ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 14 12:20

‘Wasted’: US government blew over $450k of taxpayers’ cash on axed health risk study

The US Interior Department threw away almost half a million dollars of taxpayers' money by axing a study about potential health effects of mountaintop coal mines on people living near them, according to the department's watchdog.

The research was initially looking at the health risks faced by those living near mines in Virginia, West Virginia, Kentucky, and Tennessee. But after spending $455,110 on the study, the department simply decided to call it quits, directing the National Academies of Science, Engineering and Medicine (NAS) to cease all activities related to the study on August 18, 2017.

Jun 14 12:12

Here We Go Again: Our Double-Bubble Economy

Jun 14 11:37

Who’s The Sucker?

Jun 14 11:25

REPORT ON THE SHANGHAI COOPERATION ORGANISATION QINGDAO MEETING

The Heads of the Member States considered the implementation of the results of the 2017 Astana Summit and priorities for further SCO development in the context of current processes in world politics and economy. The parties’ coordinated positions have been reflected in the Qingdao Declaration that was adopted at the meeting.

It was stated that the Member States were firmly committed to the goals and principles of the SCO Charter and, guided by the Shanghai Spirit, were continuing to address the tasks outlined in the SCO Development Strategy until 2025. It was noted that the SCO had asserted itself as a unique, influential and authoritative regional organization whose potential had grown remarkably following the accession of India and Pakistan.

Webmaster's Commentary: 

Notice how this summit focused on cooperation and working things out, at every level of every member country's needs, rather than militarily body-slamming any country which would not bow to their collective will....like one country in the world is continuing to do.

The unipolar world, with the United States at its centre, is on the brink of collapse, but the only country pathologically incapable of seeing this, is that same Unhinged, Surveilled, State of Amerika.

One wonders; how many more wars will this country inflict upon the rest of the world, in its dying, last gasp of empire?!?

Unfortunately, the short answer is, many, before it either collapses economically, or is stopped in its tracks by another power, or combination of powers.

Jun 14 10:58

MOST MEDICAID ENROLLEES WORK. THEY JUST AREN’T PAID A LIVING WAGE.

What’s the purpose of the Medicaid program? Is it to provide health care coverage to people who cannot access it on their own, so they can lead healthier lives? Is it to fill health care gaps during epidemics and disasters, while ensuring hospitals and emergency rooms are not left with unpaid bills? Or is it Medicaid’s role to encourage people to find employment, so eventually they “drain” fewer resources from the government?

If you ask the analysts at Americans for Prosperity, a right-wing group founded by the billionaire Koch brothers, the answer is the latter. They argue that the “goal” of any safety net program should be “helping people improve their own lives” and “reduce their dependency on government.” Of the nearly 68 million Medicaid recipients nationwide, 25 million are adults who do not receive a monthly check for living with a disability, so Americans for Prosperity concludes there is fat to trim — and people who should find a job.

Webmaster's Commentary: 

These numbers "bite", and are most probably about to get far worse than they already are.

And I say this, because as I type this, people in lower-paying jobs are already getting dismissed from these jobs, in light of the reality that robots are already taking these jobs over.

The days of "unskilled labor" are nearly at an end.

So parents of very small kids, please listen to your "honorary Irish Auntie" on this.

If you speak a second language other than English and live in the US, please make sure your kid speaks English as well as they do their mother tongue.

One of my great heroes in this area is the American comedian, Gabriel Iglesias, born in Bakersfield, California, who is hysterically funny in both English and Spanish.

But the greater heroine here was his single, working mom, who made the choice to make sure his English was just as brilliant as is his Spanish.

Do not expect public schools to educate; expect them to indoctrinate. Make sure that your kids are numerate, literate, and computer-centric, in their understanding of how the world works.

Be ready to share the news of the day with your kids, as they are able to understand, from independent resources, not the corporatized presstitutes, whose only job is to advance the governmental agenda, which is generally leading up to more and more wars. (Notice the intense demonisation of Iran these days; this... is precisely about what I am talking!)

As they get into their highschool years, and hopefully are looking at higher education (which may well be a trade course, or something computer related, which gives them a "certification", and makes them look attractive to potential employers), make sure that they understand what kinds of degrees will give them an access to better-paying jobs, and which absolutely will not.

The children of the very rich can afford degrees in diversity, the history of feminism; white privelege, and ancient languages which are no longer spoken, because unlike the rest of us, they won't have to work upon graduation; just marry someone with more money and/or power, than their family has.

That doesn't and will not, work for most of the rest of us, or our kids.

And if possible, keep them out of the "college debt spiral trap", which can lead to horrific financial burden they may not be able to pay off, through the entirety of their lifetime.

And lastly, because so many areas in this country are so economically depressed, many see joining the US military as their only option; please don't let this happen to your kid, unless they are immediately on track to become an officer, because our enlisted soldiers become useless, expendable, and disposable, if health problems present themselves, or they have become maimed for life in the course of their service.

Parents, you have to be a pro-active influence in your kid's life, from the moment they are born, through as much of the rest of their lives as you can be.

Jun 14 09:59

Canadians boycott US products, cancel vacations to America

Blame America.

Canadians have taken to practicing pocketbook diplomacy in defense of Prime Minister Justin Trudeau, who is caught in a trade war of words with President Trump, by boycotting American goods and canceling vacations to the United States, according to a report.

Shoppers are shunning Kentucky bourbon, California wine and Florida oranges, and avoiding American companies like Starbucks, Walmart and McDonald’s, Canadian network CTV News reported on Wednesday.

On Twitter, hashtags like #BuyCanadian, #BoycottUSProducts and #BoycottUSA are spreading as outrage over Trump’s trade tariffs grows.

An Ottawa man posted a “Trump-free grocery cart” full of products from Canada or from “countries with strong leadership.”

Vacationers said they would be staying up north this summer instead of booking trips to the US.

Jun 14 09:42

Trump To Slap China With Tens Of Billions In Tariffs As Early As Friday: WSJ

While trading desks are scrambling to goalseek the Fed's clearly hawkish statement into a dovish speech by Powell, in order to keep the Koolaid flowing at least a bit longer and stem today's bloodletting, one potential catalyst that could send the dollar even higher is a confirmation from the WSJ of what Politico and we reported earlier today, namely that the Trump administration, deepening its global trade offensive, is set to levy tariffs on tens of billions of dollars of Chinese goods in the coming week, perhaps as early as Friday—a move that is likely to spark heavy retaliation from Beijing.

What the WSJ adds to what we already knew, is that Trump's mind was already made up last week:

Jun 14 09:41

Shake Shack Launches Order Kiosks To Eliminate Minimum Wage Workers

Fast food workers who enthusiastically joined the "fight for $15" are about to get the latest lesson in life's numerous ironies: Shake Shack has become the latest fast food purveyor to launch with order kiosks, which the company said will help it minimize its "largest P&L headwind": People.

In an investor presentation released Wednesday, Shake Shack touted its first "cashless shack" - located at the company's Astor Place location - which opened in New York back in October. As we pointed out last year, self-order kiosks have already become a staple at thousands of McDonald's restaurants, and Shake Shack is rapidly catching up. As a result, the company says it has been testing the sleek-looking kiosks at six restaurants.

Webmaster's Commentary: 

I refuse to use those.

Jun 14 09:39

The US Is One Step Closer To Bankruptcy

Jun 14 09:38

PIN THE TAIL ON THE BUBBLE

Jun 14 09:04

Verhofstadt & Van Rompuy Try To Dump Greek Debt on UK & Others - Enjoy The Backlash 24.02.2010

Jun 14 09:03

What they don't tell you in the jobs Report

In the Great Depression you COULDN’T ignore the destitute. The lines for the soup kitchens and bread lines were right in front of you, stretching around the block. They were famously photographed as a symbol of our economic calamity. Now, of course, people on food assistance get benefit or EBT cards that they use at the grocery store just like a credit card. You would have to be looking directly over their shoulder to notice that they are actually in the breadline, 21st century style. And yet, as of February 2018 40 million Americans participate in SNAP (Supplemental Nutrition Assistance Program) or food stamps. That is almost 15,000 people for every Walmart Super Center in the country. That is a heckuva breadline, but it is invisible.

Jun 14 09:00

Governments are Corporations

The USA, with the unbelievable good luck of having the world’s reserve currency, has been spending money like water which it never truly earned, running up trade deficits of 2018 valuation of up to $20 trillion worth, thereby exporting its jobs and ruining its Main Street economy.

The economic system, managed by the Rothschilds, was created to plunder the life force from the population. The public see money as currency, but the Rothschilds see it as energy, which it is – currency that circulates as a current which returns to them, the elites, at a much greater rate, expanded by interest. In so doing, the Rothschild family has now come to privately own more than half of Planet Earth.

Jun 14 08:48

Russia should be back in G7 as ‘we spend 25% of time’ talking about it anyway – Trump

The leaders of the G7 group spent a lot of their time during last week’s summit discussing Moscow, and so having Russia itself at the negotiation table would have been an extremely logical move, US President Donald Trump has said.

“You know, we spend probably 25 percent of our time talking about Russia, and I said wouldn’t it be better if they were here,” Trump said, in an interview with Fox News' Bret Baier, adding that “I'm not for Russia. I’m for the United States.”

President Trump made headlines last week after stating that Russia should be invited back to the gatherings of the Group of Seven industrialized nations. “They should let Russia come back in because we should have Russia at the negotiating table,” he suggested, ahead of the 2018 G7 summit, held in La Malbaie, Quebec, Canada.

Jun 14 08:26

Migration Causes Cognitive Dissonance

Masonic government and media traitors have conflated "immigrant" with "migrant." Any migrant can claim to be an "asylum seeker" and gain entry, merely by crossing some undefended stretch of the border.

Many economic migrants are steaming across the Canadian border from the US where they are anything but refugees.

We pay police and army to stop intruders. But instead of doing their jobs, they are aiding and abetting them.

Jun 13 23:42

Your Incredibly Shrinking Dollar

Over the last 12 months, the purchasing power of your dollar has dropped at the fastest rate since 2011. According to the latest data released by the Bureau of Labor and Statistics, the Consumer Price Index (CPI) jumped by 2.8% year-over-year in May. That follows on the heels of a 2.5% leap year-over-year in April. In other words, prices are going up. That’s not good news for people who buy stuff.

Jun 13 23:39

The Volcano Of Debt

While higher tax rates and means tests may serve to push out the insolvency dates, there remains very little political expediency to enact these changes. Thus, as these critical U.S. government entitlement programs begin to falter, the only agreed-to solution from both sides will be debt monetization and currency creation from the Federal Reserve. Borrowing costs will soar, and the devaluation of the dollar will be significant. Markets will be traumatized, and threats to the hegemony of the U.S. dollar as global reserve currency will move to the forefront.

Jun 13 23:35

The Dangers Of Investing Based On Phony Government Statistics

On the surface, this all paints a beautiful picture for the economy and stock market. But dig a little deeper, and the numbers aren’t quite as bright they appear. All that glitters is not gold.

Jun 13 22:20

The National Debt Scam

Jun 13 22:08

Russia & Belarus ditching dollar trade in favor of national currencies

The Belarusian Prime Minister, Andrey Kobyakov, has called for a complete shift away from the US dollar towards national currencies in Russia-Belarus trade and price-setting.

“That would be great if the entire trade turnover, as well as price-formation were set in national currencies,” Kobyakov said during the session of the Council of Ministers of the Union State of Russia and Belarus.

Jun 13 14:57

THIS MAP SHOWS SAN FRANCISCO IS COVERED IN HUMAN POOP

These maps are not updated.

Fecal matter is elusive, and doesn’t necessarily register until it’s crusted on the bottom of your shoe. But there might be a dark cloud of poo hovering above your city, as evidenced by this stinky, stinky map.

Jun 13 10:23

US paper gold suppression allowing Russia & China to buy real gold at discount prices

Efforts by the US to suppress gold prices in order to prop up the dollar are allowing Russia and China to build up huge reserves of physical gold by purchasing large quantities of the precious metal at significantly lower prices.

Net central bank purchases in the first quarter of the current year surged by 42 percent compared to the same period a year ago, totaling 116.5 tons, according to data compiled by the World Gold Council (WGC). The number reportedly represents the highest quarterly total since 2014.

Over the past two decades, Russia has been ramping up the purchases of physical gold. In May, the country's gold reserves surged to 1,909 tons, Russia's Finance Ministry reported. Since 2000, the country’s gold reserves have surged by 500 percent.

Jun 13 09:20

Bitcoin Could Drop Another -34%

Jun 13 09:02

THE 'REAL' AMERICA: 21.5% UNEMPLOYMENT, 10% INFLATION, AND NEGATIVE ECONOMIC GROWTH

Let’s start by talking about unemployment.

We are being told that the unemployment rate in the United States is currently “3.8 percent”, which would be the lowest that it has been “in nearly 50 years”.

To support this claim, the mainstream media endlessly runs articles declaring how wonderful everything is. For example, the following is from a recent New York Times article entitled “We Ran Out of Words to Describe How Good the Jobs Numbers Are”…

The real question in analyzing the May jobs numbers released Friday is whether there are enough synonyms for “good” in an online thesaurus to describe them adequately.

Doesn’t that sound great?

It would be great, if the numbers that they were using were honest.

The truth, of course, is that the percentage of the population that is employed has barely budged since the depths of the last recession. According to John Williams, if honest numbers were being used the unemployment rate would actually be 21.5 percent today.

Webmaster's Commentary: 

It is very simple; the US government regularly "moves the goal posts" to present figures on employment, and inflation which are wretchedly out of kilter with the economic realities of both discussions.

Jun 13 09:00

Musk to fire 9% of staff in ‘difficult reorganization’ of perpetually unprofitable Tesla

In an effort to try and hit production targets and probably even make the first profit in Tesla’s 15-year history, Elon Musk has announced a major round of layoffs, that will affect nine percent of the company’s 37,000 employees.
“As part of this effort, and the need to reduce costs and become profitable, we have made the difficult decision to let go of approximately 9% of our colleagues across the company,” Tesla CEO Elon Musk wrote in an email to staff on Tuesday.

While Musk – who himself has been criticized by some fellow shareholders for his unfulfilled commitments and questionable claims and has even been sued and urged to quit – has failed to specify which sector of personnel is being let go, the CEO did note that the layoffs within the company would deal with “management structure.”

Jun 13 08:16

Inflation Is Back: Just Check Out This Chart

Jun 13 08:11

Scholar on US-Canada Relations: 'There’s the Possibility of a Trade War'

Canada’s parliament has passed a bipartisan bill condemning President Donald Trump’s comments about Ottawa’s Prime Minister, Justin Trudeau, in which Trump called the Canadian leader “weak.” For more, Sputnik caught up with Canadian-American Philosopher, Henry Giroux.

Jun 13 08:07

Defiant Trump Ignites Trade War with Canada and G-7 Allies

Citing national security issues to get around WTO rules, Trump ordered tariffs of 25 percent on steel and 10 percent on aluminum imports from Canada and EU countries. William Black and Gerald Epstein discusses the implications of these tariffs on the different economies

Jun 12 23:46

What’s Wrong With The Economy: 9 Toxic Dynamics

Beneath the surface signals of an eternally rising stock market and expanding GDP, we all sense something is deeply, systemically wrong with the U.S. economy. These nine structural dynamics generate secondary dynamics, all of which are toxic to social mobility, sustainable prosperity, accountability and democracy...

Jun 12 23:24

Feds Collect Record Taxes; Still Run $532.2B Deficit...

The federal government collected a record $1,143,141,000,000 in individual income taxes through the first eight months of fiscal 2018 (Oct. 1, 2017 through the end of May), according to the Monthly Treasury Statement released today.

Jun 12 16:36

Infographic: What is a Mutual Fund?

Jun 12 13:21

INTUIT CREDIT CARD SERVICE SHUTS DOWN PAYMENTS ON ALL GUN PURCHASES

Several gun-related businesses were suddenly — and without warning — disrupted in recent weeks when Intuit stopped processing credit card payments because sales were gun-related, The Post has learned.

Jun 12 12:45

The US Economy Is a Giant Ponzi Scheme

Jun 12 12:11

Consumer Prices Surge At Fastest Pace Since 2011, Real Wage Growth Slumps

Last night's Singaporean show was the prelude to the rest of the week's real action - central banks - and nothing drives The Fed more than inflation anxiety as exhibited by Core CPI this morning... and it printed hot.

For the 32nd consecutive month, the consensus estimate on the street was +0.2% MoM - and expectations were met - pushing the headline CPI to +2.8% YoY (as expected) - the highest since December 2011...

Webmaster's Commentary: 

Those who do not learn from financial history, are doomed to repeat it.

Jun 12 12:09

Senate Adds ZTE-Deal-Killing Amendment To "Must Pass" Defense Bill

As was widely expected, a group of senators have successfully attached an amendment that would effectively kill the Trump administration's deal with Chinese telecoms firm ZTE to a "must-pass" defense authorization bill, according to Axios- the latest sign that the movement to kill the deal is gaining momentum, even among Republicans who rarely oppose the president. The measure has found support among a bipartisan group of Senators who claim that the ZTE deal poses potential national security problems, according to Democratic Sen. Chris Van Hollen, who introduced the amendment alongside Republican Sen. Tom Cotton. In addition, Van Hollen maintains that the ZTE deal is "genuinely a bad deal" that must be overturned.

Webmaster's Commentary: 

President Trump will, if it gets that far, veto the deal, and demand that Congress create another budget which does not at all mention ZTE.

Jun 12 12:06

The Real Reason Trump Lost It With Trudeau?

In Singapore, Trump tweeted more about that piggy bank.

“Why should I, as President of the United States, allow countries to continue to make Massive Trade Surpluses, as they have for decades … (while) the U.S. pays close to the entire cost of NATO-protecting many of these same countries that rip us off on Trade?”

To understand what drives Trump, and explains his exasperation and anger, these remarks are a good place to begin.

Our elites see America as an “indispensable nation,” the premier world power whose ordained duty it is to defend democracy, stand up to dictators and aggressors, and uphold a liberal world order.

They see U.S. wealth and power as splendid tools that fate has given them to shape the future of the planet.

Trump sees America as a nation being milked by allies who free ride on our defense effort, as they engage in trade practices that prosper their own peoples at America’s expense.

Webmaster's Commentary: 

It is reasonable for Trump to be upset, looking at these numbers; I just wish he hadn't gotten so publicly upset.

Jun 12 11:51

As the G-7 Implodes, SCO Meeting Confirms the New Century of Multipolarity

At the G7 meeting in Canada in recent days, we witnessed unprecedented clashes between Trump and G7 leaders over the imposition of tariffs on trade. We must now conclude that the event has been relegated to irrelevance, as the G7 has heretofore derived its clout from speaking as one voice. Trump even went further, refusing to sign the final draft of the organization’s joint statement after Canadian prime minister Justin Trudeau lashed out at Trump’s trade decisions. Trump showed how little he cares for his allies, leaving the summit a day early to arrive early for the meeting with Kim Jong-un in Singapore to make preparations for the long-awaited encounter between the two leaders.

Jun 12 10:55

PEPE ESCOBAR: PUTIN & XI TOP THE G6+1

All hell broke loose at the G6+1, aka G7, while the China-led Shanghai Cooperation Organization (SCO) aimed at global integration and a peaceful multipolar order...

All hell broke loose at the G6+1, otherwise known as G7, in La Malbaie, Canada, while all focused on divine Eurasian integration at the Shanghai Cooperation Organization (SCO) in China’s Qingdao in Shandong, the home province of Confucius.

US President Donald Trump was the predictable star of the show in Canada. He came late. He left early. He skipped a working breakfast. He disagreed with everybody. He issued a “free trade proclamation”, as in no barriers and tariffs whatsoever, everywhere, after imposing steel and aluminum tariffs on Europe and Canada.

Meanwhile, over in Qingdao, the stunning takeaway was offered predictably by Chinese President Xi Jinping; “President Putin and I both think that the China-Russia comprehensive strategic partnership is mature, firm and stable.”

Webmaster's Commentary: 

Russia and China are thinking long-term; American politicians cannot see their way beyond the next election cycle, and that will be this country's undoing.

Jun 12 10:18

Governor Brown Reaches $200 Billion Budget Deal

On Friday, Gov. Jerry Brown and Democratic legislative leaders decided against two proposals that would have expanded access to health care and tax breaks to undocumented Californians. The $200 billion budget deal sets aside enough money in reserves to fill the "Rainy Day Fund" with almost $14 billion. Another $2.2 billion will go to contingency funds for other unexpected emergencies.

The sum of these two set aside funds gives the state around $16 billion in total reserves. According to the legislative Analyst's Office, that's 'enough to weather a mild recession without severe cuts to government services.'

Jun 12 10:07

Venezuela's hyperinflation at new dizzying high

Venezuela's sky-high inflation soared to 24,571 percent in the past 12 months, lawmakers said Monday.

President Nicolas Maduro's socialist government controls most of the country's economy and is in the midst of an ever-deepening crisis with food and medicine in short supply.

Analysts blame what they call mismanagement of a state-led economy. That includes its control over hard currency, as well as low oil prices. Venezuela depends on crude oil for its earnings.

The government blames US sanctions and businessmen speculating on the problems.

Jun 12 10:04

Voluntarily vagrant, homeless youth a 'crusty' urban challenge

From the parks of Berkeley to the streets of Brooklyn, and in most every large city in between, they have become an almost inescapable part of urban life.

Known by many names – “crusty punks,” “crusties,” “gutter punks,” “crumb bums” and “dirty kids,” to list but a few – this group of young adults has rejected a more traditional 9-to-5 lifestyle in favor of train hopping, panhandling and voluntary homelessness.

And while traditionally tolerated by police and urban residents, these transient groups of the unshaven and unwashed have been involved in a series of incidents in recent years -- accompanied by an abundance of bad press -- that has municipalities across the country puzzling over how to address the problem.

In New York City's East Village, they have been spotted doing drugs in local parks, making camp outside of apartment buildings and sleeping outside storefronts. One crusty traveler’s pit bull even attacked a man and his small dog - killing the other dog.

Jun 12 09:57

TRANSCANADA’S NEW “BEST-IN-CLASS” GAS PIPELINE EXPLODES IN WEST VIRGINIA, CAUSING FIERY BLAST

A newly installed TransCanada natural gas pipeline exploded early Thursday in the remote Nixon Ridge area of Marshall County in West Virginia.

No injuries were reported but flames and smoke from the blast could be seen as far as 20 miles away, residents told local media. Area police told CBS News the fire was "very large—if you can see it from your house, evacuate."

"It sounded like a freight train coming through, or a tornado, and the sky lit up bright orange, and then I got up and looked out the window and flames were shooting I don't know how far into the sky," Tina Heath-Chaplin, of Moundsville, told WPXI.

TransCanada—the same company behind the Keystone pipeline—said the explosion has been contained and an investigation is underway.

"As soon as the issue was identified, emergency response procedures were enacted and the segment of impacted pipeline was isolated. The fire was fully extinguished by approximately 8:30 a.m," the company commented Thursday.

Webmaster's Commentary: 

The cause is probably, most simply, that the company did the installation on the cheap, and cut corners in both materials and installation proceduures, which resulted in the blowout.

Explosiions like this just "don't happen"; they are caused when all the safety regs in place are ignored, to some degree or other.

Jun 12 04:30

New asteroid gold rush ‘could earn everyone on Earth £75 billion’

That’s what bankers Goldman Sachs reckon, anyway – and several companies are now vying to be the first into space.

NASA estimates that the total value of asteroids out there could be up to $700 quintillion – equivalent to £75 billion each for us here on Earth.

Jun 12 03:28

The Biggest Risk To Markets?

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA