ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 19 10:01

Mexico a Paradise for Oligarchs: Poverty, Inequality Soar as Wealth Rises

Mexico is nothing if not a land of bewildering contrasts. Economically speaking, the country is a regional powerhouse. On the one hand, it boasts one of the richest “official” billionaires on the planet; on the other, some of the worst income inequality rates in the Western hemisphere. It places 20th on the list of countries with the most millionaires but it’s also home to the 15th largest population of poor people on the planet.

Aug 19 09:06

Merkel, called 'traitor', defends refugee stance in rowdy east Germany

German Chancellor Angela Merkel was greeted with shouts of "traitor" by a rowdy group of right-wing protesters in east Germany on Thursday as she defended her decision to allow hundreds of thousands of refugees into the country.

Roughly five weeks before an election in which she is expected to win a record-tying fourth term, Merkel veered from her stump speech, acknowledging "difficult times" in 2015 when a flood of asylum seekers, many from the Middle East, entered Germany.

It was her first campaign stop in eastern Germany, parts of which have been fertile ground for anti-immigration politics.

"Many people were worried. They said to themselves: 'What about us? Are we still important or are only the refugees important'?" she told a crowd of several thousand in the central market square in Annaberg-Buchholz, a town in the state of Saxony near the Czech border.

Webmaster's Commentary: 

Notice that this question remains unanswered in the rest of her speech.

Immigration ultimately means votes; that is what Merkel's party is counting on, in the long term, regardless of the harm and displacement it is causing German nationals now.

Aug 19 06:32

Did Stocks Cross The ‘Median’?

Aug 18 14:38

What The Mainstream Doesn’t Get About Bitcoin

The real demand for bitcoin will not be known until a global financial crisis guts confidence in central banks and politicized capital controls.

I’ve been writing about cryptocurrencies and bitcoin for many years. For example: Could Bitcoin Become a Global Reserve Currency?

Aug 18 11:27

Jordan Goodman – Our Bubblicious Economy

Aug 18 11:17

USA Is Now Twice As Likely To 'Default' Than Germany

While the market turmoil (stocks down a few percentage points from all-time record highs) is being pinned on various factors (from North Korea, Trump, & Cohn to terrible retailer earnings and J-Hole anxiety), we suspect the real cause of market uncertainty is starting to peak through - the looming debt ceiling crisis that has now become too big and too imminent to ignore.

Of course, uncertainty in The White House is starting to make investors realize the chance of successfully navigating the debt ceiling crisis without a government shutdown are dwindling...

With the T-Bill market pricing in serious disruption at the end of September, the risk of a technical default for US Treasury debt is starting to rise and is now spiking relative to Germany.

Webmaster's Commentary: 

And please remember; September is just a couple of weeks away!

Aug 18 11:03

Cryptocurrencies Exploding: This Is Nuts

Aug 18 11:01

A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can't sail but as a result of Venezuela's imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo. It's the latest sign of the financial troubles plaguing state-run oil company PDVSA in the aftermath of the latest US sanctions against the Maduro regime, and evidence that banks are slashing exposure to Venezuela across the board as the Latin American nation spirals into chaos.

As Reuters reports, following the recently imposed US sanctions, a large number of banks have closed accounts linked to officials of the OPEC member and have refused to provide correspondent bank services or trade in government bonds. The stranded tanker is one direct casualty of this escalation.

Aug 18 11:01

Carmageddon: Deep Subprime Auto Delinquencies Spike To 10-Year Highs

If you're still on the fence about whether the auto market in this country is anything but a massive bubble being propped up by extremely loose credit underwriting standards, then we think Equifax has just provided some definitive evidence that just might push you over the edge.

In discussing delinquency trends in deep subprime auto ABS deals, Equifax Chief Economist Amy Crews Cutts recently pointed out that 2016 and 2017 vintage deals are mysteriously performing more like 2007 securitizations than those underwritten in 2010.

Aug 18 10:41

Elite Banker Jumps from London Stock Exchange Building with a Chilling Warning

Although he has yet to be named by police, workers described him a “one of the bigwigs”.

According to one of the witnesses, he “ran along the walkway shouting and put one hand on the glass wall and jumped over it with both feet.”

“He didn’t even hesitate. He was shouting, ‘the end is coming! Get out while you still can!'”

“It was awful.”

Aug 18 10:31

The Great Disconnect: Markets vs. Economy

The general consensus is the rise in capital markets, despite global weakness, geopolitical risks and sluggish employment and wage growth, is clearly a sign of economic strength as witnessed by rising corporate profitability.

Aug 18 10:22

1 In 7 New York City Public-School Students Is Homeless

Despite promising to do everything in his power to improve the quality of life for New York City’s most economically vulnerable residents, Mayor Bill De Blasio has instead presided over one of the largest expansions in homelessness in New York City history.

Aug 18 10:13

Protests break out on China-North Korea border over new sanctions

Protests have broken out on the Chinese border with North Korea, as China's seafood importers watched frozen product melt in trucks blocked from crossing after China imposed a new round of economic sanctions.

Dozens of trucks have lined up on a bridge, unable to enter China, according to video shot by a local trader who posted it to Chinese social media. It shows a long line of unmoving truck containers stuffed with crabs and shrimp that were melting in the sunshine and risked becoming spoiled product in the latest sign that Beijing is, for now at least, strictly enforcing a new round of sanctions "There is nothing we can do but accept it as our fate," said Cui Yanzhi, a local trader in the Chinese city of Hunchun, where North Korean product has long underpinned a thriving business in the far northeastern corner of the country, not far from Vladivostok.

Webmaster's Commentary: 

Good on China for implementing the sanctions.

That being said, I feel a lot of compassion for the North Korean businesses getting hit; the actions of their government are not their fault.

Will it be enough to create an uprising the Kim Jung Un's government and military will not be able to control?!?

I would seriously doubt that would happen.

Aug 18 10:08

Is housing a better investment than equities?

Aug 18 09:58

Xi: China welcomes Trump's visit by year end

Chinese President Xi Jinping on Thursday pledged to "properly handle" disagreements with the U.S. and said Beijing welcomes U.S. President Donald Trump to visit China by year end, as he met chairman of the U.S. Joint Chiefs of Staff Joseph Dunford at the Great Hall of the People in Beijing.

"President Trump and I both highly value China-U.S. relations and are willing to push forward the development of bilateral ties. Though difficulties do exist, rainbows come after storms. I hope the two sides can treat each other with honesty and goodwill, maintain close communication and properly handle disagreements," Xi said, according to the Chinese Ministry of Defense.

Xi asked Dunford to convey his greetings to President Trump, and said China is looking forward to Trump visiting China.

The Chinese president stressed that bilateral military relations are an important part of China-U.S. ties and crucial for the stability of broader bilateral relations.

Webmaster's Commentary: 

Color me ... at least slightly hopeful here.

Aug 18 08:45

WELLS FARGO RESHUFFLES BOARD WITH SCANDAL-RIDDEN INSIDERS

WELLS FARGO, THE CURRENT poster child for corporate crime recidivism, announced that three of its board members would step down at the end of the year, in a nod to the company’s many incidents of customer abuse. But, in an example of what passes for accountability in the modern age, they did not claw back any compensation from those board members. Instead, the departing board members were allowed to take an early retirement. And the replacements are either already on Wells Fargo’s payroll, or come from close corporate partners.

Webmaster's Commentary: 

The One Percenters never eat their own.

Aug 18 07:58

URBAN WARFARE: NATO ISSUES RFP FOR TRAINING TO FIGHT IN BIG CITIES WITH "DENSE, INTERCONNECTED POPULATIONS"

Throughout the 2016 campaigning cycle, then candidate Trump frequently criticized NATO as “obsolete” and repeatedly knocked allies for not paying their “fair share.”

Then, in a shocking reversal, Trump hosted a joint press conference with NATO Secretary General Stoltenberg, just a few months after moving into the White House, in which he declared: "I said it was obsolete. It's no longer obsolete."

"The Secretary General and I had a productive discussion about what more NATO could do in the fight against terrorism. I complained about that a long time ago and they made a change. And now they do fight terrorism. I said it was obsolete. It's no longer obsolete."

Webmaster's Commentary: 

It appears that NATO is looking to assassinate whole populations, in Europe and beyond, into slave-like compliance to their dictates, with this kind of training.

Aug 18 07:48

Government Agents Admit Stealing Silk Road Bitcoins Seized By U.S. Marshals

Two rogue U.S. Secret Service agents, Shaun Bridges and Carl Mark Force, were caught and sentenced to prison for stealing Bitcoin funds that were seized in the Silk Road raid in 2015.

According to reports, Shaun Bridges plead guilty on August 15th for the theft of 1,600 bitcoins in federal custody in addition to funds confiscated after raiding the Darknet marketplace ran by “Dread Pirate Roberts,” now known to be Ross Ulbricht, Silk Road...

Aug 18 02:40

So When Will China’s Debt Bubble Finally Blow Up?

The upside is fake stability. The downside is too ugly to contemplate.

Aug 17 16:01

“Start Throwing Rocks”: Washington Post Op-Ed Calls For More Violence In The Streets

So how did we get to this place? How did we reach a point where America resembles Wiemar Germany, with white nationalists and socialist thugs battling it out on the streets and killing people?

If I were to pick one culprit for this mess, it would be the mainstream media. They’re the ones who have, for the most part, stood behind leftist ideologues for decades, and allowed them to bury public discourse under a wave of identity politics. They are at the very least, partly to blame. They’ve helped stoke divisions in this country that were once faint, or in the process of healing.

And if you don’t think the mainstream media is responsible for nudging our country towards war in the streets, then you should read this op-ed that was recently published by the Washington Post. It was written by N.D.B. Collins, an associate professor at Johns Hopkins University. In it, he appears to shamelessly call for the left to spawn more riots and violence in this country.

Webmaster's Commentary: 

This definitely smacks of Deep State manipulation, in order to see more unrest, which ultimately will result in President Trump being pressured to suspend the Constitution and Bill of Rights, and establish martial law, nationally.

More violence will only beget more violence; I cannot believe, for one moment, that Dr. N.D.B. Collins really believes this is the right path to follow.

But agents of the Deep State can come from surprising backgrounds, and have some interesting agendas.

It appears that whoever is sponsoring this article at the Washington Compost, is hoping such violence will have President Trump invoke martial law, so that
the warmongers in President Trump's cabinet, can get their wars on, with even peaceful protest forbidden.

Aug 17 15:46

Conspiracy or Chaos: “The Farce Of Competing Political Parties Is A Smoke Screen Used By The Deep State To Maintain Their Control” - James Quinn

It ultimately comes down to power and control over the key mechanisms of finance, taxation, legislation and the media. There isn’t one specific group of conspirators working together to rule the world. Is George Soros attempting to influence and control what happens in the U.S. and Europe to benefit his interests? Yes. Are the Koch brothers attempting to do the same with a different end goal? Yes. Are Pelosi and Schumer conspiring to push their left wing agenda? Yes. Are McConnell and Ryan conspiring to implement their establishment vision? Yes.

Aug 17 15:38

Stocks Slammed Amid 'Cohn Of Uncertainty' As Hindenburg Omen Cluster Nears Record

Between Bannon's China trade war threats and fears over Cohn leaving, risk was off today, not helped by dismal Industrial Production data and the utter horror in Barcelona... Trannies were worst but this was an ugly say all around and losses accelerate into the close ahead of tomorrow's OPEX...

Aug 17 15:27

“It’s Actually Quite Shocking” Top Silver CEO Explains How Huge Industry Changes Will Drive Prices To New Highs

There is a feeling of unease about central bank actions, various conflicts around the world, and an ever expanding involvement of governments in the private lives of their respective citizens. People are starting to understand that the propaganda party can’t go on for ever and that real crisis is just around the corner, if not already here.

Aug 17 14:46

The Fed Dropped The Hint That The Bubble Is About Pop

Housing recovery has never happened, the central banks having been keeping the illusion ongoing but it is falling apart.  

Aug 17 14:03

Putting An End To The Rent Economy

Originally, you didn’t want to become an economist. How did it come that you changed your plans and digged so deep into economics?

I found economics aesthetic, as beautiful as astronomy. I came to New York expecting to become an orchestra conductor, but I met one of the leading Wall Street economists, who convinced me that economics and finance was beautiful.

Aug 17 08:10

AG SUES COMPANIES THAT ALLEGEDLY BILKED VETERANS AND SENIORS

The Minnesota attorney general's office Wednesday filed suit against two companies that required military veterans and senior citizens to sign over significant portions of their monthly pension payments in exchange for loans of relatively small sums, often to cover household emergencies and basic living expenses.

The loans often charged annual percentage rates of 200 percent and extended for as long as 10 years.

Aug 17 07:08

Grocery Store Turmoil in Chicago

Aug 16 23:46

Why does Russia sell US debt securities?

Russia has been reducing its investment activities in the US national debt lately. According to the US Treasury, Russia held $102.9 billion on the balance sheet of the US debt, which was almost six billion less than in May. Thus, Russia went down to the 14th position among the holders of US debt securities. At the same time, China has increased the amount of funds placed in US government bonds. China has acquired US securities worth 44.3 billion dollars, having thus topped the list... "It is Chinese businesses that ask for US securities. National interest and interest of big business are two different things. In this case, it goes about the wish of Chinese entrepreneurs to keep their money in major countries. This applies to Chinese capital too. China, compared with other peripheral countries, holds the largest amount of foreign exchange reserves, and this has made China take the first place on the list"...

Aug 16 18:34

The Central Bankers Have Become Desperate, They Are Asking People To...

German and other countries are following in the US footsteps, there latest program cash for clunkers. Retail sales have improved according the corporate media. These numbers are manipulated to make you believe the retail has rebounded.

Aug 16 17:55

NotPetya ransomware attack cost us $300m – shipping giant Maersk

"In the last week of the quarter we were hit by a cyber-attack, which mainly impacted Maersk Line, APM Terminals and Damco," CEO Soren Skou said in a statement today.

"Business volumes were negatively affected for a couple of weeks in July and as a consequence, our Q3 results will be impacted. We expect that the cyber-attack will impact results negatively by USD 200-300m."

Admittedly Maersk is massive – it's responsible for around 15 per cent of the world's entire shipping network – but that kind of financial damage is close to a record for such an attack. Then again, the company's entire network was down for days, Skou told the Financial Times.

Aug 16 16:30

Soda Taxes: Pitched As A Solution, They Only Cause Problems

Soda tax advocates promise healthier communities and balanced budgets. So far neither promise has materialized anywhere the tax has been imposed, but that isn’t stopping more cities from using those dubious arguments to justify increasing taxes on their poorest citizens.

Cook County, Ill., is the latest to experiment with soda pop social engineering.

Aug 16 16:24

Why Bitcoin SCARCITY is an elaborate LIE

Aug 16 15:35

RAISE Act Would Save American Taxpayers $1.9 Trillion Over Next Decade

According to research compiled by Robert Rector, The Heritage Foundation’s senior research fellow on domestic policy, the RAISE Act could save America trillions of dollars in welfare, healthcare, and other social services over the coming decades.

Aug 16 14:49

Soros’s stock portfolio increased to $5.6B in Q2

In Q2 George Soros’s U.S. stock portfolio increased $660,000 million, according to a Seeking Alpha report titled “Tracking George Soros’s Portfolio – Q2 2017 Update.”

According to the report’s summary:

*Soros’ 13F portfolio value increased from $4.96B to $5.62B this quarter. The number of positions decreased from 260 to 203.
*They added Altaba and EQT while increasing TiVo and Time Warner.
*A large new short position in PowerShares QQQ ETF through Puts was established this quarter. Also, the SPY ETF Puts stake was increased while reducing the Russell 2000 ETF Puts.

Aug 16 14:21

High-Profile Sectors Start To Roll Over

Aug 16 14:18

Video: Subprime Auto Loan Defaults On The Rise

Bill Black the white collar criminologist says It is a very severe problem for consumers who are going to lose not only their cars.

Aug 16 10:57

Tech Rally Getting Thin?

Aug 16 10:24

Crews build controversial fence near homeless encampment in San Jose

Caltrans is building a taller, stronger wall in San Jose to stop homeless individuals from returning to an encampment, CBS San Francisco reports.

While the project has pleased many homeowners, it is generating a lot of anger in the community.

Caltrans workers have repeatedly cleaned up a large encampment under I-280, but the homeless keep returning.

Aug 16 09:21

Sanctions – A Conversation with Dr. Cynthia McKinney

The “Countering America’s Adversaries Through Sanctions Act” rocketed through the US Congress at record speed in July, imposing sanctions on Iran, North Korea, and Russia. Faced with a veto override, an unhappy President Trump signed it into law on August 2, 2017.

The response was swift. EU President Jean-Claude Juncker threatened retaliation. The German Minister for Economics and Energy, Brigitte Zypries, declared the sanctions illegal and urged the EU to take counter-measures. Russian Prime Minister Dmitry Medvedev announced that the law had ended the possibility of improving U.S.–Russian relations and signaled “an all-out trade war with Russia.”

Aug 16 09:08

NAFTA Renegotiation Begins: What Do US, Canada, Mexico Really Want?

11 months after he called it “the worst trade deal in the history of trade deals, maybe ever,” US President Donald Trump will be meeting with leaders from Canada and Mexico to renegotiate the North American Free Trade Agreement (NAFTA) starting on Wednesday.

Aug 16 08:43

US Failure, Blame China

America’s chronic trade deficit with the rest of the world is testimony to a failed US economy. In reality, the US has no-one else to blame but itself for such an historic failure.

But in typical chauvinist fashion, the Trump administration has found a handy scapegoat by blaming China — its top bilateral trading partner. President Donald Trump this week ordered a probe into alleged trade malpractices by China, including claims of intellectual property theft and unfair subsidies.

These supposed grievances against China formed a major part of his election campaign last year, when the tycoon-turned-politician would whip up supporters in rustbelt states with emotive claims about how China was "raping our economy".

Aug 16 08:09

Russian,Turkish, Iranian companies ink $7 billion energy deal

Russia's Zarubezhneft, Turkish Unit International signed a $7 billion agreement with Iran's Ghadir Investment Holding to drill for oil and natural gas in Iran, the Turkish company confirmed on August 16, 2017.

Aug 16 07:03

WHY WE'RE DOOMED: OUR ECONOMY'S TOXIC INEQUALITY

Anyone who thinks our toxic financial system is stable is delusional.

Why are we doomed? Those consuming over-amped "news" feeds may be tempted to answer the culture wars, nuclear war with North Korea or the Trump Presidency.

The one guaranteed source of doom is our broken financial system, which is visible in this chart of income inequality from the New York Times: Our Broken Economy, in One Simple Chart.

While the essay's title is our broken economy, the source of this toxic concentration of income, wealth and power in the top 1/10th of 1% is more specifically our broken financial system.

Webmaster's Commentary: 

One of the smartest things you can do right now, is, to the best you are able, is to get out of credit card debt as quickly as is humanly possible; rates will inevitably rise, keeping you in debtor's prison for as long as you live, if you do not do this.

Aug 16 02:21

How Insane Home Prices in Silicon Valley & San Francisco Trip up Jobs Growth

Bay Area housing affordability nightmare hits home, so to speak.

Aug 15 14:23

Speculative Positioning Is Back To Extremes

Aug 15 13:51

Americans' debt level notches a new record high

Americans' debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped. Total U.S. household debt was $12.84 trillion in the three months to June, up $552 billion from a year ago, according to a Federal Reserve Bank of New York report published on Tuesday.

Aug 15 13:45

Bank of America Warns of an ‘Ominous’ Sign for Stocks

The drop represents a “warning sign for equities over bonds, high yield over investment grade, and cyclical sectors over defensive ones,” chief investment strategist Michael Hartnett wrote in a note Tuesday. “Further deterioration is likely to cause risk-off trades.”

Aug 15 12:42

Household Debt Hits Record as Auto Loans and Credit Cards Climb

U.S. household debt reached a new record of $12.8 trillion in the second quarter, driven by rising mortgage debt, a strong quarter for auto loan originations, and an uptick in credit-card balances, which reached their highest level since 2009.

Aug 15 12:17

Feds Collect Record Income and Payroll Taxes Through July

Through July, the federal government collected approximately $1,312,691,000,000 in individual income taxes. At the same time, it collected $976,278,000,000 in Social Security and other payroll taxes.

Aug 15 12:16

China Steel Output Hits All Time High, Setting Stage For Escalating Trade War

While the long-term consequences of Trump's first trade war salvo launched today will become obvious only in hindsight, it may have come at an opportune moment: just as China prepares to flood the world with record amounts of steel. Overnight, the National Statistics Bureau reported that even as Beijing intensified its war on smog, local steel output "paradoxically" hit a new monthly record in July, some 74.02 million tonnes, up 10% Y/Y (or 50% more than China's GDP) and higher than the previous record of 73.23 million tonnes set in June.

Aug 15 12:15

Used Car Prices Crash To Lowest Level Since 2009 Amid Glut Of Off-Lease Supply

The U.S. auto market is at an interesting crossroads with used car prices crashing to new lows every month while new car prices continue to defy gravity courtesy of a somewhat 'frothy', if not suicidal, lending market that has seemingly decided that anyone with a pulse is financially qualified for a $0 down, 0% interest, 80 month loan on a brand new $40,000 luxury vehicle of their choice.

As the Labor Department’s consumer-price index data showed last Friday, used car prices once again dropped in July to the lowest level since the 'great recession' of 2009. In fact, since the end of 2015, the cost of used vehicles has dropped in all but three months and are now roughly 10% off their 2013 high.

Aug 15 12:15

"The Goolag Echopeligo"

Warning: SLL is about to put forth two propositions that are so obvious they’re undoubtedly controversial. Readers offended by the obvious but controversial are advised to stop reading.

Proposition one: If Group A and Group B are competing for the same jobs and standards are lowered for Group B but not Group A, on average the members of Group B will not be as good at the jobs as members of Group A.

Proposition two: Men and women are different.
This, when you wade through James Damore’s excruciatingly diplomatic Google memorandum is the crux of what he said.

SLL can say it but Damore couldn’t; Google fired him for “perpetuating gender stereotypes.”

Aug 15 11:44

Fed’s Dudley Drops Bombshell: Low Inflation “Actually Might Be a Good Thing”

QE unwind in September, “another rate hike later this year.”

Aug 15 11:40

Ten Years After Financial Crisis, Our Elites Have Learned Nothing

Last week, I heard BBC announce the 10th anniversary of the beginning of the financial crisis. This is dated to the decision by the French bank BNP Paribas to prohibit withdrawals from two hedge funds that were heavily invested in subprime mortgage backed securities. According to BBC, this was when lending began to freeze and house prices began to fall.

Aug 15 11:08

Rogue state, what rogue state? Burgeoning EU-Iran relations signal US adrift

The phalanx of European leaders, ministers, and dignitaries, attending the inauguration of Iranian President Hassan Rouhani last weekend was a stunning snub to Washington. It was also a clear signal the US is losing its thrall over Europe.

Think about it. According to US President Donald Trump and the American Congress, Iran is the world’s biggest state sponsor of terrorism. And yet here we saw European leaders respectfully attending the swearing-in of the country’s re-elected president. A rather big contradiction, don’t you think?

Aug 15 11:07

Crimeans no longer have to pay their debts taken on at Ukrainian banks

The head of Crimea, Sergey Aksenov, approved a bill that exempts the residents of the republic of Crimea from payments on loans taken from Ukrainian banks. Amendments to the legislation give the Crimean parliament the right to write off the debts of citizens.

Aug 15 11:03

US Launches Quiet Crackdown On Cryptocurrencies

While all eyes were distracted with the Trump-demeaning headlines of the foreign sanctions bill, few spotted the hidden mandate that foreign governments monitor cryptocurrency circulations as a measure to combat "illicit finance trends" in an effort to "combat terrorism."

Webmaster's Commentary: 

Actually, this is to keep us slaves to the private central bankers!

Aug 15 09:37

Chart Mentioned In Lundin Podcast

Aug 15 09:31

The difference between capitalism and welfare mentality

A man named Tom Nicholson posted on his Facebook account the sports car that he had just bought and how a man approached and told him that the money used to buy this car could've fed thousands of less fortunate people. His response to this man made him famous on the internet.

A guy looked at my Corvette the other day and said, "I wonder how many people could have been fed for the money that sports car cost."

I replied I am not sure, it fed a lot of families in Bowling Green, Kentucky who built it, it fed the people who make the tires, it fed the people who made the components that went into it, it fed the people in the copper mine who mined the copper for the wires, it fed people in Decatur IL. at Caterpillar who make the trucks that haul the copper ore. It fed the trucking people who hauled it from the plant to the dealer and fed the people working at the dealership and their families. BUT,… I have to admit, I guess I really don’t know how many people it fed.

Aug 14 16:34

Australia: Life Expectancy Gap Between Rich And Poor Almost 20 Years

The Social Health Atlas, a new analysis of government health statistics, has revealed much lower life expectancy and far higher rates of avoidable deaths in working class suburbs when compared to wealthier suburbs in Australian cities.

Aug 14 16:32

Turkey’s Drive To Restore Ottoman Era Influence

After nearly a century of being relegated to a smaller regional power acting alongside the Israeli-Saudi nexus, Turkey’s new leadership stands prepared to significantly increase its political power and prestige. Taking advantage of various conflicts around their borders, Turkey has embarked on a bit to expand their influence not just in the Middle East, but also on the borders of an increasingly volatile European Union. These actions, along with consolidation domestically and an increased focus on militarization mean that Turkey’s profile stands a good chance of rising over the next decade.

Aug 14 14:20

"A Better Deal" For American Workers? Not Without Unions

At the Tufts Medical Center in Boston, 1,200 nurses recently walked off the job, initiating “the largest nurses’ strike in Massachusetts’s history and the first in Boston for 31 years.”

Aug 14 14:11

Unemployed New Yorkers are giving up on finding jobs

Heck of a job governor…

Cuomo must be so proud.

Aug 14 11:54

Why Some Pharmaceuticals Are So Expensive

Enter “outrageous drug prices” into Google and you will receive plenty of examples. As reported here, Marathon Pharmaceuticals planned to charge $89,000 per year for its Emflaza brand of the corticosteroid deflazacort. Deflazacort was introduced in 1969 and is available outside the U.S. for less than $2 per tablet. US patients with muscular dystrophy have been obtaining the drug for around $1,500 per year from foreign sources.

Aug 14 11:19

How Capitalist Central Banks Have Been Creating The Next Financial Crisis

As central bankers, finance ministers, and government policy makers head off to their annual gathering at Jackson Hole, Wyoming, this August, 24-26, 2017, the key topic is whether the leading central banks in North America and Europe will continue to raise interest rates this year; another topic high on the agenda is when the three major central banks – the Federal Reserve, European Central Bank and Bank of England – might begin to sell off their combined $9.8 trillion dollar balance sheets that they accumulated since the 2008-09 banking crisis.

Aug 14 09:59

China implements UN sanctions against North Korea, as Trump trade probe looms

In an unprecedented move against North Korea, China on Monday issued an order to carry out the United Nations sanctions imposed on the rogue regime earlier this month.

China made the announcement amid not only Pyongyang's escalating war of words with the United States regarding the North Korea nuclear missile program, but also as President Trump was reportedly set to order an investigation into China's trade practice -- a probe which could lead the U.S. to levy its own sanctions on Beijing.

Trump has sought China's help in dealing with North Korea, as China has remained one of the last defenders of dictator Kim Jong Un and could apply enormous financial pressure should it turn on the North Korean leader.

Webmaster's Commentary: 

What concerns me here, is the way in which trade wars can morph into shooting wars, and that would be the worst of all possible options with China.

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