ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 17 11:15

China and Russia launching new credit rating agency in 2015

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

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

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

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

Jan 17 10:44

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

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

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

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

Jan 17 10:42

Muscular Swiss franc creates financial havoc in Poland and Hungary

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

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

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

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

Jan 17 10:40

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

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

Webmaster's Commentary: 

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

Jan 17 10:34

ALL WARS ARE BANKERS' WARS - PDF version

Webmaster's Commentary: 

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

Jan 17 10:30

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

foul language - but consider the topic

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

Jan 17 10:02

Budget delay screams time to panic

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

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

Jan 17 08:27

All Manipulations Fail, and Sometimes With a Bang

nothing unsustainable can be sustained by definition

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

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

Jan 17 08:09

Central Banks Upside Down

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

Jan 17 06:38

Ruin Is Our Future

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

The consequence of this corruption is ruin.

Jan 17 06:34

Super Bowl flyover costs taxpayers $450,000

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

Jan 16 18:30

Frontline: Secret History of the Credit Card

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

Jan 16 17:53

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

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

Jan 16 17:32

Repeat After Me: The Dollar Is Not Real Money

Jan 16 17:30

Is 2015 when the stock market bubble bursts?

Jan 16 17:02

5 Charts For Fully Invested Bears

Jan 16 16:59

Gold price skyrockets, spikes

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

Jan 16 16:39

So apparently CMBS is all the rage again

Jan 16 16:31

The Greek Bank Run Spreads To All Four Largest Banks

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

Jan 16 16:24

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

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

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

Jan 16 16:18

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

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

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

Jan 16 16:17

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

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

Jan 16 16:10

Unemployed % of men 25-54

Jan 16 16:09

Millions with multiple incomes at risk of shock tax bills

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

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

Jan 16 16:02

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

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

Jan 16 15:53

Rents rush past consumer inflation in 2014

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

Jan 16 15:50

Gold is attempting dual 4-year breakouts

Jan 16 15:46

Financial markets rocked by decision to abandon ceiling on Swiss franc

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

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

Jan 16 15:18

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

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

Jan 16 15:17

Bill Fleckenstein: The Bull Market In Gold Has Resumed

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

Jan 16 14:48

China and Russia launching new credit rating agency in 2015

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

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

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

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

Read more

Jan 16 13:36

The Terrifying Future of The United States

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

stormcloudsgathering

Jan 16 13:32

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

without evidence that a crime occurred.

Jan 16 13:28

Occupy protesters arrested in Oakland to share $1.4 million settlement

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

Jan 16 13:24

Missing AIG executive dead, family says

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

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

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

Webmaster's Commentary: 

Maybe he shorted Swiss Francs?

Jan 16 12:39

24-hour Spot Chart for Gold

Webmaster's Commentary: 

Headed up!

Jan 16 12:35

Currency Carnage: Why did the Swiss Pull the Peg?

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

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

Jan 16 12:17

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

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

Jan 16 12:02

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

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

Jan 16 11:55

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

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

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

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

Jan 16 11:20

Economists: Michigan faces $325M deficit

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

Webmaster's Commentary: 

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

Jan 16 10:53

Ruin Is Our Future — Paul Craig Roberts

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

Jan 16 10:52

Euro hits fresh 11-year low against the US dollar

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

Jan 16 10:43

Will Freedom Survive 2015? (Important article)

By Chuck Baldwin
January 15, 2015

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

Jan 16 10:16

The First Lesson In Dealing With Central Bankers

LOL! As if you could trust fraudsters of either stripe!

Jan 16 09:42

Could city roads end up going ‘back to gravel?'

Hamilton faces a gravel road renaissance without a cash influx to fix fast-deteriorating local roads, warned the city's top public works manager warned Thursday.

Jan 16 09:39

Peter Schiff: Swiss Surrender Wins Currency War

By ending its three year currency peg to the weakening euro Switzerland has become the first major economy to surrender in the international currency war, and in so doing has given a long-delayed victory to the Swiss people. Contrary to the indignant reaction by the media and financial establishment, the decision is not a disaster for Switzerland, but may be looked at in the future as the first significant counter-attack against our current global system of monetary insanity.

Jan 16 09:06

Alpari UK currency broker folds over Swiss franc turmoil

West Ham football club sponsor and currency broker Alpari has shut its UK arm following the Swiss National Bank's decision to end its capping of the Swiss franc against the euro.

The foreign exchange broker said in a statement that the move had created "exceptional volatility and extreme lack of liquidity".

As a result, the majority of Alpari clients had "sustained losses".

"Where a client cannot cover this loss, it is passed on to us," it said.

"This has forced Alpari (UK) Limited to confirm today that it has entered into insolvency."

Jan 16 08:36

4 Must-Knows After the Swiss Franc Shock

As I covered in yesterday's update, "The one with the jaw dropping drop," the Swiss National Bank surprised markets yesterday with the announcement of the end of Swiss Franc's peg to the Euro at 1.20 EUR/CHF. Many traders lost or gained a bunch of pips money on the shock... and some firms even went bankrupt.

Jan 16 08:15

BREAKING - FXCM Inc (NYSE:FXCM) May Enter Insolvency

FXCM Inc, the largest US foreign-exchange brokerage, is struggling to keep up with capital requirements. It was down almost 15% on Thursday, and is down more than 75% in pre-market trading on Friday. A majority of clients suffered massive losses on their Swiss “safe-haven” trades.

Jan 16 08:08

U.S. jobless claims rise to four-month high

The number of Americans filing new claims for unemployment benefits last week increased to the highest level since early September, but the underlying trend continued to point to a strengthening labor market.

Webmaster's Commentary: 

And you don't get more George Orwell than THAT!

Jan 16 07:58

FXCM may be in trouble

Webmaster's Commentary: 

The Foreign Exchange Currency Market has suffered major losses since the Swiss announcement, and today the pre-market is showing an 82% loss! The opening bell has been delayed, suggesting trading has been halted while the PPT looks for more duct tape!

UPDATE: FXCM is still closed. PPT has shoved the stock market back into the green, but it's already trending down again. Investors are looking for those hard PPT up-shoves and selling at the peak.

Jan 16 07:48

Russia Just Pulled Itself Out Of The Petrodollar

Back in November, before most grasped just how serious the collapse in crude was (and would become, as well as its massive implications), we wrote "How The Petrodollar Quietly Died, And Nobody Noticed", because for the first time in almost two decades, energy-exporting countries would pull their "petrodollars" out of world markets in 2015.

This empirical death of Petrodollar followed years of windfalls for oil exporters such as Russia, Angola, Saudi Arabia and Nigeria. Much of that money found its way into financial markets, helping to boost asset prices and keep the cost of borrowing down, through so-called petrodollar recycling.

Jan 16 07:46

Federal Reserve: Aging Baby Boomers Will Crush Stock Prices by 50%

Baby Boomers are entering their prime ‘stock selling’ years with little relief from those entering their ‘stock buying’ years

Jan 16 07:41

FCC to vote on Obama’s call for government-run internet next month

The Federal Communications Commission (FCC) will vote in February to decide whether municipalities can bypass state laws to provide their own internet service – a policy that President Barack Obama threw his weight behind earlier this week.

The vote is controversial but has support from the Obama administration, and proponents say it would give the public more options and faster service. Many Republicans and opponents argue that permitting such behavior exceeds the FCC’s authority.

Jan 16 07:40

Obama Admin Shuts Down Indian Tribe’s Bank Accounts

The Obama administration shut off the bank accounts of an Indian tribe as part of its Operation Choke Point program, The Daily Caller has learned.

The Otoe-Missouria tribe of Red Rock, Oklahoma reported that it is the latest victim of Operation Choke Point, according to a whistleblower response the tribe sent to the U.S. Consumer Coalition, which was obtained by TheDC.

Jan 16 07:39

These investments could get creamed in the Swiss avalanche

Now brace for everything you ever could have wanted to know about the country’s impact on global markets, but were afraid to ask. The whiz kids have had a few sleepless hours to think yesterday’s bombshell over, and some are worried about the after shocks.

Jan 16 07:33

Swiss National Bank Tells the World – “We’re Gettin’ Off This Train!”

Since 2008 the entire financial world has been turned upside down. In late 2011 the Swiss decided to peg their currency to the Euro, in essences giving up their national currency for the debt soaked Euro experiment.

When the Swiss pegged the Franc to the Euro, the Swiss people sold their sovereignty to the European Union. Approximately 22% of the people wanted their sovereignty back and voted on November 30, 2014 to repatriate their gold and reclaim their nation. Unfortunately, the other 78% (less the people that did not vote) said they were perfectly happy being debt slaves to their overlords at the European Central Bank. Thomas Jordan, the President of SNB, was actually campaigning AGAINST the gold repatriation movement, which in light of today’s announcement seems to be a contrarian move!! Why would a person vote against reclaiming their gold and then do a complete 180 degree turn against your own policy!!! This seems like it is going to have an ugly ending.

Jan 16 07:32

Shanghai Gold Exchange and World Gold Council partner to develop the Shanghai Free Trade Zone as the world's gold market

The parties say they will support the development of both domestic and international gold trading in the Asian nation by “leveraging the opportunity provided by the internationalization of the Chinese gold market, through the Shanghai Free Trade Zone, to support market expansion”, the WGC said.

Webmaster's Commentary: 

Which means that western banks will no longer be able to artificially suppress the price of gold any longer!

Jan 16 07:12

Off the Grid? Or Make Your Own Grid?

by Brian Berletic

There are many reasons people want to get "off the grid." From unstable energy prices, to environmental concerns, to even just a search for independence, the list is long and diverse. Just as diverse are attempts to "get off the grid." But as one community in Thailand is proving, sometimes building your own grid is just as good, maybe better.

The "Pa Deng model" is a project born out of necessity. The national power grid simply didn't reach the farms and villages in this remote sub-district located south of Bangkok along the border with Myanmar in Phetchaburi province. Several failed attempts at simply handing out technology had frustrated many, and the founders of this project, including one Ministry of Energy employee, decided to take matters into their own hands...

Jan 16 07:11

Increased Demand for Gold Following SNB Move: Goldcore

Mark O'Byrne, executive director at Goldcore Ltd., says there is increased demand for gold following yesterday's shock move by the Swiss National Bank.

Webmaster's Commentary: 

God-like status of central banks questioned. All paper currencies will continue to be devalued ...

Jan 15 22:59

Houston-based Schlumberger cuts 9,000 jobs as oil prices plunge

Oilfield services giant Schlumberger has announced huge job cuts in an effort to control costs amid global collapse in crude oil prices.

Jan 15 22:05

Russia wants written explanation from France regarding Mistral ships

The first vessels - Vladivostok - was to travel to Russia in 2014. The second one - Sevastopol - in 2015. The United States interfered in the handover of the French vessels to Russia.

Jan 15 21:05

Moscow... Or Geneva?

A month ago, when the Russian Ruble was crashing, developed nations were delighted to poke fun of Russians who lined up in front of currency exchange kiosks, supposedly to convert their rapidly devaluing Rubles into Dollars or other rising fiat.

Today, those same developed nation hecklers are deathly silent after what may be the biggest western central bank faux pas in recent history, and which in addition to sending the Swiss Franc soaring has - perhaps for the first time in history - manifested in lines of people in front of currency exchange bureaus nowhere else, but in that bastion of capitalism: Geneva.

Jan 15 21:01

Plunge in Treasury Yields Is Forecasting More Than Just Deflation

Plunging yields on U.S. Treasury notes and bonds, record low yields on the sovereign debt of countries in the European Union, together with plunging industrial commodity prices, are sending a crystal clear message to stock markets: there is a glut of supply and too little demand from consumers.

Jan 15 21:00

The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance

The first time the phrase Emergency Liquidity Assistance, or ELA, was used in the context of Greece was in August 2011, when Greece was imploding, when its banking sector was on the verge of collapse, and just before the ECB had to unleash a global coordinate bailout with other central banks including global central bank liquidity swap to preserve the Eurozone.

Jan 15 21:00

Russia picks new monetary policy chief as currency plummets

Russia's central bank replaced its head of monetary policy after President Vladimir Putin criticized the failure of emergency measures to halt ruble's decline.

Jan 15 20:59

Shanghai gold deals get a boost as WGC sets bullion free trade zone

The World Gold Council (WGC) and the Shanghai Gold Exchange (SGE) signed Thursday a memorandum of understanding to develop a Shanghai free trade zone for bullion and so encourage foreign participation in China's tightly controlled gold market.

The parties say they will support the development of both domestic and international gold trading in the Asian nation by “leveraging the opportunity provided by the internationalization of the Chinese gold market, through the Shanghai Free Trade Zone, to support market expansion”, the WGC said.

Jan 15 20:13

Casualties From Swiss Shock Spread From New York to New Zealand

Casualties mounted from the Swiss currency shock as a U.S. online brokerage said client debts threatened to push it out of compliance with capital rules and a New Zealand-based dealer went out of business.

FXCM Inc., a New York-based company that offers foreign exchange trading services over the Internet, said clients suffered significant losses when the Swiss National Bank’s decision to abandon the franc’s cap against the euro roiled global markets. Global Brokers NZ Ltd. said the impact on its business is forcing it to shut down.

“Due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses, FXCM said in a statement dated Jan. 15. That ‘‘generated negative equity balances owed to FXCM of approximately $225 million.’’

Jan 15 18:54

Today vs. Soros' Black Wednesday

Jan 15 18:29

Oil Giant To Dump 9,000 Jobs

Jan 15 16:25

Food stamp cuts may force 1 million into "hardship"

Some of the country's poorest will be struck from the rolls in 2016

Jan 15 16:19

Empty shelves across Venezuela due to tumbling oil prices create a new industry: People queuing up for goods that have probably run out earn more than professors

Shortages of basic goods in crisis-hit Venezuela has created a lucrative new profession... queuing to buy things for other people.

The country is experiencing a recession triggered in part by a scarcity of hard currency - which limits imports of essential goods.

As a result, there are shortages of nearly a third of all basic goods and as well as tumbling oil prices, inflation ballooned to 64% last year.

Jan 15 16:15

RBS admits mis-selling loans to small businesses under Government-backed scheme

Royal Bank of Scotland has admitted mis-selling loans to business customers under a Government-backed scheme.

The bank, which is 80 per cent owned by the taxpayer, said it would start contacting 1,800 customers who took out loans and either defaulted or ended up in a difficult financial position. RBS said that in a ‘number of instances’ it had failed to properly explain to customers the protection offered under the Enterprise Finance Guarantee scheme.

Jan 15 16:12

Why Our Central Planners Are Breeding Failure

Jan 15 16:10

The Beginning of World Trade Disorganization?

How the WTO is linked to the relative decline of U.S. Last summer, the World Trade Organization (WTO) entered a phase of paralysis as India unilaterally shifted its stance and vetoed the Trade Facilitation Agreement, a modest attempt to remove red tape at borders. The WTO, as its director-general Roberto Azevêdo lamented, has plunged into the “most serious crisis” ever since its formation in 1995. India eventually agreed to back down under American persuasion.

Jan 15 15:33

This Is Exactly How Markets Behave Right Before They Crash

When the stock market starts to behave like a roller coaster, that is a sign that a major move to the downside is right around the corner. As I have statedrepeatedly, when the market is very calm it tends to go up. But when the waters start getting really choppy, that is a clear indication that stocks are about to plummet. In early 2015, volatility has returned to Wall Street in a big way.

Jan 15 15:31

The Government Mafia Will Steal Everything You Own

The G20 told you on November 20, 2014, they plan to steal your bank account. Secretary of Treasury, Jack Lew, has positioned the federal government to steal back federal pensions and now your local police can rob you blind for the crime of going out in public.

Jan 15 15:24

Video: Market Crash Looming: “Riots Worldwide, Wars, Extreme Volatility… Even Global Depression”

With the debt obligations of the United States at over $118 trillion dollars, it has become obvious that the collapse of our economic powerhouse, starting with the U.S. dollar, is a foregone conclusion. While it’s impossible to predict when such an event will occur or what the final trigger will be, at this point it won’t take much to send the whole thing tumbling down.

And when it finally does happen, as noted in the short video report from Future Money Trends, the resulting shift to a new system could very quickly devolve into the worst of what humanity has to offer.

Jan 15 14:58

World Bank lowers its growth forecast

The World Bank has underscored the deepening malaise in the global economy, once again revising downward its estimate for growth in 2015. In its latest Global Economic Prospects report, issued earlier this week, the World Bank cut its forecast for global growth this year to 3 percent, having predicted an increase of 3.4 percent last June.

Jan 15 14:29

Report: RadioShack may file for bankruptcy next month

Struggling electronics retailer RadioShack may file for bankruptcy as early as next month, according to The Wall Street Journal.

Jan 15 14:19

Which state has half of its eligible adults not working? The dismal employment participation rate across the United States.

People have a hard time wrapping their minds around the fact that 93 million Americans are not in the labor. In December alone we added over 451,000 to this category. Much of this figure comes from people retiring and those simply not eligible to work but there is a disturbingly large number of people that are eligible for work and are simply lacking a job. There seems to be a perception that all of the people hitting retirement age are somehow prepared to weather the years of older age with a sizable nest egg. Nothing could be further from the truth.

Jan 15 13:52

40 Years of Economic Policy in One Chart by MIKE WHITNEY

crony capitalism - bring out the guillotines!

Jan 15 13:51

House Passes Bill Further Weakening Financial Regulation

TRNN's Jessica Desvarieux looks at the key bill provisions benefiting Wall Street, and also examines the so-called opposition of Democratic lawmakers

Jan 15 13:49

Chiquita closing Charlotte headquarters

Jan 15 13:48

Bank Of America’s Profit Declines 11%

Jan 15 13:47

RadioShack Is Preparing To File For Bankruptcy

Jan 15 13:27

Yelp accused of bullying businesses into paying for better reviews

JUST LIKE THE BETTER BUSINESS BUREAU A-HOLES!

Jan 15 12:59

Sony Canada to close all Canadian stores within 2 months

Sony is closing all its stores in Canada over the next six to eight weeks, the company announces in a statement today.

In an interview with CBC News, a spokesman for Sony Canada said he couldn’t disclose why the stores were closing, or how many stores and jobs will be affected.

Jan 15 12:17

Canada disses Obama, postpones meeting with U.S. over Keystone pipeline: report

The White House confirmed Thursday that Canada has postponed the North American Leaders Summit scheduled for next month but would not say whether tension over the Keystone XL oil pipeline is the reason.

Jan 15 12:03

Guess what percentage of American children live in a home with a traditional family structure?

The decay of the traditional family structure in the United States is something that has been going on for a very long time

Jan 15 11:48

Investors pile into gold after Swiss bank move

Gold prices jumped more than 2 percent after earlier hitting a 4-month high on Thursday as European shares and the dollar turned lower after a shock move by Switzerland to abandon its three-year cap on the franc sent Europe's shares and bond yields tumbling.

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