It is the 20th of November 2019

News

Forget The Phony Pension Accounting, Here's How Much Your State Pension Is Really Underfunded

The phony assumptions that go into calculating public pension underfundings in the United States are a frequent topic for us.  As our readers are aware, state pension administrators are given fairly wide leeway to simply pick a discount rate out of thin air.  Of course, since pensions are nothing but a massive stream of future liabilities that stretch out into perpetuity, every 100 bps increase can substantially, and artificially, lower the fund's reported underfunded level. 

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Gold Gains As Stocks Slide, Yield Curve Crashes, & Dollar Dumps

Economic Data continues to surprise to the upside (compared to what had been terrible expectations)...is this as good as it gets?

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It's Official: US Debt Finally Tops $20 Trillion, Jumps By $318 Billion In One Day

Following President Trump's sign off last Friday on a short-term debt-ceiling/government funding/hurricane aid deal (thanks to Democrats' votes), the US Treasury was finally freed from the shackles of the debt ceiling which it hit nearly one year ago  and which meant that US federal debt would be at roughly $19.808 trillion for months.

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