Jul 21 12:41

The Last Known VCR Maker Stops Production

Jul 21 12:27

Arrested HSBC FX Trader Had Been Cleared In Bank's Own Internal Probe

While Wall Street was shocked yesterday after the announcement that HSBC's global head of cash FX trading, Mark Johnson, was arrested at JFK on charges of frontrunning a Cairn Energy trade of $3.5 billion pounds, perhaps nobody was more surprised than his employer, HSBC. According to Bloomberg, the Johnson was about to move to the U.S. to take
up a broader position in the firm’s trading division. His arrest therefore, came as a shock to HSBC which wanted to promote the arrested trader to head of the bank’s foreign exchange and commodities business for the Americas.

The reason for HSBC's surprised was revealed by the FT earlier, which reported that according to HSBC's own internal "investigation" three years ago into a $3.5bn currency trade that US prosecutors now believe was criminally fraudulent, it found nothing wrong with the transaction.

Jul 21 09:18

Tim Kaine Calls To Deregulate Banks As He Campaigns To Be Clinton’s VP

Sen. Tim Kaine (D-Va.) is on Hillary Clinton’s short list of potential vice presidential nominees. He’s also actively pushing bank deregulation this week as he campaigns for the job.

Kaine signed two letters on Monday urging federal regulators to go easy on banks ? one to help big banks dodge risk management rules, and another to help small banks avoid consumer protection standards.

Webmaster's Commentary: 

The perfect VP for Shrillery!

Jul 21 08:57

Federal Debt Tops $19,400,000,000,000

The federal debt moved above $19,400,000,000,000 for the first time as of the close of business on Tuesday, according to the data released today by the U.S. Treasury.

Webmaster's Commentary: 

That works out to about $65,000 for every living American .... plus accruing interest!

Jul 21 08:48

The Thinnest New High In Stock Market History

Jul 21 08:45

European Central Bank 'running out of tools' to deal with crises across EU

THE Head of the Europe's central bank is running out of tools to deal with the bloc's economic woes, an expert warned ahead of an appearance by Mario Draghi later today.

Jul 21 08:25

NASA's Kennedy Space Center firm to lay off almost 300 workers

Security services company Chenega Security & Support Solutions, LLC will lay off 272 employees between Sept. 26-30.

The Chantilly, Va.-based company filed a Worker Adjustment and Retraining Notification with Florida's Department of Economic Opportunity on July 18. Chenega's Florida facility specializes in protective services for NASA and has a location at the Kennedy Space Center.

Jul 21 08:09

US Investors prepare to indict the Icelandic state

US Investment managers, Eaton Vance and Autonomy Capital, are preparing to have the Icelandic state prosecuted because of their investments. The two funds purchased Icelandic government bonds in the aftermath of the financial crises in 2008, Viðskiptablaðið reports.

According to Eaton Vance and Autonomy Capital the Icelandic state must be all but bankrupt since it they’re not willing reimburse investors according to marked value. They believe that the Icelandic state has violated them with the latest law bill passed in parliament in respond to the panama paper leak this spring. Their claim is that the government and the Icelandic central bank violated them and other investors with their bill of law. The bill in question gave an ultimatum of offshore fund holders and companies, they were either to accept the value set by the central bank of Iceland or take their place in the back of the line and wait for the currency restrictions to be lifted.

Webmaster's Commentary: 

This is "lawfare" against Iceland for daring to prosecute crooked bankers!

Jul 21 07:57

Credit Suisse warns that stocks are too high

Jul 21 07:46

Suspension of work with Russia increases risks for EBRD

Suspension of the European Bank for Reconstruction and Development (EBRD) work with Russian projects increases risks and causes real financial losses for the bank, Director of the Department for International Financial Relations of the Finance Ministry Andrey Bokarev told journalists on Thursday. "These are not just loud political statements. In this particular case, due to suspension of work on the Russian projects, the bank is actually suffering losses and creates additional risks for itself," he said. "The EBRD might use a more flexible pattern. For example, they do not finance projects and companies with government participation but ready to work in the private sector. If we manage to break the deadlock at least in this regard, this may be viewed as a major positive step".

Jul 21 07:36

London Bankers Plot Bailout Under New Prime Minister: “Monetary Response To Brexit Shock”

It seems that it is payday for the banksters.

As a new bailout is being prepared by the Bank of England, there are questions about what, if any, actions will actually be taken to leave the European Union under the new prime minister, who actually campaigned for ‘Remain’ but has so far appointed pro-Brexit cabinet members.

Jul 21 07:36

Engineered ‘Civil Unrest’ in the UK Planned for This Summer?

All the signs are that something serious might be brewing in the UK this summer. The big question is: is it a genuine grassroots uprising, or is this being engineered by design?

Jul 21 07:33

VIDEO - “Too Big to Jail”: The Revolving Doors-- From HSBC to the Clintons

From HSBC to the Clintons The Revolving Doors between governments and corporations go way beyond conflicts of interest.

Jul 21 06:59

Brexit Fallout: Ireland’s Kenny Raises Prospect of Irish Reunification Vote

Irish Prime Minister Enda Kenny has raised the prospect of a referendum on Irish reunification as the fallout from the UK's decision to vote in favor of leaving the EU continues.

Jul 21 06:26

More High End Real Estate Down Big

Jul 20 20:46

Silver is the best performing commodity of 2016

Jul 20 17:56

Ireland to Prosecute Top Banker Who Destroyed Their Economy — Guess Where He Was Hiding

Shocking! … Former Irish Bank leader, David Drumm, has been extradited from the U.S. and brought in front of a Dublin District Court Magistrate to face charges for his part in the 2008 financial crisis felt round the world.

The former chief executive of Irish Anglo Bank was found in Boston in late 2015 and arrested.

Jul 20 16:07

Bank of England Urge Central Banks to Create Their Own Digital Currencies

In a research paper published on Monday, John Barrdear and Michael Kumhof, economists at the Bank of England, call for central banks to issue their own digital currencies, along the line of Bitcoin

Jul 20 13:21

Another Bad Month For Truck Shipping

Jul 20 12:54

Macy’s Teams Up With IBM To Eliminate Employees

Webmaster addition: Well, I am not shopping at Macy's any more!

Jul 20 12:52

HSBC Bankers Are First Individuals Charged in U.S. Currency Case

Federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of New York’s Kennedy airport around 7:30 p.m. Tuesday, arresting him for an alleged front-running scheme involving a $3.5 billion currency transaction in 2011.

Mark Johnson, HSBC’s global head of foreign exchange cash trading in London, was held in a Brooklyn jail overnight and will appear in court Wednesday, according to prosecutors. The U.S. unsealed a complaint against him and Stuart Scott, the bank’s former head of currency trading in Europe, making them the first individuals to be charged in the long-running probe.

Webmaster's Commentary: 

This could open up a real can of worms for Lynch and Comey!

Jul 20 12:50

U.S. Maps 1MDB Fraud Trail From Kuala Lumpur to Hollywood

More than $3.5 billion traveled a trail of fraud from Malaysia through a web of shell companies, fueling a spending binge on Monet paintings and luxury real estate in the U.S. and Britain, with at least $700 million flowing back into accounts controlled by Malaysia’s prime minister.

Jul 20 12:14

HSBC: Over 87,000 Jobs Cuts And Counting

Jul 20 11:16


Jul 20 10:03

As Erdogan's Historic Purge Claims 50,000, Turkey Set To Unveil "Emergency Measures"

Erdogan's historic purge of dissidents and adversaries - many of which curiously are to be found in the country's educational system - continues, and according to the latest count, a total of around 50,000 soldiers, police, judges, civil servants and teachers have been suspended or detained since the coup attempt, stirring tensions across the country of 80 million which borders Syria's chaos and is a Western ally against Islamic State.

The ongoing cleansing has also spooked Turkish investors sending local markets and the currency sliding on concerns Erdogan is going to far with his retribution.

Webmaster's Commentary: 

When it comes to the Turkish economy right now, as my late grandmother would say, "The horse is already out of the barn."

Look for the Turkish economy to take more hits in the short term, with money going to "safer havens." S&P has already downgraded its credit status.

Jul 20 09:37

The Latest: S&P Cuts Turkey Credit Rating Deeper Into Junk

Standard & Poor's has downgraded its credit rating for Turkey deeper into "junk" status, citing the failed coup and political turmoil.

The rating agency lowered its main sovereign rating for Turkey to BB/B from BB+/B, both of which are considered junk.

S&P said it expects a period of heightened unpredictability in the country and maintains a negative outlook, which indicates that further downgrades are possible.

Webmaster's Commentary: 

I have to wonder how much of this downgrade is legit, and how much is pressure from the US government to get the Turkish government to take back their demand for the extradition of Gullen, who lives here in the US.

Jul 20 09:32

California Obamacare Rates To Rise 13% In 2017

Jul 20 09:31

Wall Street Angry that Donald Trump Says “Restore Glass-Steagall Act”

What produced the 2008 crash was the Clinton-Republican Gramm-Leach-Bliley Act, named after the three conservative Republicans (Phil Gramm, Jim Leach, and Tom Bliley) who wrote it. Sanford Weill, then merely the head of Travelers Insurance, was a financial empire-builder who wanted his firm to buy Citibank, so as to produce the first financial conglomerate, Citigroup — a merger which the Glass-Steagall Act would have blocked from happening. Weill’s Clinton-Administration friends Robert J. Rubin and Lawrence Summers had no trouble convincing their boss to say yes to Gramm-Leach-Bliley, though this would toss out the core of Democrat FDR’s lasting heritage and restore the cause of the Great Depression: Wall Street’s gambling with depositors’ savings — gambling with assets that are so crucial the government would be politically compelled to backstop to prevent bankrupting tens of millions of people, savers who had made no error.

Jul 20 09:20

Corporations Overcharge $40-70k per American

Jul 20 08:55

Gallup Economic Confidence Index plunges while stock market near record: Stock Market decoupled from financial well being of average Americans.

Gallup releases an Economic Confidence Index which should reflect the overall sentiment of Americans as it pertains to the economy. With the stock market near record highs and the housing bubble market soaring, you would expect average Americans to be smiling from ear to ear with glee. But when you click on over to Gallup, the chart looks downright gloomy like finding out you just failed a midterm exam you studied so hard for. While Gallup may be stumped and scratching their head as to why this divergence is there, I feel we have touched upon a few points as to why this is occurring. First, half of Americans don’t even own one stock. Next, you have many U.S. companies making large profits abroad. Good for the company but that doesn’t translate necessarily into a better financial position for most Americans. Housing values being inflated only keeps Americans from buying as reflected in a generationally low homeownership rate.

Jul 20 08:23

Potential Crisis Triggers Continue To Pile Up In 2016

By Brandon Smith

We are a little over half way through 2016 and, at the current rate, it will be a miracle if the year finishes without outright catastrophe in half the nations of the world. Some might call these events “Black Swans,” some might call them completely engineered threats, others might call it all a simple “coincidence” or a tragedy of errors. I stand strictly by the position that most of the dangers we see today have been deliberately escalated, if not strategically implemented.

Here is the problem; international financiers and globalist nut-jobs are clearly operating on a timeline with the end goal of creating enough general chaos to convince the masses that complete centralized authority over every aspect of our lives is preferable to constant fear...

Jul 20 08:01

Middle Britain Becomes The ‘New Poor’ As Poverty Stalks The Nation

The middle classes are the “new poor” with half of families renting rather than owning their own home and many relying on benefits and tax credits to survive, a report from the Institute of Fiscal Studies (IFS) reveals.

Jul 20 07:52

Italy will DESTROY EU: Warning as Italian referendum to spark euro economic APOCALYPSE

ITALY is on the brink of financial and political meltdown as the leader of the Eurozone’s third-largest economy tinkers on the edge of career suicide, plunging the already beleaguered European Union into fresh chaos.

Matteo Renzi has promised to resign if he loses a referendum on constitutional reform in October, which threatens to shake the financial foundations of the nation and push contagion to other nations in the crumbling bloc.

The Pro-EU Premier’s nickname is II Rottamatore - The Demolition Man - but many fear this moniker may come back to haunt him and he could become the main target for his own demolition.

Renzi’s departure would be taken badly by markets that have backed his reform agenda.

Jul 20 07:37

U.S. Charges HSBC Official in FX Rigging Probe

Federal agents surprised an HSBC Holdings Plc executive as he prepared to fly out of New York’s Kennedy airport late Tuesday, arresting him for alleged fraud involving currency trading, according to three people familiar with the matter. The arrest marks an escalation of the Justice Department’s three-year investigation into foreign-exchange rigging at global banks.

Webmaster's Commentary: 

Jul 20 07:34

Climbing Gold and Silver’s Wall of Worry

Jul 20 07:34

Despite Record Highs Investors On Edge

Jul 20 07:28

Italy will DESTROY EU: Warning as Italian referendum to spark euro economic APOCALYPSE

ITALY is on the brink of financial and political meltdown as the leader of the Eurozone’s third-largest economy tinkers on the edge of career suicide, plunging the already beleaguered European Union into fresh chaos.

Jul 20 07:19

Central Banks Making Housing Unaffordable

In response to growing criticism and worry over the housing-crisis in Canada, political representatives have decided to push forth with their plans for new taxes as their solution to help with the problem. One thing that concerns many local residents is the number of vacant houses and other vacant properties around the city, some feel that by imposing the new taxes on these properties that it will prompt those home-owners to either rent or sell their properties and thus help to turn around the problem of houses being too expensive for locals. But others say that taxes aren't a long-term solution to solving the issue of why an increasing number of Canadians cannot afford suitable accommodation for themselves, and if anything they might only make the situation worse.

Webmaster's Commentary: 

Taxes ALWAYS make things worse for the people. But that is all government knows how to do; take more money!

Jul 20 05:17

CALPERS Pension Fund - Ouch Baby

Jul 19 18:06

So What Did The ECB Buy? "In Short, Almost Everything"

"So what did they buy? In short, almost everything. The ECB bought “topical” credits such as VW, Glencore and EdF. They showed little concern with taking credit risk by buying a range of low-BBB names. They bought “high yield” credits such as Telecom Italia and Lufthansa. They bought corporate bonds from US, UK and Swiss companies, and ironically, the ECB’s most popular purchase has been Deutsche Bahn – an issuer where bond yields are the most negative."

Jul 19 18:02

This Is What Hyperinflationary Collapse Looks Like

For those who are curious what modern-day, runaway hyperinflation looks like, here is the IMF's forecast of Venezuela's inflation over the next three years.

Jul 19 15:52

Comerica to cut 790 jobs, close 40 branches

Comerica Inc. plans to cut 9 percent of its workforce nationwide, or about 790 workers, the company announced Tuesday.

The cuts, which will happen over the coming year, are part of a plan that would consolidate 40 of its 476 bank branches nationwide. The changes aim to trim expenses by $110 million in 2017, increasing to $160 million in total by the end of 2018.

The moves are part of an initiative that Comerica is calling “GEAR Up,” which aims to “drive $230 million in additional pretax income” by the end of 2018.

Jul 19 15:39

Potential crisis triggers continue to pile up in 2016

Here is the problem; international financiers and globalist nut-jobs are clearly operating on a timeline with the end goal of creating enough general chaos to convince the masses that complete centralized authority over every aspect of our lives is preferable to constant fear.

Jul 19 14:44

Poll: Most Americans Believe The Economy Is Rigged Against Them

Economist Gerald Epstein says U.S. workers are beginning to realize that their hardship is due to underlying workings of corporations.

Jul 19 14:13

Comerica Bank To Cut 9 Percent Of Workforce

Jul 19 12:52

Roots To Social Democracy/Capitalism, Socialism

This series sprang from discussions I’ve had with several people regarding the Danish/Scandinavian model of social democracy, or socialism as Bernie Sanders contends.

Jul 19 12:19

"The Case For Donald Trump Is Simple"

What’s the best case for Donald Trump?

The question comes in the week Republicans here will formally nominate him for president, and the answer is not complicated. Indiana Gov. Mike Pence gave it as his reason for signing on as Mr. Trump’s VP: The alternative is President Hillary Clinton.

This is the reality of choice in a two-party democracy. Still, many have a hard time accepting it. So even as Mr. Trump handily dispatched 16 more-experienced rivals, his shortcomings and unfitness for office have become a staple of conservative fare.

Yes, Mr. Trump elevates insult over argument. Yes, he is vague and contradictory about the details of his own proposals. And yes, he often speaks aloud before thinking things through. It’s all fair game.

Even so, in this election Mr. Trump is not running against himself. Though you might not know it from much of the commentary and coverage, he is running against Mrs. Clinton.

Jul 19 11:52

The Financial System Is Breaking Down At An Unimaginable Pace

Now it’s $13 trillion.

That’s the total amount of government bonds in the world that have negative yields, according to calculations published last week by Bank of America Merrill Lynch.

Given that there were almost zero negative-yielding bonds just two years ago, the rise to $13 trillion is incredible.

In February 2015, the total amount of negative-yielding debt in the world was ‘only’ $3.6 trillion.

A year later in February 2016 it had nearly doubled to $7 trillion.

Now, just five months later, it has nearly doubled again to $13 trillion, up from $11.7 trillion just over two weeks ago.

Think about that: the total sum of negative-yielding debt in the world has increased in the last sixteen days alone by an amount that’s larger than the entire GDP of Russia.

Just like subprime mortgage bonds from ten years ago, these bonds are also toxic securities, since many of are issued by bankrupt governments (like Japan).

Jul 19 11:31

Report: A majority of China’s 13th 5-Year plan depends on sustained espionage

against countries like the United States, Canada, and Australia.

Jul 19 11:11

Largest US Pension Fund Suffers Worst Annual Return Since Financial Crisis Due To Heavy Stock Losses

While we have often documented the dramatic underperformance by the hedge fund industry over the past decade courtesy of a centrally-planned market in which it no longer pays to "hedge", culminating with countless hedge fund closures and substantial redemptions (mostly by now redundant Fund of Funds managers), today we learn that "vanilla" asset managers were also hurt over the past year in which the S&P went nowhere, and not just in Japan where the gargantuan, $1.4 trillion GPIF recently suffered major losses, but in the US as well.

Case in point: Calpers, the largest U.S. public pension fund which as the WSJ reports posted its lowest annual gain since the last financial crisis due to heavy losses in stocks.

Jul 19 11:10

Deutsche Bank to close almost 200 branches

Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process.

Jul 19 11:04

Scott Baio "Our Country Is In A Very Bad Spot! You Can See it Everywhere!"

Jul 19 09:42

This Could Be Why The Market Is Going Up!

Jul 19 09:25

Nintendo is now worth more than Sony thanks to 'Pokémon Go'

In dollar terms, Nintendo has added a whopping $23 billion to its value in less than two weeks.

Jul 19 09:21

Yahoo's Latest Earnings Report Basically Confirms That Tumblr Purchase Was a Waste of Money

Yahoo released its latest earnings report today, and while there were some bright nuggets for the beleaguered company—its reported revenue for the second quarter of this year beat analyst estimates—there was one distinct black mark. Yahoo recorded a total goodwill impairment charge of $482 million related to its purchase of Tumblr. Whoops!

A “goodwill impairment charge” is a fancy way of saying that Yahoo is writing off part of the blogging platform’s value. The $482 million comes on top of the $230 million write down it reported in February. Given that the maligned purple giant purchased Tumblr for just over $1 billion, the total write down now amounts to about $700 million—more than half of the deal’s initial value.

Jul 19 08:42

Turkey Cuts Interest Rates After Failed Coup

ANKARA, Turkey — Turkey's central bank cut a key interest rate for the fifth month in a row Tuesday, days after an attempted coup against President Recep Tayyip Erdogan triggered concerns over the country's economic outlook.

In a statement, the bank's Monetary Policy Committee said it had reduced its overnight marginal funding rate by a quarter percentage point to 8.75 percent.>>>

Jul 19 07:08


Jul 18 20:07

Netflix shares plunge 15% as subscribers give streaming service the cold shoulder

Company missed second-quarter expectations, announcing that it added only 1.7 million members worldwide and blamed price increase for drop in membership

Jul 18 17:28

Derivatives Explained in One Minute

Jul 18 17:06

Video: Rockefeller Family: A Dance With The Devil

Breaking down the American mythology of the Rockefeller legacy; of it’s philanthropy against the horrible backdrop of the obsession with gaining wealth.

Jul 18 15:59

Why this Won’t Work out for Spain

Jul 18 15:19

Millennials Will Be First Generation In History To Be Worse Off Than Their Parents

Millennials will be the first generation to earn less than their parents over their lifetime, according to new research.

Jul 18 15:12


Jul 18 13:26

Honeywell Internal Email Shows Airplane Boom Time Over, More Layoffs Coming

Internal Honeywell memo sent to employees in the U.S., Puerto Rico and Canada

As witnessed with our recent cost-saving measures, Aerospace continues to experience the effects of a slowdown in certain business segments. The industry has experienced more than 30,000 job reductions in the last year along with ongoing earnings volatility. Customers continue to cut costs in their supply chain and reduce inventory in their factories, resulting in uneven short-term customer demand for our business.

To navigate this challenging environment, we must move faster, make quicker decisions, and be more effective and efficient. Improving our organizational speed by addressing our workforce and management structure, including the number of organizational levels and reporting scope, will help drive faster growth and better serve our customers.

Based on these factors, we are conducting a workforce reduction in Honeywell Aerospace for the United States, Canada and Puerto Rico. We fully understand the individual and collective burden and stress this decision creates so will move as quickly as possible through the process and inform affected employees as soon as details are finalized.

Jul 18 13:17

Bank Of America Makes Massive Job Cuts