DEC
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IMPORTANT SILVER KEY FACTORS: 3 Must-See Charts
Posted with permission and written by Steve St. Angelo, SRSrocco Report (CLICK FOR ORIGINAL)
Earlier this month, Puerto Rico narrowly avoided default by utilizing a revenue clawback end-around to make $354 million in debt payments. Some $273 million of the total due was tied to GO debt, meaning that had the island missed the payment, a cascade of messy litigation would likely have followed.
Subsequently, PREPA - the island’s power utility - managed to secure a deal with creditors and the monolines that will allow for the restructuring of $8.2 billion in debt. Should the agreement materialize, it would be the largest restructuring in muni history.
While we already knew last night courtesy of a leak by the BEA that personal spending in November rose by 0.3%, in line with expectations and up from a 0.1% increase the month before, moments ago we got the missing component, which was personal income, and at 0.3%, it too rose 0.3% in October, just above the 0.2% expected, but down from the 0.4% increase in October.
If it wasn't for America's war machine, the economy would be deep in recession. Defense spending (aircraft and parts) soared 148% in the last 3 months - biggest such rise since 2007 managing to squeeze Durable Goods Orders overall to unchanged in Nov (vs -0.6% exp). That's the good news. Everywhere else you look... terrible. Core Capex fell 1.93% YoY - the 10th consecutive YoY drop - something not seen before outside of recession.
The US Economy Works for the Mega-Banks that Financial Deregulation Permitted and for the
One Percent but for No One Else
http://www.globalresearch.ca/37-facts-about-how-cruel-this-economy-has-been-to-millions-of-desperate-american-families/5309938
The post The US Economy Works for the Mega-Banks that Financial Deregulation Permitted and for the One Percent but for No One Else appeared first on PaulCraigRoberts.org.