ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Nov 27 08:32

Jim Rogers on investment opportunities today

Nov 27 07:43

Warning: The Crisis Is Anything But Contained

Nov 27 06:15

General Motors is laying off thousands & closing two plants

According to GM, tariffs on imported steel—which were imposed by the Trump Administration earlier this year—have cost the company $1 billion.

General Motors has made an announcement that is going to bring considerable pain in the Rust Belt. The automotive giant will be slashing 14,700 jobs, many of them in Michigan and Ohio—and a plant closing is expected in Ontario, Canada as well.

This is the biggest restructuring at GM in a decade, with 15% of its workforce being eliminated in North America.>>>

(*RELATED >>> )

Nov 26 16:32

Bitcoin Investors may not actually own the digital currency because many courts don't recognise them as property, legal expert warns

Investors in Bitcoin may not technically own them as English courts don't recognise the cryptocurrency as possessions, a legal expert has warned.

Dave Michels, a research associate at Queen Mary University of London, says the level of legal protection is unclear.

Mr Michels and his team recently completed research which shows that courts in England and Wales are unlikely to identify digital tokens like Bitcoin as property.

The same law is likely to apply in other common law jurisdictions such as the United States, Hong Kong, Singapore, most of India and elsewhere.

Nov 26 12:21

Russia And Ukraine Are On The Brink Of War – And Why That Could Lead To World War 3

This article was originally published by Michael Snyder at The Economic Collapse

A respected foreign journalist living in Ukraine is warning that a war that most Americans cannot even imagine “teeters on the razor thin edge of becoming real”. When Russia opened fire on Ukrainian Navy vessels and captured three of their ships, it made headlines all over the globe. An emergency meeting of the UN Security Council was hastily arranged for Monday at 11 AM, and hopefully there will be a positive outcome from that meeting. Because right now Moscow and Kiev are on the brink of war, and once a Russian invasion happens there will be no turning back. At that point the U.S. would have a major decision to make, and if we chose to defend Ukraine that could mean that we would suddenly find ourselves fighting World War 3.

Most people don’t realize that this crisis has been simmering for over a week. The following is from a U.S. News & World Report article that was posted on November 19th…

Nov 26 12:17

Soros dumps Facebook, Netflix stocks just before they dipped: report

Billionaire George Soros’ investment management firm has saved millions after completely selling off its shares of Facebook and slashing its stakes in Netflix and Goldman Sachs just before the stocks nosedived, a report said Wednesday.

Soros Management Fund saved $17.7 million in the fourth quarter by dumping the three stocks, Barron’s reported.

Nov 26 11:54

Trump’s Foreign Policy War on Americans

The funny thing is that Trump himself seems to be working hardest to persuade those supporters that he has no intention of changing U.S. foreign policy. He would no more liquidate America’s global empire than liquidate his own global business empire. Alas, America is not going anywhere. Sure, he may hector imperial allies to spend more on their militaries (while insisting he respects their sovereignty), but that’s just a show. He’s an all-in imperialist, so we shouldn’t be fooled by the staged populism that sometimes is mistaken for come-home-Americanism. America First in practice embodies George H. W. Bush’s summation of America’s foreign policy: “What we say goes.”

As Glenn Greenwald writes about Trump’s disgusting relationship with Saudi Arabia, it’s “a perfect example — perhaps stated a little more bluntly and candidly than usual — of how the US has conducted itself in the world since at least the end of World War II.”

Nov 26 11:48

Famous Asset Bubbles within 9 Yrs of Peak

Nov 26 11:43

Russia Blocks Ukrainian Navy From Militarizing The Sea of Azov - Updated

The Ukrainian government under the oligarch Petro Poroshenko is in election campaign mode. That is one reason why it is launching new provocations against Russia. Yesterday Ukrainian forces reportedly occupied a town within the neutral zone between the government controlled part and the rebel held Donetsk area. Today the Ukrainian navy sent a tug and two small gun boats, recently acquired from the U.S. Coast Guard, Ukrainian build Gurza-M class types, to pass through the Kerch Strait into the Sea of Azov.

When the ships entered Russian waters without announcing their intent, a Russian coast guard ship rammed (vid) and damaged the tug. The two gun boats escaped but did not pass the strait. The pictures show the melee at sea.

Nov 26 11:43

UAE to invest in Israeli plan to pipe gas to Europe  

The media in Tel Aviv have reported that the UAE has invested as much as $100 million in an ambitious Israeli project to pipe natural gas to Europe.

The investment would be made by a company based in Abu Dhabi for a pipeline project which is internationally known to be unique given its record length as well as the extreme depths it would be laid toward Europe, Lebanon’s al-Mayadeen quoted Israeli media as reporting.

The agreement has been described as “historic” by Israeli media, al-Mayadeen added.

Israel has signed a multilateral deal over the scheme – called the East Med Pipeline Project - with Greece, Italy and Cyprus. The European Union also supports the project.

Nov 26 11:42

Private prison companies served with lawsuits over using detainee labor

When a New Mexico immigration detention facility needed people to cook for inmates and clean its halls, it founda solution already inside its walls.

For $0.50 or less per hour, detainees such as Mbah Emmanuel Abi and Desmond Ndambi, who have since been granted political asylum, cooked meals for their fellow inmates and worked in the facility library.

Their experience is not unique: for $1 a day – and sometimes less – migrants prepare meals, clean facilities and do laundry at privately run immigration detention centers across the country.

The practice has been compared to slave labor and has brought a pile of lawsuits to the doorsteps of the country’s two biggest private prison companies, CoreCivic and Geo Group, which in 2017 had a combined $4bn in revenue.

In a recently filed class-action lawsuit, Abi, Ndambi and one other man who fled Cameroon in 2017, brought wage theft claims against CoreCivic’s Cibola county correctional center in New Mexico.

Nov 26 11:42

DHS plans to use credit-scores to judge who may become a citizen

The US Department of Homeland Security has published a new proposed rule that would make people ineligible for US citizenship if their credit-scores were poor.

Notionally, the rule-change is meant to prevent immigrants from becoming burdens on the welfare system (migrants do not make disproportionate use of any public welfare system).

However, the credit reporting bureaus are notoriously inaccurate and arbitrary in the credit-scores they assign; if you have a lot of assets but do not borrow money, you will have a much lower credit-rating than if you unwisely enroll in a number of high cost/high fee store cards and pay them off after running up debts on them and paying significant interest (I am allergic to debt, and with the exception of my mortgage have no debts at all; because of this I have a fairly low credit-score, despite the fact that both my wife and I earn very good livings).

Nov 26 11:39

The Global Financial Crime Wave Is No Accident

There was a little bit of good news this month for those worried about a tidal wave of McMafia-style financial crime. A new UK government agency tasked with fighting it – the National Economic Crime Centre (NECC) – opened its doors.

I say “little” because financial crime is far more deeply rooted in our financial and political systems than we like to acknowledge.

Nov 26 11:39

Bitcoin Plunges to $3,738; Whole Crypto Scam Melts Down, Hedge Funds Stuck

Bitcoin plunged to $3,738 at the moment. Down nearly 40% from two weeks ago, and down 81% from peak-mania of $20,078 on December 17, 2017. It’s back where it had first been on August 12, 2017. It looks like a magnificent bubble that is imploding, but “bubble” is a misnomer; it’s a magnificent scam, where people paid a lot of money – many billions of dollars – to get an essentially useless digital entity whose price then dissolved into where it had come from.

This chart via CoinMarketCap shows the drama of bitcoin’s market cap surge to $333 billion on December 17, 2017 and the collapse to $64.9 billion now:

Nov 26 11:38

Ukraine’s army put on full combat alert - Defense Ministry

The Ukrainian armed forces have been put on full combat alert by the decision of the chief of the country’s General Staff, the press service of Ukraine’s Defense Ministry reported on Monday.

"In accordance with the National Security and Defense Council’s decision on imposing martial law, the chief of the General Staff and commander-in-chief of Ukraine’s armed forces ordered to put the Ukrainian armed forces’ units on full combat alert," the press service said.

Due to the situation in the Kerch Strait, National Security and Defense Council Secretary Alexander Turchinov earlier voiced the initiative on imposing martial law in the country for 60 days backed by the Ukrainian president. Now this bill is to be considered by Ukraine’s Verkhovna Rada (parliament). According to its speaker Andrei Parubiy, its meeting will be convened on Monday at 16:00 local time (17:00 Moscow time).

Webmaster's Commentary: 

Translation: Poroshenko is using this incident to put off elections, which must be voted upon by its Parliament no later than 21 December. The timing means that the elections cannot be held at the end of March, for their Parliament to vote on in by 21 December.

But the larger matter is, if in fact Ukraine declares war on Russia, ( a quite idiotic thing for Ukraine to do, BTW), but if that happens, please ,where does it put US military assistance to Kiev?!?

Nov 26 11:35

Is crypto finished?

Nov 26 11:28

GM Just Laid Off 15,000 Workers Less Than One Year After Trump Promised Tax Cuts Would Save US Jobs

Less than one year after Trump’s historic tax cuts — some aimed toward corporations, and made with promises of job security for Americans across the country — General Motors announced on Monday that it would be laying off 14,700 of its workers in the United States.

According to a Twitter message from the Washington Post, the motor company is set to fire 15 percent of its salaried workers, as well as to end production at five plants in the U.S. and in Canada.

One of the plants that is closing, per reporting from the Chicago Tribune, is a production facility just outside of Youngtown, Ohio. Just this past summer, President Donald Trump said that jobs were coming back to the area as a result of his policies and laws passed. Trump told workers in that community not to sell their homes because jobs were “coming back.”

Nov 26 11:27

CONGRESSIONALLY MANDATED NEW REPORT URGES MASSIVE US MILITARY INCREASES

The Commission on National Defense Strategy for the US has just released to Congress its report "Providing for the Common Defense”, and it opens:

“In the National Defense Authorization Act of 2017, Congress charged this Commission with providing an independent, nonpartisan review of the 2018 National Defense Strategy and issues of US defense strategy and policy more broadly.”

The report’s co-chairs, Eric S. Edelman and Gary Roughead, say in their accompanying letter to Congress, that “the United States will soon face a national security emergency.”

Webmaster's Commentary: 

Welcome to the return of the draft (I would not be surprised to see that happen very rapidly) , and the complete gutting of Medicare, and other aligned services.

Nov 26 10:58

When Cash Outperforms Everything

Nov 26 10:36

China's TERRIFYING Social Credit System

And how it's already operating in the west. Twitter:

Nov 26 09:27

Cumulative return for FAANG stocks in 2018

Nov 26 09:26

80% of Mortgage Refis Are Equity Cash Outs

Nov 26 08:59

America’s Post-9/11 Wars Have Cost $5.9 Trillion

Just in time for next year’s Pentagon spending debate, a new report is calling for a huge increase in the Defense Department’s budget, which is already at one of the highest levels since World War II. The document was produced by the National Defense Strategy Commission, a congressionally mandated group charged with assessing the Trump administration’s new national-defense strategy.
The premise of the new report is that America faces a “national security emergency” that leaves its ability to defend “its allies, its partners, and its own vital interests” increasingly in doubt.

Nov 25 18:03

Russia may start free trade talks with South Korea

Negotiations on the implementation of a free trade zone agreement between Moscow and Seoul may start in 2019, according to South Korea’s ambassador in Moscow, Woo Yoon-keun.

Woo told TASS that “the documents have already been submitted to the parliament [of the Republic of Korea]... We hope that next year we will start intensive negotiations.”

An agreement on setting up a free trade zone between the countries was inked in June during the visit of South Korean President Moon Jae-in to Moscow.

Nov 25 17:07

A Worldwide Debt Default Is A Real Possibility

Nov 25 12:02

Aircraft Leasing Bubble in Trouble?

Nov 25 11:23

ICOs: The Cancer of the Digital Currency Industry

The recent drops in the digital currency prices have been unparalleled in the amount of market capitalization dollars lost. In the past there has been some examples of large drops in Bitcoin and Altcoin prices, but what’s happened over the last 10 days cannot be an accident or attributed to the Bitcoin Cash hard fork...

Nov 25 09:59

Can You Name a Single Nation That Became Rich with Collectivist Policies?

By Daniel J. Mitchell

I periodically ask my left-leaning friends to identify a nation that became rich with statist policies.

They usually point to Sweden or Denmark, but I point out that Sweden and Denmark became rich in the 1800s and early 1900s when government was very small.

At that point, they don’t really have any other response...

Nov 25 08:30

Home sales, Durable goods, Philly Fed index

Nov 25 08:20

Goldman Sachs v JP Morgan

Nov 24 11:31

ESPN Loses 2 More Million Subscribers In 2018

Nov 24 10:34

Washington’s Erroneous Notion That the Persian Gulf Is an American Lake

For crying out loud, even the barbaric thugs of ISIS milked every possible drop of petroleum from the tiny, wheezing oilfields scattered around their backwater domain before they were finally driven out. So there is no economic case whatsoever for Imperial Washington’s massive military presence in the middle east.

The truth is, there is no such thing as an OPEC cartel – virtually every member produces all they can and cheats whenever possible. The only thing that resembles production control in the global oil market is the fact that the Saudi princes treat their oil reserves not much differently than Exxon.

That is, they attempt to maximize the present value of their 270 billion barrels of reserves. Yet ultimately they are no more clairvoyant at calibrating the best oil price to accomplish that objective at any given time than are the economists employed by Exxon, the DOE or the International Energy Agency.

Nov 24 10:29

Trump: US In Very Strong Negotiations in Afghanistan

n rare comments on peace talks in Afghanistan, President Trump reported that “very strong” negotiations are ongoing in the country. He said the people of Afghanistan “are tired of fighting,” and the goal is to end the war.

That said, Trump appeared to try to downplay the effort, saying that the negotiations “probably” are not going to be successful, but “who knows?” He did not elaborate further. Special envoy Zalmay Khalilzad has expressed hopes for a peace deal by April of next year, though the Taliban said no agreements are yet in place.

Less important than what President Trump said was that he addressed the matter at all. The Afghan War has tended not to be a popular topic for him to address. This may suggest a growing interest within the administration to tackle the protracted war.

Webmaster's Commentary: 

Why does this so much remind me of the phrase, "Ir you are getting chased, get to the front of the mob, and make it look like you are leading a parade!"?!?

Nov 24 09:54

Ten Reasons Why Governments Fail

TAGS Calculation and Knowledge Political Theory

11/22/ 2018 Antony P. Mueller
When politicians and bureaucrats fail to deliver what they promise — which happens a lot — we're often told that the problem can be solved if only we get the right people to run the government instead. We're told that the old crop of government agents were trying hard enough. Or that they didn't have the right intentions. While it's true that there are plenty of incompetent and ill-intentioned people in government, we can't always blame the people involved. Often, the likelihood of failure is simply built in to the institution of government itself. In other words, politicians and bureaucrats don't succeed because they can't succeed. The very nature of government administration is weighted against success.

Here are ten reasons why:

Nov 24 09:46

Where Were The Brexit 'No-Deal' Warnings During The Scottish Independence Debate?

Authored by Bernard Connolly via The Spectator,

Four years ago, 45 per cent of Scottish voters favoured leaving the UK. Many of the warnings about the negative impact of independence on the Scottish economy were justified. But they did not extinguish a yearning for independence – and the same could be said of the EU referendum, with the caveat that this time a majority voted to leave, and many of the warnings were unjustified.

An ineradicable desire to get our country back triumphed over the Project Fear campaign conducted by the Treasury and the whole of the nomenklatura that sought to preserve position, power and privilege for itself and to suppress any notion that ordinary people, in Britain or

In part, that triumph came because of the risible – and dubiously motivated – nature of the economic argument for staying in as presented by assorted anti-Brexit ‘experts’; the ‘experts’ who habitually get the big questions wrong.

Nov 24 09:40

El Erian: Brexit & The Global Economy

The singular issue of Brexit has consumed the United Kingdom for two and a half years. The “if,” “how,” and “when” of the country’s withdrawal from the European Union, after decades of membership, has understandably dominated news coverage, and sidelined almost every other policy debate. Lost in the mix, for example, has been any serious discussion of how the UK should boost productivity and competitiveness at a time of global economic and financial fluidity.

At the same time, the rest of the world’s interest in Brexit has understandably waned. The UK’s negotiations with the EU have dragged on through multiple déjà vu moments, and the consensus is that the economic fallout will be felt far more acutely in Britain than in the EU, let alone in countries elsewhere.

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