ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Oct 20 18:32

Nearly half the world lives on less than $5.50 a day – World Bank

Despite progress in reducing extreme poverty, the number of poor worldwide is still “unacceptably high,” according to a World Bank report, which showed that billions of people still struggle to meet basic needs.

The report found that nearly half the world’s population lives on less than $5.50 a day, with a rising share of the poor in wealthier economies.

The total number of people in poverty declined by more than 68 million between 2013 and 2015, World Bank said, explaining the number as “roughly equivalent to the population of Thailand or the United Kingdom.”

Oct 20 12:44

This Is The Worst Case Scenario If Investors Dump Saudi Arabia

So many Wall Street CEOs and other titans of investing and industry have pulled out of next week's "Davos in the Desert" conference that even the Ritz-Carlton, owner of the Riyadh venue hosting the conference (as it did last year), has been slammed by human rights groups over its continued support for Crown Prince Mohammad bin Salman and his brutal regime. In perhaps the biggest blow to the conference's clout, Treasury Secretary Steven Mnuchin has opted not to attend, eve as President Trump has insisted that Saudi Arabia's story about the circumstances surrounding the (now confirmed) death of critical journalist (and former government insider) Jamal Khashoggi is "credible". To deflect blame away from MbS, the Saudi leadership has orchestrated a purge of the country's senior intelligence apparatus and arrested 18 other Saudi nationals for their "involvement" in orchestrating and carrying out the killing.

Webmaster's Commentary: 

This response reminds me of a line from the Gilbert & Sullivan Operetta, "The Mikado", where the principal states: "I'm very sorry, but it's an unjust world, and virtue is triumphant only in theatrical performances."

And in the coming weeks, we will continue to see the "theatrical performances" of countries and corporations kowtowing to the Saudi royal family and their minions, all for the sake of the money they represent; no crime too horrific, no horrors too excessive, that's just fine!!

And Saudi Arabia will be allowed explain every criminal offensive and repulsive thing that they have done, with the most utterly illogical way possible, like the excuse that Khashoggi died in a fistfight, and the Saudi royal family will expect the rest of the world to collectively swallow this codswallop, as though it were the nectar of the gods.

And we swallow; because... that's the cost of doing business with these people.

We will continue to see horrific human rights prosecutions in Saudi Arabia, particularly those of non-Muslims, enthusiastically pursued, with hands and limbs and throats cut. Christian persecution in Saudi Arabia

We will continue to see female genital mutilations performed in Saudi Arabia,
Female Genital Mutilation, Saudi Arabia

And we will continue to see the US-government-enabled Saudi war against the Houthi rebels in Yemen continue as though it is the most normal thing in the world, because for the US Merchants of Death, and their Merchant of Death in Chief, Donald Trump, war is good for business. After all, who do the Saudis buy their weapons from?!?

Well, folks, here is a birdseye view of this war from the Yemeni side (caution: painfully graphic images): and if you loose your lunch upon viewing these images, good; that means that there is some degree of humanity left in you.

Images: Yemeni kids murdered or maimed for life, courtesy of Saudi bombing runs

Yemeni children dying from starvation, courtesy of US/Saudi blockages of Yemeni ports

Images: Yemeni children dying of cholera, possibly weaponized

But we are so addicted to Saudi oil and Saudi money, we can turn our heads away from horrors this country inflicts on its own people, and the people of other countries, and just collectively shrug our shoulders and simply say to ourselves, "it's just the cost of doing business with these people".

what's wrong with this picture?!?

Bloody everything!!

Oct 20 12:00

South Africa City To Begin Confiscating Land From Whites In National "Test Case"

The debate about land redistribution in South Africa has been a passionate one, as many South African cities face a housing crunch that has left hundreds of thousands of people living in informal settlements. Just as this debate is starting to reach a fever pitch, one South African city, Ekurhuleni, is about to embark on what mayor Mzwandile Masina calls "a test case" for the nation: the government is going to seize hundreds of acres of land, from white citizens without paying for it, to build low-cost housing.

Last month, the city voted in favor of pushing forward with "expropriation without compensation". According to ABC News, this was cited by the African National Congress as a legal rule that is necessary in order to distribute land equitably and correct "historic injustices" that took place in the country.

Webmaster's Commentary: 

IF the land-owners of this farming acreage had any sense whatsoever, they would have left this country long ago, with as much as they could carry with them, and migrate to a country which would be grateful to have them, because of their strong work ethic.

South Africa... is in its opening phases of "Zimbabwefication" , and will most likely be in dire economic and crop yield deficiencies in the very near future.

Giving someone land, with no training or experience in agricultural work, nearly guarantees that the crop yields will fall.

And to those South African banks, which have blithely decreed that even though their former lands have been repossessed by the State, the former owners have to pay off the loans they used for goods and services, I have
one phrase, from the TV show the Sopranos for you: "Furgitaboutit!!"

Oct 20 11:56

Bubbles, Balloons, Needles and Pins

Oct 20 11:13

Bolton heads to Moscow for high-stakes meeting with Russians

National security adviser John Bolton is traveling to Russia for talks early next week with top Russian officials that are likely to cover a variety of high-priority issues for the administration.

The trip is Bolton’s first to Moscow since he went to broker the details of the now infamous Helsinki summit between President Trump and Russian President Vladimir Putin last July.

The visit comes amid high tensions with Moscow on several fronts, including the conflict in Syria and the poisoning of ex-Russian spy Sergei Skripal in Britain earlier this year.

Bolton is expected in his meetings with Russian officials next week to further discussions on issues that Putin and Trump discussed in July, including Syria, where Moscow says it has delivered a S-300 missile defense system — in defiance of warnings from the Trump administration and Israel.

The talks are also likely to cover Iran, efforts to denuclearize North Korea, Israeli security and nuclear arms treaties.

Webmaster's Commentary: 

Whenever this thoroughly unhinged, and very vocal, gentleman racks up the "frequent flyer miles" in behalf of this government, I get very nervous.

And these charges against Elena Khusyaynova?!?

Spybosses warn of foreign interference as Feds unseal new Russia Charges

The NPR article goes on to state: Khusyaynova was charged in a criminal complaint in the Eastern District of Virginia on Friday. She, like the other Russians who have been charged in separate federal criminal cases, is not expected to stand trial in the United States.

"The government has chosen to use legal documents to lay out the case against the people who attacked the 2016 presidential election and have kept up a war of disinformation against the West."

And yet, she, and her alleged accomplices, will not be tried in the US. So what is this nonsense?!?

More Russia bashing, pure and simple. The US government both doesn't have a case, other than putting on a lengthy "show trial" here, upon which it will lavishly spend millions of taxpayer dollars on this sheer foolishness, all in the name of Russia bashing.

And where, please, has the evidence from, to accuse her of "...having kept up a war of disinformation against the West." ?!?!?

Don't the American people have the right to know what specifically she did, which so damaged the American reputation at home and abroad?!?

Or is that, also, "sealed" away from the prying eyes of the people she allegedly dishonored, citizens of the Unhinged, Surveilled State of Amerika?!?

The place Bolton should be visiting right now, rather than Moscow, is Tel Aviv, to ask about the continued pressure from Jewish groups, both in Tel Aviv, and Washington, to keep a very tight wrap on American elections, and insure that only people Tel Aviv and AIPAC-centric will receive the nomination to highest office here in the US.

Of course, that will happen... when pigs discover they are aerodynamic.

Oct 20 10:56

Russia welcomes foreign banks to join its money transfer alternative to SWIFT

Foreign banks will soon be able to become part of Russia's money transfer network which serves as an alternative to the traditional SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.

“Non-residents will start connecting to us this year. People are already turning to us,” said First Deputy Governor of the Central Bank of Russia Olga Skorobogatova. Earlier, the official said that by using the alternative payment system foreign firms would be able to do business with sanctioned Russian companies.

Oct 20 10:54

'US hides real debt, in worse shape than Greece'

Oct 20 10:08

Escobar: What Sanctions On Russia And China Really Mean

A crucial Pentagon report on the US defense industrial base and “supply chain resiliency” bluntly accuses China of “military expansion” and “a strategy of economic aggression,” mostly because Beijing is the only source for “a number of chemical products used in munitions and missiles.”

Russia is mentioned only once, but in a crucial paragraph: as a – what else – “threat,” alongside China, for the US defense industry.

Oct 20 10:06

Weekend Reading: Tax Cuts Saved The Economy?

Oct 20 09:34

Subprime loans are back

Oct 20 08:48

US Housing Turns into Buyer’s Market

Oct 20 08:41

The Insidious Wiles of Foreign Influence: Trump, Bin Salman, and Netanyahu

Even if the Saudi monarchy or Crown Prince Mohammed bin Salman in particular did not murder journalist Jamal Khashoggi, that regime is an especially evil one in both its domestic and international conduct. To see that, one need only consider the horrendous Saudi war against the people of Yemen, which has been backed by the U.S. government since Barack Obama was in office. That war, with its merciless killing of defenseless thousands, spread of disease, and inevitable benefits to al-Qaeda, is just the latest in a series Saudi atrocities.

Oct 20 05:46

‘Bear Flags’ Take Shape In Indices

Oct 19 18:06

Italy’s Debt Crisis Thickens

Oct 19 17:40

Treasury Bonds Aren’t the Only Ones Spiking

Oct 19 13:54

The US Transportation Boom Has Peaked

Oct 19 10:17

Stop the Tape! Phony Debt Free College

Oct 19 09:57

NO LIQUIDITY = FLASH CRASH: Any Questions?

Oct 19 09:53

Should Investors Have Money Offshore?

Oct 19 09:00

American tech giants are making life tough for startups

Big, rich and paranoid, they have reams of data to help them spot and buy young firms that might challenge them

Oct 18 19:22

Homebuilders Indeed Looking Ugly Here

Oct 18 15:31

Russia & China preparing to ditch dollar for national currencies in trade – top official

Russia’s Ministry of Economic Development said on Thursday that Moscow and Beijing are working on an inter-governmental agreement to boost the use of the ruble and yuan in mutual trade settlements.

“The document is currently being prepared, the process is not easy,” said Deputy Minister of Russia’s Economic Development Sergey Gorkov, as quoted by TASS. “Russia and China have had some experience of using national currencies in bilateral trade.”

Gorkov added that Russia and China have been successfully implementing the terms of ruble-yuan currency swap agreement, clinched in 2014 to boost trade using national currencies and eliminate dependence on the dollar and the euro. The deal was extended at the end of 2017.

Oct 18 15:24

Tauranga City councillors clash with prostitutes over home-based sex worker cap

*The tough problems our Councils face.. Prostitution is legal here in NZ*

Councillors in Tauranga are clashing with prostitutes over a rule that would force home-based sex workers to operate alone.

Tauranga City councillors have asked the council's policy team to look for a way to enforce a rule that only one prostitute can operate out of a property in a residential area.

The New Zealand Prostitutes' Collective has slammed the move, saying it would put sex workers' safety at risk as well as unfairly limit a legal business.

The council had legal advice that its Prostitution Bylaw 2008, currently up for review, could be open to a court challenge on its treatment of small owner-operated brothels.

Currently, only one-person home-based commercial sex businesses were excluded from rules restricting brothels to parts of the city's CBDs not within 100m of schools, daycares or churches.

Oct 18 14:58

Is there any more pop after the drop?

Oct 18 14:58

Is China already in a recession?

Oct 18 14:22

New Yorkers Pay 30% More In Taxes Than The National Average

A new report from New York Comptroller Thomas DiNapoli found that New Yorkers pay 30% more in federal taxes than the national average as residents of the Empire State sent roughly $24 billion more to the federal government last year than the state received back in federal spending.

Oct 18 13:45

Fund Manager: Netflix’s Giant Ponzi Scheme

Oct 18 13:32

China May Have $5.8 Trillion in Hidden Debt With ‘Titanic’ Risks

China’s local governments may have accumulated 40 trillion yuan ($5.8 trillion) of off-balance sheet debt, or even more, suggesting further defaults are in store, according to S&P Global Ratings.

“The potential amount of debt is an iceberg with titanic credit risks,” S&P credit analysts led by Gloria Lu wrote in a report Tuesday. Much of the build-up relates to local government financing vehicles, which don’t necessarily have the full financial backing of local governments themselves.

Oct 18 12:20

Mueller’s man. - Junket justice: How special interests pay to schmooze DOJ and FBI officials

Of all the agencies in the federal government that should be immune to special-interest schmoozing, the Department of Justice (DOJ) and its premier law enforcement agencies ... top the list.

Oct 18 11:54

Why These Countries Are Dumping U.S. Treasuries and What It Means for the Dollar

U.S. Treasuries slumped in September, as the 10-year Treasury yield breached 3.2% -- worrying investors that rates would shoot too high to a level that could cause equities to reassess their valuations. If yields rise as a result of economic growth, it is deemed positive for equities. However, any sudden or relentless move higher on the back of inflation worries or aggressive tightening financial conditions, equities take as a headwind -- and investors get worried. But there is something more sinister behind the move seen in U.S. bonds in September.

Oct 18 11:14

EBay Accuses Amazon in Suit of Poaching High-Value Sellers

EBay Inc. sued e-commerce rival Amazon.com Inc., claiming the world’s largest online retailer infiltrated EBay’s internal email system to recruit high-value sellers

Amazon’s illegal efforts "appear to be part of a larger pattern of aggressive, unscrupulous conduct," according to the complaint filed Wednesday in state court in San Jose, California.

Amazon, through a spokeswoman, declined to comment. The company has said it was investigating EBay’s allegations, which came to light this month after the internet marketplace’s lawyers sent a cease-and-desist letter to Amazon.

EBay has accused Amazon of poaching sellers on its site around the world by infiltrating and using EBay’s member-to-member email system. The San Jose-based company said the alleged practice violates its terms of service.

Oct 18 11:12

Savings – Not Tariffs Will Make America Great Again

While the farcical Kavanaugh confirmation hearings dominated the news cycle for the past couple of weeks, little mention was made of a disturbing economic headline – the August US trade deficit. Despite all the bluster from the Trump Administration about “winning trade wars” and “trade wars are easy,” America’s trade imbalances for August were the highest ever and its deficit with its most contentious partner – China – reached an all-time high.

Some highlights or low lights for the Trump Administration and the clueless economic nationalists were:

August imports of industrial supplies and materials ($49.7 billion) were the highest since December 2014 ($51.8 billion).

August imports of automobile vehicles, parts, and engines ($31.7 billion) were the highest on record.

August imports of other goods ($9.1 billion) were the highest on record.

August petroleum imports ($20.5 billion) were the highest since December 2014 ($23.6 billion).*

Oct 18 11:09

China may 'ease up' on sanctions against North Korea as the trade war drags on 

As President Donald Trump continues to ramp up trade pressure on China, Beijing may be "less motivated to cooperate" with the U.S. over sanctions against North Korea, an expert told CNBC Wednesday.

"China has been taking steps to relax its enforcement of sanctions even before the trade tensions with the United States flared up," according to Scott Seaman director of Asia at political risk consulting firm Eurasia Group.

But as the trade war between the world's two largest economies drags on, China could find more reasons to relax its enforcement of sanctions against North Korea, he said.

Oct 18 11:02

China's June soy imports jump ahead of tariffs on U.S. shipments

China’s soybean imports in June jumped 13.1 percent from a year ago as buyers scooped up Brazilian supplies to avoid potentially higher costs on U.S. soybeans that are subject to Beijing’s tariffs, customs data showed on Friday.

Oct 18 11:01

Russia & China preparing to ditch dollar for national currencies in trade – top official

Russia’s Ministry of Economic Development said on Thursday that Moscow and Beijing are working on an inter-governmental agreement to boost the use of the ruble and yuan in mutual trade settlements.

Oct 18 10:59

Dow tumbles 370 points as technology and communication-services stocks tank in midday trade

The Dow Jones Industrial Average on Thursday fell to sessions lows, with technology and communication-services shares leading losses for the broader market.

Webmaster's Commentary: 

Dow is down 440 as I write this.

Oct 18 10:58

Russia liquidates nearly all its holdings of US debt & invests money in gold

Russian investments in US securities as of August have fallen to just $14 billion. Back in 2011, Russia was one of the largest holders of US debt with a $180 billion investment.

Oct 18 10:21

Hawaii public teachers’ salaries misrepresented

A widely cited study issued last month by WalletHub erroneously stated that Hawaii public school teachers make a starting salary of only $24,409 when adjusted for cost of living, supposedly lowest in the nation.

In reality, Hawaii teachers make starting salaries that are $35,140 when adjusted for the cost of living, which is above the national average.

In response to a request for information from the Grassroot Institute of Hawaii, WalletHub said it assumed a cost-of-living index for Hawaii of 188.3. It attributed that number to a report by the Council for Community and Economic Research,[1] which catalogues cost-of-living indices of urban areas nationally.

Oct 18 06:21

Banks Creating Pattern Similar To 2007 Highs?

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