ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 16 09:30

Seattle to clear sprawling homeless camp near S. Dearborn, Rainier Ave.

Some say it’s an extension of The Jungle. Others call it The Hills.

Whatever its name, most of the homeless people who make camp underneath bridges and along the grassy hillsides near Interstate 90 and Rainier Avenue South in Seattle know that it will be gone soon.

City officials will begin clearing the sprawling camp Tuesday, starting with a triangle of green space between the Interstate 90 ramps to Rainier, known at the Cloverleaf. The larger section, between South Dearborn Street and I-90, stretching to Interstate 5, will be cleared next week.

May 16 09:22

IMF says Germany must act now to reduce trade surplus

Germany must act to reduce the massive trade surplus that has stoked friction with European neighbours and the United States, the International Monetary Fund warned on Monday.

"In 2016 Germany's current account surplus was the world's largest in dollar terms," IMF economists noted in a report.

"Policies that boost public and private investment and reduce the need for private saving ... would accelerate the necessary external rebalancing process."

May 16 09:21

STATE OF DENIAL: THE ECONOMY NO LONGER WORKS AS IT DID IN THE PAST

There’s no Plan B for a state-corporate form of central-planning capitalism that is no longer functioning.

If there is one reality that is denied or obscured by the Status Quo, it is that the economy no longer works as it did in the past. This is the fundamental economic context of our current slide into political-social disintegration.

The Status Quo narrative is: the policies that worked for the past 70 years are still working today. Boiled down to its Keynesian state-corporate essence, the Status Quo economic narrative is simple:

All we need to do to escape a “soft patch” (recession) is for governments to borrow and spend more money to temporarily boost incomes and demand until the private sector gets back on its feet and starts borrowing and spending more.

To help the private sector, central banks lower interest rates so it’s cheaper to borrow and spend.

Webmaster's Commentary: 

The question is not if the excrement is going to hit the ventilation shaft; the question is when.

And most of the financial writers I respect indicate that we are looking, ultimately, at a very sharp market "correction" later this year. The Fed just cannot keep limping about at the US economy's current state without this happening.

And the following fits in very disturbingly to a future with a very volatile, and negative, potential for the markets, particularly the financial stocks:

FINANCIAL WEAPONS OF MASS DESTRUCTION: THE TOP 25 U.S. BANKS HAVE 222 TRILLION DOLLARS OF EXPOSURE TO DERIVATIVES

May 16 09:21

3 Signs U.S. Economy Is Near Tipping Point

U.S. markets have sustained upward momentum for the past several years. But major warning signs suggest the end of their winning streak may be near.

Rallies can’t go on forever; every upswing — no matter how long — will eventually be followed by a correction. And that leads us to these two fundamental questions for Americans…

May 16 08:47

The Coming Central Bank Crisis

I have warned that whenever a government creates a solution to any crisis, that solution becomes the next crisis. This is what I have called the Paradox of Solution.The unfolding of the exit of the central banks from the Quantitative Easing monetary policy will become a much more serious threat to the financial markets than anyone suspects.

May 15 15:03

Financial Weapons Of Mass Destruction: The Top 25 U.S. Banks Have 222 Trillion Dollars Of Exposure To Derivatives

The recklessness of the “too big to fail” banks almost doomed them the last time around, but apparently they still haven’t learned from their past mistakes. Today, the top 25 U.S. banks have 222 trillion dollars of exposure to derivatives.

May 15 12:15

Just so you know, the U.S. has no debt

Now every writer in the land harps on U.S “spending,” “debt,” “trade deficit,” etc. Everybody is in shock and awe of “the U.S. debt.” They are looking at a myth and think that they see the real world. The money creators are laughing.

May 15 11:58

PANIC As Wells Fargo Makes Dramatic Move - Prepares For MASSIVE Crash!

Josh Sigurdson sits down with author and economic analyst John Sneisen to talk about Wells Fargo's most recent dramatic move as the crooks attempt something incredibly reminiscent of what banks did just before the 2008 recession.

May 15 11:06

The European Commission doesn’t agree with the ECB…

In the Eurozone it’s not just the European Central Bank which publishes its forecasts on a regular basis, but the European Commission also releases its own expectations. And those don’t necessarily agree with the ECB’s assessments!

May 15 09:55

Survey: Economic confidence in Anchorage dips into 'uncharted territory'

Anchorage residents are more pessimistic about the local economy than they've been in years, but feel secure that their own personal finances will help them weather Alaska's recession.

That's according to the results of the most recent Anchorage consumer optimism index, a quarterly measure put together by consulting firm Northern Economics.

In the first quarter of this year, respondents' confidence in the Anchorage economy "reached uncharted territory," Northern Economics' report on the survey said, falling to its lowest level in the life of the index, which began in 2010.

May 15 09:22

THE FEDERAL RESERVE MUST GO

May 15 09:14

The Number 1 Item People Buy With Food Stamps

May 15 09:09

Scandal At China's Grand Silk Road Summit As India Skips, Warns Of "Unsustainable Debt"

It was supposed to be China's day of celebrating massive infrastructure spending for the sake of spending (read ghost towns, only now outside China's borders) as Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge "a path of peace, inclusiveness and free trade" while calling for the abandonment of old models based on rivalry and diplomatic power games. However, it did not go quite as smoothly as expected.

May 15 09:03

It’s Really Crazy What This ECB Has Wrought

In the land of NIRP refugees and “Reverse Yankees,” who will get crushed?

May 15 09:03

Win-Win Situation? Riyadh to Buy its Way Into Washington’s Heart

Ahead of US President Donald Trump’s upcoming visit to Saudi Arabia, unofficial sources are claiming that Riyadh will be attempting to curry favor with Washington by pulling out the checkbook for America’s highways.

May 15 08:45

The Collapse Is Confirmed! Prepare For The Imminent Economic Collapse 2017 Stock Market CRASH!

May 15 08:37

Merkel rejects tax cuts, despite 'record' €54 billion surplus

On Thursday the Finance Ministry announced that an extra €54.1 billion would roll into the German state coffers over the next five years. But that hasn't moved the Chancellor to push for tax relief.

May 14 19:31

The Federal Reserve Must Go, And I Will Never Make Any Apologies For Saying That.

If you want to permanently fix America’s economy, there really is no other choice.

May 14 15:29

Investors are pulling out of the U.S. for the first time in years

Are global stock markets set to outperform the U.S. again?

May 14 14:41

$500 Trillion in Derivatives “Remain an Important Asset Class”: Hilariously, the New York Fed

Oh, and the unintended consequences of trying to regulate a monster.

May 14 14:33

Organic Farm to be Forcibly Sprayed with Roundup

Azure Standard

Dear Azure Customers. We’ve some extremely urgent news to share with you. All of Azure Standard’s Organic wheat, field peas, barley, Einkorn, and beef is grown by Azure Farm on 2,000 acres of pristine, organically certified land in Sherman County, Oregon. The county is considering imposing draconian, highly toxic weed management laws and may force us to have our 2,000 acre organic farm sprayed with Roundup and other toxic herbicides. You read that right: we’d be forced to have our organic farm sprayed with Roundup, and we would then be forced to foot the bill! We’ve just over 1 week to get as much support as possible. Please review the video at https://vimeo.com/216920516 or learn more at https://www.azurestandard.com/healthy-li…/…/azure-farm-moro/ and then take action today. Thank you for your support!

May 14 12:59

Monetary reform hero, Stephen Zarlenga, passes. His 38-minute last remarks for ~$1 million per average US household benefits, 9-minute 2012 interview to replace the Federal Reserve

*hyperlinks/videos live at source*

Stephen Zarlenga wrote the best book on monetary history and reform I’ve encountered, The Lost Science of Money, created the largest and most influential organization (The American Monetary Institute), and organized 12 annual conferences.

Stephen’s 38-minute talk at the 2016 Monetary Reform conference that summarizes the history of framing reforms I’ll document in this article at ~$1 million per US household (there are some auditory gaps, but you’ll get the points):

RT’s 9-minute interview regarding ending the Federal Reserve:

May 14 12:13

The Man in Seat 61... : A ride on the Trans-Mongolian Express Moscow to Beijing by train

This is an account of a Moscow to Beijing journey on Trans-Siberian train number 4, the weekly Chinese train from the Russian to the Chinese capital via Mongolia. For an account of the Moscow to Vladivostok journey, see here.

Day 1, evening: Yaroslavski station, Moscow. Trans-Siberian trains leave from this distinctive station in central Moscow. Train 4 to Beijing leaves Moscow Tuesday nights.

Train 4 is a Chinese train, each carriage proudly displaying a destination board marked "Moscow-Ulan Bator-Beijing". You'll find plenty of westerners on board, with a party atmosphere all the way. There'll be plenty of Chinese, Russians & Poles to meet, too.

May 14 10:10

Worst Restaurant Tailspin since 2009/2010 Crushes Lower End

“Rising household debt load” likely to “suppress consumption, including eating out.”

May 14 09:17

JAMA ADMITS 30% OF DRUGS APPROVED BY FDA-APPROVED ARE SERIOUSLY DANGEROUS

Close to one-third of drugs approved by the FDA are found to have safety problems, according to a research report from The Journal of the American Medical Association.

JAMA’s report stated that these safety issues, known as “postmarket safety events,” are “common after FDA approval, highlighting the importance of continuous monitoring of the safety of novel therapeutics throughout their life cycle.”

The study sought to identify the “frequency of postmarket safety events” of FDA-approved drugs. It revealed that 222 “novel therapeutics” were approved by the FDA between 2001 and 2010. Out of those 222 FDA-approved products, there were 123 safety issues later found in 71, or 32 per cent, of the approved drugs. Actions taken for the 71 drugs included withdrawal of the substance, new safety announcements highlighting discovered risks, and issuing “black box” warnings.

Webmaster's Commentary: 

How do we get the attention of the CEOs of those companies continuing to make pharmaceuticals with intense problems in use?!?

Possibly, making the marketing of unsafe drugs a felony, which gets coupled with jail time for the execs who sign off on these drugs, knowing that there may well be intense problems for patients taking the drugs down the road?!?

Because a 30% problem rate with drugs is simply unacceptable, period, end of discussion.

And this study demonstrates that the manufacture, and sales of these drugs is not about health; it is about money, period, end of discussion.

May 14 09:11

China pledges $124 billion for new Silk Road as champion of globalization

Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.

Xi used a summit on the initiative, attended by leaders and top officials from around the world, to bolster China's global leadership ambitions as U.S. President Donald Trump promotes "America First" and questions existing global free trade deals.

"We should build an open platform of cooperation and uphold and grow an open world economy," Xi told the opening of the two-day gathering in Beijing.

China has touted what it formally calls the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment.

Webmaster's Commentary: 

Chinese President Xi Jinping has got this absolutely right, and hopefully, President Trump and his advisors will see clear reason to get on board with this, at least to some form of engagement.

In my world, trade trumps war every time.

May 14 08:49

10 THINGS THAT WILL SOON DISAPPEAR FOREVER

May 14 08:47

Michael Pento: When Central Banks Lose Control Bubbles Will Pop, Record Global Debt Will Pop Record Bubbles

What would it look like if the central banks and the elite lost control of the markets and interest rates and the derivative market? Money Manager Michael Pento contends, “I think you have to stop saying ‘if.’ I think ‘if’ is not in question. It is a matter of ‘when.’ . . . . Let me tell you why I say it’s not ‘if,’ it’s when.

May 14 08:44

FBI Insider Reveals Why Jason Chaffetz Is Being Forced Out Of Politics

Jason Chaffetz is retiring from politics because elite Democrats, working on behalf of the financial industrial complex also known as the Rothschild’s central banking scam, threatened his children’s lives, according to an FBI insider.

Chaffetz effectively ended his career as an uncompromised politician when he pushed through the bill to audit the Federal Reserve, the FBI insider explains.

“You don’t go after the Fed. Nobody goes after the Federal Reserve and gets away with it.”

Webmaster's Commentary: 
May 14 08:01

Is a $1,000 worth of Cognac or whiskey bought five years ago-worth more or less than $1000 of silver or gold? Are they stores of value or even MONEY?

Historically, whisky has often been used as a medium of exchange. So has ammunition. During the gold rush, miners would by an once of whiskey and pay for it with a bullet, the origin of the term "a shot of whisky."

May 14 07:59

OUR DEAD DEMOCRACY HEADING INTO WW 3 | Mike Rivero

May 14 07:24

Chile Silver Production Down Stunning 26%

May 14 03:38

How Much Does the Tax Man Take From Your Paycheck? It Depends Where You Live

High taxes may not be such a bad thing. As shown by the latest figures on wage taxation released by the OECD, countries with high taxes also tend to have high net incomes.

May 13 12:10

Fake News and Fake Money

In this talk, Andreas Antonopoulos examines the sensationalist debate over “fake news,” the rising tide of faith-based nation states declaring bitcoin as “fake money,” and alternative mechanisms we can build to fill the void left by retired fact-checking departments & central bank authorities.

May 13 09:10

$500 TRILLION IN DERIVATIVES “REMAIN AN IMPORTANT ASSET CLASS”: HILARIOUSLY, THE NEW YORK FED

Oh, and the unintended consequences of trying to regulate a monster.

Economists at the New York Fed included this gem in their report on a two-day conference on “Derivatives and Regulatory Changes” since the Financial Crisis:

Though the notional amount [of derivatives] outstanding has declined in recent years, at more than $500 trillion outstanding, OTC derivatives remain an important asset class.

An important asset class. A hilarious understatement. Let’s see… the “notional amount” of $500 trillion is 25 times the GDP of the US and about 7 times global GDP. Derivatives are not just an “important asset class,” like bonds; they’re the largest “financial weapons of mass destruction,” as Warren Buffett called them in 2003.

Derivatives are used for hedging economic risks. And they’re used as “speculative directional exposures” – very risky one-sided bets. It’s all tied together in an immense and opaque market interwoven with the banks. The New York Fed:

Webmaster's Commentary: 

When the economic dam bursts, and we know this is a case of when, and not if, those derivatives will economically sink the institutions which hold them.

May 13 08:40

Wells Fargo closing 450 branches by 2019

May 13 07:06

When The System Comes Down It Will Not Be A Smooth Landing

Retail is imploding at a faster rate, the economy is breaking down quicker than the central bank thought it would. The Subprime bubble in auto loans will be the needle that pops the bubble and will lead to a crash in other sectors.

May 12 18:51

In Bleak Prognosis, Italy’s Financial Regulator Threatens EU with Return to a “National Currency”

Because Italy’s banking crisis and other problems have not been solved.

May 12 17:16

Canada’s housing bubble looks ready to pop

Canada’s banking system will soon be put to the test.

And that’s because the country’s massive housing bubble is starting to unravel.

May 12 15:50

Really Bad Ideas, Modern Monetary Theory

The past century has been an orgy of experimentation. We tried fascism, which initially looked good to some before (literally) crashing and burning. We tried communism, which looked great to many before killing millions and withering away. Fiat currency and fractional reserve banking, meanwhile, still make sense to most economists and politicians but seem to be heading for a fiery end.

May 12 15:42

Flashback: Theresa May pledges to increase defence spending after military chiefs warn UK losing the ability to fight wars

"No need to worry about outdated tech in the NHS" - Number 9 3/4

May 12 15:39

Miami “Preconstruction” Condo Flippers Drown in Glut

Because there have been zero resales, “the actual market value of the units in the project is uncertain.”

May 12 12:49

Seattle has reversed a decades-long trend of rising car ownership — and millennials are the reason

For the first time since at least 1970, the percentage of Seattle households that own a car is declining. Census data show it’s all because of young people, who increasingly are choosing to live carless in the city.

Webmaster's Commentary: 

They cannot AFFORD cars, you moron! This is NOT a good thing.

May 12 12:18

The Fed Gets another Reason to Raise Rates and Unravel QE

Inflation pressures further up the pipeline rise the most in 5 years.

May 12 11:37

Bitcoin Skyrockets above $1800 – A New All-time High

Bitcoin rides Japanese demand to record $1,800, just two days after topping $1,700

Bitcoin surged more than 5 percent at one point Thursday, reaching a price as high as $1,839.23

Analyst Brian Kelly attributes the bitcoin rally to Japan’s legalization of the digital currency in April.

Bitcoin is up more than 30 percent in May.

Webmaster's Commentary: 

I smell a bubble!

May 12 09:39

Texas Panhandle wheat escapes major damage from late snow, freeze

Bent and broken but not down for the count – that is the damage report from Texas A&M AgriLife wheat experts after freezing temperatures, high winds and 4 or more inches of snow blasted the crop over a week ago.

The majority of the Texas Panhandle’s wheat will be fine, said Dr. Jackie Rudd, Texas A&M AgriLife Research wheat breeder, and Dr. Jourdan Bell, Texas A&M AgriLife Extension Service agronomist, both in Amarillo.

May 12 08:00

JUST IN: Trump Cuts Off Food Stamps For These 2 Groups – REAL Americans Are Cheering!

The Department of Agriculture is moving to implement food stamp rules that ban certain convicted criminals and winners of large lottery prizes from getting food stamps.

The series of proposed rules published Wednesday will enforce laws passed by Congress nearly three years ago. The rules also mandate that each state have a system in place to verify immigration status and income of people who apply for Supplemental Nutrition Assistance Program (SNAP) benefits, also called food stamps.

Currently, each state agency that distributes food stamps has the option of using verification systems to determine eligibility of SNAP applicants. Under the proposed rules, each agency will be required to create an automated system to better determine the immigration status and income of applicants for food stamps.

Webmaster's Commentary: 

Note how the first paragraph says it is about convicted criminals and lottery winners, but then lower down it mentions immigration status!

May 12 07:19

IMF "suggesting" a 10% tax on all money on deposit in banks throughout Europe

The International Monetary Fund (IMF) is always the cheerleader to raise taxes to support government they are instructing Germany to raise taxes and also talking about just imposing a 10% tax on all money on deposit in banks throughout Europe. Yes – you read that one correctly.

May 12 07:18

Surging Auto Loans; Boom or Bubble?

May 12 07:08

A TALE OF TWO JUSTICE SYSTEMS – WALL STREET VS. MAIN STREET

One of the major objectives of this site over the years has been to highlight the demoralizing and extremely destructive reality that two completely different justices systems exist in America — one for the wealthy, powerful and connected, and another for everyone else. While there will always be some element of this in any society of humans, extremes can and do occur, and the pendulum now has shifted in these United States to extremely dangerous Banana Republic-like levels.

Nowhere is this divergence of justice more in your face and deplorable than with respect to how Wall Street financiers are treated compared to the rest of us. Not only was the industry rewarded with endless financial lifelines and zero executive prosecutions after it destroyed the global economy, but the industry continues to do whatever it wants, whenever it wants, with zero repercussions. It doesn’t take genius to understand that if there’s no risk in committing financial crimes, you get a lot more of them.

May 12 01:53

“The Great Narrowing” of the S&P 500

“The new 1%” gained $260Bn since March 1, the 99% lost $260Bn.

May 11 16:52

Bill Bonner: The problem with phony money…

May 11 14:34

5 Stories Everyone Is Ignoring While The Mainstream Media Obsesses Over Trump Firing Comey

A 'power hungry president' has 'kicked a power player out of office', and the mainstream media is having a field day. Headlines have obsessively focused on Trump’s termination of FBI Director James Comey and the implications that come with it, drawing comparisons to Richard Nixon’s Watergate scandal and questioning Trump’s decision to fire the man who was leading an investigation into the president’s own alleged misconduct.

While the drama currently unfolding will certainly have profound implications for the present and future, the theatrics playing out on telescreens around the country are hardly representative of the bigger picture in the United States. As millions of Americans fix their eyes and minds on the ongoing developments, other stories are lurking behind the curtain — and reveal far more about the struggles we face.

Webmaster's Commentary: 

Those in the Bowels of Power in the Unhinged States of America, love distraction and misdirection, to keep you from looking at the issues which really matter.

May 11 14:26

Saudis Plan $40 Billion US Investment To "Cement Ties With Trump"

Having gone all-in on a Hillary Clinton victory ahead of the elections, Saudi Arabia has quickly pivoted in its "appreciation" of the Trump administration, and having realized that the fastest way to Trump's heart is through the US Treasury's bank account, it is preparing to invest an "unprecedented" amount of money in the US. According to Bloomberg, the Kingdom’s sovereign wealth fund will announce plans to "deploy as much as $40 billion into U.S. infrastructure." The investment will likely be unveiled as early as next week when Trump is scheduled to visit the kingdom.

Webmaster's Commentary: 

Translation; this assures that the US military will continue abetting the Saudi genocide in Yemen, and continue to be a partner to its war crimes.

May 11 13:54

Wall Street fell with US retailers

Wall Street fell after disappointing results from Macy's sent retail stocks lower and offered concern about US consumer spending.

Shares of Macy's traded 15.9 per cent lower as of 2.49pm after it reported a larger-than-expected drop in comparable sales for its latest quarter.

"We now believe that our estimates did not accurately reflect the speed at which market-share losses would occur," Bridget Weishaar, an analyst at Morningstar, said in a note, Bloomberg reported. "Given first-quarter results, we think management will have a difficult time hitting its internal expectations for 2017."

Shares of rivals also dropped, with those of Kohl's down 6.3 per cent after it, too, reported a bigger-than-expected decline in quarterly sales, while JC Penney slumped 7.8 per cent, and Nordstrom fell 6.6 percent.

May 11 13:19

The First US Company To Invest In The Iranian Oil Industry Since 1979

U.S. filtration, separation, and purification solutions provider Pall Corporation will export filtration technology for refining in Iran and invest in oil equipment production there, Iran’s official IRNA agency reported on Wednesday, citing a representative of the Society of Iranian Petroleum Industry Equipment Manufacturers (SIPIEM).

May 11 13:04

“PEOPLE ARE MOVING AROUND ON TOP OF THIS POWDER KEG”

A half-hour before dawn, the pedestrian bridges that connect the Venezuelan towns of San Antonio and Ureña with the Colombian city of Cúcuta begin to fill with people. The traffic is circular, as it has been for years, with large numbers crossing in both directions — but those headed into Colombia are greater in number.

Venezuelans crossing the border are easily distinguished by their luggage. Many drag rolling suitcases behind them, bulging at the edges; others lug duffel bags and cardboard boxes on their shoulders. Some even have their cats and dogs in pet carriers.

In January, 47,095 Venezuelans entered Colombia, more than double the number from January of last year. Some 21,000 of them crossed into Norte de Santander, the state of which Cúcuta is the capital. Here and at other points along the nearly 1,400-mile border, the situation is beginning to feel like a refugee crisis.

Webmaster's Commentary: 

This cannot stand for very much longer, as the center, in Venezuela, both socially, and economically, cannot hold.

May 11 11:58

Mao and the Middle Class: What's the Source of Political Power?

Force is not the same as power. If force fails to persuade, power evaporates.

May 11 10:57

Misconceptions of "Normal"

Since 2009, there has been ongoing discussion of the size & composition of major central bank balance sheets (I'm focusing on the Federal Reserve Bank, European Central Bank, and the Bank of Japan) but little discussion of why these institutions felt (and continue to feel) compelled to "buy" assets. The chart below highlights the ongoing collective explosion of these bank "assets" since 2009 after a previous period of relative stability.

May 11 10:57

THE GOLD PLATINUM RATIO IS EXPLODING!

May 11 10:18

Central Bank Chicanery And We The Revenue Units

By Susan Boskey

“Unfortunately no one can be told what the Matrix is. You have to see it for yourself.” ~Morpheus in the movie, The Matrix

The Oxford English Dictionary defines “chicanery” as, “legal trickery, pettifogging, abuse of legal forms; the use of subterfuge and trickery in debate or action; quibbling, sophistry, trickery.” You need not read past, “legal trickery,” to understand the overlooked impact central banks have on we, the revenue units. But perhaps more worrisome is where central banks appear headed...

May 11 10:08

Kansas City mom humiliated, shamed after forced to pee in cup on United flight, she says

United just can't seem to learn! United needs to fire the entire crew on planes where this kind of stuff happens. Another lawsuit for sure. How humiliating!

KANSAS CITY, MO (KCTV) -

A Kansas City mom says she was humiliated and shamed on a United Airlines flight with her family.

She had to go to the bathroom, and flight attendants handed her a plastic cup. Then, they shamed her and told her they would report her.

Nicole Harper is the mother of two and has an overactive bladder. She says she was heading home from Houston with her family when she really had to use the restroom.

May 11 09:29

Nearly 40 percent of 18 to 34 year olds live with mom and dad in California. Most are working but just do not earn enough to rent let alone buy a home.

A record number of young people are living at home with mom and dad in California even in the midst of a very low unemployment rate and record in the stock market. Millennials in particular are carrying large levels of debt and many are still struggling to get out into a rental, let alone purchasing a home. There is a housing apocalypse for young Americans and in California, many Millennials are simply waiting until their baby boomer parents kick the bucket so they can own a piece of the California Dream. But Taco Tuesday baby boomers are not going away and many are angry that their offspring are unable to buy a home like they did when housing wasn’t consumed by house horny buyers and prices were actually affordable. The numbers are startling because when we brought attention to the issue a few years ago the number was at 2.3 million young adults living at home. Today it is now up to 3.6 million – if we combined these people it would be the third largest city in the U.S.

Webmaster's Commentary: 

So why are rents and home prices going up??????

May 11 09:20

CHINA IS ON TRACK TO FULLY PHASE OUT CASH - CHINA WAS THE 1ST COUNTRY TO INTRODUCE PAPER MONEY

Of China's 1.35 billion population, 710 million are internet users. The results of a survey by the Beijing Youth Daily newspaper released in March found that, like Xu, 70 percent of internet users polled thought carrying cash was not necessary.

The apps fuelling this cashless trend are Tencent's WeChat and Alibaba's Alipay. Launched in 2011, WeChat is a multi-function app based around a messaging system that incorporates WhatsApp and Twitter-like elements. The app is phenomenally popular in China—the majority of WeChat's roughly 889 million monthly-active users worldwide are based in the People's Republic. Chinese users of apps like WeChat tend to not be put off by the personal data storing and sharing that goes on in them. Snooping by authorities is pretty much accepted.

May 11 08:57

Aetna Is Latest Health Insurer to Quit Obamacare Markets

Aetna Inc. will leave the few remaining states where it had been selling Obamacare plans next year, making it the latest health insurer to pull out of the health law as Republicans attack the program as failing and work to dismantle it.

Webmaster's Commentary: 

May 11 08:52

Moodys Slashes Ratings On 6 Canadian Banks, Fears Asset-Quality Deterioration, Soaring Household Debt

Amid Poloz-described "unsustainable prices" in various cities, and just days after the collapse of Canadian mortgage lender Home Capital Group and our discussion of the dire state of Canadian savers (and their record household debt), Moodys has cut the ratings on six of Canada's largest banks because of "ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future."

As a reminder, even Bank of Canada Governor Stephen Poloz noted that Toronto is out control tonight while answering questions following a speech in Mexico City...

"pretty sure recent gains in Toronto home prices were not sustainable and that the city’s housing market had elements of speculation"

"Financial stability is part of the Bank of Canada’s monetary policy decision making, but the central bank’s primary mission is inflation targeting,... it would be odd to use interest rates to target home prices in just one city."

May 11 08:13

Trump Confirms, The Economy Will Be Brought Down & It Will Be Chaotic

The condo market and the housing market is collapsing at a faster pace. World's largest oil trade says there is no growth. Retail is contracting, credit is breaking down, JP Morgan Chase is telling smaller banks to combine deposits because there is going to be a problem later this year.

May 11 07:44

BREAKING Dew News - Coinbase Unable to Fulfill Orders - Scam or Failure to Execute?

May 11 06:49

BT to axe 4,000 jobs across the globe

BT is to axe 4,000 jobs at worldwide, with profits plunging 19 per cent to £2.4bn during a "challenging" 2016/17 financial year for the former state monopoly.

The roles will mainly cover managerial and back office areas, with the company expecting to shave off £300m over two years. This comes a day after industry sources were speculating about a possible sell-off of the Global Services unit. Its shake-up of the unit follows an accounting scandal in Italy which led to a £530m writedown, impacting the company’s bottom line. The incident has also wiped £8bn off BT’s share price.

May 11 01:59

How Important Is It To Understand Inflation?

May 10 19:10

Establishment Bankster

So in the end the West was saved by the election of Emmanuel Macron as President of France: relief in Brussels, a buoyant eurozone, rallies in Asian markets.

That was always a no-brainer. After all, Macron was endorsed by the EU, Goddess of the Market, and Barack Obama. And he was fully backed by the French ruling class.

May 10 15:47

HOW COLLEGE HAS BECOME A RACKET!

May 10 15:18

Same Housing Bubble, New Scam Aimed at the Tax Payer (zero hedge)

It looks like Wall Street has found a new way to scam the taxpayer with a housing bubble. This is a rehash of the 2008 mortgage-backed security scam except now they're using securitized bonds backed by overvalued homes.

May 10 15:14

Big Banks Pushing Smaller Banks To Merge Deposits Before The Bank Runs Begin

Home Capital Group is becoming desperate they are now selling million of mortgages. Half of Canadians do not have $200 for an emergency. Gallup economic confidence declines, more and more people believe the economy is getting worse.

May 10 14:00

Arizona Legislature Ends Income Taxation On Gold And Silver

By Jp Cortez

Phoenix, Arizona (May 10th, 2017) – Sound money advocates scored a major victory today when the Arizona state senate voted 16-13 to remove all income taxation of precious metals at the state level. The measure heads to Governor Doug Ducey, who is expected to sign it into law.

Under House Bill 2014, introduced by Representative Mark Finchem (R-Tucson), Arizona taxpayers will simply back out all precious metals “gains” and “losses” reported on their federal tax returns from the calculation of their Arizona adjusted gross income (AGI)...

May 10 13:53

Somebody’s Going To Suffer: Greece’s New Austerity Measures

Sharmini Peries: The European Commission announced on May 2, that an agreement on Greek pension and income tax reforms would pave the way for further discussions on debt release for Greece. The European Commission described this as good news for Greece. The Greek government described the situation in similar terms. However, little attention has been given as to how the wider Greek population are experiencing the consequences of the policies of the Troika. On May Day thousands of Greeks marked International Workers Day with anti-austerity protests. One of the protester’s a 32-year-old lawyer perhaps summed the mood, the best when he said …

May 10 12:39

Exposed: FBI Director James Comey's Clinton Foundation Connection

flashback -- A review of FBI Director James Comey’s professional history and relationships shows that the Obama cabinet leader — now under fire for his handling of the investigation of Hillary Clinton — is deeply entrenched in the big-money cronyism

May 10 12:31

Americans Are Fleeing Major Cities: “Only A Matter Of Time Before Widespread Rioting, Looting And Civil Unrest Becomes Commonplace”

Thousands Flee Chicago For Safer Areas Of The Country As America’s Third Largest City Becomes A Gang-Infested Wasteland

Did you know that the number of murders increased by almost 60 percent in the city of Chicago last year? And as you will see below, this year gang violence in the Windy City has risen to a new level of viciousness. A staggering 9.5 million people live in the Chicago metropolitan area, and it was once known primarily for great pizza, bitter cold and some of the best sports fans on the entire planet. But now the number one thing that comes to mind for many when they think about the city of Chicago is gang violence. As it becomes clear that things are not going to turn around any time soon, thousands of residents are leaving the city for safer areas of the nation. In fact, Cook County lost more people than any other county in America last year by a very wide margin.
When your murder rate goes up by double digits in a single year, you have got a problem.

May 10 10:58

Private prisons back Trump and could see big payoffs with new policies

Sessions announcement on prison sentencing is a corrupt payoff to the private prison industry,pure and simple. Wonder how much stock he and Trump have in the private prison industry?

WASHINGTON — Private prison companies, which stand to make big gains under President Trump’s tough new immigration orders, also have contributed big sums to pro-Trump groups, including the organization that raised a record $100 million for his inauguration last month.

For-profit prison companies' hopes for significant gains under the Trump administration already are coming to fruition. On Thursday, the Justice Department rescinded an Obama administration order to phase out the use of private-prison contracts in the federal Bureau of Prisons.

May 10 10:51

Retail Meltdown Demolishes Mall Investors

Even the biggest.

May 10 10:50

SEATTLE MAYOR WANTS TO TAX DIET SODA TO FIGHT "WHITE PRIVILEGED INSTITUTIONALIZED RACISM"

Back in February, Seattle's Mayor Ed Murray called for a 2 cent per ounce tax on sugary soft drinks in order to "improve Seattle's educational opportunities for students of color." Per Lynx Media, the tax was expected to raise some $16 million per year.

Of course, when someone on his staff pointed out that a tax on sugary drinks would disproportionately impact the minorities that he was apparently trying to help, Murray knew that something drastic had to happen. So that's when he decided to launch a new attack against the most recognizable symbol of "white privileged institutionalized racism" on the planet: DIET SODA!

Webmaster's Commentary: 

Absoflippinglutely unbelievable!

Are the mayor and city council, perchance, drinking the same water as are California legislators, who want to tax all space launches which happen in their states, by the mile, and have declared that up to 62 one miles, vertical, belongs to the state of California?!?

California Wants To Tax Space Flights... By Miles Traveled

This is the only thing to which I can attribute this utter nonsense on the part of the Seattle government.

If the Seattle City Council wanted to do something positive here, it would ban all sodas which use caramel coloring to make it brown, because this chemical is carcinogenic.Coloring used in some sodas poses cancer risk to consumers, study suggests

May 10 10:37

HOW HIGHER EDUCATION BECAME AN OBSCENELY PROFITABLE RACKET THAT ENRICHES THE FEW AT THE EXPENSE OF THE MANY (STUDENT DEBT-SERFS)

Student loan lenders are skimming tens of billions in profits guaranteed by the taxpayers.

"Legal" rackets have two essential components: a public-relations "cover" that obscures the racket and the mechanism that extracts the wealth from the "marks." The Higher Education Racket qualifies on both counts:

1. The PR cover is "you all need a college diploma, and we're here to make that happen." Yea for more education!

2. The extraction mechanism is student loans. Here's a chart that shows what happened relatively recently: your federal government began guaranteeing obscene profits to student-loan lenders and debt-serfdom for tens of millions of "marks" i.e. students.

Webmaster's Commentary: 

Here's a list of some of the highest paying jobs in this country which do not require a bachelor's degree:

35 high paying jobs which don't require a bachelor's degree

I was very lucky concerning college; I had a double major in music (I am a published composer) and theatre (I do marketing for a living).

But before you go to college and pick a major, you really need to ask yourself, am I getting the "bang" for my buck in terms of that degree really making me employable?!? This is both a hard and necessary question kids need to ask before settling on a major in college.

And some degrees are absolutely useless, in terms of the real world, so when you talk to, and interview, some of the college staff, be ready to ask them: how many graduates can you confirm have received jobs in this field?!?

If they stumble, and stammer, that is the moment to thank them for their time, and walk out the door.

May 10 10:08

Jeff Christian: Gold Weakness Temporary, Long-Term Prospects Still Strong

Gold and silver have been getting slammed for weeks but Jeff Christian, one of the world's leading precious metals analysts, thinks this is more of a short-term reaction to subsiding geopolitical fears and reiterates his long-term bullish outlook based on a number of fundamental drivers.

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