ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Mar 17 16:31

World’s greatest pyramid scheme: How banks plot to seize your property and life

The bank begins the pyramid scheme by taking your deposit (which you might think goes into the vault) and they loan most of it out. In fact, generally, with some variation, for every $1 dollar that you deposit, the bank will loan out approximately $10. In other words, the bank uses your deposits to loan out more (way more) than they have in reserves in order to make big profits. This is ‘Fractional Reserve Banking.’ The banks only keep a fraction of the overall money on hand.

Mar 17 15:56

Billionaire warns: “Mother of all collapses coming” if central banks stop buying bonds

Obviously, with a crack in the dam, the flood can’t be held back forever

Mar 17 14:32

What Budget Cuts? US Cyber Command to Double Its Spending

Still in its infancy, US Cyber Command is set to receive a massive bump in its budget. For 2015, the cybersecurity organization will receive $364 million; nearly double the $190 million it was allocated for 2014.

Mar 17 14:18

Aaron Russo's America: Freedom To Fascism [Directors Cut]

Webmaster's Commentary: 

Reposted at reader request

Mar 17 13:35

DHS: Obama Amnesty May Require 3,100 New Bureaucrats, $484 Million a Year

If President Barack Obama’s immigration plan gets past a federal court injunction, and if 60 percent of illegals apply for deferred action protection under the plan, the U.S. Citizenship and Immigration Services (USCIS) agency projects that it may have to hire an additional 3,100 employees, with a total program cost of up to $484 million a year.

Mar 17 13:29

Lawmakers Say TPP Meetings Classified To Keep Americans in the Dark

Democratic lawmaker says tightly-controlled briefings on Trans-Pacific Partnership deal are aimed at keeping US constituents ignorant about what's at stake.

Mar 17 13:16

China Gaining Western Allies as Development Bank Partners: “A Blow to U.S. Efforts”

Mac Slavo
SHTFplan.com

Recently, SHTF has pointed out the rise of China and their aim to become a major part of the new global reserve currency, and hence a major weight in the new global order.

China’s renminbi is positioning for major global exchange; the BRICS development bank is taking off, to the chagrin of the U.S. axis of global finance; and the IMF is talking with China about the likelihood of including the yuan in the “basket of currencies” that make up SDRs, or Special Drawing Rights that already includes the dollar, the pound, the euro and the yen.

Now, American leadership is silently watching Anglo partners – and close establishment allies in the post-war world – join ranks with China on its emerging development bank.

Washington’s Blog reports:

Mar 17 12:53

U.S. home construction plunges 17% in February

Construction of new homes plummeted in February, as fierce winter weather froze housing starts in the Northeast and Midwest.

Mar 17 12:43

Irish Ministers Use Taxpayer Pot of Gold to Travel in Style

The bill for Ministerial trips abroad between 2011 and 2014 has been exposed by The Journal in Ireland. Flying in jets, hiring limousines and staying in hotels across America to celebrate St. Patrick's Day has cost the Irish tax payer €705,050.

Mar 17 12:34

Peter Schiff : Dollar Too Strong QE4 Coming

Mar 17 12:23

IMF BREAKS ITS OWN RULES WITH LOAN TO WAR-MONGERING UKRAINE

The International Monetary Fund (IMF) has agreed on a scheme of war financing for Ukraine. For the first time, according to Fund sources, the IMF is not only violating its loan repayment conditions, but also the purposes and safeguards of the IMF’s original charter. IMF lending is barred for a member state in civil war or at war with another member state, or for military purposes, according to Article I of the Fund’s 1944-45 Articles of Agreement. This provides “confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity.”

Mar 17 12:06

TOWARDS THE END OF THE U.S. DOMINATED INTERNATIONAL MONEY SYSTEM

Welcome to the end of Brenton Woods and the Washington Consensus that defined the world money systems around U.S. controlled institutions and the U.S. dollar as the sole reserve currency.

Mar 17 11:41

War on terror : a self-licking ice cream cone

Max Keiser and Stacy Herbert discuss the business model of the war on terror in which the droning of wedding parties is nothing personal just business. Same goes for de-dollarization as China builds an alternative to SWIFT - nothing personal, just business. Max interviews former CIA agent and open source advocate, Robert David Steele, about false flags and moral hazard.

Mar 17 11:04

Detroit businesses face water shut-offs

The city’s water department this week plans to step up enforcement of overdue business accounts to collect tens of millions in lost revenue, but it won’t shut off residential water until a proven safety net is in place.

Mar 17 10:48

Biodiversity or GMOs: Will The Future of Nutrition Be in Women's Hands or Under Corporate Control?

Women have been the primary growers of food and nutrition throughout history, but today, food is being taken out of our hands and substituted for toxic commodities controlled by global corporations. Monoculture industrial farming has taken the quality, taste and nutrition out of our food. As a result, India is facing a nutritional crisis: every fourth Indian goes hungry, and in 2011 alone, diabetes took the lives of 1 million Indians.

Now, the same companies who created the crisis are promising a miracle solution: GMOs (genetically modified organisms). Genetically engineered Golden Rice and GMO Bananas are being falsely promoted by corporations hiding behind the cloak of academia as a solution to hunger and malnutrition in the Global South. Indigenous biodiverse varieties of food grown by women provide far more nutrition than the commodities produced by industrial agriculture. Golden Rice is 350% less efficient in providing vitamin A than the biodiversity alternatives that women grow. GMO ‘iron-rich’ Bananas have 3 000% less iron than turmeric and 2 000 % less iron than amchur (mango powder). Apart from being nutritionally empty, GMOs are part of an industrial system of agriculture that is destroying the planet, depleting our water sources, increasing greenhouse gases, and driving farmers into debt and suicide through a greater dependence on chemical inputs. Moreover, these corporate-led industrial monocultures are destroying biodiversity, and we are losing access to the food systems that have sustained us for millennia. When we consider the number of patents involved in these initiatives, it becomes all too clear that the only beneficiaries of these supposedly ‘people-led’ ventures are large companies operating for profit, not for people.

Mar 17 10:25

Map: Where working women have it best

Mar 17 10:20

Germany faces paying billions to Greece in compensation for wartime atrocities after Merkel's senior advisers warn her Athens DOES HAVE a valid claim to reparations

Senior figures in Chancellor Angela Merkel's coalition partner in government - the SPD - have united with the Green Party to declare Germany should compensate Greece to the tune of billions of pounds for wartime Nazi atrocities.

The demands come as parliamentary lawyers warned her cabinet that Greece may have a valid claim which Germany might lose if it chose to fight it all the way to the European Court of Justice.

The solidarity move threatens the united front Berlin has presented to Athens as it tries to keep the struggling country both in the eurozone and the EU. Now high-profile politicians from the SPD and the Greens have thrown their weight behind Greece to say they deserve reparations money 70 years after the end of the conflict.

Mar 17 10:13

Britain's big six energy giants see their profits rise almost 1,000% in just five years as family bills soar

In 2007 the energy giants were pocketing £2.31 in pure profit from each household for their gas or electricity. By 2013 this had risen to £23.71, according to the Competition and Markets Authority.

Mar 17 09:06

MAJOR AMERICAN ALLIES IGNORE U.S. PLEAS AND JOIN CHINA’S ALTERNATIVE BANK

he Financial Times now reports that France, Germany and Italy have all agreed to join the China-led international development bank as well, “delivering a blow to US efforts to keep leading western countries out of the new institution.” This week, 2 major U.S. allies – 2 of the “Five Eyes” – have disregarded American pleas and joined China’s new development bank … alternative to the US-dominated IMF and World Bank lending order. (A third member of the Five Eyes – New Zealand – previously signed onto the Chinese bank.)

Mar 17 08:33

What can creditors take in a bankruptcy?

Dear Bankruptcy Adviser,
I am on very limited income: unemployment and early Social Security. If I file Chapter 7 bankruptcy, can my creditors such as banks (for my charge cards) take my personal items such as jewelry, clothes or furniture? Should I do something with these items before filing? And will Chapter 7 delay my home foreclosure?

Mar 17 08:31

Stay Alert Against Fake Calls And Emails IRS

Tax scams take many different forms. Recently, the most common scams are phone calls and emails from thieves who claim to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. Also, they may try to steal your identity. Here are some tips from the IRS to help you avoid becoming a victim of these types of tax scams:

http://whatisusa.info/stay-alert-against-fake-calls-and-emails-irs/

Mar 17 08:24

Fund managers fleeing U.S. stocks on rate-hike fears: Merrill Lynch survey

Investors are shunning U.S. equities at the highest rate since the financial crisis on speculation that the Federal Reserve will raise interest rates in the second quarter, according to the monthly B.of A. Merrill Lynch Fund Manager Survey.

Mar 17 08:15

Spanish Bank Seeks Creditor Protection After Withdrawals

Banco de Madrid SA stopped operations and is seeking protection from creditors after the U.S. accused its parent, Banca Privada d’Andorra, of money laundering.

Customers of the Spanish bank withdrew significant amounts of funds, leading to a “strong deterioration” of its financial situation, according an e-mailed statement Monday from Banco of Spain, the central bank. Client deposits of up to 100,000 euros ($105,000) are guaranteed by Spain’s deposit-guarantee fund, the central bank said.

Mar 17 08:13

“To be or not to be” part of the establishment

The immortal words uttered by Prince Hamlet as he contemplates death and suicide, applies for an entire society

Mar 17 07:56

Mcdonald’s Employees Talk About Workplace Hazards

McDonald’s workers in 19 cities have filed complaints against the company suffered burns fat because jumping from the frying pans, lack of protective equipment for them and other risks of work, according to labor organizers.

Complaints are the latest step in a campaign for a wage increase to remunerate workers $ 15 per hour and allow unionization of employees in the branch of fast food, which is pressuring McDonald’s to go to the negotiating table.

http://whatisusa.info/mcdonalds-employees-talk-about-workplace-hazards/

Mar 17 07:09

Italy, Spain to follow if Greece exits eurozone, says Greek defense minister

Panos Kammenos, Greece's defense minister, spoke to German newspaper "Bild" on Saturday, saying his country's leaving the euro could precede an exit by Italy and Spain, followed by Germany in the future.

Mar 17 07:09

No, the minimum wage isn't forcing these Seattle restaurants to close

David Watkins of the Lawyers, Guns & Money blog points out that the minimum wage opponents are declaring "We told you so" way too soon. In fact, the article that inspired the gloating doesn't ascribe any of the closings to the minimum wage increase and, indeed, points to different reasons in every case. As for the idea that Seattle restaurants are "closing in record number" (sic), as the Tea Party News Network proclaims, it's just not so

Mar 17 07:07

"Colossal Defeat" For Obama As Australia Joins China's Regional Bank

Having attacked its "closest ally" UK for "constant accomodation" with China, we suspect President Obama will be greatly displeased at yet another close-ally's decision to partner up with the Chinese-led Asian Infrastructure Investment Bank (AIIB). As The Australian reports, "make no mistake," the decision by Australia's Abbott government to sign on for negotiations to join China’s regional bank, foreshadowed by Tony Abbott at the weekend, "represents a colossal defeat for the Obama administration’s incompetent, distracted, ham-fisted dip­lomacy in Asia."

Mar 17 06:55

Defying U.S., European allies say they'll join China-led bank

Germany, France and Italy said on Tuesday they had agreed to join a new China-led Asian investment bank after close ally Britain defied U.S. pressure to become a founder member of a venture seen in Washington as a rival to the World Bank.

Mar 17 06:55

Paul Krugman exposes how Netanyahu used Iran to conceal Israel’s economic disaster

The real reason behind Israeli Prime Minister Benjamin Netanyahu’s recent anti-Iran speech to Congress had nothing to do with foreign policy, Paul Krugman opines in Monday’s column. Insulting the president is not the way to go about that. No, Netanyahu has a serious problem at home and polls suggest that he may well get the boot in Tuesday’s election. That problem might sound familiar—Israel has become almost as unequal as America, and there is widespread economic discontent in the country that once was built on the socialist ideals of the kibbutz syztem.

Mar 17 03:26

Four Numbers That Prove America Is a Deeply Messed-Up Place

There's something perversely wrong with a society that creates $30 trillion in new wealth while putting six million more children on food stamps.

Mar 17 00:41

King5 Follow Up on Safeguard/LPS Unlawful Foreclosure with Attorney Ha Dao on RCW 7.28.230(1).

Monday, March 16, 2015

KingCast and Mortgage Movies King5 Follow Up on Safeguard/LPS Unlawful Foreclosure with Attorney Ha Dao on RCW 7.28.230(1).

Life is good for Safeguard... because they are friends with the Bush family.
Just do your due diligence you'll find it.

