ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Sep 13 10:02

Report: US, Israel Agree on $38 Billion Military Aid Deal

Israel’s Channel 2 has today reported that Israeli officials have accepted the most recent US military aid package, which will see them receiving some $38 billion over the next decade. Israeli officials are said to be eager to finalize it, and it is expected to be signed in the next few days.

This comes just a day after a report in the Washington Post claiming that the deal was being held up by Sen. Lindsey Graham (R – SC), who was planning to advance his own, slightly larger military aid bill through the Senate and accused Obama of trying to take over appropriations duties that are rightfully Congress’.

Graham says Benjamin Netanyahu warned him he was holding up the deal, and that he told Netanyahu to tell the Obama Administration “to go F themselves.” The White House was said to be reluctant to sign the deal with Graham so outraged by it.

Webmaster's Commentary: 

It is fascinating to me that this Congress and President can so blithely throw money at a wretchedly apartheid, self-proclaimed theocracy with nuclear weapons, while being oblivious the real pain imposed by Obama's disastrous economic policies here at home, which are certainly bearing "fruit", as evidenced from this headline reported at zerohedge.com yesterday:

Tent Cities Full Of Homeless People Are Booming In Cities All Over America As Poverty Spikes''

These people have become marginalized; made to feel irrelevant; and become absolutely lost to a national leadership thoroughly fixated on throwing money at a foreign leader like Netanyahu, who has done absolutely nothing to deserve it, rather than fixing the massive, looming economic problems here at home.

Sep 13 10:00

Wells Fargo Scandal Is Just The Beginning; Here's What Else They're Hiding...

Banking is a black box. There is very little transparency, especially with extremely large banks.

Wells Fargo’s annual report, for example, shows roughly $300 billion in “commercial and industrial loans”.

That’s it. That’s all the detail we get. (It’s not just Wells Fargo, by the way. Every mega-bank maintains the same lack of transparency.)

We have no idea if they took depositor’s funds and floated a billion dollar loan to a failing business that’s about to go under.

Or if they have been making no-money-down loans to people with terrible credit.

No one knows anything about the inner workings of such an enormous bank… until it all hits the fan like it did in 2008.

And how could anyone know? When something becomes that big, that complex, with hundreds of thousands of employees and thousands of branches, it’s impossible to keep track of it all.

Sep 13 09:58

Hunger drives US teens to swap sex for food, commit crimes – research

Hunger is driving desperate US teenagers as young as 13 to search for ways to feed themselves and their families, with many resorting to crime or providing sexual favors in exchange for food and basic supplies, according to a study published Monday.

Sep 13 09:42

RT Max Keiser 13 Sep Wells Fargo thieves

Sep 13 09:35

Alleged Scamming HBOS Bankers Linked To £35 Million Fraud, Finally On Trial

The first trial for bankers suspected of being partly responsible for the 2008 banking crisis has begun in London, after the £35 million ($46.5 million) alleged scam case was postponed for nearly two years.

Eight people are in the dock at Southwark Crown Court in London this Monday, including former HBOS bank managers Lynden Scourfield and Mark Dobson, who stand accused of engaging in fraudulent behavior at the expense of the company’s small business customers.

Sep 13 09:28

Tent Cities Full Of Homeless People Are Booming In Cities All Over America As Poverty Spikes

Just like during the last economic crisis, homeless encampments are popping up all over the nation as poverty grows at a very alarming rate.

Sep 13 08:27

The Age of Cryptocurrency Book Review

The book is written by Paul Vigna and Michael J. Casey. I have to be upfront about this book, it’s not a nuts and bolts guide on how to actually use Bitcoin. What it does do is give a detailed history about the digital currency. It explains the reasons why and how the currency was created, and it also gives a number of compelling reasons for everyday people to learn about the currency and to get started using it...

Sep 13 08:16

Open democracy? Brexit negotiations may be kept so secret not even Parliament will be told

Until Article 50 is initiated and Britain officially begins the process of leaving the European Union, no news on Brexit negotiations will be disclosed to the public, MPs or peers – not even in private.

Sep 13 08:15

Greece wants Russia to invest in its coal industry

Athens has offered Russia’s Gazprom the opportunity to invest up to $900 million in the country’s coal industry, business daily Kommersant reports, citing its sources.

Sep 13 07:45

Podcast: Markets Explain Facts Of Life To Fed

Sep 13 07:45

Southern European Countries Unite Against Brussels and Berlin

During the meeting, they will call for Brussels to change the EU economic strategy, including revising strict austerity measures and allowing independent trade policies for its members, the Russian newspaper Izvestia reported.

Southern European countries are also expected to address the migrant issue at the summit, according to the newspaper.

Sep 13 07:43

The world is turning ugly as 2016 winds down

I have to say that the negative reverberations in our current economic and political environment are becoming so strong that it is impossible for people to not feel at least some uneasiness in their gut. I imagine this is the same kind of sensation many felt from 1914 to 1918 during World War I and the terrible birth of communism, or perhaps in the early 1930s at the onset of the Great Depression and the rise of fascism. Some global changes are so disturbing that they send shockwaves through the collective unconscious before they ever hit the mainstream. People know that something is about to happen, even if they cannot yet clearly define it.

Sep 13 07:30

Yields Rising Globally

Sep 13 07:17

After Public Outcry Over $125 Million Tolstedt Bonus, Wells Fargo Will End Sales Goals For Retail Bankers

As a result of the righteous outrage following news that Wells Fargo rewarded Carrie Tolstedt, the head of the group that was recently exposed as creating some 2 million fake credit card and bank accounts so it could churn late fees, and was in charge of what the bank's employees called "sandbagging", was leaving the bank with a $125 million package, this morning a panicked Wells Fargo, Warren Buffett's favorite bank and the largest U.S. bank by market capitalization, said that it would eliminate all product sales goals in retail banking, starting next year.

Sep 13 07:12

Will You Be a Cash Criminal?

Bottom line: There are government technocrats out there plotting seriously on a short-term and longer-term basis how to better track us and control us and our money.

Sep 13 07:07

IEA Cuts Global Oil Demand Forecast Amid ‘Wobbling’ Asian Demand

In its closely watched monthly report, the IEA downgraded its global oil demand predictions by about 100,000 barrels a day for this year

Global oil demand growth is faltering and oil production is stabilizing, providing a recipe for the global glut of petroleum and its products to continue through much of next year, the International Energy Agency said Tuesday.

The IEA’s closely watched monthly oil-market report marked an abrupt shift for an agency that a month ago said the world’s oil glut had begun disappearing.>>>

Sep 13 07:00

UK one of the most unequal countries, says Oxfam

The richest 1% of the UK population owns more than 20 times the wealth of the poorest fifth, according to Oxfam.

That made Britain one of the most unequal countries in the developed world and contributed to the vote for Brexit, the charity said.

Its analysis found that about 634,000 Britons were worth 20 times as much as the poorest 13 million people.

Sep 13 06:33

Tent Cities Full Of Homeless Booming Across America

Just like during the last economic crisis, homeless encampments are popping up all over the nation as poverty grows at a very alarming rate. According to the Department of Housing and Urban Development, more than half a million people are homeless in America right now, but that figure is increasing by the day. And it isn’t just adults that we are talking about. It has been reported that that the number of homeless children in this country has risen by 60 percent since the last recession, and Poverty USA says that a total of 1.6 million children slept either in a homeless shelter or in some other form of emergency housing at some point last year. Yes, the stock market may have been experiencing a temporary boom for the last couple of years, but for those on the low end of the economic scale things have just continued to deteriorate.

Sep 12 15:20

EU bigwig in THREAT to Spain: The next government WILL have to enforce economic cutbacks

AN EU bigwig has warned Span that their budget problems "have not evaporated" in a extraordinary intervention, which undermined the country's sovereignty.

In a shocking concession Eurogroup boss Jeroen Dijsselbloem even said he would like to form the Spanish government himself to make sure it stuck to fiscal pledges.

Mr Dijsselbloem said: "Problems are still there, so they will have to face them and return to the right path."

Sep 12 15:13

Prepare for 'PERFECT STORM' that will obliterate stocks: Economist's terrifying warning

Investors should prepare for world stock markets to sink by a massive 12 per cent amid a repeat of the turmoil that tore through stock markets at the beginning of the year, according to David Rosenberg chief economist and strategist at wealth management firm Gluskin Sheff.

He believes markets are not ready for a US interest rate rise and when the US Federal Reserve does make changes to its policy - which could happen as early as next week - there's going to be a nasty shock.

Mr Rosenberg's comments come as stocks suffered heavy losses on Monday, with Britain's top stock index the FTSE 100 was down by 1.7 per cent, while France's CAC and Germany's DAX plunged two per cent.

Sep 12 13:22

The Three Horrendously Expensive, Insane and Destabilizing Nuclear Weapons Obama Should Kill Right Now. The Bomb That Costs More Than Its Weight in Gold

Redudant land-based ICBMs, the dangerous nuclear cruise-missiles and the super-expensive 'more useable' B61-12 air bombs... The United States is set to spend over $1 trillion on its nuclear weapons over the next thirty years. That is no trivial sum. To place it in context, that amounts to 77 percent of the national student debt, which hovers around $1.3 trillion. Part of the reason for this massive spending spree stems from necessity. Our current nuclear weapons systems are ageing and becoming obsolete. But rather than tailoring the next generation of nuclear deterrence to geopolitical realities, the United States is replacing its massive nuclear arsenal on a one-for-one basis as if the Cold War never ended. These plans are excessive, destabilizing and threaten the national security of the United States. And all of them will be locked in and set in motion before the next president has been elected or has had any time to consider what the best strategy is under a new administration.

Sep 12 12:59

Central Banks May Choose Helicopter Money Over Negative Rates

Against this backdrop it would be surprising if governments and their central banks will not opt at some stage for higher inflation in an attempt to escape the problems their policies and the issuance of unbacked paper money has caused in the first place. Alas, it wouldn’t be the first time in monetary history that unbacked paper money would be deliberately debased.

Sep 12 11:33

Tent Cities Full Of Homeless People Are Booming In Cities All Over America As Poverty Spikes

Just like during the last economic crisis, homeless encampments are popping up all over the nation as poverty grows at a very alarming rate. According to the Department of Housing and Urban Development, more than half a million people are homeless in America right now, but that figure is increasing by the day. And it isn’t just adults that we are talking about. It has been reported that that the number of homeless children in this country has risen by 60 percent since the last recession, and Poverty USA says that a total of 1.6 million children slept either in a homeless shelter or in some other form of emergency housing at some point last year. Yes, the stock market may have been experiencing a temporary boom for the last couple of years, but for those on the low end of the economic scale things have just continued to deteriorate.

Webmaster's Commentary: 

The US government has billions of dollars for bombs and extrajudicial assassinations; however, apparently, these people who have fallen off a cliff into extreme poverty do not matter at all to local, county, and federal government, except as a "health and property hazard."

I deeply feel that one of the most critical measures of a society is how they treat their most vulnerable citizens; and in this measure, the US government is failing, miserably.

Sep 12 10:01

Recent Corruptions of the English Language

For instance, stimulate the economy. That phrase came out in the ’60s. It really just means “print up money.” They don’t use it much anymore because they can see it no longer results in stimulus; rather, the opposite. Now it’s called quantitative easing. And everybody uses it without questioning the fact that it means “print money,” “inflate the currency,” or “debase the currency.” They say “quantitative easing” with no irony. It makes me think the chattering classes are actually, in reality, quite stupid. I’ll discuss that word—“stupid”—later.

Sep 12 09:21

F-35 May Never Be Ready for CombatTesting: Report Contradicts Air Force Leadership’s Rosy Pronouncements

The F-35 Joint Strike Fighter program is the most expensive procurement program in Pentagon history. It’s been plagued by schedule delays, gross cost overruns, and a slew of underwhelming performance reviews. Last month the Air Force declared its variant “ready for combat,” and most press reports lauded this as a signal that the program had turned a corner. But a memo issued from the Pentagon’s top testing official, based largely upon the Air Force’s own test data, showed that the Air Force’s declaration was wildly premature.

Webmaster's Commentary: 

It doesn't appear that Lockheed Martin spends all that much on political campaign donations.

Lockheed's Campaign Spending by Cycle

So one has to wonder; just what is the Svengali- like hold this corporation has over the US military, that it issues absolutely rosy pronouncements about a completely, vastly failed fighter production program?!?

Is there an institutional culture, inculcated into our military managers, that they can never admit to having been wrong, even if they were?!?

The mind boggles at the complete disconnect between the real, documented failings of the F-35, and how happy the US military is to commend it. In fact, an article appeared in May of this year, indicating that the production of this fighter is going to quadruple in 2019.

After years of delays, the Joint Strike Fighter program is finally ready to hit the afterburner. FORT WORTH, Texas — As green-skinned, half-assembled F-35 Joint Strike Fighters take shape, this massive factory that once cranked out thousands of World War II bombers is preparing to get real busy again. F-35 production is slated to hit full steam in 2019, and Lockheed Martin is reshaping its final assembly line to get ready. Not far from the nine assembly stations where the stealthy jets are coming together, wooden walls and plastic sheeting rise dozens of feet to the ceiling, blocking off large portions of the plant where new laser-leveled concrete is being poured. Lowered air pressure behind the screens helps keep dust and debris away from the sensitive airframes. Elsewhere, scaffolding is being erected for seven new assembly stations to come.

As most of you who read this blog understand, I abhor war as a way for the US to settle its geopolitical disputes; that being said, when war happens, our men and women in uniform deserve the best this country can deliver.

The F-35 simply isn't it.

If the problems haven't been resolved by now, I seriously doubt that they can be resolved in another 3 years.

And if I were in Congress, I would sponsor legislation insuring that there would be a clause in the weapons makers' contracts, indicating that if cost over-runs went a certain percentage over cost estimates, the weapons were delivered late, and did not function as advertised, there would be jail time for the presidents of those companies for treason.

And NOT in a Club Fed.

These deficiencies are as serious as a heart attack, for our men and women in uniform, and if such a clause in contracts for weapons, draconian as it may seem, is the only way to "cure" the problem, then so be it!!

Sep 12 09:11

Samsung shares plunge over smartphone explosion debacle

Shares in the firm—South Korea's largest by value—dropped 7 percent to close at 1.46 million won ($1,318) on the Seoul stock market—the lowest in two months.

It was the biggest daily drop in the firm's share price so far this year and shaved about 15 trillion won off the firm's total value.

Sep 12 08:17

Real Estate Turning Down

Sep 12 08:06

KEY EVENTS IN THE COMING "FED BLACKOUT" WEEK

We start in Japan on Wednesday where the final revision to industrial production in July will be made. We then move onto France where the final August CPI revisions are made before the UK comes under the spotlight again with the latest employment report. Euro area industrial production in July will also be released. It’s quiet once again in the US on Wednesday with the only data due being the import price index for August.

Webmaster's Commentary: 

I am not expecting the data here to be spectacularly great.

Sep 12 06:55

French politicians mull ripping up EU budget rules

Nobody yet knows the winner of France's presidential election next year, but the smart money is on one loser: The three-percent cap on government deficits enshrined in eurozone rules.

Sep 11 13:03

Prepare To Be Fired

Sep 11 12:05

Globalized, Centralized, Compacted: Culling the Population to Make Us Rely on Government

Globalized, Centralized, Compacted. Each step forward has been designed to force people to rely upon a centralized, collective government.


Please subscribe & share to support our research.

Sep 11 11:06

Wells Fargo Caught Money Laundering the Same as HSBC Bank

Wells Fargo fired 5,300 employees for opening millions of fake accounts. As John Cruz, former Senior V.P. of HSBC Bank would point out, that in all of these cases there is money laundering from drug trafficking and illegal gun-running.

I have interviewed John Cruz on two occasions. Here is the latest interview, which is followed by the video which pertains specifically to Wells Fargo.

Sep 10 11:55

The Era of Central Planning is Crumbling... and the Elite Are Terrified

The biggest issue in financial political power structure today is the End of Centralization. In the post 2008 era, the Globalists made a major push to hold the system together. The multi-billionaire class, particularly those who made fortunes from crony capitalism and bubble economics joined forces with the Keynesian media shills to convince the world that the only way we would survive would be if trillions of Dollars were given to those who were deemed “systemically important.” Warren Buffett was a prime example of this. Buffett amassed a fortune by being a raging capitalist who prided himself on never losing money on an investment. But by the time 2008 rolled around, he faced the very real prospect of seeing his fortune halved.

Sep 10 11:40

A Political Hurricane is About to Sweep Across Europe

If you’ve been paying attention, you could see this coming a mile away. Although I’ve forecast huge political shifts in the West for years now, I made my strongest prediction on European changes late last year following the Paris terror attacks.

In the post, A Message to Europe – Prepare for Nationalism I wrote:

Actions have consequences, and people can only be pushed so far before they snap. I believe the Paris terror attacks will be a major catalyst that will ultimately usher in nationalist type governments in many parts of Europe, culminating in an end of the EU as we know it and a return to true nation-states. Although I think a return to regional government and democracy is what Europeans need and deserve, the way in which it will come about, and the types of governments we could see emerge, are unlikely to be particularly enlightened or democratic after the dust has settled.

Webmaster's Commentary: 

Merkel's drubbing at the polls is a clear signal that the inhabitants of Europe want, very much, to take back their individual countries, thank you very much, and not suffer economically at the hands of an unelected bureaucracy in Brussels: and they are going to make that very clear to their leaders, come the next wave of elections in Europe.

Sep 10 10:11

ITT Tech’s Legacy: Angry Grads With Lots Of Debt

When ITT Technical Institute announced it was closing its doors on Tuesday, Zach Seigel, ITT class of 2008, was thrilled. Not for himself, he says, but for all the people who now won’t be saddled with the same debt and useless degree that he is: $40,000 of student loans he can’t discharge and an associate degree in applied science that he says didn’t lead to any paid work.

Seigel’s story is not unique; in fact, the many dissatisfied and debt-laden former ITT students just like him helped contribute to ITT’s demise. The school suddenly closed all 130 of its schools this week, just as the semester was beginning, leaving approximately 40,000 students and 8,000 employees out of class and out of work. In a statement that placed the blame squarely on the government, ITT said the Department of Education’s “complete disregard” for “due process” left it with no choice but to close.

Sep 10 10:06

What's the Link Between Ex EC President, Goldman Sachs and Greek Pensions?

Let's start with Greece, where perhaps more than any other country in Europe, pensions are a very sore point; they became one when Athens agreed to slash pensions and cut public spending to keep the Troika and EU bosses happy.

This was not a popular move in already austerity-hit Greece, prompting protests and road blocks around the country, since people had voted overwhelmingly against any further austerity measures imposed by the government.

Turning the clock back to when Greece joined the Eurozone in 2001, many claim the only reason sure it qualified for the Eurozone, was because US investment bank Goldman Sachs massaged Greece's accounts and hid a lot of the country's debt.

In an interview with Sputnik at the height of the financial crisis in Greece in 2015, Alexander Douglas, lecturer in the philosophy of economics at University of London, said Greece's debt is "morally and politically different," to other debt laden countries.

Why?

Sep 10 10:03

Full of Promise, Obama's Pivot to Asia Ends With 'Slap in the Face'

Barack Obama's crucial "pivot to Asia" has ended with a sensational snub from Beijing and probably no Trans-Pacific Partnership (TPP), German newspaper Die Welt reported.

Sep 10 09:21

Yahoo CEO Marissa Mayer could collect a massive $44m 'golden parachute' payout if she leaves after Verizon sale

Yahoo CEO Marissa Mayer has failed to stop a long-standing slide in the company's advertising business, but she could still leave with a $44million severance package, according to a filing Friday.

Mayer hasn't announced plans to leave, but industry observers say she's unlikely to stay after Yahoo is sold to Verizon for $4.8billion early next year.

The 41-year-old executive stands to collect $3million in cash and almost $41million of stock options and awards under a 'golden parachute' agreement, according to a regulatory filing.

Sep 10 09:18

Outrage grows as Wells Fargo executives are spared the chopping block after 5,300 employees were fired for creating millions of fake accounts

A customer fraud probe cost 5,300 Wells Fargo employees their jobs - but regulators stopped short of pointing any fingers at the bank's executives.

Under intense pressure to hit sales targets, employees opened additional bank accounts and credit cards for customers without their consent, using fake email addresses and forged signatures in a widespread practice that will now cost Wells Fargo a record $185million fine.

Investigators acknowledged systemic problems like the lack of oversight but failed to hold high-level executives responsible as they received hefty paychecks and accolades for creating growth.

Sep 10 08:58

"If I wanted America to fail"

Sep 10 08:53

Federal College Tax Credits Cost $32 Billion/Year And Have Zero Effect On Applications Or Enrollment

This study examines the effect of information about tax credits for college using a sample of over 1 million students or prospective students in Texas. We sent emails and letters to students that described tax credits for college and tracked college outcomes. We find that for all three of our samples—already enrolled students, students who had previously applied to college but were not currently enrolled, and rising high school seniors—that information about tax credits for college did not affect reenrollment, application, and enrollment respectively.

Sep 09 19:15

This Sentiment Reading Is Not Like The Others

Sep 09 16:31

Blood-Sucking Parasite Named After Obama: Like Socialists “Must Contend With Host’s Immune System To Reproduce”

What other type of organism weakens its host, overtaxes its system and allows its borders to be infiltrated by potential pathogens and guts its defenses against it at the same time?

World, meet Baracktrema obamai, a deadly turtle pathogen named in honor of our current president. Believe it or not, it’s supposed to be a compliment.

[Parasites] “face incredible obstacles to complete their [life cycles] and must contend with the immune system of the host in order to mature and reproduce.”

Read more at SHTF

Sep 09 15:04

Stock Market Falls Dramatically As Fed “Backing Away From Easy-Money Policies”

Friday’s huge drop in the stock market is being attributed to market worries that the timeline for QE-free money is rapidly coming to an end, and that a rate hike could bring the economy screeching to a halt.

Stocks and bonds tumbled Friday, with the Dow industrials and S&P 500 posting their biggest percentage losses since the Brexit selloff... [due to] fresh signs that central banks could be backing away from easy-money policies

In terms of the political impact of monetary policy, Janet Yellen and the Federal Reserve don’t want to take a chance on unleashing a downturn that could boost Trump in response.

Read more at SHTF

Sep 09 14:40

COAL PRICES JUMP 30% IN 18 MONTHS

Sep 09 14:30

Outrage grows as Wells Fargo executives are spared the chopping block after 5,300 employees were fired for creating millions of fake accounts

A customer fraud probe cost 5,300 Wells Fargo employees their jobs - but regulators stopped short of pointing any fingers at the bank's executives.

Under intense pressure to hit sales targets, employees opened additional bank accounts and credit cards for existing customers in a widespread practice that will now cost Wells Fargo a record $185million fine.

Investigators acknowledged systemic problems like the lack of oversight but failed to hold high-level executives responsible as they received hefty paychecks and accolades for creating growth.

Sep 09 11:05

Keiser Report: Brexit Sea Of Consequences

In this episode of the Keiser Report, as the clod called Britain is washed away by the “Brexit means Brexit” vote, Max and Stacy ask if Europe will be worse off, or will the trading bloc hardly notice? In the second half, Max interviews Liam Halligan on what “Brexit means Brexit” actually means and about the rise of protectionism.

Sep 09 10:31

Rift Appears Within NATO Over the Bloc's Provocative Policy Toward Russia

NATO is taking every effort to justify its raison d'etre. However, the Alliance's saber-rattling on Russia's doorstep is triggering deep concern and anxiety among its members. Although "the marriage of interests" still holds, cracks are appearing among the bloc's members.

Webmaster's Commentary: 

NATO European leaders understand full well that the US is looking for some kind of an excuse to exploit to start a "hot" war against Russia, through which it believes it can rescue its tanking economy.

NATO European leaders have had a ringside seat to wars on their very front lawns; they do not want to see that happen ever, again.

NATO leadership, which continually whines and moans about alleged "Russian aggression", is completely out of touch with its member states, and all parties need to sit down, and plot a rational, sane course for NATO's future which does not involve spoiling for a fight with Russia.

Unfortunately, the Obama Administration may just not allow that to happen.

If internal White House and DNC polls demonstrate that Trump is going to cream Clinton in the November elections, the US government may well do something to provoke a war against Russia, even before Trump can take the Oath of Office in January.

Sep 09 10:03

GM Stock Slides As Automaker Recalls 4 Million Vehicles Over Air-Bag Defect Linked To Death

General Motors is recalling around 4 million vehicles worldwide. According to AP, the recal is related to a software defect that means front air bags may not deploy and is linked to 1 death.

As NHTSA explains...

Potential Number of Units Affected: 3,640,162

SUMMARY:
General Motors LLC (GM) is recalling certain model year 2015-2017 Chevrolet Silverado 2500 HD, 3500 HD, Tahoe, Suburban, GMC Sierra 2500 HD and 3500 HD, GMC Yukon, GMC Yukon XL, Cadillac Escalade and Cadillac Escalade ESV vehicles and 2014-2017 Chevrolet Corvette, Silverado 1500, Trax, Caprice Police Pursuit Vehicle, GMC Sierra 1500, Buick Encore, and 2014-2016 Buick Lacrosse, Chevrolet Spark EV and SS vehicles. In the affected vehicles, certain driving conditions may cause the air bag sensing and diagnostic module (SDM) software to activate a diagnostic test.

During this test, deployment of the frontal air bags and the seat belt pretensioners would not occur in the event of a crash.

CONSEQUENCE:

Webmaster's Commentary: 

Our 17 year old Honda still runs like a champ.

Sep 09 09:45

"Get Ya Popcorn Ready" RBC Says: "Markets Are Paralyzed With Uncertainty" As "Spook Story" Arrives

In a post that in retrospect was timed perfectly, yesterday we first warned that the BOJ may be about to unleash a bond "VaR shock", one that would promptly lead to a global asset contagion, as a result of Kuroda's surprising eagerness to steepen the yield curve, a move which would lead to an accelerated selling of the long end first in Japan, then across the entire world where some $13 trillion in bonds trade at negative yields. We also explained how "with cross asset correlation soaring, not to mention with risk-party and CTA funds approaching record leverage, the risk is that investors frontrunning a perceived change in the BOJ's policy in two weeks time could lead to a dramatic selloff in JGBs, which then spreads across to global fixed income markets, all of which trade like connected vessels."

Webmaster's Commentary: 

As I type this, the Dow Jones is down to -237.

I have a very nasty feeling that something this way comes, economically, which will potentially crash world stock markets, and hard.

Sep 09 07:52

Brexit bounce continues as figures show Britain's trade gap narrowed in first month after EU vote

Britain's trade gap narrowed last month in further evidence of the economy defying initial gloomy Brexit forecasts.

The trade deficit in goods and services fell from £5.6billion in June to £4.5billion in July, driven by a post-Brexit boost in exports.

Sep 09 07:45

"You Get Nothing" - Japanese, German Bond Yields Surge To 0%

Concerns about Japan's possible 'var shock'-inducing reverse twist policy has sparked selling across global sovereign bond markets. Both Japanese 10Y and German 10Y yields have surged to 0% overnight.

Sep 09 07:41

"Exciting Step Forward" - Helicopter Drop Of Debit Cards For Refugees In Turkey

The largest ever humanitarian program in the history of the EU, is now underway in Turkey. The humanitarian effort comes in the form of a $393 million helicopter drop of debit cards and cash to refugees in Turkey as part of Angela Merkel's 'Migration Deal'.

Sep 09 06:48

MAJOR PROBLEMS ANNOUNCED AT ONE OF THE LARGEST TOO BIG TO FAIL BANKS IN THE UNITED STATES

Do you remember when our politicians promised to do something about the “too big to fail” banks?

Well, they didn’t, and now the chickens are coming home to roost. On Thursday, it was announced that one of those “too big to fail” banks, Wells Fargo, has been slapped with 185 million dollars in penalties. It turns out that for years their employees had been opening millions of bank and credit card accounts for customers without even telling them. The goal was to meet sales goals, and customers were hit by surprise fees that they never intended to pay. Some employees actually created false email addresses and false PIN numbers to sign customers up for accounts. It was fraud on a scale that is hard to imagine, and now Wells Fargo finds itself embroiled in a major crisis.

Webmaster's Commentary: 

Don't count on it; I am not holding my breath here.

And if employees felt that these nefarious practices were absolutely OK to do, someone at WELLS FARGO told them that this was perfectly acceptable behaviour.

At this point, the entire Executive Team and Board of Directors should be collectively be tried for fraud, convicted, and spend jail time, NOT in a Club Fed.

This will probably discourage similar behaviour by other banks.

Sep 09 06:44

SECURITY VET: 'SMOKING GUN' EMAIL SHOULD PUT HILLARY IN PRISON

The handling of an email to Hillary Clinton from longtime adviser Sidney Blumenthal discovered in a new release of documents is a “smoking gun” violation of national security laws requiring a prison sentence, charges a former military intelligence officer.

Clinton forwarded the Aug. 8, 2009, email – clearly marked “Classified” – to a personal, nonsecure email address registered to aide Huma Abedin, huma@clintonemail.com. Abedin then forwarded the message to another personal, nonsecure account, humamabedin@yahoo.com.

The exchange from Blumenthal to Clinton concerned the “disastrous nature” of an Obama trip to Germany, charging the U.S. was “totally out of the loop in Berlin – no ambassador,” resulting in the expectation that “Germans and Russians will now cut their own separate deals on energy, regional security, etc.”

Webmaster's Commentary: 

Behind the clear Title 18 violations is the displayed attitude that all deals between nations must go through Washington DC!

Sep 09 06:27

Fiction, Fairy Tales, Fiat, Hyperinflationary Collapse

“Today’s best-selling government fairy tale is that debt is actually wealth, that countless trillions in paper and digital currency can be spread around the world without catastrophic societal upheaval.

The fantasy ignores sound money and belittles those who separate fact from fiction. This fable teaches the more unpayable the debt, the merrier.”

Sep 09 03:23

Stocks’ Trading Range Now Beyond Compare

Sep 08 17:59

Back At Great Depression Levels: “Millions Of Strong Young Men Just Sitting Around”

Why are so many men in their prime working years unemployed? The Obama administration would have us believe that unemployment is low in this country, but that is not true at all. In fact, one author quoted by NPR says that “it’s kind of worse than it was in the depression in 1940?. Most Americans don’t realize this, but more men from ages 25 to 54 are “inactive” right now than was the case during the last recession. We have millions upon millions of strong young men just sitting around doing nothing. They aren’t employed and they aren’t considered to be looking for employment either, and so they don’t show up in the official unemployment numbers. But they don’t have jobs, and nothing the Obama administration does can eliminate that fact.

Sep 08 15:23

Hawaiian seafood caught by low-paid foreign crews confined to boats

Pier 17 doesn’t even show up on most Honolulu maps. Cars whiz past it on their way to Waikiki’s famous white sand beaches. Yet passing tourists, let alone locals, are unaware that just behind a guarded gate, another world exists: foreign fishermen confined to American boats for years at a time.

Hundreds of undocumented men are employed in this unique U.S. fishing fleet, due to a federal loophole that allows them to work but exempts them from most basic labor protections. Many come from impoverished Southeast Asian and Pacific nations to take the dangerous jobs, which can pay as little as 70 cents an hour.

Sep 08 14:36

Ticking Debt bombs ready to explode

Sep 08 12:43

Negative Interest Rates Are ILLEGAL

One of these elementary principles of law is the commercial doctrine of “consideration”. The premise and legal principle is a simple one. In order for any commercial transaction to be recognized as being legitimate (and thus legal), both parties to any transaction/contract have to derive some material benefit. In law; this material benefit is known by the name “consideration”. There must be consideration, on both sides of any/every commercial transaction.

Sep 08 12:33

US Shows Support For New Brazilian Gov., But Did It Play A Role In Rousseff’s Ouster?

CEPR co-director Mark Weisbrot also discusses how mainstream reporting is reinforcing the false promises of austerity for Brazil.

Sep 08 11:44

Fed Money Printing Explained

Sep 08 11:23

Preying On Our Paychecks

Labor Day weekend should be a time for Americans to celebrate the economic achievements of workers with barbecues and beach trips. But with U.S. corporations routinely taking advantage of their low-wage employees, we might as well rename it Labor Exploitation Day.

The truth is, our workers have suffered mightily in the last few years. The $7.25 minimum wage hasn’t been raised since 2009. And thanks to the latest corporate cheap trick, even that paltry sum has been further eroded.

Sep 08 10:56

Mastercard faces £14bn card fee claim

A £14bn legal claim has been filed against Mastercard on behalf of UK consumers seeking damages for anti-competitive card fees.

In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees - the fees retailers pay banks to process card payments.

Mastercard lowered its fees but now faces a claim for damages for 16 years of charging from 1992 to 2008.

It has vowed to fight the action.

Sep 08 10:20

12 of the Worst Places to Live in the U.S.

Webmaster's Commentary: 

A little reality to Obama's "booming economy" and the fixed "highest ever" stock market.

Sep 08 09:44

IRS Warns Against Keeping IRA Funds In Gold At Home

The Internal Revenue Service isn’t too keen on the recent advertisements suggesting retirement savers store their tax-free individual retirement account funds in gold at their house or in safety-deposit boxes, the Wall Street Journal writes.

Webmaster's Commentary: 

"We NEED that gold to save the New York FED!!!!" -- Official White Horse Souse

Sep 08 09:43

WHY YOU SHOULD BE PAYING ATTENTION TO AMERICA'S QUIET WAR ON CASH

Government campaigns of intimidation - like the wars on drugs, terror, and poverty - have been used to extort the public for decades. Despite the previous failures of institutional “wars,” a new war on cash is being waged that threatens freedom in a more subversive way than ever before.

Banks and governments around the world are cracking down on the use of paper money, and in turn, eliminating any anonymity left in the current system. Through strict rules on cash transactions and civil asset forfeiture laws, for example, the system has already instituted penalties for using cash. But as payments evolve into a purely digital network, the consequences of this new paradigm are being brought into the spotlight.

Webmaster's Commentary: 

Cash and precious metals will always be available to the elite and the criminal elements globally; but they need to be kept available for the rest of us honest, hard-working people as well.

Honorable people can choose to use cash, rather than credit or debit cards; and that is what we do.

That the banks have messed up so badly that they are even considering forbidding cash is not our problem; it is their problem!!

Sep 08 09:41

Can An OPEC Deal Influence Oil Prices At All?

Sep 08 09:35

China Challenges US Dollar Hegemony, Seeks New Global Financial Order

During the first Annual Summit organized by the Asian Infrastructure Investment Bank (AIIB) in Beijing, China has shown her intention to take over the global leadership in infrastructure investment. By the end of this year, AIIB would have more than 100 members, making it the first lending institution in multilateral loans in history, under the control of the most important emerging countries. Yet, it is expected that she makes the decision of dropping off the Dollar, as it is the only way to break away from US hegemony in international finance.

Sep 08 09:29

Number of workers on zero-hours contracts rockets by 20% in one year to hit nearly a million as pressure grows on Theresa May to tackle job insecurity

A record 903,000 people reported they are now working on the controversial contracts - which do not guarantee a minimum number of hours - an increase of 156,000 since last year.

Sep 08 09:21

Thousands with lost or stolen contactless cards are warned fraudsters can still use them EIGHT MONTHS after they are cancelled

Justin Robson from Cheshire had his Halifax cards taken last November but they were still being used fraudulently in July this year.

A MoneySavingExpert.com investigation has also revealed that all the major banks' contactless cards can be used after cancellation, and many of them don't check if those payments were yours.

There are currently 92.1million contactless cards being used in the UK - 65million debit and 27million credit cards.

Thousands of people whose contactless cards have been lost or stolen are now being urged to check their statements for fraudulent transactions.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA