ECONOMY

Jul 15 07:03

Portugal Contagion Spreads: Espirito Santo To Default On Portugal Telecom Loan, Business Lending Drops Most On Record

Despite reassurances from US asset-gatherers and TV 'personalities' that Portugal must be fixed (because US equities are up), it is anything but. Today's triple whammy from the 'recovered' Portugal starts with Banco Espirito Santo bonds and stocks hitting new record lows (down over 10% more on the day). The contagion has rippled across to Rioforte, which controls Grupo Espirito Santo's non-financial arm - and is likely to default on a EUR 847 million payment to Portugal Telecom. And just to add further salt to that wound, Portuguese business lending in May collapsed at a record pace (down 8.23%). But apart from that, yeash Portugal is all fixed and their sovereign bonds are worth every penny...

Jul 15 06:40

The Full-Time Scandal of Part-Time America

There has been a distinctive odor of hype lately about the national jobs report for June. Most people will have the impression that the 288,000 jobs created last month were full-time. Not so.

The Obama administration and much of the media trumpeting the figure overlooked that the government numbers didn't distinguish between new part-time and full-time jobs. Full-time jobs last month plunged by 523,000, according to the Bureau of Labor Statistics. What has increased are part-time jobs. They soared by about 800,000 to more...

Jul 15 06:37

Closure notices sent to Trump Plaza workers

Job losses at Trump Plaza when the Atlantic City casino shuts down in September will be even worse than expected.

Trump Entertainment Resorts began mailing notices to its workers on Monday, informing them that while a final decision has not been reached, management expects to close the casino on Sept. 16.

Jul 15 06:37

Emerging nations plan their own world bank, IMF

Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.

Brazil, Russia, India, China and South Africa -the so-called BRICS countries - are seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.

At a summit Tuesday through Thursday in Brazil, the five countries will unveil a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.

Jul 15 06:37

The Numbers are so Artificial Now, It Wouldn’t Take Much for the “Beach Ball” to Pop-Up

Maybe excess profit taxes come into play and since you don’t have paperwork for something you bought, the IRS might say “Oh, ok, your basis price is zero, and therefore, everything you’re selling it for has to be reported as 100% capital gains. Therefore, we are going to tax you at 50, 60, 70%” or Whatever you do that is excess profit taxes for all of these social misfits and terrorists that dare to try to hedge and protect themselves from a financial system that is teetering on the edge. I have every expectation that we are going to have excess profit taxes (on precious metals). ~Eric Dubin

Jul 15 06:18

The Real Purpose Of The IMF

The International Monetary Fund was set up in 1945, describing itself as an “organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”

This all sounds very laudable, but in reality the IMF has a very different purpose from that which is stated. If you look at the history of the IMF’s intervention in countries around the world you will see a trail of disaster and looting that repeats time and time again wherever they go.

Jul 15 06:11

Gerald Celente - Trends In The News - "Ditching The Dollar"

Jul 15 06:10

Gowex Chief Orchestrated Sham Hiding Lies in Plain Sight

Gowex founder Jenaro Garcia fabricated clients and contracts, listed a defunct company as a holding company for his stake in Gowex, and put numbers in reports that didn’t make any sense, even as matters of basic arithmetic.

It was all so brazen that Gotham City Research LLC, the short-seller whose July 1 report exposed the sham, even began to question whether its conclusion -- that Gowex was overstating revenues -- was off-base.

“We were looking for things that might undermine our view,” Gotham founder Daniel Yu said in an interview last week in New York. “It was like that movie ‘Groundhog Day’ where we’re waking up, expecting to see a different outcome, but each day validates our thesis.”

Garcia owned up to the deeds, resigning from the company on July 5 and saying on Twitter he made a “confession” to court and would cooperate with investigators.

Jul 15 06:07

Misbehaving Bankers Threaten System, BOE’s Bailey Says

Bank of England Deputy Governor Andrew Bailey said banks’ misconduct risks undermining the entire financial system following increasingly large fines.

Misbehavior has “broader consequences,” Bailey, who leads the central bank’s Prudential Regulation Authority, said in an interview in London today. “The risk of loss of confidence in the integrity of financial markets is very, very big. This threatens a vital underpinning of the system.”

Webmaster's Commentary: 

In other words, the public is catching on that the whole financial system is a con-game.

Jul 15 06:06

Airbus Extends Jet-Sales Blitz at Air Show to Rout Rival Boeing

Airbus Group NV (AIR) extended its lead over Boeing Co. (BA) on the second day of the Farnborough Air Show by pulling in a record deal for single-aisle aircraft and bolstering sales of its new A330neo wide-body model.

The European manufacturer pushed out a rapid-fire string of announcements that included SMBC Aviation Capital Ltd. buying jets for $11.8 billion, followed by BOC Aviation Ltd. taking 43 single-aisle aircraft, as well as deals from two other leasing companies worth a combined $8.8 billion at list price. Boeing’s accords from two customers came in at $5.8 billion.

Jul 14 16:49

‘World is still livable due to BRICS counterbalancing West’

The West is now starting to move to its final decay, with the Russia-China alliance becoming stronger, offering Latin America and other regions a multipolar model of the world, author and international consultant Adrian Salbuchi told RT.

Jul 14 14:14

Russia Bans Purchases of Foreign-Made Cars By Government

Federal and municipal governments were prohibited from buying foreign-made cars by Russian Prime Minister Dmitry Medvedev, who said he hoped the decision would "help preserve necessary balance on the market."

The state spends huge sums buying equipment, and "of course it is better if they go to domestic companies, not foreign producers," Interfax quoted Medvedev as saying at a meeting with deputy prime ministers on Monday.

The order signed by Medvedev will hit not only the sleek black cars of high-ranking federal officials, but public transport and vehicles for emergency services and utilities companies.

However, the aim is not to exclude foreign companies from the Russian market altogether, but to "develop manufacturing cooperation with Russian producers ... in the form of localization of production," Medvedev said.

Webmaster's Commentary: 

A non-sanction sanction!

Jul 14 13:45

The Kingdom Of Shylock

Plutocracy is more despotic then monarchy; more insolent than aristocracy; more selfish than bureaucracy. It accumulates by conscious fraud more money than it can use, and denounces as public enemies all who question its methods or throw a light upon its crimes.

(W. J. Bryan, New York Reception, 1906).

All undertakings in the field of industry are now dependent upon the consent of the banker.

The Stock Exchange activities of the banks are becoming more and more the controlling force in every department of economic life.

Modern capitalism is the child of money-lending

Money-lending contains the root idea of capitalism

In money there is no thought of production

In money-lending economic activity has no meaning

—Werner Sombart in “The Jews and Modern Capitalism.”

Webmaster's Commentary: 

Online version of the book, "The Kingdom of Shylock."

Jul 14 10:47

Airbus Seeking Patent For Bicycle Seats In Plane Cabins Because Flying Isn’t Uncomfortable Enough Already

While you’re fighting for territory on the arm rest and suffering the kicks, nudges and otherwise annoying seat disturbances that come with flying commercial airlines, just think… it could be worse. How much worse? Like perching on a bicycle seat worse.

Airbus submitted a patent in Europe for the seats, with have small backrests but no tray tables or headrest, reports the Los Angeles Times. And legroom? Keep dreaming.

Jul 14 09:27

What a breathtaking liberty! Venezuelan airport charges passengers £11.80 for FRESH AIR

Holidaymakers are getting used to paying for hidden extras when they fly but what about being charged for fresh air?

An airport in Venezuela is doing just that in an attempt to pay for a new air conditioning unit.

Jul 14 08:30

The Kingdom of Shylock

First published in 1917, when it was repressed. This is a reprint of the second edition. Frank Anstey (1865-1940) was a leader of the Labor Party, a committed socialist, supporter of public finance and the Commonwealth Bank, and viewed WWI as “a war of rival capitalists”. He was more right than wrong. In this age of the globalisation, of organized criminality, we need more like him who will stick to their guns against cannibalistic corporate capitalism. This is an essential reference in understanding the true Labor Party, economic power in Australia, how far we have come along the road to total financial control of our lives, and conversely how diminished is our understanding of the forces that torture us.

Webmaster's Commentary: 

Hesperian Press sent me a copy of this book. I read it last night. In fact I could not put it down. There, in 1917, was a clear understanding that the world was enslaved by those who held control of the monetary mediums of exchange, and how those private banking interests had driven the world into World War 1. Given the title, and the threat to the private central bankers, the book was denounced and suppressed. But is is worth the read in light of current events!

The lesson from this book is that politicians have indeed known all along that all wars are bankers' wars, but continue to be willing to sell your childrens' lives for a share in the bankers' treasure!

Jul 14 08:29

Picturing The March Of Tyranny

Well-known libertarian cartoonist Ben Garrison has previously summarized the state of the States perfectly in this image. As he describes it - the cartoon "shows how the banking and corporate masters (crony capitalist fascists) control both major parties behind the scenes. They keep us distracted with left vs. right while giving us the illusion that voting for one of the other parties will solve things. It won't." It appears his 'prophecy' has grown more and more the reality in the past years...

Jul 14 08:26

Robbing Peter

On 16th March 2013, the banks of Cyprus, with the approval of the Cyprus Government, the European Commission, the European Central Bank, and the International Monetary Fund, confiscated private savings of accounts exceeding €100,000.

At the time, there were two readings of the unanimous approval by four bodies. As the confiscation was presented to the public, the unanimous approval implied that the confiscation was above board. To those who looked a bit deeper, however, the unanimous approval meant that, not only had the four bodies clearly been working on the plan for some time, behind closed doors, but it also demonstrated that all four bodies colluded to steal a significant amount of privately owned money.

Jul 14 08:14

US Offers Immunity To Junior FX Manipulators In Exchange For Ratting Out Their Seniors

In another indication that the ongoing FX probe is picking up steam, or at least preparing for primetime public PR consumption, the FT reports that US prosecutors are offering immunity deals to junior traders in London. The quo for this particular quid: rat our the senior staff involved in what has previously been reported to be years of currency manipulation.

Jul 14 08:13

Britain Buys Water Cannons; Fears Civil Unrest From Government Workers

he British government has just invested in water cannons because they are fearing the rising tide of civil unrest as austerity is forcing the reduction of state workers and their pensions. I have been warning that unemployment will rise, but this time it is going to flow more so from the state and municipal workers. In the UK, hundreds of thousands have took to the streets to protest against the austerity measures of the government. Prime Minister Cameron has no choice for this is the collapse of socialism. Those who think I am anti-poor or whatever, are missing the point. It is the rising cost of government that is out of control and NO LEVEL of tax increase can reverse this trend.

Jul 14 07:39

Weaponized Military Grades of BS

It is a momentous occurrence whenever the scepter is passed from one regent to the next. Each of them brings with their rule a general state of appearances. Pol Pot brought one. Peter the Great another and Queen Victoria something else. It is true that whatever came to pass was somewhat influenced by the people it came to pass upon but I can show you comparative levels of brutality in each of these. I can show you (in these very days) and you can find; scenes of elegant opulence and all manner of plenty with total want and despair only a short distance away.

Jul 14 07:26

Photos That Make the Rude Pundit Want to Toast with a Pint of Thornbridge Ale and Then Drink Until He Pukes

That up there happened yesterday in London. Similar marches occurred all over Great Britain. It's a strike and protest from anywhere between 500,000 and a million workers (depending on who's counting) in unions for teachers, firefighters, and other civil servants in response to the government's offer of a contract that gave them a 1% raise after wages were frozen in 2010. As huge trade union Unison put it, "The current government offer leaves most workers with pay worth almost 20% less than in 2010. Falling pay also means loss of pension for the rest of your life."

Jul 12 06:39

U.S. Steelmakers Accuse Russia of Breaching 15-Year Trade Deal

U.S. steel producers on Thursday accused Russia of flooding the market with cheap flat-rolled steel, challenging a 15-year trade deal and potentially reigniting a decades-old dispute over imports amid heightened tensions between Washington and Moscow.

In a submission to the Commerce Department, Nucor Corp , U.S. Steel Corp, ArcelorMittal USA LLC and others said the agreement had not stopped Russian producers from undercutting local prices or flooding the U.S. market with a 1,400 percent shipment increase in the first half of 2014 compared with the year-ago period.

Webmaster's Commentary: 

"How DARE the Russians make better steel and sell it for a lower cost!!! Everyone knows the world must by our inferior products at inflated prices! This means WAR!!!" -- Official White Horse Souse

Jul 11 10:01

Germany Instructs Its Companies To Limit Cooperation, Procurement Orders With The US

Congratulations America: after severing ties with Russia, crushing cordial relations with China (leading to this stunning announcement by China's president), alienating France (which is now openly calling for an end to the petrodollar), the Obama administration - following not one, not two, but three spying scandals in just the past year - has managed to sour relations with Germany to a point where one wonders just who is a remaining US ally in Europe these days.

Jul 11 09:06

Huge public sector strikes hit Britain

Webmaster's Commentary: 

When you choose to live a simpler life, that is austerity. When the government orders you to live a simpler life, that is DICTATORSHIP!

Jul 11 08:46

Bulgaria's Central Bank Revokes License of Corporate Commercial Bank

The Bulgarian National Bank (BNB) is to suspend the license of troubled Corporate Commercial Bank (KTB) and to nationalize its subsidiary, Credit Agricole Bulgaria.

BNB is also to transfer citizens' and companies' assets held in KTB into Credit Agricole Bulgaria, where money from Bulgaria's Deposit Insurance Fund (DIF), which protects personal and corporate deposits up to EUR 100 000.

At the same time, some BGN 3.5 B (EUR 1.75 B) seem to be "missing" from the bank, public broadcaster BNR quoted the central bank's Governor Ivan Iskrov as saying.

It is the 3.5-billion-worth gap that changed BNB's "initial plans" to help KTB to recuperate after stepping into its management to avoid a further crisis, he explained.

Jul 11 08:27

Iceland plans euro (RATHER THAN DOLLAR!) bond sale

Iceland is planning to sell its first euro bond since 2006, moving away from the US dollar funding it has been dependent on since its economy crashed in 2008.

Jul 10 13:05

EPA claims it has the power to garnish wages without court approval

The Environmental Protection Agency has quietly claimed that it has the authority to unilaterally garnish the wages of individuals who have been accused of violating its rules.

According to The Washington Times, the agency announced the plan to enhance its purview last week in a notice in the Federal Register. The notice claimed that federal law allows the EPA to "garnish non-Federal wages to collect delinquent non-tax debts owed the United States without first obtaining a court order."

Jul 10 12:06

Q2 GDP Hopes Fade As Wholesale Inventories Miss By Most In 2014

Another day, another uncomfortable fact about Q2 not being the epic bounce back that so many had promised. Wholesale Inventories rose only 0.5% in May - following April's +1.1%. This is the slowest growth in 2014 and biggest miss of expectations since Dec 2013. Wholesale sales also fel back, missing expectations at +0.7%, to the slowest since Feb as April hopes fade. Cue, Q2 GDP downgrades in 3...2...1...

Jul 10 09:36

The World’s Next Oil Shipping Corridor: The Arctic Ocean

It’s colder than the Persian Gulf, needs more icebreakers than the Suez Canal and passes less picturesque beaches than the Mediterranean, but the so-called Northern Sea route connecting Europe to Asia via the northern coast of Russia has its advantages.

It’s a shorter and quicker route, and thus more energy efficient. And it avoids many of the geopolitical flash points that make shipping risky–instead of the Strait of Malacca, the Horn of Africa and Egypt’s Suez region, boats can hug the coat of Russia for a chilly but uneventful ride.

Jul 10 09:33

Russia to suggest forming energy association, fuel bank at BRICS summit

Russia will suggest setting up an energy association and a reserve fuel bank during the BRICS summit that takes place in Brazil July 15-16, Yury Uskakov, a Russian presidential aide, told reporters.

“Russia intends to suggest several specific subjects for consideration, namely the formation of a BRICS energy association to ensure the energy security of BRICS members,” Ushakov said ahead of President Vladimir Putin’s visit to Brazil.

Webmaster's Commentary: 

Russia is very smart to be making this move right now, while the whole Middle East is in deep turmoil; energy independence and energy efficiency are definitely two critical components in keeping countries' economies moving forward.

Jul 10 09:29

Germany clears path for EU to directly fund ailing banks

he EU’s bailout fund has moved closer to being able to directly pump money into troubled banks after the German government introduced a bill allowing direct bank recapitalisation.

The German government has introduced a bill allowing the EU’s bailout fund to directly fund struggling banks

The draft law will now require approval in the Bundestag, but is planned to enter into force in November.

“This is an important step to stabilise our financial sector … and to increase further the trust in our common European currency,” said finance minister Wolfgang Schaeuble on Wednesday (9 July).

He added that the law would help “rule out the risk that the taxpayer would have to accept liability, as in the financial crisis”.

Webmaster's Commentary: 

The question has to be asked: how many EU banks are in deep financial trouble, and by how much?!?

Jul 10 09:18

Muni Fund Collapses To Record Lows As Puerto Rico Risk Rises

Quietly behind the scenes and away from the exuberant stock market trading headlines of the mainstream media, Muni bond markets are in turmoil. Thanks to the 'shenanigans' in Puerto Rico - after lawmakers last month approved a bill allowing some public corporations to restructure debt - PR bonds have collapsed to record lows (and dragged a number of large Muni funds with them).

Jul 10 07:47

Germany Blesses “Bail-In” Deposit Confiscation Plan For Failing EU Banks

One year earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports, Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.” What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors… remember Cyprus?

Webmaster's Commentary: 

"Hey, if the FED can take our gold, then the banks can take your savings accounts! Fair is fair!!"

Jul 09 11:31

Think Tank Proposes $3.3 Trillion Tax Hike

America is undertaxed, and the result is underfunding of public investments that would improve our economy and the overall welfare of Americans. Fortunately, Congress has several straightforward policy options to raise revenue, mostly by closing or limiting loopholes and special subsidies imbedded in the tax code that benefit wealthy individuals and profitable businesses.

Webmaster's Commentary: 

BULL BISCUITS! America is taxed to the point of paralysis! This think tank is operating from the mindset that all problems are solved by taking more away from the people, apparently clueless that We The People cannot pay these higher taxes in an age where wages and salaries are being hammered into the ground and 90 million Americans cannot find a job at all!

It must be nice living in a little bubble of fantasy where you make huge bucks for fairy-tale solutions to real-world problems!

Jul 09 10:56

Finance and the Holy See: creating a central bank

The Vatican is setting up a ‘central bank’ as part of an overhaul of its finances.

Webmaster's Commentary: 

Rather odd thing for a church that used to forbid usury!

Jul 09 09:38

Is The Fed Going To Attempt A Controlled Collapse?

As most Fed watchers know, last week was interesting because Janet Yellen, speaking at IMF came out and said something quite surprising. In a nutshell, she said “It’s not the Fed’s job to pop bubbles”. While many market participants immediately took this to mean, “To the moon, Alice!” and started buying equities hand over fist, there’s another possible explanation for Mrs. Yellen’s proclamation of unwillingness: The Fed could be preparing to do exactly what it said it wouldn’t.

Here’s a quick re-cap of events: In the recently released Annual Report of the BIS: Bank for International Settlements (commonly thought of as the “central bank’s central bank”) the BIS made a rather ominous recommendation to it’s member banks: Pop this bubble now. Their specific language wasn’t quite so direct, but the message was just as clear.

Jul 09 07:44

Big Banks Want Power to Declare Cyber War

Wall Street’s biggest trade group has proposed a government-industry cyber war council to stave off terrorist attacks that could trigger financial panic by temporarily wiping out account balances, according to an internal document.

The proposal by the Securities Industry and Financial Markets Association, known as Sifma, calls for a committee of executives and deputy-level representatives from at least eight U.S. agencies including the Treasury Department, the National Security Agency and the Department of Homeland Security, all led by a senior White House official.

The trade association also reveals in the document that Sifma has retained former NSA director Keith Alexander to “facilitate” the joint effort with the government. Alexander, in turn, has brought in Michael Chertoff, the former U.S. Secretary of Homeland Security, and his firm, Chertoff Group.

Webmaster's Commentary: 

More than ever before, please do NOT have any more money in your personal bank account than you absolutely need with which to pay your bills.

This is not only a lousy idea, but also, the charges depositors will ultimately face will be epically nasty. IF these services will cost one million dollars per month, you can bet your sweet bippy that it will not be the banks absorbing those costs at all.

Jul 09 07:20

Say hello to U.S. economy’s newest bubble

Call it irrational exuberance, part two. Like old man river, the stock market just keeps rolling along. Last week it was Dow 17,000. Will this week see the market go even higher?

Before you jump on the bulls’ bandwagon, let me call to your attention a couple of salient statistics. At today’s level, the Dow industrials DJIA +0.10% are up 5% since the beginning of this year. This is on top of a 35% leap in 2013. And in case you are keeping score, the Dow is now a whopping 155% above its low back in March 2009.

All that said, there are a number of warning signs out there that suggest the party may soon be over.

Jul 09 07:18

Portugal's Largest Bank Misses Bond Payment; Bonds Collapse

Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA - is in a "serious financial condition" according to a central bank driven external audit by KPMG identified "irregularities in its accounts." Sure enough, the 'ponzi-like' maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds plunged to record lows after a parent company delayed payments on short-term notes.

Jul 09 06:37

Power grab: EPA wants to garnish wages of polluters

The Environmental Protection Agency has quietly floated a rule claiming authority to bypass the courts and unilaterally garnish paychecks of those accused of violating its rules, a power currently used by agencies such as the Internal Revenue Service.

Jul 08 12:48

Detroit Urges National Effort to Defeat Banks, Privatization

Activists in Detroit have not been idle in confronting the bank-imposed austerity plaguing the city. Every week there are Freedom Friday demonstrations beginning at the DWSD and spreading out through downtown in order to confront and expose the real criminals behind the crisis.

A press conference organized by the Stop the Theft of Our Pensions Committee (STOPC) took place on July 3 in front of the federal courthouse. City of Detroit retirees from Moratorium NOW! Coalition, STOPC and the Concerned Citizens and Retirees of Detroit spoke out against the proposed plan of adjustment and what they perceived as a rigged voting process that is pressuring retirees to vote yes on cutting their pensions and benefits.

Members of the Moratorium NOW! Coalition have been leafleting at the DWSD payments centers in addition to organizing weekly Freedom Friday demonstrations. On July 2 and 3, hundreds of people were reached through leafleting on both the west and east sides of the city.

Jul 08 09:08

Russia approves creation of BRICS foreign exchange fund

The Russian Government signed a draft agreement on the creation of a $100 billion pool of currency reserves that the BRICS countries are forming to guard against financial shocks. According to the document, the countries’ dollar reserves will remain on the balance sheets of their central banks. However, these reserves can be made available at the request of one of the parties.

Webmaster's Commentary: 

2015 looks as though it will be a very nasty year for the US dollar.

Jul 08 09:02

Halbig v. Burwell: The next big Obamacare case

In brief, these cases claim the IRS has exceeded its statutory authority in authorizing tax credits and cost-sharing subsidies on federal exchanges because the PPACA only authorizes tax credits for the purchase of insurance on an exchange “established by the State under Section 1311.” Section 1311 instructs states to create exchanges. Federal exchanges are established under Section 1321 of the Act.

At one level these cases present a straightforward statutory interpretation question. The text is clear and does not contradict any other provisions in the Act. That would seem to settle the matter.

Jul 08 08:59

Feeling poorer through the power of inflation: Since January of 2000 college tuition is up 68 percent, new car costs are up 55 percent, your typical home is up 50 percent, and wages are simply not keeping up.

You have to love how the Federal Reserve downplays inflation when they are the primary source of it with other central bankers for this monetary phenomenon. They continue to play inflation down because it gives them the power to continue to use policies that seem to only aid their banking allies while making working Americans poorer by the day. Inflation has a slow eroding power that is not readily visible since it usually takes time to work through a system. Looking at a broader timeframe however it becomes readily apparent that inflation is hitting our system hard and most working families don’t need an advanced degree in economics to understand this. According to the CPI, the overall rate of inflation since January of 2000 has been 39 percent. The Fed prefers to use the PCE Deflator measure and this only has inflation running at a 31 percent rate.

Jul 08 08:29

The Looming Foreclosure Crisis: As the Fed Runs Out of Bullets, Local Governments Are Stepping In

Former Assistant Treasury Secretary Paul Craig Roberts wrote on June 25th that real US GDP growth for the first quarter of 2014 was a negative 2.9%, off by 5.5% from the positive 2.6% predicted by economists. If the second quarter also shows a decline, the US will officially be in recession. That means not only fiscal policy (government deficit spending) but monetary policy (unprecedented quantitative easing) will have failed. The Federal Reserve is out of bullets.

Or is it? Perhaps it is just aiming at the wrong target.

Jul 08 08:22

Currency Wars - Europe Seeks Alternative To 'Dollar Imperialism'

Today in Brussels the French Finance Minister, Michel Sapin, will start a debate with his EU counterparts on how the European Union can reduce its dependency on the U.S. dollar. Should the discussion find traction it may contribute to the ongoing monumental shift in global monetary economics with the gradual decline of the dollar as the global reserve currency.

Mr Sapin said in an interview with The Financial Times, “We [Europeans] are selling to ourselves in dollars, for instance when we sell planes. Is that necessary? I don’t think so. I think a rebalancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade.”

