ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 18 10:09

Will Bond Breakout Stick?

Jul 18 09:46

HSBC REPORT SHOWS ERIC HOLDER PUSHED FOR ‘TOO BIG TO JAIL’ POLICY

A new report [PDF] from the House Financial Services Committee, which explores the Justice Department’s conduct in relation to the megabank HSBC, proves once-and-for-all what many had long suspected: former Attorney General and perpetual Wall Street lawyer Eric Holder was always committed to a “Too Big To Jail” policy for the large Wall Street banks. Holder had articulated much of his thinking on Too Big To Jail at a Senate Judiciary Committee hearing, when he said, “I am concerned that the size of some of these institutions becomes so large that it does become difficult to prosecute them … When we are hit with indications that if you do prosecute, if you do bring a criminal charge it will have a negative impact on the national economy, perhaps world economy, that is a function of the fact that some of these institutions have become too large. It has an inhibiting impact on our ability to bring resolutions that I think would be more appropriate.”

Jul 18 08:46

Italy Tasks JPMorgan With Creating A €50 Billion Bank Bailout

Three months ago, when Italy's renewed bank troubles were reemerging again, and the country unveiled its first, and certainly not last, "bad bank" in the shape of the "Atlas" (or Atlante) bailout fund, we - as well as everyone else - mocked it for one obvious reason - at only €5 billion it was far too small to make an impact, as we explained in "Size Matters: Analysts Mock Italy's Tiny "Atlas" Bailout Fund Meant To Support €360BN In Bad Debt."

In late June, following the Brexit vote when the Italian bank undercapitalization and the nation's massive bad debt problem was once again exposed, it became all too obvious just how undercapitalized Italy truly is when in one attempt after another, Italy's Prime Minister Matteo Renzi begged Europe to allow him to implement a €50 billion bailout (not a bail-in) of Italy's banks contrary to the new BRRD regulations.

Jul 18 07:46

EXPOSED: Fuel fatcats are using Brexit as an EXCUSE to rip off British motorists

Big corporations have been using the “cloak” arguments about post-Brexit Britain which do not stack up to justify sky-high prices at the pumps, a leading campaign group has unearthed.

FairFuelUK has revealed how, even though wholesale oil prices have tumbled since June 23, the amount it costs to fill up a family car has not budged at all.

The group, which is campaigning to bring down Britain’s fuel prices, said the “only reason we can find to justify this is speculation driven by a cloak of supposed market uncertainty”.

Jul 18 07:31

UK offered Brexit free trade deal with Australia

Australia has called for a free trade deal with Britain following its exit from the European Union.

Webmaster's Commentary: 

So much for the fear-mongering that post-BREXIT Britain would be economically isolated!

Jul 18 07:08

ARM acquired by SoftBank for $31 billion

United Kingdom-based ARM — the company that designs the processors at the heart of most every smartphone chipset much less many computers’ chipsets — has come to an agreement with Japanese telco SoftBank to be bought out for £23.4 billion or $31 billion.

Jul 18 06:41

"Everybody is having a game run on them"

Question: Why are the shadowy global elite so insistent that arch criminal Hilary Clinton become President?

Answer: Because they have plans for making things even worse and they need someone with her utter lack of integrity in the White House to front the show.

Jul 18 00:58

Twelve Israelis Arrested By FBI, Sentenced for Conning & Bilking Elderly Victims Out of Their Life Savings

AVI AYACHE and YARON BAR, two leaders of an Israeli lottery fraud ring, were sentenced today to 13 years and 12 years in prison, respectively, on mail and wire fraud charges. All 12 members of the ring who were charged in this case have pleaded guilty. "Qualifiers" called the victims and falsely told the victims they had won a substantial cash prize, and asked them about their assets. They told the victims that to obtain the prize, they had to pay several thousands of dollars in fees and taxes. Victims who complied were typically contacted again by Shooters and induced to send additional funds, amounting to tens and sometimes hundreds of thousands of dollars. In reality, there was no lottery prize and the victims were ultimately bilked out of an estimated total of more than $8 million. The defendants even sent shipments of flowers and gift baskets to various victims in the United States in order to "congratulate" them on their purported lottery winnings.

