ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 20 06:31

Big Rates Shock Looks Imminent...

May 20 06:03

Credit Card Delinquencies Soar…

May 20 03:44

Almost half of US families can't afford basics like rent and food

California, New Mexico and Hawaii have the largest share of struggling families, at 49% each. North Dakota has the lowest at 32%.

May 20 03:44

Almost half of US families can't afford basics like rent and food

California, New Mexico and Hawaii have the largest share of struggling families, at 49% each. North Dakota has the lowest at 32%.

May 19 12:39

I Left My Filth In San Francisco

NBC investigators rated the city “one of the filthiest slums on earth.” After surveying 153 blocks in the downtown area, “including some of the city’s top tourist destinations,” they discovered “a dangerous concoction of drug needles, garbage, and feces lining the streets of downtown San Francisco.”

Every single block surveyed by the NBC crew had trash littered about. 41 of those 153 blocks had drug syringes and 96 blocks were contaminated with human excrement.

One has to wonder why a city the size of San Francisco, with such a rich history and vital tourist trade, doesn’t pick up after itself?

The problem, as revealed by the San Francisco Chronicle and many other sources, is homeless people. It seems they just won’t use the public toilets or garbage cans provided by the city.

May 19 12:34

Europe & Iran now have the perfect excuse to drop the US dollar – Max Keiser

The re-imposition of US sanctions on Iran and Washington’s threat to punish European companies for doing business there provides a good opportunity for ditching the dollar, according to RT’s Keiser Report host, Max Keiser.

“The US uses the dollar as a weapon to promote US dollar hegemony and the US Empire. The world now sees clearly that the US dollar is a Central Bank enabled Ponzi scheme backed by the extraordinarily violent Pentagon whose multi-trillion dollar budget can only be justified via wars of convenience, torture, and election meddling around the world,” Keiser wrote.

May 19 12:30

"It's Over" - Biggest 'Russiagate' Cheerleaders Start Covering Their Tracks

As months turn into nearly two years and no solid evidence emerges to nail Russia for nabbing Election 2016, some big Russiagate cheerleaders are starting to cover their tracks.

The best evidence that Russia-gate is sinking beneath the waves is the way those pushing the pseudo-scandal are now busily covering their tracks.

The Guardian complains that “as the inquiry has expanded and dominated the news agenda over the last year, the real issues of people’s lives are in danger of being drowned out by obsessive cable television coverage of the Russia investigation” – as if The Guardian’s own coverage hasn’t been every bit as obsessive as anything CNN has come up with.

Webmaster's Commentary: 

Meuller HAS NO PUBLIC CONFIDENCE, PERIOD, END OF DISCUSSION.

This has become one of the most horrifically, and corruptedly, politicized moments in the history of the FBI, and President Trump should sack the lot of them.

May 19 11:51

Japan tells WTO it’s ready to retaliate against U.S. steel tariffs

Japan told the World Trade Organization on Friday it was ready to take retaliatory measures against U.S. tariffs on its steel and aluminium, reversing its earlier conciliatory stance toward its close ally.

Japan informed the WTO it had the right to impose tariffs on U.S. goods worth ¥50 billion ($451 million) — equivalent to the impact of the U.S. tariffs newly imposed on Japanese metal products, the Foreign Ministry said in a statement.

But the ministry stopped short of saying Tokyo might take action, saying: “We plan to decide appropriately, considering the impact on Japanese companies as well as related U.S. measures.”

May 19 11:15

Iran calls on Muslims to revise trade ties with US after Jerusalem move

Iranian President Hassan Rouhani on Friday called on Muslim countries to revise their economic ties with the United States in response to its relocation of its embassy to Jerusalem.

"I call on countries to totally cut their relations with the Zionist regime (Israel) and also to revise their trade and economic ties with America," Rouhani said in a speech at a summit of Muslim nations in Istanbul, broadcast live on Iranian state TV.

May 19 11:07

Brexit WARNING: EU could REJECT May’s ‘backstop’ customs union plan

THE EUROPEAN Union is poised to refuse Theresa May’s plan to keep Britain tied to the bloc’s customs union beyond 2021 with the Prime Minister expected to propose extending a last-resort solution for the Irish border to the whole of the UK.

May 19 10:57

Putin, Merkel discuss defense against Trump’s sanctions drive

Sanctions imposed by the Trump administration that could hurt companies in Germany and Russia were among the issues discussed by President Vladimir Putin and Chancellor Angela Merkel during their latest meeting.

Merkel arrived in the Russian Black Sea city of Sochi to meet Putin on Friday, around a year after her previous visit in 2017. Both leaders have had their mandates reconfirmed by their respective electorate since – Putin during the March election, which he won in a landslide, and Merkel after winning the September 2017 general election in Germany and, arguably more impressive, securing a coalition agreement after a daunting six months of negotiations.

May 19 10:56

Iran Signs Provisional Pact To Enter Russia-led free-trade zone

May 19 10:55

EU Gives Trump The Middle Finger, Will Stay In Iran Deal And Protect EU Companies From US Sanctions

May 19 10:52

Is Russia About To Abandon The OPEC Deal?

OPEC and Russia are meeting in a little more than a month to discuss the progress of their oil production deal and what’s next. On the face of things, there will be no surprises: every country taking part in the deal is still committed to the cuts until the end of the year.

May 19 10:34

China Resists Trump Deficit Demand, Agrees To Buy More US Goods

Beijing had offered to reduce the US trade deficit by "at least $200 billion" - on Friday the U.S. and China wrapped up the second day of trade talks, and while Beijing made a vague, unenforceable commitment to buy more U.S. goods and services, it resisted Trump's core demand that it cut by more than half the $375BN bilateral trade deficit.

According to the WSJ, while the Chinese were wary of committing to specific purchases - even though Kudlow also said China would buy more farm products, energy and financial services - they continue to look for a way to ease trade tensions between the two nations even if it means with token promises and gestures.

Webmaster's Commentary: 

I am sincerely hoping that both countries can back away from the precipice here, because it is very uncomfortable to understand how quickly trade wars can be preludes to shooting wars.

May 19 10:31

Iran And Russia Discuss Transacting In Crypto To Avoid International Sanctions

Iran and Russia could start using cryptocurrencies to avoid Western sanctions, Russian news portal RBC reported yesterday, May 17.

Mohammad Reza Pourebrahimi, the head of the Iranian Parliamentary Commission for Economic Affairs, referred to cryptocurrencies as a promising way for both countries to avoid US dollar transactions, as well as a possible replacement of the SWIFT interbank payment system.

At a meeting with Dmitry Mezentsev, the Chair of the Federation Council Committee on Economic Policy, Pourebrahimi said that they have “engaged the Central Bank of Iran to start developing proposals for the use of cryptocurrency.”

Pourebrahimi added that he discussed this topic in the State Duma's Committee on Economic Policy the day before and that Iran had established cooperation with Russia on this issue.

Webmaster's Commentary: 

I almost have to laugh at the futility of President Trump's sanctions, now that Russia and Iran have found a way around them, as will other European, and Asian nations, dropping the US dollar and using cryptocurrency.

So how is President Trump going to respond to the world's not paying any attention to his sanctioning of Iran and withdrawing from the P5+1, declare war on the rest of the world?!?

May 19 10:29

EAEU signs free trade deal with Iran, cooperative agreement with China

A drafted agreement that establishes a free trade zone between EAEU countries and Iran, which was signed by Russia last week, is moving forward, with a provisional accord being agreed upon at the Astana economic forum. The agreement establishes a zone of reduced or duties free trade zone between its signatories.

May 19 09:35

US SUPPORTS VENEZUELA'S DEMOCRACY BY ACCUSING MADURO OF DRUG PROFITEERING AHEAD OF ELECTIONS

The US has criticized the upcoming Venezuelan elections as 'fake,' and rushed to support 'democracy' by slapping a top ruling-party member with new sanctions and accusing President Nicolas Maduro of drug-trade profiteering.
The "second most powerful man in Venezuela," Diosdado Cabello, immediately brushed aside the accusations and new US sanctions introduced against him for allegedly heading a drug ring. He said such slander would only strengthen the ruling party's candidate, Maduro, to win Sunday's elections.

"In truth I feel liberated, that imperialism is busy persecuting this humble soldier and his family, strengthens me, forces me every day to continue fighting for the causes that I believe and to be faithful and loyal to our beloved people," Cabello, who is vice president of the United Socialist Party of Venezuela (PSUV), said in a tweet after the US Treasury slapped him – as well as two members of his family, and his "front man" – with sanctions ahead of the election.

Webmaster's Commentary: 

These most-probably fact-free smears are not going to change the way this election will go.

Russia has already started to assist economically by using the petromoneda, an oil-backed currency, and short of an outright US invasion, Venezuela is going to continue upon the political road it is on right now.

May 18 17:54

Tesla may need $10 billion by 2020 to survive – Goldman

The electric car maker Tesla may be in need of an additional $10 billion in the next two years for auto-making and expansion plans to China, Goldman Sachs said in a note.

May 18 17:33

In The Beginning The Illusion Seems Real, In The End The Truth Materializes

More and more indicators are popping up and showing us that the economy has not improved at all but declined since 2008. Nothing has been fixed and the illusion is starting to disappear, it is getting harder to hide what is really going on.

May 18 17:17

Barclays Trader Admits He Was "Paid 400,000 Pounds A Year To Be A Tea Boy"

We doubt the thousands of McDonald's cashiers and grill workers would agree with this Barclays Plc trader's assessment that his job as a vice president at the British bank was comparable to working at a fast food restaurant.

During the second day of a trial on charges he conspired with traders at other banks to rig a benchmark interest rate, 39-year-old Carlo Palombo told the jury that being a vice president at Barclays is "the equivalent to the guy that serves you in McDonald's," Bloomberg reports.

May 18 17:16

Nearly 51 Million Households In The United States ‘Can’t Afford Basics Like Rent And Food’

If the U.S. economy is performing well, then why can’t 51 million households in the United States “afford basics like rent and food”. A stunning new report that was just put out by the United Way ALICE Project shows that the gap between the wealthy and the poor in this country is perhaps the biggest that it has been in any of our lifetimes. In some of the wealthiest areas of the nation, homes are now selling for up to 100 million dollars, but meanwhile tens of millions of families are barely scraping by from month to month. Many believe that this growing “inequality gap” is setting the stage for major societal problems.

May 18 14:40

LOOK OUT BELOW!!

May 18 14:13

China's Debt Problem & The Media Narrative

May 18 13:54

Will the S&P 500 drop on May 31?

May 18 13:21

It's All Under Control

May 18 13:10

Bitcoin dollar price versus TulipMania

May 18 12:55

This Oil Rally Could Have Much Further to Go

May 18 12:13

Many Americans struggle to pay basics

May 18 12:13

EU Will Block US Sanctions Against Iran Starting Friday

EU Commission President Jean-Claude Juncker has confirmed that beginning Friday, a 1996 “blocking statute” aimed at preventing the enforcement of the US sanctions against Iran will be brought back into effect. The law was initially passed to prevent the US blocking EU companies from trading with Cuba.

French President Emmanuel Macron, German Chancellor Angela Merkel, and British Prime Minister Theresa May
EU officials have been negotiating the matter all week, as an attempt to try to save the P5+1 nuclear deal with Iran after the US withdrew, and started re implementing sanctions. EU leaders have agreed that the entire union will work together in protecting the deal.

The blocking statute explicitly forbids European companies from complying with any nuclear-related US sanctions against Iran. It also mandates that the EU states will not recognize any foreign court rulings trying to enforce the sanctions against those companies.

Webmaster's Commentary: 

So what is President Trump going to do now, declare war on the EU?!?

That he and his team got so utterly caught like a deer in the headlights on this, and had no idea that his decision to pull the US out of the P5+1 deal was going to have these kinds of ramifcations, is not precisely a stellar endorsement of their understanding of the EU relationship with Iran, nor the fallout this decision would have.

Absoflippinglutely unbelievable, yet perfectly predictable from this Administration.

May 18 12:07

Energy giant Total pulls out of gas development project in Iran

In a massive blow to Iran’s economy, French oil giant Total confirmed that it has not accepted any gas exploration commitments in the southern Pars field.

Total issued a statement on Wednesday on the future of its oil projects in Iran stating that the decision came after President Donald Trump’s announcement to withdraw from the JCPOA.

Total, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN resolutions and US, EU and French legislation applicable at the time,” the statement said.

“SP11 is a gas development project dedicated to the supply of domestic gas to the domestic Iranian market and for which Total has voluntarily implemented an IRGC-free policy for all contractors participating in the project, thereby contributing to the international policy to restrain the field of influence of the IRGC.”

May 18 11:26

Trade Wars: Capitalism Vs. Communism

The United States is currently involved in what can only be described as a trade war, having taken two hits this week with the European Union declaring that it will no longer use the US Dollar in its oil trade with Iran and with China pushing North Korea to play tough as it began talks with the US. This could be why Kim Jung-un recently changed his tune, with North Korea being China’s vassal state, now demanding that unless America caves to his demands, the planned 12 June summit between Kim Jung-un and President Donald Trump would be cancelled.

May 18 11:12

The Greatest Financial Mismatches In History

May 18 10:59

A Bad Sign for Stocks and Real Estate

May 18 10:00

Beijing Claims Control Over All Oil, Gas Activity in South China Sea

China’s Foreign Ministry announced Thursday that it retains sole right of refusal over all gas and oil exploration and mining in the South China Sea.

Chinese Foreign Ministry spokesperson Lu Kang told reporters at a news briefing that "We urge relevant parties to earnestly respect China's sovereign and jurisdictional rights and not do anything that could impact bilateral relations or this region's peace and stability."

The "relevant parties" in this case are other countries that also claim parts of the South China Sea, particularly islands in close proximity to gas and oil reserves. Vietnam, the Philippines, Malaysia, Brunei and Taiwan have competing claims in the sea.

May 18 09:58

US-China Trade Dispute: Why Beijing Will Win War Washington Started

Russian economic observer Maxim Rubchenko reveals the kinds of aces President Xi has up his sleeve to allow him to trump President Trump on trade.

A high-level delegation of Chinese negotiators arrived in Washington on Tuesday for five days of trade talks, reciprocating a US delegation's visit to Beijing at the beginning of May.

Ahead of the negotiations, Deputy Minister of Commerce Liu Xuesong vowed that China would "repulse" Washington's protectionist measures, which he said "caused serious damage to Chinese interests, as well as American manufacturing and American consumers."

May 18 09:55

Russian stock market brushes off US sanctions, trading near all-time high

The Russian economy is proving to be resilient and showing a strong recovery from the initial shock of the latest round of US sanctions targeting the business sector.

The ruble-traded MOEX reached 2,358 points this week, which is very close to an all-time high of 2,376.96 seen in February. The dollar-traded RTS index is still over 10 percent down from the February highs, but has also been recovering.

Analysts are pointing at the good signs in the Russian economy and growing price in crude oil. “The victorious march in the market goes on. In my opinion, this happens because of the influx of new investors in shares following the good situation in commodities and stable macroeconomic indicators,” said Freedom Finance analyst Georgy Vashchenko in a note. “If the trend does not break, MOEX can reach record high 2,400 points.

Webmaster's Commentary: 

Russia's President Putin is laughing his head off right about now, and for good reasons; he knows that Europe, and the Middle East, are going to ignore US sanctions, or work around them, because of his country's oil production, and the production of non-GMO food. These commodities are vauable to every country in the world doing business.

And unless President Trump is willing to go to war with every country ignoring the sanctions, these sanctions will be toothless, at the end of the day.

May 18 09:51

Macron and Merkel round on Trump as Europe rages over steel tariffs

French president Emmanuel Macron and German chancellor Angela Merkel have rounded on Donald Trump over planned steel tariffs on EU producers, telling the US president to scrap his new policy if he wants to negotiate better trade terms with Europe.

At a summit in Bulgaria the European leaders reiterated their common position that they would be happy to address Mr Trump’s complaints about the “unfair” way US businesses are treated by the EU – but only if European steel producers are permanently exempt from the new tariffs.

In March, Mr Trump slapped 25 per cent tariffs on steel imports and 10 per cent tariffs on foreign aluminium, but gave the 28 EU countries a temporary exemption.

May 18 09:47

12 years in jail for shoplifting: how Walmart is helping prosecutors hike up sentences

The case of a man facing 12 years in prison for shoplifting shows a growing trend in America: corporations successfully pushing state prosecutors to increase shoplifting charges to felonies

May 18 09:27

Trump Gives Merkel An Ultimatum: Drop Russian Gas Pipeline Or Trade War Begins

It became clear just how important it is to the US for Russia's Nord Stream 2 gas pipeline project to fail two months ago when, as we described in "US Threatens Sanctions For European Firms Participating In Russian Gas Pipeline Project", the U.S. State Department warned European corporations that they will likely face penalties and sanctions if they participate in the construction of Russia's Nord Stream 2 on the grounds that "the project undermines energy security in Europe", when in reality Russia has for decades been a quasi-monopolist on European energy supplies and thus has unprecedented leverage over European politics, at least behind the scenes.

May 18 09:26

Ryan Zinke moves to protect critical minerals from foreign threats

Interior Secretary Ryan Zinke is listing 35 minerals used in aircraft, cellphones, and other important technologies as "vital" to national security in a move to wean the U.S. off foreign suppliers.

The list includes such valuable metals as aluminum and titanium, as well as uranium, helium, lithium, platinum, potash, and strontium. The materials are used in aircraft and other aerospace technologies. Lithium is used in batteries to power a wide range of products from cellphones to electric cars.

A final rule to be published Friday says the U.S. is "heavily reliant" on imports of the minerals. "This dependency of the United States on foreign sources creates a strategic vulnerability for both its economy and military to adverse foreign government action, natural disaster, and other events that can disrupt supply of these key minerals," the rule says.

May 18 09:14

Why Trump Is A Rothschild Tool

In 1987 Donald Trump purchased 93% of Resorts International, a CIA front founded by Crown Agents Allen Dulles and David Rockefeller as the Mary Carter Paint Company in the 1950’s. A year later Trump bought the Atlantic City, NJ Taj Mahal Casino from Resorts International, then began buying up other properties on the Atlantic City boardwalk.

Soon Trump was tapped out and couldn’t make his debt payments.

Enter Wilbur Ross, billionaire bond trader portrayed by the Illuminati financial media as an “independent investor”. In fact, in 1992 Ross was heading Rothschild Inc.’s bankruptcy advising team, which represented bondholders who were threatening to foreclose on Donald’s house of cards.

May 18 09:11

Empty stomachs drive Venezuela soldiers to desert in droves

He enlisted in Venezuela's National Guard to earn a ticket out of poverty. But little more than two years later, his monthly pay is worth only about $2, forcing him to moonlight at a tire shop, and he has put in for a discharge.

"I don't know what everybody else does to survive," said Ruben, a 21-year-old sergeant, who fearing retaliation agreed to speak about his situation only if his last name was not revealed. "If I don't get out of this, I'll starve to death."

Not even Venezuela's once-proud military is immune to the oil-rich country's deepening economic crisis of food shortages and skyrocketing prices, and while top commanders deny there is any discontent, analysts say thousands of soldiers are asking for honorable discharges or deserting their posts by simply walking away.

May 18 08:39

US threatens to punish Russia & Germany if they continue playing with gas

Washington has warned that proceeding with the Russian-led gas pipeline project, aimed at bringing natural gas to Germany's northeastern Baltic coast, could result in sanctions for those involved.

The US opposes the Nord Stream 2 gas pipeline and may introduce penalties on the project due to its potential to increase Russia's “malign influence” in Europe, according to Sandra Oudkirk, US deputy assistant secretary of state for energy diplomacy.

May 18 08:37

Saudi Energy Minister Raises Oil Market Volatility Issue With US, Russian Peers

Saudi Arabia’s Energy Minister Khalid al-Falih on Thursday called peers from Russia, the United States, the United Arab Emirates, India and South Korea to discuss volatility in the oil market.

"To coordinate global action to ease oil market anxiety, I telephoned a number of my Ministerial counterparts today. Energy Ministers contacted recently include those from UAE, USA, Russia, India and Korea," he tweeted.

May 18 08:35

EU Breaks With Trump Over Iran: Good 'Blowback'

EU President Donald Tusk has openly broken with Washington over Trump's pullout from the Iran deal, Gaza, and looming tariffs, Tweeting recently that "with friends like these who needs enemies?" Will this expanding US/EU rift be the good kind of "blowback" from Trump's "capricious assertiveness" in foreign policy?

May 18 08:31

Central bankers are like ‘pyromaniac firefighters’ and they are lighting another blaze

Central bankers are like "pyromaniac firefighters" creating crisis after crisis that they then try to solve, a hedge fund manager and economist has told Business Insider.

Daniel Lacalle, a chief economist at Tressis SV and a fund manager at Adriza International Opportunities, told BI in an interview that he blames the 2008 financial crisis on central bankers who don't understand modern financial markets and are using tools from the 1960s to try and control them.

Central banks significantly lowered interest rates prior to the 2008 subprime mortgage crash, which encouraged people to invest in assets that were considered safe, like housing. It also enabled banks to offer cheap loans and effectively encouraged the housing bubble to grow and eventually burst, Lacalle argued.

May 18 08:25

"We've been RIPPED off!': President Trump BLASTS China ahead of trade talks

PRESIDENT Donald Trump said the US has been "ripped off" by China for many years as officials from the two countries prepare to hold talks in Washington tomorrow over trade ties and future deals.

May 18 08:08

EU Will Block US Sanctions Against Iran Starting Friday

EU Commission President Jean-Claude Juncker has confirmed that beginning Friday, a 1996 “blocking statute” aimed at preventing the enforcement of the US sanctions against Iran will be brought back into effect. The law was initially passed to prevent the US blocking EU companies from trading with Cuba.

May 18 07:19

Understand The Next Real Estate Disaster

May 18 07:08

Why Do Some Pension Funds Avoid Equities?

May 18 06:01

Brick & Mortar Meltdown Pummels These Stores the Most

Only about half of retail is under attack from e-commerce, but that half is getting crushed.

May 18 05:54

Bond Breakdown Gathers Momentum

May 18 05:38

Nearly 51 Million Households In The United States ‘Can’t Afford Basics Like Rent And Food’

If the U.S. economy is performing well, then why can’t 51 million households in the United States “afford basics like rent and food”.

May 17 17:37

George Soros comes to the rescue of sinking Tesla

Soros Fund Management invested $35 million in the convertible bonds of Tesla, which are due in March 2019, Reuters reports quoting the US Securities and Exchange Commission.

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