1) Worries grow that Venezuela’s inflation rate could soon actually top 1,000,000%. The International Monetary Fund is predicting that hyperinflation in Venezuela could top 13,000 percent this year. In addition to hyperinflation, Venezuela faces a sever cash shortage, which is severely hampering its economy because people don’t have the cash to make basic transactions. The cost for the paper to print money on cost more than the value of the money, so people are turning to electronic transactions to cope with the tremendous quantity of money needed for everyday living. The hyperinflation and broken economy is a result of Venezuela’s failed socialist policies, corruption and a collapsing oil industry
2) Protest by the people continue in Iran over their government giving away money to Muslim terrorist groups when they, the people, are in such financial difficulties. Iran too is facing sever economic problems partly a result of American economic sanctions coupled with the regime’s mismanagement of the economy.
3) Recent research finds that many older (65+) American’s are having to file for bankruptcy, as much as 200-300% increase in the last decade. This is a result of limited personal savings for retirement, loss of pensions and limited income. Medical cost is accounting for 41% of social security checks. Their fiscal position is further weaken by co-signing for loans taken out by millennials. The average American needs 3/4 of a million dollars to retire and maintain their standard of living.
4) 6 AUG 18 Stock marking closings:
Dow 25,502.18 up 39.60
Nasdaq 7,859.68 up 47.66
S&P 500 2,850.40 up 10.05
10 Year Yield: down at 2.94%
Oil: up at $68.95