ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jan 16 13:17

Majority of U.S. public school students are in poverty

For the first time in at least 50 years, a majority of U.S. public school students come from low-income families, according to a new analysis of 2013 federal data, a statistic that has profound implications for the nation.

Jan 16 13:02

The U.S. Corporate State has Become the Monarch Our Founders Despised

The colonists who wrote the founding documents of the United States detested the British Empire, and vowed to do whatever it took to gain their freedom and sovereignty from a foreign power that was depleting the wealth of the country without giving anything in return. Just as King George extracted wealth and resources from the colonies for his own gain in the 18th century, the current U.S. corporate state is extracting wealth and resources from the American people, at a much greater rate than King George could have ever hoped for. If the outrage that swept the U.S. in the last months of 2014 continues to escalate, 2015 may just be the year that a new revolutionary movement coalesces to bring this hopelessly corrupt, parasitic, and toxic system to a halt.

Jan 16 12:55

It's Not Just 'Retail': Head Of European FX Sales Out After Citi Admits Massive Loss

All morning, mainstream media has been down-playing the insolvency of various retail-focused FX brokers using words like "contained" and even suggesting retail 'moms-and-pops' should not be allowed to trade FX. Now, we get more news from a non-retail institution:

*CITIGROUP SAID TO LOSE MORE THAN $150 MLN ON CURRENCY MOVES

So should Citi be banned from FX trading too? It appears so - Citi's head of European FX sales is 'said to leave' the company.

Jan 16 12:20

Economists: Michigan faces $325M deficit

State economists agreed Friday that general fund tax revenue will come in $324.6 million below previous estimates, creating a likely deficit four months into a new fiscal year.

Webmaster's Commentary: 

"But, but, but ... Washington DC assured us we only have a 5% unemployment rate!!!" :)

Jan 16 11:52

Euro hits fresh 11-year low against the US dollar

The euro continued to extend losses against the U.S. dollar, hitting a fresh 11-year low of $1.156.

Jan 16 10:42

Could city roads end up going ‘back to gravel?'

Hamilton faces a gravel road renaissance without a cash influx to fix fast-deteriorating local roads, warned the city's top public works manager warned Thursday.

Jan 16 09:36

4 Must-Knows After the Swiss Franc Shock

As I covered in yesterday's update, "The one with the jaw dropping drop," the Swiss National Bank surprised markets yesterday with the announcement of the end of Swiss Franc's peg to the Euro at 1.20 EUR/CHF. Many traders lost or gained a bunch of pips money on the shock... and some firms even went bankrupt.

Jan 16 09:15

BREAKING - FXCM Inc (NYSE:FXCM) May Enter Insolvency

FXCM Inc, the largest US foreign-exchange brokerage, is struggling to keep up with capital requirements. It was down almost 15% on Thursday, and is down more than 75% in pre-market trading on Friday. A majority of clients suffered massive losses on their Swiss “safe-haven” trades.

Jan 16 09:08

U.S. jobless claims rise to four-month high

The number of Americans filing new claims for unemployment benefits last week increased to the highest level since early September, but the underlying trend continued to point to a strengthening labor market.

Webmaster's Commentary: 

And you don't get more George Orwell than THAT!

Jan 16 08:58

FXCM may be in trouble

Webmaster's Commentary: 

The Foreign Exchange Currency Market has suffered major losses since the Swiss announcement, and today the pre-market is showing an 82% loss! The opening bell has been delayed, suggesting trading has been halted while the PPT looks for more duct tape!

UPDATE: FXCM is still closed. PPT has shoved the stock market back into the green, but it's already trending down again. Investors are looking for those hard PPT up-shoves and selling at the peak.

Jan 16 08:48

Russia Just Pulled Itself Out Of The Petrodollar

Back in November, before most grasped just how serious the collapse in crude was (and would become, as well as its massive implications), we wrote "How The Petrodollar Quietly Died, And Nobody Noticed", because for the first time in almost two decades, energy-exporting countries would pull their "petrodollars" out of world markets in 2015.

This empirical death of Petrodollar followed years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling.

Jan 16 08:46

Federal Reserve: Aging Baby Boomers Will Crush Stock Prices by 50%

Baby Boomers are entering their prime ‘stock selling’ years with little relief from those entering their ‘stock buying’ years

Jan 16 08:41

FCC to vote on Obama’s call for government-run internet next month

The Federal Communications Commission (FCC) will vote in February to decide whether municipalities can bypass state laws to provide their own internet service – a policy that President Barack Obama threw his weight behind earlier this week.

The vote is controversial but has support from the Obama administration, and proponents say it would give the public more options and faster service. Many Republicans and opponents argue that permitting such behavior exceeds the FCC’s authority.

Jan 16 08:40

Obama Admin Shuts Down Indian Tribe’s Bank Accounts

The Obama administration shut off the bank accounts of an Indian tribe as part of its Operation Choke Point program, The Daily Caller has learned.

The Otoe-Missouria tribe of Red Rock, Oklahoma reported that it is the latest victim of Operation Choke Point, according to a whistleblower response the tribe sent to the U.S. Consumer Coalition, which was obtained by TheDC.

Jan 16 08:39

These investments could get creamed in the Swiss avalanche

Now brace for everything you ever could have wanted to know about the country’s impact on global markets, but were afraid to ask. The whiz kids have had a few sleepless hours to think yesterday’s bombshell over, and some are worried about the after shocks.

Jan 16 08:33

Swiss National Bank Tells the World – “We’re Gettin’ Off This Train!”

Since 2008 the entire financial world has been turned upside down. In late 2011 the Swiss decided to peg their currency to the Euro, in essences giving up their national currency for the debt soaked Euro experiment.

When the Swiss pegged the Franc to the Euro, the Swiss people sold their sovereignty to the European Union. Approximately 22% of the people wanted their sovereignty back and voted on November 30, 2014 to repatriate their gold and reclaim their nation. Unfortunately, the other 78% (less the people that did not vote) said they were perfectly happy being debt slaves to their overlords at the European Central Bank. Thomas Jordan, the President of SNB, was actually campaigning AGAINST the gold repatriation movement, which in light of today’s announcement seems to be a contrarian move!! Why would a person vote against reclaiming their gold and then do a complete 180 degree turn against your own policy!!! This seems like it is going to have an ugly ending.

Jan 16 08:32

Shanghai Gold Exchange and World Gold Council partner to develop the Shanghai Free Trade Zone as the world's gold market

The parties say they will support the development of both domestic and international gold trading in the Asian nation by “leveraging the opportunity provided by the internationalization of the Chinese gold market, through the Shanghai Free Trade Zone, to support market expansion”, the WGC said.

Webmaster's Commentary: 

Which means that western banks will no longer be able to artificially suppress the price of gold any longer!

Jan 16 08:11

Increased Demand for Gold Following SNB Move: Goldcore

Mark O'Byrne, executive director at Goldcore Ltd., says there is increased demand for gold following yesterday's shock move by the Swiss National Bank.

Webmaster's Commentary: 

God-like status of central banks questioned. All paper currencies will continue to be devalued ...

Jan 15 22:05

Moscow... Or Geneva?

A month ago, when the Russian Ruble was crashing, developed nations were delighted to poke fun of Russians who lined up in front of currency exchange kiosks, supposedly to convert their rapidly devaluing Rubles into Dollars or other rising fiat.

Today, those same developed nation hecklers are deathly silent after what may be the biggest western central bank faux pas in recent history, and which in addition to sending the Swiss Franc soaring has - perhaps for the first time in history - manifested in lines of people in front of currency exchange bureaus nowhere else, but in that bastion of capitalism: Geneva.

Jan 15 22:01

Plunge in Treasury Yields Is Forecasting More Than Just Deflation

Plunging yields on U.S. Treasury notes and bonds, record low yields on the sovereign debt of countries in the European Union, together with plunging industrial commodity prices, are sending a crystal clear message to stock markets: there is a glut of supply and too little demand from consumers.

Jan 15 22:00

The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance

The first time the phrase Emergency Liquidity Assistance, or ELA, was used in the context of Greece was in August 2011, when Greece was imploding, when its banking sector was on the verge of collapse, and just before the ECB had to unleash a global coordinate bailout with other central banks including global central bank liquidity swap to preserve the Eurozone.

Jan 15 22:00

Russia picks new monetary policy chief as currency plummets

Russia's central bank replaced its head of monetary policy after President Vladimir Putin criticized the failure of emergency measures to halt ruble's decline.

Jan 15 21:59

Shanghai gold deals get a boost as WGC sets bullion free trade zone

The World Gold Council (WGC) and the Shanghai Gold Exchange (SGE) signed Thursday a memorandum of understanding to develop a Shanghai free trade zone for bullion and so encourage foreign participation in China's tightly controlled gold market.

The parties say they will support the development of both domestic and international gold trading in the Asian nation by “leveraging the opportunity provided by the internationalization of the Chinese gold market, through the Shanghai Free Trade Zone, to support market expansion”, the WGC said.

Jan 15 16:31

The Government Mafia Will Steal Everything You Own

The G20 told you on November 20, 2014, they plan to steal your bank account. Secretary of Treasury, Jack Lew, has positioned the federal government to steal back federal pensions and now your local police can rob you blind for the crime of going out in public.

Jan 15 15:19

Which state has half of its eligible adults not working? The dismal employment participation rate across the United States.

People have a hard time wrapping their minds around the fact that 93 million Americans are not in the labor. In December alone we added over 451,000 to this category. Much of this figure comes from people retiring and those simply not eligible to work but there is a disturbingly large number of people that are eligible for work and are simply lacking a job. There seems to be a perception that all of the people hitting retirement age are somehow prepared to weather the years of older age with a sizable nest egg. Nothing could be further from the truth.

Jan 15 14:51

House Passes Bill Further Weakening Financial Regulation

TRNN's Jessica Desvarieux looks at the key bill provisions benefiting Wall Street, and also examines the so-called opposition of Democratic lawmakers

Jan 15 13:59

Sony Canada to close all Canadian stores within 2 months

Sony is closing all its stores in Canada over the next six to eight weeks, the company announces in a statement today.

In an interview with CBC News, a spokesman for Sony Canada said he couldn’t disclose why the stores were closing, or how many stores and jobs will be affected.

Jan 15 13:17

Canada disses Obama, postpones meeting with U.S. over Keystone pipeline: report

The White House confirmed Thursday that Canada has postponed the North American Leaders Summit scheduled for next month but would not say whether tension over the Keystone XL oil pipeline is the reason.

Jan 15 12:48

Investors pile into gold after Swiss bank move

Gold prices jumped more than 2 percent after earlier hitting a 4-month high on Thursday as European shares and the dollar turned lower after a shock move by Switzerland to abandon its three-year cap on the franc sent Europe's shares and bond yields tumbling.

Jan 15 12:15

FLASHBACK 2013 - The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.

Jan 15 12:09

‘Carnage’ In Financial Markets Boosts Gold As Safe-Haven Asset

Gold prices continued to show its safe-haven appeal as the Swiss National Bank unleashed, what one analyst described as, “carnage” in the marketplace.

Overnight, February Comex gold futures hit a four-month high of $1,261 an ounce after the Swiss central bank said that it would no longer support its peg against the euro. The central bank has maintained a floor of one euro to 1.20 Swiss francs since 2011.

February gold continues to hold on to most of its gains, currently trading at $1,259.00 an ounce, almost 2% on the day.

Jan 15 11:00

Swiss mess could make oil plunge seem like minor hiccup

While you were sleeping, all hell broke loose in Switzerland, as the central bank ditched its currency cap against the euro after four years and slashed interest rates to negative 0.75%. The Swiss franc is rallying wildly, while the Swiss stock market is cratering and U.S. stock futures are mostly on the losing side as investors figure out this latest shock to the markets

Jan 15 10:09

Initial Jobless Claims Surge Above 300k, Highest Since June 2014

Tumbling retail sales and now surging jobless claims... perhaps the "low oil is awesome" narrative is not true after all. Initial Jobless claims surged to 316k (smashing expectations of 290k) and has not been higher since June 2014. The BLS reports no unusual activity - so economists can't hust shrug this one off. Details on state-by-state job losses are lagged a week so we will not know if this is Shale Oil region-related but yesterday's Beige Book and day after day of announced job cuts by the energy sector suggest it is.

Jan 15 10:08

Caesars places largest operating division into bankruptcy

The unraveling of the complicated financial structure of Caesars Entertainment Corp. began Thursday when the casino operate placed its largest operating division into bankruptcy, taking the initial steps to eliminate almost $10 billion of company’s gaming industry high debt.

Jan 15 09:14

Target announces plans to exit Canadian market

Target Corp said Thursday it would shut down its Canadian operations, ending long-term speculation over the viability of the struggling business.

Target Canada has 133 stores and employs some 17,600 people. Target Corp said it would report $5.4 billion in pre-tax losses on discontinued operations in the fourth quarter.

Jan 15 08:15

Russia’s presidency aims at turning BRICS into full-fledged cooperation tool

One of the major goals of Russia’s presidency will be implementing the BRICS decisions on setting up its own financial institutions, namely the New Development Bank and a currency reserve pool

Jan 14 23:10

C. Wonder is closing all of its stores

The preppy lifestyle brand started by Tory Burch’s ex-husband, Chris Burch, is shutting down its remaining locations ‘due to the highly competitive nature of the current retail environment,’ a spokesman said.

Jan 14 23:10

Jacksonville-based Body Central closing all of its 265 stores; 2,500 out of work

Just two days after it warned that it might file Chapter 11 bankruptcy, Body Central is shutting all of its stores and headquarters completely.

Jan 14 23:04

RadioShack prepares bankruptcy filing

Struggling consumer electronics retailer RadioShack Corp. RSH, -12.56% is preparing to file for bankruptcy protection as soon as next month, according to people familiar with the matter.

Jan 14 20:52

PATHETIC SPIN - Russia Is Losing Control Over The European Gas Market

Oil isn't Russia's only problem.

The energy exporter is losing its dominance over the European gas market.

Webmaster's Commentary: 

Russia isn't losing anything. They shut off the valves today for non-payment of the bill!

Jan 14 12:42

First 'Charlie Hebdo' issue since attack sells out

The first edition of Charlie Hebdo since terror attacks in Paris last week left 17 people dead sold out at newsstands across France shortly after going on sale Wednesday.

Webmaster's Commentary: 

Wow! That is really impressive when you think about it. One week ago, Charlie Hebdo was broke, asking for donations, and struggling to publish less than 50,000 copies of their magazine. Then their offices were attacked, their staff severely reduced, the survivors traumatized, and here we are just one week later with 3 million printed magazines in 16 languages all delivered to the newstands around the world?

Anyone who has ever worked in publishing knows this is an impossible feat. The lead time for content creation, translation into 16 languages, layout for those 16 versions, adding of additional printing resources, and supply chain time, all suggest this new issue had to be in production before last week's attack!


Jan 14 12:03

Jamie Dimon Says Banks Are Under Assault As He Announces $4.9 Billion Profit

We should all do so well while under assault.

JPMorgan Chase earned $4.9 billion in the fourth quarter of 2014, the company announced on Wednesday, down from a year ago, but capping what CEO Jamie Dimon called a record year for the biggest U.S. bank by assets.

Despite this success, Dimon warned that "banks are under assault," from government regulators.

Jan 14 12:00

US Capable of Imposing Secondary Sanctions on N Korea Allies:US Congressman

The US Treasury Department has the authority to impose secondary sanctions on foreign entities, working with the DPRK, but the Obama’s administration does not appear willing to expand its interpretation of the executive order.

Webmaster's Commentary: 

Probably because every time the US sanctions someone, they run off to join BRICS!

Jan 14 11:55

With Ukraine Default Risk At 6 Year Highs, US Taxpayers "Volunteer" To Guarantee Its Debt

Just two days ago we detailed the possibility that Russia could accelerate debt repayment on a $3 billion loan it granted to Ukraine that has broken its covenants. While there is no word yet from Russia on a decision whether to demand the payment, it appears, as Reuters reports, the US taxpayer - just as we warned - is quite willing to step up (thanks to their leaders in Washington) and guarantee $2 billion in loans to the world's 2nd most credit risky nation (after Venezuela).

Webmaster's Commentary: 

How sweet of those generous American taxpayers!

Jan 14 11:25

Massive search underway for top AIG exec who disappeared from his Marriott Hotel room as police discover his wallet and jacket on golf course

Police are using bloodhounds and divers as part of a huge search for a missing AIG executive, last seen at a Californian hotel on Thursday.

Omar Arce Meza, 33, from Los Angeles, was last seen at around 11pm at the JW Marriott Desert Springs Resort in Palm Desert.

Police divers have searched a pond at the hotel, but to no avail. They have, however, found his jacket and wallet on the hotel golf course.

His wife, Diane, described him as ‘highly responsible and reliable’, with his disappearance completely out of character.

Jan 14 11:22

Food Stamp Beneficiaries Exceed 46,000,000 for 38 Straight Months

The number of beneficiaries on the Supplemental Nutrition Assistance Program (SNAP)—AKA food stamps--has topped 46,000,000 for 38th straight months, according to data released by the Department of Agriculture (USDA).

Webmaster's Commentary: 

We're in an "economic recovery", MY ASTROLABE!!!!!

Some corporations may be doing better; but they are laying off employees; reducing employee benefits; parking large wads of cash off-shore (Luxembourg is the poster-child for this activity); and have armies of accountants and lawyers to find every possible loophole to make this possible.

Jan 14 11:20

House votes to cancel Obama amnesties

Brushing aside Democrats’ warnings of permanent political doom, House Republicans voted Thursday to cancel President Obama’s deportation amnesties, casting it as an effort to undo a runaway White House untethered either to the Constitution or even to its own words and promises.

In a debate freighted with political, symbolic and constitutional significance, House Speaker John A. Boehner read the 22 times Mr. Obama had denied he had the kinds of executive powers he ended up claiming last year when he announced his new amnesty, which applies to millions of illegal immigrants, granting them tentative legal status and work permits so they can compete legally for jobs.

Jan 14 11:20

The Perfect Storm for Wall Street Banks

JPMorgan Chase reported 2014 fourth quarter earnings this morning, missing analyst estimates. Analysts had expected $1.31 per share while the actual number came in at $1.19. Listening to the conference call this morning, there was the impression that the $1.19 would have been worse had the bank not released loan loss reserves in a number of business areas.

Jamie Dimon, CEO of JPMorgan Chase, was back to characterizing the bank’s P&L as the “fortress balance sheet.” The London Whale credit derivatives traders almost blew up the fortress in 2012 and the markets are becoming skeptical as to just how much visibility there is on energy and emerging market loans souring on the books of the mega Wall Street banks.

Jan 14 10:13

Stocks plunge as retail sales, JPMorgan disappoint

Stocks tumbled in early trading Wednesday after a weak reading on December retail sales and a profit miss from JPMorgan added to investor worries.

Webmaster's Commentary: 

THE PLUNGE PROTECTION TEAM GOES INTO ACTION!

Jan 14 09:15

Obama targets oil and gas industry, demands massive reduction in methane emissions

Taking direct aim at the oil-and-gas industry, President Obama on Wednesday put forth long-awaited regulations on methane emissions, setting an ambitious goal of reducing those emissions by 45 percent over the next decade.

The move comes just days before the State of the Union address and underscores that, in the final two years of presidency, Mr. Obama is looking to cement his legacy on climate-change and environmental issues.

Webmaster's Commentary: 

It's a laudable goal but Obama's timing sucks. Right now the entire oil industry is being hammered by this ill-conceived oil price war against Russia. The very last thing they need is a whole new raft of "Obamaoil" regulations that will escalate costs, all in the name of controlling climate change, which changes no matter what we humans do. Methane in the atmosphere does not persist. In the presence of oxygen it decomposes to water and carbon dioxide, the first being what we need to live and the latter being what plants need to live. This underscores an observation I have been making all along; that the quality of thinking in this administration is rather poor. Policy decisions are being made for political (and in this case historical) reasons but are not thought all the way through to find potential negative consequences!