The U.S. dollar has enjoyed reserve currency status for most of the past 70 years. This status confers enormous power to the dollar and allows the U.S. government to fund its trade deficits at very low cost.

Webmaster's Commentary: 

Today's meeting could put the US dollar into an industrial-strength world of hurt.

The DOW and NASDAC appear to be on a strong downward spiral at this point in the morning.

Jul 07 21:02

Obamacare faces another court threat — and this one could be fatal

The threats to Obamacare just keep on coming……

A case before the U.S. Court of Appeals in the District of Columbia may determine the Affordable Care Act was written in such a way that it prevents the federal government’s HealthCare.gov web site from offering subsidies.

Now such a ruling would have a long way to go before it actually would become enacted — and a lot of legal hoops would have to be jumped through — but such a finding could be a show-stopper for Obamacare. More than 5 million of the 8 million who signed up for Obamacare through the U.S. Department of Health and Human Services’ web site would thus not be eligible for tax credits. Most, presumably, would fall off the rolls of the insured.

Jul 07 10:35

IMF pushes Ukraine to ‘voluntarily committing suicide’

Western support will allow more IMF and European lending to prop the Ukrainian currency so the Ukrainian oligarchs can move their money safely to British and US banks, economist and author Michael Hudson told RT’s Truthseeker.

Webmaster's Commentary: 

Looks like the Ukrainian oligarchs are not confident they will hang onto power!

Jul 07 09:37

Shades of 1930 in Wall Street Banks’ Dark Pools?

On June 2 of this year, the Financial Industry Regulatory Authority (FINRA), a self-regulator of Wall Street’s broker-dealers, dropped a bombshell. For the first time, FINRA released trading data for Wall Street’s dark pools – unregistered stock exchanges that the SEC recklessly allows to trade stocks without making the bids and offers public, along with many other details.

The bombshell, that mainstream business media has yet to comprehend, was that the same mega Wall Street banks whose share prices crashed in the 2008 financial crisis are today not only running dark pools for stock trading but they’re trading the stock of their own corporate parents – to the tune of tens of millions of shares a week. Those Wall Street banks include JPMorgan Chase, Bank of America Merrill Lynch and Citigroup.

What could possibly go wrong in this arrangement?

Jul 07 08:25

Austria audits off-shore gold reserves

After growing public pressure among Austrians who have been sceptical about the continued existence of their country's gold reserves at the London bank, Austrian National Bank governor Ewald Nowotny confirmed at the end of May that an audit would take place.

"I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations,” said Nowotny.

The web site Goldreporter.de states that Austria officially owns 280 metric tonnes of gold, of which 17 percent are kept in the country. Of the remainder, some 150 tonnes are believed to be stored in London.

In recent years, a rising number of sceptics have expressed concern about the continued existence of European gold deposits, especially those belonging to Germany that were being held by the US Federal Reserve.

Jul 07 07:00

Spain Issues Retroactive 0.03% Tax on Bank Deposits to "Boost Economic Growth and Job Creation"

Via translation from Libre Mercado, Spain will retroactively tax bank deposits to January 1, 2014 stating the move will boost growth and job creation.

Jul 07 06:32

Why Isn’t Wall Street in Jail?

First Look Media journalist Matt Taibbi, author of ‘The Divide: American Injustice in the Age of the Wealth Gap’, explains how Countrywide, a loan scam at the center of the sub-prime mortgage crisis,”almost blew up the world” by essentially giving big loans to anybody with a pulse. This scam formed a major component of the sub-prime mortgage crisis which went bust in 2008.

Jul 06 08:31

CEO Of One Of The World's Largest Energy Majors "Sees No Reason For Petrodollar"

The USA is fast running out of friends to support its 'exorbitant privelege'. Having alienated the Germans over NSA-eavesdropping, 'boomerang'd the Russians into de-dollarization, tariffed and quantitatively eased China into diversification, and finally 'punished' France into discussing the dollar's demise; it appears no lessor person than the CEO of Total (the world's 13th biggest oil producer and Europe's 2nd largest), believes "There is no reason to pay for oil in dollars." Clearly, based on Christophe de Margerie's comments, that we have passed peak Petrodollar.

"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.

Webmaster's Commentary: 

The Federal Reserve's absolute, rapacious greed, coupled some really bad "planning" on the part of the US government, has brought this situation about, and perhaps sooner than I had expected.

Both entities have no one else but themselves to blame.

Jul 05 09:34

Largest Austrian Bank Crashes After “Revealing” 40% Surge In Bad Debt Provisions, Record Loss

Austria’s largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.

Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.

Webmaster's Commentary: 

I wonder just how badly the rest of the European economy will react to this next week, and the American economy as well; the dealings of large private banks are very inter-related, and yesterday was a holiday for the US stock markets.

Jul 05 07:19

Rising red tide: China’s Navy in frenzy to build new nuclear-powered attack subs

China's military is investing heavily in advanced submarines, including both ballistic and cruise missile firing vessels and attack subs.

Webmaster's Commentary: 

If you saw the United States in an orgy of invasion against every nation that refused to bow to the dollar, you would be building weapons, too!

Jul 05 07:14

FLASHBACK - Sequester Doomsday Predictions: Much Ado about Nothing

Despite endless hand-wringing and apocryphal forecasts of massive federal job losses as a result of the 2013 sequestration, it turns out that — drum roll, please — only one job was eliminated.

The White House and the Congressional Budget Office (CBO) predicted that thousands of jobs would disappear if Congress couldn’t avoid sequester, those automatic budget cuts implemented across all federal agencies when Democrats and Republicans failed to agree on a budget deal.

So much for all that talk, as only the Department of Justice reported the reduction of its workforce, and that by a single employee in fiscal year 2013, according to a Government Accountability Office (GAO) report.

Jul 04 17:48

Largest Austrian Bank Crashes After “Revealing” 40% Surge In Bad Debt Provisions, Record Loss

Austria’s largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.

Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.

Jul 04 17:47

By "Punishing" France, The US Just Accelerated The Demise Of The Dollar

Not even we anticipated this particular "unintended consequence" as a result of the US multi-billion dollar fine on BNP (which France took very much to heart). Moments ago, in a lengthy interview given to French magazine Investir, none other than the governor of the French National Bank Christian Noyer and member of the ECB's governing board, said this stunner at the very end, via Bloomberg:

Jul 04 15:50

US Exports to Russia Hit Record Levels in May Despite Sanctions

US exports to Russia rose 21 percent and reached a record high of $1.25 billion in May, according to the Bureau of Economic Analysis, an arm of the US Department of Commerce.

During the same month, American exports to the EU and China increased by only 2.5 percent and 2.2 percent, respectively.

US imports from Russia decreased by 8.5 percent in May, totaling $2.15 billion.

Jul 04 07:21

South Korea, China agree to direct trade in national currencies

South Korea and China have agreed to create a market for direct trading of the yuan and won, which is hoped, will help reduce the pressure of the US dollar, as well as cut foreign exchange costs and boost bilateral investment.

Jul 03 12:47

Expropriation Is Back - Is Christine Lagarde The Most Dangerous Woman In The World?

I have gone on record that the most dangerous organization is the now French led IMF with Christine Lagarde at the helm, which has presented a concept report that debt cuts for over-indebted states are uncompromising and are to be performed more effectively in the future by defaulting on retirement accounts held in life insurance, mutual funds and other types of pension schemes, or arbitrarily extending debt perpetually so you cannot redeem. Yes you read correctly, The new IMF paper is described in great detail exactly how to now allow the private sector, which has invested in government bonds, to be expropriated to pay for the national debts of the socialist governments.

Jul 03 11:23

June Full-Time Jobs Plunge By Over Half A Million, Part-Time Jobs Surge By 800K, Most Since 1993

Is this the reason for the blowout, on the surface, payroll number? In June the BLS reports that the number of full-time jobs tumbled by 523K to 118.2 million while part-time jobs soared by 799K to over 28 million!

Webmaster's Commentary: 

Absoflippinglutely unbelievable!!a

Jul 03 08:57

Six months after marijuana legalization: Colorado tax revenue skyrockets as crime falls

At the Native Roots Apothecary, a discreet marijuana shop in a grand old building in Denver’s busy 16th street shopping mall, business is so brisk that customers are given a number before taking a seat to wait their turn.

There are young men in ball caps, nervous-looking professionals in suits, and the frail and elderly. Staff say customers have been flocking to their outlets since Colorado voted to allow recreational pot use for adults from January.

Six months on, Colorado’s marijuana shops are mushrooming, with support from local consumers, weed tourists and federal government taking a wait-and-see attitude.

Tax dollars are pouring in, crime is down in Denver, and few of the early concerns about social breakdown have materialized – at least so far.

Webmaster's Commentary: 

Looks like good news all around, at least for the moment!! :-)

Jul 03 08:46

The BRICs Are Morphing Into An Anti-Dollar Alliance

Slowly but surely the BRICS – that proud Goldman acronym which was conceived to perpetuate the great American way of life by releasing trillions in US-denominated debt in heretofore untapped markets – are morphing into an anti-dollar alliance.

Before the crucial visit to Beijing next week, the governor of the Russian Central Bank, Elvira Nabiullina met Vladimir Putin to report on the progress of the upcoming ruble-yuan swap deal with the People’s Bank of China and Kremlin used the meeting to let the world know about the technical details of its international anti-dollar alliance.

Webmaster's Commentary: 

There should be a sense of urgency here by the BRIC nations, because the US is already, at least in proxy mode, at war with both Russia and China.

The US government's policies concerning the Ukraine and the support of Japan toward a more aggressive "self-defense" policy ( just approved this week) are testaments to this reality.

Jul 03 07:29

(Another) Idiot Economist Says We Need "Major War" to Save the Economy

Webmaster's Commentary: 

Here's your rifle...

Jul 03 07:16

Nevada woman whose Obamacare enrollment was delayed died of cancer

A cancer-stricken Nevada woman whose health insurance coverage was delayed due to enrollment troubles with her state’s Obamacare-mandated health care exchange has died.

Linda Rolain, who has battled an aggressive brain tumor but didn’t receive insurance coverage until it was too late — despite numerous attempts to enroll in Nevada’s problem-plagued insurance exchange — succumbed to her cancer Monday, the Las Vegas Review-Journal reported.

Webmaster's Commentary: 

"See? I told you Obamacare would lower costs! It is based on the same tried and tested method we use over at the VA. Ignore 'em 'til they die! HUGE savings!" -- Official White Horse Souse

Jul 03 07:13

Treasurys sink as ADP stokes jobs day jitters

Automatic Data Processing Inc. said Wednesday that the U.S. added 281,000 private-sector jobs in June, substantially higher than the 179,000 added in May. The reading, which was the highest since the end of 2012, beat expectations of 210,000.

The report is often used as an early reading on the more heavily-watched nonfarm payrolls report, which is due out on Thursday. Economists expect the report to show 215,000 new jobs in June.

Webmaster's Commentary: 

That include the people hired to keep watch on those 65,000 illegal kids?

Jul 03 06:49

Russia may legalize bitcoin – Bank of Russia deputy chairman

The Bank of Russia has signaled it is ready to legalize the world’s first mainstream cryptocurrency, despite the big risks and setbacks the digital money has experienced. The Bank’s recognition means it can better regulate it, and even collect tax.

Jul 02 16:03

The absurd reason why the government stole my parents’ savings…

In the Land of the Free alone, there are hundreds of federal, state, and local agencies that have all the firearms and legal authority they need to kick in doors, freeze accounts, and seize assets.

You don’t even have to be doing anything wrong. Hell you don’t even need to be anywhere in the vicinity. If your ‘stuff’ just happens to be in the wrong place at the wrong time, it can be confiscated.

Almost every week, some government agency is holding an auction of other people’s confiscated property.

And at nearly every one of them is some poor guy’s collection of gold eagles and Canadian Maple Leaf coins.

This is reason enough to consider holding at least a portion of your physical assets abroad.

Jul 02 11:59

Gold & Silver Hit Multi-Month Highs As ETF Inflows Surge Most In 21 Months

The last 2 days have seen something 'odd' happen in gold markets. As the China commodity finance deals are unwound and massive futures positions squeezed, Gold ETFs have seen the biggest inflows since September 2012 (and are their highest in 2 months). Whether this is the start of trend is unclear (as perhaps the conspiracy 'fact' proof of manipulation and rigging in the gold markets stalled the hollowing out of the gold complex). Ironic that this considerable rise should occur shortly after rumors of Germany's end to repatriation calls. Gold (and silver) has broken out once again this morning after the early dump on ADP 'good' news is well bid to 3-month highs.

