Economy
Japan’s pension system inadequate in aging society, council warns (Saxplayer00o1)
In recent years, retirement money for those with college degrees averaged around ¥20 million, a drop by 30 to 40 percent from its peak.
A large number of elderly people are living in poverty in the world’s third-biggest economy, reflecting a decrease in lifetime employment and as the age to start receiving pension payments is rising from 60, eventually reaching 65 for all men in fiscal 2025 and for all women in fiscal 2030. The government has also floated the possibility of raising the age further to 68.
Australia’s central bank cuts rates to record lows as growth sags (Saxplayer00o1)
Australia’s central bank cut its cash rate to a record low 1.25% on Tuesday in what could be the first in a series of stimulus measures amid growing calls for policymakers to revive the country’s slowing economy.
Global Manufacturing Shrinks Amid Wall Street Recession Warning (Saxplayer00o1)
With softness in Germany, Japan, the U.K. — as well as the lowest U.S. result in a decade — IHS Markit’s global Purchasing Managers Index fell to 49.8 in May, below the 50 level that divides expansion from contraction.
The Huge Asset Bubble You Aren’t Paying Attention To (Saxplayer00o1)
Farm income has fallen by half since its peak in 2013, yet farm equity has only dropped 5%. According to the FT, “Farmers remain creditworthy in the eyes of banks, even as their incomes fall, because the collateral value of land remains high”.
Inflation’s decline puts pressure back on ECB (Saxplayer00o1)
The 10-year Germany bond fell to minus 0.21%, within sight of Monday’s record low. The 30-year French bond fell about four basis points to 1.19%, its lowest since late 2016.
Bank shares rose, partly on expectations the ECB would need to give the euro zone economy a boost and provide banks with cheap funding.
Civil War II Weather Report: Spicy Time Coming (thc0655)
We live, however, in spicy times, with the potential for them becoming even spicier (I got the Spicy Time meme from Western Rifle Shooters (LINK), which really should be on your daily reading list). I’ve written several articles about the potential for Civil War, and studied and thought quite a bit about it. As such, this is the inaugural edition of John Wilder’s Civil War II Weather Report. I anticipate putting it out monthly. This first issue will probably be a bit longer than later issues, since I’m putting the framework together and explaining the background.
KLM Airlines wants to help build a more efficient jet with in-wing seating (Thomas R.)
This beefed-up core holds passengers, fuel and cargo, and through this distribution, which improves the aircraft’s overall aerodynamics, the plane will manage to be 20% more fuel-efficient versus the Airbus A350, which carries approximately the same amount of passengers depending on its configuration.
Number of Homeless People Jumps 12% Across L.A. County to Nearly 59,000 (thc0655)
The Los Angeles County numbers mirror similar point-in-time tallies across California, as state officials struggle to address a lack of affordable housing. In addition, officials said, wages among lower income people have not kept up with the rising cost of living.
The count found a 24% increase in homeless youth, defined as people under 25, and a 7% jump in people 62 or older.
Rare Earth Metals Caught in Trade War (Thomas R.)
So what even are rare earth metals, and what’s so rare about them? To start with, the rare earth elements occupy the lanthanide series on the periodic table – the top row of the two that are often split off the main table, a lot like Alaska and Hawaii are transported to the Gulf of Mexico in maps of the United States. The fifteen lanthanides are joined by two metals, scandium and yttrium, from the third periodic series, mainly because they are all often found together in mineral deposits and because they have similar properties.
North American Imports Of OPEC Crude Oil Drop In 2018 (Thomas R.)
Overall, the world’s total crude oil production in 2018 “increased sharply” according to the cartel, estimating it at 75.78 million barrels per day—a 1.213 million barrel per day increase from 2017—the highest annual growth since 2015. This, despite the OPEC agreement to curb production for 2018. The top producers club includes the United States at an average of 10.53 million barrels per day, Russia at an average of 10.53 million barrels per day, and Saudi Arabia at an average of 10.32 million barrels per day.
Heat, not drought, will drive lower crop yields, researchers say (newsbuoy)
The researchers’ findings are reported in “Unpacking the Climatic Drivers of U.S. Agricultural Yields,” published May 24 in Environmental Research Letters. Contributors included Toby Ault, assistant professor of earth and atmospheric sciences; postdoctoral associate Carlos Carrillo; and Haoying Wang, assistant professor of management at New Mexico Tech.
Gold & Silver
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The post Daily Digest 6/5 – Japan’s Pension System Inadequate In Aging Society, Rare Earth Metals Caught in Trade War appeared first on Peak Prosperity.
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