Investment Markets Overview – w/e 21 Dec 2012

In economics, austerity is defined as, “a policy of deficit-cutting by lowering spending via a reduction in the amounts of benefits and public services provided.” It seems, however, to have a totally different meaning when it comes to public officials spending “other people’s money.” In California, they are spending OPM yet to be collected (future taxes) on themselves here and now. Despite California’s public employees receiving far more than comparable workers in the private sector, they have collected $US 1.4BN for unused leave and sick days, with one example being a psychiatrist in Napa who bagged $608K for unused leave spanning three decades. Another cashed out 2893 hours of annual leave, when retiring in August 2011, the equivalent of 72 weeks of time off that bought her total wages for the year to $770,870, despite a ruling limiting accrued time off to 16 weeks. The City of San Bernardino filed for bankruptcy in August of this year but it didn’t stop 51 city workers receiving vacation time payouts of $2m in the three months before the filing, which could be a breach of the federal bankruptcy code, according to legal analysts. But don’t hold your breath, this scam and many others like it have been prevalent within the public sector throughout most of the western world. It’s called, “entitlements,” and “fairness,” so just remember this as taxes soar next year.

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Subscribe to the Full Investment Markets Overview Newsletter which contains the following additional commentaries:-

  • US economic statistics released this week  . . .

  • Euro-Zone   . . .

  • For the UK . . .

  • Out East   . . .

  • Elsewhere   . . .

  • Within the commodities complex  . . .

  • Economic data due next week includes  . . .

  • A Bloomberg economist commenced a recent article by stating,  . . .
     

  • Charts:-
    1. Indices Weekly
    2. Fedex vs US GDP
    3. UK PPI vs UK GDP
    4. Nikkei Dow vs $US/Yen
    5. $Gold vs $Silver vs $Copper

Table of 15 Indices, 11 columns of detailed information, for accurate analysis

An Independent mind is essential to Contrarian thinking

 

Click  HERE to view Details of the full version of this Newsletter

which includes full text and detailed Charts for each section

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