Daily Digest

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Daily Digest 7/22 - Toxic Loans Wallop French Towns, PR Owes Investors $5 Billion

Wednesday, July 22, 2015, 10:07 AM

Economy

Annual sewer bills to jump $750 if county approves plan to collect Leoni's defaulted debt (Jackson County)

Residents hooked up to a 10-year-old sewer line in Leoni, Columbia, Hanover and Liberty townships might be on the hook for a $7 million bond to pay for the sewer line if county commissioners approve the plan at their meeting Tuesday, July 21.

Detroit City Council expected to vote on water rates

The council voted down a rate hike in June, but has decided to put the issue back on the table because the water department is facing a $27 million deficit. The rate increase would be 7.5%, which would add a little more than $5 a month to residents' water bills.

Cleveland Heights will raise water rates as interim measure to cap deficit

Water rates for the average Cleveland Heights residential customer will rise by 21 percent -- from $53.79 to $65.04 a month -- starting Aug. 1.

Puerto Rico's PFC rating cut, default 'virtual certainty' -S&P

Standard & Poor's said it cut its rating on Puerto Rico's Public Finance Corporation (PFC) to 'CC' from 'CCC', forecasting that a default when its debt is due Aug. 1 is a 'virtual certainty'.

Brazilian Horror Movie Traps Rousseff as Allies Back Away

Growing dissent risks further undermining a president who is already struggling to deal with the country’s biggest economic and political crisis in a quarter century. While an outright revolt against her authority is not yet in the cards, the unrest makes it harder for her to push through an austerity agenda deemed crucial to avoiding a credit downgrade.

Evans: No EM or bankruptcy expected for Wayne County

The county is grappling with a $52 million structural deficit — a recurring shortfall that stems from the underfunded pension system and a $100 million yearly drop in property tax revenue since 2008. Its accumulated deficit is $150 million.

Korea mulls curbs on capital outflow

“If the U.S. Fed rate hike gives a severe boost to capital outflow (from Korea), we may revise the system and bring in more control policies,” he said during a meeting with foreign correspondents in Seoul.

Toxic' Loans Wallop French Towns

Interest rates on over EUR5 billion ($5.4 billion) of loans held by French municipalities and tied to the rising franc have reached unprecedented levels, leaving cities struggling with a mounting debt burden. Several hundred municipalities have sent demands for financial aid to the government.

Almost everything in sight in Greece to be taxed, including its 14th century moonshine

That’s how Athens-based reporter Christos Michaelides describes the fact that banks re-opened in Greece on Monday after being forced to close for three weeks to prevent a run on their cash machine, and that new taxes have gone into effect adding roughly 10 percent to the cost of just about everything, including transportation, sugar, cocoa, taxis and funerals.

Britain's staggering £1.5trillion debt pile rises as borrowing falls less than expected

The amount of money owed now accounted for 81.5 per cent of Gross Domestic Product (GDP) at the end of June, up from 80.8 per cent just a month earlier, according to figures released by the Office for National Statistics (ONS).

Italian Bonds Gain for 11th Day as QE Pushes Market After Greece

Sovereign-debt markets across the euro region advanced, with a positive year-to-date return for the first time since early June. ECB policy makers have so far met or exceeded their target of buying 60 billion euros ($65 billion) of securities during each full month, due to run at least until September of next year.

ECB QE stoking UK housing bubble warns Moody's

A search for real yield in the face of historically low returns on cash – which turned negative following the adoption of charges on deposits by the ECB and others earlier this year – was finding an outlet in residential property it added, saying Germany and Norway were also at risk.

Puerto Rico owes investors $5 billion in next year

The schedule illustrates the costs ahead for the cash- strapped commonwealth, where Gov. Alejandro Garcia Padilla is pushing to restructure a $72 billion debt load he says the island can't afford. The payments approach $1 billion in January and about $2 billion in July 2016, JPMorgan said. Puerto Rico has a $9.8 billion budget for the year through next June.

Cash-strapped Chicago schools propose $1.16 bln more debt

Chicago Public Schools on Monday proposed selling up to $1.16 billion of bonds despite the district's falling credit ratings, big budget deficit and lack of an approved plan to ease escalating pension costs.

More U.S. Children Live In Poverty Now Than During the Recession

According to a new report from the Annie E. Casey Foundation, more than one in five American children, about 22%, were living in poverty in 2013. Data for 2014 are not yet available, but the report anticipates that the child poverty rate remains at an “unacceptably high [level].”

Gold & Silver

Click to read the PM Daily Market Commentary: 7/21/15

Provided daily by the Peak Prosperity Gold & Silver Group

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8 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Gold: Manipulation Tries to Force Capitulation (McAlvany Audio)

Gold: Manipulation Tries to Force Capitulation (McAlvany Audio)

Time2help's picture
Time2help
Status: Diamond Member (Offline)
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Posts: 2840
Hack of connected car on St. Louis highway raises alarm

Hack of connected car on St. Louis highway raises alarm (USA Today)

So the interesting part of this is...why is there a system in these newer vehicles that provides a capability for anyone other than the driver to remotely deactivate the braking system and (even more concerning) remotely steer the vehicle?  This requires hardware as well as software and systems integration. Something (e.g. an electric motor or similar) must be in-line with the steering column, and that something is integrated with the onboard computing system/software. Something that could be accessed via the web?

No doubt for your safety...and the children.

Long neo-luddism.

robie robinson's picture
robie robinson
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Joined: Aug 25 2009
Posts: 1192
Thumbs up T2h

a fellow neo-luddite.

Veterinarian check reports "Kelsey" settled by "Eyke Sovreign" Due first of July 2016.(Suffolk Punch draft)

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Social Security disability-insurance program faces 2016 financin

Social Security disability-insurance program faces 2016 financing shortfall

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2840
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167
Buy-up turns central bank-backed CSF top 10 shareholder

Link was posted at Zerohedge today.

Buy-up turns central bank-backed CSF top 10 shareholder.

 

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4167

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