ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Sep 21 11:44

Trump demands OPEC lower oil prices, claims US ‘protects’ Middle East countries

US President Donald Trump has accused OPEC’s Middle East producers of “pushing for higher and higher oil prices.” Trump, who is a proponent of cheap crude, has told OPEC countries they would not be safe for long without the US.

Webmaster's Commentary: 

Actually, the US seems to be invading Middle East countries!

Sep 21 11:03

U.S. Says VW to Leave Iran in Symbolic Win for Trump

The Trump administration persuaded Volkswagen AG to comply with sanctions on Iran and end almost all of its business in the country, according to a U.S. official, a symbolically charged step in undercutting European Union efforts to keep the 2015 nuclear deal alive.

The U.S. and Volkswagen hammered out the final details on Tuesday after weeks of talks, according to U.S. Ambassador to Germany Richard Grenell, who led discussions with the Wolfsburg-based company. Volkswagen will still be allowed to do some business in Iran under a humanitarian exception, Grenell added.

Sep 21 10:20

Washington’s Endless Sanctions Are Finally Backfiring

Sanctions are worse than ineffective: they have potentially far-reaching economic impacts. Limiting Iran’s oil sales pushes up energy prices globally. Penalizing technology sales to Moscow disproportionately affects European firms. Even smaller markets matter. Warned Peter Harrell, an attorney specializing in sanctions: “Trump’s August 9 tariffs on Turkey spurred a dramatic market selloff that not only affected Ankara but also caused the stocks of major European banks with business in Turkey to plunge and raised concerns about contagion to other emerging markets.” Washington’s promiscuous use of economic sanctions has moved the global economy away from the liberal marketplace.

Sep 21 10:18

US Sanctions Reach a Turning Point. De-Dollarization and Collusion against the U.S.

Each year, the USA finds a new country or group of countries to target with sanctions. Each year the USA adds about 1,000 individuals to its ever longer sanctions list. Now, US sanctions are coming to a turning point.

Up till now, the EU – representing around the same percentage of the world economy as the USA – was sitting put, as the USA grew its sanctions regime to ever more bizarre proportions. Together, the USA and the EU constituted nearly half of the world’s economy, and US sanctions previously “only” used to target the other half of the world’s economies. Hitherto, the EU had no compelling reasons to strain its relations with the USA because US sanctions do not affect them.

Sep 21 10:07

US slaps Chinese arms procurer with sanctions for buying advanced Russian weapons

US Secretary of State Mike Pompeo has authorized the addition of 33 Russian defense and intelligence officials and entities to the ever-growing US sanctions list and also targeted a Chinese military entity for buying Russian arms.

The Countering America's Adversaries Through Sanctions Act (CAATSA) of 2017 instructs the US administration powers to target Russia, Iran and North Korea with various sanctions and restricts them from lifting previously imposed sanctions without congressional approval. Anyone dealing with those on the sanctions list faces at least a warning from the US as well.

In addition to extending the Russian blacklist to 72 entries, Washington has also targeted a Chinese military unit over the purchase of advanced Russian Su-35 fighter jets and S-400 surface-to-air missiles.

Sep 21 09:38

Walmart Warns It Will Be Forced To Raise Prices Due To Trade War

One of the reasons why the US economic response to Trump's trade war with China had been lukewarm at best, is that US consumers had not been subject to any of the inflationary consequences of the escalating tariffs between Washington and Beijing. That, however, is about to change: overnight Walmart issued a warning in a letter to U.S. Trade Representative Robert Lighthizer that it may have to raise prices due to tariffs on Chinese imports, CNN Money reported.

"The immediate impact will be to raise prices on consumers and tax American business and manufacturers," Walmart said, according to the CNN Money report.

The letter came two weeks after Walmart asked the Trump administration to walk back its plan to put tariffs on Christmas lights, shampoo, dog food, luggage, mattresses, handbags, backpacks, vacuum cleaners, bicycles, cooking grills, cable cords and air conditioners.

Sep 21 08:12

China on the Brink?

Sep 21 07:38

HAS THE FEDERAL RESERVE JOINED THE DEEP STATE IN AN ATTACK AGAINST TRUMP?

This is simply stunning. Federal Reserve Bank Chairman Jay Powell has met or called members of Congress 48 times in his first six months in office, according to a report from Bloomberg News. By contrast, his predecessor, Janet Yellen, who is a shrewd networker, had just

Sep 20 17:29

Credit Card Cartels Landed With $6.2 Billion Price-Fixing Bill

By Kai Sedgwick

Visa and Mastercard have run up the mother of all credit card bills. The monopolistic payment providers had been embroiled in a long-running lawsuit instigated by merchants protesting their excessive fees. The credit card giants have now conceded defeat and agreed to settle the price-fixing case for a whopping $6.2 billion...

Sep 20 17:20

Wells Fargo to reduce workforce by up to 10%

The troubled US bank Wells Fargo is planning a steep reduction of staff that could affect more than 26,000 people.

The firm said it expects headcount to decline by 5% to 10% over the next three years, through a combination of cuts and regular attrition.

The move is part of an effort to make the bank more efficient, as the sector moves online, boss Tim Sloan said.

Sep 20 13:21

U.S. — A ‘Democracy Where ‘Both’ Sides Represent ONLY the Aristocracy

The most comprehensive scientific study ever done of the subject has shown that America is ruled only by its few richest, not by the public. How can this be the case if its Government is run by two Parties — Democrats and Republicans? Those are merely competing factions within the aristocracy. America is a two-Party dictatorship. A dictatorship can have any number of parties. An aristocracy can have any number of factions.

Sep 20 12:38

1929 Crash Remembered, 20 Sept 2018

But who here can remember 1929?

Not I, but I was a little kid who paid attention.

Wandering into a tea at my grandmother's, one of the silver-haired ladies ordained that I come sit by her, and listen.

Old money was sipping Earl Grey and remembering not just 1929 but also 1933 and the govt-violation of safety deposit boxes to confiscate citizen gold, and even jewelry.

They described suicides leaping out of windows and going splat, fortunes lost overnight, factories, farms, homes called in as bank collateral.

Webmaster's Commentary: 

Now would be a good time for Americans to remember who got hurt during this economic tsunami, and why; we are headed for another cyclical "dip" at any moment, probably aggravated by Central Banks' "planning", which has repeatedly gone catastrophically wrong.

Sep 20 12:18

Iran Sanctions Are Damaging The Dollar

Painful sanctions on Iran have demonstrated the long reach of the U.S. Treasury, forcing much of the globe to fall in line and cut oil imports from Iran despite widespread disagreement over the policy. Yet, we are only in the first few chapters of what may ultimately be a long story that ends with the erosion of the power of the U.S. dollar.

The role of the greenback in the international financial system is the reason why the U.S. can prevent much of the world from buying oil from Iran. Oil is traded in dollars, and so much of international commerce is based in dollars. In fact, as much as 88 percent of all foreign exchange trades involve the greenback.

Moreover, multinational companies inevitably have some commercial ties to the U.S., so when faced with the choice of business with Iran or losing access to the U.S. financial system and the American market, the choice is an easy one.

Sep 20 12:15

Turkish Lira Swings Violently As Erdogan's Economic Plan Spooks Traders

The Turkish lira swung violently, rising to session highs then slumping 1.5% after Turkey presented its medium term economic plan, which together with last week's massive 625bps rate hike was supposed to restore investor confidence in the country's struggling economy.

The Turkish Lira first rose 1.9% during the speech delivered by Turkey's finance minister Berat Albayrak in which he revealed targets for growth and inflation that signaled a somewhat realistic assessment of the economy and its outlook, including a current account deficit that was forecast at 3.3% for 2019, a number seen as realistic and a far-cry from some of the wild estimates recently suggested by analysts.

Sep 20 12:09

US Places 33 Alleged Russian Spies And Military Officials On Sanctions Blacklist

Secretary of State Mike Pompeo has authorized the addition of 33 alleged Russian spies, defense and intelligence officials to the US sanctions list. The blacklisting took place following an executive order from President Trump authorizing Steven Mnuchin, in consultation with Pompeo, to employ all powers granted to the President "by IEEPA and certain CATSAA sections" for implementation of certain sanctions with respect to Russia.

A White House official said the new measures were aimed at "imposing costs on Russia in response to its malign activities."

Washington has also imposed new sanctions on a Chinese military unit over the purchase of Russian jets and missiles.The Chinese sanctions are to come into effect immediately.

Webmaster's Commentary: 

The only thing these sanctions seem to have actually accomplished, is to strengthen the position of the ruble, and made it more self sufficient, and more attractive to investors.

One could almost say that this practice has rather backfired for DC in a spectacular manner.

Sep 20 11:05

Taxing And Tracking The Independent Media: Censorship And Control

One of the most heinous things about taxes is that they support the very 'organs' (to quote a Soviet-era term) of government that crush the people... even further. The taxes are weapons used by the authorities...and all authority comes from the barrel of a gun (to paraphrase Mao). The taxes are used to corral in the masses and keep them upon a continuous treadmill that sustains the system...the very system that exploits and enslaves the citizens.

Sep 20 11:04

Central Planning Failed In The USSR, But Central Banks Have Revived It

The Federal Reserve’s changing of the guard - the end of Janet Yellen’s tenure and the beginning of the Jerome Powell era - has me remembering what it was like to grow up in the former Soviet Union.

Back then, our local grocery store had two types of sugar: The cheap one was priced at 96 kopecks (Russian cents) a kilo and the expensive one at 104 kopecks. I vividly remember these prices because they didn’t change for a decade. The prices were not set by sugar supply and demand but were determined by a well-meaning bureaucrat (who may even have been an economist) a thousand miles away.

If all Russian housewives (and house-husbands) had decided to go on an apple-pie diet and started baking pies for breakfast, lunch, and dinner, sugar demand would have increased but the prices still would have been 96 and 104 kopecks. As a result, we would have had a shortage of sugar — a common occurrence in the Soviet era.

Sep 20 11:03

The HELOC ATM Is Back - Over 24 Million Americans Are Using Home Equity "To Get By"

Americans' propensity to use their home equity to pay for routine household expenses - as if it was a credit card - has waned in the years since the financial crisis, largely because home ownership rates have also plunged to the lowest level in modern US history.

But with borrowers sitting on massive amounts of untapped equity, one study by Bankrate.com suggests that millions of Americans are seriously considering tapping to pay for everyday purchases even as interest rates are pushing borrowing costs to their highest level since the financial crisis.

And as anybody who remembers the crisis would remember, this can become extremely problematic when it comes time to roll those loans over at a higher rate.

Sep 20 11:02

How the Trade War Helps Hide Central Bank Sabotage Of The Economy

Almost every aspect of the global economic downturn, which started ostensibly in 2007-2008 and is still ongoing to this day, can be traced back to the actions and policies of central banks. The Federal Reserve, for example, used artificially low interest rates and easy money to create a supposedly no-risk loan environment. This translated into a vast amount of toxic mortgage debt along with a web of derivatives (Mortgage Backed Securities) attached to that debt.

The Fed ignored all the signs and all the alternative analyst warnings. Agencies like S&P backed the Fed narrative that all was well as they gave AAA ratings to endless toxic market products. The mainstream media backed the Fed by attacking anyone that argued the notion that the U.S. economy was unstable and ready to falter. In that era of economics, the truth was effectively hidden from the public by the system through relatively standard means. Today, things have changed slightly.

Sep 20 10:41

US puts 33 Russian intel, military officials on sanctions blacklist

US Secretary of State Mike Pompeo has authorized the addition of 33 Russian defense and intelligence officials to the US sanctions list.

Washington has also imposed new sanctions on a Chinese military unit over the purchase of Russian jets and missiles. The Chinese sanctions are to come into effect immediately.

Sep 20 10:26

North, South Korea to Form Joint Military Committee

On Wednesday, President Moon Jae-in and North Korea’s Kim Jong Un signed a joint statement on the general improvement of inter-Korean relations, capping off a very successful third summit which appears to have gotten the denuclearization operations back on track.

In addition to denuclearization and peace talks efforts, the two Koreas agreed to found a joint military committee, which will be charged with maintaining communication between the two nations, and prevent any accidental clashes.

This is potentially a hugely important step, as the two nations try to reduce decades of military tensions, and negotiate efforts to move their respective forces away from the border as the efforts to negotiate a peace treaty advance.

Webmaster's Commentary: 

Color me slightly optimistic here.

Sep 20 09:52

Homeless 1

Sep 20 09:50

STATE LEGISLATOR SAYS 11-YEAR-OLD TASED BY COP DESERVED IT AND HER PARENTS PROBABLY SUCK

Cincinnati police officer Kevin Brown’s decision to fire a Taser at an 11-year-old girl suspected of shoplifting from a grocery store in August immediately drew criticism from city officials and advocates.

This is even worse than the police union's take on the incident, which referred to the completely expected backlash as "kneejerk." But, hey, I guess deciding to tase an 11-year-old in the back -- one who reportedly was all of 4'11'' and 90 pounds -- couldn't possibly be portrayed as a kneejerk reaction by a law enforcement officer. When force isn't truly needed, we can be sure some cops will deploy it anyway.

But Rep. John Becker's take is the hottest take of all. Anyone tased by a cop -- even an 11-year-old -- is a person who brought that crackling, barbed punishment down on themselves. There's no reason to question the wisdom or necessity of the Taser deployment. Rather, we should question ourselves. And perhaps society. But mostly ourselves.

Webmaster's Commentary: 

And the Police Department in that city cannot possibly subdue a 90 lb eleven year old girl with anything else but a taser?!?

Right now, I would say that the child's whole family is in desperate need of some kind of counseling intervention, because if this kid continues to go down this path, there's no way she won't wind up in juvenile hall, with lengthy prison sentences sure to follow.

And I have to ask myself; is this the outcome we want for this child?!? Institutionalized, thrown away, and forgotten, as so many other kids have been, and committed to an ever more dangerous way of living, every time she gets out of juvie or jail?!?

I think that thinking, mature adults would have to say, absoflippinglutely not.

Sep 20 09:27

Trump Says 'No' to Sanctions Against Nord Stream 2 Companies

Speaking to journalists before meeting his Polish colleague Andrzej Duda, the US President slammed the joint venture to build a direct gas pipeline from Russia to central Europe via the Baltic Sea, calling it "unfortunate for the people" of Germany.

US President Donald Trump and Polish head of state Andrzej Duda have agreed to unite their efforts against the Russian-European Nord Stream 2 project. According to the two leaders, who met in the White House, energy projects "endangering our security, like Nord Stream 2" should be prevented. Trump stressed that nobody should depend on only one energy supply.

However, Donald Trump has stated the US was not planning to slap any sanctions against companies involved in the Russian project when asked about such a possibility.

Sep 20 09:18

Source: EU summit in Salzburg not to adopt new anti-Russia sanctions over Skripal case

Heads of state and government of the 28 EU states will not adopt new sanctions against Russia over Russia’s alleged involvement in poisoning of the former Russian military intelligence officer Sergey Skripal and his daughter Yulia in Salisbury, a source in the EU Council told TASS.

"Introduction of new restrictions at the summit is not expected. At the moment no additional sanctions against Russia are planned," the source said.

Sep 20 09:15

Barclays customers hit by online glitch

Frustrated Barclays customers have been locked out of their online accounts for hours today.

The problem began on Thursday morning and hit the Barclays website and telephone banking.

The bank said it had "technical problems" that it was working to fix and that its mobile phone app was working as normal.

Sep 20 09:09

Dalio Warns Of Dollar Crisis – “History Is Doomed To Repeat Itself”

“History is due to repeat itself” warns Ray Dalio on Bloomberg

– “I think it will be more of a dollar crisis than a debt crisis” says Bridgewater Founder

– “It will be more of a political and social crisis…”

– “Balance is key” and if going to be active investor, you need to be contrarian and “buy when there is blood in the streets”

– Bridgewater continues to own gold and Dalio views gold as a currency and as money

– “It’s not sensible not to own gold…” Dalio told the CFR

Sep 20 08:49

Billionaires Are the Lethal Monkey on the Back of the American Public

“I sit on a man’s back choking him and making him carry me, and yet assure myself and others that I am sorry for him and wish to lighten his load by all means possible … except by getting off his back.” —Leo Tolstoy

Sep 20 08:45

MAJOR INSURANCE COMPANY TO ONLY SELL ONLY HEALTH-TRACKER BACKED LIFE INSURANCE

A week ago, Apple announced a redesigned smartwatch that could track heart data, run EKGs, and even detect atrial fibrillation, promising that it would save lives. Today, one of America's biggest insurers killed its traditional life insurance policies, replacing them with "interactive" insurance that encourages users to use such devices and share the data with them to get perks.

These are already available, but will soon be the only option on John Hancock's menu.

Policyholders score premium discounts for hitting exercise targets tracked on wearable devices such as a Fitbit or Apple Watch and get gift cards for retail stores and other perks by logging their workouts and healthy food purchases in an app.

Privacy and consumer advocates have raised questions about whether insurers may eventually use data to select the most profitable customers, while hiking rates for those who do not participate.

Webmaster's Commentary: 

I predict that we will see insurance rates hike to the point of people not using devices like this not being able to afford health insurance whatsoever.

So what's the next step, please; if the individual using such a tool takes a drop in their "insurance-worthiness", euthanasia?!?

Sep 20 07:57

Amazon Aims To Open 3,000 Cashierless Stores By 2021, Threatening Convenience Stores

By Aaron Kesel

Amazon is considering opening 3,000 cashierless Amazon Go stores by 2021, Bloomberg reported.

A move into retail by the online giant would threaten convenience stores and fast-food chains across the U.S. by selling items to customers cheaper and faster.

Current existing Amazon Go stores sell prepared sandwiches, salads, yogurt, and granola bars. That’s a market that is mostly occupied by small mom-and-pop convenience stores...

Sep 19 14:21

Trump's Tariffs Will Cost More Than Obamacare's Taxes

We're not there yet, but President Donald Trump's escalating trade war with China is threatening to completely cancel out the economic benefits of last year's tax cuts—cuts that the president and his supporters have often credited for the growing economy.

Put another way, the potential costs of Trump's trade war could be even more difficult for the president to swallow. The import taxes imposed by the Trump administration will end up being a larger burden for the economy next year than all the taxes associated with the Affordable Care Act—a law that Trump has often described as "a disaster" for Americans.

While Trump has described tariffs as being "the greatest" and promised that his bellicose trade policies will ultimately benefit American workers and the economy, these two new assessments of the costs of those policies should raise questions among Republicans, who largely favored the tax cuts and opposed the new taxes created by Obamacare.

Sep 19 11:44

A Historic Divergence In Stock Market Breadth

Sep 19 09:58

Trade War Amplifies: China Sets Tariffs On $60 Billion Worth Of US Goods

In retaliation for tariffs leveled on China, the Communist government has returned the favor, and set tariffs on $60 billion worth of goods imported from the United States. It only took mere hours for China to respond to the announcement that the US would place tariffs on $200 billion in Chinese goods.

If the U.S. continues to raise its tariffs, China will respond in kind, according to a report by NPR. This current ramp up in the trade war sets the stage for yet another set of tariffs and sky-high tensions between the US and China. On Monday, president Donald Trump also threatened to add levies on about $267 billion of additional imports if China retaliated.

When announcing the tariffs against China on Monday, Trump said China’s trade practices, such as forcing U.S. companies to transfer technology to Chinese firms, “plainly constitute a grave threat to the long-term health and prosperity of the United States economy.”

Sep 19 09:47

China Cuts U.S. Treasury Holdings as Trade War Intensifies

China’s holdings of U.S. Treasuries fell to a six-month low in July, just as a trade war between the world’s two largest economies began heating up.

China’s ownership of U.S. bonds, bills and notes slipped to $1.17 trillion, the lowest level since January and down from $1.18 trillion in June, according to data released by the Treasury Department on Tuesday. Japan, the largest foreign investor in Treasuries after China, increased its holdings, as did Saudi Arabia, Taiwan, Singapore and France.

The first salvos in the U.S.-China trade conflict were fired on July 6, when the Trump administration activated tariffs on $34 billion of Chinese goods, which sparked immediate in-kind retaliation from Beijing. The escalation caused the yuan to drop roughly 2 percent in July, suggesting that the Asian nation shed U.S. bonds as a way to sell dollars and support its currency, according to NatWest Markets.

Sep 19 08:48

Danske Bank CEO Quits As Money Laundering Scandal Swells To $234 Billion

Estimates of Danske Bank's staggering fraud have grown since news that the US had launched an investigation broke last week. Since then, the total amount laundered through the bank by shadowy figures in the former Soviet Union has risen to an estimated 200 billion euros - or $234 billion. For context, that's many times the roughly $17 billion that flows through Estonian banks during an average year, meaning that the money laundering perpetuated by Danske effectively transformed the Estonian banking system into a giant front for organized crime groups. And as evidence has proliferated that the bank's leadership did nothing to inhibit the financial crimes despite being confronted with evidence from internal and external sources, the bank has determined that the time has come to make a token sacrifice so that the wider institution may survive.

Webmaster's Commentary: 

Jesse James was right; the real outlaws are the bankers!

Sep 19 08:29

Protests target HSBC over shares in Israel weapons company

A wave of UK protests were held outside branches of HSBC bank over shares in an Israeli arms company accused of manufacturing internationally banned weapons.

Protestors directed their anger against the bank’s $4.7 million worth of shares in a number of Israeli arms manufactures, including Elbit system, calling on the bank to sever ties with the firms accused of abetting Israel’s crimes against Palestinians.

Elbit Systems manufactures and supplies the Israeli military with drones, which are used regularly in attacks on Palestinian civilians, especially in Gaza Strip. It was recently revealed that an Elbit Hermes 450 drone was used during a 2014 attack in which four Palestinian children were killed on a Gaza beach while playing football.

Sep 19 06:32

If Chicago can’t even fund its pensions, how is it going to fund “universal basic incomes” for the masses?

Chicago Mayor Rahm Emmanuel has just announced his plans to form a task force for instituting city-wide universal basic income. The program would see the city paying a number of Chicago families hundreds of dollars every month, with no strings attached. What could go wrong, in a city already so plagued by debt that they can’t even afford to make pension payments?

Sep 19 04:45

"Get Your Cash Out Of The Banks Now..."

Sep 19 04:38

Is This Just the Calm Before the Storm?

Sep 18 16:03

Something Is Probably Wrong...

Sep 18 14:01

How Millennials Impact the Housing Market

Sep 18 10:10

USA Market VS China Market past 6 months

Sep 18 09:59

All signs point to upside for gold

Sep 18 09:38

Hungary wants Russia's Turkish Stream pipeline to be extended into Europe – Orban

The Hungarian Prime Minister Viktor Orban has asked Russia to extend the Turkish Stream natural gas pipeline to his country and further into Europe.
Orban, who is on a visit to Moscow, broached this potential project during a meeting with Russian President Vladimir Putin on Tuesday. "It's no secret that Hungary wants the pipeline that's being built near the south of the country, to go through Hungary,” Orban said. The countries have also agreed a gas delivery service from Russia to Hungary for 2020.

Sep 18 09:29

Market Concentration Signals Need for Caution

Sep 18 08:27

Amazon, Walmart delay New Jersey bill that would ban cashless stores

New Jersey lawmakers shelved a vote on advancing a bill Thursday that would prohibit retailers from refusing to accept cash. The measure was tabled before a Senate Commerce committee hearing after the retail giants and other stakeholders expressed concerns with the bill, said State Sen. Nellie Pou (D., Passaic), who chairs the committee and is sponsoring the legislation.

Sep 18 08:09

Jack Ma Warns US-China Trade War "Could Last For 20 Years"

This is not what the market wants to hear right now.

Hours after China's Foreign Ministry said it would unveil its retaliation to the impending 10% US tariffs on $200 billion of Chinese goods "at an appropriate time" - a "measured" response that, because it wasn't "the worst scenario that some analysts had expected", helped push global markets higher, China's wealthiest - and recently retired - man warned that the US-China trade spat is far from over.

Alibaba founder - who surprised the market earlier this month when he announced his resignation as CEO - Jack Ma said that what we're seeing now is merely the beginning of a conflict for global economic dominance that could persist "for 20 years" even after the US administration that instigated it has been consigned to the history books, Bloomberg reports.

Sep 18 07:54

Bernie's "Stop Bezos Act" Doesn't Work, Here's Why!

Sep 18 06:03

China says it will levy retaliatory tariffs on September 24, simultaneously with Washington

“The US insists on increasing tariffs, which brings new uncertainty to the consultations between the two sides. It is hoped that the US will recognize the possible negative consequences of such actions and take convincing means to correct them in a timely manner,” the statement reads.

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