ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 20 08:18

LAID OFF CNN EMPLOYEE EMAILS JEFF ZUCKER

Just some constructive feedback from one of your stockholders.

I've been a Time Warner stockholder for the past 17 years, and was a CNN employee for 15 years before being impacted by John's "Turner 2020" mass layoffs in October 2014.

Wanted to congratulate you on the reported news that CNN had a billion dollars in profit in 2016. That's great! I'm so glad that my "eliminated" $49,400 a year HLN Research Analyst position might have eventually contributed, in whatever microscopic way, to the company's increased profitability.

Apr 20 07:29

The Earnings Mirage

Apr 20 07:21

IMF: Expect Oil To Fall Below $60

Apr 20 05:59

Global Debt is Now an Insane $164 Trillion, but Who Exactly Do We Owe?

If you’ve ever wondered why the world seems hopelessly fraught with endless conflict, ruled corrupt states, and bent on developing a never-ending supply of advanced weaponry, you’d need to understand the nature of our debt based economy.

Apr 20 03:07

US Financial System Now Resetting

Apr 19 18:27

AMP boss Meller quits after scandals revealed at banking royal commission

AMP boss Craig Meller steps down, company apologises after scandals revealed at banking royal commission
By business reporter Stephen Letts

AMP's chief executive officer Craig Meller has quit his job with immediate effect after a series of scandals were revealed at the banking royal commission.
Key points:

CEO Craig Meller first senior executive to lose job as result of royal commission
Resignation accompanied by unreserved apology to customers
AMP lied to watchdog ASIC, charged customer fees for advice not delivered

The resignation was accompanied by an unreserved apology from AMP to its customers.

The royal commission heard AMP lied to the corporate watchdog ASIC for almost a decade to cover its practice of charging customers fees for advice that was never delivered.

Apr 19 14:50

US debt load ballooning, set to outpace some African countries in 5yrs – IMF

The US debt-to-GDP ratio is projected to jump to 116.9 percent by 2023, leaving behind Italy, according to the International Monetary Fund (IMF).

In five years, the American debt burden will also be worse than some countries in Sub-Saharan Africa, such as Mozambique or Burundi.

Apr 19 14:48

SOVEREIGN DEBT DEBACLE

Apr 19 14:35

This $233 Trillion Bomb Is Set to Blow

Apr 19 13:34

20-Something Slowly Climbing Out Of Debt...

Apr 19 13:18

The US Is Being Prepared For An Economic Collapse Transition

Another dump was made in Bitcoin, this time it was 50 million worth of digital currency, this drop came one day after the third largest bicoin wallet unloaded 50 million. Trump opposes the TPP, looked at it and it will not fit into the new trade system that he is creating.

Apr 19 13:11

BOEHNER'S MARIJUANA LOBBYING IS SYMPTOMATIC OF SPECIAL-INTEREST PROBLEM

The former Speaker of House, John Boehner, and former Massachusetts Governor, Bill Weld, were added to the Board of Advisors for Acreage Holdings, an investment company heavily involved in the legal cannabis industry. This pair of former conservative leaders will certainly help to bring bipartisan support for the pro-legalization movement. They’re also part of an emerging trend of conservative revolving door lobbyists working on behalf of the legal marijuana industry.

Apr 19 12:46

Russia Warns Of ‘Precise And Painful’ Response To Any Future US Sanctions

Russia is continuing to warn the West of further attacks against Russia. Whether it be in the form of missiles or sanctions, the former Soviet Union doesn’t seem like they wish to play “war games” any longer.

The United States this month added several Russian firms and officials to a sanctions blacklist in response to what it said were the Kremlin’s “malign activities.” Moscow says those sanctions are unlawful and has warned that it will retaliate in a “painful” manner.

“No one should be under any illusions,” said Valentina Matvienko, who is closely aligned with the Kremlin, was quoted as saying by the Interfax News Agency. Matvienko, the speaker of the Russian upper house of parliament, said on Wednesday that Moscow’s response to any United States sanctions will be targeted and painful, Russian news agencies reported.

Apr 19 11:56

Homeless People on Tracks Slow California Trains

The Los Angeles Times reports that “L.A. County’s homeless problem is worsening despite billions from tax measures.” Rather than “despite,” they might have said “because of,” since the more taxpayer money is bestowed upon the homeless, the more will be drawn from around the country — and the world. The situation is so bad that California trains have been slowed down by all the homeless people on the tracks:

Trains along the popular Capitol Corridor are running later than before, and homeless camps are partly to blame.

Rail officials say more people have trespassed on train tracks in the last year, forcing engineers at times to hit the brakes to avoid a possible crash – and at times tragically unable to. That’s left trains loaded with commuters or freight grinding to a halt in the middle of nowhere. …

If a person is killed by a train, it may be held in place for two to three hours as coroners, police and track inspectors do post-mortem work, officials said.

Apr 19 11:51

IRAN SWITCHES FROM DOLLAR TO EURO

Iran’s feud with the US is set to get worse after Tehran announced yesterday that it will start reporting foreign currency amounts in euros rather than US dollars, as part of the country’s effort to reduce its reliance on the American currency due to political tension with Washington.

Central bank governor Valiollah Seif said last week that Supreme Leader Ayatollah Ali Khamenei had welcomed his suggestion of replacing the dollar with the euro in foreign trade, as the “dollar has no place in our transactions today”.

Iran does hardly any trade with the US due to decades of economic sanctions. It’s most important trading partner is the UAE, which accounts for around 24 per cent of all Iranian imports and exports. China is not far behind with 22 per cent, followed by Turkey, India and the EU, all of which account for around six per cent of Iran’s trade.

Webmaster's Commentary: 

This further delink from the US dollar, is what ultimately got Iraq and Libya invaded; looks like the next target for "regime change", after Syria, will be Iran, something for which the Israeli and Saudi government have been cheerleading for quite some time.

But President Trump needs to understand, clearly, and with zero misconception; both Israel and Saudi Arabia want the costs of such an invasion and occupation to be borne solely in American blood, and American money.

Apr 19 11:50

Brazil Accuses EU Of Instigating "Trade War", Threatens WTO Complaint

Brazil's agriculture minister is accusing the European Union of trying to start a trade war with South America's largest economy after it threatened to cut off imports of domestic Brazilian chicken following a food-contamination scandal Bloomberg reported.

With the European Commission set to discuss restrictions on imports from BRF, Brazil's largest packaged-food producer and leading poultry supplier, Blairo Maggi is apparently turning up the rhetoric in hopes of averting a potentially devastating export ban.

Apr 19 11:49

Russia Threatens To Halt Critical Rocket Engine Exports To The U.S.

Despite earlier reported hopes that Putin seeks a deal with Trump, as opposed to escalating tensions, it appears Russia is planniong to do just that.

Last Friday (the 13th), just before the US, UK and France launched 105 Tomahawk missiles at Syria, we noted that as part of Russian countermeasures against US sanctions, it could halt titanium exports to the US, critical for the production of Boeing airplanes, which promptly sent Boeing's stock lower.

As it turns out Russia has leverage not only over the biggest US exporter of airplanes and military equipment: what piqued our interest, is the United States Department of Defense (DoD) dependency on Russian-manufactured rocket engines to launch military satellites into low Earth orbit (LEO).

Apr 19 11:49

The Death Of Retail Real Estate Continues: 77MM Sq.Ft Of Shopping Space Closed In 2018 Already

Retail real estate carnage is going to continue this year with no signs of slowing up, as Bloomberg reported this morning that over 77 million square feet of retail real estate has closed this year and that 2018 will easily pass 2017's record of 105 million square feet closed. The latest example was the fall of the once massive Toys 'R' Us name:

The fall of the Toys “R” Us chain, with more than 700 U.S. stores, shows how much retail real estate has changed in just the last decade. When KKR & Co., Bain Capital, and Vornado Realty Trust took over the company in 2005, the buyers justified the $7.5 billion price, in part, because of the supposedly valuable properties that came with the deal.

If there was ever to be any silver lining to the complete carnage in the retail real estate space, it was the argument that has been perpetuated over the last decade or so: despite retail stores closing, the real estate would eventually be worth something.

Apr 19 11:11

Palladium Bullion Surges 17% In 9 Days On Russian Supply Concerns

Palladium bullion has surged a massive 17% in just nine trading days. From $895/oz on Friday April 6th to over $1,052/oz today (April 19th). The price surge is due to palladium being due a bounce after falling in the first quarter and now due to Russian supply concerns.

In a volatile month, precious metals and commodities have been the clear winners so far, with palladium having the greatest gains of all – up 10.7% in April

Apr 19 10:49

Kass: Market Is Underpricing Risk…Again

Apr 19 09:25

Iran to replace US dollar with euro in financial reports

Amid currency crisis, switch is aimed at circumvent restrictions on accessing US dollar and prevent market instability.

Apr 19 08:42

Is This The Long-Awaited Silver Short Squeeze?

"This is almost unprecedented... and implies that a short squeeze – in which speculators are forced to cover their short bets by buying silver futures, thus forcing the price sharply higher – is a real possibility."

Apr 19 07:12

EYEWITNESS: Warning Signs That Should Have Told Us the Collapse of Venezuela Was Near

Here's an eyewitness account of the subtle warning signs that should have alerted Venezuelans that the economic collapse was near.

Apr 19 04:49

‘Astronomical’ Cost of War: Average US Taxpayer Sent $3,456 to Pentagon Last Year and Just $39 to the EPA

As Americans rushed to pay their taxes on Tuesday before the official deadline, peace groups reminded the public of the uncomfortable fact that an “astronomical amount” of the money sent to the IRS each year goes not to funding education or a single-payer healthcare system the U.S. supposedly can’t afford, but straight into the bloated coffers of the Pentagon.

Apr 19 04:46

Crimes of a Monster: Your Tax Dollars at Work

Let us not mince words. We are living in an age of war profiteers. \We are living in an age of scoundrels, liars, brutes and thugs. Many of them work for the U.S. government. We are living in an age of monsters.

Apr 19 01:14

US Debt Load Ballooning, Set To Outpace Some African Countries In 5yrs – IMF

The US debt-to-GDP ratio is projected to jump to 116.9 percent by 2023, leaving behind Italy, according to the International Monetary Fund (IMF).
In five years, the American debt burden will also be worse than some countries in Sub-Saharan Africa, such as Mozambique or Burundi.
***
The IMF says its forecasts are similar to those recently published by the Congressional Budget Office. The CBO said the US debt “is far greater than the debt in any year since just after World War II.”

The office also predicted that the debt held by the public will rise from 78 percent of GDP (or $16 trillion) at the end of 2018>>>

Apr 18 16:05

What does it take to create living wage jobs?

Apr 18 15:33

Challenging Capitalism Through Workers’ Control

A common feature in every crisis situation, from the upheavals of the early 20th century to the neo-liberal re-structurings of the late 20th century, is the emergence of workers’ control – workers organising to take over their workplaces in order to defend their jobs and their communities. We interviewed Dario Azzellini* to talk about this issue in depth: the emergence of new values and social relations not just in the recuperated workplaces but also in the communities, the need to re-orient production, the overcoming of the separation between political, economic and social spheres, and the role of workers’ control in the larger struggle against capitalism.

Apr 18 15:31

UK headhunter Josh Harrison blasts unemployed under-25s on LinkedIn

ACCORDING to headhunter Josh Harrison, if you are under 25 years old and out of work, it’s because you’re lazy and “not trying hard enough”.

Apr 18 14:18

Why is ATL Fed GDPNow 1Q18 est. Crashing?

Apr 18 13:59

No (Wall Street) Bank Left Behind!

Apr 18 12:32

Couple to pay $470K for backing out of home purchase

A couple involved in a bidding war in April 2017 backed out of a $2.25 million offer after the market dropped a few months later. The seller sold the home at lower price, sued for the difference and won.

I think we're going to see more of these in the coming months.

Apr 18 11:39

China Prepares "Emergency Response Plan" Amid Escalating US Trade War

While in recent days the growing trade war between China and the US has moved off the front page of market concerns despite now daily skirmishes such as today's anti-dumping probe launch by the US into US steel wheels which followed a Chinese 179% tariff on US sorghum imports which in turn was in response to the US banning exports to Chinese telecom giant ZTE, in recent days China has drawn up comprehensive list of urgent measures as the war of words over US-China trade relations has threatened to escalate into open economic conflict with each side threatening to levy heavy tariffs and taxes on each other's imports.

Commenting on the recent trade hostilities, National Development and Reform Commission spokesman Zeng Peiyan said on Wednesday that Beijing has all the political instruments it needs to respond to this trade conflict with the United States and minimize its economic effect.

Apr 18 11:12

The Big Market Tops

Apr 18 09:57

Russia Sells Off Billions in US Debt Amid Skyrocketing Tensions

With the prospect of new US sanctions still looming on the horizon, Russia continues to cut its reserves of US government bonds.

According to updated figures provided by the US Treasury Department, in February, Russia’s hard currency reserves currently held in US Treasuries went down by $3.1 billion and now stand at $93.8 billion, the lowest level since March of last year.

Cashing Out: How New Sanctions Can Push Russia Into Dropping Its US Bonds
Russia still remains the world’s 16th largest holder of US government bonds. China holds the top spot with almost $1.8 trillion, trailed by Japan which has shed some of its US Treasuries.

Webmaster's Commentary: 

An asymmetric, but reasonable, Russian response to both these existing, and potential on-coming, sanctions.

If both Russia and China decide to collectively dump their US treasury holdings all at once, it is going to be a very lousy moment for US stock markets.

Apr 18 09:57

Silver Bullion Remains Good Value On Positive Supply And Demand Factors

– Silver bullion remains good value on positive supply and demand factors

– Industrial demand set to continue to climb from 2017, into 2018 and beyond

– Speculators are bearish on silver as net short positions in silver futures reach record

– Investment demand sees silver ETF holdings at eight-month high of 665.4 million ozs

– 2017 saw fifth consecutive annual physical deficit in scrap silver, of 26 moz

– Global silver mine production fell 4% last year, 2nd consecutive year of decline

– Fundamentals and speculative positions suggest silver may soon see strong gains

Apr 18 09:40

America First – R.I.P.

When the Cold War officially ended in 1991, Washington could have pivoted back to the pre-1914 status quo ante. That is, to a national security policy of America First because there was literally no significant military threat left on the planet.

Post-Soviet Russia was an economic basket case that couldn’t even meet its military payroll and was melting down and selling the Red Army’s tanks and artillery for scrap. China was just emerging from the Great Helmsman’s economic, political and cultural depredations and had embraced Deng Xiaoping proclamation that "to get rich is glorious".

The implications of the Red Army’s fiscal demise and China’s electing the path of export mercantilism and Red Capitalism were profound.

Apr 18 08:57

MASSIVE DISCOVERY OF RARE EARTH MINERALS THREATENS CHINA’S MONOPOLY

A discovery of rare earth minerals found off the coast of Japan has the potential to transform the global economy – and severely impact China’s hold on the market.

The deep-sea mud is riddled with ‘rare-earth elements and yttrium’ (REY) which are instrumental in the technological industries that drive the global economy.

“Applications of REY span a wide range, including hybrid vehicles, rechargeable batteries, wind turbines, light emitting diodes, compact fluorescent lamps, screen display panels, and many medical and military technologies,” says researcher Yutaro Takaya.

Apr 18 08:55

Next Recession? Pundit Prognoses

Apr 18 08:46

“Take a Pill” Consequences

Economic sluggishness? Take a pill – an extra-large dose of Quantitative Easing. There are other ways to stimulate the economy, but QE bailed out banks at taxpayer expense, increased banking profits, expanded debt, printed $16 trillion from “thin air” and levitated the stock market.

Economic Side effects: Pension funds are increasingly insolvent, savers don’t earn a decent return from savings, official debt exceeds $21 trillion, a potential derivative disaster looms ahead, and more dangers will manifest in coming years.

Apr 18 08:37

House of Lords to Strike Down Key Element of May’s Brexit Plan

Britain’s upper legislative house is to find itself more in agreement with the Opposition Party than the Government on Brexit.

British Prime Minister Theresa May's plans for the United Kingdom's exit from the European Union are set to receive another blow as the country's House of Lords is widely expected to vote for Britain to remain a member of the EU's Customs Union.

Apr 18 08:29

Berlin welcomes China move to open some key industrial markets

Germany’s Economy Ministry on Tuesday welcomed a decision by China to open some of its key industrial markets and reduce existing market barriers to foreign investment. “This is a signal in the right direction,” the ministry said in a statement. It added that “now it will depend on whether actions follow words, and if so, how the regulations will be shaped,” Reuters reports. Earlier on Tuesday, Beijing said it would scrap limits on foreign ownership of automotive ventures, and in shipbuilding and aircraft industries in 2018.

Apr 18 08:09

Governments, Big Banks Are Stockpiling Gold

Apr 18 07:57

EXPOSED: ALL THE QUEEN’S AGENTS AND CORPORATIONS THAT CONTROL THE WORLD

English law prohibits questioning the Monarchy about their personal holdings and business.

This is true of most of Europe’s royalty, whether enthroned or not. The wealth of the Monarchies is held outside of the countries that made the wealth. The British Crown’s offshore banks hold the greatest personal wealth in the world estimated at $35 trillion. Perhaps the British Crown still owns and controls its Commonwealth Nations, including the American “colonies.”

Monarchies are not supposed to be warlord bankers who create conflict and chaos to turn a profit or destabilize an economy for personal gain. But they have been for some time now, and history is a string of immoral wars caused by monarchies, the Vatican and other religions. Untold millions have died while kings and popes lived on to grab the wealth through well-established institutions that were created to control the commoner.

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