Economy
Two of the world’s biggest economies are at risk of recession (Thomas R.)
Germany may post data Thursday indicating that it’s in recession. Economists surveyed by Reuters believe the world’s fourth largest economy shrank 0.1% between July and September — marking two straight quarters of negative growth.
It’s possible that Germany — which has been hit by the trade war, as well as falling global demand for autos — just dodged a bullet. Exports unexpectedly rebounded in September, rising 1.5% compared to the previous month. August data was also revised upward.
A $45,000 Loan for a $27,000 Ride: More Borrowers Are Going Underwater on Car Loans (Sparky1)
Nicole-Malia Tennent and Shyanne Fernandez, both in their early 20s, wanted to trade in the car they shared for something less expensive last year. The friends, who live in Hawaii, ended up splurging on a new vehicle and moving the unpaid loan balance of $12,500 from an older GMC into a new loan for a 2018 GMC Sierra truck.
The rollover debt helped drive up the new loan balance to more than $66,000. The friends now split the payment of more than $900 a month, which they owe to Pearl Hawaii Federal Credit Union for 84 months. Their old loan was about $500 a month.
Bolivia’s Morales resigns after protests, lashes out at ‘coup’ (Sparky1)
Morales, in power for nearly 14 years, said in televised comments earlier that he would submit his resignation letter to help restore stability, though he aimed barbs at what he called a “civic coup” and later said police planned to arrest him.
“I am resigning, sending my letter of resignation to the Legislative Assembly,” Morales said, adding that it was his “obligation as indigenous president and president of all Bolivians to seek peace.”
Why Everyone Missed the Most Mind-Blowing Feature of Cryptocurrency (Afridev)
That’s what happened to e-gold in 2008, one of the first attempts to create an alternative currency. Launched in 1996, by 2004 it had over a million accounts and at its peak in 2008 it was processing over $2 billion dollars worth of transactions.
The Deutsche Bank Death Watch Has Taken A Very Interesting Turn (Thomas R.)
Unless you enjoy financial pain, I have no idea why anyone would want to be holding Deutsche Bank stock at this point. As I have previously warned, it is eventually going to zero, and the only question remaining is how quickly it will get there.
We also know that Deutsche Bank has been laying off thousands of workers all over the world.
CEO departures hit a new high in October, on pace for a record year (Sparky1)
Just this week, fast-food giant McDonald’s fired its CEO Steve Easterbrook for having a consensual relationship with an employee. Late last month, Under Armour CEO Kevin Plank, who built his athletic-ware company from scratch in his grandmother’s basement, said he was stepping down as CEO on Jan. 1. Plank’s announcement came right before the Justice Department and Securities and Exchange Commission said they are investigating Under Armour for its accounting practices.
The collapse of America’s cities into Third World conditions (Thomas R.)
What I find most infuriating (and most incomprehensible) is that so many Americans appear willing to just let this go on. Why is there not a massive public outcry against so great a breakdown of the standards in which most of us were raised? Why are we not demanding that our local governments act to clean up our cities? In the final analysis, if our local authorities refuse to take action, why are we not doing so ourselves?
Veterans Day: The Forgotten History of America’s Veterans Day and What It Commemorates (Alex)
In 1926, a Congressional resolution was passed, making Armistice Day a recurring federal holiday, stating that it should be “commemorated with thanksgiving and prayer and exercises designed to perpetuate peace through good will and mutual understanding between nations.” As a side note, the federal government can’t force the states into celebrating a holiday, as it’s not within its jurisdiction, but most states adopt the federal holiday calendar.
The Right-Wing Smear Artist Behind the Web’s Biggest Blacklist (newsbuoy)
This fight to expose the Marxist “master plan” involved gathering information on anti-nuclear activists, Labour Party members, pastors from the National Council of Churches, anti-apartheid campaigners and Indigenous Māori community leaders — all of whom Loudon claimed were communist subversives which he exposed to his community of 800 followers through his newsletter, “New Zeal.” Other actions by the group included staging protests, handing out pamphlets and fighting to ban the import of Russian cars, which Loudon claimed were built through slave labor.
Rural police struggle to recruit amid poor pay and public perception (Thomas R.)
And in his limited free time, Carsten, who has more than three decades of experience in law enforcement, moonlights for a handful of nearby police departments. He earns some extra cash and enjoys the change of pace while supporting small rural police departments that are having trouble recruiting and acquiring up-to-date law enforcement resources and technology as they grapple with budget shortfalls.
Daimler to cut 1,100 management positions worldwide, reports say (Sparky1)
The labor representatives acknowledge the need for targeted measures to improve the automaker’s financial situation amid a seismic industry shift toward electric and self-driving cars.
However they “categorically declined” management’s proposals to cut personnel costs by skipping scheduled pay raises next year or delaying individual salary hikes.
The Countries With the Biggest Military Budgets (Sparky1)
According to the latest report by the Stockholm International Peace Research Institute (SIPRI), global defense spending has grown to $1.8 trillion in 2018. The combined budget was the highest since 1988, according to the report. The U.S. spent almost $650 billion, 36 percent of the global total and 2.5 times as much as second-placed China, which increased spending by 5 percent.
US nuclear reactor shut down after officials discover leak (Thomas R.)
Dominion Energy spokeswoman Rhonda O’Banion told The State on Saturday that the V.C. Summer reactor in Fairfield County is temporarily out of commission as the water leak, possibly from a valve, is addressed. The company says the liquid has not escaped beyond the reactor’s containment building, and there’s no danger to the public.
The Stage Is Set For Oil Price Volatility On November 18th (Thomas R.)
The game-plan right now for China, then, is to continue to make the right sort of placatory noises to the U.S. over broad measures of cooperation whilst actually conceding very little, and waiting to see the outcome of the 2020 U.S. presidential election. This stalling approach by China is the reason why Beijing’s trade negotiating team – according to various off-the-record comments from the U.S. side – talk in ‘general terms of principles and parameters rather than specific policy measures’. “Basically, the Chinese are hoping either that Trump doesn’t win or that he doesn’t win across both Houses [Senate and Representatives], which will limit his room for manoeuvre in future negotiations, but until then China is just playing the game, stringing out the talks and conceding as little as possible whilst trying to get as many tariffs dropped as it can,” said Green.
Lebanon dollar shortage shuts down gasoline pumps (westcoastjan)
Many Lebanese have had to instead buy dollars from money changers at a higher exchange rate, in what amounts to a de-facto devaluation of the local currency that has sparked price hikes.
The official exchange rate has remained fixed at 1,507 Lebanese pounds to the dollar, but the rate in the parallel market has surpassed 1,800.
Australian state declares emergency, faces ‘catastrophic’ fire danger (Thomas R.)
The blazes were so bad that smoke and dust from them had traveled across the Tasman Sea and turned neighboring New Zealand’s skies red, the country’s media reported.
Residents of Sydney, one of Australia’s largest cities, as well as Hunter Valley and Illawarra regions and the city of Shoalhaven have been told to brace for “catastrophic” fire danger Tuesday, with severe and extreme danger across large areas of the state on Tuesday.
Thousands face life-threatening floods from aging dams (Sparky1)
Just a little over a quarter-mile upstream, the 92-year-old Spencer Dam was straining to contain the swollen, ice-covered Niobrara River after an unusually intense snow and rainstorm. The workers had tried but failed to force open the dam’s frozen wooden spillway gates. So, fearing the worst, they fled in their truck, stopping to warn Angel before driving away without him.
Rising Sea Levels Will Threaten 200 Million People by 2100 (Sparky1)
In Europe, the Netherlands would theoretically be the most affected. Here, more than 4 million people are expected to live below sea level in 2100. Yet, the country has one of the most effective flood control networks in the world (not taken into account by the study’s modelling), which is expected to keep citizens safe. Other countries in Europe where rising sea levels could be a problem are the UK (1.5 million people at risk), Germany (1 million people), Turkey, France and Italy (500,000 people each).
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