ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 04 09:39

UK House Prices ‘On Brink’ Of Massive 40% Collapse

Two leading economics professors have warned that the UK housing market is on the brink of a 40% collapse, echoing the early 1990s property crisis.

“We are due a significant correction in house prices. I think we are beginning to see signs that correction may be starting” Paul Cheshire, a professor of economic geography at the London School of Economics told the Mail on Sunday.

The sharp correction or crash may come about due to two primary factors – Brexit and a fall in real wages as they fail to keep pace with rising inflation.

Jul 04 09:37

LePage signs budget, ending state government shutdown after 3 days

Democrats agree to eliminate a proposed increase in Maine's lodging tax and, in return, receive additional funding and assurances on key social service programs.

Jul 04 09:22

THERESA MAY ‘SITTING’ ON UK TERRORISM FUNDING REPORT TO PROTECT SAUDI ALLIES

Prime Minister Theresa May is withholding a Home Office report on foreign funding of British terrorist organizations because exposing the truth could sour relations with the UK’s major trading and security partner, Saudi Arabia.
The report, commissioned to investigate foreign states funding extremist groups in the UK, has yet to be made public despite being completed six months ago. The government’s reluctance to share it has left many concerned about how ethical Britain’s ongoing diplomatic relationship with the Gulf kingdom is.

Green Party co-leader Caroline Lucas branded the delay “astonishing.”

“The government is sitting on this report but refusing to publish it or give any reason for their continued secrecy,” the Brighton Pavilion MP said in a statement.

“To defeat terror it’s vital that politicians have full view of the facts, even if they are inconvenient for the government.”

Webmaster's Commentary: 

The British people deserve to know what is going on here; withholding this report is simply going to damage the Prime Minister's credibility greatly, and particularly if there are (and this will probably be the case) any more acts of violence by radicalised Middle Eastern immigrants.

Jul 04 08:34

AI may replace bankers sooner than you think

Jul 04 07:38

Car Sales Have A Long Way To Fall

The past decade’s historically low interest rates convinced millions of Americans to buy cars they could only afford with hyper-cheap credit. This made auto sales one of the drivers of the recovery, but it also left far too many people with underwater “car mortgages” that will limit their spending on other things and prevent them from buying their next car until sometime in the 2020s.

Jul 04 07:15

Steve St. Angelo: Prepare For Asset Price Declines Of 50-75%

When the debt bubble pops, it's taking everything with it

Jul 04 07:10

ITALY IN CRISIS: 85,000 people apply for just THIRTY jobs at state bank

ITALY’S financial crisis has been laid bare after it emerged 85,000 people applied for just 30 jobs at a bank as rising unemployment cripples the Eurozone’s third-largest economy.

Bank of Italy advertised deputy assistant roles with with a modest annual salary of just €28,000 (£24,400) and received nearly 3,000 candidates for each post.

Shocking figures show 40 per cent of Italian youngsters are still unemployed, while the overall level is 11 per cent.

Jul 04 04:06

All The Economic Collapse Pieces Are Falling Into Place

GM reports that car sales have plummeted and the auto industry has stuffed the dealer lots like we haven't seen since the last crisis. Construction spending has imploded, the housing market it turning and turning quickly.

Jul 03 18:39

Finance sites erroneously show Amazon, Apple, other stocks crashing

No, Amazon and Apple stock are not crashing.

But incorrect stock data on the popular Google Finance and Yahoo Finance sites appeared to be freaking out some investors Monday evening. As of 8 p.m. Eastern, Google Finance said Amazon.com Inc. shares were down more than 87%, to $123.47. On Yahoo Finance, Amazon was down 74%, to $248.49. In reality, Amazon AMZN, -1.48% finished the day down 1.5%, at $953.66, and was up 0.1% in after-hours trading, according to FactSet.

Apple Inc. shares were similarly skewed, with both Google and Yahoo Finance saying they were down 14%. Actually, Apple AAPL, -0.36% ended the day down just 0.4%, at $143.50, according to FactSet, and was up slightly in after-hours trading.

Jul 03 17:33

Central Banks Are Purchasing Large Amounts Of Assets

Steve St. Angelo of srsroccoreport.com is our guest today, we will be covering some important topics and gaining some fascinating insights.
We discuss Gold’s potential to surge just like the Crypto Currencies and also the manipulation in the Precious Metals overall, Steve gives his insights and analysis regarding the Oil and Gas industry plus we talk about the possibility of another Recession.

Jul 03 17:32

A Wall Street Stock Correction Looms On The Horizon

The following S&P500 Index – 90 Year Historical Chart shows the yearly gain or loss from 1929 through 2016. The following upshots (i.e. conclusions) may be drawn from this very illustrative bar chart of Wall Street’s yearly stock performance during this prolonged period.

Jul 03 16:14

Silicon Valley Begins to Crack Visibly

Chilling photos of for-lease signs lining the Great America Parkway 

Jul 03 15:19

Precious Metals’ Ultimate Downside Protection

With each passing day, the deception Central bankers stoop to, in a desperate attempt to maintain a status quo that has enriched the “1%” at the expense of all others, stair-steps inexorably higher. 

Jul 03 14:17

The Looming Energy Shock - The Next Oil Crisis Will Arrive In 3 Years Or Less

There will be an extremely painful oil supply shortfall sometime between 2018 and 2020. It will be highly disruptive to our over-leveraged global financial system, given how saddled it is with record debts and unfunded IOUs.

Jul 03 12:52

The Central Bank Economic Structure Is Being Unwound In Preparation For The Reset

UMich consumer sentiment is in decline as more and more people do not see the economy improving. Illinois, Connecticut and 14 other states are all facing the same problem, not enough funds and big bills, this will not end well.

Jul 03 12:38

Economic Alert, It Has Begun, The Collapse Is Spreading State By State

Retail is now dependent on government food stamp money. The economic system is breaking down and each state is now feeling the effects. Illinois, Connecticut, Maine, NJ and many other states are started to feel the economic collapse.

Jul 03 10:28

NHS wastes £70million in a year by prescribing paracetamol when the pills can be bought for pennies

The NHS – which is in the grip of a funding crisis - spent more than £70 million giving paracetamol to patients in England last year.

GPs issued more than 21,740,000 prescriptions of the everyday painkillers at a cost of £3.23 per item – when the pills can be bought for as little as 19p in supermarkets such as Asda.

Jul 03 10:11

The Real Cause of the Opioid Epidemic: Scarcity of Jobs and Positive Social Roles

The employment rate for males ages 25-54 has been stairstepping down for 30 years, but it literally fell off a cliff in 2009.

Jul 03 10:09

'Thankfully we left!' EU negotiator reveals Brussels plots to force euro on ALL states

ANDREW Neil took an Italian MEP to task after he revealed that the EU plans to make every member of the bloc adopt the euro in the next eight years - and raise taxes across the union.

Jul 03 10:08

DOMINOES BEGIN TO FALL: BHP Chairman Says $20 Billion Shale Investment “MISTAKE”

As the U.S. and Global Oil and Gas Industry continues to cannibalize itself to stay alive, the Shale Dominoes begin to fall as BHP Chairman announced its shale investment was a MISTAKE.  Yes, it’s true, BHP Chairman Jacques Nassar said his company’s $20 billion shale investment six years ago, in hindsight, was a mistake.

Jul 03 09:40

Central Banks Buying Stocks Have Rigged US Stock Market Beyond Recovery

Central banks buying stocks are effectively nationalizing US corporations just to maintain the illusion that their “recovery” plan is working because they have become the banks that are too big to fail. At first, their novel entry into the stock market was only intended to rescue imperiled corporations, such as General Motors during the first plunge into the Great Recession, but recently their efforts have shifted to propping up the entire stock market via major purchases of the most healthy companies on the market.

Jul 03 09:34

The Economic Motive for America’s Current Wars

Around half of Russia’s gas and oil into the EU is transported there via pipelines that traverse Ukraine, and this is a major reason why the Obama Administration (which was in service to the owners of the U.S.-based international corporations and even to the Koch brothers who heavily fund the Republican Party against Obama’s Democratic Party) started, by no later than 2011, its preparations for a coup in Ukraine, which occurred in February 2014, to overthrow the democratically elected President of Ukraine, Viktor Yanukovych, who, as had been planned and expected by the U.S. government, turned down the EU’s offer of membership because the highly uneconomic arrangement that the EU was offering would have cost Ukraine an estimated $160 billion.

Webmaster's Commentary: 

When Karl Marx made the observation that "All wars are economic in nature", the guy wasn't kidding!!

Jul 03 09:27

Italy’s newest bank bailout cost as much as its annual defense budget

Two more Italian banks failed over the weekend– Banco Popolare di Vicenza and Veneto Banca.

Jul 03 09:18

ALERT! Pension Fund Capital Controls to Prevent BANK RUN! It's Happening!

Jul 03 08:33

65% of major US banks have failed web security testing

Websites run by some of the largest banks in the US have scored the poorest in a new security and privacy analysis audit.

The non-profit Online Trust Alliance (OTA) Alliance anonymously audited more than 1,000 websites, ranking their security and privacy practices. None of the sites investigated knew about the test.

In the firm’s Online Trust Audit & Honor Roll for 2017 many US banks were among the worst for security and privacy. The industry had both the most failing grades and the least “Honor Roll” recipients.

Jul 03 08:13

Student flies from Newcastle to London via Spain… because it’s cheaper than taking train

A British student traveled from Newcastle to London via the Spanish island of Menorca after finding out that it was considerably cheaper than taking a train from northern to southern England.

In an effort to save some cash and expose Britain’s radically overpriced train fare system, Joe Furness embarked on the unusual journey to the capital.

Jul 03 07:02

US General: Troops Should Stay in Iraq Long After ISIS Defeat: Says Troops Must Stay to Train Iraqi Forces

In an interview with the Fayetteville Observer, Lt. Gen. Stephen Townsend talked about a planned troop rotation coming up in September, saying he hoped the fighting over the city of Mosul would be over by then, but that despite predictions of an end to the ISIS war, US troops should stay.

Townsend’s comments about the US having a long-term military presence in Iraq is in keeping with other Pentagon officials, who have tried to blame the rise of ISIS between the end of the 2011 occupation and the 2014 reinvasion on the lack of US ground troops, despite the US having a substantial presence, and having spend years arming and training Iraq’s military.

Townsend insisted that the US troops would have to stay long after the ISIS war specifically to train up the Iraqi military again, and to make sure that they can actually fight off future insurgencies. There’s no indication how long this would take.

Webmaster's Commentary: 

Lt. Gen. Townsend, a word here, please.

All attempts to train Iraqi military has been an unmitigated disaster.

Battle to retake Basra was a complete disaster

Iraq;
a total disaster

Let us be clear; what you are proposing here, is nothing short of a permanent occupation of Iraq, to insure that the government remains western-centric, and that its oil is only sold to specific countries, and only for the US dollar.

Jul 03 06:32

Illinois Taxoholics Wear Down Rauner: Massive Tax Hikes In The Works

Total capitulation by Governor Bruce Rauner is in the works. The taxoholics wore him down.

In the emergency session, Rauner has agreed to hike the personal income tax rate to 4.95% from the current 3.75%. The corporate income tax rate will rise to 7% from the current 5.25% rate.

For what? Nothing. Reforms are non-existent.

Another Deadline Come and Gone

Illinois failed to approve a budget today and thus heads into its third fiscal year without one.

A vote has been scheduled for Sunday.

I do not expect your opinion will matter, but in the slim chance I am wrong, Please Email Your Representative voicing displeasure of the tax hike.

The preceding link will find your rep based on your address.

Rule of Nothing

A zombified Rauner has capitulated in every way but the final signing.

Tax hikes have been agreed to with no reforms in return.

The Rule of Nothing is clearly in play.

Webmaster's Commentary: 

Illinois residents - and corporations - are going to start voting with their feet, i.e., leaving the state, in a rapidly escalating exodus.

Jul 03 06:22

7 Fast Facts About the Economic Collapse of Illinois

The state of Illinois is in big trouble. In fact, they're facing an economic collapse. Some pundits are calling them "The Venezuela of the United States."

They owe $14,711,351,943.90 in overdue bills. This does not count their day-to-day operating expenses - this is money that should have already been paid out, but wasn't. Nearly 15 BILLION DOLLARS.

Like every person who has ever spent more than they're making with no regard for budget, things are starting to go downhill in an ever-growing avalanche of disasters. Here are 7 thing you need to know about what's going on in Illinois and how they got to this crisis point.

Jul 03 06:22

VENEZUELA'S UNBELIEVABLE CURRENCY COLLAPSE IS GETTING WORSE

Violent protests are growing, the economy is spiraling further out of control and Venezuelans are suffering through shortages of food and medicine. And the bolivar, already worth next to nothing, keeps losing value.

At the beginning of the year, it took about 3,000 bolivars to buy one U.S. dollar. By Wednesday, it took almost 8,000. That's according to dolartoday.com, which tracks the unofficial exchange rate used by most Venezuelans because official rates are considered overvalued.

"I'd describe it as the result of a government that prints money like it's confetti," says Raul Gallegos, senior analyst at Control Risks, an international consulting firm. "The government has simply employed the wrong policies to stay in power."

Webmaster's Commentary: 

We cannot forget, and this is an issue which CNN conveniently ignores, the power of US sanctions on Venezuela, and the chilling effects they have had.

US government extends sanctions on Venezuela,
201\6

Obama Extends Executive Order Targeting Venezuela for Second Time

Obama Signs Venezuela Sanctions Extension

US sanctions Venezuela's Vice President

I am quite certain that certain elements in the US government are plotting "regime change" in Caracas as I type this; it is only a matter of time, at this point, before Maduro is forced to leave office, one way or the other.

Jul 02 16:47

ARMSTRONG: Major Central Bank May Fail Next Year

Many analysts are fearful of an impending downturn as early as next year.

Jul 02 10:41

The Broken States of the Union

For the first time in US history a handful of US states is teetering on the edge of bankruptcy. Illinois is about to be downgraded to junk bond status, which will turn its financial problems catastrophic overnight. Illinois cannot possibly pay its accumulated debt, its unpaid medicaid expenses and its future retirement obligations, so bankruptcy most certainly will be its only way out.

Jul 02 09:53

ECONOMIC COLLAPSE RED ALERT

This is a red alert economic collapse update. The stat of Illinois is now on fiscal death watch after a District Court ruling on Friday demanded that the state pay back its debtors at an accelerated rate.

Jul 02 09:05

Lynette Zang – Next Market Meltdown Means Frozen Financial System; Market Crash Coming – Insiders Run

What will the next financial meltdown look like to the man on the street? Market analyst Lynette Zang predicts, “The Bank for International Settlements (BIS) showed how they would bail in the banks over the weekend.

Jul 02 09:05

"From Horrific To Catastrophic": Court Ruling Sends Illinois Into Financial Abyss

First Maine, then Connecticut, and finally late on Friday, confirming the worst case outcome many had expected, Illinois entered its third straight fiscal year without a budget as Republican Governor Bruce Rauner and Democratic lawmakers failed to agree on how to compromise over the government’s chronic deficits, pushing it closer toward becoming the first junk-rated U.S. state.

By the end of Friday - the last day of the fiscal year - Illinois legislators failed to enact a budget, and while negotiations continued amid some glimmers of hope and lawmakers planned to meet over the weekend, the failure marked a continuation of the historic impasse that’s left Illinois without a full-year budget since mid-2015, and which, recall, S&P warned one month ago will likely result in a humiliating and unprecedented downgrade of the 5th most populous US state to junk status.

Then came the begging.

Jul 02 09:04

Maine To Begin Shutdown After Gov. LePage Says He Won't Sign Budget Bill

After Maine Gov. Paul LePage delivered an ultimatum to state lawmakers, promising to provoke a government shutdown should the state's legislature hand him a budget that includes a tax increase, it appears the governor intends to keep his word.

LePage told reporters at the state capital that he won't sign anything Friday, ensuring that a shutdown will begin at midnight, because the current budget proposalwhich was endorsed late Thursday by a special panel of lawmakers but has not yet been approved by the state legislature, includes a 1.5% lodging tax increase.

According to the Bangor Daily News, the budget package currently under consideration would raise the lodging tax from 9% to 10.5%. The budget does, however, include a 3% cut to an education surtax on individuals earning more than $200,000. LePage has also taken issue with the size of the $7.1 billion budget.

Jul 02 09:03

Connecticut Gov. Signs Exec. Order Taking Over Spending After State Fails To Pass Budget

With Maine looking like it will be the first state to shut down heading into the new fiscal year on Saturday morning and perhaps beating Illinois to the punch, moments ago Connecticut, as previewed last night, will also enter the new fiscal year without a budget, inviting rating agencies to downgrade it to Illinois' "barely junk" rating or perhaps making CT the first US junk-rated state.

Lawmakers and the governor had been unable to reach an agreement on a two-year budget that will cover a projected $5 billion deficit for months, and not even the threat of the new year prompted them to move as we expected.

Meanwhile, Governor Malloy signed an executive order taking over the state's spending authority which will cut most services but at least keeps the government open.

Jul 02 08:04

AMERICA'S FERTILITY RATE FALLS TO RECORD LOW

The US isn't yet grappling with the economic disaster that is a shrinking population - unlike Japan. Though it's starting to look like a not-too-distant possibility. US birthrates fell to yet another historic low in 2016 as a whirlwind of economic and cultural factors inspire more women to delay, or forgo, having children. According to provisional data for the fourth quarter provided by the CDC, the US birthrate has declined to 62 births per 1000 women – its lowest level on record, and down from 62.5 in 2015.

This is especially troubling because demographers worry that a dwindling birth rate will hurt economic growth and tax revenues needed to fund transfer payments to a growing elderly population, as more members of the baby boomer generation age into retire.

Jul 01 17:25

Making Money Great Again - Ron Paul

Dr. Ron Paul: Gold & Silver the most preferable kind of money

Jul 01 11:17

Treasury-Bund Spread Gives Early Warning of the End

The 28-year record high spread between 10-year T-Notes and German 10-year “bunds” is finally starting to narrow just a bit.  This is a warning that the great bull market in stock prices from the 2009 low is in its last stages.  But it is not done yet.

Jul 01 09:53

Trump "Overrules" Cabinet, Prepares To Unleash Global Trade War

While one of Trump's recurring campaign promises was that he would "punish" China and other key US trade counterparties if elected, for taking advantage of free-trade by imposing steep tariffs and duties on foreign imports to "level the playing field", the President's stance changed drastically after the election, U-turning following his amicable meeting with China's president Xi Jinping in March, but mostly as a result of pressure by his ex-Goldman advisors to keep existing trade arrangements in place and not "rock the boat."

Now, all that may be about to fall apart.

Jul 01 09:30

U.S. Gold Exports Surge As Its Gold Trade Deficit Continues

It’s no secret that the East (Asians and Indians) continue to acquire a lot of gold as Western demand has weakened this year.  According to the most recent data released by the USGS – United States Geological Survey, U.S. gold exports surged during the first four months of the 2017 versus the same period last year.

Jul 01 09:27

French Corbyn? Macron's election promises DESTROYED as he's told France needs AUSTERITY

EMMANUEL Macron's dreams of ramping up spending to fund his election campaign pledges were shut down today after a French watchdog warned he could bankrupt France.

Jul 01 09:18

Washington and Berlin on a Collision Course

The Russia sanctions bill that passed the US Senate by 98:2 on June 15 is a bombshell; it directly demonizes the Nord Stream 2 pipeline, under the Baltic Sea, which is bound to double Gazprom’s energy capacity to supply gas to Europe.

The 9.5 billion euro pipeline is being financed by five companies; Germany's Uniper and Wintershall; Austria's OMV; France’s Engie; and Anglo-Dutch Shell. All these majors operate in Russia, and have, or will establish, pipeline contracts with Gazprom.

Jun 30 23:22

America's Death Throes

China and Russia have already ditched the US dollar in their vast energy trade. Now China is leveraging Saudi Arabia to also abandon the greenback for oil sales. No wonder, it seems, that US policies are increasingly lashing out.

US global power depends on its presumed economic prowess and military force. With its economy in long-term decline, precipitated by the teetering dollar, the US rulers are relying increasingly on militarism to project power. That tendency is pushing the world to war.

The challenge is to somehow steer the American military monster into a safe berth without eliciting a world war.

Jun 30 16:09

Hawaii Unanimously Passes Bill Supporting Universal Basic Income

Hawaii is the new California. This is one big step towards flat out communism.

Jun 30 11:56

What New “Metals Are Money” Law Means for You

In recent years, there have been organized efforts across the country to pass laws recognizing gold and silver as money. So far, there hasn’t been any success on the national level, but efforts at the state level have been more positive

Jun 30 10:31

Savings ratio at record low as disposable income drops, says ONS

The proportion of UK residents' disposable income that goes into savings has fallen to a record low.

The savings ratio - which measures the outgoings and incomings that affect households - has been falling sharply for more than a year.

The Office for National Statistics (ONS) said the ratio stood at 1.7% from January to March, down from 3.3% in the previous quarter.

Jun 30 09:48

Apartment Rents Drop as Commercial Real Estate Sours

And transactions in the apartment sector plunge.

Jun 30 09:44

Putin signs decree extending ban on Western food imports

Russia has renewed retaliatory sanctions against the European Union after the bloc extended bans against Moscow over the Ukraine crisis.

President Vladimir Putin signed a decree on Friday, extending the counter-sanctions until the end of 2018.

The decree extends a ban on Western food imports for another 18 months.

On Wednesday, the EU formally extended its economic sanctions against Russia, which were imposed in July 2014 after the Crimea region separated from Ukraine and rejoined Russia after holding a referendum on the issue.

In a related move, Russia on Friday said it was suspending its contributions to the Council of Europe for 2017.

The suspension comes after a lengthy dispute regarding delegates from the country who were stripped of authority after Crimea's reunification.

The Kremlin said Russian Foreign Minister Sergei Lavrov had informed the Council of Europe's Secretary General Thorbjorn Jagland of the decision in a phone conversation.

