ECONOMY

Sep 01 08:02

The U.S. Is Now a ‘Third World’ Country

The measure of “extreme poverty” used here is based on one of the World Bank’s key indicators of global poverty: $2 per person, per day. Tellingly, the World Bank does not release official estimates for the United States for this metric because it is meant to capture poverty based on “the standards of the poorest countries.” … Living below this metric is widely considered to be a marker of extreme destitution, which is assumed to be very uncommon among wealthy nations.

They further explain:

Households are counted as being in extreme poverty if they report $2 dollars or less per person, per day in total household income in a given month (approximated as $60 per person, per month in 2011 dollars). … The official poverty line for a family of three would equate to roughly $17.00 per person, per day, averaged over a year, so our measure is roughly 13 percent of the official poverty line.

Webmaster's Commentary: 

Please remember; whenever Obama spouts off about an "economic recovery", he is only talking about the 1 percenters and the banks, and that is it.

Sep 01 06:54

Bloomberg Primes the Pump of the Deflationary Dialectic

Bloomberg offers two editorials on Europe that tell us economic growth is not going well. The one above speaks to the issue of Mario Draghi's lack of courage in terms of implementing a program of aggressive money printing.

The other one, which we excerpt below, is a kind of call to arms by Bloomberg itself – via its editorial staff – demanding that Europe's leaders scrap the fiscal pact negotiated in 2012 that mandates certain austerity measures.

Taken together, they seem to be indicating a certain level of distress, and yet there are other ways to regard this double-barreled explosion of concern over the EU's still-eroding economic condition.

Webmaster's Commentary: 

So, let's make things worse with a pointless sanctions war with Russia!

Sep 01 06:50

Study: PA’s debt would cost taxpayers $14,500 each to pay off today

Pennsylvania is famous for its potholes, but it has an even bigger sinkhole problem that could cost taxpayers way more than minor car repairs caused by pock-marked roads.

Truth in Accounting, an economic think tank based in Chicago, released its Fiscal Year 2013 State of the States Report last week. It determined Pennsylvania is a “sinkhole state,” meaning it’s “sinking in debt.”

While the Keystone State owns $38.9 billion in available assets, it owes more than $100 billion, the report says. That makes for $62 billion in obligations, which have been pushed toward the future.

Sep 01 06:45

Persistent Unemployment Still A Major Problem In The U.S.

While the mainstream media in the U.S. is desperately trying to sell the false narrative that the national economy is “on the rise” again, Iran’s PressTV is more willing to tell us the red pill truth. The fact of the matter is things are really bad, and we are not going through some sort of Cinderella story of economic redemption.

New data shows there is a persistent unemployment problem in the United States. In fact, the number of people relying on the government for food or housing assistance is still at record levels. For those that do have a job, more Americans than ever are dealing with the sobering reality of earning the minimum wage.

Sep 01 06:37

China to Begin Building Power of Siberia Gas Pipeline in First Half of 2015

Chinese Vice Premier Zhang Gaoli on Monday announced that his country would begin the construction of its part of the Power of Siberia gas pipeline in the first half of 2015.

“The Chinese side has already planned to begin the construction of the Chinese part of the pipeline in the first half of next year. And we must use effort so that we complete construction and the beginning of the pipeline’s use in 2018,” Zhang said during the opening ceremony of the construction of the Chinese part of the pipeline, at which Russian President Vladimir Putin was also present.

After 10 years of negotiations, in May 2014, Russia and China signed a 30-year deal on the supply of 38 billion cubic meters of natural gas to China annually.

The 2,200-mile Power of Siberia pipeline running from the Chayanda oil and gas field in Yakutia will be used to deliver gas to Russia’s Far East as well as to export it to China. The estimated cost of its construction is 770 billion rubles [$21 billion].

Sep 01 06:34

Russia’s Gazprom Neft Starts Commercial Oil Production at Iraq’s Badra Oilfield

Gazprom’s subsidiary Gazprom Neft began the commercial production and delivery of oil at Iraq’s Badra oilfield, a press release on the company’s website reported Monday.

"Over the period of just a few years, a consortium of companies led by Gazprom Neft has fully prepared Badra, one of the most complex geological field structures in Iraq, for full-scale commercial development. This is the first major international project in upstream the company has implemented from scratch. The unique experience gained during this project will contribute to our development of future projects both in Russia and internationally," the company’s Chairman was quoted in the press release as saying.

Aug 31 20:15

Water ATM's Bring Relief To Thirsty Country

Aug 31 17:15

ON LABOUR DAY, AND EVERY OTHER DAY, LOOK FOR THE UNION LABEL

Labor Day has arrived, and families across the country will be getting their backyards ready for barbecues. In progressive circles, a familiar message is making the rounds: Buy union. Make sure your grill is a Weber or Thermador, made by union hands. Eat Butterball and Hebrew National franks. A list of brands has been circulating on social media sites with the goal of urging pro-labor consumers to support members of the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union, the United Food and Commercial Workers, and other food sector and manufacturing unions.

Aug 31 14:04

The U.S. Is Now a ‘Third World’ Country

Slightly more than one American household with children in every 25 is surviving on less than $2 per day of income from all sources. One quarter of that 4.3% (that’s 1% of all Americans with children) receive less than $1.25 per day. One third (that’s about 1.33% of all Americans) receive between $1.25 and $2. Another third of that 4.3% receive enough government benefits to be living on between $1.25 and $2 a day. A tiny 0.1% of that 4.3% are even surviving somehow on “Negative income & benefits.”

