ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 15 14:56

How the Danger of Debt Looms Large

May 15 13:34

EAEU enhances integration, accepts Moldova as observer

Leaders of the Eurasian Economic Union (EAEU) member-states agreed to grant observer status to Moldova, Russian President said when opening a broad meeting of the Supreme Eurasian Economic Council. Putin extended a welcome to Moldovan President Igor Dodon who joined the meeting. "We expect that as an observer state, the Republic of Moldova will actively participate in our union’s activities," Putin said. Igor Dodon stressed that he considers the move to grant observer status to Moldova to be a historic event for the country... The meeting of the Supreme Eurasian Economic Council that took place in Sochi on Monday has become an important step towards boosting comprehensive collaboration and integration of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. Leads of the EAEU (Eurasian Economic Union) member-states discussed cooperation in energy, digital economy, medicine and ecology.

May 15 13:31

Talks on free trade zone between EAEU and Egypt to start in autumn of 2018

Negotiations on the creation of a free trade zone (FTA) between the Eurasian Economic Union (EAEU) and Egypt will begin in autumn of 2018, Russian Foreign Minister Sergey Lavrov said on Monday. Speaking after the talks between the heads of the Foreign Ministries and the Ministry of Defense of Russia and Egypt in the 2 + 2 format, he said: "This is a very important, qualitative step for deepening relations between Russia and Egypt, between other members of the EAEU and Egypt". The Eurasian Economic Union (EAEU) comprises Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia. The agreement on the establishment of the Russian industrial zone in Egypt will be signed within a week, according to Lavrov...

May 15 11:56

America Spends About Half of World’s Military Expenditures

The National Priorities Project headlines “U.S. Military Spending vs. the World” and reports: “World military spending totaled more than $1.6 trillion in 2015. The U.S. accounted for 37 percent of the total.” But it can’t be believed, because, even if other nations aren’t under-reporting their military expenditures, the U.S. certainly is — under-reporting it by about 50%. The reality is approximately twice the official figure, so that America’s current annual military expenditures are around $1.5 trillion, which is to say, almost equal to that entire global estimate of “more than $1.6 trillion in 2015.”

Webmaster's Commentary: 

So, if you were wondering where all your tax money goes ... now you know!

May 15 11:01

RUSSIAN BANK HELPS VENEZUELA DEFY US SANCTIONS ON CRYPTOCURRENCY

In March, Washington prohibited trade in the petro in the US with President Donald Trump calling the cryptocurrency a 'scam supporting a dictatorship.' The executive order signed by Trump banned “all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token,” issued by Venezuela's government.

Maduro vowed that, despite the sanctions, Venezuela would continue pushing forward the domestic blockchain technology and “make the petro one of the most solid and trustworthy cryptocurrencies in the world.”

He added that the digital currency will be traded for several global currencies, including the Russian ruble. The president also announced four “exclusive economic zones” in the country, in which it will be possible to use the petro “for the sale of goods and [payment] of services.”

Webmaster's Commentary: 

Russia's President Putin... is, at least, one hundred chess moves ahead of President Trump on this issue; and there is nothing President Trump can do, short of an invasion of Venezuela, which can change that.

May 15 11:01

How the Rich Get Richer!

May 15 10:52

Reasons Trump Breaks Nuclear-Sanction Agreement with Iran, Declares Trade War with China and Meets with North Korea

We will examine the reason why Trump has embraced three strategic decisions which have world-historic consequences, namely: Trump’s reneging the nuclear accord with Iran; Trump’s declaration of a trade war with China; and Trump’s meeting with North Korea.

In brief we will explore the political reasons for his decisions; what he expects to gain; and what is his game plan if he fails to secure his expected outcome and his adversaries take reprisals.

May 15 10:51

Switzerland - A Once-in-a-Lifetime Chance to Spreading Positive Banking News to the World

It’s called “Vollgeld Initiative” – in German, meaning more or less “Referendum for Sovereign Money”. What is “Sovereign Money”? – Its money produced only by the Central Bank, by the “Sovereign”, the government, represented by its central bank. Money created in accordance with the needs of the economy, as contrasted to the profit and greed motives of the banking oligarchy – wat it is today; money creation at will, by private banking.

May 15 10:40

'DUP ready to TOPPLE May over Brexit betrayal!' Fury at EU deal that would 'DESTROY trade'

The DUP would "happily bring down" Theresa May as Prime Minister if she continues to backtrack on Brexit, according to Brexit Central deputy editor David Scullion.

The Brexiteer told Julia Hartley-Brewer that the Prime Minister needs to be careful about "backsliding" on Brexit, amid growing frustration on the DUP and Tory benches.

Speaking on talkRadio, he warned Mrs May against pushing for the "trade-destroying" customs partnership, which "no-one really wants".

This comes ahead of a crucial Brexit sub-committee meeting led by the Prime Minister today, tasked to resolve the customs union dispute.

May 15 10:32

How university economic theories are failing us all

The economist John Maynard Keynes said “When the facts change, I change my mind. What do you do, sir?” But many students continue to be deceived by their professors who, even after the great financial crisis, refuse to change their mind and continue to actively peddle theories that are plain wrong.

May 15 10:32

Duma envoy comments on countersanctions bill

The Kremlin is likely to support the bill on criminal liability for compliance with western sanctions against Moscow, says the presidential envoy to the State Duma

May 15 10:31

Beijing: Anti-Moscow Sanctions Won’t Harm Chinese Investors’ Interest in Russia

Anti-Russian sanctions imposed by Washington will not affect Chinese investors’ interest in the Russian market, Beijing will continue to support bilateral cooperation in trade and investment, Liu Xuesong, the deputy director general of the Chinese Commerce Ministry’s Eurasia Affairs Department, said on Tuesday.

"Over the years, the United States has repeatedly imposed sanctions against other states unilaterally. The Chinese side is firmly against this. At present relations between Russia and China are developing very successfully, cooperation in trade and investment will not be affected by external factors… The interest of Chinese investors in Russia will not diminish," Liu told reporters.

The official added that Beijing would support Chinese companies' investments in the Russian market.

May 15 10:30

Staff are leaving Tesla in droves as confidence in increasingly erratic Elon Musk wavers amid falling share price and failure to deliver ‘game changing car’

Tesla has seen top executives depart the company in recent months as CEO Elon Musk has come under fire for erratic behavior at a crucial moment for the company.

Musk told employees Monday the electric carmaker is being reorganized to speed up production of Model 3 vehicles - a key to profitability at the fast-growing firm - as executives are reportedly leaving the company after losing confidence in the CEO.

'To ensure that Tesla is well prepared for the future, we have been undertaking a thorough reorganization of our company,' the memo obtained by AFP said.

'As part of the reorg, we are flattening the management structure to improve communication, combining functions where sensible and trimming activities that are not vital to the success of our mission.'

May 15 10:28

Ellen Brown on Why We Should Own the Banks

May 15 09:57

Sparks Fly Toward The Debt Powder Keg

The narrative that the economy continues to improve is a myth, if not intentional mendacious propaganda. The economy can’t possibly improve with the average household living from paycheck to paycheck while trying to service hopeless levels of debt. In fact, the economy will continue to deteriorate from the perspective of every household below the top 1% in terms of income and wealth.

Theoretically, the Trump tax cuts will add about $90 per month of extra after-tax income for the average household. However, the average price of gasoline has risen close to 40% over the last year (it cost me $45 to fill my tank last week vs about $32 a year ago) For most households, the tax cut “windfall” will be largely absorbed by the increasing cost to fill the gas tank, which is going to continue rising. The highly promoted economic boost from the tax cuts will, instead, end up as a transfer payment to oil companies.

May 15 09:41

US wants China trade deal as talks resume, says White House adviser Kudlow

The United States is not seeking a trade war with China and top US officials are looking to make a deal with Beijing, White House economic adviser Larry Kudlow said on Tuesday. The statement came as talks between the two nations were set to resume.

May 15 09:39

More than $100 million in (TAXPAYER) cash left Airport in carry-on luggage to terrorist groups

This fraud is suspected of costing Minnesota taxpayers as much as $100 million a year.

May 15 09:06

43 million Live in Poverty: Poor People’s Campaign Headed to Washington

Eddie Conway speaks to people on the ground who are leading the poor people’s march, which will culminate in Washington DC on June 23rd. The Poor People’s Campaign is a coalition of organizations led by Rev. Dr William Barber II and Reverend Dr Liz Theoharis, inspired by the historic march lead by MLK Jr. 50 years ago

May 15 08:28

Millennial Explanations on Rising Oil Prices

May 15 05:05

TSLA WILL BE THE 2018 LEHMAN BROTHERS?

May 14 19:40

Retailers suffer worst slump in visitors since the recession as one in ten High Street premises stands empty

Cold weather and a continued squeeze on Britons' finance has seen footfall at UK shops drop to levels not seen since the recession, new data show.

Footfall dropped by 3.3 per cent in April, following on from a 6 per cent decline in March, which resulted in an 'unprecedented' drop of 4.8 per cent over the two months, according to figures by the British Retail Consortium.

'Not since the depths of recession in 2009, has footfall over March and April declined to such a degree, and even then the drop was less severe at -3.8 per cent,' said Diane Wehrle, Springboard marketing and insights director.

May 14 14:55

We're vulnerable': Business expert warns budget fails to insulate Australia against another GFC

Australia isn't prepared for a global economic downturn and should be doing more to pay down debt, the chair of the peak body for company directors says.

May 14 14:31

Is This Why Trump Folded: China Holds Up U.S. Pork, Auto Imports

President Trump surprised pundits and assorted watchers of the ongoing simmering trade war between China and the US on Sunday, when he pledged to help China’s telecom giant ZTE Corp “get back into business, fast” after a U.S. ban crippled the technology company, offering a job-saving concession to Beijing ahead of high-stakes trade talks this week.

May 14 12:35

The IMF’s Reprehensible Campaign for Continued Poverty in Sub-Saharan Africa

The IMF’s agenda of bigger government and higher taxes is a recipe for continued poverty.

A couple of months ago, I thought I did something meaningful by sharing six separate examples of the International Monetary Fund pressuring sub-Saharan African nations to impose higher tax burdens. This was evidence, I suggested, that the IMF had a disturbing agenda of bigger government for the entire region.

I didn’t imply the bureaucrats were motivated by racism. After all, the IMF has pushed for higher taxes in the United States, in China, in Latin America, in the Middle East, and in Europe. (Folks who work at the IMF don’t pay taxes on their own salaries, but they clearly believe in equal opportunity when urging higher taxes for everyone else.)

Nonetheless, I thought it was scandalous that the IMF was systematically agitating for taxes in a region that desperately needs more investment and entrepreneurship. And my six examples were proof of a continent-wide agenda!

May 14 11:23

Bitcoin Still Blazing Trail for Stocks

May 14 09:49

Looks Like 2008 All Over Again

May 14 09:02

US Treasury Shorts Hit Record High As Foreign Banks Dump Bonds

A roller-coaster week for rates and the dollar did not stop large speculators adding to their already record-high short positions across the entire term structure.

May 14 09:02

Trump Backs Down On China Threat: Instructs Commerce Dept To Rescue ZTE

It appears the impact of "unintended consequences" has hit the Trump administration once again. Following the 'rescue' of Rusal - driven almost into the ground by Trump's aluminum tariffs and oligarch sanctions (which sent aluminum prices skyrocketing, crushing margins for end-users); it appears China's threats of retaliation against Trump's ban on giant Chinese telecoms company ZTE have sunk in.

As a reminder, in response to Trump's 7-year ban of component sales by US companies to China's ZTE (in retaliation for "tech IT theft and distribution"), a tide of angry populist rhetoric swept across China's social media and press, amid warnings from Chinese officials (and the company itself) that

"The Denial Order will not only severely impact the survival and development of ZTE, but will also cause damages to all partners of ZTE including a large number of U.S. companies."

Webmaster's Commentary: 

Apparently, yes!

May 14 08:40

How State Government fanned flames of volcano disaster

As lava engulfs the homes of many unfortunate Hawaii Island residents, it’s important to remember that the state originally encouraged the building of homes in this dangerous area by offering lava insurance where no private company would.

In the 1990s, the town of Kalapana was destroyed by lava, and soon afterward, private insurance companies, after suffering millions of dollars in losses, stopped insuring land in Lava Zones 1 and 2.

May 14 08:38

Third of US stock market may be wiped out as consumer spending ‘maxed out’

American stocks could see a significant decline in the coming months due to a number of trends that point to a downturn in the global economy, according to Saxo Bank Chief Economist Steen Jakobsen.

Citing several factors including growing credit loans and a widening fiscal deficit in the US, he expressed doubts over infrastructure spending plans and a potential global trade war.

“All the data we've seen over the last few weeks has basically been that the consumer is maxed out, we've seen that in credit card loans as well, so I think the consumer is done spending the money,” said Jakobsen.

Webmaster's Commentary: 

I've been telling you that for the last 6 months!

May 14 08:37

US govt lost more money last year than entire Australian economy produced

An annual financial report released by the US Treasury this month showed the government lost over a trillion dollars in 2017. That is more than Australia’s GDP.

“The Government’s “bottom line” net operating cost increased $105.0 billion (10.0 percent) during [fiscal year (FY)] 2017 to $1.2 trillion,” said the report.

The huge sum constitutes the size of the entire Australian economy; it amounts to a loss of more than $2.2 million per minute. Despite that, the report noted that during FY 2017, the US economy continued to grow and the unemployment rate declined.

May 14 08:37

America on its way to $30 trillion debt by 2028 as military expenditure soars

The mounting US debt is likely to grow by another $10 trillion in the next decade, according to estimates contained in the recent budget proposal.

According to the White House Office of Management and Budget, the national debt will hit $29.9 trillion by 2028. The deficit will be equal to 101 percent of America’s GDP, the Watchdog Committee for a Responsible Federal Budget forecasts. The country’s current debt stands at a record $20.6 trillion – its highest level since shortly after World War II.

If current laws stand, widening budget deficits will increase that debt sharply over the next 30 years, with the deficit reaching 150 percent of GDP in 2047, the Congressional Budget Office (CBO) predicted last year.

Under the new budget, President Donald Trump is requesting a record $686 billion for the Pentagon – a 13-percent increase compared to the 2017 budget.

May 14 08:35

Quality of Chinese-built cars better than European ones, Volvo executive admits

Swedish car maker Volvo says its vehicles built in China might actually be superior in quality to those it makes in Europe.

In an interview with Australia’s Go Auto, Volvo's senior vice-president of design, Robin Page, admitted that some were concerned about the automaker’s decision to build many of its vehicles in China.

“What we’re finding is that the quality of the cars is actually better in China than in Europe. Everyone was worried about quality, but as soon as they [the Chinese – Ed.] started the quality was even higher than in Europe,” Page said.

May 14 08:24

Petition to the president & congress to remove the privately owned federal reserve as our central bank

WE THE PEOPLE insist that:

1) Any authority previously given to the Federal Reserve be immediately terminated;

2) The President and Congress fully reestablish Congress' singular power to mint, regulate, print, or otherwise control the form, amount, and backing of all U. S. legal tender;

3) Our U.S. Government undertake all necessary means to assure the ongoing operation and stability of U.S. currency;

4) Presidential Executive Order #13818 be applied to any Federal Reserve-affiliated person or entity involved in corruption, trafficking, etc., and that all assets thereof be frozen; and

5) All assets held by the Federal Reserve, and any and all of its holders of value, be nationalized and applied to reducing the federal deficit.

For more, Please Visit: http://www.endthefedreserve.com/

May 14 08:20

EU ‘Nightmare Scenario’ As Popular Anti-Euro and Anti-EU Government Takes Power In Italy

Firebrand populists of Left and Right are poised to take power in Italy, forming the first “anti-system” government in a major West European state since the Second World War.

Leaders of the radical Five Star Movement and the anti-euro Lega party have been meeting to put the finishing touches on a coalition of outsiders, the “nightmare scenario” feared by foreign investors and EU officials in equal measure.

The unlikely allies vow a blizzard of contentious measures, threatening to cancel VAT rises, overturn key market reforms, introduce a universal “basic income” for the poor, and launch a fiscal blitz in open defiance of EU spending rules.

May 14 07:51

Walmart boss earns 1,200 times as much as the company’s median worker

In its latest filing, Walmart disclosed that company CEO Doug McMillon’s total compensation rose two percent in 2017 to $22.8 million. Meanwhile, the firm’s median employee earned $19,177 in the same period.

May 14 07:42

Trump doesn't know what he's talking about on trade: Gasparino

May 14 07:26

US may sanction EU companies who trade with Iran - Bolton

US National Security Advisor John Bolton has said the US could sanction European companies that continue to trade with Iran following the Trump administration’s decision to withdraw from the Iran deal.

Bolton made the remarks during an appearance on CNN's State of the Union Sunday. Asked if Trump would hit the EU with sanctions for continuing to deal with Iran, Bolton said: ”It's possible. It depends on the conduct of other governments.”

May 14 07:19

Will Trump Torch the Global Economy on the Bonfire of his Vanity?

At least it is confirmed for us. Donald Trump wants regime change in Iran. His cancellation of the JCPOA was a decision born his myopia. He has surrounded himself with people who reinforce his view and manipulate him via his vanity.

And the price of implementing his current plan will be a global debt crisis which no one will escape. The problem will be very few will see the links.

May 14 07:11

ITALY: OF COALITIONS AND CURRENCIES

For some years, going all the way back to interviews with George Ann Hughes on the Byte Show, I've been saying to "watch Italy", because developments there would affect the course of Europe. It's relatively easy to see why: Italy is the Germany of Southern Europe, that is to say, it sits squarely in the middle of southern Europe, and is thus a bridge between east and west. I also sits squarely astride the central Mediterranean, and thus has had ties to north Africa dating from the Visigoths to Qaddafi. And of course, Italy's influence on the development of our culture, from the arts, letters, music, philosophy and jurisprudence has been enormous. Think for a moment of the span of time "from Rome to the Renaissance" and you get the idea.

May 14 06:30

China’s petro-yuan ‘thundering into action’ as Iran ditches US dollar in oil trade

We have a moron in the White House and a zionist to boot.

Washington’s renewed sanctions on Tehran supports China’s newly established oil futures, analysts say. The sanctions can make the yuan a more preferable currency than the dollar on the oil market.

May 13 09:07

Protesters in prime position! Demonstrators swarm Amazon's Seattle HQ demanding the online retail giant pay millions in proposed taxes that will help fund programs for the homeless

Protesters swarmed Amazon headquarters in Seattle on Saturday to demand that the company fork-out millions in proposed taxes.

More than 100 people participated in the 'March on Amazon' protest which began at Seattle Central College before heading over to Amazon headquarters in South Lake Union, according to KOMO News.

'We are demanding council to not backslide on $75million dollar tax,' said city council-member Kshama Sawant, who organized the protest along with the Affordable Housing Alliance.

May 13 08:18

Disaster Looms in North Yemen as Pro-Saudi Forces near Hodeidah

The Saudi-backed Yemeni army took control of the town of al-Bareh, west of Taiz, earlier this week. The fall of this town is less important than what comes next, as the army draws ever closer to the key port city of Hodeidah.

Hodeidah is the lone seaport under the control of the Shi’ite Houthi movement, and by extension is the only port through which humanitarian aid can flow for the entire northern half of the country. A vital humanitarian location, which to pro-Saudi forces is a vital military target.

Successfully conquering Hodeidah would, after all, mean the Houthi territory, including the capital city and many millions of people, would have no access to food or medical aid. This would be an opportunity for the Saudi invading force to really crack down on them.

They envision it forcing a surrender, but it may also could bring millions of malnourished people into outright starvation.

Webmaster's Commentary: 

"Yemeni Deaths by Starvation! Cholera!! Diptheria!! The mutilation and killings, through bombing raids, of infants, toddlers, women, and non-combatants, including the medically fragile elderly! WE JUST LOVE IT HERE IN RIYADH!!" - official spokesman for the B.O.Y., AKA the Butcher of Yemen, AKA Prince Mohammed Bin Salman.

May 13 06:00

The 3 Stage Housing Bubble Collapse

May 12 22:45

Netanyahu: “Let’s You and Him Fight”: Brandishing the American Miitary

Fred On Everything is P.O.ed!

Why did the Cockatoo-in-Chief renege on the Iran deal deeply prized by Russia, China, France, Germany, England, and the European Union? Why did he deliberately damage relations with Europe and cost American workers many thousands of jobs at Boeing among others? Why do all of this to hurt a country that poses no danger to the United States?

Israel.Israel, Israel. Israel. Israel.
Always Israel.

But while “the Jews” didn’t sink the Iran deal, a comparatively small number of Israel-firsters did. These are the Neocons, warlike and heavily Jewish, plus the Jewish lobby AIPAC plus a few Jewish billionaires. Collectively they determine American foreign policy, and not for the benefit of America........

May 12 18:13

The Fed Is About To Kill The Credit Boom

May 12 18:05

European Central Bank president Draghi backs SLUSH FUND to prop-up failing European banks

Mr Draghi has thrown his weight behind French President Emmanuel Macron’s calls for a rainy-fund to solve the issue of crumbling Eurozone banks by offering them additional financial support.

The fund would act as a kitty to bail out struggling banks who got into trouble by financial ineptitude.

May 12 10:40

Hawaii officials hope Kilauea volcano eruption won't deter travelers

Hawaii tourism officials are hoping Kilauea's eruption won't deter travelers from visiting the state's largest island -- even as geologists warn the volcano could soon shoot large boulders out of its summit. Travel industry executives note that most of the Big Island is free of eruption threats from Kilauea, which began spewing lava and gas into a residential neighborhood earlier this month.

The Big Island is "immense" and there are large parts that are unaffected by the volcano, said George Szigeti, CEO of the Hawaii Tourism Authority.

May 12 10:29

Open rebellion? Europe signals patience drying up as US re-imposes harmful Iran sanctions

Europeans are angry over the latest US-imposed set of sanctions harming EU interests in the wake of Donald Trump quitting the Iran nuclear deal. The EU needs to decide whether to finally stand up for itself, analysts told RT.

Aside from imperiling a landmark international accord and endangering regional and global security, the US pull-out from the 2015 agreement with Iran will have crushing economic consequences for Europe. French, German and UK firms stand to lose billions of euros in investments and trade if they are forced to comply with the sanctions that will be re-imposed and expanded now that the US is no longer a signatory of the nuclear deal.

Now, facing the ruinous economic and political fallout from Washington’s unwillingness to honor its agreements, Europe has signaled that it may choose to pursue its own interests – as opposed to obediently swallowing what the US dictates.

May 12 10:24

MASS ICE RAIDS LEAVE A TRAIL OF MISERY AND BROKEN COMMUNITIES

A MONTH AFTER dozens of U.S. Immigration and Customs Enforcement agents surrounded a meatpacking plant in Morristown, Tennessee, and detained 97 men and women who worked there, the tight-knit rural community is still reeling, but the initial shock has seeped into a quiet pain, as families adjust to lives without work and their loved ones.

As those shipped to immigration detention facilities across the country started appearing before judges for bond hearings this month, some families were reunited, though still facing deportation proceedings, while others braced for long separations. As of Thursday, 20 of those arrested on April 5 were released — but many more remained in detention. “Tragedy continues to unfold,” said Stephanie Teatro, co-executive director of the Tennessee Immigrant and Refugee Rights Coalition. “Some families are getting really terrible news.”

Webmaster's Commentary: 

As a compassionate human being, I am sorry for these people, but that being said, they needed, very clearly, to understand that this imprisonment, and forced repatriation, could well be the result of their illegal immigration to this country.

If they absolutely did not, in the immortal words of the commedian Ron White, "You can't fix stupid."

Unless and until this lesson gets learned, there will be more of these activities to deport people who have come here illegally.

This country, and various of its states, are being bankrupted through unfunded mandates for the support of illegal aliens, which we can no longer tolerate.

At this part of the 21st century, this is not the country about which Emma Lazarus wrote, "Give me your tired, your poor... your huddled masses yearning to breathe free." The entire nature of work is changing, from mechanical, computer-controlled burger flippers, to entire factories running primarily under computer control.

Unless people have the skills to compete here, they are going to, generally, be an incredible financial burden, and strain, on the country's economic system.

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