ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Dec 23 07:44

It’s official: IRS employees biased against conservatives

One IRS employee called a conservative group “icky” while another griped that they would probably “have to” approve a different group’s application for nonprofit status, according to the latest findings Tuesday by the House Oversight Committee.

In a new staff report released by Rep. Darrell Issa, the California Republican who is term-limited as chairman of the committee, investigators also found IRS officials had “repeatedly changed their stories” about what went on and who was responsible for targeting the conservative and tea party groups who applied for nonprofit status.

Dec 23 07:24

This Was One Of The Biggest Lies Ever Told

In 2006, Andrew Natsios, administrator of USAID, went on a publicity tour to assuage American fears that the impending war and its aftermath were perfectly reasonable expenditures for the American taxpayer. In this Nightline interview with Ted Koppel he brazenly makes the ludicrous case that the reconstruction of Iraq would cost only $1.7bn. Koppel is so incredulous, he returns to the subject three times, and each time Natsios gets more and more adamant. With the benefit of hindsight its clear now that not only was this a bold face lie, but one that any rational person could have seen through.

The NY Fed shipped approximately $40 billion in cash between 2003 and 2008. In just the first two years, the shipments included more than 300 million individual bills weighing a total of 363 tons.

Since then there have been audits, congressional hearing and investigations that can barely account for a small percentage of where that money actually ended up.

Dec 23 07:06

Sandra Gives The Game Away: Jobcentres Given Sheriff’s Stars For Hitting Benefit Sanction Targets

Sandra Lambert, manager of 149 Jobcentres and self-styled lifestyle guru, has spent much of the last few days frantically blocking people on twitter who have been taking the piss out of the cringemaking motivational advice she inflicts on the poor bastards who work for her.

She wasn’t fast enough however to hide the tweet in which she awarded a Texas style sherriff’s badge to Jobcentres in the midlands for upholding their DMA decision rate – as spotted by @refuted. A DMA means a referral to a Jobcentre ‘decision maker’ to process a benefit sanction. It is the second time this month a DWP manager has been exposed praising their staff for hitting benefit sanction targets - targets that Iain Duncan Smith’s department have repeatedly claimed do not exist.

Dec 23 06:56

Bloomberg Shock: All Central Bankers Are Heroes Now

We can see in this Bloomberg editorial how central banks and their good, gray leaders are going to be positioned going forward.

Assume that the US and Britain are in a "recovery" of sorts. Now mainstream pundits such as those that populate Bloomberg are going to begin to reaffirm the many faux-positives of central banking.

For those dedicated to expanding globalism, there is nothing else in the world so important as central banking. It is the Monarch of Memes. Its value must be always endorsed.

Dec 22 14:45

Wastebook 2014: Eight Absurd Government Projects Funded With Your Money

It’s that time of year again: Sen. Tom Coburn (R-Okla.) just released Wastebook 2014, his annual list of the most wasteful government projects during 2014. Coburn’s wastebook list includes a comprehensive analysis of 100 of the most wasteful government projects funded over the last year. The full report, which includes detailed descriptions and investigations of every wasteful project, spans more than 200 pages.

Here are eight of the most egregious and infuriating wasteful projects listed in Coburn’s 2014 Wastebook report, which can be read in full here.

Dec 22 13:21

Don't Tell Germany Draghi Is About To Monetize 90% Of Bund Issuance

The Bank of Japan’s expansion of record stimulus today may see it buy every new bond the government issues.

The BOJ said it plans to buy 8 trillion to 12 trillion yen ($108 billion) of Japanese government bonds per month under stepped-up stimulus it announced today. That gives Governor Haruhiko Kuroda leeway to soak up the 10 trillion yen in new bonds that the Ministry of Finance sells in the market each month.

Dec 22 13:19

$300,000 in gold missing from Ukraine Central Bank after swapped for lead bricks

Cunning fraudsters have conned the Ukraine Central Bank branch in Odessa into buying $300,000 worth of gold which turned out to be lead daubed with gold paint.

“A criminal case has been opened and we are now carrying out an investigation to identify those involved in the crime,” a spokesman for the Odessa police force is quoted by Vesti.

The news was first reported by Odessa’s State Ministry of Internal Affairs.

Dec 22 13:18

Russia to bail out Trust Bank with up to $530 million

Russian mid-sized lender Trust Bank is to receive up to 30 billion rubles ($530 million) from the central bank to stop it going bankrupt in the first bailout of its kind during the current rouble crisis.

The central bank also said its Deposit Insurance Agency, responsible for managing crisis-hit lenders, would take over interim supervision of Trust Bank as of Monday.

The measures "will make it possible for Trust to continue smooth payments operations. All the bank's clients, including depositors, can use its services as usual", the central bank said in a statement.

Dec 22 11:12

80,000 Face Benefit Sanctions Misery This Christmas – Including 6,800 Disabled People

More than 80,000 families face a bleak and miserable Christmas because of punitive and unfair benefit sanctions, the PCS union says.

PCS say an estimated £20 million – £250 per person on average – in benefits will be withheld from poor and desperate job seekers during the run-up to Christmas and the new year festivities.

Analysing figures from the Department for Work and Pensions (DWP), the PCS has calculated that more than 74,000 unemployed people will lose more than £19 million in Jobseeker’s Allowance (JSA) payments.

Dec 22 11:11

Government Ministers and civil servants have spent £50MILLION on luxury transport

Minister and civil servants have splashed out £50million on luxury travel since the Coalition came to power — despite a ban on first-class flights and tickets.

The bill to the taxpayer includes top price train tickets, business-class plane seats and taxis.

It covers just 13 of the 21 Whitehall departments.

Dec 22 11:10

'Survival' shoplifting soars as people battle to cope with brutal cuts in austerity Britain

Shoplifting has soared in the past year as Brits battle austerity cuts.

There were more than 21,000 extra thefts from stores across England and Wales, a near seven per cent hike, figures reveal.

Dec 22 09:28

Tent city springs up in shadow of downtown Detroit

The city’s homeless numbers swelled over the past decade as manufacturing and other jobs disappeared and homes were lost during the national foreclosure crisis. About 16,200 of Detroit’s 680,000 residents — almost 2.4 percent — are believed to be living on the streets or in temporary shelters.

Dec 22 09:01

Global Financial Markets Just Experienced The Worst Week In 3 Years

Is this the start of the next major financial crisis? The nightmarish collapse of the price of oil is creating panic in financial markets all over the planet. On June 16th, U.S. oil was trading at a price of $107.52. Since then, it has fallen by almost 50 dollars in less than 6 months.

Dec 22 09:01

November existing home sales drop to 4.93 million units, weakest in six months

Sales of existing homes fell 6.1% in November to a seasonally adjusted annual rate of 4.93 million, the National Association of Realtors reported Monday.

Dec 22 08:35

Democrats Bow Down to Wall Street

This week, Bill speaks with outspoken veteran journalist John R. MacArthur, president and publisher of Harper’s Magazine, about the problems with TPP, which is being negotiated in secret, behind closed doors. MacArthur says that the “free trade” agreement will take jobs away from Americans: “I guarantee you, this is a way to send more jobs [abroad], particularly to Vietnam and Malaysia.”

Obama’s commitment to trade is just another example of his indebtedness to Wall Street for massive campaign contributions. Hillary Clinton, who MacArthur describes as to the right of Americans’ political beliefs, may be scaring off progressives looking to run in 2016 as she is “very much in harmony” with Wall Street.

Dec 22 08:34

Drilling Our Way Into Oblivion: Shale Was About Land Gambling With Cheap Debt, Not Technological Miracles

Oh, that sweet black gold won’t leave us alone, will it? West Texas Intermediate went through some speedbumps Friday, but ended over +5%, though still only at $57. Think them buyers know something we don’t? I don’t either. I see people covering lousy bets. And PPT (and that’s not the one we used to spray our crops with).

The damage done must be epic by now, throughout the financial system, but we’re not hearing much about that yet, are we? We will in time, not to worry. Everyone’s invested in oil, and big time too, and they’ve all just become party to a loss of about half of what both oil itself and oil stocks were worth just this summer.

Dec 22 08:16

"Houston, You Have A Problem" - Texas Is Headed For A Recession Due To Oil Crash, JPM Warns

Fast forward to today when we are about to learn that Newton's third law of Keynesian economics states that every boom, has an equal and opposite bust.

Which brings us to Texas, the one state that more than any other, has benefited over the past 5 years from the Shale miracle. And now with crude sinking by the day, it is time to unwind all those gains, and give back all those jobs. Did we mention: highly compensated, very well-paying jobs, not the restaurant, clerical, waiter, retail, part-time minimum-wage jobs the "recovery" has been flooded with.

Dec 22 08:05

Saudi oil chief: No conspiracy behind oil prices

Saudi Arabia's oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize.

Webmaster's Commentary: 

"There is no conspiracy. We just decided to sell twice as much of our oil for half as much money. We do things like that. Honest!"

Dec 22 08:03

SchiffReport: Fed Caused Oil Crash, Stocks Next

Dec 22 08:02

CIA Insider Warns: "25-Year Great Depression is About to Strike America"

You will want to remember this date June 22, 2015.

According to one of the top minds in the U.S. Intelligence Community, that is when the United States will enter the darkest economic period in our nation's history.

And alarmingly, he and his colleagues believe the evidence they've uncovered proves this outcome is impossible to avoid.

In an exclusive interview with Money Morning, Jim Rickards, the CIA's Financial Threat and Asymmetric Warfare Advisor, has stepped forward to warn the American people that time is running out to prepare for this $100 trillion meltdown.

Webmaster's Commentary: 

Yes this could be avoided. Shut down the private central banks, declare thew accumulated debt created by this Ponzi scheme system null and void, and the global economic problem will be solved!

Dec 22 07:42

In Boon to Fast Food Strikes, NLRB Goes After McDonald's for 'Violating Workers' Rights'

Marking another victory for fast food workers who have staged strikes and protests across the United States, the National Labor Relations Board announced Friday it is taking joint legal action against McDonald's Corporation and several franchisees for violating employees' rights to organize.

Dec 22 07:21

GREEK CRISIS: Samaras desperation takes a new turn.

Having earlier explored the idea of dumping his Presidential candidate, Prime Minister Antonis Samaras now seems to be reaching out like the drowning man for any straw in the wind.

He has apparently been pootling about various salons in Athens offering to bring forward elections and make his Cabinet “more inclusive”.

Dec 22 07:18

Having Sabotaged South Stream EU Now Desperate for Azerbaijan Gas

The Foreign Ministers of Azerbaijan, Georgia and Turkey gathered in Kars to strenghten trilateral cooperation between the three neighbors. Especially energy and transportation projects, such as the Trans-Anatolian gas pipeline (TANAP) and the Baku-Tbilisi-Kars railway, were high on the agenda during the fourth trilateral meeting since the launch of this format in 2012.

Russia's decision to drop the South Stream project and redirect the pipeline to Turkey caused a great stir in Europe and some EU countries immediately expressed their concern that this could affect the implementation of TANAP but Turkish FM Mevlüt Cavusoglu put oil on troubled waters:

Dec 22 07:12

Rothschild Funding World War II - Dr Antony C Sutton Interview

Dec 22 06:58

Belarus In Full-Blown Hyperinflation Panic: Blocks News, Online Stores; Bans All FX Trading For 2 Years

"We have to do something with these Belarussian rubles," exclaims one Belarussian as she shops to turn worthless rubles (BYR) into physical assets. As AFP reports, The Belarussian currency was dragged down by the slide of the Russian ruble last week, leading authorities to impose draconian measures, forbid price increases even for imported goods, and warn people against panic. Now, however, in an effort to stem the flood of hyperinflating domestic prices, authorities have blocked online stores and news websites to stop the run on banks and shops as people scramble to secure their savings. One of the blocked news websites noted, it "looks like the authorities want to turn light panic over the fall of the Belarussian ruble into a real one," calling the blockages "December insanity."

And indeed they have stepped up the insanity, extending the halt in FX trading...

Dec 22 05:57

Debt Collectors Hound Millions of Retired Americans

It may be hard to imagine Grandma unable to pay her bills or Grandpa being hounded by debt collectors. But for millions of Americans, this is the harsh reality of retirement.

Faced with a fixed income and constantly rising cost of living, many seniors now spend their "golden years" juggling bills and fending off debt collectors.

The Consumer Financial Protection Bureau (CFPB) recently reported that for older Americans, debt collection is the top complaint. About one out of three complaints submitted to the agency by seniors is about debt collection. The major complaints include being hounded for medical debts currently in dispute, attempts to collect the debts of deceased family members from their relatives, and illegal threats to garnish Social Security and other federal benefits.

Webmaster's Commentary: 

The alleged "golden years" for America's seniors no longer exist.

Many of them will have to work until they croak, particularly in terms of paying off medical bills. After that, their still living spouses will get harassed, and ultimately,their estates, will get hammered.

Dec 21 08:33

How the CIA Launched the «Financial Pearl Harbor» Attacks on Russia and Venezuela

The net result of the CIA-inspired fracking operations, which the Saudis were warned not to pursue by petroleum engineers working for some foreign-based firms like Schlumberger, is that there will be an oil supply glut for the next 5 years. The glut will be followed by a reduction in Saudi oil production unless new oil fields are brought on line. There is now a major push by U.S. and Canadian oil companies to bring online the Keystone XL pipeline from Canada to the United States to offset the expected sharp rise in oil prices in four to five years. But with Canada suffering financially from the drop in oil revenues, the Keystone XL project is also on financially shaky ground.

Dec 21 08:30

It's A Huge Crisis" - The UK Oil Industry Is "Close To Collapse"

It seems like only yesterday when back on October 11, we first explained - and previewed - the collapse of oil courtesy of the secret deal between the US and Saudi Arabia.

Dec 21 08:00

The Shale Gas Shell Game

Dec 20 10:56

How Nonprofit Hospitals Are Seizing Patients' Wages

On the eastern edge of St. Joseph, Missouri, lies the small city's only hospital, a landmark of brick and glass. Music from a player piano greets visitors at the main entrance, and inside, the bright hallways seem endless. Long known as Heartland Regional Medical Center, the nonprofit hospital and its system of clinics recently rebranded. Now they're called Mosaic Life Care, because, their promotional materials say: "We offer much more than health care. We offer life care."

Two miles away, at the rear of a low-slung building is a key piece of Mosaic—Heartland's very own for-profit debt collection agency.

When patients receive care at Heartland and don't or can't pay, their bills often end up here at Northwest Financial Services. And if those patients don't meet Northwest's demands, their debts can make another, final stop: the Buchanan County Courthouse.

Webmaster's Commentary: 

In the US, we have the most expensive health care in the world, and many times, some of the most lousy outcomes.

And even if you HAVE insurance, you can still get financially crucified if that policy doesn't come from a union, an association, or membership organisation of some kind.

We know. With the insurance Mike had when he got ill with pneumonia last year, the insurance we had for him only paid 10% of the bill, and we are stuck with the other 90%. I am already in negotiations with the hospital, and having worked collections myself, understand that as long as you are consistent, and offer a reasonable payment plan, the hospital cannot drag you into collection.

Intelligent, enlightened countries in Europe have figured out how to fund health care, and have a single payer system, where you have to have the basic insurance, but if you want more coverage, you can get it by buying more.

Dec 20 09:43

IMF holds back Cyprus bailout funds

The International Monetary Fund has said it will not release a further €88m (£69m/US$108m) in bailout money for Cyprus on Friday after the country’s parliament delayed a key foreclosure law that was due to take effect at the end of December.

“Following today’s suspension of the existing legislation on foreclosure, critical requirements for the completion of the fifth programme review are now no longer met,” the IMF said in a statement. Its board had been set to discuss Cyprus’s progress with the loan programme on Friday and was thought likely to release the next instalment of aid.

Cyprus needed an international bailout of €10bn (£7.8bn/US$12bn) from the European commission and the monetary fund in early 2013, largely due to problems in its banking sector.

Webmaster's Commentary: 

Were I a betting woman, I would bet against this "buffering legislation" getting passed, and those who lost horrifically, in terms of losing their jobs, or saw their incomes battered, will be even more financially crucified, given the current state of things in Cypress, coupled with the hideous and inhuman greed of the IMF.

Dec 20 09:04

WW3 Countdown | China Moves Against The Dollar

Dec 20 08:47

TAFTA protesters mass outside EU Council in Brussels

Hundreds of protesters have gathered outside the European Council building in Brussels on Friday to voice growing disapproval of TAFTA, a proposed Transatlantic Free Trade Area between the EU and the US, and to demand changes at the EU institutions.

Dec 20 08:14

Paul Craig Roberts – Russia To Unleash Ultimate Black Swan Against The West

“Suppose the Russian government says, ‘Well, since the attack on the ruble is political and you guys are attacking the ruble and causing us so much trouble, we are just not going to pay off the next traunch of our debt that comes due early in 2015.'

Well, the European banking system would collapse because those banks are terribly undercapitalized. Some of them have loans to Russia that almost absorb the entire capital base. So the Russians don’t even have to default. They can just say, ‘We’re not going to pay this year. We will do it later. We’ll do it when the ruble stabilizes.’ (Laughter).

You can understand the impact of such a decision by the Russians on the West. And given all the linkages and the interconnections — when Lehman Brothers went down it had just about as much adverse affect on Europe as it did the United States.

Dec 19 15:58

Google Search - Homes of the Rothschilds

Webmaster's Commentary: 

Just in case you wondered where all your wealth has gone since the creation of private central banks!

Dec 19 15:33

FLASHBACK - Revealing Pictures From 1972 Rothschild Illuminati Ball

On 12/12/72 Marie-Hélène de Rothschild, member of the most powerful elite family in the world, held a Surrealist Ball at Château de Ferrières, one of the family’s gigantic mansions. While these events are usually extremely secretive, photographs of this particular Ball surfaced on the web. In short, it is a mix of an “Eyes Wide Shut”-style masked ball mixed with a Lady Gaga-style pop video. I’m not even kidding. Indeed, behind the fun and games, these pics reveal the underlying ideology and the mind state of the occult elite – which is apparently also used in the countless MK/Illuminati theme music videos discussed on this site.

Dec 19 11:14

Wisconsin budget faces $824 million hole

Wisconsin’s state budget would be $824 million short just to continue the current level of services.

That is according to a new analysis released Friday by the nonpartisan Legislative Fiscal Bureau.

Webmaster's Commentary: 

Wisconsin estimated their revenues based on the Federal Government's claims of a 5.6% unemployment rate. So they came up short.

Dec 19 10:44

Russia's parliament rushes through bill boosting banking capital

Russia's lower house of parliament hastily approved a draft law on Friday that would give the banking sector a capital boost of up to 1 trillion rubles ($16.5 billion).

Webmaster's Commentary: 

"What? You can't Do that! You can't just create money out of thin air to prop up your banking system! Well, yes, I know that WE do it; but we're the GOOD guys. You're the BAD guys and only GOOD guys are allowed to create money out of thin air. Don't you Russians understand the rules we just made up ... out of thin air?" -- Official White Horse Souse

Dec 19 10:06

A List of BANKS Owned/Controlled by the Rothschild Family

“Who controls the issuance of money controls the government!” -Nathan Meyer Rothschild

“Let me issue and control a nation’s money and I care not who writes the laws.” -Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.

Dec 19 08:15

Foreign Bankers Rape Ukraine

If it were not for the fact that the lives of some 45 million people are at stake, Ukrainian national politics could be laughed off as a very sick joke. Any pretenses that the October national elections would bring a semblance of genuine democracy of the sort thousands of ordinary Ukrainians demonstrated for on Maidan Square just one year ago vanished with the announcement by Victoria Nuland’s darling Prime Minister, “Yat” Yatsenyuk, of his new cabinet.

Dec 19 08:14

COSTS OF WAR

Economic Costs Summary: $4.4 Trillion and Counting

Dec 19 08:05

Obama signs Russia sanctions bill, no plans to use it for now

US President Barack Obama has signed a bill that will allow the White House to levy further economic sanctions on Russia over Ukraine, though the Administration has said it has no immediate plans to introduce them.

Webmaster's Commentary: 

Obama claimed there were going to be no American boots on the ground in this third invasion of Iraq. Then there were going to be boots on the ground but they would not be in combat. Now they are in Combat. Obama will activate the new sanctions against Russia at the moment he thinks they will cause the most damage.

Dec 19 08:03

EU introduces ‘discriminatory’ sanctions on Russia’s Crimea

Having slapped Crimea and Sevastopol with new investment restrictions, the EU stopped short of introducing new sanctions against Russia’s mainland, with political heavyweights including France and Germany cautiously hinting at possible policy reversal.

The EU summit in Brussels, hosted by European Council President Donald Tusk, has abruptly ended half a day earlier than planned with European leaders opting against introducing a new set of sanctions on Moscow. While a number of delegations spoke in favor of new measures, the bloc’s political heavyweights urged caution.

Webmaster's Commentary: 

Mostly because this new World War will be fought in their own countries!

Dec 19 08:02

Frenzied Chinese Stock Buyers Soak Up So Much Liquidity, Central Bank Forced To Intervene, Prevent Seizure

While today's rabid explosion in the S&P500, coupled with a literal break in the NY Fed/Citadel market boosting algo which went haywire in the last moments of trading and pushed the S&P up to 2130 in milliseconds via Kevin Henry's preferred SPY ETF, may be the stuff of market manipulating legends, nothing compares to the far more berserk situation China finds itself in, where a 50% surge in the Shanghai Composite over the past few months - not on improving fundamentals but just the opposite, hopes of massive liquidity injections to halt China's economic hard landing - has found the PBOC scrambling to find a way to, politely, burst the stock market bubble without causing too much pain.

Dec 18 16:35

US regulators label MetLife as potential financial threat

Major insurer MetLife Inc. says U.S. regulators have labeled it as a potential threat to the financial system, a designation that brings stricter government oversight.

MetLife said Thursday that the Financial Stability Oversight Council has designated the company as “systemically important.” As a result, MetLife must increase its cushion of capital against losses, limit its use of borrowed money and submit to inspections by examiners. MetLife will come under the supervision of the Federal Reserve. Its primary regulator now is New York state.

Dec 18 11:22

Philadelphia Fed Business Index Slows

After reporting November business conditions were the best in more than two decades, Mid-Atlantic manufacturers curbed their enthusiasm about the economic environment this month.

Dec 18 09:15

Free Fall of the Ruble – A brilliant ploy of Russian economic Wizards? Who’s chess game?

The world is still hell-bent for hydrocarbon-based energy. Russia is the world’s largest producer of energy. Russia has recently announced that in the future she will no longer trade energy in US dollars, but in rubles and currencies of the trading partners. In fact, this rule will apply to all trading. Russia and China are detaching their economies from that of the West. To confirm this decision, in July 2014 Russia’s Gazprom concluded a 400 billion gas deal with China, and in November this year they signed an additional slightly smaller contract – all to be nominated in rubles and yuan.

Dec 18 09:14

Oil-Wise, Dollar-Foolish

Americans are all giddy about the drop in gas prices because they can’t see economic logic beyond the shadow of its immediate effect on their wallets. Little do they know that much of the nearly 1.2 quadrillion dollars of dodgy derivatives, the liability for which Citigroup masterfully managed to dump on American taxpayers and depositors recently, are riding on high oil prices, which have tanked and look as though they will remain that way for the foreseeable future. It’s almost certain that oil derivatives are soon to follow.

Dec 18 09:12

Is Europe About to Lose the Fight Against GMO’s?

“What emerges is an understanding of TTIP as the political project of a transatlantic corporate and political elite which, on the unfounded promise of increased trade and job creation, will attempt to reverse social and environmental regulatory protections, redirect legal rights from citizens to corporations, and consolidate US and European global leadership in a changing world order.” – (Seattle to Brussels Network, Kim Bizzarri)

Dec 18 08:15

UN claims of asylum seekers’ ‘inhumane’ treatment provoke Dutch ire

The uproar from UN officials came after the central government recently refused to release €15 million in funds for local authorities to provide accommodation and food for those asylum seekers, who have been deemed to lack genuine humanitarian reasons for staying in the Netherlands without a visa

Dec 18 07:51

China sets up new $3bn finance fund for Central and East European countries

At a meeting with the leaders of 16 Central and Eastern European countries (CEE) in the Serbian capital of Belgrade on Tuesday, Chinese Premier Li Keqiang announced a new investment fund of $3 billion to facilitate financing in the cash-strapped countries.

Dec 18 07:35

RadioShack Kept Alive by $25 Billion of Swaps Side Bets

RadioShack Corp. (RSH) is finding an unlikely ally in its efforts to stay out of bankruptcy: credit derivatives traders who amassed more than $25 billion of trades speculating how much longer it can keep paying its bills.

After a 60 percent surge this year, the amount of credit-default swaps tied to RadioShack is 28 times its debt, more than any other U.S. company. When the retailer’s biggest shareholder arranged $585 million of funding in October to help it survive the holidays, much of the money came from hedge funds wagering on the company to avoid default, said people with knowledge of the trading. Those included DW Investment Management and Saba Capital Management, the people said.

Dec 18 07:27

Swiss Central Bank Plunges Into NIRP, Sends Deposit Rates Negative, Scrambles Against Safe-Haven Capital Flight

Everyone thought that any major monetary policy surprises and/or capital controls today would come from Putin during his annual press conference. Boy were they wrong: just after 2 am Eastern, none other than the Swiss National Bank joined the ranks of the ECB in scrambling to stem the wave of capital flight, not to mention the cost of money, when it announced it too would start charging customers for the privilege of holding cash in its banks

Dec 18 07:14

There Is Hope In Understanding That A Great Economic Collapse Is Coming

Since 2009, I have published 1,211 articles on the coming economic collapse on my website. Some people assume that I must be filled with worry, bitterness and fear because I am constantly dealing with such deeply disturbing issues.

But that is not the case at all.

Dec 18 07:13

Capital Controls for Russia

Bloomberg writer Leonid Bershidsky, under the headline, "Will Ruble's Rout Force Capital Controls?", wrote yesterday on what he called, "the probability that Russia will introduce capital controls."

He asserts his view that President Vladimir Putin is an "anti-Western, authoritarian" leader, noting that in 1998, a leader he views as having the same traits, Dr. Mahathir Muhammed, President of Malaysia, successfully implemented capital controls and brought his nation out of turmoil. Bershidsky then reviews what he calls, the "recipe" for how capital controls worked in Malaysia.

But the author also reports specifically on Putin's advisers calling for capital controls, and moreover, doing so, because Russia is under political attack from the West. He cites in particular, Sergei Markov, an advisor from a different alignment than well-known economist Sergei Glazyev, who reiterated his own policy proposals today, noted below.

Dec 18 07:08

For-Profit Policing

A bill introduced in the Texas legislature would do just that – giving cops credit card readers, as an adjunct to their radar detectors. Instead of just, license, registration and proof of insurance, please – it’ll be: License, registration, proof of insurance… and Visa or Mastercard, please.

And no, I am not making it up.

The bill is HB 121 and you can read all about it here. It was introduced about a month ago by a – you guessed it – “conservative” Republican. You can always count on “conservative” Republicans to bed down with law enforcement – and rape due process.

Especially if there’s a buck to be made.

Dec 17 16:47

US Targeting Hundreds of Millions of Russian Civilians

White House officials are openly expressing happiness with their siege/war tactics that they say are throwing Russia into an economic collapse and are, as a scholar defending the siege notes, “hurting the Russian public’s ability to buy food or heat homes”. This eagerness to starve and freeze children is particularly relevant given the recent publicity of the US’s tactics of starving and freezing innocent detainees as well as people claimed to be “suspects”.

Dec 17 16:44

Freedom to Fascism Part 2 1

Dec 17 16:18

Saginaw County's Hemlock Semiconductor to shutter massive, $1.2 billion Tennessee plant

It was four years ago when Tennessee lawmakers and residents of an up-and-coming community thought all of the answers to their town's challenges were coming in the form of a $1.2 billion polycrystalline silicon plant.

Thomas Township-based Hemlock Semiconductor had plans to build a massive plant in Clarksville, Tennessee, consisting of as many as 50 buildings on a 1,215-acre site.

It was going to create "amazing opportunities for all people, especially young people," a Clarksville County official said in 2010.

On Wednesday Dec. 17, Hemlock Semiconductor officials announced that its Clarksville site, located roughly 45 minutes northwest of Nashville, is closing permanently because of sustained adverse market conditions created by oversupply of polysilicon and ongoing challenges presented by global trade disputes.

Dec 17 15:46

The Engineered Fall of the Russian Ruble

Saudi Arabia, the most influential member of OPEC, and the United States are working together to destroy the Russian economy and destabilize the country.

Webmaster's Commentary: 

The problem with waging an economic war is how easily it can become a shooting war.

Dec 17 14:44

Central Bankers suppressing Russian economy

Webmaster's Commentary: 

If Putin starts arresting the owners of their Central Bank, the US attack will not be far behind!

Dec 17 14:24

U.S. Declares (Currency) War On Russia

U.S. economic terrorism (i.e. the One Bank’s economic terrorism) has hit a new extreme this week. This crime syndicate has launched what can be termed nothing less than an all-out effort to destroy the economy of Russia.

Its modus operandi is, once again, currency manipulation. What is the quickest/easiest way to destroy an economy? Drive the value of its currency as close to zero as possible. The effect of such a manipulated “devaluation” is a massive explosion in inflation. And the effect of that is to make all Russians much poorer.

The economic destruction caused by this economic terrorism affects Russians, and the Russian economy on a percentage-for-percentage basis. Each percentage lower that the banksters drive the ruble with their criminal manipulation makes Russians, and the Russian economy 1% poorer.

Dec 17 14:02

Gold Repatriation and The Monetary Crisis: Austria, Belgium and The Netherlands Want Their Gold Back

To say that events are now taking place at the speed of light is an understatement. It was just last Monday, I wrote a missive entitled “The Mother of all Bank Runs”. In it I wrote about the German and Dutch repatriations of gold which was then followed by the Belgians beginning discussions on the same topic. As a final speculation, I mentioned that “logically the Austrians would be next”. There was no way you could have told me it would be less than one week until the same news would actually come out of Austria! Unlike the Germans, Dutch and Belgians who have gold held in N.Y., Paris, and London, Austria holds 80% of their 280 tons of gold concentrated in London. http://www.zerohedge.com/news/2014-12-12/breaking-austria-considers-re... This is truly big news for several reasons which we will explore and it certainly brings up a few more questions.

Dec 17 10:57

EU: Greek Defiance on Debt Would Be 'Suicidal'

A refusal by Greece to repay bailout debts would be "suicidal" for the country, the European Union's top finance official said Monday in a clear warning to the country's popular opposition.

EU Finance Commissioner Pierre Moscovici made the remarks after a three-hour meeting with conservative Prime Minister Antonis Samaras.

"The idea of contemplating the possibility not to reimburse a huge debt is suicidal ? it's not possible, you'll be in default and that's what we've been trying to avoid for years," Moscovici said.

Moscovici's two-day visit went ahead despite stalled negotiations between Greece and bailout creditors, and took place ahead of a parliamentary vote that could topple Greece's pro-bailout government this month.

Webmaster's Commentary: 

A memo to EU Finance Commissioner Moscovici: it sure as heck was NOT suicidal when Iceland did it. They repudiated their odious debt, threw the politicians and the banksters responsible for creating their financial mess into prison, and their economy is doing quite well, thank you very much!!

I frankly think it is a GRAND model, sir, and one that the Greeks might well think about emulating.

Dec 17 10:14

Pepe Escobar, Eurasian Integration vs. the Empire of Chaos

Welcome to the new trans-Eurasia choo-choo train. At over 13,000 kilometers, it will regularly traverse the longest freight train route in the world, 40% farther than the legendary Trans-Siberian Railway. Its cargo will cross China from East to West, then Kazakhstan, Russia, Belarus, Poland, Germany, France, and finally Spain.

The Yiwu-Madrid route across Eurasia represents the beginning of a set of game-changing developments. It will be an efficient logistics channel of incredible length. It will represent geopolitics with a human touch, knitting together small traders and huge markets across a vast landmass. It’s already a graphic example of Eurasian integration on the go. And most of all, it’s the first building block on China’s “New Silk Road,” conceivably the project of the new century and undoubtedly the greatest trade story in the world for the next decade.

Webmaster's Commentary: 

What does Chinese government do to get the things it wants economically?!?

It pushes technology, and drives win/win deals.

What does the US government do to get what it wants economically?!/ It wages wars.

And what is wrong with this picture?!?

BLOODY EVERYTHING.

Dec 17 09:36

CRISIS IN RUSSIA: Seven reasons why Obama should’ve nixed the Congressional sanctions

Nothing shows more clearly just how little Americans have learned than their foreign policies. Belligerent, trigger-happy and naive, in recent years the blundering motivation behind them has been compounded by a naked desire to prosecute energy (and other raw materials) imperialism that will satisfy the infinite greed of its dominant neoliberal franchise.

What never ceases to baffle me is the American citizen surprise when, on going abroad (and over 74% of them never do) they discover the profound degree to which US interference in other people’s affairs has made them widely loathed. It is equalled in my experience only by the inability of Germans to understand why they get poor service in Greek restaurants.

Dec 17 09:29

FedEx's stock slumps after profit, sales disappoint

FedEx's stock FDX, -4.71% slumped 3% in premarket trade Wednesday, after the package delivery giant reported fiscal second-quarter profit and sales that missed expectations.

Dec 17 09:21

European stocks slump; ruble gains as central bank steps up defense

European stocks dropped Wednesday, resuming their recent run of losses as investors wrestle with economic and political uncertainty throughout the region.

The Stoxx Europe 600 SXXP, +0.19% fell 0.7% to 326.62, with all major sectors swimming in the red.

In Frankfurt, the DAX 30 index DAX, -0.12% fell 1% to 9,459.54. France’s CAC 40 PX1, +0.61% declined 0.9% to 4,058.65 and the U.K.’s FTSE 100 UKX, +0.11% declined 0.9% to 6,274.87.

At the same time, attention turned once again to Russia’s currency, which advanced against the dollar Wednesday following a report the Russian finance ministry has started to sell foreign currency in an effort to halt the ruble’s slide. The dollar was buying 64.674 rubles USDRUB, -15.46% compared with 67.893 late Tuesday.

Dec 17 08:10

Total Chaos: Massive Market Moves Spark Selling-Panic Into Close

Incredible Volatility today - 100 point roundtrip in the S&P, and 800 points in the Dow - all driven by a halt in Ruble Trading, the European close, and Kuwait pissing on the US market's fireworks...

Dec 17 08:02

Are You Really Ready for the World to be Ruled by Bankers?

Believe it or not, Citigroup announced on Friday that it would move its headquarters from New York to the actual U.S. Capitol Building, in Washington, D.C., in early 2015. Yes! They might as well had since they got everything they wanted.. Could you imagine Citi outbid JP Morgan and Goldman Sachs to lease thirty thousand square feet of prime real estate on the floor of the House of Representatives.

This is just jumping off the cliff. Not only did these people grease enough palms to repeal Dodd Frank, they are now virtually leasing space right in the Capital Building and managed to increase the donation limitation from $32,400 to $324,000. They own Congress.

Dec 17 07:55

Western Banks Cut Off Liquidity To Russian Entities

As Zero Hedge first reported today, shortly before noon one (and subsequently more) FX brokers advised clients that any existing Ruble positions would be forcibly closed out because "western banks have stopped pricing USDRUB", over concerns of Russian capital controls.

Dec 17 07:35

Worldwide Game of Thrones

The truth is that the crisis the US is drumming up is designed to cripple several economies at once, of which Russia is just one. Moreover, Russia is not as helpless as the Guardian and others want to make it appear. Russia could impose its own capital controls, among other real economic measures, that could send the whole world’s paper wealth into a tailspin.

The US government knows this but doesn’t care about the tens of millions of extras whose life savings (and livelihoods) will be wiped out in this game of thrones. Instead, behind the scenes, Congress has quietly and steadily increased the pressure, creating the economic conditions for a perfect storm in Russia (and the world) and the legal framework to bring Ukraine fully into the fold of hegemony.

Dec 17 07:32

Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet

We recently noted the rise of counterparty risks in the financial system due to oil prices dropping (and leveraged derivative exposures) but as the Russia situation has deteriorated so dramatically this week, a renewed focus on bank exposures has sent stocks reeling (and credit risk soaring) among many European (and US) banks.

Webmaster's Commentary: 

Only because those American and European banks were already in a fragile state ... but let's blame Russia for the mess, shall we?

Dec 17 07:28

Stocks Bounce But Credit & Crude Continue Slide

Hope abounds once again this morning. Stocks are up (albeit off their overnight highs) thanks to AUDJPY and the Ruble is 'stabilizing'. However, the two crucial factors for recent volatility - crude prices and credit spreads - continue to slump. WTI crude is back below $55 (trading as low as $54.60 this morning) and HY credit spreads have pushed back to their wides around 406bps (disagreeing with stocks modest bounce).

Dec 17 07:03

Sony hit with class action suit over hacked employee info

On Monday, attorneys representing two former Sony workers filed paperwork in United States District Court for the Central District of California asking that a jury be assembled to weigh in on what could become a class action lawsuit between upwards of 15,000 current and past employees and the major motion picture company over the massive security breach suffered earlier this month.

According to the class action complaint, Sony should have been better prepared to protect against the hackers who recently pilfered troves of company data, especially in light of similar lapses suffered by the company in years past.

Dec 17 07:02

Commodity Trading Giant Exits Physical Gold Due To "Lack Of Physical With A Documented Origin"

But the biggest surprise in this story was the reason why Gunvor chose to discontinues its gold trading. Per Bloomberg, "executives decided to abandon the precious metals trading business partly because of difficulties in finding steady supplies of gold where the origin could be well documented, one of the people said."

And while we would certainly love to learn more about this problem of "undocumented" physical gold, just like that we have the most definitive confirmation yet that the story surrounding China's rehypothecated commodities scandal in the port of Qingdao which as previously reported included copper and aluminum and which mysteriously disappeared just as abruptly as it first appeared, not only also involved the precious yellow metal but never really went away, and instead what appears to have happened is that "robosigned" physical gold - or gold whose ownership traders are unable to validate - has now flooded into the global trading infrastructure.

Webmaster's Commentary: 

Note the China-bashing without any mention of the problems nations are having getting their gold back from the New York Federal Reserve, the Bank of England, and the Bank of China!

Dec 17 06:51

Bloomberg Foresees Russia's Demise?

Bloomberg was in full cry last night regarding a failing Russian economy. We've never seen anything like it on Bloomberg: The front page of the website carried a box on the top left hand corner filled with blaring stories.

The Collapse of Putin's Economic System
U.S.-China Economic Role Reversal Roils Emerging Markets
Russian Crisis Hits Pimco Fund Wipes Out Options as Ruble Sinks
Apple Stops Online Sales in Russia Over Ruble Fluctuation
Is the Russian Collapse Wrecking Your 401(k)?
Rate Jump Fails to Stop the Ruble Crash
Russian Stocks Drop 12 Percent
View: Russia's Problems Are Everyone's Problems

Webmaster's Commentary: 

Of course, corporate media has been telling us that Iran and North Korea's economies are on the verge of collapse for the last twenty years and it hasn't happened yet.

This economic turmoil was started with the US-backed overthrow in Kiev last January, and accelerated by the US sanctions, and now that everything is about to implode, the rush is on to convince the world that this is all somehow Russia's fault!

Dec 16 15:46

IS THE TULIP ABOUT TO BECOME THE US' NATIONAL FLOWER?

In the early 1600s, as the global economy moved from "production for consumption" into "production for profit", Dutch trading and business had become so efficient that merchants were finding themselves contracting for products that did not yet exist. The Dutch called it "Trading on the wind", a reference to the Dutch trading ships that sailed the Atlantic.

In 1636, increasing demand for newly created varieties of tulips set off a speculative cycle of ever higher prices. Tulip bulbs were bought and sold unseen. Huge fortunes (on paper) were created seemingly overnight.

Then, in 1637, the market crashed. People were ruined. The entire Dutch credit system was almost destroyed and the effects of the crash were felt across Europe.

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Dec 16 15:32

Citigroup closing 13 of its 21 Phila. region branches

Citigroup, which entered the Philadelphia market with a bang six years ago, said it will be closing 13 of its 21 branches here, with 90 positions being lost. The closings include virtually all of its suburban locations, which is part of a global strategy to focus on an urban physical footprint, spokeswoman Catherine Pulley said during an interview Friday.

Dec 16 15:17

Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet

We recently noted the rise of counterparty risks in the financial system due to oil prices dropping (and leveraged derivative exposures) but as the Russia situation has deteriorated so dramatically this week, a renewed focus on bank exposures has sent stocks reeling (and credit risk soaring) among many European (and US) banks.

Webmaster's Commentary: 

Oh yes, let's blame it all on Russia! Let us forget that this whole mess was started when the US and Saudi Arabia decided to flood the oil market to drive prices down, to harm Russia's economy, and in the process, slammed the economies of every other oil-producing nation on Earth, as well as commodity traders dealing with oil. So, as it all unravels, let's put the blame on Russia!

Dec 16 14:46

Gold Surge from Switzerland Raises Black Money Fears

Berne, Switzerland: Amid concerns that the bullion trade is being used to bring back black money from Swiss banks, data showed gold exports from Switzerland are fast approaching the Rs. 1 trillion (nearly $16 billion) mark this year.

Swiss gold exports to India stood at over 2.8 billion Swiss francs ($2.9 billion) in October, up from about 2.2 billion Swiss francs in the previous month, according to the Swiss Customs Administration.

Dec 16 14:44

17-Year-Old Trading Genius Who “Made ” $72 Million Actually Just “Made It All Up”

Tyler Durden: Yesterday, when we skeptically mocked the NY Mag’s Jessica Pressler coverage of Mohammed Islam, the 17-year-old wunderkind who “allegedly” made $72 million in the market by trading penny stocks, we covered the salient lies and told readers to “feel free to click on the NY Mag’s story about the young “multi-millionaire” – after all that was the whole point.”

Sure enough, in the finest tradition of the New Republic’s Stephen Glass, the entire article was nothing more than one epic big clickbait fest.

Oh, did we mention: completely fabricated clickbait.

Dec 16 14:32

Obamacare hits 2.5 million enrollees; officials say that doesn’t count ‘extremely busy’ weekend

Administration officials said Tuesday that nearly 2.5 million Americans had selected a plan on the federal Obamacare marketplace through Friday, a tally that did not include an “extremely busy” three days before Monday night’s deadline to get covered for the new year.

Webmaster's Commentary: 

Wow! A whole 2.5 million! Out of a total US population of 330 million! That';s almost 1 percent!!!!!!!!!!!

And take it from me those Obamacare-compliant policies are a raw deal!

Dec 16 11:35

Meet Your Newest Legislator: Citigroup

Citigroup is the Wall Street mega bank that forced the repeal of the Glass-Steagall Act in 1999; blew itself up as a result of the repeal in 2008; was propped back up with the largest taxpayer bailout in the history of the world even though it was insolvent and didn’t qualify for a bailout; has now written its own legislation to de-regulate itself; got the President of the United States to lobby for its passage; and received an up vote from both houses of Congress in less than a week.

Dec 16 08:35

OPEC won’t cut production even if oil below $40 – UAE energy minister

The UAE Energy Minister Suhail Al-Mazrouei says OPEC will maintain output at 30 million barrels of oil a day, and wants to monitor the price for three months before even considering a meeting about possible changes.

Dec 16 08:14

A Century Ago: Rockefellers Funded Eugenics Initiative to Sterilize 15 Million Americans

Some people are still under the impression that the Rockefeller Foundation is all about philanthropy: helping people and saving lives.

In reality, the Rockefellers have been one of the largest financial backers and drivers of the eugenics and the depopulation agenda for over a century now.

Check out these 1915 newspaper clippings we came across in research.

Dec 16 08:00

Spain Criminalizes Protest Against EU Central Bankster Austerity

Spain will impose a raft of new laws to combat popular protests in opposition to EU central bankster austerity.

Webmaster's Commentary: 

Dec 15 20:27

Yes, It's Possible For A Gold-Backed Renminbi To Dethrone The US Dollar

“[W]e want to use our reserves more constructively by investing in development projects around the world rather than just reflexively buying US Treasuries. In any case, we usually lose money on Treasuries, so we need to find ways to improve our return on investment.”

– Unnamed senior Chinese official, cited in an FT article, ‘Turning away from the dollar’, 10th December 2014.

Dec 15 13:54

Broken prison labor program fails to keep promises, costs millions

Today, some 1,600 incarcerated men and women in prison factories produce everything from dorm furniture to school lunches. Washington Correctional Industries (CI) generates up to $70 million in sales a year, ranking as the nation’s fourth-largest prison labor program.

But behind CI’s glossy brochures and polished YouTube videos is a broken program that has cost taxpayers millions of dollars, charged exorbitant markups to state agencies to make up for losses, and taken jobs from private businesses that can’t compete with cheap prison labor, a Seattle Times investigation has found.

Dec 15 12:42

London banker banned for dodging rail fares

A London banker has been banned from working in the financial services industry after he was caught dodging rail fares.

The Financial Conduct Authority (FCA) said in a statement today that Jonathan Burrows has been banned for not being “fit and proper.”

The former BlackRock director would board a train at Stonegate, a suburb nearly 60 miles southeast of London, for his daily commute and, after arriving at London’s Cannon Street, pay only 7.20 pounds ($11.70) for the journey, instead of the full 21.50 pounds price that was required for that journey, railway officials said.

By boarding at a station without a ticket gate barrier, Burrows was able to use a loophole in the system of pre-paid transport passes. When arriving in London he touched out with his pass, which is only valid for travel within London, and was charged only 7.20 pounds. He should instead have bought a full ticket for traveling into the city from Stonegate.

Webmaster's Commentary: 

This is exactly the sort of behavior by bankers that MAKES them bankers!

Dec 15 12:11

Hazardous Trend: The ‘Commodification’ of Sleep

Clearly, there are some serious risks associated with our 24/7, wireless, ‘smart’ culture. Maybe this is just another cost of ‘progress’, or maybe it’s because we simply cannot keep up with the basic costs of living and dozens fees, fines and stealth taxes?

Dec 15 10:20

Subprime lending market in Canada skyrockets to record as banks tighten reins

What is going on is that Windows has become a bloated nightmare and as the economy shrinks, Microsoft has lost the ability to effectively maintain it all. This problem is hardly confined to Microsoft, and indeed Rome fell when it could no longer maintain the infrastructure it had built such as the roads and aqueducts.

Dec 15 10:20

Microsoft update blunders going out of control

We have had an absolute deluge of problem updates from Redmond recently and some have been serious. What's up at Microsoft?

Webmaster's Commentary: 

What is going on is that Windows has become a bloated nightmare and as the economy shrinks, Microsoft has lost the ability to effectively maintain it all. This problem is hardly confined to Microsoft, and indeed Rome fell when it could no longer maintain the infrastructure it had built such as the roads and aqueducts.

Dec 15 10:17

BEX ALERT - US manufacturing output surges in November

US manufacturing output surges in November

Webmaster's Commentary: 

See next story down!

Dec 15 10:16

New York state manufacturing index lowest in two years: New York Fed

The New York Fed's Empire State general business conditions index fell to -3.58 in December from November's 10.16 reading, falling to negative territory for the first time since January 2013.

Economists polled by Reuters had expected a reading of 12.4 this month. A reading above zero indicates expansion.

The new orders index tumbled to -1.97 from 9.14 in November, while prices paid were at 10.42 against 10.64 in the prior.

Dec 15 10:15

Dodd-Frank Budget Fight Proves Democrats Are a Bunch of Stuffed Suits

The dominant media narrative this past week has been that Massachusetts Senator Elizabeth Warren, firmly saddled in her high horse, is trying to hold up the passage of the budget over a trifle. In reality, the so-called "Citigroup" provision to kill a rule designed to prevent future bailouts (so named because it was allegedly written by Citigroup lobbyists) is potentially quite an evil and destructive little thing. But the nitpicking counter-spin is already coming hot and heavy.

Dec 15 07:18

Russian Central Bank Intervenes After Currency Crashes, Halts "Manipulated" Equity Futures Trading

The Russian Ruble has collapsed this morning. Despite a modest dead-cat-bounce-like rally in crude oil, the Ruble is down almost 3 handles smashing through the 61/USD level for the first time ever. Minutes after flash-crashing to 61.46/USD, officials, according to Reuters, halted trading in certain instruments to “prevent possible manipulation of equity futures market."

Dec 15 07:07

We Just Witnessed The Worst Week For Global Financial Markets In 3 Years

Is this the start of the next major financial crisis? The nightmarish collapse of the price of oil is creating panic in financial markets all over the planet. On June 16th, U.S. oil was trading at a price of $107.52. Since then, it has fallen by almost 50 dollars in less than 6 months. This has only happened one other time in our history.

Dec 15 07:06

Rioting and vandalism in Zurich, Switzerland

The protest began on Friday evening at 22.15 clock.

Police fired rubber bullets, tear gas and water cannon to disperse some 500 people who caused hundreds of thousands of euros worth of damage
that police said was claimed by left-wing radicals.

Zurich is a major financial hub hosting several banking giants.Cars, trees and bins were set alight in the upscale and normally peaceful city.
The violence erupted during a left-wing protest in Zurich’s upscale Stadtkreis 4 neighbourhood.

Dec 15 06:51

Activists launch online initiative against ‘Internet Tax’

A group of Russian citizens has launched a petition seeking to prevent the adoption of a bill that would introduce a universal tax on the internet, collected by rights organizations representing authors of copyrighted films, music and books.

The anonymous authors of the motion claim that the universal tax is against the law as it would force the majority of internet users to pay for content that they never download or use.

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