ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Aug 13 01:11

Rebuild of US beef cow herd will hit NZ

A new Rabobank report suggests the US is well on its way to rebuilding its herds as it recovers from a drought which has lasted since 2011.

It is expected to reduce the demand and record prices for New Zealand beef in this country's biggest market.

The report - Beef cow repopulation, the case for diversification - showed the US beef industry expected to grow by 3,000,000 head of cattle in the next three to five years.

The beef cow population currently stands at about 30,000,000.

One of the report's authors, Don Close, is a senior analyst with Rabobank based in St Louis, Missouri. He said he expected the initial growth in the US cattle herd to happen quickly, then flatten out.

Aug 13 01:09

McDonald's France apologises after note told workers not to feed homeless

McDonald's France was forced to apologise following the emergence of an internal note reportedly ordering staff not to hand out food to "tramps" at a restaurant on the swish Cote d'Azur.

The note was revealed on Twitter by consumer group "60 Million Consumers".

"Following an incident on July 25, it is formally forbidden to give food to tramps," says the note, which is signed by "the management".

Aug 13 00:59

Fonterra could lose A grade credit rating (Largest Dairy Comp. in NZ)

Fonterra has been put on "credit watch" with negative implication by ratings agency Standard and Poors.

The international agency said the move reflected weakening global dairy market conditions.

It means Fonterra could lose it's A grade credit rating and face higher borrowing costs.

S&P will make the final call when it has finished a review of Fonterra's financial results for 2015.

S&P said it had placed Fonterra's 'A' long-term and 'A-1' short-term ratings on creditwatch _ these would include all of the company's associated debt products.

"The creditwatch placement reflects our concerns regarding potential weakness in Fonterra's key financial metrics given its high debt levels at a low point in the global price cycle," it said in a statement.

"This follows Fonterra's announcement of a lower forecast milk price due to weak demand and surplus supply in the global dairy market," said S&P's credit analyst Brenda Wardlaw said.

Aug 13 00:56

More than 300,000 Kiwi kids now in relative poverty (7% of pop.)

The number of Kiwi children in relative poverty has jumped over 300,000 for the first time since 2010 - but it's because of record inequality, despite falling absolute hardship.

The Ministry of Social Development's annual household incomes report shows that the numbers below a European standard measure of absolute hardship, based on measures such as not having a warm home or two pairs of shoes, fell from 165,000 in 2013 to 145,000 (8 per cent of all children) last year, the lowest number since 2007.

Children in benefit-dependent families also dwindled from a recent peak of 235,000 (22 per cent) in 2011, and 202,000 (19 per cent) in 2013, to just 180,000 (17 per cent) last year - the lowest proportion of children living on benefits since the late 1980s.

But inequality worsened because average incomes for working families increased much faster at high and middle-income levels than for lower-paid workers.

Aug 12 19:46

Chinese Devaluation Extends To 3rd Day - Yuan Hits 4 Year Low, Japan Escalates Currency Race-To-The-Bottom Rhetoric

The "one-off" adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows.

Aug 12 18:56

Chinese Devaluation Extends To 3rd Day - Yuan Hits 4 Year Low, Japan Escalates Currency Race-To-The-Bottom Rhetoric

he "one-off" adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows.

Even before this evening's date with debasement history, Japan felt the need to step up the currency war rhetoric. Following disappointing Machine Orders data, Abe advisors Hamada warned that "Japan can offset Yuan devaluation by monetary easing," and so the race to the bottom escalates. China has its own problems as BofAML's leading economic indicator showed "the foundation for a growth recovery is not solid, facing more downward pressure," and while confusion reigns over why The PBOC would intervene at the close to strengthen the Yuan last night, the reality is the commitment isn’t to a devaluation for China’s exports, but undoubtedly its actions are directed toward trying to keep the wholesale finance interfaces somewhat orderly.

Aug 12 17:37

Rotten Apple: Former Leader Breaking Down

Aug 12 17:37

Emerging Market Currencies To Crash 30-50%, Jen Says

"[The] devaluation of the yuan risks a new round of competitive easing that may send currencies from Brazil's real to Indonesia's rupiah tumbling by an average 30 percent to 50 percent in the next nine months, according to investor and former International Monetary Fund economist Stephen Jen."

Aug 12 17:35

There's More To Come - Offshore Yuan Signals Further Devaluation Tonight

Despite 2 significant interventions to stall what is likely an avalanche of wrong-way carry trade unwinds (or perhaps to stop the boat swinging to the other side too much), offshore Yuan has continued to depreciate since China closed and now implies another 1% devaluation is looming (having been up to a 2.6% discount earlier in the day).

Aug 12 17:19

Global Justice Now statement on Greek Bailout

Social justice group Global Justice Now have slammed the conditions imposed on Greece as part of its latest ‘bailout’ package. Campaigners say the programme is not simply misguided, but an attempt to ‘create a corporate paradise in the Mediterranean’, regardless of the level of suffering that entails.

Aug 12 16:38

SHTF: "Death Cross" Forms on the Dow Chart

Aug 12 16:06

A Global Economic Collapse is Approaching

Aug 12 15:58

China spends on people, US on offensive weapons: American researcher

The United States is squandering billions of dollars on its offensive weapons capability, while China is spending on developing its country and social programs, an American researcher in California says.

Aug 12 15:14

Rotten Apple: Former Leader Breaking Down

For a market reasonably close to its 52-week high that has exhibited an almost unprecedented deterioration in breadth, it can ill-afford to lose the few leaders it has left – especially one rotten apple that just so happens to be the largest stock in the world.

Aug 12 15:10

Italian Bond Futures Flash-Crash Into Close

Aug 12 14:23

The Biggest Reason Why China Is Finished

When discussing the rise and fall of any civilization, most armchair historians are quick to point out the numerous factors that contribute to the growth of a nation. They like to cite things like technological progress, law and order, the arts, economic prosperity, and military prowess. However, they tend to overlook one major factor that makes everything possible. That is the people themselves, and the demographic trends that make them successful.

If you examine history, you’ll find that the peak of any advanced civilization often coincides with population growth, especially if that growth is disproportionately higher than neighboring civilizations. The economic competitiveness of a nation is directly related to the percentage of their population that is of working age; so if the population explodes and those people have plenty of economic opportunities, that nation will be incredibly successful.

Aug 12 12:30

Top 5 Bitcoin Common Myths Exposed and Debunked

By Evander Smart

Plenty of people out there don’t understand Bitcoin. This is understandable, as Bitcoin is not a concept that is easily understood by the layman. The problem is people tend to fear and dismiss things they don’t understand, which creates a caldron of myths and half-truths that are designed to wither away that thing they wish into the cornfields. Bitcoin also has no direct marketing team or leadership to defend its name against such barbs, so it is fairly vulnerable.

So today, I’ll step to its defense against common attacks from those outside of the ecosystem looking to throw stones through Bitcoin’s decentralized and transparent windows. Most arguments have a layer of truth covering a thin argument at best. Here are some common issues disseminated from the anti-Bitcoin position, and then I can provide the pro-Bitcoin side of the digital ledger if you will...

Aug 12 12:30

Our Government, Destroyer of Jobs

Aug 12 12:17

WikiLeaks Announces €100,000 Bounty For Secret TTIP Documents

By Star Fox

Wikileaks on Tuesday launched a crowd-funded campaign to raise €100,000 to be used to reward the person or group that leaks the secretive documents that make up the Trans-Atlantic Trade and Investment Partnership (TTIP).

As of Wednesday afternoon (ET) the campaign has already raised 47% of its goal...

Aug 12 12:02

PLunge Protection Team does its thing - Dow Jones Industrial Average shoving up into the green!

Aug 12 11:53

You Worked to Have It... Now Work to Keep It

Aug 12 11:53

Super-Rich Donors Turn Our Democracy into Their Plutocracy

Once upon a time in our Good Ol’ US-of-A, presidential contenders and their political parties had to raise the funds needed to make the race. How quaint.

But for the 2016 run, this quaint way of selecting our candidates is no longer the case, thanks to the Supreme Court’s malicious meddling in the democratic process in its reckless Citizens United decision. In that decision, the five members of the Corporate Cabal decreed that “non-candidate” campaigns can take unlimited sums of money directly from corporations. Therefore, a very few wealthy powers can pour money into these murky political operations and gain unwarranted plutocratic power over the election process.

And looking at the fundraising numbers, those wealthy powers have definitely taken charge of the electoral game. These very special interests, who have their own presidential agendas, now put up the vast majority of funds and run their own private campaigns to elect someone who will do their bidding.

Webmaster's Commentary: 

And THAT is Fascism!

Aug 12 11:49

Hawaii May Be Screwed When TSHTF

I think this is an interesting article because, well …. I never think about what condition Hawaii will be in when the shit hits the fan. Do you? Paradise might have some serious problems.

Hawaii’s government launched the Aloha+ Challenge … ““to at least double local food production” to where 30% of food consumed in Hawaii is grown locally by 2030. Reading between the lines, that means Hawaii cannot become food independent.

Why? There simply is not enough land to support the current, and growing, population. From government tables …. the total land in Hawaii is 4.1 million acres of which 1.9 million of those acres being used for agriculture. The rest is urban, conservation, or rural land. In other words, just about half of all the available land in Hawaii is being used for agriculture yet, over 90% of Hawaii’s food is imported.

Webmaster's Commentary: 

Plus there is that issue of a mushroom cloud right outside our living room window to worry about.

Aug 12 10:57

What China’s Devaluation Means to the U.S. Economy

The move spells trouble for the U.S. on a number of fronts. As of 8:39 a.m. in New York, stock futures on the Dow Jones Industrial Average were in the red by 147 points.

The U.S. imports more goods from China than any other country. Through June of this year, the U.S. had imported $226.7 billion in goods from China versus $150.4 billion from Canada and $145.1 billion from Mexico, according to the U.S. Census Bureau. The Federal Reserve has been struggling to avoid importing deflation into the U.S.; this devaluation move now means that Chinese goods flowing into the U.S. just got cheaper and the ability of U.S. exporters to compete in global markets just got a lot harder.

Aug 12 10:52

From Currency Wars To Oil Wars - OPEC Ups Production To 3 Year Highs As Iran Output Surges

As China takes the currency wars to the next level, so OPEC, not to be outdone, rotates the oil war volume to 11. As Bloomberg reports, OPEC pumped the most crude last month in more than three years as Iran restored output to the highest level since international sanctions were strengthened in 2012. The response - as one would expect - is a plunge in crude prices, erasing all the ridiculous algo-driven gains of yesterday, pushing WTI back on the verge of a $42 handle.

Aug 12 10:49

The US King Dollar Has No Clothes. America’s “Toilet Paper Money”

A bond is an acknowledgement of a debt. It is the glorified name of an “I.O.U.”

The present financial system is grounded on Debt.

The ridiculous situation is that, bond markets can only grow if there are more debts.

How can it be a good thing if there are more debts, debts which cannot be paid to sustain a bond market? But, the global big banks and central banks want more debts, because this is how banks make money. They earned interests on the debts they create. There are so much debt that countries are literally drowning in debt and the leading debtor is the US. Therefore, it follows that the US bond market is the world’s largest bond market!

Yet, you are brainwashed to accept that the US I.O.U.s (bonds) are the “best security” and you should hold on to the US$ toilet paper money for dear life!

Webmaster's Commentary: 

The ultimate problem with a system like this is that it is utterly unsustainable, and will crash, big-time. It is just a question of when, not...if.

Aug 12 10:47

Just As Brazil Hits Rock Bottom, Things Are About To Get Even Worse

For anyone who might have missed it, Brazil is in trouble.

The country is "at the center of a triple unwind of EM credit, China’s leverage, and US monetary easing" (to quote Morgan Stanley) and as Goldman recently pointed out, faces a stagflationary nightmare.

Last quarter, Brazil suffered through the worst growth-inflation mix in over ten years. As Goldman put it, "since 1Q2004 there has not been a single quarter in which we had simultaneously higher inflation and lower growth than during 2Q2015."

And then there's the twin deficit problem.

Aug 12 10:35

Iran deal rejection may damage dollar, says US' Kerry

The dollar may cease to be the global reserve currency if US lawmakers walk away from the Iran nuclear deal, Secretary of State John Kerry said Tuesday.

"That is a recipe, very quickly, my friends, business people here, for the American dollar to cease to be the reserve currency of the world, which is already bubbling out there", Kerry told reporters at Reuters news agency's offices in New York.

Aug 12 10:28

These U.S. States Could See Job Losses from China’s Devaluation

A slowdown in economic growth in China could also see individual U.S. states licking their wounds as well. The following statistics come from the US-China Business Council:

Forty-two states experienced at least triple-digit export growth to China since 2005, and five states saw export growth of more than 500 percent over the same period.
China was among the top three export markets for 39 states in 2014. That includes states that are not usually associated with strong China trade ties, including Minnesota, Michigan, New York, Alabama, Ohio, and South Carolina.
In 2014, thirty-one states exported more than $1 billion to China.

Aug 12 10:00

Israeli Banks flipping out over looming European boycott

The Israeli newspaper Ma’ariv (Hebrew) has a splashing headline today warning that Israeli banks are preparing for a “political-economic tsunami” due to the possibility of an impending European boycott. Unsurprisingly, the banks – Israel’s largest – have been holding meetings amongst themselves to prepare for this tsunami, albeit “quietly and under the radar”.

Webmaster's Commentary: 

Aug 12 09:53

John Kerry voices concerns Washington might lose EU support for anti-Russia sanctions

Aug 12 09:40

How The Obama Administration Is Helping Big Bank Felons

With the blessing of the White House and the Justice Department, the Department of Housing and Urban Development is attempting to sneak through a major policy change that would enable big banks convicted of felonies to continue lending through a federal mortgage program, according to federal records and government officials.

The housing agency wants to quietly delete a requirement for lenders to certify they haven’t been convicted of violating federal antitrust laws or committing other serious crimes. HUD proposed the move on May 15, without detailing the reasoning behind the change. It’s now considering public comment, with an eye towards finalizing the proposal.

Webmaster's Commentary: 

ABSOFLIPPINGLUTELY UNBELIEVABLE, BUT PERFECTLY PREDICTABLE FROM THIS ADMINISTRATION.

The chains may well be invisible, but with legislation like that coming out of this White House, we know, absolutely, who owns this administration.

Aug 12 09:20

Kraft Heinz Cuts 2,500 Jobs After Merger; No More Free Jell-O Either

Kraft Heinz says it is cutting about 2,500 jobs as part of its plan to slash costs after the food companies combined.

Spokesman Michael Mullen says affected workers are in the U.S. and Canada and were to be notified in person. About 700 of the cuts were coming in Northfield, Illinois, where Kraft had been headquartered.

The company would not specify where other cuts were taking place but said that all the jobs were salaried. It said none of the job cuts involved factory workers.

Aug 12 09:20

UK jobless on the rise

A newly published report by the British government has revealed that the labor market has been witnessing the second consecutive month of job losses.

Aug 12 09:18

WORLD BANK CRITICS ATTACKED AND JAILED

Members of the Boeung Kak Lake community in Cambodia demonstrate at a police blockade in December 2012 on the second day of community activist Yorm Bopha’s trial, on trumped up charges apparently brought for speaking out on forced evictions linked to a World Bank financed project. © 2012 John Vink via HRW Human Rights Watch says the World Bank critics were attacked by local governments, with almost complete impunity.

Aug 12 09:12

The Putsch Pirates of The Potomac – Part One

That the U.S. inspired Ukrainian coup in 2014 was a reckless attempt to reignite the Cold War is clear to those who eschew the mainstream media for insights into the geopolitical realm.

But as we report in this first instalment of a ‘two-parter’, with the blowback building on numerous fronts and this time bordering on the existentially dangerous, by meddling in the affairs of other countries the U.S. may have finally bitten off more than it’s capable of chowing down…

Depending on one’s view – and how said “blowback” plays out going forward – this could be a good thing, or a bad thing!

Aug 12 09:11

Ron Paul Speech: Military-Industrial Complex Uses Russia to Screw Taxpayers

Seventh annual Young Americans for Liberty (YAL) national convention in Washington, D. C. on Thursday 30th July.

Webmaster's Commentary: 

The same scam the government played on our parents, soaking the taxpayers to fight the "Cold" war with the commies!!!

Aug 12 08:39

28,500 A&P Employees Warned Of Possible Layoffs

Aug 12 08:33

Scott Walker Signs Arena Deal, Handing $400 Million To Billionaire NBA Owners

Wisconsin Gov. Scott Walker (R) signed legislation Wednesday that commits hundreds of millions of dollars in taxpayer money to a new arena for the NBA’s Milwaukee Bucks, a move that could complicate the Republican presidential candidate’s efforts to paint himself as the most ardent small-government conservative in a crowded field.

Walker and state GOP leaders pushed the arena plan for months, especially as the team's owners threatened to move the Bucks to a new market. The deal requires the team's current and former owners to cover half of the arena's $500 million projected cost, while taxpayers will cover the rest -- with interest, the public cost could rise to as much as $400 million. But at the signing ceremony Wednesday, Walker repeated claims that the arena would return $3 for every $1 invested into the project.

Aug 12 08:25

U.S. Wages Have Fallen EVERY Quarter of the 'Recovery' - Jeff Nielson

snip:since the beginning of the imaginary U.S. economic recovery, there are millions fewer Americans who are now employed. Their wages have been falling for every quarter of the “recovery”, and they are also working fewer hours. Growing economies create more jobs; shrinking economies lose jobs. Strong economies have rising (real) wages; weak economies have falling wages. Once again we see the supposed U.S. recovery is pure mythology.

However, with respect to the destruction of the U.S. standard of living, to truly appreciate what has been done to the U.S. population (and the populations of nearly all of the Corrupt West), we must look at the picture over a much longer term. In the 40 years before the beginning of this imaginary recovery, the wages of the Average American fell by roughly 50% (in real dollars).

Aug 12 08:19

21 Most Intriguing Quotes On The Federal Reserve

During the Ron Paul 2008 Presidential campaign the privately owned Federal Reserve banking system (which some refer to as a banking cartel) became a part of the national dialogue. Ron Paul’s Audit the Fed bill, which would reveal important information regarding the banks activities to the American people, has been voted on by every session of congress since and has passed every vote. This session, it looks like the bill will finally reach the Senate floor, and if it passes there, it moves on to the Presidents desk.

While the Federal Reserve has only recently been acknowledged by the American public as an important issue, a lot of very well known and highly regarded people have been talking about the Federal Reserve, or central banking in general, for a very long time.

Here is a collection of some of the quotes we found to be most revealing, and therefore most interesting, in terms of understanding the true nature of the Federal Reserve:

Aug 12 07:55

Don’t Be Fooled by the Political Game: The Illusion of Freedom in America

Being a citizen in the American corporate state is much like playing against a stacked deck: you’re always going to lose.

The game is rigged, and “we the people” keep getting dealt the same losing hand. Even so, most stay in the game, against all odds, trusting that their luck will change.

The problem, of course, is that luck will not save us. As I make clear in my book, Battlefield America: The War on the American People, the people dealing the cards—the politicians, the corporations, the judges, the prosecutors, the police, the bureaucrats, the military, the media, etc.—have only one prevailing concern, and that is to maintain their power and control over the citizenry, while milking us of our money and possessions.

Aug 12 07:53

How much will Windows 10 cost this time next year?

Millions of consumers have updated their desktop computers, laptops, and tablets to Windows 10. Microsoft is offering a "free" upgrade for Windows 7 and Windows 8 users for a year, and people are taking them up on that offer in droves.

I wonder how many of those eager people have considered what Microsoft will ask us to pay for the privilege of using Windows 10 after the year is up.
No free lunch

I'm not saying updating to Windows 10 was a bad idea. In fact, I think it's a very good idea, and everyone should take advantage of the update while they can. However, what I am saying is that you can't expect Windows 10 to be offered without charge forever.

Microsoft is a for-profit company, and giving away a billion pieces of software (the company's goal is one billion devices) is not going to sit well with the shareholders. At some point, users will be asked to pay a subscription fee for Windows 10. We all know this, even if we haven't thought about it until now.

Aug 12 07:44

China Devalues: Currency Wars Explode

Aug 12 06:28

Greece: Raped, Humiliated, Frightened But Standing!

Greece is now obviously on the same hit list of the Empire, as are countless other nations, from Ecuador and Venezuela, to Russia, China and Iran.

Has it been a warning or an act of desperation? A reaction to recent humiliation, to a rape that Greece once again suffered at the hands of Germany, its politicians and banks, and in the paws of the rest of the European Union?

In Greece, it all feels like a calm before a huge storm.

Aug 12 05:34

CHINA STUNS FINANCIAL MARKETS BY DEVALUING YUAN FOR SECOND DAY RUNNING

China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears the world’s second largest economy is in worse shape than investors believed. The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could ignite a currency war that would destabilise the world economy.

Aug 12 00:52

Concerns over proposed changes to welfare payments

A $25 increase in welfare payments will be cancelled out by new obligations for parents to return to work sooner and for longer hours, advocacy groups say.

The benefit changes are the centrepiece of National's Budget, and are being considered by a Parliamentary committee.

If passed, the legislation would require beneficiaries to return to work once their youngest child turned three, instead of five.

Part-time work would be redefined as 20 hours a week, up from 15 hours a week, for parents who were required to work.

National Council of Women spokeswoman Judy Whitcombe said members had expressed concerns about the availability of suitable jobs for beneficiary parents and early childhood options for three-to-five year-olds.

"In addition, many members are concerned that many of the proposed changes will unnecessary stress on families and create a negative impact on children's development."

Aug 12 00:51

The biggest profit in Aussie banking history

The parent bank of New Zealand's ASB, Commonwealth Bank of Australia, has posted the biggest annual profit in Australian banking history.

CBA's cash profit rose 5 per cent to A$9.14 billion (NZ$10.2 billion) in the 12 months to June 30.

The Sydney Morning Herald reported that it was Australia's largest-ever bank profit.

CBA also announced that it would carry out a A$5 billion rights issue aimed at boosting capital in order to meet regulatory requirements.

But despite the bumper profit figure, Australian analysts have expressed concern about a slowdown in the second-half of CBA's financial year.

Meanwhile, ASB reported a 7 per cent rise in annual net profit to a record $859 million.

Cash profit, which excludes volatile or one-off items, rose 9 per cent to $846 million in the year to June 30.

Aug 12 00:02

The Collapsing US Economy

Do you remember when real reporters existed? Those were the days before the Clinton regime concentrated the media into a few hands and turned the media into a Ministry of Propaganda, a tool of Big Brother. The false reality in which Americans live extends into economic life. Last Friday’s employment report was a continuation of a long string of bad news spun into good news. The media repeats two numbers as if they mean something—the monthly payroll jobs gains and the unemployment rate—and ignores the numbers that show the continuing multi-year decline in employment opportunities while the economy is allegedly recovering.

Aug 11 23:42

Wikileaks Raising €100K Reward for Secret Text of TTIP

The full text of the Transatlantic Trade and Investment Partnership Agreement (TTIP) now has a bounty on its head.

Launched publicly on Tuesday, the media outlet Wikileaks announced its creation of a crowd-sourcing effort that aims to raise a €100,000 reward for the full text of the the TTIP, the corporate-friendly trade pact currently being negotiated in secret by the United States and member countries of the European Union.

Aug 11 18:56

12 Signs That An Imminent Global Financial Crash Has Become Even More Likely

Did you see what just happened? The devaluation of the yuan by China triggered the largest one day drop for that currency in the modern era. This caused other global currencies to crash relative to the U.S. dollar, the price of oil hit a six year low, and stock markets all over the world were rattled.

Aug 11 15:25

Stock Options Hedging Reaches 6-Year High

Aug 11 14:32

The US Economy Continues Its Collapse

The so-called recovery is based on the U.3 measure of the unemployment rate. This measure does not include any unemployed person who has become discouraged from the inability to find a job and has not looked for a job in four weeks. The U.3 measure of unemployment only includes the still hopeful who think they will find a job.

The government has a second official measure of unemployment, U.6. This measure, seldom reported, includes among the unemployed those who have been discouraged for less than one year. This official measure is double the 5.3% U.3 measure. What does it mean that the unemployment rate is over 10% after six years of alleged economic recovery?

Aug 11 14:32

Bankster Prosecutions Plunged After Bush’s Presidency

U.S. President Barack Obama has followed through on the secret promise he made in the White House, on 27 March 2009, to Wall Street’s CEOs, and that was finally made public in full only when Ron Suskind’s Confidence Men was issued in 2011. The phrase “My administration is the only thing between you and the pitchforks” had earlier leaked out from the private meeting, but Obama’s promise to them had not been:

Aug 11 14:31

DAILY JOB CUTS

Aug 11 14:29

FLASHBACK - ALL WARS ARE BANKERS' WARS!

"The bank hath benefit of interest on all moneys which it creates out of nothing." -- William Paterson, founder of the Bank of England in 1694

Webmaster's Commentary: 

PLEASE SHARE THIS WITH YOUR SOCIAL NETWORK.

Optional Banner: 
WRH Exclusive
Aug 11 14:25

Chicago laying off 500 teachers

It won't be "back to school" for hundreds of Chicago teachers who are getting layoff notices this week.

The Chicago Public School system is laying off nearly 500 teachers and just over 1,000 support staff as it responds to a budget crisis it says is caused by increasing pension costs and declining state aid.

Aug 11 13:32

We're In For A Bumpy Ride ...

Aug 11 12:50

Silver Stackers Quickest To Adapt

Aug 11 12:37

US firms are obliged to disclose the pay ratio of the head and staff

According to the US economic policy Institute, salary of Executive Directors of the 350 largest U.S. companies increased by 997% in the period from 1987 to 2014, while the salary of regular employees increased by only 10.9%.
The Commission on securities and stock exchanges of the USA (SEC) approved final rules that require public companies to disclose the ratio of compensation of chief Executive officer and the average wage of employees, the message SEC.
The company will have to start the publication of this indicator in 2017. In addition the Department notes that the new regulations required by Dodd-Frank on financial regulation, provides companies with flexibility in the ratio of wages.

Aug 11 11:53

The Eugenics Plot Behind The Minimum Wage

Aug 11 11:41

Insider trading ring netted $100 mil by hacking press releases - feds

Federal prosecutors have charged nine people in an insider trading ring that lifted information from corporate press releases before they were made public. The Securities and Exchange Commission said related illegal trading netted more than $100 million.

Aug 11 11:22

Govt. accused of ‘shortchanging’ taxpayer

The British government has faced a barrage of criticism for selling off shares in Royal Bank of Scotland.

Aug 11 10:41

Greek Dockworkers Against the Troika

Dockworker and Union Leader, Giorgos Gogos, who is also a member of the Central Committee of SYRIZA says the workers are very ready for the struggle against privatization and austerity in the Memorandum

Aug 11 09:52

Hillary Clinton cracks down on for-profit colleges after cashing in

When Hillary Rodham Clinton, the 2016 presidential candidate, unveiled her college affordability plan on Monday, she sounded every bit the critic of for-profit universities. But Mrs. Clinton, the spouse, benefited to the tune of millions of dollars from that same industry in a business relationship her husband enjoyed as recently as this spring.

Former President Bill Clinton collected more than $16 million from 2010 to 2014 as honorary chancellor of Laureate Education, a for-profit company that runs 80 education institutions around the globe, according to recently released tax returns. Four of its six U.S. colleges were flagged on the Education Department’s list of schools whose access to federal financial aid was being monitored out of concern over financial irresponsibility.

Aug 11 09:34

Inside The Swiss Franc LIBOR Rate Rigging Chatroom: 6 Years Of Manipulation

Now, courtesy of the appendix attached to the latest LIBOR-related suit brought against Wall Street (and one hedge fund), we bring you six years of Swiss franc LIBOR manipulation presented in chronological order. Highlights here include:

"It is our natural right to reflect our interest in the libor fixing process"

"Can't you ask your fft to contribute 1m chf libor very low today? I have 10yr of fix, 8 of which against ubs and they're getting on my nerves."

"yes, ok mate, I am heading out for a run, enjoy, talk tom, get those fixings down"

"whoooooohooooooo 0.01%? that'd be awesome"

Aug 11 09:33

German Violations of Eurozone Rules Initiated Euro Crises – German Media

The chief analyst of Baader Bank Robert Halver said that the basic problem in the Eurozone is the constant violation of stability rules. Five years in a row, Germany was among those countries violating those rules, but has not yet received any punishment, DWN reported.

Aug 11 09:33

The Business of War is the Cause of War

Who benefits from war?

Certainly not the people on the warring sides. People always suffer in war; their futures ruined and their lives destroyed. In fear, they look to their government to protect them, the very same government that is invested in war. War is a dirty business that profits off death and destruction while generating blood money for the profiteers. The people are told to look the other way, outside of their country – where the ‘enemy’ supposedly resides.

But what if the real enemy is inside the country, and wears expensive suits, not turbans? What if he speaks your language while living in luxury and sending his children to study at Princeton, Yale and Harvard? While your kids are sent off to fight in fraudulent wars for corporate interests masquerading as ‘patriotism’.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA