It is impossible to stay solvent with increasing liabilities and decreasing assets. State and Municipal governments are faced with a crucial problem; how to pay off public sector pension plans which have been left underfunded for years. Adding insult to
injury, the market values of the portfolios used to fund these pensions plans have been crippled in the Great Recession. Even more troubling, these defined pension plans, by law, are guaranteed for nearly 80% of public officials no matter the performance of the underlying assets used to finance them. Legislatures are faced with few options; raise taxes, cut spending elsewhere or default on their GO debt.
Fiscal Austerity & the Federal System (Paul Posner, 2013 ABFM Conf)PublicFinanceTV
"Fiscal Austerity & the Federal System" presentation by Paul Posner, George Mason Unviersity, presented during "Sequestration's Impact on State Budgets" plenary session, 2013 ABFM Annual Conference, October 3, 2013
Policy experts Karen A. Campbell, Guinevere Nell, and Paul L. Winfree discuss the need for the repeal of Obamacare in light of potential increases on insurance premiums and the taxing of job creators.
Fiscal Austerity & the Federal System (Paul Posner, 2013 ABFM Conf)PublicFinanceTV
"Fiscal Austerity & the Federal System" presentation by Paul Posner, George Mason Unviersity, presented during "Sequestration's Impact on State Budgets" plenary session, 2013 ABFM Annual Conference, October 3, 2013
Policy experts Karen A. Campbell, Guinevere Nell, and Paul L. Winfree discuss the need for the repeal of Obamacare in light of potential increases on insurance premiums and the taxing of job creators.
Fed's 2020 Quantitative Easing Debunked along with the controversial US$ 2.2 trillion relief bill, viewed as pork-barrel funding
CARES Act allows the Fed to:
1. meet in secrets with Wall Street incumbents,
2. provide liquidity of $484b (slush fund) thru SPVs making loans & loans guarantees,
3. never be audited (zero oversight),
4. not compliant to US Code requirements, Section 552b of Title 5
The Case for AAA Underlying Municipal BondsIan Welch
4
Intent
• Create AAA Underlying Portfolio
• Create Default Resistant Portfolio
• Take advantage of sell side pressure
• Take advantage of negative perception of municipal bond market to amass AAA bonds
Report by Resolution Foundation, a think tank established to raise awareness of the group people in employment but earning low incomes.
This presentation looks at how they fare in terms of the job market, incomes, the housing market and how the recession is affecting them
The Impact of an Economic Slowdown on the VCS - Keith Hickey, CFDGNatalieW
This presentation explores some of the main implications that the current economic climate might have on the voluntary sector and highlights some strategic responses to deal with these. It is from a NCVO Third Sector Foresight seminar.
A webinar presentation by Geoffrey Plague, Independent Sector, to the chief development officers from National Health Council member organizations. October 3, 2011
Shortcomings Of Government Financial Management A Generational Accounting Cri...icgfmconference
This paper examines the inter-generational financial dimensions and accounting implications of under-funding practices in the public sector. We explain why inter-generational financial disclosure has become such an urgent issue internationally, and discuss a generational accounting framework for calculating the necessary financial information to reveal the inequities and resource allocation problems afflicting public sector organizations. The main limitations, assumptions and applications of a generational approach to analyse the financial sustainability of public sector enterprises are briefly discussed.
This section of Solutions for America outlines the problems facing America in regards to budget control, high taxes, and excessive spending. It then offers ways to fix Medicare, Medicaid and Social Security.
Fed's 2020 Quantitative Easing Debunked along with the controversial US$ 2.2 trillion relief bill, viewed as pork-barrel funding
CARES Act allows the Fed to:
1. meet in secrets with Wall Street incumbents,
2. provide liquidity of $484b (slush fund) thru SPVs making loans & loans guarantees,
3. never be audited (zero oversight),
4. not compliant to US Code requirements, Section 552b of Title 5
The Case for AAA Underlying Municipal BondsIan Welch
4
Intent
• Create AAA Underlying Portfolio
• Create Default Resistant Portfolio
• Take advantage of sell side pressure
• Take advantage of negative perception of municipal bond market to amass AAA bonds
Report by Resolution Foundation, a think tank established to raise awareness of the group people in employment but earning low incomes.