Jul 17 23:06

L.A. has 46,874 people who are homeless. If we're not smart, we'll have 250,000 more

Tents in the Arroyo, sleeping bags on the beach, RVs parked on our boulevards. Heartbreaking visual manifestations of Los Angeles’ homelessness crisis are everywhere. The recent homeless count found that 46,874 people in Los Angeles County experience homelessness every night. As shocking as that number is, imagine for a moment that lined up behind each of those unsheltered human beings are five more. That’s roughly how many more Angelenos are at high risk of imminent homelessness...Because of our housing shortage, rents have gone up 28% since 2000. Over the same period, renters’ median incomes fell 8%. The result is an untenable situation: More than 250,000 households in Los Angeles pay 90% or more of their income on rent. These families are just one illness, one eviction, one car accident, or one lost job away from homelessness.

Jul 17 20:31

We've Entered an Era of Rising Instability and Uncertainty

And there you have our future, visible in the 13th, 16th and 18th century price-revolution waves which preceded ours. That we have entered an era of rising instability and uncertainty is self-evident.There will always be areas of instability in any era, but instability and uncertainty are now the norm globally. There is a template for global instability, one that has been repeated throughout history. Historian David Hackett Fischer described the dynamics that generate periods of rising instability in his book The Great Wave: Price Revolutions and the Rhythm of History (sent to me a number of years ago by correspondent Cheryl A.)

Jul 17 18:54

One in five consumers upgraded to Win10 for free instead of buying a PC

Just why were retail sales s*$%t last year? Microsoft's OS roll out didn't help

Jul 17 12:55

The demise of Sanders’ “political revolution”

Throughout the Sanders campaign, the Socialist Equality Party has welcomed the broad shift to the left that it revealed in the thinking of millions of working people and youth, while warning that the Vermont senator would inevitably disappoint his supporters.

Bernie Sanders ended his presidential campaign Tuesday, not with a bang but a whimper. The Vermont senator formally endorsed his rival in an undignified prostration before the Democratic Party establishment and Wall Street’s favored presidential candidate, former Secretary of State Hillary Clinton.

The unity rally featuring Sanders and Clinton in Portsmouth, New Hampshire, had all the spontaneity and enthusiasm of a going-out-of-business sale. The funereal atmosphere was perhaps fitting

Jul 17 08:34

"Helicopter Money" Won't Fix What's Broken

The problem with helicopter money is that it cannot fix what's broken in the economy--and even worse, it perpetuates every inefficient, corrupt, bloated and unsustainable system in the status quo. As I explain in my book Why Our Status Quo Failed and Is Beyond Reform, the problem isn't lack of fiscal spending or stimulus; the problem is the primary systems of the status quo have failed and cannot be fixed with central bank easy money.

Jul 17 07:44

London sees mass post-Brexit anti-Tory, anti-austerity, anti-racism protest

Several thousand protesters demonstrated in London on Saturday against austerity, racism and the new Tory government. The opposition rally was the biggest major protest since the June 23 Brexit referendum.

Central London saw more than 10,000 anti-Tory campaigners on the streets and Black Lives Matter activists.

Jul 17 07:42

Now EU faces ANOTHER referendum: Irish demand vote on controversial trade deal

In another body blow to the EU project the powerful Unite union is calling for a full referendum on whether to implement the highly contentious Transatlantic Trade and Investment Partnership (TTIP).

The hugely controversial deal, being cooked up in secret between Brussels and the US, has been met with furious opposition over fears it will allow American corporations to break up public services.

Jul 17 05:55

The stock market's split personality

Something very, very weird is happening in the global markets, said Mark DeCambre at Market?Watch. "Investors typically don't buy bonds and stocks at the same time," but right now they're doing both in droves. The S&P 500 and Dow Jones indices hit record highs this week, buoyed by the U.S. economy adding an impressive 287,000 new jobs in June. But even as investors rushed to bet on stocks, they were also pouring money into the safety of bonds. As a result, the yield on the 10-year U.S. Treasury note sank to an all-time low of 1.37 percent. Usually, falling bond yields are a sign of major economic trouble ahead, signaling that anxious investors are looking for a safe haven to stash their cash. But then again, markets just hit "dizzying heights," which tends to be great news. "What gives?"

Jul 17 02:42

Bubbles In Bond Land——It’s A Mania!

Jul 16 14:52

Bill Murphy- Big Money Is Going After Silver!

Jul 16 14:32

The Volatile History of Crude Oil Markets

Jul 16 13:08

The Global Oil Glut Gets Uglier

Jul 16 08:30

THE PROBLEM WITH MIKE PENCE: HE’S A FREE TRADE GLOBALIST

Trump is either a phony or he just set himself up. Ala JFK AND LBJ!

And a war on terror neocon

Although unconfirmed by the Trump campaign, it is being reported that the candidate has chosen Indian Gov. Mike Pence as his running mate.
If true, this will be problematic for Donald Trump and his criticism of globalist trade and the neocon wars.

Jul 16 07:08

TRUMP TEAM SCORES BIG WIN AS RNC WRITES ITS CONVENTION RULES

The Never Trump movement tried to make a stand. It failed by a massive margin.

CLEVELAND — Efforts to block Donald Trump’s nomination — hyped for months by proponents as a growing grass-roots movement among Republican activists attending this week’s convention — turned out to be a flop.

During key votes on Thursday evening, only 12 hard-core holdouts continued to resist Trump’s nomination when members of on the powerful 112-member Convention Rules Committee considered a proposal to prevent delegates from rejecting Trump.

Jul 16 07:02

Republicans in Cleveland Applaud Trump Pick of Mike Pence

Republican delegates and party leaders gathering in Cleveland for next week’s national convention praised Donald Trump’s selection of Indiana Governor Mike Pence as his running mate, saying it would stabilize the ticket and calm social conservatives.

It adds significant government experience to Trump’s outsider campaign for the White House.

“Principled Conservative” … “Solid Grasp On Policy” … “A Home Run” … “Could Not Have Made A Better Choice”

Jul 16 05:46

Beleagured Brussels: US cools interest in trade deal without UK as EU chief enrages China

BELEAGUERED European Union (EU) chiefs were hit with a double-whammy today as the US cooled its interest in a trans-Atlantic trade deal without Britain and a blundering bureaucrat risked stoking tensions with China.

Jul 15 13:05

Trump's VP Mike Pence: Certified Kosher, Signed Law Penalizing BDS

On March 23, 2016, Indiana Governor Mike Pence signed House Enrolled Act (HEA) 1378, which requires the Indiana Public Retirement System (INPRS) to divest from any business that engages in action to boycott, divest or sanction the state of Israel. The bill passed with overwhelming bipartisan support in both the House and Senate, and goes into effect July 1, 2016. "I have long believed Israel is our most cherished ally and as such I am proud to sign House Enrolled Act 1378, which affirms Indiana's support for the state of Israel," said Governor Pence. "Israel's enemies are more emboldened than ever before and with the overwhelming bipartisan passage of this legislation, Indiana made clear that we will not do business with those who seek to inflict financial damage on the people of Israel. I thank Speaker Bosma for leading on this important issue and am proud to show Hoosiers are standing with Israel today."

Jul 15 11:50

BRICS NDB to issue yuan-denominated bond in Its maiden fundraiser

The New Development Bank (NDB), a one-year-old, infrastructure-focused lender backed by emerging BRICS economies, said this week it would issue 3 billion yuan, or US$ 447.8 million, worth of bonds in China’s interbank market on July 18.

It is also the first time the multilateral bank, set up by Brazil, Russia, India, China and South Africa, has issued bonds denominated in a currency of a member country.

The bond is a five-year green bond, which raises funds for projects that benefit the environment in ways such as improving energy efficiency and preventing pollution.

The bond yield will be decided on the day of issuance, according to the bank, which is headquartered in Shanghai. Analysts expect it to fall between 2.8 percent and 3.6 percent per annum.

Webmaster's Commentary: 

I would imagine that these bonds, due to go on sale next Monday, will sell quite well.

Jul 15 11:13

WHITE HOUSE: BUDGET DEFICIT TO RISE TO $600B

The White House on Friday predicted that the government's budget deficit for the soon-to-end fiscal year will hit $600 billion, an increase of $162 billion over last year's tally and a reversal of a steady trend of large but improving deficits on President Barack Obama's watch.

The disappointing figures, while expected, come after the deficit has steadily declined since the huge $1.4 trillion deficit Obama inherited after the deep 2007-2009 recession and the associated fiscal crisis.

The improving economy, tax increases on higher-income earners and cuts to annual agency budgets have helped close the gap over Obama's tenure. Many economists say the longer-term picture is troubling and warn that the rising debt will be a drag on the economy in the future.

Webmaster's Commentary: 

As with everything Obama touches, these figures are most likely manipulated to make them appear artificially low.

Jul 15 10:52

US Hostility Toward Iran Persists. Billions of Dollars of Iranian Assets Remain Frozen

Billions of dollars of Iranian assets remain frozen. Tehran is wrongfully blamed for regional terrorism and elsewhere. Congress earlier passed legislation authorizing Iranian assets be used to compensate victims of Israeli Mossad terrorism – wrongfully blamed on the Islamic Republic.

In April 2016, the Supreme Court shamelessly ruled Tehran must pay families of victims and survivors nearly $2 billion in compensation – including victims of other attacks wrongfully linked to Iran.

High crimes committed by America, NATO, Israel, Saudi Arabia and other regional rogue states go unpunished – Iran targeted to pay compensation to their victims. Injustice persists.

Tehran is blocked from access to America’s international financial clearing system, its banks unable to use US dollars to conduct transactions.

Webmaster's Commentary: 

I very much dislike the degree to which Israeli foreign policy and agenda poisons that of the US government; because many times, those issues which Israel sees as good for its national trajectory are really lousy for the American people, and do not support the goals of peace and prosperity for Americans, which should be the very first concerns addressed any alleged American Congressional Representative.

Jul 15 10:44

Tony Blair’s Former Propagandist: “Referendums Are Dangerous in a Parliamentary Democracy”

In an interview with Hala Gorani of CNN, the man who served as Tony (the war criminal) Blair’s Director of Communications from 1997 to 2003, Alastair Campbell, denounced referendums as a danger to democracy. Campbell is clearly enraged that the British people had the audacity to vote against the wishes of the establishment; and his remarks are the epitome of elitist thinking – which holds that ordinary people are too stupid to make important decisions on their own.

Campbell is also regurgitating the Orwellian propaganda line that is being spread throughout the Western media: that somehow a democratic referendum is undemocratic. Just because the vote flew in the face of the British establishment, the presstitutes are engaging in intellectual jujitsu in order to demonise the leave vote. Would they be doing so if Britain voted to remain in the EU? I think not.

Webmaster's Commentary: 

Absoflippinglutely unbelievable!

Jul 15 10:40

USA is about to start WW3 in Poland

Jul 15 09:21

Official: 6 of 7 Remaining Obamacare Co-Ops on the Brink

Six of the seven Obamacare co-ops that are still in operation are currently on corrective action plans, according to an official from the Centers for Medicare and Medicaid Services.

The Illinois Department of Insurance announced this week that it was requesting an order of rehabilitation for the state’s Land of Lincoln Health co-op because of its unsustainable financial position. The co-op was originally awarded $160.2 million by CMS.

This closing announcement has brought the number of failed co-ops from 15, which was reported earlier this week, to 16.

Kevin Counihan, a top official for the Centers for Medicare and Medicaid services, told lawmakers on Wednesday that of the seven co-ops that are still in operation, six have been placed on corrective action plans. Co-ops are flagged for these plans when the agency has identified issues with the co-ops finances, operations, compliance or management processes.

Webmaster's Commentary: 

Looks as though this program is going to be yet another of Obama's "epic fail legacies".

It was never truly sustainable in the first place; and people who lose their coverage when these go under will be in one hell of a world of hurt, particularly if they have pre-existing conditions.

Jul 15 08:07

Federal Reserve: creating debt-free money out of nothing for Americans is ‘next step.’ Data show $1,000,000 per US household benefits in ‘Emperor’s New Clothes’ obviousness if Americans simply look

*hyperlinks/videos live at source*

hat tips: Prison Planet, Zero Hedge

Last month, Federal Reserve Chair Janet Yellen acknowledged Fed power to create debt-free money for direct payment of public goods and services. This would create money as a “positive number” rather than current practice of only and always creating what is used for money as debt, a negative number, with obvious implications of increasing aggregate debt that will never be repaid and will only increase as negative numbers pile on forever.

This week, President and CEO of the Federal Reserve Bank of Cleveland confirmed this power to create debt-free money at a University of Sydney conference, going so far as to consider it a "next step."

In a world history of empire, the Emperor’s New Clothes facts for anyone who cares to raise their head and look is that this game-changing power transforms economics almost instantly, and with easily documented benefits of literally a million dollars per US household.

Jul 15 08:05

Mike Pence, Trump’s likely running mate, has backed every free trade deal in the last 15 years

A horrible choice!

There are multiple reports that Mike Pence will be Donald Trump’s vice presidential candidate. If he is, how will he explain away his support for the very same free trade deals that Trump has been bashing for more than a year?

Pence, like most economic conservatives, has been a staunch supporter of these deals—in particular, he backs the Trans-Pacific Partnership, a free trade deal negotiated by the Obama administration with twelve nations around the Pacific rim.

Pence also defended the North American Free Trade Agreement (NAFTA) and voted for the Central American Free Trade Agreement (CAFTA) and continued trade with China during his 14 years in Congress.

Jul 15 07:51

‘Without Shoes Or Water’: 3 Young Children Left In Mojave Desert As Punishment

A homeless couple allegedly punishing three young children by sending them out into the Mojave Desert without shoes or water have been arrested.

Jul 15 07:43

Rating Agencies Downgrade 24 Counties

Jul 15 07:09

"Helicopter Money" Won't Fix What's Broken

Jul 14 15:38

Free Trade And A Textile Fire Tragedy

So-called “free trade” in textiles has led retailers to seek out the cheapest labor and to neglect safety measures, factors in a devastating Bangladesh fire in 2013 that killed more than 1,000 workers, recalls Dennis J Bernstein.

Jul 14 13:51

How to Download and Build Your Own House: “Affordable, Open Source, Modular, Ecological”

Like so many other institutions in our society, the idea of buying and cookie cutter house and being in debt with a mortgage to pay – indefinitely until you die – is out dated, and does nothing to promote freedom for the people living in it. Here's what you could do instead:

Read more

Jul 14 13:49

Brexit campaigner David Davis to lead Britain out of the EU in Theresa May’s new Cabinet

Mr Davis, a former Tory leadership rival to David Cameron, has described Brexit as one of the biggest issues facing Britain.

“The biggest issue over coming years will be managing Brexit, improving UK trade position, controlling borders and enhancing democracy,” Mr Davis tweeted last month.

Making trade deals with countries outside Europe should be a top priority.

“That needs vision, optimism, energy and drive – that is why I am backing @BorisJohnson for Conservative leader,” he added.

Jul 14 13:03

Pennsylvania Approves $1.3bn Bailout

Pennsylvania lawmakers have approved a financial bailout after a yearlong stalemate over the state’s beleaguered budget. The $1.3 billion revenue package marks the highest election-year tax increase in the state’s recent history.

Jul 14 12:24

America’s Huge Racial Wealth Gap Is No Accident

Party platforms are dense and often morosely boring documents filled with wonkish policy proposals and partisan jeers at the other side.

At over 40 pages, this year’s Democratic Party platform lives up to its predecessors in length and ennui. However, it also includes a section not yet seen in platforms from either side: an acknowledgement of the racial wealth gap.

Jul 14 10:47

Fictional World of Gold Standards?

Jul 14 10:00

Are REITs About To Blow The Roof Off?

Jul 14 09:04

GLOBAL MARKETS SKATING ON THIN ICE

Jul 14 08:50

Citigroup Has More Derivatives than 4,701 U.S. Banks Combined; After Blowing Itself Up With Derivatives in 2008

According to the Federal Deposit Insurance Corporation (FDIC), as of March 31, 2016, there were 6,122 FDIC insured financial institutions in the United States. Of those 6,122 commercial banks and savings associations, 4,701 did not hold any derivatives. To put that another way, 77 percent of all U.S. banks found zero reason to engage in high-risk derivative trading.

Citigroup, however, the bank that spectacularly blew itself up with toxic derivatives and subprime debt in 2008, became a 99-cent stock during the crisis, and received the largest taxpayer bailout in U.S. financial history despite being insolvent at the time, today holds more derivatives than 4,701 other banks combined which are backstopped by the taxpayer.

Webmaster's Commentary: 

The important thing to remember is that since 2008, Congress changed the laws to allow the losses from derivatives to be dumped on the taxpayers.

Jul 14 06:59

Extended Blackouts: Power Grid Completely Vulnerable to Sabotage: “America Could Go Dark”

The 21st Century is run off of electricity, and in the United States, that electric grid is woefully out of date – and that has left the country quite vulnerable.

The U.S. electric system is in danger of widespread blackouts lasting days, weeks or longer through the destruction of sensitive, hard-to-replace equipment.

“Virtually any region would suffer major, extended blackouts if more than three key substations were destroyed.”

Read more

Jul 13 16:46

The Rise and Fall of the Petrodollar system

Jul 13 15:09

Eurozone to EXPLODE: Demand for referendums after Brexit puts currency on the brink

THE eurozone is set to be destroyed due to the poor economies of Greece and Italy, a leading economist has warned.

Jul 13 14:19

Gold Is Just Getting Warmed Up: UBS Analyst

Jul 13 14:11

Vanishing The People’s Wealth To Make The Bosses Richer

Imagine you are a shareholder in a big company and the top executives are sitting on huge amounts of cash and are not interested in putting it to work through productive capital investments, research and development, reducing company debt or paying employees a higher wage. What would you want done about it? Since you and other shareholders are the owners of the company, you’d likely say “give us back our money in cash dividends.”

Jul 13 12:37

Grant Williams - Crazy, A Story About Debt

Jul 13 12:33

Robots Will ‘Liberate’ 25% Of Business Service Workers By 2035, Claims Deloitte

A quarter of jobs in Britain’s business services sector will be taken over by robots in the next 20 years because of falling technology costs and rising wages, a new report claims.

Jul 13 11:34

Are we in a low vol Bubble?

Jul 13 11:27

Illinois seeks to shut down state Obamacare insurer; 49,000 to lose insurance

Illinois moved Tuesday to take control of Land of Lincoln Health to begin an orderly shutdown of the insurance company, meaning about 49,000 people will lose their health coverage in the coming months.

The state said it will allow policyholders to buy coverage from a different insurer before their Land of Lincoln plans are terminated, but it's unclear when the policies will lapse.

"It's a bad day for the marketplace in Illinois and our consumers," said Jason Montrie, president and interim CEO of Chicago-based Land of Lincoln. "This is the end."

Jul 13 10:06

U.S. Arms Sales Approvals Set To Reach Nearly $40 billion

The U.S. government is on track to approve nearly $40 billion in foreign military sales in the 2016 fiscal year that ends October 1, down from $46.6 billion last year, a top Pentagon official said on Wednesday.

“We’re tracking toward $40 billion. We’re tracking toward our forecast,” U.S. Navy Vice Admiral Joe Rixey, who heads the Pentagon’s Defense Security Cooperation Agency, told Reuters at the Farnborough International Airshow.

Rixey said the total could still fluctuate, depending on what happened in the fourth quarter.

Britain’s vote to leave the European Union should not affect its relationship with the United States, or potential future arms sale, Rixey said, citing two large UK arms purchases of Boeing Co equipment announced on Monday.

Webmaster's Commentary: 

Our military hardware is one of the few things foreign governments want to buy these day.

Jul 13 09:39

CBO:  In 30 Years, U.S. Will Have Highest Debt-To-GDP Ratio In Our History—141%

If current laws remained generally unchanged, the United States would face steadily increasing federal budget deficits and debt over the next 30 years—reaching the highest level of debt relative to GDP ever experienced in this country.

Jul 13 09:13

1 IN 3 AMERICANS HAVE LESS THAN $500 IN SAVINGS TO COVER EMERGENCIES

Everybody knows that savings are the backbone of financial security and allow us to support ourselves during emergencies. Yet new data suggests people across the world are finding it increasingly difficult to put a substantial amount of money away, leaving them at risk of falling in to debt and other financial problems.

Bargain Fox recently asked 3560 people how much money they have in their savings account or emergency fund, and 1 in 3 Americans said they had less than $500, while 1 in 3 Brits had less than £100 (comparatively even less). "This might be enough to buffer a few unexpected bills," says Bargain Fox's Harsha Kiran, "but anything more catastrophic would result in immediate debt or a budget that would leave them with little to no disposable income."

Webmaster's Commentary: 

Between inflation, taxes, and stagnant wages, these figures come as no surprise.

Even in making the pilgrimage to our local "big box" store, and trying to get the best bargains we possibly can on food (and we are family of 2), it is still a challenge, and the sticker shock is still pretty intense.

Jul 13 09:08

GLOBAL BANKS RACE TO DISPLACE “CITY OF LONDON” TURNS INTO FEEDING FRENZY

As global banks begin scouting for a new European base in the wake of last month’s Brexit vote, it appears that the City of London’s glory days as the world’s most important financial center may be numbered. City-based banks and hedge funds are worried about losing their passporting rights, which grant them full access to the EU’s financial markets. They’re also concerned that the UK might lose its special authorization to clear transactions in euros. “In theory, extending third-country AIFMD passporting to the U.K. after Brexit should be straight-forward,” Matt Huggett, a partner at law firm Allen & Overy in London, told Bloomberg. “In practice, it will be a political decision with an uncertain outcome. Many managers would like to safeguard themselves beforehand and set up offices in places like Luxembourg and Dublin.”

Jul 13 09:04

1 IN 3 AMERICANS HAVE LESS THAN $500 IN SAVINGS TO COVER EMERGENCIES

Everybody knows that savings are the backbone of financial security and allow us to support ourselves during emergencies. Yet new data suggests people across the world are finding it increasingly difficult to put a substantial amount of money away, leaving them at risk of falling in to debt and other financial problems.
1 in 5 Americans have less than $100 in savings, while 45% have less than $1,000.

Only 35.7% of Americans have more than $3,000 in savings.

Women are nearly twice as likely to have less that $100 in savings than men.

Men a twice as likely to have more than $10,000 in savings than women.

Millennials have less overall savings than Generation X and the Baby Boomers.

11.33% of Millennials have over $10,000 in savings, compared to 25% of Generation X and 27% of Baby Boomers.

Half of those with a PHD have $10,000 or more in savings.

Over half of those who do not have any qualifications have less that $100 in savings.

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