ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Oct 06 09:02

Americans are retiring later

Oct 05 20:11

Global Debt Is A Pest That Must Be Eradicated

Oct 05 17:27

Daniel Ek and Martin Lorentzon Cash Out $100MM+ In Spotify Shares

Last May, Sony cashed out 50% of its Spotify shares, earning a cool $760 million. Less than a week later, Warner Music Group revealed it had dumped 75% of its shares in the streaming music service, netting $400 million. Warner later sold all of its shares in August, earning slightly over $100 million more. Finally, Merlin cashed out 100% of its shares in Spotify, pledging to pass the sale through to its members.

They’re not the only ones. According to a new report, Spotify founders Daniel Ek and Martin Lorentzon have sold significant shares in the company.

A Securities and Exchange Commission (SEC) filing obtained by Di Digital reveals Ek and Lorentzon have sold their shares for over kr 1 billion ($110 million) each in recent months. Daniel Ek, Spotify’s CEO, received the most from the recent sales, reportedly earning kr 1.2 billion ($132 million).

Oct 05 11:59

TRUMP’S TRADE WAR AND ESCALATION OF US-CHINA STANDOFF

Tensions between the US and China are rising in the economic, diplomatic and military spheres. The economic policy of the administration of US President Donald Trump as well as the US strategy aimed at deterring growing Chinese military capabilities in the Asia-Pacific region and Chinese influence around the world in general have led to an open economic and diplomatic conflict between the two states.

Since the start of 2018, the US has imposed a series of tariffs on a wide range of Chinese goods and, according to President Trump, is ready to make further steps in order to defend US national interests.

Oct 05 11:41

Trump’s March to War with Iran

War with Iran would be a painful and pointless disaster. It would make the wars in Iraq and Afghanistan look like warm-up acts. It would cost trillions of dollars, kill tens of thousands of people and destabilize an already volatile region. It would trigger a global recession as oil prices spike and uncertainty collapses markets. It would also drive the spread of nuclear weapons and increase the risk of nuclear weapons use.

War would not in any conceivable scenario lead to the establishment of a popular, democratic, and pro-Western government in Iran. With war would come chaos. If the current regime were to fall, the power would pass not to demonstrators in the streets but to those with the guns—the Revolutionary Guard. In all likelihood, war would bring to power a more virulent, more dictatorial, and more anti-American regime than the current one in Iran.

Webmaster's Commentary: 

Why is President Trump making these moves right now?!?

Because it was a promise given to both Sheldon Adelson, the man who owns Middle East Foreign policy, due to giving President Trump maximum financial support possible, and his other BFF in the Middle East, Prime Minister Netanyahu, along with the promise to recognise Jerusalem as the capital of Israel.

Unfortunately, President Trump is no master military strategist, and he keeps on drinking the grade-A koolaid from his military advisers, that this would actually be a winnable war.

And the question which should keep some people in the bowels of power in DC awake at night is this; if President Trump goes into Iran, what will Russia, its long time friend and trading partner do?!?

My suggestion is that just as it has for Syria, Russia will assist Iran militarily against the US; so just how does that change the equation???

And we also have a companion piece here, also from globalresearch. Taking a page out of the Hussein/Bush playback, and here it comes:Illegal sanctions: Pompeo arranges mass-starvation of the Iranian People

Oct 05 11:19

Is Saudi Arabia the Middle East’s Next Failed State?

Reports are growing that Muhammad bin Salman, Saudi Arabia’s hyperactive crown prince, is losing his grip. His economic reform program has stalled since his father, King Salman, nixed plans to privatize 5 percent of Saudi Aramco. The Saudi war in Yemen, which the prince launched in March 2015, is more of a quagmire than ever while the kingdom’s sword rattling with Iran is making the region increasingly jumpy.

Heavy gunfire in Riyadh last April sparked rumors that MBS, as he’s known, had been killed in a palace coup. In May, an exiled Saudi prince urged top members of the royal family to oust him and put an end to his “irrational, erratic, and stupid” rule. Recently, Bruce Riedel, an ex-CIA analyst who heads up the Brookings Institution’s Intelligence Project, reported that the prince is so afraid for his life that he’s taken to spending nights on his yacht in the Red Sea port of Jeddah.

