ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Feb 25 00:09

U.S. Homeownership Rate Hits 20-Year Low

The homeownership rate in the United States dropped to a 20-year low of 64.5 percent in 2014, according to new data released by the Census Bureau.

Feb 24 22:01

The Psychological Reasons Why Americans Have Embraced Their Enslavement

Knowledge is a precursor to action and self-empowerment. Subsequently, how and where we get our news is critically important. This article explores how America sits upon the abyss of total brainwashing and how the last vestige of unbiased truth is about to disappear.

Feb 24 21:59

14 Signs That Most Americans Are Flat Broke and Totally Unprepared for the Coming Economic Crisis

When the coming economic crisis strikes, more than half the country is going to be financially wiped out within weeks. At this point, more than 60 percent of all Americans are living paycheck to paycheck, and a whopping 24 percent of the country has more credit card debt than emergency savings. One of the primary principles that any of these “financial experts” that you see on television will teach you is to have a cushion to fall back on. At the very least, you never know when unexpected expenses like major car repairs or medical bills will come along. And in the event of a major economic collapse, if you do not have any financial cushion at all you will be a sitting duck. Yes, I know that there are millions upon millions of families out there that are just trying to scrape by from month to month at this point. I hear from people that are deeply struggling in this economy all the time. So I don’t blame them for not being able to save lots of money.

Feb 24 20:56

100 Reasons Why Yellen SHOULD Be Worried About “Audit The Fed”

Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide?

Feb 24 18:08

The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

As we noted earlier today, there was some confusion over the plight of the Greek reform proposal document, which initially was said to have been delayed until today, only for the Troika, pardon, Institutions, to flip around and say they had actually received it before midnight on Monday. How could the two be possible? Courtesy of Yannis Koutsomitis, who had the simple but profound idea of looking at the properties tab in the leaked Varoufakis draft of the agreed to proposals, we now know.

As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals "before midnight on Monday", but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!

Feb 24 17:31

Food waste turns into help for hungry

Feb 24 16:18

US Government's "New Rule" Allows Banks To Completely Make Sh#t Up

The Federal Financial Institution Examination Council recently told banks that, “if a particular asset . . . has features that could place it in more than one risk category, it is assigned to the category that has the lowest risk weight.” This gives banks extraordinary latitude to underreport the risk levels of their investments. Bankers can now arbitrarily decide that a risky asset ‘has features’ of a lower risk asset, and thus they can completely misrepresent their investments. Bottom line, it’s becoming extremely difficult to have confidence in western banks’ financial health.

Feb 24 15:32

Market Whispers: The stinks!

The Euro Group has agreed to the proposals of Greece to reform - but the author of the proposals is unlikely to Greece, but the European Commission have been! That explains why the European Commission already praised the paper before ever it was clear that it was received by the institutions - later Dijsselbloem then claimed that the paper was shortly before midnight and thus received on time. Very strange ..

Webmaster's Commentary: 

So, it looks like the Troika had a ringer inside Syriza!

Feb 24 14:46

Some with insurance still slammed with high bills when they get sick

Stephanie and Daniel Dufek did everything they were supposed to do in building a middle-class life for themselves and their daughter. They lived modestly. They had health insurance. They saved.

"We had a normal life," Stephanie Dufek said.

Then her husband got sick.

In roughly a year, the family incurred more than $20,000 in medical bills, shattering their finances and leaving them with a tenuous hold on the life they had built.

Webmaster's Commentary: 

Tell me about it!

Thanks, Obamacare!

Feb 24 14:44

White House Economic Report Calls for Cutting Corporate Taxes

On Thursday, the White House released its “2015 Economic Report of the President,” presenting it as an argument for “middle-class economics.”

The document seeks to justify Obama’s scheme, spelled out in his most recent budget proposal, to slash corporate taxes by up to ten percentage points. The report attempts to obscure the fact that such a windfall for the corporate-financial elite will dramatically increase social inequality, claiming instead that it will “increase productivity, output and living standards.”

The document falsifies both present economic reality and the development of the US economy in the post-World War II period in order to argue for further pro-corporate “reforms.”

Feb 24 14:25

Too many US Dollar Bulls, way too many

Feb 24 14:18

Russia may refuse American Rating agencies service

Google Translate: Deputy Finance Minister Sergei Storchak has warned that Moscow's reaction to the actions of the international rating agencies may not only verbal.

We add that the cancellation of the agreement to maintain a rating in which the issuer pays for the work the agency does not mean automatic termination of rating.