Aug 31 09:20

Ecuador to replace the US dollar with its own digital currency

Ecuador is planning to create the world’s first digital currency issued by the country’s central bank, in what is seen by many as a step to abandon the US dollar, the currency now used by the Central American country.

The currency is expected to start circulating in December, according to the country’s Central Bank.

The technical details or the name of the currency have not been revealed, although the officials stated that it would not be a crypto-currency like Bitcoin.

The new currency is expected to co-exist with the US dollar, the current official money Ecuador uses, and will be channeled for 2.8 million people in the country – 40 per cent of the participants in the economy – who are too poor to afford the usual banking.

Use of the currency will be voluntary, and it will not be used to pay the state employees.

It will be possible to make and get payments via cellphones, Central Bank’s deputy director Gustavo Solorzano told AP.

Webmaster's Commentary: 

"The Ecuadorian government is poised to do WHAT?!?!?

INVADE NOW!!!!" Official Federal Reserve Souse.

Aug 31 09:05

All Wars Are Bankers' Wars

Webmaster's Commentary: 

The war is really cranking up and the bankers are having orgasms!

The original article that inspired this video is HERE and contains additional information not in the video.

Aug 31 09:01

The Economics Of Perpetual War

Art of War actually states that “no country has ever profited from protracted warfare,” and cautions generals to “fight under Heaven with the paramount aim of ‘preservation.’” Yet as far back as we have historical records, these sorts of ideas have fallen on deaf ears among governments and military organizations alike.

Webmaster's Commentary: 

The only people who profit from wars are the bankers who create money out of thin air then loan it to the warring parties at ruinous interest!

Aug 31 08:58

French President Says "There Is Risk Of War" As Europe Plans Additional Russia Sanctions

For months Europe had thought that mere verbal (and hollow) threats, populist posturing and propaganda would be enough to force Russia's Putin to back off and withdraw from the endless Ukraine escalation, into a Kremlin cocoon with his tail between his legs. What they didn't anticipate was that Putin would in no way back down (as that would be seen as defeat and weakness by his numerous internal foes), nor would have have to: with Russia providing a third of European gas and with winter approaching, Russia had all the trumps cards from day one.

Aug 31 05:38

Monsanto in Ukraine: IMF loan for Ukraine may give GMO giant a backdoor into EU

Ukraine’s bid for closer ties with the west could come at a cost. With the IMF set to loan the country $17 billion, the deal could also see GMO crops grown in some of the most fertile lands on the continent, warns Frederic Mousseau.

Very few, not least the Ukrainian population are aware of these details, but according to Mousseau, who is a Policy Director at The Oakland Institute, in return for the cash, Ukraine could very well become a test ground for GMO crops in Europe, something the rest of the European Union has been looking to prevent. RT caught up with the Frenchman, who voiced his concerns at what may lay ahead.

Aug 30 17:52

3 Things Worth Thinking About

Aug 30 16:18

Labor Day 2014: Economic solutions already here for full employment, zero public deficits and debts

*hyperlinks live at source*

Labor Day is an Orwellian holiday: US “leaders” psychopathically pretend to care about American labor while lying about a real unemployment rate of close to 25% (the so-called “official” rate excludes under-employed and discouraged workers).

Along with unemployment, Americans receive policy enabling oligarchs to “legally” hide $20 to $30 trillion in offshore tax havens in a rigged-casino economy designed for “peak inequality.” For comparison, $1 to $3 trillion ends global poverty forever, saving a million children’s lives every month from slow and gruesome death (here, here). And, as always, US “leaders” lie-begat Americans into unlawful Wars of Aggression (in comparison, 11 days of US war cost would pay for all tuition of US college students).

Americans could have full-employment and zero public deficits and debt with monetary and credit reform.

These solutions are obvious upon a few moments of your attention. See for yourself:

Aug 30 15:03

It's Settled: Central Banks Trade S&P500 Futures

Courtesy of an observation by Nanex's Eric Hunsader, we now know, with certainty and beyond merely speculation by tinfoil fringe blogs, that central banks around the world trade (and by "trade" we mean buy) S&P 500 futures such as the E-mini, in both futures and option form, as well as full size, and micro versions, in addition to the well-known central bank trading in Interest Rates, TSY and FX products.

In fact, central banks are such active traders, that the CME Globex has its own "Central Bank Incentive Program", designed to "incentivize" central banks to provide market liquidity, i.e., limit orders, by paying them (!) tiny rebates on every trade. Because central banks can't just print whatever money they need, apparently they need the CME to pay them to trade.

Aug 30 12:23

Consumer Spending Drops as Car Sales Stall

U.S. consumer spending fell in July, with a drop in auto purchases accounting for most of the weakness. Income growth also slowed.

Aug 30 11:36

Scientists predict why the US will riot next

Using plain, simple math and data charts, scientists at the New England Complex Systems Institute have come to a clear-cut conclusion that when food prices rise, as much as they are in the US, then people start rioting. Right now in the US, 49 million Americans are already dealing with food insecurity. One in seven Americans rely on food banks. A quarter of the American military needs outside assistance to feed their families. And of course, minorities are facing serious hunger issues. The Resident discusses.

Aug 30 11:12

The wars that really are about the oil

Americans who hope that ‘energy independence’ can reduce US involvement in the Middle East similarly fail to understand the post-Cold War strategy of their own country. Thanks to the revolution in oil and gas production made possible by hydraulic fracturing technology (fracking) and horizontal drilling, the US has passed Russia as the world’s leading energy producer and Saudi Arabia as the leading producer of crude oil.

Aug 30 09:29

An Autumn storm brewing?

