Daily Digest

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Daily Digest 7/23 - Retirement Dreams And Nightmares, Travel And The Zika Virus

Saturday, July 23, 2016, 9:51 AM

Economy

Summer Travel And The Zika Virus (jdargis)

In particular, the yellow-fever mosquitoes that carry the virus don’t survive at elevations higher than 6,500 feet. So if your plan is to visit Mexico City or go mountain-climbing in Argentina, the odds of being bitten there are close to nil.

Delayed, Denied, Dismissed: Failures on the FOIA Front (jdargis)

There’s little reason to hope things will improve. Last week, President Obama, who has repeatedly broken promises to deliver new levels of transparency, signed the FOIA Improvement Act of 2016. The act writes the presumption of disclosure clearly into law, pledges to strengthen the FOIA Ombudsman and creates a single FOIA portal for agencies to receive requests, among other user-friendly provisions. But the act explicitly provides no new resources for implementing these provisions.

To provide a sense of the difficulties encountered by ProPublica reporters trying to access public records, we are recounting some of our battles on the Freedom of Information front at all levels of government:

UK economy suffered ‘dramatic deterioration’ after Brexit vote – Markit (jdargis)

The PMI survey for Britain’s powerhouse services sector – which accounts for nearly 80 per cent of the economy – has dropped to a seven year low of 47.4 for July from 52.3 at the June survey. Any reading below 50 indicates contraction. The outcome was far lower than economists’ forecast of a reading of 48.8.

The manufacturing PMI has also dropped to 49.1 from 52.1 in June. The July reading is a 41-month low although economists had expected a slightly worse reading of 48.7.

Retirement Dreams And Nightmares (GE Christenson)

We can’t afford to retire – we have too much debt. We have lived beyond our means, just like our governments, for decades, by borrowing from the future – that is, going into debt to pay today’s expenses with tomorrow’s income. The official US national debt is approaching $20 trillion – a huge number, and do not believe that “deficits don’t matter.” For those approaching retirement, deficits and debt do matter because they suck cash from current retirement income to pay for yesterday’s expenses.

In China meeting, G20 has chance to soothe post-Brexit jitters (jdargis)

"(On Brexit), the focus will be on what message G20 can deliver to ease concerns," said an Asian financial official involved in G20-related issues. "We still need to remain vigilant."

The International Monetary Fund this week cut its forecast for global growth, specifically on Britain's vote to leave the European Union.

Special K ads banned over health benefits claims (jdargis)

Kellogg's claimed on its website that "all Special K flakes are made with our unique Nutri K™ recipe making a nutritious and delicious start to your day," while a TV advert said Special K porridge "is full of goodness."

The agency said it acted after a consumer complained.

According to U.K. advertising rules, companies are not allowed to make general health claims about their products, unless backed up with specifics.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/21/16

Provided daily by the Peak Prosperity Gold & Silver Group

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