Daily Digest 5/8 – EU Cuts German Growth Outlook, The Plus Side of Catastrophe

Economy

Low-income moms in four U.S. cities are being paid $4,000 a year, with no strings attached

Some 1,000 low-income mothers in New York City, New Orleans, Minneapolis-St. Paul, and Omaha, Nebraska will eventually be part of the study, which seeks to examine the role of money in families’ financial stress levels.

EU Cuts German Growth Outlook, Sees ‘Pronounced’ Euro-Area Risks

The forecasts reflect more pronounced weakness in the region, which has stumbled due to a slowdown in the global economy, unresolved trade disputes and “exceptional weakness” in manufacturing. Meanwhile sentiment has taken a hit from disruptions in the auto industry, social unrest, and uncertainty related to Brexit.

Illinois Lawmakers Eye Revenue Bonanza from Recreational Pot

Pritzker’s enthusiasm for pot relates in part to the drug’s potential as a revenue bonanza for his cash-strapped state. Illinois faces a fiscal crisis featuring a $3.2 billion structural deficit, a $15 billion backlog of unpaid debts, and unfunded pension liabilities estimated at $133 billion.


Italy spending plans projected to breach EU rules, setting up another spat with Brussels

Italy has the second-largest debt pile in the EU and, according to the latest forecasts by Brussels, the Italian debt-to-GDP ratio will hit 133% this year and rise to 135% in 2020.

Fed flags high U.S. business debt, asset prices in financial report

The ratio of debt to assets among publicly traded, nonfinancial firms is near a 20-year high, the Fed noted, and the share of new loans going to the most indebted companies is near peaks reached in 2014 and just before the 2007 to 2009 financial crisis.

Student asks O’Rourke emotional school shooting question (Sparky1)

A middle school student in Iowa got emotional while asking presidential candidate Beto O’Rourke about school shootings.

5G: The Big Picture (yogmonster)

There are at present approximately two thousand fully functioning satellites orbiting the Earth. Some beam down commercial GPS (or “SatNav”), some provide TV, some provide mobile phone services, and some bounce radar back and forth to produce images for meteorologists and military surveillance. The Earth is thus already comprehensively irradiated from outer space.

‘Cyber event’ disrupted U.S. grid networks — DOE (thc0655)

U.S. utilities are required to notify DOE within one hour of any successful cyberattack on their systems. Power companies that fail to file an OE-417 electric disturbance report can be fined up to $2,500 per day, although DOE has never issued civil or criminal penalties related to the form. The document is supposed to include a high-level overview of the incident, whether it be a hurricane-related outage or a physical attack on the facility. A second, more closely guarded portion of the form contains a detailed summary of actions taken to resolve the incident and “preliminary results from any investigations,” per DOE guidelines.

Pompeo on Arctic Ice: Seeing the Plus Side of Catastrophe (Doug)

Last week, the National Snow and Ice Data Center (NSIDC) released its monthly sea ice update which found “daily ice extent remained at record low levels throughout the month.” Over the past three decades, the Arctic has lost 95 percent of its oldest ice to global warming—more ice loss could result in ice-free summers, causing the planet to warm even further.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/7/19

Provided daily by the Peak Prosperity Gold & Silver Group

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