ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 27 10:46

G7 Stands Pat on Anti-Russian Sanctions

G7 leaders confirmed their intention to stick to anti-Russian sanctions imposed in connection to Crimea.

The G7 leaders have stressed that sanctions against Russia will remain in place until full implementation of the Minsk peace agreement on Ukraine, pointing out, however, that maintaining constant dialogue with Russia is crucial to the peaceful resolution of the crisis.

"We stand united in our conviction that the conflict in Ukraine can only be solved by diplomatic means and in full respect for international law, especially the legal obligation to respect Ukraine’s sovereignty, territorial integrity and independence. We reiterate our condemnation of the illegal annexation of the Crimean peninsula by Russia and reaffirm our policy of its non-recognition and sanctions against those involved," the G7 leaders said.

Webmaster's Commentary: 

So, it appears that the EU is trying the "if at first you don't succeed, lie, lie again" approach to Russia, in keeping these sanctions in place.

But the rest of the world, including thinking Americans, know what is going on here.

When Yanukovich was thrown under the proverbial bus, by Poroshenko's people, Crimean leadership realized that it had zero credible government in Kiev.

They had a referendum, through which they petitioned the Russian Federation to join it. And in what was attested to being a free and fair election, the referendum carried. Russia then invited them to become a part of the Russian Federation, which they did.

Anyone in the EU with just a smattering of familiarity with Russian history would know that Crimea had been part of Russia until it was annexed by Ukraine in the 1950s by the USSR's Khrushchev, himself an ethnic Ukrainian.

Russia did nothing wrong here, and to describe the process of Crimea's referendum as a Russian "annexation" is one big, fat, hairy lie; the EU members know this, but they stick with it.

But financially, not trading with Russia could put the EU at great financial risk, particularly if the Brexit, Frexit, and Grexit get real, which will signal the end of the EU and the Euro.

May 27 09:27

Are Investors Idiots?

May 27 08:06

Central Banks Can't Go It Alone Anymore

Whether through signals from the Group of Seven meeting this week or in the outcome of the latest round of European negotiations on Greece, officials of advanced countries increasingly are acknowledging that the problems facing their economies require a new response to take over from the overlong use of narrow short-term tools.

This recognition has been too long in the making and, judging from the regrettable lack of credible and detailed action plans, still needs time to be translated into progress on the ground.

Webmaster's Commentary: 

The only solution that actually will work is to end private central banking. Anything else is a distraction and doomed to failure.

May 27 08:05

Hitler Was Financed by the Federal Reserve and the Bank of England (translated from Russian article)

The key structures that defined the post-war development strategy of the West were the Central financial institutions of Great Britain and the United States — the Bank of England and the Federal Reserve System (FRS) — and the associated financial and industrial organizations set out a target to establish absolute control over the financial system of Germany to control political processes in Central Europe.

May 27 08:05

GRAPHIC VIDEO SHOWS VENEZUELANS LOOTING, EATING GARBAGE

May 27 08:02

ALAN GREENSPAN: VENEZUELA DECLARES MARTIAL LAW, AMERICA IS NEXT

Alan Greenspan issued a dire warning about the U.S. economy during an interview with Fox News on Thursday. Greenspan said that as Venezuela descends into martial law, the U.S. is heading in the same direction.

Greenspan warned that the U.S. has “a global problem of a shortage of productivity growth” which is leading it into an impending disaster.

Foxbusiness.com reports:

“What the Fed does at this particular stage is less important than what the markets are doing. And what the markets are beginning to show us is acceleration in money supply for the first time in a very long time… We have a global problem of a shortage in productivity growth and it’s not only the United States but it’s pretty much around the world and it’s being caused by the fact that the populations everywhere in the Western world, for example, are aging and we are not committing enough of our resources to fund that,” he said.

Webmaster's Commentary: 

Long term economic growth cannot happen if decent jobs keep getting off-shored/outsourced; that is one aspect of the problem about which Greenspan is noticeably reluctant to speak.

