ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Mar 05 10:20

US tech companies have stashed over $420 billion overseas

It's no secret that the US government wants companies to bring more of their offshore profits back home for the sake of taxes, and it's now exceptionally clear as to why. Bloomberg has sifted through financial filings and discovered that the top eight American tech firms, including Apple, Google and Microsoft, are keeping more than $420 billion overseas -- $69 billion of it added in just the past year. That's over a fifth of the $2.1 trillion held abroad by American companies, and would easily cover a lot of government expenses. A tax on Microsoft's recent profits alone ($29.6 billion) would cover NASA and the Commerce Department for a year; Apple ($23.3 billion) could take care of the Transportation Department and Social Security, and Oracle could foot the bill for the Labor Department.

Mar 05 09:52

Think Like A Bear, Invest Like A Bull

Mar 05 09:24

Mr. Ponzi – Patron Saint

Mr. Ponzi was a charming con-artist who operated about a century ago in the United States and Canada. He enticed investors to contribute new money to his investment scheme (100% return in 90 days), skimmed a portion for his luxurious needs, and used the remaining money to pay off prior investors. The system worked marvelously until it collapsed and people realized that his postal reply coupon investments could not produce the profits that supposedly paid off early investors.

More recent “Ponzi” examples include Bernard Madoff as well as hundreds of others, plus the Alan Harper character in season 8 of “Two and One Half Men.” However Ponzi schemes are not limited to private investments. Governments engage in similar plans and have the advantage of declaring them legal. As with private plans, they work until they collapse, although their government granted legality increases their longevity.

Mar 05 09:16

Warren: Citigroup, Morgan Stanley, Merrill Lynch Received $6 Trillion Backdoor Bailout from Fed

“During the financial crisis, Congress bailed out the big banks with hundreds of billions of dollars in taxpayer money; and that’s a lot of money. But the biggest money for the biggest banks was never voted on by Congress. Instead, between 2007 and 2009, the Fed provided over $13 trillion in emergency lending to just a handful of large financial institutions. That’s nearly 20 times the amount authorized in the TARP bailout.

“Now, let’s be clear, those Fed loans were a bailout too. Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.

“Those loans were made available at rock bottom interest rates – in many cases under 1 percent. And the loans could be continuously rolled over so they were effectively available for an average of about two years.”

Mar 05 09:10

ADP Employment Drops, Misses; Zandi Admits "Jobs Growth Slowing"

Another day, another missed data point. ADP Employment data shows 212k jobs added in February, which modestly missed expectations of 219k and is the weakest monthly gain in 6 months. This despite a strong prior revision, pushing the January number up from 213K to 250K to catch up to the BLS runrate. Despite the miss, that showed large businesses adding by far the fewest jobs, Mark Zandi as usual remains optimistic: "jobs growth is strong but slowing," and expects the economy "will return to full employment by mid-2016."

Mar 05 09:07

"There’s Going To Be Chaos" - What Is The Worst-Case Outcome Of Today's Supreme Court Obamacare Hearing

As Bloomberg also notes, a decision against the Obama administration would wipe out the tax credits that make insurance affordable for millions of people under the law. It would also leave hospitals with billions of dollars in unpaid bills and potentially cause insurance markets to collapse.

Webmaster's Commentary: 

I predict that once again Roberts will be "persuaded" to rule in favor of the White House.

Mar 05 08:56

ISDS: The Trans-Pacific Partnership clause that everyone should be against

ISDS would allow foreign companies to challenge US laws — and potentially to pick up huge payouts from taxpayers — without ever stepping foot in a US court. Here's how it would work. Imagine that the United States bans a toxic chemical that is often added to gasoline because of its health and environmental consequences. If a foreign company that makes the toxic chemical opposes the law, it would normally have to challenge it in a US court. But with ISDS, the company could skip the US courts and go before an international panel of arbitrators. If the company won, the ruling couldn't be challenged in US courts, and the arbitration panel could require American taxpayers to cough up millions — and even billions — of dollars in damages.

Mar 05 08:37

FLASHBACK - Congress’s Obamacare Waiver

On July 30, I predicted that, even though he had no authority to do so, President Obama would waive that provision at taxpayers’ expense. On August 1, he ignobly obliged the aristocracy by decreeing we peasants give each member and staffer $5,000 or $11,000, depending on whether they want self-only or family coverage. It’s good to be king. The president’s supporters, like courtesans of old, are trying to quell a peasant uprising by denying there were any special favors. The denials ring hollow.

Mar 05 08:28

WSJ - Negative Interest Rates Yield Positive Results—So Far

Webmaster's Commentary: 

... for the banks!

Mar 05 08:16

IMF’s Director Batista: Greek bailout was ‘to save German & French banks’

‘This was never said officially before! “They gave money to save German and French banks, not Greece,” Paolo Batista, one of the Executive Directors of International Monetary Fund told Greek private Alpha TV on Tuesday. Batista strongly criticized not only the euro zone and the European Central Bank but also the IMF and the Fund’s managing Director Christine Lagarde for defending Europe much too much..

He urged Greece to directly negotiate with the IMF and favored the restructuring of the Greek debt that is been hold by the European partners.’

Mar 05 07:56

Bank doors closed-Bail ins (depositer plunder) in Ukraine? Default?

It certainly appears that the Ukrainian banks are pilfering the peoples savings in a 'bail in' type scenario

Webmaster's Commentary: 

Now we know why Bloomberg is out there saying the west (meaning the US taxpayer) owes Ukraine a bailout. If Ukraine defaults, there will be a derivatives crisis.

Mar 05 07:46

Europe to start €1.14trn ‘easy money’ program on March 9 - ECB President

The European Central Bank will kick off its monthly €60 billion purchases of government bonds and private sector assets next Monday, said the head of the ECB Mario Draghi.

Webmaster's Commentary: 

Because after all, look how well it worked in the US!

Mar 05 07:43

New York telemarketers keep more than half money raised for charity – report

For-profit telemarketing companies based in New York retained 52 percent of the funds they raised on behalf of charities in 2013, according to a new report released by the state’s attorney general.

Mar 05 07:42

ECB Will Cut Rates To Minus 3%: JP Morgan

...the ECB is now close to running out of ammunition. The true constraints on further ECB intervention lie in the 25 per cent issue limit and 33 per cent issuer limit on its sovereign bond purchases.

Except for Greek debt, the 25 per cent and 33 per cent caps should not prove binding in a scenario where the ECB keeps its monthly asset purchase pace of €60bn. However, the limits could be reached in worst-case scenarios where the ECB would have to boost the size of its QE programme or implement OMTs targeted on specific sovereigns.

Mar 05 07:38

Anti-austerity protest held in Cyprus

Several thousand Cypriots have staged a protest rally in the capital, calling on the government to end austerity policies they say have driven many in the bailed-out country to poverty.

Webmaster's Commentary: 

Austerity: Steal from the poor to give to the rich!

Mar 05 06:46

Costco Treads on Thin Ice

This winter would seem even worse but for one thing: memories of last winter. The same goes for earnings day at Costco Wholesale Corp.

The warehouse-retailing giant is likely to say Thursday that revenue growth slowed in its fiscal second quarter ended Feb. 15. When the same thing happened a year ago, the stock had its worst postresults drop since the quarter when Lehman Brothers Holdings Inc. collapsed.

Mar 05 06:01

Homeland Security Bill Includes $13M in 'Jewish Earmarks'

Funding for the Department of Homeland Security passed by Congress Tuesday includes $13 million for security at religious and other nonprofit institutions.

The Orthodox Union, Jewish Federations of North America and Agudath Israel of America applauded the passage of the funding bill, which still needs to be signed into law by President Barack Obama. The three organizations had spearheaded efforts to get the funding for religious and nonprofit institutions approved.

Mar 04 23:46

10 things McDonald’s won’t tell you

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Mar 04 18:42

Why Oil Will Be Rangebound For The Time Being

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Mar 04 18:10

How bad was the financial crisis, really?

Mar 04 17:46

Moneytree leads push to loosen state’s payday-lending law

Washington’s payday lenders have lost three-quarters of their business in the five years since a tough new state law restricting the high-cost loans marketed to poor families took effect.

Now the industry, led by Seattle-based Moneytree, is lobbying state lawmakers to revamp the law. Lenders are backing legislation to eliminate traditional two-week payday loans and replace them with “installment loans” that would stretch repayment out for up to a year.

Mar 04 17:39

IMF Director Admits: Greek Bailout Was "To Save German & French Banks"

For the first time in public, though practically the entire world assumed it, an official from The IMF has admitted that the various Greek bailouts were not for The Greeks at all... "They gave money to save German and French banks, not Greece,” Paolo Batista, one of the Executive Directors of International Monetary Fund told Greek private Alpha TV on Tuesday. As KeepTalkingGreece reports, Batista then went on to strongly criticized not only the euro zone and the European Central Bank but also the IMF and the Fund’s managing Director Christine Lagarde for defending Europe much too much...

Mar 04 17:29

Rate Hike Expectations Fed Funds at Year End

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Mar 04 17:13

US Dollar and Stock Markets in 2015

Mar 04 15:42

War in Ukraine: Price Tag is Measured in Billions of Dollars

It has become clear that the United States and Europe are divided on Ukraine. Germany and France have chosen the policy of supporting «the victorious Ukrainian revolution» by non-military means to prevent the risk of conflict spillover. The peaceful stabilization of the regime led by Poroshenko meets their long-term interests as they seek to move Ukraine out of Russia's sphere of influence. They have applied time and effort to prevent Kiev from sliding down to military debacle. These countries will do their best to reduce the status of Luhansk and Donetsk people’s republics as the efforts aimed at reaching peaceful settlement of crisis are underway.

Mar 04 15:35

Ukraine Jacks up Interest Rate to 30%

Ukraine has sharply raised its benchmark refinancing rate by 10.5 percentage points to 30 per cent, in a desperate move to temper spiralling inflation and halt its sinking currency.

Mar 04 15:31

I MISSED THE LIST BY THAT MUCH

Mar 04 15:30

Recession is getting worse, not better, says Irish homeless charity

The recession is not ending — it is getting worse, according to one of the biggest providers of hot meals for homeless people in Dublin.

Mar 04 14:56

Amid Media Blackout, Canada Lawsuit Challenges Banker Rule

According to American monetary-reform author and filmmaker Bill Still—and Canadian activists with whom AFP has been in contact—Canada’s mainstream media has been suppressing news that the three-judge panel on Jan. 26 ruled in favor of plaintiffs who filed suit to restore the Bank of Canada to its time-tested mandate of issuing debt-free money in the public interest.

Reporting on his online news-site which covers monetary reform, Mr. Still remarked: “The [Canadian] government has ordered the mainstream media not to cover this.”

The ruling gives plaintiffs William Krehm and Ann Emmett of COMER, or the Committee for Monetary and Economic Reform, represented by attorney Rocco Galati, the ability to move forward toward trial. The Crown can appeal once more to Canada’s Supreme Court.

Mar 04 14:55

Canadians Sued The Bank Of Canada & Won. Mainstream Media & Government Blacks Out Story

Recently, constitutional lawyer Rocco Galati won yet another round of appeals set forth by the Bank of Canada in a case involving two Canadians who filed an action in federal court to restore The Bank of Canada to its original purpose and operations. This is a very significant story but you probably haven’t heard of it. Why? The mainstream media and government have blacked out the story for reasons that appear to stem from fear of how the public will react to realizing they’ve been systematically enslaved for decades.

Mar 04 14:44

Warren Buffett – Lucky Coin Flipper?

Mar 04 13:57

The Chinese have put out billboard ads announcing the renminbi as the new world currency

When I arrived to Bangkok the other day, coming down the motorway from the airport I saw a huge billboard—and it floored me.

The billboard was from the Bank of China. It said: “RMB: New Choice; The World Currency”

Webmaster's Commentary: 

"NUKE 'EM! NUKE 'EM! NUKE 'EM!" -- Official White Horse Souse

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Mar 04 12:16

Wealth of world’s billionaires surges past $7 trillion

The combined net worth of the world’s billionaires has reached a new high in 2015 of $7.05 trillion, according to the latest compilation published by Forbes magazine on Monday.

WEBMASTER ADDITION: Nonsense. The Rothschilds alone are estimated to be worth $14 trillion.

Mar 04 11:03

Affidavit: First IRS Tech to Inspect Lois Lerner Hard Drive Was Blind

IRS officials initially claimed Lerner’s hard drive was irreparably damaged before it was destroyed in 2011.

But last year, investigators with the House Ways and Means Committee interviewed IRS technical experts who said the hard drive was merely scratched and not irreparable, The Hill has reported.

"The Committee was told no data was recoverable and the physical drive was recycled and potentially shredded," then-Ways and Means Committee Chairman Rep. Dave Camp said just days after Manning’s July 18 affidavit was filed, according to the Daily Caller.

"To now learn that the hard drive was only scratched, yet the IRS refused to utilize outside experts to recover the data, raises more questions about potential criminal wrong doing at the IRS."

Mar 04 10:36

The Price of Oil Is About to Blow a Hole in U.S. Corporate Accounting

There’s one place in the world where oil is still $95 a barrel.

On paper.

Mar 04 10:32

No, Obama, Russia’s economy isn’t in tatters

Western politicians and pundits should be more careful with their predictions for the Russian economy: Reports of its demise may prove to be premature.

Mar 04 09:10

5 Reasons Why Ukraine is Becoming Europe's Zimbabwe

As the Ukrainian National Bank introduces new capital controls, this time for businesses, and raises interest rates, the country's economy slides into Zimbabwe-grade hyperinflation, as measured by the Cato Institute. There are five main reasons why.

Although the study explains disconnects in Ukrainian statistics, there are more reasons to use the Zimbabwe methodology than just high inflation, as Ukraine enacts more measures to pursue the same path.

Webmaster's Commentary: 

The ECB's imposed "austerity" is going to cause capital and human flight from Ukraine, not to mention further misery for the Ukrainian people.

IF the government is dead broke, which it is, there is a real question about how long Poroshenko can actually cling to power; and ultimately, without huge injections of foreign capital, the government in Kiev cannot continue to survive.

Mar 04 08:44

TARGET TO LAY OFF THOUSANDS

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