Items from Professor Preponomics:
US News
Restructuring the National Debt [1] (Mises) Excerpt: “US presidential candidate Donald Trump made more waves yesterday by suggesting he might attempt to reduce the US national debt by renegotiating with creditors. [2]” …and of course there is follow up! From Zero Hedge… Trump on Debt Renegotiation: “You Never Have to Default Because You Print the Money” [3] Warning: Commentary following article may contain bad language and/or inappropriate avatars.
Puerto Rican Debt Crisis is Coming to a Head [4] (Barrons) Excerpt: “Puerto Rico’s Government Development Bank, which plays a key role in the island’s finances, defaulted on $3.9 billion of debt last week, while working out a deal with about 25% of creditors that would pay them around 47 cents on the dollar.”
International News
Saudi Arabia’s Powerful Oil Minister Ali al-Naimi is Fired [5] (Fox News Business) Excerpt: “Mr. Naimi, who had been the kingdom’s oil minister since 1995, has been a loud voice against lowering Saudi Arabia’s production when prices fall, a departure from its past tactics.”
Saudi Arabia Names Khalid al-Falih Energy Minister to Replace Naimi [6] (Reuters) Excerpt: “Riyadh believes that cheap crude alone can balance the market by stimulating demand and shutting down high-cost producers.”
Greek Parliament Approves Pension Cuts and Tax Rises as Protesters Clash with Police [7] (The Telegraph) Excerpt: “…the latest reforms demanded by the European Union and International Monetary Fund in exchange for fresh funds from Greece’s 86 billion euro (£68 billion) bailout agreed in July, the third for the debt-laden country since 2010.”
According to Deutsche Bank, the “Worst Kind of Recession” May Already Have Started [8] (Zero Hedge) Excerpt: “Sarcasm aside, let’s summarize: according to Deutsche Bank the worst kind of a recession, an ‘endogenous one’ in which labor demand plunges as ‘corporations are not just tired of negative profit growth, but also because they are drawing a line in the sand from the perspective of defending margins’ may be imminent….” Warning: Commentary following article may contain bad language and/or inappropriate avatars.
Personal Economics and Household Finance
Survival Buzz: How to Move from the Mid-Way Point of Prepping [9] (Backdoor Survival) Excerpt: “Are you at the point where you are comfortable with your prepping progress? By that I mean you have done enough to know you can get by if you have to, and, for better or for worse, wonder if you have done enough.”
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