ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 16 17:11

Brent Johnson: US Dollar Rally Far From Over?

Jun 16 12:04

When Underperformance Reaches An Extreme

Jun 16 10:17

Inflation: The Soviet Tool for Destroying Money

By Chris Calton

In March 1919, the Communist Party headed by Vladimir Lenin stated in its newly drafted program that among the party objectives was the complete abolition of money. The State Bank of Russia would be “abolished and turned into the central bookkeeping office of the Communist society.”1 In theory, the ruling party could have simply decreed money out of existence, but this would fail to eliminate the circulation of currency throughout a vast country that the Bolsheviks did not fully control in 1919.

Instead, their strategy was to resort to the printing press. The banks were among the first institutions the Bolsheviks seized...

Jun 16 10:11

Here Are The Recession Warning Signs To Watch

Jun 16 09:59

US warns Israel against Chinese investment, pushes ‘can’t be friends’ with China line

The United States is concerned about China’s deepening investment in Israel, and its latest military budget bill explicitly warns its Middle Eastern ally against doing business with Beijing, citing “security implications.”

Though President Donald Trump has repeatedly talked up his unwavering support for Israel and its now troubled prime minister, Benjamin Netanyahu, the US Senate is becoming restless over China’s growing ties with the Jewish state.

In particular, Israel’s decision to lease a port in the northern city of Haifa to the Shanghai International Port Group has come under intense scrutiny. A draft text of the 2020 National Defense Authorization Act – which sets out the US military’s budget and priorities for the forthcoming year – includes a specific reference to the port.

Jun 16 09:59

Refusal to hand over Venezuelan gold means end of Britain as a financial center – Prof. Wolff

The freezing of Venezuelan gold by the Bank of England is a signal to all countries out of step with US interests to withdraw their money, according to economist and co-founder of Democracy at Work, Professor Richard Wolff.
He told RT America that Britain and its central bank have shown themselves to be “under the thumb of the United States.”

“That is a signal to every country that has or may have difficulties with the US, [that they had] better get their money out of England and out of London because it’s not the safe place as it once was,” he said.

Jun 16 09:51

How NeoCon Billionaire Paul Singer Is Driving the Outsourcing of US Tech Jobs to Israel

Several U.S. tech giants including Google, Microsoft and Intel Corporation have filled top positions with former members of Israeli military intelligence and are heavily investing in their Israeli branches while laying off thousands of American employees, all while receiving millions of dollars in U.S. government subsidies funded by American taxpayers.

Jun 16 09:34

Trade War Nightmare Causes Collapse In Demand For US Industrial Space, Says Cushman & Wakefield

The latest Cushman & Wakefield commercial real estate report shows demand for US industrial space collapsed 60% on year in 1Q19, reflecting the global synchronized decline and the deepening trade war.

Cushman & Wakefield's economists warned President Trump's trade war is unraveling complex supply chains around the world that have led to a slump in demand for industrial space. They also said the restocking trend by importers forced by the tariffs is likely over. There is also another possibility that the slowdown could be linked to some seasonal factors, the economist said.

"It is possible that the trade dispute is causing disruptions to supply chains which are causing demand for industrial space to slow. Another possibility is companies may have overstocked before the implementation of tariffs in 2018. Seasonality, a general slowing in the global economy and lagging supply may also have been the main culprits," economists Kevin Thorpe and Rebecca Rockey said in the report.

Jun 16 09:34

Credit Card Debt Spikes In Hawaii As Economy Falters  

Experian said all 50 states plus Washington, DC, saw an increase in its average credit card debt on a YoY basis.

Hawaii had an average credit card debt increase of 3.4% over the past year, experienced the most significant growth in credit card usage among any state.

Experian said the average credit card debt in Hawaii is approximately $6,500, which is $500 more than the national average.

Separately, a report from WalletHub suggests why Hawaiians are increasingly using their credits cards. The report collected data from 28 key indicators of economic performance and growth from the island state, determined its economy is the worst in the country because of slow GDP growth, low exports per capita, and relatively few tech jobs.

Webmaster's Commentary: 

Thank you, TSA!

