ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 05 10:13

THE BIG LIE ISPS ARE SPREADING IN STATE LEGISLATURES IS THAT THEY DON’T MAKE ENOUGH MONEY

In their effort to prevent states from protecting a free and open Internet, a small handful of massive and extraordinarily profitably Internet service providers (ISPs) are telling state legislatures that network neutrality would hinder their ability to raise revenues to pay for upgrades and thus force them to charge consumers higher bills for Internet access. This is because state-based network neutrality will prohibit data discrimination schemes known as “paid prioritization” where the ISP charges websites and applications new tolls and relegate those that do not pay to the slow lane.

In essence, they are saying they have to charge new fees to websites and applications in order to pay for upgrades and maintenance to their networks. In other words, people are using so much of their broadband product that they can’t keep up on our monthly subscriptions.

Nothing could be further from the truth.

May 05 10:10

YEMENI REBELS BEGIN ATTACKING SAUDI OIL INFRASTRUCTURE: YOU KNOW WHAT THAT MEANS

The Houthi rebels in Yemen, officially known as Ansurallah, have vowed to intensify rocket attacks on Saudi Arabia’s critical oil infrastructure, warning that they are now manufacturing their own ballistic missiles to achieve those aims, the Financial Times reports.

The threat comes at a time when Houthi attacks on Saudi Arabia have begun to increase. Just this Saturday, Saudi Arabia’s air defense system intercepted four ballistic missiles over the southwestern region of Jizan. The debris of those missiles reportedly killed one person. Just a week prior, two other missiles were launched at the Saudi Arabian Oil Company (Aramco) facilities on the Red Sea.

Webmaster's Commentary: 

Translation: the US government and military is going to double down in this illegal and immoral war, and Yemen may soon be getting carpet bombed for its insistence that the Saudis get out.

And then, we had the following, ominous headline from zerohedge, dateline yesterday:

GREEN BERETS ARE NOW ON THE GROUND ASSISTING THE SAUDI WAR ON YEMEN IN "A MARKED ESCALATION"

May 05 10:04

Argentina raises interest rates to 40%

May 05 09:37

Transports-Vulnerable to large decline

May 05 08:18

Gold Leaving US Vaults In Mass

May 05 06:31

Real Global Unemployment Is 33%, Not 6%

May 04 12:32

Russia makes billions after US sanctions turn ruble to rubble

The latest US sanctions, which sent the Russian currency to its steepest drop in the past three years, surprisingly helped to boost the country’s budget with an extra 232 billion rubles ($3.8 billion).

The decline in the value of the ruble, as well as recent purchases of hard currency by the Central Bank of Russia, brought an additional inflow of money for the Russian government.

The re-assessment of foreign-exchange reserves shows that, at the peak of the ruble crash, when the national currency fell to over 65 rubles to one dollar, Russia's sovereign wealth fund reaped a profit of some 470 billion rubles ($7.6 billion).

May 04 10:09

Russia cuts oil exports to Europe & ramps up trade with China

China has significantly boosted oil imports from Russia, while the latter has been selling less crude to Europe. An analyst told RT that Beijing has become a more preferable partner in the oil trade for Moscow.

RT’s source in Russia’s largest oil exporter Transneft has said that since January 1, the country is pumping more oil to China, while exports to Europe have plunged. Earlier, Bloomberg reported that Russia will have shipped 19 percent less oil through its ports on the Baltic and Black Seas in the first five months of 2018, and sold 43 percent more oil to China through March.

May 04 09:48

Amazon Halts Seattle Office Development, Demands Tax To Help Homeless Be Withdrawn

Amazon has halted development of a new 17-story building in Seattle (that will create 7,000 jobs), threatening to ditch the plans altogether unless the city withdraws a proposed new tax to fund help for homelessness programs.

Drew Herdener, vice president of the e-commerce behemoth, also said the firm may not occupy space in another skyscraper currently in development in the city, choosing instead to sublet it to another firm.

“I can confirm that pending the outcome of the head tax vote by City Council, Amazon has paused all construction planning on our Block 18 project in downtown Seattle and is evaluating options to sub-lease all space in our recently leased Rainer Square building."

May 04 09:46

Capitalism has new rules. And they’re seriously messed up.

