ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 18 10:48

Another Sign Inflation Is on the Horizon

May 18 09:48

The Emperor Beckons Us to the Graveyard

Those very few words of Obama’s, his most widely circulated PR effort to garner support for the TPP (Trans Pacific Partnership) and thoroughly representative of the thinking of our imperial elite, are so revealing, so wrong and so dangerous on so many levels that one scarcely knows where to begin. In fact they carry the seeds of our destruction. And they are focused on China.

May 18 09:33

Belligerent US Refuses To Cede Control Over IMF In Snub To China

So while the AIIB certainly represents an attempt on China’s part to realize its regional ambitions (what we’ve described as the establishment of a Sino-Monroe Doctrine) and carve out a foothold for the yuan on the global stage, it’s also a product of Washington’s failure to adapt to a changing world. That is, the establishment of new supranational lenders suggests the US-dominated multilateral institutions that have characterized the post-war world are proving unable (for whatever reason) to meet the needs of modernity.

Nowhere is this more apparent than the IMF, where reforms aimed at making the Fund more reflective of its membership have been stymied by Congressional ineptitude for years.

May 18 09:32

Study: One in four Americans who purchased insurance still can't afford medical care

One in four people who bought health insurance on their own couldn’t afford medical care last year, according to a study released Thursday that shows out-of-pockets costs are still getting between Americans and their doctors despite Obamacare’s progress in cutting the ranks of the uninsured.

May 18 09:29

Republican Leaders Vow to Pass TPP Fast Track for Obama

After defeat in the Senate last week at the hands of Democrats, the Senate reversed itself and passed the fast tracking measure and now top Republicans are predicting it will pass both chambers.

May 18 09:26

The dire ObamaCare threat to New York’s hospitals

The bottom line of Stringer’s report: Thanks to the Affordable Care Act, aka ObamaCare, Uncle Sam will cut more than $800 million in payments to the city’s Health and Hospitals Corp, by Fiscal Year 2019.

The president’s signature law slashes federal payments that long helped out hospitals serving lots of patients who lack insurance. The idea was that the law would boost coverage so dramatically the aid would be unnecessary.

Except that illegal immigrants don’t qualify for ObamaCare coverage — and they make up a big chunk of the city’s uninsured population.

May 18 09:16

IMF admits Usury is the Root of All Evil

Well, not in so many words, but more or less to the same effect. Here’s the little gem penned a couple of years ago, by a blogger after my own heart, who likes to let bankers incriminate themselves, in their own words, albeit in forked tongue:

There is much of interest in the IMF’s Financial System Stability Assessment of Australia, published in November 2012. The following line in particular caught my eye, and is worthy of comment. The context is the IMF’s consideration of what are the “key risks” to our banking system (page 10-11):

Pressure on the net interest margin, which accounts for almost two-thirds of operating income, has the potential to encourage more risk-taking by banks in order to preserve profitability.

May 18 09:08

The Fed knows this bubble is too Big to Pop

May 18 08:57

US WAGES -- from 1991 as a base HORRIBLE (!!)

May 18 08:47

Oil Billionaire Attempts to Silence University Quake Researchers

Fossil fuel partisans in the Sooner State were rattled late last month when the Oklahoma Geological Survey (OGS) released a statement that the rapid increase in the state’s seismic activity was very likely caused by humans—specifically the “injection/disposal of water associated with oil and gas production.”

One billionaire oilman decided to take action—not about the message but about the messengers. Emails exposed by Bloomberg News reveal that Harold Hamm, the founder and CEO of Continental Resources, one of America’s ten biggest energy independents, asked the dean of the University of Oklahoma’s College of Earth and Energy to fire scientists involved with the OGS report, an official publication of the university.

“Mr. Hamm is very upset at some of the earthquake reporting to the point that he would like to see select OGS staff dismissed,” Dean Larry Grillot wrote to a couple of colleagues.

May 18 08:15

Most voters think the government should prioritise fighting inequality over economic growth

A survey by pollsters YouGov found that of the main parties only Conservative supporters were significantly more likely to care about economic growth than inequality.

