ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Sep 23 16:52

Apple Tumbles After Channel Checks Reveal iPhone 7 Exuberance Misplaced

Despite exuberance from the wireless service providers, it appears channel checks from Germany's GfK, Germany's largest market research institute, show things for the iPhone7 are not as great as the carriers would like the world to believe.According to a GfK note, AAPL iPhone units shows that launch weekend sales for iPhone 7 and 7 Plus were down by ~25% Y/Y compared to the first weekend of the 6S and 6Plus.

Sep 23 11:17

Gallup: If small businesses keep dying “We’ll lose the whole middle class”

Did America ever truly “recover”? Officially, yes. We are in the greatest, and most transparent recovery of all time.

Sep 23 10:55

House Panel: ‘Reboot’ of US Military to Cost $1 Trillion Over Next Decade

With officials constantly looking for new ways to add even more spending to the Pentagon’s annual budget, all the while griping about the spending caps they never respect in the first place, the House Armed Services Committee is laying out a ridiculously expensive scheme to “reboot” the entire military.

Panel members insist that 15 years of non-stop war has, despite that same period being loaded with record budgets, pushed the military to its limit, and that the new plan is needed, which will take a decade and cost an addition $1 trillion, above and beyond the already massive amounts being spent.

Hawks on the panel insist that the massive new scheme is needed because the military is “unready” to fight a major war with either Russia or China, despite the $1 trillion by itself likely to be well more than either nation spends in that time.

Webmaster's Commentary: 

Congress spends like a drunken sailor on our military equipment, but doesn't spend smart.

Because of the incestuous relationship between Congressional representatives who award military contracts, and those defense industry corporations, which "grease the wheels" with generous contributions to said Congressional representatives, the following things happen:

1. Products absolutely do not perform as promised.

2. When those weapons arrive, they arrive so late as to be obsolete before even being put into service.

3. There are huge cost over-runs, which the government is forced to pay for.

Before Congress spends one more dime on military hardware and software, these problems have to be fixed, period, end of discussion.

All those who read this blog understand that I abhor war as a way though which the US government resolves its geopolitical disagreements; that being said, when conflict comes, I want to be assured that our military personnel have the best, and most current weapons available.

And by not fixing its weapons procurement process, Congress is completely short-changing every military personnel in uniform, and THAT...bites!!

Sep 23 10:18

German Politicians Are Getting Nervous About Deutsche Bank

Just a few short days after Germany's premier financial publication Handelsblatt dared to utter the "n"-word, when it said that in the aftermath of last week's striking $14 billion DOJ settlement proposal, "some have even raised the possibility of a government bailout of Germany’s largest bank, which would be a defining event and a symbolic blow to the image of Europe’s largest economy", German lawmakers are finally starting to get nervous.

According to Bloomberg, Deutsche Bank’s suddenly troubling finances, impacted by the bank's low profitability courtesy of the ECB's NIRP policy as well as mounting legal costs courtesy of years of legal violations, "are raising concern among German politicians." At a closed session of Social Democratic finance lawmakers on Tuesday, Deutsche Bank’s woes came up alongside a debate over Basel financial rules. Participants discussed the U.S. fine and the financial reserves at Deutsche Bank’s disposal if it had to cover the full amount.

Webmaster's Commentary: 

Under fascism, the poor are made to prop up the rich.

Sep 23 10:13

Russia's Grain May Soon Bring in More Gold Than Oil

Amid a record-setting harvest, Russia's agricultural sector is giving the Russian economy a powerful and much-needed boost; according to some observers, the sector even has the potential to gradually wean the country off its dependence on the export of hydrocarbons.

Webmaster's Commentary: 

And because Russia has banned GMOs, the whole world is their customer!

Sep 23 10:10

SWEDEN IN CHAOS: Number of ‘no-go zones’ INCREASED as police lose control over violence

SWEDISH police are losing the battle against increasing levels crime and violence in the country as now 55 areas have been labelled as "no-go" zones.

In February Express.co.uk reported the Scandinavian country has seen a huge surge in crime since the start of the migrants crisis in Europe with a rise in sex assaults, drug dealing and children carrying weapons.

The force’s increased lack of control in the country was revealed in a report by Sweden's National Criminal Investigation Service, where attacks on officers were detailed, including police cars being stoned by masked groups.

At the time around 50 areas were put on a "blacklist" which are then divided into three categories from "risk areas" to "seriously vulnerable".

Webmaster's Commentary: 

What we are going to see, in Sweden and elsewhere in Europe, is a massive right-turn in elected governments, which are going to want to deport as many immigrants as possible living here.

I think that the immigrants causing the troubles should be placed on every European politicians' doorstep, so that they and their families can become as "culturally enriched" as have the rest of their citizens.

Millions of immigrants, with no job or language skills; what could possibly go wrong?!?!?

Sep 23 10:05

Living In A Van Down By The River – Time To Face The True State Of The Middle Class In America

Do you remember the old Saturday Night Live sketches in which comedian Chris Farley portrayed a motivational speaker that lived in a van down by the river? Unfortunately, this is becoming a reality for way too many Americans.

As the middle class has shrunk and the cost of living has increased, a lot of people have decided to quite literally “live on the road”. Whether it is a car, a truck, a van, a bus or an RV, an increasing number of Americans are using their vehicles as their homes. Just recently, someone that I know took a trip down the west coast of the United States and stayed at a number of campgrounds along the way. What she discovered was that a lot of people were actually living at these campgrounds. Of course there are some that actually prefer that lifestyle, but many others are doing it out of necessity.

Webmaster's Commentary: 

Welcome to the "Obamaconomy", where the 1 percenters become even more rich, while many of the rest of us are economically forced out of permanent housing!!

Sep 23 10:04

US allows Airbus, Boeing to sell aircraft to Iran

Iran Air looks to replace aging passenger fleet as sanctions are lifted, deals may reach over $42 billion

Sep 23 08:35

OBAMA: AMERICA MUST SURRENDER SOVEREIGNTY, EMBRACE ONE WORLD GOVERNMENT

Earlier this week Barack Obama delivered his final United Nations speech.

In addition to praising the bankster loan shark operations run out of the World Bank and the International Monetary Fund, Obama called for “global integration,” code for a one-world government.

“I believe that at this moment we all face a choice. We can choose to press forward with a better model of cooperation and integration. Or we can retreat into a world sharply divided, and ultimately in conflict, along age-old lines of nation and tribe and race and religion,” he said.

In short, Obama has renewed the call to end national sovereignty.

Webmaster's Commentary: 

A memo to President Obama: globalization is great for the one percenters, but extraordinarily lousy for We the People.

You have won the approval of your Corporate Masters, and the offshoring/outsourcing of American jobs continues to gut the middle class in this country, which is precisely the design objective of the process.