Jan 14 08:46

US retail sales weak, cast a cloud on consumer spending

A gauge of U.S. consumer spending unexpectedly fell in December as demand fell almost across the board, but that is probably not the start of a weak trend given lower gasoline prices and a firming labor market.

The Commerce Department said on Wednesday retail sales excluding automobiles, gasoline, building materials and food services fell 0.4 percent last month after a 0.6 percent rise in November.

Jan 13 13:18

Stocks surge as Dow up more than 200 points

Webmaster's Commentary: 

There was a huge upshove at the opening bell, but as of midday, it's already falling off again, as of this writing, down -129 and dropping. Investors are no longer viewing PPT manipulations as a signal to buy, but as a signal to sell!

Jan 13 11:35

Andrew Hoffman – The Whole World is Falling Apart

If you follow the markets and you follow the unemployment numbers–they go hand-in-hand in my opinion–then you know the unemployment numbers from Friday January 9 were a complete joke. Once you drill down, just slightly below the surface, you begin to see the actual numbers and not the numbers designed to get Steve Liesman over at CNBC giggling like a little girl and tell everyone about the rainbow-spewing unicorns that greeted him this morning.

Webmaster's Commentary: 

Jan 13 11:27

Homebuilders Plunge From First To Worst As 'Efficient Stock Market' Wrong Again

But, but, but... homebuilder stocks were surging early on - just like they did at one point yesterday - proving that 'they' know something right? Right? Homebuilders are now the biggest losers - down 3% from the highs - as KB Home's conference call slashes guidance, pulls land deals, and expects margin compression...

Jan 13 10:28

Deflation and Central Bank Delusions

Is it sensible to pay insolvent banks to hold your currency? Negative interest rates are now common.

Is it sensible to lend your savings to insolvent governments for 10 years at 2% interest or less when history shows us that the purchasing power of the currency will decrease far more than 2% per year?

Is it sensible that the time value of currency is effectively zero? Zero or negative interest rates are not a sign of economic health.

Jan 13 09:16

Press Release: The World Bank and the IMF Open up Ukraine to Western Interests

A new report from the Oakland Institute, Walking on the West Side: the World Bank and the IMF in the Ukraine Conflict,exposes how the international financial institutions swooped in on the heels of the political upheaval and are vying to deregulate and throw open Ukraine’s vast agricultural sector to foreign investors. Former Ukrainian President Viktor Yanukovych’s rejection of an EU Association agreement in favor of a Russian deal was a major factor in the crisis that led to his ouster in February 2014. Immediately following the change to a pro-EU government, the country’s pivot to the West was solidified with a $17 billion loan from the International Monetary Fund (IMF) and an additional $3.5 billion aid package from the World Bank, both of which require significant economic reforms and austerity measures that are set to have disastrous effects within the nation.

Jan 13 09:15

Ukraine Agreed to a Monsanto “Land Grab” to Get a $17 Billion Loan from the International Monetary Fund (IMF)

The World Bank and International Monetary Fund (IMF) is helping biotech run the latest war in Ukraine. Make no mistake that what is happening in the Ukraine now is deeply tied to the interests of Monsanto, Dow, Bayer, and other big players in the poison food game.

Monsanto has an office in Ukraine. While this does not shout ‘culpability’ from every corner, it is no different than the US military’s habit to place bases in places that they want to gain political control. The opening of this office coincided with land grabs with loans from the IMF and World Bank to one of the world’s most hated corporations – all in support of their biotech takeover.

Jan 13 08:37

2,000 jobs threatened as United mulls outsourcing at US airports

Parent company’s stock has underperformed Delta, where there is less union representation.

Jan 13 08:25

Scientists join Elon Musk & Stephen Hawking, warn of dangerous AI

Hundreds of leading scientists and technologists have joined Stephen Hawking and Elon Musk in warning of the potential dangers of sophisticated artificial intelligence, signing an open letter calling for research on how to avoid harming humanity.

Webmaster's Commentary: 

Jan 12 14:41

US fast-food chain Carl's Jr. closes restaurants in Russia

California-based fast-food chain Carl's Jr. announced on Monday plans to shut down more than 30 outlets in three Russian cities amid a volatile economic environment.

Jan 12 12:36

Big oil stocks send Dow tumbling

The eurozone euphoria that is driven by quantitative easing talk is not felt in London as natural resource stocks weigh on the British market.

Oil and mining stocks are leading the FTSE 100 lower as turmoil in the commodity markets has taken the shine off the European Central Bank easing chatter.

Jan 12 12:23

Ditching the Dollar

One of the symptoms of a declining empire is that it becomes less and less productive and therefore less relevant to other countries. Any empire, whilst in its prime, will have a strong currency. As its productive relevance declines, so will its currency. Invariably, its leaders attempt to keep the currency strong, in spite of the decline in national relevance. Rather than return to a more productive condition, the empire almost invariably resorts to force.

The US has been unusually forceful in this regard. In order to retain the dollar as the currency upon which oil is denominated and paid for, the US has attacked countries (Iraq, Libya) when their leaders have announced that they will, in future, accept other currencies or gold as payment for oil.

Jan 12 08:59

Obama Lied About His Intent to Prosecute Wall Street Banksters

Two recent reports show that Obama and his Administration lied when they promised to prosecute Wall Street executives who had cheated outside investors and deceived homebuyers when selling mortgages to them.

Jan 12 08:58

Indiana town moves to seize over 350 homes to make room for private developer

A town is working to “demolish a working-class neighborhood” by seizing 354 homes and passing the land off to a private commercial developer. Using federal dollars and the highly-abused power of eminent domain, the city intends to evict multitudes of families to make way for economic progress.

The community under fire is called “Pleasant Ridge.” It contains hundreds of small homes that were built during World War II as military housing. Today the homes are privately-owned and contain working-class and poor families, many of which have owned their homes for decades.

The City of Charlestown intends to demolish the community in order to allow new commercial and residential real estate to be built in its place — privately-owned real estate.

Jan 12 08:24

New study paints bleak picture of manufacturing rebound

One of the most encouraging aspects of the U.S. economic recovery is the halo effect on manufacturing, which accounts for 1 in 6 private-sector jobs. Yet a new study is dismissing that renaissance as little more than a "myth."

Jan 11 10:45

Fox news host makes joke about being homeless

Jan 11 10:43

Central Bankers Push The Recovery Illusion Before The False Flag Event

Jan 09 17:18

Cantor Fitzgerald: Apple Watch Will Be Biggest Product Launch In Company's History

Even after having a super holiday season sales, shares of Apple Inc. AAPL 0.11% have witnessed significant declines. However, Cantor Fitzgerald analyst Brian White thinks that the going will be great for Apple in 2015, especially after the Apple Watch release.

Webmaster's Commentary: 

They said the same thing about Google Glass.

Jan 09 12:24

Russia and China: The Dawning of a New Monetary System?

China, leading member of the BRICS, is lining up the bloc of the BRICS and that of the SCO – and their currencies – to support Russia in need. Currency swaps between Russia (ruble) and China (yuan) for an initial US$ 25 billion equivalent have already been implemented, to allow direct transactions between the two countries. Similar swaps are under way between China and Russia with other countries, primarily the BRICS and the SCO (Shanghai Cooperation Organization) members – including the soon to become new members – Iran, Pakistan, India (also a BRICS member) and Mongolia – and possibly in some not too distant future also strategically located NATO member Turkey.

Jan 09 11:34

Coca-Cola to Cut 1,600-1,800 Jobs Globally

oca-Cola Co. is axing at least 1,600 white-collar jobs globally as part of a cost-cutting move in response to sluggish soda sales.

Jan 09 10:52

Euro sinks to fresh nine-year low

The euro has hit a fresh nine-year low against the dollar, in part after a surprise decrease in German manufacturing.

Jan 09 09:04

How Goldman Sachs May Provoke Yet Another Major Financial Crisis

Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday”if they “vote wrong.” But they have been bullied for too long and are saying “no more.”

Jan 09 08:49

"Europe Can't Afford A Greek Exit" German Opposition Warns Merkel Is "Playing With Fire"

The mainstream media narrative - that Germany is ready and prepared for Grexit and that it is no longer a threat to financial stability - is all hype, according to German opposition finance minister Joachim Poss. As Bloomberg reports, all that is mostly posturing for an electorate tired of the aid and angst Greece has demanded since 2010. Simply put, the potential for Euro instability from a Grexit is a detriment to Germany's massive benefits from the single currency - "Europe can’t afford a Greek exit," Poss concludes, complacency by Merkel is "playing with fire."

Jan 09 08:25

‘I can fix EU problem’: Cameron in Merkel reform talks

British Prime Minister David Cameron says he is “convinced” he can mend the relationship between Britain and the EU, as pressure grows to call a referendum on UK membership.

Jan 09 08:24

IMF mission resumes work in Ukraine

An IMF mission has arrived in Ukraine to resume talks on providing financial assistance to the country, which is on the brink of default. The IMF estimates Kiev needs an extra $15 billion of aid to overcome the crisis.

Webmaster's Commentary: 

"Bend over and spread 'em, Vlad!"

Jan 08 16:43

Russia Blamed, US Taxpayers on the Hook, as Fracking Boom Collapses

As Congress removes restrictions on taxpayers bailing out the too-big-to-fail banks, the right is blaming environmentalists and Russia for the demise of the fracking boom. In reality, the banks' junk bonds and derivatives have flooded Wall Street, and now the fracking bubble threatens another financial crisis.

Jan 08 15:44

House passes 40-hour workweek for Obamacare; Dems buck Obama veto threat

The House passed a bill Thursday that defines full-time work under Obamacare as a traditional 40 hours, with a dozen Democrats choosing to rebuff President Obama’s veto threat before the measure heads for a tougher test in the Senate.

Jan 08 14:44

Mark Levin warns: Obama preparing country for coup against Constitution

Earlier this week, conservative talk show host Mark Levin warned that Barack Obama is campaigning and preparing the country for what amounts to a coup against the Constitution over the debt ceiling, Breitbart.com reported Sunday.

Levin said that it's clear Obama has moved on from the shutdown and is now focused on the debt ceiling, paving the way for low-information liberals to support him as he bypasses Congress and unilaterally seizes control of the nation’s economy, Dr. Susan Berry wrote..

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Jan 08 14:39

Putin’s Opportunity to Bust the US Petro Dollar

President Putin is known to be a master at Martial Arts and appears to be using the principles of Ju-Jitsu to topple the Western Banks, especially in regard to his support of the BRICS Development Bank.

brics-logo-320x116The new BRICS Development Bank is now up and running now, is part of his master chess strategy, and is known to be seriously stressing the US Petro Dollar.

The BRICS Banking System is known to be based on Gold, Silver and real commodities unlike the Rothschild’s largest Franchisee the Federal Reserve System.

Jan 08 13:56

Scotiabank Warns The Fed "Put" Is Now Much Further Out-Of-The-Money

The brilliant Mel Brooks 1974 parody Young Frankenstein ranks No. 28 on Total Film magazine’s list of all-time funniest movies. When QE-infinity was first announced, I drew analogous similarities between the monstrous experiments of Dr. Frankenstein (Dr. F) and the Fed.

In the movie, it was only after the monster went berserk that Dr. F (Gene Wilder) learned that Igor had snatched the “Abby Normal” brain. Clearly, even the most well-intentioned experiments can have unintended consequences. In this vein, the Fed created a financial market monster via six years of ‘pedal to the metal’ Fed stimulus designed to encourage risk-taking and speculation, and like Dr. F, the Fed was confident it had the tools to control it. Unfortunately, history will likely view QE- infinity as the “Abby-Normal” brain that sent its grand experiment awry.

Jan 08 13:56

Saudi War On Shale Goes Nuclear - "No Chance OPEC Will Cut Output" Even With Brent Under $50

For those hoping that the recent brief dip in Brent crude below $50 - most notably Venezuela's intrepid socialist leader Nicolas Maduro whose numbered days get shorter with every day Brent closes red, and countless bondholders of junk- debt capitalized shale companies - would mean that Saudi Arabia's vendetta against OPEC would finally be put on hiatus, we have bad news: the vendetta just wen nuclear because as Reuters reports, there is "no chance of OPEC output cut."

As Reuters further adds, Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, despite Brent's dip below $50 a barrel this week, where it is surely headed once again in the coming days.

Jan 08 13:23

FORT KNOX: Tainted With Radioactive Gold?

Workers used hammers and acetylene torches to strip away bits of gold and other metals from the warheads’ corrosion-proof plating and circuitry. Useless parts were dumped into trenches. But the gold – some of it still radioactive – was tossed into a smelter and molded into shiny ingots.

Exactly what happened next is one of the most intriguing questions to arise from a workers’ lawsuit against the former operators of the U.S.-owned uranium plant in western Kentucky. Three employees contend that the plant failed for years to properly screen gold and other metals for radioactivity. Some metals, they say, may have been highly radioactive when they left Paducah, bound perhaps for private markets.

Webmaster's Commentary: 

"So all you nations asking for your gold back; you should shut up, because we are saving your lives by not sending it back to you!" -- Official White Horse Souse

Jan 08 13:17

Coke To Fire 1800, Caterpillar Laying Off 200

Stocks are up nearly 2% today alone, with the S&P back to green for 2015. Among the reasons for today's rally: lower overhead courtesy of KO and CAT, which announced that between the two of them, they would fire some 2,000 workers, which is great news for stocks if not for actual employees as there will be even more dry powder for another record quarter of stock buybacks.

Jan 08 12:31

Obamacare causing massive wave of hospital closures across USA

A number of acute-care hospitals closed across the United States last year -- 18 to be exact -- and experts who see a raft of new regulatory processes being heaped upon the healthcare industry in the coming years, thanks to the Affordable Care Act, believe that a wave of additional closures are ahead.

Jan 08 12:31

Russia to Lease Bomber Jets to Argentina. Deal Spooks UK

Russia replaced EU food imports with those from Argentina. It will partly pay for them by leasing a squadron of Su-24 attack aircraft

Webmaster's Commentary: 

Another unforeseen consequence of the oil price wars!

Jan 08 10:41

$200 bn in debt looms over American oil and gas

Plummeting Brent oil prices are putting pressure on North American shale, which has sunk hundreds of billions of dollars into investment, and could soon come crashing down.

Jan 08 10:21

Delaware man's Christmas gift to 5 homeless people thwarted

A Delaware man says he's devastated after a luxury hotel thwarted his plan to give five homeless people a warm bed and a hot shower on Christmas night.

Matt Senge of Newark tells WDEL-AM (http://bit.ly/1yEKsoR ) he booked a two-bedroom suite at the Hotel du Pont in Wilmington for $639 on Christmas and told hotel managers and the reservation clerk about the gift.

He says everyone was enthusiastic and supportive, and that he got an email confirmation about the room. But three hours before check-in - after Senge told the homeless people about the gift - Senge says the hotel called to say the reservation was canceled because of safety concerns for other guests.

Jan 08 10:21

2015: Everything Can Be Fixed By Printing More Money

It is tiresomely obvious that we live in an era dominated by the idea that virtually all economic difficulties can be fixed by printing more money. There are various means of distributing the new money, but the dominant ideology is really very simple:whatever the problem might be, the solution is to print more money and/or issue more credit.

If the problem persists, clearly, we didn't print enough money/credit.

Jan 08 10:16

Did The World's Biggest Hedge Fund Just Go "All In" On HFT And Dark Pools?

Is the world's biggest hedge fund going all-in on HFT and Dark Pools? We ask because Ray Dalio's Westport, CT-based Bridgewater, which at last check manages around $160 billion between its Pure Alpha and All Weather fund products, and which according to preliminary data had a solid performance in 2014, has just hired Jose Marques, the former global head of the quant and algo-heavy electronic trading at Deutsche Bank, to become Bridgewater's new head of trading.

Jan 08 10:14

Eurozone Falls Into Deflation; ECB About to Do Something Stupid

Economists are in shock over what should be a welcome event. Deflation is exactly what consumers need. Some say this increases the likelihood the ECB will act on January 22.

Actually, it does nothing of the kind. The ECB is already 100% certain to do something counterproductive, and odds cannot exceed 100%.

Jan 08 10:14

U.S. Government/Central Bankers Using False Flags To Keep Coalition Countries In Line

Jan 08 09:32

62% of Americans can't cover unexpected expenses

Car accidents, unexpected medical bills, an emergency plumber visit—there are all sorts of events that can interfere with even the best budget plans.

But according to a study released Wednesday, more than 60 percent of Americans do not have enough rainy day funds set aside to deal with even minor calamities.

Jan 07 22:35

France to make a choice between NATO and Russia

France faces a tough decision to either deliver two Mistral ships to Russia and face the anger of its NATO allies, or to terminate the Mistral deal, paying a heavy price and further deteriorating its economy

Jan 07 17:46

The First Shale Casualty: WBH Energy Files For Bankruptcy; Many More Coming

"There are too many ugly balance sheets," warns one energy industry analyst, adding simply that "the group is not positioned for this downturn." While the mainstream media continues to chant the happy-clappy side of lower oil prices, spewing various 'statistics' about how the down-side of low oil prices is 'contained' and the huge colossal massive tax cut means 'everything is awesome' for America, the data - and now actions - do not bear this out. Macro data has done nothing but disappoint and now, we have the first casualty of the shale oil leverage debacle as WSJ reports, on Sunday, a private company that drills in Texas, WBH Energy LP, and its partners, filed for bankruptcy protection, saying a lender refused to advance more money. There are many more to come...

Jan 07 15:29

Target to close Northland Center store in Metro Detroit; mall on DeadMalls.com endangered list

The Target Corporation has plans to close a store Feb. 1 that's part of a Metro Detroit mall that's on DeadMalls.com's endangered list.

Jan 07 14:25

WORLD WAR III: Anglo-American Axis vs. BRICS Alliance

The current economic and currency crisis in Russia isn’t your typical economic crisis. That is, this isn’t just a part of the business cycle. And it isn’t something that is happening because demand for oil is up or the supply of oil is down.

This is a two-pronged attack by the U.S. — and it is a desperate one, at that.

Jan 07 11:55

ALL WARS ARE BANKERS' WARS!

"If my sons did not want wars, there would be none." -- Gutle Schnaper, wife of Mayer Amschel Rothschild and mother of his five sons

Webmaster's Commentary: 

Today's shooting in Paris has all the hallmarks of another government false-flag to revive the war fever in the minds of those who will pay and die for it, so I figured it was time for a repost of this article.

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Jan 07 10:35

Russia faces 'perfect storm' as reserves vanish and derivatives flash default warnings

BNP Paribas says Russia no longer has enough reserves to cover external debt and enters this crisis 'twice as levered' as it was before the Lehman crash

Jan 07 10:32

Poor $87 Billion Boeing Fears Losing Sales If Feds Stop Helping Them Out

Boeing is concerned that its long-term sales will suffer if conservative Republicans succeed in killing the Export-Import Bank this year.

Jan 07 10:32

FLASHBACK 2005 - RUSSIA PAID OFF ITS DEBT TO IMF AHEAD OF SCHEDULE

Russia has paid off the entire amount of its debt to the International Monetary Fund (IMF) ahead of schedule, announced Russian Finance Minister Alexei Kudrin during a press conference at RIA Novosti on Tuesday.

"In accordance with a directive of the Russian government we paid off Russian foreign debt to the IMF in the amount of $3.3 billion. The sum has been transferred and we are no longer IMF debtors," he said

Webmaster's Commentary: 

So why is corporate media screaming about how much debt Russia is in?

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