ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 16 08:36

Russian Foreign Ministry: “Obama Still Has A Few Days Left To Destroy The World”

There is a reason Vladimir Putin and the Russian top political echelon has been avoiding the media following the onslaught of allegations lobbed at the Kremlin, and Trump

Jan 16 07:36

Brexit Flip-Flop: Bank Of England Head Says Exit Will Hit EU Harder Than UK

The head of the Bank of England, Mark Carney, appears to have switched his stance on Brexit.

Jan 16 07:32

The "Most Bearish Hedge Fund" Capitulates: "We Are Beginning To Close Parts Of Our Short Book"

One month ago we reported that having successfully avoided a calamity for most of 2016 despite being massively net short, somewhere to the tune of around -90%, at times rising as high as -105%, Horseman Globa, finally had a bad month. In fact, losing -12.80% in November the hedge fund which we previously dubbed "the world's most bearish hedge fund" due to its staggering net bearish bias, had just suffered its worst month in history as "the short book, the bond book and the forex book lost money."

And, with just one month left in the year, we wondered if Horseman, which was down over 16% in the first 11 months, would also have it worst year ever, outpacing the -24.7% return in 2009. We now have the answer, and it's no... but just barely. After a 7.81% drop in December, Horseman Global has closed the books on 2016 with a 24.03% net loss, its second worst in history.

Jan 16 07:13

Tech moguls dominate Oxfam's rich people Hateful 8

Five of the world's eight fattest fat cats, whose collective wealth equals that of the world's 3.6 billion poorest people – according to a new report by Oxfam – are technology billionaires.

Leading the pack is the charity-committed Bill Gates, with $75bn he's honestly trying to get rid of. Carlos Slim Helú has a net worth of $50bn, while Bezos and Zuck have roughly $45bn each.

Larry Ellison is at the bottom of the pack, peering up at his betters with a mere $44bn in his pockets. Larry's take-home has been cut in recent years following difficulties at Oracle.

Considering that the world's population is slightly over seven billion, Oxfam suggests as much wealth is held by 3.6 billion, 51 per cent, as is held by eight people, less than 0.000000001 per cent of the world's population.

Jan 15 15:45

Climate change: The potential impacts of collective inaction

Graham Peebles explains the likely alarming outcome for life on earth even if the targets of the Paris climate change conference, which aimed to limit the increase in global average temperature to well below 2°C, were to be met.

Jan 15 15:10

From One Scam to Another: How Banks in Spain Intend to “Compensate” 1.4 Million Fleeced Homeowners

“Poisoned offers” to settle, backed by the government.

Jan 15 12:42

Surge in Consumer Confidence Turns to “Dismal” Retail Sales beyond Autos, Gasoline

Pundits sent back to the drawing board.

Jan 15 10:54

Class Society And Inequality: Debunking The Myth

Most indentured servants (who functioned as virtual slaves) were promised land on completing their term of servitude. However nearly all went on to lose their land to property speculators and rigged taxation schemes, becoming squatters on the outskirts of established settlements. Comprising at least half of the population of most colonies, they were used by colonial elites as a wedge to encroach on Native American lands – only to be driven off their farms once the land was cleared and planted.

Jan 15 10:14

PRECIOUS METALS INVESTORS: Are You Prepared For The Great Financial Enema?

While many Americans have been hornswoggled to believe President-elect Trump is going to make the United States great again, are you prepared for the greatest FINANCIAL ENEMA in history? Of course not. That is why we continue to see precious metals sentiment fall further into the cesspool.

Jan 15 09:35

Charles Nenner-2017 Prediction-Global War Cycle Coming into Danger Zone, Whole Bottom Will Fall Out

Renowned financial and geopolitical analyst Charles Nenner correctly predicted there would be no market crash in 2016. 2017 is going to be a very different story.

Jan 15 09:31

2017: Change Can Be A Bitch

2016 brought a lot of changes, or rather, brought them to light. In reality, the world has been changing for many years, but many prominent actors benefitted from the changes remaining hidden. Simply because their wealth and power and worldviews are better served that way.

It’s entirely unclear whether we will ever get a chance to see to what extent the efforts to hide developments have been successful, or even been perpetrated at all, because we don’t know to what extent truth and reality will be accessible in the future.

What we can say at this point in time is that the changes 2016 delivered were urgently needed. There are many people out there who just want to turn back the clock, and change everything back to how it was, but they can’t, and that’s a good thing, because the way things were was hurting too many people.

Jan 15 09:30

Lawmaker calls for action after human feces found at Honolulu war memorials

Some are calling a tribute to Hawaii's war dead an embarrassment to the state after a lawmaker found homeless people using Hawaii's Korean and Vietnam War Memorial as an open latrine.

Each name etched into the black granite wall represents a life lost in service to the United States.

Extending 100 feet, the Korean and Vietnam War Memorial is place of reflection for hundreds of Hawaii's families.

But lately many of the people who visit don't come to pay their respects.

"The homeless are nesting there and defecating there because it provides a degree of concealment," said state Rep. Bob McDermott, whose district includes Ewa Beach.

Jan 15 09:23

Canada’s Household Debt Crisis: Blame Capitalism!

Canadian capitalism is in crisis, with household debt reaching a record high 166.9 per cent of disposable income and about 208 per cent of GDP, and wage stagnation is a primary cause.

Richard Vague told the Globe and Mail “any country whose private-debt-to-GDP ratio goes beyond 150 per cent and that has a five-year growth rate of 18 per cent or greater in that ratio experiences a financial crisis at some point.” The Globe says Canada has already passed both benchmarks in its ongoing borrowing binge.

Jan 15 06:58

Venezuela: President Nicolas Maduro announced a 50% increase in the country's minimum wage and in retirees' pensions.

Supposedly, this will help workers cope with the country’s run-away inflation. The predictable result will be quite different.

Jan 15 04:39

Can Trump Fix the Economy In 2017?

Paul Craig Roberts (born April 3, 1939) is an American economist, journalist, blogger and former civil servant. He reached the height of his government career when he became the United States Assistant Secretary of the Treasury for Economic Policy under President Reagan in 1981.

Dr. Roberts elucidates how Trump can fix the the Economy.

I cannot assure you that Trump is not another fake like Obama. But it is a mistake to begin with this assumption. Why write off in advance the only person with the courage to put his life on the line and take on the corrupt and evil Washington establishment?

Jan 14 21:22

Bitcoin Goes to Washington – Trump May Hire More Digital Currency Leaders

President-elect Donald John Trump seems to have a lengthy to-do list when it comes to “making America Great Again.” This apparently includes meeting with, and potentially hiring many Bitcoin advocates and executives to join him in his administration.

Jan 14 19:50

Anonymous – Message to the Citizens of the World VII 1/14/17 (Please Share)

Largely in response to the number of people rising up from various countries around the world all expressing their dissatisfaction with highly centralized forms of big government, and the growing global police state, for slightly over a year the group Anonymous has been releasing a series of messages to the citizens of the world.

On January 14th, 2017, they have just released their newest message. It begins as follows:

-- "When criminals have the power of government on the their side, there is no stopping them…
-- History shows that the only way of altering these familiar reigns of terror is stealing the government back from them by any means necessary…

-- No matter how much blood is spilled it will be far less than simply letting the tyrants have their way…

-- By rousing the public to act…"

That is just the beginning of what Anonymous has to say in their latest message.

Jan 14 19:48

Bill Holter: Global Economic System is Going to Resemble Caveman Times Soon (Video)

It’s not the fault of ordinary Americans that they don’t understand a global collapse of epic proportions is coming. It's the fault of a corrupt and dishonest mainstream media that the American people rely on, an institution that they should be able to trust, but one that has become ridiculously politicized in recent years. 

Why is no one in the mainstream talking about what Donald Trump said back in 2014? He made it very clear back then that “Americans should be preparing for 'Financial Ruin.’” During the time that’s elapsed since Trump made that comment, the underlying economic concerns that prompted it in the first place have only gotten exponentially worse.

Jan 14 16:05

David Cates: Institutional Money is Pouring Into Uranium Stocks

David says there has been a huge amount of interest this week in Denison Mines, as the uranium spot price has moved upwards. They are seeing a much broader group of inquiring investors.

Jan 14 11:14

JC PENNEY TO CLOSE 30% OF THEIR STORES

Jan 14 10:50

TRUMP RECRUITS ANOTHER GOLDMAN SACHS BANKSTER

Donald Trump has announced another Goldman Sachs insider will join his administration.

Anthony Scaramucci, also know as “The Mooch,” will serve as Donald Trump’s liaison to the financial class. The former hedge fund ringmaster will likely occupy Valerie Jarrett’s Office of Public Engagement and Intergovernmental Affairs.

Steve Bannon, Steven Mnuchin (who will head up the Treasury), Gary Cohn, and Jay Clayton worked for Goldman Sachs.

How is the anti-establishment establishment supposed to fulfill its promise to restore the economy if its top people are former banksters and hedge fund managers?

How are guys associated with a firm that packaged and sold toxic securities while betting they would fail and screw over investors good for America? How in the hell are they anti-establishment?

Webmaster's Commentary: 

There is a deep, collective gloom hovering over those who were robbed of the choice of Bernie Sanders, and defected to Trump, because a Hillary Clinton presidency was utterly unthinkable.

But hang in there; we may well, collectively be dealing with some "buyer's remorse" regarding Trump, but with a Trump presidency the only option we could choose, let's give the guy a chance.

As I have mentioned in previous posts, I am not a "Trumpista"; if it looks as though he is actually making moves to take care of the American people, I will acknowledge him for that.

If it looks as though this Administration reverts to an "Of the corporations, by the corporations, and for the corporations" model, he can expect as fierce a criticism from me as I have heaped upon President Obama.

