ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 01 11:58

Russians See Sanctions Regime as a Blessing in Disguise

German exports to Russia have increased by twenty percent despite the existing sanctions against Russia, says University of Kent professor Richard Sakwa

Aug 01 11:31

This Is How Bad The Wage Gap Is For Black Women

Monday marks Black Women’s Equal Pay Day, which shows how many days into 2017 a black woman needs to work to make as much as a white man did in 2016, assuming they both started Jan. 1, 2016.

Aug 01 11:26

ECB Lies And Omissions And Actions

Aug 01 10:56

Is Rally Leader Amazon Breaking Down?

Amazon’s stock is threatening to break below a trendline that has supported it during its epic 2 and a half year run.

Aug 01 10:19

Being Rich Wrecks Your Soul. We Used To Know That

With a billionaire real estate tycoon occupying America’s highest office, the effects of riches upon the soul are a reasonable concern for all of us little guys. After all, one incredibly wealthy soul currently holds our country in his hands.

Aug 01 10:18

Under Armour announces LAYOFFS as sales SLIDE

Aug 01 10:03

Meet Tally, the grocery store shelf auditing robot that’s going to put thousands of low-wage grocery workers out of a job

Losing our jobs to robots is no longer a topic of vague interest; it is now a very real situation, one further evidenced by the introduction of Tally, the newest automated shelf-auditing and analytics system slated to hit grocery stores soon. Developed by Simbe Robotics, Tally is the world’s first robot to capture, report, and analyze stocks so that stores maximize their sales. Tally will regularly move around grocery stores, scanning shelves to determine out-of-stock, low-stock, or misplaced items. It would also be able to check for pricing errors. The inherent cost-effectiveness and efficiency of Tally means the potential unemployment of hundreds of thousands of workers.

Aug 01 08:55

Our Nation Depends on Restoring Product Liability

At the height of its power, ancient Rome created many new technologies which allowed it to become the supreme power over their portion of the world. These accomplishments included the invention of concrete, improved metallurgy, medicine, hygiene, plumbing, and sewage. As each of these were developed, Rome came to be dependent on them. As Rome went into decline, their ability to maintain their technologies started to fade. Aqueducts stopped delivering water. Public health failed. Metal rusted. Concrete cracked. Eventually the failure of those systems on which Rome was dependent hastened its eventual fall.

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Aug 01 08:34

Germany slams US anti-Iran sanctions

German Economy Minister Brigitte Zypries said on Monday that Berlin considers the US new sanctions on Iran a breach of international laws.

Aug 01 08:32

The real reason so many millennials still live with their parents

Recently, a U.S. Census report confirmed something many millennials like me know all too well: As of 2015, one-third of 18- to 34-year-olds still lived at home—beating out all other living arrangements, including cohabitating with a partner or living alone, for the first time.

Older generations like to attribute this to laziness or entitlement, saying we lack ambition or are coddled by our parents—but that’s a clouded argument. There are some lazy kids in every generation, but a third of us? Sorry, but no.

As a millennial who’s in this category, I’m setting the record straight on the real reasons we’re still living at home.

We’re shouldering serious student loans.

Webmaster's Commentary: 

To all parents out there whose kids are juniors in high school this fall; please seriously talk with your kids about what jobs which pay well without a college education.

The debt trap in which so many millennials live, thanks to that college education, and the debt burden it brings, is avoidable, but they are going to have to think their way around believing that a college education is "the only way" to get a decent job.

High paying jobs you can get without a college degree

Best jobs you can get without a college degree

17 jobs that don’t require a college degree and pay over $70,000 a year

The old model of a college degree being the only way to get higher paying jobs doesn't make sense in this part of the 21st century. And there are respected on-line colleges which allow you to take college at your own pace, and can either enhance your chances of promotion at work, or give you the classical education you have wanted, whether it enhances your upward financial mobility or not.

But before kids think about college, and until there is universal, free higher education in this country (a number of enlightened countries in Europe have been doing this for decades), they need to ask themselves; is this the only way to a good-paying career?!? And if they check out their options, they will see that this is absolutely not the case.

Aug 01 08:02

BILLIONAIRE INVESTORS BACKING AN OIL PRICE TURNAROUND

Here’s something few energy investors know...`

The Latin American energy sector is at its most lucrative turning point ever.

In Argentina, while all the supermajors are tied up in the Vaca Muerta shale, massive heavy oil opportunities are up for grabs.

In Colombia, demand for gas is dangerously outpacing supply, and the country’s largest gas field is declining rapidly. They need 65MMscf to come online every year just to keep pace. And gas in Colombia fetches attractively higher prices than the well-known Henry Hub.

One oil story in particular has an enormous profit potential, led by some of the smartest energy investors out there--a team that is renowned for being in the right place at the right time.

This company has massive early mover advantage in Argentina’s heavy oil, and it’s got Colombia cornered as well, with drill-ready natural gas developments.

Webmaster's Commentary: 

And of course, the coming wars and a potential revolution in Venezuela, will do their part in driving up oil prices exponentially.

Aug 01 04:23

The Irish Crimean: Comparing level of salaries in Russia and the West is meaningless

In Ireland, or most other Western countries for that matter, I would have to spend 6 times more money to buy a loaf of bread than I do in Russia. And the loaf of bread which I would buy in Ireland would have less than one third of the nutritional value of a loaf of Russian Darnitsky khleb. Salaries and GDP per capita are meaningless, guys. If you want to know how "wealthy" a person is, then look at the nutritional value of the food which they can buy, look at the quality of the materials which were used to build the housing which they occupy... I lived in Ireland for 28 years, in Germany for 1 year, in London for 1 year, and in the Czech Republic for 9 years. The average industrial salary in Ireland is about 30,000 Euros per year, and about half that in the Czech Republic. And yet Irish people, Czechs and Londoners STILL have to spend on average almost half their salaries on housing.

Jul 31 16:54

Netflix is more than $20 BILLION in the red and 'bleeding cash' thanks to hits such as Stranger Things

Global streaming giant Netflix is more than $20billion in the red and 'bleeding cash' thanks to producing original content like Stranger Things.

Netflix has more than doubled its spending this year and is expected to toss more than $6billion on its slate of programming in 2017, according to The Los Angeles Times.

Its negative free cash-flow of $258 million for the same quarter last year, and $423 million for the quarter ending March 30, increased to a company-record negative $608 million for the quarter ending June 30.

Jul 31 16:48

Welcome To New York City’s Taxpayer-Funded $2 Million Bathroom

Did you see the $2 million dollar bathroom? That’s what New York City government spent to build a “comfort station” in a park.

I went to look at it.

Jul 31 13:38

U.S. SLAPS SANCTIONS ON VENEZUELAN PRESIDENT MADURO

The move comes a day after Maduro declared a sweeping victory in a vote that will allow him to further consolidate his power over the crisis torn nation. Much of the world -- and many of Venezuela's own citizens -- have called the vote an assault on democracy.

Jul 31 13:28

YOUR BANKER IS ALWAYS IN: SWEDEN ROLLS OUT THE ROBOTS

Aida is the perfect employee: always courteous, always learning and, as she says, “always at work, 24/7, 365 days a year.” Aida, of course, is not a person but a virtual customer-service representative that SEB AB, one of Sweden’s biggest banks, is rolling out. The goal is to give the actual humans more time to engage in more complex tasks.

Jul 31 12:55

Scott Adams: People Keep Telling Me to Stop Blogging about North Korea

My critics have been extra vocal lately in saying I should stop writing about North Korea because I have no expertise in that area. So I decided to talk about North Korea some more. Today I’ll tell you how to end North Korea’s nuclear ambitions at a reasonable cost.

Jul 31 12:46

Scott Adams: Can a Nation Attack a Company?

North Korea keeps testing missiles that can reach the United States. China could turn off trade with North Korea, and effectively force them to stop, but that isn’t happening. Why the hell not?

Jul 31 12:31

Outgoing Sears Canada employees try to stop $7.6M in bonuses for execs

Former and current employees of Sears Canada have filed a legal motion in an attempt to stop dozens of company executives from splitting $7.6 million in retention bonuses while many laid-off workers miss out on severance payments.

Jul 31 10:52

China hits back at Donald Trump: Don't blame us for North Korea

China hit back on Monday at Twitter posts from US President Donald Trump over trade and the North Korea crisis, saying the two issues should not be linked and that the US is to blame for Pyongyang's military buildup.

"We think the North Korea nuclear issue and China-US trade ... are in two completely different domains," Chinese Vice Commerce Minister Qian Keming said at a news conference in Beijing on Monday.

Jul 31 10:51

Markets Relax Merrily on a Powerful Time Bomb

Magnitude unknown but huge. Brokerages push it to new heights.

Jul 31 10:48

The Amazon Effect: Retail Bankruptcies Surge 110% In First Half Of The Year

As Amazon flirts with a $500 billion market cap, letting Jeff Bezos try on the title of world's richest man on for size if only for a few hours, for Amazon's competitors it's "everything must go" day everyday, as the bad news in the retail sector continue to pile up with the latest Fitch report that the default rate for distressed retailers spiked again in July.

According to the rating agency, the trailing 12-month high-yield default rate among U.S. retailers rose to 2.9% in mid-July from 1.8% at the end of June, after J. Crew completed a $566 million distressed-debt exchange. Meanwhile, with the shale sector flooded with Wall Street's easy money, the overall high-yield default rate tumbled to 1.9% in the same period from 2.2% at the end of June as $4.7 billion of defaulted debt - mostly in the energy sector - rolled out of the default universe.

Webmaster's Commentary: 

This number of bankruptcies, barely into the second half of the year, is horrifically bad.

Jul 31 10:08

Turns Out Money Does Buy Happiness And Here’s How

“New research is challenging the age-old adage that money can’t buy happiness,” says a recent press release about a new study on the psychology of money habits. Too be clear, it is not material possessions that impart this happiness, not a chance...

Jul 31 09:54

Advisers trump going to punish China for North Korea

Senior advisers to the President of the United States Donald trump’s “behind the scenes” develop economic sanctions against China.

The reason for this step was the inaction of Beijing in relation to the nuclear issue of North Korea, writes Politico, citing officials of the US administration.

Jul 31 09:23

Going Soft on Corporate Crime a Bipartisan Affair

Donald Trump is not a fan of the Foreign Corrupt Practices Act (FCPA), the law that says it’s illegal for any person — corporate or human — to bribe overseas.

Trump has called the FCPA “a horrible law” and has said that the law “puts us at a huge disadvantage.”

Jul 31 09:22

Minnesota Residents to Get First Glimpse at Insurance Rates Monday

Minnesota residents who buy health insurance on their own will soon get their first glimpse at rates for next year.

The rates set to be released Monday are still preliminary as insurers and state regulators work to finalize premiums for 2018. Monday's release will also answer whether any companies plan to drop out of the individual marketplace as Blue Cross Blue Shield did last year.

Jul 31 09:22

When The Slaves Called The Free Inferior

When The Slaves Called The Free Inferior - Morris

We are indoctrinated to think our rootless lives are superior to those that are grounded in history and the land.

Jul 31 08:22

HOW PRISON LABOR IS THE NEW AMERICAN SLAVERY AND MOST OF US UNKNOWINGLY SUPPORT IT

American slavery was technically abolished in 1865, but a loophole in the 13th Amendment has allowed it to continue “as a punishment for crimes” well into the 21st century. Not surprisingly, corporations have lobbied for a broader and broader definition of “crime” in the last 150 years. As a result, there are more (mostly dark-skinned) people performing mandatory, essentially unpaid, hard labor in America today than there were in 1830.

With 5 percent of the world’s population and 25 percent of the world’s prison population, the United States has the largest incarcerated population in the world. No other society in history has imprisoned more of its own citizens. There are half a million more prisoners in the U.S. than in China, which has five times our population. Approximately 1 in 100 adults in America were incarcerated in 2014. Out of an adult population of 245 million that year, there were 2.4 million people in prison, jail or some form of detention center.

Webmaster's Commentary: 

IF you are as outraged as I am by these practices, and you have a store where you like to shop that is mentioned in this article, please find the manager of that store and tell them you will never, ever shop at that store again, until they stop using prison labor, period, end of discussion.

Jul 31 08:17

Uber, Lyft Mangle Rental Cars & Taxis. Other Sectors Next

But Uber’s growth among business travelers got lumpy.

Jul 31 08:17

The Perfect Crash Indicator Is Flashing Red

Jul 31 08:05

WTI Jumps Above $50 On Report US Prepping Sanctions Against Venezuela Oil Industry

After both Brent and WTI rose above their respective 50DMAs on Friday, capping 2017's best weekly rally for oil, the rising tide is accelerating as the latest CFTC COT data confirmed, when net specs boosted bullish Nymex WTI crude oil bets by 27K net-long positions to 423K, the highest in two months, as producers continued to cover short hedges, sending their net position to the most bullish since the summer of 2015.

Jul 31 07:31

The Amazon Effect: Retail Bankruptcies Surge 110% In First Half Of The Year

As Amazon flirts with a $500 billion market cap, letting Jeff Bezos try on the title of world's richest man on for size if only for a few hours, for Amazon's competitors it's "everything must go" day everyday, as the bad news in the retail sector continue to pile up with the latest Fitch report that the default rate for distressed retailers spiked again in July.

