ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 19 08:14

Richest 1% to have more than rest of humanity combined

New Oxfam report shows the scale of global inequality is 'simply staggering'

Jan 19 08:05

Netanyahu says Europe's 'Islamization' pushing Israel to expand Asia trade

Israeli Prime Minister Benjamin Netanyahu said on Sunday that a wave of anti-Semitism and what he called “Islamization” in Western Europe are factors in the government’s push to expand trade with Asia.

Jan 19 08:03

Middle class decline looms over final years of Obama presidency

Barack Obama enters the final two years of his presidency with a blemish on his legacy that looks impossible to erase: the decline of the middle class he has promised to rescue.

Jan 19 07:59

ECB Stimulation: The Trap Closes

European Economy ... No More Excuses for Draghi ... For months, European Central Bank President Mario Draghi has hinted that he's ready to announce a full-blown program of quantitative easing. [Now] the EU Court of Justice's advocate general cleared away a possible legal obstacle.

Webmaster's Commentary: 

... which triggered the Swiss unpegging.

Beyond that, there is a simple process at work here. In a world using a debt-based currency issued by private central banks, the process of QE is how those bankers, using just ink and paper and numbers in a computer, come to own all the hard assets of planet earth.

Jan 19 07:37

Liars’ Remorse -- Democrats have second thoughts about Obamacare

Half of the 60 Democratic senators who voted for the Affordable Care Act in December 2009—the exact number needed to prevent its being filibustered to death, since all Republicans opposed it—are no longer in the Senate.

Jan 19 07:35

BODY OF MISSING AIG EXECUTIVE FOUND IN GOLF COURSE POND

A body found floating in a pond on a golf course in California has been identified as the AIG executive who disappeared two weeks ago while attending a work conference in the area. The Riverside County Coroner’s Office confirmed that it was the body of Omar Meza on Friday, according to KESQ. The cause of death is under investigation and it is not clear how long Meza was in the pond.

Jan 19 07:29

Who Benefits When Bubbles Burst?

Jan 18 22:40

US Supreme Court Retroactive Tyranny Justification

So not just an echo chamber where they admit corporations have the most money to afford multi-year cases but also a way to justify whatever the government does anyway

Jan 18 22:15

"De-Dollarization" Deepens: Russia Buys Most Gold In Six Months, Continues Selling US Treasuries

The rumors of Russia selling its gold reserves, it is now clear, were greatly exaggerated as not only did Putin not sell, Russian gold reserves rose by their largest amount in six months in December to just over $46 billion (near the highest since April 2013). It appears all the "Russia is selling" chatter did was lower prices enabling them to gather non-fiat physical assets at a lower cost. On the other hand, there is another trend that continues for the Russians - that of reducing their exposure to US Treasury debt. For the 20th month in a row, Russia's holdings of US Treasury debt fell year-over-year - selling into the strength.

Jan 18 22:14

Hedge Fund Manager Who Survived Five Debt Crises Wiped Out Overnight on Swiss Franc

Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money this week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm.

Jan 18 22:12

Will China be the next forex peg to break?

The surprise move by Switzerland to scrap its currency ceiling against the euro EURCHF, +0.76% last week is a reminder there can be unexpected collateral damage from central banks waging currency wars. As markets digest last week’s turmoil, expect focus to turn to other fault lines on the global currency map.

Here China stands out, as like the Swiss, it runs an implicit currency peg that is becoming increasingly painful to maintain.

Jan 18 19:45

What We Can Learn From The Richest Man In Asia

In 2013 when he started dumping his Chinese property holdings he was being ridiculed and criticized. Everyone was bullish on China’s real estate market... and we know what happened next. It turns out you don’t want to bet against a man with a track record like Li Ka-shing's - the richest man in Asia. So when Li gets a second passport and creates a Plan B by restructuring his investment companies, moving his money and his assets far away to safe, stable locations so that no single government has control over him, it is perhaps time to pay attention.

Jan 18 19:13

One per cent holds half the world's wealth

The combined wealth of the world's richest 1 per cent will overtake that of the remaining 99 per cent by 2016 unless action is taken to curb "shocking extremes" of inequality, a new report warns.

The richest 1 per cent currently own 48 per cent of all global wealth, Oxfam says. Next year that figure is forecast to exceed 50 per cent for the first time.

Using data from Credit Suisse's latest global wealth report, the charity warns that rising inequality is holding back the fight against global poverty at a time when more than a billion people still live on less than US$1.25 a day.

The report warns that global wealth "is becoming increasing concentrated among a small, wealthy elite".

Jan 18 17:49

Housing bubble 2.0 just met Pin 2.0

Jan 18 15:01

Helicopters Don’t Pay for Themselves

Why Eric Holder’s civil forfeiture decision won’t stop civil forfeiture abuse.

Jan 18 14:48

RadioShack prepares to file for bankruptcy

Troubled electronics retailer is considering selling its assets out of bankruptcy to a private equity firm.

Jan 18 14:38

RT - "Debt Meteor Approaching Earth"

Jan 18 14:03

How The Oligarchs Spend Your Money

Jan 18 13:09

BAML: Dr. Copper Is Shouting 'Sell'

Jan 18 12:45

Obama's Phony MIddle Class Tax Relief Plan by Stephen Lendman

snip: Poverty is a growth industry. A race to the bottom reflects official bipartisan policy. Human suffering is real.

America's middle class is targeted for elimination. Heading for history's dustbin. The nation increasingly becoming a ruler/serf society.

Obama is a serial liar. Breaking every major promise made. Expect his latest to be no exception.

His annual state of the union addresses reflect beginning-to-end doublespeak duplicity. Empty rhetoric concealing business as usual.

Jan 18 12:24

Middle class decline looms over final years of Obama presidency

Barack Obama enters the final two years of his presidency with a blemish on his legacy that looks impossible to erase: the decline of the middle class he has promised to rescue.

Jan 18 11:43

Dead Bankers: Missing Hawke's Bay man's body found in UK

Tributes are flooding in for a Hawke's Bay man who was found dead on a mountain in northern England this week, after he had been missing for four days. United Kingdom police yesterday confirmed a body found on Helvellyn, a mountain in the English lake District, was that of 45-year-old Michael Flanagan, originally from Napier.

Jan 18 10:40

Postal Service proposes small price increase

Jan 18 10:00

Life after an Economic Collapse: The same… only Worse Part I

link to part II http://ferfal.blogspot.com/2015/01/life-after-economic-collapse-same-o...

Read these and see how many parallels have already occurred

Jan 18 09:37

Neocons: The ‘Anti-Realists’

This neocon madness – this “anti-realism” – has been playing out in the real world on a grand scale, destroying real lives and endangering the real future of the planet.

The primary distinction between the neocons and the liberal interventionists has been the centrality of Israel in the neocons’ thinking while their liberal sidekicks put “humanitarianism” at the core of their world view. But these differences are insignificant, in practice, since the liberal hawks are politically savvy enough not to hold Israel accountable for its human rights crimes and clever enough to join with the neocons in easy-to-sell “regime change” strategies toward targeted countries with weak lobbies in Washington.

Jan 18 09:32

Berlin in constant fear ECB will be lender of last resort

The European Central Bank faces another moment of truth as its governors debate whether to buy up the sovereign bonds of euro zone countries to avert a deflationary spiral. At issue still is the attitude of the German faction in the bank, which is resolutely opposed to such moves. But what explains this stance?

The stock response is that German hypersensitivity over the use of central bank printing presses can be traced right back to the country’s painful encounter with hyperinflation in the 1920s, when the Weimar Republic printed more and more banknotes to finance expenditure.

Jan 18 08:52

Everest Macro Hedge Fund Blows Up After Nearly $1 BIllion In Swiss Franc Losses

We also added that "We have yet to find out just which hedge funds were blown up yesterday", for the simple reason that unlike public banks who have an obligation to reveal news, especially bad, to their shareholders, hedge funds PMs hope to avoid the LP firing squad until the last second. Alas, there is only so long that the day of reckoning can be delayed.

One such fund is the Everest Capital Global macro fund, which went from just shy of a billion to zero in milliseconds as a result of a near wipe out due to a massive CHF-short position.

Jan 18 08:48

Welcome to the Oligarch Recovery – Majority of Public School Students are in Poverty for First Time in 50 Years

“When they first come in my door in the morning, the first thing I do is an inventory of immediate needs: Did you eat? Are you clean? A big part of my job is making them feel safe,” said Sonya Romero-Smith, a veteran teacher at Lew Wallace Elementary School in Albuquerque. Fourteen of her 18 kindergartners are eligible for free lunches.

She helps them clean up with bathroom wipes and toothbrushes, and she stocks a drawer with clean socks, underwear, pants and shoes.

From the Washington Post article: Majority of U.S. Public School Students are in Poverty

It’s a recovery so lopsided only Timothy Geithner or an oligarch could love it. Since 2008, U.S. economic policy has concentrated on funneling as much money as possible to billionaires, keeping the poor alive and submissive through government programs, and squeezing the middle class to death while at the same time holding out the carrot of hope that things will return to how they were before (they won’t).

Webmaster's Commentary: 

Please be aware that numbers like this do not just happen by accident.

Obama has been a master at waving his faux populism about,in order to get the masses to believe that he actually thinks this way.

But at the end of the day, he is no less a flunky to the monied classes who got him elected twice than was his predecessor, George Bush.

Jan 18 08:46

Wall street banks trying to secure themselves for the collapse?

your savings

image: http://images.intellitxt.com/ast/adTypes/icon1.png
, pensions, insurances etc. will all be gone, as derivatives are now the most protected assets according to the new law…

Jan 18 08:39

Greek Bank Runs Herald Exit From Eurozone

A fiat currency is only worth what people think it is worth. That goes for a country’s banking system as well. In Greece, where the Eurozone crisis started almost five years ago, it seems the Greek people do not have much faith in their banking institutions.

The bank runs have started. Who knows where this current round of Greek tragedy will end? I can say it will not end well.

Jan 18 08:28

Chief of Obamacare rollout resigns amid allegations of misconduct

The top Obama official overseeing the so-called rollout of the Affordable Care Act (ACA) of 2010, commonly called ObamaCare, has notified the administration on Friday that she his leaving her position after serving five years. Marilyn Tavenner, the Center for Medicaid and Medicare Services (CMS) administrator, said she will official vacate her office in February.

Tavenner's service included the rollout snafu in which the multi-million dollar HealthCare.gov website cause enormous problems for both the Obama administration and the Americans attempting to enroll. It also included allegations of "gaming the numbers" when it was discovered the administration released a report containing inflated enrollment statistics.

Jan 17 21:02

Inflation Deterring Economic Growth

Jan 17 20:10

Everest Macro Hedge Fund Blows Up After Nearly $1 BIllion In Swiss Franc Losses

Everest Capital’s Global Fund had about $830 million in assets as of the end of December, according to a client report. The Miami-based firm, which specializes in emerging markets, still manages seven funds with about $2.2 billion in assets. The global fund, the firm’s oldest, was betting the Swiss franc would decline. Other hedge funds that have suffered amid the Swiss turmoil, according to people familiar with the situation, are Discovery Capital Management LLC, a South Norwalk, Conn. firm that manages $14.7 billion, and Comac Capital LLP, which oversees $1.2 billion in London.

Jan 17 18:58

Why are investors rushing to the gold markets

Jan 17 12:59

Stefan Molyneux 'Free' Community College!