Here is the King5 feature story from March 3, 2015

"It's a tricky business accessing property that the bank doesn't truly own, and Beal says the industry known as "property preservation" has plenty of faults. "The pressures are pretty intense," said Beal. A KING 5 Investigation shows that those pressures may be one reason behind numerous complaints filed with attorneys, housing assistance groups, and the Washington Attorney General's Office. Typically, a homeowner complains that they have not abandoned the home, yet but have been locked out or found their personal property is missing."

Says Attorney Dao:

Mar 16 19:08

Nomi Prins - People Don’t Have Any Money

So, is anything in the financial sector actually fixed? Former top Wall Street banker Nomi Prins contends, “We have many trillions of dollars and government policy trying to basically cover up the holes in the entire financial system that could create another Lehman or multiple Lehmans. So, we have a white wash or a hole in the wall that’s been plastered over many, many, many times. The hole is still there. The danger is still there. The co-dependency is still there. The leverage is still there. . . .It all look like there has been this cosmetic shift supporting these banking institutions rather than supporting, from the bottom up, the economies of these countries. That has the effect of creating deterioration in any of the assets that these banks are still financing. . . . “Buying securities does not help people get jobs. It does not help industries to continue to innovate. It does absolutely nothing for spreading a foundation of solid economics throughout the population.

Mar 16 18:34

Similar Periods of Historic UD Dollar Surges?

Mar 16 18:27

FLASHBACK - First Audit Results In The Federal Reserve’s Nearly 100 Year History Were Posted Today, They Are Startling!

$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious – the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

Mar 16 18:24

US blows through $18trn debt limit

On Monday, the US reached its legal debt limit of $18 trillion -more than the country’s entire GDP. Lawmakers will either have to again lift it, or attempt to cap spending.

Webmaster's Commentary: 

The question Americans should be asking is not whether to raise the debt ceiling, but rather why the Federal Government, which is authorized by the Constitution to create and issue interest-free money, instead borrows that money at interest from a privately owned central bank, thereby plunging future generations into debt slavery to that bank? THAT is the real question Americans should be asking!

Mar 16 17:57

Debt-damned economics: either learn monetary reform, or kiss your assets goodbye (4 of 7)

*hyperlinks live at source*

The following is my high school teaching assignment for Advanced Placement Macroeconomics students (available as extra credit for other classes) on how money is created. I offer this for non-profit use; divided into seven sections:

Instructions (1 of 7)
Contextual orientation: seeing the past as clearly as possible (2 of 7)
Money and bank credit (3 of 7)
Fractional reserve banking (4 of 7)
Debt (public, private) and money supply (5 of 7)
Historical struggle between government-issued money and private bank-issued credit (6 of 7)
Cost-benefit analysis for monetary reform in your world of the present (7 of 7)
**

3. Fractional reserve banking

Mar 16 17:50

American Amoeba

The transparent truthlessness of the Fed’s basic premises go far to explain the chasm between official policy and reality — though it does not explain the appetite for plain lying of the supposedly informed minority cohort of the public, the deciders among us in business, politics, and media. For instance, the employment numbers that came out of the federal government ten days ago saying that the jobless rate is just over 5 percent. Everybody not in a special ed class in America knows that this is a barefaced lie. But nobody except a few mavericks on the web (see above) object to it. Lesser official oracles such as The New York Times and the Wall Street Journal report the lie without reservation and it gets absorbed into the body politic like any other morsel of protoplasm into the mindless amoeba that America has become.

Mar 16 16:42

Chart Review - Return To Reality

Mar 16 15:50

Irish economy was wrecked by 50 tycoons who cost taxpayer €64bn, study claims

An elite group of around 50 men ran up massive debts that brought the country to the brink and cost the taxpayer more than €64billion.

Mar 16 15:06

Billionaire Warns: “Mother of All Collapses” Coming If Central Banks Stop Buying Bonds

Mac Slavo
SHTFplan.com

Self-made billionaire and founder of Sprott, Inc. and Sprott Asset Management, Eric Sprott, gave a dire warning about the state of the system that makes clear the globe is hinged on little more than a little Dutch boy with his finger in the dyke.

Obviously, with a crack in the dam, the flood can’t be held back forever.

In an audio interview with King World News that can be heard here, Eric Sprott made clear that the central banks are the only ones holding up the illusion.

Case in point is the rise of negative interest rates, which Sprott called ‘preposterous.’ Offering negative returns to investors, the instruments are clearly unsustainable. Sprott told King World News:

Mar 16 14:37

Banks Say “Thanks for the Bailout,” Now We’ll Park our Profits in Overseas Tax Havens

Giant financial institutions that benefitted from federal bailouts during the depths of the recession have repaid the American people’s largesse by hiding profits overseas to avoid paying their fair share of taxes.

Mar 16 14:29

West losing up to €40bn from sanctions war– leading Russian MP

Western countries are experiencing loses of up to €40 billion as the sanctions imposed by them on Russia impede productive cooperation, claims Aleksey Pushkov, Chairman of Russian State Duma Committee on Foreign Affairs.

Mar 16 14:12

Ukrainian President: Enormous IMF Loan Won’t Help Ordinary Ukrainians

Ukrainian President Petro Poroshenko has admitted that a new $17.5 billion loan from the International Monetary Fund and its associated austerity measures will not improve the lives of ordinary Ukrainians—but will help pay foreign creditors and fund the country’s ongoing civil war.

Mar 16 13:02

Greek exit mooted by German finance minister

German Finance Minister Wolfgang Schäuble said Friday a disorderly Greek exit from the eurozone could not be excluded if Athens fails to reach a deal with its international creditors.

Mar 16 11:35

US Manufacturing Output Falls For 3rd Month - Worst Since Lehman

Along with a massive revision for January (from +0.2% to -0.3%), February's Factory Output fell 0.2% (missing expectations for the 3rd month in a row). This is the 3rd drop in a row for factory output - the worst run since 2009. Overall industrial production missed for the 3rd month in a row but managed a meager 0.1% rise on the back of the biggest rise in utility output ever. Auto vehicles and parts production tumbled 3.0% MoM.

Mar 16 10:31

Oil Tumbles Under $43 As Key Support Breached; Fresh 6 Year Lows

Moments ago, soothing words by Saudi Arabians notwithstanding, both Brent and WTI, had another step move lower, with Wext-Texas Intermediate sliding under $43, a fresh 6 year low, and well below the January lows of $44.37!

What may be causing it: well, aside for "more sellers than buyers", and a rumor that Genscape reporting another major inventory build at Cushing, a breach of a key support line may be the reason. BofA explains.

CLJ5 has broken down overnight, breaking the Jan-29 lows at 44.37 (CLK5 needs to break 45.52, it's not there yet).

Mar 16 10:29

Euro Crash

Mar 16 08:32

Executive Petrobras Admits Taking Bribes

A Executive of the Brazilian state oil company told a congressional panel began accepting bribes from some of the largest construction firms in the country 18 years ago Tuesday.

According to federal prosecutors, the scheme involved the payment of at least $ 800 million in bribes and other funds by major engineering and construction companies in exchange for inflated contracts with Petrobras. Prosecutors have said that some of that money was transferred to the ruling Workers Party and other major political organizations to political campaigns.

http://whatisusa.info/executive-petrobras-admits-taking-bribes/

Mar 16 08:10

First Time Homebuyer? Check this out!

Here are the lessons I’ve learned so that you don’t have to repeat my mistakes.

Mar 16 06:08

"Cancel All Student Debt" - The Petitions Begin

With global moral hazard having long ago become institutionalized, and codified as "monetary policy", catering almost exclusively to the TBTF entities in the financial sector, we were surprised it took as long as it did for Obama to announce (as he did last week), that the administration is now studying "new bankruptcy options" for student loan borrowers: code word for an across the board student debt moratorium, or forgiveness.

Mar 16 06:04

New U.S. stealth bomber shrouded in mystery

Nearly 30 years after the first U.S. stealth bomber took flight, the Air Force's aging fleet is primed for a makeover; albeit an expensive one.

The Pentagon is looking to upgrade its stealth aircraft for the first time since the 1970s, developing a high-priority, super-classified, next-generation bomber.

The Air Force plans to award a contract to build and develop the Long Range Strike Bomber to one of the industry's most powerful firms later this year and hopes to integrate them into the fleet by the mid-2020s.

Mar 16 05:55

Shock: Germany Mulls Cyprus Solution to Solve Grexit?

Dominant Social Theme: Banks need to be bailed out? Take the funds from their depositors. Simple enough ...

Free-Market Analysis: Now the Cyprus episode begins to become clearer. What the EU needed was a precedent, and apparently Cyprus sufficed.

Mar 16 04:13

Why gold could rebound to $1,400 an ounce

Mar 16 02:23

Europe’s Debt: Lies and Myths

Myths are dangerous precisely because they rely more on cultural memory and prejudice than facts, and behind the current crisis between Greece and the European Union (EU) lays a fable that bears little relationship to why Athens and a number of other countries in the 28-member organization find themselves in deep distress.

Mar 15 17:32

Thousands Crowd Brazil's Streets: Demand Military Intervention & Rousseff Resignation, Impeachment

It appears the 'people' are growing more and more dissatisfied with their corrupt and greedy leaders across the world. As we noted recently, Brazil's economy is imploding, consumer sentiment is at record lows, and with the Petrobras scandal providing a glimpse at just how deep the corruption might go, Brazilians are revolting. Hundreds of thousands are crowding the streets in several regional Brazilian capitals, dominated ironically by the middle and upper classes. Demands for "Dilma Out" and "Impeach Dilma" are also interspersed with calls for a quasi-coup and "military intervention."

Mar 15 17:30

The Austrian Black Swan Claims Its First Foreign Casualty: German Duesselhyp Collapses, To Be Bailed Out

Moments ago we got confirmation that the next domino from the appearance of the Austrian black swan has tipped over, following a Reuters report that Germany's deposit protection fund will take over the property lender Duesseldorfer Hypothekenbank AG (DuesselHyp), which has "run into problems" due to its exposure to Austrian lender Hypo Alpe Adria's "bad bank" Heta.

Mar 15 14:50

Debt-damned economics: either learn monetary reform, or kiss your assets goodbye (3 of 7)

*hyperlinks live at source*

The following is my high school teaching assignment for Advanced Placement Macroeconomics students (available as extra credit for other classes) on how money is created. I offer this for non-profit use; divided into seven sections:

Instructions (1 of 7)
Contextual orientation: seeing the past as clearly as possible (2 of 7)
Money and bank credit (3 of 7)
Fractional reserve banking (4 of 7)
Debt (public, private) and money supply (5 of 7)
Historical struggle between government-issued money and private bank-issued credit (6 of 7)
Cost-benefit analysis for monetary reform in your world of the present (7 of 7)
**

2. Money and bank credit

There are five topics to understand for civic competence in creating and managing money. The first four are standard to economics curriculum; the last is rational analysis:

Money and bank credit.
Fractional reserve banking.
Debt (public, private) and money supply.

Mar 15 14:16

TARGET LAYS OFF 1,700 — NFP is a joke: A historic monetary crisis is certain

Find out what's going on with the economy from Andy Hoffman

Mar 15 13:46

10 Retailers Closing The Most Stores

Mar 15 11:21

False IRS Agents Defraud Taxpayers For $ 15.5 Million

Individuals who posed as agents of the US Internal Revenue Service (IRS, for its acronym in English) harassed more than 366,000 people with aggressive phone calls demanding payments and threatening to jail, as revealed Thursday a federal investigator .
More than 3,000 people were deceived, said Timothy Camus, Deputy Inspector General of tax administration in the Treasury, and false officers managed to collect $ 15.5 million. “The numbers of complaints we have received in this case make it the largest in the history of our agency.”

Camus said that fraud affected taxpayers in all states. A particular victim, unidentified, lost more than $ 500,000.

http://whatisusa.info/false-irs-agents-defraud-taxpayers-for-15-5-mill...

Mar 15 11:00

IMF Approves New Bailout To Ukraine

The Executive Board of the International Monetary Fund (IMF) announced a new bailout program for Ukraine totaling 17,500 million and four years, in order to attend the “immediate stabilization” of the economy of Kiev.
“This new four-year program will support the immediate economic stabilization in Ukraine and all deep and broad reforms to restore strong growth in the medium term and improving the living conditions of Ukrainians” said Christine Lagarde, the managing director Fund in a statement, reports EFE.

http://whatisusa.info/imf-approves-new-bailout-to-ukraine/

Mar 15 10:47

Silver marks record imports in 2014

Mar 15 10:14

A US Newspaper Says That Afghanistan Gave CIA Funds To Al Qaeda

Funds sent by the Central Intelligence Agency (CIA) US ally Afghan government were used by Kabul to pay a ransom to Al Qaeda, today unveiled the American newspaper The New York Times.
Funds sent by the Central Intelligence Agency (CIA) US ally Afghan government were used by Kabul to pay a ransom to Al Qaeda, today unveiled the American newspaper The New York Times.

http://whatisusa.info/a-us-newspaper-says-that-afghanistan-gave-cia-fu...

Mar 15 09:39

Iran seals memorandum of understanding in banking sector with Russia — Fars

Iran has sealed a memorandum of understanding in the banking sector with Russia, the Fars news agency said on Saturday.

"The memorandum of understanding was signed by the deputy governors of the Iranian and Russian central banks during a visit to Moscow by a high-ranking Iranian banking and financial delegation from March 10 to 12," the agency quotes Iranian Ambassador to Moscow Mehdi Sanayee as saying.

The document envisages the supervision of the central banks of Russia and Iran over financial operations of the two countries’ other banks.

Mar 15 08:12

In its Desperation, Scandal-Riddled Spanish Government Criminalizes Solidarity Among Citizens

On Tuesday, March 10, 19 Spanish citizens were rounded up in dawn raids by the Madrid police. They are accused of committing a crime against the Spanish state. That crime? Trying to prevent, through passive, non-violent resistance, the forced eviction of a local resident. If found guilty, the suspects could face crippling fines.

Welcome to Rajoy’s Spain, where helping out your neighbor in his or her hour of need is now an administrative crime.

A Not-So-Silent Tragedy

In most countries that have experienced foreclosure epidemics, the eviction of neighbors and local residents is usually a quiet, if not silent, tragedy. Often people don’t realize that their neighbors have gone until hours, days or even weeks have passed. Some may never even notice.

Mar 15 07:55

Money as Debt 2: Promises Unleashed

Bailouts, stimulus packages, debt piled upon debt…Where will it all end?

How did we get into a situation where there has never been more material wealth & productivity and yet everyone is in debt to bankers?

Mar 15 06:52

Egypt unveils plans to build new capital east of Cairo

The Egyptian government has announced plans to build a new capital to the east of the present one, Cairo. Housing Minister Mostafa Madbouly said the project would cost $45bn (£30bn) and take five to seven years to complete.

Mar 14 20:08

Barack and Michelle Obama spent more than $1million of taxpayer's money on separate flights to LA - despite filming TV appearances on the SAME DAY just miles apart

The President and First Lady both filmed TV appearances in Burbank, California on Thursday - but billed taxpayers for two separate private flights to get there.

Barack Obama took Air Force One to LAX, at a cost of more than $1million, so he could be on Jimmy Kimmel Live.

But, rather than ride with him, Michelle Obama chartered a different, earlier plane for a slot on The Ellen DeGeneres Show, filmed in the same LA suburb as Kimmel's program.

Mar 14 14:49

Debt-damned economics: either learn monetary reform, or kiss your assets goodbye (2 of 7)

*hyperlinks live at source*
The following is my high school teaching assignment for Advanced Placement Macroeconomics students (available as extra credit for other classes) on how money is created. I offer this for non-profit use; divided into seven sections:

Instructions (1 of 7)
Contextual orientation: seeing the past as clearly as possible (2 of 7)
Money and bank credit (3 of 7)
Fractional reserve banking (4 of 7)
Debt (public, private) and money supply (5 of 7)
Historical struggle between government-issued money and private bank-issued credit (6 of 7)
Cost-benefit analysis for monetary reform in your world of the present (7 of 7)
**

1. Contextual orientation: seeing the past as clearly as possible

Mar 14 14:04

5 Things To Ponder: Return To Reality

Mar 14 13:53

Beware of accepting Western Union money orders!

Not one easily frustrated and seldom angry, I just had a bad experience that could happen to anyone selling (or in my case, giving away) items on QRZ.com. Beware of accepting Western Union money orders!

I recently offered on QRZ.com to give away a G5RV antenna, that I no longer used, to a ham with limited space—“free, merely pay for the medium-box flat-rate shipping of $10.70.” (The fact that the item was being given away is irrelevant—it could have been a for-sale item, instead.) Several hams responded to my ad and I had to choose only one. But, I also remembered that I had a used Slinky antenna and I offered the same deal to one of the non-selected responders.

Webmaster's Commentary: 

This just now happened to me, with a donation from a supporter in Madison, Wisconsin. Bank returned it with "Refer to maker." No other explanation. I thought the whole point of a money order was that the funds were guaranteed to be there!

Is Western Union starting to cheat its customers to stay in business?

Mar 14 13:32

The Omega Man Wealth Syndrome by NORMAN BALL

snip: The binary construct of monocracy (the Omega Man – everything, we – nothing) will collapse the Great Usury Pyramid (GUP) to a pile of earthen dust. (The other alternative is that the Last Man Owning will be so consummately antithetical to Christian principles that, by definition, he will be the Antichrist. In that case, prepare for big fireworks.) Strivers will suffer identity crises as absolute wealth extinguishes the very benchmarks that once made wealth meaningful. Like a tail-eating serpent, the law of large numbers will devour the efficacy of numbers and net worths.

Mar 14 10:53

What could possibly go wrong

Mar 14 10:44

Natural gas: The fracking fallacy - The US is banking on decades of abundant natural gas to power its economic resurgence. That may be wishful thinking.

All of those investments are based on the expectation that US gas production will climb for decades, in line with the official forecasts by the US Energy Information Administration (EIA). As agency director Adam Sieminski put it last year: “For natural gas, the EIA has no doubt at all that production can continue to grow all the way out to 2040.”

But a careful examination of the assumptions behind such bullish forecasts suggests that they may be overly optimistic, in part because the government's predictions rely on coarse-grained studies of major shale formations, or plays. Now, researchers are analysing those formations in much greater detail and are issuing more-conservative forecasts. They calculate that such formations have relatively small 'sweet spots' where it will be profitable to extract gas.

The results are “bad news”, says Tad Patzek, head of the University of Texas at Austin's department of petroleum and geosystems engineering, and a member of the team that is conducting the in-depth analyses. With companies trying to extract shale gas as fast as possible and export significant quantities, he argues, “we're setting ourselves up for a major fiasco”.

Mar 14 10:32

Investors in ‘patient panic’ over Fed language

U.S. stock markets are in the midst of a “‘patient’ panic” ahead of Wednesday’s Federal Reserve statement, when many investors expect a change in the Fed’s language that would send the clearest signal yet that a rate hike is coming soon.

Mar 14 10:27

The American Story Is A Mystery Only to Economists

Here’s what Bloomberg’s Craig Torres and Michelle Jamrisko write: “American Mystery Story: Consumers Aren’t Spending Even In a Booming Job Market”. Yes, it is a great mystery to 95% of journalists and economists. Because they have never learned to even contemplate that perhaps people can be so deep in debt that they have nothing left to spend. Instead, their knowledge base states that if people don’t spend, they must be saving. Those are the sole two options. And so if the US government reports that 863,000 underpaid new waiters have been hired, these waiters have to go out and spend all that underpayment, they must consume. And if they don’t, that becomes The American Mystery Story.

For me, the mystery lies elsewhere. I’m wondering how it ever got to this. How did the capacity for critical thinking disappear from the field of economics? And from journalism?

Mar 14 10:19

The oil glut and low prices reflect an affordability problem

For a long time, there has been a belief that the decline in oil supply will come by way of high oil prices. Demand will exceed supply. It seems to me that this view is backward–the decline in supply will come through low oil prices.

The oil glut we are experiencing now reflects a worldwide affordability crisis. Because of a lack of affordability, demand is depressed. This lack of demand keeps prices low–below the cost of production for many producers. If the affordability issue cannot be fixed, it threatens to bring down the system by discouraging investment in oil production.

Mar 14 10:10

CURRENCY WARS: IN DESPERATE MOVE, SWIFT ADDS RUSSIA TO ITS BOARD AS A VOTING MEMBER

Two days after China announced they were within months of implementing their own version of SWIFT to compete and perhaps overtake the U.S. dollar as the globally recognized reserve currency, the West does a U-Turn and has accepted Russia as a voting member of their financial messaging and interchange system. This move on March 11 comes just months after the U.S. threatened the Eurasian oil giant with being locked out of SWIFT over the Ukraine conflict, and appears now to be an act of desperation as the dollar becomes less and less of a factor in global trade.

Webmaster's Commentary: 

Absolutely, completely hysterical!!

But it is not going to stop China from creating their own version of SWIFT; and when that happens, I would not bet against the Yuan becoming the premier world currency.

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