If the guarantee of decent jobs after college doesn't pan out, women in long term relationships postpone, or avoid pregnancies completely; it is just that simple.

And I, for one, do not blame them; however, Greenspan seems to be waiving his finger at them, as though they were the problem, which they are not.

Rational people don't want to bring kids into this world unless they have some hope of adequately and decently taking care of them, because jobs are there with which to feed, clothe, and educate them.

May 27 08:02

UK to Lose Out on Millions Due to Tax Loophole For Fracking Firms

Greenpeace’s Energy Desk found out that the UK government is giving UK fossil fuel companies investing in fracking tax breaks in form of enhanced capital allowances that reduce their taxable profit.

"It’s inexcusable that Ministers are treating fracking firms to a generous tax loophole, whilst denying clean, renewable energy projects the very same tax breaks," Caroline Lucas, a Green Party member of parliament, said, commenting on the findings.

May 27 07:56

An Unknown Billionaire's Quest To Reverse Aging

If you Google Osman Kibar’s name you’ll find pictures of him playing poker. It’s not that he was ever a serious player–just that in 2006 he won the first poker tournament he ever played in and then, a year later, came in second out of 3,000 players at a tournament run by the World Series of Poker in Vegas.

“I don’t get this,” he told a friend. “I’m going to enter another tournament just to check this assumption.” So he played one more tournament, won it and then quit. “While I’m playing, it’s you and the other players,” says Kibar, 45. “The cards are irrelevant.

May 27 07:55

0:02 / 0:30David Icke - What Others Dare Not Say

May 27 07:51

Europe Revolts Against Russian Sanctions

From ministerial offices to barricades on the streets, Europe is in open revolt against anti-Russian sanctions which have cost workers and businesses millions of jobs and earnings. Granted, the contentious issues are wider than anti-Russian sanctions. However, the latter are entwined with growing popular discontent across the EU.

Germany’s vice chancellor Sigmar Gabriel is among the latest high-profile politicians to have come out against the sanctions stand-off between the European Union and Russia.

At stake is not just a crisis in the economy, of which the anti-Russian sanctions are symptomatic. It is further manifesting in a political crisis that is challenging the very legitimacy of EU governments and the bloc’s institutional existence. The issue is not so much about merely trying to normalize EU-Russian relations. But rather more about preserving the EU from an existential public backlash against anti-democratic and discredited authorities.

May 27 07:11

Wall Street Waits for Yellen Before Taking Off for a Long Weekend

The Friday before Memorial Day weekend is typically dead on Wall Street. The bond market shuts early and trading in stocks slows to a trickle as everyone hightails it out of town.

Not this year.

At 1:15 p.m. New York time, just 45 minutes before the world’s biggest bond market is set to go dark for three days, Federal Reserve Chair Janet Yellen is due to speak at an event in Massachusetts that may turn into a crucial moment for investors handicapping the path of interest rates.

May 27 07:06

The Very Long Bet: 100-Year Bonds That Pay Peanuts

May 27 06:43

Chart of The Day: Mind The Crooked GAAP Gap

May 26 15:31

More Big Retailers Say ‘No’ to GMO Salmon

May 26 15:07

Income Tax: Smoking the Government Cheese

So, no, we don’t need more taxes. We’re already paying too much. If people can’t see that, then they’ve been smoking the government cheese. My only question is: How’d you get that rolled up into the rolling paper?!”

May 26 15:03

Study finds organic crops boost local economies

May 26 14:57

Dollar Stores Continue To Push The US Economy

May 26 14:45

The War on Cash is Ancient (and evil…)

The war on cash is now a global phenomenon: under the pretext of tracing criminal activity, governments everywhere are cracking down on commerce that isn’t monitored or controlled. However, the results of this war reveal its true purpose: tracking citizens and their taxable income.

