ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Feb 23 08:50

A Soros «Trojan Horse» inside the New Greek Government?

Varoufakis’s curriculum vitae, like that of Jaresko’s, reeks of George Soros-intertwined globalist links. For a finance minister who is to -- if we believe the dire warnings from the corporate press -- challenge the austerity measures dictated to Greece’s previous failed conservative and social democratic governments by the «Troika» of the IMF, ECB, and European Commission, Varoufakis has had a past close relationship with the global entities with which he is expected to battle.

Feb 23 08:46

This European Nation's Poverty Rate Just Hit A Record High (Spoiler Alert: Not Greece)

For the last few years - and most especially the last few months - all eyes have been focused on Greece. From record poverty rates to record suicide rates and levels of youth unemployment, post-election emboldened hopes for a phoenix-like rebirth of a nation from the flames of Eurogroup repression were seemingly dashed on Friday. However there is another nation, that begins with the letter 'G' and that is at the heart of the EU-Greece talks that is suffering seemingly silently. As Newsweek reports, poverty in Germany is at its highest since the reunification of the country in 1990, with 12.5 million residents now classified as 'poor'...

Feb 23 08:42

Even If Current Talks Are Successful, Grave Greek Problems Remain

Greece readies list of reforms to dodge bankruptcy ... Yanis Varoufakis says a bail-out extension will be "dead and buried" if international creditors do not ratify Athens' proposals ... The Greek government will put forward plans to root out tax evasion and overhaul the country's labour laws in a bid to convince creditors it should be granted a vital extension of its bail-out programme on Monday. – UK Telegraph

Feb 23 08:04

Evil Assad, Evil Gaddafi, Now Evil Putin: How the West Sells War (and Makes a Killing)

As the conflict in Ukraine persists and as peace talks between Putin and western European leaders (Merkel and Hollande) continue, it is important to look at the economic actors/interests that benefit from conflict and regime change in the Ukraine and how this compares to situations like Syria, Libya and Iraq. There are under-reported angles and interests to these conflicts that we hear little about in western mainstream media and that many do not look for because they are too caught up in political or human dramas.

Feb 23 07:46

Federal Reserve Insider Alan Greenspan Warns: There Will Be a “Significant Market Event… Something Big Is Going To Happen”

With the Federal Reserve printing trillions upon trillions of dollars to keep the economic system afloat, many investors and financial pundits have surmised that the fundamental economic problems facing the United States during the crash of 2008 have been resolved. Stocks are, after all, at historic highs.

But the insiders know different. And if there’s any single person out there who understands U.S. monetary policy and its long-term effects on domestic and global affairs it’s former Federal Reserve chairman Alan Greenspan. As the head of the world’s most powerful central bank for nearly two decades he’s privy to the insider conversations and government machinations that have brought us to where we are today.

Feb 22 22:57

Tsípras: Scared by His Own Courage

The Brussels agreement to extend the EU programme for Greece means a humiliating defeat for the Sýriza government. Their attempts to rally support within the union’s governments miserably failed. The German imposition uncompromisingly defending the narrow interests of the financial oligarchy prevailed bearing witness of the impossibility of a social turn within the power structures of the EU. Game over? We believe that there remains a possibility to thwart the EU starvation programme.

Feb 22 22:55

Obama Wants To Tax Your Retirement Accounts

Feb 22 20:36

What Ordinary Greeks Think Of Friday's Deal: "We Went Through Two Months Of Agony To Realize We Are Still A Debt Colony"

Some Greeks wondered what the government had achieved. "We went through two months of agony, emptied the banks, to realize we are still a debt colony," 54-year-old electrician Dimitris Kanakis told Reuters. "The paymasters call the shots."... Pensioner Paradisanos Rigas siad: "It looks to me that nothing has changed. Later on they'll throw us some bones and say everything is fine. Syriza will be saying we put up a fight, while the other side will be saying you did nothing. And I think that it will be the same, just more of the same."

Feb 22 19:31

Most Americans Are Slaves And They Don’t Even Know It

Most Americans spend their lives working for others, paying off debts to others and performing tasks that others tell them that they “must” do. These days, we don’t like to think of ourselves as “servants” or “slaves”, but that is what the vast majority of us are.

Feb 22 17:48

Federal Reserve Insider Alan Greenspan Warns: There Will Be a “Significant Market Event… Something Big Is Going To Happen”

We can't get out of this era of money printing without some repercussions - and pretty severe ones...

Feb 22 15:21

Greece — Syriza – Subservience to Neoliberalism – The Killing Plague that Knows No Mercy?

Greece’s debt today stands at 175 % of her economic output. The best – and only decent and socially as well as economically viable option – is exiting the Eurozone by her own decision.

Greece has various options. Tsipras-Varoufakis must know them. Perhaps they keep them hidden away until “the last ditch” moment. To begin with, they could have imposed and still can impose strict capital transfer controls, to avoid the outflow of precious capital from Greek oligarchs, capital that eventually is missing for rebuilding Greece’s economy and would need to be replaced by new debt. Although, this is basically against EU’s rule of free transfer of capital, Greece as a sovereign country, can roll back its EU vassal status, take back its sovereignty and do what every reasonable central bank would do in Greece’s situation – impose capital transfer restrictions. After all, the Euro is also – and still is – Greece’s currency.

Feb 22 12:50

No Economy Is An Island

Feb 22 11:56

Goldman Sachs Acts As Economic Hitman Against Public School Districts

Ellen Brown
Activist Post

The fliers touted new ballfields, science labs and modern classrooms. They didn’t mention the crushing debt or the investment bank that stood to make millions. — Melody Peterson, Orange County Register, February 15, 2013

Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts...

Feb 22 11:52

Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bonds

...Among the hundreds of California school districts signing up for CABs were fifteen in Orange County. The Anaheim-based Savanna School District took on the costliest of these bonds, issuing $239,721 in CABs in 2009 for which it will have to repay $3.6 million by the final maturity date in 2034. That works out to $15 for every $1 borrowed.

...Santa Ana Unified issued $34.8 million in CABs in 2011. It will have to repay $305.5 million by the maturity date in 2047, or $9.76 for every dollar borrowed.

...Placentia-Yorba Linda Unified issued $22.1 million in capital appreciation bonds in 2011. It will have to repay $281 million by the maturity date in 2049, or $12.73 for every dollar borrowed.

Feb 22 11:02

Fracking: Ohio’s oil-and-gas industry donations, ruling tied?

An Ohio Supreme Court justice lamented last week that “the oil and gas industry has gotten its way” in a decision that says local governments can’t regulate drilling. “What the drilling industry has bought and paid for in campaign contributions they shall receive.”

The dissenting opinion of Justice William M. O’Neill in a fracking case was not without factual basis: Ohio’s oil-and-gas industry poured about $1.4 million into the campaign coffers of legislators and other state officials in 2013-14 — including about $8,000 for the justice who wrote the pro-industry ruling and $7,200 for another who concurred — a Dispatch computer analysis shows.

Feb 22 10:57

Architecture Billings Index Flashes Warning

Feb 22 10:40

Democricide | Why Democracy Always Fails

Feb 22 10:38

"Too Big to Fails" Have Stopped Being Banks

No Longer Focused On Deposits Or Loans

Bloomberg reported last month:

“Banks don’t have a need for deposits, and the demand for loans by households and firms is weak,” Niels Storm Stenbaek, chief economist at the Danish Bankers Association, said in a phone interview.

Wait…what?

Banks don’t need deposits? They’re not giving many loans? Isn’t that what banks do?

If they’re not collecting deposits and making loans, what are they doing?

Feb 22 10:33

It’s Official, McDonald’s and Monsanto Are Both ‘Losing Money Fast’

In a series of headlines that would pass as virtually unbelievable several years ago, mainstream economists are sounding the alarm over the financial decline of both fast food giant McDonald’s and biotech juggernaut Monsanto.

Feb 22 09:14

Alexander Hamilton's connection to Jews

Alexander Hamilton, widely regarded as an important Founding Father of America and a champion of the ratification of the U.S. Constitution, has long been suspected of having Jewish ancestry. Hamilton was a Federalist, and a strong proponent of a robust, centralized federal government and national bank. Alternative media personalities have even claimed Hamilton was essentially a Rothschild agent operating in America, seeking to financially enslave the American Republic shortly after gaining independence from Great Britain following the conclusion of the American Revolutionary War.

