ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 26 10:57

Trump's tax bill allows twice as many companies to pay zero taxes

The tax plan introduced by the administration of US President Donald Trump has allowed twice as many companies to pay zero taxes, according to a recent report.

The report by the Center for Public Integrity revealed that under the Trump tax plan, which is officially known as the Tax Cuts and Jobs Act, corporate tax rates were lowered from 35 percent to 21 percent resulting in the number of companies paying no taxes to go from 30 to 60 in its first year.

The Washington, DC-based think-tank, the Institute on Taxation and Economic Policy (ITEP) found that the number of companies exempted from taxes was more than twice as many as ITEP found roughly, per year.

Many of the country's largest publicly-held corporations have reported that they owe absolutely nothing on the billions of dollars in profits they earned last year, it said.

Apr 26 10:42

Putin arrives in Beijing

Russian President Vladimir Putin has arrived in China to take part in the One Belt One Road international forum on April 26-27.

Putin’s working program will begin on Friday. Together with his Chinese counterpart Xi Jinping, he will speak at the opening ceremony of the forum in Beijing's National Convention Center. The Russian leader will also hold a series of meetings, specifically, with the leaders of Azerbaijan, Serbia, Egypt and Cyprus and Myanmar’s foreign minister. Putin’s bilateral talks with Xi Jinping are due to be held too.

The forum’s three working sessions are scheduled for April 27. Putin plans to address one of them.

Apr 26 10:08

Iceland court orders Visa & Mastercard partner Valitor to pay $10mn over WikiLeaks banking block

Valitor, a partner of Visa and Mastercard, must pay WikiLeaks US$10 million for refusing to lift its 2011 banking blockade against the whistleblowing site despite a court order, local media reports.

The District Court of Reykjavik is ordering Valitor to fork over some $10 million (1.2 billion Icelandic krona) to WikiLeaks payment processor DataCell and WikiLeaks publisher Sunshine Press after Valitor failed to comply with a 2013 Supreme Court order to resume processing credit card payments for WikiLeaks.

Valitor was warned when the ruling came down that if they did not lift the blockade, daily penalties would continue to pile up. It is reported that Valitor plans to appeal.

Apr 26 10:05

Opinion: Behind that great GDP number, the real economy slumped

The economy isn’t doing nearly as well as that 3.2% annual growth rate for gross domestic product reported Friday by the Commerce Department.

The heart of the real economy — private-sector consumption and investment — slowed sharply in the first quarter to a 1.3% annual rate, the slowest in nearly six years.

“On the outside, it looks like a shiny muscle car. Lift the hood, however, and you see a fragile one-cylinder engine.”

Consumer spending rose only 1.2% in the first quarter, after healthy 2.5% growth the previous quarter. Spending on durable goods plunged 5.3%, the worst since 2009.

Business investment also slowed, to 2.7% from 5.4%. Investments in structures, such as factories, offices, stores and oil wells, fell for the third straight quarter. Investments in equipment — computers, airplanes and machinery — barely grew, rising 0.2%.

Apr 26 09:54

The Best Way to Make Gains on Your House

Apr 26 08:57

Minimum Wage Hikes Are Killing Jobs in California’s Poorest Communities, Study Says

By Tim Pearce

California’s minimum wage increase has cost the state thousands of jobs worth of growth in the state’s booming restaurant industry, according to a recent study by the University of California Riverside...

Apr 26 07:43

The Danger Charts

Apr 26 07:38

America's crippling debt: Every man, woman & child owes Uncle Sam $220,000

The spiraling US government debt is apparently much higher than the official figure of $22 trillion. The indebtedness of the American financial system has now reached $72 trillion, according to the numbers compiled by the US Fed.

Apr 26 06:53

Durable goods, Chem activity, South Korea

Apr 26 05:00

Eternal Bullishness & Willful Blindness

Apr 26 03:48

3M Crash May be the Shape of Things to Come

Apr 25 16:43

3M Crash May be the Shape of Things to Come

Apr 25 15:53

NZ's slowdown nears bottom of the trough

New Zealand's economic slowdown looks set to bottom out mid-year with 2019 GDP growth dipping to just 2.2 per cent, according two new reports.

Both ANZ Research and Capital Economics are picking that economic growth will pick up later this year after a subdued first half.

In its latest quarterly Economic Outlook ANZ has downgraded it's near term forecast and brought forward its expectations for Reserve Bank rate cut (25 basis points in August).

ANZ Research now picks three official cash rate cuts from the Reserve Bank - one in August, followed by November and again in February 2020.

*It's going to get better!! That's why we may have 3 rate cuts??*

Apr 25 14:44

How Amazon automatically tracks and fires warehouse workers for ‘productivity’

Amazon’s fulfillment centers are the engine of the company — massive warehouses where workers track, pack, sort, and shuffle each order before sending it on its way to the buyer’s door.

Critics say those fulfillment center workers face strenuous conditions: workers are pressed to “make rate,” with some packing hundreds of boxes per hour, and losing their job if they don’t move fast enough. “You’ve always got somebody right behind you who’s ready to take your job,” says Stacy Mitchell, co-director of the Institute for Local Self-Reliance and a prominent Amazon critic.

Documents obtained by The Verge show those productivity firings are far more common than outsiders realize. In a signed letter last year, an attorney representing Amazon said the company fired “hundreds” of employees at a single facility between August of 2017 and September 2018 for failing to meet productivity quotas.

Apr 25 14:32

Visualizing How Americans Spend Their Money

Apr 25 14:24

Mish: Boeing 737 Max Unsafe To Fly, New Scathing Report By Pilot, Software Designer

A pilot with 30 years of flying experience and 40 years of design experience rips decisions made by Boeing and the FAA.

Gregory Travis, a software developer and pilot for 30 years wrote a scathing report on the limitations of the 737, and the arrogance of software developers unfit to write airplane code.

Travis provides easy to understand explanations including a test you can do by sticking your hand out the window of a car to demonstrate stall speed.

Design shortcuts meant to make a new plane seem like an old, familiar one are to blame.

This was all about saving money. Boeing and the FAA pretend the 737-Max is the same aircraft as the original 737 that flew in 1967, over 50 years ago.

Travis was 3 years old at the time. Back then, the 737 was a smallish aircraft with smallish engines and relatively simple systems. The new 737 is large and complicated.

Apr 25 11:08

Billions In African Gold Being Smuggled Through UAE By Crime Syndicates: Report

A bombshell investigative report by Reuters has blown open a hitherto under-reported massive black market trade which has seen billions of dollars worth of gold smuggled out of Africa and sold to Europe via "middle man" countries like the United Arab Emirates and others in the Middle East.

The investigation found the Middle East to be the illicit gold "gateway to markets in Europe, the United States and beyond" based on new analysis of customs data, showing tons of off-the-books non-taxed gold pouring out of countries like Ghana, Ivory Coast, Tanzania, Nigeria, and war-torn Libya and Sudan, with no official oversight by the states in which the gold is mined.

The numbers are staggering in terms of the newly revealed whopping unaccounted for increase in Middle East imports for the past decade and more:

Apr 25 11:07

Tesla Reports Loss, as Elon Musk Talks of Raising Capital

Elon Musk agrees with Wall Street: It may be time for Tesla Inc. to raise money.

The auto maker’s chief executive has eschewed fund-raising for the past year even while pressure mounted over whether the money-losing company would have enough cash to operate. He balanced Tesla’s ambitious growth plans with cutting costs and turning a profit.

Apr 25 11:00

Activists Protect Venezuelan Embassy From US-Supported Coup

Authored by Medea Benjamin and Kevin Zeese via CommonDreams.org,

An extraordinary chapter in the ongoing saga of Venezuela has been taking place, virtually unnoticed, at the Venezuela Embassy that lies in the heart of swanky Georgetown in Washington DC.

A group initiated by CODEPINK and Popular Resistance, all activists opposed to the prospect of the Venezuelan opposition taking over the Embassy, have been living inside the building for the past two weeks, working side-by-side with the skeletal Venezuela diplomatic staff that has been told by the State Department that they must leave by April 24.

Webmaster's Commentary: 

What really gets me, in the American way of doing politics, is that we are always, come our (alleged) national election day, voting for the lesser of two evils; and it boils down to that, because in order to be "presented" to the American people as a "great opportunity" to move our country forward.

Unfortunately, it is really the Deep State; the military industrial complex; and the large corporations which have already "chosen" the candidates for us, perhaps not in the "smoke filled rooms" of yesterday, but the 21st century's equivalent thereof.

Mike and I have watched the Trump presidency very carefully, to see if there were going to be any real, fundamental answers to the questions and concerns dogging We the People, and with the tiny exception of a little bit of braggadocio, on Trump's part, regarding illegal immigrants (so far, sound and fury, signifying not one heck of a lot), the short answer is, HELL, no!

The tax cuts upon which he waxed most poetic, have really only favored the already well-monied; the wars we hoped that he would shut down, have not been shut-down, but even further aggravated and intensified; and the sanctions and other attacks in Venezuela?!? Simply a shift in strategy to grab Venezuela's oil, when their first line of offence failed utterly, under Guaido, and flopped, miserably.

We are now looking at wars against China; North Korea; Iran; and Russia; and God only knows who else (most probably Africa, which has some of the most unclaimed natural resources in the world.).

And I have to ask my brother and sister Americans; can this be the same Trump who wrote "The Art of the Deal", now threatening the planet with aggressive wars of conquests, rather than trying to calm things down, in a responsible, measured, nuanced kind of way?!?

Day after day, President Trump reveals who he really is by the foreign policy he dictates; so now, we are dealing the terrifying revelation, that this man, unmasked, is a tyrannical cynical bully, who has, from day 1, been totally absorbed by the Neocon Borg, because he mimics precisely how they would deal with geopolitical issues.

War is his only answer to everything, as we are about to find out, unfortunately...And I think what we may be looking at, here at home, in the not too distant future, is the declaration of a National Emergency, ahead of the next US "Military Misadventure"; the suspension of the Constitution and Bill of Rights; and the resurrection of a draft in this country.

I frankly am experiencing very intense "buyers' remorse" on this guy right now, but folks; with the Dimentocrats having decided to ramrod a Hillary Clinton Presidential Campaign down the throats of American voters in 2016, please: what choice did we actually have here?!?

Apr 25 10:39

A Horrible Future Awaits for Anyone who Depends on Government

By Joe Jarvis

Lice, cockroaches, and root canals all have better approval ratings than Congress.

Congress controls government spending. And nine out of every ten people say the government doesn’t spend tax dollars wisely.

57% say tax rates are too high.

(But only 13% want to cut right to the heart of the issue and abolish the IRS.)...

Apr 25 10:26

Bannon And Bass: "China Is Most Significant Existential Threat The US Has Ever Faced"

Perhaps out of concern that his former boss might be pushing Robert Lighthizer and Steve Mnuchin to cave on enforcement, technology transfers and market access for the sake of securing a deal with Beijing, former White House Chief strategist Steve Bannon appeared alongside hedge fund manager Kyle Bass, Wall Street's most visible China bear, to try and explain why Washington needs to stick to its guns and make sure Beijing is held to account for its decades of trade abuses.

Bass, who just the other day distributed his first investor letter in three years warning about a coming blowup in Hong Kong's balance of payments, argued that the immense pressure for Trump to strike a deal isn't coming from voters, but from Wall Street and corporate America, who have abetted Beijing in its efforts to maintain the status quo on trade - selling out their country in the process.

Webmaster's Commentary: 

I am hoping (and praying) that this can be fixed diplomatically, rather than through any kind of engagement of war; because looking at the American trade position here, I am grimly reminded about Karl Marx's observation, when he warned his future readers, that all wars are economic in their origin.

And right now, the US military does not have the weaponry; the money; the manufacturing; or the troop strength to win a conventional war against China.

And President Trump; IF your advisors are telling you the truth, this is what they will be saying to you, regarding a potential war with China; just don't go there, at least, Mr. President, not right now.

Apr 25 10:22

Export growth, Miles driven, Ship orders

Apr 25 09:51

San Francisco's War Between The Rich And Homeless Is At "Boiling Point"

San Francisco - thanks to its balmy year-round climate and hospitable reputation - has long suffered from growing homelessness which, despite the city's nosebleed-inducing taxes, it has been unable to curtail. This led to articles such our recent piece documenting the city's 132,562 cases of human feces on city streets. As we noted then, San Francisco hosts an estimated homeless population of 7,500 people. As a result, affluent sections of the city have become borderline dangerous with open-air drug use, tens of thousands of discarded needles, and, sadly, overflowing human excrement.

Apr 25 09:42

SWOT Analysis: Venezuela Sells $400 Million Worth Of Gold Bullion

The worst performing metal this week was gold, down 1.13 percent. The yellow metal tumbled to its lowest since January on Tuesday morning just as the market opened after someone dumped 11,000 gold futures contracts, worth around $1.5 billion, into the market. Traders were said to be using the F-word—“fiduciary.” Who recklessly dumps so many contracts unless their motive is to drive the price down?

Apr 25 09:22

"One Of The Top Debacles I've Ever Seen": Analysts Throw Up On Tesla's "Twilight Zone" Report

Analyst reactions to yesterday's Tesla earnings are starting to trickle in and the initial reaction are, well, speechless.

Wedbush analyst Daniel Ives led the charge, calling Tesla's quarter “one of top debacles” he had ever seen in 20 years of covering tech stocks on the Street. He slashed his price target to $275 from $365 and changed his rating from a buy to hold.

“Musk & Co. in an episode out of the ‘The Twilight Zone’ act as if demand and profitability will magically return to the Tesla story,” Ives said in a note to clients. “At this point the writing is on the wall that Tesla will likely have to raise over $3 billion of capital in the near term to sustain its capex and debt needs given its current profitability path, which is another black cloud over the name with an inexperienced CFO now at the helm,” he continued.

Apr 25 09:02

The US Economy Is Reaching a Dead End

Apr 25 08:31

Nasdaq New High A Little Thin?

Apr 25 07:28

PEPE ESCOBAR: War on Iran & Calling America’s Bluff

The Trump administration once again has graphically demonstrated that in the young, turbulent 21st century, “international law” and “national sovereignty” already belong to the Realm of the Walking Dead.

As if a deluge of sanctions against a great deal of the planet was not enough, the latest “offer you can’t refuse” conveyed by a gangster posing as diplomat, Consul Minimus Mike Pompeo, now essentially orders the whole planet to submit to the one and only arbiter of world trade: Washington.

First the Trump administration unilaterally smashed a multinational, UN-endorsed agreement, the JCPOA, or Iran nuclear deal. Now the waivers that magnanimously allowed eight nations to import oil from Iran without incurring imperial wrath in the form of sanctions will expire on May 2 and won’t be renewed.

Apr 25 01:31

Florida man buys island for $8-million, then tries to steal $300 in goods from Kmart

A man who had just bought an $8 million island off of Key West was arrested Saturday for participating in what police described as a scheme to steal $300 in household items from Kmart.

Apr 24 19:40

Boeing withdraws 2019 financial forecast & pauses share buybacks amid mounting concerns over 737 MAX

The yet unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft have forced the world’s biggest aerospace corporation to pull its full financial forecast for the current year.

Moreover, Boeing announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

Apr 24 12:43

Why Gasoline Prices Could Be About To Rocket

Apr 24 11:08

The Buried Maidan Massacre And Its Misrepresentation By The West

Authored by Ivan Katchanovski via ConsortiumNews.com,

The new Ukrainian government is faced with reopening an inquiry into evidence of an organized mass killing in Kiev that Poroshenko stonewalled...

Police in Hrushevsky Street, Kiev, Feb. 12, 2014. (Wikimedia)

Five years ago, the Maidan massacre in Kiev, Ukraine, of Feb. 18-20, 2014, was a watershed event, not only for the politics and history of Ukraine but also for world politics generally. This mass killing in downtown Kyiv set the stage for the violent overthrow of the pro-Russian government in Ukraine and a new Cold War between Washington and Moscow.

Webmaster's Commentary: 

When this comes out in the open, there are three things the Ukrainian government, and people, will take away; first, that then-President Barak Obama was key to the putsch moving successfully in installing Poroshenko President admitted on CNN, that the US government was behind the Kiev coup; 2nd, that Victoria Nuland bragged about having spent 5 billion on this regime change United States spent $5 billion on regime change in Ukraine; and thirdly, to never, ever trust the US government on anything it says.

The Ukrainians have learned a very painful lesson on this, and I hope that the new President, Volodymyr Zelensky, understands this reality as well. And whatever the US government wants him to do, will have a "price tag" on it.

Apr 24 10:50

"I Did Nothing Wrong" - Trump Warns "Angry Dems" He'll Take Impeachment Threats To Supreme Court

While Pelosi is desperately playing down impeachment threats (along with Bernie Sanders), many on the left refuse to let reality sink in and keep pushing for this distraction from their lack of policy positioning.

The Mueller Report, despite being written by Angry Democrats and Trump Haters, and with unlimited money behind it ($35,000,000), didn’t lay a glove on me. I DID NOTHING WRONG. If the partisan Dems ever tried to Impeach, I would first head to the U.S. Supreme Court. Not only......

Returning once again to where the real crimes were committed: " All of the Crimes were committed by Crooked Hillary, the Dems, the DNC and Dirty Cops - and we caught them in the act! "

Webmaster's Commentary: 

Every time the Democrats double down on "impeachment", it demonstrates that they have, effectively, quit working for the people who hired them in the first place, to get something reasonable, helpful and responsible done, for We the People.

This is going to bite them in a very sensitive portion of the human anatomy in 2020. Tom Perez, you had better start taking a longer look at history, before you commit to impeachment here; and you had better start listening to the people who could flip their state in either direction, come November 2020, barring vote fraud, which we know is going to happen here.

Given the current numbers, even if the House impeaches, the Senate will not convict, which means that the Democrats will have spent millions more on investigations, which means that the money spent on this, will be off the table for other critical projects, like a crumbling infrastructure, and better help for our Vets.

Apr 24 10:38

Giuliani Lashes Out At Clintons: You Are "America's Number One Crime Family"

As Democrats continue to back away from trying to impeach President Trump for obstruction of the Mueller probe which cleared him of the underlying charge of conspiring with Russia in the 2016 election, Trump's attorney Rudy Giuliani is on the war path - and is now targeting Hillary Clinton.

Following Tuesday remarks by Clinton that Donald Trump would have been indicted if he weren't president, Giuliani hit back in a Wednesday tweet - writing: "I encourage Hillary to get very involved in the 2020 election. She blew the last one for the Dems," adding "She is working on a book called “How To Obstruct And Go Free.” And the sequel will be “How My Husband Escaped” a perjury conviction.From America’s number one crime family."

Rudy Giuliani
?
@RudyGiuliani

Webmaster's Commentary: 

While I greatly admire Giuliani's candor, I hope that he is sleeping in his Kevlar Undies these days, and has a great amount of physical, and psychological, protection around him.

As Mike and I found out all those years ago, this woman most probably has assassins on speed dial; from physical threats to the kinds of disinfo which can destroy a person's career, she has them all at her command, and will use any - and all - of them if she thinks someone is actually getting too close for comfort.

So I would say to Rudy, "please watch your back, your center, and all around you right now." I cannot say I like the guy, but I can imagine that Hillary would like to stop this guy in his tracks, if she could, "with extreme prejudice."

Apr 24 10:26

A Fly In The Ointment

Authored by Michael Lebowitz via RealInvestmentAdvice.com,

Many financial assets, especially those that are the riskiest, are priced well above their respective fundamental values. A thank you primarily belongs to unprecedented monetary policy conducted on a domestic and global scale. The vast financial rewards and temporary economic stability attributed to central bank actions appear to be blinding many investors to the longer-term consequences of these actions and the implications for their investments in an era of monetary policy normalization.

Accordingly, we discuss the proverbial fly in the ointment, or what might prevent central bankers from being able to successfully “manage” markets with their extraordinary policies.

The Fed Put

Apr 24 10:24

Goldman Shares Slump As DoJ Demands Guilty Plea In 1MDB Case

Any investor who has been following DoJ's criminal investigation of the Vampire Squid over Goldman's alleged facilitation of the massive $4.5 billion fraud at Malaysian sovereign wealth fund 1MDB could probably have guessed that, whatever the outcome of the probe, it wasn't going to end well for the bank.

Those suspicions have now been confirmed.

According to a report published Wednesday by the Financial Times, Goldman Sachs could face the worst of all possible outcomes in the probe, for which it set aside half of a billion dollars in a legal contingency fund during Q4.

To wit:

US justice department staff have recommended that a settlement with Goldman Sachs over its role in the multibillion-dollar 1MDB corruption scandal should include a guilty plea at the parent company level, according to people familiar with the matter.

Webmaster's Commentary: 

As I have said frequently at this site, the monied rarely eat their own.

I would almost be willing to bet that no one involved with this case, will actually do any jail time.

Apr 24 10:19

Cohen Betrayed: Tom Arnold Leaks Phone Call Where Former Trump Attorney Admits To More Lies

President Trump's former lawyer Michael Cohen has backtracked in a recent recorded phone call, claiming he's not actually guilty for crimes he pleaded guilty to.

In a conversation with Trump-hating provocateur Tom Arnold, Cohen said that he hadn't evaded taxes, and that a criminal charge linked to his home-equity line of credit was "a lie," according to the Wall Street Journal.

Arnold recorded Cohen without his knowledge for approximately 36 minutes during a March 25 phone call, which Arnold provided to the Journal.

"There is no tax evasion," said Cohen on the call. "And the Heloc? I have an 18% loan-to-value on my home. How could there be a Heloc issue? How? Right?…It’s a lie."

In the 36-minute recording, Messrs. Cohen and Arnold covered a range of issues, from the legal troubles of former Stormy Daniels attorney Michael Avenatti to Mr. Trump’s affinity for the leader of North Korea.

Webmaster's Commentary: 

Why do the largest hunks of fecal matter swim so closely to those at the top of the food chain in DC?!?

It appears to me, at this point in my observations of those in the Bowels of Power in DC, that the higher up in station these monied people become,and the larger the chokehold they have on our financial affairs, the greater the resistance they have against doing anything remotely for the good of We the People.

Just because a country has "elections", is no guarantee that it remains a democratic republic. We are, at this point in the US, a kleptocracy of the highest order, of the monied, by the monied, and for the monied.

I'm tired of this; no matter who we vote for, there is utterly zero positive change. We are given the illusion of control, through our national elections, but this is nothing more than swapping out one "talking head" for another, who are completely in the sway of the corporations and military industrial complex, which rule this shell game, to which, in large part, we are not privy.

Apr 24 10:07

SOCIAL SECURITY PAY OUTS WILL EXCEED SOCIAL SECURITY TAX REVENUES STARTING NEXT YEAR (2020)

What Happens When Social Security Runs Out Of Money Next Year? Well, if you’re the government, you can print money, but if you’re a real person, then you just have to tighten your belt. We’ll see what happens and who wins this battle.

Apr 24 09:14

The Second Belt And Road Forum: A Transformation Of The World Economic Order

From April 25-27 Beijing will host a second international forum on the Belt and Road Initiative and it won’t be a small deal.

The four weeks preceding this event have seen an incredible surge of nations and institutions joining the BRI framework beginning with Italy’s Memorandum of Understanding as the first G7 nation in March, followed soon thereafter by Luxembourg and Switzerland. Weeks later, China won another victory by consolidating billions in infrastructure deals with the 16+1 Central and Eastern European Nations who have signed onto the BRI. This particular forum was especially important as it saw Greece join the alliance changing the name to the 17+1 group. Greece’s official participation in this bloc extended the group beyond its nominal “central and eastern” geographical limits and the importance of Greece- whose Port of Piraeus and emerging rail infrastructure funded by China provide a key bridge in the Maritime New Silk Road to Europe.

Apr 24 09:13

Deadly swine fever spreads across all China, threatening massive pork shortage

African swine fever has spread all across China’s mainland, threatening the country’s entire sprawling hog industry and the global supply of pork. The epidemic broke out nine months ago but still appears to be uncontained.

It has now reached China’s southernmost province of Hainan – which had thus far been spared from swine fever. Over 140 pigs have already died from the disease at six farms in the province, the Ministry of Agriculture and Rural Affairs said on Sunday.

Apr 24 09:06

The Libor Mess Is A Symptom Of Broader Market Failure

Major financial institutions have made it clear that they don’t support SOFR, the Fed’s choice of Libor replacement. And neither financial institutions nor their regulators have a clear plan to resolve the need to replace Libor. No matter how dire you believe the Libor problem to be, however, the underlying problem of debt market illiquidity that the Libor problem reveals is many times bigger. A Libor fix only resolves the issue of illiquidity in the short-term end of the market for unsecured debt.

Apr 24 09:04

The Green New Deal Will Hit the Poor With Higher Energy Costs

The Green New Deal's goal is to move America to zero carbon emissions in 10 years.

"That's a goal you could only imagine possible if you have no idea how energy is produced," James Meigs, former editor of Popular Mechanics magazine, says in my latest video.

"Renewable is so inconsistent," he adds. "You can't just put in wind turbines and solar panels. You have to build all this infrastructure to connect them with energy consumers."

Because wind doesn't always blow and the sun doesn't always shine, "renewable" energy requires many more transmission lines, and bigger batteries.

Apr 24 09:04

Magic Money Tree Economics

The U.S. is $22 trillion in debt and burdened with $100 – $200 trillion more in unfunded liabilities. Just to pay the interest the U.S. must borrow. Debt is rapidly rising and cannot be paid unless “they” default or hyper-inflate the dollar.

Apr 24 08:49

Central Banking Is Central Planning

By Richard M. Ebeling

At a time when the appeal of and demands for a new “democratic” socialism seem to have caught the imagination of many among the young and are reflected in the promises of a good number of political candidates running for high office, there is one already-existing socialist institution in America with few opponents: the Federal Reserve System...

Apr 24 07:51

#IPOs In Peak Digital Advertising

Apr 24 07:22

Bye bye dollar! Buy buy gold! Russia fills vaults with another 600,000 ounces

The Central Bank of Russia keeps buying gold, adding some 18.7 tons of the precious metal to the county’s vast stockpile in March alone, according to the latest figures released by the regulator.

The boost brought Russia’s estimated gold holdings to more than 2,170 tons (69,700,000 ounces), that amounts to nearly 18 percent of the country's total foreign exchange reserves, the central bank stated.

Russia purchased 56 tons of gold from January through March, acquiring 37.3 tons of the precious metal in January and February.

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