ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 24 09:15

BRICS Create a New International Trade Currency, the Damage to the Dollar Will be Enormous and the Domestic Economy Will Collapse in a Short Period of Time

Most folks are really good about making sure they have the proper amount of insurance for their home and automobiles. But when it comes to ensuring the survival of their family in rough economic times, well … not so much.

It’s no secret that recent volatility in the world financial system has more than a few people openly talking about the threat of an economic collapse — and I’ve been explaining for several years now why I believe an economic collapse is inevitable.

If history is any guide, the good news is that it won’t result in a complete breakdown of society. Argentina suffered through the collapse of its own economy just over a decade ago and life goes on — but it remains less than idyllic there.

Apr 24 08:52

Fake Markets Produce A Fake Economy

Apr 24 07:38

The End of the Debt-As-Currency Era

We are nearing the end of the debt-as-currency era.

This is quite a broad statement and, of course, since debt is the foremost currency of our day, it would be quite understandable if the reader were to regard such a prognostication to be utter nonsense.

Indeed, many would say that, without debt, the world couldn’t function. Debt has always existed and always will. However, in eras past, debt often played a much smaller role, and those eras were marked by greater progress and productivity.

Apr 24 07:37

EU at war? Tensions rise as Brussels plans to shift BILLIONS from Eastern Europe to Spain

WARSAW and Budapest are expected to lose out on MASSIVE amounts of cash as Brussels proposes to move tens of billions of euros in EU funding away from central and Eastern Europe to the countries worse hit by the financial crisis, such as Spain and Greece.

Apr 24 07:35

Germany attacks Macron for having NO IDEAS to boost eurozone - ‘this could get messy’

EMMANUEL Macron’s time as the European Union’s golden boy has well and truly passed with even Germany losing patience with the struggling French president.

Apr 24 07:28

Washington Using Currency War To Destabilize Iran

The neoconservative hawks around the US President, notably new National Security head John Bolton and designated Secretary of State Mike Pompeo, are on record that Iran is in Washington’s sights for regime change or at a minimum, economic sanctions and chaos. The rhetoric is not empty. The ground is being laid by US threats to not renew the Iran nuclear agreement in May, a move opposed by the other signatories and a move that would plunge Iran into a deep economic crisis at a time it can ill afford.
The orchestration of the US-led bombing of Syria, regardless of what targets were or were not hit, now sets the propaganda stage for a dramatic escalation of new sanctions against Iran, and for a major destabilization, something not possible in 2009.

What is taking shape now from the side of Washington is preparation to unleash a new wave of economic and financial sanctions on Iran, regardless.

Apr 24 07:12

The Economic Stumbling Block Set To Dog The Inter-Korea Summit

Why economic cooperation could be the stumbling block at the inter-Korea summit
South Korea’s support for sanctions aimed at halting North Korea’s nuclear goals limit Seoul’s power to help Pyongyang boost its economy, sources say

The leaders of North and South Korea might stumble over barriers to economic cooperation when they meet for their historic summit in the border village of Panmunjom on Friday, diplomatic sources said.

Although South Korea wanted to revive relations with a North Korea battered by United Nations and US sanctions, Seoul was not expected to present a detailed economic cooperation plan at the meeting, the sources said.

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Apr 24 06:08

This is Not a Market

“[Price discovery] is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers”, says Wikipedia. Perhaps not a perfect definition, but it’ll do. They add: “The futures and options market serve all important functions of price discovery.”

What follows from this is that markets need price discovery as much as price discovery needs markets. They are two sides of the same coin. Markets are the mechanism that makes price discovery possible, and vice versa. Functioning markets, that is.

Apr 23 17:55

14 states hit record-low unemployment

Apr 23 17:41

Trump gives Lockheed Martin $1BILLION to build WORLD’S DEADLIEST MISSILE

DEFENCE chiefs in the United States are to invest nearly $1billion to develop a prototype hypersonic missile as Washington scrambles to keep pace with more advanced programmes boasted by Russia and China.

Apr 23 15:45

NAB advisers impersonated customers, made unauthorised withdrawals

The banking royal commission has turned its gaze to NAB, with revelations some financial advisers impersonated customers and forged their signatures.

Apr 23 15:33

An overview of economic collapse hypothesis

Apr 23 13:12

The Entitlement Crisis Nobody's Talking About

Apr 23 11:02

CONNECTING THE DOTS OF BIG DATA, SOARING CORPORATE PROFITS, AND TRADE WARS

Here's how I'm connecting the dots of data collection/data mining and the new model for maximizing profitability: the entire model of "capitalism" (maximizing return on capital and labor) has shifted from getting rich making stuff/providing services to distributing/marketing goods and services in a cartel structure.

In this economy, the essential role is played by big data/data mining. Wal-Mart, Amazon, Facebook, Google et al have no interest in where the goods and services are made/generated; the big profits are in the distribution/marketing (i.e. exploiting large data sets) and gathering and selling these large data sets.

Let's stipulate that those corporations whose entire value proposition is manufacturing expertise will continue to extract profits from manufacturing. But this doesn't mean that this manufacturing remains exclusively in the domestic economy, or that Big Data isn't increasingly a core value-generator for manufacturers.

Apr 23 10:55

IRD: "The System Will Have To Collapse"

Every public pension fund in the country is catastrophically underfunded, especially if strict mark-to-market of the illiquid assets were applied. Illinois has been playing funding games for a few years to keep its pension fund solvent. In Kentucky, where the public pension fund is on the verge of collapse, teachers are demanding a State bailout.

Apr 23 10:55

In Surprise Twist, Europe Now Pushing Trump Administration To Ease Russian Sanctions

Something strange happened in the days immediately preceding Trump's airstrikes on Syria: first Germany, then Italy, refused to join the US-led effort, which ultimately also included the UK and France. Commenting on this curious split within the European core, we said that "there are at least two European nations who remember that when it gets cold in the winter, there is one country they call to provide the natural gas they need for heating. Russia"

Apr 23 09:44

German MPs want Moscow back in G8, say peace in Europe possible ‘only with Russia’

The West should resume meaningful dialog with Moscow on all major international issues, and Russia should be invited to return to the G7, German opposition lawmakers say.

“If the West seriously intends to engage in a constructive dialog with Russia, it would be the right moment to do it now,” the head of the parliamentary faction of the Left Party, Sahra Wagenknecht, told DPA news agency. She added that the G7 group should once again become the G8.

Apr 23 09:10

Neo-Liberal Policy Causes ‘Regress’ In Latin America – Former Brazilian President

Former Presidents of Ecuador and Brazil Rafael Correa and Dilma Rousseff discussed a positive impact on the decrease of poverty and starvation in Brazil made by the social-democratic forces in the times of their leadership, during an interview broadcast on RT in Porto Alegre on Thursday.

Rafael Correa praised Dilma Rousseff’s State merits and embedded her in the ranks of “the three great Latin-American women who used to lead the three biggest countries of the region.”

He said that the Latin-American countries experienced “renaissance period” when they were governed by the socialist leaders.

Apr 23 08:59

'Big bitcoin heist' suspect escapes prison and flees Iceland 'on PM's plane'

The suspected mastermind behind the theft of 600 computers used to mine bitcoin in Iceland has escaped from prison and fled to Sweden on an aeroplane reportedly carrying the Icelandic prime minister.

Sindri Thor Stefansson escaped through a window of the low-security Sogn prison in rural southern Iceland before boarding a flight to Sweden at the international airport in Keflavik located 59 miles from the prison on Tuesday. Police said he travelled under a passport in someone else’s name, but was identified via surveillance video.

“He had an accomplice,” police chief Gunnar Schram told local news outlet Visir. “We are sure of that.”

Guards at the prison, which has no fences and where inmates have access to the internet and phones, did not report him missing until after the flight to Sweden had taken off. Stefansson had been in custody since February, but was moved to the low-security prison 11 days ago.

Apr 23 08:37

US Acting Secretary of State Sullivan calls on Ukraine’s authorities to raise gas tariffs

U.S. Acting Secretary of State John Sullivan at a meeting with Ukraine’s Foreign Minister Pavel Klimkin has called on the Ukrainian authorities to raise gas tariffs as well as to establish an anti-corruption court, State Department Spokesperson Heather Nauert told reporters.

"He urged Ukraine to redouble reform efforts and adhere to IMF programs by adopting legislation to establish a truly independent anti-corruption court and raising gas tariffs to import parity levels," she said.

Sullivan met with Ukrainian Foreign Minister Pavel Klimkin on April 21, on the margins of the G7 Foreign Ministers’ Meeting in Toronto, Canada.

Apr 23 08:33

Subterranean fires & gold rushes: Meet America’s ghosts towns (PHOTOS)

Swallowed by lakes, abandoned beside tapped out mines and collapsed due to subterranean fires, the US is pockmarked with thousands of ghost towns.

Dotted all around the country, the derelict towns, full of decaying buildings, have provided the backdrop and inspiration for numerous songs and stories. Most of them were once thriving communities but, for one calamitous reason or another, all the residents have long since departed.

Here’s a whistle-stop tour of some of the towns America left behind.

Apr 23 08:25

Expert reveals WHEN Britain's trade with the Commonwealth will BEAT the EU

AN INDIAN expert and broadcaster has revealed how long it will take for Britain's trade with the 52 Commonwealth countries to surpass its trade with the EU - and it will not please Brexiteers.

Ashis Ray told BBC Dateline that it could take a century before Britain's trade with the Commonwealth is stronger than its trade with the European Union.

The Indian expert and broadcaster also raised the possibility that this scenario may in fact "never happen" due to global competition.

This prediction follows the Commonwealth summit, CHOGM, which took place in London over five days this week.

Theresa May claimed that Britain will put the Commonwealth at the centre of its post-Brexit policy as the country looks to bolster its global trade ties.

Apr 23 08:25

EU DEBT BOMBSHELL: Merkel tells German savers 'you're LIABLE' if Eurozone fails

CHANCELLOR Angela Merkel has sounded a chilling warning to German savers by telling them they will end up footing the bill if the Eurozone fails.

Mrs Merkel, who has abandoned her opposition to a common European deposit insurance aimed at offering protection across the bloc, told reporters at a press conference in Berlin that her countrymen will be liable in the event of it hitting the rocks.

Speaking alongside French President Emmanuel Macron, she said: "We are also ready to create a joint deposit insurance system in perhaps not the immediate, but more distant future.

“We do want liability and risks to be kept together.”

Webmaster's Commentary: 

So the attitude in Germany (as it is in the US) is "Fuck the people to save the banks!"

Apr 23 08:20

Austrian Politician on EU-Russia Sanctions: 'The Negative Circle Must Be Broken'

Russia's Crimea is hosting the 2018 Yalta Economic Forum. The event is being held just a few weeks after several European nations decided to expel Russian diplomats and to follow Washington’s lead in toughening sanctions against Moscow. Austria wasn’t among the «hardliners». Sputnik sat down with Detlef Wimmer – the deputy mayor of Austria’s Linz.

Apr 23 07:04

The Fed Just Did It Again, Recession Is Right Around The Corner

Tax day has passed and the crypto market is on the rise again. Bank of America said the last time we saw this happening it was 2007.

Apr 23 07:03

Pentagon: F-35 Can Achieve Missile Defense Capability if More Money Spent

Lockheed touts the F-35 as a 'do it all' airplane, a boast which has led to skyrocketing costs, delivery issues and quality control problems. The total program cost of the F-35, accounting for R&D, procurement and operations is now estimated at a staggering $1.6 trillion over 60 years.

Apr 23 06:15

THESE Cities Have the Biggest Gap Between Rich and Everyone Else! MASSIVE Income Inequality!

Have you noticed more luxury cars and big houses being built, while seeing more homeless on the streets in your city? The gap between the rich and the poor seems to be everywhere.

Apr 23 05:43

Here’s Why Gas Prices Are Skyrocketing Right Now

Global economy and geopolitics are underpinning the oil price surge and gas prices are going up.

Who recalls the oil embargo of 1973?  That was when the Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announced they were cutting oil exports to the United States and other countries that provided military aid to Israel during the Yom Kippur War of October 1973.

In six months’ time, gas prices had quadrupled.  Prices remained higher even after the embargo ended in March 1974.

But that could never happen again…Or could it?

Apr 22 13:31

MISSILE MANUFACTURER RAYTHEON'S VALUE ROSE BY $2.5 BILLION IMMEDIATELY FOLLOWING THE SYRIA STRIKES.

‘Maybe we’ll help the Saudis send some troops of their own to offset the influence of Iran and Russia’, speculated Jim Cramer on his CNBC show Mad Money. ‘That’s good news for these arms dealers, plus defense is the one place that Congress is going to spend lots and lots of money.’

Apr 22 12:59

3 Months Into Tax Relief, How It Is Going

Apr 22 05:29

Bitcoins, Beer and the Student Loan Disaster

Apr 21 16:53

For The First Time Ever, Millennials With Student Debt Have Negative Net Wealth

For the first time, young adults age 25 to 34 with college degrees and student loans have a median net wealth of negative $1,900, said the advocacy group.

The report states that this lost generation had a positive net wealth of $9,000 in 2013, but since, the accumulation of debt has turned America’s future leaders into the walking dead.

Apr 21 12:43

Ranked: The Best and Worst State Economies

Apr 21 12:26

The Fed Has Forgotten The Lessons Of 2008

Apr 21 09:40

EU presents (nearly) united front against China’s ‘unfair’ Belt and Road Initiative

Relations between China and Europe could face uncertainty as EU member states try to build a united front against Beijing’s “Belt and Road Initiative”, observers said.

Twenty-seven out of 28 EU ambassadors in Beijing, with Hungary the only exception, are reported to have signed a document denouncing the global infrastructure project for hampering free trade and giving an advantage to Chinese companies.

The Europeans’ concerns may overshadow an upcoming summit between China and the EU, scheduled for July, as the bloc has expressed increasing concern about Beijing’s influence over the continent.

Webmaster's Commentary: 

China is investing its money in infrastructure while the west "invests" their money on wars. So, today the west has a bunch of expensive cratered fields, China has the one road one belt, and the EU is screaming "That's not FAIR!"

Apr 21 09:37

US Sorghum "Armada" Turns Away From China After Tariffs

China's nearly 200% tariff on imports of US sorghum is already having a profound impact on the global grain trade. And in the latest evidence of how quickly the tariffs have been felt by US producers, Reuters is reporting that an "armada" of cargo ships carrying $216 million of sorghum from the US to China has changed course since Beijing imposed the tariff last week, as grain exporters are suddenly worried about taking a sizable loss on the loads.

Since the tariff was imposed, the five shipments, which were all destined for China when they were loaded at Texas Gulf Coast export terminals owned by grain merchants Cargill Inc and Archer Daniels Midland Co, are now liable for a hefty deposit to be paid based on the value of the goods. The payment would likely make the shipments unprofitable, according to Reuters.

Apr 21 09:22

EUROPEAN CENTRAL BANK TO DEUTSCHEBANK: SIMULATE A CRISIS

With all the Syria and Skripal goings-on, you may have missed this one, and it's a biggie. This article was brought to my attention by Mr. L.G.R., and it's one of those that invites "careful reading between the lines." The story? The European Central Bank (based in Frankfurt), has ordered Deutsche Bank (also based in Frankfurt), to prepare a "crisis scenario":

ECB Tells Deutsche Bank To Simulate A "Crisis Scenario"

Now, I have no doubt that banks, corporations, government finance ministries and regulatory agencies probably run such games and scenarios all the time. It's the financial equivalent of a wargame, and this, indeed, is what we're being reassured of here, toward the end of the article:

Apr 21 09:19

ECB boss Draghi DEFIES EU ombudsman to stay member of secretive G30 lobby group

MARIO Draghi, the President of the European Central Bank will remain a member of a secretive lobby group after the bank brushed aside concerns over a possible conflict of interest and defied the EU Ombudsman.

Apr 21 08:57

The Economy Is Cooked

Of course, those paying attention to the data already knew this. Our politicians and central planers have been peddling to us the fantasy that the global economy is strengthening, finally ready to fire on all cylinders after nearly ten years of dependence on monetary stimulus. That just ain't so.

Apr 21 08:42

The Theory of Inflation is Completely Wrong

Apr 21 08:01

Gov. Hickenlooper on making pot illegal again if tied to crime: 'I'm not ruling it out'

Trump comes out for legal pot and now the dems want to make it illegal again.
If they have an increased crime rate it is most likely due to illegal aliens.
The legal pot business in Oregon and Washington use illegal aliens in preference to Americans because they pay them a much lower wage and require Spanish to hold many of the jobs in the industry.

Colorado Gov. John Hickenlooper was against legalizing marijuana, but once the voters spoke, he went along and defended Coloradans' right to use recreational pot.

In an interview with CNN, he appears to be opening the door a crack to the idea of re-criminalizing cannabis.

Apr 21 06:20

Bank of America: "The Last Time We Saw This In The Market Was 2007"

For those who missed the note, Morgan Stanley - which has been turning increasingly pessimistic in recent months largely as a result of the ongoing tightening in global liquidity and central bank financial conditions - warned that the credit cycle is on its last legs, noting that "in our view, a key driver is simply that global liquidity conditions are tightening, and markets are coming to the realisation that the process will be rocky. Rising funding stresses, weaker flows, weaker trading liquidity, higher volatility – this is arguably what quantitative tightening feels like and, in our view, these dynamics will continue to pressure credit spreads over the course of the year."

Apr 20 19:17

Do or Die for Tech

Apr 20 15:50

Pentagon pushes through a $1 billion contract for hypersonic missiles after Russia and China reveal ultra-fast intercontinental nukes

Hypersonic missiles that can fly at many times the speed of sound have received a near $1 billion (£710 million) funding boost in the US to compete with rival nations' efforts.

The Pentagon has pushed through development of the highly manoeuvrable weapons, which are designed to outpace detection and defensive capabilities.

It follows repeated warnings from senior officials about rapid advances by China and Russia, who have unveiled their own versions in recent months.

Apr 20 15:06

ECB Is Now Preparing All Banks For The Economic Collapse

The house of lords or pushing to overturn the BREXIT, the central bankers will not allow the BREXIT to happen and they will used everything they have to stop it.

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