ECONOMY | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

ECONOMY

Dec 20 07:08

Who Will Inflate Faster? Europe Or The Fed?

The price of the euro in terms of the US dollar closed at 1.135 in November, against 1.156 in October and 1.193 in November last year. The yearly growth rate of the price of the euro in US dollar terms fell to –4.8 percent in November from –0.7 percent in October. Some commentators are of the view that the US dollar is likely to weaken against the euro (i.e., the price of the euro in US dollar terms is likely to increase). The reason for this is the massive US trade balance deficit.

Dec 20 06:21

European Nuke Plants Offline As Power Prices Hit Record 

Bloomberg's Chief Energy Correspondent Javier Blas tweeted a disturbing map of European day-ahead electricity prices that will hit record highs on Monday.

"EUROPEAN ENERGY CRISIS: Wow, wow, wow... I'm running out of words to describe the European short-term electricity market," Blas said.

He continued, "Multiple records breached for Monday. With the exception of Poland and Scandinavia, all Europe is above €300 per MWh (France and Switzerland near €400)."

Dec 20 02:04

Manchin Shuts Down Build Back Better Boondoggle, Journos Hardest Hit

Journos were hoping they were going to get massive tax cuts and get paid nearly $2 billion to become de facto state media outlets thanks to a buried provision in the Biden regime's Build Back Better bill.

Dec 19 08:13

Cathie D. Woods’ ARKK Is Sinking Fast

Dec 18 09:01

The Fed Has Spoken

Dec 18 08:07

Putin and Xi plot their SWIFT escape

Vladimir Putin got straight to the point. At the opening of his one hour and fourteen minute video conversation with Xi Jinping on 15 December, he described Russia-China relations as “an example of genuine inter-state cooperation in the 21st century.”

Their myriad levels of cooperation have been known for years now – from trade, oil and gas, finance, aerospace and the fight against Covid-19, to the progressive interconnection of the Belt and Road Initiative (BRI) and the Eurasia Economic Union (EAEU).

But now the stage was set for the announcement of a serious counter-move in their carefully coordinated ballet opposing the relentless Hybrid War/Cold War 2.0 combo deployed by Empire.

As Assistant to the President for Foreign Policy Yuri Ushakov succinctly explained, Putin and Xi agreed to create an “independent financial structure for trade operations that could not be influenced by other countries.”

Dec 18 07:38

ERDO?AN INTERVENES AFTER TURKISH LIRA SINKS TO LOWEST LEVEL AGAINST DOLLAR

Turkey’s president, Recep Tayyip Erdo?an, has vowed to take on the currency markets after a fresh cut in his country’s interest rates sent the lira plunging to its lowest ever level against the US dollar.

Erdo?an said Turkey’s destiny would not be determined by the level of borrowing costs or by foreign exchange speculators despite signs his unorthodox approach to running the economy was leading to rapidly rising inflation.

The Turkish president announced the minimum wage would be increased by 50% to maintain its US dollar value and promised unspecified measures to ensure stability in the coming days.

His move followed a fall of more than 5% in the lira’s value against the dollar triggered by an announcement by Turkey’s central bank that interest rates were being cut by a percentage point, a bigger fall than the markets had been anticipating in light of the lira’s recent weakness.

Dec 18 07:33

WILL FED CRASH GLOBAL FINANCIAL MARKETS FOR THEIR GREAT RESET?

It’s looking increasingly likely that the US Federal Reserve and the globalist powers that be will use the dramatic rising of inflation as their excuse to bring down the US financial markets and with it, crash the greatest financial bubble in history. The enormous inflation rise since the malicious political lockdowns and the trillions of dollars in emergency spending by both Trump and Biden, coupled with the continuation of the Fed’s unprecedented near-zero interest rate policies and asset purchases of billions in bonds to keep the bubble inflated a bit longer– have set the stage for an imminent market collapse. Unlike what we are told, it is deliberate and managed .

Dec 18 06:55

Bank Of America: A Catastrophic Stock Market Crash Is Inevitable In December

Dec 18 06:45

Dow tumbles more than 500 points and is down 1.7% in a week as Omicron fears dominate the markets

The stock market ended on a low on Friday after an unstable week as traders worried about the impact of COVID-19 infection rates continuing to climb across the nation and the spread of the Omicron variant.

The Dow Jones Industrial Average had dropped 532.20 points, about 1.5 percent, as of closing Friday. It fell at total of 1.7 percent at the end of the week.

The S&P 500 dropped by 1 percent, with a total weekly loss of 1.9 percent, and the Nasdaq Composite ended about 0.1 percent lower after dipping 3 percent this week.

Dec 17 19:53

Raiding the World Bank: Exposing a Fondness for Dictators

By James Bovard

I have always had a bad attitude toward official secrets regardless of who is keeping them. That prejudice and John Kenneth Galbraith are to blame for an unauthorized withdrawal I made from the World Bank.

When I lived in Boston in the late 1970s, I paid $25 to attend a series of lectures by Galbraith on foreign aid and other topics. The louder Galbraith praised foreign aid, the warier I became. His hokum spurred my reading and led me to recognize that foreign aid is one of the worst afflictions that poor nations suffer. As one critic quipped, foreign aid is money from governments, to governments, for governments.

Dec 17 11:44

GM Extends Downtime For Bolt Production Through February Amid Massive Recall

After a series of recalls that we have documented, General Motors Co.'s Chevrolet Bolt EV and EUV production will remain down through February, according to The Detroit News.

GM first took the Orion Assembly plant in Lake Orion offline in the week of Aug. 23 due to recall repairs. The plant briefly returned online in the first two weeks of November but has been down since Nov. 15 and will remain down through February. The automaker prioritizes fixing recalled Bolts instead of making new vehicles.

"GM has notified employees at Orion Assembly the plant will extend downtime through February 2022 to continue prioritizing recall repairs," GM spokesman Dan Flores said in a statement.

"We will continue to inform employees at the appropriate time of any additional production schedule adjustments, as we continue to focus on battery module replacements," Flores said.

Dec 17 11:43

The Fed Just Started The Countdown To The Next Recession: Here's When It Will Strike

There is an old chart from Bank of America that shows how every Fed tightening cycle ends in a crisis.

... the only question is when. It is perhaps worth noting that the last time we showed this chart was in late 2018, just before Powell capitulated on the Fed's last tightening cycle, and not long before the covid pandemic sparked the biggest monetary and financial stimulus in world history. In other words, it is virtually assured that every time the Fed pulls away the punch bowl the market crashes.

Dec 17 11:42

Germany Won't Approve Nord Stream 2 Until July; EU NatGas Soars To New Record High

European gas futures surged to a record high Thursday after Germany said natural gas flows to Europe via Russia's Nord Stream 2 pipeline won't be made before July, according to Bloomberg.

Germany's federal network agency, Bundesnetzagentur, halted Nord Stream 2's certification process in mid-November. The regulator requested the Swiss-based operator of the pipeline, Russia's Gazprom PJSC, to set up a German subsidiary to comply with European regulations.

As soon as that happens, the certification process will resume. Speaking at a press conference, Bundesnetzagentur President Jochen Homann said, "a decision won't be made in the first half of 2022."

Dec 17 11:12

Uber to Introduce Driverless Food Delivery with All Electric RoboTaxis Next Year; Lyft to Introduce Driverless Vehicles in 2023

By B.N. Frank

The days of Lyft and Uber providing jobs to Americans seems to be quickly coming to an end as both companies have committed to introducing driverless vehicles in American cities. Of course, autonomous delivery vehicles and taxis are already being operated and/or tested in some U.S. cities despite increasing expert warnings, dangerous incidents, and fatal accidents. “Smart Cities” plan to add more of them anyway so why not companies as well?...

Dec 17 10:57

EU leaders agree on new sanctions with U.S. if Russia invades Ukraine

European Union leaders agreed on Thursday they would impose further economic sanctions on Russia - in tandem with the United States and Britain - if the Russian military invaded Ukraine, although they encouraged more diplomacy with Moscow.

Dec 17 10:56

US imposes sweeping sanctions on China, Myanmar and North Korea

The United States has imposed extensive human rights-related sanctions on dozens of people and entities tied to China, Myanmar, North Korea and Bangladesh, and added a Chinese artificial intelligence company to an investment blacklist.

Canada and the United Kingdom joined the United States in imposing sanctions related to human rights abuses in Myanmar, while Washington also imposed the first new sanctions on North Korea under President Joe Biden’s administration and targeted Myanmar military entities, among others, in action marking Human Rights Day.

Dec 17 10:53

A Last-Ditch Effort to Eliminate a Tax Dodge for the Super-Rich

It’s almost the new year. Let’s make sure Private Equity Barons leave their favorite tax giveaway in 2021.

Much like corporate raiders of the 1980s, the massive private equity industry spent the Covid-19 pandemic increasingly expanding their control over businesses, housing, education, consumer lending, energy, infrastructure, and more. This made a small class of money managers extremely rich, while white, Black and Brown working people suffered.

Their debt-fueled model is not unlike payday lending. Private equity executives buy a company and load it up with debt, then kill jobs and suck wealth from workers, tenants, and communities. As one expert quipped, private equity is perhaps the “single most efficient wealth transfer from taxpayers, workers, and retirees to the richest .01 percent.”

Dec 17 10:44

All Evidence Shows Bidenflation Is Here To Stay

While talking to the press in early November, President Biden announced, “By the way, you all write for a living. I haven’t seen any of you explain the supply chain very well.” That doesn’t appear to have been a spontaneous gibe by the notoriously loose-lipped President.

A report from last week showed that members of the National Economic Council and Port Envoy have been in discussions with members of the media to put a positive spin on the economic situation.

Dec 17 09:21

Indian Government Urged to Set up Alternative to SWIFT Payment System Over US Misuse

The United States has repeatedly threatened a number of countries with sanctions or to block access to SWIFT over policies that it doesn't agree with.

India's joint parliamentary committee has strongly recommended introducing an alternative to the US-dominated SWIFT electronic payment network, citing possible chances of breach of privacy in the financial system.

The committee submitted its 542-page report to the parliament on Thursday after months of deliberations on the country's proposed bill on the protection of citizens' data.
"The Committee observes that data protection in the financial sector is a matter of genuine concern worldwide, particularly when through the SWIFT network, privacy has been compromised widely. Indian citizens are engaged in huge cross-border payments using the same network," the report read.

Dec 17 09:16

After 19 Years of Erdogan Turkey Now Has Breadlines for Government-Baked Bread as Lira Turning Worthless

Istanbul Halk Ekmek, or “Public Bread”, sells a 250g (8.8 oz) baguette for 1.25 Turkish liras ($0.09) – cheaper than at nearby bakeries, where prices start at 2.50 liras ($0.18).

Though the difference is measured in pennies, the savings add up for Toprak and many other Istanbulites who queue at more than 1,500 such kiosks across the city each day.

“Everything is getting expensive, from your food to your bread, from your shirt down to the socks you wear,” the 71-year-old Toprak told Al Jazeera.

A former truck driver and produce wholesaler who retired five years ago, he recently moved in with his children because money is tight. “My retirement social security only brings in 800 liras ($56) a month, so that’s not enough these days to live alone on,” Toprak said. “We are four people in the house, and our rent is 2,000 liras ($140 a month). Each of us eats at least one loaf a day, so I plan on buying four loaves from here. You need to save every bit of money you can these days.”

Dec 17 09:12

Must See: Psaki Blames Businesses For Bidenflation

White House Press Secretary Jen Psaki condemned the "greed of meat conglomerates" during her Tuesday press briefing when handling the economic consequences to American families prompted by mounting prices at the grocery store.

During her daily news conference, Psaki was questioned whether President Joe Biden agreed with Progressive groups that "corporate greed is a big driver of inflation right now."

She made a point to commiserate with Americans dealing with high grocery prices, but chalked up most of the damage to companies "jacking up prices" during the COVID-19 pandemic.

Dec 17 09:02

These are their annual salaries?!

Dec 17 06:50

Central Banks what are they good for?

Dec 17 06:45

CDC Advisers Back Use Of Pfizer, Moderna Vaccines Over Johnson & Johnson

Update (1631ET): A panel of health advisors to the Centers for Disease Control and Prevention voted Thursday unanimously that adults seeking boosters should go with Pfizer-BioNTech or Moderna vaccine rather than Johnson & Johnson vaccine.

The Advisory Committee on Immunization Practices voted 15-0 that the mRNA vaccines are "preferred" to the J&J vaccine because they're the safest and most effective vaccines.

CDC Director Rochelle Walensky is expected to decide whether to adopt the panel's advice as agency policy later today.

Johnson & Johnson's COVID-19 vaccine has been linked to rare forms of blood clotting.

Webmaster's Commentary: 

So have the Pfizer and Moderna shots. This isn't science. It's corporate warfare over who gets the profit from this scam!

Dec 17 06:44

World War III in Financial Markets Begins

Dec 17 06:42

Russia Puts The Blame On Europe As Energy Crisis Worsens

The European Union (EU) is reportedly reconsidering its position on extending long-term natural gas contracts beyond 2049 as part of reforms in its natural gas market to meet the net-zero by 2050 goal. Should the European Commission’s proposal be endorsed by EU heads of state and government this week, putting a timeline to the end of long-term gas contracts would open another rift with Russia, which provides one-third of Europe’s gas supply via pipelines under long-term deals.

Dec 17 06:41

A Populace Of Hostages: Corporate America's Advancement Of China's Belt And Road

Many Americans have heard about China’s ambitious global development strategy, known as the Belt and Road Initiative, or BRI. However, an appetite for delving further into the plan’s nuts and bolts seems to be quite scarce, as most Americans are justifiably focused on the country’s domestic economic and political challenges. Xi Jinping, the paramount leader and General Secretary of the Communist Party of China (CCP), had signaled in 2012 that the BRI would help fulfill the “dream of the great rejuvenation of the Chinese nation.” On its face, this sounds like another CCP trope commonly messaged to rally ideological support to bolster the party’s legitimacy and monopolization of power, while encouraging mutual cooperation abroad to solidify economic gains. Therefore, why should every American care about China’s own domestic goals and issues when the country is at its own critical juncture?

Dec 17 06:38

San Francisco Bay Area Car Owners Leaving Trunks Open In Bid To Avoid Smash And Grabs

Increasingly desperate car owners in the San Francisco Bay Area are leaving their trunks wide open in a bid to avoid having their windows smashed in by looters.

Dec 16 17:46

Utility Introduces ‘first-of-its-kind’ A.I. Enabled Robot to Help with Solar Installations

By B.N. Frank

Proponents have promised that renewable energy companies would provide tens of thousands of new American jobs. Apparently not all of these jobs will go to humans though.

From Daily Energy Insider:

AES introduces ‘first-of-its-kind’ robot to help with solar installations

AES Corp. unveiled Wednesday Atlas, a first-of-its-kind solar installation robot.

The Atlas robot enables the rapid deployment of new solar resources at scale. It represents a major advance in solar energy technology as Atlas is designed to make it faster, more efficient, and safer to construct new solar facilities...

Dec 16 14:32

[Contagion] Rats jumping ship?

Dec 16 12:03

Tesla sues customers over criticism – media

Tesla has filed defamation claims against at least two Chinese individuals who complained about the safety and quality of its vehicles, insisting the rumors have “groundlessly damaged its reputation,” according to Bloomberg.

The company is also leaning on online “influencers,” demanding “steep compensation” from social media personalities who have criticized it. The electric car firm’s legal team have demanded public apologies and retractions of posts on pain of litigation.

A report cited by Bloomberg on Wednesday suggested the legal threats were part of a “wide-ranging effort” to win back a “positive image in China,” an effort the site suggested was doomed, particularly because Western brands are often criticized for wielding their considerable financial heft in an aggressive manner where local customers are involved.

Dec 16 11:43

Melania Trump launches NFT platform in first public endeavor since White House

Melania Trump is getting in on the latest crypto craze -- NFTs.

The former first lady announced Thursday that she is selling an NFT, or a non-fungible token, titled "Melania's Vision" -- her first public endeavor since leaving office almost one year ago.

The NFT is the first digital art to be sold on her newly launched platform, which will release NFTs regularly and is powered by Parler.

"I am proud to announce my new NFT endeavor, which embodies my passion for the arts, and will support my ongoing commitment to children through my Be Best initiative," Trump said in a statement. "Through this new technology-based platform, we will provide children computer science skills, including programming and software development, to thrive after they age out of the foster community."

Dec 16 11:43

Maker of Popular Protein Bar Ceases Kroger Deal After Store Strips Benefits for Unvaccinated

The maker of a popular protein bar announced he will cease business talks with Kroger supermarkets after the grocery store chain said it would take away insurance benefits for unvaccinated employees.

On Wednesday, Marc Lobliner, the creator of the Outright Bar protein snack, said he would no longer consider selling his product at Kroger stores after disagreeing with company’s new policy discriminating against the unvaccinated.

“Today Kroger announced that they are taking away paid Covid benefits and adding insurance surcharges for unvaccinated employees,” Lobliner wrote on Twitter.

Dec 16 09:40

Last picture of Nikola Tesla, 1943

By the end of his illustrious and tortuous life, renowned physicist, engineer and inventor Nikola Tesla was penniless and living in a small hotel room in New York City.

He had become a vegetarian at that time in his life and lived only on milk, bread, honey and vegetable juices. Tesla spent days in a park surrounded by the creatures that mattered most to him – pigeons – and had sleepless nights working on mathematical equations and scientific problems in his head.

On January 7, 1943, at the age of 86, Tesla died alone in Room 3327 of the New Yorker Hotel. Her body was later found by maid Alice Monaghan after she entered Tesla's room, ignoring the "do not disturb" sign Tesla had placed on her doorstep two days earlier.

Dec 16 08:07

Market Chaos is Coming

Dec 16 07:07

Caspian Sea outpost: Azerbaijan supplies oil to two-thirds of NATO members

A meeting of the NATO North Atlantic Council was held in Brussels, Belgium on December 14….Azerbaijani President Ilham Aliyev attended the meeting.

The sides exchanged views on the development of Azerbaijan-NATO cooperation and practical cooperation, Azerbaijan’s contribution to the Alliance’s Resolute Support Mission in Afghanistan, development of cooperation between Azerbaijan and NATO in the planning analysis process and other programs, as well as Azerbaijan’s role in European energy supply and regional processes. was conducted.

Dec 16 06:56

Proof: Dems Seek Communist Approval For Biden Agenda

Senator Richard Blumenthal used a Communist Party affiliate's award ceremony to rally the far left to continue their activism efforts. Additionally, he advertised the need to pass Biden’s "Build Back Better" bill, and how it appealed to the crowd.

Dec 16 06:45

This is a WARNING for You - Robert Kiyosaki

Dec 15 21:14

FOMC Today, Quick Recap

Dec 15 10:54

NYC Anti-Mandate Activists Arrested in Queens

By Michael Kane

Activists who refused to produce vaccination cards performed a sit-in at the Queens Center Mall food court, ordering food then sitting down to eat. Nearly 50 activists partook in this action – many were parents with their young children. After this, the activists went to the Cheesecake Factory for desert which was also in the mall.

At Cheesecake Factory they were refused service; however, 5 adults refused to leave and demanded to be served. Police were called from the 110th precinct and those 5 adult activists were arrested. 50 to 100 activists then headed to the 110th precinct to demand the immediate release of those illegally arrested...

Dec 15 10:02

"We Expect A Sea Change": Morgan Stanley Admits It Was Wrong, Now Sees Liftoff In 2022 As Goldman Goes All-In With 7 Rate Hikes

At the start of the month, not long after Goldman capitulated and brought forward its first Fed rate hike forecast by one year to July 2022, virtually every Wall Street bank promptly followed in Goldman's footsteps turning uber hawkish and expecting several rate hikes and/or accelerating tapering over the coming year. All, expect Morgan Stanley, which stubbornly refused to yield to peer pressure and continued to forecast no rate hikes in 2022 whatsoever.

This remarkable divergence in Fed outlooks between the two most influential banks promoted us to tweet on Dec 1 that "2022 shaping up as a huge showdown between Goldman and Morgan Stanley. Former says 2, maybe 3 hikes; latter say no hikes. One will be spectacularly wrong."

Webmaster's Commentary: 

Another result from Biden's asking the media to polish his image?

Dec 15 09:54

A Shale Comeback Could Be On The Cards In 2022

WTI and Brent proved how closely tied oil prices are to perceptions about the economic recovery over the last couple of weeks. For a time breaking down as much as 20% from their respective highs over the last month, WTI and Brent both bottomed Wednesday, Dec 1st. News that the Omicron variant might not be as lethal as the still dominant Delta version, breathed new life into oil futures and thus far sparking a 10% rebound. As usual, shares find downward momentum easier than the reverse, so we are still clawing back gains made earlier in the month. In this article I will extend the discussion I started in a recent OilPrice article, where I made the argument that U.S. shale producers would not raise capex to increase production significantly in the face of the higher price regime now in place. I do think there is a rationale emerging for a shift toward increased drilling that would require additional capex to maintain output.

Dec 15 09:19

The Banking Cartel's School For Judas Goats

How corrupt leaders were given marching orders to create the Great Reset’s angry world we see today.
Dec 15 09:18

Does Biden Even Care About Inflation?

Fifty-six percent of general election voters do not think that President Joe Biden is worried about inflation, a Sunday Trafalgar survey revealed.

While the Labor Department announced Friday that inflation has topped a 40-year high in November, beating the coronavirus, crime, and immigration as national top concerns, a majority of voters say Biden is not concerned about the "impact that rising costs and inflation is having on Americans."

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