ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Oct 24 10:14

US jobless claims rise 17K

Oct 24 09:32

Hands off our hookers' and dope dealers' money, U.K. tells E.U.

The European Union has ordered the U.K. to pay an extra €2.1 billion ($2.65% billion) into its central budget by December, once again inflaming the British sense of grievance at the perceived machinations of unelected Eurocrats in Brussels.

...

Cameron himself tweeted that he was “angry at the sudden presentation of a €2 billion bill,” adding: “It’s an appalling way to behave and I won’t be paying it on Dec. 1.”

In one sense, at least, they are right. It is unfair, because one thing is for sure: whatever happens, it won’t be U.K.’s coke dealers and hookers who end up paying that €2.1 billion.

Oct 24 09:10

Banker Suicides Return: DSK's Hedge Fund Partner Jumps From 23rd Floor Apartment

The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year.

Oct 24 09:09

The Housing Recovery Has Been Canceled Due To Data Revisions

Last month, when, with great amusement, we reported that "New Home Sales Explode Higher Thanks To... Record High Average New Home Prices?", we mocked the latest batch of bullshit data released by the US department of truth as follows:

New Home Sales rose a magnificent (seasonally-adjusted annualized rate) 18% in August - the biggest monthly rise since January 1992 albeit with a 16.3 90% confidence interval, meaning the final number may well be +1.7%. At 504k, new home sales are back at May 2008 levels (though obviously massively below the 1.4 million homes sold at the peak in 2005). As a reminder, May's 504K new home sales print was later revised later to 458K. But even more stunning, new home sales in The West rose a mind-numbing 50% in August (and up 84.4% YoY - nearly double).

Oct 24 08:59

People Are Trying to Sell Cinnamon Bark as an Ebola Cure

Marion Nestle reports that several supplement manufacturers are selling vitamins that promise to prevent or treat Ebola. The claims caught the attention of the FDA, which has issued warning letters to three of the manufacturers: Natural Solutions Foundation, Young Living, and DoTERRA International LLC. The agency lists specific claims it finds worrisome; for example, on a Young Living consultant's website, "Ebola Virus can not live in the presence of cinnamon bark."

Webmaster's Commentary: 

Despite the WHO authorizing the use of unproven treatments to deal with the Ebola the reality is that only treatments from the giant pharmaceutical corporations are being allowed. The FDA, still looking at Ebola from the economic point of view, is coming down hard on anyone offering treatments from which the pharmaceutical corporations cannot make the profit.

We know the FDA is blocking use of even mention of nano silver products wherever they can, despite the fact that both Nigeria and Sierra Leone have told the US Government to shove their regulations (possibly in response to the growing awareness that the US Government may have triggered the Ebola outbreak in Africa with a botched vaccine trial) and are treating Ebola patients with nano-silver and reporting positive results.
That being said, it was observed during the 1918 flu pandemic (also triggered by a botched vaccine trial) that workers at a factory that processed cinnamon for bakeries did not come down with the flu. This triggered widespread use of cinnamon, usually mixed with milk, which did in fact lower the fever and reduce symptoms of those already infected with the flu. Most naturally occurring antibiotics are broad spectrum, which means they are effective against a wide variety of infections, whereas modern pharmaceutical antibiotics are designed to be effective against specific infectious agents and are usually useless against others.

So do your own research and make your own choices.

After all, are you willing to bet your life the government, media, and pharmaceutical corporations are telling you the truth?

Oct 24 08:20

Ebola Outbreak Erodes Recent Advances in West Africa

In the breach, Ebola is fast washing away the small gains made over the last decade in war-scarred parts of West Africa, as schools shut down, immunization campaigns are suspended and a food crisis looms as farmers abandon their fields.

Oct 24 07:58

Big nations snub Beijing bank launch after US lobbying

China will officially launch a new $50 billion Asia Infrastructure Investment Bank on Friday as it steps up its challenge to global financial institutions like the World Bank that it feels are dominated by America and its allies.

But only 20 mostly small economies, many of them effectively client states of China, will become founding members of the bank at Friday's ceremony in Beijing after Washington lobbied furiously to stop other countries from signing up.

Webmaster's Commentary: 

Oct 24 07:55

FTDI admits to bricking innocent users' chips in silent update

Hardware hackers and security researchers are furious at chip maker FTDI for issuing a silent update that bricks cloned FTDI FT232 [USB to UART] chips.

The chip is extremely common on a wide variety of devices and there is no way of knowing at this time which devices have cloned chips -- and the tainted supply chain could hit anyone.

FTDI appears to have used a recent Windows update to deliver the driver update to brick all cloned FTDI FT232s.

FTDI's surprise new driver reprograms the USB PID to 0, killing the chips instantly.

The hardware hackers at Hack A Day first reported that a recent driver update deployed over Windows Update is bricking cloned versions of the very common FTDI FT232 [USB to UART] chip.

In response to increasing anger and criticism from security researchers on Twitter, FTDI admitted using the remote kill switch and is adamant that this move is necessary to fight counterfeiting.

Webmaster's Commentary: 

Oh yes, let's punish the end user who may not even know his product has a counterfeit chip by killing his hardware!

Does FTDI not understand that the counterfeiters will go on selling their chips anyway not caring if they eventually fail? Look at the flood of fake 128G SD cards hitting the market. These are actually 8G chips reprogrammed to identify themselves as 128G to the computer. Every time a particular brand is identified as phony, the counterfeiters simply change their company name, change the packaging, and go right on selling their products, not caring that they will not actually work. FTDI's stunt will harm a lot of innocent end users and will not stop the counterfeiters. It won't even slow them down. Someone needs to be fired for this mistake!

Oct 24 07:41

Huge Downward Revision In August New Home Sales

New home sales were flat in September after a big downward revision to August's report.

Oct 24 07:26

BEX ALERT - Former CDC Director to New Yorkers: Don't panic about Ebola

Dr. Richard Besser, former acting CDC director and current ABC correspondent, says there's no need to panic about Ebola arriving in New York City.

Webmaster's Commentary: 

"Just keep going to those shopping malls, keep spending money, keep making your credit card and mortgage payments, keep hating the Muslims who dare to live over our oil, and be sure to get to the poll November 4th and vote for Democrats ... because Republicans brought Ebola here to steal the election!!!" -- Official White Horse Souse

Oct 24 06:37

Russia Rising

Russia is on the way up, America on the way down. Will Washington start a major new war in a desperate attempt to reverse its decline and deal a death blow to its increasingly confident competitor?

Oct 24 05:25

For the Bottom 90% of Americans, Financial Security is Slipping Away

No matter how you look at it, the economic picture for most of America is not good.

From too much debt to not enough savings to shrinking incomes, the vast majority of Americans are confronted with erosion of their financial security.

Oct 24 05:13

50 Percent Of American Workers Make Less Than 28,031 Dollars A Year

The Social Security Administration has just released wage statistics for 2013, and the numbers are startling. Last year, 50 percent of all American workers made less than $28,031, and 39 percent of all American workers made less than $20,000. If you worked a full-time job at $10 an hour all year long with two weeks off, you would make $20,000. So the fact that 39 percent of all workers made less than that amount is rather telling.

Oct 23 14:32

Media paying attention to poll showing public's distaste for privatization

Newspaper columnists and radio talk show hosts are paying attention to fresh polling data that shows just how uneasy Canadians are about the concept of privatization.

Last week, the National Union of Public and General Employees (NUPGE) publicized the results of the polling done in September in which:

70 per cent of respondents agreed that: “allowing a few people to profit from services meant for all of us weakens our country's principles and core values of caring and sharing."
82 per cent agreed that “when private companies get contracts to provide government programs, the public loses control over services people depend on.”

Oct 23 14:05

Sears disputes report of 116 store closures, nearly 6,100 layoffs

Cash-strapped Sears Holdings rose 4.5% to $35.95 Thursday following a report that it plans to close 116 Sears and Kmart stores and lay off nearly 6,100 employees, many ahead of the Christmas shopping season.

Oct 23 08:45

Thousands With Degenerative Conditions Told They Could Be ‘Fit To Work In The Future’

More than a third of people with debilitating and incurable conditions and are too sick to work, such as Parkinson’s and multiple sclerosis, are being placed in the ‘Work Related Activity Group (WRAG) of ESA, even though their condition is certain to worsen over time.

Claimants placed within the WRAG receive less money than those in the higher ‘Support Group’, who are not required to prepare for work or attend Job Centre interviews, and face the threat of sanctions if they fail to comply with strict requirements. Some may have their ESA entitlement removed after only a year as the government attempts to “support people into work”.

Oct 23 08:44

UN Issues Statement on Human Rights Violations in Detroit

The conditions are so bad that two United Nations special rapporteurs were invited to Detroit by a number of community groups: the special rapporteur on human right to safe drinking water and sanitation, and the other one on adequate housing and standard of living without discrimination. They heard from residents, council members, the mayor, and congressmen. In their joint statement, they said that the human rights to safe drinking water, sanitation, and adequate housing both derive from the right to an adequate standard of living protected under Article 25 of the Universal Declaration of Human Rights.

Oct 23 08:42

McDonald's Posts Worst Sales Decline In 10 Years

McDonald's global sales at stores open at least 13 months declined 3.7% in August.

That the worst same-store sales decline that the fast-food giant has reported since March 2003, when global sales also fell 3.7%. It also marks the fourth straight month of comparable sales declines in the U.S., which accounts for about 32% of McDonald's revenue.

Oct 23 08:36

New York Fed’s Conference Evokes Thoughts of Violence Against Wall Street

“Since 2008, fines imposed on the nation’s largest banks have far exceeded $100 billion. The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system. As a consequence, the financial industry has largely lost the public trust. To illustrate, a 2012 Harris poll found that 42 percent of people responded either ‘somewhat’ or ‘a lot’ to the statement that Wall Street ‘harms the country’; furthermore, 68 percent disagreed with the statement: ‘In general, people on Wall Street are as honest and moral as other people.’ ”

Further cementing that public distrust, the media was barred from attending Monday’s conference at the New York Fed. Press members who nonetheless reported on the event evoked a recurring theme of violent acts to deal with incorrigible actors.

Oct 23 07:59

99 ways to boost pensions in California -- at public cost

Taxpayers could shoulder billions now that CalPERS has approved perks for new public workers.

Oct 23 07:09

Top Regulator Says Bank CEOs Meant Well -- This Evidence Says Otherwise

The head of one of Wall Street's most important regulatory agencies argued recently that Big Bank CEOs never intended to break the law or engage in foreclosure fraud. Instead, Thomas Curry of the Office of Comptroller of the Currency tells us they weren't cautious enough.

Internal documents obtained from a bank-backed venture several years ago seem to directly contradict this claim. These documents, which include training materials, PowerPoint presentations, and videos, suggest that the industry made a conscious attempt to bypass local jurisdictions and automate processes -- in what can best be described as a fraud-friendly way.

Oct 23 07:02

Central Banker Admits Central Bank Policy Leads To Wealth Inequality

Six years after QE started, and just about the time when we for the first time said that the primary consequence of QE would be unprecedented wealth and class inequality (in addition to fiat collapse, even if that particular bridge has not yet been crossed), even the central banks themselves - the very institutions that unleashed QE - are now admitting that the record wealth disparity in the world - surpassing that of the Great Depression and even pre-French revolution France - is caused by "monetary policy", i.e., QE.

Oct 23 06:56

Cashing out: ‘Electronic payments taking over, banks to abandon paper money soon’

More and more countries are using electronic payments instead of physical as they’re much cheaper, easily traceable and help to combat terrorism financing, money laundering, tax evasion and the black market, economist Konstantin Gurdgiev told RT.

Denmark’s Central Bank Nationalbanken plans to stop printing banknotes and minting coins by the end of 2016. It claims that people increasingly prefer to use credit cards and electronic money in transactions rather than cash.

Oct 23 06:55

Fed Up With DOJ Misconduct, Fraud and False Evidence – Federal Judge Takes Nuclear Option

In perhaps the most stunning documentation yet of abuses by Eric Holder’s Justice Department, two former Assistant United States Attorneys spoke to defense attorneys and revealed appalling deceit and corruption of justice. This latest litigation time bomb has exploded from multi-million dollar litigation originally brought by the Department of Justice against Sierra Pacific based on allegations that the lumber company and related defendants were responsible for a wildfire that destroyed 65,000 acres in California.

In what was dubbed the “Moonlight Fire” case, the tables are now turned. The defendants have discovered new evidence and filed a stunning motion. The new evidence and disclosures are being taken seriously by the Chief Judge of the Eastern District of California—as they should be. In a shocking action, Judge Morrison C. England Jr. ordered the recusal of every federal judge in the Eastern District of California.

Oct 22 12:55

California Orders Churches To Fund Abortions—Or Else

A regulatory change in California has placed abortion in the category of ‘basic health services’ all insurance plans must cover. Even those churches buy.

Oct 22 12:48

Denmark's central bank to stop producing money

With more and more people paying with credit cards and their smartphones, Denmark’s central bank Nationalbanken says it no longer pays to print banknotes or mint coins.

Webmaster's Commentary: 

And how do they pay when the cloud goes down (again)?

Oct 22 12:19

Santelli & Schiff: “A Messy Exit Is A Given… Ending QE Will Plunge US Into Severe Recession”

“Markets are slowly coming to grips with reality is not going to be as easy as everybody thought,” Peter Schiff tells CNBC’s Rick Santelli, noting the pick up in volatility across asset classes recently. What The Fed clearly does not understand, Schiff blasts, is that “you cannot end quantitative easing without plunging the US into a severe recession.” Because of the Fed’s extreme monetary policy and the mal-investment that flows from it, Schiff says, “The US economy is more screwed up now than it’s ever been in history.” Most prophetically, we suspect, Santelli agrees that “a messy exit is a given,” and Schiff believes they know that and that is why QE4 is coming simply “because it hasn’t worked and they can’t admit it’s been a dismal failure.”

Oct 22 11:03

Census Report: Half of Americans Poor or Near Poor

Forty-seven percent of Americans have incomes under twice the official poverty rate, making half of the country either poor or near-poor, according to figures released last week by the Census Bureau.

These figures are based on the Census Bureau’s Supplemental Poverty Measure (SPM), which takes into account government transfers and the regional cost-of-living in calculating the poverty rate. According to that calculation, there were 48.7 million people in poverty in the United States, three million higher than the official census figures released last month. The US poverty rate, according to the SPM, was 15.5 percent.

Webmaster's Commentary: 

These numbers are morally, and socially, unacceptable.

Both parties talk a good game about getting the decent jobs back, which used to be the underpinning of a solid middle class.

But the destruction of the Middle Class, by the consistent offshoring/outsourcing of jobs, is no accident.

The major corporations fund both parties to look to the other way while these practices continue apace.

Oct 22 08:48

India Gold Demand Surges 450% and Bank of Russia Demand At 15 Year High

Webmaster's Commentary: 

So how is it that the price of gold remains low?

Oct 22 08:25

Saying Good-Bye to Fear of the 1918 Flu

We have had a pandemic run-through already. By now the country's knows the H1N1 pandemic was a dud. Many even know it was fake.

The whole thing was so bizarre that the Eu Parliament investigated as did the British Medical journal, condemning ties between the pharmaceutical industry and flu "experts."

A man at the WHO named Osterhaus has been the main person at the WHO saying that pandemics - SARS, Ebola, Avian flu, swine flu - were going to kill millions.

"Not only is Osterhaus the connecting person in an international network that has been described as the Pharma Mafia, he is THE key advisor to WHO on influenza and is intimately positioned to personally profit from the billions of euros in vaccines ..."

Oct 22 08:08

Dirty money: 19 UK firms alleged ‘complicit’ in $20bn laundering scam

Some 19 British firms are at the center of an investigation into in a mammoth global money-laundering operation. The scheme was allegedly contrived to make $20bn (£12.5bn) of ill-gotten gains appear legitimate.

Oct 22 07:35

Fear of Ebola Now Creating Weakness in U.S. Stocks?

The fear of Ebola has caused pressure towards the U.S. stock markets, particularly in the travel sector and aviation stocks. The concern is real, and if it is allowed to grow in the United States, Asia, or Europe, we could see a significant decline in travel demand that could impact the next few quarters, as my stock analysis would suggest.

Webmaster's Commentary: 

The stock market is already in trouble. Indeed it is on life support right now via QE. Ebola just makes a handy scapegoat when it crashes.

Oct 22 07:19

Chicago Drivers Have Wised Up to Speed Cameras, Their Good Behavior is Bankrupting the City

Citizens in Chicago are costing the city tens of millions by obeying the law, giving credence to the notion that crime really does pay, and is not only profitable but necessary for the state to survive.

Oct 21 15:20

Moldova commits economic suicide for Brussels

During the last CIS summit in Minsk, an unpleasant incident occurred. The journalists, who could hardly hear what the presidents of Moldova and Russia were talking about, assumed that, at some point, the presidents were going to have a verbal fight with each other. The presidents were talking about the Association of Moldova with the EU and the introduction of Russia's sanctions in response.

The unpleasant incident with the verbal fight, which Moldovan President Timofti started at the summit in Minsk, was not incidental.

Oct 21 14:20

£20 Billion British Money Laundering Scam Goes Through Eastern Europe, Ends in HSBC, RBS, UBS and Citibank

This story should raise some important questions about organised crime’s influence on our judicial and economic systems – in times of crisis.

A recent money laundering investigation by a British Newspaper, The Independent (see story below), reveals a complex accounting and legal shell game of British-based front companies, laundering their illicit proceeds through phony lawsuits, followed by massive wire transfers to Latvian and other banks. Money transfers are effectively rubber stamped by corrupt Moldovan judges.

Are these white collar crimes exclusive eastern European gangsters, or do well-known British financial brands also do the same?

Oct 21 13:19

Floyd Brown Interview: The Government is “Robbing” Americans of Our Wealth

Political commentator and freedom advocate Floyd Brown knows what the U.S. government is up to, and he’s calling Washington on it. In this one-on-one interview, find out why the president of the Western Center for Journalism believes Americans are systematically robbed of their savings through a deliberate devaluation of the dollar. In the face of a dollar that will continue to erode in value, Brown explains how gold and silver – the “historic forms of money” – can help to protect our savings. Plus, discover why he believes that Americans are doing a “grave injustice” if they’re depending on the government in retirement.

Oct 21 11:34

The Magic Number Is Revealed: It Costs Central Banks $200 Billion Per Quarter To Avoid A Market Crash

We have all seen it countless times before: visual confirmation that without the Fed's (and all other central banks') liquidity pump, the S&P would be about 70% lower than were it is now.

Oct 21 11:34

McDonalds Sales Plunge In Worst Month Since 2003 Following Dollar Meal "Sticker Shock"

But while collapsing MCD sales are a combination of both the insolvent US consumer, who can no longer afford to buy either MCD or Coke (as we commented earlier) especially after purchasing the latest and greatest iThing on credit, as well as shifting tastes and eating the "cool food du jour", things are only going to get worse from here.

Because in a world that is allegedly flooded with deflation, the one place where everyone considered safe for "dollar meals", just got more expensive.

Webmaster's Commentary: 

Plus the food is so full of fillers you can practically taste the sawdust!

Oct 21 10:08

19 Very Surprising Facts About The Messed Up State Of The U.S. Economy

Barack Obama and the Federal Reserve are lying to you. The "economic recovery" that we all keep hearing about is mostly just a mirage. The percentage of Americans that are employed has barely budged since the depths of the last recession, the labor force participation rate is at a 36 year low, the overall rate of homeownership is the lowest that it has been in nearly 20 years and approximately 49 percent of all Americans are financially dependent on the government at this point. In a recent article, I shared 12 charts that clearly demonstrate the permanent damage that has been done to our economy over the last decade. The response to that article was very strong. Many people were quite upset to learn that they were not being told the truth by our politicians and by the mainstream media. Sadly, the vast majority of Americans still have absolutely no idea what is being done to our economy.

Webmaster's Commentary: 

The biggest reality check, for Mike and me, is just going grocery shopping.

Yesterday, I was looking at the relatively small amount of groceries we got, for which we paid a Wiemar-republic sized bill, and the correlation between what we got, and what we paid for it was completely out of whack.

I do not know how people with families are making it, except to get the cheapest foods possible, most probably poisoned with GMO.

And those people who, as their government and banks told them to, have saved all their lives, to see their savings eaten away by inflation?!? They are probably never, ever going to believe anything that any government agency happens to tell them, even, if by wild chance, it is true.

Oct 21 10:03

Greece Is In Full-Blown Stock Market Collapse

As if the world didn't have enough to be worried about (ISIS, Ebola, slowing China, Ukraine, slowing Germany, Fed tightening, etc.) now look what's back: Greece. And in a big way.

The stock market is down over 9% on Wednesday, which is about as big as crashes come.

Oct 21 09:24

WHY ISRAELIS SHOULD JOIN THE BOYCOTT FROM WITHIN

Procter and Gamble (P&G) reduced the contents of a bottle of Head and Shoulders shampoo by 20-33%. The company, which used to marketing the brand in a 750 ml bottle, halted its marketing of this bottle, and began marketing two different bottles: 500 ml and 600 ml. The new bottles are very similar to the old ones, giving the misleading impression that the price was reduced.

Oct 21 08:46

Detroit water shut-offs bring U.N. scrutiny

This United Nations Human Rights team has spent the last three days trying to figure out why the shutoffs are necessary.

Leilani Farha and Catarina de Albuquerque led the mission.

"People are living without dignity it's a human rights violation. the city should restore water to those unable to pay," said a representative of the U.N. team.

The mayor's office admits that for years the water department did a poor job collecting money it was owed. Then, when the city filed for bankruptcy last summer under the weight of its own creditors, the department decided to clamp down.

Oct 21 08:45

Citi hikes fees on checking customers

Beginning in January, monthly fees on Citi rewards checking accounts will increase from $20 to $25, and fees on basic accounts will rise from $10 to $12.

Oct 21 08:28

Golden Jackass Rebuttals to Jim Rickards rant

Some people in our community have wondered exactly whose side Jim Rickards is on. Many have recently argued he is nothing more than a mouthpiece for the globalists. Perhaps we should question anyone who is purporting that an SDR currency could be the solution. That is the solution for the globalist thieves. Meet the new boss, same as the old boss. Mr. Rickards was interviewed by Greg Hunter recently. The below are comments from our friend Jim Willie, whom we believe to be one of the best sources of information that doesn’t work for the parasitic cartel of banking thieves.

Oct 21 08:15

Italian police uncover €1.7bn corporate fraud

Italian police have uncovered a fraud which they say has cost Italian taxpayers €1.7bn (£1.3bn; $2.2bn).

Two businessmen are accused of setting up the scheme, which used false invoices to bill the state for non-existent security, cleaning and other services.

The fraud, which dates back to 2001, involved 62 people, the police say.

Oct 21 08:05

China opens record breaking 4,000 ft long Bridge?

Interesting pictures and a scary little tale at the end

Oct 21 08:01

Will Our Private Savings Be Sacrificed To Pay Down The Public Debt?

Recently, an article by Daniel Amerman caught our attention. Titled Is There A “Back Door” Method For The Government To Pay Down The Federal Debt Using Private Savings?, it details the process known as financial repression, where sovereign debts are slowly paid off by syphoning private savings from an unaware populace.

Webmaster's Commentary: 

The last official act of any government is to loot the nation.

Oct 21 07:51

McDonald's Franchisees Say The Company Is Bankrupting Them

McDonald's franchisees are furious that the company's aggressive promotions and costly restaurant upgrades are squeezing their profits, according to a new survey.

"Growth for McDonald's is over," one franchisee wrote in response to the survey by the financial services firm Janney Capital Markets.

"I am just hoping to be flat," another franchisee said. "[The] customer has lost faith in the brand."

Oct 21 07:19

Nationalize The Federal Reserve

It’s clear that the gold-hoarding, ISIS-funding, Ebola-creating international bankers are bent on destroying America. Their current flurry of wars and interventions is a desperate attempt to both stave off a deflationary depression and to shut down the giant spotlight increasingly being shown upon them.

At their core they are Nazis, so the black Obama provides the perfect fall guy. There is but one rabbit which Obama can pull out of the hat which will prevent both his and our demise.

He must nationalize the Federal Reserve. And he must do it now.

Webmaster's Commentary: 

Obama won't do it. Presidents who stand up to the bankers get shot at, and Obama lacks courage.

Oct 21 07:18

Counterfeit Euro bank notes in circulation in Gothenburg, Sweden

Police in Gothenburg have been about twenty cases involving counterfeit notes in shops and exchange offices in September. Now go out and Gothenburg Police warn of fraud.

Oct 21 07:10

Swedish banks question customers to comply with US tax rule

All Swedish bank customers will soon be required to prove that they do not owe taxes in the United States according to a new agreement between the countries, and some critics claim it may break EU rules.

Oct 21 07:06

HHS-Funded Study: Obamacare Will Suffer ‘Death Spiral’ If Subsidies Fail

The Obama administration has funded a new study by top consulting firm RAND Health that startlingly finds that if taxpayer subsidies are eliminated, Obamacare exchanges will fall into a “death spiral.”

The study comes in the wake of a number of lawsuits which are challenging the Obama administration’s implementation of Obamacare subsidies. Three lawsuits have made it to U.S. Circuit Courts, just one step from the Supreme Court, arguing that the text of the Affordable Care Act allows premium subsidies for state-run exchanges only. (RELATED: Second Court Strikes Down Obamacare Subsidies In Federal Exchanges)

Webmaster's Commentary: 

And that is on top of the 14% jump in premiums for next year!

Click for larger image

Oct 20 13:19

Nearly half of cardholders likely to avoid stores hit by data breaches

As data breaches exposing consumer credit card, debit card and other personal information become more common, nearly half of cardholding shoppers say they're reluctant this holiday season to return to stores that have been hacked, according to a new survey by CreditCards.com.

Forty-five percent of respondents with credit or debit cards said they would definitely or probably avoid one of their regular stores over the holidays if that retailer had experienced a data breach. Sixteen percent said they definitely would not return to a retailer if the store had been hacked and 29 percent said they probably would not shop at such stores. Just one in eight said they are more likely to shop with credit cards this season.

Oct 20 12:13

Up to 34 MILLION blank 'green cards' and work permits to be ordered ahead of Obama illegal immigrant 'amnesty'

U.S. Citizenship and Immigration Services plans to seek a vendor to produce as many as 34 million blank work permits and 'green cards' – the paperwork that authorizes illegal immigrants to live and work in the United States – as the White House prepares to issue an executive order after the Nov. 4 midterm elections.

Oct 20 12:11

One-third of working Americans support two-thirds of the population: The hidden figures of those not in the labor force and transfer payments.

The unemployment rate dropping dramatically has largely been driven by this category expanding and labor force participation is at generational lows. You also have spending growing in the form of military, Medicare, and Social Security that are now eating up a larger portion of the budget. Deficit spending continues to occur in the face of a booming economy. Why? The math shows that one-third of private sector workers are supporting two-thirds of the population.

Oct 20 11:26

We’ll Slash Benefits For 100,000 Families And Young People To Fund Apprenticeships, Says Cameron

A future Tory Government would slash benefits for around 100,000 struggling families and young people to fund more low-paid apprenticeships, Prime Minister David Cameron will pledge on Monday.

Webmaster's Commentary: 

Bringing back Serfdom!

Oct 20 08:04

These Countries Do the Exact Opposite of What America Does When It Comes to Higher Education

Germany made international news last week when they decided to eliminate college tuition entirely (before this, it was less than €1,000-- the equivalent to $1,300-- per year). Meanwhile in the United States, the average per-year tuition cost was $8,655 for an in-state 4-year public college, $21,706 for an out-of-state 4 year public college, and $29,056 for a private 4-year college. The average American college student will graduate with more than $27,000 in debt, and college costs in the U.S. have gone up more than 1100% since 1978 with little sign of leveling off.

In light of Germany's actions, we decided to highlight 5 countries whose approaches towards financing higher education put ours to shame.

Webmaster's Commentary: 

In those other countries, education is just that, education. In the US, education has become just another scam to ensnare the people into banker debt.

Oct 20 08:01

No entry! The 'haves' of a wealthy Michigan suburb who built FENCES across the streets to keep out Detroit 'have-nots'

On one side, there are dilapidated houses, gardens overflowing with weeds and a high crime rate.

On the other, there are streets filled with spacious homes, well-manicured lawns and yoga studios.

This is one of numerous fences that have been erected by the wealthy 'haves' of the Michigan suburb of Grosse Pointe Park to 'prevent 'have-nots' from Detroit from driving into the city.

The brick barrier, reading 'Road Ends', represents a significant divide between the two cities, which despite their proximity, differ greatly in terms of average salary, crime rates and general desirability.

Oct 20 07:49

Russian rouble weakens on debt downgrade

The Russian rouble has weakened further against the dollar following a downgrade of the country's debt rating by the ratings agency Moody's.

Webmaster's Commentary: 

Moody's being one of the ratings agencies that assured us those mortage-backed securities were a sweet deal back in 2008!

Oct 20 07:02

Exclusive: Obama Administration Quietly Prepares 'Surge' Of Millions Of New Immigrant IDs

Despite no official action from the president ahead of the election, the Obama administration has quietly begun preparing to issue millions of work authorization permits, suggesting the implementation of a large-scale executive amnesty may have already begun.

Oct 19 08:30

U.S. Debt Held by Foreigners Hits Record $6.07 Trillion

This is not going to end well. Foreign holdings of U.S. Treasury securities hit a record high $6.07 trillion in August. Japan added more than $11 billion to its stockpile,while China and Belgium, a proxy trader for Beijing, added a net $12 billion to its holdings. If foreign countries stop buying US debt, never mind selling any off, it is going to be a disaster for US bond markets.

Oct 19 07:06

Obamacare ‘bronze’ plan premiums expected to jump 14% in 2015

Obamacare “bronze” plan owners may be in for a shock next year. Investors predict the cheapest healthcare offering under the Affordable Care Act could jump nearly 14 percent in price.

In an analysis of expected rates for the biggest 15 cities in the nation, including Washington, D.C., Investor’s Business Daily reported Friday that the cost for the plan could increase by an average of 13.9 percent for 40-year-old non-smokers earning 225 percent of the poverty level.

Webmaster's Commentary: 

And now you know why Obama isn't officially announcing the 2015 Obamacare prices until after the election!

Oct 19 06:54

Ban Ki-Moon: 2.4 Billion People Survive on Less Than $2 a Day

UN Secretary-General Ban Ki-Moon said on the International Day for the Eradication of Poverty that the number of people living on less than $2 a day is estimated at 2.4 Billion after the 2008 financial crisis.

Webmaster's Commentary: 

"Well, if those other nations can do that, why can't we?" -- Official White Horse Souse

Oct 18 09:29

Kickstarter Freezes Anonabox Privacy Router Project for Misleading Funders

On Friday afternoon Kickstarter suspended the crowdfunding campaign for Anonabox, an initiative to sell a tiny, $45 router that would run all a user’s online traffic over the anonymity network Tor. The idea tapped into an explosive demand for simple privacy technology, and earned more than 10 times its modest goal in hours. But as funders shoveled more than half a million dollars into the project, they also began to pick apart Anonabox’s claims of creating custom hardware, as well as the promised security of its software. Soon, many were calling for the project to be cancelled, and asked others to report its shortfalls to Kickstarter staff, who now say they’ll cancel all investors’ pledges.1

Oct 18 08:34

It's Starting: Russians and Chinese Are Ditching the Dollar and Europeans Are Using Renminbi in Their Reserves

From the throne of the world’s reserve currency, the Federal Reserve, with the power to print the US dollar, feels dangerously omnipotent.

They can get away with just about anything. For now.

The central bankers get to print dollars and spend them at current prices, before the stuff hits the wider market and diminishes its overall value.

And for the time being they don’t really face any consequences. The whole world just absorbs it. Other countries really have no other choice.

But they’re getting tired of putting up with this abuse, and the unrest is growing. New alliances are being made, this time to dethrone the dollar.

Just this week yet another currency swap agreement was made between the Chinese and Russian central banks. This time for 150 billion renminbi.

Webmaster's Commentary: 

It is not a question of IF the US dollar is going to fall and fail; it is a question of when.

And to attempt to prevent that, look for this country to enter into wars it most likely cannot possibly win, with an horrific cost in blood and money.

Oct 18 08:28

The Pauperization of Workers in the UK and America

Here is what happened: workers benefited from rising real incomes during the three quarters of deflation in 2009 – which probably was responsible for firing up moribund consumer spending. But it didn’t last long. In 2011 and 2012, a burst of inflation took it all away again.

It’s only during periods of low inflation or actual deflation that modern American workers get real wage increases. Turns out, the mix of slight inflation and slight deflation is good for workers!

But there is another huge group of people that has been taken to the cleaners: savers. These conservative investors don’t want to lose, in rigged financial markets, 30% or 40% or 50% of what little they have during the last 10 or 20 or 30 years of their lives. Unlike young folks, they have no way of ever re-earning their hard-earned money a second time, so to speak.

Webmaster's Commentary: 

Absoflippinglutely unbelievable!!

Oct 18 08:27

It's Starting: Russians and Chinese Are Ditching the Dollar and Europeans Are Using Renminbi in Their Reserves

At present, US dollar accounts for roughly 61% of the world's foreign exchange reserves.

It's still a safe bet for most, not because the currency is actually strong, but because so many others are already so reliant on it.

Between those with reserves in and pegs to the US dollar, many countries have given their allegiance, and now have a vested interest in the health of the currency.

Due to this common interest, a sort of unofficial, involuntary alliance has been formed between them all.

Together, they’re all playing along, pretending that everything is fine. If the dollar collapses, they're all screwed, so they've got to get each other’s backs.

From the throne of the world’s reserve currency, the Federal Reserve, with the power to print the US dollar, feels dangerously omnipotent.

They can get away with just about anything. For now.

Oct 18 08:26

Shanghai Cooperation Organisation Goes Beyond Security to Include Trade

China recently reaffirmed that it backs India and Pakistan becoming members of the Shanghai Cooperation Organisation (SCO). At the 14th meeting of the Council of Heads of States of SCO on 12 September, Chinese President Xi Jinping called for full membership for SCO observers, including India and Pakistan.

Oct 18 08:05

More Than a Third of Oakland's Fast Food Workers Can't Afford Food

A new study of Oakland workers shows exactly how low the wages are in the fast food industry. Restaurant Opportunites Center United conducted a survey of 500 restaurant workers from August 2013 to July 2014 and found that 36 percent did not make enough money to buy food for themselves and their families, while more than half said they were eating free meals at their jobs only because they couldn't afford to pay for their own food.

Oct 18 08:00

Microsoft to cut 18K jobs worldwide

The US software giant Microsoft has announced plans to slash 18,000 jobs from its global workforce in 2015, the largest cuts in the company’s 39-year history.

Oct 18 07:59

Putin urges Europe to help Kiev cover gas debts

The Russian President Vladimir Putin has called on Europe to provide Ukraine with a loan so that Kiev can cover its gas debts.

Oct 18 07:24

Judicial Watch: Obama to Admit Non-Citizens for Ebola Treatment

The government watchdog group Judicial Watch alleged Friday the Obama administration is formulating plans to admit Ebola-infected non-U.S. citizens into the United States for treatment.

The group, which cited one unidentified source, said the administration would aim to bring Ebola patients into the United States for treatment within the first days of diagnosis, and that it’s not clear who’d pay either for the transportation or treatment.

Oct 18 07:23

With Ebola scare, travel industry hits rough patch

With a series of embarrassing accidents in its wake, the $37.1-billion cruise industry was looking forward to a strong booking season this winter.

Instead, cruise operators are facing the same crisis that has shaken the airline industry: Ebola.

Oct 18 07:00

Obama’s credit card denied at restaurant on New York City trip

President Obama came perilously close to having to wash some dishes on his recent trip to New York.

Mr. Obama revealed Friday that his credit card was rejected when he went to pay for his meal at a New York restaurant during the U.N. General Assembly gathering last month.

“Apparently they thought there was some fraud going on,” Mr. Obama joked at a meeting Friday with employees of the Consumer Financial Protection Board, adding that “even I am affected” by the difficulties of dealing with the American financial system. The remarks were picked up by the C-SPAN feed of the event.

Oct 17 07:44

Over 48 million Americans live in poverty

Over 48 million Americans live in poverty, according to a special report by the Census Bureau Thursday. It provides an alternative look at the worst off people in the nation than the official numbers that come out in September.

Government programs such as food stamps do help some people, especially children, but even so 16% of American children are living in poverty, according to the supplemental report.

Oct 17 07:36

The Ebola Effect Arrives: Half Of Americans Will Avoid International Air Travel Out Of Ebola Fears

Remember when Obama said "Putin was isolated", despite the Russian having the explicit support of the BRIC nations, and thus at least half of the world's population? Well, as irony would always have it with this particular US president, the tables have promptly turned, and paradoxically where ISIS failed to "terrorize" Americans into a state of paralyzed daze, the West African virus has succeeded in isolating none other than America, and as a brand new Reuters poll reveals, nearly half of Americans are so concerned about the Ebola outbreak that they are avoiding international air travel!

In other words, global trade, commerce and simply transit, already declining thanks to the global depression rematerializing now that the Fed's latest placebo round has worn off, are about to slam into a brick wall.

Oct 17 07:05

WikiLeaks: US pushes to extend drug monopolies in secret proposed trade deal

Excerpts from a proposed international trade agreement leaked to the web this week suggest that the United States is pushing for changes that would make it more difficult to get life-saving drugs overseas.

Oct 17 06:31

HUGE FEMA PANDEMIC EXERCISE IN USA IN NOVEMBER

FEMA IS PLANNING TWO HUGE PANDEMIC EXERCISES IN CONJUNCTION WITH THE FINANCIAL SECTOR IN NOVEMBER

Webmaster's Commentary: 

"PROTECT THE MONEY! FUCK THE PEOPLE! PROTECT THE MONEY!" -- Official White Horse Souse

Oct 16 14:31

Leaked TPP Chapter Exposes Sweet Deals for Big Pharma and US Bully Tactics

WikiLeaks on Thursday released a second updated version of the Trans-Pacific Partnership (TPP) Intellectual Property Rights chapter, charging that it will hinder affordable access to medicines globally, increase online surveillance, and impinge on civil liberties while benefiting Big Pharma and other corporate interests.

"Our first impression in reading the document is the extent to which the United States has sought hundreds of changes in intellectual property norms, some small and subtle, others blunt and aggressive, nearly of all of which favor big corporate right holders, and undermine the public’s freedom to use knowledge," declared James Love of Knowledge Ecology International.

The TPP is the world's largest economic trade agreement that will, if it goes into effect, encompass more than 40 percent of the world's GDP. The IP chapter covers topics from pharmaceuticals, patent registrations, and copyright issues to digital rights.

Oct 16 12:30

Did The Saudis Just Get A Tap On The Shoulder?

The US-Saudi "secret" plan that was supposed to crush Putin quickly turned sour when as we reported several days ago, one after another America's own shale plays, which recently entered a very sharp bear market, started appearing on various death watches (case in point today's MHR Second Lien refi which repriced from L+500 to L+750 in minutes).

As a result, one wonders: did Obama realize that Russian "costs" which as everyone knows by now include a Eurpoean triple-dip recession, could also very soon include an insolvent US shale industry, and thus may be just a little too much, and, one further wonders, if he is the one who just tapped Saudi Arabia on the shoulder?

Oct 16 10:47

'Origami' condoms, Michelle Obama gardening games and poop-throwing chimps: NIH spent millions on wacky projects but now complains cuts killed off Ebola vaccine research

The $30 billion U.S. National Institutes of Health blamed tightening federal budgets on Monday for its inability to produce an Ebola vaccine, but a review of its grant-making history in the last 10 years has turned up highly unusual research that redirected precious funds away from more conventional public health projects.

The projects included $2.4 million to develop 'origami' condoms designed with Japanese folding paper in mind, and $939,000 to find out that male fruit flies prefer to romance younger females because the girl-flies' hormone levels drop over time.

Other winners of NIH grants consumed $325,000 to learn that marriages are happier when wives calm down more quickly during arguments with their husbands, and $257,000 to make an online game as a companion to first lady Michelle Obama's White House garden.

The agency also spent $117,000 in taxpayers' grant dollars to discover that most chimpanzees are right-handed.

Oct 16 09:28

U.S. Response to Ebola: We Don’t Have the “Strongest” Medical System In the World … Only the Most EXPENSIVE

U.S. medical officials have repeatedly said – almost like a mantra – that Ebola can’t possibly effect our country because we have the “strongest” and “best” medical system in the world.

Were they speaking as scientists … or salesman? After all, the U.S. has the most expensive medical system in the world. And – like all good salesmen – they have to talk up and justify the super-pricey product.

In fact, independent studies rank the strength and quality of our system as low.

Oct 16 08:58

Student’s photo of skimpy Michelle O school lunch sparks outrage

Lunch meat, a couple of crackers, a slice of cheese and two pieces of cauliflower qualified as lunch in Chickasha Public Schools Monday.

Chickasha lunchStudent Kaytlin Shelton took a photo of the skimpy lunch and showed it to her parents.

“It makes me want to take that and take it to the Superintendent and tell him to eat it for lunch,” the girl tells Fox 25.

“I can go pay a dollar for a Lunchable and get more food in it,” her father, Vince Holton, says.

Webmaster's Commentary: 

Aaaaaaaaaaand ... what is Michelle having for lunch, I wonder?

Oct 16 08:07

The 4 Most Absurdly Expensive Versions of Filthy Products

If I'm going to buy a thing and its intended purpose is to get dirty, I'm not going to go for the most expensive version of that thing. That's a basic understanding of the world most of us share. "Most" being the key word.

Some people who are mega-rich apparently don't have that understanding. I know this because there are products that are normally inexpensive (for a reason) that come in decadent versions crafted specifically for the wealthiest people in the world. I'm talking everyday, basic things we all use and don't think twice about, yet some rich people apparently prefer to have gold-plated and diamond-studded and slapped with price tags so outlandish they defy all logic and taste.

Webmaster's Commentary: 

Life-styles of the money-junkies!

Oct 16 06:06

Hollywood ousts homeless shelter with $4.8 million buyout

The city of Hollywood is paying $4.8 million to send a homeless shelter packing — and its founder too.

Under the deal, criticized by some as too generous, Sean Cononie, pied piper to hundreds of homeless, won't be able to return or set up a new shelter in Hollywood until the ripe age of 80.

Commissioners on Wednesday gave unanimous approval to the plan, which they feel will cleanse the city of unwanted vagabonds.

Oct 15 13:31

Monsanto Losing Hundreds of Millions, Investors Pulling Out: End of GMO Giant to Come

Ladies and gentleman, the stage has been set since around early 2011 for Monsanto’s corruption to truly be exposed. An increasingly large number of intellectually powerful individuals have decided that they simply will not stand for the genetic manipulation of the food supply.

As a newsletter subscriber to NaturalSociety, you are one of these highly instrumental figures that has helped reveal the numerous ways in which mega corporations like Monsanto have thrown our health to the side and placed profits in front of people.

Oct 15 12:51

Chrysler recalls 184,215 Dodge and Jeep SUVs

Chrysler Group is recalling 184,215 crossover SUVs because the component that controls that air bags may be faulty.

Oct 15 12:51

Toyota recalls another 1.75 million cars

The largest of the three recalls, which mostly covers vehicles sold in Japan, is needed to fix a problem in the brake systems of select Crown Majesta, Noah and Voxy models, the company said in an email. In some cases, brake performance could begin to gradually degrade if the problem is not fixed.

Oct 15 12:11

The Cycle of Poverty Spins Faster

Things have changed. For the worse. A single person earning a low wage cannot support him or herself, let alone a couple of kids. You’d never know it based on government statistics that now quote income averages based on family income, not worker income, as was once the case. If a family earns $40,000 a year because both parents are working at minimum wage in one or more jobs each and their teen has a paper route, that does not accurately reflect the state of the American worker.

As I write this, Walmart has announced that it will no longer provide health insurance to employees who work fewer than thirty hours, joining Target, Home Depot, Walgreens and Trader Joe’s in cutting hours and offering more part-time work in order to avoid the January 15 mandate.

Oct 15 11:31

Airline Stocks Tumbling After News Hospital Worker With Ebola Flew On Commercial Flight

News that a health worker diagnosed with Ebola flew on a commercial flight the night before showing symptoms raised fears on Wall Street that the scare over the virus could reduce air travel.

Shares of the biggest U.S. airlines tumbled between 4 percent and 6 percent in afternoon trading.

Oct 15 09:22

Italy lifts out of recession thanks to hookers, drugs

Italy learnt it was no longer in a recession on Wednesday thanks to a change in data calculations across the European Union which includes illegal economic activities such as prostitution and drugs in the GDP measure.

Webmaster's Commentary: 

Oct 15 06:40

Dow Jones Industrial Average PLUNGES 350 at the open!

Oct 14 16:03

Federal Reserve Bank Admits Again That It Is NOT a Federal Agency

No More Federal than Federal Express

As we’ve reported for over 4 years, the Federal Reserve banks are private, not government agencies.

Indeed, the government admitted 86 years ago that the Fed banks are private. And the Fed has repeatedly reaffirmed this fact.

As Matt Stoller points out, they have just done so again … in the AIG trial.

Oct 14 13:33

Exclusive - G20 finalising flexible 'bail in' bond deal for big banks: sources

(Reuters) - The world's biggest banks may be able to count surplus capital towards new buffers of special bonds being imposed by regulators, two sources familiar with draft proposals said.

In order to secure a deal the regulators have agreed to a more flexible approach to cater for differences in banking models across the world, both sources said.

The proposed new rule for the world's biggest banks is part of a wider plan for making banks safer after governments had to shore up lenders during the 2007-09 financial crisis.

The new buffers, known as "gone concern loss absorption capacity" or GLAC, are being drafted by the Financial Stability Board (FSB), the regulatory task force of the Group of 20 economies, and at meetings this week there was progress on agreeing core elements for the G20 summit in November to endorse said the sources.

Webmaster's Commentary: 

Behind all the deliberate obfuscation what they are planning is to allow banks to grab deposits from savings accounts and replace them with special bonds, which will be worthless when the banks collapse anyway.

Oct 14 10:07

California will cancel Obamacare coverage for 10,000 over citizenship

California's health insurance exchange is canceling Obamacare coverage for 10,474 people who failed to prove their citizenship or legal residency in the U.S.

Covered California, the state-run insurance exchange, enrolled more than 1.2 million people during the rollout of the Affordable Care Act this year. For most consumers, the exchange said, it could verify citizenship or immigration status instantly with a federal data hub.

Oct 14 08:53

Calculating the Grim Economic Costs of Ebola Outbreak

While thousands of health care workers seek to control the deadly virus in West Africa, and the Centers for Disease Control and Prevention and other medical professionals seek to prevent its outbreak in the United States, financial analysts and others have been trying to estimate — or “model,” in Wall Street parlance — the potential effect on the global economy.

The math is not pretty.

Webmaster's Commentary: 

"People, schmeople; we're talking about losing lots of MONEY if we don't get this under control!" -- Money Junkies

Oct 14 07:53

Saudis Dump Oil To Increase Leverage Over U.S. Middle East Policies

During the last years U.S. president Obama talked a lot about energy independence:

In his fifth State of the Union address on Tuesday, President Barack Obama celebrated the efforts his administration has made to cut greenhouse gas emissions, while also praising recent increases in domestic oil and gas production.

Obama said early in his address that there is now more "oil produced at home than we buy from the rest of the world," for the first time in two decades.

Obama did not say that the increase in U.S. fossil fuel production was only possible because international oil and gas prices had increased above the magic $100 per barrel equivalent. Below that price shale gas and oil extraction as well as oil production from tar sands are only marginally profitable or not profitable at all.

Oct 14 07:12

German government slashes 2014, 2015 growth views

Germany slashed its growth forecasts for this year and next, citing a weak global economy amid a series of international crises, in a step that follows a slew of poor data for Europe's biggest economy.

Oct 14 07:10

Swiss Gold Referendum “Propaganda War” Begins

The referendum for the Swiss Gold Initiative is scheduled for November 30th and the propaganda war - between the Swiss National Bank (SNB) and the Swiss Parliament on one side and the Swiss People's Party (SVP) on the other - has begun and we expect it to escalate as the day draws nearer.

Webmaster's Commentary: 

Three guesses who opposes the measure! And the first two don't count. :)

Oct 14 07:06

Foreclosures Surging in New York-New Jersey Market

The epicenter of the U.S. foreclosure crisis is shifting to New Jersey and New York, threatening a housing rebound in one of the country’s most densely populated areas.

Oct 14 07:05

Government To Investigate Chinese Firm's $2 Billion Purchase Of Waldorf-Astoria Hotel

U.S. officials said Monday they are reviewing the Oct. 6 purchase of the Waldorf by the Beijing-based Anbang Insurance Group, which bought the hotel from Hilton Worldwide for $1.95 billion. Terms of the sale allow Hilton to run the hotel for the next 100 years and call for "a major renovation" that officials say has raised eyebrows in Washington, where fears of Chinese eavesdropping and cyber espionage run high.

Oct 14 07:03

Russia’s two largest banks plan SWIFT alternative

The two biggest banks in Russia, Sberbank and VTB, are in talks to create an alternative to the SWIFT global system for interbank financial communications, VTB head Andrey Kostin said.

According to Kostin, Russia has two options: either use the system run by the Russian Central Bank or create a new homegrown transaction platform.

“There is an alternative, we can use the Central Bank system that is already in operation, and we may make our own, we are already in discussions with Sberbank,” Kostin told reporters in Washington DC, where he is for the annual fall meetings of the International Monetary Fund (IMF) and World Bank.

However, the catch with the Central Bank’s international transaction system is the price.

“It’s expensive, in fact several times more expensive than the SWIFT payment system,” the VTB head said.

Oct 14 07:02

Greece plans early exit from largest IMF rescue package in history

Athens has informed the International Monetary Fund (IMF) that it will end its obligations to the unpopular rescue program, which placed crippling austerity measures on the country, more than a year early.

Oct 13 11:36

“De-Dollarization”: Iran, Russia Planning to Establish Joint Bank

Iran and Russia plan to establish a joint bank as an effort to multiply bilateral trade and bypass sanctions on the Islamic Republic’s banking sector.

Head of the Iran-Russia Joint Chamber of Commerce Asadollah Asgaroladi said that Tehran and Moscow are studying the possibilities of opening a new chapter in trade relations that could break the domination of Western currencies over bilateral exchanges.

“Since Russian banks fear the implications of working with Iran due to sanctions, we want to establish the joint Iran-Russia bank with the help of our central banks and private sectors,” Asgaroladi said.

“Such a bank would be able to exchange money between the two sides using rials and rubles and put aside dollars, euros and pounds,” he added.

Webmaster's Commentary: 

Very smart economic thinking, on the part of both Iran and Russia.

Oct 13 10:09

Russia dumping dollars to use to protect currency and falling oil prices

Despite the reassuring narrative from The West that Russia faces "costs" and is increasingly "isolated" due to sanctions for its actions in Ukraine, the most recent data suggests reality is quite different. First, capital outflows slowed dramatically in Q3 (from $23.7 billion in Q2 to $13 billion in Q3) with September seeing capital inflows for the first time since Sept 2013. Second, Russia's current account surplus was significantly stronger than expected ($11.4 billion vs $8.8 billion expected) driven by increased trade. Third, and perhaps most crucially, Russia paid down a massive $52.8 billion in foreign debt as Putin "de-dollarizes" at near record pace, reducing external debt to the lowest since 2012.

Webmaster's Commentary: 

(Sigh) it has become keenly apparent that the most sought-after capability for anyone working for this administration is their pathological inability to think any scenario through to its logical conclusion.

These anti-Russian sanctions appear to have blown up in the face of this administration like a really bad trick cigar.

It has forced China and Russia closer together economically, and caused the US dollar to be bypassed nearly completely in their trading.

And, in the midst of all this, let us not forget that instead of having a budget surplus, the US government has an extraordinary budget deficit, which does not appear to be getting addressed at any time in the near future.

Oct 13 10:01

Saudi Arabia's "Oil-Weapon" Hits Europe

We first exposed the "secret" US-Saudi deal in September which led to the inevitable bombing of Syria. We then progressed to explain the quid pro quo of the deal in lower oil prices (benefiting US consumers into an election and crushing Russian revenues). In today's Wall Street Journal we get the final piece of the puzzle as it is clear that what Saudi Arabia loses in 'price' it will make up in 'volume' as The Kingdom is taking the unusual step of asking buyers to commit to maximum shipments if they want to get its crude. Simply put, "they are threatening [European] buyers" to discontinue sales if they don't agree with the full fixed deliveries. The 'oil weapon' grows stronger...

Days after slashing prices in Asia, Saudi Arabia is now making an aggressive push in the European oil market, traders say.

The kingdom is taking the unusual step of asking buyers to commit to maximum shipments if they want to get its crude.

Webmaster's Commentary: 

So, the quid pro quo for slashing its prices was that the US was going to accomplish regime change in Damascus, ousting Al-Assad once and for all.

This bothers me tremendously, both morally and legally.

We are bombing a sovereign nation which has done absolutely nothing against the United States; we are destroying its oil infrastructure; its food infrastructure; and its civilian infrastructure (by bombing residential areas).

And why?!?

Ultimately, to force regime change in Teheran, something Tel Aviv and certain elements in DC want to see happen.

The P5+1 meetings regarding Iran's nuclear energy program are just for show, and I would almost bet real money that by the end of next month, there will be neither a viable agreement will be reached, nor a desperately-needed extension of these talks.

And again, members of our American military will fight, be killed outright, or maimed for live; all in the service of private, corporate, profit.

Oct 13 09:45

China, Russia Sign CNY150 Billion Local-Currency Swap As Plunging Oil Prices Sting Putin

One place where Russia has been hit the hardest as a result of tumbling oil prices, is the crashing currency, with the Ruble hitting new record lows against the USD on a daily basis. In fact, as Bloomberg reports, Russia has been forced to spend a whopping $6 billion in just the past 10 days to slow down the tumble of the RUB.

Russia’s central bank intervened in the past 10 days to stabilize the ruble, central bank Governor Elvira Nabiullina told lawmakers in Moscow today. The action, which comes as President Vladimir Putin orders a withdrawal of Russian forces from Ukraine’s border, has so far failed to halt the ruble’s decline amid a domestic foreign currency shortage stemming from sanctions. The cost of swapping rubles into dollars widened to a record.

Oct 13 08:32

Oil Price War Throws the Fed into Crisis Mode

It was only a matter of time until the evidence became irrefutable that the only way out of a global deflation on the order of the Great Depression was to address the fact that 571 U.S. billionaires simply don’t have enough hours in the day to spend adequate money to buy enough goods that would require the restocking of shelves, create new factory orders and thereby ramp up job hiring to keep a nation of 317 million people afloat.

A nation where the top 10 percent reaps more than 50 percent of the income is doomed to end up in the quicksand of deflation, dragging down the rich along with everyone else. The Federal Reserve’s timidity to address this reality since the crisis of 2008, as the national debt ballooned and its own balance sheet quadrupled, has now put it in a dire pickle at a most inopportune time.

Oct 13 07:55

ObamaCare Clusterfuck: Covered California gives no-bid contracts to cronies

Corrente readers could see this coming in May 2013: "California exchange spending and contractors exempted from open records law". I'm sure there are plenty of rationalizations for exemptions like that, but it's hard to think of any good reasons. And so we come to today's story from AP:

AP Exclusive: California gives no-bid health pacts

LOS ANGELES (AP) -- California's health insurance exchange has awarded $184 million in contracts without the competitive bidding and oversight that is standard practice across state government, including deals that sent millions of dollars to a firm whose employees have long-standing ties to the agency's executive director. ...

Oct 13 07:34

When the euphoria in flipping slows down: Culver City small home with large price tag. Sales volume continues to slow.

People have a hard time understanding that low interest rates in today’s market are largely a reflection of a negative outlook on the economy. Central banks around the world are more concerned about financial assets and the secondary impact on real estate is just that, secondary. The market took a beating last week and you get people saying “hey, at least rates will be low for that $700,000 crap shack!” This is the kind of isolated California logic that puts people into a bubble regarding macro trends. It is also the same kind of reasoning that caught so many people off guard during the last crisis.

Oct 13 07:31

Counterfeiting Trillions of Dollars in US Treasury Bonds And Other Crimes.

So the Bankers are allowed to take more than $405 billion a year from you because they can counterfeit Treasury bonds. The Federal Reserve has 21 primary dealers who handle Treasury transactions through the New York branch of the FED.

Is there any evidence that there are large amounts of fake Treasury bonds floating around? Yes. There is. There is a rather intriguing story from June 2009 about two Japanese men headed to Switzerland who were detained in Italy with 134 billion dollars in US Treasury bonds. The bonds turned out not to be genuine according to the US Treasury. It is illegal to possess counterfeit securities, but the men were sent back to Japan without being charged. Bloomberg did a story a few days later saying this was merely bizarre news.

Oct 13 07:12

China will use gold and gold pricing to force global currency reset

On Sept. 30, statistician and economist Dr. Jim Willie was a guest on the Caravan to Midnight radio show to talk about current financial, economic, and geo-political events. During his three hour interview, Dr. Willie stated that one of the purposes behind China's creation of the new Shanghai gold exchange is to eventually take over global price controls for the monetary metal away from the Comex, and then force a global currency reset by raising the price of gold to its true or actual value.

Webmaster's Commentary: 

If the price of gold cannot be kept low, people will abandon the stock market and their savings accounts for the metal. Worse, the holders of gold commodities contracts will be unwilling to settle the contracts for the cash value if gold is heading up, and the sellers of those contracts, who printed and sold far more contracts than they have gold to cover, will default.

Oct 13 07:05

Ebola-related shares rally in premarket as Texas nurse tests positive

Shares of companies that are part of the growing effort to find an effective treatment for the deadly Ebola virus were sharply higher in premarket trade Monday, after a nurse who cared for the Ebola patient who died in Dallas last week tested positive for the disease.

Oct 13 06:52

Gold purchases limited to 5 grams in Ukraine

Googe Translate: National Bank of Ukraine (NBU) has amended its ruling stabilizing ?540, extending the restrictions imposed on the sale of foreign currency in cash for precious metals. Corresponding changes are fixed by the NBU on October 3 ?626.

Now, citizens will be able to fly in one banking institution during the workday precious metals for an amount equivalent of 3 thousand. UAH. In addition, the NBU has limited the issuance of bank metals with current and deposit accounts of clients at 15 thousand. UAH (equivalent at the official exchange rate) per day: so far this limitation applied only to cash foreign currency.

Oct 12 08:05

As Monday Looms, Experts Warn Japan's Half-Trillion Dollar Fat-Finger-Trade "Could Absolutely Happen" In The US

Just over a week ago, the Japanese stock market participants were stunned when stock orders amounting to a whopping $617 billion (yes Billion with a B) - more than the size of Sweden’s economy - were canceled for reasons still unknown in what was one of the biggest 'fat finger' trading errors of all time. Since then, US equity markets have suddenly become notably more volatile - and fallen significantly, VIX has seen odd intraday 'spikes', S&P futures saw the very odd 'satan signal', and USDJPY has suffered its worst losses in 3 years. This raises the question of whether US market microstructure is any better than Michael Lewis' Flash Boys' book describes.. (as we head into a bond market holiday, dismal liquidity, and a potential Black Monday), “That could absolutely happen here,” Tabb Group's Larry Tabb warns Bloomberg.

Oct 12 07:40

Bob Herbert Tells Bill Moyers How Corporations and the Big Banks Have Hijacked the Country

Three years ago, reporter and former New York Times columnist Bob Herbert took to the road and traveled across the United States to gather research for his new book, Losing Our Way. In it, Herbert tells the stories of the brave, hard-working men and women he met who have been battered by the economic downturn. He found an America in which jobs have disappeared, infrastructure is falling apart and the “virtuous cycle” of well-paid workers spending their wages to power the economy has been broken by greed and the gap between the very rich and everyone else.

Oct 12 07:40

Mass protests slam US-EU trade deal as 'corporate power grab'

Tens of thousands of people are flooding the streets of cities all over Europe on Saturday in mass rallies against a controversial trade agreement between the US and the EU.

Talks on the pact, called the Transatlantic Trade and Investment Partnership (TTIP), started last February and, having been mostly held behind closed doors, have raised widespread concerns in the European Union and beyond.

Social networks have been mobilized for a mass campaign that has been calling on Europeans and Americans to take action against “the biggest corporate power grab in a decade.”

Oct 12 07:39

Senator: Valerie Jarrett Was Involved in IRS Scandal

Republican Kansas Sen. Pat Roberts said Friday that he thinks the IRS targeting scandal was driven by Valerie Jarrett’s office in the White House, according to information that he saw that Democrats tried to “whitewash.”

Roberts told talk radio host Hugh Hewitt that he participated in a Senate Finance Committee investigation into the IRS scandal but “the effort was made by the majority, by the Democrats in the Congress, to simply end that investigation,” which he called a “whitewash.”

“I’m convinced that even Valerie Jarrett was involved,” Roberts said.

Oct 12 07:32

History Repeats Itself? The American Empire Mirrors The Fall Of The Roman Empire

The Roman Empire lasted 500 years but the American Empire may not surpass 300 years

Oct 11 08:53

Details of How Mandatory Ebola Vaccines Will Soon Be a Reality

What I learned from the meeting is that 0ver the next several days, the public is going to see several journalists revealing both classified and non classified material l related to the Ebola outbreak, and the subsequent deliberate spreading of Ebola through governmental inaction. The American people are also going to hear about operational details about how the government plans to deal with the Ebola outbreak.

Webmaster's Commentary: 

The big pharmaceutical corporations are already drooling over the coming tsunami of cash, and indemnified by the Homeland Security Act and the "Fast track" legislation, are about to foist a whole array of unproven and possibly dangerous concoctions on a gullible public. We have seen these manufacturers make some pretty bad mistakes in the past. The recent "epidemics" of measles and mumps overwhelmingly hit children who had received the MMR vaccine. Those who had not had the vaccine suffered much lower infection rates. The current Enterovirus outbreak is primarily hitting the children who had the "Triple whammy" of the MMR, Seasonal Flu, and polio vaccines. The symptoms of this illness are very close to those of polio, including permanent paralysis and some deaths, and may be a repeat of the disaster in India in 2011 in which a polio vaccine triggered polio symptoms such as permanent paralysis in 47,500 patients. India is now suing the promoters of the polio vaccine campaign.

In 1976 there was an outbreak of Swine Flu in the United States and the US Government ordered mandatory vaccinations, which had to stopped when it turned out the vaccine was killing 50 times as many people as the flu itself. During a more recent Swine Flu scare, the vaccines triggered an epidemic of Guillain-Barre syndrome. The 2009 "When Pigs Fly" flu was declared a pandemic by the World Health Organization, only after it artificially lowered the threshold of number of cases needed to make that headline-grabbing claim. People were stampeded into purchasing Tamiflu. Later studies showed that Tamiflu was no better at dealing with the flu than ordinary acetaminophen!

Today the big money is in the HPV vaccines, supposedly administered to prevent Cervical cancer, and given to girls (and oddly enough boys) too young to engage in sexual activity, and requiring an additional shot when they reach maturity. One of the most popular HPV vaccine, Gardasil, has harmed a great many patients, with symptoms that include sterility! Many nations, such as Japan, are dropping support for mandated HPV shots.

Fraud is rampant in the vaccine industry. In one case a researcher "testing" a new HIV vaccine spiked the test samples with HIV antibodies to make it look like the vaccine was working.

For a long time, parents of children who developed autism following the 36 vaccinations now recommended for children claimed there was a link between the vaccine and autism, most likely tied in with the mercury based preservative Thimerosal. But in 2004 the CDC released a report claiming that no link was found between MMR vaccines and autism. More recently, one of the doctors who worked on that report for the CDC, William W. Thompson, has blown the whistle that the CDC rigged the 2004 study to protect the vaccine industry profits. Despite this revelation, the orthodox medical establishment still cites the 2004 CDC report to assure parents that vaccines do not cause autism. The US has an autism rate of 1 child out of every 68, higher than any other nation on Earth. It is worth noting that among the American Amish, who refuse vaccines for religious reasons, the rate of autism is1 in 10,000.

Back in 1918, at the end of WW1, a pandemic swept the globe ultimately killing more people than had died in the war itself. The public was told it was a "Spanish" flu to obscure its real origins in a series of vaccine trials at Camp Funston (now Fort Riley) in the US, from which it spread to the rest of the globe with the deployment of infected US troops.

So now the same corporations that did all the above (and even worse) along with the same government that lied to you about the Spanish Flu, Saddam's nukes, and the 2004 CDC autism study want to make a fast buck selling you a miracle cure for one of the most deadly diseases known to humans, and expect us to trust them when they start pumping who knows what into our arms.

I don't think so!

Oct 11 07:58

Fracking Setback in Poland Dims Hope for Less Russian Gas

Poland’s ambition to achieve energy independence from Russia is being undermined by drillers giving up on the nation’s shale wells after disappointing results.

The highest test flows during the country’s five-year search for unconventional gas were just 30 percent of what’s needed for commercial production, said Pawel Poprawa, a geologist at the AGH University of Science and Technology in Krakow. The number of active shale permits has fallen 43 percent from a high in January 2013 and explorers probably won’t extend all those expiring this year, according to Slawomir Brodzinski, the nation’s deputy environment minister.

Oct 11 07:51

"De-Dollarizing" Russia Pays Down Near-Record $53 Billion In Debt In Third Quarter

espite the reassuring narrative from The West that Russia faces "costs" and is increasingly "isolated" due to sanctions for its actions in Ukraine, the most recent data suggests reality is quite different. First, capital outflows slowed dramatically in Q3 (from $23.7 billion in Q2 to $13 billion in Q3) with September seeing capital inflows for the first time since Sept 2013. Second, Russia's current account surplus was significantly stronger than expected ($11.4 billion vs $8.8 billion expected) driven by increased trade. Third, and perhaps most crucially, Russia paid down a massive $52.8 billion in foreign debt as Putin "de-dollarizes" at near record pace, reducing external debt to the lowest since 2012.

Oct 11 07:21

Why Oil Is Plunging: The Other Part Of The "Secret Deal" Between The US And Saudi Arabia

Two weeks ago, we revealed one part of the "Secret Deal" between the US and Saudi Arabia: namely what the US 'brought to the table' as part of its grand alliance strategy in the middle east, which proudly revealed Saudi Arabia to be "aligned" with the US against ISIS, when in reality John Kerry was merely doing Saudi Arabia's will when the WSJ reported that "the process gave the Saudis leverage to extract a fresh U.S. commitment to beef up training for rebels fighting Mr. Assad, whose demise the Saudis still see as a top priority."

Oct 11 07:20

Russia dumping dollars to use to protect currency and falling oil prices

As the United States expands its proxy war against Russia and the BRICS nations through a newly discovered secret deal with Saudi Arabia to force down global oil prices, Russia is firing back to this monetary attack against their currency and economy.

Oct 11 07:02

Critics to Obama: 'Draconian Cuts' Have Been to US Public Services, Not War Budget

President Obama's comments on Wednesday that U.S. military spending is under threat of "draconian" cuts were met with immediate rebuke from analysts, who say the poor are bearing the brunt of austerity while the war budget remains largely untouched.

Webmaster's Commentary: 

And that is a major reason this nation is not really prepared to handle an Ebola outbreak here!

Oct 10 07:04

FLASHBACK - Vice President Biden Acknowledges 'Immense' Jewish Role in American Mass Media and Cultural Life

In a remarkable but under-reported address, Vice President Joe Biden recently acknowledged that the “immense” and “outsized” Jewish role in the US mass media and cultural life has been the single most important factor in shaping American attitudes over the past century, and in driving major cultural- political changes.

Oct 10 07:03

Sen. Wyden: NSA Tech Spying Hurts Economy

Google Chairman Eric Schmidt and other Silicon Valley executives say controversial government spying programs are undercutting the Internet economy and want Congress to step up stalled reform.

"We're going to end up breaking the Internet," warned Google Inc.'s Schmidt during a public forum Wednesday convened by U.S. Sen. Ron Wyden, D-Ore., who has been an outspoken critic of electronic data-gathering by the National Security Agency. Schmidt and executives from Facebook Inc, Microsoft Corp. and other firms say revelations of extensive NSA surveillance are prompting governments in Europe and elsewhere to consider laws requiring that their citizens' online data be stored within their national borders.

Oct 10 06:46

Obama to Hide Obamacare Rates Till After Election Day

HealthCare.gov, the online portal where millions of Americans must by health insurance, will not display premiums for 2015 until after the 2014 elections, the Associated Press reported Wednesday.

Oct 10 06:37

The US ranks #36 in the world for respecting property rights. Is this freedom?

Yet despite so much ‘danger’, this was one of the greatest periods of wealth creation in history, simply because people were free to make things happen.

People were free to enter, compete, and make choices in the market. Their freedom and property rights were protected by a clear rule of law.

However, just 50-years later, this positive trajectory was cut short with the establishment of the Federal Reserve.

Oct 10 06:32

Pepsi and Coke take hammering in Mexico as junk food tax starts to bite

Mexico has become one of the few places Pepsi and Coke have seen declining sales after the country adopted anti-obesity laws last year. Concerned over the losses the US beverage industry seems determined to stop similar legislation at home.

PepsiCo saw a 3 percent drop in snack sales volume in Mexico, while reporting a higher quarterly profit in global sales on Thursday.

Its main rival Coca-Cola has also reported beverage volume declines in the Latin American country for the first half of the year, AP reports.

Oct 10 06:30

Exclusive: Feds take jobs from disabled Americans, send them to Central Asia

Sibyl Mikell has worked in the same New Orleans warehouse by the Mississippi River docks since 1980, one of dozens of blind workers who make the mess trays sent to U.S. military forces overseas — including her own son, who finished his second tour of duty in Afghanistan earlier this year.

This operation is an integral part of AbilityOne, a program that awards government contracts to nonprofits that employ blind and disabled people to produce basic products for the military. But Ms. Mikell and 42 coworkers were recently and abruptly laid off from their jobs at Lighthouse for the Blind in New Orleans because of a little-known change in federal procurement rules that encourages military forces in Afghanistan to buy from manufacturers and brokers in Central Asia.

Oct 09 09:52

Energy Wars: Russian Shale Boom Unlikely As Sanctions Force Another Company Out

The payoff for both Russian and western companies might have been enormous. The U.S. Department of Energy estimates that Russian shale deposits are the largest in the world, at 75 billion barrels.?

First, it was the U.S. company ExxonMobil. Then, France’s Total. Now western sanctions against Russia have led Royal Dutch Shell to discontinue its work with Gazprom Neft extracting shale oil from a field in Siberia.

In announcing Shell’s suspension on its website, Gazprom Neft, part of the Kremlin-run gas monopoly Gazprom, said it will continue work “by itself” on the first horizontal exploratory drilling at the Bazhenov shale in Siberia, which began last week.

Webmaster's Commentary: 

These sanctions will ultimately have a boomerang effect, particularly against Europe, which is poised to have a bitterly cold winter.

Oct 09 09:49

Here's What Happened When One City Gave Homeless People Shelter Instead of Throwing Them in Jail

Salt Lake City crunched the numbers. And the prescription was clear. The city was spending $20,000 per homeless resident per year – funding for policing, arrests, jail time, shelter, and emergency services. Homelessness was not going down. Instead, for $7,800 a year through a new program called Housing First, the city could provide a person with an apartment and case management services.

In 2005, the city was spending $40 million to address chronic homelessness. Several years after starting the Housing First program, in 2013, spending was down to $9.6 million.

And more importantly, chronic homelessness has dropped 72 percent.

Oct 09 09:30

Ebola drug maker Chimerix's stock tumbles after Dallas patient dies

Shares of Chimerix Inc., the maker of an experimental drug to combat Ebola, sank Wednesday after the death in Dallas of a patient with the disease who received the medicine.

About two hours after officials announced the death of Thomas Eric Duncan, the Durham, N.C., company’s stock was trading at $30.54, down $2.69, or 8.1%. The shares had hit an all-time high earlier in the day before the announcement.

Oct 09 09:28

Russia’s Gazprom buys Europe’s biggest gas storage facility

Russia will acquire Europe's largest underground gas storage facility this autumn from Germany’s BASF, continuing the development of its Nord Stream operations. In return, the Germans will get access to large gas reserves in Western Siberia.

Oct 09 09:27

‘Disgusting’: Anti-homeless cages installed at UK university

One of the UK’s most prestigious universities has installed cages over warm air vents, as a way to ward off the city’s homeless sleeping on them.

The cages, which have been placed around the universities campus, completely cover the area surrounding the warm air vents near the college buildings.

Students say they are “disgusted”by the cages, saying that the move shows a lack of love and compassion for the less fortunate.

Oct 09 09:12

L.A. Fashion District Is Awash in Drug Money

The next time you're shopping in Santee Alley for a pleather handbag or a $20 pair of distressed jeans, look around you. The vendor selling you that fine Cucci wallet might be laundering money for one of the globe's largest drug cartels.

Some of downtown L.A.'s clothing retailers and wholesalers are so awash in dirty cash that the federal government this week announced that it will be requiring "additional reporting and record-keeping obligations" for nearly the entire L.A. Fashion District.

Webmaster's Commentary: 

Drug lords will usually set up some kind of legitimate business where there is a lot of cash traffic, such as convenience stores, multi-screen cinemas, office supply stores, and those weird stores that sell ceramic statues and kitty-themed items that make you wonder just how they stay in business month after month while stores selling essentials are dropping like flies.

The fact is that these legit business will blend the drug money in with their actual sales receipts to launder it. The good news is that the public really are not buying those weird and pointless toys or albums of really awful music.

Oct 09 06:37

EU approves Hinkley Point nuclear power station as costs raise by £8bn

The European commission on Wednesday gave Britain the green light for a huge government subsidy that will open the way for the first atomic power stations to be built for nearly 20 years.

Oct 09 06:30

Serious Financial Trouble Is Erupting In Germany And Japan

There are some who believe that the next great financial crash will not begin in the United States. Instead, they are convinced that a financial crisis that begins in Europe or in Japan (or both) will end up spreading across the globe and take down the U.S. too. Time will tell if they are ultimately correct, but even now there are signs that financial trouble is already starting to erupt in both Germany and Japan. German stocks have declined 10 percent since July, and that puts them in "correction" territory. In Japan, the economy is a total mess right now. According to figures that were just released, Japanese GDP contracted at a 7.1 percent annualized rate during the second quarter and private consumption contracted at a 19 percent annualized rate. Could a financial collapse in either of those nations be the catalyst that sets off financial dominoes all over the planet?

Oct 09 05:55

Fear of Ebola could have “catastrophic” economic costs, World Bank predicts

A report issued Wednesday by the World Bank forecasts that the total economic impact of Ebola could exceed $32 billion by the end of 2015 if the virus spreads from Liberia, Guinea and Sierra Leone to neighboring countries.

That single dollar amount doesn't fully convey the extraordinary human toll of a virus that kills four in five of its victims and could infect as many 1.4 million people by January. Yet the World Bank's estimate is a reminder that sickness and death are only part of what could be a developing regional crisis.

Oct 08 11:56

Shift to elected officials a smart move in Detroit

The mayor and council will now be running city government for the first time in 18 months

Oct 08 11:53

World Bank issues dire warning about Ebola's economic impact

The economic impact of the Ebola epidemic could reach $32.6 billion by the end of next year if the disease ravaging Guinea, Liberia and Sierra Leone spreads to neighboring countries in West Africa, the World Bank Group said Wednesday.

Oct 08 11:53

Panic Buying Ensues After FOMC Minutes Unleash Weaker Dollar

If you liked King Dollar, you'll love Dumping Dollar... Gold, Treasuries, and Stocks are surging after the release of the FOMC minutes suggested The Fed will keep rates lower longer. The USDollar is dumping - just as The Fed suggested it was worried about a strong dollar. Stocks remain negative on the week and below the levels of the last FOMC...

Oct 08 11:33

Dow jumps to triple-digit gain after Fed minutes

U.S. stocks on Wednesday jumped to fresh session highs after the release of minutes from the last meeting of Federal Reserve policy makers. The Dow Jones Industrial Average DJIA, +1.27% was last up 139 points after showing a gain of just 83 points shortly before the release of the minutes, which indicated that several top Federal Reserve officials wanted to re-write their guidance that short-term interest rates were likely to stay low for a "considerable time" -- but held off.

Oct 08 10:48

FLASHBACK - **LEAKED RECORDING FROM CFR SWINE FLU SCARE MONGERING

Oct 08 09:57

Libya Takes Goldman Sachs to Court to Recover $1.2 Billion from a Series of Derivatives Trades

Libya’s sovereign wealth fund took Goldman Sachs to court in London on Monday to recover $1.2 billion from a series of derivatives trades made during Muammar Gaddafi’s regime.

The Libyan Investment Authority claims that its international inexperience and a relationship of trust with the bank was “exploited” by Goldman Sachs, which disputes the allegations.

The Wall Street bank allegedly made $350 million in up-front profits from the trades, although the deals were rendered worthless for the LIA when they matured in 2011.

Oct 08 09:04

“Voters will remember this”: Scott Walker administration says $7.25 an hour is a “living wage”

Wisconsin Gov. Scott Walker has rejected a labor group’s effort to increase the state’s $7.25 an hour minimum wage.

The Milwaukee Journal-Sentinel reports that a coalition led by the group Wisconsin Jobs Now had seized on a provision in Wisconsin law which states that the minimum wage must be a “living wage” – defined as “reasonable comfort, reasonable physical well-being, decency and moral well-being.” However, the Journal-Sentinel noted, state law also allows governors to weigh such factors as the wage’s impact on the labor market. (Studies show that state increases in the minimum wage don’t harm job growth.)

Citing the living wage provision, the coalition last month urged the Walker administration’s labor department to raise the state’s minimum wage. In rebuffing the effort, the Walker administration isn’t just citing the other factors a governor is allowed to consider – it’s actually asserting that $7.25 an hour is a living wage.

Oct 08 08:59

IMF: China overtakes US as world’s largest economy

Chris Giles at the Financial Times flagged up the change. He also alerted us back in April this year that it was all about to happen.

Basically, the method used by the IMF adjusts for purchasing power parity, explained here.

The simple logic is that prices aren’t the same in each country: A shirt will cost you less in Shanghai than San Francisco, so it’s not entirely reasonable to compare countries without taking this into account.

Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. The Economist’s Big Mac Index is a great example of these disparities.

So the IMF measures both GDP in market exchange terms, and in terms of purchasing power. On the purchasing power basis, China is overtaking the US right about now and becoming the world’s biggest economy.

Webmaster's Commentary: 

This is the reason that we may well be looking at a major war between the US and China; it would be the US government's (ill-advised) attempt to put China's economic growth on hold.

Oct 08 08:13

Sears shares tumble after report of vendor halting shipments

Shares of Sears Holding SHLD, -14.76% tumbled as much as 14%, before paring some losses, following a report that at least one vendor was halting shipments to the department store chain because insurance firms for the suppliers are seeking to reduce coverage.

Oct 08 08:11

Banker Pleads Guilty Over Libor Manipulation, In Secrecy

Oct 08 07:53

Koch Industries Responds to Rolling Stone – And We Answer Back

I find it, frankly, amusing that a company that has been convicted of six felonies and numerous misdemeanors; paid out tens of millions of dollars in fines; traded with Iran, and been so reckless in its business practices that two innocent teenagers ended up dead, attempts to impugn my integrity, and on the basis of my association with Mother Jones — where I worked as an editor in the late 1990s and early 2000s, on a team that was twice nominated and once awarded a National Magazine Award for General Excellence.

Oct 08 07:47

FLASHBACK - DHS Orders Bagpipes? So Much for Sequester Cuts

Apparently the head of the Department of Homeland Security is not even trying to save the government any money. Yesterday DHS ordered a new supply of musical instruments including bagpipes and drums. There is music writing software included in the order as well as the many small parts that go into caring for bagpipes.

I guess Napolitano didn’t get the memo. We are supposed to be saving money here! How exactly are we “securing the homeland” with bagpipes and drums? The problem here is, that Democrats keep saying that the sequester cuts were too much and that we weren’t going to be able to continue life as we know it without this money. Well obviously, that’s just not true.

Webmaster's Commentary: 

"No, no, no, no, NO! You don;t understand. The austerity is for you slaves, not us! You silly!!" -- Official White Horse Souse

Oct 08 07:26

Swiss Move to Back Franc with Gold for Real?

Asking the Swiss National Bank to hold a fixed portion of its assets in gold would hinder monetary policy, the government said today. Switzerland will vote on the initiative "Save Our Swiss Gold" on Nov. 30 that would force the central bank to hold at least twenty percent of its assets in gold. It would also forbid the sale of any such holdings and require all the gold be held in Switzerland. – Bloomberg

Oct 08 07:12

Ebola: Why don't we just ban flights from Africa?

The World Health Organization has said repeatedly it does not recommend travel bans on the countries affected by the Ebola outbreakl because that would leave the countries cut off from the rest of the world, “resulting in detrimental economic consequences, and hinder relief and response efforts, risking further international spread.” http://www.who.int/mediacentre/news/statements/2014/ebola-2nd-ihr-meet...

The key problem in travel bans, says the WHO and others, is that ending flights in and out of affected countries hinders these countries’ ability to receive the new supplies they so desperately need. As well, there are already not enough health workers on the ground in the affected countries. What foreign worker would willingly fly into the epidemic to offer assistance knowing they might not be allowed to fly back out?

Webmaster's Commentary: 

This is about protecting the profits of the airline corporations as we head into the holiday travel season. The fact is that the United States maintains a military airlift capability that is the rival of any commercial airline and can go wherever they need to go. The US Government is still treating Ebola as a political and economic issue. They want people to keep buying airline tickets. They want people to flood into the shopping malls for the Christmas shopping season. They want to make sure everyone shows up to vote next month. And mostly they don't want people to start thinking that maybe it is time to stop waging wars against countries on the other side of the globe and spend the taxpayer's money to protect the US from a major epidemic.

Oct 08 06:35

US lifts sanctions on Turkish arm of Russia’s biggest lender

The US Treasury Department has taken a bank off its “naughty” list, Turkey’s DenizBank, a subsidiary of Sberbank. Russia’s largest bank was placed under sanctions in September, and now DenizBank is no longer blocked from American capital markets.

Istanbul-based DenizBank fell under sanctions because it is more than 50 percent (99.85 percent) owned by Sberbank, which acquired it in September 2012. The Department of the Treasury sanctions apply to any bank that is majority-owned by a sanctioned Russian bank.

Sberbank acquired Denizbank, Turkey’s eighth largest, from Belgium’s Dexia for $3.5 billion, as part of an effort to grow outside the former USSR.

Oct 08 06:33

Russia to force card issuers to use domestic payment system

Two Russian deputies have submitted a bill to the State Duma that would require all foreign and domestic payment card issuers to work exclusively with the new National Payment System in Russia.

"National System of Payment Cards (NSPC) will be an operational and payment center, banks and international payment systems shall interact only with NSPC - we need to understand what processes are happening in the territory of Russia,” Vedomosti quotes Marina Mukabenova, one of two deputies who submitted the bill.

Some countries, like Turkey, are already using such a scheme, Mukabenova said.

Oct 08 06:32

Powerhouse Germany gets own spoonful of austerity

German industry is feeling the most pressure since the peak of the global financial crisis in 2009, putting Berlin in a difficult position as it preaches tough austerity to its neighbors. Russian sanctions are only exacerbating the economic misery.

Industry orders tumbled 5.7 percent in August from July, the fastest since January 2009 when they dropped 7.7 percent, the Germany Economy Ministry in Berlin said Monday. The drop was much higher than economists at Bloomberg (1.5 percent) and Reuters (2.5 percent) forecast.

Germany factory orders, adjusted for seasonal swings, were 4 percent less in August than in July, the biggest drop since 2009.

Oct 07 11:17

Walmart Cuts Health Care Coverage For Most Part-Timers In Wake Of Obamacare

Wal-Mart Stores Inc. plans to eliminate health insurance coverage for some of its part-time U.S. employees in a move aimed at controlling rising health care costs of the nation's largest private employer.

Wal-Mart told The Associated Press that starting Jan. 1, it will no longer offer health insurance to employees who work less than an average of 30 hours a week. The move affects 30,000 employees, or about 5 percent of Wal-Mart's total part-time workforce, but comes after the company already had scaled back the number of part-time workers who were eligible for health insurance coverage since 2011.

"We had to make some tough decisions," Sally Welborn, Wal-Mart's senior vice president of benefits, told The Associated Press.

Webmaster's Commentary: 

And what do you want to bet that starting 1 January 2015, NO ONE WILL BE WORKING OVER 30 HOURS AT WAL-MART?!?

Sometimes, workers may have pre-existing conditions which may make it impossible to find adequate health insurance, particularly with what Wal-Mart pays them.

Corporations, in their lust for profitability over everything else, tend to have the morals of a trout; this decision makes that painfully clear on the part of to Board of Directors at Wal-Mart.

Oct 07 11:11

The new AIG lawsuit should enrage every American taxpayer

Imagine you have a friend who drinks a lot and often.

Until now, they always seem to have a good time. He tells the best stories, gets all the girls. He’s the life of the party.

Then, one day, he wrecks his car. And you and some buddies, who happened to be in the neighborhood, see your pal trapped. Of course, you rush to the rescue. You try to break open the door with a tire iron. Ultimately, you smash the window and pull the poor fellow out. And just when you’d think this guy would sober up and see the recklessness of his ways, he looks you in the eye and says without blinking: “You need to pay for my door and windshield.”

This is the story of American International Group Inc. AIG, -2.10% and its longtime leader, Maurice “Hank” Greenberg.

Webmaster's Commentary: 

And THAT is real Chutzpah!

Oct 07 09:55

The new subprime is in auto loans: One third of all new auto loans are of the subprime variety. Repossession are up 70 percent.

Leave it to Wall Street to resurrect the subprime loan. This time, subprime has found a comfortable home in the automotive industry. In the car addicted US culture, subprime debt is back in a massive way. Subprime auto debt is the new risky debt product. This is a big deal. $924 billion in total auto debt is rummaging around the economy. What is even more disturbing is that delinquencies on auto debt are surging. Repossessions are up 70 percent because people simply can’t make their auto payments. What do you expect when you are pumping out subprime debt trying to churn more sales on marginal buyers? Most Americans are living paycheck to paycheck so taking on another debt payment isn’t necessarily a wise move. How big is this market? The latest data shows that a stunning one third of new auto loans are in the form of subprime debt. This is telling given that FICO is planning on being more lax with credit scores.

Webmaster's Commentary: 

The problem is not people who do not have credit. The problem is people who cannot find jobs to pay those car loans!

Oct 07 07:17

False Flag Warning: Khorasan Terrorist Group Is Back And A US Attack Is Imminent

Germany orders plunge to new lows. Euro zone sentiment falls in October. HP laying off 5,000 employees and the company could be split up. UK, US and Turkey attacking free speech on the internet. More cases of Ebola which might trigger more advanced screenings at airports. Hong Kong protests seems to be losing steam. New Islamic State document found implicating Russia in its plan. 5,000 paid mercenaries being trained in Saudi Arabia. Russia blamed for attacking JP Morgan. China implicated in cyber attacking companies. FBI director says Khorasan terrorist group is planning to attack the U.S. Be prepared for a false flag.

Oct 07 06:50

Europe's Triple-Dip Recession Arrives: German Industrial Production Crashes Most Since February 2009

Yesterday it was German manufacturing orders which cratered 5.7% in August following a freak, 4.9% rebound in July, prompting Goldman to warn that "the underlying dynamic has weakened further at the end of Q3" ...

... And then a few hours ago we finally got undeniable confirmation that Europe is once again in recession, its third since Lehman, only this one is worse: it is led by the "core" countries, with Germany in the forefront, a Germany which just reported industrial output which suffered its biggest monthly decline in more than five years in August.

Oct 07 06:45

Retired CUNY Professor Gets $560k/Year Pension: 'Darn Right I Deserve It'

McManus, who has written groundbreaking books on slavery, retired in February 2012 after teaching history and constitutional law for more than 50 years. His final salary was $116,364. “They don’t pay you much when you’re working, but the pension is certainly good,” McManus told The Post. “Darn right I deserve it.”

Oct 06 11:41

Obama Threatens More Sanctions Against Zimbabwe Over Russian-Platinum Deal

As Martin Armstrong exclaims, Obama is out of control. According to NewZimbabwe.com, Washington has said it will accelerate sanctions imposed against Harare in 2003, due to the Robert Mugabe-led government's closer ties with Russia over the US$3 billion Darwendale platinum project. Herald columnist Nathaniel Manheru (who is thought to be Mugabe's spokesman), reported, Washington explained its expectations on Zimbabwe, namely that Zimbabwe was expected (read required) to support those sanctions by avoiding any association with companies sanctioned by the Americans and their Western allies, or their subsidiaries or affiliates. Manheru said "it was ridiculous for the US to refuse to lift sanctions against Harare and then demand support for its measures against Moscow... This is where I am tempted to tell the American government to go and hang, hang on a banana tree, bums up."

Webmaster's Commentary: 

"Well, looks like we just found ISIS is Zimbabwe, if you understand what i mean!" -- Official White Horse Souse

Oct 06 11:29

Looting Operation: Corporate Elite Divvies up Detroit as Bankruptcy Plan Confirmation Looms

As the Detroit bankruptcy moves into its final stage, it becomes ever more clear that the corporate-financial oligarchy is implementing the wholesale privatization of an entire US city.

With the full backing of a federal court acting on behalf of powerful corporate and financial interests, a cabal of capitalist politicians and legal and financial bagmen are looting virtually all of Detroit’s basic public infrastructure—including street lights, garbage collection, the water and sewerage department, as well as the city’s world class art museum, the Detroit Institute of Arts (DIA).

Oct 06 09:38

War! What Is It Good For? (Hint: These 4 Companies)

Led by Lockheed Martin, the biggest US defence companies are trading at record prices as shareholders reap rewards from escalating military conflicts around the world.

Oct 06 09:37

US Government Debt Jumps by $1.1 Trillion in Fiscal 2014

When it comes to the Federal deficit, reliable numbers are as elusive as unicorns. Not that there aren’t plenty of numbers out there, but they don’t match reality. And reality is ultimately the change in the gross national debt which shows in its unvarnished manner just how much money the federal government actuallyhad to borrow to fill the fiscal holes.

Regardless of what has been proffered by the White House, the Congressional Budget Office, and others, the total gross national debt outstanding of the US of A hit $17.824 trillion in fiscal 2014 ended September 30. A jump for the fiscal year of $1.086 trillion.

Oct 06 09:15

Young and not buying into the American dream: Homeownership among young households is simply not picking up and shifting demographic trends.

If the American dream means owning a home, many younger Americans are opting out of that dream. Part of the reason may be a generational shift in having smaller families and a growing number of dual income no kid (DINK) households. That is part of it but a bigger reason is many younger Americans are financially in poor shape and unable to buy. Many are now part of a growing renter class. The recent Census data shows no reversal in this trend. Why would it? Many young Americans are also carrying high levels of student debt and in high cost areas like California, 2.3 million young adults are living at home with their parents because of financial challenges. This change has also impacted home builders since there is less of a need for large new homes when the demand is more for affordable rentals. Builders are keen to see this and that is why multi-family building permits are way up. What impact will this trend have on the housing landscape of America?

Oct 06 09:03

Biden's Speech Might Backfire on Washington: Former Assistant Secretary of Treasury

Speech of the US Vice President Joe Biden can backfire on Washington, as it embarrasses the European Union members and demonstrates the US has intimidated them, Paul Craig Roberts, former Assistant Secretary of the Treasury, believes.

"One of the possible consequences is that his speech embarrasses European governments by showing that Europe is Washington's vassal," Roberts told RIA Novosti on Friday. "The other is that by pressing Europeans to act against their own interests, Washington might have been too much of a bully and hurt its future influence in Europe."

US Vice President said Thursday that the United States and US President Barack Obama, in particular, had forced the European Union members to "take economic hits to impose cost" on Russia.

Oct 06 08:29

Surging dollar may be triple whammy for U.S. earnings

The suddenly unstoppable U.S. dollar is posing a triple threat to American companies' profits: driving up the costs of doing business overseas, suppressing the value of non-U.S. sales and, perhaps most worryingly, signaling weak international demand.

Oct 06 08:27

Hewlett-Packard to split into two public companies, lay off 5,000

Hewlett-Packard Co (HPQ.N) said it would split into two listed companies, separating its computer and printer businesses from its faster-growing corporate hardware and services operations, and eliminate another 5,000 jobs as part of its turnaround plan.

HP said its shareholders would own a stake in both businesses through a tax-free transaction next year, the details of which still needed to be worked out.

Oct 05 06:58

Consumers 'picking up bill'

Consumers have been left to pick up the bill for "poorly conceived and managed" contracts worth £16.6 billion for renewable energy, MPs have warned.

Oct 05 06:58

Dancing with The Bride of Dracula at the Ebola Debutante's Ball.

Oct 05 06:55

Manipulated Unemployment Rate Drops As The Economic Collapse Accelerates - Episode 483

Oct 05 06:43

WHY HAVEN'T LAWMAKERS BEEN INDICTED AND CHARGED FOR THIS?

"The Federal Deposit Insurance Corporation is encouraging banks to sign up illegal aliens in the banking system, calling the growth of the market "a compelling incentive for U.S. banks to enter this largely untapped market." And the FDIC program demonstrates that unbanked Latin American immigrants can be brought into the financial mainstream.

Webmaster's Commentary: 

Setting aside the illegality of this,. what is going on is that the bankers are trying to build a new bottom layer for their financial pyramid by offering loans to illegals, from which they can create new money out of thin air to keep the pyramid going. But that only works if there are new jobs for these new borrowers, which there are not. There are already 90 million legal Americans unable to find work. Every illegal that takes a job takes it away from a legal American. That legal American, in turn, is no longer able to pay back their loans to the banks. So the system will collapse anyway. This is the sort of mess one sees the nation get into when the government starts to believe its own propaganda, such as the claim that unemployment is below 6%!

Oct 04 06:56

Exclusive - G20 finalising flexible 'bail in' bond deal for big banks: sources

The world's biggest banks may be able to count surplus capital towards new buffers of special bonds being imposed by regulators, two sources familiar with draft proposals said.

In order to secure a deal the regulators have agreed to a more flexible approach to cater for differences in banking models across the world, both sources said.

The proposed new rule for the world's biggest banks is part of a wider plan for making banks safer after governments had to shore up lenders during the 2007-09 financial crisis.

Webmaster's Commentary: 

The banks will be made safer by transferring the risk onto the customers!

Oct 04 06:24

Biden says US 'embarrassed' EU into sanctioning Russia over Ukraine

“We’ve given Putin a simple choice: Respect Ukraine’s sovereignty or face increasing consequences,” Biden told a gathering at the John F. Kennedy Jr. Forum at Harvard University's Institute of Politics on Thursday.

The consequences were the sanctions which the EU imposed on Russia, first targeting individual politicians and businessmen deemed responsible for the crisis in Ukraine, then switching to the energy, defense, and economic sectors.

“It is true they did not want to do that,” Biden admitted.

“It was America’s leadership and the president of the United States insisting, oft times almost having to embarrass Europe to stand up and take economic hits to impose costs,” the US vice president declared.

Oct 03 16:08

Who Are Politicians Truly Representing? Russell Brand The Trews

Oct 03 14:32

German Push to Accelerate Bank Bail-Ins Joined by Dutch

Germany, the Netherlands and Finland want to speed up European Union plans to force losses on senior bondholders of failing banks, three European government officials said.

The three AAA rated euro-area states last week called for regulators across the EU to gain so-called bail-in powers as soon as 2015, rather than in 2018 as currently proposed, said the officials, who declined to be identified because the talks are private. The European Central Bank has warned that 2018 is “far too far away” for the new rules, which seek to insulate taxpayers and the euro area’s firewall fund from rescue costs.

Oct 03 13:46

Why Ben Bernanke Can’t Refinance His Mortgage

An employee of a think tank owns a house in the Capitol Hill neighborhood of Washington. He wants to refinance his mortgage, but the bank won’t give him a loan.

It is perhaps not the most shocking story in the world, but it becomes so when you learn that the think tank employee is Ben S. Bernanke, who was until earlier this year the chairman of the Federal Reserve, charged with setting the course of interest rate policy for the United States economy.

And it seems downright absurd when you consider that he now makes a reported $250,000 for giving a speech and has signed a book contract that is surely in the seven figures. His income this next couple of years will surely dwarf the value of his house (he and his wife bought it for $839,000 in 2004, and it is currently assessed at $815,000, according to District of Columbia property records).

Oct 03 10:20

Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force

While by now everyone should know the answer, for those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% - the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!

And that's how you get a fresh cycle low in the unemployment rate.

Oct 03 09:55

‘Obama to be remembered as someone who betrayed his supporters’

President Obama has turned out to be another failed big government president, who put America into a new war, spied on its own citizens, and made a disastrous health care reform, Executive Director of the Libertarian Party Carla Howell told RT.

RT: The US strikes on ISIS have already cost it around $780-930 million, which is not pleasant news for the American taxpayers but makes a profit for the industries involved. Does President Obama even know about discontent among his citizens?

Carla Howell: I’m sure he is fully informed; he has got an enormous staff to keep him informed of what is going on. Clearly, what he is trying to do is take credit for ending the war in Iraq, and yet at the same time he is beholden to the military industrial complex in America, their special interests, that want more military funding regardless of whether our Generals even want it or not. So he is trying to walk that line.

Webmaster's Commentary: 

This President has been an epic fail on everything in which he has intervened.

On immigration; wars in the Middle East; Obamacare; Ebolagate; IRSgate, APgate, and NSAgate, he continues to to undercut working Americans, and makes life worse for most American people.

But you have to understand that such behaviour is completely predictable for a man beholden to the large corporations (including the banks) which have funded the election cycles in which he was (allegedly) elected and re-elected.

Large corporations love illegal immigration, because it cuts the cost of doing business; large corporations love wars, because wars mean profit, for so many companies; and large pharmaceutical corporations love illness, because treatments - rather than cures - are far more profitable.

His faux populism is just an act, and not a terribly convincing act at that; no more, no less.

At the end of the day, this man is a slave to all those who put him in power for one reason, and one reason only; profit.

And he has, and continues, to deliver that for them.

Oct 03 08:18

U.S. factory orders post record decline on aircraft payback

New orders for U.S. factory goods posted their biggest decline on record in August, payback for an aircraft-driven jump a month earlier.

Oct 03 08:18

Fannie And Freddie Shares Are Collapsing, And That's Bad News For Some Big Hedge Funders

Shares of Fannie Mae and Freddie Mac opened down about 40% respectively after investors lost a suit to change who collected the profits from the two mortgage insurers' dividends.

Since the financial crisis, the U.S. Treasury has been collecting almost all of Fannie's and Freddie's profits as part of the government's bailout deal with the companies.

Oct 03 06:48

Ebola Virus Hammers Airline Stocks, Boosts Pharma Stocks

The Ebola virus has become the unlikely arbiter of the latest winners and losers in stocks.

The first diagnosis of an Ebola patient in the U.S. may be driving airline stocks lower, while shares of pharmaceutical companies move higher.

It's not the first time an international health concern has led to fears that people will travel less frequently around the world.

"I think airlines are down for reasons beyond just Ebola, but people may remember that SARS was quite negative for air travel," Neal Dihora, Morningstar senior equity analyst, told ABC News.

Oct 03 06:35

BEX ALERT - US jobless rate falls to 6-year low of 5.9 pct.

U.S. employers added 248,000 jobs in September, a burst of hiring that helped drive down the unemployment rate to 5.9 percent, the lowest since July 2008.

Webmaster's Commentary: 

And JUST in time to help the Democrats in the mid-term elections next month!

This claim of 5.9 unemployment is about as real as Saddam's nuclear weapons. Looking at the labor participation rates at the US Bureau of Labor Statistics, we find that the labor participation rate for September 2014 is actually 62.7%. That is the percentage of Americans willing and able to work who actually have a job. That means the real unemployment rate, Americans willing and able to work but who don't have a job, is actually at 37.3%, and even this number is suspect due to various manipulations under the rubric of "seasonal adjustments". The Bureau of Labor Statistics counts a part time job as a job, and one person working three part-time jobs as three jobs for the purposes of this calculation. Looking at the charts, it is clear that the labor participation rate has been in a decline all summer long.