Webmaster's Commentary: 

Amazon makes for a convenient scapegoat, but the problem is in large part that people simply do not have money to spend these days and refuse to borrow more.

Jul 31 07:24

U.S. Shale Is Determined Not To Kill This Rally

Oil prices moved closer to a two-month high on Friday, closing out the week with some of the strongest gains in 2017. Market sentiment has turned “cautiously optimistic,” as Goldman Sachs put it, with rebalancing efforts starting to become more clear.

Crude oil inventories continue to decline, and the latest EIA figures show a massive 7.2 million-barrel drawdown for the week ending on July 21, suddenly plunging U.S. inventories back into the upper end of the five-year average range. Data from the past month or so has dispelled fears that the oil market was poised to suffer another meltdown, perhaps below $40 per barrel.

Instead, Brent is back up above $50 per barrel for the first time in two months, and WTI is hovering just below that range as well.

Jul 31 07:08

Leaked: EU Plans to Freeze Deposits to Prevent Bank Runs

Desperate Times, Desperate Measures.

Jul 31 06:22

Credit card Britain: £1.5BN of debt racked up in ONE MONTH sparking fresh crisis fears

Consumer credit, including credit cards, car finance and personal loans surged by 10 per cent from the same time last year, Bank of England figures today showed.

In comparison, incomes have increased by less than two per cent.

Jul 31 06:16

No wonder they want BILLIONS from Britain! The EU’s poverty problem EXPOSED

POVERTY across the European Union has reached new levels while the Brussels elite continues to preach about unity and success.

More than a quarter of children in the 28-member state club are living below the breadline with the total number of poor predicted to reach 100million by 2020.

One in four Europeans are now affected by poverty, with the worst affected nations being in the eastern bloc.

The most recent figures suggest 119 million people were living in poor homes - at risk of poverty.

Figures from 2015 show more than a third of the population was at risk of poverty or social exclusion in Bulgaria, Romania and Greece.

Across Europe 27 percent of children now live in a poor households.

Jul 30 16:52

BTC-e.com Top Ten Bitcoin Exchange Seized – Bitcoins Stolen

The United States Department of Justice in disrepute for its shady Democratic Party affiliations, politically motivated policies, uneven handed justice, as well as other USA federal bodies...

Jul 30 16:32

WATCH: Congressman Asks a Question About Weed and Accidentally Exposes Tyrannical Drug War

I like this guy. No accident about it!

Harold Watson “Trey” Gowdy III is a member of the Tea Party movement and the Republican Party and serves as a congressman from South Carolina. He is also the chairman of the Committee on Oversight and Government Reform. During the meeting with the ONDCP this week, Gowdy asked why marijuana was a schedule I drug.

While Gowdy didn’t go so far as to call for the legalization of cannabis — because it would likely mean political suicide among his staunchly conservative base — his line of questioning set off a conversation that would eventually expose the war on drugs.

Jul 30 16:05

EU explores account freezes to prevent runs at failing banks

European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble.

The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.

Jul 30 11:26

How VIX Ends A Long Run of Low Values

Jul 30 09:25

It’s Your Money But You Can’t Have It: EU Proposes Account Freezes To Halt Bank Runs

European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed. The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble.

Jul 30 08:35

Imperial Folly Brings Russia and Germany Together

Economic war has been declared against Russia for at least three years now. The difference is this latest package also declares economic war against Europe, especially Germany.

That centers on the energy front, by demonizing the implementation of the Nord Stream 2 gas pipeline and forcing the EU to buy US natural gas.

Make no mistake; the EU leadership will counterpunch. Jean-Claude Juncker, president of the European Commission (EC), put it mildly when he said, "America first cannot mean that Europe's interests come last."

Webmaster's Commentary: 

These reckless sanctions are turning the whole world away from the US and towards Russia. The US Government is isolating the nation!

Jul 30 08:31

Let's review the "roaring Twenties."

Jul 30 08:30

FOXCONN'S CORPORATE WELFARE DEAL WILL COST WISCONSIN TAXPAYERS MORE THAN 3 BILLION DOLLARS

The recent trumpist trumpeting about the plans of Chinese manufacturer Foxconn to open a manufacturing facility in Wisconsin omitted a few key details -- like the fact that Foxconn is being given a sweetheart tax-break that's topped up with 15 years' worth of guarantees of up to $200 million/year in cash subsidies at taxpayer expense -- a record-setting taxpayer subsidy that exceeds the previous Wisconsin record-holder by a factor of fifty.