Jul 02 08:55

Turkmenistan’s gas will flow to Europe via Turkey

In an effort to reduce dependency on Russian natural gas and position itself as a key player amid rising European energy demands, Turkey recently agreed to increase its energy co-operation with Turkmenistan.

After a meeting last month in Ankara between President Abdullah Gul and his Turkmen counterpart Kurbanguly Berdymukhamedov, Gul told reporters that Turkey is determined to deliver Turkmen gas to European markets.

While details of the agreement are unclear, the addition of Turkmen gas flowing through the Trans-Anatolian Natural Gas Pipeline (TANAP) is expected to benefit Turkey, which currently obtains about 60 percent of its natural gas from Russia. The TANAP pipeline is under construction and is scheduled to be operational by 2018.

Jul 02 08:01

Venture Capitalist Buys Entire Stash Of ‘Silk Road’ Bitcoins At U.S. Marshall Auction

A single entity successfully scooped up the entire ~30,000 haul of Bitcoins that the US government seized from Silk Road.

The successful bidder at the government’s auction was V.C. Tim Draper (in partnership with Vaurum) who is infamous as the ideator of viral marketing, a marketing method for spreading a software application from customer to customer (making one wonder if the $19 million bid was more publicity stunt that investment).

However, Vaurum has launched trading platforms in emerging markets, and we will be partnering with Tim to leverage the pool of ~30,000+ bitcoins as a liquidity source.

Jul 02 07:51

Starting Today Interest On New Student Loans Rises By 20%

While the new quarter has started with a bang for the capital markets and those 1% who actually benefit from one after another record high courtesy of the Fed's "fairy dust", July 1 is an important date for another group of Americans: students. However, instead of more wealth, America's aspiring intelligentsia has something far less pleasant to look forward to, namely more debt, because today is when higher interest rates for education loans kick in. Starting July 1 all new loans for the 2013/2014 student year will increase from 3.86% to 4.66%, a 20% increase.

Jul 02 06:49

Should Bit Coin be Legal Everywhere?

Michael Rivero - No July 4th fireworks in Hawaii

Jul 01 13:03

In dry California, water fetching record prices

Throughout California’s desperately dry Central Valley, those with water to spare are cashing in.

As a third parched summer forces farmers to fallow fields and lay off workers, two water districts and a pair of landowners in the heart of the state’s farmland are making millions of dollars by auctioning off their private caches.

Nearly 40 others also are seeking to sell their surplus water this year, according to state and federal records.

Economists say it’s been decades since the water market has been this hot. In the last five years alone, the price has grown tenfold to as much as $2,200 an acre-foot — enough to cover a football field with a foot of water.

Jul 01 10:20

Stocks on fire. Dow close to 17,000

The Dow jumped over 155 points (0.9%), while the S&P 500 is trading at a record of 1,976. The Nasdaq is also surging, up 1.3%. The Dow is less than 20 points away from crossing 17,000 for the first time ever.

Webmaster's Commentary: 


When the media treats the stock market like it is a sports score, you know we are in trouble!

Jul 01 09:19

A History of Gold Confiscation: The Infographic

From Roosevelt’s 1933 Executive Order, to Mussolini, to the Nazi confiscation of Czech gold, and concluding with more recent confiscations by the Australian and British governments, the infographic provides detailed information regarding all modern-era gold confiscation episodes.

Jul 01 09:12

New York police, firefighters lose pension fight in Court of Appeals

The state's highest court ruled that cops and firefighters must continue to contribute 3% of their gross wages to their pension plans, without the city paying another 5% as it did years before.

Jul 01 09:02

17 Facts That Prove That The Quality Of Jobs In America Is Going Down The Drain

Do you wish that you had a better job? If so, you are not alone. In fact, there are millions upon millions of Americans that get up every day and go to a job that they wish that they could afford to quit. Unfortunately, most Americans end up just desperately holding on to the jobs that they have because just about any job is valuable in this economic environment. Over the past decade, the long-term trends that are destroying jobs in America have accelerated. We have seen countless numbers of jobs shipped overseas, we have seen countless numbers of jobs replaced by technology, we have seen countless numbers of jobs taken by immigrants and we have seen countless numbers of jobs lost to the overall decline of the once great U.S. economy. Unfortunately, even though we can all see this happening, our “leaders” have failed to come up with any solutions.

Webmaster's Commentary: 

OF COURSE, government is not going to come up with any meaningful solutions, because their election cycles are financed, overtly and covertly, by the large corporations which make money by outsourcing, off-shoring, and hiring cheap (and many times, illegal) labor!!!!

There is utterly no representation of We the People anymore; just representation of the large corporations the money from which can steer elections to their liking, because they know precisely what the quid pro quo will be.

Jul 01 08:42

China to Set Yuan Clearing Banks in Luxembourg, Paris

In its continued push to make the yuan a global currency, China’s central bank said Sunday it plans to designate clearing banks for its currency in Paris and Luxembourg, as the two financial centers battle with London to become the leading European offshore yuan-trading city.

The People’s Bank of China announced the move in two separate statements Sunday. It didn’t say when it would designate the clearing banks.

The French and Luxembourg central banks said Sunday they had signed agreements with PBOC allowing for greater cooperation in the oversight of their domestic yuan market.

The weekend moves are the latest salvos in the race to win a major share of business in cross-border transactions in the Chinese currency. Singapore and Sydney are also vying for a significant share of the global yuan market, which is expected to expand rapidly along with China’s fast-growing economy.

Webmaster's Commentary: 

That bell you hear tolling in the distance is for the coming demise of the US Petrodollar as the world's primary reserve currency.

Jul 01 06:20

Why Sanctions Against Russia Won't Work

Given that American companies are firmly entrenched in the post-Communist pro-profit Russia and that they are firmly entrenched in the American political system through both political contributions and lobbying, surely, they are using some of their political clout to prevent the Obama Administration from effectively imposing any sanctions against Russia that may interfere with their ongoing business plans and profits? With the intertwining nature of the global economy today, one can't help but shoot oneself in the foot when imposing tough and meaningful economic sanctions on another nation. While the sanctions against Russia, at some point, may impact the Russian man/woman on the street, those who are at the top of the oligarchy food chain are still driving (or being driven) around the streets of Moscow in their Bentleys, Range Rovers and Ferraris and not really caring about the impact of sanctions.

Jun 30 13:30

Orders for US durable goods drop 1 percent in May

Orders for U.S. durable goods tumbled 1 percent in May as demand for military equipment fell sharply. But excluding defense-related goods, orders actually rose, and orders in a key category that signals business investment also increased.

Jun 30 13:04

Lump sum repayments approved in Detroit bankruptcy

Detroit retirees will be allowed to repay generous annuity returns with a lump sum in the city's bankruptcy case.

A single payment could be cheaper than stretching it over time.

The city is proposing to recover as much as 20 percent of the money paid between 2003 and 2013. Emergency manager Kevyn Orr says guaranteed annuity returns paid during that time put stress on the pension system.

Detroit plans to recoup the money as part of its plan to get out of bankruptcy. But under a deal announced Monday, retirees can pay it off with a single payment.

Jun 30 09:18

Mini Tax Havens: How Europe’s 1% Gets To Pay Only 1%

Something completely out of the ordinary happened in Spain this week: a politician resigned. His name is Willy Meyer and he was, until Wednesday morning at least, a Member of the European Parliament (MEP) and European Parliamentary leader for Spain’s ostensibly far-left party “Izquierda Union.”

The reason for Meyer’s resignation is that he was caught funneling his parliamentary pension contributions into an EU-sponsored investment fund commonly referred to as a SICAV (standing for Société d’Investissement à Capital Variable) – an investment vehicle that Meyer’s own party has long pledged to ban.

Jun 30 09:18

California governor signs bill legalizing bitcoin

California Governor Jerry Brown signed into law a bill making alternative currencies, including bitcoin, lawful in the state.

Webmaster's Commentary: 

"You can't DO that!!!!" -- Every Private Central Banker in the world in unison!

Jun 30 09:14

Russia Reveals "Plan B": Gazprom Says Gas Transit Via Ukraine May Be Stopped Completely

A few days ago, when we wrote our "explainer" on the need for Russia to have an alternative pathway for its gas, one which bypasses Ukraine entirely and as the current "South Stream" framework is set up, crosses the Black Sea and enters Bulgaria before passing Serbia and Hungary on the way to the Central European energy hub located in Baumgarten, Austria, we said that "one short month after Putin concluded the Holy Grail deal with Beijing, he not only managed to formalize his conquest of Europe's energy needs with yet another pipeline, one which completely bypasses Ukraine (for numerous reasons but mostly one: call it a Plan B), but scored a massive political victory by creating a fissure in the heart of the Eurozone, after Austria openly defied its European peers and sided with Putin."

Webmaster's Commentary: 

One has to wonder if the cutting off of the pipelines in Ukraine will be interpreted by Europe, the US, the EU, and NATO as an act of war, justifying military reprisals.

Jun 30 09:13

Argentina Must Pay $539 Million Today - Default Imminent

Argentina is poised to miss a bond payment today, putting the country on the brink of its second default in 13 years, after a U.S. court blocked the cash from being distributed until the government settles with creditors from the previous debt debacle.

Jun 30 07:17

Watch Out for that Banana Peel

Recently, the EU announced that it is looking into legislation to allow the savings of EU citizens to "be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis."

Sounds reasonable enough. But why would legislation be needed? It's perfectly legal for people to invest their savings in such ventures now, should they choose to do so.

Let's see what else the EU have to say: They are considering a law "to mobilize more personal pension savings for long-term financing." Mobilise? An odd term to use when discussing privately held savings. It could mean "encourage investment," or it could just as easily mean "confiscate." The former might be okay, but the latter would clearly not.

Jun 30 07:06

Why do we hate the poor?

Today, families in Detroit, living under an emergency manager imposed by a governor committed to privatizing every inch of the state, are having their water shut off. A few days ago, the United Nations, at the behest of local activists, issued a statement on the shutoffs.

This is what it’s come to – appealing to an international body to uphold the basic human right to water.

Jun 30 07:02

This is an actual quote from the president — really

“By every economic measure, we are better off now than we were when I took office. You wouldn’t know it, but we are,” the president said Friday.

That’s right, the president — the president of the United States, mind you — says Americans are better off, they just don’t know it.

That is the height to which the president has raised his level of mendacity. He has the sheer audacity to tell Americans that he has successfully turned the economy around, that things are all good, but that there are no real quantifiable indicators by which they could ever know that.

In fact, Mr. Obama says Americans have never had it so good.

Jun 30 06:57

This man claims Microsoft stole his greatest idea — & Android users are still paying for it 18 years later

“It was like the Wild West,” Morris told me. Amidst all the competition and innovation in the 1990s, lines of ethics and justice were blurred. “I didn’t think they’d actually get a patent on it, because for a patent you need something novel,” Morris said, “and we’d been selling it already for well over a year.”

U.S. Patent 6,101,510 makes absolutely no mention of V_Graph or its browser extension. According to Section 101 of the U.S. Patent Act, an invention is patentable if it is new, useful, and non-obvious. According to Morris, Microsoft’s patent meets only one of those requirements. Since V_Graph had sold the technology a year prior, it’s nothing new. Since the technology itself is simply the combination of a browser and a software component, it’s nothing non-obvious. Yet, since millions of Android users are forking over licensing fees to Microsoft, it’s clearly useful.

Jun 30 06:29

Profiteering on Banker Deaths: Regulator Says Public Has No Right to Details

A man with a long history of keeping big bank secrets safe from the public’s prying eyes has denied the appeal filed by Wall Street On Parade to obtain specifics about the worker deaths upon which JPMorgan Chase pockets the life insurance money each year.

Webmaster's Commentary: 

Apparently another JP Morgan banked was killed, this time in a hit-and-run.

Jun 29 17:29

ALL WARS ARE BANKERS' WARS! UPDATED!

"Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits." -- Sir Josiah Stamp, President of the Bank of England in the 1920s, the second richest man in Britain

Webmaster's Commentary: 

I am helping Zane collect material for an updated version of the video for "All Wars are Bankers' Wars" and decided to add them to the original article as illustrations.

At present, this article and video are being chased around the net by an obvious team of paid propagandists attacking everything in it, denouncing it all as "fake" and "conspiracy", that I am a "commie kook", and how Private Central Bankers are a beacon unto the world, the salvation of us all, yadda yadda yadda from which I deduce that the schemers behind Private Central Banking are getting very worried indeed that the people of planet Earth are onto their little centuries old scam!

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Jun 29 15:24

Austerity-driven European politicians 'whip up' hostility towards minority groups

Politicians and media are scapegoating national and sexual minorities to redirect the anger of austerity-affected Europeans on the vulnerable instead of the bankers who created the economic crisis

Jun 29 15:22

McDonald’s Goes Broke in Bolivia Due to Boycott

McDonald’s happy image and its golden arches aren’t the gateway to bliss in Bolivia. This South American country isn’t falling for the barrage of advertising and fast food cooking methods that so easily engulf countries like the United States. Bolivians simply don’t trust food prepared in such little time. The quick and easy, mass production method of fast food actually turns Bolivians off altogether. Sixty percent of Bolivians are an indigenous population who generally don’t find it worth their health or money to step foot in a McDonald’s. Despite its economically friendly fast food prices, McDonald’s couldn’t coax enough of the indigenous population of Bolivia to eat their BigMacs, McNuggets or McRibs.

Jun 29 15:21

Greece Riot 29/06/2014

Jun 29 08:23

Martin Armstrong Warns Civil Unrest Is Rising Everywhere: "This Won't End Pretty"

The greatest problem we have is misinformation. People simply do not comprehend why and how the economic policies of the post-war era are imploding. This whole agenda of socialism has sold a Utopian idea that the State is there for the people yet it is run by lawyers following their own self-interest. The pensions created for those in government drive the cost of government up exponentially with time. The political forces blame the rich and this merely creates a class warfare with no resolution for the future. Even confiscating all the wealth of the so-called rich will not sustain the system. Consequently, we just have to crash and burn and start all over again.

Jun 29 08:07

Bonds Away ... Ka-boom!

"I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody." - - James Carville, Democratic Strategist

Jun 28 09:35

Baby bust: US fertility rates hit all-time lows

The Great Recession has more women, especially Latinas, postponing childbirth?

The impact of the U.S. recession will reverberate for generations to come as women — both Anglos and Hispanics — continue to postpone having children.

For the second year in a row, deaths of non-Hispanic whites outnumbered births from July 1, 2012, to July 1, 2013, according to population estimates released Thursday by the U.S. Census Bureau.

“These are the only two years in U.S. history when more non-Hispanic whites died than were born,” said Kenneth Johnson, senior demographer at the University of New Hampshire’s Carsey Institute. Births have been fewer for some time, “but the decline since the onset of the Great Recession has been precipitous.”

Webmaster's Commentary: 

I really feel for these women, but I cannot blame them one bit for postponing their pregnancies; but there is a finite limit for gals in terms of time as to how long they can postpone their pregnancies, and still deliver a healthy baby.

I hope they are in contact with their health care professionals (if they have them) about how long they can reasonably postpone having kids, if they do want to have a family.

Jun 28 06:57

5 Reasons the Rich Are Ruining the Economy by Hoarding Their Money

It has been nearly four decades since the Reagan revolution in supply-side economics came to power in the United States. Tax rates on the wealthiest Americans are at near record lows, asset values have been pumped up to record highs, and corporate America is sitting prettier than ever before. There can be no question but that the ideologues who promoted supply-side economics have succeeded in enforcing their vision policy on our lives. But their decades-long experiment has also proven to be structural failure at every possible level (except for padding the pockets of the top 1%.) Here are five things we know without doubt about supply-side economics today:

Webmaster's Commentary: 

I am tired of being "trickled" on!

Jun 28 06:56

Steel committee says dire report should spur Ottawa to act

City councillors have hailed a new study on the impact of U.S. Steel leaving town as just the club they need to beat on the federal government.

The review done by city staff warns Hamilton faces the loss of up to $22 million a year in tax revenue if the American company pulls out at the end of next year. That's on top of fears almost 15,000 area pensioners could lose up to 40 per cent of their retirement income and expected spillovers from the loss of 600 production jobs in Hamilton.

Members of the city's steel issues subcommittee agreed Friday everyone knew the loss of U.S. Steel would hurt, but now they have solid research to back their claims.

Jun 28 06:38

Study Reveals Secret Bailouts to Canadian Banks

Jun 27 09:51

Old, broke, and financially unprepared for retirement: Many older Americans are simply unprepared for the costs associated with retirement.

America is graying out. The massive cohort of baby boomers are now entering retirement age at a rate of close to 10,000 per day, or roughly 300,000 per month. Many are fully unprepared for the challenges associated with retiring and living a life where work income becomes a smaller source of support.

Webmaster's Commentary: 

What they are really unprepared for is that the US Government took all that Social Security money out of their paychecks their entire life, "borrowed" it to spend elsewhere, and now can't pay it back.

Jun 27 08:21

Spain, Italy warn citizens against doing business with settlements

Nations join France, U.K. and Germany in advising against legal and financial risks.

Jun 27 08:15

How the DOW is rigged!

This system Controls what the stock market will do
in the time frame of five days or less "To the Minute, To the Penny"

Jun 27 08:01

Head Of Fourth Largest Albanian Bank Assassinated In Broad Daylight

It was about two months ago when in a shocking development in the otherwise sleepy tax-evasion haven of Lichtenstein, the CEO of local Bank Frick, was murdered in the underground garage of the bank by a disgruntled former client. As readers may recall, the tragic event happened at a time when there was a spike in banker suicides, prompting us to wonder if "with the first open bank CEO murder, one wonders if there will be a change in the pattern." Two months later it appears as if the vector of death is indeed changing when, as Reuters reported, overnight the head of the fourth largest bank in Albania, Credins, was murdered, shot at least five times, as he entered his office in the capital Tirana.

Jun 27 08:00

Triangulation: Israel-Turkey-Kurdish Oil Deal Points to Possible Alliance

The reports about the selling of Kurdish oil to Israel via Turkey open new vistas for triangular economic relations between Israel, Turkey, and the Kurds. It may also pave the way to improved political relations between Israel and Turkey. In the 1960s there existed a discreet peripheral alliance between Israel, Iran, and the Kurds. That alliance, to which the United States was a quiet partner for a short time, was aimed at, among other things, supporting the Kurds in their fight against the government in Baghdad. However, the main flaws of this alliance were its secretiveness, which made it in a way unbinding, and the fact that it was solely militarily oriented. A similar alliance can be forged now between Israel, Turkey, and the Kurds, but unlike the earlier one, it should be open and based on joint economic interests, which might guarantee its longevity.

Webmaster's Commentary: 

So, at this point, Iraq has been, effectively, balkanized, between the rise of ISIS, which is just on the border of Baghdad as I type this, the Russian military intervention here, and the ascent of Kurdistan.

For all the blood and money spent, the US has, effectively, lost control of Iraq, both militarily and monetarily.

Has the pathological inability to think things through to their logical conclusion become a prerequisite to serving in the American government?!?

Because in looking at the current epic fails of both American domestic and foreign policies, the short answer has to be, HELL, YES!!

Jun 27 07:38

China aims to break U.S. hold in Asia with rival to World Bank

Beijing diplomats on charm offensive to rally support for new institution free from U.S. control.

China wants to set up a multilateral development bank in Asia to break the U.S.’s financial hold on the continent, the Financial Times reported Tuesday, citing officials familiar with the matter.

It said that Chinese officials have been touring Asia and the Middle East drumming up support for a new institution with $100 billion in capital, with a view to financing major development projects such as infrastructure. The FT said 22 countries across the region have expressed interest so far.

Such an institution would be a direct rival to the World Bank and the Asian Development Bank, which China thinks are too much influenced by the U.S. and its ally, Japan.

Webmaster's Commentary: 

The US government would rather go to war with China than to see this happen.

There is only one, MINOR problem here; the American people are war weary, and infinitely more geopolitically savvy than when the US government went to war against Afghanistan and Iraq, and do not want any ore war, period, end of discussion.

War against China, to prevent its economic ascent, isn't a hard sell to the American people; it is a no-sell.

Jun 27 07:21

'US aims to thwart Chinese Silk Road project proclaiming its Asia pivot’

A Chinese idea of creating two New Silk Roads could be a big boom for a lot of people who live along the Silk Road route, and obviously all the countries at both ends of it, China expert Ann Lee told RT.

Jun 27 07:21

'The US is pushing its NATO allies to sanction Russia to please Wall Street'

The US is aggressively pushing NATO allies in Europe towards sanctions, while some of them are resisting for their own economic interests because it is harmful to them, Sara Flounders, the head of the International Action Center told RT.

Jun 26 09:38

Feds Spent $4.8 Billion on Obamacare Exchanges So Far

The federal government has spent nearly $5 billion to establish federal and state exchanges for Obamacare, according to a report by the Congressional Research Service (CRS).

The funding was provided by a section of the Affordable Care Act that allowed for “indefinite” funding at the discretion of the Secretary of Health and Human Services (HHS).

“The Centers for Medicare & Medicaid Services (CMS) is incurring significant administrative costs to support [federally-facilitated exchanges] FFE operations,” the report, which was released earlier this month, said.

Jun 26 09:29

GM halts sales of Cruze model over airbags

General Motors has told dealers in the US and Canada to halt sales of some Chevrolet Cruze cars due to a potential problem with the airbag.

It said the driver's side airbag in the affected cars may not deploy properly, due to a wrong part being used.

Webmaster's Commentary: 

And the taxpayers had to bail these people out? I think it would have been better to let them go out of business and let some new car companies start up!

Jun 26 08:31

Gazprom Ready To Drop Dollar, Settle China Contracts In Yuan Or Rubles

In other words just as the US may or may not be preparing to export crude - a step which would weaken the dollar's reserve status as traditional US oil trading partners will need to find other import customers who pay in non-USD currencies - the world's two other superpowers are preparing to respond. And once the bilateral trade in Rubles or Renminbi is established, the rest of the energy world will piggyback.

Jun 26 08:14

What Crude Oil Says About Silver

Crude oil prices have many reasons to explode higher and few to drop lower. The trend has been up for more than a decade. Central banks will print, politicians will instigate more wars and invasions, and each euro, yen, and dollar will purchase even less crude oil and gasoline. It is business as usual, but with an extra dollop of chaos, war, and price inflation tossed into the mix….

Jun 26 08:11

The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4

Jun 26 08:03

All Wars Are Bankers' Wars ON VIMEO!

All Wars Are Bankers' Wars from Helle534 on Vimeo.

Webmaster's Commentary: 

Facebook is NOT blocking the URL to the Vimeo version of this video!

Jun 26 06:54

The homelessness crisis in England: a perfect storm

Last year, 112,070 people declared themselves homeless in England – a 26% increase in four years. At the same time, the number of people sleeping rough in London grew by 75% to a staggering 6,437. Why? A £7bn cut in housing benefit, welfare reforms and a huge lack of affordable housing

Jun 26 06:54

House passes bill to weaken Dodd-Frank and help Wall Street, Koch brothers

The House of Representatives voted Tuesday to water down key parts of the 2010 Dodd-Frank Act, weakening the Commodity Futures Trading Commission’s power to regulate derivatives. The resulting bill helps big banks and the Koch brothers.

The bill reauthorizes the CFTC’s mandate, which expired in October 2013, for five years. It would also reverse the commission’s tough rules on U.S. businesses' swaps with counter-parties abroad, requiring it to draw up a new regime together with the Securities and Exchange Commission. Critics contend that the loosening of regulations could weaken market stability, Reuters reported.

“The purpose of this bill is to remove barriers to business growth that have been imposed by over-reaching and burdensome regulations,” Rep. Michael Grimm (R-NY) said, according to HedgeCo.net.

Jun 26 06:52

IRS’s Lerner sought tax audit of Iowa Sen. Chuck Grassley over his wife’s free meal

Lois G. Lerner, the woman at the center of the Internal Revenue Service’s tea party targeting scandal, tried to get her agency to conduct an audit involving a sitting U.S. senator, according to emails released Wednesday by the House Ways and Means Committee.

Ms. Lerner suggested that the IRS look into whether it was wrong for a group to pay for Sen. Chuck Grassley’s wife to attend an event where he was slated to speak. Her suggestion was shot down by another IRS employee who said the arrangement appeared to be legal.

But the email chain, which was turned over to Congress as part of its investigation, raises more questions about Ms. Lerner.

“At every turn, Lerner was using the IRS as a tool for political purposes in defiance of taxpayer rights,” said Rep. Dave Camp, Michigan Republican and chairman of the Ways and Means Committee.

Jun 26 06:48

The Massive Tax Increase Hidden Inside Obamacare

he ACA ... is full of implicit taxes. Many of them have remained hidden in the "fog of controversy" surrounding the law and their effects excluded from economic analyses of it.

Jun 26 06:47

1000s of homeless Brazilians protest in Sao Paulo

Thousands of homeless people have held a protest against their poor living conditions in Brazil’s largest city, Sao Paulo, as the South American country hosts the 2014 FIFA World Cup.

Jun 26 06:45

Historians reveal secrets of UK gun-running which lengthened the American civil war by two years

New historical and archaeological research is shining an embarrassing light on one of the darkest periods of British foreign policy.

Investigations by a leading Scottish maritime historian have succeeded, for the first time, in locating the main secret British headquarters of the American Civil War Confederate government’s transatlantic gun-running operation.

Other research, carried out over the past decade, has revealed the extraordinary extent to which substantial sections of Britain’s business elite were working with impunity to help the slave-owning southern states win the Civil War – despite the fact that Britain was officially neutral and had outlawed slavery almost 30 years earlier.

Webmaster's Commentary: 

The reason Britain was assisting the Confederacy had nothing to do with slavery and everything to do with Abraham Lincoln funding the war with a government-issued currency instead of borrowing bank notes at interest from private bankers.

"If this mischievous financial policy, which has its origin in North America, shall become endurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without debt. It will have all the money necessary to carry on its commerce. It will become prosperous without precedent in the history of the world. The brains, and wealth of all countries will go to North America. That country must be destroyed or it will destroy every monarchy on the globe." -- The London Times responding to Lincoln's decision to issue government Greenbacks.

In 1872 New York bankers sent a letter to every bank in the United States, urging them to fund newspapers that opposed government-issued money (Lincoln's greenbacks).

"Dear Sir: It is advisable to do all in your power to sustain such prominent daily and weekly newspapers... as will oppose the issuing of greenback paper money, and that you also withhold patronage or favors from all applicants who are not willing to oppose the Government issue of money. Let the Government issue the coin and the banks issue the paper money of the country... [T]o restore to circulation the Government issue of money, will be to provide the people with money, and will therefore seriously affect your individual profit as bankers and lenders." -- Triumphant plutocracy; the story of American public life from 1870 to 1920, by Lynn Wheeler

"It will not do to allow the greenback, as it is called, to circulate as money any length of time, as we cannot control that." -- Triumphant plutocracy; the story of American public life from 1870 to 1920, by Lynn Wheeler

"Slavery is likely to be abolished by the war power, and chattel slavery destroyed. This, I and my European friends are in favor of, for slavery is but the owning of labor and carries with it the care for the laborer, while the European plan, led on by England, is for capital to control labor by controlling the wages. THIS CAN BE DONE BY CONTROLLING THE MONEY." -- Triumphant plutocracy; the story of American public life from 1870 to 1920, by Lynn Wheeler

The private banking families of Europe had been horrified at the upstart United States throwing off the slavery of the Bank of England, then darting to shut down the first two attempts to re-enslave them to private central banks (the first such shut down triggered the war of 1812 and the second the attempted assassination of Andrew Jackson).

The banking families of Europe saw in the Civil War a chance to end Lincoln's greenbacks and with a Confederate victory, bring the United Stares back into the clutches of a predatory banking system where all commerce must be carried out using bank notes borrowed at interest from the bankers; the very system the United States had fought a revolution to be free of.

"The refusal of King George 3rd to allow the colonies to operate an honest money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the revolution." -- Benjamin Franklin, Founding Father

At one point, both Britain and France considered invading the United States ion support of the Confederacy but were held at bay by Russia, which had just ended the serfdom system and had a state central bank similar to the system the United States had been founded on.

Britain's gun-running to the Confederacy was never about the slavery of the blacks, but about the slavery of all people to the private central banks.

Jun 26 06:24

SR 287 Trey Gowdy Stuns IRS Chief

Jun 26 06:12

Putin Fires Warning Shot - Russia May Bar Firms Using Foreign Banks

With the cease-fire on shaky ground in Ukraine, and the ongoing proxy war between the US and Russia growing in intensity (once again ignited in Syria); it seems Putin has fired a significant warning shot across the bow of the west. Reuters reports that Russia is considering banning state companies and other strategically important firms from holding accounts at foreign-owned banks.

Jun 26 06:12

For most families, wealth has vanished

A new study published by the Russell Sage foundation helps explain why many families feel like they’re falling behind: They actually are. The study, which measures the average wealth of U.S. households by income level, reveals a startling decline in wealth nationwide. The median household in 2013 had a net worth of just $56,335 -- 43% lower than the median wealth level right before the recession began in 2007, and 36% lower than a decade ago. “There are very few signs of significant recovery from the losses in wealth suffered by American families during the Great Recession,” the study concludes.

Webmaster's Commentary: 

But the money-junkies are doing just fine!

Jun 26 05:38

Bank Runs in Bulgaria

Now we have bank runs in Bulgaria. The entire fabric is coming undone and this is part of the fuel that sends everything into chaos and the risk of war as tensions rise and people blame someone else be it rich, foreigners, bankers, or corporations. This is the time where clear reasonable thinking and solutions become impossible.

The IMF is now urging the ECB to start buying government bonds of the member states. They have no solutions but the same old bad of tricks. There is nobody even capable of thinking out of the box in a position of power. We are plagued by lawyer-politicians in the total absence of anyone with experience in international money management – the void of experience and statesmanship.

Webmaster's Commentary: 

The ECB is buying up bonds the same way the FED is buying Treasury bills; with money created out of thin air, which may make the books look balanced but drives the people deeper into poverty as the value of the currency they are paid plunges from the hyperinflation.

Jun 25 14:15

Economy in freefall? 1Q revision shows shrinkage of 2.9%

America's economy shrank at a drastic 2.9 percent annual rate in the first quarter, a far more alarming picture than ones painted in two previous government estimates -- including one that actually claimed modest growth.

Webmaster's Commentary: 

DC is already trying to claim it was the harsh winter, which will no longer be admitted to when Obama starts pushing the carbon tax again.

Jun 25 13:00

Cancel Detroit’s debt!

While tens of thousands of retired workers in Detroit spent an anxious Christmas worrying about the fate of their hard-earned pensions, they were greeted with the news that a deal had been reached to pay Bank of America-Merrill Lynch and Swiss bank UBS $165 million. If approved, as expected, by the bankruptcy court, Detroit will pay the money to the banks to “unwind” a complex financial scheme that has already drained hundreds of millions of dollars from the city.

The US bankruptcy judge and the news media have presented the deal as an example of “equal sacrifice” because the original agreement signed by Emergency Manager Kevyn Orr would have given the banks $230 million. The truth is, not a penny should be paid to the Wall Street speculators whose semi-legal, if not outright criminal, activities are largely responsible for the crisis of the city.

Jun 25 09:30

BP to sign US$20 billion gas deal with China

P is due to sign a 20-year Liquefied natural gas supply deal Tuesday worth US$20 billion with China National Offshore Oil Company (CNOOC), said BP's head in Moscow on Tuesday.

"BP will be signing a deal with Chinese CNOOC. It will be a 20-year term contract for trading liquefied natural gas (LNG) worth $20 billion dollars," said BP Group Chief Executive Bob Dudley during a press conference at the 21st World Petroleum Congress in Moscow.

In recent years the growth in demand for natural gas has led China to become the third largest LNG importer and to accelerate development of its LNG. China consumed 161.6 billion cubic meters of natural gas in 2013.

News about the deal highlights the country's strong will for greater LNG imports for its urbanization and industrialization without having the environmental impact of China's power generation through coal.

Jun 25 08:54

Why the USA and England Had to Start World War Two

Why the USA and England Had to Start World War Two
Why? Basically because their gangster overlords, the sleazy criminals that slither around the banks in Wall Street and the City of London financial district told them to get the war on.

The banksters were deathly afraid that Hitler's resuscitation of Germany's economy, which had been on life support and falling fast, but got turned around in a matter of years into what got called an economic miracle would start spreading to other nations, many of whom were being destroyed from within by the perverted banksters choke-hold on those nations.

They knew that if Hitler's plan started catching on elsewhere, their centuries old con of debt based currency would no longer be needed or used and that would put the fiat banks out of business, not only seriously impacting their very lucrative incomes, but worse, strip away all their power.

That could not be allowed to happen.

Webmaster's Commentary: 

More confirmation of the central thesis in All Ware are Bankers' Wars

And speaking of confirmation, I continue to get emails reporting that Facebook is blocking any and all attempts to link to either the text article or the video of All Wars are Bankers' Wars.

Jun 25 06:07

Massive End The Fed Organizer in Germany Gets Car Fire Bombed

Jun 25 05:57

Climate change policy could boost global GDP $2.6tn – World Bank

Astute climate policies have the potential to add $2.6 trillion to global output each year, if governments continue making ‘climate-smart’ decisions, according to a new World Bank report released on Tuesday.

Webmaster's Commentary: 

What they are saying here is that by forcing people to spend money on things they do not really want or even need, like carbon credits, the economy will be "stimulated", which means more money will be squeezed out of the pockets of ordinary citizens and into the pockets of the money-junkies. This is why we still hear about human-caused global warming despite several record-setting winters in a row and the fact that all of the scare-mongering predictions made by the carbonazis (Al Gore predicted the arctic would be ice-free this summer as one example) have never materialized.

Jun 24 13:46

It Takes Mark Cuban Less Than 90 Seconds to Outline His Dire Prediction About the Student Loan Crisis

It is “inevitable” that the student loan bubble is going to burst sometime in the future, resulting in a “repeat of what we saw in the housing market,” according to billionaire Mark Cuban.

Jun 24 13:46

Gov’t Seizes Control of All Your Financial Accounts

Everyone knows that the United States has gone bankrupt. As the U.S. government and the Fed poured trillions of dollars of YOUR money into the banks and markets after the 2008 economic collapse, this unprecedented level of money-printing is catapulting the U.S. debt to $28 trillion by 2018. But now, the U.S. government and the Fed are completely out of ammo. They desperately need money to maintain their own power, and taxes are no longer enough. So in order to keep the Ponzi scheme going, the U.S. government has made several highly controversial moves to be in position to seize control of all your financial accounts. And it’s becoming clearer by the day, if you want to protect your savings and wealth from government confiscation, you only have ONE choice.

Jun 24 13:45

Detroit water department to begin payment aid program after rate hikes, UN complaint

DETROIT, MI -- An $800,000 program to help low-income Detroiters pay their water bills will be put in place in July after services were cut off from some residents in recent months and complaints were made to a United Nations representative, officials said Tuesday.

Jun 24 12:18

Paypal limitations Scandal

Jun 24 12:02

U.S. Archivist David Ferriero: the IRS “did not follow the law”

Rep. Trey Gowdy hammered IRS Commissioner John Koskinen when he said that he found the IRS of no wrong doing. Gowdy pressed Koskinen on how he knows there was no criminal wrongdoing when he hasn’t looked at criminal statutes.

Gowdy blasted Koskinen and shouted, “You don’t have any idea of criminal wrongdoing or not!”

Gowdy, a former persecutor, told Koskinen that there is a “negative inference” because of the inability of the IRS to retrieve the Lerner emails that the IRS claim were destroyed.

It turns out though the IRS did break the law according to U.S. Archivist David Ferriero.

According to FreeBeacon.com, U.S. Archivist David Ferriero of the National Archives and Records Administration told Rep. Tim Walberg (R., Mich.) that the IRS “did not follow the law” when they failed to notify his administration that they had lost Lois Lerner’s email records.

Jun 24 11:58

City attorney: Detroiters should 'stand up and say no' to EM process

“This process is so tremendously flawed,” Smith said. “It goes against everything we’ve been taught about having a voice. It goes against everything I fight for.”

“...the people are represented by the mayor and the City Council. For one person to make a law that changes something that has been in effect...it’s something that affects the lives of so many in so many ways,” he added. “To simply say this is the way it’s going to be is wrong. It’s just a gun pointed at our heads. I’m hoping the people of the city of Detroit will stand up and say no, no more of this.”

Jun 24 10:39

Project Freedom USA

Mobilize with Jim Traficant!
end the IRS;Divorce the FED; Restore Honest Money

Webmaster's Commentary: 

Jim Traficant will be our on-air guest in the third hour of today's radio show.

Jun 24 08:43

133 G77 Nations vow to destroy America’s New World Order

When the richest and most powerful nations on Earth formed the G7, G8, G20 and the like, they united to combine their dominance over the remaining 175 countries that make up humanity. And for decades, the wealthiest 20 countries led by the US have gotten exponentially more wealthy at the expense of the poorest 175 nations, who in turn have gotten even poorer. That’s been the result of the West’s ‘New World Order’, led mainly by self-appointed global governments like the International Monetary Fund and the World Trade Organization.

Jun 24 08:02

'You have a problem with credibility': IRS chief comes under fire at House hearing

Embattled IRS Commissioner John Koskinen weathered another round of heated questioning at a Monday night hearing where lawmakers challenged his credibility over the discovery that years' worth of emails from ex-IRS official Lois Lerner have gone missing.

Webmaster's Commentary: 

Jun 24 06:39

Envoy: Venezuela Ready to Become Iran's Exports Hub in Latin America

"Venezuela is ready to turn into a center for Iran's technological exports to other Latin American states," Zambrano told FNA on Tuesday.

He referred to the attempts made by the western countries, specially the US, to prevent Iran from increasing its exports to other states, and said, "Yet, the United States' extensive sanctions against the Islamic Republic of Iran haven’t been able to prevent exports of Iran-made technology and products to the other world states."

Zambrano underscored that Washington has exerted sanctions and pressures against Tehran because the US officials are fearful of Iran's growing technology and export of its home-made technological products to the other world regions.

Iran has in recent years expanded friendly ties with Latin America, specially in economic, trade and industrial fields.

Jun 24 06:37

Russia can switch to payments with India, China in national currencies crushing dollar amid sanctions

Experts believe that the wish of the West to restrict Moscow’s cooperation with Brussels and Washington will play into the hands of the Russian economy. Wisdom and presence of mind are two components that will guarantee success for a new spiral of Russia’s cooperation with eastern countries. Also, this will allow us to counter-balance the risks that the European market is exposed to.

Jun 24 06:31

EU decision to ban imports from Crimea made under US influence

"It is a dead-end stance to punish citizens for the opinion on what country they should be in," he said.

The EU decision to ban imports from Crimea was made under US influence, Aksyonov said. "General agitation over Crimea's accession to Russia has calmed down in the EU. As far as I understand in this case the US authorities push this stance," he said.

Crimea's accession to Russia is irreversible, he said.

Webmaster's Commentary: 

"I can reverse it. I will reverse it. I am omnipotent!" -- Official White Horse Souse

Jun 24 06:29

US State Department promises financial, humanitarian assistance to Ukraine's National Guard

Deputy Secretary of State, Gregory Kausner, has visited a training center of the National Guard of Ukraine, the official website of the Ministry of Interior of the country reports. It is emphasized that Kausner is responsible for the issues of military assistance.

Webmaster's Commentary: 

"As for all those people in Detroit screaming for water, let 'em drink BEER! BWAH HA HA HA HA HA, oh my gawd I am so funny!" -- Official White Horse Souse

Jun 24 06:23

German gold repatriation leader disputes Bloomberg story

Peter Boehringer, leader of Germany's Repatriate Our Gold campaign --

http://www.gold-action.de/campaign.html

-- complains that today's Bloomberg News story about the German government's seeming confidence in the vaulting of its gold in the United States misquotes him and makes other errors and misrepresentations.

Webmaster's Commentary: 

Jun 24 02:59

THE SONASOFT SAGA - THE IRS HAS A CONTRACT WITH A COMPANY THAT BACKS UP ALL OF THEIR EMAILS!

John Koskinen's testimony before the House Ways & Means Committee basically came down to "The Dog Ate My Emails", infuriating when you consider that the IRS demands all Americans keep all financial records for up to 7 years for possible review by the IRS, while the IRS was free to dispose of embarrassing and criminal evidence at their discretion. Worse, apparently emboldened by Attorney General Eric Holser's steadfast refusal to allow the Department of Justice to open a criminal investigation into the IRS' actions (possibly to to the DOJ's own complicity in siccing the FBI on Obama's enemies), Koskinin refused to even apologize for the lost emails, barely able to keep the smirk off of his face!

Webmaster's Commentary: 

The story is going viral across the net today. By tomorrow the corporate media will have to cover it. That means Issa and Ryan will have no choice but to call the IRS on their obvious lie that there are no backups for the missing emails. Please share with all of your social media. I will keep this story at the top of the main page for a while, New stories will start just below.

Optional Banner: 
WRH breaking
Jun 23 10:31

Dr Barbara Bellar sums up Obamacare in one sentence

Imagine if you will,… one Woman with more sense than the entire U. S. Gove put together.

Jun 23 09:14

Uncashed checks, safe deposit box items may appear on unclaimed property list

Wondering about an uncashed payroll check?

Or maybe a gift card? Even something left in a safe deposit box?

The Nevada state treasurer will be publishing its yearly unclaimed property list in several of Nevada’s newspapers at the end of the month. The Las Vegas Review-Journal is scheduled to publish the list Tuesday.

The unclaimed property varies and can range from uncashed payroll checks and gift cards to assets left in safe deposit boxes at banks or hotels.

The list has 312,555 properties that have been turned over to the state between July 2013 and May. There are more than $650 million in assets.

Jun 23 08:12

Checkers Versus Chess

For quite some time, we have been predicting that the Russians and Chinese will, at some point, bring an end to the petrodollar system that has virtually guaranteed the US the position of having its currency be the world's default currency. This position has allowed the US, in recent decades, to go on a borrowing and currency-printing spree, the likes of which the world has never seen.

Jun 23 06:36

U.S DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS - IT MAY INSPECT SAFE DEPOSIT BOXES

Jun 22 17:49

Disabled Recipients of Social Security Fund Face Hefty Benefits Cut

Congressional gridlock is threatening the already thin lifeline of Social Security benefits that nearly 9 million disabled American workers rely on to feed, clothe and shelter their families.

Known as SSDI, the trust fund is one of two administered by the Social Security Administration (the other is for senior citizens), and its reserves will run dry in late 2016, if lawmakers don’t act sooner to shore them up. But the timing is poor; it falls in an election year and experts say it could become a target for political infighting as Americans gear up to go to the polls.

Jun 22 08:50

The Secret of Oz - U.S. dollar - the hidden war and economy.

Webmaster's Commentary: 

Time for a re-link

Jun 22 08:37

The US Healthcare System: Most Expensive Yet Worst In The Developed World

It would be logical then to think that as a result of this premium - the biggest in the world - the quality of the healthcare offered in the US among the best, if not the best, in the world. Unfortunately, that would be wrong and, in fact, the reality is the complete opposite: as a recent study by the Commonweath Fund, looking at how the US healthcare system compares internationally, finds, "the U.S. fails to achieve better health outcomes than the other countries, and as shown in the earlier editions, the U.S. is last or near last on dimensions of access, efficiency, and equity." In other words: most expensive, yet worst in the developed world.

Jun 22 06:37

The Bank Of England Lost 755 Tonnes Of Gold In 2013

According to the official 2014 report, the BoE had 755 tonnes less gold in their vaults in February 2014 relative to February 2013.
However, when we look at UK’s net gold trade over this period (March 2013 – February 2014), we can see 1593 tonnes were exported.
GLD’s stock lost 451 tonnes over this period.
This leaves a gap of 392 tonnes (1593 minus 1201), which had to be supplied by additional LBMA or private vaults in London.

Jun 22 06:20

US Dollar Under Grave Threat: Russia Plans Global Retaliation For Ukraine

With the CIA-coordinated coup d’état executed in Kiev came the very real prospect of a World War III. However, the much greater war is not being waged on the urban battlefields of Eastern Ukraine or on the Russian border; rather, it’s being prosecuted in various national economies and by the world’s largest central and commercial banks, transnational corporations and market exchanges. What is at stake is the very future and viability of the US Petrodollar as the reserve currency of the planet.

Webmaster's Commentary: 

In this age of instant global financial transactions, there is no need for a global currency. The idea is a hold-over from the end of WW2 when the Bretton-Woods agreement made the US dollar the global currency in an age where most financial transactions involved physical transfers of paper. It is not Russia, but the US that weakened the dollar as a global currency, first by over-printing the dollar to loot other nations of real produce and manufactured goods for the cost of ink and paper, then by Richard Nixon ending gold convertibility. The petro-dollar concept is simple. The US forces the world's resource-rich regions to sell their resources only for the dollar, from which the US gets a mafia-like "piece of the action" of every nation's commerce. But as I pointed out above, in this age of instant global financial transactions, there is no need for a single global currency and the rest of the world is fed up with the US money-junkies getting rich on their labor.

Jun 22 06:07

Establishment is Afraid of End The Fed Movement in Germany

Webmaster's Commentary: 

Check out 4:40 where they report that the German media is declaring anyone opposed to private central banking is an anti-Semite! This is a repeat of an editorial we saw here in the US a few weeks back that claimed a desire to live free of debt was anti-Semitism, and a very angry email I received that "reminded" me that the Talmud says Hod gave the Jews all the money on Earth and the Goyim may only borrow it at interest!

Jun 22 05:53

Lost Emails? The IRS Has a Contract with an Email Backup Company

As IRS commissioner John Koskinen sat on Capitol Hill belatedly informing a Congressional committee of the "disappearance" of years of email communications from a host of IRS employees under investigation--including Lois Lerner--it was discovered that the IRS had hired an email backup company to prevent just such a loss of data.

Webmaster's Commentary: 

The story is spreading all over the net today and by tomorrow the corporate media will be forced to acknowledge it.

Jun 21 10:23

IRS head won't apologize for lost Lerner e-mails

The commissioner of the Internal Revenue Service refused to apologize to Congress Friday for losing e-mails related to its targeting of conservative groups, saying it's still attempting to recover the data and it's too soon to know how many e-mails are missing.

"I don't think an apology is owed," Commissioner John Koskinen told the House Ways and Means Committee.

Webmaster's Commentary: 

Jun 21 07:55

Secret Trade in Services Agreement (TISA) - Financial Services Annex

Today, WikiLeaks released the secret draft text for the Trade in Services Agreement (TISA) Financial Services Annex, which covers 50 countries and 68.2%1 of world trade in services. The US and the EU are the main proponents of the agreement, and the authors of most joint changes, which also covers cross-border data flow. In a significant anti-transparency manoeuvre by the parties, the draft has been classified to keep it secret not just during the negotiations but for five years after the TISA enters into force.

Webmaster's Commentary: 

IF this trade deal is so great, why did its authors try to suppress its content for another 5 years after it is passed?!?

My educated guess would be, that it will be terrific for international corporate giants, with squads of attorneys and accountants, scrambling to find the sweetest sweet spot for nearly slave-labor costs, and the biggest tax loopholes possible.

But for the start-up, boost a company up by the seat of its pants?!? Not so much!!

Jun 21 02:45

The IRS Had a Contract With an Email Backup Company

The IRS had a contract with email backup service vendor Sonasoft starting in 2005, according to FedSpending.org, which lists the contract as being for "automatic data processing services." Sonasoft's motto is "email archiving done right," and the company lists the IRS as a customer.

In 2009, Sonasoft even sent out a Tweet advertising its work for the IRS.

Webmaster's Commentary: 

SHARE THIS EVERYWHERE!

UPDATE: I think I have found out why our representatives in DC are so clueless. I tried using the contact page at Darrel Issa's website but was blocked because I am in his district. I then tried faxing a hard copy of this article to his DC office using the FAX number from his website ... four times! All four failed, the first because his FAX doesn't support color and the final three with a communications error. If any of Rivero's Rangers has a contact on Issa's committee, get this article to them now!

UPDATE 2: I tried FAXing to Darrell Issa's district office. That connection also failed.

UPDATE 3: I tried using the web form over at the Committee On Oversight & Government Reform to send them the info on Sonasoft. That too will not function, simply responding with "An error occurred" when clicking the submit button.

This cannot just be coincidence.

UPDATE 4: The above link now shows a "404 page not found" error! But there is another copy of the article saved HERE! MAKE A LOCAL COPY BEFORE IT GETS ORWELLED!

UPDATE 5: I went to an office supply store and FAXed the original article to Darrell Issa's Washington DC and district offices. Unlike my home, (where the FAX machine is only three months old) the FAXes from the office store went through without any problems at all. Here are the reports.


Issa's District office

Issa's DC office
So, Issa's office now has the information. Included hard copy of the original article, which is fortunate given that the original has been yanked from the website without explanation.

U0PDATE 6: The clients page at Sonasoft still lists the IRS as a customer, about half way down the page!

UPDATE 7: The original article at reason.com has now been restored!

Optional Banner: 
WRH breaking
Jun 21 02:45

SONASOFT TOP GOVERNMENT CUSTOMERS (pdf file)

6/20/14, 5:29 PM
Sonasoft | Government Contracts
Page 2 of 2
http://profiles.smartprocure.us/organization/sonasoft
Department of Treasury: Internal Revenue Service
$13,983
on
9/15/2010
Sonasoft Software Maintenance Renewal Contracting
Office: DEPT OF TREAS/INTERNAL REVENUE SERVICE

Webmaster's Commentary: 

Okay, this proves the IRS was using Sonasoft email backup services through the period of Lois Lerner's "lost" emails.

Jun 20 17:23

The IRS Had a Contract With an Email Backup Company - Another online copy.

The Internal Revenue Service (IRS) said it can't provide emails sent between 2009 and 2011 that were requested by congressional investigators because of hard drive crashes.

The agency said that emails stored on dead drives were lost forever because its email backup tapes were recycled every six months, and employees were responsible for keeping their own long-term archives.

The IRS had a contract with email backup service vendor Sonasoft starting in 2005, according to FedSpending.org, which lists the contract as being for "automatic data processing services." Sonasoft's motto is "email archiving done right," and the company lists the IRS as a customer.