It was just a month and a half ago that Tesla approved an eye-popping long-term pay package, worth as much as $50 BILLION to founder and CEO Elon Musk.

And on Wednesday afternoon, Tesla held its first corporate earnings call since then.

You’d think that Elon would have been gracious and professional, anxious to demonstrate that the shareholders’ trust in him has been well-placed.

Instead the call was filled with contempt and disrespect, with Elon outright refusing to answer questions that he deemed ‘boring’.

Bear in mind, Tesla’s financial results were gruesome; the company burned through yet another $1.1 billion in cash last quarter. That’s 70% worse than in the same period last year.

Even more problematic, Tesla is losing money at such an unexpectedly fast rate that they’ll likely run out within the next several months.

May 04 08:46

Kazakhstan Goes For The Gold, Again!

Another month passes and another hundred thousand ounces (3.11 tons) of physical gold get added to the Kazakhstan gold reserve vault. Each month this nation makes another deposit of physical gold and each month the vast majority of media completely ignores it. Not only has she been adding physical gold to her gold reserves for the past 66 straight months the last two years have seen an increase in the overall volume of gold added.

May 04 06:02

Tesla posts record $710m net loss as it struggles to produce Model 3 cars

Tesla posted a record $709.6m net loss in the first quarter and burned through $745.3m in cash while struggling to crank out large numbers of its Model 3 mass-market electric car.

The loss and cash burn announced on Wednesday raised questions about the company’s future and whether it would be able to pay all of its bills by early next year without more borrowing or another round of stock sales.

May 03 12:10

Albert Edwards Spots The "Peak Bullshit" Indicator

Addressing rate differentials, Edwards picks up where his FX strategist colleague Kit Juckes leaves off every morning - and for much of the past year in sheer frustration - and notes that while for the first nine months of 2017, 2y interest rate differentials were becalmed and removed as a currency driver, "only in the final quarter of 2017 did the US 2y upward march resume, triggering a brief dollar rally (which aborted), but has now resumed in earnest."

One of the key features of this rise has been the explicitly stated resolution of the Fed to stick to its tightening schedule, irrespective of the weakness in equity prices. For much of this tightening cycle, the 2y rate has been anchored close to the Fed Funds rate due to the market?s lack of conviction that the Fed would fulfill its tightening promises as represented in its dot chart."

May 03 10:25

Crisis In Cali: Workers Face ‘Buckets Of Feces And Needles’ As Homelessness Worsens

Workers in California, who are desperately trying to clean up the state because of the skyrocketing homeless population, are facing grotesque conditions. Some workers even fear for their health after being faced with buckets of fecal matter and dirty needles.

In a democrat’s paradise, such as California, you would think all those taxes and numerous regulations would be able to house some people. But as the taxes and regulations increase so does the homeless rate, and state workers tasked with cleaning up the mess caused by democrat’s policies are facing dire situations.

May 03 10:24

Geopolitical Expert: The Coming Financial Crisis Is ‘Going To Be A BLOODBATH’

Charles Nenner, a geopolitical expert, and financial cycle analyst says the coming financial crisis will see the DOW Jones at 5,000. Nenner went on to say that it’s going to be “very bad,” yet he remains “dollar positive.”

Nenner, who appeared in an interview with USA Watchdog’s Greg Hunter said the coming financial crisis will be “Very bad. I called for Dow Jones 5,000, and I still call for Dow Jones 5,000. . . . It’s going to be a bloodbath, but as I said the last time, in the 1990’s when the Dow was 5,000, the world still looked okay.”

May 03 10:24

Analyst: Skyrocketing Debt Cannot Be Supported By Money Printing Forever

Something is eventually going to have to give. The United State’s debt which has shot up over $21 trillion dollars cannot be sustained by printing money forever, says a financial analyst.

According to TeleTradeBel analyst Mikhail Grachev, the US debt, supported by the printing of dollars could be coming to an end. “From 2009 to 2014. The Fed was actively buying Treasuries as part of a quantitative easing policy (QE). After the QE was scrapped, the Fed continued to purchase the securities, only in smaller quantities. American legal entities and individuals have always been the third major buyer of debt. The growth of debt and the volume of issuance of securities was possible due to the continuous flow of liquidity from the Fed at zero interest rate. It has also supported the unrestrained growth of the American stock market,” Grachev told RT.

