ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 21 12:04

12 Signs That An Imminent Global Financial Crash Has Become Even More Likely

Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were rattled. The Dow fell 212 points on Tuesday, and Apple stock plummeted another 5 percent. As we hurtle toward the absolutely critical months of September and October, the unraveling of the global financial system is beginning to accelerate. At this point, it is not going to take very much to push us into a full-blown worldwide financial crisis. The following are 12 signs that indicate that a global financial crash has become even more likely after the events of the past few days…

Aug 21 11:31

Keiser Report: $32 trillion in pointless trading

In this special episode of the Keiser Report from Chicago, Max Keiser and Stacy Herbert discuss the $32 trillion in pointless trading each and every year.

Aug 21 11:18

Weekend Reading: Is This The Big One?

Aug 21 10:53

93 million unemployed in the US. Was Trump right?

In an interview with Time magazine, presidential candidate Donald Trump made the following statement about the U.S. economy:
"In reality, the unemployment rate in our country, probably 21%. Not 6%. Not the 5.2% to 5.5%. I'm talking about the real unemployment rate: in fact, I recently saw a graph of our real unemployment, and 90 million people are not working. More precisely, 93. If to count, our real unemployment rate is 42%".

Aug 21 10:51

10 currencies, which can follow the example of tenge

Historically, Kazakhstan has always been on the periphery of the financial markets. However, this Central Asian country in recent times was a shock to the world currency markets.
On Tuesday, the national currency of Kazakhstan collapsed after Kazakhstan has moved to a floating exchange rate of tenge, which caused serious concern to politicians. This situation showed investors that developing countries have become too expensive to protect their currencies.
Vietnam devalued the Dong, and freely traded currencies, such as South Africa Rand and the Turkish Lira also lost value. The reason for this wave of devaluation was the decision of China to weaken the yuan on August 11, with the result that countries that compete with China in export markets and those who trade with China, was in a very disadvantageous position.

Aug 21 09:49

In the US the second city after Detroit declared bankrupt

In particular, we are talking about a relatively small city Hillview, a population of about 8 thousand people. The city is bankrupt in Kentucky. Earlier, in 2013, for the first time in US history, the Detroit declared himself bankrupt.
Hillview has filed a claim for recognition of its bankruptcy due to inability to pay the debt of $ 100 million. The city has the assets only in the amount of $ 10 million. The reason for the high debt is a legal battle with the Truck America Training because of the deal for the sale of land. The court ordered the city to pay the company $ 11.4 million.

Aug 21 09:44

Plunge Protection Teams of the World, Unite!

Aug 21 09:16

Stocks Extend Drop as Crude Oil Slumps on China Slowdown

Aug 21 08:44

What Drought? Nestle Pays Only $524 To Extract 27,000,000 Gallons Of California Drinking Water

Nestle has found itself more and more frequently in the glare of the California drought-shame spotlight than it would arguably care to be — though not frequently enough, apparently, for the megacorporation to have spontaneously sprouted a conscience.

Aug 21 08:25

Do the Rich Rule the United States?

Is America’s political system controlled by a small financial elite? One former president thinks so.

Almost 40 years after he was elected, former President Jimmy Carter commented recently that our political system is now “an oligarchy with unlimited political bribery.” He may be right.

Aug 21 08:19

In bid to ram through austerity package, Tsipras calls snap elections in Greece

Greek Prime Minister Alexis Tsipras used a nationally televised address yesterday evening to announce his resignation and the calling of snap elections. While Tsipras defended his government’s imposition of a European Union (EU) package of deep austerity measures, government sources said the elections would most likely be set for September 20, before these measures begin to go into effect in October.

Aug 21 08:16

The Fed Is Bluffing About a 2015 Rate Hike

What did we tell you…

The Janet Yellen Fed will not raise interest rates in any meaningful way anytime soon. Instead, she will announce new QE programs.

