ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Apr 24 11:07

Euro zone warns Greece no cash till full reform deal

Euro zone finance ministers warned Greece on Friday that its leftist government will get no more aid until it agrees a complete economic reform plan, as Athens lurches closer to bankruptcy.

Apr 24 10:52

What Will Happen to You When the Dollar Collapses?

By Jeff Thomas

Historically, when a nation’s debt exceeds its ability to repay even the interest, it can be assumed that the currency will collapse. Typically, governments exacerbate the situation by printing large amounts of currency notes in an effort to inflate the problem away, or at least postpone it.

The greater the level of debt, the more dramatic the inflation must be to counter it. The more dramatic the inflation, the greater the danger that hyperinflation will take place. No government has ever been able to control hyperinflation. If it occurs, it does so quickly and always ends with a crash.

Although there are observers (myself included) who frequently discuss what a reserve-currency crash would mean to the world, there is little or no discussion as to how this would impact people on the street level, and perhaps that discussion should begin...

Apr 24 09:52

Finally: list of 80 people with as much money as 1/2 of humanity

Since the “financial repression,” the most powerful people have only gotten more powerful. A 2013 Oxfam report found that 80 people had as much wealth as 1/2 of humanity, and a few months later Forbes said the number had dropped to 67. Many of us asked who exactly these people are, and now the list has been released.

Apr 24 09:42

3 Things: Kass, Rosie and Short

Apr 24 09:31

Behold, the new world order of negative government-bond yields

Update: This report has been updated from an earlier version to include the most recent government bonds offering low or negative yields, including Switzerland and Spain.

Apr 24 08:55

Is it time to put a woman’s face on the $20 bill?

It is no coincidence that the target of this effort is Andrew Jackson. Really, the last President to fight the private central bankers centered in the City of London, UK, and win. It is also no coincidence that Jackson was the target of a unsuccessful assassination attempt in the wake of his battles with the private central banks. The two are connected.

In fact, it is my opinion, the assassinations of Lincoln, Garfield, McKinley and even Kennedy are linked, in part, to their attitudes towards the private central bank that really has been running the world since the Battle of Waterloo: their opinion that the money ownership of the United States should be vested in the people and the states per the US Constitution.

Apr 24 08:40

Procter & Gamble's sales fall for fifth straight quarter

Procter & Gamble Co sales fell for the fifth straight quarter as a stronger dollar took its toll, with currency fluctuations likely to hurt 2015 sales by 6-7 percent.

The world's largest household products maker, which gets roughly two-thirds of sales from outside the United States, reported a steeper-than-expected 8.3 percent fall in quarterly sales on Thursday.

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Apr 24 08:23

THE TRANS-PACIFIC PARTNERSHIP AND THE DEATH OF THE REPUBLIC

A republican form of government is one in which power resides in elected officials representing the citizens, and government leaders exercise power according to the rule of law. In The Federalist Papers, James Madison defined a republic as “a government which derives all its powers directly or indirectly from the great body of the people . . . .” On April 22, 2015, the Senate Finance Committee approved a bill to fast-track the Trans-Pacific Partnership (TPP), a massive trade agreement that would override our republican form of government and hand judicial and legislative authority to a foreign three-person panel of corporate lawyers.

Apr 24 08:17

DIET PEPSI DROPPING ASPARTAME ON CUSTOMER CONCERNS

?The decision to swap sweeteners comes as Americans keep turning away from popular diet sodas. Competitor Coca-Cola said this week that sales volume for Diet Coke, which also uses aspartame, fell 5 percent in North America in the first three months of the year.

Executives at Coke and Pepsi blame the declines on perceptions that aspartame isn’t safe. That’s even though the Food and Drug Administration says aspartame, best known by the brand names Equal and NutraSweet, is “one of the most exhaustively studied substances in the human food supply, with more than 100 studies supporting its safety.”

Apr 24 02:44

Mosler: US economy weakness will continue

Apr 23 19:51

Argentine independent scientists support WHO on glyphosate cancer link

While the rest of the world takes on board the WHO’s verdict and moves forward, the UK Science Media Centre is in denial. Claire Robinson reports

In the wake of the re-classification of glyphosate herbicide as a probable carcinogen by the IARC, the cancer agency of the World Health Organisation (WHO), support has poured in from independent scientists and agencies worldwide. The quotes listed below this article were collected from independent scientists in Argentina by the journalist Dario Aranda (English translation by GMWatch) in an article for the newspaper Pagina12.

For example, one quote is from Rafael Lajmanovich, professor of the Department of Ecotoxicology, National University of Litoral, and a researcher at CONICET, the main national research council of Argentina. Lajmanovich said, "The international scientific community has warned for years, backed up by studies, that glyphosate is carcinogenic. It is good that WHO has recognized this fact.”

Apr 23 19:34

Change They Don’t Believe In

The unfortunate consequence of not allowing the process of “creative destruction” to occur in banking and Big Business is that the historic forces behind it will seek expression elsewhere in the realm of politics and governance. The desperate antics of central banks to cover up financial failure can’t help but provoke political upheaval, including war.

It’s a worldwide phenomenon and one result will be the crackup of economic relations — thought by many to be permanent — that we call “globalism.” The USA has suffered mightily from globalism, by which a bonanza of cheap “consumer” products made by Asian factory slaves has masked the degeneration of local economic vitality, family life, behavioral norms, and social cohesion. That crackup is already underway in the currency wars aptly named by Jim Rickards, and you can bet that soon enough it will lead to the death of the 12,000-mile supply lines from China to WalMart — eventually to the death of WalMart itself (and everything like it). Another result will be the interruption of oil export supply lines.

Apr 23 18:09

11 Signs That We Are Entering The Next Phase Of The Global Economic Crisis

Well, the Nasdaq finally did it. It has climbed all the way back to where it was at the peak of the dotcom bubble. Back in March 2000, the Nasdaq set an all-time record high of 5,048.62. On Thursday, after all these years, that all-time record was finally eclipsed. The Nasdaq closed at 5056.06, and Wall Street greatly rejoiced. So if you invested in the Nasdaq at the peak of the dotcom bubble, you are just finally breaking even 15 years later.

Apr 23 16:28

UnderTheLens — Cracks in the Facade

Apr 23 14:46

Sainsbury's reveals 800 job losses as it becomes latest under-pressure supermarket to cut costs

Sainsbury's joined rival supermarket chains in a cost-cutting drive today with the announcement of 800 job losses.

Faced with stiff competition from discounters and changing shopping habits, Sainsbury has said it wants to make £500million in cost savings over the next three years.

The chain said it will review its department and deputy manager positions, with more resources invested into other shop-floor roles.

Apr 23 12:18

Banned: Chase Bank says you can no longer store cash or precious metals in your safe deposit box

Chase customers are receiving letters informing them that they will no longer be allowed to store cash in their safety deposit boxes.

Apr 23 11:46

FDIC Plots a Bank Heist Involving YOUR Accounts

The bail-in is another weapon in the government’s arsenal of capital controls meant to reward Wall Street cronies and separate you from your money.

We’ve long been familiar with capital controls, such as daily limits on bank withdrawals. Add that to seven years of microscopic interest rates cannibalizing savers’ nest eggs combined with planned inflation stealing your money while you sleep. But unlike the drip-drip we’re used to, the bail-in will come upon you quickly, harshly, and with finality.

Webmaster's Commentary: 

Apr 23 11:43

Hungary, Greece, Cyprus to resume trade with Russia regardless of Western sanctions

Hungary, Greece and Cyprus may soon be allowed to export fruit and vegetables to the Russian market, according to a report in the newspaper Rossiyskaya Gazeta.

Russian health authorities are conducting audits of suppliers in all three countries, as well as India, Alexey Alexeyenko, the director of Rosselkhoznadzor (the Russian Federal Service for Veterinary and Phytosanitary Surveillance) is quoted as saying.

"About 20 companies will be verified in Greece and Hungary. In India — less, around four to five. Cyprus has requested a delay for technical reasons and therefore, the audits will begin on April 27, where seven to eight companies will be checked."

Apr 23 11:35

Are Leading Economists Corrupt, or Just Mind-Blowingly Ignorant?

Conservative economists favor Republican candidates because it’s the way for them to rise in power themselves, but what about ‘progressive’ economists: are they psychopaths, too; or do they instead blindly favor ‘Democratic’ candidates because of a sincerely oblivious belief that the mere ‘Democratic’ Party-label indicates that the given politician is actually progressive?

Apr 23 09:49

IT JUST COST DEUTSCHE BANK $25,000 PER EMPLOYEE TO KEEP ITS LIBOR MANIPULATING BANKERS OUT OF JAIL

And so another historic scandal involving the manipulation and rigging of one of the most important global markets, that of Libor which is the reference security for several hundred trillion in derivatives, goes in the history books.

Moments ago the NY Department for Financial Services announced that Deutsche Bank would pay $2.5 billion "in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank ("LIBOR"), the Euro Interbank Offered Rate ("EURIBOR") and Euroyen Tokyo Interbank Offered Rate ("TIBOR") (collectively, "IBOR")."

Webmaster's Commentary: 

That those responsible for this graft never go to jail is a complete mockery of the law.

Apr 23 09:46

Iceland’s Economic Revolution

Unlike Greece or Ireland or other EU countries or the USA, the Iceland Parliament and government refused to give unlimited state guarantee to save the private banks.

They nationalized them instead, creating a “Good bank-Bad bank” model loosely based on the successful Swedish 1992 experience with Securum. All domestic assets of the three banks were placed in new publicly-owned domestic versions of the banks. All foreign liabilities of the banks, which had expanded with subsidiaries in the UK and Netherlands, went into receivership and liquidation. British and Dutch bank counterparties and governments shrieked howls of protest, threatening Iceland with being blackballed and forever cut off from further credit by the world.

Apr 23 09:44

CORPORATE SOVEREIGNTY TRUMPS NATIONAL LAWS; HERE'S HOW THE US THINKS IT CAN GET AROUND THAT

For a while now, Techdirt has been writing about the extraordinary corporate sovereignty chapters in trade agreements that grant foreign companies far-reaching powers to sue a government simply for issuing regulations that impact their investments. Recently, there has been a textbook example of how the investor-state dispute settlement (ISDS) tribunals that adjudicate corporate sovereignty cases are literally a law unto themselves. A post on The Hill explains the background:
A company sought to develop a mining and marine terminal project in Canada, but it had to obtain approval from provincial and federal authorities. As part of that process, the company had to submit an environmental impact study (EIS) addressing the project’s potential impacts on the natural and human environment.

Webmaster's Commentary: 

Absoflippinglutely unbelievable!!!!!

Apr 23 09:38

How Wall St Has Quietly Bilked Billions from Cities Across the US

A recent report by Saqib Bhatti of the Roosevelt Institute describes a number of financial deals between Wall Street and municipalities as predatory. Bhatti asserts that these dirty transactions have forced cities and states to cut essential services to pay off the financial sector. On Tuesday, Bhatti's ReFund America project issued a new report specifically directed at the financial problems of Chicago and calling on the city to fight back in the courts and elsewhere against these deals.

Apr 23 09:29

Where the world’s unsold cars go to die

“The car industry cannot stop making new cars because they would have to close their factories and lay off tens of thousands of employees. This would further add to the recession. Also the domino effect would be catastrophic as steel manufactures would not sell their steel. All the tens of thousands of places where car components are made would also be effected, indeed the world could come to a grinding halt.”

Apr 23 09:26

The Free Market is Solving the GMO Problem

When Justin Dammann enters his southwestern Iowa cornfield this month, the 35-year-old farmer will sow something these 2,400 acres have not seen in more than a decade — plants grown without genetically modified seeds.

The corn, which will head to a processor 20 miles down the road this fall, will likely make its way into tortilla shells, corn chips and other consumable products made by companies taking advantage of growing consumer demand for food without biotech ingredients.

For Dammann and other Midwest farmers, the burgeoning interest in non-GMO foods has increased how much they get paid to grow crops in fields once populated exclusively with genetically modified corns and soybeans. The revenue hike is a welcome benefit at a time when lower commodity prices are pushing farm income down to what's expected to be the lowest level in six years.

Apr 23 08:59

LIBOR investigation ends with spectacular fizzle

Banker: “can we have a high 6mth libor today pls gezzer?” LIBOR Submitter, “sure dude, where wld you like it mate ?”

That’s just one of countless egregious examples of LIBOR manipulation. Yet, after countless months of investigation and worldwide scandal, the controversial LIBOR manipulation case has ended this morning with a fine but no jail time – a spectacular fizzle:

Moments ago the NY Department for Financial Services announced that Deutsche Bank would pay $2.5 billion “in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”) and Euroyen Tokyo Interbank Offered Rate (“TIBOR”) (collectively, “IBOR”).”

* * *

Most importantly for DB’s 98,138 employees is that while DB will “terminate and ban individual employees who engaged in misconduct” nobody will go to jail. Again.

Apr 23 08:57

THE U.S. GOLD MARKET: Completely Insane

I am not blaming Americans, as they have been totally brainwashed by the U.S. Treasury and Federal Reserve into believing that gold is something you wear, not invest in.

This is certainly proven by the data shown in the chart below. These figures come from the World Gold Council Full Year Demand Trends Reports, and while it may be true that the data is manipulated or incomplete, it’s the best we can go by. And I believe it gives us a pretty good idea of the insanity taking place in the good ole US of A.

Apr 23 08:57

Vietnam 40 years on: how a communist victory gave way to capitalist corruption

After the military victory, Vietnam’s socialist model began to collapse. Cut off by US-led trade embargos and denied reconstruction aid, it plunged into poverty. Now its economy is booming – but so is inequality and corruption.

Apr 23 08:54

Report: Small L.A. County cities seize large amounts in civil forfeitures

The seizures by police in South Gate, Beverly Hills, Baldwin Park and other relatively small cities dwarf those made by much larger police departments in California from 2006 through 2013, according to the Drug Policy Alliance. Pomona reaped more than $14 million, exceeding assets collected in the considerably larger cities of Oakland, Long Beach, Fresno and Bakersfield combined, said the report, which is expected to be published Tuesday morning.

Law enforcement agencies keep up to 80% of property seized under what’s known as civil asset forfeiture, and several cities appear to rely on the revenue at a time of dwindling police budgets, potentially creating pressure on cops to make more seizures, according to the alliance, which has long been critical of the practice and called for reform.

Apr 23 08:52

ECB: What if Greece Issues a Parallel Currency?

Greece should issue it's own public currency.The ECB, however, is less enamoured of the idea, for what should be the most obvious reason. It would be a publicly issued currency outside the grasp of global private central bankers

Apr 23 08:51

The THREATS posed by the TPP and the TTIP. You Can Act!

Apr 23 08:12

Hopium: How Far Can Irrational Optimism Take The U.S. Economy?

If enough people truly believe that things will get better, will that actually cause them to get better? There is certainly something to be said for being positive and thinking that anything is possible. And as Americans, optimism seems to come naturally for us. However, no amount of positive thinking is ever going to turn the sun into a block of wood or turn the moon into a block of cheese.

Apr 23 07:38

Guy Trading at Home Caused the Flash Crash

The point of this -- according to the federal prosecutors, the Federal Bureau of Investigation and the Commodity Futures Trading Commission, who are not happy with Sarao -- is that by placing all these fake sell orders, Sarao would artificially drive down the price of the E-mini futures. It's classic spoofing: He'd place a lot of big orders to sell, everyone else would say, "Ooh look at all those big sell orders, I'd better sell too," they'd sell, the market would go down, he'd buy, he'd turn off his algorithm, everyone else would say, "Oh hey never mind, things are great again, there are no more big sell orders," they'd buy, the price would go back up, and Sarao would sell the futures he'd bought at a lower price a moment ago.

Apr 23 07:14

It's Not the 1% Controlling Politics. It's the 0.01 Percent.

Even before presidential candidates started lining up billionaires to kickstart their campaigns, it was clear that the 2016 election could be the biggest big-money election yet.

Apr 23 02:13

This is almost surreal

Apr 22 22:07

Gas for Greece, Mayhem for Macedonia - From Color Revolution to Unconventional War

At the exact same time that Greece has received a guarantee for billions of cubic meters' worth of Russian gas, Macedonia is being rocked by the threat of a renewed Albanian insurgency designed to offset Moscow’s pipeline plans.

Apr 22 22:04

The Transatlantic Agreement and the Burial of European Democracy

Over the weekend, ahead of the latest and ninth round of talks between the European Commission and the US on the preparation of the Transatlantic Trade and Investment Partnership (TTIP), 750 protests took place in 45 countries around the world against the Atlantists’ initiatives.

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