Webmaster's Commentary: 

All the signs point to potential downfall here; and then what happens both to Saudi government, its oil, and the wars of conquest it is waging, overtly and covertly?!?

Oct 05 10:49

Danske Bank Shares Plummet As More Details On $234 Billion Money Laundering Scandal Emerge

Shares of Danske bank tumbled on Friday, adding to an already sizable decline so far this year, following a Financial Times report which revealed that the bank - which has become embroiled in one of the largest money laundering scandals in European history - also executed "mirror trades" for Russian clients, raising the possibility that the bank is facing even more serious fines and sanctions.

Danske Bank executed up to €8.5 billion ($9.8 billion) in mirror trades for Russian customers in a single year, according to an internal memo cited by the FT. The memo raises "new insight into the scale and tactics behind its €200 billion money-laundering scandal." Deutsche Bank's Moscow desk also used mirror trades - wherein the same party takes both sides of a trade, selling in rubles then buying in dollars - to help criminals move money out of Russia, an activity for which it was fined more than $600 million. The bank earned some 10 million euros from the trades, it said.

Oct 05 10:31

As Fighting Escalates in Yemen’s Hodeidah, Risk of Famine GrowsUAE-backed forces escalate all-out offensive

Several months into the invasion of the Yemeni aid port of Hodeidah, the forces loyal to the United Arab Emirates have been escalating dramatically, looking to gain ground faster in an effort to seize the nation’s largest aid port.

Hodeidah is estimated to import food aid for about 70% of Yemen, and fighting has at this point effectively cut off traffic to an from the city. Promises by the Saudis for a humanitarian corridor haven’t been followed through on so far, and that means no one is getting food.

This has happened before in the Saudi-led war in Yemen, with Saudi naval blockades regularly cutting the nation off from food imports for weeks at a time. Fighting could drag on much longer, however, and that could mean mass starvation, particularly in northern Yemen.

Webmaster's Commentary: 

This... is precisely the objective of the B.O.Y. (a.k.a. the Butcher of Yemen, also known as Saudi Crown Prince Bin Salman), and one of his BFFs in the Middle East, the American Merchant of Death in Chief, President Trump.

They want to leave the port as in tact as humanly possible, in order to control it fully, and starve the Yemeni people into submission.

Oct 05 10:12

Is The Threat Of High Oil Prices Overstated?

Imo yes, years of doom porn predictions got me

Oct 05 09:18

NAFTA 2.0 Enshrines Deregulation for all of North America

Trump’s re-negotiated NAFTA, now called the USMCA, pushes food safety and other forms of deregulation to new extremes, making it more difficult to undo the damage even after Trump leaves office, says Patrick Woodall of Food and Water Watch

Oct 05 09:12

China Warns ‘Irresponsible’ US to Show Military Restraint

Already fuming at the US for having asked them to cancel annual military talks, which were supposed to be later this month, China is reacting angrily to reports that the US is planning a “global show of force” targeted at China in November.

Chinese state media warned that countermeasures would escalate if this show of force took place, and warned that the US military needs to exercise restraint instead of preparing major provocations against China.

The reports suggested that the US was going to ramp up military activities in November, in both the South China Sea and the area around Taiwan. This would involve the substantial deployment of US combat aircraft, as well as ground troops.

Webmaster's Commentary: 

This is an extraordinarily lousy idea on so many levels, I hardly know where to begin.

But let's say that such "freedom of navigation exercises" devolves into a hot war against China; do we really have enough reserves to spread them so thinly when it comes to our Naval resources?!?

I would suggest, not.

And remember; 4 November is the date by which President Trump has decreed that no country on earth can buy oil from Iran; 6 November is the date of mid-term elections in the US.

I would like to hope that, perhaps, this is more for domestic consumption than actually going to war against China or Iran, but perhaps being seen as "ready to rumble" on the part of the US government and military; but it is a scary gambit, and one which I wish the leadership of this country had not used, in either the case of China or Iran.

Oct 05 09:10

"Largest Ever Homeless Camp" Suddenly Appears In Minneapolis

The Associated Press (AP) has revealed a troubling story of the largest ever homeless encampment site mostly made up of Native Americans has quickly erected just south of downtown Minneapolis, Minnesota.

