ECONOMY | WHAT REALLY HAPPENED


ECONOMY

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Jun 16 09:19

GOP Leadership’s Latest Obamatrade Ploy Revealed: Small Business Tax Hike That Violates GOP’s Anti-Tax Pledge

Establishment Republicans desperately trying to secure the passage of Trade Promotion Authority (TPA), which would give President Obama fast-track authority to secure congressional approval of at least three secretive trade deals, are now willing to increase taxes on small businesses in a way that would violate a pledge almost every Republican Congressman has taken when elected into office.

Jun 16 09:16

US House of Reps: Europe Can't Boycott Israel

The United States House of Representatives has fast-tracked a bill regarding a free trade agreement between the US and Europe which would include a section barring EU countries from any form of commercial boycott against Israel and Israeli goods.

Webmaster's Commentary: 

We are all Palestinians now!

Jun 16 09:10

Stock Broker Tried To Swindle $1.8 Million From Client With Alzheimer's

On Wall Street, no wolf is too big, and no sheep is too small.

At least Jordan Belfort didn't target the mentally incapacitated. This real life Wolf of Wall Street is several thousand miles away from New York in Scottsdale, Arizona, the wannabe Hamptons of the southwest. As Investment News reports, the Financial Industry Regulatory Authority (FINRA) has accused John Waszolek of making himself the beneficiary of an 81-year-old client's estate. She wanted the money to go to charity, but he thought the money should go to his own account. That's the kind of asset allocation the financial industry understands best.

Jun 16 09:01

Showdown Between Judge Sullivan and IRS This Week…Expect Fireworks and Possible Criminal Charges

Let’s begin with the emails that traveled between the IRS and the White House. I suggest you duct tape your head before continuing to read. The IRS sent emails to the White House containing confidential taxpayer information. Congress wants those emails as well as Cause of Action, who filed a Freedom of Information Act (FOIA) request for them. Sending out taxpayer’s confidential information is a federal crime. So, when will the emails be handed over? Never. Jacob Lew of the Treasury Department refuses to turn them over because………….drum roll, please. They contain confidential taxpayer information. Duh!

Those emails are proof that a federal crime was committed. The IRS refuses to turn their copies over, the White House, through the Treasury Department refuses to turn their copies over and the Department of Justice has refused to investigate. Bartender….a round of obstruction of justice for everyone.

Jun 16 09:00

PetSmart plans to layoff 15%

Jun 16 08:52

China Dumps Record $120 Billion In US Treasurys In Two Month Via Belgium

After a record $92.5 billion drop in March, "Belgium" sold another $24 billion in April, bringing the total liquidation to a whopping $116.4 billion for the months of March and April. This means that after adding mainland China's token increase of $2 billion in April after a $37 billion increase the month before, net of Belgium's liquidation China has sold a record $77 billion in Treasurys in the most recent two months.

Jun 16 08:50

Bank Of America Begins 66-Day Countdown Until The "Ghost Of 1937" Returns

The last time the Fed tried to exit a period of massive balance sheet expansion coupled with ZIRP - back in 1937 - its strategy completely failed. The Fed tightening in H1’37 was followed in H2’37 by a severe recession and a 49% collapse in the Dow Jones. This is the ghost of 1937 and it is about to make a repeat appearance.

Jun 16 08:49

Russian Pivot: Greek PM Schedules Putin Meeting Ahead Of "Lehman Weekend"

With his back against the wall, and with Syriza party hardliners apparently no closer to backing concessions, Alexis Tsipras looks set to once again play the ‘Russian pivot” card, as the Kremlin says a “working meeting” between the Greek PM and Russian President Vladimir Putin is now scheduled for Friday in St. Petersburg.

Jun 16 08:45

"Lehman Weekend" Looms For Greece As Europe Readies "Emergency" Sunday Meeting

Tsipras had effectively resubmitted Greece’s previous proposal (i.e. a proposal that did not include concessions on a VAT hike or pension cuts) only this time, he included a second document that outlined how Athens hoped to tap leftover bank recap funds from the EFSF and bailout money from the ESM. Greece took that same proposal to Brussels over the weekend and it didn’t fly there either, leaving Europe to wonder just how far Tsipras was willing to go with the brinksmanship.

Jun 16 08:44

Warren Buffett And Weather Forecasts

Jun 16 08:36

Top firms 'use poshness test to keep poor out of best jobs': Bosses admit favouring applicants who went to top universities and who did not speak with an accent

Elite companies in the City of London are applying a ‘poshness test’ to job applicants which is preventing working class youngsters from getting the best posts, it is claimed.

Researchers found that leading law, financial services and accountancy firms in the Square Mile are ‘systematically excluding’ candidates if they are not middle or upper-class.

A staggering 70 per cent of job offers went to graduates educated at selective state or fee-paying schools.

Jun 16 08:34

Fed's worst nightmare: The 'ghost of 1937'

"Many policymakers and market observers assert that the risk of the Fed raising rates too early exceeds that of moving too late. This is the specter of 1937, when the Fed raised rates prematurely and exacerbated the Great Depression," Michael Arone, managing director and chief investment strategist at State Street Global Advisors, said in an analysis for clients titled "Why the Federal Reserve Needs to Bury the Ghost of 1937."

Jun 16 05:49

ISRAEL ACCUSED OF 'WAR CRIME' OVER BULLDOZING OF PALESTINIAN OLIVE GROVES

Palestinian leaders have accused Israel of a war crime after military tractors destroyed around a thousand olive and almond trees belonging to local farmers on the grounds that they were illegally planted on state land.

Jun 15 21:21

Iceland Recovering Fastest in Europe After Jailing Bankers Instead of Bailing them Out

After Iceland suffered a heavy hit in the 2008-2009 financial crisis, which famously resulted in convictions and jail terms for a number of top banking executives, the IMF now says the country has managed to achieve economic recovery—“without compromising its welfare model,” which includes universal healthcare and education. In fact, Iceland is on track to become the first European country that suffered in the financial meltdown to “surpass its pre-crisis peak of economic output”—essentially proving to the U.S. that bailing out “too big to fail” banks wasn’t the way to go.

(read more)

Jun 15 21:04

Twitter CEO Quits Voluntarily

Come July 1, Twitter CEO Dick Costolo will no longer be with the company.

Jun 15 21:03

Marijuana Use May be Legal in First Church of Cannabis

A new church has formed in the state of Indiana based around the use of marijuana.

Jun 15 21:03

Tax Rules Landlords Need to Know

Owning rental property might not be as advantageous on your tax return as you thought.

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Jun 15 15:32

Voting for your own executioner!

At this point in time, the myth of the United States of America as a good and decent country has been pretty much vaporized by the constant betrayal of its own citizens and its neverending attacks on the rest of the world. I mean, with a leadership that supervised the demolition of its two tallest buildings as a pretext for making war on the world, abandoned its own people by deliberately sending most of its jobs overseas, and lastly, is about to round up and dispose of all its dissenters in the name of falsified terror threats, how could anyone with a functioning brain lend any degree of support to this political monster in Washington that is clearly and deliberately eating its own tail?

And to make it perfectly clear — deliberately destroying its own country at the behest of a demonic foreign power!

Jun 15 14:18

America : Freedom to Fascism

Webmaster's Commentary: 

Time for a repost!

Jun 15 13:44

Why the Magna Carta anniversary celebrations will be missing two crucial paragraphs

Why have clauses 10 and 11 been airbrushed from history? These were the ones inserted in the original charter to protect widows and underage heirs specifically from Jewish moneylenders by restricting the recovery of debt out of the deceased debtor’s estate.

But they are nowhere to be found in the official Magna Carta Trust website nor the US National Archive website which instead features the text of the later — and much shorter — 1297 version. The two clauses in the original 1215 Great Charter are:

10. If one who has borrowed from the Jews any sum, great or small, die before that loan be repaid, the debt shall not bear interest while the heir is under age, of whomsoever he may hold; and if the debt fall into our hands, we will not take anything except the principal sum contained in the bond.

Jun 15 13:41

We Have Accumulated The Greatest Mountain Of Debt That The World Has Ever Seen, And Yet Despite All Of The Warnings We Just Continue To Race Forward Into Financial Oblivion.

Corporations, individuals and the federal government continue to rack up debt at a rate that is far faster than the overall rate of economic growth. We are literally drowning in red ink from sea to shining sea, and yet we just can’t help ourselves.

Jun 15 13:05

Eurozone To Impose Capital Controls On Greece If No Deal By Weekend: German Press

Just as we hinted earlier when we reported that the ECB may use the "nuclear option" on Wednesday and yank Greek ELA, here comes German Suddeutsche Zeiting with a report that Eurozone countries have reached a Greek emergency plan (yay)... which calls for the imposition of capital controls on Greece if no deal is concluded by the weekend (oh no).

Jun 15 13:05

China Mocks G7 As "Gathering Of Debtors", Warns "Confrontation Will Be A Disaster For Europe"

Vladimir Putin didn’t get an invite to the Angela Merkel-hosted G7 Summit in Bavaria last week, which means the Russian President not only missed out on two days at the scenic Castle Elmau, but also on lederhosen shopping with US President Barack Obama who, judging from eyewitness accounts and a variety of amusing photo ops, channeled his inner Clark Griswold upon touching down in the Bavarian town of Krun. The G7 isn’t pleased with Russia’s ‘behavior’ in Eastern Europe and so, Moscow has been expelled from the cool kids club until such a time as the Kremlin agrees to uphold Western democratic values.

Jun 15 13:04

With Stocks 3% Off Record Highs, Investor Confidence Crashes To "Extreme Fear"

You know The Fed has suppressed vol too low for too long when stocks drop 3% from their all-time record-est highs and sentiment collapses into "Extreme Fear"...

Jun 15 12:34

Israel’s behaviour will bankrupt it over time

Two recent reports suggest that Israel could face catastrophic consequences if it fails to end the mistreatment of Palestinians under its rule, whether in the occupied territories or in Israel itself.

Jun 15 12:25

Trojan Horse: The Trans Pacific Partnership (TPP) Has Already Bought Off Washington

Although the House of Representatives voted down legislation to “fast-track” trade deals through Congress – it appears the TPP may have already secured its future with millions in donations made to US Senators since the start of the year…

Jun 15 12:15

The Derivatives Disaster

• Plutocrats push world to financial precipice yet again.

Money should be a medium of exchange only. The ancient Greeks understood this, as did the Christian world until the 16th century when usurers finally convinced pastors and potentates in the “Age of Exploration” that a “small amount” of interest on a loan was reasonable to offset risk of loss. But the trickle became a torrent and then a flood, as money became an “investment,” instead of merely the means of transacting business more efficiently.

Now, in the 21st century, the tidal wave of debt created by unscrupulous plutocrats for personal enrichment and the enslavement of the masses threatens to crush the world. Ironically, it may be today’s Greeks who become the catalyst of destruction when the current derivatives bubble bursts.

Jun 15 12:05

The Housing Market’s Going Down!

Jun 15 12:00

81 Billion Reasons Your Money Is Not Safe in the Bank

The days of banks being trusted institutions to help protect your savings & retirement are over. First, it was the banks gambling on derivatives that blew up the global economy in 2008 and cost citizens trillions in savings & retirement. Then, it was the banks turning over customer accounts to the IRS & police for total seizure without due process of law. Next came reports that banks are abolishing our ability to use & store cash. And now comes a frightening report that banks have agreed to pay $81 BILLION in restitution & penalties for criminal & civil abuses against the public and their own customers. So more than ever, if you want real protection of your savings & retirement, you better move it out of the bank. Fast.

Jun 15 11:28

World's elite buying remote hideouts to flee impending social unrest

Webmaster addition: World's poor buying cement to seal them inside! :)

Jun 15 11:26

What Is The Next Big Move In The Markets ?

Jun 15 11:13

US skills gap becoming more acute

Jun 15 10:54

NICARAGUA CANAL PROTEST: THOUSANDS OPPOSE ATLANTIC-PACIFIC PLAN

Thousands of Nicaraguans have held a protest against the planned construction of a canal linking the Atlantic and Pacific oceans.

The $50bn (£32bn) scheme, being built by a Chinese firm, will be longer, deeper and wider than the Panama Canal.

But the demonstrators fear it will have huge environmental costs and force thousands off their land.

Nicaragua's government says the canal will bring vital investment to one of Central America's poorest countries.

Some among the protesters, who were mostly farmers, accused President Daniel Ortega of selling Nicaragua to the Chinese.

Initial site work began last December, with completion due in five years.

Webmaster's Commentary: 

It's all about the money; the politicians in Nicaragua give little or no care to the situations of Nicaraguans this is going to hurt than do the political leadership in the US does about what TTP will do to ordinary American citizens, should it actually get passed.

Jun 15 10:49

BP AND ROSNEFT TO MAKE $700MN DEAL DESPITE SANCTIONS

Russian oil major Rosneft and BP are close to signing a $700 million deal for BP to acquire a 20 percent stake in the Taas-Yuriakh Siberian oilfield, reports the FT. The deal could be announced this week at the St. Petersburg International Economic Forum.

The introduction of EU sanctions against Russia hasn’t scared off the largest European companies, working in the fuel and energy sector, according to the Financial Times.

Besides BP, Italy’s Eni and Norway’s Statoil have already received governmental approval to continue working on joint projects with Rosneft. Shell continues to work with Gazprom Neft over the Salym project in the Siberian Khanty-Mansiysk area and is seeking Dutch government approval for other joint ventures.

The news comes as the G7 claimed they are ready to extend sanctions last week. The announcement was also made just days prior to the St. Petersburg International Economic Forum, dubbed the ‘Russian Davos’.

Webmaster's Commentary: 

I love the smell of financial irony in the morning!!

Jun 15 10:18

Treasury Reveals What JPMorgan Was Really Doing With London Whale Trades

The U.S. Treasury’s Office of Financial Research (OFR), the body created under the Dodd-Frank financial reform legislation to make sure another 2008 epic crash never happened again, quietly released a report last week which not only suggests another 2008-style crash is possible but that regulators will likely be blindsided again.

The report, written by Jill Cetina, John McDonough, and Sriram Rajan, reveals that the big Wall Street banks are ginning up their capital measures by engaging in opaque and potentially dangerous “capital relief trades.”

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Jun 15 10:03

Bipartisan Agreement: Foreign Governments Pay Former Senate Leaders to Sell TPP

While liberal organizations and members of Congress deride the TPP as the biggest boondoggle since NAFTA and President Obama defends it as “the most progressive trade treaty ever,” the influence peddlers who populate K Street see opportunity.

Policy makers aren’t simply facing a lobbying barrage from the typical slate of domestic interest groups. Foreign governments are running sophisticated operations to influence Congress and gather intelligence in Washington as the negotiations proceed.

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Jun 15 09:42

German daily says IMF 'torpedoed' European Commission proposal on Greece debt

The International Monetary Fund (IMF) has “torpedoed” a recent bailout deal proposed by the European Commission to Greece which was made in an attempt to avoid a potential default by the cash-strapped country, a report says.

Webmaster's Commentary: 

But the IMF will go on funding Kiev's wars even though Kiev cannot repay any of the money it currently owes!

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Jun 15 09:23

Texas “Pulls” $ One Billion in God Bars from Fed Depository as Economic Twin Towers Collapse

Texas Governor Greg Abbott has signed a bill (HB 483) into law on Friday, June 12, that will allow Texas to build a gold and silver bullion depository. In addition, Texas will repatriate their $1 billion worth of bullion from the Federal Reserve in New York to the new facility once completed.

The writing is on the wall – institutions are losing faith and trust – and are transitioning or converting into ‘physical’ ‘real’ money, before it’s too late…

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