ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 18 14:36

Are Investors Getting Too Bulled Up?

One indicator of investor sentiment just recorded its highest reading in history.

Jul 18 14:32

Foreigners snap up record number of US homes

Jul 18 14:23

People Buy Payments & Why Rates Can’t Rise

Jul 18 14:22

Has the time come to move to a single-payer health-care plan?

As the health care debate proceeds, the thing that strikes me most is the complexity of our current system. Obamacare is clearly a compromise — suggested originally by the Heritage Foundation — that builds on our existing employer-based system and Medicaid. It can, and does, work in states that support it, but can fall apart otherwise. And the recent proposals in the House and Senate bills will create enormous hardship for millions of people.

Jul 18 13:56

The Credit Cycle Has Shifted, The Last Time We Saw This You Know What Happened

Canadian existing home sales crash in June. Sear Canada pays out huge bonuses while laying off workers. Millennials are leaving Illinois in droves. Auto defaults soar and so do delinquencies.

Jul 18 13:43

$2-Billion Private Equity Fund Collapses to almost Zero

Worst PE-fund collapse ever. The oil bust just keeps on giving.

Jul 18 13:35

Auto Defaults Are Soaring

Jul 18 12:31

Gold Hits 3-Wk High Amid Eroding US Dollar, Trump Troubles

Gold prices were ending the U.S. day session moderately higher and hit a three-week high Tuesday. A solidly lower U.S. dollar index that hit a 10-month low is supporting the precious metals markets. A major defeat for U.S. President Trump on health care reform also helped out the safe-haven gold market today. August Comex gold was last up $7.90 an ounce at $1,241.60. September Comex silver was last up $0.156 at $16.26 an ounce.

The Trump administration was dealt another major blow Tuesday when Republican lawmakers pulled from consideration their latest health care reform package, due to lack of support to pass the measure. The health care reform failure calls into serious question the success of any other big initiatives Trump has promised to push through Congress.

Jul 18 12:20

WATCH: APPLEBEE'S CEO GOES ON FOX NEWS, MAKES ASTONISHING ANNOUNCEMENT ABOUT THE COMPANY

The CEO of Apple-Metro Inc., a company that operates about 40 Applebee’s restaurants in the New York metropolitan area, went on FOX and said he’s been forced to cut at at least 1,000 servers in the past year as a result of New York’s recent minimum wage hike.

Jul 18 12:15

1984 At The Grocery Store

Wall Street analysts tell us that Amazon’s $14 billion buyout of Whole Foods isn’t only a win-win for both of them, but also for consumers, for Amazon intends to lower the organic grocer’s prices.

Jul 18 11:58

Alaska credit rating downgraded for 2nd time in a week

Credit rating agency Standard & Poor's lowered Alaska's credit rating on Tuesday and said the state's reliance on financial reserves to fund its budget cannot continue.

S&P Global Ratings dropped Alaska's general obligation debt rating from AA+ to AA, with a negative outlook. This is just the latest in bad credit rating news for Alaska. Its rating has been sliding since last year.

Another top rating agency, Moody's Investors Service, also downgraded Alaska less than a week ago.

Jul 18 10:14

European Parliament Votes to Allow EU Aid to Be Spent on Third World Militaries

The proposal to change the so-called Instrument contributing to Stability and Peace (IcSP) — an EU fund worth US$2.62 billion (€2.3 billion), charged with disbursing money for peace-building activities in conflict-ridden developing countries is avowedly part of the European Commission's "capacity building in support of security and development" initiative.

The proposals have been engulfed in legal controversy since their launch by the Commission in 2016. While the European Commission claims the move would strengthen the EU's ability to shore up state institutions in countries whose development has been hindered by violence, critics claim it's a covert attempt to divert financial resources away from traditional aid projects, to the EU's increasingly embattled military operations in sub-Saharan Africa.

Webmaster's Commentary: 

I absolutely side with the critics on this one.

Africa is one of the most resource-rich, relatively unexploited continents on the face of this earth; therefore, Europe, just as does the US and China, wants to expropriate those resources, to which it has absolutely no moral right; make sure the regimes in these countries are Western-centric; and that these resources are only sold to specific countries, and only sold in Euros.

These European military operations in sub-Saharan Africa get little or no press here in the States; they should.

Jul 18 10:11

WALMART JUST MADE SOME CHANGES DEMS ARE GOING TO HATE, THIS WILL SHAKE UP THE WAY YOU SHOP FOREVER!

Previously we reported on a robot burger flipper replacing line cooks in California. Now Walmart is replacing registers with a monolithic tower in Tulsa. Zach Ferguson for Western Journalism reports, Small-time grocery store-turned-mega-chain Walmart is rolling out massive self-serving kiosks that obtain customers’ online orders.

Jul 18 09:51

Student loan tsunami on the horizon:  Of $847 billion in Direct Loan program, only $535 billion is actually being paid back at the moment. 

The amount of student debt continues to grow like a skyscraper reaching for the clouds. There seems to be an unlimited amount of student debt that college students are willing to take. As of today, there is $1.44 trillion in student debt outstanding. But how much of this is being actively serviced? After all, if you take out a mortgage or auto loan you start paying on it right off the bat. You will be surprised at the small amount of student debt that is actually being paid back at the moment. Young Americans that are already cash strapped are going to get even more budget tightening once they graduate and need to pay back the large amounts of loans they have taken on.

Jul 18 09:29

Trump administration outlines negotiating priorities for NAFTA

The United States on Monday said reducing its trade deficits is a top priority for revamping the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

The Trump administration sent Congress its required NAFTA objectives saying the aim is to
improve market access for U.S. manufacturing, agriculture and services in the three-nation deal.

U.S. Trade Representative Robert Lighthizer said an updated agreement will include a digital economy chapter and will fold labor and environment obligations, which have remained outside the main agreement, into a final deal.
Lighthizer said the U.S. will work to eliminate "unfair subsidies, market-distorting practices by state-owned enterprises" and will improve intellectual property protections.

"Too many Americans have been hurt by closed factories, exported jobs and broken political promises," Lighthizer said in a statement. "Under President Trump’s leadership, USTR will negotiate a fair deal."

Webmaster's Commentary: 

These all seem to be reasonable goals, in relationship to the American economy, and American business.

Jul 18 09:28

White House Lays Out Nafta Renegotiating Strategy

The US today released a 17-page outline of a "tough negotiating strategy" to revise the 1994 North American Free Trade Agreement, meant to reduce trade imbalances with Mexico and Canada and boost exports of everything from farm goods to financial services while for the first time saying it would seek to deter currency manipulation by trading partners. The outline comes in advance of preparations to kick off heated negotiations to revamp Nafta.

Jul 18 08:55

2 more GOP senators oppose health bill, killing it for now

The latest GOP effort to repeal and replace "Obamacare" was fatally wounded in the Senate Monday night when two more Republican senators announced their opposition to legislation strongly backed by President Donald Trump.

The announcements from Sens. Mike Lee of Utah and Jerry Moran of Kansas left the Republican Party's long-promised efforts to get rid of President Barack Obama's health care legislation reeling. Next steps, if any, were not immediately clear.

Lee and Moran both said they could not support Majority Leader Mitch McConnell's legislation in its current form. They joined GOP Sens. Susan Collins of Maine and Rand Paul of Kentucky, both of whom announced their opposition right after McConnell released the bill last Thursday.

Webmaster's Commentary: 

Jul 18 08:53

Old West-style land war in Colorado Rockies pits ranch widow against oil company

Ranch widow Susan Robinson is battling a ConocoPhillips subsidiary over rights to land her family has grazed for 100 years

Jul 18 08:49

BANK OF ITALY WARNS AGAINST CREATING YOUR OWN CURRENCY

Because the top cryptocurrencies, Bitcoin and Ethereum are open source, any one can create their own cryptocurrencies. While the proliferation of cryptocurrencies has central banks concerened, another more insidious and perhaps greater threat to central banks’ monopoly on money creation is the issuance of scriptural euros by citizens.

What are Scriptural Euros?

Scriptural Euros are Euros issued by citizens under a “theory of the autonomous creation of scriptural currency” based on the idea of collective property of money that affirms the right of every citizen to autonomously create “scriptural” money (Euros) via their own accounting records. The thoery of autonomous creation of scriptural currency holds that just as banks can conjure debt based money out of thin air, so can citizens. Money thus created by citizens can then be used to extinguish their own debts.

Webmaster's Commentary: 

Citizens are starting to think that if the banks can create money out of thin air, why can't the citizens?

Jul 18 08:35

Eurozone on the ROCKS: Inflation PLUNGES further as ECB scrambles to save EU economy

EUROZONE inflation remains below target in an embarrassing development for the European Central Bank (ECB) which has pulled out all of the stops to kick the EU's economy into action.

Despite desperate efforts by policymakers to raise inflation, it came in at just 1.3 per cent in June, the European Commission this week confirmed.

The ECB has slashed interest rates below zero and injects billions into the eurozone every month in the hope of lifting the economy.

Yet inflation continues to disappoint, with stagnant prices taken as a sign of weak consumer demand.

Jul 18 08:34

How Fiscally Healthy Is Your State?

Jul 18 08:25

How 1,000s Of Student Loans Worth Billions Are Getting Erased On A Technicality

Now, ordinarily when a student defaults on their loan, NCF simply files a lawsuit in local or state court as a means for negotiating a settlement or payment plan with the borrower. Often times, NCF wins these cases automatically as the borrowers don't even bother to show up for their court date. In cases like that, NCF can use their court victory to garnish wages and/or federal benefits from entitlement programs like Social Security which can haunt borrowers for decades (we actually wrote about it here: Baby Boomers Increasingly Having Social Security Checks Garnished To Cover Student Loan Payments).

That said, NCF is increasingly finding that, much like the subprime mortgage debacle from 10 years ago, student lending institutions apparently had a really hard time keeping tracking of paperwork over the years and/or processed deeply flawed contracts with incomplete ownership records and mass-produced documentation (who can forget that whole robo-signing catastrophe).

Jul 18 08:13

Central Bankers Are Always Wrong

The global dollar-based monetary system is in serious jeopardy, according to former Texas Congressman Ron Paul. And contrary to Fed Chairwoman Janet Yellen’s assurances that there won’t be another major crisis in our lifetime, the next economy-cratering fiat-currency crash could happen as soon as next month, Paul said during an interview with Josh Sigurdson of World Alternative media.

Jul 18 08:03

ECB to carry out investigation of Deutsche Bank's two largest shareholders - reports

EUROPE'S top banking regulator, the European Central Bank (ECB), is considering carrying out a special assessment of Deutsche Bank's two largest shareholders, a German paper reported on Sunday, citing regulatory sources.

Jul 18 07:40

The False Economic Recovery Narrative Will Die In 2017

Yes, the narrative of the “new normal” has been around for so long now that many people have simply grown used to it. The assumption is that the fiscal “new normal” has become the fiscal “normal,” and though the fundamentals continue to strain under the weight of poor global demand and historic debt levitated by extraneous fiat stimulus, the masses feel far less fear than is warranted. Hey, why should they? We’ve managed around eight years skating on thin ice, why shouldn’t we expect eight more years of the same?

The banking elites have done the job they set out to do, which was to drive the economy to the very edge of the financial cliff, and then keep it suspended there until the general public became comfortable living next door to the abyss.

Jul 18 07:26

Bloomberg Silver Price Survey – Median 12 Month Forecast Of $20

In a Bloomberg survey of 13 traders and analysts, the majority were bullish. 11 people said silver prices would rise and two predicted declines.

Jul 18 04:58

INDIA: CASHLESS TRANSACTIONS A THING OF PAST IN AP

Cashless transactions are fast becoming a thing of the past. People are reluctant to use cashless facilities, which has made the government’s much-hyped campaign a failed episode.

Jul 17 15:52

Central Bankers Are Always Wrong

The global dollar-based monetary system is in serious jeopardy, according to former Texas Congressman Ron Paul. And contrary to Fed Chairwoman Janet Yellen’s assurances that there won’t be another major crisis in our lifetime, the next economy-cratering fiat-currency crash could happen as soon as next month, Paul said during an interview with Josh Sigurdson of World Alternative media.

Jul 17 15:38

$10bn cryptocurrency devaluation in 24 hours, Bitcoin hit hard

Cryptocurrency investors have suffered heavy losses following a dramatic drop in the price of Bitcoin and Ethereum in recent days.

Bitcoin fell to around $1,863 and Ethereum to around $133 over the weekend – 38 percent and 67 percent off their all-time high respectively. Bitcoin, in particular, suffered heavy losses since hitting a high of $3,018 on June 12.

By Monday, Bitcoin had recovered slightly to $2,129 while Ethereum also rose to $176.

Jul 17 15:35

Cashless Society Alert: Visa Will Be Giving Up To $500,000 To Restaurants That Go ‘100% Cashless’

The push toward a cashless society is becoming more of a shove.  Before today I had never heard of “The Visa Cashless Challenge”, but after reading about it I have to say that I am quite alarmed. 

Jul 17 14:01

Big Military Spending Boost Threatens Our Economy and Security

On Friday the House overwhelmingly approved a massive increase in military spending, passing a $696 billion National Defense Authorization bill for 2018. President Trump’s request already included a huge fifty or so billion dollar spending increase, but the Republican-led House found even that to be far too small. They added another $30 billion to the bill for good measure. Even President Trump, in his official statement, expressed some concern over spending in the House-passed bill.

Jul 17 13:53

PENTAGON STUDY DECLARES AMERICAN EMPIRE IS ‘COLLAPSING’

In the first of a series, we report on stunning new evidence that the U.S. Department of Defense is waking up to the collapse of American primacy, and the rapid unraveling of the international order created by U.S. power after the Second World War. But the Pentagon’s emerging vision of what comes next hardly inspires confidence. We breakdown both the insights and cognitive flaws in this vision. In future pieces we will ask the questions: What is really driving the end of the American empire? And based on that more accurate diagnosis of the problem, what is the real solution?

Jul 17 13:52

The Pension Collapse Is Starting in Illinois

After degrading for decades, America’s public pension system is finally at its breaking point, and the first shoe is about to drop in Illinois. Is this the beginning of the end?

Jul 17 12:01

1984 At The Grocery Store

Wall Street analysts tell us that Amazon’s $14 billion buyout of Whole Foods isn’t only a win-win for both of them, but also for consumers, for Amazon intends to lower the organic grocer’s prices.

Jul 17 11:57

The Korean Matrix

The Defense Ministry in Seoul proposed to talk at the border village of Panmunjom, while the Red Cross proposed separate talks to discuss family reunions.

South Korea Proposes Military Talks with North Korea For Later This Month
So South Korean President Moon Jae-in has made up his mind — after his inauguration on May 10 and Pyongyang's ICBM test on July 3.

All this is happening just as what Seoul really wants is to do business — in a Korean variant of the China-driven New Silk Roads, renamed Belt and Road Initiative (BRI). Seoul wants to build a Trans-Korean Railway, and go even beyond, connecting it with the Trans-Siberian and, what else, the Chinese-built Eurasian land bridge. That happens to be the so-called Iron Silk Road concept, which South Korea has been dreaming about since an Asia-Europe Meeting (ASEM) summit in 2004.

Jul 17 11:44

Auto Defaults Soar On The Back Of "Hasty Loans And, At Times, Outright Fraud"

n the years after its 2009 bankruptcy, Chrysler looked for a dedicated lender to help customers "finance their cars quickly"...which was code for a lender who could help the struggling OEM expand their market share by making extremely risky loans to subprime borrowers all while laying off the credit risk to unsuspecting pension funds. As such, Chrysler ultimately picked Santander due to its expertise in “automated decisioning”...which was code for the ability to advance credit without actually performing income verification tests on borrowers.

For a time, Chrysler and Santander enjoyed a perfect symbiotic relationship as it offered Santander an opportunity to aggressively expand in the U.S. subprime loan market, and Chrysler, the perennial third wheel among the “Big Three,” was able to target customers that were previously deemed untouchable by lenders. Of course, as Bloomberg points out today, the problems surfaced almost from the start.

Webmaster's Commentary: 

Absoflippinglutely unbelievable!!

Jul 17 10:55

How Dumb Is The Fed?

Jul 17 10:39

Mass Unemployment Will Start Around 2025

Jul 17 10:19

The Biggest Issue of our Time

Great civilizations don't die from murder, they die from suicide.

Longtime Steyn readers will be familiar with the demographic thesis of his 2006 international bestseller America Alone: The End of the World as We Know It. Almost the entire developed world is mired in deathbed demography from which no functioning society has ever recovered.

Mark's book was a big success a decade ago. But it is a melancholy fact that most people in the western world remain entirely unaware of this remorseless arithmetic or its likely consequences. So this brand new SteynPost is a kind of primer on demographic trends, and where they lead.

Jul 17 09:54

Congress needs to raise the debt ceiling or risk a constitutional crisis. Here’s why.

The U.S. Treasury Department is quickly approaching the debt ceiling and lawmakers will have to move fast to raise it before it's too late.

Republicans in both the House and the Senate have repeatedly listed raised the debt ceiling as one of their many reasons for opting to work through their August recess and members of the Trump administration have urged Congress to do so before the summer break.

Currently, the U.S. debt is over $19 trillion. So what happens if we go over the debt ceiling? It would put the U.S. Treasury Department in a very sticky situation.

The U.S. Treasury still has to pay the bills, whether we hit the debt ceiling or not, but the problem if we do reach the debt limit is that now the Treasurer will have to essentially write checks illegally, taking on new debt in order to pay for things like pensions for retired federal employees against the rules set by Congress.

Webmaster's Commentary: 

I wish someone in DC understood that this debt is absolutely unpayable; if individual, responsible families in this country can live within their means, without going into major debt, this government needs to do that also.

Jul 17 09:53

Earth’s Economy Glorifies Waste, Exploitation, Debt, Expediency and Magical Thinking

Humanity appears to default to magical thinking when faced with untenable situations that demand systemic change.

How would extraterrestrial anthropologists characterize Earth’s dominant socio-economic system? It’s not difficult to imagine their dismaying report:

“Earth’s economy glorifies waste. Its economists rejoice when a product is disposed as waste and replaced with a new product. This waste is perversely labeled ‘growth.’

The stripping of the planet’s oceans for a few favored species of edible fish is also considered ‘growth’ as the process of destroying the ocean ecosystem generates sales of the desired seafood.

Even more perversely, the resulting shortages are also causes of rejoicing by the planet’s elites, as their ability to purchase the now-scarce resources boosts their social status and grandiose sense of self-worth.

This glorification of waste is the same dynamic that destroyed the civilization on Zork.

Jul 17 09:00

Tech may replace half all low-skilled jobs in the U.S.

Ball State University sits in Muncie, Indiana, at the heart the "Rust Belt," so educators there have the right to be pessimistic about the drift of the U.S. economy. But a report by the school's Center for Business and Economic Research goes even further.

"We found a toxic brew," said CBER Director Michael Hicks. "Automation is likely to replace half of all low-skilled jobs, and roughly one in four of all American jobs are at risk from foreign competition in coming years."

This is happening right on Hicks's doorstep. While the nation's most vulnerable area is the Aleutian Islands, some of the hardest hit places are likely to be Midwestern counties only 15 minutes from his office.

Webmaster's Commentary: 

What kills me about the US education system, is that we are generally not training kids in high school and college for the evolution/revolution in technology which is going to change how we define work forever, into the future; that has to change, if the US is going to remain economically competitive.

Jul 17 08:47

While homelessness surges in Disneyland's shadow, Anaheim removes bus benches

Sweat rolled down Ron Jackson’s face as he pondered, as he does every day just steps from “the Happiest Place on Earth,” where he would sleep.

The homeless man’s hangout in Anaheim had until recently been a grimy bus bench across the street from Disneyland.

Then, one day, the benches around the amusement park — including his regular spot outside of a 7-Eleven at Harbor Boulevard and Katella Avenue — disappeared.

Soon, people were competing for pavement.

Jul 17 08:40

The Economic System Has Failed,The Fed Will Hide It All By Pushing Markets Higher

Many of the EU countries are at the point where more and more people are falling into poverty. The stats don't add up, unemployment decreases and retail sales decreases and the restaurant industry declines rapidly.

Jul 17 08:25

BREAKING: Corrupt Chinese Billionaire Spy Wants to Buy Over One Billion Pounds of American Copper

Chinese intelligence-connected billionaire James Riady wants to purchase an enormous copper mine to corner the market for China despite being banned from the United States in 2001.

The Chinese are colonizing Africa but rapidly running out of copper deposits to mine in stable areas. “No matter where the project is, Chinese investors are coming for it,” and as China’s appetite dramatically outpaces its domestic supply and as Chinese investors chase after other countries’ resources, that includes America.

Jul 17 08:17

Royal Mint executive earning £123,000 salary 'claimed £45,000 on expenses including 45p pack of tissues'

An executive at the government-owned Royal Mint reportedly billed the taxpayer for a 45p packet of tissues as he clocked up £45,000 in expenses in a year.

Director of bullion Chris Howard also claimed for a 50p packet of chewing gum and a £1.50 bottle of water despite earning £123,000 a year, according to the Sunday Times.

Jul 17 07:57

Microsoft cuts off Windows 10 support early for some PCs

An entire generation of PCs, most only three or four years old, are now unable to receive new feature updates to Windows 10. If Microsoft doesn't deliver a patch within the next six to nine months, those PCs could be cut off from security fixes.

Jul 17 07:26

The Only Way OPEC Can Kill U.S. Shale

One commodity analyst got it right: the OPEC cuts would not work. After November last year when the oil cartel announced its agreement with Russia and 11 other producers to curb production in a bid to prop up prices, the overwhelming mood was optimistic. The main worries were that some members would cheat and that U.S. shale may prove to be more resilient than previously believed.

That’s exactly what happened.

Jul 16 19:05

What the Headlines Got Wrong about Friday’s Data Dump

As if they’re trying to force the Fed to change course.

Jul 16 15:01

Nevada Declares State Of Emergency Over Weed Shortages

By Aaron Kesel

Nevada’s Governor Brian Sandoval declared a state of emergency over recreational marijuana regulations after the Nevada Tax Commission reported a shortage of medical weed in its many stores.

The Nevada Tax Commission stated that it will consider implementing emergency regulations on July 13 to provide a stronger structure for marijuana distribution to retailers. These new regulations would also allow for liquor wholesalers to get into the marijuana business...

Jul 16 14:02

Our Disneyland Economy

Disneyland is known as a place “where dreams come true” and where every story always has a happy ending.  But there is going to be no happy ending for the U.S. economy. 

Jul 16 13:51

In the UK, 77% of 2017 university grads will never fully repay their student loan debt

Because of the UK's dramatic shift from student grants to loans, a startling report from the Institute for Financial Studies predicts that 77.4% of university graduates in the UK's class of 2017 will not repay their full student loan obligations. This is up from 41.5% just six years ago in 2011.

Jul 16 12:34

They Want to Put Nano-Chips into Currency So they can track every note

Believe it or not, Australia has a Black Economy Taskforce that hunts down citizens in every possible way.

Jul 16 09:18

Visa offers $500K for eateries to stop accepting cash

Visa is challenging small restaurants, cafés and food trucks to stop accepting cash. The credit card company announced in a news release this week it is offering $500,000 to 50 eligible U.S.-based eateries to go 100 percent cashless.

Jul 16 08:42

Disastrous Capitalism – But Is a U.K. Labour Government the Solution?

Consider the Grenfell Tower inferno as an expression of a new kind of class war, but not a class war as we have known it–between organised workers, political parties and capital–but between ordinary citizens and the local fiefdoms of the capitalist state as increasingly, big business has taken over the running of what’s left of our public and collective life, through ‘outsourcing’, public-private-partnerships and what have you, where making a profit is the bottom line, not serving the public.[1]

Worse still, in order to justify this thievery on a national/international scale that runs to trillions, the state and its partner the corporate/state media, has had to resort to the ‘trusted’ Victorian method of blaming the victim for their own poverty, their own shortcomings, their own misery. Ergo, Grenfell.

Webmaster's Commentary: 

The Brits seem to be in as much of a quandary over these kinds of issues as are their American cousins.

But the first thing that needs to happen to the people who managed Grenfell Tower is a forensic audit, showing where every bit of money they collected, from every resource, actually went.

The money was obviously never put into the building to make it more safe; the original building engineering was totally lousy, in order to "value engineer" it to be constructed as cheaply as possible, and to hold as many people as humanly possible, in small, cramped spaces.

Jul 16 08:14

House passes $696.5B defense policy bill

The House on Friday overwhelmingly passed a wide-ranging, $696.5 billion defense policy bill that goes far above President Trump’s budget request.

Lawmakers voted 344-81 on the National Defense Authorization Act (NDAA), which broadly lays out policy and spending rules for the Pentagon and the military branches.

The bill would authorize $621.5 billion for the Pentagon's base budget and Energy Department nuclear programs and $75 billion for war funding, known as the Overseas Contingency Operations (OCO) account. In addition, the bill takes $10 billion in OCO dollars to pay for base budget needs.

Only eight Republicans voted against the legislation, which passes Trump’s defense request of $603 billion. Reps. Justin Amash (Mich.), John Duncan (Tenn.), Tom Garret (Ga.), Louie Gohmert (Texas), Morgan Griffith (Va.), Andy Harris (Md.), Thomas Massie (Ky.) and Tom McClintock (Calif.) were the Republicans voting no.

Webmaster's Commentary: 

I would suggest that Congress will most probably repeal the BCA.

Jul 16 08:10

RON PAUL WARNS "CENTRAL BANKERS ARE ALWAYS WRONG...ESPECIALLY BEFORE A BUST"

The global dollar-based monetary system is in serious jeopardy, according to former Texas Congressman Ron Paul. And contrary to Fed Chairwoman Janet Yellen’s assurances that there won’t be another major crisis in our lifetime, the next economy-cratering fiat-currency crash could happen as soon as next month, Paul said during an interview with Josh Sigurdson of World Alternative media. Paul and Sigurdson also discussed false flag attacks, the dawn of a cashless society and the dangers of monetizing national debt.

Paul started by saying Yellen's attitude scares him because "central bankers are always wrong - especially before a bust."

Webmaster's Commentary: 

Someone on Dr. Paul's site has been reading WRH!! :-)

Or, possibly, great minds think alike!!

Jul 16 07:32

HONG KONG PROPERTY MARKET ABOUT TO CRASH - Bubble About To Burst?

It was in February of 2016 when, looking at the latest trends in the Hong Kong housing market, we wrote that in January [2016] Hong Kong home prices tumbled the most since July 2013, and after a 12 year upcycle, prices were now down 10% from the recent peak just four months prior... while the local Centaline Property Agency estimated that total Hong Kong property transactions at the start of 2016 were on track to register the worst month on record.

Jul 16 07:22

Tony Blair says Brexit must be stopped to halt harm to UK

There's a chance Britain won't leave the European Union, former Prime Minister Tony Blair said Saturday, arguing that stopping Brexit is "necessary" to avoid severe economic damage.

In an article published by Blair's Institute for Global Change, he wrote that EU leaders might be willing to "reform and meet us half way" to keep the U.K. in the bloc. He said that might include compromise on freedom of movement - a key EU principle that conflicts with Britain's goal of placing limits on immigration.

Blair said conditions in Britain and Europe had changed since the U.K.s EU membership referendum in June 2016. Europe has some new leaders, including France's centrist President Emmanuel Macron. And in Britain, the Conservative government suffered a setback in last month's election.

Webmaster's Commentary: 

Tony Blair, a word, please; whatever the EU is paying you to spew this codswallop, it cannot possibly be enough.

In a world where you live with armed guards and drivers, it is impossible for you to see at all in what kind of a world of hurt, and physical danger, unchecked immigration has left your brother and sister Brits.

And until you have your "Buddha on the road" moment on this issue, you will continue to be totally irrelevant to the current discussions on the directions Brexit should take.

Jul 16 07:14

RUSSIA & CHINA DECLARE ALL OUT WAR ON US PETRODOLLAR — PREPARE FOR EX

The formation of a BRICS gold marketplace, which could bypass the U.S. Petrodollar in bilateral trade, continues to take shape as Russia’s largest bank, state-owned Sberbank, announced this week that its Swiss subsidiary had begun trading in gold on the Shanghai Gold Exchange.

Russian officials have repeatedly signaled that they plan to conduct transactions with China using gold as a means of marginalizing the power of the dollar in bilateral trade between the geopolitically powerful nations. This latest movement is quite simply the manifestation of a larger geopolitical game afoot between great powers.

According to a report published by Reuters:

Sberbank was granted international membership of the Shanghai exchange in September last year and in July completed a pilot transaction with 200 kg of gold kilobars sold to local financial institutions, the bank said.

Webmaster's Commentary: 

IF you can manage to get into some physical gold and silver, while the price in the US is still being suppressed, now would be one heck of a good time to do this.

We may well be seeing the US starting to use two types of currencies; one, internal to the US, and one external, backed in gold and/or silver; but the days of the petrodollar appear to be numbered right now.

Jul 16 07:13

Is California Bailing Out Tesla through the Backdoor?

Tesla will soon hit the limit of the federal tax rebates, which are good for the first 200,000 EVs sold in the US per manufacturer beginning in December 2009 (IRS explanation). In the second quarter after the manufacturer hits the limit, the subsidy gets cut in half, from $7,500 to $3,750; two quarters later, it gets cut to $1,875. Two quarters later, it goes to zero.

Jul 15 16:29

Man Pleads Guilty In Tax Refund Fraud Scheme 

Boston: A man pleaded guilty to a scheme that involved stolen identities to collect fraudulent tax returns

The US Justice Department said 45 year old Furvio Flete-Garcia admitted guilt during his trial , on Thursday, and is scheduled to be sentenced on Sept 26 in federal court

Jul 15 16:20

Mish Shedlock: Confidence In Trump Economy?

Jul 15 13:55

Is The Next Wave Up “Emerging”?

Jul 15 13:18

Walmart shopper catches large snake in parking lot

This lady knows high quality protein when she sees it and what a deal.

July 13 (UPI) -- An Oklahoma woman who spotted a large snake slithering around the parking lot of her local Walmart didn't wait for authorities -- she grabbed the serpent herself.

http://www.upi.com/Odd_News/2017/04/26/Police-round-up-40-snakes-dumpe...

Jul 15 11:15

Inflation? Where?

A lot of eyes were on Janet Yellen’s testimony in front of the Senate Banking committee last week, as investors wanted to hear more clues about a potential change in the economic and monetary policy of the Federal Reserve. People seemed to be particularly interested in finding out more about the expected rate hike pace and the reduction of the size of the Fed’s balance sheet.

Jul 15 10:28

Is Personal Debt Costing Us Our Mental Health?

Jul 15 10:27

The Central Banker Paper Reveals The Process Of Controlling Currency

UMich consumer confidence declines to the lowest since before the election, hope vanishes. Chain restaurants a traffic and revenue decline, this is a disaster.Auto loan origination decline to the lowest since the financial crisis.

Jul 15 10:03

The Rape of Russia Explained by Anne Williamson

When the Soviet Union cracked up, American journalist Anne Williamson was a popular freelancer on all things Russian for the Wall Street Journal and other prestigious outlets. A major New York publisher signed her to a contract for a book on Russia in 1993. But when she finally delivered a manuscript in 1997 predicting that the Russian bond market would crash in 1998 (which it did), nobody in the publishing world would touch it. Williamson believes that her criticism of the Clinton Administration and, especially, of George Soros made it radioactive. According to a 2001 essay in the New York Review of Books, Williamson’s unpublished book was “widely read in manuscript.”

Jul 15 08:35

New US sanctions will be timed to tank the ruble before Russian elections

Our monetary authorities are doing everything possible to ensure that gang of international speculators [American hedge funds] can enter. Because there are no restrictions on cross-border capital flows. And most importantly, not only to come in, but also to exit. And what we are now witnessing is just the beginning of a process of packing suitcases and departure of these investors. But we know that this sword of Damocles of American law is hanging over Russia, which will toughen economic sanctions, practically stripping Russia of any credit. And therefore, until this draconian law is enacted, in my estimation, it can happen somewhere in December, they have this time to pack up the capital and leave.

Jul 15 07:15

PEOPLE NOT AMUSED BY EU EFFORTS TO “DE-CASH” THEIR LIVES

In January 2017 the European Commission announced it was exploring the option of imposing upper limits on cash payments, with a view to implementing cross-regional measures as soon as 2018. To give the proposal a veneer of respectability and accountability the Commission launched a public consultation on the issue. Now, the answers are in, but they are not what the Commission was expecting.

A staggering 95% of the respondents said they were opposed to a cash ceiling at EU level. Even more emphatic was the answer to the following question:

“How would the introduction of restrictions on payments in cash at EU level benefit you, or your business or your organisation (multiple replies are possible)?”

In the curious absence of an explicit “not at all” option, 99.18% chose to respond with “no answer.” In other words, less than 1% of the more than 30,000 people consulted could think of a single benefit of the EU unleashing cross-regional cash limits.

Webmaster's Commentary: 

In spite of this overwhelmingly negative response, I would be willing to bet that the EU will go ahead with cash limits anyway, as people find creative ways of getting around them.

Jul 14 16:00

United Airlines considers reselling seats to travelers who will pay more

United Airlines is considering a program that pays passengers to give up their booked seats so that the carrier can resell them for a higher price to other fliers.

The Chicago-based carrier is talking with Volantio, an Atlanta-based revenue optimizing company that is looking to work on similar projects with Alaska Airlines, Qantas and Tiger Airways, an Australia-based low-cost carrier.

Webmaster's Commentary: 

Do the passengers who are giving up their booked seats have anything to say about it?

Jul 14 15:43

The Bubble in Financial Assets Continues

Jul 14 15:03

CBS Radio Lost $552 Million in 2016

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA