ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 07 10:02

Twitter cofounder to sell chunk of his stock for personal reasons

Better do it quickly before the price falls further

Apr 07 08:57

The Unavoidable Pension Crisis

There is a really big crisis coming.

Think about it this way.

After 8 years and a 230% stock market advance the pension funds of Dallas, Chicago, and Houston are in severe trouble. But it isn’t just these municipalities that are in trouble, but also most of the public and private pensions that still operate in the country today.

Apr 07 08:31

Ben Carson just audited Obama's HUD and found $520 billion in accounting errors and fraud.

Dr. Carson dug into the agencies records in a sweeping audit wherein he found substantial bookkeeping “errors”, which only prove either the incompetence or the corrupt nature of the previous administration

Apr 07 08:21

Ex-Goldman Trump Advisor Drops Glass-Steagall Bombshell

Is there hope?

According to “people with direct knowledge of the matter,” cited by Bloomberg, White House economic adviser and one of the ex-Goldman Sachs executives in the Administration, Gary Cohn, dropped a bombshell at a meeting on Capitol Hill yesterday.

Apr 07 07:26

Saudi Arabia Vs. Russia: The Next Oil Price War

International oil markets could be heading towards a new war, as leading OPEC and non-OPEC producers are vying for increased stakes. The unexpected cooperation between OPEC and non-OPEC countries, instigated by the full support of Saudi Arabia (OPEC) and Russia (non-OPEC) has brought some stabilization to the crude markets for almost half a year. The expected crude oil price crisis has been averted, it seems, leaving enough room when looking at the fundamentals to a bull market in the coming months. As long as Saudi Arabia, Russia and some other major producers (UAE, Kuwait), are supporting a production cut extension, financials will be seeing some light at the end of the tunnel.

Apr 06 17:48

These Eight Retailers Will File For Bankruptcy Next, According To Fitch

Fitch’s expectation of increasing retail defaults stems from increased discounter (including off-price and fast-fashion apparel) and online penetration, and shifts in consumer spending toward services and experiences. All of these factors have created a highly competitive retail environment and accelerated mall traffic declines. Retailers have also suffered from the ebb and flow of brand popularity. Negative comparable store sales and fixed-cost deleverage have led to negative cash flow, tight liquidity and unsustainable capital structures.

Webmaster's Commentary: 

I frankly don't think it is the on-line shopping which is destroying these retail brands; the problem is, people just don't have the money, period, end of discussion, to shop for those items which are not absolute necessities, and don't want to put the non-necessities on credit cards.

Apr 06 16:26

U.S. Mass Produces Debt: Stocks, Home Prices, Used Cars, Everything!

The American economy is on the brink. Our national debt has never been higher, and it continues to pump up the overinflated stock market. And while the stock market has given the naive some hope that all is looking well, that hope is misplaced. GDP growth in 2016 came out to a miserable 1.6%; the worst since the Great Recession. Oh yeah, we’re also facing the largest unfunded pension crisis in US history.

In the following video, Right Wing News interviews Charles Thorngren from Nobel Gold precious metals about his thoughts on what America is going to look like when the bubbles finally burst. The real estate bubble is forming again, only now joined by subprime auto loans and student loans. How will America look like when prices crash everywhere?

Apr 06 16:08

Ticking Time Bomb Will Wipe Out Virtually Every Pension Fund In America (Video)

Many Americans tend to regard their pension funds as ‘untouchable’ and are counting on it to support them through their retirement years. This is a mistake, because American pension funds are a ticking time bomb that could collapse any moment. Nearly all of them are woefully underfunded, to the tune of $1.9 trillion, compared to $292 billion in 2007. That’s a more than fivefold increase in just 10 years.

Apr 06 16:04

These Eight Retailers Will File For Bankruptcy Next, According To Fitch

Sears Holdings Corp (roughly $2.5 billion); 99 Cents Only Stores LLC; Charming Charlie LLC; Gymboree Corp.; Nine West Holdings Inc.; NYDJ Apparel LLC; rue21, Inc.; and True Religion Apparel Inc.

Apr 06 15:59

Stupid is as Stupid Does

If you prefer fake news, fake data, and a fake narrative about an improving economy and stock market headed to 30,000 don’t read this fact based, reality check article. The level of stupidity engulfing the country has reached epic proportions, as the mainstream fake news networks flog bullshit Russian conspiracy stories, knowing at least 50% of the non-thinking iGadget distracted public believes anything they hear on the boob tube.

Apr 06 15:55

If The Fed Sells Treasury's...Who Will Be Buying?

From 1776 through 2007, the US issued just over $9 trillion in US Treasury debt to pay for stuff which "we" wanted but "we" were unwilling to tax ourselves to pay for.

Apr 06 15:09

A Tax Plan Only A One Percenter Could Love

After the failed effort to repeal the Affordable Care Act (aka Obamacare), the Trump administration has set its sights on its next big project: so-called “tax reform.”

And the “reform” they seek appears guaranteed to elicit disdain from all sides — with the notable exception of the ultra-wealthy.

Apr 06 14:32

Canada-EU "Trade Deal" Contains a Gift for the Rothschilds

Ostensibly a trade deal, Bill C-30 will forever prevents the Bank of Canada from creating debt free currency.

Apr 06 14:21

Gold Finds Strong Support from Negative Real Rates

In case you haven’t already noticed, inflation has been steadily creeping up since July. In February, the most recent month of available data, consumer prices advanced at their fastest pace in five years, hitting 2.7 percent year-over-year. March data won’t be released until next week, but I expect prices to proceed on this upward trend, buttressed by rising mortgages and costs associated with health care and energy.

Apr 06 13:37

Walmart announces more job cuts

Apr 06 13:16

The Biggest Stock Bubble In U.S. History

Please note, many will argue that the p/e ratio on the S&P 500 was higher in 1999 than it is now. However, there’s two problems with the comparison. First, when there is no “e,” price does not matter.

Apr 06 12:48

Will massive Muslim immigration bankrupt and destroy Sweden?

Muslim invaders posing as refugees are expected to cost Sweden $18.2 billion this year, nearly 10 times over budget. And that’s just the cost for 318,000 Syrian Muslims who arrived in the last two years.

Apr 06 12:30

Stocks Tank After Tillerson Warns Russia Of "Coalition Steps Underway To Remove Assad"

VIX was being crushed and stocks were leaking higher just as planned... until Secretary of State Rex Tillerson hit the tape beating some war drums...

*TILLERSON: STEPS UNDERWAY FOR COALITION TO REMOVE ASSAD
*TILLERSON: ASSAD'S ROLE IN FUTURE UNCERTAIN
*TILLERSON: NO DOUBT ASSAD'S REGIME RESPONSIBLE FOR SYRIA ATTACK
"I think further it's very important that the Russian government consider carefully their continued support of the Assad regime."
All of which is a major flip-flop from last Thursday's comments

“I think the longer term status of President Assad will be decided by the Syrian people,” said Tillerson at a joint conference with Turkish Foreign Minister Mevut Cavusoglu on Thursday
The reaction in the market was quick...

Apr 06 12:21

Toronto House Price Bubble Goes Nuts

Based on fundamentals? You gotta be kidding.

Apr 06 11:36

The Fed Just Hinted That The Stock Market And The Economy Might Be On Shaky Ground

ADP employment surges to highest since 2014. Services PMI and non-manufacturing ISM decline.

Apr 06 11:19

Money Talks. We Need To Talk Louder.

In today’s polarized political climate, it seems like there’s no issue that people can agree on — except for maybe one.

Democrats and Republicans, liberals and conservatives, and people on all parts of the spectrum largely agree on one thing: There’s too much money in politics. And it’s only getting worse.

Apr 06 10:42

50% OF AMERICANS LIVE PAYDAY-TO-PAYDAY; 33% CAN'T WRITE A $500 EMERGENCY CHECK

It's been more than seven years since the 'great recession' officially ended, but while Fed policies have successfully generated massive asset bubbles which have accrued solely to the benefit of America's wealthiest, the majority of American families remain as vulnerable to financial disaster as they were during the height of the crisis.

In fact, a recent study found that some 50% of Americans are woefully unprepared for a financial emergency with nearly 1 in 5 (19%) having absolutely no savings set aside to cover an unexpected expense. Meanwhile, nearly 1 in 3 (31%) Americans couldn't write a $500 check to cover an unexpected household emergency expense if they had to, according to a survey released by HomeServe USA, a home repair service.

Webmaster's Commentary: 

This is pretty scary, but I think is an honest assessment of how many people feel about their finances, even if they are employed full-time, and getting a paycheck on a regular basis.

Apr 06 09:58

How Target Botched Its Response to the North Carolina Bathroom Law

Target CEO admits policy announcement was huge mistake

How Target Botched Its Response to the North Carolina Bathroom Law
In April last year, Target Corp. published a blog post welcoming transgender employees and shoppers to use restrooms and fitting rooms corresponding with their gender identities. “Everyone deserves to feel like they belong,” read the post, which turned half of Target’s red bullseye logo into a gay-pride rainbow.

A very damaging article just out from the Wall Street Journal clearly shows that Target CEO Brian Cornell regrets his company's policy announcement welcoming men to use women's restrooms and dressing rooms.You can read the entire WSJ article at link above, but be aware that it requires a subscription. Copyright laws prohibit AFA from providing the entire article to you.

Apr 06 09:47

Jamie Dimon: ‘Something is wrong’ with the U.S.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has two big pronouncements as the Trump administration starts reshaping the government: “The United States of America is truly an exceptional country,” and “it is clear that something is wrong.”

Apr 06 09:46

IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks

The IRS seized millions dollars from innocent individuals and businesses because it was easier than targeting terrorists and drug dealers, a new report from the Treasury Department’s internal watchdog has revealed.
A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals and terrorists.

“One of the reasons why legal source cases were pursued was that the Department of Justice had encouraged task forces to engage in ‘quick hits,’ where property was more quickly seized and more quickly resolved through negotiation, rather than pursuing cases with other criminal activity (such as drug trafficking and money laundering), which are more time-consuming,” according to the report .

Apr 06 09:38

BARCLAYS TRADERS ACQUITTED IN LIBOR MANIPULATION TRIAL

Two former Barclays traders have been cleared by a London jury of manipulating the key interest rate benchmark in a retrial which started six weeks ago.

Ryan Reich, a 35-year-old American, and Greek national Stylianos Contogoulas, 45, were both freed on unanimous verdicts at Southwark Crown Court.

It was their second trial on a charge of conspiracy to defraud after a jury last year could not reach a verdict. Four co-defendants have been jailed.

Both men had denied any wrongdoing when charged three years ago, reacted emotionally to the verdicts Thursday.