The total bill for this incentive package that Wisconsin is giving the super-profitable Chinese manufacturer? Three billion dollars.

But there's more! Wisconsin cities will also have to provide incentives, including hundreds of millions more in infrastructure, and exemptions on environmental rules that will allow Foxconn to pollute watersheds, drain water habitats, and reengineer Wisconsin's freshwater sources, up to and including Lake Michigan.

Webmaster's Commentary: 

This is truly a lousy deal for the citizens of Wisconsin.

Jul 30 08:27

US true loser of imposing sanctions on Iran, Russia

Regarding the volume of cooperation between Iran and Russia, he expressed satisfaction that 13 percent of bilateral trade exchanges have been on the rise since last year, and the cooperation is growing often in the political, economic, security and defense fields, as well.

Pointing to US anti-Russia and Iran sanctions, Velayati said the Americans will be the true losers of illegal pressures.

Jul 30 08:26

The Sanctions Blowback From the EU Begins

As we wrote last month, Germany and Austria have fumed that the sanctions threaten European energy interests, by targeting (among other European-Russian ventures) the Gazprom co-financed Nord Stream 2 pipeline between Russia and Germany. For the bill’s European enemies—among them the Netherlands and France, who have been quieter in their opposition than Germany—the sanctions are a thinly veiled excuse to promote American LNG exports and meddle in the European energy market. And top German business leaders are already mulling retaliation.

Jul 30 08:22

The Shocking, Unmatched Pains That Wal-Mart Took to Avoid Unions

One reason that Wal-Mart workers have always had difficulty improving their lot is that they’ve never been able to form a union. At its core, Wal-Mart’s rationale for being against organized labor was not unlike that of Kodak, say, or General Electric under Lem Boulware: management had an open door policy, by which any worker could ostensibly walk in and discuss anything. Therefore, as Wal-Mart laid out in its “Manager’s Toolbox to Remaining Union Free,” “we do not believe there is a need for third-party representation. It is our position every associate can speak for him/herself without having to pay his/her hard-earned money to a union in order to be listened to and have issues resolved.”

Webmaster's Commentary: 

And, not surprisingly, WALMART workers are forced on to government-sponsored subsidies for health care,subsidized housing, and food stamps because WALMART wages are so disturbingly low.

Report: Walmart Workers Cost Taxpayers $6.2 Billion In Public Assistance

To be able to continue to do this, the corporation must have BOTH political parties in this country "by the short and curlies."

Jul 30 05:38

Our Way Of Life Is About To Change & Many Are Not Prepared For This

LIBOR is being phased out and the bankers are bringing in another system, the manipulation will not end. Brussels says that the UK cannot make a trade deal with the US.

Jul 29 19:14

The Corrupt Origins of Central Banking in America

This is a great lecture by Tom DiLorenzo on Alexander Hamilton and how national bank corruption got started in the United States.

Jul 29 19:03

Prescriptions for antidepressants cost NHS more than £750,000 per day

ANTIDEPRESSANT prescriptions have risen to more than 60 million a year costing, the NHS a record £780,000 a day, an investigation has found.

Between October 2015 and September 2016, the number of prescriptions rose seven per cent from 59.5 million to nearly 63.6 million, according to NHS Digital.

The four million rise equates to an annual cost of £285million.

Over 20 years antidepressant prescriptions have risen more than fourfold.

Jul 29 17:42

The Shocking, Unmatched Pains That Wal-Mart Took to Avoid Unions

One reason that Wal-Mart workers have always had difficulty improving their lot is that they’ve never been able to form a union. At its core, Wal-Mart’s rationale for being against organized labor was not unlike that of Kodak, say, or General Electric under Lem Boulware: management had an open door policy, by which any worker could ostensibly walk in and discuss anything. Therefore, as Wal-Mart laid out in its “Manager’s Toolbox to Remaining Union Free,” “we do not believe there is a need for third-party representation. It is our position every associate can speak for him/herself without having to pay his/her hard-earned money to a union in order to be listened to and have issues resolved.”

Jul 29 09:27

Renters Struggle As California Home Prices Climb Faster Than Official Inflation Rate

By Jeff Paul

The US government likes to pretend that the rising cost of living is under control. People in Southern California know better. According to a new report in the Los Angeles Times, median house prices in Southern California have nearly doubled in the last five years...

Jul 29 08:54

Another Low for Starbucks: Worst Stock Dive in 2 Years

Famed coffee maker Starbucks experienced a series of woes in 2016, but none worse than the current stock slump that not only saw shares drop over eight percent but is causing the loss of over three thousand jobs.

Jul 29 08:53

USA's new sanctions against Russia split European Union

The European Union will respond should the USA's new sanctions against Russia harm the interests of European companies, the Financial Times wrote.

According to the publication, it was chairman of the European Commission (EC), Jean-Claude Juncker, who announced the readiness of the EU to react to USA's move. The document prepared for the meeting of the European Commission also contains a requirement for Washington to publicly acknowledge (in written form as well) that the new sanctions would not show a negative impact on the interests of European businesses in Russia.

Europe fears the new sanctions against Russia may affect the implementation of a number of projects, which European companies have with Russia, such as Nord Stream-2, for example.

Jul 29 08:52

‘We told you so’: EU reaps bitter harvest of siding with US in sanctions row – Russia’s UN envoy

The EU has fallen victim of its unconditional support for the US sanction policy against Russia, Russia’s UN envoy Vasily Nebenzya told RT. Calling the state of US-Russian relations “worse” than that of the Cold War-era, Nebenzya said the two still have to cooperate.

The wave of anti-Russian sanctions coming from Washington is “unprecedented, baseless and illegal,” said Nebenzya, who is Russia’s new Permanent Representative to the UN.

He added that the EU should blame itself for becoming a victim of the side-effects of the US policy toward Russia as it previously followed in Washington’s footsteps as regards to sanction policy.

Jul 29 08:51

Amazon profits plunge ending Bezos's brief time as world's richest man

The world's largest online retailer Amazon has reported a sharp fall in quarterly profits as the firm spent lavishly on extending its products and services globally.

The Seattle-based company earned $197 million in the three months to the end of June, marking a plunge of 77 percent year-on-year. Amazon expects to lose up to $400 million in operating profit during the current quarter.

Jul 29 08:41

Did The Dutch Central Bank Lie About Its Gold Bar List?

Head of the Financial Markets Division of the Dutch central bank, Aerdt Houben, stated in an interview for newspaper Het Financieele Dagblad published in October 2016 that releasing a bar list of the Dutch official gold reserves “would cost hundreds of thousands of euros”. In this post we’ll expose this is virtually impossible - the costs to publish the bar list should be close to zero - and speculate about the far reaching implications of this falsehood.

Jul 29 08:26

Foxconn's corporate welfare deal will cost Wisconsin taxpayers more than 3 billion dollars

The recent trumpist trumpeting about the plans of Chinese manufacturer Foxconn to open a manufacturing facility in Wisconsin omitted a few key details -- like the fact that Foxconn is being given a sweetheart tax-break that's topped up with 15 years' worth of guarantees of up to $200m/year in cash subsidies at taxpayer expense -- a record-setting taxpayer subsidy that exceeds the previous Wisconsin record-holder by a factor of fifty.

Jul 29 08:20

FOXCONN'S CORPORATE WELFARE DEAL WILL COST WISCONSIN TAXPAYERS MORE THAN 3 BILLION DOLLARS

The recent trumpist trumpeting about the plans of Chinese manufacturer Foxconn to open a manufacturing facility in Wisconsin omitted a few key details -- like the fact that Foxconn is being given a sweetheart tax-break that's topped up with 15 years' worth of guarantees of up to $200m/year in cash subsidies at taxpayer expense -- a record-setting taxpayer subsidy that exceeds the previous Wisconsin record-holder by a factor of fifty.

The total bill for this incentive package that Wisconsin is giving the super-profitable Chinese manufacturer? Three billion dollars.

But there's more! Wisconsin cities will also have to provide incentives, including hundreds of millions more in infrastructure, and exemptions on environmental rules that will allow Foxconn to pollute watersheds, drain water habitats, and reengineer Wisconsin's freshwater sources, up to and including Lake Michigan.

Webmaster's Commentary: 

When the announcement was made, it sounded way too good to be real for the people of Wisconsin.

Jul 28 14:09

It is always the banks isn’t it?

Jul 28 13:38

Is This The Bubble?

Jul 28 11:57

Our Doom Index Is Heating Up…

Jul 28 09:24

Total Government And Personal Debt In The U.S. Has Hit 41 Trillion Dollars ($329,961.34 Per Household)

We are living in the greatest debt bubble in the history of the world. In 1980, total government and personal debt in the United States was just over the 3 trillion dollar mark, but today it has surpassed 41 trillion dollars. That means that it has increased by almost 14 times since Ronald Reagan was first elected president. I am searching for words to describe how completely and utterly insane this is, but I am coming up empty. We are slowly but surely committing national suicide, and yet most Americans don’t even understand what is happening.