TANSTAAFL! "Free" in government terms is not free in actuality. It'll cost the taxpayers at the state and federal level, cost the college students, and cost the people who already earned their degrees.

Jan 17 11:15

China and Russia launching new credit rating agency in 2015

The new Universal Credit Rating Group (UCRG) is being set up to rival the existing agencies Moody’s, S&P and Fitch, and its first rating will be issued this year.

The setting up of UCRG is in its final stages, ready to challenge the ‘Big Three’ that currently dominate the industry, the Managing Director of RusRating Aleksandr Ovchinnikov told Sputnik News Agency on Tuesday.

“In our opinion, the first ratings [will] appear … during the current year,” Ovchinnikov said, adding that accreditation with the local regulator is already underway.

The news comes on the heels of Fitch’s decision to follow S&P in downgrading Russia’s sovereign credit rating to BBB-, a step above junk level and on par with India and Turkey.

Jan 17 10:44

Gas Theft and Auschwitz Snub… Russia’s Every Right to End the Insults

How many insults does the European Union expect Russia to bear without consequences? Ethnic cleansing of Russian people by the Brussels-backed Kiev regime, a refugee crisis on Russia’s borders, economic sanctions based on groundless accusations hurting Russian society – and now this – the neo-Nazi cabal that seized power in Ukraine with CIA backing last year has repeatedly been found guilty of siphoning off Russia’s natural gas exports to the EU.

Russia’s objective is simply this: to put an end to the Kiev regime’s de facto theft of Russian gas exports to Europe. How much more reasonable can that be?

No doubt the dutiful Western corporate media will crank up the «Putin as arch villain» narrative. Families freezing across Europe will be attributed to the «evil genius» of the «Soviet mastermind».

Jan 17 10:42

Muscular Swiss franc creates financial havoc in Poland and Hungary

The fallout from the decision taken by the Swiss National Bank to remove the cap on its currency is a dream for some and a nightmare for others.

In Geneva queues formed outside foreign-exchange offices as those with Swiss francs hastily changed them into euros while the going was good.

One such man expressed his delight: “For me it is excellent news, for everything, for holidays, for shopping. I do a lot of shopping in France it is cheaper than in Switzerland and now its even cheaper we must seize the moment.”

Not much chance for cheer in Poland where more than 1.5 million are exposed to higher interest repayments on Swiss loans.

Jan 17 10:40

Moody’s Downgrades Russia’s Government Bond Rating to Baa3

Moody's has downgraded the government bond rating for Russia from Baa3 to Baa2, the agency has said in a statement, adding that it expects the country's GDB to contract by 5.5 percent this year and by 3 percent in 2016.

Webmaster's Commentary: 

Of course, Moody's also told us those mortgage backed securities were Triple-A back in 2008, so I wouldn't pay any attention to them when they talk about Russia!

Jan 17 10:34

ALL WARS ARE BANKERS' WARS - PDF version

Webmaster's Commentary: 

It has been brought to my attention that someone, intending to discourage the public from reading this article, has circulated a PDF version of "All Wars Are Bankers' Wars" that is causing damage to the computers of people who try to read it. This link is the only official WRH PDF version of this article.

Jan 17 10:30

Stefan Molyneux End of the World (due to government policy and stupidity)

foul language - but consider the topic

food for thought on intervention:
multiculturalism without shared frameworks
poverty-creating welfare programs
supporting the warfare programs
international aid as imperialism
accelerated destructive capabilities vs peaceful viral memes

Jan 17 10:02

Budget delay screams time to panic

Despite a slowing economy, massive layoffs, declining oil prices and general volatility, Federal Finance Minister Joe Oliver would like Canadians to know that it is definitely not time to panic.

Unfortunately, even though that’s what he’s saying, almost everything Oliver is doing suggests panic has already taken root in Ottawa.

Jan 17 08:27

All Manipulations Fail, and Sometimes With a Bang

nothing unsustainable can be sustained by definition

But unlike Michael Rivero, I doubt there will be a short disruption since the US and other economies are well-entrained and banksters will try to print their way thru it. As long as cops and the military get paid - even though in devaluing fiat currency - they will continue to do the only thing they know how to do - protect the monied interests.

I expect a long grinding mess with coups and counter-coups and massive unnecessary deaths until the last drop of value fades away. It will suck horribly and I hope thinking people will be able to rebuild on the other side.

Jan 17 08:09

Central Banks Upside Down

Without realistic expectations of a brighter future, monetary policy is like pushing on a string. People can see widespread business failures, unemployment, hostile entrepreneurship environment, civil forfeiture, poverty draft, protectionist policies toward the well-connected and all the other signs of crony capitalism. As Richard J Maybury put it: Godzilla (political law) is on rampage and no-one is stupid enough to build until higher law returns

Jan 17 06:38

Ruin Is Our Future

The level of corruption and manipulation that characterizes US economic and foreign policy today was impossible in earlier times when Washington’s ambition was constrained by the Soviet Union. The greed for hegemonic power has made Washington the most corrupt government on earth.

The consequence of this corruption is ruin.

Jan 17 06:34

Super Bowl flyover costs taxpayers $450,000

Flashback:Super bowl. The U.S. Navy says the cost to bring the formation of four planes, plus a backup, to North Texas is $109,000 in fuel. According to Department of Defense tables, the entire cost will be more than $450,000, based on the operational cost of theF-18 aircraft and the number of hours the pilots will fly.

Jan 16 18:30

Frontline: Secret History of the Credit Card

In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt.

Jan 16 17:53

Price of Meat, Chicken, Fish, and Eggs Hits Record High… AND Electricity…

Despite a decline in the overall Consumer Price Index (CPI) in December, the food index increased and the price index for meats, poultry, fish and eggs hit a record high, according to data released today from the Bureau of Labor Statistics (BLS).

Jan 16 17:32

Repeat After Me: The Dollar Is Not Real Money

Jan 16 17:30

Is 2015 when the stock market bubble bursts?

Jan 16 17:02

5 Charts For Fully Invested Bears

Jan 16 16:59

Gold price skyrockets, spikes

(INTELLIHUB) — The price of gold hit $1273.68 an ounce as of 10:3 a.m. Friday, setting the highest price since October of last year.

Jan 16 16:39

So apparently CMBS is all the rage again

Jan 16 16:31

The Greek Bank Run Spreads To All Four Largest Banks

After yesterday's report that two Greek banks had suffered sufficiently material deposit withdrawals to force them to apply for the unpopular and highly stigmatizing Emergency Liquidity Assistance program with the ECB, now the other two of Greece's largest banks have also succumbed to reserve depletion after the Greek bank run appears to have gone viral. As Greek Capital.gr reports, now all four Greek banks have requested ELA assistance from the ECB.

Jan 16 16:24

Emergency rescue for North Sea firms planned as Chancellor mulls a tax cut to save industry from oil price crisis

An emergency tax cut to rescue the North Sea oil industry from the crisis triggered by the plunging oil price is being worked on by the Chancellor.

The move to lower the high taxes imposed on North Sea firms could arrive in the Budget, as explorers and producers are left reeling by the sudden collapse in the oil price to below $50 a barrel.

Jan 16 16:18

Spread betting firm IG Group takes £30m hit from Swiss National Bank move to remove currency peg versus euro

London-based trading firm IG Group last night admitted it was among those to have lost out after Switzerland ditched its longstanding link to the euro.

The spread betting company said the ‘sudden and extreme movement in the value of the Swiss franc’ has left it facing a hit of up to £30million.

Jan 16 16:17

Goldman Sachs staff get $10,000 pay cut as profits fall

Goldman Sachs paid its 34,000 staff an average of $373,264 last year - a $10,000 cut - as the Wall Street giant reported a fall in profits in the final three months of the year.

Jan 16 16:10

Unemployed % of men 25-54

Jan 16 16:09

Millions with multiple incomes at risk of shock tax bills

Up to three million people with more than one source of income face backdated tax bills of £2,000 per year because of errors by HM Revenue & Customs.

Among those most likely to be affected are veterans who have taken a civilian job after leaving the Armed Forces, but who also draw a military pension. Pensioners with two pensions and those who have continued to work part-time after retirement are also more likely to be hit.

Jan 16 16:02

Bank Of America Misses Revenue By $2 Billion As Trading Revenue Collapses; Fires Thousands

Following disappointing results from JPM and Wells Fargo yesterday, it was Bank of America’s turn to “surprise” investors with its disclosure just how bad its quarter was. And with the bank reporting a 50% collapse in its sales and trading from Q3, down $600 million from a year ago to just $1.7 billion in Q4, it should come as no surprise that the bank just reported Net Income, before the usual spate of amusing addbacks, of $0.25 well below the $0.31 expected

Jan 16 15:53

Rents rush past consumer inflation in 2014

The price to keep a roof over your head rushed ahead of overall consumer inflation in 2014 as rents spiked up, according to data released Friday.

Jan 16 15:50

Gold is attempting dual 4-year breakouts

Jan 16 15:46

Financial markets rocked by decision to abandon ceiling on Swiss franc

Financial markets were sent reeling Thursday when the Swiss national bank announced it was removing its ceiling on the value of the Swiss franc put in place three years ago.

In one of the most dramatic movements ever seen in the history of currency markets, the value of the Swiss franc, which had been fixed at 1.20 francs per euro, appreciated by as much as 39 percent against both the dollar and the euro in a matter of minutes.

Jan 16 15:18

Is The Dow Jones Industrial Average On The Verge Of Collapse?

When the stock market starts to behave like a roller coaster, that is a sign that a major move to the downside is right around the corner. As I have stated repeatedly, when the market is very calm it tends to go up. But when the waters start getting really choppy, that is a clear indication that stocks are about to plummet.

Jan 16 15:17

Bill Fleckenstein: The Bull Market In Gold Has Resumed

I don’t want to make too much of today’s news and market action, but on the other hand, I want to make sure to acknowledge what importance it does have and the fact that I think today will be looked back on as a red letter day for “administered rates” on the part of the central planners who call themselves central bankers.

Jan 16 14:48

China and Russia launching new credit rating agency in 2015

The new Universal Credit Rating Group (UCRG) is being set up to rival the existing agencies Moody’s, S&P and Fitch, and its first rating will be issued this year.

The setting up of UCRG is in its final stages, ready to challenge the ‘Big Three’ that currently dominate the industry, the Managing Director of RusRating Aleksandr Ovchinnikov told Sputnik News Agency on Tuesday.

“In our opinion, the first ratings [will] appear … during the current year,” Ovchinnikov said, adding that accreditation with the local regulator is already underway.

The news comes on the heels of Fitch’s decision to follow S&P in downgrading Russia’s sovereign credit rating to BBB-, a step above junk level and on par with India and Turkey.

Read more

Jan 16 13:36

The Terrifying Future of The United States

If this doesn't wake you up, I don't know what will

stormcloudsgathering

Jan 16 13:32

Holder limits seized-asset sharing process that split billions with local, state police

without evidence that a crime occurred.

Jan 16 13:28

Occupy protesters arrested in Oakland to share $1.4 million settlement

BRUTAL PIGS COST CITIES MILLIONS...Where is the outrage?

Jan 16 13:24

Missing AIG executive dead, family says

Family and friends of missing AIG executive Omar Meza announced via Facebook Thursday evening that the Los Angeles man has died.

Details weren't provided in the post on the "Find Omar Meza" Facebook page, but the family thanked supporters for their search efforts while asking that their privacy be respected as they grieve.

A Friday morning press conference with the family has been canceled.

Webmaster's Commentary: 

Maybe he shorted Swiss Francs?

Jan 16 12:39

24-hour Spot Chart for Gold

Webmaster's Commentary: 

Headed up!

Jan 16 12:35

Currency Carnage: Why did the Swiss Pull the Peg?

As usual. Dr. Paul Craig Roberts, former assistant secretary of the US treasury, provides crucial (and scathing) analysis of both US government policies and recent events in FOREX markets. He offers this simple explanation for why the Swiss central bank removed the currency peg they initiated on their franc only three years ago, leaving behind a landscape littered with currency carnage:

The answer is that the EU attorney general ruled that it was permissible for the EU central bank to initiate Quantitative Easing–that is, the printing of new euros–in order to bail out the mistakes of the private bankers. This decision means that Switzerland expects to be confronted with massive flight from the euro and that the Swiss central bank is unwilling to print enough new Swiss francs to maintain the peg. The Swiss central bank believes that it would have to run the printing press so hard that the basis of the Swiss money supply would explode, far exceeding the GDP of Switzerland.

Jan 16 12:17

Majority of U.S. public school students are in poverty

For the first time in at least 50 years, a majority of U.S. public school students come from low-income families, according to a new analysis of 2013 federal data, a statistic that has profound implications for the nation.

Jan 16 12:02

The U.S. Corporate State has Become the Monarch Our Founders Despised

The colonists who wrote the founding documents of the United States detested the British Empire, and vowed to do whatever it took to gain their freedom and sovereignty from a foreign power that was depleting the wealth of the country without giving anything in return. Just as King George extracted wealth and resources from the colonies for his own gain in the 18th century, the current U.S. corporate state is extracting wealth and resources from the American people, at a much greater rate than King George could have ever hoped for. If the outrage that swept the U.S. in the last months of 2014 continues to escalate, 2015 may just be the year that a new revolutionary movement coalesces to bring this hopelessly corrupt, parasitic, and toxic system to a halt.

Jan 16 11:55

It's Not Just 'Retail': Head Of European FX Sales Out After Citi Admits Massive Loss

All morning, mainstream media has been down-playing the insolvency of various retail-focused FX brokers using words like "contained" and even suggesting retail 'moms-and-pops' should not be allowed to trade FX. Now, we get more news from a non-retail institution:

*CITIGROUP SAID TO LOSE MORE THAN $150 MLN ON CURRENCY MOVES

So should Citi be banned from FX trading too? It appears so - Citi's head of European FX sales is 'said to leave' the company.

Jan 16 11:20

Economists: Michigan faces $325M deficit

State economists agreed Friday that general fund tax revenue will come in $324.6 million below previous estimates, creating a likely deficit four months into a new fiscal year.

Webmaster's Commentary: 

"But, but, but ... Washington DC assured us we only have a 5% unemployment rate!!!" :)

Jan 16 10:53

Ruin Is Our Future — Paul Craig Roberts

snips: These two events–Charlie Hebdo and the Russian decision to cease delivering gas to Europe via Ukraine–should remind us that the potential for black swans, and unintended consequences of official decisions that can produce black swans, always exist. Not even the American “superpower” is immune from black swans. [...]
Therefore, the Russian and Chinese governments reason, “Why be provocative and slap down the Western fools. They might resort to their nuclear weapons, and the entire world would be lost. Let’s just walk away while they encourage us to depart with their provocations.”

Jan 16 10:52

Euro hits fresh 11-year low against the US dollar

The euro continued to extend losses against the U.S. dollar, hitting a fresh 11-year low of $1.156.

Jan 16 10:43

Will Freedom Survive 2015? (Important article)

By Chuck Baldwin
January 15, 2015

Something as precious and valuable as a nation’s freedom is not lost in a day--or even in a year. There is no single event that turns citizens into slaves. Oppression and tyranny are always long in the planning--and even longer in the making.…

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA