ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 10 17:45

The Courage of Consistency

By James Walpole

The older I get, the more I realize how brave it is to show up and do the same thing week after week.

When I was younger, I had the impression that it was the pursuers of novelty and the unknown who were brave, and the “slaves of routine” were the ones who gave in to fear. Of course, this is often true.

But if a routine is challenging and important and worthwhile enough, things get flipped.

It doesn’t require all that much courage to flit to something new...

Apr 10 13:55

Smart Money Is Piling Into Oil

Apr 10 11:52

THE REAL QUESTION ABOUT THE DEBT CEILING!

Our story starts with Benjamin Franklin; self-made man, publisher, author, and inventor, who was world famous for his proof that lightning is just static electricity. He was the star celebrity of the world of his age and doors to the rich and powerful were always open to him, as having the eminent Franklin at ones social soiree was quite prestigious, even for a King! So it was inevitable that as the American colonies started to organize their own government, that Ben Franklin was appointed in 1757 as Pennsylvania ambassador to the Court of Saint James, then presided over by King George III.

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Apr 10 11:52

Awaken slaves! - How The Private Central Bank Ponzi Scheme Trapped And Destroyed America

Shortly after President Jackson (the only American President to actually pay off the National Debt) ended the Second Bank of the United States, there was an attempted assassination.

But I digress.

Faced with the possibility that a new Amendment to transfer money creation from the US Government to a privately owned bank might fail and fail badly, and with the name "Third Bank of the United States" already leading to opposition to the plan, the plotters did an end run around the Constitution, passing the Federal Reserve act over Christmas vacation when the members of Congress opposed to the bill would be away. The name of the new bank was then changed to "The Federal Reserve." But, it is a private bank, no more "Federal" than Federal Express. From that moment on all currency would enter circulation as a loan at interest.

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Apr 10 11:51

ALL WARS ARE BANKERS' WARS!

"The most hated sort [of moneymaking], and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural use of it. For money was intended to be used in exchange, but not to increase at interest. And this term usury which means the birth of money from money, is applied to the breeding of money, because the offspring resembles the parent. Wherefore of all modes of making money this is the most unnatural." -- Aristotle (384-322 BCE)

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Apr 10 11:51

The Fiction of Government Debt

Government debt is a fiction. The government ought to have sovereignty which includes the right to print a currency. Yet in America and in the modern world with the exception of Singapore the right to create money has been given to the bankers. We have had three Presidents who supported the right of the government to issue Treasury Notes instead of Federal Reserve Notes. Unfortunately for us, all three were killed by "lone assassins."

Let me begin by explaining what money is. Money is a commodity that measures the value of all other commodities and services. Prices are a ratio of money to all other goods for sale. If the ratio remains constant then there is no inflation. For example, if the money supply were one trillion dollars and production increased by 4%, then we could increase the money supply by 4% without fear of inflation.

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Apr 10 11:51

WHO'S RESPONSIBLE FOR THE NATIONAL DEBT?

Let us imagine for a moment that you go to a restaurant, and you place an order for a hamburger. The proprietor of the restaurant tells you the cost is $10 for the hamburger, and you pay $10 for the hamburger. You get your food. No problems. Well worth the money you paid for it. No complaints.
Then when you are done eating, the owner of the restaurant shows up at your table, apologizes profusely, explains that he underestimated the real cost of providing you with the hamburger he agreed to serve you and hands you a bill for an additional sum he had to borrow in order to provide the meal plus interest since the start of your meal. Do you pay it? Of course not. You, the customer, entered into a verbal contract with the proprietor of the restaurant to provide you with your meal at the price agreed to by all parties prior to the transaction.

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Apr 10 11:51

HOW YOU BECAME A SLAVE TO THE BANKERS!

In the good old days, after George Washington and the boys won the war to free us from the bank of England's predatory and impoverishing practices, they set up a "revolutionary" economic system. The government created and issued all the public currency, spending it into circulation to purchase what the government needed, then after the currency circulated through society to fuel commerce, was taxed back to the government to balance the books.

Simple!

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Apr 10 11:22

Run On Aramco Bonds Could Sideline IPO

Apr 10 10:07

Italian Gov’t Moves to Seize Reserves from Central Bank

Italy’s government is pushing ahead with new laws challenging the central bank’s control of the country’s reserves. Rome is calling for public ownership of the nation’s gold.

The ruling coalition of the anti-establishment 5-Star Movement and the League parties proposed two bills that have evoked nationwide controversy over the country’s long-standing financial and monetary system. One draft law may, reportedly, oblige the central bank’s owners to sell their shares to the Italian Treasury at prices from the 1930s, while the second law is set to declare Italian nationals to be the owners of the Bank of Italy’s reserves.

Apr 10 10:02

Icarus Warning

Apr 10 09:28

Gambling Nightmare: Casino Profits Collapse In Atlantic City

Alantic city has been hammered the hardest, with five of the city's 12 casinos closing their doors between 2014-16.

New data Monday from the New Jersey Division of Gaming Enforcement show profits collapsed by 15% in FY18, to $582 million, at a time when the city's gaming industry is contracting as two new casinos reopened, reported AP.

During the 40% reduction of the city's casinos between 2014-16, the market stabilized with less competition. However, the gaming commission made a disastrous mistake last June by allowing Ocean Resort Casino and Hard Rock to open new gaming facilities, which, once again, saturated the market - leading to a decline in gross operating profits for five of the seven casinos.

Apr 10 09:24

House Democrats Scrap Key Budget Vote As Progressives Revolt Within Party

A revolt among progressive Democrats forced House Democratic leaders to scrap a planned Wednesday vote to set the budget for spending this year - an "embarrassing outcome for leadership" as the Washington Post describes it.

The vote was canceled after progressive Democrats objected to top-line numbers, while demanding more money for non-defense spending.

At stake Tuesday was legislation setting overall federal spending levels for domestic and military programs that depend on annual congressional appropriations, including the Pentagon and agencies such as the Education and Health and Human Services departments that affect many Americans. (The bill would not set spending levels for programs like Medicare, Medicaid and Social Security that are funded automatically.)

Apr 10 08:40

DOCTOR WHO WAS PAID BY PURDUE TO PUSH OPIOIDS TO TESTIFY AGAINST DRUGMAKER

A doctor who led the charge for mass prescribing of opioids in the US, and was then paid by Purdue Pharma to help drive sales of OxyContin, is to testify against the drugmaker and other companies facing a raft of lawsuits over America’s opioid epidemic.

Dr Russell Portenoy, who many experts believe did more than any other specialist to erode longstanding caution within the medical profession over prescribing opioids because of addiction fears, has agreed to cooperate with lawyers for cities and counties suing drug makers, distributors and pharmacies in return for dropping legal actions against him.

Webmaster's Commentary: 

Many prescribing physicians do write prescriptions for medications which have NOT been legally released to deal with the kind of medical issues with which you are dealing; but they have been approved for "off book" uses under certain circumstances.

And for many MDs, this is a very simple way of "adding value" to their practice's receivables.

Apr 10 08:11

SINGAPORE GOVERNMENT PUSHES FAKE NEWS LAW WHICH WILL GIVE IT MORE OPTIONS TO SHUT DOWN CRITICS

Fake news laws aren't harmless. They don't protect the public. They're useless. And they lend themselves to censorship. Given these factors, it's tough to believe any of the proponents of fake news laws are proceeding in good faith but blinded by good intentions and fuzzy logic.

Anywhere they've been put in place, they've lead directly to governments taking action against political opponents, dissidents, and activists. Excuses are made about national security and protecting the public, but in the end, it's the public that ends up short on protection.

Singapore's new fake news bill is no exception. Legislators began pushing this bill last year, using their own fake news to claim the proposal had widespread support from the country's residents. The committee behind the legislation heavily editorialized the feedback it received at a public hearing, presenting a vocal opponent's comments as being supportive of instituting a fake news law.

Webmaster's Commentary: 

When legitimate, peaceful, and logical criticism are smothered, as they are going to be in Singapore, it is signalling to the world, that the censoring country is sliding toward fascism, at a very rapid "fall rate."

Apr 10 07:44

Business groups pressure Ireland to drop ban on Israeli settlement goods

Ireland’s elected representatives are coming under pressure from corporate lobbyists to drop a proposed ban on goods from Israel’s settlements in the occupied West Bank.

A briefing paper submitted to members of the Oireachtas – the Irish parliament – warns there may be a hostile response from the US if the Occupied Territories Bill becomes law.

The bill, which has already won approval from both houses in the Oireachtas, would outlaw imports if they were grown or manufactured on land seized by Israel during the June 1967 war.

The paper was written by Europe Economics and Optimity Advisors, two groups which lobby on behalf of major companies.

Apr 10 05:55

Palladium Investors Must Be Cautious

Apr 10 05:46

US-China trade war forces export powerhouse Taiwan to cut GDP forecasts

.Taiwan’s exports fell for the fifth straight month in March, with the country vulnerable to global demand shifts offshore

.Exports cover 77 per cent of Taiwan’s GDP, an estimated US$595 billion in 2019

Taiwan’s growth prospects are edging down, with the US-China trade war placing strain on the export powerhouse’s economy.

Sluggish global demand is adding to Taiwan’s poor trade performance, with exports falling 4.4 per cent in March, a fifth straight monthly decline.
Exports cover 77 per cent of Taiwan’s gross domestic product>>>

Apr 10 04:51

Iran surprises US, observers with spike in oil exports

Iranian exports of crude oil and condensate have surged to levels near before sanctions, surprising market observers and affording the country an important victory in a US “economic war” on Tehran.

>>>

US fines British bank $1.1bn over Iran transactions

Apr 09 19:24

Jim Grant – Hedging and hedge funds

Apr 09 17:41

Greens slam Otago oil exploration as 'bad news' for planet

The Green Party says the revelation an Austrian oil giant plans to drill off the Otago coast is "bad news" for the planet and shows last year's ban on new exploration needs to be strengthened.

It was revealed in the Otago Daily Times this morning Austrian oil giant OMV has unveiled one of the most ambitious gas and oil drilling programmes proposed in New Zealand.

It plans possibly three exploration and seven follow-up appraisal wells off Otago's coast in the Great South Basin.

Apr 09 17:38

Austrian oil giant unveils massive oil drilling plans for NZ

Austrian oil giant OMV has unveiled one of the most ambitious oil and gas drilling
programmes proposed in New Zealand.

It plans possibly three exploration and seven follow-up appraisal wells off Otago's coast in the Great South Basin (GSB).

The 10 oil and gas prospects are within a 100km-150km arc, southeast of Dunedin.

OMV has applied to the (NZ) Environmental Protection Authority (EPA) for a marine discharge consent to release contaminants to sea, the application being made public today.

Apr 09 14:24

Fear of Inflation & Sterilization

Apr 09 13:13

US trade deficit soars despite Trump tariffs

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US President Donald Trump has vowed to impose import tariffs on $11 billion worth of goods from the European Union after the World Trade Organization (WTO) ruled EU subsidies to Airbus caused “adverse effects” to the US.
Earlier this week, the US Trade Representative (USTR) said Washington was mulling tariffs on a wide range of European exports to the US, including large commercial aircraft and parts, as well as wine, cheese, and dairy products.

DONALD J. TRUMP

?@REALDONALDTRUMP

THE WORLD TRADE ORGANIZATION FINDS THAT THE EUROPEAN UNION SUBSIDIES TO AIRBUS HAS ADVERSELY IMPACTED THE UNITED STATES, WHICH WILL NOW PUT TARIFFS ON $11 BILLION OF EU PRODUCTS! THE EU HAS TAKEN ADVANTAGE OF THE U.S. ON TRADE FOR MANY YEARS. IT WILL SOON STOP!

The US threat has been sharply criticized by EU officials, who said the figure of $11 billion was “greatly exaggerated.” The bloc is reportedly weighing retaliatory measures against the US over Boeing subsidies. Airbus said it saw no legal basis for Washington’s move and warned of deepening transatlantic trade tensions.

>>>

Apr 09 12:59

WAL-MART IS ROLLING OUT THE ROBOTS AFTER RAISING MINIMUM WAGE

Offering yet another lesson in how raising the minimum wage can destroy jobs, particularly for the most poorly compensated workers whom activists had intended to help, the Wall Street Journal reported on Tuesday that Wal-Mart is deploying robots to carry out mundane tasks like mopping its floors and tracking inventory as it seeks to cut down on labor costs after raising wages last year, while also expanding into new services like grocery delivery.

Wal-Mart, which is the largest employer in the US, said at least 300 stores will introduce machines that scan shelves for out-of-stock products. Meanwhile, so-called "autonomous floor scrubbers" will be deployed in 1,500 stores, and conveyor belts that automatically scan and sort products as they are loaded off of trucks will more than double to 1,200. Another 900 stores will install 16-foot-high towers that will allow customers to pick up their online grocery orders without interacting with humans.

Webmaster's Commentary: 

This... is amazing technology; but what happens after humans have been let go, and there is no money to pay for goods and services they desperately need, because they are out of work ?!?

We must stop, as a nation, looking for short term solutions, which shackle us to the past, and look for intelligent, long-term solutions to issues like unemployment caused by the use of AI.

Apr 09 12:37

Japan's IHI finds 7,000 more cases of improper jet engine inspections

A scandal over improper maintenance work at jet-engine maker IHI Corp. deepened as the company said it has found over 7,000 cases of flawed engine inspections in the process of making engine parts during the two years through January.

The latest findings, which also affect parts supplied to Self-Defense Forces aircraft, raised the tally of improper inspections by the Tokyo-based company to over 13,000. IHI said Monday it has found no safety problems due to the improper checks.

IHI, a supplier of engines to Boeing Co. and Airbus S.A.S., is among a slew of Japanese manufacturers recently embroiled in scandals over improper quality controls on their products, including Nissan Motor Co. and Kobe Steel Ltd.

Apr 09 11:27

EUROPE EMBRACES CHINA’S BELT AND ROAD INITIATIVE

As a Technocracy, China is driven to create infrastructure and develop the global supply chain, both of which are central to its Belt and Road initiative. Europe is playing both sides of the fence with America on one hand, and China on the other. ? TN Editor

The multipolar transformation that is occurring across the Eurasian continent confirms the industrial and diplomatic cooperation between China and the European continent in spite of strong opposition from the United States.

Xi Jinping’s visit to Europe confirms what many of us have been writing about over the past few months and years, namely, the reality of an ongoing global transformation of a world dominated by the United States to a pluralistic one composed of different powers collectively shaping a multipolar world.

Apr 09 10:49

Shipping capacity of Russian Arctic sea route to top 80 million tons in five years

The Russian Minister of National Resources and Environment Dmitry Kobylkin said cargo shipping in Russia’s northernmost territorial waters will exceed 80 million tons as soon as 2024.

“We started with five million tons of cargo, and today we see shipments of up to 35 million tons. But the potential capacity is much bigger than this with positive dynamics guaranteed,” the minister said in his recent interview with Rossiyskaya Gazeta daily.

According to the official, the bulk of the cargo shipped through the Arctic route is currently implemented by the country’s mineral resources sector. Kobylkin urged the government to provide the Arctic with significant state investment.

Apr 09 10:34

A Guide to Efficient Banking

Apr 09 10:15

Russia Dumps U.S. Dollars and Buys Gold As “Safety Metal”

Vladimir Putin’s quest to break Russia’s reliance on the U.S. dollar has set off a literal gold rush. Within the span of a decade, the country quadrupled its bullion reserves, and 2018 marked the most ambitious year yet.

And the pace is keeping up so far this year. Data from the central bank show that holdings rose by 1 million ounces in February, the most since November.

Apr 09 10:14

Trump plans $11bn tariffs aimed at EU's aircraft, cheese and wine – as it happened

Brexit is a key risk facing the global economy, the IMF said, with forecasts of a severe recession for the UK if it leaves the EU without a deal.

However, the EU appears prepared to offer the UK a long extension of the Article 50 negotiation period until the end of 2019 in a bid precisely to avoid a no-deal Brexit, which the vast majority of economists think would be harmful for both the UK and the EU.

Meanwhile, US President Donald Trump earlier underscored the fears expressed by the IMF that the global trading order is under threat. His administration has unveiled a package of tariffs on cheese, wine, and planes which would hit goods worth more than $11bn if implemented.

Apr 09 08:43

How big is the global CLO market?

Apr 08 16:03

The Countries With the Most Oil Reserves

Apr 08 14:29

The Most Expensive Divorces in History

Apr 08 12:48

How to know a crisis has started?

Apr 08 10:21

IS THE EU RENEGING ON ITS COMMITMENT TO BANK BAIL-INS?

The European Commission on Friday struck a provisional agreement with the Italian government to reimburse some investors who bought shares in failed banks in an unprecedented move that would significantly soften EU rules on bank rescues. The agreement was welcomed by the Italian government and Bank of Italy which both argue that the European Union’s bail-in rules are damaging and virtually impossible to apply.

Those rules represent the central plank of the EU’s post-crisis banking reform. They came into law in the wake of Europe’s sovereign debt crisis and were designed to make sure that collapsing banks in Europe would in future be “resolved” with the funds of stockholders, bondholders and other investors, including account holders with deposits of more than €100,000 euros — instead of classic bailouts that raid directly or indirectly taxpayer funds. Public funds should only be used after unsecured creditors who can absorb the losses have been bailed in.

Apr 08 10:16

SocGen: Beware the Squeeze VIX

Apr 08 09:24

Saudis Threaten ‘Nuclear Option’ To Kill Petrodollar

Saudi Arabia threatened to use the “nuclear option” of undermining the petro-dollar if the U.S. moves forward with the NOPEC bill.

The U.S. Congress has been mulling legislation, known as the NOPEC bill, which would allow the Justice Department to take antitrust action against OPEC for manipulating the oil market. Specifically, the bill would remove sovereign immunity countries have from such action, allowing the U.S. government to sue. In theory, the law would prevent OPEC from coordinating production cuts.

It’s still unclear if the Congress will pass the bill, and it’s also not guaranteed that Trump will sign the bill if it reaches his desk. Moreover, even if he did sign it, it’s also not a done deal that the Justice Department would take punitive action.

Apr 08 09:17

Stacey Abrams Says Protecting Babies from Being Aborted Is ‘Bad for Business’

Speaking on Sunday on MSNBC’s “AM Joy,” Georgia’s Democratic 2018 gubernatorial candidate held nothing back about people who are pro-life — and declared that said her state’s fetal heartbeat bill is “evil.”

The bill, titled H.B. 481, seeks to limit abortions to the first six weeks of pregnancy unless the pregnancy was conceived by rape or incest. Georgia’s current law allows abortions to be performed up to 20 weeks. State lawmakers passed the fetal heartbeat bill at the end of March. Republican Gov. Brian Kemp (shown above right), who campaigned on the issue, has until May 12 to sign it into law.

Apr 08 08:59

1929 Deja Vu? Mother of all charts....

Apr 08 08:25

TO HELL AND BACK

Terrence Popp is quite a character.

If you watch his Redonkulas episodes over on YouTube regularly (which I do), then you will see that he comes across as something of a roaring asshole. He is very sarcastic, very blunt, doesn't give a damn about your feelings, and takes absolutely no prisoners while he breaks down the stupidities and insanities of our modern world using maths and logic.

He has no patience whatsoever for idiots, fatties, losers, and especially feminists. (Lord, forgive me my redundancies.) And if you judge Popp purely by what you see on his YouTube channel, you will get a rather skewed and deeply inaccurate picture of the man.

Apr 08 08:03

State of decay: US inmates sue jail over mold, mice & maggots falling on dining tables

The sorry state of a California prison, with mice falling on dining tables and mold growths covering the walls, has prompted inmates to sue the management. Lawyers say it is part of a systemic infrastructure decay problem.

A filed in a California court describes the stomach-churning details of life in the Substance Abuse Treatment Facility and State Prison in the city of Corcoran. The prisoners incarcerated at the facility have continually seen maggots and even mice falling from the crumbling ceiling right onto the tables in their dining hall.

Through the holes in the deteriorating roof rainwater and bird droppings seep through the crumbling ceiling and streak the walls. The constant humidity has allowed mold to spawn across the prison walls, according to Robert Escareno, an inmate who filed the California lawsuit.

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