ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Feb 04 10:28

Syriza Needs Alliance Against German "Beggar Thy Neighbor" Policies

Economist Heiner Flassbeck tells Paul Jay that Germany has violated EU agreements and Syriza should focus on creating an alliance with Italy, Spain and France to oppose policies that are driving Europe into a deeper recession

Feb 04 10:24

The Parasite Economy

Politicians and lawyers pretend that they are important people doing important work. But often they're important because they are parasites. They feed off others, while creating no wealth of their own.

We all complain about businesses we don't like, but because business is voluntary, every merchant must offer us something we want in order to get our money. But that's not true for politicians and their businessman cronies. They get to use government force to grab our money.

Feb 04 10:23

How Uncle Sam Became a Bank Robber

During her confirmation hearings last week, Loretta Lynch, President Obama's choice to succeed Eric Holder as attorney general, called civil forfeiture, a form of legalized theft in which the government takes people's property without accusing them of a crime, "a wonderful tool." Lynch, currently the U.S. attorney for the Eastern District of New York, suggested that innocent owners need not worry about getting hammered by this tool, because forfeiture "is done pursuant to supervision by a court," and "the protections are there."

In light of a forfeiture case that Lynch's office had abruptly dropped the previous week, her assurances rang hollow. The case, involving $447,000 that the government stole from a Long Island business and sat on for nearly three years, illustrates the injustice inflicted by seizures in which a "crime" that harms no one becomes an excuse for bank heists that enrich the agencies perpetrating them.

Feb 04 10:02

Man killed himself after benefit changes left him owing £800, inquest told

A retired gardener took his own life after begging for help when changes to his benefits left him owing more than £800 – in a case that highlights the bureaucratic cruelty of the welfare system.

Malcolm Burge, 66, killed himself at Cheddar Gorge, Somerset, after being pursued for the sum by his local authority, an inquest into his death has heard.

Feb 04 09:04

History In the Balance: Why Greece Must Repudiate Its “Banker Bailout” Debts And Exit The Euro

Now and again history reaches an inflection point. Statesman and mere politicians, as the case may be, find themselves confronted with fraught circumstances and stark choices. February 2015 is one such moment.

For its part, Greece stands at a fork in the road. Syriza can move aggressively to recover Greece’s democratic sovereignty or it can desperately cling to the faltering currency and financial machinery of the Euro zone. But it can’t do both.

Feb 04 08:54

Another Conspiracy Theory Becomes Fact: The Entire Oil Collapse Is All About Crushing Russian Control Over Syria

... while we understand if Saudi Arabia is employing a dumping strategy to punish the Kremlin as per the "deal" with Obama's White House, very soon there will be a very vocal, very insolvent and very domestic shale community demanding answers from the Obama administration, as once again the "costs" meant to punish Russia end up crippling the only truly viable industry under the current presidency.

As a reminder, the last time Obama threatened Russia with "costs", he sent Europe into a triple-dip recession.

It would truly be the crowning achievement of Obama's career if, amazingly, he manages to bankrupt the US shale "miracle" next.

Feb 04 08:36

Germany's worst nightmare has come true

It’s Germany’s worst nightmare. Increasingly isolated, ganged up on, and even hated by much of southern Europe, it is fast losing the argument over the future of the euro.

Even the Governor of the Bank of England, Mark Carney, has been at it. This week he joined in the German bashing with a full-frontal attack on Berlin’s austerity agenda. And it’s causing confusion, dismay and resentment in equal measure in this most stable, disciplined and civilised of nations.

Feb 04 07:38

The Case to "Reinstate" the Bank of Canada

There is a very interesting legal case that is playing out in Canada at the moment. William Krehm, Anne Emmett, and Comer (The Committee for Monetary and Economic Reform: http://www.comer.org/) filed a lawsuit on December 12th, 2011, in Federal Court to try to force a restoration of the Bank of Canada to its mandated purposes. In essence, they want the Bank of Canada to provide interest-free loans to the federal, provincial, and municipal governments, as provided for in the Bank of Canada Act, in order to finance public expenditures whenever there is a budgetary deficit. Apparently, the federal government used to borrow interest-free from the Bank of Canada up until 1974 (to at least some extent). At present, governments borrow all of the necessary money (apart from any bonds they may sell to the public) from private banks at the going rate of interest.

Webmaster's Commentary: 

So far, the courts have agreed with COMER, which is sending the private central bankers of the world into a panic.

Feb 04 07:36

10 Easy Questions About Money

1. Can Congress pass a law that would cause a State to violate the Constitution?

2. Can a State declare anything whatsoever to be a legal tender for all debts public and private?

3. Can Congress declare anything whatsoever to be a legal tender for all debts public and private?

4. Does the Constitution declare anything but gold and silver coin to be a legal tender for all debts public and private?

Feb 04 07:33

3 dumpster divers convicted of stale food theft in France

A court in France has found three people who helped themselves to expired foodstuffs discarded by a supermarket guilty of theft.

Feb 04 07:17

While Deflategate and Chaitgate Rage, America Quietly Robs Its Elderly

The "Ferris wheel" of conflicted payments, unnecessary fees and other shady practices apparently beats retirees for up to $17 billion a year, according to an internal White House memorandum.

Feb 04 07:04

Russia moves closer to ratifying agreement on BRICS New Development Bank

Russia’s government has submitted to the lower house of parliament a draft federal law on ratifying an agreement on the New Development Bank (NDB), operated by BRICS countries (Brazil, Russia, India, China and South Africa), a decree published on the cabinet’s website said on Wednesday.

"The agreement envisages the creation of a multilateral financial institution - the New Development Bank that will finance infrastructure projects and projects of sustainable development in BRICS countries and developing countries," a briefing note says

Feb 04 07:01

Egypt to sign LNG deal with Russia’s Gazprom in coming days — media

A delegation from the Russian energy giant arrived in Cairo on Tuesday to complete the negotiations on gas deliveries from Russia

Feb 04 06:55

Greece – Back From the Brink?

We recently pointed out in an article – "Grexit: The Footsteps Grow Louder ... Could the EU Blow Apart?" – that Germans might be very unhappy with a rescheduling of Greek debt. But that looks like what is happening.

The proximate mechanism is a proposal by Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis to "repay all the €315 billion old debt, but [as] growth-linked bonds that would pay their way only as the economy recovered."

Feb 04 06:46

The REAL Shadow Recruit: Banker reveals he worked for CIA for years and helped hunt bin Laden - but kept it all a secret until now

Edwin 'Ed' Hale, Sr, sleeps on his 186-acre property over Chesapeake Bay with a sawed-off shotgun always within reach.

It's not burglars the former Bank of Baltimore chairman worries about at night, but enemies who may have learned he spent time working undercover for the CIA.

The Wall Street Journal reports that Hale, 68, broke his silence in a self-published book about his CIA work in a story similar to Hollywood spy Jack Ryan's escapades in 'Shadow Recruit.'

Webmaster's Commentary: 

Note that the article says that Hale was recruited in 1992 by Buzzy Krongard, the CIA official (and banker) linked to suspicious stock trades on 9-11!

Feb 03 16:04

HISTORICAL COURT RULING IN CANADA AGAINST PRIVATE CENTRAL BANKING

Court Demands Bank Of Canada return to it's original mandate issuing it's currency Debt free Harper Government orders MEDIA BLACKOUT of this case

Feb 03 15:30

House votes to repeal, replace Obamacare

The House voted largely along party lines Tuesday to repeal and replace Obamacare, with Republicans vowing to satisfy midterm voters who demanded a new path forward while Democrats taunted their rivals as oblivious to the plight of the uninsured.

The 239-186 vote marked the Republican-majority Congress’ first swipe at the entire health law, cuing up a likely filibuster from Senate Democrats before President Obama can wield his veto pen.

Feb 03 14:43

Central Banks Have Violated Fundamental Laws of Finance

It is amazing how far Central Banks have been allowed to go with regard to policy tools and influence, and how extreme their policy measures have become since the financial crisis. No other form of governmental authority has been granted these types of unrestrained powers in any branch of government, not Congress, the Supreme Court, the President, or the Military for comparison`s sake in the United States.

Feb 03 13:28

Pentagon Releases Record 2016 Military Budget Proposal

The Pentagon has issued a news release today related to President Obama proposing a record-high FY2016 military spending budget, conspicuously avoiding the term “record” at all. They did repeatedly make reference to sequestration, even though Congress never actually gave the military a sequestration-level budget.

Feb 03 12:58

Chinese 'Silk Road' Initiative to Diminish US Role in Eurasian Region

By welcoming India and Russia to participate in its "One Belt, One Road" project, Beijing dealt the final blow to Washington's idea to create a US-controlled New Silk Road in Eurasia.

Feb 03 12:50

S&P Downgrades Numerous European Banks, Warns Deutsche Bank May Be Next

Just hours after apparently settling its suit with the USA (not at all retaliation for downgrading them), S&P has taken the big red marker out on a slew of European banks:

Downgrades: Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, and Ulster Bank
On Watch Negative: Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank

Feb 03 11:32

Harvey Weinstein’s film company auctions off an internship at studio for $25,000

A three-month unpaid internship at a major movie studio has been auctioned off for $25,000 (£16,600). It means that the winner, yet to be disclosed, has paid more than £5,000 a month to work, free of charge, for Harvey Weinstein’s company.

Feb 03 11:15

Banking on serious reform

Why do Canadians allow private banks to profit off our public debt when the Bank of Canada is legislated to provide low- or no-interest loans for human capital and infrastructure spending? The Bank of Canada has not issued such loans since 1974, after it funded Canada out of the Great Depression, the Second World War, the infrastructure boom, universal health care, universities and colleges, CBC and more. Monday, three judges upheld the previous ruling of justiciability. The next step is to determine the statutes of the Bank of Canada Act and if they have been subverted by conspiracy.

The monopoly of private banks' exclusive privilege of lending money to governments will, for the second time in our history, soon be put on trial. The first time it was debated in the House of Commons, it led to the creation of the Bank of Canada. It's time to restore the Bank of Canada and jail the banksters.

Feb 03 11:09

Larry Silverstein files Billion $ lawsuit against Airliners

The developer rebuilding the World Trade Center in New York told a
federal appeals court that he is entitled to recoup billions of dollars
from two airlines, even though he has already collected USD$4 billion in
insurance money for the September 11, 2001, attacks that destroyed the
site.

Lawyers for Larry Silverstein and his World Trade Center Properties
urged the 2nd US Circuit Court of Appeals in New York to overturn a
lower court ruling barring him from pursuing damages against United
Continental Holdings and American Airlines Group, whose planes crashed
into the twin towers.

But the airlines said the insurance money was more than enough to
compensate Silverstein for the fair market value of the lease he held
for the property.

Feb 03 10:51

Two Leaks Reveal How TAFTA/TTIP's Regulatory Co-operation Body Will Undermine Sovereignty And Democracy

But it's hard to see how those non-tariff barriers can be harmonized without a race to the bottom in terms of regulations, since no one is calling for a race to the top. Even "mutual recognition," which would allow both standards to be used, would inevitably see the lower standard becoming the norm because it would be cheaper to implement, and thus offer competitive advantages.

Webmaster's Commentary: 

In general, all that is great for major corporations turns out to be quite lousy for We the People; this TTIP agreement certainly demonstrates that.

Feb 03 10:08

UPS to apply surcharges to residential packages after costs surge

United Parcel Service Inc said on Tuesday it will start applying surcharges for residential packages this year after its costs soared during the recent disappointing holiday season.

Feb 03 09:56

Russia buys record amount of gold

Central Bank of Russia spent over USD6 billions on gold purchases last year in an attempt to shift away from a dependency on the dollar.

Feb 03 09:56

US consumer spending weakest since 2009

The latest official figures show the US consumer spending in December hit the lowest level since 2009.

Feb 03 09:54

Gazprom Discusses Long-Term Loans With Chinese Banks

Deputy Chairman and head of the Gazprom finance and economics department said that Russian energy giant is discussing long-term loans with several banks, including in China and other Asian countries.

Feb 03 09:14

When It Comes to the Bull Market, Keep Your Eye on the Money Printing, Not the Regulation

Republicans gutting Dodd-Frank as Wall St. goes subprime again ... It is not mortgages but subprime car loans that U.S. banks are repackaging now for foreign investors ... Teams of bank lobbyists [are] rewriting laws up on Capitol Hill these days ... Little by little, these influence-buyers are gutting and filleting the Dodd-Frank Act, the package of bank regulations that was among the few big accomplishments of the Obama administration during the two years when Democrats controlled Congress. These lobbyists represent some of the same corporate villains whose greedy, in some cases criminal, machinations just about demolished the economy in 2008, tossing millions out of their jobs and impoverishing even thrifty and financially prudent citizens. – CBC

Feb 03 08:32

How Wall Street got snowed on weather derivatives

A few years ago, the market for financial contracts based on snowfall was, for lack of a better phrase, heating up. More and more firms began popping up to sell the specialized weather derivatives. Insurance firms hired traders who would focus on buying and selling the contracts. The Chicago Mercantile Exchange listed dozens of contracts based on snowfall in numerous cities that could be traded like stocks, and were expected to rise and fall daily based on the forecast. A number of large Wall Street firms seemed interested in getting into the market.

These days, though, Wall Street’s market for betting on snow has, well, melted. The CME says that not a single snow-related weather contract traded in 2013. That’s down from 510 trades in 2011.

Webmaster's Commentary: 

WEATHER derivatives?????????????

Feb 03 08:24

New Greek finance minister accused of anti-Semitism

The new finance minister of Greece has been accused of harboring anti-Semitic views and expressing empathy for Palestinian suicide bombers.

Webmaster's Commentary: 

Hub-O-terror, anti-semitism... I wonder how long before they claim Greece was behind 9-11!!!!!

Feb 03 07:39

Exponential Explosions in Debt, the S&P, Crude Oil, Silver and Consumer Prices

In 1913 the US national debt was less than $3 Billion, gold was real money, and a cup of coffee cost a nickel.

By 2015 the US national debt had increased to over $18,000,000,000,000 ($18 Trillion), the gold standard was called a “barbarous relic,” most currencies had devolved into fiat paper and digital symbols backed by insolvent governments, and a Grande soy cinnamon latte, double pump, triple shot, extra hot, with sprinkles cost about five bucks.

Debt, money, coffee and prices have changed in 100 years.

Feb 03 07:27

‘To those who have, more is given’: Britain’s social mobility myth broken?

Attempts to improve social mobility in the UK have been so ineffective that super rich families of today will retain their wealth for the next 300 years, new research reveals.

A study examining the relationship between rare surnames and wealth found an “iron law” of inheritance which has defied all government attempts to improve social mobility in England and Wales since 1850.

Feb 03 07:20

Debt of Six Eurozone Countries Exceeds 100% of GDP, Two More Coming in 2015 (France and Spain)

In 2014 there were six eurozone countries whose debt-to-GDP ratio went over the 100% threshold. Two additional countries will pass that barrier in 2015.

The Maastricht Treaty on which the euro was founded was designed to keep "sound fiscal policies", with debt limited to 60% of GDP (not 100%), and annual deficits no greater than 3% of GDP."

Every country in the eurozone, including Germany, has been in violation of those rules.

Feb 03 07:19

Mobilized & Winning, Now It’s Time to Escalate

Since the President’s State of the Union message where he announced his plan to push corporate trade agreements and seek Fast Track trade promotion authority, the movement against Fast Track, the Trans-Pacific Partnership (TPP) and globalized trade has grown. Instead of the bump in support that Obama expected after the State of the Union, opposition has increased inside Congress and in the grass roots.

Indications are that we are winning, and if we continue to mobilize over the next two months, we will win.

Feb 02 18:19

Obama Tax Plan: President Goes All In on Confiscation

His tenure has already witnessed a greater accumulation of federal debt than any other time in US history. It is unsustainable based on the nation’s taxing traditions. In recent days, however, Obama has hinted at a new paradigm in federal revenue collection: confiscation.

Last week, the White House floated a proposal to levy a one-time tax on the $2 trillion in foreign earnings American corporations have overseas. The United States imposes the highest corporate income tax rate in the world. It also, unlike every major nation, taxes profits on business activities conducted completely outside the US. In essence, the US tax code follows American citizens and corporations anywhere they travel around the world.

Feb 02 16:33

Anti-austerity anger sweeps from Greece to Spain as hundreds of thousands march through Madrid in support of fledgling radical leftist party

Hundreds of thousands of people marched through Madrid today in a show of strength by a fledgling radical leftist party, as it becomes the latest European political organisation to gain widespread support for its anti-austerity stance.

Podemos (‘We Can’) supporters from across Spain converged around the Cibeles fountain today before packing the avenue leading to Puerta del Sol square in what was the party’s largest rally to date, as it hopes to emulate the success of Greece’s Syriza party in the Spanish general election later this year.

Feb 02 16:04

President Obama's Budget: It's Always a Good Time to Spend More!

Barack Obama has released his budget proposal for fiscal year 2016, which begins in October. The best thing about the plan is that it's released on time this year. That's been all too rare an occurrence, and not just for the president: One of the most stunning yet under-reported stories of the past several years is the unwillingness and inability of the federal government to hit basic deadlines when it comes to budget issues. Of course, coming up with a plan, which is typically a wish-list, is only the beginning of a budget process that has gotten seriously FUBAR during the Obama years.

Feb 02 15:47

Obama Budget Plan Would 'Benefit the Worst Corporate Tax Dodgers'

'This is how the rules get rigged.'

Feb 02 15:19

‘Secret’ Gold Repatriation: The Banksters’ Newest Bullion Scam

As with most of the One Bank’s self-created economic “crises”; its preferred method of dealing with this problem has been to pretend it didn’t exist. But (as the banksters are now discovering) such self-delusion does not suffice when the nations who believe that the U.S. government is storing gold on their behalf ask that this “gold” be returned to them.

First it was Germany, and then it was Austria, Belgium, Netherlands, and France. All of these nations have either made formal requests or statements of intention that they want their gold. It was the first (and most-public) of these “gold repatriations” which exposed the obvious fact that the gold supposedly stored in the U.S. wasn’t there.

Feb 02 14:05

David Blanchflower: Young people are suffering from austerity in the UK as well as in Greece

Enough is enough. At some point the Greek people were bound to say they were done with austerity, and last week they stood up and said we need some hope. It was time to get out of their Great Depression. What else could they do? Austerity, according to the European Commission/European Central Bank/International Monetary Fund “Troika”, was supposed to lead to the sunlit uplands. Always a pipe dream.

Overly tight fiscal and monetary policy was inevitably going to crush the Greek economy, and so it did. Austerity resulted in a drop in GDP since the start of the crisis of 28.8 per cent. Greece has a health crisis, with HIV rates up 700 per cent. Malaria has returned for the first time in 40 years, and there is widespread malnutrition. The Greek healthcare system is collapsing as a result of spending cuts, and children are not being vaccinated. Reductions in pay have resulted in thousands of doctors leaving for the UK, Germany and Scandinavia.

Feb 02 14:01

What the ECB is doing to Greek banks is outrageous

The European Central Bank (ECB) is threatening to withdraw emergency funding from Greek banks if the Greek government doesn't do what it wants.

The central bank's actions toward Greece occur less than two months after secret letters revealed that the ECB threatened to pull emergency funding from Irish banks if the state did not apply for a bailout, in what many saw as an overreach into the sovereign affairs of the country. The ECB later pretended that Ireland had applied for its bailout voluntarily. The letters revealed that in fact the ECB had required the Irish government to apply.

Feb 02 13:52

RadioShack in Talks to Sell Half Its Stores to Sprint, Shutter the Rest

RadioShack Corp. is preparing to shut down the almost-century-old retail chain in a bankruptcy deal that would sell about half its store leases to Sprint Corp. and close the rest, according to people with knowledge of the discussions.

The locations sold to Sprint would operate under the wireless carrier’s name, meaning RadioShack would cease to exist as a stand-alone retailer, said the people, who declined to be identified because the talks aren’t public.

Feb 02 13:09

FLASHBACK - 12-Year Old Child Reveals One of the Best Kept Secrets in the World

Feb 02 13:05

Consumption Crashes In December: “The Country Has Clearly Entered Recession”

If you watch the mainstream media on a daily basis and consume the “official” assessments of the health of our economy you’re likely thinking that all is well and good. President Obama’s recovery has taken hold and prosperity is sure to return. But what if the narrative being disseminated to the general public is nothing but conjecture? In the following analysis from the always informative and entertaining James Quinn of The Burning Platform you’ll get an understanding of what’s really going on under the hood. What you’ll notice is that, while the media has picked and chosen specific talking points to create a perception of economic health, they have purposefully failed to provide a complete picture to the American people. Frankly, the information being spewed by official sources simply doesn’t mesh with the actual data.

Feb 02 13:02

Baltic Dry Plunges At Fastest Pace Since Lehman, Hits New 29 Year Low

The Baltic Dry Index dropped another 3% today to 590 - its first time below 600 since 1986 and not far from the all-time record low of 554 in July 1986. Of course, the absolute level is shrugged off by the over-supply-ists and the 'well fuel prices are down'-ists but the velocity of collapse (now over 60% in the last 3 months) suggests this far more than some 'blip' discrepancy between supply and demand - this is a structural convergence of massive mal-investment meets economic reality.

Feb 02 12:53

U.S. companies face billions in Venezuela currency losses, Reuters analysis shows

At least 40 major U.S. companies have substantial exposure to Venezuela’s deepening economic crisis, and could collectively be forced to take billions of dollars of write downs, a Reuters analysis shows.

Webmaster's Commentary: 

The downside of globalism is that anything the US Government does to mess with other countries inevitably causes equivalent harm here!

Feb 02 10:47

update COMER VS BOC Jan 2015

Feb 02 10:27

Obama says he won’t accept budget that doesn’t raise spending

President Obama said Monday he will reject any budget from Congress that doesn’t boost spending on both defense and his own domestic priorities, saying the spending “sequesters” need to go.

Feb 02 10:24

Here's Some Frightening Honesty (Courtesy Of The US Congress)

A member of my staff caught an obscure resolution that was introduced in the US House of Representatives last week—Resolution no. 41.

The fact that there was essentially no coverage of this Resolution really shows how the mainstream media is completely turning a blind eye to the true fiscal situation of the United States of America.

The entire point of the resolution is to say that the federal government is broke.

Webmaster's Commentary: 

Resolution 41 admits the federal Government is basically broke, and recommends that the federal Government which allowed (even encouraged) the 2008 mortgage-backed securities fraud that emptied state and privater pension funds not be responsible for bailing them out, and that these defunded pension funds "restructure" to reduce costs (meaning cheat the people dependent on those pensions).

Feb 02 10:07

Computers Rule The Earth

Webmaster's Commentary: 

I am reposting this in light of people like Bill Gates and Stephen Hawking expressing concern about artificial intelligence, pointing out that we are too late; computers already rule the Earth in a very real way, and not for our benefit!

Feb 02 09:46

One Of These Things Is Not Like The Other

Feb 02 09:36

Globalism Wins as Israel Plans “Free Trade” With Putin, Beijing

As the world is increasingly divided up into geographic “regions” under regional regimes cobbled together under the guise of pseudo-“free trade,” Israeli authorities are now quietly working to create what they call “free trade zones” with both the Communist Chinese regime and the Kremlin-dominated Eurasian Economic Union (member countries shown in green). The negotiations, officially announced this week, come as globalist plotters around the world accelerate their now-open efforts to subvert national sovereignty at a regional level — all on the road toward what top officials from Beijing and Moscow to London and Washington, D.C., regularly and openly refer to as their “New World Order.”

Feb 02 09:33

“We’re on the Verge of a Crisis” and Global Currency Wars Are Triggering It

In financial circles, it is widely acknowledged that the Federal Reserve was about to raise interest rates, but has since changed course and decided to hold firm.

Why? Because currencies are tanking all across the globe, and a stronger U.S. dollar – a double-edged sword – is making export goods more expensive and hurting international business.

Welcome to 2015, the year of the currency wars. Things are about to get volatile, so hold on.

Feb 02 09:32

Europe Fractures: France "Prepared To Support Greece" In Debt Renegotiations

Despite Angela Merkel's insistence on numerous occasions this past week that there will be "no debt renegotiations," it appears a schism at the core of Europe is opening. As France24 reports, following a meeting between France's finance minister Michel Sapin and Greece's finance minister Yanis Varoufakis, the press conference had a considerably more amicable tone that Friday's Dijsselbloem dissing. "France is more than prepared to support Greece," Sapin said adding that Greece’s efforts to renegotiate were "legitimate."

Feb 02 09:31

'Chance for a new start': Croatia writes off debts of 60,000 poorest citizens

Croatian government have gotten creditors on board a plan to erase the debts of some 60,000 poorest citizens. The “fresh start” scheme targets less than 1 percent of the entire debt, but is hoped to boost the economy in the long-term.

The unorthodox measure was voted for by the government on January 15 and comes into force on Monday. To be eligible to participate debtors must have no savings or property, have a debt no greater than about $5,100 and live on welfare or an income of no higher than $138 per month.

Webmaster's Commentary: 

This is a token gesture. In all probability the debts could never have been repaid, and this is a segment of society unlikely to start new businesses to move the economy.

The plan would actually have merit were the debts of the middile class erased.

Feb 02 09:25

Canadians sued the Bank of Canada and won.

Feb 02 09:14

18 Democrats join GOP to restore 40-hour work week under Obamacare

Facing withering pressure to stick with the president and block any GOP effort to change Obamacare, 18 Democrats crossed the aisle to join Republicans Thursday in replacing the 30-hour work week with the traditional 40 hours, a major boost to small businesses.

Feb 02 08:42

Looking for Lessons in Iceland's Recovery

In 2008, Iceland experienced one of the most dramatic crashes any country had ever seen. Since then, its recovery has been just as impressive. Are there lessons to be learned?

Webmaster's Commentary: 

"No! Do NOT look at Iceland. Iceland is BAAAAD! Private Central Banks are GOOOOOOD! Wall Street is GOOOOOD! Austerity is GOOOOOOD!" -- Official White Horse Souse

Feb 02 07:25

The Social Movement against “Globalized Trade” and the Trans-Pacific Partnership

Since the President’s State of the Union message where he announced his plan to push corporate trade agreements and seek Fast Track trade promotion authority, the movement against Fast Track, the Trans-Pacific Partnership (TPP) and globalized trade has grown. Instead of the bump in support that Obama expected after the State of the Union, opposition has increased inside Congress and in the grass roots.

Indications are that we are winning, and if we continue to mobilize over the next two months, we will win.

Feb 01 10:24

White House Seeks to Limit Health Law’s Tax Troubles

Obama administration officials and other supporters of the Affordable Care Act say they worry that the tax-filing season will generate new anger as uninsured consumers learn that they must pay tax penalties and as many people struggle with complex forms needed to justify tax credits they received in 2014 to pay for health insurance.

The White House has already granted some exemptions and is considering more to avoid a political firestorm.

Feb 01 10:22

Rise of the robots at AOL lead to job cuts

Media company AOL laid off roughly 150 employees Friday, or 3% of its staff.

The bulk of the layoffs, or close to 100, were in sales, a result of the company's surging growth in so-called programmatic ad sales, according to a person with direct knowledge of the situation who was not authorized to speak on the record.

Webmaster's Commentary: 

Automation always sounds like a good idea, but taken to it's ultimate end, it will lead to a nation with 300 million Americans starving and out of work, with all the stores and factories filled with robots that have nothing to do!

Feb 01 09:44

Syriza Won by Being the Opposite of Occupy Anarchists

Webmaster's Commentary: 

INN World Report audio interview

Feb 01 09:11

Russian aggression and the BBC’s drums of nuclear war

The drums of war are beating on the BBC and other mass media, writes Oliver Tickell – naked propaganda about fictitious ‘Russian aggression’ intended to soften us up for a war that could wipe out life on Earth.
We must refuse to fall for the endlessly repeated lies, and tell our politicians that our highest priority of all is peace.

Webmaster's Commentary: 

My reply to BBC and indeed all corporate media. Feel free to use as a template for your own emails.

Corporate media assured us that the USS Main was sunk by a Spanish mine in Havana Harbor, even though Captain Sigsbee reported the cause as an on-board fire. This story of a Spanish mine by the corporate media allowed President McKinley to trick the American people into the Spanish American war. An investigation carried out by Admiral Hyman G. Rickover, the father of America's Nuclear Navy, confirmed Sigbee's report. There had been no Spanish mine.

Corporate media assured us that the Lusitania was not carrying weapons when it was sunk by a German U-Boat, even though the German government had taken out ads in the New York papers warning passengers not to sail on that ship. This story of the sinking of an innocent passenger ship allowed President Woodrow Wilson to trick the American people into World War 1 and divert the war from the original belligerents, Austria-Hungary and Serbia, into a war against Germany. In the 1980s, divers entered the hold of the Lusitania and confirmed it had been smuggling weapons of war to Britain.

Corporate media assured us that North Vietnam launched a torpedo attack against the USS Maddox in the Gulf of Tonkin in August 4th, 1964. Even though Captain Herrick reported that the sonar detection of torpedoes by the Maddox had been an error by an inexperienced sonar operator, the claim of a torpedo attack allowed President Johnson to trick Congress into escalating the Vietnam war.

Corporate media assured is Saddam Hussein had nuclear weapons. Need I say more?

So why would anyone believe the corporate media today when they assure us Russia has invaded Ukraine?

Feb 01 09:10

Apple Delivers Monstrously Worrying Earnings

This growing lack of revenue diversification has some concerned. “A bet on Apple is increasingly a bet on the iPhone,” said Toni Sacconaghi, an analyst for Sanford C. Bernstein & Company. “The good news is, iPhones are great. The bad news is, right now that’s driving over 100 percent of the revenue growth of the company.”

Feb 01 09:02

FLASHBACK - Iceland Dismantles Corrupt Gov’t Then Arrests All Rothschild Bankers

Last week 9 people were arrested in London and Reykjavik for their possible responsibility for Iceland’s financial collapse in 2008, a deep crisis which developed into an unprecedented public reaction that is changing the country’s direction.

It has been a revolution without weapons in Iceland, the country that hosts the world’s oldest democracy (since 930), and whose citizens have managed to effect change by going on demonstrations and banging pots and pans. Why have the rest of the Western countries not even heard about it?

Feb 01 09:02

FLASHBACK - Hungary Kills The Rothschild Banks: Ordered To Vacate Country.

The Banking Cabal Invented State Zionism (State Of Israel) Usurping Judaism's (Jew) Non-State Identity.

Just As They Invented Communism, Marxism, Fascism, Nationalism, Socialism, Usurping Other Nation State Identities For Economic Upheaval So As To Institute Centralization Of Money To Their Banks. End Of NWO Story!

Jan 31 15:56

Greece says it will not negotiate with EU-IMF creditors

New finance minister says Athens instead wants direct talks with eurozone leaders to try to cancel some of its debts.

Jan 31 15:54

Podemos Anti-Austerity Party on the Rise, Thousands Protest in Madrid

Following the victory of radical left-wing Syriza party in Greece, thousands of people gathered in Madrid in an anti-governmental rally organized by the Spanish anti-austerity left-wing party Podemos.

Jan 31 10:01

Greece Is Now a Russia Sanctions Veto. Merkel Is Foaming at the Mouth

Two days ago, Zero Hedge first, and shortly thereafter everyone else, pointed out something stunning: the biggest surprise to emerge so far out of the new anti-Troika/austerity Greek government was not so much its intention to proceed with the first test of "Odious Debt" - this was largely known in advance - but its dramatic pivot away from Germany and Europe, and toward Russia.

As we noted before, not only has Greece already blocked all ongoing privatization processes, a clear snub of Merkel and the Troika which demands the piecemeal blue light special sale of Greece to western buyers as part of the "bailout", but is also looking at plans to reinstate public sector employees and announce increased pensions for those on low incomes: further clear breaches of the Troika's austerity terms.

Jan 31 08:39

What’s Really Happening? with Michael Rivero

A few years ago the gold market manipulation story began taking root in the mainstream media. When Dominique Strauss-Kahn (DSK), former head of the International Monetary Fund (IMF), appeared in the spotlight various countries began to question wether their gold, supposedly stored in safe-keeping at the Federal Reserve in New York, was actually still in the vaults.

Michael Rivero, Editor in Chief of What Really Happened, website and radio show, appeared on the History Channel’s “America’s Book of Secrets: The Gold Conspiracy”. This TV program provided some detail of what happened during the DSK arrest for allegedly having a sexual encounter with a chamber maid at a New York City hotel. DSK was actually removed from a plane headed to Germany where DSK was to attend a meeting the next day. DSK had been asking questions about gold the Federal Reserve was suppose to turning over to the IMF.

Jan 30 12:19

My Songs Got 151,781 Plays on YouTube. I Received $10…

By the end of 2013 YouTube made their agreement with Swiss copyright society SUISA and thus finally became open to Swiss authors. By the end of January 2014 I was a YouTube partner and started uploading all my content and my so far 28 videos. But above all I was able to monetize the many third party uploads of my music. Or so I thought because it soon became clear that all my views added to next to nothing in my income reports.

Jan 30 12:16

Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows

For the 8th week in a row (something that hasn't happened since June 2009), US total rig count plunged. This week's 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 - lowest since Jan 2013). The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly. This is the 2nd biggest 8-week drop in 22 years. This - rather unsurprisingly - has led Chevron to decide to cut 23% of its Pennsylvania workforce "due to activity levels." Not 'unambiguously positive' as so many in the central planning bureaus would have everyone believe.

Jan 30 12:16

It Begins: Energy Giant Chevron Suspends Stock Buyback, Blames "Cash Flow Squeeze"

It was less than 24 hours after we posted that either oil will double from here allowing energy companies to grow into a normal P/E multiple, or energy stocks will have to crash by over 40% for the ridiculous 23x to return to its normal, long-term average of 13.6x. Moments ago energy giant Chevron admitted that not only does it not see oil doubling any time soon, but that energy prices are almost certain to go far lower from here, and as a result the company decided that after buying back $5 billion of its shares in 2014, i.e., buying high and higher before the stock crashes may not be the best use of dwindling cash flow, and as a result has just suspended its stock buyback program of the rest of 2015. Yes, energy giant Chevron just ended its buyback!

Jan 30 11:34

Detroit health plan to drop some retirees

Police Sgt. Nancy Headapohl and her husband, Dave, have dedicated a combined 73 years of service to the city.

A former lieutenant, Dave Headapohl served 40 years prior to his retirement in 2006. He was exempt from Medicare and Social Security and got dropped from the city's traditional health insurance plan under changes imposed last March.

Since then, he's been covered under his wife's policy. But that coverage ends under terms negotiated in the city's landmark bankruptcy, leaving him "completely on his own," his wife says.

Jan 30 10:57

Webster Tarpley: An examination of how Syriza won in Greece

In this interview, Dr. Webster Griffin Tarpley explains the demands and policy routes Syriza chose. He examines the need for mass-traction economic demands, principled alliances and a rejection of wedge issues; immigration etc.

Their victory has shocked the ruling class in the UK, and led to an incredibly disingenuous and dangerous propaganda campaign trying to frame Greece as a hub for terrorists.

Jan 30 10:51

Picture: Student Served Most Disgusting “Michelle Obama” Lunch Ever

Recently, major changes came to school lunches because of the efforts of the First Lady, Michelle Obama. The USDA claims that “the new standards align school meals with the latest nutrition science and the real world circumstances of America’s schools.”

It was only recently that dozens of teenagers posted their lunches to social media, specifically calling out Michelle Obama for the reforms she pushed.

Webmaster's Commentary: 

You know you live in a dictatorship when the dictator's wife decides what your children eat for lunch.

Jan 30 10:49

The Country That Refuses to Bow Down to Western Bankers

The powers that be are getting nervous as other countries consider following Greece's lead.

Jan 30 10:11

Canada GDP shrinks on biggest factory drop in six years

The Canadian dollar plunged below 79 cents US today after data showed Canada’s gross domestic product contracted in November as manufacturing dropped the most since January 2009 and on declines in mining and oil and gas extraction.

Jan 30 09:52

International alliance of democratic forces opposing the Euro

The groups already involved at that time coming from France, Spain and Austria were again present. Only the Greek participants could not come for obvious reasons but pledged to continue their participation. (See the Assisi call with the detailed names of the groups involved. ) The Finnish Independence Party joined in.

Jan 30 08:29

Senate approves Keystone XL pipeline despite veto threat

The Republican-controlled Senate passed a bipartisan bill approving construction of the controversial Keystone XL oil pipeline, prompting a showdown with President Barack Obama, who has promised to veto the legislation.

Jan 30 08:27

Occupied By Wall Street – The Latest TARP Taxpayer Screw-Job Is Revealed

The Treasury-created market has benefited a few savvy investors, while saddling taxpayers with a loss. Three private funds, which the report didn’t name, have won almost half the shares available at auction, often netting either a profit on paper or on the resale, according to the special inspector general for the Troubled Asset Relief Program. The Treasury, which has held 185 auctions to date, said it has raised about $3 billion on TARP investments that were originally valued at $3.8 billion, for a loss of $800 million at the auctions.

The Treasury “set up this market where investors could come in quickly and flip and profit,” said Christy Romero, TARP’s special inspector general, in an interview.

Jan 30 08:26

‘Being poor is not a crime’: Civil group files lawsuit to help man imprisoned for failing to pay fines

The American Civil Liberties Union (ACLU) has filed a federal lawsuit against officials in DeKalb County, Georgia after a judge imprisoned a black teenager who was too poor to pay $838 in fines. It all started with a traffic ticket near his home.

Jan 30 08:13

Reagan Economist: Washington Will Do Anything It Can To Stop BRICS

Jan 30 08:09

Bank of England chief 'delusional' to claim UK escaped debt trap - economist

Mark Carney’s claim that Britain has escaped a “debt trap” common to Eurozone states has been dismissed by UK economist Michael Burke as “delusional.” Burke says Britain's debt has merely been transferred from private firms to UK homeowners.

Webmaster's Commentary: 

When all the currency is loaned into circulation at interest, there is no escape possible from the debt trap. Britain should remember that the United States fought a revolution against Britain to break free of the Bank of England's predatory practices.

"The refusal of King George 3rd to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the revolution." -- Benjamin Franklin

Jan 30 08:06

EU to Greece: ‘No question of cancelling debt’

"There is no question of cancelling the Greek debt. Other eurozone countries will not accept this," said Juncker Wednesday as quoted by Le Figaro. He added that Brussels is open to dialogue and didn’t want to threaten Greece.

The Greek government was forced to implement austerity measures in exchange for a €317 billion bailout from the troika of creditors of the ECB, IMF and the EU.

Webmaster's Commentary: 

Half of Greece's debt was created through fraud between former Greek President Papandreou and Goldman Sachs. The goal of the fraud was to conceal Greece's debt through currency swaps, but the plan actually doubled Greece's debt (and made a fortune for Goldman Sachs). The Troika would have been well advised to consider that portion of the debt odious and drop it. But their greed in demanding the Greek people pay for Papandreou's fraud has brought them to this place where their fear of debt-reduction demands from other EU members will not allow them to reduce Greece's debt, which in turn will drive Greece from the EU and default on their debt, triggering a collapse of the credit default swaps sold against Greece's debt.

Jan 30 07:50

Birth Pangs Of The Coming Great Depression

The signs of the times are everywhere – all you have to do is open up your eyes and look at them. When a pregnant woman first goes into labor, the birth pangs are usually fairly moderate and are not that close together. But as the time for delivery approaches, they become much more frequent and much more intense. Economically, what we are experiencing right now are birth pangs of the coming Great Depression.

Jan 29 13:08

Republicans to open February with vote to repeal Obamacare

House Republicans will kick off February with a vote to repeal Obamacare, providing new members the chance to put their opposition on the record as the party chips away at the overhaul and devises some reforms of its own.

“We will begin the month renewing our commitment to individual freedom and opportunity,” House Majority Leader Kevin McCarthy of California said Thursday in a memo previewing next week’s votes.

Webmaster's Commentary: 

Oh? and what about all the people whose expensive Obamacare compliant insurance policies didn't cover their hospital bills?

Jan 29 12:08

Keystone filibuster fails, pipeline poised for approval

The Keystone XL pipeline is closer than it’s ever been to approval after the Senate overcame a Democrat-led filibuster Thursday and was headed for a final passage vote later in the day — setting up an eventual showdown with President Obama, who has promised a veto.

Jan 29 12:08

Why medical debt – and bankruptcy – are growing problems

Burdensomely high medical costs are often blamed for pushing many Americans into bankruptcy. According to the Consumer Financial Protection Bureau some 43 million Americans have unpaid medical debt on their credit reports.

Medical debt isn’t like other debt. It is not because of unwise purchases, but often because of unforeseen circumstances, like an illness or accident. Unpaid medical debts can harm credit scores, which can make it harder to apply for loans, apply for credit cards or apply for a lease.

My own research on medical debt shows that medical expenses are the predominant factor in 18% to 26% of consumer bankruptcy filings – the leading causal factor.

Webmaster's Commentary: 

Not mentioned in this report is the sky-high cost of American medical care, driven upward by insurance company "discounts" forced on hospitals, and made worse by Obamacare, whose approved policies, although more expensive, offer little coverage at all.

Jan 29 10:58

Soros as Kiev’s Central Banker and Ridiculous US Laws

If it comes to pass, and it cannot unfortunately be ruled out, recent media rumors say that naturalized US billionaire hedge fund speculator and philosopher, George Soros, a very weary-looking 84-year-old who continues to try to weaken the Russian economy as he did back in 1998, might become the head of the Ukrainian National Bank in Kiev. Soros as head of any central bank in my view is putting the old fox to guard the hen-house. That would complete a quartet of foreign technocrats that clearly would do no good to the shattered real economy of Ukraine nor to peace in the world.

Jan 29 10:06

Pentagon documents: Obama to request big defense budget hike

Obama will ask for $534 billion for the core budget of the Defense Department — a $38 billion increase — according to "pre-decisional" Pentagon documents obtained by The Associated Press on Tuesday. That means there could be some slight changes when the budget actually comes out Monday.

The Pentagon witnessed major budget cuts with the imposition of so-called budget sequestration in 2013 and has been held at a freeze since then. Military brass say the bleaker budgets have forced cuts in flying hours, troop training and maintenance of military equipment. The agency was due for just a $3 billion increase under caps set in a 2011 budget pact.

The increases are likely to find support among defense hawks on Capitol Hill, but Republicans controlling Congress are only in the early stages of figuring out how to pay for them. Simply taking the money from domestic agencies is sure to be opposed by the White House and could lead to gridlock in Washington.

Webmaster's Commentary: 

The Republican-controlled Congress will do what it has traditionally done to enhance the military budget; gut social programs as completely as humanly possible to avoid making up the short fall in new taxes.

Jan 29 09:59

Big Business “Regulators” and the Transatlantic Trade and Investment Partnership (TTIP): Opening the Floodgates to Corporate Plunder

A new leak concerning the talks around the Transatlantic Trade and Investment Partnership (TTIP) indicates that the floodgates could be opened even further for corporate influence. The leak has been analysed by the corporate watchdogs CEO and LobbyControl and shows that corporate influence on EU and US policies might dramatically increase via the chapter on so-called ‘regulatory cooperation’.

The leak of the EU draft negotiating proposal dated January 23rd makes unmistakably clear that the EU is seeking a very ambitious chapter that strengthens the role of business in future regulatory legislation possibly via a new institution, the Regulatory Cooperation Body (RCB). Its role would be to coordinate the process of regulatory coherence between the US and the EU and would effectively limit policy space and sideline the public and civil organisations.

Jan 29 09:44

How the ‘Rich’ get ‘Richer’

Do you really want to know how the ‘rich’ get ‘richer’?

Well, you can plow through this long list at Mother Jones, or if you prefer, I’ll sum it up for you – in one word – DECEPTION.

Jan 29 09:33

Comcast Renames Man ‘Asshole Brown’ After He Tries to Cancel Cable

Comcast probably doesn’t relish being one of those companies that many Americans love to hate. But sometimes, the cable giant makes this way too easy.

Consider the case of Ricardo Brown. After Brown’s wife had a disagreement with the cable company recently, Comcast started sending him monthly statements under the name “Asshole Brown.”

The disagreement happened when Brown’s wife Lisa tried to cancel her cable. She got referred to one of the company’s dreaded “retention specialists,” who apparently didn’t like being told “no,” as Lisa Brown told the blogger Christopher Elliott, who first reported the story.

“I was never rude,” she told Elliott. “It could have been that person was upset because I didn’t take the offer.”

Jan 29 09:32

Yanis Varoufakis – Who Called Austerity "Fiscal Waterboarding" – Appointed Greek Finance Minister

Greece's new economic chapter begins as unrepetent bailout critic takes helm ahead of promised bailout re-negotiations

Jan 29 08:57

Chinese yuan now top 5 major intl payment currency

The Chinese currency is the 5th most-used currency in international payments, according to the SWIFT network responsible for international financial transactions. Breaking into the top 5 is symbolic to balance dollar-denominated payments.

Jan 29 08:40

Runaway treasure hunter refuses to reveal gold’s location, arrested in Florida

A treasure hunter who allegedly bilked investors after recovering tens of millions of dollars worth of gold from a shipwreck was arrested in south Florida after years on the run and was due to appear in federal court there on Thursday.

Tommy Thompson was detained on Tuesday night at a Hilton hotel in Palm Beach County, said Barry Golden, spokesman for the U.S. Marshals Service in the Southern District of Florida.

U.S. marshals in Ohio said Thompson would be extradited in a matter of days to that state, where he was charged in 2012 with criminal contempt for failing to appear in federal court to reveal the location of gold and funds from his treasure hunt.

Jan 29 08:17

Greece’s new prime minister wants Germany to pay for Nazi war crimes

Syriza has vowed to renegotiate the crippling debts saddled on the Greek economy by European lenders — a move that some fear could threaten the unity of the eurozone. Tsipras and his allies, meanwhile, see their ascension as a historic opportunity, as WorldViews discussed here.

But it's not just the future that's on Syriza's agenda. In what was virtually his first act as prime minister Monday, Tsipras journeyed to the memorial site at the Kaisariani rifle range, where in 1944 Nazi soldiers executed some 200 Greek activists in retaliation for the death of a German officer killed in a Greek ambush.

Webmaster's Commentary: 

The part the Washington Post isn't talking about is that Germany forced Greece to loan it billions which were never repaid. If, as the IMF claims, debt is sacrosanct, then with accumulated interest, Germany may owe Greece more than Greece owes the IMF!

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