ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jul 01 10:40

High Street bloodbath continues: John Lewis will close stores and axe staff as Harrods announces 700 jobs losses with other chains set to follow suit as more shoppers go online instead

John Lewis is expected to axe stores, workers and one of its headquarters as well as jobs at its sister business Waitrose while Harrods today revealed it must slash around 700 posts as coronavirus continues to choke Britain's high streets

The bad news at two of the UK's best loved department stores came amid disaster for retailers up and down the country as TM Lewin, Harveys, Bensons for Beds and Upper Crust hit the wall and tens of thousands of jobs are at risk in the ailing airline and engineering sectors.

Jul 01 08:45

Chinese do it better

Jul 01 07:12

INDEPENDENT JOURNALIST TOURS THE CITIES DESTROYED BY BLACK LIVES MATTER RIOTERS

SOURCE: CHRIS MENAHAN, INFORMATION LIBERATION
Independent journalist Michael Tracey has been traveling the country over the past few weeks to try and capture the wholesale destruction caused by the Black Lives Matter riots which he suspects the media is refusing to cover because they don't want to be perceived as "discrediting the movement."

"[Chicago Police] officer mentioned to me being shocked at how little media coverage the riots in these neighborhoods received -- an opinion locals tend to agree with," Tracey said while touring Chicago the other day. "The scale of it is crazy. But journalists apparently don't want to be perceived as 'discrediting the movement' or whatever."

"These could very well have been the most widespread simultaneous riots EVER in US history, at least within an extremely contained period of time (weekend of May 29 to June 1, scattered incidents afterwards) but the media coverage has simply not conveyed the scale of what occurred."

Webmaster's Commentary: 

Please remember; the life's work of European-origin people were not the only businesses wiped out by these riots; African-Americans, Asians, and Hispanic Americans had their life's work destroyed by these riots as well.

In fact, I would almost be willing to bet, that one of the next rounds of insurance coverage to evolve for small businesses will be specifically named "riot insurance coverage." in this country.

Jul 01 07:00

LA ORDERS CLOSURE OF BEACHES FOR JULY 4TH WEEKEND, SHERIFF REFUSES TO ENFORCE BAN

Authored by Isabel van Brugen via The Epoch Times,

The closure of Los Angeles beaches over July 4 weekend was ordered by county officials Monday “to prevent dangerous crowding,” as confirmed cases of COVID-19 continue to rise.

In a statement on Sunday, Newsom said seven counties must close their bars. He also recommended that eight other counties in the most populous U.S. state close their bars, as he urged Californians to “remain vigilant” against the virus.

“Due to the rising spread of #COVID19, CA is ordering bars to close in Fresno, Imperial, Kern, Kings, Los Angeles, San Joaquin, and Tulare, while recommending they close in Contra Costa, Riverside, Sacramento, San Bernardino, Santa Barbara, Santa Clara, Stanislaus, & Ventura,” Newsom said on Twitter.

“COVID-19 is still circulating in California, and in some parts of the state, growing stronger,” he said in a statement.

“That’s why it is critical we take this step.”

Webmaster's Commentary: 

So what is Governor Newsom going to do now, fire Villanueva, and call in the California National Guard to handle enforcement of the shut down?!?

Because it appears that this is the only option he has left, in terms of enforcing a shut-down of California beaches.

It was completely tone-deaf, for Newsom not to include Villanueva in the process, and I don't blame Villanueva for his response one bit.

Jul 01 06:30

The Covid-BLM Diversion: Economic “Shock Therapy” Behind a Smokescreen of Hysteria and Racial Incitement

It was clear from the beginning, that the lockdowns were going to have a catastrophic effect on the economy, and so they have. As of today, 30 million people have lost their jobs, tens of thousands of small and medium-sized businesses have been shuttered, second quarter GDP has plunged to an eye watering -45.5 percent (Atlanta Fed), and the economy has experienced its greatest shock in history. Even so, pundits in the mainstream media, remain steadfast in their opposition to lifting the lockdowns or modifying the medical martial law edicts that have been arbitrarily imposed by mainly-liberal governors across the country.

Jul 01 03:59

How The Fed Bailed Out U.S. Oil And Gas

Jun 30 20:31

Equities have no upward drivers: El-Erian

Jun 30 10:34

Nearly half the U.S. population is without a job as spike in new coronavirus cases sparks fears of further shutdowns and lay-offs

According to the Bureau of Labor Statistics, the employment-population ratio for May 2020 shows that just 52.8 percent of the adult population was employed last month.

This means that 47.2 percent of Americans are jobless despite a surprising surge in jobs in May.

Jun 30 10:33

Gold Breaks-Out Above $1800!

Jun 30 10:32

Financial House Of Cards Coming Down

Jun 30 10:27

EasyJet to sack up to 4,500 staff and close its bases at Stansted, Southend and Newcastle airports as Covid pandemic deals another devastating blow to the airline industry

EasyJet is expected to lose up to 4,500 jobs across its entire network including around 1,900 UK employees.

Some 727 of its UK-based pilots are at risk of redundancy, equivalent to about one-third of its pilots in the country.

...

The beleaguered Luton-based carrier becomes the latest domino to fall in the aviation industry, which has suffered massive losses in the wake of the pandemic.

British Airways is cutting up to 12,000 staff, and Virgin Atlantic and Ryanair will each let go of around 3,000.

Jun 30 08:47

An Economic Recovery Or An Illusion?

Jun 30 08:46

Bread queues return to Lebanon as protests surge over economy crisis

People in Lebanon are once again queuing in front of bakeries in the hopes of getting their much needed share of bread, as the country spirals into an unprecedented economic crisis.
The national currency has collapsed, leading the Lebanese pound to lose more than 70 percent of its value - pompting renewed protests across the country on Sunday night.

Over the past few days, videos have surfaced on social media of Lebanese citizens crowding bakeries, and even bread trucks, to battle for loaves of bread.

Furnace owners have refrained from selling their bread to shops due to alleged high production costs according to fluctuation in the currency’s exchange rates, Arabi21 reported.

Activists in Tripoli, Lebanon’s second-largest city north of Beirut, called for protests on Monday, which have resulted in the closure of shops.

Local residents tweeted images of the onece-bustling markets empty, with the stalls removed and shuttered shop fronts on Monday morning.

Webmaster's Commentary: 

This is a recipe for utter disaster, and a potential revolution, if the Lebanese government cannot fix this, and quickly.

Jun 30 08:33

Twelve million jobs are now being propped up by the state: Furlough bill rises by another £2.6billion in a WEEK to £25billion, while grants to self-employed hit £7.7bn

The coronavirus job retention scheme (JRS) which pays 80 per cent of salary costs for staff - rose £2.6billion this week from £22.9billion the week before.

It is now supporting 9.3 million jobs according to data released by the Treasury and HMRC this morning.

Additionally the support scheme for the self-employed rose to 7.7billion, across 2.6million claims.

Jun 30 08:33

Arizona Closes Bars, Gyms & Movie Theaters For 30 Days As COVID-19 Cases, Hospitalizations Climb: Live Updates

Summary:

43% of US virus deaths tied to nursing homes
Arizona Gov shuts bars, movie theaters etc for 30 days
Texas hospitalizations continue to climb
LA issues "dire" warning about "deteriorating" conditions
Kudlow says states closing bars are doing the right thing
NJ cancels plans to resume indoor dining
WHO plans to launch investigation into China next week
India reports new daily record with almost 20k new cases
Cali reports 5,307 new cases, up 2.5%
Cuomo releases latest NY figures, says he's mulling indoor dining delay
Decision on indoor dining will come by Wednesday
Bangladesh reports record daily case jump
WHO warns outbreak "not even close" to being over
Deaths in NY drop to just 8
NYC mulls plan to delay indoor dining reopening
Florida reports latest COVID-19 cases
Unconfirmed Texas hospitalization data hits
Global deaths passed 500 k last night
Victoria reports another ~75 cases
China reports another handful of new cases
* * *

Jun 30 08:30

9 Things To Buy Every Time You Go To The Store

Authored by Daisy Luther via The Organic Prepper blog,

Lots of folks have mentioned that their grocery stores never fully restocked after the rush on food and supplies back at the beginning of the COVID-19 lockdown. And with the current news stories about spiking COVID numbers, it may not be long until we’re locked down again.

Work on what’s within your control
It’s important to note that even if you are unconcerned about the virus, there are a lot of things that could be out of your control in the event of another governmental series of actions:

Workplaces may close back down

Supply chains may be further damaged

The economy will take another hit

You may not be able to go where you want

Real, or not real; dangerous or not, the end result for us is the same.

Jun 30 08:29

GDP plunged by 2.2 per cent in three months before lockdown – the biggest fall since 1979 and WORSE than previously thought – as the Treasury prepares to borrow another £50BILLION to prop up the economy

Revised figures showed GDP tumbled by 2.2 per cent between January and March - the joint largest fall since 1979.

The plunge was bigger than the 2 per cent previously estimated, and underlines the scale of the pain facing the country.

UK plc is thought to have fallen off a cliff in after the draconian lockdown was imposed on March 23, with forecasts for the current quarter suggesting the worst recession in 300 years.

Jun 30 08:27

The Market Is Facing A Historic Mess.

Jun 30 08:21

Luongo: Is John Bolton A 'Resistance' Hero Or Traitor To Common Decency?

Authored by Tom Luongo via The Strategic Culture Foundation,

There are few men in modern American history more venal than Former National Security Adviser John Bolton. Calling Bolton a relic of the Cold War in his outlook on foreign policy is a kindness.

Bolton is a dangerous and pathetic creature whose entire life is an example of how incomplete men with a talent for violence can rise in a late-stage cesspit of political corruption.

He is simply someone who has never been in a fight in his life who lusts for the power to kill, main and destroy anyone who dares challenge him. A pathology he’s had the dubious distinction of being able to act out in the real world on more than one occasion.

This will, hopefully, be the last article I write about his cretin because once his last fifteen minutes of fame are used up attacking President Trump in slavish interview after interview supporting his book, Bolton will be finished in Washington D.C.

Jun 30 08:19

Jerome Powell: "Let them eat stocks!!"

Jun 30 08:19

Welcome To The New (Pathologized) Totalitarianism

Authored (satirically) by CJ Hopkins via ConsentFactory.org,

It was always going to come to this... mobs of hysterical, hate-drunk brownshirts hunting down people not wearing masks and trying to get them fired from their jobs, “no mask, no service” signs outside stores, security staff stopping the mask-less from entering, paranoid pod people pointing and shrieking at the sight of mask-less shoppers in their midst, goon squads viciously attacking and arresting them …

Welcome to the Brave New Normal.

Webmaster's Commentary: 

I guess monitoring ankle bracelets are coming next, possibly introduced in pre-school, with the prop-wars of "keeping you kids safe" in school being the new mantra here.

Jun 30 07:51

Joe Biden: H-1B Foreign Workers ‘Built this Country’

Joe Biden told NBC News that he would immediately lift President Donald Trump’s June 22 moratorium on the inflow of H-1B contract workers if he wins the 2020 election.

Trump “ended H1B visas the rest of this year,” Biden said in a June 27 town hall meeting organized by NBC News. “That will not be in my administration.”

Webmaster's Commentary: 

"BARELY THERE BIDEN" SWINGS AND MISSES AGAIN... IN PUBLIC!!

How in the name of heaven can the man say this with a straight face, if he has even a clue of what the real unemployment numbers look like in this country?!?

Jun 30 05:53

US Plans to Break Up China: CIA Funding for Terrorists, Narco-trafficking and Proxies

Nevertheless US efforts to undermine Chinese power have been steadily growing over the past 30 years, in part spurred on by the Soviet Union’s demise in 1991, partially also due to China’s increasing clout.

The well informed Brazilian historian, Luiz Alberto Moniz Bandeira, wrote that,

“The CIA’s operations sought to do the same to China, as they had done to the Soviet Union during the war in Afghanistan: Fight their enemy via proxies, i.e., through third parties such as terrorist organisations and countries like Turkey, a puppet state that nourishes pan-Turkish and pan-Islamic ideas”. (1)

Webmaster's Commentary: 

Instead of toppling foreign governments, the current administration would be much better served by actually taking care of those people who voted them into power 4 years ago, something to which the Trump administration is, apparently, blind and tone-deaf.

Jun 30 05:51

83 Tons Of Fake Gold Bars: Gold Market Rocked By Massive China Counterfeiting Scandal

Yet one market which seemed stubbornly immune to any counterfeiting was that of physical gold in China, which was odd considering that over the past decade China had emerged as the world's biggest counterfeiter of various, mostly industrial metals used to secure bank loans, better known as "ghost collateral", and which adding insult to injury, would frequently be rehypothecated meaning often several banks would have claims to the same (fake) asset.

All that is about to change with the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. And yes, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan itself.

With that preamble in mind, we introduce readers to Wuhan Kingold Jewelry Inc., a company which as the name implies was founded and operates out of Wuhan, and which describes itself on its website as "A Company with a Golden future."

Jun 30 05:47

MAJOR MEXICAN CARTELS: DRUG WARS AND BUSINESS

A previous report by South Front documented the heavy human, social and material costs of the drug wars in Mexico, which have devastated the country since the mid-2000s. In this report some of the major factors in the rapidly shifting environment of the main cartels over the last ten years, and their frequent formations, disintegrations and reconfigurations, are reviewed.

