ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 09 16:35

More validation of today's Bizarro Markets

Jul 09 16:05

Report Highlights US Pension Shortfall

Jul 09 14:23

IBM closes $34 billion deal to buy Red Hat…

Jul 09 13:40

Egypt Seizes Tanker Carrying Iranian Crude

Tehran's threats of retaliation against the UK for seizing a tanker carrying Iranian crude oil for export have prompted a British vessel to shelter in the Gulf, but the rest of the world doesn't seem to be taking them too seriously.

Citing local press reports, Middle East Monitor said Tuesday that a Ukrainian tanker carrying Iranian oil as it passed through the Suez Canal ten days ago was seized by the Egyptian government, just as Egypt's State Security Criminal Court was sentencing six people to lengthy jail terms allegedly for spying for Iran.

Egypt is a staunch ally of the US, and as a Sunni-majority country, would naturally align with the UAE and Saudi Arabia in their efforts to contain Iran. Egypt also supports the Saudi-backed coalition in Yemen that is fighting to retain control in that country's brutal civil war. Cairo has condemned the Houthis for the recent spate of attacks on Saudi infrastructure that have inflamed tensions in the region.

Webmaster's Commentary: 

With tensions escalating between Iran and Iran, and the US government reeling, regarding numerous problems on the horizon which have nothing to do with the current US government, (but involve some INCREDIBLY salacious actions by former members of this government, "Epstein-gate"), I have a sense that the Ziohawkonoids are going to push forward on a US attack against Iran, in terms of getting it going at the earliest possible opportunity.

Because if ever Washington's elite needed a war as a distraction from these nasty situations, it is right the heck now.

There is only one minor problem here; we may well be looking at Russia jumping into the fray on Iran's side, and, in fact, here's the following statement from a Russian official who essentially said just that:
Russia Says Iran ‘Won’t Be Alone’ If US AttacksThe story goes on to state:

"“Iran will withstand this type of fight and Iran is not alone,” Zamir Kabulov, the Foreign Ministry’s special envoy for Asian countries including Iran, said at a Russian-Iranian policy forum in Moscow, reported The Moscow Times.

Now, I don't know about you, but if I were any members of President Trump's cabinet, or advisors, I would absolutely take this guy at his word.

Jul 09 11:43

IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users

By Jamie Redman

A recently published U.S. Internal Revenue Service (IRS) slide describes alarming recommendations on how tax agents should deal with digital currency users who are not paying taxes. The slide recommends that agents question crypto users’ friends and family, comb through social media posts and issue subpoenas to make sure U.S. residents are paying taxes on their cryptocurrencies...

Jul 09 11:22

China (Officially) Buys Gold For 7th Straight Month As Treasury Holdings Tumble

China continued its renewed (public) gold-buying spree in May adding another 10 tons of the precious metal to its reserve - the seventh month of buying in a row.

“It’s a diversification away from the U.S. dollar, particularly given the trade tensions and the potential technology cold war that’s evolving,” said Bart Melek, global head of commodity strategy at TD Securities.

“We have to remember that gold is nobody’s liability.”

Jul 09 10:53

Gold prices could reach $2,000 by the end of the year, strategist says

Gold prices can continue to climb even after they hit a multi-year high last week, a global investment strategist said Monday.

In fact, prices are set to “reach $2,000 by the end of the year,” predicted David Roche, president and global strategist at London-based Independent Strategy.

Jul 09 10:35

“It’s Going To Be Carnage” – Deutsche Begins Culling 18,000 Employees

By Tyler Durden

Deutsche Bank (DB) shares have continued to sell-off ahead of the United States market open. They were recently off 5% at a new session low, as the bank’s shareholders have apparently realized that DB won’t be able to return to profitability with no revenue...

Jul 09 09:32

The Hype and Hope Ends This Week

Jul 09 09:28

Fox host: "Thank God we live in the kind of country" where you can work multiple jobs

PETE HEGSETH (GUEST CO-HOST): What [Sen.] Kamala Harris [(D-CA)] says is so disingenuous. For most of my life I have worked two or three or four types of jobs of sources of income. Today you can do that more flexibly. How many people do you know who do something, and then maybe in their free time, they drive an Uber or they do something else to bring in extra cash? Thank God we live in the kind of country where we have the innovation and flexibility where you can bring in money from different places and do different things.

Webmaster's Commentary: 

Talk about being out of touch!

Jul 09 09:01

House Made From 612,000 Recycled Plastic Bottles Is Also Hurricane-Proof

By John Vibes

A Canadian company called JD Composites has built a home that is resistant to hurricane-strength winds. It is said that the house can withstand winds with gusts of over 300 miles per hour. A working prototype of the building is located near the Meteghan River in Nova Scotia.

The house looks surprisingly normal, but its structure is far different than any other building in the neighborhood...

Jul 09 08:33

Money Laundering Scandals Bring Court Charges and Record Job Cuts to Euro Banks

By Lubomir Tassev

The international financial establishment is known to express concern about the risks of money laundering when the crypto space is mentioned. A string of scandals indicates, however, that traditional banks are not only susceptible to the phenomenon but sometimes complicit, whether knowingly or inadvertently. New chapters have been added to the saga over the last few months that are hurting banks, bankers and their clients...

Jul 09 07:13

TOP Cryptos To Watch In 2019! What FOLLOWS The Dollar CRASH?

By Josh Sigurdson

Josh Sigurdson talks with Jeff Berwick of The Dollar Vigilante about the return of bullishness in the cryptocurrency market and which cryptos to watch in 2019 as scalability of Bitcoin once again becomes an issue of much concern.

Jeff talks about the cryptos he’s most interested in as we enter into the second half of 2019 and why they matter. He also talks about the incredible use case of Bitcoin in sending massive amounts of money for nearly nothing while governments stand by helpless. Meanwhile, he talks about the ridiculous fees when sending small amounts of crypto in order to do things like buying a coffee and why that needs to change immediately.

Jul 09 05:44

Milk Sales Plummeted By $1.1 Billion In 2018

Jul 09 05:40

US Warned About Risk of Default in September

Jul 08 17:07

EU Economy Set To Fall & Go...BOING

Jul 08 15:22

Deutsche Bank employees leave New York office with white envelopes and their belongings after the investment bank cuts 18,000 jobs across the world and causes shares to plunge more than five percent

Deutsche Bank has started laying off staff in New York after the German investment bank began implementing 18,000 job cuts across the globe, prompting shares to plunge more than five percent.

The bank sacked workers in New York, Sydney, Hong Kong and London on Monday morning as it launched one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.

It is not yet clear how many jobs in the U.S. have been cut but employees were spotted leaving the Wall Street office on Monday with large white envelopes after being summoned to the cafeteria to learn their fate.

Hundreds of staff in New York were informed during the meetings that their positions were being cut and they received details of their redundancy packages, sources said.

Jul 08 12:43

The Financial Industry Preys on 401(k) Fees

Jul 08 12:29

Trump Blasting At The FED...Dollar VICTIMIZED!

Jul 08 12:11

Tesla on the edge of a precipice

Jul 08 10:59

Can China's Rare Earth Monopoly Be Broken?

A group of seventeen metallic elements whose names most of us have never heard recently came into the spotlight amid the latest trade tension escalation between Beijing and Washington. Rare earths, used in a myriad of products from electronic displays to lasers and electric cars, are currently the dominion of China and there is concern it could decide to weaponize this dominion.

There is precedent.

Back in 2011, as a territorial dispute between China and Japan got rough, Beijing imposed a rare earths export embargo on its neighbor. The result: soaring prices as everyone started stockpiling in case things got even rougher until the World Trade Organization intervened and China lifted the embargo.

Jul 08 10:34

Dark clouds have been looming as Deutsche Bank staff are bracing themselves for one of the most severe job culls

in banking since Lehman Brothers

--Deutsche Bank Collapse Has Begun! Prepare For The Economic Collapse 2019 Stock Market CRASH!

Jul 08 10:28

The Lemmings Are Running....The End Is Near

Jul 08 09:41

Boeing Loses $5.9 Billion 737 MAX Order To Airbus As Saudi Airline Loses Patience

The Saudi budget airline Flyadeal has lost patience with the ongoing grounding of Boeing's flagship 737 MAX airplane, and on Sunday announced it would not proceed with a $5.9 billion order for 30 Boeing 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets, with options for a further 20 of the jets.

According to Reuters, Flyadeal has been reconsidering a commitment to order the Boeing jets after two MAX aircraft crashed in Ethiopia in March and Indonesia last October, and which killed a total of 346 people, triggering the global grounding of the aircraft and wiped billions off Boeing’s market value. On Sunday, it finally pulled the plug when it announced it would take delivery of 30 A320 neos ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June.

“This order will result in flyadeal operating an all-Airbus A320 fleet in the future,” it said.

Jul 08 09:25

Craig Johnson: Trouble Is Brewing

Jul 08 09:06

"The Deutsche Bank As You Know It Is No More": DB Exits Equities In $8.4 Billion Overhaul, To Fire Thousands

The bank which only a decade ago dominated equity and fixed income and sales trading and investment banking across the globe, and was Europe's banking behemoth, is no more.

On Sunday afternoon, in a widely telegraphed move, Deutsche Bank announced that it was exiting its equity sales and trading operation, resizing its once legendary Fixed Income and Rates operations and reducing risk-weighted assets currently allocated to these business by 40%, slashing as many as 20,000 jobs including many top officials, and creating a €74 billion "bad bank" as part of a reorganization which will cost up to €7.4 billion by the end of 2022 and which will result in another massive Q2 loss of €2.8 billion, as the bank hopes to slash costs by €17 billion in 2022, while ending dividends for 2019 and 2020 even as it hopes to achieve all this without new outside capital.

Jul 08 08:22

Vegebot Farm Robot Uses Machine Learning to Harvest Lettuce

A vegetable-picking robot that uses machine learning to identify and harvest a commonplace, but challenging, agricultural crop has been developed by engineers.

The ‘Vegebot’, developed by a team at the University of Cambridge, was initially trained to recognise and harvest iceberg lettuce in a lab setting. It has now been successfully tested in a variety of field conditions in cooperation with G’s Growers, a local fruit and vegetable co-operative...

Jul 08 07:22

YTD Job Cuts Highest Since 2009

Jul 08 04:41

Milk Sales Plummeted By $1.1 Billion In 2018

Jul 07 16:19

Goodbye Dollar, It Was Nice Knowing You!

Jul 07 16:03

Deutsche Bank confirms plan to cut 18,000 jobs

Deutsche Bank will cut 18,000 jobs over three years as part of a radical reorganisation of the German bank.

It will also report a second quarter loss of €2.8bn to partly pay for the shake-up, which will significantly shrink its investment banking business.

Deutsche Bank is yet to specify exactly where jobs will be lost.

Jul 07 12:50

Who’s lifting $SPX? Oh yeah ...

Jul 07 12:12

1 in 4 Americans have no plans to retire

Jul 07 10:59

Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.

Jul 07 09:42

41 Inconvenient Truths on the “New Energy Economy”

By Mark P. Mills

A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries.

Regardless of one’s opinion about whether, or why, an energy “transformation” is called for, the physics and economics of energy combined with scale realities make it clear that there is no possibility of anything resembling a radically “new energy economy” in the foreseeable future...

Jul 07 09:18

Germany, UK Call on Iran to 'Immediately Stop and Reverse All Activities' on Uranium Enrichment

Earlier in the day, Iranian Deputy Foreign Minister Abbas Araghchi said that Tehran will in 60 days announce further nuclear obligations it will discontinue as the third step of scaling down its commitments under the Joint Comprehensive Plan of Action (JCPOA).

Germany is extremely concerned about Iran breaching the limit set for uranium enrichment and urges it to reverse this decision, the foreign ministry said on Sunday.

“Germany – like our E3 [UK, France, Germany] and EU partners – is extremely concerned by Iran’s announcement that it has begun enriching uranium beyond the concentration of 3.67%,” it said in a statement.

Germany will wait for the confirmation from the IAEA nuclear watchdog.

“As E3 and EU we have repeatedly called on Iran not to take further measures that further undermine the nuclear deal. We strongly urge Iran to stop and reverse all steps that are inconsistent with Iran’s commitments,” it continued.

Webmaster's Commentary: 

OK, folks, if you didn't know the deal here before; the amount of enrichment the Iranians are talking about is to enrich their nuclear capacities to a level consistent with a nuclear energy plant, and NOT consistent with developing a nuclear weapon. Please check with a science person, familiar with the process, because... this is reality.

And I am hoping that someone around President Trump, with this kind of understanding, will speak directly to him, about the differences in enriching uranium for a power station, and building a weapon; it is HUGE AND MAJOR.

And to President Trump, and Iranian President Rouhani, please; no more insults, no trying to make the other leader look bad and wrong, with some rather inflammatory language getting used along the way.

You are both capable of quite a bit better than that.

Jul 07 09:13

Lawmakers Argue Constitution Gives Gov’t Right To Steal Your Car if You’re Caught Speeding

By Tyler Durden

Despite losing in the United States Supreme Court, the state of Indiana is still arguing that there are virtually no Eighth Amendment limits on what it can seize using civil asset forfeiture, according to Reason.

In fact, Indiana Solicitor General Thomas Fisher argued in Indiana Supreme Court last week that it would be constitutional to seize any and every car that exceeded the speed limit. It was an argument that drew laughter from the U.S. Supreme Court last year...

Jul 07 09:01

How To Get Free Food For Life From Your Urban Backyard

By James Prigioni

James Prigioni is growing a food forest garden in his small backyard in New Jersey. After a few years of deliberate planting, he now has an abundance of free food for life. The food forest is loaded with a wide variety of fruit trees, berries and grapes, and annual herbs and vegetables that self-seed to re-produce themselves as volunteers every year. Plant once, get food for life.

Watch his recent video tour of his permaculture food forest garden below:

Jul 07 08:49

In "Radical Overhaul" 20,000 Deutsche Bankers Will Be Fired As "Bad Bank" Soars To €80BN, 5x DB's Market Cap

One month ago, Jeff Gundlach - in his latest DoubleLine investor call - cracked jokes that Deutsche Bank's imploding stock, which has been hitting fresh all time lows virtually every day, had "major support" at €0.

Once again, he was on to something because just a few days later, the FT first reported that the bank which was this close to nationalization in 2016, and failed to consummate a merger with that "other" German bank, Commerzbank, was preparing to roll out Plan Z: amid a deep overhaul of its trading operations (read: mass terminations), the biggest German lender was set to roll out a "bad bank" holding some €50 billion in legacy toxic derivative assets, a plan that was quite popular in the depths of the global financial crisis.

As we noted at the time, it would hardly come as a surprise that the German bank best known for housing €43.5 trillion in gross derivatives notional (something we first pointed out way back in 2013)...

Webmaster's Commentary: 

Ouch!!!

Jul 07 08:43

The Only Strategic Rationale For America's Involvement In Syria Finally Revealed

Authored by Elias Samo via The Strategic Culture Foundation,

“Washington lacks a clear strategy in Syria “; those were the recent words of Robert Ford, the last American ambassador to Syria who served prior to and during the first few years of the Syrian uprising from 2010 to 2014. A man of Ford’s intricate knowledge of the Syrian/American political dynamic is surly knowledgeable enough to assess America’s policy towards Syria. He goes on to say, “It is hard to explain the fundamental American mission in Syria… Is it to fight Daesh? Or is it to help promote a Kurdish autonomous district in Northeastern Syria… Or is it to resist Iranian encouragement?” It is partially all three; however, oddly enough, Mr. Ford avoids the obvious top priority and strategic rationale for America’s involvement in Syria: The Protection of Israel.

Jul 07 07:30

IAEA Board to Meet Wednesday on Iran at Demand of US

US Envoy demands IAEA 'hold Iran responsible'

The International Atomic Energy Agency (IAEA) has announced that they will hold a special meeting on Iran’s civilian nuclear program on Wednesday, centered around US allegations that Iran is in violation of the P5+1 nuclear deal.

The US accused Iran of being in violation once their uranium stockpile exceeded 300 kg. Iran has denied that this is a violation, and says the stockpile cap was voluntary since the US withdrew from the deal.

The IAEA agreed to the meeting at the demands of the US, even though the US is no longer party to the P5+1 deal. US officials have been trying to undermine the nuclear deal for months now, and this seems to be a continuation of that.

Webmaster's Commentary: 

I am working like crazy to get my hands around this, logically, but I am sorry: I cannot.

President Trump, a word, please: since the US withdrew from the P5+1 deal in May of this year, how in the world does the US have any right to criticize the planned enrichment coming up?!?

And BTW, sir, the level to which Iranian scientists are enriching their uranium stockpile is only to serve as a clear fuel power base; it is NOT going to be enriched at the level necessary to create an atomic weapon.

Please ask your "science people" and you will get a confirmation.

You are welcome, President Trump!! :-)

Jul 07 07:21

Amazon CEO Confirms They Automatically Store Alexa Recordings Indefinitely

By Mayukh Saha

Delaware senator Chris Coons had sent a questionnaire to Amazon CEO Jeff Bezos in May. He had inquired how Amazon utilizes and retains data from the voice assistant device Alexa. Bezos has now confirmed that the recordings on the device and their transcripts never expire automatically...

Jul 07 07:10

China Could Feel Swine Fever Blow for Next Decade, Cargill Says

It could be as long as a decade before China recovers from its outbreak of African swine fever, the deadly pig disease that’s decimating hog herds in the world’s largest pork consumer.

That’s according to Cargill Inc., one of the world’s largest agricultural commodity traders. The virus, which kills most infected pigs within 10 days, has already spread to most Chinese provinces. Official reports of a 24% decline for the nation’s herd are “conservative,” said John Fering, managing director for Cargill’s premix and nutrition business in the Asian nation.

China’s hog-herd losses are tough to estimate and could be anywhere between 20% and 70%, according to Rabobank.

“This is not a short-term event,” Fering said by phone. “This is going to take several years, if not a decade, to fully achieve structural recovery.”

Webmaster's Commentary: 

This wouldn't be the first time when food may have been used as a weapon of economic war, through the introduction of some kind of virus, right into the immune systems of the host animals.

But for those readers and listeners who like, and eat pork, you might want to share a group shopping at one of your big-box stores for it, because this is most probably going to have a dramatic effect on food prices both here, and around the world.

Jul 07 07:05

Kamala Launches 100Billion Plan For Black Families Homeownership

“After generations of discrimination, it’s time to give Black families a real shot at homeownership,” Kamala Harris (D-CA) wrote on her twitter account announcing her plan to invest $100 billion of federal money into housing assistance for black families as part her 2020 presidential campaign.

“After generations of discrimination, it’s time to give Black families a real shot at homeownership — historically one of the most powerful drivers of wealth. My new policy will remove unfair barriers Black Americans face when they go to qualify for a home loan,” wrote Harris.

Webmaster's Commentary: 

This sounds wonderful, Senator Harris; but after sharing with the country what you would like to spend, how, please, does a US government find this funding, to support it, when The Fed is running at +/- $22 trillion in national debt?!?

If you show me how the ledger sheet would actually worked for this program, I would be amazed; I think you have really caught the country's interest and imagination on this, to see how it might unfold.

Now, you and your NC (Number-Crunchers) have to work to let Americans know how this would work, if you become both Candidate for President, and the next Presidential election

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