Aug 30 09:18

Dunkin' Donuts Worker's Death Reveals The True Cost Of Our Low-Wage, Part-Time Economy

A New Jersey woman died earlier this week trying to catch a few hours of sleep between jobs, a chilling reminder of the struggle low-wage workers, particularly women, face making ends meet.

Police found Maria Fernandes dead in her car on Monday night, parked in a convenience-store parking lot in Elizabeth, N.J., according to a police press release. Fernandes, 32, was wearing a Dunkin’ Donuts uniform when she was found. A friend and fellow employees told officials she worked as many as four jobs, said Lt. Daniel Saulnier, a spokesman for the Elizabeth police department.

Webmaster's Commentary: 

Did no one at any of her jobs understand how extremely dangerous and difficult her situation was?!? And working 4 jobs, just to survive, when did THAT become corporate America's answer to the "American Dream"?!?

Was there not any family willing to help out?!? Where was just a touch of love and humanity for this woman which could have saved her?!?

I am sure none of the executives of Dunkin' Donuts are losing any sleep over this incident; this woman's death was simply collateral damage, and she was completely expendible; after all, there will be hundreds of others clamoring to get her job, right?!?

Corporations by definition have no morals whatsoever, and are simply obligated to provide profits for shareholders, period, end of discussion.

Aug 30 08:54

Permanent temps: What your life as an ‘elderly migrant’ worker will be like when you can’t retire

Jessica Bruder: Though no one keeps an official tally of how many older Americans are doing this kind of work, their ranks appear to be growing rapidly in the wake of the housing bust and market crashes.

Amazon first hired a handful of migrant full-time RVers in 2008 through a program the company later named “CamperForce.” As of 2014, it had expanded to employ some 2,000 workers, according to a recruiter I met in Quartzsite, Arizona. The American Crystal Sugar Company taps the same labor pool each fall to staff its annual sugar beet harvest, and their recruitment numbers are up, too. This year, they’re hoping to recruit 600 “workampers,” up from 450 the year before.

LP: What’s the gender breakdown among these traveling workers? What kinds of work are men and women doing?

Webmaster's Commentary: 

Absoflippinglutely unbelievable.

At a time when people should be enjoying at least some leisure, far too many Americans are working like slaves at rock bottom wages.

What is wrong with this?!?

EVERYTHING.

Aug 30 06:39

Corporations Join Droves Renouncing US Citizenship

And now those "droves" are going to be paying an extra 422% to break free by renouncing citizenship, according to Forbes. - Ed.)

Nick Giambruno, International Man
Casey Research

Don’t be surprised to lose if you don’t make an effort at being competitive.

And if you go out of your way to make yourself less competitive, expect to lose.

If that sounds like simple common sense, that’s because it is.

But it’s also exactly what the US has been doing for years—enacting tax policies that sabotage its global economic competitiveness...

Aug 29 18:41

The Disappearing Middle Class...

Aug 29 17:26

Debt Rattle Aug 29 2014: This Is Why The Fed Will Raise Interest Rates

When rates are low, banks can borrow on the cheap. But they can’t charge you high rates either. They’ve now borrowed all they want, and can, at zero percent (there’s a limit to profits even there). And the banks want to move to 3-4-5+%, so they can squeeze their customers for the difference.

The Fed is only too happy to comply. And it will use the argument of an improving US economy to do so. Because (some of) the – handpicked – stats say there’s improvement. Yellen is still dutifully hesitating, because they all know there really is no great US economy that would justify a rate hike, but all the pieces are in place.

And that’s why US interest rates will go up. And create chaos in global markets. And push millions of Americans and Europeans into servitude. It’s because the banks want it. Because they stand to profit greatly from the ensuing mayhem.

Aug 29 17:25

Microsoft’s Staggering Tax Dodge Alone Would Fund the Entire State of Washington for Two Years

Reading companies’ annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork. This year, one of the most important revelations came from Microsoft’s filings, which spotlighted how the tax code allows corporations to enjoy the benefits of American citizenship yet avoid paying U.S. taxes.

Aug 29 16:46

How global corporate tax rates compare:

Aug 29 16:03

The guy on left forgot to buy the dips:

Aug 29 15:40

IMF Approves 1.39 billion Bailout Payment to Ukraine

The International Monetary Fund on Friday approved the latest payment to Ukraine in its $17 billion bailout program, providing a critical boost to Kiev as it faces military, economic and political threats.

Aug 29 15:15

The Biggest Tax Scam Ever: How Corporate America Parks Profits Overseas, Avoiding Billions in Taxes

As Burger King heads north for Canada’s lower corporate tax rate, we speak to Rolling Stone contributing editor Tim Dickinson about his new article, “The Biggest Tax Scam Ever.” Dickinson reports on how top U.S. companies are avoiding hundreds of billions of dollars by parking their profits abroad — and still receiving more congressionally approved incentives.

Aug 29 15:02

Has Ukraine Shot Itself In The Foot With Gas Pipeline Deal?

Last week, Ukrainian Prime Minister Yatsenyuk pushed a bill through the Verkhovna Rada that would see his country’s gas transportation system sold off to a group of international investors. The provisions of the law would permit the transit of natural gas to be blocked. This decision may hurt the fragile industrial recovery in Germany and finish off Ukraine’s potential as a gas transit route to Europe.

Aug 29 14:53

HSBC awards 15 top bankers £7.1m in move to sidestep bonus rules

HSBC has given 15 of its top bankers “fixed pay allowance arrangements” worth £7.1m under a controversial new pay scheme designed to dodge tough new European Union rules on bankers’ bonuses.

