NO STRINGS ATTACHED NEWS THAT MAINSTREAM JUST WON'T COVER.
Zemmour: “We aren’t in France any longer”.
https://www.infowars.com/author-areas-of-france-now-under-de-facto-sharia-law/
US Stock Markets Up 200%, Yet Illinois Pension Hole Deepens 75%
Authored by Ted Dabrowski and John Klingner via Wirepoints.org,
Not even the nation’s longest-ever bull market run has been able to save Illinois’ crumbling pension funds.
Despite a tripling in the value of the S&P 500 index since July 2009, Illinois’ pension shortfall has worsened by 75 percent during the same period.
In 2009, the shortfall in Illinois’ five state-run funds stood at “just” $78 billion. Today, the funding hole is at a record $137 billion, a $59 billion increase. That’s according to preliminary actuarial reports recently released by the state pension funds.
The warning this trend provides is stark: if pension debts in Illinois continue to grow during a period of remarkable stock market returns, imagine how those funds will fare when the next recession inevitably hits.
The state’s overwhelming pension costs are leaving no Illinoisans unscathed. The state’s total combined state and local taxes, adjusted for cost of living, are now the third-highest in the country, according to Wallethub. Home values, adjusted for inflation, are negative and bucking the upward trend in the rest of the nation. And core services are being cut to make room for contributions to the pension funds. Pension costs already consume more than 25 percent of the state’s general fund budget. No other state in the country spends that much on pensions.
At just 38 percent funded, only Kentucky (34 percent) and New Jersey (36 percent) have worse-funded pensions than Illinois, according to the Pew Charitable Trusts’ most recent state-by-state comparison.
Chicago has suffered the same downhill trend as the state, but it’s problems are far more acute.
The city’s pension hole – what it owes to police, firefighters, laborers, municipal workers and teachers – deepened by 150 percent over the decade even as markets gained ground.
In 2009, Chicagoans were on the hook for about $17 billion in official pension shortfalls. Today, they’re on the hook for over $40 billion.
Several funds in Chicago are already in danger of running out of money entirely. The firefighter’s pension fund, for example, is just 18 percent funded. Its assets only cover a little over three years of benefit payouts.
The city’s police and municipal funds aren’t much better off, at just 25 percent funded. Without fresh contributions, both only have enough assets to cover about four years of benefits.
Current retirees will suffer from any collapse – their monthly pension checks could fail to arrive.
It’s important to note that the official numbers provided by state and Chicago officials above significantly understate the true pension shortfalls in Illinois.
Moody’s Investor Service recently released their 2018 calculations of state debt. Under the agency’s more realistic assumptions, Illinois owes over $241 billion in state pension debt – the most in the nation.
And Chicagoans – when you add up all of Moody’s calculated city, state and other local debts – are on the hook for $150 billion in overlapping retirement shortfalls.
A fool’s gamePoliticians are trying to hang onto the status quo, hoping that massive tax hikes, whether its a progressive tax at the state level or higher property taxes in Chicago, will keep the plans afloat. It’s a fool’s game.
Illinois has shrunk four years in a row as record numbers of Illinoisans flee the state. Illinois has lost more people to out-migration since 2000 than any other state in the nation save New York.
Illinoisans are now on the hook for more government-worker pension debts than any other state in the country, and more than they can ever repay. But watch out. Without reforms that significantly reduce those debts, expect things to get worse. The burden will grow as more and more Illinoisans flee.
Tyler Durden Tue, 11/12/2019 - 12:50 Tags Social Issues Labor Business FinanceIsrael "Preparing For War" As 150 Rockets Fired From Gaza
Israel and Gaza are on edge after an Israeli airstrike took out a senior Islamic Jihad commander in the Strip early Tuesday. Palestinian Islamic Jihad militants have since fired some 150 rockets into southern and central Israel, resulting in the closure of schools and public buildings, even in Tel Aviv.
Dozens of rockets have been reported hitting towns and cities throughout Israel after the rare targeted assassination of Islamic Jihad's Baha Abu al-Ata. The Israeli army is now signalling preparations for war: “We are prepared for several days of battle with an aerial defense shield, including in the center of the country,” IDF spokesperson Hidai Zilberman said.
Rockets fired from Gaza on Tuesday, via AFP.
"Approximately 150 rockets and mortar shells were fired from the Gaza Strip at central and southern Israel on Tuesday as of 1 p.m., according to unofficial tallies," The Times of Israel reports. "Soldiers operating the Iron Dome missile defense system shot down some 60 of those incoming projectiles."
Israel's security cabinet held an emergency meeting on Tuesday to mull a response as things escalate quickly. This after Israel expanded its anti-Palestinian militant operations into neighboring Syria, where Israeli strikes additionally targeted another senior Islamic Jihad official, Akram Ajuri.
Large rocket fired from the southern part of Gaza City just now pic.twitter.com/koC1BFStTs
— Trey Yingst (@TreyYingst) November 12, 2019 https://platform.twitter.com/widgets.jsReports note that this is the first time in a few years that such a string of high level assassinations have been carried out by the IDF. Drones are still said to be active over Gaza, and Palestinian health authorities have cited multiple civilian deaths and injuries.
Militants in Gaza also said they are "going to war" against Israel: "Palestinian Islamic Jihad declared Tuesday that it was preparing for war with Israel after the IDF carried out a dawn assassination of one of the terror group’s senior leaders in the northern Gaza Strip," according to local reports.
Slain Palestinian Islamic Jihad leader Baha Abu al-Ata, via the AFP.
A follow-up IDF statement said further: “We are ready for various scenarios, both offensive and defensive. We are not interested in escalating the situation.” Israeli officials, in an apparent attempt to excuse the mounting civilian casualties, also accused the Islamic Jihad commander who was targeted as surrounding himself with women and children.
Israel's Foreign Ministry has said "millions" are now seeking the safety of bomb shelters as rockets from Gaza rain down.
https://platform.twitter.com/widgets.js“We tried to send a message to Abu al-Ata and the Palestinian Islamic Jihad that we are aware of his actions and to persuade him to stop these attacks. Obviously, these warnings were not successful,” said the IDF.
“Over the last week, we have been waiting for the opportune moment to conduct the surgical strike,” the IDF spokesman added.
Via Times of Israel: Israelis take cover from rocket fire on Route 4 near Rishon Lezion on Tuesday.
Chaos has gripped Israeli cities and towns especially in the south, where missile warning sirens are blaring and hospitals are on high alert.
According to the Jerusalem Post, southern Israel is currently under a mandatory emergency advisory:
All non-essential work has been cancelled. Those working in life-saving jobs, such as healthcare workers, are not under the advisory. The Health Ministry opened an emergency situation room and is working with emergency services, including the Home Front Command, the IDF and Magen David Adom. Additionally, the ministry announced that all health institutions are prepared for a potential influx of patients.
The Israeli Prime Minister’s office of the successful operation against the Islamic Jihad leader that he was "responsible for many terrorist attacks and the firing of rockets at Israel in recent months and had intended to carry out imminent attacks."
Tyler Durden Tue, 11/12/2019 - 12:30 Tags War Conflict PoliticsIgnoring Women Costs Financial Industry $700 Billion a Year? Mish Calls "Bull$hit"
Authored by Mike Shedlock via MishTalk,
A study says Ignoring women costs $700 billion dollars a year in lost profits. I say bullshit...
Please consider an article by Emily Cadman, on Bloomberg, Ignoring Women Costs the Financial Industry $700 Billion a Year.
The male-dominated finance industry is missing out on more than $700 billion a year in revenue by failing to listen to or tailor products for women, according to management consultancy Oliver Wyman.
“Women are arguably the single largest under-served group of customers in financial services,” Jessica Clempner, the report’s lead author, said in a statement Tuesday. “Firms are leaving money on the table by not listening to and understanding their women customers.”
No Link to StudyThe article did not post a link to the study. Bloomberg seldom does. This makes it hard to see what the report really said or how.
Only Two Costs CitedThere are the only two cost examples mentioned in the article.
If insurers sold life policies to women at the same rate as to men, they could generate $500 million in new premiums, Oliver Wyman estimated.
Women also tend to hold more of their assets in cash rather than stocks and bonds, costing wealth and asset managers a potential $25 billion in fees.
