ECONOMY

Aug 07 11:37

Duggan to unveil new plan to collect unpaid water bills

Detroit Mayor Mike Duggan today will announce a new plan to address thousands of unpaid water bills after previous efforts to collect debt by shutting off service to delinquent customers sparked widespread criticism.

Duggan and water director Sue McCormick will appear at a 12:30 p.m. press conference at city hall to share details of a 10-point plan to make sure residents have the chance to bring their unpaid bills up to date.

Webmaster's Commentary: 

"Our corporate masters have agreed to provide loans at modest interest rates to get your water turned on again!"

Aug 07 10:06

Gold Jumps As Ukrainian Fighter-Jet Shot Down Over Donetsk

Gold futures broke above $1315 as a double whammy of NATO threats and Ukraine headlines spark safe-haven buying:

*FIGHTER JET SHOT DOWN OVER REBEL-HELD EAST UKRAINE: AFP

Aug 07 07:17

Shoppers Use App To Boycott Israel In Grocery Store Aisles

Today, more than a year since the app first gained ground, Buycott’s fastest-growing campaigns are those allowing shoppers to avoid products deemed to support Israel.

As the Israel-Gaza conflict has intensified in recent days, Buycott has seen a surge in users joining groups with names like ‘Avoid Israeli Settlement Products’ and ‘Long Live Palestine Boycott Israel.’

The latter was created in April by a British teenager, but floundered with a few hundred members through mid-July. It now counts over 220,000 shoppers as users, with its numbers climbing daily.

Webmaster's Commentary: 

GOOD!!!

Aug 07 07:05

Australia's Unemployment Rate Suddenly Surged To A 12-Year High

Australia’s unemployment rate has surged to a 12-year high of 6.4%, the Aussie dollar dropped to 0.9290, and the twitterverse has had a raft of hand wringing over such a big jump, though the reality is not as bad as the headline number looks.

This is an important message to focus on because 6.4%, the highest rate in more than a decade, is going to scare Australian consumers. It will worry Australian businesses focussed on forward planning – especially those concerned about where buyers will come from.

Aug 06 12:33

Russia Sanctions Accelerate Risk to Dollar Dominance

U.S. and European Union sanctions against Russia threaten to hasten a move away from the dollar that’s been stirring since the global financial crisis.

Aug 06 09:38

Putin Bans Agricultural Imports From Sanctioning Countries For 1 Year – 6 August 2014

A one-year ban has been imposed on certain agricultural produce, foods and raw materials from countries that have sanctioned Russia. A law on economic measures to protect the country’s security has been signed by President Putin.

Aug 06 07:43

Office Depot to close 165 stores this year; settles lawsuit for $80 million

Boca Raton-based Office Depot said Tuesday it would close 165 stores during 2014 — up from the 150 estimated earlier this year — but stuck with a total count of 400 store closures through 2016, the company said.

The office-supply retailer, which merged with OfficeMax last year in a $1.2 billion transaction, said it has completed its analysis of which stores will be closed across the U.S. and Canada. Locally, the retailer has closed two OfficeMax stores, in Coral Springs and Deerfield Beach.

The company also announced on a conference call following its second-quarter earnings announcement that it has settled a California lawsuit for $80 million, which it expects to pay in the fourth quarter.

Aug 06 07:42

4 Million Fewer Jobs: How The BLS Massively Overestimated US Job Creation

To be sure, in a normal, vibrant, growing and most importantly, entrepreneurial economy, incorporating business creation vs business deaths is a perfectly reasonable statistical adjustment to the actual number of underlying jobs via the BLS business sampling that takes place every month.

There is one problem: the Fed's centrally-planned abortion of an "economy", in which the rigged, bubble market is the only leading indicator that everyone focuses on and from which everything else "flows", is anything but normal.

The latest proof of just how broken the economy has become, and serves as a big flashing red question mark about just how massively overestimated job creation is due to a wildly erroneous birth/death estimator, comes from a research report by the Brookings Institution titled: "The Other Aging of America: The Increasing Dominance of Older Firms."

Aug 05 11:04

Stocks Plunge On Russia Invasion Threat - Give Up All Post-Payrolls Gains

Yesterday, the S&P and Nasdaq bounced hard off the pre-payrolls level from Aug 1st. From the moment US cash equity markets closed yesterday, stocks have been dropping back. But now, thanks to this:

SIKORSKI: RUSSIAN UNITS POISED TO PRESSURE OR INVADE UKRAINE
SIKORSKI: RUSSIAN INCURSION WOULD BE HUGE ESCALATION OF CRISIS
SIKORSKI WARNS RUSSIA ON IMPACT OF CONVENTIONAL WAR IN EUROPE

The Dow, S&P and now Nasdaq have tumbled below yesterday's lows, eradicating all the post-payrolls gains in stocks. Treasury yields are tumbling (5bps off highs) and gold and silver and rising.

Aug 05 08:53

The United States' Farm-Grown Terrorism

Let's talk about America's farm-grown terrorism epidemic.

Back on September 11th, nearly 3,000 people lost their lives in the attacks on the World Trade Center, Pentagon, and in Shanksville, Pennsylvania.

Since 9/11, our government has spent over $7.6 trillion on military and homeland security operations in response to the deaths of those roughly 3,000 souls.

Now, compare that to the fact that each year, 23,000 Americans die from antibiotic-resistant infections, and another 2 million get sick.

That's the equivalent of nearly eight 9/11's per year. But our government isn't doing a thing about it.

Webmaster's Commentary: 

OF COURSE, the US government does nothing about this because Big Agriculture and Big Pharmaceutical are two industries which lavish campaign contributions on Congressional representatives, and know precisely what kind of legislation (or the lack thereof) will buy them.

In the 21st century, the US has a government of the corporations, by the corporations, and definitely FOR THE CORPORATIONS.

Individual voters are irrelevant and expendable, because by the time they are elected, Congressional Representatives have been thoroughly vetted in terms of what they will deliver to the companies which have supported them in the election cycles.

Aug 05 07:48

the IRS doesn't want you to see this!

After you listen to Ron Paul and Campaign for Liberty's Attorney, David Warrington, explain the stakes involved in this fight, please sign your "Statement of Support" immediately.

Aug 04 17:45

Spreading Debt and Death

Aug 04 12:36

Ron Paul Warns: The Dollar Collapse is Close

Webmaster's Commentary: 

Hence the rush to a new World War.

Crash of 1907 -> WW1

Crash of 1929 -> WW2

Crash of 2008 -> WW3

Get the picture?

Before the creation of the Federal Reserve, there was no such thing as a world war.

Aug 04 10:43

All of Tennessee’s Employment Growth Since 2000 Has Gone to Immigrants, Yet Natives Accounted for Two-Thirds of Population Growth

The Gang of Eight Senate immigration bill (S.744) passed last June would have roughly doubled the number of new foreign workers allowed into the country and legalized millions of illegal immigrants already in the United States. Both Tennessee senators — Lamar Alexander (R) and Bob Corker (R) — voted for it.

To put into context the possible effects of this legislation on Tennessee, the Center for Immigration Studies has analyzed recent government data on employment. The analysis shows that, since 2000, all of the net increase in the number of working-age (16 to 65) people holding a job in Tennessee has gone to immigrants (legal and illegal). This is the case even though the native-born accounted for 60 percent of the growth in the state’s total working-age population.

Webmaster's Commentary: 

"That's okay; all you working age Americans can just go on down to your local military recruiting office and get a fine job!" -- Official White Horse Souse

Aug 04 10:29

World Trade Organisation's future in doubt after India blocks trade deal

Global agreement collapses as Narendra Modi insists on food subsidy and stockpiling concessions for developing countries

Aug 04 07:38

G-20 Revolt? France Gets "Positive Reception" To Challenge US Bank Fines

In recent weeks France has defied US demands not to build Mistrals for Russia, has questioned dollar imperialism and the Petrodollar, and has blasted the US banking regulator's fines as "accelerating the decline of the dollar." So it is likely not a huge surprise that ahead of the G-20 meeting of world leaders later in the year, The FT reports, France has gathered support to challenge US regulators imposing heavy penalties on foreign banks.

Aug 04 07:16

FACEBOOK STILL BLOCKING POSTS WITH THE URL TO THE YOUTUBE VIDEO OF "ALL WARS ARE BANKERS' WARS."

Aug 03 07:22

Pentagon asks Congress to allocate $19 mln in support of Ukrainian army

Aug 01 09:21

WTO members fail to agree global trade deal

The World Trade Organization says its 160 members have failed to agree a global customs pact drawn up in meetings in Bali last December.

The Trade Facilitation Agreement would have streamlined global customs procedures, and should have been finalised by Thursday.

But it was blocked over a number of rifts, including India's demands for concessions on the stockpiling of food.

The WTO said it had not been possible to find a breakthrough.

Aug 01 09:14

Alle oorlogen zijn bankiersoorlogen

"Bankieren werd bedacht in ongerechtigheid en is geboren in zonde. De Bankiers zijn eigenaar van de Aarde. Neem het van hen weg, maar laat ze de macht om deposito's te maken en in een oogwenk zullen ze genoeg deposito's maken om het weer terug te kopen. Maar, neem het van hen weg en al de fortuinen als de mijne zullen verdwijnen en ze zouden moeten verdwijnen, omdat deze wereld dan een gelukkiger en betere wereld zou zijn om in te wonen, maar als je slaven wilt blijven van de bankiers en betalen voor de kosten van uw eigen slavernij, laat ze door blijven gaan deposito's te creëren."
- Sir Josiah Stamp, president van de Bank van Engeland in de '20 van de vorige eeuw, de tweede rijkste man in Groot-Brittannië

Webmaster's Commentary: 

This is one of the largest and most popular Dutch corporate media websites, which draws millions of visitors every day, and they just linked to the video of "All Wars are Bankers' Wars!" So looks like Facebook's ban was rather pointless.

Aug 01 08:41

RadioShack's days are numbered

Webmaster's Commentary: 

Radio Shack is where I used to go for parts and supplies to build things. That was their strength. But they dropped support for electronics hobbyists and went with the same consumer-level products everyone else is selling, and are now paying the price for forgetting what their original success was based on.

Jul 31 09:48

Russia And India Begin Negotations To Use National Currencies In Settlements, Bypassing Dollar

That is about to change when yesterday the Russian central bank announced that having been increasingly shunned by the west, Russia discussed cooperation with Reserve Bank of India Executive Director Shrikant Padmanabhan. The punchline: India agreed to create a task group to work out a mechanism for using national currencies in settlements. And so another major bilateral arrangement is set up that completely bypasses the dollar.

Jul 31 09:40

Obama's Russian Sanctions take hold - Dow down 200 as stocks end July with a thud

Webmaster's Commentary: 

I have no doubt that the announcement of a 4% growth in GDP was intended to offset the downward pressures from the new sanctions, but with the US Government having lied (and then "revised") that GDP figure so many times, not to mention the obvious frauds in reporting unemployment and inflation, nobody believes that 4% claim.

Jul 31 09:17

Deadbeat Illinois Evicted From Facility: DMV Office Hasn't Paid Rent in 13 Months

For 13 months, the Secretary of States' office refused to pay rent on its Belvidere facility. Due to that non-payment, the Department of Motor Vehicles is being evicted.

Local radio station WIFR spoke with one of the building's landlords, Diana Toft. Toft and her husband own the building on Pearl Street and they say they’re not willing to sign a lease because of the terms offered in it. Toft says the state owes them 13 months of unpaid rent, saying the state hasn’t paid since June 29th, 2013.

Jul 31 09:13

HSBC terminates Gaza-linked Islamic charity’s bank account and others

HSBC has written to an array of UK Islamic charitable organizations to inform them their accounts with the bank will be terminated. One such organization has carried out relief work in crisis-stricken Gaza for over a decade.

In formal letters issued to a think tank, a charity and a North London mosque, HSBC claimed continued provision of its services would counter its “risk appetite".

Family members of a man who runs the think tank have also received similar letters from HSBC. But the multinational bank reportedly offered no explanation for its decision to withdraw its banking services in these cases.

Jul 31 09:11

EU sanctions some of Russia's biggest banks, including #1 Sberbank

The European Union has imposed sectorial sanctions on five Russian banks, including the country’s biggest, Sberbank, as part of economic steps that Europe, along with the US, have taken against Moscow over the crisis in Ukraine.

The list, published Thursday, includes Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Russian Agriculture Bank (Rosselkhozbank).

These financial entities will be banned from raising capital on the EU’s capital markets.

Webmaster's Commentary: 
Jul 31 08:57

Detroit Residents Appeal to United Nations to Save Their Access to Water

The City of Detroit is shutting off water taps for its residents. Yet, corporations are not forced to pay.

Webmaster's Commentary: 

I was hoping that with control of the water system returned to the Mayor, this crisis was over.

Jul 31 08:42

FLASHBACK - JFK Vs The Federal Reserve

It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America.

"United States Notes" were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. We compared a "Federal Reserve Note" issued from the private central bank of the United States (the Federal Reserve Bank a/k/a Federal Reserve System), with a "United States Note" from the U.S. Treasury issued by President Kennedy's Executive Order. They almost look alike, except one says "Federal Reserve Note" on the top while the other says "United States Note". Also, the Federal Reserve Note has a green seal and serial number while the United States Note has a red seal and serial number.

Jul 30 14:18

Argentina placed into ‘default’ rating as debt deal deadline expires

Argentina’s credit rating was downgraded to “selective default” by Standard & Poor’s as the South American country missed Wednesday’s deadline for a grace period during ongoing negotiations with holdout debt holders.

Wednesday is the cutoff for Argentina to make good on a $539 million payment to bondholders, which was placed on hold by a US judge’s order tying that payment to ongoing litigation by vulture funds which refused the country’s original cents-on-the-dollar debt restructuring offer.

Analysts generally do not believe that a default by Argentina will have the same consequences as in 2001.

Jul 30 12:46

Trading to Resume on Moscow Stock Exchange

Trading will begin again on the Moscow Stock Exchange at 5:50 p.m. after stopping abruptly on Wednesday afternoon, the stock exchange said in a statement.

Trading stopped at approximately 3:56 p.m. in Moscow, according to Interfax.

The stock exchange said in an earlier statement that the reasons for the interruption are being investigated.

Webmaster's Commentary: 

Hacking attack to try to shut them down?

Jul 30 09:41

"US Will Feel Tangible Losses," Russia Prepares To Unleash Retaliatory Trade Wars

"It's a troubling continuation/expansion of trade as a geopolitical tool," warns one Washington-based consulting firm as Russia prepares to unleash retaliatory actions to US and European sanctions. As Bloomberg reports, Russia said yesterday it may ban imports of chicken from the U.S. and fruit from Europe and is investigating McDonald's cheese for safety. In addition, a Russian lawmaker has drafted legislation that might result in U.S. accounting firms being barred from doing business in his country. All of this is odd given Jack "trust me" Lew's reassurance that Russian sanctions would have no impact on the US economy. Russia's response, US will feel 'tangible losses' from 'destructive, myopic' sanctions.

As Bloomberg reports, while Russia and the U.S. have long sparred over agricultural trade, the actions fueled speculation they could be retaliatory.

Webmaster's Commentary: 

Gee, ya THINK?!?!?!?

Jul 30 06:10

Swedish banks walk tightrope with sanctions

News agency Reuters reports that the EU has agreed on a sanctions package against Russia, over its role in Ukraine, on Tuesday. The details of the sanctions package will be finalized and released on Wednesday. The sanctions target the finance, defence and energy sectors.

The sanctions are initially set to last one year but a review will take place after three months, to judge their effectiveness. The sanctions were decided to only target future contracts, leaving existing contracts intact, like France's delivery of helicopter carrier warships to Russia.

According to Reuters, one of the sanction with the most impact will ban Europeans from buying new bonds or shares issued by banks owned 50 percent or more by the Russian state.

Jul 30 05:58

Q2:2014 US GDP Nowcast: +3.2%

The US economy is expected to post a substantial rebound in the government’s initial estimate of second-quarter GDP that’s scheduled for release on Wednesday, according to the Capital Spectator’s median econometric nowcast. Following the surprisingly sharp 2.9% decline for Q1 GDP (real seasonally adjusted annual rate), the US Bureau of Economic Analysis (BEA) is projected to report a 3.2% increase for its “advance” Q2 data on July 30.

Webmaster's Commentary: 

And three months from now they will "adjust" that one back down to reality.

Jul 29 20:45

Why the USA and England Had to Start World War Two

Why? Basically because their gangster overlords, the sleazy criminals that slither around the banks in Wall Street and the City of London financial district told them to get the war on.
The banksters were deathly afraid that Hitler's resuscitation of Germany's economy, which had been on life support and falling fast, but got turned around in a matter of years into what got called an economic miracle would start spreading to other nations, many of whom were being destroyed from within by the perverted banksters choke-hold on those nations.

Jul 29 15:30

Website of James Perloff, today's radio show guest.

Thomas Jefferson said:

Nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle. The real extent of this state of misinformation is known only to those who are in situations to confront facts within their knowledge with the lies of the day. I really look with commiseration over the great body of my fellow citizens, who, reading newspapers, live and die in the belief that they have known something of what has been passing in the world.

(Letter to John Norvell, June 14, 1807)

Jul 29 13:33

Obama: ‘Not a new Cold War,’ but new Russia sanctions announced

President Obama announced a new round of U.S. sanctions against Russian banks and a shipbuilding company Tuesday, saying Russia must pay an increasingly high price for its military aggression in Ukraine and the downing of a passenger jet.

The penalties follow tougher sanctions agreed to by European Union leaders earlier in the day.

“Today is a reminder that the United States means what it says,” Mr. Obama said in a statement on the South Lawn of the White House. “It didn’t have to come to this. There continues to be a better choice.”

Webmaster's Commentary: 

Jul 29 13:05

Detroit water department placed in mayor's hands

Control of Detroit’s massive municipal water department, which has been widely criticized by the United Nations and others for widespread service shutoffs to thousands of customers, has been returned to the mayor’s office.

Webmaster's Commentary: 

If he has any sense, the Major will leave the water running.

Jul 29 11:32

Folks Out There Have a “Distaste of Western Civilization and Cultural Values”

The Times then goes on to blame terrorism on “religious fanaticism…the anger among those left behind by globalization,” and the “distaste of Western civilization and cultural values” among the global dispossessed. The blinders and self-deception in such a statement are truly mind-boggling. As if corporate globalization, pushed by the U.S. government and its closest allies, with the help of the World Trade Organization, World Bank and IMF, had not unleashed a tremendous immiseration process on the Third World, with budget cuts and import devastation of artisans and small farmers. Many of these hundreds of millions of losers are quite aware of the role of the United States in this process. It is the U.S. public who by and large have been kept in the dark.

Webmaster's Commentary: 

Present company excepted, of course.

Jul 29 10:10

IMF warns of adverse effects of anti-Russia sanctions

The International Monetary Fund (IMF) has warned that the sanctions imposed on Russia over the ongoing crisis in Ukraine would have adverse effects on a global scale.

Speaking at a news conference on Wednesday, IMF spokesman William Murray said that the potential global impacts of the anti-Russia sanctions are “still under assessment, but clearly you would anticipate - through trade channels - that there would be an impact.”

Murray also emphasized that the sanctions are expected to affect the economies “that have very active and direct trade links with Russia, particularly in eastern and central Europe and central Asia.”

Webmaster's Commentary: 

Sanctions are most generally a prelude to war, and that is the scary part here.

And even more scary is the reality that the US government doesn't have the troop strength, the money, or the manufacturing to insure a positive outcome to a conventional war against Russia, meaning such a war may well go nuclear in a heartbeat.

Jul 28 11:25

America is buying disputed Iraqi Kurdish Crude Oil

Today a Marshall Islands-flagged tanker ‘United Kalavrvta’ carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, despite Washington’s long-standing concern over independent oil sales from the autonomous region. It would be at least the second time a U.S. company has taken delivery of oil that the Baghdad government says was smuggled from the country.

The semi-autonomous government in Kurdistan argues the exports are within its rights under Iraq’s federal constitution, but Prime Minister Nuri al-Maliki insists all Iraqi oil must be brokered by the state oil company.

The shipment is significant because it is one of the first from the new pipeline through Turkey, which Baghdad emphatically calls a smuggling operation. To make matters more tense with Baghdad, the Kurds siezed northern oil fields from ISIS control to keep them out of the hands of the Jihadist insurgents who control the northwest of the country.

Webmaster's Commentary: 

It is just a question of time before the government in Baghdad collapses completely, and Kurdistan's officials have been making statements about creating a completely independent country here.

Ultimately, like it or not, the US is going to have to deal with an independent Kurdistan, with oil to sell.

Jul 28 10:35

China Cements Eurasian Trade Routes With Great Silk Road Revival:

When it comes to the rise of Eurasia as the ascendent axis set to oppose US global hegemony, conventional wisdom focuses on the roles of China and Russia. However, the changing geopolitical landscape is certainly far more nuanced than merely the "west" versus the BRICS, and as the following infographic from SCMP shows, China has been quietly working to recreate one of the most legendary trade routes, "the Silk Road", linking Africa to the Middle East (Iraq and Iran) to India, to Indonesia and all culminating in Beijing, while at the same time the reverse leg of the route goes to Kazakhstan, Moscow and ultimately, Germany. The purpose: "to enhance political and economic ties with southeast Asia and beyond."

Jul 28 10:07

Africa’s Largest Refinery Finds 2.7 Tons Of Gold “Missing” After Computer System Upgrade

It’s one thing to implicitly admit that there is a physical gold shortage and as a result nations – such as Germany – are unable to repatriate their physical gold held in the safe and trusted confines 90 feet below the NY Fed, gold which may or may not be there and has likely been leased out exponentially to cover paper shorts by virtually every BIS-overseen central bank (and the BIS paper gold selling team itself of course).

It is something totally different to corzine, as in vaporize, 87,000 ounces of physical gold, some 2.7 tons, and blame it on a computer upgrade glitch.

Jul 28 09:52

Stock trader who called three crashes sees 20% collapse

Mark Cook, a veteran investor included in Jack Schwager’s best-selling book, “Stock Market Wizards,” and the winner of the 1992 U.S. Investing Championship with a 563% return, believes the U.S. market is in trouble.

Jul 28 08:27

The Fed Is Blowing a Titanic Stock Market Bubble Despite Media Denials

Is the Fed fueling a giant stock market bubble? ... Not only has the S&P 500 fully recovered from the financial crisis, it's a staggering 30% higher than the peaks of the Internet and housing bull markets. But is this really the case? With unemployment still above 6%, how could we find ourselves in the throes of yet another brewing catastrophe? Didn't investors and analysts learn anything from the past decade and a half? While it requires some explanation, the answer is that we're most likely not experiencing another irrational inflation of stock prices. – USA Today

Jul 27 09:02

The pathetic state of infrastructure in America

Drive on a public highway in any major city: New York, Chicago, Los Angeles. It’s a disaster. Potholes so big you worry about breaking an axle. And you should. In New York State, for example, a recent study estimated that bad roads and bridges cost motorists $20.3 billion in repairs annually.

Cracked concrete and asphalt everywhere. Missing guardrails, stolen signs, and everywhere you turn, garbage. Graffiti and vandalism take a toll but mostly it’s all just old. Old, rusted, worn out, years of “deferred maintenance” — as in none at all.

Webmaster's Commentary: 

Your tax dollars go to build and maintain modern highways in Israel ... but not here. After Afghanistan, Iraq, Libya, etc. et. al. toss out there puppet rulers, maybe it is time for Americans to toss out theirs!

Jul 27 08:58

Microsoft to Slash 18,000 Jobs Week After Bill Gates Pushed for Unlimited Guest-Worker Visas

On Thursday, a week after former Microsoft CEO Bill Gates argued for amnesty and for an unlimited number of high-tech guest-worker visas, Microsoft announced it would slash 18,000 jobs.

Microsoft CEO Satya Nadella promised his employees that "we will go through this process in the most thoughtful and transparent way possible." Analysts told USA Today that the number being let go was "larger than expected."

Webmaster's Commentary: 

Although Bill Gates is officially retired from Microsoft, his vast wealth remains primarily in his stock holdings in the company, so his activism regarding Guest-worker visas is motivated by his wallet, especially in light of the decline in Microsoft stock following Windows 8 and the NSA scandal.

Jul 27 08:35

From Boeing to banking: how Russian sanctions will hit western business

Tightening the economic screws will hurt Russia's economy, but the consequences will also be felt by western companies – and not just the usual suspects of energy and arms companies that have made high-profile deals with the Kremlin. Germany, for example, has 6,000 companies doing business in Russia, mostly small and medium-sized enterprises. But large conglomerates will be the bellwethers, showing how serious the consequences will be.

Webmaster's Commentary: 

At a time when both the US and EU economies are already fragile, the promoters of war against the Ruble (and the Yuan) are willing to inflict even more hardship and suffering on their own people.

Who is the real enemy?

It isn't Russia and it isn't China.

The common enemy of all mankind are private central banks issuing all of the public currency as a loan at interest, a system that by design leads to massive debt, enslavement, and world wars.

Jul 27 08:07

Driving our way into poverty: Subprime auto debt continues to expand while domestic auto production remains weak.

Americans love their cars. Urban sprawl with poorly designed city centers has made driving a near necessity for most people. During the credit crisis, one of the problems that occurred was that too many loans were being made to people that had no ability of paying their debt back. We see this trend in full stride once again in the auto industry. Subprime auto lending is back in a big way. The vast majority of non-housing debt growth in the last 12 months has come in the form of auto and student loan debt. As we all should know, a car loses value the minute you take it off the lot. Sure, these new cars come fully loaded and are virtually spaceships but it will cost you especially when the per capita wage in the country is approximately $26,000. Given that the average new car costs $30,000 most people need to go into debt to finance this purchase. We are now seeing a big wave of subprime borrowers purchasing cars. What can possibly go wrong?

Jul 27 07:23

Has Fractional-Reserve Banking Really Passed the Market Test?

In 2003, Jörg Guido Hülsmann, a senior fellow of the Mises Institute, published the essay “Has Fractional-Reserve Banking Really Passed the Market Test?” in a Winter edition of The Independent Review. The key conclusion drawn was that it is the obfuscation of the difference between fractional-reserve IOUs and genuine money titles which preserves the the practice of fractional-reserve banking.

Jul 27 07:22

Federal Judge Says U.S. Government Can Steal Unlimited Money From Anyone At Any Time Under The U.S. Patriot Act – 27 July 2014

He was held at Guantanamo Baby for more than 10 years without being charged before being released to his home country Dec. 5, 2013. He had opposed transfer to Algeria, because he feared persecution there, according to court papers.

The Pentagon, however, refused to return his money, based on what government lawyers claimed to be a policy “based on a strong national security interest in preventing these funds from being used in a manner that would adversely impact the safety and security of the United States.” The justification was drawn from provisions in the USA Patriot Act, reports said.

Some human rights groups have argued that the policy constitutes a “war crime,” specifically in that it is in violation of an international prohibition of wartime “pillage,” according to Vice News.

Jul 27 07:08

Former Vanguard Tax Lawyer Files Whistleblower Suit Alleging Mutual Fund Giant Became Low-Cost Leader by Evading $1 Billion in Taxes

A former employee of Vanguard Group Inc. has sued the mutual-fund company in New York, saying it has avoided paying federal and state taxes and sheltered hundreds of millions of dollars annually.

The civil suit, unsealed in the Supreme Court of New York on Friday, accuses the Malvern, Pa.-based firm of operating an illegal tax shelter for nearly 40 years, thus avoiding $1 billion of U.S. federal income tax and at least $20 million of New York tax over the last 10 years, according to a copy of the complaint. The suit was filed by David Danon, whose LinkedIn profile describes him as an associate counsel at the company from August 2008 to June 2013. Mr. Danon is requesting all costs of filing the lawsuit as well as 15% to 30% of any money recovered by the state and local governments, including all proceeds of any related action.

Jul 25 11:05

Moody's: Troubled Michigan cities may follow Detroit Chapter 9 plan

Moody’s Investors Service says a successful resolution of Detroit’s Chapter 9 bankruptcy restructuring may prompt other financially troubled Michigan cities to follow suit.

The $7 billion debt reduction plan “could serve as an example other distressed local governments in Michigan might follow,” the rating agency said in a statement Friday. Particularly important to the plan, it said, was a March 2013 settlement between three insurers of general obligation unlimited tax bonds and the city that conferred a secured status on those bonds.

“The final outcome of this bankruptcy will likely have broader implications for future bankruptcy cases involving distressed local governments in Michigan, potentially setting an important benchmark for the relative position of debt versus pensions,” Moody’s vice president, Genevieve Nolan, said in a statement.

Webmaster's Commentary: 

Apparently the shutting off of water to the people wasn't seen as a negative by the money-junkies.

Jul 25 11:04

Water shut-off foes deliver petitions - and water - for Detroit

Opponents of the water department’s controversial shut-off campaign over unpaid bills rallied Thursday outside City Hall, delivering petition signatures and gallons of water to support Detroit families.

Patricia Jones, a program leader with the Massachusetts-based Unitarian Universalist Service Committee, gathered 6,000 signatures from clergy and others across the country who are demanding an end to the Detroit Water and Sewerage Department shut-offs and for Detroit’s elected leaders to issue permanent protections.

Jul 25 11:03

A rash of anti-Almond Milk articles flushes the liberal blog-o-sphere. Why?

It was only one month ago that the first anti-almond milk article appeared in U.S. News and World report which sparked the 'debate' online. The article received thousands of shares and swept across the internet at alarming speed.

So would it strike you as interesting if I told you that this 'source' article was written by Dietician Tamara Duker Freuman and that some deeper research into Ms. Freuman shows that she just so happens to be a paid 'Media spokesman' and consultant [PDF] with the Dairy industry? Or perhaps, when all the highly-subsidized overabundance of milk in U.S. public schools was being criticized, it was the same Ms. Freuman who not only came to Dairy's defense but actually advocated sugar-laden chocolate milk as a 'good thing' in schools?

Mrs. Duke remains on the payroll of Redwood hill Farms, which sells milks, cheeses, lactose-free creams, etc. and is headed by a woman by the name of Jennifer Lynn Bice.

Jul 25 10:20

New IRS Form Proves Obama Lied About Individual Mandate Tax

On Thursday the IRS released a slew of draft 2014 tax forms. The new draft Form 1040 shows a new surtax line has been created for the payment of the individual mandate surtax – see line 61 of the 1040.

President Obama has repeatedly denied that the surtax is in fact actually a tax.

Jul 25 10:14

POLL - 63.8% of Americans think the country is on the wrong track

Jul 25 07:30

Obama Calls For Collectivized New World Order

In a geopolitical context, Obama’s call for a “new order” really doesn’t sound any different from the old unipolar world order that the United States has represented since the end of the Cold War, which is now being challenged by the rise of the BRICS countries.

Jul 25 06:41

Madoff Five Face Sentencing as U.S. Calls Denials Galling

“The devastation caused by these defendants and their co-conspirators is sweeping and, in many ways, unfixable,” Assistant U.S. Attorney Matthew Schwartz said in a July 18 memo. “That makes the defendants’ lack of contrition all the more galling.”

Jul 24 11:00

Historical Moment - Non-Eviction in Nottingham.

Webmaster's Commentary: 

The British people stand up to the mortgage fraudsters!

Jul 23 14:30

Money Market Account Freeze Passed by SEC


Breaking- SEC lays regulatory law to freeze Money market withdrawals during time of financial stress.

Jul 23 13:30

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few eurozone troika officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation (FDIC) and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds. New Zealand has a similar directive, discussed earlier here.

Jul 23 13:01

Jim Willie-We Got a Monster Recession of -6% or -7% Right Now

Jul 23 12:55

Canadian Group Will Bring Water to Detroit Residents Who’ve Had Water Shut Off

In 2009 Detroit’s unemployment rate was reported at 50 percent and now draconian budget cuts and a nine percent rate increase have led to thousands of residents having their water shut off. A group in Canada hopes to assist Detroit residents who aren’t able to pay their delinquent water bill in full.

CBC News reports that Council of Canadians are planning to help the 3,000 Detroit residents per week who are having their water shut off.

Maude Barlow, chair of the Council of Canadians, calls the plan to shut off the water to Detroit residents appalling and says it’s common in failed states, but not developed countries.

Jul 23 11:21

ALL WARS ARE BANKERS' WARS! ORIGINAL TEXT ARTICLE

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

Webmaster's Commentary: 

This is the original article for "All Wars Are Bankers' Wars" from which the broadcast and later the video were created. I am reposting it here for the new visitors from my GCN radio show and also for readers coming over the Daily Telegraph, where my comments on the article "The dollar's 70-year dominance is coming to an end"(link now repaired) have drawn some obvious shills insisting that wars have nothing to do with the banks, the US economy is just hunky dorey, and the US dollar has nothing to fear from the Ruble and Yuan.

Clearly the private central banmks are getting very nervous that the world is not only waking up to their financial scam, but recognizes that they, as masters of the medium of exchange, have made themselves masters of the world, and willingly send millions of young people to horrible death and disfigurement to increase their wealth and control.

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Jul 23 10:08

Documents Emerge in Senate Hearing from William Broeksmit, Deutsche Exec Alleged to Have Hanged Himself in January

Anshu Jain, Co-CEO of Deutsche Bank, was not having a good day yesterday. First the oath-taking, subpoena-issuing Senate Permanent Subcommittee on Investigations released a detailed email to him from William Broeksmit, the 58-year old former Deutsche risk executive alleged to have hanged himself in his London home on January 26. By the end of the day, someone had leaked to the Wall Street Journal a deeply critical letter of Deutsche Bank from the New York Fed which said that “The size and breadth of errors strongly suggest that the firm’s entire U.S. regulatory reporting structure requires wide-ranging remedial action.”

Jul 23 10:01

Mississippi Cuts $1.3 Billion from Schools, Gives $1.3 Billion to Nissan

Mississippi has proved to us all that austerity, or the political ideology of “government living within its means,” is a farce. All austerity means is taking money away from public services, and giving it to private business. Mississippi Governor Phil Bryant and the GOP-led legislature illustrated that perfectly in two ways.

Jul 23 07:42

US Empire Reaches Breaking Point. “Greatest Threat to Humanity”. Time To End It

The people of the United States must work to end the interventionist violence of the U.S. Empire.

This is Part I of a two part series on American Empire. Part II will focus on the Empire Economy and [how] it is failing to work for most Americans as well as most people of the world.

The historian who chronicles US Empire, William Blum, issued his 130th Anti-Empire Report this week. In it he notes that the US, by far, is seen by the people of the world as “the greatest threat to peace in the world today” with 24% taking that view. Only 2% see Russia as such a threat, and 6% see China.

This should not come as a surprise since, as this map shows, much of the world has been bombed, had their democratically chosen government overthrown and has been occupied by the United States.

Jul 22 12:52

NY Fed Slams Deutsche Bank (And Its €55 Trillion In Derivatives): Accuses It Of "Significant Operational Risk"

First it was French BNP that was punished with a $9 billion legal fee after France refused to cancel the Mistral warship shipment to Russia (which promptly led to French National Bank head Christian Noyer to warn that the days of the USD as a reserve currency are numbered), and now moments ago, none other than the 150x-levered NY Fed tapped Angela Merkel on the shoulder with a polite reminder to vote "Yes" on the next, "Level-3" round of Russia sanctions when it revealed, via the WSJ, that "Deutsche Bank's giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems."

Webmaster's Commentary: 

This is the pot calling the kettle black, in light of Wall Street's $90 trillion derivatives exposure. Of course, this may just be trying to lay the blame for the coming crash in Europe's banks.

Jul 22 11:41

JON STEWART DISCOVERS IT’S NOT KOSHER TO CRITICISE ISRAEL IF YOU ARE JEWISH

Meanwhile, Israel is learning that war is not good for business ...

Jul 22 11:30

Obamacare hit by ruling, but subsidies to continue

President Barack Obama's health care law is enmeshed in another big legal battle after two federal appeals courts issued contradictory rulings on a key financing issue within hours of each other Tuesday.

A divided court panel in Washington called into question the subsidies that help millions of low- and middle-income people pay their premiums, saying financial aid can be paid only in states that have set up their own insurance markets, or exchanges.

About 100 miles to the south in Richmond, Virginia, another appeals court panel unanimously came to the opposite conclusion, ruling that the Internal Revenue Service correctly interpreted the will of Congress when it issued regulations allowing consumers in all 50 states to purchase subsidized coverage.

The White House immediately declared that policyholders will keep getting financial aid as the administration sorts out the legal implications.

Webmaster's Commentary: 

Jul 22 10:48

ALERT: Pull Your Money From Money Markets Now!

The elitist establishment hates money markets, they prefer you keep your money in their banks, Chase, Citi etc.

They are going to make it very dangerous, through their tool, the SEC, to keep money in money market accounts. First, as FT explains, they are going to drive money markets to only buy government securities, especially institutional money market funds. In other words, money market funds will all be about propping up the government debt structure:

Jul 22 10:38

Malaysia Airlines Flight MH17: Canada to strengthen sanctions on Russia

Canada is ready to level more sanctions against Russia in the wake of the downing of Malaysia Airlines Flight MH17 in Eastern Ukraine, Foreign Affairs Minister John Baird said Monday.

Baird, speaking to reporters by teleconference from London, said new sanctions will be introduced against individuals and entities, as well as entire sectors of the Russian economy. Baird told reporters the new sanctions will be similar to those already imposed by the U.S.

Webmaster's Commentary: 

Jul 22 09:21

Russia Adds 500,000 Ounces Of Gold Reserves In June 2014

Based on the latest update of the Russian central bank, it appears that Russia has added another 500,000 ounces of physical gold to their reserves.

Webmaster's Commentary: 

"INVADE! INVADE NOW! NOW, NOW, NOW!!! The FED needs that gold!" -- Official White Horse Souse.

