS said in a statement last week.

Chicago Lifts Size of Bond Sale to $780 Million After Rating Cut

Chicago tripled its debt load from 2002 to 2012. A $590 million additional payment for retirement obligations is due next year unless state lawmakers step in to restructure the pension funds.

Why higher taxes are inevitable in Chicago

Mayors Richard M. Daley and Rahm Emanuel shorted city contributions to public employee pension funds by more than $7 billion, creating an aggregate deficit of $32 billion. At more than eight times annual operating revenue, it's the largest shortfall of any city in the country, Moody's says.

BOJ keeps stimulus in place, cuts view on exports in warning sign

The Bank of Japan maintained its massive monetary stimulus on Tuesday on the view that growth in the economy and consumer prices remains on track, but downgraded its assessment of exports in a warning about external demand.

Average college-savings account has less than $20,000

Average tuition and fees at four-year private colleges top $30,000, according to the College Board. Total costs are close to $41,000.

National Debt nears $17.5 Trillion

17,495,622,444,209.79

Gold & Silver

Click to read the PM Daily Market Commentary: 3/10/14

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

10 Comments

saxplayer00o1's picture
saxplayer00o1
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HughK's picture
HughK
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New Jersey bans Tesla

Christie Allows New Jersey Agency to Block Tesla Store Sales

So much for entrepreneurship...

DennisC's picture
DennisC
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New Jersey bans Tesla

Just another example of our efficient, free-market economy.  A related article on Bloomberg today had a quote from the president of the state's dealers association:

'Tesla should either adjust its business model to conform with New Jersey law or seek changes to it, said James Appleton, president of the state’s dealer association.

New Jersey’s “statute is on the books to protect consumers,” he said, while “Tesla’s business model crushes competition.” ' 

Which means, for the first part of the quote, "good luck with that"; for the second part, "did I say protect 'consumers', oops."

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rjs
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Ohio fracking quakes

Ohio earthquakes linked to fracking - Al Jazeera America

This may mark the first time that an earthquake has been directly linked to fracking, activists say.

Forbes  -WKYC-TV  -WTRF 

all 24 news articles »

 

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thc0655
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Coincidence?

Is it any coincidence that NJ also some of the worst laws violating the Second Amendment also. I guess it's full spectrum oppression. And it apparently doesn't matter whether the governor and legislators are Dems or Repubs: two wings of the same party. Anybody in NJ up for an abortion debate/distraction!?

rjs's picture
rjs
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Ohio fracking quakes

about an hour and a half ago i linked to several articles in re the 5 earthquakes yesterday and Monday near Youngstown, without thinking that multiple links might cause my comment to held as potential spam..

since i dont know if anyone is minding the store here on that, you can get the details by searching google for Ohio fracking earthquakes; there are dozens of stories..

the quakes were 1.2 miles deep at a location with multiple wells, & the fracking friendly ORNR shut down the drilling operation within 12 hours of the 2nd quake..there were no injection wells, which had previously been implicated in quakes, nearby  (see article in the digest above)

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cmartenson
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Ohio Fracking Link
rjs wrote:

about an hour and a half ago i linked to several articles in re the 5 earthquakes yesterday and Monday near Youngstown, without thinking that multiple links might cause my comment to held as potential spam..

since i dont know if anyone is minding the store here on that, you can get the details by searching google for Ohio fracking earthquakes; there are dozens of stories..

the quakes were 1.2 miles deep at a location with multiple wells, & the fracking friendly ORNR shut down the drilling operation within 12 hours of the 2nd quake..there were no injection wells, which had previously been implicated in quakes, nearby  (see article in the digest above)

Yep, that many links get sent to the mod review bin.

Here's one from your post: 

Ohio earthquakes linked to fracking - Al Jazeera America

This may mark the first time that an earthquake has been directly linked to fracking, activists say

 

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KugsCheese
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Re: New Jersey bans Tesla

If you can buy other products over the WEB, why not a car.  A lawsuit should be filed and taken up to the Supreme Court.  The NJ ban is unconstitutional.

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sand_puppy
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Towards WWIII: The privatization of nuclear war

Towards a World War III Scenario: The Dangers of Nuclear War

an new book by Michel Chossudovsky

The US has embarked on a military adventure, “a long war”, which threatens the future of humanity. US-NATO weapons of mass destruction are portrayed as instruments of peace. Mini-nukes are said to be “harmless to the surrounding civilian population”. Pre-emptive nuclear war is portrayed as a “humanitarian undertaking”.

While one can conceptualize the loss of life and destruction resulting from present-day wars including Iraq and Afghanistan, it is impossible to fully comprehend the devastation which might result from a Third World War, using “new technologies” and advanced weapons, until it occurs and becomes a reality. The international community has endorsed nuclear war in the name of world peace. “Making the world safer” is the justification for launching a military operation which could potentially result in a nuclear holocaust.

Nuclear war has become a multibillion dollar undertaking, which fills the pockets of US defense contractors. What is at stake is the outright “privatization of nuclear war”.

The Pentagon’s global military design is one of world conquest. The military deployment of US-NATO forces is occurring in several regions of the world simultaneously.

Central to an understanding of war, is the media campaign which grants it legitimacy in the eyes of public opinion. A good versus evil dichotomy prevails. The perpetrators of war are presented as the victims. Public opinion is misled.

Breaking the “big lie”, which upholds war as a humanitarian undertaking, means breaking a criminal project of global destruction, in which the quest for profit is the overriding force.

Reviews

“This book is a ‘must’ resource – a richly documented and systematic diagnosis of the supremely pathological geo-strategic planning of US wars since ‘9-11’ against non-nuclear countries to seize their oil fields and resources under cover of ‘freedom and democracy’.”
-John McMurtry, Professor of Philosophy, Guelph University

“In a world where engineered, pre-emptive, or more fashionably “humanitarian” wars of aggression have become the norm, this challenging book may be our final wake-up call.”
-Denis Halliday, Former Assistant Secretary General of the United Nations

Michel Chossudovsky exposes the insanity of our privatized war machine. Iran is being targeted with nuclear weapons as part of a war agenda built on distortions and lies for the purpose of private profit. The real aims are oil, financial hegemony and global control. The price could be nuclear holocaust. When weapons become the hottest export of the world’s only superpower, and diplomats work as salesmen for the defense industry, the whole world is recklessly endangered. If we must have a military, it belongs entirely in the public sector. No one should profit from mass death and destruction.
-Ellen Brown, author of ‘Web of Debt’ and president of the Public Banking Institute

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saxplayer00o1
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