This presentation looks at how they fare in terms of the job market, incomes, the housing market and how the recession is affecting them
The Impact of an Economic Slowdown on the VCS - Keith Hickey, CFDGNatalieW
This presentation explores some of the main implications that the current economic climate might have on the voluntary sector and highlights some strategic responses to deal with these. It is from a NCVO Third Sector Foresight seminar.
A webinar presentation by Geoffrey Plague, Independent Sector, to the chief development officers from National Health Council member organizations. October 3, 2011
Shortcomings Of Government Financial Management A Generational Accounting Cri...icgfmconference
This paper examines the inter-generational financial dimensions and accounting implications of under-funding practices in the public sector. We explain why inter-generational financial disclosure has become such an urgent issue internationally, and discuss a generational accounting framework for calculating the necessary financial information to reveal the inequities and resource allocation problems afflicting public sector organizations. The main limitations, assumptions and applications of a generational approach to analyse the financial sustainability of public sector enterprises are briefly discussed.
This section of Solutions for America outlines the problems facing America in regards to budget control, high taxes, and excessive spending. It then offers ways to fix Medicare, Medicaid and Social Security.
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
Agcapita is Canada's only RRSP and TFSA eligible farmland fund and is part of a family of funds with over $100 million in assets under management. Agcapita believes farmland is a safe investment, that supply is shrinking and that unprecedented demand for "food, feed and fuel" will continue to move crop prices higher over the long-term. Agcapita created the Farmland Investment Partnership to allow investors to add professionally managed farmland to their portfolios.
Ontario and U.S. Programs offer different approaches to help fund innovation in medical technology
In this bulletin, we highlight two new government funding incentive programs for private
companies in the biotech / medical-device sectors.
Coronavirus Financial Assistance ProgramsMark Gottlieb
[Attorneys of All Disciplines] Under The Caption - "Must Be Shared" - Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are also eligible. Call us if you need further assistance.
[퐀퐭퐭퐨퐫퐧퐞퐲퐬 퐨퐟 퐀퐥퐥 퐃퐢퐬퐜퐢퐩퐥퐢퐧퐞퐬] 퐔퐧퐝퐞퐫 퐓퐡퐞 퐂퐚퐩퐭퐢퐨퐧 - "퐌퐮퐬퐭 퐁퐞 퐒퐡퐚퐫퐞퐝"- Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are eligible. Call us if you need further assistance.
After the US dollar replaced gold, the US debt became the attention worldwide, thus the demand for the US dollar continued, furthermore the extremely low interest of the dollar. This helped the US government to borrow great amounts of debt as well as kept the creditors pleased. Due to the pandemic, the US economy retrograded because of the tax cut and unproductive rescue spending plan plus surpassing spending of the government. The rising inflation starts to increase to high levels, which certainly the government must cut back spending or its patterns, while this will lead to uncertain consequences for the long future. This paper discusses several different perspectives on the US government's sustainability as its ability to settle the debt in future, the fate of growth burdened with that debt through the neoclassical mode of growth, and also the effect of anxiety of defaults and unfunded obligations. Inversely, it explores the strength of the dollar with a low-interest rate and its sustainability worldwide. We also propose ways helping of strengthen the fiscal government position and solutions to help the economy recover in long term and to easiest the situation. In the synopsis, we propose something that could affect and shake the global market.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
1. Money and Capital Markets Monitor, April 5 , 2010
Page 1
The $2 Trillion Black Hole
White Paper Presented By Michael Kantor, Robert H. Smith School of Business, University of Maryland
Edited by Mr. Joseph F. Rinaldi & CIO Quantum Financial Advisors, Inc.
Summary
It is impossible to stay solvent with increasing liabilities and decreasing assets. State and Municipal governments are faced with
a crucial problem; how to pay off public sector pension plans which have been left underfunded for years. Adding insult to
injury, the market values of the portfolios used to fund these pensions plans have been crippled in the Great Recession. Even
more troubling, these defined pension plans, by law, are guaranteed for nearly 80% of public officials no matter the
performance of the underlying assets used to finance them. Legislatures are faced with few options; raise taxes, cut spending
elsewhere or default on their GO debt.