Jul 22 09:19

Dirty Dealing Harry Reid

Rather than write an article on this, I thought I would just post an email I received this morning. Harry Reid is up to his usual tricks. You remember him. He's the one who owns land close to the public land that Cliven Bundy was running his cattle on. Reid, with his son working with the Chinese, was hoping to make a fortune over selling land to them. Our land, by the way. Federal property does not belong to these crooks in D.C. but to all Americans.

Now he's trying to ram through legislation that would allow for taxing activity on the Internet. This is only the camels nose in the tent. Once it starts, where does it stop? Let's fight to keep our Internet free. It seems that these politicians are desperate for more money. More taxation without representation.

Webmaster's Commentary: 

It isn't just the money. They can write the internet taxes in a way where large corporations survive by passing the tax along to their users while small independent media websites (like this one) are forced out of business.

Jul 22 09:12

BREAKING: Obamacare dealt massive setback by federal appeals court

Millions of Americans are not entitled to government health insurance subsidies under Obamacare because of the way the law is written, a divided three-judge panel of the D.C. Circuit Court of Appeals ruled Tuesday.

In a decision that could blow a massive hold in President Obama’s signature domestic achievement, the court held that people living in states that relied on the federal government to set up their insurance market exchanges cannot offer the subsidies considered critical to making coverage affordable.

The D.C. Circuit Court of Appeals ruled the administration used an IRS rule to stretch the meaning of the Affordable Care Act, which said financial aid to to low- and middle-income people should only flow to exchanges “established by the State.” If that means only state-run exchanges, it would cut off subsidies to two-thirds of the nation.

Webmaster's Commentary: 

Jul 22 08:40

EU to present extended Russian sanctions on Thursday – Ashton

Last week, before Malaysia flight MH17 crashed, Europe declined to follow the US move and expand sanctions.

Webmaster's Commentary: 

And there is a motive for the US to help Kiev shoot down flight 17 and lay the blame on Russia!

Jul 22 08:01

Wall Street Cut From Guest List for Jackson Hole Fed Meeting

As the Federal Reserve Bank of Kansas City prepares to host next month’s annual gathering of central bankers in Wyoming, seasoned Fed watchers from the financial markets, including the chief U.S. economists of the biggest American banks, aren’t being invited, according to past participants.

Webmaster's Commentary: 

That rates a 'Hmmmmmmm'!

Jul 21 12:39

Enough Is Enough: Fraud-Ridden Banks Are Not L.A.’s Only Option

“Epic in scale, unprecedented in world history.” That is how William K. Black, professor of law and economics and former bank fraud investigator, describes the frauds in which JPMorgan Chase (JPM) has now been implicated. They involve more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; failing to disclose known risks, including those in the Bernie Madoff scandal; and engaging in multiple forms of mortgage fraud.

So why, asks Chicago Alderwoman Leslie Hairston, are we still doing business with them? She plans to introduce a city council ordinance deleting JPM from the city’s list of designated municipal depositories.

Jul 21 11:01

Goldman Managing Director Found Dead In Apparent Kite Surfing Accident

Police are still investigating the tragic death of 39-year-old Goldman Sachs Managing Director Nicholas Valtz this weekend. As Bloomberg reports, Valtz, a "novice kiteboarder," was found dead yesterday by family members who went searching for him after he didn’t return from a kiteboarding outing. While there is no accusation of suicide in this case, it sadly brings the number of young financial services executives deaths to 16 this year.

Webmaster's Commentary: 

Good start.

Jul 21 10:58

JibJab - Big Box Mart

Jul 21 10:09

When the Government talks of Sanctions

Sanctions only serve the Government, not the People.

When a foreign country, such as Russia, Iran or Cuba, is at the receiving end of sanctions, only the people suffer. Americans suffer because they can’t export as much so they loose money. And the people in those foreign countries also suffer because they cannot receive the benefits of American-made products to make their lives better. In either case both governments benefit. How?

The US government enlarges its reach of power much like a two-bit mafia don: “Do what I say or else. Capisce?” It does not suffer because it produces nothing and its long arm is in every American pocket via the IRS and other tax authorities.

The foreign government is also happy because it too is a two-bit mafia don with its hands on every lever of the economy. When its people cannot progress they’re at its mercy: “Do what I say or no bread. Capisce?”

Jul 21 09:39

JIM WILLIE BOMBSHELL: IT HAS BEGUN- GERMANY TO BREAK FROM US/UK, JOIN RUSSIA/CHINA ALLIANCE! . . . remember where you first heard this — yesterday, actually :)

The Germans have had enough, fed up with destructive US activities of all kinds. For the last few months, they have been laying out their indictment, their justification, their reasons to abandon the corrupt US-UK crowd. The bank wreckage, the market rigging, the endless wars, the sanctions which backfire, the sham monetary policy, the economic sabotage, the spying, the gold gimmicks, it has finally reached a critical level.

Germany has begun to move East in full view. Only the deaf dumb and blind cannot notice, and they will probably never notice. They are fodder.
The awaited signals seen by the Jackass have finally arrived.

Berlin is outraged by clear USGovt spying, and in process of conducting a Gold audit among their population. Germany is building motives to split from the Euro Monetary Union (common Euro currency) by forging stronger open ties with Russia & China. The justification is becoming plainly laid out, in four perceived indictment charges.

Jul 21 08:35

All Wars Are Bankers' Wars

Webmaster's Commentary: 

This video is now over a half million views! The original article the video was made from is HERE.

As a side note, I tried to post the YouTube URL for this video to Facebook in reply to a question, only to find out that Facebook is blocking this URL for "objectionable content."

If anyone you know is wondering why the US Government seems hell-bent on creating more wars in Syria, Iraq, Iran, etc. send them this video.

Jul 21 08:09

Russian Steel Giant Severstal Is Selling Its US Plants For $2.3 Billion

Russia's steel giant Severstal announced on Monday the sale of its North American plants to US companies for a total of $2.3 billion (1.7 billion euros).

Severstal is selling Severstal Columbus (Mississippi) to Steel Dynamics and Severstal Dearborn (Michigan) to AK Steel Corporation, the company said.

AK Steel said separately that its acquisition was worth $700 million.

Jul 21 07:17

Economic WARFARE Begins! BRICS War Against U.S. – 21 July 2014

Jul 21 06:38

U.S. Showing It’s Prepared To Go To War With Russia And China

“The Obama administration announces that it’s going to spend billions of dollars, that it doesn’t have by the way for unemployment insurance and job creation or anything else, but they are going to spend billions of dollars — tens of billions of dollars — to upgrade the stealth bombers that are used really, or only intended to be used, against the very advanced countries”.

Webmaster's Commentary: 

Okay, Obama, if you really feel that way...

Here's your rifle, and here's your parachute. We ran out of the camo so here is a bright day-glo orange jump suit left over from Abu Ghraib. Watch your head climbing into that transport plane, and we will call Putin and tell him you are on your way to kick his butt all by yourself. But We The People know you are lying to us about Malaysian Airlines flight 17, just as you lied about Assad gassing his own people right in front of the UN chemical weapons inspectors, just like your predecessor lied about Saddam having nuclear weapons, just like previous Presidents have lied about torpedoes in the Gulf of Tonkin, Pearl Harbor being a surprise, the Lusitania not carrying military cargo, a Spanish mine in Hava harbor, etc. etc. etc. always with the intention of tricking this nation into wars of conquest.

And We The People are sick of it.

Our children are worth more than some stack of bank notes cowering in fear at the Ruble and the Yuan. If maintaining the US dollar as the global currency is that important to the bankers then put those owners of the federal Reserve into uniform and send them out to be killed and crippled.

We The People know how the war-scam works, and we will not be fooled by you liars in the Oval Office any longer. Fight your own damned war.

Jul 20 08:57

Michigan Food Seizure by Stealth, Welcome to Amerika

Jenny Samuelson was all set to do the deal dictated by the Michigan Department of Agriculture and Rural Development: Dispose of nearly $5,000 worth of raw milk, cream, butter, eggs, and cheese. Under MDARD supervision, she was to bring the 250 gallons of milk to a neighboring farm, where the farmer would use it for fertilizer. The 10 gallons of cream and 20 pounds of butter would go in a dumpster. And the 100 dozen beautiful unwashed and unrefrigerated pastured eggs (raised without soy feed) would be smashed and turned into compost.

She would also discontinue all deliveries of cream and butter to herdshare members, despite their serious unhappiness about losing access to these foods.

But then the MDARD agents canceled out on the Saturday morning arrangements whereby they would observe the disposal of the food. They have now agreed to show up first thing Monday morning to watch the dirty deed.

Webmaster's Commentary: 

The government wants us all dependent on the large food corporations, even if what those corporations provide is inferior to naturally produced farm food. It's all about the money, and a healthy population is not only not a factor, but preferable to keep us dependent on the pharmaceutical industry to deal with the illnesses from corporate foods' chemical additives.

Jul 20 08:06

US Government Orders Farmers To Destroy 30 Million Pounds Of Their Own Crop

In one of the worst examples of government regulation and intrusion, the US government ordered Michigan cherry farmers to literally dump 30 million pounds of cherries on the ground. Even worse, many cherry farmers are being driven out of business because of the outrageous rules.

The practice is coming to national light because of a new lawsuit against the government filed by a cherry processor. A judge currently is considering issue.

“The food pantry shelves are bare, people going hungry, and here we are dumping millions of pounds of cherries on the ground,” Michigan cherry grower Rob Manigold said of the 2009 incident. That was the same year farmer Leonard Ligon dumped 72,000 pounds of tart cherries along a road outside Traverse City, Michigan, to protest US Department of Agriculture (USDA) regulations on his state’s cherries.

Jul 19 14:16

Poll finds most voters think stock market is rigged, big banks hurt Americans

Nearly two-thirds of voters say the stock market is rigged against them and a majority say Wall Street and big banks hurt average Americans, according to poll results released Thursday by a pro-regulation group.

Jul 19 14:06

The dollar's 70-year dominance is coming to an end

Within a decade, greenback's could be replaced as the world's reserve currency

Webmaster's Commentary: 

No way will this scam last another ten years. It may be gone by the end of this year if there is a crash of the US financial system!

Jul 19 09:25

Chinese leader woos Latin America with deals

China's president pressed a charm offensive with Latin America on Thursday, signing deals with Brazil, meeting regional leaders and proposing a $20 billion infrastructure fund that highlights Beijing's growing interests in the region.

President Xi Jinping was greeted with a military honor guard in Brasilia by President Dilma Rousseff before overseeing the signing of a raft of agreements during a state visit.

Xi then met behind-closed doors with a dozen Latin American and Caribbean leaders, including Cuba's communist President Raul Castro.

After the summit, Rousseff said China proposed the creation of a $20 billion fund to finance infrastructure projects in Latin America and the Caribbean.

Webmaster's Commentary: 

I guess Obama will have to shoot down a passenger jet near China so he can start pushing for sanctions there as well!

Jul 19 09:24

BRICS meet South American leaders after bank deal

The BRICS group of emerging powers met Wednesday with South American presidents as they justified the creation of a development bank seen as an alternative to Western-dominated global financial organizations.

Jul 19 09:24

Brazil, China sign several trade, business deals

Brazil (AP) — Chinese President Xi Jinping ended a state visit to Brazil on Thursday by signing a wide-ranging series of trade and business agreements with the leader of Latin America's biggest nation.

Jul 19 09:23

China offers $20 billion fund for LatAm projects

Chinese President Xi Jinping proposed Thursday to create a $20 billion fund to finance infrastructure projects in Latin America and the Caribbean.

Jul 19 09:23

BRICS to launch bank, tighten Latin America ties

Brasilia (Brazil) (AFP) - The BRICS group of emerging powers will launch its own development bank at a summit next week, using its growing influence to establish a counterweight to Western-dominated financial organizations.

Jul 19 06:29

Court denies payout to Ponzi scheme victims

In yet another blow to the thousands of victims of the $7 billion Allen Stanford Ponzi scheme, a federal appeals panel in Washington has denied the SEC's bid to force the Securities Investor Protection Corp. (SIPC) to help cover investor losses.

Jul 19 06:22

Bank of America reports 43% drop in quarterly profits

Bank of America has reported a 43% drop in its second-quarter profits after a fall in mortgage revenue and a rise in legal costs.

The bank, the US's second largest, said net income of $2.3bn (£1.34bn) was down from $3.4bn (£1.99bn) a year earlier.

Its finances have been hit recently by huge payments to the authorities to fend off accusations of wrong-doing.

In the past year, its earnings per share have fallen from 32 cents (19p) to 19 cents (11p).

In April the bank agreed to pay $9.5bn for misleading US mortgage lenders Fannie Mae and Freddie Mac before the financial crisis in 2008.

Jul 19 06:06

Central Bankers Are Now Using The Malaysian Airline False Flag To Start WWIII

Jul 19 06:05

Protest against Detroit water shutoffs - 7/18/2014

Jul 19 06:00

Putin Poised to Retaliate Against Obama by Trashing Iran Deal

Earlier this week, Putin promised to retaliate against the United States for new sanctions targeting his friends and business associates, as well as large Russian defense, energy, and financial firms. On Thursday, Putin called President Obama to alert him a civilian jetliner had crashed over Eastern Ukraine, a tragedy the U.S. says was caused by a missile shot from a Russian-made SA-11 mobile surface to air missile system located in a separatist-held area.

Putin’s next call was to none other than the President of Iran, Hassan Rouhani.

“Mr. Putin and Mr. Rouhani exchanged views on the state of talks on Iran’s nuclear program,” stated the Kremlin readout of the call. “The two leaders also examined bilateral cooperation matters of mutual interest, including joint projects in the oil and gas sector and in peaceful nuclear energy.”

Webmaster's Commentary: 

The US makes war. Russia makes deals!

Jul 18 13:06

Actor Mark Ruffalo among hundreds of demonstrators protesting Detroit water cutoffs

Hundreds of demonstrators gathered outside Cobo Center on Friday afternoon to protest water being cut off from city residents with overdue bills.

The gathering is fueled by attendees of the annual conference of the group Netroots Nation, a national organization focused on progressive activism through the Internet.

Actor Mark Ruffalo, known for playing The Hulk in the Marvel Comics movie in The Avengers, were among the protestors.

Jul 18 10:06

Jim Willie BOMBSHELL: It Has Begun- Germany to Break From US/UK, Join Russia/China Alliance!

Berlin is outraged by clear USGovt spying, and in process of conducting a Gold audit among their population. Germany is building motives to split from the Euro Monetary Union (common Euro currency) by forging stronger open ties with Russia & China.

Jul 17 10:22

Pure Manipulation, $1.3B of Paper Gold Dumped Onto Illiquid Market

There is one entity that has proven time and time again that they are quite capable of making money no matter which way the market moves.

That entity are the banks.

As we know, most markets are manipulated in some degree, but none more so than the commodities market.

Within the commodities market, some of the most rampant and blatant manipulation takes place in the precious metals market.

Manipulation that once was considered “conspiracy”, has now been proven true.

Unfortunately, even though the manipulation has been exposed, it still continues on.

Jul 17 08:18

If This Keeps Up, They Will Have To Start Putting Armed Guards On Food Trucks

According to the latest data released today by the Bureau of Labor Statistics, year-over-year gains in some food products at the producer level have been truly spectacular.

Eggs for fresh use are up 33.9%.

Pork is up 28%.

Processed turkeys are up 20.4%.

Dairy products are up 10.7%.

Fresh and dry vegetables are up 8.4%.

Fresh fruits and melons are up 7.5%.

Webmaster's Commentary: 

Jul 17 07:35

Central Bankers Are Now Defending The Reserve Status Of The Dollar

Jul 17 07:34

Hawks Hint at Expanding Use of Never-Ending War 'Slush Fund'

A proposal for supplemental war funding was under scrutiny Wednesday at a Congressional hearing, where Defense Department officials hinted that there is no end in sight to the need for this counterterrorism "war chest."

At issue is nearly $60 billion proposed last month by the White House for Overseas Contingency Operations (OCO) funds for the 2015 budget. The pot for OCO, which until 2009 was called Global War on Terrorism, is on top of the base budget for the Defense Department, which for the 2015 proposal is nearly $500 billion.

Mattea Kramer of the National Priorities Project has pointed out that the OCO budget "isn’t subject to caps or cuts or any restrictions at all." This has led some, like Stephen Miles, coalition coordinator for Win Without War, to refer to it as "a massive slush fund to avoid fiscal discipline."

Jul 17 07:34

Support Builds for Friday March to End Water Shutoff

Support is growing from labor, community, clergy, and environmental activists, along with those attending the national Netroots Nation convention in Detroit this week for a march and rally Friday July 18 to call for an immediate moratorium on the water shutoffs.
National Nurses United, the lead sponsor of the event, and the dozens of groups and activists organizations supporting the action, call the shutoff a public health emergency and a major violation of human rights. NNU is the largest U.S. organization of nurses.
Among the broad and growing list of local, national, and international endorsers are the International Union United Automobile, Aerospace & Agricultural Implement Workers of America (UAW AFL-CIO), Michigan Sierra Club, People’s Water Board, Food and Water Watch, Netroots Nation, Metropolitan Detroit AFL-CIO, Michigan Nurses Association, Canadian Federation of Nurses Unions, We the People of Detroit, Moratorium Now!,and Michigan Welfare Rights Organization.

Jul 17 07:33

Experts Agree – The Fed Must End! – 17 July 2014

Jul 17 07:23

Housing Ponzi Scheme Losses: American Homeowners Battling Wall Street

For years, homeowners have been battling Wall Street in an attempt to recover some portion of their massive losses from the housing Ponzi scheme. But progress has been slow, as they have been outgunned and out-spent by the banking titans.

In June, however, the banks may have met their match, as some equally powerful titans strode onto the stage. Investors led by BlackRock, the world’s largest asset manager, and PIMCO, the world’s largest bond-fund manager, have sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for losses surpassing $250 billion. That is the equivalent of one million homeowners with $250,000 in damages suing at one time.

Jul 17 07:10

Microsoft announces biggest layoff in history, cutting 18,000 jobs

Microsoft will cut a record 18,000 jobs next year, as the company’s new CEO Satya Nadella seeks to boost efficiency, according to a company memo on Thursday.

“The first step to building the right organization for our ambitions is to realign our workforce. With this in mind, we will begin to reduce the size of our overall workforce by up to 18,000 jobs in the next year,” Satya Nadella said in the memo published by Business Insider.

The number made redundant represents 14 percent of the entire Microsoft workforce.

Webmaster's Commentary: 

Microsoft made two big mistakes.

Mistake Number 1: Windows-8. Microsoft has become an arrogant corporation that thinks they should decide for the entire world how things work. A good example of that is the browser wars where Microsoft arbitrarily discarded much of the original HTML standards in Internet Explorer, counting on their market share to force everyone to adopt the Microsoft standard (from which Microsoft would collect license fees). As a web developer myself, I can attest to the fact that this doubles the work load of everyone writing pages as one has to create two blocks of code to embed media, one for Microsoft and one for everyone else. Microsoft didn't care. They were going to tell the world what to do and the world would pay Microsoft for the "favor." That it was less efficient and made web pages less efficient was irrelevant.

That same arrogance carried over into the tile interface on Windows-8 where Microsoft decided to abandon the window and desktop paradigm that has been an industry standard going all the way back to Xerox PARC (where Steve Jobs got the idea to use it for the MAC) and force everyone onto the tile interface with the idea that all computational devices from desktop down to cell phone would eventually use it, with Microsoft again collecting license fees. That it was less efficient and made the products harder to use was irrelevant. But the tile interface cratered in the customers' eyes and today on eBay you can find brand new tablets with the Win8 interface selling at 50% off. Microsoft forget the age-old adage, "The customer is always right!" They didn't want to sell us what we wanted. They wanted to sell us what they decided we should have. Their habit of releasing products and making the end user find and report the bugs to save them having to pay for better quality control did not help, nor did forcing everyone to buy new operating systems and updated applications every 5 years.

The second big mistake Microsoft made was to get into bed with the NSA. While Microsoft is hardly alone in that crime, Microsoft took the brunt of the hostile public backlash going back to Windows NT when a beta release that still contained the symbol tables that revealed NSA-KEY to the world.

Computer users were left with the impression that Microsoft was selling computer operating systems far less concerned with the productivity of the consumer than with spying for the US Government, and protecting the copyrights of media producers too quick to blame piracy for the poor sales of their declining offerings.

And now Microsoft is paying the price.

I have no sympathy for them. They did it to themselves. Personally I think it is time for Microsoft to go away and make room for new software companies that have a healthier respect for the customer and for the Bill of Rights. This latest sign of the decline of the great God of Redmond may signal a push towards Linux and open-source software, which probably explains why the IRS was targeting open-source organizations right alongside the Tea Party and political dissidents, to protect software corporations from the "threat" of people wanting to go back to writing their own bug-free and spy-free software.

Jul 16 22:00

Putin: US sanctions contradict its national interests, will backfire

Imposing sanctions on Russia and blaming it for destabilizing Ukraine contradicts US national interests, President Putin said at the BRICS summit in Brazil, emphasizing that declared support of Ukrainians should not be limited to the country’s oligarchs.

Jul 16 13:28

Detroit residents continue protest to remain in homes

Standing on West Grand Boulevard last week, Detroit resident Sheree Bass held up a sign that said, “Stop the racket. Pay the taxes.” Underneath the phrase, she had taped a copy of the Wayne County tax statement for the home she’s lived in for years. Total amount due: $7,939.11

The problem, Bass says, is she doesn’t own the home located near Eastern Market. It’s actually owned by Oakland County developer Peter Barclae.

Bass is currently locked in a legal battle in Wayne County Circuit Court, along with a dozen other Detroiters who say Barclae is trying to sling homes they should’ve owned by now. Barclae, of West Bloomfield Township, contends otherwise.

Jul 16 11:18

McDonald’s franchisees most pessimistic in a decade

McDonald's franchisees' sales outlook for the next six months is the darkest it's been in more than a decade, according to a new Janney Capital Markets report.

Following the report, McDonald's shares fell 1.5 percent in trade on Wednesday.

Webmaster's Commentary: 

When the people cannot even afford a not-as-Big-as-they-used-to-be Mac, you know things are hard!

Jul 16 06:23

Expected Microsoft Layoffs Could Top 5,800, Report Says

Microsoft (MSFT) is planning its biggest round of job cuts in five years as the software maker looks to integrate Nokia Oyj's handset unit, Bloomberg reported, citing people with knowledge of the company's plans.

The reductions, expected to be announced as soon as this week, could be in the Nokia unit and the parts of Microsoft that overlap with that business, as well as in marketing and engineering, Bloomberg reported.

Webmaster's Commentary: 

Left unsaid; the disaster of Windows 8 and the backlash against Microsoft's partnership with the NSA.

Jul 15 21:14

9 EU countries ready to block economic sanctions against Russia

France, Germany, and Italy are among EU members who don’t want to follow the US lead and impose trade sanctions on Russia. US sanctions are seen as a push to promote its own multibillion free-trade pact with Europe.

“France, Germany, Luxembourg, Austria, Bulgaria, Greece, Cyprus, Slovenia, and EU President Italy see no reason in the current environment for the introduction of sectorial trade and economic sanctions against Russia and at the summit, will block the measure,” a diplomatic source told ITAR-TASS.

In order for a new wave of sanctions to pass, all 28 EU members must unanimously vote in favor. EU ministers plan to discuss new sanctions against Russia at their summit in Brussels on Wednesday, July 16. Even if only one country vetoed, sanctions would not be imposed. With heavyweights like France and Germany opposed to more sanctions the measure will likely again be stalled, the source said.

Jul 15 21:13

US Dollar’s Days Are Numbered as BRICS Meet

A summit of major emerging “BRICS” economies in Brazil is the latest sign of the decline of the US dollar as the standard global currency for reserves and trading, James Rickards, author of Currency Wars told RIA Novosti.

“We see the BRICS’ desire to shift away from the dollar, a unified Eurozone with a sovereign bond market waiting in the wings and a requirement on the International Monetary Fund to re-liquefy the world when the next financial crisis hits,” Rickards said.

“Put all that together and you see that the dollar’s days are numbered,” he added.

Jul 15 17:24

America's 1 percenters are even richer than we thought: Richest actually control 37 percent of U.S. wealth

America's rich are even more well off that we originally thought, a new study has found.

The top 1 percent of U.S. earners were previously estimated to control 30 per cent of the country's wealth but it seems that number could be closer to 37 per cent.

A new working paper from European Central Bank senior economist Philip Vermeulen claims 30 percent is a lowball estimate of the net worth of the nation's elite because wealthier households are less likely to respond to surveys about their assets than lower-income families.

Jul 15 11:18

A guy recorded his phone call when he tried to cancel cable, and it's a total nightmare

Calling your cable service provider is usually a headache, but tech journalist Ryan Block's experience was far worse than your typical support call.

When Block and his wife, Veronica Belmont, attempted to cancel their Comcast service over the phone, the representative incessantly demanded to know why.

The representative was more than persistent — he sounded aggressive and inappropriate based on the eight-minute snippet from the conversation Block posted on SoundCloud.

The portion of the call posted on SoundCloud starts at 10 minutes in, which means the entire phone call lasted for about 20 minutes.

Even after Block said he didn't want to say why he chose to leave Comcast, the customer service rep kept pushing.

"Why don't you want faster speed?" the rep asked.

Jul 15 10:16

Microsoft could lay off thousands this week

This could be Microsoft's biggest employee cut in the company's history, according to the report, with layoffs "probably" centering in the Nokia and Microsoft divisions as well as its marketing and engineering departments. The latter, according to Bloomberg's sources, could include the global Xbox team and its U.K. European headquarters.

The report states that individuals "with knowledge of the company's plans" said Microsoft's restructuring is still in the planning phases, but could be carried out as early as this week. When asked for comment on the report, a Microsoft spokesperson declined to comment.

Webmaster's Commentary: 

Danged Windows 8!

Microsoft's arrogance got the better of them. They stopped giving the customers what they wanted and forced the customers to buy what Microsoft wanted to sell. I am seeing Windows 8 machines marked down 50% in come places, and Windows 8 is LOSING market share to Win7 and refurbished XP machines.

Jul 15 08:42

B.C. aspires to trade Chinese currency

In a bid to lure more Chinese investment into the province, British Columbia Premier Christy Clark has billed Vancouver "the most Asian city outside of Asia."

Clark told an elite trade delegation Monday that the province is ramping up efforts to make trade deals with Asian nations, in part by charting a route to build the first international trading centre for the Chinese currency.

"Most of the world thinks of Asia still, or calls Asia the Far East. We call Asia the West," she told about 80 senior business executives with the APEC China Business Council to Canada, which represents some of the largest private and state-owned enterprises in China.

In fact, Clark told the invite-only forum her staff reoriented a massive map outside her Vancouver office, and now one side shows western Canada, while the other side displays eastern Asia.

Webmaster's Commentary: 

So now Canada moves away from the dollar!

Jul 15 07:50

What Happened To Barclays' Dark Pool Volume After It Got Caught

In the last week of June Barclays was charged with lying to clients about its Dark Pool, Barclays LX, where instead of preventing HFT algos from frontrunning institutional buyside orders, the criminal bank was in fact allowing and encouraging its predatory, parasite clients to abuse orderflow in any way they saw fit. The motive, if there was any confusion: to become the largest dark pool exchange in the US, filled with HFT scalpers, now that the bulk of other revenue streams for the British company have trickled to a halt.

Unfortunately for Barclays it should put its ambitions on permanent halt, because as was revealed today by FINRA's new "ATS Transparency" database, Barclays total dark pool volume has plunged by a whopping 37% to under 200 million shares.

Jul 15 07:08

June Retail Sales Miss Across The Board, May Revised Higher

Following disappointing retail sales number for both April and May, or two thirds of Q2, there was hope that June would finally be the month retail sales would soar. Alas, that would not be the case, following the release of the latest retail sales data by the Department of Commerce which reported that in June retail sales rose just 0.2%, well below the 0.6% expected and matching the lowest end of the forecast expectations (from 0.2% to 1.1%).

Misses were also reported for retail sales ex-autos (0.4%, Exp. 0.5%) and ex-autos and gas (0.4%, Exp. 0.5%). Perhaps the only saving grace was the upward revision of May data from 0.3% to 0.5% for the headline number and from 0.0% to 0.3% for the ex-autos and gas. If anything, however, today's retail sales increase which was the slowest in 5 months confirms that the trend we warned about in April, namely that the US consumer tapped out in March to fund that month's mad spending spree, and the spending trend has been deteriorating ever since.

Jul 15 07:03

Portugal Contagion Spreads: Espirito Santo To Default On Portugal Telecom Loan, Business Lending Drops Most On Record

Despite reassurances from US asset-gatherers and TV 'personalities' that Portugal must be fixed (because US equities are up), it is anything but. Today's triple whammy from the 'recovered' Portugal starts with Banco Espirito Santo bonds and stocks hitting new record lows (down over 10% more on the day). The contagion has rippled across to Rioforte, which controls Grupo Espirito Santo's non-financial arm - and is likely to default on a EUR 847 million payment to Portugal Telecom. And just to add further salt to that wound, Portuguese business lending in May collapsed at a record pace (down 8.23%). But apart from that, yeash Portugal is all fixed and their sovereign bonds are worth every penny...

Jul 15 06:40

The Full-Time Scandal of Part-Time America

There has been a distinctive odor of hype lately about the national jobs report for June. Most people will have the impression that the 288,000 jobs created last month were full-time. Not so.

The Obama administration and much of the media trumpeting the figure overlooked that the government numbers didn't distinguish between new part-time and full-time jobs. Full-time jobs last month plunged by 523,000, according to the Bureau of Labor Statistics. What has increased are part-time jobs. They soared by about 800,000 to more...

Jul 15 06:37

Closure notices sent to Trump Plaza workers

Job losses at Trump Plaza when the Atlantic City casino shuts down in September will be even worse than expected.

Trump Entertainment Resorts began mailing notices to its workers on Monday, informing them that while a final decision has not been reached, management expects to close the casino on Sept. 16.

Jul 15 06:37

Emerging nations plan their own world bank, IMF

Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.

Brazil, Russia, India, China and South Africa -the so-called BRICS countries - are seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.

At a summit Tuesday through Thursday in Brazil, the five countries will unveil a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.

Jul 15 06:37

The Numbers are so Artificial Now, It Wouldn’t Take Much for the “Beach Ball” to Pop-Up

Maybe excess profit taxes come into play and since you don’t have paperwork for something you bought, the IRS might say “Oh, ok, your basis price is zero, and therefore, everything you’re selling it for has to be reported as 100% capital gains. Therefore, we are going to tax you at 50, 60, 70%” or Whatever you do that is excess profit taxes for all of these social misfits and terrorists that dare to try to hedge and protect themselves from a financial system that is teetering on the edge. I have every expectation that we are going to have excess profit taxes (on precious metals). ~Eric Dubin

Jul 15 06:18

The Real Purpose Of The IMF

The International Monetary Fund was set up in 1945, describing itself as an “organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”

This all sounds very laudable, but in reality the IMF has a very different purpose from that which is stated. If you look at the history of the IMF’s intervention in countries around the world you will see a trail of disaster and looting that repeats time and time again wherever they go.

Jul 15 06:11

Gerald Celente - Trends In The News - "Ditching The Dollar"

Jul 15 06:10

Gowex Chief Orchestrated Sham Hiding Lies in Plain Sight

Gowex founder Jenaro Garcia fabricated clients and contracts, listed a defunct company as a holding company for his stake in Gowex, and put numbers in reports that didn’t make any sense, even as matters of basic arithmetic.

It was all so brazen that Gotham City Research LLC, the short-seller whose July 1 report exposed the sham, even began to question whether its conclusion -- that Gowex was overstating revenues -- was off-base.

“We were looking for things that might undermine our view,” Gotham founder Daniel Yu said in an interview last week in New York. “It was like that movie ‘Groundhog Day’ where we’re waking up, expecting to see a different outcome, but each day validates our thesis.”

Garcia owned up to the deeds, resigning from the company on July 5 and saying on Twitter he made a “confession” to court and would cooperate with investigators.

Jul 15 06:07

Misbehaving Bankers Threaten System, BOE’s Bailey Says

Bank of England Deputy Governor Andrew Bailey said banks’ misconduct risks undermining the entire financial system following increasingly large fines.

Misbehavior has “broader consequences,” Bailey, who leads the central bank’s Prudential Regulation Authority, said in an interview in London today. “The risk of loss of confidence in the integrity of financial markets is very, very big. This threatens a vital underpinning of the system.”

Webmaster's Commentary: 

In other words, the public is catching on that the whole financial system is a con-game.

Jul 15 06:06

Airbus Extends Jet-Sales Blitz at Air Show to Rout Rival Boeing

Airbus Group NV (AIR) extended its lead over Boeing Co. (BA) on the second day of the Farnborough Air Show by pulling in a record deal for single-aisle aircraft and bolstering sales of its new A330neo wide-body model.

The European manufacturer pushed out a rapid-fire string of announcements that included SMBC Aviation Capital Ltd. buying jets for $11.8 billion, followed by BOC Aviation Ltd. taking 43 single-aisle aircraft, as well as deals from two other leasing companies worth a combined $8.8 billion at list price. Boeing’s accords from two customers came in at $5.8 billion.

Jul 14 16:49

‘World is still livable due to BRICS counterbalancing West’

The West is now starting to move to its final decay, with the Russia-China alliance becoming stronger, offering Latin America and other regions a multipolar model of the world, author and international consultant Adrian Salbuchi told RT.

Jul 14 14:14

Russia Bans Purchases of Foreign-Made Cars By Government

Federal and municipal governments were prohibited from buying foreign-made cars by Russian Prime Minister Dmitry Medvedev, who said he hoped the decision would "help preserve necessary balance on the market."

The state spends huge sums buying equipment, and "of course it is better if they go to domestic companies, not foreign producers," Interfax quoted Medvedev as saying at a meeting with deputy prime ministers on Monday.

The order signed by Medvedev will hit not only the sleek black cars of high-ranking federal officials, but public transport and vehicles for emergency services and utilities companies.

However, the aim is not to exclude foreign companies from the Russian market altogether, but to "develop manufacturing cooperation with Russian producers ... in the form of localization of production," Medvedev said.

Webmaster's Commentary: 

A non-sanction sanction!

Jul 14 13:45

The Kingdom Of Shylock

Plutocracy is more despotic then monarchy; more insolent than aristocracy; more selfish than bureaucracy. It accumulates by conscious fraud more money than it can use, and denounces as public enemies all who question its methods or throw a light upon its crimes.

(W. J. Bryan, New York Reception, 1906).

All undertakings in the field of industry are now dependent upon the consent of the banker.

The Stock Exchange activities of the banks are becoming more and more the controlling force in every department of economic life.

Modern capitalism is the child of money-lending

Money-lending contains the root idea of capitalism

In money there is no thought of production

In money-lending economic activity has no meaning

—Werner Sombart in “The Jews and Modern Capitalism.”

Webmaster's Commentary: 

Online version of the book, "The Kingdom of Shylock."

Jul 14 10:47

Airbus Seeking Patent For Bicycle Seats In Plane Cabins Because Flying Isn’t Uncomfortable Enough Already

While you’re fighting for territory on the arm rest and suffering the kicks, nudges and otherwise annoying seat disturbances that come with flying commercial airlines, just think… it could be worse. How much worse? Like perching on a bicycle seat worse.

Airbus submitted a patent in Europe for the seats, with have small backrests but no tray tables or headrest, reports the Los Angeles Times. And legroom? Keep dreaming.

Jul 14 09:27

What a breathtaking liberty! Venezuelan airport charges passengers £11.80 for FRESH AIR

Holidaymakers are getting used to paying for hidden extras when they fly but what about being charged for fresh air?

An airport in Venezuela is doing just that in an attempt to pay for a new air conditioning unit.

Jul 14 08:30

The Kingdom of Shylock

First published in 1917, when it was repressed. This is a reprint of the second edition. Frank Anstey (1865-1940) was a leader of the Labor Party, a committed socialist, supporter of public finance and the Commonwealth Bank, and viewed WWI as “a war of rival capitalists”. He was more right than wrong. In this age of the globalisation, of organized criminality, we need more like him who will stick to their guns against cannibalistic corporate capitalism. This is an essential reference in understanding the true Labor Party, economic power in Australia, how far we have come along the road to total financial control of our lives, and conversely how diminished is our understanding of the forces that torture us.

Webmaster's Commentary: 

Hesperian Press sent me a copy of this book. I read it last night. In fact I could not put it down. There, in 1917, was a clear understanding that the world was enslaved by those who held control of the monetary mediums of exchange, and how those private banking interests had driven the world into World War 1. Given the title, and the threat to the private central bankers, the book was denounced and suppressed. But is is worth the read in light of current events!

The lesson from this book is that politicians have indeed known all along that all wars are bankers' wars, but continue to be willing to sell your childrens' lives for a share in the bankers' treasure!

Jul 14 08:29

Picturing The March Of Tyranny

Well-known libertarian cartoonist Ben Garrison has previously summarized the state of the States perfectly in this image. As he describes it - the cartoon "shows how the banking and corporate masters (crony capitalist fascists) control both major parties behind the scenes. They keep us distracted with left vs. right while giving us the illusion that voting for one of the other parties will solve things. It won't." It appears his 'prophecy' has grown more and more the reality in the past years...

Jul 14 08:26

Robbing Peter

On 16th March 2013, the banks of Cyprus, with the approval of the Cyprus Government, the European Commission, the European Central Bank, and the International Monetary Fund, confiscated private savings of accounts exceeding €100,000.

At the time, there were two readings of the unanimous approval by four bodies. As the confiscation was presented to the public, the unanimous approval implied that the confiscation was above board. To those who looked a bit deeper, however, the unanimous approval meant that, not only had the four bodies clearly been working on the plan for some time, behind closed doors, but it also demonstrated that all four bodies colluded to steal a significant amount of privately owned money.

Jul 14 08:14

US Offers Immunity To Junior FX Manipulators In Exchange For Ratting Out Their Seniors

In another indication that the ongoing FX probe is picking up steam, or at least preparing for primetime public PR consumption, the FT reports that US prosecutors are offering immunity deals to junior traders in London. The quo for this particular quid: rat our the senior staff involved in what has previously been reported to be years of currency manipulation.

Jul 14 08:13

Britain Buys Water Cannons; Fears Civil Unrest From Government Workers

he British government has just invested in water cannons because they are fearing the rising tide of civil unrest as austerity is forcing the reduction of state workers and their pensions. I have been warning that unemployment will rise, but this time it is going to flow more so from the state and municipal workers. In the UK, hundreds of thousands have took to the streets to protest against the austerity measures of the government. Prime Minister Cameron has no choice for this is the collapse of socialism. Those who think I am anti-poor or whatever, are missing the point. It is the rising cost of government that is out of control and NO LEVEL of tax increase can reverse this trend.

Jul 14 07:39

Weaponized Military Grades of BS

It is a momentous occurrence whenever the scepter is passed from one regent to the next. Each of them brings with their rule a general state of appearances. Pol Pot brought one. Peter the Great another and Queen Victoria something else. It is true that whatever came to pass was somewhat influenced by the people it came to pass upon but I can show you comparative levels of brutality in each of these. I can show you (in these very days) and you can find; scenes of elegant opulence and all manner of plenty with total want and despair only a short distance away.

Jul 14 07:26

Photos That Make the Rude Pundit Want to Toast with a Pint of Thornbridge Ale and Then Drink Until He Pukes

That up there happened yesterday in London. Similar marches occurred all over Great Britain. It's a strike and protest from anywhere between 500,000 and a million workers (depending on who's counting) in unions for teachers, firefighters, and other civil servants in response to the government's offer of a contract that gave them a 1% raise after wages were frozen in 2010. As huge trade union Unison put it, "The current government offer leaves most workers with pay worth almost 20% less than in 2010. Falling pay also means loss of pension for the rest of your life."

Jul 12 06:39

U.S. Steelmakers Accuse Russia of Breaching 15-Year Trade Deal

U.S. steel producers on Thursday accused Russia of flooding the market with cheap flat-rolled steel, challenging a 15-year trade deal and potentially reigniting a decades-old dispute over imports amid heightened tensions between Washington and Moscow.

In a submission to the Commerce Department, Nucor Corp , U.S. Steel Corp, ArcelorMittal USA LLC and others said the agreement had not stopped Russian producers from undercutting local prices or flooding the U.S. market with a 1,400 percent shipment increase in the first half of 2014 compared with the year-ago period.

Webmaster's Commentary: 

"How DARE the Russians make better steel and sell it for a lower cost!!! Everyone knows the world must by our inferior products at inflated prices! This means WAR!!!" -- Official White Horse Souse

Jul 11 10:01

Germany Instructs Its Companies To Limit Cooperation, Procurement Orders With The US

Congratulations America: after severing ties with Russia, crushing cordial relations with China (leading to this stunning announcement by China's president), alienating France (which is now openly calling for an end to the petrodollar), the Obama administration - following not one, not two, but three spying scandals in just the past year - has managed to sour relations with Germany to a point where one wonders just who is a remaining US ally in Europe these days.

Jul 11 09:06

Huge public sector strikes hit Britain

Webmaster's Commentary: 

When you choose to live a simpler life, that is austerity. When the government orders you to live a simpler life, that is DICTATORSHIP!

Jul 11 08:46

Bulgaria's Central Bank Revokes License of Corporate Commercial Bank

The Bulgarian National Bank (BNB) is to suspend the license of troubled Corporate Commercial Bank (KTB) and to nationalize its subsidiary, Credit Agricole Bulgaria.

BNB is also to transfer citizens' and companies' assets held in KTB into Credit Agricole Bulgaria, where money from Bulgaria's Deposit Insurance Fund (DIF), which protects personal and corporate deposits up to EUR 100 000.

At the same time, some BGN 3.5 B (EUR 1.75 B) seem to be "missing" from the bank, public broadcaster BNR quoted the central bank's Governor Ivan Iskrov as saying.

It is the 3.5-billion-worth gap that changed BNB's "initial plans" to help KTB to recuperate after stepping into its management to avoid a further crisis, he explained.

Jul 11 08:27

Iceland plans euro (RATHER THAN DOLLAR!) bond sale

Iceland is planning to sell its first euro bond since 2006, moving away from the US dollar funding it has been dependent on since its economy crashed in 2008.

Jul 10 13:05

EPA claims it has the power to garnish wages without court approval

The Environmental Protection Agency has quietly claimed that it has the authority to unilaterally garnish the wages of individuals who have been accused of violating its rules.

According to The Washington Times, the agency announced the plan to enhance its purview last week in a notice in the Federal Register. The notice claimed that federal law allows the EPA to "garnish non-Federal wages to collect delinquent non-tax debts owed the United States without first obtaining a court order."

Jul 10 12:06

Q2 GDP Hopes Fade As Wholesale Inventories Miss By Most In 2014

Another day, another uncomfortable fact about Q2 not being the epic bounce back that so many had promised. Wholesale Inventories rose only 0.5% in May - following April's +1.1%. This is the slowest growth in 2014 and biggest miss of expectations since Dec 2013. Wholesale sales also fel back, missing expectations at +0.7%, to the slowest since Feb as April hopes fade. Cue, Q2 GDP downgrades in 3...2...1...

Jul 10 09:36

The World’s Next Oil Shipping Corridor: The Arctic Ocean

It’s colder than the Persian Gulf, needs more icebreakers than the Suez Canal and passes less picturesque beaches than the Mediterranean, but the so-called Northern Sea route connecting Europe to Asia via the northern coast of Russia has its advantages.

It’s a shorter and quicker route, and thus more energy efficient. And it avoids many of the geopolitical flash points that make shipping risky–instead of the Strait of Malacca, the Horn of Africa and Egypt’s Suez region, boats can hug the coat of Russia for a chilly but uneventful ride.

Jul 10 09:33

Russia to suggest forming energy association, fuel bank at BRICS summit

Russia will suggest setting up an energy association and a reserve fuel bank during the BRICS summit that takes place in Brazil July 15-16, Yury Uskakov, a Russian presidential aide, told reporters.

“Russia intends to suggest several specific subjects for consideration, namely the formation of a BRICS energy association to ensure the energy security of BRICS members,” Ushakov said ahead of President Vladimir Putin’s visit to Brazil.

Webmaster's Commentary: 

Russia is very smart to be making this move right now, while the whole Middle East is in deep turmoil; energy independence and energy efficiency are definitely two critical components in keeping countries' economies moving forward.

Jul 10 09:29

Germany clears path for EU to directly fund ailing banks

he EU’s bailout fund has moved closer to being able to directly pump money into troubled banks after the German government introduced a bill allowing direct bank recapitalisation.

The German government has introduced a bill allowing the EU’s bailout fund to directly fund struggling banks

The draft law will now require approval in the Bundestag, but is planned to enter into force in November.

“This is an important step to stabilise our financial sector … and to increase further the trust in our common European currency,” said finance minister Wolfgang Schaeuble on Wednesday (9 July).

He added that the law would help “rule out the risk that the taxpayer would have to accept liability, as in the financial crisis”.

Webmaster's Commentary: 

The question has to be asked: how many EU banks are in deep financial trouble, and by how much?!?

Jul 10 09:18

Muni Fund Collapses To Record Lows As Puerto Rico Risk Rises

Quietly behind the scenes and away from the exuberant stock market trading headlines of the mainstream media, Muni bond markets are in turmoil. Thanks to the 'shenanigans' in Puerto Rico - after lawmakers last month approved a bill allowing some public corporations to restructure debt - PR bonds have collapsed to record lows (and dragged a number of large Muni funds with them).

Jul 10 07:47

Germany Blesses “Bail-In” Deposit Confiscation Plan For Failing EU Banks

One year earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports, Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.” What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors… remember Cyprus?

Webmaster's Commentary: 

"Hey, if the FED can take our gold, then the banks can take your savings accounts! Fair is fair!!"

Jul 09 11:31

Think Tank Proposes $3.3 Trillion Tax Hike

America is undertaxed, and the result is underfunding of public investments that would improve our economy and the overall welfare of Americans. Fortunately, Congress has several straightforward policy options to raise revenue, mostly by closing or limiting loopholes and special subsidies imbedded in the tax code that benefit wealthy individuals and profitable businesses.

Webmaster's Commentary: 

BULL BISCUITS! America is taxed to the point of paralysis! This think tank is operating from the mindset that all problems are solved by taking more away from the people, apparently clueless that We The People cannot pay these higher taxes in an age where wages and salaries are being hammered into the ground and 90 million Americans cannot find a job at all!

It must be nice living in a little bubble of fantasy where you make huge bucks for fairy-tale solutions to real-world problems!

Jul 09 10:56

Finance and the Holy See: creating a central bank

The Vatican is setting up a ‘central bank’ as part of an overhaul of its finances.

Webmaster's Commentary: 

Rather odd thing for a church that used to forbid usury!

Jul 09 09:38

Is The Fed Going To Attempt A Controlled Collapse?

As most Fed watchers know, last week was interesting because Janet Yellen, speaking at IMF came out and said something quite surprising. In a nutshell, she said “It’s not the Fed’s job to pop bubbles”. While many market participants immediately took this to mean, “To the moon, Alice!” and started buying equities hand over fist, there’s another possible explanation for Mrs. Yellen’s proclamation of unwillingness: The Fed could be preparing to do exactly what it said it wouldn’t.

Here’s a quick re-cap of events: In the recently released Annual Report of the BIS: Bank for International Settlements (commonly thought of as the “central bank’s central bank”) the BIS made a rather ominous recommendation to it’s member banks: Pop this bubble now. Their specific language wasn’t quite so direct, but the message was just as clear.

Jul 09 07:44

Big Banks Want Power to Declare Cyber War

Wall Street’s biggest trade group has proposed a government-industry cyber war council to stave off terrorist attacks that could trigger financial panic by temporarily wiping out account balances, according to an internal document.

The proposal by the Securities Industry and Financial Markets Association, known as Sifma, calls for a committee of executives and deputy-level representatives from at least eight U.S. agencies including the Treasury Department, the National Security Agency and the Department of Homeland Security, all led by a senior White House official.

The trade association also reveals in the document that Sifma has retained former NSA director Keith Alexander to “facilitate” the joint effort with the government. Alexander, in turn, has brought in Michael Chertoff, the former U.S. Secretary of Homeland Security, and his firm, Chertoff Group.

Webmaster's Commentary: 

More than ever before, please do NOT have any more money in your personal bank account than you absolutely need with which to pay your bills.

This is not only a lousy idea, but also, the charges depositors will ultimately face will be epically nasty. IF these services will cost one million dollars per month, you can bet your sweet bippy that it will not be the banks absorbing those costs at all.

Jul 09 07:20

Say hello to U.S. economy’s newest bubble

Call it irrational exuberance, part two. Like old man river, the stock market just keeps rolling along. Last week it was Dow 17,000. Will this week see the market go even higher?

Before you jump on the bulls’ bandwagon, let me call to your attention a couple of salient statistics. At today’s level, the Dow industrials DJIA +0.10% are up 5% since the beginning of this year. This is on top of a 35% leap in 2013. And in case you are keeping score, the Dow is now a whopping 155% above its low back in March 2009.

All that said, there are a number of warning signs out there that suggest the party may soon be over.

Jul 09 07:18

Portugal's Largest Bank Misses Bond Payment; Bonds Collapse

Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA - is in a "serious financial condition" according to a central bank driven external audit by KPMG identified "irregularities in its accounts." Sure enough, the 'ponzi-like' maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds plunged to record lows after a parent company delayed payments on short-term notes.

Jul 09 06:37

Power grab: EPA wants to garnish wages of polluters

The Environmental Protection Agency has quietly floated a rule claiming authority to bypass the courts and unilaterally garnish paychecks of those accused of violating its rules, a power currently used by agencies such as the Internal Revenue Service.

Jul 08 12:48

Detroit Urges National Effort to Defeat Banks, Privatization

Activists in Detroit have not been idle in confronting the bank-imposed austerity plaguing the city. Every week there are Freedom Friday demonstrations beginning at the DWSD and spreading out through downtown in order to confront and expose the real criminals behind the crisis.

A press conference organized by the Stop the Theft of Our Pensions Committee (STOPC) took place on July 3 in front of the federal courthouse. City of Detroit retirees from Moratorium NOW! Coalition, STOPC and the Concerned Citizens and Retirees of Detroit spoke out against the proposed plan of adjustment and what they perceived as a rigged voting process that is pressuring retirees to vote yes on cutting their pensions and benefits.

Members of the Moratorium NOW! Coalition have been leafleting at the DWSD payments centers in addition to organizing weekly Freedom Friday demonstrations. On July 2 and 3, hundreds of people were reached through leafleting on both the west and east sides of the city.

Jul 08 09:08

Russia approves creation of BRICS foreign exchange fund

The Russian Government signed a draft agreement on the creation of a $100 billion pool of currency reserves that the BRICS countries are forming to guard against financial shocks. According to the document, the countries’ dollar reserves will remain on the balance sheets of their central banks. However, these reserves can be made available at the request of one of the parties.

Webmaster's Commentary: 

2015 looks as though it will be a very nasty year for the US dollar.

Jul 08 09:02

Halbig v. Burwell: The next big Obamacare case

In brief, these cases claim the IRS has exceeded its statutory authority in authorizing tax credits and cost-sharing subsidies on federal exchanges because the PPACA only authorizes tax credits for the purchase of insurance on an exchange “established by the State under Section 1311.” Section 1311 instructs states to create exchanges. Federal exchanges are established under Section 1321 of the Act.

At one level these cases present a straightforward statutory interpretation question. The text is clear and does not contradict any other provisions in the Act. That would seem to settle the matter.

Jul 08 08:59

Feeling poorer through the power of inflation: Since January of 2000 college tuition is up 68 percent, new car costs are up 55 percent, your typical home is up 50 percent, and wages are simply not keeping up.

You have to love how the Federal Reserve downplays inflation when they are the primary source of it with other central bankers for this monetary phenomenon. They continue to play inflation down because it gives them the power to continue to use policies that seem to only aid their banking allies while making working Americans poorer by the day. Inflation has a slow eroding power that is not readily visible since it usually takes time to work through a system. Looking at a broader timeframe however it becomes readily apparent that inflation is hitting our system hard and most working families don’t need an advanced degree in economics to understand this. According to the CPI, the overall rate of inflation since January of 2000 has been 39 percent. The Fed prefers to use the PCE Deflator measure and this only has inflation running at a 31 percent rate.

Jul 08 08:29

The Looming Foreclosure Crisis: As the Fed Runs Out of Bullets, Local Governments Are Stepping In

Former Assistant Treasury Secretary Paul Craig Roberts wrote on June 25th that real US GDP growth for the first quarter of 2014 was a negative 2.9%, off by 5.5% from the positive 2.6% predicted by economists. If the second quarter also shows a decline, the US will officially be in recession. That means not only fiscal policy (government deficit spending) but monetary policy (unprecedented quantitative easing) will have failed. The Federal Reserve is out of bullets.

Or is it? Perhaps it is just aiming at the wrong target.

Jul 08 08:22

Currency Wars - Europe Seeks Alternative To 'Dollar Imperialism'

Today in Brussels the French Finance Minister, Michel Sapin, will start a debate with his EU counterparts on how the European Union can reduce its dependency on the U.S. dollar. Should the discussion find traction it may contribute to the ongoing monumental shift in global monetary economics with the gradual decline of the dollar as the global reserve currency.

Mr Sapin said in an interview with The Financial Times, “We [Europeans] are selling to ourselves in dollars, for instance when we sell planes. Is that necessary? I don’t think so. I think a rebalancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade.”

The U.S. dollar has enjoyed reserve currency status for most of the past 70 years. This status confers enormous power to the dollar and allows the U.S. government to fund its trade deficits at very low cost.

Webmaster's Commentary: 

Today's meeting could put the US dollar into an industrial-strength world of hurt.

The DOW and NASDAC appear to be on a strong downward spiral at this point in the morning.

Jul 07 21:02

Obamacare faces another court threat — and this one could be fatal

The threats to Obamacare just keep on coming……

A case before the U.S. Court of Appeals in the District of Columbia may determine the Affordable Care Act was written in such a way that it prevents the federal government’s HealthCare.gov web site from offering subsidies.

Now such a ruling would have a long way to go before it actually would become enacted — and a lot of legal hoops would have to be jumped through — but such a finding could be a show-stopper for Obamacare. More than 5 million of the 8 million who signed up for Obamacare through the U.S. Department of Health and Human Services’ web site would thus not be eligible for tax credits. Most, presumably, would fall off the rolls of the insured.

Jul 07 10:35

IMF pushes Ukraine to ‘voluntarily committing suicide’

Western support will allow more IMF and European lending to prop the Ukrainian currency so the Ukrainian oligarchs can move their money safely to British and US banks, economist and author Michael Hudson told RT’s Truthseeker.

Webmaster's Commentary: 

Looks like the Ukrainian oligarchs are not confident they will hang onto power!

Jul 07 09:37

Shades of 1930 in Wall Street Banks’ Dark Pools?

On June 2 of this year, the Financial Industry Regulatory Authority (FINRA), a self-regulator of Wall Street’s broker-dealers, dropped a bombshell. For the first time, FINRA released trading data for Wall Street’s dark pools – unregistered stock exchanges that the SEC recklessly allows to trade stocks without making the bids and offers public, along with many other details.

The bombshell, that mainstream business media has yet to comprehend, was that the same mega Wall Street banks whose share prices crashed in the 2008 financial crisis are today not only running dark pools for stock trading but they’re trading the stock of their own corporate parents – to the tune of tens of millions of shares a week. Those Wall Street banks include JPMorgan Chase, Bank of America Merrill Lynch and Citigroup.

What could possibly go wrong in this arrangement?

Jul 07 08:25

Austria audits off-shore gold reserves

After growing public pressure among Austrians who have been sceptical about the continued existence of their country's gold reserves at the London bank, Austrian National Bank governor Ewald Nowotny confirmed at the end of May that an audit would take place.

"I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations,” said Nowotny.

The web site Goldreporter.de states that Austria officially owns 280 metric tonnes of gold, of which 17 percent are kept in the country. Of the remainder, some 150 tonnes are believed to be stored in London.

In recent years, a rising number of sceptics have expressed concern about the continued existence of European gold deposits, especially those belonging to Germany that were being held by the US Federal Reserve.

Jul 07 07:00

Spain Issues Retroactive 0.03% Tax on Bank Deposits to "Boost Economic Growth and Job Creation"

Via translation from Libre Mercado, Spain will retroactively tax bank deposits to January 1, 2014 stating the move will boost growth and job creation.

Jul 07 06:32

Why Isn’t Wall Street in Jail?

First Look Media journalist Matt Taibbi, author of ‘The Divide: American Injustice in the Age of the Wealth Gap’, explains how Countrywide, a loan scam at the center of the sub-prime mortgage crisis,”almost blew up the world” by essentially giving big loans to anybody with a pulse. This scam formed a major component of the sub-prime mortgage crisis which went bust in 2008.

Jul 06 08:31

CEO Of One Of The World's Largest Energy Majors "Sees No Reason For Petrodollar"

The USA is fast running out of friends to support its 'exorbitant privelege'. Having alienated the Germans over NSA-eavesdropping, 'boomerang'd the Russians into de-dollarization, tariffed and quantitatively eased China into diversification, and finally 'punished' France into discussing the dollar's demise; it appears no lessor person than the CEO of Total (the world's 13th biggest oil producer and Europe's 2nd largest), believes "There is no reason to pay for oil in dollars." Clearly, based on Christophe de Margerie's comments, that we have passed peak Petrodollar.

"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

Webmaster's Commentary: 

The Federal Reserve's absolute, rapacious greed, coupled some really bad "planning" on the part of the US government, has brought this situation about, and perhaps sooner than I had expected.

Both entities have no one else but themselves to blame.

Jul 05 09:34

Largest Austrian Bank Crashes After “Revealing” 40% Surge In Bad Debt Provisions, Record Loss

Austria’s largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.

Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.

Webmaster's Commentary: 

I wonder just how badly the rest of the European economy will react to this next week, and the American economy as well; the dealings of large private banks are very inter-related, and yesterday was a holiday for the US stock markets.

Jul 05 07:19

Rising red tide: China’s Navy in frenzy to build new nuclear-powered attack subs

China's military is investing heavily in advanced submarines, including both ballistic and cruise missile firing vessels and attack subs.

Webmaster's Commentary: 

If you saw the United States in an orgy of invasion against every nation that refused to bow to the dollar, you would be building weapons, too!

Jul 05 07:14

FLASHBACK - Sequester Doomsday Predictions: Much Ado about Nothing

Despite endless hand-wringing and apocryphal forecasts of massive federal job losses as a result of the 2013 sequestration, it turns out that — drum roll, please — only one job was eliminated.

The White House and the Congressional Budget Office (CBO) predicted that thousands of jobs would disappear if Congress couldn’t avoid sequester, those automatic budget cuts implemented across all federal agencies when Democrats and Republicans failed to agree on a budget deal.

So much for all that talk, as only the Department of Justice reported the reduction of its workforce, and that by a single employee in fiscal year 2013, according to a Government Accountability Office (GAO) report.

Jul 04 17:48

Largest Austrian Bank Crashes After “Revealing” 40% Surge In Bad Debt Provisions, Record Loss

Austria’s largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.

Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.

Jul 04 17:47

By "Punishing" France, The US Just Accelerated The Demise Of The Dollar

Not even we anticipated this particular "unintended consequence" as a result of the US multi-billion dollar fine on BNP (which France took very much to heart). Moments ago, in a lengthy interview given to French magazine Investir, none other than the governor of the French National Bank Christian Noyer and member of the ECB's governing board, said this stunner at the very end, via Bloomberg:

Jul 04 15:50

US Exports to Russia Hit Record Levels in May Despite Sanctions

US exports to Russia rose 21 percent and reached a record high of $1.25 billion in May, according to the Bureau of Economic Analysis, an arm of the US Department of Commerce.

During the same month, American exports to the EU and China increased by only 2.5 percent and 2.2 percent, respectively.

US imports from Russia decreased by 8.5 percent in May, totaling $2.15 billion.

Jul 04 07:21

South Korea, China agree to direct trade in national currencies

South Korea and China have agreed to create a market for direct trading of the yuan and won, which is hoped, will help reduce the pressure of the US dollar, as well as cut foreign exchange costs and boost bilateral investment.

Jul 03 12:47

Expropriation Is Back - Is Christine Lagarde The Most Dangerous Woman In The World?

I have gone on record that the most dangerous organization is the now French led IMF with Christine Lagarde at the helm, which has presented a concept report that debt cuts for over-indebted states are uncompromising and are to be performed more effectively in the future by defaulting on retirement accounts held in life insurance, mutual funds and other types of pension schemes, or arbitrarily extending debt perpetually so you cannot redeem. Yes you read correctly, The new IMF paper is described in great detail exactly how to now allow the private sector, which has invested in government bonds, to be expropriated to pay for the national debts of the socialist governments.

Jul 03 11:23

June Full-Time Jobs Plunge By Over Half A Million, Part-Time Jobs Surge By 800K, Most Since 1993

Is this the reason for the blowout, on the surface, payroll number? In June the BLS reports that the number of full-time jobs tumbled by 523K to 118.2 million while part-time jobs soared by 799K to over 28 million!

Webmaster's Commentary: 

Absoflippinglutely unbelievable!!a

Jul 03 08:57

Six months after marijuana legalization: Colorado tax revenue skyrockets as crime falls

At the Native Roots Apothecary, a discreet marijuana shop in a grand old building in Denver’s busy 16th street shopping mall, business is so brisk that customers are given a number before taking a seat to wait their turn.

There are young men in ball caps, nervous-looking professionals in suits, and the frail and elderly. Staff say customers have been flocking to their outlets since Colorado voted to allow recreational pot use for adults from January.

Six months on, Colorado’s marijuana shops are mushrooming, with support from local consumers, weed tourists and federal government taking a wait-and-see attitude.

Tax dollars are pouring in, crime is down in Denver, and few of the early concerns about social breakdown have materialized – at least so far.

Webmaster's Commentary: 

Looks like good news all around, at least for the moment!! :-)

Jul 03 08:46

The BRICs Are Morphing Into An Anti-Dollar Alliance

Slowly but surely the BRICS – that proud Goldman acronym which was conceived to perpetuate the great American way of life by releasing trillions in US-denominated debt in heretofore untapped markets – are morphing into an anti-dollar alliance.

Before the crucial visit to Beijing next week, the governor of the Russian Central Bank, Elvira Nabiullina met Vladimir Putin to report on the progress of the upcoming ruble-yuan swap deal with the People’s Bank of China and Kremlin used the meeting to let the world know about the technical details of its international anti-dollar alliance.

Webmaster's Commentary: 

There should be a sense of urgency here by the BRIC nations, because the US is already, at least in proxy mode, at war with both Russia and China.

The US government's policies concerning the Ukraine and the support of Japan toward a more aggressive "self-defense" policy ( just approved this week) are testaments to this reality.

Jul 03 07:29

(Another) Idiot Economist Says We Need "Major War" to Save the Economy

Webmaster's Commentary: 

Here's your rifle...