May 26 14:41

Marc Faber: Gold&Silver Markets 2016 Analysis,The Risk of Global Collapse

In this wide-ranging and extensive interview, Faber states that because of central bank manipulation, he cannot imagine any scenario, REPEAT any scenario, under which there will not be significant pain for investors. He cautions that some money may be made in some asset classes — but one day the music will stop.

May 26 14:33

Injustice System: Texas Jail Sued for Locking Up The Poor: “They Can’t Afford Bail or Trial”

A Texas jail has been caging people who are too poor to afford bail, according to a new lawsuit. Harris County Jail – the largest in Texas and the third largest in the US – is accused of keeping most of its incarcerated population locked up for misdemeanors because they can’t afford bail or trial.

May 26 14:17

Our Poverty Myth

If you’re poor, many Americans think, it’s your own fault. It’s a sign of your own moral failing.

I don’t personally believe that, but the idea has roots in our culture going back centuries.

May 26 13:00

It’s True: Obamacare “Health Insurance Payment Is About To Jump”

Level-headed people and critics knew years ago. Now they are being proven right, not that it is any consolation to those who must pay it.

May 26 12:39

Tory Benefit Sanctions Driving Vulnerable Claimants To Crime & Poverty – Report

Benefit sanctions are driving “vulnerable” claimants to hunger, destitution and crime, a report by Salford City Council has revealed.

The research, first picked up by the Independent, warned that rather than encouraging claimants to enter the labor market, the sudden loss of basic income has adverse effects on mental health, which “could lead to self-harm or suicide.”

May 26 11:48

What Will Sink the US Auto Boom?

May 26 11:28

First Quarter GDP: departed but still melting

May 26 11:14

The Feigned and Future Demise of Big-Oil

By Tony Cartalucci

Four of the top five Global Fortune 500 corporations are involved in petroleum refining. Together with big-finance and industrial giants like big-auto and utility monopolies, big-oil dominates the global economy.

The monopoly it enjoys grants it the unwarranted power and influence it has wielded throughout the 20th and 21st centuries. And because big-oil is integrated into big-finance and other corporate-financier monopolies through various mutual interests, its influence reaches even further still.

The ability to manipulate prices in the markets, starve or bolster any particular nation by targeting energy essential for modern civilization constitutes a weaponization of energy. However, despite this immense power, there are some who claim big-oil’s days are numbered. On one hand they are wrong, on the other, they are absolutely right...

May 26 10:25

surviving the collapse

Interview with Ferfal Aguirre that survived Argentina's slo-mo collapse in 2001

Corruption, private and public sector robbery, and governments preventing recovery via endless tampering

May 26 09:13

Why Governments Hate It When Other Countries Have Low Taxes

While international bureaucrats enjoy tax-free salaries, they never tire of trying to raise taxes on everyone else.

May 26 08:39

Bank in the UK? Plans afoot to make YOU liable for bank fraud

Bank customers may be obliged to bear the bill for fraud against their accounts, under proposed changes under consideration between banks, the UK government and GCHQ.

Under the plans, individuals or companies with poor online security could be “frozen out of banking services or even excluded from the system whereby banks compensate customers whose accounts are hacked”, the Financial Times reports.

UK banks - unlike those in the US - routinely cover the costs of online fraud, at least in cases where customer negligence (such as sharing PIN codes or cards with third parties) is excluded. Pushing the burden of fraudulent losses towards customers is likely to be hugely controversial.

May 26 08:32

U.S. Hemp Industry Generates Half a Billion Dollars In Sales

By TJ Martinell

Despite unconstitutional federal restrictions on industrial hemp farming, the industry last year netted half a billion dollars in sales in the United States ... imagine of states exerted their rights and completely ignored the federal government...

May 26 07:58

The Mexico Way

Clearly, Trump is accusing the Mexican ruling class—the politicians and billionaires like Carlos Slim, the largest single shareholder of The New York Times—of dumping their surplus population on the United States.

That Mexico’s elites are outmaneuvering America’s leaders strikes Trump as a bad thing. Yet, to the American media, the very existence of a Mexican ruling caste with interests different from those of American citizens doesn’t seem to register as a concept with which they are able to deal. Sure, Mexico is a country of over 120 million people that shares a 1,950-mile border with the U.S., but it’s not, you know, Israel when it comes to being important to American interests.

May 26 07:54

Bankers above the law! Christine Lagarde not charged in embezzlement investigation

But she has not been completely cleared in the investigation over her authorisation of a controversial out-of-court settlement for the maverick French businessman Bernard Tapie when she was finance minister under Nicolas Sarkozy.

Instead, Lagarde has been placed under the status of "supervised witness". In French legal terms, this is less serious than being placed under formal investigation. It means that in any future hearings she will have to answer questions as a witness with her lawyer. She could technically still be charged later if judges change their minds.

May 26 07:47

France: “State of Emergency” Extends State Terrorism as Nationwide Protests Gather Momentum

As riots, strikes and protests sweep across France, ostensibly driven by a revolt against new labour laws introduced by the Government’s labour reform bill, we ask if we are seeing the escalation of the chaos strategy designed to create unrest and divide social movements, thus undermining any genuine grass-roots organisation against the ever extending “state of emergency”.

Webmaster's Commentary: 

Or are we seeing the start of a global revolution against the money-junkies?

May 26 07:29

Unemployment, Low Wages Make Third Of Young Americans Live With Parents

The family nest is getting full again as nearly a third of millennials tend to go back to live with their parents rather than settle down on their own, a new study reveals. The year 2014 saw the trend peak nearly to record-breaking levels since World War II.

The Pew Research Center found that 32.1 percent of 18-to-34 year old Americans prefer living with their parents to sharing a place with a roommate or a romantic partner.

May 26 06:46

DESPERATE VENEZUELA BEGINS TO SELL ITS GOLD RESERVES

Venezuela’s gold reserves have plunged to their lowest level on record after it sold $1.7 billion of the precious metal in the first quarter of the year to repay debts, reports FT. The country’s gold reserves have dropped almost a third over the past year and it sold over 40 tons in February and March, according to IMF data.

May 26 06:45

STATE OF EMERGENCY IN PERU OVER MERCURY POISONING FROM ILLEGAL GOLD MINING

Peruvian President Ollanta Humala has declared a 60-day state of emergency in a large remote area of the Amazon jungle as levels of mercury from illegal gold mining have reached record high levels. According to country's environment minister, as many as 50,000 people or 41% of the population of the gold-rich Madre de Dios region, bordering Brazil, has been exposed to mercury contamination.

May 25 15:30

French nuclear workers vote to join strike against labour laws

Staff at France’s 19 nuclear plants have voted to go on strike on Thursday amid escalating protests against labour reforms.

Workers at the Nogent-sur-Seine plant near Paris have already started a 24-hour stoppage.

The action is not thought likely to provoke power cuts, due to legal limits on strike action in the nuclear industry and power imports from abroad.

The latest action comes as the CGT union hardens its opposition to new labour laws.

“It is no longer enough for us go out on the streets, they don’t listen to us anymore. Now we will start with heavier arms, a little more substantial, and we all fight and tell the government that this is enough,” said CGT official Jean-Claude Colin.

Read more at http://www.liveleak.com/view?

May 25 15:13

Robots To Take Over Federal Reserve

May 25 14:07

We’re in the Eye of the Global Financial Hurricane

Don't fall for the mainstream media and politicos' shuck-and-jive that all is well and "growth" will return any day now. The only "growth" we're experiencing are the financial cancers of systemic risk and financialization's soaring wealth/income inequality.

May 25 14:03

Jim Rogers Issues a DIRE WARNING - Trillions

May 25 13:59

Detroit, Fresh Out Of Bankruptcy, Discovers $195M Pension Shortfall

On December 10, 2014 the city of Detroit exited bankruptcy.

It was the largest municipal bankruptcy in US history.

The bondholders were totally screwed in favor of the pensioners (not that I generally like bondholders).