According to 720 Global, total government debt plus total personal debt in the United States was just over 3 trillion dollars in 1980. That broke down to $38,552 per household, and that figure represented 79 percent of median household income at the time.

Jul 28 07:36

Wells Fargo also defrauded 800,000 car loan customers and stole 25,000 cars

Wells Fargo didn't just steal millions from its customers with crooked overdraft fees, didn't just create 2,000,000 fraudulent accounts and threaten to blackball employees who tried to stop the frauds; didn't just defraud broke mortgage borrowers by the bushel-load -- they also defrauded 800,000 customers with car loans, forcing 274,000 of them into deliquency and "wrongfully repossessing" (that is, stealing) 25,000 of their cars.

Jul 28 06:58

The Most Expensive Skyscrapers in the World

Jul 27 16:00

Thinking Like An Economist

Jul 27 15:44

Starbucks to close ALL 379 Teavana stores

Jul 27 14:49

Rents Across The US Hit A New All Time High

Jul 27 14:19

Andrew Hoffman – Will Yellen Keep Her Job?

Jul 27 13:20

The Fed Delays Raising Rates As It Waits Patiently For The Economy To Collapse

DR Horton posts slowest growth, this has to do with the housing market losing steam, not because of lumber prices or the weather.

Jul 27 12:27

How Tax-Dodging Billionaires Use Farmers As Props

After this summer, President Trump and the Republican Congress have one big item on their agenda: taxes. Specifically, cutting them for the rich.

One tax they’ve got in their crosshairs is the estate tax — which they malign as “the death tax.” But it’s nothing of the sort.

Jul 27 11:53

Meet Tally: The Grocery Stocking Robot About To Eradicate 1,000's Of Minimum Wage Jobs

Amazon wiped out billions of dollars worth of grocery store market cap last month when they announced plans to purchase Whole Foods. The announcement sent shares of Kroger, Wal-Mart, Sprouts, and Target, among others, plunging... (WMT -4%, TGT -5.5%, SFM -7.6%, KR -12%).

But, as we pointed out back in May, well before Amazon's decision to buy Whole Foods, Amazon's success in penetrating the traditional grocery market was always a matter of when, not if. Concept stores, like Amazon Go, already exist that virtually eliminate the need for dozens of in-store employees which will allow them to generate higher returns at lower price points than traditional grocers. And, with grocery margins averaging around 1-2% at best, if Amazon, or anyone for that matter, can truly create smart stores with no check outs and cut employees in half they can effectively destroy the traditional supermarket business model.

Webmaster's Commentary: 

With retail, manufacturing, and other traditional jobs becoming so automated, it is critical to give people an education for jobs which will actually exist when they graduate from high school and/or college.

Jul 27 10:06

Brussels likely to declare US anti-Russian sanctions invalid, Moscow's EU envoy says

The European Union considers retaliation to the US bill expanding Russia sanctions by declaring them invalid within the union and by banning European banks’ loans to US companies, Russia’s Permanent Representative to the EU Vladimir Chizhov said in a televised interview with the Rossiya’24 channel on Wednesday.

Jul 27 09:25

This Miner’s $190 Billion Tax Bill Would Take Centuries to Pay

Tanzania sent Acacia Mining Plc a tax bill equal to almost two centuries worth of the gold producer’s revenue.

The government issued the company, which mines all of its gold in the African country, with a $40 billion tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday. The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017.

Acacia reiterated that it has fully declared all revenues.

Jul 27 09:24

100,000 PAGES OF CHEMICAL INDUSTRY SECRETS GATHERED DUST IN AN OREGON BARN FOR DECADES — UNTIL NOW

FOR DECADES, SOME of the dirtiest, darkest secrets of the chemical industry have been kept in Carol Van Strum’s barn. Creaky, damp, and prowled by the occasional black bear, the listing, 80-year-old structure in rural Oregon housed more than 100,000 pages of documents obtained through legal discovery in lawsuits against Dow, Monsanto, the Environmental Protection Agency, the U.S. Forest Service, the Air Force, and pulp and paper companies, among others.

Webmaster's Commentary: 

The US government doesn't give a damn about individual citizens, and the quality of their health; they are only concerned about the bottom lines of major corporations, which give copious amounts of money to fund political campaigns to get candidates elected, and re-elected.