Earlier, the international rating agency Moody's downgraded the sovereign credit rating of Russia to «Ba1» with «Baa3» with a negative outlook. Thus, the country's rating dropped to "junk" level. As explained in the release of Moody's, in 2015, Russia's economy is waiting for a deep recession in 2016, the reduction will continue. The main reasons for lowering the agency points out the consequences of the Ukrainian crisis, falling oil prices, and the exchange rate.

Feb 24 14:11

Whatever Became of Economists and the American economy

According to the official economic fairy tale, the US economy has been in recovery since June 2009.

This fairy tale supports America’s image as the safe haven, an image that keeps the dollar up, the stock market up, and interest rates down. It is an image that causes the massive numbers of unemployed Americans to blame themselves and not the mishandled economy.

Feb 24 14:02

Varoufakis Keeps Greece in the Eurozone, by its Fingernails

It’s not easy to negotiate with a gun to your head. Nevertheless, that’s the situation Greek finance minister Yanis Varoufakis found himself in on Friday preceding a crucial meeting with the Eurogroup. According to one report, the objective of the last-ditch confab “was to prepare a consensus text that would be the basis for the discussion” with the EU’s finance ministers.

Feb 24 13:34

$1,200-a-Day Union Workers Force Shut-Down of 29 West Coast Ports

The Pacific Maritime Association (PMA) announced that loading and unloading operations at all 29 West Coast ports would temporarily be suspended this weekend in response to union slowdowns that brought freight movements at the ports to a near standstill.

Feb 24 13:22

Retail Sales Plunge Twice As Much As Expected. Worst Back-To-Back Drop Since Oct 2009

Following last month's narrative-crushing drop in retail sales, despite all that low interest rate low gas price stimulus, January was more of the same as hopeful expectations for a modest rebound were denied. Falling 0.8% (against a 0.9% drop in Dec), missing expectations of -0.4%, this is the worst back-to-back drop in retail sales since Oct 2009. Retail sales declined in 6 of the 13 categories.

Clearly it has been a very cold winter, with both December and now January big disappointments.

Feb 24 12:44

No plans to ask Russia for loan restructuring — Cyprus government

Restructuring of a 2.5-billion-euro loan Russia extended to Cyprus in 2011 is not on the agenda of upcoming talks in Moscow of Cyprian President Nikos Anastasiadis, Cyprian government spokesman Nikos Christodoulides told TASS on Tuesday.

"We are very grateful and satisfied with terms for the repayment of Russian loan," he said. Russia has recently revised the initial terms of the loan, reducing the lending interest rate from 4.5% to 2.5%, while the deadline on the main debt has been moved from 2016 to 2018-2021.

Webmaster's Commentary: 

Greece take note!

Feb 24 12:36

Gazprom: Gas Supplies to Ukraine Can Stop in Two Days

Cessation of natural gas deliveries to Ukraine will jeopardize supplies to Europe

Feb 24 11:24

Ex-Plunge Protection Team Whistleblower: "Governments Control Markets; There Is No Price Discovery Anymore"

Conspiracy 'Theory' becomes Conspiracy 'Fact.

"There's no price discovery anymore by the market... governments impose prices on the market." - Pippa Malmgren, former member of the U.S. President’s Working Group on Financial Markets.

Feb 24 11:23

NIRP Officially Arrives In The US As JPM Starts Charging Fees On Deposits

The nebulous threat of NIRP in the US "some time in the future" became tangible after J.P. Morgan Chase, the largest US bank by assets (and second largest in the US by total derivative notional) is preparing to charge large institutional customers for some deposits. WSJ adds that JPM "is aiming to reduce the affected deposits by billions of dollars, with a focus on bringing the number down this year. "The moves have thrown into question a cornerstone of banking, in which deposits have been seen as one of the industry’s most attractive forms of funding."

Feb 24 11:20

Revolt In Athens: Syriza Central Committee Member Says "Leadership Strategy Has Failed Miserably"

"Let us begin with what should be indisputable: the Eurogroup agreement that the Greek government was dragged into on Friday amounts to a headlong retreat. The memorandum regime is to be extended, the loan agreement and the totality of debt recognized, “supervision,” another word for troika rule, is to be continued under another name, and there is now little chance Syriza’s program can be implemented.... Greece will be receiving the tranche it had initially refused, but on the condition of sticking to the commitments of its predecessors.... How is it possible that, only a few weeks after the historic result of January 25, we have this countermanding of the popular mandate for the overthrow of the memorandum?"

Feb 24 10:44

Top international banks face US probe for alleged precious metals market fix

The US Department of Justice is in the early stages of an investigation into at least 10 international banks—including JPMorgan Chase, Goldman Sachs and Barclays—over alleged manipulation of the precious metals market.

Feb 24 10:38

Shadow of Truth End of the War Dollar

Feb 24 10:37

I strongly oppose 'Audit the Fed,' Yellen says

U.S. Federal Reserve Chairwoman Janet Yellen testified before Congress on Tuesday after presenting her semiannual monetary policy report.

The Federal Reserve will not hike rates for the next few Federal Open Market Committee meetings, according to Yellen's prepared remarks.

During the question-and-answer session, Yellen addressed a range of questions from the committee about the Fed's structure, its inflation measurement and the movement to "audit the Fed."

Webmaster's Commentary: 

And no one in that room had the guts to ask her WHY she was opposed to the audit?!?

I swear, had I been in that room, I would have, asking her for her rational, logical reasons against an audit.

IF the Federal Reserve were acting completely in compliance with how they are supposed to be acting, she would have nothing to fear.

So what kind of "funny business" has been going on here, that she is frightened of the light of day on the actions of the Fed?!?

Feb 24 10:33

War On Success: Here's Why America Is Doomed - Mike Maloney

For the first time in 35 years, American business deaths now outnumber business births.

Feb 24 10:30

Net neutrality is not an issue. Federal regulation of the Internet is.

That is the only threat consumers need to worry about.

Feb 24 10:30

14 signs that most Americans are flat broke and totally unprepared for the coming economic crisis

When the coming economic crisis strikes, more than half the country is going to be financially wiped out within weeks

Feb 24 10:23

James O’Keefe “I’m Afraid For My Life!” Journalist To Release Bombshell!

James O’Keefe “I’m Afraid For My Life!” Journalist To Release Bombshell!

Feb 24 10:06

European Banks vs. Greek Labour

Michael Hudson says Greece's Finance Minister Yanis Varoufakis is proposing austerity on the banking class, rather than the working class, to balance the budget.

Feb 24 09:31

Revolutionary F-35 Joint Strike Fighter pilot's smart helmet will cost a bomb

It's arguably the most expensive and technically complex piece of headgear ever produced and before any Royal Australian Air Force pilot steps into the cockpit of the new F-35 Joint Strike Fighter (JSF) jet, they will need to be fitted with a custom-made $770,000 flight helmet.

With the Australian government committed to purchasing 72 of the controversial fighters at a cost of $12.4 billion, the bill for these smart helmets alone could exceed $55 million.

And that's if there is only one pilot per aircraft, although typically an air force will train more pilots than there are jets in a fleet.

Feb 24 09:16

Azerbaijan devalues currency by a third over falling oil price

Azeribaijan's central bank devalued the manat on Saturday (21 February) by 33.5% to the dollar and by 30% to the euro, as slumping oil prices and an economic crisis in major trading partner Russia put pressure on the currency.

Feb 24 09:11

Economic “Contagion” Threatens “Impending Crisis”: Exposure to Falling Oil Prices Driving Global Defaults and Slowdown

Falling oil prices combined with a strong dollar (hence reduced exports) and increasing U.S. interest rates are creating economic "contagion" that could infect the world.

Mac Slavo
SHTFplan.com

On the surface, the United States is currently one of the stronger global economies.

But lurking beneath that may be an ‘impending crisis’ that threatens to drag everyone down with it.

That’s according to the Financial Times, who say that falling oil prices combined with a strong dollar (hence reduced trade in exports) and a likely increase in U.S. interest rates could contribute to the “familiar pattern” of economic slowdown. As Satyajit Das writes, “bankruptcies, defaults, banking problems and reduction in credit availability drive contagion.”

Feb 24 09:04

Austerity’s stubborn hold Proves contentious as Syriza jockeys for deal

Greek leadership holds cabinet meeting to discuss reform package as Eurogroup weighs proposals that would coincide with four-month loan extension

Feb 24 08:59

The Tax Wall Street Party: America’s Answer To Syriza

Now that is has been proven that a political party standing in opposition to the Anglo-American Oligarchy is capable of coming to power, it is time to bring the same values to power on home-turf. You won’t find those values in the Republican or Democratic parties, but you certainly will in the breakout and politically savvy Tax Wall Street Party.

Webmaster's Commentary: 

The HSBC scandal underscores the fact that the very rich do not, in fact, "Pay their fair share."

Setting that aside, economies only work if money is able to recirculate over and over, from bottom to top back down to bottom, to feed back into that pyramid. Fascist economies trap all the wealth at the top and thereby sew the seeds of their own eventual destruction.

Feb 24 08:31

Bail-Ins have begun: J.P. Morgan to Start Charging On Some Deposits

J.P. Morgan Chase & Co. is preparing to charge large institutional customers for some deposits, citing new rules that make holding money for the clients too costly, according to a memo reviewed by The Wall Street Journal and people familiar with the plan.

The largest U.S. bank by assets is aiming to reduce the affected deposits by up to $100 billion by the end of 2015, according to a bank presentation Tuesday morning.

Webmaster's Commentary: 

We will, most likely, see this move from large institutions to very much smaller to, finally, the place where you do you banking.

And paired with that, I would be willing to bet, currency controls, which will only allow you to take out relatively small amounts of cash out of your checking account at one time.

PLEASE, do not have any more money in your checking account than you absolutely need to pay your bills; place the rest under your personal control. And do not hold anything in a safe deposit box you value, because those are now the property of the US government, in case of "national emergency."

Feb 24 08:03

14 Signs That Most Americans Are Flat Broke And Totally Unprepared For The Coming Economic Crisis

When the coming economic crisis strikes, more than half the country is going to be financially wiped out within weeks. At this point, more than 60 percent of all Americans are living paycheck to paycheck, and a whopping 24 percent of the country has more credit card debt than emergency savings.

Feb 24 07:50

Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging

No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets.

Feb 24 07:46

ALL WARS ARE BANKERS' WARS!

I know many people have a great deal of difficulty comprehending just how many wars are started for no other purpose than to force private central banks onto nations, so let me share a few examples, so that you understand why the US Government is mired in so many wars against so many foreign nations.

Webmaster's Commentary: 

Time for a repost. If you know anyone who has not read this article, please forward it to them. I understand that this is about to be included in a new book!

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Feb 24 07:42

CENTRAL BANKS MANIPULATION OF MARKETS

Markets will lose faith in central bankers and economies that live by QE will die from it

Feb 24 07:28

Gold: The Good, Bad, and Truly Ugly

“Central Bankers will eventually do the right thing and return to a gold standard after they have exhausted all other alternatives.”

While central bankers are exhausting all other alternatives, I worry about the collateral damage to 90% of the population who are not first in line on the fiat money gravy train that benefits the financial and political elite.

Feb 24 07:12

Input Costs Rise Disneyland Parks

The Walt Disney Co. raised prices of tickets to Disneyland, Walt Disney World and other theme parks in the United States starting Sunday.
The one-day ticket for either Disneyland or California Adventure in Anaheim, California, is now $ 99 for anyone 10 years or more, according to the company. It was $ 96 before.

Tickets for one day to the Magic Kingdom at Walt Disney World in Lake Buena Vista, Florida, are now $ 105, down from $ 99.

Lea: Walt Disney and Luxembourg Koch used for tax evasion.

Disney has continued to see strong growth in attendance at its theme parks and resorts.

For the quarter ended December 27, segment revenue increased 9% to $ 3.900 billion, including assistance to parks in California and Florida that rose by 7%.

Read More: http://whatisusa.info/input-costs-rise-disneyland-parks/

Feb 24 07:09

US arming Israel with additional 14 stealth fighters

The United States is set to arm Israel with more fighter jets in a three-billion-dollar agreement signed between Washington and Tel Aviv over the weekend.

The deal includes 14 F-35 stealth fighters made by the US company, Lockheed Martin, at a cost of about $110 million each, Israeli officials announced on Sunday.

Feb 24 07:05

Greece Crisis Opinion : Troika Rises From The Dead As Draghi Leads The Charge, And Varoufakis Employs Brave Face

I don’t actually think the five-point italic hand-tying target codicils matter a damn to be honest, because they’re all unachievable anyway.

Far more relevant is what EC behaviour has been found acceptable to the Greek Government.

Did you know, for instance, that both the Gang of Four revisions, the Friday ambush, and the ELA threats/leaks to Greek banks were driven by Draghi?

Did you know that – in a direct sideswipe at rehiring Ministerial cleaners – there is a blanket ban under the agreement on any more public sector hiring?

Did you know that, just to rub in really hard that how they think the Greeks shit on their shoes, eurogroup told Varoufakis Friday that they were “handing over the judgement process to the organisation formally known as the Troika” – Draghi’s exact words. This was a direct hit on Syriza’s refusal to deal with the Troika. “Eurogroup will leave the details to this institution, who will present their view to eurogroup” he added.

Feb 23 17:53

How to manipulate markets 101

Feb 23 17:00

One-third of America on the brink of financial disaster – survey

Thirty-seven percent of Americans have credit card debt that equals or is greater than their emergency savings, according to a new survey, leaving them “teetering on the edge of financial disaster.”

Feb 23 17:00

‘Eye popping’ City bonuses highlight scale of UK inequality – tax justice group

Bonuses paid by financial firms since the onslaught of the financial crisis will surpass £100 billion in 2015. Campaigners warn that Britain’s finance sector is continuing to breed inequality, while ordinary taxpayers clean up the mess.

Feb 23 16:45

One-third of America on the brink of financial disaster – survey

Thirty-seven percent of Americans have credit card debt that equals or is greater than their emergency savings, according to a new survey, leaving them “teetering on the edge of financial disaster.”

A poll of more than 1,000 adults in the United States by Bankrate.com found that about 24 percent of Americans have more credit card debt than emergency savings, while another 13 percent have neither credit card debt nor emergency savings.

“Not only do most of them not have enough savings, they’ve all used up some portion of their available credit — they are running out of options,” said Greg McBride, Bankrate.com’s chief financial analyst.

Feb 23 16:41

Paul Craig Roberts: Whatever Became of Economists (and the American Economy)?

According to the official economic fairy tale, the US economy has been in recovery since June 2009.

This fairy tale supports America’s image as the safe haven, an image that keeps the dollar up, the stock market up, and interest rates down. It is an image that causes the massive numbers of unemployed Americans to blame themselves and not the mishandled economy.

Feb 23 16:33

Chinese Gold Buying Stampede

It seems the longer the Federal Reserve and its representative bullion banks keep a manipulative lid on the price of gold using paper gold naked shorts, the more physical gold the Chinese buy.

Feb 23 16:28

Syriza MP Asks $330bn Question: "How Will 4-Month Extension Improve Our Negotiating Position?"

While the tone may not be as vociferous as historic Syriza MEP Manolis Glezos' recent statements over the Greek 'new deal', the rhetoric of Costas Lapavitsas (newly-elected Syriza MP) blog post is clearly questioning the decision-making of his party's leadership. With regards "our commitment to the Greek people, we have deep concerns," he begins, detailing five major questions that must be answered, perhaps most importantly, "What exactly will change in the next four months of 'extension', so that the new negotiation with our partners to become of better places? What will prevent the deterioration of the political, economic and social situation of the country?"

Feb 23 16:26

This Is The Biggest Problem Facing The World Today: 9 Countries Have Debt-To-GDP Over 300%

This is the biggest problem facing the world today, namely that at least 9 countries have debt/GDP above 300%, and that a whopping 39% countries have debt-to-GDP of over 100%!

Feb 23 15:47

The dark future of American space exploration

In the meantime, the lights in the outer solar system will continue to switch off, one probe and planet at a time. NASA will continue to absorb broadsides from the Office of Management and Budget and do its best with such halfhearted executive mandates as the asteroid redirect mission. "If we're not inspired by that, it's not NASA's fault — it's our leadership's fault," said Lakdawalla. "And we need our Congress and our president and the people of the United States to stand up and say, ‘This isn't good enough. I want my moon base. I want my Mars base, and I'm willing to put the money forward to make that happen.' And if you're me, I want my outer planets missions. I want a Uranus orbiter. I want go back to Jupiter. I want to fly to the plumes of Enceladus. I want a boat on Titan. Those are what I want. I understand that not all of the American public agrees with all of those goals, so I'm not going to get them all. But I would like at least one of them."

Feb 23 13:31

REPORT: More than one-third of Americans at risk of financial crisis

If your rainy day fund is light, you have plenty of company. According to a newly released report from Bankrate, 24 percent of Americans have more credit card debt than emergency savings, and 13 percent are not much better off—they don’t have credit card debt but they don’t have emergency savings either. Put another way, more than a third of Americans are living at risk of a financial crisis.

Feb 23 13:12

The world's 73 most valuable startups

Feb 23 12:58

One-third of America on the brink of financial disaster – survey

Thirty-seven percent of Americans have credit card debt that equals or is greater than their emergency savings, according to a new survey, leaving them “teetering on the edge of financial disaster.”

Feb 23 12:45

DHS Secretary Jeh Johnson: ‘Employees on the front lines will be forced to come to work without pay’

Government expects employees to work for free while still securing the homeland

Feb 23 12:36

Bank of Israel slashes rates

The Bank of Israel has joined the easing party.

In an announcement on Monday, the Bank of Israel cut its main interest rate to 0.1% from 0.25%.

Feb 23 12:32

Not a Debtor? You Don’t Exist

As if all the other insults of Obamacare aren’t bad enough, here’s a new one I just became aware of.

When you go into the exchange to buy insurance the site verifies you’re a person, and a citizen. Well, so it says.

What it actually does is contact Experian to “verify” your identity.

If you have no credit record because you’ve never applied for or held credit in your name, the system refuses to confirm you, and in fact even after an hour-long phone call they will still refuse!

The only way to confirm in that case is to send a paper copy of your driver license and Social Security card (and sometimes your birth certificate) to them for manual processing, which of course, may take a while — and during which you can’t do anything.

Feb 23 12:31

Making Me Pay For My Crimes Would Send “Message of Uncertainty to the Markets”: Bank President to Spanish Judge

The first to hit back was Rodrigo Rato, the bank’s former chairman and one-time IMF president. In a 75-page notice of appeal that was leaked to the Spanish press, Rato cautioned that Judge Andreu’s “premature” decision to force the six defendants to compensate the thousands of shareholders they are accused of defrauding could end up provoking a “much greater evil” than that it is supposed to address.

In the worst case scenario, the document warns, it could send a “message of uncertainty to the markets,” which could in turn exert downward pressure (otherwise known as gravity) on the already semi-defunct bank’s share price. This is not the first time that a panicked banker has used this argument; indeed, it is the preferred alibi of all 21st-century banking racketeers.

The argument is simple:

Don’t touch me, or the bank gets it. And if the bank gets it, so will everyone else.

Feb 23 12:30

Most Americans Are Slaves and They Don't Even Know It

Most Americans spend their lives working for others, paying off debts to others and performing tasks that others tell them that they “must” do. These days, we don’t like to think of ourselves as “servants” or “slaves”, but that is what the vast majority of us are. It is just that the mechanisms of our enslavement have become much more sophisticated over time.

Feb 23 12:00

‘Eye popping’ City bonuses highlight scale of UK inequality – tax justice group

Bonuses paid by financial firms since the onslaught of the financial crisis will surpass £100 billion in 2015. Campaigners warn that Britain’s finance sector is continuing to breed inequality, while ordinary taxpayers clean up the mess.

Feb 23 11:55

Bankers Rally Against ‘Audit the Fed’

A growing number of bankers – including representatives of smaller community banks -- are joining the ranks of those opposed to congressional legislation that would allow Congress to weigh-in on monetary policy decisions made by the US Federal Reserve.

Webmaster's Commentary: 

I dare anyone to show me where in the Constitution where anyone BUT the US Government is authorized to make monetary policy for the nation!

Feb 23 11:36

The Math Doesn't Add Up

Oh, you didn’t notice that World War Three is underway, actually has been for more than year? Well, that’s because most of it has been taking place in the banking sector, which for most people is just an alternative universe of math. The catch, which many people either miss or don’t care about, is that the math doesn’t add up.

For instance, the runaway choo-choo train of linked European sovereign bond obligations with its overloaded caboose of interest rate swaps and other janky derivatives of mass destruction. That train left the station in Athens a few weeks ago bound for Frankfurt. Ever since, the German government and its cohorts in the EU, the ECB, and the IMF have been issuing reassurances that the choo choo train will not blow up when it reaches its destination.

Webmaster's Commentary: 

When you have a privately-owned Central Bank issuing all of the public currency, by design the debt will always exceed the available money-supply, trapping the nation and its people in debt-slavery, until the system collapses. Having the entire world under such a system is great for the owners of those private-central banks, who eventually buy up all the real assets for pennies on the dollar, dut destructive to human civilization as a whole.

Feb 23 10:58

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

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

Greece has various options/

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

Feb 23 10:55

China pivots everywhere

The world’s leading economy is on a roll as it enters a new year in the Chinese zodiac. Welcome to the Year of the Sheep. Or Goat. Or Ram. Or, technically, the Green Wooden Sheep (or Goat).

The hyper-connected average Chinese – juggling among his five smart devices (smartphones, tablets, e-readers) – is bravely advancing a real commercial revolution. In China (and the rest of Asia) online transactions are now worth twice the combined value of transactions in the US and Europe.

Feb 23 10:46

ObamaCare's Frankenstein Tax Monster Awakens

Health and Human Services admits it sent nearly a million incorrect tax forms to ObamaCare enrollees.

Feb 23 10:32

Another Looming Subprime Loan Crisis?

Feb 23 10:30

Israel refuses to give Palestinians their own tax revenues, then cuts off electricity when they can't pay bills

Israel temporarily cuts power in parts of West Bank, citing unpaid Palestinian debt

Feb 23 10:25

Local bankers joining the fight against proposal to audit the U.S. Federal Reserve

We feel the current system works well

Feb 23 10:20

US wants to hack your phone because it doesn’t have real spies it needs. The tech community fires back:

“The only actions that have undermined the rule of law are the government’s deceptive and secret mass-surveillance programs.”

Feb 23 10:12

Federal Reserve insider Alan Greenspan warns: There will be a “significant market event… something big is going to happen”

Greenspan recently joined veteran resource analyst Brien Lundin at the New Orleans Investment Conference to share some of his thoughts

Feb 23 10:07

The Corporate Debt to Society: $10,000 Per Household, Per Year

That estimate is based on facts, not the conservative-style emotion that might deny the responsibility for any debt to the American people. Wealth redistribution to big business has occurred in a variety of ways to be explained below. And there's some precedent for paying Americans for the use of their commonly-held resources. The Alaska Permanent Fund has been in effect, and widely popular, for over thirty years.

Feb 23 10:07

Here's why you need a financial adviser.

Feb 23 09:58

Ukraine Gets $17.5 Billion From IMF

The IMF has put in place for the government of Ukraine a four-year extended fund facility worth about $17.5 billion. The facility was approved within hours of the announcement of a cease-fire in the battle between the Kiev government and separatists.

Feb 23 09:49

VIX- “Anti” Fear trade breaking out!

Feb 23 09:49

Whatever Became of Economists and the American economy–Paul Craig Roberts

According to the official economic fairy tale, the US economy has been in recovery since June 2009.

This fairy tale supports America’s image as the safe haven, an image that keeps the dollar up, the stock market up, and interest rates down. It is an image that causes the massive numbers of unemployed Americans to blame themselves and not the mishandled economy.

This fairy tale survives despite the fact that there is no economic information whatsoever that supports it.

Feb 23 09:39

Free Dollar In Venezuela, The Country Of The Four Exchange Rates

For the first time in many years, the Venezuelan bolivars per dollar can be changed freely, with the backdrop of the government’s fight against a deep economic crisis, which has made ??reopens a kind of free forex market.

Thursday entered into force far released two weeks ago by the government of Nicolas Maduro, so the country is now four different exchange rates.

Further Read: http://whatisusa.info/free-dollar-in-venezuela-the-country-of-the-four...

Feb 23 09:18

BILL GATES SETS NEW WORLD ORDER CONSPIRACY THEORIES ON FIRE WITH GLOBAL GOVERNMENT QUOTE

Microsoft co-founder Bill Gates may be the the richest man in the world, but he apparently envisions a global government as a goal for the future. This prospect has New World Order conspiracy theorists buzzing about the potential for the one world government being pushed by the Gates Foundation. In a related report by the Inquisitr, Brazil’s Eike Batista managed to go from one of the world’s richest men to the very first negative billionaire within a period of only several years. Some New World Order conspiracy theories claim the Illuminati devil horns were spotted at the 2015 Grammy Awards.

Feb 23 09:18

Austerity Victims of the World Unite!

Regardless of the outcome of the newly-elected Greek government’s debt negotiations with representatives of Europe’s big finance, the mere fact of the left-leaning Syriza Party’s ride to power on a groundswell of the Greek people’s anger over the neoliberal austerity measures deserves to be celebrated by austerity victims everywhere. More than anything else, Syriza’s electoral victory represents a clear indication that, when mobilized, people can bring about change.

Feb 23 09:16

Alan Greenspan Warns: There Will Be a “Significant Market Event... Something Big Is Going To Happen”

"We really cannot exit this [era of QE and ZIRP] without some significant market event... The end has to come at some point... Gold will go measurably higher... In any market that is so one sided, that is accelerating so rapidly, that trend will end… it will most likely end in a fairly violent fashion."

Feb 23 09:15

Record Low Baltic Dry Casualties Emerge: Third Dry-Bulk Shipper Files For Bankruptcy In Past 3 Weeks

The unintended consequences of a money-printed, credit-fueled, mal-investment-boom in commodities (prices - as opposed to physical demand per se) and the downstream signals that sent to any and all industries are starting to bite. The Baltic Dry Index has plunged once again to new record lows and the collapse of the non-financialized 'clean' indicator of the imbalances between global trade demand and freight transport supply has the real-world effects are starting to be felt, as Reuters reports the third dry-bulk shipper this month has filed for bankruptcy... in what shippers call "the worst market conditions since the '80s."

Feb 23 09:12

White elephants in the room: How EU projects blow billions of euros amidst austerity talks

Looking at some of the projects the EU has funded over the last decade, one would think the organization had limitless funds at its disposal. Millions across the continent are currently living in poverty following the fallout of the 2008 financial crisis. One in three Greeks is living below the poverty line, while the nation has an unemployment rate of nearly 30 percent. However, that figure is double amongst the country’s youth. Spain is not fairing much better, with almost a quarter of the working population unable to find a job.

Despite pressing needs to address these problems, the EU has been lavishing billions of euros on extravagant projects, with poor oversight into what will happen to these schemes when completed. RT looks at six ‘white elephants’ the EU has funded, which are leaving taxpayers around the European Union thinking why this was ever built.

Feb 23 09:06

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

"Their political problem is that this a reversal of their election position. There is absolutely nothing on the table that could be considered a concession. They're now compromising and compromising quite significantly," he told national broadcaster RTE, but made clear Athens had little choice. "The biggest threat to Greece was that their banking system would go belly up next Wednesday."

Feb 23 09:05

HSBC chief executive says he only put his £5million into secret Swiss bank account at centre of tax avoidance scandal 'to keep it private from his colleagues'

The chief executive of crisis-hit HSBC admitted today he put millions of pounds in a secret Swiss bank account because it was the only way to hide his huge earnings from his spying colleagues.

Feb 23 09:00

Financial War: US Wants to Trigger Wave of Russian Bankruptcies

The US government insists on a tightening of sanctions against Russia, and demands that the EU follow suit. Washington now wants sanctions that will have a “devastating” effect, which Russia must “suffer.” Financial measures are planned to trigger a wave of bankruptcies in Russia.

Feb 23 08:52

‘Bailout deal won’t stop Syriza from cutting austerity trend’ – Greek econ minister

Syriza is still determined to fulfill its campaign promises to cut austerity regardless of the new agreement between Athens and Eurozone ministers, a Greek economic minister told RT.

In accordance with a deal agreed to on Friday, Greece must submit a list of reforms for review to a group of bailout monitors on Monday. If the reforms are approved, Athens will secure a four month extension to Eurozone funding.

The extension provides Greece with a temporary economic lifeline, without offering permanent solutions to the debt-ridden nation.

Feb 23 08:50

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

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

Feb 23 08:46

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

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

Feb 23 08:42

Even If Current Talks Are Successful, Grave Greek Problems Remain

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

Feb 23 08:04

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

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

Feb 23 07:46

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

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

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

Feb 22 22:57

Tsípras: Scared by His Own Courage

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

Feb 22 22:55

Obama Wants To Tax Your Retirement Accounts

Feb 22 20:36

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

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

Feb 22 19:31

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

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

Feb 22 17:48

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

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

Feb 22 15:21

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

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

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

Feb 22 12:50

No Economy Is An Island

Feb 22 11:56

Goldman Sachs Acts As Economic Hitman Against Public School Districts

Ellen Brown
Activist Post

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

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

Feb 22 11:52

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

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

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

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

Feb 22 11:02

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

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

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

Feb 22 10:57

Architecture Billings Index Flashes Warning

Feb 22 10:40

Democricide | Why Democracy Always Fails

Feb 22 10:38

"Too Big to Fails" Have Stopped Being Banks

No Longer Focused On Deposits Or Loans

Bloomberg reported last month:

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

Wait…what?

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

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

Feb 22 10:33

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

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

Feb 22 09:14

Alexander Hamilton's connection to Jews

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

Feb 22 08:46

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

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

Feb 22 08:45

Workers at largest US oil refinery go on strike

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

Webmaster's Commentary: 

That will send gas prices back up!

Feb 22 08:44

George Osborne says HSBC tax evasion prosecutions not his job

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

Feb 22 08:35

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

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

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