ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Aug 05 10:12

Unusual Variable For Labor Market Recovery

Aug 05 09:01

Tough year for consumers.

Aug 05 08:54

FAMANG Controls The Market

Aug 05 08:10

Storm Clouds Are Gathering…: Maund

Aug 05 07:35

On Verge Of Six-Week Shuttering, Australian Small Businesses Beg: We Can't Survive Another Lockdown

The reality on the ground in Australia is that many small businesses were struggling even before the coronavirus lockdowns began. Now, with the country on the verge of what Financial Review is calling "Lockdown 2.0", it could be the last straw for many businesses.

Nellerichal ‘‘Sree’’ Sreeju, who owns a gift shop in Richmond said: "It was already hard and this has made it five times harder. It’s really uncertain."

He represents a microcosm of businesses in Australia who are begging for some sanity after the country has announced that "non-essential" retailers will once again have to close, starting at midnight on Wednesday this week.

Aug 05 07:29

Could Gold Reach $7,000 by 2030?

Aug 05 02:59

ANZ chairman Sir John Key warns 'financial crisis coming'

Sir John Key has warned the New Zealand business community to not be complacent about apparent buoyancy in retail, property and equity markets, as "we have a financial crisis coming".

Key said equity and property markets were presently being cushioned by record-low interest rates and healthy surface-level business activity - such as busy used car lots and apparently busy restaurants - masked an underlying economic crisis the country would feel for years.

"There is a lot of stress in the system ... We are in the early part of what is going to be a very significant contraction in the New Zealand and global economy."

Aug 04 11:14

Can Israelis broaden their protests beyond Netanyahu?

Jonathan Cook argues that anti-Netanyahu demonstrations in Israel have yet to draw a connection between Netanyahu’s personal abuses of office and the systemic corruption of Israeli politics, with the occupation its beating heart.>>

Aug 04 08:41

Furlough costs soar by £2billion with more than 100,000 new claims in the last week of July despite Boris Johnson's pleas for the nation to return to work

Some 9.6 million jobs had been covered by the coronavirus Job Retention Scheme (JRS) up to August 2, Government figures show. This was an increase of 100,000 on the previous week.

The cumulative cost of the scheme rose from £31.7billion on July 26 to £33.8billion on Sunday, an increase of £2.1billion.

However, HM Revenue and Customs said it does not currently have data on how many jobs are currently furloughed.

Aug 04 08:39

Pizza Express to close SIXTY-SEVEN restaurants across Britain with up to 1,100 jobs at risk - hours after launch of Rishi's Eat Out to Help Out scheme - as Dixons announces 800 redundancies

Pizza Express today revealed it could shut 67 of its UK restaurants with up to 1,100 jobs at risk as it becomes the latest business devastated by coronavirus.

The 55-year-old company, owned by Chinese private equity firm Hony Capital, has debts of £735million and has put itself up for sale after bringing in experts.

Bosses at the chain said they wanted to push down rents by closing about 15 per cent of its 449 restaurants in the UK, which would help protect 9,000 jobs.

It means at least 75,000 jobs are now at risk across the UK amid the ongoing crisis which has devastated a swathe of industry sectors including hospitality.

Aug 04 07:33

More Bad Breadth

Aug 04 05:51

#recession ... #Tech #Bubble 2.0 edition

Aug 04 05:42

Gold Consolidates Near New All Time Record Highs Of $1,988.40/oz

Aug 04 05:02

Back to the banks and their troubles

Aug 04 04:47

HOW THE BILLIONAIRES CONTROL AMERICAN ELECTIONS

OURCE: ERIC ZUESSE
The great investigative journalist Glenn Greenwald gave an hour-long lecture on how America’s billionaires control the U.S. Government, and here is an edited summary of its opening twenty minutes, with key quotations and assertions from its opening — and then its broader context will be discussed briefly:

“How Congress Maintains Endless War – System Update with Glenn Greenwald” - The Intercept, 9 July 2020

2:45: There is “this huge cleavage between how members of Congress present themselves, their imagery and rhetoric and branding, what they present to the voters, on the one hand, and the reality of what they do in the bowels of Congress and the underbelly of Congressional proceedings, on the other. Most of the constituents back in their home districts have no idea what it is that the people they’ve voted for have been doing, and this gap between belief and reality is enormous.”

Webmaster's Commentary: 

This makes it pretty clear that no matter who wins an American election, it is the war party which always wins, period, end of discussion.

Aug 04 04:35

2020 Crash #2 Inevitable, so says new Algo

Aug 04 04:28

United States should shut down completely for another four to six weeks to save the economy, senior Federal Reserve official says

A top official at the Federal Reserve has recommended that the U.S. were to 'lock down really hard' for four to six weeks, in order to save the ailing economy.

Neel Kashkari, president of the Minneapolis Federal Reserve Bank, said on Sunday that Congress can well afford large sums for coronavirus relief efforts.

The economy, which in the second quarter suffered its biggest blow since the Great Depression, would be able to mount a robust recovery, but only if the virus were brought under control, he told CBS' Face the Nation.

Aug 04 04:11

Bring on the ‘eviction tidal wave’: 40 percent of US renters face homelessness as landlords & tenants are encouraged to go to war

Millions of Americans face homelessness with the expiration of the federal Covid-19 eviction ban and unemployment benefits. But instead of encouraging landlord-tenant cooperation, the media are hyping stories of violence and fear.

The economic suffering American families have already faced at the hands of incompetent government responses to the Covid-19 pandemic pales in comparison to the looming “tidal wave of evictions” poised to soak the nation after a federal moratorium expired last month.

Families who thought “moratorium” meant they didn’t have to pay those three months’ rent are getting a rude awakening, learning they’re on the hook for the entire sum just as the $600 weekly unemployment payments many received after virus-related lay-offs have also dried up. A financial bottomless pit is about to swallow millions.

Aug 04 04:06

Shorts Crushed As Dollar Surges, Euro Tumbles In Violent Trend Reversal

Following the worst month for the dollar in a decade, there has been a bout of position squaring as we start August, largely on the back of a slump in the Euro, which is down 200 pips in 2 days, and accelerating weakness in the Yen, which have sent the Bloomberg dollar index to its highest level in a week, surging the most since June 14.

Aug 04 04:05

Men's Wearhouse Files For Bankruptcy

As we previewed on month ago in 'Work-From-Home'-Epidemic Set To Bankrupt Suit-Sellers, "I Guarantee It", on Monday the retail wreck continued on Sunday when Tailored Brands, the owner of Men's Wearhouse filed for bankruptcy, adding to a list of brick-and-mortar retailers that have succumbed to the economic fallout from the COVID-19 crisis.

The retailer filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. Tailored Brands said in a statement that it has entered into a restructuring agreement with more than 75% of its senior lenders, and that could reduce the company’s debt by at least $630 million. The company also said it has received commitments for $500 million in debtor-in-possession financing from its existing lenders. In the court filing, the company listed both its assets and liabilities in the range of $1 billion to $10 billion.

Aug 04 04:03

Retail Rent Drops 15.3% in NYC:

Aug 04 03:14

Why Energy Demand Is Plummeting In The U.S.

Aug 03 14:55

Exempting Big Pharma from COVID-19 Vaccines Liability

By Stephen Lendman

House and Senate leaders are discussing whether to include this exemption for COVID-19 vaccines under development in new legislation likely to be passed and signed into law in the coming days.

Most likely, tort liability protection for Big Pharma will be approved.

All vaccines contain harmful to human health toxins — including mercury, aluminum, formaldehyde, and phenoxyethanol (antifreeze).

Vaccines can be more hazardous than diseases they’re designed to protect against, most people unaware of the risks, establishment media concealing them.

Toxins in vaccines weaken the human immune system, making vaxxed individuals vulnerable to potentially life-threatening illnesses — young children and the elderly most at risk.

In developing vaccines, most clinical trials fail. Years of development precede the production and marketing of new ones.

Despite years of research, no successful coronavirus vaccines were ever developed.

Webmaster's Commentary: 

IF this jab becomes mandatory in the US, I am going to sit things out from under the radar for as long as I possibly can, to see how this vaccine does with other people's immune systems, before trying it on my own.

One has to wonder how the pharmaceutical community is going to cover things up, if we wind up with intense, and frequent, adverse reactions to this vaccine.

Aug 03 07:49

PETER SCHIFF: THE DOLLAR CRASH WILL TAKE DOWN THE ENTIRE US “HOUSE OF CARDS”

Peter Schiff says the new historic and record-breaking fall in gross domestic product numbers coupled with unemployment and the Federal Reserve’s excessive money creation will cause a dollar collapse. Once that happens, the entire house of cards that is the United States will fall.

Schiff says we should be prepared for the fall of the U.S. by the end of this year. According to a report by RT, Schiff, the ignorance of Americans is still present. People are not waking up, unfortunately. That ignorance is “likely to remain the case until the fall becomes a crash, which I don’t think will begin until the Dollar Index breaks 80,” wrote Schiff in a Tweet. ” At its current rate of decline that level could be breached before year-end, perhaps by election day.”

Aug 03 07:45

"We're Screwed": The Worst Months For Both Renters And Landlords Still Lie Ahead

Rent has barely trickled in across the U.S. over the last couple months as the country continues to grapple with a decimated economy as a result of the coronavirus pandemic. The only reason that many landlords have not gone belly-up alongside of their respective tenants has been due to the emergency "relief" provided by the government in the form of relentlessly printing, handing out and destroying the U.S. dollar.

Now, with further emergency funding still up in the air and eviction moratoriums about to expire, an ugly picture is starting to emerge for both renters and their landlords. In fact, Bloomberg predicts that the "worst is yet to come".

33% of renters didn't make their full payment in the first week of July, a recent survey showed. This means that 12 million renters could face eviction over the next four months. In places like New York and Houston, more than 20% of renters say they have "no confidence" in their ability to pay rent next month.

Aug 03 06:58

Bank Of Ireland Is Now Imposing Negative Rates On Cash Held In Pensions

If you're holding your pension with the Bank of Ireland, you are now officially being charged to do so.

In a move that we're sure is going to have absolutely no consequences, the bank is starting to impose negative interest rates on cash held in pensions, according to The Irish Examiner. The bank is applying a rate of 0.65% on pension pots, which means customers will now pay the bank $65 on every $10,000 held.

The bank commented: "European Central Bank interest rates have been negative since 2014. Since then banks have been subject to negative interest rates for holding funds overnight and market indications are that rates will remain low for some time."

It continued: "As a result, we have applied negative rates on deposits for large institutional and corporate customers since 2016. We recently wrote to 14 investment and pension trustee firms to inform them about a rate change to their accounts, which is reflective of the negative interest rate environment."

Aug 03 06:34

Morgan Stanley: Brace For A Spike In Inflation As Congress Is Now In The Money Supply Driver’s Seat

Just days after the famous (former) deflationista (turned reflationist) Russell Napier explained why he believes that central banks have "become irrelevant" in a world in which governments have taken control of the money supply, none other than Morgan Stanley's Michael Wilson (whose bullish market outlook on risk assets is predicated on the foundational view that the coming reflationary tsunami will lift all boats) has published a note agreeing with Napier and pointing out that not only is M2 exploding at a pace never seen before, but also writing that "Congress is now a critical player in driving money supply growth, given that the Fed has already committed to expanding its balance sheet as much as needed to support the recovery."

Aug 03 06:31

As Rent Moratorium Expires, Landlord-Tenant Battles Begin 

Readers may recall the eviction moratorium expired a little more than a week ago nearly four months after the US economy effectively shut down due to the covid pandemic. 33% of renters have yet to make their full payment in July, a recent survey showed. This means that 12 million renters could be on the cusp of eviction in a matter of months.

Landlords are set to lose billions of dollars this year over the inability of tenants to pay rent thanks to the virus-induced recession. With much of chaos and disagreement on Capitol Hill about the next round of stimulus, nevertheless, no deal on a rent moratorium extension, landlords are now demanding back rent and August payment.

While the exact cause of the landlord-tenant dispute turned violent in Georgia Sunday morning has yet to have an underline cause, one can only assume it might have been due to payment.

Aug 03 06:30

The Fed Is Planning To Send Money Directly To Americans In The Next Crisis

Over the past decade, the one common theme despite the political upheaval and growing social and geopolitical instability, was that the market would keep marching higher and the Fed would continue injecting liquidity into the system. The second common theme is that despite sparking unprecedented asset price inflation, price as measured across the broader economy (at least using the flawed CPI metric) would remain subdued (as a reminder, the Fed is desperate to ignite broad inflation as that is the only way the countless trillions of excess debt can be eliminated and yet it has so far failed to do so).

Aug 03 04:36

Why So Many Cities Are Paralyzed

Aug 02 12:00

Corn and Wheat Prices Headed Higher

Aug 02 02:57

EXPIRING GOVERNMENT SUPPORT

Aug 01 20:46

The Calm Before The Next Oil Price Storm?

Aug 01 07:55

World Bank Offered Belarus $940 Million Coronavirus Loan But Only If They Locked Down and Destroyed Economy

The World Bank offered Belarus a $940 million coronavirus loan in June. But the conditions included that they lock down and destroy their economy.

The World Bank wanted him to lock down like Italy did in March and April.

The Belarus President Aleksander Lukashenko, considered the last tyrant in Europe, turned down the offer.
Then he went public with the details.

It makes you wonder how often this happens to less prosperous nations.

Aug 01 07:01

Mannarino: The bond market is flashing RED!

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