ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Oct 21 06:53

Not A Typical Manufacturing Recovery

Oct 21 06:40

The Great American Oil & Gas Massacre: Bankruptcies Hit New Milestone as Bigger Companies Let Go

The amount of secured and unsecured debts, such as loans and bonds, listed in bankruptcy filings in the third quarter by US oil and gas companies, at $34 billion, pushed the total oil-and-gas bankruptcy debt for 2020 to $89 billion, according to data compiled by law firm Haynes and Boone. And this nine-month total already surpassed the full-year total of oil-bust year 2016.

Oct 21 06:35

San Fran's New Normal: Third Walgreens In A Year Is Closing Due To "Rampant Shoplifting"

The effects of allowing chaos to prevail in liberal run cities across America might not be obvious to liberals now, but when their cities empty out completely, it's going to become crystal clear.

Such is the case in San Francisco, where the city's new normal of shoplifting and chaos has driven another Walgreens pharmacy out of the city.

The move to close the Walgreens at Van Ness and Eddy came after "months of seeing its shelves repeatedly cleaned out by brazen shoplifters", according to the SF Chronicle. The location served "many older people" who lived in the area.

One customer told the paper: "All of us knew it was coming. Whenever we go in there, they always have problems with shoplifters."

Oct 21 06:20

85% US small biz permanently close in 2020

Oct 21 06:09

US Sanctions on Nord Stream 2 Continuation of Destructive Policy, Kremlin Says

On Tuesday, the US extended sanctions against Nord Stream 2 to businesses that provide services or funds to upgrade or install equipment on ships for laying the pipeline.

Moscow sees US' latest sanctions against the Nord Stream 2 pipeline as a continuation of a destructive policy which damages bilateral relations, Russia's presidential spokesman said.

"In general, this is quite an unfriendly and destructive policy of constant introduction of different restrictions against us, our economic operators and our economy. Unfortunately, this has already become an integrant part of of the unfair competition, Washington's overt raider competition policy. Unfortunately, they have been pursuing this destructive policy for over a year, and it certainly damages our bilateral relations," Peskov told reporters.

Oct 21 06:06

US tries to squeeze Huawei out of Brazil’s 5G network development

Brazil has become the latest battleground in the US tech war against Beijing, with the Trump administration offering the South American country lucrative financing to shift away from China’s Huawei when developing its 5G networks.

On Tuesday, an American delegation led by National Security Advisor Robert O’Brien signed a new agreement with Brazil during a four-day visit to the country. The deal, sponsored by the Export-Import Bank of the United States (EXIM), is aimed at strengthening economic cooperation between the two sides and promoting US exports in various sectors, especially in the telecommunications area and 5G, according to O’Brien.

“Under the agreement, EXIM and Brazil agree to explore and identify potential opportunities for EXIM financing in a total aggregate amount of up to $1 billion,” EXIM said in a statement.

Oct 20 23:33

The Justice Department just slapped Google with a landmark antitrust lawsuit. That could be bad news for Amazon, Facebook, and Apple

The US Department of Justice filed an antitrust lawsuit against Google Tuesday morning, kicking off a potentially yearslong battle to more heavily regulate the tech giant.

The lawsuit accuses the company of unlawfully maintaining monopolies in search and search advertising. It alleges that Google has used unfair practices to stymie competition, such as paying Apple billions of dollars a year to be the dominant search engine on its devices.

Google is the first tech giant to see major antitrust action since the US government went to battle with Microsoft in the late '90s. It's also not the only company being probed over antitrust concerns. Earlier this month, House Democrats concluded a yearslong investigation, accusing four of the biggest tech companies — Apple, Amazon, Facebook, and Google's parent company, Alphabet — of monopoly power.Advertisement

Oct 20 12:36

GM to invest more than $2 billion in U.S. manufacturing to increase electric vehicle production

General Motors is investing about $2.2 billion in its U.S. manufacturing operations, largely to increase production of electric vehicles, the company announced Tuesday.

