ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 08 08:51

Trump Fires Back at France, Canada as Macron Speaks of 'G6' Confronting US

President Donald Trump criticized Canadian Prime Minister Justin Trudeau for being so angry about the new US tariffs and accused Canada of hurting American dairy farmers.

"Trudeau is being so indignant, bringing up the relationship that the US and Canada had over the many years and all sorts of other things … but he doesn’t bring up the fact that they charge us up to 300% on dairy — hurting our Farmers, killing our Agriculture!" Trump wrote in a Twitter message on Thursday.

Earlier in the day, French President Emmanuel Macron said in a press briefing that French and Canadian delegations would try to persuade Trump at the G7 summit to take a more conventional path on trade amid his imposition of tariffs on the European Union and Canada.

Jun 08 08:47

US officials on roadshow to cut Iran investment, trade

Americans officials touring the globe to pressure countries to shun trade with Tehran 'are dogmatic,' says senior European diplomat, 'We told them: if you are coming to tell to us how to apply American laws here then you're not welcome.'

Jun 08 08:46

I know which country the US will invade next

Who will be next on the list of US illegal invasions cloaked in bullshit justifications? Well, last week, Iran finally did it: It switched from the dollar to the euro. And sure enough, this week, the US military-industrial complex, the corporate media and Israel all got together to claim that Iran is lying about its nuclear weapons development. What are the odds that this news would break within days of Iran dropping the dollar? What. Are. The. Odds?

Jun 08 07:38

Russia-China trade to reach record $100bn by year-end as ties grow in all sectors – Putin

Trade between Moscow and Beijing has grown 31 percent this year and is projected to reach the $100 billion target, said Russian President Vladimir Putin during a meeting with China's President Xi Jinping in Beijing.

China is and will continue to be Russia’s number one foreign trade partner, says Putin.

Energy is the key sector of cooperation between the two countries, according to Putin. “Russia remains the largest supplier of fuel to the Chinese market. Last year, we supplied more than 50 million tons of oil. By April, this number increased by another 26 percent,” said the Russian president.

Work on the construction of the Eastern Route pipeline from Russia to China is on schedule, and companies from both countries are participating at Russia’s $27 billion LNG plant in Yamal, Putin added.

Webmaster's Commentary: 

And remember: Russia and China are gradually ditching the US dollar in bilateral trade. As reported at rt.com in April of this year:

Russia & China gradually ditching US dollar in favor of domestic currencies as trade booms

Jun 08 07:15

Pepe Escobar: How Singapore, Astana, & St.Petersburg Preview A New World Order

Key economic forums in cities across Eurasia point the way to new power structures rising to challenge Western dominance...

Ahead of the crucial Shanghai Cooperation Organization (SCO) summit in Qingdao this coming weekend, three other recent events have offered clues on how the new world order is coming about.

The Astana Economic Forum in Kazakhstan centered on how mega-partnerships are changing world trade. Participants included the president of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun; Andrew Belyaninov from the Eurasian Development Bank; former Italian Prime Minister and president of the EU Commission Romano Prodi; deputy director-general of the WTO Alan Wolff; and Glenn Diesen from the University of Western Sydney.

Webmaster's Commentary: 

And the US government, in its last gasp of Empire, will fight this tooth and nail, until every single war which can be fought, will be fought to stop this progressing; but ultimately it cannot win such an economic war through military means, that is, unless it indends to blow up the entire planet.

Jun 08 07:01

The Pension Crisis Will Break Up the EU

Jun 08 05:44

Personal Savings Rate down to 2005 levels

Jun 08 05:32

Europeans Pray for QE to End?

Jun 08 03:29

Italy, Hyperinflation And Gold

Jun 07 18:13

"We Cannot Defy The US": European Refiners Fold To Trump, Will Stop Buying Iran Crude

For all of Europe's bluster, and increasingly vocal "resistance" to Trump unique approach to international politics, especially when it comes to Iran when Brussels swore it would defy the US president and continue business as usual with Tehran, it took Europe about a month to fold, and as Reuters reports European refiners are now unofficially winding down oil purchases from Iran, closing the door on a fifth of the OPEC member’s crude exports.

