ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jan 15 16:25

Food stamp cuts may force 1 million into "hardship"

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

Jan 15 16:19

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

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

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

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

Jan 15 16:15

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

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

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

Jan 15 16:12

Why Our Central Planners Are Breeding Failure

Jan 15 16:10

The Beginning of World Trade Disorganization?

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

Jan 15 15:33

This Is Exactly How Markets Behave Right Before They Crash

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

Jan 15 15:31

The Government Mafia Will Steal Everything You Own

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

Jan 15 15:24

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

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

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

Jan 15 14:58

World Bank lowers its growth forecast

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

Jan 15 14:29

Report: RadioShack may file for bankruptcy next month

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

Jan 15 14:19

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

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

Jan 15 13:52

40 Years of Economic Policy in One Chart by MIKE WHITNEY

crony capitalism - bring out the guillotines!

Jan 15 13:51

House Passes Bill Further Weakening Financial Regulation

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

Jan 15 13:49

Chiquita closing Charlotte headquarters

Jan 15 13:48

Bank Of America’s Profit Declines 11%

Jan 15 13:47

RadioShack Is Preparing To File For Bankruptcy

Jan 15 13:27

Yelp accused of bullying businesses into paying for better reviews

JUST LIKE THE BETTER BUSINESS BUREAU A-HOLES!

Jan 15 12:59

Sony Canada to close all Canadian stores within 2 months

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

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

Jan 15 12:17

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

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

Jan 15 12:03

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

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

Jan 15 11:48

Investors pile into gold after Swiss bank move

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

Jan 15 11:15

FLASHBACK 2013 - The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.

Jan 15 11:09

‘Carnage’ In Financial Markets Boosts Gold As Safe-Haven Asset

Gold prices continued to show its safe-haven appeal as the Swiss National Bank unleashed, what one analyst described as, “carnage” in the marketplace.

Overnight, February Comex gold futures hit a four-month high of $1,261 an ounce after the Swiss central bank said that it would no longer support its peg against the euro. The central bank has maintained a floor of one euro to 1.20 Swiss francs since 2011.

February gold continues to hold on to most of its gains, currently trading at $1,259.00 an ounce, almost 2% on the day.

Jan 15 10:00

Swiss mess could make oil plunge seem like minor hiccup

While you were sleeping, all hell broke loose in Switzerland, as the central bank ditched its currency cap against the euro after four years and slashed interest rates to negative 0.75%. The Swiss franc is rallying wildly, while the Swiss stock market is cratering and U.S. stock futures are mostly on the losing side as investors figure out this latest shock to the markets

Jan 15 09:44

Gold will rally 30% in 2015" says Faber

Jan 15 09:36

DATA: Congress gets richer, U.S. households get poorer

While the median net worth of U.S. House Representatives and U.S. Senators grew by 21.7 percent and 19 percent, respectively, from 2007 to 2013, the average U.S. household’s net worth declined by 43 percent, according to a new analysis from the Center for Responsive Politics.

According to the center, the average Senator’s net worth in 2013 reached $2.8 million, nearly 50 times the net worth of an average household:

Jan 15 09:34

The Shrinking Income of Young Americans

American families are grappling with stagnant wage growth, as the costs of health care, education, and housing continue to climb. But for many of America’s younger workers, “stagnant” wages shouldn’t sound so bad. In fact, they might sound like a massive raise.

Since the Great Recession struck in 2007, the median wage for people between the ages of 25 and 34, adjusted for inflation, has fallen in every major industry except for health care.

Jan 15 09:13

Mutual Fund Industry Is a Huge Scam

Jan 15 09:09

Initial Jobless Claims Surge Above 300k, Highest Since June 2014

Tumbling retail sales and now surging jobless claims... perhaps the "low oil is awesome" narrative is not true after all. Initial Jobless claims surged to 316k (smashing expectations of 290k) and has not been higher since June 2014. The BLS reports no unusual activity - so economists can't hust shrug this one off. Details on state-by-state job losses are lagged a week so we will not know if this is Shale Oil region-related but yesterday's Beige Book and day after day of announced job cuts by the energy sector suggest it is.

Jan 15 09:08

Caesars places largest operating division into bankruptcy

The unraveling of the complicated financial structure of Caesars Entertainment Corp. began Thursday when the casino operate placed its largest operating division into bankruptcy, taking the initial steps to eliminate almost $10 billion of company’s gaming industry high debt.

Jan 15 08:14

Target announces plans to exit Canadian market

Target Corp said Thursday it would shut down its Canadian operations, ending long-term speculation over the viability of the struggling business.

Target Canada has 133 stores and employs some 17,600 people. Target Corp said it would report $5.4 billion in pre-tax losses on discontinued operations in the fourth quarter.

Jan 15 08:10

BP sheds 300 jobs as $49-a-barrel world crude price forces UK oil firms to slash operations

The oil price crash has sparked fears of widespread job cuts as industry giant BP shed 200 staff and 100 contractors.

Joining Shell, Tullow and Premier in announcing a shake-up of operations, BP said the job cuts apply to onshore roles not offshore operations.

Politicians in Westminster and Scotland are being pressed to take urgent action as BP announced the job reductions at a briefing today at the firm's North Sea headquarters in Aberdeen.

Other firms under the cosh include Tullow Oil, which today wrote off £2billion of exploration work and cut investment amid expectations of job cuts, Royal Dutch Shell which has axed a £4.3billion project in Qatar, and Premier Oil which slashed spending by 40 per cent and wrote off nearly £200million yesterday.

Jan 15 08:02

Crude, Gold Jump After Goldman Says SNB Action Hints At "Massive ECB QE"

"This is a massive message from SNB to the market : ECB is going to do QE, and it’s going to be big..." notes Goldman Sachs and it appears Gold and Crude Oil are starting to get on that bandwagon.

Jan 15 07:59

Swiss franc surges after scrapping euro peg

The Swiss franc has risen by almost 30pc against the euro after the central bank shocked global markets by abandoning its long-standing peg to the euro.

The Swiss National Bank's (SNB) move to scrap the exchange rate control - which has imposed a maximum value on the Swiss franc of just over €0.83 since 2011 - has driven the franc to parity with the euro.

Swiss stock markets plunged by more than 10pc after the announcement, while the euro-franc currency market descended into disarray. The SNB's move was especially staggering since its president Thomas Jordan had vowed to "defend [the peg] with utmost determination" as recently as last month.

Jan 15 07:15

Russia’s presidency aims at turning BRICS into full-fledged cooperation tool

One of the major goals of Russia’s presidency will be implementing the BRICS decisions on setting up its own financial institutions, namely the New Development Bank and a currency reserve pool

Jan 15 06:27

Poor JPMorgan's Dimon says bank is 'under assault' by regulators: ".

Dimon continues to show resentment about how much scrutiny his bank has come under from various government agencies."

Jan 15 05:40

Calif. DMV Issues 10,100 Driver Licenses To Illegal Aliens In One Week

The DMV issued 10,100 licenses to illegal aliens last week alone, even though 96,000 driver license exams were administered. The agency did not explain why almost 90% of applicants have failed the written and/or driving tests.

Jan 15 02:58

Hear, Look, Speak No Evil: Quality Loan Servicing Corp. Loses Motion to Dismiss Fraudulent Concealment in Seattle.


The full hearing.


The ruling itself with background.


One year ago.....

As you can see in the top movie, Quality Loan Servicing Corp. (hereinafter, "QLSC")
lives by the principle of See no evil, hear no evil.......

Jan 14 22:10

C. Wonder is closing all of its stores

The preppy lifestyle brand started by Tory Burch’s ex-husband, Chris Burch, is shutting down its remaining locations ‘due to the highly competitive nature of the current retail environment,’ a spokesman said.

Jan 14 22:10

Jacksonville-based Body Central closing all of its 265 stores; 2,500 out of work

Just two days after it warned that it might file Chapter 11 bankruptcy, Body Central is shutting all of its stores and headquarters completely.

Jan 14 22:04

RadioShack prepares bankruptcy filing

Struggling consumer electronics retailer RadioShack Corp. RSH, -12.56% is preparing to file for bankruptcy protection as soon as next month, according to people familiar with the matter.

Jan 14 21:08

Bitcoin's Tracability May Result in Conviction of Ross Ulbricht

Ironically, it would have been much easier to conceal these assets in the traditional financial system. Conventional money laundering is still an enormous headache for prosecutors, and subpoenaing the transaction records for an offshore bank is much harder than simply checking the blockchain.. All these issues stem from a misunderstanding of Bitcoin itself. The service isn't technically anonymous: it's pseudonymous. Each wallet has a hard and persistent identity and a wealth of data associated with that identity. If you don't know who's behind a given wallet, that looks a lot like anonymity, but once a person is tied to a given wallet, their financial activity becomes instantly and painfully public.

Jan 14 20:27

Gallup CEO Blasts US Leadership "The Economy Is Not Coming Back"

snip: I don't want to sound like a doomsayer, but when small and medium-sized businesses are dying faster than they're being born, so is free enterprise. And when free enterprise dies, America dies with it.

Let's run some numbers. You will often hear from otherwise credible sources that there are 26 million businesses in America. This is misleading; 20 million of these reported "businesses" are inactive companies that have no sales, profits, customers or workers. The only number that is useful and instructive is the number of current operating businesses with one or more employees.

There are only 6 million businesses in the United States with one or more employees. Of those, 3.8 million have four or fewer employees -- mom and pop shops owned by people who aren't building a business as much as they are building a life. And God bless them all. That is what America is for. We need every single one of them.

Jan 14 19:52

PATHETIC SPIN - Russia Is Losing Control Over The European Gas Market

Oil isn't Russia's only problem.

The energy exporter is losing its dominance over the European gas market.

Webmaster's Commentary: 

Russia isn't losing anything. They shut off the valves today for non-payment of the bill!

Jan 14 17:16

This Is Exactly How Markets Behave Right Before They Crash

When the stock market starts to behave like a roller coaster, that is a sign that a major move to the downside is right around the corner.

Jan 14 17:12

Roard to Serfdom Parts I and II

snip from part 1:The great economic fiction of our time is that all debts can be paid — if only countries submit to enough austerity, impoverish their labor force, close down enough industry, and let banks foreclose on enough factories — and while they are at it, cut back social security, health care, and social spending across the board. This is class warfare waged by finance against the rest of the economy. It is even stifling the industrial economy, “post-industrializing” it in the West by destroying domestic consumer markets for output that employees produce.

http://www.occupy.com/article/road-serfdom-part-ii

Jan 14 16:59

Australia's looming private debt crisis

Jan 14 16:12

The US Economy Is So Bad... Even Lottery Sales Are Collapsing

For what appears to be the first time on record, Powerball Lottery Sales declined year-over-year. As the following slides show, lottery sales declined 19% in FY14 vs FY13 and even more stunningly reflective of a nation whose disposable income (and hope) is in such short supply, sales in the first half of FY15 are down 40% from the first of FY14. As LaFleurs concludes, this will make it very challenging for most Lotteries to manage their budgets...

Jan 14 15:42

Time to Pull the Plug on a $30B Nuclear Fuel Boondoggle

It sounded like a good idea back in 2000. Two decades after the Cold War ended, the United States and Russia each agreed to dispose of 34 metric tons of weapons-grade plutonium -- enough for about 20,000 warheads -- by combining most of it with uranium to create mixed-oxide (MOX) fuel for commercial nuclear reactors. Proponents boasted it was a modern-day fulfillment of the biblical call for nations to "beat their swords into plowshares and spears into pruning hooks."

Unfortunately, it didn't turn out to be that simple.

Jan 14 15:28

What's wrong with oil tonight?

Jan 14 13:41

BFP Exclusive: A Nuclear Tinderbox in Ukraine? Filip Kovacevic

war to make rich war-profiteers richer

Jan 14 13:39

Charles Nenner - New Gold Bull Market Coming Soon

Charles Nenner, of the Charles Nenner Research Center, says the plunge in oil prices are not over. Nenner says, “It’s all in a sell signal and (the chart) goes straight down. If lines go straight down on a yearly chart . . . there is a major, major issue going on here.

On gold, Nenner says, “On the cycle front, we are looking for a low in gold, and that seems to be forming. We are looking for a new bull market in gold. . . . If stocks go down and bonds are already at very low rates, so it’s very dangerous to go into bonds. If you get 1% on the 10-year, you don’t want it. Real estate is coming down again because nobody is going to spend money. You don’t trust the banks; you don’t want to be in the monetary system, so you buy gold. There are some very good reasons that deflation is going to lead to a bull market in gold.

Jan 14 11:42

First 'Charlie Hebdo' issue since attack sells out

The first edition of Charlie Hebdo since terror attacks in Paris last week left 17 people dead sold out at newsstands across France shortly after going on sale Wednesday.

Webmaster's Commentary: 

Wow! That is really impressive when you think about it. One week ago, Charlie Hebdo was broke, asking for donations, and struggling to publish less than 50,000 copies of their magazine. Then their offices were attacked, their staff severely reduced, the survivors traumatized, and here we are just one week later with 3 million printed magazines in 16 languages all delivered to the newstands around the world?

Anyone who has ever worked in publishing knows this is an impossible feat. The lead time for content creation, translation into 16 languages, layout for those 16 versions, adding of additional printing resources, and supply chain time, all suggest this new issue had to be in production before last week's attack!


Jan 14 11:33

Russia Just Pulled Itself Out Of The Petrodollar

When the price of crude started its self-reinforcing plunge, such a death would happen whether the petrodollar participants wanted it, or, as the case may be, were dragged into the abattoir kicking and screaming. It is the latter that seems to have taken place with the one country that many though initially would do everything in its power to have an amicable departure from the Petrodollar and yet whose divorce from the USD has quickly become a very messy affair, with lots of screaming and the occasional artillery shell. As Bloomberg reports Russia "may unseal its $88 billion Reserve Fund and convert some of its foreign-currency holdings into rubles, the latest government effort to prop up an economy veering into its worst slump since 2009." "Together with the central bank, we are selling a part of our foreign-currency reserves,” Finance Minister Anton Siluanov said in Moscow today. “We’ll get rubles and place them in deposits for banks, giving liquidity to the economy."

Jan 14 11:27

Why McDonald's is McF*cked

Jan 14 11:17

Recession? 0% GDP growth?

Jan 14 11:03

Jamie Dimon Says Banks Are Under Assault As He Announces $4.9 Billion Profit

We should all do so well while under assault.

JPMorgan Chase earned $4.9 billion in the fourth quarter of 2014, the company announced on Wednesday, down from a year ago, but capping what CEO Jamie Dimon called a record year for the biggest U.S. bank by assets.

Despite this success, Dimon warned that "banks are under assault," from government regulators.

Jan 14 11:00

US Capable of Imposing Secondary Sanctions on N Korea Allies:US Congressman

The US Treasury Department has the authority to impose secondary sanctions on foreign entities, working with the DPRK, but the Obama’s administration does not appear willing to expand its interpretation of the executive order.

Webmaster's Commentary: 

Probably because every time the US sanctions someone, they run off to join BRICS!

Jan 14 10:55

With Ukraine Default Risk At 6 Year Highs, US Taxpayers "Volunteer" To Guarantee Its Debt

Just two days ago we detailed the possibility that Russia could accelerate debt repayment on a $3 billion loan it granted to Ukraine that has broken its covenants. While there is no word yet from Russia on a decision whether to demand the payment, it appears, as Reuters reports, the US taxpayer - just as we warned - is quite willing to step up (thanks to their leaders in Washington) and guarantee $2 billion in loans to the world's 2nd most credit risky nation (after Venezuela).

Webmaster's Commentary: 

How sweet of those generous American taxpayers!

Jan 14 10:46

The Achilles Heel of the Global Status Quo: Deflation

Rather than being the Monster Under the Bed in central bank nightmares, deflation is the natural result of a competitive economy experiencing productivity gains.

That the global Status Quo is terrified of deflation is the background of every policy decision and official PR sound-bite. The reason behind this unremitting terror: deflation is the Achilles Heel of the global Status Quo. My colleague Gordon T. Long explains why in the latest of our video/slide programs.

Jan 14 10:44

Retail Sales Dropped More Than Expected in December

Retail sales unexpectedly dropped 0.9 percent in December from the previous month, according to figures released Wednesday by the Commerce Department, suggesting falling gas prices and a brighter job market have yet to lift consumer spending.

The drop, far worse than the median 0.1 percent decline economists had predicted, followed a smaller-than-estimated gain of 0.4 percent for November. The weak spending numbers raise concerns over the just-ended holiday sales season, and could prompt economists to be more pessimistic in their outlook for economic growth this year.

Jan 14 10:44

American football fans so caught up in game they failed to notice their support for Korea

NFL jerseys bare tag reading "Made in Korea"

Jan 14 10:25

Massive search underway for top AIG exec who disappeared from his Marriott Hotel room as police discover his wallet and jacket on golf course

Police are using bloodhounds and divers as part of a huge search for a missing AIG executive, last seen at a Californian hotel on Thursday.

Omar Arce Meza, 33, from Los Angeles, was last seen at around 11pm at the JW Marriott Desert Springs Resort in Palm Desert.

Police divers have searched a pond at the hotel, but to no avail. They have, however, found his jacket and wallet on the hotel golf course.

His wife, Diane, described him as ‘highly responsible and reliable’, with his disappearance completely out of character.

Jan 14 10:22

Food Stamp Beneficiaries Exceed 46,000,000 for 38 Straight Months

The number of beneficiaries on the Supplemental Nutrition Assistance Program (SNAP)—AKA food stamps--has topped 46,000,000 for 38th straight months, according to data released by the Department of Agriculture (USDA).

Webmaster's Commentary: 

We're in an "economic recovery", MY ASTROLABE!!!!!

Some corporations may be doing better; but they are laying off employees; reducing employee benefits; parking large wads of cash off-shore (Luxembourg is the poster-child for this activity); and have armies of accountants and lawyers to find every possible loophole to make this possible.

Jan 14 10:20

House votes to cancel Obama amnesties

Brushing aside Democrats’ warnings of permanent political doom, House Republicans voted Thursday to cancel President Obama’s deportation amnesties, casting it as an effort to undo a runaway White House untethered either to the Constitution or even to its own words and promises.

In a debate freighted with political, symbolic and constitutional significance, House Speaker John A. Boehner read the 22 times Mr. Obama had denied he had the kinds of executive powers he ended up claiming last year when he announced his new amnesty, which applies to millions of illegal immigrants, granting them tentative legal status and work permits so they can compete legally for jobs.

Jan 14 10:20

The Perfect Storm for Wall Street Banks

JPMorgan Chase reported 2014 fourth quarter earnings this morning, missing analyst estimates. Analysts had expected $1.31 per share while the actual number came in at $1.19. Listening to the conference call this morning, there was the impression that the $1.19 would have been worse had the bank not released loan loss reserves in a number of business areas.

Jamie Dimon, CEO of JPMorgan Chase, was back to characterizing the bank’s P&L as the “fortress balance sheet.” The London Whale credit derivatives traders almost blew up the fortress in 2012 and the markets are becoming skeptical as to just how much visibility there is on energy and emerging market loans souring on the books of the mega Wall Street banks.

Jan 14 09:40

Chart: Retail gasoline price in the US

Jan 14 09:15

Debt, Fraud and Other Secrets of the Banking System

Pao L. Chang, Guest
Waking Times

Shortly after the Federal Reserve (Fed) was established in the USA in 1913, the international Banksters changed the process of how banks lend money to the American people and the rest of the world. They did this by removing the gold backed US dollar and replaced it with fiat currency that is backed by the good faith and credit of the American people. This criminal act made every American a slave to the Banksters and has slowly destroyed the Western economy.

Jan 14 09:13

Stocks plunge as retail sales, JPMorgan disappoint

Stocks tumbled in early trading Wednesday after a weak reading on December retail sales and a profit miss from JPMorgan added to investor worries.

Webmaster's Commentary: 

THE PLUNGE PROTECTION TEAM GOES INTO ACTION!

Jan 14 08:15

Obama targets oil and gas industry, demands massive reduction in methane emissions

Taking direct aim at the oil-and-gas industry, President Obama on Wednesday put forth long-awaited regulations on methane emissions, setting an ambitious goal of reducing those emissions by 45 percent over the next decade.

The move comes just days before the State of the Union address and underscores that, in the final two years of presidency, Mr. Obama is looking to cement his legacy on climate-change and environmental issues.

Webmaster's Commentary: 

It's a laudable goal but Obama's timing sucks. Right now the entire oil industry is being hammered by this ill-conceived oil price war against Russia. The very last thing they need is a whole new raft of "Obamaoil" regulations that will escalate costs, all in the name of controlling climate change, which changes no matter what we humans do. Methane in the atmosphere does not persist. In the presence of oxygen it decomposes to water and carbon dioxide, the first being what we need to live and the latter being what plants need to live. This underscores an observation I have been making all along; that the quality of thinking in this administration is rather poor. Policy decisions are being made for political (and in this case historical) reasons but are not thought all the way through to find potential negative consequences!

Jan 14 07:46

US retail sales weak, cast a cloud on consumer spending

A gauge of U.S. consumer spending unexpectedly fell in December as demand fell almost across the board, but that is probably not the start of a weak trend given lower gasoline prices and a firming labor market.

The Commerce Department said on Wednesday retail sales excluding automobiles, gasoline, building materials and food services fell 0.4 percent last month after a 0.6 percent rise in November.

Jan 14 06:52

Copper joins the global commodity rout.

Jan 14 02:00

Food Stamp Beneficiaries Exceed 46,000,000 for 38 Straight Months

The number of beneficiaries on the Supplemental Nutrition Assistance Program (SNAP)—AKA food stamps–has topped 46,000,000 for 38th straight month, according to data released by the Department of Agriculture (USDA).

Jan 14 01:28

Yes, the Federal Reserve has enormous power over who is president

The arc of the political universe is long, but it bends towards monetary policy. -- That’s the boring truth that nobody wants to hear. Forget about the gaffes, the horserace, and even the personalities. Elections are about the economy, stupid, and the economy is mostly controlled by monetary policy. That’s why every big ideological turning point—1896, 1920, 1932, 1980, and maybe 2008—has come after a big monetary shock.

Jan 13 19:09

Gold's Sneaky Rally: A Quick Insight

Jan 13 17:43

Elon Musk Says "Maybe a Thousand" Seattleites Will Help Him Colonize Mars

In an interview with Bloomberg, rocket and PayPal entrepreneur Elon Musk revealed more about his plans for a satellite engineering office in Seattle. Commercial satellites built here, he said, will help him build a future colony on Mars.

For all of those times I expressed a desire to get off this planet . . . FINALLY! (In my own city)

Jan 13 16:46

6 Astounding Facts About Our Super-Rich Congress

Despite a performance rating that’s nearly the lowest it’s ever been, members of Congress are richer than ever.

Congress keeps getting richer while the rest of us get poorer.

Jan 13 16:43

Guess What Percentage Of American Children Live In A Home With A Traditional Family Structure?…

It is hard to believe, but in America today only 46 percent of children live in a home that has both a mother and a father that are in their first marriage.

Jan 13 16:08

“WE ARE NOT PANICKING” – BANK CEO.

Jan 13 15:26

CISPA 2015 Bill Leaked Online

The Cyber Intelligence Sharing and Protection Act (CISPA) is the bill in the US Congress that just refuses to die.

Jan 13 15:18

King and Minack: Thoughts On QE

Jan 13 15:18

Gold and Silver Now Poised for a Rally

Jan 13 15:11

Two Lawyers Make the Case for RICO Charges Against JPMorgan Execs

To emphasize and crystallize the serial nature of JPMorgan’s recurring crimes, Chaitman and Gotthoffer have created a breathtaking “Wheel of Misfortune.” The Wheel shows that over the past four years, JPMorgan Chase has paid a stunning $29 billion to settle 25 different claims

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