Jun 30 09:32

New Nevada Law Legalizes Commercial Hemp Production Despite Federal Prohibition

By Michael Maharrey

Tomorrow, a new Nevada law goes into effect legalizing commercial industrial hemp production in the state, despite a federal ban on the same. The new policy sets the foundation to nullify federal prohibition in practice and effect within the state.

A bipartisan coalition of 12 legislators sponsored Senate Bill 396 (SB396). The new law authorizes the cultivation of industrial hemp for commercial purposes and the production of agricultural hemp seed in Nevada. The statute expands current law...

Jun 30 09:22

Trump "Overrules" Cabinet, Prepares To Unleash Global Trade War

While one of Trump's recurring campaign promises was that he would "punish" China and other key US trade counterparties if elected, for taking advantage of free-trade by imposing steep tariffs and duties on foreign imports to "level the playing field", the President's stance changed drastically after the election, U-turning following his amicable meeting with China's president Xi Jinping in March, but mostly as a result of pressure by his ex-Goldman advisors to keep existing trade arrangements in place and not "rock the boat."

Now, all that may be about to fall apart.

Webmaster's Commentary: 

Trade wars, like sanctions, have a way of becoming a prelude to hot wars, and this is absolutely not what this country needs right now.

I hope President Trump will re-think this issue.

Jun 30 09:12

EU SUBSIDY MADNESS: Millions given to UK billionaires while REAL farmers fight to survive

TWENTY per cent of the largest British recipients of European farming subsidies are billionaires and millionaires on the Sunday Times Rich List, research has found.

Jun 30 08:49

Why Big Marijuana Will Survive Jeff Sessions

I have had Crohn's disease for over 40 years. It affects more than just your digestive system. It causes eye problems.liver,kidney and pancreatic problems. It causes skin problems like Pyoderma Gangreneosum and Erythema Nodosum. With P.G you get big ulcers on your skin that smell bad and really hurt. With E.N.the capillaries under your skin rupture and you leak blood through your skin. The same happens in the whites of your eyes and you look like Dracula. It is a tough disease to have! Cannabis and other natural remedies,herbs ,vitamins and especially amino acids are what I use. Crohn's causes an imbalance in serotonin and dopamine. Cannabis lowers serotonin and raises dopamine. It makes my life bearable.
Why do we have to ask permission to treat our own illnesses as we see fit?

Jun 30 08:25

Illinois Comptroller: "The State Can No Longer Function"

With just 10 days to go until Illinois enters its third year without a budget, resulting in the state's imminent downgrade to junk status and potentially culminating in a default for the state whose unpaid bills now surpass $15 billion, Democratic Illinois Comptroller Susana Mendoza issued a warning to Illinois Gov. Rauner and other elected officials on Tuesday, saying in a letter that her office has "very serious concerns" it may no longer be able to guarantee "timely and predictable payments" for some core services.

Jun 30 08:19

Legal weed comes to Nevada — and alcohol industry wants a piece of the pot

When the recreational marijuana statue was approved by voters, it gave alcohol wholesalers exclusive rights to the distribution licenses for the first 18 months it was enacted. Letters were mailed to eligible license holders in the state, but Chris Thompson, the executive director for the Las Vegas chapter of the National Organization for the Reform of Marijuana Laws (NORML) said with few responses, tax commissioners approved a temporary regulation that would allow the department to make exceptions for non-wholesalers.

Jun 30 08:05

Is This Why the Fed is Raising Rates???

Jun 30 07:39

Pensions Timebomb In America – “National Crisis” Cometh

“This is going to be a national crisis…”

“This” being America’s woefully underfunded pension liabilities, according to Karen Friedman. She’s the executive vice president of the Pension Rights Center.

(A place called the Pension Rights Center does in fact exist. We checked.)

MarketWatch columnist Jeff Reeves howls in confirmation that “collapsing pensions will fuel America’s next financial crisis.”

Jun 30 06:54

US sanctions Chinese bank, plans to sell $1.4bn worth of arms to Taiwan

The Trump administration plans to sell Taiwan just over $1.4 billion in weapons, while China's ambassador to the US has reportedly said the deal goes against the "spirit" of talks between President Donald Trump and Chinese President Xi Jinping.

"And all these actions – sanctions against Chinese companies and especially arms sales to Taiwan – will certainly undermine the mutual confidence between the two sides and runs counter to the spirit of the Mar-a-Lago summit," said Ambassador Cui Tiankai, speaking to reporters at an embassy reception in Washington.

Jun 30 06:45

Banking Giant Tells Clients to Prepare for Government Collapse, Third General Election

Citigroup has warned clients that Theresa May’s position as prime minister is “unsustainable”, warning them to prepare for the government to collapse within a matter of months.

