Emerging market rout is too big for the Fed to ignore

The US Federal Reserve has told Asia, Latin America, Africa and Eastern Europe to drop dead. 

 

 This has the makings of a grave policy error: a repeat of the dramatic events in the autumn of 1998 at best; a full-blown debacle and a slide into a second leg of the Long Slump at worst.

Emerging markets are now big enough to drag down the global economy. As Indonesia, India, Ukraine, Brazil, Turkey, Venezuela, South Africa, Russia, Thailand and Kazakhstan try to shore up their currencies, the effect is ricocheting back into the advanced world in higher borrowing costs. Even China felt compelled to sell $20bn of US Treasuries in July.

"They are running down reserves by selling US and European bonds, leading to a self-reinforcing feedback loop," said Simon Derrick from BNY Mellon.

READ MORE:  http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10272285/Emerging-market-rout-is-too-big-for-the-Fed-to-ignore.html

New Jersey’s Boomerang Generation

Newark, New Jersey (My9NJ) - 

Is 27 the new 18 when it comes to living at your parents' house?

According to the US census Bureau, at least 1 in 4 N.J. adults, ages 18-31 live at home and 42% are 24 or older. Experts call it an "epidemic" of millennials leaching off their parents, but does a bad economy and student loan debt crisis justify the situation?

A new survey from Coldwell Banker says parents in the Northeast region are more lenient on this than anywhere else in the US on children moving back home.

But, according to the survey, more than two in three Americans believe that too many adults living at home with their parents are avoiding responsibility, and 65 percent believe too many young adults who move back home after college are overstaying their welcome.

READ MORE:  http://www.my9nj.com/story/23158585/new-jerseys-boomerang-generation

Poverty Isn't Just in City Ghettos; It's Hit the Land of Picket Fences, Too

Poverty is often associated with inner city ghettos, fenced-off projects, or neighborhoods ridden with vice and crime. But the fastest growing poor population actually resides in the land of minivans, picket fences, and big box stores: suburbia.

According to a recent Brookings Institution analysis, major metropolitan suburbs became home to the largest and fastest-growing poor population in the country in the 2000s. Poverty levels increased in nearly every congressional district in the nation, hitting Republican and Democratic districts alike.

So why is poverty moving beyond major city limits?

READ MORE:   http://abcnews.go.com/ABC_Univision/News/poverty-growing-suburbs/storyNew?id=19947415&singlePage=true

NBC NEWS: Businesses, Unions, Colleges all say employee hours being cut over Obamacare but WH says “no evidence”

NBC News contacted around 20 small businesses and other entities for this report and found that employee hours are being cut to 29 hours because of Obamacare, despite the delay of the employer mandate. But the White House, NBC News reports, says that there is no systematic evidence that this is because of Obamacare and dismisses the report as anecdotal.

READ MORE AND WATCH: http://therightscoop.com/nbc-news-businesses-unions-colleges-all-say-employee-hours-being-cut-over-obamcare-but-wh-says-no-evidence/

In Need of a New Hip, but Priced Out of the U.S.

WARSAW, Ind. — Michael Shopenn’s artificial hip was made by a company based in this remote town, a global center of joint manufacturing. But he had to fly to Europe to have it installed. 

Mr. Shopenn, 67, an architectural photographer and avid snowboarder, had been in such pain from arthritis that he could not stand long enough to make coffee, let alone work. He had health insurance, but it would not cover a joint replacement because his degenerative disease was related to an old sports injury, thus considered a pre-existing condition. 

Desperate to find an affordable solution, he reached out to a sailing buddy with friends at a medical device manufacturer, which arranged to provide his local hospital with an implant at what was described as the “list price” of $13,000, with no markup. But when the hospital’s finance office estimated that the hospital charges would run another $65,000, not including the surgeon’s fee, he knew he had to think outside the box, and outside the country. 

READ MORE:  http://www.nytimes.com/2013/08/04/health/for-medical-tourists-simple-math.html?src=me&ref=general&_r=0

The Dishonor System

There are three types of fraud worth considering, each reflecting different motivations and degrees of risk tolerance among the hypothetical individuals considered.

Let me stipulate that I do not condone fraud in any form. Moreover, I assume all Weekly Standard readers are law-abiding citizens who would neither commit fraud themselves nor encourage others to do so. My purpose is to inform such readers just how tempting fraud on the Obamacare health insurance exchanges will be in light of the recently announced delays in employer reporting and employer mandates.

There are three types of fraud worth considering, each reflecting different motivations and degrees of risk tolerance among the hypothetical individuals considered.

READ MOREhttp://www.weeklystandard.com/articles/dishonor-system_741026.html?utm_campaign=Washington+Examiner&utm_source=washingtonexaminer.com&utm_medium=referralhttp://www.weeklystandard.com/articles/dishonor-system_741026.html?utm_campaign=Washington+Examiner&utm_source=washingtonexaminer.com&utm_medium=referral

Report: Household income below end-of-recession

The average American household is earning less than when the Great Recession ended four years ago, according to a report released Wednesday.

U.S. median household income, once adjusted for inflation, has fallen 4.4 percent in that time, according to the report from Sentier Research. The report is based on an analysis of Census Bureau data.

The median, or midpoint, income in June 2013 was $52,098. That's down from $54,478 in June 2009, when the recession officially ended. And it's below the $55,480 that the median household took in when the recession began in December 2007.

READ MORE:  http://www.cnbc.com/id/100980411