ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 21 09:05

Pound Plunges Before Inflation Data Release, Sparking Fresh ‘Leak’ Concerns

A sharp fall in sterling just before surprisingly weak June inflation data was released has reignited concern that confidential official information is being leaked to market traders.

Jul 21 08:28

Homeless in Hawaii Documentary 2017

Jul 21 08:19

IDAHO EMBRACES NEOFEUDALISM WITH ITS “NONCOMPETE” LEGISLATION

Many of you may not be familiar with what I’m talking about, so I’ll start with some excerpts from a very good New York Times article on the subject, and then get into some detailed commentary at the end.

Here’s a brief overview of the situation from the piece, Noncompete Pacts, Under Siege, Find Haven in Idaho:

BOISE, Idaho — Idaho achieved a notable distinction last year: It became one of the hardest places in America for someone to quit a job for a better one.

The state did this by making it easier for companies to enforce noncompete agreements, which prevent employees from leaving their company for a competitor.

“We’re trying to build the tech ecosystem in Boise,” said George Mulhern, chief executive of Cradlepoint, a company here that makes routers and other networking equipment. “And anything that would make somebody not want to move here or start a company here is going to slow down our progress.”

Webmaster's Commentary: 

There is a word with which to characterise this legislation, from a standpoint of worker's rights; that word is, "insane".

Were this to go all the way to the Supreme Court, my guess would be that the Court would rule against it.

Jul 21 08:18

The ECB Morphs into the Mother of All “Bad Banks”

More than just a few “fallen angels.”

Jul 21 08:09

DOCUMENTATION OF US DEPT OF DEFENSE ADMITTING ‘LOSING’ $6.5 TRILLION ($65,000 PER AVERAGE US FAMILY), WITH 18 YEAR HISTORY OF ‘LOSING’ TRILLIONS

Catherine Austin Fitts just published documentation of Department of Defense (DOD) official audit reports from 1998 that acknowledge “losing track” of $6.5 trillion, along with Department of Housing and Urban Development (HUD) admission of “losing” over $100 billion. This is euphemistically termed “unaccounted,” and literally means that DOD agrees they received these funds, agrees the funds are gone, and then claims to not have records of where the money went.

Webmaster's Commentary: 

Absoflippinglutely unbelievable, but perfectly predictable from the American government.

Jul 21 07:52

The Dangerous Season Begins Now

Readers are surely aware of the saying “sell in May and go away”. It is one of the best-known and oldest stock market truisms.

And the saying is justified. In my article “Sell in May and Go Away – in 9 out of 11 Countries it Makes Sense to Do So” in the May 01 2017 issue of Seasonal Insights I examined the so-called Halloween effect in great detail.

The result: in just two out of eleven international stock markets does it make sense to invest during the summer months.

Jul 21 07:40

Narrow Escape? Iceland Bracing for New Financial Crisis

About a decade ago, Iceland's economy went through the worst collapse in its history: the nation's leading banks crashed, unemployment rose and Icelanders were left off struggling with debts. The tiny Nordic nation seems to have recovered since, but today seems to be cruising towards another financial crisis.

Jul 21 07:39

Planting Seeds: How China is Setting Up Shop in This Small European Country

A long journey starts with a single step. In an attempt to gain footing in the European market, China chose to start with a small country, which opens great opportunities for Beijing. Sputnik explores why.

Jul 21 05:39

Bank of America Pulls Ripcord on Chinese Conglomerate HNA

Are the Conglomerates the Black Swan in China?

Bank of America suddenly pulled back from doing business with HNA Group, a privately held Chinese conglomerate that has been on the forefront of highly leveraged, opaque Chinese conglomerates out on a mind-boggling debt-funded acquisition binge around the world.

Jul 21 05:00

Would You Like To Steal 128 Million Dollars?

What would you do with 128 million dollars?  Many people like to daydream about winning the lottery, and I have to admit that when I was much younger I would do the same thing. 

Jul 20 19:23

The Death Spiral of Financialization

Each new policy destroys another level of prudent fiscal/financial discipline.

The primary driver of our economy--financialization--is in a death spiral.Financialization substitutes expansion of interest, leverage and speculation for real-world expansion of goods, services and wages.

Jul 20 17:27

There are more renters than any time since 1965

Jul 20 16:25

Did the City of London Just Press the Panic Button on Brexit?

Oh the irony: EU capitals are trying to attract the very institutions that caused some of the worst financial scandals of the last ten years.

Jul 20 16:21

The Museum Of Capitalism

Should capitalism be put in a museum?

If you think that’s a good idea, you should visit the Museum of Capitalism (MOC) in Oakland, California.

Jul 20 12:31

VW's settlement in emissions scandal reaches $1.3 billion

California says Volkswagen will pay the state another $154 million in penalties and costs over the automaker's emissions scandal.

California's Air Resources Board says the increase in a consent decree filed Thursday brings VW's total settlement in California to $1.3 billion.

Volkswagen Group of America acknowledges rigging 11 million of its vehicles with software used to cheat on vehicle emissions tests.

Jul 20 12:17

NYC: Front Line Of Income Inequality

Forty years ago this summer, the lights went out. It was July 13, 1977, a hot, muggy night here in Manhattan. Lightning strikes set off a cascade of mechanical failures at Con Edison that plunged virtually the entire city into darkness.

Jul 20 12:16

RBC Warns Of Looming "Cocktail For Fall Volatility"

As the world watched with bated breath for any dovish tilt from Draghi this morning, RBC's head of cross-asset strategy Charlie McElligott laid out his game-plan. While the EUR is higher (hawkish), bund yields are lower (dovish) McElligott warns the cozy calm 'status quo' could get a rude interruption in the fall...

Jul 20 12:15

Financial Armageddon Has Begun in the USA

Jul 20 09:56

Top 10 BIGGEST layoffs in the 21st Century

Jul 20 08:52

Nationwide Outage Hits Bank of America: Customers Unable To Access Accounts

In an apparent nationwide system outage, Bank of America customers have been shut out from accessing their accounts and online banking on Wednesday afternoon. As of 4pm ET the outage was continuing with most online systems still frozen.

Jul 20 07:52

Turkey crisis: Merkel finally breaks silence as Germany threatens to suspend EU payments

ANGELA Merkel has finally broken her silence on the crisis in Turkey as Germany threatens to scrap EU aid payments as tensions escalate.

Jul 20 07:39

The Student Loan Bubble and Economic Collapse

The inevitable collapse of the student loan “market” and with it the takedown of many higher educational institutions will be one of the happiest and much needed events to look forward to in the coming months/years. Whether the student loan bubble bursts on its own or implodes due to a general economic collapse, does not matter as long as higher education is dealt a death blow and can no longer be a conduit of socialist and egalitarian nonsense for the inculcation of young minds.

Jul 20 07:37

The True Economy Is Being Exposed & Soon Everyone Learn How Bad It Really Is

IMF reports that the current problems with Greece are not going away the debt is not sustainable. Harley Davidson is spiraling out of control, sales are crashing. IBM uses accounting trickery to make the company look like it is doing better than it really is.

Jul 20 06:27

Washington D.C. Is Just A Gigantic Money Eating Machine (Video)

In the following video, Right Wing News reviews Michael Snyder’s assessment of just how bad the money situation is right now in Washington DC, using supporting links that include articles that discuss how the largest generation in history is heading into their golden years right now, and many of them need the market to yield 400% returns in some instances just for their pensions to stay solvent.

Then, there’s the 13+ million teenagers across America who have admitted to exchanging sexual acts just to eat during the Obama years. Couple all that with 102 million currently unemployed Americans, and 9,000 of the country’s largest retailers going out of business before year end, and it should be a wakeup call to anyone with a family to begin making preparations for an inevitable collapse.

Jul 19 23:00

Marijuana Industry Projected To Create More Jobs Than Manufacturing By 2020

Jobs. That is what the marijuana industry hopes will keep the Trump administration from cracking down on cannabis companies.

A new report from New Frontier Data projects that by 2020 the legal cannabis market will create more than a quarter of a million jobs. This is more than the expected jobs from manufacturing, utilities or even government jobs, according to the Bureau of Labor Statistics.

Jul 19 22:58

Marijuana Sales Totaled $6.7 Billion In 2016

North American marijuana sales grew by an unprecedented 30% in 2016 to $6.7 billion as the legal market expands in the U.S. and Canada, according to a new report by Arcview Market Research.

North American sales are projected to top $20.2 billion by 2021 assuming a compound annual growth rate of 25%. The report includes Canada for the first time as it moves towards implementing legal adult use marijuana.

Jul 19 22:04

The Cannabis Industry Apocalypse

Here is the plan.Sessions plans to seize the assets of the big Cannabis companies and use it to bust more people.

Another important clue to their plans comes from a recent DOJ announcement that the DOJ will no longer be donating part of the proceeds that it receives from civil asset forfeitures to a variety of non-profit groups but will instead be keeping all the proceeds for itself to be used for increased staffing and greater enforcement.

In order to address the lack of budget necessary to start large scale enforcement, the Christie Plan lays out the following actions:

Issue Subpoenas to the twenty-nine states that have legalized cannabis, in any form, and demand their entire set of licensing records, for growers, dispensers, doctors, and users.
Use conventional DOJ budgets to hire new DOJ staff to fight the states that refuse to turn over their licensing records. The DOJ will sue each state, in order or revenue, for compliance.

Jul 19 18:26

Documentation of US Dept of Defense admitting ‘losing’ $6.5 trillion ($65,000 per average US family), with 18 year history of ‘losing’ trillions. Your .01% illegal rogue state government at ‘work’ until ‘We the People’ demand arrests for OBVIOUS crimes

*hyperlinks/videos live at source*

Catherine Austin Fitts just published documentation of Department of Defense (DOD) official audit reports from 1998 that acknowledge “losing track” of $6.5 trillion, along with Department of Housing and Urban Development (HUD) admission of “losing” over $100 billion. This is euphemistically termed “unaccounted,” and literally means that DOD agrees they received these funds, agrees the funds are gone, and then claims to not have records of where the money went.

Jul 19 17:38

NYC: Front Line Of Income Inequality

Forty years ago this summer, the lights went out. It was July 13, 1977, a hot, muggy night here in Manhattan. Lightning strikes set off a cascade of mechanical failures at Con Edison that plunged virtually the entire city into darkness.

Jul 19 15:37

Harley-Davidson Spirals Down, Announces US Layoffs, Builds Factory in Thailand

Trying to manage a structural decline in a terrible industry.

Jul 19 15:33

CSX planning up to 700 additional layoffs

Jul 19 15:28

How Seattle Voted To Tax The Rich

Seattle further cemented its reputation as one of the most progressive cities in the U.S. last week, when its City Council passed a law to tax the rich, sponsored by socialist City Councilmember Kshama Sawant along with Councilmember Lisa Herbold.

Jul 19 15:27

Are More Bankruptcies Next for US Shale Oil Drillers?

Behind the hype, shale drillers have entered a vicious circle.

Jul 19 15:07

190 Cray employees hosed down with shower of pink slippery

Supercomputer supplier Cray is giving 190 employees the elbow in a restructuring exercise to cut operating costs.

The laid-off folks, some 15 per cent of Cray's 1,312 headcount at the end of last year, will come from all parts of Cray and in all its geographies, some being executives, and the majority let go by July 21.

Jul 19 13:52

As Farmers Go Broke, John Deere Ramps Up It's Captive Financing Operation To Keep The Ag Party Going

So what do you do when your John Deere and your entire business revolves around selling really expensive equipment to farmers who have been absolutely decimated financially by low crop prices and can no longer convince commercial banks that they're worthy of additional debt needed to buy fancy new tractors? Well, you take some plays from the automotive industry, that's what. Here's how it works:

Jul 19 13:06

Wells Fargo to shut down 450 branches

Jul 19 12:09

One of the world’s most popular tech companies just lost another $2 billion…

Last night Netflix executives announced that a record 104 million people worldwide now subscribe to its service.

This number handily beat what analysts were expecting, and the stock SURGED nearly 9% to an all-time high. Netflix is now trading at more than 200 times earnings.

Look, I like Netflix. House of Cards is entertaining.

But you shouldn’t invest in a business based on its number of customers and quality of content alone.

And if you dive into the company’s numbers, you’ll see immediately that Netflix is hemorrhaging cash.

Jul 19 11:45

Does Wall Street Bully or Bribe Prosecutors? Revolving Doors At The DOJ

By Aaron Kesel

The recently published book The Chicken Shit Club by Pulitzer Prize–winning journalist Jesse Eisinger, documents a massive account of corporate greed and impunity. The book alleges that the DOJ has a culture of a revolving door where Wall Street personnel become federal agents, even prosecutors, who then betray the public’s trust and their sworn duty, failing to arrest people involved in massive financial schemes...

Jul 19 11:02

Video: Keiser Report: Zombie Economic Woes

In this episode of the Keiser Report’s annual Summer Solutions series Max and Stacy talk to Steve Keen, author of Debunking Economics, about whether or not allowing for the return of the business cycle might be a solution to our zombie economic woes.

Jul 19 10:09

Millions In Taxpayer Cash Handed Out ‘Last Minute’ To Meet Foreign Aid Targets

The government is “struggling” to spend its allocated overseas aid budget and dispenses cash overseas in a last-minute frenzy to meet its targets, the spending watchdog has said.

A National Audit Office (NAO) report has raised concerns that money is being wasted because of the “rush” by civil servants to hit the legal requirement of 0.7 percent of the nation’s income going to overseas aid, according to the Telegraph.

Jul 19 09:35

PANIC: 793,000 subscribers DUMP CABLE

Jul 19 09:33

Forced to work until you are 68! State pension age rise brought forward SEVEN years

MILLIONS of Britons face a longer wait to retire, as the state pension age will rises sooner than previously outlined, under plans today unveiled by the Government.

The official retirement age is now due to rise to 68 by 2039, impacting around 7million people in their thirties and fourties, the new Secretary of State for Work and Pensions David Gauke revealed.

The changes are to affect everyone born between 6 April 1970 and 5 April 1978, and brings forward the state pension age rise by seven years.

Mr Gauke blamed increasing life expectancy for the sooner than expected rise, as he accepted a review by John Cridland that proposed pushing back retirement for millions.

The pension age for women is already being pushed back in line with men to reach 65 by November 2018 and 66 by 2020.

Jul 19 08:31

Russia's Largest Bank Makes First Transaction on Shanghai Gold Exchange as Moscow, Beijing Prepare for Trade in Gold

Russian officials have repeatedly signaled their desire to conduct transactions with China using gold.

According to Sputnik, progress made in promoting bilateral trade in yuan is the first step towards an even more ambitiouns plan—using gold to make transactions:

One measure under consideration is the joint organization of trade in gold. In recent years, China and Russia have been the world's most active buyers of the precious metal.

On a visit to China last year, deputy head of the Russian Central Bank Sergey Shvetsov said that the two countries want to facilitate more transactions in gold between the two countries.

Webmaster's Commentary: 

"You can't DO that!" -- Das FED

Jul 19 08:22

Notorious Spanish Banker Found Dead With Shotgun Blast To The Chest

According to AP, Miguel Blesa, the former head of the now defunct Caja Madrid savings bank - whose brushes with the law and extravagant hunting trips came to symbolize the excesses of the country's economic boom - was awaiting the result of an appeal to a six-year prison sentence for misusing corporate credit cards (if not Spiderman towels) issued by the infamous Bankia, another defunct bank.

Witnesses who were with Blesa in the private property near the southern city of Cordoba told police that the former banker left the group early Wednesday morning saying he was going to take his car. They described hearing one gunshot moments later, the Civil Guard spokeswoman said cited by AP adding that an autopsy would be required to determine the exact cause of the death.

Webmaster's Commentary: 

If it is a shotgun to the chest, it is not suicide.

Jul 19 07:23

Catherine Austin Fitts – We Are Now into Controlled Demolition, We Need Our $40 Trillion In Stolen Cash Back

Don’t expect the mainstream propaganda media to give you any warning or real information about what’s happening. Financial Expert Catherine Austin Fitts contends, “The conundrum for a CNN is how do we get ratings?

Jul 18 16:23

Peak Bull: Fake Economy, and Fake News

Growth is now dying because the Federal Reserve’s hit on corporate America that has strip-mined its balance sheets to feed the halls of Wall Street. Trillions of dollars have been thrown into financial engineering (stock buybacks, M&A deals and leveraged recaps) while neglecting real investment and productivity in Flyover America.

Jul 18 15:57

Millions In Taxpayer Cash Handed Out ‘Last Minute’ To Meet Foreign Aid Targets

The government is “struggling” to spend its allocated overseas aid budget and dispenses cash overseas in a last-minute frenzy to meet its targets, the spending watchdog has said.

Jul 18 14:36

Are Investors Getting Too Bulled Up?

One indicator of investor sentiment just recorded its highest reading in history.

Jul 18 14:32

Foreigners snap up record number of US homes

Jul 18 14:23

People Buy Payments & Why Rates Can’t Rise

Jul 18 14:22

Has the time come to move to a single-payer health-care plan?

As the health care debate proceeds, the thing that strikes me most is the complexity of our current system. Obamacare is clearly a compromise — suggested originally by the Heritage Foundation — that builds on our existing employer-based system and Medicaid. It can, and does, work in states that support it, but can fall apart otherwise. And the recent proposals in the House and Senate bills will create enormous hardship for millions of people.

Jul 18 13:56

The Credit Cycle Has Shifted, The Last Time We Saw This You Know What Happened

Canadian existing home sales crash in June. Sear Canada pays out huge bonuses while laying off workers. Millennials are leaving Illinois in droves. Auto defaults soar and so do delinquencies.

Jul 18 13:43

$2-Billion Private Equity Fund Collapses to almost Zero

Worst PE-fund collapse ever. The oil bust just keeps on giving.

Jul 18 13:35

Auto Defaults Are Soaring

Jul 18 12:31

Gold Hits 3-Wk High Amid Eroding US Dollar, Trump Troubles

Gold prices were ending the U.S. day session moderately higher and hit a three-week high Tuesday. A solidly lower U.S. dollar index that hit a 10-month low is supporting the precious metals markets. A major defeat for U.S. President Trump on health care reform also helped out the safe-haven gold market today. August Comex gold was last up $7.90 an ounce at $1,241.60. September Comex silver was last up $0.156 at $16.26 an ounce.

The Trump administration was dealt another major blow Tuesday when Republican lawmakers pulled from consideration their latest health care reform package, due to lack of support to pass the measure. The health care reform failure calls into serious question the success of any other big initiatives Trump has promised to push through Congress.

Jul 18 12:20

WATCH: APPLEBEE'S CEO GOES ON FOX NEWS, MAKES ASTONISHING ANNOUNCEMENT ABOUT THE COMPANY

The CEO of Apple-Metro Inc., a company that operates about 40 Applebee’s restaurants in the New York metropolitan area, went on FOX and said he’s been forced to cut at at least 1,000 servers in the past year as a result of New York’s recent minimum wage hike.

Jul 18 12:15

1984 At The Grocery Store

Wall Street analysts tell us that Amazon’s $14 billion buyout of Whole Foods isn’t only a win-win for both of them, but also for consumers, for Amazon intends to lower the organic grocer’s prices.

Jul 18 11:58

Alaska credit rating downgraded for 2nd time in a week

Credit rating agency Standard & Poor's lowered Alaska's credit rating on Tuesday and said the state's reliance on financial reserves to fund its budget cannot continue.

S&P Global Ratings dropped Alaska's general obligation debt rating from AA+ to AA, with a negative outlook. This is just the latest in bad credit rating news for Alaska. Its rating has been sliding since last year.

Another top rating agency, Moody's Investors Service, also downgraded Alaska less than a week ago.

Jul 18 10:14

European Parliament Votes to Allow EU Aid to Be Spent on Third World Militaries

The proposal to change the so-called Instrument contributing to Stability and Peace (IcSP) — an EU fund worth US$2.62 billion (€2.3 billion), charged with disbursing money for peace-building activities in conflict-ridden developing countries is avowedly part of the European Commission's "capacity building in support of security and development" initiative.

The proposals have been engulfed in legal controversy since their launch by the Commission in 2016. While the European Commission claims the move would strengthen the EU's ability to shore up state institutions in countries whose development has been hindered by violence, critics claim it's a covert attempt to divert financial resources away from traditional aid projects, to the EU's increasingly embattled military operations in sub-Saharan Africa.

Webmaster's Commentary: 

I absolutely side with the critics on this one.

Africa is one of the most resource-rich, relatively unexploited continents on the face of this earth; therefore, Europe, just as does the US and China, wants to expropriate those resources, to which it has absolutely no moral right; make sure the regimes in these countries are Western-centric; and that these resources are only sold to specific countries, and only sold in Euros.

These European military operations in sub-Saharan Africa get little or no press here in the States; they should.

Jul 18 10:11

WALMART JUST MADE SOME CHANGES DEMS ARE GOING TO HATE, THIS WILL SHAKE UP THE WAY YOU SHOP FOREVER!

Previously we reported on a robot burger flipper replacing line cooks in California. Now Walmart is replacing registers with a monolithic tower in Tulsa. Zach Ferguson for Western Journalism reports, Small-time grocery store-turned-mega-chain Walmart is rolling out massive self-serving kiosks that obtain customers’ online orders.

Jul 18 09:51

Student loan tsunami on the horizon:  Of $847 billion in Direct Loan program, only $535 billion is actually being paid back at the moment. 

The amount of student debt continues to grow like a skyscraper reaching for the clouds. There seems to be an unlimited amount of student debt that college students are willing to take. As of today, there is $1.44 trillion in student debt outstanding. But how much of this is being actively serviced? After all, if you take out a mortgage or auto loan you start paying on it right off the bat. You will be surprised at the small amount of student debt that is actually being paid back at the moment. Young Americans that are already cash strapped are going to get even more budget tightening once they graduate and need to pay back the large amounts of loans they have taken on.

Jul 18 09:29

Trump administration outlines negotiating priorities for NAFTA

The United States on Monday said reducing its trade deficits is a top priority for revamping the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

The Trump administration sent Congress its required NAFTA objectives saying the aim is to
improve market access for U.S. manufacturing, agriculture and services in the three-nation deal.

U.S. Trade Representative Robert Lighthizer said an updated agreement will include a digital economy chapter and will fold labor and environment obligations, which have remained outside the main agreement, into a final deal.
Lighthizer said the U.S. will work to eliminate "unfair subsidies, market-distorting practices by state-owned enterprises" and will improve intellectual property protections.

"Too many Americans have been hurt by closed factories, exported jobs and broken political promises," Lighthizer said in a statement. "Under President Trump’s leadership, USTR will negotiate a fair deal."

Webmaster's Commentary: 

These all seem to be reasonable goals, in relationship to the American economy, and American business.

Jul 18 09:28

White House Lays Out Nafta Renegotiating Strategy

The US today released a 17-page outline of a "tough negotiating strategy" to revise the 1994 North American Free Trade Agreement, meant to reduce trade imbalances with Mexico and Canada and boost exports of everything from farm goods to financial services while for the first time saying it would seek to deter currency manipulation by trading partners. The outline comes in advance of preparations to kick off heated negotiations to revamp Nafta.

Jul 18 08:55

2 more GOP senators oppose health bill, killing it for now

The latest GOP effort to repeal and replace "Obamacare" was fatally wounded in the Senate Monday night when two more Republican senators announced their opposition to legislation strongly backed by President Donald Trump.

The announcements from Sens. Mike Lee of Utah and Jerry Moran of Kansas left the Republican Party's long-promised efforts to get rid of President Barack Obama's health care legislation reeling. Next steps, if any, were not immediately clear.

Lee and Moran both said they could not support Majority Leader Mitch McConnell's legislation in its current form. They joined GOP Sens. Susan Collins of Maine and Rand Paul of Kentucky, both of whom announced their opposition right after McConnell released the bill last Thursday.

Webmaster's Commentary: 

Jul 18 08:53

Old West-style land war in Colorado Rockies pits ranch widow against oil company

Ranch widow Susan Robinson is battling a ConocoPhillips subsidiary over rights to land her family has grazed for 100 years

Jul 18 08:49

BANK OF ITALY WARNS AGAINST CREATING YOUR OWN CURRENCY

Because the top cryptocurrencies, Bitcoin and Ethereum are open source, any one can create their own cryptocurrencies. While the proliferation of cryptocurrencies has central banks concerened, another more insidious and perhaps greater threat to central banks’ monopoly on money creation is the issuance of scriptural euros by citizens.

What are Scriptural Euros?

Scriptural Euros are Euros issued by citizens under a “theory of the autonomous creation of scriptural currency” based on the idea of collective property of money that affirms the right of every citizen to autonomously create “scriptural” money (Euros) via their own accounting records. The thoery of autonomous creation of scriptural currency holds that just as banks can conjure debt based money out of thin air, so can citizens. Money thus created by citizens can then be used to extinguish their own debts.

Webmaster's Commentary: 

Citizens are starting to think that if the banks can create money out of thin air, why can't the citizens?

Jul 18 08:35

Eurozone on the ROCKS: Inflation PLUNGES further as ECB scrambles to save EU economy

EUROZONE inflation remains below target in an embarrassing development for the European Central Bank (ECB) which has pulled out all of the stops to kick the EU's economy into action.

Despite desperate efforts by policymakers to raise inflation, it came in at just 1.3 per cent in June, the European Commission this week confirmed.

The ECB has slashed interest rates below zero and injects billions into the eurozone every month in the hope of lifting the economy.

Yet inflation continues to disappoint, with stagnant prices taken as a sign of weak consumer demand.

Jul 18 08:34

How Fiscally Healthy Is Your State?

Jul 18 08:25

How 1,000s Of Student Loans Worth Billions Are Getting Erased On A Technicality

Now, ordinarily when a student defaults on their loan, NCF simply files a lawsuit in local or state court as a means for negotiating a settlement or payment plan with the borrower. Often times, NCF wins these cases automatically as the borrowers don't even bother to show up for their court date. In cases like that, NCF can use their court victory to garnish wages and/or federal benefits from entitlement programs like Social Security which can haunt borrowers for decades (we actually wrote about it here: Baby Boomers Increasingly Having Social Security Checks Garnished To Cover Student Loan Payments).

That said, NCF is increasingly finding that, much like the subprime mortgage debacle from 10 years ago, student lending institutions apparently had a really hard time keeping tracking of paperwork over the years and/or processed deeply flawed contracts with incomplete ownership records and mass-produced documentation (who can forget that whole robo-signing catastrophe).

Jul 18 08:13

Central Bankers Are Always Wrong

The global dollar-based monetary system is in serious jeopardy, according to former Texas Congressman Ron Paul. And contrary to Fed Chairwoman Janet Yellen’s assurances that there won’t be another major crisis in our lifetime, the next economy-cratering fiat-currency crash could happen as soon as next month, Paul said during an interview with Josh Sigurdson of World Alternative media.

Jul 18 08:03

ECB to carry out investigation of Deutsche Bank's two largest shareholders - reports

EUROPE'S top banking regulator, the European Central Bank (ECB), is considering carrying out a special assessment of Deutsche Bank's two largest shareholders, a German paper reported on Sunday, citing regulatory sources.

Jul 18 07:40

The False Economic Recovery Narrative Will Die In 2017

Yes, the narrative of the “new normal” has been around for so long now that many people have simply grown used to it. The assumption is that the fiscal “new normal” has become the fiscal “normal,” and though the fundamentals continue to strain under the weight of poor global demand and historic debt levitated by extraneous fiat stimulus, the masses feel far less fear than is warranted. Hey, why should they? We’ve managed around eight years skating on thin ice, why shouldn’t we expect eight more years of the same?

The banking elites have done the job they set out to do, which was to drive the economy to the very edge of the financial cliff, and then keep it suspended there until the general public became comfortable living next door to the abyss.

Jul 18 07:26

Bloomberg Silver Price Survey – Median 12 Month Forecast Of $20

In a Bloomberg survey of 13 traders and analysts, the majority were bullish. 11 people said silver prices would rise and two predicted declines.

Jul 18 04:58

INDIA: CASHLESS TRANSACTIONS A THING OF PAST IN AP

Cashless transactions are fast becoming a thing of the past. People are reluctant to use cashless facilities, which has made the government’s much-hyped campaign a failed episode.

Jul 17 15:52

Central Bankers Are Always Wrong

The global dollar-based monetary system is in serious jeopardy, according to former Texas Congressman Ron Paul. And contrary to Fed Chairwoman Janet Yellen’s assurances that there won’t be another major crisis in our lifetime, the next economy-cratering fiat-currency crash could happen as soon as next month, Paul said during an interview with Josh Sigurdson of World Alternative media.

Jul 17 15:38

$10bn cryptocurrency devaluation in 24 hours, Bitcoin hit hard

Cryptocurrency investors have suffered heavy losses following a dramatic drop in the price of Bitcoin and Ethereum in recent days.

Bitcoin fell to around $1,863 and Ethereum to around $133 over the weekend – 38 percent and 67 percent off their all-time high respectively. Bitcoin, in particular, suffered heavy losses since hitting a high of $3,018 on June 12.

By Monday, Bitcoin had recovered slightly to $2,129 while Ethereum also rose to $176.

Jul 17 15:35

Cashless Society Alert: Visa Will Be Giving Up To $500,000 To Restaurants That Go ‘100% Cashless’

The push toward a cashless society is becoming more of a shove.  Before today I had never heard of “The Visa Cashless Challenge”, but after reading about it I have to say that I am quite alarmed. 

Jul 17 14:01

Big Military Spending Boost Threatens Our Economy and Security

On Friday the House overwhelmingly approved a massive increase in military spending, passing a $696 billion National Defense Authorization bill for 2018. President Trump’s request already included a huge fifty or so billion dollar spending increase, but the Republican-led House found even that to be far too small. They added another $30 billion to the bill for good measure. Even President Trump, in his official statement, expressed some concern over spending in the House-passed bill.

Jul 17 13:53

PENTAGON STUDY DECLARES AMERICAN EMPIRE IS ‘COLLAPSING’

In the first of a series, we report on stunning new evidence that the U.S. Department of Defense is waking up to the collapse of American primacy, and the rapid unraveling of the international order created by U.S. power after the Second World War. But the Pentagon’s emerging vision of what comes next hardly inspires confidence. We breakdown both the insights and cognitive flaws in this vision. In future pieces we will ask the questions: What is really driving the end of the American empire? And based on that more accurate diagnosis of the problem, what is the real solution?

Jul 17 13:52

The Pension Collapse Is Starting in Illinois

After degrading for decades, America’s public pension system is finally at its breaking point, and the first shoe is about to drop in Illinois. Is this the beginning of the end?

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA