Daily Digest 7/3 – Flood Apocalypse In Eastern Siberia, Average Millennial’s Net Worth ‘Shockingly Low’

Economy

Gov. J.B. Pritzker says Illinois can’t take on Chicago’s public pension liabilities without trashing state credit rating (Saxplayer00o1)

By 2023, Chicago will need to come up with nearly $1 billion in additional annual pension payments. Speaking to reporters following the joint appearance with Pritzker, Lightfoot elaborated on recent comments she made about being willing to sacrifice her political future by dealing with the city’s pension problem.

The average millennial’s net worth is shockingly low (Saxplayer00o1)

The average net worth of Americans aged 18 to 35 is less than $8,000, according to a new Deloitte study. The reason, however, very much boils down to increased costs over the past decade.

Take college, for example. Higher-education costs rose 65% over the last 10 years, and as such, student debt levels increased by 160% between 2004 and 2017. Millennials, of course, were hit hardest by this trend, as they were the ones attending college during that time.

Constitutionality of $16 billion of Illinois bonds challenged (Saxplayer00o1)

The pending lawsuit also cites Illinois’ credit ratings, the lowest among U.S. states at a notch or two above junk, and an “unsustainable” debt burden that includes a $133.5 billion unfunded pension liability.

ECB comments knocks euro zone bond yields to fresh lows (Saxplayer00o1)

Dutch, Belgian, Austrian and Portuguese 10-year bond yields also fell to fresh record lows .

German 10-year bund yield falls to record low, US Treasurys stable amid softer GDP outlook (Saxplayer00o1)

The yield on the 10-year bund fell to -0.367% in afternoon trading in Germany

Companies are warning that earnings results are going to be brutal (Saxplayer00o1)

With earnings season looming, 77% of companies issuing pre-announcements say their profit picture will be worse than Wall Street is expecting.

That’s the second-worst quarter on record going back to 2006, according to FactSet.

Roubini Lives Up to ‘Dr. Doom’ Alias With Global Recession Call (Saxplayer00o1)

“It’s a scary time for the global economy,” the head of Roubini Macro Associates, sometimes known as “Dr. Doom,” said in an interview with Bloomberg TV. He said he expects a recessionary shock to materialize next year.

The Setup is like 1315 (thc0655)

The current expectation is that the US corn crop will be down 30% on 2018 which will push the price to about $9.00 per bushel at harvest. What could make the situation a lot worse is an early frost. The Corn Belt did warm slightly over the last 100 years due to the high solar activity of the second half of the 20th century. This is shown by the cumulative growing degree days (GDD) of the first decade of the 20th century (blue lines) compared to the first decade of the 21st century (red lines) in Figure 3 for Whitestown, Indiana.

Declining monarch-butterfly populations may be hard to restore (thc0655)

To find the answer, the researchers obtained monarchs from a commercial breeder and caught others in the wild. Both were raised in an outdoor environment, so they could pick up on any seasonal cues as to whether they should be migrating. In the summer, the females carried lots of eggs, and the population overall showed no preferential orientation when put in a (I am not making this up) “monarch flight simulator.” In the autumn, however, the butterflies caught in the wild showed reduced reproductive capacity as well as a strong tendency to orient to the south. Neither of those were true for the butterflies obtained from commercial suppliers.

Flood apocalypse in Eastern Siberia kills five and maroons 9,919 whose homes destroyed or damaged (Bryan S.)

Both the Angara River – the region’s main waterway – and Lake Baikal, the deepest lake in the world with 20 per cent of the planet’s unfrozen freshwater, had burst their banks, said reports.

Some 50 villages of the shore of Baikal are reported ‘inaccessible’, while to the north the city of Bratsk is badly affected.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/2/19

Provided daily by the Peak Prosperity Gold & Silver Group

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