ECONOMY | WHAT REALLY HAPPENED

ECONOMY

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Mar 06 09:22

Did The BLS Once Again Forget To Count The Tens Of Thousands Of Energy Job Losses?

A month ago we asked if the "BLS Forget To Count Thousands Of Energy Job Losses" when as we showed, the BLS reported that only 1,900 jobs were lost in the entire oil and gas extraction space, which was a vast underestimation of what is taking place in reality, when compared to not only corporate layoff announcements, but what Challenger had reported was going on in the shale patch, when it calculated that some 21,300 jobs were lost in January in just the energy sector.

Today we ask again: did the BLS once more forget to add the now tens of thousands of jobs lost in the US energy sector? We ask because the divergence is getting, frankly, ridiculous.

Mar 06 09:13

295,000 more jobs in Feb.

(A lot of Snow Removal hours were logged during the month of February , this year .)

Mar 06 09:09

Bank of England investigated for fraud

Mar 06 08:59

Almost 100 families evicted daily in Spain – statistics

At least 95 families were evicted every day in Spain in 2014, fresh statistics say as Spaniards struggle to meet mortgage payments. Home foreclosures have become a stark symbol of the 7-year economic crisis, with 2014 seeing a further rise in numbers.

Mar 06 08:56

DC Fed wrestles away big-bank oversight from New York

The most feared man on Wall Street is in Washington, DC.

Federal Reserve Board Governor Daniel Tarullo has quietly wrestled control of big bank oversight from the New York Fed.

The move by DC is a clear black eye for the New York Fed, a first among equals when it comes to regional Fed banks and the traditional front line regulator of big banks like Citigroup, Goldman Sachs and JPMorgan Chase.

The consolidation of power in DC also means that New York Fed President Bill Dudley must take a back seat for Tarullo when it comes to regulating the big banks — as happened in Thursday’s announcement of stress-test results.

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Mar 05 17:32

Pound now buys more than €1.38 as ECB's bond-buying plan weakens euro - and sterling 'could reach €1.50 this year'

The euro has fallen to new seven-year lows against the pound and 11-year lows versus the dollar after the European Central Bank said its new government bond-buying programme will kick-off next week and last until at least September 2016.

The ECB's attempt to kickstart the ailing eurozone economy by spending €60billion a month on buying sovereign bonds saw the euro tumble today. Against the dollar it came within a sliver of $1.10 - its lowest since early September 2003.

Against the pound the euro fell to 72.3p, or €1.384 to the pound - a level last seen in December 2008. And analysts suggested the euro has even further to fall and could hit 65p by the end of the year. That would get British holidaymakers €1.50 to the pound - an exchange rate that has not been seen since February 2007.

Mar 05 17:29

The last thing the Grand Canyon needs is a super mall!

Property developers want to build a super-mall smack dab in the middle of one of America's most breath-taking world heritage sites, the Grand Canyon. The mall would include an IMAX, shops, hotels and fast food cafes. The National Park Service has called the plans 'a travesty'.

The ludicrous project is being proposed by property developers Confluence Partners as a way to make more money from the millions of people who want to see one of nature's greatest marvels.

We cannot let big business get away with monetizing our national parks! The company is already facing huge outrage over the plan from many sides. If thousands of SumOfUs members speak out about this monstrosity, it will be forced to back down.

Tell Confluence Partners to keep its hands off the Grand Canyon!

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Mar 05 16:05

China Has Announced Plans for a ‘World Currency’

The Chinese do not plan to live in a world dominated by the U.S. dollar for much longer. Chinese leaders have been calling for the U.S. dollar to be replaced as the primary global reserve currency for a long time, but up until now they have never been very specific about what they would put in place of it. Many have assumed that the Chinese simply wanted some new international currency to be created. But what if that is not what the Chinese had in mind? What if they have always wanted their own currency to become the single most dominant currency on the entire planet? What you are about to see is rather startling, but it shouldn’t be a surprise. When it comes to economics and finance, the Chinese have always been playing chess while the western world has been playing checkers. Sadly, we have gotten to the point where checkmate is on the horizon.

Mar 05 16:02

Washington Strips New York Fed’s Power

The Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power in a behind-the-scenes reorganization at the nation’s central bank.

Webmaster's Commentary: 

Presidents get shot at for trying to control the private central banks!!!!!!

Mar 05 15:50

Landlords hit back at Reserve Bank crackdown

Landlords have hit back at Reserve Bank consultation on their sector, threatening to punish tenants by hiking rents if a tougher lending regime is ushered in.

Andrew King, NZ Property Investors Federation executive officer, said a harsher regime could have severe implications for more than 1 million tenants in over 453,000 rental households.

"Unnecessary risk weighting rules around rental properties will likely increase the cost of borrowing and push rental prices higher.

"Rental property loans are actually less risky than many of the loans taken out against homes to fund businesses," Mr King said.

Mar 05 15:49

NZ dollar falls after RBNZ looks to curb residential property investment

The New Zealand dollar fell after the Reserve Bank said it is looking at ways to curb lending to residential property investors, which could pave the way for it to lower interest rates.

The local currency weakened after the central bank said it is looking at ways to tighten rules around lending for residential rental properties to better reflect the risks.

Some traders speculate that further curbs on property market lending could help slow rising house prices, and allow the central bank to reduce interest rates.

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Mar 05 15:24

March 2015: HACK ETF How to Trade Volatility

Mar 05 15:16

Ukraine Bans Gold Transactions Over $125, Currency Derivatives and Interbank Purchases Exceeding $10,000

The national Bank of Ukraine has expanded the list of administrative restrictions for stabilization of the hryvnia, in particular, completely prohibiting the withdrawal of foreign dividends and limiting the purchase of foreign currency on the domestic markets.

Resolution No. 160 is effective from March 4, 2015 and is valid until June 3, 2015.

Previously, prohibitions did not target dividends on securities that are traded on stock exchanges.

The NBU has also introduced limits on the balance of banks' operations on the interbank market at the end of the day and banned financial institutions from using currency derivatives on stock exchanges.

These restrictions apply to customer's accounts over $10,000 as valued by the official rates.

Mar 05 15:02

Water Wars are Coming

Mar 05 14:40

QE Inventor: It’s EASY to Create a Full-Blown Recovery, But Central Banks Chose to Make Banksters Rich Instead of Helping Main Street

Richard Werner (economics professor at University of Southampton) is the inventor of quantitative easing (QE).

Werner previously said that QE has failed to help the economy. (Former long-time Fed chair Alan Greenspan agrees. Numerous academic studies confirm this. And see this.)

But Werner is now taking off the gloves …

Mar 05 14:33

Mainstream Financial Experts Recommend: Take Out A Loan And Invest In Stock Markets

We are very quickly approaching a top in the stock market bubble. Here's all the proof you need.

Mar 05 14:12

Walmart Workers to Earn $10 an Hour; Walmart Heirs "Earn" $445,776 an Hour

Over the last three years, strikes and pickets by Walmart’s low-wage employees have steadily expanded. Last Black Friday, protests were staged at more than 1,000 Walmart stores across the U.S. Dozens of employees were arrested.

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Mar 05 13:04

A customer walked into his pizza shop and changed Philadelphia with $1 and a single Post-it note.

Owner Mason Wartman, who left his Wall Street desk job to open Rosa's Fresh Pizza, says pay-it-forward pizza started with one customer, one dollar, and one Post-it note.

The customer was inspired by an Italian coffee house practice called caffè sospeso (suspended coffee), by which customers can pre-purchase cups of coffee for less fortunate customers. Wartman wrote the purchase on a Post-it and slapped it on the wall behind the register to be redeemed by the next homeless patron to enter the store.

Since that first pay-it-forward slice, Rosa's has provided nearly 10,000 pizza slices to needy Philadelphians.

Mar 05 12:08

ECB ready to start printing money next week

E.C.B. to Begin Bond-Buying Program on Monday

Bond buying is a way for the European Central Bank to effectively print money and inject it into the economy. But confidence in the central bank’s ability to rekindle inflation could suffer if the market is so tight that it is unable to meet its goal of buying €60 billion of debt a month.

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Mar 05 11:18

Global Wealth Inequality - What you never knew you never knew

Mar 05 11:01

ECB Will Cut Rates To Minus 3%: JP Morgan

Should a tail event such a deflationary spiral or Grexit occur, limits on ECB asset purchases will put Mario Draghi at a disadvantage as other central banks race to the bottom. JP Morgan says this will force the ECB to cut interest rates for cash deposits to minus 3% while the dollar will appreciate by 20%, reaching parity with euro in 2015.

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Mar 05 10:47

We are Rome.

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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.

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