ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 27 15:52

CBO: Federal Debt to Hit $28.2 Trillion Over Next Decade

At the end of this year, outstanding federal debt is expected to climb to $19.4 trillion and to rise by $8.8 trillion in the next ten years. The federal government’s budget deficit, which is the difference between how much money the government spends and how much money it takes in through tax collection, will be $590 billion by the end of 2016, $152 billion more than the previous year. Government spending is projected to increase by 5 percent, or $178 billion, while government revenue is projected to increase by less than 1 percent, or $26 billion.

Aug 27 15:50

How Central Banks Are Bleeding the Middle Class Dry

The Western welfare states know many ways to get rid of their enormous sovereign debt — at great cost of their citizens. Once the debt burden becomes unbearable, the government simply reforms the currency. Then, the government debt will be “adjusted” with the private wealth of the citizens. This is when the citizens will notice that their government’s sovereign debt is their own debt. But the government does not always need to make use of these large torture devices. More subtle ways, such as financial repression, are possible.

Aug 27 13:40

Stealing from the poor and giving to the rich: Corporate America has stolen $376 Billion in pensions

The S&P 500’s largest corporate pension funds are stealing a staggering $376 billion from their workers by underfunding their pension funds, new figures from Citibank reveal.

The top 25 of these plans accounted for $225bn of that underfunding.

Citigroup’s Chief US Equity Strategist Tobias Levkovich warned, “Pension under-funding continues to be a major issue for S&P 500 constituents as very respectable equity market gains over the last seven years have not substantially alleviated pension pressures.”

Aug 27 10:29

Stunning Maps Depict Collapse Of Obamacare "Coverage" In 2017

Well, as we've pointed out numerous times things are not really playing out as Obama had hoped with premiums skyrocketing (see "Obamacare On "Verge Of Collapse" As Premiums Set To Soar Again In 2017") and "competition" collapsing (see "Tennessee Insurance Commissioner Warns Obamacare "Very Near Collapse"").

The two maps below prove that point beautifully by illustrating the epic collapse of Obamacare coverage in just 1 year. A collapse that will leave a stunning number of people across the country with only 1 option for health insurance. Meanwhile, healthcare shoppers in Pinal County, Arizona will actually be left with no options in 2017 as all carriers have abandoned service there.

Aug 27 09:23

Harvard Professor Creates Blueprint for Ending Cash in US; Calls for Immediate Phasing Out of $20 Bills

The attack on cash has entered a new stage. Kenneth Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and the former chief economist of the International Monetary Fund, is out with an essay this morning in the Wall Street Journal titled,The Sinister Side of Cash.

Aug 27 08:44

5th Century Coin Now “Hate”

In another example of political correctness gone mad, an eBay auction of a 5th Century Thracian coin with a swastika has been halted on the grounds that it was “hateful or discriminatory.”

The coin, being sold by one of Europe’s largest coin auction houses, was minted in the city of Apollonia Pontica, located in present-day

Aug 27 08:41

Magnetation says it may shut down its remaining Minnesota operations

Grand Rapids-based Magnetation LLC announced Friday that — barring additional financing or a new investor in the business — it may shut down its remaining Minnesota iron ore operations by the end of September.

The shutdown, if it happens, would affect Magnetation's Plant 4 near Grand Rapids, along with its pellet plant in Reynolds, Ind.

"While this was a difficult decision, the company believes that, in light of current circumstances, preparing for a safe and orderly wind-down while we continue to seek an alternative to a shutdown is the best course of action to support what is in the best interests of our employees, creditors and other critical constituents," Larry Lehtinen, CEO of Magnetation, said in a news release.

Aug 27 08:13

More minimum wage anti-logic

Aug 26 16:53

Debt Collectors Get Away With Daylight Robbery

I thought Donnie Trump and his fellow Republicans were big law ‘n order politicians. So, why are they trying to scrap the sheriff and unleash thousands of robbers to run wild across America?

The sheriff they want to nix is the Consumer Financial Protection Bureau.

Aug 26 15:59

China & Its Debt Problems

Aug 26 15:31

Air Of Crisis Overhangs Central Bankers Meeting

Aug 26 13:57

Anheuser-Busch To Cut 5,500 Jobs…

Aug 26 13:47

The Condo Market Turning Down

Aug 26 13:13

Monetary and Fiscal Policy Mismatch

Aug 26 10:22

AMAZON Testing 30 Hour WORKWEEK…

Aug 26 09:26

Karen Hudes - network of global corporate control8 27 16

Aug 26 08:53

This is What’s Wrong with US Oil

Aug 26 08:04

UBS WHISTLEBLOWER EXPOSES 'POLITICAL PROSTITUTION' ALL THE WAY UP TO PRESIDENT OBAMA

UBS, the world's largest wealth manager, is facing embarrassment over fresh revelations going back to the tax investigation that led to the collapse of Swiss banking secrecy. Two significant events are looming before UBS. The first is the possibility of a public trial in France, featuring UBS whistleblower Bradley Birkenfeld, concerning historic tax evasion allegedly orchestrated by the bank. That could happen this year.

The other is the publication this October of Birkenfeld's scathing new book, Lucifer's Banker, which covers his time at UBS.

The tax evasion controversy, which was first highlighted in 2005, subsequently involved the US Department of Justice, the State Department and Internal Revenue Service. It was prompted by disclosures made by Birkenfeld that UBS had helped wealthy US citizens evade taxes using offshore financial vehicles and Swiss-numbered accounts.

In 2009, UBS paid $780m (£588m, €693m) to US authorities to avoid prosecution.

Webmaster's Commentary: 

I sincerely hope that this guy is wearing his Kevlar undies right now, and is not "getting depressed".

Aug 26 07:40

Uber reportedly lost $1.27 billion in just six months

That’s $6.5 million a day

Aug 26 07:24

A quarter of banks' data breaches are down to lost phones and laptops

Just 20 per cent were the result of hacking

Aug 26 07:13

Portugal to bail out its biggest bank to the tune of €5bn

The European Commission and Portugal have agreed to inject up to €5 billion into the country’s biggest and ailing bank Caixa Geral de Depositos

Aug 25 15:41

World Trade Falls for Second Quarter in a Row

Aug 25 14:57

Greek Debt And The New Financial Imperialism

This week marks the first anniversary of the 2015 Greek debt crisis, the third in that country’s recent history since 2010. Last Aug. 20-21, 2015, the ‘Troika’—i.e., the pan-European institutions of the European Commission (EC), the European Central Bank (ECB), plus the IMF-imposed a third debt deal on Greece. Greece was given US$98 billion in loans from the Troika. A previous 2012 Troika imposed debt deal had added nearly US$200 billion to an initial 2010 debt deal of US$140 billion.

Aug 25 13:44

Terminal Economy: “Private Sector Will NEVER Recover…This Time, Replacing Humans Altogether”

The outlook from this global strategist at the Macquarie Group is beyond doom and gloom – it is a literal existential crisis.

“The private sector will never recover, it will never multiply money again,” he told Epoch Times in an interview. His main theme is the “declining return on humans,” which means that in today’s digital world, normal humans don’t grow productivity fast enough to justify more jobs and higher wages as the machines are taking over.

“There is no productivity on a global basis... and the state assumes more power, Shvets thinks countries will move toward fascism and communism again

Read more at SHTF

Aug 25 12:53

Where Has All The Money For Our Schools Gone?

As fall approaches, millions of moms and dads are scrambling to prepare for the first day of school, excited to support their children’s success.

But are schools ready to receive our kids and foster that success? Increasingly, the answer is no.

Aug 25 10:51

WHEN WILL IT STOP? Brussels demands even MORE aid from EU members to help stricken Greece

THE European Union has called on member states to cough up more aid money for Greece after the number of migrants arriving on its shores skyrocketed in recent weeks.

Jean-Claude Juncker's EU Commission said other members of the bloc must not "turn their backs" on the impoverished country as it struggles to cope with a refugee influx.

Aug 25 10:45

MORE EU FINANCIAL CHAOS: Portugal in desperate £3.8bn bid to stabilise its banking system

PORTUGAL is set to inject billions of euros into its biggest bank in the hope of stabilising the country's economy.

The €5billion (£3.8bn) planned recapitalization of Caixa Geral de Depositos carefully side-steps European Commission new rules that mean state cash can't be used to shore up banks.

Under the plans, the government will put in money into the bank but it's hoped it will get more money back after Caixa will also issue out highly subordinated debt.

Aug 25 10:29

Largest Saudi Bank Crashes To Record Low

Despite the exuberant rebound in the price of oil - and the hope that this means something other than an over-financialized commodity being short-squeezed by rumors - all is not well across the oil producers of the world. Having noted the record surge in default protection for Saudi Arabia (ahead of its looming debt deal)...

Aug 25 10:19

FED YACK ATTACKS SUPPORT THE DOLLAR

Aug 25 10:18

Soros doubles his bet against U.S. stocks

Aug 25 10:12

We’re Entering A Seasonally Weak Month

Aug 25 09:57

Sioux Blockade Succeeds In Halting Construction Of $3.8B Dakota Access Pipeline

Lakota Sioux protesters blockading the planned route of a $3.8 billion, four-state oil pipeline won a short-term victory on Wednesday, when the project’s developer, Energy Transfer Partners of Dallas, agreed to halt construction near the Standing Rock Sioux Reservation in North Dakota for at least a week.

“The decision was made at this time to have the pipeline company workers pull out, for the safety of everybody,” Morton County Sheriff Kyle Kirschmeier told journalists. “They’ll stop until we can get this resolved.”

The hiatus, which follows obstruction of the project by three Lakota Sioux tribes and their supporters, will last at least until a federal court in Washington, D.C., hears a challenge by the Standing Rock Sioux Tribe, which seeks an injunction against federal agencies that approved the pipeline, on Aug. 24.

Webmaster's Commentary: 

Good for the Lakota Souix.

Far too many times, the needs and wishes of our Indigenous American People have been just thrown under the bus due to decisions by corporations driven by profits, and whose executives are in bed with the US judicial system.

My heart stands with these people on this issue.

Aug 25 09:48

U.S. Appeals Court Affirms RICO Judgment Against Lawyer Behind Fraudulent Ecuador Lawsuit

The United States Court of Appeals for the Second Circuit has unanimously affirmed a lower court decision, which found that the $9.5 billion judgment against Chevron Corporation in Ecuador was the product of fraud and racketeering activity, and unenforceable in the United States.

Webmaster's Commentary: 

Wow! The US Government is cheating everyone in the whole world!

Aug 25 09:29

Four More Mega-Banks Join The Anti-Dollar Alliance

That was fast.

Yesterday I told you how a consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions.

This is a huge step.

Right now, most international financial transactions must pass through the US banking system’s network of correspondent accounts.

But having watched BNP Paribas get blackmailed into paying an absurd $9 billion fine to the US government, the rest of the world’s mega-banks knew instantly that their heads could be next ones on the chopping block.

So they started working on contingency plans.

Blockchain technology provided an elegant solution.

Instead of passing funds through the US banking system’s costly and inefficient network of correspondent accounts, blockchain technology provides an easy way for banks to send payments directly to one another.

I cannot understate how important this technology is.

Webmaster's Commentary: 

On one thing you can be certain here; those oligarchs protecting the US petrodollar may well not go down without a vigorous fight.

This may well accelerate these coming wars with China and Russia, and by a large margin of time.

Aug 25 08:12

A THIRD OF AMERICANS “WILL HAVE ONLY ONE CHOICE” ON THEIR OBAMACARE PLAN NEXT YEAR

Everyone was forced onto Obamacare.

Now, it is collapsing… by design.

Sadly, this was the plan all along – to completely socialize health care after the collapse of competition in this new government-backed monopoly market that represents approximately one-sixth of the entire U.S. economy.

A stinking scam to take the whole thing over – and our health with it.

But really… this is going to hurt a lot of Americans.

Aug 25 08:09

Stocks waver as Fed officials hint that time is ripe for a rate hike

U.S. stocks on Thursday struggled for direction, switching between small gains and losses, ahead of a key economic symposium in the Rocky Mountains, and as members of the Federal Reserve indicated that a rate hike soon may be warranted.

“When I look at where we are with the job market, when I look at inflation and our forecast for that, I think it is time to move,” Kansas City Fed President Ester George said in an interview on Bloomberg Radio. In a separate Thursday morning interview on CNBC, she said hikes should be made gradually.

Later Thursday, Federal Reserve Bank of Dallas President Robert Kaplan said the case is strengthening for a rate hike in the not-so-distant future. He also called on lawmakers, during an interview on CNBC, to come up with fiscal policies that might boost the economy.

Aug 24 18:25

Your Retirement Income is at Risk!

Aug 24 15:32

Stacking Cheddar: Agriculture Dept Buys 11 Million Pounds Of Cheese

Talk about government cheese! The feds have announced a plan to buy 11 million pounds of cheese and distribute it to food banks and charity organizations. The cost of this plan is valued at $20 million and is billed to help US dairy farmers as well.

The nation’s biggest crisis is coming to an end. Yes, it’s true: the nightmare of the cheese surplus may be solved, thanks to the US Department of Agriculture. Their answer was extremely simple: just buy cheese – and so they did.

Aug 24 15:12

Detroit Has Gone From Being The Greatest Manufacturing City In The World To A Global Joke

Unfortunately, it appears that the nation as a whole is about to hand the keys to the White House to a radical leftist that has a violent temper that is absolutely legendary. If she gets into power, that might just be the final nail in our coffin. What has already happened to Detroit is slowly happening to the entire country, but we never seem to learn from our past mistakes. So now we will suffer the consequences for our very foolish decisions, and it will not be pretty.

Aug 24 14:27

Is The Restaurant Apocalypse Upon Us?

Aug 24 12:25

Investors Have Pulled $109 Billion From Active Equity Funds In 2016: Here's Why

2016 has been another bad year for the hedge funds community in particular, and active managers in general (despite the previously noted rebound in performance since the end of Q2 on the back of short covering and major releveraging). The best representation of this comes courtesy of JPM's Dubravko Lakos-Bujas, who shows that investors have pulled more than $109 billion from active US equity funds YTD. While they are the clear losers in the capital allocation race, the winners are passive equity funds which have captured a whopping $35 billion of inflows, as more and more investors seek to take the simpler, cheaper-managed option (even if it is one which assures their investing career will on day end in tears).

Aug 24 11:54

Howard Johnson's restaurant to close, leaving only 1 more

The closing of one of the last two Howard Johnson restaurants in a couple of weeks will mark the end of its fried clam strips, ice cream and other menu staples that nourished baby boomers and leave the once-proud restaurant chain teetering on the brink of extinction.

The slice of roadside Americana will no longer be served up in Bangor after Sept. 6.

Aug 24 11:26

Jim Grant Is “Very Bullish On Gold”

Aug 24 09:03

MEDIA WORRIED TOO MANY AMERICANS WILL QUESTION LEGITIMACY OF 2016 ELECTION, BLAME TRUMP

2016 is the year many, many Americans began to question whether or not our elections, and to a lesser extent, our democracy (insert “it’s a constitutional republic, big difference!” here) are rigged. As I’ve argued many times in the past year, there is plenty of evidence suggesting these skeptical Americans are, indeed, onto something with their suspicions.

But the corporate media has come out in defense of America’s “democracy” - and political elites are defending the system, too. In the wake of Trump’s recent rhetoric regarding the “rigged” system, the ruling class of the United States is peddling the fiction that somehow Trump’s irresponsible sensationalism is solely to blame for the newfound feelings of illegitimacy plaguing our elections.

Take, for example, Monday’s POLITICO piece entitled “What if Trump won’t accept defeat?”:

Webmaster's Commentary: 

Let's take a look at reality, shall we, folks?!?

And the reality, as demonstrated by the following articles and videos, is that voting machines are very easy to hack.

America’s Electronic Voting Machines Are Scarily Easy Targets

HOW I HACKED AN ELECTRONIC VOTING MACHINE

The Black Box Voting Machines


Voting machine password hacks as easy as 'abcde', details Virginia state report

How Easy It is To Rig Voting Machines

The list of videos and reports on this subject goes on an on.

But how do we stop this?!?

Easy.

Go back to paper ballots, and make sure it is very easy for citizens in all states to get a simple voter ID.

THAT would cure the problem, and immediately.

Americans have every right to be suspicious of the voting process in this country. Anyone remember what happened in 2000, when the Presidency of the United States was "awarded" to George Bush bu the US Supreme Court, after the debacle in Florida, as dramatized in the film, "Recount"?!?

I rest my case.

Aug 24 08:45

VENEZUELA’S LATEST RESPONSE TO FOOD SHORTAGES: BAN LINES OUTSIDE BAKERIES

The tragedy of Venezuela continues unabated, but that doesn't mean the government of President Nicolás Maduro has stopped trying to fix problems like the devastating scarcity of food which has led to malnutrition, riots, food truck hijackings, vigilante lynchings of petty thieves, and the starvation of zoo animals.

No, Maduro hasn't admitted the failure of Chavismo — the brand of Bolivarian socialism imposed on the oil-rich country by his late predecessor Hugo Chavez — instead, Venezuela's embattled leader has launched a war on "anxiety."

The National Superintendency of Fair Prices has reportedly instituted a policy of fining bakeries that allow lines to stretch out their front doors, according to PanAmPost. The head of this particular bureaucracy, William Contreras, claims the lines aren't a true indicator of a severe shortage of bread, but rather, a political "strategy of generating anxiety."

Webmaster's Commentary: 

One issue this report assiduously ignores is the reality of US sanctions against Venezuela, which were renewed on 6 March of this year. As reported at presstv.com on 6 March of this year:

US declares Venezuela a ‘threat’, renews sanctions against Caracas

I'm just more than a little baffled; how in the nave of heaven can Venezuela be characterized as a "threat" when its oil-based economy is going down in flames right now, because of the steep depression in oil prices?

Should we not, as an allegedly compassionate nation, actually be offering at least food aid to starving Venezuelans?!?

Apparently, what the Obama administration wants here is regime change, and badly, in Venezuela, so they are delighted that the Venezuelan people are so miserable that they might well revolt against their current government, so someone to the US government's liking can come to power.

That appears to be the game plan for now.

Aug 24 08:40

France facing multi-billion euro ‘INDUSTRIAL CRISIS’ as tourism numbers plummet

TOURISM in France is at “industrial crisis” levels as plummeting visitor numbers could cost more than £1BILLION in Paris alone.

Aug 24 08:17

SOMEONE JUST PUKED $1.5 BILLION OF NOTIONAL GOLD

Makes perfect sense - someone just decided in keeping with their fiduciary duty, 0840ET was the perfect time to unleash $1.5 billion of gold notional into the futures markets....

Over 10,000 contracts dumped in 1 minute... "normal"

Aug 23 21:57

Insulin price spike leaves diabetes patients in crisis

A massive spike in insulin prices is causing a health crisis for millions of diabetes patients who depend on the lifesaving drug, doctors say.

Now, after years of rapid increases having nothing to do with available supply and not matched elsewhere in the world, those in the U.S. insulin supply chain are blaming each other.

Aug 23 21:49

HOMELESS CAMPS POPPING UP THROUGHOUT FRESNO COUNTY

A homeless camp just outside the city limits is full of people who said they have no place else to go. Fresno County Supervisor Henry Perea said the homeless are being driven into areas in the county because of the City of Fresno's homeless crackdown.

Aug 23 21:17

Legalise marijuana, say NZ economists

The New Zealand Institute of Economic Research - a group better known for its views on inflation targeting and GDP growth - says New Zealand should move "sooner rather than later" to legalise marijuana which would generate a net gain of $300 million to the government accounts.

Drawing on Treasury research which found that legalising could reap $150 million in new government revenue and reduce spending on drug enforcement by around $180 million, NZIER Principal Economist Peter Wilson concludes that legalisation, combined with heavy taxation, regulation and education would be a better way of reducing social harm from the drug.

"The result should be less use, considerable fiscal savings to the government and the removal of a valuable source of revenue for criminals," he writes. "Prohibition of marijuana, just like prohibition of alcohol before it, has been a costly failure."

Aug 23 15:15

DEBT RATIO TO HIT HIGHEST LEVEL SINCE 1950…

The national debt this year will jump to the highest level since 1950 relative to the size of the economy, the Congressional Budget Office reported Tuesday.

Aug 23 15:05

Sharp CEO Warns Of 7,000 Job Cuts….

Aug 23 14:44

Global Economic Reset Happening Now?

Aug 23 14:44

Washington Post: U.S. needs illegal immigrants for ‘washing dishes,’ ‘mowing lawns’

An editorial in the Washington Post on Tuesday slammed Donald Trump’s recent comments on restricting immigration and argued that people in the country illegally are needed for menial labor.

Aug 23 13:40

The Stressed-Out, Tapped-Out American Consumer

Aug 23 12:03

Brewing Collapse of the Western Monetary System? German Government Warns of an Upcoming Catastrophe, Tags Russia as an “Enemy Nation”

On a related note, against many Members of Parliament and several ministers, the German Bundeswehr (army) has declared Russia as an enemy nation. This is akin to a declaration of war. The head of the Foreign Affairs Committee of the Russian State Duma, Alexei Puschkow, has posted the Twitter message:

‘The decision of the German government declaring Russia to be an enemy shows Merkel’s subservience to the Obama administration.’

Webmaster's Commentary: 

I would like to say that things are looking up, geopolitically, and that peace may break out; unfortunately, I cannot say that with a straight face right now.

The best you can do is not panic, but prepare, as we have stated all along.

Make sure that you have storable food; potable water; and any medications which you (or your pets) may take safely stored as well.

Make sure your bug-out kit is up to date, and please do know your kids' school's policy for releasing them before the end of their school day, and under what circumstances they can go back to their parents before then.

Have a pre-approved gathering place, if people are separated, to regroup.

The more you take care of this now, the easier it will be to withstand a real crisis if the excrement does hit the ventilation shaft soon.

I am no Nostradamus; but looking at the gathering collection of tensions, geopolitically, I cannot bet against a major military confrontation, involving US troops, possibly well before the end of the year.

I hope to heck I am wrong, but that's what it feels like to me.

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