ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Feb 20 08:57

It Begins: Goldman Cuts Q1 GDP Due To Snow

Feb 20 08:51

The Share-the-Scraps Economy

Feb 20 08:40

How Germany Is Blowing Up The European Union

As Germany is set to reject a Greek loan extension request (and no, international press, that is not the same as an extension of the bailout program), Steve Keen uses proprietary numbers issued by the OECD – which is supposed to be on Germany’s side?! – to show how dramatically austerity has failed in Europe- that is, if the recovery of the Greek and Spanish economies was ever the real target. It certainly failed the populations of the countries.

Webmaster's Commentary: 

Austerity was never meant to improve the lives of the people. It was designed to loot the people to make the private central bankers richer than they already are!

Feb 20 08:38

Germany Slams Greek Bailout Extension Proposal As "Trojan Horse" - Full Text

As leaked by Reuters moments ago, here is the text of a document that describes Germany's position on Greece's letter requesting an extension of its bailout facility as nothing short of a Trojan Horse.

Feb 20 08:17

Greece Gives Europe A Counter-Ultimatum: Accept Or Reject Our Offer

UPDATE: *GREEK GOVT WON'T ACCEPT ULTIMATUMS, WON'T GIVE ANY: OFFICIAL

After days of repeated ultimata from The Eurogroup, as Germany (bad cop) and the rest (good cop) make optimistic sounds, this morning's rejection of Greece's latest plan (following Greek comparisons of Germany to Nazi surrender demands) has prompted something new:

*EU HAS 2 CHOICES, APPROVE OR REJECT GREEK REQUEST: OFFICIAL
*EUROGROUP MEETING TO SHOW WHO WANTS A SOLUTION: GREEK OFFICIAL

Feb 20 08:14

Global Economic Reset Nears

Feb 20 08:11

BANK RUNS: WORRIED DEPOSITORS RUSH TO PULL CASH OUT OF GREEK BANKS

In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation's banks in record amounts over the last few days.

Feb 20 07:29

Marathon Oil To Lay Off 10% Of Workforce

Feb 20 07:14

Guess Which "Liberal" State Has 500 Laws Aimed at Oppressing the Homeless?

Cities in the United States have a long history of criminalizing the public presence of people they consider undesirable. In the late 1800s, Southern cities established “sundown towns,” laws that restricted black people from being outside after sunset. Throughout the 19th century, cities ratified “ugly laws,” banning people who were diseased or deformed from being outside. During the Great Depression, California cities passed an “anti-Okie” law, making it illegal to assist poor people entering the state.

Today, society’s target is homeless people. Beginning in the 1980s when the federal government slashed the affordable housing budget, cities have enacted thousands of laws to criminalize basic human needs such as resting, sleeping, standing, and sitting, as well as acts like panhandling and food sharing.

Feb 20 07:01

Axeman Lloyds bank boss set for £7m bonus after overseeing thousands of job losses

Lloyds bank boss Antonio Horta-Osorio is poised to pocket a bonus of more than £7million after overseeing thousands of job losses.

Portuguese banker Mr Horta-Osorio, 51, who has headed Lloyds since 2011, has just begun a second, three-year wave of cost cutting.

It will mean the loss of another 9,000 jobs and 200 branches.

But he is being rewarded for helping turn the firm’s fortunes around. The bank is expected to confirm the shares windfall for its chief executive when it announces its results.

Feb 20 07:01

Bank bonuses to run into BILLIONS as population continues to feel after-effects of bailout crisis

Banks mired in scandal and bailed out by the state are set to infuriate hard-up families by announcing their share in nearly £5billion in bonuses.

The bumper payouts could include £2.2billion for staff at HSBC amid controversy over its Swiss banking arm, accused of helping super-rich customers evade tax.

Feb 20 06:54

The Straw That Broke the Back of the American Economy

As many of you know, we have an $18 trillion dollar [official government] debt, a $240 trillion dollar [unofficial government] debt, a $200 trillion dollar consumer credit debt and we have the ultimate elephant in the room, the one quadrillion dollar derivatives debt. In a country that imports 20% of its food supply, it was reported yesterday by KTAR 92.3 FM (Phoenix) that massive amounts of food are rotting on ships waiting to be offloaded and the docks awaiting shipment.

We should be wondering how much more can the economy take? What will be the straw that breaks the camel’s back?

Feb 20 01:14

Christopher Adams: What were they thinking?

A Portuguese bank on the verge of collapse - what were they thinking?

That would have been the response of many newspaper readers this morning upon learning the New Zealand Superannuation Fund has lost nearly $200 million in taxpayers' cash on a "risk-free" loan it provided to Lisbon-based Banco Espirito Santo (BES) on July 3.

The loan - part of a US$784 million credit package US investment bank Goldman Sachs put together through its Oak Finance vehicle - was made exactly one month before BES collapsed and Portugal's central bank split the country's biggest lender into two, with one part holding the good assets and the toxic assets placed in the other.

Unfortunately, the Oak Finance loan is now stranded in the so-called "bad bank" following a retrospective law change by the Bank of Portugal.

Feb 20 01:13

NZ Super Fund loses $200m in Portuguese bank collapse

Almost $200 million in taxpayers' money invested through the New Zealand Superannuation Fund has been lost after the collapse of a Portuguese bank where the money was invested - supposedly as a "risk-free" loan.

The fund, set up with public money to partly cover the retirement costs of Baby Boomers, revealed yesterday it had been caught up in the collapse of Banco Espirito Santo (BES), and a US$150 million investment made in July had been wiped out.

Read how the Super Fund lost $200m

The investment was a contribution to a Goldman Sachs-organised loan to the bank, but only weeks after the money was injected it imploded. President and founder Ricardo Salgado was arrested as part of a criminal investigation into tax evasion.

After disclosing billions of euros in losses, and facing a run on funds by depositors, the bank collapsed in a heap and was broken up in August.

Feb 19 22:49

Google Chairman Vs. Obsolete Man

Bilderberger and Google Chairman Eric Schmidt versus the Twilight Zone's Mr. Wordsworth.

Feb 19 19:48

A Growing Number of Wealthy Federal Employees

How much money does one need in order to be “rich”? As noted in a Time Magazine article: “The rich don’t really think they’re rich. In a new survey, the vast majority of investors with $1 million in assets don’t consider themselves wealthy.”

Feb 19 19:29

No More AUMFs! No More 'Unitary Executives' We’re Losing Our Democracy and All Our Freedoms by DAVE LINDORFF

snip: The legal “theory” cobbled together by the Bush/Cheney White House attorney-for-hire John Yoo and accepted by the Supreme Court majority is that during time of war, and particularly in a war zone, the Constitution makes the American president a “unitary executive” who has within his power not just executive, but also legislative and judicial authority to act on his own without restraint. This is the specious argument that has allowed President Obama, and President Bush before him, to override the Constitutional guarantee of a right to a fair trial by ones peers, and to simply decide whether to torture captives or whether an American should be killed in a drone strike for allegedly being a terrorist or terror supporter. It is the argument that allows the president to decide that it’s okay to torture someone, in violation of US and international law. It’s okay for the NSA and other federal agencies to spy on Americans under this unitary executive theory, too.

Feb 19 16:51

Are You Making This Superstar's Mistake?

Feb 19 16:50

Are You Ready For Total Currency War?

Feb 19 16:43

Hyperinflation To Start in 2015: Economist Says Get Supplies : “Gold, Silver, Canned Goods, Toilet Paper, Bottled Water…”

It’s impossible to predict when and how our economy will finally reach a breaking point, but according to contrarian Shadow Stats economist John Williams it’s coming one way or the other.

Feb 19 16:26

It’s Germany vs. Greece, And The Very Survival Of The Eurozone Is At Stake

Is this the beginning of the end for the eurozone?

Feb 19 16:16

Wal-Mart, under pressure, boosts minimum U.S. wage to $9 an hour

Wal-Mart Stores Inc (WMT.N) said it would raise entry-level wages to $9 an hour, a 24 percent increase from the U.S. minimum wage that some employees now earn, succumbing to longstanding pressure to pay its workforce more.

The world's largest retailer said the increases would cost it $1 billion and impact 500,000 employees, or about 40 percent of its workforce, although the hike falls short of what some labor groups have been agitating for.

The move comes amid a growing debate in the U.S. over the widening gulf between the rich and low-income workers. Wal-Mart has been a prime target of critics who say its low-wages and inflexible scheduling are a big part of the problem.

Feb 19 15:46

Debt Fraud: Greece Actually Owes Nothing!

The Greek debt, as such, is mostly not Greek debt. The debt which Germany and other nations are demanding that they pay for, is money that the Greeks never got! So the Greeks don't owe that money. This was a swindle, because the Greeks didn't incur that debt.

Feb 19 15:06

Interest rates have made a shocking move

Feb 19 14:24

Silver Oversold at Record Level - Bo Polny

Feb 19 13:15

Hyperinflation To Start in 2015: Economist Says Get Supplies : “Gold, Silver, Canned Goods, Toilet Paper, Bottled Water…”

The only thing we can do now is to prepare for it and that means stockpiling critical supplies, just like you might for an earthquake or snowstorm, but in larger quantities.

Because, if and when hyperinflation starts people will quickly realize that their dollars are worthless.

Feb 19 12:00

Gerald Celente: Ukraine economy in free fall - inflation, energy tariffs soar

The east of Ukraine, now ravaged by war, was once the county's industrial powerhouse, but the fighting has destroyed many factories and plants in the region, and left others too dangerous to operate. Inflation's expected to rise to almost 27% this year, the national currency is in free fall, driving workers' monthly wages down to less than 60 dollars. Publisher of the 'Trends Journal' Gerald Celente says the loss of trade with Russia has also dealt a severe blow to Ukraine's economy.

Feb 19 11:44

Greece Is Just the Beginning. ISIS and Ukraine Are Skirmishes: “The Real War is Economic and Currency Related”

Greece alone has the potential to unravel the Euro-zone and shatter the fragile dominoes across the global financial markets. And that’s just one area that is exploding.

Though Russia is taking a hit from the falling gas prices, and the combined effect of sanctions, it has also been furiously stockpiling gold and working with China and the BRICS nations to build a counter-balance to international development and currency manipulation, as SHTF has reported.

Something huge is happening with currencies on the global scene, but it is a quiet war – you won’t hear about it on the mainstream news. Just make sure it doesn’t sneak up on you; instead, be as prepared as you possibly can for whichever why the wind blows and the hammer falls. Have you considered your plan? Have you invested in gold, silver, storables or valuable barter items?

Feb 19 11:41

Germany and EU Look Set to Reject Greece’s Request for Six-month Loan Extension

German Finance Minister Wolfgang Schäuble denounced a new Greek proposal for a six-month loan extension with the naked ultimatum, “It’s not about an extension of the loan programme, it’s about whether this program is fulfilled, yes or no.”

He was reiterating Germany’s demand that Greece honour Greece’s commitment to impose savage austerity measures to the hilt, irrespective of the dire consequences for millions of working people.

A further indication of German opposition came Wednesday evening, with the decision of the European Central Bank (ECB) to grant a further extension of only €3.3 billion to Greek banks accessing the ECB’s Emergency Liquidity Assistance fund.

Feb 19 11:23

UK Guardian, Bank of England: ‘Banks create money as debt.’ Translation: debt-free money, at-cost credit creates instant prosperity

*hyperlinks/video live at source*

The UK Guardian is Earth’s third most-read on-line newspaper. In a revealing article, The truth is out: money is just an IOU, and the banks are rolling it in, the author explains what the Bank of England and US Federal Reserve admit:

What we use for money is created as debt by private banks.

What this means is that with monetary and credit reform the public could have instant prosperity: full-employment, zero public deficits and debt, the best infrastructure we can imagine, falling prices, and release of public TRILLIONS held in “rainy day” accounts.

These solutions are OBVIOUS with a few moments of attention, and affirmed by leading Americans since Benjamin Franklin. See for yourself with what we have now, and what these solutions offer.

What we have:

Feb 19 11:16

Germany rejects Greek proposal for bailout extension

Germany has rejected a Greek proposal for an extension of bailout funds. With funds rapidly dwindling, Greece is seeking additional financing, but without strict conditions likely to be imposed by the eurozone.

Webmaster's Commentary: 

Greece may be driven to consider Russian overtures.

Feb 19 11:14

Europe Will Implement Both Border and Capital Controls in the Coming Months

This is not some idle conjecture. We know that the political elite in Europe are only too happy to ignore the rule of law whenever the crisis gets too out of hand. Indeed, this won’t even be the first time that this happens in the EU.

Back in March of 2012, when the EU Crisis first began to spin out of control, then Prime Minister of France Nicolas Sarkozy openly called for the renegotiation of the Schengen Treaty: the treaty that established the 26-nation EU as a “borderless” entity in which individuals could move from one country to another with little difficulty and which also made trade among EU members easier.

France was not alone either. A few months later, both France and Germany proposed imposing border controls in June of that same year.

Webmaster's Commentary: 

So the EU is a union only for the bankers.

Feb 19 09:09

De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities

Back in 2013, The NSA was first exposed for secretly 'monitoring' the SWIFT payments flows. This appears to have been among the last straws for Russia (and others) as far as both NSA spying and dollar domination.

Last year, following threats to remove Russia from SWIFT by the UK, (which SWIFT rapidly distanced its 'independent-self' from), Russia (and China) announced plans to create its own de-dollarized version. In November, Russia detailed the SWIFT-alternative's launch date around May 2015, and just last month, Medvedev warned of "unlimited reaction" if Russia was cut off from the SWIFT payments system.

So the news this week that Russia has launched its own 'SWIFT'-alternative, linking 91 credit institutions initially, suggests de-dollarization is considerably further along than many expected (especially as Russia dumps US Treasuries at a record pace).

Feb 19 08:24

Jim Willie: China is Trying to Wreck Our Economy

The Chinese are trying to wreck the US economy by disrupting its supply chain. They are not just halting Chinese imports into the US economy, they are halting East Asian (Korean, Japanese) ships. All these ships are not unloading.

Webmaster's Commentary: 

The US economy wrecked itself. Willie is just trying to shift the blame, like yesterday's story trying to suggest the Russians are behind the extremely (embarrassing for Al Gore) cold weather.

Feb 19 07:34

Swiss prosecutors investigate HSBC for money laundering over claims it helped hide millions for arms dealers and blood diamond traders

The Geneva offices of HSBC were raided by Swiss prosecutors yesterday in an investigation into alleged money laundering.

Public prosecutors said they were searching for evidence of ‘aggravated money laundering’ after ‘the recent published revelations ’ about HSBC’s Swiss private bank.

It is the latest damaging twist for the banking giant embroiled in a scandal over claims staff helped rich clients dodge tax.

Feb 19 07:22

Barclays to cut bonus pool to below 2 billion pounds

Barclays, which has the largest investment bank of Britain's lenders, will say bonuses fell below 2 billion pounds for 2014 when it reports results on March 2, compared with 2.4 billion for 2013, Sky said, citing an insider.

Lloyds Banking Group (LLOY.L) and Royal Bank of Scotland (LLOY.L) will also both reduce their bonus pots for 2014 when they report next week, and payouts across the three banks will be about 15 percent lower than for 2013, Sky said.

Barclays, Lloyds and RBS declined to comment.

Sky said the bonus figure for RBS could be about 500 million pounds and Lloyds was likely to pay about 375 million pounds; the combined 875 million would be down from about 975 million a year before, but could still spark a political row about pay at the two state-backed banks.

Feb 19 06:54

‘100 riot police’ clash with housing justice activists in South London, 6 arrested

Six people were arrested on Tuesday night in a London council estate, following a standoff between riot police and activists protesting against the ‘social cleansing’ of London's poor.

Feb 19 06:54

GAO and The Goldilocks Option: Audit the Fed but Don't Make It Sweat

Just in time to join this larger debate comes the reasonable GAO alternative: Let's make the Fed more accountable but not TOO accountable.

Feb 19 06:53

Does the Russian Bear Smell Gold?

Is Russia Planning a Gold-Based Currency? ... The "perfect-storm" of geopolitical instability, diplomatic isolation, severe currency depreciation, and economic decline now confronting Russia has profoundly damaged Moscow's international standing, and possibly for the long-term. Yet, it is precisely such conditions that may push the country's leadership into taking the radical step that will secure its world-player status once and for all: the adoption of a gold-exchange standard.

Feb 19 03:38

Oil falls sharply as US crude inventories rise

Oil prices tumbled on Thursday after another big weekly build in U.S. crude inventories and a possible rise in Saudi output stoked worries about oversupply.

(*This Is GOOD NEWS For Home Owners In The North East Who Are Trying To Heat Their Homes With Oil .
no one ever seems to report from that angle . We only hear how it's going to hurt Wall St. , and big business , or corporations . I'm here to change all that !)

Feb 18 22:58

If You Were Bankrupt

If you were bankrupt and the debt you owed was overwhelming, how would you handle it? What if the debt were thrust upon you by an outside force; would you really care about the creditors or would your family be the priority?

What if there was a way for you to pay back your debt, even though you know the debt is bogus and was, in fact, placed in your account by a group of criminals but you agreed to pay it back in a form that might not settle well with your creditors?

Feb 18 19:38

HSBC Geneva Raided

Swiss prosecutors have searched offices of the Geneva subsidiary of HSBC bank in an inquiry into alleged money-laundering. They said they were investigating HSBC Private Bank (Suisse) and "persons unknown for suspected aggravated money laundering".

Feb 18 18:33

Dead Banker 61 "Froze To Death" ???

Feb 18 17:50

Census: 30% Of Millennials Still Living With Parents

30.3 percent of 18- to 34-year-olds are living with a parent, according to data from the Census Bureau. -- The data comes from a Census release called “Young Adults: Then and Now,” which “illustrates characteristics of the young adult population (age 18-34) across the decades using data from the 1980, 1990 and 2000 Censuses and the 2009-2013 American Community Survey.”

Feb 18 17:13

Flashback: Merck vaccine fraud exposed by two Merck virologists

company faked mumps vaccine efficacy results for over a decade, says lawsuit

Feb 18 16:22

Massive Manipulated Gold Hit In Progress

Dave Kranzler
Activist Post

The Comex is a complete fraud. It’s one of the biggest Ponzi schemes in history.

With China and Viet Nam (the latter being a major gold importing country) now closed until next Wednesday in observance of their Lunar New Year, the bullion banks have engaged in a major attempt to drive the price of gold lower...

Feb 18 16:05

California’s oranges are rotting on the docks

Feb 18 15:55

Russia Dumps Most US Paper Ever As China Reduces Treasurys Holdings To January 2013 Levels

Back in December, Socgen spread a rumor that Russia has begun selling its gold. Subsequent IMF data showed that not only was this not correct, Russia in fact added to its gold holdings. But there was one thing it was selling: some $22 billion in US Treasurys, a record 20% of its total holdings, bringing its US paper inventory to just $86 billion in December - the lowest since June 2008.

Feb 18 15:29

Sanctions-Struck Russia Goes for Islamic Banking

Russia is enacting regulations and building infrastructure to enable Russian firms and eventually the government to issue sukuk- bonds compliant with Islamic law

Feb 18 14:49

Manipulations Always End

Feb 18 14:46

White House Overhypes Obamacare Enrollment, Again

Yesterday evening, not long after the official (but not actual) end of Obamacare’s open enrollment period, the White House Twitter feed posted some breaking news: “About 11.4 million Americans are signed up for private health coverage,” the tweet said, posting the information with the hashtag #ACAWorks.

It is in some ways remarkable that the White House can provide this information so quickly. Not because the information should be hard to collect, but because other similar information often eludes the administration.

As Bloomberg News health care reporter Alex Wayne noted on Twitter earlier today during a Q&A session with Health and Human Services Secretary Sylvia Matthews Burwell, the administration "still can’t tell us how many people were enrolled in Obamacare at the end of 2014."

Feb 18 14:16

5 Ways Mass Surveillance Is Destroying the US Economy

People must have confidence that data will travel to its destination without disruption. Assuring the free flow of information, the security andprivacy of data, and the integrity of the interconnected networks themselves are all essential to American and global economic prosperity, security, and the promotion of universal rights.

Feb 18 12:43

Andrew Hoffman - Gold & Silver Record Demand-Supply Falling

Andrew Hoffman of MilesFranklin.com says, “You have the polar opposite in the oil business as you have in the mining business right now. You have a relentless amount of supply that is on stream and coming on stream for oil. . . . So, no matter what the price, you are going to see more and more supply come on. In gold and silver mining, you have record demand right now, and yet you are going to see supply fall at infinitum. There have been no discoveries for the past decade. There has been no capital spending for the past decade. So, I think you are going to see plunging oil demand and surging supply. Gold and silver will be surging demand and plunging supply. When it comes to silver, there are almost no inventories to start with. So, you are sitting in very desperate situations on both ends that I think it’s pretty clear economic Mother Nature is going to resolve. . . . We are talking about an extremely tight supply/demand balance in gold and silver right now. . . .

Feb 18 11:47

Great Depression diary, 1931:

Feb 18 11:40

KHAMENEI: IRAN COULD CUT EUROPE’S ACCESS TO GAS IF SANCTIONS NOT LIFTED

Iran's Supreme Leader Ayatollah Ali Khamenei vowed on Wednesday that his country would resist global sanctions imposed over its nuclear program, saying that Iran might respond to international pressure by cutting back gas exports. "The enemy is using the lever of sanctions to the hilt and their goal is to stop our people's progress," Khamenei said in a public speech in Tehran, according to IRNA news agency.

Feb 18 11:14

5 Ways Mass Surveillance Is Destroying the US Economy

Privacy is a prerequisite for a prosperous economy. Even the White House admits:

People must have confidence that data will travel to its destination without disruption. Assuring the free flow of information, the security andprivacy of data, and the integrity of the interconnected networks themselves are all essential to American and global economic prosperity, security, and the promotion of universal rights.

Feb 18 10:38

Is Apple Looking Into Making Cars?

Feb 18 10:31

Is Washington Fabricating the Economic Data?

Webmaster's Commentary: 

Is this a trick question?

Feb 18 10:25

American current bi-party system is bankrupt

It was Thucydides who warned us about slick tongued orators when he criticized the weakness and dangers of Democracy!

Obama and his administration have done, or achieved, none of the things which they claim to have done in Iraq, Afghanistan, Libya, Syria, Ukraine, Palestine or at home in the U.S.

Many of the problems may have been inherited from the policies and tactics of the bent, crooked, broken and hijacked eight-year Administration of George Bush, but nothing has really changed. In fact, his pursuit of these very same methods and tactics as “resolutions” to these problems seems to have simply added more fuel to these disastrous fires.

Watch President Obama assist U.S. media propagandists on Russia, President Putin and Ukraine here:

Feb 18 10:20

Elimination of Public Option Threw Consumers to the Insurance Wolves

hen members of Congress caved to demands from the insurance industry and ditched their plan to establish a “public option” health plan, the lawmakers also ditched one of their favorite talking points, that a government-run plan was necessary to “keep insurers honest.”

Feb 18 10:02

video - IOUSA

- An interesting, informative and factual summary of the US financial health up to the end of the Bush era.

Feb 18 08:04

Robert Reich: This Very Bad Deal Will Make Wall Street Richer and Bust the Rest of America

Suppose that by enacting a particular law we’d increase the U.S.Gross Domestic Product. But almost all that growth would go to the richest 1percent. ?

The rest of us could buy some products cheaper than before. But those gains would be offset by losses of jobs and wages.

This is pretty much what “free trade” has brought us over the last two decades.

Feb 18 07:24

Downing Street rejects inquiry into handling of HSBC files

Downing Street has rejected calls for an inquiry into the handling of 3,000 suspected tax evaders with accounts at HSBC’s Swiss private bank, which has so far led to a single prosecution.

The prime minister’s spokesman said officials had done what they could to make sure people paid up and argued it was “right that HMRC prioritised collecting revenues” before bringing cases where they could work with prosecuting authorities.

Webmaster's Commentary: 

The government won't clean up HSBC because too many high officials were using the tax avoidance system!

Feb 18 07:23

Telegraph's Peter Oborne resigns, saying HSBC coverage a 'fraud on readers'

Ex-chief political commentator launches blistering attack on paper, saying it put bank’s interests before readers to save ad contract

Feb 18 07:22

HSBC Corporate Governance Corruption

When the Negotium essay, Long History of HSBC Money Laundering was written over two years ago, one might think that the Banksters would look to take a lower profile. Forget about it, when you are part of a made criminal syndicate you never have to serve time, just say you are sorry. Bloomberg reports, the “HSBC Holdings Plc Chief Executive Officer Stuart Gulliver offered “sincerest apologies” following fresh details of how the bank’s Swiss unit helped customers evade taxes.”

Feb 18 07:12

Social Security Could Be In Worse Shape Than We Thought

While the Old-Age and Survivors Insurance Trust Fund, the portion of Social Security that most people think of as their retirement benefits, is not set to run out of money in the trust until 2033, the Disability Insurance Trust will run out in 2016 if nothing is changed. This shortfall would result in a nearly 20% cut to benefits, reducing those $1,000 checks down to $800 a month.

Feb 18 07:06

The Conundrum Of Retail Sales

Feb 18 07:05

Complete Breakdown of ALL Economic Activity

In todays episode we revisit the Baltic Dry Index (BDI) for the simple reason that it has hit an all time low. Last week the BDI was in free fall and now it has dropped off a cliff. This combined with the falling oil prices – which have not bottomed yet – are one of the truest signs of global economic activity coming to a grinding halt. If people are not shipping goods, then shelves must be full of product. If shelves are full then product is not moving.

We take a look at the latest news out of Greece and the EU. An “ultimatum” was delivered to Varoufakis, to which he replied “There is no plan B…”. The question that I keep asking is – what does Varoufakis have as a wild card? We all know about Russia offering help, but what else does he have in his back pocket? Maybe silver backing the Drachma as Hugo Salinas Price suggested back in 2012! What other possibilities could Varoufakis have waiting in the wings?!

Feb 18 07:02

If You Were Bankrupt

If you were bankrupt and the debt you owed was overwhelming, how would you handle it? What if the debt were thrust upon you by an outside force; would you really care about the creditors or would your family be the priority?

Feb 17 23:07

Greece and the Eurozone

Game theory expert, Varoufakis, denies that he is engaged in a game of chicken to win concessions from Brussels. What he wants is a deal that makes sense, that is, funding assistance with a component for economic growth so Greece can finally emerge from its long-term slump and put its people back to work.

Feb 17 20:59

James Corbett - Interview 1000 – Rick Rozoff Warns Ukraine War is Inevitable

Rick Rozoff of Stop Nato joins us to go over the context of the US/NATO/EU/IMF takeover of Ukraine, why it is taking place, and where it is ultimately leading. Rozoff warns that war is not a potential outcome but is in fact already taking place, and full-scale US/NATO intervention is virtually unstoppable at this point.

Feb 17 20:14

Iceland convicts bad bankers and says other nations can act

Parliament relaxed bank secrecy laws in Iceland to help the prosecutors investigate bank documents without court orders.

"Why should we have a part of our society that is not being policed or without responsibility?" Hauksson said. "It is dangerous that someone is too big to investigate - it gives a sense there is a safe haven."

Feb 17 19:52

Prepare Now For The Global Reset

Feb 17 16:05

Q&A: Explaining ‘Audit the Fed’

The debate over Sen. Rand Paul’s campaign to “Audit the Fed” is marred by falsehoods, misunderstandings and politically motivated name-calling. -- The Federal Reserve, though it has enormous power over the U.S. economy, is designed to be independent of Congress and the president. Perhaps because of that, it has been the target of suspicion and conspiracy theories since it was founded in 1913.

Feb 17 16:00

Why the Austrian Understanding of Money and Banks Is So Important

Spending does not drive the economy, despite claims to contrary

Feb 17 15:59

Oh Canada Movie - Our Bought And Sold Out Land - Full

Webmaster's Commentary: 

This documentary was made in 2009, and informed top Canadian politicians about what was being done to cheat the Canadian people out of unnecessary interest payments. The officials admitted they knew it was going on, but of course made no mention of it in public.

Feb 17 15:56

Creepy, Calculating and Controlling: All the Ways Big Brother Is Watching You By John W. Whitehead

snip: Today, there’s little room for indiscretions, imperfections, or acts of independence—especially not when the government can listen in on your phone calls, monitor your driving habits, track your movements, scrutinize your purchases and peer through the walls of your home. That’s because technology—specifically the technology employed by the government against the American citizenry—has upped the stakes dramatically so that there’s little we do that is not known by the government.

In such an environment, you’re either a paragon of virtue, or you’re a criminal.

If you haven’t figured it out yet, we’re all criminals. This is the creepy, calculating yet diabolical genius of the American police state: the very technology we hailed as revolutionary and liberating has become our prison, jailer, probation officer, Big Brother and Father Knows Best all rolled into one.

Feb 17 14:12

Greece rejects bailout deal – Deadline to avoid financial chaos in Europe is March 1st

Europe is on the verge of a horrifying financial meltdown, and there are only a few short weeks left to avert total disaster

Feb 17 13:50

How Trade Deals Boost the Top 1% and Bust the Rest

Global deals like the Trans Pacific Partnership will boost the profits of Wall Street and big corporations, and make the richest 1 percent even richer.

Feb 17 10:41

UK's Cameron Wants Unemployed Youth to Do Unpaid Work for the State

Activist Post

United Kingdom's Prime Minister David Cameron wants to teach "order and discipline" to the country's unemployed youth by making them work for the government without pay.

Under the Conservatives' plan, youths in the UK will be required to do "daily work" from the moment they claim any government benefits...

Feb 17 10:16

FRANCE ISSUES ARREST WARRANTS FOR EX-UBS MANAGERS - JUDICIAL SOURCE

French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere within the Zurich-based bank.

Feb 17 10:00

Avoid Big Oil:

Avoid Big Oil: Exxon, Chevron, Conoco and Royal Dutch: There’s little upside for their shares if oil rallies.

The top international energy outfits are widely held by individual investors, who prize them for their secure dividend yields and financial strength. Longstanding holders probably should sit tight, but there seems little reason to commit new money to these stocks now. They may offer little upside if oil rallies, and the shares could be vulnerable if oil trades anywhere close to current levels—or even declines—during the rest of 2015. Another negative: Domestic natural-gas prices have been weak, falling 26% since October to $2.80 per million British thermal units.
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Feb 17 09:54

Alasdair MacLeod: How Much Gold Is Enough?

Feb 17 09:49

'If Greece exits eurozone, the immediate question will be - Who's next?'

The Eurozone and IMF were ready to extend the current bailout. But the new Greek government asked for a so-called bridge loan - to keep the country's finances afloat until summer.

Feb 17 08:45

Inflation explodes in six countries

Feb 17 08:38

Home-Builder Confidence Dips in February

A measure of home-builder confidence dipped in February, a sign that the housing sector may continue to face headwinds in 2015.

An index of builder confidence in the market for new single-family homes fell by two points to a seasonally adjusted level of 55 in February from January’s reading of 57, the National Association of Home Builders said Tuesday. A reading over 50 means a majority of builders see conditions as generally positive.

Economists surveyed by The Wall Street Journal had expected the index would move up to 58 in February from January’s reading of 57.

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