In 2009, Sonasoft even sent out a Tweet advertising its work for the IRS.

Webmaster's Commentary: 

We can post these faster than the NSA can erase them!

Jun 20 08:12

IRS commissioner won't apologize for lost Lerner e-mails

Jun 20 08:08

America : Freedom to Fascism

Webmaster's Commentary: 

Time to share this video with everyone you know!

Jun 20 07:50

Britain to sign yuan clearing deal with China next week

Britain and China will sign an agreement next week to set up the first clearing service for renminbi trading outside Asia, putting London in a prime position to offer yuan trade business in Europe.

Jun 20 07:43

IMF ready to ask ECB to begin quantitative easing

The managing director of the International Monetary Fund is expected to launch an appeal to the European Central Bank on Thursday, urging it to deal with deflationary risks by beginning a form of quantitative easing, the Financial Times newspaper reported.

That would include large purchases of sovereign bonds to stimulate growth, the newspaper said Wednesday, citing a draft of a statement from the IMF based on its annual evaluation of the eurozone’s economic health.

Webmaster's Commentary: 

After all, look how well it worked in the US!

Jun 20 07:40

"De-Dollarization" Continues - China Starts Direct Trade With UK

Following the initial de-dollarization meeting, there has been a slew of anti-dollar moves around the world (including Gazprom's shift of 90% of its clients to non-dollar payments). However, on the heels of the "anti-dollar alliance" discussions yesterday, DW reports that China would start direct trade between the renminbi and the British pound on Thursday. China's Foreign Exchange Trade System (CFETS) confirmed Sterling and yuan would be directly swapped without using the US dollar as an intermediary.

Webmaster's Commentary: 

Right now, it would make sense to both acquire small, untraceable amounts of silver coins, and identify those skills you can barter when the dollar goes under.

And right now, it appears to me that this event will be happening sooner rather than later; leadership in Russia and China understand, very clearly, that the one way to drive the US economy, already reeling, morally and fiscally, from these horrific pre-emptive wars,into oblivion, is to do every bit of trade possible without using the US dollar.

I would almost be willing to bet that we will see this trend escalate around the world, and rapidly.

Jun 20 06:40

U.S DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS - IT MAY INSPECT SAFE DEPOSIT BOXES

Webmaster's Commentary: 

Another reason to stop doing business with the banks!

Jun 20 06:29

The End Of Anglo-American Hegemony

As Western dependence on Third World resources has increased, it has become increasingly necessary for the international bankers and their corporations to include local elite cliques in their capital accumulation schemes, making a small group of local people extremely wealthy so that this group will cooperate in selling local resources cheaply to the West.

Jun 19 16:11

Former Goldman Sachs trader upset at $8.25M bonus, files suit seeking $16M more

Poor baby.

A former Goldman Sachs trader angry that he got a bonus of only $8.25 million has gone to court to get the millions of dollars that he says his bosses still owe him.

Webmaster's Commentary: 

I don't know about you but I would be deliriously happy with just $8 million! I could move out of Hawaii to some city with lots of great choirs and singers for Claire to throw music at! I could build Claire a new music studio with a real audio booth!!! I could get my own audio/video streaming server! I could fund the food programs! I could build that ultra-low frequency radio telescope and listen for the AC hum from alien civilizations!!!

Anyone reading this who would NOT be happy with just $8 million?

What is wrong with these money-junkies!

Jun 19 14:20

Ukrainian Conflict Could Lead to Gas Rationing

Michael Rivero: Did the US arm the rebels now rampaging through northern Iraq?

Jun 19 08:59

Argentina says next bond payment 'impossible', default looms

Argentina threatened to default on its debt on Wednesday when the government called it "impossible" to pay bond service due on June 30, citing a U.S. court decision earlier in the day that increased pressure on the economically ailing country.

Buenos Aires is locked in a 12-year legal fight with creditors who refused to participate in two restructurings that followed Argentina's 2002 default on $100 billion in bonds.

Webmaster's Commentary: 

I wonder how many people bought credit default swaps on Argentina's debt?

What Argentina ought to be doing is looking for acts of economic sabotage by US intelligence agencies intended to prevent them from being able to repay their loans, to keep them under control and seize their real assets. This was a very common trick of the US in South America all during the 1970s and 1980s. It would work like this. Loan a country so many millions of dollars to develop their coffee industry, then introduce a parasite that wrecked the coffee plants so the loans could not be repaid, then demand political and economic concessions, and transfer of public assets into private hands.

If Argentina could document just one such incidence of sabotage, then they could declare the whole debt fraudulent.

Jun 19 08:19

Jack Lew: We're committed to supporting Israel's economy

Webmaster's Commentary: 

Wish you felt that way about Detroit!

Jun 19 08:13

Russia can switch to payments with India, China in national currencies crushing dollar amid sanctions - experts

The European economy, experts point out, still remains in the grip of a crisis, while China, for example, is prosperous. The West, including the US, has begun to curtail the profitable relations with Russia on the background of Ukrainian problems, which has nothing to do with the East. And business always develops in the environment of stability and mutual interest. It is reasonable that at present the Russian economy – that is investments, exports, imports and technology – is speeding up its advance in the eastern direction, President of the Centre of Strategic Communications Dmitry Abzalov says. Instead of America and Europe, our target is South-East Asia now.

Jun 19 08:02

Putin Advisor Proposes “Anti-Dollar Alliance” To Halt US Aggression Abroad

It has been a while since both Ukraine, and the ongoing Russian response to western sanctions (which set off the great Eurasian axis in motion, pushing China and Russia close together, and accelerating the “Holy Grail” gas deal between the two countries) have made headlines. It is still not clear just why the western media dropped Ukraine coverage like a hot potato, especially since the civil war in Ukraine’s Donbas continues to rage and claim dozens of casualties on both sides. Perhaps the audience has simply gotten tired of hearing about mixed chess/checkers game between Putin vs Obama, and instead has reverted to reading the propaganda surrounding just as deadly events in the third war of Iraq in as many decades.

Jun 19 06:35

Banks may have to raise new capital

The possibility of the domestic banks having to raise new capital following the ECB stress tests "cannot be precluded" even though AIB, Bank of Ireland and Permanent TSB all passed the Central Bank’s Balance Sheet Assessment (BSA) at the end of 2013, according to the IMF in its latest review of the Irish economy.

Webmaster's Commentary: 

"Well, gee; just look at all that cash sitting in those savings accounts!"

Jun 19 06:33

Iran hangs billionaire over $2.6b bank fraud

A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.

Webmaster's Commentary: 

Iran knows how to deal with crooked money-junkies!

Jun 18 13:06

Detroit employees to see cuts in paychecks under new pension plan

City employees will see deductions in their paychecks beginning next month as Detroit moves to implement a new hybrid pension plan, the emergency manager’s office said Wednesday.

Jun 18 12:31

On Obamacare Sebelius Spreads The Blame Around

Former HHS secretary Kathleen Sebelius spoke to an Obamacare group and spread the blame around for the law’s many failures. Oddly enough, she didn’t assign any of the blame to those who wrote the law, signed the law, or implemented the law.

Jun 18 11:48

Income Gap Widens As American Factories Shut Down

In August 2008, factory workers David and Barbara Ludwig treated themselves to new cars – David a Dodge pickup, Barbara a sporty Mazda 3. With David making $22 an hour and Barbara $19, they could easily afford the payments.

A month later, Baldwin Hardware, a unit of Stanley Black & Decker Corp., announced layoffs at the Reading plant where they both worked. David was unemployed for 20 months before finding a janitor job that paid $10 an hour, less than half his previous wage. Barbara hung on, but she, too, lost her shipping-dock job of 26 years as Black & Decker shifted production to Mexico. Now she cleans houses for $10 an hour while looking for something permanent.

They still have the cars. The other trappings of their middle-class lifestyle? In the rear-view mirror.

Jun 18 10:12

Kicking Against the Establishment: It’s Time for Truth in Media

Rhetoric coming out of Washington is constantly using and abusing the term “democracy” as a concept to be defended and cheered. But what we see in the US is a far-cry from any real and accountable system of democracy.

In fact, the United States of America couldn’t be farther from being “the land of milk and honey” as it once proclaimed itself to be; its promise of wealth and stability, the oft-referenced yet seldom seen “American dream”, is undeniably buried in the realm of wishful thinking — for the majority of people, that is.

Elections give the illusion of choice while maintaining a status quo that sees the rich get richer and the poor scrambling to redefine their definitions of “rock bottom”.

Jun 18 09:41

For third straight month, China cuts US debt holdings

China cut its holdings of United States government debt in April for the third straight month, which may reflect a continuing move from US assets, according to an analyst.

China, the largest foreign holder of US Treasuries, held $1.26 trillion in US debt as of April, down $8.9 billion from the previous month and below the $1.27 trillion mark for the first time since August 2013, the US Treasury Department said Monday in a monthly report. China's holdings hit a high of $1.317 trillion in November.

Kent Troutman, a research analyst at the Washington-based Peterson Institute for International Economics (PIIE), said the decreases each month could be due to benign shifts in the portfolio.

Webmaster's Commentary: 

"...due to benign shifts in the portfolio.", MY ASTROLABE!!

The Chinese government is many things, but foolish about the way the US economy is headed, is not one of them.

They are headed out of the US treasury note market, because these notes are only worthless pieces of paper at this time, but they are doing it gently and gradually, so as not to harm their own economy, which has horizontally invested in American businesses over the years, like last year's purchase of Smithfield Foods by Shuanghui International Holdings Ltd.

Jun 18 09:19

Chrysler Ignition Switches Are Investigated

Concern over the safety of ignition switches in vehicles is spreading beyond General Motors.

The National Highway Traffic Safety Administration is investigating about 1.2 million Chrysler minivans and sport utility vehicles over a concern that jostling the ignition key could accidentally turn off the engine and disable the air bags.

Webmaster's Commentary: 

Has the USA declined so far we can't make a reliable ignition switch any more?

Jun 18 08:31

Ex-Goldman director goes to prison, still owes $13.9 million fine

Former Goldman Sachs Group Inc (GS.N) director Rajat Gupta on Tuesday began serving his two-year prison term for insider trading, and lost his challenge to a $13.9 million civil penalty and permanent ban from acting as a public company officer.

Gupta, 65, reported to FMC Devens, a medical facility and satellite camp in Ayer, Massachusetts about 40 miles (64 km) northwest of Boston, a spokesman for the Federal Bureau of Prisons said.

Webmaster's Commentary: 

The selected sacrificial lamb gets thrown to the wolves to save the real criminals at the top!

Jun 18 08:29

GM hit with $10 billion lawsuit saying recalls damaged brand

According to a complaint filed on Wednesday with the federal court in Riverside, California, GM hurt customers by concealing known defects and valuing cost-cutting over safety, leading to roughly 40 recalls covering more than 20 million vehicles this year alone.

It said this has caused a variety of late-model vehicles to lose roughly $500 to $2,600 in resale value.

Hagens Berman Sobol Shapiro, which filed the lawsuit, said the case could be worth more than $10 billion, and is the first seeking to force GM to pay a potential 15 million car and truck owners, not just those whose vehicles were recalled, for damage to its brand and reputation.

Jun 18 07:36

We Are So Not Prepared For Another Oil Shock

With the Middle East now lurching towards yet another major war, it’s easy to envision a supply disruption that sends oil back to its previous high or beyond. So the question becomes, what would that do to today’s hyper-leveraged global economy? Bad things, obviously. But before looking at them, let’s all get onto the same page with a quick explanation of why everyone seems so mad at everyone else over there:

The story begins in 570 A.D. in what is now Saudi Arabia, with the birth of a boy named Muhammad into a family of successful merchants. After having some adventures and marrying a rich widow, around the age of 40 he begins having visions and hearing voices which lead him to write a holy book called the Qur’an. More adventures follow, eventually producing a religious/political system called Islam that comes to dominate a large part of the local world.

Webmaster's Commentary: 

Not unlike the Roman Catholic Church, which hunted down and exterminated the living descendants of the historical Jesus who claimed control of Christianity, to protect their "Apostolic descent", i.e. Popes chosen by consensus of the Cardinals.

Jun 18 07:29

Facing Extinction, Hedge Funds Go All In: Take Net Assets To All Time High, Cash To Record Low

Several years ago we said that in the New centrally-planned normal, in which the Fed chairmanwoman is the Chief Risk Officer of the s0-called market, and where no selloffs are allowed because any major drop in a market artificially supported by trillions in artificial liquidity, would probably be its last (as it would crush the "credibility" of all-in central banks) that old "smartest money" concept, the 2 and 20 hedge fund, has become an anachronistic relic of the past (especially once Stevie Cohen ruined the game for everyone and took legal insider trading aka "expert network" out of the picture and forced hedge funds to make money the old fashioned way - legally).