ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 13 09:34

Seven Banks Rigging The Multi-Trillion Dollar Foreign Exchange Market

Barclays, Citigroup, HSBC, JPMorgan and three other banks are set to be fined by EU antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter said.

The other three lenders are Royal Bank of Scotland, UBS and a small Japanese bank, the people said. The banks will see a 10 percent cut in their fines for admitting wrongdoing.

May 13 06:46

5 Ways to Address Millennial Pessimism about Capitalism

By Doug McCullough and Brooke Medina

Polls suggesting that millennials have a favorable view of socialism are well publicized. Less known are polls showing that 90 percent of millennials have a positive view of entrepreneurship, and 58 percent of millennial respondents believe they are more entrepreneurial than previous generations. So far, though, millennials have not been as entrepreneurial in practice as prior generations. But there is hope that this could change given their views on entrepreneurship and the currently robust economy.

Capitalism is facing high-profile criticism and challenges from politicians. But capitalism doesn’t need to be saved. Rather, we need to teach this generation the skills to prosper in a free enterprise system...

May 12 18:22

44 States Sue Pharma Giants Over “Multi-Year Conspiracy” to Hike Drug Prices by 1,000%

By Jake Johnson

A far-reaching lawsuit filed Friday by the attorneys general of more than 40 states accused some of the nation’s largest generic drug manufacturers of conspiring to inflate prices, in some cases by over 1,000 percent...

May 12 18:02

Top 10 World’s Biggest Unicorn Companies

May 12 09:45

A "Cancer On Our Economy": Report Finds Over $7 Billion Laundered Through British Columbia In 2018

It may have taken a while, but now that housing prices are starting to crash in Vancouver, BC legislators are finally starting to get wise to the fact that the province has been a hot bed for money laundering. It was an easy problem to ignore with prices on the way up, but on the way down - not so much.

And so an independent report released on Thursday concluded that an astounding $7.4 billion was laundered in British Columbia in 2018, out of a total of $46.7 billion laundered across Canada throughout the same period. The report was published by an expert panel led by former B.C. deputy attorney general Maureen Maloney.

May 12 09:15

AOC Comes Out Against Usury

New York Democratic Rep Alexandria Ocasio-Cortez on Thursday called for an end to usurious high interest credit cards and said the usury laws of the 1970's (where usury ceilings were generally around 8 to 10 percent) were "common sense."

Alexandria Ocasio-Cortez tweeted: "There is no reason a person should pay more than 15% interest in the United States. It's common sense - in fact, we had these Usury laws until the 70s."

May 12 09:10

U.S. regulators approve new Silicon Valley stock exchange

U.S. regulators on Friday approved a new stock exchange that is the brainchild of a Silicon Valley entrepreneur, a move that will give high-growth technology companies more options to list their shares outside of the traditional New York exchanges.

May 12 09:05

Trump Escalates Trade War With China as Latest Talks End

Trade negotiations between the US and China have ended without any deal, leading to President Trump further escalating the bilateral trade war. He announced substantial increases in US tariffs, to 25%, on $200 billion in Chinese imports.

In a series of Tweets cheering his own moves, Trump suggested that the sanctions might remain in place not only during future negotiations, but might never be eased at all. Trump claimed his relationship with China’s President Xi remains strong and talks will continue.

May 12 09:04

Trump Should Let the World Join Fight Against China

If they’re not careful, the U.S. and other developed nations could drive potential allies into Beijing’s arms.

May 12 08:57

Could Your Age Cost You Your Job?

May 12 08:57

Why MMT won’t work.

May 12 08:38

French prosecutor opens investigation over suspected Monsanto file

The French prosecutor on Friday said it had opened a preliminary investigation into a suspected file assembled by Bayer’s seed maker Monsanto to influence various personalities in France.

The probe was opened after a complaint was filed by daily newspaper Le Monde.

According to Le Monde and other French media, Monsanto built up a file of some 200 names that includes journalists and law makers in the hope of influencing their positions on pesticides.

The file, Le Monde reports, dates from 2016 and was leaked by U.S public relations and marketing agency FleishmanHillard.

Officials at Bayer were not immediately available for comment.

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May 11 19:17

The Fed Created an Uber Problem

May 11 13:04

You think global growth is picking up again?

May 11 10:28

How Accurate Are the US Jobs Numbers?

While the Current Establishment Survey (CES) Report (covering large businesses) shows 263,000 jobs created last month, the Current Population Survey (CPS) second Labor Dept. report (that covers smaller businesses) shows 155,000 of these jobs were involuntary part time. This high proportion (155,000 of 263,000) suggests the job creation number is likely second and third jobs being created. Nor does it reflect actual new workers being newly employed. The number is for new jobs, not newly employed workers. Moreover, it’s mostly part time and temp or low paid jobs, likely workers taking on second and third jobs.

May 11 08:08

Did You Write Your Bitcoin Obituary In Time?

By Jeffrey A. Tucker

The market capitalization of crypto is 300% higher now than it was two years ago this date. Among the biggest changes from two years ago is Bitcoin (BTC) dominance over the sector, down from 85% (January 2017) to circling around 50% today. This change is mostly traceable to the rise of specialized tokens filling various market needs, something very few could have predicted 5 years ago.

If you are surprised to know any of this, you might have been reading too many obituaries from people who treat Bitcoin and all related products as a speculative mania rather than a fundamental innovation in information technology deserving of serious attention. Ironically, it’s these same people who never stop inveighing against speculative manias in crypto – a technology only ten years old!...

May 11 06:39

NY stores going out of business

May 10 13:21

Unrealistically Great Expectations

May 10 12:29

Crunching the numbers on today’s inflation

May 10 10:56

Where Technocrats Play: U.S. Department Of Energy

By Patrick Wood

Ex-Governor of Texas Rick Perry was appointed Secretary of Energy by President Donald Trump on March 2, 2017.

Even though President Trump has withdrawn from the Paris Climate Accord on global warming, apparently Secretary Perry has not gotten word, for the Department of Energy’s web page on Climate Change is still present on the Energy.gov website, which prominently states...

May 10 10:15

Big Pharma Exec Pushing Opioids Found Guilty of Racketeering

By Arjun Walia

The term “big pharma” is really making its rounds as more and more people become aware of the fact that the major corporations that manufacture the majority of our “medicine” are actually criminals. The latest example comes from a recent case where a federal jury found multiple top executives of Insys-Therapeutics, a well-known pharmaceutical company that sold a fentanyl-based painkiller (opioids), guilty of racketeering charges and contributing to America’s current opioid epidemic...

May 10 09:22

Galloway: "I've lost count of how many countries the US has sanctioned"

May 10 09:10

"Cashless" Sweden Suddenly Warns Citizens: Hoard Banknotes & Coins In Case Of Cyber-Attack Or War

Many of Sweden’s bank branches had stopped handling cash altogether.

Figures from the Royal Institute of Technology in Stockholm show that only 18% of all payments made today in Sweden are in cash – a 15% drop from the previous year. Meanwhile figures from the Swedish Trade Federation show that most Swedish retailers say that 80% of their commerce is from card payments. A number that probably will be 90% by 2020. Such is the appetite for digital commerce in Sweden that many predicted it could become the world’s first cashless society.

But, now, as The Daily Mail reports, The Swedish Civil Contingencies Agency, an arm of the government, has sent guidance to every home telling residents to squirrel away “cash in small denominations” in case of emergencies ranging from power cuts or technology glitches to terrorism, cyber-attacks by a rogue government or war.

May 10 09:10

Trump Deletes, Then Retweets Tweet Saying "No Need To Rush" China Trade Talks

In what appears to be the third round of revisions to his increasingly disjointed thread of trade-deal related tweets, Trump has now retweeted the deleted tweet saying talks were proceeding in a "congenial" manner and that there was no need to rush.

May 10 09:09

Luongo: Will Trump's Vanity Destroy The Global Economy?

Last year I asked the question “Will Trump torch the global economy on the bonfire of his vanity?”

A year later we have the answer. It’s a resounding, “Yes.”

May 10 09:08

£14m pay deal for boss of 'unaffordable' cystic fibrosis drug

The chief executive of a company making a potentially life-saving cystic fibrosis drug that the NHS says is unaffordable was paid $18.8m (£14.4m) in cash and shares last year, the Guardian can reveal.

A circular to shareholders ahead of the company’s upcoming annual meeting showed that Jeff Leiden’s deal was 81 times more than the median Vertex employee was paid and an increase on last year’s $17.2m deal. Separate stock market announcements show that he has also sold more than $70m of company stock over the past two years, some or all of it handed to him as part of his pay deals.

His personal remuneration in 2018 is enough to fund a one-year course of its cystic fibrosis drug Orkambi for 137 patients. Vertex is asking £105,000 per patient per year for the drug, which the NHS insists is not value for money. There are 10,400 children and young adults with cystic fibrosis in the UK, 40% of whom could benefit from Orkambi.

May 10 09:06

China 'Fully Prepared' for Any US Actions Related to Tariffs

China is totally prepared for any US actions related to trade tariffs and duties, a spokesman for the Chinese Commerce Ministry, Gao Feng said on Thursday.

US President Donald Trump announced on May 5 that Washington would raise tariffs on Friday to 25 percent from 10 percent on $200 billion of Chinese goods, while on May 6 he said that the United States had been losing billions of dollars to China on trade, pledging to reverse the situation.

May 10 09:05

US Ambassador Warns Germany Not to Do Business With Iran

The statement comes a few days after the US slapped a new round of sanctions on Iran’s steel, iron, aluminium and copper sectors following Tehran’s move to suspend some of its obligations under the nuclear deal in light of Washington’s decision to intensify restrictive measures.

Speaking to Bild newspaper, US Ambassador to Germany Richard Grenell warned that companies involved in business with Iran could be blocked from the US market.

“You can do as much business as you want in Iran, but we have a say with regards to your visa. Because if you do something, we’re not going to agree to let you enter our country”, he warned.

May 10 08:50

Here’s a Lesson From the 108,000 Millionaires Who Left Their Home Countries Last Year

By Simon Black, Sovereign Man

According to a recent report from Bloomberg, more than 108,000 millionaires left their home countries last year in search of greener pastures.

Most emigrated from countries like China and Russia… no surprise there.

India also saw a large outflow of millionaires as tax authorities tightened their grip. And Turkey continues to see an exodus, in the wake of strong-man President Erdogan.

But Western countries like France and England also lost boat loads (or planes full) of millionaires. Excessive taxation is the most obvious reason...

May 09 16:08

Market Cap per Employee...

May 09 15:53

Nestle to cut 4,000 US jobs...

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