The multinational banking corporation believes the parliamentary majority which the prime minister secured through her deal with Ulster’s Democratic Unionist Party is “not comfortable enough for crunch votes”, according to a report in The Times.

“In our view, May’s premiership is not sustainable beyond a few months, perhaps a year at most, and will be under pressure in the face of contentious parliamentary votes from the very beginning,” they said.

Highlighting the “numerous opportunities for parliamentary rebellion” over Brexit, they suggested there could be a “harsh backlash” from what it describes as “the anti-EU British media” if her government gives way on items such as the 100-billion euro settlement demand.

Webmaster's Commentary: 

Considering Citigroup's Eurocentric "vision", which is solidly anti-Brexit,no matter how it handicaps small businesses in Europe, this position is hardly surprising.

Jun 29 16:15

The World Is Now $217,000,000,000,000 In Debt And The Global Elite Like It That Way

The borrower is the servant of the lender, and through the mechanism of government debt virtually the entire planet has become the servants of the global money changers. 

Jun 29 16:13

James Howard Kunstler - Major Crisis of Culture and Economy Coming Soon, Consequence of Rigged Markets is Currency Crisis

How does James Howard Kunstler think all the rigged financial markets and fantasy economy will play out? Kunstler says, “There is an appearance that they can carry on these shenanigans forever, but sooner, rather than later, we are going to see consequences.

Jun 29 16:10

$30 Oil Could Spark Contagion In Energy Markets

If oil prices continue to fall, the financial damage could start to become a concern.

Jun 29 15:25

Student Debt Means Fewer Public Servants — And More Bankers

Cum laude, my diploma reads — “with honor.” But cum debitum, “with debt,” is a bit more accurate.

Collectively, America’s student borrowers owe $1.7 trillion. On average, each graduating senior this year is beginning their life around $37,000 in the hole.

Jun 29 14:57

The Fed Just Announced The Final Confirmation That The Economy Is About To Crash

Retailers are now starting to fight among each other as the retail industry breaks down. The Fed just made it harder for students going to college, the rates are going up.

Jun 29 14:31

In "Unprecedented Step" US Sanctions Chinese Entities With Ties To North Korea

After allegedly pressuring the Chinese government to act first and adopt sanctions against nearly 10 local entities who the US claims provided North Korea with materials used in its nuclear program, the US has decided to act. In an unprecedented step, the Treasury Department slapped financial sanctions on two Chinese nationals and a Chinese shipping company over their ties to North Korea stemming from its nuclear program, according to Reuters.

Jun 29 13:36

“Tightening” Slugfest Erupts behind the Fed

July rate hike “in the bag” for Canada. Bank of England, ECB scramble.

Jun 29 13:27

BREAKING: Editors at the Failing NYT gather before a staged walkout

BREAKING: Copy editors at the Failing NYT gather before a staged walkout to protest all the job cuts/firings going on there!

Jun 29 13:11

NYSE President Explains Why Markets Should Be Rigged More

Targeting Short Sellers: what they do is “icky and un-American.”

Jun 29 13:04

12-Year Old Child Reveals One of the Best Kept Secrets in the World

12-year old exposes the immorality of the global banking system and why sound money is essential to freedom and stopping the spread of misery on this planet.

Shame everybody into watching what this bright girl discovered and we ALL must understand and then demand that this practice be ended where ever this kind of banking fraud is practiced.

Jun 29 12:53

The Fed Is A Economic Suicide Bomber

Jun 29 11:26

'It's RIPPED the EU apart!' Moment Merkel is attacked by her own ministers on Greece debt

The Social Democrat Thomas Oppermann, 63, has launched an attack on the German Chancellor saying that her policy regarding the bailout money for Greece has divided Europe.

Speaking in the Bundestag, he said: "The Chancellor rightly honoured [former Chancellor] Helmut Kohl. But not a cent for Greece - Mrs Merkel, that would never have been Helmut Kohl's motto, he would never have allowed the Greek crisis to push the European Union apart."

Jun 29 11:10

The fall of Detroit

Detroit has obvious financial problems caused by the loss of the auto industry. But the city has another problem... Decades of systemic political corruption.

Jun 29 11:09

REVEALED: The REAL reason Angela Merkel is backing Emmanuel Macron's eurozone reform plans

Mr Macron’s calls for a eurozone finance minister and separate budget have been well received by European Union leaders but Mrs Merkel has been vague in her support and has yet to indicated what she would expect in return.

But behind the scenes the haggling is already well underway and control of the ECB is top of Berlin’s wish list.

Jun 29 09:58

TOP CAR COMPANY JUST WENT ALL IN ON TRUMP... SHOCKING NEW OPERATION FOR AMERICA

Trump won the presidency based largely on his pledge to “Make America Great Again” — and now one of the nation’s one-time enemies is stepping up to make that happen.

Jun 29 09:35

Silicon Valley's Doomsday: Prepping For An Economic Apocalypse [Divided America, Pt. 1] | AJ+ Docs


As Silicon Valley works toward an automated future, many fear that the resulting unemployment will cause deep unrest, and soon. These survivalists are preparing themselves and their families to live out this technological apocalypse in style, complete with bunkers, off-grid homes and the guns to defend them.

Jun 29 08:42

What Problems Are We Solving by Increasing Complexity?

The incremental increase in systemic complexity is rarely if ever recognized as a problem that additional complexity can't solve.

Jun 29 08:19

Dow 1987 vs Now -- Eerily Similar!

Jun 29 07:26

Welcome To The Third World, Illinois About To Default?

The train wreck that is the state of Illinois has generated a lot of questions lately, including “Will its government ever pass a budget?”, “Will it ever pay its overdue bills?”, and “Is it possible for a state to go bankrupt?”

Jun 29 03:26

Janet Yellen Says A New Financial Crisis Probably Won’t Happen ‘In Our Lifetimes’ But The BIS Says One Could Soon Hit ‘With A Vengeance’

Federal Reserve Chair Janet Yellen is quite convinced that the United States will not experience another financial crisis for a very long time to come. 

Jun 28 18:31

The Perfect Economic Storm Is About To Hit & Most People Are Not Ready

The conference board and the gallup polls show that the consumer believes that economy is getting worse and not improving.

Jun 28 17:08

“Mortgage Demand Cools”: Fannie Mae

Home prices are “weighing on affordability and constraining sales.”

Jun 28 16:33

The Super Bubble Is In Trouble

You do not need to be a financial market wizard to see that especially bond markets have reached bubble territory: bond prices have become artificially inflated by central banks' unprecedented monetary policies.

Jun 28 14:27

UK public turns against austerity

After seven years of cuts, the public mood has shifted against austerity, according to one of the most wide-ranging national opinion surveys.

Jun 28 12:52

Real Perils and Virtual Coins | Mike Rivero

Jun 28 10:45

It's a hard life! EU moans it can't attract new recruits because of cuts to eurocrat perks

The EU Commission, which employs a massive 32,578 people, has vowed to cut staffing costs by five per cent after finding itself at the centre of repeated scandals over the lavish perks afforded to its staff.

The lowest ranking EU officials receive a basic salary of over £30,000 a year, significantly topped up by generous allowances and expenses, which is much higher than average UK pay.

And at the top of the eurocrat tree that rises to an eye-watering £170,000 a year, supplemented by astonishing perks at the European taxpayers’ expense including private school fees and chauffeur driven cars.

On top of that EU staff enjoy a wide range of perks and tax breaks including pensions which amount to a whopping 70 per cent of their final salaries and a 16 per cent expat “top up” to their already bumper pay.

Jun 28 10:45

These Large Companies, Still Using Unpatched or Bootleg Windows, Got Hit by Petya Ransomware Attack

Even after all the WannaCry hoopla in May. US companies too!

Jun 28 10:44

Brexit 'will blow hole in budget', EU commissioner warns

The UK's departure from the EU will leave a budget shortfall of at least €10bn (£8.8bn; $11.4bn), the budget commissioner has warned.

Günther Oettinger said the bloc must either spend less or find new money to fill the gap, equivalent to an estimated 16% of the entire budget.

Among the options on the table could be less generous payments to farmers or a tax on financial transactions.

"A big country, a net contributor is leaving," Mr Oettinger said.

"That must have consequences."

Jun 28 10:04

Watch Live: Congressional Hearing On How The Fed Is Screwing Main Street And Retirees

This morning the House Financial Services Committee is holding a hearing that will evaluate how Federal Reserve policies are adversely affecting households, small businesses, savers, and retirees, and consider policy opportunities that the Federal Reserve could implement to improve economic opportunities for all.

The panel will include the following witnesses:

Dr. Norbert Michel, Senior Research Fellow, The Heritage Foundation
Dr. Paul Kupiec, Resident Scholar, American Enterprise Institute
Dr. Karen Dynan, Nonresident Senior Fellow, Peterson Institute for International Economics
Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute
These witnesses should have plenty of fun material to knock this softball out of the park...

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