May 03 09:50

Amazon And Tesla Reflect Deep Fraud Throughout The Financial System

Not much needs to be said about Tesla. Elon Musk’s performance on the Company’s conference call speaks for itself. He basically told the lemming analysts who have been the Company’s Wall Street carnival barkers to go have sex with themselves in response to questions looking for highly relevant details on Model 3 sales projections and Capex spending requirements.

I believe Musk is mentally unstable if not mildly insane. He would do the world a favor if he gathered up what’s left of his wealth and disappeared into the sunset. When Tesla collapses, I hope analysts like Morgan Stanley’s Andrew Jonas are taken to court by class-action hungry lawyers. My response to something like that would be justified schadenfreude.

May 03 09:10

BANKS, CREDIT CARD COMPANIES EXPLORE WAYS TO MONITOR GUN PURCHASES

Financial companies explored the concept of creating a new credit-card code for firearm dealers, similar to similar to how restaurants or department stores identify their transactions, the newspaper reported. Another idea would require retailers to share info about specific firearm products purchases.

May 03 09:09

Oil markets brace for Trump to kill Iran deal

The Iran nuclear deal may be doomed, at least if you believe the global oil market.

Oil prices have surged partly because of mounting expectations that President Trump will kill the 2015 agreement, which allowed Iran to export more crude. Trump must decide by May 12 whether to re-impose sanctions on the OPEC nation.

Brent crude, the global benchmark, briefly soared above $75 a barrel on Monday after Israel leveled new nuclear allegations against Iran.

Bringing back sanctions on Iran could knock out as much as 1 million barrels per day of crude supply, dealing a blow to increasingly fragile energy markets.

May 03 09:07

Gold Demand Falls In Q1 Despite Robust Central Bank and Investment Demand and Surging Demand In Turkey and Iran

– Gold demand globally -7% in Q1, 2018 – Gold Demand Trends (WGC)
– Gold ETF demand fell sharply year on year from very high levels but had 5th consecutive quarter of inflows
– Investment demand was strong in the US where ETF holdings rose another 32.4 tonnes as “stock market volatility sparked US inflows”
– Store of value bullion coin and bar demand fell 15% as reported Chinese, German and American demand fell
– Gold demand in Turkey (FT) and Iran surges (BBG) due to Trump concerns, inflation on currency debasement and devaluation
– Global jewellery demand was roughly flat at 487.7t
– Technology demand had sixth consecutive quarter of growth
– Central bank demand remains robust at 116.5 tonnes

May 03 08:57

'NOT REALISTIC' Trump sends top team to AVERT looming US trade war with China

This week US Trade Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer will meet with Liu He, economic adviser to China President Xi Jinping to discuss how a trade war between the world’s two biggest economies can be avoided.

Tensions between the US and China have escalated in recent months after the US President announced plans to impose at least $50billion of tariffs on Chinese imports.

In response China put a 25 percent levy on US imports, such as soybeans, cars and whiskey.

With US and China now heading to the negotiating table Mr Trump said: “I think we've got a very good chance of making a deal.”

May 03 08:10

Ultimate frontier market? Amid thaw, Chinese eye North Korea real estate

Chinese property speculators are starting to bet on a rapid improvement in relations between North Korea and the rest of the world, pushing up prices in the border city of Dandong and even spurring buying interest in the world’s most isolated country.

May 02 16:30

What Lies Beyond Capitalism And Socialism?

May 02 16:19

Judge For Yourself, Are Stocks Expensive?

May 02 14:09

This Map Shows Every State's Biggest Export

May 02 11:59

Crisis in consciousness: Change and the Individual 

Graham Peebles examines an alternative paradigm for our lives, arguing that we must break free of our inhibiting conditioning and thereby cease to add to the collective pollution blighting our lives. >>

May 02 11:36

"I Expect A Financial Accident To Occur": Gavekal Reveals A New, "Flashing Red" Warning

Much ink has been spilled by analysts sounding the alarm over the rapid flattening in the US Treasury yield curve observed over the past year, as many have rushed to remind markets of the conventional wisdom that an inverted curve is one of the most reliable indicator of an imminent recession.

