ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 16 16:59

Greece: Bailout Still Far Away

Unless Greece commits to more economic reforms, Europe is not likely to offer a bailout to the country again.

Jul 16 16:58

Whole Foods Routinely Made Pricing “Mistakes”

Co-CEOs of Whole Foods, Walter Robb and John Mackey, recently released a YouTube video apologizing to customers for pricing “mistakes”.

Jul 16 15:24

The Only Thing Growing Is Debt

None of this is really new. US manufacturing has in fact been weak for a while. But the timing and circumstances make it ominous: Six years into a recovery and with interest rates at record (and unnaturally) low levels, this kind of gradual slowdown should not be happening

Jul 16 15:24

CBS To Dump Radio Jobs

Jul 16 15:01

The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis

There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one.

Jul 16 14:42

When the Trucks Stop Delivering, ”The System” Will Collapse

Collectively speaking, most Americans take for granted the system in place to deliver essential supplies to their area. “The system,” an underlying infrastructure that keeps goods, services and commerce in America flowing creates a sense of normalcy and order. Food, water, gasoline and medications are just a few of the items restocked weekly in order for our dependent society to maintain a steady flow. What many fail to grasp is just how fragile the system is and just how quickly it can collapse.

Jul 16 14:42

Greek Banks Just Became A "Strong Sell" At Any Price

Even as Greek banks, severely depleted of cash and eligible collateral they can post with the ECB, stand to fight another day (and potentially face more withdrawals as soon as the Greek banks reopen supposedly on Monday) thanks to another €900 million liquidity infusion, investors in Greek bank shares will be less lucky: "to ensure a new bailout, investors in the country’s banks faced the prospect of their holdings being "wiped out" under the terms of a €25 billion recapitalization plan."

Jul 16 14:40

Tennessee Woman Arrested For Printing Money: "All These Other Bitches Get To Print Money So I Can Too"

In what is either the best example why one should never believe anything they read on the internet, or just blatant frontrunning of the last QE by a few years, earlier this week a woman from Kingsport, Tennessee was arrested for counterfeiting money. Her justification: she read online that President Barack Obama made a new law allowing her to print her own money. "I don't give a ****, all these other bitches get to print money so I can too."

Jul 16 14:38

Deutsche Bank probed by UK regulator for ‘laundering Russian cash’

Britain’s Financial Conduct Authority (FCA) has begun an investigation into whether Deutsche Bank breached anti money laundering laws for its Moscow clients, it has emerged.

The Financial Times reports the inquiry focuses on the bank’s so-called mirror trades executed in London and Moscow.

Jul 16 14:35

Iran’s Long-Game Diplomatic Strategy

Iran has sought negotiations with the U.S. for two decades, but both Democratic and Republican administrations favored hostility demanded by Israel and Saudi Arabia.

Now that Iran nuclear deal is completed, the attention of Western news media and political commentators is predictably focused overwhelmingly on the opposition to the agreement within the U.S. Congress and from Israel and the Saudi-led Sunni Arab coalition.

That media lens misses the real significance of the Joint Comprehensive Plan of Action, which is that Iran succeeded in negotiating an agreement with the United States that upheld its national right to a nuclear program despite the obvious vast disparity in power between the two states. That power disparity between the global hegemon and a militarily weak but politically influential regional “middle power” has shaped not just the negotiating strategies of the two sides during the negotiations but, more importantly, how they came about in the first place.

Jul 16 14:31

Who’s Next for Berlin’s Financial Blitzkrieg?

The financial terms dictated to Athens over the latest so-called bailout is nothing less than the subjugation of a sovereign country to the dictate of German banks. The troubling question for several European states is: who’s next?

Jul 16 14:16

Water: The New Gold? | Kitco News

Jul 16 13:40

IMF - Greek Debt Untenable

Overwhelming Greek debt is a time bomb sure to explode. It's unsustainable. It's just a question of when the Hellenic Republic implodes - crushed under the weight of a deepening financial burden no nation can bear indefinitely - especially ones with no control over their monetaryIt's got most House and Senate members convinced. It's working on others directly and through its Lobby - applying their usual heavy-handed pressure.

Jul 16 12:59

The German Siege Of Greece Begins (No, This Is Not A Repeat From 1941)

Did you notice that Greece’s creditors are not rushing to offer the Greeks a new deal in the wake of the stunning referendum result on Sunday? In fact, it is being reported that the initial reaction to the “no” vote from top European politicians was “a thunderous silence“. Needless to say, the European elite were not pleased by how the Greek people voted, but they still have all of the leverage. In particular, it is the Germans that are holding all of the cards. If the Germans want to cave in and give the Greeks the kind of deal that they desire, everyone else would follow suit. And if the Germans want to maintain a hard line with Greece, they can block any deal from happening all by themselves. So in the final analysis, this is really an economic test of wills between Germany and Greece, and time is on Germany’s side. Germany doesn’t have to offer anything new.

Jul 16 12:41

When the CIA First Overthrew a Government…

62 years later, the aftermath is still troubling global politics. Operation Ajax was a pivotal moment in US and world history. It was the first time the CIA overthrew a government. -- Yet even today the US government would rather not talk about it. That’s why it remains an unknown story for many Americans.

Jul 16 12:39

Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System

The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses. This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico’s 73 billion dollar debt is “not payable,” and a special adviser that was recently appointed to help straighten out the island’s finances said that it is “insolvent” and will totally run out of cash very shortly. At this point, Puerto Rico’s debt is approximately 15 times larger than the per capita median debt of the 50 U.S. states. Yes, the Greek debt crisis is larger, as Greece currently owes about $350 billion to the rest of the planet. But only about $14 billion of that total is owed to U.S. financial institutions. But with Puerto Rico, things are very different. Just about the entire 73 billion dollar debt is owed to U.S. financial institutions, and this could potentially cause massive problems for some extremely leveraged Wall Street firms.

Jul 16 12:10

Capitalism Has Become Socially Dysfunctional

If you have not read John Perkins’ book, Confessions Of An Economic Hit Man, you should. The book is easy to read and explains clearly from the inside how US corporations deceive foreign governments into debts that they cannot service or repay and then use the IMF and World Bank as looting mechanisms and reduce the indebted countries to penury.

Jul 16 12:08

Micro-Apartments Are Coming to the Midwest

Des Moines doesn’t have a reputation for being particularly hip … or space-constrained. In this city of a bit more than 200,000 people, you can buy a three-bedroom house for less than $150,000 and find yourself a short drive from acres of rolling farmland. The local culture blog is called Des Moines Is Not Boring—a pretty good indication that it very well might be.

That makes the city a surprising place to find a growing market for micro-apartments—an imprecise term describing units that are smaller than traditional studios.

Webmaster's Commentary: 

But cost three times as much!

Because, after all, those money-junkies want mile-wide lawns around their palaces!

(ahem)

When the great plagues erupted in Europe, they spread like wildfire because the cramped living conditions of the poor made it easy for the fleas that carried the illness to hop from one person to the next to the next to the next. It appears as the world descends into a new feudal age that we may be repeating the same mistakes with the same potential outcome!

Jul 16 11:57

Germany Wastes No Time, Puts Greece "For Sale" On Craigslist

Jul 16 11:34

McDonald's franchisees are terrified for the future

"At least half of the operators in my region are on the verge of collapse," one franchisee wrote in response to the survey. "With minimum wage for fast-food workers potentially increasing to incredibly high levels, we are facing a crisis situation. "

Another said: "The operators sit on a cliff right now. With sales going in the wrong direction, all must be conservative in our decisions. It will take only one bad decision to put any operator down and out."

Webmaster's Commentary: 

McDonald's already made the bad decision when they value engineered their food to the point of undigestibility at the same time they tried to rebrand as upscale to compete with Starbuck's.

But of course it's just easier to drop the blame on workers who want a decent living wage ... so they can eat at McDonald's!

Jul 16 11:27

Greece: PM Tsipras Banishing Ministers Opposing Sellout to Creditors, Syriza Sharply Divided

Finance Minister Yanis Varoufakis resigned after being pushed out – replaced by Euclid Tsakalotos.

After leaving, he said he’s no longer under “incredible pressure to negotiate for a position I find difficult to defend…”

He cited the “complete lack of any democratic scruples (displayed by) the supposed defenders of Europe’s democracy. (V)ery powerful figures look you in the eye and say ‘(y)ou’re right in what you’re saying, but we’re going to crunch you anyway.”

Paying dominant bankers and large creditors like Germany alone matters – no matter the pain and suffering inflicted on millions of Greeks helpless against the war on their well-being.

Make no mistake. What’s happening in Greece signifies what’s ongoing throughout Europe, America, Canada, and other countries, heading for getting much worse – ending social justice to enrich monied interests more than ever, and at the same time, destroy what remains of democratic rights. Financial tyranny rules!

Webmaster's Commentary: 

Tsipras ran on a platform opposed to austerity, backed up by the recent referendum, sold out his party and his people to the money-junkies and is now executing a Stalinist purge against members of his own party still supporting those principles on which Tsipras campaigned!

This is why no politician can be trusted, ever, other than to do what they are paid to do by their masters in the banks.

During the French Revolution, the bankers went to the Guillotine long before King Louis XVI and Marie Antoinette.

That was not merely by chance!


Jul 16 11:12

WHY THE US FED GOV JUST CAN NOT SAY NO TO WAR

I urge anyone who reads this to watch the video above called All Wars Are Bankers Wars that will reinforce my stance and opinion into a more digestible understanding of the how and why and greed and inhumanity, as there is far more going on here than I can put into this already over lengthy op-ed and I will now explain why and how we keep the wars going and in doing so make a small cartel of banksters richer… for here is the crux of it all and HERE is an example of exactly how I understand what happens…

Jul 16 10:47

Protests Erupt in Athens As Greece Approves Eurozone Bailout

TRNN's Jaisal Noor speaks to protestors in Athens, Greece about why they oppose the $96 billion dollar Eurozone bailout the Greek Parliament passed late Wednesday by a vote of 229 to 64

Webmaster's Commentary: 

Jul 16 10:23

Greek riots: Petrol bombs thrown in Athens as Greece votes through austerity reforms - live video stream

The bill fuelled anger in the governing Syriza party and led to a revolt by its members against the prime minister Alexis Tsipras, who has insisted the deal was the best he could do to prevent Greece from catastrophically crashing out of Europe's joint currency.

The vote came after an anti-austerity demonstration by about 12,000 protesters outside parliament degenerated into violence as the debate was getting under way on Wednesday night.

Riot police battled youths who hurled petrol bombs for about an hour before the clashes died down.

Demonstrations are continuing today as Greece seeks urgent relief from European lenders.

Webmaster's Commentary: 

Jul 16 10:22

Violence in Athens After Painful Bailout Deal Passed

Greece awoke with a political hangover on Thursday after parliament approved a stringent bailout program, thanks to the votes of the pro-European opposition, amid the worst protest violence this year.

The vote, vital to unlocking emergency financing from European partners as early as Thursday, left Prime Minister Alexis Tsipras weakened by a revolt in his leftist Syriza party but clinging to power for now.

Jul 16 10:09

Greece Needs to Exit!

Jul 16 10:01

Zionists Use Donald Trump to Fix Another Election

by Henry Makow Ph.D.

Like a turd that won't flush, Donald Trump is back again to serve his Illuminati Jewish masters. This time around, his role is to win the GOP nomination and throw the election to Hillary Clinton, the Illuminati bankers' preferred candidate.

If this seems farfetched, consider that Trump is allegedly leading the other GOP candidates by a large margin. He catapulted into the lead by pretending to champion ordinary Americans who are fed up with illegal immigration. Calling Mexicans "rapists" is a little extreme but he needed to get attention fast.

Jul 16 09:48

Guy Threatens To Shoot Out With Sheriff

Guy posts a video saying he will be in a standoff with the Sheriff's department in Michigan due to a pending eviction, and he fully expects to be killed.

Webmaster's Commentary: 

See the article about the 1968 Credit River Case below.

Jul 16 09:46

US Military Coup for Euro Meltdown?

The capitulation of the Greek government to Berlin-led finance capital is a daunting watershed moment. It marks the “disciplining” of the wider European electorate under corporatist financier rule. What is happening in Greece is a forerunner for other European Union states.