Jun 07 15:53

US Economic Reset: Yell TIMBER !!

Jun 07 15:15

Russian reserve fund to get a $35 billion boost - Finance Ministry

The fund’s goal is to help balance the budget of the Pension Fund of Russia, absorb excessive liquidity, reduce inflationary pressure and insulate the economy from volatility of oil & gas export earnings.

Russia also has foreign reserves, which consist of foreign currency, Special Drawing Rights (SDR) holdings, reserve position in the IMF and physical gold. Russia has been ramping up the purchases of physical gold. In May, the country's gold reserved surged to 1,909 tons and the share of gold rose to 17.64 percent. Just a decade ago the reserves stood at 450 tons.

Jun 07 14:39

Crumbling America1 Full Documentary

America's Crumbling Infra-Structure

Jun 07 14:20

World Leaders Are Worried About The Global Economy, The World Is On Fire

Venezuela recovers its gold from Citigroup. Argentina is trying to move away from the central bank. The IMF is pushing austerity on the people and the people are angry.

Jun 07 11:50

"We Cannot Defy The US": European Refiners Fold To Trump, Will Stop Buying Iran Crude

For all of Europe's bluster, and increasingly vocal "resistance" to Trump unique approach to international politics, especially when it comes to Iran when Brussels swore it would defy the US president and continue business as usual with Tehran, it took Europe about a month to fold, and as Reuters reports European refiners are now unofficially winding down oil purchases from Iran, closing the door on a fifth of the OPEC member’s crude exports.

And since the only true leverage that Iran had vis-a-vis Europe was its deeply discounted crude oil, the shuttering of crude purchases from the Islamic republic will suddenly make European governments especially ambivalent whether to continue fighting Trump in hopes of salvaging the Iranian nuclear, when there is only downside left.

Jun 07 11:30

There now are more job openings in the U.S. than unemployed workers to fill them

The labor market has hit a tipping point that should help boost wages: There are more job openings in the U.S. than unemployed workers to fill them.

It’s the first time that has happened since the government began tracking job openings in 2000.

There were a record 6.7 million job openings in April, the Labor Department reported Tuesday. That was an increase from an upwardly revised 6.63 million in March.

The revised data show that job openings outstripped total unemployed workers in March for the first time, and the trend continued in April.

Webmaster's Commentary: 

This data is well and truly cooked: After someone has been unemployed for 3 weeks, they are taken off the unemployment stats by the US Department of Labor Statistics.

Jun 07 11:07

Healthcare Inflation Lies

Jun 07 11:03

Trucking Booms, Heavy Truck Orders Soar, Shippers Grapple with “Capacity Crisis”

“Veterans in this industry are saying this is the best freight market they have ever seen.” But shippers struggle with rising costs.

Jun 07 10:56

Trump Tariff War Accelerates Disintegration of Atlantic Alliance - Analysts

The escalating tariffs conflict between the United States and the 28-nation European Union (EU) is accelerating the process of the disintegration of the Atlantic alliance, analysts told Sputnik.

The College of EU Commissioners endorsed on Wednesday the decision to impose rebalancing duties on the set of US products it had submitted to the World Trade Organization (WTO) effective from July, as part of EU response to the steep US tariffs on imported steel and aluminum, the European Commission’s press release said.

The filed complaints came in response to President Donald Trump’s decision announced on Friday to impose a 25 percent tariff on steel imports from the European Union, Canada and Mexico while aluminum imports were subject to a 10 percent duty.

Jun 07 10:55

Poundworld on brink of administration putting 5,300 jobs at risk

Poundworld is poised to announce its intention to appoint administrators.

The move will allow the company 10 days to two weeks to continue talks with potential buyers without the company's creditors being able to make a claim on the business.

It also allows its staff and suppliers to continue to be paid.

It is understood that investment company R Capital is in talks to try to buy Poundworld, which has 5,300 workers and 355 stores.

Jun 07 10:54

House of Fraser to close 31 stores

Department store chain House of Fraser is to close 31 of its 59 shops, affecting 6,000 jobs, as part of a rescue deal.

If the plan is approved, 2,000 House of Fraser jobs will go, along with 4,000 brand and concession roles.

Jun 07 10:53

Carillion collapse to cost taxpayers £148m

The collapse of construction giant Carillion will cost UK taxpayers an estimated £148m, the National Audit Office has said.

There will also be wider costs to the economy, Carillion's customers, staff, the supply chain and creditors, the NAO said in a report.

...

The NAO said 11,638 Carillion workers in the UK, about 64% of the total, were now employed elsewhere. Of the rest, 2,332 - 13% of the total - had been made redundant and the remaining 3,000 were still employed by Carillion.

Jun 07 10:50

'This is shameful': Tory austerity pushes 1.5 million below breadline, 3.7 million to food banks

Tory austerity measures are leading to “destitution by design” in the UK, campaigners warn. It comes amid statistics suggesting 1.5 million people plunged below the breadline in 2017, while 3.7 million resorted to food banks.

According to the Joseph Rowntree Foundation, 1.5 million people, including 365,000 children, were pushed into destitution last year alone. It was largely due to debt recovery at the hands of authorities and delays or sanctions on benefit payments.

Destitution is defined as when a person has been forced to go without essentials such as shelter, food, heating, lighting, clothing and footwear, or toiletries in the last month, or if an adult’s income is below £70 week.

Jun 07 10:20

"Free" College Comes At A Price

Jun 07 10:04

US so-called ‘health’ so-called ‘care’ corporations maximize profits denying care, charging families ~$30,000 every year. Universal health care saves ~$6,000 per family every year (likely much more). Demanding .01% arrests for looting and lying yet?

*hyperlinks/videos live at source*

The annual Milliman Medical Index reports average annual cost of US health care for a typical family of four is $28,166. This is a 12% increase from 2016, and 41% up from 2010; or about $100 increase every month.

Universal health care (single payer) saves ~$600 billion every year, or ~$6,000 per average US household. Savings could be higher, as the US pays three times of the UK.

Since I’ve looked from 2010, powerful and easy ways to frame this problem:

1. Obamacare, Ryancare, or whatever are criminal fraud because government leaders have legal fiduciary responsibility to comprehensively and accurately inform Americans of best ways to invest our tax money for public services.
2. Corporate media are criminally complicit to claim they communicate important news, yet lie in omission with this data.

Jun 07 08:27

Doug Casey on the Crisis in Argentina

Jun 07 05:38

And The Worst City In America For 2018 Is…

Jun 06 17:07

Donald Trump’s trade tariffs to plunge world back to 2008 crisis level, World Bank warns

The report warned: "A broad-based increase in tariffs worldwide would have major adverse consequences for global trade and activity.

"An escalation of tariffs up to legally-allowed bound rates could translate into a decline in global trade flows amounting to 9 percent, similar to the drop seen during the global financial crisis in 2008-09."

Jun 06 15:10

Central Banker Warns Of Evaporating Dollar Funding, Global Turmoil Could Follow

The central bankers/establishment are now warning that if the BREXIT moves forward and the UK just breaks away from the EU the economy will implode. There would be shortages of almost everything.

Jun 06 15:09

‘No money for F-35,’ government auditors tell Congress

The Government Accountability Office (GAO) has recommended that Congress withhold funding for the F-35 program, saying the jet fighter is plagued with almost 1,000 deficiencies that must be resolved before production can begin.

The shortcomings include an ejector seat that can cause neck injuries, an unusable helmet-mounted display system, failing oxygen-supply systems and a mid-air refuelling probe that can break off during use. In total, the F-35 had 996 unresolved deficiencies as of January. Of these, 111 were considered ‘Category 1’ deficiencies - faults and flaws that could seriously jeopardize user safety or security.

With the F-35 due to enter full-rate production next year, at a cost of $10.4 billion per year for the next two decades, the GAO has recommended that no funds be made available for the next phase of production until these issues are fixed and until the Pentagon makes a sound business case for the funds.

Jun 06 14:01

The Looming Global Economic Meltdown

To understand the synchronized global meltdown that is on tap for the 2021-2025 period, we must first stipulate the relationship of "money" to energy:"money" is nothing more than a claim on future energy. If there's no energy available to fuel the global economy, "money" will have little value.

Jun 06 13:59

Huge New Prop under the Stock Market is a One-Time Affair

Crash insurance with an expiration date. But its working while it lasts.

Jun 06 13:59

US Public Debt and Interest Payments Hit New Record

The US debt continues to skyrocket and it’s costing Uncle Same more and more money just to make the interest payments.

The US public debt hit a record high of $21.145 trillion on the last day of May. Meanwhile, the cost of servicing all that debt also spiked, increasing by $26 billion through the first seven months of the fiscal year (October-April) compared with the same period last year.

Jun 06 13:38

The Moral And Economic Collapse Of America

America's economic problems today are a direct result of radical changes in it's culture

Jun 06 11:59

Major French bank to pay $1Bln for bribing Libyan officials and LIBOR manipulation

The US Department of Justice has been prosecuting foreign firms accused of bribery outside of the US for some while, but this is the first time a resolution has been reached jointly by US and French authorities.

Jun 06 11:30

US Treasury Dept Warns Allies Against Accidentally Trading With Iran

The US Treasury Department on Tuesday issued a statement directed at allied governments, and private companies operating out of allied countries, warning them against any trade with Iran, warning they “face substantial risks” if they are caught.

Undersecretary of the Treasury Sigal Mandelker says that the world must “harden your financial networks,” and make sure they have “airtight” procedures in place to prevent even accidental business ties to Iran. He added that nations must make sure “Iran and its proxies are not exploiting your companies to support their nefarious activities.”

Jun 06 10:23

$1.25 Trillion - That's The Cost Of Trump's Trade Wars So Far: Kolanovic

Fast forward to today when Kolanovic is out with a new note, in which he takes another look at the impact of Trump's trade wars, now that they have had a chance to develop and mature, and his latest assessment appears far less optimistic than it was before, to wit:

In 2016, we argued that the probability of Trump winning the presidency was higher than the consensus and that it would likely be positive for equities. This double out-of-consensus view materialized as the new administration enacted pro-market policies such as tax reform. However, since this March, the impact of trade and protectionist policies became a significant market headwind. It is a broad consensus across academia, business leaders and market practitioners that trade wars and protectionism are a lose-lose economic proposition.

Jun 06 10:17

Trump's "Trade War" Is Working: US Trade Deficit Collapses

One month after the biggest plunge in the US trade deficit since the financial crisis - good news for Trump who has engaged in "trade war" with the rest of the world to boost US trader and exports - the good news continued in April, when according to the Census Bureau, the US deficit shrank again, down 2.1% from a revised $47.2BN to $46.2BN - the lowest since September 2017, and beating not only the $49BN consensus estimate, but also also the lowest Wall Street estimate of $46.2BN.

Webmaster's Commentary: 

Obviously, this story doe not line up with the one that follows. So, someone is fibbing!

Jun 06 10:17

$119,050,900,000: Merchandise Trade Deficit With China Hit Record Through April

The U.S. merchandise trade deficit with China set a record through April, hitting $119,050,900,000 for the first four months of 2018, according to data released today by the Census Bureau.

From January through April, the Census Bureau reports, the United States exported $42,291,500,000 in goods to China while importing $161,342,400,000.

In other words, when measured by dollar value, the United States bought about 3.8 times as much in goods from China as China bought from the United States.

Jun 06 10:13

The Absence of Diplomacy Is Isolating Washington

The dissolution of the Soviet Union removed the constraint on Washington’s unilateralism. The neoconservatives, who had just risen to power, seized the opportunity and replaced diplomacy with threat and coercion. One infamous example is from the George W. Bush regime when the Deputy Secretary of State, Richard Armitage, told Pakistan to do as you are told or you will be bombed into the stone age. We have this on the authority of the president of Pakistan himself, who did as he was told.

In the case of Russia during the Putin era, this level of threat is excessive as Russia can bomb back. So the threat has been reduced to: do as you are told or we will impose sanctions.

Jun 06 10:11

Russia Building The Trans-Arabian Railway Will Make The Saudis More Multipolar

The CEO of Russian Railways, the state-backed leader in this industry, announced his company’s intent in participating in the Trans-Arabian Railway during last week’s Saint Petersburg International Economic Forum (SPIEF), thus drawing attention to a project that’s been on the drawing board for a few years already but has failed to get off the ground.

Jun 06 09:14

50 Worst Cities to Live In

Where Americans live can have a considerable impact on their quality of life. In some U.S. cities, everyday comfort and happiness is much harder to attain than in others.

Quality of life is subjective, and difficult to measure. Still, there is a wide range of quantifiable factors that can impact quality of life in a given area. Affordability, safety, job market strength, quality of education, infrastructure, average commute times, air quality, and the presence of cultural attractions are just a few examples of factors that can influence overall quality of life.

24/7 Wall St. created an index with measures in eight categories — crime, economy, education, environment, health, housing, infrastructure, and leisure — to identify the 50 worst cities to live in. Not confined to a single region, the worst cities span the country from the South to the Midwest and from New England to the Pacific coast.

Jun 06 08:53

Turkey Uses Gold Bullion To Stabilise Its Currency And Economy

Turkey’s economy has been in a tailspin with an inflationary currency, but the country is using something rare to help stabilise itself: gold.

In late 2011, Turkey started to allow commercial banks to use gold instead of the Turkish lira for their required deposits at the central bank. These deposits are known as reserve requirements and help ensure that the banks are capitalised.

Over the past six-or-so years, Turkey’s central bank has accumulated an additional 400 metric tonnes of gold. That’s a lot of yellow bricks – more than what Britain has – and the sizeable stash has the possibility to take the edge off the crisis.

To put the Turkish gold haul in perspective, there are 10 million ounces of gold – roughly 311 tonnes – at the Bank of England, according to the New York-based financial consulting firm CPM Group.

Jun 06 08:46

EU has 'lit a BOMB' underneath car manufacturing as Europe told NOT to use UK parts

THE EU has “lit a bomb” underneath the car manufacturing industry as European governments are being advised not to use UK parts in vehicles for export ahead of Brexit.

The Dutch government has advised all Dutch businesses that if a “large part of your product consists of parts from the UK" domestic exporters may lose free trade access under existing deals.

Jun 06 08:44

EU Cannot Resist US Policies Without Russia's Help, German Media Says

In their ongoing trade dispute with the United States European countries now realize the need to mend fences with Russia.

Europe needs to join forces with Russia and China to effectively stand up to US pressure, Rupert Sternath wrote in Sunday’s issue of Suddeutsche Zeitung, underscoring the need for Germany work in sync with the other signatories to the 2015 nuclear deal with Iran.

Sternath believes that Washington’s attitude towards Europe is unlikely to change any time soon and if Europeans keep kowtowing to the US, this attitude will only change for the worse.

“All the countries that signed the nuclear agreement with Iran, including Russia and China, should come together and if they do, other countries, such as India and those in Asia and South America, will join in,” Rupert Sternath wrote, adding that this also called for lifting sanctions on Russia.

Jun 06 08:01

Why Soros, Goldman Sachs, Wall Street Tycoons Embrace Bitcoin

US billionaire George Soros and Wall Street tycoons have reportedly warmed up towards bitcoin. Speaking to Sputnik, CNTV Asia-Pacific commentator Tom McGregor explained the digital currency's hidden flaws and shed light on what could be behind the growing interest in virtual coins.

When used for ill-gotten gains bitcoin poses a grave threat to national currencies, says Tom McGregor, a Beijing-based political analyst and Asia-Pacific commentator for China's national TV broadcaster CNTV, adding that it is no coincidence that George Soros, the man who "broke the Bank of England," has recently turned to the cryptocurrency.

"It's like a pyramid scheme, where you can con so many people to pour their cash into bitcoin and national currencies can be depleted, especially from poor countries that face the biggest dangers from bitcoin," the analyst opined.

Jun 06 05:56

THE THIRD TIME SINCE...

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