Daily Digest

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Daily Digest 7/9 - Caracas' Poor Go Thirsty, Over 50 And Still Paying Student Loans

Wednesday, July 9, 2014, 7:13 AM

Economy

Italy faces resistance to softer European spending reforms

Italy’s debt is projected to reach 135% of output at the end of the year. Under EU rules, governments have to strive to balance their books and cut public debt to 60% of gross domestic product within 20 years.

No leads in case of stolen bell (W. Va.)

It's a scene being played out across the country - desperate thieves stealing anything to get cash. Local police say manhole covers, grave markers and copper wire are being targeted. Now, a Wheeling businessman is hoping to get answers after a bell with sentimental value was taken from him.

Caracas' poor go thirsty amid political strife and poor planning

Venezuelans have long grappled with shortages of necessities from cooking oil to medicine and toilet paper, but now even the most basic of necessities — water — is in short supply in the nation’s capital.

Central banks ending era of clear promises, return to 'artful' policy

"We have to be careful (and) certain that you do not commit to things that we're not sure we can actually produce," Alan Greenspan, Bernanke's predecessor, told the Economic Club of New York in April. "Remember, we don't forecast very well."

Fed's Kocherlakota downplays recent inflation rise

One of the Federal Reserve's leading doves downplayed recent higher readings on inflation on Tuesday, saying he expects the price level to stay below the central bank's target for several more years, possibly even until 2018.

Many over 50 are still saddled with student loans

Others, like Andrew Jones of Englewood, N.J., have had the loans follow them throughout their adult lives into retirement. Jones defaulted on nearly $5,000 in student loans he took out in 1970, when he went off to Yankton College in South Dakota. He has paid more than double the initial balance, and his Social Security check recently was garnished to pay back the interest and fees.

Complacency Breeds $2 Trillion of Junk as Sewage Funded

“It definitely feels like investors are getting overexuberant, and you can stay in overexuberant conditions for a while,” said Fred H. Senft Jr., director of fixed income and equity research for Key Private Bank in Cleveland. “But when it turns it will turn quickly and it will turn very ugly.”

House panel sets hearing to reform Federal Reserve

Some politicians have criticized the central bank for its aggressive actions after the financial crisis to lower unemployment and stimulate the economy using unconventional tools such as a monthly bond-buying program and building a balance sheet that now exceeds $4.5 trillion.

Food Prices Inch Up As Calif. Drought Enters Third Year

Poultry and dairy prices are also expected to rise by 3 to 4 percent, while egg products could spike 5 to 6 percent higher, according to the USDA. Fresh fruit prices could also see a jump of as much as 4 percent.

In-N-Out Burger and Chipotle Taco Prices Rising as California Drought Persists

In-N-Out is not the only retail food chain raising prices. Chipotle Mexican Grill and Starbucks are also increasing the prices on their menus. Both stores are increasing the price of items in the 4 to 10 percent range.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/8/14

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."

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