The Problem
Guaranteed pension plans have gone underfunded for years. Just last year, John Corzine of New Jersey contributed a mere $105
million, or only 4.5% of the $2.3 billion needed to fund the gap in his state. Throughout the US, in 2008, only $72 billion was
contributed to the $108 billion needed to
fund these plans. Underfunding has been a
problem dating back over two decades ago.
Under certain laws, state and local
governments are allowed up to 30 years to
close funding gaps. With the time span to
close the gaps extending way beyond
legislatures’ terms in office, it became so
easy for them to place these deficits on the
back burner. For example, it was assumed
in the 1990’s that the stock market boom
would cover any exposure in the funding
gap. This, however was not the case as seen
by the tech bubble crash of the early 2000s.
It is even more unsettling that state
legislatures did not learn from this mistake
and continued these practices well into this
decade.
In addition to increasing liabilities on
pension payments. Retiree health benefits
are threatening to overburden the system.
According to a 2010 report by the Pew
Center for the States, as of 2008 only 5.44%
of the $587 billion needed to fund retiree
health care and non-pension benefits was
contributed nationwide.
These shortfalls in funding can also be
blamed on increasing incentives to public
employees. Such incentives include early retirement benefits offered in contractionary years, cost-of-living increases and
pension systems offering retirees excess returns on investment assets during boom years.
2. Page 2
Abuses of the System
In addition to under-funding from
fiscal contributions and revenue
shortfalls, public officials receiving
these benefit plans have been finding
ways to abuse the system. With
pension contribution formulas using
the retiree’s final year’s salary as the
basis for pay, public workers tend to
rack up over time in their final years
to boost their pensions, post-
retirement. Other employees have
also discovered “double dipping”
where after retiring, they return to
the public sector and earn
contributions towards an additional
pension.
Implications and Reform
State and municipal governments are
over burdened and are seeing their
budgets being eaten away by these
liabilities. For example, the city of
Vallejo, CA has 90% of its budget
paying off pension liabilities. As a
means to cope, the city has proposed
a three year moratorium on all of its
$53 million in municipal debt all
while maintaining payments on all of
its $84 million in pension liabilities. Other governments are left with few options:
• Raise property, sales and income taxes
• Cut spending on programs such as emergency services , healthcare, education and infrastructure
• Default on GO debt
Reform in some states, such as New York, Nevada, Nebraska, Rhode Island, and New Jersey are causing legislatures to raise
retirement ages, cut pension-benefit formulas, increase employee contributions, reform laws to curb income spiking and
employee “double dipping” and switch to less costly defined-contribution plans to help cope in the future. However, action is
needed now to close the gap the exists.
References
Laing, Jonathan R. "The $2 Trillion Hole." Barron's 15 Mar. 2010: n. pag. Web. 1 Apr. 2010.
<http://online.barrons.com/article/SB126843815871861303.html#articleTabs_panel_article%3D1>.
Urahn, Susan K. The Trillion Dollar Gap. Pew Center on the States. N.p., Feb. 2010. Web. 1 Apr.
2010. <http://downloads.pewcenteronthestates.org/The_Trillion_Dollar_Gap_final.pdf>.
Disclosures________________________________________________________________________________________________________
This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of the person who
received it. The securities discussed in this report may not be suitable for all investors. QFA recommends that investors independently evaluate particular investments and strategies,
and encourages investors to consult with their QFA investment advisor. The appropriateness of a particular investment strategy will depend on an investor’s individual circumstances
and objectives.
This report is not an offer to buy or sell any security or to participate in any trading strategy. QFA or its partner or clients may have existing positions in any security discussed in this
report. In addition, QFA makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. QFA has no obligation to
inform you when opinions on strategies, sectors, investments and companies change. QFA on an annual basis will offer its updated ADV Part II and disclose what the company and its
partner owns. This information shall be accessible to QFA clients only under the client tab of QFAInc.com.
QFA does not receive compensation for any broadcasts or written research that are offered to clients. The firm charges an asset management fee, per hour fee and / or a financial
planning fee for services rendered. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of QFA. All broadcasts are disseminated
both electronically and in printed form.