Daily Digest

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Daily Digest 12/5 - Putin's Luck Runs Out, Pensions At Risk Of Extinction

Friday, December 5, 2014, 9:49 AM

Economy

U.S. Economy Added 321,000 Jobs in November; Unemployment Rate Is 5.8% (jdargis)

Last month, average gasoline prices in the United States fell below $3 a gallon for the first time since 2010, amid a global plunge in crude prices. Crude oil has kept dropping since then, to about $66 a barrel, which suggests prices at the pump have further to drop.

A Strategy for Pensions at Risk of Extinction (jdargis)

The Pension Benefit Guaranty Corporation, the agency set up 40 years ago to guarantee those pensions, made clear in its annual report released last month that one group of pension funds would most likely run out of money within a few years. Absent new legislation, the already modest pensions of some retired workers will be eliminated.

The endangered pensions are not in the P.B.G.C.’s largest program, which insures pensions backed by a single company. That program is said to have a multibillion-dollar deficit, but there is no immediate danger for pension recipients.

Strong Voice in ‘Fight for 15’ Fast-Food Wage Campaign (jdargis)

The pay for fast-food jobs was bad then and still is, he said. “What we’re asking for is realistic. We took in $1,200 the other day at lunch hour at my Burger King. The six workers there cost them $60 or so for that hour. So I see they can pay us $15,” Mr. Wise said.

As leader of the Fight for 15 campaign, Mr. Wise is sometimes a calming presence, sometimes an inspiring activist.

Too Connected To Jail (George H.)

From 2006 through 2008, current SEC Chair Mary Jo White's husband John served as Director of the Division of Corporation Finance at the U.S. Securities and Exchange Commission, which oversees disclosure and reporting by public companies in the United States. Mr. White was head of the SEC division which oversees disclosure and reporting by public companies. "[Mr. White] played an integral role in the SEC’s response to market turmoil throughout 2008, ensuring that the Division acted swiftly to facilitate strategic transactions and access to capital for public companies."

Oil projects worth more than $150-billion face the axe in 2015 because of plunging prices (westcoastjan)

“At $70 a barrel, half of the overall volumes are at risk,” he said. Around one third of the projects scheduled for FID in 2015 are so-called unconventional, where oil and gas are extracted using horizontal drilling, in what is known as fracking, or mining.

Of those 20 billion barrels, around half are located in Canada’s oil sands and Venezuela’s tar sands, according to Nysveen.

Putin's Luck Runs Out (Evan K.)

Vladimir Putin has been on quite a roll for about a year now. But December 1, 2014, just might turn out to be the day the tide finally turned against him. Ever since Russia's annexation of Crimea in March sparked the worst East-West showdown since the Cold War, Moscow has enjoyed a clear asymmetrical advantage: it was prepared to use force to achieve its ends in Ukraine -- and perhaps elsewhere -- while the West was not. But this week marked something of an inflection point where whatever short-term asymmetrical advantages Moscow enjoyed are now being eclipsed by its long-term structural weaknesses.

Eerie quiet at NW fault where 'big one' may shake (Thetallestmanonearth)

A joint Japanese-Canadian team dropped instruments offshore of Vancouver Island. A separate team led by Toomey at the University of Oregon is in its fourth year of deployments. Named the Cascadia Initiative, it is rotating among subduction zone segments offshore of Washington, Oregon and Northern California.

Toomey has skimmed the first three years of his results. The Japanese-Canadian team just published theirs online in the Bulletin of the Seismological Society of America.

There Aren't Plenty Of Fish In The Sea (jdargis)

The buzz around aquaculture was not limited to the United States. Throughout the late 1960s and 1970s, aquaculture was touted by international development agencies as a way to provide food security to growing populations in developing countries. By the mid-1980s, the World Bank, the Asian Development Bank, and other international aid agencies were pouring about $200 million into aquaculture projects each year.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/4/14

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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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
More than $150 billion of oil projects face the axe in 2015

Headlines:

  1. Venezuela ‘seizing’ diamonds, precious metals to boost reserves
  2. Bank of Russia Ramps Up Ruble Support
  3. Yen falls to break ¥120 mark in Tokyo
  4. Eurozone growth confirmed at 0.2% in third quarter
  5. ECB Prepares Broad Stimulus Plan, All Assets but Gold on the Table for Purchase
  6. ECB close to printing money to battle spiraling deflation
  7. Ukraine's reserves slump below $10bn
  8. China 'Bad Bank' Sees Bad Loans Peaking in 2015
  9. ECB paralyzed by split as irreversible deflation trap draws closer
  10. Australia's Abbott risks recession as infrastructure pledge falters
  11. More than $150 billion of oil projects face the axe in 2015
  12. Pennsylvania Starting Year With $2Billion Deficit
  13. LA on the Hook for Humungous $10 billion Infrastructure Repair Bill
  14. New Jersey’s pension system debt hits $170 billion
  15. Milliman analysis: Corporate pension funded status drops another $8 billion in November
  16. Russian Company Bonds Crumble Under Sanctions, Oil and Recession
  17. Junk Fervor Cools as Oil Rout Upends Energy Debt
  18. Brazil govt gets initial OK to miss surplus target
  19. Brazil GDP to grow just 0.8% in 2015
  20. Ky pension system's funding still millions short
  21. S.F. reveals nearly $22 million surplus ("don’t include a $3.9 billion unfunded retiree health-care liability or a separate $3.9 billion unfunded pension liability")
  22. IPERS' financial health improves, but fund still short
  23. Bankruptcies caused by weakening yen set new record in November
  24. Average Affordable Care premiums going up in 2015
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
S&P cuts Italy's credit rating to a notch above junk status

S&P cuts Italy's credit rating to a notch above junk status

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