ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Sep 02 14:29

The Real Reason the Empire Hates Putin (Here’s a hint : He’s dumping the dollar)

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

Sep 02 13:44

Bill Laggner-Buy the Dips or Sell the Rips?

Sep 02 13:19

Planned Parenthood chapters among those receiving new Obamacare grants

Planned Parenthood chapters in Iowa, Missouri and Montana received just over $1 million in federal grant funding Wednesday to help Obamacare customers sign up for coverage, even as Republicans in Congress battle to strip the women’s health provider of any federal funding at all amid raging controversy over its abortion practice.

The chapters were among 100 recipients of $67 million in so-called “navigator” grants doled out by the Obama administration Wednesday to nonprofits in 34 states that help people get covered under the Affordable Care Act.

Sep 02 12:23

Return to Crisis: Things Keep Getting Worse

Had the economy been fundamentally sound in 1929 the effect of the great stock market crash might have been small…. But business in 1929 was not sound; on the contrary it was exceedingly fragile. It was vulnerable to the kind of blow it received from Wall Street. Those who have emphasized this vulnerability are obviously on strong ground. Yet when a greenhouse succumbs to a hailstorm something more than a purely passive role is normally attributed to the storm. One must accord similar significance to the typhoon which blew out of lower Manhattan in October 1929. Extracts from The Great Crash: 1929, John Kenneth Galbraith, First Published 1955, Chapter 10: “Cause and Consequence”, Page 204.

Sep 02 12:22

Britain’s Neoliberal Farce: The Working Poor, the Massacre of the Middle Class

If ever there was an environment of misinformation and propaganda in Britain – it would be right now. There is a utopian illusion in the UK that neoliberal strategy actually works. It doesn’t.

Sep 02 11:30

London median house cost, 12 times median income

A new report says the gap between income and house prices in UK has been widening over the past 20 years.

Sep 02 11:12

Russia-China relations at ‘historic peak’ despite ‘illegitimate Western restrictions’ - Putin

With all the differences between Russia and China, the countries face common development targets, such as changing the structure of the economy to favor high-technology sectors, Vladimir Putin said in an interview to Chinese and Russian media.

Sep 02 11:00

Rothschild’s IMF May Be Erased

• BRICS create “New Silken World Order” to bypass West’s monetary stranglehold.

In July, world-changing events occurred, portending the approaching end of Zionist-Anglo-American financial and geopolitical hegemony, but they were ignored deliberately by most Western media. On July 8-9, the seventh summit of the BRICS nations (Brazil, Russia, India, China, South Africa) took place in Ufa, Russia. There, the long-heralded New Development Bank (NDB) was brought finally into existence. However, it was not until July 21, following the official opening in Shanghai, that a few media outlets could force themselves to report half-heartedly about it.

Sep 02 10:58

Putin en Route to China for WWII Parade, Signing Some 30 Bilateral Treaties

Putin is expected to arrive in the Chinese capital of Beijing on Wednesday to attend a formal dinner hosted by Chinese President Xi Jinping.

A major military parade will be held on Tiananmen Square in Beijing the following day, with delegates from a total of 30 countries expected to attend.

Russian Ambassador to China Andrei Denisov said last month that he expected the schedule of Putin’s visit to be very intense and to include the signing of over 20 agreements, in the fields of finance and transportation, among others.

Sep 02 10:47

Keiser Report: Stop What’s That Sound? Falling Markets!

In this special episode of the Keiser Report from New York City, Max Keiser and Stacy Herbert discuss the return of fear as global stock markets begin to wobble.

Sep 02 10:11

Faber: Markets have reached a tipping point

Sep 02 09:45

The Washington Post and the Federal Reserve Cult

It’s always dangerous when followers of an insular cult gain positions of power. Unfortunately, that appears to be the case with the Washington Post editorial board and the Federal Reserve Board cultists.

Sep 02 09:01

Number Of Americans Living On $2-A-Day Doubles

The number of U.S. residents who are struggling to survive on just $2 a day has more than doubled since 1996, placing 1.5 million households and 3 million children in this desperate economic situation. That's according to "$2.00 a Day: Living on Almost Nothing in America," a book from publisher Houghton Mifflin Harcourt that will be released on Sept. 1.

Sep 02 08:43

Is the Stock Market Now "Too Big to Fail"?

Sep 02 08:29

EU Explores Contacts With Eurasian Economic Union

The European Union has finally come around to the idea of working together with the Eurasian Economic Union (EEU), Russia’s envoy to the EU Vladimir Chizhov said Monday.

Webmaster's Commentary: 

Europe starts to drift away from the US and towards Russia.

Sep 02 08:27

The US Opens New Fronts of Confrontation

To understand the essence of the problem, it is necessary to look at recent history. The ongoing crisis which began in 2007 came to China much weaker than Russia, Europe, and the US. China’s economic growth slowed down, but that’s it. Even the collapse in 2009 did not cause a recession. The Chinese government quickly switched the economy towards the domestic market, stimulating it by accelerating the growth of the population’s incomes. Between 2007 and 2015, the minimum salary in the country increased by almost 2.5 times. Its annual growth was 11-15%. Throughout industry as a whole, wages increased almost three times. In fact, the global crisis, started by the US in 2007, didn’t affect China. On the contrary, it has become stronger in relation to its competitors. And it was necessary to do something about this...

Sep 02 08:26

The ECB - EUR22 Trillion Is Missing

Yesterday I published the assets/liabilities of the European Central Bank as provided by them. I provided some analysis that I thought was relevant as I also asked all of you to look at the numbers yourself. To be quite open; I was stunned by the data they provided and shocked by the implications. I had not seen the data in any other source or commented about by anyone and the subject, while admittedly complex, and perhaps made more complex by design, is a huge wake-up call for anyone investing in Europe.

Sep 02 08:20

Cabin owners protest lot appraisals at St. Louis County Board meeting

Mark Erickson of Duluth asked county commissioners Tuesday to slow down the process of selling off county lake lots so renters don't lose their summer cabins, some of which have been in their families for generations.

Sep 02 07:11

THE SURGING RANKS OF AMERICA’S ULTRAPOOR

The number of U.S. residents who are struggling to survive on just $2 a day has more than doubled since 1996, placing 1.5 million households and 3 million children in this desperate economic situation. That’s according to “$2.00 a Day: Living on Almost Nothing in America,” a book from publisher Houghton Mifflin Harcourt that will be released on Sept. 1.

Sep 02 06:51

Odds Favor A Year-End Rally…After A New Low

Sep 02 06:26

September 2015 Sure Started Off With Quite A Bang, Eh? Historically, This Month Is The Worst Month Of The Year For Stocks, And Most Of The Biggest Stock Market Crashes Throughout Our History Have Come In The Fall.

After enduring their worst August in 17 years, U.S. stocks are off to their worst start to a September in 13 years. Just yesterday, I declared that we would be entering the “danger zone” this month, and it didn’t take long for the action to begin.

Sep 02 02:22

QE4 and Dow at 25,000

Sep 01 18:57

After the Correction, Are Stocks Cheap?

Sep 01 18:33

Delusional : Rubio to Trump: ‘America is great’ right now

Well let me show you some REALITY, Mr. Rubio… 1st in prison population, 14th in education, 19th in national satisfaction, 2nd for approval of drone strikes (just after Israel) 23rd in gender equality, 33rd in internet speeds, 46th in freedom of the press, 26th in child well-being, 24th in literacy, 19th in perceived honesty, 27th in leisure and personal care, 17th in happiness, 99th in peacefulness (but hey we rank 2nd in IGNORANCE!) America — F*CK YEAH!

Sep 01 15:39

The surging ranks of America’s ultrapoor

By one dismal measure, America is joining the likes of Third World countries. -- The number of U.S. residents who are struggling to survive on just $2 a day has more than doubled since 1996, placing 1.5 million households and 3 million children in this desperate economic situation. That’s according to “$2.00 a Day: Living on Almost Nothing in America,” a book

Sep 01 15:34

Morgan Stanley issues 'full house' buy alert for stocks

Morgan Stanley has issued a "full house" buy alert on international stock markets for the first time since early 2009, effectively calling the bottom of this summer’s equity slump.

BULL BISCUITS! This is Morgan Stanley trying to spark a buying frenzy to prop up the market one more time.

Sep 01 15:31

Panicked super rich buying boltholes with private airstrips to escape if poor rise up

Hedge fund managers are buying up remote ranches and land in places like New Zealand to flee to in event of wide-spread civil unrest

Webmaster's Commentary: 

I am sure those Maori will find the rich very tasty!

Sep 01 15:31

Canada officially enters recession

Reeling from low oil prices, Canada fell into a recession in the first half of the year, government data confirmed Tuesday, putting Conservative Prime Minister Stephen Harper on the defensive in the run-up to October elections.

Sep 01 15:23

ConocoPhillips Fires 10% Of Global Workforce, Warns Of "Dramatic Downturn" To Oil Industry

Where the great oil crash hits close to home for most Americans, is when firms such as Houston based ConocoPhillips announce that the E&P giant is about to terminate 10%, or 1,800 people, of its global workforce, in the next several weeks as it copes with low oil prices. "Our industry is undergoing a dramatic downturn, which has caused us to look at our future workforce needs. As we have assessed the implications of lower prices on our business, we’ve made the difficult decision that workforce reductions will be necessary.”

Sep 01 15:22

WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months

After the worst day since last November's OPEC meeting, WTI crude is falling further tonight as API reported a huge 7.6 million barrel inventory build. This is the biggest build (compared to DOE data) since early April! WTI Crude is now down 9.85% on the day - that is a bigger drop (close to close) than the Nov OPEC meeting drop and is not matched back to 2008/9's collapse.

Sep 01 15:10

Ugly Stock Markets

Sep 01 14:44

Washington’s Financial Currency War on China: The Eclipsing of the US Dollar by the Yuan

The Chinese are in the process of displacing the monopoly of the US dollar. They are dropping their US Treasury bonds, stockpiling gold reserves, and opening regional distribution banks for their own national currency. This will give them easier access to capital markets and insulate them from financial manipulation by Washington and Wall Street.

Sep 01 14:33

Whoa, Oil Today

Sep 01 14:11

PUTIN SAYS DUMP DOLLAR

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries.

This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”, said a statement from Kremlin.

The bill would also help to facilitate trade in the region and help to achieve macro-economic stability.

Webmaster's Commentary: 

Putin is spot on with this analysis; but I bet it is making Wall Street and the big banks squirm right now.

Sep 01 14:04

FLASHBACK - New York Stock Exchange sold to derivatives company in $8bn takeover

The New York Stock Exchange called time on two centuries of independence on Thursday, agreeing to an $8.2bn takeover that will hand control of the icon of American capitalism to an Atlanta-based energy trader.

The stock exchange's holding company, NYSE Euronext, has agreed to an offer of $33.12 a share in cash and stock from IntercontinentalExchange (ICE). ICE was founded in 2000, NYSE in 1817. The combined company would have headquarters in both ICE's home of Atlanta and in New York.

Webmaster's Commentary: 

Can you say "Conflict of interest?" I knew you could!

Sep 01 13:58

Putin Pushes to Dump the Dollar

Over the past week it was revealed that China is gradually dumping billions of dollars in US treasuries. Truth be told though, China isn’t the only country interested in unhinging itself from the dollar system. The global currency war has begun in earnest, and now Russia is getting in on the action.

Putin recently announced that he was drafting a bill that would remove the dollar and the euro from trade agreements between Russia’s closest trading partners in the CIS. The CIS is a regional association of former Soviet States, which includes Russia, Armenia, Belarus, Kazakhistan, Uzbekistan, Tajikistan, Moldova, Kyrgyzstan, and Azerbaijan. By creating a single marketplace between all of these countries, it would, according to the Kremlin “help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets.”

Sep 01 13:33

CA Department of Public Health Takes “See No Evil, Hear No Evil" Approach to Nursing Home Abuse

In a disgraceful last minute effort to kill AB 348 (Brown) – a CANHR sponsored bill that would have set timelines for investigations of abuse and neglect cases reported by nursing homes – the California Department of Public Health continued a long tradition of siding with perpetrators of abuse against their victims by taking an official position opposing the bill. As a result, this critical bill died in the Senate Appropriations Committee.

The Department receives thousands of reports of suspected abuse and neglect from nursing homes each year and often puts the most serious cases of mistreatment on the bottom of its investigation file. Some investigations are delayed for years, leaving residents at risk and sending a terrible message to operators and the public that abuse and neglect are tolerated. AB 348 was introduced to fix this problem by requiring the Department to complete investigations within 60 days beginning in July 2018.

Sep 01 13:09

Hudson Trail Outfitters closing all stores

Sep 01 13:05

TIGTA: IRS Could Not Verify 40% Of $15 Billion Of Affordable Care Act Tax Credits Due To Lack Of Data From Health Insurance Exchanges

Because of incomplete and unreported data from the Exchanges, the IRS is unable to ensure that taxpayers claiming the PTC purchased insurance through an Exchange and properly reconciled APTCs received. However, the IRS has developed processes to identify erroneous PTC claims. Our review of these processes identified that 79 of the 80 reject code conditions and 16 of the 20 PTC error codes were working as intended. Computer programming errors resulted in the reject and PTC error codes not always identifying tax returns with the particular error condition. The IRS plans to make programming corrections.

Sep 01 13:02

How Wall Street Parasites Have Devoured Their Hosts, Your Retirement Plan and the U.S. Economy

The riveting writer, Michael Hudson, has read our collective minds and the simmering anger in our hearts. Millions of American have long suspected that their inability to get financially ahead is an intentional construct of Wall Street’s central planners. Now Hudson, in an elegant but lethal indictment of the system, confirms that your ongoing struggle to make ends meet is not a reflection of your lack of talent or drive but the only possible outcome of having a blood-sucking financial leech affixed to your body, your retirement plan, and your economic future.

Sep 01 12:57

ConocoPhillips announces massive layoffs

Sep 01 12:47

Putin to Get $3 Billion From US Taxpayers After Ukraine Bond Debacle

Putin did not loan the money to Ukraine as we know it now, he loaned the money to a Ukraine that was governed by Russian-backed Viktor Yanukovych. Ukrainian finance minister Natalie Jaresko offered the same restructuring terms to Russia that it offered to Franklin Templeton and T. Rowe. In effect, Jaresko was attempting to tell Vladimir Putin that Ukraine would allow him to take a 20% upfront loss on the $3 billion he loaned to Yanukovych who was overthrown by the current Ukrainian government with whom Moscow is effectively at war. As you might imagine, Putin was not at all interested.
Who’s going to pay him, you ask? Probably the US taxpayer. Here’s BofAML:
The $3bn Russian bond is included in debt restructuring, but Russia will not participate in debt restructuring and will either be paid $3bn from reserves in December or there will be a political decision to agree on an extension, likely without haircuts.

Sep 01 12:40

FLASHBACK - THE WRH BANKER ARTICLES: ALL IN ONE CHUNK

I have received many emails regarding the various articles I have written about the problems with the current economic system of being forced to borrow all currency at interest from a privately-owned central bank. This is, of course, the very system of banking the United States fought a revolution to be free of, only to be sold back into said banker slavery not just once, but three times by corrupted congresses and corrupted presidents.

I have been asked to collect all those articles into a single page to make it easier for people to send to their friends, and this collection is the result.

Optional Banner: 
WRH Exclusive
Sep 01 11:58

200,000 get millionaire amid market volatility

A new study has found that the number of millionaires in the UK has increased significantly within the past five years.

Sep 01 11:56

US muddles with gold reserves, not conducting public audit

The US tries to convince the world, that gold prices fall, as the metal started threatening the role of dollar as a global reserve currency, William Engdahl, geopolitical analyst, strategic risk consultant, professor at Princeton University wrote for New EasternOutlook. At the same time, Russia and China keep building up gold mining. Aleksey Vyazovsky, Vice-president of the Golden Mint House commented o the issue.

Sep 01 11:39

Is This The End For The U.S. Dollar?

Sep 01 11:38

Pentagon understated cost of new bomber by $25bn, blames ‘human error’

Very little is known about the US Air Force’s new long-range strike bomber (LRSB) – including, apparently, the cost. Facing questions over a $25 billion discrepancy in development costs, the Pentagon blamed “human error” and shrugged it off as a “mistake.”

Sep 01 11:35

No Time for Women’s Health in an Age of Austerity

The war waged by political reactionaries and pro-life advocates against Planned Parenthood in the United States is widely known. I wrote about it a couple of weeks ago, and the undercover videos attempting to show the organization in a bad light are only the latest in a longstanding campaign. Planned Parenthood, which provides health care to millions of American women, has been under threat for years. It has always fought back.

Sep 01 11:29

Teen Gets 11 Years For Giving Bitcoin Advice to ISIS on Twitter

“The War on Terror” continues as a Virginia teenager was recently sentenced to eleven years in U.S. federal prison for his pro-ISIS views and Bitcoin advice on Twitter.

17-year-old Ali Shukri Amin allegedly maintained the Twitter account @Amreekiwitness “to espouse pro-ISIS views and propaganda.” The account, which was able to gain over 4,000 Twitter followers, was also a place where advice on how to use Bitcoin to fund ISIS was disseminated...

Sep 01 11:24

This 2 Day Stock Market Crash Was Larger Than Any 1 Day Stock Market Crash In U.S. History

We witnessed something truly historic happen on Friday. The Dow Jones Industrial Average plummeted 530 points, and that followed a 358 point crash on Thursday. When you add those two days together, the total two day stock market crash that we just witnessed comes to a grand total of 888 points, which is larger than any one day stock market crash in U.S. history.

Sep 01 11:23

Best Case Analysis Shows National Debt is Unpayable

Let’s use only mathematics, no politics, to show how federal borrowing fails MATHEMATICALLY, thus it is a known, provable fraud scheme. This was written a few years ago when the national debt was $15 trillion, and it’s worse now, but 15 is an easy number for fact checking calculations.

When engineers have to do an analysis which is too complicated to control all the inputs, we assume all the inputs are controlled to “best case” and then we calculate if the problem can even be solved at all. If it can’t be solved under “best case” conditions, it can’t be solved at all, and anyone claiming they have it solved is pushing a fraud scheme.

Webmaster's Commentary: 

Sep 01 11:22

Puerto Rico’s Religious Leaders Call For Debt Relief And End To Austerity

Puerto Rico’s religious leaders have called for debt relief in the face of the $72 billion financial crisis burdening the Caribbean US territory.

At a press conference in San Juan, leaders of the principle religious groups laid out six principles to resolve the crisis. In a statement, the clergy called on the United States Federal Reserve to intervene if Congress fails to pass bankruptcy protection to the financially strapped island.

Sep 01 11:20

Rigor Mortis Of The Robo-Machines

Sep 01 10:49

UK police officers to lose jobs with govt.’s spending cuts

UK government’s spending cuts will see over 22,000 police jobs being lost.

Sep 01 10:37

Global markets are melting down

Global markets are getting smoked again.

The Dow is down 420 points (2.5%), the S&P 500 is down 51 (2.6%), and the Nasdaq is down 111 points (2.3%).

It was a bloodbath in Europe, with Britain's FTSE down 3.0%, Germany's DAX down 2.3%, France's CAC 40 down 2.4%, and Spain's IBEX down 2.6%.

Asian markets closed deep in the red, with Japan's Nikkei plunging 3.8%, Hong Kong's Hang Seng falling 2.2%, and China's Shanghai Composite tumbling 1.3%.

In the commodities markets, oil is getting slammed with WTI crude futures down 7%.

Webmaster's Commentary: 

Sep 01 10:23

A Hot September for Catalonia

Sep 01 10:17

Pennsylvania school district faces bankruptcy amid budget deficit

Many schools in the US state of Pennsylvania are on the brink of collapse due to the state government’s failure to pay subsidies.

Sep 01 09:48

The one chart that shows stock markets only ever move this fast when there's about to be a recession

A Goldman Sachs analyst has spotted that the VIX index, which is used to see how fast US stock market prices are changing, is at a level it only usually hits when the US is in recession.

Krag Gregory, a Goldman analyst with four maths degrees who has been called 'the oracle of VIX', said: "While extreme VIX levels periodically occur, our analysis shows that VIX levels in the high- twenties to low-thirties for extended periods of time are rare outside of recessions."

Sep 01 08:36

Mass Layoffs To Hit Banking Industry As Consumers Ditch Big Box Banking

The days of big banks are done. Million dollar buildings that double as empty fortresses will soon be empty, or conveniently turned into FEMA holding centers when the collapse hits.

The tide is turning and the banks know it. Mass layoffs have been announced by almost every major institution in the world and this is just the beginning. Unfortunately small town America will be hit the hardest as some of these jobs are the highest paying in the household. Also taking a major hit will be Charlotte, NC, the banking center of the US, where Wells Fargo has over 22,000 employees, Bank Of America 15,000 and most major banks have a presence. Be on the lookout for some great real estate deals in Charlotte soon.

Sep 01 08:35

QVC Buys Zulilly

The parent of QVC recently bought online deal site Zulilly for $2.3billion.

Sep 01 08:35

Oil Price Drops, Gas Price Rises

Crude oil is at a 6 year low price and yet the price of gasoline at the pump is still rising in many areas. But why?

Sep 01 08:34

India Native CEO’s Take the US by Storm

Many of the CEOs of the largest companies in the U.S. today are India born natives.

Sep 01 08:17

Global Trade In Freefall: South Korea Exports Crash Most Since 2009

While the market's attention overnight was focused on China's crumbling manufacturing and service PMI, data which was already hinted in the flash PMI reports earlier in August, the real stunner came not from China but from South Korea, which last night reported an unprecedented 14.7% collapse in exports, far worse than the -5.9% consensus estimate, and more than 4 times worse than July's 3.4%. The number is critical because not only do exports account for about half of South Korea's GDP but because it also happens to be the first major exporting country to report monthly trade data. That makes it the perfect barometer of global trade flows, or as the case may be, the canary in the global trade coalmine.

Sep 01 08:09

Why Iran Won’t Double-cross Russia

Some speculation is weaving through the airwaves that once its US-imposed sanctions are lifted in several months, Iran will shift its existing allegiance with Russia and instead double-cross the Great Russian Bear by doing gas and oil export deals that directly undercut Russia, especially Gazprom’s Turkish Stream gas pipeline aimed at the southern EU states. Were that to occur, perhaps at the same time a Pentagon and CIA backed rearming of the Ukrainian army and supply of massive heavy artillery to launch a far more effective military assault on the eastern Ukraine self-proclaimed republics, the Washington calculation would be a devastating blow to Putin and Russia’s economic stability. No matter what dreams may be floating around the Pentagon however, for many reasons an Iranian double-cross is highly unlikely.

Sep 01 07:59

Recession confirmed as Canada's GDP shrank in 2nd quarter

Canada's economy expanded in June but declined by 0.1 per cent for the second quarter as a whole, meeting the bar of what is legally defined as a recession.

The economy expanded by 0.5 per cent in June, Statistics Canada said.

But that slight monthly uptick wasn't enough to offset the contraction in the previous two months, which means for the second quarter as a whole, the economy shrank.

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