The MathAssuming those numbers are accurate, they total $25.5 billion a year.
Where the hell is the other $674.5 billion?
Please don't tell me that the $500 million was supposed to be $500 billion because I will not believe that either. Besides, if women are more cautious perhaps they a a bit smarter. Other than term-life, most insurance schemes are pure garbage.
And as for the $25 billion, with trading fees down to zero, I am more than a bit suspicious of that number as well.
OK. Let's lure women into new women-designed ETFs.
Q: Did the author propose one?
A. No
Q: Did Jessica Clempner, the report’s lead author?
A. Who the hell knows because there is no link to the report.
But seriously, are ETF's and services designed for women going to bring in the other $674.5 billion?
Nonetheless, this story is likely to go viral because of the preposterous claims. Few will realize what happened. The parrots at Yahoo! Finance already picked it up, without comment or additional links, but did leave out the link to the Oliver Wyman advertisement.
Click-Bait InfomercialThere is no study, wild numbers, and a missing $674.5 billion out of an amazing $700 billion claim.
Instead there is a link to an Oliver Wyman advertisement.
What is this all about?
Cadman's article smacks of a paid-for infomercial, not so cleverly disguised with hype clickbait.
Tyler Durden Tue, 11/12/2019 - 12:10 Tags Entertainment Culture Business FinanceWatch Live: Trump Talks Trade At Economic Club Of New York
Update: President Trump's scheduled speech started a few minutes late, some of his prepared remarks have already hit the tape.
TRUMP TO SAY AMERICAN MARKET IS MOST COVETED ON THE GLOBE TRUMP: THOSE WHO WANT ACCESS TO AMERICAN MARKET MUST OBEY RULES TRUMP SAYS FED FAR TOO SLOW IN CUTTING RATES TRUMP SAYS FED PUTS U.S. AT DISADVANTAGE VS OTHER COUNTRIES TRUMP SCOLDS FED, MAKES PLEA FOR NEGATIVE RATES TRUMP SAYS THINKS U.S. CAN BRING DOWN TAX RATES FURTHER TRUMP SAYS EU HAS HIGH TRADE BARRIERSTRUMP SAYS CHINA TRADE DEAL COULD HAPPEN SOON
And a quote...
"The American Market is the most valuable and coveted market on the globe - those who want access must play by the rules, respect our laws, and treat our workers and businesses FAIRLY,” Trump said in excerpts released by the White House.
Trump started his remarks by referencing his last appearance before the club, which took place three years ago, when he was just a candidate for president. He characterized the economy back then as tepid and weak, and insisted that, since his election, the economy has come "thundering back at record speed."
* * *
President Trump isn't the most popular individual right now over at the Chamber of Commerce. That's why a planned talk at the Economic Club of New York Tuesday afternoon could be really interesting.
The planned topic of Tuesday's talk is US trade policy, and it's a guarantee that markets will be hanging on every word.
With Trump's trade war one of the biggest issues for markets, the audience at Tuesday's speech certainly wouldn't respond well to talk of more tariffs.
If he wants to bring the house down, Trump could announce some progress with China (though at this point everybody knows to take the administration's trade-deal rhetoric with a grain of salt), or delay a decision on whether to slap tariffs on EU-made cars and auto parts.
One White House spokesman told Reuters that Trump will focus on how his policies, like tax cuts and deregulation, helped bolster one of the longest economic recoveries.
"You can expect the president to highlight how his policies of lower taxes, deregulation, and fair and reciprocal trade have supported the longest economic recovery in U.S history with record low unemployment, rising wages, and soaring consumer confidence," White House spokesman Judd Deere said. He declined to give further details.
Even if Trump doesn't say much about the partial "Phase 1" trade deal that the US and China are reportedly on the brink of signing, markets will be on the lookout for anything positive Trump has to say about the trade talks, even if he doesn't offer much detail.
Watch his speech live below. He's slated to begin around noon.
[youtube https://www.youtube.com/watch?v=2pqXy2MUtpw]
Tyler Durden Tue, 11/12/2019 - 11:55 Tags Business FinanceThe $22 Trillion Market Keeping Coal Afloat
Authored by Vanand Meliksetian via OilPrice.com,
The global economy has been going through a remarkable period of growth especially due to China’s open-door policy since the late seventies. Also, other major Asian economies have contributed to what some analysts believe will become the ‘Asian Century’. The region is about to sign the Regional Comprehensive Economic Partnership (RCEP) treaty which is the largest free trade agreement in the world comprising 3.5 billion people and a combined GDP of $22.6 trillion.
At the center lies Southeast Asia which is going through a rapid process of modernization and industrialization. The region is quickly becoming a manufacturing hub due to the low costs of labor and external factors such as the U.S.-China trade war. Two underlying factors of economic expansion are pushing energy consumption: a growing population and higher levels of welfare.
Some of the region's massive energy demand is met by wind and solar power. Until 2040 renewables will triple. Despite the dramatic drop in prices of wind turbines and photovoltaic cells, Southeast Asia is set for a much dirtier future than some were hoping for. Approximately 100 GW of coal-fired power plants is planned of which 30 GW is already under construction.
The region is a major market for coal producers due to the significant number of planned power plants. Asia in general accounts for 85 percent of the word's top 20 coal-producing countries of which Indonesia is the largest net exporter globally. However, the Asian country will be overtaken by Russia until 2040 due to rising domestic consumption, which will reduce exports.
Beijing has taken an interest in Southeast Asia’s energy requirements because of rising consumption and the need for investments. Although China is the world’s largest investor in renewables, the country is also a big exporter of coal-fired power plants. The China Development Bank and China Export-Import Bank last year invested $25.6 billion in energy projects abroad of which a big share went to coal-fired power plants in countries such as Indonesia, Vietnam, and Malaysia.
The IEA expects demand for coal in Southeast Asia to double to almost 400 million tons by 2040. Its estimate is 2.5 percent higher than two years ago. According to Keisuke Sadamori, the IEA’s director, “coal is rather resistant because it is affordable. It is really hard for Southeast Asian countries to move away from affordable coal immediately.”
Although it is forecasted that renewables will be installed twice the rate of coal by 2040, the relatively low costs of coal strengthen the fuel's competitiveness. Also, its relative abundance across the region makes it a safe alternative for improving energy security. Countries such as Indonesia can rely on a steady and reliable flow of coal production not affected by external factors that could hamper transport.
Although the global narrative concerning coal is largely negative with dropping consumption in Europe and North America, coal’s revival in Asia is largely offsetting those declines. According to Wood Mackenzie's research associate Jacqueline Tao, "the reality of rising power demand and affordability issues in the region means that we will only start to see coal's declining power post-2030."
Also, much hinges on the regulatory environment of the concerning countries. Whether coal consumption will remain growing or alternative sources are promoted depends on the focus of governments. Currently, coal-generated power is subsidized which makes it an attractive source of electricity production. Also, tariffs on the import of wind turbines and solar panels in some countries hamper growth.
Geography is another factor that impedes the rapid integration of alternative sources of energy. The region's most populous country and consumer of energy, Indonesia, is the world's largest archipelago making infrastructure connectivity expensive. Large scale renewable projects benefit from a high level of integration to mitigate the problem of intermittency. Southeast Asia is not well situated to make use of interconnectors due to geographic and political reasons.
For the region to wean itself of polluting coal, governments need to install the right regulatory frameworks to attract the kind of investors that will propel these countries into the 21st century. Coal’s financial advantage is not indefinite as the rapid improvement of in competitiveness of renewables has shown. Wind and solar power are already cheaper than fossil fuels in regions with high potential such as coastal areas and sunny countries. Prices for renewables will decrease even further in the foreseeable future making investments in new coal-fired power superfluous and financially illogical.
Tyler Durden Tue, 11/12/2019 - 11:35 Tags Environment Business Finance
![[CB] Backed Into Corner, Patriots Are In Control, Next Move Will Be Interesting - Episode 2018a](https://i2.ytimg.com/vi/mUGj1MAGihs/hqdefault.jpg)
![Perfectly Coordinated, The [CB] Took The Trade War Bait - Episode 2017a](https://i2.ytimg.com/vi/iesHMWMnFBw/hqdefault.jpg)
