ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Nov 14 07:32

6 Reasons Why BitCOiN Is Doomed to Fail!

Nov 13 15:51

Five Million People In UK Earn Less Than £8.10 An Hour

More evidence has emerged of the desperate conditions faced by millions of low-paid workers across the UK.

Even as the Conservative government increases the voluntaryUK Living Wage to £8.75 an hour (£10.20 in London), the Resolution Foundation reports that a quarter of low-paid workers were permanently stuck in low-wage jobs over the last decade.

Nov 13 13:30

European Banking Crisis

Nov 13 13:26

Silicon Valley ‘Working Homeless’ Sleep In Cars As Tech Titans Live Like Kings

At the fringes of this dazzling techno mecca nestled on the Pacific coast of California, home to some of the world’s wealthiest individuals and corporations, a rising number of ‘working homeless’ serve as a lamentable footnote to the American Dream.

This is not a story of Americans who have, for any number of reasons, dropped out of the economy and are now living on the streets. This is a story of hard-working Americans who have jobs, sometimes two or three simultaneously, yet are unable to afford basic rent. These people have come to define a whole new sub-culture of Americans that was unheard of just several decades ago: ‘working homeless.’

Nov 13 13:02

Opinion: How did CalPERS dig a $153 billion pension hole?

During the next five weeks, the CalPERS board, custodian of $326 billion in assets needed to fulfill retirement promises for 1.8 million California public employees and beneficiaries, will make decisions affecting government budgets for decades to come.

How did CalPERS dig this huge hole? During the last decade, they manipulated actuarial assumptions and methods to keep employer and employee contribution rates low in the short term.

Nov 13 12:20

Island Air: Did the Airports Division bamboozle Fitch Ratings?

This is where it gets interesting.

With repossessors seizing its airplanes, Island Air filed for bankruptcy protection October 16, 2017. Ten days later, Fitch’s upgrade stated, “The Airports Division expects near-term traffic results will be better than projected due to Island Air expanding interisland traffic, more than doubling capacity over last year….” Island Air cancelled all flights and shut down operations on November 10, 2017.

Perhaps Fitch’s research was conducted before Island Air’s crisis was known?

No.

The Airports Division had to have known about financial difficulties at Island Air for several months now. KHON November 10, 2017 reports, “Island Air’s financials reveal mounting bills with state as largest unsecured creditor:”

Nov 13 12:20

Bipartisan Momentum Gathering Behind Dodd-Frank Rollback

Senate Democrats are on the verge of helping Congressional Republicans scale back key banking regulations signed into law after last decade’s massive financial crisis. 

Moderate liberals on the Senate Banking Committee are working with Chair Mike Crapo (R-ID) to hash out a proposal that would relax rules on speculation and oversight of some of the country’s largest banks.

Nov 13 11:45

Warnings From The "China Beige Book"

Nov 13 11:25

Yours for £7,000! Emirates reveal FULLY-ENCLOSED first class suites on their Boeing 777 fleet - complete with 'virtual' windows, gourmet dining and 32" TV

They are already one of the world's leading airlines.

But now Emirates, the Middle East's largest air carrier, has just upped its game after unveiling its brand new, state-of-the-art first class suites - which are estimated to cost from £7,000 per flight.

Set to be introduced into commercial service on their on their Boeing 777 fleet, next month, the fully-enclosed cabins measure 40 square-foot (3.7-square-meters) are billed as 'game-changers' with their unrivaled privacy, plus gourmet dining, mood lighting and 32" TV.

Nov 13 10:36

The Stock Market WILL CRASH! - This Is Why

Nov 13 08:27

The Arctic Silk Road: A Huge Leap Forward for China and Russia

The Silk Road, renamed the Belt and Road Initiative (BRI), is developing infrastructure along land and sea trade routes. However, little is known about China’s initiative in the Arctic Circle, which represents a new route that Beijing is now able to develop thanks to technology together with the strategic partnership with Russia.

Involving about 65 countries and affecting 4.4 billion people, constituting thirty percent of the world’s GDP, together with a total investment from Beijing that could surpass a trillion dollars, the is an immense project that requires a lot of imagination to grasp the intentions of the Chinese leadership. With a host of projects already in progress, and some almost completed (the Sino-Pakistan Corridor known as CPEC is archetypical), the overland and maritime routes are developing side by side.

Webmaster's Commentary: 

I wish the government of the US was more interested in creating deals than in waging wars to get its geopolitical objectives met.

Nov 13 08:26

Amazon customer who ordered a new £2,400 laptop is stunned to open the package to find it had been replaced with a £20 MOP ‘by a bogus delivery man’

The parcel was not in an Amazon-branded box and didn't contain the invoice or any documentation.

The engineer said: "When I inspected the delivery address label, I could see that it had been tampered with. I think it had been peeled off the correct box, along with the tracking label, and placed onto the phony box that I received."

Aaron, of Wolverhampton, West Midlands, also had CCTV footage from outside his home which shows the apparent delivery man dropping off the parcel, without Amazon's recognisable logo on it.

Nov 13 08:14

Pension Ponzi Bailout: Democrats Sponsor US Treasury Bailout Scheme

Most defined benefit pension plans are nothing but Ponzi schemes. Plans are now unraveling because of demographics. An increasing number of retirees, needing untenable returns, are supported by fewer and fewer people putting money in the system. Democrats sponsored a bailout scheme. Will it pass?

Nov 13 08:12

Pat Caddell: Global Elites Want to ‘Manage’ the Country’s Decline

“Our elites live in a world where everything is comfortable for them,” Caddell said. “I believe that behind the mindset … is a belief that the country is in decline and their job is to manage the decline.”

Caddell said the elites in the United States have bought into the idea that China is on the inevitable rise to global hegemony, replacing the U.S., and it is their job to manage that rise peacefully.

Nov 13 08:10

Hawaii's Island Air shuts down and cancels all of its flights after 37 years of service

Hawaii's second-largest airline, Island Air, shut down Friday after exhausting all options to keep flying.

Island Air, which has about 400 employees, made the announcement Thursday.

The company filed for bankruptcy protection on October 16 after its aircraft lessor attempted to repossess the company's three remaining Q400 aircraft for nonpayment.

Nov 13 07:54

Jail, Drugs And Video Games: Why Millennial Men Are Disappearing From The Labor Force

Last week, Goldman Sachs pointed out a very disturbing trend in the US labor market: where the participation rate for women in the prime age group of 25-54 have seen a dramatic rebound in the past 2 years, such a move has been completeloy missing when it comes to their peer male workers. As Goldman's jan Hatzius put in in "A Divided Labor Market", "some of the workers who gave up and dropped out of the labor force during the recession and its aftermath still have not found their way back in." In fact, the labor force participation rate of prime-age (25-54 year-old) women has rebounded quite a bit and is now only moderately below pre-crisis levels, but the rate for prime-age men remains well below pre-crisis levels.

Nov 13 07:51

BREAKING - #Russia assumes the responsibility of repaying #Venezuela's debt estimated to be anything between 90 and 130 billion dollars.The agreement has already been reached and it's expected to be signed on November 15. George Ades

Nov 13 07:46

Wal-Mart Is Raising Prices Of Food, Household Products On Its US Website

In what the Wall Street Journal described as an attempt to lure customers back to its brick-and-mortar locations, Wal-Mart has been quietly raising prices for some food and household products sold on its US website, including Kraft Macaroni & Cheese, Colgate toothbrushes and bags of Purina dog food.

Of course, we weren’t in the room when this plan was being vetted by whoever is in charge of corporate strategy at the retailing behemoth. But we find it hard to believe that nobody pointed out the simple fact that, if customers notice that prices have been raised on Wal-Mart’s website, customers can simply buy the same product, or a similar one, from Amazon or another competing retailer.

Nov 13 07:45

Backlash from Amazon customers after internet giant introduces 'sneaky' £3.99 fee for same-day delivery on all orders under £40

Amazon has been slammed by customers for introducing a ‘sneaky’ fee of £3.99 for its same day delivery service.

Under the new arrangement, customers are expected to pay £3.99 plus a £2 tip for the driver on orders under £40.

Amazon customers pay an annual fee of £79 to become a member of its Prime service on the basis this covers free delivery of unlimited purchases through the year.

Nov 13 07:45

‘America First!’ AWOL from Beijing, War with North Korea Looms

There’s no indication that President Donald Trump’s summit with China’s Xi Jinping achieved any breakthrough on North Korea. But why didn’t it? After all, Trump said that China could “fix” the North Korea problem “easily and quickly” and it was just a matter of Xi’s making up his mind to do so.

No less divorced from reality was Trump’s half-hearted pitch on the US trade imbalance with China. The problem, he said, was not the Chinese – whom he complimented on their cleverness in exploiting our stupidity – but on the flaccid policies of prior American administrations. Quite true! But what will he do differently? Not much it seems, except maybe give a big tax cut with no strings attached to fat corporations that are thrilled to keep moving their operations overseas. Global market über alles! And here we all thought Hillary Clinton lost the election . . .

Nov 13 07:41

Washington’s Drug of Choice in the War on Terror

As you read today’s piece by historian and TomDispatch regular Alfred McCoy, author most recently of In the Shadows of the American Century: The Rise and Decline of U.S. Global Power, think of Afghanistan as the gateway drug for three Washington administrations.

Meanwhile, the whole question of opium eradication has, according to Mashal, gotten surprisingly "little attention in the Trump administration’s new strategy for the Afghan war." It seems that U.S. counter-narcotics officials have come to accept a new reality "with a sense of helplessness" – that the country now supplies 85% of the world’s heroin and there’s no end to this in sight.

Nov 13 07:35

Internet Shutdowns Show Physical Gold Is Ultimate Protection

Internet shutdowns (116 in two years) show physical gold is ultimate protection
– Number of internet shutdowns increased in 2017 as 30 countries hit by shutdowns
– Democratic India experienced 54 internet shutdowns in last two years; Brazil 2

Nov 13 07:31

Report: Post-9/11 War Debt Will Cost $8 Trillion in Interest

The cost of America’s global war on terror has yet to be reckoned with, and there’s a very good reason for that. By and large, the US has not been paying for all of these wars, but rather has been borrowing to pay for the conflict.

In the long run that’s going to be expensive. Paying off the war is going to mean not only paying the prices of the conflict but the massive interest accrued in borrowing the cost of those wars.

A new report suggests that just the interest on all that debt will, over the course of decades of servicing it, cost an estimated $8 trillion. So far, they say, the US has paid $534 billion in overseas contingency operations interest.

And that’s just the debt already accrued. America’s assorted wars show no sign of ending, and indeed the Pentagon has been pretty clear about the US deployment in Iraq being a permanent thing.

Webmaster's Commentary: 

This is why you have to understand that all wars are bankers' wars, because they are SO PROFITABLE for financial institutions.

Nov 13 07:21

What President Trump and the West Can Learn from China

While Western politicos and pundits bemoan the lack of political pluralism that exists within China and President Trump complained about bad trade “deals,” they miss an important factor as to why China has transformed itself from a socialist basket case some three decades ago into an economic powerhouse which now boasts over a third of the world’s billionaires!

Nov 13 07:18

TSA PLANS TO USE FACE RECOGNITION TO TRACK AMERICANS THROUGH AIRPORTS

While this latest plan is limited to the more than 5-million Americans who have chosen to apply for PreCheck, it appears to be part of a broader push within the Department of Homeland Security (DHS) to expand its collection and use of biometrics throughout its sub-agencies. For example, in pilot programs in Georgia and Arizona last year, Customs and Border Protection (CBP) used face recognition to capture pictures of travelers boarding a flight out of the country and walking across a U.S. land border and compared those pictures to previous recorded photos from passports, visas, and “other DHS encounters.” In the Privacy Impact Assessments (PIAs) for those pilot programs, CBP said that, although it would collect face recognition images of all travelers, it would delete any data associated with U.S. citizens. But what began as DHS’s biometric travel screening of foreign citizens morphed, without congressional authorization, into screening of U.S. citizens, too.

Webmaster's Commentary: 

When one lives on Oahu, getting to anywhere else demands that you either sail or fly to get where one is going; but if we ever wind up on the mainland again, we will never take public transportation of any kind, period, end of disucssion.