Jul 16 09:45

White House Cuts 2015 GDP Outlook By 33%

Despite President Obama's hubris over the 'recovery', his crowing about the jobs record, and his insistence that while "there's more to be done," everything is awesome, The White House just took the meat-cleaver to its US economic growth forecasts...cutting 2015 growth from 3% to 2%. That was not all though as their forecasts see no recession until at least 2025, unemployment under 5.0% for at least the next decade, stable inflation for 10 years, and last but not least - a 3-month T-Bill rate of over 3% within the next few years.

Jul 16 09:26

High street shops enjoy huge sale spike after thieves destroy Welsh town's parking meters

A Welsh town is enjoying a huge spike in sales after all four central parking meters were destroyed.

Retailers in Cardigan, a coastal town in Wales popular with tourists, have claimed profits spiked by as much as 50 per cent after thieves smashed the town’s four parking meters.

The local council’s struggle to find the £22,500 needed for repairs is being greeted with delight by local shoppers and retailers.

“It demonstrates what we’ve been saying for years: if you have lower parking fees, or even no fees, then people will come into town,” Martin Radley, current chairman of Cardigan Traders told the MailOnline.

Jul 16 09:20

Sweet Cakes by Melissa raises record amount of cash on crowdfunding site

Americans are wakin up.They have had it with the so-called homosexual rights movement and put their money where their mouths are!

Supporters of the Oregon bakery Sweet Cakes by Melissa are putting their money where their mouth is.

A crowdfunding campaign for the embattled business has eclipsed $350,000 in little more than two months – a record amount on the Continue to Give site, The Washington Times reports.Jesse Wellhoefer, founder of Continue to Give, said the Sweet Cakes effort has raised more than any previous campaign on behalf of individuals in the three-year-old crowdfunding website's history, the Times said.

Coupled with $109,000 raised through GoFundMe and an undisclosed amount raised through Samaritan's Purse, online donors have contributed upwards of $450,000 to help bakery owners Aaron and Melissa Klein in their legal battle with a state agency that found they discriminated against a lesbian couple when they refused to make them a wedding cake.

Jul 16 09:18

ALL WARS ARE BANKERS' WARS!

"Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits." -- Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain

Webmaster's Commentary: 

Time for a repost. Please feel free to copy and post everywhere.

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Jul 16 09:12

Global carmakers prepare to return to Iran

Jul 16 08:59

Federal Reserve Spies on France

Following last week's eavesdropping reports, WikiLeaks shared new documents with Libération and Mediapart. This time, the new documents reveal that the NSA was spying on France's best performing companies for economic intelligence purposes.

Webmaster's Commentary: 

The NSA isn't looking for criminals and terrorists. We already proved the NSA cannot break any codes created by real criminals and terrorists. The NSA is spying on law abiding citizens to steal their business secrets, and if they are doing it to the French, they are doing it to YOU!

Jul 16 08:59

America's stock market is shrinking

The number of publicly listed U.S. stocks peaked at a record 7,562 during McGwire's record-setting summer of 1998, according to the Wilshire 5000 Total Market Index. Today, there are just 3,812.

So what gives? Simply put, there are more companies disappearing than entering the stock market.

This isn't a trivial problem that only matters to bankers on Wall Street. Not only do investors have fewer options to invest in, but it directly impacts American jobs.

"We're shrinking the stock market. Unless we figure out how to create a lot more startups and a lot more IPOs, the economy is going to continue to generate jobs at lower rates than it should," said David Weild, former vice chairman at Nasdaq who has testified in Congress about capital markets.

Jul 16 08:51

Wisconsin governor strips workers’ wage protections

With the stroke of a pen, Wisconsin’s governor passed a two-year spending bill which also strikes down a key wage protection law. The prevailing wage law ensured government contract workers were paid comparable rates in any given industry.

“With this budget, taxpayers come first,” said Republican Governor Scott Walker announcing the passage of his $72.7 billion biennial budget.

Jul 16 08:46

Blame the Banks

One of the first lessons I was taught on Wall Street was, “Know who the fool is.” That was the gist of it. The more detailed description, yelled at me repeatedly was, “Know who the fucking idiot with the money is and cram as much toxic shit down their throat as they can take. But be nice to them first.”

When I joined in Salomon Brothers in ‘93, Japanese customers (mostly smaller banks and large industrial companies) were considered the fool. My first five years were spent constructing complex financial products, ones with huge profit margins for us—“toxic waste” in Wall Street lingo—to sell to them. By the turn of the century many of those customers had collapsed, partly from the toxic waste we sold them, partly from all the other crazy things they were buying.

Jul 16 07:56

General Mills Closing West Chicago Plant

Jul 16 07:37

3 Things: Retail, NFIB, Divergences

Jul 16 07:33

Silver Physical Defaults Coming

Jul 16 07:05

Brussels prepares to release emergency loan to get Greece through July

Alexis Tsipras's grip on power suffers a blow with 32 of his own MPs rebelling as the Greek parliament votes in favour of new austerity measure against a backdrop of violence on the streets of Athens

Webmaster's Commentary: 

Jul 16 06:32

SLOPE OF HOPE

Jul 15 21:58

Greece as a Euro ‘Economic Protectorate’

With Greece having agreed late last week to virtually all the Euro finance ministers’ prior demands for concessions, Euro ministers meeting in Brussels over the weekend, July 11-12, were expected to focus on discussing the terms for Greece’s debt restructuring in exchange for the latest Greek concessions. That is what Greek negotiators apparently expected—i.e. before the ministers’ hardline German-led faction raised further demands on Greece and ‘moved the negotiating goalposts’ yet again, to use a sports analogy, by proposing even more onerous requirements for a deal at Saturday’s July 11 finance ministers meeting.

Jul 15 21:54

A Nation Torn: Greece Grapples With 'Humiliating' Austerity Deal

"The scene in Athens is explosive," King's College London professor and Syriza central committee member Stathis Kouvelakis wrote for Jacobin Wednesday afternoon.

Both in and outside of Greek Parliament, tensions are running high.

A largely peaceful anti-austerity rally was disrupted at one point by an hour-long clash between anti-austerity protesters and police, leading to about 50 arrests.

Jul 15 17:03

Thomas Jefferson Warned Us…

Centuries ago, Thomas Jefferson gave the American people this warning: “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.” -- Central banks (all over the world), are apparently using this method of conquest…

Jul 15 16:52

Economic hardships in Puerto Rico spur a mass exodus to the US mainland

She became a widow six years ago. Public schools don’t provide a safe environment for her three children. Her income as a hotel manager barely covers living expenses, much less private school tuition. And every two days, she must contend with no running water at home due to austere water rationing measures imposed by the government in response to a prolonged drought.

Jul 15 16:04

California Enacts Vaccine Law That Forces Parents to Choose Between Human Rights and Civil Rights

From flash to bang, it took the politically powerful corporate, medical trade, and government lobbyists just six months this year to gut the human right to informed consent to medical risk taking and the civil right to a school education in California.

They did it by enacting a new law (SB 277) signed by Governor Jerry Brown on June 29, 2015 that denies parents the legal right to file a personal belief exemption to vaccination for religious and conscientious beliefs so their children can attend school.

In order to sign the bill into law, Governor Brown had to abandon his long-standing legislative record as a champion of parental and religious rights and school education.

Jul 15 16:02

Greece debt crisis: Eurozone deal laws backed by MPs

Greek MPs have approved tough economic measures required to enable an €86bn eurozone bailout deal to go ahead.

The new legislation includes tax rises and an increase in the retirement age.

Jul 15 15:59

BREAKING: Greek Parliament Passes 3rd Bailout Agreement; Tsipras Successful in Securing Cross-Party Votes

The controversial third bailout agreement that was negotiated and agreed to– by force, according to Greek prime minister Alexis Tsipras– was passed in the Greek parliament following a tense debate and all-night vote. The deal includes tough reforms and unpopular measures that European creditors have imposed on the people of Greece.

Webmaster's Commentary: 

There will be a run on pitchforks, kerosene, and hemp rope in the Greek hardware stores, I think.

Jul 15 15:52

Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit Boxes

What good is holding gold and silver in a safety deposit box if your bank won’t let you access it?

Jul 15 15:29

Summer Slump: Americans Aren’t Spending

Jul 15 14:45

Germany Never Intended For Greece To Stay In The Euro

There never was going to be any deal. All along, Germany has been seeking to establish conditions that would never be met so that they could force Greece out of the eurozone. But the Germans had to do this subtly so that they would end up looking “reasonable” and would not turn the rest of the eurozone against them. So why does Germany want to get rid of Greece? Well, to be honest, it is because the Germans are sick and tired of paying for Greek mistakes. In Germany, there is an obsession with having a balanced budget.

Jul 15 14:28

Banksters make out like bandits on Iran deal

Never mind the hubris involved in the U.S. government dictating to a sovereign nation whether it can procure or create specific weapons systems for its own protection; the Iran deal is a boon to banksters and the military-industrial complex.

Jul 15 14:16

Obamacare Was Supposed To Kill Medicare Advantage. It Only Made It Stronger.

Critics immediately seized on the merry-go-round of Washington — how another top White House official has found a job with the lobbyists she used to negotiate with.

“Is there a revolving-door emoji?” NPR’s Jacob Goldstein ruefully tweeted.

But I think there’s a very telling line, buried near the bottom of the Times‘ 798-word story.

“Asked about her priorities, Mr. Tavenner said she wanted to protect Medicare Advantage, the program under which private insurers manage care for more than 30 percent of the 55 million beneficiaries of Medicare.”

There’s a reason why private insurers care so much about Medicare Advantage: It’s arguably their hottest market right now.

Jul 15 13:58

Ron Paul Warns: Greece Today, America Tomorrow?

America will never get its fiscal house in order until we change our foreign policy and stop wasting trillions on unnecessary and unconstitutional wars.

Jul 15 13:01

New Immigration Wave Coming: Census Bureau Predicts 1.24 Million More Immigrants To Enter USA in 2015

The Census Bureau published the new data in its International Data Base, which contains population estimates and projections up to the year 2050. The figure from the Census Bureau is a calculation of net migration—meaning the total number of immigrants who will arrive in the United States in 2015 would actually be larger than 1.24 million, but this net figure accounts for and subtracts the number of immigrants who leave the country.

Jul 15 12:57

Chris Christie Administration To Give $180M Tax Break To JPMorgan Chase As He Sells Himself To Voters As Job Creator

As New Jersey Gov. Chris Christie tours New Hampshire, hoping to convince voters there to choose him as their preferred Republican, the New Jersey Economic Development Authority (NJEDA) is getting ready to offer a massive tax break to JPMorgan Chase to get the company to locate in Jersey City. The tax incentive is estimated to run at nearly $19 million per year for 10 years.

Jul 15 12:52

Athens ablaze: Angry Greeks throw petrol bombs at riot police as MPs debate new EU bailout

Hooded protestors threw petrol bombs at helmet-clad riot police as the Greek people's seething anger against the European Union (EU) reached boiling point.

Police responded by hurling tear gas canisters at the huge mob, who have gathered outside the country's parliament in an enormous protest against its international creditors.

Inside, MPs have been locked in the commons chamber since midday, debating the punitive conditions of an EU bailout deal.

Webmaster's Commentary: 

ελευθερία

Jul 15 12:51

Inflation On The Rise: Your Move Ms. Yellen

Jul 15 12:41

US ‘Shot Itself in the Foot’ by Pushing Russia Toward China

Jim Rogers said that China, Korea, Japan, Taiwan, Hong Kong and Singapore are where all the money is, while the US and Europe have become the largest debtors.

Jul 15 12:39

U.S. Fed Chief to Puerto Rico: When It Comes to $72 Billion in Debt, You’re on Your Own

If Puerto Rican officials were hoping the U.S. Federal Reserve would help alleviate its debt crisis, they’re now sorely disappointed.

Speaking in front of a House committee Wednesday morning, Federal Reserve chief Janet Yellen said the central bank had no clear path for helping the American commonwealth, whose governor, Alejandro García Padilla, admitted two weeks ago that he is unable to pay the $72 billion the government owes its creditors. For years, Puerto Rico used this money to prop up its failing economy, pay government bills, and fund social service programs.

Jul 15 12:33

Unsound Banking: Why Most of the World’s Banks Are Headed for Collapse

This brief article will explain why the world’s banking system is unsound, and what differentiates a sound from an unsound bank. I suspect not one person in 1,000 actually understands the difference. As a result, the world’s economy is now based upon unsound banks dealing in unsound currencies. Both have degenerated considerably from their origins.

Jul 15 12:17

Major Chain Stores Shutting Down As America Faces “Birth Pangs Of Retail Apocalypse”

Reduced consumer spending is heralding a looming economic downturn, if not collapse, with an unprecedented shutdown of major box stores, restaurants and grocers underway. It doesn’t bode well for the millions of Americans who are already seriously struggling, and will only accelerate the death of the middle class.

Jul 15 12:03

Rep. Sean Duffy Crushes Yellen: "If Anyone Is Trying To Sweep This Leak Under The Rug - It's The Fed"

We said previously that today's "Humphrey-Hawkins" testimony Q&A would be punchy and sure enough while Chairman Hensarling took an early swing, Wisconsin Rep. Sean Duffy was the man to go toe-to-toe with Janet "I am the law" Yellen over the Fed's stunning ignorance of Congressional legal proceedings. "You did nothing," he begins, "you're so concerned about bringing the leaker to the forefront that what will you do? Nothing!" Yellen replies, reading from a seemingly prepared statement, The Fed has "clear rules" for leak investigations and Duffy cuts her off with a sharp upper cut, "That's true, you did not follow those rules.. if anyone is trying to sweep this under the rug, it is The Fed!"

Jul 15 11:54

Pope Francis Calls for Global Bankruptcy Process

Pope Francis called for an international bankruptcy process in a news conference as he left Latin America on Monday. According to the Associated Press, when asked about the Greek debt crisis, Francis stated, "if a company can declare bankruptcy, why can't a country do so and we go to the aid of others?" Francis offered further comments noting that too many countries are struggling with high debts and he suggested a United Nations bankruptcy proposal could be the solution.?

Jul 15 11:44

Greek leader: 'A captain does not abandon ship'

Greek Prime Minister Alexis Tsipras scrambled to keep his party in line Tuesday ahead of a fateful parliamentary vote that will determine whether his country is able to apply for a massive international bailout or goes bankrupt.

Tsipras sought to contain a revolt by rank-and-file members of his left-wing Syriza party who vow to reject a deal he cut with European leaders to save Athens from a chaotic default and certain banishment from the group of 19 nations that use the euro currency.

Jul 15 11:36

Pepper spray, teargas employed as Greek protest against bailout deal marred by scuffles

An anti-austerity rally attended by thousands of protesters gathering outside of the Parliament in the Greek capital has spiraled into clashes with police, who are deploying pepper spray and tear gas against Molotov cocktails and rocks.

Jul 15 11:23

Greek deal poisons Europe as backlash mounts against 'neo-colonial servitude'

'It is now perfectly clear to a lot of people that the only way out of neo-colonial servitude is to break free of monetary union,' said one Syriza rebel

Webmaster's Commentary: 

Note how anyone who refuses the "blessing" of Private Central Banks is deemed a "rebel" by the presstitutes and whorespondents of the corporate media!

Jul 15 11:09

IMF: Greece May Need 30 Years To Recover

Jul 15 10:40

Are Big Banks Using Derivatives To Suppress Bullion Prices? — Paul Craig Roberts and Dave Kranzler

We have explained on a number of occasions how the Federal Reserve’s agents, the bullion banks (principally JPMorganChase, HSBC, and Scotia) sell uncovered shorts (“naked shorts”) on the Comex (gold futures market) in order to drive down an otherwise rising price of gold. By dumping so many uncovered short contracts into the futures market, an artificial increase in “paper gold” is created, and this increase in supply drives down the price.

Jul 15 10:28

Hillary Clinton's Refusal to Reinstate Glass-Stegall

Hillary Clinton won’t propose reinstating a bank break-up law known as the Glass-Steagall Act – at least according to Alan Blinder, an economist who has been advising Clinton’s campaign. “You’re not going to see Glass-Steagall,” Blinder said after her economic speech Monday in which she failed to mention it. Blinder said he had spoken to Clinton directly about Glass-Steagall.

This is a big mistake.

It’s a mistake politically because people who believe Hillary Clinton is still too close to Wall Street will not be reassured by her position on Glass-Steagall. Many will recall that her husband led the way to repealing Glass Steagall in 1999 at the request of the big Wall Street banks.

It’s a big mistake economically because the repeal of Glass-Steagall led directly to the 2008 Wall Street crash, and without it we’re in danger of another one.

Jul 15 10:22

Texas Launches Gold-backed Bank, Challenging Federal Reserve

The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.

Jul 15 10:18

Grexit or Jubilee? How Greek Debt Can Be Annulled

The crushing Greek debt could be canceled the way it was made – by sleight of hand. But saving the Greek people and their economy is evidently not in the game plan of the Eurocrats.

Webmaster's Commentary: 

Because then every other member of the EU (and the US) would demand the same thing. The debt is imaginary in the first place. It is money that does not exist and never did. It is all make-believe and we refuse to believe the fairy tale any longer! That is why the money-junkies are so afraid right now.

Jul 15 09:16

You Don't Represent Me Any More

Webmaster's Commentary: 

I thought it was time for a report.

Jul 15 08:52

Merkel Dealt Deadly Blow at Home as IMF Rebuffs Greek Bailout Deal

German Chancellor Angela Merkel has been dealt a heavy blow after the publication by the International Monetary Fund (IMF) of a damning report highly critical of the Greek bailout, which is likely to spell danger for her at home.

Jul 15 08:28

Truth Is An Existential Threat To The US Government

As George Orwell noted: “In a time of universal deceit – telling the truth is a revolutionary act.”

That is why the political establishment and the media find Donald Trump so frightening: the danger that the truth might be spoken.

There is, however, a greater peril – when blatant and outrageous lies are no longer sufficient to soothe the electorate into complacency, such a government must begin to curtail liberty and oppress the people in order to sustain itself, an approach with which both Democrats and Republicans find agreement.

Jul 15 08:27

Lack of Trust – Caused by Institutional Corruption – Is Killing the Economy

The signs are everywhere: Americans have lost trust in our institutions.

The Chicago Booth/Kellogg School Financial Trust Index published yesterday shows that only 22% of Americans trust the nation’s financial system.

Jul 15 08:10

New IMF Report on Greece Says Projections Are Unrealistically Optimistic

A new IMF report on Greece, issued on Tuesday, July 14th, is titled “AN UPDATE OF IMF STAFF’S PRELIMINARY PUBLIC DEBT SUSTAINABILITY ANALYSIS,” and it says — these are quotations, not paraphrases — in summary:

Greece’s public debt has become highly unsustainable. … The financing need through end-2018 is now estimated at Euro 85 billion. … Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far. … Public debt cannot be assumed to migrate back onto the balance sheet of the private sector at interest rates consistent with debt sustainability until debt is much lower. Greece cannot return to markets anytime soon at interest rates that it can afford. … Medium-term primary surplus target: Greece is expected to maintain primary surpluses for the next several decades of 3.5 percent of GDP. Few countries have managed to do so. …

Jul 15 07:38

Households must fork out an extra £36million to keep the lights on this winter as the risk of blackouts increases after power stations are closed

Households face higher energy bills this winter as power chiefs have been forced to spend £36million protecting against the risk of winter blackouts.

So many power plants have closed recently that the grid will be dangerously close to full capacity during periods of peak demand in the winter months.

National Grid has announced that it is spending millions putting mothballed plants on standby, and will pay companies to shut down their factories when the grid is overloaded.

Without the new emergency measures, the grid would have had just 1.2 per cent of spare capacity during the coldest, darkest evenings in the coming winter.

The company said that if the country were hit with unusually cold weather, the network would risk becoming overloaded, leading to widespread blackouts.

Jul 15 07:32

Exclusive: Curtis Ellis Says Trans-Pacific Partnership Is “Not Over!”

Cook said, “I just did an interview couple of days ago with economist and historian, Dr. Tom DiLorenzo, and he talked about the reason we fought the British was because of this type of system of crony capitalism (mercantilism). This is not free market enterprise, this is just giving favors to the politically connected at the expense of tax payers and the middle class, the working people, the American people. This Trans-Pacific Partnership (TTP), how dangerous is this to our Republic?”

“It’s extremely dangerous to our Republic in many ways,” answered Ellis. “Number one, the TPP sets up a separate court system for foreign corporations that can challenge our laws, and the very power of our government.”

Webmaster's Commentary: 

Protectionism is the last refuge of bad business.

Jul 15 07:27

CHINESE RICH FLEEING

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