At the same time, others have spoken out against this orthodoxy, pointing out that there can be as much as a 1-2 year lag between the moment of first inversion and when the economic contraction officially arrives.

May 02 11:34

How To Completely Diversify Out Of Fiat Currencies

When I founded Pure Blockchain Wealth, the price of Bitcoin was $850, and when we emailed our alert on Ripple, it was $0.27 (a month later, it was $3.00).

Cryptocurrencies are a new, disruptive, and unique asset class, but the central question is: can they co-exist for long, without government intervention and legislation?

What we already know is that paper cash, the actual notes that represent the diminishing purchasing power of today’s fiat currencies, are being deliberately taken out of circulation.

The next step for currencies is total digitization. It’s a clear path they’re following, and it looks like another major trend is the dethroning of the USD as the standard unit of accounting for global transactions.

Since the late 1960s, governments have been concerned with the U.S. Federal Government and its spending habits.

May 02 10:41

OIL REFINERY SPEWS 8.5 TONS OF CYANIDE GAS OVER LOW-INCOME COMMUNITY EACH YEAR

Recent tests have shown that an oil refinery in Denver called Suncor Energy has been spewing over 8.5 tons of cyanide gas over the low-income communities that surround it. Oddly enough, the refinery is exempt from disclosing their cyanide emissions to the public, but independent tests have shown their output of the gas to be astronomical.

In fact, according to Cross Community Coalition director Candi Cdebaca, air quality control officials actually gave the refinery a special permit that allows them to release levels of toxins that surpass recommended levels.

“It’s absurd to think state health officials would even consider granting permits to pollute more. The state health officials are completely failing to protect these neighborhoods. And they are disregarding the cumulative impact of the many pollutants in the area. The ideal would be we aren’t letting them put that into the air at all, and if they are, we would know how to respond,” Cdebaca said.

Webmaster's Commentary: 

This is yet another demonstration of the reality that in 21st century Amerika, corporations are kings, and everyday people are just...expendable.

May 02 10:24

Half Million People Rally Across Spain to Demand Better Working Conditions

About 500,000 people on Tuesday participated in rallies in 70 Spanish cities to demand equal and fair working conditions on the occasion of the International Workers' Day.

The largest rally took place in the Spanish capital, with 50,000 people in attendance, according to the figures from the organizers – the largest trade unions of Workers' Commissions (CCOO) and General Union of Workers (UGT). However, the authorities estimated the turnout at 12,000.

The event was attended by a large number of the communist activists, who were selling books on the Russian Revolution of 1917 as well the issues of the discontinued magazine called Marxism Today.

A car burns outside a Renault automobile garage during clashes during the May Day labour union march in Paris, France, May 1, 2018

Moreover, the rallies across Spain were devoted to the elimination of pay gaps between men and women at workplace as well as against any forms of mistreatment.

May 02 10:23

US extended EU tariff exemption after 'fruitful discussions' – Commerce Secretary

The US postponed the introduction of steel and aluminum tariffs on the EU after “some potentially fruitful discussions about an overall reduction in trade tensions," Wilbur Ross, US Commerce Secretary, told CNBC. However, Ross said that Washington has no intention to grant protracted extensions, explaining that it “defeats the whole purpose.” The EU’s tariff exemption was to expire on Tuesday, but Donald Trump postponed the decision for another month. In March, the US President imposed a worldwide 25 percent tariff on steel imports and a 10 percent tariff on aluminum.

May 02 10:22

US extends deadline for American investors to divest funds from newly sanctioned Russian companies

The US Treasury has extended the deadline for investors to divest or transfer their holdings from United Company Rusal Plc, En+ Group PLC, and the GAZ Group until June 6, instead of the planned deadline of May 7. On April 6, the US Treasury slapped a new round of sanctions against Russian officials, businessmen, and companies. These included a number of enterprises belonging to Rusal’s co-owner Oleg Deripaska. The US authorities originally set a May 7 deadline for American investors to get rid of securities from the Russian companies and subsidiaries and to cancel contracts with all enterprises, subject to new punitive measures.

May 01 15:47

California's Unclaimed Property Website - A Must See!

In case you've never visited this site, it's a must-see. Every time I go there, which is not very often, but I never fail to find a dozen or more friends, family or acquaintances that I know who have money coming to them. It's very easy to claim, you can even do it online.

May 01 14:17

Royal Bank of Scotland to close 162 branches…

May 01 10:44

BUSINESSES WILL USE FACIAL BIOMETRICS TO CREATE THEIR OWN WATCH LISTS

All across the country businesses are being encouraged to use facial recognition to identify everyone.

Companies like DeepCam, have been been secretly working for three years, to create a facial recognition customer watch list system.

"After three years in stealth mode, DeepCam has released Retail by DeepCam,a system that will transform retail loss prevention. Retail byDeepCam is a plug-and-play system that drastically reduces retail shrink and slashes operational costs through a proprietary biometric-enhanced recommendation engine. "

How will DeepCam transform retail loss prevention?

DeepCam's selling points are instant recognition of bad actors and much more.

"DeepCam recognizes biometric signatures and suspicious behaviors so you can respond the moment bad actors walk through the door."

Soon businesses will use DeepCam's 'recommendation engine' to identify customers before they have stepped inside their store.

Webmaster's Commentary: 

Talk about reversal from the American judicial system, where one is assumed innocent until proven guilty, to Code Napoleon law, where one is presumed guilty until proven innocent!!

May 01 10:43

Nord Stream 3? Economic Analyst Explains Why Gazprom's Proposal is No Bluff

Last week, Gazprom deputy chairman Alexander Medvedev told Russian media that the gas giant was prepared to build yet another pipeline to Europe to compliment Nord Stream and Nord Stream 2. Rossiya Segodnya economics observer Dmitry Lekuh explains why the official's proposal is really a 'mathematical inevitability'.

Speaking to Rossiya-24, Medvedev noted that Gazprom has the confirmed gas reserves and transport infrastructure capabilities to quench Europe's energy needs. "If Europe tells us what it needs and is ready to sign the relevant contracts, I'm not ruling out that we might need new gas pipelines, like, for example, a Nord Stream 3," he said.

May 01 10:42

Pentagon Chief Pushes to Waive Sanctions for US Allies That Buy Russian S-400s

US Defense Secretary James Mattis is seeking to circumvent potential conflicts with US allies that have purchased Russian military equipment with an appeal to US legislators to relax sanctioning requirements against countries that do so.

Mattis told the Senate Armed Services Committee Thursday that "national security exemptions" ought to be injected into the existing Countering America's Adversaries Through Sanctions Act (CAATSA), arguing that it is in the US' long-term interest to avoid such conflicts with its allies.

"There are nations in the world who are trying to turn away from formerly Russian-sourced weapons and systems," Mattis said, arguing that those countries still rely on Moscow to update their existing systems with new technology.

May 01 10:33

Greece’s “Radical Left” Ruling Party Sells The Country’s Soul To Neo-Liberal Rothschild Bank

The French investment bank Rothschild plays an important role in Greece’s effort to get rid of the bonds of creditors, Frankfurter Allgemeine claimed on Sunday.

“When socialism can no longer help, bankers are called upon to take over. The leftist, populist Greek government, which had traditionally anti-capitalist slogans, recruited prominent capitalists as assistants in the fight against debt,” the newspaper quotes referring to the example of Goldman Sachs.

May 01 10:25

GOLDMAN FINED $110 MILLION FOR "IMPROPERLY" RIGGING THE FX MARKET

First Deutsche, then BNP, and now it's Goldman's turn to pay the Fed a token fee for making billions in manipulating the FX market from 2008 to 2013.

The Department of Financial Service announced on Tuesday that Goldman had agreed to pay the Federal Reserve $54.75 million, and an identical fine to the New York financial regulator, to settle claims that the bank allowed its foreign exchange traders to wrongly share customer information with traders from other global banks and engage in questionable conduct.

Furthermore, it appears that Goldman was the latest bank to participate in infamous FX rigging "chatoorms" which its traders used to discuss their positions on currency trades away from regulatory scrutiny.

The violation announced today stems from an investigation by DFS determining that from 2008 to early 2013, Goldman engaged in unlawful, unsafe and unsound conduct by failing to implement effective controls over its foreign exchange business.

Webmaster's Commentary: 

But no one goes to jail over this?!?

More proof positive ... that the monied elite never eat their own!!

May 01 10:24

BRILLIANT Donald Trump remark on the European Union leaves Farage in STITCHES

DONALD Trump's mockery of the European Union left Nigel Farage in stitches as the American President claimed European powers formed the Brussels bloc just to take advantage of the United States.

May 01 10:21

Brexit warning: UK risks 'CATASTROPHIC ERROR' if May rushes into trade deal with Trump

THERESA May will commit a “catastrophic error” if she rushes the UK into a trade deal with the United States before cementing a comprehensive trade strategy for Brexit Britain, a parliamentary committee has warned.

May 01 10:20

“Blood In The Streets” Of U.S. Gold Bullion Market As Sale Of Gold Coins Collapse

Sales of U.S. Mint American Eagle gold coins dropped to their weakest April since 2007, while silver coin purchases for the month rose 10 percent higher than last year, U.S. government data showed on Monday.

May 01 09:59

Debt and Delusions – Part Two

Sovereign debt will be “rolled over,” never extinguished, and repaid with new debt. We delude ourselves and pretend total debt will increase forever (it can’t). That explains global debt exceeding $230 trillion today and official U.S. government debt over $21 trillion, with unfunded liabilities adding another $100 – $200 trillion. There are two choices.

May 01 08:13

No longer tech darling? Tesla is losing $6,500 every minute

Tesla is losing $6,500 every minute and needs another $2 billion to get through the year. With losses continuing to mount, the spotlight of scrutiny has ramped up on the former media darling.

There is now a “genuine risk” that Elon Musk’s electric car company will not survive until the end of the year, Bloomberg reports.

Apr 30 16:34

Pending Home Sales Decline For 4th Straight Month, Weather Blamed

Pending home sales missed expectations in March, dropping 4.4% YoY (the 4th straight month of declines - the longest streak since 2014)...

Apr 30 14:15

Is This The Collapse You Ordered…?

The Romans had their own version of a financialized economy: they simply devalued their coins by mixing in less and less silver at the mint, so they could pretend to pay for the same luxuries they had grown accustomed to as resources stretched thin. Our financialized economy — like everything else we do — operates at levels of complexity so baffling that even its supposed managers at the central banks are flying blind through fogs of debt, deception, and moral hazard. When that vessel of pretense slams into a mountain top, the effects are likely to be quick and lethal to the economies on the ground below.

Apr 30 13:56

The End Of Our Empire Approaches -- History is clear on where we're headed

But what happens when the economic pie is no longer expanding, yet the keepers of the system seem unable to turn off their own desires to grab more, more and yet more from that same pie? That is where we find ourselves today. The economic oxygen is being sucked from the middle and lower classes and the social and political pressures are building. Meanwhile more and more claims (currency and debts) are being piled on top of this stagnant economic pie thereby increasing the pressure on a creaking system. Someday that all gives way rather spectacularly and ends very badly. History says it ends with a lot of social anarchy and quite possibly another world war.

Apr 30 12:54

A New Type Of Poverty Is Crushing The Middle Class

As if the current global monetary system didn’t put the middle-class at a structural disadvantage versus the wealthy, by taxing them disproportionately with inflation, encouraging dissaving and taxing labor (ordinary income) much higher than capital (long-term gains), we now find out that the middle class has a new reason they're being pushed into poverty: banks are willingly trying to put them there.

In a report by the Sydney Morning Herald, the newspaper notes that more middle-class Australians are being pushed into poverty. The simple explanation why this is happening: Australian banks are trying to figure out exactly how much they can charge customers before pushing them into poverty; to do this they are using a formula which incorporates a poverty index to calculate the last marginal dollar of disposable income that the middle class has for fees and charges.

Apr 30 10:57

NY Times: Trump Finds GOP Plan to Campaign on Tax Reform ‘Boring,’ Will Focus on Immigration, Trade Agenda

President Trump finds the Republican establishment’s plan to run their 2018 midterm election campaigns on the recently passed tax cuts “boring,” according to the New York Times, and will instead focus his efforts on his wildly popular “America First” immigration and trade agenda.

The report by the New York Times reveals the GOP establishment’s efforts to restrain Trump from focusing on his populist immigration and trade agenda—where he advocates for less foreign competition against America’s workers.

The party’s leaders have pleaded with Trump to focus much of his campaign attention on pushing House Speaker Paul Ryan’s tax cuts, a plan backed by the pro-mass immigration billionaire Koch brothers and that they claim will keep them in the majority in the House and Senate.

Apr 30 10:47

Richard Branson unveils new Dubai hyperloop venture to move freight at 760mph

Sir Richard Branson is teaming up with Dubai port operator DP world to enter the hyperloop business and move cargo at a top speed of 760mph.

The cargo system, which is being designed alongside a possible passenger service by Virgin Hyperloop One, will be called the DP World Cargospeed.

Sultan Ahmed bin Sulayem, the port operator's CEO and chairman revealed the at a glitzy announcement alongside billionaire Mr Branson today on the floating hotel Queen Elizabeth 2 in Dubai.

A hyperloop involves levitating pods, powered by electricity and magnetism, hurtling through low-friction pipes at a top speed of 1,220 kph (760 mph). Tesla co-founder Elon Musk first proposed the idea in 2013.

Apr 30 10:42

Rich & powerful distract us with imagined threats to cling onto their gains

As inequality increases, the wealthy and powerful become more desperate to cling onto their gains and distract us with imagined threats and political sideshows. Jingoism, Russophobia and red-baiting are new opiates for the masses.

Everyone is pleased when the economy booms: the bosses increase their profit share, millionaires morph into billionaires, average Joe and Jane have stable employment and benefit from temporarily increased government investment in public services. When bust inevitably follows boom, as is integral to capitalist economies, the majority suffer, as public services are cut and employers make workers redundant in order to maintain profit margins. Recessions do not affect everyone equally: while the majority tighten their belts, a few become even wealthier.

Apr 30 10:40

Grab the Popcorn: Trump Promises to ‘Take On’ EU in New Trade War

As the US president struggles at home with a legislature and judiciary increasingly unwilling to do his bidding, new bluster and threats of a trade war with other nations appear to have become Trump’s rallying cry to the faithful.

Iran Deal: Trump 'Acts on Orders From Israeli Lobby in Washington' - Analyst
US President Donald Trump, at a meeting of his followers in Michigan on Saturday, suggested that his administration would do everything within its power to shift what the White House terms Washington DC's trade imbalance with the European Union, and hinted darkly that Americans must prepare for a bumpy and uncomfortable ride, according to RT.

In asserting that the EU was primarily formed to divert financial gains from the US, Trump promised that what he termed "disastrous trade deals" would stop, as he was going to personally "take on" the economic European powerhouse, as well as China, the largest economy in Asia and the second largest economy in the world.

Apr 30 10:13

Federal Reserve Bank: "Cash Promotes Crime... Cash has many advantages, but its end might be near"

The outrageous criminals at the federal reserve bank have actually issued a new report in which they state the following.

Apr 30 09:18

'SALMON PEOPLE: THE RISKS OF GENETICALLY ENGINEERED FISH FOR THE PACIFIC NORTHWEST' FILM PREMIERES

In 2015, the FDA approved genetically engineered salmon, the first ever GE animal to be approved for human consumption anywhere in the world. The Muckleshoot Indian Tribe and the Affiliated Tribes of Northwest Indians called for sufficient consultation with Tribes to assess the environmental impact of GE salmon production, a legal requirement the FDA did not honor.

Apr 30 08:05

Decision Time: Will the US Impose Tariffs or Not?

A few things you need to watch for economically this week could very well set the table for what comes next week and beyond.  The influencers will be both geopolitical and earnings driven.  It's important to note that Trump's decision about the looming tariffs will not just affect Russia and China, but also, our allies in Europe.

Here's what to look out for this week.

Apr 30 07:23

The Middle Class Sure Isn’t What It Used to Be

If you've noticed that it takes a lot more money to live the middle-class American Dream than it used to, you aren't alone. Buying a house, saving for retirement, and putting your kids through college while living comfortably is a whole lot harder than it once was. Being part of the middle class sure isn't what it used to be.

Despite the rosy outlook on employment numbers, things have become incredibly difficult for many families. They're deeply in debt, living paycheck to paycheck, and without an emergency fund. Let's take a look at what the media is saying about the middle class.

Apr 29 14:06

The banks, the Government and the half-trillion-dollar super grab

By business editor Ian Verrender

Just when they appeared on the cusp of victory, the major banks and AMP have their ambitions to grab control of a lucrative section of the superannuation industry crushed, writes Ian Verrender.

Apr 29 09:54

Donald Trump to Farmers: We’re Going to Let in Migrant Guest Workers

President Donald Trump told American farmers on Saturday that he would allow guest workers to come into the country, despite his promise to protect American workers.

“For the farmers, OK, it’s going to get good, and we’re going to let your guest workers come in, because we’re going to have strong borders, but we have to have your workers come in,” the president said during his campaign rally in Washington, Michigan on Saturday.

Trump said that the unemployment numbers were so good that it was possible to allow guest workers in the country to work the fields and do seasonal labor.

Apr 29 09:48

Trump Will Make Russia Rich Again

Despite all his flaws and aggressive rhetoric, it can be argued that Donald Trump's foreign policy is perfect for the Russian economy. Sanctions against Russia are useless if the oil price is high, and Trump is doing his best to push the price higher.

The US president is angry. Again. Donald Trump blames the OPEC oil cartel (and implicitly, Russia) for the recent run-up in oil prices that is hurting US consumers. However, the person he should be blaming is Donald Trump.

Apr 29 08:57

'We're NOT doing business with these guys' Donald Trump THREATENS EU

DONALD Trump blasted the EU and other nations at a rally in Michigan by threatening to "take on" the bloc and claims it takes “advantage” of the US.

Apr 29 08:37

THE US GAVE ITS CLIENT STATES HUNDREDS OF MILLIONS FOR ANTI-TERRORISM, THEN CROOKED UK MILITARY CONTRACTORS RIPPED IT ALL OFF

Defense Secretary James Mattis has announced a criminal investigation into the misuse of $458,000,000 that the US government gave to Iraq and Afghanistan to build out mass-scale domestic surveillance apparatus and other "anti-terrorism" capabilities. An audit by the Special Inspector General for Afghanistan Reconstruction found that, since 2007, New Century Consulting had taken most of that money, without any indication that it had performed any of the work for which it had been paid.

Apr 29 07:42

TENS OF MILLIONS OF TAXPAYER DOLLARS MISSING FROM PHILADELPHIA’S LARGEST CASH ACCOUNT

City officials are searching for tens of millions of dollars of misplaced money as they’re trying to figure out what happened.

Apr 29 03:30

Russia's Medvedev Says He Backs Criminalizing Observance of U.S. Sanctions

Russian Prime Minister Dmitry Medvedev backs the idea of making it a criminal offence for Russians to observe sanctions imposed by the United States, Medvedev said in an interview broadcast on Saturday on state TV channel Rossiya

Washington imposed sweeping sanctions on some of Russia's biggest companies and businessmen on April 6, striking at allies of President Vladimir Putin to punish Moscow for its alleged meddling in the 2016 U.S. presidential election and other so-called malign activities

Asked about a proposal drafted by Russia's lower house of parliament to criminalise observance of U.S. sanctions, Medvedev said the restrictions were aimed at destroying Russia's socio-political system and harming the economy and individuals.

Apr 28 13:21

'We Are Headed For a Massive Financial Crisis' & Fed Has 'No Idea What's Going On'

The businessman slammed the Fed for seeing no signs of an impending crisis, saying that it was similarly blind ahead of 2008 crisis. “So the Fed has already proved when it comes to warning signs and seeing them in advance, they’re like Mr Magoo. They have no idea what’s going on. And in fact, just like Mr Magoo, they create all kinds of havoc all around them as they blindly move through the economy having no idea what’s going on, and there’s just all kinds of carnage,” Schiff said, warning that a massive financial crisis is coming.

Apr 28 11:39

Guitar Center Faces Imminent Bankruptcy After 59 Years In Business

As guitar sales plummet, some of the biggest guitar brands and retailers are facing bankruptcy. The latest is Guitar Center, which narrowly averted default and just got downgraded by S&P.

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