ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Nov 26 14:31

U.S. billionaires have grown their wealth by more than $1trillion since the COVID-19 outbreak began in March - while 29 of them have at least doubled their worth through the pandemic

The analysis found that the 650 billionaires gained $1.008 trillion in wealth between March 18, 2020 and November 24, 2020 and are now worth a combined total that is close to $4trillion.

Of this group, 29 billionaires doubled their wealth since March and 36 new billionaires have been made.

Nov 26 14:00

As good as it gets, folks.

Nov 26 09:27

Russia Can, the United States Can’t Cut the Ice

Ice-class vessels will be able to travel in the Leader’s convoy in heavy ice conditions at almost the same speed as in clear water. And this has a direct impact on the economic attractiveness of the Northern Sea Route”
Russia has large-scale plans in the Arctic – and the world’s most powerful nuclear icebreakers will ensure Russia’s presence in this crucial region. Three icebreakers of the LK-120YA Leader project will be built according to the strategy for the development of the Arctic zone until 2035 approved by the President of the Russian Federation. What is unique about this ship and what tasks will it solve?

Nov 26 08:29

GM recalling 7 million vehicles for airbag problems after losing fight with safety regulator

GM is recalling 7 million pickups and SUVs worldwide with airbags made by the same manufacturer whose airbags are linked to at least 17 deaths in the United States.

The National Highway Traffic Safety Administration ordered a US recall on Monday, rejecting GM's argument that this version of the airbags didn't need to be replaced.

The recall centers on a defect in airbags made by Takata, a now-bankrupt Japanese manufacturer, that caused the bags to explode, spraying shrapnel through the vehicle. In addition to the deaths, other drivers or passengers have been blinded or maimed.

Nov 26 07:49

Who Pressed the Great Reset Button?

What is this “Great Reset” we’re now hearing about? In a nutshell, the Great Reset refers to a global agenda to monitor and control the world through digital surveillance.

As explained by journalist James Corbett in his October 16, 2020, Corbett Report below,1 the Great Reset is a new “social contract” that ties every person to it through an electronic ID linked to your bank account and health records, and a social credit ID that will end up dictating every facet of your life.

It’s about “getting rid of capitalism” and free enterprise, and replacing them with so-called “sustainable development” and “stakeholder capitalism” — terms that belie their nefarious, anti-humanity intents. As noted in the book, “Technocracy: The Hard Road to World Order”:2

Nov 26 07:47

Improper Payments: Analyzing $2.3 Trillion Mistakenly Spent By The U.S. Government Since 2004 | OpenTheBooks Oversight Report

1. TOTAL MISTAKES

$175 billion in estimated improper payments reported by the 20 largest federal agencies, averaging $14.6 billion per month. Total (FY2004-FY2019): $2.3 trillion.

2. WORST PROGRAMS

Billion-dollar Boondoggles: $121 billion (approximately 69 percent) in improper payments occurred within three program areas – Medicaid, Medicare, and Earned Income Tax Credit.

3. CLAW BACK

Recapture totaled $21.1 billion of the $175 billion improper payments during 2019 — roughly 14 cents on every dollar misspent. Five-year total: $103.6 billion recaptured/ $747.7 billion improperly spent.

Nov 26 07:31

Millions of Americans Expect to Lose Their Homes as Covid Rages

Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S.

About 5.8 million adults say they are somewhat to very likely to face eviction or foreclosure in the next two months, according to a survey completed Nov. 9 by the U.S. Census Bureau. That accounts for a third of the 17.8 million adults in households that are behind on rent or mortgage payments.

The CARES Act, signed into law last March, allows homeowners to pause mortgage payments for up to a year if they experience hardship as a result of the pandemic. Borrowers who signed up at the start of the program could face foreclosure by March.

Nov 26 07:07

How Joe Biden helped spark the Global Financial Crash of 2007-2008

As a Senator from Delaware, Joe Biden was one of the major promoters of the Bankruptcy Abuse and Consumer Protection Act of 2005 (BACPA).

Written by banks and credit card companies being swamped by rapidly rising rates of personal bankruptcy in the early 2000s, BACPA made it much more difficult for individuals to enter formal bankruptcy.

Not surprisingly, it did not occur to American financial and political elites, like Senator Joe Biden, that simply making it more difficult for individuals to declare bankruptcy did absolutely zilch to solve the economic hard times suffered by people who are bankrupt.

So, what do you think people in financial straits did when they can no longer file for bankruptcy?

Yep, kiddies, lots of them stopped paying their home mortgages. This was especially noticeable at the time for subprime mortgages.

Nov 26 07:06

State of Homelessness: 2020 Edition

As the Alliance publishes this updated version of the State of Homelessness, COVID-19 is creating a health and economic crisis in America and throughout the world. It is too soon to determine its ultimate impacts. Thus, this year’s report represents a baseline—the state of homelessness before the crisis began. It also reflects some early considerations and predictions about the influence of the pandemic on this vulnerable population.

Nov 26 07:06

The surprising holes in our knowledge of America’s homeless population

President Trump seems close to declaring a war on homelessness or, depending on whom you ask, a war on the homeless. On the way to California on Tuesday, he griped that people living on the streets are devaluing prestigious addresses, and he vowed to do something about it.

But what do we actually know about the population that, according to the Post’s Philip Rucker and Jeff Stein, Trump says are living on the “best highways, our best streets, our best entrances to buildings?"

Homeless America defies easy characterization. It has more residents than some rural states — more than 550,000 Americans experience homelessness on a typical night, and 1.4 million will spend some time in a shelter in a given year.

Nov 26 04:05

There Are No Short Sellers Left

Nov 25 15:51

The Dow Just Hit 30,000, But Meanwhile The Real Economy Is Having A Meltdown

Now more than ever, the stock market is not a barometer for the health of the overall economy. The truth is that an economic collapse has begun, and over time it will get much, much worse. -- But for the moment, nothing you can say will keep the ultra-wealthy from feeling euphoric as they monitor their rapidly rising stock portfolios. -- For them, this will definitely be a very happy Thanksgiving. -- But for most of the rest of the country, the current state of affairs is nothing to smile about.

Nov 25 13:57

It looks like your next stimulus check will be a lot bigger than the first

It’s not just national political leaders who have stepped up their calls on Congress to finally, after months of delay and gridlock, pass another coronavirus relief bill that includes funding to provide most Americans with a second stimulus check. In a new open letter, a group of more than 125 economists is now advocating for the same — specifically, more stimulus that includes new direct payments to families hit hard by the coronavirus pandemic.

The economists include a former advisor to President Obama, economist Jason Furman. “We urge policymakers to use all the tools at their disposal to revitalize the economy, including direct cash payments, which are one of the quickest, most equitable, and most effective ways to get families and the economy back on track,” the economists write in the open letter. Additionally, they point to research from the Urban Institute that points to stimulus checks being a tool that could keep some 14 million people out of poverty.

Nov 25 13:54

2021 Would Be a Great Time to Audit the Fed

Nov 25 13:12

Amazon Web Services outage causes issues for Roku, Adobe

November 25,2020,12.30pm: Amazon’s cloud-computing service on Wednesday was hit with an outage that took down some websites and services.

A notice on Amazon Web Services’ status page said it was experiencing problems with Kinesis, its service that processes large streams of data, causing “increased error rates” for a number of websites. The outage also impacted its ability to post updates to the status page.

“We continue to work towards recovery of the issue affecting the Kinesis Data Streams API in the US-EAST-1 Region,” the notice stated, adding that the issue appeared to be affecting the “subsystem” responsible for handling incoming requests.

“The team has identified the root cause and is working on resolving the issue affecting this subsystem,” the notice said.

Nov 25 13:07

Amazon Web Services outage causes issues for Roku, Adobe

November 25,2020,12.30pm: Amazon’s cloud-computing service on Wednesday was hit with an outage that took down some websites and services.

A notice on Amazon Web Services’ status page said it was experiencing problems with Kinesis, its service that processes large streams of data, causing “increased error rates” for a number of websites. The outage also impacted its ability to post updates to the status page.

“We continue to work towards recovery of the issue affecting the Kinesis Data Streams API in the US-EAST-1 Region,” the notice stated, adding that the issue appeared to be affecting the “subsystem” responsible for handling incoming requests.

“The team has identified the root cause and is working on resolving the issue affecting this subsystem,” the notice said.

Nov 25 12:51

Rickards: Here Comes the New Recession

Nov 25 11:51

A Glimpse of Biden's America: Massive Redistribution of White Taxpayer Wealth Proposed as Part of "Justice for Black Farmers Act"

And here we go… America in 2021 is on the same path of Rhodesia to Zimbabwe.

Nov 25 11:43

British Economy Shrinks By Most In 300 Years Thanks To COVID, Chancellor Warns

Just days after UK Prime MInister Boris Johnson confirmed that the 2nd English COVID-19 lockdown would soon come to an end (as England is expected to revert back to the tiered system of restrictions that preceded it), Chancellor Rishi Sunak on Wednesday shared some grim numbers about the state of the British economy with Parliament.

With global stocks on track to clinch their strongest monthly performance in modern history, Sunak warned that the British economy is set to contract by by more than 11% in 2020, the biggest annual contraction in 300 years - a period that has included at least one other global pandemic, and many, many wars.

It's no secret that the UK has been one of the hardest-hit developed nations. With one of the highest COVID-19 death tolls in the world, British leaders have imposed some of the harshest restrictions on movement and businesses in all of Europe.

Nov 25 11:04

BBC fat cats splurged £300k on lavish hotels and luxury flights: As the over-75s are forced to pay for licences, TV chiefs' high life on expenses is revealed

BBC chiefs claimed more than £300,000 on expenses including business class flights and five-star hotels last year, a Daily Mail investigation reveals today.

An audit of three dozen bosses who each earn at least £200,000 a year found shocking examples of executive extravagance.

The investigation, undertaken with the TaxPayers’ Alliance, also shows golden goodbyes surged by a third to £23million – with 85 employees pocketing half this sum on an average payout of £131,000.

Nov 25 08:38

The top is in?

Nov 25 07:35

There is a ‘burgeoning’ problem in Australia

Nov 25 06:37

Long lines form at food banks across country ahead of Thanksgiving

Americans are lining up in historic numbers at food banks across the country this week as the COVID-19 pandemic exacerbates levels of food insecurity for millions of people.

As the Thanksgiving holiday draws closer, news reports from states around the U.S. indicate that more Americans face food insecurity now than at any time in recent decades.

Video obtained by CNN on Tuesday from the Meadowlands entertainment complex in New Jersey showed residents waiting for several hours to obtain prepackaged boxes of meals for the Thanksgiving holiday.

Nov 25 06:12

There Were Two Americas Today As Dow Struck 30,000 

The K-shaped economic recovery, one where the rich grow richer and the working-poor are crushed with job loss and insurmountable debts, was on full display Tuesday afternoon as the Dow Jones Industrial Average crossed 30,000 for the first time.

By mid-afternoon, hours after the DJIA soared to new highs, Bloomberg tweeted a disturbing video of yet, another massive food bank line, something we've been highlighting this fall as an increasing occurrence as covid winter continues to crush the working-poor.

Today's food bank lines were situated in Albuquerque, New Mexico, where hundreds of vehicles were lined up "at a local stadium parking lot," Bloomberg said. The lines snaked around a parking lot, with an overflow of vehicles pouring out onto the city street.

Nov 24 16:23

The U.S. Dollar Is Being Systematically Destroyed, And We Are On A Path That Inevitably Leads To Hyperinflation

If we keep treating the U.S. dollar like it is toilet paper, it is just a matter of time before our entire financial system goes down the tubes. At this moment, the dollar is still the primary reserve currency of the world, and the fact that we control it is an absolutely massive advantage for us. Because the rest of the globe uses dollars to trade with one another, that creates a tremendous amount of artificial demand for our currency, and it keeps the value of our currency elevated at a level that it much higher than it otherwise would be. But now that we are starting to act like the Weimar Republic in their heyday, it is only going to be a matter of time before everyone else on the planet starts abandoning the U.S. dollar in droves. We are literally killing our “golden goose”, and most Americans do not even understand what is happening.

Nov 24 12:59

'Net-Zero': Some People Are Sounding The Alarm Over Biden's Potential Energy Policy

August Pfluger, an Air Force veteran, recently elected to serve an oil-rich Texas district said President-elect Joe Biden's plans on taxes, and the oil and gas industry are "extremely alarming."

Pfluger, a former national security consultant to President Trump, said American energy freedom is a key security preference, and he'll advocate for oil and gas jobs as a Republican member of Congress.

"We're going to do everything we can to continue to fight for things like energy independence," Pfluger, the former fighter pilot said. "...It is job No. 1 for me that we fight against anything that we see from a Biden administration or executive order."

Nov 24 11:43

$6 million per life: Study calculates economic wreckage caused by US Covid-19 shutdowns

With coronavirus lockdowns forcing businesses to shut their doors for months, a team of researchers has attempted to find out how many lives the restrictions saved in the United States and just how much economic damage was caused.

The sobering calculations found that the closures from the pandemic’s onset in March through to the rollbacks in May saved approximately 29,000 lives and came with a $169 billion price tag.

The number crunchers from HEC Paris business school and Bocconi University in Milan say this amounts to around $6 million per person.

Nov 24 11:41

Elon Musk has overtaken Bill Gates to become the world’s second richest person

Tesla co-founder Elon Musk is now the world’s second richest person after he leapfrogged Microsoft billionaire Bill Gates, according to the Bloomberg Billionaire Index, which tracks the wealth of the world’s 500 richest people.

The 49-year-old entrepreneur, who is also the co-founder of space exploration firm SpaceX, saw his net worth rise by $7.2 billion to $128 billion on Monday as Tesla shares surged days after the news that the electric car company will be admitted to the S&P 500 index in December.

Musk’s net worth has risen by $100.3 billion in 2020, marking the largest increase among those on the Bloomberg Billionaire Index. In January, Musk ranked 35th.

Nov 24 11:06

China Announces the Eradication of Extreme Poverty

On Monday, the Chinese government announced the eradication of extreme poverty in 832 counties in the East Asian country as part of an official program to overcome the problem of social inequality.

After decreeing the exit from the list of extreme poverty of the last nine counties in the province of Guizhou, the authorities highlighted the plan executed by the Communist Party of China (CCP) since 1980 in the framework of the "war on poverty" which has aimed to overcome the problem of inequality.

However, in 2012 Chinese President Xi Jinping launched a plan to eliminate poverty in rural areas, reducing the number from 98.99 million to just 5.51 million people affected.

Nov 24 11:06

The Mnuchin-Powell Affair over the Fed’s “Special Purpose Vehicles” in Dollars & Effects

Fed Chair Jerome Powell replied on Friday afternoon with his own “Dear Mr. Secretary” letter to Treasury Secretary Steven Mnuchin’s “Dear Chair Powell” letter on Thursday. Both letters were full of compliments for the other and for their cooperation and for their success in inflating asset prices. But with regards to asset prices in the credit markets, Mnuchin’s letter gave specific metrics and said enough is enough. And Powell’s letter said, OK, the Treasury can have the taxpayer money back that it sent us.

You’d think something earth-shattering happened based on the media hullabaloo that ensued.

Nov 24 09:54

These 3 Industries Tanked S&P Earnings

Nov 23 19:19

America’s Economy Cannot Survive Another Lockdown, And The Cult Of The Reset Knows It

The U.S. economy has been on the verge of collapse for at least a decade, ever since the crash of 2008 and the subsequent explosion in fiat stimulus from the Federal Reserve. While the mainstream media has always claimed that central bankers “saved” us from another Great Depression, what they actually did was set us up for a far worse scenario — a stagflationary implosion of our society.

Nov 23 14:57

14 Million People Will Lose Their Unemployment Benefits, 30 Million At Risk Of Eviction On January 1

While markets remain on edge over the sudden tension between the Treasury and the Fed, following Mnuchin's surprise notice to Powell that the Treasury would let 8 of the key 13(3) "emergency" programs currently in place (including the critical for the bond market Corporate Credit facilities, PMCCF and SMCCF) at the Fed expire on Dec 31...

... which also threatens the continuation of Helicopter Money into 2021 as the only reason the Fed has been able to monetize all US issuance this year while sending stocks soaring has been the close cooperation between the Fed and Treasury, another, more important "expiration" will take place on Dec 31, and will likely have far more profound consequences for the broader US population.

Nov 23 12:26

Shanghai links two of latest virus cases to cargo container from abroad (North America)

SHANGHAI/BEIJING, Nov 23 (Reuters) - The first of Shanghai’s latest coronavirus infections emerged in airport cargo handlers who cleaned a container that arrived on a flight from North America, city officials said on Monday, as it battles a surge of cases among airport workers.

The news comes as aviation data provider Variflight flagged cancellation of more than 40% of Monday’s flights at the Chinese business hub’s Pudong airport, one of the world’s busiest and a key gateway for international flights during the pandemic.An airport cargo handler figured in a case reported on Nov. 9, and a colleague in another case reported on Nov. 10, after both together entered and cleaned the container on Oct. 30, said Sun Xiaodong, an official of Shanghai’s disease control centre.

Neither was wearing a mask at the time.

“Research at home and abroad has shown coronavirus could live in enclosed, damp environments,” Sun told a news conference.

Nov 23 12:20

Danone, the world's largest yogurt-maker, is cutting up to 2,000 jobs as it targets $1.2 billion in annual savings

Danone, the world's largest yogurt maker, is cutting up to 2,000 jobs as part of a major cost-saving restructuring, the Paris-based food producer announced Monday.

The company, which owns Alpro, Actimel, and So Delicious, among other brands, plans to reach 1 billion euros ($1.2 billion) in annual cost savings by 2023, it said.

Danone plans to achieve this by reducing its overhead costs by 20%, or around 700 million euros ($833 million), alongside saving 300 million euros ($357 million) by procuring goods more efficiently.

Danone, which has around 100,000 staff globally, will dismiss between 1,500 and 2,000 office staff, including up to one in four workers at its global headquarters in Paris, which it is considering relocating to a new site in the city, it said.
The company has struggled during the pandemic. Its sales in the third quarter fell 9.3% year-on-year to 5.82 billion euros ($6.92 billion

Nov 23 10:50

'I haven't made any money since March': Pub bosses say they face disaster with a million jobs on the line if Tier 2 pubs are forced to serve 'substantial meals' to anyone wanting a drink

Ministers have been warned that clamping harsh restrictions on pubs and restaurants next month would be the 'final nail in the coffin' for thousands of venues and trigger a jobs bloodbath.

Hospitality bosses today railed against the tighter tiers system, which have been trailed ahead of an announcement by Boris Johnson, and said it represents an end to lockdown 'only in name'.

The Prime Minister is preparing to tack back to a strategy of carving the country up into three 'alert levels', depending on the prevalence of Covid-19 in the region, when the national lockdown ends in nine days.

Although the 10pm curfew will be scrapped, ministers are expected to usher in tougher curbs; in Tier 2, only pubs serving meals will be allowed to open, and in Tier 3 they can only serve takeaways.

Nov 23 09:14

White House Planning Unprecedented Trade Alliance To Retaliate Against China

As Trump considers next steps in his ongoing crusade to challenge the election results, he appears increasingly set on unleashing a "scorched earth" policy in the already dismal relations China, if only to make any hope for a quick detente between Beijing and the pro-China Biden as difficult as possible.

Overnight, Reuters reported that the Trump admin is close to issuing a list of 89 Chinese aerospace and other companies that would be unable to access U.S. technology exports due to their alleged links to the PLA. Commercial Aircraft Corp. of China Ltd., or Comac, and Aviation Industry Corp. of China Ltd. are among the firms named, Reuters reported, citing a draft copy of the list from the U.S. Commerce Department.

As such a move would further restrict the companies from buying American goods and technology, it would fuel already-heightened tensions between the U.S. and China on fronts ranging from trade and Taiwan to the handling of the coronavirus.

Nov 23 08:49

Eurozone economy plunges back into severe decline after new coronavirus lockdowns

The euro area is on a path for another economic contraction, as key indicators for the eurozone economy plunged to a six-month low in November, amid renewed government efforts to contain the spread of Covid-19.

According to the latest survey by the research firm IHS Markit, both the flash eurozone composite output and services activity purchasing managers’ indices (PMIs) hit their lowest levels since May. The former sank to 45.1 in November from 50.0 seen in October, while the latter plunged to 41.3 from 46.9.

Any reading on the index below 50 signals a contraction, while a reading above this level marks growth.

Nov 23 08:20

Dollar Loses to Euro as Payment Currency for First Time in Years

The euro was the most used currency for global payments last month, the first time it has outpaced the dollar since February 2013.

Data from the Society for Worldwide Interbank Financial Telecommunications, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, showed the European Union’s single currency and the greenback were followed by the British pound and the Japanese yen. The Canadian dollar overtook China’s yuan for the fifth spot, Swift said.

Trade upheaval, a pandemic-induced recession and political disharmony renewed pressure to reduce the share of international payments in dollars. The U.S. currency has weakened more than 11% from its March peak, based on a Bloomberg index that measures it against a basket of major peers, and many observers are predicting its valuation to drop further.

Nov 23 08:16

White House to name rabbi with ties to Israeli right to Mideast development post

The Trump administration has chosen the first leader for a US investment fund aimed at advancing Israeli-Arab peace: a right-wing rabbi who once raised funds for an Israeli political group so extreme that even prominent pro-Israel leaders have cut off ties.

Rabbi Aryeh Lightstone, a senior adviser to David Friedman, the US ambassador to Israel, will head the Abraham Fund, sources told the Jewish Telegraphic Agency.

Nov 23 04:06

NO GOING BACK TO “NORMAL”

Nov 22 12:31

John Kerry Says Great Reset is Needed to Stop Rise of Populism

ormer Secretary of State John Kerry attended a panel discussion at the World Economic Forum during which he asserted that a great reset was urgently needed to stop the rise of populism.

Kerry vowed that under a Biden administration, America would rejoin the job-killing Paris Climate Agreement but that this was “not enough.”

“The notion of a reset is more important than ever before,” Kerry said. “I personally believe … we’re at the dawn of an extremely exciting time.”

The former Senator made it clear that this “reset,” which is merely a re-branding of the same new world order that has faced stiff resistance for the past two decades, is necessary to extinguish populism.

“I think Europe has to look at that with Brexit and the rising national populism — nationalistic populism,” said Kerry. “Which is really one of the priorities that we all have to address. You can’t dismiss it.”

Nov 22 10:51

14 Million People Can’t Make Rent

Nov 22 09:31

Long Lines At Food Giveaway For Families In Need

Nov 22 09:24

The Great Replacement: Philadelphia

This is the eighth in a series about the continuing disappearance of whites from American cities (see our earlier entries for Birmingham, Washington, D.C., New York City, Chicago, Richmond, Milwaukee, and Baltimore). Many people still pretend that The Great Replacement is a myth or a conspiracy theory, but the graphs that accompany each article in this series prove them wrong. Every city has a different story but all have seen a dramatic replacement of whites by minorities.

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