Homelessness and hunger abound in this country, particularly in its urban areas:

America’s Tent Cities for the Homeless

The poverty level in this country has broken a 50 year record in 2014, sir, under your watch:

That’s rich: Poverty level under Obama breaks 50-year record

And as of the end of 2015, the problem has not changed much.

America’s Poverty Problem Hasn’t Changed

And although you allege, in the highly, almost laughably fictional, statistics from the Department of Labor,that unemployment is running around 5% in this country, what about the 94 plus million Americans who cannot find jobs, because they have been allegedly "out of work too long to count" in these numbers?!?

Record 94,708,000 Americans Not in Labor Force; Participation Rate Drops in May

You're pushing for the Lame Duck Congress to pass the PPT at the end of this year. How is that going to affect American jobs, sir?!? Because the PPT allows for the following:

Obama Moves to Include Countries Still Practicing Slavery in Corporate Trade Deal

SIR, REALLY?!?!?!?

Is this how much you hate the middle, working class of this country, that you are so desperate to please your Corporate Masters by pressuring Congress to sign off on a trade deal where Americans are competing with slave labor, in the countries mentioned in this article?!?

Because, sir, it sure as hell looks like it from here.

Globalism is great for the money junkies, but pretty damned despicable for the rest of us.

Sep 23 08:29

Fritz Springmeier Just Announced He Has Inside Info That the IMF Will Announce a New Global Currency on Sept 30th

THE DOLLAR’S STATUS AS THE WORLD’S RESERVE CURRENCY, what some call the petrodollar. Because large deals between nations are done in dollars, it can be said that 85% of global transactions are done in U.S. dollars. I have explained many times that our dollar’s VIP status globally has allowed the U.S. to create as many dollars out of thin air that it wants without destroying the dollar’s value–inflating the supply of money is simply a global tax on everyone who holds dollars, and more dollars are held by foreigners overseas than by Americans.

In other words, we have been getting a free ride. I have repeatedly discussed the moves behind the scenes to dethrone the dollar. Russia & China has been working behind the scenes to get the entire world to desert us. They have also been buying up high levels of gold. Now that moment that we have wondered about is actually upon us…the date is Sept. 30, 2016, when the IMF has plans to announce a “world money”.

Webmaster's Commentary: 

Sep 23 08:24

What If We're In A Depression But Don't Know It?

If it isn't a Depression, it's a very close relative of a Depression.

Just for the sake of argument, let's ask: what if we're in a Depression but don't know it? How could we possibly be in a Depression and not know it, you ask? Well, there are several ways we could be in a Depression and not know it:

1. The official statistics for "growth" (GDP), inflation, unemployment, and household income/ wealth have been engineered to mask the reality

2. The top 5% of households that dominate government, Corporate America, finance, the Deep State and the media have been doing extraordinarily well during the past eight years of stock market bubble (oops, I mean boom) and "recovery," and so they report that the economy is doing splendidly because they've done splendidly.

Sep 23 08:00

EU TIMEBOMB: Business growth hits 20-MONTH low as German economy outlook WORSENS

EUROPE'S economy growth has dived to its lowest level in almost two years, as Germany's tumbling output takes its toll.

Sep 23 07:59

UN WARNS NEXT GLOBAL FINANCIAL CRISIS MAY INCLUDE HUGE DEBT DEFAULTS

If the global economy enters a new economic crisis it may lead to epic debt defaults, according to trade economists at the United Nations.

“As capital begins to flow out, there is now a real danger of entering a third phase of the financial crisis which began in the United States housing market in late 2007 before spreading to the European sovereign bond market,” the annual report of the UN Conference on Trade and Development (UNCTAD).

Following the 2008-2009 crisis, developing countries faced a huge influx of cheap credit. The process was heated by quantitative easing programs in the developed nations.

“Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals cannot be ruled out,” the report says. Under the conditions of slowing global GDP the debt is likely not to be redeemed.

Webmaster's Commentary: 

What this article does not mention is the trillions in derivatives which may completely collapse, during such a downturn.

Sep 23 07:56

Facebook, Twitter Under Pressure After Reports Of Ad Data Rigging, Stock Downgrade

Social media shares are not "liking" their stock price this morning, with both Facebook and Twitter under pressure, the former on a WSJ report that the company has been inflating the amount of time users spend watching video ads by 60-80%, the latter on an RCB downgrade to "underperform" with a $14 price target.

Sep 23 07:07

Korean cargo line bailout saves Christmas for tech companies

HP and Samsung had goods stranded at sea by container line's bankruptcy

Sep 22 17:45

Bulls vs. Bears: A War Rages in Real Estate

Sep 22 17:01

How To Take On The Banksters

Senator Elizabeth Warren took Wells Fargo CEO John Stumpf to task yesterday, and she pointed out that nothing will change on Wall Street or in the boardrooms of th US’s banks until we start prosecuting executives who oversee fraud.

She’s right, but to avoid scandals like this one, we also need to fundamentally change the way that corporate executives get paid.

Sep 22 12:28

In Dramatic Twist, Wells Fargo Said To Retaliate, Fire Whistleblowers Who Exposed Bank's Illegal Practices

While the recent congressional hearing targeting John Stumpf, in which Elizabeth Warren suggested he should resign and be criminally charged, was nothing more than a "kangaroo court" meant to refocus public anger on banks, with good reason, the reason why we concluded that nothing would actually change is that ultimately there was no evidence the bank's executive management was aware of the bank's illegal, fraudulent tactics involving the creation of some 2 million fake customer accounts to "sandbag" retail banking fees. That assumption, however, may need revision now that CNN reports that it has heard from former Wells Fargo workers - some of whom were named - around the country, who tried to put a stop to the bank's illegal tactics only to be met with harsh, prompt and severe retaliation by the bank.

Sep 22 12:28

Monte Paschi Rescue On The Rocks: Regulators Now "Expect Bank To Ask Italy For Bailout"

Ever since two months ago, when Italy's third largest bank - and the world's oldest - Sienna's Monte dei Paschi, failed Europe's latest stress test, it had scrambled, and assured markets, that it would obtain a private sector cash injection, aka bailout, amounting to roughly €5 billion in fresh capital, there was significant speculation in the Italian press that the capital raise was not going well as third party investors were uncomfortable to allocate funds to a bank whose history of failure and unprecedented bad NPL book remained a daunting obstacle. The reason why Monte Paschi was forced to seek a private sector bailout is that Germany had repeatedly shut down Italian PM Matteo Renzi's attempts to pursue a public sector bailout.

Sep 22 11:50

Yellen To Trump: The Fed Is Above The President

Welcome to New World Next Week — the video series from Corbett Report and Media Monarchy that covers some of the most important developments in open source intelligence news. After Rate Hike Fake Out, Yellen Responds To Trump and Clinton Tells Trump to Shut Up on Federal Reserve.