Jan 14 10:41

GEORGE SOROS: THE MAN BEHIND THE MAYHEM

George Soros states that his overriding cause in everything he supports philanthropically is what he calls the creation of “open societies,” and he states that the one principle he believes can save humanity is pluralism. Without that, he believes we will destroy each other. He witnessed such destruction as a boy in Hungary under Hitler’s occupation where clearly pluralistic cultures were not embraced, and he states those years were formative to his character, as I imagine they would be.

Maybe that is what drives Soros to put enormous amounts of money into squeezing people together through immigration, even though he sees that it is creating stress fractures in his beloved European Union. Given the horrors that he witnessed as a child, his need to force pluralistic societies into being could be pathologically driven.

Webmaster's Commentary: 

I, for one, believe that all immigrants from Africa and the Middle East should only be allowed to live on Soros-owned and leased properties, so that he, too can be "culturally enriched".

Wave of violence shakes Germany's calm

Jan 14 08:50

COLLAPSE Is Inevitable. Here's Why | Morten Strange

Resource depletion, pollution, and debt expansion are choking the economy. Morten Strange, a Singapore-based financial analyst, joins Finance and Liberty to discuss why the economy cannot grow forever, and how to prepare for the coming period of little to no economic growth.

Jan 14 00:25

Trump open to ending sanctions on Russia & ‘One China’ policy

President-elect Donald Trump has expressed openness to lifting sanctions against Russia under certain conditions, in an interview with the Wall Street Journal. When asked about the ‘One China’ policy, he said, “everything is under negotiation.”

Jan 13 19:58

WELLS FARGO IS CLOSING OVER 400 BANK BRANCHES

Jan 13 18:14

This $2,000 pizza is covered in real gold

Webmaster's Commentary: 

What the money-junkies eat while your children scream for a crust of bread!

Jan 13 15:43

Aggressive Wal-Mart Goon Demands My Reciept, Again

You know what really gets me though? One of my biggest pet peeves- When they have an aggressive guy who stands at the door and acts as if he can demand to see your receipt before you leave. Here's the thing. In America, we have the 4th Amendment. Even a cop can't walk up to you, block your path and demand "SHOW ME YOUR PAPERS! EMPTY YOUR POCKETS!" So some smarmy Wal-Mart employee certainly has no authority to demand ##@@ from me any more than a cop or a homeless derelict would. I've dealt with this at Wal-Mart many times, most recently on Christmas eve.

Jan 13 15:34

GOLD! The Next Big Move Is Starting - SoT

Jan 13 14:27

DBRS Downgrades Italy, Stripping It Of Its Last "A Rating" And Raising ECB Collateral Haircuts

Update: sure enough, the Italian reaction didn't take long and as Bloomberg cited an Italian Treasury official, the decision won't impact the interest in Italian public debt. The "DBRS decision to downgrade Italy rating to BBB High from A Low could have impact on short-term debt, but that will be gauged only in coming months" and that the "rating change will not weigh significantly on cost of interests on Italy’s public debt."

When previewing the key events of the week, we noted that today Canadian DBRS rating agency is scheduled to review Italy's credit rating after putting its credit worthiness on negative watch on 5 August. On 5 December, DBRS issued a press release declaring that they would wait for the impact of the Italian referendum result on the continuation of the reform push before making the final decision.

Jan 13 13:48

REST IN PEACE, SEARS, ROEBUCK & CO.

Jan 13 13:36

Crude Oil: Ready to Slide?

Jan 13 12:54

Russian ex-finance minister says it’s early to talk about stronger US economy under Trump

"He [Donald Trump] wants to draw business into the United States. But this may generate feelings that this poses additional risks and business might leave for other countries. Today this policy generates large uncertainties as all say and that is why we can’t today [assume] on the basis of statements made by Trump whether the United States will become stronger in its economy," Kudrin said on the sidelines of the Gaidar economic forum. As Kudrin said, Trump rebuffed two auto makers in his Twitter and these companies immediately changed their policy. "Now there is a large-scale discussion in the United States about whether Trump will continue managing the country's economy through Twitter. On the other hand, this has caused a large wave of discussions about whether Trump can rebuff business in such a way and whether he may frighten off business in his home country," Kudrin said.

Jan 13 12:25

CHART: Gold stocks could blast off if the dollar turns weak here

The past six years have not been fun for buy-and-hold investors in the gold, silver and miners space…

Jan 13 12:07

Investment Of The Year: Venezuela Offers 5 Billion Dollar Bonds After 5th Minimum Wage Hike In Year

This time Venezuela is offering 5 BILLION dollars in bonds to investors with an interest rate of 6.5%. The bonds were bought by state run 'Banco de Venezuela'.

Jan 13 12:06

The Eight Forces That Are Pressuring Profits

These eight forces are structural, and cannot be erased by tax cuts or policy tweaks.

If there is any economic assumption that goes unquestioned, it's the notion that profits will remain robust for the foreseeable future. This assumption ignores the tidal forces that are now flowing against profits.

Jan 13 11:53

Rising Consumer Credit Is Increasing The Risk Of Default

The latest report by the Federal Consumer Financial Protection Bureau (CFPB) shows that the number of Americans, aged 60 and more, with some type of student loan increased four times in the decade 2005 to 2015, from 700,000 to 2.8 million.

Jan 13 11:48

For the First Time, Lady Liberty Depicted as a Woman of Color on U.S. Currency

For the first time in American history, Lady Liberty will be portrayed as a woman of color on United States currency.

In celebration of the U.S. Mint and Treasury's 225th anniversary, the new $100 coin was unveiled on Thursday featuring Lady Liberty as a black woman.

Webmaster's Commentary: 

The white image of Liberty is drawn from the Statue of Liberty. The French (who gave us that statue) are not going to be pleased.

Jan 13 11:16

Vancouver Housing Continues To Decline

While Toronto house prices gained 1.2% in December, Vancouver on the other hand continues to deflate as house prices fell 0.8% in December

Jan 13 11:07

Bill Bonner: The one thing Team Trump will fight hardest to prevent

BALTIMORE – Bloomberg reports that a panel of Nobel Prize-winning economists has given Donald Trump’s economic policies the thumbs down.

In 1948, the Nobel Prize in Physiology or Medicine went to the discovery of DDT. A few years later it had almost collapsed the food chain.

In 1949, the Nobel Prize in Physiology or Medicine went to the discovery of the "therapeutic value" of lobotomy! Patients had their brains butchered by having what was essentially an ice pick shoved up their nose into their brains!

Nobel Prizes don't impress me any more.

Jan 13 11:00

Why gold could soar another 353%

Gold is on the rise again…

It’s climbed for two straight weeks, and it’s now up nearly 5% since December 15.

Jan 13 10:35

How to “Buy Low and Sell High” Like a Pro

The old Wall Street advice to "buy low and sell high" seems easier said than done. But there's a group of traders who consistently pull it off. Find out who they are and, more important, what makes them so different.

Jan 13 10:18

Afghan "Ghost Soldiers" Are Costing US Taxpayers Hundreds Of Millions Of Dollars Annually

Special Inspector General for Afghanistan Reconstruction (SIGAR) John Sopko is once again warning about the long-standing problems of corruption in Afghanistan, and the amount of US “reconstruction aid” disappearing down black holes over the course of the years. As always, the discussion came around to “ghost soldiers.”

Jan 13 10:06

FINANCIAL TIMES EDITORIAL SEEKS RESTRICTIONS ON FREE SPEECH TO STOP FALSE NEWS “PROPAGANDA WAR”

A pair of articles by the Financial Times offers quite the take on disinformation hypocrisy.

I suggest the Financial Times look into the mirror if it wants to understand where the problem is.

Worse yet, to stop the spread of fake news, the FT editorial board wants restrictions on freedom of speech.

Yesterday, in The Threat Posed by Putin’s Cyber Warriors the FT was so worried about “disinformation” that it proposed restrictions on freedom of speech.

“The Russian state is far from alone in using hacking as a form of espionage. What distinguishes Moscow’s activity is the malicious way it appears to be using the information garnered and disseminating fake news to further pollute the political atmosphere. The timing of leaks during the US election looked calculated to weaken Hillary Clinton, the Democratic candidate,” claims the FT editorial view.
After railing against “fake news” the editorial view went on to propose restrictions on free speech.

Webmaster's Commentary: 

FT has an agenda, which it does not want to see upset, no matter how factually correct reporting may be here on the net.

It doesn't want us "plebes" to realise the level of financial manipulation which goes into things like precious metals price suppression; the sharp, and dirty tactics done by financial institutions to foreclose homes to which they have utterly no financial or moral right; and the lavish mounds of money they throw at candidates at every level, but particularly the national level, to insure that these institutions are never, ever regulated to the full extent they should be, to prevent the continuous unethical practices in which they indulge with absolute impunity.

Jan 13 09:49

Is The U.S. Government Insolvent? Sorry, But Its Accountant Can't Tell You

Fiscal Policy: Question: What do you call it when a major organization's financial statements are so deceptive and badly kept that even its auditor refuses to render an opinion? Answer: The federal government.

That's right, the U.S. Government Accountability Office (GAO), the federal government's accountant, refused to hand down an opinion of the federal government's financial statements for 2016 "due to deficiencies that have plagued prior financial statements — persistent financial management problems at the Department of Defense (DOD), the government's inability to account for and reconcile certain transactions, an ineffective process for preparing the consolidated financial statements, and significant uncertainties."

Webmaster's Commentary: 

Translation: the Federal government is taking your tax dollars and, literally, throwing them away on payments they should not have been making, to the tune of $144 billion dollars.

Angry yet?!?!?

Jan 13 09:35

Peter Schweizer: Your money is being used to help bankroll the World Economic Forum in Davos. Why?

Later this month hundreds of private jets are expected to descend on a small town in the canton of Graubünden, Switzerland, for a few brief days.

They will be carrying the elite of the elite, who will be attending the World Economic Forum (WEF).

Held in the beautiful Alpine mountain resort of Davos-Klosters, attendance is strictly by invitation only. Basic membership in the WEF costs $50,000. A premium membership can set you back $500,000. But in recent years the WEF has enjoyed another source of income. Since 2013, the Obama administration has been sending foreign assistance dollars to the WEF through the United States Agency for International Development (USAID). According to government records, the tab to taxpayers thus far is $26 million.

Webmaster's Commentary: 

Obama has been sending $26 million dollars to WEF since 2013, while homeless Veterans still sleep in our streets?!?

ABSOFLIPPINGLUTELY UNBELIEVABLE!!

This is one hell of an outrage, when we have so many urgently pressing problems here at home, and I hope Trump cures the problem, and quickly.

Jan 13 09:20

Warning The 'Icarus Trade' Is Coming, Prepare For A Meltdown Of The Market In 2017

Euro zone recovery on shaky grounds and if the people vote away the governments the system will collapse.

Jan 13 08:57

Global Elite at Davos Wonder If They Sowed Seeds of Populist Backlash

Kenneth Rogoff can pinpoint the moment he started to grow concerned Donald Trump would be the next U.S. president: It was when Rogoff’s fellow attendees at the World Economic Forum’s annual meeting last January said it could never happen. “A joke I’ve told 1,000 people in the months since leaving Davos is that the conventional wisdom of Davos is always wrong,” says the Harvard professor and former chief economist of the International Monetary Fund. “No matter how improbable, the event most likely to happen is the opposite of whatever the Davos consensus is.

Jan 13 08:56

Visualizing Donald Trump's $20 Trillion Problem

Only a few days after Trump’s inauguration ceremony, the U.S. National Debt will creep across the important psychological barrier of $20 trillion.

It’s a problem that’s been passed down to him, but, as Visual Caitalist's Jeff Desjardins notes, it certainly puts the incoming administration in a difficult place. The debt is burdensome by pretty much any metric, and the rate of borrowing has exceeded economic growth pretty much since the late 1970s.

How Trump deals with this escalating constraint will be a deciding factor in whether his administration crashes and burns – or ends up re-positioning America for greatness.

Jan 13 08:34

Biggest Event In Human History Now Taking Place

Alex Jones breaks down the days leading up to Trump's inauguration, the back handed tactics by the Obama administration as well as the money and jobs Trump is already bringing back to the American people from overseas business operations.

Jan 13 08:33

Canada’s Household Debt Crisis: Blame Capitalism!

Canadian capitalism is in crisis, with household debt reaching a record high 166.9 per cent of disposable income and about 208 per cent of GDP, and wage stagnation is a primary cause.

Richard Vague told the Globe and Mail “any country whose private-debt-to-GDP ratio goes beyond 150 per cent and that has a five-year growth rate of 18 per cent or greater in that ratio experiences a financial crisis at some point.” The Globe says Canada has already passed both benchmarks in its ongoing borrowing binge.

Jan 13 08:30

Majority of Americans don't have $500 in savings

If you were suddenly hit with a $500 unexpected bill, would you be able to cover it?
If the answer is no, you're not alone.
Nearly six in 10 Americans don't have enough savings to cover a $500 or $1,000 unplanned expense, according to a new report from Bankrate.

Jan 13 07:48

Falling Exports And Restrictions On Analysts Doesn't Augur Well For China And Global Economy

There was further proof of protectionist policy making by China and the United States on Friday.

Jan 12 21:09

You Are NEVER Going to Believe What Is Sold Out In America (Video)

If there was ever a doubt that the mainstream media has failed in its responsibility to provide the American people with honest and relevant news, this ends that debate right now. In a time when virtually everything we see or hear on both social media or the news is held up for scrutiny to determine whether it is “real” or “fake” news, I truly wish what you are about to learn was fake. Sadly, it is not.

For well over a year, many of the world’s leading financial experts, men like Bill Holter, Jim Rogers, Dr. Jim Willie, Peter Schiff, Jim Rickards, and countless others have been warning people about a coming global financial reset, the likes of which the world has never seen. One of those experts even refers to the coming global reset as something that will be so big, he says it will be remembered as the single biggest event in all of human history. So, we’re not talking about a minor economic correction by any means.

Jan 12 16:30

Hugo Salinas Price: The president elect of the US, Mr. Trump, does not know what he is doing when he proposes protectionist measures

With so many people around the globe worried about what the planet faces in 2017, multi-billionaire Hugo Salinas Price just issued this dire warning to the world

Jan 12 16:20

I, ROBOT TURNS REAL! EUROPEAN PARLIAMENT COMM. ADOPTS SAME RULE IN MOVIE.

A dark world is in the making. Robots are being already being rolled out, but now more rapidly, and they will replace humans in every industry, not only blue collar, but white collar jobs.

Jan 12 16:02

Desperate Eurozone to borrow BILLIONS to fund Greece rescue amid fears of crash

THE eurozone's bailout fund is borrowing tens of billions so it can fund a rescue plan for Greece, amid fears the country's debt crisis could once again send shockwaves through the bloc.

The Luxembourg agency responsible for doling out rescue money - the European Stability Mechanism (ESM) - is turning to markets to raise the extra cash needed for the Greek debt relief programme.

The ESM is now issuing €57billion (£49.5bn) in long-term bonds - up 14 per cent from original plans - to cover the bail-out programme.

However, Athens remains at loggerheads with creditors over the long term measures of the deal for fresh cash and debt relief - and the stand-off could last for weeks, as the two sides refuse to back down over controversial austerity measures.

Last month, the ESM froze short-term debt relief for the country, after prime minister Alexis Tsipras announced a one-off Christmas bonus for low-income pensioners.

Webmaster's Commentary: 

Austerity is always great for the banks, but lousy for the people it hits, like the Greek Pensioners.

And what happens if the ESM just cannot get the money, and the market is skittishly bearish on the concept?!?!?

Jan 12 15:57

Report: George Soros Lost Nearly $1 Billion After Trump Election

Supervillain George Soros reportedly lost almost 1$ billion betting markets would collapse after Trump won the election.

Jan 12 14:35

Amazon’s Promise of Creating 100,000 Jobs Is Good but Rising Cost of Labour Will Hurt

It appears President Trumps’ ascendency to his office has paid off the unlikeliest of economic dividends.

Jan 12 13:49

British Pound Hits A 31-Year Low Against US Dollar

The UK’s currency has fallen to a record 31-year low against the dollar, amid a sudden strengthening of the US currency.

The British sterling dropped to $1.20 before rebounding slightly to just above $1.21 by the time the London market closed on Wednesday evening.

Jan 12 13:20

Vancouver Looking at 50-80% Drop in Peak Real Estate Prices? Hilliard MacBeth

Canadians Getting Around New Mortgage Rules

Jan 12 13:07

Fed Pays Banks $12 Billion on “Excess Reserves,” Taken from Taxpayer Pockets

Circuitous hidden wonders of paying interest on “excess reserves.”

Jan 12 12:48

1.7% INFLATION?

We know for a fact that home prices are now at 2006 highs. We know for a fact that rent has been going up at an annual rate of 3% to 6% for the last few years. We know for a fact taxes, tolls, and government fees have been going up at 5% to 10% per year. We know for a fact that our healthcare costs are going up by 10% to 50% per year.

Jan 12 12:30

Jerry Brown says state faces first budget deficit since 2012 – a $2 billion deficit

Why is it always a revenue shortfall and never a spending problem? That’s a rhetorical question, of course.

Jan 12 12:25

Why Don’t Trade Unions Support An Unconditional Basic Income (Precisely When They Should)?

The apparently simple idea of an unconditional universal Basic Income has gotten very complicated. The more mainstream the idea becomes, the more embrangled it is, although at least something has become clear. One of the main causes of the muddle is that, apart from enemies, it has supporters on both left and right.

Jan 12 11:53

160 million Americans can't afford to treat a broken arm

The study's results add to previous evidence about the tightening personal finances of Americans.

Jan 12 11:26

'Protectionist' Obama Escalates Trade War, Slams China With Subsidized Aluminum Complaint

With all the partisan narrative defining Trump as a tariff-setting, anti-trade, economy-buster, we thought it ironic that free-trade-wunderkind Obama just escalated trade wars by bringing his administration's 16th trade-enforcement complaint against China with WTO, urging tariffs on subsidized Chinese aluminum, after accusing them of funneling artificially cheap loans from state-run banks to producers.

Webmaster's Commentary: 

You might think President Obama would have had the decency to wait until Trump had assumed the office of President, and figure out how he wanted to handle it; unfortunately, however, this is another classic, passive/aggressive ploy on Obama's part to ratchet up the tensions between the US and China to an even higher degree than it already is.

And I have 3 words with which to characterise this action, 8 days before Trump takes the Oath of Office; childish; churlish; and petulant.

Jan 12 11:10

Economic Nationalism And The Breakdown Of The Post-War Order

n contrast to 2016, the new year has opened with relative stability in global financial markets. A year ago, markets experienced considerable turbulence in the context of the US Federal Reserve’s decision to lift interest rates by 0.25 percentage points, a sharp downturn in the price of oil, and a plunge in bank shares.

Jan 12 10:12

#FightInequality: Week Of Action Aims To Tackle 'Crisis Reaching New Extremes'

Economic inequality tops the list of global risks, the World Economic Forum (WEF) said Wednesday, just ahead of a global week of action that aims to fight the wealth gap crisis.

The pronouncement from the WEF comes via its new Global Risks Report, issued before a “parody-defying event”—its annual gathering Davos, Switzerland—”to create the correct veneer of earnest contemplation,” as one observer puts it.

Jan 12 09:53

Uranium is soaring

Uranium surged the most in more than three weeks as Kazakhstan said it will reduce production by 10% this year after prices slumped in 2016 amid a global inventory glut.

Jan 12 09:31

Lloyds Bank customers still flogging the online dead horse

Day two and old nag Lloyds Banking Group’s online and mobile app services are still up and down like the Grand National, with no sign that customers will be put out of their misery any time soon.

An outage yesterday morning prevented punters from logging onto their accounts, to, say, apply for a loan or perhaps re-examine the damage caused by the financial blow-up over Chrimbo.

Lloyds, which claimed things were back up and running around lunchtime yesterday, refused to cough details on the nature of the problem and wouldn’t do so “even if” it knew the reason. But Reg readers told us access was patchy into the afternoon and again this morning.

A mouthpiece at Lloyds confirmed today, “we are still experiencing some intermittent issues”. He said, “We are still investigating, I don’t want to speculate on what the cause is.”

Jan 12 08:18

Certain OPEC Members Threaten Gains From November Production Cut

When OPEC agreed to cut oil production 4% back on November 30th they exempt Libya from cutting due to its internal conflict which has disrupted oil production in the region since 2011.

Jan 12 08:05

Bitcoin Collapses, Chinese Latecomers Get Fleeced

“Capital flight” takes on a bitterly ironic meaning.

Jan 12 05:39

FLASHBACK - Audit Reveals The Pentagon Doesn’t Know Where $6.5 Trillion Dollars Has Gone

A new Department of Defense Inspector General’s report, released last week, has left Americans stunned at the jaw-dropping lack of accountability and oversight. The glaring report revealed the Pentagon couldn’t account for $6.5 trillion dollars worth of Army general fund transactions and data, according to a report by the Fiscal Times.

Jan 12 04:57

Why Are Wal-Mart And Boeing Laying Off Workers If The U.S. Economy Is In Good Shape?

The stock market has been on quite a roll in recent weeks, but signs of trouble continue to plague the real economy. Earlier this week, I talked about the “retail apocalypse” that is sweeping America.

Jan 11 17:40

Low Oil Prices Could Last As OPEC Cuts Won’t Suffice

An OPEC production cut offers oil producers hope for higher prices in 2017. But there is a dark cloud hanging over that expectation.

Jan 11 17:29

The UK economy is doing pretty well but inflation is on the cards

Today is a day where we await a raft of UK economic data under what is called an improvement by the Office for National Statistics.

Jan 11 15:54

Bitcoin is getting demolished

Bitcoin is getting demolished, trading down 15.1% at $768 a coin, a drop of $136 a coin, as of 1:05 p.m. ET on Wednesday.

The fall comes after China announced it had begun investigating bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues, Reuters reports.

Jan 11 15:39

Seagate laying off 2,217 employees

Reuters reports Seagate is closing its Suzhou disk drive manufacturing plant in China, shedding a whopping 2,217 jobs.

The 1.1 million ft2 plant was formerly owned by Maxtor; Seagate having bought Maxtor for $1.9bn in May, 2006. Stifel MD Aaron Rakers puts the closure in the context of Seagate wanting to lower its quarterly cost base, given the overall decline in disk drive sales.

Jan 11 15:35

Pharma Stocks Crash Most Since Brexit After Trump Warns Drug Companies "Getting Away With Murder"

After six straight days higher and the best start to a year ever, Biotech/Pharma stocks were just crashed lower on the heels of comments from president-elect Trump promising more competitive drug pricing.

Jan 11 15:34

BOOM: DAYS AFTER FORD’S NEWS, FIAT CHRYSLER STUNS WITH AMERICAN JOBS ANNOUNCEMENT

President-elect Donald Trump is on a roll. Over the past month, he has negotiated deals with major U.S. companies, and jobs are starting flock back to America because of what companies think will happen under a Trump administration.

Jan 11 15:19

IRS To Delay Tax Refunds For Millions Of Working-Class & Poor Families

With tax season looming, more than 40 million low-income American families will not be getting their tax refunds as soon as expected.

In a bid to catch identity thieves and fraudsters, the Internal Revenue Service (IRS) is delaying refunds for anyone claiming the earned income tax credit (EITC) or the additional child tax credit (ACTC), which would disproportionately hurt working-class and poor families, many of whom claim both credits.

Jan 11 14:53

6 former VW execs indicted in emission cheating case

The U.S. government is indicting six former Volkswagen AG executives and charging the company with three criminal felony counts for what regulators called a “10-year conspiracy” to rig hundreds of thousands of diesel cars to cheat U.S. emission standards. Volkswagen is also being forced to pay $2.8 billion in criminal fines and $1.5 billion in civil penalties related to the fraud.

The U.S. Department of Justice said Wednesday that Heinz-Jakob Neusser, 56; Jens Hadler, 50; Richard Dorenkamp, 68; Bernd Gottweis, 69; Oliver Schmidt, 48; and Jürgen Peter, 59, all of Germany, have been indicted and charged with one count of conspiracy to defraud the United States by a federal grand jury in the Eastern District of Michigan. James Robert Liang, leader of diesel competence for VW from 2008 through June, pleaded guilty to a criminal charge in September for his role in the automaker’s diesel emissions scandal.

Jan 11 14:47

Get Ready for China’s Hot New Export Product: Inflation

Coming soon to a store near you.

Jan 11 14:18

Data Continues To Roll In And The Economy Deteriorates At A Faster Pace

Job openings and the pace of hiring has now tapered off. Walmart will be cutting hundreds of jobs.

Jan 11 13:15

Circle Of Poison: US Exports Banned Pesticides To Developing World

U.S. pesticide companies including Monsanto and Du Pont are exposed in a new documentary exporting pesticides banned in the United States to the developing world, sending the dangerous message that American lives are more valuable that those in less affluent countries.

Jan 11 13:15

What’s Going on with the Banks? Citi Cuts Goldman to “Sell,” after Goldman Cut Citi to “Neutral”

But bank stocks have skyrocketed over the past three months.

Jan 11 12:57

Regulators Criticize Banks over Loans to Uber

It is a well-known fact that Uber is facing multi-million dollar debts despite the widespread of its business to multiple countries. Reuters just reported that regulators aren’t, actually, happy that several banks handed the substantial amount of money to this company.

Jan 11 12:40

The Cost of Being an American Tourist

Good news for globe-trotting Americans: most countries around the world are free or very cheap to get in to. But, as this map shows, some countries do charge through the nose for a visa. And it's not the ones you would expect.

Jan 11 12:13

Protests In Mexico Push Country To Brink Of Revolution And Nobody's Talking About It

Long-simmering social tensions in Mexico are threatening to boil over as failing neoliberal reforms to the country’s formerly nationalized gas sector are compounded by open corruption, stagnant standards of living, and rampant inflation.

The U.S. media has remained mostly mute on the situation in Mexico, even as the unfolding civil unrest has closed the U.S.-Mexico border in San Diego, California, several times in the past week. Ongoing “gasolinazo” protests in Mexico over a 20 percent rise is gas prices have led to over 400 arrests, 250 looted stores, and six deaths. Roads are being blockaded, borders closed, and government buildings are being sacked. Protests have remained relatively peaceful overall, except for several isolated violent acts, which activists have blamed on government infiltrators.

Jan 11 11:19

Africa’s Child Cocoa Slaves Might Get to Sue Nestlé in U.S. Court

Child Slavery Claims Against Nestle, Cargill Get One More Chance

Jan 11 11:14

Gold Prices Are Being Hacked

Jan 11 10:44

Bitcoin plunges on Beijing plan to bring cryptocurrency exchanges to heel

The price of the bitcoin digital currency plummeted more than eleven percent on Wednesday after China's central bank announced plans to investigate cryptocurrency exchanges over fears of capital flight...

Jan 11 10:39

U.S. Recession in 2017: 69% of Americans Have $1,000 or Less in Bank

The U.S. economy is performing poorly. Truth be told, a recession seems a very likely scenario in 2017 for the U.S. economy, instead of robust growth.

Jan 11 10:24

Video: Currency Reset In India Causes Panic And Chaos With Massive Hit On Black Market

In a stunning move that shocked many people In India, the government decided without warning to make all 500 and 1000 rupee valueless.

Jan 11 10:03

Pew: Middle Class Shrank During Obama’s Eight-year Tenure

The nation’s middle class continued to shrink throughout President Barack Obama’s tenure, according to a new report from the Pew Research Center.

Jan 11 10:00

The Path to $10,000 Bitcoin

So let’s imagine a scenario in which tens of trillions of at-risk wealth suddenly seek an alternative–any alternative to staying in an asset class that’s circling the drain.

Jan 11 08:35

Why This Friday Is D-Day For The Stock Market

Jan 11 08:12

Black horse blacks out: Lloyds Bank website goes down

An unspecified glitch at Lloyds Bank Group prevented customers from logging into their accounts via a browser or app this morning.

Services were unavailable for several hours during the outage, though the company kept mum on Twitter about the causes.

“We are aware that some customers may have experienced issues logging on to Internet Banking this morning across all Lloyds Banking Group brand. This service is now working normally and we apologise for any inconvenience caused,” a mouthpiece at the firm told us.

El Reg asked about the cause of the downtime but the Lloyds rep candidly said that she “wouldn’t be able to provide [the reason for the outage], even if we had one”.

Jan 11 07:59

Rick Rule-US Will Devalue Debt and Devalue Dollar

Webmaster's Commentary: 

Short version; the US Government will simply inflate the debt away. Hang onto your silver and gold!

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