"For the last eight years I have consistently explained that I acted appropriately, honestly, and in accordance with the rules at the time," Reich said. "I am relieved and delighted to have been acquitted."

The Serious Fraud Office (SFO) has accused Reich and Contogoulas of plotting with other Barclays staff between June 2005 and September 2007 to skew the London interbank offered rate (Libor).

Webmaster's Commentary: 

I am hardly surprised; the rich rarely eat their own.

Apr 06 09:22

'Chinese hackers' linked to espionage campaign on board directors of Google, Amazon, IBM

Ahead of the trade summit this week between US President Donald Trump and his Chinese counterpart, Xi Jinping, security experts claim a nation-state hacking group conducted espionage on a number of key industry players and lobbyists with links to the talks.

Between 27 February and 1 March this year, the operation – dubbed "Operation TradeSecret" – used malware in an attempt to snoop on private-sector officials registering to the website of the National Foreign Trade Council (NFTC), Fidelis Cybersecurity revealed.

Webmaster's Commentary: 

With the recent revelations that CIA has developed the means to frame third parties for CIA hacking attacks, it is reckless and irresponsible to claim that China is behind these attacks. If you recall the Seattle APEC scandal from 1997, it was US agents that were breaking into computers to steal business secrets!

Apr 06 08:56

FLASHBACK 2009 - Even today it's a mystery “Does the FED actually possess all the gold that’s listed on …?”

Apr 06 08:35

How much longer will America’s malls last?

Apr 06 08:16

BOYCOTT SUCCESS: Starbucks BEGS Conservatives to Come Back

Proving that playing politics isn’t good business, the designer coffee giant concedes defeat.

Webmaster's Commentary: 

Personally, I don't plan to ever go into a Starbuck's ever again!

Apr 06 07:54

OPEC’s No.2 Goes Rogue: Plans 600,000 Bpd Oil Output Increase

Iraq has plans to boost its crude oil production by 600,000 bpd to 5 million bpd by the end of this year, regardless of its participation in OPEC’s production cut deal. Iraq is the cartel’s second-biggest exporter of crude and has been the most disinclined of all parties to the agreement since its inception, with a lot of observers expecting it to be the first one to cheat.

Apr 06 06:58

Spain’s Most Italian Bank Still “Solvent,” Claims Finance Minister

It just doesn’t let up with this bank.

Apr 05 15:41

The Elite Admit That Something Is Wrong With The Economy, But It's Not Their Fault

Trump keeps promise and donates salary to National Park Service. Ralph Lauren closing store in NY. 2017 Retail bankruptcies are surging this year. The next subprime crisis is here and the corporate media doesn't want to talk about it.

Apr 05 14:58

The Bankers’ Free Lunch Continues

In their posts in CounterPunch, the economists Michael Hudson, Rob Urie, Paul Craig Roberts, Dean Baker, and others, have long provided ample, indeed incontrovertible, evidence that non-retail banking in the US and UK is one colossal racket.

Retail banking is of course still a racket, albeit on a somewhat less egregious scale.

Apr 05 14:46

#Carmaggedon Not Yet, But Another Wheel Came Off

“We think the industry is plateauing at some levels.”

Apr 05 14:23

The Real Reason The Federal Government Have Been Keen to Blame Russia for Everything: Gold

As we reported on March 30, China and Russia are taking steps to move away from their out of control “cousin”, the Federal Reserve Note, U.S. dollar, world reserve currency.

Apr 05 14:14

George Soros is the secret financier behind Kushner-backed startup Cadre

George Soros’ Soros Fund Management has quietly been financing the Kushner-backed real estate finance startup Cadre with a substantial credit line, according to sources familiar with the matter.
A source familiar with the financing arrangement told The Real Deal that “Soros has had a long and productive relationship with the Kushner family.” Another source told TRD that Kushner Companies TRData LogoTINY president Laurent Morali played a key role arranging the financing, but a Kushner Companies spokesperson disputed that account, claiming that “Kushner Cos. has never been involved in Cadre in any capacity
Business Insider first reported the existence of $250 million credit line in June, but didn’t mention its source.

Apr 05 13:57

Fannie and Freddie’s New Bubble

Apr 05 12:15

Outlining The Potential Causes Of The Next Financial Crisis

The next financial bubble is just about ready to burst and there is little that can be done about it.

Apr 05 11:35

The housing ATM is back in service! Black Knight Financial Services reports that 44 percent of Q4 refinances were cash-outs, highest equity drawn in eight years.

Have you heard the good news brothers and sisters? The housing ATM is now back in working order. Hallelujah! Black Knight Financial Services reported that in Q4 of 2016 44 percent of refinances were cash-outs. Meaning, people are now using their homes like ATMs which flies in the face of all the house humpers who continually act as if people are acting prudent in buying crap shacks. No, people are sucking on the teat of housing mania and now they are drinking from the nectar that is being produced. This percentage was the highest level of cash-outs in the last eight years. What was happening eight years ago? The housing market was imploding in epic fashion and nearly 8 million people lost their homes to foreclosure. Many lost their homes because they took out HELOCs and Home Equity loans to live beyond their means. I have to make this point since people always forget – the vast number of foreclosures happened on traditional vanilla 30-year fixed rate mortgages.

Webmaster's Commentary: 

When the real-estate bubble bursts, all those homes that cashed out their equity will be in serious trouble.

Apr 05 10:33

Bay Area Economic Outlook Buckles under Strains

Nearly half the millennials “likely” to leave.

Apr 05 09:55

Partner At Paulson & Company Jumps To His Death In Midtown Manhattan

A 56-year-old partner at Paulson & Co., who was best known for losing billions of his clients' money to Bernie Madoff's Ponzi scheme when he ran the Fairfield Greenwich fund of funds, leaped to his death from the luxury Sofitel hotel in midtown Manhattan. Charles W. Murphy was wearing a dark business suit when he plunged to his death from the 24th floor of the 45 W. 44th St. building at around 4:42pm on Monday.

Webmaster's Commentary: 

A lot of people connected to the Madoff scam are suddenly dying.

Apr 05 09:30

Robots Take Over – The Apparel Production

First big scale shoe robot factory unveiled: Adidas will use machines to make shoes in Germany instead of humans in Asia

Apr 05 08:59

Another Algore Fraud

I am not sure why, but I have had a lot of people ask me recently about flex fuel vehicles, what they are, and if they should use E85, since it is cheaper than gasoline.

Flexible fuel vehicles (FFVs) are designed to run on gasoline or gasoline-ethanol blends of up to 85% ethanol (E85). Except for a few engine and fuel system modifications, they are identical to gasoline-only models.

Apr 05 08:16

Bribery: New Documents Show IRS Targeting Scandal Was More Expansive

New documents obtained by government watchdog group Judicial Watch show the IRS targeting scandal was more expansive than previously known and show IRS officials admitting the tactics used to hinder conservative groups were inappropriate. The documents, which total 695 pages, were previously withheld by the Obama administration from Congress and were not included in the Congressional investigation into IRS abuse.

Apr 05 08:03

The Level Of Stupidity Engulfing The Country Has Reached Epic Proportions, All The Pieces Are In Place For An Epic Stock Market Crash

If you prefer fake news, fake data, and a fake narrative about an improving economy and stock market headed to 30,000, don’t read this fact based, reality check article. The level of stupidity engulfing the country has reached epic proportions, as the mainstream fake news networks flog bullshit Russian conspiracy stories, knowing at least 50% of the non-thinking iGadget distracted public believes anything they hear on the boob tube.

Apr 05 07:58

Brazilians whacked: Crooks hijack bank's DNS to fleece victims

Rather than picking off online banking customers one by one, ambitious hackers took control of a Brazilian bank's entire DNS infrastructure to rob punters blind.

The heist, detailed by security engineers at Kaspersky Lab, took place over about five hours on Saturday October 22, 2016, after the miscreants managed to get control of the bank's DNS hosting service using targeted attacks. They managed to transfer all 36 of the bank's domains to phony websites that used free HTTPS certs from Let's Encrypt. These sites masqueraded as the bank's legit online services, tricking marks into believing the malicious servers were the real deal. That allowed the crims to steal customers' usernames and passwords as they were typed into the sites' login boxes.

Apr 05 07:49

FED GOVERNOR: MARCH ‘BLOWOUT JOBS GROWTH’ NEW EVIDENCE OF ECONOMIC TRACTION

Outgoing Federal Reserve Governor Daniel Tarullo told CNBC on Wednesday that robust March job growth at American companies provides more confirmation of a “solid trend” of strength in employment.

He also said the economy is gaining traction.

U.S. companies added 263,000 jobs in March, according to the latest ADP and Moody’s Analytics private payrolls report. That was well above the 185,000 expected from economists surveyed by Reuters. The government reports its March employment report on Friday.

Apr 05 07:47

Paul Craig Roberts - Debt Based System Running Out of Steam, Nuclear War More Likely: Blame Washington & MSM

Dr. Paul Craig Roberts, formerly a top editor at the Wall Street Journal, says nuclear war is the most dire problem Americans face. This comes at a time when trust between Russia and America is at all-time lows.

Apr 05 07:43

Amazon is refunding £55 million to customers - Find out if YOU are eligible for a refund

In 2016, a US federal judge ruled that Amazon had failed warn parents that free apps downloaded from its store could still contain in-app purchases.

Amazon did not provide parents with enough notice – or password requirements – to prevent any unwanted charges from children using the apps independently, the judge found.

The Federal Trade Commission has estimated parents were mistakenly charged upwards of $70 million, roughly £55 million, between November 2011 and May 2016.

Now that Amazon has dropped its appeal, the refund process can begin.

Customers who were affected by this issue will be refunded via method of purchase, not gift cards.

According to the Federal Trade Commission, Amazon is due to begin its refund program "shortly".

Apr 05 07:34

THE PENTAGON HAS NEVER BEEN AUDITED & TRILLIONS OF DOLLARS ARE UNACCOUNTED FOR. WHERE HAS IT GONE?

An audit refers to an official financial examination, to which every person, corporation, and government organization in the United States is subject. To be exempt from an audit or to not be audited on an annual basis is practically unheard of, even if a business makes a small amount of money. So, why doesn’t the Pentagon, the headquarters for the United States Department of Defense — which accounts for 54% of the U.S. government discretionary spending — get audited?

To be clear, this is illegal. Legislation that was passed in the early 90s states that all government agencies must be audited on an annual basis. The Pentagon has not been audited for the past 20 years, yet there have been no legal consequences. Instead, the U.S. government awards the Department of Defense with billions of dollars annually. Why does the Pentagon get special treatment from the U.S. government and what exactly is it hiding?

WHY THE PENTAGON IS LONG OVERDUE FOR AN AUDIT

Webmaster's Commentary: 

Upping the budget for a military institution which believes itself to be unaccountable for its spending, is really a very, very bad precedent, and must be stopped.

Apr 05 06:59

PAYLESS SHOE FILES FOR BANKRUPTCY, WILL CLOSE 400 STORES IMMEDIATELY

Payless ShoeSource, the discount shoe store, has filed for Chapter 11 bankruptcy protection.

"This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify," said Payless' CEO W. Paul Jones in a statement.

Payless plans to immediately close 400 stores in the U.S. and Puerto Rico and will also "aggressively manage" the rest of its real estate portfolio. That will mean closing additional stores and seeking to modify existing lease terms. The retailer currently has 4,400 stores in more than 30 countries.

In recent years, reports Forbes, the retailer has suffered from flat and declining sales and a staggering amount of debt, as shoppers shun malls and instead opt for online or other discount stores.

Revenues slid 4% to $2.3 billion in the twelve months ending in October 2016, according to Moody's.

Webmaster's Commentary: 

The debt Payless is carrying is nothing short of staggering.

But blaming on-line sales for their demise is more than a little disingenuous; the quality of product their buyers chose was generally very low, and products from the store didn't last well at all.

Apr 05 06:54

RICHMOND FED PRESIDENT RESIGNS AFTER ADMITTING LEAKING FED POLICY DELIBERATIONS

Richmond Fed President Jeffrey Lacker has just admitted he leaked confidential Fed monetary policy information to Medley Global Advisers, a publisher of macroeconomic analysis for institutions such as hedge funds and asset managers. It is owned by The Financial Times.

He has resigned effective immediately. He had planned on retiring in October.

There is no immediate indication if Lacker will face criminal prosecution. The FBI has been probing the Fed's 2012 leak to Medley since 2015.

Webmaster's Commentary: 

I would expect no prosecution whatsoever; the rich rarely eat their own.

Apr 05 06:42

Buy This Cheaper Commodity Now To Save Your Wealth Before The Imminent Market Collapse

If we consider the weight the market is carrying now, it is no secret that we are on the verge of yet another market collapse.

Apr 05 06:42

AMERICANS NEED NOT APPLY

Americans and American products are systematically discriminated against by Law.

US companies who want to hide behind the US military and courts and live in our country must hire the Americans who protect them and their money.

Apr 04 18:28

Intelligence Insider Who Simulated Financial War Games For Government: “What They’re Going To Do Is Lock Down The System… Close The Banks, Money Market Funds, Stock Exchanges”

There is only one reason the U.S. economy has thus far avoided a completely devastating collapse that threatens to end life in America as we have come to know it. According to former intelligence operative and author of Jim Rickards, it has everything to do with confidence. Slow but surely, however, that confidence is eroding and it is only a matter of time before the machinations and manipulations of central banks, governments and financial institutions lead to a total destabilization of the system.

And when that day finally comes – when credit markets lock up, stock markets crash, or the U.S. dollar collapses – Rickards, the author of The Road To Ruin: The Global Elites Secret Plan For The Next Financial Crisis, warns in a recent interview with Greg Hunter’s USA Watchdog that access to your assets will be heavily restricted.

Webmaster's Commentary: 

This is why you have to plan, NOW, to start working outside the financial grid, and not get stuck as an "unintended investor" whose assets are going to be used to fix the banks' collective woes.

Do not have a cent more in the bank than you need to pay your bills; if you need to, find a check cashing entity which will charge you for the transaction, and keep your assets as liquid as possible.

Apr 04 18:23

European Union Tells Hungary and Poland To Accept Mass Migration Or Leave

France and Germany, along with a host of up to 21 other countries, are set to demand Hungary and Poland either accept migrants under the quota system or leave the European Union (EU).

The two nations have ignored Brussels’ insistence that they take migrants presently residing in great numbers in Italy and Greece. Public opinion in Hungary and Poland is also strongly against being forced to accept thousands of migrants from non-European cultures.

Webmaster's Commentary: 

I am not a betting woman, but I would almost be willing to bet what Hungary's and Poland's answer to the EU will be on this issue, and that would be,in Hungarian and Polish, somewhat of the equivalent of "You can stick your EU membership where the sun cannot shine!"

Apr 04 18:10

‘O’Reilly Factor’ Advertiser Exit Grows After Alleged Harassment Settlements

About 18 advertisers have issued statements about pulling their ads

Apr 04 16:12

The Next Subprime Crisis Is Here: 12 Signs That A Day Of Reckoning Has Arrived For The U.S. Auto Industry

The same thing happened just before the great financial crisis of 2008. All of the warning signs were there well in advance, and many of the experts were warning about what was coming as early as 2005. But because it did not happen immediately, a lot of people greatly mocked the warnings.

Apr 04 16:01

Jamie Dimon Warns “Something Is Wrong” With The US

"Our problems are significant, and they are not the singular purview of either political party. We need coherent, consistent, comprehensive and coordinated policies that help fix these problems. The solutions are not binary – they are not either/or, and they are not about Democrats or Republicans."

Apr 04 15:39

European Union Tells Hungary and Poland To Accept Mass Migration Or Leave

France and Germany, along with a host of up to 21 other countries, are set to demand Hungary and Poland either accept migrants under the quota system or leave the European Union (EU).

The two nations have ignored Brussels’ insistence that they take migrants presently residing in great numbers in Italy and Greece. Public opinion in Hungary and Poland is also strongly against being forced to accept thousands of migrants from non-European cultures.

Webmaster's Commentary: 

I am not a betting woman, but I would almost be willing to bet what Hungary's and Poland's answer to the EU will be on this issue, and that would be,in Hungarian and Polish, somewhat of the equivalent of "You can stick your EU membership where the sun cannot shine!"

Apr 04 14:33

VALUATION DECISION OF THE DAY – which is worth more: Pippa Middleton’s bum, Tesla cars or the Rock of Gibraltar?

The South African rand is falling in value, the euro is doing well against the dollar, US car makers announcing poor sales results have seen their shares wobble, and the price of some quoted tech companies continues to rise despite their inability to make a profit.

Apr 04 13:35

SOUTH AFRICA JUNK CREDIT RATING - Credit Rating Has Been Cut to Junk Status. Sends Currency Tumbling

South Africa’s rand tumbled on Monday afternoon after credit rating agency Standard & Poor’s downgraded the country’s the credit grade to junk status, saying a cabinet reshuffle by President Jacob Zuma last week had put fiscal and growth outcomes at risk.

Apr 04 11:59

CHARTS: The gold bull is gaining steam

Apr 04 11:45

Homeless Families Are Being Forced Out Of London As Temporary Housing Costs Soar

Homeless families in London are being given temporary accommodation outside the capital because the spiralling cost of rent is draining council funds, new figures show.

According to London Councils (LC), the number of placements outside the capital rose from 113 between April and June 2012 to 551 between December and April 2016.

Apr 04 11:43

Proposed #CollegeForAll Plan Would Tax Wall Street To Destroy Student Debt Crisis

In a progressive push-back to the Trump administration’s right-wing agenda—and amid rising inequality—Rep. Pramila Jayapal (D-Wash.) and Sen. Bernie Sanders (I-Vt.) on Monday unveiled their legislative plan for tuition-free public colleges to lift the burden of “crushing debt.”

Apr 04 11:09

The Federal Reserve Conspiracy and Rockefeller (1952) By Emanuel Josephson

“Since commerce and money are the livelihoods of nations and their peoples, the control of money is the obvious key to the control of nations and the world. …Rome’s successor the Holy Roman Empire dissimulated its interest in money and its power. This was in accord with its professed tenets of Nazarene, theistic Communism.

“Under ecclesiastic Canon Law, even profits in business transactions were decreed to be the cardinal sin and capital offense of ‘usury’ As late as the sixteenth century, one hundred businessmen were burned at the stake in Geneva, as a penalty under Church law, for making profits in their business transactions. Title to all wealth , as well as to the person and lives of all the earth, are claimed by the Church, on the ground that their ownership is divinely vested in the Pope as the Vicar of Jesus Christ on earth.

Apr 04 10:52

New Cold War Lines Are Being Fortified: There Are Interests Behind The Throne That Are Not Controlled By The Trump Administration

For those of you who have completely fallen in line with the thought that President Trump is the panacea to all our problems, it’s advisable that you rethink that stance. Firstly, there are interests behind the throne that are neither controlled by nor parallel to the interests of the administration. Secondly, the “transition period” is not over. It is far from over, and the lines that are developing…both of intra and inter-party dissension domestically…and the “Second Cold War” lines throughout the world…have materialized. They are beginning to solidify, and they are becoming fortified.

Webmaster's Commentary: 

What I am seeing, looking at the world situation, is very much like that archetypal dream of witnessing a slow-motion train wreck which one is incapable of stopping, despite one's best efforts.

So the best advice I can give our readers and radio listeners is, please don't panic: plan.

This means having long-term, storable food and water with you; extra medications for yourselves and your pets; and having a bug-out kit, and plans about how to get yourself away from mass areas of panic or hurt, should it come to that.

You also need to find a way of protecting yourself and your family with which you are comfortable, because if people even suspect that you are prepping, they will want to tear down your door, and loot your supplies from you in a heartbeat.

Find like-minded friends in your community with whom you can work, and barter.

A really excellent prepper newsletter comes from a very sage lady by the name of Daisy Luther, and you will get tips for prepping, and yes, a little advertising as well. But if you are new to the concept, what she has to say can be invaluable.

Mike sees only two possible, ultimate outcomes from all that is going on; either a world war, or a complete collapse of the US economy, and a collapse of the Federal government, none of which would be pleasant scenarios through which to have to survive.

But looking at the magnitude of what is going on, survival will be the name of the game, and most probably in relatively short order.

Apr 04 10:32

How the Federal Reserve is robbing us blind.

Apr 04 10:08

Declining Living Standards In The U.S.; Myth Or Reality?

We often hear the economists raising the most profound questions of declining living standards in the U.S. We have analyzed this issue and here is the analysis build using various sources.

Apr 04 09:35

2017 Retail Bankruptcies Soar To 'Great Recession' Highs

As U.S. equity markets continue their march back toward all-time highs, courtesy of the latest BTFD binge trade, at least one 'small' segment of the U.S. economy does not seem to be participating in the rally as 9 brick-and-mortar retailers have already filed for bankruptcy protection in 1Q 2017 alone. That volume of filings matches the total number of retail bankruptcies for all of 2016 and puts the industry on pace to exceed even the 'great recession' highs.

Apr 04 09:35

Iceland's Jailed Bankers Are Back, Demanding They Were Crisis Scapegoats

In the aftermath of the 2008 financial crisis, one country stood out: Iceland was the one nation in the world which not only let its banks fail, but convicted the bankers responsible for the collapse of the country's financial system (incidentally, since then Iceland has been one of the world's economic success stories, with the economy growing over 7% last year). Now, nearly a decade later, Iceland’s ex-bankers, once reviled as symbols of crony and rogue capitalism, say they were scapegoats: and having been "improperly" jailed for their roles in the 2008 financial crisis, they’re now taking their cases to the European Court of Human Rights.

Webmaster's Commentary: 

"You are not ALLOWED to jail a banker!!!!" -- Das FED

Apr 04 09:15

Are 401K Holders About To Feel A Savers Pain?

There’s an old truism people forget all too often. It has many variations and is attributed to even more, its core meaning goes something like this:

“If the government can give it to you, than it can also take it away.”

Some of you might be wondering if I’m talking about the current “tax” advantages that have made these vehicles so popular over the years. To that I’ll say no, not at this current time. But I feel that will be the least of worries coming down the pike in the not so distant future.

No, what I’m directly addressing is what is now emanating from the one and only non-government, privately held institution, directed by a consortium of non-elected, Ivory Towered, policy wonks: The Federal Reserve.

And those emanations are anything but 401K holder friendly. Let me explain…

Apr 04 09:14

Dallas Mayor Pulls Support For "Massive Taxpayer Bailout" Of Police Pension

Dallas Mayor Mike Rawlings has finally reached his maximum willingness to throw taxpayer dollars at the Dallas Police and Fire Pension (DPFP) system and has pulled is support for a bill that, if it passes, will undoubtedly prove to be yet another futile effort to save the system from insolvency. Despite support for the original legislation introduced by Dan Flynn, chair of the pensions committee in the Texas House of Representatives, Rawlings apparently took issue with a last minute addition to the bill that would have taxpayers fund the pensions of "phantom employees" based on a target Dallas police force of 3 officers per 1,000 residents.

Apr 04 09:14

Why Special Interests Sacrifice The Future For Short-Term Gain

The special interests that dominate politics dominates to produce a form of economic warfare. The more some can manipulate the political machinery, the more they can feather their own nests. They even use similar propaganda techniques.

In wartime, we are always defined as the good guys, ennobled by our moral cause. "They" are the bad guys, to be demeaned and dehumanized, so few will be bothered by what is done to them. Similarly, in domestic politics, representatives of each group paint themselves as particularly worthy or needy, making their advocacy morally superior, contrasted with their opponents whom they tar as selfish or unprincipled.

However, advocates for such causes do not always occupy the moral high ground they try so hard to create. They advocate coercing those who have done no harm to others to justify it. Further, the policies proposed often benefit existing members of a group, but harm those who will be members of that group in the future.

Apr 04 09:10

Ralph Lauren To Close Flagship Fifth Avenue Store; Cut Jobs

The retail massacre claimed its latest victim this morning when iconic luxury retailer Ralph Lauren said it would shut its flagship Polo store on Fifth Avenue in New York City, among other office and store locations, and cut jobs as part of a cost-cutting plan.

Apr 04 08:32

Boeing signs first major deal with Iran under Trump administration

Boeing has signed a $3.4 billion deal with Iran's Aseman Airlines to supply 30 737 MAX aircraft to the carrier.

Apr 04 08:25

Trump takes aim at visa program for high-skilled workers

The Trump administration is beefing up enforcement of the H1-B visa program used by tech companies to bring high-skilled workers to the U.S.

On Monday, the Department of Homeland Security said it was taking steps to “further deter and detect H-1B visa fraud and abuse.”

"The H-1B visa program should help U.S. companies recruit highly-skilled foreign nationals when there is a shortage of qualified workers in the country. Yet, too many American workers who are as qualified, willing, and deserving to work in these fields have been ignored or unfairly disadvantaged," the agency said.

Apr 04 08:14

11 Weeks in Prison, 20 Years to Go for Peaceful Amish Father of 12 — Sam Girod Update…

Sam Girod is a peaceful Amish farmer from Kentucky who made and sold homemade salves, the type that anyone could make in their kitchen. These salves have never hurt anyone (did I mention, NO ONE?), and his “crime”? Rape? Murder? Drug dealing? Nope, not even close. His crime was mislabeling his homemade “product”, according to the FDA. So he changed the label. They said it wasn't good enough. He changed it again. Years later they came after him again. Then he missed a court hearing that he didn't even realize he was supposed to attend. It went from bad to worse from there…

Webmaster's Commentary: 

"How DARE you compete with major corporations by making your own products!!!!!"

Apr 04 08:11

REVEALED: EU budget CRISIS as Juncker facing cliff edge over £200BN deficit

THE European Union (EU) has a growing debt mountain of £203billion (€238billon) and has admitted difficulties in paying its bills.

The European Commission (EC), which oversees the budget and is run by unelected president Jean-Claude Juncker, says it tried to make the funding crisis "disappear" .

Luxembourg politician Mr Juncker, who represents the European People's Party (EPP) and earns €304,212 per year plus allowances of as much as 15 per cent more, took over the budget of the bloc in 2014.

Apr 04 08:06

Central banks ditching euro for Sterling

Concerns over political instability, weak growth, and the European Central Bank's (ECB) negative interest rate policy have led central banks to cut euro exposure; the Financial Times reported, citing a survey of reserve managers at 80 central banks.

Apr 04 08:02

HOW A PRIVATE PRISON COMPANY USED DETAINED IMMIGRANTS FOR FREE LABOR

GEO incarcerates more immigrants (and receives more public money to do so) than any other detention center operator, according to an analysis by the anti-detention group CIVIC. And its business detaining immigrants for ICE is only expected to grow "with this increased and expanded approach to border security," CEO George Zoley said in a February earnings call.

According to the lawsuit, there were two ways GEO cashed in on cheap labor from detainees. There was the facility's sanitation policy, under which detainees like Ortiz were required to work as janitors without pay. If they didn't, they risked being punished with solitary confinement, according to GEO's local detainee handbook. Detainees could also apply for a job in Aurora's voluntary work program, which paid them exactly $1 a day to keep the facility running.

Webmaster's Commentary: 

Any way you look at this, it is slave labor.

These people should have been repatriated, and the country of origin charged for their housing and services, while they were illegally in the US.

Apr 04 07:26

THE NEXT SUBPRIME CRISIS IS HERE: 12 SIGNS THAT A DAY OF RECKONING HAS ARRIVED FOR THE U.S. AUTO INDUSTRY

In 2008, subprime mortgages almost single-handedly took down the entire financial system, and now a new subprime crisis is here. In recent years, the auto industry has been able to boost sales by aggressively pushing people into auto loans that they cannot afford. In particular, auto loans made to consumers with subprime credit have been accounting for an increasingly larger percentage of the market. Unfortunately, when you make loans to people that should not be getting them, eventually a lot of those loans are going to start to go bad, and that is precisely what is happening now. Meanwhile, automakers and dealers are starting to panic as sales have begun to fall and used car prices have started to crash. If you work in the auto industry, you might remember how horrible the last recession was, and this new downturn could eventually turn out to be even worse. The following are 12 signs that a day of reckoning has arrived for the U.S. auto industry…

Webmaster's Commentary: 

In looking at local Hawaiian commercials for car leasing, the prices are so low that it looks like the auto companies here are nearly giving away these lease rates, because they cannot move product to save their lives.

As reported at bloomberg.com in February of this year:

Dealer's first overflow lot in 37 years exposes US car pileup

Apr 04 07:08

Amazon is a destroyer of jobs and the merchant economy

If this is progress, just how much more can our economy afford? The myth of cheap prices, conveniently seldom factors in the structural costs to society. Building an all inclusive monopoly based upon minimal employees and predatory prices ignores the long anti-trust history that helped create the middle class.

Apr 04 07:06

Housing Bubble in Sydney Soars to New High, Politicians Promote Scheme to Bitter End

“Buy property in Sydney and you’re ‘pretty well set for life’”: Government to first-time buyers.

Apr 04 06:58

Credit rating agency downgrades South Africa to junk status

An international credit rating agency has downgraded South Africa to junk status, following the country's controversial cabinet shake-up last Friday.

Apr 04 05:21

The Next Subprime Crisis Is Here: 12 Signs That A Day Of Reckoning Has Arrived For The U.S. Auto Industry

In 2008, subprime mortgages almost single-handedly took down the entire financial system, and now a new subprime crisis is here. In recent years, the auto industry has been able to boost sales by aggressively pushing people into auto loans that they cannot afford.

Apr 03 21:27

An Extraordinary “Path to Marijuana Reform” by Two Oregon Congressmen

Two Oregon congressional democrats, a senator and a representative, show ground-breaking leadership with their “Path to Marijuana Reform.” Three pieces of excellent legislation showcase the effort by Senator Ron Wyden and Representative Earl Blumenauer. This proposal has excellent cannabis policy goals. It would:

Deschedule Marijuana Completely. No Schedule II, maybe Schedule III, categories that would leave cannabis in the clutches of the DEA. One of the Oregonians’ proposals, the Marijuana Revenue and Regulation Act, would remove cannabis entirely from the Controlled Substance Act, freeing it from most federal control. States would be free to prohibit or legalize with their choices and their votes. As with alcohol and tobacco, marijuana products would be subject to a federal excise tax.

Apr 03 16:30

Moscow And Beijing Join Forces To Bypass US Dollar In Global Markets, Shift To Gold Trade

In other words, China and Russia are shifting away from the dollar-based trade, to commerce which will eventually be backstopped by gold, or what is gradually emerging as an Eastern gold standard, one shared between Russia and China, and which may day backstop their respective currencies.

Apr 03 16:19

Economists: All the bubbles are ready to bust

Whether Trump is a willing participant or an unwitting scapegoat doesn’t much matter. It’s simply important to remember that before he became president, Trump was known as one of the world’s greatest salesmen. If you think about it, it was a whole bunch of other really convincing salesmen who got us into this mess. So it stands to reason that only those of us who learn to read between the lines of a tremendous pitch are going to make it out with our skin.

Apr 03 16:11

‘BE PREPARED’ ECB fires grave warning to Europe's most debt-ridden countries

EUROPE'S debt-laden countries have been warned to prepare for higher borrowing costs and an end to ultra accommodative monetary policies that have helped prop up economies in the aftermath of the financial crisis.

In a stark alert, a top policymaker from the European Central Bank (ECB) told governments and other players to expect interest rates to start rising from negative levels.

ECB executive board member Benoit Coeure told an audience in Paris: "It's obvious that the financial sector, and other economic actors and especially governments must prepare (for higher interest rates).

"I hope that eurozone governments know that interest rates will not stay at current levels."

Greece, Spain, Italy and Portugal are among the countries that are burdened with heavy debts after being bailed out at the height of the financial crisis.

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