ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 11 12:12

Seismic power shifts in global political-economy

The latest news out of Beijing is that the Chinese and the Latin American and Caribbean bloc (CELAC) have entered into agreements that are projected to result in $250 billion of Chinese investment in the CELAC region over the next 10 years, and to rise to $500 billion of annual bilateral trade over that same period. Additionally, Ecuador and Venezuela negotiated Chinese credit in the amounts of $5.3 billion and $20 billion, respectively, to help bail them out of budgetary crises occasioned by the plunging price of petroleum. (Both countries earn most of their income from petroleum exports and have been hammered hard by the global slump in the price of crude petroleum.)

Jan 11 11:43

Deficits Are Good, Sort Of

Jan 11 09:45

Fox news host makes joke about being homeless

Jan 11 09:43

Central Bankers Push The Recovery Illusion Before The False Flag Event

Jan 11 07:44

Is a Run on the Bank Starting In Greece?

John Vibes
Activist Post

Financial investor Mike “Mish” Shedlock pointed out in a recent column that there has been an incredible surge of withdrawals from Greek banks in recent months.

In November, there was roughly €220 million withdrawals from Greek banks, but in December that number jumped all the way up to €3 billion.

Greeks are depositing much less money in the bank as well. Deposits in Greek banks have dropped by 37% since 2010...

Jan 11 05:36

Michigan Residents Desperately Seek 'Global Warming' As State Police & Homeland Security Issue Warning for "These Extremely Cold And Potentially Life-Threatening Temperatures."

While the Michigan State Government has spent funds teaching Al Gore's 'An Inconvenient Truth' and issued executive orders on 'Action Taken to Address Global Warming in Michigan,' the Michigan State Police, Emergency Management and Homeland Security Division issued a press release last week to "Be Prepared and Safe during Extreme Cold."

The document warns "As we saw last winter, these arctic blasts can create hazardous situations. Citizens are encouraged to monitor local weather reports and follow the appropriate steps to stay safe during these extremely cold and potentially life-threatening temperatures.
The National Weather Service is forecasting statewide wind chills to periodically dip down to 20 degrees below zero or lower through at least Thursday, Jan. 8. Exposure to these temperatures could potentially cause frostbite and hypothermia, as well as create hazardous driving conditions."

Jan 10 21:05

EU Showdown: Greece Takes on the Vampire Squid

Austerity has plunged the economy into conditions worse than in the Great Depression. As Professor Bill Black observes, the question is not why the Greek people are rising up to reject the barbarous measures but what took them so long.

...Goldman has spawned an unusual number of EU and US officials with dictatorial power to promote and protect big-bank interests. They include US Treasury Secretary Robert Rubin, who brokered the repeal of the Glass-Steagall Act in 1999 and passage of the Commodity Futures Modernization Act in 2000; Treasury Secretary Henry Paulson, who presided over the 2008 Wall Street bailout; Mario Draghi, current head of the European Central Bank; Mario Monti, who led a government of technocrats as Italian prime minister; and Bank of England Governor Mark Carney, chair of the Financial Stability Board that sets financial regulations for the G20 countries.

Jan 10 19:36

Why Fed won't raise rates in 2015

Jan 10 15:06

Former MIT Professor ‘Robs Bank,’ Films ‘Heist’

A wacky former MIT professor took cinema verite to a whole new level by robbing a Manhattan bank and recording the heist, authorities said. Joseph Gibbons, 61, a filmmaker and “visual artist’’ who taught for a decade at one of the world’s most prestigious universities, has gone rogue, robbing banks as part of his latest “art’’ project. Gibbons was charged on Friday with robbery after allegedly making off with $1,000 from a Capital One branch at Bowery and Grand Street in Chinatown. While waiting for his arraignment, the eccentric academic boasted to fellow inmates that his crime was for art’s sake.

Jan 10 14:10

The farce of Western free speech

Western free speech is nothing but a cynical charade by those in power to maintain their unlawful positions of power.

A satirical magazine championed by Western war criminals for its “free speech” to dehumanize Muslims is hailed as “heroic?” While an informative, serious news channel like Press TV is banned. Now that is farcical cartoon.

Evidently, it’s acceptable to insult Islam, according to Western select use of free speech because it suits political agendas of demonizing Muslim countries so that they can be attacked with Western warplanes or covert terrorist proxies. But it is not acceptable to satirize Zionism or Western ruling classes.

Jan 10 07:24

Inside crumbling Ohio mall, once the biggest in the WORLD, that is now about to be demolished

These are the eerie images of the abandoned shopping center which was once the biggest in the world.

Photographer Matthew Christopher visited the dilapidated Randall Park Mall just months before demolition work began a few weeks ago.

The haunting images show the dust-covered remains of what were once thriving shops and even a movie theater.

Jan 09 22:54

U.S. DOT Opens U.S. Border To Mexican Trucks "Marking A Significant Milestone In Implementation Of NAFTA"- Inspector General Warns That Safety of Mexican Carriers Has Not Been Shown

The U.S. Department of Transportation announced today that Mexican motor carriers will soon be able to apply for authority to conduct long-haul, cross-border trucking services in the United States. Transportation Secretary Anthony Foxx insisted they have proven "a level of safety at least as high as their American and Canadian counterparts."

However, in a report issued last month, The Office of Inspector General concluded the opposite, noting "Because the pilot program lacked an adequate number of participants, we could not determine with confidence whether the 15 carriers are representative. Without being able to determine the representativeness of the 15 carriers, one cannot project the safety performance for the population of Mexico-domiciled carriers that may qualify for long-haul operating authority in the future."

Jan 09 16:41

American Dream. Boom.

Jan 09 16:18

Cantor Fitzgerald: Apple Watch Will Be Biggest Product Launch In Company's History

Even after having a super holiday season sales, shares of Apple Inc. AAPL 0.11% have witnessed significant declines. However, Cantor Fitzgerald analyst Brian White thinks that the going will be great for Apple in 2015, especially after the Apple Watch release.

Webmaster's Commentary: 

They said the same thing about Google Glass.

Jan 09 16:14

"Kiss of Death" for a Stock Market Trend?

Jan 09 15:51

Largest gold reserves by country

Jan 09 15:13

WSJ Praises the "Triumph of Austerity" in Greece

Bill Black questions the authenticity of the coverage in the NYT and WSJ about the impact of austerity measures in Greece.

Jan 09 14:08

US housing: less owning and more renting

Jan 09 13:17

More bad news for anyone with a pension

Jan 09 12:09

Is a Global Economic Crash Coming Soon

Jan 09 11:24

Russia and China: The Dawning of a New Monetary System?

China, leading member of the BRICS, is lining up the bloc of the BRICS and that of the SCO – and their currencies – to support Russia in need. Currency swaps between Russia (ruble) and China (yuan) for an initial US$ 25 billion equivalent have already been implemented, to allow direct transactions between the two countries. Similar swaps are under way between China and Russia with other countries, primarily the BRICS and the SCO (Shanghai Cooperation Organization) members – including the soon to become new members – Iran, Pakistan, India (also a BRICS member) and Mongolia – and possibly in some not too distant future also strategically located NATO member Turkey.

Jan 09 10:34

Coca-Cola to Cut 1,600-1,800 Jobs Globally

oca-Cola Co. is axing at least 1,600 white-collar jobs globally as part of a cost-cutting move in response to sluggish soda sales.

Jan 09 09:52

Euro sinks to fresh nine-year low

The euro has hit a fresh nine-year low against the dollar, in part after a surprise decrease in German manufacturing.

Jan 09 08:43

RUSSIAN DEBT SAFER THAN U.S.? SO SAYS CHINA RATING HOUSE DAGONG

A currency crisis, recession and plunge in the price of its key export don’t meanRussia is any less creditworthy than the U.S., according to one of China’s biggest debt-rating companies. Just the opposite -- it’s a better credit risk, says Dagong Global Credit Rating Co. The firm, which downgraded U.S. government debt in October 2013 to A-, today said it has decided to maintain Russia’s rating at A with a stable outlook.

Jan 09 08:40

FORT KNOX: TAINTED WITH RADIOACTIVE GOLD?

Not only is there conjecture that some or most of the gold at Fort Knox may be missing, but also there is speculation that some radioactive gold made its way into U.S. Treasury Gold Reserve. The movie Goldfinger, in which James Bond stops a plot to radiate the U.S. gold at Fort Knox, may actually turn out to be more truth than fiction. One of my readers sent me some information about the Paducah Gaseous Diffusion Plant in Paducah, Kentucky. The plant was built in 1952 and was the only uranium enrichment facility in the United States (wikipedia). One of the secret missions of the plant was to recycle nuclear warheads retired from service.

Jan 09 08:04

How Goldman Sachs May Provoke Yet Another Major Financial Crisis

Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday”if they “vote wrong.” But they have been bullied for too long and are saying “no more.”

Jan 09 07:49

"Europe Can't Afford A Greek Exit" German Opposition Warns Merkel Is "Playing With Fire"

The mainstream media narrative - that Germany is ready and prepared for Grexit and that it is no longer a threat to financial stability - is all hype, according to German opposition finance minister Joachim Poss. As Bloomberg reports, all that is mostly posturing for an electorate tired of the aid and angst Greece has demanded since 2010. Simply put, the potential for Euro instability from a Grexit is a detriment to Germany's massive benefits from the single currency - "Europe can’t afford a Greek exit," Poss concludes, complacency by Merkel is "playing with fire."

Jan 09 07:25

‘I can fix EU problem’: Cameron in Merkel reform talks

British Prime Minister David Cameron says he is “convinced” he can mend the relationship between Britain and the EU, as pressure grows to call a referendum on UK membership.

Jan 09 07:24

IMF mission resumes work in Ukraine

An IMF mission has arrived in Ukraine to resume talks on providing financial assistance to the country, which is on the brink of default. The IMF estimates Kiev needs an extra $15 billion of aid to overcome the crisis.

Webmaster's Commentary: 

"Bend over and spread 'em, Vlad!"

Jan 09 07:17

The Widening Wealth Gap In The United States

Antonius Aquinas
Activist Post

A recently released Pew Research Center study confirms what every thinking American has understood for quite some time: the wealth gap between rich and poor has widened considerably since the onset of the financial crisis in 2008.

The study’s statistics probably underestimate the plight of struggling families and individuals compared to upper-income groups, as the median wealth of upper-income families totaled $639,000 in 2013 - 6.6 times the median wealth of middle-income families of $96,000. This compares with 4.5 times the gap In 2007 between the two groups...

Jan 09 02:52

Ron Paul's Dire Predictions for 2015: "The violence in our cities is only in its early stages... Police brutality and militarization may well induce a violent event far beyond what we have seen in Ferguson."

Congressman Ron Paul has written an extensive and outstanding review of the root causes of the problems plaguing our society, as well as his proposed solutions. In my opinion it is one of the best columns he has ever written, rivaling his classic "We've been Neo-Conned.'

Jan 08 19:49

Obama To Propose Free Community College

Jan 08 18:38

David Tice - On Historical Market Declines

Jan 08 18:04

DHS Watchdog Says Border Patrol's Drones Are Expensive, Useless

They're expensive:

We estimate that, in fiscal year 2013, it cost at least $62.5 million to operate the program, or about $12,255 per hour.

And they're worthless:

Given the cost of the Unmanned Aircraft System program and its unproven effectiveness, CBP should reconsider its plan to expand the program. The $443 million that CBP plans to spend on program expansion could be put to better use by investing in alternatives, such as manned aircraft and ground surveillance assets.

Jan 08 17:03

Market Crash Looming, Gold Set to Rally

Jan 08 16:12

Credit Card Debt Tumbles Most In 1 Year As US Households Resume Deleveraging

Once upon a time the health of the US consumer was gauged by one simple thing: how much credit card debt did US households take on in any given month. Which makes sense: American consumers would not go out and spend on credit unless they felt strongly about their future job, income and overall wealth prospects. In simple terms, rising credit card debt was synonymous with confidence and prosperity. In recent years, however, this metric has quietly fallen out of favor with the punditry, for one simple reason: that reason is shown on the chart below, which very likely also shows where the S&P would trade if it weren't for $11 trillion in central bank liquidity injections.

Jan 08 16:10

How Bad Is It For Shale Companies: The Cost Of Resolute Energy's New Second-Lien Debt: 25%!

Over the weekend, we saw the first casualty of low oil prices as WBH Energy went into bankruptcy. Today, Bloomberg reports,Resolute Energy Corp. has been forced by low oil prices to borrow at distressed levels. The Denver-based company, which we previously highlighted as having a 4.5x Debt/EBITDA (there are a lot higher), managed to procure a new $150 million 2nd term loan from Highbridge Capital (mostly used to roll old debt). The cost of funding: 11% coupon plus 5% upfront all adding up for a . At that cost of funding, it is no wonder that Resolute's bonds remain, to borrow a Charlie Evans phrase, catastrophically priced.

Jan 08 15:43

Russia Blamed, US Taxpayers on the Hook, as Fracking Boom Collapses

As Congress removes restrictions on taxpayers bailing out the too-big-to-fail banks, the right is blaming environmentalists and Russia for the demise of the fracking boom. In reality, the banks' junk bonds and derivatives have flooded Wall Street, and now the fracking bubble threatens another financial crisis.

Jan 08 15:41

WHEN FIAT FAILS

Jan 08 14:44

House passes 40-hour workweek for Obamacare; Dems buck Obama veto threat

The House passed a bill Thursday that defines full-time work under Obamacare as a traditional 40 hours, with a dozen Democrats choosing to rebuff President Obama’s veto threat before the measure heads for a tougher test in the Senate.

Jan 08 14:04

Free Ride Proposed for Electric Cars on State Ferries

The governor's transportation adviser, Charles Knutson, told The Daily Herald that Inslee hopes the incentives will help boost the number of electric vehicles on the road in Washington from about 10,000 today to 50,000 in five years.

Jan 08 13:44

Mark Levin warns: Obama preparing country for coup against Constitution

Earlier this week, conservative talk show host Mark Levin warned that Barack Obama is campaigning and preparing the country for what amounts to a coup against the Constitution over the debt ceiling, Breitbart.com reported Sunday.

Levin said that it's clear Obama has moved on from the shutdown and is now focused on the debt ceiling, paving the way for low-information liberals to support him as he bypasses Congress and unilaterally seizes control of the nation’s economy, Dr. Susan Berry wrote..

Webmaster's Commentary: 

Jan 08 13:39

Putin’s Opportunity to Bust the US Petro Dollar

President Putin is known to be a master at Martial Arts and appears to be using the principles of Ju-Jitsu to topple the Western Banks, especially in regard to his support of the BRICS Development Bank.

brics-logo-320x116The new BRICS Development Bank is now up and running now, is part of his master chess strategy, and is known to be seriously stressing the US Petro Dollar.

The BRICS Banking System is known to be based on Gold, Silver and real commodities unlike the Rothschild’s largest Franchisee the Federal Reserve System.

Jan 08 12:56

Scotiabank Warns The Fed "Put" Is Now Much Further Out-Of-The-Money

The brilliant Mel Brooks 1974 parody Young Frankenstein ranks No. 28 on Total Film magazine’s list of all-time funniest movies. When QE-infinity was first announced, I drew analogous similarities between the monstrous experiments of Dr. Frankenstein (Dr. F) and the Fed.

In the movie, it was only after the monster went berserk that Dr. F (Gene Wilder) learned that Igor had snatched the “Abby Normal” brain. Clearly, even the most well-intentioned experiments can have unintended consequences. In this vein, the Fed created a financial market monster via six years of ‘pedal to the metal’ Fed stimulus designed to encourage risk-taking and speculation, and like Dr. F, the Fed was confident it had the tools to control it. Unfortunately, history will likely view QE- infinity as the “Abby-Normal” brain that sent its grand experiment awry.

Jan 08 12:56

Saudi War On Shale Goes Nuclear - "No Chance OPEC Will Cut Output" Even With Brent Under $50

For those hoping that the recent brief dip in Brent crude below $50 - most notably Venezuela's intrepid socialist leader Nicolas Maduro whose numbered days get shorter with every day Brent closes red, and countless bondholders of junk- debt capitalized shale companies - would mean that Saudi Arabia's vendetta against OPEC would finally be put on hiatus, we have bad news: the vendetta just wen nuclear because as Reuters reports, there is "no chance of OPEC output cut."

As Reuters further adds, Saudi Arabia and its Gulf OPEC allies are showing no sign of considering cutting output to boost oil prices, despite Brent's dip below $50 a barrel this week, where it is surely headed once again in the coming days.

Jan 08 12:23

FORT KNOX: Tainted With Radioactive Gold?

Workers used hammers and acetylene torches to strip away bits of gold and other metals from the warheads’ corrosion-proof plating and circuitry. Useless parts were dumped into trenches. But the gold – some of it still radioactive – was tossed into a smelter and molded into shiny ingots.

Exactly what happened next is one of the most intriguing questions to arise from a workers’ lawsuit against the former operators of the U.S.-owned uranium plant in western Kentucky. Three employees contend that the plant failed for years to properly screen gold and other metals for radioactivity. Some metals, they say, may have been highly radioactive when they left Paducah, bound perhaps for private markets.

Webmaster's Commentary: 

"So all you nations asking for your gold back; you should shut up, because we are saving your lives by not sending it back to you!" -- Official White Horse Souse

Jan 08 12:17

Coke To Fire 1800, Caterpillar Laying Off 200

Stocks are up nearly 2% today alone, with the S&P back to green for 2015. Among the reasons for today's rally: lower overhead courtesy of KO and CAT, which announced that between the two of them, they would fire some 2,000 workers, which is great news for stocks if not for actual employees as there will be even more dry powder for another record quarter of stock buybacks.

Jan 08 11:31

Obamacare causing massive wave of hospital closures across USA

A number of acute-care hospitals closed across the United States last year -- 18 to be exact -- and experts who see a raft of new regulatory processes being heaped upon the healthcare industry in the coming years, thanks to the Affordable Care Act, believe that a wave of additional closures are ahead.

Jan 08 11:31

Russia to Lease Bomber Jets to Argentina. Deal Spooks UK

Russia replaced EU food imports with those from Argentina. It will partly pay for them by leasing a squadron of Su-24 attack aircraft

Webmaster's Commentary: 

Another unforeseen consequence of the oil price wars!

Jan 08 11:03

$200 bn in debt looms over American oil and gas

Plummeting Brent oil prices are putting pressure on North American shale, which has sunk hundreds of billions of dollars into investment, and could soon come crashing down.

Tempted by big returns, shale companies have borrowed more than $200 billion in bonds and loans, from Wall Street and London, to cover development and projects that may not even come to fruition. Oil producers' debt since 2010 has increased more than 55 percent, and revenues have slowed, rising only 36 percent from September 2014, compared to 2010, according to the Wall Street Journal.

Jan 08 10:47

Europe's Largest Bank Stock Suspended, Admits Need For $8.9 Billion Capital Raise

All is clearly not well below the surface. Europe's largest bank (by market value) has admitted in a regulatory filing that it needs to raise capital. As WSJ reports, Banco Santander SA said it would raise up to €7.5 billion ($8.88 billion) in a capital hike, a bid to address long-running concerns among investors and analysts that its financial cushion was weaker than peers. European banking stocks are up over 2% today as Italian banks surge limit up (BMPS +13%) on speculation that they will be purchased by Santander (who 'pumpers' believe are raising this capital to go on a spending spree) and 'old' Draghi headlines.

Jan 08 09:41

$200 bn in debt looms over American oil and gas

Plummeting Brent oil prices are putting pressure on North American shale, which has sunk hundreds of billions of dollars into investment, and could soon come crashing down.

Jan 08 09:21

Delaware man's Christmas gift to 5 homeless people thwarted

A Delaware man says he's devastated after a luxury hotel thwarted his plan to give five homeless people a warm bed and a hot shower on Christmas night.

Matt Senge of Newark tells WDEL-AM (http://bit.ly/1yEKsoR ) he booked a two-bedroom suite at the Hotel du Pont in Wilmington for $639 on Christmas and told hotel managers and the reservation clerk about the gift.

He says everyone was enthusiastic and supportive, and that he got an email confirmation about the room. But three hours before check-in - after Senge told the homeless people about the gift - Senge says the hotel called to say the reservation was canceled because of safety concerns for other guests.

Jan 08 09:21

2015: Everything Can Be Fixed By Printing More Money

It is tiresomely obvious that we live in an era dominated by the idea that virtually all economic difficulties can be fixed by printing more money. There are various means of distributing the new money, but the dominant ideology is really very simple:whatever the problem might be, the solution is to print more money and/or issue more credit.

If the problem persists, clearly, we didn't print enough money/credit.

Jan 08 09:16

Did The World's Biggest Hedge Fund Just Go "All In" On HFT And Dark Pools?

Is the world's biggest hedge fund going all-in on HFT and Dark Pools? We ask because Ray Dalio's Westport, CT-based Bridgewater, which at last check manages around $160 billion between its Pure Alpha and All Weather fund products, and which according to preliminary data had a solid performance in 2014, has just hired Jose Marques, the former global head of the quant and algo-heavy electronic trading at Deutsche Bank, to become Bridgewater's new head of trading.

Jan 08 09:14

Eurozone Falls Into Deflation; ECB About to Do Something Stupid

Economists are in shock over what should be a welcome event. Deflation is exactly what consumers need. Some say this increases the likelihood the ECB will act on January 22.

Actually, it does nothing of the kind. The ECB is already 100% certain to do something counterproductive, and odds cannot exceed 100%.

Jan 08 09:14

U.S. Government/Central Bankers Using False Flags To Keep Coalition Countries In Line

Jan 08 08:41

Top Risks 2015:

Jan 08 08:32

62% of Americans can't cover unexpected expenses

Car accidents, unexpected medical bills, an emergency plumber visit—there are all sorts of events that can interfere with even the best budget plans.

But according to a study released Wednesday, more than 60 percent of Americans do not have enough rainy day funds set aside to deal with even minor calamities.

Jan 08 08:24

Follow-Up Open Letter to New York Times Editors

Using its global reach irresponsibly. Betraying its readers in the process. Why don't Times editors tell readers about Obama's Ukrainian friends? Abhorrent ones.

January 2013 open letter to New York Times editors was this writer’s most widely ever read article.

Touching a raw nerve. Showing increasing numbers of people fed up with managed news misinformation rubbish.

Wanting what Times and other MSM scoundrels don’t deliver. Real news, information and analysis.

On issues mattering most. Domestic and geopolitical. Things affecting ordinary people’s lives and welfare directly. At the most perilous time in world history.

Out-of-control US policies make global war possible. Madness if happens. The role of the media is to inform. Fully and accurately.

Telling people what they need to know. Especially on issues mattering most. What’s more important than war and peace?

Jan 08 08:20

‘Obama is Extremely Successful for Powerful Interest Groups’ – Paul Craig Roberts

PCR interviewed by Sputnik: Has President Obama delivered on his pledges? Whose interest has Obama served?

He has achieved the agenda of the neoconservatives and the military security complex. He has demonized Russia and its President. He has broken up the economic and political relationships between Russia and Europe. He has secured the agenda of the Wall Street, by establishing through the Department of Justice that there would be no prosecution of the criminal gangsters that dislocated the American financial system and ripped off millions of people. He has achieved the agenda of the lawlessness of the US, having determined that the people who tortured detainees will not be prosecuted, even though torture is a felony under the US law and is also prohibited under the international law.

Jan 08 08:01

2015—The Year of the Sheep(le) has arrived

We sheep’ll take you down, Harper!

It’s hard to feel any optimism about end-of-year reflections when the Isramerican military-industrial-corporate-media empire, which controls our reality, is going through its death throes and taking the planet down with it. If the empire ain’t killin’, it’s dyin’! The need to keep the world in a heightened state of panic means that rational decision-making must be sabotaged, which is why the same crises persist or get worse from year to year while omnipresent solutions to them are actively ignored. In other words, human time, the time associated with progress, stands still, and so every December 31 we reflect on a year that is morally, politically and economically worse than the one previous.

Jan 08 06:15

Rep. Thomas Massie re-introduces Ron Paul's "Audit the Fed" bill into Congress

HR.24, the 'Federal Reserve Transparency Act of 2015', was introduced with 64 bipartisan original co-sponsors

Jan 08 02:07

Ellen Brown - 5 Big Banks will Survive Next Financial Calamity - Everybody Else Bankrupt


The G-20 met recently in Australia to make new banking rules for the next financial calamity. Financial reform advocate Ellen Brown says these new rules will allow banks to take money from depositors and pensioners globally. Brown explains, “It became rules we agreed to actually implement. There was no treaty, and Congress didn’t agree to all this. They use words so that it’s not obvious to tell what they have done, but what they did was say, basically, that we, the governments, are no longer going to be responsible for bailing out the big banks. These are about 30 international banks. So, you are going to have to save yourselves, and the way you are going to have to do it is by bailing in the money of your creditors. The largest class of creditors of any bank is the depositors.”

Jan 07 21:35

France to make a choice between NATO and Russia

France faces a tough decision to either deliver two Mistral ships to Russia and face the anger of its NATO allies, or to terminate the Mistral deal, paying a heavy price and further deteriorating its economy

Jan 07 19:46

California Auditor Issues Scathing Catalog of Judiciary Overspending

California’s judicial bureaucracy wasted millions on overpaid employees and “questionable business practices,” as Judicial Council supervisors turned a blind eye, according to an exhaustive investigation by the state auditor published Wednesday.

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