ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Dec 05 08:00

Russia-China bond market play could kick-start new dollarless financial system

The Moscow stock exchange will soon issue nearly $1 billion-worth of yuan-denominated bonds. It could become the start of a new financial system not based on the US dollar, analysts say.

Russia will issue the 6 billion yuan (about $900 million) bonds with a five-year maturity in December or January. The Central Bank says it is testing the water for future investments.

Webmaster's Commentary: 

"Nuke em! Nuke em! Nuke em!!!" -- Official White Horse Souse

Dec 05 07:39

Bailins Coming In EU – 114 Italian Banks Have NP Loans Exceeding Tangible Assets

Another week and another unjustifiable move by the ECB to ‘protect’ the EU’s banking system. This time it is the decision to toughen bad-loan rules for euro-area banks.

The rules state that banks must be held to firm deadlines for writing down loans that turn sour. Banks will be required to provision fully for loans that turn sour from the start 2018.

This is particularly bad news for Italy. The country has over €318 billion of bad loans. Should the banks be forced to dispose of these non-performing loans too quickly then a financial disaster could be triggered, derailing any form of recovery

This is a step too far for Italy’s bankers who argued the ECB had overstepped its supervisory role, instead enforcing measures that should only be enforced by lawmakers.

Dec 05 07:32

Microsoft Plunges Most In 18 Months As Tech Wreck Escalates

Microsoft is down almost 4% - the biggest drop since June 2016 - filling the gap from earnigs as the entire tech space is coming under serious pressure in this low-high tax rotation.

Webmaster's Commentary: 

Not to mention Microsoft's poor quality products have resulted in users looking for alternatives to get their work done (as we recently did when we dropped using Skype for the radio show).

Dec 05 07:30

China's Central Bank Warns "Bitcoin Will Die" - Here's How

On the heels of a weekend full of threats and promises from governments, bankers, and the mainstream media, Bitcoin was lambasted once again overnight, this time by The People's Bank of China.

For a brief 6 months or so, China was the dominant region for Bitcoin in the world, but then - as capital flows accelerated - the government and central bank began to 'crackdown' on crypto, first by banning ICOs and then shutting down local exchanges. Volume disappeared...

Dec 05 07:25

SEC Wins Injunction Against ICO Organized By Financial Fraudster

The Securities and Exchange Commission is stepping up its long-overdue crackdown on shady initial coin offerings that are churning out suckers at a record clip with one simple promise: Invest in our coin and you, too, can receive an astronomical IRR just like your savvy cousin who bought a handful of bitcoins back in 2011 and decided to hold on for dear life.

In an enforcement action that, as far as we can tell, is the first of its kind anywhere, the SEC just won an emergency asset freeze to stop an initial coin offering that the agency said has defrauded investors by promising a 13-fold profit in less than a month.

Dec 05 07:05

McCall, Fallin Trade Barbs Over Medicaid Cuts

House Speaker Charles McCall and Governor Fallin are bickering over her recent veto of the budget created during the special session. McCall is blaming the veto for Medicaid provider cuts. The Oklahoma Health Care Authority approved the cuts on Friday.

“The bill the governor vetoed would have stabilized the Health Care Authority’s budget until a more sustainable solution could be reached during the upcoming legislative session or a later special session. The plan wasn’t perfect, but it provided funding for those health agencies and programs most affected by the loss of revenue from the cigarette fee. We understand the affect that provider cuts have on access to care, particularly in rural areas of the state. If the governor had signed the budget agreement, those cuts to provider rates and any potential cuts to other healthcare services in the coming months would have been avoided,” said McCall.

Dec 04 19:19

In case you missed Bitcoin’s epic rise…

Dec 04 18:34

Italy panic as Brexit will see €42 BILLION in funding to country disappear

ITALY could lose €42billion in European Union funding in the wake of Brexit as the UK is expected to leave a gaping black hole in the bloc’s budget.

The EU will deal with the Brexit budget deficit after 2020 with cuts to regions in Northern Italy that are currently dependent on EU funding.

The president of Tuscany has penned a panicked article as regions across the bloc grapple with a forthcoming €70billion budget deficit after Britain’s EU contributions stop.

Two alternate EU plans foretell very different futures – one says resources will be maintained at current levels while another predicts cuts of 15-30 per cent.

If the cuts are implemented, Tuscany stands to lose €1.5billion in the first EU budget after Britain quits the bloc.

Dec 04 16:17

Stock Market 2018: The Tao Vs. Central Banks

Dec 04 10:11

After Steinle verdict, rep unveils bill to imprison officials who shelter illegal immigrants

There is already a law on the books. In the case of a death, the penalty is life. Indict SF officials and put them on trial for a life sentence!

https://www.law.cornell.edu/uscode/text/8/1324
Try enforcing this law. Governmental officials can be indicted now for harboring illegal aliens.

EXCLUSIVE – A Republican congressman plans to introduce a bill Monday that would threaten huge fines and prison time for elected officials accused of sheltering illegal immigrant criminals from deportation, in the wake of the not-guilty verdict in the Kate Steinle murder trial.

Dec 04 10:10

SELL CRYPTOS – BUY GOLD

Dec 04 09:40

US moves to criminalize non-disclosure of virtual currency ownership

The US Senate is reportedly considering a bill to outlaw the concealment of ownership of digital currency accounts by American citizens domestically and abroad.

The Senate Judiciary Committee says existing anti-money laundering (AML) laws need to be modernized.

The bill will amend the definition of ‘financial account’ and ‘financial institution’ to include cryptocurrencies and digital exchanges.

Experts warn that if the law is passed, it will likely have far-reaching effects for digital currencies’ users both in the US and abroad.

Dec 04 09:22

Enter the 'petro': Venezuela to launch oil-backed cryptocurrency

Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy.

The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!”

“Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing.

The petro, he said, would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

Dec 04 07:44

Grassley: No Tax Cuts For Working People Because They Blow Them On ‘Booze Or Women’

Iowa Senator Chuck Grassley decided to shove his foot so far down his throat, he may need a visit to a gastroenterologist to remove it fully. During an interview with the Des Moines Register, Grassley actually said that rich folks who "invest" are more deserving of tax cuts because they don't waste money on things...like, you know, food and housing and childcare.

His exact quote:

“I think not having the estate tax recognizes the people that are investing,” Grassley said, “as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.”

Rich folks don't waste money on those things. They save it for cocaine and hookers, don’t they? That claim is at least as valid as Grassley’s.

Grassley's despicable and condescending attitude sums up the viewpoint of the Republican party. Average, hard working Americans don't deserve tax breaks. Ever. It's all about the donor class. And the billionaires.

Dec 04 07:42

UK government warned over sharp rise in child and pensioner poverty

Almost 400,000 more UK children and 300,000 more pensioners plunged into poverty in past four years, new study finds

Webmaster's Commentary: 

But plenty of money for the migrants, right?

Dec 03 08:47

IN MAJOR VICTORY FOR TRUMP, SENATE PASSES TAX-CUT BILL WHICH NOBODY READ: HERE'S WHAT'S IN IT

Shortly before 2am on Saturday, the Senate passed "the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans" handing Republicans a badly needed legislative and political victory. Senators voted across party lines in a 51-49 vote, ending days of debate and "hand wringing" as leadership worked frantically behind the scenes to win over holdouts and get the proposal in line with the chamber’s rules.

Dec 03 08:40

San Diego opens giant tent to house 350 homeless people to help contain a hepatitis A outbreak that has killed 20

San Diego on Friday opened the first of three industrial-sized tents to house the homeless as part of the city's efforts to contain a hepatitis outbreak stemming from the deplorable conditions people were living in on the streets.
About 20 people made their way to a bunk bed Friday in the tent that will house 350 single men and women.

Two other giant tents will open later this month - one for families and one for veterans. The tents will house a total of 700 people.

The city turned to tents to get people off the streets and contain a hepatitis A outbreak that has killed 20 people in the past year, marking the worst epidemic of its kind in the US in 20 years. The virus lives in feces.

'There's going to be a marked different in what we see on the streets today and what we see at this time next year,' said Bob McElroy of the Alpha Project, the nonprofit group that will operate the tent that opened Friday.

Webmaster's Commentary: 

This is way too little, and way too late; I am very concerned that even this desperate measure by the city of San Diego, is not going to stem this outbreak significantly.

Dec 03 08:24

Amnesty seeks criminal inquiry into Shell over alleged complicity in murder and torture in Nigeria

A review of thousands of internal company documents and witness statements published on Tuesday points to the Anglo-Dutch organisation’s alleged involvement in the brutal campaign to silence protesters in the oil-producing Ogoniland region in the 1990s.

Amnesty is urging the UK, Nigeria and the Netherlands to consider a criminal case against Shell in light of evidence it claims amounts to “complicity in murder, rape and torture” – allegations Shell strongly denies.

Shell stopped operations in Ogoniland in early 1993 citing security concerns but “subsequently sought ways to re-enter the region and end the protests by the Movement for the Survival of the Ogoni People, Mosop”, claims Amnesty.

On 30 April the same year troops guarding Shell’s contractors opened fire on protesters injuring 11 people, and a man was fatally shot at Nonwa village in a separate incident several days later.

Webmaster's Commentary: 

"Hey, outsourced murder, rape, and torture are all in a day's work for any major corporation,in the process expropriating resources to which it has no moral right, and for which the local population gets no recompense whatsoever!" - Official Shell Souse.

Dec 03 06:59

Carmageddon for Tesla

Dec 02 13:11

Crude Oil Pushing $60 a Barrel: More to Come?

Dec 02 11:22

Paul Craig Roberts: "Can't You See War On The Horizon?"

According to news reports in the British press, Russian President Vladimir Putin has instructed Russia’s industries to prepare themselves to be able to make a quick switch to war production.

Clearly, the Russian government would not make such an announcement unless it was convinced that the prospect of war with the West was real.

For some time I have emphasized in my columns that the consequence of years of hostile actions taken by Washington and its European vassals against Russia was leading to war.

It is easy to understand that the massive US military/security complex needs a convincing enemy in order to justify its enormous budget, that the crazed neoconservatives put their fantasy ideology of US world hegemony above the life of the planet, and that Hillary and the Democratic National Committee will do anything to overturn Trump’s presidential victory.

Webmaster's Commentary: 

The short answer to the question posited by Paul Craig Roberts in this article is, HELL, yes!!

And I know I sound like a chipped CD on this but please, now is the time to prepare, if you haven't done so already. Storable food, potable water, and extra meds for yourselves and your pets. Have a way of protecting what you have stored with which you feel comfortable.

Dec 02 10:53

You're Just Not Prepared For What's Coming

I hate to break it to you, but chances are you're just not prepared for what’s coming. Not even close.

Don't take it personally. I'm simply playing the odds.

After spending more than a decade warning people all over the world about the futility of pursuing infinite exponential economic growth on a finite planet, I can tell you this: very few are even aware of the nature of our predicament.

An even smaller subset is either physically or financially ready for the sort of future barreling down on us. Even fewer are mentally prepared for it.

And make no mistake: it's the mental and emotional preparation that matters the most. If you can't cope with adversity and uncertainty, you're going to be toast in the coming years.

Dec 02 10:30

TRUST THE FED

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