Daily Digest

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Daily Digest 6/11 - IMF Sees Progress In Greece, 4 in 10 Millennials Overwhelmed By Debt

Wednesday, June 11, 2014, 7:18 AM

Economy

ECB's Makuch sees room for further easing

The European Central Bank still has room to ease its benchmark interest rate further, rates are likely to remain low for an extended period, and if additional easing is needed the bank can later opt for quantitative easing, an ECB rate setter said Tuesday.

Texas teachers to see increase in health care costs

On Friday, the Teacher Retirement System of Texas agreed to increase the monthly health care premium costs for all members. Depending on what level of care members are enrolled in, most will see increases between 4 and 8 percent. For example, school employees enrolled in the most popular tier, called TRS-ActiveCare2, that covers themselves and their spouse will see a 7 percent increase in their monthly contribution, from $1,203 to $1,287.

China’s Real Estate Downturn Spells Trouble for Global Economy

At an industry forum in late May, Pan compared the nation’s real estate prospects to the Titanic. “It [the real estate industry] will soon hit the iceberg in front of it,” he declared.

Pan’s outlook may be bleak, but is borne out by statistics. According to Standard & Poor’s, residential housing prices in China will drop by 5% this year — a dramatic reversal from last year’s rise of 11.5%.

S&P May Cut Austrian Banks on Doubts About Future Support

Austria’s biggest banks were put under review for a possible downgrade by Standard & Poor’s Ratings Service as the government’s plan to bail in bondholders of a nationalized bank reverberates through the sector.

IMF Sees Progress in Greece, Still Worried on Debt

In a report, the IMF said Greek debt is expected to remain high "well into the next decade," peaking this year at an expected 174 percent of gross domestic product.

4 in 10 millennials overwhelmed by debt: Study

Four in 10 millennials are overwhelmed by debt, with almost half spending at least 50 percent of their monthly paycheck paying off debt, a new study by Wells Fargo found. More than half—56 percent—reported living paycheck to paycheck.

Credit cards are the biggest drain on millennials' wallets, followed by mortgages and student loans.

Indian, Chinese Central Banks on track to absorb 90% of Gold mine output

Indian and Chinese central banks on track to absorb the equivalent of 90% of all mined gold production this year, said ETF Securities in its Precious Metal Weekly.

S. Africa govt warns strike-hit platinum mines could close

Central bank chief Gill Marcus said separately that even if the strike was to end now, it is "possible that a number of shafts will never re-open."

South Africa holds around 80 percent of the world's known platinum reserves.

Puerto Rico may delay payments to beat $320 mln tax shortfall

Puerto Rico may reschedule payments to the Government Development Bank as well as the pension system for central government employees as it aims to reduce a $320 million tax revenue shortfall by the end of the fiscal year on June 30, the U.S. Commonwealth said on Tuesday.

29.1 Million Americans Now Suffer From Diabetes

About 29.1 million Americans — nearly 10% of the U.S. population — now suffer from diabetes, according to a new report.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/10/14

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."

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
Creditor rips Detroit's 'grand bargain' in scathing court filing

A couple more headlines:

  1. Creditor rips Detroit's 'grand bargain' in scathing court filing
  2. Pension scheme’s $2 trillion ‘black hole’  (Australia)

 

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1754
Matt Taibbi's" The Divide. Unequal Justice

At the urging of Catherine Austin Fitts I purchased the Kindle version of Matt Taibbi's new book.

It is a powerhouse!  Taibbi is an entertaining a engaging writer. He makes it almost fun to learn about how far we have sunk from our ideal of "Liberty and Justice for All."  He leads us through the details of how the multi-tiered right to justice evolved.

[S]ince 2008, no high-ranking executive from any financial institution has gone to jail, not one, for any of the systemic crimes that wiped out 40 percent of the world’s wealth.

Yet we also know that if you are poor and black, you can spend the night in jail for falling asleep on the subway or walking down to the 7-11 without your picture ID.

People are beginning to become disturbingly comfortable with a kind of official hypocrisy. Bizarrely, for instance, we’ve become numb to the idea that rights aren’t absolute but are enjoyed on a kind of sliding scale. To be extreme about it, on the far end— like, say, in the villages of Pakistan or Afghanistan— we now view some people as having no rights at all. They can be assassinated or detained indefinitely outside any sort of legal framework, from the Geneva conventions on down.

Of course, on the other end of the spectrum are the titans of business, the top executives at companies like Goldman and Chase and GlaxoSmithKline, men and women who essentially as a matter of policy now will never see the inside of a courtroom, almost no matter what crimes they may have committed in the course of their business. ... like the deferred prosecution of HSBC for laundering drug money, or the nonprosecution of the Swiss bank UBS for fixing interest rates.

[W]e very quickly learned that some people have simply more rights than others. Some people go to jail, and others just don’t. And we all get it.

How did this develop?  Taibbi tells the story.  

Very well done.  And highly recommended.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
More Than 1 in 5 Homes in Chinese Cities Are Empty, Survey Says

This link was posted at zerohedge.

 

More Than 1 in 5 Homes in Chinese Cities Are Empty, Survey Says

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Some Good New.

Some have discovered that war is not as glamorous as they imagined. (Schadenfreude chuckle). They are cold, tired and hungry and going home.

Pity about the Kids you killed boys.

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