Nov 13 07:14

Venezuela’s Oil Rival Calls For Full U.S. Sanctions

Argentina’s President, Mauricio Macri, has called on the United States to install a full embargo on Venezuelan oil shipments. In an interview for the Financial Times, Macri said that the social situation in Venezuela is rapidly deteriorating and more decisive measures are needed to topple the Nicolas Maduro government.

It’s been said before more than once that a total oil embargo against Venezuela would hurt Gulf Coast refiners in a bad way, which is perhaps the only reason why it has not been used so far and remains unlikely to be used, whatever happens in Venezuela.

Nov 13 07:14

Paradise Papers Reveal U.S. Selling Russian LNG In Europe

The new massive data leak that has been making headlines for several days now has revealed that a company with U.S. ownership has been buying Russian gas and selling it in Europe at higher prices.

According to a report in Belgian daily Le Soir, taken up by other media outlets, such as The Guardian and Eurasia Review, Wilbur Ross holds a 35-percent interest in Navigator Holdings, a shipping company registered in the Marshall Islands.

According to the leaked documents, four cargo carriers owned by Navigator Holdings were used to load Russian natural gas at the port of Ust Luga before heading to the Anwerp LNG terminal in Belgium.

Nov 13 07:13

$43 Billion China-Alaska Energy Deal Looks Shaky

In theory, LNG exports from Alaska to China would make sense. China needs more gas supply, and the U.S. has a lot of gas. The North Slope is thought to have at least estimated 35-45 trillion cubic feet of natural gas. China is trying to clean up its air quality, and gas is set to play a central role in displacing dirtier coal plants.

“A combination of rising export capacity in the US, LNG import demand growth in China, and political cheerleading has underpinned an uptick in LNG exports to China this year via third party, spot trades,” Kerry-Anne Shanks, head of Asia gas and LNG, at Wood Mackenzie, told the FT. Alaska is also significantly closer to China than, say, the Gulf Coast, where U.S. LNG is currently coming from.

Nov 13 07:11

Is Peak Permian Only 3 Years Away?

The world’s hottest shale basin, the Permian, is leading the second U.S. wave of tight oil production growth and will continue to do so for years to come, all analysts say.

However, signs have started to emerge that the relentless intensification of drilling leads to diminishing returns, Simon Flowers, Chairman and Chief Analyst at Wood Mackenzie, said in an article this week. Pumping twice as much sand as usual into Permian wells and drilling longer laterals doesn’t deliver commensurate volumes of oil, Flowers notes.

“Drilling costs rise exponentially with depth, and there’s a suspicion that longer wells are hitting a cost efficiency ceiling,” WoodMac’s chief analyst writes.

Nov 13 07:04

This Is What A Pre-Crash Market Looks Like

Nov 13 07:02

VENEZUELA REACHES DEAL WITH RUSSIA ON DEBT RESTRUCTURING

President Maduro: We have reached an agreement to refinance and restructure the debt with Russia

"We have complied with all our international commitments," the Venezuelan leader recalled.

Venezuelan President Nicolás Maduro announced this Sunday that the government had reached an agreement to refinance and restructure the Venezuelan debt with Russia.

"We have reached an agreement with Russia, this week will be signing an agreement where refinancing is established, we have complied with all our international commitments," the president said.

Webmaster's Commentary: 

Russia has been very magnanamous in this debt restructuring; and this act is going to have an influence over Venzeuela's economy - and its foreign policy - for decades, much to the chagrin of the Occupied, Unhinted Surveilled States of Amerika.

Nov 12 13:29

The New FANG Plus

Nov 12 11:02

Interest Rates will Double

Nov 12 09:19

There is No House Money… Only YOUR Money

Nov 12 08:57

Israeli Shekel Emerges as World’s Second-Strongest Currency

The Israeli shekel is currently the world’s second-strongest currency, according to a new report by the German global banking and financial services company Deutsche Bank. The report ranked China’s yen as the world’s strongest currency.

Deutsche Bank’s strategic foreign currency analyst Dr. Gautam Kalani reported that during the past 12 months, the shekel has appreciated 6.1 percent against the currencies of Israel’s main trading partners, such as the U.S. dollar, the British pound, the euro and the yen.

Webmaster's Commentary: 

Not bad for a nation that "needs" all that US taxpayer money!

Nov 12 08:14

Amazon delivery scandal: Telegraph investigation forces online giant to overhaul treatment of drivers

Amazon is demanding that one of its main grocery delivery partners radically changes how it treats its workers after The Telegraph uncovered a punitive regime that left many drivers earning less than the minimum wage.

Nov 12 08:11

Caution: Slowdown Ahead

Nov 11 21:33

Fear Mongering Banks Warn London Facing Brexit “Point Of No Return”

During his trip to London this week, US Commerce Secretary, Wilbur Ross, wasn’t only defending revelations in the Paradise Papers that he’d invested in a shipping company with ties to the Putin family.

Nov 11 21:27

BTC - Follow Through

Nov 11 21:08

Millions Stuck With Parents As Young Can’t Afford To Buy Or Rent A Home

One in four young adults is still living with mum and dad, with young men more likely to live at home as expensive rental and housing markets leave young people locked out of affordable accommodation.

Nov 11 15:29

"It’s The Debt, Stupid"

Nov 11 15:08

How Oil Could Lift Gold Prices

Nov 11 10:42

DEA Says It Won’t Arrest CBD Oil Users

By the way.CBD works best in synergy with THC. The battle is being won!

“They are not a priority for us… it would not be an appropriate use of federal resources to go after a mother because her child has epileptic seizures and has found something that can help and has helped,” Rusty Payne, a spokesperson with the DEA, told news channel WTHR.

Nov 11 09:53

From Superpower to Incompetence

One could go on endlessly.

Instead, I will relate a story of everyday incompetencies that have prevented me from writing this week and for a few more days yet.

Recently, while away from my home, a heavy equipment operator working on a nearby construction site managed to drive under power lines with the fork lift raised. Instead of breaking the wire, it snapped the pole in half that conveyed electric power to my house. The power company came out, or, as I suspect, an outsourced contractor, who reestablished power to my home but did not check that the neutral wire was still attached. Consequently for a week or so my house experienced round the clock surges of high voltage that blew out the surge protection, breaker box, and every appliance in the house. Expecting my return, the house was inspected, and the discovery was that there was no power. Back came the power company and discovered that high voltage was feeding into the house and had destroyed everything plugged in.

Nov 11 09:50

Muhammd Bin-Salman’s Purge in Saudi Arabia Is the Prelude to Something Bigger

Muhammad Bin-Salman’s domestic purge, including the detention of 11 princes and scores of businessmen and former officials under the banner of fighting corruption, is only a first phase. It seems to haves proceeded smoothly so far, without encountering any serious obstacles.

The man now has now brought the four major pillars of state power – the economy, the security and military forces, the media and the religious establishment (both the official Council of Senior Ulema and the unofficial ‘awakening’ clerics) — totally under his control. He has thrown all his opponents, and anyone who uttered any criticism of his rule, behind bars (or, in the case of the princes and other high-ranking figures, incarcerated them in a luxury hotel for now). The latest round of detentions is unlikely to be the last, for we are dealing here with a bulldozer that levels everything that stands in its path.

Webmaster's Commentary: 

There is one factor which the writer absolutely misses in his analysis of the situation, and that is the question of what Russia is willing - and prepared - to do if Iran gets attacked by a Saudi coalition.

Russian military and civilian leadership has always pledged to come to Iran's aid if it is attacked militarily; so I think the question here, has to be what will Russia do, and how far will it go, to prevent regime change in Tehran?!?

Nov 11 09:39

The US Southern Command's Silent Occupation of the Amazon

Brazil, Colombia and Peru share a triple borderland separating north from south on the South American continent. Located deep in the Amazon forest, this is the theater of operations in which more than 30 military companies test their services and merchandise. The multinational military exercise known as AmazonLog2017, is organized by the Armed Forces of Brazil.

The Southern Command of the United States -- the Unified Combatant Command of the United States Department of Defense with influence in the Caribbean, Central and South America -- is also an AmazonLog2017 participant.

Activists and researchers are alarmed about this military exercise. According to Mexican economist and geopolitical specialist Ana Esther Ceceña, AmazonLog2017 allows "the placement of troops that facilitate specific territorial incursions and rapid response operations, both of which imply the use of special forces, whether those be US forces, local or private on the triple borderland."

Webmaster's Commentary: 

Once permanent, such a presence will also put the American troops in control of a huge amount territory where cocaine is processed, just as has Afghanistan, in the control of the opium poppy business, given various US alpha-bet soup agencies the ability to finance off-the-books operations which have zero Congressional oversight.

Nov 11 09:31

At UN, US warns of potential security threat from Venezuela

The United States hopes that a meeting next week at the United Nations on Venezuela will pave the way to international action to prevent the crisis from turning into a security threat, according to a US document sent to the Security Council on Friday.

US Ambassador Nikki Haley will chair the informal council meeting on Monday held as Venezuela, already reeling from political and economic crises, teeters on the brink of default.

"The international community needs to work collectively to address the unfolding crisis and its humanitarian impact in Venezuela and beyond before it worsens and potentially develops into a threat to international peace and security," the US mission said in the document obtained by AFP.

Webmaster's Commentary: 

I am having a double Picard facepalm, at warp speed, upon reading this.

Ambassador Haley, do you not understand that it has been, in large part, courtesy of US sanctions against Venezuela that people are dying, and represent utterly no "threat" whatsoever, except that conjured in your febrile brain?!?

The Venezuelan people people need humanitarian aid, and right the heck now; food, water, shelter, and medications; but to criminalize them as a "threat" is just plain hipocritical , not to mention entirely insane.

Nov 11 09:01

A new record yet again:  95,385,000 Americans not in labor force.  The army of non-working Americans continues to grow.

We continue to live in a country with two very different stories to tell. In one of the stories, we have a country with a very low unemployment rate and a record in the stock market. In the other story we live in a place where 95,385,000 Americans are not in the labor force. This new record was reached in the latest set of data released by the Bureau of Labor and Statistics (BLS). This is a bigger issue than most would like to admit. Many older Americans are drawing substantially from the government and we now have a younger American population working in low wage positions. This is a new record that isn’t something to be proud about.

Nov 11 08:52

The House GOP’s Tax Plan Embraces Class Warfare

***
Instead of following through with the promise of taking seven brackets and simplifying them to three, Speaker Ryan and Chairman Brady added in a fourth bracket exclusively for millionaires,” complains David McIntosh, president of the pro-market Club for Growth (a group I’ve addressed numerous times). This complex foolishness imposes an effective marginal tax rate of 45.6 percent on single filers who earn $1 million to $1.2 million and couples who make between $1.2 and $1.6 million. “That’s a real tax increase on successful people who invest and create jobs,” McIntosh lamented. Shamefully, this would be 15.15 percent, or six percentage points, above today’s 39.6 percent top rate.

>>>

Nov 11 08:50

Russia and China Open HUGE Copper Mining Complex in Siberia

While Americans squabble about confederate statues, and obsess over Harvey Weinstein, Russia and China are actually getting things done.

Russian evening news reports that the Eurasian giants have joined forces to open a new mining venture in deepest Siberia that will extract copper, gold, and iron-ore.

Nov 11 08:31

Trump to Asia: Unite on North Korea, but Go It Alone on Trade

President Trump has issued two starkly contradictory calls on his trip to Asia this past week: The nations of the world must rally behind the United States to confront the nuclear threat from North Korea, but they should expect America to go its own way on trade.

Reconciling those messages will be hard, and it may determine the near-term fate of the United States as a Pacific power.

Nov 11 08:24

HIVE: CIA INFRASTRUCTURE TO CONTROL ITS MALWARE

9 November 2017, WikiLeaks publishes the source code and development logs to Hive, a major component of the CIA infrastructure to control its malware.

Hive solves a critical problem for the malware operators at the CIA. Even the most sophisticated malware implant on a target computer is useless if there is no way for it to communicate with its operators in a secure manner that does not draw attention. Using Hive even if an implant is discovered on a target computer, attributing it to the CIA is difficult by just looking at the communication of the malware with other servers on the internet. Hive provides a covert communications platform for a whole range of CIA malware to send exfiltrated information to CIA servers and to receive new instructions from operators at the CIA.

The documentation for Hive is available from the WikiLeaks Vault7 series.