Jun 30 05:47

No End to Illegal US Sanctions War on Iran

Last week, militantly hostile to Iran Pompeo said the following:

The Trump regime is “clear about our expectations (and) goals (sic).”

“We (demand that) the Islamic Republic of Iran behave like a normal nation (sic).”

“We’re happy to engage in conversations with them when the time is right (sic)…”

“(C)onditions that suggest somehow we give a bunch of money to the Iranians so they can foment terror around the world is simply ludicrous (sic).”

“It’s just not how (the Trump regime) behaves (sic).”

Fact: Intentions of both right wings of the US one-party state are crystal clear — seeking dominance over planet earth, its resources and populations by whatever it takes to achieve its objectives, war by hot and other means its favored strategies.

Fact: Even-handed US engagement with other nations was long ago abandoned. Demanding subservience to its interests replaced it.

Webmaster's Commentary: 

Apparently, to this administration, hard-won, moral negotiations are a completely unknown process with which their members don't want to wrap their brains around, and this administration's actions may put us head-to-head with Russia and China if we invade Iran.

Mr. President; a war against Iran is a really horrific idea; should Russia and China get involved, we may be looking at putting this world into a state which is unrecoverable, due to potential nuclear exchanges.

Jun 30 05:47

Gold Heads for 17% Gain In First Half 2020 and Biggest Quarterly Gain Since 2016

Gold bullion appears set for the biggest quarterly advance since 2016 amid a surge in demand for gold bullion and other safe haven assets due to the ongoing coronavirus outbreak and economic lockdowns, which show little signs of abating.

Jun 30 05:18

ExxonMobil Readies To Make Major Job Cuts

Jun 30 05:11

MILLENNIALS NEVER RECOVERED FULLY SINCE THE GREAT RECESSION AND NOW COVID-19 IS BRINGING A PAINFUL ECONOMIC RECKONING. HALF OF US HOUSEHOLDS OWN NO STOCK

SOURCE: MY BUDGET 360

Webmaster's Commentary: 

Right now, whether you own a home or not, it is a good time to get into precious metals, if you can do this at all; silver is very attractive, because of its convertibility.

But please, to our readers; if you haven't started prepping yet, the time to do this is absolutely now. That means potable water, and long-term storage food, and extra meds for you, the people you care for, and your pets. You also need a bug-out bag, and a plan that tells you when, under what circumstances, and to where you will bug out, if the fertilizer is really hitting the ventilation system where you live.

We are very fortunate to live in a very rural area, where people are fundamentally kind, and neighbors help neighbors, which in times like these is a real blessing.

Jun 30 05:04

TRUMP USED LOOTED VENEZUELAN PUBLIC MONEY TO BUILD BORDER WALL WITH MEXICO

SOURCE: THE GRAYZONE
AROUND $24 BILLION OF VENEZUELAN PUBLIC MONEY HAS BEEN LOOTED, AND THE TRUMP ADMINISTRATION HAS USED AT LEAST $601 MILLION OF IT TO CONSTRUCT A MILITARIZED WALL ON THE US-MEXICO BORDER.
BY BEN NORTON
Since the United States initiated a coup attempt against Venezuela’s elected leftist government in January 2019, an estimated $24 billion worth of Venezuelan public assets have been stolen by Washington and member states of the European Union.

President Donald Trump’s administration has used at least $601 million of that looted Venezuelan money to fund construction of its border wall with Mexico, according to government documents first reviewed by Univision.

During his 2016 presidential campaign, Trump insisted countless times that he would “make Mexico pay” to build a gargantuan wall covering all of the roughly 2,000 miles (3,145 kilometres) of its northern border.

Webmaster's Commentary: 

IF this Univision story is true..... holy crud, President Trump, what in the world were you thinking here?!?

Jun 30 04:46

MASS-TRACKING COVI-PASS IMMUNITY PASSPORTS SLATED TO ROLL OUT IN 15 COUNTRIES

SOURCE: MINT PRESS
Through the magic of Internet meme culture, most Millennials will be familiar with the famous opening scene of the 1942 film, “Casablanca,” where two policemen stop a civilian in the “old Moorish section” of Nazi-occupied French Morocco and ask him for his “papers.” The subject is taken away at once after failing to produce the required documents. The cinematic exchange has been used ever since as a popular reference to the ever-encroaching hand of the state, which is now on the verge of attaining a level of control over people’s movements that puts the crude Nazi methods to shame.

Webmaster's Commentary: 

Gates is infinitely less concerned with individual health, than health surveillance, and insuring that those vaccines companies in which he is heavily financially invested, make out like bandits, no matter if those vaccines can ultimately harm those who receive them.

Jun 30 03:37

Independent Journalist Tours The Cities Destroyed By Black Lives Matter Rioters

"These could very well have been the most widespread simultaneous riots EVER in US history ... but the media coverage has simply not conveyed the scale of what occurred."

Independent journalist Michael Tracey has been traveling the country over the past few weeks to try and capture the wholesale destruction caused by the Black Lives Matter riots which he suspects the media is refusing to cover because they don't want to be perceived as "discrediting the movement."

Jun 29 11:39

Airbus to make thousands of workers redundant as it cuts production by 40%, union says

At the end of April, the European aerospace giant reported a first-quarter net loss of €481million while consolidated revenues fell by almost a sixth to €10.6billion from the first three months of 2019.

Union sources said that the company is expected set out its most extensive ever reorganisation plan on Wednesday, which may result in between 14,000 and 20,000 jobs being slashed.

One person familiar with Airbus told Reuters anything below 25,000 cuts could be seen as conservative in the light of output plans. Unions have warned against over-reaction, however.

Jun 29 10:12

The casino is getting crowded.

Jun 29 07:11

Forget the V, W or L Recovery: Focus on N-P-B

Jun 29 07:04

41% Of Businesses On Yelp Have Permanently Closed As V-Shaped Recovery Implodes 

President Trump's economic COVID-19 response, through massive fiscal and monetary stimuli, was expected to generate a V-shaped recovery ahead of the elections. We noted, all along, there was never a snowball's chance in hell that economic growth would revert to 2019 levels later this year; nevertheless, the labor market would fully recover.

Jun 29 06:57

US Middle East Wars Far from Over

By Tony Cartalucci for Global Research.

Despite what appears to be a terminal decline of US influence over the Middle East, Washington has no intentions of gracefully abandoning its aspirations of regional hegemony.

Air strikes carried out against Syria by Washington’s Israeli proxies, a mysterious explosion near Tehran, and the current Iraqi Prime Minister’s decision to round up leaders of Iranian-backed militias who helped defeat the self-proclaimed “Islamic State” (ISIS) unfolded in quick succession in an apparent coordinated campaign aimed at Iran and its allies.

New Iraqi Prime Minister’s Checkered Past

Prime Minister Mustafa Al-Kadhimi took office in May 2020.

While he has warned about deepening relations with Iran he has concurrently stated the importance of US backing – despite the US having illegally invaded, destroyed, and since occupied Iraq starting in 2003.

Webmaster's Commentary: 

What is profoundly discouraging about November's election, is the very sickening reality that no matter who wins the election, the bi-partisan war party will be safely and securely in charge; what the American people have, every 4 years, is not a choice in the direction of their country moving forward, but an illusion of choice, engineered to "game the system" so that the already monied win, and continue to win.

And I will make another prediction, no matter who wins in November; the US government and military will most probably go back to a draft. The quality and quantity of recruits is no where near where it needs to be for winning present and future wars, to which past, present, and and future administrations are, and will be committed, like the good psychopaths they are.

Jun 29 06:55

Chesapeake Files For Bankruptcy, Wiping Out $7 Billion In Debt And Any Existing Equity Value

After years of melting, the Chesapeake icecube is finally history: at exactly 350pm on Sunday afternoon, the company that launched the US shale boom, finally gave up and filed for a pre-packaged bankruptcy in the Southern District of Texas. In so doing, the company with roughly $9.5 billion in debt has become one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global recession, and follows the collapse of another high-flyer in the US oil patch, Whiting Petroleum, which filed for Chapter 11 at the start of April after championing what was once the premiere U.S. shale field, the Bakken of North Dakota.

Jun 29 05:24

Peak Fuel Demand Will Occur Within 10 Years

Jun 29 03:20

30% Of U.S. Shale Drillers Could Go Under

Jun 29 02:55

Mall Giant Intu Collapses Into Bankruptcy

Jun 27 20:06

CMS Releases Medicare Payment Rates for COVID-19 Test CPT Codes

Medicare payment rates for CPT codes 87635, 86769, and 86328 range from $42.13 to $51.31, CMS recently announced.

Jun 27 08:49

A Can Too Big For The Fed And ECB To Kick

Jun 27 06:57

This is a train wreck in progress.

Jun 26 19:13

NZ Financial Markets Authority boss Rob Everett concerned depositors ditching the bank for shares

Concern that some New Zealanders are moving money out of term deposits and piling into shares in search of higher returns has prompted the financial regulator to contact investment platforms this week.

*PPV but you get the gist. This is going to end badly for some.*

Jun 26 12:13

Business Uncertainty About Sales Goes Haywire

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