ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Sep 10 14:09

Chinese State Media: George Soros is a 'Global Economic Terrorist'

Chinese state media fired back against George Soros's attempt to crash their economy by labeling the globalist billionaire a "global economic terrorist" who is "the son of Satan."

Sep 10 11:13

Ukraine Parliament Passes Law To Legalize And Regulate Cryptocurrency

Ukraine has become the latest country to legalize cryptocurrency, just days after El Salvador adopted Bitcoin as legal tender.

In an almost unanimous vote on Sept. 8, the Ukrainian Parliament adopted a virtual asset bill making cryptocurrency and other digital assets legal in the country.

Known as Bill No. 3637 On Virtual Assets, the draft bill provides clarification on how individuals and businesses utilizing digital currency can be properly protected and also determines how Ukraine will regulate the cryptocurrency market going forward.

A total of 276 Ukrainian lawmakers voted for the bill, which now heads to the desk of President Volodymyr Zelensky.

Sep 10 11:12

EU To Propose Exempting "Green" Bonds From Deficit And Debt Limit Calculations

Yesterday, the ECB announced that in Q4, it would "modestly lower the pace of net asset purchases under the PEPP than in the previous two quarters" (even as Lagarde scrambled to convince markets not to call it tapering) with Reuters sources adding that "policymakers set a monthly target of between 60 billion and 70 billion euros" down from 80 billion currently "with flexibility to buy more or less, depending on market conditions." Putting this non-taper taper in context, Nomura calculated that "even if net PEPP is scaled down to €60bn/month the ECB would still buy 85% of the remaining gross supply, strongly supporting EUR rates."

Sep 10 10:50

US will default on national debt by October, warns Treasury secretary

Secretary of the Treasury Janet Yellen has warned that the United States is on track to default on the national debt by October if the government does not do anything to raise the debt limit.

On Wednesday, Sept. 8, Yellen sent a letter addressed to House Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Charles Schumer and Senate Minority Leader Mitch McConnell.

In the letter, Yellen warned that the Department of the Treasury is running out of money. She added that the department was also running out of “extraordinary” measures it can use to keep the federal government within its legal borrowing limit. Without any action from Congress or the White House, the country will reach this limit by next month.

The so-called extraordinary measures Yellen is using have been in place since the federal debt limit was reimposed on Aug. 1 after being suspended for two years in July 2019.

Sep 10 10:34

Wholesale prices jump 8.3% in year…

Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday.

Sep 10 08:04

Please Don’t Pop Our Precious Bubble!

In the manic grip of euphoric confidence, it seems impossible the bubble will ever stop inflating. Every dip generates a rally, and the strategy of rotating out of a weakening sector into a hot-hot-hot sector will obviously work forever.

Sep 10 06:49

California's Top Grid Operator Asks Feds To Burn More Fossil Fuels To Avert Blackouts

California's power grid transition to renewable energy sources appears to be backfiring. The push into clean energy is not producing enough power to meet demand during hot summer days, and it's becoming harder for the Golden State to avoid rolling blackouts.

A stunning new revelation in the state's top grid operator, California Independent System Operator, filing to US Department of Energy (DoE), titled "Request for Emergency Order Pursuant to Section 202(c) of the Federal Power Act," requested the federal government to declare an "electric reliability emergency" so it can use more fossil fuel power generation to prevent blackouts.

"An emergency order will allow the CAISO to dispatch additional generation that may be necessary for the CAISO to meet demand in the face of extremely challenging conditions including extreme heat waves, multiple fires, high winds, and various grid issues," the filing read.

Sep 10 06:08

Beijing Blinks: Will Allow Evergrande To Renegotiate Debt Terms

Maybe it was the 3rd consecutive day in a row that Evergrande bonds were halted after furious selling amid growing concerns of imminent default...

... or maybe one of those pro-China US billionaires - such as Larry Fink and Ray Dalio - who are now engaged in discrediting George Soros for speaking out against the one true Chairman, and who still remember what happened the weekend after Lehman collapsed made a phone call to Beijing and urged them to reconsider, but whatever the reason, on Thursday China blinked and according to Bloomberg, regulators in Beijing signed off on a China Evergrande's proposal to renegotiate payment deadlines with banks and other creditors, paving the way for a temporary reprieve as the cash-strapped developer struggles to come to grips with more than $300 billion of liabilities.

Sep 10 05:31

Following Mass Outrage, Fed Presidents Kaplan, Rosengren Will Sell All Their Stocks Due To "Ethics Concerns"

Tuesday's news that Dallas Fed president (and former Goldman vice chair of I-banking) Robert Kaplan had made multiple million-dollar trades in his massive portfolio in 2020, which in addition to $1MM+ holdings of stocks such as Apple, Tesla, Amazon, Google Chevron and Boeing, also held at least $1 million of the Floating Rate Bond ETF, FLOT...

... trading on clear, explicit inside information in a time when the Fed was setting monetary policy benefiting stock investors and potentially benefiting himself to the tune of millions dollars sparked a widespread popular furore not to mention countless hours of entertainment for people in the financial community.

Sep 10 05:28

"It Has Arrived": Uranium ETF Sees Record Inflows Amid Retail Buying Frenzy; Japan Hints At Restart Of Nuclear Power Plants

One week ago, and about a year after we turned bullish on the uranium sector which has more than doubled since despite Democrats' unwillingness to include uranium in their ESG umbrella...

... we presented readers with a unique take from Harris Kupperman, who explained how the Sprott Physical Uranium Trust could serve as a springboard to substantial further gains not only in the price of uranium itself but also uranium-linked stocks and ETFs. Comparing its action to the positive feedback loop that emerged in the Grayscale Bitcoin Trust, which served as the springboard allowing bitcoin to rise from $10,000 a year ago to over $60,000 earlier this year, Kupperman said that the Sprott Trust had the potential to "upend" the illiquid uranium market by creating an actual physical shortage that would then translate to much higher prices, to wit:

Sep 09 13:38

making farmers destroy crops

Sep 09 09:39

American Express engages in 'reverse discrimination' against White people, current and former employees say

Five current and former employees at American Express – speaking on condition of anonymity – told FOX Business that the credit card company singles out Black people for promotion in a practice that former employees described as reverse discrimination against White people.

The employees, none of whom were in human resources, did not present internal documents to demonstrate an official policy, but they said they witnessed a worrisome trend that raises questions about racial discrimination in promotion.

One former employee said they quit because the critical race theory trainings and the apparent promotion of employees due to skin color sent the message that White employees could not expect to even be considered for promotion. American Express denied this accusation in a statement.

The ex-employee said efforts to advance in the company were futile.

Sep 09 09:16

Democrats float a tax on investments to help pay for $3.5 trillion budget plan

Congressional Democrats are floating a slew of taxes to help cover their $3.5 trillion budget plan, including new levies on the wealthy.

Senate Finance Committee Chairman Ron Wyden, D-Ore., has introduced proposals for taxes on so-called derivatives, which are financial contracts linked to assets as well as carried interest, which generally is received by hedge-fund managers and private equity firms.

These measures call for a “mark-to-market” tax, meaning investors may pay levies annually based on market value, and may pave the way for a broader push for similar levies on capital gains, according to a Tax Foundation analysis.

Currently, investors don’t pay taxes on gains or claim a deduction for losses until they sell. However, mark-to-market levies would occur every year, even if they still own the asset.

Sep 09 09:02

Democrats eye reforms to Trump tax break for businesses as part of $3.5 trillion spending plan

Congressional Democrats are considering reforms to the 20% pass-through tax deduction as part of a $3.5 trillion federal spending package.

Democrats’ proposal would phase out the tax break for business owners with taxable income exceeding $400,000, according to a discussion list obtained by CNBC. It would also make the tax cut available to more people below the $400,000 threshold by removing some existing restrictions.

A discussion list is a draft of ideas that lawmakers assemble before formally pitching them in the House or Senate. Democrats are weighing changes to the tax code to help raise money for up to $3.5 trillion in spending on climate, education, paid leave and other measures.

Sep 09 08:37

You Won’t Lose All Your Social Security Benefits

The Social Security OASI Trust Fund for retirement benefits is projected to be exhausted by 2033, according to the summary of the Annual Social Security and Medicare Trustees Report that was released in August 2021. That’s one year earlier than what was projected in the 2020 trustees report.

Does this mean that in 2033, retirees will receive nothing from Social Security?

Absolutely not!

Sep 09 08:25

Stagflation and a Multitude of Mounting Risks

Sep 09 06:55

Why Are Food Prices Going Up So Rapidly?

Sep 09 06:48

Please Don't Pop Our Precious Bubble!

Sep 09 06:22

Over 80% of oil output in Gulf of Mexico still offline a week after Ida – Gas prices soar

More than 80% of oil production in the Gulf of Mexico remains shut in after Hurricane Ida, a U.S. regulator said on Monday, more than a week after the storm made landfall and hit critical infrastructure in the region.

Energy companies have been struggling to resume production after Ida damaged platforms and caused onshore power outages. About 1.5 million barrels per day of oil production, or 84%, remains shut, while another 1.8 billion cubic feet per day of natural gas output, or 81%, was offline, the Bureau of Safety and Environmental Enforcement said.

A total of 99 oil and gas production platforms remain evacuated, down from the 288 originally evacuated.

“The entire region is still struggling with resupply,” said Tony Odak, chief operating officer of Stone Oil Distributor, which supplies fuel to the offshore industry. “The refiners are coming back up slowly, but there is so much infrastructure that needs to be brought back online and inspected as well.”

Sep 09 05:37

HAS BIDEN NOW LOST SAUDI ARABIA?

The ignominious US withdrawal from Afghanistan has blown a global hole in the post-1945 American Century system of elaborate world domination, a power vacuum that likely will lead to irreversible consequences. The immediate case in point is whether Biden’s Washington strategists—as he clearly makes no policy—have already managed to lose the support of its largest arms buyer and regional strategic ally, The Kingdom of Saudi Arabia. Since the first days of Biden’s inauguration in late January, US policies are driving the Saudi monarchy to pursue a dramatic shift in foreign policy. The longer-term consequences could be enormous.

Sep 09 05:34

Lawmakers Scramble To Stop Government Shutdown

Democrats are staring down a nightmare in September, a month jam-filled with deadlines and bruising battles over their top priorities.

The various legislative requests in a short timeline will examine Democratic unity and present plenty of chances for Republicans to put political traps just a year out from the 2022 midterm elections, where they are feeling more bullish about their chances.

When legislators return to Washington, they’ll have to balance preventing a government shutdown in a matter of days with Democrats' self-imposed deadline for advancing an infrastructure and spending package that is at the center of President Biden’s economic and legislative agenda and sparking high-profile divisions.

Webmaster's Commentary: 

Of course they are going to raise the debt ceiling. It's not like they have to pay it back themselves!

Sep 09 04:51

US To Exhaust Funds By October If Debt Limit Not Raised: Yellen

The US government will run out of money at some point in October unless Congress acts to increase the federal borrowing limit, Treasury Secretary Janet Yellen said on Wednesday.

Congress suspended the debt limit in 2019, but the two-year suspension lapsed on July 31, resetting the cap at $28 trillion and forcing Treasury to begun taking "extraordinary measures" to continue funding government operations without breaching the limit.

In a letter to House Speaker Nancy Pelosi, Yellen warned that if the ceiling was not raised, "the United States of America would be unable to meet its obligations for the first time in our history."

"Based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October," she wrote.

Sep 08 15:22

Homelessness Escalates as California’s Recall Election Nears

California’s gubernatorial recall election is shaping up to be exactly the dysfunctional process that critics have longed feared it would become. Governor Newsom took office in 2018 with 61.9 percent of the vote—the highest percentage that any Democratic candidate for governor ever received in the state. And polling of California voters shows that solid majorities oppose his recall. But a poll this week from the UC Berkeley Institute of Governmental Studies paints a very different picture. What that poll found was that Newsom’s opponents were far more engaged in the recall process than were his supporters, and that among the all-important likely voters, 50 percent opposed the recall and 47 percent supported it.

Sep 08 09:10

Supply Shortages Skyrocket By 638% As Shipping Crisis Worsens & Supply Chains Dramatically Collapse

Sep 08 08:47

Auto Industry Chip Shortage Could Go On For Years: Major Players Give Assessments

The auto industry may not get out from under the semiconductor chip shortage that has been plaguing it since the coronavirus pandemic started for a few more years, according to some industry experts.

The shortage of chips was the center of discussion Monday at the Munich Motor Show, with Ford, Volkswagen, and Daimler executives commenting on the challenges due to the short supply of the component.

The demand for chips has increased exponentially during the pandemic as consumers bought up tech products that also use the component as they stayed home for work and entertainment purposes.

The lack of chips to go around has forced automakers to reduce production shifts, temporarily close plants, and delay vehicles as they contend with the shortage of parts.

Volkswagen CEO Herber Diess told CNBC on Monday that the chip shortage is a “really big concern.”

Sep 08 07:10

How The Biggest Banks Get Away With Fraud

Sep 08 07:10

Afghanistan: Taliban to rely on Chinese funds, spokesperson says

Taliban spokesman Zabihullah Mujahid has told an Italian newspaper that the group will rely primarily on financing from China following the withdrawal of foreign troops from Afghanistan and its takeover of the country.

In his interview published by La Repubblica on Thursday, Mujahid said the Taliban will fight for an economic comeback with the help of China.

Sep 08 07:08

In world first, bitcoin becomes legal tender in El Salvador

El Salvador on Tuesday became the first country to embrace bitcoin as legal tender, with consumer demand crashing its brand-new cyber "wallet" system even as the currency's value seesawed against the US dollar.

Under the initiative of President Nayib Bukele, Salvadoran consumers can now legally use bitcoin -- along with the US dollar which has been the official currency for two decades -- to pay for any good or service.

Sep 08 07:01

Wall Street Sets Its Sights On S&P 5000

Sep 08 07:01

These Charts Are SCREAMING Inflation

Sep 08 04:46

George Soros, Furious Over China's Nationalist Turn, Demands BlackRock Pull China Funds

George Soros is demanding BlackRock's Larry Fink pull his new China funds to punish President Xi Jinping for taking a hard right turn and throwing globalist billionaires in prison and seizing their wealth rather than letting them run his country.

Sep 07 11:55

Security Researchers Identify Billions of Bluetooth Devices from Popular Vendors as Vulnerable to Hackers

By B.N. Frank

Last month, the NSA sent a stern warning to employers that allowing their employees to use Bluetooth, WiFi, and NFC connections was putting their businesses at risk for cybersecurity breaches. More recently, security experts cited specific Bluetooth software used in laptops, smartphones, industrial, and “smart” Internet of Things (IoT) devices as being vulnerable...

Sep 07 11:43

If It Gets Bad, I’ll Go to Idaho

Sep 07 10:59

Is there any end to skyrocketing food prices?

You may have begun to notice that certain foods at the grocery store are increasing in price due to inflation. And according to some speculation, there is no end in sight to the madness. -- Financial terrorism combined with Wuhan coronavirus (Covid-19) lockdowns and other restrictions over the past year and a half have done a number to the global economy, sending some food prices soaring.

Sep 07 10:15

5 Reasons Why Biden Hasn’t Cancelled Student Loans

Did student loan cancellation get cancelled?? It certainly feels that way to some student loan borrowers. Any hope for wide-scale student loan cancellation hasn’t materialized in the first eight months of the Biden presidency. Here are 5 potential reasons why Biden hasn’t cancelled your student loans:

Sep 07 09:50

U.S. Congress stuck between a rock and a hard place on raising debt limit

Democrats and Republicans will start what could become a monumental game of chicken this month over raising the limit on U.S. government borrowing, as Congress attempts to avert an historic debt default.

Leaders of the Democratic-led Senate and House of Representatives are expected to force votes to lift the $28.4 trillion debt limit in late September. The limit was technically breached on July 31 but is being circumvented by Treasury Department “extraordinary” steps.

Failure could lead to a potentially catastrophic default on debt repayment obligations or a temporary shutdown of some federal operations. A default would be unprecedented, but shutdowns have taken place three times in the past decade.

Adding to the pressure, Republicans aim to sit on the sidelines and let Democrats either take the heat for a default that could leave financial markets in chaos, among other things, or take full responsibility for raising what they call an out-of-control federal debt.

Sep 07 09:50

Liz Peek: Gloomy Americans give Biden low marks on Afghanistan, COVID and economy

The mood of the nation is dark.

You can see it in the University of Michigan consumer confidence index, which plunged to 70.3 in August, down 11.0 points from July. That’s down to levels not seen since the Great Recession.

The gloom is apparent in retail sales, which slid more than 1% in July from the prior month, the second drop in the past three months.

It’s also showing up in President Joe Biden’s collapsing approval ratings, which have turned negative; that’s not shocking given that 61% of the nation thinks we are on the wrong track, according to Real Clear Politics.

Imagine – the country is profoundly discouraged even as the stock market hits new highs, jobs are plentiful and consumers are wealthier than ever before.

Sep 07 09:47

The Rise of Economic Fascism in America

As most of the rest of the world struggles to privatize industry and encourage free enterprise, we in the United States are seriously debating whether or not we should adopt 1930s-era economic fascism as the organizational principle of our entire health care system, which comprises 14 percent of GNP. We are also contemplating business-government “partnerships” in the automobile, airlines, and communications industries, among others, and are adopting government-managed trade policies, also in the spirit of the European corporatist schemes of the 1930s. -- The state and its academic apologists are so skilled at generating propaganda in support of such schemes that Americans are mostly unaware of the dire threat they pose for the future of freedom. The road to serfdom is littered with road signs pointing toward “the information superhighway,” “health security,” “national service,” “managed trade,” and “industrial policy.”

Sep 07 08:57

Over 10M Lose Unemployment Benefits, Biden Admin REFUSES To Extend Amid Covid SPIKE

Sep 07 08:57

America Reaches A Perilous Crossroads As Even The Mainstream Media Warns A Nightmare Scenario Is Hitting Our Labor Force, Food And Supply Chains

While reading a story over at WJLA News in Washington DC this past Saturday, I was quite surprised to see two other unrelated stories blaring out their headlines, although in this day and age, nothing should surprise us.

With the first story at WJLA from Thursday, September 2nd titled "Why some post office employees just aren't showing up to work, and how it's affecting DC," interesting me partially due to my own 7+ years hauling the mail during what now seems a lifetime ago, the 2nd one from Friday, September 3rd slammed the point home.

Sep 07 07:35

European Nations Adopting National IDs Linked to Digital Wallets

By Katya Pivcevic

From Estonia’s long-time running national identity scheme to the Netherlands’s foundational ID, Europe will soon be conducting much of its digital identity authentication and vaccination verification via an EU-wide shared app.

Estonia’s national digital identity system has been established for many years, and now that the European Commission plans to bring in a European Digital Identity in the form of a mobile app, the country is well ahead and planning further...

Sep 07 05:08

Sri Lanka raids sugar stocks as food shortages bite

Sri Lankan government officials on Wednesday raided private warehouses to seize thousands of tonnes of sugar, a day after a state of emergency was declared over food shortages caused by a currency crisis.

A military officer put in charge of efforts to bolster food stocks said at least 13,000 tonnes of white and brown sugar were found in the raids.

"The objective is to prevent hoarding," Major General Senarath Niwunhella, who was named commissioner general of essential services on Tuesday, told AFP.

He denied the sugar was being confiscated.

"The government will pay a reasonable price to the importers based on the valuations provided to customs."

Sep 07 04:51

Saudis Make Deep Price Cuts To Save Market Share

Saudi Arabia slashed the official selling prices (OSPs) for its oil exports to Asia in October more than expected in a move seen as the world’s largest crude exporter trying to keep and boost its market share while Asian fuel demand is recovering from a dip in recent weeks.

Saudi Aramco lowered its OSPs for the Asian markets for all the grades it sells. The cuts, the first in three months, range from $1.00 to $1.30 a barrel. Arab Light, the flagship crude grade of the Kingdom, will be selling in Asia at a $1.70 a barrel premium over the Oman/Dubai benchmark in October, after a massive $1.30 cut from the September price of $3.00 above Oman/Dubai, off which Middle Eastern exporters price their crude bound for Asia.

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