Nov 11 07:44

Every Working American Owes $ 1.5 Million

The facts just don’t add up. US wages are falling, trade deficit is at 10 year high, debt is surging so are stocks and the US Government has again managed to publish a number of contradicting employment figures that make no sense whatsoever.

Nov 10 16:47

Every Working American Owes $ 1.5 Million

The facts just don’t add up. US wages are falling, trade deficit is at 10 year high, debt is surging so are stocks and the US Government has again managed to publish a number of contradicting employment figures that make no sense whatsoever.

Nov 10 16:39

‘We still need to eat’: Tech boom creates working homeless

In the same affluent, suburban city where Google built its headquarters, Tes Saldana lives in a crowded but tidy camper she parks on the street.

She concedes it’s “not a very nice living situation,” but it also is not unusual. Until authorities told them to move, more than a dozen other RVs filled with people who can’t afford rent joined Saldana on a tree-lined street in Mountain View, parked between a Target and a luxury apartment complex.

Homeless advocates and city officials say it’s outrageous that in the shadow of a booming tech economy - where young millionaires dine on $15 wood-grilled avocado and think nothing of paying $1,000 for an iPhone X - thousands of families can’t afford a home. Many of the homeless work regular jobs, in some cases serving the very people whose sky-high net worth is the reason housing has become unaffordable for so many.

Nov 10 16:37

Snapchat loses $40m on flop Spectacles

The company behind Snapchat has taken a $40m (£30m) hit to its finances after its video-recording sunglasses failed to sell as well as hoped.

Snap launched Spectacles in September 2016, originally selling them only through pop-up vending machines.

Pressing a button on the glasses records a short video that can be shared on the Snapchat messaging app.

But on Tuesday the company revealed costs of $40m (£30m) due to "excess inventory" and cancelled orders.

Nov 10 15:49

ESPN will lay off more than 100 staffers…

Nov 10 15:48

Next Phase of Carmageddon: the Banks

Banks have started to tighten lending standards for prime and subprime borrowers, and it shows.

Nov 10 15:11

Bill Gates, Jeff Bezos And Warren Buffett Are Wealthier Than Poorest Half Of US

The three richest people in the US – Bill Gates, Jeff Bezos and Warren Buffett – own as much wealth as the bottom half of the US population, or 160 million people.

Nov 10 15:07

EVERY WORKING AMERICAN OWES $ 1.5 MILLION

Nov 10 14:13

How Today’s Market Compares To 1929

Nov 10 12:07

Back to the future…NATO self-fulfilling war plans for Russia

Defense ministers of the US-led NATO alliance this week endorsed proposals to set up two new military commands – and it is clear Russia is the target of what are, in effect, war plans.

The setting up of an Atlantic command and a logistical hub in Europe to facilitate the transfer of troops and weapons was openly discussed by NATO officials as being aimed at Russia during their two-day summit in Brussels this week.

The two new commands being proposed are the first expansion of NATO’s command structure since the end of the Cold War more than 25 years ago. It’s a retrograde move that is not only an unnecessary, dangerous provocation to Russia, risking self-fulfilling war threats. Moreover, NATO’s renewed organizational cranking is openly calling for the integration of European societies and economies into its madcap military escalation.

Webmaster's Commentary: 

Russia is ABSOFLIPPINGLUTLELY NOT the aggressor here; it is NATO and the US behaving in an aggressive manor, and prepping for war against Russia with these moves.

Nov 10 11:50

Venezuela Officially Declared In Default

Today at 11am, the ISDA Determinations Committee sits down to decide whether an event of default has occurred due to the delayed principal payment on the Petroleos de Venezuela SA, or PDVSA, bond that matured Nov. 2, in the process triggering PDVSA (and perhaps Venezuela) CDS, and officially declaring Venezuela in default.

We won't have to wait that long: moments ago, Wilmington Trust, the Trustee of the 8.5% bonds due 2018, issued by Corpoelec, Venezuela's electricity company, declared that the missed interest payment originally due October 10, and whose 30 day grace period expired on November 9, and for which no pament was sent or received, officially constitutes an event of default.

Webmaster's Commentary: 

I think that the question which now has to be asked, is will Venezuela be allowed to restructure their default, or will the country's economy just be pushed into complete, systemicfailure by US economic interests?!?

The Venezuelan people certainly deserve better than this.

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