Nearly 7 in 10 Americans have less than $1,000 in savings

America’s spend-first mentality is a genuine concern.

The U.S. is often referred to as the land of economic opportunity. Apparently, it’s also the land of consumption and “spend everything you’ve got.”

We don’t have to look far for confirmation that Americans are generally poor savers. Every month the St. Louis Federal Reserve releases data on personal household savings rates. In July 2016, the personal savings rate was just 5.7%. Comparatively, personal savings rates in the U.S. 50 years ago were double where they are today, and nearly all developed countries have a higher personal savings rate than the United States. In other words, Americans are saving less of their income than they should be — the recommendation is to save between 10% and 15% of your annual income — and they’re being forced to do more with less in terms of investing.

Russian Soldiers Hold Over 1,000 Winter Drone Exercises – Defense Ministry

Southern Military District’s press service announced that Russian military personnel have carried out more than 1,000 tactical and special exercises using drones during the winter training period.

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“During the winter training period in South Ossetia’s Dzartsemi and North Ossetia-Alania republic’s Tarskoye training grounds the military base units carried out more than 1,000 tactical and special exercises using unmanned aerial vehicles,” the press release said.

1,000 companies going bankrupt in Italy every day as country faces full-scale ‘credit emergency

Italy’s industry chiefs have warned that the country faces a “full credit emergency” as thousands of companies run out of critical funding, threatening a slide into deeper depression.

Confindustria, the business federation, said that 29% of Italian firms cannot meet “operational expenses” and are starved of liquidity. It said that a “third phase of the credit crunch” is under way that matches the shocks in 2008-09 and again in 2011.