Those candidates then proceed to protect these corporations from any possible hint of wrong-doing, and make it their business that no harm comes to them, no matter the horrific price paid by individuals who have been severely injured by their products.

Welcome to the Unhinged, Surveilled States of Amerika; your papers, please!!

Jul 27 09:17

The Irish Crimean: Mammon and Analyzing Western Nihilism

As an approach to analyzing western nihilism, this point will probably seem completely obvious to most of you, but precisely because it's so obvious, we sometimes overlook its importance:

One of the great failings of western ideology, which distinguishes western civilization from all previous civilizations, is that, in the west, material prosperity and progress are pursued for their own sake rather than as a condition for other kinds of social "good."

If you had asked the rulers of the Mughal Empire or of Han Dynasty China "Do you want your people to be materially prosperous?", then they would have answered "Of course!"

Jul 27 09:16

Jean-Claude Juncker Wants to Block Chinese Takeovers of European Firms

The European Commission President Jean-Claude Juncker is planning to block further takeovers of key European companies by Chinese firms. Cash-rich Chinese companies are threatening to take over firms in charge of critical European infrastructure.

Jul 27 09:03

Bitcoin SCAM warning: Currency is ‘pyramid scheme’ says top investor who predicted crash

CRYPTOCURRENCY Bitcoin is a nothing more than a fad or pyramid scheme style scam, according to billionaire investor Howard Marks.

...

He told clients: "In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it."

The investor compared cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720 and the internet bubble of 1999.

He added: "Serious investing consists of buying things because the price is attractive relative to intrinsic value.

"Speculation, on the other hand, occurs when people buy something without any consideration of its underlying value or the appropriateness of its price."

Jul 27 08:55

THE MILITARY INDUSTRIAL COMPLEX IS UNDERMINING US NATIONAL SECURITY

The ongoing problems with the F-35 and other military programs, stemming from virtually unlimited budgets, underline the inefficiency of the American military-industrial complex (MIC). In contrast, Moscow develops armaments capable of counteracting the latest technological advances of the US at minimal cost.

One of a state’s most insidious mechanisms is the inefficiency of the military-industrial sector. When looking at the world's first superpower, this becomes all the more pronounced. Still, the ongoing problems highlighted by the F-35 program and failed missile interceptions by ABM systems are a good demonstration of how inefficiency in the US military sector has risen to worrying levels.

Webmaster's Commentary: 

This culture of waste, and a complete lack of meritocracy, on such a massive scale, must be dealt with.

For far too long, the US military has put up with equipment which is delivered so late as to be obsolete; does not perform as advertised; and is riddled with massive cost overruns.

President Trump needs to change this; there need to be stringent checks in place to prevent this from continuing, including jailing executives of companies which fail to deliver working, cost-contained, and state-of-the-art weapons for our military.

As draconian as this sounds, it would definitely be a move which would change the culture of this industry forever in this country.

But of course, this will only change when pigs fly; the military industrial complex owns this government, covertly and overtly, and they know it.

This is why the next major war in which the US government and military is involved will most probably be a war it cannot win.

Jul 27 08:32

THE TOXIC FRUIT OF FINANCIALIZATION: RISK IS FOR THOSE AT THE BOTTOM

Those who have pushed the risk down the wealth-power pyramid are confident the Federal Reserve will continue to limit the risks of speculative financialization.

One of the most pernicious consequences of financialization is the shifting of risk from the top of the wealth-power pyramid to the bottom: those who benefit the most from financialization's leveraged, speculative credit bubbles protect themselves from losses while those at the bottom of the pyramid (the bottom 99.5%) face the full fury of financialization's formidable risk.

Longtime correspondent Chad D. and I recently exchanged emails exploring how the higher debt loads and higher interest payments of financialization inhibits people at the bottom of the wealth-power pyramid (i.e. debt-serfs) from taking risks such as starting a small business.

Jul 27 07:43

Zero Times Anything Is Still ZERO!

Jul 27 07:41

Police Department Posts Controversial Photo About Giving Money to Panhandlers (3 Pics)

Mahatma Gandhi is quoted as saying, “A nation’s greatness is measured by how it treats its weakest members,” and this statement rings true today, especially in these United States. With the homeless population remaining an often overlooked segment of our population, it takes a special kind of dick to kick a man while he’s down and shame the people who tried to help him in their own way.

Jul 27 06:14

Fake Stock Recovery Coming to an End

Jul 27 03:09

Total Government And Personal Debt In The U.S. Has Hit 41 Trillion Dollars ($329,961.34 Per Household)

We are living in the greatest debt bubble in the history of the world.

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