The investment is the latest for the Detroit automaker as it pivots toward EVs under GM CEO Mary Barra's "triple zero" vision of zero crashes, zero emissions and zero congestion -- an overarching goal for the company

Oct 20 11:51

Gold Is the Only Way Out for Central Banks

Oct 20 11:32

Container Slots Sell Out, Risking Holiday "Shipageddon"

"The ships are 100% full. The containers are 100% full. You can’t get a container built. You can’t pick up a ship from the spot market. The whole container-shipping cycle is at absolutely full pulse,” exclaimed Jeremy Nixon, CEO of Ocean Network Express (ONE), the world’s sixth-largest container line.

October’s ocean container market is “unbelievable,” said Nixon during an International Chamber of Shipping (ICS) virtual event last week. “We are sold out,” he revealed.

“Our job now is to keep the network going from an operational standpoint,” Nixon continued.

“The ports are getting jammed up now. We’re starting to see bottlenecks in the supply chain. That’s another challenge going into this winter.”

Oct 20 11:06

Justice Department Sues 'Monopolist Google' For Violating Antitrust Laws

The Department of Justice on Tuesday announced they filed a much-needed antitrust lawsuit against "monopolist Google" for dominating the search and search advertising markets online.

Oct 20 09:42

China “Pwns” Us: How the Chinese Are Buying Up America

The People’s Republic of China isn’t exactly a favorite of the American public. Since the Wuhan Coronavirus outbreak of early 2020, Americans are questioning whether or not all of that cheap plastic junk from Wal-Mart doesn’t come with a hidden cost.

It’s not just about the virus: There is also the spectre of deindustrialization, which has been a social disaster for the United States, particularly the rust belt. What’s more, Tucker Carlson and others reported during the early days of the Wuhan Coronavirus outbreak that the United States was dependent on China for basic medical supplies, such as penicillin.

Carlson’s comments are incredibly important, especially when we begin drilling down further into just how reliant the United States is on China: 97 percent of all antibiotics and 80 percent of all active ingredients in American pharmaceuticals come from China. In 2017 alone, the United States imported a whopping $4.6 billion in foodstuffs from the People’s Republic of China.

Oct 20 06:36

Crime Pays: Goldman Strikes $2BN Deal With DoJ To Avoid All Charges Tied To 1MDB

Goldman Sachs is reportedly on the cusp of settling one of the biggest criminal cases involving a Wall Street bank since the financial crisis: According to a Bloomberg News report published late Monday evening, the Vampire Squid has reached a tentative agreement with the DoJ to pay more than $2 billion in penalties - a figure that BBG noted is "broadly in line with analysts expectations" - and - here's the key bit - allows the bank to avoid all criminal penalties.

That last bit is especially important, because, as we've chronicled over the past few years, many of the bank's top executives appeared to have been personally involved with the deal, which was initially brought in by Tim Leissner, formerly the bank's top man in Southeast Asia, before he was suspended over the deal, before agreeing to cooperate with the Feds against his former employer (where he reportedly told authorities about the endemic "culture of corruption" at play within the bank).

Oct 20 06:21

Pandemic to Trigger $4 Trillion Loss in Global Real GDP in 2020

The coronavirus induced recession has plunged many countries into economic uncertainty as a result of the severe containment measures. As expected, the pandemic has triggered massive losses in different sectors of the economy which can be reflected in metrics like the real Gross Domestic Product.

Data presented by Buy Shares projects that the global real GDP will plunge by $3.94 trillion in 2020. The research also shows that the ten most impacted countries will cumulatively lose $696.56 billion in real GDP due to the pandemic.

According to the research, the United States will be the biggest loser at $174.68 billion. South Korea will be the tenth most impacted nation with a loss of $3.76 billion. Elsewhere, China is the only country to emerge with a positive growth of 1.8% or a $51.12 billion gain in real GDP.