Britain’s biggest bank awarded Samir Assaf, the head of its investment bank, £1.5m worth of shares, and chief executive Stewart Gulliver was given shares worth £850,000.

Peter Wong, deputy chairman and head of the Asia-Pacific region, was given £760,000 worth. Iain Mackay, finance director, and Marc Moses, chief risk officer, got £470,000 worth.

The awards are part of big banks’ plans to increase the basic pay of executives to sidestep tough new EU rules designed to clamp down on excessive bonuses.

Aug 29 14:48

George Osborne Continues Scamming The British Taxpayer

George Osborne has come under fire for refusing to share information about party guests attending his grace-and-favour country home.

The Treasury department has refused to provide any information, claiming the Buckinghamshire residence is for "private use".

Aug 29 14:40

Microsoft's Staggering Tax Dodge Alone Would Fund the Entire State of Washington for Two Years

Reading companies' annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork. This year, one of the most important revelations came from Microsoft's filings, which spotlighted how the tax code allows corporations to enjoy the benefits of American citizenship yet avoid paying U.S. taxes.

Aug 29 14:11

Labor Day exhausted: 40-hour work week grows to 47-60 hours

The old “9 to 5” work week is becoming about as obsolete as the American Dream. A new Gallup poll finds that economically-stressed Americans are now working an “average” of 47 hours, with a growing number clocking 60 hours or more.

Aug 29 13:57

The Biggest Tax Scam Ever: How Corporate America Parks Profits Overseas, Avoiding Billions in Taxes

As Burger King heads north for Canada’s lower corporate tax rate, we speak to Rolling Stone contributing editor Tim Dickinson about his new article, "The Biggest Tax Scam Ever." Dickinson reports on how top U.S. companies are avoiding hundreds of billions of dollars by parking their profits abroad — and still receiving more congressionally approved incentives.

Aug 29 13:45

Woman working 4 jobs to make ends meet dies while napping in car between shifts

A New Jersey woman who worked four jobs, who sometimes “wouldn’t sleep for five days,” according to a co-worker, died Monday while napping between shifts in her car on the side of the road.

Aug 29 13:12

Europe closer to deflation as investors wait for ECB move

Europe edged closer towards the deflation abyss on Friday as the inflation rate across the single-currency bloc fell to a five-year low of just 0.3 per cent.

The latest decline — driven by falling food and energy prices — comes as the region attempts to shake off economic stagnation, and fuels calls for European Central Bank president Mario Draghi to launch a large-scale money-printing programme.

Draghi said last week the option was on the table to kick-start growth, but Germany signalled opposition to such a move today as finance minister Wolfgang Schaeuble warned the ECB “doesn’t have the instruments” to fight deflation. A sanctions war with Russia is meanwhile threatening economic prospects.

Aug 29 11:05

Almost There…

Aug 29 10:19

Poverty Capitalism in 2014 – Introducing Private Probation Companies

As N.P.R. reported in May, services that “were once free, including those that are constitutionally required,” are now frequently billed to offenders: the cost of a public defender, room and board when jailed, probation and parole supervision, electronic monitoring devices, arrest warrants, drug and alcohol testing, and D.N.A. sampling. This can go to extraordinary lengths: in Washington state, N.P.R. found, offenders even “get charged a fee for a jury trial — with a 12-person jury costing $250, twice the fee for a six-person jury.”

Webmaster's Commentary: 

In Sweden, they are emptying their prisons, because the sole focus is rehabilitation, and that approach is working close to perfectly.

But in the US, the prison-industrial complex is about profit, rather than rehabilitation, so the process - and profits - grind on. Talk about the inhumanity!!

Aug 29 09:54

How The US Militarizes The World’s Police, Not Just Ferguson’s

Since then, the world has watched the streets of Ferguson turn into a battleground, as heavily armed police officers fired tear gas, shot rubber bullets and pointed guns at protesters denouncing Brown’s killing.

“Solidarity with Ferguson,” tweeted Mariam Barghouti from Palestine. “Remember to not touch your face when tear gassed or put water on it. Instead use milk or coke.”

Numerous people — domestic and abroad — have expressed outrage at the militaristic response of local police against protesters, journalists, and people of color.

“Urban Shield plays a leading role in the globalization of repression.”

Since the protests erupted earlier this month, many have called into question the US Defense Department’s 1033 program, which allows surplus military equipment to be transferred to local police departments for counter-narcotics and counter-terrorism operations.

Webmaster's Commentary: 

Ultimately, the only way "security" is created is through meaningful work, at decent wages, coupled with lifetime education, and money which is created as a public utility, not a loan at interest upon its issuance.

Any other way, which consistently favors suppression as a way of snuffing out dissent, is ultimately doomed to failure.

Aug 29 09:11

BDS GAINING MOMENTUM IN EUROPE

The war in Gaza and its aftermath have inflamed opinion in Europe and, experts and analysts say, are likely to increase support for the movement to boycott, disinvest from and sanction Israel, known as BDS.

Aug 29 07:59

Will the US succeed in breaking Russia to maintain dollar hegemony?...

In this article we are going to look at what is arguably an even bigger reason, that was largely omitted in the earlier article, which is that Russia, in alliance with China, is threatening to bring an end to the dollar as the global reserve currency, which would mean the end of the American empire.

We are witness to the greatest struggle of our age – the battle to maintain global dollar hegemony, and with it US economic, military and political dominance of the entire planet – and this struggle is now coming to a head.

Enter Russia (and China), the biggest threat yet to dollar dominance. These large powerful neighbors have entered into various major currency and trade agreements in the recent past that do not involve the dollar, and therefore pose a serious threat to the dollar’s reserve currency status that left unchallenged would bring it to an end.