City officials are scrambling to contain the situation as two deaths in recent weeks, concerns about disease and infection, illicit drug use and the coming winter season, have sounded the alarm of a developing public health crisis.

Oct 05 08:52

Estonia admits over €1 trillion were laundered in the country in 2008-2017

Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion in cross-border flows between 2008 and 2017, according to the country’s central bank.

The European Union member country of just 1.3 million people has been rocked by revelations that banks there laundered money from Russia, Moldova and Azerbaijan via non-resident bank accounts. The scandal has forced lenders in Estonia and neighbouring Latvia to shut down.

Oct 05 08:49

A Very Lowly New High

Oct 05 08:45

Mattress Firm files for bankruptcy and will close up to 700 stores

Online reviews have replaced going to a store to lie down on a mattress. That's why Mattress Firm, America's largest bed store, has filed for bankruptcy.

The chain said it plans to remain in business, but it filed for Chapter 11 bankruptcy protection to get out of about 700 unfavorable leases. Mattress Firm said it will quickly close 200 underperforming stores and make decisions about whether to close or maintain the other 500 locations in the coming weeks. There are more than 3,300 Mattress Firm stores in the United States.

Oct 05 08:31

NEWSScathing Report Accuses the Pentagon of Developing an Agricultural Bioweapon

A new technology in which insects are used to genetically modify crops could be converted into a dangerous, and possibly illegal, bioweapon, alleges a Science Policy Forum report released today. Naturally, the organization leading the research says it’s doing nothing of the sort.

The report is a response to a ongoing research program funded by the U.S. Defense Advanced Research Projects Agency (DARPA). Dubbed “Insect Allies,” the idea is to create more resilient crops to help farmers deal with climate change, drought, frost, floods, salinity, and disease. But instead of modifying seeds in a lab, farmers would send fleets of insects into their crops, where the genetically modified bugs would do their work, “infecting” the plants with a special virus that passes along the new resilience genes.

Webmaster's Commentary: 

I know one country which would love to get their hands on this technology, if it is not working already on it; that would be Israel, to completely, and quickly wipe out all crops tended by the Palestinians, and leave them starving on the streets.

Oct 05 08:23

RUDY GIULIANI’S $1.6 MILLION AMAZON ADVENTURE HAS BECOME AN ISSUE IN THE BRAZILIAN ELECTION

It’s the latest example of Giuliani traveling abroad to cash in on his tough-on-crime reputation from his days as New York City mayor, despite the fact that new research has increasingly discredited his signature implementation of the “broken windows” policing strategy.

Back home, Giuliani is defending president Donald Trump in a probe related to foreign interference in the 2016 U.S. elections, but his own ties to foreign governments, through lucrative contracts such as this one, have drawn scrutiny in Washington. Critics in multiple countries where Giuliani operates — including the U.S. — argue that his specialty is serving as a media diversion, rather than the job description written on his contracts.

Oct 05 07:52

Sudden, unexpected demise of Rethink Robotics shakes up automation industry

Boston-based Rethink Robotics, one of a handful of pioneering companies that led the charge to move industrial robots out of cages and alongside human workers, announced Wednesday it was ceasing operations. The news was largely unexpected and has sent shock waves through the robotics industry, where Rethink has been held up as a model of the new industrial automation paradigm.

The Boston Globe is reporting that Rethink was in the final stages of a deal to stave off closure by selling itself to an unnamed buyer. Ultimately, that deal fell through and the robotics firm had no alternative but shut its doors.

Oct 04 17:45

Construction and Farmer Robots Are The Latest A.I. Coming For Human Jobs

By Aaron Kesel

If Japan’s Advanced Industrial Science and Technology Institute has its way, human construction workers might not be needed anymore. Meanwhile, a robot named Angus is being billed the farmer of the future...

Oct 04 17:38

First 1% Decline Since June?

Oct 04 13:11

SEARS, KMART closing more stores

Oct 04 12:34

The Bells Are Ringing That This Is A Top

Oct 04 11:16

Economic Woes? New Car Sales Plunge 20% In UK & US In September

A new report is saying that new car sales took a nosedive in September, signaling economic distress could be just around the corner. The downward trend in the United States is being blamed on two hurricanes, while the slump in sales in the United Kingdom is being blamed on carmakers’ difficulty meeting emissions regulations.

Oct 04 09:44

One Big Difference Between Chinese and American Households: Debt

In the fall of 2009, I was invited to Beijing by Tsinghua University to present a keynote address at the first China Consumer Finance Forum. It was a personal honor and it presented an opportunity for this Missouri boy to meet some Chinese leaders in the field of finance. One of the nicest by-products of the trip was to gain access to the first iteration of the Survey of Chinese Consumer Finances, collected by Tsinghua University and funded by Citibank (China) Co., Ltd. The data provide insights into their culture and, upon reflection, clues about our own.

Oct 04 08:04

Price for Gasoline cute map. US $ per liter

Oct 04 08:01

The Interest Rate Is Going To Be Rising A Lot And Fast

Interest rates will rise quickly and those hikes are going to be pretty big. Those with home equity loans, credit card debt and other variable rate loans will soon feel the pinch in their wallet, forcing them to cut back in other areas if their finances are already stretched thin.

Oct 04 07:30

US, China Diving Into A New Cold War; Jack Ma Warns: "When Trade Stops, Sometimes War Starts"

One of the most significant themes heading into 2019, is the new US-China Cold War. Recent tit-for-tat exchanges on economic, political and strategic fronts threaten to escalate into a full-blown conflict between both superpowers.

As Washington squeezes Beijing economically through an escalating trade war, it simultaneously uses Freedom of navigation (FON) to sail its warships and or fly its nuclear-capable Boeing B-52 bombers dangerously close to Beijing's militarized islands in the heavily disputed South China Sea. This high-stakes game of chicken is now spiraling out of control and could lead to a possible military conflict.

Last month, President Trump slapped Beijing with new tariffs on an additional $200 billion worth of Chinese products, adding to the $50 billion applied on Chinese imports earlier this year, said Asia Time.

Webmaster's Commentary: 

I would like to hope that SOME adults in the room, in both Beijing and Foggy Bottom, would have the horse-sense to manage to keep this trade war becoming a shooting war, but Ma is absolutely right in voicing his concerns as he has done here.

Oct 04 07:15

Pence set to accuse China of trying to undermine Trump

Vice President Mike Pence on Thursday plans to accuse China of trying to undermine President Donald Trump as the administration deploys tough new rhetoric over Chinese trade, economic, and foreign policies.

In a speech to the Hudson Institute, Pence will say China is using its power in “more proactive and coercive ways to interfere in the domestic policies and politics of the United States.”

“China wants a different American president,” Pence will say, according to excerpts of prepared remarks from his office.

Pence’s speech comes a week after the Republican president accused China during a meeting of the U.N. Security Council of interfering in American elections to help his Democratic rivals.

Webmaster's Commentary: 

As reported at zerohedge.com this morning, there are some elements of truth in these charges. at Bloomberg business news today, the following charges were levied:

Explosive report details Chinese infiltration of Apple, Amazon, and the CIA

The report goes on to state:

"One week ago, President Trump stood up at a meeting of the United Nations Security Council and accused China of attempting to tamper with US elections - mimicking some of the same allegations that had first been levied against Russia nearly two years prior. In his speech, Trump claimed that China was working to undermine Republicans, and even the president himself, warning that "it's not just Russia, it's China and Russia." While the media largely shrugged off this proclamation as more presidential bombast probably inspired by the burgeoning US-China trade beef, the administration continued to insist that it was taking a harder line against Chinese efforts to subvert American companies to aide the Communist Party's sprawling intelligence apparatus. As if to underline Trump's point, the FBI had arrested a Taiwanese national in Chicago the day before Trump's speech, accusing the 27-year-old suspect of trying to help China flip eight defense contractors who could have provided crucial intelligence on sensitive defense-related technology.

But in a game-changing report published Thursday morning, Bloomberg Businessweek exposed a sprawling multi-year investigation into China's infiltration of US corporate and defense infrastructure. Most notably, it confirmed that, in addition to efforts designed to sway US elections, China' intelligence community orchestrated a pervasive infiltration of servers used to power everything from MRI machines to the drones used by the CIA and army. They accomplished this using a tiny microchip no bigger than a grain of rice.

