ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Sep 05 10:28

376,000 people in relative poverty in Northern Ireland

A new study reveals a rise in poverty in Northern Ireland in 2014 with the level going to 21%, up from 19% the previous year.

Sep 05 10:06

Asset Forfeiture is The New Shakedown

In one of the most uncivilized and preposterous loopholes in America law enforcement is allowed to steal citizens’ assets.

Sep 05 09:36

Photographer Wants To Open Your Eyes To The Brutal Realities Of The American Prison Complex

When discussing the contemporary state of the prison industrial complex in America, the numbers are frightening. The personal stories, however, are far more horrific. In the month of July alone, at least five black women were found dead in jail. There are numerous tales of grisly murders, suicides, rapes, beatings, and prisoners being denied medication and proper medical treatment, dying as a result. Each story is more chilling than the last.

Webmaster's Commentary: 

The penal system in this country doesn't work at all, and it is by design.

More recidivism guarantees more money to keep a brutally dysfunctional system in place.

Please remember: in Sweden, they are closing many of their prisons because they don't have enough prisoners to house, and this is not by accident.

The Swedish penal system focuses completely on rehabilitation, so that when released from a Swedish prison, that former prisoner can take their place in society.

Sep 05 09:26

Indonesia's Decision to Buy Russian Su-35 Fighters No Surprise – Expert

It is only natural that Indonesia has decided to purchase Russian-made Su-35 multirole fighters, according to independent military expert Alexander Yermakov.

Sep 05 08:38

Egyptian billionaire offers to buy Mediterranean island to house refugees

Naguib Sawiris, an Egyptian telecommunications tycoon, has offered to buy an island from Greece or Italy in order to provide a refuge for families fleeing violence in Syria and elsewhere.

“You have dozens of islands which are deserted and could accommodate hundreds of thousands of refugees,” he told AFP, adding that the tens of millions required to buy the land would need to be increased dramatically to provide infrastructure.

Sep 05 08:36

If You Want To Know The Truth About The Unemployment Rate Read This Article

The Obama administration is telling us that the unemployment rate in the United States has fallen to 5.1 percent, but does that number actually bear any resemblance to reality?

Sep 05 08:25

Holland finds way to avoid claims regarding flowers from Russian regulator

The Holland businesses are very concerned about the situation with California thrips and the decision taken by Rosselkhoznadzor and is fighting the thrips to meet requirements of the Russian regulator, the trade representative said. The Wageningen University and Research Centre [in the Netherlands] has organised a special commission to study fighting the thrips, he said. Before the year-end, Holland experts are expected to present variants excluding fully the thrips in consignments of flowers to be supplied to Russia.
"Unlike Russia, other countries do not have similarly strict requirements regarding California thrips. For Holland the requirements of the Russian watchdog and putting on fire of supplied consignments of flowers mean a big image damage."

Sep 05 07:48

Stock Market Crash 2015: The Dow Has Already Plummeted 2200 Points From The Peak

Those that watched their stocks steadily increase in value for years are now seeing all of that “wealth” disappear at a staggering pace. The only way you actually make money in the stock market is if you get out in time, and many Americans are discovering that all or most of their gains have already been wiped out.

Sep 04 18:14

California governor's highway plan includes $65 driver fee

SACRAMENTO, Calif. (AP) — More than two months after calling a special session to address California's transportation funding backlog, Gov. Jerry Brown has begun circulating a list of administration proposals on how to pay for it, including a $65 annual fee for drivers and increases in the diesel and gas taxes tied to inflation.

"The conditions are getting so bad that if Californians don't commit to prioritizing funding to fix them, we will be facing the failure of a large portion of our bridges, streets and roads," said Chris McKenzie, executive director of the League of California Cities, in a statement. "It is well past time for the Legislature to act."

Sep 04 17:13

Equal pay's punchline outweighs bawdy jokes

If National's gender-issue problems were limited to an ageing MP in superhero fancy dress offending women with bawdy jokes, it could count itself lucky.

But it can't.

This week the Government was delivered a big problem on gender issues with the announcements that midwives and education support staff respectively are taking pay equity claims.

Maurice Williamson will be easily dealt with: if he hasn't been elected Mayor of Auckland by the next election or retired, he will face a party-backed challenge in Pakuranga.

Over a career, politics has been richer for his presence.

But he is too much his own man to be an asset in a conservative political party striving to be modern.

Other gender problems are more of a challenge for National.

The two pay equity claims this week have made life harder for the Government and, arguably, aged care workers.

Sep 04 17:09

New super mall: shop till you drop

Concept plans have emerged for a mega-mall at Takapuna's Shore City, topped by 360 apartments in 18-storey and 30-storey glass towers with plants cascading off the sides.

After this week's news of Auckland's 2.7ha $160 million NorthWest mall opening in Massey on October 1, prospective plans for the Shore site show 9.6ha of floorspace, equivalent to about 12 rugby fields - although much of that is the apartments.

As well as the North Shore and west Auckland developments, Tiffany and Chanel are coming to Britomart in central Auckland and Precinct Properties will soon knock down and upsize the CBD's Downtown mall.

Across the city, retail centres are being bought, sold, built and expanded in a surge of deals worth $1 billion-plus.

Experts say local malls are expanding on the back of growing demand for shopping, despite global fears that the rise of online retailing would kill them off.

Sep 04 16:04

Default: Is It Possible for Japan?

Sep 04 15:18

Whither The Economy?

snip: To sum up, the One Percent have enriched themselves at the expense of the economy’s potential and everyone else.

Where does the economy stand at the present time, a question on many of your minds? I am not a seer. Nevertheless, various things are obvious. In the US consumer demand is constrained by high debt and the absence of growth in real median family income. Evidence of the constrained US consumer shows up in lackluster real retail sales and in year-over-year declines in factory orders. On September 2, Zero Hedge reported that factory orders had fallen for 9 consecutive months.

Sep 04 14:23

Osborne presses ahead with £20bn worth of further austerity

Details of the government’s plans to slash £20bn from public spending were discussed on Friday, as Chancellor George Osborne pressed ahead with his austerity agenda.

Osborne had requested government departments model two scenarios of how the cuts could be implemented in advance of November’s spending review. In the face of sharp cross-party opposition, he asked cabinet ministers to submit their proposals by Friday.

Sep 04 14:03

Another Greek Poll Shows New Democracy Leading SYRIZA

According to the poll, which will be published on the Saturday edition of Greek newspaper “Parapolitka,” New Democracy garnered 30.4% of the intended vote while SYRIZA had 29.6%. This is the second poll during this week showing New Democracy leading.

Respondents once again denied the Independent Greeks (ANEL), SYRIZA’s former coalition partner, a presence in the Greek parliament as the party got 2.6% of the intended vote. The minimum requirement for entry in the Greek parliament is 3% of the vote.

Sep 04 13:56

3 Things: ECB QE, ISM, September

Sep 04 13:39

U.S. Sees Surge of Ultra Poor

By some estimates, the number of “ultra poor” in the United States has increased such to that of a third world country.

Sep 04 13:38

Canada in Recession After Another GDP Decline

Canada recently released it’s GDP numbers from the 2nd quarter and they showed yet another decline in GDP, indicating that the country is entering into a recession according to expert opinion.

Sep 04 13:38

Etsy’s Strategy to Minimize Tax Liability

Online craft marketplace, Etsy has assured Wall Street that it wants to be transparent in how it plans to handle it’s tax strategy in a new report sent out by the company.

Sep 04 13:37

Airline to Being Weighing Passengers with Their Luggage

Uzbekistan Airways recently announced that they will be weighing passengers along with their luggage according to a new company policy.

Sep 04 11:28

Japanese companies consider participation in Silk Road Economic Belt

Japanese companies considering possibility to participate in the Silk Road Economic Belt Project and express interest in projects in Russia’s Far East, Hokkaido Bank Board Chairman Yoshihiro Sekihachi told the Eastern Economic Forum in Vladivostok on Friday.
"The bank would want Japanese companies it brought here to invest in the economy of the Far East," he added.
Hokkaido Bank provides assistance to Japanese companies but does not conduct its own investment activity as a commercial bank.
Yoshihiro said he supports format of priority development territories created to boost development of Russian regions. "Priority development territories and the free port of Vladivostok are very good undertakings, and we welcome them. However, the issues of logistics arises, of ensuring this flow of goods. At the same time, we need to solve the issues of ensuring maritime and air traffic between the countries," he noted.

Sep 04 11:06

Mayor Gets An Earful At Relatively Calm Final Budget Forum

Seventy people spoke in 100 minutes during the meeting, at Wright College in the Dunning neighborhood on the Northwest Side. Those who couldn’t be succinct were cut off before they had a chance to make their point; but plenty did so, mostly airing a variety of complaints.
A handful of people voiced outrage about a proposal to fill most of next year’s budget gap through a $500 million property tax hike.
“You raise the taxes, you’ll see a mass exodus of people getting the hell out of this goddamn city,” one man shouted.
Earlier in the day, the mayor defended his push for a major property tax hike, acknowledging it would be a tough pill to swallow for taxpayers, but saying it’s necessary to shore up police and firefighter pension funds, restore the city’s worst-in-the-nation bond rating, and solve the city’s long-standing financial crisis.

Webmaster's Commentary: 

Anything that draconian, and people will vote with their feet, if they are able to do it.

Sep 04 11:02

Record 94,031,000 Americans Not in Labor Force; Participation Rate Stuck at 38-Year Low for 3rd Straight Month

A record 94,031,000 Americans were not in the American labor force last month -- 261,000 more than July -- and the labor force participation rate stayed stuck at 62.6 percent, a 38-year low, for a third straight month in August, the Labor Department reported on Friday, as the nation heads into the Labor Day weekend.

The number of Americans not in the labor force has continued to rise, partly because of retiring baby-boomers and fewer workers entering the workforce.

In August, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 251,096,000. Of those, 157,065,000 participated in the labor force by either holding a job or actively seeking one.

Webmaster's Commentary: 

That is one hell of an ugly number!!

Sep 04 10:26

Sen. Dianne Feinstein pushes bill to create more homeless housing on VA campus

Sen. Dianne Feinstein said Thursday she would introduce legislation to move veterans from the county’s alleyways and sidewalk shantytowns onto the U.S. Department of Veterans Affairs' long-contested West Los Angeles campus.

Sep 04 10:25

Dow plunges triple digits after jobs; financials lag

U.S. stocks traded sharply lower Friday ahead of the long weekend as investors digested a key jobs report that could provide the Federal Reserve with enough support to raise rates as early as September.

"On balance I think the report was a good one and if we weren't in the middle of market volatility and global turmoil we'd be set for a hike in September," said Liz Ann Sonders, chief investment strategist at Charles Schwab.

Financials declined more than 1.5 percent to lead all 10 S&P 500 sectors lower. Goldman Sachs and JPMorgan Chase were the greatest decliners in the Dow Jones industrial average.

Webmaster's Commentary: 

If the FED is believing the official jobs report, they are in HUGE trouble!

Sep 04 09:33

Catalan project harvests unwanted fruit and veg for people in need

Barcelona-based Espigoladors sends volunteers into the fields to pick leftover produce for distribution to the vulnerable and unemployed

Sep 04 09:20

Record 94,031,000 Americans Not in Labor Force; Participation Rate Stuck at 38-Year Low for 3rd Straight Month

A record 94,031,000 Americans were not in the American labor force last month -- 261,000 more than July -- and the labor force participation rate stayed stuck at 62.6 percent, a 38-year low, for a third straight month in August, the Labor Department reported on Friday, as the nation heads into the Labor Day weekend.

Sep 04 09:20

Downsized Blues - by Claire K. Rivero

Sep 04 09:12

‘West creates refugees by destroying Islamic nations’ – Chechen leader

The head of Russia’s Chechen Republic claims the current asylum seeker crisis in European countries originated in the aggressive policies of the United States and the EU. He also called upon all Muslim nations to jointly fight the root of the problem.

“If today no one rises against the inhumane policies of the Western countries, tomorrow the disaster may come to any Muslim country. I call upon you to urgently discuss this problem, to develop a unified position and to save the lives of thousands of people.
Europe and the USA are not simply refusing to act, they instigate the tragedies of millions of people by destroying the economy of Islamic countries and starting wars in Muslim regions of the world, he added.

Sep 04 08:44

The Devil Rides out

Sep 04 08:22

Mob Violence Is Now All too Common in Venezuela

Venezuela wasn’t exactly a happy place before their economy fell apart, but now that their currency is worthless and shortages for essential goods are running rampant, the dark side of their society is rearing its ugly head. Venezuela now stands as the perfect example of how financial mismanagement can erode the social fabric of a nation.

The Venezuelan Observatory of Violence has found that in 2014, there were 40 lynchings in the country, and if recent news reports are to be believed, there have been over a dozen mob led beatings and lynchings in this past month alone. Granted, the lynchings are nothing new. Venezuela has long been a corrupt country with a high murder rate, and criminals are frequently released by their court system without charges, so vigilante justice has been commonplace for some time.

(read more)

Sep 04 08:22

TOP BANK EXECUTIVE SENTENCED TO 8 YEARS IN PRISON FOR FRAUD IN TARP BANK FAILURE CASE

A senior executive at a U.S. bank is actually going to prison for his actions following the financial crisis.

Ebrahim Shabudin, the ex-chief credit officer for United Commercial Bank, was convicted of fraud for falsifying records to hide major loan losses from auditors and investors after the federal government stepped in to help the failing bank under its Troubled Asset Relief Program (TARP). He was sentenced to eight years.

“This massive criminal scheme defrauded investors, including Treasury who became an investor through TARP,” Christy Romero, the Special Inspector General for TARP, said, according toHousingWire. “He was essentially gambling with taxpayers’ bailout dollars, and it was taxpayers who ultimately lost more than $300 million when the bank failed one year after receiving TARP funds.”

Webmaster's Commentary: 

It's a good start, but what about the rest of the bankster fraudsters?!?

And I have to tell you; I hope this guy isn't going to a Club Fed!

Sep 04 08:20

Will Uncle Sam Confiscate Gold Again?

There are growing concerns internationally that in the event of another Wall Street or global stock market crash and a new systemic crisis – a Eurozone debt crisis or another Lehman Brothers collapse – there could be enforced bank closures or extended bank holidays in the EU and U.S. as seen in Greece recently.

The New York Times

In this scenario, deposit boxes and vaults in U.S. banks and financial institutions could be sealed and gold confiscated again.

There is a legal precedent for this. April 5th, 1933 – at the height of the Great Depression – was the day when U.S. President Franklin Delano Roosevelt instructed all American citizens to hand over all their gold coins and bars to the Federal Government.

Every coin, bar and certificate had to be handed in to Roosevelt’s government or else one would face a very large fine of $10,000 or 10 years in jail. That is whopping fine of $180,000 fine in today’s money.

Sep 04 07:53

TOP BANK EXECUTIVE SENTENCED TO 8 YEARS IN PRISON FOR FRAUD IN TARP BANK FAILURE CASE

A senior executive at a U.S. bank is actually going to prison for his actions following the financial crisis. Ebrahim Shabudin, the ex-chief credit officer for United Commercial Bank, was convicted of fraud for falsifying records to hide major loan losses from auditors and investors after the federal government stepped in to help the failing bank under its Troubled Asset Relief Program (TARP). He was sentenced to eight years.

Sep 04 05:29

Bond markets shouting slowdown

Sep 03 19:36

This Is Not A Retest—-Its A Live Bear!

Sep 03 16:59

The US interest-rate rise conundrum continues

Sep 03 16:43

New Research Documents Growth of Extreme Poverty

A new book by two of our nation’s foremost poverty researchers, Kathryn Edin and H. Luke Shaefer, reveals the desperate circumstances that hundreds of thousands of children and their parents increasingly face: living with virtually no cash income in an economy that requires it to meet nearly every human need.

Sep 03 16:40

‘Gravity’ Is Returning to the Markets

Sep 03 15:08

Making America Work for Working People

For millions of working parents like me, the juggling act between our homes and offices gets even more frantic as our kids head back to school.

Sep 03 15:06

Why do oil prices fall?

Fluctuating oil prices has been a trend of recent years. Radio Sputnik International observer Dmitry Babich, who paid a visit to the video studio of Pravda.Ru, said that the ongoing drop in world prices on oil was contrary to both economic and political laws. According to our guest, the current state of affairs in global economy is strange, to say the least.
Falling oil prices are unnatural in today's world
"The trend of the current year is the volatility of oil prices. Are we entering the time of unpleasant surprises and shocks?"
"I think we are entering the period when all trends are unexpected. In fact, no one knows how the situation will develop. Economists do not know what will happen. Market fluctuations reflect human emotions and expectations - they are just as volatile and unpredictable as the weather.

Sep 03 15:03

Are Gas Shortages Coming to America?

Gas shortages could be coming to America...and quickly.

An unexpected fuel crisis has hit Canada. According to a Canadian blogger and author, not one, but two, fuel tankers were inexplicably delayed last week, and shortages ensued alarmingly quickly, with numerous gas stations running completely out of fuel within a matter of days

Sep 03 14:52

The Housing Bubble Is Bursting in NY and DC

Like many American cities, New York and Washington DC have experienced explosive housing prices since the crash of 2007. If fact, prices have risen so high that one might safely assume that we’re in the midst of another Fed induced housing bubble. However, all indications suggest that this bubble is close to bursting.

According to a recent study, the value of 45% of the single family homes in the New York and Washington DC metropolitan areas, fell by 2% between June of 2014 and June of 2015. In the previous year, only 15% of Washington homes and 20% of New York homes fell in value. Other cities like Los Angeles, Chicago and Phoenix, experienced a similar drop.

The falling prices seem to be caused by foreign buyers and other investors pulling out of the market, but that’s only half of the story.

(read more)

Sep 03 14:46

Who Borrows in the Fed Funds Market?

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