Aug 29 07:06

A World Without Fractional Reserve Banks And Central Planning

In a very real sense, it is fractional reserve banking and not money itself that is the root of so many of today’s evils. Whenever fractional reserves are permitted, the banking system – including the one that exists today throughout the world – comes to resemble a classic Ponzi scheme which can only function as long as most people don’t try to get at their money.

Aug 29 07:05

This Has Never Happened Before

Presented with little comment aside to ask rhetorically just how screwed up markets and macro data are to allow 'this' to happen...

For the first time in history, based on FRED data, the 30Y constant maturity yield is below the real GDP growth level...

Aug 29 07:01

JPMorgan Warns Military Escalation In Ukraine "May Lead To A Lehman-Style Shock"

The sudden military escalation in Ukraine in recent days has, according to JPMorgan's Alex Kantarovich, reduced the earlier hopes that the high level meeting in Minsk on 26 August would help to defuse the conflict. As Kantarovich warns, the markets are now bracing for the US/EU responses. In the worst case scenario, now appearing more likely, severe pressure on stocks may extend. As he concludes, "we believe that with the significant deterioration in the Ukrainian situation, markets may treat this as a Lehman-style shock."

Aug 29 06:01

Why Americans Are So Sensitive To Even The Smallest Increase In Prices

In the last year, even the 'smartest men in the room' PhDs with advanced degrees have seen their wages shrink, according to a new study by the Economic Policy Institute. As The WSJ notes, inflation has been low by most measures in recent years, but wage growth for the majority of workers has been even lower.

Aug 29 04:31

Wall Street Admits That A Cyberattack Could Crash Our Banking System At Any Time

Wall Street banks are getting hit by cyber attacks every single minute of every single day. It is a massive onslaught that is not highly publicized because the bankers do not want to alarm the public. But as you will see below, one big Wall Street bank is spending 250 million dollars a year just by themselves to combat this growing problem. The truth is that our financial system is not nearly as stable as most Americans think that it is.

Aug 28 18:42

Helsinki’s Plan To Make Private Cars Obsolete

Aug 28 18:35

EU Sanctions Boomerang – Poor leadership once again

What I am beginning to see now, which I had missed earlier, was an unofficial roll-out of the “economic war” version of that same preemptive strike policy. Some elites in a boardroom somewhere decided that we had the same right to attack countries that we felt could be an economic threat in the future, that it would be cheaper and safer to attack them now. Since we had already given ourselves permission to attack militarily, the elites also assumed the right to conduct first-strike economic wars and to use the military in whatever capacity needed.

One of the clues that woke me up to this was the obvious US play to steer Europe away from Russian energy supplies and replacing them with pipe-lined resources from the Persian Gulf. Hence, there was a need to take Syria out to eliminate the Russian base there, and control the pipeline territory to the Eastern Mediterranean. Over 170,000 Syrians have been murdered in the process.

Aug 28 18:10

Wall Street Admits That A Cyberattack Could Crash Our Banking System At Any Time

Wall Street banks are getting hit by cyber attacks every single minute of every single day. It is a massive onslaught that is not highly publicized because the bankers do not want to alarm the public. But as you will see below, one big Wall Street bank is spending 250 million dollars a year just by themselves to combat this growing problem. The truth is that our financial system is not nearly as stable as most Americans think that it is. We have become more dependent on technology than ever before, and that comes with a potentially huge downside. An electromagnetic pulse weapon or an incredibly massive cyberattack could conceivably take down part or all of our banking system at any time.

Aug 28 16:05

Ammunition now plentiful one year after mass shortages

About a year ago, ammunition shortages were causing fear and panic in the gun community, especially after news came out of the Department of Homeland Security’s purchase of over one billion rounds for government use. Additionally, the continuous message being made to honest Americans by politicians like President Obama, former NYC Governor Michael Bloomberg, and a host of others that new gun laws and restrictions were headed down the pike, caused many of the 90 million strong gun owners to hoard ammunition for fear it would no longer be plentiful.
Comment

Aug 28 15:20

How safe is your Money? Five Major U.S. Banks Hacked this month

The FBI is investigating five major bank security breaches this month that experts think may have come from state-sponsored hackers in Russia. The attacks, which happened earlier this month, gave hackers access to gigabytes of checking and savings account data that could be used to drain accounts.

Not safe in the banks regardless, but more reason to keep ONLY WHAT YOU NEED in there for bills etc...

Aug 28 14:44

Shortage Of Truck Drivers Hits US

Aug 28 14:43

Supermarkets Suffer Ice Shortage

Aug 28 14:28

Massive 60% stock market correction coming: “period of extreme turmoil”

The confidence game is almost up warns Prudent Bear Fund President David Tice. And when the economic recovery and stock market build-up is finally revealed for the conjecture that it really is we’ll have a sell-off of unprecedented proportions.

Aug 28 12:24

Massive 60% Stock Market Correction Coming: “Period Of Extreme Turmoil”

Buckle up, because there is no stopping what is coming. The signs for an impending catastrophe can no longer be ignored.

What happens next is anyone’s guess, but given the seriousness of the crisis in 2008, we should expect the entire bottom to fall out of not only stock markets, but the economy and the U.S. dollar as well.

Aug 28 08:25

Is America Becoming a Third World Country?

Ted Baumann
Activist Post

I often ask myself: “Is America becoming a Third World country?” I’ve traveled all over the world and seen the ins and outs of developed and undeveloped nations, observing economic and political structures that work and many that don’t. And what I too often see in the Third World — it’s that fair and equal treatment under the law often goes amiss...

Aug 28 07:46

Washington Sabotages Russian/Ukrainian Summit

On Monday, Vladimir Putin and Petro Poroshenko met in Minsk. It was their first official bilateral meeting. They discussed relevant geopolitical issues. Key is resolving Southeastern Ukraine’s ongoing conflict.
Putin urges doing it peacefully. Poroshenko’s continues war without mercy. He deplores democracy. He wants freedom fighting self-defense forces crushed. He wants unchallenged hardline rule.
He lied saying his visit was “to stop the bloodshed and to start the process of finding a political compromise. The interests of the people of Donbass should and will be taken into account.”
His actions speak louder than words. Peace is an executive decision away. He can make it by calling off his dogs. He can choose diplomacy over confrontation. He can order a ceasefire. He can do so straightaway. He can meet face-to-face with Southeastern Ukrainian leaders. He can respect their democratic credentials. He can listen to their demands.

Aug 28 06:51

Russia Sanctions Hit German Consumers, “Economic Expectations Completely Collapse”

Gfk reports that the sub-index of economic expectations, “in light of the intensified state of international affairs, completely collapses.”

It plunged 35.5 points to 10.4. The worst monthly plunge since the beginning of the survey in 1980. In a single month, it nearly wiped out all the gains of the boom of the last 12 months. Gfk cites the escalation of the situation in Iraq, Israel, the Eastern Ukraine, and particularly “the faster rotating sanctions spiral with Russia.”

Since there appears to be no sustainable solution to any of the trouble spots, consumers are showing increased uncertainty about the possible consequences for the German economy, Gfk reports. “Particularly the sanctions against Russia, which have already hit exports noticeably, could become a real danger for the German economy.”

Aug 28 06:34

The Nail In The Petrodollar Coffin: Gazprom Begins Accepting Payment For Oil In Ruble, Yuan

According to Russia's RIA Novosti, citing business daily Kommersant, Gazprom Neft has agreed to export 80,000 tons of oil from Novoportovskoye field in the Arctic; it will accept payment in rubles, and will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese yuan for the transfers. Meaning Russia will export energy to either Europe or China, and receive payment in either Rubles or Yuan, in effect making the two currencies equivalent as far as the Eurasian axis is conerned, but most importantly, transact completely away from the US dollar thus, finally putin'(sic) in action the move for a Petrodollar-free world.

Aug 28 05:02

Column: Local government funds vacationing in Israel

Congratulations to Ohio Treasurer Josh Mandel for further instilling the AIPACer ideology in Ohio government. Now, Ohio municipal and school administrators will quit complaining about the cessation of state funding.

The cessation of local funding has created surpluses in the Ohio treasury. Consequently, Mandel has increased transfers of Ohio money to Israel. The 2013 transfers amount to $26 million; the 2014 transfers exceed $48 million. Ohio holds $109 million of Israeli bonds which have a significant default risk. Ohio administrators should now be placated, with the knowledge that their lost revenue has gone to Israel, our allied theocracy.

In an Aug. 8 Washington Times advertisement for Israeli bonds, Mandel adroitly explains why Ohio is holding the $109 million of Israeli bonds. Cynics may question why Mandel is promoting investment in Israel instead of investment in Ohio. For Mandel, that question is unfair, since it goes to the essence of his AIPAC ideology

Aug 28 02:40

Venezuela Will Begin Fingerprinting Grocery Shoppers To Control How Much Food They Buy

Venezuela’s food shortage is so bad the country is mandating that people scan their fingerprints at grocery stores in order to keep people from buying too much of a single item.

Aug 28 01:11

Fed’s low interest rates could bring ‘scary’ 60% market crash

Markets could soon face a fall of up to 60 percent, two experts told CNBC on Wednesday. -- A jolt to international confidence in central banks will lead to a 30 to 60 percent market decline, David Tice, president of Tice Capital and founder of the Prudent Bear Fund, told CNBC’s “Power Lunch.” When this happens, he said, markets will face a “period of extreme turmoil.”

Aug 27 20:22

Shortage Of Truck Drivers Hits US

Aug 27 18:46

What Happened To All The Gun Buyers?

Aug 27 17:32

CALLING ALL ENGINEERS

Aug 27 15:34

Ebola Devastates West Africa: Revenues Down; Markets Not Functioning; Projects Canceled; GDP Plunges 4%

The market, in its infinitely rigged wisdom, has concluded that the worst Ebola outbreak in history is a non-event, even though it has put virtually all of western Africa on indefinite lockdown, and as Reuters reports, is "causing enormous damage to West African economies and draining budgetary resources." In fact the damage from Ebola to Africa is already so acute, it is expected that economic growth in the region will plunge by up to 4 percent as foreign businessmen leave and projects are canceled, according to the African Development Bank president said. Revenues are down, foreign exchange levels are down, markets are not functioning, airlines are not coming in, projects are being canceled, business people have left - that is very, very damaging," African Development Bank (AfDB) chief Donald Kaberuka said in an interview late on Tuesday.

Aug 27 14:09

4-Year Low on Tap for Labor Day Gas Prices

The average pump price of a gallon of gas is expected to reach $3.41 by the Labor Day weekend, down more than a penny from Wednesday’s price and down more than 2.5 cents from last Friday’s price. The holiday price is 18 cents below last Labor Day and a whopping 42 cents below the Labor Day 2012 price.

Aug 27 13:50

Dozens of Businesses Move HQs Outside America Under Obama

This process, called inversion, has been occurring more and more often, despite the fascistic suggestion by President Obama that headquartering outside the United States represents a betrayal of God and country. Members of the Obama administration have taken to labeling business inversions a lack of “economic patriotism” – presumably under the assumption that to stay in America, cut jobs, and lose all profits in order to pay higher taxes represents a sort of higher moral value than moving one’s headquarters and continuing to pay millions of workers and reward consumers with better and cheaper products.

Aug 27 13:35

Stocks Soar as Bankrupt U.S. Economy Stagnates

It's a fact: America is technically bankrupt.

Aug 27 13:12

Homeless Woman Says Deputy Used Excessive Force

A homeless, handicapped woman says she was attacked by a Polk County Sheriff’s deputy, simply because she is homeless.

Aug 27 12:58

Do not use Safety Deposit Boxes

According to in-house memos now circulating, the DHS has issued orders to banks across America which announce to them that “under the Patriot Act” the DHS has the absolute right to seize, without any warrant whatsoever, any and all customer bank accounts, to make “periodic and unannounced” visits to any bank to open and inspect the contents of “selected safe deposit boxes.”

Further, the DHS “shall, at the discretion of the agent supervising the search, remove, photograph or seize as evidence” any of the following items “bar gold, gold coins, firearms of any kind unless manufactured prior to 1878, documents such as passports or foreign bank account records, pornography or any material that, in the opinion of the agent, shall be deemed of to be of a contraband nature.”

Aug 27 12:38

Tropical Wave Boosts Orange Future Prices

Aug 27 12:25

Fed Vice Chairman Warns: Your Bank May Seize Your Money to Recapitalize Itself

Recent comments delivered by Federal Reserve Vice Chairman Stanley Fischer suggest that not only are global and domestic economies still struggling, but the U.S. government itself is preparing financial contingency plans in anticipation of another widespread economic event.

Aug 27 10:56

Britain would be poorer than any US state except Mississippi if it joined America

If Britain was to leave the European Union and join the US, it would be poorer than all of the other states in America apart from Mississippi, new figures suggest.

The figures, produced by Fraser Nelson, the Editor of The Spectator, also said that without the South-east, Britain could be considered worse off than America's most-deprived state as well.

Nelson said that Britain would rank 50th out of 51 states based on the gross domestic product (GDP) per capita figures and cost of living.

Aug 27 09:33

US Surveillance Flights A Step Toward Expanding War Into Syria

Officials confirmed the move toward surveillance flights over ISIS targets in Syria, leaving somewhat open the question of when the US is going to start launching airstrikes against targets inside Syria, expanding the Iraq War across the border.

Yet it’s not really a question of if, but when, as the surveillance flights are clearly the first step toward such attacks. The primary question is how to start launching such attacks without Syrian coordination, since officials want to avoid the appearance of cooperating with Syria.

The questions abound about expanding the war into Syria and are mostly unanswered, with Gen. Dempsey pushing the attacks, and the US already giving targeting intel to Syria’s government for the ISIS war.

Webmaster's Commentary: 

The real reason the US government is going into Syria, and back into Iraq, is that with ISIS controlling so much of the oil (at 2 to 3 million dollars of revenue per day), the oil is not being sold in US dollars, but other denominations.

This is about wrestling back economic control of the oil, and the currency in which is is sold.

Aug 27 09:07

Russia’s Gazprom Neft to Sell Oil for Rubles, Yuan

The Russian oil company Gazprom Neft has agreed to export 80,000 tons of oil from Novoportovskoye field in the Arctic; it will accept payment in rubles, and will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese yuan for the transfers, the Russian business daily Kommersant reported Wednesday.

The Russian government and several of the country’s largest exporters have widely discussed the possibility of accepting payments in rubles for oil exports.

Last week, Russia began to ship oil from the Novoportovskoye field to Europe by sea. Two oil tankers are expected to arrive in Europe in September. According to Kommersant, the payment for these shipments will be received in rubles.

Gazprom Neft will not only accept payments in rubles; subsequent transfers via the ESPO may be paid for in yuan, the newspaper reported.

According to the newspaper, the change in currency was made because of the Western sanctions against Russia.

Webmaster's Commentary: 

And please note that the US dollar has been neatly expunged from any of these transactions!!

Aug 27 09:03

Physical Silver Inventory Declined By 24%

As I mentioned in a earlier article, the Comex is more of a paper trading exchange in which the majority of contracts are settled in cash. However, the opposite is the case with the Shanghai Futures Exchange as the majority of contracts are settled with physical metal.

At the beginning of August, there were 148 metric tons of silver on warrant at the Shanghai Futures Exchange. In just three weeks, 29% of the total inventory was removed. The majority of this decline took place last week when 22 metric tons were withdrawn on Friday alone.

Also, we can see that since the beginning of July, 131 metric tons, or 56% of total silver stocks were removed from the Shanghai Futures Exchange. At this trend, it would only take a few more months to totally wipe out the remaining inventory.

Aug 27 08:46

Western sanctions push Russia, China closer; hurt dollar

y forcing Russia to conduct more business in the yuan and other Asian currencies, the U.S. may be speeding up the end of the petrodollar and giving China more prominence on the world stage.

As the West tightens financial sanctions against Russia over the conflict in Ukraine, Russian businesses are reducing their exposure to the dollar to minimize the damage from still tougher punishments. Many of these businesses have turned to the Hong Kong dollar as an alternative to the greenback.

Russian mobile phone carrier MegaFon said it will convert 40% of its dollar- and euro-denominated cash reserves into Hong Kong dollars.

Major nonferrous metal producer Norilsk Nickel has also decided to shift its U.S. dollar funds into the Hong Kong dollar.

Webmaster's Commentary: 

It has become painfully obvious that a major, mandatory prerequisite for working for this Administration is the pathological inability to think things through to their logical conclusion.

I am having an industrial strength, palm to forehead moment, at velocity, upon reading this!!

Aug 27 08:41

Ten more countries that may default on debt after Argentina

Argentina defaulted for the second time in 12 years after hopes for a midnight deal with holdout creditors were dashed, setting up stock and bond prices for declines on Thursday and raising chances a recession could worsen this year.

After a long legal battle with hedge funds that rejected Argentina’s debt restructuring following its 2002 default, Latin America’s third-biggest economy failed to strike a deal in time to meet a midnight deadline for a coupon payment on exchange bonds.

Even a short default will raise companies’ borrowing costs, pile more pressure on the peso, drain dwindling foreign reserves and fuel one of the world’s highest inflation rates.

However, Argentina is not the only country that has struggled to pay its debt recently. There are 10 other countries currently on Moody’s lists with a rating of Caa1 or worse, meaning they are at risk of default.

Webmaster's Commentary: 

IT is amazing that the United States is not on this list, as the economy is very shaky, no matter how the stock market looks right now, and the value of the US dollar is under siege through consistent "qualitative easing" by the Fed.

Aug 27 06:59

Will Republicans Block Action On Corporations Abandoning The U.S.?

There is legislation before Congress to do something about corporations renouncing their US "citizenship." The odds are that Republicans will block it -- and not just because they have obstructed everything else.

There is a wave of news about corporations using a technicality called an "inversion" to renounce their US "citizenship." An inversion is when a US company buys or merges with a non-US company, and then pretends it is no longer a US company. Today it's Burger King. Not long ago it was Walgreens.

Keep Same Executives, Employees, Facilities And Customers

Aug 27 06:56

European Parliament Fails to Calculate Impact of Sanctions Prior to Implementation

The European Parliament did not conduct any of its own official studies on the impact of its sanctions against Russia prior to their implementation or to this day, said Director-General of the European Parliamentary Research Service (EPRS) Anthony Teasdale and Secretary-General of the European Parliament (EP) Klaus Welle on Tuesday.

“On sanctions, no we have not, in the European Parliament Research Service, done any analysis on the financial implications,” said Teasdale in response to a question from RIA Novosti at a Wilson Center event on EU economic integration.

He said there had been no requests from parliamentary committees, noting that “the committees have not been meeting for the last three or four months, because we’ve been having European elections.”

Aug 27 06:41

IMF chief Christine Lagarde under investigation in France

Christine Lagarde, the chief of the International Monetary Fund, was placed under official investigation Wednesday for negligence in a French corruption probe that dates back to her days as France’s finance minister.

In a statement after a fourth round of questioning before magistrates, Lagarde said she would return to her work in Washington later in the day and said the decision was “without basis.”

She and her former chief of staff face questions about their role in a 400 million-euro ($531 million) payment to a businessman.

Aug 27 06:18

Bankers Suck Lifeblood from Argentina

Paul Singer is not a nice guy.

The Jewish billionaire head of Elliott Management Corp. and a few mega-rich vulture fund managers have no problem with the likely economic destruction of the sovereign nation of Argentina, birthplace of Pope Francis.

By demanding full value for defaulted Argentine bonds they purchased for a pittance and refusing to accept a reasonable settlement, the unscrupulous profiteers may have forced the South American country to the brink of bankruptcy. If they succeed in their piratical efforts, these plutocratic poobahs will almost certainly cause the total collapse of the struggling Argentine economy, creating rampant poverty, joblessness and chaos. Already in 2006, commentator Adrian Salbuchi, at Canada’s Global Research website, likened this to “financial genocide and terrorism.”

Aug 27 05:16

Dutch farmers dump tonnes of produce as Russian sanctions hit prices

Tonnes of tomatoes, pears and apples were being dumped by Dutch farmers on Wednesday as they signed up for compensation after prices plunged in response to Russian sanctions on Western food imports, officials said.

Around 45 major food growers registered for EU compensation with the Netherlands Enterprise Agency, which is coordinating the Dutch programme, under which their oversupply can be donated to charity or destroyed.

The Netherlands, the world's second-largest exporter of agricultural products, sells hundreds of millions of euros worth of vegetables, fruit and food products to Russia every year.

The Dutch statistics office has estimated the country's agriculture sector will suffer about 300 million euros ($395.5 million) in lost business this year, with Russia accounting for about 10 percent of Dutch exports of vegetables, fruit and meat.

Aug 27 04:52

Toxic Decayed Meat Being Sold As “Fresh

After reading this you may never trust Congress or the FDA again, let alone corporate chain grocery stores. This toxic practice makes seriously decayed meat look fresh for weeks and is banned in many countries including the European Union and Japan. Many consumers are unaware that over 70% of beef and chicken in the United States and Canada is treated with poisonous carbon monoxide gas and the FDA allows it, despite the known public health risks.

A bill was introduced in Congress that would require the labeling of meat that has been treated with carbon monoxide but it was never enacted and the topic was swept under the rug entirely. [Bill: H.R. 3115 (110th) introduced on July 19, 2007; never enacted.]

This practice makes meat appear and smell fresh even when contaminated with harmful bacteria such as Clostridium botulinum, Salmonella, Campylobacter, and E-coli 0157:H7

Aug 26 22:08

Growing National Unrest Has Many Worried, Even Capitalists

According to S&P’s assessment, “extreme” levels of income inequality can harm growth over long periods of time, and in their view, the United States is approaching a level of inequality that is very near the threshold of being dangerous.

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