ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 15 09:16

You Don't Represent Me Any More

Webmaster's Commentary: 

I thought it was time for a report.

Jul 15 08:52

Merkel Dealt Deadly Blow at Home as IMF Rebuffs Greek Bailout Deal

German Chancellor Angela Merkel has been dealt a heavy blow after the publication by the International Monetary Fund (IMF) of a damning report highly critical of the Greek bailout, which is likely to spell danger for her at home.

Jul 15 08:28

Truth Is An Existential Threat To The US Government

As George Orwell noted: “In a time of universal deceit – telling the truth is a revolutionary act.”

That is why the political establishment and the media find Donald Trump so frightening: the danger that the truth might be spoken.

There is, however, a greater peril – when blatant and outrageous lies are no longer sufficient to soothe the electorate into complacency, such a government must begin to curtail liberty and oppress the people in order to sustain itself, an approach with which both Democrats and Republicans find agreement.

Jul 15 08:27

Lack of Trust – Caused by Institutional Corruption – Is Killing the Economy

The signs are everywhere: Americans have lost trust in our institutions.

The Chicago Booth/Kellogg School Financial Trust Index published yesterday shows that only 22% of Americans trust the nation’s financial system.

Jul 15 08:10

New IMF Report on Greece Says Projections Are Unrealistically Optimistic

A new IMF report on Greece, issued on Tuesday, July 14th, is titled “AN UPDATE OF IMF STAFF’S PRELIMINARY PUBLIC DEBT SUSTAINABILITY ANALYSIS,” and it says — these are quotations, not paraphrases — in summary:

Greece’s public debt has become highly unsustainable. … The financing need through end-2018 is now estimated at Euro 85 billion. … Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far. … Public debt cannot be assumed to migrate back onto the balance sheet of the private sector at interest rates consistent with debt sustainability until debt is much lower. Greece cannot return to markets anytime soon at interest rates that it can afford. … Medium-term primary surplus target: Greece is expected to maintain primary surpluses for the next several decades of 3.5 percent of GDP. Few countries have managed to do so. …

Jul 15 07:38

Households must fork out an extra £36million to keep the lights on this winter as the risk of blackouts increases after power stations are closed

Households face higher energy bills this winter as power chiefs have been forced to spend £36million protecting against the risk of winter blackouts.

So many power plants have closed recently that the grid will be dangerously close to full capacity during periods of peak demand in the winter months.

National Grid has announced that it is spending millions putting mothballed plants on standby, and will pay companies to shut down their factories when the grid is overloaded.

Without the new emergency measures, the grid would have had just 1.2 per cent of spare capacity during the coldest, darkest evenings in the coming winter.

The company said that if the country were hit with unusually cold weather, the network would risk becoming overloaded, leading to widespread blackouts.

Jul 15 07:32

Exclusive: Curtis Ellis Says Trans-Pacific Partnership Is “Not Over!”

Cook said, “I just did an interview couple of days ago with economist and historian, Dr. Tom DiLorenzo, and he talked about the reason we fought the British was because of this type of system of crony capitalism (mercantilism). This is not free market enterprise, this is just giving favors to the politically connected at the expense of tax payers and the middle class, the working people, the American people. This Trans-Pacific Partnership (TTP), how dangerous is this to our Republic?”

“It’s extremely dangerous to our Republic in many ways,” answered Ellis. “Number one, the TPP sets up a separate court system for foreign corporations that can challenge our laws, and the very power of our government.”

Webmaster's Commentary: 

Protectionism is the last refuge of bad business.

Jul 15 07:27

CHINESE RICH FLEEING

Jul 15 06:51

LIST: Bank closings since 2001

Jul 14 21:58

Greece: Follow the Logic of Your Argument and Dump the Euro

The misery of austerity suffered by the people will be prolonged, and will cascade onto future generations. Greece’s sovereignty and independence are being sacrificed for what? To remain in a system that puts its economy in a straightjacket with no escape route? It is now abundantly clear that Germany is demanding the total capitulation of Greece to act as a warning to the rest of the eurozone to toe the German line.

Jul 14 21:51

Under Pressure from Europe, Tsipras Tries to Sell 'Unviable' Austerity Deal to Syriza

As a Wednesday deadline loomed for Greece to pass a package of harsh austerity measures in exchange for a fresh €86 billion bailout, Prime Minister Alexis Tsipras met with furious members of his left-wing Syriza party behind closed doors on Tuesday, attempting to sell them on a deal that will undoubtedly cause further economic hardship in the debt-stricken nation

Jul 14 21:44

The Poverty of Economics

Economics is often referred to as the ‘dismal science’, and it’s certainly a name that’s well earned. To understand why, we could look to its relative failure to foresee the global financial crisis, but to go with a more contemporary example just look at the recent events in Greece. Time and time again we have been subjected to the same tired and fallacious arguments of the Troika, who tell us that the answer to Greece’s problems – massive debt and recession – is more debt and more austerity, which culminates in….? Yes, you guessed it, more debt and even deeper recession.

Jul 14 16:33

Neighborhood inequality particularly profound in Columbus OH area

it’s a different kind of economy,” Reece said. “There are very high-paying jobs and very low-paying jobs. We’re losing that middle.”

Jul 14 15:50

The Last Days Of ‘Normal Life’ In America

Sadly, most people don’t understand how the world works because they are so consumed with other things. We live in a society that is absolutely addicted to entertainment. Just recently, I wrote about how the average American spends more than 10 hours a day plugged in to some form of media. If we are not watching television, we are listening to the radio, going to movies, playing video games, messing with our smartphones or spending endless hours on the Internet. And more than 90 percent of the “programming” that we are fed through these devices is produced by just 6 absolutely gigantic media corporations.

Jul 14 15:25

Small Business Optimism Crashes To 15 Month Lows

Jul 14 15:24

Greek Debt/GDP: 336% By 2025

Greek debt/GDP will keep rising indefinitely and will likely hit 336% in about one decade, at which point Greece will, for all intents and purposes, cease to exist.

Jul 14 15:21

Ron Paul Warns "Greece Today, America Tomorrow?"

The Greek crisis provides a look into what awaits us unless we stop overspending on warfare and welfare and restore a sound monetary system. While most commentators have focused on Greece’s welfare state, much of Greece’s deficit was caused by excessive military spending. Even as its economy collapses and the government makes (minor) cuts in welfare spending, Greece’s military budget remains among the largest in the European Union. Congress will only reverse course when a critical mass of people reject the entitlement mentality and understand that the government is incapable of running the world, running our lives, and running the economy.

Jul 14 14:32

FLASHBACK - Soaring cost of military drugs could hurt budget

Last year, the Pentagon spent more on pills, injections and vaccines than it did on Black Hawk helicopters, Abrams tanks, Hercules C-130 cargo planes and Patriot missiles — combined.

Some of the prescription drugs that have fueled the military’s skyrocketing pharmaceutical budget are the same ones that have medicated the civilian world over the past decade. Since 2002, the Department of Defense has spent more than $5 billion on Lipitor, Plavix, Advair, Nexium and Singulair.

Rather than a reflection of the drugs needed to treat wounded troops, the top-selling prescriptions signal an increase in aging military retirees covered by the military’s health program, Tricare, with drugs for arthritis, osteoporosis and diabetes costing billions. The Department of Defense also spent more than $380 million on erectile dysfunction drugs and $238 million on testosterone therapy drugs over the decade.

Jul 14 14:29

INFOGRAPHIC: The Dollar is Slowly Losing its Status

The dollar has been a stalwart of international trade over the majority of the last century. Around the time of the formation of the Eurozone, it reached its recent peak at 71.0% of official foreign exchange reserves. Since then, its composition of global reserves has more recently dropped to a more modest 62.9% in 2014.

Jul 14 14:26

Slackers : Many Millennials Would Quit If Not Allowed To Do Personal Tasks At Work

Many millennials have never known a world without mobile devices. Now employers are forced to deal with younger workers who want to be able to text and use social media on the job.

Jul 14 13:57

Cashtration

For many years, governments have been attempting to expand the economy by encouraging debt. Governments (most notably the EU and US) have borrowed far more than they ever have in history, to the point that they’re now facing insolvency.

Jul 14 13:49

Putin Leads BRICS Uprising

Jul 14 13:46

Tsipras Stunner: Creditors Said "There Is No Point In Holding Elections" In Bailed Out Countries

While Germany's finmin Schauble is about to burst at few capillaries after reading the latest provocation from Tsipras in which he said, according to Reuters, that:

GREEK PM TSIPRAS SAYS I SIGNED I DEAL I DO NOT BELIEVE IN BUT I'M WILLING TO IMPLEMENT AND WILL ASSUME RESPONSIBILITIES

It should be the Greek people that are reeling by another, even greater stunner, just spoken by the Greek PM during his TV interview: an admission from the chosen Greek "leader" that Greece, as a
sovereign nation, no longer exists:

GREEK PM TSIPRAS SAYS LENDERS GIVE A MESSAGE THAT IN COUNTRIES UNDER A BAILOUT THERE IS NO POINT IN HOLDING ELECTIONS

Webmaster's Commentary: 

Jul 14 13:39

Food Stamp Beneficiaries Have Exceeded 45 Million For 48 Straight Month

The number of beneficiaries of the Supplemental Nutrition Assistance Program (SNAP), otherwise known as food stamps, has exceeded 45 million for 48 straight months, according to data released by the Department of Agriculture (USDA).

Jul 14 12:56

Draining the U.S. Treasury: Cost of War in Afghanistan Hits $4 MILLION PER HOUR

The US-led campaign in Afghanistan is estimated to cost the American taxpayers about four million dollars an hour, with the total price tag since 2001, now more than seven-hundred billion.

Jul 14 11:32

Options Hedging Hitting Extreme Levels

Jul 14 11:22

Varoufakis: ‘Greece Was Working on a Drachma Plan’

Yanis Varoufakis resigned from his finance minister post just a week ago and is already causing commotion away from the center of political and economic activity.

Varoufakis gave an extensive interview to Harry Lambert for the NewStatesman, released on July 13, in which he gives his own account of his 5 month term in office.

One of the most insightful points of the interview comes when Varoufakis admits that he had been “absolutely” thinking about a Grexit scenario since he assumed office

Jul 14 10:48

Censored By Sanction? Barclays Freezes Accounts Of Russia's News Agency

The UK has frozen the bank account of Russia's Rossiya Segodnya news agency without any explanation. "To close the account of one of the world’s leading news agencies is censorship, the direct obstruction of journalists’ work," Dmitry Kiselyov, head of the news agency, exclaimed, asking "what kind of press freedom and democracy can Britain claim to have if it prevents one of the world's largest news agencies from working in the country?" As RT reports, while no official justification for the move has been offered, a source in the banking sector told the agency the Exchequer has put Dmitry Kiselyov on an anti-Russian sanctions list. With David Cameron in full tyrannical 1984-mode, this latest move is perhaps not entirely surprising (though we await the boomerang from Putin).

Webmaster's Commentary: 

More and more the world sees that the west has weaponized the global economy and uses it as a hammer to coerce compliance. This will speed up the rush to create a multi-polar world not dependent on any one global currency system.

Jul 14 10:04

The oncoming disaster in public pensions: The $4 trillion retirement savings deficit and the bill of payouts for pensioners.

Americans have done a very poor job saving for retirement. In many cases, families simply have very little left over each month to save after monthly expenses chomp away at their net take home pay. Pensions used to be common. In 1975 you had 88 percent of private sector workers and 98 percent of state and local sector workers covered by defined benefit plans (that is a pension). By 2011 only 1 in 5 private sector workers had access to a pension. Public sector workers still have access to pensions for the large part but the math is not working out.

Webmaster's Commentary: 

"We'll just kill them off when they are no longer able to work!" -- Official White Horse Souse

Jul 14 09:58

3 Big Reasons Why The ‘Greek Debt Deal’ Is Really A German Trap

Greece is saved? All over the planet, news headlines are boldly proclaiming that a “deal” has been reached which will give Greece the money that it needs and keep it in the eurozone. But as you will see below, this is not true at all. Yesterday, when I wrote that “there never was going to be any deal“, I was not exaggerating. This “deal” was not drafted with the intention of “saving Greece”. As I explained in my previous article, these negotiations were all about setting up Greece for eviction from the euro.

Jul 14 09:34

The Secret Bank Bailout

The rescued are not in the poorer Euro states – unlike commonly believed – but mainly in Germany and France. A large part of the money ends up with the creditors of the banks that want to be saved or must be saved.

Jul 14 09:33

Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent

Yes, Greek banks may have been insolvent - something that was clear since the first bailout of 2010 - but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the harshest lesson for the ordinary Greek population as a result of this latest crisis is that deposits are not "cash in the bank" but liabilities of insolvent financial organizations).

Starting on Wednesday that will no longer be the case.

Jul 14 09:31

Sold! German Bank to Control, Sell Greek Public Assets

To save its crumbling economy, Greece was forced to hand over its public assets to an external fund controlled by a German bank, managed by Herr Wolfgang Schaeuble himself.

Greece and its international creditors reached an agreement after long negotiations over the past weekend. The cash-strapped Mediterranean nation will now receive a €95-billion bailout over the next three years in exchange for quite harsh economic reforms.

However, the deal didn't come as easily for Greece. German Finance Minister Wolfgang Schaeuble proposed that as much as €50-billion of Greek public assets must be transferred to an external fund and privatized over time.

Webmaster's Commentary: 

Privitization means stealing assets paid for by taxpayers and renting those assets back to the people who paid for them.

Jul 14 09:27

Greece goes on strike: Civil service workers announce 24-hour walkout after government gives in to creditors... as summit insider reveals leaders' furious rows in tense talks

Greek civil service workers have announced a 24-hour strike in the wake of today's bailout deal amid insider claims that Prime Minister Alexis Tsipras was 'crucified' during marathon overnight talks.

The union, Adedy, wants workers to protest the terms of the agreement Tsipras negotiated with Greece's creditors when their country's parliament votes on the measures needed to receive a crucial third bailout on Wednesday.

While striking a deal was considered vital to securing Greece's future within the euro and preventing the country's economy collapsing, Tsipras agreed to rush key measures on tax hikes, pension reforms, and a debt repayment fund through parliament.

An eurozone official was quoted by the Financial Times as saying: 'They crucified Tsipras in there. Crucified.'

Jul 14 09:16

Varoufakis: Greek Deal Is "Coup", Turns Greece Into "Vassal" State, And Deals "Decisive Blow" To European Project

Europeans, even those who give not a damn for Greece, ought to beware.The Euro Summit statement of yesterday morning has nothing to do with economics, nor with any concern for the type of reform agenda capable of lifting Greece out of its mire. It is purely and simply a manifestation of the politics of humiliation in action.

Jul 14 09:04

Merkel's CDU hardliners still unhappy with Greek bailout deal

Logically, then, German politicians should be delighted with the outcome of the Brussels talks. Assuming that Greece's parliament passes the draconian measures the EU is demanding, Merkel ought to have no trouble getting the support of her Christian Democratic Union so that she can persuade the Bundestag to let her continue bailout talks.
Brüssel EU Regierungsgipfel zu Griechenland Merkel Tsipras Hollande

"I'm not so sure," says Olaf Boehnke, head of the Berlin office of the European Council on Foreign Relations think tank. "I was in the CDU parliamentary party in the Bundestag this morning, and it's an unbelievably emotional issue there."

For many in Merkel's conservative party, the thought of giving Greece any kind of bailout at all is complete anathema. "The people there are sick of it," Boehnke told DW. "The way that Tsipras has acted has annoyed a lot of people. A lot of the party are saying we are not going to play along."

Jul 14 08:59

PRIVATE PRISON OPERATOR GEO ACCUSED OF PAYING FORCED LABOR $1 A DAY

One of the nation’s largest private prison operators is being sued for forcing immigrant detainees to work for a dollar a day, and in some cases even less than that. GEO Group Inc., which contracts with the government to imprison illegal immigrants awaiting deportation proceedings, has allegedly forced detainees held at its facility in Colorado to do maintenance work while paying them only $1 a day. The chores included cleaning toilets, showers, windows and floors; doing laundry, clerical and landscape work; operating the law library; plus preparing and serving meals for GEO law enforcement events, according to ThinkProgress.

Jul 14 08:33

Greece is being treated like a hostile occupied state

Like the Neapolitan Bourbons – benign by comparison – the leaders of the eurozone have learned nothing, and forgotten nothing.

The cruel capitulation forced upon Greece after 31 hours on the diplomatic rack offers no conceivable way out the country’s perpetual crisis. The terms are harsher by a full order of magnitude than those rejected by Greek voters in a landslide referendum a week ago, and therefore can never command democratic assent.

They must be carried through by a Greek parliament still dominated by MPs from Left and Right who loathe every line of the summit statement, the infamous SN 4070/15, and have only agreed – if they have agreed – with a knife to their throats.

EMU inspectors can veto legislation. The emasculation of the Greek parliament has been slipped into the text. All that is missing is a unit of EMU gendarmes.

Jul 14 07:39

3 Big Reasons Why The ‘Greek Debt Deal’ Is Really A German Trap

This “deal” was not drafted with the intention of “saving Greece”. As I explained in my previous article, these negotiations were all about setting up Greece for eviction from the euro. You see, the truth is that Greece desperately wants to stay in the euro, but Germany (and allies such as Finland) want Greece out. Since Germany can’t simply order Greece to leave the euro, they need some sort of legal framework which will make it possible, and that is what this new “deal” provides. As I am about to explain, there are all kinds of conditions that must be satisfied and hurdles that must be crossed before Greece ever sees a single penny. If there is a single hiccup along the way, and this is what the Germans are counting on, Greece will be ejected from the eurozone. This “deal” has been designed to fail so that the Germans can get what they have wanted all along.

Jul 14 07:15

Putin Leads BRICS Uprising

Let’s cut to the chase: Leaders of the BRICS (Brazil, Russia, India, China and South Africa) realize that global security cannot be entrusted to a country that sees war as a acceptable means for achieving its geopolitical objectives. They also realize that they won’t be able to achieve financial stability as long as Washington dictates the rules, issues the de facto “international” currency, and controls the main levers of global financial power. This is why the BRICS have decided to chart a different course, to gradually break free from the existing Bretton Woods system, and to create parallel system that better serves their own interests.

Jul 14 06:12

SANTA CRUZ COUNTY DECIDES TO DO AWAY WITH BIG BANKS

The Board of Supervisors in Santa Cruz County, California, have taken a bold step. The County has decided that they will not do business, including investment services or bond issuances, with five major banks that the Justice Department found to be associated with felonious acts in May of this year.

Jul 14 06:09

Greece ‘austerity deal’ explained in 1-minute video

*hyperlinks/videos live at source*

hat tips: What Really Happened, Zero Hedge

https://www.youtube.com/watch?v=WpE_xMRiCLE

Appropriately for Greece being known as a birthplace of democratic ideals, Star Wars was created by George Lucas to tell the story of democracy devolving into vicious psychopathic empire. Real-world Greece (and here) is subject to vicious psychopathic wanna-be lords who only and always create debt owed to them, then demanding public austerity as the OBVIOUS mechanics of adding negative numbers forever only and always increases total debt.

The punchline of satire (my attempts here) and real-world is the same:

Be willing work-animals/slaves or die.

The .01% literal psychopathic “leaders” (and here) control today’s empire the very same as you read in high school history classes by controlling:
government leadership for policy and law enforcement (including unlawful and lie-began wars),

Jul 14 06:07

IT STARTS: GREEKS REBEL AGAINST BAILOUT, RISK COLLAPSE

Greece’s union of civil servants, Adedly, called for a 24-hour strike on Wednesday, and for a series of demonstrations, the first one tonight at Syntagma Square, just below the Parliament, and another one on Wednesday evening, when Parliament is expected to vote on the new, even tougher, and immensely hated bailout package. The union for local government employees, Poe-Ota, also called for a 24-hour strike on Wednesday, the AFP reported. Two other demonstrations against austerity and the “euro” are planned for Monday night, one organized via social networks, the other by Antarsya, an anti-euro party that didn’t make it into Parliament.

Jul 13 19:50

British taxpayers will be liable for £1BILLION of emergency loans to Greece as European Commissioner tears up 'black and white' deal to protect UK from bailout bills

Chancellor George Osborne will today attempt to fight off a European bid to force the British public to contribute almost £1billion towards any bailout of Greece.

Sources close to Jean-Claude Juncker, the arch-federalist European Commission president, say he wants the UK to release the funds as part of emergency loans to the country.

But this would break an agreement made by David Cameron in 2010 that Britain would not have to pay, because it is not a member of the eurozone. Commission officials say this deal was nothing more than a ‘political’ accord with no legal force.

Jul 13 19:17

US Automakers Worst Nightmare: Chinese Auto Inventories Explode In May

A week ago we exposed the massive number of cars piling up in GM's parking lots in China. A few days later, we note that Chinese auto sales have collapsed at the fastest rate in 3 years and an increasing number of new orders are being cancelled as the stock market crashes. But the triple whammy for US auto manufacturers - who have incessantly pitched China as their growth engine - is news from Huaxia Times that China's import car dealers saw inventory days reach a mind-blowing 143 days in May. For context, the normal average has been 24-36 days. Once again it appears the serial extrapolators at the automakers, excited by the serial extrapolators at the big banks have excitedly mal-invested right at the turn.

Jul 13 18:13

Judge Halts Merger of Two of the Largest Food Corporations on the Planet

Sysco and US Foods have been trying to merge for over a year now, but just weeks ago, a judge filed a preliminary injunction to halt the proposed merger. This amounts to a fatal blow to two companies that have already done more than their part to ruin the food supply.

Jul 13 18:04

U.S. Government Would Have to Spend Less to Make Public College Tuition-Free Than it Spends On Financial Aid

Hard to believe, but apparently it would cost “only” about $62 billion to make public college tuition free, versus the $69 billion or so that the US Government spends on financial aid and other college programs.

Jul 13 15:45

Everything You Need to Know About the Greek Crisis and ECB Fascism in Two Paragraphs

There is no democracy in Europe. None.

Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the programme – this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.

“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer. The only interpretation I can give [of their view] is, ‘Yes, that would be a good idea, but it would be difficult. So you either sign on the dotted line or you are out.’”

Any questions?

Jul 13 15:44

'Austerity Has Won': Greece Submits to Divisive Reforms

After 31 hours of tense weekend talks—and five years of crippling austerity—Greece and its foreign creditors have struck a deal: an €86 billion bailout that will keep Greece in the Eurozone in exchange for controversial economic reforms that include tax hikes, pension overhauls, and severe budget cuts if the nation misses fiscal targets imposed and monitored by the so-called Troika.

Jul 13 14:46

Billionaire Warns Of Bloody Revolution

Jul 13 14:41

Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent

One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks. This in turn could lead to a shake-up of the sector that could see some banks close, with losses pushed onto bondholders and possibly even large depositors. In such circumstances, there would be little that Athens could do to prevent this.

Jul 13 13:59

Government legislation puts more jobs at risk

Industry leaders have claimed that up to 3,150 construction workers could face unemployment if new Government legislation is introduced. The job cuts will predominantly affect small, privately owned UK businesses.

Jul 13 12:59

Even The Players Are Losing Faith In Their Own Shenanigans

What is on display more brightly and clearly than ever, though, is the utter fakery of international banking. The players have lost faith in their own shenanigans. They simply go through the motions now awaiting the political fallout, which is to say the revolt of the people who can still do arithmetic. So, now Greece can supposedly expect another $90bn-equivalent in new loans on top of the $350bn-equivalent already racked up. That’s rich. The loan repayment schedule must look like a map of Middle Earth.

Jul 13 12:09

What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure And Most Certainly Banks"

With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in Greek assets in a liquidation fund.

Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

Jul 13 12:09

US Aid To El Salvador Came With Strings Attached: Monsanto Seeds Required

Farmers and activists for natural agriculture in El Salvador successfully resisted efforts by the U.S. government to tie foreign aid to the use of GMO seeds, in the latest attempt to link relief money with profits for Monsanto, the controversial multinational agribusiness giant.

In 2013, the U.S. offered El Salvador $277 million in aid through the Millennium Challenge Corporation, a foreign aid agency established under President George W. Bush. Then, in 2014, Dahr Jamail reports for Truthout, U.S. officials started putting increased pressure on the Central American country to make “economic and environmental policy changes” in return for receiving the next phase of the aid package. A key part of the disagreement involved programs to provide locally produced seeds to poor farmers, which officials argued violated the Dominican Republic-Central America Free Trade Agreement by favoring local products over those produced by multinational corporations.

Jul 13 12:08

LAPD Use Desperate Females Begging For Rides to Entrap Uber Drivers

Despite not going through the Uber app, she tells you she's in a hurry, asks you to book the ride on your own phone and begs you to drive "across the street" to her friend.

When you comply, all the sudden you're surrounded by a gang of cops who accuse you of acting as a "bandit cab" driver -- someone who takes money under the table for rides, rather than funnel cash through Uber and in turn, the state's taxing authorities -- then you're placed under arrest and your car is impounded.

This is the tactic the LAPD is using to bust unsuspecting Uber drivers on petty statute violations.

Jul 13 12:00

Euro Zone Leaders Reach Agreement To Rescue Greece

Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euros bailout to keep the near-bankrupt country in the single currency.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

"Clearly the Europe of austerity has won," Greece's Reform Minister George Katrougalos said.

Webmaster's Commentary: 

I expect rioting in Greece as the people realize Tsipras has broken his promises. My sympathies are with the Greek people!

Jul 13 11:58

Puerto Rico Meets With Creditors As Default Looms

Investors in Puerto Rico hope to get specific information about how the commonwealth plans to restructure debt when government officials meet with creditors on Monday, but there are fears that any bungled messaging could knock bond prices.

Puerto Rico Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt on Jun 29, saying he wants to restructure debt and postpone bond payments.

Jul 13 11:58

Greek PM Tsipras Agrees to Key Demands of Eurozone Leaders

In what many are calling a complete surrender, Tsipras' agreement to a 50 billion euro privatization fund and much more could split Syriza and lead to new Greek elections -

Webmaster's Commentary: 

Or another civil war!

Jul 13 11:22

The Problem of Greece Is Not Only a Tragedy. It Is a Lie

An historic betrayal has consumed Greece. Having set aside the mandate of the Greek electorate, the Syriza government has willfully ignored last week’s landslide “No” vote and secretly agreed a raft of repressive, impoverishing measures in return for a “bailout” that means sinister foreign control and a warning to the world.

Jul 13 11:09

Detroit shipping container model homes near completion

Jan Dijkers, and associate broker with The Loft Warehouse, said the units will sell from between $150,000 for the smallest, 640-square-foot unit to $350,000 for the largest, 1,800-square-foot units.

Webmaster's Commentary: 

$150,000 to live in a shipping crate! That is the face of fascism in the US!

Jul 13 11:07

GMO's Montier Shifts To 50% Cash, Sees 3 "Hellish" Scenarios For Markets

"This is definitely the most difficult time to be an asset allocator," warns GMO's James Montier, telling conference attendees in Munich that he hasn't been this risk-averse since 2008. Having warned six months ago that "stocks are hideously expensive...in a central bank sponsored bubble," Montier sees three different "hellish" scenarios and as CityWire reports, warns investors, "I think it's best to stand a bit and hold onto some dry powder," despite the groupthink idolatry being practiced around the world.

Jul 13 11:07

Why NATO Fears 'Grexit'

With Greece tottering on the brink of leaving the Eurozone, experts of all stripes have been debating Grexit's security implications, including Athens' relationship with NATO. While naysayers argue that the geopolitics behind Grexit "are actually pretty boring," others warn that the implications for the bloc could be far more serious.

Jul 13 11:06

TTIP Negotiators to Engage Interested Stakeholders on July 15

The Transatlantic Trade and Investment Partnership (TTIP), a US-advocated pact, seeks to create the world's largest free trade zone. However, there are concerns that TTIP will take trade controls away from local governments and give them to international corporations.

Jul 13 11:03

John Oliver: How Sports Teams Are Ripping Us Off

“The vast majority of stadiums are made using public money,” said Oliver, citing a report from 2012 stating there’s been “$12 billion spent on the 51 new facilities opened between 2000 and 2010.”

“Which begs the question: Why?” he asked. “Sports teams are wealthy businesses with wealthy owners and they still get our help. Two years ago, Detroit got approval to spend more than $280 million in taxpayer money for a new arena for the Red Wings just six days after the city filed for bankruptcy—even though the Red Wings owner is Mike Ilitch, the founder of the Little Caesar’s pizza chain, who’s worth an estimated $5.1 billion. That’s a little hard to swallow.”

Jul 13 10:57

Middle East Turning Net Borrowers?

Further evidence that 2015.75 is really the peak in a Massive Debt Bubble, the Middle East has been always on a cash basis. Their revenues from oil exempted them from ever borrowing money. That is not the case today.

As oil prices rose, spending programs also anticipated no end in site. So as oil peaked and has begun a technology-shift bear market, those spending programs are causing budget deficits to appear in the Middle East for the first time. Not only has Saudi Arabia issued it first bond issue of $4 billion to cover budget deficits, Other countries may follow in the region.

Jul 13 10:56

How German Media See The New Greek 'Deal'

Jul 13 10:51

AGreekment: 'Unanimous' decision over Greek crisis reached

Jul 13 10:30

Godfather Ellison’s Protection Racket

On Friday, two business journals ran stories on Oracle’s latest tactic for selling its lagging cloud services. The articles should serve as a warning to business readers, as they say in effect, “If you’re using Oracle software to run your businesses, you should consider running an internal audit to ascertain you’re in compliance, because you don’t want to be caught out of compliance if Redwood City’s goon squad pays a visit.”

It appears that one of the tactics being used by Larry Ellison and his minions to sell the cloud is a new twist on the old protection racket. This shouldn’t surprise. Ellison didn’t become California’s richest person by playing nice — it doesn’t work that way.

Webmaster's Commentary: 

Sure, if the computer industry can't actually write good software, just use politics and pressure to close the deal!

Remember the Obamacare website? They spent 3/4 of a billion dollars building it and it is as screwed up as the new WRH!

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