Oct 20 06:06

Democrat-Run Chicago Broke As Mayor Mulls Tax Hikes & Layoffs To Plug $1.2BN Budget Gap

In a sign of where the entire country could soon find itself, the Democrat-run city of Chicago isn't just facing soaring violent crime, but is staring down a whopping $1.2 billion budget deficit, the Chicago Tribune reports.

Naturally the response to what some are already excusing as the city’s "coronavirus-fueled budget deficit" is for Mayor Lori Lightfoot to immediately talk massive tax hikes to plug the hole.

"Chicago Mayor Lori Lightfoot is considering a $94 million property tax increase, layoffs for more than 300 city workers and a gas tax hike as part of her plan to close a $1.2 billion budget deficit, sources told the Tribune," the report says.

Oct 20 04:49

How Financially Fit Are American Retirees?

Oct 19 14:25

74% of families with children making less than $100,000 have “experienced serious financial problems” during this crisis

As you will see below, millions of Americans missed their rent or mortgage payments last month, millions missed their student loan payments, and millions are falling into poverty.  The economic downturn that was sparked by the coronavirus pandemic has stretched on far longer than most people originally anticipated, and many Americans are simply running out of money at this point.  In fact, one survey that was conducted not too long ago found that 40 percent of all households have “used up all or most of their savings” and 74 percent of families with children that make less than $100,000 a year have “experienced serious financial problems” during this crisis…

Oct 19 11:08

CVS To Hire 15,000 Employees In Preparation For Flu Season, COVID-19 Vaccine Rollout

CVS Health announced that it would bring on approximately 15,000 additional workers in preparation for the upcoming flu season and an expected rise in coronavirus cases before the distribution of an eventual vaccine.

The hirings will take place before the year’s end, the company said Monday in a statement. Though most of the positions are temporary, many could transition into full-time positions, CVS said.

Oct 19 07:48

The lockdown ghost towns: More than a MILLION hospitality and retail jobs may vanish by end of the year as venue owners in northern cities brand coronavirus restrictions a 'death sentence' for business

The Covid-19 catastrophe is creating ‘ghost towns’ across Britain and threatens to wipe out more than a million jobs, experts warned last night.

A record 11,120 household-name retail outlets and around 125,000 store jobs were lost after the first lockdown supercharged a move away from high streets.

However, this is just the tip of the iceberg, with fears the job loss total at shops, pubs and restaurants could soar as new lockdowns are rolled out this winter.

Oct 19 07:35

The $16 TRILLION bug: Pandemic could cost US economy its entire annual output

The US economy may lose a whopping $16 trillion due to the devastating impact of the Covid-19 outbreak, both in output and people’s lives, new research has found.

While most studies assess the costs of the deadly virus by its impact on the national gross domestic product (GDP), a paper published in the Journal of the American Medical Association earlier this week offered a different approach.

The authors of the study – former Treasury Secretary Lawrence Summers and Harvard University economist David Cutler – also took into account losses associated with those who have died due to the virus, in addition to the purely economic costs.

Oct 19 07:29

World leaders are planning new lock downs to introduce “The World Debt Reset Program” which includes universal basic income and vaccination requirements

World leaders are preparing for a second and third wave of covid-19 cases and are fine-tuning their lock down strategies which will be implemented late in 2020 and into 2021. Their planning involves the development of a new world economy, one that introduces medical fascism as a permanent way of life.

A Canadian whistle blower came forward with the plans. The whistle-blower is on the Liberal Party of Canada’s Strategic Planning Committee, which operates under the direction of Canada’s Office of the Prime Minister (PMO).

The historic lock downs have engineered mass poverty and will continue to weaken people’s financial and food security, making them more vulnerable and eventually making them more desperate to accept the new world economy and its bodily requirements.

Oct 19 07:29

Lindsey Graham breaks with GOP and says Senate should approve a bigger coronavirus stimulus package - as Nancy Pelosi sets 48 hour DEADLINE for the White House to resolve funding

Steve Bannon said Sunday everything that has come to light from Hunter Biden's hard drive is true as he paints Joe Biden as a 'stone cold liar' after revelations show deep financial ties between the Biden's and Chinese Communist Party.

'Joe Biden has lied about this for years,' Bannon told Sky News in an interview Sunday.

'What Fox did, which was very interesting on that issue but also on the Chinese – they actually went to the people on the emails and contacted them. What was so stunning is that they reported last night that one, the guys on the emails said absolutely the meetings happened. This is not off of some Russia intelligence operation. That emails correct, the meanings correct and, by the way, that 10 per cent of the equity is Joe Biden's,' Bannon said.

Oct 19 07:19

THE GREAT CORONAVIRUS DIVIDE: WALL STREET PROFITS SURGE AS POVERTY RISES

This has been a worrying week for most people whose livelihoods depend on the state of the U.S. economy. On Wednesday, the number of new coronavirus cases hit almost sixty thousand. The number of deaths, while much lower than at its peak, in April, is now rising in more than twenty states. Without an end in sight to the pandemic, the economic rebound that began in the late spring, after Congress passed the $2.2 trillion cares Act and some of the initial lockdowns were eased, is showing signs of faltering.

Oct 19 07:09

US-China tech war: Beijing counters restrictions with new law to curb sensitive exports

China’s national legislature passed a new law controlling the export of sensitive goods, services and technologies on Saturday in the latest move to counter escalating restrictions on Chinese technology companies by the United States.

The new law will make it more difficult for US and Chinese tech companies to do business in each other’s countries, in particular making it more difficult for Chinese firms to operate globally, analysts said.

The official Xinhua new service published a report on the new law late Saturday night, saying it will come into effect on December 1.

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

Oct 19 07:08

Russell 2000 Top?

Oct 19 07:08

Big short is back!

Oct 19 06:25

Double-Speak: Pelosi Blames President For Stimulus But Trump 'Ready To Sign Anything'

Nancy Pelosi gave the White House a 48-hour deadline to decide the controversial COVID-19 stimulus negotiations, which have become more established in partisanship.

Disputes over federal aid have pulled Democrats and Republicans on Capitol Hill into a continuous, back-and-forth battle over the next deal's provisions.

But on Saturday evening, the House Speaker's office announced that Pelosi had an hour-long conversation with Secretary of the Treasury Steven Mnuchin by phone call.

Oct 19 06:22

"Americans Must Wake Up To The Ugly Reality" - China Is Now The World's Largest Economy

China has now displaced the U.S. to become the largest economy in the world. Measured by the more refined yardstick that both the IMF and CIA now judge to be the single best metric for comparing national economies, the IMF Report shows that China’s economy is one-sixth larger than America’s ($24.2 trillion versus the U.S.’s $20.8 trillion). Why can't we admit reality? What does this mean?

This week, the IMF presented its 2020 World Economic Outlook providing an overview of the global economy and the challenges ahead. The most inconvenient fact in the Report is one Americans don’t want to hear—and even when they read it, refuse to accept: China has now displaced the U.S. to become the largest economy in the world. Measured by the more refined yardstick that both the IMF and CIA now judge to be the single best metric for comparing national economies, the IMF Report shows that China’s economy is one-sixth larger than America’s ($24.2 trillion versus the U.S.’s $20.8 trillion).

Oct 19 06:15

Smoothie Robot In Walmart Signals Continued Rise Of Automated Fast Food Workers

A robot that makes smoothies was showcased at a Walmart in California signaling the rise of automated workers.

The Mind Unleashed has previously reported on how automated robots were beginning to take over various different jobs, including flipping burgers with Miso Robotics’ Flippy. Now, Walmart has partially got involved in the trend. A new start-up company called, “Blendid” showcased its product at the Fremont Walmart in California this week opening a kiosk, Yahoo News reported.

The stall is open seven days a week and is pitched as a way for customers to place contactless orders for a smoothie. Customers place their orders for a 12-ounce delicious drink and then an autonomous robot whips it up. What’s more, the drink is made in just 3 minutes or less from the time it’s placed.

Oct 19 04:55

The Coming Financial Crisis of 2021

Oct 18 21:14

Defense Minister says Iran will sell weapons to countries despised by US

"...Iran’s defense minister says the country is going to support the countries that seek to defend their existence now that the UN Security Council’s restrictions on Tehran’s arms trade are lifted.

Brigadier General Amir Hatami said Iran will sell arms to the countries despised by the Americans if they ask for it..."

Oct 18 17:28

De-globalization: Trade Remains In Retreat

Oct 18 17:25

Interest Rate Prognosis: More Negative

Oct 18 08:18

$6,551,872,000,000: Federal Spending Smashes Record in FY20

The federal government spent a record $6,551,872,000,000 in fiscal 2020, which was an increase of $2,044,283,520,000—or 45.4 percent—from the previous record of $4,507,588,480,000 in constant September 2020 dollars that it spent last year.

Oct 18 07:51

The Great Unknowns of 2021

Oct 18 06:47

Russian Trade Minister Celebrates Collapsing Ruble As "Awesome"

Over the past decade, western central banks have generated countless hours of derision, mocking and scorn because while it has become painfully obvious that their two primary objectives - pushing stocks higher and hammering the currency - have nothing to do with their stated objectives of full employment at stable prices, central bankers have been steadfastly stubborn in their baseless claims that what they do is for the greater good. So much so, that the very same Fed whose catastrophic monetary policies of the past decade have spawned the greatest wealth and class inequality in US history in their pursuit of weaker currencies and higher asset prices, are now actively pretending they are pursuing an end to racial inequality, which is nothing but pure propaganda to justify printing even more money until maybe one day, inequality somehow magically ends.

Oct 18 06:22

55 MILLION PEOPLE FACE FAMINE AS COVID-RAVAGED ECONOMIES FAIL TO MEET FUNDING GOALS

More than 55 million people in seven countries are in desperate need of COVID-19-related famine relief. That is according to a new report from international charity Oxfam, entitled “Later will be too late.” The report details how 55.5 million people in seven countries — Yemen, Afghanistan, Nigeria, Burkina Faso, the Democratic Republic of the Congo, and Somalia — are living in severe-to-extreme levels of food insecurity or even famine conditions, thanks largely to the fallout from the coronavirus pandemic.

Oct 18 06:11

Eight MILLION Americans have slipped into poverty since May as pandemic wreaks havoc on livelihoods in the US with more than 55 million now earning less than $26,500 a year

Some eight million Americans have fallen below the poverty level since May after federal stimulus money dried up and Congress did not follow up with more relief legislation, according to a new study.

Meanwhile, the economic recovery has slowed down as more than 55 million Americans are now earning less than $26,200 a year - which is what the federal government considers the poverty line.

Researchers at Columbia University tracked poverty levels from before the COVID-19 pandemic dealt a devastating blow to the US economy in spring, forcing businesses across many industries to shut down.

Oct 17 23:41

More than 6M households missed their rent or mortgage payment in September

"...Persistent layoffs are slowing momentum in the labor market, which bodes poorly for the broader U.S. recovery as millions of out-of-work Americans delay their mortgage and rent payments.

More than 6 million households failed to make their rent or mortgage payments in September, according to the Mortgage Bankers Association's Research Institute for Housing America, a sign that the economic fallout from the coronavirus pandemic is weighing on jobless Americans as Congress stalls on relief measures..."

Oct 17 17:56

[Video] COVID-21

If this is true our future is bleak.

Oct 17 11:53

Iran Ready for Arms Trade as Clock Ticking for Embargo Lifting

"...The spokesperson for Iran’s UN mission voiced the country’s readiness to begin arms trade with the friends as soon as a decade-old arms embargo on Tehran is removed on Sunday.

“Iran has many friends and trading partners, and has a robust domestic arms industry to ensure its defense requirements against foreign aggression,” Alireza Miryousefi told Newsweek in an interview published on Friday..."

Oct 17 08:33

Hyperinflation Is Here

This article defines hyperinflation in simple terms, making it clear that most, if not all governments have already committed their unbacked currencies to destruction by hyperinflation. The evidence is now becoming plain to see.

The phenomenon is driven by the excess of government spending over tax receipts, which has already spiralled out of control in the US and elsewhere. The first round of the coronavirus has only served to make the problem more obvious to those who had already understood that the expansionary phase of the bank credit cycle was coming to an end, and by combining with the economic consequences of the trade tariff war between China and America we are condemned to a repeat of the conditions that led to the Wall Street crash of 1929—32.

Oct 17 08:15

30 Straight Weeks: Over One Million Jobless US Workers Apply for UI

What’s happening in the US — with no significant relief in prospect — is unparalleled in the the nation’s history.

Unemployment, growing poverty, food insecurity, and overall deprivation are growing, not easing — while politicians in Washington prioritize war-making and self-interest over essential aid to needy households, small businesses, as well as cash-strapped states and local communities.

Both right wings of the US one-party state are guilty of crimes against humanity at home and worldwide.

Whatever the outcome of November 3 elections, nothing fundamental will change — unacceptable continuity assured like nearly always before.

On Thursday, another 898,000 jobless Americans filed new claims for unemployment insurance (UI).

Another 373,000 applied for Pandemic Unemployment Assistance (PUA) — the federal program for workers ineligible for regular UI.

If not renewed, PUA will expire at yearend.

Oct 17 07:28

The average American has $90,460 in debt—here’s how much debt Americans have at every age

In our efforts to keep up with the Joneses (or just get by during this period of economic uncertainty, debt has become a normalized part of the American lifestyle.

Borrowing money is often an important part of a long-term financial plan, whether it’s to access education and career opportunities, buy a car for your commute or find a place to call home.

However, debt also involves a little risk and can be expensive. Not only do you pay interest fees, borrowing of any kind requires you to make your payments on time in order to keep your account and credit score in good standing. It’s not uncommon for consumers to make a few common mistakes while learning how credit works and establishing lifelong money habits.

Oct 17 07:05

Gold Asks Where Is The Inflation?

Oct 17 04:15

GLOBAL DEFAULT OUTLOOK

Oct 17 02:48

CENTRAL BANKS ASSETS

Oct 16 12:25

Good Or Bad Q3 2020 Earnings Season?

Oct 16 11:37

Tesla's "Gigafactory" In Berlin Just Had The Water Shut Off For Not Paying The Bill

While Elon Musk was busy making high school style "420" and "69" jokes on Twitter, the water at his $400 billion company's latest project - the construction of a Gigafactory in Berlin, Germany - was being turned off for non-payment.

It's likely a wonderful glance into what the priority structure looks like at Tesla.

There are multiple reports coming out of Germany that Tesla had to stop their construction as a result of the water being turned off, according to electrek.

One German publication, Heise said: "Tesla is temporarily unable to continue building its factory in Grünheide near Berlin. The Strausberg-Erkner water association turned off the water because Tesla did not pay the money, said association spokeswoman Sandra Ponesky on Thursday in Strausberg."

Oct 16 11:33

Revealed: millions of Americans can’t afford water as bills rise 80% in a decade

Millions of ordinary Americans are facing rising and unaffordable bills for running water, and risk being disconnected or losing their homes if they cannot pay, a landmark Guardian investigation has found.

Exclusive analysis of 12 US cities shows the combined price of water and sewage increased by an average of 80% between 2010 and 2018, with more than two-fifths of residents in some cities living in neighbourhoods with unaffordable bills.

In the first nationwide research of its kind, our findings reveal the painful impact of America’s expanding water poverty crisis as aging infrastructure, environmental clean-ups, changing demographics and the climate emergency fuel exponential price hikes in almost every corner of the US.

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