Daily Digest

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Daily Digest 10/29 - São Paulo Running Out Of Water, ECB Won't Accept Low Inflation Passively

Wednesday, October 29, 2014, 9:26 AM

Economy

Sao Paulo running out of water as rain-making Amazon vanishes

South America's biggest and wealthiest city may run out of water by mid-November if it doesn't rain soon.
São Paulo, a Brazilian megacity of 20 million people, is suffering its worst drought in at least 80 years, with key reservoirs that supply the city dried up after an unusually dry year.

Paying thousands before health insurance even kicks in

Got health insurance at work? You may still have to shell out thousands of dollars before it kicks in.
That’s because more employers are offering consumer-directed health plans, which usually come with high deductibles. In 2015, 81% of large employers will offer at least one of these plans, up from 63% five years earlier.

Colorado health-insurance buyers may get smaller tax credits in 2015

Colorado health-insurance consumers relying on tax credits will see their share of premiums rise an average of 77 percent next year if they keep the same plans, according to the state's preliminary analysis.
While premiums overall are not expected to increase significantly in 2015, the way tax credits are calculated under the Affordable Care Act is creating challenges for Colorado consumers.

State health insurance costs to jump $40 million in 2015 (Iowa)

“This is a $20 million shock to this year’s budget that we weren’t anticipating,” said Gov. Terry Branstad, noting that half of the $40 million calendar year increase will hit state agencies in the current fiscal budget year that runs from July 1 through June 30, 2015.

Child poverty rates soar in world's richest countries

At least 2.6 million children have fallen below the poverty line in the world's richest nations since the 2008 economic crisis, UNICEF, the United Nations' children's aid agency, said in a report released Tuesday.
The report, "Children of the Recession," estimated that the number of minors living in poverty in the 41 most affluent countries had increased over 3 percent to 76.5 million since the world financial crisis struck in 2008.

BOJ Chief Takes Political Heat as Skepticism Grows

Lawmakers highlighted the dangers of the central bank buying such large amounts of government bonds. The BOJ is currently indirectly buying the equivalent of about 70% of new bond issuance. They said this was akin to the BOJ financing the government’s borrowings and pressed Mr. Kuroda to explain how the bank would exit from the large-scale bond buying without disrupting markets.

Japan finance minister: to consider stimulus steps after examining third-quarter data

Japanese Finance Minister Taro Aso said on Tuesday that he will consider compiling an economic package to support the economy after examining GDP and other economic indicators for the July-September quarter.

Euro Outflows at Record Pace as ECB Promotes Exodus

While Draghi has acknowledged the need for a weaker euro to avoid deflation and make exports more competitive, strategists warn that outflows risk undermining the euro-region economy if they becomes too aggressive. The ECB extended its stimulus measures this month by starting to buying asset-backed bonds, and announced yesterday that it bought 1.7 billion euros of covered bonds in the first week of the new plan.

Sweden cuts interest rates to record low of 0% to boost inflation

This is a record low and the central bank said it would stay at this rate until inflation picks up.
Inflation was too low, the bank said in a statement, although the Swedish economy was doing relatively well and the overall climate was improving.

Noyer: ECB Won't Accept Low Inflation Passively

European Central Bank Governing Council member Christian Noyer said Tuesday that the ECB won't accept inflation that is below its target passively.
Testifying before the Finance Commission of the France's Senate, Noyer said that "we don't accept that the ECB remain passive with inflation that is too low relative to our objective."

Gold & Silver

Click to read the PM Daily Market Commentary: 10/28/14

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

sand_puppy's picture
sand_puppy
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saxplayer00o1's picture
saxplayer00o1
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pinecarr's picture
pinecarr
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No WAY sand_puppy!!!

You've got to be kidding me?!!!   For Alan Greenspan to come out with that conclusion now is at best salt in the wound.  Yeah, thanks, got it Alan!  Maybe someone's worried about Judgment Day (whether here or the hereafter)!!

Time2help's picture
Time2help
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More from everyone's favorite economist

In defense of Obama (by Paul Krugman)

Bankers Slave's picture
Bankers Slave
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Joined: Jul 26 2012
Posts: 519
I am not going to

read all that. I have decided to make it a derogatory comments free day today!

 

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