ECONOMY | WHAT REALLY HAPPENED


ECONOMY

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Mar 04 11:16

Wealth of world’s billionaires surges past $7 trillion

The combined net worth of the world’s billionaires has reached a new high in 2015 of $7.05 trillion, according to the latest compilation published by Forbes magazine on Monday.

WEBMASTER ADDITION: Nonsense. The Rothschilds alone are estimated to be worth $14 trillion.

Mar 04 10:03

Affidavit: First IRS Tech to Inspect Lois Lerner Hard Drive Was Blind

IRS officials initially claimed Lerner’s hard drive was irreparably damaged before it was destroyed in 2011.

But last year, investigators with the House Ways and Means Committee interviewed IRS technical experts who said the hard drive was merely scratched and not irreparable, The Hill has reported.

"The Committee was told no data was recoverable and the physical drive was recycled and potentially shredded," then-Ways and Means Committee Chairman Rep. Dave Camp said just days after Manning’s July 18 affidavit was filed, according to the Daily Caller.

"To now learn that the hard drive was only scratched, yet the IRS refused to utilize outside experts to recover the data, raises more questions about potential criminal wrong doing at the IRS."

Mar 04 09:36

The Price of Oil Is About to Blow a Hole in U.S. Corporate Accounting

There’s one place in the world where oil is still $95 a barrel.

On paper.

Mar 04 09:32

No, Obama, Russia’s economy isn’t in tatters

Western politicians and pundits should be more careful with their predictions for the Russian economy: Reports of its demise may prove to be premature.

Mar 04 08:10

5 Reasons Why Ukraine is Becoming Europe's Zimbabwe

As the Ukrainian National Bank introduces new capital controls, this time for businesses, and raises interest rates, the country's economy slides into Zimbabwe-grade hyperinflation, as measured by the Cato Institute. There are five main reasons why.

Although the study explains disconnects in Ukrainian statistics, there are more reasons to use the Zimbabwe methodology than just high inflation, as Ukraine enacts more measures to pursue the same path.

Webmaster's Commentary: 

The ECB's imposed "austerity" is going to cause capital and human flight from Ukraine, not to mention further misery for the Ukrainian people.

IF the government is dead broke, which it is, there is a real question about how long Poroshenko can actually cling to power; and ultimately, without huge injections of foreign capital, the government in Kiev cannot continue to survive.

Mar 04 07:44

TARGET TO LAY OFF THOUSANDS

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Mar 04 06:38

Azerbaijan should be very afraid of Nuland

The US’ Assistant Secretary of State for European and Eurasian Affairs, Victoria Nuland, visited Baku on 16 February as part of her trip to the Caucasus, which also saw her paying stops in Georgia and Armenia. While Azerbaijan has had positive relations with the US since independence, they’ve lately been complicated by Washington’s ‘pro-democracy’ rhetoric and subversive actions in the country. Nuland’s visit, despite her warm words of friendship, must be look at with maximum suspicion, since it’s not known what larger ulterior motives she represents on behalf of the US government.

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Mar 04 06:34

France wants companies to make appliances that last longer

France is ordering manufacturers to inform consumers how long they can expect their TV, cell phone or other appliance to last — before they buy it.

A new French government decree that came into effect this week aims at fighting so-called planned obsolescence. That is when companies design strategies to limit the life span of appliances, so that consumers will have to replace them.

The measure requires manufacturers to inform vendors how long spare parts for an appliance will continue to be produced. The vendor is then required to inform the buyer, in writing. Violators face up to 15,000 euros ($16,800) in fines.

Webmaster's Commentary: 

We need that here in the US. We won't get it, of course, while this nation remains a fascist economic dictatorship, but we do need it here!

Mar 03 19:02

Apple may soon hold world market with new gold smartwatch; “24 million troy ounces” yearly to produce: Report

| 30% of world's gold market to be held by Apple for production of new smartwatch, says report

Mar 03 18:38

Congress: Mummies R Us Karen De Coster

snip: The multi-millionaires in congress are destroying life and freedom through a governing body that lords it over all of us. Politics, by definition, is coercion, and still, no matter how much people – voters – learn about the establishment and its reason for existence, they sanction it. They sanction it each time they concede to the government’s arbitrary decrees and go along with its mandates. And especially, the masses consent to total control and tyranny each time they vote for any one of these swines. These monsters, who have been given extraordinary powers to rule, have become so accustomed to ramping up their powers and stomping their legislative jack boots down on our heads that they are not the slightest bit tolerant of resistance. They loathe your disobedience, your verbal challenges, your hostility to their supremacy.

Nancy Pelosi, the repulsive, arrogant she-devil that she is, once likened the middle class resistance to her socialist-fascist agenda as an “astroturf” movement. That happened when she didn’t like the swastikas stuck in her face as she tried to ram her perverted health care plan down our collective throats. In fact, the Dems are certain that there is no real resistance at all. They believe it’s just a big setup, with the Republican Party hiring stand-ins to show up and to protest. The term used to describe the resistance is “manufactured outrage.”

Mar 03 18:15

Impotent Western Sanctions Fail To Disrupt Russian Energy Exports

Energy exports from Russia, in the form of coal, oil, natural gas and uranium, continue to flow unimpeded, despite Western efforts to damage the Russian economy for interfering in Ukraine.

In some ways, the sanctions have had the desired effect. But in others, notably the energy trade, they have failed, and in fact it could be argued they have backfired, by hurting the businesses that do business with Russia. Moreover, the sanctions have further isolated Russia from Europe and drawn it closer to alternative energy partners, namely Turkey and China.

Mar 03 16:28

Chinese economy under downward pressure

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Mar 03 15:42

Can you spot the direction of the trend?

Mar 03 15:41

"What’s Going On" - Traders Stumped As HFTs Frontrun Last Night's Australia "Surprise" Rate Decision

Yesterday at 10:30pm eastern, or alternatively today at 2:30pm local time, Australia's central bank unexpectedly did not cut its key interest rate, keeping it at 2.25% even as the majority of economists had predicted a rate cut. However, not everyone was surprised. Just a minute before the official announcement at bottom of the hour sharp, the AUD surged by 0.6%, rising from 0.7774 to 0.7822, suggesting that at least one algo and likely more, had advance knowledge of the unchanged decision, as shown in the chart below.

Mar 03 15:03

Target to cut jobs as part of $2B cost-savings plan

Target's chief executive, Brian Cornell, said Tuesday the retailer will cut several thousand jobs within the next two years as part of a $2 billion cost savings plan.

Webmaster's Commentary: 

Even Target can't make it in this economy!

Mar 03 14:14

Video: Student Loans Are Like STDs (Everyone Is Catching Them)

Student loan debt is the next big economic sledgehammer that's about to come down on this country...the next big bubble to burst following the housing bubble.

Consider this. Student loan debt is somewhere upwards of $1.3 Trillion in this country these days — and that's just the official government loans, not private lenders, etc. The Congressional Budget Office is estimating that's going to double in the next decade as tuition rises and more people go back and get even more loans, going to grad school in the hope that if they take on even more debt and get another degree, maybe they'll finally be able to get that magical job where they can afford to live to be debt free one day to match it... a condition known these days as "American Dream Syndrome."

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Mar 03 12:52

Economic Recovery

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Mar 03 12:14

As predicted: you can't taper a Ponzi.

Mar 03 09:40

Ukraine unofficially has 272 percent inflation

Mar 03 08:12

Bill Gates, Again The Richest In The World, According To Forbes

The list of people with a fortune of over 1,000 million was headed, once again, by the founder of Microsoft, Bill Gates, according to the classification broadcast Monday by the US magazine Forbes.

Read More: Already last year, Gates had shifted to the Mexican Carlos Slim the first place on this list and editing of 2015 consolidated that position, and also his fortune: if last year was calculated 76,000 million, this year is 79,200 million.

Read More: http://whatisusa.info/bill-gates-again-the-richest-in-the-world-accord...

Mar 03 08:08

Nasdaq 5000: Bubble or not?

Mar 03 07:19

Russia will explore ways of softening food embargo for Greece and Hungary — minister

Russia will explore ways of softening food embargo for Greece and Hungary consistent with WTO norms, minister of economic development Alexey Ulyukayev said on Monday.

"We need to find a decision consistent with WTO norms. It is impossible to simply make exceptions for countries," the minister said.

Mar 03 07:07

Ukraine parliament begins IMF reform package debate

Ukraine’s parliament has commenced debating a reforms package required by the International Monetary Fund (IMF) as a prerequisite for a multi-billion-dollar aid package.

Webmaster's Commentary: 

Here comes the Austerity! Wealth for the bankers and poverty for the Ukrainian people!

Mar 03 07:06

GOLD: THE LAST SAVIOUR OF THE MAD FOLKS

Mar 03 06:47

Dallas-Area Cops Seize Millions in Cash and Property Every Year, and No One Fights Them

Anecdotes of civil forfeiture abuse in Texas abound. The most egregious example from recent years probably comes from the tiny East Texas town of Tenaha (population 1,160), where the district attorney and local police teamed up to shake down innocent out-of-town motorists for cash and other valuables worth millions.

Mar 03 06:38

Details Of Tax Avoidance Schemes For Wealthy HSBC Clients Revealed

A cache of secret documents has thrust HSBC, the world’s second largest bank, into the limelight for helping international clients dodge taxes. A series of articles published by the International Consortium of Investigative Journalists is finally pushing reluctant governments to act almost eight years after the original leaks.

Mar 03 06:24

Austria stops payments on Hypo 'bad bank' debts

Austria has announced it is halting payments on more than €11 billion ($12.28 billion) in debts of the failed Hypo Alpe-Adria-Bank International AG until it has found a way of winding down the bank without imposing more costs on taxpayers.

Mar 02 15:29

Only 20-30% EU Food Exporters Will Be Allowed Back into Russia after Food Ban Is Lifted

Russian regulators say that once Russian ban on EU food imports is lifted only a minority of former exporters can count on being immediately granted the necessary licenses to return

Webmaster's Commentary: 

Russia has developed its domestic food production because of the sanctions, and doesn't need those external sources any more.

Mar 02 15:00

Bulgarian companies proceed with South Stream gas pipeline project — ambassador

Bulgarian companies continue their work on Russia’s South Stream natural gas pipeline project fulfilling all their contractual obligations although Russia announced last year the suspension of its project, Bulgarian diplomat said on Monday.

Russian President Vladimir Putin announced on December 1 that the project to build the South Stream gas pipeline was closed due to the European Union’s unconstructive approach to cooperation in that sphere, including Bulgaria’s decision to suspend the construction of the pipeline’s stretch on its territory.

Mar 02 14:19

Obama "Very Interested" In Raising Taxes Through Executive Action

White House Press Secretary Josh Earnest confirmed Monday that President Obama is "very interested" in the idea of raising taxes through unitlateral executive action.

"The president certainly has not indicated any reticence in using his executive authority to try and advance an agenda that benefits middle class Americans," Earnest said in response to a question about Sen. Bernie Sanders (I-VT) calling on Obama to raise more than $100 billion in taxes through IRS executive action.

Webmaster's Commentary: 

All revenue measures must originate in the House of Representatives.

Mar 02 13:27

NATO rolls out 'Russian threat' in budget battle

NATO member-states unwilling or unable to help boost the military spending are being accused of ignoring the “Russian threat,” that has re-emerged as the core of the alliance’s agenda to boost arms sales.

A report saying one of major NATO funding contributors, the UK, could fail to fulfil the commitment to spend 2 percent of its GDP on the alliance in 2015 came as a bombshell for some of the West’s military elite.

Mar 02 13:24

As Greek Default Fears Return, Government Considers "Borrowing" Pensions To Repay IMF

Greek short-term default risk jumped over 300bps today putting the odds of a restructuring at 50-50 within the next year as the warnings we issued last week with regard Greece's imminent default on its IMF loan loom. Seeking to reassure its lenders (and avoid yet more capital flight), Reuters reports the Greek government said it was "exploring solutions," including delaying payments to suppliers or try to raise up to 3 billion euros by borrowing from state entities such as pension funds.

Webmaster's Commentary: 

Sounds like an interesting idea, until you realize the US Government did just that back during the Clinton years, "borrowing" from the Social Security trust fund ... and they have never been able to pay it back!

Mar 02 13:21

Housing Bubble Redux: Subprime Auto Market Begins To Crack

As noted last week, the aggregate amount of loans for new and used cars will in short order eclipse the $1 trillion mark, joining total student debt in full-on bubble mode. Better still, early delinquencies on auto loans are now sitting back at their 2008 highs (both for all borrowers and for subprime borrowers, with 9% of the latter now missing a payment within the first 8 months of origination). Despite this, and despite the fact that nearly a third of all auto loans in 2013 were made to subprime borrowers (the same amount we saw in 2006 at the very height of reckless underwriting standards), Experian says everything is fine.

Mar 02 10:40

Four Reasons Young Americans Should Burn Their Student Loan Papers

Hell No, We Won’t Go –1967
No Way, We Won’t Pay –2015

Fifty years ago students burned their draft cards to protest an immoral war against the people of Vietnam. Today it’s a different kind of war, immoral in another way, waged against young Americans of approximately the same age, and threatening them in a manner that endangers not their lives but their livelihoods.

There are at least four good reasons why America’s young adults – and their parents – should take up the fight against financial firms who are holding high-interest student loans that total more than the nation’s credit card debt, and more than the total income of the poorer half of America.

Mar 02 02:08

The Collapse of The American Dream Explained in Animation

Mar 01 07:50

10 Reasons Washington Has War Fever

But as Dorothy told her dog, Toto, in the classic "Wizard of Oz" movie, "I've a feeling we're not in Kansas anymore," we're also not in the America of our Founding Fathers any more, either. Real capitalism and free markets simply do not exist any longer. A few powerful interests manipulate all markets, unlimited fiat money is a profitable franchise and we are attempting to police and control the entire world to maintain our leadership position held since the end of World War Two.

Today you are a fool to trust what the government or press claims is true, fair and balanced, as it's all just propaganda. Regulatory organizations exist only to protect the favored industries not the public, our legal system is a joke and all wars fought for democracy against evil are just looting expeditions against other nations out for profits, gain and natural resources.

Mar 01 07:42

World's Richest Woman Fantasizes About Slave Wages


Gina Rinehart, the world's richest woman, is at it again! The Australian woman who inherited her riches just a few days ago lectured the poor about being poor because they don't work hard enough. Now she's going on record telling Australian worker's that they demand too much money in wages and the minimum wage in Australia is too high because she can go over to Africa and hire miners for $2 a day!

Feb 28 10:05

Warren ‘Bet on America’ Buffett Takes His Money Elsewhere

In his highly anticipated annual letter to Berkshire Hathaway Inc. shareholders, Warren Buffett is expected to recommend investing opportunities abroad, a marked change from his usual cheerleading for domestic investment.

Feb 28 10:04

Homelessness rises 55% under ‘disgraceful’ Tory govt – charity

Devastating figures released by the Department for Communities and Local Government (DCLG) reveal a significant 55 percent rise in homelessness since David Cameron became prime minister in 2010.

Feb 28 09:52

Uninsured Ex-Sheriff Who Fought O-care Struggles To Pay Medical Bills

Former Arizona county sheriff Richard Mack, a fierce opponent of Obamacare and a leader in the "constitutional sheriff" movement, is struggling to pay his medical bills after he and his wife each faced serious illnesses. The former sheriff and his wife do not have health insurance and started a GoFundMe campaign to solicit donations from family and friends to cover the costs of their medical care.

"Because they are self-employed, they have no medical insurance and are in desperate need of our assistance," reads a note on Mack's personal website.

Webmaster's Commentary: 

Claire and I have Obamacare-compliant health insurance, and were shocked by bills from my illness a year ago our Obamacare-compliant policy says they do not have to pay! Those Obamacare policies with their sky-high deductibles are not worth the paper they are printed on!

Feb 28 09:35

Auditor: Florida’s jobless claims website in disarray

Ever since the troubled launch of the state’s unemployment website in October 2013, Gov. Rick Scott and his team have staunchly defended the lifeline for hundreds of thousands of jobless Floridians.

But on Friday, the state’s auditor general issued a scathing 45-page audit that joins mounting evidence that CONNECT is a system in disarray.

Feb 28 09:16

French protestors call for HSBC nationalization

Activists in France have staged a protest rally against the British bank, HSBC, for its illegal banking practices, Press TV reports.

Feb 28 08:39

Cutting federal spending should be Congress’s top priority: TWT/CPAC poll

Conservatives say reducing federal spending should be the Republican-led Congress’s top priority this session, beating out confrontations with President Obama over his immigration executive actions, Obamacare, and the Keystone XL pipeline, according to The Washington Times/CPAC flash poll at the annual Conservative Political Action Conference.

Thirty-eight percent of the 141 respondents picked reducing federal spending at the top priority, followed by rolling back Mr. Obama’s amnesty plan at 26 percent.

Feb 28 08:37

ExxonMobil admits $1bn lost from anti-Russia sanctions

The contracts with Russia’s biggest oil company Rosneft damaged by the West’s anti-Russian sanctions have cost ExxonMobil $1 billion, the company said in its annual report.

Feb 28 07:57

Greek PM says 'forget about third bailout'

Greece won’t be seeking a third international bailout after the four-month extension of its current program expires, Greek Prime Minister Alexis Tsipras said.

In a televised speech to his government, Tsipras also said the country has requested a reduction of its debt, despite European creditors demanding that Greece pay it in full.

Feb 27 12:30

Chicago's debt is now two notches above junk: Moody's

In a blow to Mayor Rahm Emanuel, one of the major bond-rating services today downgraded Chicago's credit to just two levels above junk, saying the city has not been able to adequately control the soaring cost of worker pensions.

Webmaster's Commentary: 

"No problem. We'll just send those retired workers over to the police dungeon where they will "disappear!" THAT will cut costs!" -- Hizzoner Damayor

Feb 27 11:47

FAS has offered to sell oil for rubles

Google translate: The head of the Federal Antimonopoly Service (FAS) Igor Artemyev proposed to revisit the idea of selling part of the exported oil and petroleum products for rubles, reports on Friday, February 27, "Interfax".

Feb 27 11:46

Moscow threatens Washington painful countermeasures in case of new sanctions

Google translate: As informs "Interfax", said Deputy Minister of Foreign Affairs of Russia Sergei Ryabkov.

"We leave for all options, including used and, if necessary, will be applied fairly painful countermeasures," - said a senior diplomat.

On the eve of the US State Department spokesman Jen Psak said that the United States continues to consider the possibility of imposing sanctions on Russia in the case of deterioration of the situation in Ukraine.

Feb 27 10:23

Maplewood Mall Serves Federal Government Eviction Notice

A local shopping center wants to evict the federal government, accusing it of failing to pay rent.

Court documents show the Maplewood Mall's parent company claims its owed more than $50,000.

The government is leasing space for the Armed Forces Career Center and the mall claims it is missing out on six months of rent.

Feb 27 10:22

Treasury admits 'fat finger' blunder costing Lloyds bond holders £2bn

The Treasury has admitted it made a blunder by telling Lloyds Banking Group that it had permission to buy back investor bonds that propped the bank up in the wake of the financial crash – depriving holders of the notes billions of pounds in interest payments.

The so-called "fat finger" error reported by Business Insider, saw the Treasury incorrectly state the Prudential Regulatory Authority had approved Lloyds' application to redeem a series of Enhanced Capital Notes (ECNs), disclosed by the bank on 16th December 2014.

A statement by Sir Nicholas Macpherson, Permanent Secretary, HM Treasury, said: "HM Treasury understands that the PRA has not yet made a decision regarding whether to approve Lloyds Banking Group's application. We apologise for this error, and sincerely regret any problems caused."

Feb 27 10:22

Silver, Gold, & Gun Dealers To Be Shut Down? Update On Operation Chokepoint - Mike Maloney

Feb 27 08:40

The Patient Has Gotten Sicker ~ Steve St. Angelo

The central banking facade and toxic debt system cannot survive without an increasing energy supply. When it declines the whole fiat monetary system that is based on leverage and debt starts to implode. A fiat monetary system needs a growing energy supply to sustain. It’s not a coincidence that we went off the gold standard soon after our energy productivity peaked.

In the 1960’s, for every dollar that gold exploration companies spent, they returned $105 in gold. In the 1970’s it fell to $83, in the 80’s it fell to $57, in 90’s it fell to $23, and in 2000 it was a whopping $11. Here we have a double edged sword effect: falling EROI and falling gold availability, yield, and ore grade.

Stocks, bonds, and paper assets are based upon net present value, NPV- it’s one thing they teach you in finance school. Energy must be spent to deliver the asset. When you hold gold or silver in your hand, no energy must be spent to deliver.

Feb 27 07:56

"Naftogaz" will take a loan from China's $ 3.6 billion

Google Translate: It is noted that the National Bank of China agreed to provide "Naftogaz" credit under government guarantees.

About 60% of the loan is for the purchase of Chinese equipment, 40% will be spent on increasing the efficiency of the mechanical engineering sector.

Earlier it was reported that the Russian Ministry of Energy expects "Naftogaz Ukrainy" timely advance payment for gas in the Brussels agreement.

Feb 27 07:56

Russia is ready to give China more than 50% stake in the oil and gas fields

Google Translate: Dvorkovich said that the Russian government may consider the application of Beijing for a 50% stake in the project, if any, will come from Chinese partners, and political obstacles that work under such conditions he sees.

Feb 27 07:38

COMER — Committee on Monetary and Economic Reform

A Call for Renaissance of the Bank of Canada

Webmaster's Commentary: 

According to a reader, COMER'S website is still unblocked in Canada.

Feb 27 07:05

Liquidation looms for insurance cooperative

An insurance cooperative created to provide health care in Iowa and Nebraska will be formally liquidated this weekend.

Iowa Insurance Commissioner Nick Gerhart said Thursday that a Polk County judge has agreed to approve the liquidation plan, which will be finalized on Saturday night.

CoOportunity is a federally funded nonprofit established to provide health care in Iowa and Nebraska. Gerhart took the cooperative over after he determined the nonprofit’s claims would exceed its available cash.

Webmaster's Commentary: 

We will see more of these. The more-costly Obamacare policies come with sky-high deductibles, which means they don't really pay that much for your health care. The costs that used to be covered by the major health insurance companies that wrote the ACA are now being shifted onto supplemental insurance programs, which are then driven into bankruptcy.

Thank you, Obamacare!

Feb 26 17:08

Jonathan Gruber fired from Mass. exchange board

Massachusetts' governor has fired Obamacare architect Jonathan Gruber from a board that oversees the state's health insurance exchange, a source confirmed to the Washington Examiner.

Gruber ignited a controversy last December when a series of videos surfaced where the Massachusetts Institute of Technology professor discussed the “stupidity of the American voter” was vital to passing the 2010 Affordable Care Act.

Feb 26 16:18

Deere & Company expects drop in sales

Deere & Company is expected to set a record this year — but not the kind it wants.

Leaders at the Moline, Ill.-based company expect sales to drop around $6 billion. That includes large machinery sales, which could drop as much as 50 percent.

Deere and Company has already laid off hundreds of workers, including at its locations in Waterloo. More cuts are on the way next month.

Read more at http://www.kcrg.com/subject/news/business/agriculture/deere-company-ex...

Feb 26 14:33

Hryvnia official rate hits new low of UAH 30 to dollar

The National Bank of Ukraine at 1500 on Thursday set the hryvnia exchange rate at UAH 30.0102 to the dollar, or UAH 1.66 lower than the last historic low rate of UAH 28.3481 set by the NBU on Monday, according to the official Web site of the National Bank of Ukraine.

Since the beginning of the year the hryvnia’s official rate has fallen against the dollar by almost two times, or by UAH 14.24.

Feb 26 13:34

Exclusive Interview: Obama Plans to Use Trans-Pacific Partnership as New Power Grab Disguised As Free Trade

We’re suffering through Obamacare, but, sadly, there is another one of President Obama’s plans that demands our attention: Obamatrade.

“‘Obamatrade’ is the name we’ve given to the Trans-Pacific Partnership agreement, which is one of the so-called free trade agreements the Obama folks have been negotiating on their own, in secret, without consulting Congress for the past six years,” explained Curtis Ellis, who spoke with BenSwann.com’s Joshua Cook.

Feb 26 08:48

COMER UPDATE - Federal Court of Appeal Decision — January 26, 2015

Since the Federal Court of Appeal fully upheld the decision of Justice Russell dated April 24, 2014, Justice Russell’s decision stands. I refer everyone to my summary of that decision on COMER’s website.

What that means is that we are entitled to proceed with our action, subject to me drafting and filing an amended Statement of Claim with the Federal Court, which will be done shortly.

In short, and in summary, the decision of the Federal Court of Appeal is a victory for COMER to proceed. (While the government can seek leave of the Federal Court of Appeal’s decision to the Supreme Court of Canada, to date no such indication has been conveyed.

Webmaster's Commentary: 

For those just finding out about COMER (which Canada has been trying to block and ban from both corporate and independent media) , the Bank of Canada is supposed to provide interest-free loans to the Canadian governments for infrastructure development. But starting in the 1970s, the Canadian government started getting their loans from privately owned banks, and forcing Canadian taxpayers to pay the interest! The COMER lawsuit seeks to force the Canadian government to avail itself of the interest-free loans mandated by the charter for the Bank of Canada, and so far the courts have agreed that COMER is correct.

The Canadian government has banned this subject from the Canadian corporate media, and emails from Canada report that links to stories about COMER are blocked inside Canada as well. This is to keep the Canadian people from finding out about this scandal as they would likely ask why the Canadian government would do such a thing, and so far the only answer seems to be, "We decided to loot the taxpayers and give it to the private banks because the private bankers write really generous campaign donation checks every election!"

Needless to say, this would not sit very well with the already over-taxed Canadian people!

Feb 26 07:56

Banks Ranked by Derivatives

The following is a ranking of all banks in the United States in terms of "Derivatives". This comparison is based on data reported on 2014-12-31.

Webmaster's Commentary: 

When it all comes apart, the US Government has already changed the laws to make you all pay for the mess!

Feb 26 07:52

HSBC chiefs say sorry to MPs – but it may be too little too late

In an attempt to demonstrate at least some humility for a scandal that has ravaged the bank’s international image, chief executive Stuart Gulliver and chairman Douglas Flint repeated apologies for the bank’s conduct – but with rather less qualification than on previous occasions – as they appeared before the Treasury Select Committee.

With the authorities in Belgium, France and the US preparing prosecutions, however, many may feel those apologies do not go far enough.’

Feb 26 07:44

U.S. Weekly Jobless Claims Rise To 313K

First-time weekly jobless claims in the U.S. rose by 31,000 to a seasonally adjusted 313,000 during the week to Saturday, the Labor Department said Thursday.

The data was above economists' expectations, which according to consensus forecasts were for claims to rise to 288,000. Last week's claims were revised down by 1,000 to 282,000.

Feb 26 07:41

How could Germany, in a span of 80 years (1918-2000s), lose a World War, get back in shape enough to start another one (in 20 years only), lose it again and then become one of the wealthiest countries?

As an American who has lived in Germany for the last 30 years, the Germans have some traits that tend to make them successful economically. 1. They spend a lot of time and energy early-on in an enterprise to get well organized so that later they can reap the benefits of efficiency. You could call this concentrating on long-term goals rather than just on the short term. Many German companies are still able to compete globally even though Germany is a high-wage place, simply because they are so efficient.

Webmaster's Commentary: 

An idea apparently lost on American businessmen who, isolated from the actual process of their companies by the MBAs, are unable to tell if their companies are efficient or not.

Feb 25 23:54

Gold:Fool’s Gold - Michael Rivero - February 25, 2015

Feb 25 16:28

Gold Wars

Gold wars is the story of the decline of the US dollar, the petrodollar standard, and a system of alternative investing by Kelly Mitchell.

Webmaster's Commentary: 

Website of today's radio guest!

Feb 25 16:17

Pat Robertson: There could be demons attached to your thrift store finds

Do you shop at thrift stores to save money? Or maybe because you think recycling clothes is good for the environment? Or maybe because you are the “most extreme manifestation of ironic living” and find sincerity unbearable? Either way, you might be getting more than you bargained for with your latest purchase. (Get it? Bargain. Like, discount shopping? OK.)

Webmaster's Commentary: 

So, according to pat, only by shopping for brand new things at the malls will you be guaranteed entry into Heaven!!!!!!!

Feb 25 16:06

How regulators and legislators make it harder for you to use solar power

As Americans have warmed to solar power and its ability to reduce electricity bills, utilities are suffering revenue losses and have been seeking ways to recoup that money. Over the past several years, state utility commissions and legislatures have pursued policies that reduce the benefits of adopting distributed solar power systems for homeonwers and businesses.

Feb 25 15:19

‘Occupy made it possible’: JPMorgan whistleblower Fleischmann to Max Keiser

Alayne Fleischmann, a former lawyer at JPMorgan Chase, whose testimony helped secure a $13 billion fine for the bank, says that most big-time fraudsters have got away scot-free, and claims that only continued public interest can ensure they are punished.

In 2006, Fleischmann worked in a team that repackaged individual home loans as securities. She witnessed a host of violations, including never-to-be-repaid subprime loans being mis-sold as reliable investments, helping to heat the market that sparked the worldwide financial crisis in 2008.

Feb 25 14:46

IRS will allow people to keep extra money from ObamaCare tax error7116113 87

People who received incorrect tax information from ObamaCare will be allowed to keep the extra money in their refunds and will not have to refile their taxes, the Treasury Department said Tuesday.

The Obama administration announced last week that 800,000 people signed up for ObamaCare had received incorrect tax information. Most of those people will be receiving a corrected form in the mail early next month, and are being asked to delay filing their taxes until then.

Feb 25 14:03

100 Reasons Why The Federal Reserve Should Be Shut Down

Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide? During testimony before Congress on Tuesday, she made “central bank independence” sound like it was the holy grail. Even though every other government function is debated politically in this country, Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people. Does any other government agency ever dare to make that claim? But of course the Federal Reserve is not a government agency. It is a private banking cartel that has far more power over our money and our economy than anyone else does. And later on in this article I am going to share with you dozens of reasons why Congress should shut it down.

Feb 25 10:07

Gold and Debt: Astonishing Comparisons

Debt and budgets in the trillions of dollars and euros are difficult to comprehend. The US budget is nearly $4 Trillion per year while the US official national debt exceeds $18 Trillion. A single large bank may hold contracts for more than $50 Trillion in derivative contracts. Global debt is approximately $200 Trillion.

Feb 25 08:56

Spanish prime minister warns against populist rhetoric

Spanish Prime Minister Mariano Rajoy has warned that populism and demagoguery would be no option out of the country’s economic situation.

In his last annual state of the nation debate on Tuesday, Rajoy warned against what he called demagoguery in politics, which according to him, would risk Spain’s plans for economic recovery and reaching welfare.

“It is not with demagoguery that we can maintain the welfare state,” Rajoy said.

The Spanish leader was clearly alluding to some emerging political parties’ continued use of populist slogans in the run-up to a series of elections in the country which could end in a huge loss for the ruling government.

Webmaster's Commentary: 

In other words, what happened in Greece may happen in Spain.

Feb 25 08:55

The Troika’s Message to the New Greek Government: We Don’t Care About Humanitarian Issues

Since 2010 the troika, consisting of the International Monetary Fund, the European Central Bank and the European Union’s commission, has forced different governments in Athens to implement six consecutive austerity programs which have severely lowered the living standards of working people, devastated Greece’s social systems and plunged millions into poverty. This is why on 25 January, the majority of the Greek population decided to vote for a party that raised their hopes for a better future by promising an end to austerity.

Four weeks later this dream has been shattered. In last week’s negotiations the troika left no doubt that it will not deviate from its path of insisting on the unrestricted continuation of austerity politics. In other words: The working people of Greece will have to keep filling the gaps in the state budget generated by the bank bailout in the beginning stages of the Euro crisis.

Webmaster's Commentary: 

Hey Greece; look at how Russia just handled Cyprus!

Feb 25 08:41

Russian sanctions create broader problems for entire EU– Cyprus president

EU sanctions against Russia over the Ukraine crisis have neither proved effective, nor met the expectations of those who imposed them, but brought huge losses, said Cyprus President Nikos Anastasiadis ahead of a visit to Moscow.

The sanctions have not only complicated the economic situation in many European countries, but brought no prospects of peace for the Ukrainian people, said Anastasiadis in an interview to TASS.

Feb 25 08:41

Central Banks Are Losing Control

The first round of interventions (2007-early 2009) was performed in the name of saving the system. The second round (2010-2012) was done because it was generally believed that the first round hadn’t completed the task of getting the world back to recovery.

However, from 2012 onward, everything changed. At that point the Central Banks went “all in” on the Keynesian lunacy that they’d been employing since 2008. We no longer had QE plans with definitive deadlines. Instead phrases like “open-ended” and doing “whatever it takes” began to emanate from Central Bankers’ mouths.

However, the insanity was in fact greater than this. It is one thing to bluff your way through the weakest recovery in 80+ years with empty promises; but it’s another thing entirely to roll the dice on your entire country’s solvency just to see what happens.

Feb 25 08:40

OPEC will hold extraordinary meeting if oil plunge continues – cartel president

The OPEC member states are discussing the possibility of an emergency meeting should oil prices continue to fall, said Nigerian Oil Minister, and OPEC President Diezani Alison-Madueke. Prices have dropped by than half since their peak last summer.

If the price “slips any further it is highly likely that I will have to call an extraordinary meeting of OPEC in the next six weeks or so,” said Alison-Madueke, as quoted by the Financial Times, adding that discussions are already underway.

Feb 25 08:34

‘Stark choice’: Britain will import 50% of food by 2040, farmers union warns

The UK will be importing more than half of its food supplies within a decade due to a growing population and stagnating farm productivity, farming leaders have warned.

Webmaster's Commentary: 

How is that open-borders immigration policy looking now?

Feb 25 08:10

Black History Biden: Veep calls for 'emancipation' of people's wealth

Vice President Joe Biden used a Black History Month event at his official residence Monday night to decry the rich, both white and black, for stunting economic growth and suggested that “emancipation” is in order.

“A lot of wealthy white and black people aren't bad but they control 1 percent of the economy and this cannot stand,” Biden told about 100 guests, including past civil rights activists and NBC weatherman Al Roker.

Feb 25 08:02

BREAKING – Bank of England Admits 22% of Austria’s GOLD IS GONE

The article below is translated from German language. Later this week Sean, from SGTReport and I will be speaking with Peter Boehringer about this situation, along with other current affairs. Peter sent this news to me around midnight Tuesday February 24, 2015. This is significant due to the fact the Bank of England has now admitted Austria’s gold is gone!! What other gold is missing?

Feb 25 07:44

The Trans-Pacific Partnership: the dirtiest trade deal, you've never heard of

Feb 24 18:08

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

As we noted earlier today, there was some confusion over the plight of the Greek reform proposal document, which initially was said to have been delayed until today, only for the Troika, pardon, Institutions, to flip around and say they had actually received it before midnight on Monday. How could the two be possible? Courtesy of Yannis Koutsomitis, who had the simple but profound idea of looking at the properties tab in the leaked Varoufakis draft of the agreed to proposals, we now know.

As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals "before midnight on Monday", but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!

Feb 24 15:32

Market Whispers: The stinks!

The Euro Group has agreed to the proposals of Greece to reform - but the author of the proposals is unlikely to Greece, but the European Commission have been! That explains why the European Commission already praised the paper before ever it was clear that it was received by the institutions - later Dijsselbloem then claimed that the paper was shortly before midnight and thus received on time. Very strange ..

Webmaster's Commentary: 

So, it looks like the Troika had a ringer inside Syriza!

Feb 24 14:46

Some with insurance still slammed with high bills when they get sick

Stephanie and Daniel Dufek did everything they were supposed to do in building a middle-class life for themselves and their daughter. They lived modestly. They had health insurance. They saved.

"We had a normal life," Stephanie Dufek said.

Then her husband got sick.

In roughly a year, the family incurred more than $20,000 in medical bills, shattering their finances and leaving them with a tenuous hold on the life they had built.

Webmaster's Commentary: 

Tell me about it!

Thanks, Obamacare!

Feb 24 14:44

White House Economic Report Calls for Cutting Corporate Taxes

On Thursday, the White House released its “2015 Economic Report of the President,” presenting it as an argument for “middle-class economics.”

The document seeks to justify Obama’s scheme, spelled out in his most recent budget proposal, to slash corporate taxes by up to ten percentage points. The report attempts to obscure the fact that such a windfall for the corporate-financial elite will dramatically increase social inequality, claiming instead that it will “increase productivity, output and living standards.”

The document falsifies both present economic reality and the development of the US economy in the post-World War II period in order to argue for further pro-corporate “reforms.”

Feb 24 14:18

Russia may refuse American Rating agencies service

Google Translate: Deputy Finance Minister Sergei Storchak has warned that Moscow's reaction to the actions of the international rating agencies may not only verbal.

We add that the cancellation of the agreement to maintain a rating in which the issuer pays for the work the agency does not mean automatic termination of rating.

Earlier, the international rating agency Moody's downgraded the sovereign credit rating of Russia to «Ba1» with «Baa3» with a negative outlook. Thus, the country's rating dropped to "junk" level. As explained in the release of Moody's, in 2015, Russia's economy is waiting for a deep recession in 2016, the reduction will continue. The main reasons for lowering the agency points out the consequences of the Ukrainian crisis, falling oil prices, and the exchange rate.

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