ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 09 11:40

Natural disasters cost America a record $306 BILLION last year - with a record 16 costing more than $1bn each

With three strong hurricanes, wildfires, hail, flooding, tornadoes and drought, the United States tallied a record high bill last year for weather disasters: $306 billion.

The U.S. had 16 disasters last year with damage exceeding a billion dollars, the National Oceanic and Atmospheric Administration said Monday.

That ties 2011 for the number of billion-dollar disasters, but the total cost blew past the previous record of $215 billion in 2005.

Jan 09 10:33

When The U.S. Paid Off The Entire National Debt (And Why It Didn't Last)

On Jan. 8, 1835, all the big political names in Washington gathered to celebrate what President Andrew Jackson had just accomplished. A senator rose to make the big announcement: "Gentlemen ... the national debt ... is PAID."

That was the one time in U.S. history when the country was debt free. It lasted exactly one year.

By 1837, the country would be in panic and headed into a massive depression. We'll get to that, but first let's figure out how Andrew Jackson did the impossible.

Jan 09 10:32

Lionel Sawyer law firm files bankruptcy owing $3.37 million

The historic Lionel Sawyer & Collins law firm, which went out of business at the beginning of the year, filed for Chapter 7 bankruptcy liquidation at the end of January, owing creditors more than $3.37 million.

The law firm, once considered the state’s largest legal house, said in a voluntary filing with the U.S. Bankruptcy Court in Las Vegas that it had assets of $931,626 in personal property.

The only secured creditor, according to the filing, was Western Alliance Bank, which is owed $2.86 million.

Jan 09 10:19

CEO Of Porn-Focused Cryptocurrency Disappears With Investors' Money

The burgeoning market for initial coin offerings is rife with fraud and abuse thanks to unscrupulous people like the creator of FMtokens, a coin designed as a means for paying performers for live webcam chats. The New York Post reported Monday that investors in FMtokens – which purportedly raised just shy of $5 million – are complaining that the company’s shadowy CEO, Jonatha Lucas, has absconded with their money while refusing to deliver the promised tokens.

Jan 09 10:17

Gail Tverberg On The Coming Energy Depression

As most PeakProsperity.com readers know, we fully agree with the statement: Energy is THE master resource.

Without it, nothing can get done.

Energy analyst and professional actuary Gail Tverberg returns to the podcast this week to revisit the global energy outlook. And fair warning, Gail warns it's quite grim.

To her, it's a simple math problem. We have too many people placing too much demand on the world's depleting energy resources. The cost of energy is rising, which we are compensating for in the short term by using financial gimmicks to make "affordable" -- when all we're really doing is creating future promises that cannot possibly be repaid.

Jan 09 10:16

Bitcoin Isn't The Bubble - The Global Financial System Is

Pretty much every article you read about bitcoin in the mainstream press ends up in the same place.

You may not hear it until the seventh or eighth paragraph, but eventually you’ll be told that the whole thing is nothing more than a modern day "tulip bubble." The more creative types will also throw around the South Sea or Mississippi Bubble. You get the point. The consensus among the very smart experts is unanimous: bitcoin is clearly and indisputably a gigantic bubble that’s set to burst. I’ve been hearing this since the early days of getting involved in the space back in 2012. But I’m not convinced.

Jan 09 09:52

Andrew Jackson Kills the BANK

Jan 09 09:14

Shock Coming?

Jan 09 08:42

Iron Ore Expected To Drop 20% In 2018

Jan 09 04:57

Global Debt Hits ALL-TIME RECORD HIGH! This is Why Interest Rates Are Record Low!

Do you think debt is ONE of the reasons why interest rates remain low for all these years, despite the constant propaganda that the economy is doing well?

Jan 08 16:45

Spectre and Meltdown make anything with chip in it vulnerable, but Raspberry Pi is safe

So why isn’t Raspberry Pi vulnerable?

Well, as a matter of course, Raspberry Pi runs on an ARM Cortex-A53, making it safe from Meltdown. However, most devices with ARM and AMD cores also use caching and speculative execution, which means they’re vulnerable to Spectre. Raspberry Pi doesn’t, making it one of the few devices on the market that’s free and clear.

The Raspberry Pi blog has an excellent post up explaining exactly how their devices are safe from Meltdown and Spectre. It turns out that the basic lack of caching and speculation in Raspberry Pi is enough to keep things good. If you’re interested, they have an extensive walk-through of the internal logic which Raspberry Pi uses instead of these two techniques. As they conclude,

Jan 08 14:29

The Real Idiots Are On Wall Street

Suddenly it’s all Fire And Fury, and according to its author, Michael Wolff, no less than 100% of his sources in the White House told him the Donald is a “dope” or an “idiot” and is a “child” who has tantrums if he doesn’t get what he wants and get it right now.

We are pretty sure Mr. Wolff exaggerates. After all, Ivanka is apparently still trundling around 1600 Pennsylvania Avenue, yet how would she know?

Jan 08 14:27

Amazon workers are struggling to survive on low wages

Amazon ranks high on a list charting Ohio's employers with the most workers and their family members on food stamps, with a new report estimating that more than 10 percent of its workforce in the state qualifies for the federal aid.

Jan 08 13:58

Consumers caught by credit card debt reaches unprecedented levels

It's official: the reason behind the recent rebound in the economy can be explained with two words: "charge it."

Readers may recall that one month ago, we reported that with Republicans in Washington on the verge of passing their first major piece of legislation in the form of comprehensive tax cuts that will allow Americans across the income spectrum to keep a little more of their hard earned cash in 2018, it appeared that U.S. consumers already "pre-spent" their savings using their credit cards. 

Jan 08 13:55

Global oligarchy grew $1 trillion richer in 2017

As the gap between the world's richest and poorest people has widened to an extreme not seen since the Gilded Age, the 500 wealthiest people have gotten $1 trillion richer in 2017, according to Bloomberg's Billionaires Index.

The richest people in the world have been able to amass huge wealth this year thanks to a booming stock market, as billions of poor and working people around the world have seen little if any benefit from strong markets. Even in the world's major economies, including Japan, the U.K., and the U.S., workers have seen their wages stagnate or decline in recent years.

Jan 08 13:40

Roommate Nation:  30 percent of working adults are now living with a roommate.

With the rent being too damn high, many Americans are now opting to live with a roommate (or two or three in the case of San Francisco and Los Angeles). We now have a record number of adult Americans living with roommates. This coincides with a stagnant growth in the homeownership rate especially in crap shack intensive areas like SoCal.

Jan 08 12:35

Ron Paul SPECIAL REPORT: What Has QE Wrought?

Jan 08 10:34

Regis closing 600 salons in Walmarts…

Jan 08 10:32

Who Controls The Creation Of Currency Controls The World

The central banks and banks are threaten by the cryptocurrency market, they are in the process of controlling the creation of currency. China is now pushing their RMB for cross boarder use.

Jan 08 09:00

ALERT: China Is Going To Replace The Dollar With A Gold-Backed Currency In 2018

Many of these signs point to the near certainty that China will succeed in its pursuit of a new monetary system backed by gold – helping explain why I’m convinced gold is on the threshold of a massive, unprecedented rise…

Jan 08 08:54

QE Party Over, even by the Bank of Japan

Jan 08 08:09

Accounting For Reality – Pension Funds Are in Big Trouble

At the core of the problem is a growing difference between the amount of money public sector workers are paying into pension funds and the amount of money that they are receiving in benefits. In stark contrast to private sector retirement plans, employee contributions to public sector pension funds can be as little as 3% for the first 10 years of work and nothing after, while benefits are often as much as 70% of their ending salary, for life. It is self-evident that 3% of one’s salary for the first 10 years of one’s career is not remotely enough money to support a pension equal to 70% of one’s ending salary every year for decades following retirement. Without a tax payer backstop such a retirement plan would be inconceivable.

Jan 07 18:26

Exuberance Marks Start Of 2018

Jan 07 17:58

Why you need more cash in 2018

Jan 07 13:15

Ruchir Sharma forecast the top 10 Economic trends of 2018

Looking at the likely big trends in 2018.

As the new year rolls outs, NDTV’s Prannoy Roy has a fascinating discussion with author and global investor Ruchir Sharma about his 2017 prediction, which was 90 percent accurate and his forecast of top 10 economic trends for 2018. From global growth to whether unemployment will fall or rise this year to the stock market, they look at the likely big trends.

Jan 07 11:09

Final warning to America by Doug Casey ~ Free Book how to survive

watch it all ~

https://www.youtube.com/watch?v=b0AUitfnkHI

Final Warning to America about the Economy. Watch it all ~ let's survive together. Kathleen in Paris

Jan 07 10:25

Student Debt Slavery II: Time to Level the Playing Field

The lending business is heavily stacked against student borrowers. Bigger players can borrow for almost nothing, and if their investments don’t work out, they can put their corporate shells through bankruptcy and walk away. Not so with students. Their loan rates are high and if they cannot pay, their debts are not normally dischargeable in bankruptcy. Rather, the debts compound and can dog them for life, compromising not only their own futures but the economy itself.

Jan 07 10:21

States Threaten "Economic Civil War" On Washington

The new year has only just begun, but already Democratic politicians in the country’s largest high-tax states are threatening lawsuits and publicly touting proposed workarounds to help compensate tax payers for the elimination of the state and local tax (SALT) deductions which were dramatically rolled back, along with deductions for mortgage interest, as part of the White House’s tax reform plan.

During his state of the state address earlier this week, New York Mayor Andrew Cuomo threatened to sue the federal government over the tax bill, claiming that the plan is unconstitutional and overly burdensome to New Yorkers.

Jan 07 10:19

Americans Are Ditching These Five States In Record Numbers

People continue to flee the indebted, pension ponzi burdened liberal states of America in record numbers, with Illinois, Connecticut, New Jersey and California all ranking at the very top of the most ditched states of 2017.

Jan 07 09:42

Clinton, Sachs' Role in Post-Soviet 'Privatizations' Deserves Scrutiny – Analyst

"In practice, it is certain that insiders in many nations where privatization happened (not only in the former Soviet Union, but across Central Europe and the rest of the world) likely appropriated many billions of dollars (arguably far more than that) by transferring valuable assets at low prices, and other thefts, often with the support and connivance of many politicians who also were in on the game," Ortel explained.

Jan 06 11:18

Stock Allocations Approaching Dotcom Levels

Jan 06 09:33

Bullish Fund Assets Jump Off The Chart

Jan 06 08:43

Survey Shows Majority Of Pensioners Have No Idea Their Pensions Are Underfunded

Over the past several years, we've written a countless number of posts on the precarious financial situation of numerous state and local public pensions around the country all while frustratingly wondering how the massive $3-$6 trillion dollar ticking time bomb doesn't seem to be that much of a concern to frothy asset markets. As it turns out, precisely no one (our readers excluded, of course), including the workers who are active participants in insolvent public pension ponzi schemes, have any idea just how underfunded they really are.

According to a staggering new survey conducted by Spectrem Group, 6 out of 10 CalPERS retirees and 8 out of 10 NYC retirees are apparently under the illusion that their pensions are fully funded...

Jan 06 08:24

2017 US Auto sales declined by 1.8%. It was the first overall decline since the Financial Crisis

Tesla gets crushed by the big boys.

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