Feb 22 08:46

‘Tiny houses’: California homelessness gets new $40 solution (PHOTOS)

He jokes that he constructs "illegal homes out of illegal garbage." The cost of one house is “$30 to $40,” Kloehn told RT.

Feb 22 08:45

Workers at largest US oil refinery go on strike

The number of US oil refineries facing the threat of a strike is expanding after workers at the country’s largest refinery in Texas walked off their jobs on Saturday.

Webmaster's Commentary: 

That will send gas prices back up!

Feb 22 08:44

George Osborne says HSBC tax evasion prosecutions not his job

George Osborne has washed his hands of responsibility for prosecutions against people who evaded tax through HSBC Switzerland, as the government came under pressure to justify immunity deals given to those who confess to serious tax fraud.

Feb 22 08:35

800,000 HealthCare.gov Users in 37 States Received Wrong Tax Information From Government, Leading to 'Mayhem' This Tax Filing Season

About 800,000 taxpayers who enrolled in insurance policies through HealthCare.gov received erroneous tax information from the government and were urged on Friday to hold off on filing tax returns until the error could be corrected.

Feb 22 06:30

Dr. Marc Faber: Employment Numbers Are BS

Feb 22 05:26

Swimming with the Sharks - Goldman Sachs, School Districts, and Capital Appreciation Bonds

Remember when Goldman Sachs, dubbed by Matt Taibbi “The Vampire Squid”, sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts.

Feb 22 04:55

The 10 Happiest US States

Taking into account what people said about the motivation to achieve your goals, positive social relationships, satisfaction in the economic sphere, the sense of community to feel safe and pride in the place where they live, one survey revealed what states are the happiest.

Further Read: http://whatisusa.info/the-10-happiest-us-states/

Feb 22 04:38

Wage Increase In Walmart Could Indicate An Improvement In Employment

The decision of giant Walmart distribution of raising the minimum wage than half a million employees could give the signal awaited US for an acceleration of remuneration, in a labor market tightens.

World number one distribution announced Thursday that from April, will pay $ 9 per hour to about half of its staff in US dollars 1.75 over the current national minimum wage since 2008.

The initiative of the White House to raise the current minimum of 7.25 to $ 10.10 faces opposition from Republicans in Congress, but about twenty States have recently announced increases in minimum wage, either legislating or proposed referendums.

Further Read: http://whatisusa.info/wage-increase-in-walmart-could-indicate-an-impro...

Feb 22 03:00

A Soros "Trojan Horse" inside the New Greek Government?

Greece, which pioneered the Trojan horse weapon used against Troy, must be on guard against Trojan horses like Varoufakis who have been implanted in the new Greek government.

Feb 21 21:12

FTC files lawsuit to block merger of Sysco and US Foods, America’s two biggest food distributors

The two largest food distributors in America, Sysco and US Foods, agreed to terms on a proposed merger more than a year ago and the federal government has now sued to block the deal. The Federal Trade Commission filed a complaint (PDF) charging that the merger would violate antitrust laws, totaling more than 75 percent of national sales for “broadline foodservice distribution services” in the United States, and would dominate many local markets. The FTC alleges the deal would lead to higher prices, less choice and reduced service to customers.

Feb 21 17:07

Alarming report reveals rampant poverty across Europe

More than a third of the population in Bulgaria, Romania, Greece, Latvia and Hungary are at risk of poverty and social exclusion, according to a new report. In half of the EU's 28 member states, at least one in three children live in poverty.

Feb 21 16:29

What Bitcoin Can Really Do

Feb 21 15:13

Globalized ZIRP....

Feb 21 15:08

The Assassination of Greece

The strangulation of Syriza is part and parcel of the decade long process of the EU’s assassination of Greece.

A savage response to a heroic attempt by an entire people, hurled into destitution, condemned to be ruled by kleptocratic conservatives and social democrats.

Empires do not surrender their colonies through reasonable arguments or by the bankruptcy of their regressive “reforms”.

If in fact, EU dogmatism and intransigence forecloses even the most favorable deals, Tsipras and Syriza, (against their desires) may be forced to exit the Euro Empire and face the challenge of carving out a new truly radical policy and economy as a free and independent country.

Feb 21 15:00

3 Reasons Why Global Economic Reset Is Close

Feb 21 11:11

FDA has known since at least 2009 devices spread fatal 'superbug' - lethal infections

... but does not order fix - NO New safety requirements

devices at the center of the "superbug" outbreak at UCLA

Feb 21 10:35

Moody's "Junks" Russia

Expects Deep Recession In 2015

Feb 21 10:16

A Century of American Figurehead Presidents Marching to the Beat of Wall Street and the New World Order

But between our Presidents’ Day sales, popcorn and beer, this President’s Day 2015 might also be an opportune time to pause and reflect on our presidents over this last century. President’s Day then becomes a sober reckoning of how the fate of our cherished democratic republic was lost and stolen by today’s totalitarian oligarchy. A chronicle of this last century’s presidents offers us Americans a greater understanding of the diminished role our figurehead presidents have played as a mere public face to the shrouded power elite puppet masters pulling their strings. What follows is a presentational overview providing a step-by-step thread of continuity that has led us to the New World Order burgeoning today.

1913 was a pivotal year that brought to fruition the meticulously laid out agenda conspired in total secrecy of the Jekyll Island Coup d’Etat that culminated with the Federal Reserve Act signed by President Woodrow Wilson establishing the deceptively covert, privatized central banking cabal of the Federal Reserve Board. The other illegal 1913 coup that was part of the low-blow, one-two near knockout punch against the American people was the birth of the federal income tax. Thus the foundation of today’s globalist Ponzi scheme on the verge right now of implosion gained its lethal foothold into our lives just one year before “the war to end all wars.”

Feb 21 10:13

It’s Germany vs. Greece, and the very survival of the Eurozone is at stake

Is this the beginning of the end for the eurozone?

Feb 21 10:11

Hillary Clinton Exposed Part 1 – How She Aggressively Lobbied for Mega Corporations as Secretary of State

That approach, which Mrs. Clinton called “economic statecraft,” emerged in discussions with Robert Hormats, a former Goldman Sachs Group Inc. investment banker who has worked in Democratic and Republican administrations and became an undersecretary of state. “One of the very first items was, how do we strengthen the role of the State Department in economic policy?” he says.

Early in Mrs. Clinton’s tenure, according to Mr. Hormats, Microsoft’s then Chief Research Officer Craig Mundie asked the State Department to send a ranking official to a fourth annual meeting of U.S. software executives and Chinese government officials about piracy and Internet freedom. Mr. Hormats joined the December 2009 meeting in Beijing.

Mr. Hormats says there was no relation between Microsoft’s donations and the State Department’s participation in the China conference.

Feb 21 10:09

Russia Dumps a Fifth of Its US Treasuries, China Reduces Holdings to a Two-Year Low

Back in December, Socgen spread a rumor that Russia has begun selling its gold. Subsequent IMF data showed that not only was this not correct, Russia in fact added to its gold holdings.

But there was one thing it was selling: some $22 billion in US Treasurys, a record 20% of its total holdings, bringing its US paper inventory to just $86 billion in December - the lowest since June 2008.

Webmaster's Commentary: 

Who is dumb enough to be buying them?!?

Feb 21 09:37

Shots Fired: Schauble Says "Greeks Certainly Will Have A Difficult Time To Explain The Deal To Their Voters"

Did anyone honestly not think the German finance minister would not have the final word?

GERMAN FINMIN SCHAEUBLE SAYS AS LONG AS THE PROGRAMME FOR GREECE ISN'T SUCCESSFULLY CONCLUDED THERE WILL BE NO PAYOUT
GERMAN FINMIN SCHAEUBLE SAYS 'THE GREEKS CERTAINLY WILL HAVE A DIFFICULT TIME TO EXPLAIN THE DEAL TO THEIR VOTERS'

He's right.

Feb 21 09:36

Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bonds

Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts. Not that Goldman was alone in this; but the unscrupulous practices of the bank once called the undisputed king of the municipal bond business epitomize the culture of greed that has ensnared students and future generations in unrepayable debt.

Feb 21 09:14

ECB can't print earnings (yet?) #Italy

Feb 21 09:05

Finally! The US is busting Israeli banks

Bank Leumi, Israel's second largest bank, admitted late last year to helping its American customers evade income taxes, hide assets, and launder their money back into the United States. The bank agreed to pay $130 million in fines to New York regulators and another $270 million to the federal government, and assist in an ongoing probe of other Israeli banks.

But I know that the FBI and SEC have known about this for decades because I personally flagged it to them in 1989, when Crazy Eddie was busted for fraud and I was trying to avoid prison time. (Which I did.)

Webmaster's Commentary: 

So, from 1989 to 2015, the US Government knew that Bank Leumi was helping American Jews avoid taxes, AND DID NOTHING ABOUT IT!

Feb 21 09:01

HSBC Documents Show Bank Helped Clients Hide Billions From Tax Man

British bank HSBC helped hundreds of Canadians hide Swiss accounts from authorities to avoid paying millions of dollars in taxes, CBC News has learned.

That’s one of the takeaways gleaned from a massive collection of documents collected by Hervé Falciani, a former employee of the bank, who blew the whistle on his former employer and handed over reams of data to tax authorities.

Feb 21 08:52

Claudio Grass: West Doesn’t Understand Gold

Feb 21 08:47

Islamic terror and the great deception

The unseen adepts who rule America also rule the world. They are masters at understanding human nature.

They have spent hundreds of years creating the public mindset which they manipulate in our generation with the most perfect precision. Words, phrases and thought patterns are a political science that triggers exact and predictable responses to political rhetoric.

They have many names — the elite, Illuminati, Zionists, Bilderbergers, Trilateral Commission, Council on Foreign Relations, World Bank and International Monetary Fund, to name a few — but in the end they are one in the same. Their goals are one in the same. Their goals are not your goals, but they are masters at convincing you they are.

Feb 21 07:40

Russia unloads 20% of its total U.S. holdings in one month

Earlier this week John Williams warned that hyperinflation will begin to appear in America sometime in 2015

Feb 21 06:40

From 1750 AD?

UN Calculates 300-year “Climate Debt” for United States

Feb 21 06:06

Syriza capitulates to the EU

The Greek government has repudiated its election pledges, agreeing Friday to a four-month extension of the existing loans and austerity programme dictated by “troika” of the European Commission, European Central Bank and the International Monetary Fund.

Feb 21 03:57

'Gun to Greece's Head Pulled Away' As Tentative Deal Struck in Brussels

The newly-elected Syriza government of Greece and its creditors from the 19-nation Eurozone have reportedly reached a draft deal for a loan extension to the country for another four months.

Feb 21 03:53

Harsh winter brings city’s homeless problem into full view

Worcester MA: The lodging license at the South Middlesex Opportunity Council's (SMOC) Triage Center on Queen Street allows for up to 40 people. During the winter the city allows the homeless shelter to go above capacity to potentially save lives, and the shelter has been inundated – two recent city inspections put the number of residents living at the shelter above 100.
***
“We talked about how to reduce the volume of people,” City Manager Ed Augustus Jr. said of opening the Triage Center. “We were trying to get people off the street, and the only place to take anybody regardless of their situation was the Triage Center, in order to save peoples' lives and not have them freeze to death in snow drifts during a blizzard.”

The undisputed fact, given the high census numbers at the shelter during a particularly harsh winter, seems to be that the city's homelessness services are stretched thin, especially when it snows. The issue is how to solve that problem.

Feb 21 03:31

Austerity in Illinois? Critics Slam 'Morally Reprehensible' Budget Proposal

With its deep cuts to higher education, Medicaid, pension benefits, and social services, Illinois Governor Bruce Rauner's proposed budget is being called "reckless," "heartless," and "morally reprehensible."

Feb 21 01:22

Why The “1%” Hates The Gold Standard

Between 1930 and 1970, it was only the “bottom 90%” that saw their incomes rise.

Feb 20 18:49

Dollar Dump Begins: Russia Unloads 20% Of Its Total U.S. Holdings In ONE Month

Is Russia now starting to make its own moves? And are they working in unison with the Chinese in an effort to debase the dollar?

Feb 20 18:01

The US is busting Israeli banks: Bank Leumi, Israel's second largest bank, helped American customers evade income taxes, hide assets, and launder their money

Sam Antar: I was laundering money through Bank Leumi decades ago

Former Crazy Eddie CFO and convicted felon Sam Antar explains how he got away with laundering money through Bank Leumi decades ago and why it took so long for the Feds to crack down on the Israeli-based bank.
Foreign banks have been helping Americans dodge U.S. income taxes for years. But it's taken decades for law enforcement to catch up with them.

Feb 20 16:22

Real Cost of Mining Gold

Feb 20 15:40

Full Eurogroup Statement On Greece - Redline Comparison With Previously Rejected Statement

Just out from the Eurogroup, the final statement. Bottom line: Greece caves on pretty much everything, however it has two semantics successes: the dreaded "Troika" words has been replaced with "institutions" and "current programme" has been changed to "current arrangement" - surely nobody will notice. Sarcasm aside, Greece has just kicked the can for four months. Why four months? Because that's just ahead of the big Greek debt maturity.

Feb 20 15:39

Germany Gives Greece Just Enough Rope: Varoufakis Says If Troika Rejects Reforms "The Deal Is Dead And Buried"

Here is what Schauble meant when he said that the "Greeks Certainly Will Have A Difficult Time To Explain The Deal To Their Voters": under the conditionality of the Troika's approval, the Tsipras government now has to walk back essentially all the promises it made to the Greek people - promises which by some accounts amount to over €20 billion in additional spending - or the Troika, pardon Institutions, will yank the entire deal and the Grexit can then commence. And that's the bottom line. It's also the reason Schauble was gloating: because he gave the Greek government just enough rope with which to hang itself.

Feb 20 15:30

Physics in finance: Trading at the speed of light

Financial traders are in a race to make transactions ever faster. In today's high-tech exchanges, firms can execute more than 100,000 trades in a second for a single customer. This summer, London and New York's financial centres will become able to communicate 2.6 milliseconds (about 10%) faster after the opening of a transatlantic fibre-optic line dubbed the Hibernia Express, costing US$300 million.

Feb 20 15:25

The Newest Country to Defy the Banksters

Under Orban’s leadership, Hungary has not only managed to pay down their near $26 billion IMF loan, but did so early. In 2013, with just $2 billion in payments left to go, he actually requested, via the central bank, that IMF officials should pack their bags and leave, noting that their “services” were no longer needed!

What really irritates DC though, is that Orban seems to have the overwhelming backing of his people! Time after time, the Fidesz party has not only won re-election, but they’ve won by a landslide. In 2014, his party rode back into power, with over 2/3 of the vote! Many Hungarians finally seemed to have found a nationalist champion. This has made it difficult to claim that Orban is simply acting alone, or without the consent of Hungary.

From beating down austerity, to ridding Hungary of the IMF, Viktor Orban’s actions and reforms continue to cause the gnashing of teeth in the Anglo-American banking camps.

Feb 20 14:42

Latest Update on STOXX 600 Q4 EPS Trend

Feb 20 13:50

SWIMMING WITH THE SHARKS: GOLDMAN SACHS, SCHOOL DISTRICTS, AND CAPITAL APPRECIATION BONDS

Remember when Goldman Sachs – dubbed by Matt Taibbi the Vampire Squid – sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts. Not that Goldman was alone in this; but the unscrupulous practices of the bank once called the undisputed king of the municipal bond business epitomize the culture of greed that has ensnared students and future generations in unrepayable debt.

Feb 20 13:34

Greece, eurozone officials agree to extend bailout by 4 months

Greece and eurozone finance ministers have struck a deal to extend the Greek bailout by another four months with Greece given till Monday to present a list of reform measures for the creditors to review.

Feb 20 13:20

Full Eurogroup Statement On Greece

Just out from the Eurogroup, the final statement. Bottom line: Greece caves on pretty much everything, however the dreaded "Troika" words has been replaced with "institutions." Sarcasm aside, Greece has just kicked the can for four months. Why four months? Because that's just ahead of the big Greek debt maturity.

Feb 20 13:03

Greece, euro zone creditors reach accord on loan

Euro zone finance ministers reached an agreement on Friday to extend heavily indebted Greece's financial rescue by four months, officials on both sides said.

"It's done. For four months," one said.

An agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area. It provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors.

Feb 20 11:18

'The Game is Rigged': Richard Wolff

L.A. Progressive and Occidental College hosted Richard Wolff for a discussion on economic rights and reform, on February 10, 2015 at Occidental College.

Feb 20 10:47

SWIFT has accused Russia of violating ChronoPay trademark rights

Google translate: The company "Soyuzpatent" on behalf of the Society for Worldwide International Financial Telecommunication SCRL (SWIFT) filed a claim Russian processing company ChronoPay abuse solely on the trademark «Swift», the letter says "Soyuzpatent".

Webmaster's Commentary: 

This is pure harassment. The Russian system does not call itself "SWIFT", so how can they infringe on the trademark?

Feb 20 10:39

The shameless way the world of finance is luring kids

As more and more evidence that young people today do not trust our financial institutions surfaces, some developers are turning stock market trading into apps that resemble video games. With cartoon graphics and encouraging words like OMG!,

Feb 20 10:09

HUGE DEAL: Russia Ratifies $100bn BRICS Development Bank

Today, Russia’s government ratified its commitment to the new BRICS Development Bank. The bank will fund infrastructure development in the BRICS nations and be first global competitor capable of challenging the financial hegemony of the Western-led World Bank and IMF.

Feb 20 10:04

FLUSTERCLUCK! Healthcare.gov sent out 800,000 bad tax forms; Update: Officials don’t know what happened?

The Obama administration says it sent about 800,000 HealthCare.gov customers the wrong tax information, and officials are asking those consumers to delay filing their 2014 taxes. …

The errors mean that nearly 1 million people may have to wait longer to get their tax refunds this year.

Webmaster's Commentary: 


Feb 20 09:31

BREAKING: There's another Obamacare Disaster

800,000 HealthCare.gov Customers Given Wrong Tax Info ...

Feb 20 09:13

Any way you slice it stocks are overvalued

Feb 20 08:57

It Begins: Goldman Cuts Q1 GDP Due To Snow

Feb 20 08:51

The Share-the-Scraps Economy

Feb 20 08:40

How Germany Is Blowing Up The European Union

As Germany is set to reject a Greek loan extension request (and no, international press, that is not the same as an extension of the bailout program), Steve Keen uses proprietary numbers issued by the OECD – which is supposed to be on Germany’s side?! – to show how dramatically austerity has failed in Europe- that is, if the recovery of the Greek and Spanish economies was ever the real target. It certainly failed the populations of the countries.

Webmaster's Commentary: 

Austerity was never meant to improve the lives of the people. It was designed to loot the people to make the private central bankers richer than they already are!

Feb 20 08:38

Germany Slams Greek Bailout Extension Proposal As "Trojan Horse" - Full Text

As leaked by Reuters moments ago, here is the text of a document that describes Germany's position on Greece's letter requesting an extension of its bailout facility as nothing short of a Trojan Horse.

Feb 20 08:17

Greece Gives Europe A Counter-Ultimatum: Accept Or Reject Our Offer

UPDATE: *GREEK GOVT WON'T ACCEPT ULTIMATUMS, WON'T GIVE ANY: OFFICIAL

After days of repeated ultimata from The Eurogroup, as Germany (bad cop) and the rest (good cop) make optimistic sounds, this morning's rejection of Greece's latest plan (following Greek comparisons of Germany to Nazi surrender demands) has prompted something new:

*EU HAS 2 CHOICES, APPROVE OR REJECT GREEK REQUEST: OFFICIAL
*EUROGROUP MEETING TO SHOW WHO WANTS A SOLUTION: GREEK OFFICIAL

Feb 20 08:14

Global Economic Reset Nears

Feb 20 08:11

BANK RUNS: WORRIED DEPOSITORS RUSH TO PULL CASH OUT OF GREEK BANKS

In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation's banks in record amounts over the last few days.

Feb 20 07:29

Marathon Oil To Lay Off 10% Of Workforce

Feb 20 07:14

Guess Which "Liberal" State Has 500 Laws Aimed at Oppressing the Homeless?

Cities in the United States have a long history of criminalizing the public presence of people they consider undesirable. In the late 1800s, Southern cities established “sundown towns,” laws that restricted black people from being outside after sunset. Throughout the 19th century, cities ratified “ugly laws,” banning people who were diseased or deformed from being outside. During the Great Depression, California cities passed an “anti-Okie” law, making it illegal to assist poor people entering the state.

Today, society’s target is homeless people. Beginning in the 1980s when the federal government slashed the affordable housing budget, cities have enacted thousands of laws to criminalize basic human needs such as resting, sleeping, standing, and sitting, as well as acts like panhandling and food sharing.

Feb 20 07:01

Axeman Lloyds bank boss set for £7m bonus after overseeing thousands of job losses

Lloyds bank boss Antonio Horta-Osorio is poised to pocket a bonus of more than £7million after overseeing thousands of job losses.

Portuguese banker Mr Horta-Osorio, 51, who has headed Lloyds since 2011, has just begun a second, three-year wave of cost cutting.

It will mean the loss of another 9,000 jobs and 200 branches.

But he is being rewarded for helping turn the firm’s fortunes around. The bank is expected to confirm the shares windfall for its chief executive when it announces its results.

Feb 20 07:01

Bank bonuses to run into BILLIONS as population continues to feel after-effects of bailout crisis

Banks mired in scandal and bailed out by the state are set to infuriate hard-up families by announcing their share in nearly £5billion in bonuses.

The bumper payouts could include £2.2billion for staff at HSBC amid controversy over its Swiss banking arm, accused of helping super-rich customers evade tax.

Feb 20 06:54

The Straw That Broke the Back of the American Economy

As many of you know, we have an $18 trillion dollar [official government] debt, a $240 trillion dollar [unofficial government] debt, a $200 trillion dollar consumer credit debt and we have the ultimate elephant in the room, the one quadrillion dollar derivatives debt. In a country that imports 20% of its food supply, it was reported yesterday by KTAR 92.3 FM (Phoenix) that massive amounts of food are rotting on ships waiting to be offloaded and the docks awaiting shipment.

We should be wondering how much more can the economy take? What will be the straw that breaks the camel’s back?

Feb 20 01:14

Christopher Adams: What were they thinking?

A Portuguese bank on the verge of collapse - what were they thinking?

That would have been the response of many newspaper readers this morning upon learning the New Zealand Superannuation Fund has lost nearly $200 million in taxpayers' cash on a "risk-free" loan it provided to Lisbon-based Banco Espirito Santo (BES) on July 3.

The loan - part of a US$784 million credit package US investment bank Goldman Sachs put together through its Oak Finance vehicle - was made exactly one month before BES collapsed and Portugal's central bank split the country's biggest lender into two, with one part holding the good assets and the toxic assets placed in the other.

Unfortunately, the Oak Finance loan is now stranded in the so-called "bad bank" following a retrospective law change by the Bank of Portugal.

Feb 20 01:13

NZ Super Fund loses $200m in Portuguese bank collapse

Almost $200 million in taxpayers' money invested through the New Zealand Superannuation Fund has been lost after the collapse of a Portuguese bank where the money was invested - supposedly as a "risk-free" loan.

The fund, set up with public money to partly cover the retirement costs of Baby Boomers, revealed yesterday it had been caught up in the collapse of Banco Espirito Santo (BES), and a US$150 million investment made in July had been wiped out.

Read how the Super Fund lost $200m

The investment was a contribution to a Goldman Sachs-organised loan to the bank, but only weeks after the money was injected it imploded. President and founder Ricardo Salgado was arrested as part of a criminal investigation into tax evasion.

After disclosing billions of euros in losses, and facing a run on funds by depositors, the bank collapsed in a heap and was broken up in August.

Feb 19 22:49

Google Chairman Vs. Obsolete Man

Bilderberger and Google Chairman Eric Schmidt versus the Twilight Zone's Mr. Wordsworth.

Feb 19 19:48

A Growing Number of Wealthy Federal Employees

How much money does one need in order to be “rich”? As noted in a Time Magazine article: “The rich don’t really think they’re rich. In a new survey, the vast majority of investors with $1 million in assets don’t consider themselves wealthy.”

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