ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 26 07:13

In Time of Madness

Aug 26 05:57

The Elephant In The Room: Share Repurchases

Aug 25 22:12

More than one million people flee Venezuela amid 'food shortages, political turmoil and economic meltdown' as inflation hits 82,000 per cent while UN warns that country is building towards 'crisis moment'

The exodus of migrants from Venezuela is building toward a 'crisis moment' comparable to events involving refugees in the Mediterranean, the United Nations migration agency said on Friday.

Growing numbers are fleeing economic meltdown and political turmoil in Venezuela, where people scrounge for food and other necessities of daily life, threatening to overwhelm neighboring countries.

Officials from Colombia, Ecuador and Peru will meet in Bogota next week to seek a way forward.

Aug 25 12:40

Russia accelerating efforts to abandon U.S. dollar

Russian Deputy Foreign Minister Sergei Ryabkov recently told International Affairs Magazine that Russia is planning to dump the U.S. dollar in trade deals altogether presumably because the fiat currency isn’t even worth the paper it’s printed on.

Aug 25 12:22

Goldilocks Stock Index Breaking Out

Aug 25 11:08

Homebase on the brink: 11,000 jobs at risk as sales plunge 10% with 70% of stores now in the red

A disastrous takeover by Australian group Wesfarmers two years ago has left Homebase on the brink of collapse, putting 11,000 jobs at risk.

It was bought by HMV-owner Hilco for £1 in June but still has £116million of debt.

More than 70 per cent of stores are loss-making, with sales down 10 per cent across the business in the year to June.

Homebase has lost £300million since Wesfarmers bought it for £340million. Before the takeover, its earnings were £20million to £40million a year.

Aug 25 10:01

WEAPONIZING THE US DOLLAR IS ACCELERATING GLOBAL DE-DOLLARIZATION

Observing the consequences of these political choices in the months since, it is easy to see how the world has reacted in a more or less similar fashion, which has been by ignoring the United States and emphasizing cooperation amongst themselves. The TPP, with its agreements between 11 countries, has remained in place without Washington. The development of relations between ASEAN and China continues on without Washington’s participation. While the TTIP has been halted, the Comprehensive Economic and Trade Agreement (CETA), is in its final approval stage, an agreement between Canada and the EU that bypasses the American-inspired TTIP. The Iran deal remains in force despite Washington's cowardly withdrawal, and the five countries remaining in the Iranian nuclear agreement have every intention of respecting the JCPOA, which had been negotiated over a number of years.

Webmaster's Commentary: 

Please note that these actions, on the part of the Trump administration, have caused other countries to dump the use of the US dollar all together in their trade, and turn back to gold, as have Russia and China.

What good is an alleged "premier world currency" when other countries just won't use it?!?

Aug 25 09:40

Elon Musk says Tesla will remain a public company

Tesla isn’t going private after all. In a statement late Friday, Elon Musk, the electric-car maker’s chief executive, said he and the company’s board had concluded that they would not turn Tesla into a privately owned company.

The move halts a process set in motion by Musk in a Twitter post on August 7th. The reversal is the latest upheaval for the company, which has struggled with production challenges for its first mass-market car, the Model 3.

“I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated,” Musk wrote in a statement that Tesla posted on the company’s blog shortly after 11 pm.

Aug 25 09:28

Small Business Ownership Among Black Americans Jumps 400% Since Trump's Election

As black unemployment remains at historic lows, The number of small businesses owned by African Americans in the United States has exploded by 400% year-over-year, according to a survey of more than 2,600 small business owners and entrepreneurs by Guidant Financial.

Aug 25 09:20

Morgan Stanley Warns of Momentum In Hospital Closings, “they are getting eaten alive”

While the stock market could indeed be in the most extended bull market in history, there are new, troubling signs that the real economy is faltering.

A new report has sounded the alarm about the pace of hospital closures across the country. It says there are several factors pressuring margins at hospitals that are contributing to the accelerating rate of closures, particularly in rural communities.

Aug 25 09:19

Coal-rich Ukraine happy to transport coal from Pennsylvania on US locomotives - Poroshenko

In July 2017, shortly after Poroshenko met Trump in the White House, Ukrainian state-run energy company Centrenergo announced a deal with Pennsylvania-based Xcoal Energy & Resources for the supply of up to 700,000 tons of anthracite. Kiev reportedly rejected South African coal due to its high price, while Russian coal wasn’t suitable for the country for political reasons.

This year, Kiev purchased 1,017,469 tons of anthracite from January through March, compared to 865,732 tons bought in the same period a year ago, according to data compiled by the US Energy Information Administration.

Ukraine used to be one of the world’s major producers of anthracite – a coal used in power generation. However, the country faced shortages due to the ongoing conflict in eastern Ukraine, where almost all mines are located. Massive disruption was also evoked by the blockage of railways leading to the breakaway Donbass region by Kiev-backed militant groups.

Aug 25 07:53

No Tesla Deal! “The Better Path is for Tesla to Remain Public”: Musk Backpedals Furiously

Turns out, “Funding secured” was a lie, conceived in order to manipulate up the share price.

Aug 25 07:47

Homeless man’s lawyer says couple who raised $400k for him is withholding money

PHILADELPHIA — Johnny Bobbitt Jr. had a new life ahead of him.

Last October, the homeless man used his last $20 to buy gas for a woman, Kate McClure, who was stranded on Interstate 95 in Philadelphia. McClure, in return, created a GoFundMe campaign with her boyfriend Mark D’Amico to raise money for Bobbitt to thank him.

But what started as a good deed has now devolved into an all-out feud. Bobbitt’s lawyer says a large portion of money never reached his client.

Aug 25 05:06

Save Until It Hurts and Then Spend

Aug 24 23:56

Weaponizing the US Dollar Is Accelerating Global De-Dollarization

The potential use of the US dollar as a baseball bat has been evident for more than a decade for Russians, Chinese and Iranians. For this reason, they have been exchanging their dollars for other currencies for years. The United States, as a declining empire, is lashing out, employing every weapon available to try and arrest its diminishing status as the world’s sole superpower. Now it is the turn of America’s allies to relinquish the dollar, coming to understand that real sovereignty is ensured through economic sovereignty.

Aug 24 16:56

Time has come for Russia to finally ditch US dollar – Foreign Ministry

Russia will definitely respond to Washington’s latest sanctions and, in particular, it is accelerating efforts to abandon the American currency in trade transactions, said Deputy Foreign Minister Sergei Ryabkov.

“The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives,” he said in an interview with International Affairs magazine.

“Thank God, this is happening, and we will speed up this work,” Ryabkov said, explaining the move would come in addition to other “retaliatory measures” as a response to a growing list of US sanctions. Russian Energy Minister Aleksandr Novak recently noted that a growing number of countries are interested in replacing the dollar as a medium in global oil trades and other transactions.

Aug 24 16:08

Is This the (Double) Top?

Aug 24 15:31

Consumers Are Drunk On The Trump Economy

Aug 24 15:28

Tim Cook set to get $120 MILLION payday as Apple shares continue to rally

Cook stands to make as much as $120.6 million from the 560,000 shares based on Thursday's closing price of $215.49.

The original agreement called for Cook to receive 280,000 shares as an award for another year of service.

He will now receive an additional 280,000 shares on top of that since Apple's stock has outperformed two-thirds of the companies in the S&P 500 over the past three years.

Aug 24 11:36

Trump Isn’t Going Anywhere... Yet

This is a theory that was first discussed by Brandon Smith of the Alt-Market blog.

Aug 24 10:23

Sears is set to close another 46 unprofitable Kmart and Sears stores in November

Sears is planning to close another 46 unprofitable Kmart and Sears stores in November as the retailer struggles with shrinking sales and growing losses.

The ailing company announced on Thursday it would shut 13 Kmart locations and 33 Sears stores across the country.

Liquidation sales at the stores marked for closure will start on August 30.

Aug 24 10:09

Collusion - Election Meddling - Tech Companies Are Gathering For A Secret Meeting To Prepare A 2018 Election Strategy

Reps from up to a dozen of the US's biggest tech companies plan to meet in San Francisco to discuss efforts to counter manipulation of their platforms.

Aug 24 10:08

Global Liquidity Is Drying Up Fast

Aug 24 09:33

The 2008 financial crisis never really ended

Aug 24 08:01

Prepare for the Sanctioned Russia-Iran-China-Turkey Supergroup to Blow Trump's Solo Act out of the Water

Welcome back my friends to the show that never ends – and the post-truth geopolitical remix of the supergroup. Meet The Sanctioned; a multinational band starring multi-instrumentalists Vladimir Putin (Russia), Xi Jinping (China), Hassan Rouhani (Iran) and Recep Tayyip Erdogan (Turkey).

As the whole rock universe knows, The Sanctioned run the relentless risk of being outshined – in the form of multi-layered sanctions – by undisputed glitter solo act Donald Trump (US).

Aug 24 07:59

Trump just triggered a new financial crisis. Here’s why

Trump’s attack on the Turkish lira, combined with recent Federal Reserve moves to choke off dollar supply, is pushing the world towards a re-run of the 1997 currency crisis. This may well be the whole point.

Aug 24 07:58

Goldman, JPMorgan object to Russian proposal to limit their ability to move money out of the country

A total of 15 foreign lenders are protesting against a new plan proposed by the Russian central bank to reduce the amount of cash they can move abroad from their units located in Russia.

Russian subsidiaries of banking majors, including Goldman Sachs, Citigroup, Raiffeisen, JPMorgan, Deutsche Bank and HSBC Holdings, have voiced their objections to plans that would limit the Russian units to depositing just 20 percent of their capital abroad at their parent companies. Under the current regulations, there is no limit for banking operations of this kind.

Webmaster's Commentary: 

Those who live by the sanction shall die by the sanction!

Aug 24 07:54

Germany Calls For Global Payment System Independent Of The US

In a stunning vote of "no confidence" in the US monopoly over global payment infrastructure, Germany’s foreign minister Heiko Maas called for the creation of a new payments system independent of the US that would allow Brussels to be independent in its financial operations from Washington and as a means of rescuing the nuclear deal between Iran and the west.

Writing in the German daily Handelsblatt, Maas said "Europe should not allow the US to act over our heads and at our expense. For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system," he wrote, cited by the FT.

Aug 24 07:19

The Fundamental Case For Owning Gold Today

Aug 23 23:39

The Welfare Generation: 52.1% of Kids Live in Households Getting Government Assistance…

Will they be called The Welfare Generation? -- Today, they are Americans under 18 years of age growing up in a country where the majority of their peers live in households that take “means-tested assistance” from the government.

Aug 23 14:22

Why Your Credit Score Just Improved

Aug 23 11:59

Russia Plans To Beat US Sanctions By Stockpiling Gold

The Russian government is not taking the United States’ sanctions lightly. Instead, they plan to beat all sanctions imposed by Washington, including any future sanctions, by stockpiling gold.

The Russian central bank’s First Deputy Governor Dmitry Tulin said that Moscow sees the acquisition of gold as a “100-percent guarantee from legal and political risks.” The increases in gold purchases by the Russian government come as the Trump administration plans to impose new sanctions on Moscow.

Aug 23 11:56

Another Sears Holdings Spinoff Dies

Aug 23 11:23

"What A Disaster": Chaos Returns To Venezuela One Day After Massive Devaluation

Just one day after Venezuela's historic currency devaluation, which lopped off 5 zeros from the currency and prices while bizarrely pegging the "sovereign Bolivar" - the country's latest currency incarnation - to the petro, an oil-backed cryptocurrency (which has been banned by the US Treasury), chaos has predictably returned to the country with the greatest petroleum deposits in the world.... and hyperinflation failed to depart for even one day.

That what Henrique Rosales discovered when he went to an ATM on Tuesday - the day after Venezuela's historic currency transformation took place - to withdraw Venezuela’s new currency: he found it dispensed a maximum of 10 sovereign bolivars a day, the equivalent of 15 U.S. cents.

Aug 23 10:40

MAJOR GERMAN FM STATEMENT: ‘We Will Not Allow The U.S To ACT AT OUR EXPENSE’

The following text in full, was written just yesterday by the German Foreign Minister, Heiko Maas, on the authoritative Handelsblaat. This is a major statement, as it carries weight just below official German policy, which in turn has strong weight on EU policy.

There are a number of highly significant and important phrases he uses in this text. Even American cultural hegemony is rejected, i.e., ‘Bruce Springsteen is not the future’.

FRN has consistently covered the growing rift, with all its nuances, between the U.S and EU since 2014. At the time, many critics believed we were totally wrong. Time has demonstrated FRN’s analysis to be generally correct. – ed

Aug 23 10:33

Turkey lira CRISIS: Lira plummets AGAIN as standoff between US and Turkey deepens

The currency fell as far as 6.1350 against the dollar from a close of 6.0330, and was at 6.0700 at 9.14 BST - 0.6 percent weaker on the day.

Turkey’s lira has now fallen a massive 37 percent so far this year, with the crisis between the two feuding nations exacerbating losses, triggered by concerns about President Recep Tayyip Erdogan’s influence over monetary policy.

Aug 23 10:32

London workers are queuing up for free food because they can't afford to eat

During rush hour on one of London’s most affluent streets, amid the bustle of the Strand, an orderly queue is forming. Dozens of people stand patiently, and hungrily, waiting for their dinner.

The gathering, near Charing Cross station, comprises people of all ages and ethnicities. Some look visibly homeless, clutching large carrier bags containing their worldly possessions. Others wear work clothes. Despite having a job, they can’t afford to eat.

Piles of food packages await under a pink gazebo. As volunteers hand them out, bread and pastries are scoffed into hungry mouths. Many people eat standing up; others find a picnic spot on the ground; some leave to take food home.

Aug 23 10:20

Credit Suisse freezes $5bn in Russian money in compliance with US sanctions

One of Switzerland’s largest banks, Credit Suisse has suspended 5.1 billion francs ($5 billion) in assets linked to Russia as a result of Washington’s sanctions against the country.

There is reportedly growing fear among Western banks of reprisals from the US for working with targeted Russian individuals and entities.

The bank froze the funds in the second quarter of 2018, according to Reuters.

In an e-mailed statement to RT, Credit Suisse denied freezing Russian assets, explaining that it has reclassified assets of some Russian clients. The bank said that it works with international regulators wherever it does business to ensure compliance, including sanctions involving Russia.

Aug 23 10:15

South Africa risks economic destruction in seizing white-owned farms, analysts warn

By Ben Wolfgang -

The Washington Times - Wednesday, August 22, 2018
South Africa faces potential economic calamity if it moves ahead with the seizure of largely white-owned farmland, analysts warned this week, as global investors reacted to a plan that government leaders say is necessary to correct decades-old wrongs of apartheid that left deep, systemic wealth inequalities and land ownership disparities along racial lines.

Aug 23 10:00

US Intends to Use Sanctions to Drive Iran Oil Exports to Zero

Paying up US sanctions against Iran during his visit to Israel, John Bolton said that the US is fully prepared to use its sanctions to drive Iranian oil exports down to zero to force a “massive change in the regime’s behavior.”

State Department officials have previously said “cut to zero” was a goal, but that appears virtually impossible. China is Iran’s largest oil buyer, and has insisted it will continue to do so. This means at least a third of Iran’s exports before the sanctions were reimposed will continue.

Those nations trying to follow the US demands, and request sanctions waivers, are likely to be disappointed as well. Bolton says the objective “is essentially we’d like to say no waivers to the sanctions.”

So far, that’s been the case. There’s no sign that any of the nations seeking waivers has gotten one, even on vital trade.

Aug 23 09:27

52.1% of Kids Live in Households Getting Means-Tested Government Assistance

Today, they are Americans under 18 years of age growing up in a country where the majority of their peers live in households that take "means-tested assistance" from the government.

In 2016, according to the most recent data from the Census Bureau, there were approximately 73,586,000 people under 18 in the United States, and 38,365,000 of them — or 52.1 percent — resided in households in which one or more persons received benefits from a means-tested government program.

Aug 23 09:21

AS THE WEALTHY FLOCK TO THE MAJOR CITIES ON BOTH COASTS, POVERTY AND SUICIDE SOAR IN RURAL AREAS

Some elitists derisively refer to the rural areas between the east and west coasts as “flyover country”, and they have little sympathy for the struggles of rural Americans. But those struggles are very real, and in this article you will see that poverty and suicide rates are soaring in non-urban parts of the country.

A new study that was just released contains some hard data about the “income sorting” that is going on nationwide. According to CBS News, the study found that those that are moving into expensive cities make much more money than those that are leaving, and conversely those that are moving into poorer cities make much less than those that are leaving for greener pastures…

America’s wealthy households are increasingly moving to coastal cities on both sides of the country, but those with more modest incomes are either relocating to or being pushed into the nation’s Rust Belt, according to a new study.

Aug 23 09:17

STEIN’S LAW, REAL ESTATE EDITION

Aug 23 09:14

US NAVY RELEASES VIDEO OF SYSTEM TO COUNTER RUSSIA AND CHINA 'SHIP-KILLER' MISSILES

As China and Russia continue to build up their arsenal of “ship-killer” missiles, the United States Navy apparently has plans to counter the weapons. Officials have said that the Navy and numerous NATO partners are firing a new, high-tech ship defense weapon that can identify, track, and attack maneuvering anti-ship missiles.

Webmaster's Commentary: 

Russia and China already have these weapons; the US and NATO.... "have plans" to develop such weapons.

What's wrong with this picture?!? Bloody everything!!

Aug 23 09:10

70,000 Whites Murdered in ‘Modern’ South Africa; Obama’s African Legacy

Since Nelson Mandela and the communist African National Congress (ANC) took over South Africa, more than 70,000 whites have been murdered and untold numbers have been robbed, raped and tortured.

But you will not hear about this in the Western media, which fawns over the black terrorists who now run the once-prosperous country.

Claudia Bryan is a South African activist living in London. Her grandmother owned a bakery in South Africa. One day six blacks entered the bakery and gang-raped her. They then tried to shoot her. The gun jammed. In anger they gang raped her again and the 70-something woman died. Robbery was not the motive.

LINK FIXED

Aug 23 09:09

‘FARM MURDER and RAPE’: Nearly 400 White Farmers Killed in South Africa in 12 Months

South African farming activists are outraged at the lack of police action following a series of brutal attacks on white farmers.

Many in the farming community are disturbed by a newly introduced motion that rules land can be seized without any financial recompense. Critics believe that the proposal to amend Section 25 of the constitution has enabled disgruntled members of the community to invade and steal farmland without fear of legal consequences.

Civil rights organization AfriForum has alleged that there have been 109 recorded attacks so far in 2018 and 15 farm murders, which means that one white farmer has been killed every five days this year. “Our rural areas are trapped in a crime war. Although the South African government denies that a violence crisis is staring rural areas in the face, the numbers prove that excessive violence plague these areas,” said Ian Cameron, AfriForum’s Head of Safety, as reported by Newsweek.

LINK FIXED

Aug 23 09:08

Nine gruesome farm attacks that shocked South Africans

Nowhere in the world have people being brutally attacked and murdered by black attackers like white farmers in South Africa. It is reported that every 17 hours for the last five years, a white person was either attacked or murdered by black in their homes. Between January 2010 and January 2015, more than 2 500 violent attackers by blacks against whites were registered. 2008 of the whites were tortured to death and suffered mental torture by being forced to watch the gang-rape of their wives and daughters.

Below is a recollection of some of the bloodiest, cruel murders against farmers who died at the hands of merciless murderers who savagely bludgeoned innocent people, including children.

Aug 23 09:06

Farmers in South Africa claim they are being targeted in 'horrific' attacks

White farmers in South Africa claim they are being targeted in a series of brutal attacks over land that are being overlooked by police and implicitly encouraged by the country’s parliament.

Activist groups promoting the rights of white people in the country claim there have been 90 recorded attacks in 2018 so far, with one farmer murdered every five days on average.

But the sheer brutality of the reported attacks – and the growing anger of a community in South Africa that believes it is being persecuted – are increasingly raising concerns.

The Independent spoke to a woman who described how she was gang raped by three men who invaded her family home, and a man whose brother was gunned down at the age of 21 and said he believed race to be a factor in the killing.

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