May 18 07:39

Bombardier plant's defective "Made in Mexico" parts delay final streetcar assembly and delivery to Canadian customers

TTC issues with Bombardier streetcars also apply to Metrolinx order

The problem with the Metrolinx cars is the same as that described this week by frustrated TTC (Toronto Transit Commission) CEO Andy Byford , who said he wants riders to understand why he can’t put more of the air-conditioned, fully accessible streetcars into service.

The first of the 204 new streetcars — price tag: $1.2 billion — were so flawed that the TTC simply couldn’t risk putting them into service because they would almost certainly break down on Toronto streets, he said.

Parts produced in Mexico were so poorly made that they couldn’t be properly assembled in Bombardier’s Thunder Bay plant, where attempts to rivet badly cut walls and under-frames were rejected by the TTC.

Byford also cited defective laminate, loose screws and faulty electrical connectors among the issues on the new TTC vehicles.

May 18 07:34

Mind the gap: Britain’s richest are 105 times better off than the poorest

The UK’S richest 20 percent have more than one hundred times the wealth of the poorest 20 percent, with the combined household wealth of £9.1 trillion remaining for the most part in the hands of the elite.

May 18 07:18

The Debt To GDP Ratio For The Entire World: 286 Percent

Did you know that there is more than $28,000 of debt for every man, woman and child on the entire planet? And since close to 3 billion of those people survive on less than 2 dollars a day, your share of that debt is going to be much larger than that. If we took everything that the global economy produced this year and everything that the global economy produced next year and used it to pay all of this debt, it still would not be enough.

May 18 06:53

This chart says a bullish trend is ending

May 18 06:25

Watch out...Greece’s "endgame" is in sight

May 18 06:21

Should the Government Have to Balance It’s Budget Like Citizens?

When Mike Huckabee launched his campaign Tuesday, he mentioned, as he often does, that he balanced Arkansas’s budget for 10 years as governor. Families and states have to balance their budgets, he argued, so the federal government should, too.

May 17 18:25

The War On Cash Destroys A Small Entrepreneur

Months after the seizure of his bank account, the federal government offered Mr. McClellan 50 percent of his money back if he agreed to a settlement. He heroically refused and intends to pursue the matter in court. Unfortunately, under the oppressive and despotic “civil asset forfeiture” laws, he bears the burden of proving his innocence. But as he puts it:

It’s not fair to the American people who work for a living that one day they can knock on the door, walk in their businesses, and say, ‘We just took your money’ … I always thought your money was safe in the bank, but I wouldn’t say that now.

Neither would I!

May 17 18:21

Leading German Keynesian Economist Calls For Cash Ban

"Coins and bills are obsolete and only reduce the influence of central banks," German economist and sole Keynesian member of the German Council Of Economic Experts Peter Bofinger tells Spiegel, becoming the latest central planning proponent to suggest that a cashless society would solve the world's economic problems by allowing the government to control who spends what and when in a futile effort to control the business cycle.

May 17 18:16

US ETF Average Daily Volume

May 17 18:15

The Federal Reserve Asset Bubble Machine

May 17 17:00

Age Affects Stock Picks

Generational gaps are apparent in many areas of life, but did you know they affect what stocks you are more likely to pick?

May 17 16:50

Should the Government Have to Balance It's Budget Like Citizens?

We all know that living beyond your means and without a balanced budget for your household is not sustainable over the longer term. But our government has been doing this for years with their budget.

May 17 16:42

10% of Adults are “Invisible” to Creditors

Whether or not you have a good credit history can have a huge impact on lots of things in your life.

May 17 16:41

Workers Want More Flexibility

Providing flexibility to your employees can go a long way in keeping them happy.

May 17 16:38

Oil Price Hits High for 2015

For the first time this year, oil is above $60 per barrel.

May 17 16:37

Ordering Pizza Gets High Tech

Ordering a pizza just got easier and more complex at the same time.

May 17 15:42

Earnings drive stock prices! Not necessarily

May 17 15:14

"Margin Call" - Bridge Scene

Good point...

May 17 11:47

Beyond The Fear Of Living Without Money

Living without money is an issue that many are concerned about but not many people are talking about solutions. Many of us already live in either poverty or near poverty levels. Is the answer found in government assistance and the material world or is it found in going beyond this ego-centered, materialistic world and finding a new way of living?

The world’s economy is based on economics, which is backed by the banking system that is designed to create debt. For example, imagine that I am your local conglomerate bank and there was only $100 in existence. If I lent you that $100 and expected you to pay me back $110, how can you possibly do this when there is only $100 in existence? Where are you going to come up with that $10 extra dollars that never existed? This is the global Ponzi scheme that banksters have been playing since the inception of currency.

May 17 11:46

Oreo Cookies To Lay Off 50% Of Chicago Bakery

May 17 09:19

The War On Cash Destroys A Small Entrepreneur

Banks are legally obligated to report any deposit of more than $10,000 to the U.S. Treasury Department. But if an individual makes several cash deposits of less than $10,000 over an unspecified period of time that total more than $10,000, then he is presumed to be a money launderer or drug trafficker who is committing the dastardly crime of structuring, that is, seeking to circumvent the bank’s reporting requirement and maintaining the privacy of his financial affairs Thus banks are also required to file “suspicious activity reports” on cash deposits of less than $10,000. Based on these reports, if one is merely suspected–not convicted–of structuring, his bank account is seized by the IRS under “civil asset forfeiture” laws, which permits seizures of money or other property suspected of being related to a crime.

May 17 09:19

With plane delivery, Iran sanctions collapsing already

With a deadline to end nuclear negotiations less than two months away, the sanctions against Iran are already beginning to collapse. The latest evidence came over the weekend when nine used commercial airliners arrived in Iran to bolster the fleet of Mahan Air.

The US has threatened to sanction Western companies that sell planes to Iran, although a prohibition against Iran acquiring airplane spare parts was lifted in an interim agreement signed with Iran at the end of 2013.

May 17 09:16

Why The IRS Seized All the Money from a Country Store

Lyndon McLellan owns the L&M Convenience Mart in rural North Carolina. A few months ago, the Internal Revenue Service went to McLellan's bank and seized all the cash in his store's account.

Why?

McLellan had violated a "structuring" law by making cash deposits of under $10,000. Structuring laws are supposed to catch drug traffickers and money launderers. But small business owners can also unknowingly run afoul of these laws.

May 17 09:03

The Secret Fed Paper That Advocated a "Carry Tax" on All Physical Cash

Many commentators have noted that mainstream economists are calling to do away with cash entirely.

It would be easy to scoff at these proposals as completely insane if the Fed hadn’t published a paper back in 1999 suggesting the implementation of a “carry tax” or taxing actual physical cash using an expiration date if depositors aren’t willing to spend the money.

May 17 09:01

Leading German Keynesian Economist Calls For Cash Ban

At this stage, a sane person might be tempted to call it a day on the monetary experiments, especially considering that at this point, the limits have been reached. That is, there are literally no more assets to buy and rates have hit the effective lower bound where rational actors will eschew bank deposits in favor of the mattress. But not so fast, say folks like Citi’s Willem Buiter and economist Ken Rogoff: the world could always ban cash because if you eliminate physical currency and force people to use a debit card linked to a government controlled bank account for all transactions, you can effectively centrally plan everything.

Webmaster's Commentary: 

Central plan = total dictatorship. And central planning has never worked. Just look at the old USSR!

May 17 08:47

If “Too-Big-to-Fail’’ Means “Too-Big-to-Jail” It Should Mean “Too-Big-to-Be” - The US needs the Iceland option

Compare the US to Iceland, a country that responded to the same banking crisis of 2008 by aggressively prosecuting and jailing its top bankers. This past February, Iceland’s Supreme Court upheld the convictions and sentences of four top executives of Kaupthing Bank, one of the country’s biggest financial institutions. Those bankers are will now be serving four-to-five-year sentences for their felonies, at least if they want to ever return to Iceland. A number of other Iceland bankers, including top executives of three of the country’s top banks, were convicted earlier and sentenced to prison terms.

May 17 08:36

ALERT: DFA Warning New TPP Provision Would Cut Medicare $700 Million to Help Pay for Trade Aid

Just received a mailing today from Democracy for America with an alert that a new provision in the pending TPP Trade Bill, inserted by the GOP of course, would cut $700 million from Medicare to pay the cost of a Democrat-backed proposal to provide aid to workers who lose their jobs because of TPP.

May 17 08:34

Amtrak Budget Cuts Amount to Derailed Priorities in Washington

Larry Hanley, International President of the Amalgamated Transit Union, says there has been a military junta in the United States since September 11th of 2001, and our national priorities have shifted primarily out of fear.

Webmaster's Commentary: 

The US has been under an unannounced wartime economy for the last 13 years, and the nation's infrastructure is starting to show it!

May 17 04:01

Retail Sales vs. GDP

May 16 22:49

Congressman: We Need More Taxes!

May 16 22:10

To Smell the Putrid Smell of a City on Fire

May 16 19:17

This Jet Engine was made by a 3D printer

Engineers have made a fully-functional jet engine using a 3D printer

One of the most exciting technologies to emerge in recent time, 3D printing has a become a popular but limited method of manufacturing - until now. Engineers at GE Aviation’s Additive Development Center in Cincinnati have made the world’s 3D printed first jet engine using one of the devices.

May 16 18:13

Chart Of The Day——-One Scary Graph

May 16 17:54

More than 1,000 plaintiffs file lawsuit to keep Japan out of TPP

More than 1,000 people filed a lawsuit against the government on Friday, seeking to halt Japan’s involvement in 12-country talks on a Pacific Rim free trade agreement, which they called “unconstitutional.” A total of 1,063 plaintiffs, including lawmakers, claimed in the case brought to the Tokyo District Court that the proposed Trans-Pacific Partnership would undermine their basic human rights under the Constitution.

May 16 16:06

If AVP Doesn't Scare You, BaoFeng Should!

May 16 14:54

Family income $100k+

May 16 14:25

Reply to a Reader’s Complaint about Anti-American Pro-Russian Bias

I recently received a sharp complaint from a reader about an assumed anti-American pro-Russian bias in my writings. The complaint gives a very good opportunity to address questions on the minds of many in the West confused by an extremely biased pro-Washington, anti-Russian bias in mainstream media coverage of Ukraine and Russia as the new demon to be fought.

First, Mr. Schneider, let me say I am an American and I am definitely not anti-American. I love my country and my fellow Americans.

What I do not love is the clique of very rich who—especially over the past three decades since the time of Reagan and Bush Senior—have step-by-step subverted the American Constitution and its guarantees of citizen rights, have destroyed prudent regulation of the health and safety of American citizens by easing safety rules of the Environmental Protection Agency to benefit companies like DuPont or Monsanto at the expense of the public.

May 16 14:03

Aipac Wants Congress to Criminalize BDS

Of all the lame-brained, lumpen-brained, hare-brained schemes emanating from Aipac’s lobby shop, this is one of the truly lamest. As Israel forms the most dangerous, aggressive, racist government in its history, Aipac thought this was a good time to remind the American people of that by conniving to amend an already contentious fast-track trade bill with a new amendment that would criminalize BDS in the U.S.

May 16 13:01

The U.S. Debt Clock

(*My poor boss doesn't get it . You should hear him cry the blues over all the money he says the company is losing . Sixtysome back breaking hours last week , I'm zombiefied as I write this comment .
Here is an economy that is losing money like a sieve , but he's expecting to MAKE money .
We're in a sphere that is falling like the Times Square New Years Eve Ball , so even if you think your money is going up , or if my boss thought he was making money , working us to the bone , or even if I beli~eved that all that work was paying off , the economy it appears to be happening in is nose diving .
He's a great guy , and the job , as much of a slave condition an environment as it seems , keeps me occupied , but still , I haven't the chutzpa to show him the debt clock , so maybe he can see why he's been so heavy on the 'Pepto' , lately . )

May 16 08:47

Why Has The News Ignored Austerity Protests? Russell Brand The Trews

May 16 08:20

Canadian corporations hoarding record amounts in offshore tax havens

In 2014, Canadian corporations sent nearly $200 billion offshore, costing us nearly $8 billion in tax revenue.

May 16 08:03

105 Seconds Of Economic Clarity

May 16 08:02

Britain’s richest are 105 times better off than the poorest

The UK’S richest 20 percent have more than one hundred times the wealth of the poorest 20 percent

May 15 17:46

3 Things: The Labor Hoarding Effect

May 15 15:24

The Coming Collapse Of Real Estate

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