ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Sep 27 10:05

The Path by Which We Got Here

Sep 27 06:16

NEW! 2021 Silver Morgan and Peace Dollars Approved

Sep 27 05:42

U.S. legislation proposes that every citizen have an Fed account in which they can store Digital Dollars

At the beginning of the videoconference the Federal Reserve Bank first focused on the consequences of the COVID-19 pandemic in the sense of increasing the widespread interest of companies as well as individuals in digital services and faster connectivity.

FRB recognizes that some payment technologies are more resilient, scalable and more flexible to respond to such a rapid changes in user’s behavior. At the same time, however, he adds that the Federal Reserve has been evaluating payment technology for some time and also is investing in cloud technology along with initiatives to modernize platforms.

The President and CEO of the Federal Reserve Bank of Cleveland, Loretta J. Mester stated:

Industry’s efforts to replace decades-old core banking systems with more flexible, resilient, and cloud-friendly platforms, and to integrate the old with the new along the way, may need to be accelerated to ensure that we are prepared for the future.

Sep 27 05:41

Subprime, No Problem? FHA Mortgage Delinquencies Hit Record 17.4%, as Fed Triggers Mad Land-Rush in Split Housing Market

Even as the housing market is being whipped into a mad land rush, with new single-family house sales spiking 46% year-over-year, highest since 2007, with existing home sales jumping to the highest since 2006, and with prices in many metros soaring to new records, the other end of the housing market – high-risk government-insured mortgages – is falling apart, and delinquencies rose to another all-time historic high.

The Federal Housing Administration (FHA) which insures about 8 million high-risk mortgages with lower requirements – “low down payments,” “low closing costs,” and “easy credit qualifying,” it says – reported that an all-time record of 17.4% of its mortgages were delinquent in August, up from what had been the all-time record in July of 17.0%, and having doubled from a year ago.

Sep 27 05:40

Why BlackRock Has a Role in the Fed Bond-Buying Spree

As part of its whatever-it-takes effort to reduce the economic pain from the coronavirus pandemic, the U.S. Federal Reserve enlisted BlackRock Inc. to direct three of its bond-buying programs. It’s not the first time the government has partnered with the asset-management behemoth, which under the arrangement could buy some of its own funds on behalf of the central bank.

Sep 27 05:40

Meet BlackRock, the New Great Vampire Squid

No private, unelected entity should have the power over the economy that BlackRock has, without a legally enforceable fiduciary duty to wield it in the public interest.

Sep 27 05:36

Deutsche Bank: Suspected of facilitating funds to Daesh in Iraq

The Islamic State’s infamous rule over vast areas of Iraq during 2014 and 2016 not only led to a humanitarian crisis, but also left the country’s economy depleted. Its expansion in Iraq, marked by its control over vast areas of the country, most notably capturing the city of Mosul in June 2014, also allowed the organisation to seize over 121 bank branches according to the Central Bank, in what was described as one of the largest bank robberies the world has ever seen. Across its operations, the Islamic State (Daesh) stole a total of approximately $830 million.

Despite this, some banks, including Deutsche Bank and specifically its US branches, continued to allow money transfers to be sent to Iraq despite the group’s control over large parts of the country.

Sep 27 05:33

Tesla, Volvo, Ford and Mercedes sue US over 'unlawful' tariffs on Chinese parts

Tesla, Volvo, Ford and Mercedes-Benz have filed lawsuits against the Trump administration, aiming to end what Elon Musk’s electric car manufacturer called “unlawful” tariffs imposed on certain parts imported from China.

The lawsuits, filed in New York this week, target the 25% tariffs imposed by the US trade representative on a list of products including spare parts such as terminals.

Tesla’s filing to the Court of International Trade said the leveies were “arbitrary, capricious, and an abuse of discretion”.

Sep 27 05:19

Landlords Avoid Confrontation With 'Uber Of Evictions'

"Unemployment is at a record high and many cannot or simply are not paying rent and mortgages... "We are being contracted by frustrated property owners and banks to secure foreclosed residential properties." -Civvl

A new startup company called Civvl is placing Craigslist ads across the country for gig workers to evict those who have fallen behind on rent during the pandemic, who can earn "up to 125/hour" for their services.

"Be hired as an eviction crew," reads another ad.

Sep 27 05:07

Gold price closing in on worst week since March

Gold declined further on Friday and is now set for its biggest weekly loss since the coronavirus panicked global markets in March.

Meanwhile, the US dollar rallied again as risk aversion among investors continues to rise following a warning from the US Federal Reserve that economic recovery will stall without further stimulus.

Spot gold fell 0.3% to $1,862.91 per ounce by 11 a.m. EDT, after touching its lowest since July a day earlier. US gold futures were down 0.6% to $1,865.70 per ounce in New York.

Sep 27 04:51

CLOs are collapsing, USD is rebounding

Sep 26 12:00

The Supply Chain Is Broken And Food Shortages Are Here

Now, here we are, with winter fast approaching and the food supply decimated. The world’s population is walking around masked and terrified of getting within six feet of another human, and the cities all across America are on fire with violent riots.

Sep 26 07:00

Beijing On Edge: China's 2nd Largest Property Developer Plummets Amid Fears Of Imminent Liquidity Crisis

Is China's housing bubble - the main "wealth effect" for hundreds of millions of middle class Chinese - finally about to burst?

On Friday, trading in onshore bonds of China Evergrande, China's second largest and the world’s most indebted property developer, was halted after reports it was seeking government help to stave off a cash crunch caused the price of its shares and debt to tumble, and sparking a crisis of confidence among creditors who’ve lent the world’s most indebted developer more than $120 billion.

Sep 26 06:33

Ron Paul Warns That When The “Biggest Bubble In The History Of Mankind” Bursts It Could “Cut The Stock Market In Half”

When this bubble finally bursts, will we witness the biggest stock market crash in U.S. history? “The bigger they come, the harder they fall” is a well used phrase, but I think that it is very appropriate in this case. From a low of 6,443.27 on March 6th, 2009, we have seen the Dow nearly quadruple in value since the last financial crisis. It has been a remarkable run, and it has lasted far longer than virtually any of the experts anticipated. But what goes up must come down eventually. This stock market bubble was almost entirely fueled by easy money from the Federal Reserve, and now that easy money has been cut off. The insiders can see the handwriting on the wall and they are getting out of the market at a pace that we haven’t seen since 2008. Could it be possible that the day of reckoning is finally at our door?

Sep 25 12:33

Black Market & Gold

Sep 25 10:48

The Federal Reserve Cartel – Eight Families own the USA #BIS, IMF, World Bank – Dean Henderson

Who owns the Federal Reserve? Read the shocking story on the role of BIS, the World Bank and IMF in controlling world assets:

They are the Goldman Sachs, Rockefellers, Lehmans and Kuhn Loebs of New York; the Rothschilds of Paris and London;

the Warburgs of Hamburg; the Lazards of Paris; and the Israel Moses Seifs of Rome.

Many of the bank’s stockholders reside in Europe.

Sep 25 08:00

When the music stops...

Sep 25 06:51

QE is not "currently" inflationary

Sep 25 06:09

BuzzFeed News And The International Consortium Of Investigative Journalists Publish Landmark Investigation Exposing Global Network Of Financial Corruption On Government's Watch

BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ) today published the FinCEN Files, an investigation of historic scale. It exposes how the giants of Western banking move trillions of dollars in suspicious transactions around the world, enriching themselves and their shareholders while the government fails to stop it. The project, which involves a team of more than 400 reporters in 88 countries assembled by ICIJ, is based on thousands of pages of government documents shared with the coalition by BuzzFeed News. The documents — which are so sensitive that the US Treasury Department published an unprecedented advance statement protesting the release of this investigation — reveal how some of the world’s biggest banks have facilitated the work of notorious terrorists, drug cartels, and despots.

Sep 25 05:28

Second Stimulus Check: Democrats Prepare New Coronavirus Relief Bill, Aims To Restart Negotiations

House Democrats are crafting a smaller $2.4 trillion coronavirus relief package, which will include a second stimulus check, in hopes this will goad Republicans into reopening negotiations stalled since May.

The Democrats' new bill will include enhanced unemployment insurance, direct payments to Americans (stimulus checks), funding for the popular Paycheck Protection Program small-business loan program and aid to airlines.

House Speaker Nancy Pelosi, D-CA, has directed Democratic committee chairs to draft the new scaled-back legislation intended to serve as a basis for new talks with the White House. The House might vote on the new bill as early as next week, according to Politico. Pelosi and House Democratic leaders met Thursday to decide on their course of action.

"We are still striving for an agreement," Pelosi told House leaders, according to Politico. “If necessary, we can formalize the request by voting on it on the House floor.”

Sep 24 11:26

Argentina is nearing economic collapse

Sep 24 07:07

China Pork Reserves At Risk Of 'Running Out In Months' As Prices Soar

China could be on the brink of exhausting its massive frozen pork reserves as the country's pig herd is wiped out by African swine fever.

Declining reserves are particularly bad news for the Communist Party of China, which is worried that it might not be able to prevent another destabilizing surge in prices.

For more color on China's strategic pork reserves, Enodo Economics, a London-based consultancy firm, quoted by the Financial Times, said reserves fell by 452,000 tons from Sept. 2019 to Aug. 2020. This means the country's pork reserves are at dangerously low levels.

It's unclear how much of China's latest pork imports have been diverted to state stockpiles - but Diana Choyleva, Enodo's chief economist, said China has about 100,000 tons of frozen pork left in reserves, and "at this rate, within two to three months they'll be out."

Sep 24 07:05

Kushner-Linked Firm and Gig Economy Set to Reap Huge Profits as Mass Evictions Begin

In 2014, former Blackstone and Goldman Sachs investment banker Ryan Williams got together with his “college buddy,” Joshua Kushner – Jared’s brother – to form a real estate investment platform they called Cadre. Cadre sought to disrupt the real estate industry in the wake of the 2008 subprime mortgage crisis by tinderizing property deals through a tech platform that brought investors and sellers together. According to Williams, whose other investors include George Soros and Peter Theil, Cadre’s mission is “to level the playing field in an industry that is often tilted toward the biggest players” by taking an “offline” industry online and making it “transparent.”

Sep 24 06:54

Will Democrats Street 50 Million Americans? Rent Due Thursday the First.

The fight over the Ruth Bader Ginzburg replacement to the Supreme Court could not come at a worse time for Nancy Pelosi, Kamala Harris and Joe Biden.

50 million Americans are behind in their rent and mortgage payments. And their next payment is due Thursday October 1st. Nancy Pelosi said she will keep the House in session until they pass a second stimulus bill. But she insists that addition to preventing 50 million from going homeless that they add a trillion plus dollars to bail out Blue State governors and mayors to save their jobs. New York City is short $9 billion and is hoping Nancy delivers. Otherwise the City faces drastic cuts while Governor Cuomo passes huge tax increases. New York state is about to fall off a cliff as they depend on 119 billionaires to pay their taxes. If they lose any billionaires, taxes will have to be raised again forcing even more rich people to flee.

The Democrat governors and mayors will be crucial to stealing ballots this November.

Sep 24 06:35

Wayne Dupree: Our welfare state worked for a while, but no longer. It feels like America is sliding toward destruction

The Democrats have enslaved African Americans and used them as election fodder for decades. But more and more people are seeing through their dirty tricks and their plans that will wreck our country.

The welfare state was not a failure for the Democrats. It has achieved everything they wanted up until now. Instead of owning slaves on the plantations, they came up with a plan to deceive blacks.

By giving them a few crumbs from birth to death, they also made them dependent on them. So the black vote was assured election after the election, while the ghetto plantations never got better – only worse.

Thankfully, a number of black voters are waking up – not to the ‘woke’ generation, but to the reality of what the Democrats want from them. They also see mostly white Antifa activists destroying their neighborhoods and small businesses. Antifa and BLM also use brainwashed blacks from those Democrat ghettos to loot and to kill each other, and educated blacks have taken notice.

Sep 24 06:15

Collapse Is A Process, Not An Event

Look, I’m a systems guy. I think in systems terms. You should as well.

Why?

Because we’re entering a period of time when the major systems that have supported humanity are going to fail.

Or, put more accurately: they are already failing.

As just one example, our monetary system delivers outsized gains to the already stupendously-wealthy while piling up massive debts on the backs of we citizens, both born and yet-to-be-born. The US Federal Reserve is the unelected and unaccountable body that is most responsible for have made America’s billionaires nearly $1 trillion ‘richer’ since the pandemic hit.

These next three Fed-related data points are, in a word, obscene.

Sep 24 06:12

3-COUNT FELON, JPMORGAN CHASE, CAUGHT LAUNDERING MORE DIRTY MONEY

The International Consortium of Investigative Journalists (ICIJ) has once again managed to do what federal bank regulators refuse to do in the United States – come clean with the American people about our dirty Wall Street banks.

ICIJ dropped a bombshell investigative report yesterday about money laundering for criminals at some of the biggest banks on Wall Street, but you won’t find a peep about it on the front page of today’s Wall Street Journal or New York Times’ print editions. In fact, the New York Times, as of 6:44 a.m. this morning, hasn’t reported the story at all. The Wall Street Journal carries an innocuous headline, “HSBC Stock Hits 25-Year Low,” putting the focus on the British bank, HSBC, when its focus should be on the largest bank in the U.S., JPMorgan Chase, a serial felon.

Sep 24 05:55

Here We Go Again: Precious Metals Edition

Sep 23 10:15

WATCH YOUR MONEY GO DOWN THE TUBES – BECAUSE, IT’S NOT REALLY MONEY!

The Constitution says that gold and silver are money. Paper dollars (Federal Reserve Notes) are currency, but not necessarily money, and especially not as defined by the Constitution.

Sep 23 09:29

UNPROFITABLE SMALL CAPS

Sep 23 08:03

Eviction coming to residents of Allentown’s ’Tent City’ homeless encampment

"...On a recent Wednesday afternoon, Abdul-Raqeeb Uqdah strapped on a backpack and crossed the old railroad trestle into Tent City, the colloquial term for Allentown’s long-established homeless encampment in the woods of Little Lehigh Parkway.

“Knock knock, anybody home?” he asked as he approached a hilly clearing with a cluster of tents. A woman emerged from hers..."

Sep 23 07:40

Furlough 2.0: Rishi Sunak draws up German-style scheme for the Treasury to subsidise workers' wages after Boris Johnson ditches back to work drive and business chiefs warn one million furloughed staff could be axed unless there is ANOTHER bailout

Rishi Sunak is drawing up plans for a new German-style wage subsidy scheme to prop up the UK economy and avoid a wave of job losses when furlough comes to an end, it was claimed today.

The Chancellor is being urged by business chiefs to 'get around the table' and agree new job support measures after Boris Johnson ditched his back to work drive and imposed a range of new coronavirus restrictions.

Companies fear the new crackdown will deal a hammer blow to already struggling firms especially with the furlough programme closing at the end of October.

But reports suggest Mr Sunak is already planning a new scheme to prevent job losses after retail bosses warned that up to a million furloughed workers could be made redundant without another bailout.

Sep 23 07:15

Beijing Says "No!" To Washington's Attempted "Robbery" Of TikTok

In what is perhaps the most compelling sign yet that Beijing has put the kibosh on the Oracle-TikTok deal, the Global Times on Tuesday published a scathing editorial attacking President Trump for attempting a "robbery" of TikTok and violate China's "dignity."

The paper's editorial writers echoed claims made in an editorial published more than six weeks ago by the People's Daily - that Beijing would never tolerate Trump transferring majority ownership of TikTok to the US. Furthermore, as Kyle Bass explained earlier, anything that would require the company to fork over its content-recommendation algorithm is an instant deal breaker. Beijing has previously said it would rather shut down TikTok US than hand the business to the Americans.

Sep 23 07:03

Bed Bath & Beyond reveals which 63 stores will close by the end of 2020 after announcing plans to shutter 200 locations and slash 2,800 jobs over the next two years

Bed Bed & Beyond has revealed which 63 locations will be the first to close their doors by the end of the year as part of the company's cost-cutting strategy.

The news comes two months after the New Jersey-based home goods retailer announced plans to shutter 200 Bed Bath & Beyond stores and eliminate 2,800 jobs over the next two years.

Stores in 29 states are on the chopping block, with California and New York set to lose the most retailers at six locations each.

Sep 23 07:02

Nearly 9 million Americans still don't have their $1,200 stimulus check and have until October 15 to register their information or risk losing the money

Nearly nine million eligible Americans have yet to receive their $1,200 stimulus check and have until October 15 to submit their information to IRS before losing out on the funds.

According to a report released Monday by the Government Accountability Office, 8.7million Americans have yet to file for the check seven months after the CARES Act made the money available.

The GOA, a nonpartisan congressional watchdog known as 'the investigative arm of Congress', estimates that many of those yet to receive the money are 'low-income' and most in need of the financial support.

Sep 23 06:24

THE GREAT RESET: Davos & the Plot to Cancel Trump

Sep 22 11:54

HSBC moved vast sums of dirty money after paying record laundering fine

In March 2014, three men kidnapped Reynaldo Pacheco and bludgeoned his head with rocks, leaving the 44-year-old father of a young daughter dead in a creek bed in California’s Napa County. Local authorities determined that his murder was a consequence of an investment fraud that targeted low-income Latino and Asian immigrants around the world.

Like other victims of the World Capital Market scheme, or WCM, Pacheco energetically promoted the deal to relatives and acquaintances. When the Ponzi scheme collapsed, an unlucky investor decided to have him killed.

Sep 22 11:53

US Treasury Department abandoned major money laundering case against Dubai gold company

After three years of digging, investigators in the United States had accumulated a mountain of evidence that they believed sealed the case against Kaloti Jewellery Group, one of the largest gold traders and refiners in the world.

The Dubai-based conglomerate had become a key cog in the dirty gold trade, buying the precious metal from sellers suspected of laundering money for drug traffickers and other criminal groups, a U.S. Drug Enforcement Administration-led task force determined. Kaloti often paid in cash — sometimes so much it had to be hauled in wheelbarrows — and wired money for suspect clients to other businesses, investigators believed.

In 2014, the task force recommended that the Treasury Department designate Kaloti a money laundering threat under the USA Patriot Act, a seldom-used measure known as the financial “death penalty” because it can freeze a firm out of the international banking system.

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