Yesterday, red was showing up just about everywhere – U.S. stocks, European stocks, Asian stocks, emerging markets stocks, crude oil…

Aug 21 08:12

WHAT DROUGHT? NESTLE PAYS ONLY $524 TO EXTRACT 27,000,000 GALLONS OF CALIFORNIA DRINKING WATER

Nestle has found itself more and more frequently in the glare of the California drought-shame spotlight than it would arguably care to be — though not frequently enough, apparently, for the megacorporation to have spontaneously sprouted a conscience. Drought-shaming worked sufficiently enough for Starbucks to stop bottling water in the now-arid state entirely, uprooting its operations all the way to Pennsylvania. But Nestle simply shrugged off public outrage and then upped the ante by increasing its draw from natural springs — most notoriously in the San Bernardino National Forest — with an absurdlyexpired permit.

Aug 21 08:10

Fall of ruble and tenge stimulates economic restructuring of Russia, Kazakhstan — official

The fall of the ruble and the tenge against the US dollar and euro should encourage the restructuring of the economies of Russia and Kazakhstan, said the Head of Eurasian Development Bank Dmitry Pankin in an interview with Russian TV channel Rossiya-24 on Friday.
"Such low prices should finally stimulate the economic restructuring ... The change of the exchage rate, such a fall of the national currencies - the ruble, tenge, it creates an opportunity for the development of other industries, to diversify the economy," said Pankin.

Aug 21 07:56

The Monster Plot - Are Russian Spetsnaz in full motion in America?

According to ex-KGB officer Anatoly Golitsyn who defected to the West all-the-way back in 1961, the Soviet Union had plans to fake their own collapse (which later happened back in 1991) as part of their strategy to ultimately defeat the West by uniting with them under a world government led by none other than the Russians and Chinese.

As we watch events unfold today as America turns into a socialist nightmare and Russia, China and BRICS prepare to seize control of the global finance machine away from the US, we have to ask if we are now watching the concluding acts of a plan set into motion many years ago?

Aug 21 07:50

WHEN $8.5 TRILLION IS CHUMP CHANGE

here’s my real concern. The $8.5 trillion is just the bit that the Pentagon can’t account for. That’s far from all the money it was given. U.S. military spending, spread across several departments with the biggest chunk of it to the Department of so-called Defense, is upwards of $1 trillion every year. Over 17 years at the current rate, which rose sharply after 2001, that’s upwards of $17 trillion.

Imagine that the Pentagon accounted for every dime of that missing $8.5 trillion, named every profiteer, documented the life history of every man, woman, and child killed, and passed the strictest audit by an independent team of 1,000 accountants reporting to 35 Nobel Laureates — if that happened, I ask you, exactly what difference would it make?

Aug 21 07:38

Social engineering 2.0 Google algorithm poses “serious threat to democratic system”

Did democracy just get downgraded (yet again)?

Social engineering is now a dated practice, that has undoubtedly influenced nearly all our lives for the past century in ways that many of us perhaps don’t notice.

Aug 21 07:32

Loss of Manufacturing Jobs Isn’t ‘Tectonic’–It’s a Policy Choice

Wall Street executive Steve Rattner had a column (8/14/15) in the New York Times in which he derided Donald Trump’s economics by minimizing the impact of trade on the labor market. While much of Trump’s economics undoubtedly deserve derision, Rattner is wrong in minimizing the impact that trade has had on the plight of workers.

Aug 21 07:27

THE FATAL FLAWS IN WALL STREET'S ECONOMIC THEORY

Back in 2008, in testimony before Congress in the wake of the crash of Wall Street's mortgage-backed securities scam, former Federal Reserve Chairman Allan Greenspan made the admission that his "ideology" had a flaw.

Greenspan and the members of Congress relied heavily on euphemisms like "ideology" and spoke in vague terms to obfuscate from the American people that there are fundamental flaws in the way the US Financial system works.

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Aug 21 07:23

We Have Already Witnessed The First 1300 Points Of The Stock Market Crash Of 2015

On Thursday, the Dow Jones Industrial Average plummeted 358 points. It was the largest single day decline in a year and a half, and investors are starting to panic. Overall, the Dow is now down more than 1300 points from the peak of the market.

Aug 21 07:21

The Federal Reserve – Which CREATED Quantitative Easing – Admits QE Doesn’t Work

The Vice President of the Federal Reserve Bank of St Louis (Stephen Williamson) writes in a new Fed white paper (as explained by Zero Hedge):

The theory behind Quantitative Easing (QE) is “not well-developed”

The evidence in support of Ben Bernanke’s views on the transmission mechanisms whereby asset purchases affect outcomes are “mixed at best”

Webmaster's Commentary: 

Q.E. was nothing more than a bailout for Wall Street on the backs of the American people who may the price for the inflation all this new money has created.

Click for larger image

Aug 21 07:18

Far left splits from Tsipras as Greece heads to elections

Rebels opposed to Greece's international bailout walked out of the leftist Syriza party on Friday, formalising a split after its leader Alexis Tsipras resigned as prime minister and paved the way for early elections.

Greece's president gave the conservative opposition a chance to form a new government following Tsipras's resignation on Thursday, but the country appears almost certain to be heading for its third election in as many years next month.

Webmaster's Commentary: 

You have to question the sanity of anyone who wants the job at this late stage!

Aug 21 07:03

HP's layoffs will exceed 55,000 people, CFO says

HP's CFO Cathie Lesjak says the company will cut up to an additional 5% more people from its workforce than the 55,000 people it had planned to eliminate.

Aug 21 06:58

Macedonian police teargas thousands of refugees crossing from Greece - reports

Macedonian police fired tear gas at crowds of thousands of migrants and refugees trying to cross the border from Greece, Reuters reported. The country declared a state of emergency on Thursday over the migrant crisis.

Police fired tear gas from behind barbed wire as an angry crowd demanded passage through Macedonia.

Aug 21 02:40

Greek Prime Minister To Resign, Announce Snap Elections

Resignation seen as attempt to forestall political revolt following approval of new bailout package and austerity measures in economically-battered nation.

Aug 21 02:33

Germany and France: Leading Actors in Greek Drama - Part II

Germany wants to play the leading role when it comes to financial and economic issues regarding other states of eurozone. It meets the immediate interests of its big business which uses the debt situation to its advantage by accumulating assets abroad. The European Commission, which in some cases resists the pressure from Berlin, directed attention to the fact.

Aug 20 15:18

Antiques in spaaaaace! Retired space shuttles cannibalised for parts

NASA’s budget woes have forced it to consider sending museum pieces into space.

With funding cuts looming, NASA engineers are saving cash by cannibalising parts from retired shuttles in museum displays to use on the International Space Station (ISS).

Aug 20 14:43

Another US Retailer To Close 90 Stores

Aug 20 14:09

Currency Wars, Trade Wars… World Wars

History is repeating itself. While the times are different and the names have changed, the underlying circumstances and basic fundamentals remain the same. The Crash of ’29, The Great Depression, plunging commodity prices, currency wars, trade wars, world war. Now, four score and six years later: The Panic of ’08, The Great Recession, plunging commodity prices, currency wars. Are trade wars and world war next?

Aug 20 13:45

It Starts: Broad Retaliation Against China in Currency War

Hot money is already fleeing emerging markets. Higher rates in the US will drain more capital out of countries that need it the most. It will pressure emerging market currencies and further increase the likelihood of a debt crisis in countries whose governments, banks, and corporations borrow in a currency other than their own.

This scenario would be bad enough for the emerging economies. But now China has devalued the yuan to stimulate its exports and thus its economy at the expense of others. And one thing has become clear on Wednesday: these struggling economies that compete with China are going to protect their exports against Chinese encroachment.

Hence a currency war.

Aug 20 12:51

The Federal Reserve is Not Your Friend

Imagine that the Food and Drug Administration (FDA) was a corporation, with its shares owned by the nation's major pharmaceutical companies. How would you feel about the regulation of medications? Whose interests would this corporation be serving? Or suppose that major oil companies appointed a small committee to periodically announce the price of a barrel of crude in the United States. How would that impact you at the gasoline pump?

Such hypotheticals would strike the majority of Americans as completely absurd, but it's exactly how our banking system operates.

Aug 20 12:43

Oil Prices Must Rebound. Here’s Why

n the short term, the oil market is in the doldrums and projects are being delayed or cancelled, left right and center. Production in North America will stop growing and in the rest of the world it will actually decline.

Aug 20 12:41

Kazakhstan Follows Russia in Floating the Currency

Russia Insider’s Alexander Mercouris has argued the single most important factor that has allowed Russia to weather lower oil prices so well has been its decision to float the ruble.
Kazakhstan chose a different strategy and continued to maintain a partial peg to the dollar - and as a result has found itself in considerable difficulty.
Now, however, Astana has declared it will move toward a freely-floating currency as Russia did last year.

Aug 20 11:49

REITs on the Rebound! Forget Stocks and Bonds

Aug 20 11:34

"This Country Is Destroyed": 26 countries, 35 days in Europe During the Economic Collapse of 2015

Many discerning people are expecting an economic collapse at any moment, yet it's still possible to travel without spending a lot of money. My wife and I took off July 10th & went to Europe for 35 days. We hit 26 countries, at a pretty fast pace. I'm a notorious cheapskate, & the main point I would like people to know is that travelling to Europe is not as nearly expensive as most people are led to believe. We bought the EuroRail pass & travelled throughout Europe by train. From Copenhagen to Istanbul, Norway to Bosnia, this was quite a trip. We met all sorts of interesting people including several in Athens, Greece, who told me "this country is destroyed."

Aug 20 11:26

Georgos Galeos: Tsipras Surrendered the Greek Flag to the Germans

Aug 20 10:58

Another US Retailer To Close 90 Stores

Aug 20 10:26

Exarchia, The Town In Athens Greece That Is Keeping The Government Out And Starting Anew

As the economic and political systems continue to crumble and collapse in Greece, a district in Athens is growing in strength and independence after large numbers of individuals began to keep the government out and empower their own community.

Aug 20 10:25

FLASHBACK - The Boot That Stamps On Your Face

The way to see that picture of one central controlling financial octopus slithering down through history with backroom bribes and secret assassinations is to take the core syllabus of Eustace Mullins and Archibald Maule Ramsay, edit it, and lay it out like an outline.

1645: Portuguese Jewish bankers in Holland Solomon de Medina and Fernando Carvajal secretly fund Oliver Cromwell to readmit the Jews to England, where they had been banished for loansharking for almost 400 years. This drama leads to the killing of the king, the debauching of Ireland, and the capture of the British treasury by the Jews, which is why the [Rothschild] City of London is the power center of the world today.

Aug 20 09:56

INSANE Bloomberg Breaks Embargo

Aug 20 09:52

Greek debt crisis: Alexis Tsipras 'to resign' and call snap election for September

Greek leader Alexis Tsipras will make an announcement on 20 August where he will call snap elections towards the end of September and unconfirmed reports say he will resign to re-establish confidence in his Syriza party.

Aug 20 09:50

NJ Lost 13,600 Jobs In July

Aug 20 09:49

American Apparel warns it may go out of business

American Apparel has "substantial doubt" it will stay in business, the company said Monday.

The clothing brand has been struggling for some time, and news it's nearing collapse came as American Apparel (APP) reported a net loss of $19.4 million for last quarter.

Aug 20 08:45

Big Bloomberg Layoffs, Says New York Post

Aug 20 06:24

Greek PM Tsipras to call snap election - State TV

Aug 20 04:05

26 countries, 35 days in Europe: How my wife & I took this interesting train trip, on the cheap

Many discerning people are waiting for an economic collapse at any moment, yet it's still possible to travel without wasting a lot of money. My wife and I took off July 10th & went to Europe for 35 days. We hit 26 countries, at a pretty fast pace, and spent very little money. My wife's passion is travelling, and we aren't the materialistic types. We're both frugal. & I am a notorious cheapskate. The main point I would like people to know is that travelling to Europe is not as nearly expensive as most people are led to believe. We bought the EuroRail pass & traveled throughout Europe by train. We met all sorts of interesting people and navigated train travel, lodging, staying safe, and having an enriching fun experience.

Aug 19 23:15

Greece is for Sale – and Everything Must Go

Piraeus and Thessaloniki ports are up for sale – the former case has caused the chief executive to resign and industrial action has begun. A gas transmission system looks likely to be sold to the government of Azerbaijan, but there’s still a power and electricity company, the postal service, a transport utility which allows trains and buses to run, the country’s main telecommunications company, a 648 km motorway, and a significant holding in the leading oil refiner, which covers approximately two-thirds of the country’s refining capacity.

Holdings in Thessaloniki and Athens water are both on sale – though public protest has ensured that 50% plus 1 share remains in state hands. Nonetheless, the sale will mean that market logic will dictate the future of these water and sewerage monopolies. Finally there are pockets of land, including tourist and sports developments, throughout Greece.

Aug 19 21:52

Germany and France: Leading Actors in Greek Drama

The debates about the future of Greece are acquiring a political-geographical dimension. The interests and opinions are divided between two leading European power centers – the northern one led by Germany and the Mediterranean headed by France. The arguments and conclusions are opposing. The widening gap directly threatens the ability of the European Union to act as one economic and political entity.

Aug 19 21:44

Flamethrowers, given up by military, are now being sold to the public

By Aaron Smith

NEW YORK (CNNMoney) -- Flamethrowers were gruesome weapons of war and so controversial that the U.S. military stopped using them after Vietnam.

But as crazy as it may sound, they are available for sale to the public.

Aug 19 19:17

Trumping the Federal Debt Without Playing the Default Card

The US is bankrupt either way. The question is who will get stiffed? I think it should be the banksters who loaned the odious debt that financed wars of aggression around the world.

Aug 19 18:04

How to Survive When You Can’t Pay Your Bills

Aug 19 16:47

Why Are So Many People Freaking Out About A Stock Market Crash In The Fall Of 2015?

In fact, I don’t think that I have ever seen more experts come out with bold predictions that a stock market crash will happen within a very specific period of time.

Aug 19 14:09

Marc Faber: I See Recession Coming (VIDEO)

In an interview on FOX Business Network’s Risk & Reward, “Gloom, Boom & Doom Report” publisher Marc Faber says he still thinks a recession is on its way.

Aug 19 13:57

Economic Crisis Goes Mainstream – What Happens Next?

Last year, when alternative economic analysts were warning that the commodities crush and oil crash just after the taper of QE3 were blaring signals for a downshift in all other financial indicators, the general response in the mainstream was that we were overreacting and paranoid and that the commodities jolt was temporary. Perhaps the fact needs repeating that it’s not paranoia if they are really out to get you.

Aug 19 13:51

Fed Official Admits Zero Interest Rate Undermined Economy: “QE Has Been Ineffective”

Today, with the United States and the globe approaching another financial cliff, officials from the Federal Reserve are beginning to acknowledge the colossal failure of their quantitative easing program that was instituted in the wake of the 2008 economic collapse.

In a white paper dissecting the U.S. central bank’s actions to stem the financial crisis in 2008 and 2009, Stephen D. Williamson, vice president of the St. Louis Fed, finds fault with three key policy tenets.

Read more at SHTFplan.com

Aug 19 13:50

LEAKED: GM Sees Overcapacity Fiasco in China, Hopes Americans Will Buy Lots of Chinese-Made Buicks

The start of a tsunami. US “Manufacturing Renaissance” takes another hit.

Aug 19 13:04

German parliament approves third Greek bailout in landslide vote

Germany’s parliament overwhelmingly approved a third bailout for Greece on Wednesday, removing a key hurdle to providing new loans to the country and keeping it from defaulting on its debts in as little as 24 hours.

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