ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Dec 06 08:55

Big Red Flag for This Major Global Market

Dec 06 08:43

FIFTH OF UK POPULATION NOW IN POVERTY AMID WORST DECLINE FOR CHILDREN AND PENSIONERS IN DECADES, MAJOR REPORT REVEALS

Britain’s record on tackling poverty has reached a turning point and is at risk of unravelling, following the first sustained rises in child and pensioner poverty for two decades, a major report has warned.

Nearly 400,000 more children and 300,000 more pensioners are now living in poverty than five years ago, during which time there have been continued increases in poverty across both age groups – prompting experts to warn that hard-fought progress towards tackling destitution is “in peril”.

The report, by the independent Joseph Rowntree Foundation (JRF), shows that a total of 14 million people in the UK currently live in poverty – more than one in five of the population. While poverty levels fell in the years to 2011-12, changes to welfare policy – especially since the 2015 Budget – have seen the numbers creep up again.

Webmaster's Commentary: 

How a country will be judged, through the lens of history, is in large part through how it treats its most vulnerable of its citizens, both its children, and its medically fragile elderly.

The UK is failing its most vulnerable citizens, and catastrophically, right now.

Dec 06 08:24

How Much Money Does the Average American Need to Feel Financially Secure?

Financial security: It’s a concept foreign to millions of Americans. The thought that you have enough money to pay your rent, phone bill, and put food on the table is a pipe dream for a lot of people. Although you might have a job and enough cash flow to make ends meet, feeling true financial security is a long way off in most households.

Dec 06 08:21

Nearly Insolvent Illinois Just Issued AAA-Rated Bonds Via This Shady Goldman Sachs Financing Structure

So what do you do when you're effectively a junk-rated credit risk but you need to sell another bond deal to keep your ponzi scheme going a little longer? Well, you turn to Goldman Sachs to help you engineer a shady corporate structure that supposedly gives new bondholders first dibs on sales tax revenue (i.e. you prime other unsecured bondholders)...which is just clever enough to fool the rating agencies into giving it a AAA-rating but, as analysts and investors point out, is unlikely to mean much of anything in a bankruptcy scenario.

Dec 06 07:55

Dollar Suffers Worst Year Since 2003 (And The Future Looks Even Grimmer)

The US Dollar is down over 9% year-to-date against a broad basket of the world's fiat currencies, tumbled over 10% against gold, and has collapsed against Bitcoin; but, as Bloomberg's Garfield Reynolds warns, the dollar's worst year since 2003 is about to get "even grimmer" in 2018...

Via Bloomberg,

The one point of clarity coming out of Washington is that tax reform isn’t about to save the dollar where Fed rate hikes have failed.

Dec 06 07:27

Paul Craig Roberts Exposes "Plunder Capitalism"

I deplore the tax cut that has passed Congress. It is not an economic policy tax cut, and it has nothing whatsoever to do with supply-side economics. The entire purpose is to raise equity prices by providing equity owners with more capital gains and dividends.

Dec 06 06:50

After SEVEN years of EU HELL: Greece collapse nears END - but are they set for CALAMITY

After years spent crushed under the burden of its own national debt, the Greek government believes that the embattled euro zone economy is ready to finally ready to stand on its own feet.

The government says a deal with international creditors on its current debt pile is just around the corner with Greek minister of state Dimitris Tzanakopoulo telling reporters in Athens on Monday: "I think we will achieve a very, very good result very soon."

Its third bailout programme, an 86 billion euro aid package (£75 billion), concludes in August of next year. In principle, from August, Greece will no longer receive money from creditors and be free to finance itself in the public markets.

Dec 06 06:26

EU in crisis: Desperate Macron's bid to save eurozone as finance ministers RESIST reform

Mr Macron’s plans for the Eurozone were presented before the European Commission on Tuesday.

His sprawling reforms including a Eurozone budget, finance minister and parliament.

They are designed to deepen members’ ties to the Eurozone and make the way it is run more democratic - as well as prevent future financial crises.

But the former Dutch finance minister objected to changes to an independent monetary body amid fears of a major backlash against Mr Macron, Luxembourg news site Delano reports.

Dec 06 06:24

THAT MISSING $21,000,000,000,000

You know things are in a bad state when an economics professor at one of the country's most prestigious research universities, the Michigan State University, says that there's about $21,000,000,000,000 missing, and when he says that in spite of his best efforts to find out where it went, he meets a stone wall of obfuscation, buck-passing, and missing links. The story has now captured the attention of Mr. Greg Hunter, well-known financial commentator at USAWatchdog.com

Dec 06 06:01

Venezuela's Cryptocurrency, the Petro, to Be Backed by Oil Reserves - Maduro

According to Nicolas Maduro, the Petro is needed to overcome the financial blockade of the country. The Ministry of Finance of Venezuela clarified that the cryptocurrency is necessary to carry out financial transactions and to seek new ways of financing.

Dec 05 15:40

US Trade Deficit Surges Near Five Year High Despite Sliding Dollar

The US trade balance surprisingly blew out in October, increasing from $44.9 billion to $48.7 billion, as unexpectedly exports decreased and imports increased despite the ongoing dollar weakness, missing estimates of $47.5 billion. October's number was tied for the widest deficit going back to early 2012...

... and marks a stark divergence with the recent dollar weakness which would suggest an improvement in US trade data.

Broken down by components, the goods deficit increased $3.8 billion in October to $69.1 billion. The services surplus decreased less than $0.1 billion in October to $20.3 billion.

Exports of goods and services decreased less than $0.1 billion, or less than 0.1 percent, in October to $195.9 billion. Exports of goods decreased $0.3 billion and exports of services increased $0.3 billion.

Dec 05 15:14

The Time For Truckers To Strike Is Now!

Dec 05 14:38

Warnings of Financial Crash as Stock Markets Continue to Surge

As stock markets continue to rise—Wall Street’s Dow Jones index hit a new record high yesterday following the US Senate’s passage of a massive tax cut bill—there are growing warnings that a new financial crisis is in the making.

In its quarterly review of financial conditions, issued on Sunday, the Bank for International Settlements (BIS), sometimes known as the central bankers’ bank, said the situation bore similarities to that which prevailed in the lead-up to the 2008 crash.

Increases in interest rates by the US Federal Reserve and the Bank of England had failed to choke off risky investments, and financial bubbles were growing, it warned. Financial investors were basking in the “light and warmth” of improving global economic growth, subdued inflation and soaring stock markets, while underlying risks were increasing.

Introducing the BIS review, Claudio Borio, the head of its monetary and economic department, said:

Dec 05 10:34

This Time IS Different, It Just Ends The Same

Dec 05 10:09

CBO: Trump military buildup would cost taxpayers an extra $683 billion

The military buildup President Donald Trump has called for would cost $683 billion more than current spending plans over the next decade, according to a new analysis by the Congressional Budget Office.

To achieve the buildup, the base budget would have to reach $688 billion by 2027, more than 20 percent larger than peak defense spending during the 1980s, CBO said in a report released Monday.

The CBO score comes as Trump closes out his first year in office without substantially advancing his promise to “rebuild the military” and — with statutory budget caps in place — no clear political path to the massive defense increase required to achieve it.

Webmaster's Commentary: 

Mr. President, a word, please; can we look at spending more intelligently, rather than just spending more money?!?

Because this government has been busily throwing an inordinant amount of money on weapons systems which just don't work at all as advertised.

Please consider this; are political victories, in the name of party and personal power, bought by huge corporate donations, many times from the military industrial complex, worth the ultimate price of their weapons not functioning when our military desperately needs them to work, in order to win military conflicts?!?

There is something fundamentally wrong with the culture of our weapons systems developers, if that is the way they are being allowed to think by this government, and the elements in the government which assign weapons contracts.

That, President Trump... has to change, and change immediately, if our military is to regain its competitive edge.

Dec 05 09:24

Here Is How the Deceptive Tax Reform Bill Cheated America

Early in the Saturday morning hours, the GOP passed sweeping Tax Reform that barely anyone had time to read with the intention of spurring economic growth. The Tax-Reform bill has been hailed by experts as a huge benefit for the nations most wealthy and corporations while overburdening the middle class and working poor. Aside from the fact that experts say this won’t spur any economic growth and will add another trillion and a half dollars to the nation’s deficit, the GOP snuck some pretty shady stuff into the tax reform bill; sometimes in handwritten notes.

Dec 05 08:30

Mapping the Greatest Employers on the Planet

Dec 05 08:09

Schumer, Pelosi Will Meet With Trump To Negotiate Government Funding One Day Before Shutdown

After last week's snub, when Nanci Pelosi and Chuck Schumer pulled out of a meeting scheduled with Trump when the president tweeted that he was sitting down with "Chuck and Nancy" but that he didn't "see a deal", it appears that there has been no bad blood between the president and the top Democrats, because on Monday afternoon Chuck and Nancy said they would head to the White House on Thursday for end-of-the-year negotiations and avoiding a government shutdown this week.

“We’re glad the White House has reached out and asked for a second meeting. We hope the President will go into this meeting with an open mind, rather than deciding that an agreement can’t be reached beforehand," the two Democratic leaders said in a joint statement. They added that they "are hopeful the President will be open to an agreement to address the urgent needs of the American people and keep government open.”

Dec 05 08:00

Russia-China bond market play could kick-start new dollarless financial system

The Moscow stock exchange will soon issue nearly $1 billion-worth of yuan-denominated bonds. It could become the start of a new financial system not based on the US dollar, analysts say.

Russia will issue the 6 billion yuan (about $900 million) bonds with a five-year maturity in December or January. The Central Bank says it is testing the water for future investments.

Webmaster's Commentary: 

"Nuke em! Nuke em! Nuke em!!!" -- Official White Horse Souse

Dec 05 07:39

Bailins Coming In EU – 114 Italian Banks Have NP Loans Exceeding Tangible Assets

Another week and another unjustifiable move by the ECB to ‘protect’ the EU’s banking system. This time it is the decision to toughen bad-loan rules for euro-area banks.

The rules state that banks must be held to firm deadlines for writing down loans that turn sour. Banks will be required to provision fully for loans that turn sour from the start 2018.

This is particularly bad news for Italy. The country has over €318 billion of bad loans. Should the banks be forced to dispose of these non-performing loans too quickly then a financial disaster could be triggered, derailing any form of recovery

This is a step too far for Italy’s bankers who argued the ECB had overstepped its supervisory role, instead enforcing measures that should only be enforced by lawmakers.

Dec 05 07:32

Microsoft Plunges Most In 18 Months As Tech Wreck Escalates

Microsoft is down almost 4% - the biggest drop since June 2016 - filling the gap from earnigs as the entire tech space is coming under serious pressure in this low-high tax rotation.

Webmaster's Commentary: 

Not to mention Microsoft's poor quality products have resulted in users looking for alternatives to get their work done (as we recently did when we dropped using Skype for the radio show).

Dec 05 07:30

China's Central Bank Warns "Bitcoin Will Die" - Here's How

On the heels of a weekend full of threats and promises from governments, bankers, and the mainstream media, Bitcoin was lambasted once again overnight, this time by The People's Bank of China.

For a brief 6 months or so, China was the dominant region for Bitcoin in the world, but then - as capital flows accelerated - the government and central bank began to 'crackdown' on crypto, first by banning ICOs and then shutting down local exchanges. Volume disappeared...

Dec 05 07:25

SEC Wins Injunction Against ICO Organized By Financial Fraudster

The Securities and Exchange Commission is stepping up its long-overdue crackdown on shady initial coin offerings that are churning out suckers at a record clip with one simple promise: Invest in our coin and you, too, can receive an astronomical IRR just like your savvy cousin who bought a handful of bitcoins back in 2011 and decided to hold on for dear life.

In an enforcement action that, as far as we can tell, is the first of its kind anywhere, the SEC just won an emergency asset freeze to stop an initial coin offering that the agency said has defrauded investors by promising a 13-fold profit in less than a month.

Dec 05 07:05

McCall, Fallin Trade Barbs Over Medicaid Cuts

House Speaker Charles McCall and Governor Fallin are bickering over her recent veto of the budget created during the special session. McCall is blaming the veto for Medicaid provider cuts. The Oklahoma Health Care Authority approved the cuts on Friday.

“The bill the governor vetoed would have stabilized the Health Care Authority’s budget until a more sustainable solution could be reached during the upcoming legislative session or a later special session. The plan wasn’t perfect, but it provided funding for those health agencies and programs most affected by the loss of revenue from the cigarette fee. We understand the affect that provider cuts have on access to care, particularly in rural areas of the state. If the governor had signed the budget agreement, those cuts to provider rates and any potential cuts to other healthcare services in the coming months would have been avoided,” said McCall.

Dec 04 19:19

In case you missed Bitcoin’s epic rise…

Dec 04 18:34

Italy panic as Brexit will see €42 BILLION in funding to country disappear

ITALY could lose €42billion in European Union funding in the wake of Brexit as the UK is expected to leave a gaping black hole in the bloc’s budget.

The EU will deal with the Brexit budget deficit after 2020 with cuts to regions in Northern Italy that are currently dependent on EU funding.

The president of Tuscany has penned a panicked article as regions across the bloc grapple with a forthcoming €70billion budget deficit after Britain’s EU contributions stop.

Two alternate EU plans foretell very different futures – one says resources will be maintained at current levels while another predicts cuts of 15-30 per cent.

If the cuts are implemented, Tuscany stands to lose €1.5billion in the first EU budget after Britain quits the bloc.

Dec 04 16:17

Stock Market 2018: The Tao Vs. Central Banks

Dec 04 10:11

After Steinle verdict, rep unveils bill to imprison officials who shelter illegal immigrants

There is already a law on the books. In the case of a death, the penalty is life. Indict SF officials and put them on trial for a life sentence!

https://www.law.cornell.edu/uscode/text/8/1324
Try enforcing this law. Governmental officials can be indicted now for harboring illegal aliens.

EXCLUSIVE – A Republican congressman plans to introduce a bill Monday that would threaten huge fines and prison time for elected officials accused of sheltering illegal immigrant criminals from deportation, in the wake of the not-guilty verdict in the Kate Steinle murder trial.

Dec 04 10:10

SELL CRYPTOS – BUY GOLD

Dec 04 09:40

US moves to criminalize non-disclosure of virtual currency ownership

The US Senate is reportedly considering a bill to outlaw the concealment of ownership of digital currency accounts by American citizens domestically and abroad.

The Senate Judiciary Committee says existing anti-money laundering (AML) laws need to be modernized.

The bill will amend the definition of ‘financial account’ and ‘financial institution’ to include cryptocurrencies and digital exchanges.

Experts warn that if the law is passed, it will likely have far-reaching effects for digital currencies’ users both in the US and abroad.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA