ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Feb 21 18:41

Liberals, Conservatives, and Many in Between Oppose Impossible and Dangerous Stipulations in the “Green New Deal” — Naomi Wolf, Bill O’Reilly, and More

By B.N. Frank

The Green New Deal has been getting a lot of criticism from both the political left and the right.

From the left, Naomi Wolf, who has an impressive résumé as a commentator: “The Green New Deal ASTONISHES – Vast $$ for VCs, ‘New Banks’, Fed Reserve, Nat’l ‘Smart Grid’, No Oversight”...

Feb 21 16:19

$22 trillion debt? Let's spend more

The national debt crossed the $22 trillion mark this month with the same ho-hum response from the American people as when it topped $20 trillion, and $15 trillion and $10 trillion. -- Just another unfathomably huge number that keeps growing, so don't bother us about it, because it's too big to be real anyway. -- Except that it is very real, and our individual share of it is $67,501.

Feb 21 15:22

Peter Schiff: “The Real National Emergency Isn’t At The Border. It’s The National Debt!”

We are headed for a train wreck in this country because of the national debt and yet nobody seems concerned about it. In fact, many Americans have taken to emulating the federal government by getting themselves buried in massive amounts of debt as well, compounding the issue. According to Seeking Alpha‘s report by Schiff Gold, we should all we wary of the government’s overspending and desire to tax more to make up for it. Just because we haven’t suffered a crisis – YET- based on this debt doesn’t mean that one isn’t coming.

Feb 21 15:12

A Recession Indicator Having A PERFECT Record For 70 Years Is About To Be Triggered

This isn’t the only indication that a recession is creeping up on the United States. Other signs are there if you choose to look past the glassy-eyed talking heads in the media. Retail sales were so bad in December of 2018, that many say it had to be “suspect data” and not the simple fact that the economy isn’t as strong as many would have you believe. If the data was not suspect than a recession is on the way. And with retail stores closing at an alarming rate, it isn’t surprising to hear retail sales have dropped.

Feb 21 10:47

Taiwan's Leader Says Threat Of Chinese Invasion "Growing Every Day"

President Trump's at times warm, at times contentious relationship with his Chinese counterpart has been an exercise in cognitive dissonance that's reflective of a broader truth about the relationship between the world's two largest economies. The veneer of economic cooperation belies deeper military tensions as China's expansionist military aims threaten US security in the Pacific.

Feb 21 10:46

Trade Talks Update: China, US Working On 6 Memorandums As Deal Takes Shape

After a week of trade headlines that has been dominated by President Trump's insistence that talks are seeing "their most significant progress yet" and that the US has been pressing Beijing to commit to keeping the yuan "stable" to preclude any tariff-offsetting devaluations, the progress on a "memorandums of understanding" has emerged as a primary point of interest for Wall Street.

Feb 21 10:30

Where Investors Put Their Money in 2018

Feb 21 10:02

Koch-backed group offers to help Pelosi limit Trump tariff powers

Americans For Prosperity, a free-market advocacy group funded in part by the Koch network, has offered to help House Speaker Nancy Pelosi, D-Calif., pass legislation that would limit President Trump's ability to unilaterally impose new tariffs.

"[W]e hope to work with your office to advance legislation to require congressional approval of any proposed tariffs," said AFP chief government affairs officer Brent Gardner and Freedom Partners Chamber of Commerce executive vice president Nathan Nascimento told Pelosi in a letter sent Friday and made public Wednesday.

Feb 21 09:56

Downturns and Financial Crises – Sequence

Feb 21 09:45

China Warns New US Tariffs Will Be "Catastrophic" For Global Stocks

The threat of a market catastrophe has pigeonholed the US into striking a deal with Beijing, the report suggests although many are confident that the situation is flipped.

"[Trump's] words further stoked the stock markets of the US, which reached the highest in two months and so increased pressure on the Trump administration to close the deal with China," said the Global Times in an Op-Ed, adding that if the Trump team "imposes more tariffs on Chinese products while China responds with fiercer countermeasures," it would "be a catastrophic strike to global stock markets."

"In terms of avoiding such blows, the Trump administration is probably the most pressured," the Op-Ed continues. "Thus in general, by the end of the trade negotiations, China and the US have become more psychologically equal" (according to the state-run outlet). As a result, "both sides would eventually lose," the Times warned.

Feb 21 09:45

Exclusive — Sen. Marco Rubio: ‘The Chinese Effort to Supplant America Has No Precedent’

Sen. Marco Rubio (R-FL) told Breitbart News exclusively that China’s intense international push for global dominance is the biggest threat that America has ever faced, even more substantial than the one that the Soviet Union posed in the 20th century during the Cold War.

Webmaster's Commentary: 

Bad, bad, bad, BAD China! As the US let its manufacturing decline, China became a manufacturing powerhouse! How dare they. How DARE they!

Feb 21 09:41

Brexit LIVE: Chaos as UK to be blocked from MAJOR EU trade deals in event of no-deal

THE EU’s trade agreements with Japan, Algeria and Turkey will not automatically still apply to the UK in the event of a no-deal Brexit, the Government has confirmed.

The revelation was made in the latest document released by Whitehall as the UK gears up its preparations to leave the Brussels trade bloc without a deal. The Government said it was “in the process of transitioning existing trade agreements of which the UK participates as a member of the European Union”. It is hoped a total of around 40 existing trade deals will roll over after March 29 in the event the Brexit deadlock is unable to be broken.

Feb 21 09:39

US can’t ignore India: Nasscom on proposed H-1B visa curb

IT industry leaders say any H-1B visa curbs will affect US economy as it lacks skilled manpower particularly in the field of science, technology, engineering and maths

Webmaster's Commentary: 

Thank you Common Core.

Feb 21 09:22

5-Things To Do Before Retirement

Feb 21 07:59

Germany Not Interested in Anti-Russia Sanctions - Economy Minister

Europe is not interested in cutting off relations with Russia, German Chancellor Angela Merkel stated on 16 February on the sidelines of the Munich Security Conference.

German Economy Minister Peter Altmaier said in a statement that the country is not interested in the anti-Russian sanctions, as they were adopted for political reasons, stressing that it is necessary to work to change them.

"I personally think that we have no interest in sanctions", Altmaier said, adding that "we accepted these sanctions, because there were political grounds for this, repeatedly extended them. "the EU was united, but we have to work on changing political relations and arrive at other solutions".

Feb 21 07:44

JPMorgan is creating a cryptocurrency pegged to the dollar

JPMorgan Chase is developing a new cryptocurrency called JPM Coin whose value will be tied to the US dollar, the bank said on Thursday. The new private blockchain platform is designed to help large JPMorgan clients move money around the world. The new cryptocurrency will be built atop JPMorgan's Quorum blockchain technology, a variant of Ethereum that has been modified to serve the needs of a major financial institution like JPMorgan.

Webmaster's Commentary: 

Tied to the US dollar? What could possibly go wrong?

Feb 20 17:57

Supremes Deliver Smackdown on Civil Asset Forfeiture

By Jon Miltimore

The Supreme Court on Wednesday unanimously ruled that state and local governments are subject to constitutional prohibitions on “excessive fines” on citizens.

This decision will provide Americans robust constitutional protection against exorbitant fines imposed by local governments...

Feb 20 17:39

Will Tesla become the next Amazon?

Feb 20 15:06

Worldwide Economic Melt Down Now Occurring

Feb 20 14:04

NZ$950 (US$700) a week for 30 years: First-home buyers face crushing mortgages

*Can you say "bubble?"*

Auckland's first-home buyers will need to fork out up to $950 per week in loan repayments for the next 30 years based on what they're paying to get a foothold in the market.

That's according to figures by analysts CoreLogic showing there were 8350 first-time buyers in the Super City last year - accounting for one-in-four purchases across Auckland.

CoreLogic's figures also show these first home-buyers are now paying an average of $856,467 for their properties.

Community groups say the low number of buyers and daunting prices show only elites can afford to buy property now in our biggest city.

Feb 20 11:59

Asia’s Most Radical Left-Wing Economic System Faces Harsh Reality

South Korea has untaken one of the most radical left-wing economic systems out there: a steep increase in minimum wage nationwide. But now, the country must face the dire consequences of that decision and the harsh reality that the regulations are destroying their economy.

South Korea is home to one of the world’s boldest left-wing economic programs. President Moon Jae-in’s flagship economic policy, “income-led growth,” has led to dramatic increases in minimum wages since he took office in 2017. Those increases are now driving a terrifying rise in unemployment, just as a slump in global trade is already buffeting Korea. The nation is now staring an economic crisis in the face.

According to the Wall Stree Journal, it isn’t just South Korea, but they seem to be the worst stranglers of their own economy.

Feb 20 11:59

The Failing Automotive Industry Pushes Everyone Toward Global Recession

Thousands of job cuts have been announced while demand for cars is dropping and debtors are defaulting on their auto loans in record levels. The failing automotive industry could propel the globe toward a worldwide recession in the coming months.

In addition to the trade war killing demand for automobiles, thousands of job cuts have been announced as manufacturers try to stay in business. According to Business Insider, Honda, Nissan, Ford, and General Motors have announced thousands of job cuts in Europe. Jaguar Land Rover has also begun cutting jobs.

Feb 20 11:55

Deutsche Bank Discussed Extending Trump Loan Terms Over Default Fears

Deutsche Bank's PR campaign to get out ahead of whatever "Kerosene Maxine's" subpoenas might uncover led to another not-altogether-unexpected revelation Wednesday morning when Bloomberg reported more details about the German lender's efforts to distance itself from the soon-to-be president.

We reported previously that Deutsche sought to limit its exposure to Trump during the run-up to his 2016 electoral victory for two reasons: it feared the public blowback that any association with Trump's divisive campaign rhetoric might bring, and it also wanted to avoid the eventuality of Trump defaulting on a loan while in office - which would force the bank into the uncomfortable position of needing to seize the assets of the President of the United States.

Feb 20 11:54

UBS Shares Tumble As French Judge Slaps Bank With $5.1 Billion Tax Evasion Fine

In a landmark ruling that sent a clear message to other banks battling misconduct investigations in French courts, a Paris court on Wednesday found UBS guilty of having actively helped some of its wealthy French clients hide money from French tax authorities in undeclared Swiss bank accounts, and ordered the bank to pay a $5.1 billion fine. The fine represents a record sum in France, and isn't too far below the $6 billion maximum allotted by French law.

Feb 20 11:53

Hello Old Friend... Gold Nears $1,350 Resistance (That Has Repelled It 4 Times In 5 Years)

The past five years have been baffling for gold bugs. In an environment of massive central bank money creation, rising government deficits and a populist takeover of many countries’ political systems – all of which should be great for safe haven assets – gold has spiked to around $1,350 four times, only to be smacked back down each time. Very demoralizing.

And now it’s gearing up for another try.

Feb 20 11:52

China Warns New US Tariffs Will Be "Catastrophic" For Global Stocks

Chinese state-run newspaper the Global Times warned - or perhaps threatened - late Tuesday that failed trade negotiations would have dire consequences for global stocks.

The threat of a market catastrophe has pigeonholed the US into striking a deal with Beijing, the report suggests although many are confident that the situation is flipped.

"[Trump's] words further stoked the stock markets of the US, which reached the highest in two months and so increased pressure on the Trump administration to close the deal with China," said the Global Times in an Op-Ed, adding that if the Trump team "imposes more tariffs on Chinese products while China responds with fiercer countermeasures," it would "be a catastrophic strike to global stock markets."

Feb 20 11:44

Ocasio-Cortez goes on tear defending role in Amazon’s New York exit

Rep. Alexandria Ocasio-Cortez vigorously defended her role in sinking Amazon’s move to New York City on Tuesday in the face of bipartisan criticism, claiming the deal would have been "one of the biggest giveaways in state history" and would have priced people out of the local community.

"Frankly, the knee-jerk reaction assuming that I ‘don’t understand’ how tax giveaways to corps work is disappointing," she tweeted. "No, it’s not possible that I could come to a different conclusion. The debate *must* be over my intelligence & understanding, instead of the merits of the deal."

Webmaster's Commentary: 

To be honest, AOC makes some good points. Look at what happened to the local population living around Silicon Valley.

Feb 20 11:23

Russia’s reserves fully cover nation’s internal & foreign debt for 1st time ever – Putin

Russia’s foreign exchange reserves can now cover all of the debt owed by both the government and domestic businesses, Russian President Vladimir Putin has announced.

“For the first time in history our reserves fully cover foreign debt, including government and commercial sector debt,” Putin said addressing the Federal Assembly in Moscow on Wednesday.

The country’s external debt amounts to $453.7 billion, while its international reserve funds stand at $475 billion as of February 8, 2019, according to infographics presented by the president.

Webmaster's Commentary: 

Now THAT is a well-managed national economy! That reminds me, how is the US economy doing? :)

Feb 20 10:42

GREAT AGAIN

Feb 20 09:52

Europe Slowing Into Recession

Feb 20 09:45

Will 2019 Be the Year of King Copper?

Feb 20 07:47

Fund Manager: More Accounting Games At Amazon

Feb 20 06:55

The 30 Most Exciting Wildcat Plays Of 2019

Feb 19 18:21

Dynamic Pricing

Feb 19 18:20

What Good has Bitcoin Done for the World?

By Stefan Kløvning

I used to be relatively passive to Bitcoin and crypto-currencies in general. I was long persuaded by Peter Schiff’s argument that Bitcoin was a bubble that would “have a very short life” due to its lack of intrinsic value and speculative nature, and that it therefore does not fulfill Aristotle’s five criteria for good money. As it was a rather new technology, I wasn’t the only skeptic. In the forefront among the crypto-currencies, it thus shocked the world when it hit $20,000 in value in the year-change of ’17/18. What in the world could make it so expensive and popular?...

Feb 19 18:09

What ZIRP is doing to the world

Feb 19 17:36

Apple's priorities are shifting as iPhone sales continue to sink

As iPhone sales continue to sink, Apple has made several key moves over the last year as it prepares new offerings to juice growth elsewhere in the business.

If you've been listening to CEO Tim Cook's comments on earnings calls and in interviews recently, none of this should come as a surprise. The company has stopped reporting iPhone unit sales figures, and instead talks more about its growing base of active devices, which the company says can be used to squeeze out more revenue through its digital services like Apple Music, App Store sales and extra iCloud storage.

But it's not just about those subscription services. Apple has made several shifts in recent months that signal its preparing to move beyond the iPhone in other ways, such as artificial intelligence, the growing smart home market and digital health monitoring.

Feb 19 16:51

Families of five American oil executives held in Venezuela for 15 months say they are being held in 'deplorable conditions' and there appears no end in sight to their nightmare as Maduro tightens his grip

Families of five American oil executives being held as part of the 'Citgo Six' say their relatives are living in overcrowded and inhumane Venezuelan jails.

Five American men, from Louisiana and Texas, have been sleeping in cramped cells and been starved since their arrest in Caracas in November 2017, their relatives claim.

The oil company they worked for is in the grip of a power struggle between Maduro and his rival for the presidency, the US-backed Juan Guaido.

A recent picture of one of the executives Tomeu Vadell, whose family live in Texas, shows dramatic weight loss and he appears extremely malnourished.

Webmaster's Commentary: 

Forgive me, but IF legitimate, these held executives are a cause for concern; But the question here is, why has the US government not been in doing good faith negotiations to get them out?!? What will it take?!?

However, looking at the language here, excuse me, but this has "Wag the Dog" written all over it. (and if you have never seen it, do yourself a favor and buy it; this is PRECISELY how things get done in DC.)

Feb 19 15:22

Food Prices Will Rise In 2019 Adversely Impacting Those Living Paycheck To Paycheck

Almost 80% of Americans live paycheck to paycheck barely able to afford to put food on the table. That’s terrible news considering the predictions currently assume that grocery prices will steadily continue to rise during 2019.

Grocery prices are expected to rise by 1 percent or 2 percent this year, according to the United States Department of Agriculture. It may seem small, but with so many U.S. households already living paycheck to paycheck, it could be just enough to have a real financial impact. Although food prices rose by just a fraction of a percent last year, and that was the first increase in three years, and it looks like prices will rise consistently during 2019, according to WCVB 5, an ABC News affiliate.

Webmaster's Commentary: 

Mike and I had a little bit of shopping to do yesterday, and we were more than a little "sticker shocked" by what the shopping wound up costing.

At least, in this little household of two (Thank Heaven!) I do know how to slow cook, which gives you the option of getting originally tougher cuts of meat very tender.

Feb 19 14:56

Google is quietly creeping into US banks

Feb 19 14:26

Why The Oil Rally Isn’t Over Yet

Feb 19 14:06

China car sales, Euro sector balances

Feb 19 13:19

Venezuela Under Washington’s Gun

A full court press is taking place in Florida today (Presidents Day) with Republicans, Democrats, expatriates from Cuba and Venezuela and the warmonger ministry of propaganda that constitutes the US media all denouncing Maduro and blaming him for the hardships imposed on Venezuelans by Washington’s sanctions and attacks on Venezuela’s currency.

Even “liberal” NPR is reading off the same fascist warmonger script. NPR managed to report on Venezuela without mentioning the sanctions, without mentioning the theft of Venezuela’s gold foolishly entrusted to the US and British central banks, or the orchestrated protests funded by US-financed NGOs that are small in comparison with the crowds that support Maduro that are never mentioned in the US media. In other words, NPR is just another part of the whorehouse brigade.

Webmaster's Commentary: 

This is a typically blunt, but completely honest assessment of what is going on in Venezuela, courtesy of Dr. Paul Craig Roberts.

And as someone who deeply appreciates what this man has to say, I would tell him, that the truth of situations is still out there, as evidenced by the continued existence of sites like global research and wrh; people just have to look a little further afield than the local telly, as the writing, producing, and reading of this codswallop is all engineered to get an emotional response from the reader, in order to further the US government's agenda.

Feb 19 13:14

I owe how much? Americans shocked by impact of new tax law

Wait, I owe the IRS? -- The first tax filing season under the new federal tax law is proving to be surprising, confusing — and occasionally frightening — for some Americans, especially those accustomed to getting money back from the government.

Feb 19 13:12

Businesses in the Middle East have begun to think ‘Make trade not war’ and being part of China’s Belt and Road scheme

Singapore, aiming high for the status of Asia’s unofficial capital, seems like the ideal venue for a conference to discuss how the Middle East could learn a few lessons from ASEAN’s multi-layered relations with China, especially involving partnership in the New Silk Roads, or Belt and Road Initiative (BRI).

But first, let’s get things straight. The “Middle East” is, of course, a Eurocentric, Orientalist denomination. From Asia’s – and China’s – cultural and geographical point of view, the “Middle East” is correctly seen as Southwest Asia.

It’s enlightening to evaluate two Chinese informed perspectives on how China is deploying its geopolitical soft power across Southwest Asia in contrast to the Trump administration’s immensely muddled strategy.

Webmaster's Commentary: 

This is a great place for the world to start; and I wholeheartedly agree with the concept of trade trumps war ANY day, in my book

Feb 19 12:44

Germany Unveils Its Version of the Green New Deal

By Mitchell Gunter

Germany grabbed headlines across the globe in late January by proposing a complete government ban on utilizing coal for energy by 2038, effectively signing the industry’s death warrant.

Rep. Alexandria Ocasio-Cortez’s (D-NY) draft “Green New Deal” produced anger, confusion, and outright laughter across the nation earlier this month, effectively proposing to eradicate the health insurance, nuclear energy, and fossil fuel industries overnight in addition to providing “economic security” to those “unable or unwilling to work.”...

Feb 19 12:39

U.S. pressing Gulf states to keep Syria isolated - sources

The United States is lobbying Gulf states to hold off restoring ties with Syria, including the UAE which has moved closer to Damascus to counter the influence of its rival Iran, five sources told Reuters.

The opposing approaches are an early test of whether Syrian President Bashar al-Assad can gain political and diplomatic credibility after a nearly eight-year civil war turned him into an international pariah.

Many countries cut links with Syria at the start of the war.

Several Gulf states shut or downgraded their embassies, Syria was suspended from the Arab League, flights stopped and border crossings were closed. The United States and other countries imposed economic sanctions.

Washington, backed by Gulf countries Saudi Arabia and Qatar, does not want Syria welcomed back into the international community until a political process to end the war is agreed.

Webmaster's Commentary: 

It is apparent that these alleged reporters for Reuters UK are spewing the codswallop just as hard, and as quickly, as their US/UK masters are ordering them to do.

It is painfully obvious that the US/Israel still want regime change, and are couching it in the language of they do "not want Syria welcomed back into the international community until a political process to end the war is agreed."
Regime change to a western centric government is what they want, and for what they will move heaven and earth to get, with Al-Assad given no place on the ballot.

Al Assad did not have a civil war on his hands at the outset here; various US, Israeli, and other resources, trained, funded, and armed jihadis who were spirited into the country to destabilize Damascus; the US is just expressing sour grapes that its destabilization plot could not be made to work.

Feb 19 11:42

10,000 French Tobacco Shops Begin Offering Crypto Vouchers

As the Yellow Vests burn traditional bank notes in protest, 10,000 French tobacco shops begin offering cryptocurrency purchases via a new voucher system...

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