Jun 16 08:47

Credit Scores Could Soon Get Even Creepier and More Biased

Credit scores based on AI and non-traditional data such as your social media profile could usher in a whole new way for banks to discriminate.

Jun 16 08:32

A Sinking Economy

Jun 16 06:43

AMERICA HAS ENOUGH URANIUM TO POWER COUNTRY FOR 100 YEARS

SOURCE: OIL PRICE
There is a large and growing contingency of pundits, politicians, and constituents in the United States who believe that leaning in to nuclear power is the nation’s best bet at meeting the carbon emissions reduction goals set by the Paris Agreement. Although the Trump administration withdrew from the agreement in June of 2017, polling shows that the majority of United States citizens still want the country to honor its Obama-era commitment to the Paris Agreement to combat global climate change.

Webmaster's Commentary: 

The question which arises, post-Fukushima, is how do we keep these reactors safe, particularly because in the US, much of the nuclear material is harvested for nuclear weapons?!?

Jun 16 06:38

WEALTHY MILLENNIAL HEIRS ARE NOW BEING TAUGHT "IMPACT INVESTING" AT HARVARD

Rich millennial heirs can now learn "impact investing" as part of a joint course run by Harvard and the University of Zürich, in collaboration with the World Economic Forum, according to Wealth Professional Canada.

The course, being held at Harvard University's Kennedy school, requires some of the heirs to capitalism's greatest fortunes to pass an interview, before ponying up $12,000 for a week of classes in the US and Switzerland, not including airfare and lodging. Some more intensive related courses cost $58,000.

The program started in 2015 and has barely been advertised since its founding. Instead, word-of-mouth through old money networks and among European royalty has kept the program popular. According to WPC, alumni of the program include "Chung Kyungsun, grandson of Hyundai Group’s founder, and Antonis Schwarz, who came into his fortune aged 16 when the drugmaker his great-grandfather helped found was sold for 4.4 billion euros ($5 billion)."

Webmaster's Commentary: 

And I would almost be willing to bet you one plugged, Turkish Piaster regarding this; there will be utterly no scholarships, even for "go fund me" entrepreneurs, to get a perspective of how much the monied really have.

THAT is not information which the monied - and privileged - ever want to get out.

Jun 16 06:33

HONG KONG THRONG: PROTESTERS WANT LEADER LAM TO QUIT

SOURCE: ALJAZEERA.COM

Hong Kong - Hundreds of thousands of protesters have marched on Sunday in opposition to the government and a controversial bill, despite the city's leader, Carrie Lam, shelving the proposal indefinitely a day earlier.

Crowds filled Hong Kong's Victoria Park early on Sunday afternoon, filing into orderly zones to wait for their turn to embark on an almost four-kilometre route to Admiralty, a downtown business district.

Protesters were largely frustrated with the way the government and Lam, the chief executive, had handled the bill.

Lam has promised to widely consult the public about the bill before making any attempt to resurrect it

Webmaster's Commentary: 

The citizens of Hong Kong, understand their history, as well as the history of mainland China.

Were I the organisers of such a protest, I might want to be very careful, about how protesters approach these "demands".

Lam is obviously an agent of Beijing here, and I would politely suggest to the protesters, that the Chinese government will put these demonstrations down in a heartbeat, if the tempo of these protests...accelerates too quickly.

Jun 16 06:08

Harry Dent: We are in a blow-off bubble

Jun 16 05:44

The "Polar Silk Road" Could Be A Gamechanger For Natural Gas

It’s been well over a year since the then-United States Secretary of Defense Jim Mattis accused Russia and China of being “revisionist powers” each working its way toward making a power grab on the world stage and announced that the U.S. would be shifting its international relations focus away from fighting terrorism and instead prioritize what Mattis referred to as a "great power competition." Now, 17 months later, it looks like Mattis’ nightmares are coming true as Russia and China have increasingly worked together in defiance of the Trump administration in a kind of diplomatic ‘marriage of convenience’.

Jun 16 05:41

Fed Chair Powell's Plan To Pickle The Economy

The Dow Jones Industrial Average made another concerted run at the elusive 27,000 milestone over the last several weeks. But, as of this writing, the index has stalled out short of this psychosomatic barrier. By our estimation, this is for the best.

Jun 16 05:28

MASSIVE POWER CUT HITS ALL OF ARGENTINA

SOURCE: BBC.COM
A massive electrical failure has left all of Argentina and Uruguay without power, according to a major Argentine electricity provider.

Reports said the power cut had also affected parts of Brazil and Paraguay.

Argentine media said the power cut occurred shortly after 07:00 (12:00 GMT), causing trains to be halted and failures with traffic signalling.

It came as people in parts of Argentina were preparing to go to the polls for local elections.

"A massive failure in the electrical interconnection system left all of Argentina and Uruguay without power," electricity supplier company Edesur said in a tweet.

The combined population of Argentina and Uruguay is about 48 million people.

Among the affected provinces in Argentina were Santa Fe, San Luis, Formosa, La Rioja, Chubut, Cordoba and Mendoza, reports said.

Webmaster's Commentary: 

Just a fluke in the electrical system, in light of the fact that Argentina does use electronic voting machines, and elections were to have started today?

Unsure, but the following article, datelined January of this year, does give room for doubt here:

As Elections Near, Argentina’s Electoral Systems Are Under Scrutiny, Again

Jun 16 05:17

'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion

"The top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing."

Jun 16 05:16

Chris Hedges: No future for our grandchildren unless we ‘overthrow corporate power’

Corporations motivated by insatiable greed endanger us all and must be stopped before it’s too late, veteran journalist Chris Hedges told RT, warning that future generations will suffer immeasurably unless action is taken now.
Appearing on George Galloway’s political talk show ‘Sputnik’, Hedges decried how the “psychopaths” who run the world’s largest multinational corporations are “hurling us all over a cliff” in the pursuit of “short-term profit.”

We’re going to talk about the destruction of the ecosystem that sustains life. And [that’s] what is happening in the hands of the oligarchic elites in the fossil fuel industry – and let’s not forget the defense industry, the largest emitter of greenhouse gasses is the US military.

Jun 15 17:38

Policy Misstep Deja Vu?

Jun 15 15:25

Dollar Collapse ALERT

Jun 15 10:46

India to slap tariffs on 28 US products on Sunday – statement

India said it will on Sunday impose higher tariffs on 28 US products, including almonds, apples and walnuts, in response to Washington’s withdrawal of key trade privileges for New Delhi.

The US goods affected by the Indian tariffs include iron and steel products, flat-rolled stainless steel, boric acid, tube and pipe fittings, screws, bolts and rivets. The hikes also target food products such as walnuts, chickpeas, lentils, apples, pears and artemia shrimps.

The new tariffs would allow India to receive around $217 million additional revenue from US imports, a source told the Times of India earlier.

Jun 15 07:42

Is The US Preparing For War With Russia?

Authored by Leonid Salvin via Oriental Review,

The RAND Corporation recently published a document entitled Overextending and Unbalancing Russia. Assessing the Impact of Cost-Imposing Options. The study is the collective effort of experienced diplomats, including former Assistant Secretary of State for Europe and US Ambassador to the European Union James Dobbins; a professor (Brookings Institution, American Enterprise Institute, National Defence University) and military intelligence branched lieutenant colonel in the Army Reserve, Raphael Cohen; and seven other RAND researchers who specialise in international relations, the military industry, intelligence, politics, and technology.

It is a practical recommendation for how the US can use Russia’s weakness and vulnerability to further limit its political and economic potential.

Webmaster's Commentary: 

Forgive me, but since this seems to be a "public white paper, are the Russians not also reading it, to see what countermeasures they may pursue against the US as well?!?

Jun 15 06:36

CHINESE COMPANY MAKING F-35 PARTS?! EMBARRASSING ‘DISCOVERY’ FURTHER ERODES ‘HUAWEI SPYING’ HYSTERIA

SOURCE: RT
After a Chinese company was found manufacturing circuit boards for the F-35 jet, the UK Ministry of Defense insisted there is nothing to worry about, rendering the fuss over omnipresent Beijing spies increasingly silly.
Exception PCB, a Chinese-owned company based in Gloucestershire, England, manufactures the circuit boards that control the engines, lighting, fuel and navigation systems of the F-35 Joint Strike Fighter, the most expensive weapons system ever made. While the UK’s Ministry of Defense insists the company is an established supplier to the defense industry and presents “no risk,” months of flogging the China-spying narrative have done their job, and UK media and politicians are up in arms over this “shocking revelation.”

Webmaster's Commentary: 

LORD, PLEASE MAKE ... THIS IDIOCY STOP, AND I MEAN THE US PERSECUTION OF HUAWEI .

Jun 15 06:22

The 10 commandments of retirement

Jun 14 15:37

NASA reveals it will need as much as $30 BILLION to get to the moon by 2024

That's ~1/3 the cost of one F35.

Jun 14 15:32

iPhone 11 'with triple camera' will cost £300 MORE than leading Apple handsets because of the US-China trade war, expert warns

Apple could hike up the prices for its next generation model the iPhone 11 by up to £300, or by £435 for the top-spec model.

The US-China trade war could see Apple's production costs spiralling out of control, thus more expensive for the customer, according to an expert.

The majority of Apple's gadgets are made in China, but the trade war means Apple may be forced to move production elsewhere.

Foxconn, which manufactures many of Apple's phones, also said it could move production out of China if the US puts more tariffs on the country.

This could see the cost of the iPhone 11, which is rumoured to be out in September, rising by hundreds of pounds.

Jun 14 15:03

Mark Zuckerberg Wants His Own Currency — What Could Possibly Go Wrong?

This new “ecosystem” may well be a benefit to new and existing crypto-markets and will certainly be a benefit to Zuckerberg’s burgeoning bank account. But will consumers be any safer when their finances are tracked, their purchases monitored, and their lives further centralized by a company that has such a poor record of protecting personal data and a willful disregard for privacy?

Jun 14 12:53

Al Caicedo – Economic Downturn on the Way

Jun 14 10:47

Pelosi: No debt increase until spending limits are raised

Speaker Nancy Pelosi said Thursday that the Democratic-controlled House won’t pass must-do legislation to increase the government’s borrowing cap until the Trump administration agrees to boost spending limits on domestic programs.

The California Democrat said she’ll agree to increase the so-called debt ceiling, which is needed to avoid a market-cratering default on U.S. government obligations this fall. But she says she’ll do so only after President Donald Trump agrees to lift tight “caps” that threaten both the Pentagon and domestic agencies with sweeping budget cuts.

“When we lift the caps then we can talk about lifting the debt ceiling — that would have to come second or simultaneous, but not before lifting the caps,” Pelosi told reporters.

Jun 14 10:13

Restoration Hardware Plans to Move Manufacturing Back to U.S.

A California furniture and hardware company is planning to expand its manufacturing in the United States thanks to President Trump’s tariffs on Chinese imports.

Restoration Hardware, known simply as “RH,” offers luxury furnishing collections from dining room tables to home decor with about 35 percent of its products being made in China last fiscal year. For Fiscal Year 2019, RH executives said that about 25 to 30 percent of its products will be manufactured in China.

Jun 14 09:29

One Family's Struggle to Escape Poverty in the UK

As Thomas glances up to give her his pink voucher, a tattoo becomes visible on his neck: Stacy, his girlfriend's name. She and their children -- Cleo, 10, and Kaydn, 8 -- are also here. They're the ones Thomas is most worried about.

He says, "The Job Center sanctioned us and cut our payments, even though we had two job interviews." The woman in the green apron shakes her head. "That's a nightmare," she says, adding, "I start ranting when I hear this. Don't get me there."

Thomas nods and says that it makes his blood boil when he thinks about it. Many others are in a similar predicament: Millions of Britons struggle to make ends meet and hunger has become rampant in the country. Over 14 million people -- including workers, the unemployed and children -- live below the poverty line, and more than half of them are food insecure. For them, it's a daily struggle to put food on the table. More than 4 million children are affected.

Jun 14 09:28

EU and Russia Reportedly Agree to Ditch Greenback in Bilateral Transactions

The decision comes a few days after Russian President Vladimir Putin slammed the US dollar as a tool of pressure while speaking at the St. Petersburg International Economic Forum (SPIEF).

Russian Finance Minister Anton Siluanov and Maros Sefcovic, vice-president of the European Commission for the Energy Union, have agreed to set up a working group that will deal with a transition to using the rouble and euro in bilateral payments, Russian media outlets reported, citing Siluanov’s spokesman, Andrei Lavrov.

Both sides have reportedly emphasised that the use of national currencies will be mutually beneficial, as it reduces certain risks for entrepreneurs in Russia and the EU.

Jun 14 09:16

Russia vows 'retaliatory strike' to new US troops in Poland

Russia says a new US military deployment to Poland announced by President Donald Trump on Wednesday would force Moscow to take retaliatory steps.

Trump told Polish President Andrzej Duda on Wednesday that he had decided to send an additional 1,000 troops to Poland to join 4,000 forces already there.

The US will also send a squadron of MQ-9 Reaper Intelligence, Surveillance, and Reconnaissance drones as well, he added.

The announcement drew response from Russia, which said on Thursday that “its military is tracking these announcements very closely.”

Kremlin spokesman Dmitry Peskov said Moscow “is analyzing the information, and is doing what is necessary so that such steps in no way threaten the Russian Federation's security.”

Sergei Ryabkov, a Russian deputy foreign minister, said Trump's move probably reflected "aggressive" intentions.

Webmaster's Commentary: 

It is so obvious to me, that Trump, and the US government, are leading this country into a completely avoidable war with Russia, there there are moments when I could just scream.

But screaming... will not help.

What WILL help... is logical, thoughtful pushing this government away from war, and toward peaceful ways of the US getting what it wants without firing a shot.

And Mr. President, if any of your people are out there looking at what we write, and listening to what we say; I think it is high time for the US to have a Department of Peace; and hey, if you would like this, I would volunteer to head this.

You are welcome, Mr. President!

Jun 14 09:05

Frothy Bubbles Make Me Whine

Jun 14 08:36

The Fed is Between a Rock & a Hard Place

Jun 14 08:34

Quarter of Americans are 'worse' now than before Great Recession: survey

The 10-year anniversary of the end of the Great Recession is approaching. A decade after the housing bust, the economy is robust and the unemployment rate is at a 49-year-low. But not all Americans have recovered.

According to a new survey from Bankrate of about 3,000 Americans, 23% of people who were adults when the recession started in December 2007 say they are now financially worse off than they were before the recession hit. That’s just under 50 million Americans. Another 25% say they are doing the “same.” In all, just over half believe their “overall finances” are better than before.

Jun 14 08:33

May deficit surges to $208 billion, 42% higher than last year

The federal deficit in May reached $208 billion, surging 42 percent over last May’s monthly deficit figure, according to new Treasury Department data released Wednesday.

The figure put the cumulative deficit for the eight months of fiscal 2019 at $739 billion, within range of the full 2018 deficit, which amounted to $779 billion, according to the Treasury figures. Treasury estimates that the full deficit will exceed $1 trillion by the time the fiscal year wraps up at the end of September.

Jun 14 08:27

Trump’s Trade Threats Are Really Cold War 2.0

President Trump has threatened China’s President Xi that if they don’t meet and talk at the upcoming G20 meetings in Japan, June 29-30, the United States will not soften its tariff war and economic sanctions against Chinese exports and technology.

Some meeting between Chinese and U.S. leaders will indeed take place, but it cannot be anything like a real negotiation. Such meetings normally are planned in advance, by specialized officials working together to prepare an agreement to be announced by their heads of state. No such preparation has taken place, or can take place. Mr. Trump doesn’t delegate authority.

Jun 14 08:22

SecDef: US Arms Saudis to Prevent Russia, China From Arming Them

Facing growing opposition from Congress on arms sales to Saudi Arabia, the Trump Administration’s officials are lining up to dismiss concerns about whether Saudi war crimes and the murder of Jamal Khashoggi might warrant ending those sales.

The go-to administration argument was expressed by Acting Defense Secretary Patrick Shanahan on Wednesday, when he insisted the US must sell the Saudis all the arms they want or risk losing those sales to Russia and China.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA