ECONOMY

Jul 28 21:45

IMF warns of adverse effects of anti-Russia sanctions

The International Monetary Fund (IMF) has warned that the sanctions imposed on Russia over the ongoing crisis in Ukraine would have adverse effects on a global scale.

Jul 28 19:32

The Beginning of an End of the Trans-Atlantic Alliance

The basic structural problem is that America is no longer a viable hegemon. It’s been visibly in geopolitical decline for quite some time now and American politicians and policy makers are utterly incapable of coping with this fact. Most of them can’t even accept it let alone handle it competently by minimising American losses. So they keep on flailing about trying do the impossible which is to restore the status quo ante and repair the irreparable. American hegemony or “leadership” to use the term American politicians and policy makers prefer is over.

Jul 28 18:43

And That’s a GOOD Thing??

The past year has seen a long list of “XYZ is at its highest level since XXX” announcements. Some notable examples:

NASDAQ tech stocks are back to 1999 levels

The number of initial public offereings, including companies with no earnings, is back to 1999 levels

Junk bond yields are even lower than in 2007

Junk bond issuance is higher than in 2007

Margin debt is back to 2007 levels

Corporate debt is rising faster than in 2007

Stock prices are higher than in 2007

Most recently, US mergers and acquisition activity is back to 2007 levels:

Jul 28 18:14

Spain Likely To Pass 'Google Tax'; Makes Paying For News Snippets An 'Inalienable Right' And A New Bureaucracy To Collect It

But the situation over in Spain just got even more ridiculous. Julio Alonso has the details, in which it appears that the lower house of the Spanish legislature has approved a very, very dangerous bill that creates a brand new inalienable right for news publishers to be paid for, via compulsory licenses, any "electronic news aggregation system," which is broadly defined as anyone who shares more than just anchor text with a link. A short summary? You'll have to pay up

Jul 28 15:44

G. Edward Griffin: Gold is money!

Jul 28 15:29

The Rise Of The Bankster Landlord

Jul 28 14:37

The Truth About the Fed’s Relationship With Bubbles -- The Fed wants bubbles

This fact is staring everyone in the face, though few people make it explicit. Back in the 1950s, the average American family had one working parent and was able to get by just fine. Today, most families have two working parents, sometimes working more than two jobs and they’re still not able to live a stable life.

Jul 28 14:21

There Will Be Hell to Pay if the Obama and the Bankers Keep Poking the Russian Bear.

John D. Rockefeller said” Competition is a sin” To the Banking oligarchs it seems like a sin because competing currencies means they will have to have an honest monetary system just to stay in business. They could not implode economies if there were other currencies people can use to keep commerce going. The B.R.I.C.S. alliance is a threat to the monopoly on the issuance of currency when the Russian Ruble looks more appealing than the Federal Reserve Note.

Jul 28 14:03

Gold Standard: Another Look

Jul 28 13:46

There Is No Inflation If You Don't Eat Dairy, Seafood, Fresh Fruit, Pork, Beef/Veal or Eggs....

But if you do, prices have soared since September 2013:

Jul 28 12:44

Paying for Israel’s wars

While the mounting human losses in the current battle between Hamas and Israel rightly preoccupy the world, the financial costs of Israel’s three-week long war with Gaza are also astonishing. According to one estimate, rockets from Gaza will potentially cost Israel about $30 million in direct damage (and at this point, three civilian lives lost), while the Israel Defense Forces’ (IDF) response will cost about $1 billion. Why do Israelis accept paying these financial costs of the war for a relatively small direct threat?

Jul 28 12:22

Understanding Inflation: CPI Versus PCE

Jul 28 11:25

America is buying disputed Iraqi Kurdish Crude Oil

Today a Marshall Islands-flagged tanker ‘United Kalavrvta’ carrying crude oil from Iraqi Kurdistan was anchored near the Port of Galveston, Texas, despite Washington’s long-standing concern over independent oil sales from the autonomous region. It would be at least the second time a U.S. company has taken delivery of oil that the Baghdad government says was smuggled from the country.

The semi-autonomous government in Kurdistan argues the exports are within its rights under Iraq’s federal constitution, but Prime Minister Nuri al-Maliki insists all Iraqi oil must be brokered by the state oil company.

The shipment is significant because it is one of the first from the new pipeline through Turkey, which Baghdad emphatically calls a smuggling operation. To make matters more tense with Baghdad, the Kurds siezed northern oil fields from ISIS control to keep them out of the hands of the Jihadist insurgents who control the northwest of the country.

Webmaster's Commentary: 

It is just a question of time before the government in Baghdad collapses completely, and Kurdistan's officials have been making statements about creating a completely independent country here.

Ultimately, like it or not, the US is going to have to deal with an independent Kurdistan, with oil to sell.

Jul 28 10:49

How Capitalism Is Cheating Young Americans

Our country's wealthy white once-idealistic baby boomer generation has cheated those of you entering the working world. A small percentage of us have taken almost all the new wealth since the recession. Our Silicon Valley CEOs have placated you with overpriced technological toys that are the result of decades of American productivity, but which have mainly profited the elite members of their industries.

Although none of us in the older generations can speak for you, we can help you research the facts. And the facts are painfully clear.

Jul 28 10:41

Fed’s Fisher: Rates Too Loose for Too Long

Jul 28 10:35

China Cements Eurasian Trade Routes With Great Silk Road Revival:

When it comes to the rise of Eurasia as the ascendent axis set to oppose US global hegemony, conventional wisdom focuses on the roles of China and Russia. However, the changing geopolitical landscape is certainly far more nuanced than merely the "west" versus the BRICS, and as the following infographic from SCMP shows, China has been quietly working to recreate one of the most legendary trade routes, "the Silk Road", linking Africa to the Middle East (Iraq and Iran) to India, to Indonesia and all culminating in Beijing, while at the same time the reverse leg of the route goes to Kazakhstan, Moscow and ultimately, Germany. The purpose: "to enhance political and economic ties with southeast Asia and beyond."

Jul 28 10:07

Africa’s Largest Refinery Finds 2.7 Tons Of Gold “Missing” After Computer System Upgrade

It’s one thing to implicitly admit that there is a physical gold shortage and as a result nations – such as Germany – are unable to repatriate their physical gold held in the safe and trusted confines 90 feet below the NY Fed, gold which may or may not be there and has likely been leased out exponentially to cover paper shorts by virtually every BIS-overseen central bank (and the BIS paper gold selling team itself of course).

It is something totally different to corzine, as in vaporize, 87,000 ounces of physical gold, some 2.7 tons, and blame it on a computer upgrade glitch.

Jul 28 09:52

Stock trader who called three crashes sees 20% collapse

Mark Cook, a veteran investor included in Jack Schwager’s best-selling book, “Stock Market Wizards,” and the winner of the 1992 U.S. Investing Championship with a 563% return, believes the U.S. market is in trouble.

Jul 28 09:43

The Case for a Bull or Bear Market in Two Charts

Which appears more likely–a straight-line extension of the past two years’ rise in stocks, or another “impossible” decline to complete the megaphone pattern?

There are dozens of charts and data points supporting the case for a continuation of the Bull market in stocks or a reversal into a Bear market. For the sake of brevity I’ve distilled the two arguments into two charts, one for the Bull case and one for the Bear case.

The Bull case is easy: the economy has reached self-sustaining expansion, a.k.a. escape velocity; hotel occupancy rates are high, home valuations are rising, stocks are fairly valued based on forward earnings, debt has been paid down/written off, and the Fed has tapered its quantitative easing (QE) bond and mortgage buying with no ill effect.

Jul 28 09:07

All Hell Will Break Loose In Paper and Physical Precious Metals Markets *Video*

Despite the recent drops in gold and silver from their all-time highs just a few years ago, the fundamentals for owning precious metals as long-term investments have never been better.

Jul 28 08:31

Companies proclaim water the next oil in a rush to turn resources into profit

Mammoth companies are trying to collect water that all life needs and charge for it as they would for other natural resources

Jul 28 08:27

The Fed Is Blowing a Titanic Stock Market Bubble Despite Media Denials

Is the Fed fueling a giant stock market bubble? ... Not only has the S&P 500 fully recovered from the financial crisis, it's a staggering 30% higher than the peaks of the Internet and housing bull markets. But is this really the case? With unemployment still above 6%, how could we find ourselves in the throes of yet another brewing catastrophe? Didn't investors and analysts learn anything from the past decade and a half? While it requires some explanation, the answer is that we're most likely not experiencing another irrational inflation of stock prices. – USA Today

Jul 28 08:20

The Average American Family Is Poorer Than It Was 10 Years Ago

The typical American household was significantly poorer in 2013 than it was ten years earlier as a result of the Great Recession, a new study shows, an effect that is compounded by growing wealth inequality in the United States.

The net worth of the typical American household in 2003 was $87,992, adjusting for inflation. Ten years later, it was just $56,335, a decline of 36 percent, according to a study by the Russell Sage Foundation.

Jul 28 07:14

In pictures: heartache as Gazans return to their flattened homes

The 12-hour humanitarian ceasefire gave Gaza residents a chance to return to their homes – or what was left of it – after days of unrelentless bombardments from Israeli fire. More than 100 bodies were pulled out from under the rubble.

Jul 28 06:34

Mass Incarceration: 21 Amazing Facts About America’s Obsession With Prison

Nobody in the world loves locking people behind bars as much as Americans do. We have more people in prison than any other nation on the planet. We also have a higher percentage of our population locked up than anyone else does by a very large margin. But has all of this imprisonment actually made us safer? Well, the last time I checked, crime was still wildly out of control in America and for the most recent year that we have numbers for violent crime was up 15 percent. The number of people that we have locked up has quadrupled since 1980, but this is not solving any of our problems. Clearly, what we are doing is not working.

Jul 28 06:28

Butler Hosch, Regional Trustee Services Screw Staff, Stiff Lawyer, Depo Staff and Get Sued.*


Monday, July 28, 2014

KingCast and Mortgage Movies See Butler Hosch, Regional Trustee Services Screw Staff, Stiff Lawyer, Depo Staff and Get Sued.*

Remember how I showed you six (6) weeks ago that Regional Trustee Services' CFO Deborah Kaufman bailed on a video deposition and Robinson-Tait and RTS agreed to pay appearance fees for Attorney Ha Dao, the Court Reporter and Affordable Video Depo -- i.e. Yours Truly?

Jul 27 20:25

US is buying disputed Iraqi Kurdish Crude Oil

A Marshall Islands-flagged tanker ‘United Kalavrvta’ carrying crude oil from Iraqi Kurdistan is hours away from arriving at a U.S. port in Texas, according to ship tracking satellites, despite Washington’s long-standing concern over independent oil sales from the autonomous region. It would be at least the second time a U.S. company has taken delivery of oil that the Baghdad government says was smuggled from the country.

Jul 27 17:17

85 Super Wealthy People Have More Money Than The Poorest 3.5 Billion Combined

The global economy is structured to systematically funnel wealth to the very top of the pyramid, and this centralization of global wealth is accelerating with each passing year. According to the United Nations, 85 super wealthy people have more money than the poorest 3.5 billion people on the planet combined. And 1.2 billion of those poor people live on less than $1.25 a day. There is something deeply, deeply broken about a system that produces these kinds of results. Seven out of every ten people on the planet live in countries where the gap between the wealthy and the poor has increased in the last 30 years. Despite our technological advances, somewhere around a billion people go to bed hungry every single night. And when our fundamentally flawed financial system finally does collapse, it will be the poor that will suffer the worst.

Jul 27 17:09

BNP to pay $80 million for defrauding Dept of Agriculture

A US court entered an $80 million judgment against French bank BNP Paribas for defrauding a programme designed to protect US exporters, the Justice Department said Thursday. BNP agreed in June to pay $8.9 billion for violating US sanctions.

Jul 27 15:28

Former KGB Agent Yuri Bezmenov Explains How to Brainwash a Nation

This amazing interview was done back in 1985 with Yuri Bezmenov, a former KGB agent who was trained in subversion techniques. He explains the 4 basic steps to socially engineering entire generations into thinking and behaving the way those in power want them to. It’s shocking because our nation has been transformed in the exact same way, and followed the exact same steps.

Jul 27 11:35

Andy Hoffman | They’re Screaming We’re Not Going to Let You Out

I sat down with Andy Hoffman, Media Director at Miles Franklin Precious Metals to follow up his latest podcast, The Best Laid Plans. As many of you know Andy writes a daily newsletter for Miles Franklin and covers the markets from top to bottom. Not only does his analysis dig down into the heart of the matter he is not afraid to speak the truth and tell it like it is. You will hear exactly that in this pointed interview.

Jul 27 09:02

The pathetic state of infrastructure in America

Drive on a public highway in any major city: New York, Chicago, Los Angeles. It’s a disaster. Potholes so big you worry about breaking an axle. And you should. In New York State, for example, a recent study estimated that bad roads and bridges cost motorists $20.3 billion in repairs annually.

Cracked concrete and asphalt everywhere. Missing guardrails, stolen signs, and everywhere you turn, garbage. Graffiti and vandalism take a toll but mostly it’s all just old. Old, rusted, worn out, years of “deferred maintenance” — as in none at all.

Webmaster's Commentary: 

Your tax dollars go to build and maintain modern highways in Israel ... but not here. After Afghanistan, Iraq, Libya, etc. et. al. toss out there puppet rulers, maybe it is time for Americans to toss out theirs!

Jul 27 08:58

Microsoft to Slash 18,000 Jobs Week After Bill Gates Pushed for Unlimited Guest-Worker Visas

On Thursday, a week after former Microsoft CEO Bill Gates argued for amnesty and for an unlimited number of high-tech guest-worker visas, Microsoft announced it would slash 18,000 jobs.

Microsoft CEO Satya Nadella promised his employees that "we will go through this process in the most thoughtful and transparent way possible." Analysts told USA Today that the number being let go was "larger than expected."

Webmaster's Commentary: 

Although Bill Gates is officially retired from Microsoft, his vast wealth remains primarily in his stock holdings in the company, so his activism regarding Guest-worker visas is motivated by his wallet, especially in light of the decline in Microsoft stock following Windows 8 and the NSA scandal.

Jul 27 08:35

From Boeing to banking: how Russian sanctions will hit western business

Tightening the economic screws will hurt Russia's economy, but the consequences will also be felt by western companies – and not just the usual suspects of energy and arms companies that have made high-profile deals with the Kremlin. Germany, for example, has 6,000 companies doing business in Russia, mostly small and medium-sized enterprises. But large conglomerates will be the bellwethers, showing how serious the consequences will be.

Webmaster's Commentary: 

At a time when both the US and EU economies are already fragile, the promoters of war against the Ruble (and the Yuan) are willing to inflict even more hardship and suffering on their own people.

Who is the real enemy?

It isn't Russia and it isn't China.

The common enemy of all mankind are private central banks issuing all of the public currency as a loan at interest, a system that by design leads to massive debt, enslavement, and world wars.

Jul 27 08:07

Driving our way into poverty: Subprime auto debt continues to expand while domestic auto production remains weak.

Americans love their cars. Urban sprawl with poorly designed city centers has made driving a near necessity for most people. During the credit crisis, one of the problems that occurred was that too many loans were being made to people that had no ability of paying their debt back. We see this trend in full stride once again in the auto industry. Subprime auto lending is back in a big way. The vast majority of non-housing debt growth in the last 12 months has come in the form of auto and student loan debt. As we all should know, a car loses value the minute you take it off the lot. Sure, these new cars come fully loaded and are virtually spaceships but it will cost you especially when the per capita wage in the country is approximately $26,000. Given that the average new car costs $30,000 most people need to go into debt to finance this purchase. We are now seeing a big wave of subprime borrowers purchasing cars. What can possibly go wrong?

Jul 27 08:06

At least Liam Halligan gets it

‘While the Fed has begun ‘tapering’, slowing down the rate of its de facto money–printing, the scale of QE remains vast, some $45 billion a month. That’s driven the absurd ‘bad news is good news’ mantra that still dominates the thinking of investors on Wall Street and other major stock markets. Weak economic numbers make it more likely the Fed will relent and slow down or even reverse its tapering, turning up the funny–money dial, and thus stock prices, even more. Forget economic growth and forget corporate earnings. It’s all about the Fed.

Jul 27 07:23

Has Fractional-Reserve Banking Really Passed the Market Test?

In 2003, Jörg Guido Hülsmann, a senior fellow of the Mises Institute, published the essay “Has Fractional-Reserve Banking Really Passed the Market Test?” in a Winter edition of The Independent Review. The key conclusion drawn was that it is the obfuscation of the difference between fractional-reserve IOUs and genuine money titles which preserves the the practice of fractional-reserve banking.

Jul 27 07:22

Federal Judge Says U.S. Government Can Steal Unlimited Money From Anyone At Any Time Under The U.S. Patriot Act – 27 July 2014

He was held at Guantanamo Baby for more than 10 years without being charged before being released to his home country Dec. 5, 2013. He had opposed transfer to Algeria, because he feared persecution there, according to court papers.

The Pentagon, however, refused to return his money, based on what government lawyers claimed to be a policy “based on a strong national security interest in preventing these funds from being used in a manner that would adversely impact the safety and security of the United States.” The justification was drawn from provisions in the USA Patriot Act, reports said.

Some human rights groups have argued that the policy constitutes a “war crime,” specifically in that it is in violation of an international prohibition of wartime “pillage,” according to Vice News.

Jul 27 07:08

Former Vanguard Tax Lawyer Files Whistleblower Suit Alleging Mutual Fund Giant Became Low-Cost Leader by Evading $1 Billion in Taxes

A former employee of Vanguard Group Inc. has sued the mutual-fund company in New York, saying it has avoided paying federal and state taxes and sheltered hundreds of millions of dollars annually.

The civil suit, unsealed in the Supreme Court of New York on Friday, accuses the Malvern, Pa.-based firm of operating an illegal tax shelter for nearly 40 years, thus avoiding $1 billion of U.S. federal income tax and at least $20 million of New York tax over the last 10 years, according to a copy of the complaint. The suit was filed by David Danon, whose LinkedIn profile describes him as an associate counsel at the company from August 2008 to June 2013. Mr. Danon is requesting all costs of filing the lawsuit as well as 15% to 30% of any money recovered by the state and local governments, including all proceeds of any related action.

Jul 27 04:58

Steve Keen Talks Debt

Jul 26 09:58

Rescuing the Petrodollar and energy war - the real reason for the US provoking revolution in Ukraine

Gaspipe Diplomacy: How Ukraine Set Off a New U.S.-Russian Energy Fight
By Sylvia Todorova on Jul 23, 2014

As WhoWhatWhy readers know, the real reasons surrounding a conflict are often buried under the headlines and rhetoric. So it shouldn’t come as any surprise that, behind the scenes, oil and natural gas are driving a big piece of the U.S. response to Russian involvement in Ukraine.

If you want to understand where the rubber meets the geopolitical road in the Ukraine war, you need to learn about the 1,480-mile South Stream natural gas pipeline.

I might rephrase the headline slightly": "How a US - Russian Energy Fight Set Off Ukraine /SR

For more on the petrodollar and the economic implication of its demise go here: http://theeconomiccollapseblog.com/?s=petrodollar

Jul 26 08:38

Government Outlawing School Bake Sales? Just Say NO!

The push back is not about students’ taste buds, but their wallets. Food fundraisers are a crucial source of revenue for schools, state education officials say. “Tough economic times have translated into fewer resources and these fundraisers allow our schools to raise a considerable amount of money for very worthwhile education programs,” the Georgia Department of Education wrote in a recent press release. “While we are concerned about the obesity epidemic, limiting food-and-beverage fundraisers at schools and school-related events is not the solution to solving it.” The statement called the federal guidelines on fundraisers “an absolute overreach of the federal government.”

Jul 25 17:58

De-Dollarization Spreads: Swiss & Chinese Central Banks Enter Swap Agreement

The Swiss National Bank and the People’s Bank of China reached a currency swap agreement this week. While this is not a huge trend changer in the near-term, it demonstrates that our forecast for China to become the largest economy and to be the next financial capital of the world when Europe and the USA blow themselves apart with defaulting socialism is on track.

Jul 25 17:16

World's 85 richest earn more than 3.5 billion poorest: UN report

The 85 richest people globally have as much wealth as the 3.5 billion poorest in the world, the United Nations said, citing Oxfam figures, in a report that highlights ways to help the 1.2 billion people who live on less than $1.25 a day.

Jul 25 12:56

U.S. Deflation is Only a Few Time Zones Away

Jul 25 11:24

FB Mkt Cap $195.5B

Jul 25 11:05

Moody's: Troubled Michigan cities may follow Detroit Chapter 9 plan

Moody’s Investors Service says a successful resolution of Detroit’s Chapter 9 bankruptcy restructuring may prompt other financially troubled Michigan cities to follow suit.

The $7 billion debt reduction plan “could serve as an example other distressed local governments in Michigan might follow,” the rating agency said in a statement Friday. Particularly important to the plan, it said, was a March 2013 settlement between three insurers of general obligation unlimited tax bonds and the city that conferred a secured status on those bonds.

“The final outcome of this bankruptcy will likely have broader implications for future bankruptcy cases involving distressed local governments in Michigan, potentially setting an important benchmark for the relative position of debt versus pensions,” Moody’s vice president, Genevieve Nolan, said in a statement.

Webmaster's Commentary: 

Apparently the shutting off of water to the people wasn't seen as a negative by the money-junkies.

Jul 25 11:04

Council tax debts cripple England's poorest citizens

Cuts to the benefit system have thrown more than two million of England’s poorest and most vulnerable to the brink of ruin, as council tax demands continue to rise.

Among the 2.31 million people who stand to lose all or a substantial share of their council tax support are the disabled, carers, and war widows, The Independent reports. Council tax benefit used to provide nearly £5 billion (US$8.4 billion) to 5.9 million people.

Jul 25 11:04

Water shut-off foes deliver petitions - and water - for Detroit

Opponents of the water department’s controversial shut-off campaign over unpaid bills rallied Thursday outside City Hall, delivering petition signatures and gallons of water to support Detroit families.

Patricia Jones, a program leader with the Massachusetts-based Unitarian Universalist Service Committee, gathered 6,000 signatures from clergy and others across the country who are demanding an end to the Detroit Water and Sewerage Department shut-offs and for Detroit’s elected leaders to issue permanent protections.

Jul 25 11:03

A rash of anti-Almond Milk articles flushes the liberal blog-o-sphere. Why?

It was only one month ago that the first anti-almond milk article appeared in U.S. News and World report which sparked the 'debate' online. The article received thousands of shares and swept across the internet at alarming speed.

So would it strike you as interesting if I told you that this 'source' article was written by Dietician Tamara Duker Freuman and that some deeper research into Ms. Freuman shows that she just so happens to be a paid 'Media spokesman' and consultant [PDF] with the Dairy industry? Or perhaps, when all the highly-subsidized overabundance of milk in U.S. public schools was being criticized, it was the same Ms. Freuman who not only came to Dairy's defense but actually advocated sugar-laden chocolate milk as a 'good thing' in schools?

Mrs. Duke remains on the payroll of Redwood hill Farms, which sells milks, cheeses, lactose-free creams, etc. and is headed by a woman by the name of Jennifer Lynn Bice.

Jul 25 10:32

Michelle Obama teaming up with Monsanto to promote children’s food

The popular agriculture company Monsanto is partnering with First Lady Michelle Obama to promote nutritional foods for kids. According to reports from the Associated Press, Monsanto will spend $50 million over five years on a campaign to market ‘healthy’ genetically modified food to children. The agrochemical company will also bring its food offerings for kids in line with the new federal standards for labeling and nutrition.

Obama announced her intentions in front of crates of fresh produce on Thursday. “When I see a company like Monsanto launch an initiative like this, I feel more hopeful than ever before,” said the First Lady. “We can improve how we make and sell food in this country.”

Jul 25 10:20

New IRS Form Proves Obama Lied About Individual Mandate Tax

On Thursday the IRS released a slew of draft 2014 tax forms. The new draft Form 1040 shows a new surtax line has been created for the payment of the individual mandate surtax – see line 61 of the 1040.

President Obama has repeatedly denied that the surtax is in fact actually a tax.

Jul 25 10:14

POLL - 63.8% of Americans think the country is on the wrong track

Jul 25 09:43

Chiding CEOs at Walgreens and Other Corporate Defectors

Walgreens is the pharmacy that, at least according to its website, can be found “at the corner of Happy & Healthy.” If its executives have their way, however, it may soon be found near the intersection of Ziegelackerstrasse and Untermattweg in Bern, Switzerland. By acquiring the much smaller Swiss company that is located near that corner, the American company can dodge millions in American taxes.

Jul 25 08:30

Workers speak out against social inequality and rising costs of living

A new report put out jointly in June by the Commonwealth Institute for Fiscal Analysis, the DC Fiscal Policy Institute, and the Maryland Center for Economic Policy titled “Bursting the Bubble: The Challenges of Working and Living in the National Capital Area” points to an immense deepening of social inequality and poverty in the Washington, DC metropolitan area.

Jul 25 08:16

You Can’t Taper a Ponzi Scheme: Time to Reboot

One thing to be said for the women now heading the Federal Reserve and the IMF: compared to some of their predecessors, they are refreshingly honest.

Jul 25 08:04

Smart Homes Reveal User Behavior, Prone to Hacks: Study

Kevin Samson
Activist Post

Our Internet-driven world filled with interconnected smart gadgets and computing applications is making us vulnerable to potentially life-changing hacks and tracking. Not only are modern cars open to being hacked, but also boats, planes, and GPS-driven munitions and unmanned vehicles.

So, perhaps you think you'll ditch the modern car, get rid of the smartphone, limit travel and hunker down safe and cozy in your home? Well, unfortunately, if your house is filled with modern appliances and electronics, it could potentially open you up for a nightmare experience. This is the subject of a new European study that will be presented at the ACM Conference on Security and Privacy in Wireless and Mobile Networks in Oxford...

Jul 25 07:30

Obama Calls For Collectivized New World Order

In a geopolitical context, Obama’s call for a “new order” really doesn’t sound any different from the old unipolar world order that the United States has represented since the end of the Cold War, which is now being challenged by the rise of the BRICS countries.

Jul 25 07:27

VIRTUAL 9-11: Will the US & Israel Hack The US Banking System Computers and Falsely Blame It On Iran (or Syria or Russia or China)?

So what it looks like is being planned, and pre-sold to the American people with all these stories about celebrities' personal information being hacked and made public (an activity that produces no profit for the hackers other than news headlines), and the "Syrian" (nudge nudge wink wink) hack of the AP Twitter feed that shocked the US stock market, is that the US Government will itself take down the US financial computers, and blame it on Iran /Russia/ China/Al Qaeda/Syria/Arabs and others to be named as convenient. This gets Wall Street and Washington DC off the hook, because now the financial melt-down is an act of war, rather than the result of decades of Wall Street crime and corruption and the predations of Private Central Banks. US banks have already been hit with cyber attacks, to set the stage.

Webmaster's Commentary: 

Reposted in light of yesterday's Drudge Report story that "Al Qaeda" is about to launch a cyber-terror attack on the US.

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Jul 25 06:41

Madoff Five Face Sentencing as U.S. Calls Denials Galling

“The devastation caused by these defendants and their co-conspirators is sweeping and, in many ways, unfixable,” Assistant U.S. Attorney Matthew Schwartz said in a July 18 memo. “That makes the defendants’ lack of contrition all the more galling.”

Jul 25 06:40

Are We Addicted to Failure?

Like all addicts, Central Planners are confident they can manage the monkey on their back. But this is a self-serving illusion.

Addiction is many things, but beneath its complexities it is a self-destructive expression of the desire to avoid or suppress pain. The pain might be physical or the stuff of the mind, memories or inner demons or tortured misgivings about one's choices, soul and life.

Jul 25 01:35

Non-Eviction in Nottingham. History in the Making!

300 strong crowd of supporters from all over the UK gathers to prevent bailiffs from foreclosing on home, after it is alleged the mortgage holder fraudulently altered the terms of the mortgage.

Jul 24 20:55

Israel and US Hit Self-Destruct

Traditional U.S. policies – backing Israel whatever it does and assuming the dollar will remain king – are facing new challenges as Israel shocks the global conscience with its war on Gaza and emerging economic powers consider a new reserve currency, notes Danny Schechter.

Jul 24 19:10

When U.S. companies dodge taxes, is it unpatriotic?: "You want to operate here? You want access to this market? You want access to the work force...the economy? Understand this: To continue to have that access, you're going to have to pay your fair share

The rush is on for big U.S. companies to lower their tax bills.
They do it by merging with foreign companies in countries with lower rates and officially moving their home base.
The strategy is called "inversion," and it's legal. But is it un-patriotic?

Jul 24 15:53

Pay-Cut Clock Documents Billions of Dollars Lost by Minimum-Wage Workers

Today, on the fifth anniversary of the last increase in the minimum wage, the Center for Economic and Policy Research (CEPR) debuts a pay-cut clock to show how much, down to the second, minimum-wage workers continue to lose as long as the wage remains frozen at its current level.

Jul 24 15:04

The Keynesian Money Printers Repudiated Again: June New Home Sales Swoon

New home sales during June really hit the skids, posting a 8% decline from May and a 11.5% drop from last June. In whole numbers, the print came at a paltry 406,000 annualized rate compared to Wall Street expectations of 475,000.

The interesting thing is not simply that the Keynesian Cool-Aid drinkers who pass for Wall Street economists got it wrong again. Actually, as can been seen clearly in the chart below from the Wall Street Journal, the June 2014 number for new home sales was exactly the same as the 400,000 number posted right after the financial crisis in the fall of 2008.

Jul 24 14:20

Amazon's Loss Widens as Bezos Keeps Spending

Jul 24 14:10

Lawmakers float idea to allow Post Offices to provide payday loans

PROPOSAL WOULD PLACE POST OFFICES IN COMPETITION WITH PAYDAY LENDING COMPANIES SERVING “LOW-INCOME COMMUNITIES, INCLUDING RURAL AND INNER-CITY AREAS”

Jul 24 13:50

Nearly one quarter of US children in poverty

Nearly one in four children in the United States lives in a family below the federal poverty line, according to figures presented in a new report by the Annie E. Casey Foundation.

A total of 16.3 million children live in poverty, and 45 percent of children in the US live in households whose incomes fall below 200 percent of the federal poverty line.

Jul 24 12:13

Internet Sales Tax Quietly Moving Through Congress

Eric Blair
Activist Post

Big retailers, including Amazon, have been lobbying long and hard for it, and now the Internet sales tax is back after being quietly reintroduced in the US Senate last week.

The Marketplace and Internet Tax Fairness Act would force customers to pay sales taxes for online purchases from out-of-state online merchants, and it forces online retailers to collect and remit separately sales taxes to all US territories...

Jul 24 11:36

Worlds First BITCOIN ATM Inside a GUN SHOP

Jul 24 11:00

Historical Moment - Non-Eviction in Nottingham.

Webmaster's Commentary: 

The British people stand up to the mortgage fraudsters!

Jul 24 10:34

Government Confiscation of Dormant Assets

Ted Bauman
Activist Post

I had no idea — until I read about a similar system in Australia — that all 50 U.S. states now have laws on the books that allow them to seize “dormant” assets from their owners. These assets range from uncashed dividend checks to safe deposit boxes to actual bank accounts. Banks and other businesses are required to turn that property over to the states for “safekeeping.”

The problem is that states return less than a quarter of this supposedly “unclaimed” property to its rightful owners. One of the most egregious is California. California law used to say assets were unclaimed if the owner had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, then five, then three. Legislators even tried for one year.

Jul 24 10:24

C’mon Alan! Bubbles Are Caused By Central Bankers, Not “Human Nature”

Alan Greenspan just cannot give up the ghost. During his baleful 18-year reign, the Fed was turned into a serial bubble machine—and thereby became a clear and present danger to honest free market capitalism and an enemy of the 99% who do not benefit from the Wall Street casino and the vast inflation of financial assets which it has enabled. His legacy is a toxically financialized economy that has extracted huge windfall rents from main street, and left it burdened with overwhelming debts and sharply reduced capacity for gains in real living standards and breadwinner jobs.

Jul 24 09:20

The Coming Calamity, The Coming Resistance

Devon Douglas-Bowers
Activist Post

Currently, the world is facing a number of problems, politically, socially and economically. While we may be paying attention to important stories such as the Islamic State’s movements in Iraq and the ongoing fighting in the Gaza Strip which are extremely important, there are dealings being made behind our backs of which we know virtually nothing about. There are major international trade deals in the works and the government seems to be getting prepared for the fallout...

Jul 24 08:54

UK student loans system near collapse

Inaccurate debt forecasting and a failure to collect student loans threaten the financial collapse of the UK’s student loans system; claim a group of MPs in a damning report.

The Business, Innovation and Skills Committee called for an urgent review of the system, saying the Chancellor’s removal of the cap on student numbers may result in a multi-billion pound budget gap.

Under the current student loan system for students residing in England, the Government loses around 45p on every £1 it loans out. Yet the Committee found the Department of Business, Innovation and Skills (BIS) frequently miscalculates these figures, resulting in a £111m loss in 2011-12.

Jul 24 08:50

ANOTHER US COMPANY TO CLOSE 100 STORES

Jul 24 08:50

Russian Sanctions Backfire

Obama’s State Department bears a heavy responsibility for promoting a civil war in Ukraine. Using sanctions to push Russia into accelerating a BRICS economic block will have far more adverse effects than can be envisioned by the lunatic proponents of "selective" Free Trade. The moneychanger’s financial system is imploding and their rescue plan requires a massive global crisis to bail out their "To Big to Fail" model. Mutually productive commerce will be among the first causalities of the prelude to World War III. Soon clamors for sanctions against American companies will begin, as the blame game diverts the real cause of this fabricated debacle.

Jul 24 08:09

US funds Iron Dome as states go broke

An American political commentator criticizes US politicians for including millions of taxpayer money in an emergency funding bill for the Israeli military which has been relentlessly pounding the Gaza Strip with missiles, bombs and artillery shelling.

“Barbara Mikulski (Chairwoman of the Senate Appropriations Committee) wants to send $225 million more in President Obama’s proposal to build up the Iron Dome missile defense as US states go broke and Americans have their cost of living going higher,” said James Morris in an interview with Press TV Wednesday.

“It’s just outrageous,” he added.

Jul 24 08:05

$200 per barrel oil if Russia sanctions escalate- Oxford Economics

If the standoff with Russia and the West reaches a point where the EU has to completely cut trade with Russia, oil prices could soar above $200 per barrel, sparking a global economic crisis, says Adam Slater, senior economist at Oxford Economics.

Cutting off trade with Russia, the world’s second largest oil exporter, would create a shortage in global energy supplies, which would have spillover effects into Europe, Slater told the Guardian.

"In such a scenario, world oil prices could soar above $200 per barrel and gas prices would also rise steeply,” Slater told the Guardian.

Jul 24 08:03

US growth shakiest since Great Recession - IMF

Jul 24 08:01

Multi-billion pound govt IT contract 'out of control' – report

A £10.4 billion government IT contract has spiralled “out of control,” with private contractors reaping more than £1 billion in profits at the behest of British taxpayers.

In a highly critical report, the National Audit Office (NAO) said that the Aspire contract, designed to streamline government IT services, went drastically over budget after civil servants commissioned more work than expected.

The contract – led by services conglomerate Capgemini, along with IT firms such as Fujitsu – has now cost the government double the amount it originally expected, jumping from £4.1 billion (US$6.9 billion) to £10.4 billion ($17.7 billion) since it began in 2004.

Jul 24 07:18

IRA Contributions Hit Record High As Unpatriotic Americans "Save More, Pay Off Debt, Spend Less"

In what could be the most unpatriotic report ever, Fidelity reports that average IRA contributions for tax year 2013 reached $4,150 - an all-time high. That's great news, right? Not if you ask Janet Yellen as Fidelity notes younger investors, those in their 20s, 30s and 40s, are adopting the strongest savings behaviors as Americans are "saving more, paying off debt, and spending less." This is not acceptable in the new normal, don't they know debt is the bridge between hard work and play?

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