ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 30 14:17

Anglo American warns on further pain for commodities

One of the world's largest miners, Anglo American, maintained its interim dividend on Friday despite a deep sell-off in metals hurting its first-half profit, while the group's chief executive warned that there could more pain for the sector to come.

Jul 30 14:17

Anglo American : Posts $3 Billion Loss Amid Plunging Commodity Prices -- Update

Anglo American PLC on Friday reported a $3 billion loss for the first half of 2015 as plunging commodity prices continue to wreak havoc on the bottom lines of miners world-wide.

A one-time charge of $3.5 billion, including $2.9 billion from a write-down in the value of Anglo American's huge Minas-Rio iron-ore project in Brazil, weighed on its results.

Anglo American said last week that it would shave up to $4 billion off the value of its mining assets. Most of the write-down would come from the Minas-Rio project in Brazil, a person familiar with the matter said,

Jul 30 14:16

FLASHBACK MAY - Major U.S. Retailers Are Closing More Than 6,000 Stores

If the U.S. economy really is improving, then why are big U.S. retailers permanently shutting down thousands of stores? The “retail apocalypse” that I have written about so frequently appears to be accelerating.

Jul 30 13:47

CREDIT CARD COMPANIES ARE FORCING EVERYONE TO USE "SMART" CREDIT CARDS IN THEIR WAR AGAINST CASH

Payment-processing giants like MasterCard and Visa insist that you and your financial data will be safer once you move to "smart" credit cards that contain a computer chip. And like it or not, credit card companies are forcing merchants to make the change. After an Oct. 1, 2015, deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.

Jul 30 13:04

Greek Debt Crisis Update: Tsipras Calls For New Vote Amid Struggle To Unify Syriza Party Divisions

Struggling to unify his splintering Syriza party, Greek Prime Minister Alexis Tsipras said he would not be bullied any further on austerity measures and called for a partywide vote Sunday on whether Greece would be better off without help from European rescue loans. Stuck between a leftist government that wants fewer austerity measures and European lenders that want more, Tsipras said Wednesday that he would not implement additional reforms such as further cuts to the budget or pensions.

Jul 30 13:03

Expert Sees Repeat of Horrors He Predicted: “Next Great Stock Market Crash is Imminent”

The alarm bells of a looming crash have again and again sounded, with a constant stream of reports that show Americans at large have been screwed over again and again, while the same maniacal banksters who took us over the cliff last time up the ante and threaten to topple everything.

As this news repeats, and things remain gloomy for the average person, it remains apparent that few have any real confidence in those in charge, and most are just trying to hang on until the storm passes. The weight of the situation is with the Federal Reserve, who’ve made addicts of financiers, and put the whole system on artificial stimulus medication that is sure to cause suffering when dose is pulled, and sure to kill the patient if the dosage is pushed up any further than it already has been.

Jul 30 12:10

All wars paid for through deficit financing, debasing the currency – Ron Paul to RT

Almost all wars have been paid for through inflation, three-time presidential candidate and former Congressman Ron Paul told RT, adding the practice always ends badly as currency becomes debased leading to upward pressure on prices.

Paul was talking to RT’s Watching the Hawks program about his new book ‘Swords into Plowshares,’ which gives insight into a 20th century full of war, killing, and corruption.

“Almost all wars, in a hundred years or so, have been paid for through inflation, that is debasing the currency,” he said, adding that this has been going on “for hundreds, if not thousands of years.”

According to Paul, the practice always ends badly because “the people realize that the money has been debased, and all that does is push up prices.”

Jul 30 11:42

70% Of Americans See Economy Worsening, Consumer Comfort Collapses By Most In 10 Month

As 70% of Americans see the state of the economy as negative.

Rather amusingly an intriguing 1% of Americans see the state of the economy as 'excellent' - wonder which 1% that is...

Jul 30 08:22

Masters of Metal: China, the Rothschild Fix, and the “New World Currency”

By Rusticus

Lies, Damned Lies, and Forensic History

As regular consumers of alternative media have likely noticed, China’s voracious appetite for gold has been reported on ad nauseam in the wake of the 2008 Depression. Endless geopolitical and economic analysts have mused about the implications of Chinese gold accumulation, with most concluding (perhaps prematurely) that some form of gold-backed Yuan is on the horizon. Some extend this scenario further, optimistically declaring that the BRICS NDB (New Development Bank) and AIIB (Asian Infrastructure Investment Bank), led by China, will usher in a “New Golden Era” of progress and prosperity, spelling the end of the Western model of Central Banking tyranny. The pitting of East vs. West in this narrative misses some of the history behind what we see developing...

Jul 30 08:20

The Energy Layoffs Resume: Shell Fires 6,500, Whiting Cuts 2015 Budget 2 Weeks After Raising It

Yesterday it was US and Italian energy giants Chevron and Saipem which announced a total of over 10,000 new job cuts in the aftermath of oil sliding back under $50 and resuming its downward trend. This is how we framed it: "in Q2, after the price of oil staged a substantial rebound of about 50% from the year to date lows in the $40's, energy-related layoffs trickled to a halt as corporations hoped the worst is behind them, and as a result would merely bide their time before redeploying their workforce toward exploration and production. Alas, this was not meant to be, and as the events of the last month have shown, oil has resumed its downward slide. And, as expected, so have layoffs."

Jul 30 08:13

Is (almost) All of the German Gold Lost?

In an extremely revealing interview Peter Boehringer a German gold expert and head of the German gold repatriation movement talks about the current state of the German gold reserves. His evidence seems to suggest that it is possible that all/but 77 tons of the 3384 tons of German gold is lost.

Jul 30 07:19

Travel indicator being put to critical tests

Jul 30 07:06

LOS ANGELES UNION WANTS TO BE EXEMPT FROM $15 MINIMUM WAGE IT FOUGHT FOR

Union officials in Los Angeles are fighting to be excluded from minimum wage rules that they have lobbied to put in place. Los Angeles city council is set to vote on a union-backed clause to its $15-an-hour minimum wage bill that would exempt workers covered by a collective bargaining contract. The debate is expected to start later this week when the council returns from summer recess.

Jul 30 06:42

Royal Bank of Scotland suffers loss of £153m in 2015 after it forks out £1.3bn in banking scandal fines

Taxpayer-backed Royal Bank of Scotland has fallen back into the red after taking another £1.3billion hit for banking scandal fines and warned that was not the end of the payouts.

Jul 30 05:55

Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’

Could you live without debt? Most Americans say that they cannot. According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now.

Jul 30 05:26

House of Lords: 20 peers claim £1.6m during past five years – and never speak in debates

Twenty peers who have said almost nothing during House of Lords’ debates have received more than £1.6m in allowances and travel expenses during the past five years, according to a report.

A former head of the Commons’ standards committee said there was an urgent need for reform as the Lords had become “an absurd joke”.

Jul 30 05:18

British Gas owner Centrica cuts 6,000 jobs

Energy firm Centrica has said it will cut 6,000 jobs as it reported a doubling of profits at its British Gas business in the first half of the year.

Jul 29 21:36

Group Seeks to Expose Cozy Ties Between US Trade Rep and Wall Street

Citing his cozy ties to Wall Street banks, a group dedicated to exposing corruption and corporate influence in Washington, D.C. has submitted an official Freedom of Information Act (FOIA) request for all correspondence between U.S. Trade Representative Michael Froman and the 10 largest U.S. financial institutions.

Jul 29 20:40

What’s Left of the American Dream Withers at Record Pace

The current housing boom has Dallas solidly in its grip. As in many cities around the US, prices are soaring, buyers are going nuts, sellers run the show, realtors are laughing all the way to the bank, and the media are having a field day. Nationwide, the median price of existing homes, at $236,400, as the National Association of Realtors sees it, is now 2.7% higher than it was even in July 2006, the insane peak of the crazy housing bubble that blew up with such spectacular results.

Jul 29 18:19

South America Is Heading Into A Full-Blown Financial Crisis Which Will Cause Years Of Pain For The Entire Continent.

Most nations in South America are either already experiencing an economic recession or are right on the verge of one.

Jul 29 17:09

Be aware of these surroundings friends!

Jul 29 17:00

FLASHBACK: Eight Steps To Destroy America

We all know Dick Lamm as the former Governor of Colorado. In that context, his thoughts are particularly poignant.

Arnold Toynbee observed that all great civilizations rise and fall and that 'An autopsy of history would show that all great nations commit suicide.'"

"Here is how they do it," Lamm said.......

Jul 29 16:45

Steve Quayle On Why Gold Prices Are Plunging

Jul 29 15:40

Only 3 New U.S. Banks Opened Since 2010

Jul 29 15:21

If The American Dream Is To Own A Home, Then It Hasn’t Been In Worse Shape Since 1967

Thanks to the “Obama recovery”, the rate of homeownership in the United States has fallen to the lowest level in 48 years. The percentage of Americans that own a home is widely considered to be a key indicator of the health of the middle class, and we have just learned that during the second quarter of 2015 that number dropped from 63.7 percent to 63.4 percent. It is now the lowest that it has been since 1967.

Jul 29 12:56

Here's What to Watch for in the U.S. GDP Report

The Federal Reserve's July meeting Wednesday won't steal the thunder from the U.S. economy's report card due on Thursday at 8:30 a.m.

The release from the Commerce Department promises to offer double the usual excitement: One, it'll show how strongly growth rebounded in the second quarter from the inclement weather and West Coast port labor disputes that depressed the economy early in the year. Two, due to revisions that happen once a year and some new adjustments, it'll reveal whether gross domestic product really contracted in the January to March period.

Webmaster's Commentary: 

It doesn't matter what the real economy did, the government will say everything is wonderful!

Jul 29 12:26

Technically Speaking: A Sellable Rally

Jul 29 12:25

Supply and Demand in the Gold and Silver Futures Markets – Paul Craig Roberts and Dave Kranzler

This article establishes that the price of gold and silver in the futures markets in which cash is the predominant means of settlement is inconsistent with the conditions of supply and demand in the actual physical or current market where physical bullion is bought and sold as opposed to transactions in uncovered paper claims to bullion in the futures markets. The supply of bullion in the futures markets is increased by printing uncovered contracts representing claims to gold. This artificial, indeed fraudulent, increase in the supply of paper bullion contracts drives down the price in the futures market despite high demand for bullion in the physical market and constrained supply. We will demonstrate with economic analysis and empirical evidence that the bear market in bullion is an artificial creation.

Jul 29 12:18

Russian ruble strengthens as Central Bank stops currency purchases

The Russian ruble has come back to below 60 against the US dollar in early trading on the Moscow Exchange Wednesday. The Central Bank of Russia (CBR) said it stopped buying foreign currency, as the ruble hit 4-month lows.

The ruble revalued on the news, standing at 59.4 to the dollar and 65.7 to the euro at 13: MSK.

Jul 29 11:41

Judicial Watch: IRS Produces Recovered Lerner Emails

Judicial Watch released 906 pages of newly recovered Lois Lerner emails from the IRS that are believed to recently have been recovered by the IRS’ internal watchdog – the Treasury Inspector General for Tax Administration (TIGTA). The IRS released the emails under a court order by U.S. District Court Judge Emmet Sullivan. The new documents show that Lois Lerner and other top officials in the Exempt Organizations Unit of the Internal Revenue Service (IRS), including soon-to-be Acting IRS Commissioner Steve Miller, closely monitored and approved the controversial handling of tax-exempt applications by Tea Party organizations. The documents also show that at least one group received an inquiry from the IRS in order to buy time and keep the organization from contacting Congress.

Jul 29 11:36

UK PM Cameron explains .01% doctrine: ‘Destroy nation-states to invent our own barbaric realm’

On July 20, 2015, UK Prime Minister David Cameron delivered a major speech to justify ongoing wars on “extremism.” Supporting corporate media analyses are here, here, here, here; with some honesty from George Monbiot, with a 1-minute corporate media cry for more military armed attacks “on this evil”:

Jul 29 11:32

Obamacare: Health Insurers Seek Huge Price Increases

President Obama’s supporters are quick to tout his record as one of tremendous success, especially his “reform” of health care, but that is largely because they like him personally – not because Obamacare has been a rousing success.

By any measure the law, which has routinely been upheld by the U.S. Supreme Court as constitutional despite the use of dubious legal justifications, remains largely unpopular among a majority of Americans. In addition to that, almost nothing of what the president and acceding Democrats promised the law would do has come to fruition. Indeed, on a number of fronts, the law has created the exact opposite effects.

Webmaster's Commentary: 

Jul 29 11:19

Now Is The Time – Fear Rises As Financial Markets All Over The Planet Start To Crash

Can you feel the panic in the air? CNN Money’s Fear & Greed Index measures the amount of fear in the financial world on a scale from 0 to 100. The closer it is to zero, the higher the level of fear. Last Monday, the index was sitting at a reading of 36. As I write this article, it has fallen to 7. The financial turmoil which began last week is threatening to turn into an avalanche. On Sunday night, we witnessed the second largest one day stock market collapse in China ever, and this pushed stocks all over the planet into the red. Meanwhile, the twin blades of an emerging market currency crisis and a commodity price crash are chewing up economies that are dependent on the export of natural resources all over the globe. For a long time, I have been warning about what would happen in the second half of 2015, and now it is here. The following is a summary of the financial carnage that we have seen over the past 24 hours…

Jul 29 10:45

Homeownership Falls to the Lowest Level in 48 Years

In retrospect, it’s clear that unsustainable lending practices built up the housing bubble that crashed in 2007. Before that bubble popped, Americans had achieved the highest historical homeownership rate since those numbers were first tallied. It’s not surprising to find that those numbers have since dropped, but what is surprising is how far they’ve dropped in recent years.

That’s because America’s homeownership rate didn’t stop falling once it reached pre-bubble levels. Zerohedge reports that the percentage of Americans that own their home has now reached 63.4%. That is the lowest rate we’ve seen since 1967. Predictably, rental homes are starting to get pretty crowded. Vacancies for rentals have fallen to 6.8%, the lowest rate since 1986. As a result, the cost of rent is skyrocketing across the United States. In some major cities, average rent has increased 20% in just the past year.

Jul 29 10:43

Keiser Report: Bigger Fannie-Freddie are back!

In this episode of the Keiser Report Max Keiser and Stacy Herbert discuss the b-b-b-bad to the bone Fannie Mae and Freddie Mac, the two government owned facilitators of mortgage lending which are bigger and badder than ever. In the second half Max interviews Dr Youssef El-Gingihy about How to Dismantle the NHS in 10 Easy Steps.

Jul 29 09:23

Gold Manipulation: It’s Much Bigger Than You Think

By Dave Kranzler

The gold price manipulation scheme will go down as the biggest financial market scandal in US history for numerous reasons. They include the destruction of the free market system in the United States...

It has now taken on historic proportions...

Jul 29 09:13

Banks Squirm As Congress Moves To Cut The 6% Dividend Paid To Them By The Fed

Did you know that the Federal Reserve pays an annual 6% dividend to its shareholders, i.e., the member banks of the cartel? Must be nice, considering savers who had nothing to do with cratering the world economy, and failed to receive a taxpayer funded bailout, can barely earn 0.5% on their money. It’s also quite bizarre. How many other “public institutions” have private shareholders to whom they pay 6% risk free dividends? None, which once again highlights the point that the Federal Reserve is NOT a public institution working on behalf of the citizenry, but is rather a banking cartel designed to enriched and protect its member banks (as we saw on clear display in 2008). It appears that some members of Congress are now targeting the estimated $17 billion per year paid out by the Fed to its member banks via the highway-funding bill.

Jul 29 08:16

Greek crisis: Lagarde calls for 'significant' debt relief as Tsipras issues early election warning - live updates

The issue of Greece’s unsustainable debt burden has moved back up the agenda, as top officials from the country’s creditors prepare to begin talks on a third bailout.

IMF chief Christine Lagarde has reiterated the Fund’s position, that “significant” debt relief is needed, as part of a new aid deal.

Lagarde also wants to see “sensible fiscal targets” (which must take account of the recent economic turmoil), “structural measures” to reform the Greek economy, and enough funding to cover Athens’ medium-term financing needs.

Webmaster's Commentary: 

"Maybe, we could try ... a twelfth marble?" -- International Mother F***ers

Jul 29 07:27

Vulture funds demand brutal austerity measures from bankrupt Puerto Rico

A group of hedge funds that hold a large proportion of Puerto Rico’s debt have demanded that its government fires teachers, collects more taxes and reforms labor laws, as the US territory contemplates default.

The demand was stated in a report written by three economists with strong links to the International Monetary Fund and was commissioned by the Ad Hoc Group of Puerto Rico, which comprises 34 hedge funds.

Jul 29 06:21

An Expert That Correctly Called The Last Two Stock Market Crashes Is Now Predicting Another One

What I am about to share with you is quite stunning. A well-respected financial expert that correctly predicted the last two stock market crashes is now warning that we are right on the verge of the next one.

Jul 29 02:07

The Lawless Manipulation of Bullion Markets by Public Authorities

The supply of bullion in the futures markets is increased by printing uncovered contracts representing claims to gold. This artificial, indeed fraudulent, increase in the supply of paper bullion contracts drives down the price in the futures market despite high demand for bullion in the physical market and constrained supply. We will demonstrate with economic analysis and empirical evidence that the bear market in bullion is an artificial creation.

Jul 29 00:01

Student Loan Debt Grows $3,055 Every Second

Jul 28 20:39

Puerto Rico should close schools and sack teachers to pay back its debts, hedge funds say

A group of billionaire hedge fund managers have called for Puerto Rico to sack teachers and close schools so that investors can recover some of the $72 billion in debt the country owes, even though over 100 schools have already closed in the country this year alone.

Jul 28 19:19

If The American Dream Is To Own A Home, Then It Is In The Worst Shape Since 1967

Thanks to the “Obama recovery”, the rate of homeownership in the United States has fallen to the lowest level in 48 years. The percentage of Americans that own a home is widely considered to be a key indicator of the health of the middle class, and we have just learned that during the second quarter of 2015 that number dropped from 63.7 percent to 63.4 percent.

Jul 28 17:07

Homeownership reaches lowest level in 50 years

The number of homeowners has reached its lowest level in 50 years, and experts said the recession is much to blame.
The number of homeowners has reached its lowest level in 50 years, and experts said the recession is much to blame.

Jul 28 16:53

From rents to haircuts, Americans start to feel price hikes

Apartment rents are up. So are prices for restaurant meals, haircuts, gym memberships and a cup of coffee. For American consumers who have become used to flat or even falling prices for several years, an unfamiliar sight has emerged in many corners of the economy: Inflation is ticking up.

Jul 28 15:40

5 Essential Tips if You Are New to Prepping

By Dan Sullivan

Before we begin, let me make one thing clear: being prepared for most natural and man-made disasters has little to do with Doomsday, zombies or those reality shows where preppers spend hundreds of thousands on expensive gear and bunkers.

Instead, I invite you to skip over any preconceptions you may have and over what mainstream media wants you to believe and look at prepping from a different angle: one that focuses to increase your chances of survival in case of a wide variety of large- and small-scale events...

Jul 28 15:05

Audits Of Asset Forfeiture Program Uncover Funds Used To Pay Student Loans, Property Used As Rent-Free Housing

Student loan debt is a serious problem here in the US as the price of higher education continues to outpace every standard economic yard stick. Lots of people think the government should step in to do something about it. While the administration makes helpful noises and tries to figure out how it can effectively tell Americans it's alright to rack up debt and walk away from it without actually, you know, encouraging Americans to get deeply in debt and walk away from it, one government employee is taking the bold steps the US government won't to eradicate student loan debt… specifically, his.

Jul 28 13:39

When Will We Ever Learn?

Jul 28 12:33

Economic Confidence At 10-Month Low In Poll

Jul 28 11:08

Money Launderers

Jul 28 10:58

Armstrong Calling The Gold Bottom ?

Jul 28 09:40

U.S. Army engineers building roads and training facilities in Eastern Europe

Army engineers are spread across Eastern Europe this summer building roads and constructing training facilities as part of the United States’ efforts to assure its allies in the face of Russian aggression.

Jul 28 09:36

US MIDDLE CLASS STAYS DEAD: HOMEOWNERSHIP DROPS TO 48 YEAR LOW; MEDIAN ASKING RENT SOARS TO ALL TIME HIGH

Three months ago, just as the last Census Homeownership and residential vacancy report hit, Gallup released its latest survey which confirmed just how dead the American Dream has become for tens if not hundreds of millions of Americans.

According to the poll, the number of Americans who did not currently own a home and say they do not think they will buy a home in "the foreseeable future," had risen by one third to 41%, vs. "only" 31% two years ago. Non-homeowners' expectations of buying a house in the next year or five years were unchanged, suggesting little change in the short-term housing market.

As Gallup wryly puts it, "what may have been a longer-term goal for many may now not be a goal at all, and this could have an effect on the longer-term housing market."

Webmaster's Commentary: 

When Mike and I go to our local grocery store (and even the "big box" store we go to occasionally), sticker shock at food prices are very, very severe.

I don't know how people with families are making it, but the rapid escalation of food prices is indicative of the rapid escalation of prices for everything right now.

It almost feels like this country is on the verge of Wiemar-era inflation.

Jul 28 09:32

THE ECONOMIC AND FINANCIAL PROBLEMS IN EUROPE ARE ONLY JUST BEGINNING…

In all the euphoria surrounding the “deal” that temporarily kept Greece in the eurozone, I think that people have forgotten that the economic and financial fundamentals in Europe have continued to deteriorate. Whether Greece ultimately leaves the eurozone or not, a great financial crisis is inevitably coming to Europe. It is just a matter of time.
In many ways, the economy of Europe is in significantly worse shape than the U.S. economy. Just recently, the IMF issued a report which warned that the eurozone is “susceptible to negative shocks” and could be facing very tough economic times in the near future. The following comes from the Guardian…

The International Monetary Fund has warned the eurozone faces a gloomy economic outlook thanks to lingering worries over Greece, high unemployment and a banking sector still battling to shake off the financial crisis.

Webmaster's Commentary: 

It is not a matter of if, but when, Europe's economic shocks start to have a profound effect on the American economy as well.

Jul 28 09:19

Sun columnist Katie Hopkins calls for ‘euthanasia vans’ as Britain has ‘far too many old people’

Media personality Katie Hopkins claims the UK has “far too many old people” and says she would be “super keen on euthanasia vans” to eradicate the problem.

The controversial Sun columnist, who only recently apologized for the language in her inflammatory piece which referred to immigrants attempting to cross the Mediterranean as “cockroaches,” said it was “ridiculous” that animals could be put to sleep, “but not people.”

In an interview with the Radio Times, she argued although medical science allowed people to live longer, that didn’t necessarily mean it was the right path to choose.

“We just have far too many old people,” she said. “It’s ridiculous to be living in a country where we can put dogs to sleep but not people.”

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