ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Mar 18 09:02

Israel only country to escape proposed State Department budget cuts

Israel would be the only country to escape the Trump administration's proposed deep cuts in foreign aid, the State Department said Thursday. The proposed budget from the White House includes slashing the State Department budget by up to a third, cuts that would mostly target climate change, democracy promotion and health programs, and numerous foreign aid projects.

Mar 18 08:50

Moscow and Beijing join forces to bypass US dollar in world money market

Russia’s central bank opened its first overseas office in Beijing on Thursday, marking a small step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system.

It was part of agreements made between the two neighbours to seek stronger economic ties since the West brought in sanctions against Russia over the Ukraine crisis and the oil-price slump hit the Russian economy.

The opening of a Beijing representative office by the Central Bank of Russia was a “very timely” move to aid specific cooperation, including bond issuance, anti-money laundering and anti-terrorism measures between China and Russia, said Dmitry Skobelkin, deputy governor of the Central Bank of Russia.

Webmaster's Commentary: 

SOMEONE in the previous administration should have thought that this would be one way that Russia and China would react to the absolutely stupid anti-Russian sanctions for something it absolutely didn't do, which was the "alleged annexation" of Crimea (forgetting that the people of Crimea held two referendums to ask their people if they wanted to leave Ukraine, post-2014 putsch, and join the Russian Federation.)

But then again, I have learned, through many frustrating decades of many US governmental Administrations, that the pathological inability to think a scenario through to its logical conclusion seems to be a very stringent requirement for going to work for it.

Mar 18 08:24

Israel only country to escape proposed State Department budget cuts

Israel would be the only country to escape the Trump administration's proposed deep cuts in foreign aid, the State Department said Thursday.

The proposed budget from the White House includes slashing the State Department budget by up to a third, cuts that would mostly target climate change, democracy promotion and health programs, and numerous foreign aid projects.

In all, $17.3 billion would be cut from the State Department budget, which is about $50 billion. Congress is highly unlikely to approve the White House proposal, however, so the impact is still unknown.

Mark Toner, a State Department spokesman, said U.S. aid to Israel, which totaled about $3.1 billion this year, would not be touched under the Trump plan. Israel gets more U.S. aid than any other nation.

Aid to every other country will come under review, he said.

Webmaster's Commentary: 

Characterise me as completely unsurprised by this.....

Mar 18 08:22

Mike Krieger: "Forget Russia, Donald Trump Works For Wall Street"

The evidence is overwhelming and indisputable at this point. Donald Trump is a phony, who has given his administration over to Wall Street crooks even more enthusiastically than his predecessors, and his predecessors were very enthusiastic.

I’ve written about this many times, and I warned throughout the campaign that my biggest fear was Trump is far too cozy with the finance industry, fake populist statements aside. His latest hire for the number two position at the Treasury Department once again proves the point.

As David Dayen reports in his excellent article at The Intercept, Donald Trump Isn’t Even Pretending to Oppose Goldman Sachs Anymore:

Mar 18 08:20

The Crumbling American Superpower

A Wall Street-driven agenda of globalization of US manufacturing and out-sourcing of production has left America a hollowed-out, crumbling Superpower. Since the 1980’s the United States has significantly under-invested in both new infrastructure and in renewing old. As US multinational corporations moved their factories overseas to cheap labor production in Mexico, then in Asia, especially China, and elsewhere, they found tax loopholes that allowed them to walk away from supporting the country that as recently as the 1960’s was the world industrial economic leading nation. Today US corporations hold $2.4 trillion in overseas profits that they keep abroad to avoid US taxes.

The result of all this neglect is that over the past three decades since the end of the 1980s, federal funding of major infrastructure projects such as dams has dropped by half, from 1 percent to 0.5 percent of GDP.

Infrastructure Report Card......

Mar 18 07:29

You’re Now Twice as Likely to Achieve the ‘American Dream’ in Canada

The study, authored by Raj Chetty, professor of economics at Stanford University, defined the concept as the ability for children born in the bottom fifth of income distribution to reach the top fifth. In the U.S. the likelihood of that is 7.5%, whereas in Canada children born in that group are twice as likely to rise to the top — at 13.5%. In the U.K. the likelihood of achieving that move from the bottom fifth to the top fifth is 9% and in Denmark it is 11.7%.

Mar 17 19:25

Protection for student loan defaulters rolled back

Not good! Wait til youread the interest rates. Are debtors prisons next?

March 17 (UPI) -- The Trump administration rolled back guidelines that barred debt collectors from charging high interest rates on past-due student loans.

Mar 17 16:41

Cutting the EPA’s Budget Could Save American Consumers and Businesses Hundred of Billions of Dollars

The biggest economic benefits from Trump’s EPA budget would come from the complete elimination of funding for implementing the “Clean Power Plan,” the Obama administration’s scheme to cut carbon dioxide emissions from the electricity generating sector. The plan would have cost consumers hundreds of billions of dollars in increased energy costs and inflicted even further damage on America’s coal mining sector.

Estimates of the costs of the Clean Power Plan vary, with the EPA itself claiming it would cost virtually nothing while industry estimates say it would cost consumers as much as $214 billion in higher energy costs by 2030. Energy Ventures Analysis, a consultant group that receives much of its income from the energy industry, has said that replacing otherwise perfectly good electricity generating capacity with Clean Power Plan compliant capacity would cost as much as $64 billion.

Mar 17 16:37

Trump Jobs Boom: IBM to Hire 2,000 Vets After Meeting with Prez

IBM CEO Ginni Rometty, who serves on Trump’s business advisory board, is to announce the new plans on Friday.

The company intends to open 20 new P-TECH schools in the U.S. and will retrain and certify the veterans over a four-year period, Axios reported.

Many of the veterans will be trained in the use of IBM’s software programs used by law enforcement, cybersecurity, and national security agencies.

Mar 17 16:11

ECB Trapped in its Own “Doom Loop” as Inflation Surges

Trying to keep a financial system and a currency union from collapsing upon each other.

Mar 17 15:15

More Hedge Funds Shut Last Year Than Any Time Since the 2008 Crisis

Fees fell in 2016 as investors pulled cash from firms

Funds with more than $5 billion manage 70% of industry cash

Mar 17 14:19

How Auto Sales Are Getting Crushed in Houston

First oil & gas, then construction, then new vehicle sa

Mar 17 11:56

Jim Willie Issues ALERT: Path to Global Currency Reset Begins HERE AND NOW

Something BIG is Afoot in Shanghai.
The Chinese Have CHANGED THE GAME Suddenly. The Jig Is Up.

Mar 17 11:10

Americans Are Loving What President Trump Is Doing For The US Economy

There is no doubt the US is rocking and rolling with all of the changes President Trump is making in America.

Mar 17 10:36

House Budget Committee votes in favor of a requirement that able-bodied adults must hold a job in order to qualify for Medicaid.

GOP proposals would overhaul Medicaid dramatically, starting with job requirement

Mar 17 09:50

As Venezuelan "Bread War" Escalates, Maduro Warns Bakers "You Will Pay, I Swear"

With its people resorting to eating flamingos, the Venezuelan government has decided to find yet another thing to blame for the collapse of the socialist utopia - the bakers!

As The BBC reports, the Venezuelan government says it will expropriate bakeries which fail to abide by new government regulations aimed at tackling bread shortages.

In a growing row between the government and bakers, officials said that bakeries could face fines if people had to queue to get their bread. Severe shortages of basic goods mean that Venezuelans often have to queue for hours to buy essential items.

The government says the shortages are caused by an "economic war".

Venezuela does not produce wheat and relies on imports bought in by the government which it then sends to mills where it is ground and then distributed.

Webmaster's Commentary: 

This is desperation on the cusp of madness by the Maduro government.

But please remember: US sanctions against the country have been significant in creating the turmoil in which we find Venezuela today.

And just this last February, the Trump administration sanctioned Venezuela again:

The Trump administration announced sanctions against Venezuela’s vice president on Monday, calling him a drug “kingpin” in its first moves against the country’s leftist government, which President Trump railed against during his campaign. Vice President Tareck El Aissami, according to a Treasury Department statement, was being sanctioned for “playing a significant role in international narcotics trafficking.” The sanctions mean that Mr. El Aissami, 42, will be blocked from financial dealings with Americans and will have any American assets frozen. Such actions against officials in the government of President Nicolás Maduro of Venezuela are nothing new in a long and fraught relationship between Washington and Caracas. But the accusation that Mr. El Aissami, the next in line for the presidency, is a drug trafficker is certain to set a new, more hostile tone in relations. “This can be seen as the opening salvo of the Trump administration in dealing with Latin America’s deepest crisis,” said Michael Shifter, the president of the Inter-American Dialogue, a policy group in Washington. “It is hard to imagine that, with this decision, Washington will now be inclined to offer many carrots to the increasingly authoritarian regime.” Since taking office, Mr. Trump has come under increasing pressure by Republicans and some Democrats to take a tougher stance on Venezuela, which has suffered an economic collapse punctuated by food and medicine shortages and soaring crime, even as its government has taken a harsher stance against dissent.

And I have to ask; is this simply a political smear to cast doubts on the ethics and credibility of the 2nd in line for the presidency, should Maduro be forced to step down, or is there actual, verifiable proof on these charges?!?

And President Trump, a word here, please: the American people are looking for verifiable truth these days, rather than hatchet-job accusations.

Mar 17 09:39

Another "Recession Dead Ahead" Indicator Just Hit

During the FOMC press conference this week, Janet Yellen was pushed by Bloomberg's Kathleen Hays to explain why she hiked rates amid what was evidently not a surging economy.

While Q1 looks to be the weakest economic growth period for a rate hike since 1980...

Today we got some more weakness-confirming real-time 'hard' data confirming the facts that the US economy is anything but as strong and resilient as Yellen proclaimed it.

Industrial Production has never declined on a 24-month basis without the US economy being in recession...

Mar 17 09:38

NASA swerves serious cash cuts – but Earth climate probes, asteroid snatcher face axe

Funding was cut by $200m, and the total going to America's space agency is $19.1bn per year. Even so, NASA has had to cancel some popular programs. The mission to catch and bring an asteroid back to Earth for examination has been scrapped, as too are plans for a lander on Europa, although the Europa Clipper probe will still pay a visit to Jupiter's watery moon.

In a statement, NASA acting Administrator Robert Lightfoot said that while those two programs were being cut, the initial research carried out will still be used – notably the solar electric propulsion systems that were designed to bring an asteroid to Earth.

The planetary science budget has actually increased, so NASA can spend more on investigating other planets and moons. But the Earth science budget was cut 13 per cent, meaning the space agency will have to pull out of the climate-studying DSCOVR satellite system, and has cancelled other satellites due to study the Earth's ecosystem.

Mar 17 09:33

Famous short seller: Beware the debt ceiling

Mar 17 09:19

So many open jobs for truck drivers! It’s another bogus skills shortage story.

Today we learn about all those open jobs for truck drivers, waiting for lazy Americans (or more immigrants) to fill them. It is another bogus “skills shortage” story, revealing much about how America is changing.

Mar 17 09:18

Experts say US shale oil output growth will not bring down oil prices for long

The growth of shale oil production in the United States will not cause a prolonged decline of oil prices and does not make the Organization of Petroleum Exporting Countries (OPEC) strategy to reduce oil production pointless, according to experts interviewed by TASS. In their opinion, in the coming weeks oil will return to $55 per barrel, which is in the interests of both American and Middle Eastern producers...
Russia cuts oil production by 160,000 barrels per day by mid-March, Energy Minister Alexander Novak told reporters on Friday. Russia will maintain the oil production cut figure of 300,000 barrels a day until the agreement expires and intends to reach this level by the end of April, Novak said. "We stipulate reaching the target figure of 300,000 barrels per day. As soon as it is reached, I think it will be maintained until the end of the agreement," the minister said... http://tass.com/economy/936202

Mar 17 08:40

GUESS SHUTTERING 60 UNDERPERFORMING US STORES

Mar 17 08:39

BANKRUPT GORDMANS LAYING OFF 600 STAFFERS

Mar 17 08:26

Inflation Hits Consumers, Mortgage Rates Take Off, “Financial Repression” for Bondholders and Savers

The Fed is way behind the curve, but at least it now sees the curve.

Mar 17 08:22

Jeff Sessions Goes Full 'Reefer Madness' on Pot

Attorney general says marijuana is "only slightly less awful" than heroin

Attorney General Jeff Sessions continued a personal campaign to demonize marijuana, calling cannabis a "life-wrecking dependency" that is "only slightly less awful" than heroin in a speech on violent crime in Richmond, Virginia, Wednesday.

Insisting that the federal government should return to a Nancy Reagan-style, 1980s anti-drug campaign – "educating people and telling them the terrible truth" about controlled substances – Sessions conflated the nation's opioid addiction and overdose crisis, which now claims 140 lives a day, with marijuana, a drug he said will "destroy your life."

Mar 17 08:21

When Money Is “Free,” Discipline Evaporates; When Discipline Evaporates, Decisions Are Disastrous

The only possible output of a system lacking any discipline is self-destruction.

Whatever is free is squandered. When water is free, it’s freely wasted. When electricity is free, there’s no motivation to use it wisely.

Mar 17 07:59

Swift severs remaining North Korean links to global banking

North Korea’s remaining links to global banking networks via Swift have been severed, according to the Brussels-based international system that supports most of the world’s financial transactions.

Webmaster's Commentary: 

North Korea just broke free of the private central bankers!

Mar 17 07:51

Avi Gilburt: Major Whipsaws Ahead

Many of the guests we have on FS Insider make timely calls in various markets, and Avi Gilburt of ElliottWaveTrader.net is no exception. The last time Gilburt came on our show in November 2016, rather than predicting a correction, he suggested that the S&P 500 and other major market indices may just continue in a straight up move well beyond what people expect – what he referred to as a "melt up" – which is exactly what happened.

Mar 17 07:43

Food Stamp Recipients Increasingly Are The Working Poor

Newly released data from the U.S. Department of Agriculture provides more evidence of just how many low-income households continue to struggle to put food on the table.

According to a recent report from the USDA, an increasing share of individuals who receive benefits through the federal Supplemental Nutrition Assistance program, also known as food stamps, live in households where at least one person is working.

Nearly 32 percent of SNAP households are home to at least one wage-earner, according to the most recent data on the program, compared to only 19.6 percent in 1989, as far back as USDA data is availabe.

Webmaster's Commentary: 

RECOVERY?!?

What recovery, please, and for whom?!? I am REALLY KEEN to know which sectors of the economy are recovering!!

Because for most working people here on Oahu, and many other places in this country, the alleged "recovery" is just a chimera, an illusion, and something that is completely non-existent in their daily lives!!!

Mar 17 07:28

Mac Slavo: "On June 1st The Deep State Will Move To Overthrow Trump"

On Wednesday, March 15, 2017 the U.S. government once again hit its debt ceiling. In short, this means that until Congress raises the ceiling, the government will be unable to borrow more money. If you remember the last time this happened, there were weeks of posturing by Republicans and Democrats while some government services started shutting down. After much deliberation and negotiation the debt ceiling was eventually raised and collapse was avoided.

But this time around we may see a very different set of events play out. If it isn’t clear to you just yet, President Trump is under attack from all sides. Democrats, the media and even members of his own Party want to see him fail. But perhaps more importantly, it is the shadow operators known as “The Deep State” who may take this opportunity to lay the blame for decades of machinations at Trump’s feet.

Mar 17 07:19

Now That Everyone's Been Pushed into Risky Assets...

A funny thing happened on the way to a low-risk environment: loans in default (non-performing loans) didn't suddenly become performing loans.

Mar 17 07:14

Windows 10: Fears that Microsoft is about to force updates over metered connections

Some Windows fans are worried that the upcoming Windows 10 Creators Update could mean costly data bills.

Windows 10 currently treats Windows Updates on cellular networks differently to those over Wi-Fi because Microsoft knows these updates can be large and result in sizeable bills if they take place on a so-called metered connection, such as a cellular network.

For this reason Windows 10 only downloads 'priority updates'.

But, as SuperSite Windows reports, the latest Windows Insider fast ring build of the Windows 10 Creators update notes a change to the language used.

Mar 17 07:13

THE DEBT CEILING DEADLINE HAS PASSED, AND NOW THE BIGGEST TEST OF DONALD TRUMP’S PRESIDENCY BEGINS…

On Wednesday, the temporary suspension of the debt ceiling ended, and so now the federal government is not going to be able to go into any more debt until the debt ceiling is raised. For the moment, the Trump administration can implement “emergency measures” to stay under the debt limit, but it won’t be too long before we get to a major crisis point because the federal government is quickly running out of cash. Already, the U.S. Treasury has less cash on hand than Apple or Google, and that cash balance is going to keep on dropping until the debt ceiling is finally lifted.
You may remember that the debt ceiling became a major issue a couple of times during the Obama years. Last time around, Barack Obama and the Republicans in Congress agreed to a horrendous deal which suspended the debt ceiling until several months after the 2016 election…

Webmaster's Commentary: 

WHAT inflated "standard of living"?!?

Maybe for the one percenters, but not for the rest of us, thank you very much.

I am grateful to Heaven right now that I understand how to "slow cook" foods, and be both economical and frugal in our food purchases.

What Congress should do, if it collectively had an ounce of sense, is "pull an Iceland", declare the debt odious, and charge those in the financial sector and government who got us into this mess, and upon conviction, jail their collective backsides with hard time, to encourage others in the government and financial sector to never do this again.

Of course, given the nature of the beast which is Congress, that will only happen when pigs have the ability to fly.

Mar 17 06:52

YOU’RE NOW TWICE AS LIKELY TO ACHIEVE THE ‘AMERICAN DREAM’ IN CANADA

The American dream — the idea that anyone can own their own home and do better than the previous generation with the right amount of hard work — has been fading for years, with rising house prices and stagnant wages. Now, people who want to achieve it may be better off seeking it in Canada, the U.K. or Denmark according to a new study published by the Federal Reserve Bank of St. Louis.
At least the Fed is admitting its total failure.

The study, authored by Raj Chetty, professor of economics at Stanford University, defined the concept as the ability for children born in the bottom fifth of income distribution to reach the top fifth. In the U.S. the likelihood of that is 7.5%, whereas in Canada children born in that group are twice as likely to rise to the top — at 13.5%. In the U.K. the likelihood of achieving that move from the bottom fifth to the top fifth is 9% and in Denmark it is 11.7%.

Webmaster's Commentary: 

Congrats to the Fed for having stated the obvious!!

Mar 17 06:40

Spain’s fracking bubble bursts

Five companies give up shale

Mar 17 05:16

The Debt Ceiling Deadline Has Passed, And Now The Biggest Test Of Donald Trump’s Presidency Begins…

On Wednesday, the temporary suspension of the debt ceiling ended, and so now the federal government is not going to be able to go into any more debt until the debt ceiling is raised.

Mar 16 17:37

Has Stock Rally Reached Its Speed Limit?

The Dow is presently hitting the upper bound of its post-2009 bull market.

Mar 16 16:37

Foreign Investors Pile into US Commercial Real-Estate Bubble

With impeccable timing, after a blistering 7-year price boom.

Mar 16 16:05

Worse Than 1929?

The US stock market today has never been more dangerous and overvalued, according to respected Wall Street market analyst John Hussman. Indeed, Hussman goes as far as to say that “this is the most dangerous and overvalued stock market on record — worse than 2007, worse than 2000, even worse than 1929” as reported by Marketwatch.

Mar 16 16:01

Surprising revelation: Janet Yellen reveals why the Fed is raising rates!

Usually we can only guess at the motives of our senior officials. But on rare occasions they give us clues to their real priorities and objectives. The Fed is especially opaque, so we speculate about their odd rate increases during a slow and slowing economy. Yesterday Janet Yellen explained why. The answer is shocking (to those who do not know the Fed’s history).

Mar 16 16:00

The Rich Are Not Creating Enough Jobs In The U.S. Rather They Are Shifting The Balance Of Power Rapidly From West To East – Here Is How.

Rich people including the entrepreneurs and wealthy investors create the jobs that sustain everyone else by starting and directing America's companies.

Mar 16 15:38

Bears Make Money, Bulls Make Money

It's an old Wall Street saying that 'bears make money, bulls make money, but pigs get slaughtered.'

I think that observation might also apply to those who make public policy, those in the political and professional classes. And brother, they seem to be wanting to go whole hog.

Mar 16 15:01

Cadbury NZ factory closure confirmed

Cadbury's Dunedin factory will close early next year, owner Mondelez has confirmed.

The company told staff on February 16 about the potential closure.

Amanda Banfield, area vice-president of Mondelez for Australia, New Zealand and Japan, said no alternative to closure could be found.

"Following four weeks of detailed consultation with the union and employees to assess
alternatives, we could not find a viable option that met global benchmarks and ensured the ongoing sustainable operation of the factory.

"Our focus is now on helping our team and minimising the impact of this decision on
them and the broader Dunedin community."

The decision spells the end for some 350 jobs at the factory, which was a major employer in the South Island city, and Mondelez said it will support relocating as many as possible for roles in Australia and the region. The company plans to keep the Cadbury World tourism venture, which employs 36 people, and is considering redeveloping the site.

Mar 16 14:59

PwC (NZ) under the gun for up to $1 billion

PricewaterhouseCoopers says it's under the gun for up to $1 billion after two failed attempts to stop a lawsuit brought against it by the liquidator of a collapsed property development company.

Property Ventures, directed by discharged bankrupt Christchurch businessman David Henderson, was the parent of a group of companies that failed after the global financial crisis and left a large Queenstown project unfinished. Liquidator Robert Walker launched High Court action against the company's directors alongside PwC, which was the group's auditors. PwC has failed in the High Court and Court of Appeal to get the action quashed or to get the transfer of the debt to litigation funder SPF No 10 declared invalid.

PwC's QC, Bruce Gray, said there had been trafficking in the claim, and it comes under the legal tort of champerty, which concerns third parties providing financial backing for legal action in exchange for a share of the profit.

Mar 16 14:15

How Bankers Became The Top Exploiters Of The Economy

The Next System Project’s Adam Simpson sat down with renowned economist and economic historian Michael Hudson to discuss economic deceptions old and new in the interview below. Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and a prolific writer about the global economy and predatory financial practices.

Mar 16 14:10

The Federal Reserve Just Declared the American Dream Is Officially Dead for Most of America

We all know what comedian George Carlin said about the American Dream: that you have to be asleep to believe it.

Well, now the Federal Reserve is agreeing with him.

Mar 16 11:57

Markets Priced for Perfection, Sentiment Ahead of Actual Growth

Market expectations have driven stock prices to new highs, but with sentiment so extreme, many are wondering if this move is sustainable.

Mar 16 11:56

Greece: A Democracy In Crisis

The Greek people have just about reached the limits of their strength. The economic situation is tragic. Illegal immigration is out of control, criminality increases day by day. The political system is steeped in corruption and the media have stopped being the communication channel between citizens and the political system. The Greek media are functioning as the praetorian guard of the euro; they favor the massive admission of Muslim populations into Greece and they fiercely attack every voice that disagrees with them.

Bishop Ambrossios is urging people to revolt. He characterizes the illegal Muslim immigrants entering the country as conquerors. He also says that Christianity is under attack in Greece, while Islam is being daily reinforced. He says that Greek Orthodox churches are being desecrated, robbed and burned by Muslim immigrants while the state just sits by and looks on.

Webmaster's Commentary: 

The Greek people are in IMF debt slavery through no fault of their own; they were placed there, through a complex swindle by Goldman Sachs. As reported at the sandiegofreepress.com in May of 2015:

It all started when Goldman Sachs assisted Greece in lying their way into the Eurozone in the first place. They really didn’t qualify for admission but Goldman hid that small detail under a heap of trompe l’oeil, sleight of hand and financial shananigans that got past the critical eyes of the European ministers. They manufactured a highly questionable derivative scheme involving a currency swap that used artificially high exchange rates to conceal Greek debt. Goldman then turned around and hedged its bets by shorting Greek debt just as they had done with the mortgage crisis in the US. Predictably, these derivative bets went very wrong for the less sophisticated of the two players, namely, Greece. A 2.8 billion loan to Greece in 2001 became a 5.1 billion debt by 2005. In the US mortgage fiasco they packaged subprime loans in portfolios, after having loaned money to people with questionable ability to pay back the loans, and then bet that they would default. Goldman made tons of money that way. Now this operation on the part of Goldman should come as no surprise to those familiar with Goldman’s shenanigans leading up to the debt crisis of 2008 in which they packaged a bunch of mortgages that were designed to fail into collateralized debt obligations, sold them off to unsuspecting investors and then turned around and placed bets against them. Such a deal was the Abacus fund designed by John Paulson who made billions on it. The American government then bailed out the too big to fail Wall Street banks while leaving the underwater mortgagees to dangle from a fiscal rope. They did the same thing with Greece. They loaned Greece big bucks for its 2004 Olympic Games. Greece also borrowed a lot of money for its military. In retrospect it was foolish of Greece to borrow all this money. It never got a return on its investment from the Olympic games which it thought would encourage tourism. The Olympic site essentially became a heap of trash and rubble.

What the Greek government should do is declare the debt odious, wipe it off the books, as did Iceland, and throw the existing politicians and bankers who signed off on this monstrosity in jail, and NOT the Greek version of the US's "Club Fed".

At this point, the Greek people may well be ripe for revolution against a governmental body in bed with corporations and banksters, the members of which have absolutely no regard for the immense suffering they have caused the Greek people, through the imposition of extreme austerity.

And also, at zerohedge.com, we see the following, and very disturbing, article related to Greece:

Explosives Mailed To German Finance Minister Were Sent By Militant Greek Group

Unfortunately, until things get very much better for the Greeks and Greek economy, we may continue to see acts like this happen.

As a Christian Pacifist Activist, I can never advocate physical violence; but I can see why it sometimes happens.

Mar 16 10:34

Startled Reporter Asks Why Yellen Hiked With GDP And Real Wages Sliding: Here Is The Response

Today's FOMC press conference was the standard affair. Reporters ask broad questions, Yellen responds with even broader comments that amble aimlessly leaving no one any wiser as to The Fed's true intent. That is, until Bloomberg TV's Kathleen Hays decided enough was enough, and wanted to get to the bottom of just why a "data-dependent" Fed is hiking in a world in which economic data is rapidly deteriorating.

Mar 16 10:33

China Is Again Selling US Treasuries As Foreign Central Banks Liquidate $45BN

After December's brief dead cat bounce, in which foreign central banks bought $18.6 billion in US Treasuries, breaking a streak of 12 consecutive months of selling, in January they resumed their liquidation. According to the just released TIC data, foreign official institutions, which includes mostly central banks, but also sovereign wealth funds and various other official entities, sold another $44.9 billion in Treasuries, in line with the aggressive selling seen for most of 2016.

Mar 16 10:21

New York Times runs cover for the Federal Reserve after Trump considers targeting central bankers

In a possible sign of things to come, the New York Times recently published a piece in which the establishment cites its worry that the private Federal Reserve could soon be targeted by the populist wave that elected Donald Trump.

Mar 16 09:25

MORE EQUAL THAN OTHERS: California Mulls Exempting Teachers From Income Tax

State legislators in California are contemplating a new law which, if passed, would allow public school teachers to avoid paying any state income tax whatsoever.

A pair of Democrats, Sen. Cathleen Galgiani of Stockton and Sen. Henry Stern of Los Angeles, introduced the bill in February to address a shortage of teachers in the Golden State, reports The Sacramento Bee.

Mar 16 09:24

Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000

When the debt hits the limit and Congress and the president do not immediately enact new legislation to increase it or suspend it, the Treasury typically engages in what it calls “extraordinary measures” to keep the debt at a constant level just below the debt ceiling.

In 2015, for example, as reported on the Daily Treasury Statements, the Treasury froze the debt at $18,112,975,000,000 for 235 days--from March 13, 2015 until the Bipartisan Budget Act suspended the debt limit on Nov. 2, 2015.

Webmaster's Commentary: 

Mar 16 08:55

See Where Immigrants Out-earn U.S. Born Citizens

America is a nation built by immigrants, and on the premise that anyone can make it to the top. While that may be true, most new arrivals find themselves starting at the bottom of the pile.

Mar 16 08:53

Nasdaq Traders Have Never Been More Comfortable

Volatility expectations on the Nasdaq are at an all-time low.

Mar 16 08:40

PREET BHARARA EXPLAINS WHY HE LET WALL STREET BANK EXECUTIVES AVOID PRISON

Recently dismissed U.S. Attorney for the Southern District of New York, Preet Bharara, is suddenly being celebrated as an aggressive warrior in the fight against Wall Street corruption. Really? You could’ve fooled me. Perhaps I was in a coma when a string of big bank executives were arrested and sent to prison.

No, what actually happened is one of the most powerful attorneys in the nation came up with a mealy-mouthed, cowardly rationale for why he let these financial thieves off the hook.

Crain’s reports:

Bharara was nowhere to be found when it came to charging the top executives whose actions led to the collapse of Lehman Brothers, Merrill Lynch and AIG, and who made all manner of misleading statements to cover up how sick their firms were. Goldman Sachs executives sold institutional investors a mortgage-backed security that sales staffers described as “one shitty deal.” Where was Bharara when it mattered most?

Webmaster's Commentary: 

Absoflippinglutely unbelievable.

I have to wonder if - and what - Bahara received as "incentives" for not prosecuting in these cases.

Mar 16 08:33

EXPLOSION AFTER ENVELOPE OPENED AT IMF OFFICES IN PARIS, 1 INJURED – POLICE SOURCES

An envelope exploded after being opened at the offices of the International Monetary Fund (IMF) in Paris on Thursday, according to media citing police sources. One person is reported injured.

The IMF building has not been damaged, French broadcaster BFM TV reported, adding that police are on site.

A police operation is underway, law enforcers said in a statement, adding that one person was left injured by a suspicious package with explosives inside.

Webmaster's Commentary: 

The question is, here, cui bono?!?

Who benefits?!?

Was this done, perhaps, to build "sympathy" for a tone-deaf and blind organisation, which does not care, or understand, what hardship it places on the people of member countries?!?

At the moment, a true motive cannot be established, and no group has claimed responsibility.

Mar 16 08:28

Trump Nominates Another Goldman Banker For Key Treasury Position

Not good!

In the latest creeping takeover by Goldman Sachs of the White House, overnight the White House announced that Donald Trump will nominate another Goldman Sachs banker, James Donovan, for a key financial post as deputy Treasury secretary, the White House said on Tuesday, adding another alumnus of the Wall Street investment bank to his administration. Donovan joins his former peers, Treasury Secretary Steven Mnuchin and chief Economic advisor, Gary Cohn, who are also former Goldman executives who occupy senior economic posts within the administration.

Mar 16 08:26

Podcast: Inflation + Populism = Soaring Gold

Inflation is back, thanks to the past few years’ exuberant borrowing and currency creation. Meanwhile, populist politicians are gaining traction in Europe, threatening both the European Union and the eurozone.

Mar 16 08:01

Death, Debt, Devaluation and Taxes

Since 1913 debt has been a necessity for bankers, governments, and businesses. More debt = more currency in circulation = higher prices, including gold and silver.

There is practically no chance that debt will stabilize or decrease. Consider total U. S. government debt in 1972 (roughly $400 billion) versus today (roughly $20,000 billion = $20 trillion).

Mar 16 07:59

IT BEGINS…. Idaho & Arizona Pass Bills To Remove “Capital Gains Taxes” On Gold & Silver

In just the past week, lawmakers in Idaho and Arizona have passed bills removing “Capital Gains Taxes” from gold and silver coins and bars. Normally, when individuals sell gold or silver, they must pay capital gains on any increase on the value of their precious metals investments. However, gold and silver are really not investments per say, rather they perform as real money.

Mar 16 07:20

Will mid-March madness maul the stock market?

Many of the 2017 economic headwinds I’ve described will hit during the Ides of March, just as the Trump stock-market Rally shows signs of topping out. This might not be the Great Epocalypse — not all at once anyway — but a large and likely correction is looming. I think the bear is about to be let out of his cage.

Mar 16 02:24

12 Reasons Why The Federal Reserve May Have Just Made The Biggest Economic Mistake Since The Last Financial Crisis

Has the Federal Reserve gone completely insane? On Wednesday, the Fed raised interest rates for the second time in three months, and it signaled that more rate hikes are coming in the months ahead. When the Federal Reserve lowers interest rates, it becomes less expensive to borrow money and that tends to stimulate more economic activity.

Mar 15 18:53

Can YOU see the tiny camera hidden in this cash machine? Fraudsters record bank customers' pin numbers through a hole the size of a PINHEAD

To the untrained eye, this looks just like any of the millions of cash machines people use every day to access their money.

But a tiny, pinhead-sized hole in the plastic casing hides a chilling secret which shows just how advanced identity fraudsters have now become.

Police investigating cashpoint tampering discovered the hole meant a tiny camera, which was hidden inside a false cover to the cash dispensing slot, could record the victim putting in their pin number.

Mar 15 18:10

Collapsing Pensions Are “About to Bring Hell to America”

long with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all.

Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes – because, in the end, it is just more debt, whether private or public.

With tens of trillions in unfunded liabilities, the weight of an avalanche remains dangling over our heads. An aging population is cashing in on needed retirement benefits while the younger generations must support multiples that are unsustainable financially.

Somewhere between the retiree that needs clothing, food and lodging, and the bankruptcy of cities and state governments is the makings of the next economic crisis.

via AgainstCronyCapitalism.org:

This is one of those things that few will pay attention to until it’s a 5 alarm fire. Then the policymakers will run around with their hands in the air saying they didn’t see it coming.

Webmaster's Commentary: 

Absoflippinglutely unbelievable, that these pensions were not better guarded from the bad investments which ultimately have already destroyed some of these pensions.

Where was the oversight, which should have prevented this?!?

State officials who allowed this should be tried, and jailed, if convicted!!

Mar 15 18:09

Collapsing Pensions Are “About to Bring Hell to America”

long with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all.

Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes – because, in the end, it is just more debt, whether private or public.

With tens of trillions in unfunded liabilities, the weight of an avalanche remains dangling over our heads. An aging population is cashing in on needed retirement benefits while the younger generations must support multiples that are unsustainable financially.

Somewhere between the retiree that needs clothing, food and lodging, and the bankruptcy of cities and state governments is the makings of the next economic crisis.

via AgainstCronyCapitalism.org:

This is one of those things that few will pay attention to until it’s a 5 alarm fire. Then the policymakers will run around with their hands in the air saying they didn’t see it coming.

Webmaster's Commentary: 

Absoflippinglutely unbelievable, that these pensions were not better guarded from the bad investments which ultimately have already destroyed some of these pensions.

Where was the oversight, which should have prevented this?!?

State officials who allowed this should be tried, and jailed, if convicted!!

Mar 15 15:31

Millennials selling their possessions to pay for food – survey

New figures show people born after 1983 are more likely to have borrowed money from friends and family or sold their possessions in order to pay their bills.

A survey by broker Norton Finance has revealed that over a third of 18 to 34-year-olds are going without food and heating, as stalling salaries and rising living costs turn making-ends-meet into a nightmare for young people.

Mar 15 15:05

Feeding the war machine: ‘Washington will lift debt ceiling to intervene in more countries’

The Democrats are going to vote against raising the debt ceiling, but enough Republicans are going to vote for it. They shouldn’t raise the debt ceiling, but they will, explains Lew Rockwell, editor of LewRockwell.com.

The US Congress is expected to vote to raise the debt ceiling, prompting a possible stand-off between the parties which could end in a government shutdown.

Mar 15 14:53

Could malls spark the next debt crisis?

Wall Street speculators are zeroing in on the next U.S. credit crisis: the mall.

It’s no secret many mall complexes have been struggling for years as Americans do more of their shopping online. But now, they’re catching the eye of hedge-fund types who think some may soon buckle under their debts, much the way many homeowners did nearly a decade ago.

Mar 15 12:45

Another way globalism is destroying America

Globalism is the ultimate form of collectivism. Globalists know that the more dependent we are, the easier we are controlled.

Mar 15 12:22

This Nobel Laureate Considers The Market As Highly Overpriced – A Worrisome Sign For The Trump Rally

Why are traders so obsessed with the upsides of a Trump presidency when the downside risks seem just as big?

Mar 15 10:21

London Trading Could Be Driven By Advance Inside Knowledge Of Official Data – Report

An analysis of official trading data suggests some London-based investors may be trading with advanced knowledge of sensitive economic reports before they are released to public.

A report prepared for the Wall Street Journal (WSJ) by Alexander Kurov, an associate professor of finance at West Virginia University, suggests City investors trade using the confidential economic data in breach of regulations.

Mar 15 10:16

Report: Trump Moving Against Obama's Stupid Fuel Efficiency Rules

President Trump is reportedly moving to scrap Obama's stupid fuel efficiency rules which pretty much mandate everyone drive a Prius.

Mar 15 09:44

Student loan defaults skyrocket by 17 per cent as 4.2 million borrowers face financial disaster after pursuing a college degree

A new analysis of government data by the Consumer Federation of America (CFA) found that the number of Americans in default on their student loans jumped by nearly 17 per cent last year.

As of the end of 2016, there were 4.2 million Federal Direct Loan borrowers in default, meaning they've not made a payment in more than 270 days. That's up from 3.6 million at the end of 2015.

Mar 15 09:40

"Something Snapped": US Department Store Sales Crash Most On Record

As we first documented last week in "Mega-Bears Smell Blood As Mall REITs Tumble" and as Bloomberg followed up yesterday, looking at CMBS on the Mall REIT space, many have set their sights on mall REITs as the "next big short." However, an obvious question that has emerged is whether it is too late to go all in on this particular short, or whether as some have suggested, the bottom is in. “The short feels crowded to us,” said Matthew Weinstein, principal at Axonic Capital, a hedge fund that specializes in structured products. “If these defaults start happening soon, the short will work, but if the defaults do not occur quickly, the first guy out could drive the market meaningfully higher.”

Mar 15 09:29

THERE IS NO MONEY - "FREEDOM FROM FICTION"

For as long as we have been using FRN, there has been no real money to actually be able to pay for anything.

Mar 15 09:29

Natural Gas Prices Could Plunge Below $2

So far this year, natural gas has performed the worst among major commodities, posting painful losses in January and February. It has rebounded somewhat in the last few weeks, but hovering around $3 per MMBtu, gas prices are still sharply lower compared to the fourth quarter.

Changes in seasonal temperatures are a pivotal factor for natural gas markets, and warmer winters mean weaker demand. Natural gas consumption spikes during winter months as millions of people crank up the heat, while consumption patterns descend into valleys in the spring and fall, with a smaller peak in the summer. A bout of warm weather during winter can upend gas demand forecasts.

Mar 15 09:24

“The Powers That Be Have Looted Everything.” Greek Farmers Fight Riot Police With Shepherd Crooks

The economic and social disintegration of Greece used to be big news. However it’s largely been overshadowed by the migrant crisis, and the American media hardly reports on Greece anymore. If you’ve been out of the loop, allow me to get you caught up on the financial situation in that country, by giving two answers to the questions you’re probably thinking. Yes, the Greek government still sucks. And yes, the people of Greece are still really pissed off.

Believe it or not, riots are still a common occurrence in that country. In fact there was an incident last week in Athens, after the government tried to increase taxes and social security contributions. In response, over a thousand farmers from Crete, who used to be immune from these taxes, took a ferry to Athens and proceeded to riot outside of the agriculture ministry building.

This however wasn’t an ordinary riot, not even by Greek standards. The farmers fought the riot police with shepherd crooks.

Mar 15 08:25

Canadian Media Ignoring Titanic Lawsuit vs. Bank of Canada

In early August 2013, two Canadians and COMER “confronted the global financial powers in the Canadian federal court.” They have filed a case against Bank of Canada earlier in 2011, in an effort to return the central bank to the people of Canada by printing its own debt-free currency like it was before 1974.

“COMER contends the Bank of Canada, a publicly owned national financial institution created in the Great Depression, is mandated to provide debt-free support for public projects undertaken by federal, provincial and city governments. Not doing so has deprived Canadians of the benefits of larger infrastructure investments, COMER alleges.

Mar 15 08:00

Swiss bank deems Le Pen 'biggest risk' to Europe

France's Marine Le Pen is the biggest risk to European stability, Credit Suisse said in a guide launched on Thursday to help investors navigate the upcoming "defining" months facing the continent.

Webmaster's Commentary: 

Another reminder that the bankers are supporting globalism because they dream of enslaving the entire human race to a single private central bank!

Mar 15 07:47

The Trump Boom: Small Business Optimism Remains Near Record High

Small business optimism, which soared following Donald Trump’s election day victory, remains near the highest levels recorded in nearly half a century.

The Index of Small Business Optimism declined slightly in February to hit 105.3, sustaining the surge in optimism that began November 9, 2016, the day after the election, the National Federation of Independent Businesses said Tuesday.

Mar 15 07:43

Just weeks after Oroville Dam crisis, damage found in another key California reservoir

California water officials, still struggling with fixes at Oroville Dam, will have to temporarily shut down the pumping station that delivers water to much of Southern California and Silicon Valley after discovering damage at another key state reservoir.

The state Department of Water Resources confirmed Tuesday that operators discovered damage to the intake structure at the Clifton Court Forebay, a nearly two-mile-wide reservoir that stores water for the State Water Project pumping plant in the Sacramento-San Joaquin Delta near Tracy. Repairs will begin Wednesday. It’s not clear how long they will last.

Mar 15 07:37

Trump Faces PAC Ultimatum To End DACA Amnesty For Illegals

(Raleigh, NC) Americans for Legal Immigration PAC is issuing an ultimatum to President Donald Trump to honor his campaign promise to end his and Obama's DACA Amnesty orders or the national organization will rescind its standing endorsement for Trump originally issued on February 29, 2016.

If Trump does not end his DACA Amnesty for illegals without replacement by Tax Day (April 17), 2017, the loss of ALIPAC's support and endorsement will signal the immigration enforcement movement, Tea Party movement, and American public that Trump can't be trusted on the powerful campaign issue that made his victory over Bush and Clinton possible.

ALIPAC is also launching a national outreach campaign to locate, organize, and mobilize American activists who are willing to stand up and hold Trump accountable for his campaign promises on immigration law enforcement while fighting legislative amnesty in Congress at the same time.

Mar 15 07:23

What’s next with America’s enormous $20T debt?

Thousands of years ago, as far back as 3000 BC, the ancient Egyptians had developed a highly advanced system of writing using hieroglyphic symbols.

The used hieroglyphs for numbers as well.

Mar 15 07:12

'We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers

Employees from all five of Canada's big banks have flooded Go Public with stories of how they feel pressured to upsell, trick and even lie to customers to meet unrealistic sales targets and keep their jobs.

The deluge is fuelling multiple calls for a parliamentary inquiry, even as the banks claim they're acting in customers' best interests.

Webmaster's Commentary: 

Canada's money-junkies are on full display!

Mar 15 07:06

Fed Day Arrives

Metals traders remain somewhat defensive ahead of the FOMC announcement today. A rate increase is fully expected but if by any chance the Fed decides to wait, the upside could be explosive. If the Fed surprises and raises by more than 25 bips, look out below. Betting on the percentage, however, suggests the Fed moves 25 bips, with an initial downward draft but possibly followed by a reversal, as traders have sold the rumor and buy the fact.

Mar 15 06:23

COLLAPSING PENSIONS WILL FUEL AMERICA’S NEXT FINANCIAL CRISIS

One of the main reasons California in all its anti-Trump rage isn’t going anywhere anytime soon is because the state knows that it has a massive government employee pension problem and that it will one day have to call on the rest of the United States to “solve” (bailout) this problem for them. Watch. But the rest of the country isn’t in great shape either.

Mar 14 19:20

Our Choice: Government Medical Care vs. Freedom

By Scott Lazarowitz

It should be of no surprise that establishment Republicans in Congress are rearranging the deck chairs from ObamaCare to “ObamaCare Lite,” in their saving the Affordable Care Act (ACA) from being fully repealed.

But conservative opponents, such as Senators Rand Paul and Mike Lee, who want ObamaCare fully repealed, are still not going far enough.

The problem is that other government entitlement schemes are interconnected with ObamaCare, and avoiding the “pain” of change would require repealing the other schemes. After all, the reason why medical care has gotten so expensive is because of government interventions, which distort decision-making by medical care providers, drug makers and patients, and drives up the prices...

Mar 14 17:09

Brexit Drains Swamp in London, Creatures Head to Luxembourg

Tax planning for a post-Brexit world.

Mar 14 14:47

IS STAGFLATION STALKING? The Answer Is Critical To Your Financial Health!

It is important to anticipate whether Stagflation is stalking because the yield curve will start pricing it in which will place equity yields, earnings and PE growth multiples at risk.

Mar 14 14:00

Who got rich off the student debt crisis

A generation ago, Congress privatized a student loan program intended to give more Americans access to higher education.

In its place, lawmakers created another profit center for Wall Street and a system of college finance that has fed the nation’s cycle of inequality. Step by step, Congress has enacted one law after another to make student debt the worst kind of debt for Americans – and the best kind for banks and debt collectors.

Today, just about everyone involved in the student loan industry makes money off students – the banks, private investors, even the federal government.

Mar 14 13:56

The Elite Are Prepped And Prepared For The Economic Crisis

Bank loans decline rapidly in the US. The creditors in the US have decided to adjust credit scores which allow bad credit individuals to get loans.

Mar 14 13:18

Who Controls the Money Controls the World

History will repeat itself as long as these bankers and their corrupt politicians are in charge. Save yourself from the upcoming economic collapse of 2012. Please share this important knowledge with your family and take action.

Mar 14 12:52

China Initiative Wants To Help Trump's 2026 U.S.A. Vision; British Intelligence Wants To Impeach or Kill Him

Interesting considering the recent revelation that Obama had the Brits spying on Trump.

If the growing number of reports that Donald Trump and Xi Jinping will meet in Florida next month are true, the way is open for President Trump to collaborate with China's global growth and progress driver -- the so-called New Silk Road or Belt and Road Initiative -- as Barack Obama refused to do. The horizon goals Trump set out for America's "250th Anniversary" in 2026 -- peace with nations including our current "adversaries," a renewed modern economic infrastructure, "our footsteps on distant worlds" -- would then have far better prospect of being reached. Those goals are not on the leadership's agenda of either of the United States' warring political parties.

Mar 14 12:06

MARCH 15TH: ROTHSCHILD, DEBT CEILING & DEMISE OF THE DOLLAR

March 15th is an important date. The US debt ceiling is about to be reached.

Mar 14 11:59

AFTER INSULTING TRUMP AND AMERICA, LOOK WHAT INSANE THING IS HAPPENING TO STARBUCKS…

Starbucks’ is stuck in the mud. They vowed to hire thousands of refugees in order to protest President Donald Trump’s first travel ban. It turns out that it is hurting the coffee chain, according to financial analysts.

Mar 14 11:54

Your money is on fire

Years of using debt to drive economic growth in the developed world has rapidly created the largest global debt bubble in history. And economic watchers say the resulting bust is going to make the 2008 financial crisis look like a walk in the park.

Mar 14 11:18

Russia's economic development minister comments on decline of oil prices

"The reasons for decline of oil prices include several factors - quite aggressive production growth in the US, and rumors associated with a possible change of OPEC tactics. This rumor, of course, affects expectations," he said. According to Oreshkin, the level of oil prices in the updated macro forecast for 2017 will depend on the first quarter’s figures. Oil prices began to decline on March 8 almost immediately after the publication of the data on oil reserves by the US Department of Energy. Thus, commercial oil reserves in the US increased by 8.22 mln barrels from February 24 to March 3, amounting to 528.4 mln barrels with the forecast of growth of 1.97 mln barrels of oil. On March 8-10, price of Brent futures contract with May delivery dropped by almost $5. On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries agreed to reduce their daily average output by 1.164 mln barrels starting January 1, 2017.

Mar 14 11:08

Currencies of developing economies to weaken after March 15 — Ex-Finance Minister Kudrin

Currencies of developing economies will weaken if the US Federal Reserve decides to increase the base rate at its meeting on March 15, Chief Executive of the Russian Center for Strategic Research (CSR) Alexei Kudrin said on Tuesday in Twitter. "It is highly probable the US Federal Reserve will increase the rate tomorrow. This will weaken currencies of developing markets in a way," Kudrin tweeted. The US regulator will announce its decision at 21.00 Moscow Time on March 15.

Mar 14 10:36

How The US Could Solve Its Retirement Crisis

Too many Americans are saving little to nothing for retirement. According to one study, 45 percent of working-age households “do not have any retirement account assets.” Congress could sharply improve the numbers by adopting dynamic scoring of retiree distributions. The move could lead to millions of new accounts, and a fairer sharing of the US’s retirement promise.

Mar 14 09:28

ABC News to Face South Dakota Jury Over ‘Pink Slime’ Story

Lawsuit claims reporting caused $1.9 billion worth of damage

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