ECONOMY | WHAT REALLY HAPPENED

ECONOMY

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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Mar 04 07:38

Azerbaijan should be very afraid of Nuland

The US’ Assistant Secretary of State for European and Eurasian Affairs, Victoria Nuland, visited Baku on 16 February as part of her trip to the Caucasus, which also saw her paying stops in Georgia and Armenia. While Azerbaijan has had positive relations with the US since independence, they’ve lately been complicated by Washington’s ‘pro-democracy’ rhetoric and subversive actions in the country. Nuland’s visit, despite her warm words of friendship, must be look at with maximum suspicion, since it’s not known what larger ulterior motives she represents on behalf of the US government.

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Mar 04 07:34

France wants companies to make appliances that last longer

France is ordering manufacturers to inform consumers how long they can expect their TV, cell phone or other appliance to last — before they buy it.

A new French government decree that came into effect this week aims at fighting so-called planned obsolescence. That is when companies design strategies to limit the life span of appliances, so that consumers will have to replace them.

The measure requires manufacturers to inform vendors how long spare parts for an appliance will continue to be produced. The vendor is then required to inform the buyer, in writing. Violators face up to 15,000 euros ($16,800) in fines.

Webmaster's Commentary: 

We need that here in the US. We won't get it, of course, while this nation remains a fascist economic dictatorship, but we do need it here!

Mar 03 20:02

Apple may soon hold world market with new gold smartwatch; “24 million troy ounces” yearly to produce: Report

| 30% of world's gold market to be held by Apple for production of new smartwatch, says report

Mar 03 19:38

Congress: Mummies R Us Karen De Coster

snip: The multi-millionaires in congress are destroying life and freedom through a governing body that lords it over all of us. Politics, by definition, is coercion, and still, no matter how much people – voters – learn about the establishment and its reason for existence, they sanction it. They sanction it each time they concede to the government’s arbitrary decrees and go along with its mandates. And especially, the masses consent to total control and tyranny each time they vote for any one of these swines. These monsters, who have been given extraordinary powers to rule, have become so accustomed to ramping up their powers and stomping their legislative jack boots down on our heads that they are not the slightest bit tolerant of resistance. They loathe your disobedience, your verbal challenges, your hostility to their supremacy.

Nancy Pelosi, the repulsive, arrogant she-devil that she is, once likened the middle class resistance to her socialist-fascist agenda as an “astroturf” movement. That happened when she didn’t like the swastikas stuck in her face as she tried to ram her perverted health care plan down our collective throats. In fact, the Dems are certain that there is no real resistance at all. They believe it’s just a big setup, with the Republican Party hiring stand-ins to show up and to protest. The term used to describe the resistance is “manufactured outrage.”

Mar 03 19:15

Impotent Western Sanctions Fail To Disrupt Russian Energy Exports

Energy exports from Russia, in the form of coal, oil, natural gas and uranium, continue to flow unimpeded, despite Western efforts to damage the Russian economy for interfering in Ukraine.

In some ways, the sanctions have had the desired effect. But in others, notably the energy trade, they have failed, and in fact it could be argued they have backfired, by hurting the businesses that do business with Russia. Moreover, the sanctions have further isolated Russia from Europe and drawn it closer to alternative energy partners, namely Turkey and China.

Mar 03 17:28

Chinese economy under downward pressure

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Mar 03 16:42

Can you spot the direction of the trend?

Mar 03 16:41

"What’s Going On" - Traders Stumped As HFTs Frontrun Last Night's Australia "Surprise" Rate Decision

Yesterday at 10:30pm eastern, or alternatively today at 2:30pm local time, Australia's central bank unexpectedly did not cut its key interest rate, keeping it at 2.25% even as the majority of economists had predicted a rate cut. However, not everyone was surprised. Just a minute before the official announcement at bottom of the hour sharp, the AUD surged by 0.6%, rising from 0.7774 to 0.7822, suggesting that at least one algo and likely more, had advance knowledge of the unchanged decision, as shown in the chart below.

Mar 03 16:03

Target to cut jobs as part of $2B cost-savings plan

Target's chief executive, Brian Cornell, said Tuesday the retailer will cut several thousand jobs within the next two years as part of a $2 billion cost savings plan.

Webmaster's Commentary: 

Even Target can't make it in this economy!

Mar 03 15:14

Video: Student Loans Are Like STDs (Everyone Is Catching Them)

Student loan debt is the next big economic sledgehammer that's about to come down on this country...the next big bubble to burst following the housing bubble.

Consider this. Student loan debt is somewhere upwards of $1.3 Trillion in this country these days — and that's just the official government loans, not private lenders, etc. The Congressional Budget Office is estimating that's going to double in the next decade as tuition rises and more people go back and get even more loans, going to grad school in the hope that if they take on even more debt and get another degree, maybe they'll finally be able to get that magical job where they can afford to live to be debt free one day to match it... a condition known these days as "American Dream Syndrome."

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Mar 03 13:52

Economic Recovery

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Mar 03 13:14

As predicted: you can't taper a Ponzi.

Mar 03 10:40

Ukraine unofficially has 272 percent inflation

Mar 03 09:12

Bill Gates, Again The Richest In The World, According To Forbes

The list of people with a fortune of over 1,000 million was headed, once again, by the founder of Microsoft, Bill Gates, according to the classification broadcast Monday by the US magazine Forbes.

Read More: Already last year, Gates had shifted to the Mexican Carlos Slim the first place on this list and editing of 2015 consolidated that position, and also his fortune: if last year was calculated 76,000 million, this year is 79,200 million.

Read More: http://whatisusa.info/bill-gates-again-the-richest-in-the-world-accord...

Mar 03 09:08

Nasdaq 5000: Bubble or not?

Mar 03 08:19

Russia will explore ways of softening food embargo for Greece and Hungary — minister

Russia will explore ways of softening food embargo for Greece and Hungary consistent with WTO norms, minister of economic development Alexey Ulyukayev said on Monday.

"We need to find a decision consistent with WTO norms. It is impossible to simply make exceptions for countries," the minister said.

Mar 03 08:07

Ukraine parliament begins IMF reform package debate

Ukraine’s parliament has commenced debating a reforms package required by the International Monetary Fund (IMF) as a prerequisite for a multi-billion-dollar aid package.

Webmaster's Commentary: 

Here comes the Austerity! Wealth for the bankers and poverty for the Ukrainian people!

Mar 03 08:06

GOLD: THE LAST SAVIOUR OF THE MAD FOLKS

Mar 03 07:47

Dallas-Area Cops Seize Millions in Cash and Property Every Year, and No One Fights Them

Anecdotes of civil forfeiture abuse in Texas abound. The most egregious example from recent years probably comes from the tiny East Texas town of Tenaha (population 1,160), where the district attorney and local police teamed up to shake down innocent out-of-town motorists for cash and other valuables worth millions.

Mar 03 07:38

Details Of Tax Avoidance Schemes For Wealthy HSBC Clients Revealed

A cache of secret documents has thrust HSBC, the world’s second largest bank, into the limelight for helping international clients dodge taxes. A series of articles published by the International Consortium of Investigative Journalists is finally pushing reluctant governments to act almost eight years after the original leaks.

Mar 03 07:24

Austria stops payments on Hypo 'bad bank' debts

Austria has announced it is halting payments on more than €11 billion ($12.28 billion) in debts of the failed Hypo Alpe-Adria-Bank International AG until it has found a way of winding down the bank without imposing more costs on taxpayers.

Mar 02 16:29

Only 20-30% EU Food Exporters Will Be Allowed Back into Russia after Food Ban Is Lifted

Russian regulators say that once Russian ban on EU food imports is lifted only a minority of former exporters can count on being immediately granted the necessary licenses to return

Webmaster's Commentary: 

Russia has developed its domestic food production because of the sanctions, and doesn't need those external sources any more.

Mar 02 16:00

Bulgarian companies proceed with South Stream gas pipeline project — ambassador

Bulgarian companies continue their work on Russia’s South Stream natural gas pipeline project fulfilling all their contractual obligations although Russia announced last year the suspension of its project, Bulgarian diplomat said on Monday.

Russian President Vladimir Putin announced on December 1 that the project to build the South Stream gas pipeline was closed due to the European Union’s unconstructive approach to cooperation in that sphere, including Bulgaria’s decision to suspend the construction of the pipeline’s stretch on its territory.

Mar 02 15:19

Obama "Very Interested" In Raising Taxes Through Executive Action

White House Press Secretary Josh Earnest confirmed Monday that President Obama is "very interested" in the idea of raising taxes through unitlateral executive action.

"The president certainly has not indicated any reticence in using his executive authority to try and advance an agenda that benefits middle class Americans," Earnest said in response to a question about Sen. Bernie Sanders (I-VT) calling on Obama to raise more than $100 billion in taxes through IRS executive action.

Webmaster's Commentary: 

All revenue measures must originate in the House of Representatives.

Mar 02 14:27

NATO rolls out 'Russian threat' in budget battle

NATO member-states unwilling or unable to help boost the military spending are being accused of ignoring the “Russian threat,” that has re-emerged as the core of the alliance’s agenda to boost arms sales.

A report saying one of major NATO funding contributors, the UK, could fail to fulfil the commitment to spend 2 percent of its GDP on the alliance in 2015 came as a bombshell for some of the West’s military elite.

Mar 02 14:24

As Greek Default Fears Return, Government Considers "Borrowing" Pensions To Repay IMF

Greek short-term default risk jumped over 300bps today putting the odds of a restructuring at 50-50 within the next year as the warnings we issued last week with regard Greece's imminent default on its IMF loan loom. Seeking to reassure its lenders (and avoid yet more capital flight), Reuters reports the Greek government said it was "exploring solutions," including delaying payments to suppliers or try to raise up to 3 billion euros by borrowing from state entities such as pension funds.

Webmaster's Commentary: 

Sounds like an interesting idea, until you realize the US Government did just that back during the Clinton years, "borrowing" from the Social Security trust fund ... and they have never been able to pay it back!

Mar 02 14:21

Housing Bubble Redux: Subprime Auto Market Begins To Crack

As noted last week, the aggregate amount of loans for new and used cars will in short order eclipse the $1 trillion mark, joining total student debt in full-on bubble mode. Better still, early delinquencies on auto loans are now sitting back at their 2008 highs (both for all borrowers and for subprime borrowers, with 9% of the latter now missing a payment within the first 8 months of origination). Despite this, and despite the fact that nearly a third of all auto loans in 2013 were made to subprime borrowers (the same amount we saw in 2006 at the very height of reckless underwriting standards), Experian says everything is fine.

Mar 02 11:40

Four Reasons Young Americans Should Burn Their Student Loan Papers

Hell No, We Won’t Go –1967
No Way, We Won’t Pay –2015

Fifty years ago students burned their draft cards to protest an immoral war against the people of Vietnam. Today it’s a different kind of war, immoral in another way, waged against young Americans of approximately the same age, and threatening them in a manner that endangers not their lives but their livelihoods.

There are at least four good reasons why America’s young adults – and their parents – should take up the fight against financial firms who are holding high-interest student loans that total more than the nation’s credit card debt, and more than the total income of the poorer half of America.

Mar 02 03:08

The Collapse of The American Dream Explained in Animation

Mar 01 08:50

10 Reasons Washington Has War Fever

But as Dorothy told her dog, Toto, in the classic "Wizard of Oz" movie, "I've a feeling we're not in Kansas anymore," we're also not in the America of our Founding Fathers any more, either. Real capitalism and free markets simply do not exist any longer. A few powerful interests manipulate all markets, unlimited fiat money is a profitable franchise and we are attempting to police and control the entire world to maintain our leadership position held since the end of World War Two.

Today you are a fool to trust what the government or press claims is true, fair and balanced, as it's all just propaganda. Regulatory organizations exist only to protect the favored industries not the public, our legal system is a joke and all wars fought for democracy against evil are just looting expeditions against other nations out for profits, gain and natural resources.

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.

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