Sep 22 11:19

Foreign Affairs Magazine Suffers Substantially in the ‘Net Era

ISIS, like Al Qaeda before it, was a creation of the West. The City’s banking elites in particular funded modern “terrorism” in order to create an enemy for the West to fight against. (All Wars Are Bankers’ Wars.)

Webmaster's Commentary: 

My vanity runneth over!

Sep 22 10:58

Michigan Leads Nation In Denying Child Care To Low-Income Families

The cost of child care is one of the biggest expenses facing many families in the United States. For some, the cost is more than their rent or mortgage payment. Low income families especially struggle to find affordable child care.

Sep 22 09:22

The Economic Resurrection Of China

In Part 1, I interviewed Jeff Brown, author of 44 Days Backpacking in China and the recently published China Rising, to get a perspective from an American ex-pat who has lived in, deeply studied China, and learned Mandarin.

Sep 22 08:39

Scandal-hit US bank Wells Fargo is fined by regulators and humiliated by senators

The venerable Wells Fargo bank has been hit by a record fine from regulators, while its chief executive was humiliated by the Senate this week. It has been a bad summer for the $231bn (£176bn) bank that calls itself a "community-based financial services company".

Why was the head of Wells Fargo bank called 'gutless' in the US Senate this week?

Wells Fargo chief executive John Stumpf appeared before the Senate banking committee on Tuesday (20 September) to account for his firm's handling of its bogus accounts scandal that led to it being fined a record $185m (£142m) earlier this month and accused of "widespread illegal practice" by regulators.

Sep 22 08:09

As China prepares to announce their gold reserve amount by end of the month, debate over gold backed Yuan increases sharply

As part of their requirements to enter into the SDR basket of currencies in October, China will soon be revealing the quantity of their gold reserves sometime between now and Sept. 30. And with them also recently being appointed the managers of the M SDR internationalization program, debate over China implementing a gold backed currency is once again increasing at an accelerating rate.

Sep 22 07:53

When Bill Clinton accidentally told the truth

A few years ago, Billy Bob Clinton was asked if he made any mistakes during his reign.

He responded with a somewhat intelligent answer that basically said: "Unregulated derivatives were a bad idea."

A few days later, his handlers got on board and "clarified" his loose cannon truth telling.

Sep 22 07:44

UN fears third leg of the global financial crisis - with prospect of epic debt defaults

The third leg of the world's intractable depression is yet to come. If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history.

It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal free-market orthodoxies promoted for almost forty years by the Bretton Woods institutions, the OECD, and the Davos fraternity.

"Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals cannot be ruled out," said the annual report of the UN Conference on Trade and Development (UNCTAD).

Webmaster's Commentary: 

Sep 22 07:14

UN's “New Urban Agenda” to Assault Liberty in a City Near You

With its “New Urban Agenda” set to be formally adopted by dictators and member governments next month, the United Nations is plotting its latest monumental assault on private property, the free enterprise system, national sovereignty, and human liberty. Taken as a whole, the UN's radical new plan outlines a vision of an Orwellian world order of centrally planned, “compact” mega-cities run and guided by UN dictates and under total surveillance. Despite all the nice-sounding rhetoric about “equality” and “prosperity,” the text of the document also demands policies that have been repeatedly proven to cause misery, inequality, poverty, and death. Humanity should resist.

Sep 22 07:13

Fed leaves interest rate unchanged

Federal Reserve Chair Janet Yellen said the Federal Open Markets Committee will keep the Federal Funds rate at its current level, but says the case for an increase has strengthened.

Webmaster's Commentary: 

Yellen just saved Hillary. A rate increase before the election would favor Trump.

Sep 22 06:42

Gallup: If Small Businesses Keep Dying “We’ll Lose the Whole Middle Class”

Citing statistics that show a precipitous decline in the comfortable status of “middle class,” Gallup CEO Jim Clifton explained how government/economic interference is killing small businesses and people who used to be employed by them.

The percentage of Americans who say they are in the middle or upper-middle class has fallen 10 percentage points, from a 61% average between 2000 and 2008 to 51% today.

There are three serious metrics that need to be turned around or we’ll lose the whole middle class.

Read more at SHTF

Sep 21 17:03

European Bank Woes Resurface

Sep 21 16:05

34% Have $0 In Savings: Americans' Money Habits Go 'From Bad To Worse', Report Finds

Americans are dipping into their savings, if they have any, even more than they did last year, a new survey finds. Nearly 70 percent of Americans report having less than $1,000 in savings, and the pattern touches all age groups.

Even those making $100,000 to $149,999 a year had less than $1,000 or nothing at all in savings 44 percent of the time, according to GoBankingRates.com, which released its findings Monday.

Sep 21 14:29

"Deutsche Bank May Ultimately Need A State Bailout" - Handelsblatt

While the most recent set of troubles plaguing Deutsche Bank have been duly documented here, most recently yesterday when the stock price tumbled once again just shy of all time lows over fears the bank's multi-billion DOJ settlement could severely impact its liquidity and/or solvency, this may be the first time we have heard the "n"-word tossed around in an official German publication: as Germany's top financial newspaper, Handelsblatt said, "German financial officials reacted with shock and dismay to the leaking of a U.S. government demand for a $14 billion fine against Deutsche Bank, which may ultimately need a state bailout to pay the bill."

Sep 21 14:29

JPM Downgrades Wells Fargo; Expects More Probes "Following Tough Senate Hearings"

One day after what was a rather disastrous hearing for Wells CEO John Stumpf, which culminated with a Senator telling the embattled chief executive he may want to consider going to prison, the bad news continued overnight when the bank that overtook Wells in the "biggest US bank by market cap" category, JPMorgan, downgraded Wells to Netural, cutting its price target from $53.50 to $48.00 as a result of "tough Senate hearings and mounting public scrutiny following the opening of fraudulent accounts" and because the "senate hearings are likely to expand probes."

Sep 21 13:44

Medical Care Costs Are Skyrocketing!

Sep 21 12:49

Trump: Clinton 'chief emissary for globalism'

Donald Trump on Tuesday evening slammed his Democratic presidential rival Hillary Clinton, calling her the "chief emissary for globalism."

"I'm not running to be president of the world, I'm running to be president of the United States," Trump said during a rally in Kenansville, N.C. "Hillary Clinton is the vessel for all of the global, special interests seeking to run our government and our lives."

Trump argued that unlike him, Clinton fails to prioritize the needs of U.S. citizens, specifically on issues like trade and immigration.

Sep 21 11:43

Obama ditches diplomacy, attacks Trump at U.N.

There wasn’t much diplomatic about it: President Barack Obama and United Nations Secretary General Ban Ki-Moon repeatedly denounced Donald Trump and his brand of politics here as they addressed leaders from around the world Tuesday.
Three days after declaring that Trump’s candidacy is a threat to American democracy, Obama said that while globalization has its downsides, the wrong response comes “more often from the right” to produce an “aggressive nationalism, a crude populism…which seeks to restore what they believe was a better, simpler age free of outside contamination.”

He didn’t say Trump’s name. He didn’t say Make America Great Again. But he didn’t need to, as he quickly moved into attacking the Republican nominee’s proposed Mexican border wall.

“Today a nation ringed by walls would only imprison itself,” Obama said.
Obama received significant applause from the filled room as he finished.

Webmaster's Commentary: 

A memo to President Barak Hussein Obama: sir, the American people have grown tired of, and angry at, a system which collectively puts middle class Americans at the proverbial "back of the bus."

We are tired of an Administration which lies so consistently - about everything - that you and your minions have completely lost the trust of the American people.

Your Department of Labor Statistic's numbers on unemployment (5%, I believe, is the current fiction) are a complete lie, because they do not factor in the 90 + million Americans who have been "out of a job for too long to count, or have given up looking."

Poverty, under your watch, has broken a 50 year record:

That’s rich: Poverty level under Obama breaks 50-year record

3 million more kids have fallen into poverty under your watch:

Report: 3 million more children in poverty under Obama, 22% of all kids

The use of food stamps by desperate Americans has risen 70% under your administration:

Food stamp president: Enrollment up 70 percent under Obama

The outsourcing/offshoring of American jobs continues apace:

28 STATISTICS ABOUT GUTTING OF U.S. ECONOMY THAT WILL BLOW YOUR MIND

Of course, your Corporate Globalist Masters are, generally, very happy with you; you've delivered what you promised them on this issue of offshoring/outsourcing, and
the gutting of the American middle class is pretty much on schedule.

The wars you promised to close out in your 2008 campaign continue to fester, and you've chosen some new wars to start as well.

We are still hopelessly mired in Afghanistan and Iraq, yet you have chosen new wars in Yemen (you remember; the proxy war using Saudi Arabian military, where US supplied white phosphorous has killed civilians, right?!?) and Syria, and you are threatening wars against North Korea, China, and Russia.

When it comes to real, hard-won geopolitical negotiations though which the Us government should be achieving its goals, you, unfortunately, have been a rather dull instrument, despite your "teleprompter eloquence".

You have been a great President for the globalist one percenters; but generally lousy, sir, for the rest of us.

And one of the greatest demonstrations of this is your dogged persistence to get Congress to sign off on the TPP during the "lame duck" period later this year.. There are so many things wrong with it, that I cannot begin to articulate them, but the following is a reasonable summation:

Secret TPP Text Unveiled: It’s Worse than We Thought

Simply put, it will allow more offshoring of American jobs; have Americans fighting countries in which similar jobs pay 65 cents an hour; allow corporations to use slave labor, against which American labor cannot possibly complete; and have global corporations' policies supersede American laws in disputes.

The hard reality is, Mr. President: globalism works only for the huge corporations, and the wealthy elites; it does not work for We the People of the United States of America, and we have come to recognise this.

That is why there may well be positive change coming in November; we have had enough, thank you very much, of your faux populism, and your lies.

Oh, and BTW: the Nobel Prize Nominating Committee wants your Nobel Prize BACK!!!

Sep 21 10:41

Why We Are Losing Americans To Prescription Medications?

In 2014, The National Institute on Drug Abuse reported that 25,760 people lost their lives to prescription drugs that year. This marks a nearly three-fold increase in just 13 years. Of these deaths, 6,867 were the caused by either anti-depressants, barbiturates or benzodiazepines. The overwhelming majority were related to the use of opioid pain relievers – which were involved in deaths 3.4 times more than they were in 2001.

Sep 21 10:35

“OR WE’LL LOSE THE WHOLE MIDDLE CLASS”: GALLUP CEO

The percentage of Americans who say they are in the middle or upper-middle class has fallen 10 percentage points, from a 61% average between 2000 and 2008 to 51% today.

Ten percent of 250 million adults in the U.S. is 25 million people whose economic lives have crashed.

What the media is missing is that these 25 million people are invisible in the widely reported 4.9% official U.S. unemployment rate.

Let’s say someone has a good middle-class job that pays $65,000 a year. That job goes away in a changing, disrupted world, and his new full-time job pays $14 per hour — or about $28,000 per year. That devastated American remains counted as “full-time employed” because he still has full-time work — although with drastically reduced pay and benefits. He has fallen out of the middle class and is invisible in current reporting.

Webmaster's Commentary: 

Apparently, Clifton hasn't received the memo: the absolute destruction American's middle class has not been accidental.

It has been deliberate, because protests nearly always start with middle class workers.

Sep 21 10:16

Can Korea Save The Global Economy?

Over the last five years, South Koreans have worried that their economy has slipped deeper into stagnation. Growth rates have hovered between 2 and 3 percent. Consumer spending is weak, and household debt has risen to record levels. Because global demand has fallen, the world is not buying Korean exports as eagerly as before.

Sep 21 10:11

Facebook cracks down on Trump supporters with 'deplorable' names

The social media company is forcing users who include "deplorable" in their profile names to change t

Sep 21 09:52

The number of new businesses in the US is collapsing — and that's disastrous news for the economy

Possibly the defining business trend coming out of the financial crisis has been a "startup boom." Everyone is building an app or starting their own business it seems.

This image, however, may be just an illusion, according to Michelle Meyer, US economist at Bank of America Merrill Lynch.

Both the formation of firms (for example, McDonald's as a whole) and establishments (an individual McDonald's restaurant), have dropped off precipitously since the financial crisis and remained low.

Sep 21 09:26

CEOs Can Now Be Prosecuted Like War Criminals at the Hague

“Chasing communities off their land and trashing the environment has become an accepted way of doing business in many resource-rich yet cash-poor countries,” said Gillian Caldwell, executive director at Global Witness. “Company bosses and politicians complicit in violently seizing land, razing tropical forests or poisoning water sources could soon find themselves standing trial in the Hague alongside war criminals and dictators. The ICC’s interest could help improve the lives of millions of people and protect critical ecosystems.”

Sep 21 09:11

US Destroying Syria’s Oil Infrastructure Under Guise of Fighting ISIS

The US is considering bombing pipelines in Syria, which it claims is in an attempt to cut off the huge profits being made by ISIS from captured oilfields.

The Independent quotes Julieta Valls Noyes, the deputy assistant secretary for European and Eurasian Affairs during a visit to London, that ISIS was making $2 million a day off oil sales and that the US would consider airstrikes as well as “kinetic strikes against some pipelines” and “actual physical action to stop the flow”.

The trouble with this justification for destroying Syria’s oil pipelines, is that ISIS does not have the capability to use the pipelines to transfer oil. ISIS transports the stolen oil on the back of trucks, and sells it on the black market in Turkey.

Sep 21 09:09

Foreign Ministry: Syria reserves its right in demanding US-led coalition to pay compensations for deliberate destruction of economic facilities

Damascus, SANA-Syria affirmed that the US-led coalition’s warplanes have launched tens of raids on the Syrian economic facilities instead of raiding the Islamic State (ISIS) organization and its tanks that transport the stolen Syrian oil into Turkey.

“The US-led coalition’s shelling of the economic facilities and infrastructure, and the unilateral coercive measures adopted by some countries on the Syrian people are the reason behind the mounting difficult conditions Syria is passing through,” Foreign and Expatriates Ministry said in two identical letters sent Wednesday to the UN Secretary General and President of Security Council.

Sep 21 09:05

Why Is The U.S. Silently Bombing Syria's Electricity Network?

Of course the US would never bomb anything and not take responsiblity for it.

Both sides will have some electricity and the civilian as well as fighters on both side will be better off than without electricity. No side has a motive to destroy that plant.

But last night the U.S. coalition bombed the Aleppo thermal power plant and destroyed parts of it:

A military source told SANA that warplanes of the Washington alliance violated Syrian airspace and attacked civilian infrastructure in Mare’a, Tal Sha’er, and al-Bab in Aleppo countryside on Sunday.
The source added that the warplanes attacked the biggest electric power plant that feeds Aleppo city, which resulted in cutting off power from most neighborhoods in Aleppo city.

Sep 21 08:38

Catastrophic Portuguese economy hits new low as toxic combination to BRING DOWN eurozone

PORTUGAL'S economy is coming closer to a catastrophic derailment which could trigger a eurozone meltdown, amid a toxic combination of rising bankruptcies, falling numbers of new businesses and high Government debt.

Sep 21 08:19

The Biggest Washington Whopper Yet

It turns out that 52% of all the new jobs - 5.25 million - reported by the BLS since the end of the recession were imagined, not counted. This amounts to still another whopper from the government statistical mills, and more evidence that the so-called recovery is based on a tissue of lies.

Sep 21 08:18

"Deutsche Bank May Ultimately Need A State Bailout" - Handelsblatt

"Some have even raised the possibility of a government bailout of Germany’s largest bank, which would be a defining event and a symbolic blow to the image of Europe’s largest economy."

Sep 21 08:01

Why Governments Want a Central Bank-Issued Digital Currency

What’s more important is that cash can undermine the effectiveness of the government’s negative interest policy. When the negative interest rates dropped to a unbearable level, savers would abandon the convenience and security of depositing money in banks — they may withdraw their money and store it at home in cash. This makes it hard to implement the negative interest rate policy.

This is the very reason why the European Central Bank decided to stop issuing the 500-euro note while Lawrence Summers, the former US Treasury Secretary, advocated abolishing the 100-dollar note — prior to it, the US already stopped issuing the 500-dollar note and larger ones in 1945.

Sep 21 07:56

Impoverished city spends $43-million on Amtrak station that may never be used

Nobody asked Amtrak if it wanted or needed a new station in Niagara Falls, New York

City leaders are yet to reach a deal with Amtrak regarding the new $43 million dollar train station in Niagara Falls.

As of Tuesday the new state-of-the-art train depot on Main Street was closed. The issue, there is no train servicing the station. That's because Niagara Falls City Leaders are still trying to reach an agreement with Amtrak on leasing the building. It's leaving several residents wondering if this train station will ever open.

Sep 20 18:47

Janet Yellen's "Footnote 8" - The Negative Rate 'Smoking Gun' That Everyone Missed

Yellen’s Jackson Hole speech was widely reported, so we’ll spare you the summary. What wasn’t widely reported was her Footnote 8. Yellen cited approving a mathematical formula that could put interest rates on autopilot. The Fed hasn’t yet followed the rule, but its presence in Yellen’s paper suggests its use is on the table. Footnote 8 lays the groundwork for negative rates.

Sep 20 15:12

A note on Deutsche Bank

Sep 20 14:28

Kmart to close 64 more stores; 7 reported in Michigan

Kmart, the mass-merchandise retail chain struggling with listing sales, is going to close 64 stores across the U.S., a person familiar with the matter said Monday.

According to Business Insider, the Michigan closings include stores in Jackson, Fenton, Manistee, Byron Center, Grand Rapids, Alpena and Sault Ste. Marie.

Liquidation sales will begin on Sept. 22, and the stores will close their doors in mid-December, according to a person familiar with the closings who did not want to be named because they were not allowed to say so publicly.

Sep 20 13:28

The “deplorables” — who we are and what we want

The narrative is already being set. International financiers, central bankers and media personalities are consistently mentioning the great danger of the “populists.” They say the deplorables are going to destroy the world. This is nonsense, of course. The world has already been destroyed by the banking elite and their cronies, but, the average person doesn’t really grasp this. We have to educate them quickly because we are about to be targeted as scapegoats for one of the greatest engineered fiscal catastrophes of all time.

Sep 20 12:22

Only In California - Governor Jerry Brown Signs Bill To Regulate Cow Flatulence

In yet another attack on California businesses, yesterday Governor Jerry Brown signed into law a bill (SB 1383) that requires the state to cut methane emissions from dairy cows and other animals by 40% by 2030. The bill is yet another massive blow to the agricultural industry in the state of California that has already suffered from the Governor's passage of a $15 minimum wage and a recent bill that makes California literally the only state in the entire country to provide overtime pay to seasonal agricultural workers after working 40 hours per week or 8 hours per day (see "California Just Passed A $1.7 Billion Tax On The Whole Country That No One Noticed").

According to a statement from Western United Dairymen CEO, Anja Raudabaugh, California's Air Resources Board wants to regulate animal methane emissions even though it admits there is no known method for achieving the the type of reduction sought by SB 1383.

Webmaster's Commentary: 

Brought to you courtesy of the State of California's Office of "You can't make this sh*t up"!!

Sep 20 12:06

USPS Inspector General reports massive increases in delayed mail

A new internal United States Postal Service report has documented a huge increase in delayed mail resulting from the United States Postal Service’s efforts to cut its costs.

The report by the Postal Service’s Office of Inspector General disclosed that the Jan. 5, 2015, order to eliminate overnight first-class mail service and to lengthen delivery times boosted the amount of “delayed mail” dramatically, reduced mail performance scores, and cut mail processing productivity while increasing transportation costs.

For the nine months following the new standard, the inspector general said delayed mail processing reports soared by 51 percent compared to the same period a year earlier.

Sep 20 11:20

Trade Wars and Food Wars: Obama and the Agribusiness Monopolies

Throughout Asia, Africa and Latin America, the agro-business control of chemical and seed inputs raises the debt burden on peasants and farmers while contaminating food with pesticides and provoking food riots and land occupation movements.

The impact of food insecurity, including debt and malnutrition, undermines community and family cohesion. This is the context in which armed insurgents have emerged, including the Islamist movements in the Middle East, North Africa and West Asia, gaining credibility and followers among the millions of dispossessed.

Sep 20 10:59

Aluminum in vaccines shown to cause neurological damage

Aluminum is not natural to the human body, and the known ‘safe limit’ is only 25 mcg. So, with this in mind, why are vaccine makers allowed to deliver nearly 5,000 mcg of aluminum into the delicate systems of newborn babies by the age of 18 months?

Aluminum’s stated function in vaccines is as an “adjuvant” to assist in the vaccine’s ability to have long-term effects in the body. While ingested aluminum can be expelled (fairly rapidly), the injectable type of aluminum used in vaccines stays in the body much longer. It has also been found to impact the nervous system in many harmful ways.

Aluminum linked to cognitive problems and motor functioning deficits
Researchers looking into this matter injected correlating amounts of aluminum into the bodies of mice to see what would occur. The mice quickly showed negative health effects including behavioral changes and deficits in motor functioning. They also showed cognitive problems directly related to being injected with aluminum.

Webmaster's Commentary: 

Please remember; the medical/industrial complex is generally not about health, but about profits.

If an infant gets ill as the result of a vaccine, well - as they say in the military - the kid was just "collateral damage" in the process of pumping maximized profits from a pharmaceutical product.

Sep 20 09:52

Elizabeth Warren Slams Wells' CEO Stumpf: "You Should Resign, You Should Be Criminally Investigated"

As was widely expected, the main event during today's John Stumpf hearing before the Senate Banking Committee was the moments when anti-bank crusader, Elizabeth Warren would get to the mic. She did not hold back, and immediately launched into a full-blown attack on the one topic Americans find most disturbing: the utter lack of accountability, despite Stumpf's repeaeted protestations to the contrary.

"Since this massive year's long scam came to light you have said 'I am accountable', but what have you done to hold yourself accountable? Have you resigned? Have you returned one nickel of the money you earned while this scandal was going on?" After Stumpf failed to respond, Warren replied in his stead: "I will take that as a no."

When Stumpf confirmed that he has not fired a single senior executives, Warren slammed what he called "gutless leadership."

Sep 20 09:24

WELLS FARGO CEO CALLED TO TESTIFY IN FRONT OF CONGRESS AS MASSIVE FRAUD FALLOUT GROWS

A House panel says it’s starting an investigation of Wells Fargo in its opening of millions of unauthorized accounts that has become a growing scandal. The House Financial Services Committee on Friday, Sept. 16, 2016, announced an investigation of the allegedly illegal activity by Wells Fargo employees to meet aggressive sales goals as well as the role of federal regulators in the debacle.

Webmaster's Commentary: 

OK, Wells Fargo got fined; but you can reasonably expect that Stumpf will not be charged with criminal fraud, because the rich rarely eat their own.

Sep 20 09:16

Israel To Get 38 Billion Dollars US Aid Package — Good Idea ?

WASHINGTON, Sept. 14 — President Barack Obama‘s administration pledged the United States’ largest-ever military aid package to Israel on Wednesday — nearly $40 billion over 10 years.

A "memorandum of understanding" committing the US to providing $38 billion in military aid to Israel over the next ten years.

Sep 20 08:17

Italy's PM Unloads On Deutsche Bank's Unfixable Problem: "Hundreds And Hundreds Of Billions Of Derivatives"

After a tumultuous week for Deutsche Bank which saw the DOJ demand a $14 billion settlement for the bank's past RMBS transgressions, it was another bad day for the giant German lender, whose stock and contingent converts tumbled after the investing community realized that even a modest $5.5 billion final settlement would leave it perilously undercapitalized and likely scrambling to raise more cash.

Sep 20 08:17

THE BANK FOR INTERNATIONAL SETTLEMENTS WARNS THAT A MAJOR DEBT MELTDOWN IN CHINA IS IMMINENT

The pinnacle of the global financial system is warning that conditions are right for a “full-blown banking crisis” in China. Since the last financial crisis, there has been a credit boom in China that is really unprecedented in world history. At this point the total value of all outstanding loans in China has hit a grand total of more than 28 trillion dollars. That is essentially equivalent to the commercial banking systems of the United States and Japan combined. While it is true that government debt is under control in China, corporate debt is now 171 percent of GDP, and it is only a matter of time before that debt bubble horribly bursts. The situation in China has already grown so dire that the Bank for International Settlements is sounding the alarm…

Normally the Bank for International Settlements is not prone to making extremely bold pronouncements, and so this warning about China seems a bit out of character.

Sep 20 08:13

Wels Fargo CEO Faces Senate 'Grilling'

Just when the images of Too-Big-To-Fail Bank CEOs facing faux-angry (but impotent under lobbying fees) politicians had moved to the back of the mind, Wells Fargo CEO John Stumpf will visit Capitol Hill to explain to the Senate Banking why he is "deeply sorry" about the massive and systemic fraud his bank visited upon Americans, and why he "accepts full responsibility" but will not resign (because he really owes it to the company to stay around and fix this mess).

As we previewed earlier, today at 10am, the US public will be treated to the latest Congressional kangaroo court, when Wells Fargo CEO John Stumpf will tell the Senate Banking Committee that he is "deeply sorry", and accepts “full responsibility” for unethical sales practices in its retail banking business while apologizing for “not doing more sooner” to address the cause of such behavior.

Sep 20 08:09

US companies are 'hoarding' a record $2.5 trillion of cash overseas

The recent fight between Apple, Ireland, and the European Union has once again shined a spotlight on the growing trend of US companies storing cash overseas to avoid taxes.
In fact, the amount of cash held by US-based companies in foreign countries hit a record $2.5 trillion in 2015, which is roughly 14% of the US' total GDP, according to Andrew Hunter, an economist at Capital Economics, who described the increase as companies "hoarding" cash overseas.

Sep 20 07:48

Apple’s new iPhone 7 cameras don’t live up to the hype: Consumer Reports

Still, this is what Consumer Reports found, or more appropriately, what it didn’t find: “So far, we’ve found no major leap in camera performance from the iPhone 6s models.”

Apple stock slumped 1% in afternoon trade Monday. It soared 11% last week, which was its best weekly performance in nearly five years, after wireless carriers announced stronger-than-expected demand for the new iPhone. In comparison, the Dow Jones Industrial Average DJIA, +0.28% fell about 38 points, or 0.2%, last week.

Sep 20 06:08

Why the Fed's Rate Decisions Are Irrelevant

Sep 19 18:49

Venezuela: Over 15% of People Eat Garbage to Survive

A new study finds Venezuela on the brink of famine, with an alarming fifteen percent of citizens saying they can only feed themselves with “food waste discarded by commercial establishments,” while nearly half say they have had to take time off work to search for food.

Sep 19 15:14

So Much for the Obama Recovery

Sep 19 11:51

Future aid to Ukraine in jeopardy over gas monopoly takeover

Ukraine may lose hundreds of millions of dollars in aid after a surprise decision by the government to take direct control over the country's gas production and transportation company.

The takeover may be in violation of the $17.5 billion bailout deal with international creditors and comes just days after Kiev received a $1 billion tranche from the International Monetary Fund (IMF).

“If all the facts we have learned from third parties are confirmed, we are very disturbed and this development is very serious,” said Anton Usov, a spokesperson for the European Bank for Reconstruction and Development, quoted by the Financial Times.

According to the newspaper, another lender to Ukraine, the World Bank, is also concerned about the situation with Naftogaz.

Webmaster's Commentary: 

Ukrainians are not going to be happy in dealing with high energy costs (if they can even get it) coupled with freezing temperatures this winter!!

Sep 19 10:52

Native Americans Document Hundreds of Pipeline Leaks and Oil Spills Kept Secret by North Dakota Government

North Dakota’s oil frenzy is leaking like a sieve. You most likely have not heard about it because fracking companies, pipeline owners, and state officials have been keeping information about hundreds of oil spills secret for years.

According to Natives News, After a huge spill of more than 20,000 barrels on a wheat farm was hushed up for 11 days, the Associated press discovered the extent of the years-long cover up:

Records obtained by the AP show that so far this year, North Dakota has recorded 139 pipeline leaks that spilled a total of 735 barrels of oil. In 2012, there were 153 pipeline leaks that spilled 495 barrels of oil, data shows.

A little more than half of the spills companies reported to North Dakota occurred “on-site,” where a well is connected to a pipeline, and most were fewer than 10 barrels. The remainder of the spills occurred along the state’s labyrinth of pipelines.

Sep 19 10:20

Why Warren Buffett wants to sell you a car

The chairman of Berkshire Hathaway BRK.A, -0.22% BRK.B, +0.20% is noted for keeping things simple. Buffett chooses businesses with protective “moats” around them, insulating them from competition, and bets big when he finds one.

Indeed, reports show that the return on equity for the average U.S. auto dealership in 2013 was 29%. How can selling cars have a “moat” or produce such big returns? After all, the theory of capitalism suggests that free competition should destroy such prodigious returns when they periodically arise.

The answer: government protection. Every U.S. state except Maryland regulates automobile distribution through “franchise laws” that strengthen dealers’ power. Dealers are not employees of the manufacturers, but have enormous sway over the manufacturers.

Sep 19 09:43

Are You Ready for the 2017 Recession?

Sep 19 09:19

William Black: Fraud is the basis of ALL profit in the banking industry at this point.

In the interview, he addresses the “systemic risk” of the banking sector in the US, and how the bulk of the at-risk institutions are here in the US. He also calls out the elephant in the room, that fraud is the basis of ALL profit in the banking industry at this point.

Sep 19 09:11

Obama says a low turnout from black voters in upcoming presidential election would be 'a personal insult' to his legacy

President Barack Obama said Saturday night he will take it as a 'personal insult' if the African-American community fails to turn out for the presidential election and encouraged black voters to support Democratic candidate Hillary Clinton.

Obama delivered his final keynote address to the Congressional Black Caucus Foundation, symbolically passing the torch to the person he hopes will succeed him next year.

Clinton, his former secretary of state, was honored for becoming the first female presidential nominee of a major party.

Obama said his name may not be on the ballot, but issues of importance to the black community were, including justice, good schools and ending mass incarceration.

Webmaster's Commentary: 

There are moments when I have to conclude that President Obama lives in a parallel reality from that with which so many African-Americans have to contend, 24/7.

As reported at nationalreview.com in March of this year:

With President Obama’s gas tank now less than an eighth full, it’s amazing where he has taken black Americans. Mainly, it’s been a long ride in reverse. Even liberal black broadcaster Tavis Smiley has criticized Obama for this. As Smiley told HuffPost Live’s Alyona Minkovski, “Sadly — and it pains me to say this — over the last decade, black folk, in the era of Obama, have lost ground in every major economic category.” Smiley is almost completely correct. Based on the Obama administration’s own latest-available statistics by the most basic economic-performance metrics — with one key exception — black Americans are worse off now than when Obama was sworn in on January 20, 2009. During Obama’s tenure, the percentage of black Americans struggling below the poverty line has advanced, according to the most recent Census Bureau data, from 25.8 in 2009 to 26.2 in 2014 — up 1.6 percent. Real median income among black households during those years, according to the Census Bureau, sank from $35,954 to $35,398 — down 1.5 percent. RELATED: Obama’s Legacy Is Already Collapsing The number of black food-stamp participants exploded across that time frame from 7,393,000 to 11,699,000, the U.S. Department of Agriculture reports — up 58.2 percent. Also, from Obama’s oath of office through the fourth quarter of 2015, the percentage of black Americans who own homes foundered from 46.1 percent to 41.9 percent, according to the Census — down 9.1 percent.

And those issues of "...justice, good schools and ending mass incarceration."?!?

In the words of Tony Soprano, for African Americans, "Fuggetaboutit!!", at least under President Obama's watch. Justice for African Americans, unless one has the (past) wealth of an OJ Simpson simply does not exist ; inner city schools resemble minimum security prisons, complete with guards; and the prisons themselves are overloaded to the max.

Sep 19 08:34

6 STATES FACING POSSIBLE GAS SHORTAGES AFTER COLONIAL PIPELINE SPILL

The number of eggs in one basket with this thing is insane.

Via: ABC:

Six states — Tennessee, Virginia, Georgia, South Carolina, Alabama and North Carolina — are facing possible gas shortages after a pipeline spill, officials said.

The states have all declared states of emergency, citing concerns about “fuel supply disruptions” and “disruptions of gasoline” in the wake of the Colonial Pipeline spill.

The governor of North Carolina declared the state of emergency to “help ensure that there will be adequate supplies of fuel across the state and prevent excessive fuel pricing.”

Prices on futures contracts for wholesale gasoline rose about 2 percent Friday to $1.46 a gallon after rising 5 percent on Thursday.

Long lines have quickly amassed at gas stations in the six states, and social media users took to their accounts to document the chaos and dwindling gasoline supply, in some cases. Below, images from Tennessee.

Webmaster's Commentary: 

As reported at wikipedia.org:

Spill history[edit] Early on September 2, 1970, residents of Jacksonville, Maryland, detected gasoline odors and noticed gasoline in a small creek flowing beneath a nearby road. Because fumes were still present in the late afternoon of September 2, a resident notified Colonial at 6:19 p.m. about the situation. Colonial, which had a 30-inch-diameter pipeline situated about 1,700 feet east of the point where the creek passed under the road, shut down the Dorsey Junction, Maryland, pump station (the initial pump station for this section of the pipeline) at 6:34 p.m. About 12 hours later, on the morning of September 3, an explosion and fire occurred in a ditch in which contractor personnel for Colonial were manually digging to further expose the pipeline and catch gasoline trickling from the ground. Five persons were injured, none fatally. The leak point was found four days later. The failure resulted in a release of 30,186 gallons (718 barrels) of gasoline and kerosene.[9] At 9:51 p.m. on December 19, 1991, Colonial's Line 2, a 36-inch-diameter petroleum products pipeline, ruptured about 2.8 miles downstream of the company's Simpsonville, South Carolina, pump station. The rupture allowed more than 500,000 gallons (13,100 barrels) of Diesel fuel to flow into Durbin Creek, causing environmental damage that affected 26 miles of waterways, including the Enoree River, which flows through Sumter National Forest. The spill also forced Clinton and Whitmire, South Carolina, to use alternative water supplies.[10] On Sunday, March 28, 1993 at 8:48 a.m., a pressurized 36-inch-diameter (910 mm) petroleum product pipeline owned and operated by Colonial Pipeline Company ruptured near Herndon, Virginia. The rupture created a geyser that sprayed Diesel fuel over 75 feet (23 m) into the air, coating overhead power lines and adjacent trees, and misting adjacent Virginia Electric & Power Company buildings. The Diesel fuel spewed from the rupture into an adjacent storm water management pond and flowed overland and through a network of storm sewer pipes before reaching Sugarland Run Creek, a tributary of the Potomac River. In October 1994, after heavy rainfall in the Houston area, failures of eight pipelines occurred with damage to 29 others. Two of the failures included Colonial Pipeline lines. The failures occurred at a crossing of the San Jacinto river. The river, which normally flows at 2.5 feet above sea level, crested at 28 feet above sea level on October 21. The river caused major soil erosion. Colonial's 40-inch gasoline pipeline failed on October 20 at 8:31 a.m. and by 9:51 a.m. explosions and fires erupted on the river. Colonial's 36-inch (Diesel) pipeline ruptured about 2 p.m. on the same day, although it had previously been temporarily out of service and that limited the amount of the spill.[11] In 1996, a 36-inch diameter Colonial pipeline ruptured at the Reedy River, near Fork Shoals, South Carolina, June 26. The ruptured pipeline released about 957,600 US gallons (3,625,000 L) of fuel oil into the Reedy River and surrounding areas. The spill polluted a 34-mile (55 km) stretch of the Reedy River, causing significant environmental damage. Floating oil extended about 23 miles (37 km) down the river. Approximately 35,000 fish were killed, along with other aquatic organisms and wildlife. The estimated cost to Colonial Pipeline for cleanup and settlement with the State of South Carolina was $20.5 million. No one was injured in the accident. The pipeline was operating at reduced pressure due to known corrosion issues, but pipeline operator confusion led to an accidental return to normal pressure in that pipeline section, causing the rupture.[12][13][14] In 1997 On May 30, Colonial Pipeline spilled approximately 18,900 US gallons (72,000 L) of gasoline, some of which entered an unnamed creek and its adjoining shoreline in the Bear Creek watershed near Athens, Georgia. During the spill, a vapor cloud of gasoline formed, causing several Colonial employees to flee for safety. This spill resulted from a calculation error related to a regular procedure. No one checked the calculations, nor did Colonial have a procedure in place to check such calculations.[12] Due to seven different spills on Colonial Pipeline in four years, the United States Environmental Protection Agency (EPA) fined Colonial $34 million on April 1, 2003.[15] On Wednesday, October 3, 2012, Colonial Pipeline shut down line 19 and 20 in Chattanooga, Tennessee due to reports of gasoline odors. It was reported that about 500 gallons of gasoline may have been released.[16] The line carrying gasoline was repaired and the distillate line, which carries Diesel fuel, jet fuel and other products, was inspected and found to be undamaged. Both lines were restarted two days later on October 5, 2012.[17] On Friday, September 9, 2016, a leak was detected in Shelby County, Alabama, spilling an estimated 336,000 US gallons (160,000 L) of summer-grade gasoline, requiring a partial shutdown of the pipeline and threatening fuel shortages in the southeastern United States.[18][19]

Forgive me, but does anyone see a pattern here?!?

This company is estimated to have an annual revenue of around 326 million dollars, US.

Colonial Pipeline Revenue

Leaks like this are a result of sloppy maintenance; wherever the money was going, it hasn't been going into preventative measures which could have stopped this before it became a crisis of such monumental proportions.

Sep 19 08:06

Hillary chooses Obama’s road to fiscal ruin

Hillary Clinton stands at a fork in the federal fiscal policy road. In one direction runs Bill Clinton’s performance; in the other, Barack Obama’s. Despite claiming both legacies, all indications are that Hillary is choosing President Obama’s direction.

There could not be a greater divide between the last two Democratic administrations than in fiscal policy. While Mr. Clinton’s course was thrust upon him by a Republican Congress, it proved his greatest legacy. In contrast, Mr. Obama has followed his own course and it has become one of his administration’s weakest areas.

Bolstered by an economy already in recovery in 1992 and a tax hike he later admitted was too large, Mr. Clinton saw revenues during his eight years in office that averaged $1.5 trillion — $455 billion above their 1992 level. Federal spending averaged $1.6 trillion from 1993 to 2000 — $205 billion above its 1992 level. The period’s average deficit was just $40 billion — $250 billion lower than 1992’s.

Sep 19 07:37

Circuit Firings Only The Beginning

When President Bill Clinton signed off on the North American Free Trade Agreement and the General Agreement on Trade & Tariffs in 1993, otherwise known as NAFTA/GATT, he quite literally slashed the economic throat of the United States. We've been hemorrhaging jobs to foreign nations like Communist China ever since.

Sep 18 17:01

Deutsche Bank refuses to pay $14bn US penalty

Germany’s biggest bank says it won't pay a $14 billion US Department of Justice (DoJ) fine for selling mortgage-backed securities that contributed to the 2008 financial crisis.

Webmaster's Commentary: 

Start seizing assets!

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