ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Oct 13 18:32

Inequality in Silicon Valley is getting worse: Wages are down for everyone but the top 10 percent

In America’s tech capital, the rich are getting richer and the poor are getting poorer.

Oct 13 16:44

Pastor Brunson Met With Trump At The White House After Spending Two Years Detained In Turkey

“He is a great Christian who has been through such a tough experience,” Trump tweeted Saturday.

Oct 13 10:57

Warning shot? China sells US Treasury bonds amid trade war

China has sold $3 billion of sovereign dollar bonds. This is only the third such move by Beijing in the last 14 years, and the first involving bonds with a 30-year maturity.

China sold $1.5 billion of five-year bonds at 3.25 percent, $1 billion of 10-year bonds at 3.5 percent, and $500 million of 30-year bonds at four percent, the Finance Ministry said on Friday, as quoted by Reuters.

Beijing is the largest holder of US debt. As of July, China had $1.17 trillion invested in debt minted by the US Treasury.

Oct 13 10:52

This Is Why The Fed Will Be Taken Down

Oct 13 10:41

Global Boycott Of Saudi Investment Summit Accelerates After Journalist's Disappearance

What the mass slaughter of civilians and even bombing a school bus full of children in Yemen couldn't do, the murder of one of their own did: a growing list of major media companies have declared they are pulling out of a high profile investment summit in Riyadh set to start on October 23rd over the alleged Saudi state murder of Washington Post columnist and Saudi "insider" critic Jamal Khashoggi.

So far the list of media sponsors declaring their withdrawal from the Saudi-hosted Future Investment Initiative (FII) event include the Financial Times, Bloomberg, CNN and CNBC, as well as president of the World Bank, Jim Yong Kim, who indicated on Friday he would not be attending, according to The Guardian.

Webmaster's Commentary: 

Apparently, His Majesty, the Butcher of Yemen, has never had to learn that negative actions can have their own negative consequences; he just may learn that, starting from right now.

Oct 13 10:36

NYT Reveals Kushner's Tax Records: Here Is How He Avoided Paying Taxes For Years

Less than two weeks after the NYT released what a massive 12,000 words "bombshell" report on the "fraudulent" tax dealings of Trump's father, and which promptly got swept away by the non-stop news cycle, on Saturday the NYT has come back with part two, this time dissecting the the tax records of Trump's son-in-law, Jared Kushner, highlighting that he paid almost no federal income taxes in several recent years despite a net worth that soared to $324 million in 2016 from $106 million in 2011, and billions of dollars spent building his real estate empire.

Webmaster's Commentary: 

This is the way the monied become more rich; and there are no legal obstacles preventing such actions.

Oct 13 10:29

Thousands line up for zero-down-payment, subprime mortgages

Magdalene Altidor lost her home to foreclosure during the subprime mortgage crisis, but this week she was first in line at a four-day event in Miami where borrowers with poor credit were offered no-down payment, low interest rate loans.

"I left home, it was about 4 a.m.," she laughed. "I'm ready to purchase a home."

The event is one of several being held in cities across America this year, run by the nonprofit, Boston-based brokerage Neighborhood Assistance Corporation of America, or NACA.

Oct 13 10:24

Audit the Hawaii Light Rail

Back then, in February 2015, the estimated cost for the Honolulu rail was $6 billion, and Atkinson said that was much too low. Atkinson also said she would be surprised if the rail were finished “in under 30 years for under $20 billion.”

Initially, I thought she was exaggerating. But now when I look at the largely ineffective battle by the Honolulu Authority for Rapid Transportation (HART) to control its costs, it occurs to me that she might have been right. A recent analysis by the Federal Transit Administration found that the project is costing more than HART anticipated. This, of course, is no surprise: In 2012 the city’s funding agreement with the FTA put the cost at $5.26 billion and completion by 2020, while the latest estimate is $9 billion and completion by 2025.

Oct 13 10:23

Outside In: The Trump administration’s plan to remake the Middle East

The only promise that is new about the promised peace plan is the way it will be forced on the Palestinians: no one has promised that the plan itself will be new. With Saudi Arabia and Egypt—the outside—brought onside with the promise of continued military aid despite their crimes against humanity and violations of international law and the Palestinians weakened by being silenced, economically crushed and stripped of any friends to help them, the United States and Israel are now free to attempt to impose a peace plan on the Palestinians.

Oct 13 10:08

How much Americans have in savings

Oct 13 08:56

GANGING UP ON BEIJING? FIVE EYES INTEL NETWORK NOW LOOKS AT CHINA

The intelligence agencies of the US, Australia, Britain, Canada and New Zealand have been cooperating closely on countering China’s “foreign activities” since the start of the year, Reuters reports.

The so-called Five Eyes network is also sharing intelligence with allies such as Germany and Japan, in what has become a multinational coalition against Beijing’s alleged foreign meddling. Washington and its partners have accused China of using foreign investments to pull political strings – an accusation that Beijing denies.

“Consultations with our allies, with like-minded partners, on how to respond to China’s assertive international strategy have been frequent and are gathering momentum,” a US official told Reuters. The unnamed source added that informal discussions on the matter have quickly turned into “detailed consultations on best practices and further opportunities for cooperation.”

Webmaster's Commentary: 

Note that NONE of this information is sourced, or attributed.

But please note; demonization of another country, plus sanctions placed on it, are most usually the solid prelude to a shooting war.

Oct 13 08:26

Weekend Reading: We Are All In….Again!

Oct 13 07:47

'TRUMP WANTS TO HAVE ME KILLED', SAYS VENEZUELA'S MADURO

As the US continues to send not-so-subtle signals that it could be open to a military invasion of Venezuela after a US-supported coup plot involving Venezuelan military officers fizzled, Nicolas Maduro - who only a few months ago evaded a bizarre assassination attempt involving C4-laden drones - has accused the Trump Administration of conspiring to have him assassinated.

When approached for a response to Maduro's comments, a White House spokesman did little to rebut his claims, saying only that the US's "policy preference" is "for a peaceful, orderly return to democracy in Venezuela." Given Venezuela's ailing energy infrastructure, and US sanctions that have made it difficult for the Maduro regime to sell its oil or tap capital markets for funding, the government has been forced to rely on China and, to a lesser extent, Russia to keep it afloat.

Webmaster's Commentary: 

No matter what the White House says, Maduro is probably very correct in his assessment here.

The problem here has been exacerbated by the sanctions, which have pushed Venezuela far more into the orbit of China and Russia; the same can be said about the sanctions against Iran.

The real test for Maduro will be that (as of right now, hypothetical) moment when his military turns on him, and starts cooperating with forces who want to see regime change, rather than have the continuation of the horrific conditions under which the Venezuelan people are living.

Oct 12 16:08

Traders Build Back Hedges At Record Pace

Oct 12 15:04

Americans Get Ready To Lose Your Jobs….

Oct 12 15:01

HIGH-ly Unusual Breadth

Oct 12 13:12

US National Debt (And Related Information)

Oct 12 12:09

Career teachers with master's degrees waiting tables to make ends meet

ASD middle school teacher Danielle Riha has a master's degree and is working on her PhD. After work, she picks up shifts at a local restaurant to make ends meet, and says that almost every teacher she knows also has a second job, either coaching, working summer school or shiftwork at a local restaurant.

Oct 12 11:38

“RISING INEQUALITY” COULD IMPACT AMERICA’S AAA CREDIT RATING: MOODY’S: IT “WILL EXACERBATE ALREADY MATERIAL FISCAL CHALLENGES ON THE HORIZON.” IF UNADDRESSED, “SOCIAL TENSIONS WILL CONTINUE TO RISE.”

Credit-analysis firm Moody’s Investors Service is sounding the alarm bells over “rising inequality” as the gap widens between America’s rich and poor, potentially threatening the country’s AAA rating.

So much for that vision of a newly emboldened American working class …

Instead, Trump’s $1.5 trillion in tax cuts, according to Moody’s, have helped make the rich richer, putting more of the onus of repaying the country’s debt on the poor.

“Since 1995, the top 10% of US income earners have experienced an overall median net worth increase of close to 200%, while the bottom 40% of income earners have seen a decline. There has been a particularly sharp increase in wealth and income inequality ratios since the global financial crisis,” Moody’s noted in a report released on Monday.

Webmaster's Commentary: 

Scary to acknowledge, but that's about the long and short of it on those tax cuts, which gave a tremendous economic boost... to the already monied and advantaged.

Oct 12 11:24

20 QUESTIONS YOU HAVE TO ASK U.S. POLITICAL CANDIDATES BECAUSE NOBODY ELSE WILL

Webmaster's Commentary: 

With this brilliantly assembled series of questions, Mr. Swanson has become my "hero du jour" for peace and human rights; and that is a title I rarely give ANYONE (except, of course, for my husband, Michael, who earns it on a daily basis:-))

Oct 12 11:14

CNBC And Enthusiasm

Oct 12 11:08

What Sears’ Bankruptcy Says About Amazon’s Future

Sears Roebuck started in 1892 as a mail-order watch catalog. They soon moved into selling almost any consumer goods you could think of in their catalogs.

Imagine being able to shop from the convenience of your own home!

You could order sewing machines, buggies, clothes, and even guns through the mail, and have them delivered to your door.

Of course, brick and mortar physical retail stores were not so happy. Some even went out of business. Sears was cheap, convenient, high quality, and even offered free delivery.

Oct 12 10:59

Social Security checks will grow in 2019 as inflation rises

Tens of millions of Social Security recipients and other retirees will get a 2.8 percent boost in benefits next year as inflation edges higher. It’s the biggest increase most retired baby boomers have gotten.

Following a stretch of low inflation, the cost-of-living adjustment, or COLA, for 2019 is the highest in seven years. It amounts to $39 a month for the average retired worker, according to estimates released Thursday by the Social Security Administration.

The COLA affects household budgets for about one in five Americans, including Social Security beneficiaries, disabled veterans and federal retirees. That’s about 70 million people, enough to send ripples through the economy.

Unlike most private pensions, Social Security has featured inflation protection since 1975. Beneficiaries also gain from compounding since COLAs become part of their underlying benefit, the base for future cost-of-living increases.

Oct 12 10:49

Mike Maloney: Dangerous Territory for Stocks

Oct 12 10:15

VIRGIN’S BRANSON HALTS TALKS ON $1 BLN SAUDI INVESTMENT IN SPACE VENTURES

British billionaire Richard Branson said on Thursday that his Virgin Group would suspend its discussions with Saudi Arabia’s Public Investment Fund over a planned $1 billion investment in the group’s space ventures, in light of the disappearance of Saudi journalist Jamal Khashoggi, Reuters reports.

“What has reportedly happened in Turkey around the disappearance of journalist Jamal Khashoggi, if proved true, would clearly change the ability of any of us in the West to do business with the Saudi government,” Branson said in a statement.

Branson also said he would suspend his directorship in two Saudi tourism projects around the Red Sea, citing Khashoggi’s disappearance. Saudi Arabia’s Public Investment Fund did not immediately respond to a request for comment.

Webmaster's Commentary: 

Branson did the right thing, and I applaud his decision.

But I sincerely wish he had done it for the right reason, and that would be to turn the world's attention to the slaughter of innocents in Yemen, in which the US military and government is aiding and abetting the Saudi military in their war crimes. Warning: very graphic images.

Images: Yemeni children dead and maimed for life, due to Saudi bombings.

Images: Yemeni children, dying of starvation, because of US-enabled Saudi port blockades

images: Yemeni children dying of cholera (potentially weaponised, as was used during World War II by the American troops against the Japanese), due to Saudi Arabia destroying water infrastructure

Oct 12 09:45

No Futures, No Game

Oct 12 09:27

Gerald Celente Just Issued This Major Trend Alert After Dow Plunges Another 545 Points And Gold Spikes

On the heels of another wild day of trading that saw the Dow plunge another 545 points and the price of gold spike, Gerald Celente just issued this major trend alert.

Oct 12 09:25

New Data Shows Federal Reserve Is Causing More Inequality

Back in August, Bloomberg interviewed Karen Petrou about her research on quantitative easing and the Fed's policies since the 2008 financial crisis. What she has discovered has not been encouraging for people who aren't already high-income, and in recent research presented to the New York Fed, she concluded "Post-crisis monetary and regulatory policy had an unintended but nonetheless dramatic impact on the income and wealth divides.”

Oct 12 09:19

China Sends Trump A Message: Fixes Yuan Sharply Weaker Than Expected For 3rd Day

A glimmer of hope for improvement in Sino-US relations emerged today after reports that President's Trump and Xi would meet at the G-20 summit and that the U.S. Treasury will avoid labeling China an FX manipulator. The glimmers were enough to send the offshore Yuan surging from 6.94 overnight to as low as 6.87 in hours.

But were the rumors true, and was China willing to reciprocate to what appeared to be an olive branch by the Trump admin?

Moments ago we got the answer.

With China, and specifically it currency, now the fulcrum security in defining not only daily emerging market sentiment, but also telegraphing Beijing's day-to-day feelings toward the US president, traders were keenly focused on what the PBOC's Friday yuan fix would be, especially after two days of central bank fixes that were below the average analyst consensus.

Oct 12 09:16

ECB Hands Italy An Ultimatum: 'Obey EU Budget Rules Or We Won't Save You'

With the Washington Post stepping up to put a floor under US stocks Thursday afternoon by reporting that President Trump would meet Chinese President Xi Jinping at next month's G-20 summit (while the headline soothed the market, it doesn't change the fact that, as with everything involving the Trump administration, this too remains subject to change), investors have apparently overlooked the latest ominous headlines out of Italy. To wit, Reuters reported that the ECB won't come to Italy's rescue if its government or banks run out of cash unless the Italian government first secures a bailout from the European Union. Of course, this would almost certainly require that the populist coalition end its ongoing game of fiscal chicken with Brussels and abandon its dreams of lowering the retirement age and extending a basic income to the Italian people - policies that would effectively secure a political future for M5S and the League.

Oct 12 08:59

American Legislators Introduce Energy Bill for Europe (You Read That Right)

Height of hubris, US Senators take it upon themselves to "diversify" and "secure" European energy supplies away from Russia

Oct 12 08:42

BMO: “Expect More Downside”

Oct 12 08:24

10 months after tax bill’s passage, the big wage gains Trump promised workers are MIA

According to new data from the Bureau of Labor Statistics, worker wages have been essentially flat since the GOP tax bill was passed in December.

The average hourly wage for production and nonsupervisory employees crept up from $9.25 in August 2018 to $9.27 in September. However, the July figure matches numbers from the same month in 2017 — effectively meaning there was no growth from the year prior. From September 2017 to September 2018, real average hourly earnings did increase 0.4 percent, per the release.

Oct 12 08:06

Trump to push for federal marijuana reform, GOP congressman says

Go Mr. President!!!

President Trump plans to pursue federally legalizing medical marijuana following next month’s midterm races, Rep. Dana Rohrabacher, California Republican, said Thursday.

The Trump administration has made a “solid commitment” to reform marijuana laws, and the president has spoken in support of federally legalizing the plant for medical purposes, Mr. Rohrabachertold Fox Business Channel.

Oct 12 07:38

Attempt to isolate China from world trade system ‘will not work’, says IMF’s top Asia official

Changyong Rhee identifies three risks to region’s growth pace: continued escalation of trade tensions, an acceleration of monetary tightening by the US Federal Reserve, and a stronger-than-expected rise in oil prices

Attempts by the US to isolate China from much of the international trading system by concluding restrictive trade deals with its major trading partners would harm the global economy, the IMF’s top official in Asia has warned.

Changyong Rhee, head of its Asia and Pacific department, said on Friday that China is already integrated into the world economy, “and is basically too big,” for any such a plan to work.

“The US and China have to talk” to resolve their disagreements, he stressed in an exclusive interview with South China Morning Post during the IMF’s annual meetings in Bali, Indonesia, adding the current trade dispute could last “for a while”.

The administration of US President Donald Trump recently completed a new trade agreement with Canada and Mexico>>>

Oct 11 18:12

Food, Justice, Violence And Capitalism

In 2015, India’s internal intelligence agency wrote a report that depicted various campaigners and groups as working against the national interest. The report singled out environmental activists and NGOs that had been protesting against state-corporate policies. Those largely undemocratic and unconstitutional policies were endangering rivers, forests and local ecologies, destroying and oppressing marginalised communities, entrenching the corporatisation of agriculture and usurping land rights.

Oct 11 18:07

Gerald Celente: Next crash will be worse than the Great Depression

Renowned trends researcher Gerald Celente is making a big change to his 2018-2019 economic forecast. Celente says, "We believe we are setting up now for a market crash that will be the worst in modern American history. The fundamentals are . . . the loan bubble.

Oct 11 17:30

TRUMP NEEDS TO READ THIS

Oct 11 16:38

Uniqlo’s 1st automated warehouse cuts manpower by 90%

Fast Retailing Co., which operates the Uniqlo apparel retail chain, unveiled to reporters on Tuesday a warehouse in the Ariake district of Tokyo where a robotic system automatically conducts work such as inspections and sorting apparel goods. The system started full-scale operations this month, resulting in a 90 percent reduction in manpower at the location, according to the company.

Oct 11 16:32

Trump: America or Venezuela, your choice

Oct 11 13:50

Stocks smell like 2000 & 2007 again?

Oct 11 13:33

Of Course The Fed Is Crazy

Oct 11 12:48

How to Survive an Economic Collapse

Oct 11 12:33

Marriott hotel strike leads to mass employee walkouts

We are having a major strike by hotel staff here in Hawaii and it has really messed up our tourism.

Oct 11 12:11

Three Charts That Scream “Growth is DEAD”

Oct 11 12:08

Dow plunges more than 600 points as stocks suffer second day of losses

The Dow Jones Industrial Average has fallen more than 600 points, just one day after the market was hit with its worst day since February.
The S&P 500 has fallen more than two percent and the Nasdaq 100 Index's losses are approaching 10 percent on Thursday.

Meanwhile, the Wednesday drop of nearly 832 points was the third-worst point decline in history.

Technology shares were among the hardest hit, with Netflix, Amazon, and Google parent Alphabet leading the way.

Oct 11 11:04

Sears Creditors Push For Bankruptcy Liquidation As Vendors No Longer Paid

Amid recent reports that Sears is set to file for bankruptcy as soon as this weekend ahead of a $134 million debt payment due on Monday, the only question is whether the filing will be a Chapter 11 debt for equity reorganization or a Chapter 7 liquidation. And contrary to the desires of Sears CEO and biggest creditor, Eddie Lampert, who would like to preserve the core business, others are pushing for an outright liquidation.

According to the WSJ, a group of Sears' biggest lenders, including Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., are pushing for the company to liquidate its assets under a chapter 7 bankruptcy filing, as opposed to reorganizing the business under chapter 11, this person said.

The consensus reportedly emerged after Sears met with its lenders Wednesday night to discuss emergency financing for the embattled retailer. The meeting ended without an agreement that would keep Sears operating as a going concern, the WSJ reports.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA