ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Oct 22 14:23

Merkel Opens Up Germany to US LNG, Yielding to Trump's Pressure – Reports

The German government plans to give in to Donald Trump’s criticism about dependence on Russia’s fuel and pour millions into a liquefied natural gas terminal. This is expected to diversify Germany’s energy import, open it up to US gas and possibly avert hostile moves against the Nord Stream 2, the Wall Street Journal reports.

Germany’s Chancellor Angela Merkel has told the country’s lawmakers that the Cabinet is set to co-fund the construction of a liquefied natural gas (LNG) shipping terminal over breakfast this month. The $576 million project would be located in northern Germany, the US business outlet reports, citing the sources familiar with the meeting.

Oct 22 14:21

The American Economy Is Rigged…

Oct 22 11:40

U.S. Shale Has A Glaring Problem

Oil prices are down a bit, but are still close to multi-year highs. That should leave the shale industry flush with cash. However, a long list of U.S. shale companies are still struggling to turn a profit.

A new report from the Institute for Energy Economics and Financial Analysis (IEEFA) and the Sightline Institute detail the “alarming volumes of red ink” within the shale industry.

“Even after two and a half years of rising oil prices and growing expectations for improved financial results, a review of 33 publicly traded oil and gas fracking companies shows the companies posting negative free cash flows through June,” the report’s authors write. The 33 small and medium-sized drillers posted a combined $3.9 billion in negative cash flow in the first half of 2018.

Oct 22 11:39

Italy Responds To EU Commission, Admits Deficit Breach But Refuses To Budge

Initial relief over a favorable Moody's downgrade of Italy, which pushed the rating just one notch above junk but kept the outlook stable (which in turn prompted the following sarcastic remark from Deutsche Bank's Jim Reid "If there’s one thing the outlook isn’t for Italy at the moment it’s stable but rating agencies are unlikely to want to create a vicious circle") faded after Italy’s populist government promised it won’t let its budget deficit widen further than currently planned and called for dialogue with the European Union to address their differences.

In its letter response to the European Commission published Monday and seen by Bloomberg, Italy acknowledged Europe's concerns about the budget, but refused to change the proposed plan.

Oct 22 11:38

The first tunnel for Boring Company's underground transport network across Los Angeles will open in just 11 WEEKS, Elon Musk reveals on Twitter

Elon Musk has announced that the Boring Company will open a stretch of tunnel under Los Angeles in just 11 weeks.

The Boring Company founder made the announcement via Twitter and earmarked December 10 for the grand unveiling.

Boring has been working on developing a series of rapid-transit tunnels that can transport people on 'skates' at up to 150 miles per hour (240 km/h).

The stretch of tunnel that will be opened to the public was previously dubbed a 'test tunnel' and sits beneath the suburb of Hawthorne, south of downtown LA.

Oct 22 08:52

Tesla Employees Describe Elon Musk As Polarizing, Wasteful Micromanager In New Expose

A new CNBC expose on Tesla, the product of conversations with 35 current and former employees, has revealed Elon Musk to be a polarizing and wasteful boss who micromanages too much.

The extended report gives yet another look into a personality and work environment that helps explain the exodus of senior executives that the company has suffered over its short lifespan; it also touches on some “creative” accounting allegedly taking place at the company, like defining extra work on production lines as “training” or “research and development”.

Oct 22 08:51

Hasbro will lay off hundreds after Toys 'R' Us' closure

Hasbro will lay off up to 10% of its employees, victims of the fallout after Toys "R" Us closed its doors.

The toymaker has not yet disclosed how many of its 5,400 global employees will lose their jobs. Just over half of Hasbro's staff works in the United States.
"While some of these changes are difficult, we must ensure we have the right teams in place with the right capabilities to lead the company into the future," a company spokesperson said in a statement.

Hasbro said the job cuts should save the company between $30 million to $40 million a year by 2020. Hasbro's sales fell 12% in the third quarter, a drop the company attributed primarily to the loss of Toys "R" Us. Operating profit fell 13% in the third quarter, though the company got a slight benefit from the new US tax law.

Oct 22 06:16

US pressures SWIFT to cut off Iran from global banking transactions to enforce sanctions

The US aims to disconnect Iran from the SWIFT global payment network as part of new economic sanctions against the Islamic Republic in November. Disconnection from network would make it difficult for Iran to get paid for exports.

Oct 21 10:48

In Debt We Trust Documentary

- English Documentary -How Money and Credit Control Your Life

Oct 21 10:00

THE PARTY IS OVER

Oct 21 09:50

Fury in Germany as US Firm Tries to Hijack Deal With Iraq - Report

German-based giant Siemens had spent considerable time courting the Iraqi government in order to land the $15-billion-worth contract for building power infrastructure in the war-torn country. It had been considered an odds-on favorite until Washington reportedly intervened and compelled Baghdad to choose US-based General Electric.

In an attempt to secure Siemens’ positions in Iraq, its CEO Joe Kaeser signed a memorandum of understanding with the country’s electricity minister Kasim al-Fahdawi during his undisclosed trip to Baghdad. The German conglomerate, rivaled by US-based General Electric, has proposed a comprehensive reconstruction framework program for Iraq, the German outlet Welt reports, citing Siemens’ statement. A company spokesman told the newspaper that its economic scope hadn’t been evaluated, but declined to comment on the company’s rivalry with General Electric over Iraqi projects.

Oct 21 09:41

The European Financial Establishment Just Declared War On Italy

This week in a CNBC interview Jeroen Dijsselbloem, the former Dutch minister of finance who served as the President of the Eurogroup, declared war on the Italian government.

The European financial establishment is prepared to destroy the banking system and cause the Italian economy to implode. Like a Mafia boss, Dijsselbloem warned that Italy could run into trouble if it does not comply with Brussels’ directives. Of course, his statement was cloaked in diplomatic language:

“If the Italian crisis becomes a major crisis, it will mainly implode into the Italian economy … as opposed to spreading around Europe,” he said.

“Because of the way that the Italian economy and the Italian banks are financed, it’s going to be an implosion rather than an explosion.”

Oct 21 09:41

Speaking Of The Homebuilders...

Oct 21 09:20

Gold Is Becoming Cool Again

Oct 20 18:32

Nearly half the world lives on less than $5.50 a day – World Bank

Despite progress in reducing extreme poverty, the number of poor worldwide is still “unacceptably high,” according to a World Bank report, which showed that billions of people still struggle to meet basic needs.

The report found that nearly half the world’s population lives on less than $5.50 a day, with a rising share of the poor in wealthier economies.

The total number of people in poverty declined by more than 68 million between 2013 and 2015, World Bank said, explaining the number as “roughly equivalent to the population of Thailand or the United Kingdom.”

Oct 20 12:44

This Is The Worst Case Scenario If Investors Dump Saudi Arabia

So many Wall Street CEOs and other titans of investing and industry have pulled out of next week's "Davos in the Desert" conference that even the Ritz-Carlton, owner of the Riyadh venue hosting the conference (as it did last year), has been slammed by human rights groups over its continued support for Crown Prince Mohammad bin Salman and his brutal regime. In perhaps the biggest blow to the conference's clout, Treasury Secretary Steven Mnuchin has opted not to attend, eve as President Trump has insisted that Saudi Arabia's story about the circumstances surrounding the (now confirmed) death of critical journalist (and former government insider) Jamal Khashoggi is "credible". To deflect blame away from MbS, the Saudi leadership has orchestrated a purge of the country's senior intelligence apparatus and arrested 18 other Saudi nationals for their "involvement" in orchestrating and carrying out the killing.

Webmaster's Commentary: 

This response reminds me of a line from the Gilbert & Sullivan Operetta, "The Mikado", where the principal states: "I'm very sorry, but it's an unjust world, and virtue is triumphant only in theatrical performances."

And in the coming weeks, we will continue to see the "theatrical performances" of countries and corporations kowtowing to the Saudi royal family and their minions, all for the sake of the money they represent; no crime too horrific, no horrors too excessive, that's just fine!!

And Saudi Arabia will be allowed explain every criminal offensive and repulsive thing that they have done, with the most utterly illogical way possible, like the excuse that Khashoggi died in a fistfight, and the Saudi royal family will expect the rest of the world to collectively swallow this codswallop, as though it were the nectar of the gods.

And we swallow; because... that's the cost of doing business with these people.

We will continue to see horrific human rights prosecutions in Saudi Arabia, particularly those of non-Muslims, enthusiastically pursued, with hands and limbs and throats cut. Christian persecution in Saudi Arabia

We will continue to see female genital mutilations performed in Saudi Arabia,
Female Genital Mutilation, Saudi Arabia

And we will continue to see the US-government-enabled Saudi war against the Houthi rebels in Yemen continue as though it is the most normal thing in the world, because for the US Merchants of Death, and their Merchant of Death in Chief, Donald Trump, war is good for business. After all, who do the Saudis buy their weapons from?!?

Well, folks, here is a birdseye view of this war from the Yemeni side (caution: painfully graphic images): and if you loose your lunch upon viewing these images, good; that means that there is some degree of humanity left in you.

Images: Yemeni kids murdered or maimed for life, courtesy of Saudi bombing runs

Yemeni children dying from starvation, courtesy of US/Saudi blockages of Yemeni ports

Images: Yemeni children dying of cholera, possibly weaponized

But we are so addicted to Saudi oil and Saudi money, we can turn our heads away from horrors this country inflicts on its own people, and the people of other countries, and just collectively shrug our shoulders and simply say to ourselves, "it's just the cost of doing business with these people".

what's wrong with this picture?!?

Bloody everything!!

Oct 20 12:00

South Africa City To Begin Confiscating Land From Whites In National "Test Case"

The debate about land redistribution in South Africa has been a passionate one, as many South African cities face a housing crunch that has left hundreds of thousands of people living in informal settlements. Just as this debate is starting to reach a fever pitch, one South African city, Ekurhuleni, is about to embark on what mayor Mzwandile Masina calls "a test case" for the nation: the government is going to seize hundreds of acres of land, from white citizens without paying for it, to build low-cost housing.

Last month, the city voted in favor of pushing forward with "expropriation without compensation". According to ABC News, this was cited by the African National Congress as a legal rule that is necessary in order to distribute land equitably and correct "historic injustices" that took place in the country.

Webmaster's Commentary: 

IF the land-owners of this farming acreage had any sense whatsoever, they would have left this country long ago, with as much as they could carry with them, and migrate to a country which would be grateful to have them, because of their strong work ethic.

South Africa... is in its opening phases of "Zimbabwefication" , and will most likely be in dire economic and crop yield deficiencies in the very near future.

Giving someone land, with no training or experience in agricultural work, nearly guarantees that the crop yields will fall.

And to those South African banks, which have blithely decreed that even though their former lands have been repossessed by the State, the former owners have to pay off the loans they used for goods and services, I have
one phrase, from the TV show the Sopranos for you: "Furgitaboutit!!"

Oct 20 11:56

Bubbles, Balloons, Needles and Pins

Oct 20 11:13

Bolton heads to Moscow for high-stakes meeting with Russians

National security adviser John Bolton is traveling to Russia for talks early next week with top Russian officials that are likely to cover a variety of high-priority issues for the administration.

The trip is Bolton’s first to Moscow since he went to broker the details of the now infamous Helsinki summit between President Trump and Russian President Vladimir Putin last July.

The visit comes amid high tensions with Moscow on several fronts, including the conflict in Syria and the poisoning of ex-Russian spy Sergei Skripal in Britain earlier this year.

Bolton is expected in his meetings with Russian officials next week to further discussions on issues that Putin and Trump discussed in July, including Syria, where Moscow says it has delivered a S-300 missile defense system — in defiance of warnings from the Trump administration and Israel.

The talks are also likely to cover Iran, efforts to denuclearize North Korea, Israeli security and nuclear arms treaties.

Webmaster's Commentary: 

Whenever this thoroughly unhinged, and very vocal, gentleman racks up the "frequent flyer miles" in behalf of this government, I get very nervous.

And these charges against Elena Khusyaynova?!?

Spybosses warn of foreign interference as Feds unseal new Russia Charges

The NPR article goes on to state: Khusyaynova was charged in a criminal complaint in the Eastern District of Virginia on Friday. She, like the other Russians who have been charged in separate federal criminal cases, is not expected to stand trial in the United States.

"The government has chosen to use legal documents to lay out the case against the people who attacked the 2016 presidential election and have kept up a war of disinformation against the West."

And yet, she, and her alleged accomplices, will not be tried in the US. So what is this nonsense?!?

More Russia bashing, pure and simple. The US government both doesn't have a case, other than putting on a lengthy "show trial" here, upon which it will lavishly spend millions of taxpayer dollars on this sheer foolishness, all in the name of Russia bashing.

And where, please, has the evidence from, to accuse her of "...having kept up a war of disinformation against the West." ?!?!?

Don't the American people have the right to know what specifically she did, which so damaged the American reputation at home and abroad?!?

Or is that, also, "sealed" away from the prying eyes of the people she allegedly dishonored, citizens of the Unhinged, Surveilled State of Amerika?!?

The place Bolton should be visiting right now, rather than Moscow, is Tel Aviv, to ask about the continued pressure from Jewish groups, both in Tel Aviv, and Washington, to keep a very tight wrap on American elections, and insure that only people Tel Aviv and AIPAC-centric will receive the nomination to highest office here in the US.

Of course, that will happen... when pigs discover they are aerodynamic.

Oct 20 10:56

Russia welcomes foreign banks to join its money transfer alternative to SWIFT

Foreign banks will soon be able to become part of Russia's money transfer network which serves as an alternative to the traditional SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.

“Non-residents will start connecting to us this year. People are already turning to us,” said First Deputy Governor of the Central Bank of Russia Olga Skorobogatova. Earlier, the official said that by using the alternative payment system foreign firms would be able to do business with sanctioned Russian companies.

Oct 20 10:54

'US hides real debt, in worse shape than Greece'

Oct 20 10:08

Escobar: What Sanctions On Russia And China Really Mean

A crucial Pentagon report on the US defense industrial base and “supply chain resiliency” bluntly accuses China of “military expansion” and “a strategy of economic aggression,” mostly because Beijing is the only source for “a number of chemical products used in munitions and missiles.”

Russia is mentioned only once, but in a crucial paragraph: as a – what else – “threat,” alongside China, for the US defense industry.

Oct 20 10:06

Weekend Reading: Tax Cuts Saved The Economy?

Oct 20 09:34

Subprime loans are back

Oct 20 08:48

US Housing Turns into Buyer’s Market

Oct 20 08:41

The Insidious Wiles of Foreign Influence: Trump, Bin Salman, and Netanyahu

Even if the Saudi monarchy or Crown Prince Mohammed bin Salman in particular did not murder journalist Jamal Khashoggi, that regime is an especially evil one in both its domestic and international conduct. To see that, one need only consider the horrendous Saudi war against the people of Yemen, which has been backed by the U.S. government since Barack Obama was in office. That war, with its merciless killing of defenseless thousands, spread of disease, and inevitable benefits to al-Qaeda, is just the latest in a series Saudi atrocities.

Oct 20 05:46

‘Bear Flags’ Take Shape In Indices

Oct 19 18:06

Italy’s Debt Crisis Thickens

Oct 19 17:40

Treasury Bonds Aren’t the Only Ones Spiking

Oct 19 13:54

The US Transportation Boom Has Peaked

Oct 19 10:17

Stop the Tape! Phony Debt Free College

Oct 19 09:57

NO LIQUIDITY = FLASH CRASH: Any Questions?

Oct 19 09:53

Should Investors Have Money Offshore?

Oct 19 09:00

American tech giants are making life tough for startups

Big, rich and paranoid, they have reams of data to help them spot and buy young firms that might challenge them

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