ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Mar 01 08:42

World's Richest Woman Fantasizes About Slave Wages


Gina Rinehart, the world's richest woman, is at it again! The Australian woman who inherited her riches just a few days ago lectured the poor about being poor because they don't work hard enough. Now she's going on record telling Australian worker's that they demand too much money in wages and the minimum wage in Australia is too high because she can go over to Africa and hire miners for $2 a day!

Feb 28 11:05

Warren ‘Bet on America’ Buffett Takes His Money Elsewhere

In his highly anticipated annual letter to Berkshire Hathaway Inc. shareholders, Warren Buffett is expected to recommend investing opportunities abroad, a marked change from his usual cheerleading for domestic investment.

Feb 28 11:04

Homelessness rises 55% under ‘disgraceful’ Tory govt – charity

Devastating figures released by the Department for Communities and Local Government (DCLG) reveal a significant 55 percent rise in homelessness since David Cameron became prime minister in 2010.

Feb 28 10:52

Uninsured Ex-Sheriff Who Fought O-care Struggles To Pay Medical Bills

Former Arizona county sheriff Richard Mack, a fierce opponent of Obamacare and a leader in the "constitutional sheriff" movement, is struggling to pay his medical bills after he and his wife each faced serious illnesses. The former sheriff and his wife do not have health insurance and started a GoFundMe campaign to solicit donations from family and friends to cover the costs of their medical care.

"Because they are self-employed, they have no medical insurance and are in desperate need of our assistance," reads a note on Mack's personal website.

Webmaster's Commentary: 

Claire and I have Obamacare-compliant health insurance, and were shocked by bills from my illness a year ago our Obamacare-compliant policy says they do not have to pay! Those Obamacare policies with their sky-high deductibles are not worth the paper they are printed on!

Feb 28 10:35

Auditor: Florida’s jobless claims website in disarray

Ever since the troubled launch of the state’s unemployment website in October 2013, Gov. Rick Scott and his team have staunchly defended the lifeline for hundreds of thousands of jobless Floridians.

But on Friday, the state’s auditor general issued a scathing 45-page audit that joins mounting evidence that CONNECT is a system in disarray.

Feb 28 10:16

French protestors call for HSBC nationalization

Activists in France have staged a protest rally against the British bank, HSBC, for its illegal banking practices, Press TV reports.

Feb 28 09:39

Cutting federal spending should be Congress’s top priority: TWT/CPAC poll

Conservatives say reducing federal spending should be the Republican-led Congress’s top priority this session, beating out confrontations with President Obama over his immigration executive actions, Obamacare, and the Keystone XL pipeline, according to The Washington Times/CPAC flash poll at the annual Conservative Political Action Conference.

Thirty-eight percent of the 141 respondents picked reducing federal spending at the top priority, followed by rolling back Mr. Obama’s amnesty plan at 26 percent.

Feb 28 09:37

ExxonMobil admits $1bn lost from anti-Russia sanctions

The contracts with Russia’s biggest oil company Rosneft damaged by the West’s anti-Russian sanctions have cost ExxonMobil $1 billion, the company said in its annual report.

Feb 28 08:57

Greek PM says 'forget about third bailout'

Greece won’t be seeking a third international bailout after the four-month extension of its current program expires, Greek Prime Minister Alexis Tsipras said.

In a televised speech to his government, Tsipras also said the country has requested a reduction of its debt, despite European creditors demanding that Greece pay it in full.

Feb 27 13:30

Chicago's debt is now two notches above junk: Moody's

In a blow to Mayor Rahm Emanuel, one of the major bond-rating services today downgraded Chicago's credit to just two levels above junk, saying the city has not been able to adequately control the soaring cost of worker pensions.

Webmaster's Commentary: 

"No problem. We'll just send those retired workers over to the police dungeon where they will "disappear!" THAT will cut costs!" -- Hizzoner Damayor

Feb 27 12:47

FAS has offered to sell oil for rubles

Google translate: The head of the Federal Antimonopoly Service (FAS) Igor Artemyev proposed to revisit the idea of selling part of the exported oil and petroleum products for rubles, reports on Friday, February 27, "Interfax".

Feb 27 12:46

Moscow threatens Washington painful countermeasures in case of new sanctions

Google translate: As informs "Interfax", said Deputy Minister of Foreign Affairs of Russia Sergei Ryabkov.

"We leave for all options, including used and, if necessary, will be applied fairly painful countermeasures," - said a senior diplomat.

On the eve of the US State Department spokesman Jen Psak said that the United States continues to consider the possibility of imposing sanctions on Russia in the case of deterioration of the situation in Ukraine.

Feb 27 11:23

Maplewood Mall Serves Federal Government Eviction Notice

A local shopping center wants to evict the federal government, accusing it of failing to pay rent.

Court documents show the Maplewood Mall's parent company claims its owed more than $50,000.

The government is leasing space for the Armed Forces Career Center and the mall claims it is missing out on six months of rent.

Feb 27 11:22

Treasury admits 'fat finger' blunder costing Lloyds bond holders £2bn

The Treasury has admitted it made a blunder by telling Lloyds Banking Group that it had permission to buy back investor bonds that propped the bank up in the wake of the financial crash – depriving holders of the notes billions of pounds in interest payments.

The so-called "fat finger" error reported by Business Insider, saw the Treasury incorrectly state the Prudential Regulatory Authority had approved Lloyds' application to redeem a series of Enhanced Capital Notes (ECNs), disclosed by the bank on 16th December 2014.

A statement by Sir Nicholas Macpherson, Permanent Secretary, HM Treasury, said: "HM Treasury understands that the PRA has not yet made a decision regarding whether to approve Lloyds Banking Group's application. We apologise for this error, and sincerely regret any problems caused."

Feb 27 11:22

Silver, Gold, & Gun Dealers To Be Shut Down? Update On Operation Chokepoint - Mike Maloney

Feb 27 09:40

The Patient Has Gotten Sicker ~ Steve St. Angelo

The central banking facade and toxic debt system cannot survive without an increasing energy supply. When it declines the whole fiat monetary system that is based on leverage and debt starts to implode. A fiat monetary system needs a growing energy supply to sustain. It’s not a coincidence that we went off the gold standard soon after our energy productivity peaked.

In the 1960’s, for every dollar that gold exploration companies spent, they returned $105 in gold. In the 1970’s it fell to $83, in the 80’s it fell to $57, in 90’s it fell to $23, and in 2000 it was a whopping $11. Here we have a double edged sword effect: falling EROI and falling gold availability, yield, and ore grade.

Stocks, bonds, and paper assets are based upon net present value, NPV- it’s one thing they teach you in finance school. Energy must be spent to deliver the asset. When you hold gold or silver in your hand, no energy must be spent to deliver.

Feb 27 08:56

"Naftogaz" will take a loan from China's $ 3.6 billion

Google Translate: It is noted that the National Bank of China agreed to provide "Naftogaz" credit under government guarantees.

About 60% of the loan is for the purchase of Chinese equipment, 40% will be spent on increasing the efficiency of the mechanical engineering sector.

Earlier it was reported that the Russian Ministry of Energy expects "Naftogaz Ukrainy" timely advance payment for gas in the Brussels agreement.

Feb 27 08:56

Russia is ready to give China more than 50% stake in the oil and gas fields

Google Translate: Dvorkovich said that the Russian government may consider the application of Beijing for a 50% stake in the project, if any, will come from Chinese partners, and political obstacles that work under such conditions he sees.

Feb 27 08:38

COMER — Committee on Monetary and Economic Reform

A Call for Renaissance of the Bank of Canada

Webmaster's Commentary: 

According to a reader, COMER'S website is still unblocked in Canada.

Feb 27 08:05

Liquidation looms for insurance cooperative

An insurance cooperative created to provide health care in Iowa and Nebraska will be formally liquidated this weekend.

Iowa Insurance Commissioner Nick Gerhart said Thursday that a Polk County judge has agreed to approve the liquidation plan, which will be finalized on Saturday night.

CoOportunity is a federally funded nonprofit established to provide health care in Iowa and Nebraska. Gerhart took the cooperative over after he determined the nonprofit’s claims would exceed its available cash.

Webmaster's Commentary: 

We will see more of these. The more-costly Obamacare policies come with sky-high deductibles, which means they don't really pay that much for your health care. The costs that used to be covered by the major health insurance companies that wrote the ACA are now being shifted onto supplemental insurance programs, which are then driven into bankruptcy.

Thank you, Obamacare!

Feb 26 18:08

Jonathan Gruber fired from Mass. exchange board

Massachusetts' governor has fired Obamacare architect Jonathan Gruber from a board that oversees the state's health insurance exchange, a source confirmed to the Washington Examiner.

Gruber ignited a controversy last December when a series of videos surfaced where the Massachusetts Institute of Technology professor discussed the “stupidity of the American voter” was vital to passing the 2010 Affordable Care Act.

Feb 26 17:18

Deere & Company expects drop in sales

Deere & Company is expected to set a record this year — but not the kind it wants.

Leaders at the Moline, Ill.-based company expect sales to drop around $6 billion. That includes large machinery sales, which could drop as much as 50 percent.

Deere and Company has already laid off hundreds of workers, including at its locations in Waterloo. More cuts are on the way next month.

Read more at http://www.kcrg.com/subject/news/business/agriculture/deere-company-ex...

Feb 26 15:33

Hryvnia official rate hits new low of UAH 30 to dollar

The National Bank of Ukraine at 1500 on Thursday set the hryvnia exchange rate at UAH 30.0102 to the dollar, or UAH 1.66 lower than the last historic low rate of UAH 28.3481 set by the NBU on Monday, according to the official Web site of the National Bank of Ukraine.

Since the beginning of the year the hryvnia’s official rate has fallen against the dollar by almost two times, or by UAH 14.24.

Feb 26 14:34

Exclusive Interview: Obama Plans to Use Trans-Pacific Partnership as New Power Grab Disguised As Free Trade

We’re suffering through Obamacare, but, sadly, there is another one of President Obama’s plans that demands our attention: Obamatrade.

“‘Obamatrade’ is the name we’ve given to the Trans-Pacific Partnership agreement, which is one of the so-called free trade agreements the Obama folks have been negotiating on their own, in secret, without consulting Congress for the past six years,” explained Curtis Ellis, who spoke with BenSwann.com’s Joshua Cook.

Feb 26 09:48

COMER UPDATE - Federal Court of Appeal Decision — January 26, 2015

Since the Federal Court of Appeal fully upheld the decision of Justice Russell dated April 24, 2014, Justice Russell’s decision stands. I refer everyone to my summary of that decision on COMER’s website.

What that means is that we are entitled to proceed with our action, subject to me drafting and filing an amended Statement of Claim with the Federal Court, which will be done shortly.

In short, and in summary, the decision of the Federal Court of Appeal is a victory for COMER to proceed. (While the government can seek leave of the Federal Court of Appeal’s decision to the Supreme Court of Canada, to date no such indication has been conveyed.

Webmaster's Commentary: 

For those just finding out about COMER (which Canada has been trying to block and ban from both corporate and independent media) , the Bank of Canada is supposed to provide interest-free loans to the Canadian governments for infrastructure development. But starting in the 1970s, the Canadian government started getting their loans from privately owned banks, and forcing Canadian taxpayers to pay the interest! The COMER lawsuit seeks to force the Canadian government to avail itself of the interest-free loans mandated by the charter for the Bank of Canada, and so far the courts have agreed that COMER is correct.

The Canadian government has banned this subject from the Canadian corporate media, and emails from Canada report that links to stories about COMER are blocked inside Canada as well. This is to keep the Canadian people from finding out about this scandal as they would likely ask why the Canadian government would do such a thing, and so far the only answer seems to be, "We decided to loot the taxpayers and give it to the private banks because the private bankers write really generous campaign donation checks every election!"

Needless to say, this would not sit very well with the already over-taxed Canadian people!

Feb 26 08:56

Banks Ranked by Derivatives

The following is a ranking of all banks in the United States in terms of "Derivatives". This comparison is based on data reported on 2014-12-31.

Webmaster's Commentary: 

When it all comes apart, the US Government has already changed the laws to make you all pay for the mess!

Feb 26 08:52

HSBC chiefs say sorry to MPs – but it may be too little too late

In an attempt to demonstrate at least some humility for a scandal that has ravaged the bank’s international image, chief executive Stuart Gulliver and chairman Douglas Flint repeated apologies for the bank’s conduct – but with rather less qualification than on previous occasions – as they appeared before the Treasury Select Committee.

With the authorities in Belgium, France and the US preparing prosecutions, however, many may feel those apologies do not go far enough.’

Feb 26 08:44

U.S. Weekly Jobless Claims Rise To 313K

First-time weekly jobless claims in the U.S. rose by 31,000 to a seasonally adjusted 313,000 during the week to Saturday, the Labor Department said Thursday.

The data was above economists' expectations, which according to consensus forecasts were for claims to rise to 288,000. Last week's claims were revised down by 1,000 to 282,000.

Feb 26 08:41

How could Germany, in a span of 80 years (1918-2000s), lose a World War, get back in shape enough to start another one (in 20 years only), lose it again and then become one of the wealthiest countries?

As an American who has lived in Germany for the last 30 years, the Germans have some traits that tend to make them successful economically. 1. They spend a lot of time and energy early-on in an enterprise to get well organized so that later they can reap the benefits of efficiency. You could call this concentrating on long-term goals rather than just on the short term. Many German companies are still able to compete globally even though Germany is a high-wage place, simply because they are so efficient.

Webmaster's Commentary: 

An idea apparently lost on American businessmen who, isolated from the actual process of their companies by the MBAs, are unable to tell if their companies are efficient or not.

Feb 26 00:54

Gold:Fool’s Gold - Michael Rivero - February 25, 2015

Feb 25 17:28

Gold Wars

Gold wars is the story of the decline of the US dollar, the petrodollar standard, and a system of alternative investing by Kelly Mitchell.

Webmaster's Commentary: 

Website of today's radio guest!

Feb 25 17:17

Pat Robertson: There could be demons attached to your thrift store finds

Do you shop at thrift stores to save money? Or maybe because you think recycling clothes is good for the environment? Or maybe because you are the “most extreme manifestation of ironic living” and find sincerity unbearable? Either way, you might be getting more than you bargained for with your latest purchase. (Get it? Bargain. Like, discount shopping? OK.)

Webmaster's Commentary: 

So, according to pat, only by shopping for brand new things at the malls will you be guaranteed entry into Heaven!!!!!!!

Feb 25 17:06

How regulators and legislators make it harder for you to use solar power

As Americans have warmed to solar power and its ability to reduce electricity bills, utilities are suffering revenue losses and have been seeking ways to recoup that money. Over the past several years, state utility commissions and legislatures have pursued policies that reduce the benefits of adopting distributed solar power systems for homeonwers and businesses.

Feb 25 16:19

‘Occupy made it possible’: JPMorgan whistleblower Fleischmann to Max Keiser

Alayne Fleischmann, a former lawyer at JPMorgan Chase, whose testimony helped secure a $13 billion fine for the bank, says that most big-time fraudsters have got away scot-free, and claims that only continued public interest can ensure they are punished.

In 2006, Fleischmann worked in a team that repackaged individual home loans as securities. She witnessed a host of violations, including never-to-be-repaid subprime loans being mis-sold as reliable investments, helping to heat the market that sparked the worldwide financial crisis in 2008.

Feb 25 15:46

IRS will allow people to keep extra money from ObamaCare tax error7116113 87

People who received incorrect tax information from ObamaCare will be allowed to keep the extra money in their refunds and will not have to refile their taxes, the Treasury Department said Tuesday.

The Obama administration announced last week that 800,000 people signed up for ObamaCare had received incorrect tax information. Most of those people will be receiving a corrected form in the mail early next month, and are being asked to delay filing their taxes until then.

Feb 25 15:03

100 Reasons Why The Federal Reserve Should Be Shut Down

Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide? During testimony before Congress on Tuesday, she made “central bank independence” sound like it was the holy grail. Even though every other government function is debated politically in this country, Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people. Does any other government agency ever dare to make that claim? But of course the Federal Reserve is not a government agency. It is a private banking cartel that has far more power over our money and our economy than anyone else does. And later on in this article I am going to share with you dozens of reasons why Congress should shut it down.

Feb 25 11:07

Gold and Debt: Astonishing Comparisons

Debt and budgets in the trillions of dollars and euros are difficult to comprehend. The US budget is nearly $4 Trillion per year while the US official national debt exceeds $18 Trillion. A single large bank may hold contracts for more than $50 Trillion in derivative contracts. Global debt is approximately $200 Trillion.

Feb 25 09:56

Spanish prime minister warns against populist rhetoric

Spanish Prime Minister Mariano Rajoy has warned that populism and demagoguery would be no option out of the country’s economic situation.

In his last annual state of the nation debate on Tuesday, Rajoy warned against what he called demagoguery in politics, which according to him, would risk Spain’s plans for economic recovery and reaching welfare.

“It is not with demagoguery that we can maintain the welfare state,” Rajoy said.

The Spanish leader was clearly alluding to some emerging political parties’ continued use of populist slogans in the run-up to a series of elections in the country which could end in a huge loss for the ruling government.

Webmaster's Commentary: 

In other words, what happened in Greece may happen in Spain.

Feb 25 09:55

The Troika’s Message to the New Greek Government: We Don’t Care About Humanitarian Issues

Since 2010 the troika, consisting of the International Monetary Fund, the European Central Bank and the European Union’s commission, has forced different governments in Athens to implement six consecutive austerity programs which have severely lowered the living standards of working people, devastated Greece’s social systems and plunged millions into poverty. This is why on 25 January, the majority of the Greek population decided to vote for a party that raised their hopes for a better future by promising an end to austerity.

Four weeks later this dream has been shattered. In last week’s negotiations the troika left no doubt that it will not deviate from its path of insisting on the unrestricted continuation of austerity politics. In other words: The working people of Greece will have to keep filling the gaps in the state budget generated by the bank bailout in the beginning stages of the Euro crisis.

Webmaster's Commentary: 

Hey Greece; look at how Russia just handled Cyprus!

Feb 25 09:41

Russian sanctions create broader problems for entire EU– Cyprus president

EU sanctions against Russia over the Ukraine crisis have neither proved effective, nor met the expectations of those who imposed them, but brought huge losses, said Cyprus President Nikos Anastasiadis ahead of a visit to Moscow.

The sanctions have not only complicated the economic situation in many European countries, but brought no prospects of peace for the Ukrainian people, said Anastasiadis in an interview to TASS.

Feb 25 09:41

Central Banks Are Losing Control

The first round of interventions (2007-early 2009) was performed in the name of saving the system. The second round (2010-2012) was done because it was generally believed that the first round hadn’t completed the task of getting the world back to recovery.

However, from 2012 onward, everything changed. At that point the Central Banks went “all in” on the Keynesian lunacy that they’d been employing since 2008. We no longer had QE plans with definitive deadlines. Instead phrases like “open-ended” and doing “whatever it takes” began to emanate from Central Bankers’ mouths.

However, the insanity was in fact greater than this. It is one thing to bluff your way through the weakest recovery in 80+ years with empty promises; but it’s another thing entirely to roll the dice on your entire country’s solvency just to see what happens.

Feb 25 09:40

OPEC will hold extraordinary meeting if oil plunge continues – cartel president

The OPEC member states are discussing the possibility of an emergency meeting should oil prices continue to fall, said Nigerian Oil Minister, and OPEC President Diezani Alison-Madueke. Prices have dropped by than half since their peak last summer.

If the price “slips any further it is highly likely that I will have to call an extraordinary meeting of OPEC in the next six weeks or so,” said Alison-Madueke, as quoted by the Financial Times, adding that discussions are already underway.

Feb 25 09:34

‘Stark choice’: Britain will import 50% of food by 2040, farmers union warns

The UK will be importing more than half of its food supplies within a decade due to a growing population and stagnating farm productivity, farming leaders have warned.

Webmaster's Commentary: 

How is that open-borders immigration policy looking now?

Feb 25 09:10

Black History Biden: Veep calls for 'emancipation' of people's wealth

Vice President Joe Biden used a Black History Month event at his official residence Monday night to decry the rich, both white and black, for stunting economic growth and suggested that “emancipation” is in order.

“A lot of wealthy white and black people aren't bad but they control 1 percent of the economy and this cannot stand,” Biden told about 100 guests, including past civil rights activists and NBC weatherman Al Roker.

Feb 25 09:02

BREAKING – Bank of England Admits 22% of Austria’s GOLD IS GONE

The article below is translated from German language. Later this week Sean, from SGTReport and I will be speaking with Peter Boehringer about this situation, along with other current affairs. Peter sent this news to me around midnight Tuesday February 24, 2015. This is significant due to the fact the Bank of England has now admitted Austria’s gold is gone!! What other gold is missing?

Feb 25 08:44

The Trans-Pacific Partnership: the dirtiest trade deal, you've never heard of

Feb 24 19:08

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

As we noted earlier today, there was some confusion over the plight of the Greek reform proposal document, which initially was said to have been delayed until today, only for the Troika, pardon, Institutions, to flip around and say they had actually received it before midnight on Monday. How could the two be possible? Courtesy of Yannis Koutsomitis, who had the simple but profound idea of looking at the properties tab in the leaked Varoufakis draft of the agreed to proposals, we now know.

As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals "before midnight on Monday", but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!

Feb 24 16:32

Market Whispers: The stinks!

The Euro Group has agreed to the proposals of Greece to reform - but the author of the proposals is unlikely to Greece, but the European Commission have been! That explains why the European Commission already praised the paper before ever it was clear that it was received by the institutions - later Dijsselbloem then claimed that the paper was shortly before midnight and thus received on time. Very strange ..

Webmaster's Commentary: 

So, it looks like the Troika had a ringer inside Syriza!

Feb 24 15:46

Some with insurance still slammed with high bills when they get sick

Stephanie and Daniel Dufek did everything they were supposed to do in building a middle-class life for themselves and their daughter. They lived modestly. They had health insurance. They saved.

"We had a normal life," Stephanie Dufek said.

Then her husband got sick.

In roughly a year, the family incurred more than $20,000 in medical bills, shattering their finances and leaving them with a tenuous hold on the life they had built.

Webmaster's Commentary: 

Tell me about it!

Thanks, Obamacare!

Feb 24 15:44

White House Economic Report Calls for Cutting Corporate Taxes

On Thursday, the White House released its “2015 Economic Report of the President,” presenting it as an argument for “middle-class economics.”

The document seeks to justify Obama’s scheme, spelled out in his most recent budget proposal, to slash corporate taxes by up to ten percentage points. The report attempts to obscure the fact that such a windfall for the corporate-financial elite will dramatically increase social inequality, claiming instead that it will “increase productivity, output and living standards.”

The document falsifies both present economic reality and the development of the US economy in the post-World War II period in order to argue for further pro-corporate “reforms.”

Feb 24 15:18

Russia may refuse American Rating agencies service

Google Translate: Deputy Finance Minister Sergei Storchak has warned that Moscow's reaction to the actions of the international rating agencies may not only verbal.

We add that the cancellation of the agreement to maintain a rating in which the issuer pays for the work the agency does not mean automatic termination of rating.

Earlier, the international rating agency Moody's downgraded the sovereign credit rating of Russia to «Ba1» with «Baa3» with a negative outlook. Thus, the country's rating dropped to "junk" level. As explained in the release of Moody's, in 2015, Russia's economy is waiting for a deep recession in 2016, the reduction will continue. The main reasons for lowering the agency points out the consequences of the Ukrainian crisis, falling oil prices, and the exchange rate.

Feb 24 14:34

$1,200-a-Day Union Workers Force Shut-Down of 29 West Coast Ports

The Pacific Maritime Association (PMA) announced that loading and unloading operations at all 29 West Coast ports would temporarily be suspended this weekend in response to union slowdowns that brought freight movements at the ports to a near standstill.

Feb 24 14:22

Retail Sales Plunge Twice As Much As Expected. Worst Back-To-Back Drop Since Oct 2009

Following last month's narrative-crushing drop in retail sales, despite all that low interest rate low gas price stimulus, January was more of the same as hopeful expectations for a modest rebound were denied. Falling 0.8% (against a 0.9% drop in Dec), missing expectations of -0.4%, this is the worst back-to-back drop in retail sales since Oct 2009. Retail sales declined in 6 of the 13 categories.

Clearly it has been a very cold winter, with both December and now January big disappointments.

Feb 24 13:44

No plans to ask Russia for loan restructuring — Cyprus government

Restructuring of a 2.5-billion-euro loan Russia extended to Cyprus in 2011 is not on the agenda of upcoming talks in Moscow of Cyprian President Nikos Anastasiadis, Cyprian government spokesman Nikos Christodoulides told TASS on Tuesday.

"We are very grateful and satisfied with terms for the repayment of Russian loan," he said. Russia has recently revised the initial terms of the loan, reducing the lending interest rate from 4.5% to 2.5%, while the deadline on the main debt has been moved from 2016 to 2018-2021.

Webmaster's Commentary: 

Greece take note!

Feb 24 13:36

Gazprom: Gas Supplies to Ukraine Can Stop in Two Days

Cessation of natural gas deliveries to Ukraine will jeopardize supplies to Europe

Feb 24 11:37

I strongly oppose 'Audit the Fed,' Yellen says

U.S. Federal Reserve Chairwoman Janet Yellen testified before Congress on Tuesday after presenting her semiannual monetary policy report.

The Federal Reserve will not hike rates for the next few Federal Open Market Committee meetings, according to Yellen's prepared remarks.

During the question-and-answer session, Yellen addressed a range of questions from the committee about the Fed's structure, its inflation measurement and the movement to "audit the Fed."

Webmaster's Commentary: 

And no one in that room had the guts to ask her WHY she was opposed to the audit?!?

I swear, had I been in that room, I would have, asking her for her rational, logical reasons against an audit.

IF the Federal Reserve were acting completely in compliance with how they are supposed to be acting, she would have nothing to fear.

So what kind of "funny business" has been going on here, that she is frightened of the light of day on the actions of the Fed?!?

Feb 24 11:06

European Banks vs. Greek Labour

Michael Hudson says Greece's Finance Minister Yanis Varoufakis is proposing austerity on the banking class, rather than the working class, to balance the budget.

Feb 24 10:16

Azerbaijan devalues currency by a third over falling oil price

Azeribaijan's central bank devalued the manat on Saturday (21 February) by 33.5% to the dollar and by 30% to the euro, as slumping oil prices and an economic crisis in major trading partner Russia put pressure on the currency.

Feb 24 09:59

The Tax Wall Street Party: America’s Answer To Syriza

Now that is has been proven that a political party standing in opposition to the Anglo-American Oligarchy is capable of coming to power, it is time to bring the same values to power on home-turf. You won’t find those values in the Republican or Democratic parties, but you certainly will in the breakout and politically savvy Tax Wall Street Party.

Webmaster's Commentary: 

The HSBC scandal underscores the fact that the very rich do not, in fact, "Pay their fair share."

Setting that aside, economies only work if money is able to recirculate over and over, from bottom to top back down to bottom, to feed back into that pyramid. Fascist economies trap all the wealth at the top and thereby sew the seeds of their own eventual destruction.

Feb 24 09:31

Bail-Ins have begun: J.P. Morgan to Start Charging On Some Deposits

J.P. Morgan Chase & Co. is preparing to charge large institutional customers for some deposits, citing new rules that make holding money for the clients too costly, according to a memo reviewed by The Wall Street Journal and people familiar with the plan.

The largest U.S. bank by assets is aiming to reduce the affected deposits by up to $100 billion by the end of 2015, according to a bank presentation Tuesday morning.

Webmaster's Commentary: 

We will, most likely, see this move from large institutions to very much smaller to, finally, the place where you do you banking.

And paired with that, I would be willing to bet, currency controls, which will only allow you to take out relatively small amounts of cash out of your checking account at one time.

PLEASE, do not have any more money in your checking account than you absolutely need to pay your bills; place the rest under your personal control. And do not hold anything in a safe deposit box you value, because those are now the property of the US government, in case of "national emergency."

Feb 24 08:50

Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging

No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets.

Feb 24 08:46

ALL WARS ARE BANKERS' WARS!

I know many people have a great deal of difficulty comprehending just how many wars are started for no other purpose than to force private central banks onto nations, so let me share a few examples, so that you understand why the US Government is mired in so many wars against so many foreign nations.

Webmaster's Commentary: 

Time for a repost. If you know anyone who has not read this article, please forward it to them. I understand that this is about to be included in a new book!

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Feb 24 08:28

Gold: The Good, Bad, and Truly Ugly

“Central Bankers will eventually do the right thing and return to a gold standard after they have exhausted all other alternatives.”

While central bankers are exhausting all other alternatives, I worry about the collateral damage to 90% of the population who are not first in line on the fiat money gravy train that benefits the financial and political elite.

Feb 24 08:05

Greece Crisis Opinion : Troika Rises From The Dead As Draghi Leads The Charge, And Varoufakis Employs Brave Face

I don’t actually think the five-point italic hand-tying target codicils matter a damn to be honest, because they’re all unachievable anyway.

Far more relevant is what EC behaviour has been found acceptable to the Greek Government.

Did you know, for instance, that both the Gang of Four revisions, the Friday ambush, and the ELA threats/leaks to Greek banks were driven by Draghi?

Did you know that – in a direct sideswipe at rehiring Ministerial cleaners – there is a blanket ban under the agreement on any more public sector hiring?

Did you know that, just to rub in really hard that how they think the Greeks shit on their shoes, eurogroup told Varoufakis Friday that they were “handing over the judgement process to the organisation formally known as the Troika” – Draghi’s exact words. This was a direct hit on Syriza’s refusal to deal with the Troika. “Eurogroup will leave the details to this institution, who will present their view to eurogroup” he added.

Feb 23 13:36

Bank of Israel slashes rates

The Bank of Israel has joined the easing party.

In an announcement on Monday, the Bank of Israel cut its main interest rate to 0.1% from 0.25%.

Feb 23 13:31

Making Me Pay For My Crimes Would Send “Message of Uncertainty to the Markets”: Bank President to Spanish Judge

The first to hit back was Rodrigo Rato, the bank’s former chairman and one-time IMF president. In a 75-page notice of appeal that was leaked to the Spanish press, Rato cautioned that Judge Andreu’s “premature” decision to force the six defendants to compensate the thousands of shareholders they are accused of defrauding could end up provoking a “much greater evil” than that it is supposed to address.

In the worst case scenario, the document warns, it could send a “message of uncertainty to the markets,” which could in turn exert downward pressure (otherwise known as gravity) on the already semi-defunct bank’s share price. This is not the first time that a panicked banker has used this argument; indeed, it is the preferred alibi of all 21st-century banking racketeers.

The argument is simple:

Don’t touch me, or the bank gets it. And if the bank gets it, so will everyone else.

Feb 23 12:55

Bankers Rally Against ‘Audit the Fed’

A growing number of bankers – including representatives of smaller community banks -- are joining the ranks of those opposed to congressional legislation that would allow Congress to weigh-in on monetary policy decisions made by the US Federal Reserve.

Webmaster's Commentary: 

I dare anyone to show me where in the Constitution where anyone BUT the US Government is authorized to make monetary policy for the nation!

Feb 23 12:36

The Math Doesn't Add Up

Oh, you didn’t notice that World War Three is underway, actually has been for more than year? Well, that’s because most of it has been taking place in the banking sector, which for most people is just an alternative universe of math. The catch, which many people either miss or don’t care about, is that the math doesn’t add up.

For instance, the runaway choo-choo train of linked European sovereign bond obligations with its overloaded caboose of interest rate swaps and other janky derivatives of mass destruction. That train left the station in Athens a few weeks ago bound for Frankfurt. Ever since, the German government and its cohorts in the EU, the ECB, and the IMF have been issuing reassurances that the choo choo train will not blow up when it reaches its destination.

Webmaster's Commentary: 

When you have a privately-owned Central Bank issuing all of the public currency, by design the debt will always exceed the available money-supply, trapping the nation and its people in debt-slavery, until the system collapses. Having the entire world under such a system is great for the owners of those private-central banks, who eventually buy up all the real assets for pennies on the dollar, dut destructive to human civilization as a whole.

Feb 23 10:58

Ukraine Gets $17.5 Billion From IMF

The IMF has put in place for the government of Ukraine a four-year extended fund facility worth about $17.5 billion. The facility was approved within hours of the announcement of a cease-fire in the battle between the Kiev government and separatists.

Feb 23 10:12

White elephants in the room: How EU projects blow billions of euros amidst austerity talks

Looking at some of the projects the EU has funded over the last decade, one would think the organization had limitless funds at its disposal. Millions across the continent are currently living in poverty following the fallout of the 2008 financial crisis. One in three Greeks is living below the poverty line, while the nation has an unemployment rate of nearly 30 percent. However, that figure is double amongst the country’s youth. Spain is not fairing much better, with almost a quarter of the working population unable to find a job.

Despite pressing needs to address these problems, the EU has been lavishing billions of euros on extravagant projects, with poor oversight into what will happen to these schemes when completed. RT looks at six ‘white elephants’ the EU has funded, which are leaving taxpayers around the European Union thinking why this was ever built.

Feb 23 10:06

What Ordinary Greeks Think Of Friday's Deal: "We Went Through Two Months Of Agony To Realize We Are Still A Debt Colony"

"Their political problem is that this a reversal of their election position. There is absolutely nothing on the table that could be considered a concession. They're now compromising and compromising quite significantly," he told national broadcaster RTE, but made clear Athens had little choice. "The biggest threat to Greece was that their banking system would go belly up next Wednesday."

Feb 23 10:05

HSBC chief executive says he only put his £5million into secret Swiss bank account at centre of tax avoidance scandal 'to keep it private from his colleagues'

The chief executive of crisis-hit HSBC admitted today he put millions of pounds in a secret Swiss bank account because it was the only way to hide his huge earnings from his spying colleagues.

Feb 23 09:52

‘Bailout deal won’t stop Syriza from cutting austerity trend’ – Greek econ minister

Syriza is still determined to fulfill its campaign promises to cut austerity regardless of the new agreement between Athens and Eurozone ministers, a Greek economic minister told RT.

In accordance with a deal agreed to on Friday, Greece must submit a list of reforms for review to a group of bailout monitors on Monday. If the reforms are approved, Athens will secure a four month extension to Eurozone funding.

The extension provides Greece with a temporary economic lifeline, without offering permanent solutions to the debt-ridden nation.

Feb 23 09:46

This European Nation's Poverty Rate Just Hit A Record High (Spoiler Alert: Not Greece)

For the last few years - and most especially the last few months - all eyes have been focused on Greece. From record poverty rates to record suicide rates and levels of youth unemployment, post-election emboldened hopes for a phoenix-like rebirth of a nation from the flames of Eurogroup repression were seemingly dashed on Friday. However there is another nation, that begins with the letter 'G' and that is at the heart of the EU-Greece talks that is suffering seemingly silently. As Newsweek reports, poverty in Germany is at its highest since the reunification of the country in 1990, with 12.5 million residents now classified as 'poor'...

Feb 23 09:42

Even If Current Talks Are Successful, Grave Greek Problems Remain

Greece readies list of reforms to dodge bankruptcy ... Yanis Varoufakis says a bail-out extension will be "dead and buried" if international creditors do not ratify Athens' proposals ... The Greek government will put forward plans to root out tax evasion and overhaul the country's labour laws in a bid to convince creditors it should be granted a vital extension of its bail-out programme on Monday. – UK Telegraph

Feb 23 09:04

Evil Assad, Evil Gaddafi, Now Evil Putin: How the West Sells War (and Makes a Killing)

As the conflict in Ukraine persists and as peace talks between Putin and western European leaders (Merkel and Hollande) continue, it is important to look at the economic actors/interests that benefit from conflict and regime change in the Ukraine and how this compares to situations like Syria, Libya and Iraq. There are under-reported angles and interests to these conflicts that we hear little about in western mainstream media and that many do not look for because they are too caught up in political or human dramas.

Feb 23 08:46

Federal Reserve Insider Alan Greenspan Warns: There Will Be a “Significant Market Event… Something Big Is Going To Happen”

With the Federal Reserve printing trillions upon trillions of dollars to keep the economic system afloat, many investors and financial pundits have surmised that the fundamental economic problems facing the United States during the crash of 2008 have been resolved. Stocks are, after all, at historic highs.

But the insiders know different. And if there’s any single person out there who understands U.S. monetary policy and its long-term effects on domestic and global affairs it’s former Federal Reserve chairman Alan Greenspan. As the head of the world’s most powerful central bank for nearly two decades he’s privy to the insider conversations and government machinations that have brought us to where we are today.

Feb 22 10:14

Alexander Hamilton's connection to Jews

Alexander Hamilton, widely regarded as an important Founding Father of America and a champion of the ratification of the U.S. Constitution, has long been suspected of having Jewish ancestry. Hamilton was a Federalist, and a strong proponent of a robust, centralized federal government and national bank. Alternative media personalities have even claimed Hamilton was essentially a Rothschild agent operating in America, seeking to financially enslave the American Republic shortly after gaining independence from Great Britain following the conclusion of the American Revolutionary War.

Feb 22 09:46

‘Tiny houses’: California homelessness gets new $40 solution (PHOTOS)

He jokes that he constructs "illegal homes out of illegal garbage." The cost of one house is “$30 to $40,” Kloehn told RT.

Feb 22 09:45

Workers at largest US oil refinery go on strike

The number of US oil refineries facing the threat of a strike is expanding after workers at the country’s largest refinery in Texas walked off their jobs on Saturday.

Webmaster's Commentary: 

That will send gas prices back up!

Feb 22 09:44

George Osborne says HSBC tax evasion prosecutions not his job

George Osborne has washed his hands of responsibility for prosecutions against people who evaded tax through HSBC Switzerland, as the government came under pressure to justify immunity deals given to those who confess to serious tax fraud.

Feb 22 09:35

800,000 HealthCare.gov Users in 37 States Received Wrong Tax Information From Government, Leading to 'Mayhem' This Tax Filing Season

About 800,000 taxpayers who enrolled in insurance policies through HealthCare.gov received erroneous tax information from the government and were urged on Friday to hold off on filing tax returns until the error could be corrected.

Feb 21 11:11

Hillary Clinton Exposed Part 1 – How She Aggressively Lobbied for Mega Corporations as Secretary of State

That approach, which Mrs. Clinton called “economic statecraft,” emerged in discussions with Robert Hormats, a former Goldman Sachs Group Inc. investment banker who has worked in Democratic and Republican administrations and became an undersecretary of state. “One of the very first items was, how do we strengthen the role of the State Department in economic policy?” he says.

Early in Mrs. Clinton’s tenure, according to Mr. Hormats, Microsoft’s then Chief Research Officer Craig Mundie asked the State Department to send a ranking official to a fourth annual meeting of U.S. software executives and Chinese government officials about piracy and Internet freedom. Mr. Hormats joined the December 2009 meeting in Beijing.

Mr. Hormats says there was no relation between Microsoft’s donations and the State Department’s participation in the China conference.

Feb 21 11:09

Russia Dumps a Fifth of Its US Treasuries, China Reduces Holdings to a Two-Year Low

Back in December, Socgen spread a rumor that Russia has begun selling its gold. Subsequent IMF data showed that not only was this not correct, Russia in fact added to its gold holdings.

But there was one thing it was selling: some $22 billion in US Treasurys, a record 20% of its total holdings, bringing its US paper inventory to just $86 billion in December - the lowest since June 2008.

Webmaster's Commentary: 

Who is dumb enough to be buying them?!?

Feb 21 10:36

Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bonds

Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts. Not that Goldman was alone in this; but the unscrupulous practices of the bank once called the undisputed king of the municipal bond business epitomize the culture of greed that has ensnared students and future generations in unrepayable debt.

Feb 21 10:05

Finally! The US is busting Israeli banks

Bank Leumi, Israel's second largest bank, admitted late last year to helping its American customers evade income taxes, hide assets, and launder their money back into the United States. The bank agreed to pay $130 million in fines to New York regulators and another $270 million to the federal government, and assist in an ongoing probe of other Israeli banks.

But I know that the FBI and SEC have known about this for decades because I personally flagged it to them in 1989, when Crazy Eddie was busted for fraud and I was trying to avoid prison time. (Which I did.)

Webmaster's Commentary: 

So, from 1989 to 2015, the US Government knew that Bank Leumi was helping American Jews avoid taxes, AND DID NOTHING ABOUT IT!

Feb 21 10:01

HSBC Documents Show Bank Helped Clients Hide Billions From Tax Man

British bank HSBC helped hundreds of Canadians hide Swiss accounts from authorities to avoid paying millions of dollars in taxes, CBC News has learned.

That’s one of the takeaways gleaned from a massive collection of documents collected by Hervé Falciani, a former employee of the bank, who blew the whistle on his former employer and handed over reams of data to tax authorities.

Feb 21 09:47

Islamic terror and the great deception

The unseen adepts who rule America also rule the world. They are masters at understanding human nature.

They have spent hundreds of years creating the public mindset which they manipulate in our generation with the most perfect precision. Words, phrases and thought patterns are a political science that triggers exact and predictable responses to political rhetoric.

They have many names — the elite, Illuminati, Zionists, Bilderbergers, Trilateral Commission, Council on Foreign Relations, World Bank and International Monetary Fund, to name a few — but in the end they are one in the same. Their goals are one in the same. Their goals are not your goals, but they are masters at convincing you they are.

Feb 20 14:34

Greece, eurozone officials agree to extend bailout by 4 months

Greece and eurozone finance ministers have struck a deal to extend the Greek bailout by another four months with Greece given till Monday to present a list of reform measures for the creditors to review.

Feb 20 14:20

Full Eurogroup Statement On Greece

Just out from the Eurogroup, the final statement. Bottom line: Greece caves on pretty much everything, however the dreaded "Troika" words has been replaced with "institutions." Sarcasm aside, Greece has just kicked the can for four months. Why four months? Because that's just ahead of the big Greek debt maturity.

Feb 20 14:03

Greece, euro zone creditors reach accord on loan

Euro zone finance ministers reached an agreement on Friday to extend heavily indebted Greece's financial rescue by four months, officials on both sides said.

"It's done. For four months," one said.

An agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area. It provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors.

Feb 20 11:47

SWIFT has accused Russia of violating ChronoPay trademark rights

Google translate: The company "Soyuzpatent" on behalf of the Society for Worldwide International Financial Telecommunication SCRL (SWIFT) filed a claim Russian processing company ChronoPay abuse solely on the trademark «Swift», the letter says "Soyuzpatent".

Webmaster's Commentary: 

This is pure harassment. The Russian system does not call itself "SWIFT", so how can they infringe on the trademark?

Feb 20 11:09

HUGE DEAL: Russia Ratifies $100bn BRICS Development Bank

Today, Russia’s government ratified its commitment to the new BRICS Development Bank. The bank will fund infrastructure development in the BRICS nations and be first global competitor capable of challenging the financial hegemony of the Western-led World Bank and IMF.

Feb 20 11:04

FLUSTERCLUCK! Healthcare.gov sent out 800,000 bad tax forms; Update: Officials don’t know what happened?

The Obama administration says it sent about 800,000 HealthCare.gov customers the wrong tax information, and officials are asking those consumers to delay filing their 2014 taxes. …

The errors mean that nearly 1 million people may have to wait longer to get their tax refunds this year.

Webmaster's Commentary: 


Feb 20 09:40

How Germany Is Blowing Up The European Union

As Germany is set to reject a Greek loan extension request (and no, international press, that is not the same as an extension of the bailout program), Steve Keen uses proprietary numbers issued by the OECD – which is supposed to be on Germany’s side?! – to show how dramatically austerity has failed in Europe- that is, if the recovery of the Greek and Spanish economies was ever the real target. It certainly failed the populations of the countries.

Webmaster's Commentary: 

Austerity was never meant to improve the lives of the people. It was designed to loot the people to make the private central bankers richer than they already are!

Feb 20 09:38

Germany Slams Greek Bailout Extension Proposal As "Trojan Horse" - Full Text

As leaked by Reuters moments ago, here is the text of a document that describes Germany's position on Greece's letter requesting an extension of its bailout facility as nothing short of a Trojan Horse.

Feb 20 09:17

Greece Gives Europe A Counter-Ultimatum: Accept Or Reject Our Offer

UPDATE: *GREEK GOVT WON'T ACCEPT ULTIMATUMS, WON'T GIVE ANY: OFFICIAL

After days of repeated ultimata from The Eurogroup, as Germany (bad cop) and the rest (good cop) make optimistic sounds, this morning's rejection of Greece's latest plan (following Greek comparisons of Germany to Nazi surrender demands) has prompted something new:

*EU HAS 2 CHOICES, APPROVE OR REJECT GREEK REQUEST: OFFICIAL
*EUROGROUP MEETING TO SHOW WHO WANTS A SOLUTION: GREEK OFFICIAL

Feb 20 08:14

Guess Which "Liberal" State Has 500 Laws Aimed at Oppressing the Homeless?

Cities in the United States have a long history of criminalizing the public presence of people they consider undesirable. In the late 1800s, Southern cities established “sundown towns,” laws that restricted black people from being outside after sunset. Throughout the 19th century, cities ratified “ugly laws,” banning people who were diseased or deformed from being outside. During the Great Depression, California cities passed an “anti-Okie” law, making it illegal to assist poor people entering the state.

Today, society’s target is homeless people. Beginning in the 1980s when the federal government slashed the affordable housing budget, cities have enacted thousands of laws to criminalize basic human needs such as resting, sleeping, standing, and sitting, as well as acts like panhandling and food sharing.

Feb 20 08:01

Axeman Lloyds bank boss set for £7m bonus after overseeing thousands of job losses

Lloyds bank boss Antonio Horta-Osorio is poised to pocket a bonus of more than £7million after overseeing thousands of job losses.

Portuguese banker Mr Horta-Osorio, 51, who has headed Lloyds since 2011, has just begun a second, three-year wave of cost cutting.

It will mean the loss of another 9,000 jobs and 200 branches.

But he is being rewarded for helping turn the firm’s fortunes around. The bank is expected to confirm the shares windfall for its chief executive when it announces its results.

Feb 20 08:01

Bank bonuses to run into BILLIONS as population continues to feel after-effects of bailout crisis

Banks mired in scandal and bailed out by the state are set to infuriate hard-up families by announcing their share in nearly £5billion in bonuses.

The bumper payouts could include £2.2billion for staff at HSBC amid controversy over its Swiss banking arm, accused of helping super-rich customers evade tax.

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