ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Nov 18 11:14

The War on Christmas takes a turn for the weird

Fair enough. Santa Claus is clearly a malleable cultural contrivance, and anyone can make up just about any story you want about him — and there is an American tradition of making Christmas specials about an entirely fictitious Santa. But I want to know what drugs Beck was on when he came up with his story of Agios, The Immortal, a neolithic hunter.

Nov 18 09:55

Confessions Of A Comcast Video Repair Agent

According to M., Comcast doesn’t actually care if video repair agents — the people you eventually get passed to when you call to gripe about your service not working — actually fix your TV-related problem. He says there are only two metrics that matter to his bosses: “Did you sell the customer something? And how fast did you got the customer off the phone?”

M. claims that video repair staffers are told the only way to get a higher wage is to successfully upsell more products and services to the customer.

Nov 18 08:05

Yuan can become dominant world reserve currency – survey

The Chinese yuan can overtake the dollar as the leading international reserve currency, a new poll of institutional investors indicates.

The authors of the survey, conducted by the Economist Intelligence Unit and commissioned by State Street financial services, polled 200 senior executives at institutional investors with knowledge of their exposure to yuan assets. Half of the respondents were from the firms headquartered in mainland China (including Hong Kong and Taiwan) and the other half were based elsewhere.

The report accompanying the survey points out that by the end of 2013, the yuan has risen to become the second-most-used trade financing currency and ninth-most-used currency for payments globally.

Nov 18 08:04

China opens up $4.2tn stock market to world via Hong Kong

The Chinese mainland is now open for business, at least in terms of its $4.2 trillion capital market. The Shanghai and Hong Kong stock exchanges are now linked giving foreign investors access to the tightly-controlled Chinese capital markets.

Nov 18 07:54

Surprise! More jews caught in New York State welfare scam.


Police arrested more than a dozen people Thursday morning in connection with alleged mortgage and welfare fraud operating within Orthodox Jewish communities.

Thirteen members of two extended families were taken into custody, accused of securing 20 mortgage loans totaling $20 million for properties. They are accused of vastly overstating their incomes and the amount of money in their bank accounts to obtain the loans, which then went into default.

The alleged ringleader, Irving Rubin, called himself a real estate developer. Also arrested were his sons, Yehuda and Joel Rubin, and Irving Rubin's brothers Abraham, Jacob and Samuel Rubin, and his wife Desiree.

Nov 18 07:40

US child homelessness at all-time high

In the United States, one child in every 30 - or 2.5 million children - was homeless in 2013, marking an all-time high, according to a new comprehensive report that blames the country’s high poverty rate and lack of affordable housing, among other causes.

Webmaster's Commentary: 

But the government spends your money on wars, Wall Street, and Israel.

Nov 18 06:27

FACEBOOK - People against The Banks

Nov 17 13:24

AG Nominee Loretta Lynch Boasts Having Seized $904 Million Through Asset Forfeitures in 2013 Alone

In light of the fact that President Obama's Attorney General nominee Loretta Lynch recently announced that, as US Attorney for the Eastern District of New York, her office took more than $904 million worth of private property from citizens through asset forfeitures, questions are being raised as to whether civil asset forfeitures, called "policing for profit" by critics, will continue to rise if she ends up being confirmed as Attorney General.

Nov 17 11:56

Russian Blue Chips Might Dump London En Masse, Re-list in Hong Kong

With East-West relations at rock bottom, Russia's leading blue chip companies are toying with the idea of abandoning the London Stock Exchange as the long preferred venue for listing their shares, and moving to Hong Kong.

Nov 17 10:11

The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed

Or, simply said, generic pretexts for a failure to follow through with the Bundesbank’s original intention of re-domiciling physical gold, especially after Zero Hedge posted in November 2012 proof of collusion between the 1968 Bank of England and the Fed seeking to defraud Deutsche Bank: ‘Bank Of England To The Fed: “No Indication Should, Of Course, Be Given To The Bundesbank…”

The charade ended with a thud in June of this year, when instead of continuing the farce, Germany simply gave up, providing an even more laughable reason why it can no longer even pretend to collect its physical gold located at New York’s 9 Liberty Street.

"Germany has decided its gold is safe in American hands. “The Americans are taking good care of our gold," Norbert Barthle, the budget spokesman for Merkel’s Christian Democratic bloc in parliament, said in an interview. "Objectively, there’s absolutely no reason for mistrust."

Nov 17 09:36

What did the Brisbane G-20 summit accomplish?

President Barack Obama was equally effusive, saying the gathering was not a “chinwag,” an Australian word for meaningless talk. Rather, he said, “it has been a good week for American leadership.” At a press conference, Obama listed expanding trade, a visa accord with China, and “a big advance on climate change” as tangible achievements.

Webmaster's Commentary: 

So the headline accomplishment is a deal to take seriously a problem that was made up in the first place. Left unsaid in this article is the agreement by the G20 to consider bank savings accounts as investments in the bank, subject to loss if the bank gets into trouble.

Nov 17 09:28

Nearly half of Florida households are struggling financially, United Way reports

Nearly half of Florida households do not earn enough to pay for basic necessities, according to a report released Tuesday by the United Way that seeks to cast a light on the large group of state residents who struggle financially but do not meet the official criteria for being in poverty.

While 15 percent of Florida households are below the poverty level, another 30 percent are financially insecure — a figure that also applies to Sarasota and Manatee counties — based on a new measurement developed by the United Way.

Nov 17 09:26

5 Reasons Working for Comcast Is Worse Than You Think

Internet customer service reps are like modern-day versions of Jack Lemmon in Glengarry Glen Ross: slimy, sleazy, and full of double talk -- but only because that's the only way they know how to survive, and it's exactly what they've been told to do. In fact, the great misconception is that "customer service" exists at all. In reality, everyone you talk to is in sales.

"Out of every 100 calls, you have to have at least two sales," says Beau, a Comcast representative. "If someone calls about their bill, I have to try to upsell them something. ... If you don't do that, you get coached on it, and if you get coached too much, you get fired. Our customer service isn't customer service; it's sales."

Webmaster's Commentary: 

This description also fits Time Warner, especially number 4!

Nov 17 09:02

Stand Up - Claire Rivero's ode to Obamacare!

Webmaster's Commentary: 

Reposting Claire Rivero's song in light of the skyrocketing premiums and deductibles and the admission by Jonathan Gruber that they had to hide much of what is in Obamacare to get it past the "stupid" American voters (he means YOU)!

Nov 17 09:01

NY Senator admits to knowing President was lying about Obamacare

Webmaster's Commentary: 

So pretty much everyone inside the government knew that Obamacare was a crock, and just went along with it, to fool all you stupid American voters!

Nov 17 08:57

Bobbing Nodwells and the Singing Sirens of Sensation

If you close your eyes you can feel it. You can feel the hot hissing breath rolling off of the forked tongues of Central Bankers as they lean on the poor fools, whose body and soul they own at 7% and compounded daily. You can see them in their dining rooms; all dark wood and even darker servants, moving soundlessly through the room. They don’t smile and they don’t laugh. One might see that their tongues had been removed at some point earlier in time. The Bankers laugh though. They cackle and they chortle. They look at the awkward slithers of their various Prime Ministers of localized and relative evil, dancing to a tune that only they hear through the Grima Wormtongue implant…

Nov 17 08:50

Fresh protests held against G20 policies in Brisbane

Thousands of people, chanting slogans for “justice," participated in the protests against the G20 summit on Sunday. The protests, with a focus on economic policies of the G20 countries, continued into the second day of the gathering.

The protests against the economic policies of the G20 countries came despite a heavy police presence and security lockdown in the Australian city.

Nov 17 08:50

Your “Children Will Be Fined” If You Fail To Sign Up For Obamacare: People Are Going To Be In for A Shock

But, as is often the case when the government says one thing, they mean exactly the opposite. In this case, when they say incentive what they really mean is that you are going to be penalized if you fail to acquire government mandated health insurance. But not just you. Your children, who apparently no longer belong to you anyway based on a recent court ruling, will be fined for your failure to get them on the insurance rolls

Nov 17 08:49

Walmart Store Holding Thanksgiving Food Drive For Its Own Workers

One Ohio Walmart is asking employees to donate food for other workers who are struggling so much they can't afford to buy a Thanksgiving meal for their families.

Webmaster's Commentary: 

Nov 17 08:46

Third World Plunge: Nearly 40 percent of Americans now make less than $20,000 a year

The future doesn't look very bright for America's ever-dwindling middle class. The latest figures from the Social Security Administration (SSA) reveal that nearly half of the country now makes less than $28,031 annually, while nearly 40 percent of the population makes less than $20,000 per year, which is well below the middle-class threshold.

Webmaster's Commentary: 

Nov 17 08:23

Mexico Riots: Students attack bank, set barricades on fire

Nov 17 07:25

THE MONEY IN YOUR BANK ACCOUNT WAS STOLEN THIS MORNING

As of this morning all nations belonging to the G20 will immediately submit and pass legislation that will fulfill a new investment program. This new program creates a whole new paradigm and set of rules whereby banks will no longer recognize your deposits as money.

Russell Napier is declaring November 16th as “the day money dies,” and this constitutes today’s Zero Hedge’s headline. According to Zero Hedge, Napier says the G-20 will announce “that bank deposits are just part of commercial banks’capital structure, and also that they are far from the most senior portion of that structure.” Pay close attention America this means that following a bank failure, “a bank deposit is no longer money in the way a banknote is.”

Nov 17 06:34

Obamacare Facebook page comments mostly from small group of supporters

Americans began heading anew this weekend to President Obama’s official Obamacare Facebook page to gather information on the new round of health care enrollment, share their experiences shopping for insurance on the federal exchange and voice their opinions on the president’s signature domestic achievement.

However, what some would view as a robust marketplace of ideas is actually controlled by just a few, an analysis of the Web page shows.

Sixty percent of the site’s 226,838 comments generated from September 2012 to early last month can be attributed to fewer than 100 unique profiles, according to an analysis completed by The Washington Times with assistance from an outside data analytics team. Many of those profiles belong to just one person who created multiple aliases or personas to widen her influence and multiply her voice.

Nov 17 06:17

G20 Retrospective and Doubts

While the Australian government was pampering and welcoming global leaders – the homeless were NOT welcome. Scoot. Away with you beggars and bludgers.

There was no shirt-fronting, but a lot of snubbing of President Putin who is still being blamed for MH17 – based on mainstream propaganda (The leaders and their lackeys haven’t bothered with the facts).

Webmaster's Commentary: 

"Facts? WE don't need no stink' facts! We have ... good intentions!" -- Official White Horse Souse

Nov 16 07:14

Milford mall receives backlash after leaked memo requires Thanksgiving opening

A local mall is receiving some serious backlash after a leaked memo from management details that all stores inside must open on Thanksgiving.

Webmaster's Commentary: 

Dear retailers. Just in case you were wondering, I have better things to do this coming Thanksgiving than shop. Your malls come way down on the todo list below turkey, mashed potatoes, playing with younger members of the family, taking pictures of older members of the family, talking politics, and a not-trivial amount of scotch. So let the workers off.

Nov 15 10:03

Kill the Messenger Official Trailer #1 (2014)

Nov 15 09:30

US Attorney Says Attempts To Use “Liberty Dollar” As Money Is Domestic Terrorism

“Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” US Attorney Tompkins said in announcing the verdict.

Webmaster's Commentary: 

Then why aren't you arresting the federal Reserve, lady?

Nov 15 09:28

Bernard von NotHaus, “Architect” of the Liberty Dollar to be Sentenced

Von NotHaus did appeal his conviction stating….[1]

“…if anything is clear from the evidence presented at trial, it is that the last thing Mr. von NotHaus wanted was for Liberty Dollars [to] be confused with coins issued by the United States government…His intention – to protest the Federal Reserve system – has always been plain. The jury’s verdict conflates a program created to function as an alternative to the Federal Reserve system with one designed to [deceive] people into believing it was the very thing Mr. von NotHaus was protesting in the first place…the Liberty Dollars was not a counterfeit and was not intended to function as such. The verdict is a perversion of the counterfeiting statutes and should be set aside.”

Webmaster's Commentary: 

This is a miscarriage of justice to keep us all slaves to the Federal Reserve's debt-based money system. And I note that the government only moved against Liberty Dollars and Bernard von NotHaus after they put Ron Paul's face on a coin, which apparently hurt President Bush's poo widdle feewings.

Nov 15 09:13

Manipulation Of CPI Saved The Federal Government Over $150 Billion From 1998-2012

Hiding in econometric obscurity, in an area of research so boring no economist would dare tread, did the government knowingly encourage the adoption of a dubious economic theory that would likely bias inflation downward? If so, it was a good bet.

Nov 15 07:00

Depression-Level Collapse In Demand: In Historic First, Glencore Shuts Coal Mines For 3 Weeks

In a historic move showing just how profound the collapse in global commodity demand and trade is, earlier today the Sydney Morning Herald reported that Australia's biggest coal exporter Glencore, which last year concluded its merger with miner Xstrata creating the world's fourth largest mining company and world's biggest commodity trader, will suspend its Australian coal business for three weeks "in a move never before seen in the Australian market, to avoid pumping tonnes into a heavily oversupplied market at depressed prices." Putting this shocking move in context, it is something that was avoided even during the depths of the global depression in the aftermath of Lehman's collapse, and takes place at a time when the punditry will have you believe that the US will decouple from the rest of the world and grow at 3% in the current quarter and in 2015.

Webmaster's Commentary: 

This move, on Glencore's part, is both extremely significant, relative to the global economy...and troubling.

Nov 15 06:34

The U.S. Department of Justice Handles Banker Criminals Like Juvenile Offenders…Literally

We all know by now that if you’re a woman with an overgrown lawn, a child walking by himself to the park, a homeless person, or someone feeding a homeless person, you’re a contemptible criminal in the eyes of the U.S. injustice system. As such, police and prosecutors will come down on you as hard as they possibly can. Subjecting you to the full and brutal force of the law, including jail sentences for non-crimes.

On the other hand, should you be a connected politician, a banker, or other elite member of the status quo, you can do absolutely anything you want. If you’re a politician and get caught it’s true you might lose your job, but don’t fret, a cushy position is waiting patiently for you on the other side of the revolving door.

Webmaster's Commentary: 

Unless and until the DOJ is ready to prosecute these fraudsters to the fullest extent of the law , and there is jail time for these people in the polar opposite of a Club Fed, these practices will continue.

Nov 14 11:38

House approves Keystone pipeline, setting up final Senate showdown

House lawmakers, in their first major vote since last week’s elections, easily passed a bill to approve the Keystone XL pipeline that would bring crude oil from Canada to the U.S., sending the bill over to the Senate which will have a major showdown Tuesday.

Nov 14 11:21

Italy's Grillo: "We Are Not At War With ISIS Or Russia, We Are At War With The ECB"

Nov 14 11:18

Last Week Tonight with John Oliver: Civil Forfeiture (HBO)

Nov 14 08:39

The Precognitively Vibrating Nose Hairs of Nostrildamus

It’s pretty amazing what happens when corporations gain personhood. The transition from person to beast doesn't take very long.

Nov 14 07:53

1 in 3 Chicagoans living paycheck-to-paycheck

One in three Chicago residents can't go more than a month without a paycheck.

Webmaster's Commentary: 

I know the feeling! :(

Nov 14 07:51

Putin "Prepares For Economic War", Buys Whopping 55 Tonnes Of Gold In Q3

Just as China is buying 'cheap' oil with both hands and feet, so Russia, according to the latest data from The World Gold Council (WGC) has been buying gold in huge size. Dwarfing the rest of the world's buying in Q3, Russia added a stunning 55 tonnes to its reserves, as The Telegraph reports, Putin is taking advantage of lower gold prices to pack the vaults of Russia's central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.

Russia bought more gold in Q3 then all other countries combined...

Vladimir Putin's government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble.

Webmaster's Commentary: 

Looking at the Western drum beat on both Russian and Putin demonization, and the the reality that the opening salvos have already rung out in the economic war against it, possibly leading to a shooting war, can you blame Putin or Russia's central bank for having made this move?!?

Nov 14 07:45

Putin: Russian Economy Won't Be Dominated by 'Dollar Dictatorship'

Russia is leaving the dictatorship of the market where oil goods are based on the dollar and won't back down in face of a drastic drop in world prices on energy resources, Russian President Vladimir Putin said Friday.

Russia plans to leave the “dollar dictatorship” of market oil prices and turn to using the country’s national currency and the Chinese yuan, Russian President Vladimir Putin said Friday.

“We are leaving the dictatorship of the market where oil goods are based on the dollar and will increase the possibilities of using [other] national currencies: the ruble and the yuan,” Putin said in an interview with the Russian state news agency TASS.

On a November 9 meeting on the sidelines of the APEC summit Putin and Chinese President Xi Jinping discussed the possibility of using the yuan in transactions in fields of mutual cooperation.

Webmaster's Commentary: 

Methinks that President Obama may have shot himself in both feet by brokering a covert deal with Saudi Arabia to ratchet down oil prices, thus hoping to cripple Russia's oil infrastructure, which is a huge part of its economy.

If, in fact, President Obama does play chess, Putin is 20 moves ahead of him almost every time.

Nov 14 06:39

‘Violent’ stock market crash could be round the corner warns think-tank

A potentially ‘violent’ stock market crash could be on the horizon as financial markets become dangerously stretched, a think-tank has warned.

The Bank of International Settlements said that suspiciously low levels of volatility in the markets seen this year suggest a lack of liquidity that could trip up investors who assume they can dispense of assets when a sell-off begins.

The speech came as the FTSE 100 index suffered another day of losses, dropping 2.8 per cent and mirroring falls across Europe: Greece’s stock market trading was down 9 per cent at one point today.

Guy Debelle of BIS said global investors were buying assets on the misguided presumption of liquidity that does not exist and that in a possible sell-off, volatility and price movements ‘will be exacerbated by the reduced capacity and inventory of market makers’

Webmaster's Commentary: 

One of the mantras which you know well from WHR is, please, don't panic: prepare.

IF there is some kind of massive societal disruption, courtesy of a huge market crash, make sure you have lots of food, potable water (with some form of water filtering) and medications stored for your family and pets.

Make sure you have a plan to protect yourself and those you love, if your home is hit by people who didn't prepare, and are wanting to loot your provisions.

Have some very small units of gold and/or silver under your personal supervision with which to barter, if the dollar suddenly plunges in value.

Have only in your banking account just what you need to pay the bills; keep the rest under your personal control.

Figure out the skills you can barter for goods and services. Find like-minded people in your community willing to help take care of each other, if the excrement suddenly hits the fan.

Figure out what your bug-out procedures need to be, if you need to leave your home suddenly, and how to re-connect with your family should such an event happen.

Folks, these are simply practical ways with which to forestall catastrophe if it comes; I am not a "gloom and doomer" here: just pragmatic. And I would urge all of you to be making the same kinds of preparations

Nov 14 05:56

Obama’s Secret Treaty Would Be The Most Important Step Toward A One World Economic System

Barack Obama is secretly negotiating the largest international trade agreement in history, and the mainstream media in the United States is almost completely ignoring it. If this treaty is adopted, it will be the most important step toward a one world economic system that we have ever seen. The name of this treaty is "the Trans-Pacific Partnership", and the text of the treaty is so closely guarded that not even members of Congress know what is in it. Right now, there are 12 countries that are part of the negotiations: the United States, Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. These nations have a combined population of 792 million people and account for an astounding 40 percent of the global economy. And it is hoped that the EU, China and India will eventually join as well. This is potentially the most dangerous economic treaty of our lifetimes, and yet there is very little political debate about it in this country.

Webmaster's Commentary: 

Wait, Congress is forbidden to see the treaty?!?

Then, this has to be the "Obamacare for the economy", where Congress is blithely told by some Obamamaniac that they "have to pass the treaty before they can see what is in it?!?"

No President should have this kind of all-pervasive power, period, end of discussion.

Nov 13 15:03

Why did FOX Ban this video?

Nov 13 15:03

Lame duck out of the Silk Road caravan

There’s hardly a more graphic illustration of where the multipolar world is going than what just happened at the Asia-Pacific Economic Cooperation (APEC) summit in Beijing.

Take a very good look at the official photos. This is all about positioning – and this being China, pregnant with symbolic meaning. Guess who’s in the place of honor, side by side with President Xi Jinping. And guess where the lame duck leader of the “indispensable nation” has been relegated. The Chinese can also be masters at sending a global message.

Nov 13 13:38

Rich and powerful touch down for summit

Police Commissioner Ian Stewart has warned the Russians “will be dealt with’’ if they arrive packing guns in Brisbane today for the G20.

Mr Stewart said he had not received any applications from overseas security teams - including the Russians - to carry firearms.

“They mightn’t be carrying guns. They may have recognised that we are a safe country and that there is no risk and they are going to obey our laws.”

Webmaster's Commentary: 

If I were Putin's security detail, I would be very nervous right now about them making such a point of keeping them disarmed! I hope Vlad is wearing his Kevlar undies!

Nov 13 12:19

How the U.S. Government Could End the Student Debt Crisis Today

Instead of loaning students money, the federal government could just pay for their tuition, without causing any significant economic problems.

Last month, Lower Saxony became the final state in Germany to abolish tuition for all students at public universities. Meanwhile, in the United States, student loan debt has passed the $1 trillion mark. The burden is now becoming increasingly heavy for middle-class and wealthy students, but especially for those from lower-income backgrounds. This injustice has spurred many organizations, like the Occupy Wall Street offshoot Strike Debt, to do what they can to pay off student debt on their own.

Webmaster's Commentary: 

In those other nations, they are trying to educate their young people. In the US they are just turning them into debt-slaves and making them think it is all their own fault.

Nov 13 11:38

24% Of Millennials “Expect” Student Loan Forgiveness

It appears the concept of no consequences is now deeply embedded in the American society. As Student loan debtloads surge ever higher – and opportunities grow ever lower – NBC News reports a rather stunning 24% of Millennials said they expect their loans will ultimately be forgiven, according to study released Wednesday by Junior Achievement and PwC US. That helps to explain why delinquency rates are at record highs - aside from the massive debtloads and no high-paying jobs – as students see bankers rigging every market in the world with little to no consequence, one can only imagine the lessons being learned.

Nov 13 11:37

ISIS Unveils Its New Gold-Backed Currency To Remove Itself From “The Oppressors’ Money System”

It appears the rumors are true. Islamic State is set to become the only ‘state’ to back its currency with gold (silver and copper) as it unveils the new coins that will be used in an attempt to solidify its makeshift caliphate.

Webmaster's Commentary: 

"KILL THEM! KILL THEM! KILL THEM ALL! KILL THEM ALL NOW! NOW, NOW, NOW!!!" -- Official White Horse Souse

Nov 13 11:32

BRICS, Eurasian Economic Union (EEU), Shanghai Cooperation Organization (SCO): Towards a New Global Financial Architecture?

According to Conn Hallinan – in his article Move Over, NATO and IMF: Eurasia Is Coming – the BRICS’ construction of a Contingent Reserve Arrangement will give its members emergency access to foreign currency, which might eventually dethrone the dollar as the world’s reserve currency. The creation of a development bank will make it possible to bypass the IMF for balance-of-payment loans, thus avoiding the organization’s onerous austerity requirements.

Nov 13 11:31

How Big Oil Plans to Win Ugly in New York

A PR firm well known for its hardball tactics in defense of Big Tobacco will deliver the keynote address at tonight’s Independent Oil and Gas Association of New York’s (IOGA-NY) annual conference in Buffalo. The same talk titled, “Big Green Radicals: Exposing Environmental Groups,” was presented at the Western Energy Alliance annual meeting in Colorado this summer. Richard Berman, president of the consulting firm Berman and Company, told the audience of oil and gas executives that they were engaged in “an endless war,” and warned that, “You can either win ugly or lose pretty.”

An anti-fracking rally in front of the New York State Assembly in Albany in 2013. Berman and Company’s strategy fails to recognize that long before celebrities were touring gas fields, local landowners, farmers, and activists had already started asking questions about the merits of fracking.

Nov 13 10:21

Republican Politicians Are Fighting Net Neutrality, but Their Constituents Support It

On Monday, President Obama came out in strong support of net neutrality and advised the FCC to reclassify Internet service as a utility under Title II of the Telecommunications Act. Later that day, FCC Chairman Tom Wheeler, an Obama appointee and former cable/telecom lobbyist, met with tech company representatives to say that he did not plan to follow all of the president’s proposals. Sounds about right.

Nov 13 10:14

President Putin Pledges to Increase Trade with China and Asia to Rebuke Sanctions

Webmaster's Commentary: 

Obama faces an impossible task at APEC and the G-20. Russia has products other nations want to buy, while all Obama has to offer is speeches and dubious promises.

Nov 13 09:48

Sheldon Adelson's Dismissal of Israeli Democracy Draws Silence From Groups He Backs

Recipients of casino billionaire Sheldon Adelson’s largesse are dodging questions about his latest salvo against Israeli democracy.

Adelson, a leading Republican donor, has long stood out among American Jews for his conservative views. He may have stepped farther outside of the American Jewish mainstream than ever before, however, in statements at a conference in Washington on November 9 in which he seemed to write off Israel as a democratic state.

“I don’t think the Bible says anything about democracy,” Adelson said. “[God] didn’t talk about Israel remaining as a democratic state… Israel isn’t going to be a democratic state — so what?”

While Anti-Defamation League national president Abraham Foxman has slammed Adelson’s remarks, leaders of groups that have taken money from Adelson have not responded to requests to address his statements.

Webmaster's Commentary: 

Abe Foxman said something I agree with? What IS the world coming to?!?

Nov 13 09:10

Charity: 25,000 UK pensioners to die in winter

A report says that a pensioner will die from cold weather every seven minutes in Britain this winter, amid soaring fuel bills.

The Age UK charity released the report on Tuesday, saying that, this winter, 25,000 elderly people in England and Wales will die as a result of the cold weather and due to high fuel costs and poorly insulated homes.

Nov 13 08:57

Foreclosure filings climb 15% in October

The pace of new foreclosures picked up last month as more troubled properties were pushed through the system, according to data released Thursday.

In October, there were default notices and other foreclosure filings reported on more than 123,000 U.S. homes, up 15% from September — the largest monthly growth since foreclosure activity peaked in early 2010, online foreclosure marketplace RealtyTrac reported.

Nov 13 08:23

Windows 8: Why Microsoft's giant gamble didn't pay off

In many ways, analysts say, Windows 8 didn't bridge the divide between tablets and PCs so much as fall into the chasm between them.

Nov 13 08:07

'A Crime': Groups Say Detroit Bankruptcy Plan Benefits Rich, Attacks Working People

A group of Detroit residents is condemning the city's newly-approved restructuring plan to exit bankruptcy as a deal that will further benefit the wealthy and corporate class while hurting working people.

Webmaster's Commentary: 

Did you ever think it was going to be any other way?

Nov 13 07:58

EU must cease "material support" for Israel’s crimes, say leading trade unions

More than 300 political parties, trade unions and campaign groups have called for the suspension of a key agreement between Israel and the European Union.

The appeal urges the EU to freeze the “association agreement” with Israel. That deal, which entered into force in 2000, facilitates largely unrestricted trade between the EU and Israel and allows Israel to participate in a wide range of the Union’s programs.

Webmaster's Commentary: 

So the EU is as much a sell-out to Israel as the US is. Imagine my shock.

Nov 13 07:47

Alan Greenspan: Gold is Stronger Than US Dollar

Speaking on a chapter dedicated to gold in his new book, Alan Greenspan said, “gold is the premier currency where no fiat, including the dollar, can match it.”

As Chairman of the Federal Reserve System from 1987-2006, Greenspan enacted an inflationary policy that defined the era with economic bubbles. His recent comments indicate he’s learned a lesson from those bubbles bursting.

Or did he re-learn the lesson? On multiple occasions, Ron Paul has raised the fact that Greenspan wrote an essay praising gold as money back in 1966. In that essay, Greenspan wrote:

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.

He went on…

This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process.

The old Greenspan is back! Now, if he’d just push for an audit…

Nov 12 14:17

Caesars weighs layoffs, but Strip might be spared

Caesars Entertainment Corp. expects to create an extra $250 million to $300 million in cash flow in 2015 through various cost-savings measures.

Much of the cash flow increase could come through cost savings, such as layoffs and other measures at the company, which operates nearly 40 casinos in 15 U.S. states and Canadian provinces.

But one analyst speculated that very few of the cutbacks would come from Caesars’ nine resorts on or near the Strip.

Caesars is seeking to reduced its gaming industry-high $22.8 billion in long-term debt. The company has held private talks with its banks and lenders since September.

Webmaster's Commentary: 

Americans do not have money to play with these days. Coupled with online gambling for the people not interested in the topless reviews, it seems Vegas (and Sheldon Adelson) have hit hard times!

Nov 12 13:29

'Evil Stick' wand toy for toddlers reveals picture of a young girl slitting her wrists with knife

Wand, dubbed 'Evil Stick', promises 'wonderful music', magic and fairies
But underneath silver foil, it shows image of girl slitting wrists with knife Available from dollar store, it also emits cackling laugh and flashing lights 'I'm outraged,' said Nicole Allen, who purchased toy for her daughter, two Store's owner said it was parents' responsibility to read the wand's label He added that he believed the product was appropriate for older children 'For a five, six, seven, 10-year-old, I mean they see that on TV everyday'.

Webmaster's Commentary: 

And JUST in time for Christmas!!!!!

Nov 12 13:09

White House Fail: Obamacare in a ‘Death Spiral’

It’s been riddled with problems from the beginning. It was sold to the people as ‘Universal Healthcare’, only it’s not even close. Obamacare may end up being D.O.A after all...

Nov 12 12:18

Russia To Have SWIFT Alternative By May

In the past, western sanctioners have sabre-rattled cutting off Russian from SWIFT - the international inter-bank payment system - as a next step in squeezing the oligarchs into submission (though 'independent' SWIFT distanced itself from those calls). Now however, as RT reports, Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West. If successful, this would pose a further challenge to the USD's reign as sanction blowback reverberates once again.

Nov 12 12:10

Caught Rigging FX and Gold? Your Punishment Will Be A Bonus Capped At Just 200% Of Your Base Salary

but cutting to the chase, here is the punishment:

FINMA has also instructed UBS to limit bonuses for traders of foreign exchange and precious metals to 200 percent of their base salary for two years.

Which means that clearly nobody is going to jail, however the punishment is far more harsh: riggers will have a bonus of ONLY 200% their base salary for two years to look forward to!

The horror, the horror.

Nov 12 12:04

All Wars Are Bankers' Wars - FULL version plus downloads.

Webmaster's Commentary: 

UPDATE: I am reposting this because I have started receiving emails from readers/listeners who report they are overhearing other people talk about this article and video. So the word is getting out and people are waking up to the real reasons we are at war; the money-junkies. Please share this with everyone who is not already aware of this article and video (and there is a larger video in production now).

Facebook is still blocking the original version of the video "All Wars Are Bankers' Wars", but someone uploaded a new copy and this particular URL is not yet being blocked by Facebook.

Meanwhile, I have placed copies of the video for you to download on my server for you to post as you see fit.

Quicktime (967 meg)

MP4 (152 meg)

Please note that these videos will be shut off automatically during times of excessive server load.

Nov 12 10:45

Obamacare Designed as a Scam

A willfully designed scam. A rationing scheme boon to predatory providers.

Enriching insurers, drug companies and large hospital chains. At the expense of universal affordable coverage.

Market-based for maximum profits. Letting providers escalate prices. Regulatory light. Loopholes let profiteers game the system.

Benefitting at the expense of ripped-off consumers. Leaving millions uninsured. Most others way underinsured.

A healthcare disaster. Unaffordable for most people. Providing inadequate protection.

Forcing millions to pay 40% or more out-of-pocket. For co-pays and deductibles. On top of costly premiums. Rising annually.

Double the cost of other developed countries. During protracted Main Street Depression conditions.

Webmaster's Commentary: 

And those are the GOOD points! :)

Nov 12 09:40

University of Pennsylvania Deletes, Reinstates Obamacare Architect Video After Backlash

A video of Obamacare architect Jonathan Gruber saying a “lack of transparency” was crucial in fooling ‘stupid Americans’ which caused controversy was subsequently deleted by the University of Pennsylvania only to be reinstated after a backlash.

Webmaster's Commentary: 
Nov 12 09:36

The BamboozleCare Rollout

Webmaster's Commentary: 

"Lying to the American people and treating them like are idiots is a GOOD thing!" -- Official White Horse Souse

Nov 12 09:34

Big Banks Busted Massively Manipulating Foreign Exchange, Precious Metals … And Every Other Market

Regulators fined six major banks including Citigroup (C.N) and UBS (UBSN.VX) a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation.

HSBC (HSBA.L), Royal Bank of Scotland (RBS.L), JP Morgan (JPM.N) and Bank of America (BAC.N) also face penalties resulting from the inquiry that has put the largely unregulated $5 trillion-a-day market on a tighter leash, accelerated the push to automate trading and ensnared the Bank of England.

In the latest scandal to hit the financial services industry, dealers shared confidential information about client orders and coordinated trades to make money from a foreign exchange benchmark used by asset managers and corporate treasurers to value their holdings. Dozens of traders have been fired or suspended.

Nov 12 09:07

Matt Taibbi on JPMorgan Chase's Worst Nightmare

The attention that Matt Taibbi is receiving for the Rolling Stone essay, The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare, may push forward a serious debate on the systemic corruption that is common knowledge among informed observers of the financial structure.

Zero Hedge can always be depended upon to incisively sum up the issue...

In reality, there is nothing surprising in Matt Taibbi's latest piece since returning to Rolling Stone from the Intercept, as it tells a story everyone is by now is all too familiar with: a former bank employee (in this case Alayne Fleischmann) who was a worker in a bank's (in this case JPM) mortgage operations group, where she observed and engaged in what she describes as "massive criminal securities fraud" and who was fired after trying to bring the attention of those above her to said "criminal" activity.

Webmaster's Commentary: 

The question for me is, when do people who break the law doing these kinds of manipulations actually wind up going to prison, and not to a "Club Fed" ?!?!?

Because unless and until people who do this are convicted and jailed for it, big-time, these practices will continue, unabated.

Nov 12 08:58

In Spotlight: Bad Banks & British Pound

In the spotlight today was not only Mr. British Pound but also the major banks in the US, UK and Switzerland as well, as they face billions in forex fines. Who does this penalty money go to? Not the traders I bet!

Nov 12 08:20

What China-Japan APEC Talks Could Mean for Investors

Yet it’s clear the country that gave us spectacular double-digit gross domestic product (GDP) growth for years is now struggling. The Chinese economy has already seen its growth slow, coming in at 7.3% in the third quarter, the slowest pace since 2008. And it isnow threatening to fall short of the 7.5% target set by the government. At this point, it doesn’t look like the target will be met. In fact, there are whispers that the target could be cut to seven percent in 2015 if the global economy doesn’t experience a stronger recovery.

Pundits and China bears have been calling for the great collapse of China, specifically in the real estate and financial spaces. Yes, there is softness here, but we have yet to see a bigger crack form. You can bet the Chinese government will do whatever is necessary to reinforce its economy’s weak points. And China can definitely do this, given the fact that the country has about $3.0 trillion in reserves.

Webmaster's Commentary: 

Left unsaid is that China's former growth was powered in large part by exported to the US. But the American consumers are not buying anything from China or anywhere else; their wealth having been stripped away by the war economy and Wall Street money-junkies. This is an inevitable downside to globalism. When one nation starts to fail (the US) it drags down the rest of the world with it.

Nov 11 16:31

Billionaire U-M alum files bankruptcy after being ordered to pay up to $455M for offshore fraud scheme

A Dallas-based, 1957 University of Michigan alumnus has filed for bankruptcy after he was ordered by the Securities and Exchange Commission to pay anywhere from $200 million to $455 million for his involvement in a massive offshore fraud scheme that netted him and his brother more than $550 million.

U.S. District Judge Shira Scheindlin ruled in September that U-M alumnus and billionaire Sam Wyly and his late brother Charles Wyly Jr. were involved in a 13-year fraud in which the two created 17 trusts and 40 subsidiary companies before hiring a team of lawyers and an offshore accountant to hold records outside the United States.

The SEC ruled that Sam Wyly was responsible for two-thirds of the amount owed, while his brother's estate was responsible for the remainder.

Nov 11 12:11

Supply-chain suffers as oil majors battle price plunge

Belt-tightening by big energy majors faced with plunging oil prices is battering the finances and share prices of their suppliers, as investors reassess the sector’s ability to keep gushing cash.

A growing list of delayed or canceled projects, seen by some investors as a healthy move by majors to rein in capital spend after a poor history of returns is
working its way through corporate earnings; it has already pummelled the share price of some European suppliers seen as financially fragile.

Nov 11 12:10

China hoarding gold to challenge U.S. dollar

In a world filled with fiat currencies, how important is gold’s role in the financial system? Proponents often view the precious metal as a hedge against economic chaos, while critics typically claim gold is hardly more than an unproductive rock. Interestingly, some countries appear to believe gold is quite important, and one former Fed chair explains why.

Alan Greenspan, who served at the helm of the Federal Reserve for nearly two decades, recently penned an op-ed for the Council on Foreign Relations discussing gold and its possible role in China, the world’s second-largest economy. He notes that if China converted only a “relatively modest part of its $4 trillion foreign exchange reserves into gold, the country’s currency could take on unexpected strength in today’s international financial system.”

Nov 11 09:09

Petrodollar Panic? China Signs Currency Swap Deal With Qatar & Canada

The march of global de-dollarization continues. In the last few days, China has signed direct currency agreements with Canada becoming North America's first offshore RMB hub, which CBC reports analysts suggest "could double maybe even triple the level of Canadian trade between Canada and China," impacting the need for Dollars.But that is not the week's biggest Petrodollar precariousness news, as The Examiner reports, a new chink in the petrodollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation in the very heart of the petrodollar system.

Nov 11 09:05

Obama urges China to be partner in ensuring world order

U.S. President Barack Obama said on Monday a successful China was in the interests of the United States and the world but Beijing had to be a partner in underwriting international order, and not undermine it.

Webmaster's Commentary: 

"The first thing you have to do to ensure world order is drop the Yuan and adopt the Dollar!" -- Official White Horse Souse

Nov 11 08:44

ObamaCare Architect Admits "Lack Of Transparency" Is Huge Advantage Against "Stupidity Of The American Voter"

An architect of the federal healthcare law said last year that a “lack of transparency” and the “stupidity of the American voter” helped Congress approve ObamaCare.

He suggested that many lawmakers and voters didn’t know what was in the law or how its financing worked, and that this helped it win approval.

“Lack of transparency is a huge political advantage,” Gruber said. “And basically, call it the stupidity of the American voter or whatever, but basically that was really, really critical for the thing to pass.”

Webmaster's Commentary: 

Enrollment fall far short of predictions, in part because the healthcare.gov website was a technical disaster, health care costs have gone up, as have the premiums AND deductibles on the approved insurance policies. Contrary to the claim that the ACA would lower health insurance costs, more Americans than ever before cannot afford health insurance and now have the IRS fining them for not being able to afford health insurance.

And he thinks we're stupid?

Nov 11 08:27

Silver to S&P Ratio: What It Tells Us

Take the price of silver, multiply by 100, divide by the S&P 500 Index and chart it for 30 plus years. What do we see?

Nov 11 07:24

Obamacare may not have enough enrollees to stay solvent

The administration on Monday said fewer than 10 million Americans will enroll in Obamacare’s health exchanges this go-around, well short of the 13 million target congressional scorekeepers deemed critical to its economics, suggesting another rocky rollout in the law’s second year of full operation.

Webmaster's Commentary: 

Nov 10 14:33

Sears Continues Retail Death Spiral, Still Sells A Few Useful Things

For the ninth quarter in a row, Sears Holdings Corporation has lost money. Even as the company closes stores, rents out remaining stores, and tries desperate moves like opening early on Thanksgiving Day and making fun of itself in its own ads, the company continues to sell itself for parts in a sad retail death spiral. Yet is there anything that you should consider buying at Sears while it still exists? Are Americans who sneer at Sears missing out? Maybe.

Nov 10 14:32

Obama Administration Dramatically Scales Back Expectations for Second Year Obamacare Enrollment

The Obama administration now says it expects the second year of Obamacare to see dramatically fewer enrollments than originally projected, and that hitting its long-term enrollment goals will likely take years longer than initially believed.

Nov 10 12:16

Ruble-yuan settlements will cut energy sales in US dollars – Putin

Doing away with the US dollar and switching to ruble and yuan payments will significantly increase Russia and China’s say in energy and financial markets, Vladimir Putin has said, adding that the first deals are already underway.

In short the President said the US dollar has no future, and that the ruble and the yuan have better long-term prospects.

“Payments in rubles and yuan are very promising. Switching to such a large-scale work means that the impact of the dollar on the global energy sector will objectively decline. This is not bad either for the global economy, or the world of finance and the world energy markets,” Putin said at the APEC Business Summit in Beijing Monday.

“It will help expand our capabilities in mutual trade and influence both world financial and energy markets," the president said.

Webmaster's Commentary: 

"NUKE THE BASTARDS!!!" -- Official White Horse Souse

Nov 10 12:14

Mark Carney: No more bank bail-outs

Financial Stability Board, chaired by Bank of England Governor, unveils proposals for ending 'Too Big To Fail' banks

Nov 10 10:49

Obama leaves for China, Myanmar, Australia tour

Obama left Washington in the pre-dawn hours en route to an air force base in Alaska, where his plane refueled before traveling on to Beijing.

The US leader was accompanied on his eight-day trip, which also includes visits to Myanmar and Australia, by his national security adviser Susan Rice and several other top aides.

The China leg of his trip will be dominated by Obama's meeting with Chinese President Xi Jinping in Beijing, where the White House said it expects "candid and in-depth conversations."

The relationship between the two superpowers, which US Secretary of State John Kerry has called the "most consequential" in the world today, has been marred by tensions over the South China Sea, cyberspying and human rights issues.

Webmaster's Commentary: 

In this set of meetings here, Obama is doing what Obama does best; campaigning. But of course, it's not for votes; it's for certain financial opportunities and considerations, which he most likely will not get.

China is avoiding doing business transactions in the dollar, and this trend is not going to stop.

China has a trade surplus. As reported on 7 November, 2014 in businessinsider.com:

China recorded a better-than-expected trade surplus of $45.41 billion in October, customs said Saturday, but weaker export and import growth could be a worrisome sign for the world's second largest economy. October's trade surplus expanded 46.3 percent from the same month last year, exceeding market expectations for a $42.3 billion surplus, according to a survey of 11 economists polled by The Wall Street Journal. Read more: http://www.businessinsider.com/afp-china-trade-surplus-expands-to-45.41-bn-in-october-2014-11#ixzz3Igij9KAv

The US has a trade deficit. As reported by AP on 4 November 2014:

The U.S. trade deficit rose in September as exports slumped, a sign that the world's biggest economy is starting to feel the impact of weakening global growth. The Commerce Department said Tuesday that the trade deficit rose 7.6 percent to $43 billion in September. That marks the first increase in four months. A deficit occurs when a country imports more than it exports. Economic slowdowns in Europe and China appear to have hurt demand for American-made goods. Since September, the dollar has appreciated in value more than 4 percent against the euro to $1.25, making U.S. products less competitively priced abroad. Exports fell 1.5 percent to $195.6 billion, led by declines in shipments of industrial supplies, consumer products and capital goods such as engines and computers.

And "...cyberspying and human rights issues" will be on the agenda?!?

Please.

As if the US government wasn't spying on China (and everyone else, apparently, after the revelations of NSAgate!!)

And after the Patriot Act, US torture of prisoners of war, the Homeland Security Act,the NDAA, and the way Americans are treated by police, Obama doesn't have much "wiggle room" on those two issues at all.

Nov 10 10:48

Russian central bank abandons rouble trading band, floats rouble

The Russian central bank said on Monday it had abandoned the rouble's trading corridor, allowing the currency to float freely.

The bank also said in a statement it would intervene in the foreign currency market if it saw a threat to financial stability.

Nov 10 10:30

Breaking: Obamacare architect admits Obama lied about his signature law

According to the nonprofit American Committment, Gruber reportedly made his videotaped comments at a special event on the MIT campus and conceded that it was necessary to avoid transparency to pass Obama's healthcare grab. Dr, Gruber even admitted to lying in order to help the Obama White House and the Democrats in both houses of the U.S. Congress in order to get the support of a number of groups and individuals.

Nov 10 10:17

Beijing $40 billion offer to revive the historic Silk Road, starts Central-Asia geostrategic competition

Beijing says it will spend $40 billion to revive the historic Silk Road and connect China with Central Asia, the Middle East and Europe. Chinese President Xi Jinping said the ambitious project is designed to “break the connectivity bottleneck” in Asia.

The “Silk Road Economic Belt” initiative, announced by Xi Jinping in 2013, is designed to allow capabilities of Chinese state-controlled construction companies to further expand its already booming trade with central Asia and Europe by diversification of Chinese trade routes, lowering transportation costs, opening up new markets, and an expansion of the Chinese sphere of influence beyond Asia. It will also secure the supply of Uranium and rare metals from Central Asia.

Webmaster's Commentary: 

IF the Chinese government is able to get this process to succeed, it will be a remarkable feat.

I would suspect that long-term, strategic planners from all kinds of Russian and Chinese think tanks are already having consultations as to how and where these two countries could collaborate, probably easily eclipsing the US's plans for the region.

The economic, and trade ties would absolutely strengthen immeasurably between China and Russia, should they decide on practical collaboration here.

Nov 10 10:08

Banks will need to hold big capital cushions

The world’s largest banks will have to hold 16-20% of their risk-weighted assets in equity and cancelable debt to shield taxpayers from big bills for bailing out failed banks during a crisis, according to a plan by global regulators published Monday.

The plan, drawn up by the Basel-based Financial Stability Board, would force the biggest lenders to maintain a sizable capital cushion so that they could be wound down without causing global financial panic. Banks are considered to be systemic if they pose a threat to the global financial system in the event of their failure.

Regulators see this rule as a way to put an end to the so-called “too-big-to-fail” problem—a crucial step in preventing bailouts for large lenders and shielding taxpayers from having to foot the bill for failing banks.

The agreement is “a watershed in ending ‘too-big-to-fail’ for banks,” said Mark Carney, the governor of the Bank of England and chair of the FSB.

Nov 10 09:59

Canada joins global financial powerhouses with gain of yuan trading hub

An agreement to make Canada a trading hub for the renminbi shows China’s quest to make the currency a global reserve continues at full speed.

Nov 10 09:57

JPMorgan’s $9 Billion Witness Puts Government Testimony by Her Boss into Question

Two years after attorney Alayne Fleischmann was downsized out of her job as a Transaction Manager at JPMorgan Chase, her boss, William Buell, was hauled before the Financial Crisis Inquiry Commission (FCIC) for interrogation on just how culpable the bank was in packaging and selling toxic mortgage backed securities.

Buell is the same man that Fleischmann exposed in a Rolling Stone feature article by Matt Taibbi last week as the recipient of her detailed, internal letter in early 2007, warning him that the mortgage pools her group was reviewing contained poor quality mortgage loans unfit for purchase or securitization. Despite the written warning, Fleischmann would later learn that JPMorgan, in a drive to boost market share and profits, went forward and purchased the pool, securitized many of the loans, then sold them to unsuspecting investors.

Webmaster's Commentary: 

There was a documentary produced about the 2008 melt-down called "Inside Job." It won the Oscar for best documentary then pretty much vanished from the American TV networks while the HBO movie "Too Big To Fail", which portrayed the Wall Street executives at the heart of the disaster as heroic figures struggling to deal with bad luck, was splashed across the cable channels. But as the above article illustrates, those Wall Street executives caused the collapse of 2008 by engaging in massive and deliberate fraud.

Nov 10 09:14

What The Swiss Gold Referendum Means For Gold Demand

The referendum for the Swiss Gold Initiative is scheduled for November 30th and the propaganda war - between the Swiss National Bank (SNB) and the Swiss Parliament on one side and the Swiss People's Party (SVP) on the other - has begun and we expect it to escalate as the day draws ever nearer. Having already questioned the 'location, location, location' of Switzerland's current gold stash, and examined the initiative in great depth here, JPMorgan notes that not only might the forthcoming Swiss gold referendum stabilize gold prices at a time when Gold ETF demand continues to decline, but warns, it also appears that markets under-appreciate this event.

Nov 10 09:14

This Is What Happens When Trying To Get To The Bottom Of The UBS Gold-Rigging Scandal

As reported previously, and as had been suspected for years, the gold manipulation cartel is slowly breaking apart, and courtesy of the FT, we now know at least one individual directly implicated in Swiss gold-rigging: the former head of UBS's gold desk in Zurich, André Flotron.

So as part of our diligence, because apparently no other media will touch the topic of gold rigging until and unless it is shoved in their face on a, ahem, silver platter, because after all the subject matter is just too "conspiratorial", we decided to ask Mr. Flotron some on the record questions, and sent him the following email:

Nov 10 09:01

BREAD, CIRCUSES & BOMBS – DECLINE OF THE AMERICAN EMPIRE – PART TWO

It seems there were a few visionary thinkers in the late 1950s who foresaw the dire course our former Republic was setting. Their writings were a prophecy and a warning. There was still time to change course and avoid the pitfalls that led to the Roman Empire collapse. In Brave New World Revisited, Aldous Huxley warned against allowing a few amoral men using propaganda, scientific advancements, technology, brainwashing, and economics to control and manipulate a willfully ignorant populace into a dystopian dictatorship. The Soviet and Chinese dictatorships of the late 1950s are long gone, but Huxley foresaw how modern propaganda techniques would be used by the state to drown the masses in a sea of triviality, irrelevance, and consumerism.

Nov 10 08:51

Whistleblower: HSBC ‘lied to MPs

While Wilson has directly notified the Treasury Select Committee about his concerns regarding HSBC’s alleged criminal activity, contempt of Parliament and deliberate deceit of its customers, he is yet to receive a response.

HSBC deliberately deceived the Treasury Select Committee and was in contempt of Parliament by claiming their “fake” solicitors were regulated, whistleblower and financial activist Nicholas Wilson said Friday.

Nov 10 08:44

Stakes are high as US plays the oil card against Iran and Russia

Washington is trying to drive down prices by flooding the market with crude but risks collateral damage to its own shale industry

Nov 10 08:15

America with Beats Headphones, Listening to the Bad Drug Dysfunctionata Sonata.

At the same time there is the ongoing war against all things Muslim, by the Israeli Banker Crime Syndicate, which owns and operates a good portion of the western governments. From the ranks of these stupefied and hypnotized goons, they draw endless ranks of canon fodder, to die in the J Street and K Street Wars. This is what happens after years of case after case of Miller Lite Reconstituted Urine and Hog Nostril Pizzas, with Fritos sprinkled all over the top. As Papa John says to Peyton Manning in the commercial, “I can’t believe it took me 20 years to decide to put Fritos on my pizzas!” It shouldn’t take him another 20 years to decide to put Hammond’s Chocolate Caramel Marshmallow Eggs on his pizzas too. People will buy it. They'll buy shit if you serve it to them warm. That’s what cutting edge is all about. It’s about being innovative. It’s about risk taking.

Nov 09 10:33

10 Economic Trends that Spell Doom for America's Workers

Official government unemployment figures for the United States never tell the whole story. They don’t take into account all the Americans who have been out of work for so long that the Bureau of Labor Statistics (BLS) no longer treats them like part of the work force. Nor do they factor in widespread underemployment and the fact that so many formerly middle class Americans have joined the ranks of the neo-poor, or the fact that millions of Americans who made too much to qualify for food stamps ten years ago are poor enough to receive them now. And for them, figures recently released by the Bureau of Labor Statistics (BLS) are of little or no consolation.

Webmaster's Commentary: 

This is largely a factor of Congress no longer being the alleged representatives of We the People, but of the major corporations which fund campaigns.

And if those funders want outsourcing/offshoring of those jobs which used to be the bedrock of the middle class, then those jobs have left, and will continue to leave leave America, and at ramming speed, thank you very much.

In terms of work, I am - and have been - very lucky in my life. But a lot of other hard working Americans, through absolutely no fault of their own, have been thrown under a bus by corporations which look to export work to the cheapest labor pools available.

This is understandable. Corporations, by definition, have no conscience; only a bloodlust for a better bottom line.

But unless that changes somewhat, the cost to American society may well be more dear than the US government can deal with, perhaps to the point of massively extreme violence in our inner cities the US government may find impossible to control, without destroying those cities outright.

Nov 09 10:21

Wall Street Banks Have Been Hoarding Billions For One Legal Settlement — And It's Almost Here

Wall Street has been bracing for a billion-dollar currency manipulation investigation that will be over in a few weeks, says The Wall Street Journal.

In the past few weeks, it seems banks have been scrambling to prepare for whatever regulators on both sides of the pond may find after a fairly boring earnings season. Performance was average to slightly below, and the total trading rout banks expected didn't turn out to be that bad.

But then the disclosures started coming.

First Citigroup revised its earnings down to $0.88 per share from $1.07 per share to add $600 million to its legal reserves.

Then JPMorgan Chase also disclosed that US and UK regulators were conducting criminal (the Department of Justice is in there) and civil probes into its Forex trading operations. Of course, it's cooperating, but it has no idea how much it could lose in such a settlement — maybe nothing, maybe $6 billion.

Webmaster's Commentary: 

As I was reading this article, the first question I had to ask is, if these charges are met with convictions, who goes to jail for these massive frauds?!?

Because unless, and until, some heads roll here (metaphorically speaking), these practices won't go away, ever, in American finance.

Nov 09 07:38

Bank Whistleblower Alayne Fleischmann & Matt Taibbi on How JPMorgan Chase Helped Wreck the Economy

Nov 09 07:34

A Snake Handling Tent Revival with the Gaboon Vipers of Zion

You think you have the measure of the Gaboon Vipers of Zion. You kind of know that Bill Gates is a bloodsucking vampire bat but you probably didn't measure him for a screaming child murder headline; meaning many, many children, dead… or worse. You probably know that all these so called philanthropists are not philanthropists, that George Soros is an epic serial killer; that most of these people giving away the stray nickels from their bottomless pockets are employers of torture squads, death squads and even cheerleader squads of PR whores that they dress up for whatever lies they want told. It don’t matter. If the money is right we can talk all night.

Nov 08 10:54

The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.
If ever there were a roadmap for prompting massive capital flight and emigration of productive citizens toward capitalism’s nascent frontiers in Asia, this is it.

Webmaster's Commentary: 

We have been saying this at WRH for quite some time, but please:

1. Have no more money in your checking account than you absolutely need to pay the bills. Keep the rest under your personal control.

2. Have some physical gold and silver in your possession, and under your control.

The IMF (international monetary fascists) money junkies are about to loot every single citizen of everything they think they can get away with.

You have to think, and plan, ahead so as not to be a victim of their crimes.

Nov 08 09:20

FLASHBACK 2012 - CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector.

Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior vice president Kevin Krim received news that his children were killed under very suspicious circumstances. It seems that the murder happened first and then the page was removed later.

Nov 08 09:18

Supreme Court Grants Cert. to Hear Challenge to IRS's Expansion of Affordable Care Act Tax Credit

Friday the Supreme Court granted certiorari in King v. Burwell, one of four pending challenges to the IRS rule authorizing tax credits and cost-sharing subsidies for the purchase of health insurance in federally established exchanges. ...

With this grant, the Court has the opportunity to reaffirm the principle that the law is what Congress enacts, not what the administration or others wish Congress had enacted with the benefit of hindsight. Granting tax credits to those who need help purchasing health insurance may be a good idea, and may have bipartisan support, but the IRS lacks the authority to authorize such tax credits where Congress failed to do so. The PPACA only authorizes tax credits for the purchase of insurance on exchanges “established by the State.”

Webmaster's Commentary: 

We have already lost control of the money to the private bankers. What happens when we lose control of the law to them as well?

Nov 08 08:51

Can't We All Just Trust Our Governments?

The key takeaway here is this: "Money only has value because we trust it, and this trust is backstopped by our trust in the government of issue."

But what if government itself, via regulatory democracy, is actually intent on misleading investors? In fact, the above sounds reasonable so long as one does not grasp the central issue being avoided – the ability of certain individuals to print what we call "monopoly fiat money."

This book and its review seem to provide us with an apologia for elite – technocratic – management to retain and expand "trust." There is apparently an endless supply of authors ready to attempt the trick of insisting on the necessity of technocracy at the expense of the Invisible Hand.

Webmaster's Commentary: 

The money and political interests are now well aware that in the age of the internet, their lies, frauds, and deceptions stand exposed. While those money and political interests are quick to blame and attack the independent media, the fact is it is their own actions which have undermined public trust in those institutions, but since changing their behavior is not something they are willing to do, we can expect a campaign of propaganda to convince us that it is somehow our patriotic duty to trust the bankers and politicians no matter how many times we catch them in said lies, frauds, and deception.

Nov 08 08:43

JP Morgan Chase Whistleblower Reveals Bank and Fed Cover-Up of Fraud

Fleischmann was terminated from the company in the midst of a round of lay-offs in 2008. An investigator from the U.S. Securities and Exchange Commission contacted her in 2012, regarding her knowledge of the events that occurred during her time at JP Morgan Chase. While the investigators were interested in certain parts of her story, it was not until 2013 that she was able to relay her full knowledge. This included “the edict against e-mails, the sabotaging of the diligence process, the bullying, the written warnings that were ignored, all of it.”

However, rather than taking JP Morgan Chase to court, Rolling Stone noted that the government “decided to help Chase bury the evidence,” which began when a press conference to announce the civil-fraud charges against the bank, scheduled by Attorney General Eric Holder for September 24, 2013, was “suddenly canceled, and no complaint was filed.”

Webmaster's Commentary: 

More proof that the Federal Government, and the federal Reserve, work for the money-junkies, not for the people.

Nov 07 21:23

South Africa suffers another credit rating downgrade

The ratings agency Moody's has downgraded South Africa's sovereign debt rating.

The move comes after similar downgrades from Fitch and Standard and Poor's.

Nov 07 21:23

Danish ship fuel supplier OW Bunker goes bankrupt

The world's largest ship fuel supplier, OW Bunker, has filed for bankruptcy after alleged fraud.

The company's troubles came to light earlier this week when it discovered suspected fraud by senior employees in a Singapore-based subsidiary.

Nov 07 16:17

Obamacare Goes Back on Trial: Supreme Court Agrees to Hear ACA Tax Subsidies Challenge

The U.S. Supreme Court agreed today to rule on the Obamacare case King v. Burwell, which asks whether the text of the Patient Protection and Affordable Care Act forbids the granting of tax credits to individuals who purchased insurance on health care exchanges operated by the federal government. The legal controversy arises from the fact that the text of the 2010 health care law limits such tax credits to individuals who purchased their insurance from an "exchange established by a State." Do those words cover the health care exchanges established by the federal government that are now operating in more than 30 states? We’ll soon find out.

Nov 07 11:53

No Asia trade pact expected on Obama's trip to region

The White House downplayed any expectations on Thursday (Nov 6) of progress on a much-awaited Pan-Pacific trade deal during President Barack Obama's upcoming trip to Asia.

The Trans-Pacific Partnership (TPP), which would encompass 40 per cent of the global economy and include 12 nations, has been the subject of protracted negotiations.

Webmaster's Commentary: 

One major brick wall is the TPP demand to prohibit all labeling of GMO products. Many Asian nations already have mandatory labeling of such products such as Japan and would view having to reverse their policy as a sign of weakness towards the United States.

Nov 07 11:12

Pepsi and FedEx among Hundreds of Companies Using Luxembourg to Avoid Taxes

The tiny European country of Luxembourg has become a tax haven for hundreds of international corporations seeking ways to reduce their tax obligations by billions of dollars.

This discovery, made by the International Consortium of Investigative Journalists (ICIJ) from thousands of pages of leaked documents, involves at least 340 companies, including PepsiCo and FedEx.

While having little or no presence in Luxembourg, corporations have enjoyed huge tax breaks through various accounting schemes and legal maneuvers. “In some instances … companies have enjoyed effective tax rates of less than 1 percent on the profits they’ve shuffled into Luxembourg,” ICIJ reported.

FedEx established two Luxembourg affiliates so it could move money made in Mexico, France and Brazil to Hong Kong. The plan resulted in the shipping giant paying only one quarter of 1% on the earnings involved.

Webmaster's Commentary: 

"Taxes? Those are for the little people!!!" -- Official White Horse Souse

Nov 07 09:31

Bank of America adjusts results due to legal costs

Bank of America has set aside $400m (£253m) due to rising litigation costs associated with a probe into foreign currency manipulation at the bank.

That more than tripled the size of its previously-reported third-quarter loss to $232m from $70m.

Nov 07 09:31

Francois Hollande: I will quit if I fail on unemployment

French President Francois Hollande has said he will not seek re-election in 2017 if he fails to cut unemployment.

In a televised interview, Mr Hollande acknowledged he had made mistakes since taking office in 2012 but vowed to go "to the end" to reform the economy.

The BBC's Lucy Williamson in Paris says the interview is widely seen as an attempt by Mr Hollande to revive his flagging popularity.

Earlier on Thursday, a new poll put the president's approval rating at 12%.

Nov 07 09:28

Silver and Powerful Forces

What seems strange:

Demand for silver is strong and apparently increasing but the COMEX driven price for silver has been weak; it just hit a four plus year low.

The “all-in” cost of silver production has been widely quoted at or considerably ABOVE current prices. But how long can this continue?

Nov 07 09:13

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.

Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her.

Webmaster's Commentary: 

Which tells you whose side the Justice Department is really on!

Nov 07 09:03

The Story of Your Enslavement

Nov 07 07:57

U.S. stocks edge lower after payrolls data

The U.S. stock market opened marginally lower on Friday as investors digested the latest employment data, showing 214,000 new jobs were added last month. The headline number was softer than expected, however, upward revisions to the previous two months more than made up for it.

Nov 07 07:31

French farmers spraying shit in Paris

Webmaster's Commentary: 

Merde!

Nov 07 07:17

Whidbey Island business battles Wall Street giant

Dun & Bradstreet was founded in 1841 and was one of the first companies on the New York Stock Exchange. D&B rates the credit worthiness of small businesses. Without a D&B number, it can be impossible for small companies to get the financing they need to do business.

But in its complaint filed in the United States District Court of Western Washington, O&R claims D&B hurt their business instead of helped it, and co-owner Robyn Kolaitis isn’t enjoying the spotlight that comes with being the first to join the now-nationwide class action lawsuit against D&B.

Nov 07 07:05

US Employers Add 214K Jobs; Rate Falls to 5.8 Pct.

Three days after voters registered their sourness about the U.S. economy, the government said Friday that employers added a solid 214,000 jobs in October, extending the healthiest pace of hiring in eight years.

The Labor Department also said 31,000 more jobs were added in August and September than it had previously estimated. Employers have now added at least 200,000 jobs for nine straight months, the longest such stretch since 1995.

The burst of hiring lowered the unemployment rate to 5.8 percent from 5.9 percent. It is the lowest rate since July 2008.

Nov 06 15:05

Clashes, water cannon, tear gas in EU’s ‘capital’: Anti-austerity anger in Brussels

Nov 06 14:04

FEDERAL RESERVE 100 years of - Money for Nothing

Nov 06 13:23

Old GM says it can’t pay owners of recalled cars

The creditor trust for General Motors Co.’s bankrupt predecessor said it can’t pay owners of recalled cars without hurting existing creditors, including lender JPMorgan Chase & Co.

Nov 06 11:56

Boehner vows House will repeal Obamacare

House Speaker John A. Boehner said President Obama will “poison” chances for cooperation with Congress if he moves unilaterally to claim powers to grant legal status to illegal immigrants.

“He’s going to burn himself if he continues to go down this path,” Mr. Boehner said.

Newly elected to his House seat and likely to be returned at speaker in the next Congress, Mr. Boehner said he would like to tackle immigration in Congress but wouldn’t commit to holding a vote, saying he wanted to talk with his fellow House Republicans first.

SEE ALSO: White House predicts GOP might ‘change their tune’ after landslide victory

He did, however, say the House will vote to repeal Obamacare and will also likely pass a bunch of bills to carve out some of the most contentious parts such as a tax on medical devices or the individual mandate.

“We need to put them on the president’s desk and let him choose,” the speaker said.

Webmaster's Commentary: 

Obama will veto. For the next two years he doesn't care what the public thinks about him.

Nov 06 11:13

How I Realized Child Hunger Hits Everyone Close To Home

It didn't take long for reality to hit close to home -- literally -- for me as I was filming my latest documentary, "Going to Bed Hungry: The New Face of Child Hunger." I was in Palm Desert, California, where my wife and I were married. It's an area near Los Angeles that we visit often and that has come to feel like a second home to our family. The beautiful resort community is filled with swimming pools, restaurants, and award-winning golf courses. According to a recent census report, one out of every two adults in the area are millionaires. Yet when we began research for our story, things suddenly took an interesting turn.

Child hunger in America is often something you don't "see" or suspect is close to you, but there we were in an affluent area I knew quite well, interviewing hungry kids who live just blocks away from million dollar homes. I realized for the first time, 'If child hunger can exist here, it can exist anywhere.'

Webmaster's Commentary: 

The US Government has no business sending a single penny of our tax money to other nations while Americans sleep in alleys and eat out of trash dumpsters.

Nov 06 10:56

Demonstration gone wrong [RIOT]

Webmaster's Commentary: 

The face of European "democracy" in action.

Nov 06 10:20

Dominique Strauss Khan's Investment Banking Venture Goes Bust

Dominique Strauss-Kahn, the former International Monetary Fund boss caught up in a string of scandals, has just seen his one-year old investment banking firm go down the drain.

Last week, Strauss-Kahn's business partner Thierry Leyne fell from a building to his death in Israel in an apparent suicide. Today, The Wall Street Journal reports that Leyne Strauss-Kahn & Partners (LSK Partners) has declared itself insolvent.

Webmaster's Commentary: 

Were I a betting woman, I would not bet against a number of private banking ventures taking an industrial-strength tumble in the not too distant future.

Nov 06 10:13

US Companies ‘Must Pay $110B More to DB Plans’

US companies will have to find $110 billion in the next seven years to fund pension liabilities as life expectancy increases, according to ratings agency Moody’s.

Nov 06 09:37

US Pension Plans Need Massive $110 Billion In 7 Years, Moodys Warns

Thanks to improving life expectancy and the Federal Reserve’s financial repression lowering yields, US company pension funds have been hit by a double whammy. As Moody’s warns, companies will have to find $110 billion in the next seven years to fund pension liabilities shortfalls. Moody’s adds, “given these increasing liabilities and cash drains, we expect to see an acceleration in lump sum offers,” as firms try to derisk.

“Given these increasing liabilities and cash drains, we expect to see an acceleration in lump sum offers and annuitizations similar to Motorola’s recent pension plan restructuring, which, through a combination of annuitizations and lump sum offers, it expects will reduce its [obligations] by $4.2 billion,” wrote Wesley Smyth, senior accounting analyst at Moody’s.

Nov 06 08:22

Exiled from paradise? Hawaii to relocate homeless with one-way plane tickets

One of the biggest shelters in Hawaii has secured the funding to start an initiative that will vet the homeless population of Waikiki and ultimately select 120 individuals to be flown elsewhere with one-way plane tickets.

Hawaii's Institute for Human Services (IHS) officially launched its $1.3 million initiative to fight homelessness this week, and among the facets involved in the effort is a program that will put dozens of people on airplanes in order to relocate them away from the tropical island town.

"We found out that many (Waikiki homeless) are transient who made a choice to become homeless, as well as people who became homeless shortly after arriving in Hawaii," Kimo Carvalho, development and community relations manager for IHS, told Civil Beat. “We are trying to do an aggressive public relations effort, trying to water down misinformation, basically not making Hawaii be an attractive destination to come and be homeless.”

Webmaster's Commentary: 

Based on my direct experience with the homeless and hungry here on Oahu, I seriously question the suggestion that anyone WANTS to be homeless!

Nov 06 08:21

Clashes, water cannon as 100,000 march in Brussels against austerity (PHOTOS)

Violent clashes broke out in Belgium as more than 100,000 protesters marched in Brussels against the government’s austerity measures. Police deployed water cannon and tear gas as the protesters started upturning cars.

The violence flared up at the end of an otherwise peaceful protest, with tear gas deployed as some radical demonstrators hurled objects at riot police and launched attacks with metal barriers against officials. Some set off colored smoke flares.

Nov 06 07:05

Merde! Protesting French farmers dump tons of manure at govt buildings (VIDEO)

France was gripped by a series of protests on Tuesday and Wednesday, with an estimated 36,000 people participating. The dumping of manure in front of a local administration building in Chartres in northern France was mirrored by similar action in the central city of Tours, western Nantes and Toulouse in the southwest.

Nov 06 07:00

300,000 More People In ‘Absolute Poverty’ Than Previously Thought

300,000 more people could be living in “absolute poverty” in the UK than previously thought, according to a shocking new report.

Nov 06 06:47

Robot Catamites, Open Borders AND Programming your Subconscious.

One of the things I noticed about being in India when I was there, not all that long ago, was that life was cheap. I was in one of the poorest parts of India, although there are other locations that are even more extreme. There were a lot of things I was not prepared for, given that everything I knew about India was based on things I had heard or read. The reality of it was a great deal more overwhelming.

Nov 06 06:27

CBCNews.ca readers to Stephen Poloz on unpaid work: 'You first'

After Bank of Canada governor Stephen Poloz suggested that jobless university graduates struggling to find work should acquire more experience by working for free, the CBC Community invited Poloz to try it himself.

Nov 05 18:09

Russia may ban circulation of US dollar

The State Duma has already been submitted a relevant bill banning and terminating the circulation of USD in Russia, APA’s Moscow correspondent reports.

If the bill is approved, Russian citizens will have to close their dollar accounts in Russian banks within a year and exchange their dollars in cash to Russian ruble or other countries’ currencies.

Nov 05 16:20

Morgan Stanley: Australia needs stimulus to avoid recession

Australia could face its first recession in almost 25 years unless authorities further stimulate the economy, Morgan Stanley said.

Nov 05 14:44

German Precious Metal Dealers Report Huge Run on Silver Coins

Precious metal dealers in Germany have literally been run down after the latest slump in gold and silver. Wholesalers already expect deferred deliveries.

Nov 05 12:42

Breaking Alert: US Mint SOLD OUT of Silver Eagles! 2 Million Coin Surplus Sold in Under 2 Hours!

The US Mint has just issued an alert to Primary Dealers across the US that Silver Eagle inventories, which according to the Mint began today at over 2 million ounces, are now SOLD OUT as of 12:30pm EST.

The Mint has reportedly sold through over 2 million ounces in less than 2 hours!

It appears that the $15.50 level was the line that broke the camel’s back regarding physical inventories, as physical demand has simply EXPLODED on this morning’s futures dip below $15.20.

Nov 05 11:23

Qatar to become Middle East clearing hub for China's yuan

Qatar will become the Middle East's first hub for clearing transactions in the Chinese yuan, in a step that could over the long run help Gulf oil exporting countries reduce their dependence on the US dollar.

Webmaster's Commentary: 

Qatar just went from "friend" to "kill those bastards" over in DC!

Nov 05 10:19

U.S. dollar index falls below key threshold

The ICE U.S. Dollar Index dipped back below a psychologically significant threshold of 87.0000 Tuesday afternoon as the euro strengthened against the greenback.

The euro surged against the dollar Tuesday, rising as high as $1.2579, as investors took profits following four sessions of losses. The shared currency EURUSD, -0.45% last traded at $1.2556, compared to $1.2504 late Monday.

Nov 05 10:18

From General Motors To General Mediocrity

When General Motors was the nation’s largest employer in the 1950?s, they employed highly educated people such as engineers and scientists. Even their ‘grunt’ and semi-skilled workers were comparatively well compensated for their dedication and hard work. Now fast forward to the 2010?s and WalMart, now the nation’s largest employer, has no need of highly educated skills.

My point here is that, as a nation, we’ve gone from an innovative and producing nation to a country dotted with retail stores and tanning salons. The only jobs left which are realistically obtainable for the masses (that is not in the highly paid niche sectors of Silicon Valley, Wall Street, or the Bakken Oil Fields) are in the service sector.

Webmaster's Commentary: 

And, as is noted below, the service economy is in steep decline!

Nov 05 10:05

IMF Chief indicted for bank fraud ... runs to White House for cover

Nov 05 10:02

AT LAST! Britain leads the entire civilised world in multi-billion Pound adventure:

The UK’s current account deficit climbed to £72.4bn last year, say the latest data from the Office for National Statistics. At 4.2% of gdp and climbing, it’s the biggest deficit in real terms for 66 years….and the biggest deficit of any major industrialised economy in the world.

Once again proving that our long-term economic plan is working, and getting worse. The Daily Telegraph’s view? It doesn’t matter. It’s PMQs in the Commons today. 200-1 that Ed Miliband fails to land a punch, even with that damning statistic to hand. But just to reiterate what a ballsup this is, the rebalancing of the UK economy is going so well, Rolls Royce has just fired 2,600 employees.

Nov 05 09:17

Germany’s Third Largest Political Party Sells €1.6 Million Of Gold In Two Weeks

Disillusionment with Europe’s single currency continues to grow with the cracks beginning to show in it’s heartland, Germany, where the third largest political party is now selling gold coins and bars to raise funds.

Nov 05 09:16

National Economic Suicide: The U.S. Trade Deficit With China Just Hit A New Record High

Did you know that we buy nearly five times as much stuff from the Chinese as they buy from us? According to government numbers that were just released, we imported 44.9 billion dollars worth of stuff from China in September but we only exported 9.3 billion dollars worth of stuff to them. And this is not happening because our economy is so much larger than China’s. In fact, the IMF says that China now has the largest economy on the entire planet on a purchasing power basis. No, the truth is that this is happening because our economy is broken. Every month, we consume far more wealth than we produce. Because the outflow of money is far greater than the inflow, we have to go to major exporting nations and beg them to lend our dollars back to us so that we can pay our bills. Meanwhile, the quality of the jobs in this country continues to go down and our formerly great manufacturing cities are rotting and decaying.

Nov 05 08:50

ISM Non-Manufacturing Index Falls To 57.1 In October

The U.S. service sector continued to weaken in October, adding to losses seen in September, the Institute for Supply Management said Wednesday.

According to ISM, the national non-manufacturing index fell to a reading of 57.1% last month, compared to September’s reading of 58.6%. Consensus forecasts showed that economists were predicting a small decline in the index, expecting a reading of 58.2.

Webmaster's Commentary: 

Now, I wonder why that would be?

Nov 05 08:33

REVEALED: The Government will use its new tax summaries to MISLEAD THE PUBLIC about welfare spending

You'd think a nurse's pension would be counted as a pension, not as "welfare".

But in new tax summaries that will be sent out to 24 million homes by George Osborne, he has done a tricksy re-definition of the word "welfare" that makes the benefits bill look a lot bigger than it actually is.

Nov 05 08:00

BoC governor tells jobless youth living in folks’ basements to work for free

Advocates for young workers took Stephen Poloz to task Tuesday after the Bank of Canada governor recommended that jobless university graduates beef up their resumes by working for free.

Webmaster's Commentary: 

This will certainly help the bottom line of businesses that employ (and abuse) these college educated slaves, but is actually bad for the overall economy as these free workers have no money to pump back into the economy right alongside the former paid workers whose jobs they now occupy.

Nov 05 07:42

15 Reasons Why Americans Think We’re Still in a Recession

Webmaster's Commentary: 

Fifteen damned GOOD reasons, too!

Nov 05 07:36

A Small Step Backward for Mankind

Argument
A Small Step Backward for Mankind
Why America needs to embrace a culture of risk in order to build the next-generation space program.

BY Konstantin Kakaes
NOVEMBER 5, 2014

Two rockets crashed last week: one carrying cargo to Earth orbit, the other on a test flight for a suborbital manned spacecraft. It will take some time for the causes of each accident to emerge; there is no reason to believe the accidents have anything specific, besides timing, in common.

Nov 05 07:31

4 Impressively Insane Reactions to Bad Online Reviews

Obviously, if a reviewer makes up a story about human fingers in food because she didn't approve of the waitress' hairstyle, the restaurant has a right to take action. That's what defamation laws are for. But some recent threats against reviewers have moved way beyond "dealing with crazy liars" and well into "fuck anyone who doesn't like us" territory. One example is so-called "non-disparagement" clauses. You know those long "terms of sale" agreements on websites that no one actually reads because there's a whole goddamn Internet out there to look at instead? You can just shove a sentence or two in there about how the customer is not allowed to complain online, and boom! You're bad-review proof!

Webmaster's Commentary: 

I would have counter-sued under the First Amendment right to freedom of speech and made an example of those bastards! We have a right to complain about crappy products, especially in an age where selling crappy products at inflated prices has become the standard American business model!

Nov 04 15:20

Spot The Bubble

Presented with little comment aside to suspect the answer to our implicit question is something like "it's the new economy" or "you don't understand the new valuation metrics"

Webmaster's Commentary: 

Something is very fishy about Alibaba!

Nov 04 15:03

What One Town Did With This Abandoned Walmart Building Will Leave You Impressed

You can now find a Walmart in most towns and cities. Usually taking up an average 2.5 football fields of space, they are almost always massive, preying on our programmed materialism with cheap goods usually made in third world countries. So what happens when one of them closes? Usually not much, but one town in Texas had another idea.

Instead of letting this massive building sit vacant, officials in McAllen, Texas did something pretty amazing. They transformed the vacant property into the largest single floor public library in America.

Nov 04 12:34

Union rips Detroit bankruptcy judge over legal fees

A Detroit firefighter’s union criticized U.S. Bankruptcy Judge Steven Rhodes on Tuesday for an “offensive and unfair” ruling preventing creditors from challenging fees charged by the city’s bankruptcy lawyers.

The city’s law firm, Jones Day, is plundering Detroit by charging high fees that have totaled more than $25 million, said Jeff Pegg, president of the Detroit Fire Fighters’ Association.

In a bold move, Pegg accused Rhodes of having an agenda while overseeing the biggest municipal bankruptcy in U.S. history.

Nov 04 12:21

It begins: German bank charging NEGATIVE interest to its customers

Central bankers today have an equally delusional view of the world. Just three months ago, Mario Draghi (President of the European Central Bank) embarked on his own Quixotic folly by taking certain interest rates into NEGATIVE territory.

Draghi convinced himself that he was saving Europe from disaster. And like Don Quixote, everyone else has had to pay the price for his delusions.

On November 1st, the first European bank has passed along these negative interest rates to its retail customers.

Nov 04 11:30

FLASHBACK - U.S. Will Spend $24.5M to Circumcise Men in Swaziland

The United States Agency for International Development is planning to spend $24.5 million to circumcise an estimated 150,000 to 200,000 male infants and males aged 10 to 49 in the kingdom of Swaziland by 2018.

Webmaster's Commentary: 

Your tax dollars at work!

Nov 04 10:46

DWP Orders Man To Work Without Pay For Company That Let Him Go

A man who was let go at the end of a temporary job has been ordered by the Department for Work and Pensions (DWP) to work for the same firm for six months without pay.

Electronics specialist John McArthur, now unemployed, says he is living off 16p tins of spaghetti and without heating after being sanctioned by a jobcentre for refusing to work unpaid for LAMH Recycle in Motherwell, a Scottish social enterprise.

He says he was happy to work for LAMH under the now-defunct future jobs fund for the minimum wage in 2010-2011, but refuses on principle to do the same job unpaid.

Nov 04 10:19

Crude oil at four-year low after Saudi Arabia price cut

Crude oil prices have hit a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US.

Brent crude fell to near $82 a barrel in midday trading, as worries about global growth also spooked investors.

Earlier, the European Commission reduced its growth forecasts for the eurozone.

Investors are concerned about the US oil industry, in the face of slowing growth and lower prices.

Nov 04 10:19

The government is already in a soft default and is addicted to low interest rates: Government expenses at $3.87 trillion while receipts enter at $3.29 trillion.

The term default has varying definitions depending on whether you are an individual, a big bank, or the government. For you as an individual, default will occur when you are unable to pay your debts with the income you are generating. You are constrained by your income. As we saw with the housing crisis, when you are unable to pay your mortgage a bank will foreclose on your home. Unable to pay your auto debt? Repossession is the likely next step. Not making those college loan payments? Garnishment of wages is a typical course of action. Yet for the government, they have the ability to print their way out of problems courtesy of our fiat money system. The end result is inflation in the real economy which ultimately impacts families. Banks of course have the ability to restructure debt and circumvent accounting rules to their own convenience. If we applied the same rules of default that individuals follow to the government, we would already be in a soft default.

Nov 04 09:15

Silver Coin Sales At U.S. Mint Soar To Highest In Two Years

It never fails: any time there is a dump in precious metals through their paper representation (GLD, SLV, or futures) typically as a hedge to a rally in the dollar (because last week Japan materially increasing its fiat monetary base was also somehow negative for gold and silver) or to meet margin demands from cross-asset liquidation, demand for physical PMs soars confirming yet again that any connection between paper prices and physical demand no longer exists.

Nov 04 08:02

Two Charts On Why the Obama Economy Sucks

All of the blather about how the unemployment rate has decreased, the stock market is up, and so on, conceals the fact that there are less jobs for ordinary people, and they pay less. Yes, the rich are doing great, but that’s all.

Why are Democrats losing the Senate? I won’t say it’s just this, it’s not. But if the economy was actually good for most people, they probably would be holding it.

Webmaster's Commentary: 

It's not only the economy; it is also that rather than make deals to insure access to what the US government wants, the US government has been using wars as a method of insuring access to what it wants.

And these wars (and unfortunately, potential coming wars) have had a lousy track record when it comes to achieving the goals the US government wanted to achieve.

Nov 04 07:19

Free College or Another New War?

Noting that U.S. college costs have gone up 500% since 1985, the Washington Post recommends seven countries where U.S. students can go to college for free without bothering to learn the language of the natives or anything so primitive.

These are nations with less wealth than the United States has, but which make college free or nearly free, both for citizens and for dangerous illegals visiting their Homelands.

How do they do it?

Three of them have a higher top tax rate than the United States has, but four of them don’t.

What does the United States spend its money on that these other countries do not? What is the largest public program in the United States? What makes up over 50% of federal discretionary spending in the United States?

If you said “war,” it’s possible you were educated in a fine foreign country.

Nov 04 07:00

No matter who wins, today's election outcome can't stop America's head-on course toward self-destruction

Regardless of the outcome of today's U.S. mid-term elections, there are some things that won't change one iota. While most of America has finally come to realize what a disaster Obama's presidency has really been in real-world terms, there are at least five other disasters looming in America's near future. And neither Republicans nor Democrats have any real plan to deal with these issues... especially when it's so much easier to get elected by slandering your opponent rather than proposing practical solutions.

So here's my warning on the five biggest threats still facing America in the years ahead. Don't hold your breath thinking anyone in Washington D.C. is willing to address any of these. After all, they are the ones who created most of these problems in the first place.

Nov 03 14:04

Could Collapse At Anytime: “When It Ends, All Hell Is Going To Break Loose”

It happens fast and it often comes without any warning to the general public. In 2008 they were able restore some confidence in the system through massive infusions of cash and a healthy dose of mainstream propaganda. But nearly seven years on, as Michael Snyder points out in his analysis below, the system is now more dependent on big banking cartels and centralized government than ever before. And, because the underlying issues behind the crash of 2008 have never been resolved – things like massive debt and leverage, for example – we now sit on the brink of a disaster so large that it literally threatens the stability of the entire planet. One misstep here and we’re not just looking at a stock market crash or more job losses, but a shift in the world order. And given what we’ve seen throughout history from the elite decision makers in our society, we should fully expect that the worst is coming.

Nov 03 13:52

Why Housing Is Dead: First-Time Buyers Collapse To 27-Year Lows

The Millennials (one of the biggest generations in US history) are just not getting with the status quo program. As we detailed previously, with lower credit scores, less disposable income, and a soaring number of people living with their parents; so it should be no surprise that The National Association of Realtors (NAR) today admitted that first-time homebuyers plunged to the lowest level in 27 years. The blame - of course - rather than low/no-growth fiscal policies, student debt servitude, and inequality-driving cheap-funding monetary policy, is price competition from 'investors' and too "stringent credit standards," perfectly mirroring FHFA's Mel Watt's Einsteinian insanity desire to dramatically ease lending standards and slash minimum down-payments (as we noted previously).

Nov 03 13:52

Yellen Shocked After Fisher Again Reveals Fed Is Source Of Record Inequality

As Janet Yellen prepares to meet with President Obama this morning for the first time, it appears The Dallas Fed's Richard Fisher has planted a rather uncomfortable tape bomb for her to explain:

FISHER: QE3 WAS A GIFT TO THE RICH

So right before the Midterm elections, a week after Janet Yellen discussed inequality, she is summoned to meet with The 'fair' President to explain how her policy is keeping Obama's dream alive?

Nov 03 13:51

The Slaughter Continues: Hedge Funds Tumble In October, Turn Negative For 2014 Despite Central Bank Sticksave

As we reported last week, one of the most notable features of October was not so much the relentless intervention by central banks to prop up the global capital markets Ponzi scheme and send the S&P to fresh record highs - that much should have been apparent years ago - but rather that just as hedge funds were preparing to aggressively capitalize on the first notable downturn in the "market" in years, the carpet was yanked from under everyone's legs, and hedge funds (which by definition "hedge", i.e., put on offsetting, short positions to plain vanilla longs, something for which they are compensated orders of magnitude higher than mutual funds) were slaughtered once again, following the biggest, or as we called it most Historic, short squeeze in 3 years.

Nov 03 13:51

How The Petrodollar Quietly Died, And Nobody Noticed

Two years ago, in hushed tones at first, then ever louder, the financial world began discussing that which shall never be discussed in polite company - the end of the system that according to many has framed and facilitated the US Dollar's reserve currency status: the Petrodollar, or the world in which oil export countries would recycle the dollars they received in exchange for their oil exports, by purchasing more USD-denominated assets, boosting the financial strength of the reserve currency, leading to even higher asset prices and even more USD-denominated purchases, and so forth, in a virtuous (especially if one held US-denominated assets and printed US currency) loop.

Nov 03 12:39

Infuriating Facts About Our Disappearing Middle-Class Wealth

A recent posting detailed how upper middle class Americans are rapidly losing ground to the one-percenters who averaged $5 million in wealth gains over just three years. It also noted that the global 1% has increased their wealth from $100 trillion to $127 trillion in just three years.

The information came from the Credit Suisse 2014 Global Wealth Databook (GWD), which goes on to reveal much more about the disappearing middle class.

Webmaster's Commentary: 

All tyrants seek to destroy the middle class, as it is from the middle class that opposition to oligarchy arises.

Nov 03 10:06

The New York Fed Has Contracted JPMorgan to Hold Over $1.7 Trillion of its QE Bonds Despite Two Felony Counts and Serial Charges of Crimes

The Federal Reserve Board of Governors in Washington, D.C., which functions as the central bank of the United States, has farmed out much of its Quantitative Easing (QE) programs to the Federal Reserve Bank of New York since the financial crisis of 2008. The Federal Reserve Bank of New York has, in turn, contractually farmed out a hefty chunk of the logistics of that work to JPMorgan Chase in the last six years.

Nov 03 10:03

Obamacare Could Face Large Numbers of Dropouts

More than half the people who enrolled in Obamacare last year don’t plan to sign up again—and that’s bad news for the president’s health care law.

Nov 03 08:51

How the fall of France could cement the rise of Ukip

“I wouldn’t hold French shares,” said Nigel Farage with a wink, belying his previous life as a stockbroker. “The country is in real trouble,” the Ukip leader told me at an investment conference in London last week. “As someone who loves France, it gives me no pleasure to say that.”

While Mr Farage casually dishes out advice to sell French stocks, he knows only too well that, for all his admiration of Gallic gastronomy and tabacs, the singular weakness of the French economy, and related political fall-out, is playing into his hands.

Nov 02 13:58

States slashing education spending

State-level K-12 education spending has fallen dramatically in many states since 2008. In that time, 29 states cut per pupil spending, shifting the burden of financing education to local school districts and, in many instances, forcing schools to cut costs and even teachers.

Webmaster's Commentary: 

Except of course for those illegal immigrant children who are getting schooling, pony rides, guitar lessons, medical care and so forth all at taxpayer expense!

Nov 02 08:55

British banker linked to gruesome Hong Kong slayings

A 29-year-old British banker has been arrested in Hong Kong in connection with the grisly murder of two women, a rare occurrence in a city known for its low homicide rate.

Hong Kong police said in a statement on Saturday that a 29-year-old foreign man had been detained earlier that day after two women were found dead in an expensive apartment in Wan Chai, a central city district known for its night life.

The man has not been charged.

Police declined to give the name or the nationality of the man, whom local media and a source with knowledge of the situation have identified as being a Bank of America-Merrill Lynch banker.

Nov 02 08:55

Fishy packaging: Shrimp in U.S. often mislabeled, study finds

When buying shrimp, you may not be getting all you're paying for. A study out Thursday reveals that nearly a third of shrimp products are being misrepresented, everything from labeling farmed species as "wild" to using aquarium pets as fillers in bags of salad-sized shrimp. The government is taking steps to make the seafood we eat safer, but current measures may not be going far enough to address the problem.

Nov 02 08:54

Japan risks Asian currency war with fresh QE blitz

The Bank of Japan is mopping up the country's vast debt and driving down the yen in a radical experiment in modern global finance

Nov 02 08:34

Hagel: New World Order Means Endless War

It seems lately that every war the United States gets itself into can’t just be another war, it has to be an open-ended clash of civilizations. Secretary of Defense Chuck Hagel set out that assessment fairly straightforwardly in his recent comments at the Washington Ideas Festival.

Nov 01 19:35

How Russia, Iran and Other Oil-Rich Nations Will Be Slammed By Falling Crude Oil Prices

Global oil prices have dropped to their lowest levels in years, plunging by more than 25 percent in the past five months. Slowing growth in Europe and China is drying up demand, all while production is soaring in the United States and Libya, creating a supply glut. With both of these trends unlikely to change in the coming months, analysts say that lower crude prices could last well into 2015.

Nov 01 19:28

Americans pay more for slower Internet

Clocking in at the top of the list was Seoul, South Korea, where Internet users can get ultra-fast connections of roughly 1000 megabits per second for just $30 a month. The same speeds can be found in Hong Kong and Tokyo for $37 and $39 per month, respectively.

Residents of New York, Los Angeles and Washington, D.C. can get 500-megabit connections thanks to VZ, Tech30), though they come at a cost of $300 a month.

Nov 01 10:02

BREAKING: 200 Thousand Doctors Dump Obamacare

Nov 01 09:09

Pony Rides for Illegals, Slashed Benefits for Americans

Illegal immigrant children entering the country without their parents or adults, now called “Unaccompanied Adults,” or UACs by the government, are receiving a tax payer subsidized bounty.

From petting zoos with miniature ponies to a tilapia fish farm operations and guitar lessons, UACs are lavished with perks, according to documents released by Sen. Charles E. Grassley, an Iowa Republican.

Preferred contractors reap handsome profit when they provide these dished out perks, in some cases upward to $329 per child a day.

Meanwhile, for citizens, federal and state government have decided to cutback on food stamps and unemployment benefits.

Oct 31 12:59

Japan Goes “All In” On Quantitative Easing … Even though the Inventors of QE All Say It Destroys the Economy In the Long-Run

The Bank of Japan’s expansion of record stimulus today may see it buy every new bond the government issues.

The BOJ said it plans to buy 8 trillion to 12 trillion yen ($108 billion) of Japanese government bonds per month under stepped-up stimulus it announced today.

***

The central bank is already the largest single holder of Japan’s bonds, and the scale of its buying could fuel concerns it is underwriting deficits of a nation with the heaviest debt burden. The BOJ could end up owning half of the JGB market by as early as in 2018, according to Takuji Okubo, chief economist at Japan Macro Advisors in Tokyo.

“Kuroda knows when to go ALL in,” Okubo wrote in a note. “The BOJ is basically declaring that Japan will need to fix its long-term problems by 2018, or risk becoming a failed nation.”

Oct 31 12:24

Obama's Soak the Rich 60% Tax Hike on Investment Income Is Drowning the Middle Class

The curse of the U.S. economy today is the downward trend in “take-home pay.” This is the most crucial economic indicator for most Americans. ... Most workers’ pay has not kept up with inflation for at least six years. ...

Why aren’t wages rising? There are several reasons, including that many jobs today don’t pay as well as the ones lost during the recession. ObamaCare has made health insurance more expensive for businesses—as the nation’s biggest employer, Wal-Mart , recently reported—and that takes a bite out of take-home pay. Yet one factor is often overlooked: the tax increase on “the rich” at the beginning of 2013.

Oct 31 11:46

In California, Consumer Watchdog's Prop 45 Challenges Obamacare — From the Left

Blue Shield of California, one of the state's four major health insurers, has a sales office on the 20th floor of the Pacific Corporate Towers in El Segundo. Had the employees peered down to the plaza on a recent Tuesday morning, they would have seen a small cluster of picketers.

From 300 feet up, it would be impossible to read the signs, or hear the chants, or smell the aroma drifting off the white pickup truck that was parked below in a loading zone. But on the ground, the scent is unmistakable: manure.

Jamie Court, the president of Consumer Watchdog, shovels some into a wheelbarrow and announces that he will be delivering it to Blue Shield's executives.

"We're gonna give them back what they've been giving us for the last five months," he tells a row of news cameras. "We're not buying their bull."

Oct 31 08:56

BILL CLINTON: Republicans Are Trying To 'Cash In On The Misery Of The American People'

Former President Bill Clinton claimed on Thursday that one of the main reasons Republicans are expected to perform so strongly in the upcoming midterm elections is their willingness to capitalize on the lingering effects of the 2008 economic recession.

Webmaster's Commentary: 

"And you Americans are all WRONG to decide who to vote for because of irrelevant things like whether you have a job or not, lost your home, are going hungry, had your kid killed in a war on the other side of the planet. Really, you need to decide who to vote for based on who has the best TV ads (like my wife) and who is the snappiest dresser (like my wife) and who has the best hair styles (like my wife). What is WRONG with you people?" -- Monica's rival's husband.

It should be remembered that when Bill Clinton took office, there was a huge cash surplus built up on the Social Security trust fund in anticipation of the baby-boomer retirements. Clinton created his magical budget surplus by "borrowing" that extra cash and spending it as general revenue, replacing it with special Treasury Bonds which the government is now unable to redeem, adding to the misery of retirees who are being told their benefits must be cut.

Oct 31 08:52

The US Economy Runs Into A Problem If Oil Hits $75

US shale oil is now the marginal swing barrel in the new world oil order, and as Goldman Sachs warns (despite Larry Kudlow apparently knowing better), a decline in WTI to $75/bbl would start to significantly slow US shale growth (and thus employment, capex, and the entire US economy).

Webmaster's Commentary: 

Obama was intent on harming Russia's oil exports and made a deal with Saudi Arabia to increase production to crush oil prices. But, as has become the hallmark of decision-making by the White House, nobody thought this all the way through as to what harm it might bring to the US. And Saudi Arabia is laughing that US attempts at oil independence are being crushed under the anti-Russian agenda and US dependence on Saudi Arabia will increase!

Oct 31 08:47

Local GMO Fights Smash Records as Monsanto's Millions Bankroll Opposition

As voters in Oregon, California, Hawaii and Colorado prepare to weigh in on whether genetically modified organisms, or GMOs, should be banned or regulated in their states or communities, grassroots campaigns are being overwhelmed by millions that agrochemical and food industry titans are pouring in to defeat such measures.

Monsanto alone spent roughly $14 million in various local races this election year.

Oct 31 08:29

BEX ALERT - Blame the fall in homeownership on Generation X: Why did the homeownership rate fall so dramatically for those 35 to 44?

We’ve all heard about the broke Millennials living at home with mom and dad unable to move out into a very expensive rental. For years, we’ve been told that somehow this young group of people would represent some pent up demand to buy homes. This demand never materialized. Instead, you have tight inventory in certain markets being fought over by investors and those willing to pay current prices while stretching their budgets. Yet volume remains incredibly pathetic. The homeownership rate has fallen dramatically and some point the blame to the Millennials. But as it turns out, the big drop has come from those 35 to 44. Generation X overall has been a massive drag on the housing market. The young are simply not buying homes like they once did and many are opting into the rental market. So how big of a drag is Generation X on the housing market?

Webmaster's Commentary: 

Another puff piece trying to find a scapegoat for the economic woes while avoiding a mention of the root cause of all of the problems, which are those private central banks issuing all of the public currency as a loan at interest, a system which by design produces more debt than money with which to pay that debt. But we dare not talk about that reality! So let's drop the blame on the kiddies!

Oct 31 08:12