ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Dec 11 11:48

Central bank balance sheets in one chart!

Dec 11 10:42

Amid “Full Employment,” No Recovery in US Wages

Trump claims his $1.5 trillion tax cut—including the slashing of the corporate tax rate from 35 percent to 20 percent—will create more jobs and increase wages. As in the Obama years, however, this massive windfall for big business and the rich will not be used to expand production, let alone increase the wages and living standards of workers. It will go for stock buybacks and dividend increases, which benefit the richest investors.

Dec 11 10:00

US Pushes Diplomatic Isolation for North Korea, Despite Being ‘Open to Talks’

US officials, led by Ambassador Nikki Haley, have been making the rounds worldwide pushing for all nations to sever diplomatic ties with North Korea. This further undermines the US claims of being open to talks, but it’s also not clear what they expect to accomplish.

Since the US has no direct diplomatic ties with North Korea themselves, any diplomatic efforts require some intermediary. Yet if the US got its way, and everyone cuts off North Korea ties, there are no such intermediaries.

In practice, the US doesn’t expect this to be a successful push. Officials suggest that North Korea takes its international standing very seriously, and even a little bit of diplomatic harm would greatly embarrass them, however.

Plus it’s not like the US has a lot of “non-war” options left for things to do to North Korea. The nation doesn’t trade with much of anybody, except for China and Russia, and the US doesn’t have any real chance of cutting off either of those partners.

Webmaster's Commentary: 

There are very few diplomatic overtures the US can take, other than negotiating with them while they are still in the process of creating their nuclear deterrent.

And Trump, Tillerson, and Hailey have uniformly stated that will not happen, even if pigs discover they are aerodynamic.

So what are the odds of averting a war with North Korea, because the US government has boxed itself in by not allowing more room for diplomatic maneuvers?!?

Unfortunately, although I hope to hell I am wrong, not great, at this moment.

You have to understand: the Elites need a war, and soon, to attempt to "misdirect" the American public's anger away from the coming economic crash which will hit all sectors of the economy.

Dec 11 09:14

A NEW STEALTH ATTACK IN EU’S “WAR ON CASH”

The EU’s Orwellian-dubbed Civil Liberties and Economic Affairs committee has approved tough new rules on cash that travelers might bring into or take out of the bloc. It’s also broadened the definition of cash to include precious stones and metals and prepaid credit cards.
For the moment the new definition does not include Bitcoin and other cryptocurrencies, for one simple reason: “customs authorities lack the resources to monitor them.”

Most importantly, the draft law will enable authorities to impound “cash” below the traditional €10,000 threshold, if criminal activity is suspected. The new rules would repeal the First Cash Control Regulation (CCR) from 2005, which requires individuals to declare sums over €10,000 when leaving or entering the EU.

Webmaster's Commentary: 

Again, the EU's plans to ban cash transactions have utterly zero relationship to justice, to the average person, who may be involved in a "cash and carry" business; it never touches those with armies of accountants and lawyers on speed dial, who can help them "disguise" their wealth by other means.

Dec 11 09:09

BITCOIN VS FIAT CURRENCY: WHICH FAILS FIRST?

I am struck by the mainstream confidence that bitcoin is a fraud/fad that will soon collapse, while central bank fiat currencies are presumed to be rock-solid and without risk. Those with supreme confidence in fiat currencies might want to look at a chart of Venezuela's fiat currency, which has declined from 10 to the US dollar in 2012 to 5,000 to the USD earlier this year to a current value in December 2017 of between 90,000 and 100,000 to $1:

On 1 December, the bolivar traded in the parallel market at 103,024 VED per USD, a stunning 59.9% depreciation from the same day last month.

Analysts participating in the LatinFocus Consensus Forecast expect the parallel dollar to remain under severe pressure next year. They project a non-official exchange rate of 2,069,486 VEF per USD by the end of 2018. In 2019, the panel sees the non-official exchange rate trading at 2,725,000 VEF per USD.

Dec 11 08:20

Eurozone CRISIS: Italy hatches shocking plan to 'LEAVE euro' – and ECB 'APPROVES'

In a move that will spark fears across the EU of an “Italexit”, three of the country’s political parties are backing the introduction of “Fiscal Credit Certificates” as an alternative to the euro.

The complex plan has the approval of the European Central Bank.

Among the parties backing it is Silvio Berlosconi’s Forza Italia, which has enjoyed an astonishing comeback in the polls.

The revelation comes as Martin Schulz, the leader of Germany’s Social Democratic party who is tipped to become Chancellor Angela Merkel’s deputy, last week called for the creation of a United States of Europe by 2025.

Dec 11 08:07

The Biggest Bubble Ever, In Three Charts

Dec 11 07:31

Bulgaria Government Shocked To Discover It Owns $3 Billion In Bitcoin

Bulgaria’s GDP is about $52.4 billion (2016), so it is quite a shock that the Bulgarian Government is sitting on an approximate $3 billion worth of Bitcoins seized in an anti-corruption operation back in May.

Putting this into a little more glaring context, Bulgaria is holding 18% of the national debt in bitcoins.

Dec 11 07:23

Is Oil About to Collapse?

US producers simply don’t play along with OPEC and Russia.

Dec 11 06:32

Global Banks Have BILLIONS About To Collapse as This Company About to Fail ANY DAY!

The EU is failing. The ECB is unable to fix this and their intervention is only making things worse.

Who do you think will fall first, the US or the countries within the EU?

Dec 11 06:05

Bitcoin vs Fiat Currency: Which Fails First?

Dec 11 05:45

BITBUBBLE

Dec 11 05:39

A NEW STEALTH ATTACK IN EU’S “WAR ON CASH”

The EU’s Orwellian-dubbed Civil Liberties and Economic Affairs committee has approved tough new rules on cash that travelers might bring into or take out of the bloc. It’s also broadened the definition of cash to include precious stones and metals and prepaid credit cards. For the moment the new definition does not include Bitcoin and other cryptocurrencies, for one simple reason: “customs authorities lack the resources to monitor them.”

Dec 11 05:18

Enron Déjà Vu? Citi, BofA, HSBC, Goldman, BNP on the Hook as Steinhoff Spirals Down

$21 billion of debt. Off-balance-sheet entities. Moody’s wakes up, downgrades it four notches, with more to come.

Dec 11 04:20

Bitcoin Futures Begin Trading – Let The Madness Commence!

One of the things that I love about Bitcoin is that the fun never seems to end. 

Dec 11 03:37

Defense Contractors Hold Pentagon Hostage With Contracts

A new Government Accountability Office report, released in October 2017, details problems the services are having keeping the F-35 fleet ready for combat. One problem it highlighted was that, at a time when the Pentagon is desperate to ramp up production of new aircraft, the services have to wait an average of 172 days—nearly six months—to repair components for the F-35 Joint Strike Fighter (JSF), when it should only take between 60 and 90 days. While this aspect of the report garnered most of the headlines, the report reveals a much more fundamental and systemic problem involving most of the latest high-tech weapon systems: Defense contractors are creating complicated support systems for the increasingly complex weapon systems the Pentagon buys, which allows the contractors to secure long-term contracts for which they have no competition from other companies.

The F-35 serves as the ultimate example of this arrangement. Under the current plans, the American people will spend $406.5 billion for research, development, and procurement for a fleet of 2,456 F-35s. That is a staggering figure, but it pales in comparison to the costs to sustain the program. These costs are expected to top $1.2 trillion through 2060>>>

Dec 10 10:50

Bitcoin Phase Transition or Plateau Move?

Dec 10 09:46

Russia-China real gold standard means end of US dollar dominance

The BRICS counties are considering starting an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose its dominance, predicts a precious metals expert.

Dec 10 09:42

Here's How Much Retirees Are Spending To Support Their Adult Kids

At one point in time in America, living at home with mom and dad after crossing out of your teenage years and into your 20s was embarrassing and something that was generally avoided at all costs. And while hard times come and go, 20-somethings who were forced back into their parents' care worked their tails off until they could save up enough money to once again regain their freedom.

But, these days millennials seem to be embracing the free room and board provided by their parents. According to a new study from the Census Bureau, roughly one-third of all millennials live at home with their parents and one-fourth of them can't be bothered with enrolling in school or finding a job.

Dec 10 09:37

Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?

According to the GAO's Comptroller General, "Journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions…. For an auditor, journal vouchers are a red flag for transactions not being captured, reported, or summarized correctly."

Dec 10 09:35

Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?

On July 26, 2016, the Office of the Inspector General (OIG) issued a report “Army General Fund Adjustments Not Adequately Documented or Supported”. The report indicates that for fiscal year 2015 the Army failed to provide adequate support for $6.5 trillion in journal voucher adjustments. According to the GAO's Comptroller General, "Journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions…. For an auditor, journal vouchers are a red flag for transactions not being captured, reported, or summarized correctly."

Dec 10 09:35

Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?

On July 26, 2016, the Office of the Inspector General (OIG) issued a report “Army General Fund Adjustments Not Adequately Documented or Supported”. The report indicates that for fiscal year 2015 the Army failed to provide adequate support for $6.5 trillion in journal voucher adjustments. According to the GAO's Comptroller General, "Journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions…. For an auditor, journal vouchers are a red flag for transactions not being captured, reported, or summarized correctly."

Dec 10 09:07

Bitcoins Bulgarian police seized from an 'organised crime gang' would now pay off a FIFTH of the country's national debt after value rises by 600% in six months

Bulgarian police have seized enough Bitcoins to pay off a fifth of the country's national debt after the value surged by 600% in half a year.
Officers are said to have confiscated hundreds of thousands of units of the virtual currency worth $500million from an organised crime gang in May.

But the surging value of Bitcoin means that the haul of 213,519 is now worth a staggering $3.3billion.

That is enough to pay off almost a quarter of Bulgaria's national debt, although it is not known what the authorities have done with the currency.

Dec 10 08:56

Bill Blain: Bitcoin Futures Could Be "A Clusterf*ck Of Monumental Proportions"

Crypto-'currency' or total carnage?

Mike Novogratz doesn’t see "quick adoption" of Bitcoin as a currency, preferring to think of it as 'digital gold'.

Perhaps this is one reason why.

Amid its meteroic rise, Bitcoin is now 20 times more volatile than the US Dollar...

Dec 10 06:48

Walmart is the largest employer in 22 states

Dec 10 06:28

JOBS STORY REALITY CHECK

Dec 10 05:26

Why Economists Are Morons

Dec 09 19:13

Walmart is the largest employer in 22 states

Dec 09 11:19

IMF Warning About China’s TRILLIONS in Potential SYSTEMIC RISKS! Here’s Why.

Here is the IMF, talking about just a small percentage of the risks in China. Does this mean that China the only country with issues? No. Not even close. But where there are risks, we must identify them.

Dec 09 11:03

Peak Fantasy Time

If you want to know why both Wall Street and Washington are so delusional about America's baleful economic predicament, just consider this morsel from today's Wall Street Journal on the purportedly awesome November jobs report.

Dec 09 09:59

Adam Mesh – Better Alternatives to Bitcoin

Dec 09 08:23

Better Than Bitcoin and FANG Stocks in 2017! Guess the BEST Performing Stock Market ON EARTH?

Venezuela is the perfect example of what a central bank can do to a currency. Completely destroy it. This is what happens to fiat currencies with central bank control. They expand it until it devalues entirely. Central planning is a failure. Financial and political.

Dec 09 07:50

Former Soros Analyst Warns on Growing Risks

Dec 09 07:07

The Fed’s QE-Unwind is Really Happening

Fed’s assets drop to lowest level in over three years.

Dec 09 06:43

FAKE NEWS CAMPAIGN: AMERICANS FALSELY THINK THEIR TAXES WILL RISE WITH GOP PLAN

Due to an influx of fake news and anti Trump propaganda, as per a CBS News poll, a large number of Americans have been misinformed and are now believing that President Trump’s tax cuts are not really tax cuts, but yet another boon for the richest one percent, or something along these lines.

Dec 09 06:30

The Indicator That Predicted The Bear Market 100% Of The Time Just Hit Again

Banks issue last minute warning that Bitcoin futures might be to risky, but don't worry Goldman Sachs will clear them. Unemployed Americans says they are the most comfortable in years?

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