ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 23 03:05

THERE IS NO INFLATION: NYC Subway Fare Raised By 10%

New York’s Metropolitan Transportation Authority raised the cost of a subway ride by 25 cents to $2.75. The fare increase, which will take effect on March 22. This is the second hike since the 2008 financial crisis.

Jan 22 23:41

American Express To Cut More Than 4,000 Jobs Over This Year

American Express said it plans to cut more than 4,000 jobs over the next year. A representative for the company told CNBC that it is planning to cut the jobs but that this is only a gross figure, and that the firm will also continue to hire selectively in parts of the organization.

Jan 22 23:38

Financial markets celebrate European Central Bank launch of €1 trillion quantitative easing program

The official rationale for the decision is that the QE program is needed to combat deflationary pressures in the euro zone—inflation turned negative last month—and boost the region’s economy, which has still not reached the levels of output attained in 2007.

Jan 22 23:34

State of the Union 2015: Lethal, Predatory, Delusional

Washington can muster no response, except war. Neither can it maintain living standards for the vast majority of its own people.

Jan 22 22:46

Oil Boom-Town: 'We Could See 20,000 Layoffs By June'

Oil prices have been sinking for months. And while that's good news for most Americans, what happens to towns like Williston, N.D., that have built an entire economy around the oil industry?

Jan 22 19:07

Currency expert: Euro going ‘well below parity’

The euro plunged to an 11-year low on Thursday, after the European Central Bank announced that it would begin a 60-euro monthly asset purchasing program. But it could still have a ways to fall.

Jan 22 17:59

Harvey Organ: Zurich Set to Become Key Center of Gold Trading As Swiss to Set Up Chinese Currency Exchange!

The real news is that the Chinese are setting up a currency exchange with the Swiss in Zurich and this no doubt was the cause of Switzerland immediately abandoning the peg with the Euro.

China will also use Switzerland as a key centre of gold trading.

Jan 22 17:55

Danish Central Bank Just Cut Rates For A Second Time This Week; Intervenes In Market To Preserve Peg

It was just on Monday when the Danish central bank, clearly panicking about the peg of the Danish Krone to the EUR, surprised the world when in an unexpected rate cut it went NIRPer, sending its deposit rate from -0.05% to 0.2%. Moments ago it doubled down with its second rate cut for the week, this time sending the rate from -0.20% to -0.35%. At this rate we should hit -0.5% next Tuesday and be well into the -1% territory two weeks from today. And not only that, but as Bloomberg observes, "The Danish central bank “also seems to have been intervening in the market prior to the ECB meeting,” Jes Asmussen, chief economist at Svenska Handelsbanken AB in Copenhagen." In other words, the Danish Krone's peg days are most likely numbered.

Jan 22 17:52

"Government Is Waging A Perpetual War Against Human Nature... They Can Never Win"

Government has NEVER accepted the economy or free markets. They assume they have the ability and the right to manipulate society. They have failed each and every time. They cannot just recognize the natural order of things driven by human nature (character). They constantly work against the business cycle and attempt to change what cannot be changed. Therein, they are engaging in a perpetual war they can never win.

Jan 22 17:51

17,600 Laid-Off Canadian Target Workers Stunned At Ex-CEO's "Walk-Away" Package

Earlier this month, Target announced it would close all of its 133 stores in Canada, laying off the 17,600 employees north of the border. As CBC reports, Target's "employee trust" package for its Canadian workers, announced last week, amounts to around $56 million, providing each worker with 16 weeks of pay. But - what is perhaps more stunning is that, depending on who’s doing the calculation, the golden handshake "walk-away" package handed to ex-CEO Gregg Steinhafel last May is in roughly the same ballpark at around $61 million, including severance of $15.9 million. It appears underperforming is the new killing it...

Jan 22 16:30

Citations, vehicle impoundment cases tied to Uber concluded

The Nevada Transportation Authority on Thursday wrapped up the adjudication of 24 citations and vehicle impoundment cases connected to the illegal operation of the Uber ride-sharing app.

At the authority board’s monthly meeting, the three members unanimously approved in one vote the findings of hearing officers that reviewed each case.

The 24 cases involving Uber drivers and their vehicles was nearly half of the month’s cases involving unlicensed drivers offering motor transport in violation of state statutes.

Uber officials, who directed operations in Las Vegas, Reno and Carson City between Oct. 23 and Nov. 26, believe the company should not be subject to transportation regulations because it considers itself a technology company that arranges rides through a smartphone app and are not the transporters.

Regulators think otherwise.

Jan 22 15:57

Asset Ownership and Our System of Deepening Debt-Serfdom

Debt-serfs who make the difficult and risky transition to small-scale business owners find they have simply moved to another class of serfdom.

Jan 22 15:57

ECB QE Assures Economic Collapse 2015

Jan 22 15:57

The Dire State of Our Nation (What You Won’t Hear from the Politicians) By John W. Whitehead

snip: Americans can no longer rely on the courts to mete out justice. The courts were established to intervene and protect the people against the government and its agents when they overstep their bounds. Yet the courts increasingly march in lockstep with the police state, while concerned themselves primarily with advancing the government’s agenda, no matter how unjust or illegal.

Americans have no protection against police abuse. It is no longer unusual to hear about incidents in which police shoot unarmed individuals first and ask questions later. What is increasingly common, however, is the news that the officers involved in these incidents get off with little more than a slap on the hands.

If there is any absolute maxim by which the federal government seems to operate, it is that the American taxpayer always gets ripped off. This is true, whether you’re talking about taxpayers being forced to fund high-priced weaponry that will be used against us, endless wars that do little for our safety or our freedoms, or bloated government agencies such as the National Security Agency with its secret budgets, covert agendas and clandestine activities. Rubbing salt in the wound, even monetary awards in lawsuits against government officials who are found guilty of wrongdoing are paid by the taxpayer.

Americans are powerless in the face of militarized police. In early America, government agents were not permitted to enter one’s home without permission or in a deceitful manner. And citizens could resist arrest when a police officer tried to restrain them without proper justification or a warrant. Daring to dispute a warrant with a police official today who is armed with high-tech military weapons would be nothing short of suicidal. Moreover, as police forces across the country continue to be transformed into extensions of the military, Americans are finding their once-peaceful communities transformed into military outposts, complete with tanks, weaponry, and other equipment designed for the battlefield.

Jan 22 15:44

Countries Race To Repatriate Gold, Reveals Concern Over Impending Financial Crisis

The great gold repatriation has begun…

Germany’s Bundesbank announced that the country repatriated 85 tons of gold from New York in 2014, far surpassing its previous estimates of 30 to 50 tons — and laying to waste a Bloomberg article you might have seen last summer insisting that the Germans were happy to keep their gold in American vaults. Turns out, not so much happiness. You might really label it: concern about keeping their gold in America.

Jan 22 15:16

Gold price hikes 10% since beginning of 2015

Jan 22 14:55

The Intimidation of Greek Voters - Punishment and Regressive Social Engineering by the EU

Here we go again. There is talk of Greece exiting the euro, and the German government has tried to say that it would be no big deal for Europe, then apparently walked back from that position. At the same time, the German government appears to be trying to influence the Greek election scheduled for January 25 by saying that if the left party Syriza wins, a Greek exit will follow. Syriza, led by the popular and charismatic Alexis Tsipras, is not threatening to leave the euro but promises to renegotiate Greece’s unsustainable debt. Syriza also calls for reversing Greece’s devastating austerity policies, imposed by the European authorities, which have brought the country 6 years of depression and more than 25 percent unemployment.

Jan 22 14:35

The Super-Rich Do Not Deserve Their Wealth

We can either have billionaires or we can have democracy and freedom. Not both.

Jan 22 14:17

The Intimidation of Greek Voters by MARK WEISBROT

snip: Syriza, led by the popular and charismatic Alexis Tsipras, is not threatening to leave the euro but promises to renegotiate Greece’s unsustainable debt. Syriza also calls for reversing Greece’s devastating austerity policies, imposed by the European authorities, which have brought the country 6 years of depression and more than 25 percent unemployment.

Jan 22 14:06

When is Your Wealth Not Your Wealth?

Thanks to a loyal reader, Lloyd, the full interview with Harry Markopolos that started a whole new leg on my journey is presented below. Please listen BEFORE reading this article in order to fully understand the depth of lies and alleged theft that are being perpetuated against YOU and ME as you are reading. It is mind blowing.

Webmaster's Commentary: 

Harry Markopolos is the man who tried to alert the SEC to the fraud being committed by Bernie Madoff-with-the-loot, but was shunned by SEC investigators, many of whom actually gave their resumes to Bernie while they were supposed to be investigating him!

Jan 22 13:51

Bank of America CEO Says Public Anger At Banks Is 'Understandable'

The head of one of the U.S.' largest banks Wednesday said that public anger at financial institutions has been “understandable” and acknowledged that Americans remain concerned about whether public policymakers have adequately protected the country from another financial crisis.

Webmaster's Commentary: 

I am so glad you understand. Mind holding this bag of feathers and standing still while I get this pail of tar?

Jan 22 13:49

America's Abysmal State by Stephen Lendman

snip: Democracy is a convenient illusion. Money-controlled duopoly power runs things. Popular interests go begging.

Wars on humanity continue. Expect more of the same ahead. Obama's claim about "respect(ing) human dignity" flies in the face of reality.

So is his Big Lie about "prohibit(ing) torture…" It continues on his watch. At US global black sites. Out of sight and mind.

Guantanamo the ugly tip of the iceberg. A previous article called it a symbol of America's depravity.

"…I've…ma(de) sure our use of new technology like drones is properly constrained," said Obama.

Drone killings on his watch exceed all his predecessors combined. The vast majority of victims are noncombatant civilians. Murdered in cold blood.

No "constraints" whatever exist. State terrorism is official US policy. War on humanity persists. Threatening to destroy it altogether.

Jan 22 13:46

BOMBSHELL: IRS Has Active Contract For MILLIONS With Company HHS FIRED Over Botched Healthcare.gov

Seven months after federal officials fired CGI Federal for its botched work on Obamacare website Healthcare.gov, the IRS awarded the same company a $4.5 million IT contract for its new Obamacare tax program.

Webmaster's Commentary: 

Adding insult to injury!

Jan 22 13:31

SocGen Explains That Since The ECB's QE Will Fail, It Will Need To Be Increased To €3 Trillion, Include Stocks

There are a bunch of things in the ECB post-mortem note just released by SocGen's Michel Martinez, reproduced below, but here are the punchlines.

First, on the impact of ECB QE on the economy: "we argue ECB QE could be five times less efficient than in the US. In December, press reports suggested that the ECB had run studies suggesting that a €1000bn QE programme would only boost price levels by 0.2-0.8 after two years, five to nine times less efficient than the studies for the US or the UK. The impact on GDP is not provided, but it would be reasonable to assume the same impact as on inflation on a cumulated basis."

In other words, it will be an outright failure as it "triest" to boost inflation expectations and the European economy in its current format. That, as a reminder, is its stated purpose.

So what does SocGen suggest? Simple: the same thing every Keynesian says when justifying why a piece of occult economic voodoo fails to work: it wasn't big enough. To wit:

Jan 22 13:31

The Shadow of Crisis

Jan 22 13:30

The Euro Crashes To 12 Year Lows And Now The US Commerce Secretary Starts To Grumble About A Strong Dollar

now that the exports of Europe - the single largest economic block in the world - are cheap enough to compete with Japan's just as cheap, thanks to currency debasement, goods and services in the global arena, it means that the biggest loser is obvious: the United States, whose currency has soared to nosebleed levels on expectations that the Fed will hike and that the US will somehow decouple from a world that is drowning in economic malaise.

Jan 22 12:52

Asset Ownership and Our System of Deepening Debt-Serfdom

Debt-serfs who make the difficult and risky transition to small-scale business owners find they have simply moved to another class of serfdom.

The core dynamic of debt-serfdom is that debt-serfs must borrow money to buy essentials while the wealthy borrow to invest in productive assets.

This is not merely a random result of free-market capitalism; it is the structure of cartel-capitalism in which highly profitable goods and services must be paid for with highly profitable debt.

Jan 22 12:37

Ukraine requests fresh IMF bailout

Ukrainian President Petro Poroshenko has asked the IMF for a new and broader rescue package, IMF head Christine Lagarde said on Wednesday (Jan 21) as the war-torn country fights to save its reeling economy.

Lagarde met Poroshenko on the sidelines of the World Economic Forum in Davos and said Ukraine requested that the Washington-based IMF deepen its relationship with Kiev.

The meeting took place soon after Poroshenko told an audience of the world's financial elite in Davos that 9,000 Russian troops were backing Ukrainian separatist fighters.

Jan 22 12:35

European Commission's Clever Ruse To Introduce Corporate Sovereignty Regardless Of Ratification Votes In EU

Because of the complicated nature of power-sharing in the European Union, some international agreements require the approval of both the European Parliament and of every Member State -- so-called "mixed agreements." It is generally accepted that both the Canada-EU trade agreement (CETA) and TAFTA/TTIP are mixed agreements, and will therefore require a double ratification: by the full European Parliament, and all the EU governments. Indeed, the European Commission has frequently cited this fact to bolster its assertion that both CETA and TAFTA/TTIP are being negotiated democratically, since the European public -- through their representatives -- will have their say in these final votes.

Jan 22 12:34

European Commission's Clever Ruse To Introduce Corporate Sovereignty Regardless Of Ratification Votes In EU

Because of the complicated nature of power-sharing in the European Union, some international agreements require the approval of both the European Parliament and of every Member State -- so-called "mixed agreements." It is generally accepted that both the Canada-EU trade agreement (CETA) and TAFTA/TTIP are mixed agreements, and will therefore require a double ratification: by the full European Parliament, and all the EU governments. Indeed, the European Commission has frequently cited this fact to bolster its assertion that both CETA and TAFTA/TTIP are being negotiated democratically, since the European public -- through their representatives -- will have their say in these final votes.

Jan 22 12:31

Economic War :: Gas Crash How Low Can Oil Go?

Jan 22 12:31

Greek Bank Withdrawals Reached €4.2 Billion in 3 Days

Webmaster's Commentary: 

Yep; It's a bank run!

Jan 22 12:11

Second Canadian Company Completing Tar-Sands Pipeline into the U.S.

For six years, TransCanada has negotiated federal and state laws, and contended with the opposition of environmental organizations and landowners, to build the Keystone XL: a 36-inch-diameter, 1,700-mile pipeline that, if completed, would transport 830,000 barrels per day (bpd) of Canadian tar-sands oil from Alberta, Canada, to the Gulf Coast.

The U.S. State Department has not issued the required presidential permit, which would declare the importing of tar-sands oil in the “national interest.” And the Nebraska Supreme Court just heard oral arguments on a landowners’ lawsuit that could cost TransCanada another year if it has to reapply for its permit in the state.

The stalled process has led one equities analyst to observe that, “Keystone XL doesn’t look like it will ever get fully up and running.”

Jan 22 12:01

Fear of deflation intensifies worldwide

Jan 22 11:30

Look Who’s Dragging Down the Global Economy Though No One Is Allowed to Say it

The “wealth effect” exists. The top 1% benefited from it. Their assets
were bailed out by central banks. Their confidence grew, and they increased their leverage by borrowing at near-zero cost to buy even more assets that they were sure would continue to increase in price because central banks were continuing to print money and serve up ZIRP that would encourage more leverage and more buying. And they bought more assets and drove up prices further, which made them feel even better and more confident. They increased spending, and it started that “virtuous circle” where the 1% got richer and richer and the top 80 folks in the world made out like bandits.

Alas, there aren’t enough of them to have any real impact on the economy

Jan 22 11:29

Euro plummets as ECB unleashes €60bn-a-month QE bazooka

European Central Bank (ECB) president Mario Draghi unveiled bigger-than-expected quantitative easing measures on Thursday but still faced a fierce fight from Germany over any policy that could mutualise debt in the eurozone.

"The combined monthly purchases of public and private sector securities will amount to €60bn euros,” said Mr Draghi at a press conference following a meeting of the ECB’s governing council.

“They are intended to be carried out until end-September 2016 and will in any case be conducted until we see a sustained adjustment in the path of inflation," he added, meaning the package will amount to at least €1.1 trillion.

Mr Draghi’s package of asset purchases, including bonds issued by national governments and EU institutions such as the European Commission, is intended to boost the eurozone’s flagging economy and to ward off the spectre of deflation.

Jan 22 11:23

SPY vs chg in shares outstanding

Jan 22 10:58

Obamanomics

Jan 22 10:42

Dr. Doom Explains How To ‘Short’ Central Banks When Public Confidence Collapses: “It’s The Only Way”

One day in the near future the people are finally going to realize that it’s all a sham and when they do the public will likely lose confidence in the ability of central banks and governments to effectively manage the economy. On that day all hell will break loose and very few investments will survive the fallout.

Jan 22 10:31

Greece - By The Numbers

Greece is reeling from the effects of the biggest economic crisis in its recent history. Here are 12 statistics, via The Wall Street Journal, underscoring the severity of the crisis now reaching into all aspects of Greek life...

Jan 22 10:30

Royal Mint sells gold bars directly for the first time

For the first time in 47 years, the Royal Mint is manufacturing gold and silver bars which are available for everyone to invest in

Jan 22 10:24

Shadow banking now poses top risk to US stability, warns IMF

Non-financial lending has reached $15 trillion since the crisis and is outside the control of authorities warns the Fund's deputy chief

WEBMASTER ADDITION: What this means is that people are starting to do business without going through the privately-owned central banks, and the bankers are worried they may lose their monopoly.

Jan 22 10:06

Proof oil and energy giants ARE ripping us off - as prices tumble we pay 40% too much for power and 18% extra for petrol

The price of gas produced in Britain and abroad is set on the wholesale energy markets. At the moment, it’s around 1.55p for every kilowatt hour (kWh) of gas.

Households, in turn, typically pay their energy supplier 5.08p per kWh of gas they use - a difference of 3.53p.

The last time suppliers paid a similar price to today’s 1.55p was April 2010. At that time, households paid 3.62p per kWh, according to figures from data experts ICIS Heren and comparison website Energyhelpline. So the difference then was 2.07p.

Based on average household consumption, the average annual gas bill is £686 today. But assuming the same consumption level, households in April 2010 would have had an annual bill of £489 - £197 lower. This means consumers are paying 40 per cent more for their fuel today.

Jan 22 10:01

SNB official defends 'best option' for franc

Switzerland would have had to spend more than $100 billion this month alone if it had continued efforts to hold down the value of its currency, a senior central bank official said on Thursday.

Jan 22 09:56

A Billionaire Lectures Serfs in Davos – Claims “America’s Lifestyle Expectations are Far Too High”

If you listened closely this morning, you could hear humanity vomit as JP Morgan CEO, Jamie Dimon, began to speak at Davos. In what amounted to some of the most egotistical and delusional statements heard at a conference filled with egotistical and delusional participants, Mr. Dimon didn’t disappoint. Here are a couple highlights courtesy of Twitter:

Jan 22 09:55

Greece Elections – Why The Entire World Is Watching!

This Sunday the citizens of Greece will be voting in a national election that will serve as a referendum on the EU-invoked austerity program that the country has been living through!

At stake is the decision that a newly elected government might make to pull Greece out of the Eurozone in what has widely become termed Grexit.

At stake also is the impact that a win by an anti-austerity and anti-EU party might have on the politics of other Eurozone countries that face similar issues and, perhaps, on the viability of the Eurozone itself.

Jan 22 09:41

QE clearly hurting German economy.

Jan 22 09:16

U.S. Steel to idle two oil, gas pipe plants, laying off 756

U.S. Steel Corp. said it will shut down two more oil and natural gas pipe plants and lay off 756 workers, highlighting the fallout from the global collapse in the oil prices, which analysts say could muddy the company's turnaround plans.

Jan 22 09:16

2,000 jobs threatened as United mulls outsourcing at US airports

The Chicago-based carrier, an arm of United Continental Holdings Inc UAL 4.67% , informed employees Monday that jobs up for review included baggage handlers and gate and customer service agents at 28 airports that are not hubs, ranging from Atlanta to Anchorage. It has yet to make any decisions.

Jan 22 09:15

Obama Wanted $8 Per Gallon Gas

Jan 22 09:15

Schlumberger to cut 9,000 jobs on oil-price plunge

Schlumberger Ltd, the world's No.1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce, as it focuses on controlling costs in response to a continuing fall in oil prices.

Jan 22 09:14

One Of The Biggest Oil Companies In The World Says It Will Lay Off Thousands

Oilfield services provider Baker Hughes Inc. said it expects to lay off about 7,000 employees, days after industry leader Schlumberger Ltd said it would cut jobs as drilling activity slows due to a steep fall in oil prices.

Jan 22 09:13

Biz Break: eBay to lay off 2,400, could split into three parts

Today: eBay announces that it will lay off more than 2,000 workers, and it may split off its enterprise unit in addition to PayPal. Also: Microsoft shows off Windows 10, Apple makes an acquisition.

Jan 22 09:13

American Express to cut more than 4,000 jobs over this year

A representative for the company told CNBC that it is planning to cut the jobs but that this is only a gross figure, and that the firm will also continue to hire selectively in parts of the organization. Additionally, American Express reported quarterly earnings that slightly beat analysts' expectations on Wednesday, and CEO Ken Chenault said in a release that "tight controls on the cost side of the ledger" had benefited the company.

Jan 22 09:12

Macy's closing 14 stores, including 1 in N.C., announces layoffs

The 14 stores are expected to close by early spring. The 14 account for $130 million in annual sales. The company expects some of that to be retained by nearby stores and online sales.

The company said employees displaced by store closings will be offered positions in nearby stores where possible or be given severance benefits.

Jan 22 09:05

Jobless Claims Over 300k For 3rd Week, Spike In Shale States

Not "unambiguously good" as Shale states see initial jobless claims spiking. Overall initial jobless claims missed expectations for the 4th week in a row, holding above 300k for the 3d week in a row (for the first time since July). At 307k, this week's print is below last week's but well above the 300k expectation. However, across TX, CO, ND, PA, and WV, initial claims (1 week lagged) rose to over 75k (from 30k in October)... "crisis has passed"?

Jan 22 08:35

Corporations Use Spies To Undermine Nonprofits

Jan 22 07:52

12 signs that the economy is really starting to bleed oil patch jobs

The gravy train is over for oil workers

Jan 22 07:22

The Swiss will not have more EU QE

In the ridiculous charade that passes for the foreign exchange currency markets, the ease upon which a 39% spike in the Swiss Franc to the EU has most financial journalist puzzled.

Jan 22 06:29

Lumber threatening six year uptrend

Jan 22 06:21

"We're in currency wars." - Gary D. Cohn

Jan 22 06:07

The next industrial revolution

3D printing

Jan 21 19:56

If the SHTF We’re Screwed

The ‘fend for yourself‘ ideal that made this country great left at about the same time as the manufacturing industries we were once famous for.

Jan 21 19:51

Peter Boehringer – This is Suspicious to Say the Least – Show Me the GOLD!

With all of this going on in our world, why is the gold price not on a rocket to the moon?

Jan 21 19:47

12 Signs That the Economy Is Really Starting to Bleed Oil Patch Jobs

The gravy train is over for oil workers. All over North America, people that felt very secure about their jobs just a few weeks ago are now getting pink slips. There are even some people that I know personally that this has happened to. The economy is really starting to bleed oil patch jobs, and as long as the price of oil stays down at this level the job losses are going to continue.

Jan 21 19:46

How Do You Unmanipulate a Manipulated Economy?

The reality is that the U.S. economy remains a manipulated mess that is dependent on monetary and statistical manipulation.

Jan 21 19:31

EU's food safety agency gives green light to Bisphenol A

The European Food Safety Authority’s (EFSA) re-evaluation of Bisphenol A (BPA) exposure and toxicity states that BPA, an endocrine disruptor, poses no health risk to consumers of any age group at current exposure levels.

Jan 21 18:32

World Economic Forum 2015: Global Governance In a World of Resistance

The annual meetings of the World Economic Forum (WEF) in Davos, Switzerland, bring together thousands of the world’s top corporate executives, bankers and financiers with leading heads of state, finance and trade ministers, central bankers and policymakers from dozens of the world’s largest economies; the heads of all major international organizations including the IMF, World Bank, World Trade Organization, Bank for International Settlements, UN, OECD and others, as well as hundreds of academics, economists, political scientists, journalists, cultural elites and occasional celebrities.

Jan 21 17:40

Russian Food Price Inflation Reaches Up to 150%

A four-day sweep that began on Tuesday has already discovered price rises of 10 to 150 percent on basic foodstuffs, including meat, fish, milk and potatoes, the agency’s spokeswoman Marina Gridneva told journalists on Wednesday, news agency TASS reported.

Jan 21 17:26

Art Cashin - Time For Draghi Talk Is Over

Jan 21 16:45

Air Force expanded drone fleet to unjustifiable level – Pentagon watchdog

The US Air Force has not adequately justified the purchase of 46 additional armed Reaper drones, according to the Pentagon’s inspector general. The expanded fleet could equal a waste of $8.8 billion, the watchdog said.

“We determined the Air Force's Air Combat Command MQ-9 Requirements Branch did not demonstrate the need for the MQ-9 planned procurement quantities,” the Pentagon inspector general said in a declassified September report obtained by The Guardian through a Freedom of Information Act request.

“As a result, the Air Force risks spending approximately $8.8 billion to purchase, operate, and maintain 46 MQ-9 aircraft it may not need.”

Jan 21 16:23

Total Announced Job Cuts In 2015 Just Topped 32,000

Presented with little comment aside to note the ironic timing of the surge in job cut announcements from North American firms since President Obama's "Crisis Has Passed" State of The Union speech...

Jan 21 16:22

Hedge Fund Manager Loses 99.8% In 9 Months, Tells Investors He Is "Sorry" For "Overzealousness"

Day after day, mainstream media proclaimed December the month to be in stocks: seasonals, Santa Claus rally, and performance-chasing funds would 'guarantee' upside. For Owen Li, former Raj Rajaratnam's Galleon Group trader, and the clients of his Canarsie Capital hedge fund, December 2014 will never be forgotten. According to CNBC, from around $100 million in AUM in March 2014, Li told investors in a letter, the fund had lost all but $200,000 and he was "truly sorry," for "acting overzealously" in the last 3 weeks.

If its any consolation he's got himself a nice new car.

Jan 21 15:38

All Eyes on Europe: Massive Money-Printing Unleashed!

Europe is on fire and the European Central Bank has just the solution: More Money-Printing!

Jan 21 14:38

Gerald Celente : 85 Worth More Than Half The World

How dozens of companies are using Luxembourg to save billions on taxes, the European Central Bank to pump one trillion dollars worth of stimulus into the eu.

Jan 21 14:01

Central bank prophet fears QE warfare pushing world financial system out of control

The economic prophet who foresaw the Lehman crisis with uncanny accuracy is even more worried about the world’s financial system going into 2015.

Jan 21 13:47

Former White Official Exposes Shocking Real Reason For Historic 58-Sigma Move By Swiss

What actually happened was the Swiss National Bank realized that the balance sheet of the central bank’s ratio to the Swiss GDP had already reached a level of nearly 100 percent. And given what’s going on in the world — we’ve got inflation of 23 percent in Argentina, it’s projected to be 17 percent in Russia — inflation is picking up rapidly in many parts of the world and social unrest is unfolding. All of that gives Switzerland inbound capital flight from other countries.

They concluded that the combination of euro quantitative easing, plus the inbound capital flight and the likelihood of more geopolitical confrontation with Russia, which also pushes money into Switzerland — all of that put them on a trajectory so that if they would have continued to defend the currency peg, the Swiss National Bank's balance sheet would have been over a staggering 200 percent of GDP within one year.

Jan 21 13:32

Right on cue: ECB to flood the market with cash

A proposal from the European Central Bank’s Frankfurt-based executive board calls for bond purchases of roughly €50 billion ($58 billion) a month that would last for a minimum of one year, according to people familiar with the matter, an indication that officials are weighing massive stimulus to shore up the eurozone’s fragile economy and boost inflation.

Webmaster's Commentary: 

So the ECB (like the FED) creates a ton of cash out of think air to buy up government and corporate bonds, which means eventually the ECB (like the FED) basically own the governments and corporations ... and all for the cost of ink and paper.

Jan 21 13:18

RICKARDS: BRACE FOR FINANCIAL STORM 6x LARGER THAN 2008

Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown…

The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion.

Jan 21 12:48

Russian Foreign Minister: Efforts to Isolate Russia Will Not Succeed

Russian FM kicks off annual press conference by reiterating President Putin's statement: "Isolationism policies will not work"

Russia’s Foreign Minister Sergey Lavrov held his annual end-of-year press conference in Moscow. Fielding questions from reporters for over two hours, the country’s top diplomat spoke about the situations in Ukraine, Syria and Russia’s relations with the West.

More than 370 journalists, including three journalists from Ukraine, were accredited, and the conference was broadcasted online in Russian, English and French on the Foreign Ministry’s website.

Jan 21 11:50

Over US$ 100 Trillion Additional Credit Needed to Support Global Growth

Webmaster's Commentary: 

So, the only way to keep the debt-based economy working is to force massive additional debt onto the people.

Jan 21 11:04

Halliburton, Baker Hughes to lay off thousands as oil slumps

Oilfield service providers Baker Hughes and Halliburton plan to cut thousands of jobs as drilling activity slows further due to a steep fall in crude oil prices.

Jan 21 10:47

How the middle class has fragmented under Obama

When President Obama delivered his first State of the Union address in 2009, 53% of Americans considered themselves middle class. Six years later, just 44% of Americans define themselves that way.

Jan 21 10:39

Homeland Security Snares Dude with $1.5 Million in his rented SUV driving from Pennsylvania to Calif.

They also seized his home, vehicles, cash, artwork, and 68 kilograms of marijuana; including $1.5 million from a rented SUV travelling from PA to CA and $2.1 million dollars cash they found in a fish tank! Total seizure was valued at over $5 million. DHS has thus announced that in light of this score, they are now resuming Fast & Furious II, where they will re-sell all of this stash to Mexican drug cartels at a huge profit. (kidding about the last part.)

Jan 21 09:27

The GOVERNMENT Intends to CONFISCATE EVERYTHING YOU OWN!

When a small group of people subvert the laws that make everyone equal and place themselves above the law, it is only a matter of time before freedom becomes forced servitude.

The actions by the U.S. government are giving the tell tale signs of complete destruction of liberty and the institution of what can only be called slavery of the masses.

Those at the top are engaged in the transformation of the nation into a feudal society where a few are very rich and the rest are subjected to poverty and earning a meager existence at best.

Jan 21 09:08

Nick Turse, A Shadow War in 150 Countries

From the point of view of the U.S. military and the national security state, the period from September 12, 2001, to late last night could be summed up in a single word: more. What Washington funded with your tax dollars was a bacchanalia of expansion intended, as is endlessly reiterated, to keep America “safe.” But here’s the odd thing: as the structure of what’s always called “security” is built out ever further into our world and our lives, that world only seems to become less secure. Odder yet, that “more” is rarely a focus of media coverage, though its reality is glaringly obvious. The details may get coverage but the larger reality -- the thing being created in Washington -- seems of remarkably little interest.

Jan 21 08:58

CIA Insider Warns: "25-Year Great Depression is About to Strike America"

In an exclusive interview with Money Morning, Jim Rickards, the CIA's Financial Threat and Asymmetric Warfare Advisor, has stepped forward to warn the American people that time is running out to prepare for this $100 trillion meltdown.

"Everybody knows we have a dangerous level of debt. Everybody knows the Fed has recklessly printed trillions of dollars. These are secrets to no one," he said.

"But all signs are now flashing bright red that our chickens are about to come home to roost."

Webmaster's Commentary: 

Jan 21 08:56

Shipbuilding Industry Claims McCain Is Threatening National Security

The shipbuilding industry is launching a counteroffensive against Republican Sen. John McCain's effort to repeal a protectionist law that artificially raises domestic shipping costs.

Jan 21 08:53

Manufacturing Hit by Oil-Price Plunge? Southeast Worst Since Financial Crisis

The collapse in the prices of oil, natural gas, and natural-gas liquids has started to make its imprint on the largest hydrocarbon producer in the world, namely the US of A. Oilfield layoffs and project cancellations are raining down on the oil patch on a daily basis. Suppliers are hit too. Many energy stocks are in the process of evisceration. Energy junk bonds are in a rout.

But consumers love it – those who aren’t losing their jobs over it – because they spend less on fuel. Consumers are voters. So politicians love it because voters love it. Hence, it’s good for the economy. I get that.

Jan 21 08:49

Eighty rich people now have as much wealth as 50% of the rest of humanity combined

Billionaires are getting richer, according to a new study from Oxfam. Gather together the wealth of the world’s richest people, and you now only need 80 of them before there’s enough in the pot to equal everything owned by the poorest 50% of the rest of the world combined. Back in 2010, you’d have needed 388 of the world’s richest to balance those scales.

Jan 21 08:48

Here's What Austin's Newest Housing For the Chronically Homeless Looks Like

Plans are moving ahead in the Austin area to house about 200 people who are chronically homeless. Community First Village has been about a decade in the making and in just a matter of months, it will break ground.

Jan 21 08:27

Financial Repression Is Financial Authoritarianism

Financial repression is a term used to describe measures sometimes used by governments to boost their coffers and/or reduce debt. These measures include the deliberate attempt to hold down interest rates to below inflation, representing a tax on savers and a transfer of benefits from lenders to borrowers. Financial repression is also used to describe measures to facilitate a domestic market for government debt and the imposition of capital controls. The combined effect of all these measures means funds are channeled to the government that would otherwise flow elsewhere.

Jan 21 08:25

Peter Boehringer – This is Suspicious to Say the Least – Show Me the GOLD!

Now we find out that the Bundesbank [here after referred to as BuBa] announces they were able to pry 85 tons of gold out of the hands of the Federal Reserve in New York and an additional 35 tons out of France. Of course this was done under the watchful eye of the Bank for International Settlement (BIS) and all the gold was stamped with 2014 dates. The German people, according to Peter Boehringer, have no proof that BuBa actually received any gold, from anywhere. No documentation, no photos, no assays, no nothing, no shipping manifest; nothing. How can take possession of an item, any item, especially something as sensitive as YOUR NATIONAL GOLD, and not be provided with any paperwork? Really? The time I checked I did not see “fool” tattooed on my forehead. We are suppose to believe the BIS supervised the shipment, assayed the gold and accounted for all the bars but they can not provide ANY paperwork!

Webmaster's Commentary: 

Remember after the scandal erupted over the missing gold from the New York Fed, there was an editorial from CNBC that stated that it didn't matter if the gold was really there or not, so long as the official records said it was there. So maybe what the BIS is doing is simply moving paper records around.

Jan 21 08:24

Researchers Discover How to Use Living Plants to Generate Usable Electricity

by Jonathan Schoenfeld

Solar paneling is usually the first thing that comes to mind when someone thinks of harvesting energy from the sun.

Solar power modules essentially replicate how plants absorb photons from light energy. Well, instead of using solar panels that replicate plants, dutch company Plant-e is using the plants themselves.

This technology brings new meaning to the term “power plant”...

Jan 21 08:07

Why Are Central Bankers Surprised by Monetary Disasters?

Again we see the adoption of a dialectical position. The mainstream media has been in full cry over the necessity for money printing and central bank bond purchases.

Now, comes a BIS former official – apparently someone with considerable clout – who says exactly the opposite thing. William White has come onto the record warning against what the European Central Bank plans to do as soon as possible.

Jan 21 08:02

Economic War, BRICS, and the Power of Self-Sufficiency

Ulson Gunnar
Activist Post

The toughest, most resilient people as both individuals and as societies all generally have one thing in common – self-sufficiency. This by no means suggests isolationism, but rather the ability to survive, even thrive through one’s own work using resources at their own disposal.

As a principle, self-sufficiency, self-reliance, and individualism defined young nations like the United States, catapulting it upon the world stage as a global leader after spending time racked in debt and in England’s shadow. By establishing its own industry, its own institutions (including those of a financial nature) and its own military might, the United States transcended the tangled webs of interdependency locking Europe’s ever-shifting, fragile alliances together...

Jan 21 07:58

Russia To Collapse Dollar, White House Prepares For Civil Unrest

Is the Pentagon preparing for civil unrest in the United States?

With the Russian Ruble about to collapse Russia and China are pushing for a collapse of the U.S. dollar. It’s a race between the superpowers to see which currency will collapse first.

Experts have said that the U.S. and Europe cannot survive for much longer, and with Russia’s economic surplus, its looking likely that the Ruble will out-live the dollar.

Jan 21 07:57

Swiss Shocker Triggers Gigantic Losses for Banks, Hedge Funds and Currency Traders

The absolutely stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe.

Jan 21 07:36

Identity theft insurance: Is it worth it?

FROM THE COMMENTS: A long time ago people use to keep their money under the mattress. The problem was if the house burned down, you lost your life savings. So people started putting their money in banks for safekeeping. Now the banks are telling us they are not capable of safeguarding our money and they're going to need to start charging a monthly fee for identity theft insurance over above the service fees we already pay them. Well if the banks are incapable of safeguarding our money, maybe we need to rethink the mattress!

Webmaster's Commentary: 

Maybe it is time to drop the plastic and go back to a cash system, if the banks are not able to keep our money safe (and are using negative interest rates on our savings accounts, and allowed to loot our savings when things get tough)

Jan 21 06:32

AK-47s: Soon to be made in USA

Jan 20 19:04

GLOBAL ECONOMY

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