Regardless, everything was supposed to be fixed. It wasn’t.

May 25 12:30

Anonymous Hits New York Stock Exchange, World Bank, The Fed, and Vatican — Total Media Blackout

By Jay Syrmopoulos

Amidst a global media blackout of Anonymous’ ongoing worldwide attacks on the “corrupt banking cartels,” the hacking collective has now taken down some of the most prestigious institutions in global governance. OpIcarus has recently taken offline the World Bank, the New York Stock Exchange, five U.S. Federal Reserve Banks and the Vatican.

After announcing a global call to arms against the “corrupt global banking cartel,” the hacker collective, known as Anonymous, in conjunction with Ghost Squad Hackers, have taken over 30 central banks offline, including striking many targets at the heart of the Western imperialist empire...

May 25 10:34

A Peculiar Large Cap Top?

May 25 09:55

Eurogroup Agrees To Disburse €7.5BN To Greece Which Will Be Used To Repay Creditors

Once upon a time, markets trembled when Greek bailout implementation headlines were announced, which is what just happened if slightly ahead of our forecast schedule...

... and this time nobody cares. Well maybe the Greeks do, but by now even they realize that most of the "money" they receive will be used to repay creditors and especially the ECB, and they will see virtually none of it.

Webmaster's Commentary: 

May 25 09:47

Currency War Resumes - China Devalues Yuan To 5-Year Lows

After a brief hiatus from the ongoing currency wars, China fired another salvo at The Fed tonight by devaluing the Yuan fix to 6.5693 - its weakest against the USD since March 2011. After eight days higher in a row for The USD Index, it seems PBOC has turned its currency liberalization plan off, stabilizing the broad Renminbi basket (which has been steadily devalued) and turning its attention to devaluing against the USD. Having unleashed turmoil in August (pre-Sept FOMC) and January (post Dec rate-hike), it appears the rising rate-hike probabilities jawboned by The Fed are decidedly disagreeable to "authoritative persons" in China.

May 25 09:14

Now fracking firms set sights on beauty spots across Britain: Hundreds of sites could be approved for drilling including national parks

Vast swathes of countryside face a renewed threat from fracking after a landmark planning decision, campaigners warned yesterday.

They say that the go-ahead for a scheme in Yorkshire could be the ‘tip of the iceberg’, with hundreds of drilling projects across Britain, including beauty spots, to follow.

May 25 09:05

Microsoft cuts another 1,850 jobs, takes $950 million charge in its phone hardware business

Microsoft is cutting another 1,850 jobs connected to its mobile-phone business, on the heels of the 4,500 job cuts connected with its sell-off of its feature-phone business a week ago.

May 25 09:02

Why Greece is top of Germany's to-do list - again

German leaders spent much of the first half of 2015 wrangling Europe into a deal that would – they hoped – allow Greece to pay off its debts by restructuring its economy and making deep cuts to public spending.

But almost a year later the stricken Mediterranean country is once again top of the agenda at meetings of the Eurogroup (finance ministers of countries that use the Euro single currency) – with the latest set for Tuesday afternoon.

Webmaster's Commentary: 

The very nature of private central banking is designed so that once you are a debt-slave, you STAY a debt-slave!

May 25 08:59

French labour reforms not going deep enough, says IMF

France's economy is recovering too slowly to attack high unemployment, the International Monetary Fund warned Tuesday, urging the country to go beyond its already hotly contested job market reforms.

Webmaster's Commentary: 

France is on the edge of a revolution and still the bankers want more!

May 25 07:53

Europe gets its first modern Russian-made airliners

United Aircraft Corporation says the first Russian Sukhoi Superjet 100 (SSJ100) plane has been delivered to its inaugural European customer Irish airline CityJet.

Under the $1 billion contract, CityJet will lease 15 SSJ100 airplanes with an option for an additional 16 aircraft. The Irish airline will receive three aircraft in 2016, and the rest from 2017 onwards.

Webmaster's Commentary: 

While the US makes war, Russia makes deals!

May 25 07:52

Panama Papers confirm Canadian billionaire and university benefactor as mystery man in global bribery case

He has hobnobbed with the Queen and Bill Clinton. Donated a small fortune to Canadian universities. Runs a billion-dollar global business empire. And glides effortlessly in the highest echelons of corporate and political power.

Now, a joint CBC/Toronto Star investigation based on the Panama Papers provides the closing chapter in a years-long saga involving Canadian tycoon Victor Dahdaleh, which saw him battle criminal charges and a billion-dollar lawsuit on two continents over an international bribery scandal — all the while forging close ties with a trio of Canadian universities.

May 25 01:27

What The Yield Spread Reveals About Growth

May 24 15:55

US Air Force Unable To Procure Warplanes Past 2021: Report

The United States Air Force will not be able to pay for warplanes past 2021, according to a report by the Pentagon.

The annual aviation, inventory and funding plan for fiscal years 2017 through 2046, published on Monday, stated that at the current pace of downsizing, the Air Force will take a significant hit after 2021.

May 24 14:08

Goldman Sachs Is Funding Hebron Settlers

For years American taxpayers have been bankrolling Jewish-only illegal settlements in the West Bank with hundreds of millions of dollars funneled through tax-exempt non-profit organizations (we’ve covered the issue on Mondoweiss since 2008). One of the organizations which is a frequent recipient of these donations is the Brooklyn-based Hebron Fund which supports Hebron’s settler community.

May 24 13:45

Britain’s Tax Office, HMRC Sold 6oo State Owned Buildings To Offshore Property Company

There are a number of interesting facts and figures emanating from the various offshore leaks of recent times. One of them involves Britain’s tax office HMRC, where there is a history of double dealing when it comes to tax haven transparency.

Last February HSBC’s Swiss banking arm got caught ‘red-handed’ assisting wealthy customers concealing millions of dollars of assets and then literally and quite unbelievably found to be handing out bricks of untraceable currency to them. HSBC was, at the same time providing these clients the facilities and information needed to circumvent domestic tax authorities, according to a huge cache of leaked secret bank account files.

May 24 13:35

Monsanto rejects Bayer’s $62bn takeover bid

May 24 12:48

Head of the IMF Christine Lagarde in court charged with embezzlement and fraud

The head of the International Monetary Fund arrived in the dock of a Paris courtroom today as she braced herself to be formally charged with embezzlement and fraud.

Christine Lagarde’s humiliation is not only a massive personal blow which could lead to her resignation, but one which will plunge the world’s banking system into further ignominy.

The clearly nervous 57-year-old said nothing to reporters as she entered the Court of Justice of the Republic, a special tribunal set up to judge the conduct of France’s government ministers, shortly after 8.30am.

May 24 12:35

How to squander $52m of charitable money in 6 months

In March, an Anchorage jury convicted Avery of numerous counts of fraud and money laundering, and on Monday he was sentenced to 13 years in prison. His crime? Burning through $52 million of May Smith Trust money in six months, the biggest private fraud case in Alaskan history. The trust was intended to support an elderly widow and go to charity after she died.

May 24 12:32

N.Y. sues Domino's Pizza for alleged wage theft

U.S. fast food giant Domino's Pizza (DPZ) and three of its franchises could be required to pay employees a lot of dough if a newly filed New York lawsuit succeeds.

The nation's largest pizza delivery company and three of its franchisees underpaid workers at least $565,000 at ten New York-based stores, the state's state's top legal official alleged in a court action announced Tuesday.

May 24 11:23

SO, YOU THOUGHT BANK OF AMERICA WOULD BE PUNISHED FOR ROLE IN 2008 CRISIS? THINK AGAIN

In a reversal of the smidgen of accountability forced on Bank of America for its role in the 2008 financial crisis, a U.S. appeals court threw out a jury’s verdict — and with it, the $1.27 billion fine BoA would have paid for mortgage fraud. Though the Department of Justice had alleged Countrywide Financial Corp., which was purchased by Bank of America in 2008, had sold Fannie Mae and Freddie Mac thousands of bad loans through its “Hustle” mortgage program, the Second Circuit Court of Appeals in New York found insufficient evidence to back charges of fraud.

May 24 11:03

US Federal Court: Private Lawsuit Can Bring 16 of the World’s Largest Criminal Banks to Their Knees

By Matt Agorist

In 2007, more than a dozen of the world’s largest banks colluded to deliberately depress the rate at which they paid out on investments. This rate is known as the London Interbank Offered Rate (LIBOR), which is the average of interest rates estimated by each of the leading banks in London that it would be charged were it to borrow from other banks.

Financial institutions, mortgage lenders, and credit card agencies around the world, set their own rates relative to it, and at least $350 trillion in derivatives and other financial products are tied to the LIBOR. These mega banks suppressed LIBOR, during the beginning of the collapse, to boost earnings and make their bottom lines appear healthier.

This banking conspiracy to rig LIBOR was one of the key factors in bringing about the financial collapse of 2008. The scandal was so large, in fact, that it nearly bankrupt the planet...

May 24 10:56

"Recession in 2017" - David Stockman

May 24 09:55

Greek parliament pushes through more austerity measures to unlock bailout cash

In the midst of huge public protests, Athens has approved more budget cuts, tax increases and a new privatization fund to manage almost all state property in order to get further rescue loans from European creditors.

Webmaster's Commentary: 

More fuel for BREXIT!

May 24 09:52

It almost became money: United States Notes versus Federal Reserve Notes

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid.

May 24 09:47

J.P. Morgan Private Bank Lays Off Nearly 100 Employees

J.P. Morgan Chase & Co.’s private bank announced internally another round of layoffs affecting nearly 100 employees, people familiar with the matter said.

May 24 09:40

The Rise of the Meta-Criminal; Is the NSA Manipulating the Stock Market?

By Jon Rappoport

Trevor Timm of the Electronic Freedom Frontier dug up a very interesting nugget. It was embedded in the heralded December 2013 White House task force report on spying and snooping.

Under Recommendations, #31, section 2, he found this:

“Governments should not use their offensive cyber capabilities to change the amounts held in financial accounts or otherwise manipulate financial systems.”

Timm quite rightly wondered: why were these warnings in the report?...

May 24 09:03

Lewis Black on Wall Street Bankers

May 24 08:52

HERE’S THE FULL LIST OF COMPANIES & ORGANIZATIONS THAT PAID HILLARY CLINTON FROM 2013-2015

In its article titled, How Corporate America Bought Hillary Clinton for $21M, The New York Post details the companies and organizations that paid Hillary in speaking fees from 2013-2015.

The total comes to $21.7 million, which is a remarkable sum for one of the least charismatic and unimaginative orators the world has ever known.

It’s enough to make you sick.

Webmaster's Commentary: 

Now you know who owns Hillary Clinton.

You can fully, and rightly, expect that these relationships will steer both her domestic and international policies toward war, repression, more economic disparity, more offshoring/outsourcing of jobs, and more abysmal misery for the working class in this country.

May 24 08:48

World’s 16 biggest banks, including RBC, ordered to face Libor lawsuits in ruling court warns could ruin them

Sixteen of the world’s largest banks including JP Morgan Chase & Co. and Citigroup Inc. must face antitrust lawsuits accusing them of hurting investors who bought securities tied to Libor by rigging an interest-rate benchmark, a ruling that an appeals court warned could devastate them.

The appellate judges reversed a lower-court ruling on one issue — whether the investors had adequately claimed in their complaints to have been harmed — while sending the cases back for the judge to consider another issue: whether the plaintiffs are the proper parties to sue, in part because their claims, if successful, provide for triple damages that could overwhelm the banks.

Webmaster's Commentary: 

It will be interesting to see how far this case is allowed to progress, as the rich rarely eat their own.

May 24 08:38

What Britain Forgot: Making Things Matters

At the root of this inability to stage a real recovery is the serious imbalance that has developed in the past few decades – namely, the over-development of the UK financial sector and the atrophy of manufacturing.

Webmaster's Commentary: 

The same problem we have here in the US!

May 24 08:31

The Man Who Lives In Detroit's Abandoned Packard Auto Plant

The story of Allan Hill, the man who has legally lived inside Detroit's abandoned Packard Auto Plant for the past 7 years.

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May 24 08:28

China Quietly Prepares Golden Alternative to Dollar System

China, as current chair of the G-20 group of nations, called on France to organize a very special conference in Paris. The fact such a conference would even take place in an OECD country is a sign of how weakened the hegemony of the US-dominated Dollar System has become.

Webmaster's Commentary: 

"NUKE 'EM! NUKE 'EM! NUKE 'EM!" -- Official White Horse Souse

May 24 08:11

Americans: A Conquered People: The New Serfs. “Russia and China stand between Washington and Washington’s Goal of Hegemony over the Entire World”

As readers know, I have seen some optimism in voters support for Trump and Sanders as neither are members of the corrupt Republican and Democratic political establishments. Members of both political establishments enrich themselves by betraying the American people and serving only the interest of the One Percent. The American people are being driven into the ground purely for the sake of more mega-billions for a handful of super-rich people.

Neither political party is capable of doing anything whatsoever about it, and neither will.

May 23 18:18

The BlackRock Dilemma: To End Short-Termism, Reform CEO Pay

In April, Gretchen Morgenson boldly called out the hypocrisy of BlackRock pillorying corporate short-termism while the investment giant simultaneously approved more than 96 percent of executive pay packages last fiscal year. She also described one BlackRock investor’s intrepid campaign to better align the company’s supposed philosophy with its executive pay practices: Stephen Silberstein, a retired software company founder, wrote a shareholder proposal for reform, and BlackRock investors and shareholders in general (including anyone with a pension or college savings) should take heed.

May 23 18:05

So, You Thought Bank of America Would be Punished for Role in 2008 Crisis? Think Again

By Claire Bernish

In a reversal of the smidgen of accountability forced on Bank of America for its role in the 2008 financial crisis, a U.S. appeals court threw out a jury’s verdict — and with it, the $1.27 billion fine BoA would have paid for mortgage fraud.

Though the Department of Justice had alleged Countrywide Financial Corp., which was purchased by Bank of America in 2008, had sold Fannie Mae and Freddie Mac thousands of bad loans through its “Hustle” mortgage program, the Second Circuit Court of Appeals in New York found insufficient evidence to back charges of fraud...

May 23 17:29

Fear-monger George Osborne attempts to bullshit public over Brexit

The head of the British Treasury, George Osborne, has warned that leaving the EU, known as Brexit, would lead the UK into a year-long recession as well as 820,000 job losses.

May 23 16:49

20,642 New Regulations Added in the Obama Presidency

The tide of red tape that threatens to drown U.S. consumers and businesses surged yet again in 2015, according to a Heritage Foundation study we released on Monday.

More than $22 billion per year in new regulatory costs were imposed on Americans last year

More than $22 billion per year in new regulatory costs were imposed on Americans last year, pushing the total burden for the Obama years to exceed $100 billion annually.

That’s a dollar for every star in the galaxy, or one for every second in 32 years.

May 23 16:48

After 40 Years of Secrecy, United States Admits Saudi Arabia Owns $117 Billion of Its Debt

By Amando Flavio

Many commentators describe it as one of the biggest mysteries in global finance, the amount of United States debt owned by the Kingdom of Saudi Arabia. For more than four decades, the two countries have refused to let transparency in their financial dealings prevail. They have remained in a secret partnership with each other on their finance, allowing speculation to take over.

However, the secret financial dealings between the two nations seem to have finally come to an end...

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