ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jun 17 10:30

Comex Default, Paper Markets discussion

Jun 17 10:20

Russia Kicks De-Dollarization Into High Gear: May Issue Bonds in Chinese Yuan

Russia is about to take another major step towards liberating the Ruble from the Dollar System. Its Finance Ministry just revealed it is considering issuing Russian state debt in Chinese Yuan.

Jun 17 10:14

Starvation Is the Price Greeks Will Pay for Remaining in the EU

Syriza, the new Greek government that intended to rescue Greece from austerity, has come a cropper. The government relied on the good will of its EU "partners," only to find that its "partners" had no good will. The Greek government did not understand that the only concern was the bottom line, or profits, of those who held the Greek debt.

The Greek people are as out to lunch as their government. The majority of Greeks want to remain in the EU even though it means that their pensions, their wages, their social services and their employment opportunities will be reduced. Apparently for Greeks, being a part of Europe is worth being driven into the ground.

Jun 17 10:07

Bullish Or Bearish? What Do The Charts Say?

Jun 17 10:05

California property values collapse as water shut-offs begin... wealthy community to go dry in days... real estate implosion now inevitable

Water shut-offs have now begun in California, where government-ordered restrictions are starting to leave large communities high and dry. As CBS News is now reporting, the Mountain House community of 15,000 residents will run out of water in just a matter of days.

"The community's sole source of water, the Byron-Bethany Irrigation District, was one of 114 senior water rights holders cut off by a curtailment notice from the state on Friday," reports CBS.

And just like that, the property values of millions of dollars worth of homes belonging to 15,000 residents nosedives toward zero.

After all, what's the value of a home that has no running water? California isn't Africa... yet... so the idea of carrying your own buckets of water for bathing isn't widely accepted.

Jun 17 10:00

Another Fed "Insider" Quits, Tells The Truth

"The Fed is allowing the [market] tail to wag the [monetary policy] dog... The Fed's credibility itself is at stake... they have backed themselves into a very tight corner... the tightest ever... The hope today is that the current era of easy monetary policy will have no deep economic ramifications. Such thinking, though, may prove to be naive... All retirees’ security is thus at risk when the massive overvaluation in fixed income and equity markets eventually rights itself."

Jun 17 09:59

Greek Debt Committee Just Declared All Debt To The Troika "Illegal, Illegitimate, And Odious"

"Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious."

Jun 17 09:59

The Fed Is Cornered - Michael Hudson

Jun 17 09:48

Bundesbank Chief Says "Nein" To Cash Ban

Last month, the calls for a cashless society got a bit louder when Peter Bofinger, a member of the German Council Of Economic Experts and a prominent Keynesian economist in a land where sound money policies generally predominate, called coins and bills “an anachronism” that limits the influence of central banks. Bofinger’s comments come on the heels of a growing chorus of cash abolitionists including Harvard economist Ken Rogoff and Citi’s Willem Buiter. Why a cashless society you ask? Here’s a brief refresher:

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Jun 17 09:30

The great TPP deathtrap for India, China and the other 10 member-nations

By Jon Rappoport

The terms of destruction.

The clues are all there in Obamatrade and Obamacare.

The truth emerges out of the shadows of secrecy…

Let’s start here. The TPP is a trade treaty, coming down the homestretch toward ratification, involving 12 nations which account for a staggering 40% of the world’s GDP. The TPP encompasses 775 million consumers.

Waiting in the wings is something much larger. It is the intention, up the road, to fold India and China into the treaty...

Jun 17 09:17

FOMC Day: There Has Been No Recovery – The Housing Bubble Is Re-Popping

The Fed’s FOMC is concluding another two-day meeting today and will issue its latest policy statement around 2 p.m. EST, as the idiots on financial tv sit on the edge of their seat trying to figure out which word or syllable as changed from the last policy decision statement. The entire process is nothing more than well-staged theatre of the absurd.

Webmaster's Commentary: 

There is no escape from that 11th marble!

Jun 17 09:02

NatWest & RBS Customer Payments Are 'Missing'

RBS has confirmed its customers are again experiencing technical glitches, with account payments going "missing".

The issue has affected 600,000 transactions across RBS, NatWest and Ulster Bank.

RBS said the glitch with overnight payment processes had now been fixed, although it would take time for transactions to be resolved.

Jun 17 08:50

China Rising — Pepe Escobar

Americans have to eventually share their preeminent position with China.”

As intellectual acumen and cross-cultural expertise go, it would be hopeless to expect self-described “Don’t Do Stupid Stuff” Obama administration foreign policy advisers — as well as Pentagon functionaries/hacks — to understand the complexities of China.

For instance, they would be incapable of evaluating all the myriad ramifications included in Professor Alfred McCoy’s masterful deconstruction of US-China geopolitics.

“The US cannot stop China’s rise. It just has to live with a bigger China, which will be completely novel for the US, as no country has ever been big enough to challenge its position. China will be able to do so in 20 to 30 years.” (Lee said that at the Future China Global Forum in Singapore, in 2011. Under Xi, China is already challenging the U.S.’s position.)

Jun 17 08:45

Russia Said to Extend EU Food Ban to Retaliate for Sanctions

Russia plans to mirror the European Union’s decision to extend sanctions by prolonging its food-import ban for six months, according to two people with knowledge of the matter.

The issue was discussed by government officials in Moscow on Tuesday, one of the people said. Both of them asked not to be identified because the information isn’t yet public.

The conclusion was that Russia has already adjusted to the embargo and can maintain it as long as needed, according to the person.

Jun 17 08:42

Savers face 10pc hit to shares if Greece exits euro

British savers can expect at least 10 per cent to be wiped off the value of pensions and Isas if Greece exits the euro, economists have warned as the crisis in southern Europe escalates.

With Greece on the brink of bankruptcy, it has emerged that no talks to find a resolution have taken place since negotiations broke down on Sunday.

Jun 17 08:35

Syriza: Plunder, Pillage and Prostration

How the ‘Hard Left’ embraces the policies of the Hard Right

Greece has been in the headlines of the world’s financial press for the past five months, as a newly elected leftist party, ‘Syriza’, which ostensibly opposes so-called ‘austerity measures’, faces off against the “Troika” (International Monetary Fund, the European Commission and European Central Bank).

Early on, the Syriza leadership, headed by Alexis Tsipras, adopted several strategic positions with fatal consequences – in terms of implementing their electoral promises to raise living standards, end vassalage to the ‘Troika’ and pursue an independent foreign policy.

We will proceed by outlining the initial systemic failures of Syriza and the subsequent concessions further eroding Greek living standards and deepening Greece’s role as an active collaborator of US and Israeli imperialism.

Winning Elections and Surrendering Power

Jun 17 08:32

American dreaming, from G1 to Bilderberg

G1 plus junior partners? Bilderberg? Get a job; you’re not the only show in town, any town.

What’s the connection between the G7 summit in Germany, President Putin’s visit to Italy, the Bilderberg club meeting in Austria, and the TTIP – the US-EU free trade deal – negotiations in Washington?

We start at the G7 in the Bavarian Alps – rather G1 with an added bunch of “junior partners” – as US President Barack Obama gloated about his neo-con induced feat; regiment the EU to soon extend sanctions on Russia even as the austerity-ravaged EU is arguably hurting even more than Russia.

The “civilized” G1 + junior partners could not possibly argue whether they would collectively risk a nuclear war on European soil over a Kiev-installed ‘Banderastan’, sorry, “Russian aggression.”

Jun 17 07:33

The Next Great European Financial Crisis Has Begun

The Greek financial system is in the process of totally imploding, and the rest of Europe will soon follow. Neither the Greeks nor the Germans are willing to give in, and that means that there is very little chance that a debt deal is going to happen by the end of June.

Jun 17 07:08

ARLINGTON OFFICIALS REPORT ON FRACKING FLUID BLOWOUT

Two months ago, 100 homes in Arlington had to be evacuated as fracking fluid spilled out of a drilling site onto the city streets. Now we know officially what happened, why it happened, and why Arlington officials are blaming the drilling company for "unacceptable behavior."

Jun 17 07:05

UNDER ARENA PLAN, COUNTY DEBTORS WOULD PAY 15% SURCHARGE

Walker spokeswoman Laurel Patrick noted the 15% surcharge is in place any time the state takes over debt collection for local governments, and Milwaukee County could opt into the program even if there were no arena package.? Milwaukee County residents behind on their property taxes or court fines would be charged an additional 15% under a proposal to use public money to pay for half the cost of a new arena for the Milwaukee Bucks.

Jun 17 07:04

WAL-MART HAS $76 BILLION IN OVERSEAS TAX HAVENS, REPORT SAYS

Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldn’t know it from reading the giant retailer’s annual report. A new study has found Wal-Mart has at least 78 offshore subsidiaries and branches, more than 30 created since 2009 and none mentioned in U.S. securities filings. Overseas operations have helped the company cut more than $3.5 billion off its income tax bills in the past six years, its annual reports show.
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Jun 16 15:11

How can the BLS show hundreds of thousands of new jobs being created by new small businesses every month if more businesses have been closing than starting since 2008?

How can the BLS show hundreds of thousands of new jobs being created by new small businesses every month if more businesses have been closing than starting since 2008? They use a model based upon the trend from 1977 to 2008. The model is WRONG. Small businesses have a net REDUCTION in jobs every month as Obamacare, crappy sales, taxes, and inflation destroy their businesses. The BLS adjustment is a BIG FAT FUCKING LIE.

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Jun 16 15:05

Israel’s race to economic – and moral – bankruptcy

Jonathan Cook explains why, despite the economic cost of Israel’s oppressive policies towards the Palestinians, the focus of its economic interests and activity is likely to shift even more towards the occupied territories.

Jun 16 15:05

Russia slashes investments into US government securities — US Department of Treasury

Russia has again cut its free cash investments into US government securities. The figure dropped by $3.4 bln in April, the US Department of Treasury reported.

Russia currently holds securities amounting to $66.5 bln as compared to March figure of $69.9 bln. The trend is underway since August 2014, when the share of US government securities in the Russian portfolio totaled $118.1 bln and Russia was ranked 12th in the list of main holders of US government bonds.

Russia is 22nd in the above list as of April 2015.

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Jun 16 14:32

“Major” Equity Index Breaking Down?

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Jun 16 13:33

Texas to Repatriate $1 Billion in Gold from Federal Reserve to New State Depository

Last Friday, Texas Republican Governor Greg Abbott signed House Bill 483 into law, which will create a new state-level bullion depository. According to KVUE-TV, representatives from Governor Abbott’s office said that, under the new law, Texas will repatriate $1 billion in gold from the New York branch of the Federal Reserve to its new state gold depository, which has been unofficially nicknamed Texas’ “Fort Knox.”

Jun 16 13:05

Texas Signals New Gold Rush: “Governments Have Lost Trust in New York Depositories”

It is now official – Texas House Bill #483 was passed and signed into law by Gov. Abbott, establishing a Texas Bullion Depository to house billions of dollars in gold owned by Texas’ university investment firm UTIMCO, as SHTF has long reported, and, of course, other interested parties looking for a safer haven than the notoriously corrupt banking sector in New York.

When Governor Greg Abbott signed House Bill Number 483 in his own hand on Friday, Texas gave a big gold “finger” to Wall Street and will soon bring $1 billion in gold bars back to the Lone Star State.

Read more at SHTFplan.com

Jun 16 12:27

How the Ruling Banking Elite Control the World

Webmaster's Commentary: 

At 3:15 Allan Greenspan confirms that the Federal Reserve does not answer to any US Government agency.

Jun 16 12:25

FLASHBACK - THE INTERNATIONAL FILM THE ESSENCE OF BANKING TO CREATE PERPETUAL DEBT

Jun 16 12:23

FLASHBACK - ALL WARS ARE BANKERS' WARS!

"Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits." -- Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain

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Jun 16 11:08

Russia Embraces Yuan in Move Against U.S. Dollar Hegemony

Russian financial authorities, energy companies and state-controlled banks are stepping up their use of China's yuan currency as Western sanctions spur diversification away from the U.S. dollar.

In recent weeks, major Russian institutions have lined up to announce moves to use the yuan, which will likely emerge as the key challenger to global dollar supremacy this century.

The dollar's status as the world's reserve currency has amplified the impact of U.S. sanctions imposed last year over Moscow's actions in Ukraine by making financial institutions nervous of violating U.S. rules, prodding Russia to embrace other currencies.

Webmaster's Commentary: 

The dollar is going to be going through some very tough times in the not too distant future.

What concerns me is how willing some of the pols are to even contemplate war against both Russia and China to prevent this. And there is no guarantee that, in a conventional military conflict, that the US military can provide a positive outcome, because we do not have the money, the troop strength, or the manufacturing to underpin a positive outcome.

Jun 16 10:34

Gap Is Shutting Down 175 Stores

Gap plans to close 175 of its namesake stores in North America, or 18 percent of its current total, and cut 250 jobs at its headquarters as the company tries to strengthen the struggling brand.

Gap Inc., which owns Gap, Old Navy and Banana Republic, said Monday it will close about 140 Gap stores in North America in the fiscal year that ends Jan. 31 — and the remainder afterward — based on factors that include location and performance. The San Francisco company also is closing an undisclosed number of stores in Europe. And it's cutting jobs at its headquarters in an attempt to make it faster and more decisive.

Webmaster's Commentary: 

One cannot use the words "economic recovery" with a straight face, looking at these, and other, retail closures.

Jun 16 10:31

Obama, Boehner abandon plans for Tuesday trade vote

President Obama and his momentary Republican allies in Congress mulled several difficult choices Monday for rescuing trade legislation into which the president has invested a massive amount of political capital in the hope of completing a 12-nation trade deal across the Pacific Rim.

After successful Democratic efforts to block the president’s trade package, Obama and House Speaker John A. Boehner (R-Ohio) spoke by phone and consulted their respective top lieutenants as they tried to find a path to success, according to senior aides. Their first call was to abandon plans for a second vote Tuesday on a piece of legislation that must also pass for the entire package to advance to Obama’s desk. Given the grim outcome for Obama of the first vote on Friday — 302 against and 126 in favor — they stood no chance for turning nearly 100 votes in four days.

Webmaster's Commentary: 

Should this be passed, this legislation will be a total sellout of the American people to large corporations, both foreign and domestic, and will further kill jobs in this country.

Any politician backing this is a total, complicit traitor to the American people they allegedly represent.

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