Economics and Investing:

Items from Professor Preponomics:

US News

Restructuring the National Debt (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.” …and of course there is follow up! From Zero HedgeTrump on Debt Renegotiation: “You Never Have to Default Because You Print the Money” Warning: Commentary following article may contain bad language and/or inappropriate avatars.

Puerto Rican Debt Crisis is Coming to a Head (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 (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 (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 (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 (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 (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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