ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Nov 08 16:39

The Third Blind Bull

Nov 08 14:51

Charts: Shocking Truth About Extremes

Nov 08 14:51

IMF SDR inforce 1 jan 2018... goodbye $USD

Nov 08 13:44

$50,000 Bitcoin In The Next Couple Of Months?

Nov 08 13:27

DOJ demands CNN or DirecTV be sold

as condition for AT&T, Time Warner deal approval

Nov 08 12:32

The Real Cause of the American Revolution

The Currency Act of 1764 was the primary cause of the American Revolution. Before King George and the British Parlimaent passed the Currency Act the colonies were prospering, but when they were forced to pay for all goods imported from England with gold and silver they were forced to borrow from the London bankers in order to pay for the everything they imported from England.

The reason that during the Revolutionary War the Colonial currency became worthless was because so much counterfeit currency printed by the London Bankers the currency became virtually worthless.

The Constitution granted to Congress the authority to issue our money and the responsibility to regulate its value. In order to prevent inflation it is necessary to issue an amount of money equal to the Gross National Product. Printing too much money creates inflation and devalues the dollars in circulation..

The punishnment for counterfeiting and/or debasing the currency was the death penalty.

Nov 08 12:24

NATO Agrees on New Command Structure to Move Forces Across Europe - Stoltenberg

The move comes amid the unprecedented NATO military buildup in eastern Europe, which has been further boosted since 2014 in the wake of the crisis in Ukraine.
WASHINGTON (Sputnik) — NATO members have agreed on instituting a new adaptive command structure to improve the alliance’s ability "to improve the movement of military forces across Europe," NATO Secretary-General Jens Stoltenberg said in press conference after the North Atlantic Council Defense Ministers Meeting on Wednesday.

"Today, we agreed on the outland design for an adaptive NATO command structure which will be the basis for further work."

According to Stoltenberg, it is vital for the alliance to improve the movement of forces across Europe.

Webmaster's Commentary: 

Translation: NATO is preparing for a war against Russia, as completely stupid and pig-ignorant as that would be.

Nov 08 11:46

Top Dem, NYTimes lawyer helped suppress NYTimes story on Weinstein, drafted Mossad spy firm contract

A top Democratic lawyer represented the NYT

--- while simultaneously trying to crush their Harvey Weinstein story

Nov 08 11:10

Pension Panic In Paradise: Maui Residents Outraged Over 52% Spike In Pension Contributions

Earlier this year, Maui County residents in the island state of Hawaii were somewhat less than ecstatic to learn that their property taxes were going to increase by approximately $29.7 million for fiscal 2018. According to County Council member statements at the time, the additional funding was needed to help provide better public services for Maui residents.

That said, fast forward just a few months and it looks like a substantial portion of those tax increases won't go to provide better public services for Maui residents at all but rather will be plowed into the state's massively underwater pension fund. As The Maui News points out today, Maui's contributions to the state Employees’ Retirement System will surge 52% over just the next couple of years...and that's if everything goes to plan.

Nov 08 10:26

FAKE GOLD BARS… AGAIN… THIS TIME WITH CERTIFICATION

Now, the fact that a major bank like Deutsche Bank - a bank that allegedly carries massive amounts of bad paper and derivatives on its books - would be advocating the serious consideration of blockchain technologies as a serious alternative, should at least raise some concern and suspicions among those who are uncertain about such cryptocurrencies, and should serve to dent some of the enthusiasm certain circles have been showing for them.

Or to put all of that "country simple", something about them has never passed my "smell test." It has that mildewy mildly unpleasant stink of rotting money that one encounters in the physical presence of such banking establishments and the dynasties running them.

Nov 08 10:12

US CREDIT CARD DEBT RISES ABOVE $1 TRILLION AS STUDENT, AUTO LOANS HIT ALL TIME HIGH

Earlier in 2017, using the latest Fed data newspapers and financial media reported that US consumer credit card debt had risen above $1 trillion for the first time since the financial crisis. Ironically, just a few months later the Fed revised its data series sending the revolving credit total back under this "psychological number." At least until today, when the latest consumer credit update from the Fed disclosed that in September, consumer credit rose by $20.8 billion, more than the $17.5 billion expected, of which $14.4 billion was non-revolving, auto and student loans, and $6.4 billion was credit card debt. Total consumer credit rose by 6.6% Y/Y, rising to $3.788 trillion as of Sept. 30. This was the single biggest monthly increase since November 2016.

Webmaster's Commentary: 

This is completely unsustainable.

Nov 08 10:10

Thousands of Romanian workers protest against government's planned fiscal measures

Around 8,000 workers from the automotive industry gathered at Trade Union Square in Mioveni to protest against the government's plans to transfer social contributions from employer to employee as well as to demand starting construction of Pitesti-Sibiu motorway, Tuesday.

Nov 08 10:09

TAX CUTS WILL BALLOON US DEBT TO 120% OF GDP, BUT BOOST TO ECONOMY WILL BE “SHORT-LIVED

It’s uncertain what if anything in the mix of tax cuts and tax increases being kicked around in Congress will become law. But Fitch Ratings believes that some combination will make it, and that it will sap US government revenues. “Under a realistic scenario of tax cuts and macro conditions,” the US deficit would rise to 4% of GDP next year, and balloon the US debt to 120% of GDP by 2027.

And that might be the best-case scenario.

That debt-to-GDP ratio just shot up to 105% – based on annualized Q3 GDP of $19.5 trillion and the US gross national debt of $20.5 trillion that had spiked by $640 billion in eight Weeks, following the suspension of the debt ceiling in September. The debt-to-GDP ratio was 103% earlier this year.

Fitch said in the report that it expects some version of the package to pass the US Congress, and that it “will be revenue negative, even under generous assumptions about its growth impact.”

Webmaster's Commentary: 

IF these numbers are correct, this doesn't appear to be a great tax plan whatsoever, in the long term.

Nov 08 10:07

US looks to push Russia out of EU's energy market while American tankers ship Russian LNG to Europe

Tankers run by US energy corporations are delivering liquefied natural gas (LNG) bought in Russia to the Antwerp Gas Terminal in Belgium, reports Belgian daily Le Soir, as part of an investigation based on the 'Paradise Papers' leak.

On Sunday, the International Consortium of Investigative Journalists (ICIJ), reportedly financed through George Soros funds, released over 13 million documents from the world’s leading offshore law companies. The documents revealed that four cargo ships owned by Navigator Holdings bought gas produced by Russian petrochemical company Sibur.

Nov 08 10:06

WHAT THE PARADISE PAPERS TELL US ABOUT GLOBAL BUSINESS AND POLITICAL ELITES

The so-called Paradise Papers may sound familiar – leaked documents from a law firm that specialises in offshore services reveal how the global elite avoids paying taxes. Even the name has the same ring to it as last year’s Panama Papers expose. But the Paradise Papers are different, reflecting the complexity of the global offshore tax system.

Webmaster's Commentary: 

"The rules" are only supposed to work, and be "bent slightly" for the elite; never for We the People.

Nov 08 08:38

Trump: Year One – Justin Raimondo

Trump is neither monster nor savior, and that is surely evident on this first anniversary of the Trump victory

As the one year anniversary of Trump’s triumph approaches, the pathetic remnants of American liberalism still haven’t recognized its meaning, or reconciled themselves to their loss of State power. They dream of impeachment, or even an outright coup: their contempt for the Great American Middle – “the deplorables!” – defines their politics, which, by now, are almost entirely negative: anti-Trump, anti-Russia, anti-bourgeois.

Nov 08 03:39

Financial Storm Clouds Gather Over Italy

Nov 07 18:16

US healthcare spending has rocketed $900 BILLION since 1996 - due to ageing population, obesity and 'unsustainably expensive' services

By 2013, total healthcare spending hit $2.1 trillion, according to the study published today in the Journal of the American Medical Association. The researchers say that figure has now likely soared to more than $3.2 trillion, which equates to 18 percent of the country's economy.

Nov 07 17:06

3 Myths About Tax Cuts

Nov 07 16:50

Target announces store closings...

Nov 07 16:46

Debt Collectors Are Hunting the Superrich...

Nov 07 16:11

The Economy Is Okay?! U.S. Retail Store Closings Hit New Record High As West Coast Homelessness Soars

Whenever I write about our “retail apocalypse”, many try to counter my arguments by pointing out the growing dominance of Amazon. And I certainly can’t deny that online shopping is on the rise, but it still accounts for less than 10 percent of total U.S. retail sales. No, something bigger is happening in our economy, and it isn’t receiving nearly enough attention from the mainstream media.

Back in 2008, a plummeting economy absolutely devastated retailers and it resulted in an all-time record of 6,163 retail stores being closed that year.

So far in 2017, over 6,700 stores have been shut down and we still have nearly two months to go! The following comes from CNN…

More store closings have been announced in 2017 than any other year on record.

Since January 1, retailers have announced plans to shutter more than 6,700 stores in the U.S., according to Fung Global Retail & Technology, a retail think tank.

Webmaster's Commentary: 

The short answer is Hell, no!!

Nov 07 15:10

How to Buy Gold and Silver with Bitcoin

Nov 07 13:42

DOW TO LOSE 97% AGAINST GOLD

Nov 07 11:35

Who's Going To Eat The Losses?

Nov 07 10:50

Credit check with macro comments

Nov 07 09:47

Why Apple’s iPhone X is bad — for the environment

There have been 7.1 billion smartphones manufactured since 2007, according to Greenpeace — enough to equip nearly every person in the world with a device. Yet, new devices like the iPhone X continue to be produced as consumers seek out new and improved models.

“It’s magnifying the problem very significantly,” said Alex Sebastian, co-founder of Orchard, a Canadian company that resells smartphones. “If you look at a computer, most people use it until it’s unusable. But people have gotten used to new updates to the phone every one to two years.”

Nov 07 09:35

Stock and Awe, Bears in Bondage

Nov 07 08:21

Wall Street tax break once blasted by Trump preserved in Republican bill

As a candidate, U.S. President Donald Trump promised to close the "carried interest" tax break that benefits some of Wall Street's wealthiest financiers - but the Republican tax bill released on Thursday makes no mention of it.

Carried interest is a share of an investment fund's profits - typically about 20 percent beyond the return guaranteed to investors - that is paid out to the general partners of private equity, venture capital, real estate and hedge funds.

Under current law, carried interest income is taxed at the capital gains rate of 20 percent. That is well below the 39.6 percent rate that high earners pay on ordinary wages and salary.

Nov 07 08:02

World’s Largest Gold Producer China Sees Production Fall 10%

– Gold mining production in China fell by 9.8% in H1 2017
– Decreasing mine supply in world’s largest gold producer and across the globe
– GFMS World Gold Survey predicts mine production to contract year-on-year
– Peak gold production being seen in Australia, world’s no 2 producer
– Peak gold production globally while global gold demand remains robust

Nov 07 05:16

Trump Asks Congress For Another $5.9 Billion For Military, Citing North Korea

In the course of his tour of the Pacific, President Trump is talking up more US deployments in the region, and is asking Congress to tack another $5.9 billion in spending to the already record military budget for 2018.

This money is going to include $4 billion for even more missile defense systems on the Korean Peninsula. These appear to be additional THAAD anti-missile systems above and beyond the ones already announced.

Another $700 million of the request is for repairs to a pair of ships, the USS John S. McCain and the USS Fitzgerald,which is the past year both crashed
***
The $1.2 billion remaining may be the most informative, as President trump is seeking that to pay for 3,500 more ground troops in Afghanistan

Nov 06 16:11

‘Paradise Papers’ Reveal Tax Avoidance, Shady Dealings Of World’s Rich And Powerful

Some of the world’s wealthiest and most powerful people will be waking up on Monday to discover that some of their best kept secrets—how they hide their vast wealth and avoid paying taxes—are now being read about in newspapers across the world after the release of a trove of offshore legal and banking documents were leaked to journalists and published Sunday as a joint project called the ‘Paradise Papers.’

Nov 06 15:57

Paradise Papers: Everything you need to know about the leak

The Paradise Papers are a huge leak of financial documents that throw light on the top end of the world of offshore finance.

A number of stories are appearing in a week-long expose of how politicians, multinationals, celebrities and high-net-worth individuals use complex structures to protect their cash from higher taxes.

As with last year's Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation. BBC Panorama and the Guardian are among the nearly 100 media groups investigating the papers.

The Paradise Papers name was chosen because of the idyllic profiles of many of the offshore jurisdictions whose workings are unveiled, including Bermuda, the HQ of the main company involved,

Nov 06 15:49

Paradise Papers reveal how iPhone giant Apple set up secretive new offshore structure to avoid billions in taxes after Irish crackdown

But after the EU announced a probe into the tax arrangements in 2013, Apple was forced to find an offshore base that would serve as a tax residency for its subsidiaries in Ireland.

The leaked Paradise Papers revealed that the following year Apple's legal advisers sent documents to law firm Appleby asking for a recommendation on which jurisdiction would be best.

...

Competition Commissioner Margrethe Vestager said the maker of iPhones paid just 1 per cent tax on its European profits in 2003 and 0.005 per cent in 2014.

Ms Vestager said Apple was paying just €50 in tax on every €1million of profit it made in 2014.

At the time a spokesman for the firm said: 'Apple follows the law and pays all of the taxes we owe wherever we operate. We will appeal and we are confident the decision will be overturned.'

Nov 06 15:27

The Great Complacency Fueled by Central Banks

Nov 06 13:54

‘Paradise Papers’ Reveal Tax Avoidance, Shady Dealings Of World’s Rich And Powerful

Some of the world’s wealthiest and most powerful people will be waking up on Monday to discover that some of their best kept secrets—how they hide their vast wealth and avoid paying taxes—are now being read about in newspapers across the world after the release of a trove of offshore legal and banking documents were leaked to journalists and published Sunday as a joint project called the ‘Paradise Papers.’

Nov 06 13:38

How To Spot A Stock Market Gone Wild

Nov 06 12:15

HSBC Bank: Secret Origins To Laundering The World's Drug Money

#SwissLeaks what the media has termed it is a trove of secret documents from HSBC’s Swiss private banking arm that reveals names of account holders and their balances for the year 2006-07. They come from over 200 countries, the total balance over $100 billion. But nowhere has the HSBC Swiss list touched off a more raging political debate than in India.

That’s why to obtain and investigate the Indian names, The Indian Express partnered in a three-month-long global project with the Washington-based International Consortium of Investigative Journalists (ICIJ) and the Paris-based Le Monde newspaper. The investigation revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the Government in 2011. The new revelation— published as part of a global agreement — is expected to significantly widen the scale and scope of the ongoing probe by the Special Investigation Team (SIT) appointed by the Supreme Court.

Nov 06 11:57

Big banks score win with scrapping of consumer class-action lawsuit rule

Call it a win for "the swamp."

President Trump and Republicans in Congress handed Wall Street banks a big victory by effectively killing off a politically popular rule that would have allowed consumers to band together to sue their banks.

The 51-50 vote in the Senate, with Vice President Mike Pence casting the deciding vote, means bank customers will still be subject to what are known as mandatory arbitration clauses. These clauses are buried in the fine print of nearly every checking account, credit card, payday loan, auto loan or other financial services contract and require customers to use arbitration to resolve any dispute with his or her bank. They effectively waive the customer's right to sue.

Nov 06 11:56

How This Couple Earns Six Figures Per Year Organic Farming On 1.5 Acres of Land

Can small-scale farming in the modern age really generate enough income for the average family to make an honest living? For Jean-Martin Fortier and his wife, Maude-Hélène Desroches, it does. The Canadian couple grows beets, broccoli, salad greens, carrots, and various other types of produce on their modest 1.5 acres of land, from which they generate an average of at least $140,000 per year in sales – not too shabby!...

Nov 06 11:46

Tony Podesta Lobbied For Russia’s ‘Uranium One’ And Did Not File As A Foreign Agent

Tony Podesta’s lobbying firm, the Podesta Group, represented the Russian-owned company Uranium One during former President Barack Obama’s administration and did not register under the Foreign Agents Registration Act, The Daily Caller News Foundation has determined.

Podesta collected lobbying fees of $180,000 from Uranium One, according to the non-partisan Center for Responsive Politics, that discloses lobbying documents filed with Congress. The uranium company states on its web site it is a “wholly owned subsidiary” of RUSANO, the Russian State Corporation for Nuclear Energy.

Special Counsel Robert Mueller already is scrutinizing Podesta and his firm for allegedly failing to register as a lobbyist for the European Center for a Modern Ukraine, a Ukrainian government entity. His role there is tied up with former Trump campaign chairman Paul Manafort who was indicted on 12 counts on Oct. 30, including the failure to register under the Foreign Agents Registration

Webmaster's Commentary: 

Drip...Drip...Drip...

Nov 06 11:33

Trump begins 12-day Visit to Asia to Build War Coalition against North Korea

Donald Trump, accompanied by a coterie of minders and corporate executives, departed yesterday for a 12-day tour of what US foreign policy strategists now officially designate as the “Indo-Pacific.”

This will be one of the longest official trips to Asia ever undertaken by an American president, and its objectives are clear. In the short-term, Washington is seeking to stiffen the backbone of its allies for a catastrophic and potentially nuclear war against North Korea. In the longer term, US imperialism is seeking to maintain its waning global dominance by exerting military and economic pressure on China in order to undermine, and ultimately shatter, its growing influence.

Webmaster's Commentary: 

This coming war with North Korea will horrific, if war is chosen as the method of "pacifying" North Korea away from its nuclear stance.

And living on a first-strike target here on Oahu which China can hit, because all military comms run through here eastward, does make Mike and me very nervous!!

Nov 06 10:15

US Strikes China With 'Double-Edged Sword' in Aluminum Foil Dumping Dispute

The US decision to increase antidumping duties on Chinese aluminum foil is an attempt to assure voters that Trump hasn't forgotten his promises to be tough on Chinese imports; however, imposing higher tariffs on Chinese goods is a "double-edged sword," Alexander Larin of the Russian Academy of Sciences' Institute of the Far East told Sputnik.

Nov 06 10:00

PBOC's Zhou Warns Of "Sudden, Complex, Hidden, Contagious, Hazardous" Risks In Global Markets

Just two weeks after warning of the potential for an imminent 'Minsky Moment', Chinese central bank governor Zhou Xiaochuan has penned a lengthy article on The PBOC's website that warns ominously of latent risks accumulating, including some that are "hidden, complex, sudden, contagious and hazardous," even as the overall health of the financial system appears good.

Nov 06 10:00

Yen Tumbles On Trump, Kuroda Comments As Japan Comes Back From Long Weekend

Amid President Trump's visit, Abe's calls for more sanction and general militarization, the Japanese came back from their long weekend and decided it was time to panic-sell JPY in favor of the dollar the open. The yen slumped as much as 0.6% moments ago to an 8-month low against the dollar...

Nov 06 10:00

Matt Taibbi Exposes The Great College Loan Swindle

How universities, banks and the government turned student debt into America's next financial black hole...

Nov 06 09:59

Paradise Papers leak reveals secrets of the world elite's hidden wealth

The world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens are being revealed this week in a major new investigation into Britain’s offshore empires.

The details come from a leak of 13.4m files that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.

The material, which has come from two offshore service providers and the company registries of 19 tax havens, was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with partners including the Guardian, the BBC and the New York Times.

The project has been called the Paradise Papers.

Webmaster's Commentary: 

I love the reeking odor of financial hipocrisy in the morning, where the elite and monied believe it is perfectly fine for themselves and their peers to be doing this, but heavens, these offshore accounts cannot be used by ordinary citizens to do this kind of wealth protection at all!!

Nov 06 09:59

Oil Jumps To $56, Highest Since July 2015 On Saudi Turmoil, Venezuela Default

With the launch of electronic trading, WTI crude has jumped from the highest close since July 2015 amid Saudi turmoil which over the weekend included a crackdown on 11 Saudi princes - including billionaire Alwaleed - and dozens of current and former ministers as Saudi Crown Prince Mohammed bin Salman, i.e. MbS, who’s backed policy of capping oil output to raise prices, consolidates power with anti-graft probe, and shortly after a helicopter that carried 8 high-ranking Saudi officials inexplicably crashed near the Yemen border.

Adding to the upside pressure are concerns about Venezuela's viability, following Friday's default-cum-restructuring confusion, which sent PDVSA bonds crashing on the realization that the long-deferred sovereign default may finally be inevitable.

Nov 06 09:50

German Investors Now World’s Largest Gold Buyers

India and China often grab the headlines as the world’s largest buyers of gold. In 2016 this was not the case.

When measured on a per capita basis it is Germany that takes the impressive crown of largest gold buyer in 2016, all thanks to their investment market. Last year the country set a new personal best, ploughing as much as £6.8bn ($8 bn) into gold coins, bars and exchange-traded commodities (ETCs).

This is impressive considering that back in 2008 the amount of gold purchased by Germans barely registered outside of the country. A new World Gold Council report records that ‘average demand between 1995 and 2007 was a modest 17 tonnes’. In some of those years they weren’t even net-buyers.

Nov 06 09:49

THINGS COULDN’T BE BETTER – RIGHT?

The cognitive dissonance is strong, as average Americans want to believe what their “leaders” are telling them to believe, but their personal financial situation contradicts the narrative. Even using the highly manipulated data peddled by the BLS, any critical thinking individual can see through the lies, misinformation and bullshit.

Nov 06 09:39

The United States Is Melting Down Under Extreme Corruption

Every single elected official at the Federal level, and at most State levels, is a paid servant of big banks, corporations and wealthy families/individuals. Obtaining a House or Senate seat is worth $10’s of millions. Getting into the Oval Office is worth $100’s of millions. For those you who still harbor disillusions of Obama’s integrity, recall that he campaigned aggressively on a platform in 2008 that promoted “cleaning up Wall Street” as a high priority. Not only did he not clean anything up, he enabled the same fraudulent business activities that sunk the financial system in 2008 to become even more grand in scale and stealth. Now he’s greedily pocketing $1 million speaking engagement with the banks he bailed out in 2008 with $800 billion in taxpayer funds.

Nov 06 08:38

The Economic End Game Continues

Nov 05 18:18

Saudi-Led Coalition Has Closed All Yemen's Land, Sea and Air Ports

According to a statement from the state-run Saudi Press Agency, the missile out of Yemen that targeted Riyadh has been called "a direct military aggresion" by Iran against Sauid Arabia, that "could rise to be considered an act of war." In response, the Saudi-led coalition has closed all Yemen's land, sea and air ports after missile targeted Riyadh.

Nov 05 11:35

The Federal Reserve Strikes Again!

Nov 05 10:03

Controversial Jean-Talon Starbucks Shuts Down

The Jean-Talon Market Starbucks store that thousands of people petitioned against has closed its doors.

Back in 2015, plans for a Starbucks on the corner of Casgrain and Jean-Talon aggravated Little Italy residents. A petition was launched, garnering over 9,000 signatures against the Seattle coffee giant’s planned location, calling it “a threat to the Little Italy landscape”.

Citizens behind the petition argued that the arrival of such a chain ran contrary to the mission of the large market, operated by Montreal’s public market authority (MPM).

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