ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Apr 06 08:43

Guilty of Being Poor

When a community issues arrest warrants for more offenses than it has residents, something's deeply wrong.

Apr 06 08:41

Russia to Ratify BRICS “Foreign Currency Reserve Pool”

Russia intends to become the first country among the BRICS group of the world’s five leading emerging economies to ratify an agreement on the group’s foreign currency reserve pool, Russian Foreign Ministry Ambassador-at-Large Vadim Lukov said on Friday.

“An agreement will be ratified soon on establishing a pool of foreign currency reserves. Russia will most likely be the first country to do this,” the Russian envoy said.

Apr 06 08:28

Great News! Labor Market Conditions Collapse Sends Stocks To Strongest Opening Rally Of 2015

We can't make this up. Following Friday's dismal payrolls, today's Fed Labor Market Conditions Index (the aggregate index of all Yellen's indicators) collapsed to its lowest in almost 3 years. That was just the news that stocks needed to complete the biggest opening rally of the year so far.

Apr 06 08:27

Global Black Hole of Currency Derivatives

Apr 06 08:20

'Tokyo, We Have a Problem.' Bitcoin's Fatal Flaw?

The summary of Counselor Fogg's theory continues:

In fact, it's only if and when Tony Soprano publicly renounces his claim to the underlying bitcoin collateral he is owed that the bitcoins stand a chance of being treated as unencumbered. Until then, a hot potato claim risk exists for every future acquirer of Soprano's bitcoin.

Indeed, given the high volume of fraud and default in the bitcoin network, chances are most bitcoins have competing claims over them by now. Put another way, there are probably more people with legitimate claims over bitcoins than there are bitcoins. And if they can prove the trail, they can make a legal case for reclamation.

This could be a thorny problem. If you accept bitcoin in payment for something, how do you know that the person transferring it does not owe it to someone else?

Webmaster's Commentary: 

Short version: The bankers want control over bitcoin, despite its intended purpose of being a bankerless currency.

Apr 06 08:13

The IRS and Congress Both Hold Our Liberty in Contempt

This week the Justice Department announced it would not charge former Internal Revenue Service (IRS) official Lois Lerner with contempt of Congress. Some members of Congress requested that Lerner be charged with contempt after she refused to testify at a congressional hearing investigating her role in denying or delaying the applications for tax-exempt status of "tea party" and pro-limited government organizations.

Apr 06 08:12

California water shortage: One drought for the rich and another for everyone else

The lush front lawns of Los Angeles are in the full bloom of spring, and it’s difficult to believe the Golden State is about to turn brown. But that is the inevitable implication of the drought, and of new rules which call for a 25 per cent cut in urban water use.

Apr 06 08:10

Record 93.2 million Americans now not in the labor force: The not in the labor force rebound added 277,000 Americans in March alone.

In the last year alone we have added 2.1 million Americans to the “not in the labor force” category. This mysterious category continues to grow and is having a field day with the employment data. It is hard to ignore this number because it represents a large portion of our population that is simply not counted in the labor force data. You have older Americans in this category but you also have a large number of people wanting work and simply not being able to find it. You also have many relenting and taking up work in the low wage segment of our economy. The unemployment rate would have you believe that this is a fantastic recovery but in March alone we added 277,000 to the not in the labor force category while only 126,000 jobs were created. It is becoming more apparent there will be a strain on the one-third of Americans supporting the other two-thirds.

Apr 06 07:49

Video: The lack of wage growth

Apr 06 07:48

Guaranteed Financial Security Is a Fantasy

Apr 06 07:14

First Detroit, now Baltimore. City will shut off water to 25,000 starting in two days

Starting this week, 25,000 households in Baltimore will suddenly lose their access to water for owing bills of $250 or more, with very little notice given and no public hearings.

Apr 06 07:11

Stock Futures Keep Losses, Gold Near Highs After Worst Jobs Report Since 2013

As market participants slowly make their way back to trading desks around the post-Easter world, and especially the US where a truncated session on Friday morning ended in tears for anyone hoping for a 2015 US recovery following an abysmal March nonfarm payrolls print, they find that unlike on previous occasions, the equity futures liftathon is nowhere to be found this morning, with the S&P set to resume trading in the red for 2015.

Apr 06 06:58

The Pentagon’s $10-billion bet gone bad

It was the most powerful radar of its kind in the world, they told Congress. So powerful it could detect a baseball over San Francisco from the other side of the country.

If North Korea launched a sneak attack, the Sea-Based X-Band Radar — SBX for short — would spot the incoming missiles, track them through space and guide U.S. rocket-interceptors to destroy them.

Crucially, the system would be able to distinguish between actual missiles and decoys.

SBX “represents a capability that is unmatched,” the director of the Missile Defense Agency told a Senate subcommittee in 2007.

In reality, the giant floating radar has been a $2.2-billion flop, a Los Angeles Times investigation found.

Although it can powerfully magnify distant objects, its field of vision is so narrow that it would be of little use against what experts consider the likeliest attack: a stream of missiles interspersed with decoys.

Apr 06 06:12

Avoiding Tax Audit Red Flags

80% of audits are simply “correspondence audits,” meaning the IRS is “asking for documentation or showing an adjustment made based on information received,” says Lisa Greene-Lewis, CPA and TurboTax tax expert.

Apr 05 17:37

US Oil Celebrates Election of Former Nigerian Dictator

A massive series of NATO War Games simulations took place at the Operation Flintlock 2015 AFRICOM Conference, where thousands of US and African soldiers began intensive training programs. As the conference concluded, Boko Haram declared its allegiance with ISIS. Major media latched onto that story and ran with it like a constipated greyhound. A report published by one of the world’s largest audit, tax, and advisory firms, KPMG Africa, a subsidiary of KPMG International, outlined in explicit detail the plans and tax incentives of razing the impoverished and unstable region for oil and natural gas.

Apr 05 16:46

Discovery CEO Makes $156 Million

Apr 05 15:51

A Global Financial Reset Is Coming: ‘A Deal Is Being Made Between All The Central Banks’

There is an unprecedented reset coming to world financial markets and if you’ve been paying attention it’s impossible to ignore the signs. In fact mega-investment funds, governments and central banks have been secretly buying up and storing physical gold in anticipation of an event that will leave the U.S. dollar effectively worthless and governments around the world angling for a new global currency mechanism, according to mining executive Keith Neumeyer.

Apr 05 15:14

Bill Holter - Global Black Hole of Derivatives

ill Holter of MilesFranklin.com contends the banking system is interconnected and very weak and explains his point by saying, “Look at what happened when the Swiss dropped their peg to the euro. That basically has tanked the Austrian banking system. The Austrian banking system is on the verge of collapse because they lent in Swiss Francs. The strength in the Swiss Franc makes those loans much more difficult to pay back. That’s thrown the entire (Austrian) banking system out of kilter. If you do that with the dollar and you raise rates, and the dollar gets strong or spikes up 5% or 10% overnight, what’s that going to do to banks all over the world? That’s going to create a smoking black hole of derivatives.”

Apr 05 14:54

A Global Financial Reset Is Coming: ‘A Deal Is Being Made Between All The Central Banks’

Everything is very hush-hush but most of the influential players involved know exactly what is going on and they are making their moves right now to ensure they survive the coming financial reset.

Apr 05 14:46

U.S. electricity prices reach all-time high

Apr 05 11:23

Chris Martenson: Prices are now meaningless

Apr 05 09:03

Vikings Revenge: Iceland Takes Back Power To Create Its Own Money

The Vikings revenge. Iceland is taking the money back from the clutches of the private fractional reserve lending cartel.

It’s happened before in history, and with great success, but it has also prompted a violent backlash from the elites…

Apr 05 08:35

Tories plan to cut tax for millionaires further - while average families are £1,100 worse off

George Osborne’s tax giveaway for millionaires has saved them an astonishing £85,000 each – while the average family has been left £1,100 a year worse off.

The out-of-touch Chancellor’s ­decision to slash the top rate of tax from 50p to 45p since 2013 means high-rollers on seven-figure salaries have seen their take-home pay swell.

But Labour analysis of figures from the HMRC shows changes in a series of areas since 2010 mean the average household in Britain is now almost £100 worse off every month.

Apr 05 08:26

Germany Generously Offers To Freeze The Bank Accounts Of Wealthy Greeks

Back in 2013, when one cuts through the rhetoric and posturing, what the Cyprus depositor bail-in and subsequent capital controls were all about, was an attempt to confiscate deposits of ultra-wealthy Russian billionaires held the banks of this beloved by the Russian oligarchy offshore tax haven. At least that was the theory: in practice the wealthiest Russians got advance notice of what the Greek government in collaboration with the Eurogroup was planning, and quietly moved their funds to even safer offshore venues, leaving the local population to pick up the pieces.

Apr 05 08:19

The Richie Allen Show on Davidicke.com: Michael Rivero – ‘Coming Soon, You’ll Have To Pay Corporations For The Air You Breathe

Apr 05 06:01

Your Tax Refund Is Delayed

According to the IRS, refund information is available as soon as 24 hours after an e-filed return is received.

Apr 04 17:19

In effort to boost ticket revenue, LA deploys even more confusing parking signs

Councilman Paul Krekorian, who chairs the city's finance and budget committee, said the signs would have to be "insanely successful" at reducing tickets for the city to see an impact on parking citation revenue, which has grown from $110 million in 2003 to about $161 million last year.

Apr 04 13:37

Obama economy swoons again

Apr 04 13:24

The Global siege on Israel: a report from the World Social Forum

The closing of this multi-billion-dollar company can be one of the greatest BDS victories yet.

In June, 2010, when Israeli forces attacked unarmed aid ships of the Gaza Freedom Flotilla, killing ten passengers (including one who died this year from injuries), dockworkers around the world refused to unload or load Israeli ships or cargo.

Based on the results in the US, we believe that if ten ports worldwide are closed to Zim, the company’s losses may cause it to close its doors. If Zim and the state of Israel are worried that this movement may become infectious, we can all be proud to spread the virus.

Apr 04 10:56

What $225K Will Get You

The cost of living can vary greatly across the United States. In some locations, $225,000 will buy you a gorgeous multiple bedroom home, while in other cities you may not even be able to afford a modest one bedroom apartment.

Apr 04 10:48

UK party leaders’ debate: Pro-business parties discuss how best to impose austerity

Seven-and-a-half million people tuned into ITV’s UK party leaders’ debate Thursday night.

Though a highly regulated and stage-managed affair, the debate served to underscore the vast chasm that exists between Britain’s ruling elite and the concerns of the broad mass of working people.

Apr 04 10:26

Job Growth Fades as Excuses Wear Thin

Apr 04 10:22

Kansas Schools Will Close Early This Spring For Lack Of Funds

Two school districts in Kansas announced this week that the academic year would end early because they lack sufficient funding to keep the schools open.

Concordia Unified School District will finish up six days early, on May 15, and Twin Valley Unified School District will let students out 12 days early, on May 8, the Associated Press reports.

In March, Gov. Sam Brownback (R) signed a school funding overhaul, which resulted in the state's schools losing a combined $51 million meant to help them finish out the current academic year. Members of the Twin Valley school board cited “the present mid-year, unplanned financial cuts recently signed into law" as a reason for the early shutdown.

Webmaster's Commentary: 

I have a modest proposal for Kansans with kids in public schools: pull your kids out of public school, or leave the state to find a place where kids, and the poor, are not victims of lousy, insane state fiscal policies.

Apr 04 09:44

Nothing is Right in the Middle East

There is nothing, absolutely nothing right in the Middle East these days. There seems to be no hope left, and no fervor. All that was pure was dragged through filth. All that was great here was stolen or smashed by the outsiders. Enthusiasm had been ridiculed, then drowned, or burned to ashes, or shattered by tanks and missiles.

Corruption thrives – corruption that inundated this entire region since the early days of Western colonialism, and then was sustained through the present-day imperialist global regime.

The land of the Middle East is tired; it is crying from exhaustion. It is scarred by wars. It is dotted with oil wells and rotting armor vehicles. There are corpses everywhere; buried, turned into dust, but still present in minds of those who are alive. There are millions of corpses, tens of millions of victims, shouting in their own, voiceless way, not willing to leave anyone in peace, pointing fingers, accusing!

Apr 04 08:53

Greece Drawing Up Contingency Plans To Nationalize Banks, Bring In Parallel Currency: Report

Greece's government is drawing up contingency plans to nationalize the country's banks and introduce a parallel currency, as the cash-strapped country teeters on the brink of defaulting on a key international loan.

Apr 04 08:53

Missouri Legislation Seeks to Limit What Foods the Poor Can Buy

A Republican state lawmaker in Missouri has introduced a bill that would prohibit people from using foods stamps to purchase certain foods perceived as being luxurious, including steak and seafood.

The proposed legislation would ban the purchase with food stamps of "cookies, chips, energy drinks, soft drinks, seafood or steak."

Apr 04 08:29

Is Greece About to Play its Geopolitical Trump Card and Ignite a Chain Reaction Across Europe?

If the EMU powers persist mechanically with their stale demands – even reverting to terms that the previous pro-EMU government in Athens rejected in December – they risk setting off a political chain-reaction that can only eviscerate the EU Project as a motivating ideology in Europe.

Apr 04 07:12

Roosevelt's 1937 Warning Ignored: “The nation that destroys its soil destroys itself.”

The soils are poisoned with chemical fertilizers and pesticides, and allowed to wash away from overfarming, overgrazing, and erosion. Once teeming with life, our prairies and grasslands are being turned into lifeless dust fields.

The PBS documentary “SOS: Save our Soil,” part of its Food Forward series,1 highlights a few “food rebels” who are finding innovative ways to create a more sustainable food system, including making humus compost out of grass stubble and turning chicken litter into biochar.

The top six inches of soil are the most precious yet least understood ecosystem on Earth. In order to appreciate its importance to our very survival, you first must understand the role carbon plays in maintaining the ecological balance of our entire planet.

Conventional agriculture that relies on tilling and monocrops decimates the top soil and is responsible for massive losses every year. So much so that some predict that most of the topsoil in the US will be lost in the next two generations.

Apr 04 04:43

5 Things To Ponder: Good Friday Reads

Apr 03 18:35

Prepare for chaos far worse than in 2008

Apr 03 17:47

Is Your 401(k) Plan Sufficient for Retirement?

“In America, when we had disability and defined benefit plans, you actually had an equality of retirement period. Now the rich can retire and workers have to work until they die,” said Teresa Ghilarducci, a labor economist at the New School for Social Research who has proposed eliminating the tax breaks for 401(k)s and using the money saved to create government-run retirement plans.

Apr 03 16:48

A Bloodbath for Industrial Metals

Apr 03 16:38

A Minute with Federal Counsel in Meyer v. U.S. Bank. Bankruptcy/Foreclosure Appeal

Friday, April 3, 2015

A KingCast/Mortgage Movies Minute with Federal Counsel in Meyer v. U.S. Bank.

U.S. Bank et al. got smacked in the Bankruptcy Court and now appeals. Plaintiff/Appellee Attorney Richard Jones asks "If I provide documents to this Court which contained material misrepresentations, would this Court let me off the hook?"

Judge Martinez:
"At what point does the Magistrate have an affirmative duty to investigate the veracity of these documents that are put before it?"

Richard Jones, Esq.:"Under the Deed of Trust Act strict compliance is required. Substantial compliance is insufficient. The problem Judge Overstreet was facing is NWTS did not even have procedure to investigate. That is material and goes to the Public Impact -- they were flying blind" (as admitted by Jeff Stenman -- see Ha Dao Jeff Stenman videos at Affordable Video Depo).

Judge Martinez:

Apr 03 15:45

Drought-Stricken California Exempts Big Oil and Big Ag from Mandatory Restrictions

Food & Water Watch California is one of the groups critical of Governor Brown for failing to cap water usage by oil companies and corporate farms, which grow water-intensive crops like almonds and pistachios, most of which are exported out of state or overseas, reports Nermeen Shaikh of Democracy Now! “In the midst of a severe drought, the governor continues to allow corporate farms and oil interests to deplete and pollute our precious groundwater resources,” says Adam Scow of Food & Water Watch California.

Apr 03 15:37

Greece considering nationalising its banks and issuing new currency

Greece’s government is prepared to nationalise the country’s banks and could create a new currency to pay its bills unless the eurozone nations back down over austerity, sources have reportedly said.

Apr 03 15:00

The Troika in a Greek tavern

A German TV programme uses comedy to depict the grim reality of the Troika-imposed Greek austerity programme.

Apr 03 14:48

20 MINUTE LETHAL DOSE of Global Economic DOOM

Apr 03 14:13

Pam Oakes--Sub Prime Car Loans Gone Wild!

Apr 03 14:01

Greece preparing for Grexit, own currency

Athens is currently trying to negotiate a new bailout deal with its Troika of creditors, but if that falls ‘Plan B’ could reportedly involve getting rid of the euro and cutting off its banking system from the European Central Bank.

Apr 03 11:53

The U.S. Economy Slows to Stall Speed

This long-term weakening of the economy is the direct result of financialization and the Federal Reserve’s policy of propping up impaired debt with more debt and constantly bringing demand forward with zero interest rates.

Apr 03 11:50

Trans-Pacific Partnership treaty will help neither workers nor consumers

Our global trade and tax policies have been and still are controlled by corporate and financial interests. They, not workers or consumers, write the rules

Apr 03 11:42

More Unofficial Capital Controls: PFIC Rules

By Nick Giambruno, Senior Editor
Casey Research

It ranks at the very top of potential tax nightmares, especially if you invest internationally.

This nightmare could become a reality if you happen to invest in what the IRS deems a Passive Foreign Investment Company (PFIC), which are taxed at exorbitant rates and have highly complex reporting rules. Most foreign mutual funds are PFICs, as are certain foreign stocks.

It’s not illegal to invest in a PFIC, but practically speaking, the costs of doing it are so incredibly onerous that it’s prohibitively expensive in the vast majority of cases.

PFIC rules amount to unofficial restrictions on investing in certain foreign assets and are yet another indicator of the disturbing trend of creeping capital controls in the US...

Apr 03 11:42

And The Good News: Banks Will Be Obsolete Within 10 Years

We are now in the early stages of a brand new transformation brought about by yet another technological advancement—the Digital Revolution.

Apr 03 11:24

If Anyone Doubts That We Are in a Stock Market Bubble, Show Them This Article

This article's title is one way to get people to face facts.

Apr 03 11:00

IS GREECE ABOUT TO PLAY ITS GEOPOLITICAL TRUMP CARD AND IGNITE A CHAIN REACTION ACROSS EUROPE?

If the EMU powers persist mechanically with their stale demands – even reverting to terms that the previous pro-EMU government in Athens rejected in December – they risk setting off a political chain-reaction that can only eviscerate the EU Project as a motivating ideology in Europe.

Forced Grexit would entrench a pervasive suspicion that EU bodies are ultimately agents of creditor enforcement. It would expose the Project’s post-war creed of solidarity as so much humbug.

Greece could not plausibly remain in NATO if ejected from EMU in acrimonious circumstances. It would drift into the Russian orbit, where Hungary’s Viktor Orban already lies. The southeastern flank of Europe’s security system would fall apart.

Webmaster's Commentary: 

This could well be the nail in the coffin of the Euro, and possibly sink NATO as well.

Only time will tell how this will play out.

Apr 03 10:38

The U.S. Economy Slows to Stall Speed

This long-term weakening of the economy is the direct result of financialization and the Federal Reserve’s policy of propping up impaired debt with more debt and constantly bringing demand forward with zero interest rates.

The U.S. economy is slowing to stall speed–the point when gravity overcomes the lift provided by central bank free money. This deceleration is evident in a number of indicators such as gross domestic product (GDP), which is now at 0% according to the Federal Reserve Bank of Atlanta’s GDPNow model.

Apr 03 10:23

Michael Rivero: "Coming Soon, You'll Have To Pay Corporations For The Air You Breathe!"

Apr 03 10:14

Crisis and Economics: a Love Story

Since the onset of the post-Keynesian backlash of the 1970s economists have tended to put forward ‘political’ views that support one variation of crude capitalist ideology or another. The purgatory of the last seven years has forced assertion of economic contradictions that more closely approximate theoretical incoherence.

Apr 03 08:54

Crisis and Economics: a Love Story

Since the onset of the post-Keynesian backlash of the 1970s economists have tended to put forward ‘political’ views that support one variation of crude capitalist ideology or another. The purgatory of the last seven years has forced assertion of economic contradictions that more closely approximate theoretical incoherence.

Apr 03 08:31

Austria Expresses Concern Over Their Gold At BOE

The Austrian Court of Audit expresses great concern about the disproportionate amount of official gold reserves (229.6 tonnes) stored at the Bank Of England (BOE), which will be the Austrians excuse for repatriating, “the gold depository contract with the depository in England contained deficiencies” and, “gold reserves stored abroad, internal auditing measures were lacking”. They’re putting it blunt for an official source on a topic so sensitive as gold.

Apr 03 08:29

Greece submits 26-page reform plan to get €7.2bn bailout

The Greek Finance Ministry has put together a 26-page list of policy reforms, which calls for €19 billion in funds this year. The reforms also plan to tackle tax evasion, and propose a €1.5 billion privatization plan.

Greece’s international creditors- the European Commission, International Monetary Fund, and European Central Bank- must OK the detailed reform plan before Greece can unlock its next €7.2 billion in bailout funds and avoid going bankrupt. The Greek government is still hesitant to push through the reforms, as they don't align with hardline promises made back in January.

Webmaster's Commentary: 

"FUCK THE PEOPLE; GIVE US MORE MONEY!!!" -- The Money Junkies Credo

Apr 03 08:27

China proposes economic corridor with Russia and Mongolia

The revival of the ‘Great Silk Road’ that once linked China, Central Asia, and Europe won’t stop at transport, but will build a “new platform” for economic development between China, Russia and Mongolia, according to Chinese Foreign Minister Wang Yi.

"Setting up a trilateral economic corridor is one of the key points in the Chinese Silk Road Economic Belt initiative," Wang Yi said at talks with his Mongolian counterpart Lundeg Purevsuren on Thursday, TASS reported.

The idea coincides with the Eurasian transport corridor, which plans to include a high-speed train and road between Moscow and Beijing, and everywhere in between.

Apr 03 08:10

The NFL Player Dwight Freeney Sues Bank Of America

The San Diego Chargers, Dwight Freeney, linebacker is suing Bank of America (BofA), claiming that it was objective of a scheme of fraud, he says, was “aided and abetted” by the banking giant.

http://whatisusa.info/the-nfl-player-dwight-freeney-sues-bank-of-america/

Apr 03 07:25

Challenging the Power of the 1%

When you are faced with the task of moving an object but find it is too heavy to lift, what is your immediate and most natural response? You ask someone to help you lift it. And it makes all the difference.

Apr 03 07:16

Jim Willie: THE JIG IS UP

Apr 03 06:48

Ukraine’s Economy Plunges: So, Who Should Pay for It?

According to Ukrainian news-accounts, Ukraine’s economy is rapidly falling. On April 2nd was reported that “Sales of new cars in Ukraine fell to the lowest in 15 years,” and that March’s sales-volume (number of cars sold) was 23% less than that in February. Even more startlingly, “The general decline in sales of vehicles in Ukraine in January-February 2015 compared to the same period in 2014 was 67%.” So, whenever comparisons go back not merely month-to-month but to the situation prior to the February 2014 coup by the Obama Administration in Ukraine (which was quite violent and surprised EU leaders, who knew nothing

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