BBG published the report just hours before Vice President Mike Pence was expected to "string together a narrative of Chinese aggression" during a speech at the Hudson Institute in Washington. According to excerpts leaked to the New York Times, his speech was expected to focus on examples of China's "aggressive moves against American warships, of predatory behavior against their neighbors, and of a sophisticated influence campaign to tilt the midterms and 2020 elections against President Trump". His speech is also expected to focus on how China leverages debt and its capital markets to force foreign governments to submit to its will (something that has happened in Bangladesh and the Czech Republic)."

IF these charges prove to be true, the US government has got to rethink its entire relationship with China, from trade to how the US military is dealing with its Chinese counterparts.

Oct 04 06:48

Chinese Imports Of US Crude Have "Totally Stopped" As Tariff Threats Persist

It has been roughly two months since China threatened to impose a 25% tariff on US energy imports (it eventually went back on those threats), and less than two weeks since the latest round of tariffs has been implemented. But even as China has shied away from its threats to punish the US energy industry, Reuters data are showing that imports of US oil to China have ground to a halt.

Oct 04 06:45

Pompeo Says Iran Is Source of Threats to Americans in Iraq

Ongoing protests in Basra have forced the closure of the US consulate in the Iraqi port city, and the Pentagon is preparing to evacuate personnel from the site. While the protests have been raging for quite some time, US officials insist they’re entirely Iran’s fault.

“We can see the hand of the ayatollah and his henchmen supporting these attacks on the United States,” insisted Secretary of State Mike Pompeo, despite the protests in Basra being largely related to Iraqi government corruption, and hurting the status of outgoing premier Hayder Abadi, an ally of both the US and Iran.

US officials say the closure of the consulate is because of “specific threats” form the Iranian government and militias. In practice this means militia leaders criticizing the US, and Iraqi ones at that. Shi’ite militias are often blamed on Iran.

Webmaster's Commentary: 

It is interesting that Secretary Pompeo does not realize that these charges are getting utterly no traction with the American people, and appear to be "desperation on the cusp of madness" with which to justify an all-out war against Iran, constantly advocated for by Israel, but which will be bought at the costs of only American blood, and American money.

Oct 04 06:35

Switzerland would join new interbank payment system independent of US

Bern will take part in any new payment system if it were created as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), according to Swiss Ambassador to Moscow Yves Rossier.

Switzerland's position on the issue of creating payment channels that are independent of the United States is unlikely to differ from the position of other countries, Rossier told RIA Novosti. He added his country may participate in setting up an alternative to SWIFT.

Oct 04 06:19

SAUDI ECONOMIST WHO CRITICIZED ARAMCO IPO CHARGED WITH TERRORISM

This is how they roll in the Saudi Kingdom.

Saudi Arabia’s public prosecutor has charged Essam al-Zamil, identified by activists as a prominent economist who once criticized plans to float shares of Saudi Aramco, with joining a terrorist organization and meeting with foreign diplomats, reports Reuters.

Local media, including Arabic-language newspaper Okaz, reported on Monday that the accusations include membership in the banned Muslim Brotherhood as well as communicating with neighboring Qatar and inciting protests inside Saudi Arabia.

Zamil has been detained since Sept. 2017 along with dozens of intellectuals and clerics in a crackdown on potential opponents of Crown Prince Mohammed bin Salman, whose ambitious economic reform program centered on selling up to five percent of the state-owned Aramco oil company, notes Reuters.

Webmaster's Commentary: 

I don't know how much this concerns you, but the reality that President Trump's two BFFs in the Middle East, are the Butcher of Yemen (aka, the Saudi Crown Prince Bin Salman) and the Butcher of Gaza (aka, Israeli Prime Minister Netanyahu, does give me great pause in terms of both the architecture, and trajectory, of current US foreign policy.

Oct 04 06:17

Exclusive–U.S. Verizon Workers Say Mass Layoffs Coming: ‘People’s Lives Severely Impacted’

American Verizon workers say mass layoffs are coming as soon as next week in exclusive statements to Breitbart News.

In interviews with multiple Verizon employees, the American workers said 44,00o employees are being offered a lucrative severance package to leave the multinational corporation.

Essentially, the deal for the 44,000 workers forces them to resign and take the severance or stay on at the corporation until they are eventually laid off and not eligible to receive the hefty severance package.

Oct 04 05:59

Chinese Credit Collapse Is Imminent

Oct 04 05:42

Trump Is Having The Last Laugh When It Comes To The US Economy

SCMP: Who’s Laughing Now? At Least On The US Economy, Trump Is Doing A Pretty Good Job

Richard Harris says all signs point to a broad-based market rally. Indeed, Trump would win any poll today based on the strength of the US economy. And Chinese markets can recover quickly once good sense prevails in the US-China trade war

Market sentiment has ebbed and flowed significantly over the third quarter of the year, including in the United States.

Most news seems to have emanated from the smartphone of President Donald Trump and markets have had days of concern and weeks of contentment, resulting in a reasonable summer for investors. Most independent observers will grudgingly admit that whatever Trump has done, intentionally or accidentally, it is working at the moment. If there was a poll taken today on the economy alone, he would win by a landslide.

Oct 04 05:18

New Nafta clause may be first US step to extend its currency manipulator criteria to global trade deals

The USMCA foreign exchange clause may be an initial attempt by the US to extend its currency manipulator criteria to other trade deals in an attempt to hem in managed exchange rate regimes, such as China’s

Agreement (USMCA), which replaces and updates the North American Free Trade Agreement (Nafta), is a chapter on “macroeconomic policies and exchange rate matters”, which could set a precedent for the US negotiating further trade deals with other countries, say analysts.

Chapter 33 addresses countries artificially devaluing their currencies to gain an unfair competitive advantage in international trade. It is the first time such a clause has been included in a major trade agreement.

The clause only applies to the three countries in the USMCA agreement, where there is no controversy on respective exchange rates

>>>

Oct 04 04:45

GLOBAL CURRENCY RESET HAPPENING NOW

Oct 03 15:50

No such thing as Bank Deposits or Lending

Oct 03 15:37

U.S. Households Loaded Up On Stocks

Oct 03 14:18

Gab.com Is Being Targeted By Payment Processors

GAB ---In the last two weeks both of our payment processors have threatened to or have frozen our service

Oct 03 12:47

DoD hands out $7.54 billion in year-end contract bonanza

The Pentagon handed out a whopping $7.54 billion in contracts the evening of Sept. 28, the last working day of the fiscal year.

The contract dump, as sure a sign that fall has come as birds flying south and pumpkin spice lattes, is an annual event, with the various defense offices spending the last of their coffers and award long-term contracts for the next year.

This year’s bonanza involved 114 different contract announcements, with values ranging from $1,05 billion to $7.12 million.

Oct 03 12:24

Putin on Nord Stream 2: It Would Be a Shame if EU Fails to Defend Its Interests

Russian President Vladimir Putin has commented on the recent developments around the Nord Stream 2 project: in particular, reports that Washington was mulling to introduce sanctions on companies participating in the project.

Russian President Vladimir Putin met with Austrian Chancellor Sebastian Kurz on Wednesday, to create Austrian-Russian energy cooperation. The Austrian top official noted that the cooperation between the countries had lasted for 50 years.

Meanwhile, Austrian Chancellor said that EU countries should maintain dialogue with Russia and strive for improving relations with Moscow.

Oct 03 11:46

WATCH LIVE: Russia’s Putin, Austria’s Kurz meet press after signing gas deal & talking aid for Syria

Oct 03 11:29

Huntington Bank plans to close 70 branches

in Ohio and Michigan

Oct 03 11:23

Now is the Time to Buy Gold Says Barron’

Oct 03 10:58

Making money isn’t supposed to be easy

Oct 03 10:20

Is Gold Finally Ready To Rebound?

Gold isn’t boring anymore—now we can see the bottom, and it’s cheaper than it’s been since 2015, hitting below $1,200 last week after another fed rate hike boosted the dollar.

We’re looking at six straight months of decline, but this is a nearly three-decade losing streak that could be at its end.

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