Daily Digest

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Daily Digest 4/22 - Greek Bank Shares Slide, Eurozone Gov't Debts Continue To Rise

Wednesday, April 22, 2015, 9:07 AM


Greece buys six weeks’ space with order transferring city funds

Greek officials expect an order that local governments transfer funds to the central bank will keep the country afloat until the end of May as European policy makers turn up the heat on Prime Minister Alexis Tsipras.

Atlantic City Managers In Talks to Hire Restructuring Lawyers

Atlantic City faces a budget gap of more than $100 million this year, and casino revenues continue to decline. Four properties have closed since the beginning of 2014.

Surging medical, nursing care costs strain Japan's public finances

The government's own calculations show Japan would be left with a primary budget deficit worth 9.4 trillion yen in the fiscal year to March 2021, even assuming that the economy would grow at a nominal 3 percent rate and the national sales tax would rise to 10 percent, from the current 8 percent, in April 2017 as planned.

Chicago Schools Haunted by Bankruptcy Chatter Ahead of Bond Sale

There’s little prospect that the backdrop will brighten. The system faces a projected $1.1 billion budget gap next fiscal year as retirement costs climb. Its relative borrowing costs are at a two-year high. And with negative outlooks from Moody’s and Fitch, a downgrade to junk may chase off investors.

Eurozone government debts continue to rise in 2014

The European Union's statistics agency said Tuesday the eurozone's budget deficit fell to 2.4% of economic output from 2.9% in 2013, but that additional borrowing pushed government debt up to 91.9% of gross domestic product from 90.9% in 2013.

Key European interbank rate drops below zero

The negative interest rate trend in Europe has moved from central banks to the bond market - and now to the interbank market. Three month Euribor - the measure of what European banks charge each other for three-month money - has dropped to -0.001 per cent.

Fink Says Central Bankers ‘Destroying’ Insurers With Low Rates

Low interest rate policies by central banks around the world are threatening insurance companies and pension funds, said Laurence D. Fink, chief executive officer of BlackRock Inc., the world’s largest asset manager.

Greek bank shares slide to record low as ECB considers pulling the plug

Should the ECB pull the plug, Greek banks will go bust in a matter of months, said rating's agency Standard & Poor's. "In the absence of support from the European authorities, we believe that a default of these Greek banks appears inevitable within the next six months," said S&P.

India’s Central Bank Chief Looks for More Accommodation

Reserve Bank of India Governor Raghuram Rajan is keeping his options open for additional reductions in benchmark interest rates. The central bank has cut rates twice this year and could cut rates further if it sees more signs that inflation is easing, Mr. Rajan said in an interview with The Wall Street Journal on the sidelines of the International Monetary Fund’s spring meetings.

Hungary Central Bank Flags More Easing as Rate Cut to Record

Hungary’s central bank pledged to press on with monetary easing to spur price growth after reducing its benchmark interest rate for a second month to a record low.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/20/15

Provided daily by the Peak Prosperity Gold & Silver Group

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Police smash iPhone of woman recording them


As The Washington Post notes,


...the courts have consistently held that the First Amendment protects citizens' right to record the police when they're on the job. The police can't stop you unless you're interfering with their work -- and they can't take away your smart phone or delete the recordings just because you took video.

Police need a warrant to mess with the content of your cell phone.

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Is Government Debt Too Low?

Is Government Debt Too Low? -- WSJ -- Government debt has skyrocketed since the financial crisis, and now tops 100% of GDP on average in rich countries. Is that too high? Oddly, it may not be high enough. That’s the provocative suggestion Brad DeLong, from the University of California at Berkeley made at the International Monetary Fund’s “Rethinking Macro” conference last week. Mr. DeLong bases his argument on a simple observation. The interest rate that rich countries with super-safe debt (in the case of the eurozone, that means Germany but not Spain) pay is astonishingly low: lower than the growth rate of nominal gross domestic product (that is, GDP before subtracting inflation). In the U.S., the Treasury yield has gone from roughly equal to growth in nominal GDP in 2005 to 3 percentage points lower today. By Mr. DeLong’s reckoning, this means those countries are borrowing too little.

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robie robinson
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