Mish's Global Economic Trend Analysis

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Evolution of Spanish Public Debt and Pension Promises Posted: 27 May 2013 06:24 PM PDT Inquiring minds may be interested in a chart of Spanish public debt over time to see how the policies of Spain and the Troika are working out in practice. Evolution of Spanish Public Debt Over Time I picked that chart up from estrategiastendencias. My stab at a translation of text regarding public debt reads "Spanish banks are deluded. They must think we are going to save them from the assets that they have purchased." Pension Benefits Need to Drop 22-45% Regarding pensions, here is a Mish-modified translation of various paragraphs from site: "Pension benefits need to drop between 22% and up to 45% on average to avoid bankruptcy of the system. The projected costs and revenues of Social Security until 2050 and the population pyramid ensures an inevitable adjustment to retirement benefits. We are up Spain creek without a paddle. The state does not have money for anything." Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Dutch Defined Benefit Pension Plans, Second Largest in Europe, Face Forced Cuts Posted: 27 May 2013 10:57 AM PDT Things are getting rather interesting in the Netherlands as low interest rates have increased pension deficit liabilities. Unlike the US and other parts of Europe where deficits are ignored, Dutch law requires 105% funding and the plans fell from 152% funded in 2007 to 102% funded today. This has forced pension plans to cut benefits by as much as 7% for some trades. As might be expected, this has given rise to a 50 Plus Party, which won election to the Dutch parliament for the first time last year on promises to defend the interests of pensioners. Please consider Yawning deficits force Dutch pension funds to cut payouts. A combination of record low rates, sluggish economic growth and lives that last far longer than anyone imagined even a decade ago have resulted in yawning deficits. At the end of 2012, the funds were €30bn short of what is needed to cover promised benefits. For the Dutch, the cutbacks are the first ever in a nation which has the second largest "defined benefit" system in Europe. But defined benefit provision, under which pensioners are guaranteed a portion of their salary for as long as they live, is unraveling under the pressure of the financial crisis and ensuing recession. In April, under orders from the Dutch central bank, 66 of the country's 415 pension funds started cutting their payouts. The average cut is around 2 per cent of the monthly benefit, but that figure conceals a wide range. Last September the parliament, under pressure from older voters, approved new rules that allow pension schemes to use a higher rate to gauge the pace at which inflation will erode liabilities. This has lowered liabilities, and funding targets. The sector as a whole now has a coverage ratio of 105 per cent under the new rules, but just 101 per cent under the old rules, according to an analysis by Aon Hewitt. As at 2007, a quarter of Dutch retirees were below the age of 60. Early retirement has proved extremely expensive for defined benefit schemes, especially as longevity has risen sharply. On average, Dutch men aged 65 can expect to live for another 18 years as of 2011, up from just 15.5 years a decade earlier. Head in the Sand Solution Burying your head in the sand is not a solution to the problem but that is exactly what the Dutch parliament did by assuming higher rates of inflation (and interest on bonds) in a low-yield world.  This is yet another consequence of central bank policy to drive down interest rates. When the US stock market heads south again (and it will), US pension plans, already trillions of dollars underfunded, will become even more underfunded. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com  Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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Ajungeţi la clienţi noi cu ajutorul programului Google AdWords Difuzaţi un anunţ online Google vă salută! Sperăm că rapoartele din Google Analytics vă oferă o perspectivă valoroasă asupra modului în care utilizatorii identifică site-ul dvs. şi interacţionează cu acesta. Dacă doriţi să generaţi mai mult trafic spre site, Google AdWords poate fi alegerea perfectă pentru dvs. şi pentru clienţii dvs. potenţiali. Informaţiile despre site-ul dvs. obţinute cu ajutorul serviciului Google Analytics vă ajută să vă bucuraţi de succes în programul AdWords. Puteţi difuza anunţuri care atrag mai mulţi clienţi potenţiali direct în cele mai de succes pagini ale site-ului dvs. De asemenea, puteţi afişa anunţuri pentru cuvintele cheie care vă aduc cele mai bune rezultate, dar care nu apar în partea de sus a rezultatelor căutării Google. De ce să faceţi publicitate? • Anunţurile AdWords vă ajută să fiţi remarcat. Anunţurile AdWords sunt uşor de personalizat şi pot fi modificate oricând pentru a corespunde cerinţelor. Promovaţi cunoştinţele dvs. de specialitate, oferta săptămânii în curs sau cel mai recent produs. • Direcţionare eficientă. Faceţi publicitate la nivel local, regional sau global ori difuzaţi anunţuri în funcţie de dispozitivele mobile utilizate sau de criteriile demografice ale publicului vizat. Alegerea vă aparţine. • Rezultate cuantificabile. AdWords se integrează perfect cu Google Analytics, astfel încât puteţi beneficia de rapoarte și puteți analiza impactul campaniilor publicitare şi rentabilitatea investiţiei. Atrageţi mai mulţi clienţi cu ajutorul creditului bonus în valoare de RON200* Activaţi-vă contul înainte datei de 24 iunie 2013, iar noi vă vom transforma primii RON50 cheltuiţi în programul AdWords într-un credit publicitar cu valoarea de RON250*. Codul dvs. de activare: C7GAE-VWGEF-NHDQ Înscrieţi-vă la adresa adwords.google.ro Vă mulţumim că utilizaţi platforma Google! Rareș Rusu Echipa Google AdWords Începeţi acum

*Termenii şi condiţiile acestei oferte: • Sunteţi eligibil pentru credit promoţional dacă sunteţi nou pe AdWords şi aveţi un cont AdWords care nu este mai vechi de 14 zile la momentul în care aţi introdus codul promoţional. • Pentru a activa această ofertă trebuie să introduceţi codul promoţional prin tabul de facturare (Billing) de pe contul dumneavoastră înainte de 24 iunie 2013. • Codurile promoţionale nu sunt purtătoare de valoare, completarea codului promoţional servind doar pentru iniţierea calificării dumneavoastră pentru creditul promoţional aferent. • Pentru a vă califica pentru creditul promoţional trebuie să acumulaţi o sumă cheltuită pe publicitate în valoare de 50 RON în intervalul a 30 de zile de la introducerea codului dumneavoastră promoţional. De exemplu, dacă introduceţi codul pe 27 mai 2013 va trebui ca până la 26 iunie 2013 să acumulaţi o sumă cheltuită pe publicitate în valoare de 50 RON. În orice caz, trebuie să introduceţi codul dumneavoastră promoţional înainte de data de 24 iunie 2013 pentru a activa prezenta ofertă. • Contul dumneavoastră trebuie să fie facturat fără probleme de AdWords şi să-şi păstreze solvabilitatea pentru a vă califica pentru un credit promoţional. • Creditul promoţional va fi aplicat în termen de aproximativ 48 de ore de la atingerea de către contul dumneavoastră a pragului de valoare cheltuită pe publicitate acumulat precizat mai sus, cu condiţia să vă fi activat contul folosind codul promoţional şi să îndepliniţi toate condiţiile menţionate în ofertă. După aplicare, creditul promoţional vă va apărea pe pagina de sumar facturi (Billing Summary) din contul dumneavoastră. • Citiţi termenii şi condiţiile complete, aici: http://www.google.ro/intl/ro/adwords/coupons/terms.html. © 2013 Google Ireland Ltd, Gordon House, Barrow Street, Dublin 4, Ireland. Acest e-mail a fost trimis la adresa e0nstar1.blog@gmail.com deoarece aţi specificat că doriţi să primiţi noutăţi privind integrarea Google Analytics cu alte produse Google. Dacă nu doriţi să primiţi astfel de e-mailuri în viitor, dezabonaţi-vă aici: http://www.google.com/appserve/mkt/optout/1l6zShXW2qLmXLZcpFOcv4bBIzABapx0b?e=e0nstar1.blog%40gmail.com&hl=en-US De asemenea, vă puteţi schimba preferinţele în pagina „Informaţii prin e-mail despre Google Analytics" din contul dvs. conectându-vă la https://www.google.com/analytics/settings/my_account

Damn Cool Pics

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• Will Smith With The Worst Penalty Kick Of All Time
• Celebrities Who Don't Age
• President Obama’s 1979 Prom Photos
• First Aid Kit for Broken Hearts
• Expectations Vs. Reality
• A Guide to the Golden Karat [Infographic]

Will Smith With The Worst Penalty Kick Of All Time Posted: 27 May 2013 04:56 PM PDT Will Smith and his son Jaden were in England last week, where they also visited the Champions Festival before the 2013 Champions League Final, when Big Will demonstrated his mad "European Football" skills, kicking, according to the cameraman, worse than Diana Ross.

Celebrities Who Don't Age Posted: 27 May 2013 03:47 PM PDT It seems like these celebrities have found the fountain of youth.

President Obama’s 1979 Prom Photos Posted: 27 May 2013 03:33 PM PDT President Obama's prom photo from 1979 in Hawaii. Obtained from his schoolmate Kelli Allman, the photo shows the president at age 17 alongside his friend and their dates. Via Time

First Aid Kit for Broken Hearts Posted: 27 May 2013 03:25 PM PDT Sterile gauze and tweezers aren't going to do the trick when it comes to healing a broken heart, but a tiny bottle of vodka to clean the wound might just do the trick. Be prepared with Melanie Chernock's first aid kit. It contains chocolate, vodka, tissues, bubble bath, a candle and a music CD with appropriate songs.

Expectations Vs. Reality Posted: 27 May 2013 03:12 PM PDT Reality is not always what you expected.

A Guide to the Golden Karat [Infographic] Posted: 27 May 2013 11:46 AM PDT Do you want to know how much your gold or jewelry is worth? The following infographic breaks it down and you can discover if you are sitting on a gold mine! Click on Image to Enlarge. Via: Porcello Estate Buyers

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